Page
THE CHINA MAIL,
THURSDAY, MAY 28, 1957.
Pare
TRADE and COMMERCE SECTION
LATIN AMERICA FEARS ECM Smart Rallying
Existing Adverse
Trends May Be Given New Impetus
New York, May 22.
The United Nations Economic Commission for Latin America has expressed the fear that the European Common Market might give "new" and vigorous impetus" to an already existing trend adversely affecting Latin American food and raw material exports.
In a special report prepared for its session opening at La Paz, the Commission referred in particular to West Germany's participation in the ECM.
"An
accelerated diversion from Latin America to Africa of Imports by Germany and other participating countries, would also depend on the scale of pro- ductive and social investments that are channelled towards the associated territories," the re- port said.
|
HONGKONG
STOCK EXCHANGE
Our Own Comèspondent
Business done on the Hong-
kong Stock Exchango this proximately
10
morning amounted
$334,000, Ndan
quotations and the morning's
transactions:
Shares
DANKS
2K Bank
Eart Anla
INSURANCES
Union-XD. SHIPPING Wheelock..
Buyer Sellers
1655
200
03216
7.40 7.45 4000 G
3000
108 100
13.10 13.20
DOCKS, ETC. K. Whart to safeguard for the immediate
Dock Latin Provident.. future their trade with and possibly
with LAND, ETC. America. other regions, at levels not much fut Lotel.. 15% 10.70 below the present ones.
Everything would probably depend on the trade policy In relation to third countries which would be gradually drawn up "Relatively large and sustain by the executive organs of the ed Investments for the pro-European Economic Community duction of primary commodities during the transition period, may tend to Increase world the report added.
Fuch commodities supplies of faster than the growth of world demand if production in other areas (including Latin America) is maintained at present rates," the report wint on.
could be the case for coffee and cotton in particular."
Stagnation
Impact
But the report noted that un indication of the intention to
Land Humphreys
Ray RUBBER Analg
LATE ABORTIVE RALLY ON
WALL STREET
New York, May 22.
Stocks drifted into lower ground today after an abortive rally late in the day, faded. Indus- trin), railroad and utility stocks lost ground in the averages.
WORLD
RUBBER MARKETS
New York, May 22. rubber contract closed
Rex today 10 to 30 points lower with sales of 22 contracts:
THEY
July
Berot
Kov
Jan.
Mar
May
to
32.JD
31.03
31,33
31.00
30.80
Tendencies On Cotton Market
New York, May 22,
Smart rallying tendencies returned to cotton futures today after a hesitant opening.
In spasmodically active dealings, the list scored gains of better than $1.50 a bale, carrying all new cróp deliveries, and nearby Júlý, to new seasonal highs.
Day trader realising shaved |
extreme gairis at the close but
the list still finished riot & to 3 New York Sugar
Standard contract
closed 10 points higher. The market 30 points tower with
Volume was well below yesterday's pace. A heartening sign in Wall Street was that volume sales reparted. eased off when prices were declining, and picked 10. up when the market was rallying.
BileŃ
Despite the general easiness of the market, some of the special issues managed to register fately 740 Wide gains. Profit-taking was a the minor retreat 7.45 diétor in
although selling pressure never was strong. A1 is current high Jével, merized men explained, the maricet will have të absorb some: substantial selling before it can rich a new assault on the oil- time highs.
300 1615 11.00 100 1135 1.40 10.20 500 6 16.0
1.50 23500 t 1.475)
1.50 1.323
4500 ₫ 11,06 2000 24 1825
UTILITIES
Tim
..
21.80 22.00 1800
131
23.50
103
Star Ferry.. Xumar Electric
34
4.00 ..
Muca E. Telephone.
INDUSTRIALS Cement
Id
104 100 104
27.30 275
... 30.75 2322
13.40
..... 14.50 10 1170 11.00
. 3.90
4.05 4.725
20.20
0.20
10.20
educe the immediate impact of ECM on Latin America night nope bo found in the protocols STORES, ETC.
