1956-12-12 — Page 9

TRADE

THE CHINA MAIL, WEDNESDAY, DECEMBER 12, 1956.

and

COMMERCE

Russia Withdrawing Assets

From America

*HYSTERICAL TRANSFER OF

CAPITAL' TO

SWITZERLAND: NO INTEREST

London Stocks Close Firm

London, Dec. 14. Stokes on

Ex- the indim change responded today to The of the Monetary Genouaneseni Fund's credit arrangement with Britain and closed firm despite the

action checking

profi-taking

Britis

as much at

of

late

Government gained

kor 5ziti stealing

at their best but only Wor Laz relained ዜና การนch 09 3/19 Others

cheered

1/10 T V

Nuclear

with

gains of

sx>wer shares high- Tightest markustrial

with Head

Wrightson op 7 shillings 6 pence and others up abound,u shlling. Oils tended tower on profit- taking and Suez Canal Ind £1.

Profit-taking

lens. Clermans

Dollar

stocks

pared Japanese

Inartive,

ww.re

were

marked

down in line with Wall Street,

United Press.

LONDON SILVER

PRICES

London, Dee Ji

The price of silver was quoted

at 80% pence for spot and 80% pence for forward (against 80% and 80% perce previously). Unlled Press,

From ERNEST ASHWICK

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange thin morning amounted to ap- proximately $550,000. Noon quotations and the morning's transactions:

Geneva, Dec. 11. Soviet Russia is withdrawing all available assets from the United States] BANKS and transferring them to Switzerland, according to information I have received Wherlocks here.

Singapore Stock Market

Singapore, Dec. 12. Brokers today quoted the fol- lowing stock pricem:

1543

Landang

Babbet

10.

10d 111INIT

Opening

$180

Bornea

Petroleu

Byndicater

Conseliisted Tim Heller

Fraser Neave Ltd Ord

Fraser & Neave 79% cuân,

pref

29x30

$2 20

篇号

Canon Malaya) Limited $2 Hongkong & Shanghai Bank-

י

Kotel

SHIPPING

All Russian commerelal aspets -from business transactions be- Itween the two countries--are | HK Hotel

being withdrawn

the United States Jossible

WORLD RUBBER MARKETS

New York, Dec. 11.

The No. 1 Rss rubber futures contract today clowed 80 points lower with sales of three con- tracts.

Dev.

35.00

The rex contract closed 5 points higher to 15 points lower with sales of 200 contracts,

Standard contract

Recoverita staged after a wenk start reflected dealer

Jun.

Mar.

May

38.70

33,01

Sharea Dayers Hellers Sales

July

Sept

25.20

Nay.

34.70

HIK Bank..

1078

Jan.

losed 10

41.65 1

to 60 points lower with no sales,

DOCKS, ETC K. Whet Dock Provident

$2

300 01 30

Dec.

35.03

4434 Tay

Mar

30.05

May

39.50

July

13.70

Crom quickly

да

LAND, ETC.

HK Land Humplirey's Really

Sept

34.20

14 80 10 10

Nov

21.70

01 al

JOR.

34.20

1920

1.40

RUBBER Aumala UTILITIES

120

21 40 231

102

142 IM

At Light 198

XD

23, 23 74

Electric Pelucas E Telephone

BID

J.

$12

10/

24985

INI

23 30 20 BA

+21

INDUSTRIALS

(Yout

24,

Iz to

STORES, ETC.

that

Dalry

15 Ju

15 40

॥१५॥

300 w 15 10 1170

COTTONS Nunymor INVESTMENTS

733

Allied

Star Ferry Younatt

This could be a simple cum- tratsepotion withoul Government Inspiration—except | Tran that no Russian frm or person could possit by utadertake a com- meertal transaction of this size without the Kremlin hoving its way in the matter,

Met In Secret

I have been informed directors of the three major Sw banks--the

de Societe Bunque Suisse, the Union de Banques Su

Sulsses, and the Credit

Suisse--met a stere last week

discuss a Russian proposal,

$040

Tin li

CH

32 16

Linas Rubber Estates 183

Malayan Breweries... Now Serundah Rubber

12 87*

Co

LOF

$2 10

vmarating

Pelding The 146

$3.32

Ramen Stutui

Embassy

$2.35*

Singapore Call Sturege

$1.02

South Brital Insurance fo

Lati

$32 BU

Straits TradJAR

$25.00

Strale Steamship

$14.75

United Engineers Ord.

