THE CHINA MAIL, TUESDAY, APRIL 22, 1958.
TRADE and COMMERCE
THE BANK RATE REDUCTION FOUR WEEKS AGO
SECTION
Heathcoat Amory: Predictable Chancellor
The Move Was Confidently Anticipated
By RONALD BOXALL
RONA
HONGKONG The New
STOCK EXCHANGE
After the Iron Chancellor, the Predictable Chancellor. That is the epithet that seems to fit Mr Heathcoat Amory best e after his budget.
His other overt action since he took
over
fo
York NEW YORK
Stock Market
New York, Apr. 21.
Stocks surged to new highs since last October to-
day in moderately active trading.
Our Own Correspondent Industrials and rails paced the
which upswing
reflected a Business done on the Hong-brighter economic outlook for Stock Exchange this some industrice end an improved morning amounted
up-outlook for lax relief for in- proximately $447,000. Noon dividuals and corporations. quotations and the morning's transactions were:
aburra Bayern Belleri
BANKA
Halra
- 701.50 793.50
g
Chancellorship from Mr Peter Thorneyeroft who resigned from it in a huff, was to approve kak a reduction in the bank rate just four weeks ago. That move was confidently anticipated-almost as
confidently, one might say, as a reduction to j come which must, by now, be fully discounted. T
dant as predictable were Mr | dangerous enemy than deflotion. Thathead Amory's chief budget | And in the meantime, af its propo als --purchase tax reform hopes materialise, reduction 1 fmadymation of the tưw rates import prices will have worked
of pruit, the reduction in en- dertimbatrala tax
cinemas
and the host of small tidying up ZEN ELLAS in the fornes of taxatina.
Belt the net result was hard-
ly exciting. Two weeks ago Wrdet "The Chancellor and his Frea lory advisers are as much in the dark as anyone about the Harly, duration ind
ullinute
e of recession in the United Sts. Like everyone else, they are king'an ultra-cautie lee, will doubiless and the bariget
test this attitude."
PROPOSALS
of t proposals themselves ther
alle le say-except that 11how that
| through!" to shop-and the ext
of living will show the first re- duetina in gears.
In either event the next but! get, on present indiestfans, will
INSURANCES - Unton 7150
SHIPPING Wheelock
K. Wharf Dork
Provident,
10....
LAND, ETC.
All major groups favoured the upside. some more vigorously than uthers. Steels, oils and rais helped to pace the rise, which over the past two weeks 279 restored well over six billion in
market values. *
713
RUBBER MARKET
New York, Apr, 21. Rex rubber futures today!
closed 15 to 23 points Jowar with sales of 31 contracts.
Penny J. C. co. Phulp Morris
DG!
Closing prich=;
May
Procter & Gamble Ca Pittsburgh Plate Glat Publicker Indurteles Pure Dil
Juty
75?
Sept.
61
Nav.
azt.
Jan.
Mur
Radio Corporation Hadio Cory. Pret. Itepublic Steel. Reynolds Metal
Shell Oil Co Saint Reg. Paper
hanclair O
Sony Mobileil
Solar Aircraft South Puerto Rico Sugar Souvera Co (The
401.
531
B01.
16
FLS
20.00
20.00
24.50
20.00 20 50
US PRICE FOR SHORT-TERM MONEY DECLINES
Washington, Apr. 21.
| The price the United States Treasury pays for short-term money declined today to the lowest in more than three years as the Depart- ment sold an issue of 91-day bills at an average price of 1.055 per cent.
The 1.035 per cent average rate for today's us was the lowest since a rate of 1.049 per cont was registered on an issue old un January 8, 1955.
