1954-10-15 — Page 9

A soldier of the Royal Canadian Regiment, using the new Belgian .300 rifle, snapped during Allied war games In West Germany-Central Press Photo.

A Severe Winter Would Solve Iran's Problem

Teheran, Oct. 14.

THE CHINA MAIL FRIDAY, OCTOBER 15, 1954.

TRADE

HONGKONG STOCK EXCHANGE

NEW DEMAND

FOR UTILITIES

By A Special Correspondent

COMMERCE SECTION

Page

Egyptian Rice Little Gambling

Auctions Stop

"Cairo, Oct, 1

* Egypilan - Government suspended anočlen sales of Government held stocks of rice for export" because bidding was below markei prices, according

of

apokesman of the Ministry Commerce and Industry. Instead the Government fixed a minimum *expări Egyptian 45

After eight weeks of absolute stagnation the Hongkong share market showed new signs of life

price of back into when utilities" came yesterday prominence.

There was a mixed reaction to the change in Ice House Street.

me, however,

One broker I spoke to, businessmen in the Colony had in the negovations for was inclined to be cautious. joined

the Pedder Street alte, The He said there appeared' to

company assures bo fresh inquiry and was tempted to describe the in- quiry as genuine.

that no decisions have been taken.

LANDS EASIER Hongkong Lands are slightly easier while Realties appear to bo steady..

Another was quite em- phatic. He said there was a return of confidence to the Celnents continue to do very market and that genuine well and at 9303% are at another new high--50 cents better than investment money was last week flowing in. The demand for utilities demonstrated this. and Textiles have been He even went so far na

to better.

pounds por ton for. "Cargo" rice, £5 for clean number three (20 per cent",waites) | £8 for camelina and flace (six per ocul wasiow) and B1⁄4 pounds for camelina and glace three per cent Wasics.

Export tax on rice will bo 1.4 Egyptian pounds por 100 kilox. These minimum expori prices are valid for one month ending Novem- ber 10. Payment is to be made in currency of the Importing country-Router.

Nanyangs have been neglected NEW YORK

little

Allied have improved on the

say that yesterday's show-week-up ten cents to $4.25. ing was an indication of an

Rubber shores have had upward trend.

fairly good week. Raw material The list certainly shown that prices in Singapore have risen utilities have come, back into from 74% to 78% Straits cents. domand. Trums (which are 1

Amalgamateds rose from 02-93 last week to 97-98-97 cents this little touchy at the moment. In view of the trouble over the

week and Trusts were up from dismissed employees)

30 $1.16 buyers to a sale of $1.40

yesterday. Yaumatis are up to $18.30. cents to

Turnover a dollar

to $195, China Lights

the week has fully, pald are 20 cents better been moderate but yesterday it at $15.70 and the contributing Jumped up to $985,000. shares are ten cents better ot

If the winter of 1954-55 proves to be exceptionally cen severe, a major problem facing the world oil industry will have been automatically solved.

■ $12.00, Electrics are up 50 cents to $314, and Telephones moved

This problem is how to find outlets for Iranian oil which, after a lapse of three years, is again to start flowing in large up 30 cents on the day, quantities early in 1955.

arena

to

the

of

There was little for any of In those three years, not only world price structure and with-| Ad Iran lose her markets

them to do, but Dr Mossadeg out damaging the economy competitors in the Persian Gulf those countries which, ilke Iraq kept them on full pay because and

the the Caribbean,

two and Saudi Arabia, depend he feared that wholesale dis- the look like of major all producing

missals would mainly upon oil revenues,

falluro of his nationalisation the non-Communist world, hat

and big eight policies and breed want re- Fortunately underground grent now

Joined discontent. have companies who sufBelent of oil, servoirs

to In needs

Consortium for were discover-market Iranion of also control od in Saudi Arabla.

most of the oil resources of the non-Communist world and can

co-ordinate therefore

world production with a sales polley

supply world

next 200 yoara,

oll

ta

the

forces

companies

A

in each marketing ares,

General

Zahedi Fazlollah the present Prime Minister of Iran," who took over from. Dr Mossadeq last year, has also maintained a policy of full employment in the southern oll fields so Qs not to give the alone, One all company

no Tudch (Communist) party hów big. could not breeding ground for its anti- con-undertake to market Iran's re-government propaganda. rkes on the average surmed of flow.

Eight major in the West who have under trikken to market Iranian oil under' an egreement already initialled bave

Important cnc asset, howevIE.

Each year

sumption

oli world

by five per cent.

