1955-08-24 — Page 9

THE CHINA MAIL,

WEDNESDAY, AUGUST 24, 1955.

TRADE

and

COMMERCE

BRITAIN INVESTS £200 MILLION

N.Y. COTTON London Stock

MARKET

New York, AIMG. 23. Celton trading today proved to be another quiet and routine

Market

after

London, Aug. 23. Stocks turned easier rally today on the London Ex- late selling 'wiped out a feeble

change.

Prices -tawed narrowly as

British Government Issues the rank and file of traders

and Industrists made, encourag- ing awaited for new incentives.

starts, but by the close Commission house and New losses were widespread. Orleans welling lowered the Exceptions Included steel nearby cotton while trade share and coppers, The latter buyers marked time. Switching gained few points on frem rearbys to later deliveries London Melol Exchange. provided another

Governments dipped to around Liverpool brukes were amali. Olls moved erratically all Ecate buyers of Oct, and Dee.day.

upposedly to undo straddle. positions.

feature.

Foreign

bonds Were casier with Gerinan and Japanese

In the overall picture, traders liens showing losses of 1⁄2 point

fo a point. were wary about taking t de-

Gold shares were ignored, but finite stand either way pending held further crop developments or shares dipped.

A YEAR IN THE

COMMONWEALTH

From Our Economic Correspondent

London, Aug. 23,

The various sources of finance in Britain which, ́between

overseas

SECTION

China Buying Boom For Japanese

Egyptian Cotton

London, Ang. 23.

China today signed A contract to purchase 18,000 tons of cotton from Egypt, the Now China News Agenor said today.

A contract WRy also signed for China to ex- port 60,000 tons of rolled mivel to Egypt. The deal was signed on the basis of the Sino-Egyptian trado agreement, the Arency sald.---Router.

STOCK EXCHANGE

the them, contribute over £200 million a year for investment in HONGKONG

development projects overseas-mainly in the Commonwealth- are reviewed in the Treasury's current Bulletin for Industry.

UK capital invested in overseas development averaged £220 This was made up of UK. million over the year 1951-53. Government investment in commercial projects, Government borrowing in the London market, and the whole range of purely private investment. It takes no account, how-❘ (From Our Correspondent) ever, of transfers from the existing resources of firms, or the retention abroad in the sterling area of unremitted profits, or of amounts of less than £50,000 borrowed in London, none of which requires official sanction.

fairly alendy. Rubber

clearer picture of export prus Dollar stocks were unsettled. pects for raw cotton. Recent-Unied Press. hurricane

rafn proved detrt-

mental lo crup development in northern section of the belt last week, but otherwise generally

fair and sunny weather, with temperatures

the od's, fa-

voured plant development and checked Insects, shedding and

boll rot, according to the Govern-

ment weekly crop summary.

London Foreign

New

Exchange

York

In Texas, harvest is nearly Montreal completed in the coastal bend. Amsterdam Closing on a reaction the 1st Dis

Copenhagen finished 14 points lower to

Pais points higher. Opening prices | Stockholm were off 8 to 2 polnia, New Zurich Oricans closed off

Milan points.

NEW YORK

12

to 13

Prices of futures closed today

as follows:

Sput

Out.

Dec.

Mar.

May

Kub

Dec

NEW ORLEANS

33.71-70 33.77-78

31 30

31.03

TENS

$32.44

32.99

Prices of futures closed today

ns follows:

Spot

Oct.

Dec.

Mar.

May

July

Oot.

Dec.

LIVERPOOL

Future

elosings,

as follows:

Oct/Nov.

28858280

American

10.00-10.0015 [38,00-138) 19,43-19.437% 973-734 14.-14.3014

12.17-12.173 174016-174131⁄2 -Unlied Press,

Private Investors In Britain also play their part in financing Commonwealth development by in In-subscribing to loans raised

Shipbuilders

Tokyo, Aug. 23.

Japan's shipbuilding industry has plunged into full production in a boom almost guaranteed · by foreign orders to last two or three years.

Only the rise of steel prices darkens the new era for the industry which was threatened with a one-third cutback only a year ago.

Foreign demands for Japanese

ships have put to work nearly

all of the nation's $7 dockyards New York Sugar

with an annual capacity ol 600,000 gross tons.

The boom that began last autumn pushed Japan from fifth place among the shipbuilders of the world to possibly the third or second slot and is still going strong.

