THE CHINA MAIL, TUESDAY, MAY 13, 1958.
TRADE and COMMERCE SECTION
Will The Price In Britain Be Raised?
Butter-Week's Crucial
Government To Consider Increase
By RONALD BOXALL
Question
HONGKONG The New York Japan's
STOCK EXCHANGE
Our Own Correspondant
London, May 12. As if it wasn't enough that London busmen were on strike, that nearly half a million railwaymen were thinking of joining them, that workers in half a dozen of other industries were pressing for higher wages, the British Govern- | BANKS, ment this weekend had to make up its mind whether to put the price of butter up for British consumers by a shilling
s
Huser Seilers. Sales
Stock Market
New York, May 12.
Stock market traders turned away from the issues
used to calculate the averages and bought in
the lesser lights of the market.
A2
Giludes Cu. Goodsich (L. P. Co.
501
21%
134 12!, xd
Buttress done on the Hong-
They favoured the low-priced † Gen. Tyre & Rubber
whose Issues krng
(automobile) Stock Exchange this
are the American | Goodyear Tyre... Noon quota-producers or will be producers Gramma Alrerafi imately $188,000.
Cult Of ........* gated to approxi- companies
of low-cost, reunomy ulos.
Heyden Newport Corp. Homestake Mining Co. and the morning's trans- CTDIs were:
Ingersoll-Rand They sold several drug laues whose companies were ineed Inland Steel Co. urder Indictment for alexed Interchentral Corp.
Int'l Business Machines Int'l Harvester price fixing of polio vaccine,
International Nickel International Paper Int'l Tel & Tel. Jolin-Manville Co Kennecott Copper Liggett Meyer, Co. Lockheed Aircraft Low Incorp.... Lone Star Ceinent Co. Lowenstein & Sone McDonachi
BR Bank
INSURANCES
7% SU
$775
140 30
Hot m
270
$906 XD f.hard
31
SHIPPING Wheelick
12
13
40500
200 41
1 1169
1990 14
to. What
a pound.....or alienate an old friend. New Zealanders, headed by Mr C. F. Skinner, de-porgs, ETC.
puty Prime Minister and Minister of Agricul ture, could hardly have chosen a worse time to LANK ask the British Government to put a stop to butter dumping by certain foreign countries. Its policy of disinflation which entails a tougher, ****
attitude towards wage claims than at any time since the war, is now in the balance. And if there is one thing that can ensure its failure
Bungelres
12 25 3265
19 133
לך
În
They selected special issue for purchase and some sold the Some recent leading stocks. favourites Kot the stock trader axe, including Bell & Howell which lost 2 points.
Allied Chemical managed to the bea:ly 2 points, but East- man, Di Port, and Union Carbide slipped lower. Curpen azo ter Steel rose but other steels 32.50 pused. Leading aulus slipped
lower. Several recently popular utilities eused. Railroad were Irregular. Biseult stocks ruled
120
100248
2x 24.20
100
Analp
13
Th
2160 200
it is a dramatic increase in the price of food.ga Peny
221
Y.
.:
94 15
1750
Khetrig
24 34 241 ?
100
2001 is
N? 17.30) 리 50
1
26:20 20 50
20,40
29 43
by New Zealand
by butter advertisers to "sprop INDUSTRIALS
it on thick” and do so wi
It the New Zealanders have it Is cheaper than the sante pro their way, however, the price duet offered paid for butter by British hinge British housewives are exhorteni wives would go up from the present average of two sings and threepence a pound to be tween two shillings and nine pence and three shillinge und threepence a pound. And that's tiramalle enough for anyone.
lucers make out
ly. The Government is happy beenise every frertlon by which the cost of ving index is held down jy vital to their anti-india- as policy. But self-interest also demands that Britain should go The New Zealand dairy pon selling to New Zealand-anh strong case that is what wit eventually de- Beltain for a higher butter price. The cide this issue. Unless repson butter is so cheap in Bri- pays the price for buiter that certain makes
Il worthwhile for tain, they say, is that foreign countries are exporting New
to sell it Zenland
1ose she stands to ol
valuable her Dist
unless markels.
at prices considerably
than those
lower her,
in
charged on their domestic markets and oven some cases at less than the cost of production.
