Page
▾
TRADE
THE CHINA MAIL, TUESDAY, MAY 14, 1957.
and COMMERCE SECTION
EUROPEAN FREE TRADE AREA Participation Of Colonies
Still Uncertain
From RONALD BOXALL
London, May 13.
Mombers of Parliament are not very concerned it seems about the position of the colonial territories if Britain joins the proposed European Free Trade Area.
HONGKONG RESISTANCE LEVEL
STOCK EXCHANGE
Our Own Correspondent Bushress done on the Hong- koug Stock Exchange
ATTAINED
ON WALL STREET
New York, May 13.
US Cotton Futures
Cotton Futures QUIET TRADING
ON LONDON Edge Upward In Quiet Session
WORLD PRICES
New York, May 13. Cotton futures today edged upward after a
hesitant start in a generally quiet trading session.
Industrial stocks today closed above the magic
Evening-up this 500-level in the averages for the first time since morning amounted to approxi-mid-September 1856. and the morning's transactions BANK
mately $480,000, Noon
shares Knyc Selesa... Bales TAK Bank..
Jawa Pet Asia. INSURANCES
Lombard
SIPPING poCKS, ETC.
Whoolock
*:*
5 m 1000
250
040
7.40 7.60
K. Whart. 100 Provident.. 23.50 131
LAND, EFC,
100
100
100 13
500
13.40
It was only just before the end of a wide-inion D ranging six and a half hour colonial debate in the Commons last week that the matter was first mentioned-by Mr Arthur Creech Jones, a former k Socialist. Colonial Secretary.
Secretary
!7
Yet in the opening words of tendency of the six signatories his reply to the debate, Mr Alun í of the Treaty of Rome to regard
of ƒ themselves Lennox-Boyd.
members of a Market already Stale, said the European Free Lemmon Trede Aren was "probably the existence rather than us pro- wider most important matter that this spective members of a
Free Trade Arca. Parliament Will consider,"
But if Britain is anxious to the interest ME Markel countries Common
have
10
He pleaded lack of time for maintain not dealing more fully with the subject. But he did say that the interests of the colonies were being closely watched in relation both to the European Common Market of six nations (now awaiting ratificalion) and the Free Trade Area, which this la proposed to associate with it.
Final Attitude
in
the Free Trade Area scheme, other European countries are nu less anxious that Britalu should not push the Free Trade Aren in opposition to the Common that German fears Markei.
might happen were Britain's attitude dispelled by at the Bonn
Mr talks when
welcomed Macmillan not only
ik #intel 16.30 15.00 1000 1500 600 & 16.79 HK Land
35 353% 155 35% ... 10.30
664 10.30 70 1040 Humphrey's 20 19.30 1000 19.50
1.50 139 RUBBER THE XI... UTILITIES Tran
...
1.40
221 22.800
Younfall ... C. Light (0)
(R) Elots ic
... 20.70
J03
104
30
8
30
Macau E. Telephone 20.0 20.40 INDUSTRIALS Cement 324 32.75 Ropo
13.30 STORES, EIT Dairy
200 6 9245 2000 64 23.40 900 21.30 435 6 22.50
713 6 20,30 200 30
2500 +7 20.30
4800 ℗ 3214
125 13.30
-
300 14.00 15 ... 14.130
100
the signing of the Treaty of Kwong si 11.00 11.90
Rone but ratification,
urged
Spirited demand for oils, steels metals and special issues triggered the successful assault on the 500-level, where the market had net stiff re- sistance many times in the past.
After
Some profit-taking developed Paramount Pictures
the market had crossed Parke Davis Co. this line, but there was enough rean Salt Co.
Penny . C. Cn. demand to absorb most of the selling Individual gains in the than 4 points, Industrial list ranged to more
The milroad average was de- pressed, príncipally reflecting a loss of 1 points in Louisville. Utilities Improved fractionally, bringing their average to a new 20-year high.
the
The vil supplied
tuel for the markets' risc, which responded to Britain's announce- ment that its ships once again were free to use the Suez Canal and that negotiations would be held with Earpt to settle finan- cial differences atemming from seizure of the vital waterwny.
New Rise
Phil Marria
Procter & Gambie Co. Pittburgh Piste Glass
Publieker Industries Pure OU... ** Radio Corporation Republic Steel Reynolds Metal
shen on Co.
