1956-09-05 — Page 9

THE CHINA MAIL, WEDNESDAY, SEPTEMBER 5, – 1956,

TRADE

and

COMMERCE

Meeting The Growing Demand

For Oil

MILLIONS BEING

SPENT ON

NEW REFINERIES

Coal, oil, atomic energy-the past, the present, and the future. This is how an oilman puts Britain's trinity of energy sources into perspective. And if it is extravagant, it has, too, an element of truth which gives it more than just an air of validity.

#2

Oilman

accustomed thinking in leiths that, to lesser mortals,

extravagant. uppear

big

A ready market exists for these middle distilates, but

Dry

20-

farvet airu involved the tuetten of mere petrol, the de- Alenand for which is intrensleg af

newer rate than that for di titlates and fuel ott.

Everything about pil Whole couml;les. Live frin revenues. Shifts in the flow of oil and its derivatives con vitally affect the international accounts of half a threen

mujor trading notions.

Briain owes more then mens to the ollmen and their thanks big ideas. Since 1045 more than £200,000,000 has been sport ou the construction

consumption

U.

The

petroleum products is Britain ba doubled since the end of the war, and the demand has been more than met by the new Ins stallations. But oil has not been Involved solely Britain's

The oil companies are insving awaiḍs ụ xuduķion of these prob- tems In varying ways. They are (also considering the essential ex- the rising de- parujan tọ meel mand for all products

Already This your Brush Petroleum have animnunted that hey will expand the Kenl_10- finery on the Isle of Grain at a By wt of nearly £20,000.000.

In 1957-58, the is completion annuat throughout will be in meating creased from with

4,500,000 tons to corpanding needs of

BP. had pre- energy; a surplus has been avail-.000.000 tons.

to stall new venly decided plant at an estimated cort

£6,500,000 10 produce 130,000 lons of aviation gasoline a your at the Kent refinery.

able for export, and since 1903 15 has annually surpassed in value Britain's traditional

export of Kont

J

An Aspect

In the circumstances prevalling after the war the expansion of the home refinery Industry, which As only an aspect of the British Bel

whole. industry is

FREIGHT INCREASE

Colombo, Sop!. 4.

A freight agreement fo- day imposed an additional 10 per cent incregno, In charges on all

outward

shipments from Japa to Ceylon, effective Och the

The reason given for

surcharge was to give shippers an Incentive

to Accept cargo for Colombo. Most ships now by-pass of the Colombo because delay stilps.

In turn-around

The Increase

of

In added to the 20 per cent surcharge import on Aug. 10.

Trade circles expressed the opinion that the freight rate increase from Japan "Is Just going too far" gnd that the reason given does not Justify the boosk Uplied Press.

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

Umon Leinbaru Wheelock

Duck Provident

Esso will probably extend their capacity on the Fawley refinery. This year they have put on stream

£4,000,000 hydro-pockS, KTC former--the first to be built at K. What a British refinery which is

101 high-quality petrol Unit now The mahi pource of high-quality petrol h;1 been the cai-cracker (the fluid catalytic cracking unit), which | Humphreys procesies heavy gas oli,

had

new

evident alienatites. It provided

་་ on abundance of hydrocarbons for fuel and chemical purposes with a seving in foreign currency. and made mizable contribu tion to the general cffcet in the export fald,

a

An important subsidiary gnia came from the expansion of petroleum-chemical

The United Kingdom,

Industry

B

and the

source

Higher Quality

JI

Bales

Cotton Futures

Show

Strength

New York, Sept. 4.

Post-holiday trading in cotton futures fea- in far forward de-

tured independent strength liveries.

Realising pared extreme gains up to $1.98 a bale but the list CHICAGO GRAIN closed net 1. to 14 points were higher. Opening prices off 8 to up 13 pointe, All deliveries

forward from July roached now seasonable highs. New Orleans closed up 1 to 38 points.

MARKET

Chicago, Sept. 4. A sharp bicok in soybean prices led to welling in other

| the grains and the entire grain list Vlosed lower on the Board of Trade Loday.

Mc lavourable weather news from soybean producing arcus nate indo confident that the bon

this year will be e стор curd one as predicted. Septem- than + bor prices dipped more cents. A Lower vegetable oil market also had an effect.

Wheat elcyed off 4 to % cent: soybeans oft 23% to 4 cents. Wheat, No. 2, red

Mar

tואנה

SECTION

Australiă. Not

Depreciating

The Pound

Canberra, Sept. 4. Treasurer and gofing

Prime Minister Bli Arts

Fadden unid today Australia. had no plans for depreciate ing the

pound sterling

axainst thrallan pound and the dollar.

