1955-04-05 — Page 9

Aus Is

THE CHINA MAIL, TUESDAY, APRIL 5, 1955.

TRADE and COMMERCE SECTION

NEW YORK

STOCK

MARKET

Special Issues Move Widely

New York, Apr. 4.

Stocks gave ground near the close today leaving most. issues a fraction either side of their previous figures

a picture enlivened only by wide moving special issues.

The selling furry came late In the day after stocks had fall- ed to generate any real en- thusiasm on the upside. There was no pressure, however, and turnover totalled only 2,500,000 shares, compared with 2,880,- 000 on Friday.

Biggest volume came early in the day

on the weekend' ac- cumulation of orders-Baldwin- Lima-Hamilton opened on а 18,000-share block and Benguet Consolidated appear on a 20,- -000-shares transaction list. Sell-!

Over-Importing

Chronic

Bank Survey Deplores Postwar Tendency

The steadily growing adverse balance of payments and the accompanying drain of oversea currency resources has been "perhaps the most significant single feature of the current financial year," states A.N.Z. Bank's Quarterly Survey

released today.

"But the adverse movement on the oversea trading account has been due predominantly to the steep rise in imports.

ing ex-dividend, it dropped World Cotton

to $20.

SUGAR STOCKS.

up

Markets

•

is

"In recent postwar experience equipment rapidly. But it does the tendency to over-import. has not remove the basic problem Bethat, as production rises, and as become so persistent as to almost chronic. There appears the population grows and to be a permanent imbalance in maintained at a high standard the Australian economy which of Itving. the demand for con-

goods will is causing imports to butstrip sumption

tend exports.

steadily to outstrip the produc- tion capacity of Australia's local industries."

Sugar stocks met demand in

"The inescapable conclusion,” late trading with gains ranging almost to 3 points and there

New York, Apr. 4. states the article, "Is that high Cotion were several good individual

futures today see wages and high levels of em- such performers issues

as sawed narrowly on either sideployment put spending power in Seeger Refrigera

almost of the previous close in quiet the pockets of the people which ན་ points;

up 3 dealings

tends to go into purchases of Campbell Stupp, 15% higher, the

Mill and

shipper... covering, goods for current consumption last reflecting announcement of along with spot house buying rather than into savings for the Company's plans to merge bolstered the nearby old crop capital purposes.' with C. Mhuk Swanson & Sons, liveries en the recessions, leading producer of frozen goods, while hedging, New Orleans Equidation kept selling and Great Among the sugars,

supplying the contracts. Western rose 1% points, South Porto Rico 24, Central Violeta

At the close the list ruled up 2 points and American Sugar 12 to off 5 points. Opening 11⁄2 points.

prices were oft to 7 points. New Orleans closed up 1 to 19 Some oils were strong-Sea-points. board, up 3 points and Houston Oil 14 points.

Of a total 1,233 issues traded, 491 were higher, 506 lower on the day.

Some of the biggest losses Came in recent strong spots because praat-taking hit hard.

General Dynamics lost nearly 5. The New York Stock Exchange bond volume was $3,250,000.

The American Stock Exchange volume was 960,000 shares.

Dow-Jones closing averages were as follows:

30 industrials

20 Tails **

15 utilities

45 stocks

40 bonds

Comm. future price index ....

YESTERDAY PRICES

Alden Inc. Acy.

Allied Chemicals

Allis Chalmers ..

American Airline

Armour

Some market cbservers described the market picture as

and awaited "iffy"

further. developments Washington the export subsly question for the new crop, along with action on other farm legislation.

Some selling was coupled

HIGH CURRENT INCOME

In conclusion the Bank states that "the appropriate poliey for Australia is to encourage saving for capital

while purposes damping down consumption, ex- perditura to ease pressure the balance of payments and on domestic resources,"

on

have

Britain'sReserves Drop $14m

London, Apr. š. Britain's, gold and dollar reserves tumbled by $14- 400,000 in March to $2- 667,000,000, the Treasury

F

today.

On the provisional

figures for the tiönth, Bri- tain had a zarylow of £9,- 000,000 with the European Paymenta Union which is due to be settled this month.-——United Press,

OF

PRICE

SILVER DROPS

New York, Apr. 4. Handy and Harmar bullion dealers, today quoted the price of silver at 87 cents an ounce, of 14 cents from the previous level..

on

V

The price of silver, Increased first March 15 was the change since Jan. 16, 1953 and was said to reflect a tightening supply situation in Mexico,

The Bank of Mexico has been a key factor in the stability of the silver market in recent years.

