1956-02-23 — Page 9

TRADE

THE CHINA MAIL, THURSDAY, FEBRUARY 23, 1956.

and

COMMERCE SECTION

BANK'S WARNING TO SPAIN

STROMBERG'S

ORDER

Washington, Feb. 22

A representative of the Stromberg-Carlson Com- Patly announced here today that it has rrorlyed a con- tract from

United States Army Signal Corps to provide $1,500,000 worth of communications equip ment for South Korea.

The equipment includes telephone exchanges For Yongdun - To. in th và It.

· Kangnong, Chongju, Iri. Pohang, Sungchon, Won. Jua, Kwanju Andyonu, the Company agent said, Home other equipment will be instated at Seoul, Tacjon and Pusham, he added. United PreNG,

Russo-Canadian Treaty Ready For Signatures

Ottawa, Feb. 22. Russian negotiators are ready to sign П trade treaty as as they get go-ahead from Mos- cew, official

sources said

the

today.

soon

The tema of the treaty, ex- pected to go for severa, year have best agreed on in prirtelple The Capasitas aurt Russ{212> "They Jearned, baders, it was have en bargaming most duly since the Red grumps arrivet en Feb. 1.

Prosperity Could Lead To

Economic Instability

By Henry Buckley

Madrid, Feb. 22.

The prosperity which Spain is enjoying

could lead at present

to economic instability, is the warning given here by the well-known Banco Central (Central Bank).

The most thorough study of Spain's economic situation made for some time has been prepared for the Banco Central by a team of experts who included the outstanding economist, Senor Jesus Prados.

The impression given by The report of this team on Spain's during 1955 hal Span is modernising at a Jee which strains

availab.e antial means.

State

#1

Heavy expenditure toy The housing. 01:

mattway modernisation, new ronds, work in comection with the Amer

bases,

other Pan

tikel

<L

wheres, 14 bays, has creatsel pressure on entrency stablh y

Indispensable

coming IN FOL

hazin the clumination už „boll! ^- treks in the Spanish economy.

STANDARD

ORDER 2

TANKERS

Now York, Feb. 22.

Standard Vacuum Oil Co. announced today

The

that two super tankers are being constructed in Japa- Swedish ship- nese and yards at a total cost of $11,000,000.

Vessels 4 'The

38.800- deurweight kon vessel to be

The authors of the report do bulit in Sweden and a 35.500- tonner which will be launched

T

nut see any reonomie danger in the sharp upward ternd of stock exchange prices during 1955.

ate of prives on the

optimis," they garded with derre, and indicate that tar- who people by diet not buy industria] lesups, fire now doing so, thausies the erent extrasion in the aumatic 21 branch banks all! Lover Spain

forme

A

American Aid

Americton aid. the report states "The benenelau

se wks of the aut to Spals by Und States are marred by expansive Jestowner

FIRST OF THIRTY JETS ORDERED

Los Angeles, Feb. 22. In what was described as the first step in providing TWA with a total of 30 jet airliners, Howard Hughes announced on Tuesday the pur- chase of eight Boeing 707 Stratoliners by the Hughes Tool company which in turn will make the airplanes available to TWA.

scheduled for! Japan--wre

1959, September,

delivery and 1961, respectively

2

The largest lanker to be init In Sweden for a majut uil com- pany, the scheduled $0 million lew vessel

will measure Inches

700 tert in short length and is designed to haul of petroleum. 336.000 The Swedish contract went to the firm og Kochums Mehannka Verstas Aktiebolag at Malmo,

barrels

300,000 Barrels

Company

Masubishil Shipbuilding and with Englivering રી short-term plud Although construct the $5 millon, 35,500-

ず

tit.

.k

Over

10th 117

vessel

which will carry

ton "xorgerated nature, the study of | 200,000 barrels per telp.

nititas ti

indicated."

