1956-05-23 — Page 9

WORLD RUBBER MARKETS

New York, May 22. The No. 1 Rai "rubber futures closed, today 10 to 20 points higher with sales of 136 contracts.

with

The standard contract closed 10 to 25 points higher coles of 12 contracts,

Armed Prices

after a post- opening setback brought about partly by a steep slide in the stock market and the lower London cables, and subsequent coupled with investment

buying on technical reasons, and lighter weights of shipment offerings held at firm prices.

steadiness

In

Factory interes

the de- Пусту

markel, however ne mained at a low level. Spvi No,

I Rm was quoted nominally at 20 cents a pound.

Futures:

TRADE

THE CHINA 'MAIL, WEDNESDAY, MAY 23, 1956.

and

COMMERCE

THE CDC SHOWS A PROFIT

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

Stock Exchange kong mong amounted to approxi- mately $302,000 ions and the morning's trans actions:

But Previous Losses Hang Around Corporation's Neck

London, May 22.

WORLD

COTTON

MARKETS

New York, May 22. Cotton futures today re- acted sharply after a mixed the loss start the erased most of

showed

i

Lord Trefgarne, the first chairman of Business done on the Hong the Colonial Development Corporation, shanded in his resignation at the end of Noon quota- 1950. For the previous two and a half

years, during which he had been in compilicement buying after a receat

the Corporation sustained succession of losses. With some ventures it had been plain bad luck; with others it had been bad planning.

SHARES BUYERS SELLERS HALES | mand,

DANKS

LK Bank Ha Anta

1600 1w 1600

230

INSURANCES Union XD

Langbard

$176

30

ETC

310!

DOCKS, ET

K WAL

Dock

Provident (0) 13 00 Wheelock

RUBBER

No. 1 RAM

Nay

2A 75

Jusy

29 05-06

LAND, ETC

Sept

28.17

HK Hotel

Dec

28 (

HK Land

Humphrys

Standard contract

May

July

Hept

Der

Mut

May

SINGAPORE

This market

828882

200 10 30

14 1000 - 13 7D

05 a 75

له الحمد

For example, fisheries

started

were

A Rubber 109 110 65.000 22 1075 UTILITIES

Tsin

in walers where there were no hab; tealing was under- token without suficient seals; farms were established Louttry

teed would not 13:00 13 70 1000 in 13 to where chicken

grow. Itarely had a business 17 40

lost so much in so short a time,

Lord Reith in the Corpora- Wor's Report and Accounts for 1956 did not mince his words in speaking of those early years. Lasses, he said, "woull not have efficient and

22, 21 ( 200 72.70

2000 21.00

200 or 100 300 + iot

200 30 75

1812 50

Star Perry

Electric

Bonu

opened

with

on

tin- by

..

Macau Elec Telephone

133 139 Yaunati Ferry 100 ton

(Cight |12) 32.00 22,BU C Light IN) 19.70

301430,78 21 (0

20

19 50 10 70

| 70 2212200

120 1060

11.60

¦ INDUSTRIALS

L'ement

Buk STORIES. ET

# 70 12 30 600

1000 340 12.10

sellers predominating

willing market dimppointed

overeas advlees.

AL

lower levels there some trade support but factory Interest

Furwards was small. tended to go for bigger discount, and covering was mainly confined in prompt shipment.

Futures:

No. 1 mibber per Ib

No. 2 rutiber per ib

No. 3

No. 4

+

Spat rubber unbaled Blanket Crepe

No pole repo

June A)-BI1% July 80-8} * * Aug. unquotesi June 70-80!. 7914-2044 7715-783 72-74 89-101

LONDON

The market was steady at

decline with spot quoted at 24h

pence per lb. Prices:

No. Her apot

Settlement house term.

June

July/Sept.

Oct./Dec.

Jan./Mar

May

Juno July

2434-2414

2414-245-

23-241

23-2424 23-242%

24-242

Dairy

34 349. 1000 a 349.

