THE CHINA MAIL, TUESDAY, JANUARY 7, 1958.
TRADE and COMMERCE SECTION
New Year: Economists Are Gloomy, But
Industrialists Feel Confident
Conflict Of Opinion
Is More Apparent Than_Real
By RONALD BOXALL
London, Jan. 5.
HONGKONG
STOCK EXCHANGE
Our Own Correspondent Business done on the Hong- kong Slock Exchange This to appro- ximately $203,000. Ncon uota-
Lons
the and transactions were:
Alsaces
One thing above all strikes me as significant morning mounted
current crop of in the
economic forecasts. The
loading country's industrialists almost without exception Bank feel confident of a reasonably happy New Year in their own particular field. Economists on the other hand tend to take a more gloomy view of prospects for 1958.
800
morning's
BANKS
Layers Ballem
150
244
INSURANCES
11
In 30
6.40
030
123 4
0.45
123
5115
2003
2:00
Un SHUTING Do Erc.
bard
Waterboat Wheelbek
K. Wharf. Dock.....* 51
The conflict of opinion here is more apparent than
real. It can be attributed to a difference in te 142015 basic premises rather than to any error in reasoning on one side or the other.
Provident
(9) LAND, ETC.
11.00 11.00
13.00
133
1.30 1.320 1.20 130
UK Land. Nenity RUBBER Analg. TMIN
TILITIES
Humphreys
Tran Yaumati...
An industrialist who is asked to give his view of prospects for the coming year will confine himself to the things he knows about intimately. His first reference will be to his order book, and if this is full, he will be justified in forceasting a year of full employect ment.
Lust year was a good one for many Пист kadulles. and most of hope to do at least as well this American recession will Impose year and, in some cases, even better.
C. Fight
TO)
043 51%
J 200
THE NEW YORK STOCK MARKET
New York, Jan. 6.
Stocks turned down today after last week's sharp advance. Traders took profits in many groups and forced prices lower.
021
♫
The market started strong note with defence Issues responding to the Rockefelter report on U.S. defences. These issues later lost part or all of their rise..
Aircrafts managed to hold gains in a long list of issues Although Douglas lost more than a point, Losses in the chemicals ranged to 2 points in Wastman. Olla were down tractions to more than a point and $2 ini Barber, Continential
Miss co. U.S. Gypsum fell 2 in the building group. Good- raore than 2 in
52
year was of
500 + 140 he tyres
2000
ដង
New York Stock Exchange bond volume was $5,200,000.
Stock American
Exchange volume was 070,000 shares.
.10
10 New York Stock Exchange
volume was 2,500,000 shares.
of & total of 1.184 Issues traded today, 513 were higher, 465 lower and 207 unchanged.
Dow-Jones closing averages
were:
NEW YORK.
RUBBER MARKET
New York, Jan. 6. Rex rubber futures today closed 25 to 28 points higher with sales of 20 contracts.
Prediction For Rubber
New York, Jan, G.
The Natural Rubber Burcau predleted today that in 1958 natural rubber pro- ducers will again sell just about all they can make
despite the premium price
of natural over synthetle rubber which la now the fourth going into
year. The Burenu noted that in 1957 "the surplus of production for natural over consumption and synthetic together came to a very tmall 35,000 tons.
"For 1050 this some optimism consumption pattern la agala
SINGAPORE LONDON STOCK
STOCKS
thei
Singapore, Jan. 7. Brokers today quoted following stock prices: Batu Lintang Rubber Co.
Ltd.
Ilritian Borneo Petroleum
Byndicale
Fraser Neave Ltd Ord, .. Prmer & Neuvo Tate eum,
pre!
#1.7734
43.4
Consolidated Tin Smeltera
Uril.
Op d $4.0735
$4.05
Gamma) (Malaya) Lin.. Hongkong & Shanghal Dank-
ing Corp....
$2.3734
$430
Hongkong Tin Ltd,
Os d
Kumpas Lid. ....
