Page
THE CHINA MAIL, WEDNESDAY, AUGUST 14, 1957.
Pago 0
TRADE and COMMERCE SECTION
CAUTIOUS OPTIMISM OVER FRENCH MOVE ANOTHER STAB
'Steps In The
Right Direction'
HONGKONG
STOCK
Says US Bankers EXCHANGE
New York, Aug. 13. American banking circles are cautiously op timistic over France's ability to follow through successfully with its proposed austerity pro- gramme aimed at bolstering imports.
The "de facto" 20 per cent cut in the value of the frame and approval of the 1.5 billion in bud- getary cuts were generally hoped as constructive and "steps in the right direction."
French
gold con dollar re serves were slightly in excess of 2,000,000,000 at the cod of 1935. are now plaerd
The recTVEN
abat $500,000,000-comi dered reuk bottom by experts.
Pamucial circles here point that the French
wever,
susterity programme of highet. tax-exporters incentives, in- port controls and Gwerunest cteremics is bound to fail to Auss France an quent bulatronry spied.
Both
flatten out a
Linked
The rising domestic prices Pri the budget deßeit are hitha linked cluy ly to br estly Algerian operations.
b
I defeure spending can held to manageable limits, then France has, é gavl viance thrangli pullin
1. cut real veranenie dílleullies.
Any solution of the Algerian pretium resulting In bringing back therand of Franch troops to work in productive industry halter wg.c
apprecishly Frane's booming economy, it is pointed out, There new workers,
Add
it is said. would in effect "producing Laxus"
THREE MORE
US BANKS
RAISE RATES
Washington, Aug. 13. The Federal Reserve Bourd has authorised three districts mere of its bank
to hile the discount rate to 3 per cent,
Thi action brings to seven the number of pecave didelete charging, 311⁄2 per cent. Interest to member baie Che borrowing. fe other Bvs district - cuding New York, Mil are choeping three per cent.
Thite:
distrkt banki
Our Own Correspondent
Business Cone on the Hong kony Stock Exchange this morning mounted to appro-
ximately $470,000. Nuon quela- tions:
tions and the morning's transac-
Shares Buvers Neders
BANKS
Tinin
AT UPSIDE IN NEW YORK
Cotton Futures INDUSTRIALS IN
See-Saw
In New York
New York, Aug. 13. Cotton futures today see-sawed narrowly around the previous close in quict dealings,
PASS
INTO COMA
London, Aug. 13.
private
-
New York, Aug. 13,
The market made another stab at the upside today but the movement was unable to generate any volume and faded out before the close.
Final prices for most stocks were a fraction either side of the previous close in contrast with
Markets found it very gains of a point to two scored at the day's highs. hard to digest the latest Volume of 1,520,000 shares | Family Fence CoED development in the West-compared with 1,050,000
enterprise Monday and reflected the un- willingness of liverlers to com- mit themaives in դ market apparently devold of incentive. What actfon there tributed to activity uf pro- fessionals in a thin market.
Operations were mainly professional, originatorn Ing among local traders, New Orleans interests, world. commission house, mainly in the way of evening-up operations.
Closing on a note of steadiness
the list showed net gaing of five
seven points The marke
Bales
If unit INSURANCES
++
Don D:0
44 905
20V 100
1124 많이
10
SHIPPING
Wirelock
7.00
7,90
DOCKS, ETC.
K. Whart..
113
Dock
40%
1.40
Provident
.
LAND UK Hotel TEX Lind Humphre
alty
C. 1.lt
opened up
points.
to two to oft four New Orleans closed up
wo to six points.
Elsewhere
time awaiting
1.10 Weather and
trasera
marked
new Incentiver.
clop news came
in for more attention following
the teent
millee
agriculture
decision
com-
10 postpone further consideration until after the new year.
The Covernment weekly 200 24.13 erop summary
was considered 1500 4 24
mostly favourable
Sunny 1107wrather oter the main bell 1000timulated
WORLD
RUBBER MARKETS
British Government stocks suffered a general retreat, with War Loan loging 12/6 to 60% which is only one full point above it all-time low of 05%, renched Inst month on July 18.
