Page
THE CHINA MAIL, THURSDAY, JUNE 6, 1957.
TRADE and COMMERCE SECTION
HONGKONG
BARTER COTTON FUTURES
SPECIALS IMPART
RESUMPTION OF US Revised Programme On
A Tightened Basis' STOCK For Strategic Metals
Washington, June 5.
a
EXCHANGE
Our Own Correspondent Business done on the Hong kong Stock Exchange this morning amounted to approxim- ately $204,000. Noon quotations
FIRMER TONE
ON WALL STREET
New York, June 5.
ON UPGRADE IN NEW YORK
New York, Juno 5. Unfavourable crop news, and diminishing chances for passage of cotton price legislation at this congressional session, combined to keep cotton futures on an upgrade today.
All deliveries from October forward rose to Demand for oll stocks and a handful of special | new seasonal highs while nearby July hovered just issues Imparted a firmer tone to a basically routine and dull stock market session today.
below the previous peak.
Day trader replising and hedge selling shave extreme gains
re-towerd the close but the last New York Sugar
higher.
With little in the news to influence market opinion, traders lacked incentive and volume flected their hesitancy, dropping to a low since 1040 April 16.
The US Agriculture Department has announced resumption of the barter programme under which any United and the morning's transactions: States Government-owned surplus farm commodity or tobacco on which a loan had been made would be exchanged for strategic motals and materials produced in foreign countries,
The new revised programme, Department officials said, meant that barters would be continued, but on a greatly "tightened basis."
►
fx-
were delivered.
Under the old programine, in- terest was not charged for the first two years, in effect giving. the contractor use of the sur plus foods free for a two-year period,
Barter contracts in recentes unit the offshore metals years have Involved the change of between $100,000,000 and $150,000,000 worth annually of offshore metals and materials for American surplus foods,
The new system, the offieisis sald, would have one criterion: a barter transaction must result in a net increase in exports of United States farm products and not, as had sometimes happen ed in the past, replace what might have been a dollar sale.
Substituting
11
It was the fear that barter deals were substituting for dollar sales of surplus com- modities that led the Agrien!- the ture Department to halt barter programane at the end of review of the April while a rev system was made.
Another
consideration stopping the bartery temporarily that was a Department beliet increased prosperity, in Europe as well as in other parts of the world, meant a better supply of dollars abroad with which purchase US form products and that the old barter programme harmed was too liberal and dolior sales,
Deportment officials also said barter the tightened new that programme probably would meet favourable response in foreign countries like Australia,
R
to
5. To make
Sure that barter transactions would not replace any doller sales, the Department would rugitire a citractor, under certain condi dons, to submit to it a "special shraving" or proof that his pro- posed barter would result in o net increase in
urls"
total US ex-
Special Showing
Exports of cution, wheat, and feed grains to certain countries would be automatically pre- umed to be in addition to nor- mai exports," the Department said, and on such shipments the "special showing" would not be required. But this examination would apply only to a very few countries, ocial sald.
WORLD
RUBBER
MARKETS
New York, June 5. nex rubber contmet closed 35 to 30 points higher today with sales of 140 contracts.
32.09 81.03.30.00 31.70
July
Sept.
Nov
Jun.
Mir.
May
July
31.50
31.30
31.10
30.00
Standard contract closed today 35 to 40 points higher with no sales reported.
July Sept. Nov. JAN. Mar.
MALY
$2.09
31,70
81.00
11.30
31.10
Shares Buyers Sellers ROFI TANKS
HK Bank Wheelock
DOCKS, ETC.
1.55
1060 7.00 690 7.25 1000 755
100 100
44
K. Wharf. Dock
... 434 Provident 1.1.10 13.20 LAND, ETC.
JK Hote!.. 134% 10.0
HK Land
Kumphreys Really RUDLER Amole Trust
UTILITIES Tram Yauri! C. Fight
331,
11
10 GO 1.45
20
1.476 1.525
(Ra) 13.10
Approximately 1,040,00 shares changed hands compared with 125 13.20 2,200,000 Tuesday.
Otla slood out as the best of the group performers.
