THE CHINA MAIL, TUESDAY, JULY 16, 1957.
TRADE and COMMERCE SECTION
Page
THE UNPOPULAR CHANCELLOR LATE SELLING
Alienated Friends
Without Pacifying His Opponents
London, July 15.
In a speech in the City of London, last week, Chancellor of the Exchequer, Mr Peter Thorneycroft said everything that needs to be said about the cause of inflation:
"If a nation pays itself seven per cent more for doing no more work as happened last year, price increases will follow as night follows on day."
rennenaic
One wonders what more the ; trods towards a greater belief in "Impartial economie body" "hai | mungement through government is trying to set up forces and a free marke!." to inquire into the cause of in- Balion could possibly say,
Which is a hint of what the Chanceller might expect from the right wing of his own party of being signs prodded by the trade unions too far away frum a puticy el "conservative 19
freedom." Ex- press Service,
They might, of course, point out another obvious truth; that he shows
nation that works shorter hours for the same money with no increase in productivity heming straight for trouble.
No Mood
At the moment, however, the trade unions are in us acod for listening to the obvious otherwise.
That much I clear from the pattern of their current de- mands.
Three million engineeri and fol- 210,000 shipbuilders have lowed up their recent successful wage claim with a demand for
a forly-hour working week.
Forty-hour weeks are also be ing claimed by 1,000,000 bulld- ing werkers. 750,000 minors (thirty-five hours for under- ground werkers),
Ran and municipal werkers ird 550,000 iwnymen.
600.000
CHICAGO GRAIN MARKET
HONGKONG
STOCK EXCHANGE
Our Own Correspondent · Business done on the Hong- lượng Stock Exchange This morning amounted 10
ap proximately $400,000. Noon quotations and morning's transactiors:
Shares
Buyer Sellers
GOVT. LOANY 314% (1048) BANKS
KK Bank
INSURANCES Union
Lombard
SHIPPING
Asla Nay...
Wheelock
Suic
05 $2000 04
1750 10 @ 1750
3
1000
7,00
DOCKE, ETC.
100 43%
+
K. Whart Lock
Provident . 11.00
IK Land
Really....
RUBBER Ammals. Trust UTILITIES
Trum
MILD RESISTANCE WORLD
ENCOUNTERED
ON WALL STREET
New York, July 15. - Stocks encountered mild resistance-a com- bination of realising and caution-which kept them hovering just below their all time highs tó- day.
Leading industrials generally held a fraction above the previous but a few wide declines acted to depress their average, pulling it down 61 to 520.16.
New York Central
Rails olenc of the major National Steel Corp. groups closed higher on average gun Matheson.....
500 2333.30 to 15260-thanks to gaina of close to a point in Atlantic Consi Line, Kangas City Southern, Baltimore, and Ohio,
wan
Utilities dippca .05 to 71.04.
Trading with turnover shares 210,000 shares ahead of Friday.
of
Oncia linals G
Faciae Gas & Eire.
Kara:ncunt Pictures
RUBBER
MARKETS
Hex
New York, July 15. rubber futures today closed 25 to 40 points, higher
with sales of 155 contracts.
Juky
Nov Тал.
Segt.
Mar.
July
The
EXTENDS COTTON LOSSES
New York, July 15.
Late selling in cotton futures extended Fri- day's sharp losses more than $2 a bale today.
At the close, the list ruled 5 to 83 points-25 cents to 1.65 a bale-lower, with the distant 1958 deliveries the biggest losers. The market opened 4 to 20 points lower. New Orleans closed un- changed to 28 points, lower.
30.10
42.62
30.00
32.40
31.5
standard contract closel
The market and dropped
17 October much as $1 bale at the open- March
December ing but leadied in following May dealings on short covering and
July trade buying.
October December
Nearby July wat cff the Board
25 to 40 points higher with a 12.30 p.m. on that prices of
les reported."
35.44 to 30.4B, up 04 to 08 points from the previous close.
30.10
32.71
32.02
32.50
31.13
The liquidation was consider- ed orderly as small covering met only limited offerings. 35.48 the July delivery was five points below its life of contract high.
