THE CHINA MAIL, THURSDAY, AUGUST 8, 1957.
TRADE and COMMERCE SECTION
BANGKOK AGREES TO PAY SHELL SPO
Agreement On Outstanding Debts For Oil
Bangkok, Aug. 7.
HONGKONG
STOCK EXCHANGE
STOCKS RALLY NEW YORK RUBBER
ON NEW YORK:
WIDE
YORK: GAINS
New York, Aug. 7.
COTTON
MARKET
New York, Aug. 6. Cotton futures today drifted Irregularly lower for the third cession in row as bitrgau- minded traders ewaited the government's first crop estimato
of the season tomorow.
The stock market met support in a last minute The Thai Government had reached an
rally which lifted prices more than nine points. understanding with the Shell Oil Company Exchange us morning amount from the lows and restored more than half the on payment of outstanding debts for oiled to $206,000, Neon quotations sharp losses which followed the raising of prime |
Our Own Correspondent Businces dene the Stock
and the morning's dealings
share
nyers Sellers BANKS
1122 SHIPPING Wheelock DOCKS, ETC.
supplied and on the building by the Govern ment of its own refinery, a joint com- Bank munique stated hore,
Talks began when the of company pressed for pay-Rhurt. ment of 34,000,000 ticals (about £600,000) outstanding, Provident and asked for future payment within 30 days of delivery. LAND. ETC. It said large amounts were also owing to its competitors, HK Hotel..
Air Force Captain Phorphan Manirat, Secretary to the Director-General of the Government Of Fuel Organi- sation, was reported as saying "the olf companies are trying to choke the Government."
C
The oil companies were accused semi-officially of in- terfering with the Government's plan to build its own refinery.
COMMUNIQUE
Today's joint communique after a meeting between the Shell Manager. Mr J. E, Evans, and the Minister of Defence, Field Marshal Sarit. Thamrat, said:
"The administration understands well that the company does not obstruct plans for exploiting oll resources in Ampur Farng (the proposed government refinery) or elsewhere.”
It said also the government had not been paid by its own units for of supplies, and would make cuts from their budgets to pay the oil company.-Reuter.
OUTLOOK FOR STEEL IN U.S.
New York, Aug. 7.
For the remainder of 1957, the steel market will be regulated by automobile designers and manufacturers, according to some trade quarters. Public reception of the new model cars will point the way for steel production totals, they add.
HK Land Benity DUBHER
lending rates yesterday, Salta
31820
The Mcoveries lifted in 7.03 7.02 2300 7.90 dividual stocks in the steels, oils, metals, chemicals, moters, rails nd mecellantunts groups a point 2000 4190 to more than four pulls t
112
50 113
401%
11.80
FRI
1
202 1
15% 1500
1.50 .... 1.47
1.470 1.50 2400 4 $16 1000 15 1.30 1.20
Tyern .... 24.20 24.30 Yaumall
Ind DY 10.60
103 24.20
1700 170
Amalg
C. Light..
112 Electric
Macao E... Tel. INDUSTRIALS
Cement Hope STORES, ETC.
Dali
Watson
L. Craw,
X All... Sincitu
COTTONS
Radio Corporation
Republie Her!
Ryualds Metal Sears, Roebuck & Ca Shell Oil Co.
Saint Reg Paper
Sinclair Ou
Borny Mol
Areralt...
Bouth Puerto Rico fogar Southern Co. (The) .... Southren National Cas
It gave backing to market -comment which had termed the
increase in interest
rates an excum rather than a reason them Railway (Com.) for veiling. Support appeared | Standard Grands, .. as industriais were sting at April 20 1evels.
The buying volled already 12.40 13 300 or active trading and lifted turn 20.00-20.00 1800 er 19.63 | over for the ression to 2,400,000|
74 219.50 10.50 10.00 3756 10.40 thurry, heaviest since July 16 a 30% 20.10,540,009 shares phtud of Tues-
clay.
23 28.79
3221
1312
10
1230
13.00 14.10
Nanyang INVESTMENTS
Allied
4.123
160 4:30 rt 2
SOFT SPOTS
Sudeaker-Packard Corp.
