1955-04-01 — Page 9

THE CHINA MAIL, FRIDAY, APRIL

TRADE and COMMERCE

1955.

SECTION

IMPROVED TREND OF EGYPT'S

NEW YORK ECONOMY

STOCK

MARKET £280m Schemes.

New York, Mar. 31.

and

Rail shares, steels metals showed independent strength today when the market once again encoun- tered resistance as it ap- preached the bull market| highs set early this month.

Ralls alone of the major groups closed higher on average with industrial gains rarging to more than 2 points in Louis- ville and Nashville.

Industrials closed in a 'very narrow range, with many carly

wide gaiters pared in lace profit-taking. There were ex- ceptions, however, notably in

the steels and non-ferrous metals.

Vanadium Corp. ran up more than 2 points, Sharon Steel almost 2 points. Bethlehem, US Steel," Republic, Wheeling Valor do Fuel and Iron

American Steel Foundries tach added «armund a paint,

Coppes paced the metals in continued response to price in- creases for the metal. Magma

For Developing Production

Cairo, Mar. 31.

A moderately reassuring picture of the present economic state of Egypt has been given to shareholders of the National Bank of Egypt by the chairman

the board of direcors, Aly Shamsy.

has

His annual report says that during the past year the national economy been "marked by stability combined with stimulating effort," the country had been inspired with a sense of definite progress.

Malaya Rubber Revenue Up

Singapore, Mar. 31.

Officials of the Malayan Customs Department were baled last weck when they found that rubber revenues which poured inte their coffers

first In the two months of this year were doable their original estimates.

The Department esti- mated an average of M34.- 000,000

STOCK EXCHANGE

QUIETLY STEADY

I

Bullish Note At Yesterday's Close

I

By A Special Correspondent

Business" on the Hongkong Stock Exchange this week almost came to a standstill. The total volume of trading for the week amounted to about $21⁄2 million or about as much as month this year

a good day's business. The market kept quietly, steady, however, and a bullish note appeared towards the close of the afternoon call yesterday."

as rubber revenue, but it totalled M$8,800,000 11 January. and M$9,000,000 in February. The frures also were well above last Year:

M$2,850,000 for January and M$2,700,000 for February. --France-

TODAY'S SHARE PRICES

་

On

the week there was not

one good feature though parhaos!

the continued improvement in World Cotton

Hongkong Wharves requires some explanation. These shar

Markets

it will be remembered were! selling around $70 last month. When it was announced that the dividend had been passed and the company, had sustained a low

New York, Mar. 31. of $132,748 last year the shares

Cotton futures today, halting slumped to $531⁄2 and then to $62 before they began hardening opened higher and remained on a previous two-day reaction,

Buyers' offers climbed dollar gradual upgrade for the rest by dollar, Crom $64 to $59 but of the session. still no sellers have appeared. Technical replacement buy- (From Our Correspondent] Brokers find it hard to explaining. plus good-sized trade buy- the demand but they believe that ing orders in the May-July de- Business done on the Bonga large number of shares are liveries, and abated commission.

house of course, a stort- ment will provide some of the ong Stock Exchange this morn-held at present by investors who

liquida

combined There is,

to reverse to $287,367.30. bought when prices were at boom |ling difference between the money. but much

from Egyptian sources and this, Non quotations and the man- levels before the embargo, situation today and that pre- vailing in the last months of the said Aly. Shamsy. "naturallying's transactions old regime.

Then, carelessness | raises อ number of serious SHARES BUYERS SELLERS SALES

brought problems." Some economists BANKS and corruption had

the

HK Bark vorge of bank- Egypt to

suggest that it is wrong in such ruptcy. Now, by careful hus- circumstances

INSURANCES to embark

Untan controls,plans for industrialisation rather SHIPPING and bandry

sensible moderately the balance of payments

has than directing all energles to- agricultural increased been so improved that for 1954

954 wards Aly Shamsy was able to report production. a small surplus. For the next six or seven years, at least, the probably ba equilibrium can

rose more than 2 points, Ken- necott and Anaconda well over

a point each and Phelps Dodge nearly a point.

ISSUES TRADED

Of a total 1.190 issues traded today, there were 583 higher, 354 lower.

day

-..

was

Trading active, totalling 2.880.000 shares compared with 3,410,000 yester

Once again Balwin-Lima- Hamilton-one of the atom- powered issues-topped the active list. It rose 4 point..

The issue touched with the magic of atomic power, among the strongest in recent sessions,

were among the hardest hit by realising with early wide gaina just about erased in most cases, General Dynamics held only a rise, Bath Iron Works point.

