1956-02-07 — Page 9

Page

TRADE

THE CHINA MAIL TUESDAY, FEBRUARY 7, 1956.

and COMMERCE SECTION

Page .9

New York Market Gold And Dollar Drain Brisk Trading In Continues Advance

New York, Feb. 6.

Prices moved higher again early today, marking the sixth consecutive session that industrial shares advanced. Trading was moderately active.

London Stocks

Fall After Good Start

Stocks

All departments joined to the rise with the industrial slunce leading the way.

Market news continued on the favourable side The large RUCT of highly favourable currings market

reported helped the considerably. Forc.

casts ol good business #150

bolstered the list.

The market opened generally active and irregularly higher Once this weekend tecummala- tion of orders why out of thy London, Feb. 6. way, trading slowed up.

How- turned down ever. prices continued to nove

after generally firmisher

a

In the mala industrial group. opening and most sections sel hajes

displayed a On- finished with numerous erabile

anouril of

strength minor loseco in fairly Motor equities were mostly quiet trading on the Lon. lover. Lasses here, however, don Exchange today.

!stricto

'T'aracters"

daung und by graviament a lude

restraint 120 menb ulging

Lampa ove [#744

U

1

Industr

F

1r!

They finishvil

with

The ar

were in the fractional zone

ElsewhRTE, rallread jorged upwards

demand.

Phares Oll met samme 10les also firmet.

Closing Prices

Bethdebet Stret

rubing erotial a stulling, cart has Paetle operand

Tom then

116

hughes Les

Conselleiated Expon

the Amritran M426.01 Bob Roya. Tufel held | Du Pont de Nemour

eppers MATE

far LI! 11

,:44+4r』 aa 1"k

bright spot.

bestrian Koel.ch

General Motors

Gotyear Tyre & Robtur

decadal Harvester Interstational Nickel

with N-thungr, Bhoka, national Tet & Tel

let

nle

Semeralt Cappel thouderson Select Trust all Lockheed Alterafi

Gold Loews for band got support de Blai C'eurent al art

75

ነ ' .

120

.

Montgomery

Wa

Full

2005. Nallamal Coat Hogistes

Natumai fand

Bal

+1

QUs Elevato

wed

Jongh United

cloneul Frachannally lower

Bratis

Foreno

11.ting

I'

Tuttar

New Zealand

Needs Port

Planning

Christchurch, Feb

New York Cyntial

Pafle Gun & leefr American Wortel Artw Pal

Radiu Vorp Atha For Repubbie Stee.

Sony Mobil Chi

Stoelan

CL

Picture

Sondad D

Standard (1

,u』, NU

texas to

Uscan) Caride & Cris

1 Tak #aesth

United Airesult

53% pos24

13 Jubber

Smeltin

18 Sleel

| Warner Brot

New Zealand news anticial post planning if modern cargo|

In a thog methods adequate to its!

ARDAN TA

ternational

Batle are to be intri dured, a

Mr

Flan curding to

FE. Chairtan of the New Zealand Shipping Contajeley

[

Federni Steam Kavigation Com

pany.

Much empilan would be wasted

if there wils Bo overall scheme

port development

tional level, he said.

It would be n

L

Wedinghouse Electite

Woolwall F WA

Ceylon Rubber

For China

Colombo, Feb. 6. Sheet rubber for China was piling up here today at what rubber commission officiis termed an “ex- tremely satisfactory" rate.. They anid some 5,000 Lons have already ac- cumulated and pointed out that only some 0,000 tons were needed by the end of February under the agreement between Ceylon and Peking.

Officials said the offer- ings would excred the amount required and quoted the following as a reason; The price advantage which sheet rubber has

Over crepe at the present time: rarly wintering as result of favourable weather and leaner Incidence of rubber plant diseases due to In- tensive sulphur dusting-—- United Press,

Burma

Lowers

Rice Price

To Ceylon

Burma

Halted

BUT BRITAIN CAN'T

Japanese

HONGKONG Hotel Shares

STOCK

FEEL COMPLACENT EXCHANGE

From Ronald Boxall

London, Feb. 6.

