TRADE
THE CHINA MAIL, · TUESDAY, MAY, 7, 1957.
and COMMERCE SECTION
PURCHASING POWER OF THE POUND
Possible Effects Of
Wage Disputes
And
HONGKONG STOCK EXCHANGE
Industrials
Colonial Development
From RONALD BOXALL
London, May 6.
(From Our Correspondent)
Meet
WORLD RUBBER
Resistance Again MARKETS
On
Wall Street
New York, May-6.
New York, May 6., Her rubbar contrect today closed 95
points lower with salts of 134 contracts.
May
July
September
November January
March
to 50
31.33
31.12
20.00
30.70
3048
30.20. 29.95
Industrial stocks met resistance once again as they neared the 500 level in their average today $333,000. Noon but rails held well with numerous fractional gains points lower with no sales re
Business done on the Hong- Stock Exchange this long morning atmounted to op- proximately quotations and the morning's
Phares BANKS HK Bank..
Three things made economic news last week. One way or another they could all affect the purchasing power of the pound.ansactions:"
The Court of Inquiry into the engineering and shipbuilding wage disputes has recommended a formula for a settlement and suggested a full dress examination of the perennial wages-prices doing problem-presumably with a view to something about it.
Their iden is that
small
The colonies affected do not body representing the Govern want to lose CDC help and CDC trade itself does not want to drop out mont employers, unions and the nationalised in of the picture now that t
to beginning to make an impres5- dustrios
should be sol up
Inake an "authoritative and imion.
Partial
examinailon of the
wider issues of wage polley in
an inflationary setting."
Txis greetext
Buyers Beilers.
Baler
1450 1005
20 1034
20 g 1053
66 1000
INSURANCES
alon
Lombard SHIPPING Wheelock
ic. Wharf Dock ......
25
1 sm D35 10 0:00
20
7.55 7.00 44 7.00 **2600 7.00
110 100
45-453 10 a 45
200 45
Provident, 12.30 14.40 2250 vp 12.40
LAND, ETC.
Deprived
HC Hotel. 16.29 15.40 IK Land .. 3094 (12.5 19.20
35
Humphreys
Lord Reith'e
UTILITIES Train
1140 (9 19.30 200 15
and a few wide rises.
BANKRATE TALK BOOSTS
UK STOCKS
London, May 0 Further talk of n lower bankrate boosted activity on | thé, stock exchange to its pes!
Jovel since June, 1965,
New York Sugar Market
New York, May 6. World No. 4 maar futures closed today å ta i points higher with salts of 509 ́contruçla,
Domestic No, 6 sugar futures slowed $ to û points higher with males of 403 contrnets,
Strength In the mw market dominated the domestic contract while spaller Cuban, production figures added the world delivery, Over the week-end, Cosp-
Prices moved higher with blanco was the accredited buyer Industrials in the van
(The only dull spot wán steel shares where buying was dis. couraged by Aneurin Bevan's that as spooch which warned soon' ps Labour gîta into power it will re-nationalise the stacl
companies in a way that will make it impossible ever to pull
continued la move le-
com
of 2,500 tona of Cubans while small Japan purchased quantity at 6.37 cents,
Hayona trade reports Indicat
60 Cuban milis have ploted
1957 crop grinding the Production of these mills was ported 2.24 per cent below the MAY
the margin of loss, as compared braio aliqted quotas, However, Standard contraet olasod 37 to them back into přivate hands,
Motors firmed on the rise in with basic quotas has been nar hire purchase sales. Olla, hpwmilla edd their completed pro- rowing as some of the larger ever,
duction to the cumulative total regularly.
Contract No. 4 (world); Birmid Industries featured an❘ July Detiye engineering stetion with September a rise of four shillings. Hudsons tobar Bay was another upside leader May Prices rallied partially after an with a gain of 0 shillings
Foreign bonds were dull with casy start, moving up from the 4 lows on
rebuying - by some of the exception of the Japanese the early sellers along with an 10109 non-assented, which jump-
demand, theed 11⁄2. Dollar stocks Improved trade latter pointing up reports of a mixed United Press. 634 better factory
interest at the
The rail performance, while far from specta- cular, was seen as an indication of basic strength in the market,
The group gained 27 paint on average, closing at 147.11 wills 4 point in in Baltimore de Ohio the best in the average list. Outside that group, however, Western Maryland climbed over 3, Northern Pacific point, the latter on heavy turnover,
Industrials were off 1.23 points to 480.82, with a late drop of nearly 2 points in International: Nickel weighing heavily. It was seen as an expression of dle
1000 & 16.60; appointment with the directors! declaration of only the usual dividend.