1,300,000 Tons

As of July 1, contracts ex- ceeded 1,300,000 tons for sales plete. abroad, with tabulations incom-¡

Great Britain had 3,000,000 gross tons signed up by Jast Business done

on the Hong-January 1, West Germany had kong Stock Exchange this contracts for 14,410,000 und morning amounted to $826,000. Sweden 1,390,000.

quotations and the morning's transactions: . SHARES BUYERS SELLERS GALER

Noon

Commonwealth governments |ternational Bank has raised £10 † have agreed to parilcipate. IL London, Aug. 23.

have million, and some of this has is designed 2.70.0/16-2.70 (including the colonies)

to assist private BANKS 2.74-7/16-2.74%rnised £157 million In thebeen re-lent to Commonwealth | undertakings without govern-

HK Bank London market since 1951. Bor- countries.

ment guarantee and will have rowing reached a peak of £41

An authorised

100 INSURANCES copital, of million dollars, of which the million in 1954; but so for this

Union United Kingdom will subscribe year no leans have been raised

Lombard 14.4 million (£5 million). by Commonwealth governments

Underwriters in London, In addition, the

• 8. Export Credits Guar-DOCKS. ETC. antce Department This hos granted a credit of £10 million to Pakistan for the purchase of. UK equipment in addition to guaranteeing Д substantial volume of medium-term

credit in the ordinary course of its business. It thus facilitates the purchase of British plant and equipment by overseas coun- tries.

New York Stock Market Prices

New York, Aug. 23.

The stock market after a week of dull, hesitant trading, broke through on the upside today with a late, vigorous push sparked by rails and leading industrials.

Motor stools, olla, chemicals, middling. In pence per lb, were inca-ferrous metals, alrcrafts, tyres and a host of individual 31.44-48 issues rase a point to more than 30,71

4 points in industriale, lifting

•20.00 20.40 the average for that group 4.80 20.17

points on

average and Crusing

Dec/Jost.

Mar/Apr.

May/June

July/Aug. to..

cluded!

Onielal values lu spot colture in losses suffered shice Aug. 3.

American, middling

American S.L. middling

Mexican midding.

SAO PAULO

futures available

Sau Paulo

not were, United Press,

32.73 29.01

Boeing Airplane

Borden (Tha) Co. Burroughs Add Machine Canadian Pacific R. Cave (J. Co CT. Financial Corp.

Cal. Tractor

Celanese Corp.

Chase Manhat, Bank Chrysler Motors

Colgate-Palmalive Co. Commercia) Credit Consoltinted Edison Commonwealth Elec.

Continental Oil of Del. Continental Sivel

Corn Products

Rails kept pace with a gain 32.08 of 1.00 on average which lifted prices for the group back to closings July 20 levels, Utilities rose 0.50. As newsworthy as the sharp rise was the pick up in volume Crows Zellerbnet on the upturn which gave the Cuban Amer. Sugar market

1,890,000-share Curtis Weight

tudny.-

World Rubber

Markets

Singapore, Aug. 23. The market cused on

löwer American consumption figures and later steadied on hints of general strike In

П

Crane Co.

Diamond Alkall

gcsstor heaviest since Aug. 9. Dow Chemicals There were 403 and only

-issues higher

Out of t

203 lower

total 1,149 traded.

Swift Turn

Singapore. velopment

The market was nervous flutuating

Futures closings were:

No. 1 rubber per ib.

Sept.

Det.

Nov.

and

1404-140 13914-1391 inquoted No. 2 rubber per . Sept. 136-137 No. 3 rubber per . Sept. 133-134

No. 4 rubber per ib. Sept. 12814-1971 No. 1 spot rubber unbaled 139-12911⁄2 Blanket crepe

No. pale crepé

LONDON

1271-127

130-140

Could

Dupont de Nemours

Enn Kodak

El Paso National

Erie alread

Famlis Finance Corp. General Electrio

Foods

Genc Motors Gen. Pub, vtl. Gillette Safely Bazor

Glidden Co.

Goodrich B. F. Co. Goodyear Tire sleyden Chemical

tomstake Mining Co. ingersoll-and

Market commentators attribute the swift turn in the market trend to no single de

and the rise wus scen or an expected develop ment Indicating the corrective movement in progress recently has about run its course and the large backlog of favourable | Internatjonal Nickel ninrket influences will prevail international Paper ogain.

The rise in rails-fifth in a row for the group — was seen 45 a particularly favourable de velopment since, interest in this section has logged.

inlind Steel Co. Interchenical Corp. Int Harvester Int'l Business Machines

Inll Toi. & Tel. John-Manville. Co. Kansas C. Power & Light Kennecolt Comper.... Liggett Meyers Tou. Co. Loews Incorp.

Lockheed Afrerait

Lone Star Cement Co. Loulaville de Nashville R.

