1957-01-15 — Page 9

THE CHINA MAIL, TUESDAY, JANUARY 15, 1957.

TRADE and COMMERCE SECTION

Macmillan Faces Greatest

Challenge

DOMESTIC AND EXTERNAL PROBLEMS

From RONALD BOXALL

London, Jan. 14.

HONGKONG Malaya's Rubber

"STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong

Exchange this

Future Bleak

Kuala Lumpur, Jan. 14.

The Malayan rubber industry faced a bleak future unless it competed with the price of synthe- tic rubber, Mr Henry Wong, Secretary of the Associated Chinese Chambers of Commerce of Malaya, said today.

kong Stock morning amounted to approxi-

Naon quota- view for 1856,

Mr Wong, in his annuzi re mately $210,000.

warned that tions and the morning's trans-something had to be done to meet this competition beforY markets went over to synthetic rubber.

uctions;

Mhares Buyers Keller > Bajor

NK Bank

INSURANCES

PPING

Wheelock

It

in the to be expected was circumstances of Sir Anthony Eden's going BANKS that his successor would be judged chiefly on his ability to repair Britain's damaged international reputation. Vital though this is, however, Mr Harold Macmillan's success or failure-and hence the future of British Toryism-will depend in the last resort on his handling of the difficult economic situation at home,

and

Me Macmillan

his new keep prev with increases in Ministers will not be allowed to production.

aetile gradunity into heir new jobs. After the usual "honey -

most

The lesson remains unlearned

Industrial no intercase

moon"-briefer in his case than last year although

new Pelme Ministerse | production showed will be expected

pruce in 1955 wages drawn by positivo plans. His own restive workers in the manufacturing backbenchers no less than the industry went up by seven per Opposition will insist on this. evnt.

Higher Wages

Having D recently vacateri No. 11 Downing Street the official home of the Chancellor of the Exchequer for the house next door and with a budget due in three months Mr Mac- millan will naturally take a large hand in forming economic policy for the immediate future.higher wages. On the day of Mr Macmillan's appointment as Prime Minister miners put in a new claim for 10s Od a week- which would cost the nation-

Anybody's Guess

1

And with no big increase in production in sight seven million

are in 14

for queue workers

alised coal industry £15,000,000 a year-and the 40 engineering and shipbuilding unions decided to tell employers that they will take "action" has

force their claim for a 10 per cent raise.

What this policy will be is anybody's guess. But plainly mist be different, from the pre- sent policy which even friends of the Government admit not been outstandingly success- ful.

Mr Macmillan is no newcomer to economie allairs. Indeed, his interest in them is greater than elther Sir Anthony Edun's Sir Winston Churchill's.

Dr

to

The new administration will have other pressing economic problems to foes, the chief ut which the oil shortage which hampers internal transport and threatens the Hvelihood .cif

of workers Thousanda motor industry.

the

Bud:

His greatest personal achieve- ment 04 0 member of The Government was In the early Externally, problems are just stages of the Conservative ad-

as intransigent. Gold reserves ministration after the war when, as Minister of Housing heave taken a heavy knock

though stronger overfulfilled his promise to build he slek list. 300,000 houses in a year. He did it and confounded his critics who said it was impossible.

This was rst rute political stuff but whether It was wise economics is open to doubt. The Socialist Opposition could hardly doing what criticise him for they had tried to do and failed, but economists outside the in fluener of politics could and did. They said that this high rate of unproductive investment сол- tributed in large measure to inflation.

Ironically,

Mr Macmillan (after a brief sojourn In the

$

is still not off

་ ་

(0) INT

pocks, C.

K. Wharf Ixxk

1050

232

גמן

1,10 7.20 1.70

100 @ 0.75

200 @ 1335

401% I'v (0) 13.40 13,50 LAND. ET',

IK Hotel

1 Land

RUBBER

Amalg

Tred

A

He said that American rub- ber purchasera weró huthan beings whose buying "could be swayed by price considerations."

Doubtful

WORLD

RUBBER MARKETS

New York, Jana 14. Ther

confract - rubber futures closed today 55 to 130 points lower with sales or 425 contracts.

Even if Malaya's rubber dut put was doubled it was doubtful 230414; whether production costs could

be reduced to make the proTM January duct competitive with synthetic Maroti rubber, he added.

23062

470153 GODO 1,00 120 10.002 6 1.623

(Malaya

greatest producer

the

of

May

July Beptember world's November rubber | Jamiary

14 15.10

41

ly ...1.321

1,40

UTILITIES

Trary

23 232

1.40 Pervy

100 M

Youmali

toz TILY

235

100 100

096 2314

1100 21.40

3122 345

100

200 314

reported. Д scheme troduced

for re- planting with high yielding March

Biay trees.)

