1953-06-24 — Page 9

1

THE CHINA MAIL, WEDNESDAY, JUNE 24, 1959.

Stability Still Main York Feature Of N.

Stock Exchange

Grants Made To

(By Sydney S. Campell, Router's Financial Editor)

Wall Street's 'technical action is undeniably ominous. As was expected, the downward pene- tration by the rails average was taken seriously.

On June 9 as soon as that average broke through the paper-thin barrier which was holding

Colonies it above its previous lowest of this year, there was

London, June 23. Payments under the Colonini Development and Welfare Acts

totalled 14,339,874.

a wave, of what looked like "chart selling"- and the whole market broke through on the down side with an enlargement of turnover.

This is still not conclusive. On the one hand, pre- last year vious similar chart signals brought hardly any selling, This since the famous Dow Theory has appeared to be in brings the total amount abeyance-either because it became overdiscounted or issued under the Acts for because there is less of the cyclical fatalism on which it approved schemes during rested,

the past seven years to £70,849,692.

Details of last year's

inents were published by Colonial Office,

For about two years

indus-

On the other hunul, the burst bearish but in a longer perspec- Jof selling on this ocension nay tive it has been going sideways pay-turn out to be a selling climax rather than failing.

which will not be followed up. Any such selling at all was trials have been in a grove with New grants approved in 1952 rather a shock, since the Korea limits of about 7 per cent either

£2 included #pproximately millions for medical and health was thought to have been side of a point of about 275 on discounted. The further break the Dow Jones average. They rervices, nearly £1,000,000 fur in New York bond prices onare still well inside that grove, education, £1,085,002 for water June 9 was also a bad omer. which is not a wide one for

million Lupplies, about £1

Yet despite continued and what used to be regarded as a Just for agriculture,

under almost daily placatory moves volatile market. £1-173 milion for irrigation, from the Soviet side, the latest

for roads and £1 million

BRIGHT SIDE Indiscriminate "peace civil nearly £1 million for

selling of Wall Street equities aviation.

Looking on the bright side, it and

London of

commodity Research grants totalling Just shares, and indiscriminate buy the market ean hold within this

million included (iver

ing of gold shares and foreign trading. cange the recem decline for agriculture bonds in £372,486

London-lasted only may have cheaply saved £204,143 for insecticides and

business from something worse, the

one day of June 1. A £204,878 for medicine, A Since peace scares are essen-uomely a rise in the bank rate. scholarship scheme to provide residents in overseas territories tally Irrational, they tend

be transient.

Public

to

Japan Changes British Stand On MESSAGERIES

Policy On Red

China Trade

Tokyo, June 23. The Ministry of Inter- National Trade and Indus- the sanctioned try has Import of 100,000 tons of kali from Communist China on a 'slérfing 'cash settle- Nihon ment formula, the Keizai reported.

Arnaling to have to im

Two Заранске firms were sald mada applications port the malt.

(I was carller reported by Kyodo that Conimuulat China had_approved

the export to Japan of the salt

215 In question woll 30,000 tons of Kalian coal on a sterling sellement basis).

SLB

The Nihon Keizal sald the alalstry's sanotion of the salt deal reflected the Government's Intention of altering it past policy of Hetling imports from Com- munist China to a barter basis.--Reuter.

American

Shipping

"Lagging Badly"

Wheat Justified.

By

Events

(FROM AN ECONOMIC CORRESPONDENȚ)

London, June 24.

Queen's Didg.

Outwards

M

MARITIMES

Tel: 20651.

M

PASSENGER/FREIGHT SERVICE

Leaves Atozuetting

*FELIX ROUSSEL" • Builed "LA MARSEILLAISE” 7 July

fromwards

Hongkong

10-11 July 2-4 Aug.

9-10 Aug.