The gain in rails today man to Lowenstein & Sona The rubber market was rm2 points or more in Santa Fe Mesabi Iron Corp.

with spot at 419% pence per 1b. Prices:

34o. 1. Ra spot Settlement house term!**

Bopt.

Och.

Nov.

41-4134

unquoted

40-digi 414-419

41-4115

10-397%

Oct/Doc. Jan/Mer. General markets, cit basis, ports: Oct.

41-4134 41-4114

Dec.

Futures

NEW YORK

today

closed

WCTO

Minnesota Mining

putstanding Mission Development

Mansonen Chemical Co.

and Rock Island.

Motors among industrials, with General. Montgomery Ward Motors up over 3 and Chrysler Mobroda The.

National Cash Reg.” “A” National Dairy Prod.

National Lemi National Strel Com. New York Central

up more than 2.

Steels had gains ranging to 2 Natione Distliers points in Bethlehem.

Non-ferrous metals also did well with Anatomia, the featuro

gain of almost 5 hero points reflecting talk of the

on a

on Mathieson Otle Elevators Owen-Blinals Gians Paelic Gas & Etoo. 75 company's Chilean mining Pacific Wastern Oli

prospects.

Pan American Airways Paramount Pictures

to 100 points higher with sales

of 320 contracta.

Jersey Standard and Standard Parke Davis Co. Strength developed with Wall of California, featured in alls Peany J. C. CB. Street commission house and with gains of around two Ponn. Sail Co. dealer buying encouraged by the

Philip Morris points.

Whips Petroleum rise at London.

Other buyers

Now York Stock Exchange | Procter & Gamble Co. awaited outcome of the scheduled bond volume was $0.162,000.

||Titsburgh Plato Clean meeting on Thursday of dock

|Publicker Industries American Stock

Exchange Pure Oil workers at Singapore when

volume was 670,000 shares. will join the strike of the utility vote is expected on whether they

Dow-Jones closing averages To Motors

workers.

1

The local spot market ruled dull. Among the few sales coming to light was October ono sheets done in the forenoon at 45% cents. Later sellers were holding for 484 cents with bida around 4 cent under. Spot No. 1 Rss were quoted nominal. ly 46% certs pound: Futures 47.30

Mar.

May

AMSTERDAM

today were:

30 Industriala

20 rails

15 uulities

bo stocka

40 borsda

Comm. future price

indox

0314

00

29

3314

10

sol

22)

Gl

8315

A4

London by private enterprises sterling Commonwealth countries. In the two and a half yours since the beginning of 1053, the amount approved for borrowing London by these enterprises was £113 million.

£100 Million

Authorisations for private in- vestment in Canada over rough- ly the same period amounted to

€100 million.

Tre Bulletin describes the functions of the various

or-

Needs Surplus

coun-

Japanese shipbuliding interests are planning deliveries for more than 21 months in advance and are booking orders for hulls to be built two or three years from now.

President Toshio Tezuka of the Kawasaki henvy Industries said: "Times

have certainly 10001010 changed since last year."

1720 1735 101725

1000

եր 50 55 1005 19.20

26.00

K. Wharf. 7345 76 Dock Provident (0) 15.00 16 100 10 Whreipek ....15 6.20 7000 U 020

LAND, ETC.

HK Hotel... 10.30 19.50 200 x 19.50 1000 e 104S HK Land

73 73% 438 73

2057415 Humphreys Realty

RUBBER

A. Rithher Trust

20.00 230 235 27000 Ep 2.39

น It was only a year ago that the Government In an attempt to rationalise the shipbuilding k- dustry asked it to cut its capacity to 400,000 gross tons or by exactly one-third with resulting layoffs of workers.

Concern

But this was before orders be gan rolling in from mations.

foreign

Shipyard circles are now con cerned that the Government will want them to build for the do- mestic market at the prices offered during the slump.

"Wo will inslet upon a price which will permit a prodt," one 24.00 leading shipbuilder commented.

United Press.

.. 2.18 2.20 1500 6 2.178

3.10 1000 g 3.10 5286 9.05 16000 03.10

UTILITIES

Tram ....... 24.00 25 200 25

Star Ferry XD Y'mal Furry

1050

147

117

300

C. Light (0) 22.00 C. Light (N) 17.00 Electric ................ 4134 Macao Elec. 11.30 Telephone 33.20

Some Commonwealth ganisations--both governmental les needing capital for deve- addition to any and private--who contribute thelopment in bulk of funds for investment supplied by the above sources, -obláin it by drawing, od their uveryoos,

sterling balances, Colombo Plan countries have also been allowed to use their blocked sterling balances for this pur- pose. Over the six years of the Plan (1951-56) these releases, together with funds made avail- INDUSTRIALS able to dependent U.K. terri- the tortes in the area through CD and W nets and the CDC, will case have

reached.

