THE CHINA
TUESDAY, OCTOBER 23, 1956.
Pare
TRADE
European
UK GOVERNMENT NOT RUSHING INTO SCHEME
onunch
Free Trade
From RONALD BOXALL
London, Oct. 22. Events have moved swiftly since Mr Macmillan revealed Britain's interest in the proposed European free trade area and these have served both to confirm the expected merits of the plan and to bring into discussion some of its not so expected demerits.
In Britain the Conservative inenwenith clots Party in conference
HONGKONG
STOCK EXCHANGE
SECTION
Area New York Cotton
Light Trading
On Wall Street
New York, Oct. 22. Stocks failed to break out of their narrow rut (From Our Correspondent)
today as trading fell off to one of the lightest levels Business done on the Hong-of the year.
Stock Exchange
this morning mounted
kon mately $365,000
to approxi- Turnover for the session at Paramount Pictures Noon quota- | 1,430,000 shares Whe 200.000 Parke Davis Co.
Penny C. Co. tions and the morning's transur- shares behltd Friday
one | Porn, Ball Co. tions:
or the alx smallest totals this Philip Morris
of agricul-Lanberd
at lateral products and foodstuffs and to be excluded planince these are dudno have discursed the
The arso far more calmly than mught from the free trade
preferentis) Arrange- No doubt existing have been expected.
ments would not be affected to this was partly due to the sh
But it notice at which the subject was any significant extent.
that thrown open to debate, but the lasuld not be overlooked
countries Conservatives quiet acceptance; some Commonwealth of the Government's intentions jare also exporters of manufae- Fensturing tired goods. The question that owed a lot to the
the platform: alises is whether and statements from
long manufacturers
that the Government well; not rush into the scheme or overlook Commonwealth intereste
Considering Plan
The Labour Parly miss appears
to be more concerned with safe
Were
There moving Individual
few
and
Procter & Gamble Co. Pittsburgh Pinte Glass wide-Publicker Industries fentures in Pure Oil.
Stadio Corporation slocks, and in bond trading on
Republic Steel
Shell Oil Co.
Saut Reg. Paper Sinclair Ou
| Socony Mobiloli
Thu exchange Polish bonds Reynolds Metal moved higher in active dealings on the news from that country Gains ranged around 3 poluts 19 Poland 6 (8 per cent) ut 1850
Warsaw and
425
1958 of than insenteri, mure
2 in the Poland 44% of 1983 assented,
Must features feeted individuuni
In stocks 10- news while
Youth Puerto Rico Bugar Southern Nations Gra Southern Railway (Com Steep Rock (Torontoer Bandar Brande Ptandard Oll of Cal. Sinndard Oli of ind Standard 01 01 N.J Sireling Drug Co
4.3
4314
ла
071
4240
332
Cotton SCRAP STEEL
Po Futures Narrowly
Mixed
New York, Oct. 22.
Cotton futures opened the new week with trading quiet and prices narrowly mixed,
New crop months rallied briskly for a time after a lower start, bút moderate hedge selling and realising blunted the upturn, although the list managed to show small gains most of the time.
Interests, com- New Orleans mission finuses and iveal traders deferred were buyers of the
the
Un
deliveries, reportedly expected Impact of the soll bank on next year's production and expectations that
December
March...........
32.20 NEW ORLEANS Prices of futures closed today
cents per cb, ha foldsw
Spot
December
and closer
March
May
supply 30 demand
be in may batonce by that time.
However, skepties questioning efflency of the poll bank thought cotton yields per mere might be increased sufficiently to offct the climbiata aertage, Government
Enyanents might
63
คล
75
the
40
5996
201
36
ער
be u to buy inmally large
for ust quantiles of fertiliser
Mant
July
October
December
March
LIVERPOOL
COMPETITION
Competition from Japan Has forest the price of scrap steel in Singapore to 360 Malayan
AL
record
dollars a ton, Mr W. T Tan mid-today.
Air Tan, recretary of Bingapore Steel and fron Mill Limited, all that Japanese echipetlilon might affect the production of Singapore's only strel roll- ing mill-Reuter,
New York Sugar Market
New York, Oct. 22.