It has helped to eliminate, wide price swings by buying surplus Mexican silver when offerings could not be absorbed commercially, and selling silver when supplies got tight.

NEW ZEALAND "A high current income, and The Survey states that the a correspondingly heavy de-restrictive factors which mand for everyday consumption been operating in New Zealand goods. can only be satisfied by recently have had little ap an expansion of capital to pro-parent effect on trading condi-

On March 18, vide increased means of productions.

Handy and tion."

"Some of the inflationary im- Harman stashed the price of The article continues, "Over-petus has apparently been re- silver 14 to 884 cents a pound sea borrowing, however, is not moved, as indicated by stability in the first cut since May 1952, of both retail prices and and said to reflect some casing answer. It can the complete

vacancies," the in the light supply situation. "But the impact i

credit, a 011 revenue

alleviate the pressure upon re-employment

states article sources and provide capital of restrictions

Government

with the suggestions made by World Rubber

cotton state legislators that the national cotton policy of main- taining higher prices be modi- fied

line more so as to make competitive with rayon and easier to sell In competition with foreign growths.

Markets

Singapore, Apr. 4.

Silver prices in London re surplus matred unchanged today at 77 and a deficit in overseas trans-pence. United Press.

is not apparent in levels action este activity.

of

"Wage increases last Novem- ber have helped to sustain spending, and increased guaran- teed prices for dairying have sheltered that sector from the realities of its overseas markets. Hire-purchase finance and use of After opening slightly lower savings by individuals and com- the rubber market fluctuated panies may also have contribu narrowly on quiet market butted to total expenditure, steadied in the afternoon on Open trade support and short cover- Interest

100.600 ing. Future closings:

Trading volumes and opening interests in the Exchanges today

were:

412.87. Mok 150.83

63.97 MAT 154.33 July

99.91 October 155.04 December

RETAIL SALES

chough

to

NEW YORK SILK

FUTURES

New York, Apr. 4. Old contract silk futures to- day closed 3 to 10 certs higher Prices with sales of "eight contracts.

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morn- ing amounted to $388,430.65, Noon quotations and the morn- ing's transsetions:

SHAKES BUYERS SELLERS · SALES'

BANKS

HX Bank INSURANCES

SHIPPING

Nav

X AB Wheelock: AND, ETC. HS Land

Fictel

Humphreys Realty

UTILITIES

- Tran

... 10-40 1558

970

Stad Ferry

Elec.

Page

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Outwards "CANTON"

"CHIUKAN"

?CARTHAGE"

"CORED"

Lextes London

Salle!"

37th April

Bue Hongkong. 1 Port

18th April

2nd May

30th May

Via Routhampton, Port Sald, Aden, Bombay, Colombo, Penang Singapore

flomewards

CANTON" *"CHUSAN" "CARTHAGEN "CORFU

Leaves Hongkong Due London

8th Apri

and May

6th May'

3rd June

7th May

30th May

6th June

5th July

Via Singapore, Penang, Colombo, Bombay, Aden, Port Said & Lendoa,

* Also calls.. Marcilles,

15 0 1330

B40 973

-“SHILLONG”

"SURAT"

TOC TIC

70.

2435 24.80

16,70 13.90 1000 60 11.88

713 74 3007

720

"SUNDA"

2000 04

17.40 17.70 2500

0415 $515 100 kr.

2.2.00

FREIGHT SERVICE

dus 9th Apr. from UK. & Straits (pads 10th Ape, for Robe & Yokohama leads 17/18th Apr. for Spare. P. SwetTÍCII –

harn. Penang, Colombo. Ader, Port Said. Alexan- da, Geson, äfarseilles, Havre, London), Antwerp, Rotterdam & Hambury

due 25th Apr, from U.K. & Straits loads 28th Apr. for Kobe & Yokohama With Uberty to call at Belawan before or after Straits Porta and at Bombay it inducement ofers. Tanks available for carriage of Oll In Bulk. Space for refrigerated cargo. Limited Passenger.

accommodation

BRITISH INDIA S.N. CO., LTD.

