THE CHINA MAIL, THURSDAY, DECEMBER 14, 1961.
U.S. TO CUT TARIFFS WORLD" "SHARE" MEKISK
Agreement expected New York
with Euromart
Washington Dec. 13.
U.S. officials said today it is expected before the end of Decem- ber that an agreement will be reached between the United States and the European Common Market nations for exten- sive cuts in tariff rates, on industrial products.
The cut will not amount to a straight 20 per cent reduction across-the- board in the external tariffs imposed by the Common Market, high officials said.
The cuts will come in certain items, but not in others.
As far as industrial products are concerned, the cuts will be extensive, officials said.
This left open the question of tariff reductions on agricultural products which have been a bone of contention between American and European Common Market negotiators.
Authority
Under Secretary of State Mr George W. Ball, told Congress in testimony yesterday that the United States hoped to reach an agreement on the tariff re- duction move by the end of the year,
This objective remains.
The United States has existing authority from Con- tress to make reductions in its tariffs up to 20 per cent. Not all of the reductions have yet been utilised to this
the leaving
United States with some room for - further cuts,
Yesterday's Closing
COMMODITY PRICES
FOREIGN EXCHANGE
NEW YORK
Closing rates:
England official 2.8300; 30-days 2 8025; England 90-days
England
Zea-
2.7908 Australia 22580; New fand 2.8000; others unchanged.
LONDON
Closing rates:
New York 2.80%-2.33;
Montreal
283-293 Amaterdam 10.10710.1115: Brussels 139.824-13983; Copenhagen 19.307-19.311: Frankfurt * 1124 1123: Lisbon 80.17-30:27: Stockholm 72.52.72.55; Vienna 14.5GN-14,509 Zurich 12.24-121231⁄2.—UPI.
High State Department off- cials confirmed today that the reports of deep cuts are correct, but took exception to statements that this would amount to a virtually across-the-board slash.
The State Department planning to make the US. posi-1b; tion clear later today.AP
Exchange rates
METALS
NEW YORK
RUBBER
NEW YORK
Rubber futures closing prices, all in cents per lb.:
Rex: Jan. 21.01. Standard: 27.88; 27.80; 21.70: 27.73; 27.74: 27.76: 27.10.
SINGAPORE
Closing prices all in Straits cents per lb. fo.b. Malayon ports; No. 1 Dee. 70%-735%: Jan 781%-781%. No. 2 Dec. 174-77 No. 3 Dec. 76-78% No. 4 Dec. 7444-25 Spot rubber unbated 77-777. Crepe 86-97.
7419-75% No. 1 palè crepe
LONDON
cotton market
New York, Dec. 13. Cation futures moved not- rowly in another quiet session today while traders owaited some new incen- tives.
Oils prominent; Generally mixed all-round gains
Oils were prominent among a generally higher market yesterday and, although trading volume was modest, hopes of possible future U.S. tariff cuts helped sentiment.
At the close the list ruled off į Most sections finished in the Your up six points. The plus columns and unlike the market opened up six to off six first two days this week, the points. New Orleans also closed blue chips took a bigger share off four to up six points.
of the gains. Following expiration of the Unilever moved upwards December contract our Tuesday, spurred by their first showing traders proceeded cautiously on Wall Street yesterday. Bri- pending Washington news on tish Unilever gained just over and 3/- to 49/9 and its Dutch twin. farm legislative prospects news from the spot market and
shot up 3/- to 234/42. textile trade.
Trade buying
Trade buying and mill-cover-- ing rallied prices in the later trading.
4
Flilott Automation were strong point, up 2/- to, better than 43/-.
Dunlop, Courtauld, Imperial and British Chanical, Vickers Motor Corp. scored smaller
For the better
gains. Earlier, commissica houses selling, and some hedging in the May delivery, kept a routine demand over-supplied Steel and engineering stocks
The Commodity Credit Cor-Armed and stores tock poration today
announced for the better. cotton loan entries for the
the Gold mines bounced back week ended December 8 at after losing ground initially and 211,818 bales.
Repossessions closed
Coppers were amounted to 57,859 bales,
ot the
mixed.
to
Я turn!
MONETARY TALKS
and active
Blue chips slightly outperformed a generally mixed and active stock market yesterday.