AL
32.40
Futures trading continued rather quiet today with prices rieadying a dealer buying and higher foreign cables. Spot No. 1 Rss was quoted ai 33 conla.
AMSTERDAM
The rubber market was quiet- ly steady. Prices closed
NEW YORK
Prices of colton futures closed today as follows: Spot
July
October December March
MAY
In July
October
July
Sept.
Jan,
Mar
D
May
403%
July
Y'an American Airways
101
35
Parke Davis Co.
so
Penny J. C. co. Philip MorrİR
411
LAND, ETC. HIS Hotel
et a fair pace;
10.30 15.30
2,460,000! Pure Oll
Prooler & Gamble Ca. Pburgh Plate Glos Publicher Industries
4936
WIR
D
43
351
3.45
Hadia Corporation Repubile Steel ....
3716
Heynolds Meinz
61
1.47 1.5234 DODO 1.525 1374 10000
Sears Hocbuck & Co.
27%
Shell Oll Co.....
no
...
21.00
24 1100
2950 1000 0,00
Disappointing
Saint Reg. Paper
33
guilders per kilogram, cif Aug.
Sinclair T
as follows:
December
Secony Mobiloši
GATS
2100 23.30
flolar Aircraft....
10
No. 1 rubber
2.65 nom.
Star Ferry Youmal
the industrials
South Puerto Rico Sugar
བག
No. 2 rubber
2.43 buy
190 G 104
Bouthern Co. (The)
Southern Nationof Go
40
241 No. I crepe
No. 3 rubber
2.10 nom.
2.10 noni,
10m
43
10.50
42
SINGAPORE
Spot
July
(Ris) 12.50
100 020 12.80
5322
The market.
ruled
quietly
on
Electric
Telephone
6712
27.50
20.00 20.0 2000
00
29,70
2016
steady on a dull and featureless
31A
market. Futures:
21,90
1312
What showed advances 03 reports of unfavouraste harvest- mg and growing weather the grain belt, Hedge selling in which was quiet and four trade
in
INDUSTRIALS Cement 0214 21
Rope
14.60 STORES, ETC.
12.
14.70 14.03 200 ilano, Chip 30
21.04
renewed given the question of smoking and lung cancer,
publicity Studebaker-Packard Corp.
No. 1 rubber per lb. Aug. 04-943
Swift & Co.
34%
Sept. 14-09TM1⁄2
Texas Co.
77%
Dot, unquoted
Tide Water An. Ou
30%
No. 1 rubber per lb. Aug. 3-3
Time Inc. ......
B
No. 3
0214-03
123
No.
001-0932
307
Spat rubber unhaled
050 31
Bisnes erepe
0314-0374 13-83
L'OTTON
337%
No. 1 pale creps
90-101
TexDes
1.376
4t
9.05
600.10
The
motors
03%
LONDON
17.00
features with
300 6,50
Chicago, July 15.
Grains closed mixed
156 103 104 CLIO 10.00 10.30
the Board of Trade today in a F. 10.30 10.30
a very active session.
In industries that have nut so was slow. obvirusly reached the limit of
what they can pay to keep their
present inbour forces intact trade union action still takes the form of straightforward wage
claims.
Nanyang soylicans past more the five
During the day's trading MISCELLANEOUS
Entert than
INVESTMENTS cuts a bushel, rye more
Yangtze cents and whent
Ailled more
414 then two cents.
HR. &FE.
Invest
..... 10.70
es
Wage demands under negotia- The market opened regular tlan at present cover 250,000 but many grains showed sharp cotton workers and 177.000 bus-advances at mid-momlog. How-
men.
Reasons
ever,
}
Every single one of the trade unionista concerned in the claims could no doubt put for- ward a reasonable argument for why he personally should work shorter hours or have mere pay. But there is reason to sup- pese that some of their leaders are los concerned with the economies than with the pollties of the thing. And this piuess that government in a difficult position.
Keneral pront-taking ented the market and Ingal grains closed below their highs for the day.