15 3 10 10 2009 10 10 60 0 0

Walkt CLYPTONS

Textile Corp Nanyak MISCPÍLANEOUS

Yangtze Allied

0 300 33 3000 530

700 770

040

5 40

London Stocks

Close Slightly Lower

a

But, in fairness to Lord Reith, there is a case for departing from precedent. It must be particularly discouraging to kim and his staff to bear this mountain of debi. Its, removal would pay a useful diyldend in

boosted morale.

The nearby July delivery consistent eteadiness From the opening, reflecting re-

decline of almost $3 a 'balo.

Closing prices uled up 2 to market opened

21 points.

up 3

1

SECTION

Compromise

Farm Bill

Washington, May. 22.

A committee répresent inr tlig two House of Congress adopted"à com- promies farm bill today which contained pro- vision to restrict Import of "exten-long staple cottoli from Krypt

The "commiten which did this is known An Con- ference Committee. It has the duly"do "try to re- conelle two differing forms of the farm bill as it paki

the Senate and the House-United Frese

ed

Jap Cotton Hitting US Industry

Wall Street Stocks Drop Another 21/2 Billion

New York, May 22.

Stock values were cut back another 21⁄2 billion today as selling continued the order of the day in the absence of any new market stimulus.

The

decline WAS not an Int'l Harvester. active one-although trading did International Nickel

International Paper increase over recent low levels in Tel & Tul

but the losses were Jarge, Zotin-Marville Co. ranging well over 4 points in some instances. industrials average, widicat

fell 7.49 011 The break was the since April 10 and pushed

loss for

prices back to the February 20 levels. The

rait amounted to 3.02 on average, putting prices back to the Apri 10 levels. Uunities dipped 0.41.

All

groups

participated in

the decline and, of a total 1,207 Issues traded, only

ly 142 managed to close higher while 855 were lower on the day.

Volume of 2,200,000 shares compared with 1,040,000 shares yesterday's smallest turnover since February 10.

Kanaan C. Power & Light Kennecott Copper Liggett Mayers Tob. Co. Lockheed Aircraft Loews IncoIP. Lone Star Cement Co. Coleville & Nashville" f." Lowenstein & Sons.

Mesabi Iron Corp.

Minncnota Mining Mission Development

Monsanto Chemical Co. xd. Montgomery Ward Motorola Ing.

National Cash Reg. "A" National Dairy Prod. National Lend

National Steel Corp. xd, New York Contrat Olin Mathieson Os Elevators Owen-linois Glass Pacific Cao & Elec. Pacific Western Oll Pan American Airways Paramount Pictures Parke Davis Co. Penny J. C. co. Fenn. Sall Co Philip Morris Procter & Gamble Co Pittsburgh Plate Glass

3 lo off 8 points.

Now Oc- closed

up 1 to 17 points. ans New

Orleans

commission houses and local selling orders, encouraged by favourable wea ther and crop news, plus form bill uncertainties were absorb- ed through trade and scattered buying.

Liverpool futures closed off 10 English points, Foreign to 05

locally was associated selling with the House-Senate

Con ference farm bill directing the Moreover, the Corporation has Government to sell, for expert, a good case in asking for rellef.

up to 5.000.000 bales of cotton a Quite a bit of the money has.

at reduced prices, been spent on services which it should never have been the Cor-ceiling, according to farm official,

provision would set had an

poration's job to provide. The

of about 2544 cents à pound for beenCorporation, for example, hos built up

a standard grade. This would be before the

Colonialetten had to make its own reads

Mr Weeks, in Development Corporation spread

about two cents lower than the Press statement, was comment- tropical countries because itself into world-wide

on received minimum opera- exlating communications

centing on the plan announced yes- North American almost 2 points saint let. Paper were Tons." And he referred to pre- non-existent or Insufficient.

arid about right cents

1951 commitments

the domestic price basis. "rushly US ndertaken se badly managed."

ordered organisation

Heart-Breaking

Washington, May 22. Mr Sinclair Weaks, the Secretary of Commerce, said today that the con- tinged rapid increase in Japanese cotton

imports could harm the whole United States cotton in dustry.

prepared

Losses in the olls ranged to 3 of Call- points in Standard fornia.

