D
THE CHINA MAIL, THURSDAY, SEPTEMBER 12, 1957.
TRADE and COMMERCE SECTION
BLEAK OUTLOOK FOR Now A Rally BRITAIN'S $ RESERVES On New York
Germany's Fantastic Gains
By Sydney Gampell
London, Sept. 11. Germany's fantastic gain of foreign ex- change, equalling $163 million in the eight days up to August 23 and $370 million in the month up to that date, had presaged bleak British monthly figures.
Even with the EPU deficit reduced by Germany's large purchases of sterling for her £75 million debt prepayment, both the dollar and the EPU sides showed a disconcerting cost, Mid-August WRS
as that un- worst of it, natural pace was too hot to But an appreciable last. drain to Germany still con- tinues and Britain
the
is no
doubt providing a larger share of it.
Britain's August figúres related last thrco Cezentially to the weeks of the month.
In the fret ten days of the month France's lusS of $112) million was the biggest contri- butor to the German mow.
បន
Side-stepped
Since then, and for teng the profit-taking, on the franc chotinued, Frates hrs sice-sferred and switched from contributor to recipient.
Holland, who was sharing sterling's burden in mid- month, has also side-stepped since the tier part of Augit's last week leaving sterling.mére trolated in Guamany's le Arc.
Brital is not Germany's only contributor, but she is the mam one, and Germany is not the only place to which Britain has been losing money,
A German Government had ed by SPD (the Labour Party) would probably be as effelent and deflationary as the pre- seat one, and perhaps a Uttle
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
Business on the Stock Ex- change the morning amounted to $402,600. Noon quotations and the morning's deaungs
Bayer sellera Balen
Share BANKS
K Hank
TRANCES Union
Lombard
SHIPPING Whe:lock
fess doctrinaire.
The SPD and the trade unions DOCKS, ETC. have more than once rallica to K. What the defence of Dr. Vocke
andi Block
Provident Dr
Erhard,
against criticism3 from their ostensible supporters. LAND, ATC
TIK Hotel
Land
0743
LONDON
Stock Market
NEW YORK Americans,
COTTON MARKET
New York, Sept. 11, Cotton futures today see- sawed within
narrow range in one of the slowest trading sessions of the year. At the elore the list ruled unchanged. Opening prices were up one to off three points. New Orleans closed up one to mainly in
Small operations, nearby deliveries, included light hege selling and liquidation,
six points, New York, Sept. 11. SHARES |Stocks staged a vigorous-if technical-rally today, generating the heaviest volume since August 27. LOWER
London, Sept. 11. The Middle East situation and the uncertainty on Wall Stroot deprassad the London stock 01- change today, and most sactions lost ground.
securities
Olli-edged foreign bonds, however, Sinued to move against
and coough to satisfy a routine demand from mills and other trace accounts.
The recent government giant-
market
The move, generally thought to be a technicalized erop estimate, and favour-
response to the late sell-offs of the Monday and Tuesday sessions, restored around $2 bil- lion of market losses and lifted the rail and utility averages out of the low ground reached in early downside dealings.
Heam, Rachuck & Co.
Copper shares were upside, Reynekla Metal tende, helped by predictions Shell of co.... und that the price of the metal may j bant Reg. Piper con- stabilse or rise when produy Sinclair On
Восспу Мефной cars gets into full solar Aircraft thetion of 1058
swing. Olls were helped by Mr Dulles's statement that he look- War Loan 34 per cent roeed for a peaceful settlement of 1/3 to £63-18/10 and Consols the Syrian situation. 1.23
four per
£71.
21 20 trend.
2416
7.40
2007.85
122
124 212.15
1.40
15.20 15:30
30 2013
60
19:30 1000
1.475
1.60 3000
150
13000
130
1575
Troy
ITH ITIES Tran XD..
15000
21.30 23.30
An SPD-becded coalition in Germany could be expected to strive to earn the confidence of tlumphrey bwiness and enpital and prob- Really ably would earn it, an AUBER hoppered to anciall-titrant rosion in' atmo other Con- ijnenial countries.
The spate of money to Ger- many has been uninterrupted for more than six years. varying evily in hitensky. Its have lately interalies
No_Special_Reason
Star Ferry..
قوم الممر مجھے
at cent 2/6 higher
German (Dawes) 5 per cent rose 10 to £125 and the 38.50 assented 5/- to 2844. Potash 36 per cent finally closed · four 30.10 points lower at £278, while thei
astente remained unchanged al £170.
