THE CHINA MAIL, FRIDAY, OCTOBER 17, 1958.
TEXTILE SETBACK 'NOT WARRANTED' Sir Raymond Streat's Views
London, Oct. 16. Sir Raymond Streat, former Chairman of the Cotton Board said today that economic conditions did not warrant the setback in textilos.
British Tug Order Goes To Germany
Glasgow, Oct. 10.
The Clyde Shipping Co.. Lid. stated it had ordered
now £80,000 sux from a German shipyard becaus it would be built quicker than Britain.
Schichau. tho Bromer- haven Arm which got the order, promised delivery in nix months, against the 12 to 18 months quoted by Krilish shipbuilders.
The latho 142-year-old Arm's first order placed outside Britain.~~~Reuter,
Critical Times For British
Shipbuilding Industry
London, Oct. 16.
He was speaking at a gather- Ing at which Directors and Chairmen of British textile Brma were presented with eight gold medals won by them at Fabric Ex- the International position hold at Sacramento, California, last April by Mr John Evans, Deputy Minister of Economic Affairs 'at the United Stoles Embassy in London.
said the tex- Bir Haymond tile industries in a great many countries, including Britain, were passing through anxious time just now,
'Cautious
+
Buyers were excessively cau- Mais, selling was difficult and production was hampered by uncertain sales investment in new plant trends to be held up.
WORLD
EXPORTS
FALL
of
MARKET REPORT Because of the ill- ness of our share market correspon- dent, we regret there is no market comment this week.
HONGKONG STOCK EXCHANGE
Our Own Correspondant Business done on the Hong- kong
Stock Exchange thin morning amounted to approxi- malely $283,000. Noon quota-
tions were
Shares Buyers Sellers
BANKS
Ik Book. 150 735
East Asia
NSURANCES
Iinion SILPING
Waterboat
Wheelock
DOCKS, ETC.
EL
Stocks Up On News Of Higher Margins
New York, Oct. 16.
Stocks closed on a burst of strength today with the tickers
falling behind the market.
Acas
Con
Maing Baldwin-tama-Itam, Baltimore & Ohio
This was in contrast with the | Armeo Sleet past two sessions when the tape ran lato
on sharp declinés-15 minutes inte Monday at the close; five minutes late at maxi-
add yesterday minutes behind at closing.
mum
averago
four
of
Beneficial Finance
Bendix Aviation Corp Benguet Cona,
Bethlehem Steel Boeing Airplane
Borden (The) Co. Burrouge Add Machine Chr. Packing Corp. Campbell Soup Co, Canadian Pacino n.
Today's advance
came after the Federal Board had alred nurgins from 70 per cent to 90
The Street had anti-ca (5. 1.1 0. cipated the per cent.
rise and when it cat. Tractor .. came there was relief. Some Celance Corp.
C.LT. Financial Corp. further selling hit prices in the
Chase, Manhat. Bank Brat half of the session and at Cheyaler Motors the day's worst the industrial Clueti Peabody
Colgate-Palmolive Co. showed drop Colomblain Carbon Co. more than 14 points.
Commercial Credit Net gains in a
long list Issues ran to two or points. The low-priced stole the show in gain and in turnover. Stude- 3.4 volume of
baker-Packard, helped by a 10. 1000-share opening and a 10,600 400 44.50 shore block later led the active
11.20 Issucs.
230
71.50
20.20
6.65 5.00 2000'
20
London, Oct. 17. Britain's axparts of manufactions and the morning's transac-
tured goods dropped only fractionally in the first half of 1958, despite a four per cent fall in world
Board exports, the Trade journal said today. World exports of manufac- lures during the half year drop- "Cleneral economic conditions ped to an "estimated US$20,536 | Provident, do not warrant a setback of millon, compared with US $21. .this degree. But it neverihe-304 million in the same period
returned a few last year, lessists. I
11K otel 20.00 21 20 Britain's days ago tron the United States
share fell from K Land 30.25 30.50 and Canuda where textilo $3,923 million (18.4 per cent of lumphreya 14:30 manufacturers are similarly the world total) to $3,770 ml-Realty... alletext though at the retail llon (10.3 per cont). end the strent stores have no complaints," he said.
