THE CHINA MAIL, WEDNESDAY, JULY 10, 1957.
TRADE and COMMERCE SECTION
JAPAN SEEKING OIL CONCESSIONS
Effort To Save Foreign Exchange
Tokyo, July 8.
Enterprising Japanese industrialists hope to buy their way into the intense international com- petition for Middle East oil concessions.
CHICAGO COTTON FUTURES HONGKONG
GRAIN
MARKET
a
ON THE
STOCK
Chicago, July 9. Most grain futures re- covered from
mid. morning full and closed
New York, July 9. higher on the Board of Trade today in
Cotton futures favoured the downside today tinuation of Monday's very with distant October and December deliveries the active session.
biggest losers. Trading was quiet, Commission helped wheat.
The market opened abcul
DOWNSIDE IN NY EXCHANGE
house
# con-
sciling
Although there are doubts here about the heavy investments required, the Government has loody but became irregular at already authorised preliminary surveys.
If Japan could supply a good requirements part of her own from feld: und her own
make gab ecntrol, she would stantial ravings of rearce foreign change. Concessions in Persia and Scudi Arabia would ensure
of
ofl crude
for
Jacnerics,
The plans call for prospect- ing, exploration, and test boring in un attempt to discover
new
olt Belts in the two countries, A tolul of 4,399,500,000 gallons of petroleum for Japan ont es- timate.
Undersea
The areas concerned the Chakbar
2. An ársa round
Riyadh, the Saudi Ara isian capital, where the Arabiaft Ainerien Oil Company holds preferential rights.
* arca.
3. The distriel berdering on Yemen and the Nalean
Conclude
11
The bulletin said that the understanding
that Was
Mr Yamashita hould conclude formal contine: on this matter by September 9, 1937.
the The undersea area off neutral zone is said to be par- iicularly promising
there
because
extension
be an hay there of the Salaniyn ollheids,
Include the largest undersen oilfields in
the world,
the
in
distifel, southeastern Persia, and underrca desem aff the neutral zone between Kuwait and Saul Arabia.
1751 Mr Yomashita sold that ho had persunded leading Japantse businessmen to raise the 2,000 million
yen (£2,000.000) re-
to quired as "earnest money"
An official announcement said that the Japanese Cabinet had
decided to give the nectssary
ጊ።
a contract.
mid-day with treding smaller than Monday's.
March corrects in wheat and onis set new highs for the seacon. January and March soybeans also reached their beat levels of the year.
Toland was reported to have i
bought 350,000 Lushels of US red wheat in the export market, Denmark and Germany bought UK's soybeans in other foreign dealings.
Whent closed unchanged to up❘ cents for old and up 1% to of cents for new.
Soybeana elcued up to 1 cents.
At the close, the list ruled one to 15 points lower. The market opened 4 to 9 lower. Orleans closed 16 points lower.
Prices turned at the outsat on meme light selling and con Unued lower throughout the morning as scattered quidation and hedging met only limited support.
reserve under
Early afternoon dealings con sisted only of bucking and ting with the 1957 deliveries and the closer 1958 months recovering most of their carly 10:03. Nearby July even managed to finish on the upside
News later in the afteroun they the House had approved a tightened-up cue year exten sion of the soll back's acreage
which
farmers are puld for not planting sur- cropy brought further sell- ing Into far-off October and December and dropped
prices there more than $1 a bale before which attracting trade covering cut the losses about in hall. Only two months ago House
the voted to kill the programme.
Traders generally were look- ing for new incentives. weekly weather report mixed and had very market influence,
plus
New
WORLD RUBBER MARKETS
New York, July 9. Rex rubber contract today closed 15 to 30 points higher with sales of 350 contracts.
July
September
November
January
Manel
May July
Our Own Correspondent Bumers dona on the Hong- Long Stock Exchange this mora- Ing amounted to approximately
$500,000.
the morning's transactions:
Noon quotations and
Whores Buyers Seilers Balve BANKS HK Bank $775 1000
SHIPPING Wheelocks
Humphreyn
30
1200
10 1990 10 1783
WALL STREET ENCOUNTERS RESISTANCE
New York, July 9,
Irregularity came into the stock market today
as industrials encounter mild resistance within touching distance of new high ground.
