1956-08-21 — Page 9

TRADE

THE CHINA MAIL, TUESDAY, AUGUST 21, 1956.

and

COMMERCE SECTION

JAPAN DRAWING HEAVILY US FOREIGN

WORLD British Govt ON STERLING

RUBBER

MARKETS

New York, Aug. 20. The No. 1 Ro■ rubbor futures closed unchanged to 20 points higher sales of 47 contracta.

with

The standard antinct clewd unchanged to 20 post higher with sales reported.

**I

Bonds Show May Have To Use

Strength

London, Aug. 20. Strength in British Gov- ernment bonds featured a of generally firm session the

London Stock

Ex-

reasonable

In

10 The Suez Canal

buying sparked Sections. Advances

Dollars To

Purchase More

British Government Suez

10

thom

11

more shillings in War Loan and about

change today.

Hopes

for

No. 1 Rss!

Sept

Jo BA

solution

Dec

34

problem

Standard contract:

several

Hept

2450

$300

Artiy

11 25

tanged

May

3023

July

29 70

Seit

24 73

in Old Consols.

Rex contract:

Sept

354N)

Nov

31 A0

were group.

Jahi

Mar Bas July Sept

2010 20 10 Pre jented to rotten after u

from taking a cute at 1, Landon 4110 bending Further Sucz developem klas

the 172 situation.

Emily Buyere also were dis- Appointed by the continued in- villerener

farty buyer till operated on hand-to-mouth basis, making Sput mostly Dilin purchases, No K held unchanged at 35! #

43

SINGAPORE

21

was quiet and Ftu༣TH ༢. Chane was mamy fur Sowet

There par heular tretsk

St

Future clenogs were

No 1 subtus ber Ib

Septent

October

Navendar

No 2 rubber per il Bepi.

No 3 ruben er iv. Bepi

Was

11)

Oils and industrials generally Royal Dutch were neglected. maunged a fractional gain while

British Pedroleum and Burmeh

small losers in the

o

ง

ROLLS-ROYCE OFF Leading industriala dawdled most of the day, although a few gained small fractions near the

Rolls-Royce was clure. ensuraliy. Off about two shillings, and Borax deferred came under the.

Suez Canal shares were active and lower, yielding about to close at £80,

Groek bonds

help from gat speculators and the seven per cents added more than £1 on at improved outlook in Cypru Other foreign bonds were quiet small axcept for

declines German liene.--United Press.

Day London Foreign

974-08

unquoted 1994-05241

9414-04

No 4 rubines per tb Sept, 91-93

Sul rubber tabuled.

aslanket crepe

Nu 1 pale crepe

LONDON

The market

was

174-05 70-7714 117-119

VIJ

quiet will spot quoted at 293%

Prices:

Settlement he termi

New York

Montreal

Amsterdam

Brussels

Exchange

London, Aug. 20.

Copertingen

Frankfurt

Labor

Milan 201-2916 Paris

Stockholm 29-293 Zurich

Öthers were unchanged, 2011-20 2732-20 2746-2714

pence per th

No. Has apol

Sept.

Oct/Dec.

Jan/Mar

Apr/June

Aud

Sept.

bri

Estale

crepe

Asig sellers Sept. sellers thick Sept.

2014-201 28-28

3316 37**

General markets, el basis, porta:

AMSTERDAM

The market was steady, Prices closed today in guilders per kilo- Eram, elf September as follows:

No

1 Tubber

Nu 2

rubber

No

3

rubber

Nu

I crepe

2.78 DAIL

2 73 pald

2 67 buyers

345 burers

-United Presa

2 782-2.701 2.12-2.3281 10.04% 10.011 139.10-130.10

10.34%-59.38? 11.6875-11.00 20.10-80.20 17421-17431 2011-08142

24 4035-14.40R 12 17-13 (7

United Press.

New York Foreign Exchange

From RONALD BOXALL

London, Aug. 20.

A good deal has been heard since the crisis broke about declining confidence in

is worth sterling. It remembering, however, that this question of confidence would never arise if the pound had not regained a large measure of its former character as an international

currency.

The prevent pound difTers

further Japan will baye held a from the prewar pound in Che rand of talks in the series of important detati: à not fully conferences called for under the convertible into d liars. But it ut the Anglo-Japane 12

ik

pot generally realised how small this difference has become in preetiee

Picelenily every country In the world that is not a member of the sterling area or the dollar arce is entitled to use sterling lo finance their trade with other non-sterling

COUNTRIES. countries are known as tran trably

countries and then sterling readily convertible into any other cur- ency ncluding dollars on caly slightly Jos lavourable

for

Ja

than the prevailing rate,

payments agreement.

