Page
THE CHINA MAIL, WEDNESDAY, JUNE 5, 1957.
TRADE and COMMERCE SECTION
UK MUST FIGHT TO STAY IN WORLD MARKET
HONGKONG
Report Shows
Shortage Of STOCK
Technical Men
By W. K. BLISS
London, June 4.
"The United Kingdom's position (in industrial have production) has and will continue to something of the nightmare quality of running up a descending escalator."
This apt illustration of the economic over- strain from which the country is suffering is used in a report on a searching five-year inquiry into a question that has been much in the public mind for years: Are the brilliant ideas of our scientists ignored too often by manufacturers and allowed sometimes to slip into foreign hands?
EXCHANGE
Our Own Correspondent
Business done on the Hong-
WORLD RUBBER MARKETS
New York, Juna 4. Rex rubber contract closed loday 8 to 12 pointa lower with sales of 87 contracts,
November
July
September
January
March
|
kong Stock Exchange morning
this
May
July
amounted to пр-
proximately
$318,000, Noon
ALTO 31.50
31.35 BIJO
30,00
30.70
The Standard contract clones | quotations and the morning's 6 16 12 points lower with no transactions;
sales reperied
Shares Buyers Nellers Bates
BANKS
IK Bank Waterbeat
January
July
Sept.
November
1050
...
March
20.10
7.00 1000 @ 7,45
0000
May July.
SHIPPING Whitlocka DOCKS, ETC. Dok LAND FC.
Ion 110 200 100
44
4514
K. Whort.. Pvident (0) 19.10 13.30 HK Hotel
"
200 3614
20 10.90 00 10.50
13.40 19.0
....
35 3014 its) 21 10.70
1.45 1.50
.... 1.473 1.025
22.00 23.10 1378
22.00
5:00
23
103 104
100
10
UTILITIES
x Land
Humphreys The answer briefly in "No." It will be difficult to increase Really If that descending escalator is to the supply without considerable HUBDER
the educational Amalg be stopped or reversed, however, changes k.
committee Tram we require to do a lot of hard system, which, the thinking backed by effective thinks, is eof in full necord with
Yagmati bellon, for "there is no trick of the needs of industry.
Αμαλ Government policy which painlessly keep British exports competitive."
Shaking-Up
The preparation of this report has not itself been very speedy; Nearly five years have passed since the British Association dy- elded to appoint temanitted to study the problem of speeding up the application to industry the result of selentille research.
C. Light (01 15.90 19.10 2300
(A) 73.16
There is s much wastage of Interi through potential Adolescents leaving school too
... 30.00 301 early for Jobs which, thoughtle
Marão E 8.00-10.30 affially attractive, do not bring | Telephone 21.00 20 but their full ability.
education.
Techrilcol
INDUSTRIALS This particularly applies to
Comment
3214 13 children from worklig class STORES, ETC.
Dairy
14.60 14.00 homes who do not get sufficient
Waln
11.70 11.20 opportunity of grammar school Lane C
... 28.00 COTTONS colleges
4.7216 require Textile
Nanyang XD 1.90 higher better teaching at the
MISCELLANEOUS levels, while university expon-Vibro
13.00 10 sion has been "both inadequate INVESTMENTS
€.25 rundserinkate,'
inadequate Yangtoa
.4.475 thin contrast with what the United ; ILK. A FE
Invest. ..10.20 States and the USSR are doing: Indiscriminate in that there is uo relation between the supply of and the demand for Kraduates their talents.
The Royal Society of Art, the
for Brilish Association Advancement of Science and the
was
Numeld Foundation joined in; :
formed, strong comalt.ce and their finds and opinion are now marshalled.
Ul
Allied
31.70
31.50
31.30
31.10
23.90
20.70
30A0
Futures incling was only routine today with prices hold- ing steady in line with foreign markets, Little interest was re- ported in the physical market. Shipments offerings were mall. Spot No. 1 Res was quoted at 32 cents.
SINGAPORE
The market opened higher on
19 overseas advices but it cused off 19.1 slightly whon it reached
FEW HIGHLIGHTS CHATTER
ON IRREGULAR
NY MARKET
New York, June 4. Stocks in special situations once again pro- vided the highlights in a generally irregular market today.
Volume picked up slightly to 2,200,000 shares from 2,050,000 in yesterday's session,
Du Pont foll to a joy of $1911⁄4, off 1⁄4, before meeting support which lifted price of mame to $193.
General Motors dipped % to $424.
Lukens stood out in a firm steel group with a gain of % 10 $98. Sunbeam Corp., Arnold Constable, International Uilities rose around a point,
Rails held stendy.
