Page
THE CHINA MAIL, WEDNESDAY, MAY 29, 1957.
TRADE and COMMERCE SECTION
PARO
AUSTRALIA SEEKS NEW MARKETS COTTON TRADERS
Communist China Interested In Farm Machinery
By TERENCE DOWNEY
Melbourne, May 28.
to
Australian industries, sooking increase exports, are sending salesmen overseas to explore new markets.
HONGKONG Strong Support
STOCK EXCHANGE
Our Own Correspondent
korig
Lifts Prices On Wall Street
"New York, May 28.
Strong support developed for stocks just before the close lifting prices from the lows reach-
in a six-session decline.
Business done on the Hong
Stock Exchange this morning amounted to appro-ed ximately $257,000. Noon quota- tions and the morning's irons-
action:"
Many countries know of Australia's primary products, her wool, wheat, meat, dried fruits and
Shater Buyers Bellets similar commodities, but industrialists believe DANKS that people abroad are not sufficiently aware of Bank.. her industrial production, flowing, in many cases, from brand new factories and machinery.
Australia, for instance, long known as Britain's best export market for motorcars, has now begun to export her own cars to some of Britain's markets. The Australian designed and built Holden has begun to appear on the
of ronds
New Zealand.
Mr Harry Menzies, Communist China phowed interest not only In Austratio but also in buying Australian agricultural machin- cry. Mr McEwen reported cently.
INSURANCES Unsan SUPPING Wheelock,
DOCKS, ETC. Provident
Dock
Яда
1655 3 1610
20 m 03.
Measured by the averages, the session went down on the minus side with industrials off 1.49 points at 497.72, ralls up .06 at 145.10, utilities off .16 at 74.04 and the 65.stocks off: 35 at 174.02.
These final sacs, however, were less than half the declines at the mid-testion tows when 200 2.35 the industrial average reached
back to February 9 levels.
7.33 7.40
1700 7.40
43
LAND, ETC. HK Hotel
13.20
15.30 10.50
re-
500 100
10.40
150
But the drive has not
been Singapore, Malaya, Hongkong! without its setbacks. Although and other areas in the Pacifle | Australia has always been able and South-East Asia.
to export specialised industrial the United States, products to hopes
of breaking into the American dollar market with a wide range of consumer
Boods were dished recently,
Australia is also developing among the Pacific Islands a use- ful export market for the petroleum products of her new all refineries.
Colombo Plan
Pledged to make a contribu tion of capital goods to Burns. Ceylon, Combodia,
In- doncaia, Laos,
Vietnam worth
Indio, Paltistan
£A31,250,000 under the Colombo Plan,
she has sent there countries a range of goods which Includes, to date, road-making equipment,
warts moving and crushing equipment, railway rolling stock, tractors, agricultural implements, diesel rall cars, broadcasting and tele- communications equipment, en- gines for fishing vessels. tele- phones and cables,
A
Il is particularly on her northern neighbours that Aus- Aralin appears to be concentrat - ing her biggest sales effort, 33-mm trade mission, described as the biggest ever to leave Australia, visited India Ceylon in March and April.
Representing approximately 300 firms, the mission included executives of
Australian banks, conducting surveys for enother 200 ms.
fve
Comprehensive
The comprehensive
A prominent Sydney busi- Charles Lloyd Hessman, Sir Jones, and that ramples of Aus- tralian made goods had been rejected by United States retail experts. Although they placed some orders, he experts report- ed that the samples were mostly rejected on two grounds: high United price and Anish below States standards.-China Mall Special.
CHATTER ON WALL STREET
New York, May 25. Reynolds & Co. feels the and market should pause and spend at least several weeks consolidating its gains since the Feb, low,
Jist of
12
Clark, Dodge & Co. Bays background has been created which could result in a truly Explosive market,
Sinclair
Oil, latest major
@
IC-
ILK Land.. 35% 361 (Ita) 112
... 1.47 1.60, 4000 # 150
1.20 1.40
ifumphrey
16.40 16.00
healty ....
