THE CHINA MAIL, TUESDAY, SEPTEMBER 17, 1957.
TRADE and COMMERCE SECTION
'Uncertainty On Wall Street' Scare
US SNEEZES & THE WORLD CATCHES COLD
London, Sept. 16.
"Uncertainty on Wall Street," Of late, this phrase has been creeping into market reports with something like alarming regularity. So and so's shares have eased because of "uncer- tainty on Wall Street." Such and such markets have been dull and trends lower because of "uncertainty on Wall Street."
and
in convinerd
It is the old, old story of jstep in humedlately and opposo America sneezing and the rest even the most temporary lipst of the world catching a coll. fron parsistent inflation; May be they don't exactly calc cold with cách American econo- mie sniffe: but they curtainly get an attack of liters,
that Government the bocan going ahead only with a switch of emphasis from
industries mufacturing services,
to
All this may Le very true, And American industry may
·And because of recent pur- sistence of uncertainty in time cavernous New York thorough-benent from being taught it fare the nervous elsewhere are has got to learn to starch on its airendy tumbling about 10 owns Teet without governmental
This molly-coddling. United States recession. intter contingency is of course recurrent nightmare of those who cart their bread on waters of stock markels.
110
Nervousness
mere
If, however, nervousness of alarmists is not justified then so is the breezy assurance of others that the American Government will in some unspecified way keep the boom growing.
Obviously the United States Goverment is not going to stand by and haplessly watch the spread of a recession which the economie might repeat cataclysm of 1928-31.
At the same time signs are becoming clearer that the pre- sent lapse by the vnst and wealthy American economy is not going to elicit quite the
But in the meantime until the US Government shows its band there will doubtless continue la be uncertainty on Wall Street" with all that it entails.-Lon-. don Express Service.
Attempts To Stem
Drain Of
Reserves
London, Sopt. 16.
Finland Follows
Stocks Unable To
Devaluation With Extend Recovery
Price Freeze
FL
Helsinki, Sept. 16. The Finnish Government today announced complete freeze of prices in Finland from tomorrow (Tuesday) until the end of October. Prices are to be frozen at the level prevailing last Saturday, before yesterday's devaluation,
At the same time a new liberalisation of importu from Western countries, excepting dollar countries, was announced.--Reuter.
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
Business dane u the Hong- kong Stock Exchange this morning amounted to appro- ximately $454,000. Noon quota- lons and the moving's frons-
nctions:
Skates Enyers Sellers VAIM
BANKS
RK Buste INSURANCES
SHIPPING
030
04
WORLD RUBBER MARKETS
New York, Sept. 16. Rex Rubber futures today closed 15 points lower 10 20 points higher with sales of 67 contracts, slope. Nov.
MAY. May
Jul
Sept.
20.50
20.70
20.00
20.00
79,00
29.po
39.00
On Wall Street
New York, Sept. 16.
Page
Cotton Futures
Close On
Slight Upgrade
Now York, Sept. 16. Unexpectedly light hodge selling joined with a routine trade demand in keeping cotton futures on a slight upgrade in quiet dealings today.
At the close the list ruled up one to nine points. The market opened up seven to off one points. New Orleans closed up 15 points.
Stocks lapsed into routine again, unable to accounted for the lel-down in
extend last week's recovery spurt with-hedge
outdo market interest con-
Volume was light
out fresh incentive. Price changes generally were small.
-only 1,290,000 shares against 1,620,000 on Friday. The decline, nevertheless, was sufficient to wipe out the small net gains scored for the week in the indus trial and general market averages.
then mist Copper stocks
Sincial Ol
Holar Alterati
South Fuerte Ries Sugar
Prices opened narrowly irre Sutat Reg. Paper gular, clipped to the day's lown hogony Mobilo)
and noon around modest support wero among the soft spots, along with selected tyre shares, chemicals, aircrafts, oils.
Of a total 1,128 lesues traded, s84 cloood lower, 307 gher and 257 unchanged with 8 at new higha, 47 at new lows.
Final Losses
Final losses among the metals ran 10 a point or more In American Smelting, Aluminium, Kenniccott Copper,
Southern Co. (The) Southern National Gas Bouthern alway (Com.) Standard Brands Standard Qll of Cal Standard Oll of Ind. Standard Oil of N.). Steep Rock (Toronto Exge.1
Stokely-Van "Camp. Studebaker-Packard Corp. Texas Co.
Sterling Drug Co.
