1956-11-20 — Page 9

THE CHINA MAIL, TUESDAY, NOVEMBER 20, 1956.

TRADE

aunch

SECTION

Page

ECONOMIC UNCERTAINTIES New York Cotton

IN BRITAIN

Little Attention

Attention Paid To Suez

Canal

Consequences

Until Political Tensions Eased

From RONALD BOXALL

London, Nov. 19.

Economic consequences of the Suez Canal closure have been given surprisingly little attention by the British public and press generally.

Until a few days ago near certainty likelihood of a further upward of petrol rationing and even jerk in the cost of living seemed unimportant alongside the overriding question of war or peace.

London Oil

Shares

Weak

London, Nov. 19.

on

A

to

oil forgoing

exports As the political tensions have ; and

activity un however,

Europe will amount to between C'used, the

11- €45 and 250 million a quarter front hus κακιστης

Thus has inevitably given rise Outward signs in this creased.

Gov- torpeculation about the were a sharp fall industrial

for buuressing shuure prices

the In

Londonerument's plans

At the moment Stock Exchange and a fruitless the reserves.

seems that the Government have sortie by the Opposition against the Government's economie no such plans. The fact is," said:

Mr Maudling, "that day the u policy,

of reserves it is essential to deal with temporary difficultion. Fac- ac- ing as we are with temporary difficulties, its not unreasonable

Budget Surplus

Worries over effects British production of

as one of the great parliament shortage of oil kept the ary occasions. stock market subdued, Mr Harold Wilson claimed that he Government's policies today with acattered buy-In the Middle East have aggra

altuntion vated the economie ing and selling.

which was already desperate. Mr Reginald Maudling, Minister that the of Supply, retorted

had general cenomic situation improved considerably before the Suez crisis and that it was

Oll shares were weak, toyni Dutch fall £% while Britten Petroleum and Burmiah were off up 104 shillings.

!

Bourse Reacts Sharply

Park, Nov. 10. The Paris Bourse reactød sharply today to the all shortage and now

Bovlet offensive thresta

Foreign, and especially French shares droppest sharply headed by chemi- cais and petrols. Етоп rubber processingE abares were hit; Kleber-Colombes were hit last 25 per cent. Gold and foreign CHF-

roney

market firased. Refined gold gained 1,000 fremon to Tino to 489.000 francs per kilogram (1.811 dollars.)—United Press,

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

MIDDLE EAST AFFECTS

WALL STREET

New York, Nov. 19.

The Middle East crisis held sway in the stock market again today, sending the list down in its sharpest loss of the month-a decline of nearly 2 billion in total valuations.

While stocks generally were lower, a few groups featured i with sharp gains the steely,! shipbuilders and coals primarily, all standing to benefit from a European oll shortage resulting Canal. from blockage of the Sucz

On the other hand, the inter- national olls were hard Chemical shares aluminiums, rubber slocks and motors also lost sharply. Industrials as a group averaged 8.11 lower, ralfs 2.30 lower and utilities 0.03

Of a Jower.

total 1,184 issues traded 682 were lower, only 280 higher.

Rails Down

Ralls were pulled down by i losses of 34 points to $48% H Ballinore & Ohio (reflecting dividend disappointment).

In steels,

2412 Lukens, a point gainer last week, soared to today ancther 18% points $100%2 Našes

100 ?? 244

Business done on the Hong- kong Stock Exchange this mont Ing amounted to approximately $300,000. Noon quotations and the morning's transactions:

Shares Buyers Neilers BANKS East Asia INSURANCES Union Lombard BEING

Wheeluck

242

D70

ta

.

653 G.00 1,10

0000 N 1.20 3220 or 1.1715

Dis v

1.20

1

14.

500 Fr 441

The latter will not go down to take a cortain strain on mir reserves knowing that we shall For the Oppose afterwards be able to rebound because fundamentally our trade and economie position is sound."

Measures

might which necessary to deal with a certain

of payments, DOCKS, ETC. long-term balance problem would not be app K. Whart prate in the present circum- Dock

(0) 13.10 13,40 Masters Rumments that the Gov- Prov

LAND ETX" ernment may

rnise the bank RK Hotel even devalue sterling RK Land are therefore given no credence Humphreya in London.

ira

the

Middle

Fort

On other had shipping shares į "unreal" to calculate the cost of continuert strong on the favour-events

on the other sble outlook for renewed ship without setting

lasting Building activity. Penisular and niche lite very real and

and damage which would have been Orlent were up shilling some of the maller compiles inflicted on the economy of our tuce 2 to 3 shillings.

