1956-05-29 — Page 9

A

TRADE

THE : CHINA MAIL. TUESDAY, MAY :: 29, 1956.

and

COMMERCE

SECTION

Imperial Preference Due For WORLD

Shake Up

AUSTRALIA · NOT

GETTING

A FAIR DEAL

From Ronald Boxall

London, May 28.

The two whole question of imperial preference

the system under

which

RECORD GOLD WALL STREET COMEBACK

BUSINESS

New York. May 27,

South Ameriban "Gold and Platinum Co, report. od today record income and alem for 1955 and Tic

gold' and platinum mining activitiem “virtually depression

SLEV

proof"

to

Lewis. Harder, president," suld the net tacomo, rope $1,910,620, equals to $1.5 a common share from 51,388,81 or 85 cearta a share in 1954 -- United Press

Commonwealth countries give each other HONGKONG

imports preferential tariff treatment-is due for its biggest shake up since the concept was made effective in the Ottawa Agreement nearly a quarter of a century ago.

The Australian Government is with talkx planning to open Britain on a new "new compre- bensive agreement" to replace the Ottawa Agreement which they consider to be outdated

new agreement, however, would preserve the principle of between the two preference countries.

This

Australian officials in London are "Cureful to point out that some of the causes of the delict that has happened in Australia's

payments

Ottawa when the

Agreement was signed in 1932 has been whittled

uway

almost to 10 nothing This is because pre- ferentia duties were axed in axerine Jerms which have not vorled with price changes.

Д

over

An example is 1 case of an export which was granted pre- ferential duty of 4s 6d per unit in 1982 At the time this gave Australian exporters 00 per cent

ndyanlage

their foreign competitors. But though with prices have risen sharply over £300 the past 24 Britain to the tune of

ential years preferential years duty million over the past four years

bad remained have no connection with the changed and the Australian

preferential

advantage has been arringe exporters"

reduced to 10 per centa negligible amount.

balance

Dresent ments menta

a

of

The unbalance la due to variety of reasons and Aus- tralians feel that thro whole question must now be discussed

frankly between the two countries -- who incidentally ure each other's best customers with a

view to restoring the balance of trade,

Not Simple

►

Nevertheless, it cannot be dented that the operation of imperial preference gives British exporters a bigger ad Vilage 1n the Australian market than the Australian ex- porters have

Brilish in the

market,

This

La not a problem that

can be solved by the simple

expedient of tearing

Disadvantageous

the

STOCK EXCHANGE

(From Our Correspondent)

Stock

kong morning amounted

COTTON MARKETS

New York, May 28. : Cotton futures today moved bregularly lower in quist dealings.

Fago

London Market Was Mixed

London, May 27. Cautious, buying brought gains in d few sec- tions, but stocks mixed in fairly quiet dealings on

the London Exchange today. STAGED TOO LATE

New York, May 27.10 The stock market crammed a hectic sell-off and a vigorous comeback into the final half hour of dealings today.

The net result was another atash of 2.5 billion in market value of all stocks, bringing to some 14 billion, 1029 since the industria) average

al- pet, on tume high on April 6,

A

Reporting tickers fell behind twico in the final minutes of dealings. From 2.59 to 3.09 they were behind about minute with the market drop. ping beavily. They fell behind again at 3.17 and ran as much as átree minutes late on the upside

This

A

gave the market 700,000-share faal half hour and Ilfed the volume for the session to 2,700,000 shares, 210,000 ahead of Friday and heaviest total since May 10.

the While

recovery move

Business done on the Hong- brought prices of some leaders Exchange this up 2 or 3 points from the lows appro- it came too late to wipe out (ximately $112,000. Noon quota-all of the losses, which at the

to a points Lions and the oxming's trans worst ranged

Santa Fo. actions:

shares BANKS RK Bank Ezot Anta

Buyers Sellers Boles

1000

234

INSURANCES Union

970

DOCKS, ETC. K. What. Dock Prov. (0)

Wheelock.

