1956-04-24 — Page 9

THE CHINA MAIL, TUESDAY, APRIL 24, 1956.

TRADE and

COMMERCE

SECTION

Page

No Incentive For Depressed FORD MOTOR OIL SHARES PACE

New York Sugar Market

New York. Apr 23. The No. 4 world sugar futures cloned today 1 to 7 points huther with soles of 232 contracts.

The

No. 5 domestic futures closed unchnaged to 1 point higher with sales of 21 contracts.

Strength in the world contract! reflected the higher raw market. and

reports that the i Havana

Institute Just

Cuban

Sugar

week old 125,000 tons of rawa various dealers at 3.28 to 3.31 cents a paund, foli.

Συ

Other reports said Rusia

exercisect

lo July 10,000 ton of rawn in adeilan to its large purchases variter in the censon from Cuba

Dealers af:o understonni the! Institute recommended t release to the "free" market of 150,000 16Es Trom 4 retained Glock

experis

else

934 with

Middle Class

OF BRITISH

MAIN FAILING OF

CHANCELLOR'S 1ST BUDGET

From Ronald Boxall

London, Apr. 23.

Mr Macmillan's first budget caused surprisingly little stir-not only that it had to share public interest with the other absorbing event in Monte Carlo, but because it fell short of what most people believed a budget should be.

WORLD

COTTON MARKETS

Now York, Apr. 23. Cotton futures today

moved irregularly in quiet dealings but managed to of show small gains most the time.

on

Closing on a brisk rally the list anished I point lower May and to 24 points higher on other deliveries. The market opened unchanged to up 4 points, New Orleans closed up 4 to 21 points

Meantilivery tomorrow,

Buyers antel Sellers both One of the fundamental dis followed a cautious policy pend- Where the public expected leaps Slowly and In line with dannia Mr Macmillan gave them *inemases lei profeticity and the | Borlats in the British. economying developments in the govern- is that high taxation discouragement export programme for raw anticlimax. Even Brunnela) come į economy noves aheart in top mentators were of a loss of what rear instead of meing along in people from making the most of these make of it. Market

their talents. The Economist third.

Beyond a certain, and first notice day for

the May moves, couple

previous

12 wher ##

What salary penetrate That is the reusoning.

hardly worth n

were operations his will exhaust Institute res

most tooker in

the reality? 11 valu for

man's trouble to furense

Mili ne- mal mastly professional. stewks from this year's dating force. "Shake This

The The fird

professional pitil to make is thatcomings. Institue will

mallunts, shippers, spot firms and has

classes, managers 12

how you will it said, raving does not only mean put- budget

at traders engaged in routine from

the dyname is not ture."

ting minney in the bank or under bushessmen are helt down by

es market adjustments pendinst mattres. From an economie Er dead hund of taxation. These clearer view of overhanging un However, the central theme of apoint anything that is left wing it the tax collector's

who can, magment their standard certainties. raws in the world market so far | the bungest is plain.

over at the end of the year after The domestic faw the chancellor this sense

deskarting the total consumpilón

k. from the total Becomes is saved. market was quiet.

sas tugs benedet

And that includes the differez100" what the Government collects In faces and what it spends on the mess of government.

erop. Ekrogatedd

Bugars

<reps. These developmenta re- fter: the substantial demand for

Contract No. 4 (world)

May

331

July

337

Sept

3 32

Oct

331

Mar.

3K

May

330

Spa-t

fol

Cuba)

1 153

Contract No. 0

July

A 01

Skypi

5 (13

Nov.

502

Spot-teents per 1b. elf NY

ex-duty)

4 15

-Valted Press,

11 Was. Strevasi.

Savings

I Britala in to Inepense Javestreite

il

her

This your My Macmillan has

In productive huelgeted for an exceptionally capacity and rebuild a surplus

!! su par

Government at a balance of jynunla she

revenue over expenditurs -E460 TRILINE metaja from all anime against an estimated sur-

By his of consumption,

spending less and saving more ecosent, pressure of dead b

blees pennuin stable, wages nie

Rails Make Best

On

Showing Wall Street

New York, Apr. 23.

The stock market was moderately

active today.

