Page
THE CHINA MAIL, TUESDAY, OCTOBER 22, 1957.
Page
TRADE and COMMERCE SECTION
Britain's Sudden Change Of Attitude Breaks Deadlock
THE FREE TRADE AREA PLAN
The End Of Imperial Preference?
London, Oct. 21.
After several months of deadlock, the European Free Trade Area plan is A special once again on the move. ministerial committee is to start work a treaty to take effect simultaneously and run parallel with the treaty of Rome, which provides for
market comprising
at once on
common
N.Y. STOCK MARKET
NEW YORK HONGKONG!
Heaviest Selling In COTTON
Two Years Mark New Lows
New York, Oct. 21.
The stock market took it on the chin today as the heaviest selling in more than two years dropped stocks to their lowest levels since late 1954.
Voiunie pleked up sharply on tho zellos, which wiped an-
and brought the total lay since July 12-when the year's high has around $47 billion.
France, Belgium, Germany, Holland, other $5,540,000,000 from mar- Italy and Luxembourg by the beet values ginning of 1959.
What broke the deadlock was an important, though hardly unexpected change of attitude by Bri- tain.
This reservation was retained in three ways:
The United Kingdom gave advance notice that it would relain agricultural tariffs;
I insisted that it must
a waiver from nny granted provision
be
Individual 10saos in the 1st ram to more than 3 points in Du. Pont and almost 4 points in American Telephone. a high- grade investment stocks.
Losses of 3, 4 and 5 points were numerous in the it. High- speed reporting tickets ran late five times during the session, to boost volume to 4,070,000 shares
made by the others--the most since September 27,
for a gradual abolition of tarifs 1955. Sales on Friday came
on agricultural products;
Previously, the British Gov-| ernment had Insisted that agri- cultural products should, on no
An bo Included the account, free trade area. This was to
British protect
agriculture against an Influx of cheap Con- tinental farm products wid also to preserve the remaining cle- ment of preference enjoyed in
And it wanted decisions the British market by Common-
free trade area matters to wealth agricultura) producers.
as in O.E.E.C, on made British ministers
the basis of unanimity. gave
they impression that although would put up with a lot to see worlding trade free parallel with the common market, the inclusion of agricul- products was one price tural they would not pay.
1
areu
Repetition
to
Bul
Important
be
Ühe
the important thing that Britain has abandoned her previous stand on agriculture, And this makes the free trade prea practical egunonical and political proposition.
Are
от
to 1,070,000 shares.
Middle East
1m
Lockheed Aircraft Loews Incorp, Lone Star Ceinent Co. Lowenstein & Sona McDonnell Marorat!
Stock Exgo... Misaton Development
toneanto Chemical Co. Montgomery Ward ... National Cash Reg. "A" National Dairy Prod. National Cent.... National Steel Corp. New York Central Norfolk & Western Ry Otta Elevator...... Owen-Illino Glass Pacing Gas & Elec. Pan American Airways Parantunt Pictures Ponny J. C. Ca. Pitp Morris
Parke Davia Co.
Procter & Gamble Co. Publicker Industries
Purn Of........
Radio Ourporation
Republie Steel
Sears, Roebuck & Co.
Sub Reg. Paper
Suciate On
MARKET
New York, Oct. 21. Unfavourable
crop news
to put
on
close
STOCK EXCHANGE
Our Own Correspondent
New York Rubber Market
New York, Oct. 2).
Rex rubber Tutures 10day closed 00 to 60 points lower with sales of 98 contracts.
_Nov: 28.00; Fun: 20.86; Mar: 2010;
May: 28.00: July: 20.52; Sept: 2009:
Standard contract closed 00 to 80 points lower with no dales, reported.
Nov: 23.95: Jan: 20.00% Mar: p.00; May: 20.89; July 20.4; 20.09.---Unito Prew
SINGAPORE MARKET
Singapore, Oct. 21.
The market opened lower on
LONDON - STOCK
MARKET
London, Oct. 21. Covering entered the stock market today and lifted prices as inuch an dollar.
following King Saud's offer to Easing of Middle East tension
mediate in the Turkey-Syrin disputé was a steadying factor.
oversens advices” and reports of Renewed strength in sterling n possibility releasing part of stockplic.
Future closings: No. 1 rubber per ib, Nov.
