1957-01-17 — Page 9

THE CHINA MAIL, THURSDAY, JANUARY 17, 1957.

TRADE and COMMERCE SECTION

Warnings On New Zealand's

Economy

FEARS OF BLEAK

PERIOD FOR

EXPORT TRADE

Wellington, Jan. 16.

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong

this

kong Stock Exchange morning mounted to approxi- niately $700,000, Noon quota- tions and the morning's transse- tions:

Busters Sellers Halca

1030

DANKS

The New Year opened with a flurry of storm warnings on the state of New Zealand's economy, Bank indicating that the near future may bring a bleak | INSURANCIS period for the export trade on which the prosperity of this Dominion hinges.

*

East Asta

Unton

254

030 14:00

SHIPPING Wheelocks

7 20 7.24

INI

Wool, meat, butter, cheese. this in the first three months of animal fats and skina normally the current season is 25 per cent account for over 90 per cent of higher than last season. Prices New Zealand's exports. But of me satisfactory, but not sum- these commodities only wool ateiently so to offset by more than pOCKS, ETC

small fraction the shows a healthy lone, prevcart

expected K Whart

Dock white sales of meats nod dany

products, losses on the major

Provident produce show

developing LAND ETC. serious declines. The possibilities of and poor prospects of recovery. markets for butter and butter R Hotel

Such a situation

more oil in countries other than Bri-HR Land serious for New Zealand thon tola have been largely ruined by for most other countries in the Unltext Sintes murplus disposNÍK, world because of her high de- DE dependence gree external trade,

pro-

5.75

10 + 0374 10 DOO 1098734

1000 7.20 3000 7.20 4000 60 7.13 1000 7.20

400,00

500 ** 0.00

2013

112

497, 401

13.40 B TO

411440315

1200 €2

Realty HUDBER Amole Trunt

1325 1.574

1.475

| UsfürrtES

Trom

WALL STREET ATTEMPTS TO RECOVER

New York, Jan. 16.

Stocks made an attempt at recovery today after the shakeouts of the past two occasions.

Steel stocks, cut back sharply | nearly a point in International on refillsing Monday and Tues- | Nickel but National Lead lost a day had early gains ranging point and Kennecott Copper over

was oft almost one. point in Bethlehem, Youngstown Sheet & Tube and Crucible.

a

The metal recovery 11⁄2 ponits in Magma

ran

Copper,

to

WORLD

RUBBER

MARKETS

The

New York, Jan. 10.

rubber rex

future

1.90 5000 1.07% contract closed today 10 to 15 polns higher with sales of 109 contracts.

Star Merry Yaua!!

23.30 23

141

102 101 500 103 100 i 103 Light (0)1 2320 23 40

Wood offers p cheerful *p*

speet at the moment, with prlers risong and showing every dleaton of Armness in this sea- son's wool sales, almost 500,000 bales were sold by nuetion and privately up to the third werk in December, representing the disposal of 40 per cent of the total

The overall Eetle greasy clip. average price up to that time was sixpence per pound higher : than inel senson's average price up to Christmas, and consump- lon was being maintained of a rate sufficient to absorb whole season's production.

Timber Failure

Current Trends

Current market trends, excepi in wool, show the phenomenon of rising production and falling income which became all too familiar during

the great the- pression of the early 1930's.

The gloom of the outlook in accentuated by the failure two newly developed trufustries 40 full the high hopes which had been placed in them. These rint. of newsprint, are the CRIKAT

has been production of which

sally hampered by mechanical

troubles at the

new Kawernu

factory, and the campaign to sell

soft pine timber

in Australia

re-

where the building trade exhibited unforeseen sates sistance tu AI unfamiliar material.

The producers of lamb, mution and beef have long been worn- ed that the collapse of the pig- ments market in Britain, which occurred two years ago, was R straw in the wind but the price place decline which has taken since the middle of last your has been more drastic thun ex- pected.

this

Export meat production season may be up three per cent on last season's but prices have dropped in a much greater ratio. At present New Zealand lamb is realising four per cent less than 4 year ago, wether multan six and best 24 per per cent less, cent to 30 per cent less and no early reversal of this trend can be expected.

3

ir.

Fluctuations

31

1000 or 21.40 2445 or 23.40

500 21.30 2000 3.30 500 m 23.30 200314 3000 311 100 4 31 2000 m 4

January Morets Mny July

Beptember November

January

Motora were frm, oils nar- rowly mixed except for a point gain in Gulf.