Paper Loss
was at-
Firestone Tyre & Rubber Ford Moto Coneral Electri General Foods General Motors Getty O Gan. Pub. UBI.
Glidden Co.
Goodrich (B.F.) Co. Goodyent Tre Gulf Ou
Heyden Newport Corp. Homestake Mining Co, Ingersoll-Ran
The railway nationalisation
Inford Steel Co. stock Inst 10/- and Old Consols
Interchemical Corp 7/0.. Most of the medium and The market, lower in Ave of
Int'l Business Machines long-term lesues lest at leasthe past six sessiona for a int Harvester... 2/6.
paper loss of over four billion. International Nicker International Paper But leading industrials passed closed virtually unchanged on Im Tež së Tel Into com and stayed there, average. Industrials closer 0.18 John-Manville Co,... Turnover in the whole market lower in their average at 493.14, Kentcott Copper
Kansas C. Power & Light rojis
0.05 lower at 144.32. Elægett Meyers Tab. Co. stocks up .02 at 170.31. Of 1.117
Loews Ancorp.
Istues traded, 407 452 lower AME There were 70
was very low at 0,073 bargalles up 0.16 at 08.00 and 65 Lockheed Aircraft
New York, Aug. 13. Rex rubber
cloerecorded. contract
Very few prices today unchanged to tan points changed more than 3d to ed. lower with soles of 202 Con- tract.
BIK
2 1640 15.00
201304
700
3024
16.20 10 40
1015
18.20
1475 1.60
Antic TTOVÉ
Tra
1.50 1.5277
130 1975
LITHS
33 M
24
Scut.
22.40
Nov
22.25
Star Ferry.. Youmal
113
135
Jan,
37.25
TEHD 1:17
Mar
32.15
18 A 10.03
103 D TV
development
and
May
32.0
July
300
11 K
7500
18.00
190
200
500 20.137
500 19.00 Invoured weevil control. Plek- g and ginning were underway in reuthern sections of the 11002990 eastern bell
in the gulf 160
ceartal area.
Scul
31.TD 31.55
Standard contract changed to 10 points
closed un- lower with
and
no entes reported.
Sept.
34.40
Nov
3225
26 28.10 1800 m 20.10
30 234
1
Arkansas reported idcut grow- ing conditong in the celta, al- though late cotton was being
Sept. In Texas
Jan.
13.M
Mar
32.10
Mar
July
Breitle
.. 10 pa
Moes E. Telephone ishiSTRIALS Cement Rape STORES, ETC. Dairy..
15.01 15.80 121 122.75 Web De
13.70) JONS'
123
10%
Nonykat
SISCELLANEOUS
10
Ch. En! Vibro
rake The discoun
rala a. INVESTMENTS, Boston, Daly and Asloot, Tai | Alled Terd last Thursday approVC3 hike to the highest rat; in 19 "Thiladelphia, of Caleago, Minnapolis and Kansa
effort of Caring rather camuming
www then
23
part
City
Franet's current output,
Alleviate
the
#12
Some
elet exper &
an indented prospect of Crop this year thoud farther help alleviate France's plight, France-one of the few coun- tries in Europe which can teed
self and ella export agricul- |
from farul, producis-sufferect
There wha.no in fention when the
the Board of directors of each
0.45
4.20
45%
242
aư
13
SEVERE POUNDING
Sume ulls took a rather severe pounding with the American new highs, speculative favourlie, Trinidad
Maters held Petroleum Development,
down landing 13/- and Apes Trinidad down 1/0 Royal Dutcli icst about 4/ but the other, blue chip oils were praclically unchanged.
Germans were active with the Dawes Loan non-essented down 31.70 £1 and the scented down 151- 31.73 the Young Loan nan-asserited 1000 4 1415 | damaged by weevils.