Eurore and coriain

In Western

arcas

of

the Far East, Iran's traditional

oll markets, this will represent

In 1955 an increased

of probably oll..

demand 8,000,000 tons

of

But Iran in her first year of

matter

·

of

which Tho Oil Consortium

agregment with has reached

consists Iran's negotiatory

United States companies Ilve full operation, In 1955, will each holding eight per cent of produce at least 13,000,000 to the shares, the Anglo-Iranian of oil.

Oll Company, former

owners in of oil plant

and iran Abadan refinery, which has 40 per cent, and Dutch and French companies which together con- trol the remaining 20 per cent.

The Iranian oil Incestry can tako

automatic of the CIFS

demand in annual increase and still have some millions of tons left over."

can

MASS FEELING?

50

on

TODAY'S SHARE PRICES

started Just why it all suddenly, nobody seems to know

probably, sald ene broker, sudden mass

feeling" that share prices were low enough for investors to re-enter tire market.

Certainly it is about time

(From Our Correspondent) for

of a rovival

interest. over the last My comments

Business done on the Hong- Stock Exchange this eight weeks give testimony to kong the market's slagnant condition. morning amounted to $735,711.

fow: October 8, "dull Noon quotations and the mom Here are and prices fractionally lowering's transactions: October 1,

away ADARES BUYERS SELLERS SALES miserably.

market was 24, "the

inar BANKS ket is still dormant"; September HK Bank

dui

a

17. "market neglectus, Sentre INSURANCES

ber 8,

less and there was not much Union

activity"; August 7, "the

27, "

featureless market' was trading was dull"

ever

ro-

on.

It ส doubtful, however,

Abadan whether return to peak production. Since 1951, many more fineries, small but more effel- ent, have been built in Europe and the For East. The demand today is for more crude oil and fewer refined products,

In splic of this Abadan, by

will once 1957,

more be the in biggest single retning unit the eastern hemisphere if pre- sent plans are fulfilled.

Iranian experts estimate that only 200 foreign technicians. with 2,000 in 1959, Full scale operations will not compared

because will now be needed to help run until January begin the Consortium requires three the oil industry. world months of trial production

These 200 will probably can- determine the state of the dis- used equipment and what resist in the main of British and American oll engineers andh administratora, placements will be needed.

That is why the big eight oil companies, who will spend the remainder of this year planning

into 'Iran's re-entry

will do so with eyes markets, cooked on weather reports.

A really long and cold winter this year could, clinch matter.

the

But a mild winter. would bring serious complications!

aren.

of

.

to

Doctor All Amini, the Iranian Finance Minister, has sold that ho hopes to see the first Con- sortiuni tankers reach Abadan, in southern Iran, "sometime in October,"

of

24

say

here and

to

bo

and and so

Lansbord Underwriters DOCKS, ETC. K. Wharf Dock

1000

100

930 940

22.10

Provident

* s'hal Laid

ន៖

STOCK MARKET

7

or

New York, Oct. 14. Well over $1,000,000,000 was slashert from stock break valuation today in a which cut $1 a share more from most leaders.

The selling was concentrated in two waves one just before noon which forced reporting tickers to run late for a brief period and another just before Aho close,

Turnover of 2,540,000 shares compared with 2,070,000 yester-

day.

1522

hard hit.

On Australian

Stock Markets

Sydney, Oct. 14,

An analysis of the Sydney share market for the first week of September by the Australian Financial Review gives a guide to the current economic trends and business conditions in Australia.

The Roviaw states that the prices were approxi-. mately 20 per cent above the low level of 1952, but 25- per cent under the peak prices for. 1951.

They were thus polsed be: tween the depths of a minor recession, and the vulnerable heights of an inflation your. Maintenance of this balance is clouded by considerations official polley on trade ntird credit. ant by. warnings That the Australian economy. al- though buoyant, is undur n straint,

assessment of the future,

or

World Cotton

Markets

Dealers

New York, Oct. 14. Colton futures trading `LACKED ENTHUSIASM dwindled today while dealers

awaited new incentives. Nevertheless it was obvious

Prices swayed within a that market enthusiasm lacked narrow range. Varying slightly the unhealthy urge of inflation on either side of the previous and was tempered by a wide close.

aald overhanging There was little or no gam-were balanced off by an under- hedge offering and liquidation bling in Investments.

domand lying

milis, trade ne- Despite a spate of dazzling shippers and other company results for 1953-54 the counts. Day trader operated, on index of ordinary share prices either side of the market, whilo had risen by only five per cent Liverpool brokens at times in the last two months.

wone small lot sellers March and May.

There was a shortage of scrip in a wide range of worth-while de- Investments, presumably noting a strong feeling of con- fidence among shareholdern in the future of their investments.