Rails were narrowly mixed,

Closing Prices

Alden inc. Acs. Allied Chemicals Alila Chalmers American Airline

Amer. & Forgh, Power American Metal

#10%

34

is

American melting America Tel & Tel

175

American Tob, ""

Anaconda Copper Aarneo Steel

Armour **

Atlas Cons. Mining Baltimore & Ohio Benguet Cons Bethlehem Steel Canadian Pacific R. Chryster Motors Climax Molybdenum

Calitate-Palmolive Co. Commercial Credit Commonwealth Elec. Consolidated Editori

Crane Co......

24.46

33.05-05

33.10

34.00

Crown, Zellerbach

30.30

Cuban Amer. Sugar

32.00

Diamond Alkali

31.20

Dupont de Nemours

The standard contract closed

10 to 40 points higher with sales

Tokuhane

of 4 contracts.

3.

"42178

2000 24

2300

24.5

Merch

200 24.00

May

the

*NI INDÚSTIALS fritest Iespe STORES, ETC

July

፮. .

CA 1000 4 3324 13 10

September

now

הלן

Failure to open up the ex- nerled

for soft market

pine Wutsal

COTIONS has limber in Australia

Nanyang been finally admitted after some muntis

doubt. With admission Jisten [

ان

the the

100

onc

came news of of nearly from the staff of sawmill and is associated forest gangs in the middle of Decem- ber-China Med Special,

of

EPU FIGURES

Paris, Jan. 16. West Germany, with a surplus

retained $94,000,000

its posillon as the European Pay- ments Union's biggest creditors last month, according to figures issued by the EPU here today,

France, with n defeit of $30,008,000, WDA again the

· Union's blggest debtor.

The United Kingdom was the [third biggest debtor-with

U

It is therefore probable that defeft of $22,000,000, after Italy spite of an increase in pro-with a deficlt of $33,500,000. duction total export receipts from meat in the season ending September 30, 1957, will be less

West Germany had a total surplus in the EPU at the end of than for the 1935/50 sensor 1958 of $707,400,000. China which brought iri About Mull Speelal.

£$4,000,000,

The prices

for butter and

cheese in Britain have fluctuated

so widely sites de rationing in 1954 that any prediction must be taken with the greatest rese

reserve. The hard fact, however,

and that so much more butter

available in cheese are now

Li

Britain that price prospects are poor. Until a few weeks ago, New Zealand's finest cheese was bringing

exceptionally good to offect helped prices which

the collapse of butter. But to-

13 20 15 40 2000 16.30

2000 200

13.04

1.13 1.35

15.40 1040

November

33,00

13.10

34.00

Batman Kodak

Ford Motor

General Electric

General Foods

General Motors Glidden Cu Goodyear Tyte

Heyden Chemical

Ingersoll-Ranch

WOOLWORTH

DIVIDEND

net

prožite of sterling

-100

London, Jan, 14. Woolworth Ltd hounoes 11,000,137 pared with 10,874,785,

Final dividend Is'. 2 shillings per unit, making 3. shillings for the year compared with the 1055 rate of 2 shillings 10 peace. Shares are selling tonight at 69 shilling, giving a gross yield of 4.5 per cent.

United Press,

Japan To Control Textile Exports

to

Tokyo, Jan. 16. Japan today announced voluntary controls on her cotton textile exports the United States for five years beginning this year but demanded that the American Government re- ciprocate by eliminating discrimination

against Japanese textiles.

It set the overall limit for cotton Lextile

exports at 235,000,000 square yarde nually-113,000,000 square yard for cotton cloth and 22,000,000 square yards for cotton madeup 1047% goods.

30

10%

The Textile Export Council, composed of government off 41% cluts and textile company re-

TEX

presentatives, warned the United States, however, that the pre- 144 st voluntary controls were 91% based on the condition that the 512

US Government would take all 'feasible steps to solve the problem of discriminatory state textilo legislation and to pre- action vent further, restrictive

34,3

Int'l Business Machines

Int'l Harvester

33

32.05

International Nickel

110

304

Kansas C. Power & Light Kentecott Copper

Lockheed Akreft

12132 454

After a mixed slari, prices 15.40 edged up on dealer and light commission house buying pro- moted by the light shipment offers while Singapore observed a holiday. Reports of an im- proved consumer demand over- VAT" sens, and inquiries from domes- the consumers for factory grode| nubber, also actest to shape mar-

MORE OIL

PRICES INCREASED

New York, Jan. 10. Creole Petroleum Corp. an- yesterday increases nounced ranging from five to 35 cents in the selling prices of its cruxte oils

Int'l Tel & Tel

Loews Incap..... Minnesota Mining Mission Development Montgomery Ward National Cash Reg. "A" | National Les

New York Central OHn Mathieson Otis Elevators

Pacific Gas & Elec.

