Page
THE CHINA MAIL, TUESDAY, JUNE 18, 1957.
TRADE and COMMERCE SECTION
EASING OF CREDIT SQUEEZE? INDUSTRIALS New York Sugar
National Upsurge Of Optimism In United Kingdom
London, June 17.
An internationally read American magazine cocked an appraising eye at Britain last week and decided that most worthy of note was the apparent national upsurge of optimism,
Certainly things seem easier.
For one thing the nation's exports are pushing steadily upwards.
And for another
there are clear signs of an easing of the credit squeeze.
CHICAGO GRAIN
MARKET
Chicago, June 17. Most grains were higher on the Board of Trade today. Morning trade was quiet with little action in any of the grains.
for
WORLD
RUBBER
MARKETS
New York, June 17.
Rex rubber contract closed Luday 10 to 25 points lower with soles of 47 contracts,
July
September
January
November March
ду
July
NEW YORK STOCKS HONGKONG
KEEP ON
UPWARD COURSE
New York, June 17.
Strength in individual specialties and a firm 3323 market for most leading groups kept the stock
market on an upward course today.
32.00
22.20 32.00
STOCK EXCHANGE
Our Own Correspondent
$204,000. the mornings transactions
HAVE SMALL GAINS
London, June 17. Small gains in
Market
New York, Jung 17. World No. 4 sugar futures closed today'
unchanged to
3
points lower with sales of 301 contracts.
in the
Domealle No. 6 sugar futures in-closed 1 point lower to 3 points dustrials with further buy higher with salts of 28 conirnets. ing in tobaccos and some Event-up operations in the demand for chain stores| July" contract featured a quies highlighted trading on the true
work contract. London Stock Exchange Spot menth covering followed
the
prompt stopping of 114 July today.
transferable noticed today, Imperial Tobacco was up 2 The domestic contruct ruled stilling. Great Undvernal Stores rose about 2 shillings quiet with refiners ou the side- lines. awaiting raw market developments. British Governmen's opened
turned suddenly Contract No. 4 (world)
Business dong on the Hong-pence. kong Stock Exchango this morii-
but ing amounted to approximately | strong,
Noon quotations and weak. Two of the nationalisa-
tion bonds, coal and steel, fell July more than 7 millings.
Old Ockber | Consols lost 5 chillings and War | March
Loan
was off more than 2) May shlilings.
Industrial shares climbed to further new high ground since last Aug, 14, as tobacco stocks, select
Sharon Standard contract closed 10 ed chemicals, oils and electrics scored good gains to 25 pointa lower with no sales
in the average group.
reported.
us
Beptember November Inmiary
March
May July
33.29
32,63
33.45
Mensured by the averages, in-1 dustrials were up 1.40 points to 200 513,19 and rui's up 15 to 147.42 while utilities dropped 35 to 73.12, reflecting losses of nearly 2 points In Cleveland Electric and around a point in Houston Lighting
On the face of these two
31.90 factors combine to present a
The rubber market wa* dull, plelure of a buoyant Britain.
For the first time the figure taking a cuo from the lower
London British manu- exports of
trend. Commission factures
the £300 houses were accredited buyers topped million mark in Moy,
the terminal market decline. And this fact got itself the publicity It Dealers operate on both sides deserveKİ,
with Leg well publicised of the market or a small scale, Though was another reward.
Shipment offers were reported This was the £374 million (CIC) light but too high-priced to in- (Interest local buyers, Domestic fac- cost of Britain's importa. fact this figure was topped in tory interest was slow. Spot January this year, but that No. 1 Rss was quoted at 33% is
cents. generally agreed
normal.)
Conclusion
another
WD:
to
SINGAPORE
Penuy J, C. Co. Pann. Seit Co. Pilip Morris
Proeber de Gandle Co. Pittsburgh Plate Glas Publicker Industries Pure Oil Radio Corporations Republic Steel Reynolds Melat Shell Ou Co. Sam Reg. Paper
A moderate| Sinclair Ou
Sony Mobil 2,000,000 last Soul Pat
Trading was at pace, totalling 2,220,000 shares compared Friday.
