WORLD
RUBBER MARKETS
New York. Mar. 19
The No. Ras rubber futures closed today ve to 20 points fower with sales of 20 contructs,
The Standard contract closed unchanged with, no sales re- ported.
Truding in both the spot and futures markets was brought to a standstill by Now York's
worst storm in years.
Spot No. 1 Rss were quottel
Futures:
at 34 cents a pound,
No. 1 Res
March
May
July
September
Berrober
Standard Contract
Marvi
May
July
Heptember
December
March
i
THE CHINA MAIL
TRADE and
SCRAM
TUESDAY, MARCH 20, 1950,
COMMERCE
Chancellor Grateful
HONGKONG For Respite New Cotton
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong-
kong Stock Exchange this mom-
ing amounted to approximately
24 04 | 5250,000. Noon quotations and
34.00
ze the morning's transactions:
22 43
21 B
SHARES BUYERS BELLERS BALES BANKS
IK Rank
1635
East Asta
220
338
3300
INSURANCES
Vision
3240
31 00
20.10 SHIPPING
Contard Underwrtlern
$445
tw
040
30.13
Waterboat
X AIL
173
DOCKS, ENC
K Whart
711 13
Provulen
Whitelock
SINGAPORE
After opening slightly lower
maricut remained on
A Throughout the day
LAND, ETU
TEK Hotel Xo
1420
Last Minute Check Crop
On Financial
Situation
From Our Economic Correspondent
London, Mar. 19.
Mr Macmillan will need every day of the week or two that the Budget has been put back from its usual date. They may 297be crucial in helping him decide whether he ought to introduce further measures to combat inflation or rely upon his February cuts to bring Britain's housekeeping accounts back into balance.
300 7500
14
Ik Lad XD 38, 30*
(1.4
300.00
10
1.
F.
N
1 uber per h A
PAN
Hampe
May
Juše unumuted
155,000 ENË-DIM
M
RUBBER
A
y
11-14
10,400
ST-DG
ITILITIES
021-06
I've XD
120-14
Y' Perty 103
103
¢Eg11 TO 20
C LIGHT IN)
20 733 10 자
No 3
1.
No. 4
No 2 rubler per ib. April
Spot rutier unbaled
Blanket greve
No pale crepe
LONDON
The market was stendy with
spot quoled at 2014 pence per 1b. Pelece
Nu I am par
Settlement hortore term
April
May/June
July/Sept
Stubber 190 190 2000 4 3 6712
Electric
R
Mueno Electric
Foldi
Newi
Telephone
X Al
Cemen
65
29 200 270 700 - 20:30
Months Active
New York, Mar. 19. Colton. prices moved higher today in moderately active dealings with Bew crop months, especially July, In the spotlight,
The market was mixed at the opening which was delayed
hour by New York's worst snow storm in yedes.
Al the close the list ruled 33
points higher to six point lower,
bale
up- with
New crop months ahot ward after the opening
atos caching more than $1 a Dale by extended even with far-off July, the lowest- setting the most attention.
DIA. Gains Were later further
paced month On
the Board,
Trailing slackened a bli late in the day as traders took tima tarm to view penting oul legislation,
Volunic and open interest
were:
His decision will depend as much on 02. what happens during the remaining month
20. before the Budget as upon what has Muth
| happened during the past few weeks. For that reason there has been an unusual absence of speculation about what the Budget will contain,
140
30-20', 28-20
22 RO
100 1.
INDUSTRIALS
2014 2013
28-13-1834
207-201
Metal Indlani Dairy
34 34'4
17.29 17,60
3000 700
1 B0 1750
300 1740
230 17.50 300 « 105
3
9.10 3.30
Oel /Nov
Jan Mar
2015-201
"General markets, ci hasla, porta
April
2012-20 20-2311
"Estate
crepe unquoted Untert
Press
Walson XD 10.30 16,00 1. Crawford MISCELLANEDUR
Allied
NY INDUSTRIALS
PUSH AHEAD TO NEW HIGHS
New York, Mar. 19.
New York's big blizzard-worst in seven years-failed to dampen enthusiasm for stocks today although it did cut down in Wall Street's advance.
Despite a slow start (the financial com- munity straggled in to work an hour more behind time), the market turned in creditable performance.