World No. 4 sugar Atlures
33.33
2387.50
24 12
31.07
today closed
23.41
32 70
12:0
Fulures elo ings, in perice per
were as follows:
the contrart
Oct/Nov.
Dre./ion. Mar./May July/Aug
New entrnel
Oct Nov
Dec/Jan
unchanged to
polni higher with contracts,
sules of 100
Domnestle No. 8 sugar futures closed unchanged to 1 point lover with sales of 127 contracts,
All of the trading in world contract was represented in the posting of 100 contracta in September against actual sugar.
the
¿ yenu.
Ahares
BANKS
Buyer Sellers
Sales
3135 224118
Eat Anis INSURANCES
1125 1040 10 ** 1633 20 244
Union
Loca 4216
SHIPPING Wheelock.
X All
700
715
1000 4
710
DOCKA, ETT
K What
240
Dock
23 24
{rov
13 10
2005
LAND, ETC.
for how Hong-
In-
werr
HK Hotel
Land Humphrey * RUBBER ABui
Trust
Trai
Stat Ferry
10 40
no 18.30 1000 a 16.20
$71,1 on
remotal g nere.
24 17
This
traders
24 115
19 20
12
the
15211⁄2 1,07% 19,090 m
16.000+++ 100 170
103
2000
2385
141
145
Yanali
100
110
500 100
A Lagist
10 24.00
20
300 * 25
702400
air
pre-election which how pervaded 1.69 hesitancy
the market of late. Only two of the stocks used th the Dow- to much point-ternational Nickel Coust down 15%, and Atlantic Le, oft 1.
of
Bludebaker-Packard Corp. Swift & Co.
un
3
25 35
The
July/Aug.
23.10
Futures:
Texas CD.........
B81% market opened
Tide Water Avan, 011
3E%
Twenty Century Fox Film
point.
201
Laton Carbide
VEEA
of to up 1 New Orleans clused up 2 to 8 painis.
Esyphon Karnak
Nov/Dre
00:20
SAO PAULO
March
3.71
May
3.33
Union Pacle friway
Ju
Atlanta trade reports said in-
Future closings, in cruzeiros
July
3,34
Unitet Airenti
UN. Foll "B"
07
quiry for forward shipment spot cotton was smaller fast
per kilo were as follows:
September
week.
Dec.
$7.70
Spot(cents per lb. fub Caba; 3.94
4875
84
Light INI
681
203
for low
shipment
However,
demand for prompt was good,
Mar.
39.90
Contract No. 0
May
34.60
March
4.50
Inquiries
July
38 00
May ...
8.50
30.70
July
8.03
0.00
62%
mills Indicated
some
8.00
54
8.75
-United Pros.
in kung. Pakistan and India cunki compete agalmi European dustries onee the latter permitted entry into the Britishs home market on exactly equat Canada would also be terms. severely affected, though in her import question as tha Case
than
of
guarding special interests than guntas is more important in actively opposing According to a report,
the plan.
duties
support the plan subject it get Lain provisos
their rebotion
{
the
Danger
ארך הנייד
Electric Macan Telephone
W
200 gr 645 | the main 1st continued to move
23 40 23 00 1,000
12 2014 26 20
23.00
Jones averages moves
1524,20 1000 24.20
Industrials Down
on average,
ullities
Industrial
shares closed
INDUSTRIALS
C'event Hope STORES. ETC.
Dutry
free
34 THÔ Cold COTTONS
Toxtiles..... Nary MISCELLANEOUS INVESTMENTS
31 382 (3.20 13.00
13.20 16 40 13
500 37 1000 2 13.40)
700 15.30
down 0.83 town 0.32 and 0.02. Of
ralls down
tracked, 517
1,101 a total
Issues
Wene
lower,
347
14
higher.
