1957-01-22 — Page 9

1

THE CHINA MAIL, TUESDAY, JANUARY 22, 1957.

Page

TRADE and COMMERCE SECTION

UK Indifferent To Politics

Once More

BUT IMPORTANT

EVENTS ARE

IN THE MAKING

From RONALD BOXALL

After a little over a week of govern- ment under Mr Macmillan the nation has settled indifference to politics and politicians.

back into

its

HONGKONG STOCK EXCHANGE

(From Our Correspondant))

Business done on the H

to approxl- mately $385,000. Noon quota

kong Stock Exchange morning amounted

this

tions and the morning's trans actions:

Hharde Buyers Sellers

BANKS

skleu

accustomed Lombard

HK Bank INSURANCES

SHIPPING** Wheelock

9) ко

ETC.

1025

3 #1623

37,60

0,73 0,05 X230

$3

0.83

100 50

10 13:30 191 1000 of 30

But it is probably making a big Whart mistake if it believes that nothing has changed.

our

Important eventu are in the making that will radically under

outlook

world una perhaps even our daily lives. For Britain is about to become more truly "European” than it has ever been in its history.

and In past week in words actions the Macmilla Govern-

thent

Bruin has Inaught much closer to participation in free the proposed Extropean trade area.

Were Committed

Wo were, of course,

com-

Ministers to apologise for Bri-

There is no question of Bri-RUBIER från jouk these negotiations, Amat.

Trust

་

WALL STREET AVERAGES WELL DOWN

New York, Jan. 21.

A smart last-hour recovery lifted stocks after prices had been hammered down 2 points more in a sharp extension of the decline touched off late. on Friday by the Russo-Chinese move to thwart the Eisenhower doctrine in the Middle East,

Despite the late rally, which | Lang Star Cement Củ. pared lasseS a point or more ville & Nashville 11.

Lowenstein & Bone In some cases and 'left a foW. Kesabi Irom Corp. Issues higher on the day, clos- Minnesota Mining ings generally were lower with Mission Development

Monsanto Chemical Co. the general average at Hp lowest Montgomery Ward since Nov. 30 and rails reaching Motorcle Ino, 7. all the way back to Oct. 18. 1035.

All groups participated in the decline which received added impetus from the day's news of budget which included word

Motors and delay in General

expansion

Electric

4 @ 100 plans, some cancellation of stoc)

Duck

LAND, ETC, HK Hutel HK Land Humphreys Realty

14.00 15.10

19

1400

18

01 614

100

6131⁄2

1323 1.370

1.50 1.6235

1.00 170

304 1.00

General

23 23.40

100 2000

23.30

orders

and

142 144

143

operating rates.

joz 210 220

103

31 01

01

Although some concession might have to be offered to countries ITILITIES such as Holland and Denmark Train for whom agricultural producti

form the bulk of exports, Br!-Star Ferry the hot prepared to bargain Yaumati

C. Light (0) on the matter.

Decizie

This "take it or leave it all-

Macao E Telephone

pro-

On

Was

tude" derives from the fact that

of ogricultural exclusion chicts

the condition which Commonwealth approval of Britain's participation in the European free trade area cought and obtained,

(0) 3.20 241%

IN 23.30 235

INDUSTRIALS Was Cemictal

39

10

Itope

12,00 STORES. ETC, Dairy

13.30 10.40

Watson COTTONS Texuic

χύ

14 14.20

4.30 +

free trade Is that

was

1500

500 240

300231 1800 is 23140

625 @ 10.30 500 of 16,40 37024

7.40 7.00 2000 E7 73%

Singapore

mitted to this before Str One unexpected result of Bri- Anthony Eden's resignation. tain's enthusiastic approach But when

Mr Macmillan was European Chancellor

experts particularly in Nanyang of the Exchequer some Mr Peter Thorneycroft France and Western Germany- was President of the Board of are beginning to re-examine When Sir Trade, there was a tendency for their own attitude.

Eden Authony

Prime Minister, the European view tain's intended participation.

was that Britain's participation Now that Mr Macmillan

-invaluable to the success Is

of Primu Minister and Mr the scheme-was

Thorneycroft Chancellor then formation of the six-nation Government ธ much

customs union (France, Belgium, lect, Western Germany, Holland, Italy enthusiastic about the project, Instead of it being something and

It was belloved, there following stock prices: wo had to get in on or be left that,

would be no threat to Britain's out in the cold it is now some

and therefore Datu thing that is good for its own European trade

no need for it lo "get in the sake,

act."

mera

M. Paul Hearl Spank, the Belgian Foreign Minister, who came to Britain last week to talk about the free trade pro- ject, noticed this and put it

Britain, into words,

he said,

Luxembourg).

ters for delivery In

a decline in weekly

Steels, tho

March

ste01

motors, chemicala,

olls were hit heavily along with the rails. Chryser featured on the rally turning a practical loss to a net gain of point at 300.