Industrial shares pushed up Colgate-Palmolive Co
Commercial Credit another 2.18 on average to a
Commonwealth Elec.
a
Amateur
Volume
21.000
$3,300
Open Imeres
Moody's Index Delayed
New York, Mar. '10, Moody's" spot banthjodiy price Index " krmally complied after 2030 gmt— Was A casualty of the
Reverent
Earlier today the com- pany announced briefly that the index would not be available at that line. Company officials were not available for complete explanation. later, but it was kated
many employees failed to turn up for work today ar elab Were ment. home earther than usual-long before the formal closing of trading today.
In addition, commodity trading WAI In SUME Instances ourtalled соп- siderably because of the storin, and possibly some of the pries Information normally used in compl- ing the index was likewise unavailable.--United Press.
Chicago Grain Futures Hold Firm
Chicago, Mar. 19. Prices in grain futures were firm on the Board of Trade today.
May
503.400
July
t
302,000
12,200
304,400
Dev
10,100
100,000
May
15,500
93,300
July
A.200
$3,400
tal
128,0
1,012,300 Valen
NEW YORK
Prices of futures closed today as follows:
pro-
Spo!
34.75
May
35.52
32.54
31.80
31.83
3126
21.05
wheat today.
01.50
Wheat
closed unchanged
budget makers are months before the final effect of
Mr Macuillen's February gramme can be judged,
Nor-
in the surne diffealt position os the Chancellor himself, mally they would try to estimate the likely trend of the various
In supply and demand factors for national resources and calculate from that how large a surplus (or deilcit) should be budgeted
for to bring the two Into balance.
Common Ground
This entertaining and harm- less exercise which might be called "queesing the inflationary kap"-is mort diMealt than ever this year. If it is any con- colation
the amateur can rest assured that the Chancellor is not finding it any easier. Even such a sophisticated observer os the The Economist hos lo adrall thol Mr Macmillan "must rely
les 1.
delicate in much strument dials and much on the seat of his pants."
more
OVET
July
October This has encouraged the hope December that the Chancellor may con- March
that sider
further 110
dis- May July Inflationary action is necessary next month. Wishful thinking
ft maybe; but is based on several Important developments which suggest that the In- Nationary situation may be responding to treatment.
Intensified
!
The gold reserves were fall ing at a slower rate in the last quarter of the year: since then they have risen two months in There is reason for succession. hoping, too, that the tide may be on the turn in Britain's over- seas trade fortunes; imports in February fell much more sharp- ly than exports and the trade
for gap was the lowest
nino months,
This does nui mean, however, that there is no common ground
kqueeze At home the credit between experts who have so started by Mr Butler and in- by Mr Macmillan hoa far ventured a prediction, it is tensified certain that the present man- brought about a significant fali In bank advances. There are rial year will close with a much larger surplus of revenue signs that
having an this Government expenditure than effect on the rate of new indus- that Mr Butter budgeted ['Or trial investment and a further reduction may be ex- inst April. A figure in the marked region of £300 million has pected when Industry's plans are affected by the suspension development allowances. much publicised reecsalon In durable consumer. goods Industries is evidence that the consumers, too, ure revising their spending plans.
If production goes on
Uka
4472
been widely canvassed.
118
Out of a
traded, 625
Crane Cu...... Crown Zelterbach Cuban Amer. Sugar Bow Chernjenis
40
DO
10
2016
Eastman Kodak
Dupont de Nemour
2319
El Paro National Gas, Erie Railroad
303
Family Finance Corp.
new all-time high level; rolls Consolidated Edison
utilities Improved only Continental Oil of Dei. slightly on balance. total 1,182 issues were higher, 412 lower.
Turnover fell off to 2,570.000 shores smallest since March 8- from 3,120,000 on Friday.
Metal
shares in particular were En demand, with gains ranging to 4 points in Alces.
Steels Good
Steels generally did well with Bethlehem up almost 2 points. General Motors climbed point In ila
group Chryster improved fractionally.
International Paper ran
more than 7 points coincident with a price increase announce- ment for Container Board.
Oils were
performers.
General Electric
General Foods
General Motors Gen. Pub. Ut.
Gildden Co.
Goodyear Tire
rising Finally
next year (as it should') and The Government succeeded in keeplay their expenditure under there is a fair strict control chance that the Budget surplus bo larger til In 1850-57 on the present basis of taxation, Predictions Founder
will
If all
was
well with
the British economy-and if budget 3142 making were merely a matter
of providing suffelent
90
revenue
current
to cover Government's Expenditure-the only question, therefore, would be: what taxes will be reduced?
