Page
THE CHINA MAIL, TUESDAY, OCTOBER 1, 1987.
TRADE and COMMERCE SECTION
CHANCELLOR RESCUES THE POLITICAL TRIANGLE
QUIET TRADING UK's
AT CLOSE ON WALL STREET
New York, Sept. 30.
The stock market closed out the month
with a session of routine, quiet trading. Final averages showed the list a bit lower on balance and, of 1,112 issues traded, 511 were lower while 311 advanced on the day.
The cusiness seemed Inore Kennecott Copper..
agelt Mayers Tob. Co. the result of neglect than any Lockheed Attra selling pressure. Only a F-Loews lacurp......
Lone Star Cement Co katively few features moved at
Lowenstein ▲ Bone.
all widely and volume lighten-Mesabi fron Corp.
od rubstantially.
Turnover
totalled only
Mianowota Mining for the session on Development
1,520.000 shares, sante Chemical Co.
Montgomery Ward
230,000 below Friday and Right-totorola Inc. rst in two weeks.
Tobaccos
BO
National Cash Beg. ' National Dairy Prod. National Load
1024
National Steel Corp.
New York Centrai
Nurfolk & Western By
0014
bon
Otis Elevators
with
Tobaccos were strong features
the session1 throughout
a point saling rengig to American Tobacco and Liget! & Myers, Lorillard was frac- tionally higher md one of the day's most active traded issues. whose en- Jersey Standard, nouncement of a proposed 259 million to 300 million Mock offering upset the market late Friday. was the most active lasur, holding unchanged on the day.
Alleghany Corp., following in the active list, fell % to 6% on
Owen-Illinois Gl
Oxford Paper Co. Parle Gas & Elee. Pan American Airways Paramount Plotures Parke Davis C Penny .C. Co. Penn Salt Co. Philip - Morrla
Procter & Gamble Co.
Psburgh Pinte Glass
unieker Industries даше од
tadia Corporation Radio Corp. Pret. Repubile Stai Reynolds Metal She Oil Co..... Spint Reg. Paper
a Court ruling that the Inter-Shell Oit
state commerce commission had
Sucony Mobiloil
South Puerto Rico Sugar
no authority to approve issuance Southern National Cas
of new 8 per cent stock. General | Southern Hallway Com.) Motors, US Steel and Royal Standard Brands
Standard Oll of Cal
In
Overseas Trade Had Good Surplus
HONGKONG
STOCK EXCHANGE
Our Own Correspondent Business done on the Hong- kong Stock Exchange this morning amounted to approxi-
mately 3282,000. Noon quota-
£
WORLD
RUBBER MARKETS
New York, Sept. 30. Rex rubber contract closed today 20 to 44 points lower with sales of 19
contracts.
Novobe
March May
20.41 3041
29.43
AT COMMONWEALTH FINANCE MEET
By MILTON S, CARMAN
Mont Tremblant, Quebec, Sept. 30.
Strong under-currents of the political triangle involving the Western world, the Afro-Asian group
Communist bloc were discernible at the opening session of the Commonwealth finance ministers conference.
and the
The African-Asian ministeration with Russin in the Atra- outnumbered the "white" mini- Arlen world.
The possibility of the pre- sent conference having major
tons and the morning's trans-39 points lower with no anles Nyasaland
nctions:
From RONALD BOXALL.
London, Sept. 30. his speeches in America, Mr Thorneycroft wisely concentrated on the basic strength of Britain's overseas trading position. Here was something that foreign speculators had apparently forgotten in their feverish Bank.. anticipation of a sterling devaluation.
The Chancellor revealed that
to
That's the theory But will in the year up to last June it work? The answer is it will period of exceptional difficulties if the Government let it. for Britain-we managed
But they must not expect Carn a payments surplus of just much
help from the trada over £200,000,000. And he unions. predicted an even bolter per- formance in the current twelve months.
**This”. sukd Mr Thorncy- croft, is not the picture of at declining Currenty. parity is right,"
Price Level
So with action and words the Chancellor has rescued the pound to fight again another But whether it will need day. to fight again depends on the 7046 | effect of the recent economic measures including the two per 4746
cent increase in bank rate on Britalu's internal price level,
73 271
54
ร
37
3542
40%
off
Standard Oil of NJ, Sleep Bock Toronto ExRy)
Sterling Drug Co.
Stokely-Van Camp.
