1955-06-30 — Page 9

Elephants Secret

THE CHINA MAIL, THURSDAY, "JUNE 30, 1955.

TRADE and COMMERCE

SECTION

Page

Warning NEW YORK LONDON STOCK EXCHANGE BOOM HONGKONG

Of Danger

Kampala, June 29.

a

STOCK

MARKET

New York, June '29. Increased demand for

steels, reflecting an im- proyed outlook for wage negotiations, and strength in a number of special issues lifted stock prices at close today:

A silent warning sys- tem used by elephants, in which the first elephant to notice possible enemy fills its trunk with tainted air, runs upwind of the herd and puffs out the air 30 that the others get the warning carried to them point after being off 2.92 and 1.18, respectively, at the

the

again at 0.68 in their average Industrial stocks closed with

and rail with a loss of only

by the wind is described day's low point. Utilities rose a by Captain J. B. Robson,

bit.

Reports that

a game ranger working raised

.

US Steel had its wage offer to the

in the Northern Range Union sparked the push in

of Uganda.

Captain Robson said

when he

was on safari

that the

caravan of

porters Passed downwind

bull of three elephant, but would soon swing round and 'pass upwind of them, watch the reaction desiring

of the elephants at close quat ters when they got wind of them.

All three elephank got the scent together and without fuss, bether or noise set off at a fast

pace.

or.c

STOPPED SUDDENLY After a short distance elephant stopped suddenly “and you could nearly watch that

think," animal

said

Captain Robson. He then swung round and made back upwild towards the porters. Then he swung round them.

In the meantime the other two

the had disappeared in direction of safely. The ranger was so interested, fut he cut across country to intercept the

elephant Jone

and discover

what the beast was doing.

As the range breasted the rise overlooking a hollow, there was the unmistakable noise

steels, lifting US Sted nearly a pciat and Bethlehem more than à point.

Du Pont, recent wide-moving spurted again, It feature, climbed more than 5 points to a high and held more than 3 of the gain.

10

Reynold metals was a leader. with a rise of more than points. In the same. group, Aluminium Company was very narrow and abcut evenly divided in either direction, Of total 1,190 issues traded, there were 467 higher, 452 lower.

Trading continued at the slow pace of yesterday with turnover exactly matching the 2.180,000

total which was the smallest since May 31,

Activity centred US Steel, followed by Machine and Libby McNeill and White Sewing Libby. Now

York Stock Exchange band volume was $3.790,000.

American Stock Exchange volume was 950.000 shares.

Alden lac. Acy.

Allied Chemicals

At Chalmers

American Alrine

American Cyanamide Am. Mach. & F dry American Metal

of

American Smelting

American Tel & Te American Tob. "B

a fairly large herd of elephant taking flight from the hollow and a small cloud of dust.

The bull did not pause, "but with the mission accomplished set off to safety as fast as his

legs would carry him.

1

OUT OF SIGHT

Anaconda Copper

Armco Steel

Armour. Baldwin-ma-Ham Balligare & Ohio

Bendix Aviation Corp.

Benguet Cons.

Bethlehem Steel"

Boeing Airplane

Case (1) Co.

Cat. Tractor

243%

Plans For Paper

Merger

New York. June 29.

Crown Zellerbach Corp and Gatlard Container Corp. today annolinced pland for a possibir ger.

Such a merger would create a giant paper con cern with assets of $381.- ,000,000. It would rank as one of the birxest mergers in the paper industry since the end of World War II. -United Press:

BAN

World Cotton

Markets

New York, June 29. Cotton prices today see-sawed narrowly in quiet dealings but managed to "show small gains most of the time.

Main interest

continued

centre on the Oct. 1956 delivery. After several days of sharp advances,

realising on technical down reasons tended to slow fresh rallying tendencies.

At the close the, list ruled 1 lower to 6 points higher. The up 3 to off 2 market opened

Orleans closed points, New also I lower to 6 points higher, Nearby positions featured

routine dealings between mills, spot firms and other trade in- terests.

