1956-05-15 — Page 9

THE CHINA MAIL, TUESDAY, MAY 15, 1956.

TRADE and

COMMERCE

NEW TECHNIQUES ADOPTED TOO

CHICAGO GRAIN MARKET

Chicago, May 14. Grain futures prices were ir- regular on the Board of Trade today, with further bean oil ad- Vaners alimulating the coybean futures market.

Although profi-taking tended to drop noybeans prices GUID- what thing unid-session trad- ing, the advance continued again toward the close, with most de- Alveries at or near the day's highs.

Wheat futaires opened

today, but kodu

fro

น gave way

profi-taking med were kow throughout the mainder of the sesalon,

What closed Cinis;

soy bean 1% cerris

off 4 to 59%

up 3%

LONDON METAL

PRICES

London, May 14,

off

Pilces of metal cload toxluy in sterling per lung ton as follows:

Buyers Sellers

Tin spoi

760

102

3-month

101

Copper spot

30

302

Finoml

24)

342

Lead 1st half May

Avg.

110

11012

Zinc ist

Ini May

Aug

03

-United Press.

LATE IN BRITAIN

Lagging Behind

Other

Exporting Countries

From Ronald Boxall

London, May '14.

HONGKONG

STOCK EXCHANGE

[From Our Correspondent)

Business done on the Hong-

Stock Exchatige 'kong

*This morning amounted to approxi- mately $270,000. Noon quota- tions and the morning's transae-

NHANES DUYERS 'SELLERA SALES1

BANKS

Portents rather than events now dominate discussion of ons:

Last week they concerned the economic affairs in Britain. position of workers in the coming automation age, the future of British monetary policy and the possible demise of imperial preference.

The controversy now raging around automation is confusing to most people as the word itself.

new

to

as

Mr Harold more competitive

day House of Commona, every

Ex- was to invest in new and better Wilson, "Chancellor the equipment that

enable chequer" in the Socialist shadow would

cabinet, was speaking during a the same number of men

dobate on the Finance Bill. But produce more goods.

the significance that has been rend into the incident

didn't concern Mr Wilson's words much as Mr Macmillan's recep- tion of them.

Time Lag

beller

:

He nodded when Mr Wilson ward that the monetary weapon had proved to be disappointing.

Ho nockled again when Mr Wilson went on to say that

11K Bank East Asia

.. 0036

233

+

INSURANCES

Union

Lombard

SHIPPING

Waterboat

DOCKS, ETC

Whart Dook Provident (0) Wheelock

12 1000

970

0014

21

02 03 100 215

38 1937

.. 8.65 8.00

LAND, ETC.

HK Hole! 11K Land Humphreys.

RUBBER

13.70 13.00

1740

100 13.50

“Rubber 1.3216, 1:40 1650 e 1321

2000 458

SECTION

International Tin Agreement

to

London, May 14. Indonesia has now made arrangements

deposit the statutory documents formally ratifying the in- ternational

tin agreement with the British Govern ment on Wednesday, it was learned here today.

British Forelaxa Ofilco circles had

exppeted tho ratification procedure to take place today. Bill a spokesman of the Indo- pesan Embomy olovely in touch with the arrange- ments for next Wednesday's Qerensony said that - ibey had fixed the date with an eye the documentary work involved.-Router.

WORLD COTTON

MARKETS

New York, May 14. Quiet dealings in cotton futures today featured final ndjustments in the May de- livery and strength in the ensuing July contract,

*Page

London Markets Remain Quiet

London, May 14.

Stocks markets remained dull and subdued all day with prices in nearly all sectors declining. Closing prices were mostly at the day's lows.

The apparently dubious out- look for the American motor industry had a wide effect, far

outside the parallel British New York Sugar

of motors, Professional pes. simists were reported visible in this neld but the most they could do was to lower Rolls Royce some 25 d while Ford Motors retreated only 71⁄2 pence, Courtaulds fell. is 3d while the chairs stores were down about a shilling. Electricals were lower.

Oils Mixed

Werio

11

Market

New York, May 14.' World

No. 4 sugar

futures closed unchanged to 2 today

with sales of 18 points lower contracts.

