THE CHINA MAIL, TUESDAY, AUGUST 6, 1967.
TRADE and COMMERCE SECTION
BRITAIN'S ROLE
'We Don't
Don't See How We
Can Do
Do More'
SAYS WHITE PAPER
From RONALD BOXALL
London, Aug. 5. The message of the British Government's White Paper on the United Kingdom's role in Commonwealth development can be summed up in three sentences: "We are doing all we can. We know it isn't enough. But frankly we don't see how we can do more.
Britain's resources are not unlimited and there are other calls on them at least as important as Commonwealth development.
Some must be set aside for ) over £100,000,000 a year sine? Csential investment at home in 1052. -An additional £30,000,-
factories, Andi
things like new atemle power | 000 a year has been privately stations, automatexi
invested in Canadian industry modern mining equipment
The British taxpayer finances other assets that make the Commonwealth development-
IN COMMONWEALTH
RUMOURS OF DEVALUATION OF THE FRANC
Paris, Aug, 0.
Thic fece market rate shot up to 430 francs dollar today, apparently refceting rumot think the frane was about to bo devalued
The franc, officially ex¬ changed at 350 for the dollar, has been selling for 420 at the unofficial rate,
Not for severni years has the free market rata been so high.
The price of gold bullion Ingola on the free gold market shot up another 13.000 francs today from Friday's high of 407,000
francs.
The dollar also jumped from 420 francs lo 430 francs AL the unofficiai rate. The official exchange rate is 350 franca to the dollar.---United Press.
difference between a first and through Coloral development NEW YORK
second diass industrial power.
Other rtsources are eur marked for the export trade
of sterling
largely depends.
which the strength
Keystone
Billain in the words of Will Paper is the
the keystone of the Commonwealth economic .structure." is therefore
the Interests of all Common- woulth countries resources available from it for sheir own
development shouls British domestic
be backed by savings and a balance of paye ments surplus.
Meanwhile the temptation to accept liabilities which would overtax its resources and stralu Bnancial structure is dan- to the United gerous not only Kingdom but to the Common- wealth as a whole.
its
Most of the White Paper is taken up with a description of the various types of aid— Anancial and technical-that Britain gives the other Com- moirwealth countries,
the
The only departure from present policy announced in the Paper is an expansion of Colonial Development Corpora- tion activities,
Borrowing
the
i
and welfare, Colonini Develop- and other ment Corporation Exchequer fanced schemes to the tune of about £30,000,- 900 a year.
COTTON
MARKET
Bid
To
Push HONGKONG
Down Prices
On Wall Street
New York, Aug. 5.
STOCK EXCHANGE
Wales
HIGHER
OUTPUT
LIKELY
NEW YORK SUGAR MARKET
Now York, Aut. 5. World No. four mugne futures
Washington, Aug. 5. closer unchanged to 10 points The Natural Rubber higher with ale of 308 con- Bureau predicted today that tracts Malaya will produce more rubber in 1958 than in 1957.
It said. estimated rubber production in Malaya in 1997 is 027,000 too,
Duméstic No. Mix SAUG futures unchangxi to five pola's lower with sales of 10 contracts,
Improved tone in the world contract ww attribuled mainly to covering operations pending further developments in the
raw silantion,
ex-Contract No. 4 (world)
transition
The Bureau, in its monthly "Natural Hubber Nowe", also add "in tho strictly rubber sense, it is our confident pectations that tho to Malayrus independence, for from threatening the life line of naturai rubber from Maitya to the rest of the woriti. may be
expected to Provide excellent opportunities for new European Investment in replanting and new pinotinys sund should give impetus to the 212 already Inunched
programine foll holders replantings." --United Press.
Our Own Correspondent Business
Ex- on the Stock change this morning amounted to $381,000. Noon quotations and the morning's dealings:-
shares Buyers Sellers DANKS JK Bank
Univn
SHIPPING
DOCKS, ETC. K. Whert pock Provident. 11.00 31.90
(Rtr.) 000
Stocks were pushed back a point to five points INSURANCES today in an apparent effort to reduce prices to Lord levels sufficiently attractive to generate new deck mand.