Chemicals had losses of 3 points in Du Pont, more than a point each In Allied and Union Carbide.

Bocing and General namics

Ground

Kales below

terday to subsidise United States exports of cotton textiles manufactured from Amerleau Trailer, Sum in the main bolt upland cotton.

wüs

It bas undertaken research The Government wockly which. in wealthier colonies,

construed would hovw been done by agricultural departments and other scientific branches of the government.

Social Services

more

and

is

jos!

Publicker Industries Pure .....

Dy-

Radio Corporation Republic Steri

a point,

Reynolds Metal

Shell Oll to.

Standard,

In the aircrafts.

Activity centred in Fruchout

Jersey General Motors and US Steel.

York Stock Exchange

Exchange

Sinclair bil Sooony Meblio

South Puerto Rico Sugar Southern National GDY Southern Railway (Com, Standard Brands Standard Oll of Cal Standard Oil of lad, Standard Oil of N.J. Sterling Drug Co. Stokely-Van

averages Studebaker Packerd Corp.

New mostly fair, warm and sunny

Mr Wecks said that the bond volume was $4,150,000. weather favoured planting, cui-

American textile industry hnd

Stock American tivation

cropping. and historically been one of the im- stimulated germination

volume was $10,000 shares. and

Dow-Jones closing Planting

being portant elements in the national growth.

economy. rushed to completion in casterni, northern and western portions of "No one can deny that this Texas where crop prospects industry faces serious problems," range from fair to very good. Arizona cotton is making very The certificated good progress.

at 12,400 stock was unchanged bales.

For

more than Ave a little yeurs Lord Reith has teen engaged In what he calls "the rekding up process," In other words, to pruning here, sloshing there and writing off past Eallures It has been burdened with with a courage and nithlessness social services that, In

civilised which is typical of the món,

communities, would have been paid for by The Stale. a heart-breaking job, but now, for the first time, And, not least, some of its the chairman con report the early projects were undertaken CDC "out

A net not from of the red."

hard-headed business Month pront

£409,233 has been point of view, but

as philan- May earned

after paying all out-throple ventures which should guings, including an Itcm of have been Anunced under the Dec.

£307.000 for interest.

Colonial Developinent and Wel- Star. fare Act.

I has been

There is, as Lord Reith put it, London, May 22. Stocks closed slightly distribution to shareholders", which, in fact, means British tax. General markets, cif basis, porta lower on the London Expayers. Not that the Corporation 2323-34 change today with wide was formed to enrich Britalo: quoted, spread but mostly frac- but it was intended to be run as

business proposition tional declines.

break even wver the years.

Eviale crepe thin May

The mendy.

2314-24

June thick Juno

AMSTERDAM

30

to be in charge.

and lo

The light but persistent rcollsing was seen mainly as a

Now that CDC is over the reflection of Wall Street

worst, doubts have arisen market

quietly easiness. พอร

Pressure was most

whether Lord Reith should con- Prices closed today in

marked against British Petro- Tinue

He is guilders per kilogram, cit June

Royal Dutch, Burmah credited, quite rightly, with any leum. uod

Shell A few

isolated amount of Scottish caution. But sues

propped up by has he enough Elizabethan enter- were

and prise? favourable earnings dividends.

Bs follows:

No. 1 rubber

No. 2 rubber

No. 3 rubber

No. crepe

London

2.44 buyer

2.32

2.20

276

United Presa

down Foreign

Exchange

New York

Montreal Astuterdan

Brussels Copenhagen Frankfurt

Lisbon

Milan

Parla

Zurich

Blockholm

London, May 22.