Much Less
of
in
For
to
cue export
infer competition is removed, New Zeniard will have to lock
around for new markets for her
23 And that. butter.
spokesinon Zralord
pointedly reminded the
The Danger
まじいいいい
have British
FORK!
STORES, ET
Waton
Paw
22 40
1003 10.40 16:30 16:40
1000.-16.30 1079 10.30 16.40 16.70 300-1040
COTTONS Toxule
4.55 4573- 155
INVESTMENTS Yangtze Allied
5.335
4.40
New York Sugar Market
Strunk.
Two low-priced automobile maxers of small cars accounted for 12. per cent of all the trading on the market and made the
best price advances.
Irregular
}
Alfcraft
Stock Exge.j
Mewat Iron Corp. Minnesla Mining
Mission Developmen! Monsanto Chicnical Co. Montgomery Ward Motoroin ine.
National Biscuit Co,
Nitional Cash Reg. "A" National Dairy Prod. National Leat...... National Steel Corp. New York Centrad On Mathian
us Elevators Owen-Anos Cla Oxford Paper Co. Psellie Go↳ Etre. Pan American Airway PATO Pictures Parke Dovin Ce, Penny J... Co, Pip Morris
Procter & Grinble Co.
| Pittsburgh Plate Gils:*
Publicker Industries
BUT
Trade With
China
Tokyo, May 12. Japanese trodo representa- tivas in Peking were today told it will tako "four or five months, porhaps several years, before trade between Japan and China can be rosumed,"
Pago 9
The New York Cotton
Market
New York, May 12. Cotton fitures today suffered a good-sized setback when the crop weather news took a more favourable turn,
Agriculture Secretory Ben- Raw. colton exports today son's proposal to lower the cot-otalled 42,503 bales, bringing ton support base to 40 per cent futal for the season to 3,549,558 vs 0,251,426 bales lost of parity, and boost the screage bales, allotments as much ng 50 per year, according to the New York eent, cooled recent buying in Colen Exchange.
terest.
Spol May contracts closed up 3 points while the rest of the list was off 5 to 23 points. The market opened up 2 to off 11 points. New Orleans closed off 20 points.
Truders also thought it was ripe for a technical reaction after just week's sharp rise to new seasonal light for new months.
NEW YORK
Prices of ention futures closed gay as follows:
July: Sp1: 34.40; May: 36,37;
37.1 Dec: 31. 20: $8.61-02: Oct Mar; 37.62: May: 37.52; July: 20.63; Ort: 31.36.
NEW ORLEANS Prices of cotton futures closed Inday as follows:
Spot: 34.15: Evening-up operations in the
May: 30.43; July: 31.30: May: 37.55; July: 36.80; Oct: May contract co-featured the 3.6: Oct: 37.00: Dee: 37.27: Mar: trode. Dealings In May will 35.35.
the noo hour tu- expire h morrow. The open position at
LIVERPOOL Coilon future closinits, in the clue today was estimated
7,000 bales. The cer- pence per lb, were as follows: This statement was contained around
decreased
American Contract: May/June: futilitated stock
50 in a cable reaching here
24.71; July/Aug 25.26: Oct/Nav: right from the Chinese capital, bales to 21,902 bales,
25.00 Dec/Jan! 23.20: Mar/Apr: 27 I was
Brotters with export connec- † 20.00; May/June: 26.80. sent by group of
leading sellers of Mixed Contract: May/June: 25.00; Japanese businessmen who have tions were 47been ordered to leave the count- 104 try.
70'
[Am.
27
34
74
220
at
30
36
40
The general 1st was irregular with the major sections declin- ing moderately on average with har Oll ........
Itadlo Corporation volume lighter than recently.