Deo, No. 2 rubber per 13. Nov. No. 3 No,
-
| Spet cubber unbaled Business done on the Hong- Blanket crepa kong Stock Exchange this morn-No. 1 nale crepe ing amounted to approximately $138,000. Noon quotations and the morning's transactions; Shares Buyers Sellere
and limited hedge selling combined today cotton futures moderate upgrade. Proit-taking at the shaved part of the gain but die st still close net 8 to 20 points higher. Opening prices were up
to 22 points. New Orleans Bank
to 25 points, closed up
INSURANCES Stock market weakness and Union easiness was overshadowed by Indications that the cotton crop has lost consk{crable
20%
20
over the past month.
121
TAM
105
Eby
ground
Recent widesprend rnins
over growing areas uro said to have lowered the grade of open.
30% cottom and caused some
titative damage,
DEMAND
quan
BANKH
Wheelock
10-7100
boosted British Government bónda, with gains ronging to as much as a dollar.
04-35% unquoted Industrials were good but Anished slightly below thelr T-highs for the day on lower ad- M42-841 vices from Wall Street. Rolls- 10-70
Royce, Unilever and Great Universal Stores were high spois.
90-82
---Uled Prot. LONDON MARKET
London, Oct. 21. The rubber market was 'stehdy with spot quoted at 24 15/16 pence per lb. Prices: No. 1 tasapat.... Settlement, house termi
Vot
B43
25 @
0.48
Nov.
Dec.
250
57
Jan./Mar
Apt./June
Lombard.. 32%
SHIPPING
0.33
ДОСКА, ЕТС
K. Wart
121
Provident
(0).............. 1136
LAND, ETC.
IK Kotel. 14.00 14.70
IUC Land.
RUBBER
34
200 9344
MANS.... 130 1595 Trust..... 1.20 (205
Te... Yamati
2330
C. Light (0) 10.30 0.00
Meanwhile, leading spot mar- | UTILITIES 614kels reported an increased de- amand for high grade cotton as Smills became increasingly Uh- easy over lateness of the crop Bed Lightness in high grade cotton supplies.
17
38
40
31
The certifiented stock ruso sharply this week, moving up 412 to 8,120 bales, or 2,757 balca
Dos/Dec.
2432~23
23-2014
General markets, clf basle, norby:
Oct.
Nov, Dec,
Nov.
212-25 211-20
rick Nov, 20
AMSTERDAM MARKET
-Baited Prv."
Amsterdam, Oct. 31.
Olts were strong, paced by British Petroleum and Shell, Rumours that the Government may tighten controls on auto Instalment buying kept. auto Issues to the side, lines.
Foreign bonds were quiet with Japanese Issues declining slightly ct some overeens, offer- Ings. Doller, stocks, were mostly Higher-United Press.
NAMESAKES
2
Answers: --1 Donkeys, The rubber market was duli White, 3 Republican, 4 Opurat- today. Prices closed in guildersing, & House, 4 States, 7 Gen- per kilogram, clf Nov. as fol- eral, America, § Partica, 10 Deputies, Congress. 12 le- No. 1 rubber: 2.40 buyers: No. 3phant, 13 Votes, 1 Warfare, 15 rubber: 2.39 buyers: No. 3 rubber Senate, 10 President.
buyers; No. 1 trepe: 1.00 buyer.United Press,
lows:
2.33
Electrio
27.70
1500
100
Macon E. 30.40
Telephone 20.10 27.10
INDUSTRIAIS Cement ...
more than the previous posting Rape..... 14.00
2435
4
year ago.
Sucony Mobilbil
171 Month
Volumo
Open interest
Sular Alrerati
170
Dee.
8,600
200,000
South Puerto Rico Sugar
25
Mar.
11,600
211,100
Southern Co. (The)
21
May
6,300
212900
Scuthern National Ga Standard Brands
July
4.300
117,406
6,000
104,200
Dec.
2,800
30,200
Alar
600
0.100
5120)
40,000
10
Standard Olt of Cal.
The tense Middle East situa- tlon, another decline in atcel production at a time it should Standard C of Ind
steel Standard Ol of NJ. be rising, a number production reports and predic-Strop, Hock Toronto ExRej tons of a possible mild down-Stubely-Van Camp.
Studenker-Packuru Coni. all win & Co. turn in business next year
sentiment, Texas Co. helped to dampen Thx selling also was a factor.
At the close, the Dow-Jones averages showed industrials down 10.77 points lo 423.00 lowest since May 25, 1955; rails UE. Foil "B"
The Water Amen. Oil Time Inc.