A few aircrafts did well.

maintained.

A MORNING'S SHOPPING

marks-have

must come

Aly Shamisy believes that un- less industrialisation goes hand in hand with agricultural deve-. lopment, the present appalling standard of living cannot be raised. In any case, the question is one not only for the econom- ists but for the politicians and Propagandists too.

There are still many pleasant tripperies in the Cairo shops, from but they come chiefly those countries which have

coq-

ANXIETY DISPELLED cluded bilateral trade agree- Aly Shamsy remarked; in a ments with Egypt--among them reference to the political climate, Belgium, France, Italy, and that the busisess community's Switzerland. Premiums imposed previous

sense of uncertainty had been largely Trans World Airline respondon importers buying with hard and anxiety ed to

a good earnings report currencies dollars, sterling, and dispelled. There has certainly

effectively limited been with a 1 point gain

an upward trend in stocks, The New

the York Stock Ex- such expenditures;

result and revived confidence, among change bond volume was $2,- being (for the relatively few 120,000.

consumers able to enjoy them) foreign investors.

Egypt is efficiently administer- The American

agreeably Stock Ex- an

cosmopolitan ed nowadays, on the whole, and change volume

new feeling of was 750,000 selection of goods, so that in a there

morning you may buy perfume shares.

report a Dow-Jones closing averages from France, a book from Eng stability in the air. Independent

land, a typewriter from Sweden, economists, hoyrever, repo

certain sluggishness in business. 400.10 and a a pair of socks from some-

Money is still concentrated in 150 where behind the Iron Curtain.

too few hands, and those who 63.57 Des

It will be an expensive morning,

hold it

it are

are all 100 OFFER

often dis- 153.15

trustful of the regime, resentful its of its background and activities, and thus reluctant to "make their money work"

were as follows:

30 industrials

20 rails

13 utiles

to stocks

40 bandy

.Com. tuture price ind$+2

YESTERDAY'S PRICES

Alden Inc. Acy

Allied Chemicals

Allis Chalmers

American Airline American Metal American Smelting

American Tel & Tel

American Tobacco "B"

Anaconda Copper

Area Sied

Armour

Bajwin-Lima-Harmilian

Baltimore & Ohio

Bendix Aviation Corp.

Benguet Cons.

Bethlehem Steel

Boeing Airplane ·

93.92 however,

134.40 Aly Shamsy reported that in

térnal

prices had remained fairly stable during the year,

26

70%

20%

463

3797

is a

but they are much higher than behalf of its aspirations.

they were three years ago.

of inflation

the

оп

As all would agree, however,

real

ing amounted

Waterboat

pocKS, ETC.

Asia Ndv.

K. Whart

Dock XD

Provident

-1505

970,

11

1335

3016

34.50

12

(0) X All Wheelock. 7.15 LAND, ETC.

HK Hotel

37 17.30

BK Land

**

S'hal art. 960 Humphreys

2420 Realty 1971; 2.0216 UTILITIES

Tram..

Ferry

Stur

20.00 444

C. Light (0) 17.90 10.

Light (N) 1410 14.30 Flectric.....

26.40 26.70

They believe that those share holders are reluctant to sell now at what would be a considerable Insg and wold rather hang on in the hope that the shares will rise again when the embargo is lifted.

RELUCTANT TO SELL

My belief is that we'll see 3600 € 7.20 some sales again when buyers 17.16 offer more than $70. Certainly I 17.20 can't imagine demand, carrying 17.10 them much above this price until 65

there is some clearer indication 90e of the company's recovery.

7. 191996

17.00

|

latind

rse the Day trader realising pared prices slightly at the close but the list still anished with net gains of 5 to 20 paints. Open- ing prices were uý 1 to 2 ponits. New Orlears closed 7 to 21 points higher

Prospects for a higher Gov- erament crop can rate this year, suggested by the rise in the mid-March purity price, and increased producer entries under the loan additional wêre

factors.

pre granvoe background

terests in the Exchange today Trading volumes and open ja-

were:

Month

Page

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Outwards "CANTON" "CHUSAN” "CARTHAGE” "CORFU

Leaves London

30th March

27th April

Due HongkonJ

4th Apri

16th April.

2nd May

30 May

Via Southampton, Port Said, Aden, Bombay, Colombo. Penang & Singapore

Homewards

."CANTON">"

**CHUSAN"

"CARTHAGE"

"CORFU

Leaves Hongkong Due London

8th April 2nd May

sch

May

Sed June

8th May

30th May

ath June

9th July

Via Singapore, Penang, Colomba, Bombay, Aden, Port Bald & London

* Also calls Marseilles.

