1955-08-26 — Page 9

THE CHINA MAIL, FRIDAY, AUGUST 26, 1955.

TRADE and COMMERCE

SECTION

A HESITANT SHARE MARKET

Weekly

Turnover Falls NEW YORK To $6 Million

NARROW FLUCTUATIONS

By A Special Correspondent

A mood of hesitancy prevailed on the Stock Exchange this week, induced, some brokers felt, by unfavourable world events, and although the market kept relatively steady until Wednesday there were fractional losses yesterday.

All through the week prices have moved narrowly and a glance at the panel below will show that the losses were really trivial. On balance the market closed slightly higher than last Thursday's rates.

The five-day turnover fell again this week-this time by a million to $6 million.

COPPER PRICE

JUMPS

New York, Aug. 25. Copper consumers today watched the price for the red metal jump another three cents a pound to the highest level in 83 years.

Sales Anaconda

Com

ol

pany, subaldiary

Anaconda Company,

nounced a now basis today

of 43 cents

It impossible to give you any though some Institutions may definite reason for yesterday's have to write down its value trend. Certainly

market for the balance sheet If the

the from f slump has not fully recovered

continues over a long the bank rate shock,

perlod.

גן

|

STOCK

MARKET

New York, Aug. 25. The steel and non-ferrous shares both sparked the market in a further advance today—its seventh in 1 row.

Demand for the metals was

a three-cent price kt.

the big feature, coming on the licets of ETCOSC for copper by an highest level in 83 years.

on and increased market in-

Anaconda subsidiary to the

The spurt came in the after-

terest

bringing turover 2,120,000 sharts compared with almort to yesterday's mark at 2,140,000.

4

JAP COTTON

TEXTILE

LIMIT PROPOSALS

FALSE SENSE OF SECURITY

New York, Aug. 25.

Proposals by Japan to limit cotton textiles exports to the US are "designed to have this country lulled into a feeling of false security to the end that legislation on this tariff problem be deferred," according to Mr Leon Lowenstein, Chairman of the Board of M. Lowenstein and Sons Inc.

out

Anaconda ran up almost

In a letter to US Senator points, Magma more than 4, Herbert Lehman of New York. Kennecott more than 3, Miami Mr Lowenstein pointed Copper and American Smelting that American orders for nearly 2 each. Aluminium rosé Japariso cottons set a new more than 3, Kaiser and Alcoa record in July.

Referring to nearly

poimi each. Inter- Japanese government-Industry national Nickel Jumped more moves to curb exports in tho than 4. Reynolds Metals added face of mounting criticism more than 2

from

US

Interests, Mr Lowenstein wrote in his letter: HOW IMPORTANT

Of a total 1,733 issues traded. 505 were higher, 390 lower.

New York Stock Exchange bond volume was $4,730,000.

World Cotton

Markets

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL 5.N. CO.

PASSENGER/FREIGHT SERVICE ·

Outwarda "CANTON" "CARTHAGE” "CHUSAN"

"CORFU"

Leatre London Balled ་ ། 14th September

30th September,

13th - October

Das Hongkong 19th September 17th October 0th October

14th November

Via Southampion, Port Said, Aden, Bombay, Colombo,

Penang à Singapore

Homewards

*CONFU"*

"CANTON"

Leaves Hongkong Dua London 271 August 28th September 23rd September 24th October

21st November 2nd November 20th November 10th November 19th December

"CARTHAGE" Zint October "CHIUSAN" "CORFU"

Via Hingapore, Penang, Calombe, Dombay, Aden, Port Said à London *Also call at Malta.

"SURAT"

"SURAT"

FREIGHT SERVICE

dua 1st Sept. from UK. vin Straits loads 2nd Sept. for Japan loads 24th Sept. for 'pore, P. Swetten- ham, Penang. Colombo, Adon. Port Said, Genom Marseilles, Havre, Lon- doa, Antwerp, Rotter dam & Hamburg "BUILLONG" due 27th Sept. from UK, via Straits

loads 20th Sept. for Japart

With Uberty to call at Belawan bufore or after Strakte

- Paris and at Bombay it inducement offers. Tanks available for carriage of Oll in Bulk. Space for refrigerated cargo, Limites Passenger novomumodation

"WARORA"

BRITISH INDIA S.N. CO., LTD.

dve ftit Sept. from Japan salis Oth-Sept. for Singapore, Rangoon

& Chittagong from Calcutta fer Japon

start

"SANTIHIA"

New York, Aug. 25.

turned Cotton prices today "I am sure that you realise actionary after a firm how important this subject is with the far forward pasillons from

the fact that the leading the downturn.