1.45 1.00
RUBBER Analy
Trust
UTILITIES
Peak
Youmpli
C. Light Elcelne
Tram
... 21,40 22.00
Tram 72
1123 104
.. 10.80 20.10 1000
28.70 2000 1300
Maceo .. 11.00 10.20 Telephone 25.00 27.10
INDUSTRIALS Cement 321 132 Anov Chu STORES, ETC. Dairy
14.70 Watson ...
11.70 11 Laffic, C.
23
COTTONS Textle Nanyang
-
300
3:00 27
Market nun mit the move
Scary, Rochuck & Co. Shell Oil Co.....
Baint Heg. Paper
Binclair Oil
Bocony Mobilol
Bolar Alrezaži
Southern Co. (The)
Southern National Can Southern Railway (Com)
was to be expected after the| Stendard Branda
Blandard Oil of Cal
recent consolidation. Short Standard On of ind
Sing Drug Co.
covering and evening-up before standard on of N the Memorial Day holiday-Step Rock (Toronto Exge.) which will be an unofficial long week-end for many in the street -played a part.
Trading Light
*
Trading was light throughout the session, totalling 2,070,000 shares, compared with 2,200,000 on Monday.
Getty Oil, yesterday's active feature, held the volume spotlight
480 334 #goin today and ran up 1%
pointe in late dealings.
14
20 2 14.00
General Dynamics, recovering nearly a polit, followed in the active list and Bethlehem Stect 6.00 1009 @ 5.45 and Jersey Standard were next
14.25 4.70 .. 8.45 MISCELLANEOUS Ch. Erit
2014 INVESTMENTS
.... 4.475
Afled
STRICT TARIFF
QUOTA FOR WOOLLEN
Washington, May 28. President. Eisenhower
estab Ushed a strict tariff quola imports of most woollen wonded fabrics for the remain der of 1957 Jaal weekend.
in line.
372
of 1.174 issues traded, were higher, 538 lower, 203 ub changed with 14 new highs 66 at new lows.
NY
Stock Exchange bond volume was $4,399,000,
studebaker Packard Kinkely Vanl
·Swift & Co.
Tekns Co.
Сотр
The Water Asm. Ou
Time Inc. ......... Twenty Century Fox Fil Hinton Corbkie
Union Paelle Tailway United Aircraft
United Gas Corp. UN. Folt D
ILK. Gypsum
VS. Line Co.
US. Huber
US Smelting US. steel.
Warner Bros.
Westinghouse Electric Western Union Tei, Co. West Va. Pulp & Paper Woolworth
Record. High
On Discount Of US Dollar
New York, May 28. THE <toount
the
Unipal States Dollar reach. kil a record high in the foreign exchange dealings yesterday.
Montreal banka quoted the United States dollar at 4-21/32 cents discount, compared with the previous ligh of 43% last Friday, Previous to
the this, wiaret dcount was $ cents
November 10,
1853
0912
64 DAY
United PrEER.
WALL STREET DROP AFFECTS
American Stock Exchangeoom. vohune was 700,000 sharen.
Closing Prices
Allied Chemical
American Cable
LONDON
on
The Canadish dollar was reported
1.04-29/32 dollars In the New York Foreign Exchange market. This is 17/32 of a oent below. He record high in November, 1034, shortly before the United States went off the gold standard. -China Mafi Special.
WORLD RUBBER MARKETS
New York, May 28. Rex rubber contract closed today 16 to 20 points higher with sales of 46 contracts.
WAIT FOR PARITY REPORT
New York, May 28.
Cotton futures today settled back irregularly after a steady opening with trading turning rather quiet.
Recent buyers liquidated partly on technical reasons and anticipating the government parity report tomorrow and the ensuing holiday on Thursday.
At the close the list ruled up 4F Sind roller gin 3 to off 12 points, The market 109 Bind roller gio kow gin opened unchanged to up 4200 Punjab roller in points. New Orleans closed up
1 to off 10 points.