Dairy relating annexed to the treaty to the
fixing of quetns for Watson
Emporium German imports of bananas and
COTTONS "Thus," the report
Texille said, of coffee and cocoa imported by "Latin America might be faced the Benelux countries and Italy Nanyang
MISCELLANEOUS orduring the transition period. only with a stagnation
Ch. Entert graduat reduction of the
INVESTMENTS Yangisz According to this policy, the European markets for some of
Ali portion of the market reserved exports but also with 11
HK & FE overcas Imports from
Larvent International for of weakening
these commodities territorites would be limited to prices for following any sharp increase in future increases of the European markets other than market over the present levels supply In
-China Mall Special.
Europe, especially in the United of imports from third countries."
States."
"In addition, Europen capi- Lol, which tends to follow the direction of trade, may flow on an increasing scate to the African continent.” the report "This could result in an Said. appreciable part of Germany's foreign investments, as well os to a lesser degree those of other European countries, being pro- gressively directed away troni Latin America."
EQM
ས
CHATTER ON WALL
STREET
Oila
were mixed. novod narrowly. were generally lower.
New Highs
Montonery Ward
Motorola Ing. National Cash neg. "A" National Lead
Nation. Boel Comp. New York Central
in Mathieson
Oum Elevators Owen-incis Glas
Fan American. Airway Paramount Pictures Parke Dayle Co. Penny C. Co.
| Penn, Bal ✡.
Phillp Monis
Procter & Gamble Co. Pittsburgh Fate Glass
Publicker Industries
Motors
Aircrafts
Raato Corporation
A long list of issues made 1200 304 new bigha during the session, 1000 m rse including Burroughs Continental 7000 400, Eastman Kodak, General
200 49 27.0 300 ve 27.40 Cable, Pittston, Jersey Standard 200 g 27.50 and I-T-E. 1000 27.40
800 à 14.30 200 15 2000 & 11.50
5000 4.475
Jersoy Standard was the most active Issue, followind by Norther Pacific, Bethlehem Steel, Getty Oll and Hupp Corp.
pure all
Iepubile Steel
Iteynolds Metal
p
Seare, thebuck & Co.
Shell Ou Co. .......
Samt teg. Paper
octair Oil
Sopony Mobil
Solar Alerts
Puerto Rico Sugar
Southern Co. (The) Bouthem National Ga Southern Railway (Com.). Standard Brands Standard Oil of Cal standard out of Ind Standard Oll of NJ, Steep Rock (Toronto Exge.) Sterling Dang Co. stokely Van Comp Studebaker-Packard Corp.
Swift & Co.
Техда со
Time Inc.
Twenty Century Fox Film Union Carbide
At the clooc the Dow Jones | Tide Water Asm. Oll averages were industrials 501.43 off 1.01; railroads 140,02 off 0.80; utilities 74.00 off 0.01, and 05 stocks 170.00 off 6.50.
of the 1,155 Issues 525 declined, 356 advanced, and
unchanged,
274
were
traded.
New
Union Pacific Railway United "Alterati **** United Gas Comp US. Foll
U.S. Gypintr U.S. Lino Do.
US. Rubber US Smelting
CHICAGO GRAIN highs were set by 37 issues and V
MARKET
Chicago, May 22, Wheat was alightly higher on the Board of Trade today, the remainder of the grains closed lower.
new lows by 24.
NY Stock Exchange volume was $3,550,000.
Esteel...
Warner Bros.
Westinghouse Electric Western Unions Tel. Co. bond West Va, Pulp & Paper
Woolworth
American Stock Exchtinge volume was 870,000 shares.
Dow-Jones closing averages were:
30 industrials 20 rails
Trade was generally quiet on 16 aides the Board today.
65 stocka
bor
Closing Prices
Buying of wheat was in- Comm. future price index fluence by reports of continued moisture and forectists for more wet weather over the south- west wheat areas.
New York, May 22 Intermediate term techni- Having outlined the fears of
cal indicator is not yet over- Latin America over the the report then noted "circum-bought, so the market seems stances and Factors which might to point selectively higher offset such tendencies."
over the near term, accord-board
The first of these, it sald, was ing to Edmund W. Tabell, that the overseas territories analyst for Waltson & Co. probably would not be in a
up- position to take advantage of Bache & Co. holds the
lines aro being the treatment granted to them ward trend
the industrial by the stx European countries maintained and
until a relatively long time has average gives no indication that clapsed when considerable the rise is culminating. efforts will have been made to Hevelop production."
