1955-09-21 — Page 9

THE CHINA MAIL, WEDNESDAY, SEPTEMBER 21, 1955,

TRADE and

Full Plan For New York Stock

International Finance Corp.

Market

New York, Sept. 20. Late strength in aircrafts enlivened an irregu- lar, less active stock market today.

Aircrafts ran up gains ranging to more than points in Boeing, with Douglas, Glenn Martin, Lockheed, Gruman and North American up more than a point each.

Istanbul, Sept. 20. The World Bank has.com-3 pleted and presented for the consideration of all its 56 member Governments arli- eles of agreement for the proposed $100 million Inter- national Finance Corpora- tion.

on

Elsewhere, fractional changes either way were the rule with profit-taking in recent strong spots.

Industrials dipped 0.13 average; rails 0.17 and utilities Of the 1,107 Issues ap- tearing on lie tape after the recent sharp advance to a new ali-time high in Industrias and a quarter-century high in rails, activity slowed.

This was disclosed in the 1934-0.05. 55 report of the Bank submitted to the annual session of its Board of Governors here,

The report that the purpose of the corporation would bo to encourage the growth of pro- ductive private enterprise particularly in less developed

areas.

with

It would be afliated the International Bank for Re- construction and Development (World Bank) and membership was open to Governments which were benk members.

It would have an nuthorised capital of $100 million, payable in old or United States dollars. The capital would be available for

mubscription by members

in mounts proportionate to their subscriptions to the capital of the Bank.

The report said: "The Cor- poration charter gives more atitude than the Bank in #nancing private enterprise. The Batik may lend to private bor- rowers only with a governmental guarantee.

UNWILLING

"This has tended to deter pri- vale entrepreneurs from seeking Bank finance, and even when they have been willing to do so. the Governments concerned have frequently been unwilling to pledge their credit in favour of particular private enterprises.

Turnover today totalled only

2,000,000 shares, 300,000. below and smallest totul yesterday

sitev Sept. 2.

were

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- Steel stocks

mixed. kong Stock Exchange this morn Chrysler dipped a bit; Generaling amounted to $470,000. Noon Motors edged up in the motors. quotations and the morning's Oils were nurrowly mixed. transactions:- Zenith points in one widest moves,

ran up more than 5 BHABES BUYERS BELLERS BALES

of the day's BANKS

HK Dank... 1720 1749 - 1735

ant Ania ... 244 INSURANCES

Columbla Gas, Phelps Dodge, U. S. Steel, Crown Cork and ACG-Brill ore the day's mosi active issues.

New York Stock Exchange bond volume was $4,240,000."

American Stock Exchange volume was 710,000 shares.

Dow-Jones closing averages

were:

30 industrials

20 TAIN

15 utilities

stock

4 bonda

Comm. lure price Index

SHIPPING

Waterboat DOCKS, ETC.

Union

1000

Lombard

63

Underwriters

19.20 1000 150

23

K. Wharf xh 72

• Dock

....... 20.70 Provideal (0) Wheelocks

74

73

20

2.78

16.30 300

LAND, ETC.

9.85 10 2500 « ĐÃ

2000 À 9.00

,300 9,90

UC Hotel ... 10.00 10.00 1000 @ 18.00 500 2.70

483.07

103.00

135.40

II.K. Land

172.30

BU.37

134.74

Closing Prices

Alden Inc. Acy.

Allied Chemicals Allis Chalmers Americon. Airline

American Cynitaride Co. Am. Mach, & 2o edry American Metal American Sinelting

"The Bank makes only fixed Am. Sugar Ret.

interest loans, where the prin- cipal need of a new or expand-

Jug enterprise is often for ven-

ture capital."

The report

Corporation's

that sald main

the

American Tel &

American Tob. "B" Anaconda Copper Annco Steci

Armour

Baldwin-Lima-11m). Baltimore & Ohio emix Aviation emphasis Benguet Cons was likely to bo un invest-Betlehem Steel ments in industry. It would supplement, and not take the place of, private investment.

