1956-02-16 — Page 9

TRADE

THE CHINA MAIL, THURSDAY, FEBRUARY 16, 1956,

and

COMMERCE

Nigeria Offers Big Chances

BUT BRITAIN FACES

MANY PROBLEMS

Lagos, Feb. 14.

While the Royal visit sets off the cheering in Nigeria, problems loom up for British traders there.

It was in Nigeria that the Federation of British Industries foolishly advised industry to "go slow."

Colonies

More

Buy From Japan

London, Feb. 15. The colonies are im- porting more from Japan than ever before. This is revented today in the Intest Digest of Colonial Statistics.

Up to July That year, these nearly Imports averaged £7,800,000 a month, compared

of with a monthly £5,000,000 for the whole of 1004.

The colonies were thus buy- Japan at en annusi ing from rate of £93,500,000 in the first months of last

year, compared with an actual tothi

soy en

of £67,200,000 in 1955,

One of Greatest

One of the greatest single by increases was recorded Nigerin, which bought £11,130,000 of Japanese goods in the first nine months of 1935, against £9,350,000 in the whole of 1954,

Exports from the colonies in Japan also increased last year, but less sharply than imports,

They averaged £3,000,000 in the first seven months of 1955, compared

wilb (71 average monthly rate of £2,000,000 in 1854. The colonies' trading de- felt with Japan was therefore running at an annual rate of

£40,000,000.

-(London Express Service).

But it was British iraders who built up this fast-growing corner of the Commonwealth as a market for UK goods.

Four hundred. years ago Britain was trading with the Africans who lived along the const.

of

Japan Sends More

And It Is British goods

The

Nigerians of tony are most anxious to buy. The United Kingdom still sells them half all they buy abroad, although foreign competitions is becoming Hercer.

Japan, especially, in

sending inany cargoes of textiles there. Soics last year were more than double those of 1954.

Now

man-on-the-spot Gardner - Stanbridge, Walter trade spotlights Britain's failings.

In the Board of Trade Journal, he writes of the com- plaints made ogainst British

goods.

ก

commissioner ut Lagos,

Regular Visits

It is a familiar tale.

Late de-

UK Industrial

Index Low

London, Feb. 15,

The industrial average. closed at 174.3, breaking through last year's low of 175.7

Index

of government securities foll nearly point to 85.03. lowest since the index was launched in

1026 United Press.

European Textile Trade Uneasy

for

UK Trade Relations

With Russia

London, Feb. 15.

So Mr Khrushchev is again talking about being friends with the West. What are Britain's trade. relations with Russia like?

Last year Britain sent to Iron Curtain countries more goods than in any year since the

war.

WORLD

COTTON

MARKETS

actions.

New York, Feb. 15. Paris, Feb. 15,

Cotton traders today The

Organisation

crowded most of the Co-market European Economic

action into the operation today forecast opening and closing trans textile trade, principally uneasiness in the European

In between due to uncertainty about

time, trading the United States raw cot- dragged along as dealers moved ton policy

In-und-out awaiting new incen- and growing uves. competition from Asia.

Nearby March again showed

while relative frnness erop deliveries opened

Jower and retained at a discount

rough most of the session. At the close the Ust ruled up points. The market 5 to off 25

New Orleans closed up 10 to

713 points. off

March sold up to 35.80 cents

pound, ឌ new high, covering before Arst

York

The Textiles Committee of the 17 member-body reported:

"A elear declaration by the the Jurg-'erm policy that it re-establish

livery, poor packing, jack of American government stating

new

They took £23 million worth in exchange, That was £13 million up on 1954, and £20 million more than In the previous year.

But it does not seem so much when you remember that Britain sent Russla and her friends £17,500,000 worth of stuff in 1938 at prewar values.

་

Second Best

And it looks even less when

you learn that the UK bought £03 million

worth of goods from them last year,

This makes Britain the best

Soviet Union's scrond customer, after Finland.

But in trade with Russia the customer is not always right. The amount of business to be done, depends on the political climate.

Last summer the Geneva spirit "unfroze the cold war.

spare parts, and indifference 10 tends to foliow is essential to opened up 17 to off 4 polnis/Sp there wits a record year.

local needs.