$1.05
cuala Kampur Tin
Za U
Lunas tubber Estates Ltd.
$1.05
Malayan Drewerles
New Berandah Rubber
Ltd.
Peinling Tin Ltd. Names Hotel
singapore Cold Storage
Stra: Trading
Straits Steamship
nited Engineers Ord.
MARKET
London, Jan. 0.
The continued rise in ater- ling again strengthened prices
the stock market, today,
British Covernment bouds benented most early in thu session, rising moderately active delings, but the closa was more conservative.
Blue
chip industrials were firm but quiet with rises mostly around 8 ponce. Excopiluus were Unilever N. V., up 2/t, and Unilever, up 1/-.
$2.00 £3.421 $2.00 Dutch, $0.00
Oils were strong with Royal British Petroleum and Burmsh all up 2/0, and Shell $1.1215 Transport, up a shilling
$14.20 $1.30
$3.07 Wearne Bros. ...
texali-China Mail Special.
New York Metal
Futures
New York, Jan. 8.
German bads жете quiet with two assented Potash loans down £1. Japanese lens were qulet and steady. Dollar socks were mostly higher. - United Press
Prices of metal cultures closed New York Sugar
today as follows, in cents per lb.:
Led: Jen: 71 156; Feb; unquoted, Zine: Jon: Sta; Feb: unquolet quoted.
Copper: Jon: 23.74b; Feb: un-
Tin: Jan: 02.005; Teb: unquated United Prom
Jan: 28.45: Mar: 2863: May: 25: predicted with a surplus of only Exchange Rates
40,000 tons year.
forecast for the July: 20.65; Scpi: 25.00: Nov: 20.00; Jan: 28.60.
Standard contract closci 25 lo
PREMIUM with no sales 2 points lower
"Despite a premium price (of rported.
Jan:
Mar: 28 43:
20.63 MAY: natural) over synthetic-that is 24.03: July: 20.04; Sept: 20.00;
now going into the fourth year, Nov: 29.60 Jen: 23.00.
Market
Contract No. 4 (world) March: 3.73; May: 3.75; July: 3.75-78: Bept: 1.98; Del; 2.7: March: 5.58; May: 3.08; Spot (cents
per th. fot Cuba): 3.75.
Open interest: 0,433 contracts. Total sales: 187 contracts,
Contract No. 6 (aomestie)
March: 6.82; May! 4.07 July: 5.79; Bept: 6.79; Nov: 3.6%; Spot prices (centa par 15. el NV ix-
Business was done in the incal unofficial
market exchango morning at the following rates:- 1.8, dollar, (per (1) juuni Sterling notes (per £1) ........ Australian notes (per el) indonesian rupiah (per 100).. Blam iical (per 100)
Unle
6.00
15.43
18.69
duty): 6.03.
13.45
20.41
It singapore (straila)
Limited offerings, plus firm-natural still sold last year just ness and local covering shaped about all it could produce, the trend in a dull terminal) would seem that in 1988 it will market. Factory interest in the continue to do so," deliveries merket was reported as routine.
The Bureau estimated the 3068 worldwide production of In the shipment market re-natural rubber at 1,030,000 tons from the 1007 ported sales included three riba unchanged
20% estimate. Of that total $50,000 Jan./Mor. shipment as
LOON would be produced in 412.80 cents and some remilled four
against 040,000 102.30 blankets at 23% cents a pound. Malaya-as
cost
year-ard and freight. Spot No. 1
ions in Indonesia-as Raw was quoted at 28% cents.
730,000 tons in 1987.
10.80 17 500
26.70
2000
17
E. Telephons 23.00.0 INDUSTRIALS
Cement
20
In fact, this is what most in- dus'riclists have done.
factor foreseen, and it is the
nost 1kely to upset forecasts
Even if it continues on
miid scale, present
STORES, ETC, Dairy 16.30 1030 100 200
1020 30 ndustrints 10,20
20 ra.....
its
the
Watson ... 11.70 11.00 210 (OTTONS
100 15 utilities
05 stocks
Text for... 4.45 4.00 Nanyang 8.30
40 bonda
1,000
0.30
Conun future price index..
