1955-05-10 — Page 9

TRADE and

THE CHINA MAIL, TUESDAY, MAY 10, 1955.

COMMERCE

SECTION

Brazil Can Undersell U.S. Cotton In World Markets

MEXICAN EXPANSION IS MORE

NEW YORK STOCK

SIGNIFICANT

MARKET 2,000,000-Bale Production

New York, May 9.

A small list of wide-gain- ing, active features, headed by Montgomery Ward, high- lighted a generally narrow

and quiet stock market to- j day.

Expected This Year

Washington, May 9.

International cotton trade economists said today that Montgomery responded vigor Brazil can undersell United States cotton in world markets,

as

ously to an announcement of, Suwell Avery's resignation Chairman of the giant mail order frm.

From an carly price of $76 It jumped to $78 up 2 points, on the news with demand so benvy it forced suspension of almost an hour. trading for Reopening was on a block of 16,000 shares at $80, up 44 points, the level at which it closed after touching a high of SBLA before „prail-taking set

Profi-taking also took a toll on the general list, Jetting in just beture the clos: after prices had held firm most of the session. Industries moved down from their highs but held a rise of 0.48 point. Rails, however, fell to 0.63 and utilities slipped

0.08 on the day.

but they doubted that Brazil has sufficient accumulated stocks of cotton to affect the United States world position seriously,

Rapid expansion of Mexican cotton production relatively more significant here.

World Cotton cotton, and consequent can, if

Markets

is

bales compared to Experts said that unlike the 1,200,000 United States, Brazil is not 2,000,000 one year carlier. maintaining support-price for

International to According desired, make concessions in in the period August 1951 to Cotton Advisory Board statistics, which Foreign markeja

the January

1855, Brazil exportod United States cannot match. The

562,000 bales of which Japan price-support programme here took 120,000, Germany 100.000. tends

keep price high. to Officials studied a report that England 68,000, Hongkong 15,000

and the remainder scattered. New York, May 9.

Brazil recently devalued its cot- Cotton futures today opened

ton export in cruzeiros to en-

Brazilian cotton production steady and closed strong. Nearby May contracts, the pivotal strong.

expats, and regarded this year courage

is reported about additional Indication | 1,500,000 bales, which is less point, scared $185 a sale to 34.60 cents a pound, highest level that as a result of the coffee than prewa: average. ·

situation Brazit will follow a

over three montas, ant 10.

ง

iL

un

Of 1,216 issues traded, 473 cumulative rise of $8.49 bale Kenaral policy of expanding cot

closed higher and 497 lower,

The New York change bond 330,000.

The American Stack Ex- change volume Was 720,000 shares,

Stock Ex-trun the April 20 tals,

volume was $4,-

Dow Jones closing averages

were:

30 tridustrials

2 radist...

40 bonda

:5 utilities

GS stocks

Comm. future price Index

YESTERDAY'S PRICES

Allied Chemicals

American. Smelting

Chrysler Motors

General Foods

124.32

150.20

64.62

139 42

15

39.38

ton production and commerce.

AUGUST 1 STOCKS

Trading a current May con tracts will end in the noobour It was recalled that Brazil on Thursday. Open contracts in last year disposed of large ac

Brazilian the spot month at the start of cumulated trading today totalled, 460,000 stocks on August, 1, 1954, were

unofficial bales.

estimates around

Closing on the highs, the list 37 points. The was up 6 to market opened up 1 to 8 points. New Orleans closed up 9 to 17 points.

Factors behind the rise in- cluded: 1.

Covering in the May delivery before its expira- 487❘ tron

on Thursday; 2. An im- proved demand in the textile A broadening mili

cotion.

.

that

Economists here said Brazil has a natural capacity to expand Es production and 'ex- portation of cotton, but must also take into account large con- sumption requirements Brazil's growing textile industry.

of

EPU SURPLUS AND DEFICIT

Paris May 9.

France had EPU surplus of approximately ten million dollars in April, according to provisionai figures.

This

compared with a surplus of 26.2 million dollars

in March and a deBelt of 26 million in April last year.

