1955-06-17 — Page 9

THE CHINA MAIL, FRIDAY, JUNE 17, 1955.

TRADE and COMMERCE SECTION

NEW YORK LIMITED CONVERTIBILITY

STOCK

MARKET

New York, June 16. Industrial stocks managed by a few cents to set new high for all time.

Railroad issues netted a few cents in their average buti

missed making a

J

25 years.

new. high for

The market had risen sub- stantially in all departments on fairly active trading amplified by big blocks in a few initivi- dual issues. Industrial shares closed nearly three points average below their highs of the day, while rails were one point under their top for the .session. Utilities held in 40- cents rango and closed with loss of two cents.

Just before closing time, pro-

SHORTLY

Credit Control

More Important Than Ever

-taking set in and cut gaus today limited

sharply.

The carving process carried right through the list and t might have continued to a greater extent had not the finali gong cut off the realising selling.

BIG BLOCKS

came

New York, June 16.

One of America's top economists said convertibility of most European currencies may be expected in the near future.

He hailed this as a sign "the ravages of war have been healed."

Dr Marcus Nadler, consulting | tions and an improved outlook Into economist to the Hanover Bank, for peace have paved the way

the

The big blocks relatively unknown Issue:-one said the rapid recovery of the Gf 77,000 sharts 8f F. L. Jacobs, | US economy from

"mild for example. This auto supplier recession" of 1954 the Conserva- opened on a loss of a point and tive victory in the British elec- then make up most of the depline,

The auto issues were in de- mand must of the day. General Motors closed at $103, of th from the high but up 14 from The previous clove,

Elsewhere,

mixed.

$4,720,000.

raids finished

World Rubber

Markets

S.ngapore, June 16.

for convertibility.

conver

"Only limited convertibilty may be exported in the near future. Mr Nadler said, in d' special report on the subject.

CURRENT ACCOUNTS

"But even, limited tibility." he added, "applying only, to current account trans- great step actions would be a

and would exercise in forward many ways a considerable in- fluence on the economy of the free world."

Limited convertibility wil WD! and spur international finance

de, Mr Nadler predicted and

of

Tin Consumption

is

Decreases

London, June 16,

The present rate of ex- pansion of world economy

is outweighing the effects of tin saving MEASLES, Strauss and Compary de- clared in their tin market review,

World Industrial "output has increased by 80 per cent since 1937 while lin consumption has actually fallen by 16 per cent in distinct

contrast to other

me

зде

must significant change has occurred in tinplate, where world pro- duction has increased by some 55 per cent since 1937, while the amount of tin used in its manufacture has dropped by

10 per cent,

It Was impossible to gadge the extent .of Ruetuating prices and frequent thrests of scar- city

Influence consumers

in cutting requirements but

It was hoped implementa- dion of the international tin

agreement may have some effect

future on

trends. the review concludes, --- China Mall Special.

TODAY'S

SHARE

PRICES

HONGKONG STOCK EXCHANGE

A DULL WEEK ON THE

SHARE MARKET

By A Special Correspondent

The share market was in an indecisive mood this week. Its movements rather suggest that demand has reached saturation point and that further marked rises are unlikely at the present levels.

on

Twice since last Thursday there has been each light profit-taking on the market but occasion the leading shares have managed to stage. In each case the gains have simply a recovery. recovered the losses,

Yesterday when the market period of two years clused prices were about steady day of the signing on last Friday's rates. Business agreement.

from the of the

during the week fell to about Lands have. held steady half the amount of the pre- throughout the week at $69 and vious week and movements on Humphreys and Realtles the whole were fractional either no change,

way

now

show

UTILITIES HOLDING What is the reason for this In the Utilities. Trams at creeping lethargy? One bioler $23,10 middle are steady. Stars supressed it was because in- and Yaumatis are also steady at ward remittances from South-last week's rates and both com- east Asia had stopped. I under-panies arc

anxiously stand that not a copper has awaiting

iting Government's decision. come in during last few weeks. on

on the expert report There may have

Harbour tunnel been some

scheme. That slight uneasiness over

the may not come for some months Singapore strikes, also, but yet. According to my informa don't think this affected the tion the report has not yet been market to any marked degree.