40.12 140.84 20.01 107.01
1500
0.00
MISCELLANEOUS
Lo short
Vibro INVESTMENTS Yangi ze.. 020
Sungala
Closing Prices
3.00
1.40
Ained Mills Inc.
Am. Brake Shoe
3832
Ur day.
American Airline
1034
American Cable & Radio Corp.
American Cyanainid Co.
42
Amer, Forgn Power
sales
strain on sterling. For one thing a shortage of dollars might
in sterling
Allied And in this were to
An economist, on the other ferd to hend, is not so much cerned | require the currency In with prospects for a algie in-supply. dustry, or even with Industrial coincide with fresh rumours of prospects as a whole. This an appreciation in the exchange
the value of
West German Murk. a sterling crisis of los. September's proportions might recur
only
factors be one of many mus! takse
into recount In arriving at his conclusion.
DIFFICULT
This is never an easy task. because some of the factors tre no more than possibilities, and a wrong
any of guess abou! them could make nonerse ef his carefully thought out forecast.
At the outset of this year, i is even more dimeult then uzuri to form 4 firm opinion of
respects for the months ahend.
Even more than in other years,
so much depends on
cireum-
stances over which Britain has
le, if any, influence. that the best opinion is hedged
with "s" and "buts."
about
If productina rises in line
In any case, sterling faces cicult year, Lawer commodity prices have already hit several verseas sterling countries. (The New Zealand example might be followed by other primary pro during countries s farm and mineral ineemes fall), combined current surplus of the
sterling arra oversens Art half of last year. We
The
in the tusfoomed into a deficit in the second half-year. And thi
Britain's surplus will at year, best barely cover the expected sterling delirit of the overseas
DILEMMA
forward
wh wtges, there is a good pros- These are not the conditions
Inflation will be in which we can look pret that checked this year. There is to a strengthening of the gold How plenty of spare capnelty in and dollar reserves on the sele Brial to meet a moderate in- Lat is necessary before sterling
can be said to have erease in home demand without
recovered urduly straining resources.
from the effects of Suez and last summer's speculation,
Indeed at might be goid sterling faces its stiffest test in
If savings remain at their present high level, they should
be sumelon to cover the eest
of new investment-which
K
that
15 00
NEW YORK
COTTON MARKET
Now York, Jan. 6.
Cotton futures today turned Irregular after a forenoon
crop spurt swept now months to seasonal highs. Gains up to $1,60 a bale, fol- lowing
Friday's upswing. brought technical realising and increased hedge offering when the early commission house demand was satisfied.
At the close the list ruled 22 lower to 5 points higher. The market opened up 4 to 52 points. Now- Orleans closed 23 to 24 points lower.
Nearby deliveries when traders found increased apot house offerings at the 0-
lagged
is the year ahead. For lest year's cent line for March, 35.20 conta
COMPETITIVE
application.
in
resull,
be
Alden Ins, Any
Am. Gas & Electrle
Am. Mach, & Fery.
Am. Sugar Ret Armeo Stel.... Bakiwin-Lana-item,
Benelletal Finance Bendix Aviation Corp, Benuet Cons
Ali plane
Boeling The Co
Bordon
Burroughs Aud Machine
Campbell Soup Co.
(Case_13. 1.) "Co
Cal. Tractor
anese Corp.
C. I. T. Financial Corp.
Chase Manhat Bank Clueti Peabody Colgate-Palmolive Co. Colombian Carbon Co Commercial Credit Continental Of of Del. Crown Zellerbach Diamond Matchy Co,
Douglas Aircraft
Dow Chemicals Eastern Airline
El Paso National Gas Family Finance Corp. Firestone Tyre & Rubber Ford Motor
Gen. Pub. Uti Gelty Ol
Gudden Co Goodrich (B. F6. Leyden Newport Corp. Homestake Mining
mgersoll Rand
Co.
