Page
THE CHINA MAIL, TUESDAY, MAY 21, 1957.
TRADE and COMMERCE SECTION
COMMONWEALTH ECONOMIC ORGAN? NEW SEASONAL
Need To Control WORLD LUKENS ACTIVE
Outflow of Sterling From UK
From RONALD BOXALL
London, May 20,
Rumblings of discontent were within the sterling area last week.
hoard
Malaya Gas has given notice that after independence it will expect a bigger say in allocation of dollar reserves; New Zealand is worried about its meat exports and there have been rumours that it may insist on a reduction in the United Kingdom; Australia is worried about the effects of free trade inside Europe; South Africa wants more investment capital; and British MPs have drawn attention to the effect of high interest rates on Commonwealth borrowing in London..
It would be as wrong to as- sume from this that the sterling area is coming apart at the seams as it would to regard it as of no special significance.
The recent history of the merling area shows that it works best at mea
RUBBER
MARKETS
New York, May 20,
Rex rubber contract closed to- day unchanged to 18 polits lower with sales of one contract in the January delivery at 31.03
cents.
May July
September
Hovenber
January
March
May
8138288
un-
Standard contract closed changed to 15 points lower with no sales reported.
May July
Beptember November
Jamuny
March
May
32.20
3154
31.05
31.35
31.10
31.00
30.80
Buyers and rollers continued to mark time today, holding
business down to
A frontal attack on either one of the two commitments might, says Shondeld, bring the struc-work ture of the sterling area toppi- ing down in ruins.
Formal Machinery
minimum,
AGAIN ON WALL STREET
New York, May 20.
Stocks inched ahead on reduced volume today. The best gains appeared in issues outside the group used in complling the averages.
Some profit-taking came into the market, re- dueing gains in some pivotals and bringing small losses into some others.
Market sentiment was alded, Itadio Corporation noriler
by Republic Slee in the acestor
Reynuh Metal optimistic economic advisers shell Oil Co...** Continuod talk of deep cuts in the Bunt her. Poter President's military budget mada kelair (31 Investors wary of stocks heavily dependent on government bust- NICSIL
Fireworks
star per-
Folke AreATA
for Mabliais
South Puerto Rico Bugar Southern National Ge
AHL
HONGKONG
STOCK EXCHANGE
HIGHS ON COTTON MARKET
New York, May 20.
Cotton futures today edged upward gradually from the start, scoring gains of better than $1 a bale, to lift all deliveries through July next year to seasonal highs,
Closing on a rally the Hat ruled net 10 to 23 points lugher und at the day's highest levels, Our Own Correspondent The market opened up 3 to D Business done on the Hong-points, New Orleans closed 17 to
Exchange Jong Block
This 22
pointe higher. morning nmounted 30 _ap- proximately
$350,000. Noon quotations and the morning's
iransactions:
Shares Buyers Sollirs BANKS
HK Bank
East Asia
1040 1900
2:00
INSURANCEM
Union Kn
030
SHIPPING
Wheclock
Bali | Lombers
EC DOCKS, ETC.
Salar
10 1043
7.30 7:30 - 7000 13 7-33
0815 | 2. Whert . 400 109
1
Southern away (Com.) Standard Branda
42
Bali
Diandard Dil of Cal,
Standard Oil of NJ,
Drug Co. von Camp
more Studebaker-Packard corp.
and Swift &
Texas Co.
With shipment offerings still
Lukens, the year's above our market, and because former, provided rome of higher replacement costs,
bouncing up. unable to fireworles, dealers have been
of con- down like a yo-yo. The stocks Tide Water Ann, öll any business
with factories,
gain of 1 Twenty Century Fox Tim... as finished with a sequence manufacturers keep probing the after having been up as much Unton Carbide
Union Papine Halfwi market looking for lower prices, as 4 at one time. Locally spot No. 1 Rss was quoted at 32 cents,
SINGAPORE
of adversity. Commonwealth countries, he Whenever the pound has been saya, have collective responsi- in trouble, members have ralliedi | bility in this matter, and in Rubber price were down ound and "played the game" | order to exercise this responsi- about half cent at the opening hrstil the danger has passed. No bility some formal machinery as overseas advices were dis- doubt they would do it again. ❘ with a permanent board of } appointed. There was little But the sterling area cannot be management in charge on the fluctuation during the day but permanently based on the es- lines of OEEC would have to be there were good off take for sumption that members' inter- established.
xtendida and lower sheets by ests will always coincide. As
factorles. more and more colonies win their Independence, differences
of opinion are bound to arise, And that is when n organda
for Commonwealth
co-operation
tion
economic prove its value.