These expenditures represent prostune which an pertumper

for

Spanish the gummy," Hadiks. "I would 1 well to study whether the

1 L affected by the excess of prose

11 through which pasang at present "

The Export ntact thes

di penable the preparation of an economie plan for Spain. IB which Tulure Investments. would be directed according to the national needs, but states tiral the pres til

Acary Under the treaty, which wouldpenditures its advantages.

fundamental most-favoured- torins bas

annlysing the rhe la State na lon tat i, entinen shoilar to that extended Britain at 1 and private share issues from 18,204 million pesetas in 1954 to United States, Hussa's

peretas country25,361 million The grain mid-December 1985, the set transported stresses that the new steep and plants beins to Viadivo-electric-paw en

widi

prodatbly

Word from Moscow is exjacjed *arithai. Ở tay từ :D),

close to the tal santi

grant

Rurstu

purchases Tom

wonili he wheat would hhey kat

serts the Pacife

Block Un ted Press.

West

Die source

established

*x*

C-

Ta

German-Egyptian

Payments Agreement

Bonn, Feb. 22.

West German and Egyptian

negotiators have

agreed

on a new

Both vessels are destined

L11

crude oil service between the Persiuts Gulf and ports

india, Australin South Africa, and Japan.

A

consideration primne

contract to awarding the

The atormation of Spately eremony into a more balanced for

report, Fen2TES is noted by the which regards it as significant that althought 1965 was only a moriente year for agricultures in Spain, the national Income rose by 2.6 per cent per inhabitant,

increase

ran

Soviet Bloc Importing

US Machinery

sources

com-

The Boelog Airplane pany has contracted to deliver the rst eight jetliners which cost approximately $4 million each-during April, May, June, July and August of 1959. MT Hughes suid the remaining 22 for aircraft would be ordered

TWA during the next Few

months.

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

WORLD RUBBER MARKETS

Singapore, Feb. 22. Tho market opened hesitant but later short covering stendied the situation. There was only little grades.

interest in lower

Future closings were:

No. 1. number ner b.

Match

Auri

May

08-001

No 2 rubber per th

901-7 Wiquated

PO-37

DAIG=16*

Starch

No. 3 rubber per

Murch

Nut, rubber per !b

March

Spot rubber unbatet

Honket ereje

No. 1 pale crepe

LONDON

94-05

12-09T2

100-110

The market was weak with spot quoted at 20% pence per

.. Prices:

No. 1 R spot

2017-20

Settlement house term

June

April/June

ly/Aug.

2012-201

Oct/Dre

General markets, et tusks gorts:

March

07-271

Apli

7718-2793

Eilate crepe thin

anquotel

Estate crepe thek March 20

AMSTERDAM

Prices

The market was wenk, closet today in guilders per

Bustnes done on the Hong-kilogram, cif March as follows:

ng Stock Exchunge this toorn- in amounted to spp oximately $810,000. Noợt quatalions and the morning's transactions

HK Bank

SHARES BUYERS SELLERS SALES BANKH

n

1740 17405 4

10

10

1700 2765 1760

200

East AND

Lo Underwritein

K. Whart Dock Provident 101 ofLAND, ETC

The jet Stratoliner Model 120

a to has ordered for TWA

of 600 miles speed in excess per Jour Ang W maximuni Washington, Feb. 22.

cruising speed of 575 miles per Informed

today hour. This will reduce the y-INSURANCES reported a sharp increase in tune from Los Angeles

Russia and New York to 4 hours ang is DOCKS, ETT orders from Rumania for American farm minutes

The planes will be equipped. Lavith

Uype an advanced machinery and seed corn.

Informants credited the in-engine silencer which will comfort of Russian crease crease lo the visit

passenger famu

to experts

the Unterreduce the take-off noise level. Mr Hughes said that the planes So far this year the Con- on order form Boging would be Prait & four merce Department's Bureau of equipped with Foreign Commerce, which must Whitney engines. Issue Urences for all shipments

States last year.

for

the

at

a large part of Stunvac opera-

are carried on Lions

In coun- tries where sterling is available. Swedsh contract

The

Wils

In sterling.-United

73

222

15

112 11te LT KO 10 10 12,000 2 1770

inoon

In- and

1K and 1031 63

INI Humphreys (0;

INI Really

KL. RUBBER

1

101,70

THI

A Rubber

Trust

UTILITIES

Trop

Star Ferry

The Boeing jet is 134 feet to Russia or her satellites, has in over-all length, has a wing

proved "in the neighbourhood span of 130 feet 10 inches and of 31,500 worth $1 million"

of farm will carry a payload The danger represented by Swedish him was the fact that hinery und seed corn ship-pounds.

ments to Russia and Rumania, Most of the seed corn is for Rumania.

