Page
14
TRADE
THE CHINA MAIL WEDNESDAY, MAY 30, 1956.
and
COMMERCE
Building Reduction Proposal
Protest
TRADE EMPLOYERS AND WORKERS "ARE INDIGNANT
Wellington, May 29.
A proposal to reduce expenditure on building, including housing, has aroused considerable indignation here.
WORLD COTTON MARKETS
New York, May 29, Erratic
wide and fluctuations in the nearby July delivery featured an otherwise slow session in cotton futures today.
At the close the 1st ruled 1 point higher to 13 points lower. Opening prices were up 3 to off 2 points. New Orleans closed 5 do 11 points lower.
plus
The proposal was made in a report
New Zeniund by the Royal Commission on Monetary Affairs which said: "We believe thral a riso
interest rates
<1%
wind operate as reuirint the prevent 3147 of building construction and that it should he used for this purpose.
on
(The interest rates of the State Advances Corporation house mortgages were increaseti shortly before the Commission's ropori was tabled in the Housu of Representatives)
Driving Up Costs
"An ultimate objective should be the complete freeing of in- terest rates from control, so that supply
Licences Needed
Washington, May 29.
The US Foreign Com- merto Bureau has added. ibe following items to the liat of goods requliing prior
lloendest
વન
crystals; Radiographie X-ray tubes and valves, flash discharge type, and special fabricat ed parts for them; X-ray Ethyl oeliu- ronlometers; loso in
anfinished forms: Laboratory-kypɑ saw analysts apparatus and specially fabricated parts for ft-China Mall Special.
لام
HONGKONG STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- kong Stock Exchange this mening umounted to appro- ximately $2701,006 Neon quota- ons and the troming's trans-
Khare mis demand will bring | HANKS
best UK Bank about periodic variations
East Asia suited to the conditions. Figures
that the volume of INSURANCES event housing constelton in recent uporant years has been h Indationary factor.
Holiday considerations, hesitancy over export provisions "We believe that
{1**
pro-
K
Buyete Rollens
sales
TAD
2:10
Unive
SHIPPING Amin Nov DOCKS, ETC
What
22 733
1 20
1100 120
821,
200
1
300
R2
200
421,
44
140 42
Wherlock
vulent 101 13.00
300 M 43
겕 합니다 LE TO
LAND, ETC.
Hotel
13 40 13 00
03 42%
17.40
: 40%*
1 221
140 150
in the new farm bill, tended to vision of dunner for housing in keep many traders on the side-increasing amounts and at low imes.
rates of interest has, by creating Dock
demand excesalve
The New
York
and
New
for Inbour
Oricane cotton exchanges will and materials, had the effect of
A
1503
driving up building
S and thus of frustrating, to some ex toni, the intention of the Giov. ernment to make available adequate supply of reasonable cost."
HK Land
an imphreys
attenlty
remain closed tomorrow for observance of Memoriat Day.
Nearby July backed and filed over a range of $1.50 a bale. mid-morning rush of July - ing followed an offer by Jend.
Carry Their Share ing spot interests to sell the spot month 225 points over October.
met with The proposal hus A short-lived selling spurt nar- rowed the spread to around protests by organisations of both in the the employers and workers
The President building trade. of the Master Builders' Federa ston, Mr M. J. Graham declared: we cannot fail to resent that
have we alone seem to
203
whereupon points market levelled off.
President Elsenhower, eigning the form bill overnight, criticised the export provisions tor
cotton. He TOW
indicated the portion dealings with lower singled out by the Royal Com
export prices administered
caution.
was hardly
a complaint
anywhere,"
Open July
mission for
been
RUBIJEK
A Rubber
ITTILITIES
Pram.
2215 23.00
iltar Fer
135
Yma Ferry
100
001
3000 or 1.45
Wall Street Stages
Good
Recovery
New York, May 29,
The stock market in its best rise of the year today restored close to one-fifth of the 14 billion less in valuations suffered since April 6, the day the industrial average set its all-time high.
All groups joined in today's rise-only second for in- dustrials In 17 sessions and Individual shares had Improve ment ranging well over 4 points
While
Lone Star Cement Co.
crisisville de Nashville Bi Lowenstein Bo Moratton Cars.
Mirag Missiors" peyekomen!
Monsanto Bheque) Montgomery Wom prices picked up Motorola no. sharply, trading was only National Casi Hes
National Dairy Prod. totalling Nations Lead moderately active.