The

categories

domestic No. 6 sugar futures closed unchanged with no sales reported,

Traders in marised time awaiting the developments on Incentives, Futures:

Contract No. 4 (world)

Oils

mixed field. Royal Dutch was certainly It finally pressed for sale but goined £1% to £78. British Petroleum coveredļa range of 2 shillings beteween high and low but closed only 7 pence lower. Shall Transport

2 July gained shillings and Burmah Oll lost 2 September

October shilings,

March MAY

British Government stocko July were heavily sold and closed at September

Turnover

July

Kome

Industrial ex- Plans for this

UTILITIES Juust pansion were laid at 2

Tram

22.00 22.70 1100 & 2170

the day's low with Old Console Spot (cents per ib. fob Cubaj samplelous time -- home sales

Star Ferry.. 138 140

New crop deliveries idled and "Paitons" down 10`shillings

Contract No. 0 were booming.

Y'all Ferry 100 100 400 (et 107 the economic

15.00 2.00 most of the day, with small and War Loon down 7a 6d, C. Light (0) 224 outlook had never been

19.40 100 0 1920 | buying ordero predominant us

in gold shares is Light (N since the end of the war and

Electric .....

30 304 200 20.35 traders awaited congressional very light these days but a cer- Beptember 10.00 Macao

form legisla-lain amount of selective buying November Elec. 3

developments on Telephone 22.40 24,00

ex-duty) gove the sector a cheerful air Spot (cente per ib. ef- NY 11.00 1.00

Closing near the day's best United Press,

United Press. levels the 1st was up 16 to 20

A

Britain it IN miti is going through 2 period of economic docline—that

relative to other nations. And there is general agreement that the reasons for this is that she has been slower than other countries

exploit to

industrial techniques

adopt a And

norw roclut unri economic uttiluis that go with them.

The boom of 1958/55 changed and Management ա.

alike realised that the Jabour only way Britain could hold her the Government had, in affect, high baric mate had not succeed- position let alone improve it-decided to subsidise capital in-od in restraining consumption la a world that was becoming vestment.

and estabilising prices.

The The trouble has been that in policy was not working. sad the inevitable ume lag between Mr Wilson, and many eminent laying of these plans and their authorities of all political economie realisation the econo-parties were extremely worried mic climate bao takeen a turn about the situation

New factories for the worse. and plans that were on the drawing boord when home de- mand was increasing steadily are arriving in fact at

a timo when strong measures are being taken

to restrain demand and equate il with available supplies.

Late Selling Knocks 2 Billion Off

NY Stock Values

New York, May 14.

Australia's Demand

And the Chancellor nodded |

time when Mr for a third Wilson suggested that he would have to go through an "agonising reappraisal"

financial at his policy. And therein lles the problem.

Just what those nods meant For industrialists who planned

brut they to Increase production with the s anybody's guess,

interesting material for while the country machines are finding that they speculation

as awaits the next major event in sell their products cannot

economic calendar. the easily as they could when the

This in all probability will be expansion was first envisaged.

Common- So instead merely switching the meeting of the

wealth prime ministers in Lon- men from one job to another as they hoped they are having to declare

redundant workern And the workers' reaction this has given birth to a new 4041 term in the English language:

Stocks gave in to selling late today help of new processes and new make

after an early attempt at advance failed to

generate any enthusiasm,

Individual losses ranged oVET Burroughs Add Machine

404%

4

points in the industrials

And

Canadian Pacific R. .....

rails. The loss came

Case (31) Co.

13

to

Over

Cat. Tractor

73

1071

2 billion in the value of all listed

п

shares,

Turnover

moderate at 2,440,009 shares was 10,000 below Friday and looked upon as the saving, feature of the decline.

Steals were hit hard. Reports of steel production running at the low of the year as wildcat walkouts curtailed operations af scattered points in advance of wage negotiations odded pressure on this group.

A

All major groups were down, howover the motors, oils, air- crafts, metais, chemicals and long list of special issues.

Steels Fall

Industrials fell 3.07 un average, pushing prices back to March 8 ievels.

Rails

down WINTE

Celanese Corp.

C.LT. Fished. _Corp. Chase Marshot, Bark Chile Motors Colgate-Palmolive Co. Comtencial Credit Commonwealth leo. Consolidated Edison Continental Oil of Dol. Grown Zellerbach Cubon Amer, Sugar Diamond Alkali Dow Chemicals .... Dupont de Neusonars Salman Kodak

Crane Co.