Diminished hodge pressure Japanese industry is concerned

in

October about the effect on

covering Amerisan and

bolstered the nearbys,

while public opinion.

"It is

my feeling that this later deliveries weakened under and the by

Japanese In-realising by recent buyers is designer

to have local selling.

Technicians couplod part of into -A feeling of false security to the the selling with chances for new

which

would lower this legislation legialation $2514 and

10915 tarif problem be deferred

price-supports on the next crop. 72-1

Administration officinis have

Sume brokers think that the pumulsive effect of the Morocco Wheelocks Rise, bloodbath of last week-end, the deadlock in the Sino-American

This, however, does not pre- talks al Geneva and the Singu- suppose anything as drantle as a reduced dividend and if there pore strikes has made investors

are any fears in Hongkong about resulting in re- apprehensive. duced buying and some selling, the Bank's assets being de

should be dis- American Under normal conditions these valued they

Stock Exchange volume was 480,000 shares. events would hardly affect the counted immediately.

Unions have. interest

Dow-Jones spent a quiet market at all since its

closing averages week and closed steady at $1010. [4oday were: almust entirely local.

Wheelocks gavo by far the 30 Industriais

401.27 Bui DS D

of recent result

107.29 performance 20-Tails weakness it reaction of uncertain-most outstanding

15 utilities week, gaining 00 cents to us stocks this w may touc

express itself

$0.50 largely on rumours that 40 bonda forcefully. more

Japanese shipping interests are Perhaps it was this perhaps yesterday's apathy was repaying their $36 million lean induced by the heat which in will remember the share closed encouraging rate.. You my office sent the thermometer at $8.90 last week; it had risen up to 00.

to $0.20 on Wednesday and sold as high as $0.60 yesterday be fore liquidation set in and re- duced the price by 10 cents.

Wharves ond Docks have 0 cents on a buyers' bid of $74 been quiet but Wharves firmed.

bound for

ty

electrolytle, effective with

shipments of August 25.

rise, traders

The ris

said.

continued to refleet a 1ng demand in face of a tightened supply situation In the wake of the recent labour troubles. United Press.

TODAY'S SHARE PRICES

(From Our Correspondent)

this

Business done on the Hong kong Stock Exchange morning amounted Lo $470,000, Neon quolations and the morn- ing's transactions:

Is

or

now

at an

Comm. future price Index

CLOSING PRICES

Allis Chalmers Alden Inc. Acy. Allled Chemicals Amerlem Airline American Cyanamide Co. Am. Mach. & F des. American Metal American Smelting Am. Sugar Ref...... American Tel & To

Arinco Steel American Tob. "B" Anaconda Copper Armour Baldwin-Lima-Ham.

Baltimore Ohio Bendix Aviation Corp. Benguet Cons,

to

Bethlehem Steel

Boeing Airplane

to

Borden (The) Co.

Burroughs Add Machine

Hongkong Banks There has been a further narrowing of the gap between London and local register Bank shares. Although locals have only fast a net of $5 on the yesterday. Providents have lost week, Londons have appreciated 20

cents to close at $15.80. slightly and the gap

Hotels are fractionally lower down from about $140 to $115. but both Lands and Realles

Londons (and therefore local are up. Lands by 50 cents below $7314 and Realles by .025 registers) are still well their peak levels of three weeks $2.30.

In the Utility section, Trams ago. Sume think it is because

30 cents Shanghai tup

to $24.90). the Hongkong and Bank like most British banks Yaumatis (up $1 to $118) and holding

25 securities Telephones (up gilt-elged

cents to have been affected by the slump $334) show rises, China Lights, in Funds the London market, and Electrics are down.

Trub "gills" have slipped as

following figures Conversion 2 *58-50

2 pc against a of £99-17/04; $33% but Dairy Farms have Savings 3

'55-65, £87xd picked up 30 cents to close firm against a high of £100-11/16;nt $23.

με '30-49

the

on

3 pc

3

show:

Wanted: Confidence

£02% Cements are 50 cents easier of

£83%

Rubber prices in Singapore

a high of £97; Consols are up to 141 Straits cents a b

SHARES BUYERS SELLERS SALES Dese

BANKS

HK Bank

INSURANCES

1735 1745

Union. 1010. Underwriter

DOCKS, ETC.

K. Whorf

Duck

Provident

Wherlock

LAND, ETC.

HK Hotel

HK Land

Humphreys

Healty

RUBBER

10.20

Canadian Pacife R. Case (J. 1.) Co. c. I. T. Financial Corp. Cat. Tractor

Celanese Corp,..