No farm machinery was ex- ported to the Soviet bloc coun- tries

The last year.

ter of So far this Hence applications year is the greatest in recent

FOL Exporters approval during quarter

1055 of

SDING $206,000 worth of seed corn for | Rumania

negotiated

Industrial prices while agricultural prices remain stable, as has happened in the last few years in Spain. .. vemphasized The purchasing

the turmey must be? Press. Power

also The report maintained.

uggests the news for capital investment in agriculture.

No Danger

it

Spam must export the,

Shipbuilding and is stressed, other trades employing consider. manpower, or which Spain bas plenty, are felas suitable for export developinent.

The authors do not foresee a danger of an excessive produe- tion of steel as a result of the const construction of the new State- Aviles plont sponsored

This plan (Asturias),

CANCY this patial production year, 1959 and by 1000 shoul3 be mundturing 700,000 tons sice annually. Spain's low

Is mentioned.

The

payments agreement providing for into

Foreign a

multilateral settlements,

us

Ministry spokesman has announced here. consumption of steel at present

He added that the two governments were

describes report expected to approve the agreement within a week.mpressive" the daure of 14,084

and snel! In all probability Egypt's payments to and from big

new enterprises West

open in Spain the UK, Belgium Germany,

and the authorised to during 1954

and says that Netherlands would eventually he settled "his number may have been

exceeded in 1955."

multilaterally.

This would mean

The "great rapidity" in the increase of industrial production

That the for sterling, which means that estimated at 10.5 per cent over currency of each of the coun- she can use her earnings from that of 1054, is mentioned. trics involved could be used to trade with the sterling area for seltie debts owed to any other purchases elsewhere in the soft taking part In the arrangement. currency areas.

He said

Dact could exports

Plan Needed

multilateral pay- The new mutilateral

Eletric power production for ments were a novelty in settle would near that Egypt

1955 was approximately 11,500 ments with Egypt. The system use her earnings from

ruftica kwh, or 10.6 per cent might be udupted also with to Germany for purchases from greater than the figure for 1959, other nations in the Middle Britain-if British goods had About 12,000 motorcars were Essi,

competitive advantages over manufactured in Spain in 1955, German exports to this market. The overall plelure given by

this comprehensive

survey of Observers in London consider Spain's economy is that Spain that Egypt is following thes modernising rapidly but that negotiations with example set by Brazil who an economic plan is needed C Egypt, which took

instablished a similar trade Land | finançlai disturbancea ure to be the future--China

Consolidate Swing

In

the

place

Cairo, West Germany agreed to payments agreement with Ger-nvolded In

of 03 many lust year.

former

consolidate the wing million marks in the West German-Egyptian Iradz agreement, and to extend a further credit of 31 million marks. The money was to bean market at the present time.

repaid by 1061.

Britain is the largest single suppller of goods for the Egyp-

Her purchases of Egypilan cot- Ton and other goods, however,

Products such as rice, onions,tended to decline last year. wine and cotton would be ad- mitted to West Germany. Some would be admitted

throughout

the year, but products compot- ing with German farm produce would be admitted seasonally.

upper limit on the volumo

Important Step

Mail Special,

LONDON COPPER

MARKET

London, Feb. 22. Copper price touched another new high this morning at the official morning session of the London metal market.

The rise was largely

que to

Singapore

Stock Market

Singapore, R. 23 Brokers Today quoted following stock prices:

Balu Lintang

Rubber Co. Ltd British Borneo

the

years.

Reeneo

the dourth

for

Such items, as seed corn and farm machinery are not burred in the European from export

bloc. Soviet

They fre con- How- sidered peaceful goods. Openingsu

ever, under export control Inw $1.03 x and polley they must be licensed like all other non-strategic Rems heading for Iron Curtalo countries, United Press.

Petroleum Syndicate

414 1..

