1956-06-13 — Page 9

Page

TRADE

THE CHINA MAIL, WEDNESDAY, JUNE 18, 1956.

and

COMMERCE

HONGKONG NEW YORK WORLD FAIR

STOCK EXCHANGE

(From Our Correspondent)

Business

kong

morning

done on the Hong- Stock Exchange

amounted to proximately $770,000.

transactions:

ар Noon

HK CONSIDERING

An official spokesman said this morning that the Horrkong Government is ComAdering whether the Colony will exhibli xi tha Fair.

and the morning's New York Sugar

43

45

SALES

quotations

SHARES

2.

A.

BANICS

HK Bank

1070

1000

East Asia

200

INSURANCES

Unith

Lombard XD

SHIPPING

Waterboal

(0) ...

22

INI

9 20 1000

1.29

Роска, ЕТС

K. What

11

43%

14

14.00

LAND, ETC.

13.90

1300

M

€531

000031

900 m 3

17.40

Wheelock

Dock

'vident 101

HK Hotel

HK

dently

RUBBER

Amla

TTHE

1 470

140

C Light (2) 20.30 Elecirk

250

1000 9.20

Market

sugar

New York, June 12. World No. 4 futures today closed to 4 points lower with sales of 171 contracta.

Domestic No. 0 sugor futures closed unchanged to 1 polat

125 14 higher with sales of 180 con- World futures eased with the

150 40

2000 14.00

600 13.00

14

1 Do 1000 gr | 475

1.50 15,000

1,43 1200 1.00

1000 * 100%

100 110

tracts.

lower tow market and selling

attributed in part to reports in

when

indicated the adjourn until questions

of

One source conference may October world sugar prices and export

bo taken

IS TAKING

SHAPE

To Be Held In New

Exhibition Hall Next Spring

New York, June 12.

Plans for the United States World

Fair to be held in

WORLD COTTON MARKETS

New York, June 12. Cotton futures trading today remained at a low ebb for the ninth session in a row.

Prices showed minor changes on either side of the previously

on Government males out of the

as traders awaited news

export competitive world prices.

cotton surplus for

SECTION

Pago J

FRENCH FRANC $2,000 Million Tax

WEAK

London, June 13.

An article in the FinadEŠA cial Times today declared that it is becoming evident that the persistent weak- ness of the French, frans In the Internaitonal "our- rency markets in the part few months la reflected' a marked deterioration tn the French balance of Paya monta.

"If it becomes evident that France's paymenta amenities are

Icast

due to a tendency

for French prices to exoced world levels, the frang will come to be regarded once again an over-valued at the oficial rate of change and existing prem-

will then be a centnated by selling arising

devaluation" Tears," nowspaper's com. merstator on banking and finance added-China Mall

from the Coliseum, New York's new exhibition hall, from April 14 to 27 next year, are already taking shape here.

dicating delegates at the current The Fair will rank with the UN sugar conference are not

great exhibitions ot Paria making much progress on basic

Milan. Twenty three and Lissnick.

have tations

60 flow signified their intention to take part. They are:

Austria, Brazil, Britain, Cey- lon, Denmark, Finland, France, Greece, India. Ireland, Israel, the Lebanon,

Netherlanda, Norway!

Sweden, Turkey, Venezuela, West Ger- West Yugoslavia. many, and Berlin, although not a nation, will have equal status with the other countries.

23.10 1200w 220 quotas would

again.

500 30

up

In the raw market, Belgium

was the accredited buyer of 113 19.00 3,000 tons of Cubus for July shipment at 3.36 cents a pound. Domestic futures were steady fre line with the raw market. Futures:

UTILITIES

Tram

21

Star Ferry

137

Yourmet

100

Light (0)

23

31

4000 23 20.30 1336 20.30

8115 2200 m 31

florum

KI,

300 W 20

Macho R Telephono

0.80

21.00 3000 23!

Its

124) * 13.50 1000 1ST

1200 JA TO

INDUSTRIALS

C'ement.

301,

Contract No. 4 (world)

Rope

13.30

STORES, ETC

July Dept.

Daity

1640

1000 m 1040 | Ori.

200

Waison.

11:20

10 30 Mar May July

10rd)

29 10

3.30

(UTTONS

Textur Corp

030

0.34

Contract No. 4

INVESTMENTS

July

Ailled

1.4

$.20

2000 A 8.15

Sept.

Nov

11 10

100 11.20

Spot (cit NY ex-dutyted Pres.

0.59

C. Mar.

H&FE.