Volume of 1,790,000 shares, while 180,000 shares ahead of the Friday total, was far from heavy and was said to indicate a lack of real selling pressure.
An absence of market news } has kept the list in a narrow, routine pattern in recent weeks, with modist selling suillelent un the thin market to cause sune
wide price drops.
shared in the All groups decline which pushed the indus-
trin) average back to within o
Stock Exge.1
Merab Iron Carp. 1-1inassot Min
Atian Development Monsanto Cheraleal Co. Montgomery Ward
Motorola Inc.
National Cash Reg. "A"
National Dalry
National Lead
|
National Steel Corp.
New York Central
Olt Mathieson
Owen-linol
Preifle Gas &
stude of the 500 mark. Sumes Elevators... demand sppeared to develop as the list approached the 600 level
mid-afternoon
but the improvement was alt but erased by Dewed setting.
in
In all, Britain is contributing towards Commonwealth deve- lupment something to the order
New York, Aug. 5. of £200,000,000 a year--or a
Spot house buying in the sum equivalent to about one 24 March and May deliveries, a quarter per cent of Britain s grows national product.
Metal shares were particularly estimated . : more than hard hit In view of the confused 10,000 bajer, together with situation
that Industry. local covering helped to Lussy
ran to three points in 10 close to brace cotton futures today Alcoa, Mustma Copper, after a lower start.
three in Miami Copper, around two points in Aluminium and Reynolds, Ave
in Mcintype Porcupine. New Mout Mining, with large metal interests, feli almost ávo.
Technical Aid
were
of great importance too is the Lechnical
Britain help that
After rallying $1 a hale today gives to other members of the
from the early lows, the list lost Commonwealth, This takes
part of the extreme gain under many forms the must recent of
realising Binishing not ning is #211 which
arrangement
G1 | points. ""higher to two points whereby Britain trains public lower.
Opening prices newly indepen- unchanged to off three points. servants from dent Chama at its own expense New Orleans closed It poluta
supplies experis to (ill higher. technical scientifle posts in the Elsewhere, traders evened up first dillicult days of indepen-positions anticipating the government's first crop estimate of the scason, scheduled for Thursday-
and
dence.
Britala is prepared to do as much for other newly in-
Uncertainty aljoul colton dependent Commonwealth coun form legislation at this session iries and also pledges all pos-of Congress, and the question of sible assistunes to the rest of Ure the government support inle for Commonwealth including
the the
1957, crop,
were, ollice factum curbing sellers. colonies in developing atomic encrgy to meet requirements.
their individual
work of
PRIVATE SURVEY
The White Paper tums down a that the
A private crop survey tuông suggestion praining and financing Coni-estimated production at July at monwealth development should t 12.200,000 bales
and
This rom-
13,310,000 bales and the on-
It is proposed that the cor- poration's burrowing power should be raised by £50,000,000 be turned over to Common-pared with last year's output of
wealth developmut agency so as to enable it to have out- we slanding tany
h one time bank. The suggestion was dis-ar average of 13,069,000 bales. maximum of £150,000,000 of Cussell between Commonwealth Crop condition averaged 80 per medium and long term loans countries and reluctantly re-ent of normal compared with from alt sources plus £10,000,- jected-inainty
Lab 77 per cent a month previous. because Briləli
While the is the biggest supplier of capital substantially below last years, crop #gure was 000 of temporary loans,
Provision is also to be made to the Commonwealth and
the survey noted that a new to enable the CDC to continue establishment of IL Unvelop-
projects in ment bank could not in itself record yield possibility neted to with is cxisiting
eel the acreage eliminated newly Independent territories increase the amount valable this year through the soil bank
Difficulties
and to Invest further capital in from this source. them it necessary. But it wil
to inllate now not be allowed schemes in any former colonial territories after independence.