Closing Prices
Alden Inc. Acy.
Alled Chemickis
Ailled Mila Inc.
120 13.30 higher level because of profit-All Champ 20413.10 taking. Futures:
1750 30
500 27.00 No. 1 rubber per lb. June 2015-00 1000 or 27,00
July 50-0052 No. 2 rubber per 1h. June 2011-001, No. 3 rubber per in. June 187,097) 200 33
No, 4 rubber per jk. June 10-85 500
Spot rubber inbaled
12-14 700
27-00
LONDON
12014-0034
The rubber market was quiet
with spot quoted at 2094 perco
per 15. Prices:
American Airline
American Cable & Radio
Corp. American Cyanamide
Co, Amer. Be Forgn. Power Am. Gas & Electric Am. Mach, d F'dry American Metal American Smelting Am. Sugar Ret. American Tol
Chinese Bonds Active
In London
London, June 4. Stock markets waited patiently all day for some. to give one or something them a good strong lead
but
it was
88 coming.
sad
never forth.
ON WALL
STREET
WORLD COTTON PRICES
New York, June 4. The following are the over-closing prices of world cot-
ton futures:
New York, June 4, Edmund W. Tabell, ana- lyst for Walston & Co. secs no indication of ant bought condition in the general market pattern.
The Wakoton
Jetter that the team of Monterey oll
notes
•
NEW
YORK
Prices of cotton futures cloned
und Kern county land was today as follows: portedly made LE1 Important
30.45-
25.30
24,40
4.57
new discovery in Louisiana.. Spot
estimates General
Rallway
July
Signal
may Körn above
Oct.
Dec.
$3.50 in 1957 | and proach $4.
might ap-
Mar.
May
July
Orvis Brothers & Co. ELYS the overall market action has Month been quite
July favourable and a
Oct. further extension of selective Dec. price improvement seems likely. Mar.
Oct.
Volume 3,500 1,000
Open: Interest
1 $3,300
4.700
154,000
MAY
DECLINE
July
0,100
Del.
12,100
12,000
Total
$75,100 bales
Josephthal & Co, estimates Glidden may show 3.40 a sharo this fiscal year ending August 31, against 3.86 in 1950, but notes heavy non-recurring penses in new plants are causing the decline.
Oppenheimer & Com, analys ing Western Natural Gas, flads the stocks current market price adequately covered Ły proven
Just before the close the May 18% 31 dgures for the gold and dollar 525 reserves came out showing an increase of 25 million dollars to 101 2,345 million dollars. An increase
Is better than a decrease but 25 oil and gas réserves, million is nowhere near good
Shearsob, Hammill & Co. secu enough. There was a little sell-
Spencer Chemical
on Qui- British governments standing beneiciary of ing which closed down fith sterling increase in ammonia prices. or 1/10th.
Industrials showed a longlah list of very Email falls, mostly 3 perce or 6 pence,
Tea
170
America Tob. "B",
72
Anaconda Copper
Armco Steel
Armour
Atlas
fain woman
Baltimore & Ohio
Benedemel Finance.
14.75 11,00
Blanket crepe
No. 1 pale crepe
4.00
В
1800 4.75
100 7.00
2300 0.30
No. 1 J spat
2014-2014
Bendix Aviation Corp.
Settlement house tetru:
Benguet Cora
Bethlehem Biel
July
2046-2035
Boeing Airplane
40
August
2011-2015
September
20%-20%
Borden (The) Co.
61
July/September
2011-20
Burroughs Ada atachine
Campbell Soup Co.
October/December
231-20-
Canadian Pacific B.
January/March
2012-20
Case (J. L.) Co.
Apri/June
2016-244
Cal Tractor
General markets, cif basla, parla:
Celanova Corp.,
Jutie
2036-274
C. L. 1. Financial Corp.
July
2015-2021
Chrysler Motor
.....
August
20%-20%
Climax Molybdenum
30%
In other words, there are 100 CHICAGO GRAIN
many people in "Arls," too few In science.
to not wish "We would minimise the subtle influence of snobbery, in some universities It is conventions to regard pure mathematics as better that un-applied mathematics, and the classical scholar thinks himself better than any scientist."
Their ma conclusion is that British industry is not universoi- ty buckward in scientific matters, but the worst Arms, which have shocked
their by ignorant complacency," need a severe shaking-up.
All countries have somĘ progresive firms, but "we do not think this justifies the parochlel- British ism of large tracts of industry." The situation for- tumtely is rapidly improving.
Many of the supposed obstacles to scientifle progress are found to be largely imaginary.
