1956-11-15 — Page 9

THE CHIN MAIL,

TRADE and

THURSDAY NOVEMBER 15, 1956

CONLMIERCE SECTION

Page

Mexico Losing Opportunity HONGKONG New York Cotton

Bonds And Oils In

Drop In

London

London, Nov. 14.

British Government is- Butes and oil shares

were

off sharply in generally

lower dealings London

today.

on

the

Stock Exchange

Oil Business

EXCLUSION OF FOREIGN

CAPITAL LEAVES

INDUSTRY SHORT OF FUNDS

Mexico City, Nov. 14.

Observers in Mexico, reviewing the nation's petroleum policy in the light of present world conditions, find a growing Medium and long-term Brush feeling here that this country is missing a golden opportunity

Government fell

Trvels for the year.

to

now low

to get on the boom band waggon.

Mexico.

once

the

1

The major points for the 1957 expansion which will cost about 50,000,000 dollars are:

world's barrels a day announced for the Traders in uils took advantage 이 the new trading account second producer of oil, nation-liye-year plan which begnu

to unload holdings for used the industry in 1938 and 1049, period raising funds in seder to pity adoptre a petroleum code which thel

contnál, exclades foreigners. different <1%

Inst

Today, production is less than mamah inenta

chiting the

in the early half what it wax Berount.

high und 1920's

Imports of

pru- petroleum Royal Kide, refined This pressure foreved Dutets tlown 15. fish ducts represent a big expendi- Petroleum nearly is and Burmahture of dollurs.

North }}} inore Chun 14. American

werk Oil shares strong, however, with Canadian, Eagle up 24.

Sorne of the leading industries enjoyed tile recovery in the lart half-hour with most closing fractionally lower. Rolls-Royce was an exception dropping 3

PAVE

Petroles Mexicanos, knowe as Pemex, under the direction of Senator Antonio Bermudez. bus annnanced severul big expan son programines in recent years. But as project after project falls short of is announced goal, becomes Increasingly obvious

Mexica tans E24 that necessary capital

Modest Target

WORLD RUBBER MARKETS

New York, Nov. 14 The No. 1 'Reg rubber futurės closed 80 polita higher with sales of 218 contracts, December

STOCK EXCHANGE

(From Our Correspondent)

Hongkong Stuck

Exchange

noon quotations and the mom- ing's transactions;

Sharto

Buyers Sellers

Antes

BANKS 35.41K Bank

1600

210

0.00

Inte

The rex contract closed 23 to East Asia 69 points higher with sales of SILIPPING

Wheelock 256 contracts,

November

Janusty Matth

May July

september

November

The standard contract

25 to 55 points higher,

Decuber

Marchi Max July

Heptember

November

Rumours that Russia requested volunteers, and

25.25

3500

31.83

34.49 DOCKS, ETC. 34.90 K. Whert 33.70 Ruck

33.10 LAND, ETC. closed! Hotel 1 Lol

33,50 Realty 34.60 RUBIEN 34.2) Kimzala

#f

Futures Resume

Rise

New York, Nov. 14.

Cotton futures today vigorously resumed Tuesday's rise, making gains up to $1.45 a bale, carrying spot December and new crop deliveries to seasonal highs.

Day trader realising and spot house selling in March shaved the extreme" gains at the close. but the list all finished net 7 to

10 243

0,00 1000 @ 6,00 100 a 125 3701 22 points hig

higher, The market 350025 opened up to 20 points. New

23:

250 **

Dec.

33.63

Mari

33.01

NEW ORLEANS Prices of futures closed today

follows: Spot

33.60

Dee.

34.34

Mar

34.20

May

July

Oct.

Dec.