New Orleana
nccredited sellers of July
and
October.
70/2
80/10
87/10
12/10
01/2
SAO PAULO brokers ware San Paulo quotations were
distant unavailable today.
Trade In the United States, the buyers were leen aggressive, average price of one-inch, cot- pointing up the quiet situation ton at 14 designated spot mor In the drygoods market after keto was unavailable. the recent buying splurge.
totalled 1,603 bales, United
Since the government loan Press, rule for the new crop will be determined anally on the basis of the July report, more than the usual amount of interest centred on
report.
tomorrow's June
While buyers were hesitant, sellers were equally cautious, reflecting the unfavourable tenor the government weekly weather report.
Completion of planting, chop- ping and cultivation continuro to be delayed by wet fields and
Sales
FAIRLESS GIVES WARNING
New York, May 28. Benjamin F. Fairies, Presi-
excessive rains in the main cos dent of the American Iron and ton belt, The delay was Steel Institute, warned today described as most serious in against the bland assumption middle and north-eastern Texas, that our prosperity has found Oklahoma, Arkuisso and the secret of perpetual motion adjurent areas.
WAS
.... and all" the American In Texas, much acreage re- people have to do is go along mained to be seeded, Enst of for the ride.” the Mississippi, planting
The former Chairman of the practically completed with the U.S. Steel Corporation
placed stands ranging from poor to the burden of responsibility for mostly good
thi continued health of tho economy squarely on the leader- ship of organised labour,
(0,600
In a speech' before the cis- ing session of the 65th general meeting of the Iron and Steel institute, Folriess wald "it labour 848,500 bales leadership assumes that indus-
try and the NEW YORK
economy will continue to grow indefinitely de- Prices of cotton futures closed spite constant cost-price infla- today as follows:
tion, the country is headed for "Trouble,"
Moy
31.00
July
31.35
September
31.0
November
31.00
January
30.00
Muirh
Volume
Open interest
March
30.30
July
0.000
124,400
May
30.50
Oct
J1100
100 800
Standard contract closed 16 to
Dec,
10.700
107,000
Mar.
0,000
114,100
20 points higher with no mics.
MAY
6,300
100,500
Moy
31.90
July
July
10.000
dy,700
31.33
Oot
12,000
September
31.24
Total
77,700
November
31.03
January
34.90
March
30.00
May
30.35
Light shipment offerings and
trade.
steadier tone to the terminal
an improved factory, inquiry in the delivered market plus technical reasons, imparted a
Spot
35,451
July
35.29
October
34,64
December
34,40
March
34.41
May
34.33-38
July
33.70
also
Optob
$3.00
NEW ORLEANS
Roger M Blough, US. Steel Chairman, charged that the pro- posed graduated incothe
on
London, May 28. Markets
had another disappointing day. Buyers
Encouragement 88% did not like the sharp drawn from prediction by
*wnd Lec Vico and | over-night fall on Wall B. Jackson,
Chairman, Firestone
Street and held back with that replacement passenger tyre today as follows:
Tyre & Rubber Co.
the result that month-end znica account selling tended
Alled Mills Inc.
for
and
Allis Chalmers American Airlin
Rudlo
18
38
dominate.
28
021
Olls were 50llustration
He ret as the breaking point Jor higher tariffs imports of 14| million pounds of the fabrics.
Until this year's imports reach the £34 milions breaking point, the White House said, tariff rates will remain al vir present levels of 30 cents or 37 vents pir pound, plus 20 per cent or 25 per cent of the value of the fabric, The tariff rate depends on the nurture of the fabric.
BREAKING POINT
petroleum company exploring things which they had to sell the atom in oil refining, in fo covered: fron and steel manu-
race in radiation research to facturer, cement-making plan, develop new and better petro earth moving equipment, troll- ers, electronics equipment, auto-eum products and lower
finery costs, hence ultimately mative parts, motor garage
increasing profits, according to equipment, precision tools,
investore advisory Institute. conditioning and refrigerating apparatus, plastics, motercats, agricultural equipment, indus- trial boller, railway rolling stock and cosmetics, as well using olin wool products, ells und fats, and Corp. estimates 1057 net in the weavers have protested recent dairy products.
