THE CHINA MAIL, TUESDAY, APRIL 17, 1956.
TRADE and
COMMERCE
SECTION
Anti-Inflationary Measures ROYAL DUTCH, London Market
Studied
VALUE OF HIGH
BANK RATE
SEEMS DOUBTFUL
From Ronald Boxall
London, Apr. 16.
Economic indicators are being scanned with more than usual interest these days to see whether the various anti-inflationary measures adopted by the Government are taking effect.
Sa
Int
anerberatel
sights Are Govtamment
z
cuttsidered
This
The would day in As Deviniled test al
use in gold and dollar reserves Life twn internal economije uvedbi.
in the nest quarter of this year
was the largest v nee the second
math the
1854
And
this
Strengthening
follova K 1..n
you%
20
drate has been accompanied by an equally mowyou agak aimproves ment
Britain's
trale
Espur Free!
131
Imports Up
faporneal
1
kan rent
1.
Toppmerks
GYORSAIR
www.
March Marc axerape anontics admuask The tant
This
vedn Wien four Langhon times the rate
a whan
funt the average monthly value The User Best three months of this year was two pth eout leser than Is the Best quarter of last year. although me per rent or than the avenge for the whole of 1955.
Face
In The Basket's VIOW the South African Government's acti "refrels
11 reduced datuenes of The Dajánd Kingtons on the commonile and medietary conditione aľ itu park- ores in the sterling arra,* Thee
reminta pe
Bi-
مارال
turm for long tim capitan Sherd teria credit korlay in mult Casals than 1 used to be,
Because of this any deviation by Bryan Exton The general Fevel of interact Taken In the
rebeliune
Inawial Hirplan and
terlattek,
Shell Transport NEW YORK RAILS
Dividend
An-
Lamun, Apr. 10. Shell Transport amunced after the market fisk dividend of shifibies
T share, tax free (mme as before) plus extra dividend ot D
pence per sure, tax free and
further that I pro-
a free scrip issue of H
属 new
per four
shares beld. iibfcot Lo
further approval.
"It is hoped to main- kain the j
liare
dividend
отн
thic Increased: capital," Ktaten the
closed up nearly
a shilling at 140 shillings The peak this yrar was 153 shillings 9 pence.
Net Income for 1955
t 12,986,124 reported sterling compared with 10,527,844 sterling lu 1954. -United Press.
WORLD
COTTON
MARKETS
New York, Apr. 16. Cotton prices
today |
HIGHLIGHT
QUIET MARKET
Continued
New York, Apr. 16. strength in rails high-
lighted an irregular, quiet stock market session today.
more
Rails ran up gains ranging to than 2 points in Santa Fe to boost their average 0.93 on the day to the best level since October 18, 1929.
Imladrad
were highly irre-Republle Steel
liesnoids Metal gular and 'ower on sve age as a Shell Oil Co.
dropped saint iter. Paper
All pay
of
Americi Telephone fell pennt in reaction to the request
Congressman for
| Sinclair Oi
Socony Mabriost
South Puerto Rico Sugar Southern National Gas
Southern Railway
-
Standani Branda
| pressional "investigation of the influence on the computy's Government. Du Pont lost 3 quints, Johns-Manville 2. D wenghing
the industrial
Average
Binding was the lightest for a ses on iner Feb 21. 2.310,000 ‚·lurply, compared with 2,450 800,
Friday.
Motors Easier
eta tal 1,198 resume appear- world's most inspustant capital mathole boats to strain the fluttered momentarily with the on the tape, 305 were lowre,
notice of between first
д Pre 14 bigher on the day, thesidential veto of the farm
Molts wers vasier. Stude- bill, then spurted ahead | unker Packnet tell a posest briskly in active dealings. $8 in in tive turnover as direc-| Closing on a rate of strength durs unified dividend netion, fur
The first quarter of the year the itat uitat 2 podnie lower to 713 polttis algher Opening prices were af 2 to up 13 plats. New Oricare closed off to up
Not The Remedies
"Now that the United King-
Lasworn
Spiente vconomie controls and vinbirderd
:ך!
