TRADE
THE CHINA MAIL, THURSDAY, MARCH 22, 1956.
and
COMMERCE
NZ SEEKS NEW WORLD MARKETS FOR FARM PRODUCE
London Share
Markét
Dollar And
Govt Stocks Advance
London, Mar. 21. Trading slackened bit
វា
and most sections closed!
the London
Irregular
חק
Stock Exchange today.
Strong spols were British
Government stocks
and dollar
"Ks" moved
from the opening un
Investment support and posted
stocks. The
ahead
gains
t
i w .
WIT
Loan
Whild
PURNINSE
advanced that amount.
Old Consols clanbed
1 to £534.
Dollar stocks staged a general
after a hesitant opens | advance Ing.
£1
Industrials failed to show
American although trend. favourites found support through most of the section. Rolls-Royer gained about two shillings, and Imperial Tubaceo was another feature, up) (1914 shilling air- But small losses THUSETKILIN ATTAC
pence. fairly blue chips.
ROYAL DUTCH UP
But Britain Is Still
Her Best Customer
Wellington, Mar. 21.
New Zealand is seeking new world markets for her farm
produce, especially butter, cheese and meat.
New York Cotton
NEARBY JULY CONTRACT DOMINATES
New York, Mar. 21. Independent strength (in
dominated
But Britain, her traditional market, is still New Zealand's the nearby July contract best customer. In 1955, out of exports valued at £253,000,000, nearly £169,000,000, or about two thirds, went to Britain.
PI TOBACCO
IMPORTS NEEDS
Wool brought in nearly side Britain were Russia. Hol- £94,000,000, ur 37 per cent of land and Italy.
Not quite the export income.
half of this was purchased by |British buyers.
& moderately active and mixed tradé to- day in cotton futures.
July closed at the day's peak, while ruling 50 pomts her other deliveries were off 1 to up Opening prices were
those pot point. New Orleasts
Woul is sold under n system
from entirely different which dispose of dairy produce in and ment. Buyers from all over auction the world attend the which
re-sales nt which the greasy wool, Ment by far the greatest proportion of the total, is sold in the Dominion
self. Some 30 countries every year.
Dairy produce brought nearly £1,000,000, of
87 per
cent was aboul
from ceived
Britain. accourted for nearly £59.000,- 000, of which just over 67 per cent was received from Britain. Other goods produced nearly £30,000,000, payment being re- for about celved from Britain
of this amount. per cent
New Technique
Washington, Mar. 21. President Ramon Mag- saysay's announced inten- tion to create a commission for study of Philippines tobacco imports needs was "ch" today groeted WITH couraging" by Rep. Harold
Helped by the new technique and the D. Cooley of North Caro of aerial top-dressing
on an increasing scalo lina.
the results Rep. Conley, chairman of the the farms of
exsed
more
tion
T
the
По
}נו
(1)
ol
buy
or
The meat and wool industries are closely linked, since most of the meat produced is tamb mutton. Thus, an increase in the fola number of sheep provides an index to future increases in ment and wool production, Last year, the sheep population in- creased by nearly 3 per cent to just over 30,000,000.
Twofold Problems
New Zealand's problem today
an
Interest in alle dwindler infker House Agriculture Com-stivalille research, production is the foreno but the
Most reunomists and leaders clus miter, hart threatened reprisals increasing every year.
on the Philippines sugar qutat opinion found Royal Dutch light by
is twofold: how to sustain the have accepted £. British Petroleum 115445 that country persisted to its
1. Director-General annual increase in the output of Burmalı
Jmorts
AmericaViews of Curbs น
Mr EJ, Fawlvestock products of between 2 of Agriculture. lobnecu.
production and 3 per cent; and how to con- elgarette
cell, that livestock
these al F topela Foreign
average tinute to place Informed by the United Press mostly
murt increase t ደነ ነገ Magsaysay hnch
annual rate of 21⁄21⁄2 per cent over munerative prices in the mar- A that President unchanged in quiet trading, few
Lienes #lipped said he would create a special Inparese
the next 20 years. If with the kets of the world.-China Mail to study
existing Special. Increasing population. fractionally. Speculative buying five-mans commission
of living are to be In
Iron and report on the importance of standards defaulted appeared Curtain issues,
blends
keep maintained. imported Gold shares trendless for the Filipizer cigarettes most part. Do Beere dipped quality level, Rep. fractionally on reports of possi-marked; ble diamond competition from Russin.-United Press.
NY COTTONSEED
OIL
New York, Mar. 21.
of cutionseed
Prices
futures
closed today
as follows:
per lb
May
Juty
Sept.
Oct.
