[
THE CHINA MAIL, WEDNESDAY, APRIL 17, 1957.
TRADE
and
COMMERCE SECTION
UK'S ECONOMIC SURVEY HONGKONG
Confident Notes Reported But
Progress
Depends On Further Expansion Of Exports
By SYDNEY S. CAMPELL
London, Apr. 16.
COTTON FUTURES
RECOVER
AFTER SETBACK
STOCK EXCHANGE
[From Our Correspondent)
-da
Business done on the Hong- kong Block Exchange the morning amounted to proximately $585,000. Noon quotations and the moming's transactions:
Shares BANKS
Bayern Hellera
New York, Apr. 16. Cotton futures today switched to the recovery side, erasing most of Monday's setback with the HK Bank.... trading pace quickening on the rise.
The British Government's annual Economic Survey strikes some remarkably confident notes about Britain's exports. Equipment for a further export drive has been considerably strengthened, it says. "With good prospects for world trade, and with a record of rising exports, the external conditions for 7 to a successful year are already present."
Internally, high savings and all possible restraint in Government expenditure should create a situation favourable to the export effort and help to avoid any undue increase in imports when expansion is resumed. But the Survey warns that further progress in industrial invest- ment and further improvement in living standards can come only when the balance of payments has been placed on a really secure footing. Its appraisals were made in mid-March and took no account of the possible effects of subsequent strikes and other occurrences.
increase.
21
- אין
In
Government spending Just year rose by 1 per cent real terms. In noney, civil ex- porxlilure pose by £191 million. Defence -pending including the Suez (peration rose by million.
Mi
MODERNOS
CHICAGO GRAIN
MARKET
Finishing around the day's levels the list ruled net gains of 11 points. The market орелед
to up unchanged
0 points. New Orleans closed up 8 to points.
Moin attention centred in marby deliveries. Leading spot Arms were sellers of around 10,000 to 15,000 bales in May supposedly liquidation in anti- cipating of first notice day mexi Wook.
The offerings, avaliable on a scale-up basis from 35.21, were absorbed by domestic mills and shippers covering against_tex- tile orders
or export commit-
ments,
Chicago. Apr. 16.
after mixed
were
Grains
tord of Trade today.
the
at
Other truders marked tima Wheat was slightly lower
farm legislative opening,
mid-pending but # murning rally brought prices developments or some other in- up. Later there was a light recession which brought prices down to around Monday's close.
centives,
According to the Survey, Bri- tain's prospects deprod mamly un further expansion of
New crop months steadied on poris.
The very heavy invest- ment of the last two or three
covering influenced by the un- industral
favourable interpectation, of the years has improved efficiency and expanded capt-
government weekly crop sum- Investment by private elly.
real Consumer spending
mery, indicating the need for sections many unly term rost slightly--by
replanting in industry is likely to remin
because of unseasonably cool about ita presend high level, and about one half of one per cent.
of fairly irregular activity on the temperatures and wet neids. investment in the haste services | A sharp fall in purchases
am! of fuel, power
Trapet
equipment cars und heus fold building)
modest (including new wind
expected
ta
in- spending on other thing. Abroad, provided there is cluding increares of 3 per cent on clothing, footwear and drink, prolonged delay i restoring full Lo of the Suez Canal
one per cent on tobacco and newed upturn in European proper cent on read duction in the second half
стъ Wages and salaries went this year may be expected. In by 9 per cent, rent, dividends the United States the bocin in and interest by 8 per ceni, business investment may slacken Gross trading profits of com- panies rose less in 1956 than in but generally speaking no great changes from the present pros-
years the increase is previous estmated at about £85 million. perous conditions teem
or 3 per cent, Profis in manu- One way or the other.
facturing Industry probably fell slightly.
Interest payments by com- panies apain rose substantially. Dividend payments also rose, but much less than in 1955 (by £47 agabat £103 million in 1953). Tax payments million in 1950, fell by £50 million.
of
likely,
Markets Expand
Markets 9
should a whole ibus continue to expand, though not so fast as last your. Dollar markets and those of European countries least affected by
the oil shortage will probably ex- The primary most. pard producing countries will in general offer further openings to UK experie
defeit of £19
Profits
us a
up
Soybeans trade was irreguler. Early saics In beans were in- Huenced by a weaker market the for vegetable oil. With
WORLD RUBBER MARKETS
New York, Apr. 16.
