THE CHINA MAIL, THURSDAY, JANUARY 10, 1957.
Pago
PETROL PRICE.
INCREASE
Chicago, Jan. 9. Standard Oil Company of Indiana today 20- nounced a e cant per gallon increase, to morvlos station dealers and can- sumers, on motor Detroi
and related products in the mid-western states in 15
which li mKTİCİ,
The prion increase #ffcctivo" at midnight Bisht
to-
"This price increano fol- to recent crude oil price advances that stem from
crisis
In the Midd East," sald Dwight F. Benton.
Vice-
Prealdent for Standard Oll.
The increase is in
lue
with the current advance
in
prices
petroleum product
throughout
country."-United Press,
the
NEW YORK
"
STOCK
MARKET
New York, Jan. 9.
were generally
firm
Stocks In moderate imding early today,
Rails were steady.
Bethlehem added a point in
were
a firm steel group. Motors were fractionally higher, olls
drop mixed with
of a point Continental, and t about the widest change,
was
con-
Hamilton Watch Issues inued in demand, setting new highs.
Copper-BusREMET
roso
3 points, South Porte Rico Sugar, Fairbanks Morse, Pittston Co.. Kennecott Copper around u point.-United Press.
Liverpool Cotton
Market
Liverpool, Jan. 0. Cotton futures closings, in pence per lb. were as follows:
Ok contract
New contract
Mar/Apr. May/June.. July/Aug Oct/Nov DeeJan. Mar/Apr. May/June July/Aug Det/Nov Dec/Jan
Egyptian Karnak Jón./Fel,
20.00 2000
24.00
20.30
*3.54 20.03
-United
Press
TRADE and COMMERCE SECTION
EFFECT OF OIL
OIL SHORTAGE
LONDON
COCOA MARKET.
London, Jan. 9.
The cocoa trade in Lon-
| don now estimates world cocoa production during the 1956-57 season at 880,- 000 tona.
*This just over 18,000 tons more than the estimate gives recently by the United States Department of Agriculture. The difference
due to the subsequent publication vi officially revised estimate of the Gold Coast main crop. The Gold Coast crop
was announced On December 22. At 225,000 tons, It is than the original official estimate,
ON BRITAIN
WORLD
Less Than Cost Of RUBBER
Normal Growth
Of National Income
London, Jan. 9.
MARKETS
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)'
Business done on
the Hong-
Can Britain Produce
Enough Steel For Super-Tankers?
London, Jan. 9. The news that British oil companies are Now York, Jan. 0. kong Stock Exchange thplacing firm orders for super-tankers from British contract rubber morning amounted to approx shipyards raises questions of steel availability. futures closed today 80 points mately $120,000. Noon quota- 140 points lower with sales of tions and the moming's trans- 489 contracts.
actions:
The
TUX
Jan.
Mar.
Mer
July.
Sept.
Now,
Jan.
Standard
Mar.
May
July
Bept.
Nov.
Jan.
Hurers Boilerm
INSURANCES
Union AKI BKIPPING Wheelock
(0)
34.50
Shares
33.39
30,45
5030
BANKS
IK Blank..
31.70
contract
rubber
33.18
33.30
$5.00
11.05
31,00
On any reckoning, the direct current cost of the oil dislocation is less than the dextrous normal growth of the national income.
The political and psychological cost cannot be measured, but the economic cost some 20,000 tons higher should not be more than forgoing six months' normal improvement in the standard of living-tax reliefs, advances and other improvements in real income which Britain might have been able to afford before, and cannot afford now.
On December 24 the original
official estimate for Western Nigora WIN announodd
117,000 tons agains, the original
rutimate of 103,000 tona.
AMPLE STOCKS
Middle Eastern oil is the growth element in Britain's and The Cocoa and Colonial Mer-Europe'a industry. abants, Llimited, in their nual report said
change
foreseen i
Cocos
no
123-
a
dramatic At a pinch. it could be re-
placed prices Was
by other sources of the coming year,
energy, bus it would be Supplies continue to be plentifut, serious pinch.
however
much consumption has recovered and
serious it might be for the Middle Eastern countries. stocks are ample.