submitted in full detail to the Other brokers think investor

authorities. Meanwhile there is

the

interest has waned because u a powerful lobby opposing the

Business done on the Heng issues are held by in-opinion is

The rubber market was very Of the 1,204 issues traded, jactive and fluctuated widely as heavy buying by 502 closed higher, 456 inished there was lower and 262 held unchanged. Peculators together with profit

Future closings were

price Making.

are ton high for The New York Stock No. Frubber per in. July 100-10614 also will impose an added "die-

investing public at the moment.

frankly

among Exchange bond

author- Aux. 301-104cipline" on monetary

" (From Our Correspondent)

At present,

so the

many contacts around town Sent. unquoted | ties.

they haven't heard one | No. 2 rubber per ib. July 1031,-1079, He Said

large parcels of "Blue

good word Chio Utilities, gilts and other the restoration Ex-26, 3

for it. 5013-09

it. The convertibility means "credit kong Stock

general consensus of ,0-87

Exchange this 1,040,000 No. 4

that there are too 1094-100% control is likely to be more morning amounted to $115,583stitutions and big investors in many problems in the way-not

it has been in 35. Neon quotations and the the Colory, and the small buyer merely physical important than

and Anancial the past

fow years."--United morning's transactions:

virtually the only one problems but legal questions Press.

SHARES BUYERS SELLERS SALES in the market can see no point such as the franchises granted

in 11 buying at today's inflated to the ferry companies. None. rates.

He wants

are insuperable but security, 13000 131⁄2 first and foremost.

but he also they do constitude formidable wants

to make a small proft barriers. The belief is that these on the deal. He hasn't get much provide adequate Justification hope of doing H at today's for Government to abandon the prices..

plan.

were as follows;.

35 industrials

93 raila

35 unites

36-06

111-112

NEW YORK Futures today closed 5 to 20.

The

American

volume

Stock

Was

change

volume

was

Spot rubber undated

shares.

Blanket creRe

Dow-Jones closing

averages

No. 1 pale cre

442.49

11.07

34.18

GJ stucks

40 bonds

Comm. future price index

163.05 39.77 15704

CLOSING PRICES

Alden las. 'Acy.

7་

Allied Chemicals

Alled Mille.

Allis Chalmers

American Airline

American Cyanamice Cu.

American Metal

American "Smelting

American Tel & T

American Tob. ""

Anaconda Cooper

Arnco Sive! thewi Armour

Baldwin-Luna-Mam. Baltimore & Obin

Bendix Aviation Corp.

Benguet Cons...

Bethlehem Steel

Boxing Airplane

Laren (1962 60,

Burroughs

Canadian Pacie H.

- Case (3. I.) Ca. .............

C...T. Firmanent Corps. Chase Nat. Man,

Chile CoppIT Chrysler Motora Colgate-Palmolive Cu. Commercial Credit Commonwealth Elee. Consolidated. Edison Continenta. O of Del.

Continental Site!

Com Products Crown Zellerbach Cuban Ankt. Sugar,

Curtis Wright

113

points higher with sales of 161 contracts.

Buying credited to Wall Street commission houses and local dealer covering operations closed the market on a note of firm- ness, Earlier, dealers exchanged Sept.-July and Dec,-July con- tracts.

The spot market ruled slow July one sheets reportedly sold 33 ut 35 cents. Before noon-time Sept. ones sold at 34 cents but later sellers moved up to

-14

World Cotton

Markets

5000 D4 19000 40

GOVT. LOANS

3

(IST) 93

BANKS

HK Bank

1015

401075

INSURANCE'S

Lombard

944 51

in

SHIPPING

With a closing spurt of coves-

Waterboat Asia Nav.

.. 19.40

400 m

75

New York, June 16. Narrowly irregular fuctuations accompantes a slow trude cotton futures today.