Bee
Jap.
oll
In cen's
17.00
10.93-02
14.08
18 00
15.12
10.13
United Press
Exchange Rates
Busine workedal
to
st
-
Cooley
TC-
ENCOURAGING
"This is encouraging me to believe that President Magsay - to do the saty i toking steps [right thing."
was done in the Jocal exchange
This markel
1.83
morning at the following rates:-
U.S. dollar (per $11
Sterling notes iper C Australian notes (per CU Indonesian rupiah (per 100)..
Slam teal (per 100)
Singapore (Straits)
Rep. Cooley has maintained that the Philippines Government guve tobacco state Congressmen, jeador. he is a among whom
curbs on ciga- assurances that rettes tobacen imports would be efred
The tobacco blue has argued should that the Philippinca
In 1954, he estimated that by 1974, livestock production would have to be increased by 50 per cent. Most authorities hold that im Morezse of this orde: is quite possible,
While there appears to be no Insuperable problem ut present,
in the
immediately years or
of greater ahead, in disposing quantities of farm products at reminerative prices, Just such a problem may arise later on.
Pursues Prospects
for
the
lo hold ita xuaranteed quota sale of all the Dominion's dairy share of the United States sugarproduce, market.-United PICES.
up
8 to
closed up 13 to 6 points.
Technical replacement buying and trade demand, attracted by Ufted recen sharp decline, July more than $2 a bale while other months showed small girls and Josses
re-
Farm legislation uncertain- ties shared attention with ports of Increasing trade pres sure Apson the Agriculture Department to substitute an ex- port subsidy programme for the nnnounced proposal to recently
Government surplus sell the
cotton abroad at
stock of raw
competitive
ending Washington
developments, spot interests, commission houses and local traders were preoccupied with making internal market adjust- Purchases of July were ments. made
of against sales
May where the intra-month spread narrowly to around 210 points from
difference of
Volume
a recett around 270 points.
and
open
interest
were:
WORLD RUBBER MARKETS
Monta
Volume
Open interest
May
$3400
заправ
July
25,300
304,500
Oct.
17.600
304,000
Drc
24.800
240.000
Mar.
0.100
133,000
May
6,700
07.000
July
0300
12,000
Total
104.900 1,071.000 boliva
NEW YORK
Prices of futures closed today
25 to 40 points 204 con- sales of
as follows.
New York, Mar. 21. The No. 1 Res rubber tutores closed today lower with
Spot tracts.
May The standard contract closed July
points October to 35 points lower
20
SECTION
US SUGAR BILLS CONFLICT
Washington, Mar. 21. floues and Setals, con- fértes will meet Monday to initiate negotiations toward a compromise on the con Bioting ERP Bills :
approved by the two chambers, was reported today.
Rep. Itarold P. Cooley of North Carolina, who will Head a seven-man panel of Houss conferees, sald that was the earliest date which' could be brranged with tile senators.
Cuba, Mexico, Feru and the Dominican Republic have a stake in the out come of the House-Serute conference.
Generally speaking, the Coban quota would benefit more ander the formula provided in the Senate bill; the other countries, were under the House Forraula. --United Press.
HONGKONG
STOCK EXCHANGE
Page
Sharp Setback For New
York Stocks
New York, Mar. 21.
Stocks today suffered their sharpest setback since February 8-a loss which pared nearly 1 billion from the value of all listed shares.
Losses were sharpest in industrials which have risen steadily and substantially since Presi- dent Eisenhower agreed on Feb. 29 to stand for reelection.
Their average went down 4.70, | Lowenstein & Sons renceting sizable declines
Menbi Iron Corp. In leading issues such as Bethlehem Miton Development
Steel, down 3%; Chryster, off 216; Du Pont. down
21 General Motors, ofT ; National
Steel, down 14; Jersey Stan dard, United Aircraft, US Sicel, cach off 1361 Westinghouse Electric down 2 points,
on n
Minnesota Minnst
Montgomery Ward Motorola Inc.
National Cash Reg. '“A” National Dairy Prod. National Lead National Steel Corp. New York Central Olin Mattieron.... Owen-Illinois Glam
Cu
Pacific One & Bee, Pacific Western Oll Jersey Standard and Westing-
Pan American Airway house were the day's most active Paramount Pictures Issues. The lutter opened higher | Penny I.
Penn. Salt Co... 10,000 share block
dea! Hip Morris (From Our Correspondent)
following settlement of its 156-Procter & Gamble Co.
but bucked downburgh Plate Gilan day strike, Business done on the lung leter
with the rest Stock sony
Exchange this morning amounted to approxl- mately $180,000 Noop quota-
los ant the morning's
trans- actions:
SHABES BUVÉDS SELLERS HALES
BANKS
HK Bank
INSURANCES
Union
SHIPPINGS
Waterbout
.... ما بلA.
