Page
THE CHINA MAIL, WEDNESDAY, OCTOBER 2, 1957.
TRADE and COMMERCE SECTION
CANADA'S PROPOSAL WINS APPROVAL Two Major Economic
HONGKONG
C'wealth Trade And Economic STOCK
Meet In 1958 EXCHANGE
By DOON CAMPBELL
Mont Tremblant, Oct. 1. The Commonwealth Finance Ministers today ap- proved a Canadian Government proposal to convene a Commonwealth trade and economic conference in 1958, a communique announced today.
What
The ministers agreed commitler officials should meet
in London early in 1950 to work in- handle preparatory cluding an agenda and other procedural matters.
The ministers agreed to re- commend conference proposals their governments. The io time and place of the conference has not yet been decided.
Opportune
The communique said the ministers considered the time
INDUSTRIALS RISING
IN LONDON
London, Oct. 1.
must opportune to assess tradeOne of the most disastrous
and economie opportunities reference to!
ht problems
purticular
with
Balcance for the Cou
countries of manwealth changes taking place in world trade.
Measures to expand trade between
Common- the
wealth countries.
✰★ Progress
common
towards objectives
the of
freer trade and payments,
Progress in the direction
of teonomie expansion in countries the le developed
and
of thic Commonwealth Bourocs
capital and technical assistance which thetr further
may
or
in
akt development.
Agriculture
trade Economic and
gard to problems in agriculture and other primary producilon,
Prospects and Implica- tions especially
for the countries of Commonwealth the European economie com- munity and the proposed free trade area, and
for
SPURT RESTORES WORLD
ONE BILLION TO WALL STREET
New York, Oct, 1.
A late spurt of demand for blue chips gave the stock market some best gains today, restoring around $1,500,000,000..
The
strengthened U.S. Gygnum
1.A. Line Co. US, Rubber
Qulot conditions prevailed during the half day semion with the turnover amounting to approximacly $400,000.00. Prices were mostly unchanged although Wheelooks were marked down slightly in the closing slagts. Docks were in fair demand and closed with unsatisfied buyers 1% points; American Telephone, Westinghouse Electric
n point higher, International | West Vn. Pulp & Paper Paper, up 24 points; Bethlehem Woolworth Steel, up %, Du Point, up 14.
$53.00.
Our own correspondent re ports the moming prices and transactions:
Sherer
BANKS
Buyers Helfera
Kaler
1 Bank..
050
20 53
7.40
716 8425 na 7.40
C
ETC.
122
Dock
33
SHIPPING Wheelock
Provident £1.70
LAND, ETC. HK Hotel HK Land Really
RUBBER
Analg
| UTILITIES
accounts the stock mar- ket has experienced in many years closed today. On Wednesday, Sept. 18-the Tam day before Britain's bank rale c. Light was shot up to 7 per cent - the Industrial average stood at Telephone 1932 compared with lust night's 178.1.
At today's opening level lead- ing industrials tooked like bar- guins to those fortunate people who had resources to Invest and It is not surprising that most of the well-kdown issues enjoyed rises of a shilling or 90.
ECCENTRIC BUYING
British Governments also had eccentele buying which sur-
inted the prisingly
railway 10/- nationalisation stock by and others by 7/0 to 2/6.
Canadiens, which had fallen
Wall Reverely yesterday in Street, were marked down hero and, in addition, suffered some selling Compaca closed above its worst but fell seven-eighths,
Yawnnt
Electric
Cemet
14.00
.
302 345
1024 1.25
102 103 18 16.Tu
11.20 2.40
28.40
30
33
market near the close as demand ap- pared to Hit mony issues such as the Standard Oil (NJ), up
There were strong spots also in the metals, aircrafts, rails
and many reacted to individual news development,
on
Upturn
Volume picked up
bit.
the upturn boosting total turnover to 1,880,000 today.
Of a total 1,122 fssues traded
an 3 today, 531 were higher 328 lower
1.80 and 203 unchanged.
100 104
3006 20 600 0 271 BLAJ 27.40
Measured by the Dow-Jones Indüstrials Improved averages,
4.5 points to 400.00; rails 1.05 to 124.75 des 2.09 points 10
C0.70 and the 65 stocks general
average 1.20 to 157.75.
