Page
THE CHINA MAIL, WEDNESDAY, MAY 15, 1957.
TRADE and COMMERCE SECTION
NEW ZEALAND'S EXPORTS UP
More Shipping WORLD
Needed At
Peak Periods
to
Wellington, May 14,
ship
How
New Zealand's agricultural exports to Britain and Europe
RUBBER
MARKETS
14,
Fluctuations In May Cotton
Hex New York. May May Dominate Market
rubber futures today closed unchanged to 25 points
higher with sales of 134 con- tracta
May July September November Jonstery
13.00 31.00 $1.00
Standard contenot closed un-
no sales reported.
in time to take advantage of the best market changed to 25 points higher with conditions is developing into a major problem.
New Zealand, already one of the world's leading producers of meat, wool and dairy produce, is looking forward to a steady expansion in farm production.
unless
transport facilities
On present estimates, the 1985. But offlelais fear that, country's agricultural export
are will have Increased 25 per cent greatly improved, New Zealand by 1005 and 54 per cent by will not get the full benefit of
her inercising producilon.
American Bankers Cautious
Now York, May 14, Investment bankers are expected to be cautious in their bidding for this week's larger number of corpora- tion debt offering of 11 legues totalling $111,827,- 090,
Caution is expected, reflecting the fact that two important bond issues last week had poor mar keting experience.
Requirements
A department committee, which has been investigating the problem, has just made an interim report to the Govern- ment in which it says that the two main requirements are:
May
Beptember November
March May
Forenoon
32.25
22.05
31.60
31.15
30.01
strengli regreted
115
a
the paucity of shipment offer ings as Simmmpore 'observed hallday. With limited offerings, futures moved confidently der covering
operations which uncovered stop-loss orders, Ar- bitrage huying also was report ed against sales at London, but
inter some of the spreads were reversed.
New York, May 14.
Erratic and wide last-minute fluctuations in
the spot May delivery dominated active cotton market today.
After holding unchanged at 35.30-31 through the forenoon, the May contract, in the last minutes of trading, receded to 34.70-78. The markol
opened off 1 to up points. New Orleans closed up 11 points.
Lo of 2
steady to flm on further Now and local buying in face of light offerings Seller cautiousness
Elsewhere, the market held
Orleans, plus commission house
continued main factors.
subjectea
to three
Possibilities for
sidy
2 Double about action uf cotton legislation.
а moderately
CHATTER ON WALL STREET
New York, May 14. The market reflects firm undertone, with in- dications pointing to fur-
HONGKONG
STOCK EXCHANGE
Our Own Correspondent Busince done on the tong lang Stock Exchange this morning amounted to proximately $551,000. Noon quotations and to mondog's transactions.
Shares Buyer Seller
DANKS
HU Bank
1030 1050
East Asia..
930 010
INSURANCES
Union XD
Zornbard
SHIPPING
Wheelock
DOCKS, ETC. T. Whark .. Dock
Sales
Fear Of Trouble Halts Rise On Wall Street
New York, May 14,
Fear of more trouble in the Middle East and indications of some deep budget slashing upset the stock market today, halting a rise that had carried Industrial stocks through the key 500-level,
Selling hit the International oils and then spread to other groups. The market began the day on a strong and active note but finished with all major groups in lower ground.
elinax Molybdenum
Despite the selling which de-, Shrysler, Motors veloped, a number
of special issues munuged to chalk up good gains. National Steel fea- 7.40 is 1000 #145 Tured on the upalde late in the day, rising 2% on a published report
Treasury Secretary 45 George Humphrey would leave
107 110 300 108
$1.75 43% 1200
2000 6 45°
Provident . 13.10 11.30
423 12.30 the Cabinet and become 116 600 1520 Board Chairman. 100 12.30
Fl
The oils were stung by 1000 15.70 Israeli throat to test Egypt's ban
400 & 3514
13833 against Tarsoll ships using
the
Gulf was hardas!
LAND, ETC. Inc Hotel 15.00 15.00 HK Lord.. 3915 3514
(!) 10.00
400 20.70
C10.56 Sud: Cunal, 300 a 10.70 hit, losing 44.
10 16.30 1.50 1.33
2000 @1.523
Activé Stocks
RUNGEN
higher government sub- ther selective strength, ac-mphrey
cording to Henry H. Bal. Really four, analysts for Orvia Amalg .. 1,478 1,523 10000 @ 11⁄2
Trust XD Brothers & Co.
