+
Page
THE CHINA MAIL, THURSDAY, AUGUST 29, 1957.
TRADE
and
COMMERCE SECTION
WORLD MARKETS STILL UNEASY COMMON MARKET
Many Countries Running Out Of
Internal Money
By SYDNEY S. GAMPELL
London, Aug. 28.
World markets are still uneasy, though not so unsettled as recently.
The two great sensitive barometers, Wall Street and Sterling, have been under less pressure.
CHATTER
ON WALL
STREET
New York, Aug. 28. Standard & Poors con- siders the near-term course meuns of prices "by no clearly defined."
roled "a con- The company skicraile Body of Informed opinion holly that the hond market may be establishing its low which would have cu- couraging impleatles for stocks. It would not, how-
At one time speculators on a rise in the German mark were paying an interest rate of about 20 per cent-nal zo much be
Intenser desire to enuse of speculate, but because London banka restricted the means of doing it by lightening; their overdrafts.
WORLD
RUBBER MARKETS
New York, Aug. 28. Rex rubber futures today. closed 17 to 30 points higher with sales of 130-
contracts.
Sept.
Nov.
Jan.
Mar.
May
July
Sept.
31.35
31.30
31.25
at 20
31.20
31.10
Standard contracts closed 19
PROFIT-TAKING ON
WALL STREET
By DOROTHEA BROOKS
New York, Aug. 28.
IN AMERICAS HAS
HONGKONG LITTLE SUPPORT
STOCK EXCHANGE
Our Own Correspondent
Business done on the long- Exchange this amounted morning
np-
Stocks extended their recovery through mid-kong Stack session today and then gave way under profit- proximately $314,000, Noon taking which left the market virtually unchanged. quotations and the morning's
Early improvement-an extension of the rise transactions:
Hharge Buyers Seller
1o 30 points higher with no sales which made the Tuesday gain the best of the year on
INSURANCES -lifted Individual issues a point to three points throughout the list, with aircrafts continuing to lead on anticipation of a step-up in the US missile programme.
reported.
Sept.
Nov.
Jan.
Mar.
May
July
Sept.
Iesumption et
al35
at 25
31.10
30.05
Tuesday's
Parke Davis Co.
Conditions have now become upawing reflected London's full the two-session recovery und. In penn. Salt Co,
lesa extreme, but still measured by an interest rate in double figures on the mark and quite high on some other currencies.
Formally
The Germat Government finally and the British Gov- enient informally have AT1- nounced that they hove no Intention of respectively To- valulag and devaluing their currencies against the dollar.
The French Finance Minister ever, guarantee that the adjust has also stated that the franc's mer of equity prices has been new basis is realistic and de- completed
further ad-ẞnitive. justment,
carrying Average
of these So evidently, each yields again well above bond
the three currencies is regarded as place returns.
would market on a sounder Basis for right against the dollar though new investment."
BACKLOG
Exneral
E. F. Hutton & Co.'s market Jetler
"unless says business volume slides. sharply from here on, the railroad carn- ings outlook over the balance of 1957 appears favourable
Reynolds
على
19
are
wrong
ndmittedly They against each other.
Euclid held that things which same thing are oqual to the must be equal to each other, but he bag...of course, bain superseded by Einstein.
Avoid Danger
A
overnight
response. plus evidence of
broadening lore the consumer inquiry and tirchmess of shipment offerings. becoming Speculative shorta,
two-day riso, uneasy on tho Joined the covering movement, In the shipment market, brokers reported a "fair-sized"
worked with Singa tonnage
Including September pare.
three sheets al 304% hipmen! cents, four sheets at 2034 cents. cost and freight. Spot No. 1 Rs: was quoted at 31% cents.
- SINGAPORE
The market opened higher on overseas advices and steadied urther during the day on good come lower cheet interest and enquiries or Ching,
the afternoon During the market ruled steady but quiat with seller reserve Futures: No. 1 rubber per ib. Sept. 865-837
Oct. 903-201 Nov. unquoted No. 2 rubber per in. Sept. 3-403||
0734-0735 No. 3 Spot rubber unbaled... 89- Blanket crepa No. 1 pale crope
-No. 4
10-100
LONDON
Co. says Joy
In fact, the problem is not The rubber market was very Manufacturing. a major bene really about exchange rates. It steady with spot up 5/10 to netry of the trend to methan-is how to avoid the danger of2039 ponce per ib. Prices: sation of the coal mines, should a world trade war and a world No. 1 Has spol 2014-2014 show sales and corning weit | slump. Inflations end when Settlement iosiso term: ahead of fiscal 1950 results al- they run out of money. This October
2014-2545 though recent backlog fures one is running out of internat paint to some slow-down later money in many countries, in-
Can-may on...Rays American
cluding the United States, and
cain 3.45 for 1957 against 2.92 | notably Japan.