One of the main toples of dis- (ussion

at these

will Laiks no dubt be the sudden reversal brem a surfeit to a near-shortage in Japan's

position sterling

INVESTMENT

Washington, -Aug.-20.- United States

foreign invertiments rose by nearly $2,500 million last year anË there (was) në gain, of $200 million in foreign fanforžej mainly in Britain, France and' Germany, 11-367

Announcing – „khla, the United States' Clovermñend mid that added, U§ money put tuto the petroleum Intiptry in Europe nearly 100 mfillan.

The Comerço Depart4 estimated that the vahem of privaté foreign investments at the end of 1886 amounted to $29,000 million, the largest part

of

which-$19,000

**

million being direct investment

foreign branečen and subeldiaries

of United Sister companies, --Chins Mall Special

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morn- ing umounted to approximately $303,000.

Noon quotations and

And already there are reports that Japan wit Bak for 11 sunilen to be dealt with by the the morning's transactions: These

same moms by which is pres

Bbares Mayers Bellery VIÐUN sterling hacen langge

BANKS was

1030 1040 IK Bank solved.

East Asla INSURANCES

ACEAS

Heavy Drawings

finance

#f transfer-

'Swap Deals'

Katri

3000,

喝

244

Union

Embard

+1

SHIPPING

Wheelock

0,55 a.

DOCKS, ETC.

RUBBER

K. Whart Dook

(0) 13.90 14.20 Prov the

LAND, ETC. IK Hotel.. 13.20 18.30 800 1520 1000 18,30 HK Land..

68 00 1000 « 6 Realty

1.45147

# 4)

Amat

1,4235

1.50

INTELITTERS

These involved what

were known as "swap deals" under which Japan deposited dollars in London and borrowed equivalent amount of sterling on the understanding that dollars could be redermed for sterling later.

the

Th's 201t of measure served a

Wall Street Stocks

י י י :

Take Late Setback

New York, Aug. 20.

Stocks took a sharp setback in a flurry of late selling which climaxed a day of progressive but slow decline,

Listed

Radio Corporation Bepublic Stool Reynolds Motal Shell Oil Co.

value of all shares. Pittsburgh Plate Class

Publickar Industries was cut some 1.5 billion on steel Pure Oll slocks, chemicals, oils, metals, aireruits, motors, raits and utilities all suffered losses of a point to more than 2 points.

The selling turnover for the day was 1,770,000 shares.

The

91%

Singapore

Stock Market

**- !Singapore, Aug. 31. Brokers today quoted the

| following `stacie prices, r

Nabber

Co.

Opening

$1.02

Batu Lintang

Co. Lid, Britishy Встре Petroican

Consolidated' T

Ord

Hme

Shanghai

Frate Neave Ltd. Ord

user & Neave 15% cum. pres

Rongkong &

Banking Corp,

431% Hongkong Tin Ltd.

524 Kerman Ltd.

70% Luna Rubber Estates Ltd.

Malayan Breweries

osy

Baint Reg. Paper

54

New Berandah

Rubber Ca.

Sinclair I

0013

Lid.

Bocony_ Mobliol

60

Petaling Thi Lid,

Bouth Puerto Rico Sugar

274

Rames Rotel

Southern National

37

Singapore Cold Storage

on

Southern Railway (Com.) Btandard Brands

44

Boull British

30%

Lud.

Stealty Tending

London conference the Suez Canal and the opening standard Oil of Col. of the Republican convention in standard Oil of Ind. San

for rome Standard Qt of NJ. Francisco made

F'era Rosk (Toronto Ex) hesilution and some of the buy-Styling Drug Co. ing W14 ascribed to fears of Stoke-Van Camp. further

movea toward credit | Studebaker Packard Corp.

Swatt & Co. tightening.

Toxos Co....

Tide Water Asm. Oil

| United Adrownft

A further Incrumb in the Twents Corsary Fux Film discount rate is rumoured in Union Carbide some quarters. Commercial Union Pacific Railway Credit. a major sales Anance US, Cypern сопрану. today announced a US. Line Co. boost of 4 percentage point in Rubber

U.S. Smetting its rate on commercial barroW-UB. B ing.

Warner Bros.

$9.00

Insurance Co.

Straita Steamship

Unlied Engineers Ord.

Weirne Bros,

sexdly,China" Mall Special.

LONDON METAL PRICES

London, Aug. 20.

Prices el incials closed today Bats fin sterling per long ton 094 follows:

7015 0142

703

AS

2744

Buyers Sellers

6712

Tin spet

601%

3-inonth

Copper pol

-United Press.