Yaumati
101 10.1
Causes
C. Light Fivelric Mczo E 10 40 10.00 Telephone.. 23.70 27.00 INDUSTRIALS
10 20 18 £5
(R) 12.80 12.00
21.00
23
30 31
14.00
15.00 15.70 3600 #29.50 12.40 12.00 300 12
13.70
500 12.00
800 € 4.479
Crinu
Rope 57OLES. Erc. Dairy Watson
As they derive from the Ger- men character rather than from politics, there is no special ret- son to expect the sprte to be reversed by any outcome of the CIN September 15 avert.
Textlin
On a clear out ou come other
INVESTMENTS way, the prospect thuy seem to blaze be for either an intensifted in-
| few or a very temporary out
flow.
Allled
+
420
4.470 لله
Exchange Rates
Steels, motors, chemicals, the shipbuilding shares and rails ali were strong performer. Out of total 1,155 issues appearing on the tape. $44 were higher, 353 lower, 259 unckunged.
Utility Low
+
At the lows rails reached back
to Nov. 18, 1954 while utillos
In industriais Marks and Spencers fell 1/1% to 48/10% | were at their lowest levels slaco and Unilevers 1/3 down at 29/3.
Bowaters held Arm-end cloted nine pence higher at 34/0..
Routh Puerto Rico Sugar Bouthern Co. (The
the National Cas
Southern Railway (Com)) Htandard Brands
plant Oll of Cal. Standard Oil of Ind. Standard Oil of N Etern Block (Torento ExKU) Sterling Drug Co Stokely VanCamp. Studebaker-Packard Corp.
Swift & Co. Texas Co
le Water Air. Oll
United Aircraft united Gus Corp. WP-1***
Gypsum
Japanese Win Rights
For Iran
Oil Search
Teharan, Sept. 11; American and Japanese oll interests have socured now important concessions in Iran, Italian_ sources close to visiting President Glovanni Gronchi reported today.
able conditions in growing areas since the dgures were compiled, alg with the exil e
The standard Ol Com- dullness, combined to restritpany of New Joravy, accord- new buying interest.
Ing to the scurces, obtained Cenverably, sellers were new 1,000 square milo con- equally cautious, keeping Jocension from the Iranian mind the government prico Government, support programmo and post- 2016 billties
The sources said the new of Increase loan im Standard Oil concession borders poundings in the event of that further aide in pricos-United Fress. Manth Volume Oct.
401
2911
:
which
iranian
a joint 1.0 0- company recently
Open Interestcured in the Persian Gulf.
6.200
131.000
2211 Dec.
0,500
281,000
41 July
31 MAY
Mar.
0,700
374,600
4,300
170,000
6.200
8214, Oct.
100000
6,200
124.200
Dec.
1,000
38,000
Tutal
37,000
-United Pract.
1,015,000 bales
NEW YORK PRICES
New York, Sept. 11. Prices of cotton futures closed today as follows:
NEW ORLEANS PRICES
είνα
Bigger Share
concession.
The Italian rourees raid that a Japanese all mission in Teheran has also obtained on important They did not
the of gave my details
Japanese- iranian Teal, however,
The current visit of In President Gronchi was mainly intenced 10 scal the fielo-
accords for the joint exploitetion of time of the
resources.
The record, curh formally respecting
Informational
the
pattern of a fifty-fifty pront
spit, retuelly give the Iraniano
Time Inc.
સન
Twenty Century Fox Flim
Oct.
28 $3.72
Iranian
Union Carbide
Dec.
37.07
Unin Facilie Raflu
Mar.
8314
May
33 GA
focal oll
July
35.42
Oct.
12.35
Des.
United Pres.
««
0416
201
New Orleans, Eept, 11. Prices of rotten futures closed today as follows:
Boot
-United Pros
Dec
Mor.
May
July
Oai.
Deo,
Nov. 30, 1956, and the 05 stocks. Line Co.
touched, a averago
new low S. Rubber since Oct. 39, 1055.
US Smelting All
average
groups closed US. Steel
Warner Bros. higher on une day-dustr.18 Westinghouse Electric Oils were depressed with at 474.40, up 4.17
Wern Union Tel. Co...... (their lub7 was sol од деб. | Shell 3/- down at 189/6. Royal low
12 at Woolworths Dutch ersed 7/0 to £22 8/454.82); ralis 130.84 up 71; United Press.
utilities 67.11 up .07 and.63
Biocx 189.34, up 1.10. Volume of 2,130,000
shares
New York Metal compared with 1,820,000 on
Futures
New York, Sept. 11. Prices of metal fatures closed today in cons per lb, as follows:
Frad
Sept.
