1956-11-28 — Page 9

THE CHINA MAIL, WEDNESDAY, NOVEMBER 2

1956

1

TRADE

COMMERCE

BRITISH MOTOR CORPORATION

PRODUCTION INCREASES

London, Nov. 27.

In his annual address to shareholders of the British Motor Corporation Limited, the Chairman Sir Leonard Lord said Corporation's production in the year ended July 31, 1956 was 439,558 vehicles. Of these 252,412 vehicles were for the home market. The rest went for export.

Final Account Day Forces Selling

London, Nov. 27.

this

Forced selling on (vccount day put stocka lower on the London Stock Exchange.

The marketi, kruders noted, re- flected the visible atratu shown Arms worried ellents and

by about credit. Many of the bigger hau Arma decided today they extended

enough credi und Insisted that cilents either put

up cash or sell out.

This compared with the pro- duction of 418.700 vehicles

the last financial your.

!

Sir Leonard declared

effects of the credit squeeze began to be apparent in Britain

}

HONGKONG

STOCK EXCHANGE

(From Out Correspondent)

Hongkong Slock Exchange Boon quotations and the mer ning's transnetions

Shates

DANKS

Bayers Heller

Baler

35 40119 0.50 110 2400 1.10

RUBBER INDUSTRY SPENDING MORE ON RESEARCH

... 1

Birmingham, Nov. 27.

Mr John H. Lord, executive director of Dunlop Rubber Company, has said here that the British rubber industry is now spending "relatively much larger sums" than before on development of synthetic materials.

He said British Industry in the post had tended to lag behind in exploiting new materials, pro- ducts and processes which had been invented in Britain,

IN I-Atk

$30 137

2#1583 WF 1500

IA

150!

MAPPING We l

HIN

CAN ETC

101

K What.

ተር .

12 4-11

President

13 13 16

In

14/20

( ▌- ".

60

2000 14 80

Для вій 32

137

in January. From them in com- manufacturers men with bitiër

the Corporation had reduced the LAND. Ere.

which of production

Pute Nome factories meant short time.

Inve

HK Land

11-11

怎么

Govern

The most critical period began

when the in March

anti-inflation policy Amule ment'A "squeezed the heart out of the spring demand."

Wed

also

1.3

UTILITIES Progress in the export markets | Tam

wide. hindered by sprend credit und strictions,

One-Third Cnt

MM

1 53 1 37, 20 1,00 | 43 2643170 273010

221 22.80 1000 m 22.00

103

2376 24

201

ן 43

500 1 73 E9

SECTION

WORLD COTTON MARKETS

New York, Nov. 27.

A final1 burit of, liquidas tion and hedging forced cotton prices to the day's lowest levels at the close today.

Net losses

:

for the acasion

were 8 to 27 points. Opening off to points.

prices were New Orleans closed 14 to 22 point.

Trading volume and Interest were:

Volume

12,800

LITTLE MOVEMENT

ON WALL STREET

New York, Nov. 27.

Stocks held in an irregular, generally narrow pattern-in moderate dealings today.

Dupont de Nemours Eastman Kodak

1 Pano National Gas

A few specialties changed a point or more either way but for the list generally movement was limited to small fractions Family Trance Corp. with the balance slightly to the Ton · Motor **** General Electric downside in extension of Fri- General zooda day's inte downturn.

General Motors Gen. Pub. UUL Griy Dis..... National Magma open

Goodrich (D. Y.) Co. Reynolds Metals, International

Goodyear Tire Nickel, fell % to 1% points in ¦ Hayden Chemical the non-ferrous metais and Homatake, Mining Co. Newmont Mining, with large inland Stew Co

femersoll-Rand investments, lost 1% to 81011⁄2.

Open Interest

00.200 370.700

Month

Thee.

Mar.

11,200

May

11,700

370,000

July

$2,000

163,300

WORLD

Oct.

10,000

134,700

Dec.

4,000

70.000

Mar

10

10,700

May

200

4.300

Total

NEW YORK

RUBBER MARKETS

"Rut think it is true to say that industry is now spending relatively much larger suns on research and development and this is certainly true of my own with the development Industry

is" he said.. materials," synthetic The question

whether or of not resoare) and development expenditure formed part of the capital budget or of the pront depended on and loss budget particular elreumatar.ces Def individual Arms. In the case of

The rex contract closed 05 to Chinilops, where it was a con- tinuing expenditure,

was 116 points higher with sales of 11 and loss 533 ecritracts.

