THE CHINA MAIL, THURSDAY, OCTOBER 27, 1955.
TRADE and
COMMERCE SECTION
GATT CONFERENCE
Poge
1
Anglo-Japanese Trade Agreement us To Push Japanese
London Stock
Market
London, Oct, 26. Stacks held steady on the London Exchange today, as traders anxiously awaited the introduction of a supple. mentary budget in Parlia. ment.
Business
Indtill,
was lait
U
Lathe
BAT- get.c
showet email gains.
British
Governmenl stocks closed as much as 2 1⁄2 higher.
with wide range of am:il gatos leading the advance.
WHITEHALL MORE CAUTIOUS
OVER TARGET FIGURES
By Sydney Campell
London, Oct. 26.
It is Tokyo that reports that Japan's sterling trade under the new Agreement will balance at £255 million each way. Whitehall, characteristically more cautious, hazards £255/250 million.
As it is not the government that do the trade, any of a kind that has long been figures are "targetry" discredited.
The expectation and hope is that the trade will be The main body of sucks cloned both larger and better balanced than under the last Agree- steady, with a moderate spruk-
ment, which contemplated £210 million each way. earned more than that, and spent less.
ing of fractional galn1~
day is led siter a weak open- 1.1. but department store shares fell back in tems of higher purchme taxes
use
Japan
Japan's foreign exchange might also spend some of the previous average of about £12
October-March | £127 million vartside budget for the
the million each way. These again Oils showed strength Britkb | half-year is to provide £127; sterling prea, even though are Tokyo Bgures, Whitehall Petroleum advanced on invest- | taillon alerling This ix not Japan's mulliintern!
ofreckons that UK exports may anent buying.
conclusive for the half-year 11. sterling to supposed to come out be about £3 milion C yeur self, and still less for the annual of her existing sterling balance. bigger than they would have mostly rate of £256 million, particu-
been without the Agreement, Jewlarly
THE ESSENCE there A2
seasonal which differences between the two tacked on gains of about £44. halves of Japan's Import year. Several
: 150
Japanese importers edged užsend,
Foreign bonds
were
unchanged, except
Fur Eastern
Corinam
were
are
more
sterling
cannol spad
sterling D their government allows them.
might spend Icas, supplies arc
not
In the mining section, leading | They copper
Luce und gold unchanged. Doller stocks ensed, sufferently attractive or if their Jown markets turned bad. They -United Press,
New
York Stock Market
New York, Oct. 26.
а
Stocks closed lower for the second day in row, with the decline reflecting more a lack of buy- ing interest than any selling pressure.
A few recent sharp gainers lost rather heavily on profit-taking, Aircrafts were sold on reports of a forthcoming investigation into military air- plane buying. But there were some sharply higher features on individual good developments and the main body of stock moved narrowly.
low, Commercial Credit
Turnover declined to a 1,680,000 shares from 1 850,000 yesterday. There were only 1,124 issues traded with 571 of these jower, 206 higher.
slumped
In aircrafts Boeing more than 3 points in the day's most active trading as the com- pany announced a re-negotiation
decision board
i had thol profits of
BD- proximately $10,000,000 for 1952.
realised excess
North
Consultdated Edison Continental Sicol Carn Products Crane Co.
Crown Zellerbach
Cuban Amer. Sugar Curtis Wright
Mummond Alkal
Dow Chemicals
40 4716
The essence of the Agreement Is its implention that if the balance
turns ********
against Japan she will try to rectity 11 by expanding her sterling ex- parts-as Britain helped her to do In 1953, when the balance was onst her-und not by restrictions
discriminations on sterling purchase.
UT
In unde with
HONGKONG STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- itong Stock Exchange this morn- ing amounted to $330,000. Noon quotations and the morning's transactions;
+
5 1710
SHARES NUYVENA SELLES BALER
BANKS
ilk Bank INSURANCES
Unjon Lombardia. $3
SHIPPING
walerboat
DOCKS, ETC.