39 70

$2.90

Wenne B.....

exdiv China Mall Special.

Aircraft And

Steels

In Demand On Wall Street

New York, Dec. 11.

Demand for aircraft shares and steels and

130

5000 1525 covering and a commission de-

mund on technical Initial losses up to u cent pound reflected the lower over- night London-Singapore cables, Uncovering of stop losses höstened the initial break.

27.04

2000 + 2300 431 76

Steadying influences included the continued light and high prices shipment offeringŋ from the Far Eusi.

Even t the deeline. loent prices on parity were figured to be about 1 to 4 cent under Singapore.

SECTION

Continent Sells. Gold. To Buy Oil

London, Dep. 11.

The Continent is appar- ently selling sold in order to buy oil, judging from the sharp fall in the price of gold on the bullion marketdown 514 pence to 250 shillings

6

pence, Thai in still reasonably high price compared with the 1956 low on the Lon- don market which win 248 shillings 139 ponce April 19.

оп

The to send fall in the boarding demand for gold la nowadays reflected in the market price for the gold sovereign. Nominally gold the worth 68 shillings sovereign reached 71 shillings on October 1 and yesterday

to 14 пр shillings ย pence. Te- proseating a

Very hand- some premium. It cased today to 74 shillings.

It was a work or 10 days aro that the Continental buillon

markets sensed thai tho madden high prico of oil was responsible for some important selling of gold and it is considered that that may still be the main factor.—United Press.

WORLD COTTON MARKETS

veloped Domestic factory demand re- tendencies mained quiet, although centers

Kadet

some of

New York, Dec. 11. Cotton futures today de- smart rallying after a mixed the big Akron start, although overall ac-

iblings."

continued In tivity terest in one sheels was reported quiet side. practically non-existent, the main attention centred on three and four sheets, Spoi No 1 Rss was quoted at 381 cts a pound.

Russia CHICAGO GRAIN

buyers from the

Berne, to transfer

[24 the

Russlati nisets United States to Swiss banks,

The basis' difficulty was what to do with the money. Switzer- Janel is already overloaded with foreign capitul

It was decided between the three banks, however, to accept this Hussian capital, ofler tho Russian agreed bu forgo all Interest on it.

PRICES

Chicago, Dec. 11% Prices per bushef in cents: Wheat. No. 2. red

Spol

242

Dec. 240 H 2300(0) 23015

2311-31

133

were

SINGAPORE

with

The market was quietly steady all the morning but broken sharply on news that Britain received required aid from the International Monetary Fund.

No. 1 rubber per ib.

December

January

February

No, a rubber per 15. Dec, No. 3 rubber per lb. Dee. No 4 rubber per 15. Dea Sput rubber unbaled 110-111 Blanket crope

$3.00 No. I pale Crepe

131-133

Mar

May July

Sept

220

Corn, No. 2, yellow

8pot

Dee

13094 1301

Immediately the green light was given, I am told, 30 million

Mar

May

13731-34

July

Swing

francs

(£2,500,000)

Sept

140- 142

dollars was transferred to these three major Swiss banks,

Bye

Dec

Mar.

14231 14411-14

Qala

A

Was

second and third transfer

numer shortly

Dee

70

after -

Mar

more

than doubling the first

transfer

Soybealis, No. 2, yellow

Spot

Jan

231 An 251-250%

Mar

25410-

Reason for the hasty transfer

May

254-206

July Sept. Barley,

24134

No. 1

130-143

Settlement house terint January

February

$13.400 -United Presa.

oils highlighted an irregular, moderate stocks said to be the four in Moscow

market session today.

le sting in issues such as ; American melting Du Pont, off 4% points, Allied Az Bugar Bet

Chemical, down 1. interna-

tional Nickel, off 14, Standard | Anaconda Copper Oll of California

down 11,

Texan, Co. off a point,

Mint

were

issues,

For

however. and changes there

strong spots, although not generafly in the issues Included

fractional selective were

averages.

Gairs in the aircrafts ranged

to nearly 3 points in United.