700
161%
706
30
1,30 1.40
22.80 23.10
200
23
103 105
44
104
18.00 19.00
60
13 20
Macao E. Telephone. 27.90
20.00 3017 0.00 102
012
30
900 & 21.90 2700
20
INDUSTRIALS Cement
3212 AN
Electric
Fluctuated
Procter & Gamble Co. Pittsburgh Plate Gloss
Publicker Industries Pure Oll........ Radio Corporation Republic Steel
Reynolds Metal
Solar "Aircraft ...
finished net 3 to 17 points The market opened off
1 to up 1 point. New Orleans closed unchanged to up 17 477 points. 0271
Market
New York, June 1. World No,
4 sugar futures The rise was accomplished in closed today 8 to 12 points face of scale-up selling around higher with sales of 89 con- the 342-cent level for nearby tracts. October. Spot firms were ne- credited soliers of upwards of 10,000 bales on a scale up, with the offerings spread out over 6015 the Oct-Dec.-March deliveries.
Further heavy rains central and southwestern sections increased concern over the crop outlook in that area.
342%
37
2026
Sears, Roebuck & £o,
Shell Ol Co.
01
Saint Reg. Paper
Sinclair On
Booong Moblie
South Puerto fuco Sugar Bouthern Co. (The)
Southem National Gas... Southern Railway (Com.) standard Brands standard Dil of Cal. Blandard Oil of Ind. Blandard Oil of N..
13
5812
modest
Steep Rock (Toronto Exge.)
baring Drug Co. Blakely-Van Comp.
Du Pont fluctusted widely in
reaction continued
to the -Supreme Court monopoly decl- sion. General Motors, involved with Du Fort in the restraint of
WAS trado
actively decision, traded and off a fraction in com- pany with other motors. There wns ACTIO selling in tobaccos following the STORES, ETC. Dairy..... 14,70 14.00 50 14.70 latest smoking-cancer publicity. American Tobacco lost a point
$71.
Time ne,.................. Industrials, pulled down by Twenty Century Fox Film allowance for ex-dividends, and Union Pacific Stallway
United Aircraft losses in American Tobacco and United Gas Corp. Goodyear, finished off .00 points: Graum, Foll "" on average at 602.07; rails up u. 8. Line Co.
18 at 144.89; uilities up 03 ata. Rubber 74.75 and the 65 stocks com- U.S. Smelting
.S. Steel
Watson Lane, C. Kwong S.
11,70 11,00
180
COTTONS Textile Nanyang
XÚ
4.70 4.7745 1000 7.90 8.30 2000
MISCELLANEOUS Ch. Ent. .. 22.00 Vibro
16.00 10.10
04%
INVESTMENTS
Yangisze
1.30 .... 4.473
.. 10.10
Allied HK & FE Invest
to
4.75
1.95
2000 T
600 23 12000 20
Studebaker Packard Corp. Bwilt & Co. Texas Co.
Tide Water Asen, Oil
posite average of 14 at 174.77. Warner Bros.
Of a total 1,187 issues traded, Westinghouse Electric 200 10.30 503 were lower, 387 higher, 207 Western Union Tel. Co. West Va. Pulp & Paper unchanged with 40 new lowa Woolworth
GULF OIL
Higher London cables brought| INCREASES
for
32
an early speculative covering movement, which touched off
Mast of stop orders.
hap- terminal market activity
closed. pened before London Afterward, the market turned quiet,
the
on
On proposed barters cotton, a contractor would have to make the "special showing before he could deal with
barters countries; on proposed for wheat, he would have to give proof before conducting New Begotiations with 57: and ather proposed barters for feed grains, speelal showing before he could US deal with 40 countries.
as
Zealand, Argentina and Dhe would have to submit the countries, including European, which had viewed the barter deals with suspleion
Among the countries listed well as surplus commodity sales
among the cotton, wheat and for local currencies under termS
feed grain countries was Hong- of Public Law 480
The listings of
kung-China Mall Special. copper aluminium apparently were new,
although Department
and
ofcials
professed they were not sure
PRICES
and 38 new highs.
NY Stock Exchange bond | volume was $4,310,000.
American Stock Exchango volume was 1,020,000 shares,
Dow-Jones closing
-Were,
30 Industrials
Za ralle
15 titles
BS stocks
40 bonds price index Comm. future price
New York, June 5. Gulf Oil Corp., following the lead of British Petro- in a News of a strike
US leum
Co., has increased rubber company plant, affecting
seemed to slow prices for crude oil at 5.179 workers town market interest, Mere- Persian Gulf ports 13 cents Allied Chemicals
about 7 per over, dealer offerings increased a barrel or at the highs, part of which was cent.
in the ship. against purchases ment markol.