Radio Corp. Pret, American Motors with huge depune Steel
Reynolds Meinl turnover ran up 13% points to a
'dil" new high for the year at 14% at Shelt buck & Co, its best That was a goli of 10 Rait Reg.
the day and the relair Of per cent on
Shetty
Mabiladi stock at a high was up 36 perivs. Aircraft
Bouth Puerto Rico Sugar cent from the year's low.
Soulkers National Gas Routhrin Railway Com. Standard Brands
tentaro-Out-of-tai- Standard Ou at Ind standard Oil of N Steep Rock Toronto Sterling Drug Co. Stokely-Van Camu, Studebaker-Packard Corp. Bustine Mining Swift de Co. Texas Co
American has been reporting earnings gains ng Its low-priced _small_Rambler cars have been selling beller than why other mels, The company has been and stepping
production adding to He working staff.
Studebaker-Packard which is planing to enter the low-priced economy zar field with a big as
Bailbern Cn. Thei
Tide Water An. Oil
Ture the.
twentieth Century Fox Pho
lon Carbide Enkot Paclite Railway Union bil of Cat Walted Aircraft futed Gas Comp.
1.5. You "***
New York, May 12, Butter is selling in Britain at Government, mats buying more World No. 4 sugar futures saving car was second in volume. Textron Inc.
closed today one to eight it gained a min; to a new high
That was be able to sell me to Elem. the moment at 220 shillings per from other entries in order to
points higher, with sales at 5 its best, ew, und Uhat is much less tha
gain of 2311⁄2 per cent in the day of 853 contracts. countries who are ceased dumping charge for the ans
Donastic No. 6 sugar closed, and the stocks was up 33 per home commodity in their own
1 point higher to 2 points lower cent from the year's low,
New York Stock Exchange with sales of 62 contraels. markets. In Finland, butler coats 506 shillings per owl,
World futures firmned on trade bond volume was $5,130.000.
American credited in part to Treland 430 shillings, in Sweden
using expectations that the US quot volume was 990,000 shares, between 400 shillings and
deficit reallocations will absorb shillings and In Argentino, 309
York Stock Exchange New some Cuban sugar this year shillings.
for volume was 2,780,000 shares. would be that otherwise 1ade in the world market,
Of a total 1,170 issues traded, Reiner Buying Interest was a stabilking
Tactor in an other-17 were lower, 387 higher. wise
QU!! situation fur the Duw-Jones closing averages domestic contract.
150
These pro- To compete with durers. New Zealand has to sell butter to Britolu al so much be- low the guaranteed price paki to her dairy producers that she is losing 130 shillings on every cwt
Without going into the danger to the Commonwealth economic unity of such a shift in direction ut face, the last of the New
market Zealand
would have consequences for British grave exporters of commodities tang- Whisky to Scutch ing from moler cons Against this mast be sui the effect of retaliation expans to by alles whose ftinin might be kept out by a monthly loss of £1,300,000. anti-dumping duties. New Zealand now wants British Government to take to lose more overseas customers action to prevent foreign butter by rejecting the New Zealand
Bepl in Britain.plen; and if this were the only from being dumped
Mr Skinner's consideration, According to an argument which
ended in Mr Skinner has put before the mision would have
anti-success some time ago....had it British Government, dumping duty on Finnish, tri, proved speessary at all. Swedish and Argentinian butter. to raise its price to an "economie level" would offerlively slop all shipments from these countries.
Held Off
the
Sluck
1.4. Gypsum UM. Lite Co. Exchanges. Rubber
400.74
$13.00
3. Smeting #S. Steel
Warner Bros.
Westinghouse Electri
Western Union Tel. Co. West Va l'uin & Paper Woolworth
the July delivery, supposedly July/Aug: 26.10; Cct/Nov: 26.80; Dec/Jan: 24.90 MAT/APT: 27,20: on a hedging operation.
May/June: 27.10. Sp news WAS better. The talement quoted officials
il continued
SAO PAULO international Atlanta reported Chinese of the
Improvement in mill demand Colton future closings, in trade promotion commitice as
spot cotton last week. Macruzeiras per kilo the source.
