Page
THE CHINA MAIL, THURSDAY, MAY 16, 1957.
TRADE and COMMERCE SECTION
EUROPEAN COMMON MARKET COTTON FUTURES
Japan Expresses Anxiety Over Repercussions
Geneva, May 15.
Delegatos to the twelfth session of United Nations Economic Commission to Europe (ECE) have resumed their general roview of the European economic situation, The Japanese observer, Mr Ichiro Kawasaki, expressed his Government's anxiety at the creation of the European Common Market. "My country understands the aims of the Common Market and I would like to be able to hail the creation of an economic little Europe. But I would not be very frank if I hesitated to
is anxious add that
my country the repercussions of the Common Market on the trade of non-participating countries and particular, naturally, on Japan.
MARKET NOT
OVERBOUGHT
SAYS ANALYST
New York, May 15. Edmund W. Tabell, ana- lyst for Walston & Co, says the market is not yet over- bought despite the fact that it has had
a rather long, selective rally from the February lows.
Bache & Co says the stage la Bet for a push on the anchor jeg of the advance.
Standard & Poors holds that prospects call for careful coR- akleration of Any portfolio changes at this time.
Don't count on the market to make capital gains for you mus tomatically, says Moddys,
Poors' investment advisory service suggests a switch out of Ex-ccll-O into US Egypsum,
DINERS' CLUB
Oppenheimer & Co estimates not for fiscal 1957-58 for Diners' Club exceed $2 n share against $1.40 in 1958.
E. F. Hulton & Co calling at- tention to American Machine & Foundry's outlook, says some liberalisation of the dividend is a possibility this year.
Harris. Upham & Co says Skelly dividend of $1.80 could be rated to $2. General Motors is testing lighter metals to pro- duce economies in passenger car operation F, W. Woolworth will introduce a cafeteria food service in Dallas next year.
HONGKONG PROFIT-TAKING
STOCK EXCHANGE
HITS
WALL STREET
New York, May 15,
Our Own Correspondent
Stocks ellmbed to new highs since early last Business done on the Hoog September today before running into some fairly kong Stock proximately
ap-stiff profit-taking. quotations and transaction4:
this Exchange morning amounted to
$750,000. Noon the mornings Bhares Buyers Heflers
Bálen
BANKS
Dunk
Lombard SHIPPING
Wheelocke
Fat Asia
INSURANCES
1040 -1835
256
KKSTAS
00 1045
30 (90%
100 # 30
1.40
7.45
2000 7.4%
150 g 7.40
9300 ft 743
about
DOCKS, ETC. Deck ...... LAND. ETC.
197
110
4422
45%
500 43
13 13.30
166 13.20
2000 # 13.20
in
1000 # 18.70
UK Land
Humphrey 18.10
The United Nations Secret. ary-General, Mr Dag Hammar- skjck!
K. Whart
Pykent (0)
HK Hotel.. 15.00 15.10
DAPA (r) 10.70
WORLD
RUBBER MARKETS
New York, May 16. Her rubber contract elband
today 20 to 45 points lower with
sales of 63 contracts.
MAT
foot.
Nov
Mar.
MAY
31.00
31.00
31.00 30.20 30.00
SEE-SAW IRREGULARLY
New York, May 15. Cotton futures today see-sawed irregularly on quiet dealings.
+
At the close the list ruled up 18 to off 11 points. The market opened off to up 3 points. New Orlnam closed up 1 to 14 points.
Donitatic mill buying briced the nearby July delivery in the face of light offerings, Succeed- ing deliveries held siłady on a Standard contract closed 25 to scattered commission house de-
reported.
Max
Dept.
NOT.
Jan
Gains in many pivotals were pared by the 15 points lower with no sales mand. realising which hit the market late in the day. Industrial stocks finished higher in the averages, although below the day's high. Rails and utilities closed lower on average.
up
Before profit-taking set in, the Industrials had more than made
yesterday's ousts. Chemical stocks played an im- portant role in sustaining the Industrial average.
Paramount Pictures
Take Dave Co.
Penave J. C. Co.
Perm. Belt Co. Philip Morris Procter & Gamble Co Pittsburgh Plate (zlans
Pubicker Industries Pure Of
Radio Corporation
the
Republie Steel
The best gains and losses op-
258 61 1312 peared in issues outside
10.00 group used in compiling the
Reynolds Metal
shell on Co.