Is
The report said the increased production were due chiefly to the excellent weather condition
To a lesser extent, but of in- favouring cocoa producing areas. creasing importance, the stowing yield of postwar plant- ings replacing that of trees jost by cutting-out operations and new techniques in combating the diseases affecting cocoa trees us well as the toli hitherto by ravages of disease and Insect
more
It could not be done without saying goodbye to some of the hopes of expansion and rising standards,
Not Ordinary Way
In the ordinary way, IL is than to suffer a butter lo forgo some growth present is not the ordinary way.
cut.
But the
The burden is most untor- tunately timed, as the industrial affect of the credit squeeze has been braking the growth of the World usage of cocon beans national income for nearly two
posts.
taken
In 1966 le silmated in the re- port ut about 770,000 tons, com- pared with just Over 710,000 ions in 1955-United Press,
LONDON TIN
MARKET
London, Jan. 9. The in market was very firm this afternoon. Both spot and NEW YORK COTTON VOLUME month Jumped 8% to £780
New York, Jan. 9.
long volume and open respectively.
Trading
Interest
The Newe York
Cotton Exchange bday were us
and
£777
per
Turnover was 40 tons,
Spot +
Volume Open interest
21,000
201,800
follows:
Mat.
May
17,100 410,700
July
13,400 160,000
Oct.
17,200 143,300
Dec.
Mar.
2,300
May
1,600
Tolal
£2,300 1,150,000 balen
United Press.
19.700 100,400
31,800
15,400
Exchange Rates
Business was done in the local unofficial exchange market th moming at the following rates:-
buyers neller
businema 3-month buy em
weilers businens
увага
la no
the
DOCKS, ETC. K. Whark.. Provident
(0)
LAND, ETC.
In Hotel .. IBC Land
Aunty
Terminal markets' sharp re- action reflected the lower London Hoalty cables and British politlent un-unen certainties painted up by the re wage signation of Prime Minister Sir
Eden. Anthony
Speculative UTILITIES trade liquidation
Demand For
UK Govt Stocks
London, Jan. 9.
og and orders ran into stop orders in.
the face of hesitant trade trend.
Domestic factory Interests re- cently in the background with drew even more in the belief that even lower prices will be in the offing.
Shipment offerings from the Far East were moderate.
Spot No. 1 Rsa was quotcui at 34 cents per lb.
SINGAPORE
Tram Yaumati C. Light (0) Flectric Tel. (0)
K
Tel (N) INDUSTRIALS Cement Rope
STORES, ETC. Dairy
COTTONS
Nanyang
7
14.00
85 3
Sales
1000 # 1070-
310
སྐྱུ
7.13
13.30.
15
140
British shipbuilding concerns already have heavy order books and some of them have expressed concern about the supply of steel plates.
Observers here have suggest- ed in the post that British shipyards were at a dimid- vantage compared with over- acas yards.
NIGERIAN
FARMERS ENCOURAGED
This might have been true at one dimo bocause the overcas industries had been more slack to take up in their economies and could therefore quate earlier 200 @ 14.00 delivery dates and lower prices.
BO 01
Steel for shipbuilding was in caaler supply and they did not
Ibadan, Jan. 9. face such heavy capital costs in The Association laying down new yards to ex-Nigerian Co-operative Ex- of pand capacity.
2.45 -1.50 15,000 1.50
070er 1.66
23.00
100 102
2004 311 6:00 2.00
500 # 24
101 103
23.50 30.70 3144 24.40 241
233 23.70
INVESTMENTS
Allied
BK & FE
Ivest
13 13.10
15 13.40
7.03
4.90
Some of these disadvantages are probably exaggerated now,
Similar Problems 24.00
500 g 13.10 2500r 13
5.70 0,00 400 9.20
The rubber market opened CHICAGO GRAIN steadler on New York advices and it ruled quietly steady throughout on sellers reserve and better enquiry for lower grades. Future closings:
Heavy demand lifted British Governments as much as seven shillings sixpence in the Lon-No.