July November

** HOT (0) 23.40

Eretrie

Telephone

1024 24

(N) 23.80 23 80 INDUSTRIALS Cepent

301 30074 STORES, ETC Dairy

10.30 15:40

Watmen COTTONS Textiles Nanyang

13.40

202

2743

123 314

200 24.00 400 vs 21.00

207 4 16.20

500 49 1820

and in recent years the Gov- meet competition

*****

33.25

31.45

31.10

Standard contract closed 55 to

ernment, to with synthetle rubber, has in- 130 points lower with no sales

Mr Wong in his review for the Associated Chinese Chambers of Commerce said:

"In the reethi past we have 1000 a 18.40 been working on the sentiment of the Americane to the strains that if they did not buy Malayan 710 7:20 1400 1.16 rubber, democracy's bulwark in Southeast Asia would collapse as a result of the ruination of the economy of Malaya."

Miners Not

Clamouring For Strike

Kitwe, Jun, 14.

A Chamber of Mines spokes- man here said branches of the African Mineworkers Union were not clamouring for strike nellon because of the rejection of their wage cladm.

An arbitration triburil under the chairmanship of Sir Walter Harrigan rejected the Union's claim for an increase of six slings eight pence per shift.

Earlier reports indicated that calla for strike action had gone ou from all but two of the £300 million Northern Rhodesia African balance of payments surplus is Mineworkers

Union. The not yet realised and because of

supreme council of the Unton that initiative in Commonwealth

was expected to meet on Satur Britain's grasp.

The alm

of a

is dealing with these

of

The

awalt Union

Termina!

1923 31.90

31.35

30.76

market activity featured speculativo quidation,

plus hedge selling in face of

a smaller consumer trade,

Spot No, 1 Rep was quoted at 32% cents.

AMSTERDAM

The market was weak. Prices closed to-day

per kilogram, elf Feb. as follows:

Mr Wong sald this was not | No. 1 rubber entirely trus and added:

must appreciate what was recently said by an Ameri- can rubber export-that the American rubber users are also human beings and as such their purchasing could be tway- ed by price consideratiors.

Prices

Unemployment

Rises In

Britain

Landon, Jan, 14. For the first time for nearly three

Years tho number of Britain's 'unemployed has exceeded the number of available jobs.

Published figures for December, 1950, show that 257,000 were unemployed on December 10, exceeding of vacant jobs for the first time since Mareli, 1954.

At this time there were 288,000 vacant jobs and 343,000 unemployed.

Britaly's largest postwar unemployment was during the March 1947 'Tuet ertsis when there were 773,000 unemployed and only 635,- 000

vacant Jobs,

During November-Decem- ber last year the number of unemployed Increased

73.000 by 32,000 while vacancŽIŲ decreased by 21,000.

Birgest fall in employ- ment during the year was in the motor Industry which employed 1.254.000

In November, 1955 LAI only 1.217,000 in Novem- ber last year,

Nevertheless, Britain's unemployment at the end of the

Was stir only 1.4 per cent of the working population, an Incrosse of 0 per cent over Decem- ber, 1955-United Press,

CHICAGO GRAIN

MARKET

on buying

The

on

• Chicago, Jan. 14. Grain futures closed higher on the Board of Trade today.

firm Wheat was capsed in part by drought con- ditions in the southwest. guilders commodity advanced early

fairly good

commission house 272 paid buying, which in turn attracted 2.70 nom, a small amount of selling, 2.65 nom

Firmness in vegetable oil and 1.10 porn.

maxi

in- prices induenced an eroase in soybeans prices.

Wheat closett , up 1/4 to 11 The market opened lower in cents; soybeans up to 144 sympathy with overseas advices|cents.-United Press.

·but it steadied during the day

Short on

covering. However, after the official close buyers

No. 2 rubber No. 3 rubber No. 1 crope

SINGAPORE

WINNIPEG GRAIN PRICES Winnipeg, Jan. 14. Prices of grain futures closed were scarce and business passed today in cents per bushel as fol down to 97 cents. Futures: No. 1 rubber per lù. Feb. DIAL-DTL

Mar 95%-90% No. 2 rubber per hb. Feb. No. 3 No. 4 Spot rubber unbated Blanket crepe Malayal, No pale crepe

"With the synthetic price brought down now to less than 23 cents US currency a pound or roughly 63 cents sentiment would have to be very strong indeed to persuade

the

American buyer to prefer Malayan natural rubber at one Singapore.”—Router. dollar eleven

cents exworks,

LONDON LEAD AND ZINC

development is slipping o

And while he day, but the meeting was pos problems puned. It is thought, to

reactions from all the new Chancellor of the Ex-branches. chequer will have to negotiate Britain's participation in the

Chamber of Minea

London, Jan. 14. proposed European free trade spokesman said i was natural The Copper market was firm the award of the tribunal caused' in the morning. Turriever wis disappointment, but, he knew 700. tons. In the afternoon, the nothing

to

that the market was very steady. Turn- suggest Union would not honour

over was 750 tons. Prices in agreement.-China Mail Special. | sterling per long ton at the end of-the unofficial afternoon session:

area.