El Paso National Gas Erle Ballrood... Family Finance Corp

General

Ford Moteris Gene Motore

Foods

Gea, Pub, Util. Glidden Co. Goodrich (B, F.) Co.

| Goodyear Tyre

Heyden Chemical Houtake Mining Co. .03 ingrail-Bond

Inland Steel Co. Interchemical Corp,

on averago, Utilities, strong in the face of last week'e selling, also

ground gave

with average drop of 0.55.

an

Ini Business Machines Int'l Harvester.,. International Nickel International Faper

Steel losses ronged to nearly 4in1 Tel & Tel

points in

Bethlehem

with US John-Menville Co. Steel, National Jones & Kansan G Power & Light Laughlin, Youngstown Sheet & Kennecott Copper

Liggelt Meyers Tob. Co. Lockhoed Aircraft

Loown incorp.

Lone Star Cement Co. Jower Louisville & Nashville R. Ford, Lowenstein & Soma

Tube down around 2 points.

Southern Rollway tell more than 4.

Chrysler

led motora with a loss of over one.

ex-dividend, Belling almost

4

2516

43

40%

4527

1 .

39

10%

"The automation strike”

Must Go Ahead

toUSTRALS

Coment... 54% Hope SIQUES, ETC.

13 dary Watron COTTONS

13.40

10 10.30 10.70 10,00

Textiles Nanyang MISCELLANEOUS

Allied

11.80

125 10.10

points net, Opening prices ruled up 3 to off 3 points. New 13 500 344 Oricans closed up 6 to 20 points.

Crop

market news, textile

spot colton and the usual run of prior-shaping Influences were lost sight of while traders con-

old crop centrated in

months adjustments.

500 1000 dauntente, demand for

0,40

WORLD RUBBER MARKET

today. 5

New York, May 14, The No. 1 Res rubber don next month. And the topic futures closed. that is likely to steal the head to 70 points lower with

occasion is Aus- to lines on that

tralia's reported demand for sales of 314 contracts. scrapping the

ments,

Ottawa

Agree

The standard.

has felt that the whole system of 21 contracts.

May contracts went off the board at their season's high of 38.98 certs a pound, recovering after a post-opening set- Enartly

Delivery back of $1.10 bale.

WET notices for 2,200 balce issued

Leading spat interests

today fed most of the

The certificated 375 baits 10

May contracts, stock declined 12,428 bales,

Buying in July was attracted discount under the

by

*

*

*

P.OBIE&A

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

„Leave London Das Hongkong **Ballad

Outwards "CANTON"

"ADEN"

"CANTON"

"CARTHAGE” Biri Mag

20th June

2012 May

24th June

20th July

18th July

20th Augu

Via Bouthampton, Port Said, aden, Bombay, Colomb

Penang BIRKADOTU...:

Leaves Mongkong Dus Eandon

End July

31st July

Homewarde

"CANTON"

1st June

*

"CARTHAGE" 29th June

*

**SURAT" "CANTON"

11th July

Via Singapore,

G

+

expired May delivery. Strength at Liverpool and the larger sales out of Government stocks were additional contract closed at lugher prices, wer

influencda. Liverpool closed 35 For some time now Australia 20 to 80 points lower with sale to 75 English po

Cor- Credit The Commodis higher. of Imperial preference Wogica Eusiness reflected the leaver

reported sales of 233, one-sidedly in Britain's favour primary markele, plus reports of pozation repo There is no question of Bri-She claims advantages Britain additional lay-offs in the auto-255 bales out of the Government stock on bids opened May 8. The 1sh workers embracing a new enjoys in the Australian market mobile industry and the con

based middling range lag in factory buying price Their inherent by virtue of preferential tariff 66% Luddite creed.

15/16 inch at average locations, them commonsenso tells

that rates far outweigh any

bonellt the spot macker

to 20.93 cents she herself receives in access to

reported Agents

ed moderate- was 27.50 Britain must koop ahead in the 4technological race if it is to sur- the British market.

sized offerings of shipment rub. pound. The next round of bids and will be due May 22, but agency 2149 vive as an indurtini power. But Other Commonwealth coun- ber from Slam, Indonesia

no one can blamo them for tries, with the possible excep-

will be stepped up to oner a tigli for the local market. feeling

confused and angry It ton of New Zealand, have little Salon but mostly at prices too officials have indicated bids soon

weckt. of the Arst fruits

promised interest in the subject.

Spot No. 1 Rss were quoted

a pound. May dawn of this new economic era view--and rightly or wrongly it nominally at 20 cents 351 is the sack.

is shared by Britain-is

that Futures:

No. 1 Ess adherence to GATT - which strength- Nevertheless, it is imperative expressly forbids any

expansion, in-calog of

of preferential trading July

advent- "robot systems has decided

trade. nges for their, overseas

67

217

02

2304

Go

00

71

17

that industrial 36cluding automation

65 factories" should

от

10

ahead.

