THE CHINA MAIL TUESDAY, JANUARY 1957.
TRADE and
COMMERCE
Mystery Of Gold And Dollar
WALL STREET FACES
HONGKONG
STOCK
UNCERTAINTIES EXCHANGE
New York, Jan. 7.
(From Our Correspondent)
Business done on the Hong- Exchange this
Selling for profit put stocks down in a moderately active session which reflected clearly uncertainties stemming from President Eisen-kong Stock hower's announcement of his Middle East policy.
There was no' pressure to the relling-turnover totalles only 2,500,000 shares compared with 2,710,000 on Friday--but there were SOTKU
had
AC-
Individual heavy losses in those issues where large paper prots cumulated recently.
The steel shares, olls, metals and chemicals were the hardest
hit
of
Despite the renewed evidence
hesitance
Nickel
there were numerous strong spots such as International
which climbed nearly 6 points on of a five-one stock ind held
2% points despite inter denial by the
company
that a spilt was discussed at a directors' meeting.
Market commentators are of there will be over
the opinion
the near-term a highly selective market, wit
porato
individual cor- having
developments
important influence,
Industrials Up
For the market generally, in- dustrials up were 3.03 points on average, This up .02 and utilities off .03.
Weighing on
the industrial of over 2 average were losses points in Bethlehem Steel and Du Pont, more than a point in Allied Chemical, Eastern Kodak, Procter & Gamble, Union Car- bile and Westinghouse Electric. Declines in the steels ran to 4 points in Lukens, more
Youngstown Sheet & in Tube. Oils lost as much as 3 In Amerada, a point or more in Gudt, Royal Dutch, Continental and Skelly.
ne 2
Molora
will were narrow General Motory featuring in the day's most active turnover. It dipped 5/8.
or a to
total 1.179 issues traded, 480 were lgber,
472 lower,
227 unchanged with 20 at new highs and 15 at new lows.
Exchange New York Stock bond volume was $4,400,000,
American Stock Exchange volume was 1,100,000 shares,
}
Closing Prices
Alden Inc. Agr.
Afiled Chemicals Allied MRIs Ine, All Chanére
American Akine Ambrica Cable
Corp
American Cynnamide Co.
Amor, & Forgn. Power
30
Burroughs Add Machine Canadian Pactic it, Cave 13.1.1 Cu. Cat. Tractor Celanese Corp.
CJ.T. Financial Corp Chase Manhut, Bank
Clunax Molybdenum
Crown Zellerbach
Diamond Alkali
Dow Chemicals
Dupont de Nemours
Eastman Kodak
E) Pa National Gan Erte Railroad Family Finance Corp.
morning amounted to approxi-' mately $200,000. Noon quota- Ilons and the morning's trans- actions:
Bharos Buyers Sellers Sales BANKS
DOCKS, ETC.
Aniola,
40 40
161070
Movement
STERLING AREA'S
SERIOUS FALL
IN DECEMBER
From RONALD BOXALL
London, Jan. 7.
The "stark immutable fact" that emerges from the complex movement of
7.10 1500 a 10 gold and dollars in December, says the Financial Times last weekend is that 13.40 23.70 18001160 sterling area reserves took another very
400 16.10 serious fall.
13 15.10
1.40
1.70 23.60
21
101
42
0116
1 Ban
417
Fast Arti
DI
INSURANCES
Consolidated Edison
Colgate-Pabuolive Co. Commercial Credit Commonwealth Fire.
47 401%
Union ****** SHIPPING Wheelock
1060 "
230
000
(0) 705
74595
Continental Oil at Del.
13015
K. Whert
1
Crane Co.,
asi
Dock
547%
Provident
Cuban Amer. Sugar
24
(0) 61, LAND. ETC.
HK Hotel
30452
IK Hotel
0744
Realty
OU
RUBEN
2012
1.50 1.625
Trust
UTILATIES
Ford Motor General Electric
0372
Tram
1.00 1000 23,70 500
Star Ferry
General Foods General Motors
431
Yaustrali
16 103
43.1
C. Light (0) 27.40 23.30
100
st
Gleden Co.
