Page
THE CHINA MAIL, WEDNESDAY, SEPTEMBER 25, 1957.
TRADE and COMMERCE SECTION
UK'S PROBLEMS CAUSED EXTERNALLY Cotton Futures
WALL STREET STOCKS SLOWLY
RECOVER
By DOROTHEA BROOKS
New York, Sept. 24. Stocks scored substantial improvement today despite some uncertainty which slowed the recovery from its initial fast pace.
The market retained about: one quarter of the $3,700,000,000 slashed from values in the pre- break whleh ceding stuns
pushed Industrial prices closo cut to the Feb. 12 lows onl rail prices back to the levels of November, 1954.
boosted
Murulia hunters prices sharply in the opening rush,
turned selective. then
Some holders who did not join
♫
in the big sell-oft took the up- turn as a chance to unhad few shares.
The net result was a gain of 3.91 points to 462.87 in the In- dustrial average: a rise of .71
to 125.00 in rails, 38 to 67.23 1 utilities and 1.17 to 158.46 the 65 stuck average,
Volume Slipped
Volume
Montgomery Ward Motoren Inc. National Cash fieg. “A National Dairy Prod.
National Lend
Naonal Steel Corp. New York Central
Norfolk & Western ity.
Olin Mathieson
Ous Eevator
Owen-Illinois Gi
Oxforil Paper Pacific Gas & Flee. Par Aniertean Airways
Paramount Picture
Parke Davis Cu
Jenny 3. C. Co
Penn Sall Co.
Pip Morti
Procter & Gamble Co Tertabur Plate Glass
Pablicker Industries
Itudio Corporation
Republle Steel.
Reynalds Metal
Seat Ibnck & Co
In
Shelf On Ch...
Petr Her, Paper
silpped below. the 3,160,000 share Monday total which was the heaviest of the year, totalling 2,840,000 shares. The market experta said a technical recovery way in the Monday cards following the
Sinclay 01
Sorons Mobiil
Solar Aircraft
South Puerto Rico Sugur Southern Co, (990) Southern National Gar
Southern Railway (Com.)
Stars Brands Standard Oil of Cal. Standard CU Ind
Standard Ou of N..
Steep Rock (Toronto Exge.) Sterling Drug Cu. Stokely-Van Camp. Sudelsker-Packard Corp. Surishar Mining Swift & Co, Texas Co.
Textron Inc.
Tide Water A. Qi Time to w Twenty Century Fox Film Unkm Carbide Valon Oil Cal
break and there was nothing elsa in the riews to account for the improvement. The economic picture remained clouded with Loth good and bad Rens prompting continued caution.
Leadership was top quality Union Pacifte Hallway with Bethlehem Steel, General
United Aircraft Motors, US. Steel, Jersey Stan- United Gas Con dard, Royal Dutch and Gult! US. Foll "R
Oil the issucy.
most actively truded
of 1,194 issues traded, 578
U.S. Gyan
US. Line Co.
US. Singlung
US. Rubber
us. Steel
were higher, 373 lower 243 un-US. Stoet 7 pl. pf.
changed. There were 170 new
lows, 2 new highs.
Warner Bros.
Westinghouse Elentile
Wentem Unlon Tel Co.
Woodworth
NY Stock Exchange bond Wet Va Pulp & Paper
volume was $5,000,000.
American Stock
Exchange
volume was 920,000.
Closing Prices
Alden tue. Acy.
Allied Chemjcuts Allied Mills Inc.
Allis Chalmers American
Aline
American Cable & Radio
Corp.
American Cyanamide Co.
Amer. & Foign. Power
Am. Brake Shoe
Am. Gas & Electric
A. Mach. & F'dry.
American Metal
American meng
Am. Sugar Ret.
American Tel & Te
Berican Tol. "B
Anne Copper
Arnico Steel
Armour
Atlas Cons. Mining Baldwin Lima-lain. Baltimore & Olu
$ 1616
10%
اايد
1:00
50%
100 B4
41
37
371
431
United Pre
Sterling Dominates
London
London, Sept. 24.
Sterling performance in the
foreign exchange market
Its
again dominated the stock exchange today. strength
Sterling Suffers Overstrain As World Currency
By SYDNEY S. GAMPELL
London, Sept. 24. Probably the most important result of Britain's measures will dramatic anti-inflationary eventually be to enable her to come into court with clean hands.