31.53
lost 10/ while its assenled lost After weather favoured
Carly unsettlement cpen 150 hot
15/-. Japanese were unchanged com-line with the lower cables, the
arsenteds 550912. harvesting, which cared
except for several in late 2001100pletion in the lower Rio Grande terminal market steadied
which ensed a few shillinga. Valley. In the
Dollar stocks were all down far southwest, dealings on covering operations
sharply colon continued to make good through commission housts and rather
while their was relatively preinlum felf nearly a full point to excellent progress, Sume early deelers, Sept. eolton commenced
firm. Intra-dealer to open
switching to 18 per cent.-United Press. Kem County, Californio.
included exchanges of May/ March and May/Nov, contracla. Spot No. 1 Rs W
quoted at 3214 cents.
Exchange Rates
Business WAJ don in the legal
ct the gem would noticial tellow it. A Beard thesus. dollar (per $1) man ponded out that i. i'up to district to determine when the my should be waist in their The Bleund then must pve the directere decisions.
exchange Markel maring at the following intes:
21 1*: "
2:
SHORT-TERM
Treasury Department annotated that is hort-term the WEL
borrowing will carry the highest interest rate in 24 years.
bud crop In 1950, The planned 20 per cen! in- centive to French exporters on yesterday lollar saics pescui offelal USD-to-he-dollar leva wit se all of its effectiveness unles the French Government
is able meanwhile to hold prices in ifne, exper.s azert.
months.
The Treasury sald it will pay 3.480 per cent interest in its 91-day bills dated Aug. 15.
The French government, it is The interest rate is set by bik expected, will be under con-received by investors. siderable pressure to resist new The previous high the Goveri- wage boosts over the nextment was forced to pay was at several
With price time of the bank holiday in still climbing, many teef the March. 1933. Government may not be able to The new 1,700,000,000 dollars
to inrei rost new wage hikes. Auto und | issue was gold metal workers contracts are Treasury's current cash needs. sale to be scheduled for re-Unlied Press, negatlutions seon.
Financial
and barking
perta niso point out, that as a result of France's new currency moves, soune currencies-notably sterling-will be in a less fav. ourable position, For France, however, these steps are con- sidered here as part of a pro- gramme that had to be under- aken at this time to forestall serious anancial eyrn more
the
Bin Liens (per 100) Singapore straites
The certificated stock remain ed at 4,830 hales.
171,109
200,700
In
SINGAPORE
but
The market opened unchanged from the previous Icvels eased on
some up country
was a good enquiry in interest for remis but lower sheets was not quite so
Montit
Volt
Oggu intereNÍ
Oct.
Dec.
0,600 24,300
Mar
4,000
150,500
ay
3000
145.300
this July
11,400
308,300
Oct.
21,000
110,300
5.D4 Dec.
11,400
55,000
liquidation.
Sterling notes (pe: £11 Australiero notes (per £1) Emean rupiah iper I
13.00 Total
0719.500
958,000 bales
$2.011
There
14.40
NEW YORK
27.10
1.00
October
3.-
December
33.83
Priers of cotton futures closed good as of late. Futures today as follows:
No. 1 rubber per lb. Fept. 02-02
Oct. 2011-100 Nov, unquoted No. 2 rubber per Ib. Sept. 915-92 No. 3
"
29.09
No.4
Spot rubber unbated Blanket crepe Nis 1 pale crepe....
PEDIG
0215-831 100-102
LONDON
COMMON
MARKET FOR
WESTERN
HEMISPHERE
Rio de Jancino, Aug. 13.
