Page
THE CHINA MAIL,
TUESDAY, NOVEMBER 26, 1957.
TRADE and COMMERCE SECTION
Economic Normalcy?
Two Events This
Week Provide
Good Examples
London, Nov. 25.
Economists-both the academic and the
HONGKONG
STOCK
Impossible
NEW YORK STOCK MARKET
STOCK CLOSE ON A
EXCHANGE NOTE OF STRENGTH
Our Own Correspondent
Business done on the Hong- professional variety--are strange poople.kong Stock Exchange this morn
ing amounted to approximately But their strangeness takes different $230,000, Noon quotations and forms. The academic is responsible for the morning's transactions were: his subject being known as the "gloomy science;" nothing ever appears to please him.
HANKS
baren Bayer Bellara BALCs
lik Bank. East Asia
Wheelock 4.00 0.03
100 770
T
100
INSURANCES
Union ...
100 0
SHIPPING
DUCKS, TİC.
Dock
117 $115
(0) ..... 11.00 11.00 957
11.00
250 11.30 250 11.10
K. Whert.
Provident,
New York, Nov. 25.
NEW YORK
COTTON MARKET
Stocks closed today on a note of strength with Cotton futures today see-
trading moderate.
Oil shares with gains running to
points featured.
This group also was the most active with big turnover In 'ard (Jersey) Huyal Dutch, Philips Petroleum, and Getty Oil.
8
New York, Nov, 25.
sawed indecisively in a less active market.
scesawing within
Agreement Production To Cut Of Steel Import Tax In Thẹ US
Luxembourg, Nov. 25. Britain and the six ECSC countries today mutually agreed to cut import tariffs on steel products passing between the two; trading areas..
The menu was signed at the ECSC headquarters here by Sir William
New York, Nov. 25. U.S. steel production this week will akid to a new low for nearly three years, barring strike periods, the American Iron and Steel Institute reported today.
Britain and representatives of rate
Melkilereid for The decline reflects the low of incoming orders and the six over nations, It will atcel officials expeel output will now have to be ratified by the decline still further before the British Parliament.
year out. After more than
Britain's D
tariffs stood at be- The instituto estimated pro- range of $1 a bale, the ilst tween 15 per cent and 33-1/3 duction this week at 73.0 per closed net 6 to iz points lower, per cent and will be cut back cent of capacity or 1,884,000 The market opened up 9 to off to a maximum of ten per cent, 10:18.
The 41 point. New Orleans closed
ECSC nations whore tariffs on British steel goods 2014 unchanged to of points.
That's the lowest since the Operations were curbed as the are between 12 and 30 per cent | 1,850,000 tong trado awaited outcome of bids will drop them to between starting December 27, 1954, ex- pened today by the government three ani 12 per cent.—United |cept for strike periods Inst year 334 for the sale of cotton out of the Press.
Parke Davis Co.
Penny J. C. Co. Penn, Salt Co. Philip Morris Preeter & Ghiable Co. Pilsburgh Plato Ularu Publickor Industries Fure Onl......... Radio Corporation Radio Corp. Pref.
Meynolds Metal
Laikeus ran up more than 2 points in a steady steel section. Motors were steady to firm Cepublic Bleel
cep: Ford which lost more than
Aircrafts ruled Arm. a point,
International Paper ran up 2
Seats, toebuck & Co. Anet Ol Co.... Raini Reg. Paper
The professional, on the other hand, fluctuates between moods of dark despair and riotous optimism, never staying at one extreme for long before he is darting off to the other. The one thing academics have in common with 14.10 14.30 1910 @ 1430 dustial average. Itails produced Bouny Mobiel
professionals is the tenet that the economic conjuncture is never "normal." And in that, of course, they are right.
Two events this
ods.
week pro-vlude .. vile excellent examples or the different approach to economics by the two types of economists and, Incidentally, show the im- possibility of ever renching a state of economic "normalcy."
expensive development
lecturer Oxford economile Thomas Balogh wrote last week: "It would, in my opinion, be a Krave error in judgment to ro- gard the battle of inflation as
would
LAND, ETC.
JK Land. 3311⁄2 2518
Realty
RUBBER
Amalg
Star Ferry Yunsti
$43 4
300 1940
17% 2719
14.00
prey."
