Page
THE CHINA "MAIL, WEDNESDAY, AUGUST 28, 1957.
TRADE and COMMERCE SECTION
CURRENCY UNSETTLEMENT
May Continue Until IMF Meet In September
By SYDNEY S. CAMPELL
London, Aug. 27.
HONGKONG WALL STREET HAS
STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong-
morning amounted 10 прого-
The currency unsettlement touched off by the French frane's devaluation may well continue until the International Monetary Fund meetingflons and at the end of September.
If it is a storm it is not a very big one and there is reasonable calm at its centre.
FRANCE
FREEZES
PRICES
Whatever re-adjustments may eventually be require, the immediate problem is worldwide speratation on
pping of the German mark.
This bears on sterling as the frane--howeytr temporarily has dide-stepped it,
Eschewed
BEST GAINS
OF THE YEAR
New York, Aug. 27.
A technical stock market recovery, helped
kong Stack Exchange
this along by a few favourable news items, snowballed ximately $453,000. Non quot into the best gain of the year a rise which the morning's trans-restored some three billion of recently slashed
market values,
The rise, thought long overdue by many in Wall Street in view of recent steady losses, took in all groups with the metals, steels, aircrafts and 780 chemicals particular favourites.
WORLD
RUBBER MARKETS
New York, Aug. 27. Rex rubber futures today closed five to 23 points
higher with sales of 154 contracts,
Sept
Wow.
Jan.
Mar
May
Tu.y Sejt.
31.10
31.10
31.05
30.00
30.50 30.05
The standard contract closed Ave 10 2 points higher with no sales reported.
Nov.
actions;
Shares
MANKS
Buyers Sellers Sales
Kark
INSURANCES Unlen
70 0214
Sept.
J.
Arr.
SHIPPING
Wheelock
80
1.75
Muy
July
*35 4000 4
DOCKS, etc.
Sept.
11
K. WHAT
11
120
290 $25
Dock
作
Providen
**
TRE
LAND, ETC. fotel.. HK La Humphreys
15:30 15
16 18.30
“
1.471507
Tram ?auth
23 89 2150
2000
23m
Speculation that Russin's ↑ Moureato Chemical Co. 1 12.20 2000 12.20 claim of un Inter-continentalery Ward
Motoyota lc. 15730 ballistic missilo may spur US 3000 1.35
reflected in missile activity, stocks associated with the pro- 200 0 2014 gramm".
Improved steel operations and predictions of a butter situation to come in that the steels. Industry helped
34
30
48% routine
54
35
29
60
23.00
105
to
100
103
1812 10.70
730 10 0
300 18.00
Since speculative movements. Light ch: sometimes get out of hand, bravado in eschewed.
But London lins resonable
erlying
4000
(Tita) 12.00 13 400.4 12.80 Electric XD 21.00 20.20 2260 un 29,10 Macao E. 10.40 10.00
Tel.
.... 27.00 TBO
500 2733
758 677)
500 27.70
1572 27.70
33
conilderce because stet!!
not overvalued | INDUSTRIALS against the dollar
(as wilaces Cerneat
Paris, Aug. 27. The
Finance French Minister, M. Felis Gaillard. tonight announced that the Government had decided to freeze prices at the level of August 15 in an effort to in's near-booming exports bring inflation to a halt. 1 North America)
be-Hope have STORES, ETC. cause speculative Nights
Dairy the Anorced, which is notWatson
COTTONS easy lu a world-wide money
Textlin Ughtness,
Nanyang INVESTMENTS Paris wanted recent franc Yangtze changes to be treated esoteric- aRy and not as a devaluation.
M.
Gaillard said that the general freezing of prices will juke effect ho from tefu August 37 on the basis of the prieks ruling on August 15.
He said the recaint applied to the price of all duets, and services which were previously fixed freely.
EXCEPTIONS
Two exceptions were admitted to this freezing of prices,
In the case of firms
exports.
dertaking minimum of
To allow the recent in- Crease in the price of steel and of Imported materials to be absorbed.
In this cave cost prices would not be allowed to lend to higher prices to the consummer, said M. Gallard, unders the rise caused by the increase in the yeat of
and raw
materials was superior to three per cent.
07
and
If this had been found pusðİ- | bike, there might have been less chatter about that devaluation being only the first blood the over-strong D-Mark and the speculators,
to
Bears of the frame have some
juicy prefity and look enough
of them to cost the Bank England some francs, not many.
Full Profits
AIDEJ
&
3212
414
14.20
13 34.70 124 12.60
4.37
9.75 0.06
11,00
4a
Halls were helped by prediction of belter earnings ahead.