2,430,000 shares compared with 2,780,000 yesterday.
National Biber Corp. New York Centro) Olin Mathews Dits Elevators twentytingle Clam Pacho Cine & Elec Pacino Westem Ol Part Americo Alewaym wal | Paramount Pictures
the Parka Davis Co.
Penny 1,0, Ca Porn. Bala Co. Philip Morr
Demand today onrried over from the late tur-about yester- day and boasted prices right from tho start. There Some reallaing before holiday but prices generally closed around the day's highs
Proctor & Combée Co
Out of a total 1,160 issies Pittsburgh Plate Glam
Publicker Industries traded, 607 were higher, only Pure Ci 122 lower.
.
Radio Corporallon Repubita Bal Reynolds Metal
Shell o 0....
Standard Brands
Industrial stocks rose 8.87 in their average their widest guln Satent Reg. Popor since Sept. 27, the session fol-Binclair Oll
Socony Mobilost lowing the break on President Southern Hallway (Com.) Elsenhower's illness. Rails re- gained 4.12, on even wider per- cervage rise and their best lin- provement since last Nov. Ušlties recovered exactly yes- terday's 0.78 loss and scored the best gain since March 6, 1935.
Added Weight
Continued
money
25.
falls of casier to the added weight
normal technical
consideration which pointed to a recovery of substantial proportions at this time,
commentators Fald.
market
In the rails the gainis rangest 10.000 1.20
16441375 to more than 5 points in Santa 12,214 64-14) | Fe,
200 60 22.50 500 22.40
LINS 11 30 1500 or 30
Steels
Standard Oil of Standard off of ind
70%
37
4096
65
4032
SECTION
WORLD
RUBBER MARKETS
New York, May 29, The No. 1. Ria rubber futures today closed 25 to 50 points lower with sales of 217 contracts.
The standard contract closed 20 to 60 points lower with soles of 10 contracts in the form of switching operations.
JAPAN SHOULD BENEFIT FROM GATT TALKS
London, May 29.
Japan should pick up some useful concessions from the tariff negotiating conference of the General Agreement on Tariffa and Trade now drawing to a close at Geneva.
The latest reporta from the conference are that the results Prices cased with the foreign so for exceed expectations"
and markets
lower Apill
The overall pattern of can- consumption 'fötal. Shiprocent cessions will probably take this afferings were in "fair supply" | form of a variety of shallow cuta bus ut prices about 巍 NY spread over a wide field of parity. Buyers were indifferent, goods. birt factory interests, bought on
No country is likely to make
a limited scalo in the delivered any deep cuts into its tarift zmarket. Spot No. 1 Яsa' was offered at 27 1⁄2 cents a pound.
Department of Commerce re- ported domestic consumption in April at 120,020 tone, ipchating 383 40.001 tons of natural, and 341% 73,091 tons of syntholic.
off
structur
Made Clear
7112
(0014
4436
103%
3094
of natural and 78,000 tons of country synthetic
will
shu dotz
CHICAGO GRAIN MARKET
Chicago, May 29. Grain futures were about firm in 'active deal- ings on the Board of Trade today.
But the United States made
Soybeans headed ·UD. tho it clear at the outset that her advance that brought all grains objectives were limited to a 15
up substantially. In subsequent per cent cut on existing tariff The figure was
almost levels and this spread over throw dealings, however, com dropped back 10 about yesterday's. 7,500 tons from the March total years. She was the pacemaker of 128,135 tons, including 49.534 of the conference. No other closing levels.
but deeper than
Continuing moisture Over large areas of the southwest is Japan has not been negotio, still interfering with the winter April stocks of 202,838 tons, ting directly with many Included synthetic 153,990 tons tries, but she will still bonent wheat harvest, and accounted for buying in wheat futures and natural 108,840 tons, from the
of the progress
today. 455% | Synthetic production' in April majority.
Large Britain, for example, grunta
soybeatis • crushings 443% was 91,000 tons.
her most favoured nation treat together with higher vegetable 704
Futures:
ment in fact, although invoking oil prices was mainly respon the escape clause of the agresible for beani gains: After the
084
00
No. 1 BBs
7254
July
Bept
Dev.
20.55-00 24.15 23.32-35
Blandard Contract
Juty
20.40
Sept
2010
Dee
20,30
Mar.