Stat Reg. Paper Sinclair 100
Socony Mobiloil
Solar Alerts
South Puerto Rico Sugar Southern National Gas Sothern niiway (Com.) Sundal Brands Standard Ojt of Col. Standard wil of Ind. Standard Oil of N.J. Steep lock (Toronto Exge.j Sterling Drug Co. Blakely-Van Camp Studebaker-Packard Corp.
35%
operations in
carby May contract before
tomorrow, its expiration
featured with New Oricane and commission house buying in the
far-forward months,
Nearby July ensed at the close der selling against purchases of May, while new crop months held independently firm,
Final range was off 3 to up 10 polnis. The market opened off 4. to up 1 point.. New Orleans 13rlased unchanged to up 22 points.
Selicza caution in reflected farm legislation up- 441 certainties and casiness over a
forward
delayed crop staft in central and westem sections because rains and
of continued heavy high winds. Some eastern best sections complained of
temperatures
00
33
ABIC
10
#tight
545
43
42
$$
SEP
0116
201
cold
recording
seed germination.
Commission, houses and trade witching between the new July and October deliveries supplied unother trading feature,
July/Aug. Oct/Nov.
Dec/Jan.
Mar/Apr
SAO PAULO
MARKET
„London „Max, 15.
The Londo stock market opened the weak with mixed and awet trading today.
Britten Government - issues fell as much or ten shillings as nummumura of a loworod bank rata vanished from the floor. Old Console lost Ave shillings But Wor loans remained unchanged.
Olts held the market up with 26.63 Royal Dutch closingTM" cbols "10 20.43 shillings higher. British Petro- leum added four shillings, Shell Transport three shillings alx-
20.42 24.30
Closing prices in cruzeiros per pence and Burmah two alilings. kilo were as follows: July
October
December
Mareti
Totul sales at theot
Suez Canal jumped. 141⁄2 stór- 37.00ling to 48% sterling.
Some selective headway 40.00 marked industrials with Rolls-
39.00
$1.00
13
The
In the Unlund States, the Royce up one shilling expener average price of one-inch cotton and Unilever a shilling at 14 designated spot markets rest of the list was narrow. was not available.
On the overseas list, Germṇan Potash
arpented loans both
the Japanese non-reservtipet issues picked up sterling.
Gold shares and toppers wero oft but rubber issues made some Improvement with several com- ponics forecasting bighor dividende.United Press.
markets was 122,397 bales gained 1 sterling, and several of United Pres.
London Foreign Exchange
London, May 13. Closing rates were;
New York Montreal Amsterdam
Brusela
Copenhage
Frankfurt
Paris
Open May contracts today tolalled 34,000 bales. Delivery Man notices for 500 bales word stockholm 7 promptly taken up by the trade. Vienna
The certificated stock Increased Zurich 24 bolts to 11,957 boles.
.Swift & Co.
13
Texar Co.
Tide Water Asm. Ou
Twenty Century Fox Film
Union Carbide
117
Union Pacific Railway
Unlied Aircraft
sal
US. Full "B"
14.00 Some market experts felt the
14,80 11.20 breaking of the key 500-level 15130 may be the signal for a new buil
U.S. Gypsum market rise," one which
may us. Line Co. possibly
the Industrials. Rubber average above its all-time highs. Smelting of 521.05, set on April 6, 1950.
Sales totalled 2,720,000 shares,
1000
Watson
300
COTTONS
early
Allied
Textos. Nanying MISCELLANEOUS Entert
1770 INVESTMENTS Yout...
0.10 413 Rubber 147S 1.625
4.70
2900 4.75
0.00
If Government are not saying much on the subject it does not mean they are not doing any Meanwhile it was stated that thing. Their Bnal attitude will Britain and Germany will work
the replies of the together
C that the comial governments who have European Free Tinde Arca been asked to give their views. negotiation go forward swiftly Meanwhile the Free Trade Area and successfully.
on
in the subject of frequent
to
diplomatic enchanges between The plan now appears to be Britain
European that her
the "uren" will begin
and
partners and the question of operating about the middle of the colonial territories part in new year. But Arst the whole It is high on the agenda,
matter must be thrashed out by European the Organisation for Economie
EL
thormigh
Co-operation and Unt Is when Britain's attitude towards the question of coloriial participation will be crucial frez, London Express Service.
a
The matter will also be given olring at thic Commonwealth Prime Ministers' London Conference before final decision is taken.