Comparison
Pours investment advisory savey looks for a moderate- range market, culling for stress on construelive long-term fuc- bord, creeping Inflation and
The immediate prospects of | nexiuility in portfolio manage- competition did not seem to be ment,
vary great as a general rule, t aald. because the volume of production in the
territories
was very limited in comparison
with Lain America's share in the world market.
CONTRARY
Moody's stock survey that in pushing still further
ahead stocks have been muying
Secondly, the report said, continry to business, which is a
Alden Ing. Acy. Soybeans moved lower on the Allied Chemicals
today.
Wheat closed up
cents for old; and up % to 1 cent for new. Soybeans closed unchanged to off 1⁄4 cent, Wheat No. 2 réd
Spot
Allis Chalmere Anerican Airline Am.. Cable & Studio Corp.
to American Cyunamite Co.
Am, & Foren Power Am. Gea & actric -American Metal po Ameriem nesting Am. Sugar Hef. American Tel & Tei American Tob, "B" Anaconda Copper Armeo Steal Αποντ
210-214
July 2006 (11) 2071% (2) * 200
Sept.
Dec.
Wheat New contract
Atlas Cóns. Mining
| Baliwin-Lima-dani. Baltimore & Ohlö
2117-212 Benedeka! Finan
Besgust Cons.
Celanese Corp.
C.LT. Fancial Cap. Chase Manhat, Bank Chrysler Motors Cumax Molybdenuan
504.43
148.02 74.00 170.00
157.01
1842
નાગ
3211
May
July
Sept.
Nov
MA
Kay
1,30
31.05
31.20
31.00
50.00
no opened up a to off 1 półfib, New Orleans closed up 4 to 20 points The Ocipher 1958 contrão! Ied the rise, New Orleans becounts, commission, houses and recci eciters met a contract scarcity which they moved to cover,
Technical reasons, and grow-
Limited operations orginated Day among dealers, New outside 49); interest was lacking. New com- mitments were held in abeyance 15% pending developments in the 38 primary markets,
的
112
03%
43
40
Mean-
a
con-
in double about the chances for nactment of cotton price sup- point legislation at this
reisial ression, were the in- fluential factor, druders said.
Nearby months firmed in face of a renewed low-down in the drygoods demand and appointing domestic raw cotton canumption estimate.
#dis-
Market
New York, May 22. World No. 4 Sugar futures closed today 6 points higher to points lower with sales of 1,100 contracts,
Domestic No. 4 sugar closed unchanged to 1 point lower with sales of 197 contracts.
Realising and edge selling carller sharp gains in the world contract, but the market generally maintained an over-
Lone of armness in line with the higher maw market.
Contract No. 4 (world)
The New York Cotton Ex- July
Market analysts thought the local market action will be "gearet to whatever trend de- Dit velope at Singapore,"
while, castern shipment offer-change Service Bureau estimated Sept. Inge continued light and priced consumption of all raw cotton in Get. Mar. MAY too high to attract buyer Inter- the five-week period ended on
May 4 at 700,000 ales, This July ert here,
compared with 800,000 bales in Sept. the priceding four-week period and 720,000 bbles in the com parable four-week
do The daily rate user sagged Nov
Mar. sharply in May to 31,000 bales Spul-teents per l'ele
tho from $4,500 boleh in preceding period and compared with 36,100 boles in the same United Press. period last season, Consumption for 40 weeks of the scason, to
current
In the delivered market, small factory demand was in- 15 dicited but at prices below the market Consumption figures for April, expected to. morrow, indicatod a figure be tween 122,000 d 128,000 tons, traders thought, This
would compare with around 130,000 22 tons in March and 120,000 tons
In April last year,
placente per lo. fob Cuba) "Open interest: 8.55% contracta.
Contract No.
period last July
Expt,
WY-ex-duty)
8 3326
28868882
0.00
Open interes:: 347/ Contractu.om
May 4 approximated 10.756,000 Exchange Rates
bales compamoci, with 7,070,000
Locally, spot No. 1 Rss wat balts in 39 works of the season
quoted at 32 cents.
SINGAPORE
The market opened,
last year.
The certificated stock remained 11,703 balts.
Month
77% slightly steadier noto with little Det.
factory
buying.