30
Heyden Chemical
Goodricht (B, F.) Co. Goodyear Tire
73%
Electric .... 31 3144
Telephone
142
Horsake Mining Co.
(0)
24.70 (N) 20.00 23.00
Ingersoll-Rand
00
Inland Steel Co.
117
Interchenical Corp.
0012
INDUSTRIALS Cement
Int Business Mactúnes
610
Roop
3732
International Nickel
1115
Dairy ......、
10412
Watson .....
COTTONS
40
Nanyang
13,60
M
INVESTMENTS
30
Albed
7.10 2000 e 7.03
1000 m 1,05
327
ILK. & F. E,
invest
0,70
2012
Gen. Pub. Util.
Int Harventer
International Paper Int'l Tol & Tel John-Manville Co.
Kansas C. Power & Light Kennecoll Copper Liggelt Meyers Tob. Co.
Lockheed Aircraft
Lorwa Incorp.
Lone Biar Cement Co. Laisville & Nashville 11, Lowenstein & Sons. Mesabi Iron Corp. Minnesota Mining Mission Development Moranto Clinical Co. Montgomery Ward Motorola Inc. National Cash her. "Aa National Dairy Prod National Lend
National Steel Corp. New York Central Qlin Mathieson ... Otis Elevators_.... Gwent-linola Ginen Pacific Gas & Elec. Pan American Airways
43
23.60
600 23.50 206 313
2004 315
Another stark immutable fact Is that the reserves rose last month by $188 million to $2,133 million.
The answer to this conundrum and lies in the complicated entirely abnormal reserves movements that took place in December.
the
100 6 24.70 In the previous month it will
23.79 be remembered
reserves 100 €27.00 slumped by $279 million as the 302 303 1800 3815 results of speculative movement
13 13.30
against sterling following the STORES, ETC 161 2000 15.40 Anglo-French military adven-
ture in Egypt.
1
MODERATE TRADING
IN LONDON
49
Special Measures
the
Berves
And in the longer term there is comfort in knowing that $738 million stands in Britain's name at the IMF for use it and when needed,
But the important point G8 far as the reserves are concern- ed is that the recent losses are due to abnormal conditions which are no longer present to anything" 18o the same exient and should not return.
In Surplus
SECTION
Pago g
CHINA TEXTILE New York Cotton
TARGET.
Peking, Jan. 7, Following a textile plan- -ning conference in Peking, 'the Chinese Textiles finis
try has anførinted', now Production targets for the Industry.
Woof textiles take pride of blace: The 12 mitog mètres actually produced In the year to October 31 are to be increasdd 'by 15 per cant,
Jute foodédoine "next with almÓRÉ as large a planned Increase, (Itshi 37 [ to 90 million cunny bags,
Cotton yarn and cotton efolh are to be boosted by 10 and seven per cent, respectively,
the
now 'fafgels' being live point álx
million bales and point eight million metres
of cloth-France-Presse,
WORLD RUBBER MARKETS
New York, Jan. 7. The rubber future contract to- day closed 175 to 215 points lower with sales of 284 con tracts.
January March May July
September
November
January
Futures Trading Slow
New York, Jan. 7,
Cotton futures, with the exception of nearby March which held steady, favoured the upside for |the fourth straight session. Trading continued at
its recent slow pace.
At the close, the list ruled 2 points over to 17 points higher, The market opened 2 to 5 points
Orleans higher. Now closed 13 points higher,
Nearby March few points in early deulings on some local buying but declined lüler on liquidation. One spol firm sold about 5,000 bales of March at 34.40 cents a pound,
moved up a
vo 3 points from lost Friday's close
The other contracts
moved up mostly on transferring from March delivery. Interest in'
months otherwise crop
awaited was light as traders developments on farm legisla-
new
tion,
by Houston past areus the
A loading spot firm sald very little interest was shown malls in tile Atlanti, and Memphis week. Memphis had fewer mill inquiries and a smaller volume of sales than any week this sendon.
Spot
Mar.
May
July
Oct.