The

question of de- preolation deserves no cun. sideration whatever," Bir Arthur said in a denial of reports that depreciation was being considered.

Sir Arthur also denied reports that he would visit the Unlied States soon fa negotiate a new dollar less from the International Bank—United Press.

WORLD RUBBER MARKETS

Prospect for a sharp cut in Government's September crop report due next week- plus the expected impact of the soil búnk on next year's crop, and the possibilities for a higher loun rate, brought a resumption

New York, Sept. 4. of investment buying and cover- ing in the late matthe,

The No. 1 Rsa rubber futures contract today closed 10 to 140 Nearby deliverica lagged, ❘ points lower with sales of 88 1bouring under the weight of contracts, Closing prices were: October liquidation and น

13.03 further small Increase in tho First notice cerilnosted stock.

wll be Supt day for October 24, The отрасля position in October today totalled 212,700 bales.

The certificated stock increased 94 to 3,074 bales.

A trade publication estimated the Sept. 1 crop prospect al 12,585,000 bales compared with a previous figure of 12,723,000 and the Government's bales

18,552,000 August estimate of hales.

The sharp cul was associated with the unbroken drought in west along with exceSSÍVE

the

high temperatures ned dryness

in central sections.

General ruins In the future would check deterioration and improve prospects In some ocas, but the survey said some cotton has been Irreparably damaged and rains now would be of no help.

Sept. Dec.

32.00

Rex contruct closed 40 to 125 points. over contracts.

with sales of 16

Sept. Nov.

Jon.

Mar.

May

July

Sept.

32 23

31.00

30,70

30.10

20.10

28.40

Standard contract closed 60 to 125 points lower with sales of 9 contracts.

Sept.

Dec

Mar

Mor

July

Supt.

31.50

31.00

30.50

1.80

28.63

Page

Wall Street Stocks Make Comeback

New York, Sept. 4. Stocks rallied smartly again "today with in-. dividual gains running to almost four points,

The post-holiday session daw more than 1 bil- lion restored to market valuations which had been whittled down by a series of losses last week,

Counting Friday's gain the only one recorded last week - the market has jumped more than 3 bulion in the past two sessions.

General Electric

General Fooda General Motor den, Pub. Vill Getty Oil

Glidden Ca.

Goodrich (B. P.) ̈EK Goodyear Tyrę, Steele, metals, aterafts, chemliteyden Chemical cals and oils paced the market | tomelake Mining Ca higher. But tho star per- Ingersoll-Rand

Inland Steel Co former was the railroad

Interchemical Corp. tion, which had been the Int'l Busings Atokines

Int'l Harvester market laggard,

900-

International Nickel

They moved higher most af Intentional Paper

Cenarcott Copper Liggett Meyers Tob, Co, Loews Incorp.

Lockheed Aircraft

Inți Tel & Tel the day but the rise really got | John-Manville Co. Into higher gear when the rails turned higher late in the day. Trading plcked up on the lobe rally and total vitume for the day of 1,700,000 shares was 170,- 000 above Friday.

Santa Fe

Santa Fe featured

the rails

Lone Star Cement Co. Louisville & Nashville . Lowenstein & Sons. Mesahi Iron Curp. Manesota Afiniry Miszian Development Monsanto Chemical Co. Micalgamery Ward Matorala ne. National Casti Reg. National Dairy Prod. Nations

National Bicel comp. New York Central Olin Mathic ca

is Elevators Pacific Gas & Ziệc. inois Glass Pan American Airways Paramount Pictures

with a gala of 14, Kana. City Southern ran up 19%.

Alcoa

9% in the jumped motals and Bethlehim the rame amours in the sleets, US Steel climbed 2% to $87%, à now high for the year.

Du Pont was strong in the Parke Davis Co. chemicals, running up 3 points to 8208.26.

Oils were an upside feature,

100. Gulf and Philips irked on more than a point cach, Auto stock firmed on hopes of a big sales year.

traded

or the 1,120 issues today, 402 advanced, 302 de- clined and 210 held unchanged.

highs were set by 23 New Terminal market traders reissues and now lows by 40.

