1955-09-14 — Page 9

TRADE

THE CHINA MAIL, WEDNESDAY, SEPTEMBER 14, 1955.

and

COMMERCE

SECTION

GOOD PROSPECTS FOR COTTON UK IRON AND STEEL IN New

WORLD COTTON

MARKETS

New York, Sept. 13. Cotton future prices today retreated for the fourth with all session in a row

to seasonal 1956 deliveries lows,

Lossey

GROWING

IN ISRAEL

Tel-Aviv, Sept. 13.

"White Gold," as Israelis call the cotton in their fields, is becoming a promising branch of the country's economy.

WORLD

RUBBER MARKETS

Singapore, Sept. 13, The rubber mariçet was quiet with narrow fluctuations, Future closings were:

No. 1 Bapt.

When the cotton-picking season gets into full swing this month Israeli cotton-growing will pass No from the experimental to the commercial phase.

American cotton- mower who owns a 12,000-acre Estate in San Joaquin Valley, California, and who started cof

on forming In Israel from scratch,

་་་ wd extended cotton plantations to an area of 200,000 dunams

(50,000 aores), Israel would be in position to dispense with financial contributions from Jewish communities abroad," he said here recently.

rubber per

140-1401% QET,

1402-14011⁄2 Nov.

unquoted rubber per lb. Hepi

240-1443 No. 3 rubber per 1.

Bept............................ 14334-34232 No. 4 rubber par J.

Bepi.

Spol rubber unbaled ... Hanket crepe No. 1 pale crepe

13435-13815 14735-1479% 112-114

14016-340||

NEW YORK Fulures today cloted 60 to 110 points higher with sales of 402 contracts.

Nearly deliveries rose to new { ve, evidence of a broader de- and locally from blg factories and smaller consumers.

ranged up to around $1.56 a bale with nearby Ocio- wirient Rot- her showing the back ៧៧ holders quidated Although barely three years cotton," Mr Semuel Hamburg, a Letore Brsi notice day-Sept. 24 have passed since cotton farming successful

was introduced, experts, farmers tradera reported and the average Isracit have be- Elsewhere,

of Siquidation

"stole long comme great enthusiasts alrout the positions" supposedly

from promising prospects for its effect Holders

discouraged by over-ipon Israel's economie future. hanging uncertainties and who decided to switch over 10 One foreign expert described and the faster-moving | cotten prospects here as follows: stocks commodities like coffee, cocon, "You will certainly gather the rubber and some of the grains, cups of the white gold' while the hunt for the 'black gold' is With the market an the verge still going on." This was a re- of the heavy marketing season Terence to the intensive search to for ol in this country, which traders were encouraged

fringe of the rich Highten holdings pending deve-lies on the lopments in the plan to dispose Middle-Eastern of basin. of the Government raw cotton,

Israel has many regions with favourable Generally

crop the hot, dry air and the heavy, news and quietness of the tex-Chalky wall required for cotton tile market also acted to dis-rowing, courage new buying interest. The main demand came

Back in 1052, he came to visit covering by satisfied short and a

Stere, the routine

demand from mills.

The Beisan Valley is partithe young dowish

he had left 30 yenra shippors and other trade inter-cularly suitable because its salty country

carlier, Told of Israel's need spring waters,

of farming in .Dec. other cups, can be used to for expansion

absorb hundreds of order 10 irrigate cotton land. It was in thousands of new immigrants, he this valley that cotton planting fered Mr David Ben started three years ago on on experimental scale.

els.

Beisan Valley from

weekly

unsuitable for

The Government weather and erop sununary, apart from the Atlantic coastal area, was construed favourably Heavy thowers caused additional

year, cotton covers pa boll rot and weevil netlylly in

In the area

some 22,000 dunams of opencil (6,500 acres) in various parts of "From Для to rupkeily and in Texas the harvest the country

active In Beersheba." was reported very

dern sections,

bell, cotton

Thi

Every

two About once in months, this Californian cotton- grower file from the United Stalcs to Isravl 15 supervise operations here.

Succeeded

Gurion, then Prime Minister, to set up a mudel farm for industrial crops

western on the

bank of the Jordan river.