Aslo Nav
DOCKS, ATO.
17
1.07%
1673 IT 1973 31670
管理]]
K. Whart 711721
Provident (D}
XD
Wheelock
..... 13.80
LAND, STC
HK Land XD
Realty.
RUBBER
A. Rubber UTILITIES
Tram XD Y'mati Fergy C. Light 10
Light NI Electric
KALL
RTS
Į
0.20
11170
11300 1.40
of the uker fedustries Pure Oli Radio Corporation dipped to 2,830,000. Republic Steel
Reynolds Metal tires from 2,068,000 yesterday despite a brisk opening before the decline set in.
Rails held fairly well, dipping only 0.27 022 average, and utilities managed a gain of 0.13, thanks largely to a rise of more than a point in People's Gos.
Dow Jones closing averages were:
30 Industrials
071.97
100 Gr 72
20 coll
108.85
15 utilities
07 20
65 stocks
179,53
100 9.20,
10 bonds
03,04
Comm. tuttire price Index 15158 Sinsandy's index
$12.00
03 By 300 19 1600
40 1.50 790 1.43
1.574 1.05 18500164
22.00
· 204 20
20
.00
នដធធ
Closing Prices
Alden Ing.
Acy
Allied Chemicals Allied Miline Allis Chalmers
American Airline
American Cynnamide Co. Am. Mach. Be dry American Metal American Smelting Am. Sugar Ref. American Tel & Tel American Tab. "D" Anaconda Copper Armo Steel.... Armour
Baldwin-Limo-Ham. Baltimore & Ohio... Bendix Aviation Corp.
Dairy ..... 10.00 17.23–200 - 17.30 | Benguet Cons.
Bethlehemp, Stco)
Shell Of Co Saint Rog, Paper Sinoni Ol
Bocony Mobiloil South Puerto Rien Sugar Southern National Gas Southern Railway (Com. Standard Brands
landars Dil of Cal Standard Oll at ind
Où of NJ. Sterling Drug Co. Stokely-Van Themp, Studebaker-Packard Corp. Swift & Co
Texas Co
Tide Water Astn. Dit
Twenty Century Fox Film Union Carbide
Watan Paelic Railway
United Alteraft
1.9. Gypsum
U.S. Line Co.
U.S. Rubber
US. Amejting
B 21.8. Steel.
110Warner Bros.
540, Weminghoure Electric 732
West Yo, Pulp & Paper
234 Woolworth
72a
20
SON
105
104
United Press.
Singapore
Stock Market
Brokers
Singapore, Mar. 22.
today quoted the 761% following stock prices:
34.Bon
Macao Elre.
3452-54
10)....
33.54-57 31.83-99
9.00 0.30
Telephone
31,03
March
31.00
INDUSTRIAIS
May
3109
Coment
21,00
33
1600 21.00
200 33%
July
11.85
STORES, ETC.,
NEW ORLEANS
100 17.10 000 m 17
102
Prices of futures closed todny
Watson XD 10.00
500 10.00
Borden (The) Co.
L. Crawford
Burroughs Add Machine
COTTONS
Textilo Corp
340
Ca.
35.63
Nanyang
2.40
55.48
MISCELLANEOUS
33.01-15
3101
Yangisto Ailled
0.70
6.30
31,93
3:07
The New Zealand Dairy Pro-higher with sales of seven con- December
tracts. accord cigarette tent better dutes Marketing Commission. Some
selling war coupled with treatment if that county expects which is responsible
trade estimates suggesting
total of between belleves that "the consumption capacity of the United Kingdom 120,000 and 122,000 tons which
with 133,000 as follows: compare of would to absorb greater quantities dairy produce at economic levels tons used in June.
Consumption interest remain-Spot Alternative is clearly limited.
MAY Washington, Mar. 21.
today markets will become increasing ed on the slow side. Spot No. 1 July President Eisenhower
as New Zealand's Rss were quoted nominally at October turned down
Agriculturety necessary an
34 cents à pound, Futures" 18.77 Department application for es-exportable production grows."
The Commission vigorously
No. 1 Ran: tablishment of import quotos 1143 17,20
for certain Italian-type cheeses, pursues every prospect of seil- milk pow- ing butter, cheese, 21.00
United Press,
wherever ders, and
casein markets can be found.
Last year, it sold a record quantity of 25,000 tons, or 17 per cent of butter exports, to 50 countrica, excluding Britain, the in Europe. Asia, Africa, Pacific and Indian Oceans, the and Central Caribbean åren, and South America.