Tide Water Amın, Oli
Century Fox Film Union Carbide
Twenty
Time The ......
Alcoa,
Union selfie Railway
United Aircraft
United Can Corp.
1.3. Сурятия
Standard contract closed 15- US Steel lost a point and lower to 20 points higher with Armen almost that much. Lend- no sales reported.
were fractionally
ing motors
1 Gr
5:00
Sept
29.50
Nov.
29.18
Jan.
20.00
Star.
**9.00
Wheelock
7.00 MEN
JED
1.00
May
29.50
DOCICS, ETC.
July
29.90
K. With
Sept.
20.00
12
[4
lower. Goodrich and General Tyre last to two points each.
Stock Exchange New York bond volume was $2,691,000,
American Stock Exchange volume was 700,000 shares.
Dow-Jones closing averages
vident (0) 11.50 12.10
smurt rally after a slower start,
were!
IIK Jalci
300 @ 12
470.06
15 45.20
041 30 1000.@ 33 10.10 16.30
131.71
€7.00
10371
84.21
155.00
Dock 3212 5012 600 8314 Str. Duck
532 1.70
(Rts) 120
LAND, ETC.
11 Land fumphreys Healt
ALTA MA
same reaction by the Federal An article in the Financial Amaig.
UTILITIES
Reserve authorliles as was the case on the lost occasion about four years ago. Then author- tles recharged the nation's econo:nic batteries with monetary policy described 13 one of "active cuse"
Re-implement
Times said that
1.40 1.50
1526 1.45 20,000 1 1.53
23.20 20.40
103 103
C. Light (0) 18.60 10.70 1600 0.60 0000 * 10.50 2004 1021 (R.) 19.70 12.00 700 12.00
29.40 23.50 Maçao E. 10.40
thare Train are some indications that Youmau the efforts the Japanese authorition
been havo making in recent months to stem the spectacular droin on official gold and foreign exchange ro- serves may soon bo bear- ing fruit.
Electric Telephone, INDUSTRIALS Cement ....
3715 27.30 1500 e 27.10
Forward position staged
10
but nearby deliveries continued Inchestrials. to lng under September liquida- 20 ralla
utilities tion and hedging. The improve as stocks ment, coming in mid-morning bonde
recovery Comm. future price dealings, reflected [at London and reports of
sizeable
purchases by Russia
of rubber afloat to the United Kingdom and fair amounts due around January.
WETE
Shipments offerings moderate, with some fair-sized with Thailand. sales worked
sales, all cost and Reported 20-20 freight, Sept-Oct. shipment, b 23.00cluded one sheets at 20% and
204 cents; three sheets $5.00 28% cents and 20%.cents S3 15.80 pound.
29 500 2100
502
1240 12,00
4.473
Rope
14.60 STORES, ETC." This has bred the Impression
Diy ... 15.00 10,00 that the Federal Reserve "Yet it is difficult to believe nuthorities will ever be ready that the
Japanese Central Watsun
COTTONS rapidly to re-implement this Bank's recent forecast that the Textiles
external policy at the first signs of
payments MISCELLANEOUS an country's
Entert will be in equilibrium again by cconomie pause.
INVESTMENTS Causes छ "uncertainly of the end of the year will not be
Yangtze this over-optimistic,"
Allied Wall Street" have betn plain proved for some time. Sits have been London daily's commentator on
Ameriena - banking and Anance argued. a standstill in dustrial
"I not casy to see how (withough expansion there has been no centruction) imports are to be brought down during the lust eight months or
and a marked decline Wall Street prices since
o the speed required to equilibrium establish a stable
payments
10
$1
in Japan's external within
matter months without
of a causing
few
July. This has meant H crop in America'e demand for raw materials
with the consequent severe dislocation of the Japa
and obvious effect on the pro- ducing countries.
Normal consumer buying is But oľ in
theg
[1
DI
no sign of any reversal Government's reduction and postponement of defence orders
The Upsurge
nese economic system.
11
past year of
raw
413
1000
4.20
GERMAN BONDS
ACTIVE IN LONDON
st
Domestic *factory buying. however, continued slow, Spot No. 1 Rs was quoted at 20% contɛ.
SINGAPORE
The market opened lower on
und advices overstos
eased! further on heavy liquidation by upcountry centres. Prices; No. rubber her ib. Oct. Nev No. 2 rubber per 1b. Oct.
Closing Prices
U.S. Foil "U"
U. S. Line Co.
us. Rubber
US. Smejting
V.6. Steel
Warner Bros.