Trust
1379 1.30 10,000 1 +14
1.15 1.25
1373 1.40 1,000 1,375
1273
UTILITIES
Tram
2250
2223 500 on 22.50 300 22309
60
120
IN).....
Electric
What
10
be
C. Light
(0) 18:40 14:50 C. Light
1%
27.40 27.50
20.30 20.40 INDUSTRIALS a
Cement 24.30 24.00
Amoy Can' 30 20 STORES, ETC..
000
130
1000 i
600
213 40 27 AŬ
2716 20.30
300 2 26.40 200
24.00
Dairy 10.20 10.30
209
1020
development.
bankrupted."
Watson 12.30
1,590
12.30
Since January, the prices of Britain's Imports have
seven per cent. Import
fallen prices
What Mr Balogh seems to be saying is that you just he AS win-especially
Iane, C... 1:0.20 14
cannot
4.56
admits
The first event was the fur-won if an even more precipitate ther improvement in Britain's fall in Import prices
As of trade-which
Telephone deter-stabilise or even depress the cost exports for living and counteracted
in costs. will purchase a given volume of continued rise
mine what amount of
importa.
necessary
A few Agures are would happen is that large and illustrate trade Important territories would
of food, drink and tobacco are that "the continuous rise of the down six per cent; baste mater-price of United Kingdom Im- ials five per cent; haels 15 per ports was the main cause of our cent; and manufactured
six per cent.
Exports
On
embar- goods, international economic
and was rassment before 1952 the main cause of the Internal rise in wages and coste."
The second
significant event last week was part of the back-
Export prices the other ground to the recent firmness of hand have continued! to go up. The Storling exchange rate and Overall they have increased by Illustrates the near manic- two per cent, but manufacturedepressive tendencies of those goods, which comprise the bulk professional businessmen-econ- of Britain's exports are four per omlets who make their living by cent dearer.
being one jump ahead of economic developments,
terms
at
Bears
ΟΙ
Consequently, the trade have moved in Britain's favour and are now eight per cent better than they were the beginning of the year.
The rise in the Sterling x- Professional economists among change rate was due to the clos whom must be numbered most ing of "bear" accounts. Foreign who bad sold newspaper commentators and all businessmen
naturally Sterling forward when rumour businessmen - are pleased that it now takes fewer had it that the pound was about exports to by the same amount 10 t devalued, are now buying
hack Sterling to cover of Imperts.
Any conflict that arises be- selves. So strong has been this tween them-and between busi-novement back to Sterling that nessmen and the public is over the British authorities have in- favourable 'ervened to stop the exchange the fact that this movement in the terms of trade res rising too high.
The result:
Inflow of has nol been reflected In the
cold and approving noises from cost of living. On the contrary. the retail price index advanced academic economists.
a further point. last month.
Απ
them-
But the thing that has Businessmen argue that im-riguva observers is the simul- for rale rise in the faneous port prices account for only a
And at- 1iny part of the final retail ransferable Sterling.
"the
economists" prices. Labour costs are by far cording to
rumours ΕΠ
an m-
COTTONS
Textics... 4125
Nanyang INVESTMENTS Yangtze
ABIE
0.25 0.40 2,000
5.35 3.1
5.25
to help sustain the inanclair Ou
several Brm spots. Coppers Sular Alretati moved narrowly.
The list met support around noon after a lower opening.
Gains
- t the
Some of the buying reflected an optimistic report by a lead- Ing setentist about America's chances of overtaking Russia in the missiles race. Demand for the oils reflected on improved inventory outlook for key in- dustry.
Turnover was 2,600.000 shares, compared with 2,850,000 on
Friday.
Of a total 1,183 issues traded, 507 were higher, 300 lower.
On the American Exchange 9.30 sales were 700,000 shares com-
pared with 710,000 on Friday.
Bond volume amounted to $4,780,000 against $5,203,000 on Friday.
LONDON STOCK
MARKET
London, Nov. 26,
The stock market closed Irregular lower today in
Dow-Jones closing averages
were:
30 industria
20 saila
15 of:tiles
444.38
104.35
8742
149.00
14.23
Comum, future price index..