Stock Exchange

Stock Exchange

mained in a holiday moot. Small

New York dealings were devoted mostly to bond volume was $3,820,000. September contract adjustments American

Ponny C. Co Penn Bait Co. Php Morris ..... Proober & Gamble Co. Psburgh Piste Glass Publicker Industrien

Pure Oll ...... Radio Corporation Republic Steel Reynolds Metal Shell Ou Co. 1. Saint Reg. Paper Sinclair Oi Socony Meblisil South Puerto Rico Sugar Southern National Gas

Southern Railway (Cam)

Standard Brands Bandard Oil of Cal. Standard Oil of Ind. Btandard Oil of NJ. Sterling Drug Co. Stokely-Van Camp. Studebaker-Packard Corp.

wift & Co.

Texar Co

Twenty Century Fox Film

Closing Prices

19

Tide Water Ann.

10044

Union Carbide

234

Union Pacific Railway

United Aircraft

8%

B. Gypsum

and intra-dialer switching opera volume was 670,000 shoreN, tions, with speculative accounts necr

also on both sides of the markai, Lower London cables and less immediate ision in the

Ionision Suez situation, plus the con- | Alden tae. Asy, of domestic Alled Chemicals tinued reluctance

Jona ABI Chalmers to go beyond American Airline buyers factory immediate in noods, weighed American Cable & Radic on market sentiment.

Shipment offerings from the Far East wera relatively light, but prices generally ill were above buyers fdeas here, Spot No. 1 Ras was quoted at cents a pound.

Corp.

American Cyansmide Co.

Amer, & Fer. Power Am. Mach," 82")

mory.

2(0)

Rept. 211

2201 22016-

De

May

July

220. Mi 2211 228-2241

Cern, No, 2, yellow

the Hong- Business done on

Exchange kong Stock morning amounted proximately quotations Wansactions:

Spot

this

Sept.

Dec.

to

op-

$100.000. Noon morning's and the

Mar.

15/1 145-143 13774-4 1423

May

1431

July

Bye

of

Huyers Neilers

Sept

Dec

1451. $40

BANKS HIK BANK East Asia

1033 ZJU

Oals

Sept

Dec

723% 70%-a

INSURANCES

000

Soybeans, No. 3, yellow

BUD

Sput

150

bepl

Nov

2:78n 2321-333 23216-232!

Jan.

D

Mar.

401

May

2402

13.80 14

Irity.

Manth

Volume Open interest

IK Land

LAND. ETC HK tes

130-140

Oct.

14,000 212,700

ปริ

15:40 15.60 ม

3000

18, New York flour

200 112 wack

14.000

508,400

$13,201

Mar

6,800

302,500

20

United Prem,

May

0,000

201,200

Really LUBBER Amuig

1.475

Juv

1,300

118,300

WINNIPEG GRAIN

PRICES

Oot.

1,300

60,700

1.45

1 40 1000

140

Deg

200

5000147

Toini

30,100 38,000 1,502,800 bales

UTILITIES Tam Xu

NEW YORK

20 00

bushet us

134

100

14

300

Prices of futures closed today

1500 g 24 30

as follows:

23

Dals

1003125

Oct.

Spot

34.4in

Dee.

701%

Oot.

(N)

24.90 28.20

23,00 24 10

200 24.00

May

784

Deu.

44.85

MAT

33.81

280423.90

Mhy

33.00

Ryo

No. 1

89-00

Cat. Totor

0722

London

Det.

132

Juty

3340

No. 4

811-82

Coloncas Corp.

14

New York

Oc

INDUSTRIALS Cenical

STORES, ETC Dairy Watson

Lake Cras

CUTTONS

Dec.

132

Dec.

Spot rubber unhaled

02-9210

C.LT. Finawedal Corp.

..

301

37 100 i 31

May

130'-%

Blanket crops

73-75

Chose Manhat. Bank

44%

60414

Montreal

Amelordam

No. 1 palo crepe....

134-330

Chryder Motors

Brunosla

Burley

Climax Molybdenum

73%

Frankfurt

Oct

1001

13.90 18.10 12 30 12.09

29,00

Colgate-Palmolive

Co

Paris

295 12.30

Dec.

1023

Btockholm

200 13.30

May

102.

as follows:

4196 Zurich

Flaxteed

Others Treas.

Out.

330

Spot

28011

Oct.

740

288-284

Dec.

United Press.

Mar

INVESTMENTS

May

Yangtze Allied

Q a 60

July

4.08

5.00

Oct.

Dec.