Aircrafts found support throughout

the session and Douglas paced the lato recovery along with Chrysler, adding 212 to $8914. General Tyre was another upside feature, climbing 3% to $65.

Fastest Pace

National Cash Ber. "A" National Dairy Prod. National Lead National Stent Corp.

New York Central Otis Elevatore Owen-finals Glass Pacific Gas & Elec. Pan American Airways Parzineunt Pictures

Parke Davis Co. Penny I. C. Co. Philip Morris

Proctor & Gamble Co. Pittsburgh Plato Glase Publickor Initustries

Radio Corporation Pure Of Republic Steel

Reynolds Metal

Shet al Co

Saint Reg. Paper Sinclair bl Socony Mobilai

South Puerto Rico Sugar Southem National Gas Southern Railway (Cam) Standard Brands

Standard Oil of Cal. Standard Oil of Ind. Standard Oil of NJ,

Sterling Drug Co.

Stokely-Van Camp.

Studebaker Packard Corp. Swift & Co.

Texas Co.

Tido Water Aen. CHE Twenty Century Fox Film Union Carbide

US. Line Ca.

U.S.. Rubber? US. Smelding

Conditional Stock Market General Motors, helped by an US Steel

Without

Customs Union?

But now Britain under Mr Macmillan has decided that for liselt some Continental CX-

any

the

Brokers

Singapore, Jan. 22.

today quoted

Lintang Stubber Co, Ltd..... British Borneo Peko-

leum Syndicate

Opening

$1.02

32/04

Conwoldated Tin Smel-

ters Ord.

30/-

Fraser & Neavy Ltd.

Ord.

$2.23

FrAger & Neave 73%

cum, pret Gammons (Mataya)

$4.00

2.05

sato cundiv D/412

Rubber Estates

$1.35

0.50

had a "good European minded Farropean free trade is desirable Hongkong & Shanghat

need for inion at a

the

team" under Mr Macmillan, peito aro questioning whether Hongkong, The Lid

In the week that M. Spank there visited Britain for discussions customs with Mr Thorneycroft and the altitude has apparently not yet new President of the Board of reached government level but if

Foreign Minister, Mr Selwyn Lloyd, lebt for Rome for talks on European free

ها

Liet

Laited.***

Banking Corn, Kempas Lid. This Lunn

Malavon Breweries $2.00 New Serindah Rubber

Co. Ltd Petaling Tin Ltd..

Ramie Lates Singapore, Cold Storage $1.02 South British Inmurance

$2.35 13.30

Trade, Sir David Beeles, the the plans are long delayed there might be some official wavering. So M, Spaak hurrying trade with things along.

Early in Febru- the Italian Government. He ex-ory the draft treaty on the pressed enthusiasm for the customa union will be present-United Engineers Ord. 10.50

ed to the OEFC Counell and Wearne Bron: ****

idea.

So did Mr Thorneycroft when M. Spaak hopes that the signo, Ja spoke to the American fures will be on it before end' Chamber

Commence in of the month.

London. "I want to make

plain beyond

any peradven-

Negotiations on other pean countries, Including Bri he said, "that this Stain's association

cement is solidly, behind that

scheme.

now that

1 Sav

... 1. say

unlon in the fchm trade area tariffs

and here

und will

n porlod over

on agreed

upon

LOTTIS

We

Ήταν our markets open

Co. Ltd...

Stralia Trading Straits Steamship

JEP

US COTTON

EXPORTS

STILL UP

Washington, Jan. 21. } Colton exporta remained shove the half-million-bale Jovel in November for the third "Mraight month, the › Agriculture Departament re-

ported today.

Heaviest movement In récent months has been 40 Japan: West Germany, United Kingdom. Italy, Franes, Canada, India. Ludi Belgium, the Department

Exporte

November 550,000 bairs brought the four-manth total to 2,142,- 000 balet. During corres- ponding months at 1055, the fleure was only 633,000 balen---United Press.

WORLD RUBBER

New York Cotton Market

Continues Dull

New York, Jan. 21,

Cotton futures today see-saw narrowly in slow dealings, holding to the dull pattern in evidence for a week or more.

Routine domestle mill and ex- porter buying in nonrby months Was supplied through light hedging and liquidation. Now! Oricans interests operated elther slac of the market in a small

way.

11.30

Oct.

Bec.

Mar.