K. Whort Dock Provident (D, Wheelock
the colonies! Japan is almost bound to have i tumphreys
Bas a murplus. The balancing
to be done by binger Japanese
of purchases
the bulk com- modities of the sterling domin- lons-such things as Australian wool, wheat and burley and Pakistan cotton-helped colominl commodifica such
Train
.
ZJ
050
7115
20.50
بازها
1.23 9.40 P000 or 1.33
2000 Þ.35
3000 1 9.33
1000 # P.30 100.30
1000455 10064
US
Budget Effect Trade
On Canada
Ottawa, Oct. 20. Briain's belt-tightening measures may have some slight effect on Canada's exports, but it may help strengthen the
proting
sterling and assist Canada's trado "In the long run." Federal officials said today. They were generally In sympathy with the steps taken the Chancellor of the Exchequer, Mr R. A. Butler, to curb Britain's spending spreo through internal
measures aimed at lighting inflation.
by
"We might prefer that pollos rather than a TC- imposition of import con- trols," A Trade Depart- ment official mall-China Mall Special.
WORLD COTTON MARKETS
New York, Oct. 26. Cotton prices .today steadied nfter a faltering
closing 24.10 24.30 2100 24.30 start,
uniformly
Expansion
By Ralph Harris
Washington, Oct. 26.
The softening of some dollar import controls in Britain and other Commonwealth countries and the expansion of · Japan's exports to the non- Communist world are expected to be the main goals of the United States at Geneva tariff talks this week.
The talks, opening in the Swiss capital tomorrow, will be held by members of the General Agreement on Tariffs and Trade (GATT).
WORLD RUBBER PRICES
American officials said today that the United States delega- ttan would Osk Britain. Australia, New Zealand, Ceylon and the Federation of Rhodesia and Nyasaland 10 Justify dis- criminatory Import controla and would pross for the relaxation of restrictions which appeared to be unnecessarily harsh.
The delegation, in Informal contacts, would also seek to ex- pand Japan's oversous markets by supe
Australia, New
and other mem- Easiness bers of the world trade organisa tion should drop their high and discriminatory tariff against Japanese goods,
that
Full Party
zates
the
C. Light (0) 221 22.00 300 22.00 higher for the first time in talks on Thursday as a full con-
[email protected] ten days.
LAND, ETC JK Botei ilk Lana
10 10.40
DA 0415
Rts 37
20.70
(2)
500 ₫ 1915
Henlly RUBBERL
2.30
A. Rubber
105
Trust.
UTILITIES
Ymal Ferry 111 114
by
03
iron
C. Light (N) 17 10 Blootria
42
A
her
devalua-
cotton
cx
more
attractive.
500 4214 100 $234 Macon ice.
500 11.50 Telephone... 34 34% 200 349%
1000 341 BOD 343 500 346
INDUSTRIALS
Cement..... 3015 3715
Rope
17.40 300 17.10
STORES. ETC.
...... 12.00 20.30
50 @ 20 200
20
Watson ..
11.70
37
for
Vibro Allied
300 3.70
Malayan rubber and
Pakiston's
CTU.
is
If Expansion is so obviously
makes Japan's own interest that it stili difficult to understand how, | port prices during the negotiations, she Japan might have bought more could even temporarily have of it anyway. But enlargement appeared to advocate restriction- und balancing of Japan's sterl- isma striking example of how ng trade is more important than j departmentad theses en obscure who or what is given the credit
for it. the national interest.
Perhaps the best justification For the anxious negotiations that, without them, Japan might have been slower to recognise her own interest.
On Invisibles, il could
CURIO ITEM
The UK's import quota cotton and rayon grey cloth for
and still processing
re-export re- maing at £3 million a year,
As a curlo item, Japan granted an import quota for
be recognised abundantly, The British negotiators evidently pressed for widespread of remittances for banking, in- freeing shipping, business suncu, profits, personal cermings and
has
£200,000 of high quality cotton textiles from the UK, As Japan's exports of cotton are the largest
How
be of
DALITY
Crawford
MISCELLANEOUS
0.08 0.03 10000 B
Chicago Grain Market
the
65
Rubber futures
lower cables and
New York, Oct. 20.
closed today to 120
points Jower with sales of 295 contracts.
reflected London-Singapore reports of fair shipment offer ings from Singapore, Indonesia of first-hand London and out sollers. While the prices were above a workable basis, local
it booked observers said
Bike there is rubber for sale,
Spot No. 1 Rey were quoted at 49% cents, Futures:
Dec.