Rex rubber today closed 21 to 40 points higher with sales of 37 contracta,
May
July
March
May
30.03
Standard contract closed 32 to 40 polis higher with no sales reported.
May July
September
November
January
March May
Kales
1840 1050 10 1043 3043 30 1045
East Asia INSURANCESI
Unton
240
933
Lombard a 3715
SHIPPING
Wheelocks
17.10
DOCKS, ETC.
Dock h
K. Wharf XD 0%
Provident XD 11.00
LAND, ETC.
7.30 3500 2.20
100
4602
FIK Hotel .. 1431 14.00 65 2316 HK Land
trte) 10,40 Humphreys
15.80 RUBBER
Али
Trust
UTILITIES
Tram
00000
400 3514
1230 @ 18235
1.43 147
Youmatl
Star Ferry
210 21,43
237
101 203
200 up 101
C. Light (0) 2140
213%
200 21.30 200 # 21.50 1900 69 23.40 4200 & 21.40 3000 21.30
Electric
28.00 29.10 1000 20
14 20 1,000 t
32.10
Macs E, 0.80 Tel. (0).. 24.40 24.60 INDUSTRIALA
31.01
Cement
31,85
Hope
.... 3234 2234
B
31.88
STORES, ETC
31.43
Dalty XD
31.18
14.00 15,10 2500 # 13 Watson ..... 11.40 11.00
30.96
LLine, C.
20.30
Nerang
0.15 0.10
Yangisze
..
0
Allied
10
Dealer inter-changing of July contrucs for physical rubber, involving a block of 20 lots,
dominated an otherwise feature- le day. Steadiness of London made sellers hesitant, but buyers wero cautious in
fonowing advances because of the discour oghigly slow demand *from domestic factory interests. Spet Open interest No. 1 Ray was quoted at 32
cents a pound.
The open position in May to day totalled 237,200 bales. The certificated stock increased 089 to 11,800 bales,
Month May
decline of soybeans prices July
Volume 17,500
237,200
8.200
155,400
Oct.
1,000
174,100
became scattered.
Dec.
1.800
103,900
Mar.
1,700
BJ,300
whole
Commission house buying. July some short covering, and the market slipped slightly.
May
3.200
81,000
1,200
$4,800
Oct.
6,200
Total
49.300
NEW YORK
Undistributed profits effer tax koreased by about £40 million. from £1.462 million to £1,313 million, while gros dividend pay- from £706 million
ments rose
Britain's balance of payments million In 1955 was converted into a surplus of £223 million in 1956 (2164 and million in the first half £79 million in the steend). This was achieved by forgoing unstg consumption and production and by encouraging exports which rose faster than any other sector of the economy.
On the whole the Govern Average cornings in fodustry mont's disinflationary policy was rose by about & per cent while Difficulties in the output per man feil. So there was a substantial Increase in Middle East had no widespread
production, | labour costa per unit of output. effect on trade or
Industry. except in the motor They did calbe a severe stain on the external banking tion
B
rather
boom
קנון
Old style contract closed
to off; soybeans closed up lo off conte while wheat closed unchanged to off 4 cent for new contract.
Wheat No. 2, red
10,800 970.000 balen
Prices of cotton futures closed today as follows:
October December
March
Spot
hay
July
May 24(H) 212(L)
221340 2231-11 21414-214
May
July October
22045-4
Spot
July Seat, Dec. Corn, No. 2, yellow
-
NEW ORLEANS
33.28-29
SINGAPORE
The market was quiet with small turnover. After the open- ing at a slight decline the market steadied on Goodrich settlement in the afternoon.
The market steadied through out the afternoon session. Prices: No. 1 rubber per lb.
May
June
་་ ་་་
02-02
No. 2 rubber par b. May 99-9015
No. 3 rubber per ib. May
No. rubber por lb. MAY 8055-BTAG Spot rubber unbated
83,88
ทาง
Blanket crepe
22.00
No. 1 pale crepe
LONDON
Prices of cotton futures closeti today as follows:
Spot
MAY
July
October
December
March July October
LIVERPOOL
Spot
to £753 million. The general plers of company finance in
Sept 1958 is of the rate of capital
Dec. expenditure moderating and of profis being squeezed in corne manufacturing industrieg.
May
July
Jan.
Ryo
May
100%
July
12314-11
Oats
May
July
2216-4 0124
Old contract
Soybeans, No. 2, yellow
July/August
October/November
Spot May July Sept. Nov. Jan.
