Page
THE CHINA MAIL, TUESDAY, JUNE 4, 1957.
TRADE and COMMERCE SECTION
Page
NEW FERVOUR FOR EQUITIES COTTON FUTURES
Speculators Go For Fringe Shares
By SYDNEY S. GAMPELL
London, June 3,
In the general inflationary context, not least in Britain, the new fervour for equities cannot in itself be seriously criticised.
When
WORLD RUBBER
MARKETS
New York, June 8.
Rex rubber contract closed
today 35 to 42 points higher with sales of 60 contracts,
July
Sept.
Nov.
Jatr
Mar.
May
July
ឥតន
4842082
SPOTLIGHT ON
DU PONT ON WALL STREET
New York, June 3. Share of E. I. Du Pont took the stock market spotlight as the supreme court ruled the company and General Motors, in which it has a 22.6 per cent Standard contract closed 38 to stockholding, have combined in an illegal restraint
of trade.
42 points higher with au sules
reported.
July
Sent
Nov.
Jan.
Mar.
May July
one has held that the difference between London's 1955 highs and the 1956 lows was merely a difference in degree of bizarre undervaluation, one can hardly cavil at a trend towards making up some of the undervaluation.ment offering at higher prices.
Nor is it necesarily ominous sunusing that rather is it
Home
of the new buying is prompted by some very old arguments, the airing as sudden new discoveries of
some elc. monlary truismo which have beon self-evident for year the
that undervaluation extreme
bas throughout been propounded here presupposed just some such of the fucks under-acognition
1.3
The of present political affecting money and real values.
For sound equities, of which there are plenty, one would not care to be catty even about the short-run fashion,
Morcover the speculators have not been going for the great can weather companies which
storms; unsettlement or any
the they have been going for
hangers-on fringe harca and where the absence of knowledge the more scope for leaves Fumour and påtter.
་ ་
There may well be some wia ners among these fringe shares
but if all those that are at pre- rent being backed turn out
to
he winners it will be something new in this world.
Danger Signat
I may well be that the pre- Another danger signal is the sent level of blue chips is dis- poor behaviour of gilts,
revival | ind some insurance shares. counting an economic
and a political consolidation well
advance 134
of their achievement, but if so it is not untoward: is a normal func- tion of the market.
Sethack
п
If the market has run ahead further than that, it may still need nothing worse than pause or temporary setback-uni! the secular trend catches up.
There are obvious dangers when, as appears to be the case at present, people feel that they cannot go wrong and that the ators in their courses are fight Ing for them; but in fact a sound equity portfolio is un- fikely to come to much harm in the short run and is highly logical for the long.
Sound as may be the underly - Į ing trend, there is some worrying speculative froth on the sur- fuce.
Casual remarks, tips and Tumours are being seized upon to hoist the prices of some Khares whase real value is con- jeoturul ar nebulous,
If big and well-posted in- vestors distrust these gumbling counter the distrust tends make them oversold and all the more volatile,
genuine
to
For that reason,
some coun- fer which
investors rated a dangerous or possibly doing
been
worthieus have marvels for the speculators,
However long this paper chase may go on, it will be sur- prising if some Angers are not burned in the end.
Unless these can throw some of their present political as a whole fears, the market may become questionable
The higher trend reflected the London action and limited ship
Deuter switching of Sept, for July contracts accounted for part of the activity.
Locally, factory business re- mained on the quiet side. Spot No. 1 was quoted at 32 cents. In the shipment market falx- sized amounts of the ambers June shipment from
Indonesia
The ruling of the case scaled down of the civil anti-trust suit initiated by the government in 1949, sends back to federal district judge Walter J. Labuy in Chicago and traders concluded Du Pont would be forced to distribute some or all of its 63 million G.M.
Du Pont ran up swiftly over
The gain was: Fritiny's close.
closing, pared to a polu! by however, General Motors dipped 1⁄4 to $196.
Lower
were 12-
Stocks generally
Jower at 274 cents, cost and freight, regularly
On moderate The three browns
with Dircrafts in the sume turnover positions moved at 27% cents.
steels soft, olis widely mixed and with special issues up or Saigon,
down points on the day, shoots reportedly soki al 314 cents and
From
one
two shcola at 31 cenis a pound. June shipment, costs and freight.
LONDON
steck
off
The rubber market was quietly; steady with spon quoted at 20%
Prices: pence per b
No. 1 Ras spot........... Settlement house term:
July
2014-2015
2371-20% 20-253
September
July/Boptember
October/December
January/March
April/Fune
Though the significance of the letlwan political swing in the local elections may well have been overplayed, the threat of disruptive political reads can- not be dismissed out of hand.