Mr

netext

rate and

Limit To Strain

RUBBER

0.53

14 14.00 01,

10.30

300 0 42

XP 131⁄2 1 4215 25000 m 140

1,00

Amalg Trusi UTILITIES

I rates

Yamali

C. Light (0)

But there is clearly a limit to country if we had siot

the stain that the reserves ean decisively and in me."

The Chancellor of the Exche-withstand and although definite C. Light ladustrials were marked down.

Harold Macmilian, plans cannot be made at least with the exception of Roils. | quer, Royee which met stubbom boy. saw no reason why the budget until it is known how long it Just Aprit will take to reopen the Canal surplus predicted ing and gained a shilliq

Brilish Government Gre Suez Canal stock lost £12. should not be "largely walised." the British Governmenat Issues He put the additional experi-banking ahead to the time when

around £ Foreignture on "mildary arrangensente" "e

and danger level. bonds held quinly unchanged at between £35 million

£50 million. United Press.

eased

U.S. EXPORT

TO RUSSIA

Washington, Nov. 10.

US exports to Russia and her European satelites increased 13 per cent in the second quarter of this year, while imports from those countries rose three times as much.

in

PESUTVES

inight

sirik

Lo

shares. stupbuilding Among Nowport News added 3 to $84, Bath Iron Works 1% to $50.

Ford fell to $544. Chrylser | declined to $89%, General Mo- tors to $47% in the motors.

*4 New York Stock Exchange bond volume was $8,910,000.

American Stock Exchange

volume was 900,000 shares.

Closing Prices

Alden Inc. Acs, Allied Chemicals Allis Chalmers

American Airline

American Metal American Smelting

600 23.00 American Tel & Tel American Tob. "B"

Anaconda Copper

22.30

100 102

23 23.70

100 @ 2015 100% 3.10 23,80

INI

Flocfrie

3814 30.70 2000 23 30.10

100 30.78 3400 un 2016

Armettr

| Baljimore & Ohio

Macao .

9.10

Bethlehem Steel

Telephone

Canadian Pacific

(0) 23.80 24 (N) 21.00 23.20 INDUSTRIALS

100 @ 24

Chrysler Molors

Commonwealth Elec.

Cement

37

330

30

27%

| Consolidated Edison

13

Cuban Amer. Sugar

170 115

3000

1.70

Dupont de Nemours

Eastman Kodak

14.40

500 (24)

Ford Motor

13.JD 1

507

Gonetal Foods

30

42

i Rupo

| Metal 1.

STORES, ETC.

Watson

A hint of this was given by "But whatever happens," he

Mr Macmillan when h sald went on, is quite clear that

fiat the purpose of reserves wus there inust be

Wing On a serious

lu carry uver just such ten- jik temporary effect on our economy

porary difficulties

as we were } COTTONS and upon our reserves."

he continued:

Textilem facing now and Altogether it was not a very

Nanyang "Moreover our reserves have debate, but that no rotisfactory

very to the behind them

substantial doubt was largely chie

reinforcement which can, I be-, Government's inability to give n precise indicatum ut what theseteve. be brought into play. effects might be. Everything de

ends how quickly the Surz DAM Canal can be cleared of obstacles length-and strewn akong

until that wilt nut be known

the experts are able to assess size of the salvage problem.

Estimates

The rale of exporta to the Soviot bloe this your is less than four per cent of the volume of exports to those countries 1947. Imports,

As far as is known some 30 however, have climbed to half their 1947 level. ships are sunk in the Canal be sidcy 4) bridge. Estimates of how the second quarter (April, May long it will take to clear these and June), compared with al range from eight weeks to

Exports were 3.6 million

In

Arst

12

of these

The "reinforcements" that Mr Macmillan has in mind could be obtained by purchasing dollars from the International Monetary Fund; selling government-held securities; or invoking the waver on the payment of $104 million and interest on United States

which Canadian postwar loans fall due at the end of the year, however, L This last course, considered extremely unlikely.

Sum Up

Chase Manhat. Bank asked)

General Electric

Lieneral Motors Getty Oil

4.20 1000 4 4.00 Goodyear TE

7.90

Australia

To Produce

Cotton

Darwin, Nov. 19. Australia plans to be- come self-sufficient in raw cotton. And the money

Int'l Business Machines Int Harvester

International Nickel

Int Tel & Tel

Kennecott Cupper

Lockheed Aircraft

Loewn IngOTD

Lone Star Cemani Co. Montgomery Ward National Ch Itep. A National Lead ..... New York Central Otia Elevatora

Pacific don & Elec. Pan American Airways Paramount Pictures Pittsburgh Plate Glass Radio Corporation.. Republic Steel Siriclair Oil x-r Bocony Mobiloli Standard Brands

Standard Oil of Cal Standard Oll of Blanderd Oll of

for this new development Stokely-Van Comp. come from

To sum up, en the present project will

ad- America. Egyptian assumptions-as based on

mittedly inadequate knowledge

The lowest months.