LAND, ETC. JUK Hotel JIK Land Humphreys. Realty

00

01

200 @ 80%

4134 13.50 13.70 B.GO 8.70

13.00

17.40

1.4245

1.10 1.25 1.30 · 8.40

1.00

2231 22.00

mati Terry

RUBBER A. Rubber

Tunt silagala

UTILITIES Tram

So it is almost certain that Australia will seek the revision of these particular preferential duties to bring them more into line with the intention of

Olawa no doubt contrast her own ex- perience with the treatment of British exports in the Austri- lian market. Here Britain has a distinet advantage because the preferential duties fixed Ottawa were mostly

expressed

Star Ferry Agreement. She will

at

in ad valorem terms. The value therefore of the preference is not affected

prices

O. Light (0) 22.30

C. Light (N) 14,00 180 Electric.... Bonus

Telephone

*I

30

2220 222,40

2. 11.70

ENDUSTRIALS I Derriest Rope ....

by changes In STORES, ETC.

in His present form imperial up the preference doubly

EY

disad-

Dairy Wation

COTTONS Textilca...

34% 3431

10 10.10 10,00

30201 2,70

The market opened firm but when ink of Federal Reserve move to case money failed to crystallise, prices eroded steadily climaxing in the late drive.

Few Gainers

4

Industrial stocks at the close

joss showed

of 3.08 OTI average; rails an even sharper percentage drop of 3.90 and

utilition loss of 0.70. OL total 1,200 issues traded, 421 were lower while only 159. managed to make higher ground.

B

Qutstanding among the fow gainers were aircrafts where Boeing rose more than 2 points, Glean Martin and North 100 America around a point each

Steel General Foods, Inland and Allied Chemical each added around a point.

LOGO 48 WM UNIG @ 19:20,

000 @ 11.70

Despite substantial comeback in some stacks, ranging to more than a points in Santa Fe, rails were down sharply. Santa Fe closed down mare than 4: Chesapeake & Ohio, Delaware & Hudson new, Louisville & 400 10.49. Nashville Nickel Plate, Kansas

City Southern,

1.23 8.33 6000 @ 6,30 Western

5.30 5.40

Ottawa Agreement and replac vantageous from the point of Nanyang ing it with an entirely new frate view of Australia's-

balance of MISCELLANEOUS

Allied... pact. Australia believes in the

the payments. In the first place it principle of Commonwealth pre-mulkes British

manufactured ference and wants to

goods cheaper thon rival pro-

it. But there are humental ducts in Australia, thus swelling i

demand the

tot them and which aggravating the Australian im-

of the

differences in the nature of

country's exports

two

have given rise to anomalies in port problem. Secondly, Aus- the operation of imperial pre-tralia cannot reduce the duty on ference and the Australian view foreign manufactured goods and

is that the proposed new trade pact should make allowance for these.

The essential difference is that Britala is primarily an exporter

thereby secure Д Valuable

| bargaining point in negotiations

#

Pacifc

|

International Naiset International Paper Insi-Tel & T John-Mauville Co.. Kennel Copper Lockheed Atrerait Loews incORD, ...... Lone Star Coners Co. Lawersteini & Sona Membi Iron Corp.

Minnesota Mining

Mon Development Moto Chemical Co. National Dairy Ind National Lead

National Steel Cargi New York Centrval Olin Mathiesora

Ott lovators

Pacifio Gas & Elec. Pacino Western Oil Pan American Airways

Paramount Pictures

Parke Davis Co. Penny J. C. Co.

91%

At the close the list ruled off

1 to 15 points, The marice: opened a gher to off 7 points. Now Oricate closed off 2 to up

16 points,

•

Support appeared in blue-chip industriais, but gains were anal,

Beitian American Tobacco and New York Sugar Associated Electric featured on

Market the upside adding to a shilling.

Imperial Chemical and Unilever fell back.

Oils firmed under the leader-

Anticipating the bollday on Wednesday, and awaiting White: 1234 House action on the farm but ship of Royal Dutch, which spurted nearly £1. Shell, the rank and flo of traders Burmah and British Petroleum engaged mostly in routine even were other gaiters. 4442 | log-up operations.

40:1

120

felt

British Governments newa plus moderate selling. Lowen ran up Fvourable crop the discouragingly slim texilla to seven shillings in some issues, An agreement to resume pay. market, dullness in the spol market and the lower trend of ments on Berlin bords pustredk that issue of six per cents up securities, continued to handicap nearly £2 at one point. The new market interest,

issues closed about £.1% higher, dipped. German Potash Japanese were mixed, although Tokyo five per cent non-assented were a bright spot, up £2.

Gold and

copper stocks generally held steady. stocks

were Press.

the

July

recent contracts,

spot in the Individual strong market, developed reactionary swing under realising by some 15% of last week's buying, based on

technical reasone,

42%

40-34

31

E3

Penn, Salt Co,

62

Procter & Gambla Ca.

Pittsburgh Plato Glass

6391

Publicker Industries Pure Of

Radio Corporation Repubile Steel

Shell On Co.