£300 million.

a

in

1. The Commonwealth Development Finance Company This was set up in 1958 542 Ltd,

by number of prominent British business houses and the Bank of England to assist the provision

of france for development projects in Commonwealth, particular ly there designed to Commonw yealth resources

נינו

strengthen the sterling

increase

and

area's

over

------ 22.90 23.10 1700 @ 23

10.00 Crawford 37 500 G 3745

COTTONS.

Cement

..... 3344

34 300 34

2077 393

40%

BEF

Поро STORES, ETC.

Dairy Watson

28

384 balance of

70

payments,

It nor-

1412

2

41

Sau

22014

78

these ways,

says tho is helping to mally expects to lend where Bulletin, Britain

and ordinary sources aro inappro- enlarge total world trade priate or inadequate. So far it create opportunities for British of capital hos

agreed to Investments Exports, particularly

goods, totalling £0 million,

In

is In-

2

02

2014

2. Colonial Development 23 Corporation. At the end of last March total capital sanctioned was £57 million. It was Invest

But, it warns, if Brilain to maintain the flow of

she needs vestment funds substantial surplus, taking one

cd in projects ranging from a year with another, in her cur- power station in Malaya

00% cobalt mine in Uganda,

60

50

lo a

Colonial Welfare and

Funds.

£140

3. Development

rent balance of payments. From 1953 to mid-1954 she had such a surplus.

"To robuild it is one of our million has been provided for most urgent tasks," the Bulletin the ten years to March 31 next, but this rate of investment wil

01) be doubled over the next five years. These funds are invested, mostly in the form of grants to colonial governments,

in basic development, such ад com- munications.

ZAR

84

41%

0731

2316

• 4. International Bank.

1996 The United Kingdom has agreed

201

473

to make £60 millon available

101

201

48111

701

the UK has agreed to releases

for lending by the Bank bo- tween 1883 and 1950.

Bo far,

40

ends.

Nanyatig ... DAD 6.00 1000 0.50 MISCELLANEOUS

Yangiste..... 8.00 820 3000 or B.10 Allied

5.75

1500 5.00

Exchange Rates

Business was dond in the local market thle unomelal exchange morning at the following rates: US dollar (por 31) ..........

5,81 Sterling notes (per £1). W Austraian notes (par d'i

Indonesian rupiah (per 100) 23,70 Bam ticals (per 100) Singapore (Bitrate)

Indo-China plastres (per 100) 9.00

Japs Concerned About

Indiscriminate Sales

A

New York, Aug. 23.

yesterday southern textile executive

4 totalling 16 million to India declared the Japanese were concerned over the

Radio Corporation

Republic Bleet

Hoynolds Metal

Shell Oil Co.

457.35

187.20

Saint Reg. Paper

alis

Sinclair pl

06.22

106.03

Socony Vacuuma

90.70

Bouth Porto Rico Sugar

Southern National Gas

150.00

Southern Raliway (Com.)

Standard Brands

Closing Prices

4646-80 Allied Chemicals

4330

Allis Chalmers

Standard Ou of Cal.

Standard Off of má

Standard Of ht NJ..

Rtokely-Van Camp,

| StudyBaker-Phokard

Bwitt & Co.. Texas Co.

7144 | Tide Water. Ano

and Pakistan. In addition, recent "indiscriminate” sales of Japan's cotton

various small releases amount-

ing to about £4 millor have

been agreed for loans to forelņu countries.

goods in the US following US State Department concessions.

of

the

8. International Finance.|| Mr F. 8. Love, Sécrèbuy- | shortsightedness of the utterly American astounding tariff concessions it Corporation. This proposed or Treasurer

and Cotton Manufacturers Institute, granted at Geneva," Unilod ganisation will be set up omliated

here today | Press. to the International fold a civic club

#gcoms Banks when the requisite nume significant" In view of the fact

that Japanese concern bor of member governments

tipt deep and wide" tariff con

NEW YORK COFFEE

FUTURES

goods

to Japan by the State Depart-Cotton Slump

Import

ment do go beyond dertatu limit of restrictions. The Sinto Do- partment made the tariff cons dessióna to Japan during the Geneva conférence.