May

July

32.00

NEW ORLEANS. Prices of futures closed today us follows:

Spot

13.00

Mar.

May

24.44

Judy

Oct.

Dec.

new

crop

Mar.

deliveries continued to be stifted by uncertainties

May

July

over

the

Government support rate for the

>

Futures closings, in pence per

Closing prices ruled up 4 to off 4 points The market opened unchanged to off points New Orleans closed up

6 to or 4 points.

Interests

new crop and pending Washing-lb.

LIVERPOOL

were as follows:

ton developments on farm legis-Oki contract Mar/Apr. Jation

MARKETS along with the slow mill de

Singapore,, Jan. 21. The rubber market opened

lower on overseas advices but it

Dullness in the textile markets,

mand for spol cotton. werp additional market handicaps. A Alabanu, répar| saki

a

mill there, manufac

cotton

11

t

would

steadied throughout the day oned short covering.

about market

Lowe grades were neglected but there was some factory in terest in remilled grades. The market closed slightly off the best.

Future closings were;

No. 1 rubber por lb. Feb. 2345-0044 Mar. 915-9JR. No. 2 rubber per th. Feb. 90-91 073-03

DO- 7714-7015 100-110

No. No. 4

*

Spot rubber unbaled Blanket prepe

No. 1 pale crepe

LONDON

The market was quiet with'

spot quoted at 20%

pence.

Prices:

207

No. 1 R apot

2014-27

30

Bettioment house fermi,

Feb.

24%

Mar.

Apr/June

60%

JulySept.

· 0415

Oct../Dec.

271

Genem markets, it basts,

Jon.

4310

Frb,

449%

Mar.

United Preas.

Trading

fastest was at the pace of the year so far with re- porting tickers running late Union Pactile Railway

United Aircraft U.S. Foll "B" briefly during the second hour as

Tho prices [ell,"

2,740,000-V.B. Gypsum share turnover compared with 2,400,000 shares on Friday.

8,000-shure block, Warner Bros. Opening

Westinghouse Electric topped the list for activity. It West Va; Pulp & Paper finished with a 2/8 dip at $40%. Woelworl

The rise from the laws, market. commentator said, reflected an oversold condition after the industrial average had declined in 11 out of the 14 ecssione so far this year. There considerable bargain hunting and some short, covering powering the recovery.

was

Or 1,172 issues traded, 593 were lower, 348 higher, 231 un- changed with 68 at new Jows, 14 at new highs.

New York Stock Exchange bond volume was $4,900,000,

Exchange American Stock volumo was 850,000 shares.

closing averages

Dow-Jones

were!

$32,50

26.86

30 inchisatrials

$10.30

20 relic

15 utilities

Dd stocks

108.70

40 bonds

20.

Comm, future price index

Comm. spot príèo index ..........

400.00 165.43

$2.00

-China May Special.

EuroNew York Sugar

Market

withi the of free (in which internal will be harmonisted" w but external tariffs left to dis- cration of Individual countries)

to

(European) manufacturers will begin shortly afterwards in

(European countries) will

throw

March,

In огі

their murkels open to us. Britain wo are competitive

No Apology

There is no hint of,, any apology in that.

Lurking. Doubts

New York, Jan. 21. World No. 4 sugar futures closed today 4 to 8 points higher with sales of $30 contracts. There are, of course. til! Domestic No. 8 sugar futures we are nothing. I know of no many technical problems to be closed 2 to 4 points higher with economic theory which would thrashed out (including the sales of 242 contracts. enable us to survive, in any position of colgoles and the

Jurned relatively other way."

Bow arrangements) but British Trading Ministers now tend to place less quiet, although the market con- emphasis on these and more on tinued to show a firm undertone

the in company with rows. the expected benefits of scheme.

Dealers understood France did 22.

not buy 50,000 tons over the wook, as had been expected, but On the same day Mr Macmillan

it was expected this business the went on the air and told

will be consummated later this Outside the Government, nation:

Meanwhile, West Ger "Wilh. (European)

week. however, there arc lurking

is countries we already have close doubts. Some people are won-

scheduled

buy to ties. I firmly ballove it is, our

60,000 tons of Dominican raws doring whether government this week. Futures: destiny to work more

enthusiasm for closer links with more closely with them.'