First reaction of disappoint- met to the regestion was overs con when the Adhuinistration outlined its
fot Own plan
The alternative and preferable 35 pulle Importa thuring the first regulator of monetary controls," quarter of this year exceeded says the review, "It will become repanty by 187 million a maith, much more awkward leader of but the gap was £20 million a the sterling area emb unless at
the sume tune mooth Jess Than in the corres-
it can forswer ponding period of 1955 and 15 the milationary excesses that million a month less than the, lave to be conterated by high
average for the whole of Inst interest rates."- year.
The
te
why his
Teasons Bijela1
Trade
narrow should not be taken ag
nt permanent
Map a sig improvement In
Tryton's bypas trade pusition
The Bonken argues that it is not the remedies that are the trouble 10s in the Tault; the
itself Bul other selesa authorities are jess vertain about the offency of the bunk rate as
But there can be no denying the fan anti-inflationary weapon.
fact of the improvement fiselt,
Other signs
burdeng steendly
Dr
that inslalon is
restriction
that the Government may shortly begin to relax the anti-Indalionary pressure on the economy.
A writer in the current Issue of Eloyds Bank Review admits that once an inflationary boom responding to treatment have
bas
+1 Prentaragezi hopes Arst that the
Jured the Budget will opisem no additiona] reefsary treatment probably arieludes n stIT rise in the bunk
rate.
But it does not follow, Regues, that the first sign of an merpent odaben
calls for a smaller close
of the same What is needed then to keep the economy on an even keel is to keep a light rein on while simply The second of these hopes is allowing the long term market certainly premature, but it may tond its own level. That be justified in one particular of
he believes is com- process. least, There is reason to be-patible with an actual decrease.
Premature
Heve that the authorities wil not wait until the time in ript for a general relaxation of anti- Inflationary pressure before they reduce the bank rate,
been
med.cine.
tire
nat
in short term rates.
Classical Remedy
i
In oils, Texas Cu, Cities S- vie, Standard of Indiana moved up around a point
(Com
Standard Ou of Chi Standard O of Ind. Standard QI DE NJ. Stokely Vau Cajup. Studebaker-Prekari Corp? Swift & Co
Texas Co..
The Water Ansi
2016
いら
M
M
34
1 בנו
150
اہوں
111
16
1321
DR
Twenty Century Fox Filo
201
Union Cartere
(20
tors Pacifle Bathway
1:0.
409
20
ited Aterials
v8 Gypman
US Lane Co.
ךָ יִ!
Hubler
Surling
S Steel
Warner Bro
Wenlinghistine Ehretrie
די
עין
SHELL PROFIT
London, Apr. 10.
The Royal Dutch-Shelt STOUD of cumpantes re- poris a net income, after taxes, for 1955 of 169 million sterling, a rise of 10 per cent over the 1054 nal income at 34.5 million sterling
There was greater pro- duction. greater refining and greater sales, Group quies and
other income worldwide exoceded 2,000 m'on sterling for the first time in the history of the group.
From the nel Income after taxes, amounting 'to 100 million sterling, the dividend falalled 33.4 million sterling compared with 26.8 million in 1954.
Dalance The
haw been retained in the huminexa,-~~ United Presa,
HONGKONG
STOCK
EXCHANGE
(From Our Correspondent)
Business done on the Hong- kong Stock Exchange this morn- ing amounted to approximately 5-140,000. Neon quo'atlong and the morning's fronsactions:
SHARKS BOYERS SELLERS SALES
Enest As..
21
BANKS
11 13
i
West Va Pulp & Paper
Woolworld
$7
10
UNSURANCE
- United Press
WORLD
RUBBER
MARKETS
Steels were narrow moving. New York Stock Exchange botal volume was $5,410,000.
American Stock Exellungs New York, Apr. 16. volumes was 1,170,000 states,
The No. 1. Ras rubber oistering farm prices through
Dow-Jon's Rupsport
elising
contract averages futures
today lifting the minimum
90 Tuse
closed 50 a!
to Joast 82 per cent of
points parify an major crops.
sales of 207
The current malam, under Bexible arrangements, is 75 per
11
A
wer
30 Inclusirinks. 20 rulls
villues
US stocks
40
Ixinda Comm
future prier index.
