1955-09-30 — Page 9

TRADE and

THE CHINA MAIL, FRIDAY, SEPTEMBER 30, 1955.

COMMERCE SECTION

A DIP-THEN A RECOVERY

Shares Close

Levels

Hongkong

Below Best

VERY SLOW IMPROVEMENT

By A

Spécial Correspondent

slightly

★The Week's Moveinents

Share

Hank Union MK Wharf Wheelocks I'rovidents ik Dook Hotel Land Yaumau HIK Tram Lights (0) (n)

At A Glance ★

Up

Sept 22 Sept 26 Sept 27 Sept 29 or down 1730

----31744

24.40-100 23.30 -300

1725

1715

1725

1000-

990%

990%

72xb

73n

72b

9.85

0.80

9.50

10.10

10

15.80

та steady 9.75-100 15.00-200

20 18.80 6434x0 110

20.70

20.70

18.70

18.50

Ba

OL

65

110

118

23.00 2314

2434 24.400

24.10

116

29.70 +700 18.00b-200 +500 steady

23.10

18.40

1844

18

18.20-200

Electric Telephone

43

43

42

3434

3474

3414

3434

Cement

3717

384

304

38

Dairy Farm Yangtze

22.90

- 21.70

21.40

8.10

· 8,10

8.10n

43 steady

+250 ++750 21.70 $1.20

8

-100

They

Share prices on the Hongkong Stock Exchange took a sharper dip this week following the crash on the New York Stock Market. Falls ranged from $10 in the bigger issues to about 30 cents in the smaller ones. And then the market began a recovery.

At the close of business yesterday not all the losses had been redeemed, but the market closed on a steady to firm note at a slightly lower level than last Thursday.

I said share prices had taken a "sharper dip" this week. did, and although losses on the whole were only moderate, last Tuesday's rates were only fractionally higher than those ruling at the end of last month when the market depression was at its lowest point.

up

down gradually for reveral weeks now, The share was as high as $1,070 but been slipping for the last months.

has two

The conclusion to be drawn Let's go back a bit; if you edging from that is that the improve-held say 400 shares at the time merit this month has been poin- of the Inst interim, you should fully stow and the overall rise have received a cheque for $400 very slight indeed.

less tax. Since then there has been a new issue at par ($7.50) The wharf section on the I do not care to guess what

of one share for every four held. whole is doing well.

Wharves would have happened had the Now, if you'd taken

at $79 are steady. Providents New York Market not tumbled over

#suc

would

500. aro you.

have

20 cents down on the week so sensationally as a result

extra oran

-think 100 shares for at $15.00 but. I

they

y're The news of President Elsen- the

payment of $750. But ripe for a a ris-if you like the hower's illness. But 1 think

your cheue from

this year's look of the present trade nows Indicates interim yesterday's recovery

will and you're )) on 500 shares that there is sufficient support amount to only $300 less Lax.priced share

promises Æ to keep the market at a slightly and if you didn't take up the good return-then China Pro- bigher level than at present.

issue, $240 less tax.

vident is the one. It's a ver- sutile company with some good profitable sidelines and I hear i is doing well, Docks, the third in the

I hear that reduced earnings, Why did the Hongkong market

the renet at all? I put the question party if not largely from to brokers. One said: "Purely cold storage department, forced psychological". Another said: the company to cut its interim "Some of our chaps got windy distribution. when they heard that the losses I said this wasn't a terribly start to the week. It's on New York amounted to $11.-bapply 000,000 000," But perhaps the not the kind of news to promote that vital that Investment, to lay most feasible answer

of confidence that is so many Investors

the im-basis gediate possibility of President necessary if the market Eisenhower retiring from politics make a recovery to the levels it and with it a change in Americnoyed in the mid-year boom. can foreign

ign policy affecting the

19

suw

For East. I was doubt, uneasi

More Active

3 for a low-

whert section, rose 70 cents on the week to $29.70 on further talk of a land sale.

to

Chicken's Feed Wheelocks fell ten cents $0.75. To the hardened Whee tocks fan, this fall is chicken's

c

ness and even tear that caused i A glance at the panel shows the fall-but. happily. the market kept its head and you that this week there

lower

USING MORE SYNTHETIC

RUBBER

of

New York, Sept. 29. U.S. consumption natural and synthotle rub- ber in August totalled

120,590 long, tons, according the Rubber to figures by Manufacturers Association.