There was
The oils were good, refleeting a bright outlook for that indus-
did Little. Motors
At the close, the Dow Jones AL averages showed industrinis at 505.00 up 0.38; rails 147.90 up 0.11; utilides 74.00 up 0.22, and 05 stocks 176.70 up 0.20. Bades totalled 2,300,000 shares against 2,510,000 shares on Friday.
traded Of the 1,184 issues
unchanged. New highs
United Aircraft
US Fou
U.S. dypetin US. KAM ED. U.B. Rubber
UG U.S. meltin Warner Bros. Weringhouse Elocirle“ Western Union Tel. Co, west V. Fun & Per Woolworths
Böck
Provident
GAND. irc.
UK Hotel
33K Land ..
13 4430
10.30-10.40
HumphreyM
1.40 150
60 RUBBER
1201 ! UTNYTER "201 | Tram
Your
3. Light
Electric
Géts | Toleptisan.e
-Unlied Press.
476 advanced, 440 declined and New York Sugar
There was also some cover appeared in 68 issues and new Ing for Red China
lows in 23 others. Price's: No. 1 rubber per ib. June No, a rubber per lb. June 89-20 No: 3 Spot rubber unbalet Blanket ENG
Suggestions that a permanent organisation should be set up to co-ordinate the economie affairs of the Commonwealth as OBEC does for West European coun tries have not found would
however, in offlcini circles. The feeling there is that sterling No. 4 Informal association of countries area system worked better as an
There Was A Time....
time when Malaya was quite content to dollars pay many times more Into the Central Reserves than it took out; when Britain bought all the meat New Zealand could produce; when it would have been unthinkable that Britain should enter a scheme for European free trade which whatever its advantages, would affect a trade with the Com- shonwealth; and when British capital was the cheapest in the world.
The situation has changed. Former colonies are emerging as independent olates with aspire- tions of their own; and though they remain in the Common- wealth out of loyalty they elect to stay in the sterling area out of convenience. If it should ever become inconvenient for
them
to stay, no dies of friendship would dissuade them from
leaving.
At the moment membership
favour,
having mutual interesas, Give i an organisation and a constitu tion, it is eald, and the "chor- acter of the area would suffer.
This may have been true in the past when the sterling area consisted mainly of a group of frusted friends and a number of colonies nnawerable 10 Britain. It may have been true when sterling was synonymous with Insting value. But it is question- able whether it is still true to- day-London Express Service.
CHATTER ON WALL STREET
New York, May 20. Richard T. Leahy, annlyst
of the sterling stea has distinct for J. W. Sparks & Cp. says
advantages for them. But a
there seems reason fo
situation could arise in which lieve that the next im-
these, advantages might оррент.
dis-portant occurrence in the stock market will be an as- Need of the newly inde sault on the all-time high penient countries is above all of over 521
Dow- on the for developinetyt capital and Jones industrials, membership of the sterling area is still the best way for them to get it. But socialist MPs com plained last week that high Bri- tish interest rates were gradual- ly driving Commonwealth bur- rowers away from London to Amsterdam, Zurich and New York..
No Limit
ot
I pake crepe
011-015 July 1-01
603-0 ་་
8511-2014
LONDON
American Stock Fxchange volume dropped to · 930,000 shares from 1,139,000 on Friday
Bond volume emounted to
904-9164 $4,530,000 against $3,920,000 on
63-03 $0-100
The rubber market was dull with spot down 3/16 to 20 11/16 pence per lb. Prices:
No. 1 s.******* BetElement house term:
June
July/September
October/December
January/March
Apri/June
2014-201
2015-2016
2014-201
2014-2015
General marioets, rif basia, porte:
Atay
June
Friday.
Dow-Jones closing
were:
30 industrinia
30 ralls, ....
14 utilities
BS stocks
40 bonds
Comm. future price index
nverges
805.01 147,58
74.00
Closing Prices
Algen Inc. Acy.
