1956-04-30 — Page 9

TRADE

THE CHINA MAIL, MONDAY, APRIL 30, 1956.

and

COMMERCE

International AMERICAN ECONOMY

Wheat Conference

now

London, Apr. 29.

Tho international wheat conference last week agreed on the text of

wheat agreement which will come into effect on August 1, and last for three years.

The new agreement covers a maximum of 8,244,000 metrie tone of wheat and flour which compared with 10,750,000 metric tons under the existing poet

15,000,000 and

metric Lous

before 1953

Doth

Agentina

agreed last week to enter the

new

und Sweden

agreement 1s exporting

Traders Looking For New HONGKONG

Buying Opportunity

By JOHN MORKA

New York, Apr. 29.

Wall Streeters were "stomping around” on the grading grounds to find a firm spot for stock support in the event of a general decline last week.

Lots of experienced and inexperienced bull traders are countries, but Britain, the doing a bit of pawing themselves-impatiently pawing as they

world's importer, did not join.

The value of world trade In wheat and

Bexar

nal ai1 - 23,000,000 elite one yearly.

await a new buying opportunity.

The new agreement guaran- ices to the United States sales of wheat of 3,595,134 metric

1 He believes decies like for tons

ench your. 2.800,305 lons to Canada, 823,471 torus 149 one the market has been ex- Austrife.

tony toperincing siner April 9 tend to 450,000 Fenner, 408,000 duns to Argentina, add to the duration of the bull and 175,000 loss

They prevent to Sweden market. These are The

exporting cesar tren going too far,“ countr.cg signatory to the agreed, adding that

STOCK EXCHANGE

(From Our Correspondant)

SECTION

NZ BALANCE [OF : PAYMENTS |

DEFICIT

"Wellington, Apr. 28.

Zealand

Д

New

Funct balance of payments de- Aelt of £10,600,000 for the 31. y car ended March

compared with a deficit of the pre- £34.900.000 for

Reserve

vious

year, the

Bank announces.

In March New Zealand had

a surplus of £5,500,-

her everacas

change transactions, com pared with

*

surplus of £11,500,000 for February.

Receipts Last

000

and

Busintas done on the Hong-

Stock kong

Exchange this morning amounted

up- proximately

Noon .$250,000. quotations

the morning's transactions:

to

from

exports

month the country's main than were lower

The

QUARES BUYERS SELLERS SALES

BANKS

70 17 37 3715 Providont (0) 1300 14.10 2000 ve 14 Wheelock

03 8.00 500 0.85 1900 D 0.00

100 05 1000

8.00

100 0 6235

300 or 3

Mt L. O

1

wer

the

here, and Jews the of Christians Hooper, analyst for: the kwest in years.

Chairman of US. so that the new pet will burely W. E. Hutton & Co., thinks the spread narrows, many investor the former ucount fur

of the market will receive solid Haird

sup. might be tempted. It is reason-Stect said the return to the proti port at the 400-level if it got ed, take another look at some motive in our foreign assistanc

The programme "would do for mực there. The Dow-Jones Industrial of the artar bond issues. average was around 503 Just' effect of Mich development to feed and che lhe world'

would be to deprive the stuck people Friday

market or support it otherwise charity might have blained.

As

UK Bank Fart Arta

jo

230

INSURANCEZ

Untan

905

20 190

DOCKS, ETC.

K. What Duck

than

Alt would which We

h

!cupable.

LAND, ETC

RE Hotel

13.70 13.90

Too Fast

11K Land

..

their

Standar!

refuse

Humphrey Realty

A. Bubber

Unit UTILITIES

Tram

Star Ferry

*

Light (0)

xn

Light (8)

XD

10.70

Electric

3015 1960 20.10

iment.

31A

Mr "the

PIANA, &

that! Fairless declared Mr most of the vast natural re- ot under developed sarees natkoms lie ich because well-inisguided leaders

the permilt capital and a competitive RUBBER known asalysis, feels that 11

stuck manket Витя

to develop eithe she! contributed inaelent little to the expansion of bank resources

or the skill' envill

Customers' not debit | Prog balunces have leveled off margin requirments were ruised to 70 per cent in April, 1955

now qual tu about

big danger at the ment

seum, is that too Tuny

will income

push privez tou

Jon

MINIMUM

would people

Duskete and

Germany pwr The

the largest im- guarantees under

high 100 KPTI."