There are various cankers nt work eating into conadence, ke the parts from India and Hongkong, which are enuring such deep cuncem to catton in Lancashire.
It is by no means the rat time that it the yarn and fabric end the textile industry has Let exposed to this Fort of Sir Charles Cannel of the thing. We are entitled to hope
Shipbuilding Employers to present
anxiety period of Confederation warned to will be short, day that the British ship "The basic economic position building industry
of this country is exception Uly critical times ahead.
round again. There is money He said last year he deserb is the consumers pockets, and ed the industry as being in by proper help from govern- of "apprehensive nitats, industry should be able condition
cankers."- out the prosperity but today "the up-to cut prehension is more evident than France-Presse. the prosperity."
focod
new
He told the British Employers Confederation conference there were few inquiries for British-built ships and orders were practically non-existent.
He Fald that while
fonnage from British shipyarda was eeroasing the tonnage from foreign yords was on the in- crease.
Laist year German yards turned out 1,230,000 tons and Japanese yards 2,433,000 tons, he said.
He warned workers in the industry that demarcation dis-
Malaya Wants Its Own Dollar Reserve
Kuala Lumpur, Oct. 17. The Minister of Finance, Calonct Sir Henry Hau-Shik Le said today Malaya had to wanted
putes, unofficial stoppages and told Britain
The Journal attributed the decline in world trade "nlmost entirely to the very sharp fall in United Slate exports."
It stated that Germany and Japan both inereused their ex- ports in the period, but those of ather O.E.E.C. countries were slightly down.
K. Whart Dock..... $225
(0) 1.20 1140 LAND, ETC.
RUBREH
Amonių,, XD 1.625
Trust 155 A. Tawatt.
Sungala UTILITIES Tram
70 FI 600 11.30
5:00 w
21
500
14.00
1000
14.50
1.40
10,000 v $130
... 24.70 24.90
Star Porry 109 Yaumatt,
three Commonsalth
autos
Auto Output Up
Continental Ou of Del, Crown Zellerbach Cuban Amer. Sugar Diamond Alkall Diamand Malch Co.
Dausias Aircraft
Dow Chemicals
Dupont de Nemours
Eastern Airline
Eastman Kodak
El Paw National Ges
Family Finance Corp.
Firestone Tyro & Rubbe Ford Motor
General Dynamics
General Electric
The market received heip from business news which in- cluded a ric in automobile General Foods 1.67% output, and a guin to a new General Motors
Gan, Pub. Del (5.75 high since last November in corden. Tyro & Rubber
300
110
22.30
માંન
24.30 107
.
XD UZ ZO 350 C. Light
(0) ........... 17.30 17.50 1900 19 Electric 24 20 23 TOT DE
Goodrich (B. 3.) Co. Goodyear Tyre Grumman Aircraf
loadings, American Motors re- Getty Oil ported higher sales and record Glidden Co. 2400 orders for its caru,
Rollroads get a big lift near the end of the session when block of 11,000 shares of New Yark Centrul sold at $24 up 24.022 points.
170
"
ria. 13.40 13.0)
13.70
14
13.35
11 0.50
7.40
24.10 232! 18.00 13.00
11.0 11.20
500 21
200 1370 700 4 10.70
23
4.10
Meanwhile the Federation of British Industries in a survey of Industrial
610 trends, said
Macno E.. British fienes reported a decline Telephone In export orders and deliveries since June.
prices and Although selling profit Bargins were falling, British businessmen were more optimistic than four months ago, the Federation said.-Reuter.
MALAYAN TEXTILE IMPORTERS
FACE LOSS
Singapore, Oct. 17. The Straits Times sald today Malayan Importers of textiles from China stood to lose un estimated (M) $250,000.
This is because they cannot get their latest orders into the A Government country before ban on certain textiles becomes operetive on October 24.