Studebaker-Packard Corp.
3015
Dutch also were among the Standart Ol of Ind.
active features.
Steels generally wert: fractions with
Youngstown Sheet & Tube declining more than a point.
Features
Sunshine Mining
Swift & Co.
Texas Co.
Tide Water ART O
Texum Inc.
Twenty Century Fox F:
Union Carbide
nion Oll of Cal.
Union Paelle Hallway
Oila had higher features in Seaboard, Continental and
Shamrock, each up close to a point, while Royal Dutch fell. Foll "B"
14.
Motors were le changer, United Aircraft, Bocing and Douglas declined around
aircrafts. Eastman point Kaduk and Dow lost around a point in chemicals.
Halla moved narrowly for the most part with Chesapeake & New Ohlo, up a point, and York Central and Kansus Cily Southern, off one,
The averages: Industriols 458.30, or 0.59; rails 123,70, o 0.42; utilities 60.87, of 0.21; 65 stocks 150.49, of 0.32.
American Exchange stock zales rose to 610,000 shares from 670,000 shares traded on Friday.
Bond volume amounted
Friday.
Closing Prices
10
United Aircraft,
U.S. Gypsum
U.S. Line Cu
U.S. Rubber
11.9. Steel
Warner Bros.
Westinghouse Electric Went Va. Pulp & Paper Weelworth
201
04
251
Бр
20
BUY
3552
**********insted Press,
Fears Of Wage Round
Hits London
London, Sept. 30.
Tho key passage in the statement accompanying the an- nouncement of these measures was this:
control
Highly Critical
BOATIN Buyers SeToy BANKS
BILPPING Wheelock
pockS, ETC.
K. Whart
Dock Fyldent (0)
September
| sters six to five India, Corlon, November..............
Pakistan, Malaya, Ghana and Standard contract closed 29 to the Federation of Rhodesia, und the representing Afro-Asian group and Canada Britain, Australia, New Zealand and South Africa on hand for the "while" Commonwealth partners.
Bains
J
May
reported.
November March
POZIS
July
2941
September
EDAL
Futures and spots ruled 20
7.00
1
10.40 41.00
LAND, ETC.
IIX Hotel.
MK Land
24.80 13.10 1000 1
341% 3419
Humphreys
10.20
RUBBER Amalg UTILITIES Tram
Yaumalt...
23.20
extremely quiet. Of the lots on the terminal market, about one-quarter was intra- dealer switching, including ex- changes of January-July at three points and May/July at one point.
at 20% cento
one
CONTENTION
The immediato hoped-for re- sult of this conference, as for as Canada is concerned, is that it will lead to a full-dress Com. monwealth
trade conference.
and far-reaching effects in the political and economie struggle | betweed Husala and the Western world is further underscored by the very strong delegation Bri- tain has sent to this conference, She is being represented by three cablaet ministers who are acknowledged to be among Britain's top economic experts. The rest of the Commonwealth countries are represented by only one cabinet minister cach, except for Canada, whkh sent Firence Minister Donald Flem- Ing and Trade Minister Gordon Churchill to the
and eventually the establishment of a nourishẳng Commonwealth | Press, trade area.
the
talks. Unitori
Shipment offerings were light and priced too high to Interest 1.026 1.56 3000 @ 150 local buyers, Dealers reported
NAMESAKES fair-sized
It is the contention of offerings of Eheets in the local deliveries Canadian experts here that 12 Answors-1 Books, 2. Food, 3 101 102 C. Light (0) 10.40 10.70 [email protected] market at 20% cents, but fac such a trading arrangement Imbibe, 4 Accounts, 5 Christmas.
10 10.10
could be reached it would modity Carol, 7 Party, 0 Scrooge. D tory interest was almost non- Elecirlo....
20.10 $40 Tekphone the
1 ZAD ZI 1000 @ 273% exisicnt. Spot No. was the present world trading pat- Happiness, 10 Surprise, 11 Cal- INDUSTRIALS
quoted
culates, in the torn in an important degree in Cement***
28.40
afternoon.
the direction of offering greater Bob Cratchit (From Dickens' Amey Con
economie and political compeil» | "Christmas Carol"}, STORES, ETC. Dikey 30 17 15.40 Watson 2011 12.70 1000 @ 144% LABA, C... 10770 50003850 Teule .... INVESTMENTS
K & FE Invent.
bo
OTION
0%
AMSTERDAM
The rubber market was quiet. Prices closed today in guilders per kilogram, elf October as follows:
No. 1
9,70
No. 3
0.00
2:30 10
No. 2
London Foreign
The General Council of the our Trades Unton Congress as was to be expected were highly critical of the Government's Actions. They recognise the importance of protecting pound and concede that the to- cent exchange situation was not entirely of the British Govern- ment's making, But they do not agree that the measures the Government took were the right ones in the circumstances, They threaten to lower indus. trial activity, said the Counell, and cause a rise in unemploy ment "which is likely to persistent."
