1955-11-10 — Page 9

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THE CHINA MAIL, THURSDAY, NOVEMBER 10, 1955.

TRADE and COMMERCE

SECTION

WORLD Present Outlook In

In NZ

NZ HONGKONG Reduction Of Natural

COTTON

MARKETS

New York, Nov. 9. Cotton prices today moved

a little faster along the up- side track as market senti ment broke away from the Influence of the giant-sized elop prosperf.

The Fally lasted after Tum day big pe cernurní predmetion ertrude grabar reef in mentum on the theory that the pre-burcnu fow

discounted a gond

of the top-heavy supply

the te beung

After stoung maximum adus

up to new $250 a hale, he later

deliveries gave

the rinse warden

day trade

realting But tout prices still rules op 11 to 43 peán a pet The moncker opened up 2 to #joints.

clubed up 2 to 45

IN རྫོནx{

145 w

Liverprint brokers, wha

D: mber og det sans of the lair mon he Colony (lb). der man tævet delivery equal to 8,061 30165

1 emb

ment w

Po fol at 14

almond

LONDON

British

MARKET

DRIFTS

London, Nov. 9.

PRESSURE ON TRADING

BANKS AFFECTING FINANCIAL NEEDS

STOCK

US Cotton EXCHANGE

Production For 1955

(From Our Correspondent)

Business done on the Hong-

ing amounted to $510,000. Non

Rubber Stockpile

US STUDIES 2 METHODS

Washington, Nov. 9. The President of the Natural Rubber Bureau kong Stock Exchange this morn-reported that Government officials were quotations and the morning's considering two methods of disposing of natural rubber should a decision be made to cut the SHARES BUYERA SELLERS BALES national stockpile.

transaction:

BANKS

NK Bank

Union

་

Washington, Nov. 9. The Agriculture Depart. INSURANCES ment today

estimated 14,843,000 bales of cotton, DOCKS, ETC. will be produced this up 916,000 bales or nearly 7 month's per cent from last

Auckland, Nov. 9. Pressure upon the trading banks to reduce Most segments drifted advances in order to stem the rising tide of imports lower on the London Ex- and check inflationary pressures has been carried change today.

to a point where reasonable financial needs are Government stocks | being affected, says The Australian, New Zealand

rally, but Bank Survey. mid-day the biggest losers at the

War Loun plummeted 25x In the year ended last June, total advances new low for the increased by a quarter to £NZ 180 million, but advances to farmers and private individuals (about half the total at the beginning of the period) in- creased very little. Nearly half the total increase was in industries allied to primary production, chiefly meat exporting concerns and, to a lesser pares with output last year of Royal! extent, woolbuyers.

L

X

1742 14

Other government stock? | 14 and 20s, between

dustrials opened stendy, art fin bad waster Bowater closed shillings, bBE st

down two

4

in the han shiling

After

lexa Lon were

forecast.

$40

1470 10 10:58

20 m

Writing in the current issue of the bureau's 1000 publication, Natural Rubber News, he stated that Government had not reached a final decision on reducing stockpile.

Ho stated that two plans being studied were:

year,

K. Whart Dock Provident (O Wheelich

02

10 100 68

28.00

14.00

0.05 1000 m 8,90

● LA

15.80 17.40 1000 u 17

5800 200 • 50

art 20 20.30

The estimate, based on rondt- tions no Now, when the crop was virtually all harvested, com-

13,000,000 bales and 10-year average production of 12,952,000 bales.

Bower Fantab, a girl spot reently. felt

The other half of the increase, Reciuction mecate profit-taking and skid-

of retailers' ad- fur by

Уапсев this Shell Transport fost, Was largely accounted

appears largely This year's prospective crop, Other Industry NZ 6 mil-dependent Che traders were edrewery.

upon repayment of combined with u carryover of i lion), and Merchants, Whole- stulling

credit extended to customerS more than 11,000,000 bales, will sulees and Retailers (LNZ ง

If at the same time, customers meet exosumption remands, both million).

urc requited Lo lesson

their foreign and domestic, for about Extern plant

a own indebtedness to the banks, two years. factur in the Increase, oggra- | severe pruning of their ex- valed by capti! iues contral | penditure is entatted

and which himits The raising of disrupt reasonable plans nunce from the market. Investment in equipament th major factor was increased Improvements.

