1956-03-13 — Page 9

THE CHINA MAIL, TUESDAY, MARCH 13, 1956.

TRADE

and

COMMERCE SECTION

London BRITONS HAVE TOO MUCH US RUBBER

Stocks Improve

London, Mar. 12.

CHICAGO GRAIN

PRICES

Chicago, Mar, 12.

Prices per bushel in centa;

Stocks Improved slightly Wheat. No. 2, red

on the London Stock Ex- change today in moderate trading.

pared

carlivs

Proft-taking gains which reflected the up- trend

Wall Street 171 favourable earparuke news

Spl

Closing prices

$200

Mat 22001, 2219 22350

Stor

210-21

July

2174

нево

1

Nov

Corn. No. 2, yellow

Speed

136

16!

Wars

1347.

WSITE

130-14

Sete

1.3-941

NO

Rye

shillings

Borax Consolidated took the spotlight with

of 12 a riso shillings. Gains from out to two

fr appeared

Mar

3801

Onim

霆

Rolls-

Nar

All govertinent Issues dull with prices closing about unchanged.

Royce. Ford Molurs. TREE

Bowater

Soybeans, No. 2, yellow

Ya

Oils war strong with Royal Dutch A, UD

St.

Copy

Nuw

Spol

New York

Bour

200 lb.

Diamond shares Armed for the Contential buying, while coppers held about unchanged -Unlled Press.

231'.

2002

2

237

MONEY NY_COTTON

Government Stands

By Restrictions

On Hire Purchase

From Ronald Boxall

London, Mar. 12. Signs of deepening recession in the "durable consumer goods" industries have inevitably led to a demand for relaxation of the restrictions imposed on hire purchase by Mr Macmillan in his "little" budget 2 three weeks ago. And just as inevitably the Government has stood firmly by its decision.

130 140

$13.30 United Press

FUTURES UNCERTAIN

New York, Mar. 12. Cotton futures today ruled alternately · steady and unsettled 'with

deliveries showing crop the best resistance.

now

Closing

ruled 24 prices points lower to 17 points higher. 10 Opening prices were off 5

New Orleans up 8 points. closed 52 points lower to 10 points higher,

Traders proceeded cnutiously pending And Congressional oc-

trom

tion on the form bill and publica- tion of more detailed information on the Government's new export

pinn disposal

for raw colton, Nearby months apart the expiring March delivery... weight of renowed hedge selling and liquidation in Fine with the

heavler recent rates of loan redemptions, plus dow-down in textile market activity and

slackening

fot

the

At the moment it is the short term effects of hire purchase on working of demand for spot cotton.

NY INDUSTRIAL the economy that is under discussion in

AVERAGE

HITS 500 MARK

The spot March remained at the 35.77 cem

Jevel for ninth resalon la a row. Trading there will end in the noon hour to-

Open contracts 1 March at the start of trading boles. totalled 20,000 Deliveries notices were 400 bales. The certificated stock rose 329 to 11,321 bales,

Volume

Britain. The Government regard it as a factor aggravating the problem of "toomorrow much money."

industries today Workers in producing cars, washing machines and so on have come to regard it as a means of keeping them in full employment.

Litle thought,

as

TROTE

New York, Mar. 12. Industrial shares On

stock the exchange cracked the magic 500 mark calculated by the average, a new record top. All departments joined in the upsurge. Gains throughout the list ranged to more than a point with a few high-priced issues showing much wider improvements.

Raliroads finished the day lean than a point under their bull market high set lung November 25, on that day the average hit y highest level since October

Utilities reached 22. 1029. new 25-year top.

In

[]

Today's magic gure of 500

Dow-Jones The

Industrial average was reached about 14 months after the average had crossed 400 for the first time on December 29, 1954.

up

The Dow-Jones industrial average closed at 500.24. 2.40 points: Raila Added 0.81 to 1.84; illes rose 0.41 to 64.47

and 05 stocks

0.01 to 177.52.

improved

Buying Flurry

The market

opened wit

buy lo flurry. Shortly after the opening Kong, the reporting tlekers ran late for a period of

10 minutes.

