1956-07-19 — Page 9

THE CHINA MAIL,

THURSDAY, JULY 19, 1956.

TRADE

and

COMMERCE

SECTION

SEARCH FOR OIL IN NORTHEAST HONGKONG Cocoa Marketing

PERSIA Experts Make New Bid To Locate Reputed Reserves

Teheran, July 18.

Persian oil technicians have begun a the large scale geophysical survey in northeast of Persia, not far from the Soviet border, in another bid to locate a rich oilfield reputed to exist in that region.

A team of 60, ineluding some į experts in the Persian Govern- American experts. will speed

several months

before moving on

on the survey

1 Baturhis

stan, in southeast Persin, which

is the next site selected for al exploration

National iranian

winch

The

Company.

merst

471

if To deny infields to British.

other or

prospective Ameri- similar

interests:

2

To exploit them them- iv, ancl

Was Cratyl

11+

D To use the

following of nationalisukumi

1951,

a

concession

uver

[

is the parent body

as political basis for ex- sponsible for the present survey,

Lending Soviet almed

developing at

"way the Perst national exploratists programme The only part of Persia which

However, since the overthrow this

will conipally

at The Mohammad Morsadea in present prospect

I the south-

Soviet August 1953.

influence This arra is being inside Persia has suffered one of western area worketi by the International

its greatest melbacks. Much, consorium which is extraeling

foot all, its former influence has reining and marketing the vast

Persia's ¡gone.

adhesion last of Persian odd by agree. October to the Baghdad Pact. bulk ment with the Government"

pro- Western alliance tranded by Moscow as "aggressive”

and Peolonialst", marks the lowest Lebb of Soviet diplomatic for- tunes in Persia since the 1917 Bolshevik revoli

This.

Much Closer

Headquarters of the survey now under

northeast way Persia is Babul, in Mazandarne Provime This small town some

100 inties Gortheast [ Tuheran, lying 20 miles frshere

from the Caspian const The Soviet border les 100 miles east of Babul, but marvey work will curry the teams much closes than that.

For

1

.

R

UK BEHIND

GERMANY IN

CAR OUTPUT

London, July 18. West Germany has taken Britain's place an the world' second largest automobile producer after

the

United Statem, it was revealed today.

During the firm half of 1950, Went Germany produced 431,000 private monthly average

Cars,

of approximately 72,000.

During the first five months of this year, Britain produced 330,000 vetdelen of the same type, with Branthly average of 60,000 canu-France-Presse,

WORLD

COTTON

MARKETS

New York, July 18. Cotton futures today softened in another session of slow dealings.

Small guise registered in the two preceding ressions attracted realising by local traders, New Orleans brokers and commission houses

Day traders covering stendied prices at the close with the list finished net 8 points lower to 1 point Higher Opening prices were off 5 to up ↑ point, New Orleans closed off i to 10 points. Brokers, spol interests and

It may be argued, why the Persian Government other trade accounts showed

little nowadays feels sumciently con- dent to risk Soviet displeasure

by embarking on an oil survey in an area which has proved so internationally sensitive in the

past

will start

or

the north, assuming that the Pre- sent survey returns promising information

Celals of the National Iran- 50 years, British,

Jan Oil Company state that it is Russian. French. Dutch and soon yet to say when. American

interests hase

it, drillin sought an oil concession in this

futhern Persia. purt of

AL- though it has never been proved. many vilmen believe that a vast underground oil inke exista Somewhere beneath the Caspian coastal stwif it is probably un extension of the Baku miñekis which belong to The Soviet Union.

учи соро

Baku Soviet

outthelds

Costly Business

more tho a curious routine market infere

10

Lu

Profit-Taking

Eased Wall

Street Advance

New York, July 18. Industrial stocks ran into profit-taking and eased today, putting a temporary crimp in the assault on the bull market highs,

Industrials had risen for the past 10 sessions before today's decline, which only shaved off a traction of the more than 5 billion added to market valua. tions since July 3.