Allied Chemiesās
2016-2012
2015-209)
Allis Chalmers American Airline
July Estate crepe this June
thick June
31
AMSTERDAM
The rubber market was dull. Prices closed today in gullders per kilogram, elt follows:
No. 1 rubber
No. 2 rubber No. 3 rubber ke. I crepe
June
Amerloun Cable & Radio
Corp
American Cyanamide Ca Amer. & Foren. Power Am Mach, & dry, American Metal American Setting Am. Buntor tet.
American Tel & To American Tob, "B" Amooties Copper Armco Steel Armour... Atlas Cona, Mining 2.58 nom, Baldwin-Lam-Ham, 254 nom. Balismoro & Olika Beneficial Finance
2.60 nom.
2.00 nom Valied Press.
London Foreign
Exchange
London, May 20. Closing rules were:
New York Montreal Orvis Brothers & Co. says Amsterdam the market reflects
Brussels selective pattern with
undertone.
a highly Copenhagen a steady Frankfurt
Milan
10 Park the Stockholm
Zurich
Selectivity will remain order of the day, according tolera E. F. Hutton & Co. Harris, Upham
135-
Je Co. timates Parko Davis 1837 not at
2.70.10/36-270.1/18 7.60.7/10.2.00.0/16 10.00-10.001) 140.70-140.7211
10.4475-10.442 31.73-11.751 17673-1750
312.1935-190.MIDA
0333%83% 14.459-14.45% 72.08-72,72
1324-12.24%
Others unchanged United Press.
narly $4 against $3.50 kt year New York Foreign
....International Business Ma- chine $7.50 against $0.65.... International Tokphone $4 against $3.02...Merck better than $2 against $1.02.
Even so, many millions pounds go from Britain each year into Commonwealthy it dustries and there's no limit ott this outflow. Nor is there any Umit on the amount that Com-- monwealth countries may with-
EXPANSION draw from their sterling balances in London. These are the main Chemical Week Say Monsanto Canada sources of development capital | Chanical soon wil unveil two
many
Commonwealth major expansions at St Louis.... countries and they providers Du Pont is talking expansion mon cnough for them to remain
....Teflon output wil be raised 40 por cent,
in the sterling area
But according to Andrew Bache & Co. looks for a big Shenfield, Forsigo Editor of the year for the oils, Soes the
Exchange
New York, May 20. Closing rates (ware:
ngland unoffictat
1,04 11/10 2.74-5.70 2.79_1/10
2.7092
||
oftein 30-days
00-daya
Assetralik New Zealand South Africa
1.701% 2.2312
2.70 1/18
3.70 7/18
Others unchanged United Press,
London Financial Tlates, there following favoured by excellent Exchange Rates
are indications that the British chart
patterns": Ameradu,
Government is mov searching Anderson - Prichard, Mission
market
this
amelovely for come device Corp., Skelly, Texas Gulf Pro- Bušnem was done in the local which will make it possible to ducing, Atlantle Reaning, Gulf change, maintain o measure
morning us the following motell som
of control Standard Of (N. J.) Royal US dollar (per 31) June over the odmbined outflow Dutch, and Texas Co.
of investment capital and sterl
ing balances.
There is no doubt, he says
Blesting notes (per £1). Austrian notes (per 1) Thomson & Mckinnin also indonesian rupiah (per 100).. stromes the alls, Heling such im ical (por 100) ..........
Singapore (trakti) Ohio,
that Commonwealth governamente | Philips, Binclair Corp., Standard nto beconting thoreasingly coil; | (N. 75) And Standard of Ohio, cerned about Britain's ospacity
W. EL Hutton €0, 2031 Curtiss-
NAMESAKES
Bendur Aviation Corp.
Benguet Cons
Bethlehem Steel
Market
1.50 1.0 120 130
88888
23.80 23 1000
10 304
29,10,19.40
30 2011
9.80
牺
INDUSTRIALS Cement BTORES, DTC. Dalry
Cone, Ch. Ent. Emporiun KWIN
對
Optimistic reporta from dry-
October December March
Zuby
34.25-47 34.23
34.20-30
33/43-45
October
NEW ORLEANS
Priece of collon futines closed
Spot
July
goods trade, with mills reporting today as follows: a further inquiry for print cloth
yern fabrics after last week's broadacale demand, and o firmers spet collon elluation, were the dominant infludroca.