Prices scored moderate gains in the first hour of trading. levelled off over the noon hour and slowly lost ground as the alternoon wore om, leaving market experts undecided as to whether or not the anticipated end-of-year rally. on
was really
the
added
dry.
nearly $2 and IBM pround * 50. * Assoglated goods and Lew's Theatres spurted ahead around $3 late in the sessiUP);
Closing prices
ACF Inds $15
Air Rid
Carrier
Aldens Ine 80 Caterpillar
25 Cose Co. All Chem
All MEIS All Char
Alum Lad Alum Am Poris, Dec. 13. Finance Ministers of ten in
Am Ak Am Shoe Am Cyan Am Fow dustrialised countries to-
Gains of around two. points Am & Fore day agreed in principle to went to Allied Chemical and Am Mach set up a club" aimed at Alcos among the pivotals, supporting and strengthen- latter responding to a statement
from a top aluminium ing the monetory system that the industry's over-capacity of the free world, the situation may disappear next Am Tob French Einance Minister, year. Mr Wilfrid Baumgartner, announced tonight.
Mr Baumgartner was speak- ing to reporters as chairman of a meeting of finance ministers of Belgium, Britain, Canada, France, Italy, Japan, Nether- lands, Sweden, United States and West Germany which took place at the French Finance Ministry here today.
leaving the net stock under quiet at firm while tins reacted government loan at 3,148,717 from a good opening,
oil In the sparkling bales.
sector, The managing director of the The Texas weekly crop bul- said to be influenced by U.S. International Monetary Fund,
buying, Blanket letin today reported that as
Shell jumped
Jacobsson. 2/9 to Mr Perr
was also 121/6, Royal Dutch December 8 harvesting in
gained present northern area was about
£7/16 three
£13-5/16. British and Petroleum
Burma also. weeks Lo tour
later then
Some Japanese bonds edged the
fractions higher. Hongkong and Shanghai Bank added 1⁄4 to £18. Teas stayed dull and rubbers were idle.-- UPI.
Closing prices all in pence per normal. However, approxi- went higher.
1b.:
mately three-fourths of No. 1 Rss Spot 23-2315.
Texas crop had been harvested Settlement house term: Jan. 23z-at that time.-UPI. 29% Mar. 29-13), Jan./Mur. 225-
Apr./June 23%-2391: July/Sept.
231 Ont/Dec. 237-24.
General markets, c.l.f. basis, ports: Dec. 22%-21; Jan. 2314-233: Estate
Closing prices all in cents per crept thin Jan, 25: thiek Jan. 24
Lead: Dec: 946: Jan: 9.12. Zirac: Dec: 10.75, Jan: 10.03. Copper: Dec: 30.10: Jan: 30.20.
LONDON
Closing prices, all in sterling per long lon:
Tia: Spot 0485 250s; 3-month 959b 9609.
Copper: Spot 230 2318; 3-month Spot 60gb 80s; 3-month 6145 Elne: Spol 7114b 71345; 3-muti 123 72368.
--UPI.
SUGAR
NEW YORK
Business was done in the local official exchange market this
morning at the fallwing rates:-
US. lollars (per 31)
5.672
'Stenting notes (per £1)
15.32
Australian notes (per £1)
12.60
Japanese yen (per 100)
1.58
Cambodia riel (per 100}
8.37
French new frane (per 1)
1.13
Brazilian cruzeiro (per 100)
1.60
Argentine peso (per 100)
5.30
Korean hwan (per 100) Italian Era (per 1000) Chinese JMP' (per 1) Taiwan yown (per 100) Thai baht per 1001 "Burmese kyät (per 10)
Pakistan rupee (per 10)
4.00
9,00
0.41
1.30
28.50
5.80
7.60
Mocso pataca (per 11
Norwegian krone (per 10
0.008 7.70
Open interest: 797 gantrnets.
Philippine peso (per is
1.25
Singapore Straits per 1) Swiss franc (per it ........ Netherlands gulider (per 1) West German D Mark (per 1
Cuba peso (per 1)
1.B3
1.31
Contract No. 7 26mesties: 6.50; May 0.39; July 634. Gel, 1.38: Spot (Bulk. duty paid; 6.45.
May,
1.53
Total Sales: 121 contracts.
1.40
Open interest: 1,450 contractu
0.80
--UPI.