Market analysts, evaluating for the 70-point the reasons rise in

October new crop delivery since last week, cited several possible reasons for the rise.

the First: A conclusion that recent wheat farmer vote in- $72 dicated cotton farmers also will favour high supports and pro-

controls duction.

next year; Second: The fact that the con- tract is based on a longer staple are may be selling to low 10

relation to the nearer deliverios. Third: Lessening chances for an expor subsidy on raw cotton exports.

513

સમ

14186

„Borden (The) Co.

Burroughs Add Machine

Canadian Pacife R

C. T. Financial Corp.

Mortis

Volunte

Trading volumes and open in- forests in the Exchange today:

Open interest

July

13,300

244,200

Ocz.

13,500

493,800

Celanese Corp.

Dec.

9,100

846,300

Chile Copper

Chrysler Motora

Mar

4,700

Colgate-Palmolive Co."

$200

256,900 280.700

Commercial Credit

July

7.000

172.300

Commonwealth Eler.

Oct.

auto

5.200

Consolidated Edison

2,100

Continental Où of Del.

Total

3.500 2,163.400 bales

**

Continental Steel

Corn Products

Craze Co.

have

Crown Zellerbach

Cuban Arser. Sugar

The herd had been out of sight of the men and well up- wir and could not have smelt them; the bull had obviously them somehow that warned

his. mission--but he did not and seem to have called out

Was

was some distance from the herd, at the other side of small river.

Some of them "might seen him rush past, but the

Curtis Wright

Diamond Alkali

Dow Chemicals

Dupont de Nemours

Eastman Kodak

El Paso National Gas

flight of the herd must have been

which instantaneous, led the ranger to believe that they all got the warning at the them time;

none of screamed until they were some distance away.

samo

The ranger followed the herd

and found it was a breeding

ume of about 40 beasts.

and

The ranger questioned. gunbearer more closely found that it is an accepted fact by the native tribes that Lader certain circumstances an elephant will fill its trunk with tainted air, run upwind of the herd and puff it out. The herd all get the warning together and silently move off to safety China Mail Special"

Erie Railroad

Ingersoll-Rand

Inland Steel Co. Interchemical Corp. Int'l Business Machines In11 Harvester International Nickel

25

Spot

Juty

October

34.90 31.08 34,15

Strange

Contrast To

Softness Of Sterling

London, June 29.

The softness of official sterling, which contrasts so strangely with the boom on the London Stock Exchange and in British industry, 'may seasonably continue for some little time.

The British authorities seem quite unconcerned about it and are not spending dollars to stop it. Indeed they seem almost to welcome it.

They do not want to go down sterling,

to, or too near to, its lower limit cheaper.

to

the official rate.

and it

Is slightly

of

As the American buying equities have been bigger than the American selling of gilts

the floating supply plus switch sterling, the rate for switch steeling has been driven up sharply. If the supply of switch sterling runs out, any subsequent American buyers of

to

ALLEGED

DUMPING IN-AUST.

Canberra, June 29. Dumping on the Aus tralian market by British electrical goods factories warranta immediate in- vestigation, states the Australian Associated Chamber of Manufacturers. The Chamber today asked the Government to investigate through the Tariff Board and Customs Department the British tacties of answering tenders with meconomical »prices in order to beat Australian competition.

France-

Presse.

Londen equities will have |LONDON STOCK

use dollars.

Already the rate for switch sterling has risen above the rate for tra

transferable. Only a few weeks

most foreign-ex- ago

cha

MARKET

STOCK EXCHANGE

(From Our Correspondent))

Business done on the Hong- kong Stock Exchange this morn- ing amounted to $1,588,019. Noon quotations and the morn ing's transactions:

SILAREN 'BUYERS SELLERS SALES BANKS

IK Bank 1735 17403-

East Asia INSURANCES

Union Lambard SHIFFING

Waterboat

Asia Nev.

945

20.00.

DOCKS, ETC.

Whart

sic.

74

73.

Provident (0) 13.80

Dock

Wheelock

LAND, ETC..