November, January March soybeans hit new highs for the season.
and
The sale of 300.000 bushels of US hard wheat to Swizerland was the only foreign activity,
Gralus at entsike markets mostly bipher. Wheat eloved up to 14 cents for oil and
were
20
Weighing
10
on
300 18 were Allied Chemical, off over
2 points
# disappointing Bouthern Raliway (Com.) carmings report, United Air-Sumidan Brands craft, down almost 3, American Standard Oil of Ind. **** Standard Off of Cai, Smelting, off 14. and Interna Standard Oil of NJ. tional Nickel, off ; and Ameri-Bleep Rock (Toronto Exge.) can Tcherco, down 12 points, Stokely-Van Camp,
Sterling Drug Co. refeeting
FRENCH TO LAUNCH
SAHARA LOAN
Paris, July 15.
Offselting these were gains of Union Carbide points in Du Poni, close to Union Pacific Railway point in Chrysler.
Untied Aircraft
iniled Gas Corp. U.S. Foll were active us. Greun Chryster General Motors the top issues. Ford rose a point.
Superior
and 18. Line Co.
U.S. Rubber US Smelting
iwa
US. Steel...
Warner Bros
Oll of California, Westinghouse Electric
highest price listed issue, ran up Western Union Tel. 170 points to new top at $2.00 West Va. Pulp & Paper and heid 120
points, Oils Woolworth
generally were mixed
with
changes ranging from a gain of
in Continental to a point! loss in Texas Co.
450
Of 1,185
issues traded, were higher, 486 lower, 240 un- changed with 48 new highs, 32
πριν Ιου
American. Stock
Exchange volume was 1,110,000 shares.,
New York Stock Exchange The French Government will launch a large tean in Septem- | bead volume was $3,530,000. new to cents for developing the Sahura, for new. Soybeans closed
Mr Max Lejeune, Minister up particularly to off 5 cents.
the Sahara, toki a press Wheat No. 2, red old
ference here. Details of the July
Issue have not yet been decided, September
said. December
It is hard enough to combat. Inflation even with the 40- operation of the trade auluns as Sir Stafford Cripps discovered. Without It. It is practically in- Tursible.
Mr Thorneycroft knows this the and is trying to persuade trade unions to co-operate in the independent Inquiry into the causes of inflation
3134
2157%
|
Wheat new
Spot
Judy 215
contrací
21571)
September
21614
21635-2
December
March
that planning to set up. But the undene ere playing hard to gel, They pretend to ree in Chancellor's endeavour
is
the
Rye
some
durk Tory plot to institule
May Com, No. 2, yellow
Spot Jily September December March May
July September
131n 1292-120 1327-12 120-
137-
1234
13415
Oats
July
ст
Supienter
00
Soybeans, No. 2, yellow
Spot July
245n
2451-243
The trade union attitude
September
and
January March
2424-243 2012
243
shouldn't be surprised if the workers join in.
Barley
Spot
dver backward to reassure the. unions—even to the extent
200 lb sack
120-140
$13,50m
ot
indicating that is main attack
on inflation 'will be to curb still
WINNIPEG PRICES
Winnipeg, July 15,
bushel as
national wage policy.
Attitude
November
that the government started the economic "free for all"
Mr Thorneycroft hus leaned New York Bour
further the rate of the nation's Prices of rain futures closed Investment In new
in cents per productive today capacity. This has the advantage follows:
7030
71
for CDT-
Lejeune said that France makes the necessary financial effort the oil strikes in: the Sabara will make her in- dependent of foreign Jurces of power within three years.
all will be taken to the Sahura
by pipelines through Alters to the ports of Bone, Bougi, and Philippeville.
from
c#
On
the
Edjele fteld in the cast will be piped either across Tunisia or to The Libyn port of Tripoli, ... China Mail Special.
Singapore
Stock Market!
Singapore, July 18. Brokers today quoted the fol- lowing stock prices:
Opening Blu Lintang Rubber Co.
Ltd.