The net effect of Goveiruncat trol or red tape, for instance, is found to be favourable fo The speedy application of sekunce,
Patent Office
Serious Lack
The report notes verlotes short-
chemical of
engineers,
ges
MARKET
Chicago, June 4, Grain closed irregular on the Board of Trade today after some grains recovered
losses early
Estate crepe thin June
thick July..
AMSTERDAM
The rubber market was dull
incurred in morning dealings. Today, Prices closed in guilders Wheat and soybeans rallied in per kilogram, dif June as follows: the late moming after establish- ing new seasonal low prices in early trade.
No. 1 rubber No. 2 rubber No, 3 ribber No. 1 crep
2.54 buyers
2.59 buyer 2.52 buyers 2.77 buyers
imited Pres
Buence on early wheat trade New York Sugar
World
Market
New York, June 4 No. 4 sugar futures closed today one point lower] with sales of 811 contracts.
A private crop report issued predicted that winter and spring metallurglats, mechanical and wheat production would be
engineers, chemists higher then earlier estimated. electrical
and designers, Physicists,
This report had Rome in draughtsmen.
"The degree of shortage varies but prices railled nevertheless with fashion,
The and
less in what traders described as Tike heavy glamorous trades
"technical readjustment." electrical engineering and house- Wheat closed up 1 to 1 But it is noted that the Patent | hold equipment complain they rents for old and up to 2 Ofice, through inadequate staff- are less attractive than aloenscents for new. Soybeans closed
from ing, tukes
two to four energy and electronics."
up to 1% cents. years to grant a patent, and his Fifty of larger fins in the Wheat Old contract may slow down the appileation engineering manufacturing in-
200TL of en Invention to lesdustry,
dustry repartist they were re- July 20314(1) 200TL) 503-W Nor does the committee And crusting only three-quarters of
September
2001-200
Domestle No. 3 sugar futures Decenbor
21014-15 high laxation as serious u dis- the graduates they needed.
Wheat new contract
closed two points higher to one At the san as is generally couragement
time industry
2004-204 point lower with mies of 308 supposed, though shortage of does not always make the best
contracts. 15
occasional use of the selcntists and techno- money
World hindrance to the full tre
futures dropped rulence and technology,
much as 7 points early in the session on further liquidation brought about by the lack of
in world new business
raw, but recovered sharply later on indications of new business in futures hek гажа. Domestic stendy throughout the day.
Contract No. 4 (world)
an
July *****
Septeinber
December
March of logists it does get. Among other Cora, Ne, 2, yellow
In the case of family concenis there is sometimes a reluctance to burrony for expansion Jest family control is lost.
The cominittee finds No evidence of suppression of new inventions, although "dissatisiled inventors often Imagine they are írustrated
by the wicked machhilens of menopolists."
things it gives them too much routine work and insufficient labour-saving equipment.
Spot
July
September
December March
The demand for scientifically tramed men and women will go Rye on rising for many years, and
·July new measures will constantly be
September neexied to conserve the country's † Outs
July mere supply.
"Industry and Technical Pru Soyucans, No. 2, yellow
September #ress," by ProfessGF c. r.
Spot and Professor B. R. Incidentally Carter
July found that the activities of the Williams; Oxford University September
have Press, 25,
The committee
Monopolies Commission
resulted in business becoming more secretive about restrictive practices.
One of the mingt important things favouring the adoption of scientific ideas Is the general attitude of mind of the manage- ment. Selence must be not "an optional extra," but part of on alert managerial outlook.
Directors
New High On Interest
Rates
Washington, June 4.
November
January
March Barley
200 lb. sack...
2001 2111
13114
12431 110%
Cli
2341n 2734496-76 22711 22214-16
July
arpt.
Oct.
MAT.
2234-34
May July
Sept.
130-140
$19,201
as
04-83 301-02
4.40
spot-teente per ih, foli Cuts), 8.35 Open interest: 0.965 contracts.
Spot
New York Bour
Contract No. 6 (domestio)
-United Press.
8.311-GQ
July
6.00-1
Sept.
6.00
Mar.
Hept.
Singapore
The interest rate that Stock Market
the Federal
In proof of this the committee selected 500 companies quoted pays
on
Government
short-term bor-
Singapore, June 5. Brokers today quoted the fol. lowing stock prices:
Opening Batu Lintang Rubber Co.
$2 * British Bornco Petroleum-
Syndicate Consolidated
Onl
מוגי
Nov.
Spot-(cents per lb. cif 'NY""
ex-duty
Open Interest:
United Prem
****
5.72
0,00
7,82% CODERCUS.
Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Commonwealth Elec. Consolidated Edison Continental Oil of Del. Crown Zellerbnoh
Cuban Amer, Sugar Diamond Alkal
Dougian Aleruft Dow Chemicals
Dupont de Natapura Eastern Airlin
Eastman cocak
El Paso National Gas Family Finance Corp.... Firestone Tyre & Rubber
Ford Motor.... General Electric General Fools General Motom Gen. Pub. UBL
Getly Oil....
Glidden Co.
Goodrich (B. F.) 6. Goodyear Ty
Gulf Oil
Tleyden Newport Corp Flomestnico Mining Co. Ingersoll-Rand inland Steel Co. Interchemical Corp.
Int'l Business Machines Int'l Harvester ...... Interrutional Nickel International Paper inti Tel & Tel Joly-Manville Co.
Kansas C. Power & Lant
Kennecol Copper Liggett Meyers Tob. Co Lockheed Aircraf Low Incorp.
Lone Star Cement Co. Lowenstein & Sons McDonnell Aircraft (Am,
Stock Exge.)
Iron Corp. Minggota köptom Milion Development Monsanto Chemical Co. Montgomery Word National Cath leg. “A” National Dairy Prod. National Lead
National Biget Corp. Neve York Central Olin Mathieso?) Otis Elevator Owen-Illinois Glass Pacific Gas & Elec. Pan American Airways Paramount Pictures Parks Davis Co. Pergy J. C. Co. Penn. Salt Co. Phip Morris
Procter & Gamble Co, PH burgh Plate Glass Publicker Industries Pure Oil........ Radio Corporation Tepublio Bleri
Itsynolds Metal
Bear, Fioebuck & Co. Abell 01 Co. ............. Sladart Reg. Paper Sinclair Dil
Bony Mobil
Boler Airerin
Agreement Reached Bouth Puerto Rico Bugar
Houthem Co. (The) ....... Bouthern National Ger London, Juno 4. Southern Railway (Com.)
Standard runde... The Council or Association standard Oil of Cal. between Britain and the high standard Oll of Ind. authority of the European Coat Blanderd Oil of N.J.
Steep Rock (Toronto Exge.i Steel Community today sterling Drug Co. reached provisional agreement Stokely-Van Comp an lowering of steel tariffs be- Btudebaker-Packard 'Corp.
Bwift & Co, tween Britai and the
six-Texas Co. nation community's members Tide Water Asm. äli Reuter.
Fume.Ine.
and
37% od
$2.48
on the London Stock Exchange rowed money hit a 24-year and made lists of the best 50 high yesterday when the and the worst 50 companies from Treasury
announced it the profit-making point of view. They found that the former had would pay 3.374 per cent marked superiority 1 the on an issue of 91-day bills. number of director with pro- This is the highest the Govern-
Smelters fessional qualifications.
imont has paid since the March Fraser & Neave Ltd Ord... It noted that the gap be- 1933 bank holiday when the Fraser & Neuvet 759% cum. tween good and bed firms fends rate was 4.250 per cent.
prez to widen. Technical progressive-
Gemmans (Malaya)" "Limited" "17:124) Today's announcement con- Hongkong ★ Bhringhal Bank» ness pays and companies making cemed an larue of $1,800,042,000 good profits attract the resources to be dated June 6 and mature Hongkong Tin Ltd.
6. Until
yea
September.
009
Or 10%
Humpas Ltd. the Kun Kampar zin verenigd dus na
Lunas Rubber Estates Ltd,
How Serandah -Mubber, Co.
BL.87
NAMESAKES
Answer:1
3. Dena Tole copos, Vulcan
Driori (Gions Hunten from when the constaRation
Oenopior,
2
they need, while the backward on ones are ill-placed to command 3.374 per cent rate announrood either the men or the capital yesterday, the highest in recent Malayan Breweries Panon #3.1236" required.
Was 3.331 per cent for | Zid. The crux of the problem in D1-say bills dated December 20 Peuling in Ltd. ensuring an adequate supply of lost your.
Harem Hotel viciYou trained acientist and techno
Last week the rate was 3.245 nanopy Cold StoraEW
Stralis Trading Co. especially men with per gets. The lowest rates minor | zirnīte Boamato 235 bove their -own mint December was three weeks Untist. Enguera ord: modiato
outlook
Warna Brom and with ago when it was 2.804 per cent.g qualities of leaderullp.
China Mall Special.
Rocial..
ERRATIC
wolo
NEW ORLEANS
Prices of cotton futures closed day as follows:
Spot
July
OCL
Dee.
Mar
May
July
Oct.