Yokohama Asigon

Bue Marseilles Via

Leavey Hongking

:

23 Aur.

21 Aug.

14 Sept.

"FELIX ROUSSEL" 25 July "LA-MARSEILLAISE" + August 22 August

. "VIETNAM"

Yokohama

Manila

Amiton

Saigon

Tyla Marsellies to all Mediterranean & West Afrien parts.

via Djibouti to Madagascar.

The recent downward movement of world wheat prices indicates that the British Govern- ment was right in sticking to its view that the Onwards maximum price was pitched too high by the new "MEKONG" International Wheat Agreement,

BILVERSANDAL"

Itomewarda "ORION"

For wheat prices have taken a heavy tumble "MONEAY" in the past few weeks, and in Chicago, the price is "EILVERSANDAL" now below the US$2.05 fixed as the maximum for the next three years.

to

Under the agreement, in- porting countries undertake

countries buy, and exporting to sell, a stated Quantity of wheat each year within agreed maximum and minimum prices.

If the world price falls be low the minimum, producers buy Jean require importers to

the stipulated amount of wheat from them at the minimum rate.

HONGKONG SHARE MARKET

(From Our Correspondent)

*

If on the other hand,, the price rises above the maximum, importers can require produ-

Business .done on the Stock cers to sell them the agreed Exchange this morning amount- amount of wheat at the inaxl-ed to $327,415. Noon quotations mum price.

and the morning's transaction-

Major | SHARES DUYBUS RELLERS BALES

BANKS

In fact, however, as G. Lloyd George, the Brilish New York, June 23.

Food Minister, pointed out re- American shipping has cently, the experience of tic the last four years of the agree- begun to lag badly in

the men has been that on almost carry

the all occasions

maximum competition to U.S.

scaborne price has been received by the National exporter and paid by Britain. the of American

SINCERE ATTEMPT

United States commerce, Federation

US. To the extent that the Wall Street may authorities contemplated raising Shipping has announced. with training to qualify for the still be regarded as

rxhibiting the Federal Reserve's discount at the higher grades

old-rate in order to give business a than an stability rather Service was allotled £105,000:

Its psychological jolt, they may de- fashioned bear market.

shake- ovide that Wall Street's and £124,641 was granted for the welfare of Colonial students pattern since the beginning

out is quite enough of a jolt. broad.

Large runs were pravkled for welfare in the East African Territories.

Kenya

£537,225 for the

received

construction

of two hospitals and £45,000

for a teacher training

for

centre

African women. Tunganyl-

African broad-

this year has

certainly been

HIGHER PRICES

the

ex-

"MEKONG"

FREIGHT SERVICE

LEAVES

..Europe -Salted

Hamburg-Aailed

teavta

.Keelun=— July

Kertung-10 July

Stongkons

2-3 July 10-20 July Hongkong 26-27 June

14 July

Aukas

Krelang Angkut 11 August

For

Japan- Japan

For

NAIKYM

Salgon, Marseilles, Aiglers, Orin. Tanglers. Casablanen,

Le Havre, Antwerp, Rotterdam & Dunkirk. Subject to charge without notice.

MAERSK LINE

FAST FORTNIGHTLY SERVICE TO;

NEW YORK,' BOSTON, BALTIMORE & PHILADELPHIA vis SAN FRANCISCO, LOS ANGELES AND PANAMA,

NEXT SAILINGS

RK Bank...

1815

East Asia

21315 10 1810 5 N 1510

m.v."HULDA MAERSK* m.v. "CHASŢINE MAERSK" m.v. "TREIN' MAERSKTM

July 3

12 July

Aug

3

#43

ARRIVALS FROM U.S.A.

m.v.

"ELSE MAENSK"

m.v.

"TREIN MAERSK"

m.v. "MAREN MAERSK"

July

July July 10 13

4

INSURANCES

Canton Union

tik Fire DOCKS, ETC, K. Whart Duck Provident

Wheelock

HK Hole!

