THE CHINA MAIL, TUESDAY, DECEMBER 17, 1957.
TRADE and COMMERCE SECTION
With The European Common Market Almost A Reality, Britain Asks:
How Will Free Trade Affect Industry?
Thorough Survey
By Economist Intelligence
Unit
By RONALD BOXALL
London, Dec. 16.
The most comprehensive survey yet of the likely impact on British industry of free trade in Europe has just been published by the Economist Intelligence Unit, And it comes out strongly in favour of British participation in the current movement towards free trado.
HONGKONG Stocks Lose Sharply In An
STOCK EXCHANGE
Our Own Correspondant
Business done on the Hong- Exchange Itals
kong Stock morning amounted to D proximately $191,000. Noun quotations and the morning's
transactions were;
Shares
BANKS
11K Bank East A.Ja
Union
Lombard
Its whole-hearted approval of a free trade area is ANCES
at variance with the attitude of other organisations which are at least as well qualified to judge.
any
Dnyers Sellers
SPICE
133
220
77 100
73
SHIPPING
Nav., 1.273
Wheelock
0.10
K. Wharf. Dock
500 g 1,273
ZOO
(0)
11, 11.00 1009
115)
LAND, ETC.
The E.I.U. survey says, for example, that it is viderit
unlikely that Britain could develop association to counter-balance the common market of the six principal countries.
"This is not to say," it goes Commonwealth on "that the connection will cease to be a tu source of eentonje strength Britain; it will mutely not be se #cat # source of strength set will the conzaon market to its mem ber."
Yet it goes e inmediately to any that the connection between economic and political strength Is very close "they are faces of the same coin,"
Affinity
two
un-
the
|
continental
On the question of the Impact of free trade on British Indus- try, the E1.U. leans heavily towards the negative argument for participation. This
6.30
1 Hotel 14.40 14.00 31X Lar 234 23 16,00
RUBBER
#
Trust
3.
1320 1376
120
Tran
¦ UTILITIES
נתייזיות?
C. Light
تاره
Active Wall St. Session
Pago 0
LONDON STOCK New York Sugar
MARKET
Market
London, Dec. 16. Stocku oponed the week very shaky with a turn- of 6,760 bargains, smallest for any 86 contracts. Monday this year.
New York, Dec. 18. World No. 4 sugar futures today closed 8 to 10 paints lower with sales of
over
the
Domestic No, sugur futures
Buth Governments illustrat-closed unchanged to 1 point ed this shaky trend clearly, Ono | lower with no sales reported. solluky bargain in Old Consols lowered the price 3/10 and a
World contracts ersed in com-
single spat of selling put War Pany with the lower raw market and reports of further low- priced comparative Brazilian
Loon down 1/16.
In the extremely quiet Inchus offers. triat 1st Reyrolle, the future- booming atomle power share,
Deplers
reported China was almost alone showing little bought anther shipment of New York, Dec. 16.
activity. There were numerous Brazillans for January shipment
dowed Railroad shares, gains of 3 pence or 41% pence, und
biferent Stocks lost sharply in moderately active trading today.
private investment additional amounts." leaders on the upside last week, met substantial selling with the whole refleeting
rather than professional opera- group down a point or more.
Hon
"Oils were distinctly trendless as a group. Royal Dutch was. unchanged as SU WIS Britis Petroleum but several others cased pence and Shell Trans-
Steels set new lows. Tyres had losses ranging to more than 2 points. The autos fell off to new lows. Chemicals declined by 1 to more than 2 points. Shipbuilders joined the decline. Metals dropped following an
Corning Glass led its section port rose 1/0. early rise under the lead of coppers. down with a decline of more than 2 points.
losses
registered ranging to 2 points. Aircrafts were,lower, Practically all the specials fell off with Zenith
0 down nearly points and Addesnograph off 4 points. A 10 long list lost 3 points or more.