Consolidated Tin

23. Dck

Smelters Ord. Frater Neave Ltd Ord. $1,75 Fraser & Neave

7 Cum. pret

Hongkong & Shanghai

Banking Corp. ...

Hongkong Thời kh Kempas Ltd.

Lures Rubber Estater '18

Malayan Brewerien New Serandali

Rubber Co. Ltd.

Painting Tin t

$3.85

$940

ia 3

44.12

$3.50

#1.342

<t

Rates Hotel Singapore Cold Storage Smith Britis

Insurance Co.

1.11

$77.50

straits Trading Strait Steamship United Engineers Ord. Wearing Bros.

$20.0 $12.00 $8,00

$2.87

-China Mall Spreini.

LONDON PEPPER MARKET

India Relaxes Tea Export Ceiling

New Delhi, Feb. 22. India's Ministry of Comineree Industry announced yester- day relaxation of its ceiling on ten exports in order to stabilise prices.

con-

No. 1 rabber

Nu, 2 rubuPT

No 3 ruber

No I crepe

The Tokyn

2.79 nem

2. nom.

2.05 noin.

3.9 nom.

market slumped

Tuesday to its lowest point

seven months.

Prices on the rubber exchange for February delirica dropped to 123.70 yen (about 34.30 cents) per pourd, a drop of four yen, wide Judy delivery prices went down to 116.20 (30,60 centa), D lose of 2.70

The business publication | Nihon Keisal blamed the drop on "hole selling caused by the reennt precipita ion of foreign rubber quotations."

Marc delivery prices on the New York market

33.15 arc vents and 2071 piner on the London

Exchange. United

1.00

307

2.30

Press,

2100 25

143

Light (0) 21 00 21.00 1000 4 2190 WINNIPEG GRAIN

Yaumatt Ferry 103 103 C Light (N) 10 19.10 1500 10:10

Electrie

Machu

Ker (0 Macau

Elec (N) Telephrine

400 18.20

434 43%

2400 435

250 4322 1600 424 500 J 4345

MARKET

Winnipeg, Feb. 22.

Prices of grain futures closed

today in follows:

cents per bushel na

771

મા

11.30

Cate

32 104m 32

10031.75

May

2000 Sa

July

Del

it ye

24.

15

1034

STORES, ETC.

July

100%

17 10 17, 12.00

.

371.

Del

Barley

INDUSTRIALS

Cemyot

Rup

Dntry Watana COTTONS

Textile Corn 5:29 & MISCELLANEOUS

Yangtze

Allied

5,50

ارم

GUD

May

July

Opt.

4u Flaxseed

Slay

July

Cit

London Foreign Exchange

London, Feb. 22. Foreign exchange rates today i closed as follows:

New York Montreal

The government said it would! permit the export of urwold North Indian tea to the London auctions until May 31, after tea producers and tea interests esk- ed for relaxation of the govern- ment's celling of 140 million

could be pounds which signed to overseas markets.

The 1955 crop in North In- dia totalled a record lion pounds and coincided with Frankfurt a worldwide slump in prices. Part The government's action is ex-Stockholin

and Zurich 14 11 peeled to stabilise prices.

Others were Black Malubar was quoted help India's economy.-United Press.

London, Feb. 22, The pepper market was quiet. Prices closed in pence per lhs, as follows:

While Burawsk

Black Barawak

at 257% shillings per hundred- weight March, sellers; while February was at 255 shillings.— United Press.

London Exchange Discounts MP's

Gloomy Predictions

London, Feb. 22.

Industrial and gift-edged issues led stocks higher dis as buyers apparently on the exchange today, counted the gloomy predictions of labour MPs in the House of Commons debates last night.

Unilever was strong in the in- dustrial group;

367 rising 2s Gains of about a shilling werk registered by Courtaulds, Ford, Rolls-Royce and Vickers,

American Ferd Motors bold

LONDON METAL PRICES

London, Feb. 22. Tito ปก market was much

Spot Limer this afternoon, rose 2 points to £824 and Brilish government stocks three months 4 points to £704. were strong with four per cent Turnover was B5 tons.