The Communists broke off alquiries were for prompt and lows:
summer
The shipment. trade relations with this country
demand,
was however, over the weekend.
medita al
Japan's trading houses, howe 021, ever, appear to be unwilling to
wait several yours,
45
M1
13
34
54
In a statement issued here, two
of the three orgonisations while Aed the fourth private Sino- Japanese trade agreement
were as fol-
May: unquoted: Juty: 41.70.
the for In the United States, jow mades. average price of one-inch cot- Memphis also noted a slightly to at 14 designated spot mar increased demand, in Bre with ko's was 34.70 cents.
the better tone in the textile Total sales were 13,128 balus. market.
30
*
694 Peking said it will hold a meet- ing with Japanese government officials tomorrow and "urge on them, the necessity of normalis- 19g trade relations between the
two countries."-Reuter,
167
HA
NEW YORK
RUBBER MARKET
Now York, May 12. Rex rubber futures today closed 10 points lower to 14 points higher—with- sales of 60 contracts.
43
Nov. 33: Jan, 2524; Mar., May, 2550.
131
May, 25.15: July. 2556: Sept. 25.53
A quiet and mixed trade in- cluded some evening-up in the May delivery and
exchanging
of Sept-Jan. contracts On on even basis. In the spot markel, 20% factory
47% interest
602:
317
30%
and other
consumer
remained (lot.
Little
interest was shown in shipment
rubber. No. 1 Rss was quoted at
25 cents, nominal.
Lower grades of rubber have declined to a point
where the
tural produel is directly com-
sipetitive
581
material,
18
research
35
today.
444
United Press.
LONDON STOCK
were:
Contruct No. 4 (world)
July
On the balance. Britain slauda
Sept.
DR.
3.48 145-49 3. C
20 industrials
tails 13 Utilities
77.40
$lar:
1.40
BA Flock
159.24
May
3.4
40 bonds
Fuly
Coinm. future price index
150.10
Spat-teents per lb. kah vube)
Open terent: 8.484 contragi
Contract Ne. (domestic)
BAL
Closing Prices
July Sest Ntiv.
4.70
Alden Inc. Acy
$20)
Alled Chemicals
TO
5.70
Spot-frents per tis, cif NY:
Allied Mils 3.
ex-city
.... 5.78
Allis Chalmers ..
Am Brake Shoe
American Airline
American Cable & Radio Cury.
415
Amerkan Cyanaid Co
42
Amer. & Forg. Pawer
13
Jay,
Am Gas & Electels
43%
34
www
线
But the Bullsh Government must rejuve the dilemma in a New way that will listy
without in- Zealand producers
explosive Jecting
new and
ד 8
Орен Interest; 2231 Contracts.
Wiled Pran,
element into the present delicate New York Metal
wegen situation at home. Other- wise someone is going to be lett
This would mean that about with a grievance and they can
60.000 tons of butter 1 year
be rolled upon to "spread it cr
would be held off the British thick."-Express.
market, and the domestic price would rise by between sixpence and one shilling pound.
scale
Fulling that, New Zealand picdlets dire consequences. Dumping on the present could. in very few years, rubi New Zealand's dairy industry. Already with fall in their wool and meal as well
New York Foreign Exchange
New York, May 12,
Closing rates were:
as. butter-Canada
prices, their export earnings this and official
year will be down by about
on last year's res. sterling resortes have
30-days
1.03-11/32 2.00-19/0
Futures
New York, May 12. Prizes of metal fulures closed today as follows:
Lost: May, 10 July, 10:480, Zine: May BD; July, 1.355 Copper: tay, 23.31b: July 13.60. Tin May, 04.25: July. 33.760- Balted Pie
London Metal Prices
London, May 12. 280-13/30- Prices of metals closed today In sterling per long ton as fol-
lows:
2042
0243
.0076
Tin spot
.1673
aštuonih
2113
2113
£50,000,000 20 r cent drop Sh Aftira
Their Holland
Argentina fallen Url
Bruguer olarmingly, and they have been
to raise
loan at India forced
Pakietan
Others uncharted United Press. £20,000,000 in London. Import zestrictions have been imposed and further cuts will be neces
2
sory unless the reserve position
improves BOOK.