400 G 10,30 | DUCTages. Addressograph-Multi-Saint Keg Paper
3000 10.10
600 4 10.20
... 1,474 3.0234
1.50 1.825 1300 / 150 1:25 3.40
Realty RUBBER hos himself recognised
Amalg. think Common Market must Trust "XD''; bring considerable advantageeILITIES
Tran to the countries forming part of Yaumati
that its establishment; 2. Light (0) it bui could give rise to readjustments,
Irte) sometimes painful, both within Fleiri
the regions which acan E. and cutalde
it Me Kawasaki Telephone are part of added.
Dalry
13.40
30 304 91L
22.00 22.00 1500 22.70
104 105
100 103 19.40 19.09 2000 @ 19.60 500 19.50
10004 30.25
graph ran up b and Texas & Pacific Railway loat 4%.
The chemicals were star per- formers, reflecting a bright, out- look for this industry.
The return of normal opera- tion through the Suez Canal helped the elis, Gull, Texaco all adeled Royal Dutch
E
20.00 20.20 200 20.70 around a point ar mare in the
3100 28.70
Sinclair Ou
Socory Moblioù Solar Aircraft
Bouth Puerto Rico Eutar Bouthern National Glas Southern Railway (Com) Standard Brande
Bisland on at Cal
Standard Oil of Ind.
internationals Amorida rose a1⁄2 & Co.
800 20.00 and Shell 2 in the domestic olls.
300 ve 14.90
50 14.00
INDUSTRIALS the Cement
4
3015 23.76 13.40
14.00
19
2001
1000 a 14.90
.......... 11.00 12.20
4.70 4.75 7.03 8.10 500 @ B
2000 @ 12
delegate, The British Earl of Gosford, warned against Repo the danger of "creeping info- STORES, ETC. Refering tion" in the European economy, to the Common | Market and the proposed free
Watson "Where can trade zone he said
COTTONS Com-
Textile be no doubt that in the mon Markel
and the proposed Nanvang
MISCELLANEOUS free trade zone we have a great mert 18 opportunity to test what an in- INVESTMENTS ternational division of labour Yale
Alled can do to develop the industry & TE 4.42 and expend the trade
Inveri Europe.
Establishment
of
in
"We hope that the work OEEC will lead to the estab- lishment of a free trade area in which the member countries of the proposed European Economic Community will be associated,"
He emphasted that the free trade proposal "does not involve the creation of any new barriers against trade with the rest
of
the world." The Earl of Gosford
then dealt with criticisms of the United Kingdom for withing To xclude foodstuls from the free trade zone.
"We do not say that there should be no co-operation in agricultural policies. What we
0.25
..10.20
6.40 1500 @ 1.23
Most Active
Texas Co
Tide Water A. Du Twenty Century Fox Film Union Carbic
Valoe Pacific Bellway
United Aircraft
U.S. Foll "D"
$3
20
Mar. May
31.50
$1,00 31,50
21.00
30.80 50,00 A lower London trend, and reselling by some of the recent buyers, kept prices on a gradual downgrade. Some quartets thought the reaction was more technical than anything ciso,"
Shipment buyer was available in fair-sized amounts,
coming from Thailand, Singapore and Indonesia, but at prices too high to interest local buyers. Factory demand in the delivered market | was slackening, Spot No. Rs was quote at 32% conts.
The
SINGAPORE
market opened steady with trade and factory tiying
rubber per lb.
a
Insurance Counters
High Market
London, May 15. Industrial and life insurancu shares countered an otherwise higher market on the stock ex- change today.
But the far-forward October contract softened under the weight of scattered realising and New Orleans selling.
Indecisiveness pointed up trader disposition to awalt new incentives following the recent expiration of the May contract,
Technicians
thought the market hereafter would be more responsive to weather news and crop developments Elsewhere, News. that the government is dealers expected G trading working hard on a government market to continue pending Pension plan for the publis Washington developments on struck down the two insurance farin legislation, although some giants, Pearl and Prudential, observert expressed growing 1% sterling and about 10 shill- doubts over the chances for ings respectively. congressional action on cotton legiointion In the near future,
un-
Elsowhore
markets
were
with toll The Department of Agricul-highly selective. hure announced illo to all Royce recovering yesterday's Disclosure of its huge redeemed 1933 crop upland an onses. extra long staple option, hold book orders today brought under the loon programme will back after it matte a "realisti
report, MinMng be taken over on the expliution inancial date, July 81,
Spenour, a big chain store, pick- Open Interested up two shillings off a good
Standard Ol of NJ,
Step Rock (Toronto Exge.) Sterling Drug Co. Bickely-Vm Camo,
01 Futuros:
22
20
Studebaker-Packund Corp.