UA. Smelting U.S. Sterl
Warner Bros.
Questions Left
RUBBER Hanging At IMF Meet
MARKETS
New York, Oct. 1. Rex rubber futures closed today 40 to 46 points higher with sales of 101 contracts.
29.00
20.81
20.4T
29.33
тел 29.37 29.07
Standard contract closed 40 to
By EDWARD COWAN
Washington, Oct. 1.
At least two major economic questions were left hanging in the wake of last week's meeting of governörs of the World Bank and Inter- national Monetary Fund.,
Unanswered are: Will Anglo- None of the delegates, sup German declarations that thereported credit-creation - ons will be no change in the value source of rising prices as the of, mork and the pound alem way to economie growth. But the speculative drain on several speakers from lese London's foreign reserves?
exchange economically developed nations pointed cut that the scarcity of
Nov.
Jan.
Mur.
May
043
Jub
10
Bept.
30%
Nov.
дет
10 points higher with no rales reported.
40%
Enited Press.
Nov.
20.00
Jan.
29.00
Mar
10.00
STRONG EFFORT
Mar
22.03
July
29.13
Sept
20.35
Nov
20.25
The British
and
Terminal
CHICAGO GRAIN MARKET
Chicago, Oct. 1. Increased export trading and short covering closed most grain futures higher today in moderate nett- vily on the Board of Trade.
Prices declined at the opening but moved higher shortly before
Dow-Jones closing averages new senfon
were;
30 industrials
20 raile
15 utilities
INDUSTRIALS
Amey Cu.. STORES, ETC.
35 15.70 1000 15.0006 stocks Dairy XD
1211 Watson
12.70
40 bonda Craw. 13.70 13.90
COTTONS Texic Nanyang
L.
INVESTMENTS
HK & FE
ave
280
Closing Prices
mid-morning. Contracts that sci the lows during early declines wero sil deliveries in corn, July wheat and rye, 124.75 May and
July soybeans and 60.70 January lord, 167.70 D4.70 154.02
$60.00
77
20
Is the inflationury. Ude in the money throughout the workt Unlied State's und other makes
Anding Investment countries obailng?
funds Mcult.
Although Marilyn's specch implied that the hi cainel rising prices in The United Germans States is not yet won, respected co-ordinated a strong effort to Swedish ceanomat
Per
market steading kill rumours that the official Jacobsson, the Fund Managing reflected foreight cables, plus value of the pound will ve Director, sald immediately further buying hitre
that of the afterward that he did not think prices in this country would speeches continue upward. Thomey-
COUNTERWEIGHT
and credited lowered to London account and abated | D-Mark_ralsed. hedge selling, Switching opera- Jit back-to-back tions accounted for a good part last Tuesday Peter of the trade, including excroft, Chancellor of the changes of January July on an Exchequer, and Korl Vou even basts and Nov./Jan. Mangold! - Relboldt, Clermon
In an earller speech Jacobsson Governor of the Fund, andd at three points.
folly that the pound will con-
said there are reasons 10 think tinue at $2.80 and the mark at "inflation may no longer be about 24 cents.
dominating the whole economic trend." As In Atlantle Clly the following
past Investment day, Thorneycroft denied new bears frul In the shape of rumours thnt despite tits additional productive capacity statement Britain would and
a greater Bow of goods, Jacobsson said, there will be “æ In the shipment market the Whether this will stop the streng counterweight main interest sill centred on flow of "hot money" froth Tembining inflationary pressure."
Reporto here indicated further Russian buying in the London market. One Reading dealer was a senle up seller, attributed partly to the slendier sterling.
one
devalue,
sheets. Fair average | pounds to marks.remains to be quality rubber was neglected, seen. Domestle
buying continued small, Spot No. 1 quoted at 29% cents.
