THE CHINA MAIL, TUESDAY, JULY 1957.
TRADE and COMMERCE SECTION
Pagò
WHAT IS GOING TO HAPPEN TO COTTON FUTURES
COMMONWEALTH TRADE?
Britain's Relation With Europe's Economy Uncertain
From RONALD BOXALL
London, July 1.
It looks as though Mr John Diefenbaker, Canada's Prime Minister, will have his way about
a conference on Commonwealth trade.
But this will not take place until more is known about what must be its chief topic-the European Free Trade Area and Britain's part in it.
the
No Longer
free trade At the moment a full scale excluded from the conference would achieve arrangements in Europe and raw nothing. The talles that Com-materials which enter free of monwealth finance ministers are duty anyway. holding later this year in Ottawa after they have attended annual meeting of the Inter- national Monetary Fund at Washington will discuss whether, where and when big conference will be held.
Formulated
on
the
trado
STOCKS
SPECIALTY HONGKONG
STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong-
morning
mmmounted to
$303,000. Noon
*
kong Stock Exchango this proximately quotations and the morning's
transactions:
Whorte
BANKS
Buyers Sellerm
Ble
ILK Bank-1030 1040, 2510
21035
INSURANCES Linion Lombard...
SUMPING
50
17.00 7.00
DOCKCH, ETC.
Wheelock
000 106
K. Whart. 106 200
Dac
443 Provident .. 15:16 10.40 LAND ETC. Hotel..
161% 10.70 500 30 1000 1% 240000
2000
B.Co
3534
FEATURED
ON WALL STREET
Specialty stocks
New York, July 1.
WORLD
RUBBER MARKETS
New York, July 1. Bex rubber contract closed today one to 16 points higher on sales of 30 contracts.
July
September
Эпидагу March May
issues such as Haveg In November dustries which ran up 14 points featured a firm, generally quiet session on the stock C-Ju change.
The main body of stocks moved in fashion which left the Dow-Jones average presentative stocks up .19 point on the 173.99.
Volume increased to 1,840,000 faland Steel Do
Interchemical Corp. shares from 1,770,000 on Friday.
tal'!' Baukdom Machiner Havey, an 184 point gainer i Harvester last week was the big feature | International Nickel
on its run up to a new high at International Paper $81. Dobeckmun points to $45 s
climbed 3 merger with Dow Chemical was approved. Dow however, lost 1% -$6276-
There were game of a point more in Du Pont in the
Lone Star Cement Co. Lowenstein & Sons.
McDonnell Aircraft
Stock Exo.).
22.03
SEE-SAW
IN NEW YORK
New York, July 1. Cotton futures see-sawed back and forth today. in purely speculative operations.
At the close, the list ruled three points lower to five points higher. The market opened un- changed to four higher. New Orleans closed one higher to three lower.
The list inched up alightly at the opening on, routine week- end price fixing but allpped
F bli later as interest back lagged.
However, prices rose as much
as 85 cents a bale around mid- session on speculative buying 20 which was said to reflect a local 22.10 estimate that 1057 cotton
31.90
31.75 acreage might be the lowest 21.6080 years at 18,585,000. Bæres,
At these seasonal highs the market met profit-taking which
bolony
The standard contract closed one to 18 points higher with no
dropperi nearby deliveries their previous closing July
is level and new crop months lo November
10 slightly above. March
routine sales reported.
of 65 september day at skry
May
July
10:00
21.30
BITS
Most traders were awaiting $1.50 further reports on the hur- 3123 ricane damage to the central
December March May July
October
December
NEW ORLEANS
Prices of cotton futures closed
today as follows:
Spot
July
Cetober December
March May July
October December
LIVERPOOL
BABBREKE
Cotton future closings,
In
2156
pence per lb. were as follows: Old contract July/Aug.
Dot./Nov.
Dec./Jam
Mar/Apr Mig/Jame
Future trading was very dull cotton belt and for the weekly New contest July/Aug. 41% today with very few offerings weather report.
31215 reported. The physical market 103 also was dull with no factory interest chowing up Spot No. 1 Rss was quoted at 32% conta.