101.71
65 stocks
40 bond
Closing Prices
the lightest Monday trad- Alden Inc. Aey. ing this year.
Allad Chemtonis Allled Mille Inc. Allis Chalmers
American Airline
Olls were the most actively Am. Brake Shoe traded with Shell and Royal American Cable & Radio Corp. Dutch scoring side advances. Amer.can Cyangmid Co. British Petroleum and Burmpler & Forgn, Power closed unchanged.
Leading industrial issues rc- treated on a broad front to as ns a shilling In very much light trading.
Governments British again marked down £1/18.
A Ga & Electric Am. Mach. & Fdry Alberican Metal American Smelting Am. Sugar Rel. American Tel. & Tel. American Tob. "I' Anaconda Copper Armco Steel Armour
Arm in Canadian Prelie B.
Cat. Tractor
Dollar stocks eased.-United IT. Ainancial Corp. Props.
South Puerto Rico Sugar Southern Co. (The) ***** Southern National Gas Southern Railway (Com.j Standard Brands Blandard Oil of Ca Standard Oll of Ind. Standard Out of N Sterling Drug Co Studebaker-Packard Corp. Stokely-Van Camp. Sunshine Mining Swift & Co. Texas Co. Textron Inc.
Tide Water A. 'O' Time fsc...
Twenty Century For Film Union Carbide
Union O of Cal Union Pacife Radway United Aircraft
United GM Corp.
U.S. Foll "D"
U.S. Ovorum
C.8. Line 0.
UB. Hubber
U.S. Smellise
U.S. Steel....
Westinghouse Electrio Western Union Tel. Co. West Va. Pulp & Paper Woolworth....
42)
surplus stock.
Prospects for
substantial
addition of good quality cation
Aupply
to the "ree market blunted the edge of recent buy-
404, ing interest.
23"
London Metal Prices
Weather and crop news con-
London, Nov. 25. unfi vourable. tinued
While
Prices of metals closed today observers expected the Some
in sterling per long ton 28 December government егор follows:
male to fall below 11,000,000 Thales,
off 708,000
from previous estimate, other quarters Copper spot
the Tin pol
3-month thought losses suffered since the month
and in 1955.
In
the week.
Last year, according to the Institute, production was at 78.8 per cent
of capacity yielding 1,905,000 tona.---United Press.
New York Metal Futures
New York, Nov. 25.
Prices of metal futures closed
If today in centa per lb, as follows: Bo Lead Novi unquoted; Dec: 11.16b: BeZine Nov: 9.20; Dec. 111; Copper 07 Nov
BE1 Nov 0: De: 10:
| Unllod Prous.
Dayers Sellers
130
1301
1:37
BOLL
18344
151
100
3
284 xd
Baxa counted,
November report was compiled Lead and half Nov. has been anticipated and dis-2ine and half Nov.
Feb.
2016
B01
Feb.
86
United Prem
121
Month
Volume Open interest
Dec.
13,500 70,100
Mar.
49,900
2444,500
Mas
27,700
300,400
0315 July
24.500
164,500
Oct.
33,600
127,200
2316
G
10,700
£0.000
Mar.
2,000
10200
50% Mny
Toins
500 147,500
B600
$54,400 Lales:
*
tixd
2012
United Prem.
New York Rubber
Market
New York, Nov. 25. Rex rubber futures today closed 10 to 20 points higher with sales of 22 contructs.
Nov: 27.70:
Jan:
29.9; Mar: 28. Blay: 23.10: July: 20. 16, Sep 20.13; Nov; 29.15,
Standard contract closed 10 to 20 points higher with no saler reported.
Nov: 27.50; Jan: 27.60; Mar; 20. May: 28.10; July: 28.15; Bept: 28.15; Nov: 28.15,
Persistent small lot buying through one dealer account and limited) offerings Imported note of strength. Reports of an
domestic 546 Improved
New York Cotton
PricesTM
Prices of cotton futures clos- ed today In cents per lb. as follows:
Sput. 30.65n: Deo. 30.03: Mar., 3027: May, 30.24; July. 35.80; Oct. 33 78; Dec. 33.64-43; Mar. 31.03; May, 3148.