Trade Fair For Singapore
Last week, the average price was 1,225 per cent watch was an increase for the Brat time in four weekly rales. But the Federal Roserve Boerd Just Tho Thursday cut its discount rata again and also reduced reserve requirements of member banks ohe percentage point as a step to case money.
today's
12+ Prices eased in a dull market, London Sat reflecting the lower 1615; trend and a holiday at Binga- pore. Factory buying interest was flat and shipment business negligible. Spot No. 1 Rss was
Accepted bids for quoted at 203⁄4 cents.
issue ranged from a high of "Intorost in rubber continues 99.744 or 1.013 per cent to a limited. Values were sustained tow of 19.729 de 1072 per cunt by reports of Russian buying Or the amount bid fee at the
Far
the low price, 18 per cent was ac patentiraly explosivo
Internal cepted. Indonesian situation," the Com- 973 modity Research Burosu com- The Treasury, said that of the 12 monted today.
dollars 1,700,405,000
Was
Rockefeller
Southeon National Coy Southern Railway (Com) Standard Brande
4911
Ein
the
42
Market Mentiment buoyed by 4 Brothers report which called фот
personal corporate. Income
lower
and Laxes, anil by Introduction of till in Senate la Increase tax exemp. personal income tions and repeal most excise taxes.
១.
6.20 1000
0.15
LOU 110 21
100
4425
the
D30
100 140
1000 17 GO 43000 1
37.00
31
500 or
Ik late 17.479.000
HK and
Hapter Beatty
3275
**
In the oils, Amerado, Gulf, Richfield, Royal Dutch, Standard
1440 14 CO TOO LA 146 Oll of California, Standard Oil 150 1526 20,503 + (New Jersey) and Texas Co, all
hit new highs on gains running
a point or more.
A35
1.40 2000 1.378
113
be a chverful one-und the fact | Trud XD 1176
that it will immediately precie
general election is pure coin-
vidence
This week's budget was il
10 holding peration; if they wrong, at least the undget won't ini be directly to blame. And one reapert Mr Heatheent Amory was not predictable. He did not,
lower beONE? as was forecast, Jax.
SIGNIFICANT
This omission is significant.
Mr Heathroat. For a budget that le designed, as Amory has quickly not the grapa mopping-up operation againal
el
discourage
BURDES Amul
a. Tawan
UTILITIES
Star Ferry Yawal
e Ligh 10)
Tram
23.00 244) 2009 **
100 112
94 FA 50
Brettle Telephone 20.341
Non-ferrous metals firmed
more
Standant Oil of Cal. Standard Oil of Ind. Standard Oil of N.J. Sleep Nark.. Sierling Drug Co. Stokely-Van Camp. Studebaker-Packard Corp. Sunshine Mking Swift & Co. Texas Co.
Textron Inc.
Tide Water Ama, Oil
ht קנויד
Twentieth Century Fux Fin Union Carbide
Valen Oft of Col.
Unson, Paellie Haitway
Unlied Alycraft Thitect Cam Carp US, Teli "B" a Gypsum 18, Line Co.
after earlier Irregularity, with National Lead up around 2 si
1.3. Rubber 24 10s high to feature,
U.S. Smelling 100
14 Gains of u
US. Blae!.... point or
Πίτες $44.00 1001
studded the Itst, including
Werdinghouse Electric Anderson Clayton, Clark Equip- | Western Union Tel. Co. ment, Joluson, Parke Davis, West Va. Pulp & Paper ..... 1710 Chas. Phoor, (on a good cam-
20 28.90
1572
300 +
INDUSTRIALS
i comment 7.20 20.CO
STORES, ETC.
Dairy, X 16.20 16.40
17.40
17.00
ing report)
20 20 Vanadium. 20.20
Bocon Mobil and
New York Stock Exchange 200 20.50 bond volume was $5,180,000.
American Stock Exchange 21030 volume was 790,000 shares,
New York Stock Exchange 500 10.00
volume was 2,550,000 shUTCB,
trada, A total 1,191 issuten 508 were higher, 209 lower.
Dow-Jones closing averages
Waton
1 1130 Kane, Craw 10.10
Yungtazo.. Allred Sunista...
were:
1.20
1203
1.15
Ja industrinis
lux
20 gathe
of consumer
Hi undicated ministry.ation, should They are painittaking ans, on the sending and encourage earn- INVESTMENTS white, fair,
Ing in fact it did the opposite, And that is the Opposition's reained a penally high rate
Somalist "Shadow of income tax and reduced ficulty.
aton wire Chanedfor Harold Wilson
MAN
L
range
Could it be that the Chancellor LONDON STOCK
is saving a reduction in income
Brilliantly argumentative goods,
cafled bhse accasions, -Mr Heathedol Amory's effort
(1/ "pathetetle Tuigan his proposals (with Cxe, pdtam ad pratis tax) in re- 11h to n jur economic prob- Jens trivial and Irrelevant.”
