1956-02-28 — Page 9

THE CHINA MAIL, TUESDAY, FEBRUARY 28, 1956.

TRADE and

COMMERCE

SECTION

HONGKONG UK

STOCK

Lack Of Statistics Fooled Economists Austin Assembly Routine Realising EXCHANGE

PRIVATE INDUSTRY

INVESTMENT WAS UNKNOWN

From Ronak Boxall

London, Feb. 27.

The House of Commons listened in embarrassed silence last week while a back bencher accused his leaders of mismanagement of the country's economic affairs. There were no cheers of encourage- ment from the Opposition for the speaker had already made it plain that he considered their past handling of affairs no better.

The speaker, Conservative MP Sir Robert Boothby, was never a man to mince words. Crippsian austerity, he said, had resulted in devaluation. Mr Butler's "dash for freedom" had landed Britain in its present position. "The record of both parties in this matter," he said, "is pretty lousy."

111

speech venteer! exameniton that as

Curry at 17

1łu

10 atre

succesive vernment

the lentless rise of prices.

Mr Butler way form af for unlearn duce a supplementary Saulget in of Ch Toben to restrailt

1otamatu obice Aaptent is not easy to control enter of paley

L.

The trouble now, we ane takl,

That Ita

has

factores **W installing so much

1171

The

In Philippines

Birmingham, Feb. 27. The Austi Motor Ex- port Corporation announced the conclusion of tranchise agreemenia which will on- able Austin cars and light trucks to be assembled in the Philippines.

This markei HON been virtually closed to British

manufacturer for neveral years owing 14 tariffs which make the sale of assembled tint pro- hibitive.

The vehicles will be ex- ported

JEN completely knocked down units' and

assembed Itz

Philip- purs hy Fabar Incor- purated of Manila.

will

-

First shipments drave this month and sembly with ald of Austin technicians

was exported

to start about the middle of Aprit--China Mail Spe- clar.

NY COTTON

FUTURES

QUIET

New York, Feb. 27. Cotton futures today see- Bawed narrowly in quiet dealings.

On Wall Street

New York, Feb. 27.

Stocks backed down a bit today routine realising and less active trading.

on

(From Our Correspondent) Burifless done on the Hong-

kong Stock Exchange this morn- ing: umounted to approximately $920,000. Noon quotations and the inorning's transactions;

SHARKS BUYERS SELLERS NALED

BANKA

lik Bank

The turn was seen as a normal one in view of last week's sharp gains which INSURANCES lifted prices near the year's highs and the recent market tendency to hesitate around the 490 level in the industrial average.

Union Carbide

Industrais today cloth at 495.00. off 0.66. Rafis dipped to Pacific Railway

Unard Aircraft 045 while the utilities alone 19. Gxpan managed a small gain--0.05 U. 8ine Co. G2 numerius issues edged ups Rubber femtionally, ontweighing a is Sueling of store than a point in Pan-Warner Bros. Janndle Ba-1 1'izie Lin,

Westinghouse Electric

1.9. Stre

or a total 1212 uses traded! West Va Pulp & Paper 520 were lower on the day 482) Woolworth

1 p bisk start which¦ bud Tickets running lite bartetty. Wilh purk m Bron, furtover cupped to 2,440,000 shares from i 2,890,000 on Friday

Steels Off

Tobacco stares were hit by renewed reports linkbig smok- ing and einer and a rep of points J American weighed 1 the 122- Reynda

Searly 2

Tubace

clasta ial

overage,

Johacen lust more than a posni

21

چپریا

Viren Underwriters DOCKS, ETC.

Dock

Provident (ON)

Wheelcel

LAND, ETC.

11K letel

112

170

70%

BO

HIK T

Uld

(New)

Humphreys

Realty

TLA

RUINSERT

43)4

Grain Futures

Hit New Highs In US

Chicago, Feb. 27.

and rye

Wheat,

most

1T with Loybeans futures leaped to Youngstown new seasonal highs on the each down Board

of Trade today, while corn and oats point,

advanced only slightly mostly jabove the steady mark.