Europe might be intended to 10

No. 4 contract (world) Both MY Macmillan and Mr conceal Its shortcomings past Thamneycroft akzessed that closer and present-in other fields. March oconomic linka with Europe There is just a hint that this May would not be at the expense of might be so in the United July the existing and equally valu-States' prompt expression of March able links with the Common-pleasure of Britain's "European May wealth.

mindedness.

and

The Government is adamant

that food drink and tobnoco

(which account for 90 per cesit LONDON METAL

of Britain's Imports from

the

Corunonweal) chould to PX-

cluded from the free trade ar-

rangements, The effect of

would be to glement of

16 theso

Aethe

six

preserve

this

the

PRICES

London, Jan. 21. Prices of metals closed, today

erence afforded of proference

In sterting per long ton as fol- Commonwealth Im

countries which Iowa: pats proposing to form them--

elves into

trade

porta

n customs unionin pot

ares will be formed are sow

ard which the trea

Axamining tha position

Closing Prices

Alden Inc. Acy.

Allied Chemicals

Allled Milla Inc.

All Chalmers

American Airline

American Cable & Radio

Carp

American Cyanamide Co. Am. Mach & "dry. American Metal

American Smelling Am. Sugar Ref. American Tol. & Tel. American Tob. "B" Anaconda Copper Attico Bleeci

Armour

Allas Cons. Mining Baldwin-Liend-Hari, Baltimore &

Ohio

Bendix Aviation Corp. Bethlehem Steel'

Benguet Cham

| Boring Airplane

Borden (The) Co. Burroughs Add Machine Canadian Pacific H. Case (3.1.) Co. Cat. Tractor Celanese Corp

Record Price Levels In Tokyo

Tokyo, Jan. 21. Plans for a drastic tax cut and the biggest na tional budget in history were reflected

Estate Crepe thin Feb.

Brick reb.

AMSTERDAM

The market was quiet, Prices closed today in guilders per kilogram, dit Feb. as follows:

Na rubber Na, 2 rubber No. 3 rubber No. 1 repo

2.03 buyers 1.63 buyera

2.56 nom.

3.00 nom.

New York rubber prices were unavailable.—United Press.

New York Foreign

Exchange

on the

New York, Jan. 21. Stock Exchange $75.00 Tokyo

Closing rates were: 100 during the past week, with

another surge in prices to Canadia

1.01 5/32 England metal

2.79 13/16 unoficiai

.... 2.07-2.0) 30-day futures 279 7/18 90-day futures 2.7831

a record level.

H

Belgium

Led by gilt-odged shares the Australia..... Dow-Jones overage' closed on New Zealand Saturday at 685.00 yen, 11.82 South Africa yen over the previous week,

Prospects of inflation on the home market were given added the 216 backing by

inflated US budget bill.

031

30

73%

Small investors Invested 2314 heavily with the heavy indus- 174 trite drawing the bulk of their

attention.

NEW HIGH

Shin Mitsubishi Heavy Indus- iries, rose to a new high of 120 yen on anticipation of demand for rolling stock,

2.78 13/10 2.80 3/10.

0109 8/15 United Press,

London Foreign Exchange

London, Jan. 21. Closing mics were: Montreal

New York

Amsterdam Brüsselu vui

2.6031⁄2-2.00 13/14 2.7914-2.79 13/10

10.0635-10.881

140.37-140.40 19.391-10,40

178034-176014 102034-20.0014 98516-686

72.30-72.83 -United Press,

WINNIPEG GRAIN:

Copenhagen Milan

odo

Paris

Zurich

154

1815

Yawata. Iron and Steel rose | Vienns -to 8 yen, Fuji Stect to 88, Nippon Steel and Tube to 11 Cond Hitachi to 127. yon.

CIT, Financial Corp. Chase Mandat. Dank Chroeder Motors .......... Colgate-Palmoliva Co. Commercial Credit

491%

87

43

The buying extended speculatives also with Helwa Real Estate, exchanging hands In

the counter's trans- over

to

:

0.32

0.33 0,32-33

Commonwealis Kšec. Consolidated Edison Continental Oil of Del.

12314

Crown Zellerbach

64

Caban Arnes, Busst

#

Dupont de Nemours

5.10

The market faltered, on Fri- | follows: day but, surgót above its old ] Dats level on Saturday, Ajinomoto was down 2 points at 205 yon.-- United Press, !

July

Daf

Bro

Spot (cents per lb. fou Cuba) 0,30

No. 8 Contract

July Def,

March

5.70

May

September

July September Epat (centa par ib. elf NY

ex-duty)

Fastman Kodak '....... El Paso National Clas Erie Stuštroad ... Junty, Finance Corp. Ford Motor

General Electria

5.70 || General : Foods we 15216

Бло

--United Prosa.

Exchange Rates

Geboral Motors

Gen Pub. Uul.