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morn- ing amounted to $950,000. Noon

1<

INSURANCES

Union

1736 1765

5 ut 1764

1000

2 1703

Bor 1000 200 gm 1003 100 t 1003

Lumbart SHIPPING

Waterbost

5615

24.80

K Wharf Dock

70 33 33

100 71

Provident

quotations and the morning's The gold and dollar reserves have transact been called the most sensitive barometer SHARES DUTERS SELLERS SALES of the sterling area's economic climate BANKS so any improvement is naturally welcome. But like the weather the economic climate is subject to seasonal changes; and on this light the reading on the January gold DOCKS, barometer must be considered subnormal. The reserves rose during the month by $29 million after allowing for $23 million paid to the European Payments Union in partial settlement of the sterling area's trading deficit with Western Europe in December and certain other small items.

*Fre dram on gold reserves in several directions at

oner. been hafted

But so the the British govern ment hay avoked this mistake and concentrated all their efforts in one frent where the battle

The monthly areoutit shows

urplus for the first time sincy Colombo, Feb. 6. Just April In itself this

has agreed to an encouragement But the reduce the price of

view is that it is rice, offeri Mr K. Alvapillai, Per. xxl enough. manent Secretary to the Minister of

Agriculture

and Food, reported today upon his return from Ran-

Ji

goon.

*

price of

Deficit Down

5171

against inflation being fought,

It must be admitted that they have

not had conspicuous success, but there is Justice in their claim that they must be given time to develop their Certuin ensurts have

A Treasury spokesman point-attack. ed out that January gold and been applied and there are signs

dollar position was “a continue-

tion

gold and dollar

the right trendi surplus iss one of them-that

4

effect.

Mr Alvapillai was discussing Reserves 111 beavily lus: they the reduction of 18 Dee with Burmese officuls adeptember when there was

al crit ધર્મ $112 million, but 101, v made Mis report 10 since the Articulture Minister Mr J. R. stendily improved 1952, daywardena

Sel

321 121

the positions has

In October the deficit was

down to $40 million and it was smaller oll in November This 13pve:nent

was maintained

He said Burnu has agreed to rive to Ceylon

sterling per long on six pounds less per ton

72

43

341

Y Supply

545 (FOB

་་

$1

El

Plated Press.

inter Burmese Minister U Huschid

Chrysler Reducing Operations

than hat year's price,

In December when there woulet have been a surplus but for the heavy annual instalment paid on the North American loans. Trude: And

just anontt

the surplus saying UN

arrived. The "with the greatest difficulty

B4Ll

this the governmen D 1SQZTITYA

TRINJA

BROW price,

.L

saving 30,000,000

0

im-

the j

j

are beginning to take

Right Direction

There is still a long way to go before the situation is stores to "normal" and even farther before the lost ground has been

mane up

Last year the gold reserves (ell $642 million

Lo $2,:20, Bon. Now at least they are noving in the right direction

mined to go on applying their measures until

only the direction but the pace of the movement is right,

(London Express Service).

carerpted the new price and did portant pont-we are now at And the government are deter

time

of the year when disindationary en as a special favou, to Ceylon." stason

fhetors are all in the stasona) The

wall sterling arou's favour. So in & hieb

the Ceylon of

words of the

Treasury and gold rupees, will spokesman January

Bollar figures have repercussions on the price

" nothing uf Churns¢ nice, experts Jur dt, since the Chinese price. is pogged on the Burmese rice price

Now York, Feb. 0, Chrysler Corporation this: They -ak the new Chinese

metric

naweek will reduce operations of¡pilee was expected to be around

afl its aute divisions in Detroit 33 pounds sterling per to four days.

ter United Press. The o-day cutback was in-! tombtel する help bring dealers' i

Ine with the

use mercasing Prop and livestock production if

there was

not an

interease in

the međns of getting the prʊ } inventories into dure to over eas markets.

Of equal importance was the availability Lif facilities for moving the produce to the ports, either by road or rat.-Chine Mall Special.

current market demuri,

The company wid it did not know if the four-day schedule to the following would apply week.

Meanwhite puto

output hus

been suspended entirely for fortnight by the Packard Clip-

WORLD COTTON

EXPORTS

excited aboul." Nevertheless the Treasury do not take so gloomy a view as some outside sources It nd- mits that one of the most dis- couraging aspects of it is the poor showing of trade with Western

Europe which, now That EPU settlements must be made as to 75 per cent in gold, is almost as important as trade with the dollar world itself.

Hint Of Defiance

WORLD RUBBER

MARKETS

Singapore, Feb. 6. The rubber market openext slightly casier and steadied later on fair enquiry and short covering. Futures:

No. 1 rubber per b. Feb. 10744-107

Mar. 1976-1074 Apr. unquoted

#

But it utterly rejects a sug- gestion that we may have to No. 2 rubber per tb. Feb, 1035-106)

deficit with Western No. 3 accept a Washington, Feb. 5.