1 rubber per th. reports the bank don Slock Exchange today on February
Morch rato will be lowered, however, leaving the overall market picture mixed
Oils were practically - speculative interest in Lobitos changed but there was
10394-104 100%-1934 101-1004
No. 3 rubber por it. Feb. No, 3.rubber per ib. Feb. No. 4 Tubber berib. yeb, of 50 Spot rubber unbaled... 19834-2003 Blanket crepe
04-66 No. 1 pale cropo some
122-324
LONDON
and Angio-Ecudorian. British From industrial
shilling. stagnation Petroleum yielded G
The market was weak with instead of normal growth, there! Suez Canal improved a bit. spot quoted at 29% pence.
increment do meet
Gorman and Japaneso were No. 1 Ram epot costs either of Suez or of the Httle most moderate wage
changed. Doller increasee
stocks which labour is flkoly, to
Word murked down.-United Feb. de Press. mand and be granted.
of
Until the normal growth the national income can be re- stored, both sets of costs must full ether on living standards, mainly by high prices, or else on the national capital account, reinforced by the dollar draw- tom, i
ings.
Restoring some dynamism to the national
should economy 180 thus rank with restoring the 291 flow of Middle Eastern oll
-United Prem.
LONDON LEAD AND ZINC
797
www
as
Textile Talks Postponed
Washington, Jan, f.
MARKET
Chicago, Jan, 0. Grain futures market W*0# irregular in a moderately active session on the Board of Trade todny,
of Reporte
moisture
over Areas of the winter wheat belt and liquidation of the March contract brought early declines into
wheat. Later," however,
porters is actively striving to encourage farmers “ta Improve the quality of various commodities.
A perpetual challenge cup for High Interest
Tates are
no the best quality cocon shown, at longer peculiar to Britain and the Abeokuta Provincial Agri- both Germany and Japan are cultural Show each year has facing problema similar to those been prosented by the Associn- raised by British inflationary tion as part of its drive Tulso pressures,
standards.
. Moreover, British steel prices were raised by about six per cent on the home market Intely, It remains to be seen how much extra supplies
evoked.
will
be
The British industry has had plenty of time to consider the advantages likely to follow from & growing volume of orders for super-tankera,
The fact
During the last coona sepSION, (1953/50) the Association, with a total of 17,500 tons, was the second largest buying agent in Nigeria.
It is co-operating closely with the Government in capsid- control efforts and has put into operation six Bolo spraying machines in different divisions with 12 trained operators.
OTHER PRIZES
that super-tanker building had to come was fore- shadowed long before the Three other prizes totalling closure of the Suez Canal.
£250 will be awarded annually to the best co-operatives in order Britain's tanker fleet le more of merit of their trading per- than adequate for her own oil formances. roquirements. But Britain had
prices rallied with export houses tional ell business. She is prob-purchase
a major stake in the interna- on the buying side.
Settlement house term:
2014-2015
Wheat closed up to off cent; soybeans up to 15% cents.
2044-203
Mer.
2716,276
Wheat, No. 2, red
Apr./June
29-2931
Spot
24320
July/Sept Oct/Dec.
23--2016
Mar. 241(11) 2401LILY".
24013
2316-28
May
General markets, cif bans, ports: Ja.
July
2281
Sept.
230-229-14
2011-291
Nov.
2321
Mar
Corn, No. 2, yellow
Etate crepe
Spot
1:17
this JATI...... thick Jan.
Fob. 3315
Маг.
13314-
May
2621
July
131
AMSTERDAM
Sept.
1370
Nov,
Rye
Mar.
May
cit
Jan. 09 Date
Mar. Млу
2.09 buyers
2.87 buyera
Яро
No. 3 rubber No.
crepe
2:82 nom. 3.40 Tom. -United PreKH,
May
July
Sept.