Not a word about the trade unions
the responsibility in matter, And this omission hos been interpreted to mean that the TUC attitude towards wage restraint remains
London, Sept. 30. un- changed.
Closing rates were! New York
2.7035-220 0/16 Ботс unions are still be-Montresi having as though inflation were Amsterdam something that couldn't possibly Bruchs
Copenhagen concern them.
A three-month Frankfurt old strike of shipwrights at a Milan Clyde yard over which unions Paris members should do what job Zurich has just been called off, but a strike of draughtsmen at the de Haviland Aircraft works for a third week's holiday with pay is spreading,
"There can be no remedy for Inflation and the steadily rising prices which go with it which does not include and indeed is not founded upon a of the money supply, So long ag it is generally be lieved that the Government ur
to BCL the necessary prepared finanec produced to match the upward spiral of coals, inflation will continue and prices will go Up."
What is done is done and arguments about whether the Government were right to do what they did or whether they would not have done better to do something else are profit- ics, All we can do is hope for the best without expecting too much,
Bitter End
is
The only question now whether the Government having said exactly the right things and done approximately the best they could, will have the
10 БСС
their policy courage through to the bitter end,
Mr Thorneycroft says they will. They are prepared, he
Testing Time
But these are early days. The testing time wiil come when an answer has to be given to the unions who are now de manding higher wages shorter "hours.
this
or
The Government cannot ex- pect to stand aɛido and let the unions fight it out with the employers. Xis own attitude as an employer will be decisive, Earlier
the "ha- ycar transport Industry tionalised capitulated to the unions and started a round of wage claims that gave another twist to the
Now railwaymen
arg again fret in the queue for more pay and the "British Transport Commission will shortly have
the Gover- to decide with
inflationary spiral follow." The
$3,321,000 against $3,000,000 on Fears of an approaching new told the IMF, to deny the extra
round of wage increases cash-the fuel of inflation drove many issues lower "whatever other painful con- on the stock market toequences muy
measures would be pushed to the lengths necessary to make them effective,
What is needed to make them effective is not more un-
Allled Chemicala
Allled. Mills Inc.
Allis Chalmeri
Am. Brake Shoe American Airline
Cable A Radio
Americna Cyanamid to Amer, & Furgn. Power Am. Mach. & Fdry, American Melui
Snelling
An. Sugar Ref, American Tel & Tel
American Tob, ""
Ansranda Copper
Armes Stect
AMOUT
Atlas Cors, Mining
Baldwin-Limo-Ham,
Baltimore & Ohio
Bendix Aviation Corp,
Benguet Cons
Bethlehem Steel
Boeing Airplane Borden (The) Co.. Burroughs Aid Machine Canadian Folio ft.
Cat. Tracbar Celanese C CIT. Fascial Corp. Chrysler Motor .... Climax Molybdenum Civett Peabody Colgate-Falusiivo Co. Commercial Credit Commonwealth Elec. Cimsolidated Edison Continental Oll of Del. Crown Elleebacli Cuban Amer. Bugze Dimerena AlkalÏTM Diamond Match Co. Dow Chemicals
Dupont de Nemours
Eastern Airline
Kastman Kodak
El Paso National Gos
Family Finance Corp.
Ford Motor
Ceneral Electric
General Foods”
General Motors
287
40%
154
331.
En
35%
day.
Vienna
Others
Exchange
2.07% -3.00] 10.0396-10.80%
140.05-160.19 19.33-19.3515 11.72-11.7 17:2-1743
1176-117056 720-72,60 12221-12331 unchanged.-United Press.
