TRADE and COMMERCE SECTION
WALL STREET | Britain's Economic Position NEW YORK COTTON
RECOVERS
AFTER DECLINE BRITISH
New York, May 8.
Stocks turned to the upside on increased activity today after a three-session decline.
Rails took the lead from industrials reaching
a new high since Feb. 4 in their average. Aircraft shares and oils had the best group performance among the industrials,
There were the usual
special issues which moved independently.
pacod
Aircrafts were North American, up nearly n point on heavy turnover.
byde Water A. Oli
379%
Twenty Century Fox Film Union Carbide
Union Pacific Railway
50%
United Aircraft
Gulf featured olla with a 3. pokat gal
Leading steels were marrowly mixed. Motors were narrowly mixed. Electronics hatt gains of more than 2 points in Zenlik, over 1 in RCA.
Industrials
Industrials climbed 2.05 points in their average to 400.73; rails 1.04 to 147.02; utilities 15 to 73.20; 65 stocks 30 lower, 234 at new unchanged with
highs, 23 at new lows.
Volume of 2,500,000 shares compared with 2,300,000 Tues- diny.
NY Stock Exchange bond volume was $4,140,000,
US. Ful "'*'
U.S. Cyprum
US. Line Co.
US. Rubber UB. Smelling U.S. Steel
Womer Bros.
Westinghoung Electric Wertern Union Tel. Co, We Va. Pulp & Paper Woolworth
United Prem.
WORLD RUBBER MARKETS
Stock American
Exchange volume wah 840,000 shares,
Dow-Jones closing averages
Moy
July
Were:
Sept
New York, May 8, Rex rubber futures today points closed unchanged to 25 higher with sales of 25 contracts,
al.75 31.45 31.20
Hay,
31.00
30
industrials
496.73
Jah,
30.80
20 #
141.02
Jinr
30.00
15 ullies
73.50
May
30.40
17421
49 bonds
20.05 Standard
contract closed un-
POUND FALLS
New York, May 8.
The British pound sierling feil i cest to 2.791⁄4 th foreign exchange trading today.
Bolh the month and three months Kierling futurts pound registered similar losses,
The Australian, Now Zealand, and South African pounds also were sil quotesi
cent lower,
The
dropped
Canadian
doilar 1/18 cent and cents above
stands 4.9/10
par with the US dollar,
The Indian and Paklatani
both yielded small turto fractions.United Press,
Petroleum Company Report
London, May 8. Despile the Suez crisis, the British Petroleum Com- pany obtained about 49.5 million tons of crude oil from main sources of supply — Kuwait, Iraq, Iran and
Comm. future price index 134.31 changed to 25 points higher with Qatar in 1956, said the
Closing Prices
Allied Chemicals
Alles Mins inc.
Allis ChalineTe
American Airline
American Cyanamide Co.
Ainer. Forgs. Power
American Cable & Radio Corp.
Am, Mich. & dry.
American Metal American Belling American Tel & Tel American Teb. "I" Anaconda Copper Armeo Steel Armour
Atlas Cons. Miring Baldwin-Line-Ham,
Baltimore & Ohio
Beneficial Financə
un sales reported.
May
July
Sent
N
Jim.
A14L
31.75
31.45
31.30
31.00
30.80
Buyers and sellers avoided the itiative today keeping business to a minimum in both the futures and outside spot markets. Locally, Spot No. 1 Ras was quoted at 32 cents a pound.
LONDON
The rubber market wag stendy with spot quoted 3/10 higher at 20% pence per lb. Prices:
No. 1 pat
Settlement house term:
Bendix Aviation Corp.
Benguet Cons.
2014-20%
Bethlehem Steel
Boeing Airplane
40% June
Harden (The) Co.
July/Hept.
11-20
Burroughs Aud Machine
4402
Oct./Dec.
Canadian Parile B.
35%
Jan Mar.
26-20 24-2012
Case (3, 1) Co
April/June
2014-2016
Cal. Tractor
7
·
1522
May, June and July
2014-2011
C.1.T. Financial Corp
+ነ፡
June 201
7194
43
Celanese Corp
Chase Manhat. Bank Chrysler Motors ..... Climax Molybdenum Colgate Palmolive Co. Colombian Carbon Co.