NEW ORLEANS Prices of cotton furtures closed today in cents per lb. as follows:
Sput. 25; Dec., 33.53; Mar.. 36.21; MNY. 3.25: July, 25.70; Oct. 3178 Dec. 33.02: Mar, 33.02; May, 33.60
LIVERPOOL
Cotton future, closings, pence per lib were as follows:
Old contract: Dec/Jat 25.09; Mar/Apr: 24.82; May/June. 20.02: July/Aug: 28.05 Oct/Nov. 20.59.
contract: Dec/Jnn 21.10. New Mar/Apr: 21.35 May/June: 27.40; July/Aug: 27.41; Oct/Nov: 27.33.
SAO PAULO Cotton future closings, cruzeiros per kilo were follows:
212
5.0
May: 38.90: July: 39.00; Del: 30.20. Io the United States, the average price of one-lach cotton spot markels at 14 designated
wat not availible.
Total sales at these markets factory were 109,300 bales United demand helped but other Press, dealers were unable to confirm any worthwhile improvement In consumer demand.
10732
732?
43%
4316
were
Hold South African
shares cased on news of the death of veteran Anancier Sir Earnest Oppenheimer,
ethlehem Steri
Alles Cons. Mining to win.in-Ham.
Baltimore & Ohio Beneficial Finance... Bendix Aviation Corp. Benguet Cons.
101
10
2011
jap
4015
111
Borden (The) Co.
12
Burroughs Add Machine Campbell Soup Co.
in-
Foreign bonds were quiet trading.
Cate (J. 1) Co.
15
Celanese Corp.
4031
ชาม
407
381
41%
401%
47
United Press.
Ja
751
5510
Dupont de Nemours
170
9
Easter Airline
5232
Eastman Kodak
50
El Paso National Gas Family Finance Corp. Firestone Tyre de Rubber
2032
2414
in exchange
the most important component, this has led to
that and these have continued to rise. the continent Indeed for from being able to portant change reduce their prices, they have policy in Britain was imminent had to cut into their profit mar- gins to keep up their sales in the official and
face of credit restrictions.
Plausible
Very plausible, reply salaried economists. But f
avolving the merging of the transferable Fotos and a lifting of the present ceiling of $2.82 on the dollar
ale."
So the "bears" "bulls".
the ajl
This seems
are
How
strange indeed, that is true, why is it that rises remembering that only a couple
rumour of in import prices are so quickly of months ago,
reflected in the cost of living?
"If prices in the shops stay up
an
jonded impending devaluation
crisis. Britain In an exchange But as was mentioned previous-
as raw material pricca fall," said ong professional economist last 17. ceonomists are strange people, week,
gomewhere
"someone, along the line is malding a ki ing."
But both sides of this con-
the tention welcome
better terms of trade and forta u fairly solid front against the academie economists, who regard it as a grave portent.
from pro fessional economists in the terms for of trade not ne a windánli Britain's overseas trade, but as
Academics differ
the
a dangerous setback for Dvoracis trade of primary pro ducing countries. And they lend to blame the disinflationary
of Britain policies
and the United States for this state of affaire.
They point out that Britain's overseas trado is only one of the factors that determino tho standing of the pound and the level of the gold reserves Com- primary producers monwealth
very big contribution, sa make their misfortuno is Britain's too. grow If their terms of trade
Express Service,
New York Sugar
Market
hase Manhat. Bank Chrysler Motor .... Colmax Molybdenum ("rt
Chigate.body. Co.
lembian Carbon Co, Commercial Credit Commonwealth Elec Consolidated Bellson Continental Oil of Del. Crown Zellerbach Cuban Amer, Sugar Diamond Alkall... Diamond Match Co. Douglas Aircraft
New York, Nov. 25, World No. 4 sugar futures Dow Chemicals....
closed unchanged to
points lower with sales of 186 contracts. Domestic No. sugar closed
sales seven contracts, unchanged to 1 point higher with
Despite steadiness in rows, world eased under Ught liquida- | tion pending action by the inter-
London Foreign national Sugar, Counell at its
Exchange
London, Nov. 25. Clasing rates were:
New York Montreal Amsterdam Bekasela Frankfurt
meeting in London on November 28 when the question of export quotas for 1958 among member countrica will be decided.