* 2740 #1740 01740

1000 à 8.30

EK Hotel... 15.30

16.90

HK Land... 71

72

Beatty

*** 2.1714 2.2

of $2.78 at which they would have The Bank of England can it unlimitedly. But so always bully the transferable support long as it holds modestly above market by threatening to buy on that limit, as it is doing, there a much bigger scale than any

dis-body dare sell, remain four good reasons,

but instead of cerned several weeks ago, why having to support transferable They

to be restrained by buying it the Bank seems to preter it rather than to soar.

have been gaining some foreign Transferable "sterling is spon-exchange by supplying the taneously firm, at the uprece-overdemand for it.

of discount dentedly narrow

SWITCH STERLING hardly ever half per cent below Demand for

American switch sterling is transferable sterling comes from also very strong. Within the past

London, June 29. change experts would have re Russia

Stocks idled in another and the Middle East few weeks it has risen from garded this as impossible, since.

switch sterling is undoubtedly a slow session on the London among other centres.

below $2.74 to near the lower

form of blocked sterling whereas ! For many purposes transfer-official limit of $2.78. on massive transferable is good commercial Exchange today, able is just as good as official American buying of British oil and

usable currency.

in anywhere and

Industrial prices were almost industrial shares which the world outside the dollar universally lower but the de- offer far higher earnings yields

In New area. The technical explanation clines

were small and of hitle than

obtainable are

it has happened is that

astgnificance. York or any other major stock how

Continental

Ewitch

British exchange outside Britain.

Government bonds. can be created from however, The immediate cause

were sold of the s

it is not so easy to heavily and closed around the oficial sterling is transferable, softness

Continental switch into

Electric.... 4111⁄2" 42 4488 day's lows with commercial demand for 'dollars,

old Consols, Daltor.

Telephone... 346 35 and War Loan down £ each.

INDUSTRIALS

Cement There was some selling in oils

World Rubber

Markets

of

get

particularly for early deliveries witer.

of grain. This

of Brain.

seems

be

is

now less than a cent to

the between American switch sterl- doubly seasonal. It reflects the ing and fully-convertible official Singapore, June 29.

import

The rubber

Future closings were:

30.

14-

fairly

market opened last phase of Europe's firm on trade and shart covering needs, resulting from last year's sterling. If, and so long as, the with Royal Dutch dowa £

two rates ever draw level, sterland British Petroleum down is but eased later on proft-taking poor harvest, before the newing will in fact have

made It also looks

Continental demand for the and hedging against Indonesian harvest comes In.

that issue arrivals. Offerings were well like the normal third-quarter self convertible.

When the blocked variety of Berlin Loan lifted seasonal pressure on Sterling

German absorbed at lower levels,

starting unusually early Bri-currency draws level with its £44 to a new peak, tain's

dock strikes reduce the fully convertible variety, the Potash 7s and the Young Loan offsetting demand for sterling currency is convertible for all 43 did well. Japanese were purposes, not merely on Arm with Tokyo Electrics non- both psychologically and

by practical temporarily reducing Britain's current account but on capital asserted up £22 and the as-

account toc. No exchange control sented Bg £2. United Press. exports.

need bother to stop foreigners when the withdrawing capital foreigners

No. 1 rubber per lb. July 114-1141

Aug. 110-110 Sept unquoted

4

No. 2 rubber per lo July 107-108 No. I No. 4 Spot rubber unbaled Blanket crepe

1001-100% H 93-99

11734-117% 9536-6035 No. 1 pale erepe ..... 117-119 NEW YORK

Futures today closed 15 to 50 "points higher with sales of 222

contracts.

MAJOR FACTOR

.are

AVAN falling over

to put in It is never

factor is some minor revival of cselves

of dalla who

(im-

the

more more than exchange

The major present market speculation against sterling, in play-acting. since

controllers the form of British and Euro-

know, better than pean importers rapidly covering most

that it most other people, their requirements

really want to with Greigners

their capital they will find will: dray Speculative buying and cover-while other people

need sterling postpone

their wa

it. In the en ways of doing ing closed the market on a note 91,100

of firmness, but the optimism purchases of it. As the total of visaged circumstances it would NEW YORK

world physical business

Bank of be stupid and the Prices of futures closed today was not shared in the spot

ports and exports done in sterling England is very far from stupid. market,

reaches as follows:

enormous some such

This

suggestion of de facto Deplers gaid that while sour September futures were closing a £20000 million a year, convertibility of switch sterling thousands of millions more is looking some way ahead-near 4422-24 up to 88,90 cents a pound, they for invisible trade and purely ahead or far shead depending on

transactions, offering September one financial

these how the American buying sheets to factories at 385 cents "leads and lags" in payments, London equities develops.