Union

ing in July the list finished 15 DOCKS, ETC. points higher to 6 points lower,

70% 344 cents a pound with buyers Opening prices were up 5 to off holding their position, Spot No. 13 points. New Orleans closed up Res wore quoted nominally at 2 to 12 points. 30% 35% cents, Future closings were;

1037

Julv

Sept.

142

Des.

Gala

Mar

May Juty

"The

LONDON market

33.30

35.00

34.25

33.45

32.75

25.30

was irregular: No. 1 spot, Res were quoted at [33% pence per 16 Prices:

Sellement house terms:

3724 July

43

49

47

August

September

July/Sept.

12 Oct./ke.

236 Jan/Mar.

16

32-33 315-31

304-30 31-31%

K. Wharf Pock Provident (Old) S'hat Dock

Wheelock

who iss

of course,

Lights are about steady

UNDERTONE STEADY Against this, it might be the week at $20.30. Electrics argued that the undertone is are also steady at $39%, while still very steady despite the recent hesitancy,

Also six per $37Phones are unchanged

at

2L

Cementa hove been

cent yields are still quite attrac-hovering between $29.80 and Live

and there is Ittle interest $29.90 while Dairy Farms have in gold bars and T/T at the found a level batween $21.30 moment. Demand may therefore and $21.40,

13.30 13.00

1031325 be sufficient to keep the share Lane Crawfords show 3 30 411 10.39 market at its present level for cents rise on the week to $28.10. 3100 1,35 Hittle longer.

754

The rubber market has been slightly more interesting

While

the speculative talent remained, preoccupied with the

1,30

7.70 7.60 4300

LAND, ETC.

and stack market modities, the professional

other com- trade by cottan made routine adjust-

ments.

4.

HK Hotel

16.20 10.90 2000 Land .. được 592 200 l Humphreys 10.60 17

Rta.

... 10

Racity ***... 2.073 2.125 2000 CON-UTILITIES.

Evening-up operations tinued in the nearby July de- ivory before drst notice day an June 24. Open July contracts at the start of trading today totalled 456,800 bales. The cer- tificated stock

decilned 66,744

Tram...

23 23.20 Stary Furry 148 147- C. Light (0) 20.23 20.40 3130 C. Light 13 16 1.10 300 Electric ..... 2915 40 490 Mação Eler. Telephone...

299-2914 bales, a cumulative drop of INDUSTRIALS

12,229 bales from the peak

Cement

16.80

Độ

That completes this

There is little change either Textiles or Nanyangs,

the Father

ín.

week than usual. You will have duil picture dull for everybody noticed

that Singapore prices including the brokers. have fluctuated between 100

10 Straits cents

Ib and 108 cents

which has caused fractional New York Sugar

moverments in Amalgamateds

on the local GX- 23030 and Trusts 16.30 change. Yesterday, Amalgamat

2074 |eds were selling at between $2 while Trusts sold 2000 @ 3314

30 5015 160

1975

20

General markets, cif basis, ports: stock of 68,973 bales reported Rope........ 1512

304-11 almost to Bil export commit-

301-30-0

$2.035 and

at $24.

Banks slipped $3 yesterday on of 100 shares-which 30% the sale

is really a fractional loss at that price.

still Unions are

very firm Dairy12021.44 js' u 21:40:

C00 31.40 with buyers advancing another Crawford 2828.40

$7% on the week to buyers $94715

397-201 manis, (r that Carolina mill in- STORES. ETC..

terests were spinning some of the cotton taken Epon May! contracts inte

yarn and

Jute con-COTTONS

The market was quiet. Prices sequeally the cotton would not closed today in guilders per be refendered in July. kilogram, CIF July as follows:

Trading 3.00 nom interests 2.00 nom

7.18 Hom. day were; 3.10 nom. Meath

July

volumes and орет in the Exchange to-

Volume Open Interest

43,500

21.009

450B00

402,100

17.000 591,700

1,300 249.200

79% Apr/une

205% June

Diamond Alkali

422

Dupont de Nemours

264

August

Eastman Kodak

до

July

Estate rupe thick June 32

Paso National Gas

47

General Electric

551

Estate repe thin June 2

AMSTERDAM

General Foods

General Motors

163

Gette Safety · Razor

12

Glidden Lo.....