General marketa, ca basis, ports:
Extato crepa thin Estate crepe thick June unquoted
AMSTERDAM
5014 Prices closed today in guliders per kilogram, elf May us fol- 43%
lows:
to chairman's statement stockholders in the annual report.
This was
four million tons more than in 1835. The prin- ctpot contribution to the in- crease was a larger production in Iran.
The statement said net income of the
for 1950 group
Was £50,104,000 and trading profit wns £124,171,801, compared with £111,683,000 for 1855, the increase being due mainly to higher sales of tonnages.
Sterling Area Had
Good Balance Of Transactions
By SYDNEY S. GAMPELL
London, May 8. London has had another optimistic week, with an interesting though very complicated Financo Bill, a firm stock exchange and a good monthly report of the gold and dollar reserves.
Thanks to a windfall, the reserves rose by $111 million in April. During the month the $104 million of interest on the North American loans, which was put into suspense account when it fell due last December, came back into the reserves as the North American governments completed the arrangements for postponing the payment until next century.
During February and March, the reserves had benefited from a similar windfall, the dollars which India drew from the Li- tornational Monetary Fund and temporarily banked in London.
However, the April gain is re- sponsibly regarded 45 salid.
MOTC
Constant Pressure
of During the first quarter the year the reserves were un- der fairly constant pressure on commercial account,
Including the big payments for dollar oll In April, for the first time, the
and pressure relaxed turned stronger.
CHATTER
ON WALL
STREET
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
MARKET SHOWS
SMALL GAINS
New York, May 8, Cotton futures trading today was out to the pattern of recent sessions.
In quiet dealings, prices managed to show small gains most of the time with the far forward deliverios showing relative firmness.
At the close the list galod ( unchanged to 14 points higher. Busineser done on the Hong- The market opened unchanged kong Stockt Exchange this to up 3 points New Orleans morning amounted to approxi- closed off. 1 to 18 points,
Noan quota- mately $405,000. tions and the morning's transur-
tions:
Bhares BANKA
Boyers Bellars
HK Dank.. 1845 1655 East Asia
2:50 INSURANCES
Union 20 Lombard.
SHIPPING
DOCKS, ETC.
Dock
Wanet.. ident
Kalba
Doc/Jan.
Oct/Now.
atar/Apr.
SAO PAULO
20.40
Colton futures closings, In
Light offerings were absorbed cruzeiros per kilo were as fol- and lowe: by New Orleans interests commission
Demand houses. was encouraged by expecte tions for un ingresso in the gov-
July
Ось
Dec.
ernment support base, plus con..
Mar.
38.10
40.03
tho
over the delayed crop In the United States, start in central and western average price of pre-inch 'nt 14 belt sections where recunt | designated spot markeis was not exconivo rains necessitated re- available. planting in some
while
75 1.80 100
107 110
7.00
200 100
агсад
500 45
unsonsonably cool nights re-
313 w 13.50
traded send gerendination,
800 15.40
100 € 15.40
150
1. 13.00
LAND, ETC.
Hotel 18:40 18%
Higher support expectations that were based on a ballet- inroads made into the surplus 193 @ 345 | stock through the goverment
24 10.30
HX Land.. 3435 13 100034
(Bis) 10.20
Humphreys
103% 20.80
Realty RUBBER
1.40 1.475
1.80 1.05
348
"Amalg "Heart
B. Kelawian UTILITES
1152000
.... 21.00 22.10 101 101
Yaunedi C. Light Ex All
Lightni
decute
10.30 18% ... 39.20
Macao E... 9.10
INDUSTRIALS
New York, May 8, Support on any setback Telephone 23.60 23.00 from
this level is around coment 484-486 and 144-15 in the Rope
Metal I. and Sterling Dow-Jones industrials
STORES, ETC rails, respectively, ваув Dalry
Watson Kenneth Ward, analyst for Hayden, Stone & Co.
£3
Britain's position Y the European Payments Union tm-
of proved from a deficit million in March to a surplus of £16 million in April.
that Whitehall inters
the sterling area had a good balance of transactions with Europe, as it should have at this time of the year.
gels In settlement, Britain $30 million from the EPU this month, whereas last month she had to pay $9 million to
Finance Bill
Bache & Co holds that the market
in a strong continues position.
