THE CHINA MAIL,
TUESDAY, MARCH 4, 1958.
TRADE and COMMERCE SECTION
Common Market To Affect Colonies? The New York
Work In Geneva On Vital Question
By RONALD BOXALL
London, March 3. A GATT committee is at work in Geneva at the moment on a question of vital importance to most British colonies. It is trying to measure the effect of the European Common Market
on the
Vibro Piling The New
The Directors of the Vibro Piling Co. Ltd., an- nounce that they wil re- commend to the forth- coming annual meeting the payment of a dividend of si per share and boDES of $1.25 per share.
NEW YORK
RUBBER MARKET
New York, Mar, 3.
pattern of world trade in particular Rex rubber futures today commodities.
up the General
One of the issues it will have to decide is whether
the Treaty of Rome, which set Common Market, infringes the Agreement on Tariffs and Trade. British colony representatives believe it does. Under the Theaty of Rome, the overseas dependent territories of the six European countries which comprise the Common Market, are to be treated as equals with the main powers. That is to say, their exports to any of the six countries a total market of 160,000,000 admitted duty people will eventually be free,
there was
The
closed 38 to 65 points tower with sales of 134 contracts,
March, 25.73; May, 20.10: July. 20 20: Sept. 20.22; Nov, 20.20; Jan.,
2.25; March, 25.25.
Standard contract closed 30 to
reported.
65 points tower with no sales July, 2020 Sept. 28.21; Nov., 2010; Jan.
March, 25.75: May, 20.10: 2023 March, 26.24.
Less Immediate tension in the
York HONGKONG
Stock Market
By ELMER WALZER
STOCK EXCHANGE
Our Own Correspondant
Cotton Market
New York, Mar. 3. Cotton futures today opened lower and remained on the defensive for the rest of the session, Realising and hedge selling dominated mo- derately active dealings, with sellers paying heed to technical considerations and farm legislation uncertainties.
Final dealings featured cover- Spot. 36.00: Mar, 35,35-38; May. ing in the March delivery and 31 July, 334; Out 23.04 Dec. 33.00 Mar. 35.50; May, 390-91 a trade demand for Mny. Old Judy, 35.31.
crops Anished at the best levels, up 3 100 points, while
new
New York, Mar. 3. Oils and tyres paced stocks higher today in mo-
derate trading. Numerous predictions that Business done on the 'Hong-crops were down 18 to 20 points the worst of the current business recession | kong may have been seen helped to buoy market sentiment.
The advance, which picked up steam near the close, added more than 1 billion to overall market values. Individual gains ran to more than 2 points.
Amerada, Gulf and Shell jumped more than 2 points each In a higher öll group. Firestone, Goodrich and Goodyear up around 2 or more tires.
Oxford Paper Co. Pacific Gas & Eice.
Philip Morris
Procter & Gamble Co. Pittsburgh Plate Glowa
ฟล
Expectations that milt in-
Stock Exchange
act Opening prices vore up morning amounted 싶다 ng to of 30 points. New Orleans |
$445,000. proximately
Noon closed off 1 to 22 points, quotations and the morning's Transactions:
shares Buyers Sellers BANKS XI
K Bank, NSURANCES
00
teresis would bring further pressure on Congress to permit |
NEW ORLEANS Prices of cotton futures closed today as follows:
Spot. 34.20; Mar. 35.17; May, 307 ray, a5.00: Oct.. 35.89: D60, 35 36 Mer, 36.01; May, 3303; July, 39.16:
LIVERPOOL
Cotton future closings, In
that increased plantings this pence per lb. were as follows:
were
0.28 acres from cultivation this year, No delivery notices issued on March contract here today. New Orleans reported 10 torders. Opening March post. tion here was 33,000 bales, The stock totalled 10.20. cortifleated 500 10.20 22,823 hales. 2000 10.10 Month
110 1250 er 11.50
cruzeiros per kilo were as fol-
lows;
In
Sales
100 812.50
10 @
Union ...