Approximately 95 per cent of cheese exports went to Britain the rest being sold to 41 other countries.
S. African Budget
Could Impress London Market
London, Mar. 21.
Three Difficulties
London financial experts described the new South African budget as ingenious and construc-seeking to expand markets out-
its implications
have
The Commission says that in side Britain, it has to overcome j been three major difculties.
mining
December
March May
March
33,00
July
May July
33.75-00
32.90
September
32.21
December
31.00
Standard Contract:
Prices
March
33.40
May July
33.00
Old contract
March/April
September
37.20
December March
31.40
31.00
AMSTERDAMI
The market
was very quiet, Prices closed today in guilders
April, per kilogram, follows:
No. 1 rubber No. 7 rubber No. 3 rubber...... No. 1 crepe.
3.00 nom.
SINGAPORE
The market was very quiet with prices easing slightly after offtake of lower grude and small remills. factory interest in Futures closings:
opening. There was some trade
pence per lb. as followe:
May/June
24
Boxing Airplane
Canadian Pacife R.
Caso 13. I.
C. 1. 7. Finenetal Corp.
Cat. Tractor
Celanese Corp.
Chase Manhat, Dank Chrysler Motors Coca Cola
CHICAGO GRAIN Colgate-Palmolive Co.
PRICES
Chicago, Mar. 21..
Wheat closed today unchanged
LIVERPOOL
of futures closed
121
to up 2%
25.80
25.15
24.15
July/August New contract,
May/June July/August October/November
cents; soybeans up
1% to 2 cents.
All grain futures closings in
cents per bushel were as follows: 30,60 Wheat, No. 2, red 27.10
23.83 Spot
2350 March 22H 210'
May
1417-34 113-142
Closing prices
2321
December/January
ZZ41-14
cit
as
Egyptian Kamak,
March/April
2004-10
40.45
July
2.70 pusere
September
200-1
SAO PAULO
2.13 buyers
Corn, No 2, yellow
1.60 buyers
Spot
13dr
Futures closings, in cruzeiros
March
1381-130
per kilo were as follows:
MAY
MAY
29.20
July
20.30
September
October
31.30
November
120
December
32.15
March
1:29
#1
prices were
In the United States, the aver- Max age price of 15/16 middling | Oak
at 14. count
cotton 1. That in most
designated spot March No, rubber per lb. April 2TAL-DZĄ. butter tries, imporis
and
markets was 35.51 cents. Sales, at May 10-10}} June unquoted these
markets totalled 9,669 Soybeans, No 2, yellow cheese are subject to some form
No. 1 rubber per Ib. April 01494. bales-United Press. restriction or
No. 3 either for
13-04 No. 4 Spot rubber unbated ...
0745+971 of domestle Blanket crepe
120-140 No, 1 pelo crepe
London rubber
LONDON
12316
021-
May
Spot barch May July.
213
2041/2-15
2304
130-140
New York flour,
$13.00
WINNIPEG PRICES
Winnipeg, Mar. 31. Prices of grain futures closed
follows: Oats
agriculture.
tive. When all digested, it may well make a favourable impression on the London market for South African shares.
Mr Louw has been able to grant more than of Government
licensing, designed £9 million sterling of increased benefits and tax balance of payment reasons, or concessions, mainly to individuals but also for the protection
the including some useful help for
of regular unavailable. 2. The lack industry. After these tax concessions, and after and frequent shipping services
Dominion to some The market was quiet with an increase of nearly £12 million sterling in from the prospective expenditure on revenue account, he parts of the world, particularly spot quoted at 28 10/10 peace
India and other countries of the tur lb. Price:
the most im- No. 1 Ren spot ...... 2016-20 still estimates a revenue surplus of £12 million Far East, and
Settlement house ferm: portant markets in the Pacific,
April
262-20 sterling.
May June April/June
One tax expert polisted out that it was anything but an Isolationist budget,
Banking Reservas
3. The disposal by the United States of surplus, dairy Also notleed was the air of produce in marketa where New qulet confidence in the budget Zealand has an interest. Recent speech.
that sales of American butter of could claim Mr. Louw
cheese, at prices balow cost in- 1935 wits 繇 record year for alude disposals, to Belgium, Bri- every branch of the South tain and France. New Zealand The now write-off provision had nevertheless been kept in to-government
African economy; that inflation has made repentod govemment- protests in for all mines amounts to uncheck; that the gold and foreign Washington asaltst this policy "katial anowanco" on the British exchange reserved gave a salis- which she regards as dumping. mcdel,
factory margin of safety: and The special write-off that the country tould protect
for
the ultra-deep mines rts balance of payments.