Some prolit-taking

pround

developed

mid-session. However,

Anaconda Copusi Amer Steel Ardoin

Baldwin-Lita-iladi

Baltimore (21)

Bendix Aviation Carp Benguel Cuna

Bethlehem Steel

Boetust. All pinay Borden The Co

Burroughs Aalo lehine Canadian Paci

Cave (J. 1. Co

CIT. Financial Corp Cat. Tractor

Celanese Corp. Chinne Manlint Bank Chrysler Motors

Colgate-Palmolive Co Commerclat Credit Commonwealth Eter Conusulidated. Edisony Continental Oil of Del Crane Cu

Crown Zelleriet

Suger

Cuban Amer Diamond Alkali Dow Genicula

Dupont de Nemours

Fathun Kodak

El Fano National Gar

Erie Railroad

Family Finance Carp.

Hund No or

General Electric General Foods General Motors Gen. Pub, Ut

Glidden Co.

were:

and open

CONSUMPTION

Washington, Mar. 12

new

The Commerce Depart- ment reported today that consumption of rubber in the United States during January totalled 133,013 long tons. of

which 70,414 synthetle and 53,509 natural.

Was

The January 1950 con- sumption was a new high for

that calendar month, marking the 14th time in the

thai last 15 months such a record has

been tablished. the

Depart- ment said.

Total new rubber contTM sumption in January, 1955, was 125,301 long tons. Consumption In December, 1055, was 124.403.-United Press

HONGKONG STOCK EXCHANGE

kong

Pago

Brisk Trading On

Tokyo Exchange

Tokyo, Mar. 12.

The heavy buying by financial institutions which accounted for the phenomenal activities on the Tokyo Stock Exchange the previous week, abated somewhat last week but trading continued to be brisk with the rally turnover exceeding well over 15,000,000 shares. Prices also continued to

soar.

The trading was highly selective concentrated in gilt edged shares of companies soon to increase their capital and on speculatives.

The major galers in the koshi Department Store. Mitru- capital increase Kroup were | kosh; at one time added an 11- Asahi Chemical Industry (110 point gain but eventually settled Chemical (189 (at 284 yen for an advance of yen), Mitsui yen), Japan Express (218 yen), 5 points. and Sumitomo Metal Mines (160 Ajinomoto continued to gain yen) increasing their capital by

also ufter opening at 202 усп 50 per cent by issuing free spurting to 295 yen dropping shares, and Dalwa Spinning suddenly to 200 and closing at (380 you).

291 for 4 points better than the The group also included previous weed end. power companies, banks and in- (1ther gainers were electric surance Arms with investors shares on aleength of the pre- buying insurance in preference | vailing high prices of wise, to bank stares because of their electric machinery due to the higher dividends. Yasuda Fire autematun boom and chernica) Insurance and Nichido Fire In- fibre and textlic shares generally. surance hit 103 yen and 99 you! -United Press, rospectively, the latter fo i now high,

Speculatives

Kroup

Exchange Rates

(From Our Correspondent)

Business done on the Hong- Stock Exchange this

the in morning amounted to approx-

Huskies who dune In the local speculative

unuicter exchange inaritet this imately $680,000. Nuon quota- | Mitsubishi Heavy Industry Re-

ening at the following rates:- tions and the morning's trans- jorganised, jumped to 107 yen to |E.S, dullor (per $11 actions:

stimulate petive trading in other Starling notes (per £),

Australian notos (per £1) speculatives such as Tokyo Indonesin uglah (per 100)

SHARES DUYERS KELLERS KALER

BANKS

HK Bonk XD 1670 1983 201003

INSURANCES

Union

015

Interest

| Manth

Volume

Open interest

March

4,800

30.700

..

however, ins; watch (or a little tou nuch given to The lond term pressure consumption could

perch 11

the balance tip

over towards

May

10,100

300100

July October December March

51,000

310,200

20,700

3:0.200

18,000

200,000

11.300

122,800

SHIPPING

120/300

Waterbom

X Al

K, Whart

670

Dix'k

1000

1000

1000

avfustrial economy dollation and, as the National May

vast unexplored held City Bank points out, "in a July

What part downturn. FIXEUTY

Gure purchase) re. Total des transwort: credit play in the payments subtract from badly foetiding Letunes

maja esimer

hgh then POGILAMA 7

industries

t

Governa

siteutd th tervene and how?

the reeded purchasing power"

in-

NEW YORK

Prices of futures closed today as follows:

Spol Mar

de-

Mins

effect In fnet ali 10 re-

July

Oct.