262.13- Dalush Borneu Petroicum
Syndicate Consolidated Tin Sineler
Ord.
615/01
Fraser & Neave Ltd, Ord. Fraser & Neave Lia. De
cuin, pref ........
34.05
Gammons (Malaya) Limited $2,7256 Hongkong & Singhai Bank-
Closing Prices
Allied Chemicals Allied Ms Inc. All Chalmers Americus Atriine Amerton Cable & Radio Abner, & Yurn, Power fun. Gow & Electrie Am. Mach, & dry. Ateran Meth..... Ainerican Boelting Am. Sugar Het. Atturkan Tel & Tel
American Tob. "B" Anaconda Copper Aurice Steel Armour...
Altos Cone. Mintra Baldwin-Lima-fem Elmegy & Oato Enc: Vince
Bendix Aviation Corp. Benguet Cane. Bethlehem Steel
Boeing Airplane Horden (They Co
Burroughs Add Mactano Campbell Soup Co, Canadian Pacific A. Case (73) Co. Cat Trantor
Celanese Corp,
C. I. T.hanell Corp. Chrysler Metora
Colgate-Palmolive Co. Calamblan Carbon Co. Commercial Credit Commonwealth Elec. Consolidated Edison Conumental Ol et Del Crown Zellerbach Cubes Amer. Sugar Blamond Alkali Douglas Aircraft Dow Chemicals Dupont de Nemours
Foster Arling
Eastman Kodak
20%
BUY
43
253
The rubber market was very Ostendy with spot quoted at 27
my pence per lb. Prices:
44
-United Press.
War Loan
Hits
Low
No. 1 spot 2714-2775 Settlement use term:
August
September
October/December
January/March
April/June
General markets. cit basis.
July
August
September
Estala crepe thin fair ...
Shick July
2736-274:
United Pen.
In London New York Sugar
London, July 15.
More weakness today in British Government stocks with War Loan down 13 shillings 9 pence to another all-time low at 66'3/16.
One theory is that the selung
Market
New York, July 15. World No. 4 sugar futures closed today unchanged to 12 points lower with sales of
is due to the feeling in some 142 contracts.
quarters that the Conservative
Domestle No. 6 sugar futures Party is headed fer the rocks and closed unchanged to 5 painte Buy that there
sales of 174 con-
danger of a sudden
30% general election later this year.higher with 17314
Bracts.
Further
commission
Another vlaw is that the selling er's net political but prompted by
house fears for the economy. Inflation liquidation
in world futures Agures in both calculations.
lowered prices us much no 17 Industrials had
one points at one time. A good de- all-round recovery and in the domestic raw mar-
5932, fenture--an
only
15 in department stores and chain ket helped improve domestic
storo shares. These had been futures.
heavily sold on the theory that
30% the government. would drasl Contract No. 4 (world)
cally "Freeze" the retail prices September.
of goods but that view evaporat- | Dotobor
30% ed and the shares rose sharply | January
3.57-48
341
4.BU
4.43
4.41
4.4:4
4.41
poi-cents per lb. fob Cuba)
8.03
129 todry.
Morks and
Spencer March
May 10. a. 3 shillings 0 pence, Great Guy
Univeral Stores 3 shillings and September
October Woolworths nearly 3 shillings.
20
But the
FEEDLE
buying and
Open intere: 7.169 contracts. Contract No. 6 (domestle) September
selling November
in other industrial sections were
rather feeble and selective.
Oils were inactive with the down na closing prices up or more than a chilling.
Foreign bonds were similarly featureless. Gormans, both as sented and non-assented, were unchanged while there were no fit changes in the Japanese except
41 for any occasional decline of
of being the least dangerous po- ically of all possible ways to sirrest démand, Bubitke economic dangers are obvious.
Vals
July
203
Oct.
Des
112
Ryo
El Paso National Gas
4101
To result is that the Chancel» for has ollenated his frienda
July
without pacifying his opponents Harley
He might buy a period industrial pence by gursting a
Oct. Lec.
11176
ing Corp.....
$3:15-
Family Finance Corp.