*SHILLONG"

"SURAT"

"SUNDA"

FREIGHT SERVICE

dze" 9th Apr., from U.K. & Straits

bads 10th Apr. for Kobe -Yokohama. Toads 14/15th Apr.for S'pore. P. Swetten-

hain, Penang, Colombo, Aden, Port Säld, Alexan- Cria, Genoa, Marseilles, Havre, London, Antwerp. Rotterdam & Hamburg

dae 23th Apr. from U.K. & Straits joada 28th Apr. for. Kobe & Yokohama

With liberty to call at Belawan before or after Stralia Ports and at Bombay it inducement offers.

Tanks available for carriage of O in Bulk. Space for refrigerated cargo. Limited Passenger

accommodation

BRITISH INDIÀ S.N. CO., LTD.

due 10th Apt. from 'Jepar

"WARLA"

"SANTHIA"

salis 11th Apr,

due 18th Apr. sails 19th Apr.

"SIRDHANA" que pind Apr.

sails 23rd Apr.

for Singapore, Rangoon, Calcutta di Chittagong from Japon

for Singapore, Penang. Rangoon & Cajculia from Calcutta, Rangoon & Strails for Japan

* P. & 0./B. I. JOINT SERVICE "OBEA"

"OZARDA"

. "ORMARA"

duo sails 7th Apr.

eth Apr.

"due 10th Apr.

from Japans

for Singapore, Penang. Colombo, Bombay

Катасы

from Bombay &' Straits,

sails 11th Apr. "for Japan

due 20th Apr.

sais 29th Apr.

from Japan

for

Stagapore.

Part

Swettenham. Colombo, Karachi Barah, Khor ramster, & Kuwait.

EASTERN & AUSTRALIAN S.S. CO., LTD.

Volume 24.300 SL000

Open interest

7740,503

880,500

"EASTERN"

“NANKIN"

39,000

312/200

31.200

204,400

9,600

142,800

147.100

3,600

275,300

NEW YORK

Prices

Banks have been out of favour May following the bonus issue boom oet. but yesterday afternoon, after a

Dec. sale of $1,530 in the morning, Mar. May they rose $10.

Wheelocks which slipped Total slightly during the week fimed yesterday afternoon to $7.20. Festerday was the end of their

Fub

Telephone 30% 31% INDUSTRIALS

Cement

All STORES, ETC.

Daky 21.30 21:20 500 € 150 nancial year and the market is as follows:

Watson

13.40 13,70 L. Crawford 24.80 COTTONS

Textles Nanyang MISCELLANEOUS

Yangiste

Allied

.... B20

4

8.00

1000 Z1.90

now beginning to speculate on the poesibility of an interim Spó! May dividend. This may have been July

a factor in their rise. yesterday. October

December 1000 m 61%

. HOTELS SOUGHT

World Rubber

Markets

Among other wharf issues, Docks are steady on the week and Previdents a fraction lower: Hotela, which log about 20

cents

back

22.700 2.490,200 bales

of futures closed today

NEW ORLEANS

33.47

33,18

34.03

34.10

331.90

due 19th Apr. from Australia

salls 20th Apr. for Japan. due 17th Apr. salls 20th Apr.

from Japan

tor Sandakan, Brisbane. Sydney. Melbourne & Adelaide

All vessels have Uberty to call at any ports on or off the route & the route & sailing. are subject to change or amendment with or without notice.

For full particulars apply to:- MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4.

北

Zamet

May

July

Frices of futures closed, today

33.73

33.89

31.90

34.DU

34.18

34.32 33.00

EVERETT

LIVERPOOL

closing.

American

during the week, came as follows: into demand yesterday.

Spot afternoon and closed at

3 May July steady $17.10.

December moet March

In the utility section there has October been little change and Singapore, Mar. 31. After opening slightly below sucs are quietly steady on the May market week. Star and Youmali Ferries July yesterday, the rubber

were neglected again and there There was moderate is not likely to be much interes

in shown these. shares until Futures interest but only for

Economists agree that

the threat to Egypt's future! period

which

may is neither political ror economic, arise from Egypt's various deve- strictly speaking. It is the in- Slopment schemes has not yet exorable menace of the birth 542 begun, but most things

are rate, which sometimes seems to fluctuated mildly throughout dear enough already, and some make the best cfforts of the day. 145 reports from the countryside financiers administrators trade

speak of disaffection amon the smack disconcertingly fellabeen over the circumstance hopeless.

742

130

Canadian Packle Railway

Case (J. 1.3 Co.

Chase National Rank

Chile Copper ...