Exchange Rates
amoricia).
in the was done exchange markel
2.39 buyers
2.30 buyers
2.33 buyers
No. I crepe 2.10 sellers
BINGAPORE
The market opened higher on better overseas advice but cased during the afternoon on profit taking with buyers awaiting
cheaper offers.
wed
Lower gride. interest small but factories showed bet. ter interest than of late in lower levels. Futures;
No. 1 rubber per ib. Oct. 8454-043
Nov. 65 No. rubber per ib. Oct. No. 3
NO. 4
M
Spot rubber unbaled Blankei crepe-
No. 1 pale crepe
LONDON
1410-18
*
P.OBIE&
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Leaves London
Salled 10/
Dne Hongkong
29th October
24
0036-01
77-79
03-93
Outwarda "CARTHAGE"
Salled 30/D
18 October
10th November
18th November
18th December
The rubber market was dull with spot quoted at 25 pence per lb.
Betonens boue term!
Nov.
Local this
Dec
Jankar.
Ape/hume
~ 5.91
July/Dept.
18.56
Nov 12.00
131
morning at the following fathe:- U.S. doila (per #1) Sterling notes (per &1) Australian noves (per Ki Indonesian rupiah (per 100) Siam teal (per 100) Bingapore (Straite)
Cheneesi marksia, elt basis.
Dec.
-United
2434-42516
New York Cotton
Prices Down On Hedge Selling
New York, Sept. 30.
ment locking over its shoulder Cotton futures today softened after a mixed start,
what to do about it.
Then we shall know whether
A mallo
undercut Relling prices of mast copper and oil chores, weak spols developed employment or ever less ful} Shell, Ultramars, Shell employment though there is Trinidad and Canadian Eagle bound to be some of this so the final battle with inflation Industrials also drifted lower much as a period of self-denial is to be joined or shirked- in quiet trading.
during which employers and London Express Service.
alike
forgo any employees extra money income. Starting now we must match any risc in wages or profits with a rise in
other way out.
FIRMER
The firmer tone of sterling
| bolstered gilt-edged securities | production. There is simply no
which closed
43
changed.
ES
virtually
U-
Dollar stocks were quiet and
4136 mixed.
Copper issues declined as sellers hedged against the in- 15% declaton on Wall Street.
Foreign bonds staged, a rally led by German lens-United Press,
New York Foreign
Exchange
New York, Sept. 30. Closing rates were:
England omelai
*#
Higher Demand
New York Sugar Market
higher with salez tracts
establishing losses up to around $1 a bale on
*
NEW YORK
of Prices
cotton futures closed today as follows:
Spot October
+
34.700
the deferred deliveries.
Realising by some of tast (week's buyers, along with in- creased edge selling and spot house offerings all combined to put prices on a down-grado.
Finishing ground the day's bottom levels the list was off net nine to 29 points. Opening prices were up ave to off four points. Now Orleans closed off ive to 13 points.
Evening-Up
300
December March May July October December March
Prices
NEW ORLEANS
E8858FFEE
"CLUBAN"
"CANTON"
"CORFU"
30th Delober
Via Southampton, Colombe, Penang & Bingapore.
flomewards
"CARTHAGE"
"CHUSAN"
"CANTON"
"CORFU"
Leaves Hongkong Due LaRGAN
24th
October Bath Navenbar Ard November
30th November
22nd November 23rd December 10 December 10th January
Via Singapore, Penang, Colombo, Bombay & Aden.
"BOUDAN"
FREIGHT SERVICE
loade it Oct. salis 5th Oct,
"BHILLONG”dus áist Nov.
for Aden, Port_Baid. Alexandria, Genea,
Casablation, Marseilles, London, Timburg. Ret terdam & Antwop,
from UK.
BRITISH INDIA S.N. CO., LTD.
F250 A HUNDRED YEARS OF SERVICE - 1958
"OLINDA"
In Port
satis ist Oct.
"FULTALA" que 6th Oct
salla din Oct.
"BANGOLA"duo 18th Oct
„from Japan
for Singapore, Penang.
Kangoon & Calcutta ·
from Chilegong, Sing@* pore de Manila For Japaza
from Japan
lar Singapore. Penas. Rangoon de Calzini"
P. & 0./8; 1, JOINT SERVICE
“UMARIA" due 2nd Oct.
salls in Oct.