Closing prices, all in cents per 1b.:
Contract No. 8 (work): Mar, 2.48: May 2.50; July 238; Sept. 2.01; Oct. 2.82; Spot-(World Average) 147.
Total Sales: 33 contracts.
AMSTERDAM
Closing prices all in guilders per kilograma.
c.i.f. Dec. No. 1 rubber
No. 2 2.11 buyers:
rubber 2.07 buyers: No. 3 rubber 2.05 buyers: No 1 crepe 2.40 buyers.
-UPI
COTTON
NEW YORK
Closing prices all in cents per lb.: Spot 25.60; Mor. 34.55; May 35.02: July 4.03: Oct. 34.48; Dee, 33.50; Mar. 33.73: May 33.90,
NEW ORLEANS
Closing prices all in cents pur ib. Spot 33.15: Mar. 34.65: May 25.18: July 34.73, Oct. 39.59; Dec. 24.55; Mar, 33-78; May 23.05.
LIVERPOOL
Closing prices all in pence per lb. American Contract: Dec 24.30 Mar. 24.75: May 2.25: July 25 36: Oct, 24.15; Dec. 24.75; Jan. 21.75.
Elixe Contract: Dec. 24.65: Mar. 25.15; May 25.65; July 26.75: Oct. 25.15: Dec. 26:15; Jan. 28.15.
F.O.V.
HONG KONG'S FAVOURITE BRANDY
NOW AVAILABLE IN SPECIAL PRESENTATION
PACKING
-UPI
New York
sugar market
New York, Dec. 13. World No. 9 sugar futures
- today closed one to six points lower with sales of 24 contracts.
World no, 8 sugar closed one
to six points lower with sales of 33 contracts.
Domestic no. 7 sugar closca unchanged to two points lower with sales of 121 contracts.
World futures followed the
at weakening trend London, and the apparent. collapse the Sugar Council meeting Geneva because of Cuba's insis- tence on a large export quota.
New low
Closing prices
GOVT SBCS
TOBACCOS
2 Col
38 BAT 31% Con 5-1/16 Carreras
57/2
6/7/
3% Sav
Imps
63/1
14/201
55/65 10-11/16 MOTORS
20/70 70-13/16 BMC 65/75 71-9/10 Hawk Sidd__23/- 4% Vic
ESTA Jaguar 128/41
8 Roye D'SEAS BONDS TEXTILES
31%% War 52-1/16
36/212
375% Australia
Bradford
13,3
1977/80 · BOS
Callco
11/10
5% Dares
Coats (JP)
41/6
BANKS &
Fine Spin 20/8
INSURANCE
5% Jan, AsS 153 Courtauld 29/3
Bare! CHAT BK
Guardian
Lanes Cott 48/11⁄21⁄2
85/ BREWERIES
52/6 Distill 30/71/2 50/5 Guirnows
HK Bank 18 Ind .Landel
40/3
121/6 Utd Drap Byl Dutch, 13-5/10 Woolworth 52/3 Ultramar 28/1, MISLANEOUS
Bosker ENGINEERING Br Camm-
Keen
97/10% CF17
announced Me Baumgartner that the agreement, which was expected to increase the poten- by tial resources of the IMF more than $6,000 million, was initialled by the ten this afternoon.
ministers
He said the agreement was the result of secret negotiations carried out by experts following the Vienna
the meeting of 1.M.F. last September-Reuter.
Recovered
SOLITICO
Steel were
5472 Celanese
421 Conco Murtr
2572
Chrysler
4:16
B01
Chesapeake
50
48
442% Coca Cola „109)
71
Colgate
22 CE Finan 49
Cluett P3814
Fa Columb Carb 114
33% Columbo. Ph: 251
399 Com Engin
Comm Credit 5415
50% Comm
4T9%
Cons Edison -88%
Am Metal Am N Gas Am Photo Am Smelt Am Sugar Am T & T
48
9413 - “Odison
34
138
Cont Can
108
Cont Ol
43 14372
Ampere
265% Com Class 100%"
Anaconda
499% Crane
05
ÁSTICO Armour
Bald-Lima Balti Ohio
Bath Iron Beechnut Bendix
Ben Fin Denguet
eth Steel Blaw Knox
Bosing Borden
Ford and U.S. down more than $1 in the softer steel and car sections,
Procter and Gamble slipped $2 and a gain of around 921⁄2 showed in Owens-Illinois.