(Ord)
90
wider-moving
440
740 7.05
18.00
4,00
II with
the concerning right of a member to direct ex-
There a danger, too, that ports to particular markets and
of a duty the reconstitution
prospect market in Britain for European European Payments Union.
manufactured goods might delay Both sides
are the Industrialisation plans of industry
ΠΟΥ also considering the plan and going ahead in many Common-
on the whole wealth countries. New industries vibro to be favourable. The Economic that could grow and flourish on Committee of the Tradew Union
seeking Congress is clarification from the ment before reaching
al compete on equal terms decision, but its views are un-their advanced European rivals, likely to differ much from those The danger of this is that the might be of the Labour Party loaders.
countries concerned Meanwhile work is proceeding forced back into the role of raw on the actual setting up of a material producers and exposed European free trade system. The to hazards of a narrowly based six notions-France, Germany, economy from which they are
Italy.
a basis of preferential market in Ailled further Briluin might never get past the Govern- starling
line if they have
with
B
Holland, Belgium and now trying to escape. Luxembourg-who are planning
to form themselves into a toms union met in Paris
Cil-
The Commonwealth
another Inst affected by
weekend to settle their principal difficulty facing the outstanding
10
2011 644 2919
Big Business
Not Affected
in Vietnam
also
potential
European
This con-
The
The free trade planners. differences, Special Committer which is concerns the problem of determin sidering methods of associating ing other West European
the origin
of the goods
countries entering the European free trade Singapore,
with the Union are in almost con-area.
Their report lant session. expected to be ready by the end
to
of the year and the countries concerned hope to be able
In principle,
make a decision
for or against, the plan
next year.
Next Year
Similar System
anel
Singapore, Oct. 22.
Consul Vietnamese
In Mr Phtim Kac
to- Rau, said in an interview
recently day trade restrictions unpared by the Saigon Govern- neral would not affect
big Foreign import and export firms.
Mr Ras said the restriction would only affect smull foreign retailers.
Among the
features. American Home Pro- ducia spurted 4 points Un a radio commanentator's
Up there
would be a three-for-one split. On the other hand, copper
stocks declined sharply
10
בלס
US. Cypsum
U.S. Rubber
UB. Smelling
1. Steel
Warner Bros.
Westinghouse Electric
West Va. Pulp & Paper Woolworth
WORLD RUBBER MARKETS
Iolated out.
Closing prices
cuted 132% changed to up 13 points,
כון
ሲያ grades increased
concern over the supply from the cur- геть стор.
cotton
Bales of California have not kept up with ginnings. leading spot interests reported. Because government classing offices have been under-staffed. However,
the report
added, additional classers are expected
arrive this weck. If the basis price for cotton holds, it was thought sales will inercase materially in that area.
The certificated stock incrcascu 20 bales to 2,090 bales.
Dec
metal prices, another cut in Losses in the group ranged 3 points in Magma, nearly 2 in contract today closed 20 points Oct. sales of five con Mar Phelps Dodge, around a point higher with Dec. tracts.
closed
33.00 In Anaconda and Kennecoft
traded. International Nickel fell 1%, St Joseph Lead 1%, Alcoa 1, Bridgeport Brass 14.
Volume on the American Slock Exchange 710,000 shares.
Bond volume on the New York Exchange $3,210,000.
t
The. rex contract closed un Dec. Mar.
changed to 20 points higher Terbal
Moi Ape
May/June
In the domestic raw market, there were no offerings of 1956
quota sugar reported.
Contract No. 4 (world)
In the US the average pol September
Sales November
price wus 33.18 cents. Întalles 274,058 Press.
baics-United
*
*
Spol-cents per lb. ett
ex-duty)
-United Prem
P&O B·I
E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO,
PASSENGER/FREIGHT SERVICE
Leaves Londen One Bangkang
Belled
*
New York, Oct. 22. The No. 1 Rs rubber futures | Month
Volume
Open Interest
+
500
UL.700
$14,000
+
24,900
415,900
Moy
32400
Judy
14,700
320,300 152,200
+
Ook.
8,000
100,0
+
7,100
900..
68,400 10.300
110,500 1,494,000 bales
with males of 16 contracts. November
32.40
NEW YORK
*
33.05
Cistwarda
31.10
Prices of futures closed today
31.00
In cents per lb. as follows:
"CARTHAGE"
33.4in
"OITUSAN”
30.05
Spot
50.15
December
33.Dt
March
33,04-93
May
34.09
July
*
33.78
31.80
31,50
30.95
JANULTY
March May
Dow Jones closing averages | July
were:
Industriais
20 ruits.