Fitch says it la probable that rallying market conditions will remain in force.
1000 @ 23
100 8 104
18.40
export programme
the
may force administration, to change ita preliminary support level for the 1957-68 crop. Under the flexible price support inw, the support lovel is based on the supply, with the rates in creasing as the supply dinin- Ishes.
Government sources indicated
between
67529.20 exports
rua may 20.30 2029.30 2,250,000 and 7,500,000 balts com
estimates 271329.30 pared with original
for 3,900,000 bales. In Janu- 700 € 25.70
nry, the minimum loan rate for the 1957-68 crop was placed at 28.15 cents a pound on middling 34
at average locating. inch Since January, the parity figure
32% 324% 13.10 1,80
14.60 14.80 111 11.30
2000 1.45
8311,50 500 1 11.80
000 @ 11.00
Emporium 0.90 COTTONS
4.00
Textile
MISCELLANEOUS
Nanyang
8.15 1600 @ 8,10
Entert INVESTMENTS Yangiate Allied
17.00
6.06 0.10 2003 @ 4,10 445 455
Total sales at these 13 markels
was 121,035 bales-United Press.
Singapore
Stock Market
Singapore, May 9.
quoted the Brokera today following stock prices:
Openi
Baju Lintang Rubber Co,
Ltd. British Borneo Petroleum
$1.02
Bynxxiicato
Colidated Tha Emellers
Ord..
59/64
13/03 Fraser à Neave Lit. Ord, .. 13.40 Fraser & Neave 74% eun.
preč. Gammons (Malaya) Linted $1.03 Hongkong
Shanztos Banking Corp.
at
Hongkong Tha Ltd.
Kumpa Ltd.
Kuala Lumpur Tųj
$4.00
43/ch
Malayan Breweries.** $4.05
New Serandah Rubber Co.
IV.
has increased 50 points. If the Lamas Rubber Estates Lick. 102
77 per cent basis is present
the maintained,
final support level would be 28.03 cents, But come quarters believe the per- centage figure also may be in- creased because of changes the supply situation.
in
However, other statisticians point out the increase In sup- ports could be offset by an in-
E. F. Hutton & Co looks for CHICAGO GRAIN crease in domestic production. continuation strength.
if
selective
MARKET
Grains closed
Chicago, May 8.
mostly steady to arm on the Board of Trade today.
W. E. Hutton & Co projects Thompson Products not for Referring to operations, the
1867 to about 88 a share against statement said that in 1955 a
$4.00 in 1950....snys Balt!- Island Zanzibar deep well on
more & Ohio can carn more to (East Africa) was carried
this year than the $11.24 report The Finance Bill detalls the 14,281 feet, but found nettiot
to the cd in 1956 and looks as if pre- concession off nor gas. A deep test on the budgetary
trading
but carly corporations (sent $2 annual dividend is too mainland was under considera-oversLIS
which will be tion
exempt
from low. British income tax and profits tax on their overseas trading in- Same companies which such places, as operate in
the Bahamas and which Bermuda,
those Persian Gulf states which have no company taxes, will not themselves pay any tax where.
an
In Nigeria, where encourag-
The rubber market was quieting developments were reported come.
in 1956, test drilling had located
allfeld at Oloibiri, might reasonably be expected to yield commercial production, Arrangements were in hand for testing its capacity.
Commercial Credit
Commonwealth Elec.
Consolidated Edison
Conumental Oil of Del.
Crown Zellerbach
Cuban Amier, Sugar
20**
No. 1 rubber
Diamond Alkali
No. 2 rubber
350 buyer
63
No. 3 rubber
2.68 buyeri
No, i crops
3.75 bujerw
Singapore rubber
prices were
Douglas Aircraft
Dow Chemicala
Dupont
de Nemours
Easter Airline
Eastern Kodak
El Paso National_Gas
Family Financ= Corp.,
Firestone Tyre & Rubber
Ford Malor
General Electric
General Foods
General Botors
Gan Pub. Qui,
Getty Ol
Glidden Co,
Goodrich (B. F.) Co.
Goodyear Tyre
Heyden Newport Corp.