Savings and loan shares Barman
Burroughs generally recovered their early Calf Pack fosses with Financial Federa- Cam Soup tion going ahead nearly $4 on Can Brew the announcement of a 5-for-4 CPR stock split.
Litton weakened
around $2
in the electronics where Cenco
UNIT TRUSTS
First Hongkong Fund: $1.14 (buyer) $1.22 (seller).
Second Hongkong Fund, ex div: 90 rents (buyer) 96 cents (seller).
Special offer seller price: 94 cents..
Sentiment stays
about the same
There was little change in market sentiment this
morning. Activity was scattered and price
changes were small.
14/- Canard. S
43% than recently. Lights fost
70 cents at 840 but Electrics ra- 149 mained steady at $30.
300 73% G 39:20 7311⁄2
63.50
2000 @ 3.05
5232 £24
7824 Crown Zell 59%
183 Cub Aan
15% Sugar 2016-d
25
57-
Device Opry 15% Deore Co.
4912
20% Del-Huds 1TL
814 Diam KK
64%
5594 Diagn Corp.51%
1% Distillers A
12 Douglas Ale 9512
374 Dow Chem 4844. Dresser
714Dupont.
23% Duquesne
Eastern Air Kodak
41
32
115
P
34
Emersup
247
New York stocks
Only about a quarter of the regular New York price list was received for publication today, owing to- poor radio reception.
THE BALTIC
EXCHANGE
London, Dec. 13.
The market was quiet today,
and rates in some trades showed signs of becoming more steady.
Japan took a Gulf grain cargo aboard the Fotini at the same rate as paid yesterday for similar business, Another rate, was taken when the tanker Norseman was axed with 15,000 tons of grain from the Gulf to west Italy.
1401 40% Wars 57% fixture reported was for an
2750, 40% N'yang
Eastern dealings were again the quiet side and the only named Liberty type vessel to work bagged rice from Burgas and Ceylon at 41/6. This rate was unchanged from that last paid on November 14,
Llegade
Butthan
Coope 60/9 68. Watney Lombard 11/10 STORES Net & Grind 323 Gussies Prid "A" 26-1/15 Gussies A
28 House Ryl B Can
Fraser Ryl Ins
40/- Dir
Lyons A Brit Pet
360 14 Spen & 109/6 437- 337 Tate Lyle
14/101⁄2
108/0
55/0
52/6
70/74
Shell Trs
469
The volume of business this morning was about $2,270,000. P&P
Banks arl Docks each showed gains of $2, the former and the latter closing at $358
5291 $29.00 Ewa
2002 29.70
500 29,60 Cem
Realty 52123 12.05
100 @ 63 100 63
ส
STRELS
at $149.
18/.
at
Bab Wil
21/9 Ship
27/
Colvilles
Less interest was shown on the two Electricity
10000 @ 3.025 Dairy
2000 à 2.08
135% £36 1500 6:35
d3
Tram
companies
500 & 4014 Textile
55 65
D Long
23 Channel
297-
50
72 City Lon
37/3 Forestal
19/3 327435 -28/487332-
9/*
Taikoo at 43/- Furness W
and $73 29/3
Tele- 6. HK Ghas 23/- phones at $42 each showed 38/ Huston 8 4-3/16 fractional declines,
Bus
Yu
Lands
remained sloady at
200 @ 127
100 2 126
Hump
437-
50/ Amdo US
200 FF 50%
22/4 Corp
143/8
46/3 Cons Zine
10 Erit Tin
23/0 Brit Sth Af 57/
3026
17/3
47/6
De Beers
151/3
1572
3/ Mt Isa 15/6 Petaling
64/3
9/8
Spot sugar at London was eported at a new 20-year low
a the equivalent of 2.26 cents
refiner
a pound, fob, stowed.
Domestie raws moved up five points, reflecting a continuing demand. Meanwhile, traders also awaited news from the current closed-door meet- ings of state and agriculture čepartment officials concerning legislation to replace the cur- rent Suger Act, which expires
on next June 30.-UPI.
METAL MARKET.
