1956-09-26 — Page 9

THE CHINA MAIL, WEDNESDAY, SEPTEMBER 26, 1956.

TRADE and COMMERCE

Suez Blockade Would Cost UK

London Stocks Narrowly Mixed

London, Sopt. 25.

The stock exchange closed narrowly mixed in dull dealings today on un- ! certainty over the

Canal situation and

Suez

din-

appointing overnight action

in Wall Street,

Governavn

band port cough invertime

Lonel

00-

Fortune

Dollar

CHINA SELLS

STERLING BALANCES

By SYDNEY 5. GAMPELL

London, Sept. 25. Just what a blockade of the Suez Canal would cost Britain, the rest of Europe and Egypt is anybody's guess. But one thing is certain that the bill would be earrings Amit added up in dollars and cents and not in Alamosa, Caleve. Beras and pounds.

rosas to fill Old Consols

War Lnts by £4.

ta

to the industri 1 a jewe lected SOL

avourites,

responde IN WES

motably

Bowater, shed actions.

Belash

This combatel in welvoner 00

improved dividend prospecta

+

Oils open Flower, but pho¦ CHICAGO GRAIN

11.

#nail

stake Custment. 1 bay ng By the

tip toward

vida mot

vaches long.

1.

bem pared

Formga bende

WIT

falle

Dottur state recorded be uns am out of adjustment to me. night New York musket jetla,

Umic Press

Shell Associate To Build New Plant

Lotion, Sept Zá A new £1,750,000 plant the induction of styrene proj

ነ ▌ " as to be huil by Petro Chemicals Limated-an assorte

C the Shell Chemical Cam- puny

<

The plant wil be 4k Parting- In the Manchester Ship Kumk Bl

to be is expected pduring by 1958.

part of the

A consklerable 1land's output will go to Styreru

Prachtrol s Lirated

MARKET

fe

Just as when Iron nationalised Brifist-evente-lled Abadan 195 the question

SARGERS

25411 41011 +14+5

ו'י

ama problem 4 question tor odd is the main pro- muet Eurype ships through the Canal and val IN what Britain nd Europe will have by for with dediat stwould they de then du da amput en ont trem the Bure of Trace Pn.ted States and Venezuela m

stend at the and neid, <t te Middle Pist

Cineage Sept 23 Jahres were

mucks afely.

wheat

1 Comed tagnets

1

David HAIRSTY Try weather over large arvus of winter wheat the southwesterni beh, with must deliveries Trading

at new highs for the season

moved laher dutie Soybeati Laufey's pesalon on stort-covering wal higher poes for Novična ol foluits.

Wheat plegarek viza banget to of le cent, soybeans up 1ły to 2

Pure VITITIAN

Wheat. No. 2, red

Sput

WW

214)

2774

15174-** 154-**

In this epse

74

ww

brutt

HONGKONG STOCK

China Unlikely EXCHANGE To Pay More

For Rubber

(From Our Correspondent)

Business done on the Hong- kong Block Exchange This morning amounted to approxi motely $338,000. Noon quotations. and the morning's transactions:

Ungers Belleta

Abares

HANKS

an

Colombo, Sept. 25. Prospects that China | might pay

more for ils K Bank rubber purchases from INSURANCES Ceylon were described dim by Sir Claude Corea, Lombor leader of the recent

Cey- SIPPING lonese delegation to China, Wercks

Claude conferred with chinese cats on the existing

Sir

rubber for rice rreement be tween the two countries.

He said the entry of lower- priced rubber from Malaya unt Indonisin in the Chinese market

Ceylons DRESSILE

rubber inde ~ Ceylon, adjust

14: prices.