The present agreement Federation The

said:

that pires at the end of June, but lates

shower! figures American-flag ships in January the International Wheat Coun- LAND, ETC.

member 1053, carried only 25.0 per cent cil has recommended of the nation's total foreign governments to extend it for a trude-including oll cargoes further three years. The new 11K Land!

bushel bas i compared with 43.0 per cent in price range per

been Axed ut 2.05 maximuh January, 1952.

this re and $1.55 minimum; fared American

ships

present range pinces the especially badly last January in the United States export trade. $1.80 und $1.20. They carried only 18.5 per cent

More people watch the Dow Jone averages than the Fed's niscount rate, and more intent-con

action ly: and Wall Street's hus both direct and psycholo- gleol effects on business personal spending.

and

not But the bright side is

side at necessarily the right

It is not es- which to look.

tablished that Wall Street will

THE NEED hold within the trading range.

ka get £120,000 for bousing, £33,000 for casting and £40,000 for medi- cal dispensaries. Grants to Uganda Included nearly £14 million towards the cost of the Development Plan and £60,000

Lanilon, June 23. for broadcasting.

Sir Oliver Goonetilleke Grants to West Africa in-

the Ceylon's Minister of Food and elutled

for £121,620

higher University College, Ibadan, Agriculture, said tha!

for the prices for rubber, tin and tea Nigeria, and £75,050 construction of a leper settle-were necessary "if Communism Is not to rule over VBEL areas of Southeast Asin."

ment.

MALTA BENEFITS Malla,

Cross the George island, was one of the beneficiaries,

"The assistance that workers

Even if the US. authorities no longer want to raise the bo discount rate, they may forced to do so by the move- since ment of market rates, their whole economic philoso- be determined by a free mar- phy is that money rates must ket and not by official Uesires.

TO BE SEEN

7252030 1500 11 29.16 For Freight and Further Particulara please apply to:---

11.00 11.80 300

500 11.60 500 + 11,70 1.00 7.90 2300 783

AGENTS:

JEBSEN & CO.

1.10 7.50 300 7.5

1000

500

01

02 1100

400 025% 000 K

Pedder Building.

50006 0154

of

300 0115

27, Connaught Road, C.

S'hal tand Humphreys

1.321

15.30 15

1000 m 15,00

1500 15

1000 16.46

After considering these terms, UTILITIES

Government

Trum

Slar Ferry 2119 23%

C. Light (0) 11.2011.40 800 11.20 C. Light IN 7,18 720 1000 5 1.15 Eletric...

23.00 1400 .24,40

M. Electric..

Telephone

..10.30

INDUSTRIALSHMEN

500 or 0.00

1700 19.30

of the dry export cargoes, com- the British

de- cent per

ta pared with 48

new judgment January 1952. Imports handled cided not to sign the by American ships also slumped agreement. "In the

of the Government," Major Lloyd George told the Com- in that period, by six per cent.

The Federation's survey of mons, "the maximum price of the merchant marine showed $1.80 written Into the present

.... 16.70 that other maritime nations agreeinent-with the valuable

13.00 Insurance

the STORES. ETC. afforded by

Dairy

20.40-20 guarantee at the minimum

Watson

24.3024.40 1000 24.30 prico-is fair reflection of Sinceres the value of wheat in present COTTONS conditions in a free market."

had reduced American vessels' share of oil imports from 40 to 24 per cent.

During May, the Federation added, the number of vessels in the Ancrizan National Defence Reserve Fleet increased from 1,890 to 1,894, Of these, 1,857

The British Government were nevertheless prepared, in

chief in Asla can fairly expect from sitively the US. economy will were gcond-world-war dry cargo, ja sincere attempt to reach

received the more developed countries of £1,829,355 for various schemes, the West," he told Reuter, Singapore received £1,100,-"must surely be a fair deal in the production of raw materials 000, for a new airport and Joan of £204,167 for the con- which are their mainstay. struction of a graving dock.