European Last week trade was discussed in London between the Briksh Govern- ment and top-radding French Ministers, arid ugali in Bonu between Prime Minister Mr Harold Macmillan and Dr Adenauer, the Federal German Chancellor.
But though the discussion to date has taken full arvount of interests of colonial territories. the main issue is still whether, and in what form Britain itself will join the Free Trade Aren. for one reason or another the ultimate arrangements are un- acceptable to Briti the question of colonial participa- tion automatically distippears,
Yielded Ground
Chatter On Wall Street
1
New York, May 13. E. F. Hutton & Co Sy renewed selective strength may carry further but new period of short-term However, this is extremely advance at this time is un- Neither is serious unlikely to happen. In fact likely. Britain hos Laisen the initiative weakness indicated, says In negotiations for a Free Trade the firm. Area in Europe and would be very lath dropped
lo
WORLD
RUBBER MARKETS
Rex
New York, May 13.
futures today rubber closed 40 to 70 points higher with sales of 121 contracts.
May
July
Seril.
Nov.
Jan
Mur.
May
31.05
31.55-30
31.35
31.10
30.90
..... 30.70
Standurd contract closed 40
to 70 points higher with no sales reported.
May
Ju
Sept.
Nov.
Jan.
Ma
May
London's
full
response Friday's advance, plus a broader dealer interest and the scarcity of shipment offerings from the Far East, were the price shaping Influences. A routine factory interest
the was reported in
SINGAPORE
carry
up 290,000 shares from
US. Steal... Westinghouse Electic
Western Union Tel. Co.
Aflania reported a slight in- crease in mill demand for nearby spot cotton last week, with very Sow enquiries for new crop deli- 322 veries. High grades In the 1-1/33
Inch and longer brought 512 premium whereas grades
502/
65
41%
183
30
40%
-Vailed Preva.
Friday West Va. Pulp & Paper
and the best for any session Woolworth
since April 23, when 2,900,000
share changed hands.
The most active issues, in order,
were Benguet Mining, New York Sugar
Olin Mathieson, Bethlehem Steel, Getty on, when issued; and General Motors.
Or the 1,149 issues traded, 532 advanced, 351 declined and 200 wore
unchanged. New highs were rung up by 100 Issues and new lows were set by 26.
dosed today 16 to 47 points lower with sales of 2,363 contracts.
of medium and low grades sold at
cheap prices. Memphis reported very little change in the mill demand. Fill-in sales were made In limited volume,
FB00
Open interead
30,200 1542:00 171,100 113,000 93000 90,000 EN000
2.70-3/18-2.7915 2.0014-2.60 18.60-10.0012 140.7234-140.77% 30 482-10.40 11.7422-11.747S 1700-1760%
(4.4736-143172 42.77-73.130
12 26-12,2312
Other unchanged!nited Prem.
NAMESAKES
Answers:-1 Press, 2 Edit, 3 Intrigue, 4 Journallit, 5 Tour, G Writer, 7 Adventures, Fleet,
9 Police, 19 Article, 11 Crime, 12 River
Edgar Wallace.
P.OBIE.A
COMPANIES
PENINSULAR & ORIENTAL'S.N. CO.
PASSENGER/FREIGHT SERVICE
Montla
May
July
A
Market
Dec
Volume 10,400 1,500 10,500 20.000
Mar.
Mu
0.700
New York, May 13. World No. 4 sugar futures Total
Jus
1,000
Del
6,500
11
59,100
65.900
8585,000
NEW YORK
Outwards "CANTON"
Prices of cotton futures closed
today as follows:
"CORFT"
"CARTHAGE"
Брат
23,35m
"CANTON"
May
July
34.92
October
33.77
December
33,78
39.62
33.79
"CANTON"
23.20
31.70-78
"CORNU"
"CARTHAGE" "CANTON"
*
The domestic No. $ Bugar American Exchange sales to-futures cloned unchanged to 2 day dropped to 800,000 shares points higher with sales of 45 from 930,000 on Friday.