Swiit & Co.
Тека Сп.
Tide Waler Assii. Dil Time Inc.
After an extreme loss of $1,30 bale the market moved up
MARKETS
New York, Aug. 7. Rex rubber future todny closed 8 to 15 points lower why sales of 27 contacts,
$2.70
53 CARGO SHIPS TO BE BUILT IN U.S.
Washington, Aug. 7. The United States Mari- time Administration today signed a contract calling for construction of 63 cargo ships in US shipyards dur- Ing the next 14 years.
Mr Claretico G. Morte, the Mortimo Administra or, sald cort of the pro-
gramme was $500 million.
The contract was signed with
allely from the lows at the to 16 points lower with no sales Lykes Scamship Company, of
clocr 01
са
covering
but still show-
ed a no less of three to 23 points. Opening prlets were eff shree to nine points.
Commission house liquidation Band hadze selling, credited to other southern 274 Memphly rnd
231
GO!
0132
972 Interests, kept a mill and other 31 trade
demand over-supplici Got most of the time.
31
2012
45%
Sept
Nov
31.00
Jaz
32.06
Mar
43.10
May
37.30
the timated
July
Bepit.
51.70
31.00
Standard contract closed five
reported,
Sept.
32.50
New Orleans, and it provides
Nov
32,00
Jan
22.05
Mar
02.40
that the new chips will replace the verscis now operated by the compatty.
Alay
12.00
July
31.00
Lent.
31.70
Mr
The Maritime Administration Limited nclivity centred will pay about 10 per cent of between dealer interests as con- the construçilon costs and about sumers continued to mark time. 75 per cent of the ope.. Shipment offerings were on the costs of the ships under a 20- The average guess of 80 mem-light side, towing partly to the year subsidy provisich. bers of the Now
Morse said the con- York Cotton delay, or non-arrival of cables Exchange Indicaled on end-July from Sumatra. Offerings from struction programme meant that crop prospect of 12,033,000 Thailand 413% balco
were smaller than an estimated 60,000 man-years Tucscity but still considered of work would be assured la · The hights! gutes was 18 mil-over-valued by local buyers. US shipyards-Reuter, on and the lowest 11.0 million Doniesile factory demand wha balca. The crop last year totalled negligible. Spot No 1 Hsa wh 13,310,000 bales,
The ten-year quoted at 82%
Standard Oil of Ind.
Steheard all of Cal
BN
B010
Standard Oil of N.J.
steep Rock (Tonto Enge Barlang Drug Co
3319
Twenty Century Fox Film
averige was 13,000,000 bales, Press,
Buyer hesliency also reflected by disappointment over quldiness
Union Carbide
Union Pacille Railway
20
1nited Aircraft
Untied Gas Corp.
18. You "*"
1.8. Gypsum
In
UA. J Co.
L.S. Rubber
US Smelting
Sicel and astors featured on
1.93 the move, rising sharply
dermand heavy
which put Dethlezem Stert. General Melors and U.S. Star In top 400 ₫ 415 peilien ou the active llet.
Industrial hud improvement extending over three peints.
Chief soli spols were airline lecues which fell a point more on CAB refusal to grant Inte rises.
Trade Talks To Go On
Manlia, Aaig, Ú The Philippines and Japan will resumé trade negotiations today in an effort to break the ethlemata "chused by this' coun-
or
Of 1.107 Aucs tradexi. 538 were higher, 380 lower und 213 unchmigid with 76 at new lows for the day and Ave at New highs.
The Dow-Jones Bverages showed Industrials at 499.48, p 4.35 points; rais 148.21 up 1.00:
try's rejection of Japan's de- utilities 80.44 of 0.19 and 65 mand
for most-favoured-stocks 173.1 r. 1.11. natien treatment. it was an- NY Slock exchange bond volume
was $4,100,000. nannend by the Foreign Affairs
American Block Exchange volume Department yesterday.