Saint Beg. Paper Bocony Mobilall

South Puerto Rico Sugar Southern National Gay Southern Railway (Cum, Standard Oil of NJ Stokely-Van Camp, Bludebaker-Packard Corp. Swut & Co.

Texas Co.

Tide Water Aam, Oil Twenty Century Fox Film tinten Carbide

United Airerats

U.S. Line Co.

U.8. Rubber

Open July contracts, today totaled 222,100 bales, the cor tificated stock declined 435 bales to 11,973 bales.

Atlanta trade

said report business in spot cotton during the past week was at a stand- still. Memphis accounts said mil's awaited White House action on the farm bill.

Now York, May 28. World No. 4 Bugar futures closed unchanged today to 2 points tower with, sales of seven

contracts.

Domestic No, & nigar futures closed unchanged to one point lower with sales of 31 contracts, Trading' wos quiet and with- out particular feature In either market, dealers said,

Futurce:

Contract No. 4 (world)

Sept.

Oct.

Mer,

May

July

Bept.

Doint

Spot-canta per lb.

quiet. -United

Cuba)

5.34

Contract No. 4

July

5.63

Bept.

8.36

Nov.

5.00

Spot (cents per lb. ct Ny ex-duty) •

3.05

United Press.

STEEL MILL IN

SINGAPORE

Singapore, May 20.

Malaya's first heavy industry, MARKET HOLIDAY ·

a million dollar steel mill, wili start rolling in Singapore next month

New York, May 28,

United All the principal States markets will be closed on

It will use scrap steel from Wednesday, May 30 (Memorial.

Federation

A private crop survey Indi-Singapore and the 445xa cated generally favourable con-of Malaya which is now mainly

119ditions, although note was made exported to Hongkong 391

that

a general rain over the entire southeasterna portion of the belt would be welcome.

491 Month

Volume Open-tríterest

Japan. Router.

2015

U.A. Smiting U.S. Bloel Warner Bros. Westinghouse Electric Woolworth

61 July

60,500 52100

6316 Out.

25.700

290,000

Dec.

17.300 484.200

13,700

223,800

Ursiled Pow

May

5,500

111,600

July

2,000

131.000

Oct.

1.600

19000

Total

127,000 1,408,700 bales

*

WORLD RUBBER MARKETS

New York, May 28. The No. 1 Ras rubber futures closed today 15 to 20 points lower with sales of 12 contracts. -

The standard contract closed nd sales 55 points lower with reported

Several sources In the Fur East offered orc sheets at -28% cents, cost and freight, without

takers

The lower treat reflected the Norfolk &action at London, plus the zlow Union and.

market action here locally. ayund 2 to 3 points.

Oils had losses, ranging to 4

around 3 points in Gulf, Standard Oll of California and Continental.

point to 2 m Texas Co, Socony Mobil, Cities Service.

in Losses

tho non-ferrous ran to more than 2 points and Aluminium, moto that 3 Irs Konnecott Bethlehem was the biggest de- Brokers today quoted the fol-cliner in the steel with a drop

of nearly 2 points.

Singapore

metals

Stock Market in Reynolds

Singapore, May 29.

for increasing Australian exports lowing stock prices:

-without repudiating the Ottawa

Batu Lintang Rubber Co. Agreement.

150

Opening

$1,40

49/- edeb

of manufactured goods running

What sort of

is Eritish Bornco reception

Syndi Australia's into thousands of items, all of

proposal to scrap

Consolidated with calfors which enjoy preferential trade the Ottawa Agreement and re- treatment in Australia. Aus-place it with an entirely newer & Neave Ltd. Ord. 91.09 tralia on the

Ord

Fraser & Neave Lta M5% other hand depends trade pact likely to gết in Lon- cum, pret, ............. for her export trade on a don? Certainly not a very en-Hongkong & Shanghai

of thusiastic one, number small products mostly agr

romtively primhich enjoy

no trade

tarlit

V

in

In the case of basic

Banking Corp,

NEW YORK

Prices of futures closed today.

as follows:

Spoń

July

October Downber March

NEW ORLEANS

1-45

Prices of futures closed today as follow

Quot

July

December Merch

Moy Justy

October

LIVERPOOL

88522588

32,00

-Futures closings, in penco per lb. were as follows:

No, 1 Rss was offered at 27% Old contract

July/Aug..

Oct/Nov.

Doc/Jan,

cents a pound.