Rails

Ikzit Their

runoch

f

፡፡ ♪ Kroup made the showing. Enined 1.30 in ca Cola uverage* to

**w lugh ColgatedPalmolive Det 17. 1029. Gates Operetal Credit

Commonwealth Elec to 3 points in Uhelor

Commolates Falomen

Parine. 5 in Norfolk & Western Continental Cal of bel a polit or so h Hollimore & Crane Co

Ohio,

Dodontown allertach

1

£148 million and actual one of C397 inflion in the 1st Banelal year.

"This

£400 illion representa Puble avhus

An Mr Mac

itby milton means to add to

cats in Government expenditure of "not less than £100 nullsun" in the current year,

Impressive

UN PO150

EARNINGS

Detroit, Apr, 23. Ford Motor Company earnings of $73,700,000 on the first quarter of 1956 are second only to record cartings of $102,500,000 corded in the Erst three months of 1955, Ford said,

Ford II, company

A miď a decline in

saten which

feli WAN throughout the auto indus try was the chief reason for the difference.

Consolidated net Bales $1,- for the period were 203,100,000, the Company sald, 147 per cent below the 1955 record Br*. quarter.United Press,

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

The July contract held rela-proximately Few are able to retively firm on covering by some Mr Macmillan was exported

LONDON MARKET

London, Apr. 23.

Led by oil shares, stocks pushed ahead with vigour in heavy trading on the London Exchange today. Turnover was 14,005 bargains, highest

since last September.

British Petroleum wns up ten shillings nt Ono pulni and closed about nine higher, while Royal Dutch nuded nearly £1. Other il tucked on between two and three shillings active dealings.

תן

Leading industrials opened Arm and moved ahead during the morning. But proẞt-taking

nippe the nths late in the day, Rolls-Royco

feature, closing two shillings bigher.

was

Drifted

In

A

Aluminium Co's New

Plant

Pittsburgh, Apr. 23. The Aluminium Company of Aurica is to construct a $45 million plant at Point Comfort, Texas, for the production of alumina.

produce

of

alumina

Gold shares cine In Cor Interest on news of a big gold The new plant with discovery

Africa Free over 500,000 tona State Gould, Western Holdings | annually for ALCOA's primary and Binkport

the aluminium smelters paced

at Point advances in their restles

Comfort and Rockdale, Texas.

Production 15

to expected stort to early 1958 and present drifted ammlessly.

ostract support and expectations are that the initiat War Lancapacity will bc doubled by eased about £%, and fow

1065. others list as much as £3/10.

The company will also build อเ

a

Business done on the Hong kong Stock

Exchango this morning amounicat

$400,000, quotations and the transactions:

SHARES DUYERS SELLERS SALES

BANKS

British Government stocka failed fo

ap- Noon morning's

1107 10

4

3

10350 1600

and re- to do something to remedy this. of last week's sellers

of the cotton it was predicted that he would ports that none vulge the Tunit beyond which obtained from the Government salaries are subject to a heavy surplus will be available for surtax and make the children's delivery on that contract, allowance against mcme ** dryendent on income,

Not Inspiring

These two MICORUPCI would turve done much to relleve

bear

Bank

East Ant INSURANCES

Untun DOCKS, ETC. K. Whet

XD

Dock

Providen

(Old) Wireek

LAND, ER

to

First bids for purchases 01 cotton out of the Government stock will be submitted on Tues. day, with some news on accept- ances

Inter expected

in the week.

Open May contruels ut the the start of trading today totalled "deprssed middle class. Con- 183,300 bales. staally rising prices have meant stock declined 201

The certificated

bales that surtax is no longer a tax 10,000 bules. on the rich but tax on incen-

Crop accounts to a And the present flat rate pot firm live.

loading said weather condi children's allowance These

repreindly hard on those tons over the entire southeast Barnes sound they would pro-

very unfavourable be inrge ably not

because enough to pay for their children's exca- have been

of heavy rains, high maire

stability of prices that tion and do so at the

winds and below nunmal tem- luxuries taken fur everyone destres. So Mr Mac-forgoing

peratures. Estimates were that propermis ruled by less well paid follo

Mr Maculan did nothing to

on an average about 50 per cent of the area will have to be re- cncourage these people to save.

