1955-05-04 — Page 9

PENSIONERS

HOUSING

PROJECT

San Francisco, May 3.

San Francisco is planning

a 2,500-000-dollar (about

£840,000) housing project

for the exclusive use of

THE CHINA MAIL WEDNESDAY, MAY 1955.

TRADE ‘and

COMMERCE

SECTION

Page

SOVIET GOLD SALES RESUMED World Rubber

He is a NEW YORK London OperatorsPuzzled

its

zens.

Sponsored

San

by the Francisco Housing Authority, a joint local and Federal Govern- ment enterprise, flate will be

** rented at prices which the aged

pensioners can afford

-

"J

It will be operated according to private industry real estate methods, not like an almshouse.

This specially designed hous ing estate, which will include innovations of architectural design to make living easier for the no longer spry tenants, will be the first or its type in

the nation.

in

STOCK

MARKET

Late Sell-off Cuts $1 Billion

New York, May 3. A short, sharp sell-off late the session cut more than $1,000,000,000 from stock market valuations to- day, rolling prices back to "mid-April levels.

"It will be situated in the area which includes the greatest con- centration of old peolpe in San

The selling climaxed a day of Francisco, and will provide not

routine profit-taking which had arly modern living quarters but failed to

uncover any new Also nuricipally subsidised re-demand... It knocked prices creational facilities.

down 5 points at the extreme as reporting fickers fell as much as four minutes behind trans- actions,

2 PRINCIPAL BUILDINGS,

Planners envisage 210 which Bals in the estate will include two principal. buildings. each 12 floors Bigh, grouped about a well laid-out recreational area so

Closings were well below yesterday, with 843 issues lower out of a total 1,339 trader.

Market men called the action Technical and in line with ex- pinced as to get the maxi-pected market activity after the

mum sunlight during day-

light hours...

On tour of tairways, in addi- tion to list there will be Roor

to Ancr ramps, to ease the strain en only one

the

The Balls will <vri wine to permit

Dosage of

Liropati

|

recent move to new bull highs.

hit were

Hardest favourites in

recent

By Latest Offerings

HIGH PRIORITY INDUSTRY

By PAUL EINZIG

London, May 3:

Since the second half of March Soviet gold and silver reappeared in the London market. The amounts sold appear to have been moderate-their total was estimated at £2,000,000' and selling gold and £750,000 silver by the middle of April-

with the London newspaper was gradual. This, together strike, explains why the transactions escaped publicity for several weeks.

The resumption of Russian sales of gold, even on a small scale, would have, attracted much attention in the London financial press in normal conditions.

the rails, steels World Cotton

nimenity and special issues

F. Y

industrials, the decline

ng monted to 3.52 points on avtr- e. For rails. it was an even sharper less-2.79 points on wheel chas, and bath rooms will beverage, widest secline for the fted with extra handle bars for the convenience of the afted to- Each floor, will have, a ants. series of sun derks.

Forty of the flats will be designed with twin bed bed- rooms. Mr E.N. Ayer. Chairman of the Housing Authority, who is sponsoring the plained: pressing

Group since March 14. Utilities dipped 0.18..

SANTA FE DOWN Weighing heavily on the rail tvernan was a drop of more than 4 points in Santa Fe.

strong

Markets

New York, May 3.

found Cotton

traders today the line of least resistance the upside.

In moderately active dealings, gains ranged up

around $1.50 bale with the nearby

to

POPULAR IMAGINATION

This

poses.

MW

UK Reserves HONGKONG Up $19 Million

London, May 3. Britain's cold and dollar reserves rose by $19 mi- Bon during April and stood at $2,636 million on April 30, the

nounced Treasury" an-

Defence ald received tran the United States during the month wad. estimated at $17 million,

million In April, $13 were received in gold or delines, from the European Payments Union for March and $2 million were paid to creditors of the Union in bilateral settlements.

On the provisional figures for the

month, the United Kingdom had

million surplus of £22 swith the European Pay- ments Untón. This will be settled In May, 50 per cent in gold or dollars and 50 per cent by reduction of Britain's

The debt to UnionChiria Mall Special.