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morning amounted to $518,283.80 Noon quotations and the morn- ing's transactions: SHARES BUYERS SELLERS SALES GOVT. LOANS

314 (1943) # 4000 34

30

Denmark had a deficit of 12.74 million dollars. This compares with deficit of 9.87 million dollars the

BANKS previous month,--China Matl

Special

Dunlops Issue £12 Million

Stock

Lotion, May 9. The Dunlop Rubber Company today announced details of a big mancing operation to raise fresh capital. The money is believed the to be needed mainly for Compacy's business in the United Kingdom.

The operation involves the issue of £12 million worth of 4% per cent second debenture stock 1072-32, which has been played privately with City of London festitutions at a price of £87% They said that Brazilian per £100 nominal of the stock." domestic consumption of cotton

Dealings in the new stock are Increased from about 500,000 expected to start next Monday, bales annually before the second May 18.- world war to current rate around

World Rubber 900,000 bales mialy.

Markets

IMPORTANT CONSUMER

Brazil, in fact, is now among the important cotton-consuming countries of the world.

sources recall Stock market that Lord Baillien, Chairman of Dunlop, reminded stockholders inst June that the group's pID= gramme of capital expenditure would inevitably continue in the highly competive industry in which it was engaged,

the plans

for the

•

HK Bank

INSURANCES

SHIPPING

Aula Nov DOCKS, ETC.

Dock Provident (Old) Wheelock LAND, ETC. HK Hotel HK Lant

50

P&O B.I. E&A

COMPANTES

PENINSULAR & ORIENTAL 5.N. CO.

Qutwarde

PASSENGER/FREIGHT SERVICE

Leaves London Due Hongkong

Salled

"CORFU” "CANTON" "CARTHAGE”.

"CORFU"

30th May

25th May

24th June

2nd June

13th July

20th July

2nd August

Via Southampton, Port Sald, Aden, Bombay, Colombo, Penang & Singapore

Homewards

"CORFU"

"CANTON"

"CARTHAGE”

“CORFU”

Leaver Hongkong Due London

3rd June

1st July

29th July

26th Augush

5th July

1st August ·

SATLETIV

27th September

Via Singapore, Penang, Colombo, Bombay, Aden, Port Fald & London

"SUNDA"

"SOUDAN"

4

FREIGHT SERVICE

loade z8/29th May for S'pore, F. Swetten-

ham, Penang. Colombo, Aden. Port Said, Genoa, Marseilles, Havre, Lon- don. Antwerp.. Ratter- dam, Sevilamburg

'due 31st May

from UK & Straits Joads 1/2zd Junefer Majt, Kobe. Toko-

kama

With Uberty to call at Belawan befors of Eter Straits Forts and at Bombay 1 inducement offers. Tanks available for earringe of Oil in Bulk. Space for refrigeräted carro. Limited Passenger accommodation

East Asia

.. 1583 1580

212

15 1375

ten X A 005 Lombard

100 @ 905

120c

24.10

12 12.10

7:20 1.30 2000 ( 7%

17.30 1745 1000 20 17.40 .. 6612 57 300 67

"FULTALA"

21.00 21.1

$31

600 21.70

You Fery 106 107

"SANTIIIA"

** 19.70 18.80-

Humphrey

Ti" is.. 3.30

UTILITIES

Trezza

Star Fo

C. Light

(0) XD

C. Light

(N) XD

..14.50 14.00 500

Meotric 2381 3894

31.22 INDUSTRIALS

Telephone

Cement

Rope STORES, ETC.

Dairy Watson

Fees

SLOTTOMS.530

BRITISH INDIA S.N. CO., LTD.. "SIRDHANA" due 13th May" from Japan

salls 14th May for Singapore. Penang,

Hangsen & Calcutta due

from Japan i 8th June

as och June for Singapore, Rangoon,

& Chittagong dhe 10th June from Caletta. Rangcon

& Strai

sal 11th June for Japan

P. & 0./B. I. JOINT. SERVICE

due 12th May from Kakinada, Madras

salls 13th May for Japan

"ORDIA"

MOZARDA"

doo 18th May sal 18th May

་

& Straits

from Japan.

for Singapore, PezaagĽ, Madras. Karachi. Bax-

rah, Abadan. Khorram. shahr Kuwait

Bil June from Japan

all 9th June for Singapore,, Madraa, Colomba, Cochia, Bom- bay & Karachi

29 29.50 950

"ORDIA"

duc

15

20.20

Crawford 25.70

750 30.30

"ORNA"

