1956-01-10 — Page 9

TRADE

THE CHINA MAIL, TUESDAY, JANUARY 10, 1956,

and COMMERCE

SECTION

Page

OEEC PLAYS MAJOR ROLE IN HONGKONG STOCK

INT'L TRADE

But Compensation For Relaxation Of Import Quotas

Is Problem To Be Faced

From Ronald Boxall

London, Jan. 9.

In the system of international trade that has grown up

in the non-Communist world since the end of the war the Organisation for European Economic Co-operation (OEEC) has played a major role. Last week it looked back

on another year of successful operation.

Among the Organisation's chief objectives is the removal of artificial restrictions which hamper trade among its member countries. It does this by setting "targets" for the degree of unrestricted trade at which members should aim and then gently prodding them into action.

WORLD

COTTON

MARKETS

New York, Jan. 9. Strength in new deliveries dominated col

crop

ton futures trading today an dealers read the Pre- sident's special message to Congress on the farm pro- gramme.

While MDA Co998-current were found in the brand 1910- posals, commentators concluded that the Administration, Qe eats or another".

"by

SILVER PRICE New York Stocks

CUT AGAIN

New York, Jan. 9. Handy and Harman, bullion dealers, today cut the pries of milter 3⁄41⁄2-cent 100 cents a fidè qunco.

In London, the price of silver was tɔday quoted at 70% pence per fine ounce spot and 78% penco for

för förvard.--United Press,

GM In

Investing

Western Europe

New York, Jan, 0. General Motors is betting on Western Europe futuro этом sperity with an investment there of about $200,000,000 in plant expansion, GM President Kar- By the middle of December; reduction of restrictions in each low Curtice sald today in An

of all trade Inot the main categories. of imterview in Look Magazine, We den Europe had born freed¦ peite at W** stipulata thai irota quantitive

reitern Paulion

‧、, il storlek The toga degran of

80 per cent

should

Detailing some of the Ex- 15 or n

"Eng- of penopusti, he said: feed- | fand, $100,000.000

being and pumped into auto production lines to boost output by 38 per vent. In France, we are putting $8,000,000 lo

our Frigidaire

" her bantion" was the result of theu anysorts of food and several years of steady of t ing suit w inates lats

manufactured goods At the end of 1932 more than one-third

Seven If

Faureau trad..

tenlly

railer of Wet! Arti- | was ' rex'ried by

444491

L

The end of 1954 i than one-fifth.

אא שהיא

15 countries

aport Wheh rep.ated progress towards and Ac-Delco Divisions, an in

Curse objectives complied A year later the pro-

with

Germany, $72,000,000 WCAL petus of "unliberalised" wade per cent of the liberalisationing uto

Ger-

vur Bulo and truck was lust under morequintei und¦requirement They were

inctories." many, the Benelus group, land, Holy. Portugal. Sweden

He cited Germany as making and Switzerlan (An ghih

The mnost inditstral progress, New Targets

| retinty-firrey== $ in a speels!

Imit Prisition because of P's conemes Bere is n Thin was the patien whenuation. Although not required mard for mandhetured

ducts in Western Europe. but Apply the 1er at on ed Citation Rot

▪'ར་ ic!!3-

European many almost totally 4:41 The hus, in fact

from quota businessmen for failing to in-

vest in their own industries.

"European Industrialists often

for was hurt by the begiming freed its imports of July hey should liberalir 16 restriction.) 1511 other mpels at. ;

Other countries did less well.

ho for balance

cafedra

Move Narrowly

New York, Jan. 9.

Stocks moved in a narrow, irregular

EXCHANGE PRICES

Business done on the Hong- kong Stock Exchange this morning amounted to $430.000, Noon quotations and the morn- ing's transactions:

SHARES BUYERS BELLERS BALLI

BANKS

NK Bank. 1790

INSURANCES

Union

Lombard

range early today with a few aircrafts SPING providing most of the

Bocing dimbed nearly 3 points a) the opening on news of a $248,000,000 Air Force order, then backed down to $70%, up

Among coppers, Magma rose

1 $1114 Cerro de Pas 1 to $07 and Anaconda a point to $734

Standard Ol

to 800

(Ohio) added

Beels were firm.

Chrysler edged up % to $84%

in the motors.

Rail shares moved narrowly.

Dow Jones closing averages

were:

30 industrials

20 1alls

13 ties

03 Mocks

40 bonds

interest.

Soybeans

Boosted

479.74

100 U

03.01

$69.

The

98 40 which

By Ike

Chicago, Jan, 9. farm

programme President Eisen- 404hower placed before Con-

Comm. future price index.