Nor can one know how sen- react to either or both jolts. It has been likened to a racing along at 75 hour. Washington is convinced

car

miles an

that unless It can be brak 1

a

and ombination vessels,

suttlement, 16 agree to an in- The report showed that crease of 20 cents in the paxi-

flect B

of 138 privately-mun price-and an increase of owned Ships WET: carry 35 cents in the minimum price

military cargoes ing

under-desplie the heavy additional Transportation Service on June.have been-involved. "Southeast Asia needs fitstice down-to-a-more-reasonable charter to the Navy's Military Sen dollar expenditure that would

prices not speed it will crash.

There is no desire to reduce compared with 112 on May 11. Of this private fleet on Govern- Here for the Coronation, Sir it to anything worse than the mend service, 114 were Liberty War II-built acres for cultivation. £117,000 Oliver Guonetilleke dies home highest speed that is likely to ship, the others being daster

be be safely maintainable high types or World for en agricultural station, on Wednesday in order to

Call | freighters. back for the Ceylon Cabinet's and stable prosperity and fall employment, instead of over-

addillon, there were on for examination of its budget

full employment procured

wned

The West Indies also bene- filed by the provision of large and higher sums, British Gulana received charity."

£919,481, to open up

£315,000 for roads £212,000 for Irrigation,

Jamaica received

97,000

£100,000 the coming year.

for schools. £100,000 for ngri- culture, and £127,000

Cement Rope

Ewa

Textile Corp.

2.35

17 1000 or 14.00

504 or 3

The Rubber

Markets

Singapore, June 23. Prices of rubber.......... futures. closed today as follows:---

Number 1 rubber per iu, July August

September Number 2 rubber, July Number 3 rubber, July win-Number rubber. July

0716-12

074

03-0314

07-07!

41-M 00-075 3734 5855 73-76. United Press.

VIEW JUSTIFIED

wheat The British view on prices would seem to be juc- fuined.

In Chicago, No. 2 red

week. ginning of this Vessels being

with

of No. 1 pale crepe n price for the National Ship compares

a month $2:15 only

BRO. ping Authority by private

$2.25 in March, and $2.294 at steamship lines under what is

the beginning of the year. A Prices of rubber futures known as General Agency

year ago the price was in the closed today 10 points higher Agreements.

an inflation of debt, at low | June 1 a total of 141 Govern fer wheat was $2.04 at the be- spot rubber, unbaled

He said that whatever finanterest rates.

might difficullies Ceylon

for a clal

4 hospital, Trinidad benefited by

£101,000 for the development

of lund settlement.

for

Changing the metaphor, what be having at present, it was remains to be seen is whether not likely that their develop the pendulum, having swung ment plans would be appreci- so far in the boom direction, can be brought back to mid- position without at least, fem- porarily swinging some way to the other extreme.-Reuter.

YESTERDAY'S SESSION

In ali 444 schemes are list- ably curtailed. ed, ranging from grants

Ceylon wantedt 205.000 tons of provision of telecommunica-wheat flour a year. She had tions, to money for research in secured 104,000 tons and had control of crop pests.

applied for the balance of 25,000 to the Whest Council. In nor- mal circumstances Ceylon would get all her four from

New York Sugar

Futures

Aus-

New York, June $3 Ruils held the market leader-

tralla, but she expected that ship with a gain in their average purchases in Australia would not be at the muxlinum prices of 1.2 per cent and individual improvements running over a under

the new International

Olls were the leaders In point. Wheat Agreement. New York, June 23,

Lie industrial group which re- flour in the World No.

The cheapest 4 sugar futures

gistered a 0.45 per cent im- closed today 6 points lower to world market was most likely to

continued strength, des- 1 point higher with sales of 185 be American because it had a Provement. contracts. Domestle No. 0 closed Government subsidy,

pite the still confused foreign

uncharged to 2 points lower with Ceylon was in a position to situation and the unsettled

sales of 27 contacta.

buy in the cheapest market, bo- World contracts moved integue cause she had a substantial on larly as traders walted

fornual surplus of dollars. developements in the German In- Negotiations with the Aus- quiry for 33,000 tons of Cuban trallan Government were likely rasva on which offers are due to begin soon after his return today. Dealers reported that sales to Ceylon.

