1956-05-08 — Page 9

THE CHINA MAIL, TUESDAY, MAY 8, 1956.

TRADE and

COMMERCE

W

HONGKONG Britain's Surplus With EXCHANGE Western Europe

STOCK

(From Our Correspondent)

Business deur the 18- kong

Exchange 111። morning monded to apt-

Stck

ximately $210,0FF

stens af e

actions.

Nam qudu-

porting's futu

SHARES MUYERS SKALERS SALES

BANKA

HK Dunk

INSUTLANDES

Union X12

DOCKS, ETC.

K. Whart

Dock

Provident (012)

Wheelck

LAND, ETC

HK Hotel

BK L

Hangbreva

HUBER

Healty

3670

075

B1

n

1370

14

5 193

MOST WELCOME FEATURE OF

BARELY SATISFACTORY MONTH

From Ronald Boxall

London, May 7.

3

WORLD COTTON MARKETS

Now York, May 7. Cotton futures 100 - sawed narrowly on either close şide of previous today in slow dealings.

The higher to

opened

list ruled "six points seven points lower. peyon six points lower. four

The most encouraging feature of an otherwise barely satisfactory gold and dollar performance in April was the emergence for the first time in 11 months of a surplus with her to nine points 76 Western Europe.

130 13.00 500 13

17 40

1470 30 3000 1 475

Ratchet 41 45

UTILITE

Tran

Slar Pzt

Yat Pery

2279 22 60 1:HU Z NO

10

Ight 924922 70

J LAKE IN 19116 EXA

#

Tceptione

Hin

INDUSTRIAIS

443

Hope

sentrs, ETC

Dory

Watsons

1. Crawfor

CUTTONS

Textiles

Nony !

301.

40034 20 20

22 000 1000

LOX

12

12 20

300

The sterling area's gold reserves improved during the month by $51 million-an adequate but hardly exciting rise in a period when seasonal factors favour sterling countries.

show

In net

of this year nearly regained the

of the last quarter Jones 1955.

will still only 1 they represent about "one-twentieth of

the world's and This is

monetary

PTACTVER weath

Revised Bgures

the serves atrod al $2 328 million- 100 derling area's transactions with having in the first four months 4 2210

22.29 Western Europe were

balance March

e no pay- 12.3u cwal or receipt of gold from Cou... 30%, the Euroan Payments Union

was called for last month

But in Apel the sterling area

11 surplus earned

+f £14 million in its transactions with - Western Baurope. Since the vol- danding credits o debits in the EP11 sydem are settled as Lu 35 per cent in gold and a month ITCUTS ES means that the sething area will collect about

14 10 4 30 900 160

10 200

1.1 34

3 40

100 775

540

MISCELLANEOUN

Alfleth

Exchange Rates 5 on this month.

focal

that hel exchange Tremolot at the following talen

wan come Dustus

11 h

214

US dollar per $1)

Sterling tes

$10

Autralian mulos (per 1

Indoreste spital per

1401)

Kim Weal per 100)

4 B4 1974 12.10 1040 20+ 1 MA

Singapore

Pitifully Weak

Another Kald surplus F thereto in sight for May. Bul the overall position is still giv- ing concern in afficial quarters. the re- At the end of April

New York Steels

And Metals

Slide Down

New York, May 7.

Steel and metal shares featured on the downside, oils and rails on the upside in an

a pitifully backing for a currency which is nearly half or the used for work's trace.

Measured

standard,

by ny sad the Treasury's Bulletin for this woelt, reserves Industry

are too low.

Since 1949 there has been a big increase in monetary 알았어 the United serves held outside Stutes, partly due to production of mens gold and partly to con- siderable outflow from the

Bal | United States itself.

the United Kingdom, which holds The reserves for the whole of the sterling area. has gained

less proportionally

gold thou other important areas,

WORLD

RUBBER

MARKETS

New York, May 7.

No. 1 Ras rubber The future

today contracts closed 20 to 34 points 115 lower with sales of contracts.

The standard contret closed 25 points lower with sales of one contract.

a

closed

Now Orleans higher to five lower.

Most traders stood on the

pideline awaiting fruch Incentives. Further news on bill cannot be

the farm

expected before.

when tho Committee

Senate

Wednesday Agriculture the

will consider

Houre-passed bill.

The

market opened' mixed

with new crop

on

weekend

ilquidation,

months easing

hedging

arch

Pricks stendled shortly thereafter and falled to move much - either

WAY throughout the rest of the day.

one May trans-

There was terable notice issued at New York. The delivery, which goes off the Board at noon next Monday, was quiet and Aboul unchanged.

