1955-11-08 — Page 9

THE CHINA MAIL, TUESDAY, NOVEMBER 8, 1955.

TRADE and

COMMERCE SECTION

Pagë

Autumn Budget Impresses Foreign HONGKONG STOCK

Egypt's Industrial

Programme

Egypt

Dalsicc

Cairo, Nov. 1

baw

decided In

ber Industriala- tion Programme with steri products from East Ger-

it wha

MANY,

announc toeta v

confræence after a belwren East German Vico-Premier Heinrich Ban and Egyptian Vice-Premier Gama Salem and Minister of Commerce Abuu Nossier.

Ermit

Eart

Herr Rau fold the press that #br existing screement be wren Germany and Egypt "will be expanded to the benefli of both countrira.“

Mr Nosler said Egypt will export cotton, textira and vegetables in exchange for East German steel pro-

ducts-United Press.

WORLD RUBBER PRICES

New York, Nov 7 Itubber futures today closed

her to 35 points of 389 **013-

1 polut

lower

with sales

tracts,

All but the nearby Deevničen futures contraels finished on the downside.

reported

Dealers most of the activity speculative with consumers holding of

Prices had been tłown Us much a vent a pound on mew- e quidation but ruled before the close 37

speculators,

Covering

by

Lently, spot No. 1 Rss streets

quoted at

cents, 4116

were Futures,

Dre

Mar

Mey

July

Repl

Dex

4025-40

3700

3: Der

35

34 25

SINGAPORE

The market

short-covering

was very steady

Futur

Closings were:

No rubber be th Nov

Des

Jua

No 2 rubber per 10

Nav

No

5

No 4

Spot uttry unfurledk

flanket rese

No

I Doir et une

LONDON

The market Wils

110-4361. 114-114

Kursquarefe44

115-118 114-115 10.110

1-18 HI-C

111 132

ancestors

with spot quoted at 331, pener

3er ID.

Prices

No. It t Seltlement hatise Term

Dec.

Jan./Mar

May/June

July/Sept

Traders

FIRST OBJECTIVE ACHIEVED

BY GOVERNMENT

From Our Economic Correspondent

London, Nov. 6.

Now that the dust of battle has settled it is possible to tot up some of the preliminary results of the autumn budget. In one way they are fairly favourable to the government. After months in the doldrums sterling has reached and passed the official line of parity with the dollar.

It is only fair to give some of the credit for this turn of events to the govern- ment's latest measures against internal inflation. However unpopular they may be at home they have deeply impressed ¦ foreign businessmen,

11:1

the

1

Bulla lan antagommoseel fat this coming farm the sparke

4 large hat jen tak af the British pubile and peace ven store diffholt for actually helped neteve, gustin-

These the moderate element of trade WAN POVd any

edes slapo Intilat

to urge upoz folless the need for Pourque 5 Be bowlge war | 11

dom, kang wangs elugano. Bad Mistake

“

**** tering

The in Jap 51 Burlers w 14. Potion to man ta ther value of the penind ano ng the sing action. Hy min

ax Uran male revere Ban was Stay

Beer MANY

they doubly insured that dhe djus red amprene rion worth be made abrol

11t

General Motors New York

\US $1 Dividend

New York, Nov. 7. General Motory rode the

crest of

another

sharp

stock rise today by deolar- ing a 1-2-share dividend that gave the

500,000 stockholders record

company's

earstings for year.

Stocks went up a

total on the

of $1,000,000,000 New York Block Exchange today, and soon after the

the trading ended

GM Board of Directors voted the lyldend

$1

The dividend will bo worth a total of $278,083,- 500 on the company's new stock, which was issued on

three-for-one basis. The record

GM Lotel dividend

for the year will amount to more than $005,000,000, The giant Antemobile

concern thum has swept the board for Industrial records. The Corporation already had

རྣ} records for sales, carnings, production, cm- ployment, payrolla and laxes.-- United Prem,

NEW YORK

COTTON MARKET

today

Stocks

Show Billion

Dollar Gain

New York, Nov. 7.