Thailand reportedly isld off a fair-sized tonnage here, including
whether any of the acceptable CHICAGO GRAIN two sheets at 31% cents; three
materials had been changed
or
not, They said they were not too experienced with the metals- procuring end of barters, being interested only in the export of
sheets at 31 cents; fours at 30 cents and fives at 284 cents, all und June/July shipment cost freight,
MARKET
Chicago, June 5. commodities. However, previous Wheat and rye closed developments on Indonesian sell
under higher on copper Trade after
Agriculture Department listings: of acceptable materials barter hud not listed
and aluminium.
One Provision
one
pro-
The officluis said vision had been added that was pre- not in the Department's vious bunter plan, This was that
Afternoon buying interest also was retarded pending further
the Board of ing plans. Domestic factory
day of business in the delivery marke quiet trading; the balance was at a low ebb. Spot No. 1 Itas was quoted at 32% eents. of the gain list was lower.
SINGAPORE
д
Early action in grains was in- fluenced by nows that the sur-
Despite the disappointing the market opened slightly higher and im- Clear weather conditions and proved further on botter enquiry
for lower chools. Futures: hedging depressed
plus disposal bill would be de-overseas advices loyed in Congress.
foreign-produced lead und zinc ecptierod
could not be processed in the prices generally in mid-moming No. 1 rubber par ib. June BIS-DIAL
July they trade, bus some grains rallied on US. This requirement,
No. 2 rubber per 36, June
added, was also expected to re-scattered buying and were able No. 3.
of the early | No. 4 strict future transactions,
to recover
The revised barter programme loops. also included other restrictive
features which,
officials
plained, probably
would
***
some
Wheat closed off 4 to up not cent for old and off 1⁄2 to up so attrac- cent for new. Soybeans closed tive as they had been in the off to cent.
make future barlers
past. These were:
1. A contractor must tell the Agriculture Do- partment what specie com-
modity
he wished to barter. Under the old programme u barter contractor could con-
on a sumber
021-0276
+
Spal rubber unbialed Blanket crepe.... Nu. 1 pule creps
9014-2014 007-201 8016-8230 001-0116 04-00 06-100
LONDON
The rubber market was firmer with spot quoted at 27 penico per lb. Prices:
No 1 Rss poten 20511-200 Settlement house
July August
Wheat No. 2 red
203% (8)
Spot
Repl
Wheal No. 2 new contract
2001
20012
September
July
Repl
20334 2003-15 21113
Jan./Mar. April/June
Tar.
June July August Amate
3131-132 Estate
сперо thin July crepe thick Jul
AMSTERDAM
2. A contractor must also torn, No. 2, yellow inform tho Department
duct negotiatlotis
of commodities.
with what country he was con-
Sppt
ducting negotiations, Previously,
July
he could negotiate with a num- ber of countries.
Bapt. Deo.
Mar
July Sept.
3. A strict provision By be included would
in Against now barter contracts trans-hipment. This would as-
aund that the commodity WOR❘ Oats
and not trans-shipped to
Ieretofore the, only restric- Sogbeans, No. 2, yellow
used only in that
one country
July
KUR-
other country,
sopt.
tion praat trans-shipment was
that which barred removal to a
Spot
July
Communist bloe country.
Sept. Nov.
SAPS
4. A barter contractor might make delivery of surplus commodities in advance Barier,
the Agriculture
of sept by Department
foreign-produced materials. But | New York Nolar.
ho would have to pay - terest charge on the commodi
its
tho
US of
apot
General markets cif bas
2036-276
2016-2734
AYOLA
The
market rubber steady. Prices closed today in guilders per kilogram, eif Juno
as follows:
11032-55 117%
No. 1 rubber
No. & rubber
No. 1 rubber,
No. 1 crepe
633
130-140
200 14. sack.injailed Press.
$13.294
1.62 buyers
1.00 buyere
2.87
2.79 buyers
Urated Prem.
NAMESAKES
The increases were announced by Gulf afliates, Gulf Kuwait Co. and Gulf International Co., for Kuwait and Iranian crude oils.
British Petroleum started the round of increases on May 20 in a move designed to bring prices in line with Laila Amerkan, Gulf and Mediterranean ports.