Bond volume amounted to. $3,030,000 against $3,090,000 on Friday.
Closing Prices
Ain. Mach. & F'dry. American Melal American Smelting Americans Tel & C
#181
contracts.
Active liquidation and stop- 106s selling overturned the world the sharply contract, reflecting lower spot market and more Cuban favourable
production
estimates.
New Interest in Cuba raw was Jacking, apart from uncon- 81% firmed reports that Formosa sold of cargo of raws to Ceylon over 1952 the week end.
March
May
July
October
NEW ORLEANS
Prices of cotton futures elosed today as follows:
Leaves London
Salled 21/1
20th May
3rd July
29th July
Das HongkoTE
101 May
9th July
19th Augint
11th September
Via Southampton, Colombo, Penang & Singapore.
Homewarda
34,00
36.31
34.04
23.77-78
"'SURAT"
33.00
29.01
51.77
$1.65
Alden be. Asy.
Allied Chemicals
3135
Allied Mills Inc.
33.00
Allis Chalmers
30.20
American Airline
33:TO
American Cable & Radio Corp.
Contract No. 4 (world)
May
10
American Cyanide Co.
20
July
July
0.03-00
Amer, & Forgn, Power
15 September
363-67
Oci.
The
2014 March
October
5.70
Маг.
4.43
May
May
4.45
1781
July
July
4.43
732
03
September
Oct.
4.43
Spot-(centa per 30. fob
LIVERPOOL
Cuba)
192
13%
Open Interest: 5,688 contracte. Contract No. 6 (domenis)
10
July
September
0515
March ****
Spot-toents per ib. of NY
Boeing Airplane Borden (The) Co
01
8.92
5.47
4.05 Open Interest: 3.383 contracts.
--Valted Pr
Cotton futures closings, in pence per ib. were as follows; Old contract May/June
July/Aug.
Oct/Nov.
Dec/Jen
Маг./Арт. New contract, May/Jţine
25.33
20.75
Burroughs Add Machine
Canadian Pacifle I
delivered market. Spot No. 1 RSS was quoted at 32 onts a pound, There was a better sentiment in the market today with some and trado factory
buying. Futures: No. 1 rubber per Ib. June D01-POYS
BOAT-21 No. 2 rubber per lb. June 83-693
Ba!-6314 No. 3
85-80 DO-003 81-83
"
sity: the plans Newburger, Loeb & Co has Spot rubber unboled
لا المثالي
just published an analysis of Blanket erepe guided missiles. It notes the No. 1 pale crepe .... 97-00
LONDON The rubber market
Air Force plans to divide its
American Tab. "B" Anaconula Copper Armco Strei Actour
Atlas Cond. Mining Baldwin-Li-Ham. Baltbury & Orlo Beneficta) Finance
Bendix Aviation Curs Benguet Coun. Bethlehem Steel
Camo (3.1.) Co
Cat. Tractor ... Colanes
Corp
C.I.T. Financial Corp. Chrysler Motors
Cmax Molybdenum
Colgate-Palmolive Co.
was Colomblari Carbon Ce
fand 60-30 among aircraft and steady with spot quoted at 28% Commercial Credit
To prevent this happening, Britain has already yielded some ground to its Europcar neigh bours.
After the Boni
gaided missiles by 1961. In Conference, Mr Macmillan said 1951 the ratio was 90.01 to 0.0. that Britain had insisted that free trade in Europe should be Blair & Co. limited to Industrial goods-thus| Wagner excluding the Commonwealth | current agricultural products which are should the main beneficiaries, of quarter not was $1.81 a share General markets, elt basis, ports: Imperial Preference. But this. against $1.30 in 1956, the Prime Minister added, did
not
pence per lb. Prices: No. 1, Ra spot ......... Settlement' house ten; analysing June
July/September Eletrie Corp says the October/December year for the company January/March be excellent. First | April/Jtine
mean that a policy of Waltson & Co makes a tenía- "exceptions and arrangements tive guess that Martin Co 1957 could not be made to meet the net should approach the $3.78 of problems of individual countries, 1958.