Meanwhile, dealers reported Iran purchased a cargo of Maul- 2.0016-2.001 fius raw sugar. French Morocco 2.70 2.70
sill had not sel a definite dete 100312-17.6331
for an expected tender of 55,000 140-20-24030 11.781-11.78 tons of world rows. 170344-17:19% Contract No. 4 (works): Jan: 5.75; 14.50-14561⁄2 Mar: 304; May 24 July: 1227-12.27 Sept: 403-64: det: 161; Mat;
Spot (conte ser lb. fobs Cube); 303
Open Interest: 5,717 contracta Centrel No. (domestic): Mar: 8.51 May: 0.67: July: 5.05; Sept: 8.57; Mov: 4.66; Spot (cents per b. cir by x-duty) : Bo
Open interest: the contracta United Press.
Milan Stockholin Zurich
Others unchanged-United Press.
New York Foreign
Exchange
New York, Nov, 25. Closing rates were: Canada England official
30-day 90-day
233;
Exchange Rates
Business was gone in the local URUMSA Exchange' market
1.03 29/33
2.0014
this
(worse, they not only earn fewer dollars; they also have to uso
3.7316
morning, at the following relee:
KM. dalla, (pw?{{1}
New more from the naumon Sterling Borth Africa area pool to maintain essential | Inga importa.which nowadays
Sterling notes (per RIT
18.00
2.8110
Austrijan 240vit per 2x),
Pakistan
Indonesian rupiahs (pse: 189i Alam tip (ber 190)
Others unchanged-United Pr
„Bingapore tätraits)
| Furd Motor
General Electric General Foods General. Motors Gen. Pub. vel. Getty Oil
Clidden Co.
Goodrich (B..) Co. Goodyear Tyre Gulf Oil
Heyden Newport Cory. Homemtaka Mining Co. Ingersoll-Rand Inland Steel Co. Laberchemical Corp. Int'l Business Machines Int'l larverter, a Internallonal Nickel International Teper Int1 Tel. & Tel Julm-Manville Ca.
C. Power & flat.. Kennecott Copper .. Let Meyer Toy. Co. Lockheed Alterati Low Incorp,
Lone Star Cement Co. Loweorien & flok McDonnell Aireract
Atcek Exge.)
Mesabi Iron Corp. Mmnesota Mining Mission Developercut Monsanto Chemical Co.
Mandaquery Ward
Motorala ne.
National C) Reg.
National Lead
National Steel Corp.
New York Contral ... Norfolk & Western By.
Dun Mathison DUI PITATED) LADI Owen-ffinola Cium,
19.00) Pali American AirwKYS
11 Paramount Picture
Bd
In the shipracnt market, three stucets
out of Thailand were
done at 26% cents, cost and freight, in the forenoos with later sells holding for 20 cents. Spot No. I Ras
WRE
quoted at 97% cents, nominal
SINGAPORE
The market opened around
SINGAPORE STOCKS
Singapore, Nov. 2J. Brokers today quoied the Opening following steek prices: Batu Lintang Rubber Cs.
Ltd. British Borneo Petroleum
Byndicate
in smelters Consolidated
Wave Ltd.
Grd.
the previous levels and ruled For Nsave quiet and
featureless through Fraser Neave 74% cum. out the day with minor fluctua-Gammons (Malaya) Limite tion. Furire closings:
No. 1 rubber par lb. Dec: 13.-tongkong Tin Lid, 631671 Jan 1914-104 No. 2 rubber
40/-
+
*
(Shalis); Dec: 45.00.
P.OB.I
E.A E
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Outwards
"SUNDA"
"CORFU
"SALMARATM
“SINGAPORE” "CARTHAGE" "CHUSAN”
Homewards "CORFU" "SUNDA" *
"CARTHAGE" "CHUSAN** "DANTON"
Loares Londpa Sulled 3/11
Salled 13/11
Salled 10/1
5th December 11th December 17 December
Doe Hongkong
14th December
15th December
23th December
14th January 151h JamaTY
13th JamiaPY
Leaves Hongkong Que London Fuch December 19th January
6th Jantury 11th January 30th January 11th February
12th February 1701 FebruLTY
23t! FebrAKŲ 14th March
Via Singapore, Penang, Colombo, Bombay à Adam.