43.30-40
40.40
MAT.
May
July
Sept.
Dec.
SINGAPORE
The market opened steady
Japan will be attending
tracting party to GATT for the first time aloo she was admit- Closing
on a rally the list ted to membership last month. finished net 0 to 23 points
Britain
and the
other higher. The market opened up Commonwealth
countries. it is 6 to oft 10 polms. New Orleans auggested here, have imposed closed up 14 to 20 points,
restrictions come dollar import Prico-lifting Influences int-
for reasons other than monetary cluded another sharp drop in shortages,
only grounds the cerificated stock, plus re-permitted for Import quotas, but Inter ensod on lack of sup-
of heavy ports
producer loun Specifically the United States | port and 1. Adation, entries,
and
technical replace- delegation at Geneva is
No. 1 rubber per lb. covering ment buying and
in pooted to
the CommoOHN- oak the deferred deliveries.
wealth nations to re-examine: Liverpool brokers
1. The Impact of these both sides of the market, buying
restrictions on trade. nearbys against sales of later deliveries, supposedly on strad-
The United States delegation dle accounts with the overseas
also intends to hold informal stability in talks with representatives of
on balance.
Independent
were
on
X-
● 2. The basis for their retention.
November
December
January
No. 2 rubber per ib. Nov. No. 3 rubber per lb. Nov.
No. 4 rubber per lb. Nov. Spot rubber unhaled Blanket crepa
No. 1 ale crepe
LONDON
Futures:
13415-13816
The market was steady withi
spat at 25% pence per tb, Prices:
No. 1 Has spot ..******* Settlement house term:
Dec.
35-3314
3471-35
Jan./Mar.
3476-2616
Apr./Juns
July/Sept.
Nov,
Dec.
Jan.
***, unquoted
Gmoral markets, cif basis, portsi
· December again reflected cover- several other countries whoga
are being ing on the loan entry and a identities
withheld further drop in the certificated (with a view to persuading them Chicago, Oct. 26.
which Corn futures were the leaders stock cotton available for con- to relax import controls in a firm trend on the Board of traet delivery declined 2,025 are felt here to be discriminat- Trade today following news from bales avernight to 13603 bales, ing against American industry. Washington the government will new low for the year.
Basic Aim coon call a temporary
Some halt to
technicians however, looked sales of surplus corn for export sald the market stili in an attempt to boos domestic thin, with on either side making of Japanese exports, the United
the
absence of rest- With regard to the expansion market prices.
On ing orders Soybeans only ones to finish lower.
the prices sensitive to small flurries States is hoping that Australia,
New Zealand, South
Africa, of buying and selling orders, Agriculture Department Trading volume and open France, Cuba, the Federation of officials said the CCC. change in interest in the Exchange where
Ithodesia and Nyasaland and to Volume Open interest Brazil will eventually agree No, rubbar the corn-selling programme is Month
Dec. expected to last during
futures
were
legacies. All that they are known ex the corld and were long tie to have got is unblocking of the arrears of
for Lancashire even extending to future
not most terrifying Alm earrings,
tim (where, however. there
over the unre earnings. Unpublished, there more concern may be e dittle more, but White-stricted imports from India and Hongkong), Japanese imports of hail plainly regards is as only a Lancashire textiles would start on unproving the climate 384 for British businessmen to something new in the way
operate in Japan, and
taking coals to Newcastle. plainly
Use of the quota will depend intends to keep up the pressure
on whether the Japanese market for further improvement.
requires those particular textiles. Quite Hikely it will
Nowadays Lancashire's ex-
tha Japanese negullatorsports depend on quality while
on quantity harvest period and wili spur ex-May seemed to think that If they Japan's depend
all their corn porters to
buy relented on invisibles to Britain China Mail Special.
needs in commercial channels. Dea they would have to give way to
Until now, chippers have been Mar able to buy government com at Total
The
ht
1644
RAIL
401
03
Dupont de Nemours
2314
Eastman Kodak
7816
El Paro National Can
40
Erie Railroad
214%
Family Finance Corp.