The negotiations resumption gains added significance due to the concellation of the open necourt system of trafe between the iwo countries and the
Institution by Japan of a "cann and carry trade bigas,
was 750,000 shares,
Closing Prices
Allied Chemicals Allied Mulia Inc. Allis Chalmera Amerton Airline Am. Cable & iloilo Corp. American Cyanamide, Co Am Fetga. Power Meanwhile, a Japanese Em-
A. Gea & Elecule spokesman yesterday Ans. Mach. & Fury. denfed that Japan had antis Anertzan Metal refused the Flippine Cobbets American Smelting offer to extend the open ac
So far, steel producers have had little indica-basy tion regarding requirements for the 1958 models; present automobile industry acquisitions are aimed primarily at completion of 1957.
Am. Sugar Rel. -... American Tul de Tel Ausrican Tob. "" Anaconda Copper Armco Steel Armour
count arrangement for another. month till the end of August,
He wald the Philippine pro- Allas Cond. Mining
reached the
Baltimore & Olio
Toyo Boinwin.Lama-Honl
not average much above an 85, hatt not given Japan cuffielen: Benguet Cons. per cent rale,
However, a rate of this site: atier 80 per cent as estimated
Bethlehem Steck
Hoeing Airplane Horden (The) Co. Buruh Add Machine Campbell Soup Co.
1.5. Sterl
Weer Bros. Byertighae Electric Western Union Tel, Co. West Va Fuin & Paner Wockwork
day.
2712
In the textile trade and the slow-down in demand › fór spot cotton.
cents.-Unlied
AMSTERDAM
Amsterdam, Aug. 7.
The rubber market was dull. All quotations were unchiunged.
Lower sal bank payments-United Press. end uncertainty over possible 301 lest-minuic efforts by 442
Con-
reso to push through low sup- cport legislation, proved add- 20lonial handicaps.
64xd
017-
this. Other traders owalled the aus government's 1057 Ioan Anouncement, expected any time sfer the crop report is out of the way-United Press.
United Press.
LONDON
STOCK MARKET
London, Aug. 0. Markets and another ragged New York was an Im- portant factor the sight of the Dow-Joncs Industrial average bobblag around 500 instead of 520 was rigarded as a warning and buyers of subsince held of Dollar stboks suffered losses of several points—with one r two exceptions--and the pre- 437 mium Cared, 4 to 15 par cent.
Brish Goverments
$0316
20*
3414 187
54 excepilonally closed a trifle
50% lower but most of the medium-
1722 daleds and long-dateds ende:
wik kalns of
701%
03
644 shillings or oven 6/3. 搭福
14%
10
Industrials showed
mixed picture of mali, gaina
and lores, especially among the
53% Jerse- knowns.
1%
Department
stores and chain stores enjoyed
30% seme support, due to good sales
6826 Agures, but quick profit-taking 40%
kept them subdued.
Month
SINGAPORE
Singapore, Aug. %. The market opened unchang- od and cased on small proft-
taking
At the lower levels the trade showed interest and the market ruled quietly
There steady. was a fat interest in lower sheets and some thetory in quiry. Futures;
Colume
Open Interest
Oct.
1.200
175,200
Dec.
13.500
254,900
Mar.
0.000
151.600
Mny
5,000
No. 1 rubber
141,300
July
August
5,100
108.800
Oct.
7.300
10.400
September
October
Dec.
700
$1,000
Total
43,700
per 16.
929121
No. 3 rubber per lb. Aug. $55,900 bales No. 3 lubber per ib, Aug.
NEW YORK
COTTON PRICES
New York, Aug. 7. Prices of cotton futures closed
today as follows,
15.237
24.10
34.21
British Firm Awarded Big Order
Manchester, Aug. 7. Britain's Metropolitan Vickers engineering firm has won almost the complete order to build £4,400,000 power
station for
Victoris, Australih, it was to. ported today.United Press.
