1955-04-19 — Page 9

a

TRADE and

THE CHINA MAIL, TUESDAY, APRIL 19, 1955.

COMMERCE

SECTION

CHECK ON US SPENDING SOCIALISTS

NEW YORK Reserve Banks Expected Anglo-Egyptian

STOCK

MARKET

||

New York, Apr, 18.

The stock market opened higher today.

".

Alrcrafts, depressed in recent

sessions

since

tor

announcement

study

of in-

Of plans dustry profits on government contracts, were the wide gainers. Douglas ran up nearly 5 points, Boeing nearly 2 points, Generul Dynamics, United Aircraft,

Lockheed all nearly two points

Chrysler continued in strong demand. It ran up more than 2

gained more than a point.

To Follow

Kansas City Lead

By JOHN MORKA

New York, Apr. 18.

The US Government last week imposed a mild check on credit expansion as production, retail sales, business and consumer spending continued at peak levels.

Through the Federal Reserve Board, the Government points while General Motors permitted a member bank in Kansas City to raise its dis- count rate from 12 per cent to 14 per cent. The eleven other reserve member-banks are expected to follow suit and Houston featured in the oils 'thus set the uniform rate for the nation.

Monsanto also featured in the chemicals, gaining 4 points..

with a gain of 4%. Shell with a rise of almost 2 points. Royal Dutch, however, fell more than 2

dividend dis- points on appointment,

•

The re in the discount rate not reflect a disturbance over means that it will cost banks the comic recovery so far? more to borrow, when they are short of funds for relending. Such borrowings have been on Trading was *brisk at

the the rise since last year. Bank opening because of the weekend borrowings last week averaged accumulation of orders and put $519,000,000 outstanding, com

They conceded that the rate boost will tend to exercise some restraint on credit and busines -but refused to borrowings, speculate as to whether it pre- saged a return to the tight-money

tickers behind for a brief period,pared with $200,000,000 average policy of carly 1954 which has The pace lightened with a total (during most of 1954. turnover of 3,080,000 shares,

840,000.

Ex

The American Stock change volume was 1,600,000

shares.

in

been offered by administration Ordinarily a rise in the dis- critic as a basic cause of the The New York Stock Ex-count rate is interpreseti as in-business recession at that time. change bond volume was $4-dicating Government concern

The Federal Reserve Board, by over a too-rapid expansión business and consumer credit. It cutting down on its buying and is also felt to be an effective selling of Government securities tends to method in curtailing any possible in the open market, runoway. inflation.

exercise some restraint on the ability of banks to build up its required reserves which in turn govern lending operations In forest rates have risen since last December, as a result, with the main increase in the short-term commercial paper,

Dow Jones closing averages on Wall Street today were Kollows

30 industriala

20 Falls

15 utilities

05 stocks

40 bonds

Comm. future price index

YESTERDAY'S PRICES

Alden Ins. ACT,

Allied Chemicals

Allis Chalmers ... American Airline

"Ainerican Metal American Smelting American Tel & Tel

American Tobacco Anaconda Cupper Azure Steel Armout

Zaldwin-Lina-Hamilton

Baltimore & Ohio ........

Bendix Aviation Corp.

Benguet Cons

Boeing Airplane

Case I Co.

Chile Copper

Chrysler Motors

Commercial Credit

Cuban American Sugar

25

TIGHT-LIPPED

However, the Federal Reserve Board, although tight-lipped as 622 usual about its financial moves, 160.38 explained that the increase "does

132.29

4236

World Cotton

Markets

"Activity was given over mosi ly to spot month liquidation and transferring before first notice day next week,

..

INTERPRETATION Financial circles here interpret

the rate increase es in effect a continuation of other Government moves aimed at restraining

Recently, the Board boosted, fiven 50 to 60 per cent the miniimam payments required on purchases of the so-called margin buying,

The new rate, it was felt, might |

under put" banks

added

en

World Rubber

Markets

L

Singapore. Apr 18.

market ruled The rubber steady with more buying in- Future terest toward the close. closings WETL

June 291-19 No. 1 rubber per b. May

No. 2 rubber per lb. May 11- No. 1 Na 4 Spot rubber unboled Blanket crepe No. 1 pale creps

1

SCP-01

NEW YORK

Futures closed today 63 to 75 points higher with sales of 120 contracts.

