1956-03-02 — Page 9

TRADE

THE GHINA MAIL, FRIDAY, MARCH 2, 1956.

and

COMMERCE

SECTION

BUDGET STOPS MARKET SLIDE Cutbacks Force

BUT ONLY FOR A WHILE

UNDERTONE EASIER AT THE CLOSE

By A Special Correspondent The budget news and President Eisenhower's decision to stand for re-election managed to halt the share market slide briefly yesterday.

+

In the late afternoon, however, the market again seemed easier and when trading ended for were lower than last the day 17 of 29 shares

Thursday's rates, six were steady and only six showed improvements.

Last Friday the market began ing Peninsula Court, the annexe

Fears of a further borrowing rules

of

cheerlessly

in

contade

ITCOM

WOR

the

pression.

to the Hotel. The estimates of this project are unknown to me. Their total distribution this year will be almost $4,2 million. This is about as far as I go on existing Information so I shell reserve further comment on this company until after the balance fellaneet is published.

Pro- Then came the

<lividend vident's

The total distribution was hither than last year's--but the market was dis- appointert.

shares The sharply. And further.

the market

China Provident are paying $1 fell a httle on a profit of 61,613,173. This means their total distribution ubkorbs $1,207,283. (It will be recalled that the company made a bonus issue of one for four in

Buyers Disappear

The Hongkong and Shanghai Hotels mampuinee) its $1 dividend

bonus of (unchanged)

193241 $2.50 a share The market had mixed feelings about this one. Forty nine

shares Thousand changed hands in one day. Then buyers withdrew. Rumours began

circulating

thu

i

March last year.)

$0

in 1954, the company paid a higher dividend out of a smaller proßt but on a lower capital. Profit was $1,309,178. Dividend питьет ut was $1.20 and the issued shares was 1,037,820.

The profit is at least the best KO for live years (my Agures brokern Chinese

but even taback no farther) WON to be

Inxalion The dot thisk shareholders have market barely steadied when reason to be disappointed with "no change budget was an- the year's payment.

Not even the news of President Eisenhower's decision to stand for re-election would Impel

into the interest Tw murket.

there

CYROBE

nounced

The turnover has fallen by over a million dollars this week 10 $0.04 million. Brokers Buy the reason for this is that there has beer: o noticeable increase in activity on market which has drawn money away from Ice House Street.

The carry

carry

NK Bank

HK Dock

Provident

UK Hotels BE Land Humphreys HIK Really HK Trans Star Ferry

Glance * TODAY'S

Up or

down

-$20

SHARE PRICES

(From Our Correspondent)

and

the

morning's transactions on the ilongkong Stock Exchange:

London Markets Lower

London, Mar. 1. Nearly all sections drifted lower on the London Stock Exchange today, as news of additional cut- backs in durable goods dampened sentiment from the opening.

Industrials

easy

side,

BHARES BUYERS SELLERS" SALES | Chemical

HK Bank

Unitors

Lombard

30 1000 mong

tho

►

оп opened

the

with Imperial and Courtaulds

notable Boti

spots Imperial Tobacco and

British

skidded

American Tobacco sharply and closed

.

* The Share · Market At A

1

Feb 2

Feb 0

1750

1778

Feb 14 1800

Feb 23 1750

Mar 1 1650xd

Lombard

56b

004b

Bob

57

5014

Unlon

090b

1005b

1010

980

875b

Underwriters

0.40n

9.20m

9.10b

9.10b

B.Kon

Union W'bant

24141

25.10b

25.10b

201

steady steady

Wheelocks

B.65

8.90

8.85

8.75%

8.60

HII Wharf

7014b

ราท

72

72

706

33b

33

337/

34b

20

+$1

Noon quotations

11.201

15

15%

14.75m

14.20

-150

17.40

63

18.10 64

18

17.00

18.50

+600

84

8234

0134

BANKS

19.70n

209

19.76m

19.70%

10.50

2.03

160bx

1.025

1.525

1.45h

-7.50

INSURANCIS

28

25.10

25.60

25

24.60

400

140b

143

144

1450

130mxd

BHIPPING

105

100

108

104

105

Watertroos

20

23

22.70

22.70

18.60

18.40

18.80

18.00

43%

44%

45

434

3114X

-100

steady

DOCKS, FIC

Auto shares suffered.