(from an the estimates

source) is probably as optimistic

effects ore

even

Slutobakar-Packard Corp.

Swift & Co.

Текая Со Union Carbide

United Aircraft

in The moal 3,2 million quarter and 2.1 million in second quarter of 1955.

as the highest is pessimistle, -the immediate economic con- United States Ananeler Allen Union Pacific Railway Imports of 19.3 million in the

The damage caused by the sequences of Suez will be serious T. Chase, whose company. U.S. Foll second quanter of this year corn- saboteurs to the Iraq Petroleum but by no means disastrous. The Territory Rico Limited, has al-UE. Rubans pared with 13.0 million in the Company's

pipeline through

longer term

ready begun developing half a Smelting

US Sicel irst quarter, and 11 million in Syria Will also

take many more difficult to foresee, but million acres of rico-growing Warner Bros. The second quarter of last year. months to repair. But the prob- this much is certain; whereas land near Darwin, sald the plan Westinghouse Electric

The biggest expert Hems this jem hero is of a different náturs before the crisis we might rea- was for Australia to supply her- Woolworth year have been inedible tallow. Some oil will be able to pass sonably have looked forward to self with 15 million worth of seed corn, wool rags, and form through as soon as the pipeline the early prospects of some re- colton a year, replacing machines and parts.

self is mended-which will not taxation of the stringent men- entire Imports. The leading Imports have been take very long--but full flow sures taken to combat inflation

FREE GRANT meats, furs, precious metals and will not retam to normal until at home now these hopes wil

and jewellery, benzene glasa

the three damaged pumping have to be postponed until some photographie goods. Unitedplations are repaired and this as yet unknown future date.-

might tale up to nine months.

London Express Service. In the meantime Western

will not Europe

present

Press

on

her

Chase's companies have been of three- given a tree grant

30 quarters of's million acres miles from Darwin Water comes Adelaido

Chase Manhattan reckoning yo desperately short New York Foreign, food sects

Bank On Suez

New York, Nov. 19.

The Chase Manhattan Bank Bald today "acts of sabotage designed to halt Suez Canal and

the

not

only

of odl. Some Middle East

oil

will stili reaching It from the Persian Gulf and large part of its remaining needs can

be imported from America and the Caribbean,

Dollar Expenditure、

Exchange

New York, Nov. 19. Closing rates were: Canada.

$1.03 15/16 England unofficial

2.50-3.31 30-day futuros., 3.77% 00-day futures.. 2.7849

*United Press.

-Beiglum

which intersects the land. Cotton has already been pro duced here experimentally, and £26,000 is being spent on fur- ther research next year.

"After that we will be able to take care of Australia's needs," Chase

said London Express Service.

London Foreign Exchange Rates

Exchange

pipeline operations are similar What is contain, however, is to shots from a blunderbuse that arrangements for Importing oll into Britain to Choy

the ou clart harm intended victim but also the make up for lost Middle East a heavy bystanders."

supplies will involve "And they backfire too," said dollar cost. This will come about second largest in two ways. First, there wil country's bank. "For, when the trans be the actual dollar expenditure pariation of cil is slowed, pro- on oll, from the United States. dhesion must be curtated. A able to maintain her all exports Amsterdam.

Secondly, Britain will mobo New York reversio is reduced.

Production and revenue. lost to Western Europeelthor direct fre

ly from the Middle East, or rankfurs, from refineries in Britain

London Nov. 19. Closing rates were:

Montreal

Cho

Cho tthen we想い bengedestinited

now is not merely deferred to later period it is lost forever

The Chase denoted more than this oil was in effect paid for a half, at its October review of the tangoly in gold through petroleum altizations to: the machinery of the European Pay= | | Prem sigillonpe of the Buox crisis. monte Union,, this will mean a Murino Boes. Canal is a major ften substantial logs to the alfe-blood-oil, bos tine Matka pole is authoritatively petimated East" the - Chase Bank -soll="that the doline cost of importing dil from the Western bơmiépévero:

NO SUGAR PRICES

"New York"

10

1077

701

WORLD

RUBBER MARKETS

Futures Quiet And Irregular

New York, Nov; 19.

Cotton futures trading today held to the quiet and irregular pattern in evidence at the end of last week.