103-105-1 102-103 Europe as a permanent feature No World cotton exports thus far

Spot rubber unbolęd 10734-1073 of the sterling Division of the Studebaker in the 1055-50 period have held

trade. area's

alonket crepe...

90-DE Quile apart from any other No. 1 pale crepe

110-110 Agricul- consideration acceptance of this would put an end to the Bri- 1sh government's воре c

London Foreign Packard Corporation. This shut-to the "healthy volume" of the

Exchange

New York

Muntreal

Amsterdame Copenhagen Frankfurt Lisbon

Milon

Indonesia

Oslo

Paris

Stockholm

Zurich

Lohun, Feb 0.

2.80-2.00-11/10 2.00-2.80-7/10 14.024-16,62 k, 19,324-19 324 11.727-11.13 30.10-30.25 1754-1755

3.20-1,20

20.01-20,03% 08371-90314

14.02%-14.521 12.24-12.243

Others were unchanged

United Press.

LONDON METAL

PRICES

London, Feb. 8.

The tin murket

flizn

this

down is by far the longest In 1954-55 year, the the industry since the start of ture Department reported today. the 1936 model season-China The 1954-55 total was 12,200,- Mail Special.

Egypt-Germany Trade Talks

Concluded

Cairo, Feb. 6.

Trade talks between Egypl

and West Germany were__con-

cluded here yesterday.

100 bales of 500 pounds gross.

The report added that in 1056-50 US cotton exports are expected to total around 2,600,000 bales, ur about 20 per cent of the prospective world total,- United Press.

Trade was again

afternoon. Spot

jumped 54 points and three

month rose 3 points.

ever was 55 tona.

Tin spot

3-mont

Copper #pot

3-month

and payments agreement

will

London Silver

Prices

London, Feb. 0. Spot and forward silver jumped more than a penny per be sigued after approval of the inc ounce today, apparently on

governments

The evidence that the recent

Turn respectivo

196

and

goods,

LONDON

+

The market was quiet with spot quoted at 31% pence per

restoring sterling convertib b. Prices:

and it would be a bleak for the sterling arca If this happened.

1s

as

3124-32

313-319 312-3172 31-31 29-2014

20-

311-3146 31-31 unquoted -United Press,

Nu, 1 Rss pat Settlement house term: The Treasury also denies that Feb. there

Intention

Mar. of any

April pecking an international dollar loan to bolster the gold reserves. Its attitudo stated by Sir Anthony Eden in Washington: that apart from a small measure of defence ald Britain now stands on its own feet and intends to continue doing so.

General markets, eif basis, ports

April/June July/Sept. Ocf./Dec.

Feb. Mar. Estate crepe

Old

15 40 15.00 3909 up 1915 Wheelck. 8.00 8.3 10,000 60 LAND, ENC

17 CO 17 70 2000 4 17 00

et s

IK Hotel IFK L

(Old) (New) Humphreys

Coldi

61 01 1000 01

10 10.00 18:40

150 v1 1950

Realty X Al

1 50

New)

RUBBER

A lubber | 123 | EXAS Trust

UTILITIES

Tran

2.40 260 8000

24.00 23.20 2723

2.4

25

Tokyo, Feb. 6, A spree of brisk trading in the shares of the famed Imperial Hotel to monopolise the curb market dominated the activities of the Tokyo Stock Exchange last week.

The hotel shares were beset with wild fluctua- tions hinged on rumours that said certain interests were cornering the stocks, that a dispute prevailed among the hotel management or that the present structure was soon to be torn down to be replaced by an ultra modern hostel under American management.

The fuctuation ranged at one Ume

us 130 points ay inuch from 240 yen early in the week to 370 yen at the stock highest later in the week. From then it rapidly dropped and closed ot 335 yen which was still a gain of 75 points from

260 усп which the stock opened.

New High

at

ATIK

The week also saw and netive general market with Anancial institutions stepping up their buying inspired cord

The re- breaking debenture sub- seription and further drop in- latarest rate on locus.