-200

K. Wher!

71

114 @ 12

Dock

3

7244 34.79

Prow Kent

3331

3434

3054

32

321⁄42

++Z5c

(o

3794

39

2914

8844m

34xd

-300

1250 60 14.30

18.40

12.86

18.00 12.75m

18

17.40

17.40m

sloady

Wheeloc

LAND, ETC.

Lane Crawford Yangtere Allied

35

2534

12.70 30n

12.00%

12.80m

+200

HK Botel

360

300

steady

0.800

цель

75%

steady

1IK Land 1010/

G

$9 @ 01

6.50b

5.50

5.00

5,559

5.25

-30c

90 01.04

HK & FE Inv

11.00

11.30

21.400

11.30m

11.200

-100

Textile Corp

5.60

8.60%

5.50

5.35

5.40

+50

(Now)... Humphreys

XD

0011

เอ.มน

Nanyang

7.800

7.00b

7.756

7.75n

7.00

--150

KUBBER

A Rubber 1.72 1.77% 2000

17.30

1000

17,26

5000

1.78

Trust

3000 v 2.39

30 125

UTILITIES

24.00 2100

YAUAI

Ch Lighia (0)

Ch Lights (1) Electrin

HK Telephone

G.L. Orment

Dairy Frem

A8. Watson

21.80

10.10

31.70

NY COTTON Wall Street Sets

TRADING

TWO-SIDED

New York, Mar. 1. Cotton futures trading

forward is $1,118,423. This lo today proved moderately

forward active and two-sided. also the lower for at least the last five years.

Bank of East Asla

announce

$3,473,308

New Highs

For The Year

New York, Mar. 1.

Stocks climbed to new highs for the

months heiti While nearby in unchanged $10 dividend from

firm, the new crop dellverles

in an were of

and year profi net

alternately steady ($3,300.704 in 1954).

unsettled in face of form advance today. legislation and surplus disposal plan uncertainties.

Electric's Figures

their In

Hongkong Electric the gold and T/T balance sheet released this week show net profit for 1955 of $11,985,45) Last year profit was $11,058,904.

The Slide Why?

account for the

At the close the

list

unchanged on March and 35 points higher on other

up

ruled

do-

20

Ilveries. Opening prices were New 22 to of 11 points. up 22

closed Orleans

to for-points

Absence of delivery notices against the spot month-where

From a total of $12,005,017 (Including $920,460 carry ward) the following appropria- sullions are proposed $2.5 million to reserve, $1.5 million (write off to agents), $8.05 compensation million to dividends, leaving 3 balance of $855,917 to be carried forward.

This may lower turnover.

But why is the market Calling despite general expecta tions in Ice House Street a few weks ago that market activity would

increase after the New

Year for these three reasons:

Dividend hopes stimulating

Interest Re-investment of dividend money

Looking at the market, Banks weaker. and Unions are again Banks are also lower in London. I the whort section the only movement to nole apart from the fail in Providents (05 cents on

is the rise in the

week) Docks tu

These $35.

shares have now gained $2 in a month Thursday's and are up on Inst rates by $1

dealings will end on March 13 -joined with a domestic mill, spot house and shipper demand for the May and July deliveries,

Fling observers associated part of the near month buying with shipper covering against raw cotton export commitments to Spain, plus the Lightening situation in the wake of heavy tean Impoundings.

unspectacular

but steady

up

With prices edging steadily throughout the session the market recovered yesterday's late losses, with the industrial average closing at 486.69, up 3.04 and the best since last Dec. when it set an all-time high at 488.40.

were

Rails ruse 1.00 to their best | Canadian Pacific R. since Jan. 8 and utilities had a Case 13. 13 Co, smaller gain.

C. I. F. Financial Corp. Out of a total Cat Tractor 1,179 issues traded, 579

Celanese Corp. higher, 337 lower

Chrysler Motors Coca Cola Colgate-Palmolive Co. Commercial Credit Commonwealth Elec. Consolidated Edison Continental Oil of Del. Crane Co........