Dec.
Mar
Máy
NEW ORLEANS
34.05 54.36 34.37-38
Prices of futures klösed today
as follows:
July/Aug.
LIVERPOOL
Spot
Mar.
May
July
Oct
Dec
Mar
May
Future closings, in pence per
Ib, were as follows:
Old contract
Mar/Apr.
20.59
May/June
20.03
25.03
Oct/Nov.
Dec./Jan.
25.34
Now contract
Mar/Apr.
20.90
25.05
May/June
20.41
34.30
July/Aug.
25.00
34,00
Oct/Nov.
24,07
33.70
Dec./Jan.
25.07
22.30
bales to 3,037.
Egyptian
Karnak
Jan/Feb. 00.00
Monija
22.30
March
SAO PAULO
tay
21,000 407,500
Future closings, in cruzeiros
July
14,300
$60,700
October
0,700
1$5,000
per kilo were as follows:
December
1,400
06,700
March
10,70
34,60
March
2,400
30,400
May
37,90
33.00
May
2,500
13,000
July
29.70
33.60
Total
8,000 1,140,200 bales
In
the
United States, the
34.20
NEW YORK
Average
3218
33.30
cents. Prices of futures closed today
spot price was 33.33 Sales totalled '01,006 bales.-United Press.
Standard contract closed 190 to 216 points lower with no sales reported.
July
March
May
September
November
Jomanry
mills.
10-109 1001-138P 10315-100 10214-103
-2014-59
10034-10014
87-88
+
+
The certificated stock rose Bi
Volume Open interret
32,201 3204,200
P.OBIE.A
Futuro prices moved Tower as follows: The big drain on the reserves
house slop-loss en commission in November and the first
10 selling in a buyer-less market. The British Government took days of December resulted from Lower foreign cables also helped heavy Bales of sterling by lower prices. The physical special measures to arrest this foreign operators who
feared market was dull with no face drain which has been describes economic consequences as a retory buying reported. Spot No.
inobilisation of the
suit
of Suez might include the 1 Rss was quoted at 35 cents reinforcements behind the redevaluation of the pound. They
n pound, forgot the heavy reinforcements These measures fell into three that lay behind the reserves (as
SINGAPORE parts. There was on immediate published). When they were re-higher on overseas advices and The market opened slightly drawing of $50132 million from minded of them their can+ the Internallonai Monetary
it onset off throughout the rest Fund and a
on February Rsa further $738% Bdence in sterling returned-at of the day
least sufficiently to raise the
No. 1 million were pul at Britain's
Iquidation, There was fairly well enquiry disposal as a "standby credit sierling exchange rate above the
"support point and keep it for lower sheet from મ negotiations were started for London, Jan. 7.
there. the
Future closings were: Joan from Stocits firmed on the London $500 million
What the recent heavy gold No. 1 rubber per ib. Jan. Stock Exchange today in
United States Export-Import
Feb. losses were not due to was moderately notive dealings. Bank; and an application Was
No. 3 British
Government bonds made to waive the end-of-year deterioration in Britain's balance No. 2 rubber orr ib. Jan.,
on cur- No. 4 rose as much as £5/16, but late payment of $104 million of of payments. In fact, profit taking pared gains to interest
the United States ont account this was in surplus spot rubber umbaled
all through Inst year. In the Blanket crepe and Canadian YA.
postwar loans.
Irst half of 1956 the capital No, 1 pale, crepe Industrials favoured the up- The implementation of the
svas also considerably ide, despite a decline in the measures put a sudden halt do olis, Royal Dutch lost £ to the speculative movement Normally the reserves
Selling against
Before
then, in sterling pace its group lower,
labilities tend to move hore reflected concern over the the first 10 days of December, same direction, a rise in Americans'
East the British authorities were still
pouring millions of dollars into reserves being accompanied by
ribo In Hablities and vice Apr/June dropped the foreign exchange market to verta. But in the first half of Oct Dec
keep the sterling exchange rate 1950
the rise in reserves wab. Foreign bonds did little, Ger-beve its permitted lower limit.