+
ANALYSING
When the breaking point is reached, the imports will be sub- Jected to the full 45 per cent duty allowed by the 60-called "Geneva wool fabric reserva
Standard & Poors Co. analys-tion,"
Mathieson Chemical
3.00-4.00 range.
The milon was led by the President of the New South Auchinelose, Parker & Redpath Wales Chamber of Manufactures, says trend for 1957 net of Deere Mr John G. Hurley, and in- & Co. looks encouraging after cluded seven senior officials" "of sharp rise in the first quarter. the Australian Trade Depart- nent, among whom was a public relations officer.
The Trade Department under Mr John McEwen, has also sup- ponted other overseas missions. It paid part of the expenses of a Melbourne businessman. G.B. Courtney, who visited Per-
Mr
Harris, Upham & Co. estimates Stanley Warner fiscal 1957 et at 1.00 a share against 147 last year, says current $1 dividend rate could be raised to 1.20 by next year.
Szys
Black & Decker 1957 net nay
Hornblower & Weeks
slars Gulf countries in April to approximate $8 a share, against report on the prospects of in- 517 in 1950. creasing Australian
there.
exports
Domestic wool and
worsted
ly that their business is being hurt by Imports, particularly from Britain,
The President announced the new tariff quota under a 1947 trade agreement: between the United States and Great Britain, This country later extended the agreement to other United Press.
nations
*
New York Sugar Market
Domestle No 0 sugar futures
Corp. Americon Cyanide Co. Amer, & Foren. Power 4m. Gas & Electric Am. Mach, dry. American Metal American Smellt Am. Sugar Ref American Tab, "1" American Tel & Te Anaconda Copper Arco Sleel ATINGALT
Allan Cons. Mining Baldwin-Lima-Ha Baltimore & Ollo Hengelal Finance
Bendix Aviation Corp. Hengue! Cons
ilethlehem Steel
Boeing Airplane
lorden (The) Co. Burroughs Add Machine Campbell Soup Co. Canadian Pacifle R
Саве 19. 1.) до
Cat. Trucior... Celanese Corp.
Climas Molybdenum Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit... Commonwealth Elec, Consolidate Ediso Continental Oll of Del. Crown Zellerbach Cuban Amer, Sugar Diamond Alkni Douglas Aircraft Dow Chemicals Dupont de Nemours Easter Airline Eastman Koduk
C. IT Financial Corp. Chrysler Motors
FP National Cas Family Finance Corp. Firestone Tye & Rubber Ford Motor General Electri General Foods General Mowry Gen. Pub. UM. Hetty O1
G OF
eyden Newport Corp. Tontestako Mining Co.. Ingemoli-Ra Inland Steel Co Interchical Corp... In Burirless Machines
New York, May 28. World No. 4 sugar futures Walston & Co. says General higher with sales of 1,113 con Goodyear Tyre
closed today
5 to 13 points Gudder.) According to a Trade Depart-Hallway signals 1057
Goodrich 13. carmingstructs. ment spokesman, the closure, of could reach the 4.50-4.00 range the Suez Canal resulted in an and growth will continue with closed 2 points higher to 3 points Increased demand for Australian increasing railroad spending on lower with enirs of 40 contracts, goods. Mr Courtney, who had modernisation. been briefed by a number p
Ttado buying firmed the Australian firms as well as to Chrysler is reported to be having by firmness in the raw situation, national Ne
Shearson, Hamin & Co. cays market after n lower start, aided tai's Harvester Trade Department. reported back to Australia that new con- a good second quarter und also Dealer /sources indicated Int'l Tel. & Tel. tocla made were unlikely to be seis less vulnerable than Yugoslavia purchased 5.000 tons Kennecott Copper
Kansa C. Power & Light affected by the ecopening of the many other stocks that may of beet raws, or refined, from Liggett Meyer Tou. Co.
possibly be making temporary Italy, Spain was said to have Lockheed Aircraft top9United Press.
purchast another cargo of re-
Loews Incorp, ined from Brazil,
Lone Star Cement Co. Lowenstein & Bons Elsewhere, dealers awaited McDonnell Alrerats (Am work from Pakistan on its in- Stock ) quy for 16,000 tons of refinett, Mesabi Iron Corp.