71
Underwrite
500 <1
SHIPPING
2016
Waterboat
20.30
year conflicted with expecta- Old contract Mar/Apr. tlons that additional soil bank aso funds will result in the retire
ment of upwards of 8,000,000 New contract Mar/Apr.
25,00
May/June
20.03
July/Aug.
23.40
Oct/Nov.
26.18
Dec./Jan.
25.03
51
Wheelock
420 325 3,000 @
May/June
28.03
Pan American Airways Permount Pictures
14
DOCKS, ETC.
July/Aug
Wharf 150 123
Oct Nov
20.03
111
were the
Barko Davis Co.
073,
Doek
54 00 68.50
400 G
Doc./Jan.
Penn, Salt Co.
Penny J. C. Co.
Provident,
SAO PAULO
56
(0)
1470
(N)
Closing
future prices,
30
LAND, ETC.
101
K
Hotel 13.00 10.10 500
March
342
23
600 6 10.0 March 1500
Volume 0,300
Open Interest
33,000
Nay
30.00
4172
JUK Land
39.50 33.73
1,800 49 33.20 | July
10 May
July
39.05
21,500
284,700
21,900
Sept.
39.30
3744
Humphreys
વન.
Dec.
40.10
34,00
314,700
X 14:00
Sears, Roebuck & Cu Shell Oil Co
13
Sat Reg. L'aper Sinclair C
3142
HUDBER
Realty .... 1.35 1.40
Dec
22,600
170,300
March
17.700
101,300
The United States, the average price of one-inch cat-
May
10.400
110,000
475
Aaig. XD 1995
120
July
6,900
£3,300
ラン
Trust
1,20
UMLITIES
Total
147.000 1.110,800 balen NEW YORK
Star Ferry
XD
Ynumat. 99.50
101
C. Light
A number of specialties roso
point or more. An improved
outlook for the steels brought rome demand into that group, with wheeling up more than 1.
Indonesian political market put on
Aircrafts
balance.
were bit casier Copper stocks
Publickte Industrie
Radio Corporation. Radio Cocy. Pref.
Republie Hirel Heynolds Matal
Solar Aircraft
Smith Puerto Rico Sugar Southem Co. (796) -2
the terminal market lower 19-irmed. Libbeyowens-Ford rose Soceny, Mobitail day. Sellers awaited more news around a point in a mixed gle on the reported conference be-section. Polaroid rose around tween President Soekarno ‘and point two and touched a Now Bernational Cas
President Hatta high to feature the specialties. former Vice
almost 2 in the looking toward a solution of the Zenith added
television, Indonesian situation.
4 point or Gains of around
Coca-Cola, more appeared i General Electric, Haveg, Hertz, International Business Machines, Lorillard, Minneapolis Honey- well, Proclor & Gamble, Simonda Saw.
Corp. U.S. Tennessee Tobacco and Victor Chemical.
of switching Intra-denier
25 contracts March/May
futures points co-featured the
ade. Shipment offerings were reported light and too high- priced to interest local buyers,
No actual sales were reported. bul dealers understood week- come four some There may have been
end sales involved further selback due to falling
browns March shipment out of anmodity prices since then, but Indonesia at 2015 cents a pound, the trend is clear.
New York Stock Exchange Western European economy is cost and freight. But that price
was at least 4 cent above buyer bond volume was $4,030,000. vigorously, ad
American Spot No. 1 expanding has been OVER
the past few idena here today.
Res was quoted at 25% cents. years, there is R growing demand for the raw
These territories are mainly, in | Improvement though tropical Africa, which means that a slight setback in 1955. they produce or are capable of Commonwealth Econvenic Com- commoxillies mittee report shows that from producing export
1052 and a similar to those <1% which an exact balance territories like the West Indies dolcit of £24 million in 1933. and East and Wes! Afika the colonies' trade balance with this area swung into surplus of depend for the livelihood.
4
£43 £15 million
1954, This
clash of Interests will million in 1955, and £36 million rol, I am told, be resolved by in 1056.