The major factors which are
wrecking the international financial order-which is so largely based on sterling-have very little to do with Britain's internal economy or her balance of payments.
There are the D-Mark gap and the Dollar gap and the overstrain on sterling as the world trading currency, which is not treated as a world reserve currency.
Internal Investment
Constricting internal investment, which was already too small, is almost Irrelevant to these terrible problems, The most one can say is that a firm home base should
make it easier to tackle them. But while Britain was surrendering to the inflationary conspiracy, the true problem has been masked.
With Britain having a crisis Bank Rate of seven per cent, the German authorities can no longer assert that the weakest currencies have the lowest rates.
The British Government has made a three-pronged attack
on the base of the inflationary conspiracy. prongs are the ceiling on the capital expenditure of the public authorities (including the nationalised in dustries), the ceiling on bank advances and higher Bank Rate,
Wage Inflation
STERLING UP ON WORLD
HONGKONG
MARKET
STOCK EXCHANGE
London, Sept. 24.
Rule Quietly
In New York
New York, Sept. 24. Cotton futures today ruled quiet and narrowly
mixed, varying a few points on either side of the previous close, After-sec-suwlag over a ten- point range, the 1st closed net Your to Alvo points higher.
Sterling continued its slight there were no material change Opening prices were up one to
upward trend on world's monoy markets today as Mr Petor Thorneycroft, Chancellor of the Exchequer, told the International' Monetary Fund mooting in Washing- ton there would be devaluation.
9x101
December March May July
October
four points, Now closed up two to three points. Evening-up operations in the
October
delivery featured with commission house chart reader buyer in the May Dec. delivery.
MAT. In the absence of delivery July May noifces on
December Orleans
March
during the half day's session. the
Trading
was rather Door Fielding approximately $379,- | 000.00, our own correspondent reports S01
the morning prices:
Shares Buyers Sellers BANKS IIK Bank 040 000 no INSURANCES
Union HEPING Wheelocks New York: Sterling CONDOCKS, ETC. tinued to harden in early trad-K. Wharf .. ing. After opening at 2.78-3/32 Bucket to 1135 it rose to 2.79-5/16 in the first hour of dealings.
GOOD DEMAND
Pvident
(rin)
LAND, ETC HK Hotel KK Land..
་་
x
10 00
14.28
BEGRAAN
SARSSTE
SAO PAULO
Cotton future closings, in
co-
pence per ib, were as follows:
Oct.
27.05
19.13 5040
first tender day, In the United States the bought October average price of one-inch cotton sup- at 14 designated spot markets
trade shorts against sulca of March,
7.03 2.19 7000 44 7.05 posedly to transfer hedge posi- was 33,10 cents.
120
.1.10
Humphreys 13.00 10.20
UTILITIES
164.10
tions forward.
The Government weekly crop summary was considered mostly unfavourable and acted to offset 120 / 1,05
the slow situation in the textile 500
14.00 market and news of additional 39.71 mill close-down. 0000
NEW YORK
New York, Sp1, 24.
33.75
500
1.50
1.35
22.00 23.20
today as follows:
Spot
101 103 200 102
October
Park: There was a good de- mand in pre-market dealings, RUBBER the rate hardening to 980.00 Amal...... franes after closing yesterday Trust at 078.85. Better advices from Trom New York were held respon Yaumati sible, but bank quarters report. C. Light (0) 18.30 165 1200 e 18.30 ed the market very unsettled stift and subject to wide ductus-
་་
(ra) 12.30
1000+ 19.40
00 12.30 200 12.20 240 12.30 773 12.30
100 27.70
Prices of cotton futures closed
December March
May July October December
March
NEW ORLEANS Prices of cotton futures
tions.
The
the
Frankfurt: Spot sterling continued to rise, the Macao E... lowest and highest quotations Telephone being at 11.725 11.750 marks compared with 11.006 11.685 STORES, ETC. yesterday. But purchases were Dalry
poradle with most importers Walon
Lane, C. still reluctant to keep large COTTONS amounts of sterlinų.