Tobacco got
some
Soler
Rico Sugar Southern Railway (Com) Standar Brands Standard On.of Cali lift when stantiard Oil of Ind.
Standard Oil of N... Seep Rock (Toronto Exge.) Sterling Drug Co, Skely Van Camp. Studebaker-Packard Corp. Swart & Co.
American Tobacco and Philip announced prices in- Morris
brands. for creases American and Phil Morris (Liggett Myers) added close to The market opened slightly points, Reynolds B, Lorillard higher and fluctuated on a quiet and Philip Morris around market until just before the point. close when slight selling; met no resistance and the market closed nd lowest level of the day,
There was some factory buy- Ing and a fair interest for lower sheets. Future closings were: | No. 1 rubber per ib. July 5414-04
AU INTI No. 2 rubber per 1b. July 9314-04 No. 1
9921-173 No, 4
855-801 Spot rubber per 10. unbaled 1.04 Blanket erope No, i pale crepe
LONDON
100-102
Discovery
Abboli Laboratories climbed close to 2 on a new drug dia- covery. Other pharmaceuticals moved up in company with it, Olls had gains ranging to 3% Seaboard and losses points in running to a point ar mote Gulf and Skelly. Steela were fla
This conclusion is clear. As Britain's
productiva
capacity grows so does her appetfie for Pric moved fractionally on the fruits of labour -- only elther side of the previous cloe-soomingly taster and from that ings in most of the day's deal-conclusion
can be dawn; that Britons as a whole ings,
do not yet appreciate the un- Some hedging in com reffect- | compromising fnet which ed heavy arrivals of terminals | unseilles the nation's economista today,
Foreign activliy was--the fact that Brilüin needs to light,
export more and more not to boost further her standard of Demand for whent futures living but in order to ensure Increased in late trade as re- that existing standards do not porta were received that new lump. For viewed objectively, yields in parts of the southwest there can be little doubt that were only about half
standard as heavy tha
living in Britain has been unrealistically
ponce per lb. Prices; - as estimated earlier.
No. 1 its spol high when set against the
Sellement house term: News of persistent rains over nation's resources.
July
2716-27% point. much of the groin area con
AUST. Yel
2745-274) | businge of Sept. this whole tinued to influence trading and swelling
2715-732 Imports figures is July/Sept.
271-27 help boost prices.
ralher octil After Ai the Oct/Dec.
275-274 Jan./Mar
2719-279 nation is supposedly in the grip
Apr/June
21-2 of G credit squeezo. And General inarketa, oil, baxis, portal
elo prime of
intentions June July
215-71 231-2715 Estato crepe Din July
Grains
AL outside market were mostly higher.
Prices per bushel in cents:
Wheat, No. 2, rea
Spot
July 2001 (1) 20224) 206 September
December
Wheat. No. 2, yellow
July
September
December
March
May
Corn, No. 2, yellow
042401
2001-
2144-%
21414+!
21492
1341% 12012-13
130-4 1244
Spl
July
September
December
Marcit
Muy
Ryo
July
1102
September
2211
Oats
July
September
G516
Soybeans, No. 2, yellow
Spot
Tilly
(6-234
Geptember
November
January
March
Barley, Spot
New York flour
200 lb. alç
133-140
$13.00 -United Pres.
WINNIPEG PRICES
Winnipeg, June 17. Prices of grain futures closed today in cents per bushel as fol- lows;
70%
TO
07
Outa
July
October
December
July
104
October
December
Barley July October December
FlaxFood
July
October
December
DEX
of
of such an operation is to keep Import: right down 10 economic level,
The secrning truth, however, is that the credit squeeze nothing te 50 relentless Britons solemn-tonod chancellors it would be.
were
warned
Assured
Metals were soft spota with steady with spot quoted at 27% American Smelting. Motors too,
The rubber market was barely | losses. of around 2 patreiz b
were on the downside, with Chrysler und Ford off around a
30
Vick July ..
