1956-10-24 — Page 9

TRADE

THE CHINA MAIL,

WEDNESDAY, OCTOBER

SECTION

·Page

Pipeline Wrangle Threatens US RUBBER Special Stocks Only

Jobs Of 2,500

GREAT LEBANON OIL PORT

COULD BECOME

POOR FISHING VILLAGE

Beirut, Oct. 23.

A wrangle over a 20-mile stretch of pipeline, which has been going on for the best part of a year, is now threatening the livelihood of 2,500 Lebanese oil workers and may reduce the prosperous Lebanese oil port of Tripoli to little more than a poverty-stricken fishing village.

of

HONGKONG STOCK EXCHANGE

(From Our Correspondent).

Busincs done on the Hong- kong

this Block

exchange morning amountod to op- proximately $500,000. Noon morning's quotations and the transactions:

Shares

BANKS

Bank on

WORLD RUBBER MARKETS

New York, Oct 23, The No. 1 Ras rubber future contract, closed 25 points lower with males of six contracts,

Doc.

22.75 Tho rex contract closed, un- changed to 18 points lower with kulcs of 40 contracts.

Standard contract closed un- changed to 25 points lower with no rūlts reported.

Nov,

Jan,

Mar.

May

July

Sept.

Buyers Helleru

Futes

Nov.

1020 1010 35 1030

INSURANCES

1000

43 431

30 43

DOCKS, ETC.

K. What

Duck

Syria

Provxtent

043b

13.10

100 91

10

LAND, ETC. HK Hotel..

3500 14.10

1 Land

134

14

300 m.

10 10

RUBBER Antsla Trunt

1.029

3.00

UTILITIES Tram Star Ferry.. Yumati

23.40

341

544

107

100

C. Light (0) 24,80

Li

20

213 @ 28

N

24 24,40

Electrie Macao E...

Telephone

23 23.10

2 20.20

Mr Salaam reiterated his pre- of having Bohind the prospect of massment personalities"

to makevious

that statements ofmado and continuing for unemployment

sme

**threats Lebanon's best

measures would support the Lebanon of extreme paid industrin]

with At the her

tho dispute

Irag workers, lies a struggle which against the Company."

if could affect the whole course of same time, it declared that Petroleum Company. Many ob- executed it would servers and newspapers here, future relationships between the they were

"guarantee Humphreys states

the mean "a suspension of the Com-however, view this oll-producing Middle East and the oil com-parry's operations in the Lebanon of support" with suspicion argu- mid the mis discharge of its ing that Syrie has only GT- bines of the Western world.

nounced that

would ROL not 2.800 employers."

permit the Iroq Petroleum Com- pany

to remove its present Installations from the Lebanon to Syria. They also recall that under its concession from Syria. lay the Company has a right

in as many

pipelines new Syrian territory as wishes to.

10

The struggle, a clear-rut dts- pute between the Iraq Petmicum Company

the Lebanese Governnien, revolves round how the profits from the opera- tion of two pipelines carrying 7,500,000 tone of uit a year from the Kirkuk oilfields in northern Iroq should be split.

the

Began Earlier

It began earlier this year aller Iraq Petroletam Company had concluded a new agreement with the Syrian Government for

the posaugo at tragi crude oil

territory.

through

Syrian Lebanon, with only 20 miles of pipeline, demanded a share of profits equal to that of Syrie, which has 263 miles of line."

The

Company

refused

to

Four days later, the first dia- missals were announced by the Company, which said that about 120 of its Tripoli employees, “the have drst group of those who requirements." been surplus to the Company's

had been dis- charged

it hinled At the same time, strongly that the reason for the dismissala was the switching of the new pipeline to Syrin. The surplus employees, it sinted, had been retained "in the hope that they could be absorbed in active

the employment when Com

in operations

Tripoli pany's

now mono extended” but that

"to abandon the Company had these expecalon plans."

she

(01 INI

STORES. ETC.

One newspaper quoted the Syrian Prime Minister, Mr Sabri | INDUSTRIALS Assall, as declaring that "Syria Cement would take no step which would Rove cause harm to the Lebanon" and "would not agree to any sug- gestion that oll pipelines be transferred from the Lebanon to Syria."