Closing Prices
Alden Be Aca Allied Chemteils Allel Müls be AB Chaimets
The President also asked Can- eree to pass straight soli bunk bali as raptly as possibile,
calculate Market analysts
support basis of 924 pem for enftor would men akan rate on middling mete of around 324 vents 31 gound. Thr wettl be even with
above the Cuurest | slightly values of new crop months,
Later, attention centred on a to over- scheduled house vote ride the veto, plus a promised
Anuruda Copper early announcement on details
the Government's export | Anica Steet .. programme to offer all surplus Armour cotton stock overseas at con- petitive prieca.
Iust
Wille erop Recounts were of the light sight of in Washington news, traders noted
of
form delayed complaints work and scoding because excessive rains in eastern
In the far central beli arcas. west, planting is in progress in Arizona and California, with 66 per Arizona reported about
The reduced cost of financing the Government's floating debt resulting from lower short term rent completed.
The certißrated stock rose 45
Two arguments have adduced in support of this be- tier. In the first place a high interest rates, he says, may RO bank rate In Britain may be a long way towards offsetting bales to 11,200 bales. bad for Britain's
financial the cost involved in offering Month relations with oversens sterling higher long term interest rates
to lower with
44.33
172 contracts.
100.01
31 The standard contract closed 15400
65 to 75 points lower with no
| sales reported.
Selling
orders, mostly speculative serounds brought
the terminol
$201 lower
bent
123
market.
49
694% |
24*
& Starch
014
7022
Antelican Airline Aduertcan Corp. American Uyanamide Var Am. Marh, & F day Amserlepa Metal Americia Smelting American T & Tel American Tob
Ballwin-Em-flam
Balmore & O
1
Won
Lombar}
DOCKS, ETC.
K. Whorf Provident
(nd)
Stw Dock Wheelock LAND, ETC",
ILK JI
HUKK Lainel
PAY
2 + H245
I wt
40 59
20070
13.70 1300 300 13.00
8.40
13,50
300 e 8.40
B 0114
20 01
Shun Land
7
2 .70
Питаргетун
1710
100... 17.30
Realty
1.40
RUDDEN
:ין
A Rubber | 521, 1,57% 10310
23
the
Waits For
The Budget
London, Apr. 16.
Stocks held generally steady in a slow trading on
London Stock Exchange today while anxiously awaited tomorrow's Budget.
Industrial were generally
qufet although selective buying
oppested in a few Issuer. Vickers gained then a shilling.
belter
dealers
high-grade New York Sugar
Market
04: WITH buoyant. with British Petroleum, Burmah and Anglo-Egyptian "B" sprinting as much as eight slullings, Bul Royal Dutch lost an eury Entr and closed unchanged.
stocka
British Government found support and scored ud- vances running around LA. War Loon stood out with a gain of £%.
German aliens advanced about Polash six £. but
PICT COTIL
<lippi about £1. Зараисто
were idle.
Gold shares were neglected and closest dull. Coppers were cratic
Dollar stocks closed mixof.- United Press.
New York, Apr. 18.
The world No. 4 Sugar futures closed today 2 points lower to 2 points higher with cale of 100 contracts.
The standard contraet elosed 11 points lower to i point higher with sales of 107 contracts,
Both futures contracts ruled quiet and generally steady pend- in the raw Ing developmenta market.
Futures:
May July
No. 1 contract
Seitenber
October
LONDON SILVER
Merch
May
July
Spot
trent per 1 fob Cuba)
Contract No. 6
PRICES
London, Apr. 18.
May
July
The pricc of diver WOH quoted today at 70% pence per fine balee for pol
September and 78%
November fur pence
forward, United
Press,
1.300 g 1.47)
UTILITIES
Bontes
FLY
Tram
22,40 22.40 400 21 Ymad Ferry 100 101 C. IgM (0) 22.10 22 40 1000 22.30 6000 22.3) 500 32.20 100 10,50 C. Light (N) 191, ID GD
914 on 10.50 29.00 29 ED 10.50 or 29.10 Fl
33 28.70 29.36
+
IN DO
28 10.80 10418.80
for
Macão Elveislę
OXU.