The Corporation would como into being when at least Govermanente had subscribed at

Boeing Altplane

Borden (The) Co. Burroughs Add Machine Canadian Pacife R. CERC (J. I.

least $75 million to its capital. Commercial Credit At the end of the year, 48 of Commonwealth Elec.

the Bank's member ments had in

оле way

another expressed approval of Corn Products

x all.....

Kumphreyn

Realte NUBBER

A. Robber

Trust UTILITIES

Tram

04 044 300 ** 0411⁄2

20.43

(N) 19.00

2.30 2.33.

100 6 045

500 2015

COMMERCE SECTION

BOOM NOT HITTING ALL OF WEST EUROPE

Gold Output

Higher

Johannesburg, Bepi, 20.

Total declared fold out- put during August of member mind, of the Transvani and Orange Froe Blate Chamber of Mines, which are gold pro ducers only, was 832,707 ounoce,

Increase of 12.300 ounces from the July figure.

Gold output of member mines which are gold and uranium producers aggro- gated 390,732 ounces, an Increase of 6,959.

Miscellaneous minos which are members of the Chamber had #n August output of 3,118 ounces, decrease of 157 compared. with July, while misol. lantous non-members returned a figure of 41,803 ounoes, a decline of 2,027-

Native labour employed in the gold mines during August totalled 313,221 compared with 320,010 in July, and in coal mines 27,890 against 27,988. China Mail Special,

-

WORLD RUBBER MARKETS

New York, Sept. 20. Rubber futures closed today 60 to 110 points higher with sales of 201 contracts, Most of today's 4.25 2.33 70122273 activity was done in the futures market with the rise attributed lo speculative buying.

2000 2.30 600 or 2,30 7000 2.375

3.25

24.402450 100 * 24.00

In the spot market, No. 1 Rss

were offered nt 48% cents 500 of 24.30 pound, unchanged from yester- 000 24.00 day. Futures:

500 e 24.30

Star Ferry..

Y'mati Ferry

142 143 17 110

C. Light (0) 23.40 23.50 1000 e 23.50

Dec.

Mar.

May

300 23.50

Ju Fept.

Dec.

C. Light (N) 18.30 1954 400 18.30 100 18.40 Electric 421% 43% 100 de 43%

300 43 Elec. 11.00 Macno

13 Telephone... 344 3411⁄2 1300 @ 3411⁄2 INDUSTRIALS

Coment

37 1000 m 3032

..... 3014

17.10 17.30 500 17.10

MISCELLANEOUS

0

22.90 30 A 22,80

LONDON MARKET

Import Pattern Has Changed

London, Sept. 20.

Phillips Announce New Issue

Amsterdam, Sept. 20. There are some parts of the world which have

The prospectus of the an- not been getting their fair share of the industrial |nounced share issue. by boom in Western Europe.

Phillips Lamps and Radlo This boom has caused a big rise in Western Works of Eindhoven says the concern's postwar rise European imports. But at the same time, the pat-

In activity is continuing] tern of Western European importing has changed without interruption,

at the expense of the under developed primary producing countries of the Far East and Latin market America.

Western import figures for the Drit five months of 1983 show that while imports from the Idollar aren increased by 50 per cent as compared to the same months

1034 and intra- European trade increased by 14 per cent, imperts from the, non: dollar overseas countries which uncans the

WORLD COTTON

under developed MARKETS

countries Increased by only six percent.

Attention has been drawn to this shift in the pattern of world trade in published

New York, Sept. 20.

There is big expansion of the

and of manufactured products and the Board, there- foro, conskiors prospects Inv ourable both on the export and homo markets.

In view of this, the Board {believer now capital should be attracted to provide for an in- vestment programme.

Con-

Ordinary shares amounting to 178,737,000 guilders пс sequently being offered for sub- scription at par.