The

- Outles, which set a 25-year high yesterday, and rullros stocks also last ground under the pressure of realising.

drop in the Industrial

exceeded

a point and with along

profil recent favourite Issues, such un aluminium, road buliding and chemical stocks.

average

occurred

laking

American Tulephone lost $1.36

Penn, Salt Cu. Procter & Gamble co Philip Morris

Ittainarah Pişte Glam Publicker Industeles Pure Oil

Radia Corporalian Republic Bieel sains Reg Paper Reynolds Metal

Sinclair Oil

Sucony Mobiloli

Bouth Puerto Rico Sugar Southern National Clas Standard Brande

Texna Co

Tide Water Amer

Union Phielle Ballway

a stare un news the company was planning to raise 575 mil tion through the biggest direct

stock offering financial history. At one times Rubber

CONUTSOTI

in

this blue chip was down $2.50, but it rallied from its low.

Near High

10

the

The market's recent upsurge had carried Industrial shares withun striking distance of all-time high in the Dow-Jones iniustrial average, set on April 0.

Industriale

down 1.04 points of 513.39. Railroads declined

to 168.70 and utilities casod 0.27 to 09.77. The Dow Jones

COMIDORİLE average of 65 stocks was off 0.30 at 181.80.

0.11

Anished

The Government's decision hot to extend its new

Panhandle Eastern Pipe Line, wheat export programme

cotton the spark-plug behind the re- proved disappointing somecent rise in the utility average, recent buyers. Colton trade retreuted more than 2. teaders intely have been press- lng for some change in the pro- sent government system of selling the cotton surplus for export

competitive bid basis.

has

Traders said the system practically

their monopolised business und reduced open market operations to the slowest

Even if sound evidence of oil | pace in years.

coming

ફ produced 111 the

Pending

de- more declsive velopments in the crop picture, months, drilling is such a costly Affair that much planning

the und

textile of

markets, #01 thought will have to 200

into other leaders continued to mark

rank among the most productive nancing the project.

In the world. L11

the Just HO

years, 700,000,148 tons of

bave been brought

to the sur- face in the Baku arra

Although output is now deckomg, it still

Ume.

The certifiented slock dc- clined 65 bules to 0,508 bales. Month Volane Open Mierest

777

Conguel was primarily respon- dble for pushing today's total volume to 2,530,000 shares, gain of 10,000 shares over yes terday.

✡

STOCK Board Policy EXCHANGE

(From Our Correspondent)

Bustness done on the Hong-

kong Stock Exchange this Morning amounted to при proximately $800,000. Noon quotations and the morning's transactions;

Sharon

Hk Bank

UnderwTllers

SHIPPING

Wheelock

Buyers Sellers

Sales

1700 90 1 1000

1000 of 2.20

212 / 92

BANKS

Union

INSURANCES

985

Lombard

47 089

D.10 920

1000 1

ᎠᏎ

401%

DOCKS, ETC

801

9

K. Whart Dock

91

#76

Provident

15

42*2

145 14:00

HK Land

001

$4.70 14 07

100

19

500

اعم

STEL

LAND. ETC.

HK Hotel

Humphrey

Reduced Output

New York, July 18.

The price policy of the Cocoa Marketing Board had reduced incentive to expand production in the Gold Coast and Nigeria and had apparently led to a reduced level of production in recent years, the United Nations said in a report issued here.

The report, covering economie development in Adrien in 1954- 55, said that hitherto African production of cocoa had been from smallhold- predominantly crs. It added "During 1953, however, the Agricultural Deve- lopment Corporation of the Gold Coast announced plans the establishment of a

661% cocoa estate.

for

GENERAL

ADVANCE

are IN LONDON

Between 250 and

£350,000 ia the

600 19 300 farmers have offered their 12.40 land to the Corporation which 3140) 10.80 2000 10.80s to Invest 147 1.324 10,000 B150 project.