SINGAPORE
Rss was
WASHED AWAY
Somo
observers
In the sold
to the
**
Although virtually every speaker said his government WAS fighting Inflation, Bone went further on the side Favourable crop and weather
optimism than Jacobsson. news was reported from the
United States the grain beib ́ and
Soybean har- vests were expanding. Increas
| Thomeycroft's announcement in latest development is an August the same speech that Britain peak of consumer prices That ed soybean receipts at terminal
over "the next few weeka" will set on
Bul all-time record. markets were also reported
The market opened lower in draw Its 500 million dollar the amount of price increase sympathy with overseas The CCC sold 1,982,025,
and stand-by credli with the US from July was smaller than Aluctuated Irregularly during the export-Import bushels of corn to US exportere morning. During the afternoon way
bank washed that reported · for at gulf and Atlantic ports.
some of the potential preceding months, United the market steadied, but lower effect of the no-devaluation Press. sheets were mainly neglected. closed up to 14
declaration. Future closings were:
2007 13.00
Comin. future price Index
4.45
...
D43
9.00 3000 9.55
Allied Chemicala
And Mus the.
Allis Chainets
Am. Drake Shoe
American Cable & Radio
Corp.
American Cyanamid Co.
Wheat
Amer. & Fig
Power
Am. Mach. E Fdry
39th
cents,
Soybeans closed up
19
to off cent
Wheat No. 2, red
Бро
London Metal
Prices
London, Oct. 1. Prices of metals closed today In sterling per long ton
Ola opened weak but re- covered presently and closed follows: with moderate gains.
Foreign bonds were completely idle except for very moderate Tin gains and losses In Japanese Copper pot assenteds.
Coppers were uncertain except Lead for a little selective continental ad con-buying which lifted prices. Tins were firm-United Press.
spot
Jinoni
Tsi half
1st
Zine
Zinc
1st 2AL
Arrangements tinulug Commonwealth consultations matters.
rconomic
The communique nelded that ministers warmly supported the recent sterling statements by Mr Peter Thalmeyereit in Lon don and Washington and rc- cognised that its strength · de- pends upon the Joint and in- dividual policies of members of the sterling area.
"Essentially
thly robry
involves Hving
each member within it available resatireox"
Should Not
This should not, however imply a static policy, for the resources of each country could suitable be augmented
toward policies strengthening its competitive
by
directed
888
Jan
Amertem Airline
American Metal
American Smelting
Am. Sugar Stef American Tej &.. American Tab, "n Anaconda Copper
Armeo Steel
Armour
Allas Cons' Mining
Baldwin-Limu-Ham,
Ballianure & Disto
טים
21A
Dec. 215(H) 2131 218-RIS
A Brilish spokesman sold the credit will be
not
several
No. 1 rubber per 1b. Oct. because it is actually needed London Foreign
Nov,
No. 2 rubber per 1b. Oct. 84-82%, but as "psychological" move. Sidon. Many currency speculators, he
LONDON
79-00
not
414-8414 Bald, look only at the alze ef
official reserves, Britian's at the current trade_plelure.
The latter, the British sold bere, is in good shape with merchandise exports outrunning imports.
Exchange
London, Oct. 1. Closing roles were: New York Montreal The British stressed Amsterdam
Copenhagen that
drain the
on dollar Frankfurt teserver hos been caused by speculation and not by any 2511⁄2-2015 | structural weakness.
The rubber market was Arm with spot quoted at 25-3/14 pence per lb. Prices:
No. 3
20. 4
March
MAY
219%-% 31544
Apat rubber unbaled
s
July
Not crepe
1 pale crepo
Buyers Sellers
709
740
Benguet Coma,
Bendix Aviation Corp.
Corn, No. 2, yellow
Spot
11824
December
137
73714
Bethlehem Steel
421%
March
19
Boring Airplane
30
19014
Borden The Ca
May
July
BD
89
Burroughs Add Machine
Canadian Paelfie R.
793
Rye
DO
Caớc (1, 1) 06.
709%
December
Cat. Tractor
7114
21. T. Financial Corp.
March
12912-15
4240
No. 1 Ras pos........... Sellement house term:
Chase, Manhai. Dunk S
Oats
Nov.
Chrysler Motors
December
08-31
Dec.
Jan/Mar,
4012
March
Soybeans, No. 2, yellow
A/June
July/Dept.
20-201
Spot
November
22301 3251-226
General markets, eif basis, porta Ock
January
Κων.
25-2513
March
Dee.
Estale crepe thin Det
July
thick Det.
30%%% Barity,
170%
Bpot
120-13011
AMSTERDAM
200 ib. Kuck
t
$13.80m
-United Press:
-Unlted"· Pro.