The earning capacity of the Cotton futures rose slight-combine la developing favour-

the bulletin ly in moderate dealings to-bly and roll is strowing

In Geneva early in

September by the United Nations day.

Economic Commission for Europe (ECE).

By Subsidies

The long-term results for the under-developed countries may be serious.

rising tendency..

DIVIDEND POLICY

a

INDIA TO BUY JAPANESE LOCOMOTIVES

д

Tokyo, Sept. 20. A Japanese nounced today it ba pontracted to sell 48 stenam locomotives at a cost of more than $88.3 million to the Indian Government,

The Block Company said the contract was signed in Now Delhi on September 16 and called for the purchase of the engines ai unit price of £181,000.

Japan Rolling

This amounted to a 15 per cent reduction on the' total obst of 78 locomotives solu to India last year.-- United Press.

Canberra Takes Action

"Tighten Credit' Plea By C'wealth Bank

Canberra, Sept, 20. The Commonwealth Bank has asked Australian trad. ing banks to tighten up

The market opened slightly

With regard to dividend po-credit to keep the economy higher on some foreign "mill buying and held steady through-licy the Board expects that

an stable, unchanged dividend out the day. A market incen-

will be

The Governor of the Bank, Dr. paid on the gained capital, that tive was lacking.

is 14 per cont.

Herbert Coombs, asked the At the clove the list ruled

banks to restrict loans or over. Holders of preference shares drafts that were likely to stimu- to eight points higher.may apply for ordinary shares. late imports or investment.

one

cents

4

one

The ECE suggest particularly; It opened 4 higher to

Authorised capital af present as is suggested in the case of lower. New Orleans futures is 1,000 million guilders, of He also asked them'to review solton, the United States decides finished four to 10 higher.

which before now issues, 143,- bly overdraft accounts with a to stimulate exports of its own agricultural products by means

Prices rose

as much 00543,000 guider or six per ont view to reducing the limits of

cumulative Caf subsidies.

proference a bale in the afternoon and 309,118,000 guilders ordin-substantial permanent borrow- shares indebtedness where there, was

ary shares are already placed countriesent the under-developed on trade buying and short are not feeling any covering before easing off on a

ing. and paid up.

Dr Coombe said Australla, bad consequences from the loss light hedging and liquidation. in their share of the European

Subscriptions to the now issue which showed # substantiaí markets, because there markets Liverpool sources, who were will open on October 10.

foreign trade deficit last year, The issue is for shareholders faced another in the coining 40.25-30 have grown larger as a result credited with buying nearby 47.68 of the boom.

distant only in the proportion of two and selling

year, old ordinary or six old prefer- carly

recent

statement followed But the consequences would deliveries

once for ono

between the Prima soon show if the boom gave way ssions, exerted little pressure

shire.

Minister, Mr Robert Menzies, to a contraction

to a

in European todry.

Listing of the shares

of the and heads of the trading banks Trading volume and open in Amsterdam Stock Exchange will 1o discuss Australia's economic trade.

The cause of the big increase | lorest in the exchange today be applied for. in Western European Imports were: from the dollar area is easily indentined.

45.00

44.38

44.30

42.50

London, Sept. 20. The rubber market was dull with spot quoted at 43-1/7 pence per Ib. Prices:

200 22.00 Settlement house terms:

Estate crepe Oct. thin.

months

Month

Oct. It is the policy of government Dec. in lifting restrictions from dollar Mer imports.

Volume Open Interest

31,800 170,000 73,500 122,500

17,100 363,400

May

10,300 $40.400 17,000 206,400

3,300 0,300 32,300

300

100

Oct.

4315-4376

This is part of the general July 424-43% 47-422 policy of non-discrimination and Dec. convertiblity of turtoncles. Mor, Since the restrictions were for- Totai merly

.on dollar most severe goods, there have felt the most |benefit from their removal.

Hope 043%

20

STONES, ETC.