Teatru

buriket (lem,

New York, Nov. 27. The No. Ras rubber futures contract closed today 45 points higher with sales of 34 contro's.

Dec.

20.15

58,500 1,211,700 bales

Goodrich and Goodyear each lost around a point in the tyres. There was spotty stringth in oils with Gulf up a point and Crescent

than more

5 polni

Prices of futures closed today higher. as follows:

Spot

Dec.

34,40 34.35

Mar,

34.10-10

Mex

34.17

July

31.92

Oct

93.20

Dec

33.23-24

Mer

33.13.0

May

33.16

NEW ORLEANS

Steels Lower

Steels were fractionally lowor

and motors held steady. fails wore little changed,

Stel

scrap hot up

Pittsburgh Douglas Fir

in

down to a new low price since

Int Burlew Machiner Int'l Harvester...+4+++ International Nickel Kennecoft Copper.. Kansas C. Power & Light

Liggett Meyers zob, Cu, Lockheed Akkerart Lowwn, Incótp. Lone Star Cement Co. Loulaviši še Hostille R. Lowenstads & Bon Mesabi Iron Corp. Minivemoća Miving Marion Development Monsanto Chemical Co. Montgomery Ward Motorola inc. National Cosh Reg. "A National Dairy Prod.

National Lead

National Steel Corp.

New York Control

On Mathiem

| Öt Evertors

Owen-Winola Glana

May, 1984, to mention two price Facile dad k Elec.

Prices of futures closed today contrasts in commodities.

Your of

100

ny LE

pi viit

as follows:

1 19

impent

1

1 + Electric

200 1540

Nov.

36.30

Spot

30 25

190 30 75

Referring to the

Teh patiote

INI

BUSTRALS Cerneat Keepe

STORES ETC Deliv Wabon

371

12 TU

question of licensing inventions, he said that the larger organisations inust be prepared to license the smaller

this concerns wherever appropriate. 50$375

The standard The process could be mutually beneficial-China 55 to 180 pointà higher with Mail Special.

sales of two" contracts.

Jan.

36.70

Dec.

Mar

30.50-79

Mar

May

36.30

May

July

July

Sept.

25.00

was

DIN.

Mar.

contract closed

Mad

LIVERPOOL

14 20 1447 15.40

Dec.

30.00

Mar.

30.40

May

30.15

lb. were as follows;

4.10 +

73

0004

CHICAGO GRAIN

July

30.00

Old contract

Nov.

35.00

Deb./Jan.

Mar JADT

July/Aug.

market, after

u hesitant start,

Oct/Nov.

proved surprising to analyste

New contract

Dec/Jan.

Mar/Apr.

May/June

July/Aug.

Aus- Sir Leonard instanced tralia and New Zealand which, between them pecounted for 30 per cent of Austin and Nußeid In New Zea- postwar expuris. This forced selling was pir- land the Corporation suffered a

oils one-third lcularly apparent in the

cut in import quotas where Royal Dutch

for 1950. 34

fell

sterling. British Petroleum,

Burmah

and Shell

several shillings each.

in Australia

successive re

Transport ductions of quotas had reduced the value for Corporation's ex- that leading world poris to

market by 521 per cent siner March 1985.

SUEZ CANAL LOSE

Suez Canal lost 2% sterling.

Leading kidustrin were off a few pence als u rule Rolls-Royce and Ford buih de clined.

Among foreign bonds, GIT- mans, Japanese and Czech Jana

British all lost ground,

Gov- ernment bonds were off around 5 shillings in most instances,

Dollars slocks fell several points with the premium Also down a fraction to 10% per-

cont.--United Press.

Petroleum Chemicals Project

New York, Nov, 27. An agreement has been reached between Columbia Gas Bystem, Incorporated, and the Commercial Sol- vents Corporation to pro- ceed with engineering and economic studies of a pro- posed joint project make petroleum chemicals.

to

of be-

The project-involving estimated expenditure tween $40 and 150 milton-hos bren under investigation for several months. Tentative plans call for construction to be start ed early in 1957 on a plant Jucated in the Ohio Valley ares. It will use as raw materials the from hydrocarbons extracted the substantial reserves of ha- tural gas owned by Columbia Cras in the Appalachian area.