Demund for whent Wal Continental stood cut amongeredited to news of dust storing

Bard

Steeks Bethlehem Sheet and Tube Carre than 1.

Apperi Chrysler General Motors a

elsewhere

fractional in malls.

1

1

Al Qir riese ne fast rufeel oft 30. up 18 poura Opening

were an apponats New Orlean wif 9

זי 111

Mitsגזין

T

with a pan of Old crop nie w

Chemd hd sta ong defenave most of the day, feed is to keep, malfal inst the weight of March liquida- with Da Chiessigaf up enth on 111 ilft investment economy on an even keel. Thes

tne of Pent nearly a point lion and voicing by bushestry

ling sealls for the judgment

New York Stork last work's buyers in the May danger thai

always Bust

and July deliveries. new plant | guardest against is that any New is sagine netlon Triven to correct ht Yel Jess | might tip the beat over in the than two years ago there was

oppolle direction And no one equal concern. because invest- want to swap inflation for de- ! ment in new means of prolac-nation ting was Plagnating.

นรกใ the unm

the strom.

under

Glaring Omission

arui his predecesors at the Treasury lacked the proper

ari

his

When

fa

volume

was

Stock

uver

ONL

promoted

1730 1700

D. LO

M2 30 2000 35

1

1.50 0.75

Government Stocks Gain

London, Feb. 27. British government stocks posted gains up to £1⁄2 but most other section closed mixed in quiet trading on the London Stock Exchange today.

bar-

Trading totalled 8,750 King, the lowest Monday total

in five months.

The "gilts" Armed aflor erratle behaviour earlier in the ression, with clemand pushing

four per cent Consols ahead by nearly In shillings. Othera showed guins between (lve shill- Ings and seven shillings and sixpence,

measures.

In the industrinis, selling hit chain store shares and other 18 20 18 40 1500 170 Issues kely to suffer In the

1000 18.00

wake of new government anti- 300 10,00 islation

Wool- 8200 or 18.40 13300 130 worths skidded about a shilling,

as did Unilever and Vickers 41 01, 2000 - 61 Rolls-Royce moved

ngainst the 300 015 180 2 5010 | frend with a gain of nearly two

shillings.

12:00 143

вот зде

100 / 24.70

Bowaters Up

A Rubber 763 172 3000 1,675 | VIILITIES

Trond

24.70 Yust Ferry 14013 100

Dowaters was another feature, 14ght 10 211 21 20 1000 25.00 +5p nearly three shillings at one CLICK (N) 10 GO 18,70 3000 10,70

Electris

Marg Electri

(Old)

INow!. 8.30 Teteplione

INDUSTRIALS

Cinest

J

dest

A.S. WATSON

DIVIDEND

The Board of Directors of A. S. Watson and Co., Limited ro- port that, the net profil, subject to audit, for the year ended Octo- ber 31, 1958 amounted to $639,- 172.31.

After providing $68,- 000 (or taxation for

the year 1958/7. and

and including the sum carried forward of $83,274.25 from the previous year together with the amount of $14,099.25 being unclaimed dividends for- feited and the sum of $100,041.95 being reservation for taxation no

the longer required,

balance Available for appropriation amounts to $861,187.70.

The Directors propose lo utilise this sum by transferring to Battle Stock Reserve the sum

Oils opened thin, then eased of $100,000 and writing an with Boyni Dutch fractionally lower.

higher,

amount of $50,000 of the com-

Copperx

Metalhares generally firraed,pensation for loss of office paid

moved

but to the Inte General Managers, Golds drifted and showed most-and by declaring a dividend for ty mall loses at the close.

the year of $1 per share on 600,000 shares and to carry

9.33

421 422 344 « 43 2:00 12

5720 $.60

000 31%

30 302, 2000 or 301,

GOT... 38

Hom STORES. ETC

10

17

WETC Foreign bonds

mixed. Japanes Itens firmed, while

121 13.20

GOD G $8.00

5.30

7.00

0

200 11.30

Dairy Watson

COTTONS

Texillen Nunyang

MISCELLANEOUS

Allfest

HK & FC,

Invest

WORLD

RUBBER

MARKETS

New York, Feb. 27.

