1955-11-18 — Page 9

WORLD

COTTON

THE CHINA MAIL, FRIDAY, NOVEMBER 18, 1955.

TRADE and COMMERCE

BEARS

OUT, BULLS

MARKETS Squeeze, But No Slide On

New York, Nov. 17.

Colton futurra today

pushed into

high

ground for the movement after an irregular start.

At the ela e the list ruled 7 to 13 points Algher The mac - ket opened up 4 km of 10 points. ( New Gratis elogent ASE to 7

<

Laver pred brokers were

-

December buye ol ETA

March w the Phlin-2006th difference wkdental

tra poluf El $450

Tale in the forenoon.

The Share

Share Market

PRICES CLOSE FIRM

By A Special Correspondent

Happily the pundits of gloom and despair were wrong. The new Bank credit restrictions did not produce the slide some brokers expected. Instead, the market steadied and finished up with a definite recovery,

And on the week prices were almost level with last Thursday's rates. of in increased The market can thank the timely announcement final dividend by China Light-up from 70 to 80 cents a share. sealable for contruct delivers say this restored support in the utility section at a time when it was most

Open contrnels In December

The

it the start of trading Today Totalled 364,300 Klock

corticated cption

Jus not end to 6,941 bates

Prodders kan entries for www-k ended November

} &*lf***

plast

The spaksun

The m

450,00% bales.

fr

1214

11

the

***

JOIN MANOM started on

k

Crop cot-

August 1

am moted to 2,352,570 Toles, pilve 1.#th 753 Hales taken up selez

1 1951 inan programine

Trading

Mand

Maral

olurne

1... Extange today

411,100

needed.

Quiet Trading On London Market

1.

Enterta

22 Ork)

200 300

9780

AL JEM

549 TO

12 SERI

N

301 400

701 0

FR 117

Decembe

MU

LIVERPOOL

Clowngs, American

in pruce per B were as

Uld coolla!

Dec/Jun

Mar Ap

My June

July/Aug

New Contract

May/June

July/Aug

Oct/Nov

Egyptian Karak

Jan/Feb

224,400

madethnag

bubuws

27.40

23 00

23 50

22 55

2400

24 35

23 15

36 00

SAO PAULO

p kilo www us fotiows:

Future sinus,

in cruzeTON

27.00

2) 21:00

3900

the

D

M241

May

July

In

The

United States, average price of 15/16 middling

RRINA

WETC

Brokers

Andi apart from some slight Conceivably, then, at present | Incitancy Tuesday morning | rates there could be a revival of the movement has been slowly Interest in the shure market, But upwards since then.

brokers feel that the recovery In this

this the end of the slump? will be gradual. And they will Brokers

Are reluctant to say. mot at this stage rule out the, ven

thought

yields are obviously possibility of further liquidation affracting more notice among the

therefore investing philie. The feeling in

hesitant mood lee House Street as that there juntil the new year may be some more inquantatlan... This week the turnover we but they do not expect further | up sharply from $3.6 million to Heavy talls.

Then, they say, a gurulund re- enverv will probably begin

market m contime 121

$6 06 mlion. Of 17 regularly fraded charts, Bee were steady, keven were lower and four wer 'higher then fast week's rates. But nest of these shures are [8]) since Monday

SECTION

IN?

★ The Share Market

At A Glance ★.

Share

HK Bank Unions

Wheelocks Providents

TODAY'S SHARE PRICES

(From Our Correspondent)

Business On the Stock Ex change this morning amounted to 2000,000. Noon quotations and the morning's dealing; ---

SHARES DUTERS NELLERS BALEA

BANKS

ZIK k

1855 1065 10 4 1005

Yati Ferry 100 101

C. Light (0) 21,35 21,70' 500

C. Light (N) 18.00 10 2000

Electric

30 1000 Telephone .. 3140

INDUSTRIALS'

Cement

Hope STORES, ETC.

Dairy

Watson

INSURANCES

Lombard

43

DOCKS, ETC

10 G 67

14.20

1000

3500 4 FOOD

0.00 Д.Ло 100 AL 0.03

Allled

Up or

Oct 27 Nov 3 Nov 10 Nov 17

down

1710

1480

1660

1053

-$5

850

045

935

915xd

steady

HK Whart

7140

700

GB

67

9.30

0.05

8.00

8.80 -100

15.50

15.50s 14.00

RK Dockn

29.20%

291

28.60%

17.00b

17.80

10.40

01

02

57

24.30

24.