In 1950.
W. E. Hutton says American! It is also very seriously run- Elvetronics has expended opera- ning out of international money tions to the East count and with a world mark gap tig-
the Anticipates Increase in second gravated by
re-emerging says some esll-world dollar gap. Several coun- France, mates of Parnlugs in the auto- tries, including Indian, moblie Industry for die cen- Denmark and Japan, have had sonally poor third may have to to restrict imports. be revised downward,
hair sales
appears
Harris, Upham & Co. notes A chain reaction of restric- Consolidated Electronies Indus- tionism enn do nobody good and tries
10 bo under might do grave barm. The IMF accumulation by s principal meeting would be the worst stockholders North American place La discuss -currency Philips which now owns 37 per changes, such as the gamblers cent of outstanding shares. Says are going for. But it is the the Company should benefit right place to discuss nyerting a from the connection. Unlled looming International quidity
crisis. Pross,
New York Sugar Market
Intractable
The IMF system was created during the war for a supposed peat-war world, which had no
to the real post- resemblance war world. But the problems New York, Aug. 28.
are World No. 4 sugar futures which centre on the mark
November Decembar
Oct. Des. Jan./Mar. Apr/June
September October November
The rise by mid-session had ¦ Pan American Airways ................ boosted to around 4.5 billion Paramount Pictures
the absence of heavy demand Philip Morga many traders took quick profits. Pittburgh Plate Ciau'
Publieker Indivateten Fran a gain of over four Pure Cu
Radio Corporation noints on average, at 1 o'clock, į Republic Bal Industrials dropped back to
Fløynolds close just 24 point higher at Sars Hoebuck & Co.
Baint leg Paper 477.70. Ralls, up 31 at their sinclair Dil best, closed off .00 at 135.60 opony, Meblio and uulitles slipped from, a
a final gain of guin of .38 to .20 at 07.08.
Lightened
Solar Aireratz
Bouth Puerto Rico Sagar
southern Co. (The) Southern National Ca Southern Railway (Com.)
Btandard Brands
Standard Off of Cal
Standard Oil of Ind. Standerd Oil of NJ, Volume lightened to 1,840,000 | Beep Rock (Teranto Exge.)
Drug Co.
shares from 2,250,000 and tho-Van Camp. market narrowed significantly studebaker-Packard Corp. with only 1,120 lasco traded using Mining compared with 1.143 lasues un Ewitt & Co. Tuesday.
503 Team C. of these,
Textron Inc. managed at least small gains Time int
the day, 381 were lower, 238 Union Carbide unchanged. There were seven new highs,-03 now lows.
Bethlehem Steel, General Dynamics, Boeing and Martin were the day's most JESUGL
Union Oil of Cal Union Pacific Railway
United Aircraft
Unied dan Comp
US. Gypsum
., Fall "E"
S. Line Co.
acuye. Rubber
Olle were mostly fractionally higher,
1
NY Stock Exchange : band volume was $3,600,000.
Amèrican Stock Exchange volume was 640,000 shares,
Closing Prices
Alden Inc. Acy.
204-2013
261-2014
Allied Chemicals
274-2731
Allod M Inc. All Chalinors
27-27
markets, et basin, perts! 26-2812 2013-201 2014-28-72 United Press.
LONDON
MARKET QUIET
London, Aug. 28.
Stock marketa were very quiet and well-behaved To day.
al
There was rollet at the firm- css of the demand for sterling end at Wall Street's rocovory.
GUI-edged locks were firm and showed gains ranging up
closed 5/-. War Loon
£68-3-0 compared with last night's £05-16-0. Old Consols been unchanged at £48-15-0.
There was demand for chain con- forth-store shores. Marks and Spencer Domestic No. 0 sutar futures coming. Yet, the problem goes gained a shilling and Wool- closed unchanged to five points frem bad to worse. --China worths about 9 pence. lower with sales of 45 con- Mall Spcelal. tracis.
closed one to five points higher with sales of 652 contracts,
World contracts firmed frial-
ly under trade and speculative
very intractable.
The German have not
the intransigent, but on trary most helpful and
covering despite the softer ton New York Foreign
in the spot market.
Primary interest contred In
Friday's scheduled meeting of
the Cuban Sugar Inslitule;
Contract No. 4 (world).
Sept.