Singapore

Stock Market

Syndicate

Ord. ty Fraser & Neave Lid, ~ ́~ ́

Ord, Fraser Neave Eid. Hongkong & Shanghai Bank-

a cum, pref ing Corp. ****** Malayan Breweries Rates Hotel......... Singapore Cold Sturege Souly British Insurance Co.

Ltd.

ark

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong kong Stock

this Exchange morning amounted to $1,398,- and $77.50. Noon quotations the morning's transactions; SHARES BUYERS SELLERS SALES

BANKS

HK Bank... 1540 1559, 103 @ 1543 Bast Asia

INSURANCES

Union

Lombard

SHIPPING

DOCKS. ETC.

212

:.

1035

19

2120 @ 50

Ása Navona TBC.

K Wharf ...

Dock

Provident (0) 11.20 Wheelcck

LAND. ETC.

HK Hotel HK Land

720

17.30

....18.20

Humphreys

X.RTS RTS* UTILITIES

Tram_..... Star Ferry..

5.10

SR.

Y'mati Ferry 106 108;

CV_Light (0)

C. Light (2)

XD Electric

会

པ བ ད ལ བྷབྷཝསྐ

Markets

Singapore, May 3.

The rubber market. ruled quietly steady with business on moderate scale. The market steadied further towards the élose

on overseas enquiries. Futures:

No. 1 rubber, per id.

May

494% -29%%

unquoted

June

July

No. rubber per

May 671-877

No. 3 rubber per

No. 4 rubter per

|Spot rubber unbaled

Bisoket crepe No. 1 pale, èrepe

90-0012 7012-2015 94-95

NEW YORK

Futures closed 13 to 30 points higher with sales of 103 cop (racts.

The largest part of the trade in futures was represented in texchanges of May for the July

and Sept, deliveries.

Commission

houses

were

credited with selling

May

against purchases

pf

later

'ள

months with dealers and other trade interests ching the reverse.

67%

The spot market remained dull with spot quoted nominally a 314 cents a pound. Futures:

May

31.08

July

$1,08

30.70

30.00

*0.70

LONDON

The market was quiet but 13.20 1814 2300 6 18.40

steady, No. 1 Rss spot 14.30 141 4300 14.40 quoted at 264 pence per lb.

391 3300 33

500304

100 31 10003812 500 G 3814

580 ir 11

32 32% 3400 kr 14

Prices:

No. 1 spot Res

Settlement house term:

Jurie

Judy/September October/December Jandary/March

General markets, elf hastA,

Estrie crepe thick May-

thin

the

Opening

30/úd

Macao Elec.

XD 30.80

20/34

Telephone

INDUSTRIALS

$1.5 $9.00

Cement, 20.20 25.40 1000 25.30

May

100 29.40 $830429,30

June

July

$820 $3.75 52.80

Hope X STORES, ETC.

151

Dairy XD.. 20 20.30 125 a 20.30

20.20

$1.70

$20.00

$23.25!

Watson

13.40

514.00

Crawford 25.70

United Enginests Ord..

COTTONS

$11.00

$2.6

7/8d

Textile Corp 6,20 Nanyang

1.80

[す]

Entertala-

3144

$1.47

$1.00

15.00

6.25 9.34 4.90,

Straits racing

Straits Steamship

Werthe Bron

Hongkong_Tin Ltd. Petaling Tin Ltd. ... Batu Lintang Rubber Co.

Lid. Kempas Ltd.

It will be remembered that, duce the volume of goods avail- when in 1953 the Soviet Governable for the consumer. It is more convenient to ment began to sell precious therefore

and metals in London and

silver other draw on the gold Western markets, these

opera- reserve. tiens aroused worldwide interest.