minor scale, can China Mail Special. a OD while bids were a quarter cent even

influences in under that.

swamp all other "Spot No. 1 Rss were quoted the for

market. foreign exchange Prices of futures closed today nominally at 384 cents a pound,

The present movement against sterling seemed to start from a York e in a private"

bulletin that exchange 36.83 sterling might be devalued On 33.60 the Continent there are 53.65 equally fanciful notions 3294 after the sent EPU year ends present

December

March May

were

›

LONDON

37,10

34.80

SofDe

that,

on June 30, Britain right an- nounce convertibility at a float- ing exchange rate in a way that pence would mean devaluation.

The market was dull and easy with spot closing at 36% per lb. Prices; ·

34.14

34.26

128

July

31.81

October

35.70

Family Finance Corp.

December

33.65

General Electric

6314

NEW ORLEANS

...

General Foods

$215

General Motors

10824

Gen. Pub. tul

3634

as follows:

Pulures:

Gillette Safety Razor

Spaj

Glidden Co.

41

Ju

33.90 33.08

October

the

Goodrich (B. F. Co.

Goodyear The

61

December

July 34.14 September 34.24

March

Heyden Chemical

34.30

December

May

arch

Homstake Mining Co.

30%

July

33-78

May July

Octoder

70%

December

33.85

LIVERPOOL

International Paper

Future closings American mid- dling, in pence per lb. were as follows:

Int'l Tel & Tel

John-Manville Co.

July/Aug.

11.88-70

NO.

Kansas-C. Power & Light"

Oct/Nov

30.00-07

Res spot Settlement house, term:

Dec./Jan.

30.74

Kenarcolt Copper

11734

Aug

34-34%

Liggett Meyeri Tob. Co.

6432

Mar/Apr.

30.63

Sept

Lockheed Aircraft

May/June

39.48

Oct.

Loews Incorp. ....

223%

Jori

Lone Star Cement Co.

A

Louisville & Nashville R....

Lowenstein & Sons.

Mesebi Iron Corp.

Minnesota Miri

Mission Development

Monsento Chemical Co.

46 1104 3212 1437/

day.

Marigomery Ward

B01

Motorola Inc.

National Cash Reg. "A

National Dairy Prod.

National Distillers

National Lead

Trust Fund

For Motor

Workers

Detroit, June 29. General Motors today began contributing to a special trust fund to pay, supplemental un- employment compensation bene- 'fits under terms of a newly- effective contract with the CID United. Auto Workers.

...

National Steel Corp. New York Central Olin Mathisen Ot Elevato s Owen-Illinois Glase Pacile Gas & Elec. Facile Western by Paa American Airways Paramount Pictures Parke Davis Co. Ponry J. C. Co. Penn. Salt Co. Philip Morris Philpa Petroleum Pittsburgh Plate Glass Punliciter Industries

The Union notified the Com- pany yesterday that Contract had been approved by more 2 than 90 per cent Of GM's Pure Oil

·350,000 workers.

*Terms of the contrast call for Company contributions of Ave cents an hour per worker to a fund which will insure workers of between 60 and 15 per cent of their take home pay during 28 weeks of lay-off,

The contract also calls for pay increases ranging from six hour for GM tg 24 centa an workers. The increases are effective immediately.

Both the trust fund tributions and the pey increased

Con-

Hadio Corporation Heo Motora Republic Size! Reynolds Metal Shell Chi Co. Sat Eeg. Paper sincials 01 Socony Vacuum Southern National Gas South Porto Rico Sugar

Southern Railway (Cora.) Standard Brande Standard Oll of Cal. Standard Ol of Ind. Standard ou at N. Stokely-Van Camp. Studebaker-Packard Corp. Swift & Co: Texas Co!

de Water Asm. Ofi Twenty Century Fox Fim Union Carbide

are retroactive to May 20, theon Pacific Railway

contract date,

U.S. Gypsu

our payments will be United: Aircraft

a lump sum on the U.B. Line Co.

made in

workers next

The

U.S. Bubber pay day. three-year pact was US Emelling reached by negotiators on June Werner Bros.