23.00%

Youmali

111b

108

101

Lights (0)

22.00

22

21.10

(n)

17.70

17,20

42

30

341%

$314

31%

3014

3514

34

311 steady 34 atendy

RIK Land

star.

200 31

20

19.009

18.20

18

+90€

7.150

7.15n

7.130

7%

Ikutel Land Tram

Electric Telephone Cementa

Dairy Far Yongtere

171 3744

14.50 slende

20.80 $1.80

10.806 +40 5834

+8

22.20 -$1.40 101N steady

21

-100 15.80 $1,20 3814 +500

K. Whart

Provident

(OK) Whertoch

LAND, ETC HK Hotel

17.30 17 40 1000 m 17

Higher Rediscount Rate Affects

New York Stocks

New York, Nov. 17.

A further tightening in moncy rates—in the Sentiment has been much bet-¦ form of a higher rediscount rate-brought realis-

ing into the stock market today.

London, Nov. 17. Stocks closed Kenerally firm in quiet trading on the; London Exchange today.

May Not Sell Shares Praetoria)

Looking back al

last week's duterous, but disappointment -

credit squeeze. brokers now

this week. Most utilities tonign believe that only a small number were Geneva

in demand as well 1911 ters iveting kept traders will he

affected They also | Lands and Cements There was 4. a cautious mood.

believe that those who stocks been told to reduce their over- FISIC more

not have to sell hands this week

gend

In

Goyanineul

Bogalms, Funnieshares to do it

4 £4. Fitur cap fadstrials

Tendrney t

1er

Leading shares dropped a point or more, cut- have also mare activity in HK Banks ting the industrial average 2.12 and rails 0.26.

drafts may showed! You w

You will remember that the move eithe; Hongkong and Shaogha Bank way, but close with scattoredi

Just week circulated notices to

ellents stating POTTE

maximum of 30 would ten: per cent against share securities

Tu Ori Engineering nd steel shures were luvoured.

Oils Supported

as from January 1.

that it

In the onst the Bank had lent up to 50 per cent.

This in effect meant that some people wi had everdrafts to the value of 30 per cent of their

thats 200

changeri

Lights Dividend The deadlock at the foreign ministers conference in Geneva

effect on

the hai no apparent market Inil investors will undoubtedly watch for any sigus

of a deterioration in the Sino- American ambassadorin talks at

Geneva next week.

The compativ, nounced

rates

Outs foundl support and noved

09. Canadian Eagles! Ruined better than (wn shit!

The Lights dividend, as I stud. ange, while Tademan and British Petrniture also were featured

elped the market a great deal.

incidentally, an Hoval Datch showed strength.

securities would have to reduce

In reduction aunch coppers alen moved up them by 20 per cent or by how-Kowloon ordinary lighting by bit on small turnover

tentured the exceeded Clerman bonds

the

Bimit by zide, with Potash Lonns December 31.

from £4 is £B on But the move was principally

buying continental strong

directed against operators re Dawes and Young Lawn moved up fructionally Japanese were mostly tile

cation at 14 designated spot wi

markets was 33.71 conta totaled 48,138 bules,

New York and New

--- United Press.

Sales

Orleans

cotton prices were unavallabir.

Doling start- closed irregular

· United Pres

EAST-WEST TRADE

Not Wanted By Soviet Union

Former

ever

much their overdrafts one cent В unit and New

new

turning to the market who want credit to buy shares at bargain prices and high yields.

Territories ordinary lighting by two cents a unit) effective from i January 1

has been extremely attractive li

The company's dividend policy recent

years as the following table shows:

May Not Be Stumped worklug

However. inquiries made at two prominent Chinese buriks this week revealed that they are prepared to lend from 50 to 74 Earnings per cent against share securities

at rates varying from eight to 12 per cent

This

suggests that operators

Utilities managed a gain of 0.04.

vent

in tour

Despite the general declin", | rates to 42 p. there was little pressure against regional banks, the market, Truding lightened Among the (Caders, Bethlehem to 2310,000 shares, smallest Steel droppe neurly point

{reflecting at turnover of the week.

least

part

DI

0 1,187 zur, tradid, there | further governmtny disapproval were $49 lower, 301 higher

18 plarned merger willi After the close it Was an- Youngstown Sheet and Tube,} nounced the Federal Reserv Boord

huct

Insurance issues attracted boosted rediscount | attention; reacting differently to Iwo-for-one stock split news

WORLD

RUBBER

PRICES

while Fidelity-Phenix point on a similar

mont.

lost Ji INTIOUNCE-

International Paper featured papers with a 3 point gain.