24.30
Tide Water Ann. Oil
May
Twenty Century Fox Film
Jub
Union Carbido
Union Padre Railway
United Aircraft
Sterling Drug Co. Stakely-Van Camp Studebaker-Packard Corp. Bwift & Co.
Texas Co.
U.S. Cyp#AY U.S. Line Co.
US. Rubber U.S. Smelting
U.S. Bel Warner Bros. Westinghouse Electric West V4 Pulp & Paper Woolworth
featured industrials with gaina of more than 2 points { rekvizit in Bethlehem.
Ols were among the best performers, Standard of Call- fornia, Gulf and Texas Co. cach added 4 points or more. Con- 328 11.70inental rose à points.
C. Light (0) 23.20 22.40
19.80 Electric
19.10 19.30 Mocno Elec.
500 9.70 D.TO Telemune 22.30 22.10
Tits 11.50 INDUSTRIALS
3442 343
11.30
Cement
STORES, ETC DukY
Watecan COTTONS
500 34.20
100 34.50
16 10.10 10.20 10.0D
500 or 10.10
Teklite Corp 3.23 533 2900 3.30 Nanyank
specifically will have to be adverse recommendation."
with
extreme
Now Zealand, ho udded, is the onty democratic' country in the The Government weekly and world which retuins buliding crop bulletta wis Lavoumble control, and the master builders with traders commenting "there think that it should be removed
trom immediately.
"Builders will have to curry
finan-Yanglaze contract today their share of whatever
may The cial burdens the country totalled 216,300 bales. certificated stock was unchanged have to shoulder as a result of the Commission's lindings," Mr
"Why stated.
thent Graham should their alone of the moni- fold activities of the
country chosen for further penaity the shape of cutback?
at 11,973 bales.
Month
Volume
Open Interest
July
10,000
210,400
Oct.
$5,000
290,400
Dec.
11,200
Mar,
7100
203.000
July
600
111,100
Oct.
500
30,000
Total
772.300
bo
Most to
40,000 1,420,500 bales people will find it difcult
understand why the commission NEW YORK
should single out one useful in-
a compulsory dustry tor
Prices of futures closed today | cession.” as follows:
Spot
Juka
Oct.
Dec
Mar
May
July
Oct.
30.03
34.35
12.48
22.44-43
32.51
32.40
at.c4 30,53
Most Essential
1.10
MIMELLANEOUS
Ailled
6.43 6.78
5.30
Singapore
Stock Market
Singapore, May 30. Brokers today quoted the fol- lowing stock prices:
Dolu Lintang Rubber Co.
Lid.
Opening $1.40
Bydlele 40/0 edeb Mr W. F. Molineux, the Well-Bee Petroleum ington secretary of the Car- Consolidated Tin Smelters
"It Ja
Ord. 1 penters' Union suid:
Freser & Neave itd. Ord. $1.70 the thou-ruser & Neave lid, 16% staggering blow to sands
cum, prel.... attempting to put some
Shanghai NEW ORLEANS
kind of roof over their heads In Hongkong de
Banking Corp. .................. Hongkong Tin Ltd. Prices of futures closed today the present housing shortage."
as follows:
Spot
Jub
Oct
Ded.
Mar
May
July
LIVERPOOL
33.30 34.40
32,33
32.43
32.13
3240-41 51.00
Mr Molineux found it suKempo Ltd. prising that "one of the most Linas Rubber Fatales lið. the people Malayan Breweries ...... essential needs of should be singled out, while less New Serendah Rubber Co.
Lich
essential industries, such as the Potaling Tin Ltd.
industry, which absorbs fames Hotel
Overseas Singapore Cold Blorage
inmirince
motor
higo
of quantities
20.04
funds,
Mall Special."
Future closings, in pence per
lib.sycco as follows: ·
Old contract May/July
July/Aug.
New contract May/June
July/Au
.Oct/Nov.
Dec/Jan.
*Mar/Apr/
plan Hamak May/June
Egyptian
BAO PAULD
are Ignored." China Bouth British
London Foreign
Exchange
H90 New York
12.0
569 Montreal
Amsterðarn
Copenhagen PYENKIN
future closings, in cruzelor Moon
per Idlo were as follows:
Juno unquoted
July
October
December
March
uncated
Stockholm Zurich
32.00 33.00 30.00
Lontion, May 29.