2134
20021.00
102
..18.20
103
100 18.30
Chairman In been torso prose: "It is surely com- suggestion has
estab Yaumati scepticism not mansense that the now with Just because the unions turned shot efficient and profitable c. Light (0) down a similar suggestion three CDC should be permitted to years ago and still megan with Invest in emergent territories; suepleton anything
that even CDC has been assured
X H
on be Flectric
20.30 2040
Telephone: 25.76 25.00
INDUSTRIALS
faintly amcils of Government half of both Ghann and Malaya Mono E. "Interference" in wage matters, governmonts that it would be a little great pity If emerging members but because there secans hope that such an investigating of the Commonwealth were at a body could usefully say any critical stage to be deprived of been help of the experienced CDC thing that hasn't alrendy
of course 'colonial' personnel; said a thousand times before.
would have to come out of CDC's title."
Railway Workers
that This is not a question can be considered in isolation. Commonwealth
countries like Australia and New Zealand also need help in their development a move and CDC even under a different
Cement 3214 3234
STORES, ETC,
Dalry
Watson
Lane, C.
24.30
2006 18.40 500 18.30
25.00
210 500 G 25.00
"Losses of 3 points in Peoples Gas and 1% in Cleveland Electric Iluminating pulled down the utility, average which closed off .33 point at 78.34.
Turnover
Turnover was less active than
con 22 Friday, totalling 2,210,000 shares 500 against 2,300,000.
Bethlehem continued as active 14.50 14.70 2000 i 24.60 lender. It closed unchanged in a
1144 11.50
generally lower narrowly steel group. Metals were widely Irregular Motors were narrowly mixed.
455 Ot 1,146 issues traded, were lower, 430 higher, 201 unchanged with 01 at new highs, 2 at new lows,
American Stock sales slipped 900,000 to 870,000 shares from on Friday.
В 0.20
COTTONS Textilen.... 4.60 4.70 and ship
Nanyag The engineering building Court of Inquiry has
MISCELLANEOUS itself shown how dimoult it is
Entert. 17.00 Vibro.... ance to net logically
INVESTMENTS ment towards higher wages it nome and with more money is Yangiste "....
inflationary not necessarily the right body to under
way in an
have implicitly take on the task Betting. They
of providing condoned the game
my leader which the trade unions with the tacit approval of the Govenment have been representing policy,"
✡ 2.5
"wage
of
10.20 500 10
H.K. & F..
4.43
10
4.45
Allled ......
Invest.
Exchange Rates
of "allow it. But surely it still has an im- portant role to fli. In territories at the Arst dimeult stage independent statehood
Cor Celeial Development.
deserves poration's claim
the Dusiness was done In the local this unofficial exchange markot when Jullest consideration
morning at the following rates development 3. dollar, (per $1) Commonwealth policy
by is reviewed
the sterling note (per 21) Commenwealth Prime Ministers Australian notes (per 1
Indonesian rupiah (per 100) their meeting in June. Sam tical (per 100) t London Express Service.
Singapore (Siralls)
Trouble was predicted when the nationalised
transport undertaking-presumably at the behest uf
the Government granted a five per cent wage crease to workers on the bankrupt railways.
ncar
With an eye to this, the Couri
of Inquiry said: "Itly difficult
to resist a claim for at least a similar amount In an industry which is enjoying a considerable prosperity."
Of course it is; but that's the
whole trouble.
Gold And Dollars
What! could
anyone
w.lo
examined problem of wages and inflation say-except the ob-
vious thing which is that this
Philip Morris
Paper Gambis Co.
Pillburgh Plate Glass Publicker Industrien Pure Olli Radio Corporation
tepublia teni Reynalds Metal shell on Co.
Baint Reg. Paper Bincini Bacony, Mobikul
Solar AlteTRIT Bouth Puerto Rico Sugar Houthern Nadowa) tóns Bouthmen Railway (RAM) Standard Brands Standard Oil of Cal
www.
મમ
الاحة
ported,
May
July
October
September
January
March
May
11.35
21.18
30.05
30.4%
20,00
March
July September Epot-cents per in. fob
Cuba)
10.44
0.45-44
6.44
4.90
4.85
0.40
Open Interest; 6.025 contracti.
were
Contract No. 8 (doratatio
July
5.02
Beptember
November
March
Forenoon declines, were a New York Foreign
50
lower prices,
3057
Blection of the London-Singapore
cables. Intra-dealers switching
|
Starxlardi 01 01 NJ.
AZ Included exchanges of Septem- 05** ber-July and November-May 00% contracts.
Fleep Rock (Toronta De
22
Shipment
offerings
were
Sterling Drug Co.
"B"
|
Etandard Oil of Ind.
Bloksis-Van Camp.
Studebaker-Packard Comp Swift Co.