Moody's inack

133.07

Closing Prices

Allied Chemicals Allied Mill Inc. Allis Chainjurs American Crapamids Co, Am. Mach. ▲ F dry, American Melat Amertean Smelting

3456

47

American Tob, “B”

Anacids Oppper Armco Steel

American Tol & Tel

Almour

Minidwan-Link-Ham.

Baltimore & Ohlo

gresa gave a strong boost to soybeans on the Board of Trade today.

Corn futures made slight ad- 248 vaners, while other grains were 601 60 regularly lower. 100% 101

Many of the President's pro- posals, especially the soil bank, were anticipated by traders, but for higher support

11

101

14

his

plan

40% priers for soybeans and fixed

came as a suprise.

Bendia Aviation Corp. Benguet Conn.

#2

100%

1476

Delenem Steel

Bucing Airplane to the Borden (The) Co.

Candlen Paside uro-Case 1.) Co.

Cat Tractor Celanese Corp. Chase Manbat. Bank Chile, Copper Chrysler Motors Cukruse-Posaouve Co. Commercial Credit

suquet to restriction Secondly Apart from Turkey and Iceland lack faith in the free enterprise

Deginning of October by the

of payments system as we know R," he said, Are not obliged tos

shortcoming does more tariff wall or romply with the ende, Reveral harm than any

CYCD the deplorable cartels

they were to reinee such re- NOTACEY wiit stories that weare

16 habríalise no per cent of Detr

of them fell

strive to solve the problem of imports from other mem-ign per cent target. The United which still exist."

well short of the

agricultural surpluses.

T

T

I

Wit

1

The thx Comitys on house treders, trede interesis

Tuen achieved a more or less uniform 11t operators were the buying sido. along with Liveipuul nos

while counts.

Sellers sunul-

Innt ously become inore reserved pending further Washington developments

months

funderey of heathy Match -

reflec

tract liquidation and the posal to lower

Jaunum

price at which the government ;

sell

WORLD RUBBER

MARKETS

New York, Jan. 9

Kingdom had bberallerd 84.5

He also rld he favoured in- per cent of its imperts (rather

creased sales of cars and other the avaruga). The de- elsatt to defer further berailsn-pracetime produc.s to the Yo-

viet bloe as jung as such ei for measures, maid the Prosjury

with Us Sale Department 1 week.

buszú on WHA

polleics. b.Ative of payment Arounds,

Exceptions

The

With one

or two notable ex- ceptions, therefore. the Wesl Kirpean cut-tries made further

und progress under the OEEC "liberalisation

In 1955 code" that a high percentage of the trade Treed by the end of the Year masks considerable varia- Then hetween the degree Through

the In applied markets, sal.ston

Three mar Categories of im- In The Cum when extra parte.

with the

may

government-ownwn! Rubber fu urca today closed surpluses in the doustem ke 125 to 170 outs lower with

Reacts to the government's males of 258 contracts.

Sellung {t*tutI* sale of surplus cotton last week'

Tubber primary The was negligible.

hereti ty 18.742 ba e-was

small

cward the rice The price

úveloped considered satis-ling

expectedly

range

factory

Wis

amount

However, experts thought the news clarified recent uncertainty about the price whiris the government would acil surplus cotton, With a "tentative vadi- tion established," one commenta- tor anid, it seems a "sarung point has been set preliminary In Increased sales in the ensuing weeks.

NEW YORK

morr

the

اده

West European countries now maintain Ima restrictions on spot markel, quietness prevailed

from with prices on the caster side.orts of raw materials

It provi saries in luuled Pbrunty

uk die sheets

Commonwealth Elec. Consolidated Edison

mt hental Oil of Del. Continental Steel Com Productar Crude Ou Crown Zellerbach Cuban Amer. Sugar Curtis Wright Diamond Alkali Dow Chemigala Dupont de Nemours

Kodak

National Gar

Erto Railroad Family Finance Corp.

General Electrio

General Foods

Genel M tors

Gen. Pub. Jul,

He revealed that his company already has ree ived inquiries Gilletto Barety Razor

Iron Glidden Co. from coun ries behind the

Goodrich (B, 7.1 Co. Curtain, with whom it formerly Goodyear Tire did businers, for the purchase of | Herden Chemical large numbers of passenger ears Hernsteks Mining Co. and spur parts United Press. Ingersoll-Rand

Singapore

Stock Market

Triang Steel Co. Interchemical Corp

Int'l Tel Tel

Before the President's mos 0424 se WRS

2333

80

A

whent published, tulues suffered a saiback be- chuse of heavy golfing by

The de 193arge elevator dealer.

eline was checked to some ex- un by the Prussef's proposal to sell wheat for animal reed.