Dec.

Mar

May

Juli

However, there is no sign at the whole the moment that the British Can be effectively Government's hure purchase

restrictions are having controlled If at what point

Ili.i.onary the previous attempts strict hire purchase transactions have falled and this bears out view the National City Bank's that the "sustaining force of in- slelment credit does not vanish like the dow us the dawn of And that 157 Economic Advisers. Their report commle adversity,"

seums Lo 77 will be studied with interest all

23

20

Bigger Strides

A panel # American experts 14h undertaken is anawer these 47questions at the request of the States Council of United

57

21.

$1

over the world. In the mean- "adversity"

5e, however, the First National government

15 City Bank of New York has sap-Britain last year as to a murmal

497) plied its own views on this sub-buziness reccssion as in America

jject and they make extremely in 1954

307

མཎྜ

Provident

LAND, ETC.

XD תטיל!

Blom tical per 100)

Marinc und Fire Insurance. Helwa Real Estate and Milsu- Singapore (Straitsj

14 14.40 1000 og 14.20

PO B·IE.A

COMPANIES

35,000+

35.77

Old;

33.23-24

Wheelock

1.00

33.10

31.74-73

31,63 31.60

31.46-47 30.87

HK Hotel XD 14,00 14,80 500 14.70 HK La XD 000 000 0015 Realty

1000 u 1.50 RUDEER

A tubber 70 1.155,000 1,325 Trust

1921 2.20 UTILITIES

23 23.30 200 - 22.00

700 - 23

PENINSULAR & ORIENTAL S.N. CO.

Star Perry

1303

30.14

Y'matt Ferry 108 105 100

104

31.25

100

14.24

C.

Light 101 21.10 21,40

Outwards

33.21

C Ligi (N) 10.70 200

10.00

50 10,00

"CARTHAGE"

31.72

Electric

20.00 30% 5000

30

31.01

18th March

33.00

Mac Electric

1010)

0.10

"CORFU"

27th March

300 Apri

30.47

(Now)

8.301

26th Apr

28th Mar

NEW ORLEANS Prices of futures closed today As follows:

Dalry

5.20

PASSENGER/FREIGHT SERVICE

Leaves London

Salled

Tina Hongkong

And April

13th Apri

"CHUSAN"

7 May

27th May

Telephone 22 331, 3332 32 INDUSTRIALS

Cement XD 344 345 027 in 34 STORES, ETC

IT 14.30 1500 ↔ 17.30

XD 10.00 Crawford

Walmon 1.

COTTONS

Textiles

500 or 17 ANI

11 100 10.00

448

"CANTON"

Via Southampton, Port fald, Aten, Hombry, Colomb,

Homewards "CARTHAGE"

CHUJANS

"CORFU" "CANTON"

Penant & Bingapore.

J.Caves Hongkong Dne Landon

0th April

2011 Apr

4th May.

1st June

Via Singapore, FOLDE

4th June

zad,July

Colombo, Bombay, Aden,

A Also calls MARSEILLER,

FREIGHT SERVICE

be true when the

enforced 12

Spot

Mán

by

May

measures As

July

Oct

Dec

Mor

Маз

50% D

interesting woding.

Confidence

July

77%

The st

011

potal to be made is j

LIVERPOOL.

Bay

that hire purchase -as consumer Tu sustain

the forer 01 !p-

Futures closings, in pence per

บ

10%

474

730

03

income after taxes, of personal 499, was outstanding at the end

243.

22511955.

021

43

37.