Activity was down sharply from yesterday's fast pace,

Turnover tolalled only 2,410,- 000 shares compared with 3,900,- 000 shares.

Crown Zollerbach Cuban Amer, Sugar Diamond Alkali Dow Chemicals Dupont de Nemours Batman Kodak

Possible investment of New Year bonus money. Contrary to all expectations market activity did not sag over Chinese New Year. but con- umued to grow and turnovers climbed to the highest level of

In the land section, Hotels are the year.

And this recovery

belter as a result of the bonus lusted

until the Chancellor of the

announcement (up 60 cents). Exchequer put up the bank rate

Star the utility In

group, Blocc then

har activity

President fractionally gradually declined. Prices have Ferries have cared

Their after their recent rise.

willingness lo stand for And the general belief ex-dividend fallen.

price

$136,

election. is is that this trend will continue until there is some definite state-roughly $2 lawer on the week. Straw In The Wind?

of 1955 crop The new stock cotton in government hands as

While today's market showed of Feb. 24 totalled 0,020,012 bales.

the wild Impoundings for the none of

enthusiasm week amounted to 30,253 bales evident in early dealings yester

withdrawals reached day, some commentators said: IL while 88,731 bales. Attractive prices demonstrated # renewed in- commenced to bring more cotton vester confidence now that the Ford Motor out of the loan, traders said.

has announced his General Electric

General Foods re- General Motors

going to be raised at the on the statement by the Finan- moment. And of course the la-cial Secretary

Open March contracts at the start of trading today totalled 85,000 bales. The certificated stock increased 70 bales to 10,550 bales.

Volume and

open

Interest

7,900 04,000

ment from the Hongkong and Shonghal Bank that borrowing

rates are not going to be raised.

So far it has said they are not see

I would not be surprised to

take Youmatis

a drop

OTI Wednesday

word:

Month March

May

July

$21,400 €7,200 $2,000 294,300

t

12.000 260,300

Dec

52,900 201,100

27,400 108,TOO

28,700 65,800

B.600

30,100

+

an

Some may regard it as a straw

July

May

Total

in the wind and sell,

ference to suspicious public la that "the Government hesitates to erbork on a scheme for new that this does not rule out Increase in the future.

vehicular ferry piers before fully Some brokers say the Bank going into the merits of a cross- Mar. has told them that rates are not harbour tunnel."

going to be increased at all. If this is true, it does not help matters at all. It only increases After a sharp drop last week, Telephones are a tile better at pubile bewilderment.

This possibly explains why $3244.

Texilles the market is under a cloud at

also show a small The moment. I possibly ex-rise on the week. plains too

has

not Rubber

bave why money

OVCT the moved from the share market to changed materially the gold, and T/T market.

week and there has not been

prices

Five Dividends much activity in shares

This week were announced,

Ave

dividends

North Point Wharves are pay- Ing 50 cents a share from a not profit of $536,619.

A.S. Watson are paying $1 a

New York Sugar Market

New York, Mar. 1. share on 000,000 shares, Last World No. sugar futures

pald year they $1 on 500,000 old closed today one point lower to. and 50 cents on 100.000

new 2 points higher with sale of

making $550,000.

150 contracts.

;་

sugar

In 1952 this company paid $3 The donesile No, and in 1953, $2. Profit in those futures closed 1 point lower to 1 years WDS: $1,858,184 and $1,400,570.

In 1954, proat fell point higher with sales of 126 to $1,014,781. This year pront

is again down, this time to

3030,172.

contracts.

Final evening-up operations

in the March delivery featured dealings in the world contract.

Top Stocks Up

Many top quality stocks were strong-Du Pont Bethlehem Volume Open interest | Steel, Standard Oli New Jersey, General Elect:fe, General Foods, Johcs-Manville and, in the rails, Santa Fc. and Louisville 是 Nashville

NEW YORK

El Paso National Gos Erja Railroad Family Finance Corp.