· AMSTERDAM
The rubber market was dull
Of a total 1,177 issues traded 300 were lower, 417 higher and| 254 unchanged with 40 at new! highs, 76 at new lows.
sales
American Exchange rose to 1,010,000 shares, from 900,000 shares on Friday.
Bond volume amounted 10 $4,300,000
$3,250,000 ogainst
Closing Prices
is
on Friday,
BS
by
that
per kilogram, cit July
lows!
today. Price:: closed in guilders as tal-
No. 1 rubber
No. 2 rubber
No one, nurk you, sloud up in the House of Commons and | suid "Well, lads, we're doing so welt in the production line that we can afford to case up bit on the credit squeeze." Offeinily The aqueoze is still in operation. Any government spokesmua
will assure you of that.
But the men who operate the predit squeeze at ground level If you like, are not government spokesmen but bank managers. And it is enlightening to take a look at the appropriate figures, To start with bunk overcails are on the way up. During the past three months they climbed by £77 million to more than £2,078 million, which laun- comfortable near the peak of 12.189 million when two years ago Mr Butler introduced the crédit zquezzo,
No. 3 rubber No.
стере
2.00 nom. Aldea Inc. Acy.
2.64 nom. Alled Chemicals
2.00 nom.
2.54 nom.
United Press,
Singapore
Stock Market
Singapore, June 18. Brokers today quoted following stock prices: Batu Lintang Nubber
Li British Burnco Petroleum)
Syndicate in Sincliers Chlidated Tin
Ord.
Fraser & Neave Lid Ord. ... Freser & Neave 715 cum.
$2.05
All Mills Inc.
Allis Chalmers American Airline
American Cable & Radio
Corp.
American Cynnamide Co.
Amer, & Füren, Power Ain. Gas & #retric American Metal American Binelting Am. Eugar Ref. American Tel & Te American Tob, "g" Anaconda Copper Armoo Steel
Texas Cu
Tide Water Aaan. Olt Tino Inc....... Twenty Century Fax Fin Union Carbide .........
Union Pacile Railway United Aircraft V.B. Foll "B" U.S. Gypsum U. 9. Line Co. U.S. Rubber US Smejung
1.5. Steel
Warner Bros. Westinghouse Electric
Western Union Tel. West Va. Pulp & Paper Woolworth
BANKS
HK Bank
Buyer Sellers
1030 1040
Balca
70.
Lombard
64
DOCKS. ETC.
435
H. Wha
INSURANCES Union
Provident 43.50 35
LAND, ETC.
YK Hotel, ABAD 1850
IK land.. 304 30
(Rt.)
Humphreys
1814 10.00
11.30
601xd
9115
35%
0115
Realty....
3423 $1.45..
RUBBER
Al
Trust.
30%
UTILITIES
200
学
107
A gain of a shilling in British Petroleum Matured a dull oil section Gold ohares opened}
· 1940 | firmly but then receded.
Foreign bond were mainly. unchanged.—United Prezu.
30.00
150 1.0734 2300 155
1.40
Tram .............. 2320 23.30 150 g 23.20
34
675%
Star Ferry · · Youma!!
21% C. Light (0) 18.00 10.00
300
Mectric 61 Telephone
E4
INDUSTRIALS 1232 Cement
29 STORES. ETC.
42% WaterT
04 Lane, ...
42 COTTONS
453% Textile
Nanyang
1000 20.30
1000 23.20
104
1700 i 150
30 30%
21 of 30%
200 + 30%
28.00 20.30
500 20.70
200 20.70
14.70 14.80
11.70 1100
LONDON METAL PRICES
London, June 17. Prices of metals elpced today in sterling per long ton as fol- Towt
Tin spot
3-month
Copper apol
Jemonth
Buyers Sellers
*703
704
700
701
22015
200
*27
2271
$1
PIX
MEX
Sept.