There were also "political and practical" difficulties connected with the proposal that were con sidered insuperable,
programmic
The yield par acre was esti- mated at 127 lbs vs 408 lbs last year and the previous all-time
gh 417 lbs in 1055.
The verticuted stock declined 669 bale; to 7,101 bales.-United Press. Month
Volume Open intercal
8.300 179,000 25.100 201,000
Qel.
Dec
MNT.
26100 4400
May July
4.500 140,000
Dec
Toul
1,900 111,200 0700 117,300 4,400 €2,700 943,200 bales
-United Press,
The British Government, how- ever, "would be "happy to see the Corporation's managerial experience continue to be made avallabie to any newly in-
The Walte Paper does not dependent Commonwealth cour satisfy these, who believe the try or indeed any Cominon Government are allowing their wealth country which
might preoccupation
with
European vet. desire to avail itself of it. H.M. Free Trade to blind them to the Government accordingly pro harri that might be done fo the Corporalion Commonwealth economie dela- with. the tions if other members--especial- Common or are about to become in- country.concerned to dependent-cease to regard Bri undertake the management of tain as the main source of capital
poses that should be enabled.
32,300
agreement of the government ly those who have just become New York Cotton
of the independent
wealth
any project
до
agency basis without
managing for their development.
commit-
ment furyin.".
Legalation is to be laid be fore Parliament to give effect to these proposals.
Prices
HEAVIEST TURNOVER
Bethlehem tell almost a point on the day's heaviest turnover, This was the highlight In the steels, National, Lukens, Youngstown Sheet and Tube off 1% points of more, Carpenter Steel lost two.
fractionally Molors... were lower with General Motors taking second spot in the actives.
Pan American Airways Paramount Pictures Parke Davis Co.
Penny J. C. Co. Penn. Ball Ca. Philip Motels Procter & Gamble Co, Pittsburgh Plate Glam Publicker Industelen Pure Oli Radio Corporation
31
30.
LAND, ETC.
17
7.00
114 200 200
40
2,800 4 10c
TIE Hot 10.00 15.00 000 + 1814 JK Land.. 302 30 200 & 30° Benity 1/43
RUBBER
Amalg.
BBS Trus
33
7512
UTILITIES
Team
Star Ferry.
YOLUNA LE
147 New York Foreign
LAS 4:47845 p00 18 LATO 3.000 1.475 155 1279 150000 49 1025
2430 24,00
303 1:30
106 107
C. Light (0) 190 18.00
C. Light Tie 19.00
12 18.00
Exchange
New York, Aug. 6. Closing rates were:
1000 10,00 Canada
12. 0 England "pificial
#
3-day 90-day
New Zealand
September October January METCH
July
4.19-20
4.18
3.05
3,00
September
3.89
October-
3.09
Spot cents per iu tob
Cuba)
4.50.
Open intert: 1,064 contracte.
Contract No & (domestle)
September
8.72.73 5.63
March...
11.
September
November
Spot-jeante per 16. 0.05
ex-dut
חל.
Open interem: 1,847 contracts.
-Us! rers.
New York Metal Futures
New York, Aug. 5. Prices of metal futures clated today in penta pri 1b. as followe
13.40%
13.15
01.74b
103-10/32 2.7837 2.13-1/16 2.77-9/32 2.777*
iend! Aust
Sept
Zinc
AUG
Sept.
Copper Allg
Flectric
P030 HO
1934
Sept,
T
Iraq
Sept
93.385
1000
Others unchanged-United Press.
Straatted Press.
20,00
10:30 10.00 Telephone 2010 20,30
Cessient
**** 3434
*
AOMS E
42
INDUSTRIALS
41
Hope
STORES, **
424
Dasty
10.40 16.70
500-15.00
Waton
Republic Steel
#3
Emporium
4.50
338 1 4.54
CUTIONS
Scarn, Roebuck & Co. Shell Oll Co. Saint Reg. Paper Sinclair Oil
27
Textiles
117!