Zine It is to be honed that the Brl- With fully $3,000 million of
Business WIR done in the local reselves and reinforcements i uthesities urs ready with
unullicial exchangu market this Oct. available as of August 1 then policy for either eventuality, engang re the following rates: Brith cuthorities have complea nivo for the third possibly, doliar iper. 11
Sire'n hole (per 211.... mann af ufending the present or an indecisive outcome and a
Australian notes fper (1) set-up and have no other polley.ngthy interrognum of coal-
iridusteilną supishi (per 100) Bum Beat (per 100)" Singapore traits)
No Approach
tion-bulleteg in which nothing or importance could be decided.
It is unfortunato, and not Europe's to very creditable foresight, that maiters fraught with Euch importance and such dangers for Europe und the world have been left to come to head during an election cam- scriethingpaign und 5 aftermath.
on any
Neither the Trentury nor the Bark of England has made any towards Anglo- uppiouch German discussions other policy; they would do n
However, unless occurs to produce a new silua- 1lon, there may eventually ben quation of whether the present set-up is worth refer.LMJ.
It is not very ikely that the German cicelions on Septem-
ber 15 will progute a new situation.
The strongest pointer towards a win for the Adenauty Gov- crnnieat is net its moderate lend the public opinton polls: it is the much inrecr margin (50 to 32) by which the German vay they expect it to
win
The Pendulum
Any render of their chorac- ter and history Lentilled to On whether his own opinion
they will be mere pione to be 011 the w.nn.ng SILU er 10 strike a blow for the under-
dog.
it an Adenauer
outcome, it cannot be taken leg granted that the flow of mancy
True To Form
In this, the D-mark gap runs true to the form of the dollar gap: dollar crises also some! break during one of the parolysis periods of the Amer)-
un palliled system,
10
The
It used to be said of peasants of pre-revolutiona.y Turkey (who might perhaps resent the
that comparison) winter always came as a great surplie-China Meil Special.
New York Sugar Market
win is the
World
today
contracts.
ליל ??
Tucsuny,
New York Stock Exchange bond volume was $3,764,000,
Stock Exchange volume was 790,000 shares.
American
Closing Prices
AB GRI, M_Bocinę Am. Mach, & Fury, American Mela American Snelling Am._bugat_Bek__vaas American Tol American Tob. "" Anaconda Copper Armed Stei
WORLD
RUBBER
PRICES
New York, Sept. 11.
futuros today.
33.50
52.54
United Press. LIVERPOOL TRICES
Liverpool, Sept. 11.
future clostora, in ner per lb. were as follows: Old contact Oct/Nov.
Cotton
23.04 25.00
Dec./Jen.
Mar/Apr.
May/June
July/Aug
20.40
New contract Oct/Nov.
Dec/Jen.
Mar/Apr.
May/June
July/Aug
SAO PAULO PRICES
Sao Paulo, Sept. 11.
future clodings, In
13.35b
Alden Ipo. Acy.
10
Awed Chem/tali
13
Rex rubber
9.30h
Hamed_bits 110.
closed
20 to 45 points lower
9.53b
ALS Chaimass
Cooper 5.00 15.67 Oct. 12.41 } Tán 11.70 27.40 Oct
1.32
American Airling
17
with sales of 77 contrac-s
American Caple & Rudlo Corp.
Sept. 43%
29.75
23.750
Áinet,con Cyclame Co.
41
NV
Amer, & Furg, Yowar
143
29.25
#2.506
314
20.00
0231446
A...
Cot'on
9.55
United Prese
2013
July
29.97
cruz:tros
49
Sept
2001
follows:
201
Standard contrnet closed 24 to
Oct.
Tel
1715%
15 points
lower with no sales
Dec.
reported.
Atar.
May
B01
Sept.
20.JA
1344
Nev
29 ti
July
Jan.
29.83
2:2
Mar
20.00
49
May
27.55
July
29.07
Hept.
Terminal prices tralled tho lower London market and re- Dected
Commonwealth's Greater
Interest In European
Common Market Scheme
By HAROLD GUARD
London, Sapt, 11.
Commonwealth countries are taking a greater interest in the European common market and oxchanges on the subject have Incroavod considorably since the Com. monwealth Prime Ministors Conference last July. authoritativo quartore said today.
A
They said 1 was clear that i canterenee
in
Atmous
Allas Cons, Mining Baluwin-luna-itain, Ballmure & Ohio [Benedicial Finance
Bondir Aviation Corp.