DOCKS, ETC

__ Whinef Dock Proxident

LAND, ETC HK H

IK Land

press

Really HUDDER Amala

Chinese delegation is ex- A preted in Ceylon sometime m

November for further talks on UTILITIES

Sir Claude re- Tram the trade puct. perted that China was building | Vatemati

network

Tyre which would noed large quantii-

rubber-Unded Press

»f them long-range. stand ut Britain

JO up to her ears dollar defit is the rest of this Century

יו ליירות

The loss of her would cost the Middle Past $1,000 million a year. man gue

1. the name-du- wenthe Middle Fast

Win Hands Down

no

Boat shound vent down in a battle of dollars. and vents between Britain and Egypt, Bri- -fan would win hands down Far me thing Brian's dollar 10- serves can hold out much lig er than

Egypt's--and presum- ably

while

New York Sugar Market

New York, Sept 25. World No.

futures +1 sugas closed today 1 post higher tal 3 points: lower with sales of two contracts,

Tel INI

INDUSTRIALS

1030

sajes

1010

15

3044 1610 10%2

47

รถ

# 20

3000 ZUA...

P30

$12 241,

300 M

TEK

35 30 14 20

900 15.50

300

15 40

23 * ואאה

SECTION

AUSTRALIAN-

WOOL UP

Canberra, Sept. 25. Japan was the largest overseas purchaser of Australian wool during July and August, it Wils disclosed today.

rooked

27,000,000

Kecond

Japan Look 33,000,000 poutide of wool valued at AL 11,000,000. Britain Wiln pounde worth

Australia shipped a total 118,000,000 pounds AL A £35,000,000,

A £8,000,000,

of

valued

A £5,000,000 more than the total for the same period last year.United Press.

WORLD

RUBBER MARKETS

New York, Sex. 25. Ta No. Res rubber future

act to day closed unchanged to 5 ports lower with -al-" et 45 centin."

Cheng prices

pants highres 1 30 peints lower

041, 451)

201

140 $475

Sp

31.03

Dec

1473

130

3000 14 35

1021

.

The pelit

C

23.00 23 86

31 25 N

vised 10 dala: to 20 potul tower with ic of a lot

t

30.00

Star Ferry

130

Now

3103

110

11

Jatt

Light ( 24.00

39 20

Mr:

Ex IND

30 13

12 1

Bis

Eleng

31 31 10

420

31.50

29 90

Tel. 01

240

Ju's

20.43

23

1000

* 24 JME

Sept

21

20 80 24,00

Standard

28 10 ntact closed 10

30 71

aith le itported

Metni

STORES, ETC Dadt v

1920 19:30

1300

300 500

10

Sept

Dee

312

10.30 May

11.20

JAN

200 10.30

Watson

13 IN

14

1000 13. 3000 13.0

ALLE

Lana Chaw COTTONS

2003

4.50

13

1000 or

3000 w

7:0

4.60 2000 ** 7.33

671

4.07

Cemen Норм

Textile

Comp Domestic No. 8 sugar futures, cloved unchanged to 2 points Nanvang higher with sales of 27 contracts. INVESTMENTS

Yooglaze Ir world rows, Holland was

Allied the meritid buyer of a cargo November/ of Dominican raws, Deet miber shipment, cents pound, tob.

for I-fined shipment. Futures:

Contract No. 4 (world}

at 3.30

Bolivia,

Prices spurted

Page

Wall Street Has

Worst Break

Since Ike Was Ill

New York, Sept. 25,

A brief but sharp sell-off late today gave the stock market its worst break since President Eisenhower's illness on June 8.

The selling, climaxing 29 cry Geral Mat ›rs 0an. Pub. Dig. of stendy but dull decline, Waetty Oli seen by many In Wall Street

as un tempt to pare prices to a level attractive enough sthmuînte new demand. Closing prie generally were above the although running dy's lows mor: than 3 points lower on the AB tending day in ume cases Eroups wage !+ !+

The on Wine 29 PATIN cene pa

fot The

the *"VER twelk hi the past 14 sessions Tight merry myl politier jet the list.

Volume pletce, ap lin. in the gesien

fler early tooling 2.100,900 h, 290,000 dullness,

nhead yesterday.

Tonding in the dr al halt heair 1 to 500,00

The market, with 1,187 issues appeling on the in... was the brendes ainet Augu1 21, Of the lotul. 863 wer: lower, only 153 higher.

Closing Prices

30 10

37,09

Alve ine. Aey

30.18

Allied Chemicals

20.00

Allied Mults Inc

22100

Aftle Chucdiners

20.40

the

start

American Airbur

when the London cables filed

she would have the support prilly bought 3.000 tons of OEEC MEETING try again

the

United States. Egypt whose trade was handled mostly in sterling, has already nad to eut her imports by near- ly a third because of the control which Brain impused

Atga

Oct/Nov..