Uncertainties, plus higher London market and speculative the terminal buying boosted market

Spot No. 1 Rs were quoted at 324 cents a paund Fütres

May

July

-Sept

Sept

May

29.90

Oil Dividend

London, Apr. 18. Anglo-Egyptian (011. Co. has declared a dividend of 25 6d per "B" share, free of Egyptian dividend tax. for the calendar year of 1954; this compares

with

23 per share the previous year,

Subject to audit the met revenue is £1.800,179 after. tax of £422,150, previous year saw a pet. of £2,269,- 352 after tax of £524.753.

The Board states that differences have arisen tween the Company the Department of Fuel

the interpre- regarding tation of the 1954 price the respecting agreement

T Company's operations

and

1954 and prior years

The amount carried for- ward is £4,607,428 COM- pared with £2,737,408~~~ United Press.

HONGKONG STOCK

ADOPT

ODD LINE

By John McKenna

་ ་

British Socialist election

campaigners advised their candidates to plug n surpris. ing line that British pros- perity has slumped since the Tories took over.

The claims were based on the fall in gold and dollar restTVĖ: which the Socialists paint out stood at $3,260 peilissery September 30, 1951 against $2,667 milion on March 31 this year.

To some extent reserves are the index of the national trading position and the fall Micicates that the country is going into the red.

One thousand million dollars is a big fall and Socialista might make hay with it were it not for the fact that the Torles have obviously rejoined: the big tall

came just

the Socialists were going out office.

*.

RESERVES FELL

As

of

The general election was held од October 25, 1951 and by December 31 reserves had fallen to $2,355 million.

Obviously the Tories did not have the time to be responsible for the tall. But from there on the stories have been com-

EXCHANGE the next year the fall went

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morn ing amounted to $501,360.20, Noon Quotations and the morning's transactions: SILARES BUYERS SELLERS SALES BANKY

I Bank 1535 1349)

Ev Asm INSURANCES

210

1030

50

Dimsbord

SHERING

Waterbon DOCKS, ETC.

K. Whart ...

Docke Provident (0) X All... Wheelock LAND, MAC.

HK Hotel

--HK--- Land:"

Realty

UTILITIES

Tram

Yauma Ferry

Electric

Telephone

Gr 1030 30 g 12

ori

In

A

and by December 31, 1932 riserves were down

.to dangerous low of $1,846 milion, since

then they have beeo rising-reaching the $2,318 million on December 31, 1953 and going on to the currect $2,867 million.

So the Socialists can claim that the Tories"did badly during their first year and though they' have been doing better ever since, they have not yet re- gained the 1951 total. But they cannot claim that the Tories

114 113.20 (initiated the da

26.00

100 78

11.50 1.50 60 740 754 2000

17.20

18.00

In any case voters may be bewildered by it all. Unemploy ment is 150,000 lower than in 11.50 1951 and wages on the average

7.5 are ho

about 42 shillings higher Cekly, and the cost, of

living

340 @ 17.10

and falls in and dollar

reserves which show up immediately in

1,40 10.30. 209 @ 20,40 | the pay packet and are usually

39.20

3 #88888

INDUSTRIALS

Cement

X All.... 2831⁄2 28.80 ° -262% STORES, ETC. Dairy

22.30 100

Walso

New York, Apr. 18. Cotton prices settled back gradually today in quiet deal-

LONDON ings, with the nearby May conpsychological impulse to screen

The market was steady. Prices tract ebbing to, the lowest level more exactingly applications for closed

in pence per lb. as of the month.

all types of loans which have

follows. been pouring into the nation's

25-2074 No. 1 spot Res..... credit organisations. Instalment

Settlement house term: buying has been at peak levels.

May Construction-especially

of homes June

July/Scot. -has also been a source of great Oct/Dec. credit demand. In some cases Jan/Mar,

General markets, eif homes can be purchased with no

April minimum. down-payment with a

May June favourable 30-year-mortgage.

Extate crepe thick May Some observers feel that by Estate crepe in May Open contracts in May at the raising the discount rate, the start of trading today totalled Government might in effect be 432 541,400 bales. The certified in a better position to help halt.

stack amounted to 73,069 bales. any possible business slump later Market experts expected crop It was tell that it might forestall news and the usual run of price any business drop by 271% shaping factors to be over- tion of credit, controls at that Big shadowed by the May situation

for the time being.

Commonwealth Elec.