13
titles
C stucke
10 bonds
Conan. future price index
Comm, apot price Index Moody's index
Closing Prices
Under inperial preference ar- earlyranguments goods have to con- tain-and be shown to contain - certain minimum percentage
The Vietnamese Government of Commonwealth material
last month announced regula labour to make them eligible for
from creatment. tions barring foreigners Anriff preferential
Involves # complicated triding in fish, ment, cool, log, American Cyanamide Co This method of costing and account-piecegoods,
stringent as it is, metals, ing which, does not prevent the origin certain goods being called into question from time to time.
and diplo All this political malic activity has encouraged those who believe in the plan to hope that Europe will have functioning free trade area the middle of next year.
Д
by
But
now
the doubts that were originally
been resolved and others have the origin of goods would
felt about the plan have
now
been
debate.
introduced
in
ol
cereals and
NOT TO WORRY
Mr Rau sald: "Since most of
485.27
September
November
Standard contract closed un- 102.00 changed to 20 points higher with
43 01
172.08 00 Balcs reported.
92111
December
March
101.10 May 103.17
July
115.00 geptember
November
30.03
Apart from a steady under- tore, encouraged by cables, the
market lacked a special festure. Most of the business originated among declers and other trade Biterests.
Alden bie Ary. Allied Chemicala Allied Milim Allis Chalmers
183 0415
AJ
Ainerican Airline
201
American Cable & Radiu Corp
1374
2016
112,008
0014
100
735
scrap Amer & Furgn Power
Am. Mach & "Fury American Metal .... American Smelling Am. Sugar Ref. American Tel. 6 Tri American Tob. "B" Anaconda Copper Armco Steel Armour A Allan Cana Mining Balwind-ma+Hain. Baltimore & Ohio Fjendix Ariation Corp. Benzuet Ceni,
A similar system of certifying the businessmen in Singapore alse are only interested in doing big for the busness In our country, they do the have to be established
European free trade ares, Olher- not have to worry. They can attitude wise what is to prevent a man carry on business as usual." Britain's favourable
Importing semi- He said his government had pleased foolurer from towards the plan has
Anished goods from outside the imposed the restrictions to give Continent many people on the
a small amount of the Vietnamese people a "small but this pleasure has not been area doing
in their country's On one hand, it is work on them and then claiming share"
another economy-Reuter. that Britain's participation duty free entry into will offer the Threatened Ger- country inside the area?
unanimous.
felt
facturers going
to feel
abouil
man domination of European And how are European manu- trade--and this is particularly welcomed by the smaller states. competing with British goods On the other hand, fears have containing Commonwealth raw been expressed that the existence of the plan for a free wade area materials that were admitted to
to include Britain might weaken Britain at preferential rates the resolve of the six
nationa
of
duly7
will problems All of theƉO union.have to be ironed out
before ¤
who are planning the much more comprehensive customs
In other words a danger is seen European free trade becomes that the original plan, to breakfeasible proposition. down trade barriers in Europe
may be dominated by a mord limited scheme which arose out of it.
Difficulties
Might Die
bean born
Singapore
Stock Market
Bethichen Sleel
Bacing Airplane
Borden (The) Co.
| Surroughe Audi Bisenine
Canadian Poelfle .
Care 14. 1) Co.
Cat Tracter
Celanese Corp.
C. I. T. Financial Corp.
Chors Mantrat. Berik Charler Motors Climax Molybdenumi Comte-Palnative Co. Commercial
Elec Commonwent Consolidated Fuizon Continental Oil of Dei. Crane Co. *
Crown Zellerbach the Cuban Amer. Bugar Diainond Alkall
Singapore, Oct. 23, Brokers today quoted following stock prices; Datu Lintang Rubber Co.
Lid. British Borneo Petroleum
Syndicate Consolidated Tin Snelters
Ord.
་་,་tu*་་་་་་་་,
Opening!