Blue chip industrials paced the stock market in another billion dollar gain today.

Du Pont rose 4 points, Sears Roebuck, Jersey Standard, General Foods more than 2 points each, the last two selling ex-dividend. Eastman Kodak, Procter & Gamble, Westinghouse Electric, Inter- national Nickel gained a point or more, the last in response to good dividend news.

Chrysler had one of the few joases of any size a drop of nearly 2

the polr.is reflecting directors fallure to split The rich lust Friday. In the same General Motors closed group unchanged as traders hesitated in advance of the GM dire. tois meeting after

the close today at which a

a year-end extra dividend of $1 a share was ordered on the u༢*༣༦

resulting from the three-for-one split.

Wall Street saw in news of The Impending public offering af Ford stock a vote of confidence in the industrial future and this helped strengthen market senti- ment.

Average

Industrial

as a group over- New York, Nov. 7.

aged 3.23 higher and at their Cotton futures moved This was a bad paychological

best since September 28. mistake and it has

moderate not been lower

in

Itails gulned 0.95 to their entirely retrieved by the sub- dealings.

best lovels since September 30. that TOWN

Industrial gains ranged to mor Proti-aking sent

and increased to be removed from all house-hedging near the close dropped than 4 points In Union Puelfie.

Utililles

kept pace hold goods except thire mase prices as much as 51.50 a bnic.

with et metal

The list finished li

gain of 0.12 lifting their over- to 30 lower. puinis

two to its best since September Opened

23. to 14 higher

points points pressing seesively large wage lower. the

of New Orleans closed 14

total 1,172 Issues tradedi. ♫ most a

to 04 points lower.

563 were higher, 370 lower. serieur was the tipas: Inken by The market

opened inixed Trading was at a good pace Ship-

and active

with nearby months most of the session, although holding steady as mill buying using near the close in re and Liverpool struadle cover flection of pre-holiday con. The Exchange will more than absorbed hedg- siderations, ing ing and Liquidation. Trans-be closed for Election Day to-

The recovery of sterling draw- ever is partly due to the vom was preceded the budget The dimmutie improvement of gold and doli position was th mo! impurtant of these

Gold Flow

Gold was netually flowing into the reserves ih October -the Bed | lime that this has happened for several months. The net loss of $48 million was calcuated after

ut $80 41400 taking account which wZTEN paid curling thonth to the European Pave main part seuleme

of the sterling area's

The

There are signs that the bud- get in to be made an excuse for

claims

The

latest and

Confederation

building and Engineering Unlofs when they began talks with their employers for wage grenses for theje Urree million SENIO members

and

dow ferring from the nearby Until the budget thete claim

liveries to far-off months push- was for a which would have cost the in-

10 per cent interested the distant deliveries down

made 11

wardi.

Alt Al

months

the after

WES

relea

dustry

additional £100 million a

But yea in wages, when the talks began the union

that this then trimm ch 14 Anal Agure, they said would not roade until the

ading,

deflent with Western Europe in invrely

September

D

The important fact-at which; ffect of the budget the rest due note was taken overseas of Ivank round be mor

was that the sterling area ban, accurately assessed.

Nation's Hope

morrow.

on

lower In-

Turnover of 2,230,000 shares compared with 2,430,000 on Fri. day.

Cuppers shures were among the day's strongest performers with guins of 4 points

in

EXCHANGE PRICES

Business done on the Hong- kong Stock Exchange this moming amounted to $1,030,000. Noon quotations und the moming's tranæetions:

SHARER BUYERS SELLERS BALES

BANCS

IIK Bank

INSURANCES

Union

Lombard

105

0-90

8888

BO 3100

C. Light (0) 21.40

Light (N) Eectele 2014 2014

Telmhono

INDUSTRIALS

Current

.... BIR ·

1400

..... *475

35 2000

3000

34.75

1920 100 1040 1930

"Textiles ****

2000 to 14.00

Nanyang...