Oct
Jan
Mr.
May
July
Sept.
Oc
fob Cuba)
Spot-iconia por 18.
Open interest: 604 contracts.
Exchange
OLD SHARES
Canadian Eagle
1
People who have been selling ol shoes short doclded to buy in and cover their risks, Royal Dutch jumped 13/0 to £22 com- pared with their 1057 peak of £25. British Petroleum re- covered. 2/0; 2/- and the others between onat a ahillings.
Demand for German Potash bands lifted the seven per cent assenteds by £4 and the non- 21; the 8 pur aasenied by cent Polush rose £3, both on- arented and nuhi-nazented. The Japanese 1030 non-asscated lost
21.
New York, Aug. 28. Closing rates were: Canada 4.02.
England official
Contract No. 6 (domestic)
Nov.
Mat.
MARY
Bept.
Nov
Y ex-duty)
uneficial 30-day DO-CHRYS
Australia New Zealand South Africa
Others unchanged
1.09-1/10 2.75-5/LG 2.00 2,03 2.78 2,77-3/33 37PX
United Press.
London Foreign
Dollar premium rasa to 19 per cent.United Press,"
New York Metal
Futures
Now York, Avg. 28.
Am. Brake Shoe
American Airline
American Cable & Radio Corp.
American Cyanamide Co.
Amer. * Yorgn. Power
Am. Gas & Electric
Am. Machi, & Fdry, American Metal American melting Am. Sugar Ref American Tel & Tel American Tob. "H Anaconda Copper Armco Steal
Armour
Atlas Cons. Lining Jaldwin-L-Ham, Baltimore & Oblo heretical Finance Bendix Aviation Corp. Benguet Cons.....
Bethlehem Steel
Boeing Airplane
Lorden (The) Co.
Burroughs Add Machine
ca
Campbell Soup Co. Giá tới I Cat. Tractor
Celanese Corp
C. 1. T. Financial CorI Chase Minhat. Bank Chrysler Motori
clona falybdenum
Cluett Peabody Cerato Palmolive Co. Colombian Carbon Co. Commercial Credit Commonwealth Elec. Corralidated. Edison
Centintsial Oil of Del.
Crown Zellerbach Cuban Armor. Sugar Diamond Aikall
Diamond Match
Dougize Alteralt
Dew Chemiedis
Dupont de Nemours
Eastern Airline Erstman Kodak
El Paso National Gar Family Finance Corp. Fires one Tyre & Rubber Ford Motor
General Electrio General Fooda General Motore Gen. Pub. Util, Getty oil Glidden Co....
Goodrick (B, F.) Co.
Goodyear Tyre
Heydan Newport Corp. Homestake Mining Co Ingersoll-Rarut
and Stool Co.... Interchanical Corp. İnta Business Machines Int'l Harvester International Nichol' faternational Paper In Tel & Toi
3. Ray Macdermot John-Merville Co.
Kaiser Industry
CAR C. Power & ARTIS Kenneoolt Copper. Liggett Mayora Tob. Fo. Lockheed Aircraft Loews IncoTD....* Lene Bias -Corris Co Lowenstein & Bona
Dor
Alterart
Bock. Rege.“ Disast>l" Iron Corp. Minnesota MINEC Mission, Development
Prices of metal futures closedonnento Cherridal Co.
Juntsomkjy. Wad
534
1812
U.S. Being TS. Stell Westinghouse Electric Woolworth
Bales
Lembar
ING
war
7.75
DOCKS, Erc.
tock P'valent (0)
7.03 0000 @ 7.00
120
LAND, ETC.
By HARRY W, FRANTZ
Washington, Aug. 28.
The concept of an American Common Market, discussed at the Buenos Aires Economic Conference, seems thus far to find little support in either official or unofficial trade quarters here. The counter-opinion is widely held that the American Repubiles should throw their support toward the evolution of a free world trade system marked by equal treatment for all countries and reduction of arbitrary obstacles to international
commerce,
This United Press
corres- | panding and diversifying their pondent discussed the American own manufactures, and there- Comment Market Iden with love, inclise to national pro- numerous influential economists, tretien in commercial relationi. 12.30 2500137 with a view to obtaining an Six of the Republics have steel Impartial analysis rather thun industries which would become 13.30 131
expremions of opinion.
competitive within a common
45
irta) 1320
1344 Hotel
33% xdik Land ..