Br
INDUSTRIALS
30 201
14 90 12,00
l2 l
280
12
0 34
100 DA
15,70 ID DO 14,40
$26 5.30
1.50
*
GU
5.10 523 2000 p 5,15
#
Shipment offerings from the Far East were reparted In moderate supply, but held abnye
a workable basis.
34 Factory demand in the venl
1 spot market continued at 趨
34
18216 subroutine level. No. 1 Rss were
1 quoted at 32 cents a pound.
LONDON
The market was dull with
3501-27
STORES, EX Donty XU Watson
CUTTONS
Testle Nanyang
MISCHLANEOUS
Yorgets. Allied
thor 3332
Singapore
Stock Market
Singapore, Apr. 17.
Brokers today quoted the tul- lowing stock prices:
*
Spot test NY ex-duty)
5.01
-United Presi
P2OBIE&A
COMPANIES
Due Itongkong
30th April
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwards
"CORFU"
"CANTON" "CARTHAGE" "CANTON"
Leaves London
18th July
20th August
la Bouthampton, Port said, Aden, Bombay, Colombo,
Penang & Singapore.
Leaven Hongkong Dur London
Halled
29th April
20th May
23rd May
23th June
Homewards *"CHUSAN"
20th April
"CORFU" "CANTON"
4th May
151 June
29th June
*
"SUNDA"
*
*
*
"SOUDAN"
27th May
4th June
2nd July
19
"CARTHAGE"
Via Hingapore, Penang, Colombo, Port Bald & London.
31st July
Bombay. AdeD,
Also call: MARSEILLES.
FREIGHT SERVICE
Joads 20th Apr.
for Spore, P. Swetin- ham, Prant Aden.
Port Saki. Alexandria, Marzoliler, Селой Havre, London, burk
Antwerp
Rotterdam
Jus 19th Apr, from UK.
salis 22nd Apr. for Japan
Ham-
With Uberty to call at setawan before or after Straits Forts and at Bombay if Inducement offers. Tank avaliable for carriage of all in balk. Space for refrigerated cargo. Limited Passenger Accommodation. “
BRITISH INDIA S.N. CO., LTD. ,1850 A HUNDRED YEARS OF SERVICE - 1350 for Bingapore, Penang. "FULTALA” sails 17th Apr.
Hangon Calcutta chittagong
"SANTHIA" saila 24th Apr. for Singapore, Penang,
مل
10
Futures:
20%
No. 1
13%
Bendix Aviation Cortja.
40% Max July
31 00-3200
31 75-43
Benguel Cons
Bethlehem Steel
14122
September December
31,15
3033
Being Airplane
4815
Borden (The Co
50
Standard Contract
Burroughs Add Machine
30
May
3170
Canadian Pacific R
30%
July
31.00
Come 1.1. Co
143
September
30.00
and
Cat Tractor Celanese Corp. C.1.T. Financial Corp. Chase, Manhat. Bank Chrysler Motors Coca Cola
December
30.10
18.5
March
20.30
443%
May
20.50
40
12272
Colgate-Palmolive Co Conimercial Credit
0732
484
Batu Lintang
Rubber
Co
spot quoted at 27% pence per lb.
Commonwealth Elec.
4175
Ltd.
Opening
$1.00
Consolidated Edison
47%
Prices:
Briti
Continental Oll of Del.
110
Volume
Open interest
Crane Co.
40
No. 1 Ras apat............ Settlement house term
2713-2722
Syndicate
Consolidated
May
10,000
240.400
Crown Zellerbach
07
Kay
countries. Secondly, there are serious doubts bank rate even in Britain.
that
CL
high
la dolig any good
and un inducement to the banks and others to lend money to the Dec. Government for longer periods - a classical remedy for "top much money."
July
1,300
303,600
Cuban Amer. Sugar
17
June
2711-272
Oct.
23,100
31.300
Diamond Allall
04
July/Sept.
Borneo Petroleum
Smelters Ord, Fraser & Neave Ltd. Ord... Neave Tum eum, Fraser &
Tin
46/00
27/00 $1.7
*
40,200
421,000
Dow Chemicals
601.
Oct./Dec.