SINGAPORE 037! The market was dhdi and 40% featureless throughout the day. There was some factory buying and a fairly good demand for lower
prides (o Europe. 3016 Futures;
No, I rubber per lh, July 09-2016
Aug. 02-021 No. 1 rubber per 1. Jay 014-92 DI-DIS
103
Inti T. & TEL.
John-Manville Ca
48
Kennecott Copper
100
to
| Liggett Mayen Jub. Co.
Lockheed Aircraft Loews Incorp.
19
(Am.
42
0034
301
373%
No. 1
BO
No. 1
No. 4
Spet rubber unbaled
ག
Blanket erepe
No. 1 pale crepe
Other rubber
$136chemicals, Barber, Gulf and Sun
As for the remaining ten per cent they say: "We should, it is true, no longer exercise o pre- ference for Commonwealth goods over European goods. But wex Land should still be able to keep a Icenity preference for Commonwealth RUBBER
Anal. from other Trust goods over goods
We countries outside Europe, should be able for instance to UTILITIES continue to charge a lower duty Yaumati
Team 23.10 (23.20 1500
102 10% a Canadian and Indian goods C. 14ght (0) 18.70 1080 than on American and Japanese
100 13.10 *(Et) 13.10 H
200 10.10 goods."
0001310 Electric .... 20.00 301
then ... 10.0 1016
100 30
Telephone Cornetit. 34-8216 INDUSTRIALS
Any Car STORES, bic
New Commonwealth policies cannot be formulated until it is known exactly what commitments Britain will make in the European Free Trade de Indeed that plan ever plan--Jt becomes a reall
a reality. Only then
A Commonwealth conference can Commonwealth trade
to review trade policles would fitted into the pleturðmör, as have to take all this into some would have it, the best count. But so far made of a bad job.
bo
One thing only appears cer- tain; if there ever is a European Free Trade Area, Britain will be in it. But although they are doing everything in their power to ensure the success of the plan, the British Goverment might not be altogether, dis pleased it It broke down through no fault of their own.
The really compelling reasons that Government have put for- ward for Britain's participation In the Free Trade Area are on the negative sido. It is what we | would lose if we stayed out rather than what we woulch, gain by going in, that is constantly stressed
BC-
only the broad outline of the European plan is known; the details are
still to be worked out
In any case the whole British case is based on the assumption that the six countries concerned will ratify the Comman Market agreement. And now a now possibility must be considered.
Relieved
This is that France may de- eide because of its Anancial dimedities and the strain Line- pased on a economy by the Algerian crisis not to ratify the agreement.
possibility in
The extreme this event is that there may be nó Common Market after all, And Britain once relleved
0.10 20.33
320
Mesabi Iron Corp.
Maviesota, Mining
Monsanto Chemical Co. Motorals Inc. Montgomery Ward
in the alia, Corning and Owen-Missions Developement 23:30 | Ninois in the glass issues, Free
port in the sulphurs, Foderated and 3. C. Perrey in the depart- ment stores; McKipron Robbins in the pharmaceuticals; In blue chip American Telephone, in De Vilbis International Circuit Breaker, Beckman Instruments, & Toundry American Machine
r their grOUPS,
30
500 128.24 300 321
Dairy
...... 24.70 1490 Watson... 41.76 3120 04 COTTONS Textiles ... 4.72514.771⁄2 3000 Nanyang Entert MISCELLANEOUS INVESTMENTS Allied
XK. &F.E. Invest.
21.00.
4.094.70
10.30
Singapore
11.00 475
.
Declines
On the other hand, declines of around 1 or more points ap- peared in Eastman Kodak In the chemicals, Skelly and Texas Co. in the oils, Lukens in the steels, Douglas and Unlied in the alt- crafts.
National Can Reg. "A National Dairy Prod. National Lead National Steel Com. New York Central Dit Mathleega Owen-Ilinola Glase Pacifle Can & Elce. Pan American Airways Paramount Pictures Penny J. C. Ca. Penn Balt Co. Philip Morris
Prpeter & Gamble Co. Pittsburgh Plate Clas Radio Corporation Republin, Steel Reynolds Metal Sears, Hoebuck & Co. Sinclair Oil Shall all Co.....