While nearby steady, succeeding

months held May

deliveries

Have ground gradually under technical realising. plus hedge recent com- mission house demand abated

selling while the

At the close prices rutéd olle

point higher to 10 points lower

The market opened up 3 to off 4 points. New Orleans closed up 2 to off 23 points,

Observers saw Ittle in the news to account for the action. Opinon concensus was that the market "looked tired" after last week's rise to new seasonal highs,

Bnns

Total

2,000

3,200 10,700 1,203,000 holes. NEW YORK

Prices of futures elosed today

NEW ORLEANS

34. Ján

74.41-43

34.24

34.25

34,00

24.00

לוג כד

as follows

Spot

Dee.

Mer

May

July

Or:

Des

1

Mar

May

Prlees of futures closed torny

24.00

34,81

34.30

114.17

31.08

33.40

33.33

as follows:

Spot

Doc.

Mar

iny

July

Out.

LIVERPOOL

Future closings, in pence per

b. were as follows: | Old contraet Dec/Jun

Spot December delivery seasonal In now edged up to

Mar show i high and managed to amali gain most of the day March contracts 1મા stowed relative stendiness. Exporters, New York, Nov. 19.

mili interests anel olher trade The No. 1 Rss rubber futures

were buyerя of the closed today 15 points higher accounts

with spo! spot month, with sales of 34 contracts.

supplying the contracts.

covering December contract closed un- to 37 points higher panted a decline of 253 bales i

3,102 the certifiented stock to with sales of 174 contracts.

December Totalled 140,400 bales. First notier ciny will h Nov 28.

35.40

icconi

Mar/Apr. May/June July/Aug. Oct/Nov

#7.00

20140

-20 03

23,33

New contract Dec/Jan.

Mar/Apr

May/June

20,30

con-

July/Aug.

Ogl/Nov

23.70

Egyptian Kninak Nov./Dec

SÃO PAULO, Future closings, In

ስ

Cruzeiros

Dec.

The rex changed

Nov.

35.03

bales. Openi

Jan

35.00

trnets today

Mar.

34.80

May

14.42

July

34.00

Sept.

33.60

Nov.

33.10

Mantli

Volume Operi interst

Standard contract closed 15 to

Dec.

18,000 146,400

40 points higher with

sales of

Mar

10,400

373.300

Meas

13,300

303,00

eight contracts,

Jul

4,000

153.100

Dec.

32,50

Oct

4,600 132.000

Mar

34.00

Dec

3,900 70.20X

May

34.20

Mar

3300

15,000

July

33.00

Sept.

33.40

Nov.

32.00

re-

Higher terminal market trend was considered primarily u fection of the London market action and continued uncertain- ties in the foreign political situa. tion, with stress placed the realignment of Soviet troops in satellite countries

The deck-workers strike und the Suez blockage, had Uule in- Aluence in face of the 1.2 million stockpile, although Middle East political developments. continued to receive close attention,

Shipment offerings from Far East wero reparted available In fair quantities, but at prices too high for buyer interest here. Factory and otho: consumer

the

Interest in the delivered market 4011

was termed neglible. Spot No. 1 4432 20% Rss was offered at 35 cents a 180 pound

40

The

SINGAPORE

market Wha

quiet

46% throughout the day with some dealers unwilling to take views without news on stockpiling.

Chinese Importers were rather nervous on Indonesian situation.

Future closings were; No. 1 rubber per ib. Des

1094

103-103

Jan. 10294-103 Feb.

No. 2 rubber pur ib. Dec. No. 3

No,

41

Spot rubber unbaled Blanket creDE

1314 No. 1 pale crepe

LONDON

unquoted 102-1021 100%-100%

*

91-075 100-104 841-00

125-120

The market was very steady

with spot quoted at 32% pence por b. Prices:

Settlement has term:

32-3231

311-31

283-2

2013 General markets, cif basis, ports:

No. 1. Ba

Des

Jos./Mot.

Apt./June

July/Sept.

107

Oct./Dec.

874

Nov.

401 Dec.

4030

Kon

307-31 3041-2041 301-301

Extate cepe thin Dec.

DIS

thick

anquoted

$211

AMSTERDAM

403

United Press.

The market wan steady. Prices closed today in guilders

lows:

No. 1 rubber

No. 2 rubber

No. 1 crepe,

15.45b

Dec.

Tin

Nov.

13.456 108.40b

Dec.

104 AS

Zine

Nov.

13.201

Dec.

13.206

Copper Nov.

ad1156

Dec.

33.85b

United Press.

NEW YORK METAL program, clf Dec. as fol.

FUTURES

New York, Nov. 19. Prices of metal futures closed today in cents per lb, an follows:

Lend Nov.