Gobl

rubber copper. wi tes hul a good sprinkling of

H

15 16 ch tutki

MON IS

sea

The

bugnis

$10 50 bbm he low n de un 6 3

Afleruonn buying

invest

with news that Secretary of Aaron Gure Mr Hen-on toyours i come sule of surplus resursand).

The Secretar Hes in Russia.

also out he was "inclined to Try us the 1958 cotton price

before *upports

150

13.

Larness

quetas

the

But he has w

jurtmost may

mfo, mation by that take to av

Federal props.

Trading voltam and open the terest in the Exchange txla/

were:

Meath Уточение Open Interest

471,100

J91_500

אז, קונר

Des

25,700

Mai

May

030,200 47,000

July

Urt

Lee

3.pro

Mot

3.130

Tutal

170,400

NEW YORK

·

90.100 22,000

stajemote เลไ

selling

German which plunged as much 15. Japanese 12 wcre mintly unchanged

Strength in Wall Street helped and they closed duen gauen.

United Press. arisily biglan

New

Was

But

stocka and book debts, and no retauj stocks rose only 3% dur- that in this period. It seems extended

credit has been im-

York Stock Market

New York, Nov. 9.

A handful of soaring gainers in a generally higher and active market today 1936,000 bates: lifted stock prices to the best levels since

before President Eisenhower's illness,

Prices of futures closed Today

as follows

Spot

December

March

May

July

Octobe

Decen,ber

March

NEW

Prices of future, closed forlay

as follows.

Sixt

December

Магать

Oetuiny

May

July

Decem Moreh

Future

a

Du Pont stood out in the industrials with rise of 141⁄2 points at one time and a net gain on the day of 111⁄2 points in rails, it was Union Pacific which climbed more than 10 points.

Cam

LAND, ETC.

1K fotel HK Land Humphrey. Really

10,000 2.020 30,000 a

3000 v 1.975

23,700 or

1.70

RUBBER

A Rubber Trust

250

009 (2,40 2000 2,420

2330

2.30

5000+ 2.55

23.00

UTILITIES

Ynumau Ferry Light (0)

Elgetrie Telephone

INDUSTRIALA

Cement

The apparent supply of the for fibre is so great that Secretary STONES, ETC and of Agriculture Mr Ezra T. Ben-

son already ordered a tour per cent cut in cotton acreage for 1956

Do Tut

Down

offent

the

mounting

has

yet

the

- آنات

1658

Control Technique

Banks have been forced

to plus. He require repayment of advances acreage at 17,301,340 meres and inurket- Re-proclaimed a national by changes made by the

10,000,000 bales, Bank In the proportioning quota of

the minimum required by law. of their deposits which They

Furmers

vole will

Uti the must hold as balances

the

marketing quota in

n referen-

serve

Reserve Bank.

The ratios were raised on August 1 to 21% of demand deposits and 11⁄2

time deposits.

dan yo Dec. 13..

The Crop

Reporting Board

of their estimated cotton yields this year will average a phenomenal Changes in the ratios do not 431 pounds of lint 11 Bere. alone indicate the degroo of This compares with last year's restraint imposed, but must ba 278 pounds. In October, yleids considered together with the of the 1988 grup were estimated cash balances to which they 10 Average 406 pounds "n

these

vary relate, and

with acre. changes in the balance of ex- change transact

and with net Government expenditure,

co

Following Is estimated pro- duction In bales for

major

100 104 1000 103

2112

60 21.40

Fate fixed

scheine based on the sale of a

definite

month

quantity cach until the reduced target was reached, and

bußer plan under

2. A

which decisions

lease rubber in the trade would be on the basis of

the ruling markei,

lle added that

the Defence Department had submitted

to

the Comanece Department а

200 of 21.10 preliminary estimate of natural rubber requirements

301 390 300 30 31

tary tyre use,

for mili-

Chicago Grain

Market

Chicago, Nov. 9. The Commerce

Stepped-up export put a Department would fix to this

steady figure an estimate for necessary

to firm trend in civilian needs for natural rub. | grain futures

the Board of Trade today.

combined

Կ

3241 100 #2 34

300 32

34 1500 mp H

Dairy

Watsun

Kwong BonK

Bang

COTTONS

Texile Corp Nanyang

1815 000 10.40

14.30

ber.

