1
Page
THE CHINA MAIL, FRIDAY, AUGUST 9, 1957.
TRADE and COMMERCE SECTION
MARKET LACKS INTEREST Stocks Turn
Electrics Down After Interim Declared
By A SPECIAL CORRESPONDENT
the Complete lack of interest in Hongkong Stock Exchange sont prices down this week with the overall turnover amounting to $2 million less than last week.
The turnover of $1.84 million is one of the smallest recorded this year. The tally was six higher, ten unchanged and eight lower compared with eight higher, four unchanged and 12 lower last week.
HONGKONG
STOCK
EXCHANGE
Our Own Correspondent
t'X-
Business on the Stock change this morning amounted 10 $347,000. Noon quotations and the moung's dealings;—
bhares Buyers Heliers
BANKS
HI Bank
INSURANCES
Unit
SHIPPING
Wheelock.
DOCKS, FTC.
IC Wharf Dock
1000 100
G
1.79 7:00
J11
475 48%
Provident 1100
(R) 1013
LAND, ETC.
HK Hotel 15.50 18.00
ik Land.. 305 367«
Kumphrey
Realty....
RUBLER
Amalsh --
up-
Tradery expressed thel parent dissatisfaction with Elce- iric's Interim dividend UI GO final cents with a caninum dividend of $1.80. This share dropped 60 cents on the week and stood at $20.50 at the close yesterday. Last year's dividend WUR $2,
The appropriation for divid- ends in 1965 amounted 10
Holding Steady
HK Dank Lombard
Union Wheelock
IK Wharf HK Docks Provident
* The
Share Market At A Glance ★
Up or
July 11
1785
July 18 1750
July 25
Ang 1
Aug 8
Down
1770xd
1820
1820
steady
27
373
37#
86b
24
steady
9zb
9440
96
+500
7.00
A
7.95
7.85
-150
.108b
100
111
112
114
+32
454
1534b
47
4814
481⁄2
steady
12.30
12
12.30
11.00bxr
11.00
+100
UK Hotels
15.40
15.30
15.00
15.50b
18.50b
HK Lands
25%
3334
10
354
16
HK Realty
1.45
1.46
'1.470
1.476b
1.475b
steady +256 steady
HII Trama
23.14
IL10
3470
24.00
24.20
400
Star Ferry
*183a
188#
1760
135
1251
Yaumalla
109
104
100
108
108
steady siesdy
Ch Lighte
18.60
18.80
18.70
18.90
18.70
200
Elco.ric
20.80
29,00
20.60
30
29.50
-500
UK Telephone
27.80
27.80
28.30
28.10
steady
G.L. Cement
1214b
124b
30
114
-250
Dairy Farm
14.05m
16.75m
15.80
16.60m
15.59
--100
6. Watson
$1.00p
11.55m
12.50
12/0
12.40b
-30%
0,301
6.35b
4.45b
0.45b
61⁄4n
4.56
4.35
4.25
4.20
-50
10.50b
10.70b
11.30%
11
11.201
+-200
4.85xd 8.70
4.38
4.35
4.225
4.325
1.40
9,30
9.25b
9.25b
steady steady
Yangiazo Allied
IIK & FE LAY Textile Corp Nanyang
£8 MILLION
LOSS FOR BRITAIN?
Washington, Aug. 8.
$8,05 million; in 1956, $8.35 British officials are watch- million; anxi This year, $0 millon, if the anal dividend ising closely imports of wool- $1.80. Bus stock holders silli len cloth from Britain to see seem to be disappointed.
if the higher duties imposed since July 25 will mean д loss of $8 million for the year, as is estimated by the Hongdong Land Investment British Board of Trade. Company, which have breni time, holding steady for some have declared an interlm dividend of $1.20. Earlier this year the compony issued two at par and nine bonus shares for overy 13 held. Last year the con- pany paid an interim of $1.75.
Hongkong Wharves continue 230106 to rise and cloere yesterday at
#alex
276 ve 7.8 600 7.85
B004 1.09
300 43 12
The duties on British woolien cloth went up from 25 to 45 per cent on July 25 In addition to a regular duty of 30 cents per pound because British woollen cloth imports had reached the "breakbig point" uf LGO million for the present year.
375 3.10 $114, an increase of $2 over The higher duly suda im
kast week's quote. Deeks reposed because in a clause in the
600 36.25 muined unchanged.
but Pro-
to
5336.25 vidents tacked on 30 cents
100 30 50 close at $11.90 ex-rights. Pro-
vident Rights were selling
2006 38.7
100 of 36.75
for
General Agreement on Tarifis
and Trade (GATT) the United States can impose the higher duty of 45 per cent if British woollen imporis in any one your excool liva per cent of the The United
States' domestic pro- duction
averaged over three
563 36.50 $1 at the close yesterday. 200 38.85
The majority of utilities were depressed. Trams were
100 M 10240 10.00
1.475 1.50
145 1500 5000 6 4.30 blgest losers, closing at $24.20,
1.30
Train ...... 24.10
Yeumati
c. Light
c. Lightn
107
China Lights
Cara down following Electries were
140 2742 0.30 a loss of 40 crits,
752420 20 cents..