European the setting up of a free trade firea to operate parallel with the Common Market. For one thing, it is not Briush policy 10 Include her overseas dependent territories in the free trade area. For another, Britain her face against free hes set trade in agricultural products,
If European free trade is and troplent agricultural pro- established along the Hues ducts of the colonies. envisaged by Britain, we would
The same is true of Britain of therefore have a situation in
scope for course, but here the
exports of colonial which primary products export-expansion ed
colonies of the seems to be more maited, from the
would Treaty of Rome powers have free entry into France,
Germany, Italy, Holland. Belglum and Luxembourg, while the same products from British colonies would have to surmount tariff barriers in these countries.
IMPORTANT MARKET
10
CONCERN
When the
iti
material
The colonies' concern at the advent of free trade in Europe, excluded, from which they are
Common
SINGAPORE
around market opened The the previous levels but cased on a quiet market.
During the afternoon hedge selling
caused prices again
the Inar decline
ta
and
itet closed at lowest for the day. Futures:
762-767
Louisville & Nashville lost more than a point in a some- what easier rall group.
Slock Exchange
volume was 500,000 shares.
Of a total 1,100 issues traded, 529 were higher, 320 lower.
Dow-Jones closing averages were:
30 Industrials uities
20 rails...
0 DCKE
40 bonds
Comm. future price Index ...
Closing Prices
Allica Chemicals Allied Mills Inc.
No. 1 rubber per b. Mar. 70%-70%
Apr No. 2 rubber per iv. Mar. 222-734
035-70 " No. 3
06-07
Allis Chalmers ... 70%-7836 | Ain. Brake Shoo 0J-C7
Ainorican Airline
No. 4 Spot rubber unkaled Blanket crepe No. 1 pale erepe
LONDON
No. 1 Fas spot ........... Settlement house term
7915-015 American Cable & Radio Corp.
American Cyanamid Co.
2734-2216
2276-2234
2231-229
easily understandable. It will be an important issue In the forthcoming talks on the setting up of a free trade area. But I doubt if it will be a decisive if their Of course, the most importan!
one thing, one. For colunial trade
the Brish
damaged by maritet for
The rubber market was easy Market,
15 which exports is the United Kingdom
with spot quoted at 22% pence itself.
GATT In 1950 according to a already in existence, just published, by the Iepuri
to give Per b. Prices; rules may be altered Comunonwealth Economie Coin-
them compensative advantage coloniat experts mittee,
in same other market-possibiy Britain
were valued at £354
the United Kingdom. million. Free trade in Europe
For would not affect this particular trade, and colonial commodides would go o receiving pre- ference in Britain as Continental Europe is becoming an mereas ingly important market for the colonies, both in absolute terms and as a proportion of their total export outlets.
Their exports to the OEEC countries of Western Europe are steadily growing, while those to Britain are tending to fall. the colonies 1932, Britain were valued million; in 1954 the Bure was
In 1956 it €355 million;
£354 million.
April
May
June
Apru/June July/Bept.
anulher-and this is a stern fact-although the elering oct./Dec.
the Commonwealth still takes largest share of British experts. growing Is a less rapidly t market than Western Europe.
The share of total British ex- ports that went to the Common- wealth (including Canada) fell Irom 40 per cent in 1932 10 Just under 40 per cent in 1950. In But the share that went to Europe rose from e exports to Western
£301tle over 23 per cent in 1832 to just under 25 per cent in was❘ 1956.
Rightly or wrongly, therefore, British Government has Western the Ther exports to
hitch its wagon to Europe, on the other hand, rose decided to from £150 million in 1952-to the
£189 million in 1954, and to Service. £241 million in 1950. And a Jarge part of that increase was accounted for by such com- modities s
cocca, coffee and which oilseed commodities "Conimon Market colonies" ulso produce and which they will eventually be able to export to
a large part of Europe on much
better terms than those avall-
rising
Jon Mar.
General markets, all basis, March April and May .... Estate crepe thin arch
23 thick March AMSTERDAM
Amer.