United PreAS,
100 271.TO Lead 2nd half une
Bapt. 345 23:00 1000 p.70 Zine 2nd half June
500 32.75
<.00 53
1.10
OP
Entert
13.20
2446 Vibro
15,00
543 INVESTMENTS
19
Yangtze"
920
1000 m 6:50
433
Allied
4.05
H.K.
nited Press
Lavert * 10.30
IMPENDING BOOST
SHOOTS UP
COTTON FUTURES
New York, June 17, Rallying tendencies under way in cotton futures last week resumed today as Washington reports indicated an impending boost in the sup- port base for the 1957-58 crop.
Scoring a good-sized gain, all deliveries from October forward established new seasonal highs.
Closing around the day's levels | 8pot
October
the general list ruled unchanged July 847 to up 20 points. The market December
433 opened off 3 to up 6 points. New Maret
Oricans closed up 2 to 11 points.
20
May
October
September
July
September
0.10
0.07-01
0.01
4.82
4.37
4.57
4.57
Spot--Lersita per it. fob
Cuba).................. 0.15 Open interest: 8,000 contracts, Contract No. 5 (domesllo)
July September
4.00 6.03
November
6,90
March...
1.00
September
0.73
Spot cents per ib. cit” NY
ex-duty Oper interen:
6,02
contracts. “
-United Press.
NAMESAKES
Anawers-1 Count, 2 Abbey,
3 Church, 4 Tudor, & Advice, B Hampton, 7 Staterman, 8 Poli ties, 0 Wormlip, 10 Okeford, 11 College, 12 Thomas, 13 Allcgi- ance, 14 Herrry.
Cardini Wolsey.
POBIE&A
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Botwarda “CORFU"
"CARTHAGE"
"CANTON" "CORFU"
Leaves London
Balled 28/0
3th June
23rd July
21st August
Dae Hongkong
1st July 17th July 20th Augint
3rd September
Via Southampton, Coloraba, Penang & Slogapore,
Homewarde
Leaves Hongkang "CORFU"
"CARTHAGE”
*
"CANTON"
"CORFU"
5th July 2nd August
Dus London
fitt August 2nd September
301 August 30th September
2711 Septeintier 29th October Via Singapore, Penang. Colorabo & Adın,
FREICHT SERVICE
"SHILLONG" in Fort
"SUNDA" .duo 6th July "SHILLONG” lunds 1431: July
From UK.
from U.K.
for. Singapore, PL Swal- tenham, Penang. Aderi, Havre,
Hanza London. burg, Notterdam, Ant- werp & Orangemouth TIDA U.X.
$5.45
33.33
34,70
34.74
*
34.87-09
34,07
34,49
33.40
37.30
NEW ORLEANS
Prices of cotton futurfs closed today as follows:
Spot July October December March
34,10
"SALMARA" dur 294 July "SALSETTE" due 30th July,
from UC.
54.73
34.35
May
34.04
July
34,45
31.30 33.34
Sporndle buying spurts, touch- December
higher support ed by the 67% expectations, and possibilities for 50% increased soll bank payments, it Congress lets the zereage reduc- tion programme continue, again 606 found a limited supply of con- 50% tracts,
Likely
Desember
Agriculture Secretary Benson October indicated a support boost "ap-
the
Atles Cons. Blining Baldwin-Lims-flam.
Baltimore & Ohio
Opening
Beneficial Finance
Co.
Bendix Aviation Corp.
Benguet Coru.
126
Bethlehem Sivel
ADIS
GUS.
Doping Airplane
44
Borden (The) Co.
30/04
Burroughs Add Machine
4714
3.521
Canadian Pacific H.