Bocony Mobiol Bolar Aircraft
jandard Oil, of Ind. Stand. OEI từ thi
Metal stocks reflected tower prices for the raw metals with sterling Drug Co.
Stock Market declines of around a point to 3 in Stokely Van Camp
of
Singapore, July 2. Brokers today quoted the fol- lowing stock prices: Batu Lintang Rubber Co.
Lid.
Petroleum
Opening
043 •
189
a European economie commun-mon Market scheme is not very Ity. Their intention is ultimately likely. But the possibility is just
$1.05.
Kennceat!, National Lead, Studebaker-Packard Corp.
American Magma,
Smelting. Swift & Co.
Тезове са Utilities had strong spots in Tide Water Act. Oll Houston Lighting, Florida Power, Tentury Fax Film Public Service Gas, Middle South Union Carbide Utilities, each up a point or more. Union Pacific Bala
United Area United Gas Corn. U.S. Fou "a" U.S. Gypsu us. Line Co. U.S. Rubber US. Smelting US. Steel... WATTICE B100.
Among rails changes ranged
C
The Free Trade Aren plan the pressure that is driving it would not be an Issue today it closer to Europe might become | British
Syndicate the six most important con- much less enthusiatic about tree Consolidated, Tin Belters
to nearly a point on the down- tinental countries had not trade.
side in Atlantic Coast Line and Ord. agreed to form
wm themselves into A breakdown
Chesapeake & Ohio; close to a in the Com-Fraser & Neave Lid Ord... 12.0
Fraser Neave 714% cum,
on the upside in Western pref Gourens (Malaya) Limited 12.40
Mand
and Norfolk & Western. Hongkong & Shanghai Bank-
ing Corp
$000 Hongkong The Lid.
As measured by the Dow- $2.00
Jones 30% B.lt
averages, industrials closed unchanged at 503.29; $3.3% ralls up 03 at 148.49; utilities #2.475 { up 44 ht 70.20. Of 1,180 issues 13.12 appearing, 480 were higher, 443 lower, 257 unchanged with 34 at new highs, 38 at new lows,
American
to abolish tariffs against im-one more reason for the cautious Mr Diefenbaker's Ports from each other and in-approach to stitute a common tariff against proposal.-Express Service. imports from ali other countries,
This explained in a new British Government publication "Freer Trade in Europe" placed Britain in
serlous the join
dilemma. It could Common Marleet as a full mem- ber; or it could stay outside al- together; or it could find some
way of associating with If short of, full, membership.
Relatively More
STORES FIRM
IN LONDON
London, July 1.
ve
Kumpas LI, SANAKRY Kuala Kampar Tin Lunas Rubber Extates Ltd. Malayan 'Breweries reg New Berandah Rubber Co.
Petang Tin Lid.
Reles Hotel, ALLEGRET Singapore Cold Storene ....
Strāļus Trading:
Straits Stepmanip
United Engineers Ord.
$2.4D $2.47 17.35 $12.10
$2.2215
Weams Brow
13.43
oxdiv; † axall,
China
Speola).
Xox
unavailable today.
1+
9191-92%
863-B3 99-101
markets were
New York Sugar Market
New York, July 1.
World No. 4 sugar futures closed today three points higher to three pointa lower on sales of 440 contracte.
Domestic No. 6 nigar futures closed unchanged to one palat lower on sales of 120 contracts.
in Trading futures
went through a gather routine pattern today, with nothing in thú newa or raw market to push prices much either way.
Contract No. 4 (world).
0.00
5.24-10
5.20
Southern National GaR Southern Railway (Com.) Standard Brands
4th
Standard Oil of Cal.
001/
30%
18
3312
6414
27
139
July
201
September
G31%
October
January
3492
2911
May
GIE
July
30
September
501
Open Interest: 8,634 contrag
#815
23
Contract No. & (domestic) Beptember
November
March
TER
September
Untiel Press.