Goodrich (B. F.) Co.

721

No. 1 rubber

No. 2 rubber

Goodyear Tire

C414

Heyden Chemical

No. 3 rubber

Homstake Mining Co.

4014

156 No. 1 crepe.

United Press.

Inland Steel Co

Oct.

International Nickel

*0%

Dec.

International Paper

1134

Mar.

Int'l Tel Tel

John Manville Co.

Kansas C. Power & Light

Kennecolt Copper ...

120%

Liggett Meyers Tob. Co.

-Lockheed Aircraft

4815

Loews_Incorp.

211

New York Foreign Exchange

Mey

8.200

July

$2,500

11.700.

Lone Star Cement Co.

04

Louisville & Nashvtilo 1.

Minnesota Mining

112

Canada

Monsanto Chemical Co.

1+27%

啡

40% New Zealand

203

South Africa

80% Beltumit

68

Others

44%

Pro

58$

701%

Montgomery Ward

National Cash Reg. "A"

National Distillers National Lead ..........

National Steel Corp. New York Central Olin. Mathieson

Olis Elevato Elec.

Paelle GAS &

Paclie Western Oil.

Pan American Airways

Paramount Pictures

Parke Davis Co.

Penn, Salt Co.

New York, June 16.

$10132

England offedal 2794

30-day futures.. 2,28 25/32 50-day futures.. 277 13/16

2.78

Wero

2.32%

Oct. Dee

Tetal

245.300

161,900

44,500

200 138,500 - 2,250,100 balen

NEW YORK

Textiles MISCELLANEOUS

Yangiste Allled to 4,7733 4874

3500 @ 5.65

WHARVES DOWN Wharves got over their spree

812 200 6 0.45 quickly following the announce

AMERICAN

TEXTILE

Prices of futures closed today EXPORTERS

as follows:

Spot

July

Oct.

Dec.

Mar.

May

July

Oct.

Dec.

NEW ORLEANS

35.03.

34.18-20

34.17

34.23

34.21

34.28 33.61

33.15

33.04

American

Market

New York, June 16, World No. 4

sugar futures closed unchanged to points lower with sales of 241 con. tracts,

Domestic No. 6. sugar futures closed 4 points higher to I point lower with sales of 460 contracts.

World futures ruled easier under leadership of nearby July that 366 tranftrable

will be issued against the spot month.

market,

летуз notices

In the world raw

ment of the $4 distribution and have slipped back to a more realistic level of $70 (down $314 Russia reportedly was interest on the week). Docks appear toed in buying a couple

Oct,

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL SN, cá

PASSENGER/FREIGHT SERVICE

Outwards

Leaves London "CANTON" Salted "CARTHAGE" 22nd June

“CORFU

"CANTON"

Vi

20th July

17th August

Due. Booktong 27th J

25th July

22nd August

19th September

• Southampton, Port Sald, Aden, Bombay, Colomde,

Penang & Singapore

Leaves Hongkong Due London

flomewards "CANTON"

lat Judy

"CARTHAGE"

19th July

"CORFU"

20th August

"CANTON"

14

1st AUGUST 29th August

27th September

23rd September 24th October

Via Singapnes, Penang, Colomba, Bombay, Aden, Part Sald & London

"SOMALI"

“SOUDAN"

FREIGHT SERVICE

11

due 30th June from UK & Strait loads Ist July for Moji, Kobe

Yokoham

Jongs 1/2nd July for S'pore. P. Swetten- ham.. Penang. Aden

Port Sala, Genoa. Marseilles, Havre,,o- don,

Antwerp. Rotter

dam Hamburg

With Uberty to call at Belawan before or after Straita Ports and at Bombay if indurement ofera.