Kansa Oklahoma spots, Texas during the weekend, and 2. Du the action

in wheat buying in ye futures. Exchange Deniers said

soybeans moved $4,220,000 higher

short buying and covering brought on by firmer Exchange markels for edible oils. Soybean

April-May delivery, closed at 13% lower basis, decatur, traded cents

new tracts. pound today, L-

The standard 150.07 high for the season.

50.32 Wheat closed off 1% to up 12140 cent; soybeans

to 1

106.13 cents.

егор

showed hares. months

American smail yang most of the time,

C selling, volume was 150,000 Juures, fleeting the lack

Dow-June- closing pressure. while traders wanted developments on Washington

be farin bill.

the

The

were: 34)

astril

20 ratis is utiles

#3

stocks

bond-

Comm. future price index

averages

405.00

Closing Prices

Allled Cirmiesie

March contracts dipped below Mir Mnemillan had this well

the 952 ernt level on realtered 7!

welly

liquidation and spot house sell- franwel

anli-inflationary Mesures.

What he has tried in while shorts appeared to be

covered for the time being. restrict capital in- One reason why lungs have to do is to

open position March at Mr i vestment by government, by is WrOIN Kone 50

that Butler

The certif-Allied Stills Ine nationalised intustries and by the start of trading today toto)- Alden ine. Ay private industries to what the led 78,200 bales.

Frated slock dgelined four bales Allis Chalmers Their job. imation con alford.

weekend to 0,758 American Airline

Am Mach & dry Everyone regrets the need fo, ver economists

bals. without them he is glow down the pace of Britain's E

American Metal The Commodity Credit Cor-American Swelling such things as Investment In

sales of American Tel e ipel reported factories, power plants and o poration

Amertran Tob "1" 83.641 bales of raw cotton last The things are urgently

Anaconda Copper week

the government under

Armour meeleef of the rountry is to hold

The

equipment Statisties tools d forced to improvise.

the

to government economist, were 15 Jun in a highly cum-special programme for cut-rate twin-Limin-¡lanı

On of the Mend gluringon. omissions In statistics mymitatile

Agures showing how

inoustry.

Trade

was what

vered

when they

iles. ther

Junkerd

Cumulative

much pettive wa; kl. But Inflation exports investment WAS plomet by is the hort cut to reaminte dis- slice the new yeur, when

reached started. Rapply the faster and first things must come campaigni

mav first.

891.122 bales out of the million

ales originally offered,

open Volume and

private Board partially remedied this omission:

Misleading

127

الانه

up

CLOSING PRICES Prices per bushel in cents: Wheat, No. 2, red

Mir

May

Mar

The No. 1 Rss rubber futures -45 today

65 points with sales

281 con-

contract closed 25 to 05 points lower with sales of five contracts.

wero

Commission houses and dealer Interests operated on both sides of the market as prices alternately steady and unsettled over a range of % to almost a cent a pound.

Consumer buying interest in spot market remained slack, intra-dealer transactions 50 were reported on the small side.

Shipment offerings from the East were around

"fair Fu weights but above a workable basis.

Spot No. 1 Rss locally was quoted nominally at 33% cents a pound. Futures:

Contract No. 1 Rus

Germans tended lower on pretit forward to the next

the sum of $101,187.70.

Inking.United Press

account

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Leaves London Duo Hongkong

Safled

20th Febru

Outwards "CANTON"" "CARTHAGE" "CHUSAN”? "CORFU"

15th March

27th March

0th March

3nd April

13th April

30th April

Via Southampton, Port Hatd. Aden, Bembay, Colombo, Pening & Bingapore

Leaves Hongkong Duo London

Homewards "CANTON"

Dth March

9th April

"CARTTIAGE"

Oth

Apri

7th May

"CHUSAN"

29th

April

271h

MAY

"CORFU"

4th May

41h

Juna

Port Bald à Lender

* Miso Calle Marseilles.