Westinghouse Elecric
Western Union Tel. Cu. Wen Va. Pulp & Paper Weelworth
2012
NEW YORK
Prices of cotton futures closed
today as follows:
Spor
October
Rotardod ginning activities, greater portion were, for the caused by recent rainy weather
Arpt and second quarter. OVET MANY Acctions of the south,
offerings, Bul new
tinued to be restricted pending further
O crop news,
Rome other new Incentives.
Spot house selling around 5,000 bales in October, along with scattered quidation ami cipating first notice tay Sept. 24-featured near month activitice
Open October contracts today 344 totalled 126,000 bales. The cer- tificaled stock declined 372 to 3,112 bales from the previous posting a week ngo,
di
Atlanta trade reporta noted some contracts made
the
in spot market were for prompt or nearby shipment. Prices in 321 medium and low grades con-
tinued low. Very
shown
211
terest was
shipment cotton,
241
100
-United Presa,
CHICAGO GRAIN
MARKET
Chicago, Sept. 16.
In
in forward
December
March
May
July
October
December
NEW ORLEANS
34.70n
33.16
33.78
36.00
34.07
33.00
37.40
32.61
Prices of cotton futures closed
today as follows:
Spot
October
March
May
December
July
October
December
SAO PAULO
Quotations unquoted
33.10
23.73
33,04
31.07
123.07
DET
52.00
In the United States, the average price for spot markets was also unavailable.
Total sales at 18 marketa brales. United
Some sules were made tos were 32,204 prompt
*
shipment,
but
the Press.
E&A
POBIE
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N, CO.
Leaves Londra Sailed 21/3
2815
Liquidation of the Septem-
#
SEL
Radio
ber soybean contract of an active session of the
Outwards
Bus Hongkong
#
816
41%
Board of Trado today.
*
"CORFU" "JARTHAGE"
18th September
in
"CHUBAN"
1st October
2nd September 20th October 30th October
"CANTON"
19th November
37 is
Auted Chemicals Allied Mule Inc. Allis Chalmers.. American Airline Cable American Corp. American Cyanamide Co. Amer. Forgn. Power Am, Gas & Electric Am. Mach & Fdry. American Motal ... American Beržing Am. Sugar Ref...... Americon Te! & Tel American TOD. "D" Anaconda Copper Armoo Sleel* Armour * Alan Conя, Mining Baldwin-Lima-}}um. Baltimore & Ohio Beneficial Finance Bendix Aviation Coup.
Benguet ons...
Bethlehem Steel
Boeing Airplane Berden (The) Co. Burroughs Add Machino
Pacific R.
Case 13. I) Co
Celanese Corp.
C. I. T. Financial Corp, Chase Manhat. Dank Chrysler Matoru Climax Molybdenum
81-0114
044-85
Cat, Tractor
03-031
No. 3
5331-33
No. 4
"
2014-07
Spot, rubber unbated
...
Blanket crepe.
04-00
LONDON
No. 1 pall ivepe
The rubber market was bare
ly steady with spat quoted at 24 pence. Prices:
In the German traues gains October
Colgate-Palmolive Co. Columbian Carbon Co. Commercial Credit Commonwealth Elec. Consolidated Edison
The September contract
down beans was
as much us 24 cents at the low and caused 50% deiling in later deliveries, The
*
10th October
Via Bouthampton, Colombo, Penang & Bingapore.
Leaves Hongkong Bus London 10th September 27th October 20th October
24th November 30th November
2012
May contract reached a new low for the season.
ITomewards "'CORFU”
*
"CARTHAGE"
*
"CHUSAN” "CANTON",
1715
72 5212 Some commission house buy- ing around noon brought some isk support into soybeans but prices were still below the previous close.
B
18
620
19
445%
Wheat futures were down more than two cents during the SCESION with the ROWN that southwestem Wheat farmers were logging it signing up aeroge in the sail bank,
Prices in cents per bushel:
*
3rd November
22nd November
23rd December
Via Singapore, "Penang, Colombo, Bombay & Aden.
FREIGHT SERVICE -
"SOUDAN" in Port
dz 20th Sept. "SULAT" "SOUDAN" load 2nd Oct.
from U.K
from UK
339
Soybeans
Wheat closed off 1% to 24 cents for new and off 1% to 1 cents for old,
off 214 to
closed
3% cents,
Whoat old contract
September
3129/2
December
Wheat new contract
*
December
Sept. 214(11) 113.(1) 2121
2016-2436
March
213141
118-210 2214--1
May
244-244
July
2311-23
Eastern Airline
Com, No. 2, yellow
*
"OLINDA"
246-2414
Elastrum Koduk
Spot
252-231
El Paso National Gay
September
2347-7344
2311-21
Fundly Finance Corp. Firestone Tyre & Rubber Ford Motor....