Case (2.13) co.
prer
$0.001
Cat. Tractor
Canon (Mainya) limited $2.2}
& Hongkong
Banking Corp. Hongkong Tu Lad. Kimpas Lu
Celanese Cutp
10
Shanghai
5830 6/1011
$1.73)
45/301
Lurns tubber Estates widkly Malayan Breweries
0.0
$3.17
4
Commonwealth Elec.
New Serandah Itubber Co.
$2.42
Consolidated Edinors
4915
13.00
Continental Of of Del,
$2,10
Crown Zellerbach,
150
Cuban Amer, Sugar
82.47
Dougise Aircraft
753
$10.30
Dow Chemicals
0712
rate was set four months ago.
10.0
Dupont de Nemours
107
$3.12
Eastern Airline
Private
China
Easunan Kodak
1023% mixed.
Family Finance Corp.
Kuala Kampur Tin
What is sigilßennt too is that the money so released is being around fairly spread from the booming iron
and to steel indusITY
what are
Paling Tin Leer. known as "private and pro- | Rāmies Hotel Talonal loans," Am the hire Singapore Cold Storage purchase finance companies Straits Trading
Streita Steamship have but a good share of what United Engineeri Ord.
Wine Brod.
exdiv. Special,
is going
This latter poin! is important for. It indicates the prevalenco still of a "spend as you carn" attitude among the general
fcumdly.
publie which is what govern New York Foreign
ment wants to avoid. Now government could put a stop to
This. It has the necessary powers und
the past in 10055-% (hesitated to employ them, 107
Not Good
ឌ័រ
243
24154
230
Exchange
30-days
CI.T. Financial Corp. Chrysler Mator..... imax Molybdenum
Colgate-Palinolive Co. Colombian Carbon Co. Commercial Credit
El Paso National Gas
Firestone Tyre & Húðber
Ford Motor
General Electric
General Foots General Motor Gen. Pub. VI.
Cildden Co.
higher the
poon kely" from the 77 pes cent of parity bare set last 77February, but he did not hint 431 how much
props 48 may sto. Under the law, the supply-demand situation goU- 30%
ems the support base. Booming | exports have Improved the out- lock by cutting the surplus
LIVERPOOL
Cotton future closings, pence per lb. were as follows:
Old contract
July/August
October/November
December/Jamary
#farch/April May/June
since the interim 77 per cent. New contract
стор accounts were
belt Eastern
sections 4ad the crop as a whole, made
last good progress
week, al- though there were complaints of excessive zaina In Georgia 44 and Alabama sections,
67
0
Memphis sald while the weather was more favourable at the for any week this season "14%" so far, 50 per cent of the fields were still too wet to cultivate. Houston reportexi "good to Cacellent!
in progresu
Rio Grande valley. The California fb crop started to ret squares, a
though frequent rains brought 3316 about a grass problem, the re
hus, not
New York, June 17. Closing rates were: Englandt melal
Goodrich (D. 7.) D. Goodyear Tyro
78
Gulf Gil......
Herden Newport Com
$2.7914
279
Homestake Mining Co. Ingersoll-kland
35
10-days
793%
Inland Steel Co....
Australia
243-7/8
Interchemical Corp.
41
not
New Zealand
Yata Busitions Machine
5:35
South Africa
Int'l Harvester
тог
Brandi
014
International Nichol
Isternailceul Paper
Pakartor
Other
2006
Why does it not do so now?
thing, it is
Well for one
good
conservative practice
It Imposes control and stifies India
private enterprise.
But it is unlikely that any Press. thing zo abstract is slaying Canadian whent export: No. British Government's hand.