Chase Manhat bank Chile Copper

Chrysler Motors Colgate-Palmolive Co. Commercial Credit Commonwealth Elec. Consolidated Edison

Continental Ol of Del Continental Sleei

com Products

Crane, Co.

Crown Zikaci... Cuban Amer, Bugar

Curtin Weighi

Diamond Alkall

Dow Chemienis

Dupont de Nemours

C87% against a high and share prices have kept

steady in sympathy. are only few examples, but quite a num-

It is hard to be cheerful about ber show lossC9 of between next week's prospects. Until Eastman Kodak

returns the prevall-El Paso National Gas

-£10 from their high marks confidence established this

year.

falls look

un-

Erie Ironst

General Foods General Motora Gen. Pub. XB1, *.

ing hesitancy will continue to Family, Finance Corp. But the fall in the market dominate the market. While General Electric values of "gilts" is really only further drastic 1 "paper loss" to the banks. likely a stendier undertone de- 29.30 3000 # 2820 The basle value of the asset on pends chiefly on a greater flow

maturing remains the same even of money into the market. 10.70 15.00 049 050 0000 # 945

74

..10 20 ..

2000 10.30

73% 100 734 2015 400 / 20

2.33

A. Rubber, 2.123 2.15 3000 Go 2.175

Trust....... 3.121

UTILITIES

Tran.....

Y'ninti Forry 117 110 100

C. Light (0) 22.30 22.00

Gillette Safety Razor Glidden Co. Goodrich (D. F.) Co. Goodyear Tire Heyden Chemical Hornetske_Mining Co.

THE WEEK'S MOVEMENTS Ingrand

19.40

Inland Steel Co. Inta Business Machines Int'l Harvester International Nickel International Paper Int'‍l Twl & Tel Jolin-Marville Co. Kennecolt Copper Lingeit Meyers Tob. Ch. Loekhood Aircraft.

Loewe Intorp...... Lone Star Cement Co. Louleville & Nashville T.

Lowenstein Bona

64.10

move

105.40 dustry

18.50 151.00

this COUTTY

that

Julled

on

"I urgently advice enactrasat indicated ways must be found to 2421 56% of laws -setting import quotes

0011

54:1

on Japanese textiles. That is cheele the continued accumula- the only method that can halt on of stocks and to start, the this over-hanging danger to the orderly disposition of the sur- American industry." United plus new on hand. 749% Press 812

44

144

World Rubber

Markets

Singapore, Aug. 25.

in rubber

was

Trading hesitant today except for lower grades which are in good demand. Futures: No. 1 rubber por Ib.

304% No. 3 rubber por lb.

14374-141 11-14 unquoted

13842-138%

Agriculture Secretary Mr Benson Indicated the need for legislation to put cotton in a better competitive position with foreign production and synthetic

fibres.

crop summery by a leading pot firm noted fair progress in spot some eastern belt sections during the week, but most of the area showed raibor 300T progress

with heavy deterioration in some sections. Central belt progress, however, was termed fals, with good progress in the northern conditions were portion where (better than normal.

Closing around the lows the list ruled unchanged to 21 points lower: The market opened up 13514-125-7% 4 to off 1 point, New Orleans

closed off 4 to 20 points.

Trading volumes and open in- terests in the Exchange today were:

Sept.

Oct.

Nov.

No. 2 rubber per lb.

Sept.

Sept.

No. 4 rubber per b

Sepi.

154

Spot rubber unbaled

14074-341

Blanket crepa

107-109

No. 1. pale YORK

141-142

NEW

Month

Volume Open interest

14,200

343,000

points lower with sales of 100 Mar. contracts,

Dec.

26,500

769,000

20.000

341,400

Mox

14,300

300,500

zi hedge selling plus the

Speculative liquidation

and

July

12,200

100,200

Dat

4.500

120,000

lower

2,100

20400

London market kept prices on the defensive.

Total

1.800

2,107,300 boles

NEW YORK

果糖

Futures today. 'closed 20 to 105 Oct.

In the spot market, the situa Lion was inactive as fnctories continued to mark times or buy an "as needed" basis.