LONDON METAL

PRICES

No. 3 rubber

2.54 buyers

20 but 2.08 buyers 3.37 paldi United Press.

Singapore

Stock Market

Singapore, Nov. 20,

the Brokers today · quoted. following stock prices:. : London, Nov. 19,

Opening Prices of metals closed today Belu Lintang Rubber Co.

$1.73 in sterling per longton as fol

Dritish Borneo Patroleum

Syndicate s lows:

Buyerg Ballers Consolidated, Persary 845,847

Ord. WOMEN 1473). Fraser & Neave Lid Ord

(22791% 10, 20059" || Priser & Neave 75%" crum

rat Semonin

pret: Lead 2nd half Nov. 1136 11945 | Camions (Malaya) · Limites

Fab. F

117%|Hongkong & Spanghat: Bank»

Business Awas done in the local | Tin spots this

thin market unofficial, exchange morning at the, tollowding, water

- 3-month

U.S. doder. (per #13 again Sterling notes (per: £1). Autzallan notes.(per 21). Indonesian rupiah (per 100) · Blar ios (per 100) Singapore (itrašta)

040 10.00

Copper "pot

MESAKES

Zind 2nd half Nov. 100 - 101 ....

-United Presï.

CHICAGO LARD FUTURES

Chicago, Nov. 19... Of lata futaires (dlosed

Hongkong in Ltd. Rumpan LiL. PUNTA Lunas Rubber Briales. Lidi Malayan Breweries un New Barandah Rubber, Co, Pelling Tin. Ltd. -

(Sirinspare: Cold-Stor@# Bouth Britany

*

per kilo were as follows:

Dey

3740 Mat, May and Judy were unquoted

In the US the average spot Salea price was 33.24 cents. totalicd 207,123 bales,--Unlied Prose.

P&O BI

A

E&A

COMPANIES

All the pl

PENINSULAR & ORIENTAL S.N, CO,

PASSENGER/FREIGHT SERVICE

Outwarda

"CORFU"

Leaver London Due Hongkong

Salled

10th December

Via Southampton, Colombo, Penang & Singapore.

Homewards 1.Caves Hongkong Due London

"CORFU"

*SUBAT" "SURAT"

23rd December

To Be Advised Later

Via Singapore, Pepang & Colombo.

FREIGHT SERVICE

In Port Loads 7th Dec.

"SHILLONG”4ue 5th Jan. "PINJARRA" due 7th Jan, duo 10th Jan. "SUNDA" "SALMARA” due 20th Jan, "SHILLONG”joada 27th Jan.

from UK.

for Singapore, P. Swet- tenham, Havre, London, Hamburk, Rotterdam Antwerp & Frange-

mouth.

from U.K.

from U.K.

from U.K.

from U.K.

for Singapore, P. Bwet- tenham, Havre, London, Hamburg, Rotterdam, Antwerp 54 Gram- mouth.

ALL VERSELS OUTWARDS AND HOMEWARDÁ

ПУ WILL PROCEED

THE CAPE or HOPE UNTIL FURTHED NOTICE

noon

BRITISH INDIA S.N. CO., LTD.

1858 A HUNDRED YEARS OF SERVICE - 1958

"BANTHIA”

from Japan for Singapore, Penang, Rangoon & Calcutta

due 22nd Nov. sails 24th Nov.

"ORMARA” Que

"ITOLA"

1st Doc. alls 3rd Dec.

from Japan & Shanghai far Singapore, Penang. Rangoon, Calcutta Chittagong

P. & O./B. I. JOINT SERVICE

due 21st Nov. salls 22nd Nov,.

due Bird Nov. “IKAUNA”

salis 25th Nov.

"ISMAILA" due 3rd Deo.

from Japan

for Singapore, Cochin, Bombay, Karachi, Basrah, Khonarnshahr Kuwalt & Dubai

from Karachi Se-Bombay for Japan

from Japan & Kaon-

lung for Singapore, Bombay, Karachi, Bastub, Khor ramshahr Kuwads Dubai

EASTERN & AUSTRALIAN S.5. CO., LTD.^^

"EASTERN” due 7th Dec,

NANKIN"

Fails 12th Dec.

from Australia

W

for Bandakon, Rabaul Brisbane, Bydney Mel bourne & Adelaide

All (vazmi, hava überty to esil, at any ports on or off, the mute & the ronts & sailing are subject to change ́úr ümendisent with or without Motice,

For full porticutors apply to: MACKINNON. MACKENZIE & CO.

OF HONG KONG LTD. Luceplane Nus: 27721-a.