5-100th

head and half AM

Nov.

29153 116 113

Industrial stocks wore cut 4.55 Westinghouse Electric

West Va. Pulp & Paper on average to 511.24.

Woolworth

Of a total 1,131 issues ap- pearing on the tape, 703 were lower, only 216 higher.

were

Steels Hit

Among the industrials, sleeja

hard particularly

hit although the industry today re parted operations back ground 95 per cent of capacity for the fret time since

early Youngstown Sheet & Tube lost US points and Bethlehem, Stect and Alleggeny Ludlum close to that amount,

June,

Oll losses ranged more than 2 polmis in Gulf and Getty Oll, nearly 2 in Honolulu and more

600 0 41% than a point in Royal Dutch end

Texas Gulf Producing,

Chreyler last nearly 2 points, General Motors as UŠ Gypsum, Timken Roller Bearing, International Salt, Goodrich, American

Products, 2

Home

Tram 04.20 24.30 1000 g 24.30 points, Pitusbugh Consolidation Star Ferry

Coal, Corning Glass lost Youmati

One country that has recently been u large wer able sterling is Japan. In fact, it has been draw.ng so heavily sterling tu reserves of

wade outside the its dollar areas that its problem has useful purpose when the danger that Japan's shortage of trensformed

low was

C. Light (0) 24.10 2930 em- sterling would crippte its trade

400 24.10 month hom one of an

with

isen. the sterling

But Light INI 211 2100

Flocerie barcossment of sterling to one of

"231 1560@ ̈ ̈ ̈ financial circles

London in

Telephone a potential shortage.

would opptee any repetition of the present "swap elreuinstances. Bre

been

£100 million.

in

E

deals" in

Up to April this year Japan's holding of sterling were around

Now they down to about £57 million.

It is pointed out that Japen This happened inspite of the

hay karyo

of dollars draldinegs balance fact that Japan's

of

sho and if she wants pounds In the fret rave should

obtain them in the #02-10/042yments

this of 1-otis

showed year

normal way by buying them. that receipts and payments of Other countries have to do it;

in balance sterling

why not Japan? about £200 million each

New York. Aug 20

2.78

Canada Kreland ufficial

44

unfficial 30-day futures D0-day futures New Zealand

South Africa Chile Uruguay

Hongkonst

3.65-2.67

1.78/10

2.77-3/32

277-110

2.70

.002)

So

Su

2370

.1340

run

- United Prog

twven

US Cotton Futures

Resumed Last

Week's

Rally

New York, Aug, 20.

Nearby cotton futures today resumed last week's rallying tendencies, but activity dwindled on the upswing.

textile Moderate other trade buying, in face of light hedge selling and realising. Oct. shape the trend.

mill and Mar.

July

8,200

May

B700

$200

347.000 180.100 131,100

1,400

10,700

1,200

21,000

00,300 1,330,100 bafes

NEW YORK

Less favourable crop accounts from various sections of the belt, stressing hot dry weather de- with shedding and other terioration, also proved induen – tial.

Dec.

Toisi

were

the obviously

But Japan has

Watwork

137

100

1000 822

point.

*

New York Stock Exchange bond volume “Wax: $4,050,000.

Amorlean Stock Exchange valume was 750,000 shares

Dow-Jones closing averages

were:

15:02 Industrinis

Exchange Rates

Zlue 2d half AVA.

Nov.

United Press,

NAMESAKES

Ehastries WILE done in the local unofficial exchange market thum Morning at the following rates

4.04 Ua döllər (per $1)

10.03 Answers-1 Romance, 2 Itly, 12.303 Memoirs, 4 Alfalra, 5 Adven 27.30 ture. d Jacepa, 7 Lover, 8 Ladles.

Casanova.

Sterling notes (per £1)**** Australian notes (por £1) Indonesian Tuplati (per 100) Blain lead Aper 1001 Singapore (Rjxwith)

20 20.20 1000 (N) 200 Conten

95.70 30 STORES, ETC. Dany

10 10.10

14

500 # 10 200

10,10

511.24

4.10 4.36 1.00

20

rails

154.01

INVESTMENTS Allied

16 utilities

70.11

05 stocks

180.00

4,90

5 500 4.30

40 bonds

$1,20

Comm. future price index

100.33

Mordy a "Tider

Comm. spot price Index

104.35

*

43.70

*

COTTONS Taxtiles Nangang

shown itself CHICAGO GRAIN

way: country's stering reserves have I be very reluctant in the past to use trade be-dollars to down becaLISE

There buy pounds. the sterlinal Japan and

was indignation as well as dis- rea

running heavily in favour appointment in London when to of the Latter. ka Eucl the deal with a previous shortage of Japanese authorities are satisfied sterling Japan borrowed sterling that this trade

is expanding from the International Monetary

Fund quite satisfactorily,

instead of using dollars One reason pul forward for

to buy them. the fall in Japan's sterling 10- sirves is that Japanese

sirves

nessm.cn

busi-

are now increasingly paying cash for sterling imports

Buy Them

MARKET

Chiengo, Aug, 20. futures prices were at the close of the

Grain irregular Board of Trado today.