Unfortunately, however, that
Goodrich (B. F.) Cu.
Hamalake Mining Co,
Ingersoll-Rand
Inland Steni Co.
Interchemital Corp
Int'l Business MachineS
447
Invi Harvester
874%
while
international Nickel
011
International Paper
134
Int'l Tel & Tel
344
up
John-Manville Co.
Kansas C. Power & Light
409%
Kennecott Copper
1401%
Liggett Meyors Tab.
Lockheed Aircraft
sew. Incorp.
2017
Lone Star Cement Co.
70%
Louisville & Nashville R..
Lowenstein & Sons,
2
Trust,
Mesaht Tron Corp.
Minnesota Mining
193)
Mission Development
In
Monsanto Chemical Co.
51
Montgomery Ward
0212
the present context this means
Motorola, Inc.
4311
3014
the strong among Continental moved Conting
up more than a
Rhodesian Jersey
and
were
the
a polot
Selection Standard, New Jerrey Westinghouse day's most active stocks,
New York Stock Exchange bond volume was $3,800,000.
American Stock Exchange volume was 1,200,000 shares.
Dow Jones closing
were:
30 Industrials
20 rail...
is utilklen
65 stocks
Comm,
National Cash Neg. "A" National Dairy Prod. National Lead National Steel Corp. New York Central Olis Elevators
averages Pacific Gas & Elce.
Pan American Airways Paramount Pictures
000.76
189.37
Parke Davis Co.
67.14
Penny J.C. Co.
179.00 D8.00
Philip Morris
Procter & Gamble Co.
Couture price index. 150.02 Pittsburgh Plate Ginse
Closing Prices
Allied Mille Inu,
At Chalmer
American Airline
American @yanamide Co.
American Metel
American smelling
American Tol
American Tob."
Anaconda Copper
Annco Site!
Armour ******* Bajgwin-Lima-tam, Heftimore & Ohio, Bendix Aviation Corp.
(Benguet Care
Helbiente Steri
- Boring / Airplane
Borden (Tha),Co. Murroughs Add Machi Carından Puerida 11,
Celiesme: Carb: Chare ManhHLA MAN
$ 35
74
Pubilcker Industrien Pure Oil*******
Radio Corporation Republie Steet
Bernolda Metn)
Shell Oll Co.
Saint Flex. Paper
20% | Sinclair Oil.
73% Rocony Młoblioil,
11
Bouth Puerto Rico Sugar
50 Sonatherm Hallway (Com.)
10844 81dard Brands
77
86
Standard Oil of Cal,
Btandard' Ol of Ind.
541 | Sterling Drug Co. 184 Blokely-Van Camp.
· 141 Budebaker-Packard Cor
Bw & Co.
41
om. B45 | Tide Water Asin_0$)
Twenty Century Fox Film
131 Untos Carijde
Union Faoine Railway
(025% | United. Airgraft: »,
EN | UBS Humber
· 14|||| UK - Besiting
Warner Bros.
Weringhouse . Electric -916) || WORKSVA. Pup Paper
16.
Woolworth
43
the
Nevertheless it is too soon to say whether the British economy has entered a long overdue dis- inflationary phase or whether it has merely paused for breath before setting out to scale even higher inflationary peaks.
Difficult
All this makes it extremely difcult to predict even a broad outline of Mr Macmillan's first budget Indeed, it is highly probabic that even he could not say yet what it will contain, His final decision may not be made until he sees whether the
NEW ORLEANS
Dust storms over parts of Kansas,
sna
a prediction of very ittle moisture for the southwest wheat bell was
the buying reflected in
Page
London Stocks Respond To Good Earnings
, London, Mar. 19.
Stocks responded to good earnings and divi- dend news and pushed with a well-supported ad- vance on the London Exchange today.
་ ༔
Voliane expanded moderately; } with Industriale stating - major attention, Mlect#foal, building
and newsprite sharéa featured on the upride. Great Universal Stores (pursed - two-shillings.
British Government. stocks tacked în ́erall gains in quiet dealings, then saved a bit on profit-takinst
Coppers Advance
Coppers advanced, under local and overscus buying support, Their gains stemmed partly from news that Anaconda Co, will Belts Chilean outpul at World prices.