March
May July October December
NEW ORLEANS
35.10n
The rubber market was steady
Prices of colton futures closed with spot quoted at 27% pence
per lb. Prices: today as follows:
Settlement house term:
August
Spot
Ocluber
December
March
My
July
October December
LIVERPOOL
CHATTER ON WALL STREET
New York, Aug. 13. Standard & Poore ad
cautious policy vises for the present, premise that more favour
on the
were higher,
258 unchanged.
now lows, five
best of
Lone Star Cement Co. Lowenstein & Bono,
Aircraft McDonell
Stock ExpJ Mesabi Iron Corp. Minnesota Hising Mission Development,
the Monsonia Chemical Co. Montgomery Ward
Chrysler groups, sparked by Motorola Ine......
which
held
14
points of an early rise of close io two points,
National Cash Reg National Daley Prod. National Levi National Steel Corp. New York Central Din Mathieson Olis Eirvaters..... Owen Dinɑin (Hamm Packie.Ore & Elec. Pan American Airways Paramount Pelures Parke Davly Co. bond Penny J. C. Co.
Penn. Salt Co.
Chrysler was the day's most rotivo
issue, followed by Raytheon, Bethlehem Steel. Jerry Standard and General Motors.
NY Stock Exchange volume was $3,400,000.
Amtrican Stock Exchange volume was 810,000 shares,
Aden Inc. Agency Allied Chemicals
مات
Philip Morris
Pittsburgh, Plate Ginnal Prooler & Gamble Co. Publicker Industries Pure .....
Tadin Corporation
fiepubile Slewi
Reynolds Metal
Closing Prices
816%
Bears, Roebuck & Co.
Box
Sholl Oll Co. ....
Allied Mith Inc.
Baint Beg, Paper
Allis Chalmers.
334
Sinclair bit
American Airline
10
Bocony Motital
American Cyanamide Co.
Anerican Cable & Radio Corp.
Solar Alrerat!
131
South Puerto Rico Sugar
Amer. & Forgn. Power
1774
Southern Co. (The)
Southern Hallway (Com.)
wath
30
172
01
3214
14
Am. Go & Electric Am. Mach. & Iskry American Melai .. American melting Am. Hugor net..... American Tel, & Tel. American Tob" "B" Anaconda Copper
Anne Steet Summer
Baldwin-Lime-Mani.
Baltimore & Ohio
Denelelal Finance
able buying opportunities Bendix Aviation Corp. will present themselves Eenguet Cuna. later on..."
Betlileham Sleei
Beelog Airplane Darden (Tin
n In analysis of the Electronic Campbell Soup Co.
Burroughs Add Machine Industry, Interna.ional Static Canadian Pacific H. tical Bureau, Inc. finds Ameri- Case J. 1) Co. can Electronies on the Ameri- Cat Tractor
C Corp., cary Exchange "one of the more
Financial Corp. attractive situations," says it thuse, Manhat. Bank should turn 1.10-1.15 in 1957 Chrysler Motora....
Climax Molybdenum 2731-2745 and "'eculd
the 27-11-2712 2713-27 neighbourhood of 1,40-1.50 rext General markets, chi basin, ports! year..." Note Emerson Electric
2011-2011
27-2711
27-27! 2714-2734
No. 1 so put ...
33.20
3.36
13 83
September
33.94
October/December
33.49-51
January/March
32,71
April/June
33.03
32.85
August
September Este crepe this Sept..
thick Sept... AMSTERDAM
2014-27
3307
eatm
In
Colgate-Palmolive Co. Colombian Carbor. Co. Commentai Credit earned 3.47 a share in 1959, Commonwealth Elec. Consolidated Edison probably will earn 3.00-3.80 in Continental Oli of Del. 1957 and could rise to 4.50 Crown Zellerbach
Cuban Amer. Bugar earnings level in 1958,
Diamond Alkali Hornblower & Wecks says The rubber market was quiet, approval of
rate rise for rail- Prices today closed in guildersroad, although generally dis-Eastern Airline per kilogram, elf Sept. #scounted, thould prove a stimu— 20.23 follows;
American economist Eric Johnston said last Saturday that establishment of a "common market for the Collon future closings, in whole Western Ilemisphere pence per 1b. were as follows:
economie | Dig contract could lead to an tmtsocial system thut
New York Sugared be man's best hope
Market
New York, Aug. 13.
for progress, security and
Johnston,
President of the Motion Picture Association of World No. 4 sugar fu- the Chamber of Commerce of Ameries and past president of difficulties in the future,-United | tures today closed nine the United Slater, made the
Press.