SECTION

New Factory \To] Supply Asia

Melbourne,

A now factory will be built-in Australia to Supply Asia with' ethical drugs and cosmetics, the Australian branoh dr

Warner

- Lambert prietary Ltd Juan

Pro-

AI-

The Company'k ̧· Manag- ing Director. old she factory would be built at. Villawood, New South Wales, at A oost of

AL

2 220,000. Production expected to start pround July 1957.

Now plant and processes would enable the freiors to compete

WILS

successfully with other branches of the Company, particularly with UK branch which -at present controlled (ie bulk of the Asian market, lo added. China Mail Spécial

Tokyo Stock Market

Review

2

Page

Selective Buying

⠀ In London/⠀⠀

London, May 7, Sélective buying support helped oils and indus- trials score modest gains and most sections closed firm on the London Exchange today.

Electricni

shares were in an otherwise quiet foreign popular, with Associated department: Electrical Industries a' bright |- Gold shared drifted lower,

Bristol spot,

Arropline Coppers were on offer although advanced on hopes of American Rhodesian Selection Trust moved order for its Britonala air- against the trend. liners, But gulus. among the Industrials fractions.

were

!

In mainly

+

Dutch led the Royal adding better than £2 for a new high at £814. Shell and Burmah held small ging, but British Petroleum wavered Cohtinental telling and closed virtually unchanged.

British

on

Governinont stocks Armed in the forenoon then slipped back and closed almost unchanged on the day. Specula- lon pushed Baltic bonds higher

New York Foreign

Exchange

New York, stay

2.243

Tokyo, May 7. Bloc buying in heavy in- dustry gave the Tokyo England 30-day Stock Exchange a lift last New Zealand week

"golden Per despite week" holidays.”

Shipbuilding, shipping and A leading spot. Arm reported

t very little mill interest in spot steel shares had the Uft in cotion in the Atlanta and riso which took the Dow-Jones Memphis areas last week.

yen, slightly It average up 480.3 sald mills and talking of curtall- below the high set on April ing and are keeping inventories 24, at a minimum

and above

the 473.70

closed the

at

11st which the previous' Saturday.

observers Market there whe Volume Open, interest for the

100.dob 2,100 283,000

The physical market Woa | dull. London prices stendied in The certificated stockle- reports of breakdown In ned 197 bases to 12,430 bales. labour negotiation in Malays,

follow Month but New York did not

May suit.

July quoted October Spot No. 1 Rss were and at 30%, cents a pound, nominal, December

March Futures: the United

MAT

More Significant

1955

Between December 1940 September Kingdom increased its gold holding by $857 million. But the Increase for Western Germany for the same period was $2,101 hillion and for Western Europe

ля

a whole (excluding the United Kingdom) the rise was $0,700 million,

1,400

12,000

309,100

10,900

4,700 104,500

420,400

1,500 130,000.7

0,100 103,700

1.000

agreed no special material

but trend

aliri- the rise to the buto continued low Interest rate, tho, backlog of shipbuilding of interest to orders, a return the established industries and

56,700 1,891,200 bates belief the market would open

NEW YORK

higher after, the holidays,

Nomura, Nikko, Tamazuka and Prices of futures closed today other leading securities firme

July

No. 1 Ra

petubes

Total

May July Sept..

20.10

30.00

30.20

Dec.

30.00

Standard contract

as follows:

Spot

May

30.20

May

July

30.50

Sept,

30.10

July

Dec

293K

Dot.

they

Mar. May

29.40

Dcc.

28.00

Mor.

Mby

July

Oct.

compari-

A more signideant

the son, however, is between

held by various gold reserves countries and the importa

irregularly lower, less active stock market have to finance,

today.

Exetpl

Bansal

for

∎15

of selected insus,

пап

111-

Colgate-Pahnutive Co. Tommercial Credit

Corrustnweath Ele.

dustials met considerably sell-Consolidated Edison ing and

Jest 3 55 at average.

gakis, rdged up D 21

Avalonail Oil of Del Crane to

Rails, bolstered by several good Crinn Zellerheli

to their Culum Ainer. Banjar

Diamond Allenli 11. 1929.

Dow Chemicals

Rudak

best level neo” Det.

Wibus agent any of 0.30 Dupont de Nemours

on average a Peoples Gas add-on Rational Ga ed more than 2 Panhandle Bastem Pha Lane more than a Fonaly Finance Corp.

Bethlehem p.ced the Jwers with n decline thon 3.