MBT

Orleans closed up 3 to 19 points, Continuing Middle East un- certainties, pointed up rumours of in Egyptian request to Mos- cow for volunteers in the Suez along with expending sales, and operation of the soll bank programine, gen-lu. eraled most of the price-lifting

14.00 1000 14,00

mod's conflict.

export

01

300 42

1.40

0000 15

500 20 2500 or 30

power, buyers maid,

Exporters and texille interests bought nearby deliveries, Wall Street wire houses were leading buyers of new crop deliveries. Offerings in the March delivery at the 34.25 cent level, emanni- ing from leading spot interests, acted to slow the rise in inter dealings,

1170) UTILITIES

3340 Trom

70

330 41 22.60

31.00

600 22%

Egypt

has Star Ferry

to and in anti strength of

141

10

100

C. Light (01 23.10 23.40

1000 or 23.40

100 100

21.74 304

1000 210 dar 2015

D10

24

35.

200 IN

87

100

301

13

14.10

1415

500

1000

MISCELLANEOUS Ch. Enl

13' 1000

050

17% 725,000

13.00

5000 or

0.03

rather than a business. Payrolla are padded with people who

no work or service perform only draw a salary. Drilling rigs in the field are manned by crews of eight and ten men

a list of other commodity Ele where

markets plus renewed, threats three or four are required.

Tel. (0) 1. Catalytic cracking plants

Senator Bermudez, whose job of a dockworkers strike tomorrow Macan E

unwieldy night boosted prices to higher INDUSTRIALS for the refineries at Aizen-f is to keep this

level.

Cement ptzco (Mexico City, Cluded machinery in operation, has been Madern. Salamanca and Minalit-saying for years that on in- Wall Street commission house Rope

price

structure is buying, along with short cover- STORES, ETC. crease in necesary. But since Pemex caning.

through Dairy WIS supplied become on explosive political hedging against seceptances of watson issue, the price line is maintain shipment rubber. ed.

Brokers reported a fair-sized | Vibro business done in one sheets for INVESTMENTS

Varustaze December arrival at 34% cents Allied a pound, tundech, Four sheets, Dee. arrival on named steamers, moved at 324 cents, landed.

lun

2. Enlargement

refinery.

und

mo-

dernisation of the Poza Rica

3. Completion of lubrication plant at Minalitian,

the

4. Construction of wizvorption plant at Pemex, Tabasco,

از

Gold and copper shares im- proved, foreign bonds

Latest Pemex pinns call lar a ground with Chinese and Ger- 1pinaluetion of 300,000 barrels a Inited day in the near future", a more

กา30

Press

SUC

lower

1712 dem forget than the 400,000

Fails

Wall Street

To Hold Late Rally

New York, Nov. 14. Word that the United Nations Middle East police force has been ordered into Egypt brought a short-lived rally into a lower stock market inte today.

Pelves wey** boosted sharply fourth hour with early in the oli share leading the move, but

there was II todioow-thre ugh and closing lowes privoded to 3 points or Norv

Chrows Mid, lidening Calkate-Page Co

Tenith Fies Consolid stack. Pettson

me resale

Continental Cid et Del Crane Co

Crown Zellerbach

4.33

Industries were down paints in their average while rails lost 1.11 und utilizes 0.05. Out of a lots 1,154 issues trad- ed, 054 were lower on the day,

268 higher.

compared with 2,140,000 terday.

Cuban Anet. Dugar

Diamond Alkali

Dow Chemica}4

Dupont de Nemours

Kastman Kudak

El Paso National Gas Erie RailroaŬ

Family Finaner Corps

t

..

Trading picked up with turn- ! Ford Muier over touilling. 2,280,000 shares General Electric

yes- General Foods

General Motors Gen. Pub. Gety Oil Glidden Com Goodrich 19. Pl co Goodyear Tyre ileyden Chemical Huntake Mining Co

apoll-Rond

The international oils despite, thetr

brief whirl on the news from the Mideast, closet with losses of 20% to $109% in Gulf, 1% to $89 in Royal Dutch.

Steels Lose

Steels had not losses ranging

Inland Steel Co.

