1956-11-27 — Page 9

THE CHINA MAIL, TUESDAY, NOVEMBER 27, 1956.

TRADE amel

SECTION

Economists Take Back Seat Shipbuilding Shares

EVERYTHING DEPENDS ON CLEARING SUEZ CANAL

From RONALD BOXALL

London, Nov. 26.

Once again the politicians are in command and the Until the former economists are forced to take a back seat.

WORLD

HONGKONG M

STOCK EXCHANGE

(From Our Correspondent)

Business' done' on the Hong- kong Stock Exchange this

mately $600,000. Noon quota- and the morning's transactions:

made up their minds on such questions as the withdrawal of troops from Egypt-on which at the moment hinges, the morning amounted to approxi- question on how soon work will be completed on the Sueztons Canal-the latter can only make conjectures.

I the Suez Canal can be re-, Hemmaphere. The economic out- opened within sy three month! book will woren in proportions

old if the Amerienn. Adminstra- tion rep their present unhelp- ful attitute and dec.de la co- operate In supplying onl

Western Europs Then reonomie consequences of Suz crisis might set b serious.

10

*

the

On the other Twend If The fre clexure is prolonged

al

thop a few moth economic dislocation will be an- avoidable. But no 130 18 present prepared to ay precise- ly what form timo mention will take on what cats be done bet re hard to minimise it.

Economic Policy

Before the crists Bell

NO

they

economic prey was ninet at curbing inflation, And it stil is. But there are 10% 2 HOME- ber of new factors to consider and the question arises whether the wort-term valioole is infaliosary

TOODE which case the present disinda- tionary measure, should be re-

or whether it is de inforced} flationary (m which case should be gmmended or reversed). Before the emuls the chief sufferer from the Government's disinflationary policy Was the malor indu try. Credit restele- tons at home and increasing competition abroad foreed many firms to cut back their produc- tion and lay off workers. Now The

partial

which TECUVOTY followed the annual motor show has been nipped in the bud by petrol ratioring,

In one way this brings help an unexpected quarter to the Governmeul's policy of re-

ducing consumption of durable comumer goods (assuming that It is still the need). It would help even more if it resulted in A movement of skilled ear work- ers to other industries with baller export prospects.

Not Likely

But this i Fiat

ไป

likely happen at once. For a white at least unill the economie uutlook becomes clearer the car makers will try to hold

on to their labour force. So the immediate prospect is that there will more short time working rather than a shift of labour from onc industry to another, RocoM- panied by temporary unemploy- incut.

be

In the meantime production in other Industries i not ex-

pected to be badly hit by the cui in où suppiles though some fall in output seems inevitable. Unless the cut is increased (as

may well be) their biggor dimcully is likely to be moving goods from factory to market.

in

Petrol rationing has been de- signed to cut back consumption by a quarter. (It is estimated that the short fill in the total

from supplies resulting

the and

cloure of the Suez Canal the breaching of the IPC pipe- line will amount to about 40

per cent; but it hoped that this reduction can in part be made

good by supplies from Western Hemisphere).

tho

at the political situation deterior-

my further.

Prospects

As far as the external position. is vaneemed the prospects ITC Tok reduced exports with (though perhaps not Immed:- ately) e compensating drop in Imp. The trade "gap" may Therefore increase ad Bret not seriously nor for long.

but

The price of our exports can be expected to Incrense slightly due to increased production and transport costs but this should not seriously affect our petitive position -in markets on other West European

Courica

cum-

LONDON TRADERS

EVEN

UP

London, Nov. 26.

the London

Buyers Sellequ Sharea

RANKS

11K Borsk

INSURANCES

SHIPPING Waves.sex

RUBBER

MARKETS

New York, Nov. 20. The No. 1 Has rubber futures contract, closed today 40 pointe

lower with sales of six contracts. with, sales

December

39.70 The res; coritract clowed 40: połąta

Lower & poshte higher

of 320 contacte.

November

January

Margh

May.

July

November

39.29

38.00

35.55

39.20

5:36

Sale

September

*34.45

24.00

1500 4070

6 1065 50 1000

The dindard contract closed 40 poinua lower to 8 points higher with pales reported.

December

March

170

May

July

0.00 10,000 1918

September

610 JU.. 110

DOCKS, ETL

K. Whart Prov

1.AND, ETC. HK Hotel.

K Land.. 4011 Realty

33.45

39.00

29.05

34.09

24.23

33.83

Provide Glamour

For W

Street

New York, Nov. 26.