Nanyang
31,
Allled
Heynolds Metai
Sogony Mobil Solar Airenft
South Puerto Rico Sugar
Southern Co. (The)
Southem Neon
Ge
Southern Railway (Com.)
Standard Brands Standard Oil of Cal. Standard Ol of Ind. Standard OH of NJ Sterling Drug Co. Stokely-Van Camp Studebaker-Packard Corp. Swift & Co. Texas Cu..**.**** Tide Water Anm. 031 Time Inc. gl Twenty Century Fox Fim Union Carbide
Union Purifle Railway United Aircraft
United Gas Corp.
U.S. CypruM
Olls had losses ranging to. S. Line Co. three points or more in Con- .S. Rubber tinental and Richfeld.
059
OC 1,158 issues traded, were lower, only 292 higher, 264 unchanged with seven new highs set, 42 now lows.
Bond volume was $3,500,000," American Stock
Exchange vozne was 770,000 shares.
Dow-Jones closing averages were: 30 Industriale
200.70 140.24 04.10
20 ralts
15 utilities
45 stocks
40 bonds
Conn. future price fixiex
174,00
U.S. Emelting
US. Steel.. Warner Bron
Westinghouse Electric Western Union Tel. Co. West Va. Pulp & PayION” ... Woolworth
Bweden
Chile
0:00
0.75b 20.30h
20.305 54.62120*
P.O BI EA
́COMPANIES
است
ادارات
مراک
..
1.40.12.70
43 4.370. 1,000) + 4.225
925 9362,000 ng
INVESTMENTS
I.K. & F.E. Invest.
4.10
-5.11.20
Singapore Stocks
Singapore, Aug. 6. Brokers today quoted the fol-
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Outwarda "CANTON"
"CORFU"
"CARTHAGE"
"CHUSAN"
Leaves London Sulled 23/7
St August
JBL September
1st October
Due Jongkong 20th August
22nd September
Via Southampton, Colombo, Penang 4 Hingapore,
F.caves tongkang Due Londap
Homewards
"CANTON"
"CORFU"
"CARTHAGE"
lowing stock prices:
271
Batu Lintang Rubber Co.. 117Bnah Berrien troleum.
201
343
Opening
05/- Consolidated 24% Smelters.. W/ * Fraser & Heave Ltd g $3.90
1116%% amri, gref.
$4.00
60
Gammons (Malaya)
301
Hongkong & Shanghai Bank
$3.0755 $40S (
4435 | Hanicorn Tin
47
Kumpas
$2.10
UD
Kuala Kompar_Tin
22
Lunan itubber Estates
0.22
0414 | Malayan Breweries
18
New Serandah itubber Co
401
Petaling Tin 24
433
filles Hotel
Unhed Pres.
Singapore Cold Storage
$18.00
United Engineers
Weare La
1 exall,China
$13.00 1.44
Mall
ALSETTE" duo
"BUNDA"
"SOMALI"
New York Rubber
10,20 109.27
Closing Prices
Rex
$30
Allied Chemicals
Allis Chalmico
Am. Mach.
American Meini
Market
New York, Aug, 5.
rubber contract closed
today 5 to 10 points higher with sales of 120 contracts.
September
November
January
Mardi
32.85
32.76
22.70
.
32,00
Strails Tending
Strate Steamship
Special,
NEW YORK WOOL TOPS MARKET
New York, Aug. 5, Wool top futures opened today.
in cents per lb. as follows:
October
Allied Mills Inc.
American Airilne
Aunerican Cable & Radio Corp. American_Lyanaintɖo Co. Amer, & Forgn. Power ... Ain. Gas & Electric
DAL
411
MMY July
32.25
September
12.05
Fdry,
Standard contract closed 5 to 10 points higher with no sales Breported.
December
March
July
32,65
Delober Deoenber
32.70
March
32.55
May
22.50
July
15 14%
July
12.45
October
September
33.0%
8014
10
The lirmer trem
roficeted
American Smriting Am. Sugar lief. American Tel & Tel American Tob. "3" Anaconda Copper Armco Sterl Armour
Haldwin-Lima-Hair,
Baltimore & Ohla Beneficial Finance Bendix Aviation Corp.