Via Singapore, Penang, Colombe, Bombay, Agen,

5 21

Sput

22in

112

Mar 222

219iLi

219-

34

May

12014

713

July

2011-

the

24%

Sept

201

Nov

203- 2071

nod

Corn, No. 2, yellow

522

Spot

120

184

Мл

05

701

May

134-1337

***

July

137-1

Sept

13245

14

Nav

1333

sales

Haltimore & mo

44

se

Bendix Aviation Curp

551

1

Benguet C472%

24

133 131

2euehem Steel

1523%

Helg Arplane

75.

als

Burroughs Add Machine

31

Canadian Pacific R

3315

May

Interest

Care (1) Co.

1012

Soybeans, No. 2, yellow

Mar.

T. Financial Corp.

Spot

2017

May

As follows;

May

In itself. The latention is aut

July

Ori.

Mar

3243

July

private industrialists how much

they planned to spend an

New

Toubis regain they always May

building, plant, maclinery and will. Me Hurol! Wilson, the July,

of prxluetion ut Labour other means

Parly's Mr that 1050

cunvinced

Derember Chancellor accused the

Stareh Macmillan that his attack on

men! of relting

the Inflation

aime should

But he did not duly, ed corn. chiefly at Industrial Investment.

quarrel with the Chancellor's Tutal

But to go back for a moment,

tatay...

quelsion to cut rapital Invest-

In 1934 Brith spent less onment; only with his refugni not

to differmate between essential new fixed enplial in proportion OREK

ard!

non-essenting investment, The word "cut"

cut" is meading

nun

Communist

KO

to the national product than ali The other Europeni countries Greece. Earlier this year Me Butler had taken mellon in his budget to encourage more it. vestment. His

so-called "Investment

allowater;" Kave subsly to Indtas trialiste who undertook new investment,

In effect

to To reduce capital investment

011

Prices of futures closed today Diamond Alkall

Dow Chemieats

Prices of future closed today Goodrich (B. F, Co

below its present level but to slow down the pace of its rise Private Industries planned to spend about £150 million more en capital investment this year as lullowE: than they did in 1955, The Sput actual

mount that nationalised industries planned There

to is reason to believe spend this year

new

now

that

development is not known but it Industrialisis were planning

increase ther

is estimated that the £30 million "cut" in these plans will bring capital investment before Me

thele total expenditure back to intruduced his Incentive. Butler Investment that was originally

clore what it was last year. planned because Industrialists

If

the Hovernment's foresaw expansion

of demand intention to ensure that capital old contract for their products wan Thus expenditure this year is no given additional boost higher than it was last year New contract

amount by which too big a boost as it turned out, the total

nationalised of

an

Bank Rate

John-Manvilio Co.

Kennecolt Copper 20.10 Lekheed Alraft

Loews Incorp

25.70 Lone Star Cement Co.

Loulaville Nashville 2. 31.60 Mesabi Iron Corp. 20:30 26.23

| Minneroin Mining

Mission Development Monsanto Chemical Co. B126 Montgomery Ward

National Cash Reg. "A Notional Dairy Prod.

ไกรล private industries will have to Egyptian Karnak Mar/Apr. be cut back is somewhere in the region of £200 milion. It Futures closings. In cruzeiros A few figures

that there per kilo were as follows: (necessarily is not intended should belated) Illustrate

be any sudden big this. The total area of Industrial building reduction started in the first half of 1955

ture; rather

March

in, capital expendi- there will be a

May

July

October December

was two-all larger than a gradual slowing down in tempo year earlier and production of of new investiment,

for kha home market

WRS

motal working

machine tools

Earn Gratitude

higher in value

15 per cent.

At

mid-year orders on hand in

If all goes according to plon,

the machine tool industry wore

32 per cent higher than a year therefore, there should be n

National Lead ....

National Steel Corp...

20.34.

New York Central

30.50

Olin Matheson

32.30

Oils Elevators

33.00

Pacific Gas & Eleg.