American Cable +

Corp.

American Cyanamide Co Amer. & Forgn. Power Am. Machi. &F dry American Metad American Smelting American Tel & Tel American Tab. "9" Anscenda Copper

Allur Cor Mining Baldwin-Lima-Firen Baltimore & Ohlo Bendix Aviation Corp

to fully reflect the Monday de 445 | cũng and traders remembered that the Singapore market stil! Fuded at a

of around premium [.. 1 70 ́ Is cent of toen) parity

Reports of a broatier domestle. Inetory interest added

Annota To the better

but

mid- feeling afternoon price turned reuc- when the con- demand Inlied 10 worthwhile materialize to aTY Paris, Sept. 25.

cxlient.

Dealer hedging and re- The working party of tho

sell

by carly

buyter found Organisation for European pricus vulnerable. Economic Co-operation started o two-day meeting here to study how

six-netion Custom Union planned by France, Ger- many, Haly and Benelux can associate with other OEEC mem.

Dec

Mor

A11

Juis

Corn, No. 2, yellow

Spurt De MAI

12

112

of

J

148

147

Orl

Kyc

Mar

3.33 3.34

DAN

May

334

M

cwnrd

subsidiary

wholly Petro

Mar

July

J 30

Outs

Soph

: 37

+

products.

Centers Lanted--for the po duction of polystyrene moulding powders There are used in the The hufucture of

15"་་

944.

Spot-counts

Mar

Soybeans, No. 2, yellow

201

many plantle

The simple fact is that Baige pa reeds 2.5 million barrels of eng

day.

7.23

Contract No. 6

5.69

Nov

Mus

1.44

bers.

MNA

3.47

Jul

plant

abo

tit!

19

July

4.02

N

Sept

6 55

Nov

0 43

Spuf-trenta per the NY

On-turys

5.50

-United Press

الودا

1 34.451 Internation at Synthetic Rubber Consortium will draw substan- Barley

of styrene for i Sp

bal

quantither

tire már umeture

rubber at Fawley,

Antbelte New York lour

Mick

Further quamiiles are expect.

ed to be available to industry.

In general.

200 b

2425. 245-247

246

130-14

313 40 Water Pers

WINNIPEG GRAIN PRICES

Winnipeg. Sept. 25 Pures of grain futures closel

per bushel

At present United Kingdo production of Bonomerk!

reade from today

tellows

Date

styrene-which

ethylene and benzene--is nd sufficient to meet the

zalo

and imports

dollar

Qrens,

LAL

made

demand

from Ching Mail

Qvt

Det

781,

Mas

701.

Hye

Oci

BI

1205-

1803,

Special

Exchange Rates Barley

log AVAN

supolletal exchange market

Out

Dinne

the focal

this

Det May

Thưrming at the following talen

Flaxseed

US dollar (per $1)

Oct

Storing notes per £11

15.01

••

Australlum motor rper £11 Indubertus rapist thed 2001 Santical s D Blogapore (Strate

12.00

May

18:40

272

Egyptian sterling secount

Now Last year she linported 07 million totis ad I Through the Canal and a good estimate is that the figine would ve thercased to 150 million tons by .1050 and 350 million eus by

1067

An it, she would have ime ported about $50,000 barrels of oil every day from the Western Heinisphere alune,

Earn Dollars

Here Britain would fare best For the truth is the Britain

jwould netually stand

sutte

dollars-simply

to earn

because

וחייז!

The oll she now limports The Middle East bas dar

C-3 Comment

(or probably about

30 per cent) whereas the l she would have to import from

Vene- the United States and zuella has

a sterling component 30 (although not as high as

1077, 1029 14137

315

per cent).

200 2014

prices were

Canadian wheat “ina unchangst.—Unlled Press,

US Atlantic

Coast

Dockers Threaten Strike Action

Washington, Sept. 25.

While the shipping industry waits to see if the end of labour contracts next Sunday will cause an Atlantic coast dock workers strike, the National

ויאן

ધોમધક

One of the suggestions which the working party will consider is the possibility of a vast free trade zone in Europe.--China Mail Special.