Non-ferrous

metals

El Paso Erle Railton? -

General Electric General Footis

steel General Motors

Gen. Pub. UM.

of inure Gidden Co.

had

losses ranging around 3 points

Goodyear Tyre

Heyden Chemical tomatake Mining Co. fugersoll-Rand

inand Steel Co.

in Aluminium and Reynolds | Interclinical Corp,

metala Kenntent Copper lost

more than

two.

Int'l Business Machines

Int'l farvester

a point and Alcoa Intemilunat Nickel

molors,

In

Chrysler than a poll, Ford Boro General Motors fractions.

Studebaker-Packard

was

174

As the end of September 1956 the

reserves sterling arca's covered only 21 per cent of its

frum Imports natal

41 sterling countries.

物

non-

West Cermang's reserves, on the other hand, were sufficient to per cent of her annual 107 cover

imparts and those of continental Western Europe

the covered same percentage of a year's in- ports into both metropolitan countries, and their overseas de- 314% (pendencies,

50

2:2017

01

40

21

387

1734

No Crisis

The sterling area is still

35 long way from reaching even a minimum safety level of re- which is unofficially estimated at $3,000 million.

113%

serves

537

342% DB4

During the first four months

SINGAPORE The market was stendy In the pressure maining but selling developed in the afternoon and not until the 80 cents level was reached that support developed. There was some small factory buying. Futures!

36,700 30.07-03 33.07

bought heavily in the heavy, in- dustry shares sparked the rise.

Mitsubishi Heavy Industry 324-47 with Nomura, buying a blog of 190,000 on Friday closed the week, at 115 up seven yen on the day.

32.67

31.84

10.30

NEW ORLEANS Prices of futures closed today

as follows:

Spot

May

July

No. 1 rubber per lb. May 88-0812

June 871-9816 | Def. :, །

July, unquated Dee.

No. 2 rubber per 16. May 80-0074 No. 3 No. 4 Spot rubber unbpied

Blanket erepo

No. 1 pale crepe.

LONDON.

General markets, ef bass, ports:

LIVERPOOL

39.40.

35.95

31.03

32.47-48

12.07

30.70

zzai

31.00

30.90

Ajinomoto pained one point to close at 230. up one

point from the previous week, United Press.

CHICAGO GRAIN

PRICES

Chilengo, May 7. Prices per bushel in cents: Wheat, No. 2, red

Dollar, stock closed generally gher-United Press.

New York Sugar Market

New York, May 7. World No. 4 sugar futures closed today unchanged to one point lower with salts or 64 contracts,

The domestic No. 8 contract closed unchanged to one

point lower with sales of 89 contracts.

Both the world and domestic futures markets were quiet World raws were offered at 3.38 cents A

pound and domestic raws at 0.10 cents. Futures;

July

Contract No. 4 (world)

Sept.

Oct.

Mar.

Mny

future 2.00-15/32

July

Bent.

200-1737

Hpol-teenta per fu, fob Cubaj

.0770

4.Contract No.

.04.23

July

2500

Sept.

India

2108

Nov

Pakistan.

ex-duty) London exchange rates wore un- Avaliable -United Premt,

2110

Spot-cents per lb. `elf 'NY'

Australia

Argentina

Uruguay

*

*

Mar.

15-11-504 May 231-144 July 93-304

Oct. 8014 100-100

*

-་

ก

The market was Orm with spot quoted at 26% pence per ib. Prices,

Official values in spot coltans, Ambrica middling closed in pence per lb. as follows

Closing Prices

Spot

27TH

228(11) 22434(L)

July

Sept.

No. 1 Ras spot

2-

American middling 1 inch ....

$223

Noy

15/10th

2040

Settlement house term:

Jan,

June...!

2016-2015

July/Sept.

20-201

Peruvian Tanguta Brazfilan

25.00

Corn, No. 2, yellow

Oct/Dec.

20-425-35

Syrian No. 1 No. 2

212.00

Spat

Eyptian Gis

54.23

May

Jary/Mar

**

Karnak

04.50

July

Ashmount

$7.50

Scot

International_Paper

t' Tel & Tel

34

fell

John-Manvile Co.

12

Kansas C. Power & Light". and Kenniccott Copper...

Liggett Meyers Tob. Co.

131

2516-20 20

Cotton futures quotations were 30%-30% unavailable.. thick unqugted

ased Presi

Sidan Baki 100 Yo East Afrion No. 2, DSC,

Nov.

30,00

Jan.

Iyo

Maci

SAO PAULO

vigorously,

Oata

215

TD

in readiness for seasonal strains which begin to appear later in

Futures closings, in cruzeiros per kilo were og follows:

Mas

July

*

Soybeans, No. 2, yellow'

101

the year. So, official

concern

63

about the position

is under-

May

unquoted

Spol

May

July

3014

140atandable.