COTTON FUTURES
REMAIN UNDER
PRESSURE IN NY
New York, Oct. 1.
Cotton prices remained under gradual pressure for the second session in a row today, although the trading pace slackened on the reaction.
liquidation October
and payments trade and ather
plus
position, increasing its savings moderate hedge offerings and and promoting freer and ex-commission house selling" found panding trudo
buyers mor of inter-reserved following and a larger flow
last week national capital,
rise to the highest level in two The Commonwealth minis-monthe. ters," the communique. sald, "recognised that the establish Closing on a reaction the list ment of an outward-looking showed not losses of six to 16 free trade aten In Europe would points. Opening prices were up broaden the advantages to be two to off three points. durived from economic integra- Orleans, closed of tion in Europe not only by the points." United Kingdom but by alt other participants.
New
12.53
December
34.11
Marcli May July October December Match
13.62-63
+1.51
22.04
33.55-50
NEW ORLEANS
Cluett Peabody
Colgate-Palmolive Co.
Commercial Credit
Commonwealth Elee. Consolidated Edison Continental Oli of Del. Crown Zellerbach Cuban Amer, Sugar Diamond Alkali Diamond Match Co. Dupont de Nemours Eastern Airline .... Eastman Kodak, .... El Paso National Gas Ford Motor
General Electric General Fooda General Motors den Pub, U. Getty
Gudden Ca
Goodrich (B) Es Goodyear Tyre Gulf Oil........ Komertake Mining Co.
Heyden Newport Borp, Ingersoll-Rand
and Steel Co. Interchemical Corp.
Int'l Business Machines Int'l Harvestor...
International Nickel International Paper Int'l Tel & Poli Karwan C. Power & Lazist Hennecol Copper
kheed Aircraft
Meyors Tob, Co.
Lomwe Invarp,
Lane Star Cement Co. Minnesota Mining
Prices of ention futures closed Morisanto Chemical Co.
today as follows:
Spot
October December
16 to 17
Marti
Mag
October
Dullness in the textile market, "This is regarded as Important
plus the quiet demand for spot cotton and the erratle nction and it could contribute
of other markets, helped to in- agreed Commonwealth policies of expanding world trade. The oct an overtone of vocation all
to the
United Kingdom ministers. ronfirmed the undertakings previously given by their Government about safeguarding Commonwealth interests in the United Kingdom market foodstuffs, drink and tobacco."- - Neuter.
for
New York Metal Futures
New York, Oct, 1. Prices of metal futures closed today in cents per lb. as 'fol- laws;
unduptod unquoted BADU
ber
SURE
December' March
LIVERPOOL
迎
MAY
New York flour
SINGAPORE
STOCKS
" 。
Singapore, Oct. 2. Brokers today quoted the following stock prices: •
Opening Batu Lintang Rubber Co.
$2.50 Petrolaur
Lid
Bi1⁄2 | Hongkong Tin Lia."
British Borneo
Syndicate.
Consolidated Tin smelters
Ord,
93/-
Fraser Neyo Lad. Ord. ...
Fraser & Neave 72% cunt.
pret.
34.00
Montgomery Ward
Gammons Mainya) Limited Hongkong
Shanghal
33.10
Motorola Inc.
At Banking Corp.
$600
National Cash Reg. A
13.00
National Dairy Find.
| Kumpan "Lid,
34.10
National Lesď
102
Kuala Lumpur T
34.0
National Steel Cor
Corp.
33,60
New York Central
Malayan Breweries
$3,78
Norfolk & Westem Ry.
at | Now, Serandali Itubber Co.
Erin Matulemon
443
Lt.
401
Otis Elevators
45x
Petaling Tin Lut.
$3.50
Owen-Wilnota Glanc
3731
Raffles Hotel
1237%
Singapore Cold Storage
01,00
K3, Stenita Trading
$1,32% $17.00
United Engineers Ord.
Weathe Bro. JANKO
edeb,
32.02-03
32.57
Oxford Paper Co.
Facile Gas & Elec. Pan American Airways
inParamount Pictures
Parke Davis Co, Penny J. C, Co, 25.00 Paip Morris
25.17
Cotton future closings, pence per lb. were as follows: Old contract Out./Nov.