Domestic futures rulest quiet

excess

This Blanker grope

NEW YORK MARKET

New York, June 23.

The

Prices

24.00 bid 24.01

21. bid

The number of ships in this region of $2.50.

I Winnipeg, No. 1 Northern with sales of 60 contracts.

spot market ruled quiet with eptegory has

もしゃ remained

Manitoba wheat has dropped

spot No. 1 smoked ribbed sheets changed for the past month.10 $2.001, or only 1 cents Victory ships (114) predo-

closed as follows:- minated in this Rect, with 10 bushel above the maximum at 244 cents a pound.

price

new under the

July new mariner-type freighters also ment. under GAA operation-Reuter

When he explained the Bri- December

March 11054) Ush Government's polley to the May Commons

April, In

Major July

ut- Lloyd George also drew

world tention to the

slock position.

ACTIVITY IN YARNS

SLOWING

FURTHER FALL?

rea-

an

September

23,65 nominal 23.40 United Prenn. LONDON MARKET

London, June 23, The rubber market was quict- Prices closed today ly steady. as follows:-

Number 1 rubber, in pence per lb. August

September October/December January/March April/June

20-2014

20-2014

20-20

20-2015

1944-201 294-20

-United Press.

Cotton Prices

In New York

In view of the plentiful stocks held in producing coun- the price tries, he believed would have to come town. profits tax leth, led

The soundness of this many experts to the conclusion

New York, June 24.

and isoning can now be seen. Colton

yarn spinners that the market finally is turn-

In the United States, the piece goods distributors report-

of bumper ed a ing for the long awaited summer

general slow-down in forecast is again

stocks. rally.

activity. Helping this feeling was an

In the Argentine, on area of The holiday period for mula in world raws over the past Sir Oliver Goonetilleke said increase in volume today, Sales

and finishing plants, plus 10,055,000 acres is likely to be shares compared

Leown to wheat this year, wock-end to Austria involved that any new interest by the of 1,080,000

the customary mid-year The samo 9,000 tons of Cubaris,

1,030,000 yesterday,

also

broadened a bit inventory-taking, put a quietus increase of more than 1,000,000

acred over 1952. The Australian Locat textile executives del expected to increase their sow- Of these, 320 were

that the

full would 245 lower

Ings and 274 un-

by between 10 and 25 per higher, 13 was an conference on July

conunue for at least several cont Indication that the new Ameri-changed.

that They calculated ja weeks.

The prospects are, therefore, sput can administration

was be- The market community 1.19 nuntual coming interested in commodity convinced, however, that the

list will have to broaden still part of their needs for

balance of the year. United

jucreases was further and volume naturally Interested! In the for a rise of any worthwhile malatenance of a fair price for proportions. It also anticipates

that she could not Bul

with so many uncertainties, maintaining Intervals.

United States in commodity pr

with

as of the greatest

with no raw sales reported. Prres i rangements would be regarded issues-from-1,024-issues-{.GD_The new buying interest.

closed today as follows

Contract No. 4 (world)

July.

September

October January

3.50 bid JAD 3.00 bld

March

3.42

May July September

1.42

Spot

July

3.38

Contract No. 6

September

Navember

March

May

July

Septembar Spol

iniportanco

In Asin. The international sugar yesterday.

arrangements.

The

her

sugar.

Siates

5.92 bid participate in commodity the

the rally will be interrupted at

3.92 bid 8.53 asked

arrangements

for

5.00 nominal high prices for her own producc

8.70

current

States Bre

New York, June 23, Prices of cotton futures closed today as follows

converters have covered a large that there will be a further fall clot

in the world price of wheat, to December

the

October the benefits of countries which March

July October December

LONDON TIN MARKET

34.16 nomlisa1

33.45-33.47

13.80

37.05-33.00 34.34-34.13 34.15-34.17

13.01

33:21 bld

33.50 nominal

-United Press,

23.09 nominat

NEW ORLEANS MARKET Spot Fály

October December

Resales of print clothes at chose to remain outside the May concessions of 1 to 4 cents a new agreement. yard from the mill basis appear- ed late in the week, but shoot- COM- ings, drills and other Ralla hal mains ranging to suctions maintained a steady to

firm undertone, without according similar treat 2 points in Texas and Pacific

British East African sbals 374 nominal ment to the primary products at 127. The widest gains came

swere off

1⁄4 cerit a pound, around Unlled Press. such us rubber of Ceylon and in olls where Deep Dock ran