December/January
March/April
National output of goods and posi-services rose by just over
per cent, the smallest increase
Consumption was progresive- ly checked in 1950. The invest- bu! continued alower. Exporis гоне faster while Imports remained Alable. Stocks were again en- larged, but less than In 1955. Government expenditure creased.
in-
Rising Wages Rising wages and prices con- linued to cause anxiety. Per sonal incomes cose & per cent and pricca rose i per cent. From the spring of 1956 a plateau of prices was maintained for six months. Towards the end of the your the Suez crisis led to
further rise, but not fieand proportions.
trucd high in 1956.
since 1952. Industrial output es
a whole did not expand at all but there were wide divergences in different industries. Chemi- cals did best with a rise of 4 per cent, willie vehicles did worst with a fall of 7 per cent.
Barley
Spot
200 lb. sack
130-140
United Prem. $13.101
WINNIPEG PRICES
People saved 10 per cent of New York four their incomey, a much higher proportion than in any previous postwar year. Personal saving Jumpal from £743 million 1954 ard £1,004 million in 1955 to £1,481 million in 1956,
Personal Income
in
Outllow of gold and dollars million, Tax payments and con-national insurance contributions from the United States
British rose by £133 million and per- Colonies enlarged their imports sonal savings by nearly 500
thekr than
sterling million. In money, consumer £600 balances, Western Germany got spending rose by about
Winnipeg, Apr. 10, Prices of grain futures closed today in Canadian cents per bushet as follows:
Cotton futuro
closings,
pence per lb. were as follows:
May/June
May/June
New contract
May/June
July/Augurrt
October/November
December/January
March/April May/June
的
100-102
COTTONS
INVESTMENTS
H.K. & F.E
Invest.
800 241
800.5
1000 € 2000 4.45
Jordan Situation
Affects
London Market
London, Apr, 10.
market wis The stock Irregular again today reflecting the the Jordan situation and approaching holidays,
British
Government bands
opened caster and closed with declines ranging from £% to
2
"Selective burling and selling
guided the industrials.
WALL STREET HAS ROUTINE SESSION
New York, Apr. 16.
Wide price movement and activity in a few individual features gave an air of importance to what was really a routing stock session today.
The main list held a fractionally side of the previous close on moderate dealings as traders paused to assess the market in the light of the recent strong advance.
Tumover dropped beck below the two million abara mark totalling 1,890,000 shares against 2,010,000 on Monday.
Lukens Steel in a late run-up ut 8 points to 84%, was the chiet feature and the session's most active stock. It stood out sharply in the steel group.
Rails
Rails
wore very narrow.
Ford Motor General Electric General Foods Generni Motors Gen. Pub. BUL deity Oil Glidden Co. ........ Goodrich (B. 7.) Co. Goodyear Tyro
Gulf Oil**** Heyden Howport Corp. Homestaks Mining Co. Ingenoll-Band
Inland Steel Co.
Comp
Interchasers Machines
Int'l
Int'l Harvester.. Jaternationaj Nickel International Paper
Utilities were featured by a intl Tel. & Tel.
gain of 2 points in Peoples Gas. the averages, Measured by Industrials wero off 1.82 points
at 484.32, 1ils off .81 point at 145,59, utililles up 14 at 71.09 and 8G stocks off 39 at 170.42.
Of a total 1,150 issues traded, 400 were lower, 414 higher, 256 unchanged with #2 at new highs, 24 at new lows.
NY Stock Exchange volumno was $3,400,000,
bond
Americun Stock Exchange volume was 910,000 shares.
Dow Jones closing averages
*yero:
30 industrinis
20 Foilm
14 stilles
65 stocks
40 bonda
404,32
|
Jono-Manville Co.
Kennett Copper
Liggett Meyors Tob. Co.
Lockheed Aberaft Loews Incorp. *... Lone Star Cement Co. Lowerben & Sout
Aircraft McDonnell
"Stock" Bege.) Mesabi Iron Corp Minnesota Mining Mission Development
Monsanto Chemical Co.
Montgomery Ward Motorola Inc. National Cash Reg. "A" National Dairy Prod. National Lead National Steel Corp. New York Central Olin Mathieson OUR Elevators
Owen-ilmois Glass
Pacific Gas & Elec. Pan American Airways Paramount Pictures Parke Davis Co.