Activity lightened a bit-to 2,450,000 from 2,840,000 on Monday.
Announcement that Olin United Gas Corp,
U.S. Oyprum
Mathieson Chemical is shipping VS. Foll
ew high energy fucks to the &. Line Co. Air Force-fuels which are ex-U.S. Hubber pected to develop into a billion U.S. Smelling dollar industry over the next 10 Warner Bros. V.B. Steel..... years-influenced several issues. Westinghouse Electric
Wertem Union Tel. Co West Va. Pulp & Paper
Motals had losses ranging past 2 points. Specialty stcela hotl losses ranging close to 3 points.
Of a total 1195 issues trufed,
United Press.
387 were higher, 837 lower, 271 STOCKS MOVE
7.83 1150 @ 7.20 unchanged with 30
highs, 30 new lows,
0700 7.00
108 50 100
15 to Electric irti 17.30 12.70
Standard contract closed 30 points higher with no sales reported.
July
September November
January March
2006 102
3214 321% 1304 e 32% 12.60 13.10
ot new
Industrials fell 2.10 points to 510.37 in their average; rails rose .02 to 140.02; utes dipped 20 to 21.45 for a loss in the 65 stocks composite of 30 to 178.14.
Now York Stock Exchange bend volume was $4,100,000,
American Stock Exchange voltime wns 800,000 shares.
Dow-Jon's
WETU:
20 il...
40 borde
IRREGULAR IN LONDON
London, July 9. Stocks moved irregular. ly today with the market picture clouded by uncer- tainty as to the content of important speeches scheduled this week by 14932 Chancellor of
14 chequer Thorneycroft.
closing averages | two
Closing Prices
310,37
INSURANCES Union
01
Lombard
1.75
DOCKS. ETC. K. Whart
Dock
P'vident (0)
100
•
45 451
12.00
LAND, ETC.
HK Land 35% 33%
1017 3833 1003532 100 16
Realty ...
1.47
RUBBER
32.15
Amalk .... 1.475 1.30 0000
33.15
Trust
32.48
UTILITIES 1322 1.425
1,523 3500 1,00
Spat Juty 101 September December
March Miny
Prices per buriel in cents: Wheat No. 2, red
215-217 219 2002- 221- 22271-223 21811
Tram Yuumati
2134(L)
33.05
Corn, No. 2, yellow
Spot
*3,76
32.85
23.10 21.30 102 103 C. Light (0) 1815 18.00
201 20.70 3713 6 29.03
Macao E... 10.20 Telephone 27.00 27.00 INDUSTRIALS Cement
6006+ 23.20
500 6 10.50
30 industriais
300 20.70
16 tülits
010 27.70
03 stocks
178.14
$0.05
Comm. future price index..
101.11
13414
Korpe
32.48
July
September
13112-12 1211-
32.20
STORES, ETC
32.00
Dairy
December
31.13 Watters
March
130
May
1.35.
Rye
145 14.00 1800 or 14.00 11.40
1000th 11.59
Textile XX 4.270 4.33 and Nanyang
0.00
Allied Chemicals
Allied MIlls Inc,
bc
July
1314
Allis Chalmers
September
10.00
132
Qi-Cal
July September Boybeans, No. 2, yellow
£12
stocks
003
Spot July
24228
Dĺ 23512-230 July
Volume 1,103
Open Interest
13 G00
no outsido
15.90 consamer
buying Vibro
INVESTMENTS reported. Spot No. 1 R was Allied ....57 qualeet at 33 cents a pound. H.K. & T.E.
Invert.
10.40 AMSTERDAM
| American Airline
Amer. & Forga. Power
4.70
217-23414 Oct,
2370%
15,400
146,000
Dec.
20,700
234, 200
211-4
Mar.
20,700
153,300
May
11,300
130,00
Spot
New York Rour
130-140..
July
de
ten,300
No. 3 Tubbor
Oct.
12,400
113,2010
No. 1 repe
Dec.
+1,000
10,400
1
200 lb. mark $13.60
-United Press, WINNIPEG PRICES
Winnipeg, July 0. Prices of grain futures closed today in cents per bushel as follows: Outs
*Tulaj
£7,580
132.000 balen
NEW YORK
today as follows:
Spot
July
March
July
Oct
70 20 2012
Justy ...