Hemp handlers reported ample other countries, Reuter

up 34 points to 41. The Com- pany has

a small interest in supplies to cope with the current American Independent slow demand. Burlap prices whose new well in the neutraleased--United Press, zone between Kuwait and Saudi Arabla in going to be pro.

3.00

JAPANESE BONDS

London, June 23.

R4 HA!! (4s. of 1809)

202 of 1910) of 1007) 122

Japanese bonds

45.

(5

ANDHRSE.

Console

atton

Flax Seed Price

ducer, New York, June 23, Prices in the seeds, and olla market closed unchanged with 09 the following exception Of 1924)

Flax Seed, per bushel, 25 of 1930) 14012

$3.00. 60% Minneapolis,

Press United Press.

Steels were narrow. The

New York Stock Ex- change bond volumo was $3 a.b. 084,000 and the American Stock United Exchange volume

was 320,000 sharos-United Press.

Tin Price In N.Y. Now, York, 23. Prices in the metal market closed unchanged with the following exception: YRA N

Tio, Grade A (80,00 per cent or higher) New York, por 1b 93.50 cents-United Press,

March

May

Fuly

October Lonion, June 23. The tin market was steady December

today. Turnover was 116 tons, including 25 tons for cash.

33.38-33,41 3387-3301.

33,93

34.10

53.98 bid

bid

Prices closed at the end of the Exchange Rates

oficial

morning

follows: Epot.tin, buyers Spot unt, wolle

session. us

690

604

Business Pros, done. In the local market this exchange a mornar ant tha: polowing: gates?-*) €9Z1⁄4-600 | US. dollar (per 133 bugaboo9. 4.0178 Budne done at Tilde-motitha tin, buyon) Three-months tin, sellers, 100 Business lone 'at Héttlement

050-0071) 000 United Press,

Sterling, nato per 211 Indonesian guliders (per 100) 22.00: Slam xicala iper 100)***** Hingapore (Stratto}

STC plasiras (per 100) ............

1.830-

Tel. Nos, 36068-0

Tel. 20401

Chinese Freight Booking Office

Date, and Tolation subject to change without notice,

At liberty, to proceed via other ports to load/discharge cargo,

EVERETT LINES

EVERETT ORIENT LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta and Chittagong.

"BRADEVERETT”

Arrives Sails

July 16 from Munila. July 17 for Singapore,

Rangoon.&.Calcutta..

"REBEVERETT"

Arrives Sails

Penang

Yokohama,

July 23 from Singapore,

Kobe July 24 for

(Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)

EVERETT STAR

LINE

Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Ports.

"STAR' BETELGEUSE".

Arrives

Salls

June 20 from Tukno June 27 for Singapore, Port Swetten-

'ham,

Madros,

Karachi, Bombay,

Basrab

Arrives.

July 4

Salis

ramshahr,

Bahrein.

from Singapore,

Colombo,

Khor

匙

July 4 for Kobe & Yokohama, (Acceping cargo for transhipment Kobo/Tusan and Kobe/Okinawa).

EVERETT STEAMSHIP. CORPORATION ·S/A Queen's Building, Telephono 31206. Chinoso Department: Telephono 28293..

BUSINESS REGULATION

ORDINANCE 1952

Copies of the prescribed Forms 1(a) 1(b) and 1 (c),

Now On Sale at S. C. M. Post, Ltd, HONGKONG AND KOWLOON

TEN CENTS EACH