BÁSICALLY SOUND 15.

from

of

At the close the list ruled off 2 to up 7 points. Opening New Oricans closed unchanged prices were off 4 to up 1 point.

10 off 2 points.

J

30,800.

Volumiu

Opra Interest

$200

42,000

040.000

052.200

31,300.

710,100

371,700

2,800. #100.

100

· 10,400

11.000

Trading volumes and open interests

the Exchange were; The current outlook seamed Moth All groupe wero Industrials sagged $422, in their baskally sound, although some October

apprehension on the deteriorat-December ralis 65 cents anding state of the overseas trade March average, utilities 56 cents. Out

of balance soomed justified.

May led. With July issues traded, 820 this in mind. Investors were October total were lower, only 187 higher.

watching the course of the new December season's wool sales with more March. Market commentators said the than usual interest, fos--on selling represented an attempt possible export income might to lower prices to a level which | depend some Government action which attract new buying

to ease the burden on overseas leaving no balance. balances caused by mounting Investment services for some imports.. TO 3000 time have been warning the list seemed top heavy,

# 1700

930

D

7.05 75 820 @ 7.79

11 3500 88-3015 22

In view of the apparent new

(Old), 14.40 14.90 interest in the market, it is

Whoclook worthwhile quoting a tow yields LAND, STC. this week.

HK Hotel 10.39 These figures are approximations based on prices

ak tone: over the last couple of days. Banks are yielding 4.47 per Unions, 3.45 Wheelocks cent, 11% (based on a dividend

centa), Providents : 8.21, 87/2 H.K. Lands 6. Humphreys 7, Realtics 10, Troms 8. Star Ferry

Yaumatis 4.57, 6.87.

China Lights fully paid 0.45, con, 4.3 Electrics 7.04, Cements 0.0. Dairy Farms 9.75 and Nanyangs 10.

MORE STABLE

RAILS FAILURE

carry

Fallure of rails ado through on yesterday's advance | touched off the early selling.

Oils were among the hardest 11.10 hit issues with their big paper brofius," Steels were "Blashed, 07US. Steel felt $2.25, Bethlehem

World Rubber

Markets

Total

133.200.2807,500 bales. X-~-includes 2,700 bales against

notices have been

NEW YORK

Prices of futures closed today

as follows:

Бров

33.401

Det.

34.85

Mar.

May

30.10417 35.33-34

Oot

Doc.

33.00

Mar.

35.07

وليات

NEW ORLEANS

Prices of futures closed today

400 450

Humphreys

133 20.320

$1.

of

Heatty

2.10.218

UTILITIES.

Tram

Singapore, Oct. 14. After a

little selling at the as follows: opening the market firmed on trade

buying. There Aircraft losses ranged to more active market with dairly wido 13.30 18.40 500 @ 18.30 than $2 in Boeing..

Spot

Was

Firt

Mar

May

11.30 18.40

Ste Ferry 140 '136 Yaumail Terry

XD

153

300

1000

2000 1000

15,300

fluctuation. There was alto nome technical squerre, on October There were a few outstanding shipment of No. sheet which

US however, 183 strong spots,

was done half a cent below the 15.80 Gypsum continued in demand on November month. There were

July

Oct.

Doc. Mor.

some *Austrollin

acceptances.

say It is quite impossile to how long the demand will last. My own view is that investors probably feel that the political situation has become more

The stable in recent weeks. feeling seems to be growing there is not going to be any

that

BID

not

C. Light (0) 15.80.

C Light (N) 12.00

actri0 32 324, 1600

150 rumours of stock split in the

offering. It scared more than Prices:.

International business machines rose another $3.50 en No. 1 rubber per lb. Oct. 2015- Dec, Boqu No. 2 rubber per tb, Oct, No. 3

་

LIVERPOOL

Prices of futures closed today

as follows (American middling cotton, 15/10th inch, in pence per 15.)

Oct/Nov.

32.57

Dec/Jan

2,46

Mar/Apr.

kiny/June

.17.03

32,01-62

No. 4

was

July/Aug.

Spot rubber unbaled

oficial

Blanket crepe

No. 1 palo črepo

747-70% Includes. 67.00

prices for spot cottons

NEW YORK

The New York Stock Ex- 34.90 1000 13 24.00 | chango bond volume 17.30

|$3,250,000 23.00

500

$7.

Telephone INDUSTRIALS

Cement Itope STORES, ETC

Watson

COTTONS

46.70 27.10-200.25 2433 31 23 1000 @ 333S

record earnings.......

Nov. 182-701

Textiles Nanyang MISCELL

Mỹarazteza

Allied

8.70...

The American Stock Exchange 9.85 9.99 5000 @ 9.90 volume was $20,000 shares.