The total comprised 48,315 long tons of natural rubber and 72,275

long tons of synthetic rubber (including 50,774 long tons of OR-S).

Revised détails for August last year were 37,997 lang tons of natural and 43,110 long tons of synthetic (Including 32,398 long tong of GR-S)-China Mail Special.

Mr Butler Plans Further

Steps To

Strengthen The Economy

London, Sept. 28.

The British cabinet's policy is to defend sterling and to relieve the internal overstrain by giving the existing measures time to work through the economy.

ทท

In-

in hire-purchase NEW

at

YORK COTTON MARKET

WORLD RUBBER PRICES

The end-product must be to step down from over-employment to full employment though this cannot of course be publicly announced.

The cabinet has undoubtedly Part of this new attraction is lower prices than they can be

of British condi- bought elsewhere. discussed the further measures independent

relaxations, Given the new tut could be taken if needed. tions.

revival of confidence in Britain Let's face it: if you buy

They include culs in national Foreigners do not need con- and in sterling may powerfully Wheelock Mardens you are

of and service, defence,

foreign buying other Adence in Britain or in sterling influence sportsman. That doesn't mean Government

expenditure to buy dollar-clause Japanese or other sterling securities.~~~China you're a reckless speculator-but

and farm German bonds in London cluding the housing

Moll Special, one who delights in matching subsidies; wits with the unpredictable, one

further. restrictions were who revels in the glorious

Predits; measures to deter un-private ihree shares steady, ten

capital expenditure; waited for the next day's news-

and four higher than last week's certainty of life, one for whom further cuts paper.

And when reports spoke con-closing rates. The weekly turn-ara dull routine and prescribed a higher Bank rate; a November Adently of President Eisenhower ver is up from $4.3 million to dogma is anathema.

Most shares on the Hongkong budget: and Import restrictions making a complete recovery, the $7.3 million. Some of this in- market took the cue and decided crease--but not all-ts due to market are, in a sense, predicts and other physical controls.

The market trend is not. If feasible, the cuts in the fairly heavy selling pressure able to do

But always.

with it was also a good time

Wheelocks, national service and other on Tuesday afternoon when the something about its Own re-

never quito certain, Governanent sper.ding will be covery. And share prices began full effect of the New York fail you are

when there is every good reason node, since they are Inde- known became

in gilt-edged

the world to anticipate the

section,

un pondently desirable. move, yesterday upwards or downwards Dairy Farm Dividend Banks closed better

that offering

they will conform to your $1,725 buyers with Apart from

York and no sellers in the lists. There expectations, the New

Look at them now. Why been this has not

was a sale yesterday of $1,725 crash, terribly happy week for Ice which makes them up $10 on shouldn't they rise? I mentioned

Crisis Unlikely House Street. It

with Tuesday's low but $5 lower than recently that repayments from

the loans to Japanese

shipping the news of the

Farm last

price. week's closing

Interests were

They will be needed only it were coming in at a cut Brokers tell me scrip was fairly pleasing rate (sorry I cannot be some interim dividend. It

external At the close October ruted 9 from $1 to 00 cents und in-easy

until yesterday more specific). I to ge

know

that crisis blows up before the exist-points higher while the rest of vestor's disappointment

have time to the list was oft 3 to 21 points, ex when it became scarce..

Unions sold at $9824 which is charter rates and freight rates ing measures

mwork. pressed itself in a fall of $1.20

Opening prices were unchanged which benefit the com- of $17 down. Sellers have been

lo up 4 points. New Orleans In the share.

pany considerably-are high, in

me charter

closed off 4 to 10 points. fact, some

rates double those

to rise.

began

Dairy

WDS

In

New York Stock

Mar

Stocks carried their session at a moderately:'

Dow-Jones Closing averages wi as follows:-

30 industrials

20 raila

13 utilities

#3 stocks

40 bands

Comm. future price index

advent active

ope

Int'l Business | Int'l Harvester

A1.00 International Ni

455.45 Aternational Pap 14357 Int'l Tel & Tel 700.27

John-Manville Co.

08.40 Kennecott Coupes 154.33ggett lievers Tob. Co.

Lockheed Algeraft

Loewe Incorp.

Cement

Closing Prices Love & Navale .

Allied Chemicals

Allied MUG Inc.

Allis Chaloter

American Cyanamide Co.

Am. Mach, & F dry.