planted But worse than that he did

Memphis reported recent nothing to inspire them to work

A weather as too cold for harder and remembering

sced that

and that a small hom germination these are the people upon whom the nation relies for leadership break-through will have to be percentage which started to Beld

thought

millan manche veral

to encourage still more savlig. Most Attention

every

of

of

economie

There are to be new issues of national savings certificates and Tiefenes honda bearing a higher | in

And people activity-that was the main tail-replanted. rate of interest.

ing of the budget.--London Ex- who makes provision for a 10- tirement pension are to get apress Service, bigger tax free allowance on the Dreamy

The measure

which attracted most attention was Mr Macallan

introduce pians W bonuis-Britain's first premium fresitant venture into the field of public lofteries.

Ce Marsılını Bayrak Chrysler Motora

703

$231

L'

541

1

17%

41

47

1171

3944

Delaware &

I

31!

stocks

how Chymicals anet de Nemours

87

210

Eastman Kesink.

DE

can be bought up to a limit

Union Carbide

El Paso National Gas Erie Rallund

222

anu!

Family Partec Corp

24

Ford Motor

01

(Calon Anne Hugas

Lousville & Nanville, New York and Alkal

Censiaal.

Aluminium

selected chemicals featured les

the Industrials,

neki

nearly 2. Dow

American Consumid, however. General Electie.

Just around a point ench.

aluminium

shares

Amork! Reynolds soared more than 3.

and Aliuminiam Company Dear-

General Frexin General Mator.

Wer Pub Aita

Chen C'es

ly three. Aleo, however, closed; Goodyear Tire fractionally lower after being

up more than 2 points in early delines.

A number

of special issues quired sharply, Including Bendix Aviation, Climax Molybdemun, Jefferson Lake Sulphur, Na- Owens-Illinois tional Sulphur, Glass, all up 2 to 3 points.

total 1,208 ismies Out of tho traded. however, 400 were

rade

higher.

Laughin but

In steels. Jones &

more than a point

Cosc

Armco and Crucible lost around Steel was down

1 much. US.

fractionally and Bethlehem un- charged on the day.

Chrysler lost nearly a point on the day in the motors.

Tumover of 2,440,000 shares

the

for

day

compared with

2,320,000 on Friday.

bond

New York Exchange volume was, $4,010,000.

Stock American

Exchange volume was 1,240,000 shares,

Dow Jones closing

were:

30 Industriafs

18 tes

45 stocks

40 bonds

There is a simple une. The bonds

cost £1 each and they

441 be announced later. They will bear no interest but every three months all the bonds which have been held for a stipulated length

باران

WORLD RUBBER MARKETS

Volume und

upn

Interest

were: Month

Voline

Open interest

May

22,100

188,000

July

24,700

213.600

Oct

17.300

322,000

Dec

18,700

410,000

Mar

14,500

100,800

Мду

13,400

12.100

July

100,900

Oct

700

4.500

Total

Lia,400 1511,200 bales

NEW YORK

Prices of cotton futures closed today as follows:

New York, Apr. 23. The futures closed today 15 to

No. 1 Ras rubber

Spo

May

July

Deinber

December

of time will "go into the hat" 44 points lower with sales 4444arat the tucky numbers will of 88 contracts.

receive prices of up to £1,000. The standard contract closed The essential difference between 25 to 44 points lower with sales this and the more conventional or 11 contracts.

Match

JK Juol HK Land.. Humphreys

RUBBER

20

German bonds showed o ferty

Point Comfort a $3,000,000

for railroads, a públic

įgaus in a relatively enim foreign | MC unloading dock, right

section, while Japanese were of-way quiet and virtually unchanged. highway the dock area and Cimper shnres wele quiet a navigation channel-io accom- through most of the session, and dollar stockts terdet higher adjusting to Wall Street's Fri- 22cy's levels-United Press.

500 INS

37 771

JOU A 77

30.76 371,

13.70

8.70 680 000 R

1300 19 10 300

02!!

A Rubber : $7

UTALITIES

17

14 400 021

1000 m 120 GOOD

1.30

22.70 100 200

Tren

Star Ferry

Im

C

5000 4 22,70

Yuti Ferry 1001 104 200 ún 104 GU b J00 Light (0) XB

22 10 22.00 300 mg 22.80 C_Light (N)

X

...10.20

20 1200

1000

Electric

Bartus

.. Rts.