The was nothing in them, he vaht, to warrant an outrigh! Bevaller vol so the Oppost-
Lion were tabling a mion
Censure t
kandling
generally.
of
the Government's affairs of reonomie
FRUSTRATED
The nailon ns
a whole
feeling Just as frustrated.
1s A
his
x as the brightest, if not the most effective weapon in armoury it deflation becomes the enemy or most pollifeally per- sunsive whether it does or not?
HOW TO BEAT
publie pinion poll shows that something over half of the people questioned, ought the An budget would help That still leaves Gerily who are diastisled,
them. large
But the "wait and see" budget is as unreasonable at this time.
The ditemu was whether to
plan for a procession later (als year or le regard inflation
all the greater danger.
THE RECESSION'
New York, Apr. 21. immediate income tax cut is one of alx “bout the recession" methods urged by a group of business man, economists educators hare,
(15
Their recommendations
and
]
MARKET
London, Apr. 21. Markets oponed the week in a very subdued fashion. Signs of labour trouble at homo ond of market
troubles
in Now
15 lies
40 bunds*****
Cont. future price index
Closing Prices
Allen Inc. Acy.
Allied Chemicals
Allied Mils Inc.
Allia Chalmer
An. & Fore Power
Am. Benke Shor
American Airline ..
American Cable & Radio Corp. American Cyanamjd Co. Am. Gus & Metric A Mach. & American Metal York American Snelling
Am. Bugar l
dry.
made for general hesita-American Też Be Tei tion.
British Governments opened quiet firmly in the customary "aufety first buying but the terms of the now six per cent
£20 million New Zealand 10. wern down 1/18.
American Tou. "B" Asconde Copper Armco Steri
Armour ........ Atlas Cons, Mining Baldwin-Lama-liam. BaRimore & Ohio Beneficial Finance Bendix Aviation Corp. Benguet Cons, Bethlehen Steck Boeing Airplane
Industrials drew only some selective buying which lifted
Burden (The) Co. Burrougim Add Machinto Hoover 2/- Strong demand Campbelt Soup Cu. caused the ordinary and prefer- erce shares of the Ritz Hotel to Caso (J. 1.) Cn. jump 127- and the Hyde Park Cat. Tractor.
Canadian Pacie A.
Calanese Corp.
Me contained in a report issued lv- Hotel, 2/6. Suez Canal shares C. 1. T. Finatielai Corp. Heathroat Amury look the safer day by the Rockefeller Brothers were course, which is lo "rish win-Fund. ning the battle
lon."
inila- gainst
good
market. rising
£2
Oils were firm
The
proposes report ulso
In-
with Royal vigorous business action,
Dutch rising nearly 6/-, Shell chiding introduction of new pro- This polley, besides beirų
and Chuadian wise thing to do economically, ducts, aggressive selling and Transport 3/-
Burmah was down up the Eagles 2/-. is also probably the Govern- price cutting, speeding ment's
pro-
in-
Gd and British Petroleum up đi. German Young Loan non- assented improved £1 and that
works politically. Federal publie *fert bet Tory fortunes are on wane, and gramme, further moves by the this week's county counell elcc- | Federal Reserve Board fo ilons showed that they may not crease the supply of money and of the Dawes Loan £. As- yet have touched bottom. The erett. next 12 months of the ernment's life will be the year |and establishment of a
Jevel economile council-Reuter,
of dealston.
REMAINDER
temporary
Chase Manhat, Dank Chrysler Motors... Cunit Peabody Colgate-l'almolive Co. Colombian Carbon Co. Commercial Credit Commonwealth Elte. Consolidated Extimon Continental Oil of Del. Crown Zeliertach .. Cuban Amer. Sugar Diamond Akail Diamond Mateli Co. Dougian Alterati
additional senteds were featureles: Jopadow Chern cula Gov-unemployment compensation,
high-
Come of two things will heap. Singapore
pen during the remainder of
1058, and the Government is row in a position to take political
advantago of either of them.