Corn, soybeans, and cats were fractionally at either side of the close, Wheat showed previous modernte gains.

Rye continued its upward

Closing Prices

Alden Ine. Acy.

Allied Chemicals

Alllest. Alle Inc.

Allis Chalmers

American Airline

19.00

1,03

PO B·IEA

COMPANIES

རྞ་

· PENINSULAR & ORIENTAL S.N, CO.

PASSENGER/FREIGHT SERVICE

“CANTON" "CORFU" “CARTHAGE** *CHUBAN"

Legyes London

Sadded

12th September

18th September

Due Hongkong

En Port

17th September

29th October

17th October

Via Southampton, Port Bald, Aden, Bombay, Colombo,

Penang & BIRRADOTA,

Homewards

"CANTON"

Amer, & Foren. Power

"CORFU*

*

American Cabin & Radio

Corp.

American Cyanamide Co. Am. Msch. & F"dry. American Metal

American Smelting

instead of 19 previously by There was every reason when trend making gains of around American Toh. B

of

Baldwin Lima-lam. Baltimore & Ohle

Today's Annes Steel

Anaconda Copper means

short

short 2 to 3 cents per bushci. lem credits Japan

desperately was

ckso set season records for all Armour ex: This is of sterling to introduce from British banka.

vo deliveries. measures to help it ye natural development in view of ceptional

Tho the rise in British interest rates overcome the difficulty. But now

balance which coincided with the foll in that Japan's

of Japanese rates.

ments had improved and

reserves

the

British View

between Japan and the

s

were based increases in ry Bendix Aviatios, Corp.

усто

last

Benguet Con

Bethlehem Steel Boeing Airplane

Borden (The) Co. Canadian Pacifa H. Broughs Add Machine

on the extremely low crop report recently issued by a private firm. The notice But it cannot wholly explain

Japan's sterling orca is back on a sound footing actor would be only 7,300,000

said that Canadian rye pro the fali

authorities rad

Japanese the British

Care (31) 06. authorities claim to be at a loss probably tall Japan that it can bushels compared with

Coleness Corp. not be treated any differently your's arop of 13,000,000 bushes, Cat. Tewater to account for the decline.

from other countries, If has The spring drought and sovare 15: Financial Corp.

binned for the Chan Marshal. Berik pounds and it has the means to

Winter

Chaveler Motors .......... pay for them it must buy them. decrease.

| Climax - Molybdenum The export market was active, Colgate-Palmolive Co. London Express Service,

1,805,000 Commercial Credit Bypt

purchased bushels of US hard wheat for Commonwealth Eleo,

Continental Of. of Del. from Gulf ports.

Crane Co. Wheat closed up 1 to 12 Crown Zollerbach ents: suybeans unchanged to Cuban Amer. Suger up. Futures:

Wheat, No. 2. red

beck

holding a New York Sugar Art and September shipment Core Edison

obsorvers, British

however, see a ready explanation for it. Japan's dollar

there has Prices of future, closed today been Increasing

10 need

for it to

Use as follows:

34.35 sterling to finance its trade with @pat October

33.00 dallar countries. The only December

33.50

therefore, possible explanation, 3323 or the missing portion" of the March

33.87 for May July

3121 fail in Japan's sterling reverve 31.44

is that she is using pounds to December

31.49

pay for her imports from other non-sterling countries.

Covering operations in October coincided with a further decline of 887 bales in the certificated October

of 8,593 Mock to a new low bales.

NEW ORLEANS At the cose the list ruled 4

Prior of future» closed today to 14 points higher. Opening prices were up 2 to 13 points. follow

Spot New Orleans closed up 2 to 19 deliber

December points,

March Key

SCATTERED

Advances of around 70 ccrts July

A bale, however, attracted October sektered selling later in tho

day and acted to whittle down

the gains. Technicians rocalled the rise in

December to the

December

32.75

33.29

Market

New York, Aug, 20. World No. 4 sugar futures closed today unchanged to 1 point lower with sales of 37 contracts.