Electric
roles
for
27.70
10.40 24.00
2000 27.80
500 20.00 M
300
20.10
500
30.00
today as follows:
Spot
10.00
14.00 12.10 12.40
1212
500 15.70
October
500 m 12.50
9.00
MISCELLANEOUS
200 m 21.20
Nanyang
Zurich: The sterling position. Entert. was little changed, opening at 10.05 11.15 francs compared with 10.75 -11.05 yesterday Bankers reported a little mure
Wage inflation is scotched because employers will simply not have the money to pay inflated wage claims. The nationalised industries will have to cut their cont according to the national cloth-a complete innova-activity with increased oftem to tion-because they will not have the money with which to do anything less.
Both the public spending and the volume of bank ad- vances are to be held stable in money, which meane that they are to be doubly or trebly cut in real terms. They are, not to be allowed to expand in line with natural expansion of the economy, let alone with price inflation.
sell spot sterling.
UPWARD TREND
Amsterdam: The upward trend continued with sterling opening at
10.03 compared
Brussola: Sterling
43 TUSC
WORLD RUBBER MARKETS
New York, Sept. 24.
with a final 10.61% last night, Rex rubber futures today SAILS:
closed five to ten points As some further price rises are already in the pipeline, centimes to 140.00 francs, the lower with sales of 57
the spending and the bank advances will be genera-highest for two months. ting less demand and employment even if the genera- tion of inflationary pressure ceases forthwith.
Prices Go Higher
If wage inflation puts prices higher again, then the cost in rent demand will be much bigger. At any given rise in costs and prices, the fixed sums of money buy that much less work. Four-year spending pro- grammes would have to become five-year pro- grammes, and so on.
November
contracts,
September
January
March
Yay July September
34.85
33.570
34.pa
33.24
Total sales at these markets were 33,035 bales,
Liverpool cotton prices were unavailable.-United Press.
New York Foreign Exchange
New York, Sept. 24. Closing rates were: England metal
Australia
unofficial
30-daya
It-days
New Zealand South Africa
Indila...
Belgium
closed Pakistan
Others unchanged.
2.79 5/16
2.58-2.50
2.78 5/18
2.70 8/16
2,231
2.78 8/10
2.79 11/16
0199 3/10
2005
2003
London exchange rates were
33.98 unavailable. United Press.
P&O
R.M.S. "CORFU"
NOTICE TO PASSENGERS
20.00 29.20 29.20
BAGGAGE:
Belgian Anancial circles aliri- buted thi strengthening of sterling to the recent stiff rise in the British bank rate.
London: In the foreign **- here sterling change market reached its highest point since last July, closing at 2.79-7/32. te ten points lower with no fales The lowest level of the day was reported.
still as high as 2.78-1/32
In contrast, the West German Mark closed at 11.733% compared with yesterday's close of 11.69.
This does not mean that the Government is deliberately Continental currencies cheapen-
creating unemployment. Management and laboured all round.-Reuter.
can have whichever they choose. If they cut costs,
the fixed sums of money will pay for more work, not less. China Mail Special,
the New York Sugar
45
201
1038
721
201
5412
12
131
1.2
against
43
Beneficial Finance
154
dollar filled the stock
Berlx Aviation Corp.
4012
guet Coas
Bethlehem Stect
4242
Boring Airplane
271
Horden (The) Co.
0
Burroughs Add Machine
40
Campbell Soup Cr
Canadian Pacife R.
Case (J. 1.) Co.
107
Cut Tractor
7005
Celanese Corp. ....
C. I. T. Francial Corp.
10%
Chase Manhat. Blank
405.
Chrysler 11otors
37
Clan Molybdenum Cluott Peabody Colate-Palmolive Co. Colomblan Carbon Co. Commerele Credit Commonwealth Elec. Consolidated_Edison Continental Oil of Del.
Crown Zellerbach,
Cuban Amer. Sugar Diuinand Alkall Diamend Match
Douglas Aircraft Dow Chemicals Dupont de Nemours
Eastam Airling
Eastman Kodak .....
El Paso National an
Family Finance Corp.
Firestone Tyre & Itubber Ford Motor
General Electric
-17
market with a cautious cheerfulness.