Getty. OSAME

Glidden. Co

Goodrich

Goodrepe IIN

Samabuku Miniat Ingerso

"Business" way, donis in the : Indal | International (Nje)

Huvers

3-month Copper spot

month

Seller

-27703% | umoreal exchang

morning at US collowing ETKİMSA

20002001 1,8. dolar. (per +$13)

6.10

1191) Berling modes. (pa) (1)

10.09

Mitralan" noted (per 212251776. RANG

Ingóriemoney rugby (bée 1965, NV-17.00

-99th trans "rad" (per 100)

cgricultural products in their ad prys

DWI

comprehensive Zine Ind

Bingapore (štrnáta)

NEW YORK METAL

FUTURES

•Now York: Jan, 21%,

Prives of metal dultres alosed

PRICES

Winnipeg, Jan. 21. Prices of grain futures closed .today in cents per bushel

“May

Flaxssed

- MAY.

Wheat No. 3, 1011⁄2 cents;

Apday in cont's per lb. as follows:6, 140%, conta, United Press.

«United" Prest.

NAMESAKES

Answere

dony, 8 Itomance, 4: Lovers, Tomb

A4

the

ducking, announc- uld suspend production April 1 "Deteriorating

conditions" In toxtile industry was cited as the chief reason for the closing.

NEW YORK

Pricts of futures closed today as follows:

Spot

Mar

May

Juty

34.41 3443 34.19

May/June

July/Aug.

Oct/Nov

Dec/Jan.

May/June

New contract Mor./Apř.

July/Aug. Oct/Nov

Dec/Jan

Ezrplan Kamak Jan./Feb.

SAO PAULO

Futures closings, in cruzeiros per lb. were as follows:

March

May

July

December

March

May

40.00

20.49

30.65

40.30

30,40

In the US the average price

at 14 spot markets was 33,41

Sales cents.

Iptalled 29,800 bales.-United Press.

P.OB.I P.O BI EA

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

"CHUSAN”

"CANTON" "CORFU"

"CHUSAN"

Leaves Landon Duo Hongkong

Selled

10th February

8th AUTO

2nd February

22nd February

Both March

0th May

Via Southampton, Colambo, Fannng a Singapore. Homewards Leaves Hongkong Dza Landon

18th Tertiary 31-March

"CHUSAN”? "CANTON"

CORFU "CHUSAN”

Roth FebruRTY

3rd · Keru

12th May

8th April

12th May

12th June

Via Singapore," Penang "&" "Colombo," FREIGHT SERVICE "SHILLONG" 1940s 31st Jan.

#BALMANA“ due 21st Jan, "SALSETTE” dhe 10th Feb. "SUNDA"

load 11th Feb.

"BOUDAN" do 2nd Mor. "BALSETTE" loads dih Mar.

for Singapore. P. Swet tenhaus, Havre, London Kambing. Rotterdam,

Gringe"

Antwerp

mouth

from U.K. from UK.

for Singapore, P. Stel- tenham, Havre, London, Hamburst. Rotterdam, Antwerp

from UK

&

for Bingapore, P. Bwet- tenham, Penang. LoG - don, Hamburg, Rotter

carry de Antwerp

ALL VESSELS OUTWARDS" AND · HOMEWARDS WILL PROCEED BY THE CAPE OF

HOPE UNTIL FURTHER NOTICE.

GOOD

BRITISH INDIA S.N. CO., LTD.

- 1830 — A HUNDRED YEARS OF SERVICE - 1050 "WAROBA"

dne 4th Feb salis. Si Feb.

"SANTHIA",due' Sth-Feb.

0th Feb.

"BANGOLA" due 25th Feb.

from_Japan

for Singapore, Penang, Rangoon, Chittagong di Calcutta

from Japan

for Singapore. Penang, Rangoon & Calcutta

from Caloutta, 'Rangoon

Straits

aalle zhili Fab.......... for Japan

P. & O./B. I. JOINT SERVICE

"UMARIA"

HITRIA"

dus 23rd Jan.... salig 24th Jan

3rd Feb.

due and Fab.

Balls 3rd Pub.

from Bambay & Karachi for Japan

rom_Japan

for Bingapore, Cochin, Bombay, Karzebij. Basi rah & Kuwait ftroen Japa

far Bombay, Karaobje

Basrah

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

(NELLORE" "Run" din Feb. from Australia

“ARAFURA” MINE; BEZ Tob.

for:

Sandakan, Rabsu

lelabano,, Bydney, bourne, de Adelaide -: AUSVIIKIN DAva: flaszty, to fall' st any parts. .or all the route a the routa a asilima syu' subject thungerer amandment with me without notiod.

For full particulars apply to : MACKINNON. MACKENZIE & CO. OF HONG KONG (ID. Telephone No. 277214.