2.949-2.30.7/10
2.772-2.77.5/10
10.0713-10.7%
Co. Ludan
Straits Trading
Straída Steamship United Engineer Ord... Werne ErOB,
$3.70
6875 8/64
$1.00
0.71
3.60 edob
$1.05. $3.00 xd $2.27 x $1.40
$37.50
11.00
$7.00
3.bo
Chino Mail Special.
In metals, Aluminium added more than 4, Reynolds more than 3,
Metals
24.10
23.00
SINGAPORE
After
a little stonder trado coverin at the opening
on
the market eased on offerings. 21% In the afternoon the
market
was almost weak but there was 48 some trade support towards the
close.
Limited Press.
London Stocks Fractionally Lower
Londen, May 29.
Futuro closings were:
COLLT
ment to deny it to her do jure. opening old crop July bens The same thing is true of the mét liquidation which accounted majority of the 14 nations who for a reduction of air cents a invoked the escape clause. bushet from best levels. By
The extent to which Japan mid-day,
however, the July will benefit will depend on her delivery had recovered to around Interest in the particular items previous closing levels.
the
But
covered by the concessione,
Wheat closed up,1
21 to 1% cents; There are not known.
held in soybeans unchanged to up 2% negotiations were effect between manufacturing cents,
Prices per bushel in cents, countries only and Japan's en-
should Wheat, No. 2, red industries gineering benefit.
One effect of the concessions in Europe may be to slow down the process of dollar liberalisa→
Biot
Bepl
NOV
Mar.
on which has been progressing Com, No. 2, yellow steadily over the Lost year.
Welcome Respite
July
Sept
NOT
Mar.
Bye
1 rubber per 10.
July
August
753-2444 2314-74 unquoted
No.
Tupper per lb.
This is a matter for nailonal policies and some countries, like Gennany, mity thinit dollar will be good for competition 73-744 internal price tevels 7342-74
793-73 76-70% 65-07
July
Bapt.
Osia
July
Sept
gorbesus, No. 2. sillow
Spot
May
July
BUDI
Jan,
Nov.
10-09
Barley
Bpot
New York four
2001
sack
No. 3 rubber per ib.
Juno J******* No 4 rubber per 118.
Spot rubber unbaled Blanket crepe
LONDON
No. I pals crepe
The market was barely steady Stocks wandered sim-with spot quoted at 22 7/10 Gentral Motors lessly and finally closed pence per lb. Prices polni more, fractionally lower in quiet No. 1 ne por....... Chrysler a major fraction in dealings on the London Bettanen hoia pesent the automotives,
Ford improved
and 1
or
New York Stock Exchange bond volume was $3,810,000.
Exchange today.
A mild recovery around mid- day petored out 'at traders American Stock Exchange generally remained on the side-
itnes. volume was 730,000' sharta.
Dow Jones closing averages were:
30 Industrials
30 rails
15 utilities
6 stocks 40 bonds Comm. futuro Moody's index
price inder
477.68 106.72
2291-231%
Whatever be results, however, probable that Britain has Yound her balance of payments problems accentuated in the | past European dollar Teralis Lions and would welcome a respite-Chind Mail Speciál..
$13.50
WINNIPEG PRICES
·Winnipeg, May 28. Prices of grain futures cloned
cents par "pushe,
NEW YORK OIL AND SEED
today ip
follows:
New York. May.10. Prices of cottonseed óli futures | Qau closed today in cents per lb. us follows:
July
Sept.
July/Sept.
Oct/Dec.
Jonar
Apr/June
July
General markets, cię basis,
Junio July Au
September October
thick quoted. AMSTERDAM
Losses among Industrials were: confined to a few pence, al-Estate crepe thin July .. was not- though Rolls-Royce 6915 ably weak, oft about a shilling. 171.00 15.85
The market was dull today. Olts moved lower in moder-
in guilders per 312.20 ately active trading, Royal Prices closed
December
Jantity
May 27
14.40-43
Balem 447 contracts, Soybean oll was quoted at 17% cesta per lb.. while, coco- nuts all was offered at 124, cents a pound, West Coast, Copra 2.10 paid was quoted at $165 per short 2.19 paid ton cll Pacific Const-United 2.10 buyers Press.
Dutch skidded about. kilogram, elf June as follows: Burmah and British Petroleum
Closing Prices
Alden Ind. Aey.