Automobile Issues hit new lows for the leading issues. The break followed statements models were selling the 1058 poorly. All of the major autos hit new lows with. Chrysler off nearly 2 points and Ford of a point.
200+
U...
17.5) 18.00
150
17
418
10
200
19
Electric
" 201
20.10 230
*400
23.30
meat is that Britain would be worse off in isolation. But one į Telepheno wonders how many present ad- vocales of the free trade area still be uld-fushioned would protectionists If it were not for the fact that the commun mar- kel nlready exisia (on paper anyway), and Includes such a West powerful competitor Germany.
65
it If this is so--and
Besides this, the positive doubtedly --the question that springs at once to mind is. With arguments for British participa- whom does Britain have the tien in the free trade area are Such relatively unimportant. cloerst political fluity. Commonwealth or Europe? I arguments are not lacking. But Britain is to concentrate her is doubtful if they would be economic strength where her strong enough by themselves to political ties are strangest, there win many friends for free trade. can be no question about where The effort should be ande. It wittzira the should be made Commonwealth and not, outside
St.
Again the E.I.U. saya compell- tion between Commonwealth
might
دنا
products reeriving preference and European pruducts is, fact, less than expected. But elsewhere, says the preterential arrange- ments for the products of the Colonies of the SAX comunica established market countries under the Rome Treaty are likely to damage Conumonwealth interests and especially the ex- ports of cocon and coiled fron Commonwealth territories
TEL
Alricu.
Yet nowhere this 300-page survey is there any mentiuni of
Expansion
ure
INDUSTRIALS Cement
STORES, ETC. Dutry
Lane, C.
LOTTONS
Nanyang
XD ....
4
10 10.00
14 14.30
85%
་
1107 of 2* **
300 13.20
لام الله پاره العدالة
500 m 10.20 100 00 10.20 1754 10.20
NEW YORK RUBBER MARKET
New York, Dec. 10. rubber futures today
General Electric felt 2 points
to head the industrials in the lownward direction,
Oils had
Olin Mathieson Owen-linols Giam Oils Elevatorn ..... Oxford Paper Ch. Pacine Gas & Elec. Pan American Airways Paramount Pictures Penny J.C. Co.
Penn, Salt Co. Philip Morríg
Peter & Gamble Co. Pittsburgh Plate Cham Publicker Industries Pure Oil
Radio Corp. Prel. itepublic Steel
Radlo Corporation
Reynolds Metal Scare, Hoebuck & Co.
Shell Oil Co..... Saint Rea. Paper Sinclair Of
Sucony Mobilni
Song Aiterall
South Puerto Rico Sugar Southern Co. (The) - Southern National Gas
tusses ranging to more than 1. point in Standard Oil (NJ), Sen-Southern Raliway (Com.) board, Amerada. Gulf and Texas Co.
Zenith dropped 5 points in the television issues. Polaroid. ย
last koring Issue
wook, wes down mure than 3 points at It: low,
Standard Brands
Standard 08 of Căl Standard Oil of Ind. Standard Ol of NJ. Steep Rock (Toronto Exge.) Stering Drug Co. Stokely-Var Camp, Studebaker-Packard Corp.
Sunshine Mining
Switt & Co.
Texas Co.
Textron Ing.
Tide Water Assn., Oll Tune Inc.
NEW YORK
}
COTTON
MARKET
New York, Dec. 16.
Premium for dollar stocks eased 4 per cent to 8% per cent. -United Press.
New York Foreign
Exchange
New York, Dec. 10. Closing rates ware: Canada
England offcial
"
་་
uno Beint
30-day
90-day
New Zealand
Argentina
Cotton futures today back-uth Africa
tracked sharply after a
post-opening rally lifted
481
ΣΕ
ΠΟΥ
2441
2012
41
473
crop
deliveries to
seasonal hight.
Gains up to 1.10 a bale were mainly eliminated when 'realis 30ing on technical reasons cola-
Rcided with increased
hedge
Bfferings and Hiquidation In
2011
old crop months.