Macuo Telephone

BL

Elec 8.70

2314

25,000-ton exte laden

vesis-from alle to the Gulf of China Mail Special.

bauxito-

the plant

Mexico.--

P.OBIE.A

COMPANIES

Leaves London

Salled

25th April

May

18:31 July

Due Tongkong 30th April

20th May

29th June

2018 August

INDUSTRIALS

L'ement Metal Indust STORES, ETC*

Dairy XD Wali COTTONS

Textiles

20 10.00 2000 20 31 600 30.75 500 : 30.50 44 20.00 47.CO 71929.70

141 fr 200

143 1000

12] < 12.20 15336 10.30

100) 12.20 20012.10

34 341⁄2 1000 3414 175 180 2000 ** 1.75

1030 14 300 1019

1-11-150

340 3.00

Nanyang MISCELLANEOUS

Yangtze

708 1500 or 7.20

0.50 -0.70

11.30 1000 11

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Outwards "CORFU"

"CANTON" "CARTHAGE" 23rd "CANTON**

la Southampton, Port Bald, Aden, Bombay, Colombi

Homewards **CHUSAN” "CORFU" "CANTON" "CARTHAGE"

Penang & Ringapore

Leayre Hongkong

2016 April 4th May

1. Κ. & ΣΕ

Invent

ZA ROA

35.77

33.07 32.19-30

12 20-33

May

$2,07

J't

July

31:70

J#1.

October

30.03

NEW ORLEANS

Heyden Chemicid

10

Zomstake Mining Co.

3:4

Ingersoll-Rand

op

Jaland Steel Co.....

Interchenical Corp.

37

Int'l Business Machilles Int'l Harvester

400

is that the type of lottery is original stake money is not lost. The rest of the budget was

minor significance. comparatively The

Prices drifted tower in com-

pony with the London market

of

Prices of cotton futures closed while traders awalled the today as follows: domestic consumption report.

Spot May

15.40

5.63

33.10

3315

1,

134

International Nickel International Paper

In

Tel. & Tel John-Masvike Ou

Kanoa C. Power & Light

Kennett Copper

hus London

27th May

4th Juze

1st June

201): June

2nd July

31st July

200 110

Via Singapore, Penang, Fort Sald & London.

Calambo, Dombay. Aden

Also calls MARAKILLED.

*

*

FREIGHT SERVICE

“SOUDAN"

Singapore

Stock Market

Singapore, Apr. 24. Brokers today quoted the fol- 32 20-27 loving stock prices:

J2.39 32,60-01 3248-49 Batu Lintang

Petroleum Byndicate Consolidated

Smelters Ord. Fraser & Neave Lid. Ord. .. Future closings, In pence per Fraser Neave 7

"SOMALI"

loads 10th May for Singapore, P. Swet- tenham. Penang. Aden, P. Bald, Genoa, Mar-

scilles, London. Ham- burg. Rotterdam Antwerp

die 22nd May from UK.

With liberty to call at Belawan before or after Straits l'oria and at Bombay iť inducement offer.

Take available for carriage of oil in bulk, Space for refrigerated cargo, Limited Passenger Accommodation.

tobacco tax was raised; the In the shipment market, July breact subsidy is to be abolished; agents reported fair-sized offer October the tax on both distributed and Ings of sheets and remills again December und intributed profits goes up

found buyers indifferent, (this last is the strange tradiction to the theme

Why then has Mr Macmillan's the whole budget earned on more criticism than applauso?

Obvious Target

LIANE Meyen Tob. Co. Lockheed Aircraft

Co "Ravings budget").

Locws Inc. .... Lone Star Cement Co.

Louisville & Nashville Lowenstein & Sona,

Meraht Iron Corp Minnesota Mining Mision Development Monsanto Chemiest Montanery Ward Motorola Inc.

National Cash Rev. "A National Dairy Prod. National Leat

National Steel Corp. New York Central Olin Masieron Otis Elevators Owen-Illinois Olasa Pacific Gas & Elec.