Th

100 102

stration

final

which would determinations

3.70

estimate

ON

300 16.20 would then bo turned over to Dealings were active.

WORLD RUBBER

PRICES

Singapore, Nov. 9. The rubber market opened lover on poor Lendo advices and stendled on short-covering and speculative enquiry.

Both these Influences have con- producing states compared with No. 1 rubber per lb. trib tributed to a sharp

reduction 1954 production;

In banks' cash during the past

financial year, and are Hkely to continue to do so in the

year.

Thus

cur- North Carolin

South Carolina ren1

the banks' Georgia ability to lend would be further Tennessee reduced, even if reserve rains Maltopl were held at their present level. Mauri

Alabama

lending exercised by the banks Californin

is well illustrated by the fact Other states that at the middle

Future closings were:

Nov. 1 Det immate 355,000 670,000

1004 precaction 304.000 401,000

No. 2 rubber per lb.

No. 3 rubber per lb.

700,000 815,000 1,043,000 2,000,000 400,000 1,010,000

$12,000 No. 4 rubber per lb. $48,000 728,000

Nov. 113-1131 Dec. 1001-lfis Ian. unquotest

Nov. 111-113

Nov 1106-111

Nov

Spol rubber

1,571,000 450,000

Ianket crepe

unbaled 1122241135, 543-0015

No

1 onic

800,000 450,000

1.357009 872,000 293,000 3,940,000

316,000 011,000

1,487 000

$2,000

72-13

3181-82

20 84-87

211 54

215 62

20 63

ORLEANS

There

11 featured were issues but there were numerous gains of 2, 3 var 4 points.

Chose Manhat Chile Copper Chrysler Motore

Bank

4076

50

9215xd

Colgate-Palmolive Co

6312

Degree of Restraint

Arkansas Louisana

Oklaštoma

Commercial Credit

04'4

Texas

4,250,000

best

14

The industrial average climb

3:32 points to 473.00,

since September 23 though s(1) almost

Conurenwealth Elec,

403

113

Consolicited Exis

40%

The degree of restraint

Continental Of of Del.

In New Mexico

Arizona

270,000

405,000

20

3,250,000

-

Contextul Steel

40,000

14 points

Com Products

27

95

Crime Co.

3716

of August

United Prem

Crown Zellerbach

MA

this year advances were

below

*P{ཉྩ ཎྞLa

Cuban Ainer Skigur Curtis Wright

201

Diamond Alkali

423%

Dow ChemIÚCHİS

2014

1954 they

In the corresponding period

increased by

7%.

Dupont de Nemours

045

Z

Innces to meet customers

483

3716

ET

7318

LIVERPOOL

20151

ghg Antenenty

middling. In punce jar ib, wern; as Polkows¦ -- Oki contraet Dec/Jan

23 113

Alot /Ap

May/June

New nitrnet

July/Aug May/June July/Au Def/Nov

23 0

22 20

207-03

25 00

24.05 23 BA

40 00

HAO PAULO)

Future closing,

Egyptian Karaok

per kilo were as follows:

Dee

Mat

May

age cation

AZACAPU

23.20 27190

21.80 20.40

spot

below the all-time highs set that Inils. fco, were at their Hain or 2.02.

rlay Test with Utilities dippert 0:02.

Dividend News

Dividend news played a big part i the rise, there were hopes of a split for Du Pont and Linen Preille. Gener) Tyre can up nearly 3 points on a 10 per cent stock declaration. General Telephone ran up more than 2

Fortman Kodak

Pam National Gas Erlo Railroad

Family Finance Corp General Motors (haw) Gen. Pub. Utu. Collette Safety Razor Glidden Co. Goodrich (B. 7.) Co. Goodyear Tire (xd.) Heyden Chemical Humstake Mirứng Co. Ingersoll-Rand

on an increase in the quarterly, Inland Steel Co.

Interchemical Corp.