Power Mectric Am. Gau & A. Mach. & dry. American Metal American Smelting Am. Sugar Ret. Americas Tel & Tel American Tob. "B" Anscomla Copper Armco Strei
Annour
Atlas Cons Mining
$43.08
439 13%
markcis
Train 24.30 24.40 1,000 24.40
(0) 17.00 17.70 55520 a 17.00
ton at 14 designated spot mar-
kets was 34.52 cents. Total sales at these
Prices of cotton futures elcsed were 21,745 bales, today as follows:
120
Hallway (Cuin.) Standard Brandy standard all of Ind. Standard li of NJ. Steep Rock (Toronto Stering Drug Co. Stokely-Van Camp, Studebaker-Packard Corp. Sunshine Mining
600 17.00
Exge.
5000 11.00
Electrle
112%
XD... 28.30 20.70
400 120.50
Telophone
BOY
INDUSTRIALS
24
Cament, XD Ropo Amoy
*Call
Textron Ine.
Tide Water Asm. O 'Time Inc. Twentieth Century Fox Film Union Carbide... Union Ol of Cal. Union Paciile Railway United Aircraft United Gas Corp. US. Foll "D" U.S. GymLN US Line Co. U. Rubber.. U.S. Suiting U.S. Sterl
Warner Bros.
Westinghouse Elbetrie Weeton Union Tel. Co.
Wen Va. Pulp & Paper
Woolworth
27.30 27.50
300 or 20 50 400 27 13002140
200 2714
..... 21.20
44.80 38 ... 17.30 17:20
13 12.20 Watson w Craw
STORES, ETC.
2016 || Dairy
Wing On
CUTTONS Textile Vanyan INVESTMENTS Yangtza.. Affed H.K. & F.E
Invest.
$.CA ...
@
2014 Lane,
(AK)
30
60
New York Sugar
Market
New York, Mar. 3.
World No. 4 sugar futures
today closed unchanged
24
1600 17.5O
500 17.20
10 15.50
200
4.75 1,000
5.40 6.00 3.60
9.00
100
Ex-President Hoover's Advice
Now York, Mar. 3.
4.00
to three points lower Mr Herbert Hoover, who was
with sales of 58 con- tracts.
Domestle No. 0 sugar futures. to 2 points closed unchanged lower with sales of 82 contracts,
Trade interests were on both sides of the world contract, ap- 7parently in routine evening-up 20% operations while awaiting news
from the raw market,
210
SL
Contract No. 4 (world)
president when the major United States depression bogan in 1929, said that a big enough cut in Gov- ernment spending to allow a tox cut would be the greatest possible stimulant to recovery.
In a speech to the New York! Chumber of Commerce he said that compared with the 1920 de- pression the current recession 3.38 was "a minor slump in business He warned 3.38 and employment."
*
*
Press.
United
POBIE.A
COMPANIES
PASSENGER/FREIGHT SERVICE
Dua Hongkong
9th April 7th Apri
PENINSULAR & ORIENTAL S.N. C.
Outwarda "SUBAT" "CORFU" "KARMALA” "CARTHAGE” "CHUSAN" "BALSETTE" "CANTON"
Homewards
Leaves Londen Saited 25/1
Sailed 1/1
Balled 15/2
8th March 16th March 20th March
1st Apri
15th March 10th March
13th April
Leaves Hongkong Das London
140 Blaron
*
"CORFU"
"SOUDAN”
"CARTHAGE" 11th April
Dth my 4th May
14th Apri
19th March
27th April
12th MAY
"CHUSAN” ↑ "CANTON"
27th April
Roth. Magn
ath May
8th June
Via S'pore, Penant, Colombe, Bombay, Aden # Ft. Bald.
↑ "CHUBAN" also caile Marseille.
• "SOUDAN" emits Colombo, Bombay, calls Havre and
extends Hamburg, Rotterdam & Antwerp.
BRITISH INDIA 5.N. CO., LTD.