New Crop Deliveries

Lead

New York

Cotton Advance

New York, Sept. 25.

i

Butner

In the spot market, No. 1 Rss was quoted nominally 31 % ernis à pound,

SINGAPORE

There was some fairly heavy quidation at the opening but afterwards the market steadied U# Arade

and support

short covering. continued

steady throughout the afternoon with gelers mere serves.

Future closings were: No. 1 rubber per lb. Qot. 89-80%

Nov, 0-0093

No. 2 rubber per ib Oct 881-881,

No 3

No. 4

Spot rubber unhaled Blanke! crepe

No pole crepe....

The mark

C. I. T. Financial Co p

32

Radia

14

14

31%

203

3012

Goodrien ib. F. Cũ Goodyear Tyre Heyden Chemical Blomtaka Mining Co faland Steel Co,

uterchemical Corp. Int) Blushiess Machities

vestes Internaticual Nickel "International Pader

Tel & Ti John-Manville Co. Kennecol Copper dggeli Meyers Tob. Co.

Lockheed Aircraft Loewa kiwords,

Lone Star Cemjast Ca

Lille & Nashville R

Lowenstein & Sons. Mesabi Iron Corp. Minnesota Mining Monsantu Chemical Co. Montgonicry Ward Natunal Cushes. "A" Motorola be.

National Dairy Pros. National Lend National Steel Corp. New York Central

O Mathieson Otis Elevators Owen-linols Glans Pocille Cinn & Eley. Pan Amerlynn Altway Paranse unt Pictures Penny J. V. Co Jean Balco Pistlip Ma Pineler & Gamble Co Pittsburgh Plate Olavs

Publicker Puckustries Pore Di

Indio Clage cetiani Reputdie Sterl

Heynolds Metal

Hello Co.

Batas Best Paper

Binclair Qu

Bovody Mabilo

Bouth Puerto Rico Sugar Southern Național Gas Southern Railway

Standard Brunda

(Com. I

Standard Oll of Cal.

Standard Oil of Ind.

Stankind Oll of NI

Sleep Rock

Bterling Drug C

Stokely-Van Comp

17011⁄2 | Studebaket-Packaiti Corp

7515 Awift & Co.

701%

17

30%

Texas Co.

| Tide Water Anm. Ol... Twenty Century Fox Film

1 Unton Carbide.......

Untun Pactße Railway

United Aircraft

9. Foll "5"

Warner Bro

195% ) Westinghouse Electric

West Va. Pulp & Paper Woodward

Wilted Press

Bethlehem Steel

1012

Boeing Alplane

V.S. Qypris

Borde (The) Co.

58

US. Line Cu.

Burroughs Add Machine

UB. Rubber

Cenadian Pacife R

335

IF. Smeltuis

Case (2. Co

M

VS. Steel..

Cal Tractor

74

Celance Corp.

Chase Menbat. Dank

321

Chrydder Mete■

Climax Molybden

Commercial Credit

476

Commcewentia Elas

|

Comalidated Eatson Contaiental Oil et Del Crane Co

40

11.3%

Çuben Amity Sugur

Diamond Alkali

5034

70

1931,

87

Dow Chemical,

Dupunt de Neindur,

Eastman Kodak

El Paso National Ga Erie Rareat!

Dee unquoted

Family Finance Corp

neral Electric Gineral Poods

8716-68

84-03

1-80

72.74

118-120

dull with

LONDON

WBA

spot quoted at 267% pence per Ib. 1 Prices:

No. 1 R sof

203.-27

Saltlement house nèm:

Nov.

2041-201

Dee.

20-1-204

Jan./Mur

2016-2031⁄2

Ape Jun

July/Sept.

General markela, cif basis, porta

5+2

Oct. Nav.