Barley
Spot
The market Was quiet.
The Board of directors of the Prices closed today in guilders
kilogram American, Cotton Manufacturers per Institute today postpone a follows: meeting at Charlotte, North
the highest object of policy. The Carolina, tomorrow to consider Nobber 178 credit squeeze serves neither 1957 Japanese textile imports.
London, Jan. B. Prices of metals closed today
in sterling' per long ton na follows:
purposC.
The point is easiest to see in Greenwood,
Prosident .F. E Grier of regard to
South restrictions. import
Carolina, The Chancellor has
sald the postponement resulted eschewed them, on the ground that Bri- from "lack of any agreement re- tain's problems can be solved garding US-Japaneso efforts to only by expansion,
solve the cotton textile import restriction,
problem."
Not Inflation
not
by
Onelais of both countries have been working on a formula under which Japan would
Nevertheless, the immediate jaimie voluntarily Its 1967 ex-
Singapore
Stock Market
Singapore, Jan: 10
Soybeans, No. 2, yellow
New York flour
200 lb. Back
225234-44
130-140
$13.40% -United Press.
WINNIPEG PRICES
Winnipeg, Jan. §. Prices of grain fulures closed
need is for internal rather than ports to the United States, I Brokers today quoted the follow. today in cents per bushel aa
U.S. dollar (per 31)
0.19
Sterling notes" (per (21) Australian notes (per £1) Indonesian rupiali (per 100) Barn sical (per 100)
15,33
int
Singapore (Strait)
27.00 Zinc
1.10
But halt
buyers zellers Copper spot
273 3-month
211% external expansion. 271 Load 1st half Jan. 110% Lend let half Apr. 115 Zine
Jan. 103 Apr. 2014
117
11513 104
2014
Jalted Press.
West German Bank
May Lower Discount Rate
Frankfurt, Jan. 9. The West German Central Bank is expected to lower the discount rate tomorrow for the second time in less than six months.
A togt stook prices!
Briti
reportedly is drafted in an attempt to avoid restrictive Batu Lintang Rubber Co.. For the first time since
Lid. the measures by some state legisla war one can conceive of im-tures and trade groups against port controls that would not be Japanese
Byndicate products, - United Commolidated
Smellers self-defeating, because, for once. Press.
Ord. the trouble does not stem from
Fromer & Neave Lid. Ord...
Fraser & Neave 15% cum.
__peel.
internat inflation.
100
In the ordinary Way, the money which is spendable on restricted imports chases after other goods in the home market, and by its effects on exports it mices matter worse,
South Korea Agreements
Seoul, Jan. 2.
This dime, the unspeniable The State Council' of South import money could safely be Korea has directed the Minister left to chase after selected goods of Foreign Affairs and Cop In the home market, particular moroo and Industry to hoston by the exports frustrated by the arrangements for the conclusion shipping bottlenecks and by the of formal trade agreements with Suoz dislocations in overscas Formosa, Vietnam-and markets. Otherwise, one
ia Philippines, creating pointicss unemploy
mont,
There is a caso for some care- fully selected devices. There is no case for striking out widely
tha
follows:
Opening | Oats
********* $1,00 Borneo Petroleum
May
July
Oct.
51/-
Rye
20/30
Mary
July
Oct.
Hongkong & Stianghai Bank-
Carmens (Malaya) Lámited $3.00
$4.00
Barley
May
Juży
ing Corp.
$800
Dci.
Hon rong TAY LU
Kemp Lid.........
Luna Rubber Estates Lid.
0.00
Makyan Breweries
o
Now Serandah Bublier
Lid.
Petaling: Tin 110. Ramen Notol
| Singapore. Cold Storage South British Inrutaneo Straits Trading,
Ltd.
Straits Steamship Unifest ghzsers Ord. Were Ero
$1.00
7514-70
7012
1332-134
The Association, also handios of cotton, palm pro- ably a not importer of tanker ducia, coffoo, rubber, space when this is taken into citrus and castorssed.
account.