24%
American
Aviation points, Locic-
General Electric
General Foods
Dynamics
General Motezne
1994
38%
42
377/0
71
174 35%
tish
fell more than
heed and General more than a
point.
Gen. Pub. Uth. Douglas Qilletto Safety Razor Gidden Co
lost all of an carly point gain
which had reflected a $175,000,- 000 order for jels from United Air Lines.
Steels
Down
than
US Steel last more
Goodrich (3.
F.)
Goodyear Tire Heyden Chemieni Hlustake Mining Cv Ingersoll-and
INVISIBLES
other countries too. As Britain
was not seeking discrimination New York Sugar pries 3 to 10 cents a bushel be-
in her favour, but merely the
removal
discrimination her, this might have agains! 304 been true enough, But the Bri- negollators might Inve why 62% usked (and perhaps did)
Japan should not give way round.
Inland Steel Cu.
67
Interchemical Corp.
40
Ink Business Machines
39!
Int'l Harvester
30%
International Nickel
78
A
Ini Tel & Tei
International Paper
point on disappointment with
the size of the dividend
crcase. Bethlehem,
In-John-Manville Co.
Tore up
Kams C. Power & Lighe Kennecott Copper
Lockheed Abrorn!!
than 2 at one time. finished Liggett Meyers Tub. Co. alightly lower. Bethichem Loews Incor
directors meet tomorrow to ro- Lone Star Cement Co. port earnings and take divi-Louvillo & Nanhvile R. dend action.
Joy
Manufacturing
Lowenstein & Sond.
spurted
more than on a 100 per cent
stock dividend, New York Ship building ran up more than $1 on
Mesabi Iron Chap. Minnesota Mining Misston Development
Monsanto Chemical Co Montgomery Ward Motru Inc.
receipt of a contract to build the National Cash Reg. A
National Daby Prod.·
super car- National Distillera
National Lead
Now York Stock Exchange National Meel Corp.
Forrestal class
rics.
bond volume was $3,120,000.
American
Stock
New York Centrol Olin Mathieson Exchange ois Elevarlora volume was 600,000 shares. Owen-Elinota Gisku
Dow-Jones closing
averages Pacific Gas & Exea. Paello Western Ou Pan American Airways 485.12 Paramount Pictures 150,37
Parka Davie Co,
were:
30 industriais
Nationalist exclusivity
Market
104 the most efficient way of trad-higher with sales of 65 сол-
21% ing. It is fair to add that tracts.
831beralism on Invisibles amounts
3012
20
619
to a country standing in ita own light, Japan is not the 10,000 tons of) refined 494 only country that does it, though from Cuba on Tuesday.
there are not many who do
Other advices to dealers said Even in the OEEC. so badly.
the leading British refiner had 2 liberalisation of invisibles
has 401k been harder
turned down all offers of Cuban than and slower
raws for
year, delivery next liberalisation of visible trade.
Futures:
443%
19
43
032,300
30.000
Mar.
25,100
379,400
33.200
543,700
10,800
224,300
Oct
10,300
133,400
0,700
GOLADO
22:00
12,000
133,000
COTTON
grant
most favotired nation treatment to Japan.
It has been a basic sim
Estate Crepe thin Nov. 3312
thick Nov. 37 AMSTERDAM
The market was caster, Prices closed today in guilders per kilogrammo, cl Nov, as follows:
No 2 rubber
No. 3 rubber
No. 1 repa
of
United States foreign policy to
build Japan into a self sustain-
3,990,700 bales ing stronghold in the Far East by encouraging the allies to re-
Prices of futures closed today then their discriminatory tariffa
against
Japanese exports. China Mail Special
20.20
New Synthetic Rubber Factory
Socabu,
5.35 no 3.33 m 3.30 nom, 3.30 nom
United Pres
Singapore
Stock Market
Singapore, Oct. 27. Brokers today quoted following stock prices:
Batu Lintang Rubber Co..