Latest Havana trade reports Mission Developmient
Mini snld 143 mills have completed Monsanto Chemical Co. grinding of the 1957 crop cut of Montgomery Ward the 101 millis operating this sta-Notecola Duc, **
Contract No. : (world)
Canol,
Immediate Demand
son,
After visiting Qatar, Betrein, NEW YORK SILVER Kuwait, Basra, Baghdad, Teheran, Abaden und Khorram- shahr, Mr Courtney reported
: PRICES that there was on immediate demand for flour wheat, wool,
New York, May 28. Handy. Harmon, bullion dairy products, preserved foods, cement, timber, steel piping and dealers, today quoted the price July constructional steel, and pro-
of silver of cent at 80% September
-October spects of spies women's sents n fine ounce, the first March clothing. He added there was change in the white metal in 614 May July months, also a demand for goods in the
September "intensely competitive" Beld of
Handy & Harman sold' hormat polenta per ib,
Cube) automotive · spare parts and supply-demand memes were be accessories, air conditioners and hind the reduction.
Kippen" takesents. 9,120
-Contract No. refrigerators, awdical equip-| mend and rondmaking machine.
September November
of
Following a vid to Peking by the Senior Australian Trade Commisioner in the Far East,
July
The price DI eliver last changed on Oct. 17, 1865, when March It advahoud % cent to 91%, the mat (cents per lb, Gu NY highest level since Feb. 17, 1960.—United Press.
0.02-03 5,000.00 KOB
Minnesota
this year will reach
3
to new peak of 57 million units against 53.2 million last year conspicuous compared with previous peak with Royal
In 1940 when Dutch 54.7 million 179-4/5 falling 9, shillings, and
war time demand British pet-up. 23 Petroleum, Shell Transport and
boomed tyre sales obnormally. 43x4, Burmah down more or less by
Locally, spot No. 1 Ras was quoted at 31 % cents. 3 shillings. Ultramar lost nearly 4 shillings.
20
JEEK
48
18
4571
Along tho fairly idle Industrials there wêre
two or 41throo firm spots, due to en- couraging earnings, but that 4035 drift was moderately downward, GoTobaccos were depressed on the adverse publicly in connection with lung cancer scare. Gold nharts were friendless.
PROFIT-TAKING
British governments enjoyed another burst of buying but nosia profit-taking pared down tho 3114 gains to about 6 shillings. Hall
way nationalisation gained shillings & pence.
7
SINGAPORE
The market opened lower on overseas advices and it remained quiet throughout the morning.
There was some high covering for China In the afternoon. The market steadied and closed 3 higher than yesterday's, No. 1 rubber per lb. June 90-10
July 164-0 No 2 rubber per lb. June 0014-59 No, 3 subber per i. June 88-8 No. 4 rubber per lb. June 89-60 Spot nubber unbated.....
B9-20 Blanket crepe
82-66 No. 1 male crepe
LONDON
t
POLITICAL DEVICE
Prices of cutton futures closed corporations is a "cleverly de-
Spot July October December March
May
July
Clober
LIVERPOOL
Cotton
24.10
33.29.
34.42
34,30
234.30
34.35
32.00
future closings, in pence per lb, were as follows: Old contract
May/June
July/August
October/November
December/January March/April
New contract May/June July/August October/November December/January March/April
KARACHI
the-our-
signed political device" to totco the "voluntáry business."