But if it materialised, its im- pact would not be confined to the sections.
Augus
General markets, sit baɛla, port
June
July
Augus
Eotate crepe thin July
thick July..
Pure Cl... Radio Corporation Republie
Saint Heg Paper Sinclair Vir
Socony Meblo
Soler Aircraft.... South Puerto Rico Sugar Southern Co. (The), Southern National De
HONGKONG
STOCK EXCHANGE
Our Own Correspondent Business done on the Hong- kong Stock Exchange is mately $303,000. Noon quota- to appro- tions and the morning's trans-
mowing amounted
butions:
210431
Buyers Reliers SALES
coT LOANY BANKS" INSURANCES SHIPPING
DG 3000 BO
1050
Union
0811 Wheelock 7.40 7.45 1930 «9] 140 2000 69 7.45 000 740
$219 Humphreys
RUBLER
་
500 a 13:30.
700 33.50
..000 e 13.30
1845
GAIN ON·
WHOLE SESSION
New York, June 3. Cotton today opened higher and kept odding gradually to the gain for the rest of the session,
Closing around the day's top Nearby July contracts ruled levain the list showed not gaini relatively quiet and generally of 21 to 35 points. Opening unchanged. The certificated stock prices were unchanged to up 7 docilnod 1,084 bales to 10.009 points, New Orleans closed up bales, but the reduction had 18 to 23 points,
little market effect. Open con- totalled tracts in July today 114,700 bales.
The rise carried the nearby months back to around the season's high levels reached just a week ago today.
Prico-living Power Was generated by a growing co- viction that Congress will not pass any important cotton prica legislation at this session, plus nows of further unwanted rains: in Western belt sections, where the crop already. Is off to | cxtra-late start,
NEW YORK Prices of cotton futures closed today as follows:
Aprit July
October December March
May July
October
NEW ORLEANS
34.45h
34.50
MAD
3448
3447
(11.24,01
3.15-10
Prices of colton futures closed
today as follows:
Spot
July
October
December
March MAY
Jus
October
SAO PAULO
Closing pricea in cruzeiros per
kilo were as follows:
Expectations for a higher gov- ernment loan rate continued to be a market influence. The loan will be determined Anally on the basis of the July parily base. The curent rate is 77 per cent of parity, but some quarters expected it to rise, possibly to 10.80 botween 82 and 24 për cent.
Detuumination of the
Anal 1,470
percentage rate rests on the end- season supply situation. Because of the heavy exports nepoldated under the government sales pro-
and gramme
possibly of age price of ore-trich cotton at smaller crop, a few observers 14 designated spot markets was believed the Department of unavailable. Total sales at these Agriculture may be obliged to markets:
bales---Unfied increase the loan base.
DOCKS, ETC.
Owen-linols' Glass Patlle Gas & Elec. Pan American Asways Paramount Pletüren
61
Provident
K. Wharf. pock
107
13.10 13.30
Parke Davis Co.
LAND, ETC.
Fenny J. C. Co.
UK Land
RK Hotel 15.40 13.00 2000
35% 35%
Fenn, Balt Co.
03
(0.00
Philip Morri
Procter & Gamble Co. PROburch Plate Gläs
473% Healty .....
201
1.45
43
1000
Publicker industries
6
Amel
1.475 1823
1.30 1,40
awah
$1.93 1.05
004 € 1.00
53%
UTILITIES
Reynolds MMak
Tram
and
...... 22.70 23.10
£60 £3
Bears, Roebuck & Co.
27
DOUG 23
Shell Oil Co....
91%
100 23
4000 22.00
003
Youmpu
100 104 100
1000
10.00
18.00
13,20
1050
30
27.70 27.00 1280
1200 27.30
23
STORES, LTC.
Dairy
..... JATO 14.90
600 @ 10:30
Watson
... 31.70 11.90
100 1000
10.00
11,80
64
1000
11.80
291% Lane,
20.10
COTTONS
Nanyang
4.70 4.75
a 2000 7.90
¡BOUN
Enlist *** 2036
Allied
Standard Brands
Measured by the Dow-Jones averages the 30 industrials were off 1.17 points at 603.70; 20 rail-Southern Railway (Com) Toad of 45 at 145.10; 25 util Lies off .00 at 73.94 and the 05 iolocks composite average down
40 at 175.23.
of 1,104 issues traded 517 were lower, 370 higher, 277 un- changed with 37 at new highs, 35 at new lows. Volume match- od Friday's 2,050,000 shares,
Sales today dropped to 900,- 000 shares from 020,000 shares traded on Friday.