Still Confident

1,500,000

Kenneth

Bgreement to purchase

Jons

ከ

cach crup Japan is prcond with an

They are

since

on the

Synthetic

17 40

Ymall Ferry

1.42 AD

1.33 100

22.50 22.10

Maono Elec

Rubber-Like New York Stock Exchange.

Ward, of Hoydeu, | | 30 per cent of the total market

stocks listed import qurta of 1,000,000 tons, Stone & Co., expresses the fool-e,

he Netherlands third with 70g of a considerabit, portion of 000 tons, and Belgium Jour Anuncial population: with 450.000 179.

Prices

announced earlier

الحمل

<!-

"Rogerdien of the day to day

th RS

still Įvart lousness, investors DIT Just

week,

from range

confidenc

expelafly minimum of 150 Canadian

by the

rports that dollers to maximum of 2.00 business activity

*

the first dollars.

Squirter is higher than in the Wheat trade circles in Lon-

last quarter of 1955, in most of don said that in some respects

the major libes except automo- the

will be new agreement

bries. the

"This provides since

inore enforceable

previous post-wa

Jimplementation

quotes at

United Press,

11

Singapore Rubber

it

be

det:

*The amount

comparative

snull wottle

credit involved scem to suggest that the stuck market might be immune lo further hike in margin require.

A

Material

132 135

102 10

100 6214

22 60 22.35 1347 € 23.60

D Telephone 2220 23.1

12.10 12.40

Tita INDUSTRIALS

Cement

STORES, ETC.

Dalry

Haison

Criwford

In March of 1935. greatest fall was in re- ecipta for meat.

However, total receipts

for the year to March 31 to £44,000,000 rose by

Total pay.

£310,000,000.

ments rose to £327,000,000 compared with £301,000.- 000 for the previous year, -China Mati Special.

Total World Wool Production

Estimate

Page

London Market Has Very

Confusing Week

By C. T. Hallinan

London, Apr. 29. Markets have found the week-the first full post-budget week-thoroughly confusing.

Perhaps part of it was due to the Chancellor's budget' speech which lacked the usual appeal to the nation to go onwards and upwards but was content to tidy up details without adding any new ideas about the country's economy, Another facfor was the realisation that the Western world as a whole seems to be headed, like Britain herself, into a period of higher bank rates. The United States, Japan, Scandinavia, Australia, New Zealand and others are to head off inflation, increasing the cost of borrowing money.

No agroetnent seems to have been reached us to just whot will happen next.

and

to

First reaction, in the City of London, was to sell teading Industrials

the put

cheap into-now money British Government bands.

the gilt-edged section nationalisation stocks

were |

favourites with thre 3 per London, Apr. 29.

nationalisation allway Commonwealth cent

Issue, 1978/88. riring nearly 17 Economic Committeeshillings, "Daltons" were

The

estimated today that wool nearly

10 shillings

Oils Soared

31 1000 € 30.75 production in the world (ex- Con-ols 55

cluding Soviet Russia the satellites and China) in the current 1955-56 season will

in be

the region of pounds. 10 10 19.30 500 10.104,037,000,000

35%

30 200 39%

200 10.10

34

0.35 1.45 3.03

MISCELLANEOUS

0.00

0.30 $.43

3000.099

250 or $1,85

lbs.

Texille Corp Nanyang

Yanglaze

Bartesville, Okla, Apr. 29. COTTONS iments, but we would not count Top officials of Phillips on this. Other considerations Petroleum Co. said today have played a part in the past their

de. One ni

company has present might be the concern of some wenmit veloped several new syn- the market isthotic rubber like officials that risen to fust."

materials, one of which

Allied

natural The Bank Of England

item, made was described

Statement

London, Apr. 29. The Bank of England state- ment for the week ended April 25. reads as follows.

a pretty solid with the accession of Argentinand and strong under- market and Sweden, and with the terning to the present

and all possible further setbacks patary removal of the French in the phi ahead sho

With money ulready tight, may improve on murplus, it should be posible unlined to moderate propor Carporate bend brokers think rubber in some ways. But the exporters to enforce the m

that even if interest rates move

This promising buying 1 of

Financial experts note that higher, corporations meking now prices.fr tight money hasn't had much financing would still be able to as "an economical alternate" for

from butadiene, mirúmuni

11 effect On business. And the

There would be natural rubber. It was said to They xe business ntinuing ofsane n

of investment be closer to natural rubber than with high plateau certam money, for example, money now styrene-type synthetic rubber in areas of adjustments in autos, going into mortgages might and running cool" and

reportedly Rousing and inventories.

its way to curporate bonds, if the performs better than regular Wall Streeters again

yields are favourable and

Public deposits nore these

con-synthetic at low temperatures.