Fortunately, there Was an- other side to the picture, Cor- poration's factories in Victoria Park, Sydney, in which the Corporation had an investment £5 million in Glant and of buildings, had begun manufac- ture of "type" engines tranemission inila

COTTONS

Техвым No:13 Hos

New York Sugar Market

New York, Nov. 27.

No. 4 sugar World

futures closed today 33 points higher lo 2 points lower with saler of 1,486 contracts.

There were 275 contracts sold

No. 8 sugar In and

The domestic future,

MARKET

Chicago, Nov. 27. Grain futures were lower Trade, on the Board of

some independent with strength noted in rye.

Volume in world contract was the largest for any session since though cush the exchange resumed postwar trading in January, 1948.

Exporters continued doing good business, but profit-taking set almost all prices back be low yesterday's close. Trading was only moderately active, with commission houses selling An output of 1,000 cars per

interests com- werk was planned in Australia by the Corporation and soon

tinued to buy December oats, as presies were installed for

Short covering accounted for production of body panels in

The March contract sky-cme of the decline, while an the new Sydney factory of the Corporation's subsidiary. Fisher rocketed to a high of 4.00 cents early higher trond in soybeans was based on higher oil prices. pound to show a cumulative and Ludlow Limited, the Cor- locally

called produced rise of 184 points since Novem-

The 30-hour forecast poration's vehicles

whda the current would be almost 100 ber 8,

up for little or no precipitation for Australian per cent

manulac-swing gel under way.

the winter wheat belt. Lured.

Search For Markets

Broadsente commission house

Turkey and Yugoslavia 10- demand buying and a trade

hought US wheat, with day found a scarcity of offerings 5 Turkey taking an additional the market reflected strength in rawa and substantial reductions 1,000,000 bushels to conclude its in surplus Mocks anticipated 000 bushels.

fecurrent authorisations of 8,500,- the Distributors throughout

next year. The domestic con- Australian Commonwealth had

tract gained moderately,

Exporters said Japan and the Rajeed been

of the rallying Continent were

buyers of US expand their deriving moe! und strengthen

com and soybeans, facilites power from the world contract. selling and servicing In parallel with the Corpora

Contract No. 4 (World) tion's own manufacturing pro- gramme.

and agreed to

This of necesally meant a re- Corporation exports duction of

March May July September March

to Australia, but shareholders | Spol-(cents per lb. tob could be deSİLTEKİ now marketm were being sought to replenish the export volume,

In Bouth Africa the assembly plant at Blackheath, near Cape own was operating most ell ciently. South Africa was

one

of the few countries where there was on increase in import quietes

for 1967.

The Corporation exported to the United States and Canada, 22,780 cars, an increase of 23.7 over the proviuua per cent inancial year. It was also Plans call for the formation worthy of record that Corpor

of a jointly-owned company, don care secured over 50 per

which may engage in the pro- cent of total registrations O duction of ethylene,

dioxide

And other petroleum chemicala.

4.83-90

4.80-89

4.65-83

A sharp rally on the terminal

who

market❘

found nothing

resh in the news to account for

the action.

Pan American Airway K Paramount Picture

Companies declaring extrasperke Davis Do

In cash included Zenith, Santa Penny C. Co. Fo, National Lead, and Lukoman. Salt Co Philip Morris doubled its Procter & Gamble Bléel. Celnnesc dividend. American Machine & Publicker Industries Metals raised its divident by 10 Pro Ol

Indio Corporation declared

11.00 34.44

04.13

34.10

33.00

33,00

23.36

23.24

cents and

extra.

American Block

30-cent nubile Steel

Exchange

Future closings, in pence per volume was 2,130,000 shares.

May/June

SAO PAULO

220 7%

New York Stock Exchange bond volume was $5,890,000,

Dow-Jones closing averages

470.1

102.99 00.00

Reynolds Motal Shell Oil Ch Bait Bew. Paper

indiair Oil

Rocony Mobiloji Routh Fumio Rico Bugar | ethern National Ca

Benthem Ballway (Com.)