12

Ammo Steel

(* 1. T. Financial Corp.

| Chase "Manhat Bank

Caryster Moturn

Clanx Molybdenum

Colgate-Palmolive Co. Consolidated Exten Crown Zellerbach Cuban Amer, Sugar Diamond Alkali Dupont de Nemours Enetman Kodak

that the United States may block all Russian assets in Ainerica. I am also Informed by a high Banking official in Switzerland that this "hysterical transfer of capital," as it has been called, was quite feuable if the Russians accepted the deal without in- terest. This according to my in- formation, is what has been done.

Into Gold

Spol

New York flour

200 tu. neck

WINNIPEG GRAIN

PRICES

Winnipeg, Dec. 11.

Prices of grain futures closed

its per bushel

בת

LONDON

on

the

Page

STORM WARNINGS TO BRITISH ECONOMY

London, Dec. 11. The British people cannot complain of lack of warnings of economic troubles that lie ahead for them.

the

aaal, and every summer their annual conferences decidin on moro new claims, and all the timo prices go up so that they are seldom better off than bes fore, while profits rise faster still

Tentative calculations of lango bill for the Middle East crisis hove already appeared in some newspapers,

In

House recent

of Commons debale on the effects of Suez, the Government put the immed}- ate cost of the military opera- Lions al between £35,000,000 and £45,000,000 in the current

economic

year.

Before Suez

Now comes a book from lending Socialist whose portent Is the more sinister because it was written before the events

is

in Egypt Professor G.DH, Cole of Oxford, who is Chairman of the intellectual socialist Fabian has this to noy in ociety. "The Post-War Condition Britain (Routledge and Kegan Paul- £2):

"Brondly, the conclusion that the British economy must expect to face In the near future serious economie dif}- culties.

Ever since 1945, Great Britain has barely got over one financial crisis before getting involved in the next; and even today we appear to be on the verge of another,"

KTOW'S

Inter- more

"Meanwhile Britain's national position difficult and parfodically 055 economic crinin shakes the country. It would be suicidal if the same thing wore not hap- pening in a good many other countries as well.

Mr Wigham belleves that In the end the trade uniona wili be obliged to accept whai they have so far firmly resisted, the "If there were to be a period centralised regulation of wagce.

of higher unemployment fo!TM lowed by another Labour Gov-

ernment," he says, "it is hard to see how they could avoid facing the issue."

Other new booke on social and economic questions publish. ed here include:

"Oraduate survey

Employment"." a

by Political And Economic Planning published in association with George Allen (21 108.)-—This of the careers

and

Unwin important study

of men educated in British Uni- versities was based on examina

lon of 3,901

filled

in

he

at

in

questionnaires by men who

hod graduated four years previously British Universities in Faculties of Arts or Selence and Technology.

The reason for this situation, according to Professor Cole, that the British are spending more than they can afford

Or the three main classes of expenditure, consumption, vestment and afmoments,

on opta for saving armamente, before the but that again was international crisis.

The traditional corrective for deflation but is

The most popular choice of overspending this is ruled out by politics, career was industry which took

The

of pressure

pubile 29.4 per cent, followed by opinion has forced governments, teaching (23.4 per cent), fol- of whatever party, to accept the lowed a long way behind by obligation of seeking to maintain the national government service After stoppuge of delivery dull employment?" he adds, “and (8.8 per cont), în Britain, the

spot nellets for 080 bales, the

this renders it impracticable to largest proportion of University December delivery edged

use the weapons of financial students take "Arts" (which ward

comprise such subjects covering operations stringency in the old ways" on

solution

literature, is languages, The long term

history and {1}] improved trade

higher production, and here the and philosophy). Since Industry mand.

author is addressing both trade has the first pick of the eclent-

Heists and technologists, we get unions and managements. thirals that the workers ought the typical British conclusion to accept automation, subject to

that "the men who went Into commerce were almost all Artë safeguards, though "Great Bri- tain is certainly much worse

graduates, 1 United States placed then the

very rapid development of automatic methods."

If, however, the United States

make vory not only

up-

de-

Moving up as much as $1.35 a bale from the lows the list closed net 3 to 23 points higher Opening prices were up 3 to off 9 points. Now Orleans closed up 8 to 45 points.

-J1

дя

"New Sources of Local Re- venue" (published by George Allen and Unwin-253) is the report of a study group of the rapid Royal Institute

of Public Ad- strides at home but also makes ministration, on the actate prod- large foreign investments In lemn which facce local govern- such countries as Western Ger-

ment authorities the world over: many and Japan. Great Britain namely, how to

the meet will compelled to mend mounting

be

cost of municipal its pace, by the fear of losing services.