Closing around tho day's lowest levels the list ruled 35 points lower to 2 points higher. 11% Opening
were prices points to up 9 points.
cloed of 7
Other
Twented Century Fox Plu
A
01
Union Carbide
2
Orleans points.
Jersey Standard featured the market In turnover with a loss of more than n point, actives included Bethlehem. General Motors, U.S. Steel. Polarold, Chrysler Bethlehen
Industrials were off 433.40; rails were of 97.88; unlities were off 62.17.
Unton Oll of Col
Union Paciße Railway
and United Alteraft
United Goa Corp. U.S. Fol "1 7.08 to U.S. Gypsuin 3.24 1017.6. Line Co. 0,22 to U.8. Rubber
V.B. Einelting U.S. Bleel
shares.
*
*
off o
10 20
*
New
*
Part of the selling reputedly was in anticipation of accept-
ce by the Commodity Credit for Corporation today of his purchases of cotion out of the government loan stocks.
After the previous offerings when 501,000 bales were sold for unrestricted use, nearby de- liveries were subjected to heavy hedge selling pressure.
*
Contract No. 4 (world Jan. 305; Mar. 3.75-70; Stay, 3.75-76; July, 115 Sept. 3.75: Oct. 3.24: Mar. 3,00 Upot-icents per it fob Cuba), 373.
Open interest: 6,003 contracts. Contract No. 0 (domestic): March. sel: May, 845; July, 1.71: Bepf., 5.70: Nov.. 5 Spot-cents per ab, elt NY ex-duty), 0.00. Open Interest: United Press.
1,020 contracla--
London Foreign Exchange
London, Dee, 16.
Closing rates were:
1.03 13/32 New York
2004
2.03-2.70
Montreal Amsterdam.
2.80 3/10 | Brussels 2.75 15/16 Mi
*78%
2.033
.0272
United Press.
Paris
Stockholm Vienna
2.90%-0 11/10 3.7411-2.74
10.013-10.31% 140.0219-3400P
174016-1740 1174-317415
14471-14.48
12.00-12.20
Others unchanged-United Pres
P.OB.I
B∙I E.A
COMPANIES
PASSENGER/Freight serviCE
- PENINSULAR & ORIENTAL S.N. CO,
"SUNDA” "CARTHAGE“
Leaver Londom Bus Hongkong
Bailed 13/11 Mailed 10/11 Salled 8/1 Seiled 11/13
17th Diestāder
7th January
An Port
Zut
Lækrer Bangkong One London 16th Decemats ar 106
718 JSONETY
January
Onwards
23
"CORFU"
491%
B14
146
56 United Prem.
Uncertainty over farm legisla- ilon, and the possibility of some in acreage allotments in 1958 helped put prices into reverse gear.
*
“SALMARA” "SINGAPORE” "CARTHAGE" "OHUSAN” "CANTON"
*
Homewarde
HOORIUM
Sales in the session Were Warner Bros.
with Westinghouse Electric 2,350,000 enmpared
Western Union Tel. Co. Of Friday's 2,310,000
West Va. Pulp & Paper the 1,216 issues traded 777 Woolworth were lower. 217 higher. New lows were set by 90 slocks, new highs by seven,
Those industries which ni
fastest present expanding
still foster expected to expand in the conditions envisaged by
Нех free trade the planners of the
goods closed 65 to 90 points lower with area. Certain consumer
New York Stock Exchange industries such as cotton rayo sales of 139 contracts.
Jan., 24.35; Mor., 28,35: May, 25.30: | bond volume was $4,720,000. and paper are likely to lose. July 28.30, Sept. 20.30: Nov. 28.30:
American Stock Industries Jan. 2.15.
Exchange for The prospects producing china, footwear ond Standard continct closed today volume was 760,000 shares.
05 to 10 points lower with nu toys "are somewhat doubtful."