NAMESAKES
Answers:-1 Duchess,
2 Rc-
7
ward. 3 Churchill. 4 Corona- tion, 5 Chatter, € Joke, Paidee, 8 Queen, 9 Blenheim, 10 uniquated Abigail, 11 Anne, 12 Fighting, 9114-1
No. 4 rubber þer 15. Aus 09%-80%% Spat nibber unbated.... 021-929 Blanket crepe No. 1 pale stepe United Prem
LONDON
101-103
London, Aug. 7. The rubber market was very quiet with
27-3/10 pence per lb. Prices: spot quoted A
No, 1 Ras upal 8734-373%
Setüement hoved fermi
August
Kepleraber
34.21-21 Oet/Dec.
34.28-27 Jan./Mar.
33.09
| ApmAluno
79.03-84 General markets, eit lisale, patu 37.79
33.50
M44.13
24,17
3427
34.210 33.68
August
Artenber
Datober
Entale crepe thin
Aug. Exists crepe thlek Aug
New York Foreign Exchange
New York, Aug. 7. Closing rates were;
Canna
England official
"
20-days
00-days
Spot Oct.
Dec.
Mar.
May
July
Oct.
14
were
Der
4.
CON
caster but support appeared just before, the cluse. War Loun
24
-United Pres NEW ORLEANS
around five
New Orleans, Aug. 7. Prices of cotton futures closed today as follows;
Spot
Oct,
Dee.
* very
Mar.
MAY
July
od.
29.05
Dec.
32.70
Untied Press
Canadian Pacific It
30%
Everal
Case (J. 1)
Cat. Tractor
.
23
already
etanuse Corp,
102
Olla mostly drifted tower, led by Royal Dutch whi down 10/- British
Colton was nonce per Petroleum Old contrae: Oct/Nov
LIVERPOOL
Liverpool, Aug. 7. Future closings,
in
South Africa
lb. were as follows:
Beigtun
21.08
tral la
C. 1. T. Financial Corp.
Chase Malat. Bak
18
tax Molybdenum
73%
lost 1/0 and Shell. nlne pence. Suez Canal fell £1-10 to £50.
Only feature in German
Dec/Jan
20.28
Pakistan
Mar/Apr
Okers unchanged
May/June
July/Aug
2043
445
bonds. was
the
demand for | New contract Oct/Nov
Dec/Jan
26.87
40%
Mar/Apr
28
both
and ascented
non-
May/June
-242
22
51%
In general the group was un- changed.
Recentes. Some of the Japanese artenleds cased fracționally but
July/Au
2193
Valted Press. ·
SAO PAULO
77K
Cotten
cruzeires
Sao Paulo, Au. 7. tutture clarings, in Julbo were Der
B5
follows:
Oct
30,35
Dec
39.40
Mar
40.40
Zurich
May
40.70
July
40.89
time to study the mater.
He added it was now difficult
Kince
were
Most steel market observers, anticipate any spectacular comt-f
Speculation among some poral are confident that active now back. model car sales will produce of the industry's leaders is that Goverment only on, the eve Beneficial Finance
production will of the expiration tate which: Bandix Aviation Corp. good revival in automoblie steel fourth quarter requirements particularly from September through December,
Steel analysts report tlist the outlook is for a gain in steel consumption starting no later than September storming large ly from the automobile industry, As they soo it, the current small | Improvement in demand for hót and cold rolled sheets will grow substantially when Detroit real ly starts to move on 1938 inodels, IMPROVED BUYING
They also look for improvet buying by the appliance in
dustry which perhaps has been
for the third quarter, would be to return to the former open suficient to bring the Industry's account system moduction for 1957 above the trado transactioris between the 1930 output of about 115,000,000 two ions:
eDuntries
A few stcel men believe being carried out on a cash that production may even equal basds.-France-Prosse, record of or exceed the 1966 approximately 117,000,000 tons
ti automile industry ordering is especially active.
in scrap prices were steady to higher in the previous week. The main reasons for tils werd said to be the outlook for a ra-
London Metal Prices
London, Aug. 7.
Chrysler Motorm
| ColgatesPathipilve Co.