145.59 Penny
11.09
Penn Salt Co.
110.43
Philip Morris
20.75
Comm. future price index.. 106.78
Closing Prices
Alled Chemicals
Allied Mills ine.
Allis Chalmers.
American Airline
American Cable & Radio Corp.
American Cyanamide Co.
Amer, & Foren. Power Am. Mach. & Fary American Metal ... American Bmelung Am. Sugar Ret. American Tel & Tel. American Tob. "" Anaconda Copper Arco Steel
Armour
Alles Cone. Mining Baldwin-lima-Ham. Baltimore & Ohio
Benedural Finmoe
294
34
17
Proofer & Gamble Co, Pittsburgh Plate Gilais Publicker Industries Pure Off
Hedio Corporation
Republie stoel Reynolds Metal
Bhal Oll Co.
Saint Rog Paper
Bocair Onl
Bocony Mobilaii
Solar Alreraft
(Am
South Puerto Itoo Bugar Southern National Das Southern Raliway (Com.)
Standard Brands Standard Oll of Cal. Standard Oil of Ind. Blanderd Oll of NJ, Steep Rock
Toronto Eng Sterling Drug Co. Stokely-Van Camp. Studebaker Packard Corp.
144 | Bwift & Co.
2016
Terr Coi
Nido Water Ann. Dif
Twenty Century Fox Fin
Union Carbide
...
Most
Bendix Aviation Corp.
001
Union Pacific Railway
a
Benguet Cons....
United Aircraft
Bethlehem Steel
44
UB. Yol "1"
47
movements were limited to
Bowater, shilling either way. although it had a good earnings
The rubber market was quiet-report, yielded 2 ng be
ly steady with spot at 27-3/18 pence per lb. Priors:
No. 1 Has spot.
Settlement homo tesin:
May
June
July/Best
Oct/Doc.
Jon/Mar,
Benent markets, cif bexto
April, May“ and Tüne
Fatale crepe April
in Estate crepe. May
Estate Crepy" thick May
AMSTERDAM
The rubber market was quiet today. Prices closed today in guilders per kilogram, df May
2040
28.20
D
26.51
No. 2 rubber
26.27
No, 3 rubber
$0.20
No. I crepa
SAO PAULO
Cotton
closings, in future cruzeiros per kito were as follows:
July
October December Murch
0.90
39.20
30.30
29.40
In the US the average price of one inch cotion at 14 de- signated spót markets wah uh- available. Total sales et these 2118 markets was 71,100 bales.
KARACHI
19:16
Oats
of signi-
Total personal income rose by about £1,200 million or B per
cart. Real increase in consump tion got
abou! £00
May
July
Oct.
Rye
May
112
July
of the million but the increase was pi-
Oct.
Harley Mas July Oct.
The
July
May
Oct
about three-quarters
in gold and most wholly absorbed by higher Flaxseed world isoreaso dollar reserves. France was the prices. big loser.
of
as follows:
No. 1 rubber
1.43 nom. 1.81 nom. 2.87 nom. 2.01 buyers United PreST,
New York Sugar Market
fore recovering.
Olts wird active and higher. Royal Dutch added more than
Callings.
British Petroleum gained more bsn 2
2
0150
shillings.
Foreign bonds were easier. Dollar stocks where idic,.--- Unlied Press.
Singapore
Stock Market
Singapore, Apr. 17. Brokong today quoted the following stock prices: Batu Lintang Rubber Sp.
British Borneo
leum Syndicate Conselled Tuž
era Ord.
Fraser Bosan Fraser &HARVE Garimps" (MANY) Kád HongKong Spangen
Banking Corp." Hongkong15. Kempark
New York, Apr. 10. World No. 4 sugar futures to day closed 6 to 32 points lower with sales of 1,231 contracts.
The domestic No. sugar futures closed unchanged to 4 Lima Rufiber points higher with sales of 31-Led, .)
Malayan Brewerien the New Berandah Bub
P5 Petauro Lid.
Rates Rosal 159.
contracts.
exdiv
The sharp reversal in world contract was viewed largely a technical situation following the recent sharp rise in opore Cold StoreS
$31978 odeb The Strat to seasonal highs, Some of Straits Sfoarabigy recent buyers decided to realise united nadneers Ord... $0.85 profits pending further deve- Wearns aros ... lopments in the raw market.