Mas
10,000
147,000
Dupont de Nemour
34
| Jan./Mar
30%-20% 259-231
pret
$5.70
Hungtong & hanghai Cank
*
May
10,300
111.700
Eastman Kodak
General markets, cif basis, porte
Ing Corp.
$450
:
July
4,00
14,190
El Paso National Gas
40
Aprit
211-2735
Hungkot: Tin Ltd.
*
*
Toil
134,000 1,638,500 kaden
Erte Railroad
Fully Finance Corp.
NEW YORK
Ford Motor
Prices of futures closed tuny General Weetife
General Foods
m: follows:
Spot
20.00
Ceneral
Gen. Pib.
Ma
May
July
Oct.
Det
30.70
33.45 $2.00-30 32.60-03
Glidden Co.
Gulrich I. FJ C
Goodyear Tyre
Iteyden Chemical
Mar.
33.00
Hometake Mining Ce
May July
32.57-5D
Ingersoll-Rand
31.70
Infant Ston) Co
Interchemical Corp.
NEW ORLEANS Prices of futures closed today
Int Business Machines
TV! Harvester
International Nickel
International Paper
Spot
35.00
Int'l Tel & Tol
May
30.751
John-Manville Co.
July
13,40
Kansas C. Power & Light"
Oct.
32.02
Kennecott Copper,
Dcc.
32.40
Liggett Meyers Tob.
Mar.
Lockheed Aircraft
May
32.33-50
Lerwa Incorp.
July
91,07
Lone Star Cement Co.
Icuinville Nashville it.
Lowenstein & Borte,
Aesabl from Com.
Minnemia Mining
Mission Developition:
95.20
direct
July/Aug- New contract May/June
July/Aug.
Oct./Nov.
20.50
Dec./Jan.
25.30
National Lend
-London Express Service).
Mar/Apr.
20.20
Eryption Karnak May/June
SAO PAULO Futures closings, in per kilo were as follows:
Nabonal Steol Corp.
30,70
New York, Central
Olin Mathieson
Otis avator
cruzeiros
| Owen-fllinois
as
manufacturing
+
Pacific Con & Elec.
621 Bources.
May
ងារ ដ
Pacific Wastern
Off
The main
Pan American Alewnys
112
Juty
Burinaes
undelet
was doris in the local exchange market
Cof.
34.20
Paramount Pictures
33
source of foreign Imports was Hongkong.
;
the
Jee. Mar
2,10
Parko Davis · Co,
14.90
Pently J.C. Çə.
bring their own
Interest rates
hanic rule in Soula Africa to | Sterling notes (per £11. short form Australian notes (per 41) Into line with Indonesian rupiah (par 109)
4,63 In the US the average price
en Cu
Philip Morris *****
10.79 of midling collon
..
18.00
Biam tical (per 100)
London, But the South Afrlorn
2020 avaliable, Sales
totalled 8,203 Pute Pil
Publicker - Industries
Singapore (diraits)
117 balos.--United ProRE.
Radio Corp
24.33
Monsanto Canmieni Co. Montgomery Ward
29.83
Motorola Inc.
15 National Cash Reg., "Ä“
National Dairy Prod.
One of the effects of the high bank rate is to the short term interest rates in London
re-
But perhaps
the
greatest argument of all for not keeping
Falively to those prevalling_in the bank rale at its present other financial centres, The high level is that it no longer tendency therefore is for funds nets as a brake on borrowing to to low into London in search anything like the extent it used of higher rewards and the to. In former days advaners counterpart of this movement is to private customers accounted a reduction of quid funds in for hair or more of all bank 'other centres.
assets. But today these ad- Until
vances are 'only a minor trac- adversely effect overseas ste: tion of the total bank eredits
outstanding. The main borrower as follows: from the short term market now is the Government,
recently this did not
countries since most of them have no money market of their own and keep their surplus
Exquid funds in London.
Unwarranted
Absurd
But the Inat rise in the bank of the Manchester Guardian re-
LIVERPOOL
Futuro closings, in pence per
And as lite Financial Editor
marked last week "there la rate was followed by what something absurd in the present 1b, an full Banker an authoritative British
stole of affairs where the Old contmet May/June ceonomie review-hng called “a
Treasury le
aliort pushed wholly unexported reaction."
money rates up to astronomicat This was on announcement by heights in order to warn itself
the South African
that in future
would
be
Goto)*
of set on the move-
funds to other
arca.
