Page
THE CHINA MAIL, TUESDAY, NOVEMBER 5, 1957.
HONGKONG STOCK. EXCHANGE
Our Own Correspondent
Business done on the Hong- Long Stock Exchange thiu morning amounted to approxi- mately $234,000. Noon quoti→ tions and this mornhug's trans-
delions werN
Khare
BANKI,
HK Bank.
Buyer Sellars
270
East Asia
INSURANCES
Union XD
2214
SIIPING
Wherlock
11,00
DOCKS, ETC
Dock.....
5214
Providem,
12
LAND, ETC.
HK Hotel 15.40 14.70
IFK Land
KL 35 10.0
... 1475 1.52
Humphrey HUNDER Amat Trent UTILITIES Trum
Star Ferry
Yaumati
C. Light
(0) ....
Kiretrie Macao Telephone
22.60 22.10
1015
Bajes
کہاں کا لگا
* G
FARM
3 W
FL25
400 67
100 0 20.00
►
19.30 10.50 1330 18.40)
300
INDUSTRIALS
TRADE and COMMERCE SECTION
Variety Of Opinions In Britain
Bewildering Variety
Wanted: An Act Of Statesmanship
Solution To State Of
"Barbaric
Industrial Conflict”
London, Nov. 4.
The economic debate-in the country as in Parliament-now concerns the possibility of a world slump, at least as much as it does the evils of inflation. This week we have had a bewildering variety of opinion to choose from. It is not one of those occasions when one school of thought holds one opinion and mother has a totally different view.
On this occasig the same people who believe the British Government was right toke a stand against inflation, also fear that in a few months' me the danger will not be inflation at all-but deflation.
+
19.30
150 or 10.40
27
200 <1 27.40
10.40
2 26.330
500 et 20.50
200 20.40
The picture »s H appears from
this moment looks Britain a something like this:
.....00 20
150.30
The Treasury's own economic advisers-despite suggestions to the contrary by the Opposition Chancellor In America, as in this coun- must [col as the 2000 & 2016 | try, industrial
The other extrême production has does.
trade unionists there are the
Cement 23.20 231 3000 23.30 risen hardly at all in the past
Hope
14.00
STORES, ETC.
Watson
Vexiller
Dnity ... 18.20 30
400 @ 10.20 12.00 110 100 / 13:10
4.40 4.47% 3000 47 625
COTIONS
New York Rubber
Market
New York, Nov. 4. Rex rubber futures today closed 55 to 71 points lower with sales of 85 contracts.
At
two years. And because of this, who say the Government's po- primary producing countriesley is a declaration of war on many of which took steps to in-
labour, a deliberate attempt to crease their output during the hold the present line by creal- commodity boom years are ing "pool of unemployment."
Somewhere inding it more and more diff-
In the centre cult to sell their raw materials
stands the bulk of the nation's to the world's 1wo
biggest į manufacturing countries.
Falling Prices
Commodity prices are falling, nu will them, primary pro- ducers income. continues, these countries will If this trend face a serious balance of pay- ments dimeullies; the terms of trade will move further against unable to Nov: 27.10; Jan: 21.50; Mar: 2728; them. they will be
vida-28 Sept: [finance the development pro- grammes they have undertaken, and unable too to maintain their Imports of manufacturers and cupital goods.
May 2243 July: 27 Nov 2720.
Standort contract closed 55 to 70 points lower with no sales reported
Nov: Jan:
MAY 2723, Juls: 275 Sept: 2723:
Nov: 37.20
Spot No. 1 Rss was quoted at 274 cents, nominal,
SINGAPORE
how.
most eminent economic think-
11
NEW YORK
COTTON
MARKET
Effect
Sputnik Il's On The New York Stock Market
New York, Nov. 4. Russia's new satellite with dog aboard helped put stocks down early in the day and helped put them up later. The recovery which began with the makers of missiles just about wiped out the wide losses in industrial issues when allowance is made for a cut in the figure caused by several stocks selling ex-dividend.
Railroads faced less favour- | General Foode. ably. They touched a new low General Motors
Gen. Pub. Utif since May 3, 1964 and also met Gelly Oll support which brought Some Goodrich (BP) Co. up slightly but left the group Goodyear Tyte under the protious close,
Utilities had a wide loss for a time when two of the issues suffered substantial Joosts, Part of which was regained.
Missile Makers
Alteratie-the missile makers
10 -registered gains ranging more than 2 points in Douglas and Martin and more than a point in the others.