COTTONS

53.90 2400 €5,30

18.10

Textiles. Namang MISCELLANEOUS

Yangtzze Аднек

16.20 0.30 4.90 4.96 2300 ₫ 4.9235 1000 6 4.95

Singapore

Stock Market

313

30s 34

81% yield,ot 13,673,000 balss of 300mated sales of around 2001 in Congress for new steps which natural rubber on the estates In Fraser & Neave Isd. 7

New York, May 9,

In B0% markcet; 3.

the year 1953-54, Brazil Rubber futures today closed

consumed about 900,000 bales,

NEW PLANT 45 points 1874 Liquiry for spot cotton, 4. An- 30 to

higher with

France

1,300,000, Germany ticipated export sales to Korea, sales of 80 contracts.

1,200,000 and Italy, 878,000 bales. And he mentioned specially

Singapore, May 10, Spain, Great Britain and Italy. Selins' cautiousness and

Brokers today quoted the fol- to scal

erection at The smaller “acred ge scattered buying with the

Private sources here said the Fort Dunlop of a new plant for lowing opening stock prices: year and prospects higher London market domi- United States has not had much the manufacture of a plant this

wide Ety Liniame Rubber ću. for a higher Government loan nated the small trade. How succes in selling surplus cotton range of special purpose

(not British Borneo Feroleum ever, overall activity Was abroad for foreign 30% e final Government report curbed

currencies general grurpose) synthetic pending o

labour de-

under law 480.

rubbers and the extensive pro- Consolidated Tin Smelters 3224 on 1954 production showed a

Ord velopments in the automobile

of re-planting There is considerable agitation gramme

of Fraser & Neave Ltd. Ord. 51.67 pounds each compared: with

cum. pref.

$4.60 30% 16,485,000 bales in 1953.

300 tons in the spot market would expand United States cot-Malaya. ta

Hongkong & Shanghai Trading volumes and open during the day involved June 4 on exports.

ing Corp. -Since then Britain's big motor-Hongkong Tin Ltd. interests in the Exchange today sheets at 30%; July one sheets at

Dar companies -- with which | Kermpar Ltd. 31 and July two shtets at

Reports here indicated prob- Dunlop's fortunes are closely as Rubber Estates Ltd. bark for

Mayable Mexican cotton production linked have announced big ex-New Serandah Rubber fat 30 4: delivery was done at 25 cents of around 2,000,000 bales in the

rubber has risen again, thus

Allis Chalmer

74

American Tel & Tel

194

American Tobacco "B"

Anaconda Copper

Arman Steel

Armour

11

Baldwin-Lima-Hamilton

Baltimore & Ohio

46

Bendix Aviation Corp.

Benguet Cons.

Bethlehem Steel

134

Boeing Airplane

62%

Canadian Pacific Railway

Case (..) Co.

Chase Naoned Bank

Commercial Credit

Cucidated Edison

Continental Steel

--Corn Producti

Cuban American Sugar

Curtis Wright

Dupont de Nemours

194

Eastman Kodak

-General Electric

51

were:

Month

Volume

BA May

12,800

General Mowrs

97 (20

July

43,700

Open Interext

En 200 601300

Gillette Safety Razor

87

Oct.

11,700

487,500

Goodrich (B.7.) Co..

Dec.

12,900

410,400

Goodyear Tire & Rubber

5637

7,400

211 200

Homstake Mining Co.

41

9.100

200300

International Business Mach

418

9,300

111.400

Jaly

International Harvester

373 Tulal

107,400 2.04.600 bales

Sept.

International Nickel

International Paper

901

NEW YORK

International Tol. & Tel.

20

Dec. Mar May

John-Manville Co.

Kennecol Copper

107

Lockheed Aircraft

44% 25 follows:

2.

Lebws Incorp.

21%

Lone Star Cement Co.

581%2

Spot

20

May

42

43's October

July

14.20

December

34.28

tellows,

642

47

March May

34.10

No. 1 rubber

34.19

No. Z rubber

415 July

33.60

No. 3 rubber

10

No. 1 crpe

44

73%

NEW ORLEANS

LONDON

473

15

25 as follows:

0014

New York Central

Facife Western Oil

Montgomery Ward

National Distillers

Ous Elevator

Pacific Gas & Electric

Fan American Airways

..Paramount Pictures

Philips Petroleum.