A flurry of strength in shipbuilding shares provided a bit of glamour to the stock market today.

Some of these issues registered wide gains. Elsewhere there was high irregularity with steels, chemicals and motors turning down, aircrafts irregular, and' a few specials strong.

Philip Morris Procter & Gambie Co Pittsburgh Pinto Ginks Publicker industries Pure Oly fodia Corporation. Hepublic Steal Reynold Metal

New York Shipbuilding reach | Parmy 3. C. Co.. ed a new high at $58 where it was up 22 polme. It mot renlis ing later and closed at $44%, up 18%. The stuck earlier this year sold as low $10.

Merit-Chapman Scolt, parent company of New York Silp-Shell Oil Co.,

Saint Bog. Paper building gained nearly 3 polnis Sinclair Oi before

profit-taking. Bocony Mobileii meeting American Shipbuilding rose 74 South Puerto Rico Supor Prices moved irregularly on points and held more than half Southern National Gas 110 terminal market. Steadiness at

of it. Both Iron Works, build- London, plus high-priced Easterners of submarines, touched a new high and then fell off to close with n loss of 3% points.

Train Blocked

whole

November

offerings and shianent modernto improvement in con- demand locally, al acted stuner

sentiment. shay? market

In futures, a good part of the activity

Was represented

switching

The

In ahead for a lime but

moved |

Sythem Railway (Cóm,) Strop Rock (Torontoox Stared brands Standard Off of Cal. Standard Oil of Ind... Standard Out of NJ, Sterling Drug Co. Stokely Van Comp *Studebaker-Packard

Swift & Co.

1 Corp

opera-selling when the Soviets blocked Tide Water As. Ol

Twenty Century Fox Fis passage of a Western Allled | Unten Carbide

813.20

112

300 13

14,70-14.00 D1

3000

14.70 13844 81

to

market

3.40

tan Into Texas Co.

to in

RUBBER

'Trust

UTILITIES Тулент

Youmali

| intra-dealer

1.50 110

2000 1000

15236 i tions.

1.72 1

included Exchanges

1.40 12.80

500 22.40

80029

May-train from Berlin to the West,

the first time this and. March; January-November switches of March for physical since the Berlin blockade rubber. At the close, prices seid lifted.

Union Pacino Raliway

War

done

United Alrerate

0.5. Foil "A"

Was

U.S. Gypim

U.S. Line Cu

100 23.30

Uf under day trader liquidation

A wide break in US Govern-

0.3. Smelting

260 23.10

ACT

Traders an Stock Exchange today de Alg

themselves voted fore-en evening-up operations

anticipation of the close of the account tomorrow and in the absence of any market influence,

encountering are

similar difficulties. Import prices will rise to the extent that they are affected by higher freight charges but they will undoubi-

rive

than exper edly

Fapter prices Britain's terms of trade can be expected to deteriorate.

The biggest question mark of all hangs M'LT the guid and dollar reserves. At the moment

It is

Those who had gone short of same of the artive features hastened to cover and this lifted Bong issues the ulls in parti cular where Royal Dutch rose 5 shillings.

British Petroleum 3

100 107 C Light (0) 2300 23.80 23 23.30 CLIR IN)

Macao E...

Telephone

C'ernent

Mu 2

STORES, ETC

the question takes a rather ironic chillings and Shell Transport 2 INDUSTRIALS form:

not: How many shillings

6 pence. Anglo- dollars we will have to spend

Egyptian B continued with oll frum the Western

drop of a shilling 3 pence. But: Will Hen.sphere?

the United States Government per- mit us to spend as many as we would like?

Could Do Harm

that the

Assuming, however. United States Government to co-operate eventually agrée

It is estimated that it will cost Britain about $80 million ก month to inport all from

the Western Hemisphere to offset the losses from the Middle East sources.

The damage that this will in- Alet on the reserves and con- on sterling, Will quently depend on a number of factors, ehlet of which (as always) is the time will take to clear the Suez Canul and repair the pipeline.

As

economic

commentatora have been pointing out during the last werk this is no ordin- ury crisis we are facing

"Or-

dinary

remedies therefore. would do litde good in the pre- sent circumstances and mizhi de actual harm. The next move Is

up to the politicians. The ball l in their court and the counomists can only wait and see how they play London Express

vice.

Ser-

Hrted but motor shares generally did little.

Short covering (150 Rolls-Royce

ولا لا

Watson INVESTMENTS

Yangtze

VOUSTICES.

in a thin market, Spot No. 1ment bonds also brought 2004 23.20

Ray was quoted nominalty at 500 23.20 160 30 038% cents a pound, 132 07 2015

Suez Canal was heavily so New York Sugar

in early dealings but, pured its lose to sterling by the close.

stores and chain Tobaccos were caster in a generally firm Industrial list.