3 the Aneriean recession does not eat soon, the second stage of a cffect of Britain will be- in to operate. The Arst was whally beneficial: lower import prius aided the balance of pay- ments. But the next stage is when countries, whose earnings from raw materials are now falling,
im- begin to cut down
their
Stocks
Singapore, Apr, 22. Brukers today quoted the following stock prieča,
Opening Balu Lintang Rubber Co.
Ltd.
Tetioleum British Harne
Bydale
ameliora Coklated Tin
Ord.
ports from Britain. If that up Fraser & Neave Lidl, Ord... 'pened it could mean a serious
Blackening of activity in Britain.
Neave The
44/0
27/04
74
24.05
$5.35
Hongkong
Banking Comp
Shanghal
Kufopas "Lid.
The Government could then uns (Malaya Limilest either in autumn or in any case
4/04
were exc United Press.
completely Idle.
New York Sugar Market
New York, Apr. 21. World No. 4, sugar futuros
Eupont de remours Eastman Kodiak
El Para Nailcural Cen Family Finance Corp. Fireitone Tyre & Rubber Terd Motor General Kistric Gestemal Food General Motors Gen. Pub. UUL Pladen, Co.
Goodrich C. r.) Co. Goodyear Tyra
Homesiske Stining" "Col Ingersoll-Rand
intand Steel Co.
Interchemical Corp.
today closed unchanged to thi froexter
Int'l Busineam Matches International Niek
four points towar with intemational
Ini Tel & Tour sales of 173-contracts.
Jonn-Manville Co Domestic No, G sugar futures Cantar C. Power & Light clotod unchanged to une point Kennecelt Copper... higher with sales of 140 con- Liggott Meyers Tob. 4o.
Lockheed Aircraft
tracts.
World contraals reflected the ouster raw situation and abate- ment
immiedlate political tension In Cub
انه
-
Loewn incorp..... Lone Star Ceinent Co.
Aircraft McDonnell
Stock Eng.) Mosabi Iron Corp. Minnesota Mining.... hyleston, Developmenį. Somo spFCOZ looked for 1 Marwarilo Chemical Co.
The Montgomery Ward
Mchiruit en "A" Nation Carh fra Contract No. 4 (world)
Haloriel 1 May: 5.40; July: 3.40; Sepli 2.45; | National Lend jaa Oct: 3.30; Mar: 3.35: May1 3.30; Newport Chambeat May: 3:30 July: 3.37 Epot-cents New York Central
Ölin Maintenon · ke $2176 per in. fob Cuba): ung. $1.00
Oils Elevators Owen-2}{noin Alkus Oxford Paper So Pine and tec Pan Amárioso Airways Paramount setur Parke Davis Co. Penn Balt
$430 further improvement in $10715 low of sugar to the "purla. Rush Tamper Tin
29/3d Lunes Ruler Esiston 134. $1.03
$3.70° Malayan Breweries...... New Berdiđali Nubber Co. Petaling Fin Lid. Raffies itôtel „* Billigapore Cold Stelaga aural Trading
Stewnship United Engineers ded Wame ros
̈ ́odh. †endly--China Mali Specif.) United Fram
next April, Introduce an expan-Iferakona Tin Ltd afonist budget and then go to the country while evidence of was still fresh their inlative in the mind of the electorate.
But supposing the American accession ende soon without pro- ducing this effect? What then?
The Government will be able to claim that they were right to trost inflation "as more
Open grest; 0,334 contracts, Contract No. (damestic) Julr: Liới Hopty alba: How B. Marung #polleopta par 15. elf NY® ex-duty);" und...
Open interest" (887) contracts.'--
(Am.
450,22
110.00 70.63
Woolworth
and
aucopled
"With the coming of warmer today, that included 300,405,000 354 weather, some Improvement in dollurs entered on
non-
Singapore, Apr. 21.