Protection

Mexico City, Aug. 23, Government action to protect New York, Aug. 23,

The Trade Ministry of Inter-Mexico against a possibio slump Santos "S" coffee futures to day closed 45 to 60 points lower national Trade and Industry of in cotton prices was urged last Cells Japan has announced it will try night by Sensua with sales of 229 contracta

to stop so-called "dumping" of Campos of Sington State, -The "B" contract closed. ja Japanésa textile on the United

Sen. Celle; expressing alarm markets, over downward trends in the to 68 points lower with sales States and Canadian

Mr Love said. ot. 34 contracta

Roaster-demand was quiet in

local spot myrköt willę). Santos 4s held unchanach § DE

Allied Mül Ing.

the

4085

43.30

46.40

American Airline Am. Mach. & y dey.

2014 Twenty Dentury Foù-

·5415 | Union · Carbide

101

;

$7 Unun Feolla

107

129% United _Atreruf'

1741 PV.8. Line Co:

American Melal Amaricom Smelling

The market was steady. Prices America Tel & Ta Lolosed totleg in guilder „por | American Tob. "B"

kilogram, cif

Frabber

Septimber tis Anaconda Copper

4.00 paid

Armon Biel

Armour

Fiskiwins-Lam-41arts.

Baltimore & Ohio

Máy lên buynes', fiendis, Aviation

Best Cons,

Betisiekim stol

Woolworth

Folly

55%, cóntă. Colombians rose 15: ralita asent to be adming, xéound cent to 64% cent for Manizales, | to realise the inherent' dcont Medellínia, urinibla angk, mindet. "foily, in the US stato

Futures:

deckredi

Vigoing to be

world cotton market, wald - the | Government must: “keep abreast. of the colton situation/brid' tako focamary: stops. to protect Maxiogn

He said there, wer

EVERETT

Market

New York, Aug. 23, World No. 4 sugar futures closed today unchanged to 1 point lower with sales of 50 contracts.

Domestic No. 0 sugor futures closed 4 points lower to 2 points higher with sales of 72 contracts,

Nolther market developed enough activity to show a parti- cular trading feature, dealers said. Futuras,

Contract No. 4 (world)

3,19

Sept.

Oct,

Btar.

May

July

Bept.

Spol. feests

per lb. TON

Cuba)

3.21

Contract No. 0

Nov.

Mari

May

Spot-fcents per ib et NY

ox-duty)

0.43

United Press.

New York Foreign

Canada.

Exchange

New York, Aug. 23.

$1.01-9/10 2.64-2.06

England unofficial

*

30-day futures 20-day futures..

Holland Tenu

United

LINES

EVERETT ORIENT LINE

Fast Regular Freight Refrigerator Passenger Servies

Loading for singapore, Penang, Rangoon, Čalentia and Chittagong.

"REBEVÉRETT

"NOREVERSTI"

"DĽADBYERETT"

"LENEVERETT

Arr. Sept. 11

Balls Sept. 12

Oct Oct. 11

3

- Oct.

-- Oct.

. Oct.

20

Oct, 20

Arr, Sept. B

Satis Sept.

Bepi. 18

Sept. 17

- Oct,

1

2

Oct.

Loading for Kobe, Osaka, Nagoya, Yokobama

"NOREVERETT”.

"BEADEVERETT""

"LENEVERETT" "REDEVERETT,

- Oct. LIMITED PASSENGER ACCOMMODATION *All the above subject is alteration without notice,

EVERETT STAR LINE

·FAST REGULAR FÜRIGHT REFRIGERATOR SERVICE

Loading for Singapore, Port Bettenham, Colombo, Bombay, Karachi & Persian Gulf Ports,

"STAR ARCTURUS”

Sept. 7: -Bapt. $7 - Bept. 23 15 14

Oct. Nov, 11 Nov, 12 - Nov, 20... --- Nay, 30

"THAI”

"BTAR ALCYONE"

*LA ON

"STAR BETELGEUSS"

Atr. Sept.

- Oct.

0,

Salls

Loading for Kodė, Omka, Nagoya, Yokohama

"STAR ALCYONE"

THAI"

Arr: Sept.

Sails Sept.

* Sept. 21

LA Đ

B Sept. 21

a.

10

Oct. 20

"STAR BETELGEUSK" "TAR ARCTURUS“

- NOV,

Nov;

Nov. 21

ལྦུ་

- Nov. 20 LIMITED PASSENGER 'ACCOMMODATION

All ils above subject to alteration.without notice.

EVERETT, STEAMSHIP CORPORATION S/A (Incorporated in the Republio of Panama with Limited Liability)...... Chinese Department: Telaphone: 28293. Queen's Building, Telephone 31206.

MESSAGERIES MARITIMES

"LAOS"

#534) Queen'" Building Aug 201

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