Homestake Mining Co. Ingersoll-Rand
Inland Steel Co. Interchemical Corp. Int'l Business Machines Int Harvester ... International Nickel International Paper Isil Tol. & Tel.. John-Manville Co. Kawas C. Power & Light Kennecott Copper. Liggett Meynes Tob. Co.
Lockheed Aircraft Loews Incorp. Lone Star Cement Co. Lowenstein & S0119, McDonnell Aircraft
Stock Exge
Mesabi Iron Corp. American Polash rose more
Minnesota Mining 3 in the fertilizers. Mission Development
hard Cheraicals,
for a time, i Monsanto Chenilen) Co.
not- Montgomery Ward
2
era. No less than a dozen of
New York, Nov. 4. them--drawn from Oxford, Cam- bridge Universitics-signed
Cotton futures today re-than letter
The Times this suraed the rise under way made strong comebacks, Lo week in which they pointed out at the end of last week as ably Du Fout which rose more the dangers of a depression the primary producing countries traders became more con- than 4 points from its low..
International Nickel jumped world prices. evidenced by the recent fall in cerned over the crop out-
look.
tr points from its low on
1.15 year-end Realising pared extreme claration of a
ordered last gains but the list still closedextra, same up net 23 to 24 points, higher. year.
Chance
got Vought Opening *priced were Up 5 15
Jate in They solemnly hoped that 17 points, New Orleans closed action
the day and both sides. of 21 to 31 points higher.
gained
than governments on
3 paint. will weigh
Co. rose nearly 2 and the North Atlantle
A private crop summary to Martin political
than carefully the possible
A point the Gov- gains of more results of their present economic day, lasued before
crnment report
Friday,
were set by several others of policies."
Political Results
Cume closer
от
mora
Chemicals
Motorola ine,
National Cash Reg. "A" National Dairy Prod.
National Lead
National Steel Corp New York Central Norfolk & Western Ry. Olin Mathieson Dis Elevators Owen-linols Class into Oxford Paper Co.
Pacific Gae & Elec." Pan American AirwayB Paramount Pictures Parke Davis Co.
These are the factors which, A letter next day from Pro-indicated a yield of 125 million the aircraft group, the oma
bales. The Government figure that makes missiles. according to the London Times, fessor JE. Meade
a month ago was 12.4 million bules. Last year's crop totalled of
13.3 million bales.
Much of the weather damage in October, the
noted, survey "Re qualitative rather than quantitative. That is, the rains resulted primarily in lowering The problem was to find some way of preventing a continuous the grades rather than in re- inflation
in without duction of prices
number of stopping economic growth.
to be
lower on overseas advices arilenary signs have appeared at some parts of the world
The market opened sharply
eased further on stop-loss and same bull selling.
deflationary in others.
In and
"In combination provide the to grappling with the issue that
for an infer-is now exercising the House classical setting
Commons. He recognised the national trade recession."
dilemma of a situation which To cenfuse the Issue,
instationary ever, these potentially defin seemed
and me when both Britain Amerien are still worried about Internat inflation. In Britain particularly, this has called for strong incagures, Including 3 even per cent bank rate. But Britain's
"squeeze" ia creat
than only greater in intensity rubber per it. Nov: 703 America's. and both countries
There, was a continued good
for
interest for lower sheets December shipment with in- proved demand for November at lower level.
Future closings were;
Nu,
78% 77, No. 3 rubber have rut back public.expendi
Be B. Nov;
per I. Nav: 79-74y: No. 4 utiber turc
ber 15, Nov. 1-71: Spot rubber
Qubaled: 702,79%: Blanket, creper
-10; No. 1 pale crepe; 93-83.
LONDON
jance per 1h. Prices:
Ideal Solution
boles.
the
227,000
Month
Dec.
Volume
8,800
Open interest
333.600
Mor.
MAOF
14,100
230,000
July
8,500
131.000
Oct.
3,400
108,300
1,200
33,100
4,300
44,500
978,100 balea
Der
several
Penny J. C. Co.
Per Salt "Co. Php Mearls
Pittsburgh Plate Glass, Pubucker Industrie Pure On
Procter & Gamble Co.
Radio Corporation Radio Corp. Pref. Itepublic Steel
Ain.
Chemicals, weak spots early Retaulds Metal
Sears, Roebuck & Co. in the day, made sharp come-shell Off Co. backs, Coppers also rallied, Saint Reg. Paper
Sinclair Ü to net gains. Os Secony Mabliell CRINE back after some issues Bolar Air had been depressed more than 21 South Puerto Rico Sugar points to new lows. Sicels en Southern Co. (The)
Southern National Gas Aluminium Southern Railway (Com.) countered support. dasues firmed after a drop to Standard Branda new lows. Chrysler showed a Standard all of Cal. Standard Oll of Ind. gain late in the day after selling standard On of NJ.