British Governments dipped 1/18 10 sterling.

were Foreign section bonds

Dollar idle and little changed, stocks were marked up in line with Wall Street. Untied Press,

LONDON METAL PRICES

London, Nov. 28. Prices of metals closed today in sterling per long tom as fol- Seller

towa

T Apol

3-month Capper apol

SINGAPORE

The market opened steady on improved oversens advices. further steadied оп reported opposition in the United States that the stockpile policy should be_charred.

Future closings were: No. 1 rubber per 12,

No 1 rubber pec 1.

Dee.

No. 4 rubber per

War and peace stocks suffer- ed sciling today, Sicels were de- pressed near dosing. Chemicals met new selling, and closed: lower.

Among the wider losses in the Leaders

were Allied Chemical off 24, Bethlehem Steel off 1. Gulf Oll off US Steel off 14. 14, Kaster Aluminium of 11⁄4, and Anaconda off 1%.

Industrials lost 2 2 7 points In Rails 10794-107% | the Dow-Jones average,

2089%-100%

30% 303

0.10

TO 23.70 23 80

IN 22.70 22.00

2000 or 23-70 3 во 1000

500 22.70

37 37

17.70

100 4 22.10 1500 22,70

1000 OF 3714 200 371%

14%

Dee.

Jan

5.80 1000 @ 6,70

Feb

No. 2

....... rubber per lb.

unquoted

Dec.

100%-107%

10434-200

101-103

10-1001

BB-90

130-132

LONDON

The market

was dull spot quoted at 32-7/18

with

pepco

No. The

O sugar domestic futures closed 2 to 0 points higher with sales of 205 con- tracts.

per ib. Prices: No. 1 sa spot

32.3211

Bettlement hcure term:

Dec.

Jan./dar.

37-3214 3846-31

Apr/Juno

Renewed

in strength world contract reflected aggres- sive trade and short covering in Company with the strong raw situation.

the

July/Sept. Oct/Doe

General market, cif hakis, Dec. Jon

Estate crepe Dec. thin

301-314

40%

Market

New York, Nov, 26. World Nö 4 sugar futures closed 21 to 39 points higher with sales of 387 contracts.

The rise came In Leve of trade reports to the Havana effect that the Cuban Govern- ment will decree the 1967 crop at 5.150,000 Spanish long tous, up 180,000 tons from the figures recommended by the recently 274 Cuban Insitulute, and compared this year's crop of 4,600,000 tons,

Futures:

Buyers

B473% 540 031

DCA

+212

273

J-month

Nov. 117 Lead 2nd truf

Feb.

$17 110% Zane 2nd half Nov. 101 101%

97 Feb.

United Pr550.

214

March

NEW YORK COTTON

TRADING SLOW

New York, Nov. 26.

Minor price changes accompanied a trade in cotton futurea today.

MAY

July

March

May

Contract No. 4 (world)

July September

on CHICAGO GRAIN

Best part of a small business centred December contract adjustments incident to first notice day.

PRICES

Chicago, Nov. 28,

Dec.

Spol rubber unbaled Blanket crepe

No. 1 pale crepe.....

thick Dec.

AMSTERDAM

The market was casier today. in guilders por Prices closed kilogram, et D. de follows: No rubber No 2 rubber 3 rubber No. No. 1 crepe

2.06 buyors 2.31 buyers 2.99 buyers

1,68 buych

United Press.

Singapore

Stock Market

Singapore, Nov. 27.

and utilities

0.98 were down gained 0.02.

The Bureau of Labour Statistic

cost-of reposted the living at a new record, high in October and looked jor 期 mbath The further rise this Bureau found factory workers spendable incorne at a new top, and real earnings up.

The rise in living costs will

mean

an increase in hourly

of two wages

centa for 1,000,000 workers in aulo and farm and metal workers.

Now York Stock Exchange bond volume was $6,910,000,

American

Stock Exchange volume was 1,080,000 shares.

Closing Prices

&

Aldon Inc. ACY, Allied Chemicala Allied Ms Inc. Allis Chalmers æd American Airlino Argerican Cablo

Corp. American Cyanamide Co. Amer. & Forgn, Power Am. Mach._&_F'dry American Motal

American Smelting

Am Bugar Bel American Tal & Tel American Tob, " Anaconda Copper Armoo Steel Armour

Atlas Copa. Mining Baldwin-Lima-Xam. Baltimore & Ohio

Bendix Aviation Corp. Hangurt Cons

Bethlehem Bicei

Brokers today quoted the fol-oning Airplane

$4.00 Gammon (Malaya) Limited 201 Hongkong

$41.02

Borden (The): Co.