15 1/0

2015

Wheat cluse) off to น cent; soybeans (now) up 1% to 41⁄2 cents

CLOSING PRICES

Pricts per bushel in cents: 40% | Wheat, No. 2, red 881$ Spol 22011

..po

4160

Waterboat DOCKS, ETC. K. Whart

Luck

Provident (0)

LAND, ETC.

Ik Hotel HK Land Henity

RUBBER

A.

Trust

..23.50

Prestige Shares Lead London Markets Down

London, Jan. 9. Stock markets opened with a sovore

slump led by such prestige sharës ak Rolls-Royas down 4 shill. 18:20 100 15 20 ings and others down one,

two or three`shillings.

331 33 2030

17:30 1713 1000 192

A 10,000 1.33

Rubber 1.00 1.03 2000 a 207

1000

UTILITIES

"

S

BOCO 4 2.029

1000 @ 1.625 1500 si 2,775 3000 2,775

The first three hours of the market have shown very little- High of recovery, Olls were urair pressure with British Petroleum | down 3 shillings, Shell Transport down 2 and Royal Dutch down l serri Although the alarm wüs dua la Austin Motors abrujt adoption of a t-day week, Motors were no worse off than

24.80 1000 24.00 other

Y'inst Ferry 104 106 C. Light (0) 221

Electrio

Madmo

stocka Government were weak with both Old Con- sols and War Loon down sterling-United Press,

British 142 431% 100 or $235

2000 42

1223314 1000 & 33

Elec, 9.10

Triophone

INDUSTRIALS

Cervent

Hope

STORES, ETC.

Dairy

Watson

301 3024 000 € 38%

16%

18.00 19.50 700 10

130 19 13.10 13.30

3,70 5.00

COTTONS

Text1icm MISCELLANEOUS

Yoga 0.09

Allied

0.00 0.00

Exchange Rates

Busines tinometal

was dose in the IOCAL market tha exchange meening of the tołowing rates:

1.8, dolier (per $1} Bierling notes (ppe #1), ....... Australian notes (per é Indonesian rupiah (per 1001 BIRI tlal (per 100) Bingapore (Btraits)

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL, S.N. CO.

PASSENGER/FREIGHT SERVICE

Outwards "CARTHAGE"

"CANTON"

Leuven Londen

Salled

In Port

nue Hong opp

14th January

7th February

1st February Bih March

Via Southampton, Port Said. Aden, Bombay, Columbo, Ports & ingapore

Homeward

Leaves Hongkong Dao London' "CARTHAGE" 13th January

**CHUBAN"

30th January

zoth February

olh Atarch

18th February

ryn February

12th March

Pthi April

Via Singapore, Tedang, Colombo, Bombay, Ašyn,

Part 1x10 A London

★ Also Calla Marsollen.

2140

46

2014 Mar 2121H1 2004(L)

.....

21096

July

11

pt.

201 190-100 200-1/2

"CHUBAN"

233

Corn, No. 2, yellow

"CORFU"

031

Spot

44

Char

May

3516

July

3014

Sept.

Rye

миг.

12914-15

101

Moy

12314

Qais

84

Mar.

00-

"CORFU"

0511

May

40

Soybeans, No, è, yellow

"CANTON"

International Nickel

Int'l Puriners Machines Int Harvester

450

pot

2015

Jan.

Pl Mor

International Paper

112

*31***

May

July

242-241

24831-14

26.1mBoville Co

bi

aApt

Kanae Power & Light

11032

304 Barley,

Spot

130-1406

40

New York flour

"SOMALI"

1991

200 ib. xck

$18.40%

704

BD

WINNIPEG PRICES

2014

Winnipeg, Jan. 9.

Minnesota Mining

107

Afission Development

20%

Monsanto Chemical Co,

4014

today

in cents per bushel

Montgomery Ward

32

follows:

Motorola Ine.

National Dairy Pica.

National Can Beź. ̈Ã ̈

Onta

National Distillers

May

National Steel Corp.

July

n

$5.00

New York Central

RJO

Olin Mathiesen

May

Oils Elevators

July

Owen-11Ahog lag

Oct.

1074

1 12

Pacing Westaro Di

Baricy

#4.20

Pan American. Airways

$3.47

Paramount Pictures

MAY

Parke Davis Co.

July

$1.03

Penny J. C. Co.

OM

Penn, Salt Co,

Flaxseed

May

$1.02

Philips Petroleum

Insurance

Procter & Gamble Co.

