Page
THE CHINA MAIL, TUESDAY, JUNE 25, 1957.
Pagō
TRADE and COMMERCE SECTION
ANOTHER OTTAWA CONFERENCE? COTTON FUTURES
Reappraisal Of WORLD
Commomwealth Economy Needed
From RONALD BOXALL
London, June 24.
Three things are striking about the agenda for the economic talks the Commonwealth Prime Ministers will be having in London this week.
RUBBER
MARKETS
New York, June 24.
Rex rubber contract closed 10 points higher to 30 points lower with sales of 100 contracts.
July
Sept
Nov.
Jan.
Mar.
May
July
Standard contract
The first is that with one important exception, the 10 to of 30 points. topics are the same ones that crop up at conference after conference:
Secondly all of them are actual or potential causes of friction. Thirdly none of the problems that will be discussed is susceptible of quick or easy solution.
bencill
The agenda reads like a list of, would old friends: development and collaboraliun, Investment; balance of payments and sterling balances; trade and Imperial preference; the pound
and
reserves
There
what
July
Sept.
Nov.
Int.
Mar.
May
Prices firmed after
32.00 32.50
31.05
31.10
31.40
31.10
WALL STREET CONTINUES TO DROP
New York, June 24. Utilities were hammered down again today, losing a point to more than 2 points in numerous issues as the stock market suffered its fifth declind in a row, a drop which pared market values more closed up than 1 billion despite a late substantial rally.
32,90 32.55
32.25
31.00
31.70
31,40
a shaky
HONGKONG
STOCK EXCHANGE
EDGING UPWARDS
New York, June 24. Cotton futures today opened firm and kept edging upward for the rest of the session.
All deliveries from October forward rose to new seasonal highs as last week's buyers gathered renewed confidence on face of unfavourable week- end crop news, especially accounts of excessive Irains, high winds and hail in the southwest,
After an extreme gain of $1.55 a bale, the market Inc? [ Our Own Correspondent
sonie-up realising but main- fained a firm undertone to closed Busincer done, on the Hong-not unchanged to 27 points kong Stock Exchange this morn-higher. The market opened up Orleans Ing amounted to approximately 1 to 14 points. Now $180,000. Non quotations and closed up 17 to 23 points the morning's trotsactions:
Activity elackened during mid-session, when the initial Sbarr Buyers Sellers
demand had been filled, but the market spurted again in later
The utilities, target of recent selling because of their vulnerability in an inflationary situation, | BANKS dropped .92 point in their average to 59.49, lowest level since Feb. 12.
Firestone Tyre & Rubber
ord Motor
General Electric
General Foods General Motors
Gen. Pub, UN.
HK Bank. INSURANCES Utston
Lombard.
1033
galow
201030
Do a gas
1.1 19
p
SHIPPING
07%
Wheelock..
7.60 7.05
442
DOCKS, ETC.
no
K. What!
107
Gelty Oil
Dock
Gnaden Co
RES
Provident
44 443
700 $4
1312
Goodrich (B.P.3 Co.
2012
Goodyear Tyre
6432
LAND, ETC.
Gut ou
140
HOC Hotel..
1540
Heyden Newport Corp.
14
Gas,
Homestake Mining Co. Ingersoll-Rand
(Rts)
2000 331 20311
16% 10.80
1.45
The utility loss, coming on the start, deriving from domesilehecis of even wider drops in Iwe encouragement from reports of a of last week's sessions, featured "pretty good size" demand from losaca ranging close to 3 points other in Florida Power & Light A closer domestic factories and from
Dealers consumers.
covered recent rato cut ordered for after brokers with London con- Florida Power Corp., a point or nections were carller seilērs, more in Idaho Power, Montana Power, Panhandle Eastern market,pipeline,
Houston Lighting. the was
credited Consolidated Natural seller of one ribs, June-and-fit Florida & Light and word that half-July, at 32 cents a pound, the state of Florida is planning three browns 28 cents and foursa general review or utility rate browns a 23 cents a pound, cost structures, also weighed on the and freight, Spot No. 1 Rss was group. quoted nominally at 33 cents a pound.