251-2511

quata 21-201 20-204

Cotton prices today faltéred after a steady | Erture esepe thin Oct. All is not rusy, however, y start then developed fresh rallying power with

new crop deliveries taking the lead.

off Egypt's derling hutting ceounts in London Britain has Jurced China, for instance. 10

PractieBy all deliveries from May sell cut its sterling for fear of a

March forward touched similar reprisni sume day. As a

new July

ન result, the Bank of England has, seasonal highs with the general Dec had to spend dollars fairly et finishing up 4 to 25 points. Mor heavily 10 support sterling The market optied up one to 4 [Tetal against

and other points. New Orleana closed up: foreign selling,

12 to 7 points,

Chinese

1

400

in cents per ib. as follows:

If all the all that now comes Revived buying interest re- to Western Europe through theflected a trio of factors. 1. De- Suez Canal were to be diverted partment of Agriculture reports around the Cape, it would mean describing the farm price that Britain, France and

the look

as bright despite heavy surpluses; weekly cron

2. The Government summary noting

Mar, rain damage in eastern sections and in the woke of the hurricane

rest of Europe would need about 56 per cent more tanker cap city. Here the long-range costs are dificult to estimate.

For one thing, Britain

Norway are great builders

thilek AMSTERDAM

The market was quiet. Prices I closed today in guliders per

<if Insis, kilogram,

Oct.. follows:

No. 1 rubber

2.53 buyers 2,33 buyers 2.60 buyers 3.33 buyers -United PreNA.

London Foreign Exchange

18,000

250,000

16,000

128,400

0,100

8,000

3,600

42,300

No. risber

3,300

$30,000 1,575, 100 bates. NEW YORK

No. 3 rubber No. crepe

Prices of futures closed today

Spol

34.5511

Oct,

Dec.

31.99

out-

Mar.

34.07

May

24.04

July

33.76

Oct.

33.13

Dec.

34.00

33.03

NEW ORLEANS

Prices of futures closed today

33.26

33.00

3140

34.02-04

35/2

30.10

33.07

.38,077

33.01

of Flossie: 3. Expanding activity in cents per b. as follows: the In the textile market — with ex-, that the long-

ships and would gain world's already overloaded ship- yards were to turn their efforts to the construction of tankers,

Labour Relations Board here complicated the china Mali Special. issue by ordering an election by dock workers to

choose a union organisation for bargaining pur-

poses.

led

Copper Belt

The International Longshore- the New York Shipping Associa- Workers Back

بادا

Association now represents | tlon Mr Finnegan asked

that

*

pectations

walted buying movement for the fourth and first quarters may be under way.

London, Sept. 25. Closing rates were: New York Montreal

Amsterdam

Brussels

Capenbareta

Frankfurt

Stockholm

Paris

ການ

2.18-5/16-2.78-7/10 2.72-1/10-2.72-3/16 10.6935-10.0331

130,40-130/40

19.33-19.34%

11.71-11.719

/14.433|-14.443%

Zurich

Coaster 12219-12211 Other were unchanged.--United Prime.

Future closings, in penes per New York Foreign

Spot

ઘાં,

Dec.

Mar.

May

July

the market see- Evening-up narrowly. operations in the October de

provided the main in- livery

No delivery notices jb. were ng · follows: peared. Realising and bodge Old contract

bell

Dec.

Mar.

LIVERPOOL

Oct/Nov.

Dec/Jon.

Mar/Apr.

May/June

July/Aug.

Now, contract

Oct/Nov.

Dec/Jan.

Mar/Apr.

May/June

July/Aug

Egyptian menitik

Nov/Dec

men's

for the nearby monilis hindered pler workers, but it has been work continue under existing

corty rallying tendencies. Salisbury, Sept. 26. challenged by the International conditions of employment. Ile

The

Government farm price Brotherhood of Longshoremen alt n satisfactory labour con- The African daily paid labour

statement

the bulld- the Amerien Federation tract can be worked out niter forgo is now almost back to nor- of Labour Congress of Indus- the election.

mal at mines on the Northern Up In surplus stocks of cotton

bo reversed in the current. trial Organisations, The Gov The ILA contract expires on Ithodesin

copper belt, .