Τα

confidence

1

and And he urges regular visits to Nigeria by salesmen seeking improve the present condition

In the affected Industries." develop markets there. Nigeria's spending on imports Competition of Asiatic textiles, has risen three-fold £132 which has caused big cuts in day- Feb. 23.

to million in the last seven years. European textile exports, par-

New

Cotton London Express Service,

Heularly of coltong, was be Exchange Service Bureau ginning

be to

felt the estimated domestic consumption internal markets of member of raw cotton In January at Countries.

705,000 bales compared with 716,000 bales last year.

WORLD RUBBER MARKETS

Crucial Level

On

The committee said that the level of imports from Asia was erucial and member governments should give earnest attention to

the situation. Singapore. Feb. 15. The rubber market was wenk because of poor averseas advices and there was some liquidation in the morning.

SECTION

Page

CZECH SUGAR New York Market FACTORY Has Best Session

Since Autumn

FOR INDIA

In

and

New Delhi, Feb. 18. A Czechoslovakia dustrial corporation the Indian firm of· Wal- chand Hirachand today signed an agreement for the construction of a sugar factory in India,

The agreement is subject to approval by the Indian government,

It was also

announced

that Czechoslovakia would supply the equipment

for

a co-operative sugar mill the Punjab-United

in

Press.

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

New York, Feb. 15.

Wall Street, newly confident that President Eisenhower will run for re- election, boosted stock values nearly 2 billion today in the first 3,000,000-share session since last autumn.

Yesterday's report by the President's physicians that he should be able to live an active public life for another five to ten years spurred stock market confidence.

Industria? shares ran up a Consonwealth Elec, point to more than 0 points in Consolidated Edison

Continental Oll of De). their gains since last Nov. 14, in Crane Co the early trading. The soaring Crown Zellerbach of prices by later profil-taking: Cuban Amer. Sugar

Diamond Alkali made the overall rise for the Dow Chemicals..... day the second best since that Dupont de Nemours date. All major groups joined Eartman Kodak

Erie Railroad

in.

First Hour Rush

Turnover swelled to 3,000,000 Business done on the Hong-shares, most since last, Oct. 11, kong Stock Exchange this compared with 1,590,000 shares morning amounted to $1,700,- yesterday. 000. Noon quotations and the morning's transactions:

IK Bank...

A heavy first hour of 1,110,000. shares most since May 15,

Family Finance Corp. General Electric Genemi Foods

General Motor

Gen. Pub. Uill. Glidden Co.

Goodrich B. F.) Cu. Heyden Chemical Hanstake Mining Co? Ingersoll-Ranul

Ininnd Steel Co. Interchemical Corp.

Jet nisiness Machines Ingi Harvester

International Nickel

In Tel & Te

SHARES DUYENS KELLERS SALES 1948 accounted for much of

the increase. BANKS

The first hour rush was in International Paper fine with expectations, mirroring initial response to the news on West Coast markets after the New York close yesterday when

INSURANCES

Unloa

*** 10:03 Lombard ... 30s Underwriters 0.10 SHIPPING

Asia Nav

Waterbout

DOCKS, ETC.

... 25.14 1.07

1410

TO Gr 1300 1000 123 or 1000

1700

3000 1.10

K. Whart 7136 Dock

33 334 Provideni (0) 151 15.60 4500 or 151

500 1501 8.95 B00 200 68.90

Wheelock

The chlef Items the Russians send are timber, grain, canned LAND, ETC. salmon and furs.

In fact, the first of an order for 20 trawlers has just sailed for the USSR.

John Manville Co.

Kansas C. Power & Light Kenneguti Copper Liggett Meyers Tob, Co

prices jumped $1 to 4 on active Lockheed Aircraft

Low Incora. trading. Dollar stocks rose, Lone Star Cement Co. sharply a generally lower Louisville & Nashville R.

Lowenstein Gone. London market.

Industrial shares today were Munesota Mini

Merab! Tron Corp.

up 4.92 pcils on average, rails Miafon Development 1.77, tilltlas 0.12. Of a total Monsanto Chemien Car

1,178 issues traded, 836 were

higher only 169 lower. 1000 1,83

TOGU .00

Steels Up

Jones

Bethlehem Steel, US Steel, Republic,

and Laughlin, 8011 Youngstown Sheet and Tube,

on nolice

From the UK they buy cat- ton, wool, rubber and all kinds of engineering products, fram tractors to trawlers,

K totel...