20.40 20.60 1000 17 20.30

500 6 20:40

144

Youmati" Ferry

C. Light (P) Sheeline

X Al

Light (N) 14.20-4430 1500

112

18 18.20 500

13:10 14.20

12

"WARLA"

31 31 500 4 3114

“SANTHIA”

02.20

19.40 1311⁄2 366 †† 13.40 200 25.30

Mammo Tekpione

INDUSTRIALS

Cement X AJI 26.00 Dadry

Wadg

2. Crawford COTTONS

7.90

Textiles MISCELLANEOUS

Yangtze... €1⁄4á 6.30 14,500 « 6,30 Alliedien 4.83 400 gr 42

Singapore

Stock Market

Singapore, Apr. 5. Brokers today quoted the foi- lowing stock prices:

Bored British

Petroleum Bradicate ... Consolidated Tin Smelters.

Ordinary

Fraser & Nerve Lus

Codinary_issue

30% Od sis

$1.50

Fraser & Neave Lid..

11⁄2 cum, orel. Hongkong & Shanghal Bank

$6.60

Corp. (Colonial Register).. Malvan Breweries Ragles Hotel

3810

Singapore Cold Storage South Briksh Insurance Straits Trading Stras Steamship United Engineera Ordinary Waerns. Brothers Hengeng Tin

Listing Rubber Co.

May August October December

· 4:45%

Petaling Tin

4.358

Balu

Lld.

4,300

Kempas Ltd.

4.30b

United Press.

Washington Apr. 4.

Lunas Rubber Estates Ltd.

Rubber Co.

New Serandah

Lid.

$2.75

$3.87

cum diy cum bonUS.

-China Madi Special,

The Foreign Operation A Exchange Rates

"Accordingly. retail sales

high 324,700 No. 1 rubber per in. Apr. 4734-877% have been

May 87-87 June unquoted prevent stock accumulation inFOA Announcement 151.2005. 2 rubber per lb. Apr. 864-8624 spite of a higher level of im-

30,000 No. 3

8512-842 ports." 841%-85 2.491,000 No.

Referring to. 371-877

the future 79%-70% prospects of New Zealand ministration (FOA) announced 925-933 trading. conditions, the Bank today the following purchase Business was done in the local

exchange

market continue: "Accumulating Gov-authorisation for Iran and the unofficial, NEW YORK

ernment

together Lebanon: $48,818 surpluses,

to Iran for morning at the following rates:-

U.S. dollar per 51). Futures closed today 30 to 59 with restricted access to bank rural public health commodities Sterling notes (per £11 points higher with sales of 76 finance, may be expected to lead and audio-visual training pro- Indonesian rupiak (per 100) contracts.

to the greater discrimination in jects; $140,010 to Lebances for Slams tals, (per 100)

Singapore (Straits) consumer purchases required to steel products-United Press, Prices lacked a definite trend restrain imports to reasonable 34.09 most of the time on mixed levels.

derlings 53.73

included July 002 sheets at 30 cents; June three a volume of exports exceeding "Seasonal conditions promise sheets at 284 cents, and May last year's level. With wool four sheets at 294 cents a prices firm, meat prices satis- "Prices of futures closed today pound, practically all dealers factory and the chief weakness and factory bayers marked

GALİ

Volume

41,100

30.700

201,000

15.700

11,200

March

May

3,500 6.000

109,700 144,300

Juke

3,300

•

Total (bales)

120,500.

$ 20%

NEW YORK

26% 57

Spot rubber subalod Blanket crepe No. 1 pale crepe

American Metal

American Tel & Tel

Prices of futures closed today 179% as follows:

4

American Tobacco "B"

Anaconda Copper

Armco Steel

1413

Baldwin-Laina-Halion

July Oct

Baltmore & Ozto

Dec.

Bendix Aviation Corp.

Benguet Corts,

Bethlehem Steel

Cenacian Pacule Rallway

Case (3.1) Co. ...........

hatian (merge)

Chile, Copper

jas follows:

Chrysler Motors

Commercial Credit"

Spot

Commonwealth. Elec.

May

Consolidated Edison

45%

July

Oct.

Continental Steel

2834

Card Products

鲜花 Dec.

Cruze Co.

40

Mar.