Heroic Task

in

the respon-

Ministry of Defence and the All these problems arc, Foreign Office) was soon_grap= pling with this same problem of the final analysis, inflation

the

equally dimcult UK Government

To

at the Treasury-and siblity of Mr Macmillan. Added ordering a cut in investment to them are

authorities problems of foreign policy. which hit local

dent with them would be un building progromnes.

hole task for any Prime Minis- ter-even one who is assured of his wholehearted support of backbenchers. For Mr Macmillan this is the greatest challenge of a long career of public service. -London Express Service.

Personal Courage

His tenure of the Chancellor- 'ship will be remembered more for the personal courage ito showed in introducing unpopular for the suCCESO Incasures than of the nicastres themselves. Perhaps if it had not been for Suez he would have remained

at the Treasury long crough to achieve this success, but as it is, the only real distinction he earned was for his introduction bonds which of the premium

for the first time admitted an element of gambling Into British financial polley, But this wee

Singapore

*

LONDON

*

lows:

Osts

85-90

May

July

9215-93

.

Oct

101-1011

Ryo

BO-871 110-117

May

July

Oct.

Barley

May

July

Flaxseed

ઉત્ત

May

July

Oct.

The marfoot was quiet with spot quoted at 27% pence per Ib. Prices: No. 1 spot

2734-28

Soulement house term:

You

2734-28

Mar.

Apr./Jung

July/Sept.

Oct/Dec.

10

290

Wheat closed at 101% for No. 27-1743, and for No. 5, 146 cents.--

United Press,

General markets, cit basis, ports: Jan Feb. Mar

2734-3535

273-27

thick Teb.... 3314

United Press.

Estate crepe tún Feb.

Liverpool Cotton Prices

Liverpool, Jan. 14.

Cotton Tufures closings, in 2015 | penco por 1b, were as followe

1st half Jan. 1st half Apr.

Buyers Seller

........

The lead market was steady in

the morning with a turnover of Old contract Mar/Apri 300 tons. In the

New York Sugar Market

New York, Jan. 14. World No. 4 sugur futures

closed today "34 to 47 points

higher with sales of 1,376 tracts.

con

The domestic No, 0 sugar futures closed O to # polnis higher with sales of *000 con-

|tracts.

World contracts skyrocketed to new record highs, with the up- 24.10-11 ward movement gaining spe

under broadscale speculativo buying, short covering and trade

26.23

afternoon, it

May/June

Bonds Lead

was steady but quiet. Turnoyer

July/Aug

Oct/Nov.

25.75 23,43

was 25 tons. Prices

Dec/Jan.

Buyers Sellogs] New contract Mar/Apr.

117 11746

20.00

May/June

#

116 11BIL market Was vory

July/Sept.

Odl./Nov.

20.08 1 21.09

25,00

Prices Up

London, Jan. 14. Government bonds again led prices mostly higher on the stock exchange today.

The Government liens, bolster-

Anished with going of nearly two- sterling.

Stock Market od by further strength in sterling,

Singapore, Jan, 18. . Brokers today quoted

the taken as another example of his following slock prices:

courage and imagination rather than an act of great financial acumen.

It was ironical, too, that on Ahe day Mr Macmillan achieved the highest political office in the land his policy for beating In- flation by wago restraint should achieve a fatal, blow,

One of his Arst. acts D3 Chancellor was to launch o campalgy designed to bring homIO the economic implications of tuil employment. In & White Paper pamphlets and spooches he bought to show that a nation could not, go on paying itself

for more than It produced.

Baju Luntong

Ltd, British Borneo

Byndicate

Consolidated

Ord.

Opening

Rubber

Co.

Petroleum

Тус Smellers

SIE

29d

$221

Fraser &"Neave Lui Del. ** Franer & Noave 73% cum.

pref Clammany (Malaya); Lunited $2.07- Hongkong & Shangitai Bank

Ing Corp...

$380. Hongkong Tin Lid,

Profi-taking cut smáli early gains among oils with prices finishing slightly on the down- aide.