F'aramount Pictures

ket sentiment Locally No. Pan American Airways Rss was quoted nominally at 33% cents a pound.

The

LONDON

rubber nukut

Parke Davis Co.

21 with regulations governing the importation of Japanese textiles

03

15

GO

11015

33

40

431%

BO

Into the United States."

Page #

LONDON WOOL SALES OPEN

London, Jan. 16.

The London January wool sales open here today with an offering of 60,000 bales, which the trade described as the largest and best quality offerings which London has seen for many years.

The selling days will be Janu- ry 16, 18, 25 and 30. The offer ing includes 25,000 bales of Aus tralian wool, 20,000 bales of which

Sald

are merinos. Averagờ spinners and good topmaking styles predominate and there is to be a fair weight of good spinners styles.

The New

Zealand offering consists of 32,200 bales, chiefly crossed clipe. From South Africa there are 600 bates, 700 from Kenyn, 1,000 Punia Armas, and 100 sundries. The Punto Arenas offerings will be sold at a apcelnį sale during the second

week.

Additional

No Increased Demand For US Oil

Washington, Jan. 16. Demand for US oil in the last quarter of 1956 showed no increase over pro-Suve satimates despite stepped-up shipments to all-short Western Europe, Wool from the the Independent Petro- leum Association anid

In addition at the sales will be an offering of 4,200 bales of Commonwealth British stockpile,

Western

Prices at the January salve are expected to be well above today. those prevailing at the close in

Oli

to exports Dreember, The wool trade re Europe increased about 250,000 order books well-filled and on business as good with.

barrels a day, but total domestic the other hand stocks are lower and export demand averaged than they were a year ago, unly 9,820,000 barrels a day, or

In consequelsk, with larger

business is about the level by the Asbocla tion last October.

expected to be Japanese purchases and in-

reased United States interest. Unseasonably warm weather accounted for the lng Li domestle In view of the high quality of the offerings, and the fact that consumption which offect larger manufacturers both in Britain shipments abroad, the report and on the Continent are uu- sald. usually busy, the trade expects that alt available supplies will be taken up before the end of the season.

SHOULD INCREASE

Reports from Australla today However, the Association said, sald

that Зарап war the total demand in the first quar dominating influence at the ler of 1957 should increase to opening of the second half of the

This 10,025,000 barrels. day. season in Melbourne Wool

figure would include expected yesterday. The Japanese pur exports of 600,000 barrels a day chases rast prices 21⁄2 per to Western Europe. cent for the day.

Growing Demand

This first

demand quarter would be 850,000 Barrels a day activity. 8.8 per cent higher than in the same period in 1960, IPAA Buid.

#

The Japanese Melbourne followed recent decision by the Japanese Minis- try of Trade to allocate 30,000,000 Announced production allow- Australian pounds in foreign ances indicateà crude oil output in-exchange for the import of an in. January will be about 1,450,- additional 350.000 bales of raw 000 barrels a day, the report wohl to indel the growing said.-United Press. Japanese domestic demand for wool goods-United Press.

DISSOLVE CLOUD Leaders of the American dustry said tonight the volun- 178 | tary agreement "should dissolve❘

promptly the cloud of doubt and 4616

uncertainty which has disrupted the US cotion textile markets for almost two years."

23

Penn. Salt Co.

Pittsburgh Plate Glass

indle Corporation

Republic tool

33 537%

wis

steady with spot quoted at 20% pence per ib. Prices:

No. 1 R spol.. Settlement house term: Feb. Mor.

2014-28 2815-4

2

Apr./June

July/Sept. oct./Dec.

Mar

Thick Feb

AMSTERDAM

Reynolds Metal

Bitical O...

Socony Mobfall. ....

Bleep lock (Torontosor.) Standard Brands

Standard Oil of Cal Btandard Oil of Ind. Standard Où of NJ. Sterling Drug Co. (nev Stokely-Van Camp

Btudebaker-Packard Corp. Etits & Co.

Union Pacific Railway

Texas Co.

