1956-03-23 — Page 9

China Mail 德臣西報中國郵報 All

TRADE

MARKET

Turnover Falls Below $2m

Shares Hard To Sell

By A Special Correspondent

Since February 1, 16 Hongkong companies have either paid or will shortly be paying shareholders more than $19 million in dividends, bonuses and bonus issues.

THE CHINA MAIL, FRIDAY, MARCH 23, 1956.

and

COMMERCE

SECTION

LONDON MARKET

DOLDRUMS Dollar Credits LONDON

★ The Share Market At A Glance ★

HK Bank Lombatd Union

Pravident

HK Hotel

HK Land Humphreys

ITH Realty

$10 steady

steady

402-

For French Importers

DRIFTS LOWER

London, Mar. 22.7

Stocks drifted lower in quiet trading on the London Exchange today.

Paris, Mar. 22. Dollar credits have been

Fears of a continued 'Govern- credit squeez.c enupled allocated to

French Im-ment

Wall with yesterday's lower porters of essential goods Street levels tended to keep from the United States. traders largely on the side-tines,

These essential

British Government stocks Roods listed as follows:

ensed from the Anished

with STORLE though a steadler penred just before the cluse.

Rolls-Royce Up

fort outside control devices; small

Upor

Feb 23

Mar 1

Mar 8

Mar 15

Mat 22

down

1780

1680xd

1685

1070

steady

Bab

usb

Kab

steady

080

STAL

900

070

Underwriters

9.10b

0.100

9.30

9.30n

9:30n

Union W'boat

201

20b

Wheelocks

6.75#

8.60

27b 8.50

17340

8.10

8.20

Ik Wharf

700

72m

steady

BK Dock

34b

3437

3342

14.75m

14.10

14.25m

14.20

32x0 13.80bxd

stendy

500

17.00

18.50

18.40

14.60mxd

14.505

steady

$24

60xd

ចង់

-Si

marked

10.70%

19.50

18.30xd

18п

18.10

steady

shipped

1.525

1.480

1.50m

1.00

1.45

steady

France:

24.60

23.00

23sxd

22.60.

1431

1360x8

135

135b

104

105

106

105

1010

21.80

21.70

21.00

20,20

19.10

18.00

18.70m

18.40%

17.90s

4311

3114x

3014

20.80

28.80

3214

23xa

21.80

3814m

17.40

12.00%

34xd 17.40m 12.80%

334

17.30 11.80

17,60

17.10

31.20 -100 -50c

104x0

10.60

30n

340

3414N

+100

steady

0.70b

6.65m

0.10

0.05,

5.25

6.35m

5,40%

5.20m

K&FE Ine

11.30m

11.2011

11.30

11.30n

abosrb

Texile Corp

5.35

5.40

5.25b

6.35

6.20b

Nally aug

7.701

7.00

7,400

7.45b

7.40b

+-50

steady -150 -Be

Yet the share market turnover in one week cannot reach $2 million.

It seems incredible.

This week's turnover -$169 Telephones balance sheet was mfhon-was one of the lowest priced this weck

It disclosed $4,205,878 against Broves have los ingenius $3,012,890 in 1054. Their dia- theartes why but none appears felbution by $1.90 and 25 enta To tira rompletely satisfactory (bonus explanation for this fight Cupttal from the stock market.

recorded for *TEISELY years profit

Conditions were no quiet and there with 2 111 Buy bag IN- terest this work that one broker could not dispose of a paused af 500 Elextric

wineh do; normally a very common trans ! action

$25 Million Call

One broker treinato the pliser of beveTS

to the fact that three Dullty companies are asking for $25 million way21

From Shapcholitres fa a call and twn stuere 195204,

The belief

Jy That this has drawn of much of The money that might otherwise have been used for investment.

This broker also believes that¦ come shareholders with no fiquid cash and with

of choner arranging bank averdrafts 1 Anates thete new issue pur- cħares are selling other stuck to j raise money.

are

few

A. Ther priers are falling

burvers,

in mevious years some brokere "cartled" surp0* might have share on their own Recount bought them Out- Then they would have dispost of then! grachpally without reselling or unduly ele Dressing the market.