U.S.Steel

· 13. .... It had to be ratified by Wesinghouse El today to become effective. Wat United Presa.

Woodworl

SAO PAULO Prices are unavailable, as it 3434 is a holiday in Sao Paulo to

Singapore

of

Stock Market

Singapore, June 30. Brokers today quoted the fol- lowing stock prices:

Opening

..... 1 52

All such conjectures seem to Batu Lintang Rubber Co.,

Ltd. ***** 304-36% be a preposterous misunder- British Barnep Petroleum

standing of Britain's converti- Syndicate

EVERETT

TLITIES

Tram ....... 23.80

Star Terry.. Y'mati Ferry

1.21

122

C. Light (0) 21.30 203; 1340

C. Light (N) 18.50-

Soxe STORES, ETC.

Dairy ..

224+

.88888

Watson

... 13.704 1900 Crawford 314% 32% 1700 COTTONS

Textile Corp $.10 5.80 1000 * 2%- Nanyang 1.10 7.30 MISCELLANEOUS

Yangtze Allied

87% 8.90 4000 € €75

51⁄2

LINES

EVERETT ORIENT LINE"

Past Regular" Freight Refrigerator Pasaengar · Service Leading for Singapore, Penang, Hanggọn, Calepita and Chittagong.

"HOREVERETT

"DRABEVERNTT""

"LENKYSLETT""

#REDEVERETT""

Arr. July

2

-July 18

Au -- Sept. 3

Salis July July

Mim- Aug. Sept.

Loading for Kobe, Osaka, Naroya, Yokohama.

*LENEYERETT!

*REBEVERETT“

"NOREVERETT

"BRADEVERETT"

Arr. July

4 Salle July

- Aug.

6

Aug.

7

-**- Aug 22

Aug.

- Sept.

B

Sept,

LIMITED FAHENGER ACCOMMODATION, All" the above subject to allereien without notice.

EVERETT STAR LINE

Smelters

34/02 # 1.30

$8.35

$900

"LAG"

Consolidated The bility policy.

EPU

will

Ord 30134almost certainly be renewed, on Fraser & Heave Ltd. Cad. 281-2 the basis of 75 percent gold to Fraser & Noove Ltd. 715%

-2115

credit instead of percent

the

cum, pret. General markets, elf basin, ports;

Hongkong & Shanghai Bank- the July

3222 present 50-50, and with

ing Corp Hongkong Tin Ltd. wants. These are: termination of Kempas Ltd the present EPU as soon

holding countries Its after no EFU

Sept

In the US, the average price state crepe July thick of 16/16 middling at ten

designated spot markets today was 34.02 cents. Sales at these markets totailed 3,543 bales,-- United Press,

New York Foreign

Exchange

Canada England-ofßetzi

New York, June 29.

31.0115 2.78% umoşicial

2.70 -2.72 30-day futures" 2,78 New Zealand

2.779 South Africa Belgium India

2.781

0209

000

Unked Press

AMSTERDAM

unquoted

other changes that Britain

4

05

ns Lunas Rubber Estates Ltd. ** | Malayan Breweries

50 percent of New Serandah Rubber Co.,

there-

Ltd.us)

* Quotas 20-le, Petaling Tin Lid.

Sauth British Insurance Co. Singapore Cold Storage

The market was steady. Prices kind that would be rival to Rames Hotel closed today in guilders per sterling: the principle of flexible kilogramme, elf July as follows: exchange rate fluctuation limits 3.34 buy for these countries which want

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

3.13 buyers them.

3.06 buyers 322 buyersa United Pres

New York Sugar Market

#

Ltd..............