123% 1.40 UTILITIES Tram
... 233 2.70
Small to moderate sales in the shipment market included Thailand three sheets May/June, at 91 oents and four sheela ni 29 cents. Other reported salos
A quickening demand included some four-ex browns
in the export market, 25 at
cento and
five-ex
The certificated stock remain-the 5.11 of last year and browns
a1 22% cents, both od ut 11,975 bales, May/June,
Montis cost and freight
May Local batia.
factory business July continued small with spot No 1 October Res was quoted at 321⁄2 cents a
1. Provision of adequate ships at the right time so that New Zealand can get top prices for her produce on over-pound. scas markets;
*
2. Expansion of Inland transport, particularly rati ways, so that there will be no costly delays in getting the produce from farm to wharf.
The Minister of Railways Mr John McAlpine, who has been loading the investigations, an- nounced that the Government was to have discussions with British shipowners country's future shipping needs. This was reportedly due to "We look to the overacao larger than usund volume of new shipping companies to do their corporate bond Issues looming | part in making available enough for the summer season.
ships," he said.
Increase
on
LONDON
Volume Open interest
14,100
21,200
4,400
107,000
3,700
172,400
December
7.700
174,800
-
March Mny July
3,300.
01,300
8.200
ST.800
0,#00
65,500
October
7,400
69.400
Total
03,800
841,000 balen
NEW YORK
2716-27
Prices of cotton futures closed today as follows:
Spot
May
33,320n 35.75
(expired at 12.30 pan.)
July
37.08
24.00
Mar
39,57
May
33.91
July
33.20
The rubber market was firm with spot up 0/10 to 27-9/16 penco per lb. Prices: No. 1 has ap
June
Settlement House term:
July/Sept. Oct/Nov. Jan/Mar Apr/June
General markets, cit besle,
May
June
the July
Estate crepe thin May 2011⁄2 June 2
...... inquotid
thick
AMSTERDAM
The rubber market was steady Slock financing by corporn- New Zealand, however, raises today. Prices closed in guilders
per kilogram, this a special problem for ship followe tions will also week with several important owners. While Imports come in No. 1 rubber common offerings on hand, in- a steady flow throughout the No. 2 rubber exports are seasonal, No a rubbor cluding Florida Power Corpora- your,
No. i crepe tion's 255,013 shares and Du-'| especially meat and wool,
mont Broadcasting Corporn-
tion's 314,812 shares, along with
a preferred issue for $2 million.
NEXT WEEK
Extra Tonnage
This
extra!
at
that means tonnage musi be provided peak periods, tonnago which
Next week's calendar will in- shipping companies may not be
clude International Business Machine Corporation's proposed $200 million common stock offering to shareholders.
ablo to
utilise fully at other times of the year.
NEW ORLEANS
100 22 100022
100x110
Colgate Palmolive Ca Colombian Carbon Co
Commercial Credit Commonwealth. Elen. Consolidated Edon Continental Qui et Mol. Crown Zellerbach Cuban Amer, Sagar
Diamond Alkali Douglas Airdat Dow ChemLonde Dupont de Nemours Eastern Airline .... Bartman Kodak j
El Paso National Geo Family Finance Corp. firestone Tyre A Hubber
Ford Motor
Choral Featrio
General Foods General Motors Gudden
Goodrich (9. T.) CU. Goodyear Tyre
The ralis finished lowor, as Gulf Oil and
did the motors.
Heyden Newport Corp. Honestake Mining Co. Ingersoll and
inted Steel Co. Yntarctiamien) Corp. Store, Business Blechines
Jarl Harvester, an Sunray-memational Nickel
The five most netive stooke, Yaumati
104 109
in orter, were Olin Mathieson, © Light (0) 18:30 18 2000 @ 19:30
2000 1940 United Cigar-Whelan Rita) 1.40
oll (New), Qelly 30 30% 200 30.25 Midcontinent Oll and
100 i 30.25 30025 Airplane,
Harris Upham & Co projects Atlantic Reining earnings above say? current dividend may be raised estimates Westinghouse Flec- trie may earn $4 in 1957 against Electric 10 cents last year and $2.46 in 1955....Otis Elevator $3,10 in | Macao E. 1950 and dividend could be Telephou 20,00 25.70 3731 20.00 raised
INDUSTRIALS Cement Raynolds & Co., analysing American Chain & Cable, says Rope 1957 net Is tentatively at $7.50
STORES, Dairy a share against $6.80 in 1950.