341

Dairy

Co.

103%

C. I. T. Financial Corp.

401%

500

22.00

Oct.

Cut. Tractor

B412

300

22,00

Nov

30

Celanese Corp. Chrynler Motors

1000

22.80

Oct/Nov.

Colgate-Palmolive Co.

5213

Watson COTTONS Textile

............. 14.40 14.80 100 14.00

Jan/Mar.

Apr/June

Corp

2000 5.00

July/Sept.

3030

4044

Nanyang 0.40 8.55

Govern-Commolidated Edison

Continental Oil of Del.

5012

General markets, cit basis, paris; Sepk.

Or Continental Steel

Yangisze Allled

Del.

6.03

Nov.

4234-42 411-42

*28

Crane Co...

Crown Zellethach

503

Cuban Amer. Sugar

18%

Curtis Wright

22%

The

Diamond Alkoli

4346

articles, although they

would

Dow Chemicals

372

Dupont de Nemours

233

| Kaslinan, Kodak

85

membership.

Mail

El Paso National Gan

U.S. dollar (per $1)

6215

Sterling noten (per 21.

Krie Hallroad

Austration noten" (per t

Familly Finance Corp.

2314

Indonesian rupiah (per 100)

General Electric

53xd,

General Foods

Blum ticals (per 100)

10.50 No. 2 rubber 24.10

124%

Singapore (Straits)

General Motors

1421%

309**

3

413%

the proposed articles of #gree

ment.

Of these, 15 had signed

have to take other stops to accept

Special

China

New York Sugar Market

New York, Sept. 20. World No, 4 sugar futures today closed unchanged to points lower with sales of 79 contracts.

Gen. Pub. UUL

Gillette Safety

Glidden Co.

Goodrich (B. F.) Co. Goodyear Tire Heyden Chomioni Homatake Mining Co. Ingersoll-Rand

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

Domestic No. B sugar Intl Tel & Tel

John-Manville Co.

futures closed unchanged to man C. Power & Light one point lower with sales of Laggott Meyers Tob. Co.

90 contracts.

Lone Star Cement Co. Loulavite & Nashville R

Small sules in the domestic Lowenstein & Sons

| Mesabi Iron Corp.

futures were in the Novem-Minnesota Mining

ber contracts. World

were rather quiet,

futures | Mission Development

Mormante Chemical

Montgomery Ward

Motorola Inc.

National Cash Reg.

National Dairy Prod. 320 National Dumillers 3.20 National Load

Contract No. 4 (world)

Oct

3.23

Маг

Mny

July Sept.

3.20 National Steel Corp.

3.24

Spot (cents per lb. Zob Cuba) 320 New York Central

Contract No. 4

- Nov.

Mar.

MAY

Spot-(cents per lb. clf NY

Ex-duty)

Olla Mathieson

Otis Elevator

Owen-Illmois, Glans

512 Prekrie Gum. & Elec,

5.40

5.40

Pacific Western Oil

Pan Ameriem

Airways

6.20

-United Press.

Parko Davis 06.

LONDON METAL PRICES

London, Sept. 20.

Prices of metals closed today

in sterling per long ton as fol-

Bower

Tin spot

S-manth

Oopper spot

B-month

Buyers Sellers .R157 158

TOT 粥

Lend 2nd half Bept. 100%

King Revd - Belt - Hopt.

NEW YORK

Paramount Pictures

Penn. Skit Co.

Philips Petroleum

Procter & Gamble Co. Pittsburgh Plate Cilete Publicker Industries' Fure Oll

Radio Corporation Reo Motor Repubile Steel Reynold Metal Shell Qul Co. Saint neg. Paper

Sinclair ** Socong Vacuum

Bouth Porto Rico Sugar T58 Southern National Cas

Southern Railway (Com.) Standard Branda Standard Oil of Cal, Standard Oil of Ind Standard Oil of NJ,

91% Sterling Drug Co.