the shipment
Indonesia
are several views on should
donc 1
Lo
In The strengthen the economic associa-
tions of the existing Common wealth and
necessary minimum amount of day-to-day co-operation of the emerging larger one,
gold problema arising out of Britain's proposed membership of a European Free Trade area are by now almost as familiar,
But although these topics will be discussed separately they are in fact only different facets of the central problem which is how to realise the economile potential of the Commonwealth,
Assurances
British Government has given repeated assuratiers that in any circumstances in which it was necessary to make
+1
cholce
ensure
The British Government Is inclined to leave matters as they That is, they believe that are. present arrangements for meet- ings of Commonwealth high commissioners and their various sub-commities are adequate to deal with any routine problem Questions of general polley are discussed at meetings of ministers.
that may
arise.
Support
L. W.
Dumont Company,
Industrial stocks met support rubber brokers commenting on
as their average fell below the the new regulatica had been set
500 market for the Arst time in up by the Indonesian goverHL-
more than a month 'and came meat sald just as soon as the wrinkles are ironed out, we can
back more than half from the look for sumo substantiat offer-day's low point. Helping strongly ings which will in our opinion, 3 points in Eastman Kodak.
was a late nin-up of close to The opinion outside Guvern-utilmately depress prices." between maintenance of Comment circles is that this is not The existing arrange- les
and though.
tements for collaboration, have not collaboration in
The market opened higher on Western had any consplelous success In economic feld with
the
better New York advices and Dast Europe it would unhesitatingly
and seem even less choose the former. But Com likely to have any in future fair shortcovering ensued.
who call fur cloacr monwealth fears have not been But those
IL fluctusted narrowly on
Oil losses ran around 3 points collaboration arc 101 entirely allayed.
agreed among themselves on exactly rather quiet market; the lower in Gulf and Amerada, close to what should be done,
grades were neglected through- 2 in Shell and Texas Co. out the day. Futures:
monwealth economic
close
coun
Some Commonwealth tries are having second thoughts about the possible effects on their own Trade of Britain's likely free tracto arrangements with Western Europe, And Mr John Diefenbaker the new Canadian Prime Minister frankly suspicious about whole thing.
is the
Indeed his reported intention to invite Commonwealth leaders to a trade conference in Ollawa Is the only really new idea that is likely to ene out of this part of Prime Mtafsters' Conference, On the question of taste some of Prime Ministry will ask fur of the Imperial a reappraisal Preference System. And where better to make that reappraisal than Oltawa where the system was bom a quarter of a century BRO?
the
S on the subject of trade, Prime Ministers wili the balance of pay- Examine anents position of the Common wealth sterling bloc and each member's part in It.
The persistent deficit in the overseas sterling area's payments with the non-sterling world is the main reason why the famous .convertibility plan the product of a previous Prime Ministers ernference has disappeared into some Treasury pigeon-hole.
In Deficit
Maxim
Pressure
certuin
drafts
on
SINGAPORE
1H
No. 1 rubber per .14. July 921-925
Aug. 13-03 No. 2 nibber per 1b. July 917-821 No.
2114-019 No.1
68-39 Spot rubber unbaled No. I pale crepe Blanked crepe
LONDON
021-82
$4.00 PU-100
П
Other chemicals came up from their lows but still showed losses of over a point in Du Pont,
Union Carbide, Vick Allied Chemical.
Lukens was a feature in the steels, recovering from a loss of more than 2 points to a gain of more than 3 points on the day, Chrysler was off more than a point in an easier motor group, International Nickel fell more than 2 in the non-ferrous metals, United more than a point in the aircrafts, Firestone more than 2 in the tyres.