DLA
Steep Rock (Toronto Exge) sterling Drug Co.
Suicoly Van Comp
off as much as 2 points.
Volume was 2,380,000 shares compared with Friday's 2,000,- Bebaker Packard Curp. 000. Of total 1,168 issues Sunshine Mining traded, 580 were lower, 347 Switt & Co.
constant New York Cotton higher, 212 unchanged.
all the
Pricés
Техан Со Textron Inc.
Union Carbide"
Union Oll of Cal.
On the American Exchange Tide Water Ae Dil soles today rose to 730,000 Tune Ine. shares compared with 580,000 Twenty Century Fax Filin Prices of cotton futures closed traded on Friday.
Bond volume today totalled todny as follows:
Spot
34.50 Des: 30.11: Mar: 3323:54,700,000 against $4,470,000 on May: 3524; July: 3488; Oct; 39.07 | Felday. Dec: 33.00; Mar:"35.00.
The ideal solution, he said. might be Rexible monetary and Mar fiscal pollries used so to control Total So we have a situation in demand that producers
would which it is quite possible to be able to sell at a
general level of prices be genuinely concerned about twp Keemingly opposed gonda and serviçës they chose to eventualities. The Fubber, market was easy
The fact that | prodies and an overhaul of so that with
Britain munt de something to wage fixing methods at 22-15/16 spol quoted
stop Inflation at home doen wage rates would not be prished not mean there is no danger up at a more rapid rate than aallowed full employment to be of her being caught up in Prorid depression.
with this And the combined
general Inot that the signs are present stabilty of selling prices.
This, presumably, is just what that such a depression least a debatable possibility. the British Government is, try- does not lessen the need for ing to do. The first part of Pro- action against inflation.
fessor Mende's formula la at ready their policy; on the second they differ only in the method of approach,
No. 1 pul 2016-23,
Dee! 23- 2014: Jan/Mar: 25-231 Apr/June:
Settlement house term:
2016-2017
July/Sept:
2312-2374:
GetDeer 23-239.
Ceneral markets, clf baels, ports: Nov: 2224-23:
2323-24 Ber #3-232 inte erepe
Jan:
Nov!
25 think Nov: 24-United Presi
European Free Trade Area-A Challenge
TH
But it does bring a new urgency to the debate on the correctness or otherwise of the methods by which the Govern- ment has chosen to stop infla- tion.
These
can be
the
Real Problem
NEW ORLEANS
of Prices
futures cotton closed today as follows:
Spot: 34.00: Dee: 1513: Star: May: 356; July: 369; Oct: Dec: 33.61: Mar: 33,00.
LIVERPOOL.
Union Pacific Railway
United Aircraft
United Gas Corp.
U.S. Foll "B"
US GypeID
Dow-Jones closing averages us. Line Cu.
were:
30 Industrials 20 Jalla 337219 utilis
05 stocks $0 bunks Comm. future price Index
Colton futura closings, pence per lb. were as follows:
Oli contract Dec/Jan: 25.70: Mar/Apr: 23.20; May/June 23.83: July/Aug: 25.12; Oct/Dec: 25.07.
70.62; New contract Dec/3 Mar/Apr: 30.52; May/June: 26.30; July/Aug: 23.68: Oct/Nov: 26.48.
DE
Closing Prices
Alden lee. Acy. Allied Chemicals Allied Mills Inc. Aills Chalmers Am. Bruks, Shoe American Airline American Cable
Corp.
Amerlenn Cyangınid Co,
The real problem, however, is summarised
but quite briefly. In making credit Bot to prescribe the cure,
to make the patient swallow bath scareer and dearer, thot. At the moment he is refus Government believes that inda-
. BAO PAULO tion can be choked off by withing to do so on the grounda that
he isn't convinced It is going Cotton future closings, holding the fuct on which it
were to do him any good.
cruzeiros per kilo feeds. London, Nov. 4.
The unions, with pay claims follows:
Nov: 20.20) Mr Reginald Maudling, the
Doe: unquoted: Marx: Government in the "pipeline" say they are Paymaster-Génera), stid denies that this "tighter money"
going on with them The Gov. 30, May: 30.30; Jaly: 30.00.
In the United States, the they will not in London that the pro-polley is aimed at any one c-ernment, says
finance any pay increase grant-everage price of one-inch entton posed establishment of a tion of the community, there can
in the nation. at 14 designated spot roarkets be no doubt-Indeed it woulded to workers
was 33.82 cents. Total sales at Amanda Copper otherwise allsed transport industries. Re these markets were 85,412 boles. European free trade area not make sense
AITODULE and threatened United Press. was one of the greatest that the chief mufferers are to be sult: Deadlock challenges this country those in the queue for higher Industrial strife. had ever faced.