Texas Co.
de Water. Asm, dù Twenty, Century Fox Klim Union Carbide ........... Union Pack
Railway
United Alteraft
Ua, Foll"
B. Gynnum
U. S. Line Co.
U.S. Rubber
Warner Bros. Westinghouse Letrte
Western Union Tel.. Co. Woolworth
12 moderata and relatively high priced. Locally, Spot No. 1 Rss was quoted at 31% conte sapound
SINGAPORE
The market eased further to- day on Federation liquidation 45% and seme stop-loss selling.
United Firs.
Singapore
Futurest
No. 1 rubber per day 14-1
June B-8915
No. 2 rubber per I. May 874-08 No. 3 No. 4
Spot rubber unbsled
Blanket crepe
No. 1 pale crepe
LONDON
The rubber
07-8734
0813-03
00-02
04-90
market quietly
Stock Market steady with spot unchanged at
Singapore, May 7. Bond volume mounted to Bralcers today quoted the fol- 3,600,000 against 3,550,000 | Jawing stock prices. on Friday,
14.50 Comm. future price 23.05
1.30
Closing Prices
Tin Smeltera
17434 Fraser & Neave Ltd Ord. ... $3.40
Fraser & Nexus 14% cum. 10.10
pref
27 ponce per lb. Prices
Settlement bous term:
Jane......
Jubr/wpbomber
Belober/December
May
Estale cree skin June..
thick June
AMSTERDAM-
Exchange
New York, May 6. Closing rates were: conada, kuten
10016 2.70% England official
2.79-1/18
Australia
30-day
New Zealand Bouth Africa Belgium
270 2.70%
Spot (cents per lb. oie Ny" 5.3
4.00
interest: 3,255 contracts/m Unlled Prems.
NAMESAKES Answers:-1. Fans, 2 Record- ings, 3 Radio, 4 Gramophone, 5
8 Network, ℗ Song, 7 Volce, Notes, 9 Accompany, 10 Tune,
016-11/1811 Harmonises, 12 Vocal:
Frank Sinatra.
United Prem
POBIE&A
COMPANIES
PENINSULAR & ORIENTAL S.N, CO.
PASSENGER/FREIGHT SERVICE
"CARTHAGE"
Leaves London Sated
20th May
BU July
Tia Southampton, Colomba, Penang
Homewards
Opening
Dow-Jones closing averages were:
Balu Lintang Hubbar
Co
January/March
LIA,
.... $2
April-June********
Drita
Borneo
Petroleum
General markets, cif Dauts,
Outwards
30 industrials
100.32
20 ralla
Syndicate Consolidated
期待
"CHUSAN"
June
0.20
1 uities
71.43
·July
"CANTON"
14.00
stocks
"OORFE"
17.00
40 bonds
ice index..
104.34
Gammana (Malaya) nited Hongkong & Shanghai Banje-
iny Corp.
1990
Hongkong TIN LAG.
Alden Inc. Agy.
#183
Kumpan Ltd.
$1.34
Allied Chemicals
Kuala Kampar Tin
Allis Chalmers
342
Lunas Rubber Estates Lis
No. 1 rubber
American Airline
IB
Malayan Breweries
#3.05
No. 2 rubber
American Cable & Radio Comp
New Serandah Hubber
No. 3 rubber
American Cyanamide Co....
20
Lid.
$2.10
No. 1 cr
Amer. & Foren. Fower
NA
Polaling Tin Ltd.
3732
Radico Hotel
271
Singapore Cold Blorage
$1.8116
Biratis Trading
17735
Straits Steamship
316.10
United Engineers' Ord.
$0.70
Wearne Bros. .............
$3.12
SEVERAL NEW PEAKS
REACHED ON NY COTTON MARKET
New York, May 6,
Cotton futures today edged upward gradually from the opening call, carrying nearby July across sort of thing must be expected the 36 cent line to a new seasonal high. so long as inflation
is tolerated?
If the nows from the wages
front holds out little hope for
other deliveries also reached new peaks.
Several
May liquidation developed at the close but other the internal purchasing power
pound, the gold and months closed on a rally with the general list finishing of the dollar news shows that the off 2 to up 31 points.
The market opened up 6 to off 2
is at least holding its own points. New Orleans closed off 2 to up 32 points.
prind
In the world at large.
$111,000,000 net addition
March
A contract scarcity mado December in April is prices sensitive to a moderate May to the reserves
demand for old largely lusory because the cre- trade
dit sale of the account is swollen mooihe, while later deliveries October
by an item of $104,000,000 which is the interest Britain paid on the North American loans at the end of last year and has now "waive" got back under the egreement.
Crop July moved up on buying credited to Total New Orleans account, Memphis interests and scattered commis sion houses.