Counter Moves
The Economist" sees the problem Interns of improving the over-all balance of pay- ments. I believes that some- where between the OEEC's "open chivying to ensure compliance with
The rubber market was steady former sterling system of agreed pence per lb. Pricts:
rules and
the with spot quoted at 27-1/18
certain balanes, there is a means by No. 1 Ran spol. 27-271%
Settlement house tenn: which members of the sterling
July
27-276 club could bring toress of pressure
Some mila
August
276-2714 colleagues whose policies are out to. bear on
27-27 27-74 27-272 27-2712 Apr/June
2014-27
group General inarkeis, cif basta, porta: averaged 2.92
al points lower 2012-buyers
497.08, their lowest since May 9. 2016-273%
Rails, with a loss of 80 to 143.4) were at the lowest level since 31%
March 26.
of step.
with
Fonse
of
September
July/Sept.
Oct/Dec.
Jan./Mar,
"Nebody realism, it says, will call for
June Jitly a precise annual 'plan for the
August sterling arcs balances of pay- Estate crepe thin July 20 nents but there might be a case Estate crepa thick Jub for publishing some chiyying
AMSTERDAM an annual Red document like forward looking sterling area
The rubber market was quiet economic survey,”
Prices closed today In Builder per kilograin, cif July as follows:
The Financial Times takes a broader view of the problem No. I rubber and believes the answer is to No. 2 rubber Ve the Commonwealth the ad. No. 3 rubber
No. 1 crepe ventages that Europe has hnd, and thrived on. "It should after all be a matter for show," It says,
the Commonwealth ties should not have been re-inforced
"that
by the most obvious agencies of
economie co-operation,"
to pronounce on this subject at their present conference.
Ore cannot, alas, expect the The overcas sterling area's Commonwealth Prime Ministers
have been In deficit payments every year since 1951 with the exception of 1933, Last year there WDS O defelt of £102 million,
In these six years the total overseas sterling area deficit has amounted to £326 million, But over this period Britain itself has earned a surplus of foreign exchange sufficient to finance all but £112 million of the over- sens sterling arel's deflelt,
The Commonwealth Prime Ministers do not as a rule op- portion. blame but they can hardly discuss balance of pay- ments without taking note of the fact that last year, India's individual payments defrit more than accounted for the deleti of the entire overens sterling дред.
Inland Steel Co. Interchemical Corp.
Int Business Machines
Int'l farverler Tabernational Nickel International oper Inti Tel. & Tel John-Marville Co
Kanstar C. Power & Light
Kennecot Dopper Liggett Mayora Tob, Co. Lockheed Aircraft Loews Incorp....... Lone Star Cement Co.
Lowenstein de Sons McDonnell Aircraft
Stock ge.)...... Mesabi Iron Corp Minnesota Mining
en Development
Monsanto Chemical Co. Montgomery Ward Motorale Ite, National Cash Reg. "A" Nadormi Dairy Prod. National Lead National Steel Corp. New York Central Olin Mathieson Oste beryar
Owen-Blindda Glass Pacino Gas & Elec. Pan American Airways Paramount Pictures
Co.
Parke Davis Co.
Penny 3. Penn. Salt Co. Philip Morris... Procter & Gamble Co. Pitsburgh Plate Glass Pubucker Industries Pure Olf.*********
tadio Corporation Republic Steel Reynalda Metal Sears, Roebuck & Co. Shell Oil Co
Saint Reg. Paper Sinclair 60 Bocony Mobilali Solar Altstadt
K Land .. 33 35%
804 Humphreys
RUBBER
32112 Amaly.
33 Trust
10453 | UTILITIES
341
Tran ...
40% Youmail.
Electric
Macao E.
123 1425
23 23.20 1060 @ 23.10 102 104
30
50 203 13 30
100%
03
Telephone
10.20 1012 2015
40
19 INSTRIALS
34% Cernant ....
20% Rope
[Am.