The domestic No. 6 sugar This is all the more probable futures contract clowed unchang. anço Japan has recently beened to one point lower with sales making za effort to break away of 40 contracts. The lower trend from the system whereby her

reflected easier tone of the raw trado with many countries was

market, strict bilateral regulated on a

Most of the activity in the And this basis:

move towards "multilateralism" has entailed a domestic contract centred in, the much bigger ure of sterling in nearby September delivery

In world rawa, Holland Its role of an international cur

reportedly was offered world far, however, Japan has Cubas at 3.34 cents a pound, or one point under the official spot trade with other 34.50 financed this

countries price today.

refiner" Indomatic raws,

LIVERPOOL Futures closings, in pence per rency.

So 26.80 the Old control Dot./Nov. 334-cent carried the as follows: maricel back to the area of

transferable Recount resistance met carly last week.

Crop accounts featured Mem-

Dec./Jah.

Mar/Apr.

·May/Jaisa

JURY/AR.

phis, reparts indicating crop New contes De Nov.

A progress has stopped and pro

mature opening has begun. Eastern belt

sald, hot, Decounts norvalisa

weather

week in

Geords and some ab astrainde The plant

ds they

Mar/Apr.

2 July/Aug...

24.30

24.03 by drawing upon her sterling

reserves and this accounts not remained on the sidelines for, 34.50 only for the rapid run down of the moment. Future 24.40 those reporvet

but also for the 30 fact that the additional use of

Contract Ne

248 Lunsferable sterling has not yet | Supt. affected the price of it by the world's foreign exchange markets, some

Oct

Mar.

May

64.18 Fast Egyptian Karnaz Nov Dec.

SAO PAULO

dropped

Futures closings, in cruzeiros and young bolle da mat per kilo were as follows:

were put on, killing

all chances of a

Log Angelo, reported tho Top continued to make ex chlient-sprogress except in i Arizona:/: 3500th a

Replenish Holdings

27.00.

But

Diamond Alkali

Dow Chemicals

Dupont de Nettburs

Essenari Kodak 2004-201 || 21 Paso National Gas

Family Finanes Corp.

Ford Motor

Feneral Electric

General Thode

Sport

217140

Bept. 221 (H) 21816(L) Nov. MAT.

228 Frie Railroad

July

210%

Corn, No. 2, yellow

Molot

Spot Nov.

1011:

Dar.

May.

14212-14 14515

Lelty Oil

Glidden Co

July

Kyo

Sept.

Oate

Nov

Sept.

74

:Nov

Soybeans, No. 2, yellow

Spot Bept. Nov.

MAT. May Barley

Spat

130-140

New York flour

1401,

Goodrich (B. F. Co.

Goodyear "TYIS

Heyden Chomical

149-14834 tamsiake Mining Co.

16236-12

Ingersoll Rand

Jaland Best Co

Int'l Business Machines

Int'l Harvester

International Niegat

International, Papar

John-Manvile Co. Kanas C., Power & Light Kamecoft Copper

Louisviüs 20

NEW YORK METAL

FUTURES

New York Aur

26th Augus

Leaves Hongkong Die London

24h Bentéenber Kiai Geploraber 2nd October

"CARTHAGE" 19th October

"CHUSAN” Biri October

Via

Kingapore, Penang,

Part Bald

"SUNDA"

10th November 17th November

Aden.

Colombo, Bombay,

Lazdon

FREIGHT SERVICE

In Port

"SALSETTE” dna 27th Aug,

Sonder 13th Sept, *SUNDATM

"BOUDAN"

das 14th Sept.

from UK.

from UK

for Singapore, P. Swet- tenham, Aden, Hayre, London, Hamburg, Hote terdam, Antwerp d

Grangemouth

from UK.

"SINGAPORE" due 29th Sept. from UK.

BRITISH INDIA S.N. CO., LTD.

183 A HUNDRED YEARS OF SERVICE - 3000

"BANTHIA” dus 25th Aug.

from Calcutta

12 2012 Aug., for Jepara,

P. G-Q./B. I. JOINT SERVICE-

"URLANA”

"ITAURA”

*UMARIA'

fue Bird Auz, Kalle 24th Aug. Ene: 3rd Sept. salla 4th Boot

· due (Sih ́Sept: skils 10m Bapt.

suits Aith: Bept.

from Karschl & Hombay for Japan

from Harscht for Japan

from JapanH ter Singapor

“Madres, Colombo, Karachi Barrah, Khorramishabır de Kuwakk

Erbon Japani de Shanghai tor Bingapore, Penang. Tuticorin & Hombay,

AUSTRALIAN 5.5. CO., LTD.

8th Sept.

isidə

From Austrálsh

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