336-2034
Bond volume was $8,780,000 against on Friday.
today at $3,451,000
Dow-Jones, closing
were:
Singapore and Arstendam
It is something that should be rubber prices were unavailable. discounted by all the sections-United Press.
that it may affect, and with for
less rushing to extremes be-
tween temporarily fashionable CHICAGO GRAIN
and unfashionable investments. -China Mail Special.
BONDS
DEPRESS
MARKET
London, June 3, British Government bonds moved lower again
today on the Stock Ex- change and helped depress in the rest of sentiment the market.
PRICES
Chicago, June 3.
Prices of grain futures closed today in cents per bushel un follows:
Wheat, No. 2, red oid
Spot
July 204(0) 202
Sept
Dec.
204 2016-12 20416 2001-1
Mar.
Wheat, new contract
July Sept. Due Mor.
20216 2101 205-205.
Corn, No. 2, yellow
Spot
13212
July
Sept.
De
120 1301 13634-16
Mar
The Old Consols and War Loan steadied a bit at the close after being down as much as 10 shillings earlier.
Rye
July
Sept.
Outs
July
0621
Sept.
either side Soybeans, No. 2, yellow
Spot
July
9rot
Nov.
J
Mnr.
Investors kept away from industrials where prices moved Oil may typify both sound-only a few pence ness and the froth. It has some of the previous close. magnificent prospects and some magnificent investments.
Suez Crisis
The Suez crisis, which was supposed to show that the Mid-
Dils were steady with Royal Dutch up 5 shillings and Brkish Petroleum 2 chillings 6 pence. Suez Canal dropped £1/2.
Gold chares firmed, copper eased, and rubber and ica stocks were mixed.
Chinesa liens were active and
dle Eastern supply in undepend-strong in the foreign bonds list,
D
u
to with
most of those. issties between £1 and £2.
German and Japanese bonds were dull.
United Press.
able, may rather be held have shown the reveive: supply which has stood up the hell and high water of the past year must be rateri pretty secure if the future is to be legs shocking.
4.
All the Middle Eastern pro- ducing countries have evidence that they know which side their bread in buttered, and the tran sit countries are getting intransigent every day.
MARKET
harley
Spo... New York Dour
200 ID.
30 industrials
20 Kali
35 utilities
86 tocka
40 bonds
Bandard Oil of Cel
Standard Ol of Ind. Standard of NZ Steep Rock (Toronto Exge.) Sterling Drug Ca Stokely-VAZ... Sako Packard Corp.
Swift & Co.
Texas Co
Tide Water Asm. Oil Time Ine.
Twenty Century Fox Film" Union Carbide
Union Facile Railway
United Alrerati
United
UA F Corp.
U.B. Gype?
U.6. Line Co.
Rubber
U.B, Smelding
U.a. geel
Warner Bros.
averagen Westinghouse Electric
Comm, future price index..
Closing Prices
Alden Inc. Acy, Allied Chemicals Allied Mills Inc. Allis Chalmers
003.74
145.10
73.94
178.23
製$7
158.20
Western Union Tel. Co.
West Va. Pulp & Paper Woolworth
19
-United Pres.
New York Sugar
Market
C. Light (0) 19.70 18.00 1000
(Rts.) 14.90
10 1020
Blect **** 20.70 201
Telephone
INDUSTRIALS Cement....
پیچ
10
Singapore
Stock Market
Singapore, June 4, Brokers today quoted the fol-
*
June
July
October
December
March, May
unquoted
40.00
41.50
42.00
***... unquoted
In the United States, the aver-
Pres
7,425
POBIE
COMPANIES
PENINSULAR & ORIENTAL S.N, CO.
PASSENGER/FREIGHT SERVICE
Outwards *CORFUTM
"CARTHAGE"
"CANTON"
*CORFU”
Leaves London
Sailed 23/3 2$521 Ju
23rd July
20th August
Vis Southampton, Colombo, Perang
Homewarde
lowing stock prices:
"DANTON"
174
29
243
10
New York, June 3. World No.
4 sugar futures today closed 15 to 23 points lower with sales of 108 contracts.
at Lintong Rubber
Lid.
British Borneo Petroleum
Byndicate
Opening
12.03
EA⭑
"CORFU"
+
"CARTHAGE"
*CANTON"
*
American Cable & Radio
*
American Cyanamide Co. Amer, & Forgn. Power
Ord. $2.48
American Airline
Corp.