Chrysler Motors Commercial Credit Commonwealth Elec,

491

Consolidated Edison

Continerital Steel

Com Products

Crane Co.

Cuban American Sugar

Curtis Wright

Dupont de Nemours

150%

Eastman Kodak

General Elettric

General Foods

General Motors,

Gillette Safety Razor

Goodrich (B.P.) Co.

Goodyear Tire & Rubber

Honstaké Miring Co.

International Business Machines

International Harvester

International Nickel

International Paper

International To. & Tel.

John-Marivile

Co.

Kenecost Cupper

Lockheed Aldrars

Leows Incoro.

Lone Star Cement Co. Minnesota Mining, Montgomery Ward

National Cash Register National Distillers" pro National Lead ... New York Central

O evalore

dan

Pacific Gas & Electric

Pacific Western Of ...

Airways

Pan Amerotus

Paramount

Phripa Petroleunt

Pittsburgh Pinte- Glass Radio Corporation?

Hteo Motors

Repubile Stee

Shell Oil Co.

Sinclair Ol

Socony Vectrum

Southern Railway; (Com_)

88

that

that agrarian reform and land

co-operatives have

much cheaper.

Hfe much

The

not made

and

pundits of the National New York Sugar

Bank have always been noted.." for their

and

realism,

Aly Shamsy did not pretend (as seems to have become a habit.

in Egypt) that all was well in

Market

LINES

EVERETT ORIENT LINE

50.85

Fast regular freight

30.10

passenger service to

Official values for spot cotton included:

of the wall inquiry. There Government makes some state. middling cotton, in pence per lb.

was some selling towards the ment of intention on the harbour were as follows:

It will be May/June absorbed, tunel proposal. close but was well

**** | July/August British expert October/November and the market closed steady. recalled that a Futures:

is at present investigating the December/January No. 1 rubber per tu. April 001-002 feasibility of such a scheme. His May 804-8918 report is not likely to be made June andunted for some months, I understand.

American middline 15/16 inch 50.80 No. 2 rubber per ib. And 480

American S.I middling th inch 28.00 Rubber shares appear slightly Medican midcting 1-1/32nd inch 2274 No. 3

8715-03 No. 4

80 better following the increase in 20-90- Spot rubber umbaled

rubber in

SAO PAULO the price.cf raw Blanket crepe

9112-8212 95-96 Singapore. Yesterday's

opening Futures closing in cruzeiros closed un price was 90 Straits cents per kilo were as follows: Futures today changed to 35 points lower pound. with sales of 132 contracts.

Prices

1.

New York, Mar. 31. World No. 4 sugar futures

the best of all possible worlds, closed today 1 point higher to 2

In current matters, the present points lower with sales of 172 cotton season was marked by contracts. "irregularity" and a slackness of foreign demand:

and there

DELAYING TACTICS

contracts,

Havana

*

No. 1 pale pe

ended on a note of

casiness after see-sawing over New York Foreign

a range of cent a pound.

spot market ruled The

dull side with

on

factory time

'Domestic No. 6 sugar futures was always the danger of infa-closed 2 points higher to 2 tion. In matters more funda- points tower with sales of 179 mental to the Egyptian people,

trade reports said 671 Aly Sharmsy touched on the

country's basic problem: the in- Russia purchased 100,000 tons of the 307"

30ablilty of production to keep Cuban refined sugar, subject to buyers still marking

pace with the rapidly expanding an increase of 10 per cent in Small sales included one sheets population.

the overall world export quota for June delivery at 33 cents this year by

the International and later down 30% cents Sugar Council. The reported pound.

pound. The Revolutionary Council price paid 4.20 cents a has plated bold new develop- FAS, compared with a going 31% ment schemes to retard The market for Cuban refined of Futures:

4.30 to 4.35 cents a pound. terrible progression.

Dealers estimated a 10 per The proposed high dam. at

will make at least cent increase in the world ex- would amount.. ta port quota million arid acres Pro-

about 400,000 metric tons and ductive (if it is ever built). Great sums of money are to be would give Cuba sufficient ad- spent on

industries, ditional quota to cover the sale.

Standard Brands

Standard of oz California

Standard. Dil os Indiana

44

Standard Oil ofɑNew Jersey

112

Stokley-Ven Camo,

13%

Studebaker-Packard Corp.

Swift & Co. Ako

Texas Co, zákon

Union Pacific Hillway

Union Carbida:

United Cos. Erip

U. S. Line C

Ü.5. Grypa ma

US. Rubber

United States Smelling

UB. Steel KA

"Wazzier BroM Z

Westinghouse

Woolworth

Aswan

Exchange

England-official

New York, Mar. 21,

punalficiai

30-day tafizzes

*

7/16

Spot No 1 Rs were quoted Belgium

cents a 'pound nominal.