HK Land (0) 63

(N) 61%

10 18.10, 500 18.10 3000 g 10.10 04 27 635

Humphreys

(0) 7Tumphreys

(Ni Realty

X. ALL

(Rts) RUBBER

10 20

18.00 19.30

1.021 2000

1.00o

5000 # 1.823

034, 0000

000.

.1.671⁄2 1.40

2.37

21%

23.40 2315 3300

23.40

1000

25

143

100

144

107

100 GOO

108

21 100 u 23

100 6. 23

Tho certificated stock hold unchanged nt 14,420 bales. Open contracts in March at the start of trading today totulled

181.000 bales.

Volume and wore: Month Mar. May

Many members might and July themselves

to consider Del. forced

Dec. emergency steps to avold this

Mar. At lower level there was tradedanger by reducing liberalisation Max support and fair enquiry in the textile imports, thus making July the creation of a European marTotal ket increasingly difficult.

No. 3

No. 4 Spot rubber unhaled

open

Interest

Volume 20.200

Open interest

181200

27,000

437,800

20,400

200,700

24,700

244,000

19,600

232.000

*4,300

B0,000

6,200

$7,200

15,300

120,100 1,529,000 bales NEW YORK

Prices of futures closed today

Creation of such a market as follows:

Spot would in the opinion drowever

Silver Price Boosted Again

New York, Feb. 15.

Handy and Harman, bullion

Future closings were:

No. 1 rubber ner lb. Alar. 2013-10475

Apr. 101-11 May unquoted

Ne. 2 rubber ner b. Mar. 1024-103

H

Blanket crepe ..... No. 1 pate crepe

The market was steady with NEW YORK METAL as follows: dealers today raised the price of spot marked up 1⁄4th of a penny!

ató 31% pence per lb. Prices

3144-33

nine ounce, the highest price in No. 1 Ras spot. ...............................

2 months.

This is the sixth price boost since the start of the month and brings the price the highest since it reached 81% cents on Feb. Nov. 27, 1055.

Mar.

30,20

35,74

33.10

23.02

Kept Busy

And whatever the prospects for new orders In 1956, British factories wil be kept busy de- livering goods under last year's contracts.

Some firms, in fact, orders outstanding from 1054.

London Express Service,

A. Rubber Trust UTILITIES

Tram

Star Ferry

Y'mati Ferry

Want (0) 22.80

have

C. Light (N) 18.80

Eletric

43!

Rubber Production, Consumption

afternoon, and soon covered some losses.

prices re- carlier of the

102-102:5 100-101 10514-10531 93-93 117-110

of most delegates, be one of the essential steps to RESUre a

for {uture satisfactory European textile Reuter

Mor.

May

July

the

Oct.

31.07

industry. --

Dec.

31.70

Mar,

31.48

May

July

31.13-15 30,00

LONDON

NEW ORLEANS Prices of futures closed today

Spot

Mar.

34.70

FUTURES

May

33.07

July

33.84

Oct.

32.03

Settlement house term:

Dec

31.03

both

Mar.

Apr. Apr/June July/Sept. Oc/Dec

31-3141

2311-2012 2012

New York, Feb. 15. Prices of metal futures closed -200 today in cents per ib. as fcllows:

Mar.

31.49

MAY

31.17

July

30,73

General markets, cif basis, ports:

Apr.

The recent price Increases, Estate crepe thin Mar according 10 Handy und

thick Feb

Lead 302-31 301-391% 303-305

3224

Feb.

16.20b

Mnr.

15.23b

Tin

Feb.

07.50b

Mar.

Zinc

Feb.

The New York and Amsterdam

Mari

#uver 3-cont to 01% cents

97.50b

12.271

11.270

Mar.

41.251 44.101

United Press.

Hannan, have reflected an in-rubber prices were unavailable. Copper Fel sufficient supply of the white United Press..

melal to salisty

fil

demand.--United Press.

normal

New York Foreign British Stocks Fall

Exchange

New York, Feb. 15.

England official .........

+1

Australia

30-day DO-day

New Zealand'

South

Bemium

Other Press

Africa

were

200-7/11

future! 2.1H future 2.70

2.2497

4.7044 2.00-13/10

1200 unchanged, United

London Foreign

Exchange

Back In

24.10

Washington, Feb. 15, The Commerce Department reported tonight that world puction and consumption of natura and synthetic rubber in 1955 set new records. Citing estimates of the Inter- national Rubber Study Group, the department sald world pro- duction of natural rubber was estimated at

at 1,805,000 long tons in 1955, compared with 1,802,- 500 in 1954 and the previous high of 1,085,000 in 1951

LIVERPOOL Future closings, in pence per Ib. were as follows:

014 contract Mar/Apr.