Wide Changes
National Curh Reg. A National Dairy Prod. National Leel Nellonai Steel Corp. New York Center Norfolk & Western By On Mathieson
Oil Elevators Owen-filigos Olas Oxford Paper
Pselle Go & Eite.
Pan American Airways
Paramount Pictures
.
Parke Davis Co.
धै
The wide changes for many
however, issues,
reflected 10238 continued thin market. Turn
totalled only 2,250,000 Gover
shares compared with 2,080,000 on Monday, There were 1,143 2004 101% istics traded compared with 1,173 cn Monday and with 1,182 -last Tuesday.
CHICAGO GRAIN
MARKET
Chicago, Aug. 27.
rallied futures
Grain of from early declines and though closed mostly higher in moderate activity today on the Board of Trade.
Hedging
They will take their full pre- rent profits only if they lids that France's present incasares the full distance. Few people do.
1 both sides dig their heels The Government bas also.de.
|"it" with "Germiny refusing to elded, M. Caillanl antonanced,
countries up-value and other Pho to reduce
prices
111
Germany pharmaceutical products by four refusing to devalue,
presumably go on amassing money longer than other coun
But tries can go on losing it. Grmany Would
be inviting
per cent.
voluntary reduction of six
M. Gaitland repofled that
Q
Ja
ten per cut land already been
2
Of the total, 703 were higher, 133 lower, 207 unchanged with 138 new lows set and only two new highs.
The Dow-Jones average for Industrial stocks, in its biggest jump since last Dec, 3, rose 7.41 points to 477.56; rails went up 101 to 138.40, utilities .28 to 67.48 and the 65 stocks points to 184.72.
1.6
Penny J. C. Co.
Penn. Bolt Co.
Philip Morris
Procter & Gamble Co. Pittsburgh Plate Gloss Publicker Industries Pure Of... Raul Corporation Republle Steel
Itøynolds Metal
Sears, Roebuck & Co. Bholi Oil Co..... Saint Heg Paper Sinclair Bu
Socony Mobiloil
Solar Aircraft.
South Puerto Rico Sugar Seuthem Co. (The) Southern National Gas Stuthern Railway (Coin.)
Brands
Standard Oil of Cal Standard Oll of Ind. Standard Oil of N.J. Stoep Rock (Teranto Exge.) Sterling Drug Co. Stokely.tal Camp. Studebaker-Packard Corp.
Santhino Mining @wift & Co.
Texas. Co.
Textron Inc.
Tide Water Asm. Ofi
Ine.
Aircraft gains ran to around nty Century Fox Film' two points.
میں
31.15
31.10
31.00
20.90
30.50
20.05
Future trading was mostly and was very dull at the close. Tradera reported sonte
interest in the Lactery physical market. Offerings were scarce and high-priced. Spot 63 No. 1 Rss was quated at 314
cents.
49
41
GO
SINGAPORE
The markel opened lower on overreas advices and ensed further on liquidation September position.
Al lower
Hand well
or
Cotton Futures Firm In Quiet Session
New York, Aug, 27. Cotton futures firmed after an easy start in another quiet session today.
At the close, the list ruled seven to ten points higher.
The market opened unchanged to point lower. New Orleans finished four points
higher.
Early activity consisted main-
ly of eight hedging and liquida- tion which met some mill and New Orkans buying The Der ket remained slightly on the downside and in the afternoon trade buying lifted prices above. their previous closing levels.
The light buying followed the Issuance of the weekly weather report which some considered not quite as favourable pected.
as ex-
Otherwise, there was nothing new in the news to stir inter- est. Scnate passage of a bill
Government allowing the
to
one
GOVERNMENT
STOCKS IN DEMAND
London, Aug. 27. For the second successive day, buyers bid persistently
British 10 for
Government stocks which only a few weeks ago were lowest levels ever known.
at the
sell at least 750,000 boles Eurplus cotton annually domestle textile mills for ex- pert cotton producta
much of a market considered factor.
was not
Many traders believe the bill will not poss in the House. Both the Agriculture and State De- partments oppose the bill, Month
Volume Open interest October
7,900 164,000 December
14.700 177,100
March
was May
October
level selling absorbed. but as the July market steadied, renewed sell- Decembor ing ensued and the market clos- | Total ed regular, Futures.
4.200 108,700
3,000
150,200
$300
107,800
1300
109,000
400
38,200
NEW YORK
35.600
D99,100 balen
Cotton futures prices
- today as follows:
Spot
No. 2 rubber per lb. Sept. 87-6735, 1724 No. 3
No. 4
"
234
Spol rubber unhaled
391
Blanket gripe
No. I pole crepe
October December
3415-8534 March
War Loan gained 11/3 to 65 18-9 compared with. Its alk- time low of £45 last week. Galas among the gills ranged between 776 and Wor Loan 11/3. The
strength displayed by sterling was apparently the chief factor.