The textiles are plain white dyed shiring, white shirting,
restrictive practices were crip-catablish its own dollar reserva jeans, and dyed jeans.
pling British shipyards.
He said the workers attitude in the United States, and
In the present crisis facing the
industry was "u polley of sui- cide."--U.P.I.
float a loan in London.
10
The Minister has just return- ed from meetings of the Inter- national Monetary Fumi, the World Bank and the Inter- Antara news agency said to-national Finance Corporation in
Djakurta, Oct. 18.
day that Indonesia
was ex
worth
pected to obtain immediately another US$2.1 milllurt
New Delhi.
He said there had also been discussion with Britain Co
of ships from Japan as war contributions towards the cost reparations,
Japan is to pay Indonesia $20 of the Malayan jungle was, million In reparations this grants-in-ald for the expansion year, and the Republie hariot the Malayan already used $7.3 million of and on the export guarantees this in buying ships. Reuter. net of 1949 and 1957.-Reuter.
THIS IS YOUR
PASS BOOK
ΤΟ
SECURITY
armed forcOS,
LOMBARD
BANKING LIM.F2D
BANKERR
MEN DOOK
59
Your first Lombard Banking Deposit Account Pass Book will always be a happy reminder of a wise decision. To save is not good enough; your funds should never stop earning interest for you in the assured Security of the Bank,
ASSETS EXCEED 135,000,000 latiresi paki włąkout desuciton of United Kingdom income tax Send today for your copy of "Bank Depoalt Account "" Booklet No. AO, N. from Glenoral Manager
LOMBARD BANKING
flood Office?
LIMITAD BANKERS
LOMBARD HOUSE, ALIMPON MTRERT
PARK LAKE, LONDON W.1
Telebans: 489 4111 (18) jogo
· Associated Bank 1
COMBARDMANKISHANE AFDLG PO, FOX EM, DOND FLOOR
FIRLATRON HOUSE, RAFFLES KAY
4 Wuchd-37′ble Dushing and Plogoce (2ng makaliam
Cemen STORES, ETC. Dairy Waton Lane, Craw. 12.00 COTTONS Tantites...
INVESTMENTS
Yangico.. Alled
7.10 7.40
1.K. & F.E.
Invent. 0.30
P.70
New Shipping Co.
Tickers
were
Inte, at the close,
four minutes
Of a total 1,212 Issues traded, #25 closed higher on the day, 362 lower.
New York Stock Exchange bond volume was $6,570,000.
New York Stock Exchange volume was 4,500,110 shares.
American Stock Exchange volume was 1,220,000 shares,
Dow-Jones closing
were:
30 strides.
20 ruila
15 utftirs
50 stocks
Comm. future price Index
averages
|
Gulf Oil...... Heyden Newport Corp. Homestaka Mlang Co.
Ingersoll-Ranch
It Bleet Co. Interchemical Corp. Int HarveKVET International Nickel international Paper
Int'l Tel & Tel
John-Manville Co. Kaiser Industry ........... Rates Co. Power & Light Honnecott Copper..... Liggest Moyers Tob. Co. Lockheed Alerati Loevra Inorg. Lone Star Cement Co.
Bord
5. Ray
McDuoneil Aurorati (hi
swok Ixpe.)
Meraht Iron Comp
Mioneta Mhing
Miodun Development
$40.13 pronsanto Chemical Co.
145.37
12.167
180.25
10.30
150 20
U.P.I.
Closing Prices
Capetown, Oct. 18. world-wide shipping to bonds page.. A new
named to be
the company Bpringbok Company is to be end of the formed before the
announced today year, it was by Sir Nicholas Cayzer, Chair-Alden Inc.. Acy
Union Castle and Allied Chemienis man of the
Allied Mine Inc. Clan lines.
Allis Chalmet
Aut. Brake Sape American Airline
He said Clan ships probably will be used at first, but that the company is intended to be which self-supporting unit can be bullt up gradually as the opportunity arises,
u
be
He also announced that the Union Castle line will build
30.000-ion liner to The government has banned new
Transval Castle. them in order to protect local named the
U.P.I. weavers, Reuter.