ANOTHER REASON

Singapore, May 4. Admittraly, the sales were then on a much

larger

cuated scale. But

Another possible explanation

Brokers. today then there is no means of

of know

How is that sterling and other cur- following stock prices: ing whether the present tenta- encies may be needed for the Betish Bortico Petroleum tive operations will not prove to

of strategic import be the beginning of a long series materials for stockpiling pur Consolidated Tin Smelters of sales the total of which might se

is expected that, should well prove to be an impressive the conclusion of a Peace Treaty figure.

with Austria be followed by other conciliatory gestures, the ban" on the export of strategis Bethlehem Steel, selling ex-

May delivery getting up the Gold transactions have always materials and manufactures to rights, was hard hit in the in- 34 cent line, the Highest prize appealed to popular imagination, Russia

would be relaxed. As dustriais, closing nearly 3 points in almost two months.

largely because they are often the Soviet Government's

hold- estate ex- lower. Authority's most Special issues—many of them Day traders "realising pared surrounded by an atmosphere of ings of foreign currencies

atmosphere is believed to be low. possibly it to recent

features were extreme gains at the close buyster noticeable in the may wish to replenish them in provide special housing for the the widest

General the list still finished up 10 to losers.

The market opened care of gold sales by the Soviet anticipation of purchases of such senior clilzens. They are con- | Dynamics fell 3%, Western 25 points,

There have never been goods. Urion. gregated thickly in the very Union 2.

9 to of up

1 point. New any official statistics about the districts

closed up 11 to most open to urban

13 size of the. Soviet gold reserve Aircrafis

group were Orleans renewal and redevelopment." hard hit, Boeing, Bendix and points.

or the amount of the gold output United Aircraft were oft around Factors generating the price in the USSR. It is therefore 2 points, and there be it in

lifting power included: impossible to form an opinion Reynolds fell 4 points in the issuance. of only one May about the Soviet Government's metals.

delivery notice; 2. Strength of capacity to unload gold in Trading at a slow pace most Liverpool and attendant foreign Western markets if it wishes to of the session, was stepped up buying here; 3. anticipated do so. on the decline and total turn large-sized purchase of low-

When in 1953 Russian gold

SUBSTANTIAL OUTPUT 2,630,000 grade cotton for Korea and amounted ove

made" its first appearance in shar19, compared with 2,220,-

Spain: 4. A resultant interest in

gold The current output of London, Paris, Switzerland and yesterday.

ownership of the certificated other bullion markets, the effect must be also substantial, because The New York Stock Ex-

stuck: 5. Expectations for aa

of the high priority given by change bond volume was $4-early all-round pick-up in ex-

of relatively small sales

was the Soviet Government to gold that the premium of the "free 205,000,

market price of gold over. The American-Stock Ex-port buying.

thehen in September Mr F. J. Trading volumes and open officia: American price of change volume

730,000

Leading industrials were up Erroll, Conservative Member interests in the Exchange today per ounce disappeared. While of Parliament, paid a visit to down shares.

· few pence on average. until then there was much una Dow-Jones closing averages were:

uch the Sverdlovsk goldfields, he was Ford Motors, a recent upside were as follows:

speculation about the possibility very much impressed by the up feature, cased 10%1⁄2d but Rolls Volume Open interest

-9,800

date character 120400 35,800 873,700

American gold

the ap-t

of ed. 10,000 452,800

ment as a seller of gold ruled drive to increase the output.

Mr Erroll an engineer and out the possibility of such an

a director of a gold mining increase, since it would have 8.500 2.337,300 baler meant a tree gift of ariditional company, so that he was in a

position to judge. dollars to the Communist bloc.

Those urban areas of San Francisco where most old people live are crowded with buildings in slum condition, but with cheap rents, which attract the pensioners,

The California old age pension system, which is financed in part by federal grants, allows to cach person of 65 years or over and without sufficient private means lo maintain a minimum standard of living, 80 dollars (about £17) a month.

NET INCOME

To this sum are such charges as extraordin- ary medical costs. Any in- the individual come which Thay have is, however, dedacted.

..

over

000

20 industrials

63 stocks

40 bonds

સેકસ

ما

was

7

1365

6.900 377,000

Month

422.78

added

20 rails

15 talities

150.47

May 151.59 July 04.02 Oct.