But it is significant that even | cales reported. those industries which are ex-
Jan., 2133: Mar. 23.35: May. 22.30 pected to gain most are not July 29.20; Sep, 20.30; Nov. 25.30
won over yet. Many Jan 29.35. entirely of them are concentrated in the
Reactionary situation, as in- Birmingham area, so it is safe
lower foreign to essume that the Birmingham dicated by the
sharp speaks makets, along with the
And reaction in the stock market and
Chamber of Commerce
how British dependent ter- that organisation does not dis-avallibility of good-sized ship-
Fitores and those which have recently gained or just about to receive Ueir indepudence-pre to lit into
free the
trade picture.
Reassurance
10
for the majority of them.
of Thailand play any great enthusiasm for nent offerings out
and Singapore are, or near a free trade.
workable basis.
com-
From the lone of the ment in its current journal, one gathers that the chamber is not entirely happy about the free trade area plan.
it To some extent,"
saya, doubts of a considerable "the
our manufacturing section and trading community far as they are concerned, would be resolved i
.
Consumer interest here re- mained indifferent. Spot No. 1 Res was quoted at 28% cenia, honiinal.
SINGAPORE
The market opened lower on disappointing overseas advices and thereafter
quiet
Arc
receive equal they' treatment with the Colonies of the six, or are they to be left Surely there out in the cold? must be an answer to this ques-
it ruled safeguards tion before the Anal balance sheet of free trade can be drawn were effectively applied." up,
There is no evidence thero Comenonwealth that the manufacturers of Bir- The British
takes mingham are sold on free rude. Producers' Organisation up the question in its journal Nor is there any "Commonwealth Producer."
sign that It finds reassurance in ministerial they are looking forward to statements that Commonwealth more prosperous era in their interests will be preserved, but gloomy hope that by adaption points out that even if Britain and change, the adverse effects is able to reach agreement with of the new venture may be kept to the other countries interested in
a enkimum."Express Service.
the free trade area marketing of agricultural pro- ducts, there will remain the queation of the overseas ter- ritories.
011
the
in a
"On the issue," it pays leading articlo, "which is so to Britain's
vitally important
dependent territories as well as
to some of the self-governing
SINGAPORE STOCKS
Singapore, Dec. 17. Brokers today quoted the
Closing Prices
Alden Inc. Acy. Allied Chemicals Allied Msis Inc.
Allis Chalmers A. Brake Shoe
American Airline
American Cablo & Radio Corp. American Cyanamid Co. Amer. Torg Power
Am. Gas & Electric Am. Mac & F'dry. American Metal Am. Sugar Ref. American Tel à Te American Tob, "" Anaconda Copper Armour
Atlas Cons, Mining Baldwin-Lima-Haiti, Baltimore & Ohio Beneficial Finance Hendiæ Aviation Corp Bethlehem Stoc
Boring.Airplane Borden (The) Co.
Burroughs Add Machine Campball Soup Co. Canadian Pacific H Caso (J. 1.) Co. Cat Tractor
Celanese Corp.
with minor fluctuations.
There was good interest for remilled grades but oven
C. I. T. Financial Corp. narrower differentials sellers Chrysler Motors
Cumn Molybdenum were not attracted. Futures:.
No. 1 rubber par 1. Jan: 836-26 Chic Peabody Feb: 02-12 fio. 2 rubber per ib.Colombian Carbon Co. Jan: 2014-80 No. 3 rubber per ib. Commercial Credit JAD: 704-7532: Spot rubber uns Continental Out of Del. Jan: 7744-724: No. 4 rubber per 15, Consolidated Eden, baled: 83-823 Blanket crepe: 72-14: Cuban Auner, Sugar
Diamond Alkali Diamond Match Ch Nu. 1. pale crope: 843-8615.