Am. Gas & Electric
Am. Mach. & PA17 μ-- American Metal American Smetung Am. Sugar Ref. American Tel & Tel American Tob. "B" Anaconda Copper Armco Steel
Armour
Atlas Cons. Mining
Baldwin-Lima-Jiam.
Enkhmore & Ohio
Ber:tficial Finance
Bendix Aviation Coxp.
Benguet Cone,
Bethlehem Steel
Boeing Airplane
Borden (The) Co.
Burroughs Add Machine..
Campbell Soup Co.
Canadian Pacific R
Covo 13X) Co. Cat. Tractor
Седневе Согр
UIT. Finoticial Corp. Clase Manhunt. Bank', Chrysler Motoṛa ....
| Climax Molybdenum
Colgate-Painojive Co.
| Colombian Carben Co. 233150 23316-Commercial Credit 2001 | Commonwealth Blog. 221-Consolidated Ediac
2214
130-140
$13.20%
-United Press,
WINNIPEG PRICES
Winnipeg, June 3. Prices of grain futures closed today in centa par bushel as follows:
SANTOS COFFEE
Onts
July
Dec.
Rre
New York, June 3.
July
less
Santos "B" coffee futurca lo- day closed 115 to 160 points higher with sales of 245 " con= | Harleg tracto
Dot,
Dec.
July
Oct
In the spot market, Santos da moved up to 58 cents, Prices Flaxsood chood today in cents per lh, az followe
Doc
34.50
Fon that very reason there is the more danger of a difficult and costly readjustment, as the Mahle Eastern productes com- pete for a market impaired by The homons of the past year and
B futures July
September
by the US political trend to re- | M futures July
pel importe of Middle Eastern
oli
For the longer run, until the
atomic era arrives many years
benoë, all should trave fitje to
Lear.
1
September
08.35
United Press.
NAMESAKES
-Anawrong; 1 Danes, 2 Battat=
Continental Oil of Del. Crown Zelleryach
Cuban Amoi, BCĐT
Diamond Alk
Douglas Alteraft
Dow Chemicals
Dupont de
Tastern
Eastman Kodak
El Paso National Gies Family Finance Corp. Firestone Tyre & Rubber Ford Motor ...... General Electric General Foods. General Motors Gen. Pub. VIN. Gotty Of
099%| Glidden Co.
Gold Goodrich (B. r.) Co.
105
00
15 Goodyear Tyre
Gulf, Da
Hayden Hewport Corp.
Ingersoll-Rand
Inland Steel Co.
Intanchement Corp.
Int'l Businem Moähines Int'l Taryester ***
£30 International Nickel International Papar
Int'l Tel. & Telj
24234 | TARN-Zagvile Co. July
Karhus C. Power & Light Deo.
Silk Kennecolt Copper Canadian wheat expart; Northern Liupkit Mayaro Tob. No. 3, non-IWA 185 cents; No. 8, Lockheed Aircraft 134 center-United Prem
LOWWE_JOOKED, MALAY
Cement Co.
MaDonnali Aircraft
Atools Auge.) Mesebi proč Dorp.
CHICAGO LARD
FUTURES
Chicago, June 3,
Developrňept Monsanto Chanics Co. Morlannery Ward
Prices of land fitürme olored | Metal Jag, zidn
For the shunter run, the way | llong, 8 Normata, 4 Willlum, 5 the bottom tus fallen out of the Tostig, 8 Dover. 7 Hero today in centa per 36. as follows: tanker maricet since las) Decem: Edward, Enemies. ket may be a warning of
at fessor.
Harold).
10 Con-
least some unsetilemärit, if not Earl Godwin (Father of King
of atoms.
september
Dobober November Pechenbar
Nerone
euros. Bray Prod,
Matforsal Le
18.00
Rallone Beel Corp.
11.00
New York Chalii"
170
Consolidated Tin Smelters
Ord. Domestic No. sugar future's Fraser & Neave Lid closed 1 point higher to 1 point | Fraser & Neave 75% cuan, Lowe: with sales of 282 con- pret .... tracts.
Gammons Maloya) Limited Hongkong & Shanghai Bank-
ing Corp. Profit-taking by some of last Hongkong in Ltd." week's buyers, and moderate Kumpay Ltd.
Kuala Kampur Tin 22% hodigo selling plus lower raw Lungs Rubber Estates Lid.
slivation, all combined to de- Malayan Breweries Gene
Rubber Co. press the world contract, al- New Serandah though months of nearby scored partial recovery from ex- treme lows at the clost.