Straits Trading

FAST ELGULAR TREIGHT SEFRIGERATOR SERVICE Loading for Singapore, Pari Swettenham, Madras, Colombo, Bombay, Haṛachi- 44. Persian Guất Port.

Art. July 13- Salts July 16 *STAR BETELGEUSE"" —,— Aug, 13 -Aig. 14 "STAR ARGTUBUS"

Sept. -- Sept. 23 - Olot.

"THAI"

"STAR. ALCYONE"

-- Sept. T Sept. 22

- Oct. 5

Loading for. Kobe, Orxka, Nagoya, Yokohama.

*STAR BETELGEUSE”, AIT. July 10

$20.005

‚#STAB ABCTUEUS" :

Salls July 17

- Aug. $

"THAI

Aug

$14.35

- Aug. 20

United Engineers Ord.

$30.00

Sept

8

Sept.

2.701

Oct, '4

Chine Mail

- Det.

Straits Steamship

Weárnes Bros. ..........

cundry: exity.

Special

LONDON METAL

¿

PRICES

buyers sollers

72814

340

ROOT CAUSE Britain wants them, and this is the root cause of the anis understandings. For the foresee- able future, she wants only the!.. principle. She wants the latitude at abolishing the present rigid fluctuation limits which were

London, June 29. New York, June 29. created at Bretton

Woode

in and,

Prices of metals closed today World No 4 sugar futures for conditions which are now in sterling per long to as closed unchanged to 2 points unrealistic but she certainly has follows; lower with sales a și contracts.no Intention of altering sterling's Domestic No 8 sugar futures, present actual parity of $2,80.- closed unchanged to 4 points. lower with sales

Regardless of the EPU, Bri-Copper, Do of 134 con.

tain's convertibility policy is to Lead. 2nd half June tracks.

quiet unity all non-resident sterling ast half Bept. World futures were and generally featureless. The as and when it unifies itself, and Zine, and half June....

ito widen the present fluctuation 97815 lower trend for domestic con-limits. If and when transferable

tracks

easier coincided with

rises sterling spontaneously situation in raw sugar, Futures: Contract No. 4-(World)

Labove the present upper limit (3.18 (of. $2.82,2

3.52 If Americans so on buying British equities at the recent 324 pace, switch sterling might con 324 colvably take all starting rates

London Foreign Exchange

New York Montreal Amsterdam Brussela

Lisboa

-Longlan,”“”“ June: 29. 2.38.7

1.745/15 10.844-10.844

139.921 80.00-20.30 -United Press.

Jub

Bep

Dev

Exchange Rates

Mar

July

Sept.

Bustem was done in the local Spot-(cents per

رية

11.20

Tin, spot

*-month

3-month

2nd half Sept

United Press,

NEW YORK METAL FUTURES

New York, June 29. Prices of metal futures closed Led Time

24 unorigial exchange market Luts Comeast No. 10.30p Cube), 320 mgh the boot so far the tosky as follows:

kmenleg at the following catesta

"U.S. dollar (per $13.

4.78 Sept

Sterling notes (per "21) Australian notes, Der £1) Indonesian zuzdah (per 100).... Stem Heels PST, 201 Indo-China, pitres (per 100)

15.54 NOV

12.04 MET 12.10 day

Ex-dirty

purchases baye

34 American

sentially Wish: Some Amed

"ITAE ALUTONE"

LIMITED PASSENGER ACCOMMODATION,

All the above "anbject to alteration without noties.

IVERETT STEAMSHIP CORPORATION'S/A

(Incorporated in the Republic of Panama with Limited Liablilty). Chinese Department: Telephone 28293. Queen's Building, Telephone 31206.

MESSAGERIES

MARITIMES

■ P.0. Box 53 ... Queen's Building:

Tel:"26851

FAST PASSENGER/FREIGHT SERVICE

“VIETNAM” "CAMBODGE"

sailing July 17th sailing Aug, 18th

FAST FREIGHT SERVICE

$11.50h

33

derived from sales of perline

securities" (mainly gilt-edged) bý

Cooper, June

"MEKONG "DONAI"

the same or other Americans.

de cans have been trying London in June Sequities with switch sterling zine, Fune

sailing July 5th saling Aug. 17th