Dollar stocks also moved lower In line with the lower Wall Stroci close last weekt.

Copper and gold shares failed to move much, alther way. For

bonds cipa

Wero quiet and stoady.-United Press.

7x34

Kempa La, Soumantes

Rubber Estaton Ltd.

31.40

i

.80

$2.00

mayan Browerten.

New Bernimiz

Lad

Rubber

Potaling Tin Lid," faces Hotel

Singapore Cold Blorage

Exchange Rates

1

.

"Business" was done in the local unofficial

ist half Jan.

ist half Apr.

The zine

steady in the morning within

LLITOVAT

Dec/Jan.....

of 500 tone. In the Egyptian Harnak Jan/Feb. 00.00. afternoon, the market was frmer with

a turnover

Prices: ist half Jan. fat half Apr.

of 225 tons,

Buyers Beber

10

United Press.

NY COTTON VOLUME

Now York, Jan. 14. Cotton volume and open in terest on the New York Cotton Exchange today were as follows Month

Volume Open Interrei March

-274,400 MAY July

28.700

3230

420,100-

10200

185,000

LONDON TIN

MARKET

Oct.

10,900. 143,400

Deo.

35.700

100,500

Mar May

180

000

Total

101,100

London, Jan. 14,

32,800

10,700

--United Press.

bus in face of light offerings.

action

Government weekend the domestic boosting marketing quota for 1987 by 9,000,000 tons 200,000 tons to

Was expected to tighten tho i world supply situation just that

much more.

The domestic contract, despite the quota increase, followed the upward swing in the world con-

Futures: tract.)

Contract No. 4 (world)

Wall Street Steels Weaken In

Moderate Market,

New York, Jan. 14. Steel shares weakened in an irregularly lower, moderately active stock market early today.

Shortly after the opening the| steels started backing off with losses running to 3 points in Youngstown Sheet and Tube.

Commentators ascribed the selling to technical reasons, with the outlook for steel Industry still bright, despite come sign of logging in auto industry order.

Douglas and Grumman were strong spots in the aircrafts with galas of around a point, the Latter in blocks ranging to 7,000 shares.

Motor shares narrowly irre- guiar', olls generally easier except for Kerr McGee which added a

Rolls point. irregular.

Closing Prices

Allied Mill inc

American Cable & ndio

QUIT.

American Cyanamide Ca. Amer, & Forgn. Power

Am. Mach. & Fatry. Am, Sugar Hof. Armed Steel

were

$ km

A15

75!1

20

110

OUTXrt

14

Bendix Aviation Corp.

0114

Benguet Cons

1

Boeing Airplane

Borden (ie) Co,

Burroughs Add Machine

Armour

Baldwin-Lama-Haru.

Chao (J. 7) Da

Cat, Tractor

Celanese Corp

G. I. T. Financial Corp. Chipso Manhat, Bank Climax Molybdenum

Colgate-Palmoliva Co. Continental or of tối

own Zellerbach Diamond Alkail Dow Chemicals El Paso National Gas (new) Family Finance Corp.

Gen. Pub. Glidden Co.

Erie Ralfroad

L.

Goodrich (B. F. Co. Heyden Chetnical Homatako Mining Co. Ingersoll-Rand...

Triand Steel Co.". Interchemical Corp. International Paper Jolin-Manville Co Kansas C. Power & Light Liggett Meyer Too, Co. Loushville Nashville T Lowellstein a Bona Membl Iron Corp. 'Monsanto. Chemical Ca, Motorola Ino.

National Dairy Prod. National Steel Corp. Olin Matteson

Owen-Illineta Cilan

Parke Davis

Penny J.

Penn. Salt Co.

Philip Morris

Procter & Gamble Cu

Publicker

Pure Oil

Shell Oil Co.

husleie

Faint Hog. Paper South Puerto Iileo Sugur Bouthern National Ge Southern Railway (Com.) Sigep Rock (Tornloex.) Tide Water Asm. Oli Twenty Century Fox Miam U. 8. lane Co. West Va. Pulp & Paper

P&O BIE

COMPANIES

United Prem,

A

PENINSULAR. & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Outwarda "URUSAN” "CANTON"

"CORFU"

“CHUSAN”

Leaves London

Sadloc

10th FebruATY

6 April

Due Hongkong 2nd FebruaTS"

2nd February

outh Marda

8th May

vis Southampton, Colombo, Panang à Singapore, Homewards 'Louver Hongkong Due London

"CHUSAN” 18th February

21st March

*CANTON" "CORFU *OBUSAN”