The
ment parts of the sterling purpose of this move won to prevent
offlux of
funds
from
South Africa to take advantage
of the higher
hort
rm Interest
term
ates in London, The alterna
off borrowing,"
Exchange Rates
Alve would have been to raise then at the following rates!
dollar (per $1)
д
at" 14" to='|Procter de Gambla Co, 1264 signated spot matkets was un-Pittsburgh Fate Close
London Foreign
London, Apr. 10, New York
Rubber footwear an tho Monireri British home
1933 market lu
Amsterdam was up six million pairs, says Brussels the April us of the Footwear Copenhagen
Prankfurt Manufacturers
Talktas212 Journal, official the Incorporated Milan 41% Federated Associations of Boot
The Journal consider it dism
turbing that this consumption New York Foreign
aff was being satisfied only in part|
49 from home
Exchange
New York, Aør, 10. *******.. $2,001% unofficial.. 201-2,70.
The Industry's total produce- 23ch of footwear declined by England official 5016 comburiyon with 1904 and sup-
1514 pics for
10011⁄2
the home anarket
-30-day · hulura.. 280-0/32 „pu-daż "rutten, .... 2.79-1/16
2.0413 2.70-10/16
dropped by 5,400,000 pairs, the Australia
New Zealand
report says.-China Special.
South Afrion
United ProSS,
For full particulars apply to i MACKINNON, MACKENZIE & CO. OF HONG KONG LID. Telephope Nos: 27721-4.
2214 24%
May
2013-07
Kempas L
31.12
June
207-27
Gunay Rubber Estates Lil.
$1.77
*
Inngoon
Calcutta
Estale crepe Mah. May
Malayan Brewerien
5་བ་
thick, unquoted.
New Gorandah Ruther
*
"ORMARA"
đue 28th Apr.
from Calcutta
Lid.
31.70
salls 25th Apr.
for Japan
*
AMSTERDAM
Peinling Tin Lada.
$3.07
Fallen Hotel
*
The market was quiet.
Prices
Singapore Cold Storage
$1.47
closed today in guilders per itilo-
South Bristi Insurance Ca
Ltd.
$27.0
19
gram, eif May as follows:
13
No. 1 rubber
2.02 Inayern
Straits Trading
$20.50
Straits Steamship
$12,DU
TH
No. 2 rubber
2,01 YETA
Unitet Engineers Ord.
$5.05
41
No. 3 rubber
2.43 buyers
50
No. 1 crepe
3514
DO
2.05 buyers
United Press.
HK Footwear
Wenene Bros.
$2.80
xd-China Mall Special.
"SUBADAR" *all* 18th Apr.
"ITAURA”
"FTRIA"
P. & O./B. I, JOINT SERVICE
for Singapore. Madras Colombo & BOMBAY
*
*
"UMARIA"
In Britain
#776
Exchange
London, Apr. 16.
2.00-13/16-2.0035
2.801-2.80
13012
你
10.0435-10,05% 136.03-130.70 19.373%-19.374
10% organ.
of
37
and Shop Manufacturers,
11737-1732
00.15-3020 ************* 1704-1704% Vihers were unchanged
United Press.
*
due 28th Apr. salle 2011 Apr.
dus 20th Apr. Kai 30th Apr.
due 29th Apr. MASIN
for S'pore, BOMBAY, Karanlık, Bastali, Khor- ramshalie & Kuwa
From Japati 1st May for S'pore, BOMBAY,
Korneli & Bhaunegar
EASTERN & AUSTRALIAN S.S. CO., LTD.
"EASTERN" in Port
"EASTERN" loads 8th May
· from Antratia
for Bandakan, Rahaul, Brisbane. Syuney Mel banese. Geelong & Adelaido
All vessel luvo liberty to call at any ports on or of the route & the route & sailing are subject to change or antendien with or withous notion.
frora Bombay & Karachi for Japan
From Japan
*
*
90%
24
42
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