Prices of metal futures clösed today in tenta per lb, a="Iol-

lows:

Lead

Stokely+Van__Comp. Studebaker-Packard Corp. Swift & Co.

| Texas Co.

Tule Walor” Ame Twenty Centurg Fox Film Union Packe alway

United Aircraft

V.B. Gypsum

1.0, Rubber

18. Smelting

TA Eteel

Westinghouse Electric

West Va. Pulp & Paper Woolworth

74%

59

Exchange Rates

Business WOR done in unofficial

AMSTERDAM MARKET

Governments have been actuated in this policy, the ECE suggest by hopes that there might be a reciprocal casing in and by the policy United States need to restrain rising domestic 6.77 guilders per kilogram, clf Oct. prices with freer imports.

the local

The

exchange market this steady.

moming at the following rates;

Indo-China plastres (per 100)

Amsterdam, Sept, 20.

rubber market was Prices closed today in

15.47 as follows:-

12.12 No. 1 rubber

No. 3 rubber

1,83 No. 1 стере 7.70

the first aim they have And the 4.08 buyers failed, the ECE my. 4.04 buyers United States have not yel 397 buyers adopted a liberal import policy.

4.12 buyers

United Pres

U.S. Machinery For

Soviet Union Farms

"By Harry Vandernoot

Washington, Sept. 20.

Russian trade officials said today they are

30 negotiating with American farm equipment manu- factory for a variety of farm machinery ranging from "tractors to hay balers."

10194

Amtorg Trading Corporation, New York, official purchasing agency for the Soviet Union, said it has sent out a number of inquiries. It said they involved machines which aroused the interest of the Russian farm delegation that recently com- pleted a visit to the U.S.

Amtorg was granted an export licence by the Com- merce Department last Thursday to ship to Russia 84 head of Santa Gertrudis cattle it bought from San Antonio, Texas, breeders. An official said any Soviet request to buy machinery also might be considered favourably.

The final test, however, will|He said the inquirits dealt with be whether the equipment any machinery which the Soviet could be used in any way for farm delegation thought might military purposes. For instance, be of "possible uso" to Russian a heavy caterpillar-type tracto fariners. might be considered a military"

As

Arrestive Steps

regards the second aim, freer imports have undoubtedly helped the Western European boom to go

on longer without getting out of hand.

But nevertheless, the stage has now been, reached at which all the West European governments are faced with Inflationary con ditions and are having to Lake arrestive steps.

Moreover, the ECE say, there are some disadvantages in the policy of freeing dollar imports from the point of view of Western Europe, as well as that tries.

of the umber-developed coun

In the

Arst place, Western to the dollar Europe's experts

65 fast as importa,

סב15

-182,300 2,081,000 bales

NEW YORK PRICES

New York, Sept. 20. Prices of cotton futures closed today as follows:

33.50n

His ordinary meeting new

new

Option rights entitling hold-position.

to subscribe to the issue will be drumsacted on the stock market from September 20. China Mail Special -

Д

Dr Coombs said the Central Bank had naked the banking restraint in system to apply. undertaking new commitments. It was urgently necessary

O WIL Blow

the increase in

spending. particularly im~

London Foreign ports, and to make

Exchange

Now York Amsterdam Montreal

32.58-60 Brussels $2.84-85 Copenhagen

to **

Frankfurt Milan

32.36-30 Oslo

Spot

Dec.

Mar.

32.00

July

/32.17

Paris

32.00

Mor.

32,000

Zurich

NEW ORLEANS PRICES

New Oricans, Sept. 20. Prices of cotton futures closed today as follows:

Boot

Det

Dec

Mar.

May

July

Oct.

33.18n

London, Sept. 20.

2.78-0/10-2.78% 10.00-10.8014 2.7036-2.7032 139 20-139.3224 19.3914-19-3314 11.707-11.71K 17.411-17.414 19.0032-19.09 97016-97634

on sure that private expenditure on 'develop ment was revised to keep it in line with available resources.