December
Match
Ajay
2414-213 2-
General Electric.
July
Bye
24-21.
September
-United Press.
Доставет
Qata
September
December
CAPITAL OUTLAY
The upsurge
in Japanese well-maintained.
London, Sept. 16.. imports over the
German bonds moved ahead falling
two is attributable in part to industrial orders for new capta. the country's extensive capital
smartly on the London No. 1 Rae spot.......
Settlement house term: equipment, And so far there outlay-which have
Exchange following Generated
an- October considerable 弱
nouncement of
the November Additional
December ccomad ΤΟΥ foreign
Adenauer victory. Else October/December materials
January/March and industrial
whore the market was April/June equipment and in part to the
July/Sept quiet and irragulor. Krowth of inflationary pressures.
General markets, cit baxis, ports: September "A sudden sharp contraction these economic to the inflow of foreign goods of a point or more appeared in November doldrums businessmen in USA must lead to give a severe jolt
the Dawes 3 per cent and the to the development programme Young Loan 41⁄2 per cent liens. have been consoling themselves
Game tinc with the assurance that autumn end at the
Potash bonds closed unchanged. accentunte inflationary of the revival would see a
Pro Oil shares had another uneasy autumn Weil, here's
ecsses by further widening the
thun day with a loss of more money-goods gap.
4/ In Royal Dutch and smaller "It is doubtful, whether the
authorities will be losses in British Petroleum and Japanese elther able or willing to go to Shell. these lengths to restore external being equilibrium quickly, the Finan-
and its autumn models. ter.
facile But even the most
Throughout
upsure.
Where's the upsurge?
This absence of revival a causing anxiety both in USA and elsewhere.
Now a lot of faith is pinned to the automoblie dustry
optimista B003
of
Gut-edged securities hardened
in- clul Times writer added. Reu- at the opening, but there was no further movement and prices closed unchanged. Coppers opened strong but closed below their best levels of the day,- United Press,
a prospective
snag thoro, A Ughter money London Foreign
policy in the country looks like
pushing up loan interest rates
an
and sloce so many of America's
are bought alitomobiles "pover-nevar," chances are that many would bo car
Exchange
London, Sept. 16. Closing rates were: New York buyers Montreal.... will think twice before com- Amsterdam mitting themselves. And this Brussels .... apart from the normal gamble freskhari of whether new modela
"click" with public.
Copenhagen Wil Man
And so anxiously America Boekhoun and a largo slice of the acon0-
world-watches mile
X701-2789% 2.0714-2.09
10.00-20.3094
139.45-130.071
10,3372-10,34**
1107-11871
274214-1743
New York Sugar Market
Continental Oll of bel. Crown Zellerbach Cuban Amer, Bugar Diamond Aikall Douglas Alterart Dow Chemicals Dupont de Nemours
General Foods General Motors Gen. Pub. ULI. Getty Ou Glidden Ce Goodrich (ILF.) Co. Goodyear Tyre Gult Ol
Heyden Newport Corp. Itome take Marine Ch Digersoll-Fland
Inland Steel Co. Interchemical Corp.
Int Business Machines ** Int'l Harvester ............. International Nichol
intematianni Paper 13n41 Tol. & Tel.
caras C. Power & Light
Now York, Sopt. 16. World No. 4 sugar futures closed today three to paints lower with sales of 269 contructs. Domestic No. 6 sugar futures closed unchanged to une point higher with sales of 44 con-on tricts.
Domestle No. 6 suger futures Mesabi Iron Corp.
John Manville Co.
Kennecot) Copper Liggott Meyers Tob, Co. Lockheed Aircraft Loews Incorp..... Lone Star Cement Co. Lowenstein & Bort. McDon Aircraft
Stock Exge.) .....
NY SILVER closed quiet with light buying Minnesota Mining
PRICES
,'
Parle
New York, Sept. 16. 744335-14.4375 Zurich
22.30-12.1836 Handy & Harman, bullion Others unchanged.
dealer, today quoted the price New York exebangs cales were of silver · at 90% cents a fuo ource, up 0.468-cent from Friday, plans to do about setting the unavailable-United Press.