Amoy Can
3416
394
South Puerto Rico Sugar Southern Co. (The) ... Southern National Gas Southern Railway (Com.) Bandlard Brands Standard Oll of Cal
Oll of tņu.
Chier counter moves appeared in Minneapolis Honeywell which climbed more than 3, the Fair, Oil of NJ.
up
Minnesota
over 2, and Mining, nearly 2 higher.
Industrials
for
the
M
201
11 12
STORES, ETC.
Dairy Wadnou....
301 COTTONS
31.00 14.70
12.50
Textiles .... 4.45 Nanyang
MISCELLANEOUS
.... 22.29 INVESTMENTS
4.75
47
33%
121
Ebert
7232
32%
Allied
8432
40%
100 14.00
New York Sugar
Market
World No, 4
New York, June 24,
sugar futures closed today 4 points tower to 3 points higher with sales of 1483 contracts.
The domestle No. 6 sugar contract closed 2 points higher to 1 point lower with sales of 237 contracts,
The markets moved irregular as unders awalled new business In the raw market.
0.21
Steep Rock (Toronte Exge.) Sterling Drug_Co.
Contract No. 4 (world)
203%
Stokely-Van Camp.
July
Swift & Co.
Studebaker-Packard Corp.
672
September
33
October
Texas Co.
603
March
Tide Water Asen. Öll
MAY
Time Inc. Congre
July
Twenty Century Fox Fin Union Carbide
28
September
118
Union Pacific Railway
Upot (cents per i. fob Cuba) 4.60
"Open" interest: 8,620 00structs.
United Aircraft ·
34L
Contracia No, 8 (domestic)
402
花
Septeraber
November
4
March
September
UB. Kine Co.
Turnover
Acasion
United Gas Corp. shares, U., Foll "D" totalled only 2,040,000 compared with 1,970,000 on Fri-US Gypsum... day. Or 1,169 issues trade, 690
U.8. Rubber. were lower, 289 higher, 234 um- 2.03 nom, charged. There were 115 new 2.03 nom lows, caly 5 now highs. 2.00 nom. 1.00 nom.
United Press.
Stock Exchange American bond volume was 700,000 shares | campared with 680,000 on Friday. Now York Stock Exchange bond volume wis $5,170,000
Dow-Janes closing averages
NEW YORK METALgainst $8,010,000 on Friday:
FUTURES
New York, June 24, But Prices of inetal fitures closed Would it be too much to hope today in cents per lb, as follows:
were:
30 industrials
20 valia
15 Elles
di stocks
10 bonda
Comm. nature price index ..
Closing Prices
Allied Chemicals
that it is given a prominent Lead piace en the agenda if and when there is another. Ottawa Con- Zine ference on Commonwealth trade copper June moblemst-Express Service,
June July
June July
13.856
11.666
ось
€305
*7.401
Allen Kina Inc.
July
Tin
June
07805 (Straft)
July
9,400 United PrOEN.
Singapore
Stock Market
Singapore, June 25. lowing stock prices:
Brokers today quoted the fol-
LONDON METAL
PRICES
London, June 24.
Prices of metals closed today
Alla Chalmers
American Airline
American Cable & Radio Corp.
American Cyanamide Co.
Amer.orgn. Power
Am. Gan & Zloctite
Am. Mach. de Fúry. American Metal American Binaliing Am. Bigas Ref. Amwicam Toi à Asnerlers Tab. Anaconda Copper Armeo Bleel AFROUT
in sterling per long ton as fol- Baltimore & Ohlo lows:
Beneficial Finance Berdi Aviation Corp. Benguet COM
Buyer Sellers Bethlehem Steel
Opening
$2.10
Tia spot
J-month
Copper spot
3-month
Lead 2nd half
Zine 2nd halt
Рест
Balu Lintang Hubber Co. The Prime Ministers will not Brian Borneo Petroleums come up with cut and dried Byndicate solutions to these trade and Consolidated Tin Amelters
Ord. problemas. payments
But Taker & Noare Lid Ond... $2.7211 zde od would be a pity if they let up-Fraser & Neave 73% cum. portunity go by without at least
·Pref ....