Invent

2090 20 00 }:Bepl 1970 a 20mpo-treets per th. tob Cuba)

3000 m 6.20

Friday's Losses Wiped Out

On Wall Street

BY DOROTHEA BROOKS

New York, June 12.

Italy. Japan, Korea,

the Pakistan

Encouragement

"As one of the world's com- mercial and financial capitals,"

Mayor of Mr Robert Wagner, New York

explained, "New York City welcomes this oppor- exhibitors tunity to be host to

sale in the for 3.56 of products 8 57 Western Hemisphere. We are proud to Berve as the Inter- national centre for the extension

Stocks eliminated the final traces of Friday's heavy selling with an advance today that added another 1.5 billion to market values.

move

the Olis paced

with Commercial Credit gains ranging close to 6 points Commonwealth Elee.

Consellcated Edinon

on active turikover, Other lead-| Continental Oil of Del, ing groups joined in with gains Crane Co. extending over

Crown Zellerbach

a point to put

Cubau Amer. Sugar

mails up

the industrial everage up 0.08

Do the day

day The

utulties up 0.33.

Trading

ran

1.27 and

Diamond Alkall

Dow Chemicals Dupont de Norwi Estiman Kodak

anal Cas

100,000 shares Pa

below yesterday ot 1,000,000 sturron but the pace was stepped dealings se olis met up in into their heaviest demand

гол

In the

ofls, Gulf and Warren up close to 6 points each. Steels were strong performers also with US Steel, Bethlehem, Jones & Laughlin, National Youngstown Sheet & Tube up over a point each

Rails Gain

Rails gains ran around a point

In Santa Fa

In non-ferrous metals, Kett- necalt Copper climbed more than 1 and International Nickel nearly 3 points.

2.

la

Du Pont #tood out chemicals with a gain of almost of a total 1,135 issue appearing on the tape, 703 were higher, 216 lower.

Out

New York

Stock Exchange bond volume was 49,280,000.

| Family Finance Corp.

Ford Moter General Electile

General Foods General Motors

Geo. Pub, vul. Glidden Co.

Getty Oll

Goodrich B. F.) Co. Goodyear Tire Heyden Chemical

stake Missing Co.

Ingersoll-Rand

aland Steel Co. Enterhemical Corp. Int'l Business Machines Int'l Harvester Eaternational Nickel International Paper 10377 Thi & Tel John-Mahvlile Co. Kansas C. Power & Elekt Ketmcoot Copper

Lingelt Mayor Tob. Co.

Lockheed Aircraft Loews Incorp. Lone Star Cement Co.

Louisville & Netsville 1. Lowenstein & Sons.

b Iron Corp. Minnesota Mini Minion Development Monsanto Chemical Co. Montgomery Ward Motorola Ine, National Cash Fea." National Dairy Prod.

American Stock Exchange National Lead

National Bice! Corp. closing averages New York Central

volume was 850,000 sharÓS,

Dow Jones

were:

30 industriais

18 bullies

08 stock

comin. future pelen indear

Comm. spot price index

40 bonda

Moody' index

Closing Prices

Alden tho

Allied Chemilonā u

AMOS MENS Iran,

Amerion

Dus Mateson

Otis Elevators

286.40 C-Eliasols Gian

100.13 Pace Gas & Zied,

6591 Pan American Airway ***** 17336 Paramount Pictures

16330 Parke Divis Co.

JA Penny 1. C. Ch.

90.17

Philip Morris

40,00 || Fročier à Gamble Co.

113

Pik Plate Flati

Publicker Industries

Pum Oll

Flepblic Ba

Alta – ChaiC21025

Amrit

Ameriones Cable de Radio Corp.

American, Cyaneeride Co,

American Keinä-

Anseriöses Bowling

Audio Corporation

Reynolds Metal

Saint Her. Pader

Binclair Oil

Bocey Mobloll

71 Bouth Puerto Riés Sugar

Am. Macks, be "dey

Forden

Cadlin

Southern National Ukr

Banded Deanda

29

Bandard Oil of Cal,

1803

Blocked off of NJ.

Corp.

50

Unson

1. Rubber

of world trade and the develop- ment of new markets"

Ucr

át

After see-sawing within

Kix

Special. point range the list closed

of 2 to

up 4 paints. Opening prices were unchanged to up

the the

ૐ

New Orleans closed off

Commodity Credit Cor-

on а

WORLD RUBBER MARKETS

Cut Recommended

In United States

Washington, June 12.