2500 1.50

"Experts from

outside the Gold Coast are to run the farm 475 1,325 .873 1.50 15,433 of 1.00 and the profits are to be shared

000 1.00

equally between 24.19 ton

and

24:00 24.70 000

141 144

114

135

100

20

434 (C, Light (0) 2430 2. Light IN 22.20 22.40

Electric

32 2214 Telephime 13 00

20

110 220 24.00

the

the Corpora- farmers.

The

Cocoa Marketing Board Inlends to finance two similar societies, 61 m 22.10 | under the management of the 500 32.25 Corporation when land be- 200+ 20

comes available.

203

Really

Standard Ol of Cal Standard Oll of Ing. Standard Oil of N3

5716

RUBBER

604

Amalg. Trust

Sterling Drug Co Stokely Van Com Studebaker-Packard Comp Swin & Co.

UTILITIES

་ ་

Trom

I

Star Ferry Your Lot!

Oil

Twenty Century Fox Führ Union Chebkle

13

170

137*

***

1000 20.00

34

100 20

no

1500

01

200 20

217

1000 * 28.00

54

Cement

301

37

Cas

4BSTONES. ETC

2000 100

101 10,70 12.50 12 70

230 và ít. Độ

29

100 1044

50 0 20

€ 70

1.00

United Aircraft

VS. Gyp

US. Seukļting

U.S. Steed

Warner Bros

Westingliquae Electric West V* Pulp & Paper Woolworth

-United Prem

WORLD

RUBBER

MARKETS

New York, July 18. The No. 1 Rss Rubber futures contract today closed 15 to 50 points higher with rates of 125 contracts.

The standard contuel closed 50 points higher to 25 points lower with sales of nine con- tracts.

Closing prices:

July

Of the 1,180 issues traded 512 declined 419 advanced and 235 held unchanged New highs Sept were nel by 89 issues and new Det, lows by 28.

No. 1 REN

INDUSTRIALS

Dairy

Walsc

Lane, Craw

COTTONS

Textile Cop!

X All Nanyank

INVESTMENTS Yangtze Allied

800 4 25.80

25.00

Double Yield

"Through the use of improved

26.73 planting material and butter 33

7.30 8000 gr 7.00

7.10

0.40 3,20

London, July 18. Stocks

ad- generally vanced today on the Lon- don Exchange,

After a firm forenoon, buying quickened and brought numerous goina of a shilling and more in the main list. Borax high- lighted the industrials today.

Royal Dutch postect # new igh and featured a strong aft groups Advances of

two shillings or more

were scored

in British Petroleum, Burmah

Anglo-Egyptian “B".

and

South

Manchurian lleng led cultivation methods, it is hoped | Japanese bonds forward; Gar- that production on the cstates mans were quiet in a less notiva will be in the region of 1,009 | murket. lbs per acre-about double the

British Governments suffered present yield from smallhold- some neglect and finished with

small losses.---United Press.

Other references to the West African territories of the Gold

Coast and Nigeria in the report US Industrial Index

included:

CHICAGO GRAIN 1954 was eight per cent higher

MARKET

Chicago, July 18. Prices of grain futures were steady to firm on the Board of Trade today.

dropped Although prices during early triding, purchases of wheat and corn by cash and

dealers

pustied elevator 34.70 market to higher levels,

An upsurge of rye buying was 30.40 attributed to private reports from Winnipeg telling of extensive 34.20 damage to winter rye in Alberta 32.20 and Saskatchewan. 30.40

34.00

20.43

the

The moming sales in wheat 28.70 and corn futures were touched 28.10 off by reports from Washington that the Department of Agricul- followed the London ure was not considering an ex-

Now York Stock Exchange July bond volume was $3,940,000. Sept

American

Den. Stock Exchange volume was 1,000,000 shares.

Dow-Jones closing averages

Standard contract

Mar.