10%

ferçdit as the Americans call tamen! credit, says the Nation-1b, were as follows: 495, i-has mude much bigger strides a City Bank, "confidence in the Old contract Mar/Apr

In the United States than any-¦ Lmited scope and duration of where else in the gorid, Accord- the downturn is essential. With New contract May/June

Bank ng to the National City

uut such confidence Instalment some $10,000 million of instalment credit would revert to its sup credit, representing 10.4 per centove

proved role of intensifying the Egyptian Karnak Mar/Apr... downturn; both the reluctance to The Sao Paulo prices were not incur or advance new Instal-available this morning-United meni debt end the continuing Press. Anyone who tries to compare repayment of the old debt would this situation with what is hap- reduce retail sales,” pening in Britain at the present

the measures Despite

laken moment comes up against an Im-recently the British public sul mediate problem. There are no hus "endence in the limited

20.00

May/June

July/Aug.

July/Aug Oct/Nov Dec/Jan.

25.05

WORLD

13915

purebam

of the number

of

RUBBER

Hornalake Mining Co.

3034

8716

Inland Bleel Co.

001

Interchemical Corp.

做嗎

reports con-

Int Business Machines

43415

The

International Nickel

012

International Puper

1242%

dern cconomic planning depends, lorify

Rough Estimates

smolt; for the vast

wages are

Batu Lintang Rubber Co.

Lid British

Syndicato

Inti Tel & Tel

2432

Petrokum Bornco

Consolidated Tin Smeliers

Ord.

John-Manville Co.

110

Kansas Power & Light

40% guesses

Kennecutt Copper

143

Liggett Meyers Tub

074

Lockheed Aircraft Loews [help.

40

million of hire purchase credit them. is now outstanding

03

130

This amounts to between 2 and four

per cent 50% Income after direct taxes.

in Britain. Experience has shown

three instalment credit

that connot be

No. 1 rubber per th. Mar. 1004-101 09-14-200 Apr. May unquoted

Hongkong & Shanghai Bank

ing Corp.

Fraser & Neave Ltd. Ord. Fraser & Neave 72 cm.

pref...

Openi

$1.07

41/0d

27/Bd 21.70

$5.00

$800+

HURRMONE TH

Ltd

7/30

Kempas Ltd.

$1.00

Lunas Rubber Estates Ltd. Matayan Breweries

$4.12

$3.357

19

0731-60

New Seindah Rubber

Lid.

Co.

$1.70"

Blanket creEPE

94-00

Petaling Tin Ltd.

33.BOM

18

115-110

Raffies Hotel

$1.36

Singapore Cold Storage

$1.00

40

The market was very steady

South Brilish insurance Co.

427

Lid.

$27.50

straits Trading

529,29

Strails Steamshilp

#12.40

...... 20-20%

United Engine Ord.

$0.00*

Wearne Bros.

32.80

⚫xendly ed ex-China Mall Spécial.

in the closing hour of dealings,

new demand developed which

helped to push the

average beyond 500,

Market

NEWS

Industrial

tinued highly favourable,

large number of good corporate reports, exupled with business forecasts,

bolstered the market

considerably today.

The market was the broadest since last Sept. 28. A total of

1930 1,230 issues appeared on the tape. Of these, 082 rouca moved higher, 352 doclined and 255

Cendrien B. Fi co Goodyear Tire

Heyden Cherulent

Ingersoll-Rand

Lone Star Canent Co. Loulaville & Nashville R

wenstein & Son

Membi Iron Corp.

Minnesota Mining

held at the previous close. New Mision Development

· 1950 highe

lows.

were reached

by Monsanto Chemical Co [Montgomery Ward

254 stocks and 11 made now! Motorola Inc.

Transactions today totulled National Dairy Prod 3,110,000 shares, compared with 3,430,000 shares last Friday.

Specialty issues displayed the best

strength. Chemicals also

ere featurcices. Motors were

Steel

chares

National Cash Rex. "A" National Lend

National Sleel Corp. New York Central

in Mathieson

Elevators Owen-inola Gla Pheifle Case Elce, firmed. Pacifle Western Oil

Pan American Airway# some good buying. Paramount Pictures met the steel section, Bethlehem Steel finished with a gain of 1% to $137%.

