Page
THE CHINA MAIL, THURSDAY, JUNE 13, 1957.
TRADE and COMMERCE SECTION
DOLLAR CONCESSIONS COST
But UK Trade WORLD
Balance
Under Pressure
By SYDNEY S. CAMPELL
London, June 12. Making the right kind of psychological gesture after years of the wrong kind, Britain is at last granting a dollar, allowance for ordinary tourists.
For the past ten years the only legal way in which ordinary British people could visit Canada, the premier British dominion, or the United States, the largest English-speaking country, was as non-paying guests.
CHICAGO GRAIN
MARKET
Chicago, June 12.
The Senate's vole to extend the administration's soil bank programme another year, und reports of possible crop damage from high winds and hall in the inidwest caused grains to move of Trade higher on the Board today.
Wheal prices moved, higher on reports of expecled grain damage in Kansas, Oklahoma, and Missouri.
Trade was not too active to- day. Foreign demand was slow. Wheat closed 24 cents to 2% cents higher for old and up 1% to 2 cents for new. Soybeans closed up to 1 cent.
Prices per bushel in cents:
In ending this anomaly, the the Exchequer Chancellor of described it is unnatural,
ment for Britain.
RUBBER
MARKETS
New York, June 12, flex rubber contract
closed today unchanged to 10 points higher with sales of 135 con-
tracta
Sept
Nov.
Jan.
MAT.
May
July
33.40
23.00
LITTLE QUIET DEALINGS
ON NEW YORK
INDUSTRIAL GAINS PARED BY PROFIT-TAKING
HONGKONG COTTON MARKET
STOCK EXCHANGE
Our Own Correspondent
New York, June 12.
Quict dealings with narrowly indecisive price changes characterised cotton futures trading_to- day.
Most of the business was of professional origin, mainly in the way of evening up while the trade marked time awaiting textilo market news Business done on the Hong- and spot trade developments. kong
Exchange. this morning amounted to
APPTO- After pee-sawing within a range of 80 centa a bale the list
Stock
New York, June 12. Strength in rails sustained the stock market advance today when late profit-taking pared indus- trial gains.
Through most of the session industrials moved ximately $333,000. Noon quotu- ahead at a good clip with gains ranging to 2 points actions: or more in the oils, steels, chemicals, motors and BANKS changed to 10 points higher with metals lifting the group to new highs since last NCES 1020 1440 no sales reported.
32.05
Standard contract closed un-
July
Sept.
Nay,
Jan.
Mar.
Mlin
July
33.40
33.05
32.65
32.05
32.24 30.00
After a higher optning, in
August.
When the realising hit late,
in the day rali tools Yor leadership with gains of around a point to 2 points.
The move by the carriers,
Pure Off
Radio Corporation Republie Bleel Reynolds Metal
sinclair Onl
Socony Mobilell
Bouth Puerto Rico Sugar Southern Co. (The) Southern National Cas Soulbern Railway (Com.) Standard Brands Standard Oil of Cal. standard Onl standard of end.
It was also a poor advertise-line with the London-Singapore viewed favourably as the pos
advices, prices backed down
sible beginning of a rall con | Solar Aircraft ander realising by recent specu-firmation of the industrial ad lative buyers and trade hedging, vonée, lifted
the group 1.08 but steadled again toward the points to 147.56 in its verge, close,
best since May 20. Industrials held an
average gain of 18 point at 309.60,
Sept. since last
5. Utilities dipped 20 to 73.60 and the 03 stock composite was up 170.97.
The concession will not cost nny dollars. This is fortunate as Britain cannot afford many, In respect of last month her itserves Jøst $24 milion, whereas in respect of April they had gained $47 million.
Sound Enough
Britain's own sound enough.
that she gets the external worlds,
baloure was Her trouble worst of both
in
Her reserves succeeded suffering from the over-valuation of the French franc and Indian rupee as well us from the under-
valuation of the German mork.
It seems possible that she may soon have to copy Japan's de- fensive measures,
Her balance P1 payments is not under Japan's kind
post-booru pressure be- cause she is only starting on the Industrial upsurge that Jupan already had.