Their

MAY

May

Volume Open Interest

123,000 1,449,800 bales

NEW YORK

Prices of futures closed today

E-

*

Month

July

23.100 19.200 45,000 200,400

Oct.

14,200

29.50

Dec.

2003-05

Mar.

304,800 24,300 429,400 10,800 123,500 10,000 122900

*

Sept.

2925

20.75

July

4,500

103,700

Oct

1,100

9,500

Standard contract

Total

system

May

20.00

their

July

20,75

Sept.

29.10

Dec.

23,00

as follows:

28,10

Spot

May

27.00

Mary

July

SINGAPORE

October

The market

December

Mag

July

October

67% And this advance will be far If they had to choose between

quicker and smoother if it can GATT and a, stronger 34be made with the approval and of imperial preference 136 the full co-operation of the vole would go mbeit reluctantly

Sastrade unions.

to the Caneva organisation.

Dati .128P

The three-point policy an- 19 nounced by the Prime Minister 47% shows that the Government

701

103

24% fully alive to this need policy is as follows:

The

2011

Megabi Iron Corp. dropped Minnesota Mining General Blasion Development

de-Monsanto Chemical Co.

012

147

27

43

Motorola Inc.

point and Motors, also ex-dividend, clined a smaller amount.

Montgomery Ward

In aircrafts, Bendle fell moro Nattoozi Cast Reg. "A"

than. 3.

Pure

National Dairy Prod.

Lead

Owen-Illinois Glam

Gulf slumped more than 4,National Steel Corp. Phillips Petroleum,

Oil, New York Central Shell, Standard of California on Mathieson points or more than in the oils. Os Elevators

New York Stock Exchange bond volume was $4,710,000,

American Stock Exchange volume was 1,000,000 shsies,

Dow-Jow closing

were:

30 Industrials

20 malle Ank

15 m

45 stocks

40 bond.*****

Comm. Euture price index

Comm, spot prica. Index

Index Moody'a

Pace Car & Elec. Packic Western Oli |Pan American Adaway

| Pazosnowayt Pictures

averages pony. JC. C.

| Parke Davis Co.

Pedal Salt Co Philip Mcinta 497.29 Procter & Gamble Co. 195,31 | Pittsburgh Piele Glass

05,83 | Rubiokur. Industries 178,43 | Pune' Oti;

Closing Prices

Alden Ind." ANY

Ailia Chal

American Airlino. American Cabla

Corp.

90.71 | Rádio › Dorporation 184.00 Republie Boel 103.00 | ayol. Malai

· 420,40 | 6be11 O Co.

Balot Reg. Paper

Sinclaire Oil and Booty - Mobil..

Bouth Puerto Rico Buursr Bouthern National Qae

$1931 Bouthern Railway (Com.)

110 Standard Brander

293) | Dündard-Dil of Cal

Benderd Oll of Ind.

23andard Oil of NJ.

Badia

Bio Drug Co.

#%

| @pokely-Ván Comp.

30%

audebaker-Packard Corp.

291

wie & Co.

American Cyunamide:Co.

Asnerican Matse

Así, Bugs

American,2pb. 23:

7worty Century Fox, Film

100% Utilon Carbilde

Union PACHIO Raliway

Pale Valled Atrerait",

18, Gypaum

UNI Enelling

AIL

Decisive Stage.

opened lower The now development in this and fluctuated very narrowly situation is that Australia has throughout the day. There was apparently grown tired of try some trade support at lower

the 1. A continual improve- [ing to win rest of the levels. Prices ment in Industrial tech- Commonwealth over to her side No. 1 rubber per b. May 85-0514 June 144-66 niques is necessary to and is now considering a pro- preserva Britain's' com-posal to scrap the present No. 1 rubber per lh. May

The system of imperia petitive position in world,

maintain full altogether employment and ensure risc in continuous living standards.

n

are..

•

2-12

March

33.55n 35.70 expired 34.32

*

32.13

31.03

NEW ORLEANS

Prices of futures closed today as follows:

Sport

July

Odloker

July unquoted

831-54

80-81

85-8314 -78-80

101-103

May

LONDON

July

The market was easy with

October

preference No. 3 replace it with No. 4

Spot rubber unbied an entirely new trado pact. "Blanket crepa

about No. pale crepe Maybe she la serious this proposal. Maybe she wants to force the whole vesed ipsue

2. Theno developments out into the open at the per spot quoted at 284 pence per

to bo ministers' therefore

Ether conference. welcomed and industry way the not remains: dis 1 Prices: will be encouraged to in-cussions an imperial preference No. 1 Im spot

decisive June

Settlement house term vest in the new types of are approaching the machinery to the fullest stage-London Express Service. July/Sept. possible extent.