"ITRIA"
of cotton futures
"OBRA"
closed today he follows:
#pot
October December
March May July October December March
LIVERPOOL
Cotton futures
2*3=88=85
closings, in
spenco per ib, were as follows:
Old contract
Oct/Nov
Dec/Jent
Aw/June
Now contact
New York, Sept. 30. Appeals have been made in World No. 4 sugar futures vain to our better nature. The
today closed "five points trade unions answered the Gov- ernment in effect, "You got us higher to one point lower into this mass; now get us with sales of 259 con- Evening-up in the October out of it." Employers found it
tracts.
delivery “and transferring by cagler to accede to the trade
commission houses, Domestic No. 6 sugar futures trade and unions demands and pass on the
another
trading cost to the final consumer than closed unchanged to one point provided to put up more than a token
Spot
gold houses of 31 con- feature.
several thousand boles through Aght. And the extra Incomes Evening-up
in the October the December, March and May generated were fed back delivery, thus
deliveries, supposedly fret anticipating Into the system in the form of
notice day tomorrow, dominated hedge operation. higher demand.....
October Appeals for restraint fasted, dealings in the world contract,
opened relatively was announced that 204 grim, reflecting the absence of unother way had to be tried. By
transferable making
notices money
will be delivery notices stud another "dearer" and
Issued. therefore ποτε
decline in the certificated stock, an attack has been Contract No. 4 (world)
Cotton ready for tender totalled scarce
2,321, off 1,000 bales from the mounted against the two prong- ed advance of prices through
*previous position weck nyo. the "costs-push" and the "de mand-pull" of inflation. The Iden is that if you deprive em- ployers of the means to say extra wages they will simply have to learn to say "no" to the trade unloba. IhovEE Will rise much less slowly and Agreed Merchant Rates no with increases in produ
Gan, the cost of living will Swiss Frances Moximar - ach» | reitinin atable and the inade unions will be denied' the Mastimun | argument that, "Wa feed more because we have to pay Iota,”
Canada
umoftietoj 30-days
00111
90-daJI
Australia
Gen. Fub, Uill.
55 Now Zealaiki
Catty oil
South Afrien
adden Co
Belgium
Goodrich (B.-Y.) Co,
Incila
Fakistan
Hongkong
Goodyear Tyre
Qui
Hayden Newport Corp.
Homesta Mining Co.
baland Steel C
Hats · · Khamintas Machines
1.033 2.109%
22.0051.62
2.715% 2.76%
.01999%
2:090 $100
Ouers unchanged-Unied Press.
kpg 75, 1710
"Belgian Fracca
aelling-859.
in
Det.
Jan
Mar.
July
Sept. Det
Sipob-cents per i, fob Cuba) Open Interest; 1,118 contracts,
Contract No. 6 (domestic)
MRP.
4
Nov.
May
July
NOT. AN #pot-Cetila PIE D. DE, Open dġburat: 1,403 vont
437
330 Open October contracts today 3.63 totalled 47,300 bilen.
90
Oct/Nov Dew/Jad
Mar/Ap May/Juma July/Aug
SAO PAULO
closings, Cotton futures
8,80 Crop reporta were mostly un-eruzeiros per kilo were
358 favourable, emphasizing light follows:
10
6.03
175)
Oct.
rains over heavy
mont sections during the week and sirosrod the imperative need My 442 how for a spoll or clear, dry- 0.05 weatlier. Condern
pressed for outcome of the West
July
30.10
HRINK. FENNE
In the United States, the average price of one inch cotton ut 14 designated spot marketa:
froot date aps | Totti mitt út thure markatk
were 43,000 balss.--United Fres
**Texas and Oklahoma crops as was 23.30 beats.
at the normal
[proaches.
dus 10th Oct. sails 11th Det.
due 2nd Oct. sada Mai Ost
"OZARDA" das
isi Nov.
sails Jrd Nov.
from Karachi, Cochin, Colombo & Strella. for Japan
from Japan
for Sagapore, Feneng, Port
BettenhamTI, Madras & Kakizede
from Japan
for Singapore, Pooang, Colombo, Harschi
Bumber
frous Karachi, Borobay, Cochin & Smgapore for Japan
EASTERN & AUSTRALJAN S.S. CO., LTD.
"NELLORE" 'dus 4th Oct.
"AKAFURA” jokda 3/4th Col
Falls 5th Dut.
from Austenička
For Lathan Sandacan,
Rabaul, Briabana, Byd- nay, Melbourne Adelaide
All vessels hava liberty to en23 nà any part an
́or sit the route as the route à malings aro aahjoes to change, by Emandment with or without nation.
Fun full particular, murals to MARKINNIN MACKENZH A 00.