Spot-cents per lb. cit NY
ex-duty) ......
Open interest: 2,480 contracts. Unlied Prem.
6.00
Westinghouse · Electric Western Union Tel Co. West Va, Puin & Paper Woolworth
NAMESAKES
Answers Poland, 2 Rulling.
Stock Exchange 3 Kremlin, 4 Curtain, 5 Satellites,
070,000
volume emounted 10 Mplsharca, same as on Friday.
Stocks held firm on the CHICAGO CRAIN
London Exchange today
If it stayed outside, the six with department store
countries would buy relatively shares featuring.
Indre from each other. And since
an important part of its exports
There was heavy demand for
belief that the carnings picture for both store firms might bened: from new ownership.
are to these six countries" and | John Barker and Gamage on the since they constitute the most rapidly expanding market in the world consequences of this for Britain would be serious.
MARKET
>
Chicago, July 1. Grains showed sharp de- clines at the close of the Board of Trade today."
Market activity picked up Imperial Chemical responded after mid-morning and some Market as a full member, For to plans for expansion, Other grains dipped to new lows for
'Nor could it join the Common
If it did it would not only have Industriels
were fraellonally the sesalon,
to stop giving preference to im- higher for the most part. ports from Commonwealth coun-
Bond volume amounted to $4,710,000 against $3,600,000,
Closing Prices.
Alden Inc. ACY Allled Cherniculis Allied Mills Ino. Anis Chalmers American Airline American
Cable
Corp. American Cyanamide Amer. & Forgn. Power Am. Gas, & Electrie Am. Mach. # # dry. American Motal American smelting
Lack of follow through buy Am. Sugar Ref..... ing and profit-taking were the American Tel ✯ 201 There was same selling of my causes of the declines.
American Tob. "B" teles; it would also have to in tobaccos on the unfavourable pose tariffs on many Common-smoking-cancer publicity and for the near future also helped film cana, Mining
Reports of favourable weather Anaconda Copper
Armour wealth products that are at
Lower drifted
Baldwin-Lima=ttar. cauzo declines in wheat, corn present admitted to Britain free Rhodesian Selection Trusts re- and soybeans
Oate and ye Halkhore Ohla of duty,
duction in the price for the followed the trend met by the Bands Aviles Corp.
Beneficial Finance But it Britain could not join metal, Some oils were marked nest of the grains.
Bethickero Sinal› the Common Market or clay down.
Sales of one million bushels Bockar Airplane outside it altogether, it could try
coppery
<
to associate itself with the. British Government bonds economic community in such a showed little change, Foreign mate in the export market. way as to avoid the worst effects dollar bonds were quiet and Minneapolls also showed de
of each while getting the best of litle changed-United-Press.
both, Britala has therefore taken
the lead. In negotiations with
eiher members of Occe to cs- tablish
Hordon (Tha)" to
of US grain to India was the Burroughs Add Machine
Graine at Kandas City and
elines.
Wheat cloned off 4 to 2% eente” fur, alá and aft 1% to 2 Counts new;
closed
empel Soup ca Canadian Pacie IL
Chow (J. 13) Co. OH, Tractor Colacone Corp.
Financial Corp.
Chun-Molybdenum
Industrial Free Trade London Foreign for inta-United Commonwealth 1 Lac
Art in Western Europe. Mem- bere of the area will have free trade among themselves and of courah with "She alx"—in every- thing but agricultural producé. But they would keep their own tärida atalint Imports, no out-
akan Clovernment claim
"roente, with the CommonwERIEN would hadis na afficted, h poil at that about 99 per ceLE oferialny) Koporte y from" the
cultural protou MAN would be
Exchange
· London, Julý
Closing råtés were:
Proon
New York Foreign Exchange
Cubes Aribe: "Bogne
March
Spot-(centa per lb.-fob/Cuba)
Exchange Rates
Command, 7 Bolshevik, 8 Speech, 8 Power, 10 Union, 11 Secretary, 12 Communist, Hungary, 14 Workers, 15 Soviet.