8.70 0.40

P

91% 3400 op 9.00

1.20

DOCKS, ETC.

14

2015

K. Whart Dock Srovideant

(Old)

Wheelock

LAND, ETC.

Ik Hotel

JIK Land

14% 14.70 373 14.50

STOVUS, ETC.

Dairy

Watsons

COTTONS

000 0.10

1000 9.00

500174

17.20 17:40 300 @ 17.30

00 0

870 00

500 00

800 à 00.00

MISCELLANEOUS

Alitod

Exchange Rates

300 00.50

Fontty

2.000 2.10

RUBBER Trust

UTILITIES

Tron

10,000 200

done in Busincro Was

the local unofficial exchangy market morning at the following rates U.B. dollar (per 833

this

3,60

Sterling notes (per £1) ............. 16.47

Motorola Ins.

Y

29.70 Forry 103 1:00 4:00

Australian notes (per £1) ... Indonesian rupiah (per 100). Slam icals (per 100)

13.43

13.80

24.74

40**

National Can Beg. "A"

100 103 Singapore (Stralts)

1.79

National Istillers

National Dairy Prod.

1091

National Lead

National 9ted Corp

New York Central On Mathieson Oth Elevators Pasific Gre & Elec Owen-inois Glass Pacids Western Qui

an American Airways Paramount Pictures Parke Davis Co Penny JC. Co Peron, Salt Co. Fall Petroleum Procter & Gamble Co Pittsburgh Plate Glass Publicker Industrier Pure Oil

Itadio Compotullon Republic Steel Reynokis Metal Shell Oil Co.

Saint Reg. Paper

Suclair O

Secony VacYKITI

South Porto Rico Sugar Southern National Con Southern Railway (Com) Standard Brands Standard Ou of Cal. Standard Oil of Ind. 9tandard Oil of NJ. xd) Sterling Drug Co. Btokely-Van Camp. Studebaker-Packard Cory. Swift & Co. Техая Со

.....

This Water Ano, Oll Twenty Century Pux Fi Union Carbide

Unkan Pacific Railway

United Aircraft

U.S. Gypsum US Line Cu U.S. Rublier

US. Smetting US Steel Warner Bros Wert Ve, Pulp & Paper Westinghouse Electric Woolworth

4423

3

304

pd

4071

77%

46

R21,

30

443

40%

497

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Lexy London

Sailed

Outward "CORFU"

"CANTON"

"CARTHAGE" "CHUSAN"

9th November 7th December

10th December

Bus Hangrang

14th November

12th December

9th JanuaIJ

14th January

Via Bouthampton, Port Ball, Adeo, Bombay, Ohlombo,

Penang & Singapore

Leaves Hongkong Due London

19th December

11002

105

Bomewarde "CORFU"

18th November

"CANTON"

"CARTHAGE"

18th December 13th Janitayy

10th Jantary

13th Nebraty

**"CHUSAN”

30th January

27th February

4012

40%

United Prest

Singapore

Stock Market

Co

Opening

$1.00

43/0

Smelters

Betti BoeTIE Petroleum

Syndicate

470,58 16337 Cosolidated Tin

04.20 Ond

-76%

Inoved opening ereased liquidation and hedging Magma, nearly 3 in Miami and

trade sup more with only limited

thon a point in Ken- port in evidence except in the

deliveries.

Trading Tolt. ucurby turned dull in the afternoon.

Bond volume on the NY Ex-

Singapore, Nov. B. change was $3,570,000,

Brokers today quoted the fol- Most truders

looking were

Volume on the American Ex-lowing stock prices. ahead to the government cotton change was 760,000 shares.