Prices In the latter Areas were raised last December and January in efforts to get more
30
over
Domestle No. 0 sumr futures closed unchanged to 2 points higher with sales of 144 con- tracts.
of
Most of the demand repre sented short covering opera- tions along with a trade de With the mand while offerings tightened
carly furry up after an crop already off to an unusually late start, some observers fear-quidation. 2ed "time is running out"
land preparations and the com- 1814
pletion of seeding in that area, July Ilquidation procceded gradually in anticipation of first
for
World raws were firmer as dealers. anticipatex purchases from Casablanca, Also, Ceylon, will hold a terier for 8,000 tons on July 2 and for 8,000 tons of refined on July 9.
notice day June 24. The open July interest today totalled 110,- 800 bales. The certificated stock | July 40% remained at 10,303 bales.
Contract No. 4 (world)
29
7714
26
September
392 5.90-91
03
October
BRI
921
Month
Volume Open interest
March
July
5,400 110,100
May
4.53
5014
04%
Oct.
2,400
174.100
July
4.42
Ked.
13,000
203.000
Bpot-cert per lb. Tob
Mat.
4,000
124.000
Cubo)
5.05
*********
183 July
May
B,300
114.700
Open interest: 5.705 contracts.
0.000 13,200
31&
Oct.
9,100 72.300
Contract No. 0 (domestlo)
-United Prem
Total
35.500
875,600 balea
July
3.01
September
November
0.00
March September
5.73.
4.00
United Press.
Tobacco
Shares
NEW YORK
Prices of cotton futures closed Sput-cents per b. elf NY today as follows:
Open biterest: 3,433_contracts
Spot
35,45
July
53.33
Oct.
34.65
Dec.
34.05
Mar
30.03
May
34,00
Ju
34.71
Oct.
32.40-41
NEW ORLEANS
Fly PAN AMERICAN
averages.
503.01
144.00
73.75
174.77
38.31
157.02
Closing Prices
Down
Alden Inc. Acy.
173%
201
10
$$ faw
pence,
Almost the
Spot
34.30
Jutly
33.30
15
only feature
was the
Oct
34.00
Dec.
34.50-57
wealmess
in
tobacco
Mer
34.00
May
34.00
July
Oct.
123 32.38
LIVERPOOL
future Cation
Allied Mille Inc. Allis Chalmen American Airline
American Cable & Radio Corp. American Cyanamide Co Ainer, & Forgn, Power Am. fins & Electric Aan Mach, & dry. American Metal American Smelting Am. Sugar Ref. American Tol & Tel American Toh. "B" Anaconda Copper Armed Sterl
Azmour ***** Atlas Cons, Mining Baldwin-Linn-Ham. Baltimore & Ohio Beneficial Finance
olt for Europe during the Suez Bendix Aviation Corp. crists-United Press.
London Foreign
Exchange
London, June 6.
Closing mates were:
New York Montreal
Amtlerdam Copenhagen Smnkfurt
Bian Stockholm Zurich Others unchanged.
2.783-1.29
2.05 10/10-2.08 1/10
10.431-10.431
11.7342-11.739
1751-170154
14:45-14:4512 12.2314-12.24
United PreRA.
New York Foreign
Exchange
Benguet Cons.
Bethlehem Steel Boeing Airplane Borden (The) Co.
Burroughs Add Macine
Campbell Soup Co.
Canadian Pacino R.
Case (J. 1.) Co.
Cal, Tractor
Celanese Corp.
C. I. T. Financial Corp. (xd)
Chrysler Motors
Cimax Molybdenum
Colgate-Palmolive Co. Colombien Carbon Co. Commercial Credit
#tod
Edison Continental Oll of Del.
Crown Zellerbach Cuban Amer. Sugar Diamond Alkali Douglas Aircraft Dow Chemicals Dupont de Nemours Eastern Airline ........ Eastman Hodak
National_Cas Family Finance Corp.
London, June 5.
Prices of cotton futures closed
Another dullish day with today as follows:
prices drifting lower by a
world's most
experienced
airline
24 shares, due to the publicity given to American findings
17096x on
723
the relationship be
tween cigarettes and lung
12 cancer, Imperial Tobacco
Ja closings,
10% fell 8 pence to 37 shillings pence per lb. were as follows:
B pence, lowest it has been sinco the
to
EUROPE
40%
war; British. Old contract American lost a shilling.