$4.0 exchanging views on the posal Gammons (islaya) Lintbed 20
Hongkong & Shanghai Bank- blity of setting up come ing Corp... permanent machinery for Com- - Hongkong Tin LAG, monwealth economic operation.
co-tuanpa Lus.
The need for this grows each year. Quite apart from the fact that coonbonic
3500
Kuala Kampar Tin 9, 34 Lunas tuber Estates Jatil... Melayangweries... 13.1725
12.45.
New Berandan Rubber Co.
of Polating Tin Ltd. expanalun
Halen Hotel
Western Europe, which has auch Singapore Ceid Blorage... an organisation, has dramatically stress outpaced that of the Common-piralis
***
wealth since the war, there are WEET ELTON
pated. Engingers Ord, MA very good respone for believing
that Corumowealth countries Mail Special.
NAMESAKES
Arewers - Forwords,
Boning Airplane Bardan (The) Co. Burroughs Add Machine
700
-21131
Campheil de e Canadian Pacitta
Cass. (J. 13 Co....
Свідлето Согр.
C. I.T. Financial Corp
Cumax abl
Colgate-Pal
Colombian
Boots, 3 Iteterad, 48Victorious; Euth Amer
Xngland, û Derby, 7 Baseball,
4 Goals, 9 Score 10 Ayresvine,
3.10
15
$17.00
* Sava - Bloomer (The England
11. Penalties, 18 Ronunda,
International dooikaller),
amand
497.03
UB, Bmetung
UB Bleet
Wamer Brod. Westinghouse Elnetite
Western Union Tei, Co. West Va. Puip & Paper Woolworth
230
6.75 4.95
contracte.—
Spot cents per lb. dit N
ex-duty interest: 2,434 Open
10% United Press.
United Prous,
LONDON HAS SHARP
DECLINES
London, June 24.
section Nearly every foined in a sharp decline on the London Stock Exchange
today.
-were
British Governments sold all day long without "EVED,
London Foreign Exchange
London, June 24: Closing rates were:
New York Mocireal Amsterdam Zarul
Copenhagen Frankfuri
Lisbon
Calo Parts
Stockholti
3.70 1/16-3.79-15 £7.935/18~2.60-}
10.00-16.00? 1-441_285-100.15ŢIE 10.6534-10.031 11.7346-11.70K 0050-60.15 17643-1745 10.0813-19.981
34.4455-14.643S
7243-11.48 United Press.
temporary recoveries, Wax Jonn New York Foreign
led the fall with a loen of 10 shillings, dropping to 2084, ila 1957 low. Others were off jewer amounts, përching only n few shillings above their lows. Industriala wero marked down with uila big losers, Royal Dutch sold heavily from
New York; fell 10 shillings. Shell Tenkport yiekied 4 shillings 14% and British Petroleum, lost 2 shillfriggs 6 pence, Elsewhere, Unilever, and Unilever NV were marked down about
shlilings each,
John Barkets," a department
Exchange
New York. June 24. Closing rates were: Canada,
and prolak 30-day 90-days
1
South Afrion, ..........
Other unchanger
Press
store sought after by a fines Exchange Rates
troup, provided the only except
an to the trend rising & shii-
Ung atter tacking on 19 anil-
Unge last week? Kak
at the dollowing rates;--- Doller stocks) dollar (per 111 ware marked down in sympathy Australian solen per ml)
Foitiin bunda, wórovali Idie disd angbanged,
with Wall Street's decline- [Urilled" Přina.
* (per (100)
dealings. Later buyers con- Unued to find sellers reserved in anticipation of a higher govern ment loon rate and lessening chances for legislation which would effect the 1937-88 crop.
Seller's caution also reflected expectations for an unfavour- weekly crop able government tomorrow.