In Britain, the local authori exports if it lags behind."

mainly ties get their

money

from from two sources: granta the central

and government A similar diagnosis is made local taxes levied on fixed pro- by the Labour correspondent of perty. This report argues that The Times, newspaper. Mr Erle since the income from property the municipalities L. Wigham, in another book just is limited published here under the title must either find new sources of "Trade Unions” (Oxford Uni- revenue or become increasingly

New erop months responded for 1009-1087% 100%-10% to commission house buying on unquoted

farm in reports that private 100-107

terests are advocating a modifod 104-1044 100-101 cotton export subsidy, and that cotton sold for export comes from private stocks rather than from the government surplus. Earlier, prices moved regularly lower, showing losses a bale on De- 314 pence up to 45 cents

cember liquidation, plus hedge offerings

and

selling local continuing In- 311-317% promoted

over the future gov- certainty 3136-2496

cotton policy. 4-314

Trading in current Decem- 314-31 3034-31

ber contracts will expire in the 301%-8015 noon hour tomorrow. Open con 301-300 2922-30

The market was steady with spot quoted at Pricas;

March Jun/Mat Apr/Jund

Nuby/Aur.

Dec

General markets, cif anis, ports: Emate preps this Jan,

by

tracts today were down to 27,- certificated bales. The 500 stock remained at 2,795 bales,

NEW YORK

Prices of futures closed today

versity Press-7 d.) Pointing dependent on the national Ex-

of the choquer, leading to "an increas to the immense power trade unions in Great Britain | Ing measure of central govern- today, Mr Wigham analyses the ment direction and control"

About half of this book is well known "wager scramble"

devoted to the Swedish system they submit | of communal income tax, which section of the Committee claims and every a winter they get a third or examined during a visit

EL

bolf or two-thirds of what they | Sweden-China Mall Special.

100

American Tel & Tel American Tob

1083

34

7334

ሰዐ

Arman

39

Baldwin-Laina-Ham.

13

Eslala crepe thick Jan...

30%

Baltimore & Ohio

Bertdix Aviation Corp Benguet Cons

AMSTERDAM

Month Dec.

..

Mer

Bethlehem Steel

BA

Boeing Airplane

IM

today in

Burroughs Add Machine

follows:

ita

the

Canadian Pacifle R

Outs

In kilogram; elf December as tol-

The market was easy, Prices closed today

May

Volume 1,200 12,000 18,700

Open interest

27,500

363,100

308.100

In these terms.

guilders per Oct.

July

5,000

168,500

"Every autumn

1000

130.200

new wage

Dec.

3,200

60,100

Case (4. 1 Co

13

Cat Tractor

บ

**

Said this bank offelal; capital will undoubtedly be put into guld-or, as the Swiss banks Here rich ecough at the moment

to take certain risks, they could farm this cush out in dollars to other countries at low interest

"The

Dec.

ገቢሩ

lows:

Mar

1,000

21,900

May

10

May

700

7,700

July

14

No. 1 rubber

3,03 nom.

Total

57,100

1.199,100 bolem

Rre

No,

rubber

3,00 nom.

Der.

1224

No.

rubber

296 nom.

May

123

No.

crepa

148 nom.

July

1274

United Press.

Barley

as follows:

65 rates.

Deg

104

May

Spot,

100%

July

B0%

01

"It is a sign that Russla la afraid of its capital being block-

Flaxseed

1010 NEW YORK METAL

Dec.

Mar.

May

Dec.

4415

od in the United States,

It ta

FUTURES

July

Oct.

45

also a sign that, if things come

Dev.

4515

New York, Dec. 12. -Prices of metal futures closed today in cents per lb. as follows:

Mar.

May

Lead Dec

15.15b

Jan,

Dec.

125 as follows:

101,000

13,405

Spot

13.Mb

Dec.

Mar.

33.10

May

102.371

July

Fob.

100.75b

Oct.

United Prez

Deo,

Mor.

May

In steels, Inland rasu 34

Lakens points,

whito Bethlehem and US Steel added small fractions and Youngstown Sheet and Tube and National Steel declined fractionally.