But blue chip industrials were more disturbed by the fresh fall on Wall Street Which earried closed the Dow Jones index to 470 compared with 485 irst Wednes- day. I this means that the US is heading for urccorsion- leven at only a modest, tem- porary one-British economy, s the theory goes, will also be drogged lower.
39.000
32.04 43.87
33.90
201
ATE
•
No. 1 rubber per ib. Sept. 876-672% |
Nov. unqusted
0022-8712
07-072
3014-6116
July
04-100
October
December
NEW ORLEANS Cotton futures prices
closed)
today as follows:
Spol
22.03
October
814
132
LONDON
The rubber market was steady
32 with spot down of a penny
to 20 1/18 pence. Prices:
December
March
May
July October
December
འ
39.84 23.45
LIVERPOOL Cotton tuturo elesings, in pence per lb. were as follows: Old contract
Mar/Apr.
OCCASIONAL
Falis were mostly of the order of 3 pence, pence or B pence and there were occasional risas, like Borax 1/-, and the Occasional falls of 1/-, as in Marks and Spencer,
Royal Dutch tell to £21- 7-6 but the other leaders gain- 26 39 ed at least a shilling with Bri- 24.03 1ish
Petroleum up 3/9 and
23.13
1812
No. 1 Fire spot
26-2011
Settlemaal house tes
12
Oct.
28-2052
03
Nov.
2014-201
Dec
2812-2015
Det/Doo.
2014-201
202-27
25% Apr/JUTO
Balen Carbide
Juty/Sept
Union Of Cal.
treneral markets, cal basis,
and liquidation at
mics Issues.
NY Stock Exchange
Bethlehem and General Dyno- nvere the most active
Union Pacific Railway
2716
Scpl.
United Aircraft
OCT.
26-2015
United Gas Crup.
Nov.
24-2014
12
9022
AMSTERDAM
416
May/June
$21
441 The rubber
market
wta
July/Aug.
steady,
Prices
all unchanged
New contract
Det.Joy.
38 a
Americna Slack volume was 750,000 United Press.
Exchange shares.~
Warner Bres.
today.
Dec/Jan.
-United Press.
Mar/Apr.
17:
May/June
30%
July/Aug.
4037
Closing Prices
SAO PAULO Cotton
closings, futuro cruzeiros per kilo were follows:
in
March
40.00
May
40.40
July
40.00
the opening lowered wheat, cornį volume was $3.860,000. and soybeans as much
solling cent bushel. Early in soybeans was Inhuenced by the failure of expeeled frosts to materialise in bean produc- ing areas.
Soybeans, like the rest of the rain-list rallied around-noon Alten Inc. Acy. with the nearby deliveries re- Allied Chemicals cording the best gains,
Ailts Charlieva American Airline American Cable
Coep.
Wheat closed unchanged to upl
cent for new and off to American Cynnamtl
eent for old, Soybeans Amer, & Furgn. Power
Am. Gas & Electric Am. Mach, de Filty. retaliation and, meanwhile, the closed up 11⁄2 to off.
American-Metal American Smelting Am. Sugar Ref. Americon Tel & Tel American Toh. "B" Anaconita Copper Armen Steel Armour
• cifected by the hip stored and a Bank of England has a longer Wheat, old contract certain number of other shops Jacket including its intact Sent.
on household goods, electrical $1240 million
apparatus, radia and television credits-than speculators .could sets, gran.ophone record, and
camero..
The
Government's measures
also apply to agricultural pro- duce. M. Gaillard announced
that reduction in
the pre
ديان
2134%
Dee. of Washington Wheat, new contract
Spot
#251
anatch.
Sept. 2101
Dec
HOLLE 2102 2221. 226
The outdok
is rather Betre. The D-Mark
specula-
Mar. May July
2031
election appreaches
1204
19542
120
13240
135
lion may blow colder an the Corn, No. 2. yellow
German
of beef had already entered ¦ and colder still if it goes wrong.
Into force Inst week and that its application would be severely controlled-Beaters
Otherwise, six weeks of cur- rency unsettlement until after the IMF meeting might strain
some nerves.
برادرش
Spol
St.
Des Mar May
Rye
Sept. Dec.
Onts
Sept Dec.
If speculators think they are they on a D-Mark certainly, will find finance somehow un-Sorbrans, No. 2. yellow
New York Sugar Market
Spat
less they can be squeezed. They
Sept
might be.-China Mall Spectul.