Deo/Jan MARFAST. May/Jsinte
around.
Outright liquidation in Octo-
and transferring to later months made up a part in the activity. No delivery notices Now contract Oct/Nov. were issued today. The open October position totalled 37,700 bales. The last day for trading in October will be October 15,
Manih
Volumo Open intereat October
10,900 38,000 December
20,500
215 200 March
11.000 168,00 May July October December BINTCH Tetal
0,500 170,000
119,000
100,700
3,100 B400 2.300 *24,700
04300
NEW YORK
2,000 953,400 balen
2017 Procter & Gamble Co. 2050 Pittsburgh Plate Glans
Publicker Lindustries 2.18 36.3% Pure Ot
Radio Corporation ZAT 27.00 Republic Steel
Reynolds Metal
27.30
Saint Reg. Paper Sinclair Ol
Bocony Mobilais
South Puerto Rico Sugar
Bouthern National Gas
83% Lanas Bubber, Estates Lic. $1.05
דם
Steamship
-Chiam Malt Special.
Exchange Rates
Busine 54etai
was done in the local OXCİMİY
500 at the following, rates
dollar, (per $11.
|
INFLATION
Inflation, meny speakers warned, can destroy a country's
Biilan
Parte
Stockholm
Vienna Zurich
0.3034-8.2011 2.09-11/16-2.00×13/16 10.8334-10.0 1025-19.333 11.7129-11.717+ 1704-1704 13-19.034 1177-117745
12.83-72.05
12.27.11.211:
Others unchanged.—United Press.
economy. President Elsenhower New York Foreign
told the Bunk and Fund governors In
welcoming
address that "among the prob- lems on your agenda none i currently more pressing than Inflation,"
Federal Reserve Systein Canada
Machesney
rubber market
was Chalaman William steady, Prices closed today in Marlin called inflation a "cancer kilogram, clf Oct. that strikes the rich and tha
The
guilders per
as follows:
No. 1 rubbe No. 2 rubber No. rubber
No. 1 crepe
2.41 buyers
At buyers
234 buyers
2.6 sellers
United Press
New York Sugar
Market
New York, Oct. 1. World No. 4 sugar futures closed today unchanged to two points lower with sales of 815 contracta.
Domestic No. 3 sugar closed unchanged to four points lower with salts of 202 contracts,
Final adjustment' on tho October No. 4 October daliyay dominated activity in the world contract today, while other | traders awaited ·raw matket
and other developements,
poor."
Exchange
New York, Oct. 1. Closing rates were:-
1.03 England 20-days
5.70 8/10 2.76 0/16
015 13/10
Australia
Heigh
93.daye
Others unchanged.—United Pro
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July/Aug.
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Contract No. 4 (world)
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Aday/June
July/Aug.
SAO PAULO
October
idarel May
4.0#
20-79
Call in at any time
Cotton future closings, cruzeiros
per
were followe
October Desember March May...
in Gandard Brande
klo
Metling notes, (per £1) Australian notes (per dij Indonesian rupiah (per 100g.
September
19.80
October
and examine specimens
Standart Oll of Ind,
Mary Trent Jose (196)
27.10
Spot-fonts per ib. fub
Blanderd Où of NJ,
4a6| Singapore (Struits)
Cuba)
4.80
37.40
37.00
3.10
sterling Drug Co. Stokely Van Camp Studebaker-Packard Corp. Sunshine Mlining
banienet No, t' (doéillo)
July
29.00
Swift Co.
November
Maret
Standard Où of Cal
In the United States, the TEXAS C
Textron ine. average price of one-inch cotten Tide Paine Aasn, Où Prices of cotion futures closcaat 14 designated spot markets furenty Center Tax #in
today as follows:
Soot
Optober
were 38.80 cents.
Union CarTAN Uniors ONCE, Total males at these markets.nion Pecan Railway'
Unied Art were 38,710 bales--United From, Toll
NAMESAKES
Answers--1 Boards,
tain, 3 Audience, 4) Foilingi
Playárad Gitage,
Crazy, O Gang, 10 Laura
Xantertains.
Bud Flanagan.
Open interest: 1.028
Open
Interest Lo
(United FreSE..
of quality priuting which
wwe shall be proud to show you.
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