Singapore Chinese Chamber of Commerco is planning to hold a month- long trade fair during the China Now Your, it was stated here today. The multi-million dollar trade fair to bo beld
at the
Old Kaliang Airport will be one vi
the main features of the focul Chines merchants plan celebrate the achievemet of self- government for Singapore.
A Chamber pokesman saki that all nations having trade connections with Singapore ard to participate in the Fab
Ho sald that # Chamber delegation will shortly call 011 new automobile sales re-competitive basis and accepted Singapore Chief Minister Im ported, but the opinion cot full at the average price. Yew Hock to peek govern- tinue that this will be a poor Applications totalled 2,594,000,- ment support for the projectini
{ exhibition-France-Presse.
21
20
is
year for car sales.
7211
M3
23**
DOO dollars.-Neuter. "Replacemont tyre business is fuiling behind fast year, con- 34trary to earlier expectations of
improvement.
Manufacturers
per
rent
74 February tyre shipment wer?
20 than more
31% under last year, while cnd-
tyre Inventories were over 11 per cent Inrger, The Bureau also commented.
20
32%
5644
month
111
17%
337
United Prowl.
NEW YORK
COTTON MARKET
New York, Apr. 21.
15010 Cotton futures today 100-
99.3
157.12
In
321
sawed Indecisively
quiet doglings.
Small
trade selling while
AMSTERDAM'
VIS
rubber
markel Priers closed today all
The qulet, unchanged.
LONDON
The rubber market was idle with spot quoted at 23% pence per lb. Prices:
No. Ras spol
* Settlement house term:
May
June
20%-13%
23-237
July/Aug.
Jag/Mar
Apr.
May
June
Oct/Dec.
General market, id bala, porta
Estate crepe tiste Apr.
33-23!
unquoted
Wilck May Note: Singapore rubber market- was closed for holiday-United Press
declines disclosed an underlying London Foreign
demand from
20% houses.
commission
Closing prices ruled 5 lower
to 5 points higher. The market opened off 2 to 7 polofs.
New
Orleans closed off one to up
1
4
43
ENAL
one point.
4214
Evening-up operations in the
Exchange
London, Apr. 21. Closing rates were:
New York
Montreal
Aler
Copenhagen
May delivery before Brat motley Frankfurt day on Thursday, featured part Parts
44 of the trading. Spo! Interests | Stockholin
Zurich
2.01--13/1#
2 73-1/16-8.73. 10.65-10.8014 120.00-130.26 19.339-11.35% 7743-17454
373-174315
7100-1100
14903-19504 71.64-157
12342-13.244
were sollery of May and July Vienna ngalment purchases of now crop "Olnera linehanged --United Press
1!!
months.
Crop news highlighted come
475 pinints of riclayed land prepara New York Foreign
J
28
40T
+00
20%
lons and seedling in Easter bell sections. Southern parts of Alabama and Georgia said the crop is two to three weeks late and that possibly 20 to 35 per cent will have to be replanted because of prolonged dump, cool weather. Munti
Volume Open interest
12,700
107,200
9,200 193,700
13,300 277400
Exchange
New York, Apr. 21. Closing rates were: Cepada
England ometal
#
30-day
20-days
Bouls Africa Holland
1.03-3/33 2.81-13/10
2.50-13/11
1911
2.8212
22510
2,80-13/10
2.00%
*
E
*
*
P.OBIE.A
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Cutwarda "SALSETIE"
́"CANTON" ̈
"BUNDA" "SALMARA” "CORFU" "SINGAPORE"
Homewarde "CHIUSAN" 4 "CANTON" "SOMALI" * "CORFU" "SUNDA” §
Leaves London
... Balled 20/1.
Balled 1/4 Saited 9/6
Balled 20/A
10th April
7th May
Leaves Hakong 27th April 8th May 24th May 6th June
15th June
Due Hongkong
ith...May
4th May 1011 May
8th Juna 2nd June
10th June
Das London 86th
Mar Bih June
20th Junk
8th July
341 July
Via S'pore, Penang, Colombo, Bombay, Aden & Pi, guld.