300 (24.30
103 1100 107
10.70 000
(tts) 12 vo
Electric....
120 15.70
Majority Lower
160 16
1000 12.0
เง
1224 | 12.00
500
20.00
Here in an lee House Street observer's
account of
the
600 + 23.10
irading
cut
20.TU 30
Macao E... 10 40 10.00
Telephone
INDUSTRIALS
Cement Rope
23 24.20
... 329 30 13.00
STORES, ETC.
Dairy 35.40 15.70
Watacri
COTTONS
12.40
Textice... 400% 43os
Nauyang
INVESTMENTS
Yunglat
Aliked
0.45 420
2200 15,50
500 15,00 500 13.00
markel:
With the week's short by the holiday
the overall turnover amount- ed to only $1,848,000, one of the smallest recorded this year,
REDUCED TO 25PC
Previously the duly on woollen imports had been 45 per cent but in the last GATT agreement was reduced to 26 the Proviso per cent, with already explained,
28.10
*****
+50
Franc Gains NEW YORK
Strength
Paris, Aug. B. Gold values dropped and the French franc strengthened today follow- ing the positive financial results achieved by tho Cabinet through a decision to cut the 1058 budget, averting a Cabinet crisis,'
The gold Ingot
Was
quoted today at 405,000 franos a kilogram as com- pared with 505,000 yester- day and 11,000 the day before.
On the parallel market, dallar dropped from The 423 to 422, after hitting 436 on Monday. The legal rate is 350 franca,
The Pound Steryjne drop- ped from 1,180 to 1.150 as An official compared with rale บ 960. France-
Pressc,
COTTON MARKET
New York, Aug. 8.
At
Down The Close
New York, Aug. 8.
Stocks idled irregularly most of the
sassion, turning down just bofore the close as rumours of an increase in the Federal Reserve discount rate spróad throughout Wall Straat.
The
Reynolds Metal
tha
Seru, Ropuck & Co Bell OCD......
Paint Res Paper Sinclair 11
rumours were confirmed after
close wher the Philadelphia, Chiengo, Kansas City and Minneapolis reserve 3000by Moblinit banko raised the rate they solar Aircraft
commercial charge on loans to bank from 3 to 3-4 per cent thus narrowing the spread be tween the discount rate and other interest rates which were raised earlier this week.
The move was not unexpected but prompted HOTTLO precau tionary selling.
Industrial stocks closed off 1.01 points on average at 498.87, ralls off 1.70 at 140.51, utililles off 03 at 69.41 and the 65 stocks off .81 at 172.80.
CHEMICALS
Volume slackened to 1,800,000
Cotton futures today ral- shares froto 2,400,000 D lied briskly after a lowerWednesday when a late recovery to weaken move lifted prices sharply on opening only
again and close with a good-heavy turnover.
sized loss.
Chemicals had some of the Closing near the day's bottom sharpest declines Metals were levels the ilst was of! net vix to mostly lower. Leading steels 23 points. The market opened were narrowly Irregular.
12 five to
points, New Orleans closed off seven to 25 points.
An unexpectedly low govern- ment crop estimate sparked a mid-morning buying spurt by trado
interests and shorts, lifting the a bale from prices 1.30 opening lows,
After mid-day
the demand
Motors were easier. Steels and motors wero
among the most vetive issues.
Of 112 issues traded, 487 240 were lower, 379 higher, unchanged with 30 at now lows, But now highs.
N.Y. Stock Exchange bond
failed to develop follow-through volume was $2,010,000. and traders understood the plant
American Stock Exchange
had scored an improvement volume was 710,000 shares, since the crop Agutes word
NEW YORK complied.
RUBBER MARKET
Rex
New York, Aug. 0. rubber futures today closed 15 to 20 points. lower with sales of 01 contraÇİS.
September November
Jubuery March
33,60
22.25
May
July Beptember
F1.7%
21.15
Standard contract closed 15 to 20 points lower with
no sales reported.
September
13.50
November
2.40
January March
10
31.10
31,55
bank August
The higher duty is only im the Rod
market posed
if on an annual busis generally lacking in interest, the "breaking point" is reached. Consequently the duty wili
26 revert to
per cent Оп January 1, 1953.