$1.85
Dow Chemicals
Dupont de Nemours
El Paso National Goa
fiatures
proved alle dis- but had little market
October
33.49
12.70
Iron Curtain
Bonds Boosted
Kur
In London
London, Oct. 22.
influence. Ure last month of
tong
compared
with
117,656 tons in August. Septem- Speculative demand for be percentage of synthetic was Iron Curtain bonds high- 711 81.17 vs 60,70 per cent in August,
H
1359
ALA
DU
Shipment offerings continued lighted
an
irregularly
on the light side and rather higher performance of the
traders high-priced"
ald. London Exchange today. Domestic factory interest was negligible and limited to All-in Volume was needs. Spol No. 1 Rss was any Monday since May. quoted nominally 32 cents pound.
SINGAPORE
the best for
to
Numerous gains rushing
i come in Czech, Polish and Bulgarian liens, while the de- faulted Russian five per cents The market opened steadier of 1940 advanced about £%. on trade orders and remained But industrial Hen, öccount-
steady. There quietly
was led for most of the higher fcund some minor fleetuation through- | volume. These shares
out the day. Futures!
support, with Lancashire cotton 475 No.. A per tb. Nov. 33>9314
up more than a shilling. Gains Dec. 9214-03 Jen, unquoted in the "blue chip" were mostly No. 2 as per th. Nov. 013-02 between three and six pence.
Oll shares were quiet,
al- though
Improved petroleum about one shilling sixpence on
4033
20fi
113
190.3
No. 4
Spot rubber unboled
173%
Blanket grepo
No 1 pale crape
991
LONDON
DO-001
nots-67
031-13%
747814
118-117 hopca
The market, was quiet with
of a
higher interim dividend announcement,
were British Governmenta neglected, Old Consols were
20% spot unchanged at 20% per lb marked down £4 and War
Loon creed £United Press,
New York Foreign Exchange
Eastin Hodak
Erlo allroad .......
Family Finance Corp.
*20/84 $2.09 cxall
Ford Motor
Prices:
General Electric
5.No. 1 R spot
2033-27
General Foods
"Bellement house, term!
* M4.00
General Motors
Anti
Nov.
2071-2016
Gen. Pub. Utli.
309
Dec.
Getty Oil
Jan./Mar
Glidden, Co. Des
2016
Apr/Jung- miaka
Goodrich (D. P.) Co.
July/Sept.
Goodyear
750 Agen
Heyden Chemlest
Homatske Mihing Co.
deleted
Nov.
Ded,
2842-27
Now York, Oct. 22. Closing rates were; England official
301%
30-day . futuros
Do-tay futures
Belgium
New Berandah,
Co. Ltd.
Poming Tin Li
י'
4000
A/DJ
Estaice
0.90 $2.07 exall
11.80
Britain's insistence on a cour & Neove Lid Ora flous approach is undoubtedly Fraser & Neave 7117
cum. Þet | the right attitude. For If the | Gammons (Målaya) Ltd. $2.17
plan is put into operation before Hongkong & Shortghal
Banking Corp, stumbling Certainly the more ambitious every forosecubie
been removed Hongkong Tit Lia. customs union cannot come into block Hos
Kempaa Ltd. being unless the countries con- European free trade might die Lyber corned are prépared to submit. 10 in its infancy. And, that for its d far more outside control over advocates would be worse than Malayan Breweries their politics than any group of if it had never nations has ever, accepted before. London Express Service. The vialundry plan for an national trade charter foundered on the very rocks that are beginning to appear on the sur- face of the European Customs Union talke France is reported to be inblating that the other five nations bring their policies Into lind with her own in to gard to the number of hours in the working week and equal pay
inter-
LONDON METAL
FUTURES
London, Oct. 22. Prices of metals cldsei today
for womenUnies questions sterling per long toh mu
like these aro sellled is follows:
difficult to see how the custom
union osh function miccusatully. To
#trade arén
3-month
"There are dimicticios, too, con fronting the planners and several or theke Pandh will directly bordærn Comanot- Metekbk Interests. The bulk of Jaritalità importa from the Cord-
Zine sid
Rubl N Ilanies Hotel... Eingapore Cold Atorage Luz
British KULANCE Bouth
06. Lbd. Biralia Tradišk
United Koelbeer" "Ord,
Ingersoll-Rand
Int'l Business Machines
Int'l Harvester
Jellernational Nickel
Inli. Tel: *. Tol,
* Gemoral market, cit basis, porte
Out.