Futures:

May/Ju

New contract

No. 1. Ess

July/Aug.

May

July

28.001 27.00

*Diar/Apr.

Egyptian Kernak

22340

Sepi

May/June

DIC.

Ford slumped more than a point, Chrysler nearly a point

Standard contract

May

Points in

Ir

July

Sept.

Dec.

Max.

May

General Motors around and

the automoblies.

Tyre shares in the werp down around Goodrich and Goodyear, a

on

in Firestone 14 in US. Rubber. Volume-9 the American Exchange was 1,000,000 shares.. Bond volume on the, New York Exchange was $4,200,000. Don-Jones clastog averages

Weto:

$5.70

$375

Hongkong Tin Lid.

0/dd

Principle Lost

Keropas Lod

$1.00

J

Lunas Ribbon Fistales, LA, 0.75 Malayan Breweries

$3.50 codob

New Serandah Rubber Co.

Loc ......

Petaling Tin Ltd. Stoffen - Hotel

[30 ·Industrials.

raits

15 utile

clocks

40 bonds

$11.00 $7.80.

One reason for this is that such as wool and wheat, which are admitted into Britain has based her overseas

$1.05 $3.50 x $2.27 xxx Singapore. Cold Siarage ve $1.40

Umurance Oo, Ltd.

trade polley firmly on her Britain, duty free

free irrespective of membership of GATT. At the South British their source, they compete on

equal terms with similar present critical stage of GATT's gris Theding

career, when it in the pro-steaits Blomship. frund all other countries.

cess of expanding Into

United Engineers Cod, comprehensive inter-Weame mor could bo

tional trade organisation, Bri- given tarif advantage would be tain would be reluctant to do. to impose import duty on the anything which might be con

only way in which the

Australian commodities

foreign commoditics But

ITTOTO

thestrued us the weltening of

would create .. now preference

and would therefore. break one code of trade conduct.

resolve to abide by the agreed

of the rules of the

Agreement

General

Comm. future price, index. Comm, pot price Index

Closing Prices

NEW YORK METAL All Chalmer

FUTURES

New York, May 28, Prices of metal futures closed

co Terii's and Secondly most of the other Trade of which Britain and Commonwealth, countries....... are. Austrália are both members.

fake of imperial preference. This today in. cents per l as fol-

Other Aspects

at most indifferent, about. - the

*BILAN

SINGAPORE

822223

BAO PAULO

26.33

20.04

27.70

20.5€

25.10

21.70

61.24

Prices were not received to." day.----United Press.

London Foreign Exchange

The market was slightly better today on some fairly heavy short covering and buying of lower grodica. Factories were not inter- | New York, 408.72ested. Futures

101.00

6455 No. 1 rubber per 16. Jime 20%-70% 168,49

Jub 751-75E11 Aug. unquoted 90.43

No. 2 rubber per tb, June 76-7018 109.10 No. 3

M

No.

ዋነ

Bpot rubber umbaled

Blanket repe ...

No 1 pale. CRVENO

€ 1052

112

621

2215

LONDON

Montreal

Day).

The Canadian markets will and be open as usual-China Moll

Special.

P.O BI EA

COMPANIES

HE

LA

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE-

Outwarda

· LASTM, London "CARTHAGE*- Kalled cak "ADEN" N...

"CANTON" "CORFU

15th Augush.

"CARTHAGE"" 12th September

Due Hongkos& seth Juna

17th - Elegtogalnie

Via Benthampton, Poch Balá. Kdon, Member, CARINDAL

та веб Penang & BingABATS,

Homewarda

“CANTON"

Leaven, Hongkong, Uns Landon

BACK THEN,

“CARTHAGE"-stil-Tuom

*"8URAT

"WANTONT

"CORFU”

11th July

· 21h, Bugat

21st September 22nd Octalsa-

VIA Singapore, renang, Colombo,,- Banksg

Port: Baida. London.

★ Also calls Hamburg, Ratterdam. 4 äZIWAN FREIGHT-SERVICE

“@INGAPORE”* 254 Juna Deom. ULIS: "SINGAPORE”oads 10th Itine for Bingapore, "P. Bwaki

tenbam, MOBORA, ADUL andoos HamK- Rotterdam

"BQMALI”

“SURAT"

Landon, May 28,

2.800

2.71%

Amsterdam Benasia

10.07

Fakture Labor

CopenhoweTI

10.40

pekm Zurich

1.2.20

Others

United

The market won quiet with New York Foreign

spot quoted at 23% ponce,

Prices:

No. 1 Bas spột mùaming 23,2314

July/Beptember

Alden Inc. Any. Allied Chemicals

American Airline American Cable

Corp. American Cyanamido American Metal)

29

American Smelideg

Settlement house termi

American Tob,."I"

77

Jone

Armes › Bleel ...