Twenty Century Fox Fin
There is, however, still a
Union Carbide ............. By constant repetition of long way to go. At home, the
Unton Pactile Railway this formula they succeeded in British Government has to con
United Aircraft United Car Corp. quenching most but not all since the Parlament and, in dustry that their change of at- British political opposition
of 6.28 to 107.05 lowest since US. Oyps m titude on agriculture does not
U.S. Rubber the plan.
June 20, 1955, and 65 stocks mean that they are prepared
US. Sinciting down 4.65 to 143.41-lowest, U.S. Steel What
change to sacrifice the "gafeguards" made them
since December 14, 1954, their mind was the realisation thut
the conditions that European countries simply which support has been gained
The session was the broadest would not play on these terins. for the plan.
of the year, with 1,247 issues Opposition within the common Then there is the problem of traded. Of these, 1,000 declined, market to the appendage of the colcnles. Their exports to
already Europe must suffer by the in-251 advanced and 116 held area free trade
Was
of A total
#ak strong on other grounds.
other unchanged, clusion of French and "Litle European" oversens de stocks inade new lows for the pendent territories in the com- year and 3 hit new highs. mon market.
The six members of "Little
the Europe," sce
comunion market not merely as a means to maximise trade among themselves, but as a further step along the road to the poli- tical rederalisation of Europe | with supra-national organisa- tions taking more and more responsibility out of the hands of individual governments
They suspected-rightly-that
NY Stock Exchange bond ter-volume was $7,500,000.
1
over
Exports $rom these ritories will thus have valuable tariff advantage British colonial exports in this important And expanding
for food and parket
materials
raw
Even the contmon market is not yet in the clear. Its ely effect on the oversees trade af non-European countries
American Stock Exchange volume was $1,750,000 shares,
Warner Bros, Westinghalike Electrig Western Union Tel. Co. wo Va. Pulp & Paper Woolworth
100
2154
United Pres
20
New York Sugar Market
Now York Oct. 21.
Dow-Jones closing averages were: World No. 4 sugar futures 30 indistrials: 421.63; 20 rails: 101.63: closed today 1 poins lower to l 40 bent: 84.87: Comun. future price point higher, with sales of 61 index: 150,82,
15 utilities; 2.88; 65 stocks: 143,81;
Closing Prices
will
cur-
Alden ine. Acy.
Alhed Chatticals
Allied Milis Inc.
Britain, the prime mover in the be the chief tople at the free trade area plan was mora rent meeting of the General interested in taking out an Agreement On Tarifs and insurance policy against a loss Trade signatories.
to
of overseas trade when the
GATT allows the establish- markol common
began
ment of cusioms unions or function than int furthering common markets, but it sets its European integration,
face rmly against the creation tariffs, new preferential Tho sritsh attitude Was resented too by the countries There is no GATT objection in cain- a European who would form the free trade principle to
mon market, but many signa-
of
Allis Chalmers
Am. Inka Shee Anerican Airiño American Cable
Corp. American Caramid Am. Gas & Electric Am. Mach. de Fary. American Motul American Kinelting Am. Buzar
American Tob. "B"
arch. To most of these agricultories to the agreement are ex- Ainnrican Tel & Tel tural products account for an important part of their export peeled to take strong exception
to some of its provisions.
trade.
Exclude farm produce from
the free trade area and what is
loft?
For countries like Der
mark, very little indeed.
Objection
One objection is that by
Anaconda Copper Armeo Steel
Amour ..... Ailbe Cona. Mining Baldwin-Lima-lam. Balimore & Ohio Beneficial Finance
Bendix Aviation Corp Benguet Com
Campbell Soup Co.
So the British delegation ranting each other's oversean
Bethlehem Steel went to the Paris talks knowing dependent territories duty free | Boeing Airplane that this was probably their entry into the common market, Borden (The) Co...... Jast chance to breathe life into but allowing them to retain Burroughs Add Machine the free trade area plan. And their own tariffs to protect canadian Paciße N. they did this most effectively developing industries the six Caso (1) Cɑ. by dropping their previous) members
Europe" Cat. Tractor of "Little
Celanes objection to the inclusion of have in effect set up a new area Financial Cursi agricultural products.
of preferential trading violation of the principles of
Mystery
GATT.
But what we are seeing now
| Chrysler Motors
Radio
contracts.