Within a year, he succeeded in turning 2.500 dunams (625 acres) of swampy. neglected land in central and northern areas. Hut But although successful ex- the Beltan area into a flourishing dry weather was mostly ideat inperiments have been only on estate growing first class crops modest scole, dynamic Israeli of cotton, sugar beel, maize and

driven by their vegetables. Trading volume and open in-planners, country's

for urgent

the far southwest.

Ver.

were:

Month Volusne

Open

Oct.

20,000

n2.300

Mar

10,300

257,500 737,800 35.9.201

May

$7,700

423,000

July

10.200

207200

Oct.

4.800

130,200

Dec

BOND

Taiat

144,100

need

terest in the Exchange today development are already taliting

From the United States, Mr expand cotton-Hamburg cf projects

has teen shipping interest glowing over an area of 350,000 seeds and machinery to "Samuel's

*unams

(87,500 acres) which, Estate," the farm named after they estimate will net an Income him, and every now and then re of some 35,000,000 dollars a year comes to inspect personally the Belsan farm as well as other These rosy dreams are not dis-

the country whore couraged by the "father of Isracil parts of

been cotton

has - growing introduced by enterprising co- operatives and individual farmers,

27.700 2,142,300 bales

NEW YORK

Prices of fatures closed today

as follows:

Spat

Oct.

Dec.

Mor

May

July

Oel

Dec.

NEW ORLEANS

33.0017

53.19-14 31.06

33.12-04 32.41-40 32.14 12.00 CELON

Prices of futures closed today. as follows:

Spot

Oct.

Dec.

Mar

Biny

July

33.25 33.15

33.10-17

33.06

33.00

32.40

$2.00

Liverpool and Sao Paulo cutton prices were unavailable.-United Pies.

Singapore Stock Market

Singapore, Sept. 14. Broker today quoted the fol-

lowing stock prices:

Batu Lintang Hubber Co., Ltd. $1.83 British Borneo Petroleum-

450

Consolidated Tla Smelter

France & Neave Lid, Ord $1,77

Ing Corp...

Chicago Grain Market

Chicago, Sept. 13. Light regelpis of grain ut terminal markets put firmness in most grain futures on the Board of Trade today.

When the tests with the first colton erop were comploled, Mr Hamburg proudly declared: "This 1. the most Fantastic colton- growing country in the world— twice as good as California."

Mr Another expert,

Elliot Dallus, Geffen, from

Texas, engaged by the Israeli Govern- Wheat move up to join the ment to advise on cotton produc- other gralas in o higher trend tion, also reported the success of after carly

phase profit-taking and the experimental

and hadging lot up.

1sraeli cotto: DS Domestic described four demand remained slow. "superior to that of any other

country."

1955

British Report

were

Shipment offerings moderate and mostly unwork- oblo; although some business was worked in Siem rubber to dealers

factory and

buyers Locally, November cne sheet sold at 4846 cants; April-June oner at 454 with sellers later holding VA cents higher; and November three sheels at 47% cents a pound. Spot No. 1 Ras were quoted nominally at 40% cents a pound. Futures:

Mar May

July

Bepit.

Dec.

AMSTERDAM'

43.15

47.20

40.30

44.6Q

42.45

The market quotations were unchanged since yesterday.

London rubber prices were not received today.-Uniled Press.

AUSTRALIA

Tand

GOOD SHAPE

London, Sept. 13.

HE United Kingdom fron steel industry con- tinues in good shape. While the internal demand has much to do with this sails- factory state of affairs, it must not be forgotten that the universal shortage of stoci in also a big factor in the situation. Many coun- tries are pushing their pro- duction

10 new record levels, but concurrent with this demand still forges shead. The United Kingdom should benefit will further by the fact that India has become

bigger Importer, than ever, while New Zealand recently suspended the im- port duties on the heavier types of iron and steef until the end of this year. United Kingdom makers are heav- ily committed, and, though it is comforting to know that there are sub- stantial resoTVUS In hand.