Inland Steel Co. interchemical Corp. Int'l Business Machines

Int'l Harvester

International Nickel International Paper Int'l Tel & Toi

lower by more than a shilling.

Unilever shares were on ex-

ene

ception. gaining about 14/10 14.40 1000 14.10 shilling sixpence on good earn-

Bts 0.00 10000.00ings and dividend news.

120 10.40 3000 10.40 3300 18.30

Y'marti Ferry 183 100

Light (0) 21.00 2.10 500

24 21.00 409 21.00

C

C. Light (N) TREO 18.00 1800 vs 30

Electric X All

Macae Electric

(Old)

Telephone

INDUSTRUALS

Oils Lower

Oils moved lower, with the leaders off one or two shillings, Royal Dutch turned against the tide and advanced about Just before the close.

British Government

Tariff Increase

Refused

Washington, Mar. I. The official United Slates Tarif Commission has rejected an appeal of domestic interests to raise import duifen foreign rabbit akios.

After

against fura and

long investiga- tion and public hearings,

the

Compulssion doolded unanimously araluse rais. fog the duty rate, despita An appeal of domestic Interests to do so.-United Press,

Exchange

Rates

Htоcka pressure, felt moderate selling but held losses to £% or £%

In foreign bonds, .German Young Loans tumbled £1 and £11⁄2 while Japanese were quiet and mostly unchanged. Iron Cur- thin Astuce showed strength with Hungarian liens featuring

Business was done is the local

market Demand perked up in the unofficial exchange

this them trac-morning at the following enter: goids

and pushed

V.B. dollar (per (1) tionally ahead. 224

Sterling notel (per Eli.. came under Austrailan notes (per 21) tended Indonesian rupiah (per 100) and

Slam toul (per 100)

2000 36.2O

3116

..... 0,3 9,65 600 at 9.80 (New)...

030

ComestXD

STORES, ETC.

Dairy..... Watson COTTONS

Textiles Ganyang

124 @ 32

343

200 @ 201

Copper shares

selling

pressure

000 of 17h

600 t 12.33

177330 1745

0.30 5.40 7.00 MISCELLANEOUS

Yangisze.... 0.75

lower.-United Press.

7

300

0.00 0.20

* 1770

WORLD RUBBER MARKETS

New York, Mar, 1.

The No. 1 Res rubber futures contract today closed 50 to 70

30 points lower with sales of 345

163L

contracts

The standard contract

closed

50 to 65 points lower with sales of eight contracts.

A lack of consumer interest, 057% plus lower cables and news of 10 the labour lay-off in Britain's

automobile Industry,

Factory buying the spot market locally continued on an "as needed" basis.

TAX

Bij

4115

all com- bined to put prices in gradual

start. retreat after a steady

100

3715

KOVA

16

4514

64% 4

225

4534

21

2

0276

Some intra-dealer trading de veloped on three sheets for June Ureo for 31% cots and May at 31% cents, with further buyers at that level.

Spot No. 1 Ribbed sheets were quoted nominally 32% cents a pound. Futures:

*

*

*

Singapore (Straw)

PO B·I EA

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Leaves London

Salled

Outwards

Dus Ronghung

*

"CANTON" "CARTHAGE” "CHUSAN"! "CORFU”

6th March

2nd April

15th March

13th Apri

27th Matchi

20th April

No. 1 Ess

March

Gen. Pub, Utfl. Glidden Co.

May

July

Goodrich (D. F.) Co.

September

5.30 32.23-30

91.00

*

Goodyear Tyre

December

Heyden Chemlesi

1234

Now Standard contract

Homstake Mining Co.

March

Ingersoll-Rand

EO

May

July

September

December

30.20

3235

March

20,00

LONDON

The market was

John-Manvillo Co.

Kansas C. Power & Light Kennecott Copper

easy spot quoted at 28 pence per lb. 4014 Prices;

with

No. 1 spot

2716-2011

Bettlement house term:

402

April

223%-379%

May

203-20

Apri/June

July/September

dstober/December

January/March

473 Extate crepe

thick

alls were about the best of Liggett Meyers Tob. Co. 230,000 1,500,400 bates the leading groups with gains Lockheed Aircraft

of a point to more than 2 points Loews Incury, in Continental, Pure Oil, Royal Lene Star Cement Co.