----- WALAH BY a fall in llabill- "means that Britala's profit
capital position Was being stato crepe thin Jan. some by as In those 10 days support strengthened up to the time that much as £3.-United Press. operation for the pounds cost the Suez crisis broke out in the
the reserves whole month's residual doßelt" late summer of last year. Later
50
182%
Paramount Pictures
29
Parke Davis Co.
47
Penny J. C. Co,
8276
Penn, Sail Co.
304
Pin Morris
Procter & Gambie Co.
4011
side,
Pittsburgh Plate Glass
114
Publicker Industries
3412
50
5011 policy.
new
Middle
5434 1
341%
Suez Canal shares more than £2.
3012
-21%
48
and
dropped taking
nians were about unchanged Special Account
Pure O............
Radio Corporation stepublic Stee!
Reynolds Metal
Sinclair Oil
South Puerto Rico Sugar
619 | Japanese bonds,
Soquny. Moblivi
Southern National Gas
$173
Steep Rock Torontoex.)
福
Standard Brands
Standard Oll of Cal.
34
Standard Oll of Ind.
Standard Oil of N.J.
301
Radio
Stokely Van Camp.
Studebaker-Packard Corp.
7
77
Swin & Co.
40%
10%
Texas Co. aka
A. Bach. & Fary.
30
Tide Water Assn. Ol
American Metal
271
Twenty Century Fox Film
American Bmelting
Union Carbide ..........
American Tol & Tel
1702
Union
Pacific Railway
American Tob.
754%
United Aircraft
US. Folt "D"
Anaconda Copper
7211
U.S. Gypsum
04
US. Ling Co.
10%
243%
U.S. Rubber
U.S. Smelting
47
13 US. Steel...
Warner Bros.
0115
Westinghouse Electric
19014
Aimeo Steel
Armeur
Allon Cons, mining
Baktwin-ma-Ham.
Bendix Aviation Corp.
Baltimore & Olio
Benguel Cor
Bethlehem Steri
Boeing Abplane
Borden (The) Co.
CHICAGO GRAIN
MARKET
the bulk of the
Panthened.
terli
Hes
**
LONDON
127-120
The market was weak with spot quoted at 30% pence.
Settlement house term:
No. Its spot was: ...... 30%-30%
and
Feb.
Star,
July/Sept.
Jun Feb Mar
General markets, cif basis, por
2014-301%
3791
no
of $158 million that is the Brures are not yet available. Reappraise Position
outflow of trade and capital 'transactions.
During the month Britain, re- $71.8 million of the prin- paid cipal on the United States and Canadian loans. It also repaid a Chicago, Jan. 7.
the were mostly steady total of $15.8 million
Uuck AMSTERDAM
The, markel was casy. Prices closed today in guilders per kilogram, clf January as follows:
No. 1 rubber No. 2 rubber No. 3 rubber Nu. 1 crepe
3.00 nom. 200' nom. 2.02 buyers 3.20 non. United Pres.
of Trade today loan element of the Marshall the sterling position in the light New York Sugar
cre-
and rye showing ald and the Canadian Interest with wheat firm tendencies mainly on com-free loan of 1942 and to
mission house buying.
407%
Grains
71
on the Board
2014
304
4415
United Press.
of
Wert Va. Pulp & Paper Woolworth
THE ROYAL BANK
Assots
OF CANADA
Houd Offico, Montreal CONDENSED ANNUAL STATEMENT 30th November, 1956
Cash on land and due from banka (Including
items in transit)'
and provincial exceeding not
Government of Canada
government securities,
market value.......
Other securities, not exceeding market valuč Call loam, fully secured.....
million
ditors in the European Payments The advance in wheat in- Union clined by the deferred positions Another $104
were Iack of molature in the paid into a special holding ne- winter wheat belt, and word count with the United States that exporters would be per- Federal Reserve Bank. This- at mited to sell form products, the amount of interest due including grains, to Poland the end of the year on the
Soybeans also declined along United States with a steady to slightly easier all market. Trading was light, with locals on both sick,
Wheat closed up "10 %. cent; soybeans off % to 1% cents.