2014 799
001%
443
37
Spot rubber inbaled.... Bjarket crepa No. 1, pale crepe
No. 1 Juno
MOTE-SILL 91-01 July No. 2 rubber per 16. June on 90 No. 3 rubber per lb. Josse 381-00 No.rubber per 1b, June
50-37
Bontis
Volume
Hy
.12,000
5.100
July
0,100
189,000
Oct.
3,000
$73,500
(2-4 Mar 96-100
0014-001 Dec.
7,700
178,200
10,400
107.900
Абду
$,000
10,300
July
LONDON
Oct.
0,200
10 200
Total
58,400
NEW YORK
today as follows:
Spot
June
311 July/Sept.
2011-27
“JÚY
Oct.
Oct/Nov.
Dec.
Jan/Mar.
MET
4344
Apr/June
May
General markets, elf bars, ports: May, June and ful
July
Estale crepe tida Jun..
U.S. Line Co.
VA. Rubber 11.6. Smelting US. Steel,
Rails were slightly easier, Air-1. Gyprim crafts featured on the upside.
The most active sucs were US Hoffman, Olin Mathieson, Sunray-Midcontinent and Hupp. Of the 1,175 issues traded, 458 advanced, 443 declined, 274 were unchanged. New highs were out by 74 stocks and new lows by 39.
The Dow-Jones sverages showed Industrials up 1.62" at 601.081; rails of 0.02 at 140.14;
CHICAGO GRAIN of 0.01 at 79.87, and
MARKET
Chicago, May 15. Grains declined on the Board Trade today. Soybeans were the most active of the graina.
Liquidation of May contract continued to be the main fea- ture. In today's trading.
65 locks up 0.30 at 175.11. Sales totalled 2,590,000 shares compared with 2,080,000 shares yesterday.
NY Stock Exchange bond); volume was $3,829,000.
American Stock Exchange | volume was 950,000 shares.
Closing Prices
The market opened about steady, but shortly
after the ine. Any etort liquidation began to push Alden A prices down.
Some short covering followed and many grains were able to recover some of the losses.
Wheat closed up to off 1%
do say is that foodstuffs should cents for old, and off 1 to 14
scope of cents for new, be excluded from
Soybeans closed off 3 to up 4
the free trade zone. Our special
links with the
Commonwealth cent. make it impossible for us to Join a free trade area which in- cludes agriculture. It will be re- nity per membered that over cent of our agricultural imports come from the Commonwealth."
Agricultural
201
Allled Ms Inc.
Ale Chalmera American Cable & Radio American Cyanamide Ca Am. Matt. * Extry
American Airline
Carp...
Anier, & Forum. Power
American Metal Am Bugac Ret. (New) American smelting
American Tel & Tel American Tob. "g" Anaconda Copper Armon Steel
Armour Alles Corus Mining
Daldwin-Limu-Flori
18
201
16
Warner Bros. Westinghou Zlectric westem Union Tel. Co. West Va. Pulp & Paper ... Woolworth
United
1
601-
The rubber market was dull with spot quoted at 26 16/10 4xpence,
No. 1 Ras spot. 2012-27 84 settlement house term:
Press.
Paris Stock Exchange Control
.
The French
Paris, May 15.
official stock
thick unqucted.
AMSTERDAM
The rubber market was dull. Prisca closed in guilders, per kilogram, cif June as follows:
No. 1 rubber No. 2 rubber
No. 3 rubber
No. 1 crepe
report.
&
Oils met some profit-taking. Anglo-Esplint "E" highlighted
as it closed 2 shillings 6 pence ahead.
Foreign bends were generally Improved but Japanese issues
Prices of cotton futures closed very quiet. Premium for dollar
NEW ORLEANS
30.350
stocks eased to : per cent, 35,12-13 of a per cent lower, Gitts were 33.00 up moderately with to stand,
ouls. United PreÈS,
53.00
Prices of cotton futures close
today as follows.
Spot
Jizly
Oct.
Dec
Mar
3.00
2.50 noma.
2.80 200
Bay
July
-United Press.
hrokers association has instruct New York Sugar
ed brokers to control forward the Paris Stock operations on Exchange more clously, an ad- %sociation spokesman såld today. Through margin requirements remain unchanged, brokers have 51% been told to transfer the Hquid nasta supplied by investors
Market
New York, May 15. World No. 4 sugar futures today closed points higher with sales of 1,826 unchanged to 16
contracts.