British Borneo Petroleum
Paris, Oct. 26. a French company Syndicate
&
the
Opening
$1.00
42/-
$0.20
8000
$1.00
set up earlier this year by lead-Colidated Tin Smelters
Ord. ing petroleum, chemical and Fraser & Neavo Lia. Ord. $1.01 x 2955-50 tyro companies to manufacture Fraser & Neave Lad. 714
cum. pref. synthetic rubber, has announced Hongkong
Shanghai that it intends to build a new Banking Corp. ....
factory near Hongkong Tin Lid.
Kempas Lid Lamas Rubber Estates Ltd. $3.50 The plant will have a capa Malayan Breweries city of 20,000 tomm of butyl New Berandah Rubber Co..... rubber annually and will be Petaling Tin Ltd.
Ltd.
all
New York, Oct, 28. World No.
futures 4 sugur closed today 2 to 4 points higher with sales of 51 contracts.
Domestic No. 6 sugar futures is not closed unchanged to 1
point
of
·low Chicago market levels.
The farm agency said it prob
will lighten up ably also
on Dec. domestic sales of com that is Mar May out of condition,
which cur-
July rently can be offered at market det. prices.
Dec. Department
officials
said Mor. went out recently to orders ship about 10-million bushels of government corn to the East follows: In the world raw market, Iran Coast for export sale. Most of t
accredited buyer was the
this corn already has been sold.
the remainder will be Moy sugar And
offered under the present cut-out. rate price policy.
to 23%
na follows: Spot
34150
33.23-21
$2.01
3123
20.86
20.51
20.04 20.01
NEW ORLEANS Prices of futures closed BB
Mar.
13.30 3124 32.04-05
July
Dec Mar
3124 20.04
20.06
LIVERPOOL Future
American synthetic rubber closings,
Le Havre middling, in pence per lb. were as follows: Old contract
$40 x
Oct/Nov.
Dec Jan.
31.22 22.25
Mar/Apr. May/June
23.28-40 supplied
ed
from
24.30
refineries
23.50
Standard and
belonging to
New contract
May/June
220.40..
Francaise de Raffinage.
*** Peso, Bingapore Cold Storage
South British Insuranc Compagnie
Straits Trading
£2.50 $1.47
July/Aug
23.80
214
Egypilen Karnak
71
Jan/Feb
30.05
703%
SAO PAULO
Future closings, in cruzeiros
per kilo were as follows:
Nov.
20:40 20.40
Mar.
31,40
May
$1.30
July
In
Whitchell's forecasts
of the March future volume of trade COM | MAY 3mand the less respect
in that July
Sept.
Contract No. 4 (world)
Contract No,
Whitehall seems to have only a Brot-fcunts par ib. fob Cuba)
volume. hazy idea of its past
after the big March It suggests that, 64% unbalance of the second half of lay
312y-
70***
40
45 1054, Japan's sterling trade has Sept.
49%
ES
a
Wheat closed up cents; soybeans (now) up to 1%. oents.-United Press.
WINNIPEG GRAIN PRICES
Winnipeg, Oct, 20. Prices of grain futures closed Canadian cents per today in bushel as follows:
037 Oats
Oct.
Дес.
May
13.50 July
United Press.
Byt
Oct.
Dec.
May
LONDON METAL
PRICES
London, Oct. 20.
July Baricy Oct. Tree. May July
been back in bolance during the Spot-(cents per ib. cit NY
ex-duty) clapsed part of 1055: that 17% further enlargement of Japan's 38aterbug balance in the first half
of 1933 reflected only an C largement of her short-term borrowings in London, and that some more recont reduction in the sterling balance reflects partial Topoyment of these borrowings.
20 All
13 ulilities
02.70 Femy J. c. co.
0 stocks
161.84 Penti. Salt Co.
45
40 bonda
9.30 Philip Morris
Comm. future pries Index
151.00
Comin, pot price index
150,73
Philpa Petroleum
43
700
Procter & Gamble Co.