A delegation of oll workers from Tripoli has already called at the Government offlees here Intensive Survey seeking assurances that they will not be thrown out of work by the dispute. Acceding to usually well in- negoliale on this basis, offerint || formed oil quarters høre, the Many people here fear that

continues # formula which It claimed. Company his now begun the present_deadlock

hơn

Government and the would give Lebanon

cati-intensive survey an

of a possible and the matoct 568,500 a year in coya new route for pipelines through Iraq Petroleum Company refuse from their declared ties. It also announced plane to southern Turkey to the port of to shift iny a new 24-inch line from Iskenderon bypassing the positions, widespread unemploy- Homs, in Syria, to Tripoli, on Lebanon sitogether. It has atro ment followed by rioting

to occur in Tripoli. announced that its deglajon divert the new oll pipeline to

Economic Distress of Tripoli is Bandae instead

the Mediterranean coast, bring- ing a further 8,000,000 ton

of

oil a year through Lebanon and

giving this country ап extra | "definite and final" £800,000 sterling a year.

The first

may

Mr Soeb Salaam. at a press

The Company itself is under major blow was conference here, on the eve of

no illusions as to what

may struck by the Government here the Company's announcement of

breakdown the first last June after the

dismissal of Tripol happen. Iraq workers, of negotiations with the

The declared that

The Company has stated that of the Petroleum Company. The Minis- Lebanese Government was sill if the present policy

towards Lebanese Government ter of State, Mr Soeb Saloom, prepared "to accept any reason- who heads

continues, it is the Ministerial Oilable settlement" of the dispute. the Company Committee, succeeded in getting But he added a

to see any other result warning that difficut! Parliament to pass a low

the Government was not ready than a serious reduction in the posing taxation retrozcilve to

"abandon our permanent scale of the Company's existing

in this country- January 1, 1952, on the

rights in face of threats from the operations Petroleum Company and other Company."

which in turn will cause wide- and unemployment He also made it clear that the spread Government would stand by 215 economic distress in Tripoll."

China Mall Special

-

Iraq

under the

companies which, agreements, have been exempted trom

Income. Ascal and municipal taxes.

עם

Law Approved

This low was finally approved

by President Camille Chamoun Inter and the Iraq

a month

of

Petroleum Company was, called upon to submit a statement

of proflis

Lobanon.

Although

the

*

to

the Company' de- clared that the tax law was

violation" of exemption which it claimed it was entitled under a 25-year-old convention

with

the Lebanon, it rubrated

its statement of profits.

tax law.

New York

Cotton

Futures Turn Irregular

New York, Oct. 23.

Cotton futures today became irregular after

a higher opening, with nearby deliveries turning relatively easy.

At the close the list ruled off

Opening

Dalry Watson Emporium

COTTONS Tuxtile

INVESTMENTS Allind

10 15.20 0000 15, 20

2000 + 35

1.60 15,000 1.03 1,70 11.200 e 1 123

30

30 38 13.40 13.00

13.10 1820

13.40

4.40

200 N 231

100 108

300 31.75

500 23.10

32,00

31.70

31.10

30.00

30.09

30.15

A stendier London close act- ed to brace the local terminal market, but overall activity was slow and uneventful. Dealer switching of rex Mar- January contracts provided a iono Mature.

Reporetd refupad of the Gov- ernment agency to extend be yond 60 days as the allowable time for replacement of rubber obtained out of the stock-pile en rotation chame la Los com- ment.

ACQUIRES UK COMPANY

New YorkD61. 23% United Slates

Rubber

Oh, andeglaced: today<l): has

Northr British Habkowy Co, Ltd na mambo sidiary through purchase of a controlling_glock"in- Hêng in the Edinburgh

Rubber,, in. a,PROTNÍ financial, traumetioti,, sub- scribed to its share of one. million » säditional akarus io by North British and took the unsubscribed portion of the other 500,-

now.

090

alards. The sherds were offered to

stockholders for-strare sterling.

on share- basis

21

Pre-

Boos, Vico kidend sad. Ġeneral Mana- for of the now subsidiary. mit that the additional capital will go toward inancing

modernimatom progresant,

The involves a DX- petollfres of 83 miftion Over a five-year period, be added.United Press.

London Stocks Generally Steady

London, Oct. 23.