18%

May

July

LIVERPOOL

Future

American

Boeing Altplane

Chase National Bank & Man-

Cuban American Sugar

Curtis Wright

Dupont de Nemours

Eastman Kodak

General Electric

General Foods

General Motors

Lockheed Aircraft

NEW ORLEANS

JN683988

etusin g's, middling, in pence per lb. werd

as follows:

May/June July/Aug. Oct/Nov, Deck/im

34.50

time.

Spot No. 1 Res were 307/8 cents a pound.

May

Sept.

Dec.

Mer.

May

July

LONDON

IN

centred in the market for datry produce there is reasonable quoted at

prospect that Bkely demands for imports will be financed Futures:

being without serious Inroads 30.05 made

New uper

Zealand's

337-35 reserves."

29.95

23.70

29.50

28.95

The market was dull with No. quoted at 2594

October/December January/March

23-2571

Gillette Safety Razor

Goodrich (B. T.) Co.

Goodyear Tire & Rubber

1 spot Rss

Homatake Mining Co.

30.38

Laternational Business

29.95

pence per lb." Prices:

Machines

40510

23.93

Internationa! Harvester

International Nickel

MARJADI.

21.89

No. 1 Ras Spot

2374-26

International Paper

International Tel & Tel

Official values or mot valurs were all uncharged.

Settlement house term:

May

June

John-Manville Co.

July/September

Kennecott Capper

- SAO PAULO

per kilo were as follows:

April May June

Apr

27.30

May

27.50

29.45

Estate crepe thick

AMSTERDAM

Dec.

29.83

30.15

The market was steady. Prices closed today in guliders

April

as

Leows Incorp.

Lone Star Cement Co. Minnesota Mining Montgomery Ward

National Cash Register

National Drillers Notonal Lend.... New York Central

Ous Elevators! *Pacifc Gas & Electric

Pacific Western D Pan American Altways Paramount Pictures Philips Petroleızın

Pittsburgh Plate Class

Radio Corporation 114.

Reo Mosa

Republic Steel

Shell On Co.

Singlade" .03.

Botany - VacLARE

Southern Railway (Com)

Standard Brands

·Standard Oll of California. Standard

of Indiana

Standard "O of New Jersey Stokley Van, Camp. audebaker-Fockzd Corp.

Union Carbide -Union-Pakilen Baliw cry

4-United-Ges, imp:

UA Gym

US Line Co.

TEUS. Rahber

United States: Smelting.

US. · Bbeel·

Wario Bros;

Westinghouw ;. Elettri

„Woolwortä

Future closings, in cruzeiros General markets, di basis,

In the United States, the per kilogram. Ci average price of 15/16 middling follows cotton at ten designated spot markets was 33.78. cents. Sales No. 1 rubber Fat these centres totalled 40,800

balés United Press,

No. 2 rubber No. No

mabber

New York Sugar Market

F

due 13th Apr. from Japan. salls 14th Apr. for Singapore, Rangoon,

Calcutta & Chlitogong due 18th Apr. from Japan sails 19th Apr. -før Singapore, Penang,

Rangoon & Caicuita "PENTAKOTA” due 29th Apr. from Rangoon & S'pore "SİRDHANA" due 2nd Apr. from Calcutta, Rangona

& Straits sails word-Apt. for Japan

P. & O./B. I. JOINT SERVICE "OBRA"

“OZARDA"

"ORMARA".

dur 8th Apr. from Japan

alls in Apr.

for Singapore, Penang. Colombo, Bombay

Karachi

due 10th Apr. from Bombay & Straits sall's 11th Apr. for. Japu due' 29th Apr. from Japan salls 29th Apr.

for Singapore, Port Colombo, Swettenbarn. Karachi, Basrah, Kher- ramshalie & Kuwait

EASTERN & AUSTRALIAN S.S. CO., LTD. "EASTERN" -dus 19th Apr. Salla 20th Apr. “NANKIN" due.22nd Apri

sails Bird Apr.

from Australa for Japan from Japan foe Sandakan, Brisbane, Sydney, Melbourne & Adelaide

All vessels have liberly 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.

this

5.30

EVERETT

Indo-China plastres (per 100)

8.00

Revolutionary Oil

Refining Process

New York, Apr. 4.-

Universal Oil Products. Co. said today it has

developed a revolutionary new refining process enabling refinera to supply motorists with petrol of more than 100 clear octane.

process

any

New York, Apr. 4.