Burroughs Add. Machino Canadian Pacific B

Case (J. 1.) Co. Cat: Tractor

Celanese Corp.

C. 1. T. Financial Corp. Case Manhat, Hank Chrysler, Motors Climax Malybdentan. Commercial Credit Commonwealth Elec. Consolidated-Edison Continental ou of Dėl, Crane Co.

U.S. Rubber

U.A. Steel Worner Bros. Westinghouse Electric Woolworth

4

LETTERS OF

CREDIT

RULING

Damascus, Nov, 20... The Byrian Premier Sabri

el. Assalt,' today Issued an order ruling that Ictiora of credit would haye to be endorsed

payable

on the goods

„being landed at Syrian or

Lebanese ports,"

Previously the

majority

and 411

of letters were payablo against delivery of ship- ping documents not specify the port #t which the goods WEED landed,

The order WIN listed because of the possibility of goods might be farided at ports other than their port of

The destiny. Premier said it had been moilvaled by Falmenlités

facing sta. communications under prevailing creams- stanove.”—Meuter.

NEW YORK METAL FUTURES

New York, Nov, 20. Prices of metals closed today in cents per lb, na follows:

Lead Nov.

Dec.

Tin Nov.

Doc.

Zing

Nov.

Doc.

Copper Nov.

Dec.

41

5515

a!

3

44!

United Press.

108.000

100.000

11.30

United Pre

NAMESAKES

Answer: Elephant, 2 Alps,

4

B Conquer.

Mountains, Sciple, Fabius, 7 Hasdrubal. 8 Lestlun

Hannibal.

P.OBI EA

COMPANIES

PENINSULAR & ORIENTAL S.N, CO.

PASSENGER/FREIGHT SERVICE

Outwarda "CORFU”

"CHUSAN"

**CANTON"

Leaves London Due Hongkong

Salied

2715 December

12th January

19th December

2nd February

22nd February

Via Southampton, Columbo, Penang & Bingapore,

Flemowards

"CORFU

"CHUSAN” "CANTONTM*

Leaves Hongkong

23rd December

18th FebrtaTY 20th February

Due Langon

Sat

February

To be

**SURAT"

Advised LaDEY

Vin' Singapore, Penang & Colombe, FREIGHT SERVICE

loads 11th, Dec.

*BHILLONG"Ɑe 6th Jan. "PINJARBA"dze 7th Jan. "SUNDA"

4 18th Jan, “BALMARA" que 20th Jan. "SHILLONG"leads 17th Jan.

for Singapore, F. Swet- tenham, Havre, Ledon, Hamburg. Rotterdam Antwerp &

Grange- Scenth

from U. from U..

from U.S. from U...

for Bingapore, I. Swet- tanan, Havre, London, Rotterdam. Antwerp 3 Grange. mouth

ALL VEBBELS OUTWARDS AND HOMEWARDS WILL PROCEED BY THE CAPE OF

HOPE, UNTIL FURTHER NOTICE.

GOOD

BRITISH INDIA S.N. CO., LTD.

1889. — A, HUNDRED YEARS OF SERVIOR --- 1968

"ORMARA”

“SANGOLA”

4.57

4.00

4.80

September

4.00-01

March

4.09

Spot (cents per ib, fob Cuba)

4,40

Contract No. 6.

5.89

lowing stocit prices:

3.00

Bpak nts per ib. cif NY

COL-duty)

slow

-Umtoa Firas,

Fraser de Neave Ltd, Ord. .. Fraser & Neave Birk cum.

pref

Opening Balu Lintang. Rubber Co. Ltd. $1.78. 4.9%

British Boo Petroleum

Syndicate Consolidated Tin Smelters

Ord.

490 63.

$1.27.

Shanghai

Banking Corp.

Hongkong, Tin Ltd.

Kempos Lu.

$.10

Lamas Rubber Estates Ltd. .. Mainyon Breweries

30.78

Crown Zellerbach'

$3.00

Cuban Amer,' Bugar

Damond Alkail

New Bernotiati

Rubber Co.

Dow Chemlopla

Petaling Tin Ltd.