Request To Expedite
points
to
sugar
Oct/Nov. DOAJAT
Mar/Apr.
May/June
July/Aug.
New contract
On Nov.
Dec/Jan.
Mar/Apr.
May/June
July/Aug.
SAO PAULO
Cotton
26.05
20 GU
20.00
No. 1 rubler
20.73
No. 2 rubber
20.03
No. Crepe
futures closings, in
Oct.
Der. and March
noted.
al
lower three statement before the American cruzeiros per kilo were as fol- points higher with sales of Chamber of Commerce for Brazil, ruse
In Iima,
Finance Peru, 1,189 contrects.
Minister Junn Pardo raid the Peruvian rigation to the Inter-American Eccitanie Co-
cpening a Buches of Aires next week, witt - designated spot markets was
the establishment of a not avaliable. Common American market, Total alca were 13,440 bales, sinar la the newly-created
common European market.
with
The domestic No. 0 futures closed nine points lower to three points higher vales. of 188 contracts.
Bratic fluctuations marked Colombo, Aug. 13. the trade in the wind contract Ceylon has asked Burmu and while
denlera awaited raw Communist China to expedite matį;et developments, rice shipments which, lutely
Prices rallied slurply after a liave not been rising on mixed start, responding to buy- schedule, it was reported last
Ing on teclinical reasons, but Saturday.
renewed hedging and Sept has shipped only liquilation erased most the 00,000 of the 270,000 tons he gain in jale trade. contracted to cena lo Ceylon The domestic contract was during the current scal year.ateadied with the market
the Only 110,000 tons of
and a continued reflection of 200,000 tons contracted
from the recent cut in the import Burma have arrived in Ceylon. quota.
As a result of these delays, Ceylon had to buy 7,500 tons Centrae! No. 4 (world) of rice this month from Thailand United Press,
China
New York Metal Futures
New York, Aug. 13. Pilees of inelul futures closed today in cents per lb, as follows: Lead Aug.
Sont Aug. Bapt.
Zlue
Copper Aur.
Bept.
Tin AUR.
Hopt
ference
pose
DAZZLING
for
No. 3 rubber
Douglas Alteraft Dow Chemicals Dupont de Nemours
Eastman Kodak
lant to earnings as the seasonal El uso National Cas 261 paid upturn in traille enfurgés gross 2.00 paid revenues.
2.80 patel
2.02 pald United Press.
London Foreign Exchange
Silys more sadstac. tory Income figures can be pro- Jected for major industrial ronds such as Baltimore & Ohio, New York Central, Pensylvania,
Hornblower a150 Reels Equip- ments Makers should benefit from more prosperous transpor- tallon outlook, especially com panies such as General. Railway Signal and Westinghouse Air Brake which manufacture 'cen- trai trafle control systems. - 13.02-130.0744 United Press. 17234-39.34%
London, Aug. 13, Closing rates were:
In the US the average price Brussels
one-inch cotton
-United- PreRI,
New York
Montres! Ammuterdaia
14
Stockholm
Copenhagen Frankfurt Milan 010
Vienna Zurich
2.7814-2:201-3/18 2.034-2.637% 10.04 10.043
21.0745-14.071c
1107-113734
10.0714-19,073
14.4132-14.42
72.217120
12.15-17.10
Paris unchanged at 1107-1107.- United Press,
prospest SINGAPORE New York Foreign
Jolmston said the of a common American market "my
be unprecedented and dazzling. Some will say it is downright impossible."
the iden "True,
of the Western market Hemisphere huy the
elements of a dream," he said. "But jy a rizenm I think we can lurn
into reality, "The components of the dream are the regioni
now groupings
under
dis-
STOCKS
Skagapore, Aug. 14. Brokers today quoted following alock prices: Batu 18stang Rubber Co.