May

July

Sept.

were:

Prices

30 industrials

20 ralls

July <1

10.100

274,000

JA utilities

03

stocks

Dec

0,100

517,200

40 bondin

60.77 10110 $5.79

at

Mue

7,200

314,000

the

May

5,000

100,100

2,400

125,000

Com spot price Index Moody's index

Comum. future prico index

168.1

Del

Doo

31,700

Des

1,000

4,000

Foll

30,600

1.120,300 balco

Closing Prices

NEW YORK

* 20 115

To this respect, Persia, by her natuulisation act, has reduced the interest

of wealthy olside concerns who would have been ranks al or star. the top of glad of an opportunity to pro- Soviet of producers

|spect for oll and shoulder

provided that July

the ts.

would

If only a small fraction of inanclat burden, this output would be assumed to there would be reasonable 'pro- exist northeast Persia, efforts now being made be justified many times over.

Most Recent

the

profit-

Prices of futures closed today Alden Inc. Acy.

as follows: Spot October December Match May

But the law states that ex- ploration in free areas 19 now the euntry's own responsi- lality. This being s

sharing conditions do nol at From fear of offending wither tract the major o companies, the Soviet Union or Britain, or especially since large and proveni buth.

Persian authorities oil deposits in the

Judy southwest over the last half century have are being profitably worked by shrunk from granting concessions American, British, in northern Persta. At one time

French ol groups. documents were signed by Per- slan rulers and officials granting certain prospecting rights in the end

ed.

The

but Company Big Power rivalry moment

The most recent attempt

by

Dutch

National Iranian

and

October December

NEW ORLEANS

32.88-59erican Cable & Radio Corp.

Prices of futures closed today Anaconda Copper

Oil as follows:

is suffering #L the from a heavy manual

led to these rights being quash- detent of some £5,000,000. This

Just results

from chielly

the internal distribution company's programme. Oll distribution in- concession was made In 1946. side Persia is

the Soviet Union to gain

is the responsibility

Spot

Detuber December

Muret

Armour

28.10

holldays

513.30 trend. although netivity sise-

tension of its new export wheat 160.70 kened, reflecting the

policy to other grains. Singapore and Indonesia,

Quiet export conditions and a Factory buying in the physical full in the domestic flour market slackened

a practical halt.

quota 411.90 No. 1 Rsa was quoted nominally also affected

33% cents a pound,

to

AMSTERDAM

tions.

the carly Wheat closed up to 1 cent; soybeans off 1% to up 11⁄2 cents. CLOSING PRICES Prices per bushel in cents; Whens, No. 2, red 2.00 nom. Spot

The market was quiet. Prices closed today in guliders per kilogram, cif Aug. as follows: 20% No. 1 nubber

9431 100% quiet with spot quoted at 26% 30

Gold Coast output of gold in

than in 1953, despite the casa- tion of sales of non-monetary the fixed gold at prices above

but output in the first price. half of 1955 fell short of that in the same period of 1984.

Exports of bauxite from the Gold Coast in the first half of 1955 were below the level reached in the

corresponding period of 1954 but output Kassa Island was expected

between 450,000 and expand 600,000 metric tons In 1935.- China Mall Special.

American Tel & Tel Share Offer

at to

and

New York, July 18. American Telephone Telegraph Co. today announce it will expand its capitalisation by nearly 6 million shares which will be offered to stockholders on the basis of one new shere for each 10 held,

The

utility giant-largest business enterprise in privata the nation has called a special moeting of stockholders for September 7 to vote on on ZID-218% increase in authorised

common shares from 00,000,000 to 100,000,000 shares.

Allied Chemicals

Allis Chalmera

35.60n

2230

American Airline

No. rubber

2.53

July zidi

zi)

21075 2:4

No. 3 rubber

2.00

Sept

American Cyanamide Co.

1314

12.67

No. crepe

3.23

Nov.

god

32.44

An Minh, Út dry.

201

Mar.

310-14 22014 22194-36

American Metal

31.02

LONDON

May

Anterican Belting

30.87

30.60

Am. Sugar Red. Anectown Tel & T American Tob. "B"

The market

was steady

but

Corn, No. 2, yellow

Apot

100m

18415

123% pence per lb. Prices:

Sept.