Int'l Harvester

5. Extension

ان

Take 260 Years

1 AUN

The financial status of Pemex Ciudad is a well-guarded

secret. No balance sheet has ever txen

Flat Government! The The Kas published. pheline from Reynosa neid budget sheet shows hundreds of and llons of peses expended un- Monterrey. Saltfo

der Ure Hem of "investments" believe and some people here that some of the is earmarked for Pemex,

Torreon

In addition, Pemex expects to spend about 18,600,000 dollars on exploration and geological work

MARY

Governmen! officials In 1967, company spokesman

privately admit that the situa sald.

tion in the oil Industry is un- Nevertheless, qualified oil inen 112 consider that even the 300.000 satisfactory, But since this in-

surrounded by 13 dustry is slightly barrels a day target

emotion the patriotic optimistic. President Advifo much

date

is still "economic Inde-

Riz

Cortines. In state of the nation

30

33.00

33.60

33.01

LIVERPOOL Future closings, in pence per

were as follows: Old conitact Dec/Jan. 20,00-03

New

contract

Mar/Apr/ 20.10 May/Juno 23.43

July/Aug. 25.45

Oct/Nov. 25.10

Det/Jan. 27,00 Mar/Apr. 23, 45 May/June 25.10 July/Aug.

Oct/Nov. 28.03

SKYpuan Karnak Nov/Dec

40.00

SAO PAULO

in cruzeiro: Futine closingpa.

Dkt.

Mar.

per kilo were as follows;

May

37.00 unginted 39.00

Oct.

Tomorrow

The New York Colton Ex-

Bureau today 48.30 change Service 14.20 estimated domestle consumption 13.20 of all raw cotton in October at July

bales

unquolen

is a holiday, ne

In the US the average spol price was 33.25 cents, Sales Totalled 93,044 bales.

-United PAY,

with compared 797,000 bales used last year.

of use Daily rate

was 36,300 prices. bales

with compared

32,000 baler in the previous month and 36,000 bales in October last year. The Government weekly crop

Nov./Dec. ship CHICAGO GRAIN summary said harvesting of the

bark, ment, moved of 22 cents, cost nul freight. No. 1 Rss spot was quoted at 35% centa,

SINGAPORE

The market was

quiet with dealers owaiting the United Stales stockpile rotation policy

zlatement.

++

remainder

15,100

was

across

1,300,000 bales

Prices of futurea closed today

of

PRICES

Chicago, Nov. 14. Prices per bushel in cents: Wheat, No. 2, red

Spol

the crop facilitated by a freeze practically all of the main beli from November 8 to 10.

The

certificated mained at 3,305 bales. Month Volume Open

stock

TC-

interest

Dec

49,100

282,100

Mor.

44,000

387.000

230

MAY

22.700

232,400

Dec 230

237

238

July

13,800

118,000

Biar

Oct.

19,400

128,200

May

2445

Dec

10,100

78,300

July

229-220

Nar

2,200

Sept.

230

Telal

161 300

Corn, No. 2, yellow

Spol

Dec.

137-1371 1001-74

NEW YORK

Mai

as follows:

May

July

1461

Spot

Dec

Sept.

Mar

Rre

May

Dec.

1544%

July

Oot

Data

Dec.

703

Mor

90

Soybeans, No. 2, yellow

Spot

253

301-31

Nov.

Jan.

230

Mar

Nov.

Dec.