Nuv
Jan.
Mar
May
Barley
123-15
1301%
Altos Cons. Mining Baldwin-Lime-Hem,
Baltimore & Ohio
Beneficial Finance
Bendix Aviation Corp. Benguet Com
Bethlehem Steel
Boeing Airplano Dorden (The) Co.
Burroughs Add Machine
Campbell, Soup. Co.
Canadian Facile R.
Case J. 1.) Co.
1319-135 Cat. Tractor
Celanere Cort
C. L T. Financial Corp.
Chrysler Motors
Cumax Molybdenum Cluett Porbody
Radio
Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Commonwealth Elec. Consolidated Elin Continental Oil of Del..
60%
69
2470
241-2
23715-4
2402
125-133
Crown Zellerbach Cuban Amer, Bugar
$13.50%
22454
..
US. Fall ""
U.S. Gypsum
bond US. Line Co.
U.S. Hubber
U.S. Smelting U.S. Sterl
Westinghouse Electric Western Union Tel. Co. West Va. Pulp & Paper Woolworth
-United Preas.
CHATTER
ON WALL
STREET
01
New York, Aug. 27. The market remains the defensive, occasionally counter-attack, staging
only to be forced back once again by a renewal of offer. 50ings, according to Reynolds 39% & Co.
16
New York Foreign
Exchange
New York, Aug. 27. Closing rates were;
Canado England uneficial Others unchanged
Bil-c
3.00-1/18
2,0-2,02 2.70-17/18
United Presi
London Foreign Exchange
New York
Montres!
London, Aug. 27. Closing rates were:
2.7632-2.78-5/10 2.0412-2.63 10 64-10.4412 130.4234-130477% 10.337-10.34 31.073, 11.6745 19.07-103714T 14.457-14.4646 12.10-13.1014
Amstrydam Brussels Copenhagen "Opinions on the business out Frankfurt as look, the fam continues, "range stockholm from violently bearish to mildly | Zurlei
Other unchanged optimisllc."
450
Shearson, Hamil & Co., says that should the current deflation- ary policy persist, it is quite possible that investors will show greater interest in the so-called defensive yield stacks.
Josethal & Co. notes that
al capital gains opportunities have developed in the municipal kand
market.
Oslo
-United Press.
POPULAR
26.90
26.34 Burmah up 2/-.
20.71
20 39 pletely idle.
Sola
27.12
were com- exceptiou
27.39
non-
Foreign bonds
Was the Dawes Loan
27.41 sented which improved 6/- to
£118-5-0. Dollar premium im proved to 15 per cont.- Unlled Press,
In The United States, inc overage price at one-inch cotton
at 14 designated spot markets was 33.45 cents.
Total sales were 21.707 bales.
-United Press.
London Metal Prices
London, Aug. 27, Prices of metals closed today sterling per long ton as follows:
ID
Tin
monu
Copper mot
3-monili
Buyers Bellero
201
738
733
733
20171
2013
40212
.... 2043 Lead 2nd Half Aur. K Lend 2nd halk Nov DUER Zine End 201 Aug. 721% Zinc ard half Nov. 737
United Press.
PUBLICATIONS
The Guinness Book of Records .. Chinese Creeds & Customs Vol. 1 Chinoso Croods & Customs Vol. II Baby Book
NAMESAKES
Answers:-1
Regiment, Dictate, 3 Spain, 4 State, Government, 0 Administer, Revolution, 8 Falange, 9 Mad- rid, 10 Capitel, 11 Ruling, 12 Pelice, 13 Orders.
General Franco.
high style
LOW COST
TILE-TEX
ASPHALT TILE-the
New York, Aug. 27.
World No. 4 sugar futures
today closed two to 12 SINGAPORE
paints lower with sales of
393 contracts.
Domestic No. 0 sugar futures closed unchanged - with sales of one contract.
World futures slipped on light profit taking following the recent advance with trading on the slow side. Domestic futures were duli.
Contract No. 4 (world) September
October January Marg
May
July
September
October
Spot-(cents
Cuba)
STOCKS
Singapore, Aug. 28. Brokers today quoted the following stock prices:
Spot
New York Hour
200 lb. #uck
-United Press.
New York Metal
Futures
New York, Aug. 27. Prices of metal futures closed today in cents per lb, as follows:
Opening
4.31
4.31-32
Ord.....
Batu Lintang Rubber Co. Ltd, $9.05 British Burnen I'etroleum
Syndionts ...... 64/- Consolidated in Smelters
Lead
Zinc
Aug
Sept.