Ltd. British Borneo Petrokum
Syndicato
Consolidated Tin Smeltera
Ord.
Exchange
Now York, Aug. 13. Closing rates were; Canada
the England oričlai'
CHICAGO GRAIN
PRICES
Chicago, Aug. 13.
Pricca per busic in cents;
Wheat old contract
September
December
Wheat new contract
Spot
Sept. 10(H)
3175 (
$1.00
2.75-11/32
1x24 2080 2001
December
March
hiny
July
Coni, No. 2, yellow
Sput
....
Aeptember
21515
23746-14 2219% 703%
13016 130%
December
12724-46
Frince Opening ti
Pakistan $235 Others unchanged.Unlied Press,
34/31 Fraser & Neave Ltd On, 12.021 Johnston, emphasised that he Fraser & Noava 75 run.
Pref
Sept.
Oct.
Jan.
Mar
3,00-01 3.60-01 3.07 3.60-64 cursion.
May
3.02
July
3.03
Aegil
3.03
Oct.
3,650
Spal-frcats per l. fou
Cube Open interest 1,803 contracts.
Contract No. 5 (domestic)
19.48 13.406
2.000
Nov. Mar.
1.000
May
90
Beut.
35.901
麻辣
was not proposing that "over-Gammons (Malays) Limited 120 night we discuss our tarifs Hongkong de Shanghai
and sovereignty" because the long Tin Ltd.
Bank Corp.
common Kumpor Lid,
a long pull Kukin Kampur ïn"
establishment of the
market "will be
and a hard one."
8.44
Jahnsion sald, that,
4.00
3.51
301
Spot-cents per lb. ell
NY ex-duty)
Open interest: 1,771 contracte
-United Pro
Lanas Rubber Estates Ltd. Malayan UreWAVER
In this New Berandah Rubber
Lad.
opinion, the Inevitable pattern Petting Tin Ltd.
of the future wil be forge-Treme Hotel
Singapore Oils Hirake ¿cale
economical regional
site Trading. development—a common market Birala steamidip
nations."United United Dneer Ord. morg
Wearng Bros. From
the
10755
$100 $1.00
$2.40
London Metal
Prices
Loudon Aug. 13. Prices of metals closed today in sterling per long ton as follows:
מוני
spot 3-month Copper upat
$315.00
$3.00)
Zine
hall
March May
July
Ryo
September
December
Oats
September
December
Soybeans, No. 2, yellow
Eoptember November
January
March
כנפך
129
14-142
2301%
252
122-133
Buyers Sellers
759
7001
739
2009
206
2104
31094
Nay
1 Barlby
Бров
T3
New York flour
200 lb. sack
-Untied PreO
#13.400
Southern National Gau
Standard Brands
Rinderd Oll af Çel
Standard Oll of Ind.
Blandard Oil of NJ.
Steep Rock (Toronto Exge. Sterling Drug
Stokely-Van-Comp
Studebaker-Packard Corp.
13 Swin & Co.
Texas Co..
Tide Water Awn. Oli
Time Inc.
Twenty Century Fox Fila
4316 Union Carbide ......................
Union Pacife Railway
United Gas Corp.
10
U.B Steel
ST
13
United Atrerafi
33
US. Line Co
U.S. Cypmon
DS. Rubber
1711
(U.S. Emelling
42
181
72414
497%
20
87
Warner Bros.
Westinghouse Electric Western Union Tel, Co. Wer Ya. Pulp & Paper Woolworth
United Pres
NAMESAKES
2416
901
Arawers-1 Doubles. 2 Ser. vice, 3 Lob, 4 Wimbledon, 5 Valley, 6 Backhand, 7 Tennis, 8
1953 Drive, 9 Winning, 10 Smash, 11
Partner.
Bully Knight."
BALMORAL STAMP ALBUM
BALMORAL
STAMP ALBUM
Fully bound album of 274 pages including 2 full pages of coloured maps.
Available exclusively at the
SOUTH CHINA MORNING POST- LTD.
PRICE: $12.00