סמני
39 margin requirements to a special
domestic No. 8 sugar account, which will be blocked futures closed unchanged to I
with sales of sunill the deal has been settled, point higher
62 contracts.
A continuation of Tuesday's
W the Stock Exchange less vulner- technical is
to sharp buying waves boosted
create speculative bull
2702
Spot
wheat ofa contract
May 218(H) Hei) .
The move is a further step to made the technical position
of
310
July
Sept
210
Dec.
Bare &
ahla
Wheat new contract
July
Sept.
Dec
Mar
2101-24 2141 21514
Beneficial Finance Bendix Aviation Corp. Benguet Cons
able 13%
which 18% positions.
40
81
to
Coru, No. 2, yellow
Spat
July Sept.
Dec.
MME.
"We are fully prepared Hayden Stone & Co suggests continue discussions on agricul- purchase on dips in Master Elec- tural trade in OEEC. The United tric, Sunray-Midcontinent, Mack Kingdom's excellent record in Canadian agricultural trade is an earnest Truck Paramount, Pacific, Royal McBee, Ameri- of our intentions in this respect." can Viscose. Magnavox, Flint- Mrs Koch, head of the Swe. Bye kote, General Precision, Baba- dish delegation, expressed cock & Wilcox, Chance Vought, hope that the establishment of Oste American Brake Shoe, Baltimore the Common Market would not MAY & Ohlo, Lockheed, Bering. lead
protectionism
July Johns Manville, American Fo-European trade. She warned that Soybeans, No. 2, Fellow tosh,
Westinghouse
Conilnental 01,
the
ת!
May
July
Electric, any further reduction of Swe Reynolde
Spot
dish tariffs would remove the
May
July
Sept. Nov. JA
Harley, Spot
New York flour
Metals, Bendix, Douglas, Cate scant but effective protection pillar and Cocon-Cola.-United they afforded to domestic in-
dustries, China Mall Special
Press.
DISCOUNT | Distribution
RATE
RAISED ·
Zurich, May 15.
the
Centre For Colony
Bethlehem Steel Boeing Airplane Bordend Machine
Co.
123-12871⁄2 | Canadian Pacific R 1231
19
130-140
$13.201
209 1b. sock..***United Press.
London Foreign Exchange
Amsterdam
hitian
London, May 15.
1.76-13/14-3.18%
160.02-140.01 BAL WALK 1173/4-11.5K
19.95 80.00
12.70-13.78
Closing raten were: New York, May 15. New York A now plan for Increased Montreal Asian and Mideastern distribu- Brucial. The Swiss National Bankton of products ranging from Copenhagen today raised its official discount drugs to sporting gune to celle naturt rate by one per cent to 25 par phone was announced today by
Olin Mathloson Chemical Parts. cant in a mave to combat in-
| Blocklidim Corporation,' aatiotary tendencies threatening
The company said that die Zurich the country's economy.
tribution centres under an inter- Today's move followed the national corporation to be set up
would include Tokyo, Boul, New York Foreign recent appointthont of a special Talpeh and Honghong. non-partamentalan comittée Some manufacturing of experts to advise this Bwise done by the company in Manila Governanont am meared to and Baroda, India. -combat inflitoßary' tendencies
is, nów
Other unchanguzz«Uribed Front,
Exchange
Products involved include arki a decisión of the Foldmi¦ drugs made by the Squibb, mube
New York, May 16: andi, bantonal-construction work. aldiary of Oln
Closing rates water poten Mathieson, Mathieson Industrial and chef Šacačun Additional
cultural chemicals, Winch astor noubbed by the Swiss National sporting arms and ammmanitiva, Bling tuany include the rates: non-Autous metals –REKE CROS of the Lambard ruso-frum. 3.5" phane and paper products. H to 8,5 per cwiłem United Prma. | United Press.
|«
South Afric Other
Press
Cat. Tretor
Celanese Carp
C. I, T. Financial Corp. Quán Marian Re
Chrysler Motor....
| Climax Molybdenitm
Colgate-Palmolive Co. Colòmbian Carbon Co. Commercial Credit Commonwealth Elec, Consolidated_Edison Continental Of of Del. Crown Zellerbach Cuban Amer. Bugar
Diamond Alkali
Bouglas Aireratt Dow Chemiedis Dupont de Nemours Banan Kodak ................
Pero National Gos Family Finance Corp.
Firosime Tyre & number Ford Motor
General Electric
General Food General Muto Gen. 1.