Dec.

Comumfuture price index... 154.83

.Mar.

May

YESTERDAY'S PRICES

July Total

90%

NEW YORK

If the persioner's bili is 20 dollars (about £7) a menth, and his private income gives him a dollar a day, he receives n net income of 70 dollars а month from the state.

Out of this, he has to pay for all his needs, housing, food, clothing,

and

recreation-it any. None of the sun is "ear- markod" for rent or clothing. The individual is permitted to decide how he will spend the money:

Alden Inc. Acy

Allied Chemicals Allis Chalmers American Airline American. Metal

American melting American Tel & Tel American Tobacco "E" Anaconda Copper Armco Steci ... Armour Balwin-Lima-Hamilton. Baltimore & Ohio Bendix Aviation Corp. Benguet Cons. Bethlehem Steel Boring Airplane Canadian Pacife Rathway Case 13. 5.) Co. Chrysler Motors, Commercial Credit Commonwealth Elec.

Consolidated Edison

Continental Stoel

Corn Products

Crane Co.

a

The Housing Authority will establish a basic rent of one- fifth of the individual's income or a minimum of 25 dollars month, For that sum, an old man and his wife may live in a modern three-room dat, includ- ing bedroom, living room, kitchen and bath. The rent will include the cost of all utilities and sanitary services.

Cuban American Sugar Curtis Wright

Dupont de Nemours

མ Eastman Kodak

General Electric General Foods ... General Motors

The establishment of mini-International Harvester mum rent charges is in keeping the Authority's basic with mission of providing modern living quarters for individuals in low income brackets,

Now renting more than 10,000 units to wage earners, the

Glette Safety Razor Goodrich (B. F. Co. Goodyear Tire & Rubber .... Haritake Madna Co. Internatiorni Huskices Machines International Nickel International Tel & Tel

eubject to conûrmation. Johns Manville Co. Kepenott Copper Lockheed Aircraft Leous Inc. Lone Star Cement Co. Minnesota Mining Montgomery Ward National Cash Resimer

A

Authority limits tenaricy to National Dietidlare those earning a minimum sum National Lend.... per month. If the wage earner's New York Centrai income increases, he is forced to Orle Elevators move and make way for an in- Pacific Gas & Rientric

Pacific Western OR dividual or family whose in- Pan American Airways come remains static in the lower armo Pictures

Philips Petroleum brackets.

Pittsburgh Plate Clans Radio Corporation Reo Motors Republic Steel Shell Oll Co. Sinclair Oi

A

**15,000 PENSIONERS

There is little doubt that the Authority will have -more-applicants for accom

madation than space avall.. able, The number

of old are pensioners in San Francisco is almost 15,000, the highest in... i mørthern California.

Bocony Vacuuming Southern Railway (Com.)

Standard Brands corre Standard Oil of California.. Standard Ou of Indiana ... Standard Oil of New Jersey. Stokley Van Camp. Studebaker-Packard Corp. Bwitt & Co... Texas Co. Union Carbide Union Pacific Railway. "Any one of them would, bo i united Gas, Imp willing to trade their, broken- US. Gypsum ... down quarters in slum build- UB. Line Co. ings, costing an average of 305. Rubber

United States Smelting dollars (over (210) à month; for | UB.- Shel living space in the now 'modern': Warner Bros.

Westinghouse - Electric state planned here. China Mall

Woolworth Special

53

47

1928R

8.700 198.500

€,000 232.900

1,800

100,300

Prices of futures closed today as follows:

Spot

33.05

Mav

July

Det.

33.94 34.00-02 34.07

Dec.

SANT

Mor.

31.28-201

May

34.20-25

33.38

NEW ORLEANS

311

497%

Prices of futures closed today as follows:

Spot

34.10

Max

$3.05

July

Oct.

33.07-06- 34.03

Dec

24.08-09

Mar.