1.30
against reducing taxes
to the
extent of unbalancing
the
*
"BANGOLA"due eu Mar. Kaila Bih Mar.
"FULTALA"due
*
3.33 Federal budget, Such a tax cut 3-37 would be "on oplato drug to be
Baldwin-Lima-lam-
Bahimong & Onla
21%2%
Beneficial Firatice
Bendix Aviation Corp. Eriguet Conn...
493
2236-2216 Boeing Airplane
Borden (The) Ca
May
Burroughs Add Machine
30%
July
Campbell Soup Co.
Sept.
Camo J. L).
Oct.
Cat Tractor
Mor.
133
May
BO
Spot-teents per 1b, fob Cuba!
Open Interest: 6311 contracts.
19
Chuett Peabody.
Contract No. 4 (dozacsilo)
Colgate-Pimalive Co. Colombian Carben Co.
33%
Commercial Credit
May July
0.68
++
Commonwealth Elec.
281
*United Prem
Consolidated on
Dept. Nov.
Continental Ou of Del.
Crown Zellestoch
Cuban Amer. Sugar
20
duty)
Open Interest: Untied IB.
Spot-(cents per lb. cf NY ex-
1001 contracts.
The rubber market was dull. Caneso Corp.
CIT. Financial Corp. today in gulldorsche Anhet. Bank Prices closed
cif March Chrysler Motors per kilogram, follows:
2.17 hont. No. 1 rubber No. 2 rubber No. 3 rubber No. 1 crepe
star.Express SINGAPORE
STOCKS
LONDON STOCK MARKET
Singapore, Mar. 3. Brokers today quoted the fol- lowing stock prices:
Opening
able to British colonial pro-Prices firmed on the stock consolidated in
ducore.
LOSS OF TRADE
A loss of trade with Europe British Government bonds Hongkong colonies kividually; it would which Hited prices £1/10.
would not
only
feet the
Diamond Alkal
Diamond Match Co. Douglas Aircraft Dow Chemicals
Dupont de Nemours
Eastern Airline
Eastman Kodak
FJ Toko National_Gar Family Finance Corp. Firestone Tyre & Rubber Ford Motor General Flectric General Foods
General Motor
Gen. Pub.
Getty Ou 31.57dden Co.
Goodrich . .) Co. Goodyear Tyre
Gulf Bu
Heyden Newport Corp. 19.0755 Homerlake Mining Co.
Ingersoll-Hand" "1. 14.03 $1.30 5490-
Inland Bleet Co:
Interchemical Corp. Int'l Business Machines Int'l Harvester ...... International Nickol
London, Mar. 3.
exchange today in rather quiet session.
Ord.
There was a little buying of
Halu Lintang Rubber Co.
Ltd. British Borneo Petroleum
Syndicate
Smelters
Frar & Neave Lin Ord. Txar Neave 7% cum.
prof Gammons (Malaya) Ltd.
203 id
Shanghal
Banking Corp.
Hongkong Tia Lid. Xumpas Ltd. mostly Kuala Karopar Tin ****
Ba 34
31.57
31'
$1.05
Co.
$3.50
$1.00 31.75 $2.50
Liggett Meyors Tub. Co."
Lockheed Aircráti
15.01 $1.75
$20
also affect the sterling area as a Industrials were up
Under the European from six pence whole.
to a shilling, Lanas Rubber Estator Lid.
Payments Union system, Caro- shares of chain and department Malaya Breweries
were the only ones to Now Berandah Rubber
Ind. Demand Petaling Tin Lid. move up as a group.
Radio Hotel Bingapore Cold Storage Straits Steamhip Sholl Transport stock United Engineers Ord. moved up 3/- und Royal Dutch,weatne Bros,
exily; † edeb. - British Petroleum 'and' Burmah rose 2/6. There also wis good Special. demand for the old-established
ings from trade with Western stores
almost as good nå Europe are caki. Three-quarters of any for other issues was scattered.
deficit with the surplus for
is pald out in gold or Olls scored good guine. The Straits Trading dollars at the monthly settle- | old ments.