Benguet Culis.
Bethlehem Stee!
Boeing Airplane Borden Ties Co.
Burroughs Add Machine
Campbell Soup Co. Canadian Pacifle It.
Case (J. I,) Co. Cet. Tractor
Celanese Corp.
Canse Maghat Bank Chrysler Motors Cilmax Molybdenum
New York, Aug. 5. Prices of cotton futures closed. I. T. Financial Cu the Corporation's It was wise to refresh people
memories about what Britain hea today us follows:
Spot done and is will doing and to
October out Thu point
Imitations
December under which it
works. But March
MAY it is regrettable that the Gover-
July men were notable 10
put
October forward concrete proposals
December for even better performances. London Express Service.
Main Hope
But it is clear that the British Government is putting its main hope for the provision of capi- tal for Commonwealth develop- ment in the private firm and individual investor,
Private enterprise it says is better adapted to undertake the risk investment which often
most products the
Direct privato
Big
Loan
Washington, Aug 0.
Final details of a $7 million world bank loan to Japan to valuable begin the big Alent development addition to economiò progress. project in Central Honshu Island investment will be completed in the next permanent three days, informed trading, Unks between countries, said today. and opens up the field for the exchange of technical skills."
forges the
FRO-CU
sources
Spot
NEW ORLEANS
35.35 34.30
34.30
34.45
33.06
33.25
33.20
New Orleans, Aug. 6.
Prices of cotton futures closed today as follows:
October December March May July October December
Colgate-Palmoliva Co. Columbian Cortion Co. Conuneral Credit Common Wealth Else. Consolidated Edison Continental Oil of Del. Crown Zellerbach Cuban Amer. Bugar
Diamond Alkall
Douglas Alteran Dow Chemicale
Dupont de Nemours
Kern Airline
Kostman Kodak.
1 Posa National Gas
General ectric
33.60
Family Finance Corp.
34,46
Firedone Tym & Rubber
Ford Motor
34.42
General Foots
73.91
Gen. Pub, UttÏ.
SAO PAULO
Sao Paulo, Au. 5. Closing future prices, all in
per kilo
follows:
Dec. Mar. Kay July
General Motors
Gildden. Co..
Goodyear" Тупс
Gulf Ou Hoyden Newport Corp. Ingersoll-tand
Inbond gel Co.
Interchemical Corn.
HOT Tarvester
Wero
4
Inti Barine
38.36
30 да
40.00 40761
40.00
Mr Takehiko
Hamaguchi, cruzeiros The White Paper points out: Prident of the Aichi Irrigatāci Pubile Corporation, who arriveD that Britisha
Investment pirate
here by air tonight and, with in the Commonwealth-through auch mediums as the London to put the finishing touches to world bank ofcials, is expected called market, the Common the agreement tomorrow.
In the United States, 160 wealth Development Finans
average price of mo-inch sotton Company and the ploughed The multi-purpose Afdli pro at 14 designated spot markets back profits by British com-ject, to cost nearly $100 million was not available. Total sales pardos operating in the Com-will develop water storage for at these 19 markata wore 8,771 zmonwealthmbes, averaged well | Irrigation and power-Reuter, balos-United. Proa
Machines
Internation) Nicke
International Paper Int'l Tel A. TOD John-Manville-Ca Kansas C. Powear a Luates" Liggett Meyers Tob. Co Kennacott.Copper.... Locknen Alterati Loews Incorp; 121 Lone Star Cement Co. Lowenstein. Boris Mokongeli
September November January March May
armness in shipment and foenl covering,
37 holidays at London and
cubed
gentura)
22.75
1930 bid
102.06
180.00
104.5h
[03.00
161 Ab
100.00
160.Ab
104.00
153.0b United Press.
orerings New York Greasy
although
Singa market
'Oct.
Dec.
Wool
103.7-11
102.0 traded
1528-1000.