Wats

Courage To Advance

ilst ladustrials The featured by

a general marking ul American favourites

Borax, notably

Imperial Chemical and Hudsons Bay.

Chain stores

out of where were Woolworths and prove with

favour

He deals with this doubt him- self in the Corporation's Report

he gives figures to dis the suggestion

that in

new development because of pre- bonds occupation with clearing up the leaders ruistakes of the post. losses at the

180-2.50-13/10 Marks and Spencer losing more recent years there has been little

3.164-2.78-0/10

10.674-10.073/

139.00-139,83

15,4192-19.42

11.7224-11.7378 00,10-50.20 170034-1757 084-00432

14.00-14.3 12.20-13.2055

NY. foreign exchange rates were unavailable.-United Press.

Government eusler with

small

than

British turned showing close.

Coppers and other base metal issues lost fractions. The foreign bond list was irregular.-United Prem

'Don't Throw Us To

The Wolves: Manchester Appeal

Manchester, May 22.

Don't throw Lancashire to the wolves and encourage India to kill the British cotton industry and make her own economy top heavy in the process..

This warning is glyers by

Wages and Profits: Lancashire's Britain's Amalgamated" Weaver's was "à ̈pecúllor kürt of slump." Association in an buat rite A total of 29 hare benuses in

1955 port,

involved £ 25,208,022. Dividends were the highest ever

It adds: "India should be except for the 1910-20 |

Lord Reith has shown that he has, besides patience to go slow where necessary, the courage to advance.

The affairs

of the Corporn-

Open_interest

Volume

20.900 14,000

22.200 241,000

300,500

20.200

447,900

9,700

214.700

JulF

May

Oct

4,000

133.400

3.000

1,500

100,000 13,000

€2,900

NEW YORK

he suld

not new,

Nor are

"This is the problems entirely the resul of the growing volume of im- last ports from Japan which year représented approximately two per cent of domestic pro- duction."

"But I'm concerned that Imports have seriously affected some segments of the industry, 1,400,000 bales particularly

the producers of velveteens, ginghams, garments, and some other cotton manu- Prices of futures closed today factures."-Router. as follows:

One major difficulty which Total in debate, is that of defining the will be raised, though not solved,

sphere of operations of the Cor- poration.

36.56

According to its present directive, it works in a kind of S

July 'no man's land', between the October region normally assigned to the December

March State, on the one hand, and

May private enterprise, on the other— July

October almost impossible task.

NEW ORLEANS But what, the Corporation is own now quietly doing of its

Prices of futures closed today accord is to net increasingly as a

as follows: Finance house role which the

Spot City and the Tory Party has July

October frequently advocated.

December There is sure to be a demand, March for what has been called a closer July tie-up between the Corporation October and Colonial Development and Welfare,

Many believe that if the State would provide facilities, roads and railways, ports and harbours, electricity and water power-

would then private enterprise soon find things to do.

But public utilities do

tion have not been discussed in come within the present func- Parliament since the House of tions of the Corporation. Lords debated the subject in What is really needed are May, 1952. It is high time, then, larger

Dévelopment Colonial thut Parliament gave CDC a and Welfare funds to provide basic utilities in the Colonies to little more of its ilme.

ments of the developers. meet the reasonable require

Fortunately, this summer will see the omission rectified, since legal doubts have been thrown on some of the Corporation's expanditure (ie on housing and

Flow Of Capital

to

May

LIVERPOOL

CHICAGO GRAIN

MARKET

+

0

Calcago, May 22. Grain futures were irregular on the Board of Trade today, soybeans leading decline that brought all grains Except corn and cats down to o heavy. tomo.

with

35.30

34.18

32,73

32.83

SZ %

3.83

22.05

31.09

Liquidation of nearby con tracts accounted for the soybean losses, and affected most other grain. Favourable weather and

Future closings, in pence per crop news were also a factor. 1b. were as follows:

Old contract

May/June July/Aug.