24
Hongkong Tins Liet.
o/pa
Firentono Tyre & Rubber
flow-110
Kumpa iki, appare
$2,03
Ford Motor...
870
General Electric
Kuala Kampar Tha yu
41/30
General FOKEN
of
"Socialist" policy of restriction. Flaxseed (Rumours that he was thinking
July Oct. Doc.
Laura kunder Estates Ltd. 0.0
General Motors
Makaron Brewerien ........
$2,42%
BEX24-31
New Serandah Rubber Co.
Gen. Pub, UNI
Getly Ou
11.
$2.4745
Glidden Co.
50
Petaling Tin Ltd.
$3.42%
July
of promising some form of Oct. dividend limitation in return for
Nalen Hotel
$2.40
Goodrich (..) C. Goodyear Tyre
Singapore Cold Garage ....
$3,10
Dec.
Gulf Oil...
straits Trading
$2.50
Heyden Newport Corp.
Dignita, Citotenabip kuen
$14.00
Candi Chine Minil special.
$13.00
b.
But this
2001
LONDON METAL
PRICES
ch undertaking on weges caused Canadian wheat export No. 3, 1539
senfk; No. 3, 1972 cents.-United Djervousness on the Stock Ex-P. change last week).
Debutant
wouldn't get him
verg: fde with his friends. "The
NEW YORK METAL FUTURES
Comzylive Parfy is trying to In cents per lly as follows:
do tie the economie felt, bontl=1** July
fect that he must impose new Festrictions, Mr Thorneycroft Copper July
United Engineers Ord. Wärme Brow.
Ecofonilet/wirlch on the whole
is 30-sympathy with what the
fichina Inst week,
New York, July 18. Prices of metals dlósti today
London, July 15. Prices of metals closed today in sterling per long to as follows:
"If he docazino A July
13.ib
Au
(1.0 DESI 27.100
Tla pot
Copper got
Ike so many dobutane chancel
rin
AVE.
96.000 (sinecard)
Land
Fare, looks as if he may be go-
Tubget
ing to need some prodding way roma belle in physical con-
July
$5,768" draft)
Zine
-United' Pre
Homeslake Mining Co. Ingersoll-Rand
Inland; Steel Co.
Interefiemical Corp.
Int Harvester International Nickel International Paper In!) Tel & Tel
John-Marville Co Katia C. Power & Light Kennreatt Copper Haugelt Kleyer" "Inb," Co. Lockheed Alreraft Loews Incorp.... Lone thr: Cement Lowenstein à Bona, McDon
a few shillings in the assenteds. Dollar stocks, including Canadians, were all higher but the premium closed unchanged 216 at 15 per cent.-United Press,
Exchange Rates
DIERS SPAs done in the local 10unotelet exchang
March...
September
Spot-teenti per ib. ct NY
Обел Interest: United Press.
2,481
2228
London Foreign Exchange
London, July 18. Closing rates were:
2.78-13/10-2.7036 3.56-5/16-2.60-7/16 10,03-10.6354 19.30-20.515 11.001-11.004%
New York Montreal Amsterdam Copechagers Frankfurt Lisbon Milah
8000-80.91 778715-1788
7220-21.21
38.30-12.2014
Brussels, Oslo and Stockholm were unchanged-United Press.
New York Foreign
Vierina Cle
market trada
morning at the following rates: Udon (par B1).
1,00
Bburagoto (per 1931 ...
20.30
Australleri mobek (per £1..
12.47
Indonesian rupiah par 1001 ..
10.00
295mm+Head (per 100)
28.00
| Skupipore -(Birmita)....
1.00
Arenit (AM.
Buyer Seller
740
540
Moms Tops Cumpl
Minnesota Minkost
217
219
Most ChevĚžená, Op.
DO
ITALLONA) - CORES: TREN
National Dairy, vod
Turin D-Licoda,
Wales.
Andida Pakistan
Priend
Prisional Kaná
(John Charles,
Stock Buro).