сорта,
The Improvement of rubber The virtually insatiable dc. quality in the Benin-Delta pro- mand of the world's oil require vinces is one of the Associą. ments over the next decade or tion's present main campaig so is the more realistic pointer It has recruited the services of to her growing tanker space an expert from Malays to assist requirements.
Firmly Established
If British shipyards lase the business, the long-term effects could be just as serious as the short-term loss of revenuo, ne- cording to observers hero.
For the orders would certain- } ly go to Germany and Japan, who would thereby establish themselves still more firmly in the international dunker bulld- Ing field.
farmers in improving quality. from the poorly remunerative B gracks to the more valuable Ā grades.-China Mali Special
0.
New York, Jan. The Anaconda Company is constructing a 50-ton a day pilot plant for producing alumina from clay. The plant will dent workability of the new alumina«. from-clay process including cost factors and engineering data.
If this plot plant proves mid- cessful, the company plans.a Orders turned away in à boom | large-scale expansion, Involvint might not be repeated when a dizobba investment near the times aro harder,China Mall els sources at Moscow, Idaho. Special
|--China Mail Special.
As approved by the Postmaster General. Hong Kong
AIR MAIL ENVELOPES
205
1021:
10145
United Prep..
WHIL
London Foreign
Exchange
London, Jan. 9.
Closing rates work;
3.794-379- 2.00%<
$15.70
New York
Montreal Brussels
Chine Matt Special.
New York Sugar Market
Discussions with the goverE- ments of the three countries will bo based on a plari for export fo the Philippines of about 4,378,- 000 dollary worth, of goods, 2,000,000 dollars worth to For. ant 1,090,000 dollirw worth to South Vietnam,
A government spokesman said lato into terms of the internal account system us the method This is not so easy to trans- | South Koros favoured" n, awing economy, but somehow the for balancing payments between su Chancellor and his advisors will the four countries. Reuter.
The Central Council of the German financial Interests in all directions, there has been Bank Deutscher Laander, which I have. complained the higher too much of that. gets fiscal policy in West Ger- | bank rate has restricted crodit many, had been duled to tako | and resulled in an unnecessary Motors Effected the move today, well-informed
Privalo wined tight-money situation. source soil.
bank loading some financial cir- However,
neither
Finance cles have pointed out, has been Minister Fritze Schaffer nor ruing as much Bono per
·économica Minister Latdwidcoat below the bank rate in
both ex-officia meme | stead of, as normally, slightly have to do it. bors of the Coutell, wiere able above Al
In die motor industry in par-
to leave Bonn__today for tho Economic experta enim Gerdictiar, dislocation ana dejection meeting here. They were ex-many's postwar boom, which hava gono far beyond the point potato mitend tomorrows had led to three discount rate of and useful dieindiation. Some- possion to approve the proposed | incTENICE US a hedge against it wilk have, to be done to discount rato dechenso,
inflation in 1986 and curly 1900, men one of the product{yw The rate at: prosont is five is levelling off art noods and resources under-amployed per cent. It was lowered from conier credit polley. United that industry, China: Mail] B3⁄41⁄2 par cont' last 'Beptember,
Special, Stan
NAMESAKES
1 Academy, 3 Harmonious,
Painting 6. Olle,
8 Italy.
/ Now York, Jan. 9. Sugar futures closed today as
follows:
Mar
Bpot
Contract No. 4, (world)
Frankfurt Milan Unlo
Paris Blockholm
Vienna Zurich
140.2
10.39-1833%
1996-199014
1
72.81-72.83 13.231⁄2-13.83 Other were unchanged--United Press,
London Wool Top Markot
London, Jan. 9.
Merino wool tops market
closed steady with 104 l South China Morning Post Ltd.
tumover.
Mur.
May
Juk
Deo.
July
Prices:
Job Printing Department
Telephone: 20002
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