New Zealand

2.78 7/18

0196

Others

WETE unchanged.-United

May July September Decembe March May

LONDON

932902

29.39

The market was steady. Spot No. 1Rs were quoted at 25% pence per b. Prices:

Settlement house terms:

mines, roads, and ports, a steel wall is Earlier this year Russia bought to be built outside Cairo, using 200,000 tons of Cuban raws are from Aswan; there is to be followed by some smaller pur- No, spot Ras.... a big new fertiliser factory; and chases.

domestic May Both world are

ofo

June

an intensive restoration decaying Egyptian State rail- markets today ruled irregular as July/Sept. ways. But these are only delay traders awaited further raw Oct/Dec.

July

Contract No. 4 (world)

Fan/Mari

3.30 3.31

Apr. May June

Estate, crepe thick-Apr,

... 25%-20%

264-2614

2831-

nying

ing tactics. Even the new acres market developments. Futures; General markets, clf busia, port

by the high dam whi absorb

only the growth of May population

that will -occur Sept. during the period of its con- Mar. 94% struction. The position of Egypt|| May

both

84

1579

201

* as a society and as

Power is vitally

these anxieties.

The proposed

A

wood by

Spot-(cents per Ib. fob

Contract No,

threatened

544achemes are vast.velopment Bapt

will be you

793% costly. Aly Shamay put the total 24.

at £280m., of, which about half May must be found to foreign cur- Spot (cents per, ib. cif

ex-duty) rencies, Foreign aid and invest

thin

AMSTERDAM

The market was steady. Prices closed today in: guilders per kilogram, CIF-April as fol- Lows:

16.43: No. 1 rubber event 1999: 2.58 buyera ********* 257 Bayers

BAO DO, 2 rubber

No. 3 rubber:

·BAT No. 1. crepe

United Prema

Exchange Rates

this

May

July

October

December

In the United States, the aver age price of 15/16 middling cotton at ten designated spot markets was 33.61 cents, Sales at these centres dotalled 7,643 bales-United Press,

London Foreign

Exchange

New York Montreal Business was done in the local { Amsterdam

exchange market

Brune's morning... stụ The following waterm Copenhagen

5.70 Lisbon US dollar (per $7) pren. Sterling notes", (per

15.00 Pa 23.80 Stockholm Siam ticals (per 100)

27.00 West Marks

180 Sungapore (Stats)

Others Indo-China plastres (per 100) 9.10 Press.

inom rupiah (per 100)

London, Mar. 31. £1.20 5/15-2.79 3.94/7/15-2.747F/20 *10.5435-10.340 140.00510

80,05-80.20

14.5435-14.5434

MESSAGERIES MARITIMES

P.O. Box 53" Queen's Building Tel: 2865);

FAST PASSENGER/FREICHT SERVICE AZE MBODGE!

“MEINAM” 205 buyers "PEHO

2.75 buyers

United Press.).

sailing Apr. 9th sailing May 20th

"YAST FREIGHT SERVICE

sailing Apr. 21st Balling May 12th

refrigerator

Koren, Japan,

Philippines, Indo-China, Siam, Malaya, Rangoon, Calcutta and Chittagong.

"BRADEVERETT”.

Arrives Apr. 5 from Manila, Sails

Apr, 6 for Singapore, Penang,

Rangoon, Chittagong Calcutta.

“REBEVERETT”.

Arrives Sails

Apr. 22 from Singapore,

Apr, 22 for Kobe & Yokohama, (Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)

EVERETT STAR LINE

Fast rerular freight refzigerator service to Japan, Malaya, Colombo, Bombay. Karachi and Persian Gulf,

(Subject to inducement for direct call Korea)

"THAI"

Arrives

·Sails

Arrives Sails

Apr 18 from Singapore,

Apr, 18 for Kobe & Yokoht

“STAR ARCTURUS”...

Apr, 19 from Japan. Apr, 20 for Singapore, Port. Swet- "tenham,- Colombo, Bombay, Karachi Khori imshahr, Basrah,

Kuwalt

&Bahrein,

(LIMITED PASSENGER ACCOMMODATION) (Accepting, cargo for transhipment Eobe/Pusan and Kobe/Okinawa):

EVERETT STEAMSHIP CORPORATION S/A (Incorporated to the "Republic, of FanaEDUK

Wild with Limited Liability).ESSE Chinesa Departments Telephode 28293, Queen's Building, Telephone 31206,