Oct,

30.43

July

Sept.

3711-323 32422 2783-279

Dec.

31.01

$212

mean,

May

7.30

Nov.

23714-16

20015

spot

Barley Spot

130-1400

$13.70%

major attraction as rumours cir-

Lockheed AirRZE

Low Incory.

Lone Star Cement Co. Louisville 3 Nashville R.

Minnesota Muung

culated that Curtiss-Wright is Lowenstein & Sons planning to take over the com- Menobi Iron Corp. pany. It spurted a point to $9% Minson Development on the day's most active turn-Monsanto Chemical Co. over-65,300 shares.

Montgomery Ward

Motorola Ene,

Of a lotil 1,181 issues traded, National Cash Reg. "A" 454 were higher 682 lower,

National Dakry - Prod. National Lead

New York Stock Exchange National Steel Carp. bond volume was 5,342,000.

New York Contral

American Stock Exchange Oily Mathienots

volume was 1,250,000

Dow-Jones closing

• were

30 Industrials

20 la

18, utilities.

25 lacier

40 bonde

shares,

Gamun, future price index

[Olis Elevators averages Owen-Illinois Claes

Parific Gas & Elec. Facilie Wertera Oli Pan American Always 178.44 Paramount Pictures

Parko Davia Co 0002 Penny J. C. Co. 102.83 Penn, Salt Co.

96.74 Pip Morris

Closing. Prices

Alden Inc. Arỳ.

ST2.80

154.45 Procter & Gamble Co.

Pittsburgh Plate Glass

Publieker Industries

Pure Oil

Radio Corporation

Saint Reg. Paper

Sincinte Oil

Southern National Gam

6-1/8 Bourthem Rallway (Com)

723 Standard Brande

Standard Oil of Cal, xd.

oct Standard Oil of Ind...xd.

31

143% of this year the reserves were rising at an overage of about

May Juna

*July ***** SK $50 million a month. But this Estate crepe thin May

was in a period when reserves should be growing

This does not

how- 001 ever, that we are in the middle 4816

40% of a gold and dollar crisis, Re

30%

serves are still rising and thero

104 has been a revival of confidence.

Singapore

Stock Market

Brokers

Singapore, May 8 today quoted

in sterling-both of them wel-following stock prices. come signs of recovery followalu Lintang Rubber Co Ting the serious gold fosse, last

year.

42

5714 4516

403

167

Correct Payments

In the US the average price of 15/16 middling cotton the at 14 désignated spol markets was. 35.48 cents. Sales totalled Openlaz 8,380 bals-United Press,,

$1.50

Ltd. Dififal, Borneo,Petroleura

Syndicate 50%- Corsotiated Thu Smelters

29/0

Ermer & Nerve. Liki Drá, je 31.67.

· Fraser, & Nepve 7, cum.

met

But, slowness of the recent Hongkongi &c Shanghai rise-It was a much smaller in- fiongkong Tin Ltd

Do creuse than in the

Banking Cury....

almlias Kempar Láda - txerr

101 periods of 1983 and 1994-and Lunas Rubber, Eelcter itd.....

the approach of the dificult Malayan-Breweries

for reserves explains way British, economic policy 1 Potel

47

B414 Period

directed at rebuilding a

How

Di♬ | Singapore Cold Storage" surplus in the United Kingdom's souin Drities Insurance Co. balance

of payments. Me Harold Macmillan, the Straits Treung Chancellor of the Exchequer, United Engineers Ord WNNG (1,600

position in a nutshell in Wear Bros.

*~x4,,+1-ex-all. China, Mail Special

put hla

the

Republic Steel

2016 Shell out co

Allied Chemicals

1131

Allied Mills Ine.

35

Allis Chalm.DEA

Ge

Rocony Mobil

American Airline

231

South Puerto Rico Sugar

Americon Cable & Radio

Corp.

American Cyanido Co.

Am... Much. F-dry,

American Motal

American Smeltag

Blandand C of NJ,

American Tel & To

132

Bierling Drug Co.

American Tüb. "B" *d.

Blokoly-Van Comp.

Anaconda Copper

3715 Sludebaker-Packard Corp.

Armbo Slept

07

·Bwill & Co.

Armour

221

Texas Co.

130. really

Bofdwin-Lima-turn.

13

de Water: Asam, 01-

Tlaišinoma » Oblo

Bendix Aviation Corp

Union, Carbide

Benguet Conu. |

Bethlehem Stopl

100%

Boeing. Altplanu

Hordesa = (The) Ca..

Hurroughs Add Machine,

Canadian FCIBO J.

Can Can Co...

Calato Corn, Whdess INGRII. T. Znahelal Corp.