In

5.

High priced International Business Machines TOSC points to $434. ·

Kennecott Copper paced the metals. It jumped 24 points to $143%.

Parke Davis Co

Fenny J. C. Co.

Penn. Salt Co.

Philip Morris

Procter & Gamble Co. Pillsburgh Plate Glos

Pure O........

Radio Corporation

Republin Steel Reynolds Metal

Shot Oil Co. ....

New York Stock Exchange Saint Reg. Papor

Stock Exchange South Puerto Rico Sugar. xd

bond volumo was $0.136,000.

Slactair O

Socony Mobiloil

American

volume was 1,400,000 shares.

douthern National Ga...

Dow-Jones closing average

Southern Railway (Com.Į

were:

Standard Brands

Standard On of Cul.

30 Industrials

800.24

Blanda Dil of Ind.

100.84

Blandai Dil of NJ.

2B utilitie

0747

Sterting Drug Co.

5 stocke

∙177.32

40 bonde

99,10

Comm. future price indox.. 150.81

Tox Co.

Closing Prices

Aklan Ine Acy.

Allied Chemicals

Alleu Mijs me.

All Chaimers

American Airline

American Caramide Co.

Am. Mach. "E dry...

American Metal

American Smelting "Amaricari TT #70

American Toh

Stokely-Van__Camp,

Studebaker-Packard Corp.

Swift Co.

Tide Water Asmu Oil

Twenty Century Fox Film

Union Carbide.

034 figures available of the amount scope and the duration

Butstanding hir

The downturn."

credit though the Board of Trade workers on short time as a re-

is now trying to all this gap in suit of these measures 19

the information on which mo-

there is plenty of work,

still rising and the restrictions are regarded DЯ

MARKETS

Singapore, Mar. 12. The rubber market steadied

One must therefore rely upon little more than a nuisance and at noon and advanced further in

most widely a test of

of a salesman's ingenuity

and the

the afternoon. It closed very

accepted guess is that some £500 of devising ways of getting round steady. Futures:

5

of personal turned on and off like a tap. ft No. 2 rubber per ab. Mar. 20-0015

No, 3 luctuates with the rise and fall No. 4 of confidence These figures should not be of con and governments pot rubber unbaled... 106-191

be incapable of the No. 1 pale CONDON regarded as anything more then appear to

any significant rough estimates. But even sa it fluencing

to

is clear that the American con- fegree short of an all-out at- sumers bea burden 10counterpart.

50%

62T

400

0014

53

40%

10

tuan

e tar greater debit tack on the very roots of con- with spot quoted at 29 pence

their Brith Adence which in Britain springs

is not the case.

May

General markets, cif basis, ports: 2016-2024 20-2030

Port Said & London.

"SUNDA"

due 24th Mar. from U.K. "SHILLONG"loads 28th Mar, far S'pore, P. Swetten-

Bak

Havre, Fort London, Hamburg. Rot- terdam & Antwerp

ham. Pesang.

Aden,

•

Singapore

Stock Market

Singapore, Mar. 13.

Brokers today quoted the fo!- lowing stock prices:

Munted Press.

NEW YORK METAL FUTURES

New York, Mar. 12.

· · Prices of metal futures closed |today in cents per 16. as follows:

Leed

1847.

April-

: With liberty to call at Belawan before or after Stratta Porta and at Bombay 11 Inducement offers. Tanks avaliable for carriage of all a bulk, pace for refrigerated ergo. Limited Passenger Accommodation.

BRITISH INDIA S,N. CO., LTD.

1856 A HUNDRED YEARS

"WARORA"

walls 10th Mar.

ОР SERVICE - 28.58

for Singapore, Fonant. Rangoon, Calcutta, & Chittagong

"SANGOLA" salis 27th Biar. for Bingapore, Ponans.