Dumestic No. 6, suger futures closed unchanged to 1 point of 34 con- higher with sales 3 164
7342 troels,
273
Contract No. 4 (work): Jan: 3.90; Mar: 3.60; May: 3.67: July: 3,00;
145 Sept: 3.60: Oct: 140: Mar: 340; 3p
301
tcents per lb. fob Cuba)) 303,
Open Interest: 5,040 contracts, Contract No. & domestic): Nov: 30% 8.83; Mar: 8,47; May: 0.02; July; 60, Sept: Bal: Nov: 561, Sput (curta per b. c NY ex-duty); 5.00 40% Open interest: 835 contracts,===Unite
Press,
191
"TOP
952,500 balen,
-United Press.
STORES, ETC.
Dalry ...
Watson
COTTTONS Textiles ...
10 10.10
GOO
10
13 4.3.20
4.30
2000 p
0.45
INVESTMENTS Yangiate
NEW YORK COTTON PRICES New York Foreign
New York, Oct. 21, Prices of cotton futures closed today as follows:
Spot! 33.23: Dev: 34.03: Mar: 24.10: May: 34.05; July: 34.82; Got: 33.65; Dec: 35.61; Mar: 33.02.-- Voited Press.
NEW ORLEANS PRICES
New Orleans, Oct. 21. Prices of cation futures closed today as follows:
Spet: 35: July: 2.24; Oct:
34.81; May:
Dre: 34.00: Mari
33.03 07: Dec: 25.01: Mer: 33.01.- United Press.
LIVERPOOL PRICES
Liverpool, Oct. 21. Cotton
future closings, in pence per lb. were as follows:
014
Oct/Nov: 23.08; contract: Dec/Jan: -2325; Mar/Apr:
26.17. May/June: 20.38; Jul 2.01;
New
contract: Dec/Jan:
28.15:
20.43; Mar/Apr: May/June: 20.57: July/Aug: 2037 Unlied Press:
were
дя
SÃO PAULO PRICES
Sao Paulo, Oct. 21. Collon future closings, in cruzeiros per kilo follows:
21: 30.00; May: 10.20; July: 46,30; Oct: 40.40.
In the United States, the average price of cotton (one
at 14 designated spot inch) markets was 33.85 cents.
Total sales at these markets were 77,072 bales.-United Press,
Agreed Merchant Rates The Exchange Banks Aso- clation announced today.:
Swiss France Maximum Sellkig 75%; West Germon Deutschemaries 7396; Belgian France 859.
OF THE BILL'
· DO YOU EXPORT TO BRITAIN, THEN WE ARE INTERESTED IN YOUR GOODS.
WILLIAM SMITH (GLASGOW) LTD. 33 Virginia Stroof, Glasgow, C.1.
ARE OPEN TO RECEIVE SAMPLES AND OFFERS ON THE KEENEST PRICES FOR:
Cute Peabody
Colgate-Palmoliva
Colombian Carbon Co. Commercial Credit
(1)
Textiles, Clothing.
Consolidated Edison
(2)
Shirts, Khaki Skirts, Jeans, for Men, Woman, Boys and Girls.
(3)
(4)
Farinan Kodak
in the all but accomplished Continental ou of Del. Exactly what the now British fact of a European common Crown Zellerbach plon is, is something of market, the regollations for a Cuban Amer, Sugar mystery,
European free trade area, and Diamond Match Co. Douglas Algeralt.. The new policy was presented the debate on these develop-Dow Chemicals in terms that appeared to be ments in GATT are the first trupont de Nemours deliberately vague. But what it) difficult stages of n complete Eastern Airlino deems to come down to is this: recasting of international trade Fase Nallonal Gas Britain will not object wo other patternR.
Firestone Tyre & Rubber members of the free trade arén The trend is towards regional Ford Motor
General Electria minking special arrangements for free trade.
General Foods the marketing or agricultural After Europe, the idea might, General Mojors products, so long as she is not be applied to the Common-Ceny o expected to join them.
wealth. This, as least is the idle Co.
Goodrich, (B.P.) Co. This does not mean that bellef of New Zealand's director Geodysse Tita Britain is not willing to talk general of Agriculture, Edward gait of
Jamesake Mining Co. about agricultural trade or will Fawcett.
Lagersal-hopu "Ho predicted lab wywie that SP Std Co. net, at some futuro dato, associata: with the marketing arrangements | next
year's Commonwealth Entretantos Colp mada by the others. But it does trade talks in Ottawa would fok Bunics Bacliors
can that Britain reserves the result in the emplacement of foot welco Anal right to protect her own imperial preference by a fulle | TuZ2gh de Zak agricultura by any moane noget, deala Pmpire common market |
Bary,
Smekpress Service,
FREE) Zara Tob. Ca.