Tight

The year, with credit restre tions in operatirin. they cannot do it.

fear

$3,325.000,

wirich

will

Humphreys balance shows a pront of $860,102 com- paged with $631,828 to 1954 Dividends are $1.40, om old und 70 petits on new shores which together take up $082,500,

The distribution WIN made frost a total of $809,300 which included $120,020 from carry forward from 1994 accounts and $21.404 from profts on sale of Properties,

TODAY'S

SHARE PRICES

(From Our Correspondent)

Business

HK Trum Star Ferry Yaungatka

Ch Lights (0) Chgbin (21) Elcetric

IK Telephone Gi.. C'ement Dairy Farm

A.S. Watson

Lane Crawford

Yangize Allied

1300

321, 13

steady

-$4

--800

New York Stocks NY COTTON

Sparked By Rails Spurt

New York, Mar. 22.

than

A late sharp spurt in rails sparked recovery in stocks today which more erased yesterday's decline.

Dow Chemicals

Rails ran up gains ranging to Consolidated Edison nearly 7 points

in Southerntental Oil of Del. Phone the long-Kallway as Western and Eastern

Crane kong Stock Exchange this morte.

roads petitioned for authority ing ametusted to approximately $200,000 Nuon gustulinns and

to increase passenger fures by 5 the morning's Transactions

per cent and, at the same time, the Government launched n full-scale investigation SHARES BUYERS SELLERS SALES

10 determine why American rall- BANKS

roads continue to lose money an passenger travel.

1X Bank INSURANCES

111011

| UnderwrllANEN

SHIPPING

Waterloost

107,

120

}

X ALS.

171

DO KS ENV

Chart it

Is What

Dock XO

13 13:30

Whorelin

JLARE FR

And brokers Tequilation Gals to provide sum- elent vapital to finance the new issues. the market may be Roord- ed with unwanted rights.

Brokerry olame competition! from 12 goid market, the Rfidelle East situation, the Forunsa situation, the forth- British balzget and the reddi squeeze in tongkung.

Many Causes

All are possibly contributory factors to the present slagnatisın. but considering that $40 million hos either just been or is about to be paid out in dividends and Liri- bonuses, cunsidering the Countable millions that have New in Chinese been paid out

bonuses, and considering Your the inarket turnover a month atto was more than $7 million, find it hard to believe that cre- clit restrictions alone have 50 drained the market of capital that there is none felt for invest- ment.

}

A glance at the adjoining panel shows that the worst hit shares on the market were the Utilities. Of six quoted, five were lower (by at least 40 cents) and Gin (Stor Ferry) was steady.

ON Met A41 14 20 19 15

Realty.

WHER

The rise,

amounting to 2.87 in the rail average, lifted it to a new high

since October 22,

1929.

Incestrials

their

run up 3.02 in And average with oils melals featuring. Utilities dip- pedd 0.00. reflecting losses of nearly poist In Panhandle 1420 Eastern Pipe Line, more than 1

14 20 14 199

TO 1420 in People's Gas,

Or a total 1,179 Issues traded, 500 were higher

B 1om XD 38, 50

22 1541

1:33 113

307 lower.

2270

A Rubber

UTILITIES.

Tram Xt

Vall Ferra

хо

་་

1071 20 20 20 50 1900 × 2029

200 20 30

1000 20 20

300

20:30 100019 2020 only

Turnover Down

FUTURES SEE-SAW

were

Refrigerating compressors eur- devices to be Metropolitan and regulation electrical equip- ment; special lamps medical and surgical equipment; geophysical acientille Instruments and test- jog machines; clectrical equip ment other than motors; finished pipes and accessories other than that made of cast iron;

fixed und

marle

motors; operating by other means than with fuel oll; nozzles; prototypes | for refrigeratora and air condi- tioning devices; equlument for metal

Industries: processing printing material; equipment for the textile industry; equipment for the bleaching industries; in- dustrial

newing

machines: machines for the hide and shoc industries; equipment for

נוח! וגן

outset

and Jossey

trend ap-

Industriale moved narrowly, with changes to around there-

a bit more. pence

Roils. with Royce stoosi shilling advance.

a one

Grain Prices

Hold Steady

Chlengo, Mar. 22. Prices in grain' futures – were steady to firm on the Board of Trade today.