A belief the recent House vote to end the soli bank programme next year may be modified in the Senate and a scarcity of con- tracts helped to shape the trend, Seller cautiousness reflected
concern
over conthuc ming over soulliwestern stcilo,s and fears that unless a period of dry weather materialises soon, it may 12be too late to plant cotion In
some sections,
301
B
09369
88838 8989.8
44
14.00 14.90
Watson 11,70 1.00
c. 97.00
18.00
3.90
181
4.05 4,729
K. & D
1300 19.30
9. 3.
CONS
New York, May 20. World No. 4 sugar fu- tures closed today 3 to 21 INVESTMENTS points lower with sales of 944 contracts.
The domerie No. 6 auKAT fututes closed unclianged to 0 points higher with sales of 810 contracta,
World contract weakness re-
Textilien Ailled
Invest ....10.20
Cat
SENTIMENT
100 fircled the lower raw UNSETTLED
42.51
150 31
and higher Cuban erop
mate
esti-
Conversely, the domestic con- tract was moderately active and higher on a firmer raw mitune
18 tlori
IN LONDON
London, May 20.
Stocky moved irregularly in
Trade sources indicated that quiet tending on the London 189% to mid-May sugar production Exchange today.
had reached 8,276,713 Spanlatı
si long tons. This compared with
15
the bass alloted quota of 5,150,- 000 tons for the 1967 crop, Some quarters thought production might reach 5,400,000 tons for the full season.
Contract No. 4 (world)
1912
144 July
5.65-07
Bepl
8.06-00
3.50
Mar,
4.60.
May
4.55
July
Sept
495 Spot-teens per in, fob Cuba)
B.75
Boeing Airplane
Open interest: &,618 contracts.
Burroughs Add Machine
Contract No, a
July
1.50
Sept
Nov.
Mat
474 Spal (cents per 16e NY"
4.06
Open Interest: 5,711 contracts.— Untled PreHD.
Borden (The) Co.
Consalin Pacific R.
Care (3.1.) Co.
Cat. Tractor
č. J. T. Francial Corp. Chase Stanhat, Bank Chrysler, Motors
Molybilenum
Almalive Co Colombian Carbon Co. Commercial Credit vo Commonwealth Elec. Consolidated Edison Cantinents! Oil of Del.
Zellerbach
Amer. Sugar Dimond Alkoll Douglea Alterall Dow Chemica Dune ah, Nenoura
Partern Airline
Eastman Kodak
El Paso National Cus
Family Finance Cory, TADI Firestone Tyred de Rubber
Ford Motor
General Electric
| Cepermă Mooda
General Motors
Glidden
O
Goodrich (F) ∞. Goodyear Tyre Out of....... Heydon Newport Corp. Homesinke Mining Co. Ingersoll-Jiand
Inland Steel Co... Interchemical Corp. Int'l Augirona Machines Int'l Inverter ... International Nickoni International Paper Int'l To Tel John-
Kane C. Power & Light Kenngeatt
Liggott Meyers Tub, Lockheed Aircraft
Low Incorp. ..... Lone Star Cetnens. Co. Lowenstein & Sons. Medusoll., Aizverft
Stock Bus) Moontal Iron Corp. Minnesota Mining
Montgomery
Minside. Devsiopment Alonsanto Chemical Co.
Ward Motorola hat. 10.84 National CAD BAL 1245|| Netkonal Deity Prod. 1299 National Leat
Kational Steel Corp.
25.
of sustaining then sá a primary Boutros of capital. Ahat the Bri- Wright is coming in for moo
Answ Interleine aftoration, till Traduiry" da in Surte deeply Kloseted
probably Radio, 3 Playa, 4ub, & Poetry, darbod by the perpects of because of the publicity which
6 Homely, 7 Dialect, 3 Compere capital commiturare withoud en la being given the new line of 9 Yorkabire, 10 Chorus, 11 Ask,
(Packard that now sam to open up, bes Studebaker
12 Tablo, 13 WIDO, 14 Questione.
Wilbrod Plakcha,
Unlind Prussi
CG---
Din Mathieson kui
·Owen-lliinola Glass Pariño (264 & 10. Pan Amosego, Aldwa
Pennor J. 12. 06 Pat Mat Co. Pallips XOTEM
de gaule Pittsburgt Pusticket. Enchanted Pure Cir
TL-
Market sentiment was
confizued settled a bit by the weakness in British government bonds.
the
War loan hit a new low for
£% toi year, slipping £60%.