3. At the same time there must be joint com— sultations within the in- dustry at an early stage Bo that the introduction of the new methods may

London Foreign Exchange.

be bright about witti- New York

out friction Plans must Montreal

Maan | Amsterdam

Londor Ma

be concerted in advance Copenhagen to reduce dimeulting and ROUT

tests which many people Pari understandably feel Stockholm

Others unchanged, about the consequences of technological changes.

Questions Asked

Other

possibly changes ace under' 'discussion; im

flo

present-time..

being miced aNG:

Have Government, hid utic

this, about the

Jurid

December

Morch

35.80 3306 expired 34.51-53

$2.00

$3.00

32.10

31.04

Future closings, in pence per

July/Aug.

July/Aug.

Oct/Nov.

24th August

Penang,

24th September

-13th August

Colombo, Hombay, Aden

Fort Bald & Lapton.

* Also calls Hamburg, Rotterdam & Antwerp.

FREIGHT SERVICE

"SOUDAN", loads 17th May for Singapore, P. Beret

tenham, Penang, Adan, P. Bald, Grecia, fer- selles Londo, Ham burg, Botterdam

Antwerp

"SOMALI" dad 24th May : fear. UK. 'SINGAPORE"due 20th May from UK.

"SINGAPORE"Loads 8th June for Singapore. P. Swal-

Lenham

Foreng, Aden, P. Said, London, Haz- burg, Rotterdam Antwerp

With liberty to call as Bolawan before or after Straits Ports and at Bombay if inducemaçi ofers. Tanks Available for carriage of oil in bulk. Space for refrigerated cargo. Limited Passenger Accommodation.

BRITISH INDIA S.N. CO., LTD. 1850. A hundred YEARS OP SERVICE --- 1950

from Calmiita "BANGOLA≫ in Port

sails 16th May for Japas "ORMABA" dae 10th May sally 20th May

from_Japan | for Blogspore, Peo Rangoon, Calcutta Chittagong

"BANGOLA" dus 2nd June from Jemen

"WAROBA"

Balls 3rd June for Singapore, Penang,

Rangoon & Calcutta due 13th June from Japan masis 18th June for Singapore, Penang,

Calcutta Vi Hangoon)

Chillagong

P. & D./B. 1. JOINT SERVICE "ITOLA"

dus 27th May from Bombay MALIE SON MAY for Japan, "TTAURA" due 21st May from. Japa

20.45

20,00

20.10

"OZARDA"

LIVERPOOL

2814-233

1b, were as follows:

Old contract

24952476

May/June

Del/Doc. Jan/Mer.

2416-246

24-246

New contract

General markets,cit, porta

May/June

Mnyy

July

2490-2435

Dec/Jan.

Fatate crope thin May Estate crape thick

unquoted

Mar/Apr.

Egyptian Karnak

May/Junaga

The

Future closings, in cruzeiros. per kilo were as follows:

30.10

26.45

AMSTERDAM

market.

whe quiet: Prices closed in guilders per kilogram, clf June as follows: No. I

**** 242 nom. No.".

2.40 nom: 236 nom, 200 281 hort; | Uplied Pre-

40-1941

-14,68-14809% United Prem,

1.732.

No. 3 rulžier

*300

Dec.

SAO PAULO

зало

In the United Statca, the average price of 15/18 middling [ at 11 designated spot markets

33,283 balen-United Prear,

New York Foreign NEW YORK METAL was 3550 cents Sales Cotalit

Exchange

Now

FUTURES

Brices of metal futures closed L'Oerste ̈per 76. as do!

BOMBAY,

salls and June for Binapore, Madras.

Columbo, de Barecha

dus 10th June for Singapore,_BOM- salle 12th June DAY, Rarwchi, BancNES, Khorrameliahr, Kirwait

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

from Australia 27. "ARAFURA” in Por "NELLORE" dua eth Jime from Australia'. "ARAFURA" tady 8th June for Bandakan, Kabatii, Brisbane, Sydney. Mak .......... bourne, de Adilfide D Gáll Vosocio-have fiberty to pai), Alżant; parts, an ar off the route, di, the proto à messing are, zuhjaga.

For full portender upole to MACKINNON, MERINAL A

Exchange Rates

A HOND BUND ID

liti

5.59

5.57