Fleep Rock (Torontoex.) Standard Brande Standard Dil of Cal. Standard (i) of Indi

Standard Dií at NJ

Sterling Drug Co. Mokely-Van__Comp.

106.00 Studebaker-Packard Corp.

wify

Co.

de Water Asan, Oll

Twenty Century Fox Film Union Carbide

3T 40

20.28-30

were as follows:

23.88-890)

21.08

50 industrials

20 ralis..

29.43

1 utilities

$1.25

do stocks

40 bonds

2540

Comm. future price inden

106.12

Commodity apoi price index 168.47 Moody's Index

17.30

(new high

Union Pacino Railwky"

Closing Prices

Alden Ine, Aby,

AT

26.80

Allied Chemicals

Allied Mills Inc.

30

3790

Allis Chalmers

37.00

American Airline

38 00

American Cable & Radio Corp.

Dealer buying competed with Egyptian Harnak Nov/Dec. 88.00 a speculative demand through comunisting houses on advances ranging up to a cent a pound.

Future closings, in cruzeiros per kilo were as follows;

Deettider Adarch

Shipment offerings continued high, but were approsening a workable basis in the light of May the local rise dealers said. Re- Fuly

October 220 peated reports of a possible.

37.30

American Cyanamide Co.

Amer, Form. Power

to 25 per cent increase in rubber In the US the average spot | Ain, Mach, & F'dry. freight rates by mid-December price was not avaliable. Bales American Metal on cargoes from the Far East, totaled 106,861 baies United American melting came in for more contment. Sppi | Press.

36 cents a pound. No. 1 Rss was quoted nominally

SINGAPORE

The market opened slightly lower but steadied before lunch. In the afternoon the market steadied further on fair trade buying. Future closings were: No. 1 rubber per lb, Dec, 100-1001)

$400 Million Loan

Ottawa, Nov. 27.

The Canadian Finance Minis ter, Mr Walter Hurris, has an- Je, 10731-1065|nounced • new lasur of $400 Fob. unquoted million short term Government No. 2 rubber per lb. Det. 103-107 bonds. No. 3 No. 4 No. 1

spot unhaled Maniket crepe

At outside markels, grains No. 1 pale crepe were mostly lower,

Chicago wheat closed off 1%

480-80 to 11⁄2 cents; soybeans off % to

1%; pats unchanged to off

rubber

104-105 10114-1021

109-109)

8716-0016

LONDON

The market was duil with spot

ryo up to oft 1⁄44; soybeans off quoted at 32k pence per lb.

% to up 14. Lard futures off 20

Cuba)

4.90

Contract No. 8

10 28 points.

March

8.92

6.31

Hay July

spot-feente per in. cifʼNY"

September

ex-duty)

C$4

---United Press.

Singapore

Stock Market

Brokers ethylene British vehicles in the United

basic

States for eight months endod following stock prices:

CHICAGO GRAIN PRICES

Prides.

No. 1 I CHOS

Settlement house tern:

Jan/Mar.

Apr/June

July/Sept.

Oct/Dec.

General markets, cif basis,

Estate Crepe Jan.

thick unquate

two

The issue consisting of maturitics is open

as to the amount in cach maturity as fol lows:

Am. Mager, Haf. American Tel American Toh, "B Anaconda Copper Armco teol Armour

Atlas Cons. Mining Baldwin-min-Ham. Baltimore & Ohio Bendix Aviation Corp. Benguet Cona.

Bethlehem Steel Bosing Alyplane Borden (The) Co. Burroughs Add Machine Cenedlers Preiße R. Como (71) Co. cat. Sractor Celinere Corp,

CILT. Tinach Corp. Chose Machiri, Bank Chrysler Mofore Climax Molybdenian Costa Palmolive Co.

Commercial "Credit Commovealth Flec, Consolidated. Edison Dontinental - Oil of Del, Crane Co.

Crown, Zellerbach

Quben Amer. Dugas“ Diemand. AHM

cent Two and a quarter per ax months bonds due on Juno 15 of 1957

are offered at 99% per cert yielding about 4.03 per Bamions cent and 2% per cent one year 22-3234 bonds due on December 1 of 1957 are offered at 98 per cent 1dly yielding about 4.31 per cent.