Mid-session softness also re- luck of follow- erted the through factory buying. Some reports said a few manu furers had turned re-sellers in the deliverlod market.
a new high
tions and the
morning's trans-closed net 7 lower to 5 points New York Sugar
Bales Buyers Seller
INSURANCES
Lord.
Bo @ vo
higher. The market opened up 3 to off 1 point. New Orleans
10 e 1935 closed off 11 te up 10 points.
Some traders through the market "acted tired” offer the
technical
7.00 1.00 6945 7.82 recent persistent rise to sensoral
highs and that pause was to be exported
11K Land 357 314
(R)
249 | Humphuream/1055 44 | Realty
琢
50%
RUBBER
Amalg
rust
B) UTILITIES Tra
21.20 23.30
Two-sided
Crop weather zews
was
Market
Now York, June 12. World No. 4 sugar futures closed today 4 pointa higher with sites of 1,082 contracts,
Domestle No. 8 sugar futures closed unchanged to 2 points lower with sales of 200 contracts. Nearby world contracts back- pedaled at the close under
I viewed in a more two-sided hedging and realising following
a firm start, encouraged by the The recent change 20 alightly higher raw situation. sunny weather in the Small
realising orders western portion of the main dominiated in the domestic con-
pre-
Unipo
SHIPPING
475%
Wheelock
DOCKS, ETC.
K. Wharf
50%
Dock
0011
Sears, Roebuck & Co. Shell Ou Co.
Ball Reg. Paper
0134 C Hotel 15.40 15% 3A%
£10 Provident 13.30 15.46 HLAND ETC.
02 7 10.01
400
00
500 15.43
1.30
light. Warm
1.85 7000 6 15.23 1.40 13000 133
belt was welcomed, although tract.
AB
50 Star Ferry .. Yaumal!
100023 1000 0 23.30 300 23.59
sono quarters continued untasy over the unduly late crop star July
Contraci No, é (world)
6.13-16
157
the more frequent mention Sept. of insect infestation.
0.14-16
Oct.
0.22
Mar.
4.62
Texas Co.
Tide Water A. OL
****
40
74% Electric
103 100 10 19.10 (Ra) 13.20 1.50
3304 104 2000 jo
14.00 4.50
4.00
|
Tise Inc.
De
Twenty Century Fox Film
Macao E. Tel.
0.20
4.17
2015 30.03
Union Carbide
120
29
Cement
32%
United Aircraft
7146
Amey Can
arohes, ETC.
411%
Dairy
Watson
Lane, C.
4812
0035 Textile
COTTONS
242
60% Nanyang
Sleep Rock (Toronto Exge. Sterling Drug Co. Stekely-Yan Camp.
40 at Studebaker-Packard Corp.
Switt & Cu.
Activity lightened to 2,600,000 Shipment offerings were light and still high price, but come shares from the 2,850,000 shares foreign sellers were reported on Tuesday total,
more Inquisitive" and were looking for bids." Locally, spot No, ss was quoted at 33% cents a pound.
SINGAPORE
The market opened higher on better oversong advices but cared before Boon on some pro-taking.
Uivoa Pacino Railway
Unlled Cas
U.B. Foll
Of 1,191 issues traded, 437 were lower, 504 higher, 250 un- changed with 61 at new lows,U. S. Line Co. 51 a new highs.
U.S. Gypsum.
U.S. Rubber
U.S. Smelling
NY Stock Exchange LondU.S. Steel.. volume was $4,000,000.
Warner Bros.
Westinghouse Electric
Western Union Tel, Co.
American Stock Exchange West Va. Pulp & Paper volume was 1,130,000 shares.
Future closings were: No. 1
rubber per Ib. July
Dew-Jones
1
were:
elosing
averages
100,00 147.50
13,40
37.61
138.37
93-05
30 industrialə 2014-05120 rails No. 2 rubber per lb. July 13-84% is villitics Both official and
4 stocks academic No. 4 rubber per 1b, July 80-80
No. 3 rubber per 1b, July 9234-934
40 bonds ********* calculations ure that Britain is Spot rubber untaled. 0414-0472
Comm. future price Index .. likely
Industrial Blanket crepe to have an
84-00 revival
101-103 without having one of No. I pale crepe the biennial payments crises that so often afflict her in odd- numbered years.