AMSTERDAM M
The market was steady. Prices closed today in guilders per South Africa kilogram, cit November as fol* Holland
International Paper
33.00
John-Manville Co,
$20.30 edeb
Kanwas C. Power & Light 244
$18.50 %, $4.50
$3.37.1
Kennedalt Copper ...
lows:
Hirgott. Moyer Tob. Co.,
No. 1 rubber
Lockheed "Aircraft
No. 2 rubber
No. 3' rubber
Woarne Brotina: Mi Special,
Loows Incorp/
Lone Star Cement Co. Louisville, & Nashville R.
NEW YORK METAL son
PRICES
NewYork Oct 22. Priede of motal nisures closcil beths) toding in winis por: ibi as folltvvi:
Copbe
Mobi Eron Corp
„Mirman6ta - Mining-
Misioci DİY
Monanto Chinleat
inbrots re
:
[ationa)
No. 4, crepe ;
witzerland 2.04 buyers Argentina
147 buyers Pery
'237 buyer's
Uruguay
$370-10/22 2.02-2.04 23.70-3/16 2.17
2.10
02013
2016
23
„2402)
**United Presi.
-United Press London exchange rates were
unavailable;
NAMESAKES
nywerk-1: Boxing. ↑ Gloves,
itain) (4}{Fightjes/Ring,)}
HERPAKSA B««Blow#, 310 America; 411 chi
Exchange Rates
18th October
8th November
***
12th Novernkey
7th November
19th December
"CANTON"
"CORFU"
Via Southampton, Colombo, Pensaz à SingaDOTS,
Homewarde
"CARTHAGE” 1st November BOUI November
“CTIUSAN"
"CANTON"
Leaves Hongkong
Dus Londo
8th November 16th November
3rd December
10th Decembe
14th December
14th January
Antwerp mouth
"CORFU"
Via Singapore, Penang & Colombo, FREIGHT SERVICE "BINGAPORE'londe 28th Oct, for Bingapore. P. Swe1. tenham. Havre, London, Rotterdam, Hamburg.
Grange-
duc
9th Nov. Frem U.S. loade 2nd Dec.
Je
for Bingapore, P. Sw!~ tenham Havre, London.
Hamburg, Antwerp & mouth.
from U.K.
Rotterdam,
Grange
+
*
"SURAT"
"BURAT"
+
#
"SHILLONG"due 13th Dec
"FINJARRA” due 17th Dec.
from U.K.
ALL VESGELS OUTWARDS AND HOMEWARDS BAVE
VIA LIBERTY TO PROCEED
SUEZ CANAL, CAPE OF GOOD HOPE OR PANAMA CANAL AT OWNERS OPTION.
BRITISH INDIA S.N, CO., LTD.
1888 - A HUNDRED YEARS OP SERVICE —~185#
from Calcutta "SANTHIA" doo 8th Nov.
il 6th Nov. кот Зарка
P. & O./B. 1. JOINT SERVICE
from Bombay, Cochi Colombo & Singapore for Japan
from Japan & Shanghai for B'pore, Pt. Bwetten- ham, Penang Re Madkas
"ISMAILA” due 31st Oct,
salls' 2nd Nov,
"OZARDA”
Let Nov.
safle 2nd Nov,
aup
EASTERN & AUSTRALIAN 5.S. CO., LTD.
"NELLORE" salta sih Nov..
"NANKIN"
sails 8th Dec.
For Sandakan," Stabinik. Brisbane, Bydney"kel-
·botiente de Adelaide,
for Beldakan," Rabaul, Brisbane, Bydney, Mel- brosirna de Assisidia
Ad vosseis have liberty to call at any postázku
er off the route &,tha route à palitég new subjoča, to change or amendmena" with, de" withras, mošlos
For full particulars apply teg MACKINNON, MACKENZIE 2 CO.
OF HONG KONG HIL Telephone Nos: 27721-4)
No comments yet.
Private notes are available after approval.