And Allas Corp, added nearly 2 Int'l Business Machines

(11 sbollar

news.

Fruchauf

Truller, recent sharp gather, Truse another 2 points.

General Motors' new stock- resulung from the three-fur-one

Common-rani up 1 to $48%

the day's heaviest turnover, reflecting the declaration late Monday of a $1 year dividend.

In the Uni ed States, the aver-split of old

prke of 15/16 midding 14 designated at imarkets today was 33.70 cents, Sales totalled 63,956 bales.

KARACHI

The raw market declined to day on bearish American bureau report but later armed on active demand.

International Paper fell sharp- ly when directors ordered only the usual year end cash and

payments. I stoc

slumped more than 5 points at the low.

Copper shares had wide gains to more than 4 points in Ken- pernecott.

Price closed in rupees mound of 4F Punjab, roller gin, at 73. Others were unquoted.--- Uni ed Press,

Singapore

Stock Market

the

Singapore, Nov. 10. Brokers toxiny quoted following stock prices:

Lalit Lintang Rubber

Lid,

Britis Borneo

Opening

Co.

Petroleum $1.00

Byndicate Consolidated Tin Smelters

Ort.

43.63

Boeing had a point gain In aircrafts, reflecting its new jet hansport order from American Air Lines.

TOSC

14.

30

3100

the end of March level, while

Even so, to retain sufficient free above the "frozen"

ba-

quirements, banks have had to

borrow from the Reserve Bank

or sell some

or sell

of their modest

portfolios of investments. As a

such borrowing,

the Reserve Bank raised its dis-

Studebaker

Packard Agreement

105-100

стере 125-130 NEW YORK Futures today closed 65 to 80 points higher with sales of 256

the Office of Defence Admini-

of natural rubber

reduced.

As

could

Exporters bought soybeana for mako Denmark and Japan; and

to for the United Kingdom and the

corn

whether the current stockpil Cantinent. It also was announced be Yugoslavia bought about one million bushels of US red whent If the

Defence Department so for this week and probably estimalo

were to include a re- would purchase another 1,350,000 commendation that natural bushels later today. stockpiles cpuld be reduced be- the improved quality

cause of

Exporters also received word

of United States-manufactured that Peru will buy 150,000 tons synthetic, then the salo

of of Argentina wheat and 20,000

natural from the stockpile tons of wheat in Uruguay. would arise, be sald.

Waiting Period

Grain traders took note today of an Agriculture Department The President went on to my announcement that farmem that it was not expected that have put smaller amounts of requirement figures would be the 1905 crop under price s ready before the end of the ports than was the case with year and that recommendations the 1954 harvest, it any will not be made before March.

Wheat closed up to 1%

He declared that if revision cents; soybeana (new) up 1% to were ordered, there would be 1% cents.

waiting period

by

CLOSING PRICES

a six months before sales,

as required the Stockpile Act.

Prices per bushel in cents: Referring to the two sug- Wheat, No. 2, red gested plans ho said that the Spot

Dec, 20415 (10) 200%(L) pian envisaging

a Axed rate Mar. was supported on the grounds May to know July that it is far better

Sept. exactly what the operation will Corn, No. 2, yelor be so that the market may be Spot

Judging Strength reflected the rise at guided accordingly in

and demand May overall

supply London

unconfirmed and

factors. This would eliminate 1 July rumours abroad that a shortages

Sept. unpredictable varying releases Re of butadience for synthetic pro- from the stockpile which could Dec. duetion might result in a greater rubber over

contracts

use

of

natural

after market trends.

The second.

on the

The. Mar.

Mar

Osts

synthetic through the first part Iron Out Extremes Doc.

of next year.

Mar.

buffer soybeans, No. 2, yellow Factory buying was slow in plan, was support insofar as Bpot the spot market, but shipment-it might help to iron out ex-Niv wise dealers traded a fair amount | treme market fluctuations bul Mar.

Jan.

La Barley

Bales Spot

of re-milled rubber at favour- with no buying power to sup- May able differentials under the one port a declining market it 1 July sheet market, traders said, doubted that merely its

Spot No. 1 Rss sheets were withdrawal feature offered at 41% cents a pound, effective Futures; December

deterrent 10

18

20

count rate to 5% per annum on

87%

July 1.