This had been interpreted in
dome quarters A . a hint that
Britain is prepared to
water
TYRE SHIPMENT
May Jupe July
Estate crepe this May
2011-27
20-1-27 2011-201
2014-2015
26.20
Unick Lineusied AMSTERDAM
The Tubber market was quietly steady. Prices closed in guilders per ilogram, cil June as follows:
No. 1 rubber No. 4 rubber
down list previous insistence on the inviolability of Imperial Oppenheimer & Co estimates No. 3 rubber
the sake of Thiokol earnings in 1057 might No. 1 rege Deeing European free trade rise to a rate of $4, a share by
Preference for
become a reality.
The
the end of 1957, In 1850 net was $2.
2.00 buyers
2.05 uyers 2.77 buyers --United Pres
New York Foreign Exchange
Britain's determination to see the scheme go through is also Standard & Poors says tyre discernible in other results of shipments in 1957 will benent recent
diplomatic exchanges from an estimated moderato in- communique issuedi after crease in passenger car produc- Anglo-French falsaid Britain tion and from larger replacement Ca has welcomed the signature of requirements, and that prospects the Treaty of Rome setting up for non-tyre rubber fabrication the European Caminon Market appear favourable.
anil
French Foreign Minister
the had stressed France's continued
Orvis Brothers & Co says the support of the plan for stock market continues, in a
European Free Trade Area to festing
be associated with it.
Concern Expressed
This is significant
Bor
had Boackin
003
ema
with inlicationa pointing to further | strength.
New Yoric, May 13. Closing rates Wend
$1.04-23/31
2.70 Enginzul (30-days futures) England (90-day futured) 23-3/10 Austraila
2.231 270X New Forlani separa Belgium India
Pakistars
.........
01 Da
2500H
2004
Other unchanged:=-Prited Prem.
selective Exchange Rates
Comanonwealth Elec. Comolidated Edison Continental Off of Del. Crown Zellerbach Cuban Amer. Sugar Diamond Alkali Douging Aircraft Dow Chemicals..
Dupont de Nemours
Eager Airiko
Eartman Kotak
El Paso National Gas Family Finance Corp,
Firestone Tyre de Ribber
Ford Motor.. General Electric General Foods
General Motors
Gen. Rub. But,
Glidden Ca
Getty Oil
Goodrich (D. F. Co. Goodyear Tyre
Que Ou
Heyden Newport Corp. Homestalos Mining Co. Ingersoll-Rand
Inland Steel, Co. Interchemical Corp. Inti Harvester International Nickel International Paper Infl fel a TE John-Manville Do. Kansas C. Power & Light Kennecott Copper
| Liggett Meyer Tob, Co.
Lockheed Atrent
Loews Incorp.
Lone Star Cement Co. Lowen & Bons, McDonnell Alecraft
Block Exge.)
Mesabi Iron Corp. lunesota Mining Muiston, Developsacal, Monsanto Cannica) Co.
Motorola Inn,
Business was done in the loyal | Neilongj· Batty" “prog. Journal of Commerce says udencial exchange market This Nationki Lesd Consolidated Electronic
mortar at the following fates: National; MTANI" Corp Dy .8. dollar for off
427 | New York Cucitruð because namics # ngjyepme to the big slacking opter (43)
“böen | bösal," "may show between $1.75 | Ayumadan nöjen pes (3) US expressed both in Britain and ond så & share"sicist $1.35 in a ton om at 185 Indonesian rupian (per 100) the Continent at
the 1930-United Prom.
Singaporo
1315 | Owen-Ittinola" Elamu
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"SHILLONG” duo 25th June
for S'pore, Pt. Swetten-
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from UK.
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BRITISH INDIA S.N. CO., LTD.
1950 - A HUNDRED YEARS OF SERVICE - 1956
“FULTALA" due 17th May from Chittagong, Ran-
goon & Singapore all 18th May Tor Japan "WARORA” due 21st May all 22nd May
"BANGOLA” duo 28th May.
walls 27th May
"TIRIA"
from Japan
for Singapore, Peserɛ, Rangoon, Calcutta Chamon
from Japan for Singapore, Penang, Rangoon & Calcutta
P. & G./B. I. JOINT SERVICE
due 37th May unite 19th May
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dun ist Kay walls 23rd May
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for Singapore, Bombay Karachi, Basrih, Khori ramshatis de Kuwait from Jap
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from Australi
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5.