Dec.
October
December
sign a
A speical corporation, to assistance with planning, and called the Saudi Arabian leaders of The governing
feld Development Company, Liberal-Democratle
party.
would be
for well as many leading Japanese | W** be organised shortly
this
contine purpose expressed
of the the development work.
of Trade omeinis Ministry
burinessmen, have theinselves In favour projects.
end to
Some experts, however, believe said that the Japanere Govern- that some of the plans would ment would have to supply n involve tremendous fuanelal | large preveninge of the funds the two projects required for because the investment Involved prent risks.
riske and technical difeulties.
A provisional estimate of the ent of the plans to 20,000 million; yen (£20,000,000), much of which would have to be spent as foreign exchange.
If the plans were carried out successfully, It is estimated that! Jepan could save 100,000,000 United States dollars (about £34,000,000) a yeer.
Regaining
Supporters of the plan herz cay that developments
would give the Japanese people a feel- ing that they were regaining their adventurous spirit and
aligning themselves with no- tionallet sentiment in the Mid- le East.
A Ministry of Trade bulletin stated that the Persian Govern- in August Int year, ment,
arsistance In sought Jappr.coc
exploring and exploiting un- developed oil resources
country,
Japan Imported all 11,440,927 kilolitres of crude oll during 1930, while domestic output was only 349,871 kilelitros.
Sagtember Novenitie Supary March
Barley,
The main suppliers were: Saudi Arablo, 5,654,200 kilolitres; Kuwait, 1,484,137 kilolitres: In- donesia, 1,048,849 kilolitres; Bri- tish Borneo, 1,152,000 kilolilres; and the neutral zene, 727,377 | Kyo tilolitres-Ching Mall Special,
Bauxite Mining In Sarawak
Singapore, July 9.
A company will soon
in that begin to mine deposits of good grade. bauxite ia Sarawak; the
Two engineers of the Petro Western
Resources Development Teum
an The Sarawak Government in a press statement said the cota- pony, Sematan Bauxite Limited, was setting up installations and planned to stert shipping next April with en initial production of 500 tons daily.
DOL
Certificated
collon drapped. 913 bates lo 8.821.
The
May July
Future
prices moved up in COTTONS line with higher London
Was Singapore cables. It was strict- MISCELLANEOUS
itely a floor operation today with Entert.
The rubber market was firm. Prices dared today in guilders per kilogram, cit July as follows
Ro. 1 rubber
No. 2 rubber
2.63 pald
2.0% bald
2.50 buyers
..... 2.7 buyers
SINGAPORE
The market opened better on
Prices of cotter futures closed overstas enquiries and remain- cd steady throughout the day on trade buying Profit-teksing
was well' ab- sorbix; There was some lactory buying and comic covering for lowers to Red China. Futures: No. 1 rubber por lb, July 9-03
Avt.
Outober
December
May
NEW ORLEANS
35.45m 35.30
31.03-01
24 KO
34.07
34.50
53.82
33.50
33.60
PIPELINE
IN SUMATRA
White Plains, N.Y', July 9. The Standard Vacuum Oli.Co. reported tonight 'a' pipeline It is laying across the equator In central Sumatra will mean by early next year a 2,000-barrel-
| American Cable & Radio Comp
Aiti. Gas & Electric
Am. Mach, & Fdry. American Metal American Smelting Am. Bugar stef, Aunerican Tol & Tel American Tob. "B" Anaconda Copper Armeo Steck
Armour
Alles Cona, Mining Baldwin-Lina-Jam. Baltinors & Chip Beneficiai nunce
Bendix Aviation Corp.
Benguet Cons,
Bethlehem Stel
Dordon (The) Co.
Bocing Airplane
|
Burroughs Add Machine Campbell Soup Co. Canadian Pacina A. Case (1) Co. Celisces Corp.
CLT. Financial Corp:
Chase Manhat. Bank
No. 2 rubber per ib. 2-937-day increase in Its Indonesian | Chrysler Motors
DIL-02 No. 3 rubber ber 18. July 91%-01% No. 4 rubber per lb. July 985-20 Prices of cotic futures closed Spot rubber unbaled..... 02-03
July
1003,
Oct
Dvs.