Moody's index
20930
Pittsburgh Plate Gins
az
Publicker Industries
Pure Qu
351
Hadio Corporation
Closing Prices
Akton Inc. Ary.
Allied Chemicals Alladi. Mille Ind.
Allis Chalmers
American Atriina
American Cyanumido Co.
Am. Mach. & 3 dry. American Malat
American Analisa American Tol & Tel American Tob." " Anaconda, Copper Arinto Steel
Artnout
Baldwin-Lima-11am. Baltimore & Ohio.
Hendbe Aviation Corp.
Benguet 'ona ·
Bethlehem Stéci Bong Airplane Borden (The Co,
Burroughs Add · Machine ...
Canadian Pacino T. ...
Calo (3. I.). Oo, .............
C. 2. T. THIRDal Corp,
Cel. Tractory
Celanese Corp.
SY Chase Manhal. Bank
Calle Copper
De Chrysler Motors
¡5) Colgate-Paimsliyo
Republle Steel
Reynalde Metal
a 221,
107
Saint Beg. Paper
Shell Oil Co....
Sinclair Oi
1
56 Bocony Vacuum
2114
cuth Porto Tuco Bugar
30
Southern National Gas
21314
Pouthern Hallway (Com.)" Standart Brands
47 Standard Gll of Cal,
Standard On of Ind
Blandard Oli 6t NJ.
12 Swift & Co.
UNSEASONABLE
SURPLUS
Oct.
The tin market was firmer Flaxseed while other metals were steady. Priots closed today in sterling Dec. per long ton as follows:
Buyers Bellers
77111 1754 35217
Tin spot
-month This does not accord with the Copper pot" 33Bank of Japan's figures, which 5-menik
show that Japan had
100 a large Leed 2nd half Oct.
in the zinc 2nd half 04 and unseasonal surplus
the 40% Orat quarter of 1955. In 1900cond and
third quarters
$1
Japan's surplus was smaller; 10% for two of the months, May and
August, she appears to have
170
70
653 Bierling Drug Co.
Stokoly Van Camp.
Budebaker-Packard Corp
Texas Co........
Tido, Wafor Aam, Bi
Twenty Condury Tox Films Uniors Carbide
201
1000
But for the whole six months.
Cat
Union Padño Hallway
168
April-September the Bank
of
pe Japan still shows receipts
831 United Alteraft
17.8. Gypsum
3. & Line Co.
Us. Rubber .. UB. Bawling
- 30% | 15. Bleci. .....
311 Warner BIDA
4615 | Wortlighouse Electric
West. VAI Pulp & Paper Woolw
100 had a defiolt.
May July
Wheat, No. 8 northern 184 cente; No. 5 130 cents. 438 United Press,
107
100%
1001
nited Press,
NEW YORK METAL FUTURES
New York, Oct. 28, of Prices of metal futures closed
London Foreign
Exchange
London, Oct, 20. Foreign exchange rates closed today as follows: New York
£130 million against" sterling |today in cents per ib, as follows, Amex [expenditures of 2100 million.
Tratio betwears. Jopath and, the UIC itenit là fornmeti na možen est. £22 million by Japan and £18 milion by the UK, This would || km/a greitying Inorwen on, the
Lond
Tin - Cot
Nov,
kind
Copper Out.
Now,
July/Aug.
21.20
the the United States, average price of 15/10 middling cotton at 14 designated spot markets was 83.30 cents. Bales botalled 59,081 bales, United Prew.
New York Foreign Exchange
Canada
New York, Oct. 20.
United Prend:
Exchange Rates
Etenirsena bena, dome in the local sanofficial / ENCÍLETISSI market; th morning, el tipo allowiNK THERE! 117.3. dolce (perd:]}
Sterling novou «[pee VASE*** Indervondary Tupiahs (per 100) 195 (faibad | slam tionia"(per 100)
Singapore. (Hiraita)
neighbouring Ragles Hotel
The plant to expected to straite Sīkamship commence operations in early United Engineers Ord.
$10.00 1958-China Mall Special.
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