Although
woges.
Gov- The Right Way?
r
that It was essential crnment and industry and all with the economie concerned Hio of Britain should
make
Chancellor Thorneycroft bold preparations for it well in ad- the House of Commons
weal
vance
this
said Pro-
"an act of New York Metal
What is needed, fessor Moade, statesmanship whereby
political
GERDE WOON
the
SETTO
mohod
trade unions and the maxin
parties conR better than "wasteful and barbario" industrial conflict. * wages the world were broken into a scale which
The world slump? That seems number of different
segments from the point of view of trade given in the past and are still to be an outside chance made to being demanded, were in fact appear large to cloud the dome-
Mr Maudling said that if
increase on the they have been
Futures
New York, Nov. 4. Prices of metal, futures closed today in cents per 1b. as follows:
Load Now: 1344h; Dec 13.36. Zine Nov: 6956; Dee: Din.. Copper Nov: 24.tab; Doet unquoted. Thi Nav: job; Deu: 29.901.
LONDON METAL PRICES I have no doubt as to ste issue. On the other hand a the result. It would be a dis-moderate recession
and commeret, they could not
be united politically either,
granted,
the
in America
Prices of metals closed today
Amer. & Forga. Power Ain. das doctrin Am. Mach. & F'day. American Metal American Smelling Am. Sugar Hef. American Tel & Tel American Tou.
Aus Com, Mkung
Baldwin-Laina-Itam. Baltimore & Ohio Dericial Finance Boris Aviallon Corp. Bethlehem Steel ... Boeing Alepiane.
·Borden (The) Cale Burroughs Ada Machine Campbell Soup Co..... Canadis Padóc B. (Case (AL) 00,
Cat. Tractor Calanem Corp, CHT. Fini, Corp. Chrysler : Motors .... Cimex Molybdenum | Cast Peabody
Colombian Carbon Co. Commercial Credit, Consilipated_·Wdison Caninental off of Del. Samona Alkali Donetan Aircraft
"Our basic policy is to ensure stor to this country, it would appears to be a definito porslin sterling, per long ton as fol- Cubas Amer dvere
greatest possible. flow of be a disaster to the dams whobilty for the near future. lows: trade in the world. I am sure gave them and it would be a dis What effect this will have on
to
1145% Dupont de Nemours
187||-|| Jastarn· Airling 190143 | Kastman findik
it is wrong to assume that there aster to the men who got them,” Britain, no one really cares to Tin spat is for this country a conflet Is this the right way, to deal [say Yat; but it will be greater between our ties with the Com- (with a situation in which costs or lesser according
the monwealth and ties in Burupe. {--tipócially wagos are rising quality ot the "art of states Leed at hand
are complemtolary to faster than output? They
manship!! which the whole each other and not in curfict.” "There are absort as many country in Impatiently munifig, Zibe at Balt --China Mall special,
opanions as there men schoorida, alegram Bervice.
Buyers Sellers
13014
Daw Cheng, léga
3-month
apot
Radio
US. Rubber
U.S. Smelting
434.04 US. NICAL
197.34 Warner Bros..
04.94 Werdinghouse Electrle 146.67 | Wertern Union Tel. Co.
04.28 West Va. Pulp & Paper 189.53 | Woolworth
ung.
10%
New York Sugar New York Foreign
Exchange Market
New York, Nov. 4. Closing rates were: Canada
England official
New York, Nov. 4. World No. 4 sugar futures closed today 1 to 5 pointa lower with sales of 125 con- Ausfalls tracts.
30-day
10-day
New Zealanėl
South Africa India
а sugar Pakatan
of 27
The domestle No. futures closed unchanged to one. point lower with sales
3.04.0/32 2005
2.61-2.03 2.794%
2.77 11/16
12.70%
2.80%
2102 104
Others unchiulged. United Preze
LONDON FOREIGN
EXCHANGE
London, Nov. 4.
contracia. L. softer one in the mw
Pre-holiday liquidation and a market weighed on the world deliveries. Amsterdam
Dealers understood
Iran purchased 20,000 tous of sugar frum Formosa ngainat s original inquiry for 90,000 tons,
Brazilian raws Diso were reported still offered at lower prices than Cuhns,"
Contract No. 4 (world] Jan: 3.50: Mar: 5.51; May: 3.51; July: 5.00;
3.3 Spot (cana Bept: 3.4: Det:
Open in
per lb. fob Cubn): 3.00;
2õli; } ferest: 9,407 contrsets.