A British Treasury spokes- possibility that there will be a unchanged at 113 sterling for a man said recently "we welcome shortage from Chile, plus the five-shinte block. these proposals for multilateral | reorament

demand.

The draft agreement set no trading with Egypt, Multilateral- Copper spot was quoted at

of Ism is a policy the British gov- 4172 sterling per long ton, Consuls rising 225 6d, War Loane Prices closed as follows:-

comment has always advocated," sellers.

trude, but that, quotas would be

set for agricultural goods com-

peting with German produce, In Cairo, the new ogreement has boon velcomed by Western Purchases Elsewhere financial experts as the first im-

portant step towards the liber- alisation and exparislon of trade

in London between Egypt and the Western multilateral Hemisphere: Egypt is expected

with

Exchange Rates

Prees.

Amsterdam

Brussels..

503 mil- Copenhagen

End Of Newsprint Shortage Scon

St Petersburg, Fla., Feb. 22. Two Finnish newsprint inanu-

predicted that facturers today the worldwide newsprint shortage shoult be over in three years.

The prediction was made by Mr Mulo Nederstrom, Resident- Manager of Mylykoski Paper Mills, Lid, and Mr Pelka Vurisale, mill manager for the Arm, who are here on a tour of they newspapers American supply with nowsprints.

They said their optimism was baced on the present rate of ex- pansion in mills in Europe, Canada and the United States,

the Installation Capital and of more paper-making machinery were the keys to beating the shortage, Mr Nederstrom säld--- China Mall Special.

London Wooltop Market

Milan

2.80.11716-8-40/13/16 2,60.1/16-2,19,NSIG 10,02%-10 617. 130.40-139.43 170337-10.34! 19.72-11.724

1709-1753

419

405

Canadian wheat export price, non-IWA, No. 3, 103; čerts; No. 5. 125 cents.United Press.

SAO PAULO COTTON

Sao Paulo, Feb. 22. Cotton futures closed today in cruzeiros per kilo ns follows:

March

14.531-14.53*,

July

12.27-12.23.

uneltanged. -- United

Dre.

27.36

29.20 31.40- 32.20

United Fres

A NEW COMPANY?

From the word “GO".

place your printing order where you are assured of personal attention, expert designing, the finest materials and craftsmanship.

From Articles of Association, Share Certificates to Lotter Headings and the many other ossential items, consult the Printing Department of the South China Morning Post, Ltd.

Call in at any timo

of quality printing which

we shall be prond to akow you,

Three months

buyers WAS 17 00, and ancient Old Consols, Spor quoted at 400 sterling, sollers.-up 15% to £54 35.

mellate burden United Press.

British Petroleum moved T-3-month, bijyers wellene In "active dealings, i

busines Dutch lost £1⁄4.

Other metal prices closed in

2221

037

mil

*13

104

Closing prices were:

buyer soilers

419 41914

13.

London, Feb. 22. Woolton futures market closed steady with a turnover of 20 Tota.

March MAY July Remember October December

T

and, examino specimena

10534-106

104-100

1044-106

104-1041 103-104

Morning Post Building

1101399.

MATCH

103-10314

MAY

105-70344

July

103–1031/

Printing Dept:

All In pence par United Prem

Germans were more popular the afternoon per long to in Business was done in the local than in recent sessions with sterling as follows: 1100fficial

Amenied exchange market this; Dawog'

and Young morning at the following rateaz, including to continue her barter and com- 19. dalinë (per/90)

B.Dt Loan Non-sasented. bol up £1 Coppers spot Sterling salon, (per" 41) 18.20 | Japanese wore quiet but Tokyo month

Lead and hall to. Austraian notes (per £11

fivo per cents role 42 and a Inclónomlan rupiah (per 100) 150 couple of others improved 2%. [Zine 2nd hall (ph May -United Press.

tha

Informed sourcos ballove that payments system

trado Egyut would have a number of pansation Indirect advantages for Britain. Festern Europena emitirles affu Egypt is already a member of China for some time yet-China the transforable account aroa Mall Special,

Stam tical (pur: 100)

Singapore (Hernien)

Make an appointment with Mr. R. Labrum.

Wyndham Strest,

Telephone: 20002