Buying

com-

Star Ferry 143 144

by securities Y'all Ferry 104 108 Bit dep 100 pankes bousled the shares of Light (O 221 22.70 4000 22 Asahi Kasci to a new high (420 LN) 18.20 101% 300 v 10 40 Electric

yun) 49, 40, 4100 44 44 INDUSTRIALS

Telephone 4 34 100 341

Coment

STORES, ETC

Dalry

383 301, $100 to 3431 a

18, 14 70 175 18 40

12 60 13340

3 70

150

Watment

COTTONS

Texilles. Nanyang MISCELLANEOUS

Yangtze

Alled BK &

Invent

FE

009

550 3

11.30 14.00

2200 150 2007 10.00 1200 201

300-12. 240013

WORLD

COTTON

MARKETS

New York, Feb. 6 Cotton

prices Lotiny settled back regularly after a buoyant start lifted the list to new highs for the movement.

March

plus technical realising after the contract liquidation,

Three-day rally. hedge

and scattered

selling whittled down initial gains ranging up to $1 a bale.

Moni

78,400 20,000

whlie those of Tokyo rayon, Teikoku Rayon. Tokyo

Spinning, Daiwa Spinning, Nitto Spinning, Oji Paper, Jujo Pupor, Mitsubishi and Sumitomo Metal Mining and Brewery Pulp Power and Gas macie good geine.

Other gainers clude: Kan- zaki Pape, whose shares spurted following an anouncement of capital increase. Shimura and Kamogawa Chemical industries, on the strength of the firm's increased Nickel production, went up constilerably.

to

Speculative buying led price advance of Fuji Heavy Industries. Dow-Jones average closed at 430,47 yen for a gain of 5.20 yen over the previous week after fluctuating from a low of 423.41 and high of 439.67. -United Press,

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Gutwards “CORFU”

"CANTON"

"CARTHAGE"

"CHUSAN"

Leaves London

Salled

29th February 10th March

the flongkong In Port

3th March 2nd April

13th April

Via Southampton, Port Bald Aden, Bombay, Colombo,

Penang & Singapore

Пomewarda "COLFU"

"CANTON" "CARTHAGE" **CHUSAN"

Via

LORVET Dgkonf tre London

10th February 12th March 901 March

-6th April

26th

April

Pl April

ju

May

37th May

Bingapore, Penang, Colombo, Gombay, Aarn,

Port Husa & Londen

* Also Calls Dintaefiios.

FREIGHT SERVICE

ang

from UK.

Volume and

upen

Interest

were:

Volume

en intercal

+ Mar

20,701

283,800

Muy

37,00K

190.400

, July

03,000

277,100

Oct.

18,960

220,000

Dec.

20.000

129,500

Mar

10,800

"SUBAT"

Dili Feh.

May

3.200

at 11th Feb

for Japan

July

Tolol

1,100 101,400

10,200

1,558.400 bales

"SURAT"

Inade 27th Feb

LIVERPOOL

th, were as follows:

Old contract Mar/Apr.

May/June

July/Aug.

Future closings, in pence per

New contract May/June

July/Aug. Oct/Nov. Dec/Jan.

Egyption Karank Jan/Feb.

30.00

24.92

20.38

48.00

United Press.

Singapore

Stock Market

Singapore, Feb. 7. Brokers today quoted the fol- 20-284lowing stock prices:

Opening Batu Lintang Rubber Co. Ltd. $1.85 ed British Borneo Petroleum

Consolidated Tin Smelters

Ord.

Syndicate

There is a hint of denance in CHICAGO GRAIN Hongkong Shanghai Ban

that attitude but a charge of complacency is not justified.

218tan

Petaling Tin Ltd:

| Singapore Cold Storage

"SHILLONG" dus 4th Mar.

and 7th Mor.

tor S'pore, 1. Sweiten- ham Penans. Aden. Port Said, Genoa, Landon, Hamburg, flot- terdom & Antwerp from UK.

for Japan

With liberty to cal at Delawan before or after Straits Korfs and at Bombay if inducement offers, Tanks' avaliable for carriage of Oil in Bulk. Space for refrigerated cargo. Limited Passenger accommodation

BRITISH INDIA S.N. CO., LTD. 1854-A HUNDRED YEARS OF SERVICE – 1950 "SIRDHANA" In Por

“SANTBIA"

“FULTALA"

"ORMARA"

4

sall Bth Feb.

from Calcutta, Rangoon * Straits

fer Singapore, Penang Be Calcutta

Kalle 13th Feb. for Singapore, Chitta-

gong & "Rangoon. Bålls 18th Feb, for Singapore Penang

Calcutta Rangoon, Cultiagong

P. G2O./B. I. JOINT SERVICE

43/-

20/-

Fraser & Neave Lid.