39

4813

401

27EA

Detroit, Nov. 9, In face of this continuing The Congress of Indus- pressure, banks announced early trial Organisation's United in August that all overdraft Auto Workers Union, and te 79% limits must be materially rPackard 1105duced as they come up for re-

March

May

Division

Jahn-Manville Co

0314

12 Studebaker-Packard Corp.

Kansas C. Puwer & Light

401

Rennecott Copper

Liggett Meyers Tob, Co.

119 09

Lockheed Airetult

30%

Int'l Harvester

Interntional Nickel International Paper

Tela Tel

Loews Incorp. ... Lone Star Cement Co. Louisville & Nashville R. Lowenstein & Sons, Mesabi Iron Corp. Minnesota Mining Mision Development Monganta Chemical Co. Montgomery Ward Motorola Ing. ..... National Cash Reg. *** National Dairy Prod. National Distillers National Lead ..... National Steel Corp. Now York. Central Olin Mathieson Otis Elevators Owen-lilinals Glaan Pacific Gas & Elec, Parifio Western Oli Pan American Airways Faramount Pictures

Ola Mathieson American Gan & Gas Electric - Parke Davis Co.

points, Pittsburgh Consolida tion Cual 41⁄2 points on news of

a multi-million dollar aluminium

proposal involving all three.

Closing Prices

Alien Ipe. Avy. Alked Chemicalı All'ed "Mins Ine,

Allis Charnerw

American Airline American Cyanamide. Co. Am. Mach. Be: Gry. American Motal

Atherican Sing

Ami. Bugar. Tel.

American Teb. "1"

Aissenntir. Copper-

20/-

Fraser & Neave Lid Ord... Frater & Neave Ltd 131⁄2 cum,

Pref

$1,09

Hongkong

Shanghal

Banking Corp.

Hongkong TIA LAO,

$0.00 ་ ་ ་ ་ 2100 1/30

Lunas nubber Eitales Lu.

Kempa bid Couplan

$1.50

$4.00

Armour

Malayan Breweries

13.40

New Seranan Hubber

Petaling. Tin Lid.

Hames Hotel

Bingspor Cold Storaks

South Brila Inetrance Co,

stekita trading

Strait Mezhip United Engineers Ord. 5,9

Armoosel

Hardwir-LimaHam

Baltimore & Olila ........ $1.50 Bendix. Aylation Corp. $4.07xd|| Benguet Conque $1.45 Battlefiem! Bbeet $1.720d Bowes Artis

Borden (The) Co. $20.00 ENTOMAS LOVE MEMORISTIO (2.70 ||| Cenvedjen. Pacific P

Co

Penn. Salt Co.

Penny J. C. Co.

Philips Petroleum Procter & Gamble Co. Pittburgh Plate Class Publicker Industries Rado Corporation Republle Steel

Reynolds Metal

Shell Ou Co.

Binclair Oil (xd)

1,23}{

Socony Vacilitri

1001

(ed.)

South Porto Fuco Bugar Southem National Ga

Railway nət | Standard Brands (xG.)

Standard Ou of Cal. Standard Out of Ind. Standard Ol of NJ. Sterling Drug Co. Stokely-Van Camo. Sudebaker-Packard Corp. Bwirt & Comandov Tide Water: Ammy, Dil Twenty Century Food wilm

Carbide%7Ei

Union Pacifio: Rad United Mirorätt (5, US. Gyphs. U.S. Line Co U9. Itubber :

oly US setting.

Us. Bui Warner Bros Weringhou We Ya. Pulp ♣. Woolwort

5100

Greater Stability

tract

Но

nough,

Back

$13.000. United Pres,

would be New York four 200 130-14

concluded: "We do no! 41.15 intend to imply in the above 37.98 that the total stockpile Aguro merely 30.70 will be reduced. Wo

3163

35.30 point out

34.90

the possibilities we see them for the future.

Exchange

Beptember of December

LONDON view during the ensuing

The

market was very steady China Mail Special months, except specially tonight reached agreement with spot quoted at 33% pence

for pressing reasons, dad that spe- on a new three-year con-¡per lb. Prices: elal emphasis would be laid on

incorporating the No. 1, root Bas reducing importers' overdrafts.