Taaks available for carriage of Oll in Bulk. Space for refrigerated cargo. Limited Passenger accommodation

BRITISH INDIA S.N. CO., LTD.

"SIRDHANA”, dur 1st July

"SANTHIA"

sails 2nd July

1st July sail 2nd July

due.

From Calcutta. Rangoon

& Straits tor Japan.

from Japanı

for Singapore, Penang, Hangoon & Caleutia

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

"OBRA"

"OLINDA"

from Karachi & Bombay

etc.

due (29th Jure

sils 30th June for Jagan

due

7th July from Japan sails 6th July

for Singapore, Madras, Colombo. Karachi, Bas- Tab.

KhorramshaİTY & Kuwait

EASTERN & AUSTRALIAN 5.S. CO., LTD. “ARAFURA”

duo 21st June from Japa salls 23rd June for Sandakan, Bashane.

Sydney & Melbourne frath Japan

"NELLORE":

due 7th July

"EASTERN"

sails 9th July, for Sandakan, Brisbane, Melbourne &

i

Sydney,

Adelaide

doe 31st July from Australi

all 2nd Aug. for Jopen

All vessels have liberty to call at any ports on or off the route & the route & mailing are subject

to change or amendment with or without notics,

For full particulars apply to:-

MACKINNON, MACKENZIE & CO. -

OF HONG KONG LTD. Telephone Nos. 27721-4.

EVE

LINES

EVERETT ORIENT LINE

Fart Regular Freight Esfrigerator Passenger Service Loading for Singapore, Penang, Rangoon, Calentta and

Chittagong....

"NOREVERETT

"BRADEVERETT

"LENEVERETT** "REREVERRIT”

Arr. June 23 Sail June 29.

16 July

-July 1A -July

July 30 ---Aug. 23

Aug. Loading for Kode, Out, Nagoya, YokohLDIR.

"BRADEVERETT”

of

"LENEVERETT”.

"REBEVERETT”.

*

3.22

of British

refinei be a little firmer at buyers cargoes

Dealers cald Russia China Providents sugar, $25% while

had exercised an option

to are steady.

Wheelocks.

a cancel 40,000 tons of a recent have found temporary level of $74-$7.10 120,000 tons purchase of Cuban but I expect them to go higher refined sugar. A lack

adequate shipping space was the Hotels are steady on the week reason for the action, traders al $15.70

Short covering orders buyers but they said. sold: nt $16.90 on Tuesday. predominated in the domestic There is some apprehension on contract, Futures: New York, June 16. the

Contract No. 4 (world)() market that the Leon. En- exporters today labelled the US Govern- terprise syndicate which bought July

Hotel's Pedder Street the

Plot Sept ment policy of textile tariff reductions "utterly impractical for $11 million last year might

not be able to meet its instal-May and unrealistic," and an "out- Fight invitation to the Japanesement of $3.3 million due at the July Prices of futures closed today industry to invade cur market." end of this month. But I hear Sept.

reliable, from

that the Spot leents per lh. fob Cuba) as follows:

Contract No. Mr Matthew J. Cuffce, Presi-yndicate is

con-

July bill -

Aus.. dent, Textile Export Association fident of meeting

sulc. sept. Under the terms of the of the United States lovelled

on Nov. Association's it paid 10 per cent down the charge at the

MIT. 34.21.25th Anniversary annual meet signing the agreement. After the

May 30 per cent instalment due cn' 33.81ing here.

June 20, it has to pay the Spot-(cents per lb. cit

-NY ex-duty) The GATT pact negotiated at balance of 60 per cent within, a Geneva, involving further tarif LIVERPOOL

reductions, will smooth the Future closings, American

path" for competitors, into our middling, in pence per ib. were market and brings a "profound 31.30 change in forces likely do ind 30.61fluence our overseas business in 3040 the years ahead," the TEA chief 30.00 continned 30.00

London Foreign

Spet

Penny J. C. Co.

Exchange

July

Oct,

Pillow Petroleum

Dec.