GENERAL MOTORS
D.70
Boeing
The Dow-Jones
avenges closed with Industrials off 1.75 at 500.46 rails off 0.78 at 140.15; | utilities of 0.02 at 73.88, and E stocks 174.81 or 058. Sales totalled 2,680,000 shares com 220 1100 pared with 2,720,000 shares yel 12 1400 11.50 | wrday.
4.725
15 1600 x 14.00
1000 20.70
3314
34 100033.25 500 33.50
13,30
EXC
14.00
Watson
"
COTTONS Textile
a
Entert
MISCELLANEOUS INVESTMENTS Yangiszo
11.00
4.70 4.7715 3000 1000 7.98 8,10
11.70
0.16 4.478
1400 6.30
TORD
Hornblower & Wecks, paling General Motors is planning gala celebration of is 50th an- niversary next year, says it may be taken for granted the cam- advantage of pany will take the occasion to introduce out- standing now modela in All
Prices of cotton futures closed effort to regain ground lost to today as follows:
Spot
elf June,
May
As
July
Dot.
2.01 buyers
Der.
3.50 buyers
8.60 burees
MAY
2.30 pald
July
United Presa
Oct,
CHICAGO GRAIN
MARKET
Chicago, May 14. Grains were lower
LIVERPOOL
34.00
expired
34.00
19.00
33.68
33,50
33.$1
Cotton openings, in pence per Ib were na follows:
Old contract Delober/November Others unquoted
KARACILI
on The market
20.34
dull wis
but
rupees per maund as follows: steady today. Prices closed in
The Government is aware of the Board of Trade today this and the possibility that it could result in higher freight with prices down fract Bind roller gin
which might offset tlonally to over 11⁄2 cents a higher market returns charges
bushel.
in most
250F Sind rollar in
W
competitors this year.
Rathcon
Shearson, Haramili & Co, says Mig combines tho ciemente of
volume. rising widening profit margin, anxi sirengthened management, with broad participation fru MAIKY
the phases of
and missilo electronic fielda,
Allled
HK & TE Eavest
International Paper Ball Tal. de Twi John-Manville Co Kennacott Copper
grett Meyers Tob. Co. Lockheed Alrerast Loews Incorp, you Lone Blar Cement Co. Lowenstein & Sona Mallosnell
Aircraft
Stock Ziege.) dosabt Iron Corp. Minnesota Mining Bilations Dovalopanoni
onenta Chamiesi Co. Montgomery Ward Motorola te were unchanged. New highs National Cath Kər. “A” were set by 73 issues and now National Dairy Prod. lows by 24,
Of the 1,167 issues traded, 334 4.70 advanced 870 declined and 257
RUBBER CO EXPECTS SALES RISE
Pittsburgh, May 14. The United States Rubber Company expects enles to rise $950,000,000 in 1957 and earnings should be equally as
do
National Load
National Steel Corp.
Oun Mathieson Ölla
NY Stock Exchange bond New York Confest volume was $3,850,000,
American Stock Exchange volume was 880,000 shares.
Dow Jones closing averages werd
as follow:-
30 industriala
20 rails
13 utilities
65 stocks
43 bonds
800.48
levators Owen-Winals Giam Pación Gas & Exec. Pan American Airways Paramount Pictures
Parke Davis Co.
Penny J. C. Co.
Pen Dalt Co.
Phillp Morris
73.88 Procter & Gamble Co.
Pirburgh Plate Glass Publicker Incluiries
Radio Corporation
Republie Stest.
Reynolds kietai
Shell Oil Co.
146.15
170.01
comm. future pries index ...
23.97 154.30
Closing Prices
Alden Inc. Acy.
181
Allied Chemicals
30ted
Socony, Mobil
Ailled Milla LIC.
Solar Alteraft...
161
Bouth Puerto Rico Sugar
Southern National Gan
43
Southern Railway (Com)
Standard - Urnenda
80
101
Allis Chalmers....
American Airline
Rose & Hirsch, in an analysis of Gillette Co. anys the company In 1957 could at least match good as last year's Mr Chester American Cable & Radio Corp. list scar's record of $3.40 a. Noonan, vice-president, said
share.United Pross.
DAY IN LONDON
here
American Creunde Co. ...