Private deponun nue to inch higher.

It is 10 to 15 per cent more Goverment securities Irregularity

Gr-5 other securities regular resilient than market. which has acted to can financial Institutes questioned synthetic, the company said. Receipt murrow the old sprend

also have be- whether the weapons now at the Phillips engineers tween stocks and bonds.

disposal of the Federal Reserve come up with a "ugh softening- receni discount rate are adequate

to cope with its point resin" which appear, pro- boost has caused a stump in bond mission imposed by law to pre-mising for use in plastics My prices so that bond yields opptar vent a sharp decline in business well as rubber products.

Market

Singapore, Apr. 29. There was some selling

on

Saturday, mainly by the Federa- liun centre, but It

veli absorbed by trade.

Wats

Future closings were:

No 1 rubber per il Mag 375%-479% |

June 67-67? July unquent

No 2 rubber per 15

No

1

13-15

*

Spot rubles unikked

Blanket repo

No pode crepe

04-03 #77 .82-84

107-109

-United Press.

on

The

worry about days

the of lower trend of the

Last work one of the Ameri-

be moving into

ground activity hitherto held by common stocks, emptynent.

The spread between Industrials; Comunun stock und bond yields has been reduced to 17 per cent, ¦

Cotton Futures

Trading Rather Firm

By William T. Plunkett

New York, Apr. 29:

Cotton futures trading last week was

a note of firmness, with old crop

deliveries taking the upside lead.

and large-scalo

A Feature

-

as

The Company also disclosed that its scientists are producing

in the laboratory 0. synthetic the structure and proper- with tles of natural rubber.

It raid that as one of the larg- "There is increasing evidence est producers of butadiene, used

the that this is not the case," the lo

manufacture of Gr-S Institute said. "During the past synthetic rubber, the Company two decades the economy of the is in an "excellent position" to buta- United States has undergone commercialise the now veritable revolution.

the diene-base producis. laws and regulations on

Another development the activities of the system are petroleum-base synthetic coun- based

still gukled by terpart of gutta percha, the are LASSE

social conditions tough material used in golf balls, economic and

and insulation.-United prevailed in the 1930s and belting

Press in many respects have little relation to those existing at the present tima,"

that

Yet

which

One of the features

of the changed economic development, pointed out, is the the institu Greatly

of the expanded mic

The Federal debti povernment. is now about 10 times the gure Institu-

of 20 years ago and today the

Anancial liquidity of the tons and other business

At Friday's close, the list ruled 53 points higher to 5 points lower, or up $2.65tions, The Treasury's refunding

to down 25 cents a bale from the preceding the credit policies of the week.

of around 70,000 bales, or about programme, half the

the

preceding.

Govt Programme

In

s

sterling

(greasy).

This is four per evnt more of than the revineri Agure 3,885.000.000 pounds for 1954-55 and 20 per cent more than the

up

and Old

War Loan went ex-dividend in the middle of the week and

Rouble Devaluation

Rumour

prewar average of 3,348,000,000 though there was no sense of Soviet Union,

shows

to

11

to acquire is a domestic domestic which services are priced for. When the USSR USSR buys goods abroad, she stands

in currency goods and

paid

moment.

London, Apr. 29. Foreign reports from "well-informed Bources" that the "rouble will be de- sustained seme forelen selling valued" shortly after Mar- which lowered the price £1% | phal Bulganin and Mr to £736; in the past 12

Khrushchev return to Mos- months it has been as high as

cow get no £88 and as low on £70,

support in But blue chip industrials suf- London from those familiar

profit-taking, with the economy fered plenty of

of the

pessimism about them which

The rouble is not an Inter- could be deteeled, The

part of his greater

national currency. No foreign Ford Motors bank De Havilland,

is allowed season's increase is due to the

and Rolls Royce were all down of Australia and and larger clips

some 2s and Vickers, Dunlop roubles. Committee's New Zealand, the

Rubber, Lancashire Cotton and report stated. Compared with

and last season, the Australian clip numerous other came out with gods

expected Increase very handsome earnings report

which

aroused estonishing from 1,288,000,000 £7% greasy activity in its shares on Fready to pat the seller in his

the New Itts and 1,414,000,000 Zealand from

appearing on the tape with the own currency or in sterling to 453,000,000 lbs.

dollars or deutschemarks if ha la 475,000,000 lbs, greasy, while unchanged, dividend caused it dolla Note in cirqulation .... 1,841,056,48 the south African clip is ex-10 close with a loss on the week prefers and it is practical at the If she sells goods abroad, she 15,911.374 peeted to rise from 306,000,000 1/6 at 489 compared with its

high not so long ago of nearly expects to be paid in a foreign to 310,000,000 lbs greasy.