* "SUNDA” umita Colocko & Bombay.
call at Bovce & extends Hamburg, Botterdam a AntWEIJA
►
*
"BANGOLA" due th Dec.
*
*
"OKNLA" dur 13 Dec. mails 28th Dec.
D
+
"BANGOLA"dub 27th Dec.
BRITISH INDIA S.N, CO., LTD.
salis 8 Dec.
Palla 28th Dec.
from Calcutta, Nangoon
& Strali
for Japan
from_Japan
for Bingoport, Penang, Fangoon & Calcutta
from Japan
for Singapore Przeds, Rangoon de Calautiş
P. & 0./B. I. JOINT SERVICE
due Tth Des.
palit 8th Dec.
due 18th Dec. Batis 19th Dec.
from Singapore, Cochila, Bombay & Karachi for Japers
from Japan for Bingapore, Bombay, Bhavnagar, Karachi Basrah, Khorramatisbr
Kuwait
from Madras, (takinada, Henan & Singapoję for Japan
from Jepan
for Bingapore, Bombay, Kahala Marachi
"ITOLA"
pret
du ist Dec.
saila 2nd Deg.
Is Dec. "OZARDA" Aus
Balls 3rd 1980
30
31
$430
$150 4515 per ib. Doc: 7811-77: No. a rubber
Lamps Rubber Estates Lid. $1.00 per ib. Dec; 141-75; No. 4 rubber, Malayan Browarles penn
$3 42 % per 15. Dee: 713-7245 Spel rubber
New Serandah Rubber Co.
12,48 inbaled: 786-29: Dlanket crepe 23%
Lid, 07-09!L: NO. 1 pale crope: 0113; | Petaling. Lia. 0196 031.
Hongkong
Shanghal
Banking Corp.
Kunpa Ltd.
Kuala Lumpur Ti
"ITRIA"
"URLANA”
Raffles Hotel
ÚZ XT V
117
LONDON
Singapore Cold Storage
$0.921
Straits Trading
TES
36.00
3314
Wearne, Bros.
15.10
⚫exdly. Special,
↑ Sue-China
Mall
"KASTERN” duc
"KASTEEN?? load# 3/4th Jan.
ith Jam
The rubber market was 2017 | United Engineers Ord 7412 quiet with
nl
303
2014
75
30%
spot quoted 23-1/1B pence per lb. Prices:
No. 1 Rss spot; 23-1345. Boitement house term: Doc: 23:
2319-23 Jan/Mar:
Apr/June: 231-24: July/Bept: 24-245; Dol/Dee! 2016-2016.
General markets, elf baris, ports: Nov: 23 buyer: Dec: 23-2331; Jan; 12315-2315: Estate crepe thin Nov. un 041 quoted Bee: 2314; tálok Dec: 2416. Jak
204%
2015
AMSTERDAM
The rubber market was quiet. Prices closed in guilders per kilogram,
December
110. 1 rubber
follows:
No. 3 rubber
No, & rubber
Na.
cit
3
2.26 buyers
39 buyers
4.18 Buyers
1.42 buyert
NAMESAKES
The Pound
Goes Up
London, Nov. 25.
The Pound sterling roached its highest level in nearly 18 months on the Londen foreign exchange market today, ending AL. $2.80-21/32.
The revival of demand for sterling
Dollar
the against
raised the rate 3/32 during the day.
The Pound
nito
showed strength against the Canadian
dollar, rising 7/22 to $2.70-5/32
Answered Pliy, 2 Counest, al The Pounds Mark, onchange rate
Kamist,
Tolonius,
Wiadom, & Scenery,
Advice, 7 Instructor, § 14951ey.
favoured sterling, moving up one pienning te 11.77% -China Miii. Special.
*
EASTERN & AUSTRALIAN S.S. CO., LTD.
وزاهر
İpt. Labuso, Bandakaḥ, Bačaul, Brisbane, Byd bey Melbourne♣
Ali vemale have liberty to call at any ports on or off the rentę a the roshe á estlings are ružject
to change or amendment with or without námsCO.
For full particuluis apply ka MACKINNON, MACKENZIE & GO OF HONG KONG 310. Telephone Nos: 1772 1