Buying in forward months was coupled with messiness over a The other items in the account delayed crop start and double show that the Sterling Area about changes for congressional action on farm legislation this carned a small surplus of gold
the govern- and dollars in transactions with PT. Other buyers anticipated the rest of the world in April large sales out
no small fest at a time when mant surplus stock for exparts there was heavy expenditure of n biis submited April 30,
dollary on oil to make good lost Middle East supplies. +
Resources
Am. Mach, a Yay, Amerkan Metal ............ America Smelling American Trl & Tel American Tob, "B" Anaconda Copper Armco Steui
ATOMI Atina Cot.
Ba Kadiyaman-llama Baltimore & Ohio Benicial Finance Bendix Aviation Comp.
Benguet Cone
Bethlehem Berl Boning Airplane Borden (The) Co.
Burroughs Add Machine
Canadian Folie R. Case (JL) Co, Cat. Tractor Belance Corp. C.LT, Financial Corp. Chrysler Motors Catmax Molybdenum
Colgate-Palmolive Co. Colombian Cartion Co. Commercial Credit Commonwealth ec,
Consolidated Batson
Continental Out of Del.
Crown Zallerbach
....... 21,600 613,200 bales Cuban Amer, Sugar
Diamond Alkali
Douglas Aircraft
Dow Chemicals ....
2,000
101,300
4.000
15.100
3,800
01300
69,500
2,100 43,700
NEW YORK
Prices of cotton futures closed tay as follows:
Dupont de Nerpotra
Spot
54.00
October
May July
December
33.29
22.03
El Paso National Gas
33.92
Family Finance Corp.
33.04
Firmione Tyra & Hibber Ford Moto
March
37.00
May
July October
33.90-99
37.14
31.23
Eastern Airline
Batman Kodak
General Electric
Genaral Foods
General Motors
CHEL, Pub. L.
Getty Out
Gidden Co.
Goodrich (13. F.)
3:129
35.05
$1.90
Hayden Newport · Corp.
Homestake Mining Co., Logeall-Hand
In and Steel Cos
Interchemies) Carp
Int? Dusincs Bachines
Int'l Harvester
International Nickel
$3.00
33.18
37.57
LIVERPOOL Cotton future closings pence per lb. were as follows: Old contract "May/rums.
International Paper
fari zol * Tel
in
John-Manville Co.
Karma G. Power & Light
Kennecoli Copper.
20.30
14kopit Meyer Tob. ∞ộ
Lockheet Atrezast
Loews Incorp.
NEW ORLEANS Prices of cotton futures closed apd contral belt today, as follows: sections complained about door inyed aceding and slow crop July
October developmenta” because, of une
B|| December Ecusonably onl temperaturfaMarch Other reporter indientedì faners May But the really heartening had planted their best, med, July
Dctober news is that last month the and that any replanting made Starimu
Arca'a
with necessary hereafter would be 1TRGO Western Europe ricided is done with second-grado send.
120 weekly crop summary of durguet surtig for two years.
wai a leading spot firm, mid that As a result the reserves bangat to the tray of $33,000,000 while prospects are for a good when the PIPU accounts era crop in the Rio Grande Valley, The third developement is about two weeks wetting this month,
Inte and Hittle movement of cat New contract ton is expected before mid-July lowhare, the report and plant ng progress was mixed in the central belt with fairly good
made
Hem of newn which could anect the future value of the pound We the case made out by the Colonial Development Corpore doh Due a review of policy on
Comme reeleith resources,
Development | Corn | delivery ́continued
poration Meters the declaim | maricos
that it cannot start now ' pro- monson's high,
July/Aug. Dew/How..
May/Ape.
¿
Closing" future the May Fissairas: per
"Poetas: ka "colette, that beve won | trasie be today.
79,100
Every independence. That glosan kata The certianinditatook Aber dope to crash CDC: entes, come 774 Entinu_w=11:195 bele
Lana star. Cament" Lowenstein
Stock /T? Metal from Cula.
Bronde
exdiv; x-atl. - China'' Mail
Special.
LONDON SILVER
PRICES
London, May 8,
The rubber market was easy today.
Prices in guilders. për kilogram, dif May as follows:
9.30 pald
254 buyers
."
United Press.
London Foreign Exchange
London, May Closing rates wero:
New York
Montreal
Amsterdam
Brumle
Copentingen The price of silver was quoted | rankin today 4 79% pence for spot. Milan
Stockholm and 7934 panco far forwarthm Zurich United Pre
2.79-8/10-3.79KG 2011-2012 10.45-30.07 140.83.2–110.97 á 1940-19453 116 117
1761-17014 14,40+14.49}{
-United Pres
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1th July
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To be advised
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"ŞURAT” loads th May
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