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

the persistent withdrawal of pig-iron and scrap from the reserves may soon re- duce them to below the safety line.

of

A substantial carry-over uncompleted contracts expected at the end of the third quarter, and bookings for the fourth quarter Bro so formidable that makers have little room left for the

OF- acceptance of further ders.

steel Constructural and cold-rolled sheels Aro said to be expeclally tight. But not very reas

reassuring is the

larger Imports of foreign scrap, pig-iron, steel semis mid flat steel products which the United King- dom needs in order to augment the deflelencies in domestic supplies. It IN understood that these items are becoming Increasingly difficult to obtain because of the expanding demand in Europe and the United States-China Mall Special.

World Sugar Production

Pago 9

WHAT

York Stock Market

New York, Sept. 13.

Top grade industrials Sears Roebuck, General Motors, Standard Oil (New Jersey), Du Pont, Procter & Gamble ---- ran up 2 to 6 points to feature a higher, more active stock market today.

While industrials climbed more than 2 points to an all-time average high, rails met a bit of profit- taking and dipped nearly a point in their average. Utilities held firm.

Cruwn Zellerbach

Trading was at the best pace Consolidated Exion in two months with

Continental Oil of Del. turnover Continental Steet totalling stock split for the issue, Comm Produkta General Motors, up nearly 4 Crand Co points yesterday, rore 41⁄2 points Cuban Amor, Sugar today, with some of the demand curte Weight attributed

to short covering. Dauno Alkali Dow Chemnicain Chrysler, which unveiled its new Dupont de Nemours push-button line of cars for 1050, Eastman Kodak added nearly a point.

F1 Paso National Gas Erle Railroad

Family Finance Corn. Jersey Standard ran up nearly General Electrie 6 points. Standard of Call-General Foods

General Motors fornia, Texne Co., Continental Gen. Pub. Ull Oll and Gulf Oll rose around a Gillette Safety Razor point, Metals continued in de- Glidden Co. mand although profit-taking alt Gudrich (B. F.) Co. a few of yesterday's best gainers Hayden Chemical

Goodyear Tire

Ingersoll-Rand

-Reynolds metals in particular Homatake Mining Cơ, which retraced 8 points oliniona Staci Co. yesterday's 161⁄2-point rise, Interchemical Corp.

Int'l Business Machines Int'l Harvestor

Steels Neglected

Steels, pace-setter's yesterday, were somewhat neglected today.

Owens-Illinois Glass almost 2 points and Owens-

added

International Nickel

International Poper

Int'l Tel & Tel John-Manville Co,

Kanisa C. Power & Light Kennecott Copper... Liggott Meyers Tob. Co. Lockheed Aircraft Loews Incorp...... Lone Star Cement Co. Louisville & Nashvlile R Mesabi Iron Corp.

Minnesota Mining ... Monsanto Chemical Co. Montgomery Ward

Rome, Sept. 13. Corning Fiberglas 0 points. The world produced 23.6 Firestone Tyre improved nearly million metric tons of sugar on a sharply higher earnings Business done on the Hong- during 1954, a ten-year re-Sport. Procter & Gamble gained Mission Development kong Stock Exchange this morn-

2 as the company announced ing amounted to $800,000. Noon port of the United Nations price cuts for its wholesale bulk quotations and the morning's Food and Agriculture Or shortening. transactions:

ganisation (FAO) revealed SHARES DUYERS SELLERS BALES today,

BANKS

HK Bak .. 1730 1740 East Asia ...234 INSURANCES

Union Lombard ... DEEL

SHIPPING

Waterboat

DOCKS, ETC. K. Whact Dock

1810.

54

#3

74

211740

36 1003

160 20.00

Provident (0) 16.20 1616 2123 or 160

0.05 20 0000, 10

JOINING IFC clock

Canberra, Sept. 13. Sir Arthur Fadden, the Aus- tralian Trensuror, has announced hero that Australia is to become a member of the International Finance

Corporation. Legisla tion to this effect is shortly to be introduced. In the Australian Parliament, he said.

1FC is to be closely linked to the

International Bank and will provide lonns of capital for private undertakings without Government

IL guarantees. will supplement, not compete with, private capital, Sir Arthur Bitidl.

who

3500 62 0.00 500 e 9.95 1000 Ft 10

7000 10

LAND, ETC.