H Wol Stew Llydo Summers
Tube Inv Utd Steel Vickers ELECTRIC Asa Elec. Ass Tel
Brit Ins EMI
27 Indo-China
Lan Sec
28/8
34/4 MINES
Eng Elec GEC Philips Rediffusion INDUSTRIALA Ass Cem Hoardman Horax Decca Dunlop Fisons Gilman
Int Comp Turn New
HONGKONG
This
morning's
73/5 Rand Sel w and prices were; 29/- Rhod Angio-
53/112 160 Tinto 43/5 98/3 340 Ant 4/IS 56/9 Union C
14/1
40/0 Welkom 46/5 West
b54 $358 Dock
Bank
10 358
85 354 220356
365 2 384
Lua Reg
Unilever Wiggins London, Dec. 13. CHEMICALS
Rare 51/9016 23/- West Haki 129/41
360 @ 22 The tin market was steady Boots
JCI
587 S Mal
28/8 E. Asla 6238 but quiet today. Spot remain- Monsanto 15/9 RUBBER &
Lombard ed
140 while three- CINEMAS TV TEAS unchanged
Assoc Fix 25/11⁄2 Anglo Indo
4/ Inv months fell 1/4 £9592. Stoll
3/3 Ceylon Tea 19/- Whart Copper was steady, lead barely PAPER
Imp Tea
18/9 Wheelock
2/0 44/6 KL Kepong steady while zinc was quiet to- Bowater
De La Rue 416. Lambak day-UPI,
Spicers 37/6
to
-Reuter
39.20
500 (a 401/2 X3 110% 30044 A Rub 4.0 4.0 300 @ 40%
1000 (435 b4675 R Trust b6.10 19 @ 14%. Govt 36% Loen 20742
(1048) 872 b120 =127 Sing
58.70
C flotet bat
270@37
125.20 £25.70
500 25.40
2500@401 S Ferry 6242 1245
FK Elec b39 8395 500@39% 100 & 30%
quotations
Phones Old
bi47 £149)
-000 @ 119
400 149
200 148
800.60 149
300 @ 148
400 @ 148
500 g 149
400 73%
Taikos - 673 #7315
2392 Prov 28.10.28.60 1600 @ 28.25 300 @ 28.30 DAY 544% 60
b12.00 $12.30
4000 e 13.20. HX H 3000@12,50 Lard
TITONI
Airmaster
514
b42 642
3000 € 42
500 4244
500 42
100244
800- 242
Asia Nov 62.70
2250 2.70
I nv b12.30 siz.
2400 m 12.49 Metal 62,30
7000 @ 2.325 Sun 522 1500 42 JConsol 40c
907 40
New b40a401⁄2
Gas
562 7 40 L. Cray 37 48
1500 e 4012 b20.10 $20.30
Macao b13,80 Vibro
300 @ 20.20 A Can b
AGREED RATES Belgian Francs Selling, 865.
Maximum
W. German Deutschemarks Maximura Selling: 69%
In the time charter section WER the motor vessel Vinni booked on six to nine months. trading at 20/8.
Barley
FIXTURES:
California including Stockto
to Casablanca, ss. Dona Mari, 14,500 tons, 3 per cent, barley in bulk, January 15 laydays $8, flo and stowed.
-- Burma to Ceylon, vessel, 9,500 tons, 5 per cont, rice in boga Dec/Jun 41/6, do and stowed, 500 load/600 discharge. negraph
Gult to Japan, Exsin), 14,500 tens, per cent, soybeans in bulk, Dez, 26/31,
3,000 discharge free $10.15, with Gulf to west Italy, Norseman (motor) (tanker), 15,000 tons, 5 per cent, wheat in bulk, Ja 25/0 February 10, $5.40, fo and steamer, trimmed, with 1,000. discharge free.
.QỪ
Northern range to Antwerp. Rotterdam
Amsterdam Pimobus, 10.000 tons 5 per cent, heavy grain, Dec. 27 $4.50, with 1,000, discharge.
CHARTER
TIME
(motor)3:480 tons dw bale, 18 knots on
all, delivery Antwer range Jan, six 30 re-delivery
20/91
Sole Agents
CALDBECK MACGREGOR & CO., LTD. 2 Chater Road Tel. 20075 (Order Desk)
is always at your service for accurate time-keeping.
SOLE AGENTS KOO BAOTHERS & CO TEL: 38173, 24901
AMERICAN $10CKS & COMMODITIES
TECHNICAL
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