Evening-up in the July con- notice to Arst troet, lacident day, was a minor trading feature.
One delivery notice for 100 bales was issued today. орсть July contracts today totailed 70,000 bales. The cer
tificated stock declined 602 to 9,034 bales.
NEW YORK
Prices of cotton futures closed today as follows:
Spot
July
October December
20.407
25.20
33.02
34.93
Mareli May July
136.00
October
MATT-78
December
NEW ORLEANS Prices of cotton futures closed today as follows:
Spot
34.10
28.12
35.00
23.11
35,11
34310
34.70
3374
July
October December March
July
NERY
October
December
LIVERPOOL
Colton future closings, in
pence per lb, were as follows: bid contract July/Aug.
25,01
Oct/Nov,
20.02
Dec/Jan.
20.40
Mar/Apr.
28.80
May/Lind
New contmet July/Aug.
20.73
Oct/Nov.
+
Ded/Jan
MAT/ADE
May/June
BAO PAULO
closings in
Colon future cruzeiros per kilo were as fol- lows:
October December
March
MAY
41.00
41.50
41.10
41.40
In the United States, the average price of one-lach cot- ton at 14 designated spot mar- kets was unavailable,
Total cales at 13 markets were 0,523 bales.----United Press,
P&O B•I
E&A
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Outwarde
"CORFU"
*CARTHAGE"
"CANTON"
*CORFU"
Leaves London
Sxiled 28/3
24th June
Dun Hongkong 1st July
20th July
23rd July
Dat
August
20011 August -****
*rd September
Vis Southampton, Colombo, Penang à Singapore,
Corewardi
"OORFU"
"CARTHAGE"
"CANTON"
"CORFU”
Leaves Hobgko
3th July
1st August
301) August
Dus Londos
5th August
1st September
30th September
27th September 29th October
Via Stogapore, Penang, Colombo & Adık.
FREIGHT SERVICE
"SUNDA" dae sit July
"SHILLONG” londe 170) July
from Uk
foz Bingapore. Ft. Swat tentuan, Penang, Aden,
London. Kam Favre, burg, Rotterdam, Ant- werp & Grangemouta "SALMABA" dne 28th July from 0.3.
"SALSETTE" due 30th July from U.K.
“SOMALI" One 15th Aug team U.I.
BRITISH INDIA S.N. CO., LTD. 1858 A HUNDRED YEARS OF SERVICE – 1954
"SANTHIA” dhe 25th June from Ispari ails 27th June
"SANGOLA” du# 17th July
setts 10th July "ORMARA”, que 10th Aug. valls 12th Aug.
Tot Singapore, Penang. Hangoon & Calculta from Cricutis, Rahgoon
Strait for Japan
from Japa
for Singapore Fonand, Stangoon Calcutts &
Chittagon
P. & 0./B. I. JOINT SERVICE
"UMARIA" due 21th June
"OZARDA" due
"URLANA"
8th July
asil 10th July "ISMAILA" due 18th July
Kalle 17th July dun zith July mails *ugh July
from Japan
Duba
for Singapore, Bombay, ICaract Barrah
from nombay, Cochin, Le 3'po fot from Karachi, Bombay, Cochin & Singapor
tur Japan
from Japan
for Singapores Bombay, Karmoni, Herb Khor ramsher & Kuwait
EASTERN & AUSTRALIAN S.S. CO., LTD.
"NELLORE
satis 10th July
"EASTERN" due 8th Aug.
for Labuan, Sandaken,
Rabaul, Drisbane, Byd- ney, Memoume Adelaide,
From Australia
All venda, báru líkurly to váll el any parts, es or of the roule à the roule a pitiings are subject de chalgo de amendmens with në withhur motion.
For full particulars mpoh tei MACKINNON, MACKENZIE & CO. OF HONG KONG LID. Telephone Nos: 27721-4,
+
徘
*
#
#