Prices per bushel in cents; Wheat, No. 2, rea
Spot
24in Mar 10 (1) 2013 May
23715-4 July. Sept. Nov.
2029
and
Canadian
The time would seem to have
however, come,
for another meeting of the
Commonwealth Finance Ministors to reappraise
What they must decido (later if not now) is a policy for putting the pound 'not for just on its feet again short periods between crises but for a period of years.--London Express Service.
of Tocant events.
Singapore
loans-will be returned If the Stock Market
United States Congress sanction the
the waiver
In addition there was the payment of $49.4 million in part
Singapore, Jan. 8, Brokers today quoted the (75 per cent) settlement of the following stock prices: sterling area's trading deficit
with Western Europe in Novem Batu Lintang Rubber Co.
Ltd. ber.
Ord.
The sum of
outgoings, Britis including the residual aclcly and after taking account of $6 million of American defence old was $393.5 million. This is what the reserves would have dalle
Market
New York, Jan. 7. World No. 4 sugar futures closed today one to four points higher with sales of 343 contracts,
Domestic No. 6 sugor futures closed unchanged to three points. lower with sales of 80 contracts. World futures moved higher in active dealings, reflecting firmness in the world raw maṛ- ket. Irregularity prevailed in the quiot domestic futures market with the near months on the downside.
Contract No. 4 (world)
Opening March
Petroleum Borneo
@pot (cenis per ib. fob Cuba)
Contract No. G
complicated Tin Smelterw
Fraser & Nerve Lid Ord. For Neave 714% cun. Gammons (Malays) Limited $4.10
Spot $840
by In December (compared Hongkong. Shanghai Bank- with $270 million in November) · Hongkong in Lid, but for the withdrawal from the Kempa Ltd. Ltd.
the defeit | Lunas, Rubber, Falates IMF which turned
That is the picture of the New Serandah Rubber immediate past. What of the future?
Prospects Good
Flames total
Bolth, Brillah Diauranico
Ltd.
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwards "CHUSAN”
"DANTON"
"CORFU"
"CTTTBAN
Leaves London
Sailed 12th Jantiary
16th February
5th April
Due Hongkong 2nd February
March
22nd Febritary Doth
8th May
Via Southampton, Colombo, Penang & Singapore.
Homewarda
"CHUBAN"
"CANTON"
*CORFU* "CHUSAN”
Leaves Hongkong Due London
18th FebruaY 10th February
3rd April
12th May
21st March
6th Apri
12th May
12th
June
Via Singapore, Penang & Colombo. FREIGHT SERVICE "SHILLONG"dus 10th Jan. from UK "SUNDA" due 20th Jan,
from U., "SHILLONG”loids 29th Jan,
"BAIMARA” due 30lli Jon. "SUNDA" Iands 10th Feb.
"SOUDAN" due 2nd Mar,
for Singapore, P. Swet. tenhain, Havre, London ilambung. Rotterdam, Antwerp
Orange-
outh
from UK.
&
for Singapore, X'. Bwet- . tenham. Havre, London, Hartsburg, Rotterdam. Orange- Antwerp
north
from U.K.
ALL VESSELS OUTWARDS AND HOMEWANDS OF GOOD WILL PROCEED BY THE CAPE
HOPE UNTIL FURTHER NOTICE.
`BRITISH INDIA S.N, CO., LTD.
1850 A HUNDRED YEARS OF SERVICE – 1950 “SANTHIA” dus 15th Jan, · from Calcutta, Rangoon
dc Stralis mila 10th Jan. "WARORA" aus 23rd Jka.
walls 28th Jan,
I
8.10
"SANTULA" due 4th Feb.
anila Elli Feb.
for Jabad
mom Japan
for Higapore, Penang. Rangoon, Cuntsgong s Calotton
from Japan
for Singapore. Perang. Rangoon & Calcutta
́P. & O./B. I. JOINT SERVICE · "UKLANA"
Jars,
$1.70
May
July
Beptember
Bonda
29
March
due 12th Ján,
2.30
24
March
4.00
ails 13
5,70
May July
"TTEIA" AN
dus 25th Jan
September
(cents per ib. "CE, NY ex-city)
-United
0,05
"ITAURA"
due 29th Jan, ani alt Jan.