Interchemical_Corp.
SINGAPORE
The market was down at the pening in sympathy with 1834 | uverseas and ruled quiet with most of 20 minor luctuations for
1.3
01
at
The announcement of exports of rubber for December 93.132 tons steadied the market. Futures:
No, 1 rubber per lb. Int. 60-80
tons Last
720,000 agelast
The figures do not include rubber production in the Com- munist countries on which no figures are available,
The Burcau estimated the 1958 production of synthetic rubber at 1,360,000 tons-as against 1,256,000 tons last year. 'The US share of this total would be 1,150,000 tons, as in 1957, - East 1,110,000
United Press. Feb. M
No. 2 rubber per lb. Jan 701-783% No. 3 rubber per ih, Jan. 754-7514 No. 4 rubber per ty Jan. 73-74 Spot rubber baler
102:
4711
15/13
40
| Blanket er-pe.
002
No.
pale crepe
LONDON
B0-80 04-36
The rubber market was steady with spot quoted at 234 pence
рег 15.
.Prices:
4 No. 1 s. spet....
Settlement house term:
49
3316 Feb.
7155 General mintitels, eif basi
231-237
2374-24
237-24
242-242
48%
Mar,
41%% Apr/June
43
July/Sept
20
Det/Dre
142
Jun.
Fat
244
273% Mor,
Extate crepe in Jan. Estale crepe thick Peb.
231-231 201-24 2512 3%
32
AMSTERDAM
The rubber market was quiet. Pricty closed today in guilders per kilogram, clf Jan, as follows: 123 No. ruliber
2.30 nom.
235%
No. 2 rubber
No 3 rubber
Inland Bical
653
No.
crepe
International Faper
in
Kantar C. Power & Light Ligge Meyers Tob. Co. Lowenstein & Song.
for
Stock Exge.) ... Mesabi Iron Corp. Minneszła Mindig
st at a very high level despite crisis was overcome only at the
for May. Part of the offerings the dreline In its rate afest of mobilising the second-were presumed la
line growth-plus the cost of normal
reserves. IMF drawings, anticipation of sales out of the stock building, and still leave & Export-Import Bank loans and awa
government stock en whitch bids McDonnell Aircraft margin for a very respectable deferment of deb! repayment
were opened toxlay, def:itely b once of payments surplus. have
Iunited Two factors recounted These are, however, certain early now crop, strength; 1. A Monsants Chemical Co.
Motorola Inc. ....... British
experis remain
Government further delay in ginnings with
National Dairy Prod. competitive, we should be ablehngs the British
indications the to discourage another
govenm:at's National Steel Corp. to look forward to a surplus In ean do
of 11 Norfolk & Western By. 1kc balance of
speculative run en sterling and December crop estimate
Olin Mathieson ---- payments on
to ensure that if it does occur,
million bales may fall short el
Owen inole Glass current account at least as large
2 Doubts will fulfillment; damage no
about Oxford Paper Co. permanent AS Ist year's estimated £200
chances for new farm legisla Packa Davis Co. million to £250 million. How-
tion this year.
Pony J.C. Cu. And this brings us fight up ever, even if there is some fall-
Phil' Morris Without new legiolation, Procter & Gamble Co. Ing off in exports, the current against the big dilemma of 1958. surplus should bo maintained The present dear money policy market analysts believed the Pittsburgis Plate Glass
loan rate next season the improvement
In Britain is putling a brake on Through
may be Publicker Industries Pure Oil Britain's terms of trade brought the economy at a
considerably time when
higher, possibly Renolds Metāl existe in many between 80 fall in spre cipachy
And 68 per cent Bears, Roebuck & Co. about by last year's
at re. PADET commodity prees. It is when industries, and some unemploy-of parity.
| Bolar Aircraft_gen But the we look beyond Britain that ment seems inevitable.