Proceeds will be used. to res fund in part a 21⁄2 per cent logi duo on December 15 this year

37-3214

313-31 30-501

-30%

NEW YORK METAL,

Prices per bushel in cents; Wheat, No. 2 red

Spot

Dec. 245 (11) 2443|

MAX

24514-246% 2444 24314-36

May

July

Dec JOEL

Bept,

Corn, No. 2, yellow

Spot

Dec

Mar.

Moy

July

Bept

Bye

Bingapore, Nov, 28.

Dec.

today quota the

MAY.

Onta

last August.

Dec. Max.

Opening

the

Batu Lintang

Nubber Co.

Baybeans, No. 2.

$1.75

Spot

Still Hungry

Brill

Borneo.. #Synctiešie. Consolidated Tin Smelters Ord.

49/04

Mar.

29/k

Frator B Neave Ltd Ord. said. Sir

„práč Min Leonard showed capital ex Gammon (Malay Link

for Mail pendiüre

the year of longong de Bhangtín!”

Banking Corp. 29,187,000 and a further com- Hongicong Tim, Ltd. mitment of £6,820,000.

Kempas, Ltd. Lurce Rubber Estates Lis Never in the past bed Briti Malaya Breweries Industry In general or the Cor-New Beration Rubber portion in particular been Petaling Tin Lid. wrong in purmilng. poldey, of Halles Hotel ib expansion. The world was gull Bingapore Cold Storage South Brutiti, IntranOS hungry for motor vehicles.-- Chine Mail Special.

Fraser & Neave Th% cum.

$2.20

July

Sept.

$4,00

Barley,

$2.02

New York Hour

200 lb. ack

$110. today

Straits Birhita United'

ntalp

the

If the plans work out,

will ultimately new company produce ethylene glycol and synthetto ethyl alcohol to be dis tributed by Commercial Sol- vents, Later, the venture may Directors export, be extended into other petro- chemical fields,--China Special.

SHORT TIME

WORKING

Stockholm, Nov. 27.

Over 5,000, workers at

A B., Volvo. Motor Car Tactory have been put, on a four-day

week because of the Subt orisis,

OIL

$3.00

according to a Company. perisouserimetit,

N.Y. COTTONSEED

New York, Nov.) 27. -;

Prices, cottonaco Exchange Rates

futures

closed today In dente

Bithcka hana unit overseas per ib. na tollows:

Wibited Betról suppilos

demand for cata Decalso of

joda

130-245

United Press.

$13.6011

WINNIPEG GRAIN PRICES

Winnipeg, Hov. 27.. Prices of grain futures closed-

in Canadian bushel af6]]OWS?!?!

cents per,

FUTURES

in tumount of $550 million.

Books will bo open at the Bank of Canada on November 29.-China Mail Special.

London Foreign

Exchange

London, Nov.) 27.

Closing rates were:

New York

Montreal

New York, Nov. 27, Prices we madak futurce closed today, in cents per lb, as follows: Amaterdam

Leod Nov.

35.450 Copenhagen.

nkfurt 200.756

Copp

uháv

ites, were

LONDON METAL New York Cocoa

PRICES

Futures

Tnited Aimraft

18. Foti "g"

UB. Gyanm

U. B. Line Co.

IT W. Rubber

US, Smelling

If A. Steri

Warner Bros.

Werks

Electric

West V. Pulp & Paper Woolworth

*United Press,

CHICAGO LARD FUTURES

Chicago, Nov. 27. Prices of lard futures Glowéd today in cents per lb, as follows:

Dec.

14.97€ 14.80

United PreRK.

NAMESAKES

Answer-1 Beene, Z Boatholo- 173 mew, 3 Wehte, & Dido, Faustus, 8 Tragedy, 7 Costume. 8 Dept- ford, 9 Bhukespeare, 10 Poetry, **11 Tavern, 12 Maka, 13 128/

Elizabeth, 14 Drama, 15 Tam- int, 18 Lordion, 17 Edward, 18 Areas:

Chilstopher Marlowe.

As approved by the

Postmaster General. Hong Kong

AIR MAIL ENVELOPES

South China Morning Post Lt