Bouquel
Bethletion Sicel
svg A.pluno
Zeedon (The). Cụ
Burroughs Add Machina
Campbell Soup Co,
Canadian Pacino n. Caza (J. 1 Co.
Cat Trostor
Celanese Corp.
1. T. FRnancial Corp. Chase Manhat. Bank
Christer Motore
Cl.max Moyldenum
Colgate-Palmolive Co
Colombian Carben Co, Commercial Credit Commonwealth
Comidated Ed Lon
Continental Oll of De). Crown Zellarbach Cubin Art. Bur
all
Washington Diamond
the ecmmon market would be would deuss currency prob- Douglas Airersit
main topic discussed by lims which must have a bears | Dow Chemicain Commonwealth Finance Minis- ing on the European free trade Dupont de Nemours sers when they meet in Ottawa and common market, on Sept. 27.
Two things were said to have become evident about Common wealth thinking:
It is recognised that the New York, Sept. 11.
common market will No 4 sugar futures greatly benefit from opster ac- closed three
Seven CCES
Comumonwealth to
to Germany will have fully uis points lower with sales or 268 materials and markets.
counted it in advance, and 50
Domestic No. 6 sugor closed
bo incapable Intensifying.
Because of
Dr Adenauer's unchanged
raw
★Commonwealth countries
Bistum Airline
Eastman Kodale
El Paso Netices! Gu They nald the comman Fresting, Tyra de Rubber markets establishment must to Ford Mot
General Electric some degree share the freers Frede trade ares, but if countries | Genersi Motors
dovaluo within
thair Gia. Pub, ULL curzencios the whole scheme Getty
Oldden Co... would be wracked.
Geddrio 1B.F.) Do. Goodster Tyrs Guit 0.1
Hyden Newport Corp.
Commonwealth countries in the past have extended fairs generous preference to Britain.siske Mining Co.
"Any fudfyldual devaluation
Ingersoll-Rend
Inland Steal Chi
stochemical Corp.
advance age, the normal pen- lower with anles of 34 con-market in Europe as in Britain. would" build' the equivalent of Intl Durness Machines
dulum of democratic politics tracto, and the uncertainties of alt alections 45
to
have realled they are 10 four points concerned us much about their
The preferenco Britain gives Cen:monwealth countries in re turn, however, are fixed in tornis further of money and are therefore
and
on the
ain. tariff wall around the country concerned and against the other partners," the sources said, 80 recently The lower raw market, evidenced In Canada and Wis- | "qu'dation pending
longer a question merely of the Also they Ald it was no developments consin, there'ls a'real doubt as Cuban
to advantageous to Britain today common markate relations with the result.
mtoparal to transfer ED
but of litle advantage to the the rest of Europe but also with Some big money both inalde amount of world
quota sugar Commonwealth
countries who the to Ihr US retained quota, and outside Germany has been
Commonwealth. United are dissatisfied with the Ottawa Pross featured A generally correspondingly caullous, par-
quia!
system. ticularly after the recent un-market. seemly spate of official dentals and regardless of them, the obvious unlikelihood of any pet,
elections. change before the
Mer, That mobay WILL be more May disposed to move after the July doubt to resolved in its favourit
-DL.
Contract No. 4 (world)
The Other Way Open Sterest: 4,931 contracts,
Currency Problems
In recent trade agreements 301 | Australia and New Zealand have begun to whittle it away and Canada la expected to do thu |aamo.
Op-foente per 1h. fob Cuba)
Contract No. 6 (domestic) ·
If the election goes the other Nov. way, some of the money that Mr. has recently rushed into Gar-] May many will probably rush out 2000, capital dialikga secim of any complex.on but the outdow would hardly fast long.
ex-duty
ABT
-Open literest: 815 contrecta
United Press
London Metal Prices
London, Sept. 11. Prices of metala closed at the end of the ungmeist afternoon
There wra no further authort lative guidance except that the season today. In aterling per Paymaster General, Mr Reginald fang ton, as follows: Moudkig, newly-appointed by
Dar the Prime Minister, Mr Herold Tin spot.
Macenfilan, to look after Eup month. neon tree trade ares nogalia 3-month Kor
would attend the Ottawa | Land let his Meanwhite authoritative that
said the World Bank
0.10
courges
International Nickel Inti fervanteg ·.... teams Berple Inti T & Tel Rennrooti Couper 120-Moville Co. Kaddas C. Power & Light",
dent Meyers Tab. Co. Lecknerd Algormes
bewa Tocorp.
Lane Big Cement Co. MEADOWY:
Aircraft (Am.