American Meini

American Smelting American Tel & Tel American Tob. "D" Angeanda Copper

|Lowenstein & Sons Memobi Iron Corp. $10912ontgomery Ward

373 Inc.

Cash Reg

55% Nationary Prod.

$115 Nasional ders 251National

National Love

National Steel Carn.

New York Central

Yet since Septemd last year. 8..the share

has fallen 85 cents. Why? Your special correspondent would be the last to venture a reason. Possibly general market Un- certainties.

All the others are heavy guns in reserve, to be used only if needed.

serious

new

This is very unlikely since the sterling devaluation rumours have no foundation and should cense now that the IMF other international gatherings have duly passed off with the expected boredom instead of the rumoured sensations.

New York, Sept. 29.

today Cotton futures moved irregularly lower with the early deliveries going to life-of-the contract lows.

Nearby months showed relative stability reflecting: 1. a sharp increase in producer loan entries: 2.

covering in October; 3. month- end mill buying.

Singapore, Sept. 29. The market opened steady but later cased off on spécula- tive liquidation and lack of overseas support.

Future closings were: No rubber per ib.

No rubber per 'ió."

October

November

13036-13034 139-130%

No 2 qubber per

October

18.

13514-13849

1334-13374

127-120

13044-139%

106-109

October

No rubber per lb.

October

spot rubber unbaled

Blanket crepe No 1 pale crepe

1404-14115 United Press.

LONDON MARKET -

London, Sept. 20.

Hedge offering und liquida- The rubber market was quiet tion upset the later months, with spot quoted at 40% pence with additional selling prompted per lb. Prices: by weakness of

FOB.I. E&A

COMPANIES

PENINSULAR &

INTALS.N. CO.

PASSENGER/FREIGHT

Dutwards "CARTHAGE" "CHUSAN"

"CORFU"

"CANTOŃ

Leaves Ensidon'

Likeď

30th September

18th October

AVICE

14th Novem

9th November 12th December

Via Southampton, Pure Bald, Adon, Bohiday, Colombo, Penang à Singapore

Leaves Hongkong Due Londom

flamewards "CARTHAGE" 21st

"CHUBAN"

"CORFU" "CANTON"

October

2nd November

21st November

29th Novembor

18th November 1911 December

10th January 18th December

Via Singapore, Penzog, Colombo,' Bombay, Aden, Port Bald & Lendon

FREIGHT SERVICE

1st Oct. valls 2nd Oct.

đua nth Du salis 18 Oct.

"SUILLONG" due

"SUNDA"

"SHILLONG" toada 25th Oct.

'from U.K. via Straits

Jae Japan

fram UI via Straits tor Japan

For S'pore, P. Swotten- ham, Penang. Colombo, Aden, Port Said, Genos Marsellos, Havre, Lon dan. Antwerp, Rotter dan & Hamburg

With liberty to call at Belawan before or after Straile Ports and at Bombay if inducement offers. Tanks available for carriage of Oil in Bulk. Space for refrigerated cargo, Limited Passenger accommodation

BRITISH INDIA S.N. CO., LTD.

"BIRDHANA" dum 4th Oct.

"SANGOLA"

“FULTALA"

wails $1) Oct.

due 5th Oct.

walls th Oct.

due at Oct.

Kalfs 0th Oct.

from Japan

for Singapore, Penang' Rangoon & Calcutta from Calcutta, Penang & Straits

for Moji. Yokohama, Nagoya & Kobe

from Japan

for Singapore,` Rangadu & Chittagong

P. & O./B. I. JOINT SERVICE

"OZANDA"

from Japan

In Port sails 30th Sept. for Singapore. Colombo. Karachi. Basrah, Khor. ramshahr & Kuwait from Karacht &`Bombay for Japan

"ORNA"

"OLINDA"

dus at Oct. 0th Oct. due 24th Oct.

alls 24th Oct,

from Karachi, Bombay * Coent (or Japan

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

"NELLORE"

“ARAFURA"

due 3rd Oct. #aile - 4th GAL

from Australia for Javas soils 5/ü.Oct. 'for Bandakan, Brisbane, Sydney, Melboume & Adelaide

All vessels have liberty to call at any parts on or off the route & the route & sailing, 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.