111 112 1137
Barley
today as follows:
TtNy
Spal
Judy
231 28214-2 2400%
DCC Flaxseed
July
Oct. Dic.
Canadian wheat export No. 3, 15114 cents; No. 3, 127% cents. -United Press.
AMERICAN FOREIGN AID
Washington, July 9. The Government today report ed that foreign aid totalled about $1,250,000,000 in the first three months of this year,
The quarterly figure brought
October December March
May
35.20
34.80
31.37
34.67
34.54
35.82
Dlanket steps No. 1 pafe crepe
83-35
100-100
production capacity.
The compsey said the project in believed to be unparalleled in the petroleum industry. The eight- inch, 90-mile line. will be LONDON
paralleled by a hol-water "de- The rubber market was VERY frosted" line to handle an ex- steady with spot_5/16 higher at ceptional crude with a pourpoint 27 7/18 pence. Pries:
between 106 and 110 degrees No. 1 Rs spot 274-27 Fahrenheit. Without the Settlement hour tenn
the crude would
July
October Deccinber
0.10
Aur
LIVERPOOL
Sept.
Dete
Cotton future
closings,
in
Jan./Afor
pence per lb. were as follows: bid contract
April/Jone
July/Aug.
26.80
Jufy
Oct/Nov.
20,30
Aug.
24.52
20.64
Estate Crepe
20.08
thin July
thick July
26.00
Dec/Jan,
Mar/Apr,
May/June New contract
July/A
Oct/Nov,
Mar/Apr.
Dec/Jan
May/June
27,16
SAO PAULO Quotations unavailable--holl- |
day.
In the
United States the
General Markets, eit basis,
2714-27. froster,
27%- 2714-27
-2734
alted Pecan
Singapore
Stock Market
Company, a Japanese corpora- British Crown Colony on tion, were later sent to Persia Borneo, it was announced to make a survey of the Chah- today.. bor district, which covers ores of about 8,649,000 acres.
Mr Hisanori Yamada, Japanese Ambassador in Teheran, brought back to Japan the terms offered by the National fronton Of Company for a development programme, according to the The mining, in the Semalan liveries of goods and services by Ministry bulletin which added area of the Lundu District, would the government lo foreign that the Japanese Government | be opencast,
lowing stock prices: nations in the post-war periud considered that it should lose The Sematan deposits were to almost 50 billion dollars. no time in opening formal discovered by Sarawak Govern- The Commerce Department negotiations with the Persian | ment geologists in 1949 and later sold foreign aid in the first three Government to secure oil con- prospected by the British Alu-months of 1957 topped pay- cussions in the Chander district,minium Company,
Proved ore is 2,500,000 tons and there afe other small deposits nearby-Reuter,
Inercasing
International competition, it emphasised, to increasing. An Italian oil company had ob- tolned some right in the
US MISSILE
Chahbar district, whille Amer. PARTS BY
can companies wêre, reported to
be applying for concessions in
the testern border area.
The bullelin also said that
UK FIRM
the total of payments and de-average price of one-inch cotton at 14 designated spot markets was 93.08 ccrts,
Total sales at these markets; 9,007 bales-United PressS.
London Foreign Exchange
nats during the previous two quarters of the 1857 fiscal year by nocut 30 per cent.
The Department, cald`assis- tance during the January-March
Included quarter
993 million
Londen, July 9, dollars under gratit and credit
Closing rates were: 240 million programme plus
New York
2.7-2.79 3/15 dollars in claims for payments Montreal... In foreign currencies for form Amelerdam producis exported by the United Brussels ...
Copenhage States.
Frankfurt deliveriesDelo Military
Frais Zurich
grant
during the period increased by about half to 920 million dollars while other grants fell by aboui
Mr Yutaka Tsuchida, the Japa❤
London, July 9. new Ambassador in Egypt and
An agreement is announced 1/6th to 380 million dollars.--. Minister to Saudi today between the British im United Press. concurrently M Arabia, was beking The Japa- of Thorn Electrical Industries ne Government for an early and the Bendix Aviation Cor decision. Mr Tsuchida reported poration of the United States. that the Saudi Arabian Govern- By this agreement, Thorn
Others unchanged.