0
CHILEAN COPPER ESTIMATE
Santiago, Mar. 19. The Chilean Ministry of Mines estimates that copper production American-owned big All the mines this year will reach 480,- 000 tons compared with 391,400 sons produced In 1955,
Strikes prevented output reach. Ing the original estimate of 420,000 tons for 1955. Produc- Olls were.. featured by sharon comprised 120,300 tons of rises in Brlilsh controlled Oil electrolyte, 113,100 tons of fire- Fields Co, and Trinidad Petroned and 151,900 tons of reum Developement.
blister. Monthly output fluctunt- Burmah between a peak of 35,207
ind eased,
Gold shares pushed ahead, helped by expanded' Johannes- burg buying.
Germon and Japanese liens frmed and posted galas up to £1, while Greek bohda eased in
ons In May and 17,430 tone, in December.
Unofficial extimates indicate that 1955 production at the Chilean-owned medium minca was around 20,000/25,000 tons, while small mlacs produced a moderately active foreign bond'] Bome 10,000 tong of bilstor market,
and 8,000 tons of concentrates ·
Modl Dollars stocks were mixed in: and precipitates.-China quiet dealings.--United Press.
મે
*
10
up 24 cents; soybeans up 1⁄41⁄2 to 1% cents.
Prices for grain futures closed today in cents per bushel
35.60 as follows:
35.47-49
Prices of futures closed today as follows:
Spot
May
July
October
December
March
May Jul
3292-03 Wheat, No. 2, red
31.75
Spot
228-1200
31,70-80
Mar. 22015 (831) 22344 (0)
31.01
May
31.03
July
31 55
Sept
Now.
22635 271-220% 199 2001 2043%
LIVERPOOL
Corn, No. 2, yellow
Spot
Future closings, in peace per ib. were as follows:
Old contract
star.
May
July
Mar/Apr.
25.59
Sept.
24.00
Nov.
23.89
New Contraợt
Mer.
May/Jund
31.03
May
July/A
31.00
Get/Nov.
Mar.
Dec/Jan.
25.35
May
SAO PAULO
The
May/June
July/Aug.
future closings, in cruzeiros per kilo were as fol-
Jows:
March May July
28.40
20.00
30.00
34.65
In the US the average price of 18/10 midding cotton al I dc- Kignated spot markets WAR un- ¤Vollable.—United PreOK.
New York Sugar Market
New York, Mar. 19. World No. 4 sugar futures closed today unchanged to one point higher with sales of 35 .contracts.
Trading in both world domestle futures
Boybeans, No. 2, yellut
Spo
-Mar.
May
July
Sept.
Nov.
Barley,
Spot
New York flour
200 lbs. mick
1
23733-16.
130-140T
1.80
WINNIPEG MARKET-
Winnipeg, Mar. 19.
Prices of grain futures closed today in cents per bushel as fol lows:
33012
*
*
Specta
POBIE.A
COMPANIES
PENINSULAR & ORIENTAL S.N, CO.
PASSENGER/FREIGHT ŠERVICE
· Das Hongkang
"CARTHAGE*
Lanttu London
... daited
2nd April
13th Apèll
27th Marun
3014 April
alth April
26th May
"UHUBAN"
"CORPUİ
"CANTON"
Via Southampton, Pero saia, Aden, Bombay, Colombo, •
a Pasang 'a singapore,
Leaves Hongkong Due London"
HomeWaada
Úts - Apri
#CARTHAGE”
Win Apell
**OBUSAN"
"CANTON
Ist Jupe
7th May
17th May
2nd July
Wheat, No. 3, 105-6/8, cenia; No. 5, 132 cents-United Press,
Singapore
Stock Market
Singapore, Mar.-20.~| Brokers today quoted the fol- lowing stock prices:
Via Kingapore, Poming, Calambe, Bombay,' 6600,
* Also calia MARSEDES).
PREIGHT SERVICE
"BUNDÀ” due With Mar. from U.K. "BELLONGSlade in Mar.
for Spore, P. Bwetten hom, Fenang. Adett. Port Bald.. Havre, London, Hamburg, Hot❤ terdam & Antwerp
With Uberty to extí at Belawan before or after Straits Ports and at Bombay if inducement ofera ́ ́ Tanks avaliable vor'dáriage at sti in buk, spoke for refrigerated cargo. Limited Passenger Accommodatimi.
BRITISH INDIA S.N. CO., LTD.
07
·1238 — A HUNDRED YEARS
SERVICE - ZÁSO
"BANGOLA skila Was Mac. for Singapore, Penang,
Rangoon & Calcutta
·ärá Agr. from Cálcutía · "BANTHIA” Que
"sallt sth Apt, for Japan "FULTALÁ” 1838 18th Apr.
for Singapore, Penang,
Calcutta Rangoon, Chittagong
P. & 0./B. I. JOINT SERVICE
"BIRDHAÑAsalle 20th Mar, for Singapore, Perang.