Exchange
New York, July is. Closing rates were: Canada
50-dasa
NAMESAKES
Answers -1 Juventus; 2 Foot- | England ofteist" bail, 3 Bhoulder, Trunstur, 6 Spectators, Chante, aly,
11 New launa
LIVERPOOL Cotton future
พ 34.08
34,07
closings, 19 pence per lb, were as follows: Gld contract
July/August October/November" December/January March/April May/June
New contract July/August October/November December/January March/April May/June
SAO PAULO Colica future
eruzeiros per kila were
lows:
October
December
14.60
20.75
20.79
3982 SERR
BRASE AGGE
35.J
closings,
in
344.20 34,04
as fol-
34 03-04
42.00
04.02 34.04-09 34
40.00
May July
10.40
32.83
In the US the average price
40.40
Mareli
NEW ORLEANS
Prices of cotton futures closed today as follows:
34.40
of one-inch colion at 14 de- signated spot markets wna not avaliable.
Total sules at these 13 mat- hales, United
kets: 10,073
expired Press,
PO B·IE.A
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Outwards
"CARTHAGE"
"CANTON"
"CARTILAGE"
"WORFE
Leaves London
Salled 25/5...
23rd July
ilet Augum
10th September
Das Hongkong 2301 July
3th August
22nd September 30th October
Via Southampton, Colombo, Penang a Bingapore.'
Homewards "CARTHAGE"
"CANTON"
"CORFD" "CARTHAGE"
Leaves Hongkong
1st August
20th AuguKİ
Dna London
Jab September
20th Arplomber
26th September 27th October 240 October 24th November
Via Kingapore, Penang. Columbo à Alem,
FREIGHT SERVICE
*SUNDA" In Purt
"SHILLONG” loads 18th Juls
"SALMANA” the 2nd Aug. "BALSETTE” Aur 3rd Aug.
loads 8th Aus, "SUNDA"
"SOMALI"
the 17th Aug.
from UK.
for Singapore, Pt. Awet- tenham, Penang, Aden, Havre, Louds,' Ham~ burg, Rotterdam, Ant. Werp & Grangemouth
from UK.
from UK.
for same porte Ar *SHILLONG"
from UK.
BRITISH INDIA 5.N. CO., LTD.
1838 -- A ITUNDRED YEARS OF SERVICE – 1950
from Calmiita. Kangoon "BANGOLA” in Port
Strait for Japan
"TINDA”
galia 17th July Dne 29th JudIS salls 1st July "SANGOLA"'dur. Eth Aug.
salis 75 Aug. "ORMARA" đay 18th ANE.
KALLE 1930 ARG
from Caletta & Sirmita for Shanghai & Japani.
from Japanes
for Bingapore, Penang. Rangoon & Calculta Tom Japan
for Blugapore Penan Rangoon, Calcutta Chittago
P. & O./B. I. JOINT SERVICE
"ITAURA"
*ITOLA"
due 28th Fuly
walls 30th July
dom 29th July
kalis Sixt July
lat Airg Jod Aug.
"URLANA" due
Falls
"OZARDA” duo
*antia
Tib Aug. 9th ASE.
from Bombay. Cochin, & Singapore fur Japan
from Katscht, Bombay. Colombo & Singapore for Jasian
from Japan
for Singapore, Cochin,. Bombay, Karachi, "Bass rah. KhorramTURDA Kuwait.
trom Japan for Bingpere, Dombay, Karachi, Barth · Khor- rustikkaðir & Kuweit
EASTERN & AUSTRALIAN S.S. CO., LTD.
MEN ĐẠI AE "NANKIN" kals, 11th Aug,
Treza Austra
for Labuan, Bandakan, Rabeul, Brisbane, Byd- ney 31sibourgs de Adrialda
AU-VÄLSKU Kava liberty to call at anY DOFÍA DO
or off the ToÉES Clan ruutu a nailings are subƒnet
to thangs or stendurent with or without' pelios,
For full particulare apply 9: MACKINNON, MACKENZIE & DO,
OF HONG KONG ITO. Telephone Nos. 277214.
1