+ "COUBAN" also calls Marvelles,
ROMALI" calla P. Bettenham, Singapars thenes
direct to Havre à London.
-"SUNDA" calls S'pore, P. Swettenham, Fenant, Aden,
P. Sald, Havre, London, Hamburg, Rotterdam & Antwerp.
10
20
}B
497
494 May
Spain
4
July
44% Oct.
West Germany
Argentina
40
DRC.
4,400 123,200
Mar.
10,000 144,000
Brasil
2044 01833
"ISMAK A“
6276
May
10,000
184.000
United Prass.
20%
July
7,000
1,800
32
Oct.
5.900
23.000
Total
70,100 1,000,000 bgles
NEW YORK.
Prices of cotton futures closed
today as follows:
Loquadur
London Metal Prices
London, Apr. 21.
Prices of metals clored today 4.83in sterling per long ton es July! follows:
Spot: .n; May: 25.83-84; July 30.30 Oct: 0.02-05: Dec: Mar: Fan: May 21.01; 36.44-45; Oct: 35.37
LIVERPOOL'
Collon future closings, j
Tin pot
3-month
Copper pol
3-month
pence per lb. were as follows: Le 2nd lif Contract: May/June:"i American
Buyer
Sellers
130
1543
17534 17522
Apell
7314 Juty
July スチレ
7244
-United Pres.
25.40: July/Aug: · 20: Oct/Nov: Zimne 2nd half Apri
Mar/Apr: Dec/Jan; 25.70;
2.38:
10.70.
July/Aug:
Miked Contract: May/June: 2580%
20.10 Oct/Nov: 8.70;
Dec/Jant ; Mar/Apr: $7.34. New York Metal
NEW ORLEANS
Prices of cotton futures closed
today is follows:
Spot: 34.05; May: 15.83: July:
Futures
20.10; Oct: 30.40: Dec: 56.62; Mar: today as follows: 37.11: May: 97.10) July: 33.44; Det: | Lesd | 38.06-United Press.
Discount Rate
Washington, Apr, 21.
New York, Apr, 21.
Prices of metal futures closed
MAY
10.ma
July
10.06
Zing
Msy
8.505
July Copper May
2,000
24. FON
Jutr May
29.285
p2.70b
United Press.
Exchange Rates
Tho Fedoral Reserve Board today approved a reduction of discount rates from 2% to 14 the Boston And per cont by Athnts Federal Reserve Banks. at the following rates
The reduction is
effectivg tomorrow. Fiva Federal" Be surve Banks made the reduellen laat Presi
Business was done in the locsi
strhangs merket
starling notes (pan (03) Jarnanahilan nates (per £1)
Indonesian rupiah)(par dio) weels, anUnited to iper 100)
Singapore (traita)
BRITISH INDIA S.N, CO., LTD.
"BANGOLA" due 24th Apr.
Kalle 20th Apr.
from Caloutta, Rangoon, Penang di Blogapore for Japans
P. & ́0./B. I. JOINT SERVICE
'dun 23rd Apr.
sau10 24th Apr.
9th May 21 10 May
from Karachi Bombay Chen, Tuteoria Bingapore
tor Japan
Tram Japan
for Singapore, Penang, Madros,
Bombay.
Uhavnagar & Karrchf
from Japan
(or Singapore. Karachi, Khorramaohr, & Durbel
"ITRIATM
due
"ITOLA"
dua Bih May sails sih May
,
FASTERN & AUSTRALIAN 5.S. CO., LTD.
"RASTERN"
dựe 25th Apr. salis Fat Biay
"ARAFUBA" due and May
salis, sil May
from N. China
for Jesselton, Lebusn. Sandakan, Brisbane. Sydney, Pert Kerala, Albourne Alad
from Asakralia for Japan
"
All WRRINER MAYò Újberty to sell as any porte-OR ́as all the rapte 4 the route à sailings are andjaci to change or amendment with or without notice.
To full particulus apply to:
MACKINNON MÄCKENZIE & CO. OF HONG KONG LAIL telephone Nos: 2214,