Prices of grain futures clowed in cents per bushet as follows:

Oils felt heavy selling, which Wheat, No 2, red

Sput pushed Royal Dutch more than Masch 2271, (t) 2249.11.) 22516-2201, £ lower, Other alle dipped: May between one and two shillings.

and German Young Loan soms! May asserted gained about £19. Profit-taking appeared

Septem with Rhodesian: November copper issue.

Rye Selection Trust

Vic- 1 Spiccial

Marcis tim. Gold shares eased, to

MAN Dollar locks wers lower Onts United Press.

handling, pubile works. crush- ing and mining industries, other

than for petroleum boring: electric portable machines: machine-tools; pneumatic jurt- able machine tools: reeling machines:

for material

glass making electric motors; special batteries and accumulators: electric and radio electric meu- suring devices: electronic micro- scopes; and measuring insiru- ments.

the

New York, Mar. 22. Colton futures today see- Bawed nervously over range of $2 A bale in For Imports from either the moderately active dealings. United States of Canada,

Alternate spurts of buying following were listed: and selling reflected multiplying around uncertainties revolving farm legislation and Govern- ment plans for disposal of the raw cotton surplus.

Most interest centred on re- ports that the Government may the plan to sell surplus drop 4 stocks overseas

prices in favour programme.

al competitive of a subsidy

Recommendations on a subsidy

plat made to the Department of Agriculture by eclton trader 1971 leaders, were under considera- 447

tion and awaited a decision. the Trade opinion differed on

114

452

Crown Zeller bach

3012

Cuban Amer Sugar

Datond Alkali

50%

Dupont de Nemours

22032

Eastman Kodak

Ei Pono National Gas

Erie Ratlrond

241

Family Finance Corp. Ford Motor

General Electric

General Foods

General Motors

Gen. Pub, Utl

374

Odden Co.

Goodrien B, Pi Cu

80%

Goodyear Tyre

Heyden Chemical

Hoistake Mining Co

to-day

Ingersoll-Rand

བག;

376

Inland Steel Co. Interchemical Corp.

iat Bualicen Macliities Int'l Harventer

International Nickel

6 Tel & Tel

bilernational Paper

Jahr-Manville Co

Kansos C. Power & Light

Kenneesti Copper

ggets Meyers Tub

Lockheed Atremit

question. While some quarters Axed subsidy rate— up to eight "cents pound under the loan level- other quarters were

in favour of a variable rate, set on a day-

basis, depending

market conditions.

UNCERTAINTIES

Uncertainties on that score were matched by the confused 90% farm bill picture.

Equipment for the rubber and plasties Industries, the chemical Industries. the food industries and the plup and paper indus- tries; and farming machines,

The Importer must add n note justifying the urgency

and explaining the equipment why It is essential lo the Mall economy. Cirinu

French Special.

-WORLD

RUBBER MARKETS

New York, Mar. 22. The No. 1 Ras rubber futures contract today closed 75 to 155 potuts lower with sales of 274 contracts.

The standard contract closed 80

with 120 points lower House sales of seven contracts, 120% Democratic leaders indicated Market "action reflected inwer

con-

in the ference for 90 per cent sup-

097%

would night they

141

ROT

porta on basic crops.

Administration leaders

have

23% Indicated unless objectionable

modified in

London cables, heavier ship- ment offerings

of all grades from the Far East of neat 2 workable basis, plus small March liquidation.

Buyers backed away from the

conference the bil may be increased overseas offerings

on the day,

Loews IncorD, MAY

Ate Star Cement Co.

7415

Lauville & Nashville R

PIK

amendments are

Lowenstein & Sonn

Mesabi Iron Canu.

doomed to a veta.

Minnesota Mining

$30

Mission Development

Commission houses, New

while

Monsanto Chemical Co.

401

Montgomery Ward

Motorola Ino.