68 Humphreys
93
+
The lines of analysts ran as market. follows:
trade
pre-
A Common Market is
Thirdly, a great expansion in cumed to inean an area within transportation facilities among the Latin American countries or 24 1050
which there would be free 23.00
preferential
among the would be needed for screen of a members without equal freat-comon market. Most of them ment for non-member countries. can ship their commodities to North America and Europe more economically than to a majority of other Latin American coun tries.
30%
27
413
tat
RUBBER
Realty .... 1.473
Ameig
TITIES
1 1.45 1.473 3000 e 1473
Tram
23.a
8116 ....
Siz Ferry
135
12
Yaminati
105 100
20
20%
D. Light (0) 1015 18.30
ft) Becirle XD
12.00
13
42 29 390 4 23.20
Mação F 10.40 10.00 Titephone 2 27.90 17,80
INDUSTRIALS Coment
Flopo
535 21.70
500 1.70
MEURES, ETC. 172
Tate
14
2214 21
1420
15 10.70 121 10.50
4.40
13753214 100પણ 11મ
11
319; xd
1000 4.475 9,90 1000 47 0.20
0.00 4%
12
6032
300
COTTONS
Nanyang
INVESTMENTS
Yre zlize Allod
48 STATES
common Examples of such a market are the 48 States of the
Many economists here believe, United States, and the impend-
common therefore, that before a complete Ting programme for a
market among the Western Lath American Common Market European countries-Germany, is attempted, Latin American
the
400 15.69 France, Italy, The Netherlands,
Belgium and Luxemburg,'
Analytical reactions to Buenos Aires Conference talk bouring republics. about a common market run
antries should explore further the utility of closer relations among smaller groups of nɛigh-
Exchange Rates
Initially as follows:
Valid economie ressona, for example, could be advanced for
preferential
relations
The United States, the United closer Kingdom, Canada, and many of among Mexico pod Central the Latin American countries American
countries; emong have an obvious problam in recountries of the Tuvor Plate area adjusting their own commerce plus Brazil; and among countri19
to the Impending creation of a in the Northwestern part of
European Common South America.-United Press..
8216
2715
4342
312%
BU WAR
done in the ineel
€0
unofficial
exchange
market
this Western
20
40TS
4315
644
40
United Pres
morning at the following rated: U.S. dollar (per #1)
Sterling notes ver £1},
Australian notes; (per 21
Indonesian rupali (per 100)
tam tical (per 100)
Singapore (Straitp)
0.00
15.00
2.20
Hedge Selling On
New York
Cotton
Market
Market.
United States Industriallets,
as a means of meeting this
problem, will presumably
to find
try
a place within the CHICAGO GRAIN
European Common Market to prevent a loss in their trade.. They will, for example, estab- lish branch factories, particl- pate in capitalisation of manu- facturing companies, and Jense their licences and paten's for royalties,
IN ITS FAVOUR
The Western European Com-
has
mon Market, favoured by the United States government, political and strutegle arguments in its favour, and would rot establish pattern of trade
would be warranted the external viewpolni—
from
which New York, Aug, 28. Hedge selling, credited mainly to Texas in for strictly economic reasons. terests, plus mill liquidation, combined today to blanket rallying tendencies in cotton futures after the market scored gains up to 60 cents a bale in forenoon dealings.
Closing around Tuesday's lowest levels the Bat was off 40 six to 10 points net. The market opened up one to goven points, New Orleans closed off ten to up two points,.
Spot
LIVERPOOL
Cotton future
$3.00
ខ្វះគ្ន
37.0!
closings. in
the rectasion, with the market pence per ib, were as follows:
Commission hour were ac- credited sellers of around 10,000 bales in
nearby December,
167
142
Selling on technical reasons นาง a contributing factor on
against levelling off again as
4512
461
the nearby months neared the $3.50 cents level, the previous 27 resistance point.
Old contract
Oct/New
Dec/Jan.
MOT/Apr.
28.00 20.28 220.150
42
4B
May/June July/Aug.
20.81
20.34
New contract
Oct/Nov.
20.04
Dec/Jon.
20,63
Mar/Apr.
20.83
May/June
27.07
July/Aug.
27.20
Brokers sometimes acting for Dallas accounts were additional cruzeiros sellers of around 6,000 bales in followa the nearby months.
Colton
BAO PADLO
future closings, per kilo
Sept.
Now commission house in- torost remained in abeyance pending crop developments or other, new incentives.
Oct.
Deo.
Mar.
Hay July
Ring observers suggested the offerings represented liquido- tion of long hedges against the purchase of spot cotton in Interior markets,
Now crop deliveries held re- Intively steady where New Or- Icons and local Intereals were amali buyers on balance United Press,
Month
Oct
De
7.120
4.000
Volume
Open interest
0.000
161,400
27:,500
7,300 .