HK Hotel 10.70 18.00 1400 18.80 IIK Land 935 74 200 74 Humphreys (N) 20 Really RUBBER

2.375 2000 or 2.35

US

Gypsum, yesterday's big mover with n 291⁄2-prat Lse on This production, the report a five-for-one split announce- said, was higher than any of ment, opened 10 points higher to 315, of 10 the past ten years with the sole then foll back exception of 1953 which saw a points net on the day, total of 34.2 million metric

Of a total 1,103 issues, traded, tons of sugar at the disposal 248 were lower on the day, 433

the higher.

of consumers throughout world.

Motorola inc.

National Cash Reg. "A" National Dairy Prod. National Dutiliers National Lead ........... National Steel Corp. New York Central

in Mathieson Otis Elevator Owen-Illinois Glass Pacifle Gas & Elec.

Pacife Westám Oil

|

Pan Amertonty Airways

Paramount Pictures

Pothe Bavla Co.

Penny J.C. Co.

Pena Salt Co.

Benguet Consolidated, appear- Philip Morets

Procter & Gamble Co.

It was pointed out that 1953 ing on several 5,000 and 10,000-Philips Perplexam had been n_record year alasbare blocks, was the day's most Tittsburgh Plote Glass for the production of rice.

had

activo issue. rose to 14 Publicker Indaricles

Bond volume on the N. Y. Stock Exchango was $5,500,000,

Volume on American Stock Exchange was 000,000 shares.

Dow

were:

Jones closing averages

The report revealed that points. 2500 69.93 Europe's sugar production

sharply declined at the end of World War II and in 1947-48 was one-third lower than Im- mediately before the war.

World tables, however, did not feel the effect this

of drop because

of the great expansion A. Rubber 3.10 2.25 5000 2.2215

In the Trust

sugur production ..... 8.25 3.2715 500 4 3.25 of

LE WHO 30 industrial Western hemisphere, notably 20 refle UTILITIES

Cuba. It was also because of utilities Tram

the drop of production in Aslo, C. Light (0) 2331⁄2 23.00 600 23,00

World production spared. however, by about 16 per cent C. Light (N) 18.40 10.00 500 6* 18,40

19.50 by 1000

1948-50 when Westerit Electric ... 434 43% 600 13 Europe again reached its prewar

Yaumati Ferry

24.80

120

2:00

Масло Telephano

Elre 11.50 11.80

Rope

Australia's subscription is to INDUSTRIALS

Coment be two million dollars, accord- Ing to the Treasurer, pointed out that Austraila was STORES, ETC. one of the countries in which IFC could invest. Whether any received help Australian firms from I would depend on the and their availability of funds Hability to satiaty the standads re- he quired by the Corporation, id-China Mail Special.

The Department of Agricul- turo reported farmers art placing less grain under the support programme 'than they did a year ago.

A more sober report, although This was

came from the attributed

that promising too, to the (oct

are ancashire Cotton Corporation of most cereals

Britain which

in tested eloser to support volues

laboratories a sample of worsted spun from Israeli-grown Wheat closed up to 14% cotton. The report read: "Well-

prices for

last year.

cents; soybeans old up

24 cents; soybeans

1% to 2% cents.

than

new

ug

CLOSING PRICES

yarns

yarn,

aoml worsted, to pun

uniform, a little above average Colour consider- standard. nbly above average standard. Strength-normal standard. Fibre of fine quality,"

According to

experts,

Man's Struggle

this

For Food Since War

yoar's crop is oxpected to yield at least 2,000 tons of glnned cotton, which would meet more than one third of needs for local consumption.

Rome, Sopt, 13.

3.70

34 3414 100 6 24

300344

of

level of output. Because of the requirements

traditionally Importing countries which found themselves with rising living 38 standards, prices of sugar rose 301 considerably everywhere and in 17.20 1946-50 were

150

cent per period be..

.... 301 3011⁄2

17 17.30 000

78 2300

higher than in the

23 23.20 2000 14.40 1

23.19

tween 1034-38.