LONDON
The rubber market was very steady with spot
..
Closing Prices
Alited Chemicals
1/2 penny Allied Mills Inc.
Alle Chalmers
But her trade balance is com-higher at 28-3/16 pence per lb. 2001-207 ing under the Fame pressure,
Woolworth
3. Light
INDUSTRIALS
two months.
The Senate
July Sept. vote to put the ov
10.02
Some trado reports cited the May 13.20 possibility for high yields in the July Hopt 140 # 29.90 event of a prolonged period of spot-fects par ib. fob
Cuba) ...
002 3.50) 8ood growing weather, because 20028.00 of the generous sub-soll moisture] Open contracts; 8,500
reserve built up over the past Contract No, 6 (domestin)
Spot-teents per 3. Self NY ex-duly)
6.05 Open interem: 3,250 contrneta,
-United Press.
... 14.10 14.30
1500 14.80 acreago reserve back in the soil Mar 1.70 11.80 1100 of 31.70 bank
programme 301 011
promoted Sept. 2004 31
small covering at the opening 4.80 4.85 2000 4.62) the measure now goes to con- ference to work out differences with the bill passed by the House.
Volume Open Interest
6,400
JU,B00 890,300 fles
NAMESAKES
Answer-1 Stock, 2 Social- Est. 3 Labour, 4 Capital, 5 Com- munism, 6 Strle, 7-Germany. B Eostrenforts.
Karl Marx.
0.00
0.10
21.00
6.30 4.50
MISCELLANEOUS
10 Ch. Ent.
INVESTMENTS Yangtze Allied
United Press.
Wheat No. 2, red
2071
POPULAR
204(11) 20012(E)
2039-
2004-9
213-
IN LONDON
Wheat new contract
30%
2017-201
34
Prices:
American Airline
10%
21125- 2013 2126-4
Corn, No. 2, yellow
13035-4
Moreover, the external payments crises of other countries lend to No. 1 Bu spol bear on, sterling-and the Bank of International Settlements, for one, evidently fears some such crises this year.
American Cable de Radio Corp.-
.BT
Ame lean Cyanamide Co.
86%
2014-28-
Settlement House terin July
Aunes & Forer. Power
10
Am. Gas & Petric
30
Aug. Sept.
2612-2825
209-28
Ami, Mach, de F'dry. American Metal
July/Sept.
2014-201
Dev/Dec.
267-287
123- 127 13014
| Jan/Mar.
June, July and
7104 1109-110
Extate crépa thin
30 thick July ......31%
AMSTERDAM-
05-Co
Soybeans, No. %, yellow
23034-233
22135- 22433
mount of n2 ani mai mant
Britain's during
Month
July
3.200 101500
October
172,400
December
2,200
X12.200
March
4,400
137 200
May
6,700
122,000
July
8,400
79,200
October
10.100
70,700
Total
NEW YORK
Prices of colton futures closed
Whoravor
Spot
July
Dec.
Mitr
total
May
July
Oct.
NEW ORLEANS
BFEEFELD
you're going...
EUROPE
34.30
$4.50
USA
34.40
3140
34.03
Cotton
LIVERPOOL
future
closings, in
ORIENT
Old contrapt
July/Aug.
Oct/Nov.
Belgium and 2310
Dec/Jan.
Mar/Apr.
May/June
New contract
July/Aug.
20.28
Oct/Nov
26.50
Dec/Jan.
20.53
Mar/Apr.
20.84
May/June
20.03
SAO PAULO
Cotton future
Harley
Bpot
Now York Hour
Zoo ib. Back
130-140
$1350n United Press,
WINNIPEG PRICES
Winnipeg. June 12.
Prices of grali futures closed per lb. weDO OS
Goday in centa
follows:
Oata
July
Out.
Dec.
Rye
July
20314
મ
Oct.
100
Dec.
Harley
July
Och
Dee.
Flaxseed
July
Oui.
Des.
Always A Preacher
Always a preneher, the Bank
of International Scitements in
ita annual report this year
2014-2884%
Apr./June General markets, elt basis, ports:
272%-28%
No, rufiber
No. 2 rubber No. 3 rubber No, crepe
American Smelting Am Sugar Ret. 2914-2015 American Tel & Tel 281-282 American Tab. ""
Anseonda Copper Armco Steel Armour...! Allax Cons. Mining Baldwin-Lima.Ham. Balllimore d Ohio Beneficial Finance Dendix. Aviation Corp. Benguet Conz.