MESSAGERIES MARITIMES

Queen's Building Tel; 26631||

P.O. Box 53

FAST PASSENGER/FREIGHT SERVICE

409-4012

Settlement house term:

November

December

January/March

40-4014 3910-30% 3714-3713

"VIETNAM” "CAMBODGE" "LAOS"

Bailing Oct. 8th

Bailing Nov. 5th

sailing Dec. 3rd

April/June

FAST FREIGHT SERVICE

sailing Oct. 17th

Batting Nov. 7th

Liverpool No 1 Rea spot ........ futures, plus larger crop estimates

and uncertainties about disposal of the huge gov andernnent surplus of raw cotton,

rc-

The Yangtze dividend of 70 Na devaluation or other tum- cents (unchanged) will not help pering with sterling is in pros- them. Many people were say-pect in any foreseeable future.

that if

All the existing internal me ing 'n few weeks ago Yanglazes increased

their rures, which are drastic hird dividend, then an increase in the all the still mare drastic ones

Wheelocks dividend was certain, | which are being held in 03 Yangtze Finance is a largo sorve, aro calculated to wheelocks sharphelder and a strengthen sterling and not chum bi ste Wheelock family merely to falsify but to stultify Now those people are not so the

nonsensical devaluation certain of a bigger alico of the rumours. 2012

profits and the speculation is mathat Wheclocks will pay an un-

changed dividend also.

F10

201

A Good Buy

Looking ahead to the next government Crop estimate, some traders staricd to discount an substantial increase.

Trading coluran and open in- tcrest

General markets, clf basis, porta!

October November

In the Exchange today New

Volume Open interest

The relaxations on foreignMonth holdings of sterling securities, announced on September 5, are Mar. nn important gesture at cori- hidy July fidence by the Bank of England, My faith in the share is not comparable to its similar

Oct. ЕСБ- Dec. shaken by speculation. And I tures

during the September Mur.

and Total

were:

Oct.

10,700

34,400

Dec

31,400

701.100

10,000

382, 400

15,300

424,000

8.600

212.300

3,000

212.300

1,100

41,209

200

4,000

77,500

2.029,600

bales.

United Press. NEW YORK PRICES

481don't care whether the company seasorul pressure, in 1953

raises the dividend or not, but i 1054. (still think it

blocks

Tri | at today's price, you've got your- A Step Forward Wi1⁄2 self a good buy.

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

33.3-4

40%-40% "PEIHO" 40-4014 -United Prem. "INDUS"

York Sugar Market

New York, Sept. 29. World No. 4 sugar futures closed unchanged with sales of 15 contracts.

Domestic No. 0 sugor futures closed 1 point higher to points lower with sales of 33 contracts.

World futures ruled quiet and steady. Thirty-six trans- ferable notices lizded, against October were promptly taken up by trade interests. Trading in domestic futures lacked definite feature, dealers said.

GO

180

775 Om Mathieson

14

Que Elevators

a

Armco Steel

40%

Owen-Itinois Glase

121

Armour....

14

Pacific Gas & Elec.

Holdwin-Lima-iarn.

134

Paclita Western Öll

4212

Balmore & Onio

473% Pan American Airways

181

Bendix Aviation Corp.

Paramount Pictures

30

Denguet Cons

1 Parko Davis Co.

Bethlehem Steel

154

Penny J. C. Co.

10

3914

Ebeing Airplane

01

Penn Ball Co,

in

Borden (The) Co

Philip Morris

1

In the Blue Chip section, actually a step towards conver- Electric, Telephono and Yau-tibility, mati held firm at last week's closing rates.

Lands have held Arm

The incasures include this week at $85 though they dippedication of all sterling securities.

dollar, on Tuesday, recovering

fact of the In the

chatter about devaluation, this yesterday,

un!-

Spot Oct

31.801

is

Dec.

322.77

Mar.

33.00

May

July

32.10-12

It

Burroughs Ada Machine

201

Philips Petroleum

Canadian Pacing R.

33% Procter & Gamble Cu

Card (L. Kì cả.

14

Publickar Industries

Mar. Lights, old and strengthen transferable sterling, it convertible inte new, and Tram were fractionally by making 222 easier on the week.

American switch, which it was good not before.

automatically

tonds 10

Chet.

22.00

Dec.

32.00-

Future#:

51.37 -United Prew. NEW ORLEANS PRICES

Contract No 4 (world)

October

3.231

New Orleans, Sept. 29. Prices at cotton futures closed

March

3.21

May

C. I. T. Financial Corp.

July

3.21

43

Pure O.........