Am Cable & Radio Corp. American Cyanamid Co. Am & Formu. Power Am. Gas & Electric Am. Home Prod, Am. Mach. & Fary.
American teta American Snelling Am. Sugar Re American Tel & Tel American Tub. "B"
Anaconda Copper
COMMODITY PRICES
RUBBER
Rex
NEW YORK RUBBER
Now York, Oct. 18. rubber market futures today closed 10 points lower to 6 points higher with sales of 28 contracts,
Closing prices:
Nov: 3130 Jan: 30.00; Mar: 30.85; May: 30.70; July: 3065; Sept: 30.00;
Pricca drifted, irregularly in a slow session, responding to small orders either way, Re fusal
to follow of consumeL# the recent advance helped to quietus on the market, traders said.
put
Spot No. 1 Rss spot was quot- ed at 31% cents.-U.P.1.
AMSTERDAM' KURDER
Amsterdam, Oct. 18. The rubber market was quiet today. Prices in guilders per kilogram, cit Nov. as follows: No. 1 rubber
No. 2 rubber
No. Tubbor
No, I crepe
2.59 nom.
1.47 nom 11.35 nom 2.62 mm. UPI.
SINGAPORE LUBBER
Singapore, Oct. 10, The market opened around the
levels previous
but pront laking largely by Federation centres caused casiness,
No. 1 rubber per 1b. Nov: 89- 2014: Do: BHI-DE: No. 2 rubber parth. Nov: 7- No. 3 rubber per 1b. Nov: B04-861: No. 4 rubber per 15, Nov: 954-014: Spot rubber unhaler: 8514-2015 Blanket crepe: 27-79; Na, 1 pale crepe: D.P.1,
METALS
NEW YORK METAL
New York, Oct. 18. Prices of metal futures closed today in cento per lb. as follows:
Lead Oct. 13.30h. Dec. 12.30. Zinc Ock 11:66, Dec. 11.30h. Copper Oct. 20.065, Dec. 20.200. Tin Oct, 0425b, Dec. 1480b-UPI.
LONDON METAL
London, Oct. 16. Prices of metals closed
day
In sterling per long ton es follows:
Tin pot
Copper pot
3-month
Lead and half Oct.
Jan.
Zine 2nd half Oct.
Jaš
:::::
7032
SUGAR
Monigamery Ward
Motoreda Inc.
Hattoned list Ca
Nalo Conda Fed. "A"
National Daly Prod.
National Lead
National Sted Carp
New York Cooten
North Amer, Aviation
North-west Airlines (Com).
Owen-noša Głus
Prestie Gas & Elec.
Norfolk &
Western Ry.
$219.
14
Olim Mathieson
Ota Elevators
24
Oxford Paper Co.
514-
Pon American Adrywacy@
2013
44
Parka Davis Co.
1172
Penn. Soll Co,
20%
Phup Mords
50
Procter & Gamble Co.
30%
104
20%
€2
COTTON
NEW YORK
New York, Oct. 10. Prices of entton futures closed today as follows:
Paramount Picturez
Permy C. ca.
Pitting Plate Ukas
Publicker untric
Pure O........
Radio Corporation
Radio Corp. red.
Republic Steel Reynolds Metal
Seers, Hoetrack de Cu Shell Oil Co...
Saint Heg. Paper
Sinclair Oil
Sonny Mobikini Solar Aircraft.... South Puerto Rico Sugar Southern Co. (The).... Southern National Goa Bouthern Itallway (Com.i
Standard Brands
Standard Oil of Chl.
Standard Oil of Ind
Sinndard OỦ ĐỀ N.J
Steep Rock (Toronto Exge.) Sterling Drug Co
Stokely-Van Camp,
Studebaker-Packard Cusp.
Sunshine Mining
Swift & Co.
Texas Co.
Textron Inc.
Tide Water Asan, Ol Tine Inc.