Colomblon Carbog Co. Commercial Credit
Commonwealth Elec Consolidated Elizon Continental Oil of Del,
Crown Zellerbock
Cuban Amer. Sugar Diamond Alkali.
| Douzido Aireran
even more rezolute then auto-covery in steel production and the mobile makem about cutting mall. visible supply of good in sterling per long ton as fol- inventories. Demand for heavy quailly scrap. plate, meet structured shapes
Prices of metals closed today Dow Chemicals......
In most markdis new
Hows:
milk
and peanders tubing for the all buying was limited while ex- T industry mainstays amang steel products is considered port business was inclined to be
pold by the analys's for the
quiet.
Grot 3-month Copper
Spot However, brokers and dealers
3-mont
Aug.
especially in. lighter plate and Soc Bigher struchirala,
Dupent de Nemours Basinin Kodak
El Paso Nations) Gas Family Finance Corp.
buyers wollers Firestone Tyre & Rubber
439{ ་ 346
213
213
DIN
02
DZ
AUR.
TAA
74
7314 *end actvice today.
United Press. NEW YORK FUTURES
New York, Aug. 7. Prices of metal futures closed
balance of 1857. But they note alle expressed confidence that Lead ist hair" clear Itadionlors that cupply has started to catch up with demand domestic demand would revive.
Nov. Indus.rial and railroad grade of serap were consider Zine ist kle Tinplate mills probably will die be in a particularly strong
poslion China Mali Special. continuo
their to operate
PLATINUM OUTLOOK plotrytie lints at capacity the balance of the outrent quarter. However, the potential supply, for use and
London, Aug. 7.
The reduction in the price of platinum last week by ano af
Ford Motor
General Electric
General Foodu General Motors den, Pub. L.
Gildden, Co.
Goodrich (B. *j dol
codyear yt"
Heyden Hewport Carp. Homoninke Mining Co. Ingersoll-Rand
filand Bleo) Cu. Interchemical Corp.
Int'l Business Macisines Int'l Urvoster..... InternaDonal Nickel International Peper
mil Tți & T John-Manville Cu
quarler is ahead of probable ihn two letting United Kingdom today in cents per lb. as follows Kanne C. Power & Light"
dinaire and some curtailment renors could not have ecto us Lead
In prochietion is expected in much of a surprise to desier
the period.
Shipments of
000 tons; the industry's capacity.
tinplats inst peas totalled 4,015,- how progressively casing
pgina months, and the reduc-/ Copper
one refiner from £34 to
to produce this product is now on
about 8,000,000 tons and is 31 per troy ounce headed towarđa 0,006,020 tons.
Another factor of importance sumably logical sequence to is, that expels of Unplate are them events. The other icading running less this year than ineliner has not changed his peke 1050, This refects tightness and is still quoting #34,
Young Leca which rose. £1
Chinese were also fractionally 100% down but they are. all above
1001
thede 1957 lows-United Press.
New York Sugar Market
New York, Aug. 7. World No. 4 sugar futures to- diny closed unchanged to six points higher with sales of $10 contracts.
The domestly No. 6 contract closed unchanged to one point higher with cales of 80 con-
September covering. ond sattered demand pending fur- the developments in the W 2011 situation, teakured ¤ generally ant, quict trade,
20.40
In the United States, the avorage price of înc-incis cotton at 14 designated spot markets was not avellable.
Tolet sales at there 13 markets were 0,803 bales-United Press.
SINGAPORE STOCKS
Singapore, Aug, 0. Brokers today quated the following stocie prices:
Opening Tak Lintah Hubber... $7.30 British Boruen Pefroisum. di- 424-25|| Colwolidated Tin disaiters
{exd}}} Fraser Havo Li Frasop. & Neavo, Tiny, eum.
Kennecott Copper
100
arts.
Kiguet Meyers Tob. Co.
Lockheed Aircraft
57
AUR.
18.400
LAMWE USED.
électrolytic the metal.
Price In the world market
had
Sept. Zinc
AUR. Sept.
18.33 b
p.ših
дать
Lone Star Cement Co. Lowensisip & Sons, Mepervell Aderit (Am.
Stuck Fes)
For
Mesabi tron Corp.
Aug.