Radio Corporation Hea Motors... Republie Steel

Shell QU Co.

Sinclair Oi

Bocoby Vacuum

Prices of futures closed today

a pound. Spot No. 1 Rss were cotton year 1955-56 compared pansion plans and the price of a pound, to 1,750,000 in the previous year, increasing the amount of work-

quoted at 31 cents nominally, Futures:

AMSTERDAM

31.85

1,200,000 in 1953-54, 500,000 in 1948-49.

31.80

and only ing capital needed to finance

stocks. China Mall Special.

31.20

20.05

Ceritral American production

39.55

20.30

is also on the uptrend, but not

United 'Press.

steady. The 35.20n

market was 4.20 Prices closed today in guilders 34,20-21 per kilogram, CIF June. as

Prices of futures closed today

54% Spot

54

May

921 July

34.00

34.50

34.19.50

34.20

2.64 buyers

2.63 buyer

2.63 buyers

2.78 buyers

The market was very steady. Prices in pence per ib were as follows:

No. 1 spot Ras .....

Settlement house lerm: June

34 24-25 July/Sept.

34.34 Oct./Dec.

34.30 Jun/day. 33.45

27-271%

ret of world significance. NEW YORK METAL

London Stock

Market

"

FUTURES

New York, May 9.

Prices of metal futures closed

í today in cerits per. Th, as flows:

Lead May

June

TIA May

May

June

And London, May 9. Stocles moved up on expanded turnover

Op

the London Copper May Exchange today, reflecting several favourable influences.

Hopes for a "Big Four meeting, the better tone in Wall 27-271%2 26-262 Street and the return to work 2514-263% of striking Yorkshire coai 28-2015

miners, all helped market senti- ment but demand was some- what selective and the trading range generally narrow.

General markets. eif basis, ports: May. June

204-26 July American Fette crepe thick May and June middling in pence per lb, were Estate crope thin

Southern Railway (Com.).

Standard Brands

39%

Standard Oll pf California

7833

Standard Oil of IndianO

October December March

#nudebaker Packard Corp.

May

Swift & Co.

July

Texas Co..

Union Carbide

90%

LIVERPOOL

Tnion Pacific Railway ...

172

United Cas, Imp

70

Juture closings,

+

ÚS. Gypru

230

V. S. Line Co.

US. Rubber 1.

4.823

224 as, follows:

United States Smelting

514

May/June

US. Steel

2024 July/A

Warner Bros.

Woolworth

11 472A

Opt./Nov.

United Press. "

Westinghouse Electric

Dec/Jan. Mar/Apr.

Unquoted

Demand for Associated Electric The Singapore rubber prices which ran it up 15.8d and not available-United | several chain stores picked up 30-34 Press

were

31.77

20.82

29.74

29.64

SAO PAULO Future `closingt, in cruzeiros

London Foreign per kilo were as follows:

Exchange

New York

Montreal y

Amsterdam

Brussels

Lisbon

Dala

Peris

Stockholm

West Marks

Zurich

May

Jply

Oct.

Mar.

London, May 9.

*2.797-2.79 13744

2.75

的

20.013

10.63-14.03%

19.0244-19.95

30,55

New York Sugar Market

New York, May 9. 29.50 World No. 4, sugar futures 31.75 today closed 2 to 8 points higher 32.75 with sales of 542 contracts. 53.40 Domestic No. 6 sugar fuhtres

In the United States, the closed unchanged to 2 points average price of 15/18 middling higher wit sales of 122 at ten designated spot markets contracts.

to

was 33.99 cents, Sales at these Both markets ruled firm with centres totalled 10,351 bales world contracts rising. 0844 United Press

roastinal highs. Cuban and other trade Interests led the buying United

Futures:

Contract No. 4 (world)";

New York Foreign Exchange

New Yo

IND COOPE CHIEF RETIRES

Mar May

London Mey-9- Lord Courthope, for 21 years chairman of the big British | July brewery company of Ind Coope Sp and Allopp, announced his re Hirement today at the age of 17 May on medical advice China Mail, Społe Special

Now:

a shilling or so..

Continued buying Jifted German bonds sharply. The 648 climbed £10 to a new top and the 7s rose £9, also to a peak.

In Japanese Tokyo Electrics

годе

Chinese eased United Press.