Pittsburgh Plate Glass

Mar.

Radio Corporation

London. June 16,

Poo Motors ...

Republic Sicel

4321

48%

New York

2.7931-2.70 3/18

May

2014 11/18-274 13/16

July

10.8337-10.631

Oct.

Shell Q Co.

Sinclair Oil**

(1.39.921)-139.95

Dec.

Socony Vacuum

19.40%-19 A11⁄2

Southern Railway (Com.).

$432

Standard Brands

Standard Oll of Cal.

81

Standard Cll of Ind..

Standard Oll of NJ.

Swift & Co.

Texas Co.

United Aircraft

Stockley Van Camp.

Studebaker-Packard Corp.

Union Carbide-

Union Pacific Railway

U.S. Gypsum

U.S. Line Cox

U.S. Rubber

U.A, Smelling

U.B. Strel

Weninghouse Electric

West Va. Pulp & Paper

Warner Bros.

Woolworth

lved Presa

Montreal Amsterdam

Copenhagen Lisbon Paria

Stockholm

West Mark

Zurich

80.25-80-2515

27836-1773-2

14.8796-14.4756 *1/1,7135-11,71%

12.23-12.23

-Unded Preas.

Exchange Rates

as follows:

July/Aug. Oct/Nov Dec/Jan Mar/Apr.

May/June

SAO.-PAULO

34.00

3.10

26.24

34.37

23421-

32.34

|--Duing-the-Histime-of-GART? Future, closings, zin cruzeiros (he added, the United States has per kilo were in foliowa

Business was done in the local July uncficial

. this { October: exchange market morning at the following rates:-

December U. 9 dollar (per $13 1 28,29 | March Sterling noter (per £1)

15.50 May Indonesian rupiah (per 100)

The Stom Deals (per 100), ANTO) 24.201 Singapore (Straits)

prices were Indo-China plastres (per 100) 700 Pres

1.82

"NOREVEDE**

June 19 Saids June 20

Arr.

in July 2

July 26

July July' hayo yanaend --Aug 20

Aug 19 LIUTED PASSENGER ACCOMMODATION,

All the above subject to alteration without notice.

EVERETT STAR

LINE

FAST REGULAR FREIGHT REFRIGERATOR SERVICE Loading for Bingapore, Port Bwettenham, Madras, Colombo, Bombay, Karachi & Persian Gulf Port.

Arr. July 18

July 19 Aug. & | Atty. 9 PAUZ, 23. Nga Aug, 23

Sept. 14

"STAR BETELGEUSE" "STAR ABCTURUS”. *TBALS

Sapte 23

Sept 15. Sept. 20

Londing for Kobe, Omka, Nagoya, Tokohama,

**STAR ALCYONE"

5.53

5.57

LAO

3.35

*STAR BETELGEUSE?

"STAR ÁBETREUS"

"THAI M

4.50

-United Press.

MESSAGERIES MARITIMES

PO Box 33 Queen's Building Tel: 26851

AST PASSENGER/FREIGHT SERVICE

sailing June 19th ling July 17th

AOSK

lost about two-thirds • of "EK/VIETNAM"

0.20 textlic

33.30

export trade-In 1947)

24. the first year of GATT

35.50|textile, exports reached 1500; «

$24.00|000,000 yards. Since than they

US spot cotion have rapidly declined to 600 "BIR HAKEIM”,

United000,000 yards ammually United "MEKONG”

Press,

FAS FREIGHT SERVICE

salling June 26th salling July 7th

"ÉTAE ALCYONE"";

11

In Port Loading Salla" June 18 N Arr. - July 10 July -

July

July 26

Aug 15

San Aug

- Sept. 1am Sept..

LIMITED PASSENGER ACCOMMODATION.

All the above subject to alteration without poties.

S/S "YOUNG SHIN",

from Japan

Arr. 24th June

Salls 20th June

for Pusan & Kuna

Chines. Department: Telephone 28293. Queen's Building, Telephone 31206,