A loan rate at 80 per cent | "outh Pugrin Rico Sugar. prospects [or
of the current parity would th Co. (The) K 1958 become external situation still does not more clouded. The overriding permit any relaxation of the Agure out around 33.69 cents a Southern National da
Bouthern Hallway (Com) question
outlook cred; squeeze,
pound for mid÷ling inch cotton steep Rock (Toronto Exgoi The timing of a reduction at average locations.
Ад 06 for the American economy.
Sterling During
Co. Sunshine The present recession in the from the present high bank rete per cent rale would mean u
Textron fne, an United States. may or may not will, therefore call for a
high support
price around 85.p Tide Waler An, un become more serious; but even degree of sielil. The arly certain
canta. The
comparable sup-ime înc. .... thing fa that not general po:t price this season is 32.21 Union, Dji of Cat a light break in the American
United Alrealt economic weather could become elexation of the light
cents.
US. Foil** 4 gule by the time it crossca the policy is likely until at least the
The certificated stock todays Line Co... Allantie.
spring by which time the
doclined 1,020 to 25,424 bales. set Union Tel, Co. Auner.can economic So even if the American
Volume Open interest West Va. Pulp & Paper...... the domestic i recession
a mild
and and sphemeral AJ most experia situation should be a lot olearer. believe, it is Europe and the-Express Service.
concerns the
rest of the world that must watch
the situation with anxiety,
The rest of the world rođe out the last American recession
in 1953—wan Binə mi-effect,
because the United States was
dollars
moncy
outlook wages
Month
March
May
July
Och
Dee.
London Metal Prices
Mat.
MAY
Total
QF
13.40025300
20,209 242,400
18:00 $15.100
201700 102.300
10.190 03.900
1,400
23300
2.500 24,300 09.300 1,060.900 bales
LIVERPOOL
Woolworth
-
United Press.
London Foreign
Exchange
London, Jan. 0, Closing rates were:
New York Montreal
Aralardanı
Druscia Copenhagen Frankfurt Milan Onio
Stockholm
Paris
Vienna
Zurich
2.01-3/14-21-5/10 2.7014-2.7842
10 5811-10.00 339 070-139.55
10 347%-19,341 11.774-11779 1755-173514 20,001+20.01 11703-11774
14.81-14.511
72.42-72 AT
12 90%-12.2014
Other unchanged -United Fress.
NAMESAKES
Answers:-1
Richardson,
Hero, 3 Jones, 4 Satire, Comedy, Fun, 7 Ridicule, Magners.
Laughter, Andrews, 11 Wild, 12 Novelist, 13 Writing.
Henry Felding.
THE ROYAL BANK
OF CANADA
Head Office, Montreal
CONDENSED ANNUAL STATEMENT
30th November, 1957
10
*
*
Open interesi: 1260 contræets. Total sales: 109 contracts United
101 Press.
POBIE.A
COMPANIES
PASSENGER/Fkuuni ServILE
Outwarda
"BINGAPORE”
PENINSULAR & DRIENTAL S.N. CO,
Leaves Lostan
Sailed 6/1 Balled 11/13
Saed 17/1
Dua Hongkong.
zīti Jamanty
13th JanuSSY
11th January
9th January
10th January
"CARTHAGE"
"CHUSAN"
"CANTON"
"SOUDAN"
liuwewards
"SUNDA" "CARTHAGE"
"CHUSAN" "CANTON"
* "CORFU”
Leaves longèng
7th January 17th January 20th JanuaTT 11th FebruBET
14th March
Ith February
February
20th
Und London
12th FebruAS2 17th FebrURS 27th FebruKTY 14th Marels 14th April
Via Singapore, Penang, Celombo, Bombay à Aden. ★ “SUNDA" omita Colombo Hombay, calis át Ft. dudan, Seddau, Harro & sxtonda Hamburg, Rotterdam & Antwerp.