Mr David W. Harris, Presinual meeting of the Western No. 4 sugar World

futures" elesed today 1 point higher to dent of the Des Plaines, Illinois, Refiners Petroleum Association.. The technical paper, prepared one point lower with sales of Company, said the new catalytic

reforming process, called

Groate, Dr re- by Mr Henry W. 218 contracts,

Domestic No 8 futures closed forming, is an entirely new con- Valdimir Haensel, and Mr Mei- unchanged to 2 points lower.cept in the field of petrol pro- win J. Sterba of Universal, said

duction.

reforming permits the refiner to 165 contracts. sales of

the said World futures held generally

will produce a reformed petrol of enable refiners

to octa economically octane number

than higher steady on Cuben, and

otber

obtained trade buying. Dealers under-produce petrol, of quantity and previously

cal proces the low stood Chile bought 30,000 tems quality required in the high other commerial process of Cubans for April-June ship compression engines automobile In the new proces

manufacturers · are testing and octane fractions are separated ment at 3.31 cents a pound,

are expected to offer soch to from the petrol flowing from FOB.

the refiner the public. Elsewhere, a British was reported to have exercised

In the system until completely an option to buy an additional

converted to high octane pro- The achievement is described duct. This recycling operation 75,000 tons of Dominican raws, in a techinical paper to be de-may be repeated several times. 2.54 buyers based on average prices prevail-vered on Tuesday at the an- United Press,

1.53 DUTERT

from 237 buyers that source to 250,000 tons. United Press.

Futures:

140 buyers ing, bringing total purchases

London Foreign New York Foreign

Exchange

Contract No. 4 (world)

May

Exchange

July Sept: March

July

London, Apr. 4.

Spot-teents per lb. fou

Now York

10.65

Exgiand-oficial

untatcial 30-day futurES: 10-day futures

Now York, Apr. 4.

.01+2+/24 1.70-9/10

May 7/16 July Sept

275-15/16. Bbo unchanged---United

Contract No. 6

Montresi Aartsterdént. Brussels Oslo

Stockholm

Faria

West Marks

Zurich

Others – WETS

11.054441955% Australia 11.8031-11.8034 | New Zeklámase

South Africa".

Unchanged, United | others were

Lá sa za pa za ta l

ARRBBAS

TECHNICAL PAPËR

zone and retained catalyst zone

MESSAGERIES MARITIMES

PC. Box 53. Queen's Building & Tel:-25851||

FAST PASSENGER/FREIGHT SERVICE

VIETNAM”

#CAMBODGE"

MEINAM "PEIHO”

sailing Apr. 9th salling May 20th

FAST FREIGHT SERVICE GAN

2002, Sailing Apr, 24th

********* Bailing May 12th

LINES

EVERETT ORIENT LINE Fast regular freight refrigerator passenger service to Korea, Japan,' Philippines, Indo-China, Siam, Malaya, Rangoon, Calcutta and Chittagong. "BRADEVERETT”.

Arrives Salls

Penang,

Api. 6 from Manila, Apr. 7 for Singapore,

Rangoon, Chittagong Calcutta,

"REBEVERETT"

Arrives

Sails

Apr. 26. from Singapore, Apr: 28 for Kobe & Yokohama, (Accepting eargo for transhipment" Kobe/Pusari and Kobe/Okinawa)

EVERETT STAR LINE

Fast regular freight refrigerator service lo Japan, Malaya, Colombo, Bombay, Karachi and Persian Gulf. (Bubject to inducement for direct call Kórea)

"THAI"

Arrives

Sallis

Apr. 17 from Singapore,

Apr. 17 for Kobe & Yokohama

“STAR ARCTURUS”

Arrives

Sails

Apr, 19 from Japan.

Apr, 20 for Singapore, Port Swet- tenham, Colombo, Bombay, Karachi Khorramshahr Basrah, Kuwait & Bahrein, (LIMITED PASSENGER ACCOMMODATION) (Accepting cargo for transhipment Kobe/Puzza and Kobe/Okinawa)

EVERETT STEAMSHIP CORPORATION S/A

don" (Incorporated in the Repubile of Parama

Lips with? Limites »LiabUxy) JAN Chinese Department: Telephone 28293. Queen's" "Building, Telephone 31205.