Oct.

within the greitp. SEVETNÍ mi

Singapore, Jan. 10. someChem have to ally abolished re- Brokers today quoted the fol-

42rictions in this category and on lowing stock pricea

P3 per cent of

een slut inter buyers dropped, wiports have been freed

to 41 cents,

F

Spot No. 1 Res spot quo cd nominally at 43%

pound.

Fu ure closings were

MAR

May

T

July

Sept.

Des

I

Prices of futures closed today, as follows:

Sput

March:

May

JULY

October

LALUINOST

Merch

May

NEW ORLEANS

33.08

33 94-95

33 44-40

32.18

30.48 20.08 30.55

Prices of futures closed today

March

as follows:

Spol

May

July

October

December

March MAY

LIVERPOOL

SINGAPORE

on

were by nil members OEEC members cents have been more reluctant, now-

ever, to remove restrictions Imports of manufactured goods 12 09-10 and foodstuffs. In each case the 30 29 degree of liberalisation achieved only about B1 per

37 76

30 40

35.40

has been cent.

The market was weak at the

Opening

Smelters

Betu Lintang Rubber Co, Ltd. 11.45

etish Borneo Petroleum Bynd:cate

40/+ Tir Complidated

30/ Ord. presser & Neave Lid Ord.. $1,60 Fraser & Neave Lid. 7 eum. akong & Shanghai Bank prei....

Hongkong Tin Ltd. Kempas Ltd.

in these catenuries at least 111umas Rubber Estates Ltd. seems that liberailsation of Im- Malayan Brewerien ropening but soon after recovered ports will become an increasing- New Serandah

Rubber et short covering and good buy-ly slow and painful affair, It is

Lidin Pet-iing Tin Futures ing for lower grades.

Gne of the rules of OEEC, 43 | Roffles Neth were:

well as of GATT, that Import Singapore Cold Storage No. 1 rubber per 1b Jan. 11875-13033

ilä-list | restrictions may be retained only Son Brush Feb.

Lid Mar.

in the case of balance of pay steaks Trading unquoted 118-11311 No. 1 rubber per tb. Jan.

iments difficulties. But many of Stratte Bienmenin No. 3

1174-118

the countries which stil restrict n'ted Engineers Ord. No 4

Wearno Bis). certain imports, admit Spat, rubber unbaled

frankly Blanket crepe...

04.00 that they do so for protective 13012-130% reafona.

++

No pale crepg..

LONDON

The market was quiet with spot quoted ut 344 peños per lb. Prices:

Scitement house term:

30.00

83.03

03.45

No, I has Bizot

3.10

30,87

Teb

90.88

Mor.

July/Sept

Future closings, in pence per lb. were ho follows:

Old Bontract Mar/April

May/kuna July/Aug.

New contract, May/June

1

July/Au

POL/NOV.

Egypliks Marriak "Jen/Pai,"

SAO PAULO

Apri/fut

Oct/Dec.

3191-38

of bargaining

same

$3.92

-China "Mall "Õpecial.

London Foreign Exchange

Une result of this is that in- port quotas have become a kind counter among the countries concerned. GATT

this .experiencing 34-3111 dificulty over

over a wider fold thán 31-33that covered by OEEC. 3115-331:

In the current issue of Lloyds 317-32

Bank Review Mr Michael Hoff- 30-3016

New York that Montrea man writes from Geneva

import, restrictions Amsterdain 34 quantitive

have become in practice sub- Brusela Jet of alernational negotiations Copenhagen Dice tariffs.

General markets, elf basis, gatti..

Jen.

Fou

Mar.

Estate crepe all unqusted.

AMSTERDAM The market was work, Prices 21.10

320 closed today in guilders per kilogrami, elf January as follows:

No. rubber

No. 2 rubber

24.05

No. 3 rubber

No. 1 crab

Future closings in cruzeiros

per kilo were as follows:

March

Contradiction

A He points out that this in

Contradiction to GATT

5.40 buyer

నేనే pujyers

3.30 buyers fist

3,815 drivers || theory which hol's that -United Proes

LONDON METAL PRICES

Loxton, Jan, D.. Prices of metals closed today

follows:

no

country shall receive compen-

Li-bots

H Paris Blockholm Zurich

链

London, Jan, D.

2.00-13/16-10ON 21.8935-2.09.7/10 10.00-10.000 130.71-139.1134

1032-19.22S

$0.03-60 15 1781-1258 087-158 14.509-14.0915

-United Press.

Kennepoți Copper 1 Liggett Meyer Too. Co. Lockheed Aircraft Loews Incotp..... Lone Star Cement Co Louisville & Nhateville R. Lowenstein & Bons. Mesabi Iron Corp.