The new und will produce an Star Ferry.. even higher quality of petrol by Younati

C. Light (01 24.30 processing the raw petnud obe Light (N) 21.00 design and building experiencetained in the primary distilla Eletrie

Teleptica acquired during recent years has tion of crude oil. Bllowed British manufacturers lo compole with

foreign concerns The hydrofouner is an example i Telephone on more equal terms in the con-of the off industry's struction and equipment of the maintain

world's onning

An industry

Important

an

efforis tu balance In refinery production. It will increase the equally

subsidiary available amount of the highest effect has been to kap the quality petrol without requiring over-all Inerrare in the shipyards working a high pres- Bure to meet the imperative de-quantity of petrol produced; and of i will enable the throughput mands for now tanker fleets.

Out of an old industry, which the ent-cracker to be adjusted, so before

the

was mainly releasing some diesel-type fuels Nanyang WB.I engaged

refined marketing

to meet a growing market de- mand. petroleum products obtained from oversees, has emerged this vast

There have, too, been skyni- industry whos present slature is a tribute to British Inficant advances this year in the gully cod skill, with a large petro-chemical slice of American "know-how,dustry.

new

The Industry has now reached

side of the oll Ezno

spending are £9,000,000 in the next two yearu to increase petio-chemical out- More than

a point where the major post- war expansion plans have been put fcm Fawley, compried; it is pausing, as it half of this will go to the In- stallation of a new plant to pro- were for a stock-taking ond contemplating

great advance.

mother

Compromise

Oll refining la never more than a compromise with nature. The snow crude material, which being brought to these UKs in tankers from many fields, variou widely in physica!

properties and never

new

c an

Singapore

Stock Market

use butadiene, a petroleum gas, which will be fvd into a

Singapore, Sopt. 5. ko built

Brokers factory sccn to

today quoted Edjacent site by the International flowing stock prices: Syntheti Rubber Company

Those wifi Balu Lintong

Co. formed by Dunlop. be Britain's first major rubber-

Britan

Petroleum plants and

Syndicate they are from-olla

Consolidated Tin Smellers expected to save about $30,000,-

Ord. 000 a year.

Frater & Neave Lid Ord. Fraser & Neava 71% entri

But the Eno plant will pro- contains ingredients duce, besides butidiene, other

materials such in proper proportion to

to satisfy chemical

ethylene, propylene, and buty-

these 1023. From

gases 11 *$

of products is called, is a constant problem. amazing diversity

*** | can bo manufactured, made con- Efforts STU

an ever-cherging market.

Thus "refinery

balance."

الدابة

Rubber

Borneo

Winnipeg, Sept,~4. Price of grain futures closed today in cents per follows:

Dec. May

1600

New York Foreign

Exchange

New York, Sept. 4. Closing rates were; Canadia England-official

SINGAPORE

towards

Futures were:

The market was weak steadied

the

33%

American Metal

American Sinelting American rel & American Tob. "B" Anaconda Copper Armeo Bten) Armour

Baldwin-Lima-Ham.

Ballinare & Chlo

but Bendix Aviation Corp.

close, Benguel Cans,

Butchers Steal

Boeing Arges

No. 1 rubber per lb, Sept. 824-8215 | Borden (The) Co.

Oct. 835-92); Bumougha Add Machine Nov. unquated Caridian Paolile R.

No. 1 rubber per lb. Sept. 90-boļš Cano (31) Co.

31

6312

V. B. Lino Co,

U.S. Rubber

U.S. Smeiting

UB. Steel

Warner Bros.

Westinghouse

Elcotric

West Va. Pulp & Paper Woolworth

United

#

London Foreign

Exchange

Were

NEW ORLEANS

Prices of futures closed today

LONDON

The market was Casy with Commercial Credit spot quoted at 27% pence per Consoldated Edison

lb. Prices:

Commonwealth Ilso.

Continental Old of Del. 274-2716 Crone Co

Crown Zellerbach 276-2413 | Cubes Ainer. Buster 276-2014 Diamond Alkali

--Dow Chemicals 1234 Dupont de Nemours 20-2011

Eastman Kodak

2546-254 21 Pare National Gas borts: Erte Railroad ......

Family Finance Corp., Ford Malar |

NAMESAKES

Answers: 1 Crusade, 2 Israel, Caliph, 4 'Warfare, 6 Richard. Scimiter 7 Campaign., Saladin.L

LIVERPOOL

35.73

No. IR spot....

33.34

33.00

Settlemen! house term October

13.08

November

Oct./Dec.

Jatzfar.

Apr/June

July/Bept.

General markets, cit

September

October

2016-281

25.05

Estate *Twp thin Estate crono thjok Bapt." unquoted

Press.

Future closings, in pence per November

b. were as follows:

| Oki contract Oct/Nov.

Doc./Jan.