208456-10.047
149.9735-340.10 10,3414519.34% 11.87-11.08 19911-1920%2
990-000 12.1946-10.1916
New York exchange rates were unavailable-United Press.
Singapore, July 10. Brokers today quoled to fol-
Opening
Co
12.15
Batu Lintang Rubber
Lid. Dntuh Borneo · Petroletun
Syndicate
Consolidated
Ord
FOC
Smellers
$2.70
Fraser Neave Lid Ord... Fraser & Neave 7545 cum,
pref Drone (Mainya) Limited #1.82% Hongkong & hanghal Bank-
Tom Corp
Hongkong
Kumpas Ltd.
Ltd..
Kusla Kampar Tuni
Lunas Rubber Eriales Lid.
Malys Browerles
Now Berandah Rubber
Lid.
Petaling Tin Lid,
Ramar HoteÍ 1999
Singapore Cold Storage
Straits Trading
Straite Steamship
United Engineers
Ord,
$730 +
de 34
$3.40
83.47%
de.
Climax Molybdenun
Colgate-Palmolive Co. Colombia Carbon Co. Commercial Credit Commonwealth Exec. Oersoldated Edison Continental Oil of Del. Crows Zellerbach Cuban Anior. Bugar Diamond Alkalt
Douglas Aircraft Dow Chemicals ... Dupont de Nerneurs Eastern Airline ..... Eastman Kodak
El Paso National_Cas
Firestone Tyre & Rubber Ford Motor General Electric General Food General Melbru Gen. Pub. Uill, Getly ont aldien Co,
Family Finance Corp.
congeni.
The pipeline will extend trem the lirik producing held to A terminal en the Siak River ac- cessible to ocean-going tankers. It cuts through heavy Jungle country and about 13 miles of swampland. Standard Vacuum
Goodrich (D. P.) Co. salt it is part of a four-year | Goodyear 'ryce 30,000,000 Indonesian Investment | Heyden Newport Corp. pregramme-United Press.
CAR SLUMP
►
IN CANADA
Oltawa, July 0. The Bureau of Statistics re- ports that Canada's pasYCHOT car production in June slumped by 22 per cent to 32,557 cors against the June 1950 total of 41,557 cars.
in Moll Special. May production totalled 41,491
Exchange Rates
this
Buick was done in the local
market 23.1784 | unofficial" exchange
morning at the following rates:
Ja.20
GRATIS | RES dollar (per 45) $17.00 Blaring notna (per 1) $17.50 Ausmian notes (per '21) 63.431 | Indonesian rupiah (per 100) * exdiv; † cundly. — China Mail | Siam fical (per 106),
Bingapom (Strolla).
Wearne BrOK, .....
Special
Inflationary Buying Boom Slowing Down
ment giving Japan priorily 11
in Electrical Industries will make this matter bp shalving offers vital electrical components for from" other applicants,
guided missiles and supernonie According to the bulletin, Mr aircraft used in the guidel
Yamashita,
president of missiles and ancillery equipment reaching this country from the
Washington, July 0. components The Commerce Department re
ported today new signs that the indutionary buying boom is slowing down.
the Japanese Petroleum Expost United States. Company has polained **
understanding in principle" re-
Those electrical are at present manufactured in warding, oll concessions in three the United States by the Bendix districts from the Baudi Arablan Aviation Corporation. - China Government
The three districts are:
101. An underses ares of about 1806240 acres of the so-called betiral zone be
Baudi Arabia And
ztuwalt.
Mall Special.
NAMESAKES
Aurwerke-1. Inslatenco Merchant, 3 Oratory, 4 Trial, Ponika, 0 Venter, 7 Dock,
Shylock
Tho
system, to a total of $00,100... 000,000.
This was a larger homorice than a earlier mouths of the year,
guin
in
14 of the increase in unsold goods, Meanwhile, manufacturers sales In May remained about the rame as in April: They total-. BIGDUTEGIAKOTE.
rers inventarios: In
led more than 29 billion dollars, May rose about: four billion about five per chat higher Bethan a year ago, the Com- dollars above the agere Department one year ago, Rafallen, staNE
the value of gooda on shelves of US manufacturers, wird/craltus and retailers' the ceared by 400 million dollars, also were up, but wholesalers | Officials saw the stabilisation of
the Department's ventories were down.
sales and the incremar in In- ventoriesanan ganti-india- webnotially-adjujed; aromitting |Automobiles accounted for about
under
2011
Ho
304
British
the Ex-
Governinents
up near the close
odgtú
on bargain hunting and some blue chip In- dustrials rose 6 or 9 pence,
Howlvis, vils lost
ground
with most down 1 or 2 shlilings. of 7 shillings 0 Royal Dutch
pence, Recently strong Sucz Canal backed down sterling.