12 201

12.20b

Malayan, Breweries

Raffies Hotel Singapore Cold Storage

|Petaling Tin "Lág,

South British Insurance Co.

Lád

Straits Trading

Straits Sleemaḥip United Exineers Ord. Wearne Bros.

exyria Mall Special

#1.43

$1,90

$3.65

3984

Exchange Rates

Business was done in the local unofficial exchange market morning at the following rates:- US dollar (per $1}

1 Sterling notes (per £1)

indonesian rupiah (per 100) Siam ticals (per mo) Singapore (Straits)

United Prem.

Indo-China plastres (per 1003

Increased Activity

In The

World

Shipyards

London, May 9.

Activity picked up in world shipyards during

23 end the 1930 22 the first quarter of 1955, Lloyds Register of Shipping reported today and motorships,

LONDON METAL PRICES

A total of 1,276 steam

aggregating 5,936,187 gross tons, were under construction at March 31, with British shipyards accounting for the lion's share

The March 31 totals compared with 1,180 ships and 5,854,247 gross tons at December 31. Lloyda also reported

London, May 9 The din market” was barely steady with spot down 136 to The United States ranked 11th 73 and 3 months 14 to with only 14 ships of 113,750 718%. Turnover was 66 tons of gross tons which none was for cash.

evre Shipyards in... Great

and, Northern Ireland were far aggregated 3,103,237 tens of The lead, zinc and copper and away the world leaders, Bunkers were being built at markets were all steady: Prices with $35 tips of 2,144,148 | March 314-32 per cent of the closed today in sterling per long gross tons.

total construction at Meny

tommagérander construc

of these

Aanzers super-tanke GERMANY, SECOND-

Germany was

223 ton as follows

the

ella

Neth

by the France ? Swedi

Den

'and

Perley. Of the tankers bulleting..

252 the

571 will by the Britishi" flag/47 The Norwegian Bag pán:: Netherlands, 18 the Liberian, 12)

the Panamanian, 14 the French

| and 12 the United States flaz TUnited Press.

•

dus 18th Jana from Japan

sally 17th June for Singapore, Colombo,.. Karachi, Basrah. Khor- ramshahr & Kuwait

EASTERN & AUSTRALIAN 5.5. CO., LTD, “EASTERN"

"ABAFURA"

due 12th May "from Japan salim 19th May for Sandakan. Brisbane..

Sydney. Melbourne & Adelaide

que 24th May from” Australla Balls 15th May for Japan

All vessels have liberty to call at any poris on er 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.

EVERETT

EVERETT

LINES

ORIENT LINE

Fast Regular Freight Refrigerator Passenger Service Loading for Singapore, Penang, Rangoon, Caletta and

"ZEBEVERETT”

"NOREVEZETT""

"BRADEVERETT""

“LENEVERETT”

Chittagong

ATT. Juno" 1

- June ** **** July

Sada June 2 June 24

- July 6 July

mmm July 21 Loading for Kobe, Osaka, Nagoya, Yokohama. "NOREVERETT :

Arr. May 27 - May 28

BRADEVERETT”

-LENEVERÉTTU

*REBZYEREST”.

June 2

June 23

July 23

June. B

June 24 July "24

LIMITED PASSENGER ACCOMMODATION. All the above subject to alteration without notice.

EVERETT STAR LINE

FAST REGULAR FREIGHT REFRIGERATOR SERVICE Leading for Singapore, Port Swettenham, Madras, Colombo, Bombay, Karachi & Persian Gulf Purt "THAI" "STAR"ALCYONE"

*STAR BETELGET"E" "STAR ARCTURUS

Arr. May 18 Sally May 19

- June 14

July

- Twy 26 BUY 14

...Loading for, Kobe, Ozska, Nagoya,

Argi May - 45

Juno

CPSTAR ALCYONE"

LAO

FSTAR BITELGEUBE” “STAK ARCTURUS” “ MTHAI”

June 15

July 20

July 25 Allg. 15

[okohama,"

Sella' May 15

LIMITED FASSENGER ACCOMMODATION.CO

All the above subject to alteration without-ralice,

EVERETT STEAMSHIP CORPORATION. SA Encorporated in the Beyblic of· PanamR Limited Liability) pas

Quee

hiding?

Telephone 28293 Telephone 31206