Louisville & Nashville R. Dutch, Sinclair, Jersey Standard, | Lowenstein & Sons. Prices of futures closed today Texas Ca. and Union Oll.

Mesabi Iron Corp. as follows:

Minnesota Mining

Spot

In chemicals, Du Pont climbed Mission Development

Monsanto Chemical Co. Mar,

nearly 3 and Amerlenn Cyana-Montgomery Ward mide and Dow more than a point | Motorola Ine, var. ench.

National Cash Reg. "A" National Dairy Prod, National Lend National Steel Corp, New York Centrul oiln Mathieson

ΜΑΥ

July

Ocl.

Dec.

Mar.

May

July

NEW ORLEANS

30.fón 33.77

Prices of futures closed today

as follows:

Spot

Mar

May

Jul

Oct.

Dec.

Mar

May

July

LIVERPOOL

Motors were steady.

Royal Dutch was the day's most active issue, followed by Otis Elevators Benguet Consolidated.

Owen-Minole Glass Pacife Gas & Elec. Pacific Western 01

Paramount Pictures

New York Stock Exchange Pan Ameriem Airways bond volume was $3,030,000,

American Stock

Exchange Porke Davis Co.

Penny, J. Co. volume was 960,000 shares.

Penn. Salt Co. Dow Jones closing averages Philip Morris

30-09

were:

31.14

30 Jackastriale

20 rails

10 utiles

05 stocks

40 bonds

| Comm. future price index

Comm. spot price index

} Future dosings, in pence per Moody's Index

It appears from the Agures In world raws, a forge. Bri-1b, were as follows: that the company is paying out fish refinery was the accredited rather a large sifce of profite buyer yesterday of 14,000 tons Cid contract March/April to shareholders, but is act it of Cubans amount for appropriation (which

includea

claimed dividende and tox

ho

tho circumstances

for March-April

May/June

shipments at 3.34 ends, which New contract May/June

Future3: was a new high,

carry forward

serve #851,188.

Under Watson's abaret:olders cannot be disappointed with the pay-out

longer needed)

rom is

Contract No. 3 (world)

Mar.

MAY

July

#eat.

Oct.

Hotels Pay Bonus

Mar May July

Spot cents per lb. fob

„Contract No.

May

July Sept,

Spot (cents per

NY ex-duty

1.45

Hotels are paying $1 and n bonus of $2.50. Lust your this company paid $1 out of a profit of

taking $1,607,891.

$1,198,807. Last year the com pany received the full payment of $11 million for the Pedder Street sito, 11 klso began build-

Nov.

July/Au

Oct/Nov.

Dec/Jan.

BAO FAILE

24.390

24.65

24.08

Closing Prices

21.70Akden Inc. Acy. 31,30 |Al1694 Chemicals 24Allied Mills Inc. $4.25 Alis Chalmers

Futuro closings, in cruzeiros (per kilo were as follow:

March..

Volober

December

1.80

2140

19.26

ORIS.

In the US the, average price

of 15/10 middling, cotton at 16

American Airline American Cyanankie Co. Arn. Mach, le f′′dry

American Metal

American Bmveiting Am. Sugar, Net. Hanerians Tel, & Tel American Toh, " Arstodeda, Copper Arthoo tesli Arengiar Bahúmore & OILO. penaik Asation Corj Pergoed Chegg Ableben. Bai Borden (the) ko, Burroughs Add Math

designated spot markete wan Roels Airplane

available. Salos totalled 30,008 bales--United Pross.

404.00 100.70

Procter & Gamble Co. Pittsburgh Plate Glass, Publicker Industries Pure 01.

adio Corporation 17230 Republic Real 99-21 Reynolds Metal 15.15 Shell Oil Co..... 100.10 Saint Reg. Paper Sinclair OF 40400 Sony Mobileli

South Puerto Rico Bugar Southern National Gas Southem Railway (Com) Standard Brande Blandard Oil of Cal, *_215 | Standard Oil of Ind.