Sympathy
There is a treat deal of sym- pathy in Britain for the New Zealand case-partly It is true out of sentiment, but also on the grounds of economle interest.
On the face of it there is no reason why Britain hould not buy butter Broth, say, Finland, if
London Foreign Exchange
London, May 12.
Cosing rates were: New York Montreal Amsterdam Copenhage Z Frankfurt Oslo
MER
יגן.
2014-1
10.0596-10.50 10.343-1885 11.734-11.7125
174817-1740
20 01-20.011 12-04-72.00 12.23-1335j.
Others unchanged United Press.
Copper spoi 3-month
Am Home Prod.
Amert leg.
Ain.
Am. Blach. & F American Metal
Éroelung American Tel. & Tel. American Tob, "D" Anaconda CORDET Amico Sitech ... Armour
Allas Cone. Stiging Baldwin-Elma-liası. Baltimore & Ohio
Ilenellctal Fizance
Bendix Aviation Corp.
Isengart Cons
Bathletem Steel
Bucing Airplane Bordes Tie) Co. Burroughs Add Machine Campbell Soup Co. Canadian Pacine R.
Commonwealth leo
KORY
MARKET
word
with
the
the synthetle commodity Bureau commented
*
-United Press.
P.OBI EA
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR G ORIENTAL S.N. CO.
*
Outwards "BUNDA"
•
"SALMARA”
*
*
may
"It is believed this check the rising use of synthe- tle at the expense of natural, But, the Bureau, continued, "It is pointed out the cost of mak- iy understood lu ing synthetic be several cents a pound. below the sales price and that those гc co- producers, who also sumers, are unlikely to switch
back, particularly in view of their big investment in plants and equipment."
*
Leaves London Das Boogkong
Salled 3/4...
Balled 18/4 "CORFU"
_Failed.3074. "SINGAPORE" 10th May
"CARTHAGE" 10th May
"SOUDAN"
Homewards *CORFU"
7 June
151 Max
4th June
2nd June
Fixt
Jong 10th June
20th July
Leaves Hongkong Due Londra
8th July
24th July
cth Jime
"SUNDA" B
sätt Jisne
"CARTHAGE"
4th July
2 August
14th August
"SINGAPORE'S 180) July
Via, 'pore, Penang, Colombo, Bombay, Adan & Pt. Bald,
"SUNDA" and "BINGAPORE" call S'pore, P. S'WEC., Penang, Aden, P. Sudan, ". SAID, Havre, London, Hamburg, Rotterdam & Antwerp.
*"BINGAPORE" pmlls P. Buden.
"SANGOLA" due Ish May
Sale 17th May
"FULTALA" due 21st May
for
#
London, May 12.
con- Burcau Moreover, the not Markets
vary
"world enpacity tinued, active, with a turnover of
of the ghemical production 9,550 bargains which is product is scheduled for sub- rather small for a Mon-stantial expansion this year.
"It is our opinion," the Bureau concluded, "that Indonesian un- But a good deal of patience certainties have been preventing revealed regarding the more pronounced easiness rospects of a railway strike; it rubber."
201 the duntry escapes
but if it doesn't there will be a erratic with May
ה!
BRITISH INDIA S.N. CO., LTD.
salle 22nd May
from Japan for Singapore, Penang, Rangoon & Calcutta
From Caleuita,
Tangoon
Singapor for Japan
P. & O./B. 1. JOINT SERVICE
Källs 16th May
From Japan
Chitta- &
B
for Singapore. Maŭrat, Cochin, Bombay Karachi
from Japan
for Singapore, Penang, 1lanting & Bombay
"ITRIA"
In Fort
a railway
SINGAPORE
176
strike, there will be a boomlet
bil The market opened in
Rss done at
4412
"URLANA"
10 Part
47
formidable burst of selling.