& Foren. Power Am Mach. & dry The
hoal net American Metal company
American Smelting earnings of $31,870,000 equal to Am, Sugar Ref. (new) $4.83 n share on males of $001- American Tel. & Tel.
volume should be about on a Artico Steal level with. & year 320, Mr Armour Noonan sairil Profits whi Alas Cons, Mining
Baldwin-Lime-Ham probably be about the same as Baltimore & Ohio In the second quarter of 1958,
Beneficial Finance
00/4
02/4
|UNSETTLED 200,000 in 1950. Second quarter American Tob
Copper
60/8
2007 Punjab roller gin
507- 93/8
Juty
BAO PAULO Cotton future closings, in cruzeiros per kilo were no fol- lows:
October
38.51
38.00
London, May 11. had another
un
44.40
41.40
40.00
April trade returne,
con-
Last week new issues of pub- licly offered corporate bends totaled $75 million. There was a single common stock offering for $2,020,444,
Dealing with this issue, Mr Liquidation of May contracts Some marke McAlpine has warned tarmors, caused the most declines, May quarters expect a new Treasury Froczing and doley companies futures prices Anuncing of around $2,000 mil and all those concerned with
graina lion for early June to be follow transporting the country's form
were sharply lower, od by $9,000 million in July,
Most grains opaned about produce to the ports, that "It is
and partly due to poor Investor In-sential that delays be kept to
but liquidation terest to last wock's exchange
acattered hedging developed December offering of Treasury short term a minimum so that the best use
around mid-morning and prices can bo
existing made of securities at the highest interest
bogat to decline, rate in 24 years.
facilities,"
scasonal
March May
A lower market for vegetable In the United States, the In August, the Treasury wil According to the committeo's oll caused declines in all soy-average price of one-inch cotton have to meet $15,800 million of report, the internal delays, ton, beans contracts.
at 14 designated spot markets maturities although the amount can be attributed largely to the Wheat closed off 14 to up was 38.81 cents. held by the public amounts to
Sales totalled
only $77,009 million
naturu of Now cent for old; and up % to 1% 94,084 balea-United Press. In October, maturitics total Zealand's export trade. Sudden cent for now, $8,100 million, of which the export peaks lead to severe public holds $1,200 milion, congestion at New Zealand's cents. Conceivably both these could ba porta put into one in July, the quar- storage facilities outmoded by fers add.-China Mali Specčini. the present volume of goods,
+
NEW YORK METAL
FUTURES
many with
wharf and
New York, May 14. dinquit to got adequate log Prices of metal futures closed finance. today in cents par Ib. were as follows:
Soybeans closed off % to 14%
مولها له
New York Sugar
Market
New York, May 14. World No. 4 sugar futures to- day closed 11 to 18 points higher with sales of 1,032 contracts.
Domtatlo No ( sugar futures closed today unchanged to 3 points lower with sales of 100 contracts.
Realising a hedge selling pared extreme curly gulas in the world contract, with the caster raw situpilog: attracting
Game
Markete
settle day. The disappointinct
tinued pressure on sterling and
although they might be off a Bendix Aviation Corp.
Benguet Cons- little, he added.
lex
Bethlehem Sweet
Mr Noonan noted that the Beeing Airpline
Borden (70) Co. expectation of an increase
Burroughs Add Machine sales for the year to $250,000,000 Canadian Pacific J was based on an anticipated Case (J. 1.) Co. fourth quarter
pickup in auto Cat, Tractor
of C. I. T. Financial Corp. Chase Manhat. Bank
eales following introduction Delomere Corp. the battle within the govern, the 1958 models. Such a pickup ment's party over Suez Canal would increase tyre demand all disturbed many private China Mall Special. | calculations,
Rolls-Royce was a big dis.
aprodutment and the share, tell New York Foreign A
5 shillings at the close, but fry general small gains and loggara prevailed Steel shares Lost moderately nad shipping,
Exchange
New York, May 14.
NEW
Baint Reg. Paper
Sinclair Ou
1763
44麵
101
4874 | United Aircraft
31.
45.8. Gypsum
11
49
US Rubber
US Smelling
01
PT
154
Standard Oll of Cal.
Standard Oll of Standard of Ind
of NJ,
Sleep Rock (Toronto kag
Sterling Drug Co. Blokely Van CAD,
Studebaker-Packard Corp.
Texas Co.
Tida Water Axso, G
Twenty Century Fox Film
Union Carbide
Union Pacific Railway
5. Fall "B"
U. 8. The Co.
US. Steel
Warner Bros.