Foreign bonds were virtually
421 unchanged.
Dollar
bonds,
including
50% Canadians, lost ground under the influence of the decile in their premium from 15 per cent to 10 per. cent. --United
BET
110
731
53%
ZD
134 Pros."
10%
132
3316
宿:
ван
www
New York Sugar
Market
.....
New York, July 9. World No. 4 sugar fu tures closed today 4 to 16 points lower with sales of 963 contracts.
Domestic No. 6 sugar futures close one to 3 polits lower with sales of 17 contrects.
Liquidation in world futures was set off by a lack of bay log, and most or the trading centred nearby September. ***
covering enabled
all deliveries to finish above thele
1073
40%
ILO
Short
44
24
100
Iowa for the day,
Domestic
Gna
futures were quiet but had mur
casler undertone.
4755
44
Contracts No. 4 (world)
September
5.78
307
Uctober
G. 73
35%
January
3.00
19
March
4.60
9316
May
4.45
3072
4.43
Homestake Mining Co. Ingersoll-Rand
September
4.45
90
October
4.43
Inland Stoël Co.
Spot-(canta perib. Pob
Interchensteal Corp.
19
Int'l Barine Machines Int'l Harvestor International Nickel
Cuba)
5.05
Open Interest: 8.030 contracts.
100
100
November
Contract No. 6 (domestlD) September
5.02
4.00
March
6.77
September
3.78
10022 6.00
International Paper Int'l Tel Tel John-Manville
.
Kansas C. Power & Light Kenneco Copper
Liggett Meyetu” Tob. Cu. Lockheed Aircrati
Loews IntoIP.
Lono Blay Cement Co. izenstein & Bra
Monell Alterant (Am.
block Exge) .... Merabi Iron Corp.
Minesota Mining
Development Monsanto Chouical Co. Montgomery Ward
Motorola Inc. Mation Casls Hog. "A" National Dally Prod. National Lead National Steel Corp. New York Central Olin Matliican Olis Elevatote.... Owen-Illincls Glass Pactic Gas & Elec. Pan American Airways Paramount Pictures Parke Davis Co,
Pony C. Co. [4.04] Philip Morris 1135 Procter & Gamble Co. 114 Pitsburgh Plate Gian 14.00 Poker Industrice 21.00 Pure On .......
1.50 Radio Corporation
Repubile Alest
Reynolds Malal
Sears, Roebuck & Co. Boot Co.
Brint Reg. Papot Bincisir Oil... Bopony Mobiloil Solar Aircraft South Thuerto Rico Bugar Southern Co. (The) Houthern National. Gas Southern Railway (Comm.) Standard Ernada
tionary trend. New orders reçelved by minu- | standard bil or facturers in May totalled 28 Standard all of
Standard Oil billion dollars, about the stoop Block (Toronto "samo" na "May, 1990, but the sterling Drug Co. net backing of miles orders EAS
tősbaker-Packard : Corp. declined by about one billion with o dollber from the Aptil total co Manufacturer alone fatalled mega
$58,800,000,000 which in Duty Cultury Fox Film
Union Carpa $1,300,000,000 higher than a Uten Face Hallway
United Almat
your ego.--Unlied/Probe.
July
Bpot (centa per tb, elt NY ax-duty)
Open interent: 16 contencia — Unlled Press.
NEW YORK METAL FUTURES
New York, July 0. Prices of metal futures closed today in cents per Ib, as follows: Lead July
August
Zino
Copper July
13.96b
13.216
0.700
0.20b
July
August
August
Tin
July
August July August
6.7001
⚫ (Standard). Prom..
LONDON METAL PRICES
Londim, July 0. Prices of metals closed today in sterling porn long lob, as follows:
NEW YORK COCOA