In the shipment market, re- ported small sales included Oct. shipment and sheet out of In- donésia at 311⁄4 conte a pound, curt and melight. Factory buy- ing in the delivered markel re- mained on the slow side. Spot No. 1 Res was quoted nominal-erally steady ly 32 cents a pound. 450 8.00

23010.20

Singapore

Stock Markët

Singapore, Oct. 24.

quoted the Brokers today following stock prices:

Opening Botu Lintang Rubber Co.

Ltd.

BLAS British

54/04.

Borneo

SINGAPORE

Who

Responded

On Wall Street

New York, Oct. 23.

Special stocka ~~~ many of them responding to individual news announcements provided the only features in a dull pre-election stock market today.

Interest in sibelds generally was marked by its absence as traders held to the policy of

has watchful waiting which been tho rule of late,

The major groups lost a few cunts on

in in- Average 0.32 dustrials, 0.62 in rails and 0.10 in utlilties and trading fell to 1,300,000 shares, compared with 1,430,000, yesterday,

cd

Chrysler Motors Camax Molybdenum

Colgate-Palmolive Co. Commercial Credit Commonwealth Elez. Consolidated Edison Continental Oil of Del. Crane Co.

Crown Zellerbach Cuban Amer, Bugar Diamond Alkali Dow Chemienia Tipent de Nemours

Batman Kodak

Pan National Gos Erie Raxiroad

The chief enthusiasm generat- was for issues such

is Family Finance Corp. Socony Mobil which went up a Ford Motor ..... point

extra dividend, General Electric

General Foods Pilzer up one on a new onti- General Motors biotic, and Norfolk & Western Gen. Pub. Uül, which held 1 point of an initially ou

Glidden Co. rise of 11⁄2 op its dividend in-Goodrich (BF) Cs crease and extra declaration.

A Few Rose

others

Goodyear Tirq

Heyden Chemieni Hoistake Mining Co. Ingerwoll-Rand Talon

Steel Co. Interchemical Corp.

resent Business Machines

ITE) Harvester Intexistensi Nickel International Paper Int'l Tel. & Tel.

John-Manville Co.

A handful of around a point to 2 points, in- cluding

General American Transportation, Lockheed, Werner

Lambert, US Rubber and Nerwich Phamareal. Out of a total 1,104 issues traded. however, Nigher.

191 were lower 344

There were some wide swings TEL stocis among the looding

groups, with Bethlehem off nearly a point, Lukene down 2 and inloed up 1%.

In chemicals, Du Pont rose nearly a point while Allied fell

ani

A selective mood help. ed stocks manage a gen-

appearance onc

Oils had gains of a point in on the London Exchange

Shell and Socopy Mobil, a loss today.

of nearly one in Cities Service, bonds Curtain

and Motors were favourite industrial shares were mixed по

Beneficiaries of new the chief buying interest. But British Government bonda and oil stocks were neglected and eased Inactive, fractionally

Thero

practically movement in the market today with business mainly confined to lower grating.

Factotics FacuDUST

No. I rubber

per Jb.

November

December

January

2014-9276 8244 935, unquabit No. 2 rubber per in. Nov. 809% 50- No. 3 rubber per lb. Nov: 87-88 No. 4 rubber per lb. Nov. 80-47 Spot, rubber unbeled Blanket crepe n No. 1 pale črepo *******

LONDON

from

Textlo shares helped the in- dustrial fist with gain running plast two shillings British Ahmindam added about three, and clectrical issues were strong In the forenoon

Speculative Interest in Iron 123-19.

Issues booster Pollst 79-10% Curtain

bonds 11 110

ád much as 2, while gains af about 1⁄2 came in Russian, Czech, Dantzig and Riga Hens Olls were quiet, with a few declines running

The market was inactive with spot quoted at 20% penco per $204 lb. Prices:

to

about

ΠΑΣΤΟΥ

New York Stock Exchango bond volume was $3,570,000.

Stock Exchange

American volume was 680,000 shares,

Dow Jones closing were:

30 industriala 20 raila

is utilities

to stocks 40 honda

Como future price index.

Comm, spot price index Moody's Andex

ny wages

Closing Prices

П

Alden Ine, Acy;

Suez Canal advanced to Adited Chesnicals

Allied Mil Ind. £61.