Cochin & BOMBAY
1h Port maite zlat Mar.
from Bombay de Karachi for Japan
salfolahna Mke, for Singapore, BON. BAY, Karachi. Berrah, Khorramshahr &
Baila 26th Apr.
frhus Japan
for 'pore. BOMBAY, Karachi, Basrah, Khor- ramshahe &c, Kuwait
EASTERN & AUSTRALIAN, S.S. CO., LTD.
“dus: zindiae, from Auriralla
silaxied Mar, for Japan'..
|BAYA] Eberty to chi at any ports.com
Oats
May
July
Cet
Rya
May
July
Oct Barley
41495
*WIN
And Blower
May
110
Jude
10494
because of 'New York's storm in years which kept many traders away from the change.
Oct.
1011
worst Fietseed
MAY
41815
cx-
July
40414
Out.
202
Futures:
Contract No. 4 (world)
May July
Sept.
Oct.
Mar.
15 R
May
July
Its purpose recent encouraging trend in goid
Spot
fcents per 1b. fab
to
cort overrezs trade Ogures
has
Cuba)
3.23
Contract No. 6
May
1.45
July
0.41
ΠΟ further dis-
Sept.
8.57
5.39
Spot (vents per 3b, elf NT
ex-duty)
5.40 United Press.
Opening | Balu, Ekstang” Rubber Co..
$1.55 British Borneo
Petroleum Syndicate in
41/04 Amelters
France de Neave Lift. Ord. 9... 1.72*
"TTRIA"
FORDIA"
«das 27th, Apr.
£6.30
Hongkong
Banking. Görp.)
Is a question that does not arise in the present clrcumstances.
Modern budget making complicated affair.
is to adjust overall demand overall supply go as to keep the been continued in March. economy on an even keel,
If it na he will most likely trying to prevent Inflation and decide that
the aim is to do this by budget-inflationary measures are needed. in for a surplus large enough if not there may be more to All the estimated "dationary shocks in store for British tax- gap or excess of demand over payers and consumers.
4012 Eupply.
This is the rock on which most
predictions amateur
inter- The correct founder, pretation of statisties may post- pone the moment of danger but Booner or inter they are driven into uncliartered water and from there on everything is a matter of guesswork,
Slower Rate"
Youngstown Expansion
New York Mar. 19, The Youngstown Sheet and Tube Company, has announced that. an expansion programme would incrense rated steel ingol tong. by capacity by 1,000,000
1953 arid also boost are and guesswork-or to use a sharply the firm's aleel Anth-
This year statistics are even Nicas userul than they normally early
10 more charitable term, intelligent ing capacity.
anticipation plays a propor Indicated total Uonally greater part, o
cork of
The difficulty is that in
the Expansion
krid improvement
current financial year we have over the next fires yours may
NEW YORK METAL Coated Tin
FUTURES
· New York, Mar. 19, Prices of metal futures closed today in cents per lb. na tol lows:
da Shanghai
Hangkong Tin Lia,
Kamparada porta. Lúkame Labber, Estates Ltd.j Malayan Breweries
Now, Serandah Rubber
Leid.
Prizling fin Lid
Dead March
15.75B
April
10.740
Tin
Žino
March
10,000
April
90,000
March
12.420
Rammas Hotely (Prin
-12.44
Copper Match
63.786
'alled - Pron.
LONDON METAL PRICES
London, Mar, 193 ** Prices of enotal closed today in
had not one but in effect three reach:: $250,000,000 - Capital waterling per long tot ar vollows? budgets, the last go of which 31,000,000
penditures in 1056 totalish about: seo still operationiopin the
#ote that they are having can Youngstown now effect on the economy. We are annual: Ingobelo capact only now beginning to soothe 5,520,000 too,: 230,000 osols of Mr Butter's autumn which were added last budget and it will be some Ching Mall, Special.
MAS...
Zine 2nd, halt
Bingapore, Cold Storage
Bouth British · ·Insurance
Ltd.
Biralte Trachtragi
| Straite Steaminip
United EDERMOT Ord [Wearne »Pros,
Gwadly.
Mall, Special.
xdiv.
Exchange Rates
fali marsruler, mpply tx
tuwalt
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