Judy/Aug.
20.20
Oel./Nov.
26.25
Dec/Jasi.
20.11
33
1815
9431
2014
40%
704 prefer to wait until Tuesday 742 when they can be sure of an
andionee.
Some of the inactivity was 47 due to the approach of another bank holiday-Whit Monday, at the beginning of next week; those with canguine ideas for near-term operations
Mar/Apr.
20.37-20
May/June
20.26
New centrel
July/Aug.
20.12
Oct/Nov.
20.60
Dec./dan.
20.83
Mor/Agr.
20.52
and the
would
May/June
20.51
SAO PAULO
Cotton
fúture closings,
in
were per kilo
Дз
July
40.00
Oct
11.20
41.70
Mar
41.20
May
41.20
In the US the average price
British Governments were cruzeiros active and mostly unchanged follows: though a few were down aie- aixteenth sterling.
FEEBLENESS
Oll shared in the general of one-inch cotton at 14 die feebleness. Royal Dutch went
ex-dividend and was marked ignated spot markets was 33.90 16 down a shillings
10115
Firestone Tyre & Rubber Ford Moter
2015
General Electric
的
General Hoods ...
General Motors
Gen. Pub. Util.
3.0475 3.78 13/s
Gelly Oit
rlddea Go.
New York, June 5. Closing rates were: Canada England official
**
50-days
10-days
Australia
New Zealand
Bouth Africa
3.73 15 Goodrich (B. F.) Co. 3.78 6/53loodyear Tyre
3.23
2.70 B/18
37 18/18 Heyden Newing Co.
United Pre
Homestake
Ingersoll-Rand ....
inland Steel Co. Intercher Corp. Int'l Busine Machines
NEW YORK METAL feryader port
FUTURES
Nickol
Indy PADER
Inti Tel & T John-Manville Co., Kaross C. Power & Light Kennecos: Copper
New York, June 5. Prices of metal futures closed | Liggett Meyers Tob. Co. today In oenta per ib, as follows: Lead June.. 12.000
Zino
July ve
Juhar..
July
10.15b
10,366
20.000 Copper June..
Tin
July.. 38.506
usquoted (standards
June.. July..
unquoted June.. 06.006 (dirait) July WATALD
Ulitad Pa
Answers: 1 Engineer, & Exchange Rates
ZARING... was done in the local exchange markes, thin morning at the blowing ZAMRISH 16 75,00r (per 13)
sler, 8 Cylbisters, 4 Shunting, 6 Stoom, 0 Pressure, 7 Goods, B Sberty, Inallway, 10 Blooper 11: Movement : 12 Boller, Locomotive, 14 Henter, Trains, 18 Coal, 17 Trock.
Richard Trevithiols
("Father
of the Locomotiva Engine").
Radonselan
ruplali 2 (për 1003 Bitical ́(p 100)
·Singapore - Alltraita)·
Lockheed Aircraft Lowww Fricory...... Lone Star Cement Co. Lowensteita de frizer,
Block ExpN.) Hombro. Corp. Minnesota Mining Monsanto Chemical Co. Montgomery Ward
Development
Iritional Canta
NAGordĮ Dalty Prod. Nallani Lead S National Steel Corp. Now York Centrke
bili. Hayatere
wi-fillabla Clas Pacifio. Dan & Misc. Pari American Airways Parwmount Pictures
570 | PRED
pence:
cents,
British Petroleum Tood 2 Sales totalled 37,531 boles.- ishlilings 6 penco to 305 United Press.
307
shillings, a new high for 1957.
Others were up or down a few
pence.
Foreign bonds were absent from the tape,
Germans and
34 Chinese were completely Idle and unchanged while in the 291% Japanese Hat the 1934 ascented Es gained sterling and that of 1114 The 1930s cased 1⁄2 sterling,
Dollar stocks were irregular ¦ 5035 with both gains and losses on a 1111|| moderate calo; their premium was unchanged at § per cent,-- 10% United Freex
LONDON METAL
PRICES
London, June 5. Priem of metals closed today in sterling per long, ton s follows:
гро
E-month Copper geot
TOOK
USA
For Tonervations
eat! your travel agent or
Pan American direct at BPORS
Hong Kong Offen Alexandra House
Kowloon Officer Peninsula, Hold
PAN AMERICAN
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