Jaited Press.
LONDON STOCK MARKET
London, Nov, 4.
The stock market reacted un- favourably today to Russia's
40 and second venture into miter space
23and closed generally luwer.
725xd
112
4055 The government's announce- ment that Britain's cash reserves rose in October brought a late recovery by glit-edged Issues in
otherwise weak
maricet
$200
300 1A/16-2.09
10.0336-10.6334
139.05-140.00
10.3732-10.2ay;
Closing rates were:
New York Montreal
Druzek Copenhagen
2.00-2.00 1/10
Frankfurt
Odo
10.0235-20.00}}
Paris
1132-1346
14.40*4-11.49
19.3916-12.EL
Stookhotii Zurich
Other, unchanged.-United Press,
Exchange Rates
Budness won / dine in the local unofficial Exchange market trab morning at the following micst- U.S. dollar per $1)
5.03 13.07
Contract No. 6 (domestle) Mar: Sterling nates, iper El 6.62: May: 3.571 July: 5.01; Sept: | Aur indian notes iper £11 ........ 12.30 6.65: Nov: 0.03: Spot-trenis ver 1. ↑ Indonesian rupinti (per 100.. elt NY ex-duty): 5.67; Open. In | Slum tical (per 100) terest: 640 contracts-United Prem Singapore (Stralin)
A long list of leading In- dustrials declined by as much as; [*
Shilling
Cill issues were hit by heavy selling and registered declines of up to threë shillings led by British Petroleum.
Dollars sharply.
.stocks declined
Foreign bonds were quiet ond mixed United Press.
NAMESAKES
Answers: 1 Follo, 2 Gardens, 3 Elizabeth, 4 Counsel, Vis count, B. Esaayist, 7. Philosoplije, Baron, 2 Verutam, 19 Chans cellor, II Polities, 12 Maunga
Francis Bacon.
P2OB.I
E.A
COMPANIES.
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Uutwarde "CANTON" "SUNDA”
"CORFU "SALMARA” "SINGAPORE”
Leave Landen Salled
19th October
19th November 9th November
4th December "CARTHAGE” 111h Deonenber“ "CHUSAN”
Homewards "WANTON" "CORFU” "SUNDA” *
Due Hongko 19th NovabNDRE
9th December 15th December 25th December
19th January 130 January
17th December 1101 January
Leaves Hongkong Due London 22nd November B3rd December 19th December 19th January
Bih January 11th February 17th January 17th FebruKE 27th February 1-30th Jossey
12th March
"UARTHAGE” "CHUSAN" "SINGAPORE" . Gil. February
Via Singapore, Panang, Colombo, Bombay & Ala * "BUNDA emita Colombo and Boobay, chile we Bavre and extende to Hamburg, Rotterdam and Antwerp,
BRITISH INDIA S.N, CO., LTD. “FULTALA" due 14th Nov.
Aulie 1815a Nov.
"BANTHIA", doe Alt NOT.
TADET SIRET MITON
"BANGOLA"du" sih Doc.
sails 7th Dec.
from Japan for singapore, Penang. Rangoon & Calcutta
from Japan
fus Singapore, Penang, Rangoon & Calgusta
from Calcutta. Bangoga. & Stra LUT JA
P. & 0./B. 1. JOINT SERVICE "UMARIA” dur 4th Nov.
'"URLANA” | due 11th Nov. malia 12331 Npy,
"ISMAILA" das 10th Nov.
Balls 17th Nov.
3rd Dec. salle sth Dec.
"OZARDA” due
from Japan
ter Singapore, Bomber. Karachi, Kuwait, BarBİL & HorrKEČENE
Tram
Singapore, Bom bay & Kozactii
from Karachi, Bembar,
Colomba & Singapore a LIT JANG
from Japan For Bing Dore, Bombay PLAYDASIE, KarsalEL. Khorram habe da Kural
EASTERN & AUSTRALIAN SS. CO., LTD.
“NELLORE" Joads Garth Nay.
"NANKIN"
salle 8th Nov.
lands. 16/17th Nov. calls th Nov,
for Labuan. Brodukcası, bou, isbane, Syd- bey Melbourne Adelaide
for_Bancalan, Bydnay da MelbouSIMY
All vessels have liberty to call at ang ports on or sit the, rendo a tha rykly & sallyga ars subject to, change or amendmens with se `without notise. ·
For luft poli atars app-da MACKINNEN, MAGKENZE S 00 DA HONG KONG DAN
13,50
28 30
1.01