Batu Lintang Rubber crop report tomorrow at 11 am

Dow Jones closing averages Ltd. EST. The Exchange will remain were as follows: open tomorrow,

30 Industrial A leading spot house reported 2 calls continued good demand from 10 tities mills for ection

65 Aleks in the Atlanta 40 bunde area Lust

It added that Comm. future price indor weck. movement of cotton into the Comm. pot price index

this #ren continues Mouly's Index heavy with sales confned mostly hope of ever to cotton that is ineligible for seeing the end of inflation must the loan. rest more than ever on the

The Art also reported moderate men in the trade union increased mill interest In the

unenviable Atlania area. lask is to make their followers readre where Interests ie.

A surplus of $20 int!lion in as¦ 33-31

Irming nevount with the dollar. 334-304

area 3396-321% 316-31% 301.-31

2294-33 3214-33 .... unqualed

General mikeb, est banim, ports

Nuy.

Dec.

Jul

Eitula crepe all unquoted

AMSTERDAM

The market war czasier Prices closed today in guilders per Klio- gram, cit November as follows: 3.18 paldi

No No.

rubber

rubber

No. 3 rubber

No.

спере

did pato

100 годи

3.50 hom

tinated PreRS.

Alberta Crude Oil

Production

Calgary, Nov. 1. Alberis crude oil

production ahowed its fourth consecutivo advance in the week ended October 24 and was 5,401 barrels daily from the alltime high of 301,493 b/d set last July. Out- put from approximately 5.000 wells in the Province showed only a gain of 132 b/d to 370,092 bid, but was nearly 150.000 b/d higher than a year carlier.

Conservation increases Authorities allowable production rates for November indicate that still further increases

This helped strengthen ste lag 10 the first few days this month and reinforced MOVE- ment which was afrovy under

Kold

the

Way

The marked weakness of sterling during the summET which caused such heavy and dollar losses during Wird quarter of the year --- was due to widespread and per- latent rumours that the British authorites

were planning tu the value the

At pound or least widen the margins within which It is free to fluctuate.

These

Jave since been scotched, but the effects of the prolonged run on sterling which they touched off are still being felt.

A

at

who

** If more unions take the une that rereases in taxation auto- maiteally provide grounds for demanding extra pay the initia!

༣༣། SUCEVERS of the budget will prove short-lived. The nation's

Ricvement whose

their own

Fractional Losses In London

מן

DE

Trading volume and open in- best terest in the Exchange today

London, Nov. 7.

British bustnessm needed dollars to finance in- ports later in the your advanced their purchases by month or two. This increased the pres- sure on sterling at the time but sure on reduced it later on when these The Middle East uncer-]

of purchases

dollars would

nade. tainty and general pcasimism have

been normally

the London Exchange Commercial demand for dollars' hit was therefore

conectitrated in

in today, and most sections short period instead of being turned in fractional losses. spread over several months and this accounts for the present

British Government stocka unseasonable slackness of de-

ummeted on threats of a re newed government muecze on croat. As a group, they fell to a level about £2 above the lows of Sept. 5, this year-lowest since was established in 1926. Losses ranged over £1, Nevertheless it is doubtful and War Loan fell 25s to £70%. in dally whether the recovery of sterling OX Consols lost the samo

The would have been averages may be expected.

so sharp f gain in production for this period these other factors had not been amount, closing at £60%.

Fractional losses were the rule results mainly from the opening reinforced by the British Govern-

Stects and emong industriala. znał

store shares were department

Dutch had an Royal

British Petroleum last

mand for dollers now reported In the London foreign exchange market.

Advance Approval the Index

of now markets for Alberta ment's determination to

more demonstrated

active

Closing Prices

Allied Chemicals

Allied Mills Inc.

Allis Chalmers

American Airline

American Cyanamide Co. Am. Mach, dry, American Metal (Kd.) Open_interest American Smelting

304,300

Am. Bugar Ret S American Tel & Tei American Teb. "B"

Work:

Month Dev Mar.