Rail

car builders responded to announcement of heavy new

orders.

New York

Stock Exchange

'Singapore, Nov. 17. bond volume was $2,040,000, After a steady opening the American Stock Exchinge rubber market cased on profit-volume was 780,000 shares. taking and liquidation. Futures Dow-Jones closing

£2514-123 123-1234

1831 1932 1933

Capital 42m 42m 42in Plant Ite

place. wint reserve

1904

42mm

were:

+

No t rubber per 1.

* Ind

t

4

December

January

Futained

February

& rein. vratech

Dividend Naw

7 02

DUR:

another

on

13

121

Sin

#.7 m

10m 0.1241

9.20m 150 thele dividend goes up 10 cents to $1.10 and market ratta

Current

per cent. This is a good blue chip in- vestment, The share is $5 por and siner capital appreciation is

a tack.r which the most curvative investor, rt is worthwhile pointing out that these

wunting credit for share purchases will not necessarily be yield stumped by the new restrictions.

five This 19 the difficulty Hongkong where there is no central bank of the kind found b. England, or America Unila teral action can achieve only limited amount. And it rather the purpose if other leading banks refuse to comply with policies that should be applied generally if they are to succoed at all.

Washington, Nov. 17. United States

defeats diplomat William H. Draper, Jr, told Congress today that the only hope for increased East-West trade would be continued Russian food. deficits.

The Geneva Foreign Ministers' conference, the former roving Ambassador to Europe said, makes it "painfully clear thai... the Russians really don't want more East-West trade."

|

conetans even

No. 2 rubber per ib. Dec. No. 3 rubber per lb. Dec.

tranqueted

122-123

120-121

No. 4 rubber per lb. Dec. 114-115

Spul rubber unbaled

Ilanket crepe...... No

1 pale crepe

12015-120

101-103

110

NEW YORK 18-135 Futures todny closed puints higher to 10 points lower with sales of 359 contracts.

Brokers figured in speculative netivity on both sides of the market while the outside spot market continued In the

from a range of 38 to $10.30 in

shares have risen doldrums.

1952 $10.00 to $241% this year. -And Wheelocks

Big Three the Hongkong Bank, Whechicks - and

Natural Correction

were:

30 industrinin 20 rails

averages

439.20

101.04

65.00

171.81

99.07

prico index Comm, spot price index

154923

160.30

15 likes

63 stocks

40 bonda

Comm. future

CLOSING PRICES

Alden Ine. Arg. Albed Mills inc. American Conamade Co. American Airline

Am. Mach. & Fdny Baldwin-Lima-lain.

Boating Airplane Bendix Aviation Corp. Borden (Co Burroughs Add Machine 0.1.1. Financial Corp. Reported small spet sales in Cat. Tractor cluded January two sheets in Celanese Corp. the forenoon

Commerelat Credit at 43 cchts and Commonwealth Fleet, January three sheets at 43% Conilinental Dd of Dei. cents a pound. Spot No. 1 Rss Diamond Alkall Crane Co...... were quoted nominally at 10% Dow Chemien's cents a pound, Futures:

Dec.

Mar

May

Jute

Beat

Doc.

LONDON

48,00

41.70

RORO

38.00

37,00

30.00

Of course, one may cite the

The example of the increase in the

other big dividend an- borrowing rate in August by the nouncement thia week was the again the Chartered and the Mercan-pundits were wrong. A couple üle. Surely that action was of weeks ago I said in this And yet the Chinese banks did about the possiblity of an in- responsible for the recent slump, tulunu that there had been talk

not comply?

terim being announced with last year's dividend. But it didn' materialise. The company an- nounced an unchanged 19 por Initially, yes, the higher rate cant with a bonus of 6 per cent, succeeded in damping specula-making 78 cents for the year.

37-3714 tion at a time when the market The

3414-3034 announcement was ripe for liquidation. But

34-34 Lame disappointment and the the continued deterioration in

shetta dropped 20 cents to $8.70 General markets, et? baris, „ports; lasted for more from Wednesday's closing rato, Nov. prices, which than three months, cannot be but buyers came to yesterday testifying ascribed entirely to bank action.attornoon and they picked up to Exinte crepe all w

Jan. "There was a large element of finish at $8.80.

Mr Draper and retired Ad- If an expansion in East-West miral Walter S Delany of the trade is to be denied then, they International Administration will look even more eagerly to testified on the East-West trade alternative markets, particularly policy question before a special our grent market here.”

House-Seants Committee.