Jary/Bar

20-304 Apr/June

£3-29 July/Sept. Out/Dec Osneral marketa, cif basia, porta

30-30% 299,-36 2944-30

May

203-

July

201

unquoted Barley

Spot

New York Bour

zon 1b. sack

Future closings were: No. 1 rubber per ib. Dec. 101-101,

Jen. 101-101 of expropriation his annual celebrated 28

Feb, unquoted No. 2 rubber per lb. Dec. 10093-101% addresses-pendence day"-no one wants to No. 3

0934-09% I said that production in 1954 was

No. 4

20-901 253,000 barrels a day. In 1985, introduce measures which might

unbalca 101-102 ***Spot rapber

8334-8415 hurricanes In

Blanket crepe petroleum not prove popular. the

One qualified Mexican obser-

123-129 No. 1 pale crepe areas caused stoppages of work

LONDON which cut producion to 250,400 ver stated recently that he be-

as General: barrels a day. In 1956, it neves that as long

former Lazaro Cardenas (the creased to 204,000 barrels a day, Laz

The merket was quiet but administration | steady with spot President whose

unchanged at Great Fanfare

carried out The expropriation). 30% pence.

D

lives, there will be no funda- mental changes in Pemex,

Questioning The wisdom

No. Re spot

of Settlement houses tern In 1949, Pemex had announced

470,000,000-dollar expansion the present oil policy, an

oll! Dec. Steno Manuel A. programme for a five-year period engineer, which was intended to raise Hernandez, quoted in the dally declared production to 132,000,000 barrels newspaper La Prenza.

For from that Mexico's reserves pre equal of crude oil a year.

production 10 those of Venezuela but at the achieving this goal, 4414

* ឆ

447.

47'.

40%

120

33*

20

70.

12

501

205

50%

70%

1436

A few months ago.

Drtate crepe unquoted for thin

in 1954 barely reached 85,000,000 present rate of increase in pro- Jan

duction, it will take Mexico 200 ; and thick. barrels.

years to equal Venezuela's pre- with a

of 2,400,000 production great fantare, Pemex put on the sent market for the first time a 90-barrels a day. octane petrol called "gasolmez" Distribution of it, however, es well as of "super-Mexolinu"

miled tu a few of the major urbon centres, while elsewhere ! motorists have to depend on low octane "mexolina"

"is

of

Mexican ofetals state proudly that domestic consumption oll has increased from 21,862,000 1937 to 64,200,000 barrels in

Oil Is Politics

AMSTERDAM

The market Wis quietly Bleady. Prices closed today in guilders per kilogram, December as follows:

News that Venezuela recently No. sold 330,000,000 dollars'

oil of

rubber

worth No rubber concessions al Lake No. 3 rubber Maracaibo to nine United States No. 1 crepe companies caused some comment here.

"That is almost equal to the barrels in 1955, But, even in value of our cotton exports

80

Int'l Bisitions Machines

the

489

International Nickel

1041

1001

315%

International Paper

int' Tel & Tel

to 14 points in Youngstown John-Manville Co.

Sheet & Tube ut $10.

Chrylser lost to $71% and General Motors and Ford lesser

ints in their group. amounts

Sugar stocks reflected heavy demand for ruw futures, with Fajardo and West Indies up over a point cach.

New York Stock Exchange bond volume was $4,070,000.

Stock American volume was 820,000 shares.

Dow-Jones closing"" averages

were:

30 industriais

20

ale....

Moody's index

Exchange

10 utilitiew

63 stock#

40 bonds

Comm. falco pere index

Camin, spot price index ...

Closing Prices

Allen Inc. Key.

Allied Chemicala

ANSO, MAIL Inc.

4.Kennecott Copper

Liggeli Meyers Tob. On Lockheed Aftersal

Loews Incvfp Lone Star Cement Co. Louisvile & Nashville R. Lowenstem & Sons. Menabl Iron Corp. Minnesota Mining Mision Development Morato Chemical Co. Marigonery Ward Motorola Inc. National Cash Reg. "A" National Dairy Prod National Lend

National Steel Corp.

New York Ceniml

On Mathieson,...

4

and

21 this field, refinery facilities

(Mexico's number one export Salamanco modern Minatitlan plants are unable to item) for two years," one com

mentator observed. "And not a production drill has been sunk yet.

What keep pace with the of high grade lubricants de good will our oil do us 23 or 30 atomic manded by the nation's booming Industry, Imports of these liems ears from now when

energy will be the chief source represent considerable

A

ex-of power." penditure of dollars.