2.71 paid
2.09 paid
preaches hell fire. It remarks The rubber market was firm. that present international trading Prices closed in guilders per arrangements "allow fortunes to kilogram, eif July as follows: be made by the astute" while maintaining the atmosphere of arbitrary control and that "spectacular technical progress contrasts with the inadequacy of a system of international pay- ments far behind the Umes,"
Coming from the club of central bankers with such im- portant functions in international payments that last phrase is u scorcher. China Mail Speeint.
CHATTER ON WALL STREET
New York, June 12. Fitch
service says that
2.04 buyers 207, pald United Prom
Market For
Domestic Crude Oil
Yellowstone, June 12.
A spokesman for independent all companies said today the market for, domestle crude all' in the second half of 1957 would bo less than it was before the Suez crisis.
Ho attributed the situation to higher imports of foreign oll and shrinkage of the export market.
Bethlehem Steel
Boeng Airplane Borden (The) Co.
Burroughe Add blachine
Campbell Soup Co.
Canadian Pacifle B.
Case (J. LS Eu
Cat. Tractor
Celanese Corp.
C. I. T. Financial Corp.
| Chase Manhai. Bank
Chrysler Motors
Cho Molybdenum
Colgate-Palmolive Co Colombian Carbon Co Commercial Credit Commonwealth Elec. Consolidated Edison Continental Oil of Del. Crown ZeWerbeeis Cuban Amer. Sugar Diamond Alkali Douging Alterati Dow Chemicals Dupont de Nanours Eastern Airline Eastman Kodak
Paso National Ges Fanelly Finance Corp. Firestone Tyre & Rubber Ford Motor... General Electric
General Foods
oneral Motors Gen. Pub, U. Gelly Ou Glidden Co. Goodrich (B. E) 26. Goodyear Tyre Gulf on
Heyden Newport Corp. Homestake Mining Co. |Ingersoll-Rond
with inflationary pressures
Mr Miner Jameson Jr, 19- Inland Steel Co. still present it means that, as far as the investor in sistant to the Fresident of the interchemical Corp.
Tat'l Business Machines Independent Petroleum Associn- intl Harvaner securities is concerned on of America, placed the International Nickel there is little danger of a total required crude supply from internadional Paper 24 bear market a stocks. both domestic and foreign John-Martville C
.
Canadian wheat export No. & the maricet still is licely to be Press, pon-IWA 152 cents; No. 4, subjected to sharper reactions as 1334 cats-United Press.
last year's higha are approaching, continues to counsel - invested positions basis.
NEW YORK METAL
FUTURES
New York, Juno 12. Prices of matni, futures closed today in cents per lb. were as Καλίσινες
Lead
June
Jay
13.50b
Zino
Copper Tuner.
黑糖
Juna
• viraltikatted
Lone Star
sources in the second halt at Kansas C. Power & Light Standard & Poors, noting that 8,300,000 barrels daily. United Hennecott Copper .......
Liggott Myers Tob. Co. Lockheed Aircraft Loewa Zneroment Co. Lowenstein & Sona. McDonnell Alrerati
*(Aru, Block Exgo.) Mesabi Iron Corp. Minnesota Mining Minion Devekywnant Manmanto Chemical Co, Montgomery Ward Motorola Ing. National Casa Rog. National Daley-Prod. National Len
001
a
Jong-range London Foreign
Exchange
London, June 12.
W. E. Hutton & Co. says re- cent new highs in Americar. Smalting reflecting the com- pany's interest in two conces alons in the Cydama Bay area in Northern Quebec where Closing rates were: huge deponits of rich nickel ore Now York
Montreal are belloved to exist,
Amslagdara Brucela
Alfred L. Vander Brook de pe
Co., mym the 1957-58 outlook Out For" Gerber · Products is very | Blan [good and là Es pogical · fo'eptet.