BRITISH INDIA S.N. CO., LTD,
“BANTHIAN đạ
9th Jan,
MATH 10th Jan.
mella Sint Jan.
"SANTHIA" dan 30th Jan.
"OLINDA"
dhe 10th Feb.
"TRIA"
RAPS SIN Feb.
from Calcutta, fiangoon,
Penana &
TOT JEDE
from Зарат
Espere
for Singapore, an Rangoon & Calcutta
frans Japan
tor Singswort, Penang, Flangoom.
Chittagong
Cilgutta
P. & 0./B. 1. JOINT SERVICE
454 Bth Jac BANK Din Jan.
don 20ės Jati,
satie 17th Jan.
109 x9th JanL
sillä 19th Ju
from Japan
for mewpore, Madras, Colombo Bombay. Sibayakkar de Karachi
froth, Katactil. EMINDRE, Cochin & singapore for Jupe
Fred Karnet Bobur, Cochin & BILgapore for Japan
EASTERN & AUSTRALIAN S.S. CO., LTD.
"EASTERN" zo, Pork.
Assots
Cash on hand and due from banks, (includ-
ing Hema in transit).... Government of Canada and provincial government securities, at amortized valud Other securities, not exceeding market value Call loans, fully secured
"ODRA"
640,240,109
672,476,805
609.080,414 230.103,540
"ITAURA"
Total qulok suleta
*$1,950,308,420
Other loans and discounts
Mortgages and hypothece insured under
NILA. (1984)
*****
1,491,189,057
Bank premises
210.000,777 34,159,130
Linbillies of customers under acceptances,
guarantees and letters of credit Other assis
119,419,052
9,424,950
"United Press,
Cast 3,760,844,017
Liabilities
Deposita
Other liabilities
Taul Habilities to the public
$3,420,088,148 -
112,418,352 19,444,074 $3,588,641,011
Capital paid up
New York Foreign
Exchange
New York, Jan. d.
Cotton futurd closings, ih potico London, Jan. 0.
per lb. wero's follows: still paying out more
Prices of metals closed today Old sanirnet; Mar/Apr. 2005; then she was gathering in, and in sterilng
Closing rates werd: May/June, 2.30: JUY/AME, BRIT long ton per European production was rising follows:
Det For, 29.99) DegrJan, 20.92.
New
Mor Ant.
Canada 22 00: very vigorously. In 1987, how
Bayer Bellets | May/June
DE: Epine sheİLİ' ever, the American Economy | Tin spat
230th Oct/2, T13: Déc 237 26.18, tutored a check at a time of 3-month
77742 4338
NEW ORLEANS Oroper mot renewed dollar shortage and 3-monit of a levelling-off of postwar Lead ist half Jan, économie, expansion in Europe.
The effect of this conjuncture 266 let hall
on prospects for 1968 cannat be|-
170
R-
Prices of cation fitures closed dunfiétinumonót
New Egalatid-19
Npot 20.00: Mari 3573; 2ları 23 123, Argentin, Plaže
72
today as follows:
MAGZ
Fran
34.07--02:04 Paklitan
1.00-$1/32 231-0/10
3,19-1/10
2.00-0/10
Efnited Frees.
Acceptances, guarantees and letters of credit
Reat Account
Uunivided prófkla
60,400.000 181,300,000
Can-33,760,544,817
OVER 900 BRANCHES in Canada, West Indier, Central and South Americo, Ofices in London, New York and Parts.
#ANAFURA” due Tih Jan.
Itībai, Brisbasa, Byd- DFF
Matbotics Adelaide
treba Aserata
All Vikotta have thirty to caất da kay,perti un or off the couté à the rèxia àà moitings, are subject to chtáží er staandmenð vita or wiikeun socles, -
For full particulars apply to MACKINNON MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos; 27721 5.