Nikita Khruschev.
|
13
Business was done in the local Offcial exchange market this moming at the following ^rates:--- US, dollar (per $1)
0.12 Sterling holes (per £1) Australian notes (per 21 Indonesian rupiah (per 100) 13,00 Slam tel (per 100)
Singapore (Siraits)
1.80
P.O.
R.M.S. "CORFU”
SAILS:
NOTICE TO PASSENGERS
BAGGAGE:
Friday, 5th July, at 19.00 Noon for the UNITED KINGDOM, via Singaporo, Penang, Colombo, Aden and Port Said.
Passengem are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Co's Godown No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Thursday, 4th July...
SPECIAL NOTE: With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through. the Wharf Company's Godown for loading on board by ship's alings only.
UTON
Passenger
9.80 and 11:00
"
A lending spot Arm reported: good progress in the cotton crop of the Memphis, Atlanta, Houston and Los Angeles areas. Certifiented cotton stocks roo 80 bales to 0,724 bales,
Oct/Nov. Deo/Jan.
Mar/Apr.
SAO PAULO
2388892484
Quotations unavailable today. In the United States, tho average price of one-inch cotton at 11 designated spot markets Prices of cotton futures closer was not avaliable, today as follows:
Spół
October
July
骗
NEW YORK
Total sales at these 12 markets were 13,204 babes - United
30.55 35.49 35.30
Press
PO B·IE.A
COMPANIES
*FASSENGER/FREIGHT SERVICES
PENINSULAR & ORIENTAL S.N. CO.
Outwarde
"CORFU
*"CARTHAGE"
-- "GANTON"
"OORPU"
Leaver London
Axiled 21/5
Smiled 23/6
sard, Jules
Zix August
Due Hongkong
In Port
with Jukr
25th. Augiart
22nd September
Via Southampton, Colombe, Panung à dingapore,
Homewards "CORPU"
-CANTHAGE” "CANTON" "CORFU"
Lover Bongkang
3th July
205) August 20th August
Due Landon
8th August
ist September
EDUH Beptember
36th September 27th October
Via Singapore,`Penang, Colombo & adan,
FREIGHT SERVICE
"SUNDA" “BHILLONG”
dos 12il July -
from U.X.
de 17th July
"BALMARA" #ue 28th Sply: *B4BIT p 30th Ju "SOMALI"
for Singapore, P. Swal tenkam, Penang, Ader, Havre, Londoos Bro burg, flotterdam, Ant- werp & Grangemouth TROTH U.K.'
duo 156 AUR
from U.K,
freus UX
BRITISH INDIA S.N. CO., LTD.· ́
from Calcutta, Rangoon & Struts
for Japas
385 - A NUNDRED YLÄÄN OF SERVICE ––– 1959 "SANGOLA" des 17th July
sally 18th July, "BANGOLA"de 401 Aug
alls 7th Aug. "ORMARA" due 10th Aug. salir 132 AUE-
from Japan -
fer Singapore, Pamaną, Bad Calcutta THE ST Petons Renton, Calcutio Chilingon
P. & Q./B. I. JOINT SERVICE
HUMARIJ
tu Fors Tall and July
"OZARDA" dus si July salle 19th July 798MAILA" due 18th July
wall 17th July "URLANA” due 27th July
- mallu 20ths' July
from Japen
Car Blozapora, Bombay, Karac
Dubai & Bastly
from Bombay, Cochin,
Singapore
tor Jag
trom - Karachi, Bombay, Cochin & Susipaporé tor Japan
Irons JapaS
For mor Cochin,
· Bombay""Karachi, Bas-
·BUTTREI.
%...
EASTERN & AUSTRALIAN 5.S. CO., LTD....... "NELLORE"' satte 10th July
for Labuan, Bandakan, Rabaul, Brisbane, Syd гаст. Малите Adelaide.
All vendiis hare liberty to MIT AF KAY serta an "ar eit the zoote & the rende i julmine Arvizukiler to change or amendment win or withorny natës.
MACKINNON, MAGKERTO
DE HANC LONE 199