37.00

Pacific Western Oil

In the United States, the aver-Pan American Airwayn age

of 15/16 middling Paramotint Pleturen price

Parke David Co. designated spot Penny, G. Co. cotton at 14 markets war 35.49 cents. Sales Pen Salt Co. totalled 08,076 Bates United Philip Morris

Procter & Gamble Co. Prost

previously and by the end of noticeable relaxation of pres-New York Foreign

September approvals for now sure on national resources by factory brulidings were up by 45 the autumn when the external strains on sterling are at their then there are greatest. If by

per ce

cent, This

of upsurge Investment had already begun definite signs that Inflation Is England_official" to have an inflationary effect on the reliest, Me

To deal will have earned the nation's

Exchange

capital

Now York, Feb. 21.

$2.50-27/32

201 30-day futures,.. »

1-day tulures' .. Australia New Zealand on having Bouth Afric your and again the next month. done what all his predecessors Argentina

Ghars but this was not sufficient and 'havo failed to do.

Macmillan

WALK

by the end of 1904,

with this the authorities zuisedă | gratitude, But it is too soon to the bank rate in January last congratulate him

| Plüburay Plate Ginos

Publicker Industrien

Puro Oil....

Radio Corporation Repubile Aloel

Reynolds Molal Bhell Oil Co.

Bouthern National Can Blandard Branda Kiandard Oil of Cal. Standard Oil of Ind.

·Standard Oll of NJ. Sterling Drug Co. 2.01-7/34

Stokely-Van Corp. - Studebaker-Packard Corp. 9737 unaliangen.inites: Bwist & Co.

Texas Co.

were; M4375

Valsaree

Open Interest

Cat, Tractor

no

Mar.

July

May

201

Sept.

Celine Corp.

51-ch

11.DON 33,000

422,400

Case Manhat. Bank bil Chrysler Motors

4015

July

200

Діс

241 Sept.

32,600

ghadow" Dcturer

17,000

230,000

17,800

264,000,

1,400

14.10

3,000 2,000

AZ,200

21.400

111 800

1.4-48,000 batex

Luikate-Palmolive Co. Commercial Credit xd. Commonwealth Eler. Consolidated Edison Continental Oil of Dei, Crane Co.

Nov

240- 240-1

New Standard Contract

Mar.

50 Barley

May

42%

Spot

130-140

July

40.

New York flour

Sept.

106

200 lb. sack

$13.00

Dec.

3712

WINNIPEG PRICES

Mor.

NEW YORK

Crown Zellernach Cuban Amer. Sukur

10

04

30,000

Dupont de Nemours

220

today in cents

Winnipeg, Feb. 27.

Prices of grain futures closed

SINGAPORE

per

bushel

49

03/74

Eastinan Kodak

follows:

19.31

El Paru National Cus

401%

Vals

34.35

Erie Railroad

211%

May

7036

32.31

Family Finance Corp.

24%

July

3203

General Flectric

October

74-74% 713%

No.

1

rubber per lb.

Mar.

31.77-78

General Foods

9412

Rye

Apr.

31.44

General Motors

4434 May

1243

May

30.07

Gea. Pub. Ulli.

301 July

11812

No. rubber per Ib.

NEW ORLEANS

Glidden Co

Octuber

1101%

MAT.

0424

Barley

No. 3

rubber per Ib.

Coodyear Tire

04

Heyden Chemical

1776

35.20

Homstake Mining Co.

372

Mar,

Ingersoll-Rand

33.2!1

May

Inland Steel Co.

04

May

July October Flaxseed

100%

Mar.

101

No. 4

rubber per

Da

MAT,

Spot rubber untaled

931-037 02-9214 unquoted 01-0212

91-0122

001-0015 ..015-0515

Blanket crope

July

34.41

Interchemical Corp.

4034

Miny

32.30

Oct

Int'l Business Machines

400

July

22.02.03

Int'l Unrverler

Mar

International Nickel

371; 02

October

4321 416-417% 340

LONDON

1.32

May

International Paper

July

LIVERPOOL Future closings, in pence

was as follows:

Int'l Tel & Tel_.......

per

Kaisan C. Power & Light

Mar/Apr.