New contract

May/June July/Aug.

Oct/Nov

30 industrials

WETC:

20 ratis

15 utilities

65 stocks

Comm, future price index

40 bonds

Closing Prices

Alden Inc. Acy.

Allied Chemicals

Allied Mills boss.

Allis Chalmers

American Altine

American Cable & Radio Corp. American Cyanainide Co. Am. Mach. dry. American Metal American Smelting American Tol & Tel American Tob. "0" Anaconda Copper Armco Ste Amour

Baldwin-Lima-llam, Baltimore & Ohio Bendix Aviation Corp. Benguet Conɛ.

Bethlehem Steel

Boeing Airplane

Case 13, J) Co. Cat, Tractor Celanose Corp.

Swit & Co.

Texas Co.

43443 Tide Water Aim, où 160.47 | Twenty Century Fox Film

65.72 Union Carbide

174,45 | Union Paciné Railway

95.77 United Aitoraft

U.S. Gypsum

152.74

U.S. Line Co,

V.B. Rudber

U.S. Smelting

U.S. Steel

Warner Bros.

$ 2014 | Weringhouse Electric

34-6/8

むり

Woolworth

Singapore

Stock Market

Singapore, May 23.

Brokers today quoted the fol-

lowing stock prices.

Batu Lintang · Rubber

Co.

LK.

Opening

$1.45

Brish Borneo Petroleum

Syndicate

493*

Borden (The) Co.

Consolidated Tin Smelters

Burroughs Add Machine

Ord.

29a

Canadian Pacie R.

3142

Fraser & Nerva Ltd. Ord

$1.70

1232

Fraser & Neave 15%

Curti.

722

pret

10

Hongkong & Shanghai

od & Shanghai Bank

$5.20

422b

ing Corp A 42%

$880

Hongkong Tin Ltd.

#21

Kempas Ltd.

$1.65

501 40

Lunas Rubber Estates Lid,.

0,70

Malayan Breweries

$5.00

40%*

Now Berandah Rubber Co.

Lid.

21.70

115,1

Fetaling Tin Ltd.

Raffies Botel

Singapore Cold Storage

$1.40

South British Insurance

Ltd.

$27.00

$24.00

$11.00

$7,90

$2.80

I. T. Financial Corp. Chase Manhat. Bank Chrysler Motors Colgate-Palmolive Co. Commercial Credit Conumonwealth Elec, Consolidated Ebon Continental Oil of Del, Crane Co... ............. Crowif Zellerbach Cuban Amer. Sugar Diamond Alkall Dow Chemicals Dupont de Nemours Eastman Kodak

Et P National Cas Erie Railroad Family Finance Corp. Ford Motor

20.00

Wheat declined on werd of active selling in'new 'crop wheat farmers at by south-western country stations.

General Electric

30.40

General Foods

General Motors

32.00

Wheat closed off 1 to 2

Gen. Pub. Utti.

crais; soybeans of 3% to Glidden Co.

Goodrich (B. F.) Co. Goodyear Tyre fleyden Chemical Homatake Mining Co. instersoll-Rand

Inland Steal Co. Interchemical Corv Int'l Business Machines

πολ

Dec/Jan.

Mar/Apr.

vents. Futures!

Egyptian Karnak

Wheat, No. 2, red

May/June

50.25

Spot

22719

May 200

2001-

SAO PAULO

Jelly

Rept

Future closings, in cruzeiros

Nov.

31034 213

July

per idlo were as follows:

MET.

Corn, No. 2, yellow

Oct

33.40

Spot

Dec.

37.40

May

Mer.

37.45

July

May

2740

Sept.

In the United States, the

Nov.

15426-185

13271 137-14

Mar.

May

12414-19

July

124-12314

Oatm

money doesn't

Maly

July

Soybeans, No. 2, yellow

Spot

May

071% 0735

3140 31315-3141+

July

Sept.

Nov

Jan.