Ladies Blouses (Nylon).
Woollen Cloves, and Knitted Garmants.
(5) Children's Cotton Frocks, Rompers, Sulis, etc.. (6) Toys.
(7)
Fancy Goods.
WE MUST HAVE THE KEENEST: AND BEST VALUE TO BE AT THE TOP OF THE BILL IF YOUR GOODS ARE RIGHT THEN GET IN TOUCH WITH US.
EXPORT: WE CAN HELP YOU IF YOU ARE INTERESTED IN ANYTHING MADE IN SCOTLAND.
LET US QUOTE FOR ANYTHING YOU IMPORT
Exchange
New York, Oct. 21. Closing rates were: Canada: 1.03-13/16; England om. clal: 2.00-5/15; 50-days: 2.781%) 90- days: 2.77-13/16: Australia: 1.241
South New Zealand: 2.79-5/10; Africa: 2.104: Belatum: 20110=5/100 Pakistan: 3505; Other unchanged.-- United Press.
LONDON EXCHANGE
*
*
Dwight Eisenhower.
PENANG MAKARAAN ANNOYAN-
BI EA
PRO B-I
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Outwards
"CARTHAGE"
"BENILONGA “DANTÜK”
“BINDA”
"confu USALMAKAM
*
*
>
Homewarde "CARTHAGE"
#
*
Other 11–
"CHUSAN” "CANTON" "CORFIT" "SUNDA“ *
London, Oct. 21. Closing rates were: New York: 2,8032-3.80-4/13; Mont
Amsterdam: real: 2.60-10/10-1.38; 10.531-10.62 Brummels 140.17- 140,235 Frankfurt: 11.184-11.251: Ports: LIEST 1163942 Stockholm: 72.84-72.95; 14.4831-14.4534: Vienna: Zurich: 12.27.12.2115; changed
United Press.
Exchange Rates
Business was done in the local umorilcia! exchange market morning at the following rates
dollar (per $13
Sterling notes (per £1).
Australian notes (per £1) Indonesian rupiah (por 100) slam tical (për 100) Singapore (Stralie)
high style
LOW COST
3.80 19.48 12.20
13.3
27.20
TILE-TEX
ASPHALT TILE-Che
economy floor that WROTE and 'WEATS!
Handaamd, long waschen TheTan mosbal),
ty, lesboid perfect desapatería Sously the key, room in your soru. Lavery, makra-
cort rub IT! Bak for out fron astiablean -
Tile Tes
HOLLAND-CHINA. TRADING CO., LTD.
.H
"CARTHAGE"
LAATOR Lender
Sated, I
Salled 2019
Belled 6/20 Salled 20th October
15th Novaber 9th November
Loaves Mongkong 24th October
3rd November
22nd November 18th December 6th JanuaKY 17th January
Den Manchwa in Pert 30th October
2nd November 10th November
10th December
15th December 25th Decenter
Dua Kundan 24th NormobRE 50th November std Drosaber
19 JAMEN 11th February
17th FebruarX
Vu Singapore, Penang, Colmehe, Hambay a bása.
orite Colombo and Hambay, calle, AS **UNDA? Havre and extends to Hamburg, Myrtzeṇdam ană Antwerp.
BRITISH INDIA S.N, CO., LTD.
"SANTIIIA”-dus 30th Oct.
snila 31st Oct
“FULTALA” 40a 15. Nav.. salis 10th Nov.
“BANTHIA” £u* 21st Nov.
ails Mind NOV..
from Calauita, Hangoon
& Stratt ibe Japan
год Марка
for Bingapore, Penang. Hangoon & Calcutie
For Binaporn, Penang, Bangon, * Crmitte
P. & Q./B. 1. JOINT SERVICE
"OBBA"
due 25th Oct. 101 20 Osk
“OZARDA“ due at Oct.
salle 10 Nov. "UMARIA” dus eth you.
salle 706, Now
"OZARDA” duo zna Dos,
from Japan.
1or Bingapore Romans Colombo, KarLONÍMIA 150mber
Itum Karachi, Bumbáj, Cochin & aliigavöru
Про Гарад for Bingapore, Dombay, Kappohl, Kuwait, Barrah za KhorramonRÍAS freza Japan
td Singaport. Doch
Kuwelk
EASTERN & AUSTRALIAN 5.5. CO., LTD.
"NELLAER" Fonds 6/7th Nov.-
Balis th Nov,
„Jonds 12/1tle Nov.
for Labus Beaded
Adelaide
„MelbouDON