Spot No. 1 Has were quoted at 45% cents a pound, nomina),

Future closing were:

September

December

Prices of futures closed today

as follows:

001 with spot quoted at 41.5/16 Spot

34.500

KARBORNE

“SIRDHANA" due 13th Sept. Rain 14th Sept. duo 19th Sept. salts 14th Sept, for Singapore, Penang

Rangoon & Calcutta

from Japan

P. & O./B. I. JOINT SERVICE "OŻARDA"

"ITOLA"

"ORMARA”

"EASTERN"

due 20th Aug. from Karachi & Bombay soils 30th Aug. for Japan

duo 7th Sept. from Japan salts 8th Sept.

due 14th Sept. Balls 13th Sept.

for Singapore, Madras, Karachi, Bhavningue Basrah, Abadan, Khor- ramshahir Kuwait from Japan-

for Spore, DOMBAY, Karachi.. Baerah, Chor ramshahr & Kuwait

EASTERN & AUSTRALIAN 5.S. CO., LTD.

loads 6th Sept. for Sandakan, Rabaul

Brisbane, Sydney, Mel bourne & Adelalde "7th Sept. from Australia loads 8th Sept. for Jupan

due 1st Oct from Australia toads 2nd Oct.. Toř Japan

"ARAFURA”

"NELLORE**

dus

All vessels have liberty to call at any ports on or off the route & the route & miling 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

LINES

EVERETT ORIENT LINE

Fast, Regular Freight Refrigerator Passenger Service

Loading for Singapore, Penang, Rangoon, Calcutta and chittagong.

OC

Arr. Sept. 11

Sails Sept. 12

→ Oct.

&

- Oct.

4

Oct. 14

Oct.

20

- Oct.

Arr. Sept. -Sept. 10

Oct. Oct,

B Baits Sept.

-- Sept. 17 -Oct, Oct.

Oct. 29 Loading for Kobe, Osaka, Nagoya, Yokohama "NOREVERETT

Spot

Oct.

Dec.

Mar

Mny

Up or down

45.00

July

Aur.18 Aug. 24 Aug. 24

oll week

100%

43.33-40

Oct

Banks

$1735

$1725

$1730

-$5

March

Dec.

May

42.30

18,300 2.15 3000 6 3.10

Unlons

1010

Wheelocka

8.90

HK Wharves

7944b

1000b

9.20 73b

1010

July

120

41.00

NEW ORLEANS

9.50

*Da

September

1040

"REBEVERETT""

714b

400

LONDON

23.10 500 21.00

HK Docks

270

29.80%

28.00%

The market

Prices of futures closed today Was irregular as follows:

"NOREVERETT**

"BRADEVERETT""

"LINEVERETTY

110

Providenta

10

15.90b

15.80

200

HK Hotels

XD 40 41 3500

401%

Lands

104 73

19.40

100

pence per lb. Prices:

Gabber

7334

721

506

Moabi Iron Corp.

December

33.71-73

43

March

Elec. 1111100

HK Realties

33 831 500 3014

Tramp

'2.276 24.00 117

2.35

2.30

.0250

Minnesota Mining Mision Development

1017

2012

Oct.

$134-8135

24.00

24.00

300

Monsanto Chemical Co.

Nov,

4031-409%

118

118

+ #1

Montgomery Ward

7015.

Doc.

10-40

D

Motorola Inte.

23

22.90

200

494

Oct./Dec.

May July October December

3830

National Cash Reg. "A"

30

Jan./Mar.

37-37

4

42

40xd

$50

National Dairy Prod.

10%

Apr/Jume

37-37

LIVERPOOL

33

ນ

2312

250

National Distillers

21

34

234

National Lead

Sept.

National Steel Corp.

Oct.

22.70

23

23

Dee.

4044-41 40-41 unquelad

Future closings, American middling, In pence per lb, wero

7.806

8.10

8.05

Estate crepe

is follows:

5.30

5.80

8.70

8.50

5.80b 8.80

thin Sept. thick

40

Oct/Nov.

31.44

Dec/Jan.

30.70

MIT/ADS.

23.Ra

-United Press

May/June

July/Aug.

23.20

C. Light (N- 17.60 37.90

Electric

Macao

Telephone

INDUSTRIALS

Cement Rupe

STORES, ETC.

Dairy

Watson NA

Crawford

Zio

COTTONS

Nanyang....

39 3332 1000 ye 30%

10.90 17.20

22.70

MISCELLANEOUS

Vibe

Yangtze

Allied

20 13.20

7500 ST

0.00

23.20 7 6090 g 23.40

8.00

0 2500 1b 3.90

&

London Foreign Exchange

New York

Montreal Amsterdamn, Copenhagon

- Lisbon

Paris

Frankfurt

Zurich

Other Prom.

were

London, Aug. 23,

2.709-270-11/10

10,09-10.091

Youmatis

China Lt. IIK Elec. Tphone Cemente

D. Farms

Yangiszo Allied Nanyang

28.10

+++[+] [++++]] +*+

160

100

London Stock New York Sugar

Market

London, Aug, 25.