Consolidated Edison

Continental Steel

Corn Products

Crane Co.

Curtis Wright

Eastman Kodak

General Electric

General Foods

831⁄2

General Motors

Gillette Safety Razor

704

Goodrich (B. F.) Co.

Goodyear Tire & Rubber

81

448

**

Houstake Mining Co.

International Business

Machines

International Harvester

International Nicket

International Paper

International Tel 2 Tel

€43

John-Manville Ca

Kennecott Copper

110

Lockheed Aircraft

324

Leows Incorp

10%

Lone Star Cement Co.

Minnesota" Mining

Montgomery Ward

National Cash Register

National Distillers

National Lead

New York Central

Ot Elevators Pacific Gas & Electric Pacific Westem Oil ... Pan Americory Alzwwyu Paramount Pictures Philips Petroleram Pitsburgh Plate Glass

Radio Carporation:

Reo, Mstars

Republic Steel

Shell Oil Co.

Sinclair Oil

Sceny Vacuum

Southern Railway (Com.)

Liverpohl brokers, commission houses, New Orleans intercats | and local traders participated in

May the

and liquidation swapping operations,

relaxa

time, if needed. One way the Government does this most effec-

a reaction the list dively is by manipulating the dis-

net 5 to 20 pointscount rate.

3 lower. Opening prices were off

3 to 6 points. New Orleans

closed of 7 to 18 points.

Trading volumes and open in-

RECESSION

In February 1954, the discount

421% terests in the Exchange today rate was lowered from 2 per cent

47% were:

4644

Month 187 May 42% July

7322 Oct.

68% Dec. 45 | Mar. 14%%May 853 July

B1 Tcial

54%

AMSTERDAM

The market was steady. Prices closed in guilders per kilogram, CIF, May as follows:

No. 1 rubber No. 2 rubber Na 3 rubber

No. 1 crepe

2.50 buyers

2.58 buyers 2.57 buyer' 277 buyers United Press.

Singapore

to 13 povecentom 2 percent Stock Market

Volume Open interest to cope with the

44,700

543,400

28,000 855,000

10.300

310.200

12,400 1:000 1,400

306,100

171300

51,000

4,400

·

171,400

118.203 2.445,000 bales NEW YORK

business rem cession which had set in. This

Singapore, Apr. 19. Brokers today quoted the fol-

rate was reduced another 4 per lowing stock prices: cent a few months later.

Ord.

The 11⁄2 per cat rate has been | Brist, Bomes Fetrelman in effect since May 1954, Syndicate Federal Reserve finds have Consolidated The Smellers emphasised the role that the Fraser & Neave discount rate might play as "an Fraser & Neave Ltd., 75%

Hongkong & Shanghai,

Prices of futures closed today anchor for the whole structure of interest rates. They have 3325-28 stressed its importance in meet- 33,48-32 ||ing the country's

904

Standard Brands

4012

Standard Oil of California

Standard Oil of Indiana

4540

es follows;

Standard Oll of New Jersey

118

Spot

May

Stokley-Ven Camp,

17

July

Studebaker-Packard Cory.

13

Dct.

Świth a Coi

30%

99%

Mar,

1762% July

May

Teal Co.

Union Carbide

Union Pacific Railway

United Gas, Imp

U.S. Gypsum

US. Le Co.

U.S. Rubber

US. Smelling

U.S. Sterl

Warner Bros.

Westinghouse Electric

Woolworth

-United Pre

0212

NEW ORLEANS ·

34.00

financial re 33.83-88 quircinents and encouraging over-

21 stability United Press,"

34.09

Prices of futures closed föday as follows:

Брат

May

July

Oct

Dec.

Mar.

May

July

First National

In Cairo

New York, Apr. 18. The First National Bank of New York will open ičmarróW a new branch in Cairo, it wILJ Cannounced here today.

The Babic said this will be the only branch of an Amèrican bank in the Middle East. The

New York Sugar

Market

New York, Apr. 18. World No. 4 sugar. · futures closed unchanged to up 4' points 301-6 with sales of 118 contracts.

34.72-

LIVERPOOL

Domestic No. 6 sugar fuhures closed unchanged to up 2 points Future closings, American with sales of 134 contracts. middling, in pence per lb weTË as follows

May/June July/AUE. Oct/Nov Dac:/Jac Mar/Apr.

cum, pref

Banking Corp. Malayan Breweries Rames Botel

Ord

Singapore Cold Storage South British Insurance

· Co. Lid Straits

Strails an up-

United Engineers, Ord, Weere Bros. Hongkong Tha Lid. Petaling Tin Zid, Batu Bintang Rubber, Co. Kempas Ltd.