$1916
1:25:
34
'Shéjl
031
Allied Chemicals
Alect MJES Inc. AILE
Chalmers
American Airline
Ám Cable & Radio Corp. American Cyanamide Co.
Am. Mach. de ♬ dry. American Metal, American Smiting Am. Sugar Ref. 2. American Tel & Tel American Tob, "3" Anaconda Copper Armon Steel Armoir
Baldwin-los-11am Balmore & Ohio Bendix Aviation Com Benguet Cons..
Botileinem Steel
Boelen Alpine
BorderThe) Co.
Butnoragha Adi 'Mochios Cansaction Paco Rt. Unse (1471): 0. Cort. Totor...
NEW YORK METAL Oak Corp.
FUTURES
Chiamo Monbat. Jank Chrysler Maton" *** Codgerto-almolive Co. Correzeta Crecis Now York, May 20.
Commonwealth Elec. Prices of metal futures closed Consolidated Ellapo
11-714-11.72% today in cents per lb. as follows Dontárenial Oil of Dal.
-189.40-139ÆR
19.301-1040
1704-1785 ..
Lend
"Jurna
DEAL-PIKAL
14.5-14,411,
July
1228-1224%
United Press.
Tin
Zine Copper June
June
July
Jay
ted New York Foreign
In the US the average price of 10/10 middling cotton at 14 designated spot markets waa 35.49 conte: Bales totalled 0,010 bales.-United ProS.
CHICAGO LARD FUTURES
Chicago, May 29,
Prices of lard futures clopot ih, ponta per 165, no.261;
Exchange
'New York. Mars 20 Canada
11.01.6/2 England official 42.00.13/32
3b-day ren (3.90 € 50-ckey futana Now Zealand
3.79.13/32 United Press.
LONDON SILVER
PRICES LACE
14.00h | Cume · Cook 14,02 Crows Zeilerbach 03.00 Cubex Amer, Buper 12.00 nond Allst 11.583 Day. Chotricala - SANA 11.00h Dupont de NemouXM- 37.5896 | Bustenan Kodałe
31 Albano National Gas
-United Pris.
Brie Ballroad!- Family Finance Ford Motor" General Electrio General Food
Gas. Bu |(lidden Cại
Goodrich'
LONDON METAL oral Motor
PRICES
London, May 20 Prlecs of metals cloood in the uhofficial afternoon tailor for diyen aterling per long, ton as
follows:
banon, Zabandair," May... 20,-- Dimonih - The price of silver wda "quoted coppe
Lat: 72 pince for spot and,” 78% |{HIGHL
perch' (pforward' (against '70%
and-vali: Potion /yesborday juu kino krat zull United" Prome,
Co
were other casualties, josing No. 1 rubber No, a rubber about two shillings on the day. No, a rubber
Transport was a firar spot, Na. I cree British Governmente con- 23tinued soft, although a late rally pared the losses a blt. The 2014 group finally closed with de-
elines running to £5/16.
Solling appeared in gold coppers driflod 174 shares, and
German lowET,
lenia and Japancio were mixed in a quiet foreign group.
Dollar stocks closed lower In, fine with Wall Street levels.--- United Presa.
2.48 bald
United Press,
Rubber Falling
NO NEED
TO PANIC
Kuala Lumpur, May 29. Malaya's Chief Minister, Tengku Abdul Rahman, sald today there was no need to
New York Sugar panic at the present down
Market
5 New York, May 19..
• World No 4 gingar i futres closed unchanged to; 3 points
ward trend in rubber prices.
I
The Malayan leader gald there was no reason to believe, pelées would continue to fail. higher with, sales of 60 contracts. His comments followed fears expromed in the Malayan press The domestic No 6′ mutar that: the Federation. Govern- futures "closed" 1; to 2 polota ment, which bafes ita revenics lower with, sales of 230 contracta. [on a ribber, export duty, might.
• World contract stendied with rim" Info mrious financial dim- the Armor spot. market. Do cultjes if the fall continued. arestka (*contracta werd lower under. Moulation» in the July delivery.. Futurve:
Contract No. 4 (World)
י.
The Tengku promised the Government, would "consliter the position" if the fall con“ tinued. However, he said, ho Glovermont track based, ealbulation on Tag torm proepit Router
Exchange Rates
A
Moy
July
Def
Deo.
Barloy *May
July
Oct.
Dee.
Flaxseed
Mar July Dr
Wheat, 138 renta
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