DOT traders o

Orleans interests, arsd

4134

came

Trading turnover,

2,050,000 shares compared 500 20an with 2,030,000 yesterday.

17.70 25

16 10 300 * 18

Light

(NO37 KO J8 10

28 30 21 70

500 30K)

RIA

Mario Elec

0.70

9.30

21 MU 22.20

3, 3314

15,30

17 20 740

(0) (N) Tel X ALL. INDUSTRIALS

Cetnient Rope STORES ETC

Datry.

Standard Oil, NJ, featured as the day's most active issue, im- proving fractionally. Elsewhere In oils, Standard of California spurted nearly 4, Texas Co, more than 4 points.

Metal shares

continued in

500 11 favour with Anaconda and

172 Aluminium up

500

234

1000 17 0

4 17.30 each.

2700

Wrison XD

10 70

17.30 nearly 3 higher.

473 6 10 Ga

1260 10:00 Bethlehem stood out in steels 2401070 with a gain of nearly 2 points.

New York Stock Exchange bond volume was $3,080,000.

American Stock Exchange volume was 1,200,000 shares.

Dow-Jones

30.

240 @ 10.70

1. Crowford COTTONS

Textile Corn 5.20 0.40 MISCELLANEOUS

Yangiss

higher

Allied

0.73 135

Of the other 23 shares, ning

were lower, two were

and 12 were steady on the week.

抵

The daily share market New York Sugar!

ports tell the dismal story of the

market

this week. Monday:

"Trading n't

a standstill:

Market Jacks interest"; Tuesday:

"Featureiss:

Market prices In-

clined to sag to lower levels";

Market

New York, Mar. 22. The world No. 4 sugar futures

Wednesday: "Quiet and feature-closed today unchanged to 1 less: A few bargaitis at lower point lower with sales of 30

"Business levels": Yesterday: restricted to meagre proportions with most shares losing further ground."

contracts.

were:

National Cash Reg. "A" National Dairy Prod. National Lend National Steel Corp. New York Central

le Mathieson

Diis Elevators Owen-Linola Glass Phelle Gas & Elec. Pacific Western Oll Fan Americол Airways Paramount Pictures

Parke Davis Co.

Radio Corporation

Republic Steel

Reynolds Metal

Shell 01 Co.

Saint Reg. Paper Sinclair Oil

Sonny Mobiloil

South Puerto Rico Sugar Southern National Gas Southem Rollway

closing averages Standard Brands

factory buyers continued to mark time.

¡ocal Locally, a smali tonnage sold operated on both sides included some June one sheets

of the murkel. July

contracts at 32% cente: May four sheets

19 sagged ofter an curly sell-off, at 31% cents and June ombers 2314 only to rally again

spot of 30 cents a pound, delivered house buying. The certificated basis.

4394

stock

4013

2012

8315

Wis

was

12,783 bales.

Di unchanged

The market closed net 2 lo @points higher after showing 20% mid-afternoon gains up to 22 points. Opening prices were un- changed to up 12 points. New 5052 Oricane closed

points.

452)

up Volume and open

Spot No. 1 Rss was quoted nominally at 33% cents,

Rubber Trade Association to- day announced approval of a which new "lander contract" permits delivery of one sheets not in excess of grade off quality. Previously, no allowance was made. Futures:

Morch Млу July

Contract No 1 RAS

2011%

2019-6

Jus

September

Foreign bunds showed little1 November tendency to move either way. · Corn, Na 2. yellow Peruvian lens found demand, Spot

1370

Bitch

July

130-

140-

1439%

12022

1203h

Maleh May Saybrants, No 2, yellow Spot

031-04

26320

March

2042-204

May

20015-

24019.1%

24114

130-140

$13,400

- United Proun

Exchange Rates

Busines

wan dunIC*

m the local July

unolicial exchange market this September

Normbug at the following rates US dollar per $11

Sterling notes (per £15 Australian meter (per £1

5.83

November

12.44 Spot

10.041 Barley.

Indonesian rupiah per 100) 17.30 New York hour. Siam Ucel (po) 1901 Singapore Strat

2000 200 lb mack

POBIE&A

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENCER/FREIGHT SERVICE

Outwards

"CARTHAGE" "CHUSAN"

Lesvos London

Bolted

Hue Hongkong 2nd April

13th April

"CORFU"

27th March

29th April

"CANTON"

23th April

28th May

Fenny J. C. Cə.

around a point

Penn. Salt Co

climax

Molybdenum

Philip Morris

Procter & Gamble Co.