281-261

Union Carbide

Usted Afterart

33

U.S. il "B

U.S. Gypsum

U.S. Rubber

U.S. Smelling

U.S. Steel

The Venezuelon subsidiary of Standard Oll Co. (New Jersey) General markets, cif baris, ports:

ld the notion

Jon. reficetes the

26~281 Feb. recent 36-ceni-a barrel general increase in United States crude, Erioles prepa thin Feb.

The company said its heavy grades have been increased by live to eight cents a barrel These grades had been raised late last year, reflecting boosts

The market was steady today. Prices closed in guilders per in Gulf and Caribbean (heavy)

cit February 45 fuel prices The current in-kilogram,

follows: creases are the result of con- thing advances in heavy fuel No. 1 rubber cil prices, the company said.-- United Press.

No. & rubber No. 3 rubber No. I crepe

2.35 buyem 2.73 buyers 2.68 buyers 3.10 paía United Press.

| Wamer, Bros.

Westinghouse Electric Woolworth

39

40

in

The Board of Directors of the influential American Cotton

Institute 19 Manufacturers

Charlotta, North Carolina, id "we believe the plan deserves a firm

ir trial

The

reaction of the industry 181 leaders, made after conferring with Secretary of Commerce Sinclair Weeks, thus made it

30

80%

appear

unlikely they will de-

mand higher tariffs on Japanese importa at least In the im-

111

nat

371

47

mediate future.

43

621

The Board issued a prepared 66% statement following an afternoon Weeks and long meeting with

20

44%

United Press.

members of his staff to discuss

the Japanese agreement. ·

It said "it tour considered

opinion that the plan, if ade- quately enforced, is basically.

London Foreign sound and writable...

Exchange

London, Jan. 10,

New York Cotton West German Closing rates were

Trading Slow

New York, Jan. 16.

Cotton futures today continued to seesaw nar- wards the end of December, it rowly in another slow trading session.

became clear that the total re-

Special Steels Output Up

New York Montreal Amsterdam

Copenhageni Frankfurt Milass

Paris Stockholm Vienna of Zurich

Duesseldorf, Jan, 16 West German production special steels is expected to have increased to slightly more Open interest | than two million tons In 1950.

WAB Output in 1985

1,690,000

Pon's.

New Zealand butter is now

Factors acting to sharkle now Total selling in Britain at 270 shil-market interest included con- over the uncertainty

turn from dairy produce for the After a mixed start, prices Month Volume current season may be as much dropped back as much as 75 Mar £12,000,000 below last sea-cents a bale, then retraced part July of the lost ground on New Oct. Below Guarantee

Orleans buying and day trade' covering

1,000

203.5500

May

2,000

417,700

£3,500

150,700

0,700

145,200

Dee. Mar May

2,507

102,100

22,000

33,000

2,700

10,100

28,000

ings per hundredweight, which Unued

ton.

Industry sources said that the ⚫amount of new orders as well

1,139,100 bates us deliveries continued to rim last year, but at a smaller rate than in previous years. In

NEW YORK

21.7994×2.70-13/10

1.68-2.08% 10.08-10.007% 10.30-19.81% 11.75-11.789 1700-1761 10.00-19.99 800-900 13.2/46-1227JA

72.55-72.69 12 2014-12 273% Eisbort were

Brusevia and changed United Press.

New York Foreign Exchange

New York, Jan, 16, “ Closing rates were unavail-

Prices of futures closed today. 1957, production was expectable. The Canadian dollar rates

is £75 per ton below the price Government support level fores follows: guaranteed to producers.

the new crop, plus polier of

Spat

July Oct.

The current season's butter waiting for congressional action Alar would have to sell at 361 shill-on frem legislation and soll banks MAY ings per hundredweight to allow considerations. the Dairy Products Marketing

Altention focused in Washing-Deo. Commission to recoup what it is ton reports the Government wit Mar, paying to farmers at the pre-reduce the support level from Bent guaranteed price.

this year's base of 8 per cent of Butter and cheese exports are

Officials said supply expected

the reach about

dernard prospects Indicate 01 same volume this season as last. 1957 rate somewhere between

to

if the remainder of the current 76 and 81 per cent of parily. stazon's export buller is sold at

The New York Cotton the prices now ruling, the rechange service bureau today tum for tho Beason will be estimated domentle

consump £12,000,000 less than last sea- tion of all raw cotton In the Ron, if cheese prices do not fall

four-week period ended Decem

34.7dn 54.40 34.43. 34.70 53.41

Мду

NEW ORLEANS Prices of futures closed today as follows:

32.90

Spot

MAT.