9, non-IWA, 1521⁄21⁄2 ocula; No. 5, More revealing is a glance at
120 centa.--United Press,
[recent by-election, results เค which Tory majorities have plummetted. In almost eyew cash this has been due to non-
voling Socialists,
Exchange Rates vong Conservatives rather than
Dusine wha datie in the focal mmarizes this noticial exotinnin morning at the following zalca:-*
UB. dollar (por $1)
sterling notes (per 21) Australan notes (per £}}***
Indorean numpisti (per 100). Biam tiral (per 100) Singapore straits)
were unchanged-United
London Foreign Exchange
London, June 17, Closing rates were New York
276-2 And these Conservatives are Montreal the peoplo, usually hardest | Aratardan by the credit squõeres,
Copenhagen It would well be that given t as the present delicate state of MiNEY 1080 | Conservative fortunes,
the reluctant to
1264 Government is
jeopardis further its popularity, Vianne
146 ---London Express Service,
Baham
Others sinch
2288 13/10-540 1/16 104416-10.45 140,47-14050 10,8016-194602% ARI-48737
1700-1701
1444-34MYS
Limited Press,
Int Tol & T John-Manville" Co. Kamp. C. Power & Ligh Kennecott-Copper ... Maret Meyers" Tob. Co. Locktieed Alcorat Loews Incorp, ... Lone Star Cement Co. Lowenstein & Sons. Membi Iron Corp. Minnesota Mining Mission Developmane Montgomery Ward Masamis Tar. National Cash Reg. | National Dairy Prod,
National Lead
National Steel Corp. New York: Central Oltz, Mimidinom k Oith Ligvalors. Owen-Ilinole : Cižause
Alaketean Airway Paternosat Pkwren Parkce Davie Co
100
$109
part added
736
1141
July/August
October/November
December/January
March/April May/June
SAO PAULO
in
BRITISH INDIA S.N. CO., LTD.
1250 - A HUNDRED YAARS OF SERVICE - 1934 "FULTALA" dar 21st June from Japan Kalis 23rd June
*SANTHIA" due 20th June 27th June
"SANGOLA” dhe 17 July kalle joth July
for Singapore, Penang. Rangoon, Calcutta Chittagong
Frum Japan
for Singoporo, Penang. Rangoli de Calcutta From Catentis, Rangoon
Strol
10 Japan
P. & O./B. I. JOINT SERVICE
20.000
6.50
26.10
20.30
28.09
"URLANA" In Port
20.57
"UMARIA"
"OZARDA" que Byk July
Kalla 6th July
"URLANA"
Closing futures prices avere in cruzeiros per kilo os follows:
July
October
December March May
40.40
41.10
41.40
41.30
41.35
In the United States, the over- age price of one-inch cotton at 14 designated spot markets was 34.00 cents. Sales totalled 49,024 balds-United Press,
Open July contracts today
191fcated stock declined 17 bales
totallers $1,500 bales. The certi- NEW YORK METAL
98 10 10,56 bales. 2016
Month Fully
October December
darth.
May
7,000
13,300
FUTURES
New York, June 17. Prices of metal futures closed today as follows:
Volume Open interest
@1,500
10000
STEDIO
130 14200
$10,000
· 133,300
125.200 71,000
Debober December
11.200
110 200
Lend June
0.000
1,200
July
10,000
900,000 Bala | Zing
July
NEW YORK
Copper Jupe
Juby
Fuly
Prices of cotton futures clised;} today as follows:
12.686
. 13,80}.
10000
972190) Tetra(1)
#infbed Preis,
*
a Jime due 20th June all 28th June.
due 25th July salts dist July
from farachi, Bombay, Curlin & Singapore for Japan
trous Japan
for Singapore. Rombay,
Karachi,
Dubal & Burch
from Bombay, Cochin, de B'pore for Japan.
from Japan
for Singapore, Bombay. Karachi, Bairah, Khorw sambard Kuwait,
EASTERN & AUSTRALIAN 5,5. CO., LTD.
“NELLORE” is 10th July
"EABTEBN” doo Bih Aug.
for Labuan. Sandakan, Rabu, Drabane, Byd- ney. Melbourne Adelaide,
from Australia
Alt veksela hava liberty no call at any porte ca ar off the soute & the zoute & taliings are rakjech to change or amendment with or without notice.
For full particulars opply to i
MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos: 27721-4.