A tax cut of $2,000 million, or more, by next on certain January has been recommended, conditions, to Congress in a report published by, the Committee for Economic Development.

which, de

The Committee, scribed itself as a non-political

coonomic research and education CHICAGO GRAIN organisation, qualided its pro- posal by saying that the cut should not be made if it brought about a deßelt in the cash buditet of the Government, if there was

if

the

MARKET

Chicago, June 12..

only a small budget surplus for Grain futures were irregular the fiscal year beginning next on the Board of Trade today,

Inflationary pressures with or if

trading quiet after an would increase.

active morning. The committee suggested that Soybeans gained DOO prospective surplus for strength due mainly to a higher next year should be between trend in soybean oll and meal,; and $3,000

million, priority and limited

producer selling of should be given to cutting in-

old crop

months. dividual income taxes to reduce

Wheat gained some ground their

effects "distorting

on

early today, but price avancer and economic

were minor and met hedging nt mid-morning. The winter wheat harvest continued as clear

and favourable weather reported over the south-

Incentives activity."

..

In Favour

WAA west.

Wheat closed off to up

up % to 1% cent; soybeans

If the surplus were between $5,000 and $4,000 million, the Committee suggested a reductia of corporate income tax from 52 cents.

hibitors,

Among poin he added those be elted were the Board 2

Tho of Trade and Federation of British Industries in Britain,poration today accepted bids for

the sales

with some quarters COBELEXFO in Belgium, Comite Frane Dolle and Comite estimating possible acceptance Until million bales. Bundes up to a tes Fotres in France,

nre announced kummit

gemerbilischen allocations

tanders expected Wirtschaft in Austria,

tria, Depart-the bids,

for continued

and narrow slow of the Komiteen ment

De market. Udstillinger 1 Udlandet in Den-

New York, June 12. Mill buying in the Oct.-Dec.- mark, German American Trade

deliveries, Promotion Omer in Germany, Mar

supposedly

The No. 1 Ras rubber Industrie and Handelskammer overing for inventory protection

If still another for against textile orders for defer- futures closed today, 85 to to 60 per cont. Institute in Berlin, the

points higher with Foreign Trade In Italy, the red shipment provided the main 165 Netherlands

Institute for the interest. Routine evening-up in sales of 242 contracts. Promotion of Foreign Trade in July before first notice day-

Norges June the

Netherlands,

The standard contract closed 23-provided Varemesse in Norway, and the feature. Open interest contracts 50 to 155 points Higher

of today

178,000 General Export Association

totalled

bales.

sales of three contracts. Sweden.

The certificated stock held at

Closing prices were: 11.173 bales.

No. 1 Ba

"A

now

1 Tho

another

with

$500 million were available, the Committee said it would favour cutting excise taxes on inotor vehicles, alcoholic beverages and tobacco.

Taxes on these

CLOSING PRICES

Prices per bushe? in cents: Wheat, No. 2, red

Spot

July 2012 (11) 200(2)

commodities

Sept.

Nov.

aro

to be reduced automatically

Mar.

30.50-55

September December

25.00

Standard Contract

con-

July September December Marcia May

30,50

03.003

emergency problem.”

that priority should go to the tax on motor vehicles because, Ryo as a spokesman put it, that in- dustry presents

on April i next, unless Congress Corn, No. 2, yellow extends them as it has done each year for several years. 21.30-30 three the Committee thought

Spot

July

Of the

Sept.

Nov.

Mar.

July

Sept.

"more

of on

Onis

July

24.00

The

Treasury recently 45-

Sept.

July

24.50

Spot

4

COT-

narrow

cables and the- continued patise

Prices strengthened after mixed start, breaking away from ending June 30 would be $1.828 Congressional sources million. the influence of lower London have estimated this at as much

Jak

Sept.

Nov.

Jun.

MAT.

Volume

7,000

£70,000

Open soterest

Harley

at es

much as

Spot

7,700

297,500

3,000

487,700

0000

1 Rao was quoted nominally at $4,000 million. 31 cents a pound.

200

134,300

In Order

1,400

128,000

1000

20.800

20,400 1,454,000 boles

The

NEW YORK

Mr Snitow said that the Fair

weekly Government will exhibit products by classi

considered July neations rather than by national crop summary was

mixed

but mostly favourable, origin and that it promises to be Lack of moisture in some mid-

for the snug fit Coliseum's entire four-iloor ex-le and castern belt sections for the past five weeks has affected hibtion area."

planted

cotton, but else. lato "But having just concluded a where the situation successful experience with the ddered good for plant develop Show ment, In recent weeks, Federal and International Automobile