Stockt.).
Minnranta Mining M'er.on Developiniont Monanto Chamtoni Co,
gomery Ward
Cash Reg. "A"
o
| National Deby Prod
Nations Lead
Naomi Rizel Corp. Now, York Gruzal al'a Math!eati
Elevators
Pan Anction A TWINK Poremount Pictures Parko Davly Co.
Penn, Bill Co. 101 Phup Morris
Popofer & flamble:
Industrivi
wr-231504 - 0152 Preis an à. Men,
buyere, sell-es
29016 1910
Pure Oli. Tania Corporation Hapukila · Binal age
214
ט
L
por kilo
WITC
30.33
39.00
39.40
53 80
ES
20.00
In the United States, the
averago price of one-Inch
cotton at 14 designated spot markets was not available,
Total sales at these markets were 10,206 bales-United In-Press.
the custinued 20% difference, of domestle factory buyers, Shipment offerings
231
101
were
moderate 814 over the local trade prică 141 idcas
42
B0
704
69
473
404
and mostly London Foreign
Exchange
However, Colombo, for the first time in a long while, ap- peared here as a seller, at the New York levels.
action.
London, Sept. 11. Closing rates were: New York .... Montreal Amsterdam
Confirmed sales from
that
mostly Sept/Oct. Included one sheet at
Brussels
Milan Orlo Parin
Vionn
43 294 cents; two sheels at 20%
conts and three sheets at 20 Stockbol
4 cunts a pound, cost and freight, 354| Locally, spot No. 1 RSS was quoted at 20% cents. - United Fress,
1
30%
SINGAPORE MARKET
Singapore, Sept. 11.
The marke opcled lower on | qvoracas advices and
**
2.7019-2.78 8/16 2.00 11/10-2.80 13/16 20.4214-10,0235 130.63-130,70 1743-1740
10.95-19.00 1173-117314-
11.26-12.32
Valted Prese.
A
75
per cent share of proft.-
| United Press
NAMESAKES
Answers-1 Clinic, 2 So'ution, $ Surgeons, Milk & Safely, Process, 7 Rabies, 8 Scientists,
• Antidote. 10 Chemlat, Precaution, 12 Measure.
Louis Pasteur (Originator of Pasteurisation).
Fly PAN AMERICAN world's most
experienced airline
to
11
EUROPE
and the
USA
For reservations, call your travel agent or
New York Foreign Alexandra Hause, Phone 37031,
Exchange
New York, Sept. 11. Closing rates were;
10-day
$145
cused further on Federation · liquida- Hi | tion with lack of overseas off-
Camach
6714
England omela!
(kta Futures:
1331
1314
No. 1 rubber per 112.
Dept.
Uruguay
80%-80%
Opt.
80475
BO
No.
J
rubber per b. Sept, say No. 1.
-rubber per lb buat begrund
No, tunber par 1. Sept. 23-63
do. 1 ruduor unbaled spot 83.88 Blanket crepe .......................... 20%-REY No. 1 pale crepe United Prose,
01-100
LONDON MANKET
London, Sept. 11.
merket WAN dijs easier with spot down. Va to
The
tuuu apat Settlement house term;
rubber
25% pence.
No.
Oct
21161 NOV.
Uci./Doo
Jan/Mar.
BASS
uneral roniketa," oil' bästi
IDAS 4912
SUL
Oc
扒飯
Nov;
Estate, crape · Pain Ostjan
4016, B.tale crepe thick Get
AMSTERDAM MARKET
Amsterdam, 800, 11
The rubber market WAR
week. Prices closed "tadaw Lif
1.04-9/32 2.70-0/10 2.75-11710
$480
Clmers umchenged United Press.
<
Hong Kang
PAN AMERICAN
Pan American Vaidil Aircon, Car Innerpacatel in Sonso of How Yuck, UK diy with timenälimistisy
Die Stamping
The South Ching Morning Post, Printing Department is equipped with modern die-atamping facilities.
¿
REGIMENTAL, SOCIETY and CLUB
CRESTS & EMBLEMS.
TRADE MARKS.
FAMILY COATS OF ARMS. and MONOGRAMS,
`alc., etc..
Call and inspect our samplas
Orders accepted for. Steal Días
and Copper Plates.
quliders per kilogram, of Bopt SOUTH CHINA MORNINO POST, LTD.
nefallowe
rubber No. 1 rubbar.
NO.
crept
No. 5 rubide ***
1.43 altere
7.74 Gem.
mited Prem.
Wyndham Street.. Telephone, 20002