National Lead

Fhile Morris

Pitbyrgh Pinle Glaza

8. Publickor Industries

sation for relaxing its import New York Foreign

quote, "In fact," Mr. Holman continuet, "meal of the cuntries

with low ad Valorèch zariffa and

[# humbar of thöre with hot - so log tarihi have come to demand

Exchange

[New

In sterling per long too saard get compensation in various Thalamki offla

the

Tin

Copper

Ouldber

Deber

In the United States, javerage pride of 16/16 middling cotton al 14 designated pot markets-Win 33,01 temà. BRIGI at the centres totalled 38,528

forms for removal of relaxation

buyers wallets of strictly

protective import

This is a problem for OFEC New Zeal no less than for GATT. Fineiing

sinh sawer; to it will be oga, ni

the Organisation's main talks

10914

India

100%

during the coming year--Lou- | puškatkan don Express Bekviðs.

Radio Corporation Republic Strai

Reynolds Metal

Shell Oil Co....

Balat Far. Papas

Ainclair Oil

Bocony. Vaestum

Bouth Parth Rico, Suzar Southern National." "Gia

Standard Brands

Standard of ca), standard off of Ind

ol of NJ

Stern Drug Co.

Blokya Van Čemp.

Riudebaker-Packard Corp. Swift & Co,

Texas Co.

Tide Woter Ammi. Oil

Twenty Century, Fox Film Union Carbida.

Union Prelie Railway

United Aircraft..............

UB. Gypsam

U. 8. Line 0. UB. Rubber

UB. Smejting UB. Bløsl no

Warner Bros. Weddinghouse. Mlect rid We Va, Pulp & Paper Woolworth

44

Prices of grain futures closed

270

1324

19

Wheat, No. 3. northern, 16144 cents: No. 8, 128 cents-United Prcat.

New York Sugar Market

New York, Jan. 9.

World No. 4 Bugar futures closed today unchanged to 1 94% point lower with salts of. · 123 |

contracte.

Domestle No. sugar futures clceed 1 point higher with sales of 300 contracts.

World raws ruted quiet, al- though Syria is expected to be In the market shortly for dargo 41% while Swedén reportedly is ins terested in a părțèl lot April-May shipment.

Fitur:

NEW YORK METAL

FUTURES

New York, Jan. 9.

Conimci No. 4 (world) March

MAY,

Prices. of metal futures closed supt.

today ip tento parîbi as follows;; | spote:(vents per ib, fab

Tin

:January

February

Mudo viery

Copper Ufuary.

February

100%

206.006 Marchi -

12.863 Sept.

for

6.33

"SURAT"

FREIGHT SERVICE

Cat 10th Jan

due ard Feb. saile oth Feb.

for S'pore, P. Swartens ham,

Penkt. Aden.

Port said. Qiños, Mat-

peilles Hagre, London,

Hamburg. Hotterdam & Antwerp

from UK

for Japan With Iberry to call at Belawan before or after Biraits Portland at Bambay if Ludnesment offer. Tanks avaliable for carriage, of. Oil in Bulk. Space for refrigerated chryn. Limited Passenger Becommodation'

BRITISH INDIA S.N. CO., LTD.

1838 — A HUNDRED YEARS OF SERVICE — 1858 "WARORA"

11th Jon. for Singapore.

tagong Rangdon, "BANTHIA" de 180 Jan. from Calcutta, tangoon

& Straits malle 15th Jan, for Japak

"SANTHIA"

Calcutta

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

"ORMARA"

"ITAURA"

“OZÁRDA”-

"ORNA”

due 16th Jan. from Bombay

#alls inth Jan, för Japa

Chit-

toads 28th Jan. for Bingapore, Colombo, Karachi, Barat, Khor- ramshahr & Kuwait Londa nd Feb. for shore BOMBAY, Bhavilazur Katachiy Baran, Khorramanaltr

Kuwall safie 12th Mar, fer Singapore. Madras,

Columbo, BOMBAY, &- Katechi

EASTERN & AUSTRALIAN 5.5. CO., LTD.

"NELLOBE"

dus 4th Feb, from Australia). seits vin Wah, for! Japan - "ARÀFULA” - dus mth Feb,¦ Irons Japan

HARK IN” for Bandakan? RANAUL Eclable, Bydney, .k18: bourne de Adelaide..

All vessels have liberty to call at any poris an die 'off'the routé & this route & balling, GPU MENJER to shange or amendment with or withou

For full porli, Jurs apply to

MACKINNON. MACKENZIE & CO.

OF HONG KONG LID

Telephone Nos. 27721-4.

18.00

5