The economy would be ex- posed to serious danger and this were not instability, if Jone.

Dr Coombs added that busi ness enterprises had also been asked to co-operate by revising their expansion plans, so that 28/4136-14.41-15/16 they could reduce their depend-

13.10-12.18 Note: NY foreign exchange raics were not availabfü-United Pres.

Stockton

3230-7 PENINSULAR

United Press.

London Stock

Market

London, Sept. 20. Brisk buying of Argentine are have not arison nearly

so the dollar issues following the fall of Peron Government! has again become a curious the blem,

brightened the foreign sector] under-developed countries, hay-of the London Stock Ex- ing suffered a relative hil in change today, but other their purchasing power, are not sections drifted lower.

Western buying as much from Europe as they might have done..

the

second place, the

Angio - Argentina' Tramwaya first debentures rose £1-10-0, Since there has been no and second debentures, unificant, ixrease in Western shillings,' Argentine Southern European exports to the dollar Land and Forestal Land also area, the effect is that the chalked up gains, Arrods closed exports are smaltor in total 41⁄2d higher. than they might have been.

Come To A Stop

SAILS:

ency on the banking system for finance.-China Mail Special.

& ORIENTAL

STEAM NAVIGATION COMPANY

R.M.S. "CANTON"

NOTICE TO PASSENGERS

BAGGAGE:

Friday, 23rd September, at 12.00 moon for the UNITED KINGDOM via Straits, Colombo, Bombay, Aden, Port Said and Malta.

Passengers are requested to send ALL BAGGAGE to the Hongkong & Kow- loon Whart Co's Godown at No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Thursday, 22nd Septem- ber.

10 SPECIAL NOTE: With the exception of hand packages carried by passengers themselves. ALL BAGGAGE must pass through the Whart Cole Godown for loading on board by ship's slings only, Passengers should embark between 9.80 a.m. and 1100 a.m. on Friday, 23rd September, 1955.10

Behind the gains was hope that the change of government would favour foreign companies This expression of view from doing business there, the United Nations officials in

British issues were mostly Cehova does not reflect the in-weak, with government bonds While officials have voiced an ernments, which are still main-

tentions of West Europain gov= { showing K lassics, stem since it could be used to interest In American farm El-mining their formally agreed industrinis wore down moderatos 501 build airfieldo bs well as for pluses as well as Industrial policy of moving to fall come alteczne, lost-

13012

33 | plowing.

machinery, the Russlana, how-

1/8,

and

and

ORL

EMBARKATION:

MESSAGERIES MARITIMES

PO. Bər 13 44! QUEE

* FAST, PASSENGER/FREIGHT SERVICE! “VIETNAM”

perico, Bowales Some Amerions of doubt ever would have to pay the ventibility and non-discriming Associated Electric was off nine.

|full government prices,

Calling A And closed at 99/0. is interesting to note, howe that the Russians want to buy

Oils - vera beguile.” Belinh The Government rente price ever. that progresa any meat quantity of U.S.

in | Fetrolierin' and') Burmahe "bad | “CAMBODGE! machinery, They feel the is fixed by law wall above the thirootions, has to come to Soviels merely want. "simples" free world, pelon evelop that stopat

|Dutch, alipped

"LAOS' which they can aise in developing the Soviets would get a bagi Owing to the gut their own version, flap dad on the bout merket in mente crisis

+

Arberican Dulciet mad drws froma), khi ly pointles

An Amlory telah aid we must arad it diffccný mond, Potom

New York; that his organisation to get a petywun Tauport LeBOOR, Legion, the wan sounding out the U.S. Amma | for any drop under Government omoisi

on "pelges" sad similar detalla, mubaldy lated Press,

MBINAME

"PEIHO"

Oct. 8th/ Nov 5th

Doo. 3rd

Ling Sept. 254H