In Trooms, the first bale of Intensified as the first event in the build- State agencies have

ho sald the season was expected a offorts their

to

the ing's main hall," ensuro

think we have gained a good | tinued slow ant success of the Fair by achieving

aborit deal of knowledge

the market. a target of 3,000 exhibitor from

Coliseum's potential. The Na-Montb 71 overseas nations. It is

Lionel Hardware Show will be July pected that the displays will

floors of

Dec. viewed by some 100,000 buyers using all four

By next or from all parts of the Westens building in October.

and approximately April, we shall be utilising the May Hemisphere

building's

full facilities in Judy 1,000,000 visitors.

this Oct. Fair of Mr

Averell Harriman,presenting a Governor of New York State, magnitude." ometally invited the 71 nations, along with the

CX-

Commonwealth

foreign government, to tako an

of Puerto Rico, to show their war

He not only used cach WATCH.

active part in the Fair, but also and urged them to encourage (assist manufacturers, producern 47-1%

to exhibit as $19% and processors

1052 well.

110

1414x

UD22

91

Inter- *17

Free Nations

Total

timated that the administrative Soybeans, No. 2, yellow budget surplus for the fiscal year

130-140

in factory buying interest in the as $2,300 million and the cash delivered market here, Spot VG, budget surplus

New York Hour

200 lb. suck ....... 113:700

WINNIPEG

Winnipeg, June 12.

Prices of grain ftitures closed

in cents per bushel

London's full recovery before their close helped bolster bullish

committee said that, as sentiment which was attributed the Administration had indicated, Prices of futures closed today in part to covering operations in this year's surplus was

"being today the July delivery and the smaller applied, as it should be, to the follows. number of shipments offerings | reduction 01 the public-held Oats Inom the Far East, caused par- debt."

"It added

that the Eisen- Oct. of hower administration tially by a delay in arrival

budget Indonesian cables.

estimates for the now fiscal year Re

*may not have made suficient allowance for the growth of in-

July

as follows.

Spot

July

Oct.

Dec

Mar.

May

July Oct.

saich Mr Saltow

that the Coliseum had been set up as a bonded warehouse for the dura- tion of the Fair, that all

NEW ORLEANS goods for exhibition could come into the United States on a Prices of futures closed today

Goods will be as follows: duty-free basis.

$0

Spot

July Oct

Dec.

Mar

total part

May

July

Oct

He predicted that the Mr

number of nations taking

to

"I believe that

able to be sold at the conclu national trade exhibition of this

sion of the exhibition on pay- only improvement of duly. scope will not BS commercial relationships but 206% will also serve to develop inter-

understanding," ernational

In a letter Harriman said. the Secretary of State, Mr John 54% Foster Dulles, he stated: "That Is why I am inclosed glad to give the United States World Trade Fair my support. Therefore, I would

appreciato operation as well.”

21

45*

431

421.

your

Key People

Co-

In a diplomatic nolo trans- mitted with Mr Herriman's invitation to each government, the Department of Bihte that the Fair was a meano fostering

building worki trade find goodw}}] among

nations.

LE of

in the Fair would, exceedi 40. and "might well encompass all the free nations of the world.”...... China Mall Special.

London Stocks

Up:

Market

Closed Firm

Doc.

54.731 3449

34.51

32.00-$1

32.71

32.50

$2.13

31.03

In the local spot market, be tween-dealer trades involved

July Oct. Dec.

up

33.30 34.50 32.50

i sheet at 273% cents and later comes, prouts and subsequently Barley

to 28 cents; Sept, one sheets tax 274 cents with later offer- trom ings up to 27% cents and Sept, growth of

cents. four sheets of 20

receipts

that

nothe

In It also said

would come non-inflationary economy,"

that a tax cut

July

Dec. Finxoced

July

Cot

32.50

32.00

32.00

30.00

the shipment market Indonesian would be in order if there was a

marked shipment wer

of economie reversal ones for July done at 204 conte, two theets conditions which requires strong

at action to combat recession." rt 26 cents; three sheets 28% cents and fours at 24 China Mall Spacial. Future closings, its pence per cents, cost auf freight,

Old contract July/Aug.

LIVERPOOL

lib.

were as follows:

New contract

July/Au

Oct/Nov.

Dec/Jan.

Mar/Apr.

May/June

Egyptian Karrink July/Aug.