In directly Enking rent inflationary spiral with wage demands, Fairless said since 1940 labour has demanded and obtained wage
increases that leave no margin for sharing the bencils of increased productivity with consumers."
He asserted that since 1948 the share of the natioral come allotted
in
woyce has in- creased from 84 per cent to 70 the phere in
26.58
20,44
20.31
28,32
per cent, while
26.32
20.40
20.0
20.40
20,47
20,40
The market' was in distress under the speculative hammer- Ing today. 07-09
Prices closed in
with spot quoted at 20% pence The rubber market was steady
per b. Priess:
No. 1 Ras spot
The Financial Times index of Settlement house ter 20-2014
dow tward this month fron
Germans were idle except for
a single demand
for
Young
52
37
911
government stockis has driftes
0231
1941%
87 to about 84.
Are
RAT
25
5611
44
120
304
3
Loan non-asented wiilch lifted
the price one-half sterling. The Japanese had another of
completely idle days.
Dollar stocks were marked
down to keep in step with Wall Street prices while the local premium receded 1⁄4 to g
1989 cent.United Press,
Singapore
نات
Stock Market
A
Singapore, May 29. Brokers today quoted following stock prices:
Batu Lintang Rubber Co. British Borneo
June
July/September
Chilober/Uncember
January/March
April/June
General markets, cit basis,
June
July
Aukust
Eslate crepe thin June
thick June 1 AMSTERDAM.
a.eu nom.
The rubber market was quict today. Prices were in guliders per kilogram, cif June as follows:
Nu. Irubber... No. 2 rubber ....... 2.86 nom. No, 3 rubber
2.50 nom. 2.65 buyera -Valted Preis.
No. 1 repe
London Foreign
Exchange
London, May 28,
Cloring rates were
tho
Opening
32.037
New York Montreal
Amsterdam
Petroleum Syndicate mg*** */** Commlidated Tin
344
444
343%
JOLY
Smalters
Ond.
National Cash Reg. "A" National Dairy Prod.
Fraser & Weave Lid. Or Fraser & Nesvo Lid. 736%
National Lead
$2.49 $4.05
Noklusel Steel Corp.
1镦
Carano (Malay) Linite: $3.00 Hongkong & Shanghai Bank»
031
ing Dory sh
Bokong. Th Ltd.
09
Kumpas Ltd. ................
Kunka 25mbar Tim
40
Lhoes, Rubber Basakos L
0.00,
Kalayan Breweries
3.18
New Gerandah Rubber Cat
18.00
Juting Tin Led
R
Api Dingaporo Cold Storage
United Engidwpes Orde (Waerne - Erőm,
$9.83-
New York Central
Olin athlet CHR Vetors
Owen-nola Q1 Pocide as d Elmo. Pan American Airways Paramount Pictures".
Penny J. C... Pran. Balt, C. Palio
prids Prodier à Camble Co
Industries
COD STARS COLATĂ
ex-duty
0,00. Melo, Corporat Open Interest? JAUL contracta -- Republic Steel United PresS.
Reynolda Metal
Copenhagen Frankfur
Milor
Dale Parts
Blockholm
Viebbe
·5.79%%~2,70 5/10
*200-2.005%
10:45-10.0314
1943-1943
11.73-11.732
1763-17833
1998-12-19.0835
98494-085
Others unchanged..
72,17-12,01
NY exchange rates were un-
available. United Press,
Exchange Rates
Business, Wis”-long in the noticial
Torning at the solowing reten:
19.031 0.6. dollar per 1)
Sterling dktas „Kokë.
"Aultralah" holes, (per &1 Indonesian rupiah)(per 100)
Siam Us! (per 100)
Elingapore (Alkemilm)
rupees per maund as follows:
corporate profits fell from nine to six per cent.-United Press.
NAMESAKES
Answers-1 Injury, 2 Polnis, 3 Bomber, 4 Belt 6 Round, Punishment, 7 Wghts, 0 Fista
Joe Louis,
TYPHOON MAP
With Latest Amendments
$5 MOUNTED
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