Nangoon & Calcutta

"SANTHIA" due 3rd Apr, from Calcutta

anite 4th Apr. for Japan

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

"IKAUNA"

dur 18th Mar, from Karachi da HombaT walls 10th Mar, for Japan

dae 10th Mar, xails 18th Mar,

"SYRDHANA”malis 18th Mor,

salle 20th Mar,

from Bombay de Karathi for Japen

far Singapore, Penang. Cochin & DOSHIAV for Singapore, BOX, BAY, Karachi, Damrah, KShorfinshahr & Kuwait

EASTERN & AUSTRALIAN 5.5. CO., LTD. "NANKIN"

duo 22nd Mar, from - Australia nails 23rd Bier, for Japan

All voussig have liberty to call at any ports on of off the route a the route di salling are subject to change or amendment with or without motiba,

For full particulars apply to: MACKINNON. MACKENZIE

OT HONG KONG (TU Telephone Nos: 727204.

LONDON METAL

PRICES

per lb. Prices: from repealed government 03- No. 1, Ras spot...

Bettlement house term: that full.

employment If consumer credit was a cause surance will be of inflation one would expect to

maintained: If it cannot pr May At Will And American economy in a far control OL

however, the June 4053 worse blight than the British. Government can draw consola April/June

July/Sept. 2012 But this

The tion from the view supported by Nov. Dec. logical conclusion, therefore, is the National City Bank Abat an Jan Mar that consumer

credit is. not alexpansion of consumer credit

Aprii is not necessarily in itself caUFI cause of inflation.

Estate crece unquoted. is not to say: however, for alarm."

NEW YORK This

London, Mar, 12. that it has no ill effects on the Growing Economy

The No. 1 Res

The tin market was very According

futures the 4842 economy.

to National City Bank: "Theoreti-

eredil contract today, closed 40 to 55 steady. Prices closed today in Obviously Instalment credit ne- cannot expand Indefinitely points higher with sales of 232 sterling per long ton as follows: puntes booma

and recessions There must be some point bo-contracts.

The standarti contract closed not cause upturns "or yond which it would be danger- downturns. In revival, instalous for it to go on growing and 81 to 50 points higher with sales

200 ment credit contributes to pur-given other Inflationary condi- of contracts. chasing power and helps put mentions that point Bas no doubl and machines back to work.”

Same View

77

4015 but doce

02

2751

10

40%

时

1301

BOT%

consumer

420

Birvers Sellers

3-mosen

3-month.

Tin spot

Copper spot

704

708

130

41034

417

Lead ist hali Mor

1271

Futures were:

..

ます。

༥.、 Keych

No, I Ass (old)

Zine fet hott Mar.

Bapember

34.00-70

$100

32,00

Standard new Contract

been reached in Britain. In the longer run, however, instalment MAY credit can have a beneficial July

It goes on-and this is a fair effect.

of what has been 201 Bummary

In the view of the National December the City Bank it is "n growing port March In Britain-"in happening

May later stages of a boom with many of a growing economy and per

useful functions. July lines bumping against the ceiling forms many

す

23

of capacity like any form of "Those who regard it as some. September

vaguely Immoral

might

of this credit-adds fuel to the fires of refleckon this. And also on the

retot tik cemomy charac

| Infintion."

The British Government Look

the same view--and made hire ferisco by high employment, dimcult. steady work and rising Incomes much more purchang $14 This is largely though not con

Union Pacing Railway

2116

United Aircraft

110% US. Gypsum

34

22 UB. Line Co.

36"

UB. Rubber

34

US. Einelting

75

9. Bul...

Hip Wamu Bros.

o

Westinghouse Eletric

Went Va, Pulp & Paper

85% Woolwort

-United Prem,jo situation which needs a close Servico,

support/R ̃much & tarder

0 Wholly-ramponsible for the cur volume of credit without retrain

Debember March

$33.30.

Poor Reception

rent coversion in durable.com-than one which is erratic or desi markoty Croportatif, woDŃ oyaumer goods industries. But it is prowed" Lendont

Express | available this morning

'Hoor-radio" récept

Tin

Zino

Capper

"ITRIA"

'ORDIA"

CO

4.37