Inland Steel Co.
Interchemical Corp.
Int! Busher Machines
International Nickel
2.60 buyer
not available-United Press.
London Foreign
Exchange
London, May 8.
Closing rates were:
Gulf Oil
Homeatake Mining Co.
Ingersoll-Rand
121
New York
+4
Montreal
105
Amsterdam
55% Brugele
Frankfurt Elston
In Harvester ...
100%
International Paper
10242
Int'l Tel Tel
332%
MHatt
John-Many:lle Cr.
4036
Kansan C. Power & Light
Kennecott Copper
1152
1
Zurich
Stockholm
Liggeli Meyers Tob. Co.
Lockheed Alreraft
Loews Int3).
Lone Star Cominent Co Lowenstein & Scne.
McDonnell
Aircraft
Stock Exge.)
Mabi Iron Corp.
Manarota Mining
Mission Development
Monsanto Chemical Co.
Montgomery Ward
Motorola Ine.
Natural Caen Rew. "A"
National Dairy Prod.
National Lead
National Steel Corp.
New York Central
Olin Mathlo
Ot ElevaİOTE_A
Owen-Winol la
Poetic Gas & Elec. Pan American Airways
Paramount Pictures
Parke Davis Co.
Penny J, C. C.
Pam. Balt Co.
Philip Morris
Prpolar & Gamble Co. Fitzburgh Plate Gira Publicke Industries Pure On
Radio Corporation
Republic Steel
Reads Mutas
Shell Of Co... Saint Bar, Paper
Sinclair ... Bopony Mobi
TAM.
Solar Airscaft. .................... Hojuth Parto Blog Jugar Bouthern Fational Gam
Soulson Hallway (Dom) Standard Ororada ·
Hlendard off of ind
2.79.3/16-1,704
2.07-4.07%
Income tax
PETROLEUM
Month
May Jur October
Volume Open_interest
$200
63,300 180.110
7,500 17,600
March
December 1999
11,100
170.100
.5.300
$4,000
May
$.100
91,100
July
€.000
64,200
October Total
300
4,100
47400
$74,400 baleg
NEW YORK
Prices of cotton futures closed
The market opened steady, rallies in wheat futures caused buying in other grains, and prices in general moved higher at mid-morning.
Increased foreign demand today as follows: was, an influencing factor in Harris, Upham & Co oralysing much of the day's trading. Texas Co, says company's pronts Wheat closed up to 2%
cents for old, and up should continue to rise in 1937
of higher petroleum cant for now. any-in view
prices and anticipated quin in
Soybeans closed up world consumption.
1 cent extimates Wheat No. 2, rea
Spot
July Sept
doductable
Reynolda from dividends paid to their Anchor Hocking Glass will earn.
Re
Co
share4.70 a share in 1957
British Petroleum's total re- finery throughout at 33,6 mil- | shareholders bot can be ro- lion tons was 3 million tons claimed by Oversees more than in 1985.-China Mail holders. Special.
scolast $4.18 in 1958. Looks for higher sales for Fansteel Metallurgical but says earnings are less clear- ly defined because of starting up costs of new plant to produce tantalum and Columbium Metal Ingots....motes look for 1957
Hollywood Co, To British fax They will also have Powdery
of centralised Ritter Company
Produce 55
1000-16001 Films In A Year!
140.75-140.7712
11.755-11.754)
03.03-00.15
1701-12014
14.40 14.481⁄4 12.2034-12.30)| there unchanged.==United PreRS
New York, May 8. Twentieth Century-Fox Film Corp, announced today it will introduce 55 motion pictures in the next 12 month-largest total of pictures from one company
New York Foreign in nearly 20 years.
Exchange
Now York, Moy B. Closing rates were: Canada England offeini
30-days 10-days
“Australia
New Zealand
Bouth Africa India
Paldstar...
Others unchanged.
1.04-0/10 4.70% 2.78-18/10 2.7B-7/16 223-7/10 27014 2.7917
2013
United Press,
NEW YORK METAL
FUTURES
New York, May 8. Prices of metal futures closed today in cents per lb. m follows
Land
May
1400
June
MAY
£0.00%
Standard "cht 'OF·K).
Copper May
Sleep Rock (Toronto Exgo.)