May/June 25.10 July/Aug. 24.10 21.73 New contract May/June

21.48 July/Aug.

Oct/Nov.. 20.80 Consumption of natural rub- Dec/Jan. 28.10 ber in 1955 reached new high

40.30 Egyptian Karnak Mar/Apr.

of 1,830,000 tons in 1855, which SAO PAULO

was für above the provious high Futures unavullable-hollday, of 1,750,000 ect in 1854. In the US the average price of 15/16 middling cotton at 14 of

Maeno Elec.

(01.. Масло лес.

(N)

Telephone

INDUSTRIALS.. Cement ......

530 22.00

3500 22.00

10 1000 10

Crucible,

ran

קט

Montgomery Ward

Motorola "A"

Nutional Cash Her. National Dairy Prod. National Lead National Steel Com. New York Central Olin Matheson Olis Elevatore Owen-Illinois Glass

Paelic Gas & Elec. Pactile Western Ol a point to more than 3 points, with the Paramount Pictures

Pan American Airways

Increased Parke Davis Co. Penny J. C. Co. Penn, Sall co Phillip Morris

Inst reflecting, an dividend and proposed common stock offering to shareholders.

General Motors and Chrysler hod gains of around a point.

In oik, Richfield. Shell, Jersey Standard, Texas Co. rose a point

2 points.

to

cine, & Gamble, Co. Akhurah Pinte GlasA Publieker Industries

Du Pont climbed nearly 3 in

chemicals.

Metals were strong.

Aircraft gains ranged to near

ly 2 points in United Aircraft.

New York Stock Exchange

Pure O

Radio Corporation Repubile Steel itaymoide Melal

steel Dit co...... Saint Reg. Paper Sinir Ö

Socony Vacusin

South Porto Rico Sugar Southern National Gas Southern Railway (Coin. Standard Urands Standard Oll at Cal

7300 7 18.99 bond volume was $4,780,000,

300

American Stock Exchange Standard Oll of inst

45.25

.2900 45.25volume was 790,000 shares,

000 of 45.50

Standard Oil of

Dow Jones closing averages Sterling Drug Co.

1400 43.23

22504 45

were:

500 45 25 30 Industrials

500 - 45.50 20 rail

500 / 45.50

Stokely-Van Camp.

470.64 Studebaker-Packard Corp.

15420 Swift & Co.

64,50

107.28

200 43.23 13 uulities

165 stock.

500 4.75 40 bonds

0% 0.00 900 @ 9,60

0.20

Comm. future price index Comm. spot price index

153.30

100.39

225 @ 8.40

343%

500 30.75 Allied Chemients 1500 39.50 Allied Mills. Inc.

Closing Prices

39% 30% 0003054kden ing. Acy.

Hope STOKES, ETC.

Dairy

15.10

Allis Chalmers

American Airline

10.10 (0.30 500 & 10.30 | American Cyanamide Co.

1000 18.40 Am. Mach. & F dry.

Watson

...... 12!

COTTONS

7.75

Toxillo CoTD Nanyang MISCELLANEOUS Allied.... II.K. & FE

Invest, .... £1.40

800

10.30 | American' Motal,

1000 ne 18.20 American Smelting

200 or 12.00 | Am. Sugar Net.

100 & 32.00 | American Tel

300

12.00 | American Tob.

0.00 1000 315

15.50

New York Sugar

Market

New York, Feb. 15.

Anaconda Conner

Armeo Steel

Armou?

Baldwin-La-Hamm

Ballinore & Ohio Bendix Aviation Corp. Benguet Cone.

Bathleliem Steel

Boeing Airplane Borden The Co Burroughs Add Machine, Canadian Pacife R Case (J. T. Co

C. I. T. Financial Corp. Cat. Tractor Celanere Corp.

Chase Manhat, Bank Chrysler Motors Colgate-Palmolive Co

and consumption No. 4 world sugar future Commercial Credit

per in non-closed today 1 to 2 points higher.

Il rubber

designated spot markets WAS Communist countries during

bales.