315)}} | standard out of NJ,

2515 | sterling Drug Co.

Stokely-Van Como, Studebaker-Packard Corp. Swift & Co.

Texas Co.

Tids Waise Ass. Oil

Twenty Century Fox Film Union Catida

Union Paciße Railway

United Alreraft. Save

U.B. Gypsum

U. B. Line Co.

US. Rubber

UM. Steel

5% Warner Bros. Westinghouzan West Va Woolworth

12434

4300

Gerperal markets, cif basis, porta

Mar April

thin March and April ......

AMSTERDAM

27-27

2135

The market was easier. Prices closed today in gulders per kilo- gram, ci March as follows:

Via Beuthampton, Port Said, Aden, Bombay, Colombo,

Hanawazda "CANTON" "CARTHAGE" *"CHUSAN” "CORFO"

Vis

Penang Binfxpore.

Leaves Hongkong Due London

Mh March 6th April 20:4 April

-4th May

Blogspare, Penang, Port Fald & London.

Colombo,

nth Apri

7th May

'47ch May.

4th Juna

Bombay, Aden,

Also calla· MARSEILLES.

FREIGHT SERVICE

71h 3tar, from UK. "SHILLONG" Ane

Als ich Mar, for Japan. "SUNDA". due 24th Mar, from U.K. "SHILLONG”loads 30th Mar,

for Spore, P, Swatten ham, Penang, Adax, Port અત. London, Hamburg, Not-

ILOVES.

terdam & Antwerp.

With liberty to call at Belawan before or after Straits Ports and at Bonbay if inducement offers. Tanks avaliable for carriage of oil in bulk. Space for xafrigerated cargo. Limited Passenger Accommodation,

BRITISH INDIA S.N. CO., LTD.

SERVICE – 1950

or 1858 --- A' KUNDRED YEARS “SIRDHANA" salls 4th Mar. for Kobe “BANGOLA" in Port

B Mnr. "WAHORA" Kally 10th Mar.

for Japen

for Singapore, Penang, Rangoon,

Chattagong

Calcutta

-"BANGOLA” salls 22nd.Mar. foe Singapore, Penang,

itangoon & Calcutta

P. & 0./B. 1. JOINT SERVICE

} "IKAUNA"

*

7134

No. 1 rubber

2.00 not.

No. 1 rubber

267 mmmm,

No. 2 zubber

2.00 nom.

10

No. 1 crepe

5.00, nom.

"ITRIA"

The Singapore rubber prices

484 were umavaliable-United Press,

London Foreign Exchange

New York

Montreal

Amsterdam Copenhag Paris Stockholm Zurica

All other

415% United Press.

London, Mar.

2.80-13/16-2.00 .... $.00-0/16-2.8034

10.833|+10.637% 19.36-10 351 PURT1-952

wero

14534-14.637 123443.941

unchanged.us

Chili Restores. Free

Exchange

Bantiago, Mar. 1. The Council of Ministers, meeting under President Carlos Ibanez, voted today to restore free foreign ex

exchange trading

in Ch

Chillo

The measure WAS APPROVED "general principio," without

#inance Minister

Oscar

Herrora wamsaxpèctaă, to nounco full particulars BOONAM

·Urifted Press.

duo 13th Mar, walls 14th Mor. duo 16th Mar saiły 16th Diar.

“SIRDHIANA "alte 20th 'Mar.

salle 20th Mar. -"ORDIA”'.

from Karachi & Bombay for Japen

from Dorabay & Karachi for Japan

Singapore,

for Singapore, Penang, Cochin & COMBAY

DOMI BAS Tah. Khorramshahr de Kuwait

for BAY,

Karachi,

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

“NELLORE" ane

4th Mar. salis din Mar.

;

from Japan for SamÍAKAN, ILABAUI., Brisbane Bydney, Mel- bourne de

Adomide

"NANKIN" das 17th Max, from Australia

anila 18th Mar, for Japan

All vennis have iberty to call-At any ports on or off, the route & the rente à sailing are subject to change or amendment with or without notice.

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