Pacific Western Ou Pan American Airways averagca Paramount Pictures

Parko Davis Co. Penny J. C. Co, 607.28 Pern, Balt Co. 175.30 Philip Morris

Comm. future price index..

Closing Prices

Alden Inc. Acy, Allied Chemicals Allied Mills Inc. Allis Chalmorn.. American Airline American

Corp...**** American Cyanamide Co. Arn. Mach. AF dry. American Motal

Cable & Radio

American Emelting Am. Bugar el. American Tel & Tel American Tob. "13" Artacenda Copper Armco Siecl Armour

Baldwin-Lim-F{arra Hollimore & Ohio

Dendix Aviation Corp.

Denguet Cona,

Fethionem Steel

Trooing Airplane. Borden (The) · Co.

Burrougtu And Machine

Canadian Packs. It.

-CAW (33) Co.

Cat. Trofor

Celanese Corp. CAR, Firmende Dorp.

100.67 90.88

Procter & Gamble Co. Pittsburgh Tinte Glare Publicker Industries

153.74 Pure Oll

India Corporation Tiepubllo Steel

Heynolds Melal

s 2012 Saint Reg. Paper

LIVERPOOL

Lid. 31.78 30.03 British

24.40

Rubber

Borneo

Son of the

March May Fuctory Interest locally cons July

October tinued conspicuous by its absenen. Spot No. 1 Rss Wi quated nominally 314 cents a pound,

Contract No. 1 Ras

May

31,30

b. as follows:

July

31.20

Old contract May/June July/Aug.

Sept.

30.07

Now contract May/June

Dec.

30.27

Opening

31.02

47/0d

27/11 $1.68 cum. pref

... $5,70 23.10 Hongkong & Shanghat Bank.

ing Corp. 29.10 Hongkong Tin Lid.

Co.

1856

$960

*

Fa

July/AuK.

30.30

Kempas Ltd.

$1.82

11 is because so much relates to the figure; there is very little that concrete, here And now.

ot

it

Standard contract

Oct/Now:

25.20

May

Dec/Jan.

25.03

Lunas Rubber Estates Ltd, Malayon Breweries

0.77

$3.20

Julv

Bept.

SAO PAULO

New Serandah Rubber

Lid.

Co.

The most obvious target for cynical comment was the Chan. callor's promise to cut Govern-

Dec. Mar May

39,75

Petaling Tin

29,00

Remen Hotel

wwLid.

$1,72

$3.00

$2.35

"ITRIA"

20.25

per kilo were as follows:

Singapore Cold Storage

$1.43

South British Insurance Co.

May July

30.70

3160

Ltel...

$20.50.

23/20

Stralis Trading

325.24

in guilders per

33,70

Proti Sleamship

311.00

United Engineers Ord.

Mar.

33.70

$7.00

Wearno Bros.

$2.77

xd.-China Mall Spectal.,

"ITAURA"

“UMARIA"

*

"OZARDA"

LONDON METAL

19ment spending by at least £100

AMSTERDAM

The market was quiet. Prices

4734 million. Taxpayers have grown closed today

331,

4474

used to such promises. They go kilogram, cif May, as follows: on hoping though without No.

rubber

much conviction that one day No. 2 rubber

No. 3 rubber

the promise will be kept. Per No. I crepe. haps the time they will not be

100% disappointed.

Future closings, in cruzeiros

2,00 done

In the United States the aver- 2.69 buyer age price of 138/16 miklling col- 2.40 buyer lon at 14 designated spot markets 2.00 buyers

Sales totalled. was 35.95 conts. 8,225 bales.United PreKS,

A11

The proposals to encourage

SINGAPORE Atler being slightly steadier

43 savings comes Into the same [at the opening the market engged

40% category; they are. hopes rather jon lack of interest towards the

close. There was slightly better The only one of the measures enquiry during the day.

London Foreign Exchange

40

791%

realities. than

Shell Oil Co.

10%

J23

Sinclair Oli

304

Sucony Mobilai

70

07

South Puerto Rico Sugar

2032

24

Southern National Gas

Southern Rathway (Com.

11030

Standard Brandi

42

ension

74

Bandard Oil of Cal.