1000 or 1415

0 2000 5.00

1.25 3000 63.20 4.80 0.00

Dalry Watson L, Crawford COTTONS

Textile Corp. 5.35 MISCELLANEOUS

Yangtzo Allied

London Stock Market

Struggle for food in the post- August trade figures and new In the next two or three war years is mirrored in the peaks reached on Wall Street sears, it is planned to treble the story of wheat, according to a holpod to give the markets cotton-growing area and supply United Nations Food end strength, the entire local demand, which Agriculture Organisation (FAO) is expected to be some 6,000

Critical Years

торог

th stocks bonda

40

Comm. future price Index

Pure Ol... Radio Corporation Heo Motor Republic Steel

Reynolds Metal Shell Oil Co., Saint Reg. Paper

Sinclair Ou Sucony Vac

South Porto Ileo Bugar Southern National Cras Southern Railway (Com.) Standard Branda Elendard Dil of Cal. 480.03 Standard Ol of ind. 181-39 Standard On of N.J

09.26 Sterling Drug Co. 171.00 Stokely-Van Camp.

9931 Studebaker-Packard Corp. 164.30 Swill &.co.

Closing Prices

Alden Inc. Acy. Allied Chemicals

Allied Ms Inc.

Allis Chalmers

American Airline

American Cyanpinids Co.

| Am. Mach. 4 F dry.

American Metal American

Smelly

Am. Sugar Ref. American Tol & Tel American Tob. "1" Anaconda Copper Amico Steel Armour

Texas CD.

Tide Water Aum. Oli Twenty Century Fox Fum Union Carbide

Union Pacific Railway

$2314 United Aircraft

U.B. Line Co,

69

1.8. Rubber

231

bat U.S. Smelling

63

US Steel

27

Wamer Bros.

Westinghouse

Electric

West Vs. Pulp & Paper

Woolworth

United Press.

NEW YORK METAL

FUTURES

Now York, Sept. 13.

Prices of metal futures closed

491%

1014

Lead

Tim

oday in cents per ib, as follows:

Sept

14.14b

Ouf

14.18b

05.500

Out. Zinc Sept

Det, Copper Sept.

Oct.

94,006

13,400

12490

$0.100

United Press.

Sept.

Let US handle

The critical years of 1951-52 Billimore & Ohle were followed by the favourable Baldwin-ilma-Ham. weather condition of 1953 which, Bendix Aviation Corp.

Benguet Cons together with Increased plant-Bethlehem Steet ings in some areas, resulted in Bosing Airplane

Burroughs Add Machine a crep for 1953-54 which was Bordon (The) Co. 11 per cont higher than that of Canadian Pacific R.

Case (..) Co. the previous year 1952-53.

The FAO

indicated CT, Financial Corp.

Celanese Corp. that sugar output is likely to Col. Tractor

the Chase, Maho, Banit rise in 1955-56, but, 021 other hand, it also anticipated Chrysler Motors

Colgate-Palmolive Co, London, Sept. 13.

further consumption increases, Commercial Credit

America, Commonwealth Elec. Stocks were firm in light especially in North

Near and the trading on the London Ex-Latin America

East change today.

The exhaustive report of FAO concluded:

Should weather conditions in 1055-50 produce a crop in excess of ten million metric tone, as in 1033-54, Europo's import re- British Governments and quirements should be sharply industrial stocka generally reduced-United Press, of cotton fare and 12,900 tons report issued today. of seed. The resulting moving

The report noted that wheat showed gulns. Old Consola 2%

dropped foreign currency is estimated production

during per cent scored a five-shilling seven-shilling gain. metric tons. From 1945 on sup-

Selective buying and industriels ply and demand for wheat wat sparked Ford Motors to a six- Simultaneously. with the ex- one of the most important pansion

cotton growing, problems of

occupying the post- shiling jump, and Rolls-Royce

tacked on 1 pence. ginning plants are being built. A war years. modem gin has born in opera-

ahead Vickers moved Lion at Beisan since lost March,

wheat economy shilling to

30 shillings, Its annual production capacity is eince the war's end has passed 22044-227 | 1,500 tons of cotton fibres and through three phases, the FAO Bowaters chalked up a gain off point higher with sales of 23

8,000 tons at scod. Another is report said. Production during

sixpence. one shilling for the

Foreign bonds were dull, but Herzlyin being set up in

Germans showed strength inte 120-140 central region, and the foundin 1845-47, owing to war effects

and bad seasons, was "Inade tion of a hit was laid in July quate to the point of scarcity. af Kiryat Gal, the proposed now

-United Press, ontre of the Lachish Develop- ment Project in the northern Nogey.