Lanas Rubber Estates

New Berandah Rubber

Co. Ltd. .us

Apr. 19

Opening

31.

30/30 $1.80

$6.00

$820

31.78

WOONKEZE. E

checked by Government before they do.

London Foreign Exchange

22.30New York 300 62210 | Mentres (N)

Amsterdam 21.10 13.20 32.40 820 a 13.30 | BrusiCIA Crawford 25:30

COTTONS

88.70

645 6.30

Alised

Paris

Stockholm

West Marks

London; Apr. 18.

2.79-11/16-2.3524

2:75-13/16-2,7671 10.6425-10.6415 · 139.55-140.00 30.15-80.23 984-964" 14.55-14.55% 11.784%-11.70%

Others were unchanged.

-United Press.

No Gloomy View' In

U.K. Over Cancellation

Of Russian

Orders

From Les Armour

London, Apr. 18.

British politicians and traders are convinced the current upset in Russian trade with Britain is the result of internal political manoeuvres and is unlikely to have serious long-term effects.

The Russians reportedly have about £10 million worth of orders waiting to be filled in 2000 Britain and anything up to half of them seem

likely to be cancelled..

323 od

$11:50 $2.74/2

$5.00 $1.35

$2.35

$1.85

$1.30

Chira Mail Special

New York Foreign

Cacada

Exchange

England-oficial 36.98

30.43

30.03

30.09

29.33

SÃO PAULO

World futures reflected the fumer spot situation, while domestic futures were quiet and irregular. Futures

Contract No. 4 (world)

Mary July Future closings, in cruzeiros September March ... per kilo were as follows

May 29.00 July -Oct

31.40 Spaternis per ibfob C JESTETT KLÁTraci No..

Deb. Mar

3220**

May

bank will both serve American and Egyplan business interests. It noted the growing trade between the United States and In the United States, the uly Egypt, which it said was "the average price of 15/18 middling September

November result of modern industrial and at tén designated spot markets starch agricultural method sponsored was 33.47 cents. Bales at these May by the Egyptian Government très totalled 6,950 Dales.- United Press,

United Press

Spodní certa

But politicians and traders changes would considerably in- say: the cancellations, appear to crease trade with Rusda. be one result of the official re- Mr-George Oliver, Parliamen pudiation of M Malenkoy's tary Secretary to Die Home policy Tot | Bods.

More than anything else they Thorneycroft, President of the planning-to question Mr Peter Kirik the cancellations reflect a Board of Trade in the House of gesture a gesture which will Commons tomorrow about the have only a temporary effect. cancellations of orders but he Once things have quietened

supcreasing, consumer: Office from 1846 to 1947 is

down they expect new orders too, inclines to the "political and meanwhile they are adopt-anecuvrea theory.

a "Let's wait them out" He does not believe the can- policy.

cellations are due to the shortage Board of

Trade

offoals to of cash or goods with which to night denied

the pay for orders reports, Government was taking · 1. The official spokesman for the gloomy view of the situation country's biggest trading asso and rumours that an

an official station

said report: cn the situation was certainly are concerned. But they felt political reasons were Harold Wilson, President at the bottom of it" and ther Trade in the leved the "best plen. was to

ing

Belgium

New York, Apr. 18.

$1,01-7/16

2.73 unofficial

2.71-2.73- 30-day future's 2.17% 30-day futures 218-11/16 South Africa

2.83% 5.013644 2632

-United Pic

Hollard

Switzerland

of Die-Board of

"Is

- businessmen

ન Socialist Government said wait until things settled down in Exchange Ratesnigrescate domy view: Trade wife, Russia and Eastern Buciens weg "digit în "the · Inical P205 indicate ans, MELANGKAN 5.55-84 unofficial exchange. market this warranted.”2/

morning at the following; rates

RELAX EMBARGO rope made up six per cent of Britain's total foreign trade pre- He said he thought Britain war. Currently trade with Russia could take some items off the about three per cent and anbargo list, particularly en-trade. with other Eastern giacering goods, and that these European countries is smail,

U.B. dollar per $1) ....