20.441
Minnziota Mining
Contract No. 4 (wdrid)
sept.
2046b
Modbo Develepihent
was pres Tim
Meseento Chonslägt Co.
BOT?
AUL
Sept.
24.00 (strait) 04.250
Muntgomery Ward
Bebt. Cnt.
Arcinfota In2.
4.24 4.00
Jar O
United PreAN.
National Cash RMG HÄ
Mar
11.03
Notiena) Dairy Prod.
May
National Lead
July
Gemmone (Malaya)
#*.92-1
$4.00
text.
Berakend
Shanghai
Oct
Bank (axalis
Spot-teents per lb, fa
Hoa don. Th
10
Cuba
20
Кіправ
Duren-Tilbiela Clari
Open Interest: 6,011 contescis.
Humia Kampar Th
Pacific Ora di Bico,"
4714
Blight. Wem dobo in the local
fan - Amarleon Airways
Contract No. (domestic)
Farmhoust Pictures
Parko via Cs,
Sept.
5,00
Now,
0.03
Barton Köket,
Mar
Kazimoto Cold Biorage.
Sept.
8.64
Grille Tradinggan
Procter & Gamble Co. Pittsburgh Plate Glam 21745 Publicles. InstumtrŠNO ›
Bpop-toente por 1b, cât NY ex-duty)
stralia Pazhip.
8.20
United Engineers
Open-interest: 4,770 corripapku.
Wearms Bice ..***
Undaa PreRK.
Opni market press In the
more Uniter Kingdom continub to Exchange Rates
of dollars, in many markets and the foot that Europe is noerly self-debeat in duplato
and picly expanding its own electrolytic output.
NO BIG COMEBACK
move lower and are now man-
Bolled at from £29.to £30
troy ounce compared with 230 uolebel ¡ONCHABRÍ. MARKET
10 to £at da vocently; "Kradling i morning si the filowing rates:- interest in the nee matow Be
dokler (per Ma
hroat Tubes) frock, in dxsering i raported in be at a low cub, tha | Harian motor per aliu the operations outlook - for the doma biracynen này that the eties. ätakitilan säter (per: 41), remainder of 1957, are careful root favel does not doulc too Indonesien rupiah (per 100) ..
Bin Loa (pie 190) ingapore (Stenite) to emphased that they do not scuro,"
Nation Steel Corp,
New York centra)
Dun Mathieson
Die Elgators
Penny ..C; Co
1997 | ship Morsia a 18.00 $3.60
ktinas Nubber Estates
Valuyan Hreward on.
Now Berandah Hubber Co
-Pataling, Tin ..
-China Mall spoolai
Australia
New Zealand
1.04-1/10
2.70% 2.77-10/20
2.294h
2.78%
.0199-3/13
2003
-United Pres.
London Foreign
Exchange
London, Aug. 7. Closing rates were;
New York
Montreal
Brukett
Calo
Stockholm
Others unchanged
2.7032+2.70-5/10 9,031-2.04 139.625-139.0715 10.00-10.984 14.44)-14,49 12.1794-18.1732
-United Press.
18 Woodstock.
Sarah Jennings
Marlborough).
Wharover
(Duchess of
you're going***
EUROPE
USA
ORIENT
(0)
ROUND
THE
WORLD
You can fly thero on tho world's most
oxparienced airline For reservationi,
call your travel opent ar Alexandra House, Phone 37031,
Hong Kong
PAN AMERICAN
Pan Ameriais Fald Airways, Ea, Incorporated in the Bato xử Nao York, U.Kdy wish lišně Liebility
Die Stamping
The South China Morning Post, Printing Department is equipped with modern die-stamping facilitios. ·
REGIMENTAL, SOCIETY, and CLUB
CRESTS & EMBLEMS.
TRADE MARKS.
FAMILY COATS OF ARMS,
and MONOGRAMS..
etc., etc.
Call and inspect our samples
Orders accepted for Steel Dies
and Copper Plátek.
SOUTH CHINA MORNING POST, LTD.
Wyndham Street. Telephone 20002