German and Japanese Mills Chalmers bonds managed scattered small American Airline 20

zains in an inactive foreign American Cable & Radio Corp. 201234|| section-United Press. 2012-2012

Syndicate

Consolidated Tim

Fraser & Neave Ltd. Ord Frases de Neave 75% cur

prať. Gammons (Malaya) Limited $2.15 Hongkong & Shanghai Banking

Corp, Hongkong Tin Ltd. Kempas Ltd.

$4.00

No. 1 R YOọt

2016-2016

Bettinent house terms: December

$560

Jurk/Mar.

0/-

Apr./June

$1.92

July/Bapt.

|

Lanas

Hubber Estates

0.00

Ook/Dec,

Malayan Breweries

$2.97-

General markets, ell basis, porter

New Serandala Rubber Co.

hid

November

$1.30

December

Petaling Tin Ltd.

13.45

Jastity

Raffles Hotel

$2.60

Estato crepe thin Nov.

Singapore Cold Storage

$1.00

South British

Insurance Co.

$18.50

$18.20 unavailable--Unitat Prest.

23.13 23.23

Ltd.

Sitmits Trading

Steamship United Engineers Ord. Wesno Bros.

• ex all.

Extate crepe thick Nov, ..

Amsterdam rubber pricts were

China Mail Special New York Sugar

CHICAGO GRAIN

MARKET

Chicago, Oct. 23. Grin futures were irregular on the Board of Trade today in feily active dealings,

Market

New York, Oct. 23: World No. 4 sugar futures closed today unchanged with salés of 38 contracts,

Domestic No. 0 sugar Autores. closed unchanged to 1 point higher, with no sales reported,

Activity was Ikulted: generálly pending further developments in the raw market, Futures –,

Contract No. 4. (world).

At the opening, most grains went fractionally higher politicol developments in Poland and continued dry Pricca of futures closed today weather in the southeast. Com

mercial houses were buyers of wheat and corn, and this in March 34,400

turn helped the oat position..

NEW YORK

6.

is ruled up New Orleans

to up 7 points.

2 to 8 points. as follows: closed, unchi bod

Spo

Dec.

Mar

May

of

Juk

Oud

Dee

Mar.

to off 2 points.

The Government immediately claimed that its statement was "false" and asrewed it for tax purposes at 48,000,000 Lebanese pounda (about 25,197,401 sterl- ing) profits. It then put in an Income tax claim for 21,000,000 Labanese pounds (£2,872,108) retronetive to January. a your

Spot house selling in Decem- im 1952 and called for the. position of a fine of 12,000,000 ber, estimated at upwards

and scattered (about 10,000 boles,

liquidation,

applied a brake on

to keep Mon- Asked to submit comments on early attempts

day's demands the Company

*Elly under

Jo way, Observers assumed a good countered at the end of Sep-1. tember by requesting arbitration part of the December, offerings as follows:

liquidation of long Against the purcham of cotton

Lebanese.

pounds

£1,388,932 sterling).

these

of the dispute which, it claimed, represented

It was entitled to da under la

Convention

1931

hedges the spot with

ment

Intended to ship- Lebanon

to, textile milim or ex- According to unofficial press porters. Moderate hedge-selling Mr Saeb Salaam was noted in the March delivery reports here, declared that there could be no above the 34 cent level. question of arbitration and that If the company failed to pay is Laxes by the end of November, It would be treated as "an on dinary tax defaulter and properties, seized.”

Hit Back

NEW ORLEANS

31.98

34.03

Prices of futures closed today

Boot

Dec

Mar.

May

July

Oct

Deg.

Mor.

LIVERPOOL

Resistance 14 nové. стор months continued to, be as- sociated with expanding exports ib. were as follows: plus the expected effect of the soil bank programme on next year's production,

Fabarés ; cleings, in perice per

DOL NOV.

The Government weekly crop New contract ELANIKATY, SAła, dolayod.picking of, remnant - cotton, in Atlantic, coastal plane. Elsewhere, har vasting of the remainder of the crop mado, rapid progress,

certificated, stock re. 'rdinéd až 2,630. balda,

Early in October the Iraq Petroleum Company hit bock and announced its decision to switch construction of its new 24-inch pipeline from the [

bonen to 6yola, carrying the all from Horse, to the Byrian port of Banda: Instead of to stan

The Company, declared, that it (had)ressback: kada - decisioni: 2

out..DE certain setiona

· Volume Open Interest

Taypline: Kamal (Nov/Dec.