42% trade
nind
694 Futures:
Singapore (Stra)
Volume
Open, Interest
13,700
1011300
Business was done in the keại morning at the following roles:— tmofficiel exchWer marke TALY
0.24 US dollar, İver 31) Sterling notes, (per „21) 'Australna nótés "(per iɛ3)
10.77
12.00
73700
750300
Dec
13,000
183.00
Indonesian rupiah (per 100) Stam tiesi (per 100)
13.70
20.15
MAN
3,500
104,000
2,00
May STAY
100,100
000
€4,000
10000
701300
June. July
72000 853,000 baler
EL
914-01 No. 2 rubber per fb. June 0911-091% No. 3 rubber per 1, June 8834-09 No. 4 rubber per lb. June 88-80% Spot rubber unbaled
431%%%
Blanket Creßó.
today, as follow:
Press
No. 1 pale crepe .............
93-100
Spot
July
LONDON
10 No. 1 rubber per Ib.
Unsettled Day
On London
Exchange
The rubber market was quiet with got 1/18, of a lower GC 26. Prices:
*Denny
1,00
NEW YORK
Prices of cotton futures closed
NEW ORLEANS
Prices of cutton futures e sed
Fly PAN AMERICAN world's most
experienced airline
May
July
Oct.
34.00 23.07 31.08
33.34
No. 1 Ras spot
Bettlement house term:
Juha
2644-20
July/Sept.
Oct/Dec.
20-20
today as follows:
Jan/Mar.
2011-2017
Spot
35.55
Apr/Juno
July
General markets, clf basis, porta;
May
34.32-37 31,34
June
July
May
to
Eztate crepe Ün Juno
July Oct.
MLB
Markets have · had kni
LIVERPOOL
Cotton future
closings,
In
EUROPE
London, May 22.
other unsettled day but
thick Juna..
AMSTERDAM
The rubber market was dull
were
03 Old contract
NEDY/JUN
the selling has been mooy. Prices in guilders per penge per ib. were as follows:
kilogram, elf June dérate and the declines follows: chiefly 6 pence, or there No. 1 rubber abouts.
Odd spot was a wave of sen- log of steel shares which lower- ed prices about a shilling; these share aré very decidedly "political" nowadays and reflect hopes and fears about the next
election. DOTAI
Pessimism 60% about the prospects of
tunnel caused the price of these speculative issues to fluctuate a good deal, Anally 51 several shillings.
July Sept. Dcc. Mar.
Bendix Aviation Corp.
64
Bethlehem Steel
10
Corn, No. 2, yellow
Spot
Boeing Airplane
Borders (The) Co
July
133-
Burroughs Add Machino
Sept.
Campbell Soup Co.
Dec.
Canadian Pacffio R.
281
Mur.
Czas [2, 1.) C.
Cht, Tractor
notes
Rye
May
deleted
July
118
Sept.
120%
George G. Henry, analyst
May July Sept. Huites & Co, Boys Boybeans, No. 2, yellow that in spite of the favourablo Spot Xay ntar-term appearance of the
Jaly market, it would seem that the
Bept, burden of proof must rest on
Nov. the side of those who look for
JA, nearby advance,
Mar.
deleted
250
delelod
Barley, spot
"the overseas territories do not frequent
offer industrial
characteristle for Oats
development limited periods,
prospects of the same kind
60
of
those being utilised by European for E. F. capital in Latin America."
"African opportunities lic mory in the development some basic public utility sectors and in the creation of facilities for increasing the production of vegetable and Inincial raw
W. E. Hutton & Co., holds materials, as well as foodstuffs,"
"In the manufacturing in- there is more optimism in the dustry, especially
part textile industry and that
manage New York Hour number of lending which
proces durable consumer ments of a
anticipating and capital goods, any
new companies investment of European capital moderate, improvement in the presupposes the existence of second half.-United Press. numerous prior conditions whien
African
are found more readily In Latin America than on the continent."
That is why," the report wert on "at least over the short term, overseas territories may not
have a very strong attraction for productive private Europeum capital.
Finally, the report
shid, step had been taken in that direction,
though no positive
are
200 lb. mack
I
Colgate-Pažlive Co. Colombian Caton Co. Commercial Credit Commonwealth Elec, Consolidated... Edison, Continental dit of Bell Crower Zellerbach ....... Cuban Amer. Sugar Diamond Alkali
Douglas Aircraft
Dow Chem GDJE
July/Aug. DeL/Nov.
Mar/Apr.