4

300-90

1000) @ 4.2334

Market

DOW JONES ÁVERAGES

Dow Jones' closing averages on Wall Street today were ba

30 Industrials 20- rails

Duties

05 stocks 40 bonds

United

Chicago Grain Prices

Anierican miduling

Mexican middling

10/16th rich 3312

294002949_1-1/320d,inctí" 3€25

Futures today closed 10 to 25 others word unchanged.

points higher with salce, of 74 contracts,

Dealers reported speculative buying in, futures following the 354.80 higher trend of the primary) 12 markets. "'..

60.40 130.30

Dullness prevailed in the local 100 spot market. Dealers wore chiefly engaged with getting rubber removed from piers be

I BAO PAULO

Futures closing prices, čin cruzeiros per kilo, were as fol

laws:1

Dea.

Mar,

May July

31.30

in the United States, the average price of 15/16 middling nt. 10 ) dësignated spot”... markets.

cause of the threatened strike of was 34.44 cents. Sales at these

local truckmen over the week end Factory buying was re- ported at a bare minimum. Spot No. 1 Res sheets were

The big clight oil companies major trouble over Formosa and concerned have promised to that even if the Nationalist-held Consortium spokesmen

islands near the mainland the men they send that some oil will be made into Abadan and choose those invaded, the America Laut New York Sugar follow available for export,

who co-operate. weli with going to make a major result

trial For warm weather in Europe

production,

it. In Hongkong, the quite apart and elsewhere this winter would during the last three months of others,

from over

tramway dispute lingers on, but technical qualifications./ In a decrease. of oil con this year and will be offloaded

the

fact that utilities, as a whole tion This are turn would when it becomes available.

New York, Och 14. Several nations will be of have apparently coing back, Into forca the big all concerns.

favour suggests that the general

108,44 World No. 4 sugar futures Conn. future price index- Western world to make Abadan is reported by both operating in the restoration of feeling is that there is not going closed today unchanged to

to be room for Iran by imposing - Iranian and British and Unliex the oil industry

any major union

trouble point higher with sales of 129 straints on oil output by other States of engineers to be in Iranian feelings will have

The money position continued to No. 8 sugar- futures} Persian Gulf oil producers, and good condition considering that bo respected if a friendly and

remain easy rally favoured Domibly also in the Caribbean much of the plant has been successful routine is to

Banks are naturally

closed unchanged to 1 point shut down for three years.

established.

by those with a large amount higher with sales of 148 contracts, This paychological aspect of of money to invest. They are Both markets, ruled, steady Expensive machinery might even lead to a cut-back placements will be needed and the restoration of the industry creeping up steadily and on the line with io raw market and week ore $10 botter, an improved demand for redned on existing output levels.

thod will be provided chiefly regarded by many

heard yesterday that scrip as consumers moved to bulls up. If this happens then the tiny by British and United States being of prime importance scarce at $1,780 but there is reserved stocks panding desap

It some available at $1,800-20 at care will be looks as if the shares will top strike closings were!

ments in the to Similarly great sheikdam of Kuweit, wedged Birms. betwood

Iran and Irng on the

Iranian exports estimate that taken by foreign adminstrators the 1,800 mark early next week Persian Gulf, which did most

ith replacements of worn and not to antagonise the Abadan

Another

Contract No. 4 (world) wartą, making ́ good the los Corroded ; parta, the Abadan.ro-] labour force-when oil starts: to /Posibly, evon, today!:

stock in demand is

is Union which January Tron's shut-down amory, which operated at the flow

3124 better than last week, The Chairman of Wheelock Marden routined to the Colony Märden

Co Ltd, Mr G.

yesterday from Japan, where he has been attending.

the annual conference of the institute

In one or two instances, it

mused by

4

IC

again

Dranjana

thẳm

In 1961, would probably be the rate of 25,000,000 tons B. In the Inst three years,

im 1930, cany produce up too has been largely idle and katy's resumed flow 0,800,000 tons of refined

bo small compared products to its first year of labour discipline has inevitably peak output in 1950: being used again.

tput in 1985, the first

of oporation, will

to 15,000,000 toga

only a little over, ont

har pre-nationalisation

Labour

that the misideta *clindi plinë.

Picine Relations Ait in,

of comes the company, allres KUNG

to

in the threatened venter

*Future

March

Sept

centres totallod 64,442, bales.) United Pregna

quoted at 2014 cents a pound, New York Foreign

noralnal Futurʊ prices:

Dec.

Mar:

Prices per bushel, ink

Not red

LONDO

The

Exchange

20.00

Now York, Celt

England-pet

90-day futures

Pakistan,

jadian;

quiet with sated at: 243⁄41⁄2