Only Patie
ognálneŃ Improvement in carn- okolin ings and dividends, ... Unikled ana Proms,
Fabrich
National Bloel Carn. Olin MateBon
- 2.75-2.79 14/16 New York Contraí
Ötis IevažIE. Owen Huron Case 1071251800) Pacido Gas & log. ... 29,4046-18:403 | Pan Amerkan Airways
"DO: SEME-
Ca
hectar de ideihblo_Co, 12235 | PUSEszyt Pima GRAN
Publiskowe kodustries
GOLD SHARES
index
UK AERO
EXPORTS
NEAR PEAK
almost
today is follows:
Prices of cotton futures closed today as follows:
accounted
July
atro exports London, June 12.
Aprum £8,474,779-was Profit-taking in gold the arth highest ever recoinci shares seemed to be the in a single month and market's chief activity to £750,000 up on the figure for 21 day.
Tho final Times April, 1956. of leading gold Aircraft and parts
which
for £5,344,521, nero-engines October
£2,000,071, electrical parts and December appliances
tyres May £285,104, £45,343
and aeronautical July Instruments £139,740,
Sweden was markot
Britain's best customer with £1.3 million worth of airbent and parts,
shares
some
weeks ago was at 65.6, its all-time low, had recover
ed to about 75-up 75 per 40% | cent--when the
opened today.
183
Co
40
March
October
31.54 34.13
32.04-05
But there seemed to be plenty followed by India (£701,728), pence per lb. were as follows:
of buyers about and the declines were rarely more
shilling.
Lebanon (£418,865). Canada
П than
Brandwel
Anglo-American lost (£398,129), Fruce (£248,245) Netherlands (£199,880) 33 chillings, President
10% shillings but they seemed al-Australia,
most alone in this respect, United States were also lending Central Mining case 1 shilling buyers.
Sweden has row gained A narrow lead
United over the States as our best customer so far There was also similar profit-in-1057 with £3.6 million worth
oils which
at one of aircraft and parts, us against
PROFIT-TAKING
Luking in
30% time lowered Shall Transport 4 £3.5 million.
43
BER
shillings 6 pince but by
the
close the decline was only 31
27 shillings
Royal Dutch lost Al 60% sterling but British Petroleuma at and Burnah both gained 2
197
shillings € pence.
Industrinis
were extremely
104 quiet with prices mainly only 3
penco up or down. An excep grfiton was Unilever, up 2 shillings
Some
6 pence.
433
British Governments Improved 1/16 sterling and War
2017
352
8912 cd but
Jean Improvea 1⁄4 but most of them were unchanged.
German bonds were unchang-
US Imports Expected To Surpass 1956's
Washington, June 12. Observers here expect United the Japanese list the States imports this year to slir- 1930s and
Tokyo 54 percints pass the 1956 pf $12,000 mil sterling, both non-lion. Most experts now put the assenteds and assorteds-United 1957 oxport total at $13,100 mil- Fress
lion, although the volume st imports has been advancing less swiftly of late,
37% used 1
New York Foreign
4
Exchange
4047%
New York, Jume 12. Closing rates wenen Canades England (officină)
N (30-days) (90-deju)
Australia New Zealand Sputh Africa Ury By
Others unchanged.
2.7814 273-5/14 གཟུ
United, Préam.
They empluusive that large Imports will inevitably follow tho over-all growth of the American economy. Declines in come leading commodities such
coffee
and some materials, however, may greatly offset increases cleowhere, they warn,China Mail Special,
ព
www
LONDON METAL PRICES
London, June 12.
Price of metals closed today
Exchange Rates interling per loog
follows:
Busiņas, was done in the local Tin Spot upadiolar
market
TROTEINS AL Wie tollywing TRÍVOZ:
ta, döller
·49% PAlinarnian notes (per 83) Indoamelan rupiah. (per 100) MIRITE:CION). (bor: 100) Li Mogapos (Watt)
3-month Copper spes
咖
Fram.
1.
30.00
88258
closings, In cruzeiros per klio were as fot-
lows:
July
Oct.
Doc.
Mar
30,60 41.50 41.00
41.90
41.30
In the United States, the average price of ono-inch cotton
(at 14′′ designated spot markets
was 33.95 cents.
Total sales at these markets were 16,695 bales-United Press.
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