British Governmeni stocks
enjoyed a strong recovery with Old Consols up 207. and War Loan up 15/».
industrials TOSI! only But moderately-dd to 7d. There were a few exceptions such as Rolls-Royce which at one time was up 4/0 to 106/3 though it 32 closed with a rise of 2/6. Chain 2013 stores,
and like Woolworths 421
Marks and Spencer, gained 2/- while some of the engineerings were up 2/-.
EXTREMELY ERRATIC
Market
NYLON USE EXPECTED TO INCREASE
New York, Sept. 24. World No. 4 sugar futures closed today one to ten points lower with sales of The 626 contracts.
Domestic No. 8 sugar futures, closed unchanged to two points lower with sales of 38 contracts.
SINGAPORE
STOCKS
Standard contract closed five
September
November January
March
Mar
July
September KANNADA
0,00 20.20
29,30
20.20
20.23
$49.24
Thursday, 26th September, at 6.00 P.M. for the UNITED KINGDOM, via Singapore, Penang, Colombo, Bom- bay, Aden and Port Said.
Passengers are requested to send ALL BAGGAGE to the Hongkong- & Kowloon Wharf Co.'s Godown No, 2. GATE, CANTON ROAD ENTRANCE, By Noon on Wednesday, 25th Septem- ber..
SPECIAL NOTE: With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Co's Godown for loading on board by ship's elings only,
Dealer hedging and scattered pelling Lowered prices follow- ing early steadiness created by some commission house buying EMBARKATION: altracted by the recent decline. Intra-denler swliching includ-
et exchanges of January con- tracts for physical rubber. Shipment business was light. with reported sales including some four sheets out of Malaya
shipment
Singapore, Sept. 25, Brokers today quoted the for Sept-Oct. following stock prices:
Fraser & Neave 7% cum.
pret
Hongkong
274 cents, cost and treight. Spot No. 1 Rss was quoted at Opening 2031⁄2 ceris.
$3.99
$24
82.70
$4.05
Batu Lintang Rubber Co.
Lid
Borneo Petroleum Britis
Byndicato New York, Sapt. 24.
Consolidated Tin Smeltemi's use of high-strength Ord. nylon plastici In the Fraser & Neave Lts Ord... manufacture of American automobiles will increase Commens (Malaya) Limited $7.124 ten fold to more than 50 million pounds a year.
Kampar Tin was forecast by Dr C.
Laitian Rubber. Estates Lin. the October delivery, and the siseppointingly slow situation | Mienes, consultant and Euro- Malayan Breweries
raw market, were the pean representative of Foster New Serandah Rubber Co.
Ltd. world Grant upsetting factors in the
Company Incorporated, retaling Tin Ltd. contract.
producer of chemical, and plas-itoffiek Hotel, We materials.
Singaporo Cold Storage Straits Trodink
Pressure of Hquidation in
in the
to
This
Not only will nylon continue metals replace
In various
SINGAPORE
The market
un openca changed but eased on state bull selling. At lower levels the market eased further on some short, covering. There was a fair lower grade demand and some factory buying. Futures: Nd. 1 rubber per Jb.
Det.
13.0744 No. 4 rubber per lb. Oct.
Shanghai
Banking Corp
$100
Hongkong Ties Ltd,
Kumpas Ltd.
31:05
Nov.
4x
21.03
No. 2 rubber per ib. Oct.
No. 3 rubber per
16.
$2,50⚫
Spot rubber unbajed
$3.20
Blanket crepe
$2.874
No. 1 pale crepe
$1.02
LONDON
17.22
The
Stratis Steamship United Engineers Ord.
117
$1.2215
cuauty-China Mali Special.
319-80 Industrial applications, he said, Weare Bro
J5
21%
30
60
3412
180
Contract No. 4 (world)
31
5014
Cils were again extremely c erratic with British Petroleum Mar.
Jan
and Burnah up about 1/6 and May July Royal Dutch down 17/0.
Sept. Oct
3.30 FL10 3.20
General Fooda
General Motore
German Polash again fell Spot (certs per lb, fob Cuba) 4.20
Open interest: 130 contracts. 40th | heavily with the 7 per cents non- Nov.
3,00
5.54
Gen. Pub, ul.
assented down 23 and the 0%
5.46
Gaily DD
279%
Glidden Co.
per cents down El es were also
Goodrich Co.
8014
the assenteds of both stocka.