SAO PAULO

24.10

SINGAPORE

PA 22

28,00

The market fluctuated midly 24.30 2100 throughout the day with ten dency sag. There was little sell 6710 ng pressure during the after

noon which gradually absorbed and the market closed a little above the lowest,

Future closings, in cruzeiros per kilo wero as follows: July

October December

March

| May":

London, June 12, Stocks edged higher and closed on a firm note after the a quiet, opening on Slates Departmcart of Commerce London Exchange today./

co-

United States Embassies arid Consulates throughout the world ure at present condueling on active information programme for the Fair as part of a operative C

effort by the United

thic officers in Commercial respective posts in every coun iry are bringing the exhibition to the attention of Government communiticH, officials, business

of CommercE,

4/30 30408

Future cicaings were: 50.10 No. 1 rubber per tb. 39.00

30.310 Junta

The average spot price was unavailable today. Sales at 13 markets totalled 5,031 bales- United Press.

Singapore

Oll featured in' Stock Market

Trindad

its |

celion as speculatom apparently

felt the British. Government

Singapore, June 13.

Opening

trade associations and Chambers would approve a Toxas Co. bid Brokers today quoted the fol-

to take over the British billowing stock prices company. The stock closed moro Department of Commerce sap-than two shillings higher 19% port includes asistano by the the day,

United States Trade missions to

as

49 France, West

and Japan.

| Batu Ledang Rubber Co. Ltd. $1.35

Petroleum Britt Bomeo

Syndicate Consolidated

to

oils managed Germany, Italy. Other Each member of advance, with Royal Dutch, 30% there missions is well briefed British Petroleum and Burmah

on the Four and is presenting In the van.

434 the facts to key people in busi-

news and government both

701s the major European Fairn

in the cities" thicy" visit,

at und

SHAKY OPENING

Ear & Neave Ltd. Ord Frarer & Neave Ld, 71%%%

eum, pret, KARAKANAN Hongkong & Bangnal Bank Hongkong Tin Ild. Kempes Ltd. meng Tu Rubber Estate Ltd. Flakeran Brewerien verre Industriala beneülted from Now Barandah Rubber

LA. Intercet in US favourites, Borax petting Tin LAG and Hudsons Bay were strong Names Hotel The

section or Cold Storage

Boudh British Insurance Co. The Congreentonal Committee spota, but going in the

Direktr Trading 15 on Foreign Affades is expected were molly less than a shilling,

shortly to report on a resolution British Governmento recover- Bumal Bearship -1722xbuthorislegt ;

President Elvened after a shaky opening and Unata incised Ows. howće to take appropriate motion short covering helped the group In inviting foreign countries to show amali noi gains at the closd,

1043%

Classifications

11 participate in the Fairg

Coppers moved Higher- ind by

Mr Charlie Bellow, Prezident nhokata," bub, golds Cased on

of the Fair, which that a nursing facit of interest

et. countriolibro provichimie SNES

Wawren › Bros.

July

AUR.

7414-784

No. 2 rubber per lb. June 743-

June 74 No. 3 rubber per

No. 4 rubber per 1. Juno 2215-74 Spot rubber unbalod Rünket prepa

| No. 1 pula crepe

LONDON

18-781 02.04 96.100

The market was steady with No. 1 sa spot quoted at 22 11/18 pence per fb... Prices!

No. 2 T spol. 2216-2234 Bettlement house term:

July

ASEL Bopt

July/Sept.

Cut/100.

Foo_Mor.

General ennescate, elf hozie,

June

$1.20

Juicy

$5.70 Estate arepe thin. July..

thick qualed.

940-3

$1.00

0.73

$3,451 The

United Prem.

AMSTERDAM

market was steady.

#1.81 Prices coped tocky in guilders. kilogram. clf July, as

$1.40

CHICAGO LARD FUTURES

special matuidics'ta pay, part of pithetsbordamingods. Prices of lard futures Comed the costs of these matutoties modost advance and Cfroes, issies today iis bents por los as followe

and tende chumpdimālons

ahmed in the foreign meciicaini yanda

thin

Dollar stock

Edoes, are actively er atang yosterday's Wai Birouri "advances?

various diuitiortions of ex- |--United Pre

follows: No. 1. rubber 2.18 buysim No. 2 rubber

rubber Crepe

-United Press.

New York Foreign Exchange

New York, June 11.

►

Exchange Rates

War

exchange

done in the local market this

3.00

noticia morning at the following, rafes U.B, dollar (per $1) sterling notes (per £1) Australian notes (per 21) Slam teal (per 100) Indonesian rupiah (per 100) Singapore (Straits)

Bec.

}

117 22096-16

Wheat. No. 3, 105 cents; No. 6, 138; cents.United Press.

LONDON SILVER

PRICES

*London, June 12.

The price of aliver was quoted today at 78% penco për ina 15.18 ounce for spot and 78% parica 12.30 for forward "(against 10% penco 10.00 and 78% pence prevlaisty). 182 United Press.

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