Bambles a "depletion allowabled"
on the United States model.
Straining Resources »
Wool System
July/Sept. Oc/Ded.
April May
Jani/Mat.
-2014 General markets, cif basis, ports: March
2831-281% 29211
Exista crepe thin Aprùi 33-335|| thick linquated
„United Press,
LONDON METAL
New York Sugar Market
New York, Mar. 21.
The world No. 4 sugar futures closed today 1 point higher to
September
November
Barley;
Spot!
200 lb. mck
I point lower with sales of 20 today in cents per bushel as contesicis.
The domestic No. 6 contract May closed 1 point higher to 1 point lower with sales of 88 contracts, Most of the activity in both contracts cetired in the May delivery where trade. Interests operated on both aldes of the
*July
Ocf Rye
RIDY
July Oct. Barley
market.
The raw, market ruled quiet and unchanged,
May
11312
July
Oct. Flaxseed
4115
Contract No. 4. (world)
May
July
"
Oct.
443
inited Press. .-
July
Sept.
Li་ན Spot-cents per Ra
·PRICES
London, Mar. 21. . Sales of meat by Now Zealand
The in market?... was barely exporters to countries, outside steady to while “other metal As the budget aiso fore-
a marked markets were all kisady, Prices Ab capital Investment pro- Britain have shown
whichy - have shadows
been ingreset. In recent years. Shiped today in sterling per rond Open interestin new banking reserve grammes
straining the Union's menta", of Wie 1994/60 season's ton as follower requirements on the Australian seriously model, it has taken some of the resources are approaching, come meat for discharge at ports of CTEKE
pletion and best international patterns. their frufte, bude to yield side Britain mounted to 61,000 in
speeches intofle as at December 31, 1955)2,quia jep As nuantett to, South African coming years may well be able or 13 per cent of total ship conditions, this expert suggested to report suit more gratifyingly, fibular atramin 2-4 part 10-1980) clementa in or the 13 cơmitrios which that in some respecta Mr Louw's Tho constructiva Versio
technically the latest budget could help to bought Now Zealand meat, inst mupalog ta làm ovacasas modala. that enck-China Mall Special Teap, cha bhagest:austomers, but
Lead
London Foreign
Exchange
New York
051/10
42/2
$3,00
0115
Opening
301 304 Lid.
Boiu Lintang
Rubber Co.
40
Syndicate
14. British Borneo Patroleum
Clay Consolidated
Smelters
1833
Ord.
27/3
506
77#;
Fraser & Neove Ltd.
Ord. teuindiv
33.75
128
Fraser & Neave 74% cum.
по
prel
Commercial Credit Commonwealth Elec. Censolidated Edison
50
Hongkong
Shanghai
43%
Danking Corp. texd)
40
Hongkong Tin Ltd,
7/3
Continental Oil of Del.
113
Kempas 1.14.
Crono Co.*****
40
Lunas Rubber
Extatos
Crown Zellerbach
09%
Ltd. (excill
75 etw.
10
Malayan Breweries, foxdiv)
63.00
-B03
New Serandah
Rubber Co.
Ltd. (camdiv}
045
Rames Hotel
443%
221
South British
Inmirance Co.
Ltd.
Cuban Amer. Sugar Diamond Alkol Dow Chemienia Dupent de Nemoure Eastman Kodak
Paso National Gas Eric Railroad Family Finance Corp.
Ford Motor..... General Electric
General Food
General Motors
Gen. Pub. 1.
Glidden Co.
Goodrich (D. F.) Co. Condyear Tire Hayden Chemical Horarlake Mining Co. Ingersoll-Rand...
faland Steel, Co.
Interchemical Corp.
Int") Bushiess Machines int' Harvester
Internation Nickel
International Paper
inti Tol & Tel. Jotin-Manville Co.
Kanass C. Fower & Light
Kennecott Copper Co.
| Liggett Movers
| Lockheed Aircrači
Loews Incorp.
Lane Blar Cement Co.
Louisville & Nashville R..
23742 Petaling Tin Ltd. (exdivi
Singapore Cold Storage
24 Straits Trading
0142
#75%
Straits Steamship
$12.50
United Engineor Ord. (exdiv) $0.10 Wearne Bros.
$2.39
-China Mail Special.
NEW YORK METAL FUTURES
New York, Mar. 21. Prices of metal futures closed
oi today in cents per Ib. as fol-
130
lows: 339 Lend
March
15.050
100
Apri
14234
Tin March
April Zinc March
April Copper March
29.710b
12.336
12.36 112.10b
April
$1.80%
Die Stamping
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is equipped with
die stamping facilities,
modern
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