34.00-19

May

34.16

July

33.58

LIVERPOOL

Future closings, American cotton middling, in pence per ib. 10% were as follows

416

20%

May/June

July/August

October/November

December/Jaminry

March/April

SAO PAULO

31.51 3136

29.80

23.80

29.00

Future closings, in cruzeiros

per kello were as follows

May.

July

Dctober

#47%

December

47

March

20.60

33.30

of the

$35

official

There can be no doubt that the Soviet Government can well Afford to sell large quantities of the complete gold Eten absence of information about the of its gold reserve. It is size generally assumed to be very large.

2

Lunas Rubber Estates Ltd. New Serandah Rubber Co.

"ex div tx-China Maril Special.

London Stock

Market

London, May 3. Stocks moved irregularly on the London stock exchange today in cautious trading.

pearance of the Soviet Government and the evidome could, Royce and Diop Rubber f/TA- |

within

What is important from the point of view of the resumption of Russian gold exports is that, according to Mr Erroll, the gold production drive was evidently started

before. Stalin's

100g

Oil shares drifted lower with 1 the exceptions of Royal Dutch which added £%.

Selective buying lifted gold stocks a few shillings. Coppers were about unchanged.

Traders moved cautiously view of the spreading etal strike, British Government bands inched higher-United Press.

London Foreign Exchange

New York

Amsterdam

London, May

2.79-15/16-2.50 1.76% -15/16 10.6424 19.402-19.41 80.35-8050 20.0135-20.01

ABSENT FOR YEAR

For well over a year Russian gold bars stamped with hammer and sickle were absent from the market Their reappearance death--it takes years to sink

with the shaft--at a time when the off!- may possibly link up.

hrushchev cial policy aimed at increasin of the decision

Malenkov's the production regime to reverse

}

Bon of policy of producing more con- equipment while keeping low sumer goods and less heavy in-the

consumer production of equipment dustrial

Since less goods. This means

that gold goods

will be produced for the

given mining was

1. high the Soviet priority long before the advent Mantreal consumer

the Soviet Gov- of the Malenkov regime. Union, perhaps

wants to make.good erriment part

of the deficiency by in- creasing its imports of consumer

It seems reasonable to goods. For that purpose

therefore, that. post, would foreign currency needed, and the simplest way of though the Khrushchev regime securing it is through the sale of has now reverted to the Stalin

high precious metals for which there policy of giving is always a ready market. The to the production of industrial NEW YORK METAL

srill alternative would be an export equipment, gold mining

priority. drive, which might be a difficult continue to enjor high

After all, gold can be used for and slow process. Besides, an

increasing the

imports of indus increase of exports would

industrial Dr trial equipment

www

more be

E-

New York Sugar Market

New York, May 3. World No. 4 sugar futures closed unchanged to 2 points

lower with sales of 98 conmacts, - Buyers backed away, and In the United Stater, the realising increased in both c J4xd average price of 15/16 middling tracts following-carlier firmness. at ten designated spot markets in sympathy with the was 33,70 ceris: Sales at these centres totalled 8,069 bales.-- United Press.

121

1813%

Copenhagen

REVERSED POLICY

sup- even

Lisbon Cala Peris Stockholm

DBD-00015

24.1472-14551

West Marze Zurich

-11.78-11.763%

12.27-12.272

Others were wachanged.

United Press,

FUTURES

MISCELLANEOUS

ment

Yangtze

Allied....

100 18.10

EVERETT

AMSTERDAM

were

The rubber market was steady. Prices closed today in guilders per kilogram, CIF June as fol- lows:

No. 1 rubber No 2 rubber No. 3 rubber No. 1 crepe

2.60 buyers 2.50 buyers

3.36 buyers 2.73 buyers United Press.

LINES

EVERETT ORIENT LINE

Fast Regular Freight Refrigerator Passenger Service

Loading for Singapore, Penang. Rangoon. Calcutta and. Chittagong:

"REBEVERETT- "NORE VËRETT"

“BRADEVERETT" "LENEVERÉTT""

Salle June 2

Arr. June

June" 23

- July 5 July 20

June 24 - July 8

July 21

Loading for Kobe, Osaka, Nagoya, Yokohama.