Contract No. 4 (world)
The market was easy under May speculative pressure 2131% quidation. It was reported to day that China is sending o chartered ship to load 9215 special
about 25,000 bales this week. New crop sowing in Sind is now procceding under favourable
and in- May weather conditions, creased acreage is expected.
Prices in rupees "per maund Sept
Odl Mar. were as follows:
B1/14 May
2731% 270%
Conndian wheat export No. 3. non-IWA 160 cents; No. 6, 130 ofcents.
In the first half of 1950 Britain's gross national out nett credit from oil was higher put rasa by £1,200 million. A than in either half of 1953; there inth of the increano was real, was some fall in the second half the other four-arths being due owing to the interruptions to higher prices,
Middle East supplies, but over The physical increaso in 1956 as a whole nett receipta stocks was £200 million, fol- were slightly higher than in lowing increases of £300 million 1955.
In 1966 and £70 million in The balance-of-payments sur- 1954. Stock appreciation was plus last year more Than £150 milion, against £200 covered the natt long-term in- million in 1955 and £75 million vestment overpens. On the two
1954,
Robounds together there won in
In real terans, total demand sumphus of about £40 million Exports compared with a deficit of £240 rose by £340 million.
the, in million am 1955, €150
kot
crosse
ion of
0
-United Press.
London Foreign
Exchange
Closing ratoa were:
* Sind roller gin
289r sind railor gin caw gin 2007 Punjab roller gin
0/08
لالحال
0.51 11.07-60 0.67-50
0,00
4.80
4.89
489.
4.09
$3.00
-China Mati Sporini.
NEW YORK METAL
* FUTURES
New York, Apr. 10. Prices of metal Tutures closed today in canta bor b. as follows: Lead Ap Zinė
B3/14 Jul
12/14 Bept.
S776
United Press.
Spot-cents per 1h. fob Cuba), 6.70 Open interest: $1,005 contracta,
Control No. 8 (doméɣtio)
May
July
LONDON METAL
Bapt
1.80
Nov.
Copper pril To
PRICES
Bpot-(cents per lb. clf NY
[ex-duty)
15.00
Open intérest:
Ipption, Apr. 10,
United Prem,
(standard) (Brit)
Press.
Prices of metals client today.
i sterling per long 20h as fefNew York Foreign Exchange Rates
London, Apr. 16.
lows:
715-207.7/10
Fixed.investment was Liabilities to no-sterling New York £80 million up, following the countries wero greally, reduced Mootresi niso
of E100 million In 1965. during 1960 and large second-Amsterdam
a much line reserves have been mobi-rusia) Britain is Investing
Trankfurt blation and rising proportion of Beach On, balance, nearly all of Lithon bon.ranourges, Over the past six the dollars received for the palen Yours fixed investment hos bad of the Trioland Oil Company Vienne no lɛme than a furd of tho in wore pus back into pon-stadlog Dibers were und
Invatechina' Mall Spacial. crosso in metlobal outqut, q
Zinich
Tin spot .. -3-month* Copper: spok
Lead and fait Zine End hast
Bellero
Exchange
*** New York, Apr. 18. Cing rates were;
Belgium
Business we done in the local zumrlot thin morning at the fol
| 1,8. dollar · (por · #13; Mostralian moben, (per, #1)
rupiah -Singapory". Chtralia)
10190.8/16 - Indonesian
Horing Arplane Borden (The) Co. Burroughs Add Maching Canadian Pavile R.
Can (J. X.) Co. Cat. Tractor
Celgene Corp.
1ST, Financial Corp. Cha Manbat. Bank Chrysler Motore Climax Molybdenum
Origato-Palmolive Colombian Carbon Co. Commercial Credit Commonwealth, Eloc. Consolidated_Edison) Continental Oll of bel, Crown Zellerbach Cuban Amer: Bustar Plamond Alkal Dougins Aberaft Dow Chemicals Dupont de Nemours Eastern Airline Eastman Kodak El Paso National Gas Family Finance Corp, Firestone Tyre & Rubber
US Opour
5945 | 5.8. Line Co. 40% | 0.9. Rubber 24U.B. Smelting
US. Bioni
15%
2015 | Water, Bros.
16
BI
Westinghouse Electri Western Union Tel. Co West Va. Pulp & Paper Woolworth
ited Press.
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acters,
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TYPHOON MAP
with revised codes in force as from 1st April, 1956;
$500 MOUNTED
from
$4. UNMOUNTED
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