Barley

Spot

rouds), which will make it Lastly, a full-dress debate in average price of 15/10 middling Re necessary

for the Government to Parliament would afford a good cotton at 14 designated spot introduce validating legislation. opportunity both political markels was 35.43 cents. Sales This will enable both Houses to panies to emphasise the need for totalled 5,905 bater. - United raise some major issues.

developing the Commonwealth Press, One of these will certainly be For

Britain' has doño. whether past losses incurred by little to fulfil the determination the Corporation

should be expressed at successive Corn writtten of Lo

Lord Reith has monwealth confecctices that "the often complalaed

this flow of capital from London for about financial millstona round the sound development throughout Corporation's neck. At the end the Commonwealth shall

end increased." of 1935 the losses on those early maintainer ventures Into which no prudent London Express Service. business would have plunged... amounted to 20m.

Fair Deal

NEW YORK OIL AND SEED

New York, May 22.

be

New York Sugar Market

New York flour

200 18. rack

2001

130-140

$13.700

WINNIPEG PRICES

Now York, May 22, World No. 4 sugar futures closed unchanged to 1 point lower with no sales reported.

The No. 6 sugar futures closed unchanged with' no sales re- parted.

in both Trador's

mariteta Leaders of 000 Northwest of In 1954. Parliament agreed to her to compete with the whole England firms, worried by the waive the Interest on capital 'lost

smarked time pending develop Price of cotton seed ollments in the row macket or Oats, .world and

with foreign competition hitting on abandoned projects. But the future closed today in centsome other new "Incentives. May Lancashire,"

Ladetshire, are demanding Q 10 India would in due course view of the Ottawa Agreement. Corporation regarded this offer per ib. as follows:

as ungerous' and 'therefore un-

encouraged to develop a wide to enable range of industries

of whole range

Manchester branch of the acceptable.

produce a engineering products," "cheaper National Union of Manufacturers

than those she now Imports have been told of the serious Im-There is a menure of support

pret on Lancashlin's trade of among the Conservative renk nad cheap imports of cotton and other fie for giving the, Corporation pi

Ong leather,

from fair den on the point. But

iden

Germany, Too

of writing off

the 'For

off the capitad Look at Germany, was the go the branch secretary, Mr losses of a public corporation report.

W. H. Storey has sent off a does not go down woll w

July

Septembe

December

37.22-24) 10.00

Winnipeg, May 22,

Prices of grain futures closed today in cents per bushel us follows:

July

Futures

Contract No. 4 (world)

RES

May

July

Out.

July

Salon BZI

Boybean oil we

Spot-(cants per

rotodat

She has by pgrgement fixed an|ropolution utzing, the Glovera= Ministem: Thư teel it wolla. 143. antial import quola" of cotton ment to ask the Commonwealth wat in alarmir" bresedent, walch coconut foll, was omroes goods to a limit bi' €309000 Prime Ministers to bring with a sociall

"It does not prevent That open them to the London conference Town 160)

geting substantial denglies:6? In Fume the minimers cu bude | 32°ike national?A MARITALS. contracts from India.

home.

Barier

MAY

Wheat, No

15, 188 cents.

7514-76 १६६.

2017-121

cents; No.

grow

on

trees...

4332

but it DOES grow!

Strakte Trading,

Straits Steamship United Engineeri Wearne Bros.

* edeb** xd Бресіді.

China Mall

Exchange Rates

Business was done in the local 'unofficial exchango market this

morning at the following" rates:m US dollar per $1) Stering notes (per c****** Australian notes (per £1 Indonesian rupiah (per 100) Slam Heal (per 100)

Singapore (Stralto)

For example, our World-Wide Trust yield excccds 8%. Best of all, it's... TAX-FREEI.

Send for free information.

The Mororran Bank

bolso known DE

The American and Foreign Bank

123 BOULEVARD PASTEUR, TANGIER," MOROCCO: FANDUER'S 'AMERICAN BANK-

5,60

18.20