Chino Manhat, Bank Chryşlar. Motors";

Dwenty-Cetitury Fox Filt

Union Pacino Railway United Aireratí

Gyprim

81. Line. Co.

30. Rubber

38,8melting

Warner.

-Werlinghou

West Va, Pulp & Paper Waglworth. xii,

budget is

speech our 1943

surves... are quito insufflelent 40% for their purpose.

We are trading beyond our capital resources. Wa Jack that

Sirulle Stemmship

LONDON METAL PRICES

London, May 7. The tin market, was much Armer this afternoon,

Prices closed today in sterling per long ton as follows

Baker Seller.

760

July

New York flour

200 . suck

WINNIPEG PRICES

Winnipeg, May 7, Price, of grain futurps closed today in cents per bushel ag fol lowe:..

Oats.

May

July

Dec.

Rye

May

July

Deli

Dec.

262 263 Barley

341 342 May.

$5.70

$500

ሃራ

$1.20

6.77

13.70.

Now Serandah Rubber Co.

Ltd.

1235

in spot.

Symonth

296) Chg/per - apot

Smonth

$4.501

Lead ist, ha Zing let balf May

Aug

11016 1001 110

004

United Press,

July Jet Dec. Flaxsted

July ... Det.

AND SEED

130.

New York, Moy Y.. of, Cottonseed

off

New York-May.7 Prices of metál1 futárcé cloted today in conte per lb, as follows:

CHICAGO LARD

ON FUTUREST

today in cents per Ib, an follows:

13.00

Kiria; Copper

14.07

16.47

14.00

NEW YORK OIL

extra, umount of strength, which futures closed today, in cente would allow us to take the per

in our Balance of

Way. In.

therefore

myaments with comfort,

ייז:

NEW YORK METAL FUTURES

Wheat

*

PROB.I

Unliest Pressi

EA

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Outwarde "CANTON" "CARTHAGE” "ADENHOR

*CANTON"

Loayes Lendon

iSalled

20th June 18th July

Das Hongkong

Asth June

29th July:

ZOŁKƐ AUSTINS

Via Soitthampton, Port said, Aden, Bombay, Colombo,

Pehing & Singapore.

Leaves Hongkong Die Landon

1st June

--- "CARTHAGE”- · 20th - Jung

Homewarde "CANTON"

*SURAT. *"CANTON"

VIA

11th July

"24th Augant"

and July

Sist July

15th August

2461 September

Singapore, Penang, dolombo, Bombay, Aden,

Fort Bald & Londed,

Also cals Hamburg, Hotterdam & Antwerp.

FREIGHT SERVICE

"SOUNAN" ads 10th May

for singapore. P. Bet tenham, Penang.". Aden, Paid Gotion, Mars Bellies, London. Xam

Rotterdaad

burg,

Antworp

due 24th May from UJ

from UK

"SOMALI"

SINGAPORE due 28th May

"SINGAPORE"toads4th June for Singapore, P. Bwet-

Lembar Panong, Aden, P. Said, London Hain- bund, Rotterdam :** de Antwerd

With, liberty to call at Belawan before or after Straits Ports and st

at Bombay if inducement offers. Tanks yailable for carriage of oil in bulk. Space for refrigeraind cargo, Limited-Taisenger Accommodation.

BRITISH INDIA S.N. CO., LTD. 1850 A HUNDRED YEARS OF SERVICE: — 1955 "SANGOLA" due ihh May, from Calculte

Rails 10th MAY for Japan

"ORMARA" due 17th May

from Japan salls 19th May for Singapore Pening

Caloura Rangoon,

CHILARODE "WARORA" due 13th Jung from Japan'

Muwaily auth June for Singapore, Penang.

Rangoon, Caliquatte Chittagong

P. & 0,/B. I, JOINT SERVICE

"OZARDA” in Fort

Me

sails 8th May, for Japan "URLANA”: dug 11th May from, Japan, pain

for Scare Balls 12in My

"ITOLA"

“ITAURA”.

худков..

Karachi Barat, Khor=

ramabatir de Kuwait

97th May from Bombay

M

31st May from Abe

2nd June, for Bingapore Madras,

Colombey

Je Karach

BOMBAY,

EASTERN & AUSTRALIAN S.S. CO., LTD. "EASTERN" jonda 115 May for Bandakan, Rabati,

Brisbane, Bydney Mel bourne, Gasing Adelaide

POR?

'Alf wannels have tlbany, toʻcall as day, parti elj

of off the route

For full particulars upply to: MACKINHON. WADKENZA A GO.

OF HANC KANG BIA Telopings Hom 277011