"REBEVERETT”

NOREVERETT”

BRADEVERETT""

"LENEVERET*T**

In Port

Arr. May, 21

June B

* June 23

Sails Mar

-35ny 28

—— June

June '24

LIMITED PASSENGER ACCOMMODATION,

All the above subject, to siteration without notice.

EVERETT

STAR

LINE

FAST REGULAR FREIGHT REFRIGERATOR SERVICE

Loading for Singapore, Port Sweftenham, Madras, Colombo, Bombay, Karachi & Persian Gulf Port

"THAI"

"STAR ALCYONE”

June 15

Arr. May 18

Sale May 19

--Fine 14

July J

3

- July

24

-- Aug. 14

July 23 ****** Aug. 15

Arr. "May

15

Saila May 15

Juma 4

Jame

June 24

July, 18

July 30

Loading for Kobe, Osaka, Nagoya, Yokohama.

*STAR BETELDEUSE"

"STAR ARCTURUS",

"STAR ALCYONE"

*STAR BETELGELSE”. ~STAK ARCTURUS" STEAI

14.27b

90.756

90.006

10.99

Jume

United Fres

New York, May 3. Prices of cotton futures closed raw materials as well as of food today in cents per ib. is follows: and other consumer goods. This lead MIT Juic must have been one of

the TA reasons why the Stalin regime c June favoured the employment of much needed -productive

capa Copper May city for the sinking of shafts at Sverdlovsk and elsewhere, even If this diverted productive

capacity from the production of arms and from the speeding up of industrialisation.

May

MAY

June

LONDON METAL PRICES There can be little doubt that

London, May 3, political motives must have The lead market was easier played some part in the decision while the rest of metals were. situation.

gold mining a high steady today. Prices in sterling Domestic No. 5 sugar nitures to give

priority. 4 closed

3 points lower to

Buyers Sellers As a matter of prestige, iter long ton closed as follows:

7023% ·7203% points higher with sales of 37

fay be the ambition of the Ti 3-meta contracts.

Future closings were:

New York Foreign Contract No.4 (world)

July

Exchange

Sept.

Mar:

M37

New York, May 3.

$1.61-9/32

2.7234

JULY

Sept

Contract No. 6

Салава 273-England 90-day futures-

70% Belgiam

Canadian dollar rate

My buyers

44 Spol: close

high

Future: 30-day

90-day B-month

Cuba) sellers

July 1:01-0,12 Sept

∙1:01 · 1.01-9/32. Now,

#10110-9/32

101 LO1-0/12

101 101-9/2

-United Preside

Mar

per

3.49

Soviet Government to accumu-Copper spot

3-month late a gold reserve that bears

May helf Aur.

serve with the gold reLead 1st hair

of the United States, zine 1st half May Such a gold reserve would con-

fer

as prestige. This con- sideration may perhaps

on

Soviet Russia power us

well

why the

Soviet Goul

70935

Tikes.

2901% 102

201 303

1024/7 703

United Presa

Jume, 25

uly 19

July BL

LIMITED, PASSENGER ACCOMMODATION.

All the above subject to alteration without notice:

EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Republic of Panama with Limited Liability)

Chinese Department: Telephone 28293. Queen's - Building, Telephone 31206;

MESSAGERIES

MARITIMES

P.O. Box 53: Queen's Building. Tel: 26851

FAST PASSENGER/FREIGHT SERVICE

Exchange Rates "CAMBODGE"

AP Enguicial exchange.

rather than export H. be interesting to know why the Kremlin should have decided that the time has now come for realising some of its gold hoard

PenLondon" Express Berulot)

market morning at the following rates: US dollar per $1 Sterling notes: (per £1) 4*7)*, Indonesian rupiah (per 100) Siam ticals (per 100)" Singapors (Straits) Indo-China plastres. (per-100)

this

#LAOS

sailing May 21st sailing June 18th

FAST FREIGHT SERVICE

PEIRO" BIR HAKEIM”

sailing May 11th Ding June 25th