GLY OUT
Over the past few years, the colonies surplus in its trade with Western Europe has helped
to ofset deficits incurred by gold shares. Britain and India, and from 1954 to 1950 by the Ualon of South Africa.
The recent hatory, of the colonies trade balance with Western Europe is one of aloudy
NAMESAKES
Forclum bonds were dull and unchanged. Dollar stocks piso ANTWONK==] held steady in quiet dpalings, Choose, § Intent, J with the premium' down lighly Tressure, 0
Don Gunn lo-514 Der Cant---Unfios FREN
International Paper
The Tol'& Tel
John planville Co.
Kermecott Copper
Loews corp."'.........
Lone Star Cernent Co.
Lowenstein & Sons
MoDennel? Alrurat!
Stock Ergo.)
1.25 Moms Iron Corp. $3.10
$11nesota Mi
11 Kon Development
Sposanto Cherndent Co. Montgomery
Motorola Tao."--
National Cash Reg."" National Dairy Prod. National Land Am Nation preti Cort New York Central Norfolk
resisted when in horror."
Onc
With only
dissenting voice the Congressional Joint 5.Economic Committee quid in the recession 1.71 Washington that 3.71 had not reached the point where
a fax cut would he necessary. 8.50
The Committee recommended speeding up of Government ex- penditure programmes on educa- tion, housing, slump clearance, health and publle bulidings.
New York Metal
Futures
Now, York, Mar, 3. Pelces of metal futures closed today in cents per 16. da follows:
Loed March
May Zic Moreh
May
11:30b
11,401
0.43%
6.605
Copper March
21.07b
21.07
March
93.50b
May
London Metal
Prices
Landon, Mar. 3. Prices of metals closed today
In sterling per long ton au follows:
Thapot
Ovsiper spot
Durers Sellers
Vice-President Richard Nixon
in a
of Cleveland raid
the Aeration would take
"whatever action is necessary" to halt the recession but he said the timing of this aclion was particularly important because In zuhawdy. Inflation would be diirgus to tens of millions of people-China Mall Special
London Foreign Exchange
London, Mar. 3. Closing rates were:
2013-201 0/16
New York Montreal Amsterdamu
Brumbeir Copenhagan Yaklum
Milan Flockholm Zürich gest
10 43 139.60
11.2016-
Others unchanged.--United Press,
Exchange Rates
1/31 market
Buriciowy was done is the local momcial exchang 19134|rocrning: at the following rates:
U deler (par 31)
Prem
Berlynote (per #3)
Indoors Tuplah (per 100) Kam cat (per 100)
Bingapore (bitrašta)
માતા
th Mar. Bild 12th Mar,
"SANTHIA" due 20th Mar,
alls 21st Mar,
from Japan
for Bingapore, Penang. Rangoon & Calcutta
KIOM JEDINCA
Luz Singapore, Penang. Rangoon, Calcutia - ¿ CHNIKENA
from Calcutta, fangoon, Penang & Bingapore for Jag
P. & O./B. I. JOINT SERVICE
"opa" File St Mar.
¿De
*
*
"ITAUBA" dpo
*
7th Mar.
Bih Mar. walls Mar.
"OZARDA" due 20th Mar
from Japap
for Singapore, Madras. Bomber de Bhavnagar
from Japan
for Bin ours Tounte Bombay, Karachi Basrah, Khorramshi
frem Bombay, Karachi, Cochin, Alleppey, Tull- Och de BLOCKDOKO VISI for JACKE
EASTERN & AUSTRALIAN $.5. CO., LTD.
"NANKIN"
-dos Bih Mar. sails 10th Mar
....“EASTERN” due -5lb App
ARELO TIE AS.
from Austenila for Japan
from AustraliLA Z for Japan
All Vessels Dave Jhorty to call at any porte on or off the route ✯ the rostá à sailings are subject to "change" or kuiendment with or wilhaus nolics
For full particulars apply to MACKINNON MACKENZIE & CO. GT ROAD KONA LID