Mar/Apr/

unofficial 30-day futuron Do-day

1.02 3.70-5/16 2.00-2.02 2.9734 2.70-20/30

May/June

July/Aug.

New contract Dol/Nov.

Dec/Jan.

Mar/Apr.

717-8/10

May/June

July/Aug.

2.7016

.02001, .1455

0020

"Zealand South Africa

Poiglum

Denmark

2387

Egyptian Karnak Nov/Dec.

SAO PAULO

Future closings, in cruzeiros

per kilo were as follows:

the

R

Opening New

$1.00

#7/.

France

287-

Germany

$2.03

Halland

.2613

Italy-official

.00101

$5.00

Norway

.1404

December

Hongkong k

Shanghai

Portugal

0300

March

Banking Corp.

£600

Spain

32333

Mey

13

Hejuana kân 146,"

b/20

Sweden

.1034

July

Kempes Ltd.

$1.85

.Switzerland

2334

ал

Lunk Rubber Estates Ltd... Malayan Breweries

.00

Egypt

2.00

$2.00

from

Now. Biriadah Rubber

Iran Iraq

015

$1.70*

Turkey

Rames Hold

Argentina

40

Singapore Cała Storage

$1.45

South British Insurance Co.

Lid!

Olivia

Chile

.0315 .0560 d00107 00204

133.60

Siralle Treding Straits Bicamilly “ Wearne Broo

$5.00

Colombia

4010

$14.76

Cuba

Mexico

,0002

$3.00

Peru

0820

• exdly. China Mali Specią),

Uraguay

24125

Venezuela

3003

Indi

3:068

Pakistan

to develop equipomt washing powders in altonenware. Petro Ti Lid.

timally that will to some exiant re- adjunt the proponticus of refined

obtained from products

crude oil..

the

Dutch-Shell

Pairoohémicals, Lid. one of United Engineers ord."

Distillation is the first and the Royal Dutch Shall group of most important step in refining, compsele, are ako expanding for it separates the oil into its production of ethylene and pro-

darivatives

their component parts, or fractions pylone.

ませ

but A cannot change the beelo Partington" plant, nos Man-

proportions fine to

OF

the products. This

Scotland Grange

This chester, and in Scotland

Lid have started

Exchange Rates

to be done by "cracking"s\/mnos of detergant alkýlala. | unómotel" "exchango · ́market

Brazil

Formors Hongkong Indonesia

Singapore Japan

10.70 12.09

Business was done in the local £1,000,000 Grange-morning at the following rates

17,8. dollar (per #13) ALABA sterling noteser £1), "..... Australian notes-(per 1 Indonesian rupiah (par 1001

am deal (per 100) Singapore (Etraitei pref-forma

breaking down the large malocules of heavy petroleum at their dructional *und • by building up mouth factory. Previously there (reforening) the smaller mole, has been only; apa, UK, source Into, heavier frollens of of this raw material; now: In- culer Hydrocarbon alle. In this way party will no longer be necessary, the supply of aviations pleitor and is expected that an ex use turbine furl can be augments portable surplus will be gyall.

but it involv

the crifice ello, of other naturally occurring

110 (e not surprising, in view of products and there is clearly a zimi ta the amount of liggling" the vest -alus ogni ba-derasi

'cun; be, met

expansion, that the oil inkhand.

nos the fulitre with coinole condence)

Chuted to

equiv

CHICAGO LARD FUTURES

llowaj

37,30

34.40

81.50

The average spet price was unavailable. Sales totalled 35,070 3375ales United Press.

.0028 United Press,

LONDON METAL

FUTURES

London Geptank... Pelow of "metals, closiect, today: int per long lớn h

London Stocks Quiet But Steady

London, Sept. 4, Stocks managed a steady. appearance in very quiet trading on the London Ex-

New York Sugar change today.

Market

Now York, Sept. 4.

Announcement of a drop in.

and dollar Britain's 'sold reserves just before the close had little egect on the market, Oils and base metal shares World No sugar future generally improved Royal today clorod unchanged to 1 Dutch added about. 1⁄4 sterling point higher with sales of six fa" highlight (its - group, whis dontracts,"

gins of a shilling at jeg came in Burmah...and – Briigh Fetroleum

Domestle No. 8 sugar futures closed unchanged to a points lower with po sales, reported.

fres:

Codileset No.:'4 (world).

Selective buying brossfit ad- VANDER in gold - shares, and Tonnera, tended highe

SMALL DECLINES Industrials closed with smal decline in a majority,

dle managed

nds held

TYPHOON MA

with revised

$5 MOUNTED

from

00

South China Morning, Part Let