8254

·Bakiwin-Lims-Hah

Lead

U stu

May Juno May Jua

Ballmore. Oliko, y =

4812

14.20b:

Bendix Aviation Corp. 1.

2013

-90,25b

Hangust... Cona, J.

93,90bx

Ballshem. Steel

11⁄2 §.July"

Zine

May

11,000

Boeing Airplano

11.78t

Borden (The) · Co.

June

Copper May t-traded; i-nominal; b-bid.

40.200

Bumbugha Ads Mastino

made abundantly. -clean lowas when the subject was last dis- cussed st the Commonwealth In my case Australia is not Prime Ministers' conference asking for preferential tariff London four years ago. In these to treatment for her wool and circumstances any attempt wheat exports.

rewrite the Ottawa: Agreement What shoáрw pears to want to some sort of necessary though this may be

on strict test of' daleness understanding with

to

the preference.

Britain, Australia-might result

** complete · breakdown in

system of imperial

which, while not reviving the principle

guaranteed would bind Britain to. And if this happened a cherished give some sort of preference to: Commonwealth principle would Australian commodities. Tals

be lost-London Express Ber- wquid especially affect British

vict purchases of surplus farm com- macities from North America.

There

si are follën pspects of Imperial preference, however, that the Australian Government are anxious to thrash out in the forthcoming radon talk

LONDON SILVER PRICES

LONDON METAL

PRICES

Landon, Tby 28. Prices of metal closed today in stering per long ton as Zol Ioway

London, May, 20 The fico of silver was quoted moth Cine of the problems is that today at 791% pence for spot pist - Lim, the value of preferential, duties 178% panco for forward (agaldırı

Eine Ind ited: 10 Decisio 1 Assirullón 78% and 770% pened previously)

Armour.

Canadian Paolo D

| Colanens.. Comp

CITY FORDS Coryning Bluloaw,

Clasp

· Corieneralak: Chedit Commonwealth, Mac,

Crows ZeRocks Diemonă - ABOU Dow Chemion

Dupont de Nerooss

October/November

Xastingy/Marsh

April/June

· Generas, markata,, ell

00% Estate crepe thin

50% thick

AMSTERDAM,

Exchange

konda 18th. Træse for amicspace! 27. Brale

dus- 27th June 'from UK

1966

BRITISH INDIA S.N. CO., LTD. 1850 — A HUNDRED, YEARS OF SERVICE "SANGOLA". die zu Zune from Javas

Rails and dune Eat Smetnora, Panens “BANTHIA” fue 13th Juno: 'from Calostia

1 salia Liik, June for Japan/ “WAROKA" "dus 13th June · mom Lepan

BALLE 1812. JUDE. for Blackpore,

&0./B. 1. JOINT SERVICE -

"ITAURA"

New York, May 23,

2/10

UITOLAM

POZARDA”

official

Now

unquoted,

The market was quiet, Prices In suides DOT

1 clowed bodber

(rubber-

No. 3 rubber

Prees

COPPERS DROP

Salisbury, May

·kilogram, cif June, as followww.

The ; baslo - girien - of copper No.

12,10:buyers,

Rhodesian by tho 358 buyers supplied BAB Burn Selection/rust: "bberspanies") to 12,00. inuyers. Pacífiat consumers hot been. Ecdfuck? Prmon

redwood by, @30/6/2320 a ton

No. 3 Tubber

„No. E crepe

Exchange

Rates

dom for electrolylle;

orien.

düs List May

Calopata, 3d Karachi Que ethi Jikim Króm, Bombay

Sue 101ta June Des Singapore, sklis 12th Juna, BAY, Karachi

EASTERN & AUSTRALIAN 5.5. CO. LTD. "ARAFURA” [onda, tih Jude for Sendakery Nabeul, Brubake, Bydowy: Met

"NELLORE” dae; 7th Juna Erors Austestin

All-wenala, hàve' liberty‹ to, cáli·at ARY "portE":"ON 'or éff the roste “á the, route a miling are publiek - foʻchange or amendment with or without melion.

For full pufficulary amply to :

MACKINNON, MACKENZIE & GD. OF HONG KONG LIÐ. Telephone No

PV794 1.