жете Governments

Blthough

Market

New York, Aug. 25. World No. 4 sugar fitures

New York Centrai Olin Mathieson Otly levators Owen-Bols Class Pacific Gas & Elec. Pacifle Westem. Olf Pan American Airways Paramount Pictures Parke Davis Co. Penny J. C. Co. Pron. Salt Co.

Philip Morri

Philip Petroleum Procter & Gamble Co. Pittsburgh Plate diame PubMaker Industries Puto Oli

adio Corporation 4euble Bleel

Rao Moto

Stocks showed moderate gains closed today unchanged to In active trading today,

points higher with sales of British

'contracts. 3.74-11/10-2.71% mostly unchanged,

some undated up gains

chips

canall gains. Steadler tone reflected the Rolls-Royce and Unilever rose firmar raw basta. Futurum: as much as 2s od.

JESUCS chalked Domestic No. 6 sugar futures

19.34-19.34 7030-79.00 19.09-19.09% 07316-97316

11.00-11.00 12.18-1-12.1815 - unchanged-United

42 Respaldo Metal

Shell Of Co. ... Saint Rog. Paper Bindoir Oil **** Boooper cun Bouth" Porse Ribe Southern Nationet - Cas Bouthern Railway (Com.) standard. Firande

of £. Industrials closed unchanged with salts of

with most blue 125 contracta.

were ag

Oils showed atrength, with Contract No. 4 (world) Royal Dutch a feature, up & V

to £60%. Shell climbed about Del.

23.

Gold and copper shares Im- May proved moderately.

Sept.

Mar.

July

Sept,

this

Exchange Rates

Burton war dorie in the topgi sochota exchange market rooting at the following exteri VEL di lae, (por. Bi) starting sole (pers

Australan mólon (per £1) .......

Indonesian rupiah (per, 100)

sam ticals, (per 100) Singapore (Birma) ..

Indo-Ching · pasatzes (per 100)

Germans werd in limited de-spot-teenia/per, 18: fob Cusní mant, except for the

- Contract No.

Young Loun, which climbod £11⁄4, Two Japanese uns were strong di Potash

loans lost

and Now,

Epoet by amended, bonde of P

Tokyo Electric, up £4

́ex-duty) United Press.

Blandard Oil DE

Standard Qu

Standard Q of NA

Biokoly-Van Čatne,

Etdebaker-Packard Corp.

BWER de Co,

Texna · Co.

Tidewat

Twenty Century Fox Fẩm

Union Carbide -

tition Pacino.

No. 1 Rak pot. 413-41% Settlement house term 2

General markets, cit basis, parte:

116€

BEERDERE

New York Foreign

Exchange

SAO PAULO

Future closings in cruzeiros

per kilo were as follows!

"BRADEVERETT

"LENEVEZETT"

for singapore,

L

34.10

35,00

#STAR ARCTURUS".

34.00

WTHAT

-

34.80

"STAR ALCYONE” ·

+34.70

Port

Suits Sept.

1

Bept. 28

• Det. Nov.

13

Nov. 30

The average, pries' of 18/10 277-lasalding cotton at ten desig- nated spot markets today wan 38.57 cents. Salgent theso markets totalicis 21,447 bales--- United Press,

United Pres

MESSAGERIES MARITIMES

PO Box 53.

FAST PASSENGER/FREIGHT, SIRVICE......

“REGEVERETT"

LAMITED PASSENGER ACCOMMODATION

All the above subject to alteration without notice,

EVERETT STAR LINE

FAST REGULAR FREIGHT REFRIGERATOR SERVICE

Awettenham. Colcambo, Bombay, Karachi & Persian Gulf Ports.

Bept. 17 - Oct. 14 - Nov. 11 "STAR BETELGEUSE“ - Nov. 29

* Loading for Kobe, Osaka, Nagoya, Yokohama

October

100

December

March

Sa Canada

New York. Aug. 25.

May

England-official

36-day futuras.. New Zealand South Africa Belgium Pakistan Hongkong

1.4715 2.70% 2.7812

July

"LAOS"

VIETNAM”

2000

.170

Arr. Sept. "STAR ALCYONE", , Bapt. 'EL·

Balia Sept.

Oct 29

"STAR URTELGEUBE“

NOT

3

"STAR ARCTURUS” ;

Sept. 2 Oct. 20 -Nov.

Nov. 20

LIMITED PASSENGER ACCOMMODATION.

All the above subject to alteration. Witkont noties.

IRETT STEAMSHIP CORPORATION S/A

(nourporated in the "Républic or

ama with Limited Liability);

Telephone 28293. Telephone 31206.

alling Sept, 10th salling Oct. 8th

Queer

SERVICE

Phing Sept: 20th sailing Oct. 18th