Should there be a "breaking 039 @ 6.40 Although price changes were
only fractional, the majority point" in 1958 then the Board were lower than blaher. The of Trade will urge the United demand for Hongkong Banks States to Impose the extra duty Blackened whilet Union Ish unly if Imports exceed 8 per munoth lost ground.
cent of the domestic production averaged over three year Wheelocks, Cements and Trams
were a shade cazier,
New York Sugar
Market
New York, Aug. 8. World Na, 4 sugar futures 10- day closed & to 28 points lower with sales of 898 contracts.
Domestic No. 6lx sugar futures closed siven points lower to two points higher with sales of 207 contracta.
plus
DI
September liquidation, Increased hedge selling and un- covering
orders dominated the world trade AS previous buyers rellred In face of a lower raw.market.
Contruct No. 4 (work)
September
October
January
March
May
In
A
uillity section, Electrics registered
apparent dis. appointment on the interim dividend announcement of. 00 cente, which wag muzzling. Stores were all slightly lower, Textiles
were unchanged will: Increased activity οτι the closing day. Some liquidation
Amalga-
British omcials said there is nothing mandatory about this provise in the GATT agreement but the United States may in pose the higher duty if woollen Imports excoci ave per cent of
May July September Quiet trading centred between other dealer Interests with sources marking time awalling new incentives. Exchanges of contracts at 25 May/January points
accounted for
a fair portion of the trade,
Shipment offerings were re- ported moderate but still held about 1 cent a pound buyer ideas here."
Factory
above
Closing Prices
Itadio
Allied ChemĪCAIN Ailled M Inc. Allis Chalmers American Airlino
Corp. American Cable American Cyanamide Co. Amer. & Forga. Power Am. Gana Electric Am Mach, de Fáry. American Metal American Smelling Am. Sugar Ite!.... American Tel & Tel Anerican Tob. "B" Anucunda Copper Armco Steel Armour
The government's first esti mate of the season indicated ani of 11,807,000 August 1 crop bales, The figure was fully 100,000 bales under average ex- pectations and 11 per cent below last year's production.
Afternoon Bellera pointed out that despite the lower figure,
crop of 11,400,00 the current bales carryover promised a sup- ply big enough to take care of
and domestle
export require ments and still leave a large surplus,
Uncertainties over the gov Atlas Cone. Mining ernment loan rate announce-Baldwin-lima-Ham.
momentarily, Raitimore Ohio ment, expected
of lower Beneftotal Finance and the possibility
Bendix Aviation Corp. price support legislation at this Benguet Conse session of Congress, encouraged Bethlehem Steel later selling.
Boeing Airplane Borden (The) Co.
The minimum Jonn rate, Burrougta Add Machine established in February, was 77 Campbell Soup Co. per cent of pairty, or approxi-Canadian Paciße R.
Cat. Tractor mately 31.65 cents a pound for Celanese Corp. middling one-inch collum, I. T. Financial
Chase Brannan orp. Traders expert the final rate 10 correr Muture be between 77 and 83 per cent climax Malybdenum
Colgate-Palmolive Co. of parity.-United Pr
Casorabian Carbon Co. Commercial Creaft CORTATIONENORčili Elec. Consolidated amon Continental Dil of Del. Crown Zellerbach Cuban Art, Sugar, Diamond ABeall Douglas Aircraf Dow Chemion
NY COTTON
PRICES
New York, Aug. 8. Prices
futures of cotton? closed today as follows: Spot October December March May.
October
interest remained the domestic production aver- clack. Spot No. 1 Rs was
ged over three years-United quoted at 32% cents-United July Press,
Press.
maled Rubbers fairly New York Foreign
WEB
well absorbed at 51.475. Hongkong Wharf-Godown shares were steady throughout and closed higher whilst ITO- vidents else were # shado firmer,
'Elsewhere there was
Uitto of
note to report with business
Market Diary
3.00-00
3.00
at a slow ebb.
3.05
3.77-78
1770
3.78
September
1.70
October
3.50
Bpot (cents per tb. fob Cuba) 4.10
Open Interest: 0,001 contracts.
العالي
Contract No, & mugar (domestle)
September
November
March ...
May
September Bpob(penta per 1. ut NY
ex-duty) Open interest: 1,810
Here is a market diary of the weck: Friday:
Tuesday:
5.00
6.45
Thursday:
5.03
---Unstad Press.
Exchange Rates
Mudri
wa 'done in the locat exchange market
morning at the following rates: 19. dollie, (per #1) Sterling notes (per" £1)" Australian toter (per £1)
Glam ficut (por 1 Singapore (tralia)
this
Dull and feature
less. T/O: $431,000. No material change, T/O: $855,000. Wednesday: Dull and feature- Jest T/O: $980,000. Lacks Interest, T/O: $182,000.
New York Lead
Followed
San Francisco, Aug. 8. Major San Francisco banke
8.58 have dallowed the lead of New 10.96 Yorke banks and have increased 12.00
Exchange
New York, Aug. 8. Closing rates were:
Canada England official
Unofficial DO-days
Australia
Now Zealand
South Africa
India
Pakistan
Other unchanged
1.05%% 2.78 5/16 2.74-2.70 2.77 2.23 11/10
27 5/16
2,75 11/16
2000
2003
United Prma,
London Foreign
Exchange
London, Aug. 8.