Westinghouse Electrie Western Union Tel, Co. West Va. Pulp & Paper Woolworth
-United Press.
COMPANY?
motus and alrerafty wero dull. The Canadian dollar rose to From the word "GO” —
US
its highest premium over Termination of petrol rationdoline in more than 23 years in ing pleased everybody but the foreign exchange dealings to big cll shares improved no more day,
DETION.
than 2 shillings though the Traders prleed Canadian dol- miner Anglo-Egyptian "B" lors at 31.04-25/32 American contrived to gain 2 chilling's Bearing the all-time high of $1.05% set on November 10, Suez Canal was strong, rising abandoned the gold standard;
1033 shortly before the US K sterling to 49% sterling.
Closing rates today were AS Britis Government stocks, follows: of the later selling. Most of the now at levels looking very Canada early demand was attributed to cheap, enjoyed
a little buying Australia!
England 30-days covering on technical reasons.
and rises of 1/16 on 4.
New Zealant South Africa In the raw market, dealers
Among the foreign bonds the Belgium reported
Morosco overnight | German 8% percent Potash rose Chile bought 10,000 tons of Cubans, sterling, both assenta and pa May/July shipment, at lower non-azzented, but the Dawes Pakistars
Shortcomings
CHICAGO PRICES
Prices per bushel in cents: Wheat No. 2, red
Spot
May 23646(H) ZPhil), 21-
mail-500
Harbour boarda," aware of
Acpt Dee.
these
shortcomings, have wheat new contract embarked on Jarge development wories, but some are finding it
July
Sept
0015 -11-19
Дод Mar.
Coro, No. 2, yellow
Load May
Jund
May
14.600 13.00 10.00
Juño
The Government, 100, is ine creasing its supply of railway trucks to meet peak demands, although these may lay late during the off-season.
Bpo
53512
May
JUNY
Bept
Ded
Mar.
Copper May
May
Juna
Tin
May Juso May Huro
to Bob 91.00%
Sąly
117 11776
Onla
MAY
16,000 18.00b United Press.
July
0031-00
But there are a number of factors which New Zealand.
canmat-control. For instance,
'Raybeste, No. 1, yellow.
Spot May Ful
Nov, Yen Barlor,
prices. The domestle market was quick.
Contact No. 4 (world)
130-140
July Beptember October
1.83
5.53
$13.801
Margi
4.07
Sipisenber
ATA
Ope's interest: 9.194 cmultzooLE. Capitenot Ne, U (domatetto)
AP
Open
contrasta -
Mali tipoctal,
#ngapore (atrakcm)
United ProMU.
With the co-operation of all the the people involved in unquoted export irada and a "vigorous" expansion in transport facilities, tho Government considers that It will be able consistently to meet the overseas market at the right umt--and price.
LONDON METAL
PRICES
London, May 14. Prices of metals closed today
in sterling per long ton as
conlly delays during the Inst New York Bour twe export – seasons have bega #ggravated by strikes overenaA.
This emphasises that today
folus yesterday, the pop is still one
of the main barriers between Exchange Rates
Egyere Beers New Zealand's present and
Kajl| Kaburu urooperity: And there -Mužinom " Wee dane in the logg! 1ory 13,000 miles of sea which unohdall
will always separate this litlomerating at Chemin) owing raten:40
yü, dollar (per U12
farming nation in the south. Bierling notes (per
ima pot
king let hali May
400 13. mack
Pacing
Dream
principal'urulian Cote
cutover, Great Britados/
1.04 25/33
2.20 1/10
2,23%
2.00 1/10 2.70 7/10
D1B 11/15 0017
2003
Others
Wete
2003 unchargedUnited
raw and Young Loans were the Prem
tionally down. Japanese Takys
8% porcents non-assentod ross
11⁄2 sterling and that of the
1989s rose 1 sterling; at the London Foreign
Dhi-83) assenteds WUCTO featureless,—
United Press.
NAMESAKES
Angwon=-1. Calais, 2 Dover,
Exchange
London, May 14.
Closing volcs WODE:
New York
Montreal Amsterdam
Brussle Coperta peni Frankfur A Revolution, 4 Fight, Con- Milan | trole. # Trouble, 7 England, 8 parke
Engino, 9 France, 10 Wings, 11 Mor, 12 Aviation
Loul Blariot.
Stockholm Vienna
Others
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