1814-

77

Armco Steel

6144

10

No. 1 Rst spot

.... 20%-20% Settlement hours term:

Nov

12946-45

.

MAT

Aug.

2034-7

May

14811

33.40

Baltimore & Ohio

401%

12.12

Sept

2634-27

Rre

Benguet Cone.

Oct./Dec.

201-20% July

32.48

Buttchen Steel

250

Jan/Mar.

25-26-2011

Sept.

17014 150

Borden (The) (

Apr/Juha

241-23

onte

31.01

Surroughe Add Machine

30.92

July/Sept.

2412-24%

July

Canadian Pacife R.

General markets, cit basis, porta;

Seps

7016-10 7445

30.02

Cat. Tractor

July

30.03

Celanese Corp.

Aug.

C. I. T. Financial Corp.

LETL

Sept.

50!! parte crepe

Apot

Sept.

2034-27 Soybeans, No. 2, yellow 20-4-2013 2011-201 July

20456

250-1

| Colónbo-Palmolive Ca

thin Aug

ສາ

thick

Nov. Jan,

243-2431

2409%

26214-15

27 55

127

23,80

Barley Spo!

130-140

Mo./Apr.

23.00

Crown Zellerbachs

New York flour

May/June

23.60

July/Aug.

23.29

Cuban Amer, Sugat

200 tb, sack

$13.00

Diamond Alkali

United Press.

New contract

Dow Chemica

Oct/Nov.

24.00-15

Dupont de Nemours

23.00

23.35

El Paso National Gas

23.23

Family Finance Corp.

Мау July Octuber December

LIVERPOOL

Futures closings, In pence per Chase Manhat. Bonk

lb. were as follows:

Moscow made deal with of this company and while areas Teheran which it thought would near the southwestern oilfields guarantee the Soviet Union the can be supplied easily enough. Did contract coveted northern oil rights. In reaching

return

occupation

July/Aug Oct/Nov over a heavy

the remote northern for the evacuation of regions with oil tankera Soviet Army troops from Per-

bad roads constitutes stan

its soil, after

financial burden. during World War II, and also for relinquishing support of the Azerbaijan Separatiste, Soviet loader's obtained from the then Persian Prime Minister, Gayam- es-Sullaneh, a promise of

A oil concession to northern provinces.

cover

Small Field

But oll

in

found were an northern Persia and if it could Ave be refined on the spot into fuel oll, the saving to the nation- However, the Persian Majlis, alised company would be stiffened by United States back- enormous. It would turn П ing, refused to ratify the Prime major loss into a proft and n Minister's

on agreement

the the same time givo a useful grounds that it was made under stimulant to locul industry.

duresa,

On this occasion,

the Soviet

Dec/Jom

Dec./Jan. Ματ. ΑΓ.

May/June

Commercial Credit

Commonwealth Elec. Consolidated Edison

24.70-80 Continental Of of Del.

July/Aug Egyptan Karenk

"July/Aug.qqin 54,05

Official values in spot cottons Include:

American, 24 decline, including:

middle 1-irrels.....

30,00

inding 18/19th

20.40

Strat Jow middling

2 N

Mexicon middling, ke

20.00

SAO PAULO

Futures closings, in cruzolroe Union failed not only to get the company's only other explora" | per kilo were as follows:

Oct.

Dec

MAT.

May

July

Crane Co........

Rostians Kodink

Erie allroad

Ford Motor

General Electríó

- General Foods

General Motors.

Gen, Pub, Util Getty Oll

Glidden Co.

Goodyear Туто Heyden Chemical Ingersoll-Rand.

Inland Steel Co.

Interchemical Com

Int'l Business Machines

Singapore rubber prices were |Mar) unavailable-United Press.

New York Sugar Market

World

New York, July 18.

No 4 sugar futures

WINNIPEG PRICES

Winnipeg, July 18. Prices of grafti futures closed

ADV today closed 1 point lower to today in cents

1 point higher with sales of 131

Tho domestic No 6. sugar Out

per bushel as

follows:

Bait contracts.