KARACHI

TRW

35.30 cents, Sales totalled 41,672 1955 passed the milloin-mark No. sugar futures, domestic, for the first time. Production closed 1 point higher with sales was 1,085,000 tons and con- of 373 contracts. The market was higher today sumption 1,009,000. United

the tight statistical. | Press. owing to position and higher up-country advices, There was a rumour around that the Indian is going to issue foonces for 50,000 balts

London

London, Feb. 15.

import

Dollar stocks and certain American favourites

managed gains, but most sections fell back sharply for Pakistan cotton under the in active trading on the London Exchange today.

Street. British

stock"

recent trade pact entered into by India and Pakistan. Pricts closed today in rupees per maund as follows:

་

02/14

0770.

Singapore

Stock Market

Singapore, Feb. 10.

World futures firmed with unb domestic market, while contracts also reflected improved refner interest in raws at rising prices,

Japanese

Dealors estimated purchases of world raws in the past few days in the neighbour- hood of 80,000 tons. Fuíures:

Contract No. 4, (world)

March

MAY

July

October

Brokera today, quoted the September following stock prices.

Fears of further goverment session, although some taues anil-inflation noves more than failed to hold at their highs. offset favourablo news from Wall American Ford found support 48 Punjab roller gin

DO/O government and gained £4 for a five-share 200FNT Sind roller gin

Baw gin acd industrials loak block.

pd/s Golds opened Arm, then zegFNT Punjab roller din ..........

Opening Spot (conte per lb. feb Cuba)

Contract No, 6. particular punishment as softened and closed with minor

Batu Lintang. Co. Etdig... 1180ed naw Kho

· 102/0

British -United Press.

Borneo Petroleum nervous zeling mounted during gains, the closing hours of the session,

Tho. Exchange closed techni- 250-5/18 War Loan fell sharply to un all-cally at 12.45 p.m.

because of the tow. Liquidation is the a problem in printing the day's "gills" was widespread.

ist of prices. Omcial closing

New York

London, Feb.

Montreal Amsterdam Frankfurt

Lisbon

2,001-2,80-2016

-10.01%

1750-1282 Mitan

12211-12,223 Zurich

Others were unetanged-United Preska

Zurich, Feb. 16. The present. Swiss 20-fmne cates are to be replaced in the near future," the Bwiss National Bank announced.

A number of false 20-trene notes were discovered in circula- tion in 1956--United Press.

Dollar Group

租

time is 3.30. However, exchango

mid they would an "emergency

by

1

Byndlonte Consolidated Tin

Oyil.

LONDON METAL PRICES

Smeltere Fraser & Neave. Lig Ord

44/~

30/

Marchi May July

September

November

Penser & Kosys Tis eum,

preť

Spot teenis

ox-duty)

Hongkong & Shanghai

“Fanling. Corp.

Hongkong, TN Lada Kompend

7/34

Rubber

$3.50

$1.7

hollerb

Pauling Tin Li Talimotoka Chop Baites itotal

-monuit

Lingapore Cold "RIOTAKU. Copper spor POS0049055 | South Kirkus Samuraice Caj 1-month

Aho

BMX 300%*), 1nlled in Tenes ord. “United "Prébe,

London, Feb. 15.- Botax and Bowater managed

The tip market, conunued to hold firm and post small tonight, to insure having such stoly Pricas closed today in gains, but industrials generally a

Teachy

tomorrow sterling per long ton as follows: closed with lowes ranging from morning

aixpence to two fins to all The action come when the shares, with Royal Dutch spurt printers aid they could not tog moro them£1. Other | Promise dilllvery of the regular leaders gained two or three fat on time tomorrow. A total shillinge.

of 7,207 bargains had been recorded up to the "Lcclinical" closing time,United Pros,

In the dollar group, strength |was apparent through the entire

(tärme Rubber Pointes LED,

rekeyan Breweries Berandah

pet u off NY

Exchange Rates

Issadeveen : krng done in the decal amofficial, profsange market. This 204|| morning,ek, the following rules

Indone

load (per 100),

DAY 1001

Texas Co.

Tido Water Ass. Oil

Twenty Century Fox Film

Union Carbide : .............

Unior Poelie Hallway

United Aircraft

U.S. Gypsum

US. Line Co.

US. Rubber..

U.S. Smelting

Warner Bros.

Westinghouse Electric

West Ya Pulp & Paper Woolworth

#22

1001

19. Steel.

35

FBAL

23

#

2433

404

A

IT'S

56

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