$3.30

Dupont de Nemours);

Wheat, No. 2, red

Spot

24016-267}£1

Iames Ilotet Singapore Cold Storage Bouth British Insurance

Eastman Koda

$1420

El Paso National Cast Trio Balirood, Ver

"KAUNA"

Deo. 2403, (1), 24416-

$393.30

Family Finang Corp.

Straits Trading

20.00

Mar.

Straits Stearnskip

$315.000

Ford Motor ·•*•· General Electri

May

United' Engineers Ord.

July

today

Bapt.

Cors, No. 2, yellow

Spot

the difficulty of moving gooda traders paused in face of wh-

apol

Der

Dec,

MAC

Mar

MAY

May

July

'July

Oct/

Rye,

Dec.

Mor.

May

Chata

LIVERPOOL

Future closings, in pence per

were as follows:

Boybeans, No. 2,

Dec/Jan:

L

Transport

the volume of

At the close the list ruled off 1 to up 2 points. Opening prices were up to 2 points. New Oricans closed unchanged, to up goods 1 point.

Spot

Dec.

Mar

May

July

Ocf.

Doc.

Mar.

May

transported is reduced by a New crop deliveries were re- quarter and the railways cannot latively neglected.

cope

Technicians

NEW ORLEANS Prices of futures, closed

with all the additional thought bullish aspects of the theight that will be transferred supply situation for next year to them then production may had been discounted on the have to be cut back because of cent rien, to seasonal highs, Others follows.

to the market, This difficulty certainties, over the probable will obviously be all the greater. where exports are concerned be-government support rata for the

carme, to the shortage of trans new concambier

port

in, this country will be

Spot

sac-yawed over a seven-point rango, Ab-

added the shortage of shipping sence of delivery nollees and a space.

further small decline in the At home, therefore, the gute cortificated stock brought seat look is more deflationary

tered, covering and trade buy-l Inflationary. A fall in produc-

with spot Interexs, mupply- tion by "Itself. would be infia-Pa tionary-100, fow goods would ing the contracts.

thai

be chased by, too much mondy," Qgen, December: contraela, of, But since any, fail in moduction the start of trading today trial. i likely to be accompanied by led 70,000 balès, The eart short time working, the thinlion ficated stock declined 42 to way effect would probably be 3,060 bales.

cancelled out by lower extninge Month. And the balance, may be, tipped towards doftailón: by a hurtney downward revision of induurina® Investment plana, og myne La San

This" is, of course, assuming, that the politiciens do a thol part" and work on clearing

Old contract:

May/June)

Oct/Nov.

New.cont

Senecosee

Prices por baishel in cents:

|Bept,

New-York Bour

Volime Coán intéreit.

Kgyptian, Kara

Fútúr

Der Kilo

14514-148

Wearne BroR, UN

exdly.

$340,

China Mall Spečiai,

London Foreign

Exchange

London, Nov, 26.

„Closing rubes, were New York

4. 395/16;

130.56:

/1100%

ange Rates:

New York Foreign

Exel

Generel, Foods.

General Motors

Gen; Pub: UJI, Getty Oil ... Glidden Con

Gocdien. UE ) 20. Goodyear TWE Hoyden Chemical Homwtake Mining Co.

·Ingersoll»zanda, Irland (itwol Co. Interchomieni. Corp., Kat'l Busiclone Machines. Int'l Harvester. International Nickel Interestkami Paper

Kansa. Power Wandecott

400 2nd Doc. sails 3rd Dec.

dus 12th Dec.

palla 13th Dec.

from Japen & Shanghai for Bingsons, Patio Bangoon. Cicutam ** Chustaging

from Singapore, Penang. Rangoon, de Caloutta for Japan

·P. & O./B..1, JOINT. SERVICE

N

La Port salls zath Nov. “IBBIAILA” dus" 3rd Deg. saffe:ith Deo.

"IKAUNA”

due 3rd Jan.

from Karachi de Bombay for Jas

from Japan - 8%. Kaoh», for. "Bingapore,, Bombay, Karachi Baarah, Khors

Drubea

from Fareni for Bicepore, Bombay de 'Karachi

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

TASTERN" đite 7th Dec, :, from Australia

#alty, 13th Dec,

Brisbane *bourno de

AIL VIRALE, BAye, liberty to call nå Amy', porta

er off the route, äë tha vonsta d'uniilaa aru Babject. to change or unindzubet | wiin", or "wlkout nellés.

For full particulary apply du MACKINNON. MACKEW/E: ~ 80. O! HONG KONG LIUL

Telephone No.: 24721-4.

NEW YORK Prices of futures" closdchi

followate :