RED BLOC

currency or, occasionally, by Oil stores Frovisional estimates of world

Royal Dutch rose 22% certain goods which she accepta wool, production issued by the Unded Press. Committee indicate a five per Petroleum nearly 10s to about domestic currency and the only

to a new peak of £74, British at a certain price..

But fundamentally it. is n cent increase in the 1055-50 140s-Its peak is 142r-while foreigners who come in contact clip, from 4,108,000,000

Shell was up Bs 6d to a new

with it fine tourists or other lbs frensy. Is high at 1078 d. noted,

that

visitors. They bring their own however,

world

Mining

shares

fairly banknotes or travellers cheques parcs are now on a somewhat

strong.

and In- different, bails

they 05

exchange them for roubles German bonds were highly to be spent in the country. corporate revised and somewhat irregular, Japanese were selec Paris, Apr. 20.

And here is where trouble The Bank of France state-higher production estimates for uvaly bought and selectively

Fold, resulting in a regged list find Ruslan prices painfully comes nowadays; all visitors ment for the week ended April Soviet Union, 19, reads as follows:

Total

production for Soviet of gains and losses.United high for they haven't been

Eastern Press, Hussin,

given enough roubles to enable Total gold holdings

estiminted 301,204,302,426 Europe

£3,023,595,000 800,000,000 lbs. greasy, Total other curreneles

com-

freely Sight balance abroad

733,000,

lbs last In EPU

120,310,000,000 pared, with

of which former figure stason, Advance to Stabiliso-

181,200,000,000 tion

the Soviet alone accounts for Total bills discounted 1,327,754,013,210 | 558,000,000 lbs, on the basis of Bank notea

estimate, Soviet Russia 2,093,277,028,140 this

ranks

largest to as second 128,053,310,607

Australia among the world's -Unked Press.

wool producing nations.

Katiu

302,337,300 254,851,230

43,773,604

35,370,004

The Bank Of France 480,000,000

Statement

cit- in culation Current accounts and

deposits

franc

Ended

Wall Street

On High Note

By Elmer Walzer

New York, Apr, 29,

China

18

and

Ibs to

ot

62s.

week.

fairly soared all

were

Exchange Rates

unoletni

exchange market

them to spend their.

freely

Moscow

roubles

is quite possible that these

to

Joles for foreign Business was done in the local visitors will be

lowered this lovels at which visitors cin morning at the following rates: U.S. doliar (per $ Sterling notes (per 1) Australian notes (per £1) Indonesian rupiah per 100) 18.00 Stom tient per 100)

On a clean basis, the world wool clip for 1155-50 is estimat- Singapore (Straite) ed at 2.730,000,000 lbs, against

2,007,000,000 lbs. crossbred 1127,000,000 lbs.

mittee

pointed out

main increase

The Com

the

that over the past

senson ig in merino wool production, watch

rising since

has been

now

1951 and comprises nearly 40 per cent of the world total.-United Press.

6.4 spend freely and enjoy them- This would be a form 15.87 selves. 12.47 of devaluation and need not make Soviet goods cheaper to 1.12 buyers abroad.--United Press.

NEW COMPANY?

A NEW

Stocks turned higher again last week after Soviet To Assemble From the word "GO".

having completed a 10-day consolidation.

the

by

Automobiles In Austria

of

rests primarily on government obliga- operations "have an impact on Reserve

the authorities," stitute

observed Elsewhere last week, a top The railroad featured by setting a new high However, overall activity was governnient stocks was expoet steel industry spokmark

Pre on the quiet side, with

Vienna, Apr. 29. market sensitive to small orders.

the cut in the forepart of next week.dicted steel prices will be raised since Oct. 15, 1929 in their average. Utilities were

Russia is thinking of assem- The government surplus later this

year.