Charges Denied

caused

Both expressed the view that Wast and East could mutually profit by (1

of the ruising

Another expert economic Iron Curtain, but that before the committee, Vico- pro:pests are

nre dim for making Admiral Waller 6. Delany,

Chairman of the government's natural correction brought about No ana expected a higher

the world's annual exports and Imporis from the Soviet bloc amount to less than the foreign trace of Holland-eis $4,000,000,000 and under and a half per cent Western trade total.

aro

dividend for the ended

The market was erratic with spot quoted at 37 pence per lb. Prices No. 1 ss spot Betement house term:"

37-3714

Dec.

Jan/Mar.

Apr/June

Jwy/Sept.

3814-37

3814-30

-United Pres.

there was a sudden drying March, 1958 but there is still New York Sugar

up of light caulial from hope that an Interim will be an- Southeast Asia. to Hong-nounced before the books close next March on what should be kong, and

one of Wheelocks besi years on:

this possible.

Mr Draper pointed out that Economic Advisory Committee, by two other factors:

denied Russian charges that Western trado controls responsible for the low volume of East-West trede in peaceful Admiral Delany, who is also [deputy director of the Inter- national Co-operation Adminis- tration, said "strategic controls have been only minor factors in causing the low volume of post-

than

of the

No Change The Geneva, Foreign Minis-

tes conterence, Mr Draper said, war East West trade." proved that "Russian purposó

"the (Communist) bloc in

hos changed very little since Europa is in earnest about in-

Market

New York, Nov. 17. World No. 4 sugar futures

the pattern of investment record alter that, or an in- changed and capital was | crease In the next annual closed today unchanged to one directed to land and trade dividend,

point lower with sales of 60 con- expansion where, desplie Assuming there is a big tracts, the disadvantage of less change in present rates, thu

The domestic No. sugar liquidity of funds, returns shares ex-dividend will be yield futures remained unchanged to or potential returns were ing alnost 0.4 per cent shortly.

one point higher with sales of. higher.

Other dividends this week,

68 contracts. At the samo umo many banica

reserves of idio:

the days of the Berlin blockade.creasing trade in peaceful goods, in the Colony transferred some

"Apparently any real volume "Admiral Delany said "It has of their large of East-West trade is only pos sible in Russia's own terms," Mr more than ample opportunity to money to London to get the

do so."

Draper said.

"Her terms sin-

fortunately are too high now as

in the past."

On Red Terms

benefi of high discount and bank acceptance rates, Land & Share Yields

El Paso National Gas Eric Railroad

Family Finance Corp. Gen. Pub, Utli. Goodrich_(9. F.) Co. Herden Cemical Homnake Sning Cờ Inland Steel Co. International Paper Interchemical Corp. John-Manville Co, Largott Meyare Tob. Co. Loulavills & Nashville H. Lowenstein & Sons, Mesabi Iron Corp. Minnesota Mining Mission Development Monsanto Chemical Co. Motorola Inc.

National Dairy Prod, National Steel Corp. Olin Mathiason Oven-Ullinois Glam Penny J. C. Co. h Penn. Bait Ca. Procter & Gamble Co. Pittsburgh Pinte Glaze Publicker Industries Pura Oli

Reynolds Metal Shell Ou Co. Baint Reg. Paper South Porto Rico Bugar Southern National Gos Southern Railway (Com.) Sterling Druk Co. Stakely-Van Camp. Studebaker-Packard Colp Tide Water Aun. Of Twenty Century Fox Film is U.S. Line Co."

United Press.

Most of the busines was of a London Foreign

Kari Asia Navigation Co professional nature, originating Itd," eight centa ogainst among refiners, brokers, and five for the 15 months to dealers, Futures: March, 1934.

Exchange

Lontion, Nov. 17..

Foreign exchange rates toddy oloped as folksvin:

Contrses No. (4....(world) ··

310

July

Bapt.

New York

Spot-fcents per ilu.; fob

Cuba)

Montrend

a.10

Amsterdam

Dven interest: 1,953 ovniracia,

29: Contrmós No.

Courshagen

Frankfurt

1 March Sandakan Lishi and Power May Co Ltd, unchanged 50 cents Urging the United States to Shipment of strategie” goods

Pront $120,078 against continue along the path our to Rusia and its satellites are,

$165,034 in.1054).... Today, ie share * government has been blazing however, barred. · ́

aaligirily better position in. There has been an impreve and gradually reduce stili

Mr Dmper said that "ap tointion to other sources of in- ment in rubber share prices this further our own trade is of far porendly, pry real volume of vestment in the Colonge greater importance to

prices up 10 cents to partner notions and it I quilo, sible on Russia's own terms, eight per bent which brings thỏm | 12034 0 Streita Ectita tay natural that they are con= Her terms unfortunately. are nonr bo parity with the Amalgamated uretip from Sinually seeking now or ex- too high now, as in the past."-- |proximate minimum yields on $1.65 to $180 while Trusts aro

United Press.