Tri-Cont. Warranty
Spot: 20.30 nom; Der: 30.; Mart 30.00 May: 20.35; July: 34.58-62: Twentieth Century Fox Film Oct: 12.06 Dec: 31.82, Mar: 32.05 Union Carbide .... U.P.I.
NEW ORLEANS
New Orleanu, Oct. 10. Prices of cotton futures closed today as follows:
Spot: 34.78; Dwe: 38: Mar: 35-49; May: 36.20) July: 3429; Oct: 209: Dep: 2130; Mar: 22.09.1..
LIVERPOOL
Liverpool, Oct. 18. Collon *futuro closings. pence per lb. were as follows:
American Contract
in
Union Oil of Cal
Union Pacifle italiway
United Alterati
Unlied Go Corp.
US Foil "n
U.8. Gypeum
U.S. Line Cu.
| UB, nubber
U.S. Smultiny
U.S. Seel Wather Brow
Westinghouse Air Brake Westinghouse Electrio... Western Union Tei. Co, West Va. Pulp & Paper Woolworth
LONDON
STOCK
MARKET
Page 9..
New York Cotton Market
one
New York, Oct. 16. Cotton futuros today 100- sawed narrowly around the previous close in another slow session.
Closing prices ned lower to two points higher. The market opened one to three points tower, New Orleans clos ed off tour to up three points.
Small
eithor ordera
why the Influenced
Inter- casily mediate frend
trnders searched for new price-shaping influences.
Record-breaking loan entries, along with Arming tendencies in the textile market, appeared discounted and had no apparent market influence.
new
The sharp boost Lis atock markel margin requirements might attract a wider commis- sion house participation when ever
price-shaping develop, influences
tradery though!.
Today's
originated business mostly among the professional talent, Spot "brokers and other trado interests along with focal There was no heavy selling traders wore on both sides of
London, Oct. 10. Slock prices wera marked lower today as deniers went on
defensive
tho Othe
following 12% overnight decline in Wall
Street,
66
50%
45
but buyers lost
31-2
06%
recent boldness.
67%
1022 to lead
of the some
Cunard Steamship fell 3/7/%
the market.
Loan entries for the
1152
30 dustial
20
move
weekt
fractionally lower in-ended October 10 reached 201,105 Cunard bales, a new high for the sen- The Kroup.
Sol. The net stock of 1059 11 followed
by the interim crop colton under lean amounts directors omliling
to Dan,350 boles, or more than 100% į dividend on ordinary shares.
three lines the 312,300 bales Gold shares again altractel n selective demand. Coppers lost impounded to the
after yesterday's Wat best year.-U.P.I. Street setback. Lead and zine issues posed, while tins were
ground!
*ame time
Exchange Rates
072.
4816
28
22812
Arm.
38
Oils
你别
04
lower were generally with Shell down 5/-, Burnu 47-
Rubber
Business was Unalal
done in
the local-
exchange
markot
this
5.00
12.53
116
THE
119
20% and Royal Dulch 107-.
stocks armed.
morning at the following rate The gilt-edged market was U.S. dollar (per $1) quiet and firm. Foreign bonds Sterling notes (per £1) 2015 showed le movement, and Australian noles (per 1)
Ilotestan plah (par 100). dollar stocks were generally stan titals (per 100)
61
3311
marked down.-U.P.I.
154
Singapore (Straits)
P.OBIE&A
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Outwards
"ЯONDA"
"CANTON"
"CHUSAN"
"BALMARA”
"CORFU"
Leave London
Bailed
Due Nongkong
20th October
Sailed
20th October
6th October
SaUed
4th November
11th November
1511 Ocluber
17th November
*SINGAPORE 10th Deluber
21st November
Leaves Hongkong Due London
"CANTON"
"CHUBAN”
"CORFU"
"SALMARA"†
24th October
8th Novembe
21 November
1th December
20th November
14th November
8th December
2nd December
18th January
*
Homewarda
"SOMALI" *. 14th October
Via S'pore, Pranang, Colombo, liombat, Adan & PL 2ựa. * "SUMALI" calis S'pote, P. S'wet., Penang, Aden, P. Baid, Londott, ilmuburg, Rotterdam & Antwerp. BALMAHA Calls Rejang, B'pare, Pt. Swettenbani, Aden, Pt. 91, Losion, Hamburg, Hollerdam & Antwerp.