The announce the soft spots. They lost in every session but either ways

Soviet automobiles In Ring observen stock approximates 13,200,000ment maris consumers can ex-

Western the hope of winning rinlord riawest of the year. Estimates actually owned,

week among the boles, including 8,000,000 bales pect to pay more for hundreds Friday's. The daily average volume, the best in

and 6,300,000 ct

dustry, informed SOURCEY sold sured on average dolly mic inles held under the 1955 loan inhpins to automobile, two weeks, was at 2,520,000 shares, against 2,327- export market. for their car in-

Consumers contadaily are m- 000 shares in the previous week.

uxlay

Austrian

representatives pace maintained. in The programme's call for the ing to pay mory for steel if we

The market was slipping by aprókósatin · for industry the "Austria-Fiat" cor produc- .Governi recent weeks sale of the Block for export on have to pay more for wages,"

optimistic statements. tion were

said to have becn a competitive bid basis.

Eugene G. Grace, Chaire late trading Friday on the Issued Bolhald

were sustained usual wock-end realising when The stools Steel Corp

negotiating with, the Russians the

New

York and New man of Bethlehem

America's second biggest prove the day. This group soared companies and

cement shores came along to record turnings for these in Moscow recently. Orleans cotton exchanges have

a dividend

Although they did ducor. protested, and politioned for

on news the House has passed by Bethlehem. Mr Grace told a news icar

it not disrupt, upturn in old

315 bion highway con Walt Street

eat held that the two- crop months coincided with the entirely eliminate the present ference that stood making opols

struction programme, the biggest week consolidation period was faster than stock market recovery, plus a distribution system built up have rigen, much,

in history

sufcient to rekindle buying stoc

prices. He indicated stepl sharp revival of activity in the over the past century,

Industrial shares pot a new sndour. The experts. Itked the will be textile markets, with resultant

raised around pricks Industry leaders would sub- July.

rooond hladh on April at 021.05, performance of the market, said covering by mills and other stitute a subsidy programme

In the enguling two wooks the it looked excesses and showed Fairless Mr Benjamin F ment:

westsion Tamoul were admitted prices were high and Bald Committee of U.S. Steel,

In this steadying influencë,

was difficult to find cheap rocks the U.S. could do

more for period. Uutitles lost in eight of they'd

New York, Apr. 29, 140 recordenend, for under-developed countrica

Raw cotton exporta by "de in face

buying. of Unponzorably cold On Friday, the mid-April trading with them 'a'profit weather, excessive rains, plus a

The Industrial yarage opened stination as repented in bakes by Average Up 22 cents pound, an tinuira de pour it to th

the wook at 607:28, sank to a the New York Cotton Exchange great presence of boil wocyil in addi many area, were contributing Imeroase of 25 phim over the Mrje Velitem sold "we would sortons in utilities is attri- low of 503.02, and closed on lle for the 1955-58 season to April

Stadieticians explain to them to berson can buted to talk of nimion and to high of $12.89, up 4.83 polats were es tot

Now if make så logitia

week's clowo, floating from Last ima! and honen some diffaulty

Rain Train

| Continent-220 Ka'a also closed on their high of the OmniGNETA pving (or" sup- utility, bond, Jestés,

Toll rougth, atemimed from week170.00, up/2.72;21318isdem Ownede

Lat were few chers above to usporine A ourloading by Fenne lowrilh|iew at 88,01% 96 0.70 --Uriskedexekiang intors.

Olle enjoyed a good woule as "Pres

The belated

trade Interests.

April parity rate Toporia

on

A highor and disquieting early progress of the new crop

upside Metory

it may

con-

the

hot dis- logo subject of the talks it is considered likely among ex-

thurt the Soviets made such perts

proposal to the Austrian repre. sentativos-United Pives,

place your printing order where you are assured of personal attention, expert designing, the finest materials and craftsmanship.

From Articles of Association, Share Certificates to Letter Headings and the many other. essential items, consult the Printing Department of the South China Morning Post, Ltd.

for the competive bid arrange- Chairman of the Excently group lost In seven out of the no signs of determination They US RAW COTTON Call in at any time

Mid-April Price

10

price for cottoil, was reporteil basis, instead of on the "past' 30 days.), AVTA

previous

Uppermost interest centred on | maintained ? Ich gough this government export?" pro="

gramme for raw cosions Nowa nrduzid

on the outcome, oli olduysan-- for middling cófton en matbed fór purchase, out of the, Cro

-United Pre

E EXPORTS

and examine specimens

of quality printing which

we ahall be proud to show you.

100,000

417.110

600.151 100,004 12:12:00

Morning Post Building Printing Dept,

Wyndham Street, Telephone: 20002.

7