33.80 34.34

MAY

July

Oot,

Dec

Mar

May

Futures

LIVERPOOL

conges in

Contract

further, there should be a small 29 at 015,000 bales in the per lb. were as follower profit for the season, but IL some optimistic to think that

for

carlier, perfod

consumption fret 22 wooks of the HORGOTI ended December 20 approximated 2,790,000 || bules

prices

level.

will hok at the present the

Milk Powder

iring day fustry's third corresponding perio bales, in the

lasă season):

- siring, aile bulter and cheese, The certificatod stock ree

is milk powder. Production of mained at 2,957 balcs,

DEO

July/Aug. Doll/Rev.

to increase further I conditions allowed, the sources Bald Most of thò prominent producers modernised" and ox-

Wêro:

plana

138-8/22-1.04-7/32 1.04-7/32-1.0414 low 1.04-5/33-104-7/32

"We have been assured that both the United States and Japanese governments will keep careful records of performance, -United ProSS.

Singapore

Stock Market

Singapore, Jan. 10. Brokers today quoted the following stock prices:

Jan. 10 Opening Batu Lintang Rubber

Co. Ltd... 31.02 British Borneo Peled-

1outh Byndicate Bij Consolidated Tin Gmel-

téz Ord,........ Fraser & Neave Ltd

Ord.

20/04

Fraser & Neave 7329%

cum. prel * 24.00 Cam-mons

*$2.07

(Mataya) Limited Honglong & Shanghal

Banking Corp,

Ron honr Tin Lửn

Kempas Ltd.

saD'cumdiy 7/0d 1.38

Lungs Bubber Estates

Lid.

0.00

Malayan Breweries

$2.00

New. Berandah Rubber

Co Ltd.

steady-United

Singapore Cold Storage

Spot high panded their plants in the past Futures 30-day L04-1/64-1.04-3/13 Yew yoord.

90 day 1.03-20/38-1.03-23/32 G-monthe 3.03-15/30 Market torta:

Many firms have also been considering setting up their Prem own prachiction, insiniiation for pig iron and crudo steel in order

Potsing Tin Ltd. Raffles Hotal

$32.50

Bouth Britists InstanON

Co. Ltd,..... Straita

$10.1 United, Engineers Ord.“ 10,50 Wear Bros. Super

-China Mali Special.

to secure adequate supplies for LONDON METAL Steamship their production.

The shortage of nickel still représenta

& scrious problem.

Only one third of the industry's

pohee nuirenchte for nickel tán bở

PRICES

London, Jan, 10, Prices of metala closed today:

covered at regular market prices in sterling per longton 20.68 while excessive prices have

follows:

20.18

20. be paid for the rest.

* prazan, 2013. The sources said that Balsa | 5 months

Now contract. Mar:/2ipe- 30350

Egyptian. Karnak

SATISH SET] 4Dfond": continued......to riotsht. Copper spót ·

year,i liik: the Industry'a esport Doldand hair. SIG)] into wis still eprisiderably, lower

00.00

thare it won before the waren Tano and half Jani China Mall Special

CHICAGO LARD PRICES

Chingo, Jan, 10%

· Pitons of "kra fitures, elbaed today.... in cents per Ib

Jailed Pres

Exchange Rates

Business was done in the local unometal exclang market

this morning at the following rates:--

U.S. dollar (per #1) Sterling notes (per 21) Australian notem) (per Indonesian rupiah (per 100) Slam cai (per 100) Singapon (Stralbe)

NAMESAKES

5

1.00

Answers-1 Pinewood, Dise, 3 Riviera, 4 Talkies, 18.05 Bachelor, 0 Location, 7 Zeller- 12.80 ling, B Amersham, O Major; 10 10,25 Doctor, 11 Summertime.

27,60

1.80

Dirk Bogarde.

BOGIE SO LITTLE MORE TO

See all

the Pacific

FLY to U.S.A. via AUSTRALIA

Soo-Australia -on' your way to⋅ Notfa

Make a half-way stop-orar,, for busines er pleasure. Enjoy the hairy of Qan Espar- Constellations all the way from Manila, Superb cablo servios, excellent mónia, regulaț, bar service-end á club lounge for relaxation. Visit Fiji masch Hopolula,^ed route from "Australia to U.S.A and Canada. Tourist, clas--at lowir, fire albo available, You - cuma, if you with," samplate the round. Paella strip, and return vin Tokyo, ed the North,

Pariña Route.

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