20.30
SABAH SEBE
៩២៧៧ ៩៧៧៩
20.43
20.50
269 buyers
No. 7 zubber
2.37 Toyers
Dec/Jer
No. 3 Tubber
2.54 buyers
No. 1 repe
100 buyers
New contract
-United Press.
May/June
July/Aug.
Oct/Nov.
Dec/Jan.
Mar/Apr.
SÃO PAULO
Cotton future cruzeiros
clogings,
per
kilo were
July
40.00
4030.
Mar
40,40
May
40.09
Singapore
chanel Stock Market follow
folling
ifted
Oils enjoyed some heavy pro. fesional buying which Royal Dutch some 10 shillings. British Petroleum 3 zhlilms and 'other lenders
Singapore, May 23.
Brokers today quoted, the i following stock prices:
5.5
In the US the average price of one-inch cotton at 14 designated Opening opo markets was 33.93 cents. Bolu Lintang netber Co.
Lid. (cum diy) .............. 12.00-15
Salea totalled 20,487 bales. British Borneo Petroleum
United Press. Byndicate
09/4-16
13% Shell Trinklad, whieslings. Couolidated Tin Smelters
AL
$2 one time some 3 shillings to 150
25% shillings, closed at 143 shillings
While Trinidad Petroleum deve lopment another minor share
BA
Dupont de Norows
1d6e lost 3 stilings Suez Canal
230-
Emitern Austino
3094
sterling to 474 sterling,
Eastman Kodak
233
A Pho National Gas
302
130-140
Mark Padice Corp.
2195
$13.2011 ***United Pream WINNIPEG PRICES
Winnipeg, May 22. Prices of grain futures closed today in cents per bushel es follows:
New York Foreign o
**
May
Exchange
July
Qet.
70%
ftyo
104
New York, May 22.
July
2.73-19/18 July 2.13=2/13
May
Cloeling rates were: England officiat
30-daya 00-day that, Australia .......... A view to avoiding sudden New Zealand international Bouth Arson
Aarentina
India
there was the possibility
izado, 150 countries participat Pas
ing in ECT would propose the adoption at mcasized designed
נק
1.04-30/33
150 cents:
Firestone Tyre & Rubber
Ford Motor via
Hectric
General Motors Den Pub, Uta Gelly Oll
Glidden Co. Goodrich Gootyear Tyre
Herden. „Newport Comp. Komentake Ming Co. Mkerson÷hed, Inled Steel Co.
Zakt-Euston Machines
Internation Paper
ord, Framer & Neave Lid Ord. Franor Neave 751% cun.
pret
13/04
240
$4.00 paramana (Mataya) Limited -
Whanghai Hongkong
$005
Banking,Corp.
Home Tin Lud. ex div) 201
Kupas Ltd.
$1,00
Kuala Langonic To
44/01
Malaya Breweries
$3.02-11
114.
France's acuto political crisisas Fibber Estates "Lid. ́0.12. vil Judging by past practices | New Serandah Rubber
56 should have runulted in a com Pating Tin Lid.
45
tendal demund for gold shares fames, fotel
1991 but infled to do so.
2914
5014
Gomas per ötöt Polish 74% non-ascented rose 1 ferling and the sevented 11⁄2 sterling while the wesented of the 81% per cento jumped, 2 sterling, Dovròn - Idan non-lumenttic | Imm proved starting. Only feature 3131 | in, the Japaneso Kat was a fall- of meting, fik lão non- asserted 1930s hités Press,
NAMESAKES
Paiter, 9 Theatre.
Singapore - Cold Storage
$3.99
$10.23
istrails Trading Straits Starshly United Engineers Ord, ca. 19.05 Wearner Bros. ****** 1338-44
-China Mall Special.
London Foreign Exchange
London, May 21. Cinsing rates were: Now, York
Die
and the
USA
Par Veservations
call your travel agent.ur.
Pan American direct at $70SI Hong Kong Offch: Atenasidra Home, Kewison Officer (Paninsatz Hôtel
on of New York, Unikah, much stumd100 habitley
PAN AMERICAN
Stamping
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CRESTS & EMBLEMS.
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FAMILY COATS OF ARMS. and MONOGRAMS.
etc., etc.
Call and 'inspect our samples
Orders accepted for Steel Dies
and Copper Plates.
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