SÃO, PAL.

35880 DER

May

July Beot

ola per low fob Cuba)

Contract No. 6

Shprily after the opening: spot-(col ball, profit-taking appeared ant prices declined. The dip, kowever, was small, and most arch contmotá remained new yes-May terday's close.

July

Boybetter futures, were. helped Nov. to.om cont; soybeans of Boat-fcents per ib. ̧elt Nyer to up 1⁄4 cents-United, Press.

CHICAGO. LARD. FUTURES

Chicago, Od. 23." Prices of larò futures closed today, in cents per la ns follows:

́ex-duty)

CODE

US Rubber

Consumption

American Cyanamide Co

Aaner. & Forgn. Power Am. Mach. & dry American Metat American Smelting American Tel. & Tel American Tod, "B" Anaconda Copper Armco Steel Armour ** Allas Cons. Mining Baldwin-Limno-žiarn. Baltimore & Ohio

Aylation Corp.

Washington, Oet. 23 Lovers consumed 117,550 Benguet Coat of now natural and Bethlehen Steel Boeing Airplane synthetle rubber in August ----

Borden (The) Co. more than in July but less than Burroughs Add Machine August 1955. The Cem- Canadian Pacifle F

Case (J. I.) Co. mence Department reported con Cat. Tractor

first eight Celanese Corp. the sumption in months of this year was 958,109 C. I. T. Financial Corp. tone, or 4.7 per cent less than Chase Manhat? Bank ********

month of last in the same your United Press.

Solar Aircraft Agreement

New York, Oct. 23. Solar Aircraft. Company has agreement with dersigned sales

of 3.56 Nissho Company Limited 3.24 Tokyo, under which the latter will.bell several categories of Solar products in Japan, Harasa, the Philippines, Hongkong, Thal-. - Indonesia, and South Horea Reuter. **

Prose

New York Foreign Exchange

New York, Oct. 23,

Cideftig rates were:

England

others

19/15..

United

Exchange Rates

LONDON SILVER PRICES

NEW YORK METAL

FUTURES A

York, Oct. 23,

futures

New Yo

closed today in cents per 1b. as: follows: LABE

Tin

15.100 15.100

LONDON METAL

PRICES.

when head Worldon: Oct. 28.

Ftoday

400,06

161.44

171.78

55,68

02.07 102.10

Kan C. Power & Light Kennecott Copper.. Liggott Mayors Tob. Co. Lockheed Alreratt Loews Incorp. Lone Star Cernerd Co. Loulaville & Nashville R. Lowenstein & Bone Membi Iron Corp.

Minnesota Mining ....... Minion Development Monsanto Chemical Co. Montgomery Ward Motorola Inc. National Cash tton. National Dairy Prod. National Lead National Steel Corp. New York Central Otis Elevators

Owen-lines Glam Bacilla Gas & Elec. Pan Amertones Airways Paramount Pictures Parke Davis Co. Penny J. C. Co. Philip Morris Procter & Gamble Co. Firsburgh Plate Glam Publicker Industries Pure Di...... Radio Corporation Republic Steel Reynolds Metal

OIL CO.... Saint Rog. Paper

Sinclair "O

Sony Mobilot!

Puerto Rico Bogar Southern National Gas Southern Railway (Com.) 16342 Standard Brands

Standard Oil of Cal. Standard Oil of Ind. Standard Out of NJ, Sterling Drug Co. Studebaker-Packard Cury, Swift Be Co.

10% Texas Co.

931

Tide Water Aam, Oli

515 Twenty Century Fox PIM

33% Union Carbide

23

Union Pacilo Railway

United Aircraft

| U.S. Foul "11"

U.S. Gypsum

34a Line Co. 20UB Bubber

UB Smelting

1801 UE. Steel....

Warner Bros.

T3 | Westinghouse Electric

73

03

251

West Va, Pulp & Paper

10% Woolworth...

United Pres.

NAMESAKES

Answers: 1 Antarctica, 2 Evans, 3 Pole, 4 'Trek, 6 Diary, 7 Amundsen B 6. Huskies, Sledge, 9 Discovery, 10 Explore. 11 Expedition, 12 Oates.

Captain Scott..

TYPHOON MAP

with revised codes in force as fron

1st April, 1956;

$500 MOUNTED

$400 MOUNTED

South China Morning Post