Big Nesys

Big news in the steels came after the market closed with BIDOWKEMUN by Bethlehem and Youngstown that they are going ahead with merger plans despite Justice Department opposition.

There was no special news to rway the market and the day's nctivity was viewed as satis- flory in the light of recent

performance.

Doclining activity-to 2,210,000 .shares from 2,600,000 Monday-

was seen as particularly fovou able. The consensus is that if turnover does, not expand in

El Pano National Gas

General Electri

General Foods

General Motuis Gelty Oil

Cilddan Co. Goodyear Tire Heyden Chemtent Ingersoll-Rand

Infand Steel Co.... Intexchemical Corp, Int Business Machiner intl "Harvester International Nickel

International Paper Int'l Tol & Tel ..... Kennecott Copper Lockheed Aircraft Loews Incorp

Lone Star Cement Co Loulaville Nashville N. Lowenstein & Boh Minnesota Mining Montgomery Ward National Cash Reg. "A National Lead

New York Central Olin Mathieson

Otta Elevators

Paclito Gas & Mer. Pan: American Airways

poriods of reaction the down-Paramount Pictures ward movement within normal technical bounds.

will be held

Of 1,185 issues tra/od, 587 were lower, 355 higher, 243 unchanged with 19 at new highs, 84 at now lows.

New York Stock Exchange bond volume was $0,490,000.

American Stock volume was 840,000 shares.

Exchange

Closing Prices

Allied Chemicals Allied 'Mär Inc.' All Chainate Ameeloan Cebie Amer, de¦ Foren. Am. Mach.

Parke Day Co Penn Bali Co.

Radio Corporation Repybile Steel and Oil Co.

Sinclair Oil- focony Mobilell

Bouthern Railway (Com.) Steep Rock (Torontoex.) Standard Brands 2. Standard Oil of Cal. Standard. Oll of Ind. Chandara Dil ́ot NA Lanijobaker-Packart Corp.

'Bwift & Co^

Texas Co...

Union Carbide Uniors: Pacifio "Railway

United: Alrommit

US. CypruŁYTI.

17. Smelting Ua. Bleet

Woolwo

7414

30144

3184 May

3135-18 July Wheat, No. 3, 1814 cents; No. .. 144% cents-Unitedi.

to the worst, Rusɛla has prob- ably put aside any idea of drag | Press. ging Switzerland into a world conflict,"

-(London Express Service),

New York Foreign

Exchange

New York, Dec, 11, Closing rates were:

Canada

England official

Unemployed On Increase

In

America

Washington, Dec, 11, The Government reported yesterday that unemployment: rose "sharply" in November.

by the

1.0415 2.76-13/10 2.18-3/10 30-day futures

2.23 2.70-1/10 United Press

Australia New Zealand

Pakistan

London Foreign Exchange

London, Dec. 11.

Closing antea were:-

An offfelal report

2ing. Dec.

Copper Dec Jatz.

Tin Strail Jan.

34.69 n

*34.57

35.90 13.01

22.84-85-

32,01

to

NEW ORLEANS

15.000 Prices of tulurcs closed

today

As approved by the

Postmaster General, Hong Kong

AIR MAIL ENVELOPES

LONDON METAL

PRICES

Labour and Commerce Depart-

London, Dec. 11. ments Bald 2,463,000 persons | Prices of metals closed today were jobless last month, an in- in sterling per long ton as

crease of 554,000 'over October.

follows:

Part of the rise in unemploy

ment was due to seasonal layoff

spot monit

of farm, constriction and other outdoor workers such as lumber Copper workers. The “out of work but 3-monthi hunding a job" category also Lend ist. included a large number · of 2ko housewives and students-recicirig holiday-ocuson work, they”, salți.

Unida Press.

Exchange Rates

Business was done. In tisa -jockl

at the Illowing, rute

LIVERPOOL

43.50

13.07

29.30

$1.84

12.78

Future closings, in penco per

ib. were as follows:

Old contract

Dec/Jan

·Buyers 'Sallyra New contriot

NAMESA

Mar/Apr. May/Ju

July/Aug. Oct/Nov.

Dec/Jan

Mar/Apr. May/Jude

112

Nov/Dec.

80.00

BÃO PAULO

Am. - draumatros Futures closings,

Bellomoni were as follow

Fot

China Morning Post Ltd.