Government to me
the US what it
boom in motion again.
There is a strong school of
thought which holds that the
Government is being doliberate-
NAMESAKES
The price of the white metal was out the same arount on: Friday. The two price changes, according to Handy & Harman,
Answer:1 Strings, 2 Jokes, rafected nonnal supply-demand
ly power-faced; that it feels 3 Songs, 4 Adventures, 6 Stage, factors. that stimulus given during the ¤ Uxeldo, 7 Films, & Ridietious, last economulo pauso bred foo Entertainm 10 Fumour, T facile an acceptance of mine- | Trouble, 12 Funny, tery authorition willlognoss to
George. Formby,
In London, spot silver hold unchanged at 70% pente United Press,
orders in the November de livery.
Misdon Development Monro Chemical Co. Montgomery Ward Motorols Inc. ex National Cut Bag. "A" National Daley Prod. National Lend
Otis Xhevator
Cuon Tilippl on
Pan American Airway
Cuba) 3.03 Open interests: 6,765 contracts,
Parmount Pictures
Parko Day] Co.
Contract No.' (world)
October January March May Jwy
4.60
4,22
3.55
New York Central
National Steel Corp.
3.1
Olin Mathieson ........
October
3.12
Spok-townia *** per lb. fb
Contract No. 8 (dama-lls)
Penn Salt Co.
November
0.07
March
May July
September
November Spot-cents per lb. air NY
3.30 6.60 0.83 .5.15
Pure
dick
Open interest!
Contracts
Hilted. Press,
Penny J. G. Co.
Philip. MaTIN
Procter & Gamble Co. Pitsburgh Pluto Glass
Industries
Madist Corporation
Izeurs, Roebuck.de Co fron co
{Am.
08% Soybeans, No. 2, yellow
130
8pct
141*
Beptember
November
90%
January
March
May
300 Barley,
salts 3rd Cit
for Aden, Port Sald, Alexandria, Chenoa. Casablanca, Meille London, Hamburg, Rot- terdam Antwerp,
BRITISH INDIA S‚N, CO., LTD..
1850 A HUNDRED YEARS OF BERVICE -- 1950
"BANGOLA” dite 23rd Sept. from Calcutta, Rangoon
& Straits [sp Japan
salls 28th Sept.
-due 20th Sept.
Lille 20th Sept.
"BANGOLA”due 15th Oct.
salls 15th Oct.
froza_Japen
*
for Singapore, Fening.
Rangoo Cakutta Chittagong
from Japon
for Singapore, Penang, Rangoon & Calcutta
P. & O./B. I, JOINT SERVICE “IKAUNA” due 19th Sept. rats 19th Sept.
4th Oct.
from Jupan
tor Singapore. Bombay, Karnetu, Dubal, Basrafe Khorramabentar de Kuwai
From Karachi, Cochin, Colombo & Straits for Japan
from Japan for Sapore, Penang. Port Swettenham. Madras & Kakinade. from Karachi, Bombay, Cochin & Singapore tor Janan
0516
0315-35
234
"UMARIA"
2303 201
*
*
"TRIA"
Lil Bit Oct.
Rue Sth Oct. kits zoth Det
New York flour
200-lb. mack...
123-133
$13, 201
United PICES.
*
540%
6-1-
Th
WINNIPEG PRICES
Winnipeg, Sept. 18. Prices of grain futures elasod today in, centa per ib.
"OZARDA" due 1st Nov.
saus 3rd Nov.
AS
:
121
334
Spot
mmmmit
Parley!
31
2033
United Preat.
Exchange Rates
Busées wh
DIEDESCRIPT
song lai tho lost exchango market Thi moming at the following ruler=" 18 dollar (per ell
135 BURAK Hots (per
say Australian noten (par &110. 0911) Indonesiaŋ; rupiai),(per 100)..
Blam Ucs) (per 100)
28 Ningaporu (âtralie)
EASTERN & AUSTRALJAN S.S, CO., LTD.
4th Oct.
"NELLORE" doe
“ARAFURA" lands 3/4th Oct.
sails 8th Oct.
Trom Australia
for Labsian, Sandakan, Rabaul, Brisbane, 574-
Dalbaume Adolesce
ney
All Topels have liberty to call at any porta un or off the route & the reste à múings are subjous to change or amendment with dy without melios.
Fur full perticulars atat, ra, MACKINNON. MACKENZIE & CH DE HONG KONG 110. Tel shop
E-