Stocks generally were mixed, with many pivotals down 6 to 9 pelico, Chennel jumped another 6 shillings to 20 shillings.
Olis wore featured by galns of
both 10 shillings in
Sheil Trinidad and Trinidad Develop- ments. American buying was Bald to be heavy in these two issues, British Petroleum, Shell Transport and Burmah Oli all moved lower,
Foreign bonds were down as much as 27 In доле German lens--United Press,
SOUND ADVICE
for the man with a sense of responsibility
Start a Savings Account this month with
THE CHARTERED BANK (Incorporated in England by Royal Charter in 1859)
3 Queen's Road, · HONG KONG
INTEREST on your money at 2% pør annum, compounded half-yearly. ABSOLUTE SAFETY for your money.
i
EASY FACILITIES for lodgments and withdrawals.
Large-scale sales. of textiles pointed up Memphis reports of a slight improvement in trill interest in spot colten last week. Atlanta also noted a somewhat Improved interest with most of the inquiries' for prompt and nearby shipment. The certificated stock increased to 11,703 bales.
NEW YORK Prices of cotton. futures close today as follows:
*
+
Брод
July
39.55m
October Debethber March
May July
October
લગ
34.50
Cotton future closings, in pence per lb, were as follows: Cid contract
May/June July/August October/November December/January March/April
Now contract May/June July August October/November December/January March/April
ELTAPI
SAO PAULO Cotton future closings, cruzeiros per klio follows:
July
Oct.
wero
30.60 30.00 Dec., March, and May unqubbed
In the US the average price of ono-lich signated
cotton at 14 de- cotton markols
spot was 33.91 conta.
Total walks at these markola were 10,983 bales-United Premi
P&O B-I
E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwards "DANTON"
Leaves London
Sailed 21/4
Dua Konstan
SULAI DALY
*CORFU"
"CARTHAGE"
"DANTON"
228
MAY
25th
Jun
Dard "July
1st July(vix 8biz)
to BE "ADVISED
Via Southampton, Colombo, Penang &. BingaporU,
Homewarda
"CANTON"
"CONFU**
"CARTHAGE" "CANTON"
Leaves Hongkong
Due Landin
6th June
7th July
1 ΤΟ DR
ADVISEO
ou July
Via Singapore, Pebang, Colomby & Aden. FREIGHT SERVICE
"BURAT
load 28th May
"BHILLONG” Que 18th June
"SUNDA" dun 8th July
ter Singapore, Pt. Swel- tenham, Penang, Aden. Havre, London, Ham- burg. Rotterstain, AbI- werp & Grangist.outh
from U.K. (via Bücf)
from UK. (via Suen).
BRITISH INDIA S.N. CO., LTD.
1840 - A HUNDRED YEARS OF SERVICE — 1958
from_Foglan “WABORA” due 24th May
is 25
May
"BANGOLA" due 30th May saila Ste 2.my
"SANTINIA” due 8th Junt
malis Ti1⁄2 June
for Singapore Penang, Rangoon, Calcutta Chingopg
from Japan
for Singapore. Penang, Rangoon & Caloun from Caloutta. Nangoon & Strait for Japan
P. & 0./B, 1. JOINT SERVICE "UMANIA” Que 23rd May
"OBRA"
"TAURA"
balls 24th May
EUS. 2001 May Halls 20th May
#ue 36th May sails let JuZIO
"URLANA” duo *sh June
from Bombay, Coolio, &B'pore
LOT BOD
trana Jaden
for Bingpore, Bombay, Karashly Beach, Khor- rath & Karimit
from Japa
far Singapore, Coškin & Borbir
from Karachi Bombay, Cochin & Singapore for Jap
EASTERN & AUSTRALIAN S.S. CO., LTD.
"NELLORE" due 8th Juno "ARAFURA"aalla 1011: June
from Australie
for Labuna, Gandakan, Rabaul, Brisbane, Byd-
MENIUS adelaide,
All vossále havé, liberty to call me any porta od - of off the routo & the route de mailings are subject) to change or amendment with ́er without notice. .
For full particulars apply fami MACKINNON, MACKENZIE & 40. OF HONG KONG LTD. Telephone Nea: 277914.