431

133

021

19

no

2109%

Slower Rate

here

130-140

$13.400 -United Press.

34.0311

34,34

34.01

34,20

33.61

NAMESAKES

Answers--1 Hispaniola, Schooner, 3 Bones, 4 Gunn, 5 Jollyboat, 4 Cook, 7 Hands, Flint, 9 Treasure, 10 Hawkins, 11 Skeleton, 12 Adventure, Battle, 14 Crutches.

Long John Silver.

Fly PAN AMERICAN world's most

New York Sugar experienced

Market

New York, Nov. 14. World No. 4 sugar futures 10- day closed 13 to 18 points higher with sales of 1,203 contracts. Volume was the highest for

WINNIPEG GRAIN session since Der 4, 1953,

PRICES

Winnipeg. Nov. 14,

when sales totalled 1,200 con-

tracts.

with sales of 35 contracts. cif

Prices of grain futures clored

in Canadian cents per

today

bushel as follows:

2.90 paid

Qata

2.80 buyers

187 buyers

Dec

3,56 buyers United Prek,

May

July

Ryc

Dec.

Mpy

July

Barley

Dec.

May

July

Singapore

Stock Market

i

Flaxsted

Dec

the

The domestic No. 6 sugar futures closed 1

to 9 points

Rapid and wide ductuations in world contract reflected Middle Fast uncertainties, pointed up by rumours of an Egyptian request to Moscow for volunteers in the Suez 6ghting. After scoring maximum gains up to 38 points, the market lost more than half of the gain under realising

and hedge selling. Futures:

толь

70*

17:5

140

1409,

14436

1037&

104

101%

Contract No. 4 (world)

March

308

May

3,64-63 3.03

MAY

July

3094-1 300

July Sept.

Wheat, No. 3, 100% cents;

No. 5.

144%

cents--United

Spot-cents per th. fab

Cuba)

Contract No. 6

3.07-08 3.57-63

3.55

March

May

July

Nev.

Spot-cents peří

NY ex-duty)

prof.

Limited $1.00 Guernions (Malaya) Hongkong Shanghal Becking

1050 Hoa kong Tin Kempas Ltd, Lumas Rubber Estates LAG.-6.80 Malayan Breweries

$3.00 New Berandah Rubber

Ltd,

$4.00

Nov.

New York, Nov. 14. Prices of metal futures closed today in cents per lb. as follows: [Lead"

1541b

Dec.

141b

Nov.

106.50b

Dec.

Zine

Nov.

Dec.

13.21b

Petaling Tin Lid.

Copper Nov,

Dee,

34b 34.15b

"---United Press.

NEW YORK METAL FUTURES

Singapore, Nov. 15, Brokers to-day quoted the Press, "One suggestion, put by An

following stock prices: old-time private oil man

Opening fa a Mexican official, is that the Balu Lintang Rubber Co. Ltd. "$1.72"

Petroleum to | British Borneo petroleum code be modified

Byndicate admit foreign capital to develop

Consolidated Tin Smelter Pemex officials base their hope

Ord or getting 300,000 barrels of oil offshore concessions while a day on the new wells at thining all land concessions for Fraser & Neave Ltd. Ord... 12.05 Macuspana, Tabasco, which, they Pemex. Such a move, he assert-Frer & Neave. 72%

would provide Pemex with od,

for say, have a daily capacity

ox- 20,000 barrels of light crude oil, much-heeded capital

while Immeasurably Other all men say, however, pansion

up the overall deve- that the flow must be controlled speeding

of

at a much slower rate, or thelopment of the Industry, wells will "blow themselves out prematurely."

re-

His suggestion was met with the reply: "In Mexico, oil is that polilles, One source commented

not business."-China "Pemex has been announcing a Mail Special. 300,000 barrel per day goal since 1940 and while they are de.

approaching

01 Anitely

45 figures

look like an optimistic estimate for 1957"

Orie Elevatory..............