LIVERPOOL
Cotton
in
future closings, from the pence per ib. were as follows:
Francis L, Du Pont de Co. looks for Arvin Industries 1967 net to come within pennies of the 4.00 a share record set in 1955....ays Clark Controller should see its second best year in 1957.
Oils
onrutic, Anglo- Egyptian "B" urgently wanted 4744 and one 2 shillings 0 pence but Bache & Co, noting manage- 131 it was alote in this British meat of Pittston Co, estimates Petroleum lost 2 shillings pence 1957 carning approximating $8 and Burmah Oil and Canadian a sharo against $5.30 in 1955, Eagle lost 2 chillings and Royal days the company will continue 40 Dutch and Shell a few pence
to show carnings gains in 1858 the foreign scetion the and 1959-United Press,
Jaz
10
Chinesad bonds turned very
731
71
In
44
31
Be
active
43
от
the government's decision to encourago trade
with mainland China.
04 of them
*
76
Several
rode as much as 18 shillings. Japanese weIŲ also
dif active with gains of sterling
1031%
in the non-absentedia with Tokyo 637% 534 percents up
2 sterling and ark several gains of 1 sterling in the 101 assented.
Ref unchanged.
London Foreign Exchange
London, June 4. Closing rates were;
But Germana
were ide and
New York
Montreal
Dollar stocks were marked
Bruggin
Frankfurt
469
0744
lower in adjustment to New Milan 414 York but there
Je Was
出
Paris
activity; their premium was an Stockholm
Vienna Zurich
PIC
39
36 changed at 9 per cent.-United
75 BIK 1474
Press,
LUXURIES HIT
IN JAPAN
Tokyo, June 4. Government clamped down on Imported luxuries to
Tho
A day and warned the nation that It will have to export more to keep its expanding, economy
i under control,
31
The Ministry of International 45 Trade
and Industry hiked drastically the guarantees im- porters must deposit with the government to purchase non- 344 essential Items from overseas,
The ruling raised the deposit rate three to five per cent of total value at present - up to a new ceiling of 35 per cent......... United Press,
LONDON METAL
PRICES
London, June 4.
Prices of metals closed today
in sterling
per long tou
כווי
JB
follows:
Buyers Sellers
Ta spot
700
2001%
60%
Copper spot
23014
3312 2412
3132
Lead lat hall Jung
Rept
Zine 1st half June
4216
United Press.
3-morith
3-month
י
Old contract
July/Au
Det. Nov. Dec/Jan Mar/Apr. May/June
New contract
July/Aug
Oct/Nov,
Dec/Jar
Mar/Apr.
May/June
SAO PAULO
នកត៥ ឥតទ
GAB23 222ig
20.00
Cotton future closings, in Cruzeiros per kilo were as fol
lows:
40.00
41.20
41.70
41.40
July
October, December
March May
in the United States, the aver- age price of one-inch cotton at
14 designated spot markets was 33.93 cents.
Total sales at these markets 2.79-2.78-1/18 wus 107,336 bales, United
206-3,08-1/15
140.70-140.32%
12.031-19.08%
11.732-145NP
175149-17014
HAJ-0651
14.45-14,491
72.01-72.04
12.24-12.24
Others were unchanged United
Exchange Rates
Press.
New York Foreign Exchange
New York, June 4.
Closing rates were:
Canada Business was done in the loret England oficial" undicial exchange market morning at šhe following Talents V.B. dollar (per BI1_.... Sterling notes (per £1) Austrian noles (per £ Indonesian rupiah (per 100) .. Slam teal (per 100) Singapore (@iralte),
TEACHERS
* 30-dayw
90-day
0.20
Austraila
13.22
New Zealand
12.14
South Africa
13,30
Belgium
1.64-10/10 2.791% 274 2.70-6/10 223-4/10
2.79-3/34
... 108-13/10
2.194.
Others unchanged
-United Preas.
a MUST for your
bookshelf
THE GUINNESS BOOK
OF RECORDS
NEW YORK METAL FUTURES
New York, Justo 4. Prices of metal futures closed today in cents per lb, as follows:
poled LADORE
91.31 "Blandari; "|"Deals-United Press,
enables you to answer your pupils' questions
Obtainable only at
SOUTH CHINA MorninĠ post LTD. HONGKONG & KOWLOON
$9.50
Twenty Century Fox Film
tion Carbide
Union-Pasific Rail
Lead
United Airovaft
นมพล
13,001
United das Carp.
July
844.00
Funa
19250
July
Copper
21.000
Felting
75. dyprim
Lin Co.
Rubber
Westinghou tecino Western Union TV), Co. Wat VI, Pulp de Prom Woolworth
July
Jude July
United Press.