19
61
449 July
Contract No. 4 (world)
September
Celeber
33 March
1 July
Beptember
Cuba)
Spot-(cents per lb. fab
Ltd. Petaling Tin Ltd. Hafiles Hatel
Singapore Cold Storage Stratte Trading
Strails Bleanship United Engineers Ord. Wearne Bros.....
5.04-8.35
Special
442
4.33
6.00
Open Interest: 9039 contracts.
Contract No. 6 (domestic)
+4
E8
July
い
September
November
arch
September
291
BDOL cents per lb. clf NY
ex-duly)
6.95 Open Interest; 3,836 contraeis. — United From,
London Foreign
Exchange
London, June 3.
Closing rates were:
New York Montreal Amsterdam
41% Coparkagen
Prvakfurt 1.deboa
Chlo
Btockholm Vienne
2.79-3.79 1/12 250 5/16-2.06 7/10 10.0312-40.89 3/10 1400734-3500
21,7536-22.723; 0000-00.15
$300
B 10'
11.06
45 3d
,80
#3.15 1
12.80
$2.40
#1.87%
$4.4712
$15.07
$0.93
3.2235 China Mail
· LONDON METAL
The in
PRICES
London, June 3, market was, steady today. Spot and three-month fell % to 7034 and 70144 stori- jpg. The copper market was steady while lead and zinc were quiet. Prices closed at the eart of unofficial aflemoon session' by sterling per long ton ne foliowe: Buyers Belters
704 763 701 1811/2
Tin spot
-month
Copper spol
דם
*
Leaves Hongkong
5th Juna
5th July
2nd August
goth August
Due Hongkong
Let July
20th July 20th August
23rd September
& Blugapore,
Das London sih July
4th August
Jat September
20th September
Via Singapore, Penang, Colombo & Aden, FREIGHT SERVICE
"SHILLONG” ou# 18th June
due "SUNDA"
Oth July
"SHILLONG” loads 15th July
from UK.
from U.K
for Gingapore, PL Swet Lenin, Penang, Adythe Ham- Havre, London, burg. Rotterdam, Ant- werp & Orangemouthi
BRITISH INDIA S.N. CO., LTD.
1958 - A HUNDRED YEARS OF SERVICE — 1058 “SANTHIA" dua 5th June from Calcutta, Rangoon
Be Straite sails 7th June "FULTALA” dur 2ard June anila 25121 June
ود
"SANTHIA” due 20th June
salls 27th June
Top Japan
from_fupra
for Singapore, Penang, Rangoon, Calcutta
chittagong
from Japan
for Singapore, Penang. Fangoon A Calcutta
P. & O./B. 1. JOINT SERVICE
"UKLANA" du» 104% June
salle 21st June
"OZARDA". dre 20th June
salis 28th June "UMARIA" dua 20th Juno
Balle 13th Ja
from Karachi, Bombay, Cochin & Singapore for Japan
2367/ 230
3-month
231
Lead it half June Bapt. Zine 1st helt Jilne Sept.
004
Di
2015
80
7314
70%
United Pres.
"UKLANA” due 23th July
+
NEW YORK METAL FUTURES
New York, June B.
Prices of metal futures closed
today in cents per lb. as follows:
Lad
Jund
14.00
July
13.99
Zinc
June
10.406
July
10.300
372653-19.903
Copper
June
28.Bab
71.00-12.63
July
United Pressl.
June
July
unajkoted
quoted 09.1996
New York Foreign
Exchange
Nyw York, June 3. Closing rates WER
Canada
England Diclaj
*
Bouth Allies
Exchange Rates
Business was dour in the focal upiniligji atobanermarket. This 1.06-25/22 | 10gsming at he blowing salesm Budičia | dibeling motės (per £15 ***** Australno notes (per (1) .......... Indonesian rupiah (per 100) .. Bilans tioni (pie 100)
salis tỷth July
trom Bombay, Cochin, & Bpor for Japan
from Japa
for Singapore, Bombay, Karachi,
from Japa
Dubai
for Smgapore. BombaT. Karwohl. Daarab, Khor- rasmiyar & Kuwait
EASTERN & AUSTRALIAN 5.5. CO., LTD.
"NELLORE” dua th June
all th June
Sropa Australia
Tor JADILI
"ARAFURA”salle 10th June
for Labusa, Sandakan, Robul. Brisbane, Byd DAY
Adélaide.
Melbourne
Aji yemele kayo liberty to call at any porta un or off the route à the muta 'di- railings new enbfact to change or amendmens with or without notice.
Far full particulars apply to:
MACKINNON, MACKENZIF & CO. OF HONG KONG LTD. Telephone Nos: 27721-4.
#
*