'Inow construction,

· pandëd markets,

our East-West trado Is only pos- have rison---some- to more than Alwarpy With Bingapore

TW

up from $25 to 33% buyerE,

Open-ints

(8,896-3.80 5/10.

CUTTONS Textiles Nanyan

2200 de 19

34 344

500 or 33.70

2200 or 34

17

... 2015 18.00

MISCELLANEOUS

14

5.30 120

£100 to 3444

5.30 % 4,000 – 8.40

Exchange Rates

Business Was done in the incal wo clai

2300 a 13,40

1000 @ 11.50

100 00

2000150

200

exchange

market

this

norning at the following rates:-- 1,00

0.8. dollar (per $1)

6.03

1.00

Sterling notes (per £1) ..

16.10

2.00 2.853.000 12

22 20

2.80

Australian nates (per

1)

1935

Indonesian rupiah (per 100).

10.30

200 g 22.30 |

Siam cols (per 108) ...

24.00

. 130 142

Singapore (Straits)

1.79

Realty KDA 8756 1 326 7000 RUBBER

Amalgamated 100 1.69 209

UTILITIES

Tram

Star Ferry

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Outward. "CANTON" "CARTHAGE" "CHUSAN" "CORFU"

Leaves London Que longkona

Seiled

7th December

141 December

41

January

13th December

It January

fu January 11 Ferr

Via Nomalampten, Port Said Aden, Bombay, Colombo. Penang & Alagapore

Homewards "CANTON"

"CARTHAGE"

*"CHUSAN"

"CORFU"

Vin Singapore,

Leaves Hongkong Due Londos

10th December

13th January

36th January

10th February

January

13th FebruITY

27th FebrUATY

12th March

Penang, Colombo, Bombay. Aden. Port Nald & London

* Ano Calis Marseilles.

"SOUDAN"

**SOMALI"

FREIGHT SERVICE

londs 8/7th Dec

die 10th Dec. anila 12th Dec.

for S'pore, P. Swellen- ham. Penang. Colombo, Aden, Part Said, Genoa Marseilles Casablanca, Havre, Landon

Ant- werp.

Hamburg

Itotserdim

from UK.

for Japon

With liberty to call at Belawan before or after straits.

Ports and at flombay if laducement offers. Tanks available for carriage of Olt in Bulk. Space for refrigerated cargo, Limited Passenger accommodation

BRITISH INDIA S.N. CO., LTD.

"SANTHIA" Kall 27th Nov.

"SIRDHANA“ des 20th Nov.

"FULTALA"

&

for Singapore, Penang & Calcutta

from Calcutta. Rangoon & Straits salls 27411 Nov. for Yokohama. Nagoya & Kobe

Buils 10th Dec. ter

Singapore, Chit- tagong & Rangoon

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

"OLINDA"

"OKHLA"

"URLANA"

"OBRA"

"URLANA"

Fonds 23rd Nov, tor S'pore, BOMBAY.

& Karachi

Irads 2nd Dec. for Bingapore, Madras, Colombo, HOMBAY & Karachi

sluo Bth Dec. From Bombay salls 9th Dec. for Japan loads 18 Dec. for S'pore, BOMBAY, Karachi Bawah, Khat- ramshahr & Kuwait

loads 8th Jan,

for S'pore, BOMBAY, Karachi. Hamra, Khor- ramshahr & Kuwait

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

"NANKIN"

"EASTERN".

1oada 0/7th Dec, for Bandakan, BABAUL, Brisbane, Bydney, Mel- bane & Adolaido・・ dur 10th Dec. from Australia sails 12th Dec. for Japan

Ali vessels have liberly to call at any ports on DF- off the route & the route & safling`are subject to change or amendment with or without notice.

For full particulars apply to:- MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nus. 27721-4.

MESSAGERIES MARITIMES

P.O. Box 53 :/Queen'" Building @ Tel:20 Y

FAST PASSENGER/FREIGHT SERVICE

{Balling Deo, and

"LAOS" #VIETNAM

"CAMBODGE”,

11-00.19

{MEKONG"

"MONKAY

So Marselle

FREIGHT SERVICE

Jan, 19th