MAY July
5,60
Gulf Oi
10% Japaneso .non-assented
Sert 10078 NDV.
5.43
5.03
Hoyden Newport Corp.
"ex-duly)
Ope
Inland Steel Co,
United Prom 19
6,400 contracts
interchemical Corp.
Jatarnational Nicke
Goodyear Tyre
Homesta Mining Co. Ingersoll-Rend
Int Businem Machines
Int Harvester
International Poper
Int'l Tel. & Tel.
7412
304
Mar.
jumped £2% and those of the Epos-cents per ib. elf Ný**
| 1924 £2; among the assenteds
58%) were numerous rises of £1 or
even more.
The premium enjoyed by
dollar stacks fell from yester New York Metal
90% Jay's 12 per cent to 8 per cent, closing at 10 per cent-United Freas.
Futures
Jay Modermott
John Danville Co.
40%
Keras C Power & Light
Kaler Industry
10%
Kennacott Copper
Läggvit Mayes Tob. Co, ***
Lockheed decent..
Lowwa Mazury.
1535
Lone Star Cement Co.
(Am.
Lowerein & Bon
McDonnell
Mock E
Aircraft
Manabol Front Corp,
Minnesota Blandná
*work Developemerik
· Monsanto Cherntcal Co.
but it will continue to grow even in the face of newer plus- ties which are still in the re search and pilot plant stages.
of
As much as leti pounds nylon material will be used per cur in 1902, outside of tyre appilcations, he salt At pre- sent, less than one pound 1900
car-China per
Special.
is
London Metal
Prices
London, Sept. 24.
Car Output Increases
י
7014-2016 02-64
WIE
rubber market quietly steady with spal quoted
241-256
ut 24-0/16 pence per lb.
No. 1 Ras spot
.......
Bettlement tous tenn:
November
January/March
April/June
July/September.
October
November
December
Genemi marketa, cif basis,
Estate crepe thin Nov...
thick Nov... AMSTERDAM
2
2011-2014 2471-25
24 273
elf October
Paris, Sopt. 24.
The rubber market was quiet, French motor vehicle output Prices closed today in guilders in July totalled. 93,287 units per kilogram, against 70,670 in June 70,071 in July 1966.
and follows:
No. 3 rubber
No. I he Cars accounted for 73,580 No.
commercial No. I crepe in July units vehicles 19,376 and buses 320. In June Comparative figures
Prices of metals closed today were 32,510 cara, 10,759 com-
2.33 nom.
2.34 KBOITI. 1,30 nom. 2.01 Deld
Unlied Prom.
in aterling per long tonna fol-mercial vehicles and 292 buses, Exchange Rates
New York, Sept. 24, Prices of instal futures closed today in cents per lb. an/follows:
lows:
Buyers Bellar
Tin spot
730
701
3236
3-month
unquoted Copper spot
500
190
0.125
BUS
J-month Lead 2nd halk
1931
21405
2330
53
Zine 2nd half Bop1
Zino Ind
Pl
14.000
Inited Press.
NAMESAKES
Answer:-1 Explalts, Rute, Lead shops. 3 Fame, 4 Legends, & Adven- | zine tures, 8 Empire, Sovereign, a 2014 Jubliant, & Kingdom, 10 Forth Copper Bept.
right, 11 Mandeville.
Tin Sept
Proster John,
Bept,
com-
J
in the But as done
Loca
while production in July 1956 was 14,929 cars, 10,405 mercial vehicles and 247 buges, unomcialexchsure market this French motor output in the morning at the following ratos:-*
5,01 But first boven months of this year US dollar (per 31)
Sterling notes (per e})******** totalled 300,400 units and in Australian noter (per 211**** Hcluded 499,008 cars, China Indonesian rupiah (per 100) "...
Artical (per 100) Mail Special,
Bingapore (Strulta).
Passengers should embark between 3.30 and 5.00 P.M. on 26th Septem- ber, 1957.
Subject to alteration with or without notice
The Shipbusters
a
Tribute to the
ROYAL
AIR FORCE
A true story honouring a hitherto unsaluted band of heroes - the men who flew the RAF's torpedo bombers
by
Ralph Barker
Commencing on
Sunday, Sept. 29th
/
in the
CHUNA
POST-HERALD