157,0-153.0
1050-1000
1510-403.0
15.30-1945.
pero interest.
New York, Aug. 5. Intra-dealer switching opera- The market closed today 5 to 17tions and London selling
10 points higher. Prices all featured the terminul trade. in cents per lb. as follows: Nov-Sept,
March-Nov. and contracts were exchanged, Also some Sept, and Noy. contracts y exchanged for physical rubber July
Oct. Shipment offerings
were re-
Doc. ported light and high peleod. Spot price. Remill Lrown offerings were especially scarco, deulers sold. 21% | Dealers again declared it was "ensier to sell rubber than buy the present time", Spot No. Rss was quoted at 325 cents. 18United Press,
By 100
AMSTERDAM RUBBEN
Amsterdum, Aug. 5. The rubber market Blightly. stendier. Prices
sel guilderA per kilogram,
August as follows:
13415 No. 1 rubber
10.
No, z rubber.
No. 3 rubber
Thai No, I crege
331
105,0 т
-United Press,
Neutral World- Bank Plan
Paris, Aug. 1.
It was leased Paris from Saigon today that the Vietnam-
ce government has received o
we note from the Japanese, Govern-
in
meet suggesting the creation of 出
2.06 paid
203 pald
2.00 Buyers
204 yeni
United Prois.
NAMESAKES
Answers-1 Conjugal;
a "neutral world bank" for the
development of Asiatic coun- tring and the creation
of an
"Asiatic economic bloc,"
The Japanese note is under considersilon la Salzon--Iterator:
Exchange Rates
Busine vse do in the Ind 2unomic Exchange = market
Matrimony, 3 Queen, 4: Palace,oting at the folowing role!:-
Sermenim 6 Reign, 7. Houy,
8 Hampton, 9 Coronation, 10 Court, 11 Tudor,
'Jane Seymour.
Uth...; dallar2 (per 31) sterling noter (per
Ausienines' notor (per: £1). Indonesia, rudina (per 100) Bier toal (per 100) Singapore (štralto)
*
*
*
“CHUSAN”
2001 Octobez 301h October
281) August 29th September
24th September
27th October
24th October
2th November
3 November 30th Novinher
Yla Hingapore, Penang, Colombo, & Adez
FREIGHT SERVICE
sus Aug.
loads Di Aug.
due 16th Au
"SALSETTE" loads 19th Aug
"BINGAPORE" due 22nd Aug,
for London, Hamburg" Kotterdami, Antwerp via Havre, Straits & Aden
tram UK.
for London. Lamburg, Rolterdam, Antwerp via Strails & Aden
from UK.
BRITISH INDIA S.N. CO., LTD,
1835- A ZUNDRED YEARS OF SERVICE --- 1940
"BANUGLA"'in Cort
frota Japan
ARA VER AUK
'ORMARA" dus 13th Aug. nals th Aug.
"SANTHIA" due 2015 Aug. salle 21st Aug.
for Singapore, Penang. Rongona" & Calzusta
frmin Japan.
for Задорого Penau
Langoon, Calouth Chittagong
from Calcutta, Rangono
Strast
ib Japon
P. & O./B. I. JOINT SERVICE
“IKAUNA" duc JOU: Aug.
all 12th Aug-
"ITAURA"
due 13th Aug.
16 15 Aug.
*18MAILA” die 38th Aug
TRUS 2013 Aug.
from Karochl. Bombay, L Bingapo for Japan
from Flombay," Ovchin,
de Singapore for Japan
from Jepar
fur Singapore, Bombay, Karachi. Bairah. Khar zainshahr & wait
EASTERN & AUSTRALIAN 5.5, CO., LTD.
"NANKIN"
sall 101h AUK.
"EASTERN" due 12th AUK
for Labuan Sandakan, Habeul, Brisbane, Byd- Adide boun
All vessels have überty to call at any porte os
or off the ronis & the route & mailings are subject
to change of amendment with or without notica
For full particulars apply tar MACKINNON. MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos: 27721-4,