LONDON
| Douglas Atreraft Dow Chemicals
dullut de Nemours 23%
The rubber market was and easier, spot quoted at pence per 1b, Prices: No. 1 spot Nss: 2324-24. Settlement Loure term: 237-24; Fob: 24-2434: Mar: 24-214;
| Eastern Airline Eastman Kodak
} Paso National G
Firestone Tyre & Rubber
Jan: Ford Motor
General Electric
General Motors
MADLC 4-2932: apr/June: 7 General Food 241: July/Sept: 2411-24%; Oct/Dec: 2432-2431.
Gen. Pub. UNI.
Getty Oil
37:
General markets, clf basis, por Decs 233-22% Jon: 23%-231: 239-2315 Estale crept thin
AMSTERDAM
The rubber market was dull. Prices closed today in guilders
2312.
Rubber Co. Batu Lintang Belah Berco Petroleum
Byndicate Consolidated in Smelter
Ord.
Opening
$1.85
20/04
No. 1 rubber
$4,03
No. 3 rubber
No. 3 rubber
No. 1 repe
parts of the Commonwealth, a following stock prices: great deal of argument must bo expected At the moment the trade outlook is obscure with falling commodity prices and resulting unport restrictions in a number of countries. The symptoms suggest that at least minor recession, if not a ro- petition
the of
economic blizzard of the early 1930's may be approaching. It is to be hoped that these circum- sinners the United Kingdom and other Commonwealth govern ments will consider most care- fully how for it is safe to part | Palaling Tin L with power to tako action to Hotel
Singapore Cold Storage protect ourselves against the straits Trading...... worst consequences of a world-
atomihis wide depression, aliould we United Engineers Ord. agila bavo to face such a
: catastrophe."
Fraser Neave Ltd. Framr Neave 7% etum.
pref........ Garumans (Malaya), Limited (430 Hongkong
Shanghal * Banking Corp,
$480 Hongkong Tin ́ Ltd.
#163 Kumpas d
32/04 Kuala Kampar Tin Man Lens Rubber Estates Lad, FEDS $3.42 Malayan Breweries New Berandah Rubber Cu.
Lid.
Special
per kilogram, elf Jan, as follows:
a35 sollers
**** 2.53 stilerg
2.2. Acier 2.53 nom. United Press.
Exchange Rates
Goodrich (D.F.) Co. Goodyear Tyro
Gulf Oil Heyden Newport Corp. Homestake Mining Co. Interchemical Corp. 151 Doom Machin Int'l Harventer International Nickel
international_Popce
Inti Tel 01 Jchn-Manville Co
Kennepsit Copper Liggett Meyers Tub, Co, Lockheed Mrerait
Loewe Incorp,
Lone Star Cement Co. Lowenstein & Bans ......1 McDonnell Aircraft
Block Exm.)
Mesabi Iron Corp. Minnesota Mining Mission Development Monaanto Chemical Co. Montgomery Ward Motorgi
“A” 4.91 Nations) Cam 1833 | National Dairy Prod. Nationa), Aggad, - 1350 National Steel Corp. 239 New York Central Lugga
Norfolk, de Wastara Rp.
1206
Husin was done in the local unomielai exchang market this
nothing at the tollowing rates:-- 11.75 US dollar, spre 31
Sterling notes. (pir" 21" Australian notes (pur Ci Indonesian rupiah (per 100) Mais slam float (per 100)
Blagaporn_{kizuila)
London Metal Prices
London, Der. 16. Prices of metals closed today
In sterling per long ton as fol-
$ 14 lows:
Tu spol
3-nonth
Cupper spot
1343-month
Lesd 2nd half Dec.
Zle 2nd a Thec
Nolo:
United Press.
future
The stock of certificated cot- lon available for contract de- livery rose 1,600, bales to 17,785 bules.