2 and 14 cents premium
Kalli 14th Miny
LET
during the day.
113
In fact, bear closing secrned
There
231
more of a factor today. than lower
was fair inquiry for sheets and offgrades differentials- met with 23 outright buying. Kritish Guvern- which 48ments were marked up mostly mainly unchanged.
with War Loan up £3/10. No. 1 rubber per lb. May 7341-7435 Juna 721-7215 No. 2 rubber per lb, May 20-70% 0111 Among industrials Dunlop No. 3
Rubber was outstanding with a
Bpot rubber uobaled 40% Roal
risc of 1/9 on Ita anket crepe...
report. No. 1 pals crepe surprisingly good
1
*01
404
0% number of well-knowns enjoyed rises of Gd or Od but the whole section was quiet.
Oils were mostly moderately higher except Royal Dutch which lost £. British Petro- leum improved 1/8,
LONDON
EASTERN & AUSTRALIAN S.S. CO., LTD.
0415-65 61-62 1992-24% 1817-5845
7714-7013
"NELLORE" dug 18th a
malis Both May
"ÁRÁFUÑA" cus 22nd May
from Australia tor Japan
The rubber market was very quiet with spot quoted at 21- 11710 pence per lb. Prices:
No. 1 Rm spot
Settlement house terms
214-214
212-212
211-21112
2012
Case (J. 1.), Co.
18
Buyers Beilers
Cat. Tractor Celanese Cort
17
733
13344 736
17013
100%
C.1.T. Financial Corp, Chase Mahat. "Bank Carysler Motors
1811 181
Cluett Peabody
110
Lead 1st half
May
224% 2216
Aug.
25
Colgate-Patriòlivs Co. Colombian Carbon Co. Commercial Credit
01
July/Bep
Oct/Dec.
Zine tat hall
Bay
534
Apr/June
Aur.
May
214-3142
20
June
214-714
Jpanese list the non-assenteas
July
2111-114%
of the 1880's and the 1907's Extate crepe
Bi
gained £1 while that of the 177) 1930's gained 24: the 101 tenteds showed few
A
thin June
thick June
201
AMSTERDAM
small
4 flies.
The rubber market was dull.
Prices closed today in guilders
5236. Consolidateð Fáladu.
02032 Conumental, Oil of Dei. “United Press. Crown Zelleibachi
Ciban Ainer. Stigar
Damaid Alkril
Elame: Match Co.
Exchange Rates.. our Alterat
unofficial
Dow Chemicals Dupont de Nemours Eastern Airl
Dunits was done in the local. Eastman Kodak
oxesangs market a Paso National Gar Family Floare, Corp. morning at the following raton:- US delter (per 11 Bterling notes iver #1), AustraBan Rutes per 21): 1 General pild Indonesian rupiah (per 100) 129 Central Food....
Blarn ical (per 1001"
Bingapore (Birulta) ..........
8.00 Wirestone Tyre & Rubber 10.16 Ford Motor
2130 Ceneret Motors
Den. Pub. Ul.
Germans were idle, rarely Genora! marksis, elf hati, porta sypearing on the tape. In the
-**
Dollar stocks, where changed, per kilogram, elf May as follows:
1 rubber lower; their No & Fubper were moderately praniumi „fell .pór cent to 84 No. 2 rubber
ali per cent.United Press.
zoi
nom
1.02 100
#28 Nord.
tnited Fres.
balls 243 Kiny
_from_Japan
for Labuan, dandakan. Brisbane, Bydney, New- Cide
Melbourne &
All vessels have Uberly to call at any porta am or off the roule ✯ the route & salinga ste subject Lo change or mutadmeat with or without notice.
· For full particulars apply an: MACKINNON, MACKENZIE & 00.
OF HONG KONG LI!. Telephone Nos: 277214. -