100

Pittsburgh Plate Glass

interest

Publicker Industries

D were:

March

72 73

May

32.75-15

Pure Onl

Month

Volume

Open interest

May

25,000

350,000

July September

July

76,100

120,000

December

37.13 31.55 30.70-00

October

18,400

304,100

Standard contract

во

| December

20,800

334,500

47% March

31.200

1,100

133,000

2 May

$400

DG 800

714 July

6,000

74.200

2012

"Total

158,000 1,041,100 bales

September

31.20

34%

Decentber

20.40

March

30.00

(Com.)

12119

IDIT

as follows:

Spot

May

181

Oclober

December

4756

March

MAY

31.05

July

31.34

NEW ORLEANS

1201

137

as follows:

701%

Spot

5812

July

6.51%

October

December

201

March

May

July

491%

United Prent,

na industrials 20 rašla

13 utilities

03 stocks

Standard Oil of Cal Standard Oil of Ind. 01074 Standard Oil of N.. 171.72 Sterling Drug Co.

67.23 Binkely-Van Camp.

Aludebaker-Packard Corp. 1807

DB.TO Swift & Co. 181.479xam Co. 101.40

Tide Water Akan. Ol Twenty Century Fox riim Union Carbide

Valon Pacific Stallway

United_Aircraft

0.8. Gypsum

.8. Line Co.

Comm. future price index.. Commodity spol price index

Closing Prices

# 211

| 0.8. Itubber

Allis Chalmers American Airline

American Cyanamide Co Ain. Mach. & Fary American Metal

The domestic No. sugar Alden Inc. Asy futures closed 1 point Jower to Allied Chemicals 1 point higher with anies of 23 Allied Mille Inc.

The stures that are holding contracts.

apart up well at the moment,

Both contracts remained quiet

mixed

operations from those that are closely held with

and therefore rarely dealt in. tween trade interests.

Futures: Banks, Wharves, Docks,

#re

Lights and possibly Wheelocks.

With litle change in row

Contract No. 4 (world)

rubber prices in Singapore (they May clored at 97 Straits a ib yesterday.

September day) tlie rubber market has been Öciüber dull.

Two Balance Sheets

March May July Spot cents per i. fob Cuba)

Open interest: 1,402 contracts,

Contract No. 0

A. dividend thủ two balance sheels require brief mention.. The Hongkong and Kowloon May July Wharf and Clodown Company Heptember arinaunes a 14 dividend which | November, will absorb $720,000. Last year ol they passed their dividend after sustaining a loss of $182,740,

ex-duty)

American melting Am. Sugar Ref. American Tel & Tel American Tob. "B" Anaconda Cooder 3.32 Armed Steel

Armour

3,31 Dalchwin-Lama-tiam. ›

Eta Ballmare

231

Ohio

339 Bendix Aviation Corp.

330 Benguet, Cor 330 ethlehem Steel

333

Doeing Airplane

6.40

Borden Tho), Co.

Murroughs Add Machine

Canadian,deing it,

C. 1. 7. Finarietal Corp.

it. Tractor ....

0.81 Cefer Corp..

5.50 C, Manhal,, Blank

5.39 | Chrysler Motors

5.36

Open "Intereif:. 3,333 contracts, United Press.

Coca Colasagnake | Colgate-Palmolive Co,

Commercial Credit

Commonwealth Bien,

U.S. Smolding

U.S. Steel

164 Warner Bros.

Westinghouse Electric

713 | West Va. Pulp & Paper

Woolworth

London Foreign

Exchange

New-York Montreal Amsterdam

Paria

Mürich

London, Mar. 2

2.80-7/10-20-020

10.0331

Quints were unchanged,”

....