Closing

Prices per bushel in cents: Wheat No. 2, red Sput

1975 Sept. 1981 1984(L) .. 198- Nov.

Mar.

Syndiente

May July

2013- 20376-10 300-15

107-186

Ord.

2003

Corn, No. 2, yellow

Spot

FTOBET & Neave Ltd. 7352

cttm. pret. A

$0.40

Sept.

Hongkong & Shanghai Bank-

$015

Des. Mar. May

Hongkong Tin Ltd.

Tard

Kempas Lac,

$1.00 od

July

Luna Rubber Estates Ltd. 12.12

Malayan Brewered

33.50

Ryo

New Serandah Nubber Co.

Sept.

Ltd.

$10

Nov.

10242-35

Petaling Tin

$4.60

Raffles Hotel

$2.20

Qats

Singapore Cold Storage

$3850

South British Insurance Co

320,00

Sent, Nov.

5714

0755-

Straits Trading

324.30

Straits Stoometid

$13.00

Foybeans, No. 2, yellow

United Engineers Ord.

$10.00

Bpot

224n

Wearrio Bros,

$3.02

Sopi,

China Mail Special.

Nov.

Jan. Mar.

May

Barley,

¦

LONDON METAL

The

PRICES

London, Sept. 13.

remained tin market 'stoady with spot and three months marked up 1⁄2 to £1454. Turnover was 80 tons. Load and

Spot

New York flour

200 lb. mack

$13.50n -United Prom.

zine were steady while copper New York Foreign

we cany. Prices closed today

in sterling per hong ton us fol-

lowes

- Tin spot

3-month

Copper Boot

Lead lat baik

Zine ist half

Buyers Sellers

70

745

74644

Canada

עד

10736

2071

P

Exchange

2500,000,000 dollars (over World War II by eight million gain, while per cent takes New York Sugar

As the picking senson began in August and new immigrants all sorts of bright and colour- ful dress

Invade the fields stooping to gathor the white gold,"

The

world

London Foreign Exchange

there wore still some New York, Blept, 1 flangors facing the budding in- New York

dustry: bests, production costs Montreal

Frankfurt England official

2.70-21/03

ka-id and marketing difficultles. 30-day futuros..

1.Jsbon 90-day futurar .. 212. Now Zealand

277-13/10 Yet Mr Hamburg Bream Paris South Africe

Other

Prem

WWW

179-1770 unchanged,Uniteasered to be nearer le filimand.

China Mall Speciál.

Stockholm

Press

London, Sept. 13,

2.7076-2.783% 3.744-3.74% 11.33-11.30

on

"

opo

and

In the sesalon. Potasts 7 por cent climbed one point to 249 sterling and 8 per cent roge half a point to £228.

Olla closed ender after early firmness.—United Press,

F

Exchange Rates

Market

sugar to

New York, Sept. 13. World No. 4 sugar futures day closed unchanged to one contracte.

6 The domestic No. contracts closed unchanged I point

higher

with sales of nine contracts

Both markets remained quiet dock and

featureless. The

however, striko more. Interest in rows and refined, dealers said Iran reportedly purchased a cargo of Cubans relined. Contract No. 4 (World)

workers stimulated

Mar 1July

Dusiness was done in the local Mey unoffcial axctiatigo・・ market

this Sept morning at the following rain

pol-(conta per 363" "foo" "Cline) Contract NO,

US dollar (per $2 0,00-80,00

Sterling notes. (per. 70.9011-00.00 Australian noter, (per Ri) UNDE DTX-9745- Indonesian rupish", (ver 200) 23: 1940. (May

Slam Ticalabar)(100) Aug

16.3099-74301L uncianredanUnited

Bingo (direita)

Indo-China plastrar· (per 100)

pot (tents per "it," "the

8.30

то,

YOUR PRINTING

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!

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