May
June
Blandard Ou
Sterling ug Do
Budsbaker-Pan
Filt & Co.
Texan Cp.
Spyros P. Skoures, President, sak a "multi-million-dollar pro- gramme" is what is "needed for the theatres of the United States
Ikic.
Wheat new contract
July
Dec.
Sept.
Mer.
to en The general effect courage such corporations to re- lavest their overseas proflis abroad without suffering from
the convenience London management and of to be exceptionally good after being able to shift proẞts from reporting record first quarter. Corn, No. 2, yellow one overseas country to another United Press. without paying British tax route.
co
For various reasoris, the cor porations may attract some tr
abrood-China ventment from Mail Special
STOCKS DRIFT
LOWER ON
anti Canada to be kept open LONDON MART
and thriving."
Many of the pictures emanate from Broadway hits and bost seller books, he noted-United
Press,
LONDON METAL PRICES
London, May 8. Prices of metals closed today
London, May 8. Stocks driftat lower today in moderately active dealing on the London Exchange.
Skpot
May
July
to 5%
Oct.
*Dec.
Mar
to Off
May
Oct.
NEW ORLEANS
Petaling Tin La Itaffles Hotel Bingapore Cold Storage Straits Trading
Steamship United Engineer Weame Dros.
exdly.
Special.
Ord
† ex-pil,
€2.70
02.074
1.01
$73.247
10.10
150.J
83 12
Ching
Mak
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13.04
33.11
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to
Prices of cotton futures closed
May 216% (31) ZIKIL}"""
$132- today, as follows:
Epot
July
Mar
May
July
Oct.
124-1346
1201-94
July
set.
Dcc.
15時15 12415-
New York Sugar
MAT.
Kye
Qld contract
Market
Kiny
INK
May/June
July/Aug
July
114-115
New York, May 8. World No. 4 sugar Qutures closed today 12 to 23 points lower with salts of 1,802 con- tracts.
May
July
Boybeans, No. 2, yellow
Domestic No, o mugur futures closed today
2 LoscheDged to points lower with sales of 84 contracts
Spot May July
Bapt.
Nov. бать.
Barley,
Spat
The lower trend in world futures reflected the decline in Saws which in turn pointed up New York flour reports that the Cuban erop may turn out much better than
Contenot No. 4. (world)
Steels command canter, ship-originally expected, ping etteros weeg waak op Dewa that tramp shipping ratos neo at the lowest level in two years. Blue chips such as Rolls-Royed
July and Unlever dropped about a
Bept, shilling
MAT.
Ofis continued mixed with May Royal Dhich unchanged and British Petroleum off more than
0.18-19 0.12
1.30
4.72
4.70
1.20
cents per, J.
Cubi)"
6.30
Contract No. 4 (domestic)
in sterling per long ton noing Care in Cat: DEG follows: P
Tin pat
2-month
Copperejse
3-month
00.756 (standard)'| Read let unquoted
Usled . Press,
24 to 247.
British – Governmenta' fell in Bid Console, and with Glucovered
kufuru Belleja | **£37
2016
bianchi: vroom; actiyə jood higher 19, La awywały portions, expecially | Mus Cherman and Japanese doline kirol-toonte par lb. cit
NY ex-duly) Kocka wèso moderately lowatten Open Imeres United Prons,
200 b. anci
00%-15 60%
130-140
139,500
United Press.
Exchange Rates
Business was dona th the local
market unofficial exchanga morning at the following rates:-- U.B. dollars (per 91) Ga Sterling notes (per 43) Australian notes) (par 40. Indonesian rupiah (per 100):
Singapore (Stralin),
NAMESAKES
Entertains
Bail, 10 Condit.
Cinderpla
LIVERPOOL
Cotton future closings, pence per lb. were as follows:
Oct/Nov
Docs. Mar/Apr.
New contract
May/June
July/A
20.07
20.46
EZKAR
220.73
EUROPE
and the
USA
For reservationa
call your travel agent or Pan American direct at 37031 Hong Kong Omori Alexandra Hous
Kowloon Offices Peninsula Hotel
Pan American World Airways, Ion, Incorporais | wines of New Yorka £7. Bodky with JimdNE MANNY
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