BOY

102.30

Owen-Liina Glass

187.00

Paciile Gas & Elec.

47.13

Pan American Airwayà

120.57

Paramount Pictures

2046

91-73

Penny J. C. co.

164 0P

Philip Morris

150.78

Procier & Gamble, Ca

4396

Pittsburgh Plate Ofs

Publicker Industries

Pure Dil

2614

$ 7734

Shall Oil Co.

B5

021

Allis Chalmers

Binicial On

Baini Reg. Paper

17

of is

is fundamentally" that faced.

by all Mexican industry a few

American Airline

Bocony Mobil Oil

22397

American Cable & Radio Corp.

Fouth Puerto-Neo: Bugat

Sauthern National Cas

541 capital.

Amerioah Cyanamide Co.

Amer, & Torgn. Power

Southern Railway (Com.)

Am. Mach. de dry.

Steep Rock (Torontoés)

capital in almost

American Metal

American Emelting Am Supar Het. American Zyl & American Tob. "B" Anaconda-Copper

Asian Bone.. Ithing BakiwinLime Inn, Baltimore &c. Ditjo Bande, Aviation Corp. Dentitei Cons

'Alepland

Hurresite "Add Machine.

על

Radio Corporation

Republic Bleet

Reynolds Metal

Blandard Brackts.

84andard Oil of Cal. Standard Oil of Ind Standard Od •of 17, Stark Drug Co. situdebaker-Packard Cort SPIELES & CO

Tion Water Anm. Ou

Torenly Cantury Fox Füm 1319 Union Carbide

Unio's Prolig

167,VA U ENGyphan

Fu", kubber

30%

2011

The problem facing Mexican

22/0d

Raffles Hotel Bingapore Cold Storage 20 - $1.537 South British Insuranca, Co.

New York Cottonseed Straits Trading

Prices

· Oil

New York, Nev. 14.

of cottonečed - oll

| years ago lack of investment tulares, closed today in cents,

the nation's plan- per lb. as follows:

ners have accepted foreign Deo.

every other

fold, strey remain adamant on the oll rue Production

under

forelyn 1920' at 190,000,000 barrels a year compares with 95,725,000 Įkarkels today. "Exports of Foll Bavo... roisained almbat matic since expropriation. The country exported. *N976,000 barrels in 1687) compared with 25,000,000 barrel-lart/years and; 28,000,000 barrels the your botare:

Institution

Doublemin, the Gátly.

Jan.

May

“Bapt.

CHICAGO, LARD- FUTURES

$34.50

Steamship United Engineers Ord. Wearno Brов,

31825 $8.00

.exdiv.

Special.

DEVET

VANDONE METAL

PRICES

London, Nov. 14, 'Prices of metals closed today in sterling per longton as buyer mellers

New York Foreign follows

Exchange

Tinapos J-month Copper spot

Lood lat halt Nor. United Zine iki hale.

New York, Nov. 14, Closing rates, were;

Candia,

Olhoty · · Were

Press

unchang

London Foreign

Exchange

285 200 120 121 ∙110 11014-

sted Prese

'end of "today's 'service."

Exchange Rates

5.77

United Prom.

airline

to

EUROPE

and the

USA

- For reservations, call your travel agent or Alexandra House, Phone 37031,

Ay! Hong Kong

Peninsula Hotel,

Phone 64005, Kowloon

Pa diversen Field Abrissen, Ian, Innerpair of hud. an Mode of Apa York, U. Malay with titane Laundry

PAN AMERICAN

Let US handle

YOUR PRINTING

Too many proofs mean time wasted.

Wo grasp the point at the onset and

sufficói. ONE PROOF generally

After that, our upstordats automatic

prossos, make short work of the job.

your Let us quote for

requirementa,

SOUTH CHINA MORNING POST: PRINTING DEPT