Sterling noter (per"

1).

Indonedans rupin (per 100),

Bam tenka (ner-100)

Sinemore (State) (per 100);

Indo-China plastoer

15.75

Pare

P&O B.I. E&A

COMPANIES

PENÍNSULAR & ORIENTAL "S.N. CO..

"PASSENGER/FREIGHT SERVICE

Outwards" "CARTHAGE"

"CORFT"

"CANTONY

"CARTHAGE"

Leave London Due -Hongkong

Sailed

2nd May

2th April

30th May.

29th May

27th June

ky July

22nd Juha

Via Southampton, Port Said, Aden, Bombay, Colombo, Penang & Singaperu

Homewarde **CHUSAN”. "CARTHAGE" "CORFU" "CANTON"

Leaves Hongkong Due Londes.

2nd. May

30th May

5th May

5th June

3rd June

*5th July

lat July

lat August

Via Singapore. Penany, Colombo, Bombay, Aden, Port Salé à Loudon

★ Also valls Marseilles,

“SUNDA"

FREIGHT SERVICE

due 2801 Apr. from U.X. & Straits

Ioad 29th Apr. for Kobe & Yokohama "SHILLONG" lands 4/6th May for S'pore, P. Swelten

Bam, Petang. Colombo, Aden, Port Said. Alexan- dra, Geboa, Marseilles, Havre. London, Antwerp. Rotterdam & Mambarg

With Uberry to call at Belawan before or after Straits Ports and at Bombay, if inducement offers. Tanks available for carriage of Oil in Bulk. Space for refrigerated cargo, Limited Passenger Bocommodation

BRITISH INDIA S.N. CO.,-LTD.

"SANTHIA"

In Port salis 19th Apr.

"SIRDHANA" due 24th Apr.

salis 25th Apr "PENTAKOTA" due 2511 Apr. “WABORA"

from Japan

for Singapore. Pennig. Rangoon & Calcita

from Calcutta, Rangoon & Straits for Japan

from Rungoos. & S'pore due 20th APT. from Japan

sils 27th Apr. for Singapore, Rangoơn

Chittagong

'P. & Q./B. I. JOINT SERVICE

N “ORMARA"

die 2915 Apr. from Japan salt 30th Apr. for

due h. May

"ORNA"

"OZARDA"

safl 8th May due 13th May sails 14th May

Singapore... Fort Swetteriami, Colorrio, Karachi, Basrah, Khor ramshahr & Kuwait.

from Karachi, Bambus. Cochin, Colombo Straits for Japan

Trom Japan

*} }

for Singapore, Penang, Madras, Cochin, Kara- riii. Barph Abecast Khorramshahr de Kuwait

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

“NAHKIN" que 10th Apc. from Japen

sails Nirt Apr.

"KANTERN"

for Sandakan. Brisbane, Kydney.......de --Malbourne-

We Lit ADC from Australia stili 33rd Apr. for Japan

All vessels have liberty to exit af any porta on or off the roule à the route à sailing are subject in changa or amendment with or without notice, --

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

VERET

VOLINES

EVERETT ORIENT LINE,

to

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

"LENEVERETT”

Arrives Sails

- Chittagong.

Penang,

Apr, 25. from Manila, Apr. 26 for Singapore,

Rangoon, Chittagong Calcutta.

"REBEVERETT"

Arrives Sails

May 4.

May 5 for Kobe & Yokohama, (Accepting cargo for transhipment' Kobe/Pusan and Kobe/Okinawa)

EVERETT STAR LINE

Fast regular freight -- refrigeratór service lo Japan, · Malaya, Colombo, Bombay, Karachi and

· Persian Gulf. (Subject to inducement for direct call. Korea)

"THAI"

In Port Sails

Loading

¦ Apr, 19, for Kobe & Yokohama,

"STAR ARCTURUS"

in Port

Salls

Loading

Apr, 19 for Singapore, Port Swet. @tenham," Colombo, Bombay, Karachi, Khorramshahr, Basrah, Kuwait & Bahrein (LIMITED PASSenger accomMODATION) (Accepting cargo for transhipment Kobe/Fusan - and; Kobe/OkiznWW)

EVERETT STEAMSHIP CORPORATION 5/A (Incorporated in the Republic of Panama

with Limited Liahputr Chinese Department: Telephone 2829

31206, Queen's - Building, TelephonS