Fraser & Neave Ltd. 11%

pref.

ing Corp.

$5.06

1020

"ORNA"

"ORDIA"

Hongkong Tn" Lid,

of silver

The Treasury insists-rightly doubt that there is no crisis. It takes the view that

Chicage, Feb. 0, from

Prices per bushel in cenis: the present inflationary position over.

Melin Britainy has been brought Whest, No. 2, red

MARKET

Kempas Ltd..

Lainam Rubber Estates Led. Malayan Breweries....

"ORDIA"

New Berandah Rubber Co.

LAD. T

$1.03

Names Hotel

14.05 cd

*.**

Closing Prices

$3.00

own

Spot MBY

South Brah Insurance Co.

Mar.

210%(11) 214(L)

22149

Ltd...LOA

$2750

2141-15

Straits Trading

July

2001-4

Straits Steamship

$12.60

10.00

Sept.

Nov.

Cem, No. 2, yellow

Spot

Mar

20012

231 13434-7

Wourne Bros.

$2,87

May Jiny

Sept.

Rye

Nov.

.Mar. May Osts

Mar. MAX

It was learned that Egypt heavy sales Price closed today in ster-would import hoovy machinery, Beyrouth were virtually

chemicals ling per long ton as follows:

and pharmaceutical was Saudi Arabian silver about by the country's from Germany products buyers sellers

ted down into bars and. 10-prosperity and that in these 771 773

export agricultural

portedly smuggled out of the circumstances the remedy; must 750 354

mainly cotton.

country, presumably as the Under the payments agree result of the political troubles be sought at home. 30014 330

ment Egypt 1184 21015

would pay

in Jordan. Spot today jumped 113 1131 million she owes West GCT-

1% pence to 77% pence and many within five years begin forward the came amount to ning next July either in gooda 77 pence, or German marks.

They are still a penny below was to be paid on any their price on a month ago

United Preas.

Lead ist half

Feb.

May

Zine 1st half Feb.

May

08

DONA 00 -United Press,

NEW YORK METAL FUTURES

New York, Feb. 6. Pricts of metal futures closed today in conla per lb. va fol».

$15

Interest

after 1958,

owed Germany China Mall Special.

Exchange Rates

Business was done in the local

exolange comicet thi

SINGAPORE

HOLIDAYS

Gingapore, Feb. 6.

All Singaporo markets will be 1157 closed on Tobruary 18, Monday,,

lows:

Lend

Fab

18.206

Tin

Mar nob,

10.201

unomo

$1,000

5,806

morning at the following ratom?) 1 Us. dalar (per #1)

5.80.

Zine

12.30b

| Sterling molées (per 21)

Copper Tab

14.300 42,000

| Indonegian jublah. (per 100) ( 19.00

Blames (per 100)

-United-

Singapore. (dirala).

Confused

The attack has therefore been concentrated on inflation be cause if this can be eliminated. all other problems disappear. It is because of inflation that tp Brilish people are consum Ing too many of the goods they produce and not enough selling abronc to pay for their imports. THE bondo to balance of pay mente dificulties and dwindling gold reserves.

After a time the altaan toe

Soybeans, No. 2, yellow

due 22nd Feb.. from Bombay & Karachi salis Ard Feb. for Japan

dus 251 Fob." from Karachi & Dom-

buy Kills 20th Feb. for Japan

sally 29th Mor. for Singapore, Colombo, BOMBAY, Karachi, Bas- rah. Khorramshahr. & Kuwall

1993-177 United Engineers Örd.

-China Mall Special..

London Wooltop

Market

London, Feb. 0,

top futures

market clowd easy with a turnover of

Closing prices were in, pence

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

"NELLORE

dua 4th Mar. from Japan kalla och Mar. for Bandakan, RABAUL.,

Brisbane, Sydney, Mel bourne de Adsiklio

All vessels have liberty to call at any porta ón-or off the rente & the route & sailing are subject to chants or autodment with or without notice.

For full particulars apply fo MACKINNON, MACKENZIE & Co. OF HONG KONG LTD, Telephour Nos. 27721-4.

Wool

01 lots.

01%

240

203-232%

per lb.:

March May

Sent.

Dec

120-14011

-MIT.

New York: Hour:

MAY

July

Spot

May July

Sept

| Austraian notes per £1999. 19 and February 14 Tuesday, for becomes a - confuset = unel | Bailey “ mok

that

tóndency

tto

the Chinese New Year.Caina contusing ini Mail Special.

107-10711