Settlement boure term: Der. guaranteed annual wage.

Jan./Mar. Apr/June Economic forms of the con-July/Sept.

about 9,000 Compared with

socond tract covering the

employees In the Nov half of last year there have Packard

Detroit area will also be or-Jan been indientions in recent weeks

to iended de-

0.000 Studebaker Estate crepe all quoted.United that the pressure of overall mand has become

more mo-workers at South Bend, Indiana, Pres.

stl.1 Arc derale. Monthly payments

although negotiators for have steadied trying to iron out differences oa local working conditions there, they may bu

86% Expected to increase again be the union said.

private-imports

down, although

BT

fore Christmas.

45%

Spokesmen for both Packard

401%

Lending institutions other

30% than banks have also restricted and the UAW said the agres-

33-3372

33-33

Dec.

304-319% General markets, cif basis, ports: Now York

3234-22}} | Montreal

Amsterdam unquoted | Trucecis

New York Sugar Market

New York, Nov. 9, World No. 4 sugar futures

operations and interest rates for ment "fully meets the pattern" closed today unchanged to 2 private loance have tended to of the guaranteed annual wage points lower with sales of 44 as colablished earlier by Ford,

contracts. General Motors and Chrysler.

97% ris

48

TEL

03

Restrictions upon bank over- draft rates not only provent banks from stemming dernand P for long but also from offer-

ing a higher rate to

The Inster could be

Best In Industry

Domestle No. O sugar futures closed today 1 to 4 points lower with sales of 100 contracts.

World sugar futures cased in do- The union called the Packard quiet dealings, while the agreement "the best in the auto mestic contract reflected the 61% in current conditions if holders Industry", because of improve- tasker raw situation, Futures: 00% of idie balances were tampled menta in several functional Centenet No. 4 (work) 2 by higher market rates of in- aspects of the UAW, while süll March

terest to provide funtie which providing the same economic July the banks are prevented from forms as other plans. offering.

Spot-toents per tb, fob Cuba) Employees will

a Contract No. 6 Int'l Monetary Fund x-ont hourly wage increase, March

OAN or 2% per cent, which is greater. Jub The past year, fiam origfinalsod An additional eight cente un sept. tha: neod" for minefant, réserves | hour will be paid skilled work- Spot- (cents per

1

receive

of overson, orcharige to finance are, and all hourly rated employ

· Marp, fubbaticals, in, tha: bulurs":

mand without will benefit from an adjust

d cost-of-living Wesen Infor"

Bept.

3.18

3.18

5.90

providing an additional Exchange Rates

hour, retroactive to

- Duntryman Whedon in the local market this

etor and, the full sterline notauit par t Möb “were granted, saja- Australian sote # (per: IndopaMEN TUMANE (2 Bingapore (struito

1000

B5

WINNIPEG PRICES ··

Winnipeg, Nov. 9..

Prices of grain futures closed

Canadian conts today in

bushel as follows:

per

0:

Dec.

London Foreign

May

July

Rye

Dec.

May

July

200-1004

2015

London, Nov. 9.

Barley

200-3/18-2.801

Deo,

2.99-15/16-41.86-1/10

May

July

Flaxseed

Dec.

May. July

Frankfurt Milan

Pari Stockholm Zurich All ethers were

10.61% -10,0

239,4734-130.32 43.735-13.733%

1768-1187 20.00-20.00% 9823-96336 14455-143815 12.329-12.2334 unchanged.

United Press.

314

309-3001

2031

Wheat, northern, No. 3 183% cents; No. 5 was at 128 cenis. -United Press,

Die Stamping

The South China Morning Post, Printing

Department

is equipped with modern

die-stamping facilities.

REGIMENTAL, SOCIETY; and CLUB

CRESTS & EMBLEMS.

TRADE : MARKS:

FAMILY COATS OF ARMS, and MONOGRAMS.

Call and inspect our

Orders accepted for Steel Dies

and Copper Plat

2000Z-olk for Mr.

SOUTH CHINA MORNING POST. LTD.

them Street.

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