10416

BOE

대

Standard Oil of N

7

Blakely-Var Camp,

is

in-

The will

undoubtedly

appeal to Spot rubber unbated... Bitk

Blanket orepe the gambling instinct in men, but they will not achieve

Ilkely to make any ticularly for low grade. Futures: that significant additions to savings No. 1 rubber per 1b. May 21-21

tho

June 02-02 New York Is the dicision to increase

July unquoted Montreal taxation allowances for people No. 3 rubber per it. May D0-901 Amsterdam

for their who provide

081-801 Brussels Own No. 3

Copenhagen 00-831

Frankfurt premium bonds No

-80%-874 Lisbon

Paria 110-11

Stockholm Zurich

p3r

all No. 1 pale eropo

LONDON

180

Studebaker-Packard Corp.

8114 Swift & Co. .....

30% Standard Oil of Ind.

047% Sterling Drug Co.

THE TERM_Co,...

cott Tide Water Am. Oit

201

Twentyr Century Fox Film

Talk Union Carbide

DO Umnom Packie Fallway

0214ed Alfonset

20.6. Gypsum

1821 UB. Line Co.

BUS. Rubber 61 US. Benelling

#UB. Steel

HP%| Werner, Brož.

West Va. Pulp & Papae Woolworth

101 their purpose if money

201

12794

001%

21

.0016

00

vested in them at the cost ot running down other saving.

The market was quiet with

PRICES

London, Apr, 23.

buyers nollers

The tin market was sičady but quiet, Other metals were "firm. London, Apr. 23,

Prices closed today in sterling 2.007-100-15/10 2.75-11/18-2.7934 per long ton as follows: 10.0492-10.0415 139.70-130.75 10.30-19.30 11.732-111.79 30.25-30.30 905-90414 14.6533-14353% 12.21-12.371 —United Press.

forms. of spot unchanged at 27-7/10 perc New York Foreign

per 1b. Palecs:

No. 1. Has apót

Hardly Worth It

___Bottlement hodie tem

May

June July/Sept

Exchange

2711-27

-203

New York, Apr

-R0f4] England offelal

00-day futures

aknouth Africa

14 Folland

Dut the most widely heard Oct/Ust. criticism of the budget fa that | Jan-Mar

Glenoral markets, cif bani", ports: 9114ft concentrates on the virtue of April

mving to the exclusion, of all May 50% olsetem" "ot? provisióńs

erepe. thin May to 495centives

carn more from tate

Patate crepe dick' which to maybe 25,

ม

Во

-United Pres

Spottin 3-month' Spot copper 3-month Lead 2nd half

Zine and halt

180 781 7601 769

374

$175

300 347 113% 114 113 113

DAY

004 07!2 United Pres.

Exchange Rates

was done in the locni $100-7/10

2015/16 | Unometal, -exchange, market

morning at the following ruten; UB. doline (per $1)

U

5.34

piterking votes (por £)). LEGEND AUstellen notbe (pur |1)|

13,50

17.49

(0800)

Indonesian yuplah (per 100), Minimicul (per 100)

10,70

Hingipore, (čkrašte).

*

*

*

*

BRITISH INDIA S.N. CO., LTD.

A HUNDRED YEARS OF SERVICE - 1956

sulla 240i Apr. for Singaporo, Penang "SANTHLA”

Hangoon & Calcutta

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

due 27th Apr Balle 20th Apr.

due 20th Apr. ails 29th Apr.

mua 200k pr KAJA Ist May

from Japan

BOMBAY, for Sport, Karachi, Basrah, Khor- ramshahr & Kuwait

from Bombay & Karachi for Japon

from Japan

for S'pore, DOMDAY, Karachi & Bhaunagar

dus Et May from BOMBAY Balls 6th May for Japan

EASTERN & AUSTRALIAN S.S. CO., LTD.

"EASTERN"

loads 8th May for Sandakan, Rabeul, Brisbane, Sydney” Mel* bourne, Geelong Adelaide

:

"ARAFUBA”, dan 12 May

from Australia

All vessels hard Uberty to cui at any ports on pr off the route & the route & sailing are subject to change or amendment with or without notice.

For full particulars apply to: MACKINNON, MACKENZIE & CO.

OF HONG KONG LTD. Telephone Nos: 27/21-4.