BRITISH INDIA S.N. CO., LTD.
"BANTIA"
In Port
mails 7th Nov. “FULTALA" due 22nd Oct, salle 23rd Oct.
"ORDIA”
Que 26th Det.
sails 27th Det.
from Calcutta, Rangoon, Penang & Singapore for Japan
from Japan
for Bingapore, Penang. Hangoon Calcutta de
Chittagong
front Calcutta, Chitta- gong, Penang & S'pore
for Japan
P. & 0./B. Į, JOINT SERVICE
from Japan
"PALIKONDA”” durist Oct. for Singapore, Penang
Cacti Herrch
Bombay
from Japan
B
For Singapore, Bunder, Abbas, Kuwait, Dourah, Khorramshahir & Karachi
EASTERN & AUSTRALIAN S.S, CO., LTD.
dute 17th Oct, salis 10th Oct.
Beyer Bellers
743
743
733
24145
salis et
7914
Oct/Nov.
21.30
24.50
2012 7015
7194
Bine/April
23.75
"ORMANA"
71 U.P.I.
May/Jupe
dee 7th Nov. salis 9th Nov.
Jaky/Aug.
33.00
Oct/Nov.
22:05
Alxed Contract
Dcs/Nov.
24.15
Dec/Jan
24.50
Marcual Fund Quotations
Mar/Apri
May/June
July/Aug
“NELLORE"
23.03
Oct/Nov
-U.P.J.
Quotation October 10, 1038.
Sellers Buyer
Affiliated Fund
6.03
7.48
Ain Bus Sturm.
4.13
4.43
3.83
424
"NANKIN”
due in Oct.
Boston Fund
10.70
ᎫᏴᏗ
Bullnek «L
Canada Cen Fa
Canadian d
13.07 15.10 16.45 20,10
Canadian Inst. Grow.
7.51
0.04
Chemical Fund
10.00
20.40
2.11
11.40
17.0
27.07
2.30%
#2.30
18.05
.8200%
.0073 .9400
Budualary Mut
10.24
Found Mut d
0.00
0.07
Com Stock****
12.54
13.73
Hall HC 7....
11.28
Iny Ty Bort Keystone Cus D-1 Mă Iny TY
BESW. Growth
20.
FOREIGN EXCHANGE
NEW YORK SUGAR
New York, Oct. 18. World No. 4 star futures closed unchanged to 1 point lower with sales of 104 con- trnets. Domestle No. 6 sugar futures closed unchanged to 1 point lower with sales of 43 contracts In the spot market, 91-Ceylon
The W&S
secredited buyer of Brazilian refined.
Contract No. 4 (world) Jan: 34: Mar: 3.36) May: 1.31 July: 3.5 Sept: 337 Oct: 331: Spot-tcpnty per ty foly Cuba): 357. Open Interest: 4.400 contracts. Contract Na, & (domestic)
Nov: B02; Mar: 306-47: Maxı, 0.20; porter – Defi | July: 145: Best: 878; spot-(enote Paria
Vienna per io, cit NY" ex-duty};" 593
LONDON RUBAZI
London, Det, 10. The rubber market was quiet with spot at 25 11/10 pence perb, Pricca:
No. 1 tas spot: 2516-2331. Bettio ment form, term: Nov: · R5-209%. Dec: 1044-40) Jan/Mar: fo-zel Apri
Det/Der: 33.
Nevi
NEW YORK
Closing rates were: Canada England 90-tinys Deliturn Brazil Peni
Ax Block
1.03-9/33
Dividerul Sh
Dreyfus Fund Eaton & Hal Eaton 11 stock Fidelity Fund
Ilit Bank Fa 2.83-11/30-2.39,13/14 inalit Growth
SANDON Closing rates were: New York Montreal Amsterdam
M114%
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