Volume

34,300

43,206

500,700

May

18,500

220,000

July

20,100

101,600

Qef

0,900

90,000

Doo

5,900

DO 000

Mar.

2,000

17,900

Total

150,000

1,000,000 bales

NEW YORK

Anaconda Copper Annoo Steel

Armour

Baldwin-Lima-Ham. Baltimore & Ohio

Bendix Aviation Corp, Benguet Cona Doinichem Steel

Prices of futures closed today Boeing Airplane

34,79

33.45-46 32.43-44

31.11 29.10

Borden (The) Co. Burroughs Add Machine Canadian Pacile R.

C. I. T. Pinancial Cer

160.37 Proper & Neave Ltd. Ord.

19.10 Froner & Nerve Ltd. 7%

cum, prof.

Via Bingapore, Pettatig, Colombo, Bombar, Aden,

Fort Bald & Loudon

* Also Calls Marseliles.

FREICHT SERVICE

load 10/11th Nov, for B'porn, P. Swatten-

ham, Penang. Colombo Aden. Pert Said, Geoon Marselles,

“Casablanca, Ilavie, London,

werp

Hamburg

Rotterdam

Ant-

"BUNDA"

"SOUDAN"

due 13th Nov solla 14th Nov

from UK

for Japan

With liberty to call at Delawan before or after Straite Forts and at Bombay iş inducement ofSTE

Tanks available for carriage of Oil in Bulk. Space for refrigerated cargo. Limited Passenger accommodation

$4.00

105.02 Hangkong

Shanghai

398 64

Banking Coen. Konekord Tin Leo.

1/30

Kempaa "LAI

$1.00

Lunas Rubber Estate Li Malayın Brewerles

"WARORA"

$4.00

$3.40

$1074

| Raffles Hotel 소니다

Petang Tin

Tin Ltd.

New Berandah Rubber Co.

Ltd.

“SANTHIA”

61.00

$4.10

$2.40

| Bingapore Cold Storage

South British Insurance Co.

$1,70

$20.00

Strudis Trading

1:23.70

11340

United Eneers Ord.

310.20

"OBRA"

"ORNA"

$2.92

China Mail Special,

"OLINDA"

**OKILA"

24 Strait Steamship

Wearne Bros

New York Sugar

Market

New York, Nov. 7. World No. 4 sugar futurcs closed today two points higher 144to me point lower with no gales

reported.

as follows:

Spok

Doc.

Caso (7. 1.) Co.

r

May

Cat, Tractor

July

Oct

28.01-02

Celanese Corp.

Dec

20.37

Мат.

za.in

NEW ORLEANS Prices of futures closed us follows:

Chare Manhat. Bank Chrysler Moters Colgate-Palmolive Co Commercial Credit

04

Commonwealth 100, Consolidated Edison

Spot

52.43

303.42

1.13

Mar

May

July

Oct.

The

Mar.

LIVERPOOL

today Continental Oil of Del.

Conunontal Steel

Corn Products

Crane Co......

Crown flerbnefi

Cuban Amer. Bugar

29 20-21 | Curtis Wright

20.64

Closings, American middling,

Diamond Alkali

Dow Chemicals

Dometic No. 6 sugar futures closed one point lower to two points higher with sales of 10 contracts.

Both

world and futures were dull.

domestic Sales in the domestic futures market ap. peared only in the March de-

3 Hvery. Futures:

Contract No. 4 (world))

March

May

411

July

20.4%

5431

25.10

Dupont de Nemourd

Sept.

$20

230

Eastman Kodak

Spot-(cente per lb. fob

Eric Railroad

Cuba)

3.23

General Foods (ra)

Family Finance Corp. Gentral Electric

Contract No. 6

Marchi

534

May

040

28.00,

General Motors

July

5.50

Gen. Pub, VIL

Hept,

34.20

23.40

Razor

Spot-(cerita per lb. elf My

Cikkien Co.

23,00

x-duty)

Goodrich (3, P.) 20.