New York foreigh Eabhänge rates were unavailable United Pres

July

NEW YORK

Prices of fulures closed today

SINGAPORE The market eased during the 35.36-50 day on lower

· overstas advice, At lower levels there was some fair trade interest .but further selling in the afternoon caused the market to close barely steady. Futures:

31.01

Prices of futures closed today | No. 1 rubber per ib. April 05.06%

"LIVERPOOL'

33.30-50 31.97

31.09

"SUNDA"

29th Apri

4th May

Ist

7th May

27th May

4th Juna

2nd July

Adm.

Penang, Aden,

Via Southampton, Port Sald, Adan, Bombay, Colombo, Penang & Aingapore.

Homewards "CARTHAGE"

*"CHUSAN”

"CORFU" "CANTON"

Lasten Mongkong Due Londen

6th April

Bingapore, Penang, Colombo, nombay, Port Bild à London. * Also calle MANSÉDIES.

FREIGHT SERVICE

dao 24th Mar. from U.K.

"SHILLONG”londe 30th Mar. for Spore, P. Swetten-

Tram, Fort

Havre, Said.. London, Hamburg, Rol terdam & Antwerp

With Hiberty to call at Belawan before or after Straits Ports and at Dembay if inducement offere. Tanks available for carriage of oll in bulk. Space for refrigerated cargo. Limited Passenger Accommodation.

BRITISH INDIA S.N. CO., LTD.

1450 A HUNDRED YEARS OF SERVICE 1938 "YANGOLA" salis 27th Mar. for Singapore, Penalig.

Rangoon & Calcutta due 3rd Apr, front Calcutta "SANTHIA”

sails 4th Apr. for Japan "FULTALA" sails 18th Apr. for Singapore. Penang, Itangoon, Calcutia & Chittagong

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

due ist Mur.. from Bombay & Karachi salle 1st Apr. for Japan

dus. 5th Apr. from Karachi & Bombay Walls 7th Apr. For Jopart

"SUBADAR" salle 23rd Apr. for, Singapore. Mairan..

duo 27 Apr. salts 28th Apr.

Colombo & BOMBAY

from Japan

for pure, BOMDAY, Karachi, Basrob. Khors ramen & Kuwalt

EASTERN & AUSTRALIAN- 5.5. CO., LTD.'

"NANKİN" | 19u0d 1811 Apr. tok · Sundakait, Rabaul. Brabane, Sydney, Mul- Your, Geolong & Adrinide

All vessels have: liberty to cați að any porta on or off the rente à the route à sailing are subject to change or amendment with or without notice.

"UMARIA"

"URLANÁ”

May ML-15M- June unquoted 15.30

„No. 2 rubber per lb. April 942-043; 30.04

No. J

#314-0411 33.67-40 No.4

02-03 31.35-04 Spot rubber unbaled 050014 31944

Blanket crepe

901-0215 3123

No. 1 palo"crepa

109-110%

*ITRIA"

443

LONDON

The market was quietly kicady

Future openings, in perseo per with spot quoted at 20% pence

lb, were as follows:

Old contract

July/Aug.

****........ 24.29

Others

New contract all unquoted ungipted Closing prices were unavailable-- United Pre

SÃO PAULO

Futuro closings, in ́eruzeiros per kilo were as follows:

March

May July. October

December March

por b. Prices:

No. 1 ROL

Bettlement house term

April

May

Jurie

Apri/June

July/September

October/Decembar

January/March ........ General marketa, oli binals,

‚i.¡ 'unquoted

· March

April

Stay

31.00

unqualed

Eštats crepe unausted;

AMSTERDAM

2011-2012

-2131

The márkat' was quiet.': Prices wine the Unijed States the closed today in guilders per Verate prich or 18/18 mldding kilogram cif April as follows: cottons" at "14 dematou o grubber... markets Whs-38,84 cents. Balnego, rubber totalled 11,712 bales-United No. 3 rubber

No. 1 crepe

was also

**United FreOK.

3.01 hom.

For full pre-ticulars apply to: MACKINNON, MACKENZIE & CO. OF HONG KONG EID. Telophone Nos: 777214.

1956-03-23 — Page 9

Comments

Private Research Note