Closing rates were:
New York Montreal
AmeerdamTU
Copenhagen
20an Oslo Parle Stockholm
(per 100) Japo their prime interest rate, to, 47% | Eurich
27.00 per cent from four per cent-
2:00 | Whian Mall Special
Elabo
miota who United Press.
AMSTERDAM
Amsterdam, Aug. B. The rubber market was dull. Quotations wore all' unchanged.
United Press
BINGAPORE
The marke
Singapore, Auz. 8.
opened slightly tower on ovĚTIČAS advices and ruled quietly steady at lower level.
There Wha good enquiry with factories for lower shoëta showing anall interest. Futures: No. 1 rubber per ib. Aug. deleted
Sept. 937-035 Oct.
Ho,
rubber per ib. Sept. 21.02. No. 3 rubber per B. Sept. 82-8311 No. 4 rubber per ib. Sept. 60-days No. 1 pot rubber unbeled an
02-54 blanket crepe
101-100 No. 1 pale crepe
United Prous.
LONDON
London Aug. 8. The rubber Market
was etagnant with spot quoted at 27-3/10 pence per lb. Prices:
#753-215% No. 1, Rapo
3.7034-22-79-8/10
10.04-20.04% 13.TER-130.1% | August
11.66-11.68% 127%-173816 19.96-1999;1
1118-12.1836
unchanged..
Betilentens' house TESTOS
October/December
January/Mareli Apriline
General market, elf Augu
September
Calober
Extate crepe thin japt,
December
34.10-11
24.11
34.20
34.17
Dupont de Nemours Eastern Airline
Eastman Kodak .... El Paso Nation=l_Gas Family Franco Corp. Fircatone Tyre & Rubber Ford Motor
General Electric
33.62
320-01
Valted Press.
General Foods
General Motors
Gen. Pub. UUL
NEW ORLEANS New Orleans, Aug. 8. Prictz
of cotton futures closed today as follows:
Spot October December March
May
luly,
Octoirer
December
Cotton
33.40
34.07
04.07
34.25
34.10
40
52.04
-United Pre LIVERPOOL
Liverpool, Aug. 8.
future closings, 10)
pence per lb. were as follows:
a contract Oct/Nov.
Mar/Apr.
21.30
220 30
SAM
220,00
26.11
20.90
27.14-18
Getty Oll
Glidden Co.
Goodrich (B.) 66
Goodyear Tyre Gulf Oil
Heyden Newport Co Homeatake ng Co. Ingersoll-Itand
Inland Steel Co.
Interchemical Corp.
Int'l Business Machines
Int'l Harvesters
International Nickci
Unternational Paper
Inti Pella Thi
John-Manvil
Kanasa č. Power & Light' Kennecoft Cooper
Liggott Meyers Tab, Cơ. Lockheed Akreoft Loews Indore. ..... Lone Star Cement Co. Lowenstein & Bone McDonnell Alturart
|_Block_kage.). Masabi›ean Corp. Sáiznesota NENECHT
Dec/Jan
May/June
July/Aug
New contract
Oct/Nov.
1200/Jan.
Mar/Apr.
May/June
July/Aug.
SAO PAULO
Nalonst Daby Prod.
Bao Paulo, An kh
Cotton
fe
3153
27,30
MUnited Fres
future closings, cruzeiros per kilo were as fol- lows:
Celober.... Disember March
July
30.36
30.40
40.50
49.90
In the United Statea, #1}%40% | @vermae price of one-inch
bon at 14 designated suariocles wäe 39.30 cents.
| Mission Development
Mommerto" Chemical Co. Montgomery Ward Motorola to
National Cards flog.
National Lead...
National Bed Corp.
New York Choirs) Din MathemOCK
De Kleracoes
Owen anoth
Paolo Gina de toe. ...
| Pan American Altways
Paramount Pictures
Packe Davis Co the Panny J, C. Co. cot-Pin Bit Co.
Philip Morris
spot Procter & Gamble Co.
| Putoukh | Pjatą Diamo
Totul sales at these markets Publick Irschuntries. WIGIO 12,602 balos, United Rury oi
Eladio Corporation
| Tregudije „Siteed
South Puerto Rico Sugar Southern Co, (The) Southern National Gon Bouthern Railway (Com.) Standard Brands
Stazlard Oil of Cal
Standard Oll of Ind.
Standard Ol of NJ, Sleep Rock (Toronto Exge.) Sterling Drug Co. Studebaker-Packard Corp.
Swift & Co. Toxng Co.
Tide Water Assn. Ou Time Inc.
55