2846

24.00

Hömstaka. Mining Co.

in penen per lb, were as follows: Old contract

Doc./Jan.

Mar/Apr.

May/June

July/Aug,

MAY/JUNG July/Aug. Oct/Nov.N Egyptian Karnak

JunyFab,

crude oil. The wider geographie tain the value of the pound notably easier. Olls were ersalic. New contract cal scope for sales has

by Ita budget. than offset what otherwise might | measures. have been a seasonal decline in Approval of the budget as session, and closed higher by demand.

Fastest growing oil field in expressed in advance of sterling. Canadia is Pombino. Its output judgment on the British Govern- Mining shares came in for that of ment's measures to grapple with buying support. Gold shares second only to Rodwater and has been abend inflation.

firm, with Orange Whatever they feel were

firs of the Ledue-Woodbend flow.

now about Britain's economic State's, tusuca showing strength, per kilo were as follows: The

businessmen Doliar stocks were marked up

is, however, only an Interim

On Company prospects, foreign

of its fourth well, on a 320-first sign of weakness, nero tract in the Pembina field

for the covering

foreign numerous gains...

Gillette Safety

Good entert Heyden

23.80 ingersoll-Rand

· 42.90

| Jaland, stée)· Co.

Inti Harvester nada Inferriational- 2012

International Pader

SAO PAULO, Future closing, in crizeiros

Dac.

bonda

Mar. May July

feri 2et dags John-Manville' C

druze 2800 Kerroots Copper

PAG. 28.07A KEEN Meyers Tob. Co.

It is for this reason that the score. But ahead smarily under average price of 15/18 middling: Louisville ✯ Nachreille R. high ||

Croemen

In the United States, the Loner: Gemarsi, Co. The wall flowed at the rate of Imposition of purchase, tax on bonds went

the leadership of Potma 61⁄2 per ection, at 6 14 denganfodi, spot | Scanjet son DorDI. 1,752 barrels daily through a household goods has been half-inch choke from 0.290-0,901 strongly criticized. For the ke cent, which gained, 64), Jupary murients wer not available. Sakai permite tipo food and from 0.289-5,272 febt-of syphoning off an insignificant ose 1930's also closed higher. Et 13 of these markets totaled min | Everskapene Chitm Mall Special.

amount of sponding power, Mr United Press.

|31,981 Baler ----United Press,

Tarola Chemical Co.

-United Prosa,

London Foreign

Exchange

New York

Montreal Antekerdem

Qdo 4...

Ezurich

Loden, Nov...7.

10%

80.0011⁄2-30.004%

Others were unchanged.

Chit-

BRITISH INDIA S.N. CO., LTD.

sails 10th Nov. for Singapore,

tagong & Rangoon saits 27th Nov. für Singapore, Penang di Calcutta

P. & 0./B. I. JOINT SERVICE

diye But Nov. from Bombay & Karachi Baile 9th Nov. toe Japan

loads th Nov.

for Singapore, Calatubo, Karachi Bastah, Khar rammababa de Kuwait

loads 20th Nov. for Singapore. BOM-

BAY & Karachi londe 2nd Dec. for Singapore, Madras,

Colombe Bomber Karachi

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

"NANKIN**

"EASTERN"

loads 8/7th Doc. for Bandakan, ZABAUL,

Brisbane, Sydney, hey bape & Adelaide dao th D from Australia salta lith Dec. for Japen

All vessels have liberty to call at any porta'an or off the route & the route de 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.

MESSAGERIES MARITIMES

| P.Ö. Box 63 • Queen #74N

'FAST:PASSENGER/FREIGHT: SERVICE**

"LAOS".

VIETNAMIKEA.

"INDUS"

to New York Forolgi akehinigé "MEKONG"

anteis United Press.

WETO

not available

sailing Doc. Brd

sailing Doc. 31st

Balling Nov. 9th salling Dec. 9th