1.07
3.92
3.90
Hongkong & Shanghai Bank-
oum, pref... Gommons (Malaya) Limited $4,50
Froger & Netve Lid. Ord... 30.00 Trasa Naxve Ltd. 75%
34/34
Sept
Aug.
Copper Aug.
Sept
Tin
$4.00
Aux. Sept,
per lb, tob
ing Corp.................
Hongkong Tin Lad.
4.35
Kumpan La
Open Interest; 4,807 contracts,
Control No. 4 (domestic)
Diamond Aikoll
Diamond Match
Douglas Aircraft Dow" hemicals
Dupont de Neatours. Elsters Airīna
| Eastman Kodak
El Paso Natural Gas
Family Finance Corp.
Firestone Tyre & Rubber
Ford Motor
General Electric General Foods General Maiore Get Pub. Uin Gelly ou
Glidden Ca.
Goodrich (BF) Co.
| Goodyear Tyre
Gulf Oil
Kaskus G. Power, du Ligi
November
Murchi
May
September
Novembar Spot-teente per ib. cif NY
8.65
3.30
$.53
Kuala Kampar Tin
Lunas Rubber Estates Ltd...
Malayan Ureweries DV234
New Berserialı Rubber Co.
Ltd.
Potaling Tin Ltd.
Zaida Hote! ........
Singapore Cold Storage Strada Trading
Straits Steamalita
Wourne Brows ****
ex-duty)
Open United
interest: ** contracts TOUR:
....... $.60
United Engineers Ord.
89.00
$ 9.50
economy
18.00
floor that
18.00
woare
25.00
This is Hong Kong .....
8.50
AN ABSENCE.
ruther than
дл
increase In Express Annual
13.50L
的
Tabell, analyst
for Wallson &
2,480
Horden Nowport Corp.
135
9.626
Homestake Mining Co. Ingersoll-oracl
24.900 91.37365
Inland Steel 05,
Interchemical Comp.
t'l Business Zinchines
300
to test the 485-455 level where Collection Builder Stamp Albums strong buying interest has up- Balmoral Stamp Albums peared on four occasions sinco | All Nations Stâmp Albums the start of the 16-month cop Ten Points About Parts Folicution area in April, 1050. Points on judging Jado
Clark, Dodge & Co. finds the Outline Relief Map of China
Asia S.E. Asis
Noting that the market King George VI decline has been brought about It's Fun Finding Out - 2nd soring by an absence of buying power
sailing pressure, Edmund W. Rupert Annual 1957-8
Co. says It may be necessary Ruport Magazines
The Hongkong Countrysido (Herklots) Hongkong Birds (Herklots! Coronation Glory
25.00
35.00
7.50
7.50
(Bemard Wicksteed)
5,00
10.00
4.50
1.00
3.00
12,00
and wears!
Handsome, long weariez tila-Tex azo Jim Stoors are sil the vote enjoyable de cause they cost you sa fallet They'em da57- I læskelfed perfici decorator's fouch to any rece in your house. Lovely, mich- Calzed estors go stl the way through “ can't rub dwest æga for our two ustimate on Congas Insti
Tile-Tex....
4.00
1.50
1.50
ASPHALT FLOOR TILE
..30
,30
Sale Agrets:
.30
2.00
12.00
9.54 In 1950.
Bachy-à Co. says a technical
On Sale At
92.42
Untied PrONS.
Exchange Rates
1,00
Int'l HarvestNY
| International Mickel
International Paper Int'l Tel
Tel
1. Ray Mcdermott
Kameout Copper
Liggett Meyers Ton.
10.70 th & Sons
Business was done in the loent Lockheed Aircraft WoMetal exchange market this Loews Incorp, 43.875k | morning at the following rates! Lone Star Cement Co. 12.12* 1.6. collar (par 81) papireran 47.573 Sterling holes (per 21)
Asperma Lam. Australian notes (per 21)..
Block -} Indonesian rupiah (per 100-24 11.50 Membi from Corp. 2155 Mota Mining Hiam fleat (pør 190) tries Singapore (Straits)
1.21 1 Mbulon Developedent
$10.00
$1.47€
$3,40 --Cham Mall Special.
basic outlook: romains rather bleak.
T
E. F. Hitton & Co. estimates Moomin Music Sheat .. that Guit Oil will earn between | Korean Artists $11.50 and 12 In 1957 against
rally should develop from this SOUTH CHINA MORNING POST, LTD.
level, but a prolonged recovery HONGKONG
is less certali,>=United Pruss,
- KOWLOON
and Entractars
HOLLAND-CHINA
TRADING CO., LTD.
ALEXANDRA' MIUS, AL TEL. 30341