May/June

21.70

July/Au May/June July/Aug. Oct/Nov. Dec/Jan.

SAO PAULO

April

May

June

April/June

July/September

October/December

110

*E

Wheat, No. 3, 103 cents; No. 1172 5, 125 cents-United Press.

New York Sugar Market

New York, Feb. 27. World No. 4 closed today

sugar futures unchanged to points higher with sales of 101 contracts.

The domestic No. 6 sugar futures closed 2 to 3 points higher with sales of 441 con-

40

4476

tracts.

30

Finmness In world futures

10

31

461%

Da

47

reflected the situation in raws

The market eased on seru,

and some was well

during

the day. There was some small manufacture interest. Futures

No. 1 palo crepe *

The market was steady with spot quoted at 28 pence per lb. Prices:

No. 1 Ras spot

Settlement house tern:

General markets, eff Dania, porta:

2744-2734 Apri

Estate crepe thin and thick, un

quoted-United Preas,

London Foreign Exchange

New York

and trado covering in the Montrent nearby deliveries,

Domestic fulures were active Copeningen

45% on trade buying, along with a demand credited to Cuban

Contract No. 4 (world)

Amsterdam

Lisbon Milan Par Zurich

London, Feb. 27. 2.00-13/10-20 2.803-2.00-7/10 70.63-10.84 19545-19.9436

00.10480.20 17543-1705 9021-90231

Others were unchanged

Untied Pre

Exchange Rates

102

**

interests. Futures:

421

49 Mar.

4011 May

Bept.

G01 Oct

41

Mar. May

soát chi par in con chua) 30

3.30 3.70 3.20m

imoficial

this

53 May

0.40

thoring at the following rates:

July

13

0.44

US dollar

5.61

Sept.

10

0.30

Bierling nolos (per Lt).

Nav.

Spotdene per it, ein "NY"

Auralian notes (per, 1)

Indonesian rupiph, (per 100)

@x_u{}}

Siam ties \(per (06)`

1191

Suvapor (öftruito)

Contract No., E

mairiend was done in the local

exchange market

FREIGHT SERVICE

"SHILLONG” que

for 'pore, P. Swetton-- PALATI, Penang,

Aden

Port Bnfd. Genan, London, lamburg. Hot terdam & Antwerp

7th Mar. from UK. its 0th Mar. for Jason

With liberty to call at Belewan before or after straits Ports and at Bombay it inducement oker. Tanks available for carriage of Oil in Balk. Space for refrigerated cargo. Limited Passenger accommodation

BRITISH INDIA S.N. CO., LTD. 3850-A HUNDRED YEARS OF SERVICE -- 1956 "SANGOLA" In Port

salis 2nd Mar, for Japan “SIRDHANA" its 3rd Mar, for Kobe "WARORA"

salle 18th Mar. for Singapore, Penang, Rangoon, Calcutta de Chittagong

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

"IKAUNA”

from Karachi e Bom- bay

for Japan

;

Irem Dombay & Karachi

duo 10th Mar. salis 18 Mar, for Japan

"SIDHANA" alle 20th Mar. for Singapore, Penang.

"ORDIA"

Cochin & BOMBAY

DOMBAY, valla 2011 Mar. fas. Spore.

Korach, Bagrah, Khor ramshahr & Kuwait

EASTERN & AUSTRALIAN 5.5. CO., LTD.

"NELLOBE""

"NANKIN"

duo 4th Mar. from Japan salla 0th Mar, for Sandakan, RABAUL Brisbane, Bydowy, Mele bourne & Adelaide

due 17th May, from Australia. Kalia 18th Mor, for Japan

-Ali versõis have Überly to call at any poris on or off the route & the route à sailing are 'subfoot to change or amendment witis or wilkout police,

For full particulars apply lo... - MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos 27721-4.

32,3

"SURAT"

15 Port Kalle 20th Feb.

31.00

31.35

30,115

22.30/

32.50

31.80

31,15

30.05

30.00

absorbed

100-100

de 13th Mar.

#all 14th Mar

"ITRIA"