Sith February

6th April

19th May

12th Jun

3rd April

12th May

Via Singapore, Penang & Colombo,

FREIGHT SERVICE

due 18th Jan. SUNDA" "SHILLONG? leads 31st Jan. 1st Feb.

or

"BALMAHA” due Dist Jon. "SALSETTE" due ́ 10th Feb,

loads 11th Feb. "SUNDA"

"SOEDAN" que 2nd Mar

from UK. for Singapore, P. Swet- tentiam. Havre, London, Hanbang Notterdam, Antwerp &

Grange

mouth

from U.K

from UK.

for Singapore. P. Swet- Senhorn, Havre, London, Hamborg, Rollerdam, Grange-

Antwerp

Dough

from UK.

ALL VESSELS OUTWARDS AND HOMEWARDS WILL PROCEED BY THE CAPE OP, GOOD HOPE UNTIK FURTHER NOTICE.

BRITISH INDIA'S.N. CO., LTD.

1850- A HUNDRED YEARS OF SERVICE -- 1950 "BANTHA" in Port

from Calcutta, Hangoon salle 15th Jan.

due 30th Jan, salis dist Jan."

"WARORA”

"SANTHIA" due 4th Feb,

salis 5th Fett.

Straits

for Jamia

Item Japan

for Singapore, Penang. Rangoon, Chittagong a Calcatta

from Japon

for Binpore. Penang. Rangoon de Caloutta

P. & 0./B. I. JOINT SERVICE "UMARIA”.

dus. 20th Jan.

alls Qkat Jan.

"ITEIA" | duo 25th Jan.

anlly 27tha Saans

0.24-25

+.25

"FÈAURA"

dun 29th Jan. shifa Sint Jan.

120

1,300-40

March

May

July

September

March

Ma....pake

1,145,800 batePIE,

Spot~+(cents per ib, fob Cube) 0.20 Opges interunt: 8,915 contracta.

Contract No. § (domeniio).

March

0.03

Mary

6.04

July

GOT

September

6,07

8pubicenie per Th. fob NY

ex-duty) Open Interest: 4,579 eontracts.--- United Press.

5.98

The in market was spread at New York Foreign

lower levels this morning. Spot was marked down 3 and 3-months 6 poinia to 182% and 709% sterling respectively. Turn- over was 24 tons.

Anut buyers

nedlem

FEMENILA 3-monite buyers Božery

busines

789

Exchange

New York, Jan, 14, Clowing rates were: England whomelal Carlada

Candian”

785 Spot 70%

Msday Future 90-day futures 783-month

In the afternoon, the tin mar" ket was steady. Spot rose 3 and three months 4 points to: 786 and 7735 sterling.

· Turnover was kis toris. Bbos kryp --

104-3/2

1.04-3/32 1.03-3122 1:03-1 1.0-9/32

dollar market tune: fitra,

Canadians <šoštar Únie Prem,

NAMESAKES

London Foreign

Exchange

London, Juri, 14.

Closing rates were: Litnu' York

Montren (

Ainimetiam 2.10.66

Lopenhagori

12.35

Sarth Drian Insurance Co.

$3,57 13180

remarket the

| morning at the following eston:="

Biraits Trading

UB. dolar (par 81)

Straite, Bloemsilp

$16.13

Sterling noter {pec. #3)

10.1

grou

Australian notes (perally are

13,00 | zimentén Duyoru

Indonesian, kaplah (per 100)

18.43.

20.00

United

Trollwoời, 13, Bille, 4. Laugli, K Яtockholm

༑། Comedy, ́d Palide, 7 Telbyviston:

Bob Hope.

KOthers Wa

73.83-72.00 thehan

If full employment was to be? United Engineers Ördek maintained.

without Indation. Wearne Brow

Wage increzaes would have to ** oùmdiy-China Mall Special,

Sintical- (Der : 100))

Hingapore • (brændta})

-150 Troodonati

from Bombay đɛ Karachi for Japan

from_Japan

for Bingapore, Cochin, Bombay Karacts, Bas- rat de cuWeat

From Jabanı

for Bombay, Karachi

& Barah

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

"NELLORE”, dưm Tâh Feb,

“ABAFURA” 'xalts: Utlí Pob.

•from Australia -

for Sandettan.'' Rabotit,' Debate, Bydley, Med bourne & Adelaido

All resale karo lherty, to, dall aå any pórka, alli në nữf the heute às the route à, mitingʻare rubject to Chang, cu -Kmandmans with or without notion.

For full particulars apply to:

MACKINNON, MACKENZIE & CO.

OF HONG KONG LTD. Telephone Nos: 27721 J.