150,300
160,700
110,100
0,100
104,400
NEW YORK
Prices of cotton rúture= closed today as follows:
30.000
33.04.05
0.65
:
Exchange
London, Aug. 23.
Closing rates were:
2.7814-238-8/10 today in cents per lb. ex follows:
2.04-10710-2.34-1/16 | Leed
Aug. Kanan.
10.0371-10.033; 172.00-159.70
Sept
11.006 13m5
Nallona Cast: Yoga
Nations, Dairy Prod.
An
Aug
9.356
National Seas: Chr
Copper Aug
Norton Waders an
4.100
Ola Llevatory
Bept
MED OWmwktoin Glam
NEW ORLEANS
Prices of cotton futures closed
today as follow: **
Spal-(cents per lb. cif
Open interest: 923 gontracte,
-United Prass.
NAMESAKES
Answers Enjoyment,
New York Montreal 2 Amsterdam
Bruneia
Stroke, Hits, 4 Advantage, 5 bon Net, 6 Volloy, 7 Play, U Service. Op 9 Tournament, 10 Douce,) | Parla, Forehand.
Johnny Leach.
Bicklein
Zucien
Olbers
were
30.50
Market, embracing Canada, the United States
MARKET
Chicago, Aug. 28.
Grain futures closed irre- gular today in active trad- |ing on the Board of Trade.
The market oponed mostly higher except for corn but after mid-morning prices moved downward in some
grains and futures became mixed.
in
ADVANCED
advanced
njore
Expectations of an expansion US export wheat sales attracted buying in wheat early in the session. Some deliveries Most experts believe that M
werd up as much as a cont at Western. Hemisphoro Common the day's best levels with the
July contract showing indepen and the Lalin dent strength. American Republies, is incon- ceivable because Canadian in- terests in the British Common- wealth economie system would outweigh any benefits that Soybeans would result from participating than a cent a bushel in early in a Pan American trading bloc. trading on short covering which Secondly, the United States reflected unsettled weather con- could not enter a Pan American.ditions aver parts of the gralo Republics trading bloc without telt Light to heavy rainfall revolutionary modifications of and cool temperatures are ex- Its international commercial
picted to slow development of treaties system, which is based the now crop. on equal treatment of most. Its trade favoured-nations. with Latin America represents less than one-fourth of its total world trade.
Expert analysts here therefore turned to the expediency of Common Market confined to the Latin American countries.
WIDE OPINION
Primarily there is a wide opinion that the Latin American Repubiles are sericus in
Japan was active in foreign tracing, buying 675,000 bushels of U.S. Paclic coast white whee 350,000 bushels of US ard wheat, 420,000 bushels of US barley and 700,000 bushels of Canadian wheat.
Wheat closed DF to 1% cent for new and off to cent for old. Soybeans closed to 44 cent-United
סון
Proza.
Prices per bushel in cents:
as agitating the question because
the discussion compels all the Wheat, old contract
tend to discourage, discrimina- In the United States, the tione against Latin America, In average price of one-inch cotton favour of European depend- at 14 designated spot markets encles. was 33.43 cents.
39.33
30.00
40,00
40,50
American commercial Inter-
plan ests as they 40.00 programme. Their stand will
Western European countries to take into account their Latia
Dre.
213 2217/
their
own
Wheat, new contract
St
Sept. 17(H) 164 (1)
210-44-210
Mart.
May
July
2042-11
countries Corn, No. 2, yellow
Epei
Sept.
Dec.
In
Mar.
July
ye Sept.
London Metal
American
Latin
to sell more rather than Total sales at these markets want were 10,333 bales.-United Press. lose coffee, cotton, copper, grains
und livestock
products European marketa,
With protectionist the penti- ment growing in come sectors of the United States economy, and the United States forts; exports programmo assisted financially sta by the goveryment, the rising Bept. importance of Latin American commerce with Europe is self- Soybeans, No. 2, yellow
Prices
London, Aug. 20. Prices of metals closed today In sterling per long ton follows:
Dec.
Des
evident."
But impartisi namiyate pointed
Spot
Sept.
| to obvious difficulties in creation
Nov.
Tu
347
Buyers Sellers of a Latin American Comme
Market.
Jan.
Mer.
730
#month
12.00
Copper Spol
Бр
First less than 18 per cent of their total trade now falls with" | Barley 99% in the area of a possible Latin American Common Market.
New York flour Secondly, nourly all of the
200. Ib. Back countries have policles of ́ex-
12031
-T
120-199
1