*
*
NEW YORK Prlees of cotton futures closed today as follows:
*
*
Buyer
Sellers
738
735
731
139
135
184)
Spot: 36.con; Mar: 30.21: 36.42-16: July: 36.22: Det: Der: 34.44: Mar: 34,40: May: 34.35. NEW ORLEANS
May:
31.50;
*
100
Prices of
cotton futures
*
724
74
closed today as follows:
גל
Mor.
The were
Mar New York unavailablo
021 matil today-
NAMESAKES
4
Anawers:-1 Conquering, Hamil rude. 3 Germans, Franks, Paladins, 6 Emperor, 7 Imperial, 8 Army, 9 Revenge, 10 Tournament, 11 Joyeuse,
Charlemagne.
SAILS:
Spot: 25.83: Mar: 30.30; May: 30.44: July: 38.23; Oct: 34.56; Dee: 34.41: MAT 34.37: May: 34.33
LIVERPOOL
Cotton future closings, In pence per lb., were as follows
Old contrari! Dec/Jark. 20.33 Mar/Apr., 260; May/June, 2089: July/Aug. 25.81; Oct/Nov, 20.00
New contract: Dec/Jan, 21.24 Mar/Apr. 2010: May/June. 27.77: July/Aug. 21.11. Oct/Nov. 200- United Prom,
Note: The New York cotton volumes and the Sao Paulo cot- ton prices were unavailable to- dry-United Press,
P&O
R.M.S. "CORFU"
NOTICE TO PASSENGERS
BAGGAGE:
Wednesday, 18th December, at 4 p.m. for the UNITED KINGDOM, via Singapore, Penang, Colombo, Bombay, Aden and Port Said,
Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Co.'s Godown No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Tuesday, 17th December.
SPECIAL NOTE: With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Company's Godown for loading on board by ship's slinga only
..
EMBARKATION: Passengers should embark botwom
1.80 and 8 pm on 18th December,
1957.
SUBJECT TO ALTERATION WITH OR WITHOUT NOTICE
*
*
*
*
*
"CHUSAN” "CANTON"
.
December 18th January
19th January
FREN January
8th February
12th February
17th January 30th JanuErY 110) February
17th February
17th FebruaKY
Mandy 1415
Via Singapore, Penang, Colombo, Bombay à Adia,
"SUNDA" malla Colombo à kambay,
ralls at Port Sudan, Jeddah, Havre & extends Manhuag, Rotterdam & Antwerp
"OKHLA"
in Port
"SANTHIA" due
BRITISH INDIA S.N. CO., LTD.
valls 18th Dec.
"BANGOLA“¿us 27th Dec. salla 29th Dec
9th Jan.
satis 10th Jan.
from Japan
for Singapore. Fenang Rangoon, Caleuits Chisang
from Japan
for Singapore, Pepaña. Rangoon & Calvula
frem Caiquita, Rangoon, Penang & Singapore for Jigna
P. & O./B. I. JOINT SERVICE
don 17th Dec.
salin 18th Dec.
"URLANA” due 18th Dec.
il 19th Dec,
dur 8th Jan, sails 7th Jan,
from Singapore, Cochin, Bombay & Karachi for Japan
from JaponS for Singapor, Bombay, Kahdia & Karachi
from Japso for Singapore, Cochin, Kärudil, Barrah, Khor- ramar & Hurmala
from Karschl, Bombay, Cochin & Bingepos for Japan
"IKAUNA"
"ITOLA"
"ODEA"
du 10111 Jan.
sai 17th Jan.
EASTERN & AUSTRALIAN 5.S. CO., LTD.
"EASTERN" tends 3/4th Jan. mails dik Jan.
"ARAFURA" qu•
6th Jan,
for Labuan, Bandakan, Rabani, Brabens, Byd-
Malbourne Adelaide
from Austraila
Al vesssia have Iberty to sati un'aky' porta on or off the route & the route à saringi aku suhjört to change or amendment with we without helios,
for full particulars apply ta MACKINNON MACKENZIE & CO.
DI HONG KONG VID. Teleplage loa, MAA