„* ́ ̈| marketing year, and that buyers ernment agency decreed the September 30 and the organisa-

The turnout at Roan An-

dip into alocks of may have election inust be held in the don has threatened to strike talope, the only mine where riext 30 days.

unces a new agreement is a work dustie week-was..ncerly sled domestic, and export ed there was no general return to old crop cotton to ocel the ex- by that time.

demand, National

Relations no tout thông omictals sow little hopes Chamber of Mines spokes Open October contracts today Boned The Federal Mediation Direc that the bargaining elcelion man caist at Kitwe this morning totalled 100,000 baled. “The certi. tor Mr

tormout of surface dested, stock, remained of 3,251 urged that work on the dock present pact axpires. Pat continuo while the bargaining Mr Findogan has asked for about normal and that about 201 question is being settled. an assurance that longthoroinen per cent of the underground Moth **In telegrams een; to the TLA,¦ will stay at their jobs. -- Chius | Works fored was on duty --Cidna she: AFL-CIO Brotherhood and Mail Special.

Mall Special"

Continue Work

Labour

the

Joseph F. Finners NUMATA be Delistulag, before, this workers at Roen Antelope, wasj bajes..

100,000

10,800

C. BẢO Pula

28,20 24.05

04.07

24.00

2401

23.40

25.25

29.00

21.83

Future closings, in crizelcos

per idle were pa, follows:

Oct:

30.00

Exchange

New York, Sept. 26. Closing rates were:

Canadian dollar

30-day futurer

Swiss franc spot:

30-day futurce

$1.00-31/04 1.02-29/04

28331/

Others were unchanged. Üstlied Preis.

· LONDON" SILVER PRICES

London, Sept. 25. The price of silver, was quoted today at 1301⁄2 4 penco, per fide Niñez nyerego, spot price was ounce

free land"" "forward, tor lable.

Salon at 18 paritions (sgainst 78% pence for

boles, both portions previously),

United He

NAMESAKES

Answers-1 Species, 2 Heresy,

3 Mankind. 4 Origin, 5 Glands, 133 0 England, 7 Genesis, I Develop, 2010 Apes, 10 Research, 11 Know- La ledge, 12 Biologist, 13 Victorian.

Charles Darwin.

401

NOTICE

PAR EASTERN FREIGHT CONFERENCE

FAR EAST/GULF OF ADEN AND RED SEA PORTS CONFERENCE

SURCHARGE ON BASE RATES OF FREIGHT FROM HONG KONG TARIFF AREA AND SHANGHAI AND

NORTH CHINA TARIFF AREA

At the time the Conference Lines decided to impose a 16% nett surcharge, all the information available to them indiented that with the withdrawal of over half the pilota of the Suez Canal, there would be an immediate and severe reduction in the number of transits, with consequent heavy delaya and diversion of ships. A proportion of the Lines" ships have been diverted, whilst a much larger number of ships employed in the Australian and other trades have been routed via the Cape which has had the effect of reducing the number requiring transit of the Suez Canal to a level which the existing plot servico, has so `far managed to handle without serious delay or accident. Although tho Lines are having to meet additional expenses, including Wor Risk premiums, the great majority of their vessels hava con- tinued to transit the Canal without material delay. They are, therefore, now glad to be able to announce the suspen- sion of this surcharge forthwith us from the date of Ita Introduction.

The danger naturally remains that circumstances will call for the reintroduction of the surcharge without forward notice and the Lines, therefore, wish to remind Shippers that all quotations, cargo bookinga and engagements remain subject to the rate of mercharge (if any) ruling at the mic the ship begins loading at the port of shipment con- cerned or in the case of Through Cargo from outports, at the date of the Through Bill of Lading. -

American President Lines, Ltd...

Bon Line Stenmors Ltd

Cle. Maritime des Chargeura lounís, China Mutual Steam Navigation Co., Ltd., Ellerman & Bucknall Stonmship Co., Ltd., Glen Line Ltd. (Glen & Shive Joint Service), Hamburg-Amerika Linie,

Holland-Oost-Azie Lijn,

Lloyd Triestino, S.P.A.N.,

Cle, des Messageries Maritimox,

Nippon Yusen Kalaha,

Norddeutscher Lloyd,

Oooop Steam, Ship Co., Ltd.,

Osaka Shosen Kaisha,

A/B Dot Ontaristiske Kompagni (East Asiatic Co., Ltd.), Peninsular & Oriental Steam--Navigation Confere A/B Svenska Ostaniatiska Kompaniet: (Swedish, Eant Anfa

Co., Ltd.);

Wilh Wilhelmsen,