$145
$1.90
New York Foreign
1,03 29/32
Exchange
$32.40
Straits Trading
го
Brit edimkilp
New York, Jan. 1. Closing rates were: Caneda England ólalala
unland Engineeri Wearna BrOS,,
$9.50
tmomcial
"
Mail-Special.
Australia
$ 585,749,707 ·
2333;
Corn, No. 2, yellow
715,005,707 492,218,108
Spot
Mar.
May
106,280,378
July
Begit
Total quick assets
$1,050,263,058 !
Nov.
Rye
Other loans and discounta
1,295,093,026 Star
147
into a surplus of $168 million..
Malbyah Breweries
Mortgages and hypothees Insured under
N.H.A. (1954)
100,200,410
Bank premisen ........
30,000,073
MRY Chats
Mar. MAY
Lie
Petting Tin Ltd.
703
70
Singapore Cold "Storage
Liabilities of customers under acceptances,
guarantees and letters of credit
Soybeans, No. 2, yellow
93,174,300
Other asseta
7,877,807
Spot Jun.
Mar.
$3,571,208,320
July
skejit
Barley,
Spot
$3,278,375,435
93,174,300 13,040,872
$3,384,606,007
200 lb, pack
50,260,003- 135,737,122 665,418
$3,571,890,620
Acceptances, guarantees and letters of credit
Liabilitios
Déposite
Other Habilities
Total Habilities to the public
Capital paid up
Host Account ..........
Undivided profits
OVER IN DUANCIÍng In Canada. West Indies, Céltióránd South America. Oficer in London, New York and ‘Paris,
New York flour
2494-240 So far as the current month is
concebo the prospecta
130-140m
$13,40 United Pres.
NAMESAKES
fairly good.
Dollis uro... no
longer being 'spent to: support. the sterling exchange rate. The monthly EPU settlement will
call for a gold payment of only London Foreign
$17 million in January thanks
to the reduction in the trading defelt with Western Europe from
$27 million in Novembor to Co million in December.
And soon, though perhaps
Aberwers: 1. Boyer, 1 this month, 9104 milion Ameniod, 3 others, Navio be related to the
Exchange
· Löndón, Jun, 27.
not will
New York al Montres
mor
servés tion, 5 Crossing,, d'Atlàntic, 17 whom the United States Congres Sally Ayph0, Canada, 10 approves the waiver. In Ad Ocean. 11- Waves, 13 Bristol fear naire, too, thả rarervés Clo -18 Dücovered, 14 Fution? Er will be strengtholiva Bylland Pane
Sebastian
(Famous Export-Import Bank credit of *Envigator),
$6,000 million.
Mookhoán
7.70.8/10 2.04.2.60 9.40 13/18
· 90-day · futures.. 2,77 10/20
[30-day: “futures..
New Zealand
South Africs
Brypt
Argentina Indila Pakistan ›
2.70
United. ProRE.
Exchange Rates
1
Zutinene. Was done in the Topal imbretas e excluinge? market Įmorning; më dhe - following; rates:-
(iltrukka)
(per 100)
from Bombay & Karachi for Japan
from JapanA
for Singapore, Cochin, Bombay Kuwait
Karachi, Flag- rah &
'from" Japan
for Bombay, Karachi de Barah
EASTERN & AUSTRALIAN S.S. CO., LTD.
"EASTERN", saila áth Ján,
“ARAFUBA” due 12th 3pm.
for Sandakan, Rabaul, Le Brisbane, Sydney, Melbourne & Adelaide
from Australia
All vessels · have liberty to, exti`as-ahy ports on ar àff the route & the route à bailing Kre subject to change or amendment with or without motion,
For full particulars apply to: MACKINNON, MACKENZIE & CO. OF HONG KONG LID. Telephone Nos: 27721-4.
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