Dais

July

2012

contracts closed unchanged

Dac to

1 point higher with sales 824 21 contract.

of

MAY

RJC

$10

07 Trurio houses were on both

July

Oct.

36.00

Int Harvester ...

zides of the market with the

Dex.

50.40

International Nickel

30.30

Int'l Tel_&_To!

30.00

Kona C. Power & Light

continued strength

1001 general undertone shaped by Barley 331 the

May

in

July

10816

30.40

130rawn -

Oct.

1051

6741

Dec.

101

MAY Flaxseed

10175

July

3101

- KONJ

May

2905%

Meanwhile

drilling at the 70 miles concession, but also lost Azer- south of Teheran, is to continue.

tion site, near Qum. baljan and failed to promote a Popular Front type of govern Oll has been found there but In very smail. non-commercial quantilles. More wells are to be This defeat was a resounding sunk in the hope of striking

In the US the average spot it Mayers Tab. Cu.

Lockheed Aircraft then one because first Czarist

price was 34.48. conte, Soviel statermen have tradition-richer bearing stratum. tolalled 13,220 bales.

|Press.

ment in Teheran..

oil

conceived the five north China Moll Special..

ally

Persian provinces of Azerbaijan,

Gilan, Mazandaran, Gorgan and

Kliorrassan, to be their sphere

of influence. These were the London Foreign

provinces covered by the abor

tive concession negotiations,

Britain's sphere of influence

In Porsin was traditionally con-

Exchange

belved as lying acrose southern New York Porain, between Iraq and India. Montreal

Main Motives

London, July 18.

*2,7415-2,744

Д

Kennecos Copper *\....

Sales Loews Incorp

United Lone Star Cement Co.

Louisville de Nashville R. Lowenstein & Bon

Mesabi · Iron," Corp, Minnesota

NEW YORK SILK Development

PRICES

New York, July 18,

Silk: futures today closed un-

Monsanto Charmslost Co Montgomery Ward Motorola "Ineur National Citati. Reg. National Delry Prod. National Land Natiőrsal Bleed. Corp.

changed with no sales reported. New York Central

Closing prices were

Frankfurt

1.

་་

Lisbon

101 80,20-80.30 Zürich

12478 36-12.1815 JÖV Others were unchanged

New York foreign exchange "Fates |320) were unavailable.

---United. Press,

Past Sovios manoeuvrée to obtain a concession have had three main motives according to

Deo.

Mar

•

[04,361 | 0156 Xiwowtoen, aign 23 - Pacífe Guan, BE KIND,

2630 | Pan: Amarjoan: Alewilys

4.Paramouni, Picjures

140236 | Parka Davis.

Penny 31 0,00

World raws move up other point to 3.41 cents a D3 pound, for Cuba, new high 103% for the year, Domestic raws

2216

firm and unchanged./

Conírsot. No. 4 (world)

were

Futures:

$150

July

11 Dept.

3.40

3.39

3.17 3.30

Spot:(centa per lb. fob Cuba) · 9.61

Contract No.

pot-tracite per lb. cif

ex-duty)

Wheat, No. 3, 1014 cents; No. 5, 141 certa-United Press.

Exchange Rates

Bushes was done in the local unoticisa eXORATING Inaricet; this 6.61 morning as the following malware, Biņa | UAB,, dəllar (pur DIDELIORE .5.31 | Bfartling "rotes (per (21) 2010.06

1.01 -Australian notes (per KANE

Indonesian rupiah (per 1003 18.20 75.00 | 'Mars: tids) (per,100) K (E90

Singapore - (Hiraita) Sandija

E the increase is approved, the

said it plans to company mail to shareowners on Octo- bor 1 rights to purchase the stock at $100 per share on the basis of one now share for each 10 hold.

About 5,750,000 shares will be involved. That would make | $575,000,000 available to meet

now

capital

requirement. ---- United Press.

Washington, July 18.

The Federal Reserve Bourd's Index of Industrial production for June s 141.-United Press.

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