Clidden Co. Goodrich (H. F.) 06. Goodrose, Tyre Hrondisi Newport Com Homesta Mining £6.
Inland Blend Co. Interchemical Comp Int7 Business Bischines Int'l Harvester...
||International Paper
Last Fel de Tel Jotni-Minerville Co.
Ban C. Power & Lighs... Kenngoolt CSDIE
Liggok Mayers Tob. Co.
Lehena Atrocity
Loews IntoŁY
Loom ame Carmant 65.
“Aféruri (Am. Stock
Some heavy sales registered yesterday in the closing atages on the Stock Exchange were 404 believed to have been made as
result of the new Instructions— od China Mall Special.
covering movement
the
world contract
89506893
LIVERPOOL Cofion futuro closings, pence per Ib. were as follows: Úlla contract May/June
July/Aug. Det/Nov.
Dec/Jan.
Mar/Apr.
JULY/AUT Oct/Nov Dea/Jas.
Mar/Apr.
New contract May/June
REDUCTION
TO STAY
London, May 15.
The 10-per-cent réduction In deliveries of oil för industrial use In Britain will continue despite
in the official end of petrol retion-
ing, a spokesman for the Minis
and power and 20.00 try of fuel 24.49 yesterday,
20.33
36.54
He said the reduction will re- 20 main in force "for the time be-
2955 ing?"
20.63
2040
29.02
The reduction whe Imposed 20.10 with petrol rationing when the Suez Canul was closed. Waited Prest
SAO PAULO Colion fulures closings, cruzeiros per kilo were as fol- low
July
October
December
March
May
38.33 .40.00
quoted
40.36 $0.05
In the US the average price
sharply, with the rally drawing of one-inch cotten at 14 design additional power from strength ated spot markets was 33.80 cents. in the raw market.
Sales total was not available to day--United Press.
Japan was the accredited overnight buyer of Cuban raws at 5.85 cents with some
a pound, 1.0.5. additional business-
at that reported done carlier in the day.
Contract No. 4 (world)
NEW YORK METAL FUTURES
July
0.00
Sept.
5.95-90
Oct.
6.99
Mar.
4.69
New York, May 15. Prices of metal fulures closed today in cents per lb, as follows:
May
4.00
July
4.56
Sept.
Spot-cente por kr. for Cube), 6.96 Open interest: 8,068 contracts.
Lead
May,***** JUD Zine May
JO
1480b
13.00%
Contract No. 8 (domestic)
10.706
10.000
July
4.80
Copper May
28,705
Best
June
Nov.
Tin
May
50/93) (standard)
6.07
June
unquoted
Spot-cents per B. 'dif "NY"
May
97.555 (atzalt)
[ax-duty}
0.00
Jurie
$17.756
Open
United Prek
--United Pres.
LONDON METAL
PRICES
London, May 15.
Prices of metals closed today
En sterlkig per long tour as follows:
Tiny spot
-mach
Capoer, apot
-mooth
Load lat hal. Maty
Au
2me tst half May
Aut
CONTRACT
SPENDING
Cairo, May 15.
The Currency Control De-
titi Egyptien
Byers Sellers
1280
701
Lot partment
10
762
Miniatry of Finance has told
BRY
26
Martian buainmen
00
to pre ment within three Qurb·full particulars of import contract spending which are based Murling stad
Dire
from
the
sterling
insports ureth;··£fé»
•#3125" FRONTA
The
FATHERS-
NAMESAKES
Answers-1 Chamber, 2 Bath, 5 Murderer, 4 Pesce, 5 Famous, Hitler, 7 Tableaux, 8 Churchill,
10 Horrors,
9 Likenesses, 12 Uniform.
Waxworks, Diplomats.
Madame Tussaud.
encourage your children's quest for knowledge
THE
GUINNESS BOOK OF RECORDS
Exchange Rates
markyt
Ezyptian · CovÉTENDEUT
wald on Marshaý-that tisk Bel-
| Lidl : soverentrant fina piccatilmesi
"Bullisim. was done * is the loost to values from Bgyptiin, nganta "IMG"] [What Puma sa worn moveatury, to cover: Bayğilim, imboca teniEGON
100)
· 1210 || 1160s. Ani (Keeling betakrorttal
in July, 1950, Uniteil
will answer their WHO? What? Whekké Obtainable only at
SOUTH CHINA MORNING POST LTD. HONGKONG & KOWLOON
$9.50
ishochial
12.00
11
18