Cat. Tractor

Chare Manhas. Gank

Catanese Corp.

Chrysler. Motors

Cotato-Palmolive Co.

Consolidated Edison

Continental Oil of Del.

Continental Bleel

Cord Produeta

Crown Zellerbach Cuban Amer. Sügor

Curtis Wint

Diamond Alkali

Dow Chemicals

Dupont de Nemours

Paso Nailonial Cas

331% Radio Corporation

Republic Steel

Saint Test Paper

Binciale Oll

Bocony Varuum

Southern National Che

1716 | Southern Railway (Cơm.)

6344 Standard Branda.

Beptember

3,23

21

011

Shell Oll, Co.

23

4017

South Porto Rico Sugar

1st

Blandani Öll of cal.

Standard Oil of Ind.

40***

Standard On of N.

11

the

they've

added

them

with Con- or with trans-

Бров

Dec

than

Mar

May

July

Oct.

Dec.

Epot (rents per in. fab

5.28

33.00

Contract No 6

November,

March May

United Press.

Spot-(cents, per lb. off NY

ex-duty)

-United Press.

0.50

8.50

1

HONG KONG-MACAU LINE

M.V. TAI LOY

¿AIR-CONDITIONED

DAILY SAILING

DEPARTURE HONG KONG MACAU

TIME

3.00. P.M. 3.00 ́A.M.

2014 Riudebaker-Packard Corp.

2015 Swift & Co.,

Texas Co.

80% Tide Waler Asen. O

Cements gave another performance and under strong It makes all sterling securities

buying pressure added another more attractive to Americans, today as follows:- 75 cents this week to touch $38.who can buy

There is a talk of good contracts tinental switch

the offing and with the big feeble sterling, cheaper demand for cement in Hongkong the previous rate for "American and Southeast Asia their pro-switch. pects should be good. In inst fortnight 401 $1.50.

2349

mayNew York Foreign London Foreign

"As all forchin-owned sterling Accurities can now be switched to dollar countries, the relaxa- In the rubber section, Amat-ons of September 5 gamated and Trusts closed lower oventually cost Britain'

The raw rubber | more dollars for interest 10% on the week.

387 price in Singapore fell from dividend payment's on the

148% to 143 Straits centar alb dwitched securities, on heavy speculative liquidation

Fastman Kodak

614

Brie Railroad

29

Twenty Century Fox Film

28

Family Finance Corp.

23%

Union Carbide

100%

General Electric

Union Pacino Hallway

107

General Foods

T01

United Altcraft

AbY

14434

U.B.. Gypsum

3

UN. Ling Co.

1936

General Motors

9. Pub. bul

Gillette Safely Razor

Oldden' CoLÊN Goodrich (S

tibodyder Fire Hayden Chemical Homelaka kining Co. OngermodMind) Intajohemiani Corp.

L.B. Rubber

21 UP. Bmelting

Water Dron

1704 | Wastinghouse Elddirie

West Va. Pulp & Paper Woolworth

the Malayan

some

.

and

Exchange

Exchange

· London,' Bapt. 19.

11/10

New York, Sept. 20.

2.76-1/10 378-11/32: New-York- 1-17/22 | Montpen):

И

30-day futures. Bday futures"

SARAN INT Zealand

following the announcement by But such payments to Contin- Canada

Government last ental holders were anyway cost.nd official 211 weck of a scheme to encourage. ing 75 per cent. dallas sines

Autralia Bup-country producers to sell August 1.

forward.

Meanwhile the changes will douth: Amales Amalgamateds closed at $3.123 bring in some foreign excharide, sojalum, against $2.80 Jas woon) and by making important blocks of' Uruguay, solt: Trusts were $5.30 (againal $3,325 sterling securiles more tirao Indi

last week);

tive for foreigners to buy, 55,

For Freight & Passage, please call: Tel. 26719 & 38091.

TAK KEE SHIPPING & TRADING CO. LTD. FU HOUSE, HONG KONG.

THE "POST" TYPHOON MAP

Mounted $5,00 Unmounted $4,00

and TYPHOON TABLE SE

Giving Bearing-dištance and time-distance for typhoons ilkely to affect Hong Kong, A ́useful adjunct to the "Post" Typhoon Map.

$2.00 Mounted

Obtainable

from

SOUTH CHINA MORNING POST HONGKONG-S: KOWLOON