THE CHINA MAIL, WEDNESDAY, JANUARY, 23, 1957.
*Page
TRADE and COMMERCE SECTION
US Pacific Coast Businessmen HONGKONG London Stocks Optimistic For 1957
Mixed And Quiet
London, Jan. 22.
Prices on the Stock, Ex-
change favoured the up-
side today in mixed
quiet dealings.
British
(vere Arm
artd
Government
Lunsts
reflecting
The
4.gth in sterling.
Industrial churcs moved
regularly. Tebacco, heavy en- gineering and deptrument store
Luking, and
PREDICTIONS OF PEACE
AND PROSPERITY
By WILLIAM FLYNN
San Francisco, Jan. 22.
Pacific Coast business leaders, engaged in international trade, are confident that 1957 in general will be a year of peace and prosperity.
WORLD
RUBBER MARKETS
The
New York, Jan, 22. 10x Contract Tubber
futures contract today closed 03 284 contracts.
to 105 points lower with sales of
STOCK EXCHANGE
New York Cotton Futures Slow Affair
New York, Jan. 22.
Cotton futures trading today continued to be
a slow and featureless affair, holding to the pat- this tern of the past. 10 days or more.
(From Our Correspondent)
Burner done on the Hong- long Stock Exchange morning, amounted to proximately $400,000. Noon quotations and the morning's, trazamotions:
Bitates
BANKS
Myers Sellers
HK Bank
INSURANCES Union
1031
ide
Sales
Prices lacked a decisive trench, Spot seo-sewing narrowly an either are side of the previous close,
July ruled Prices
up 5 to oft 4 | Ocfaber
December points at the close. The market
March opened up 2 to off 4 points. Now May Oricana elored up 7 to off 3 July points.
Leading spot interests trans- ferred between the March-May
LIVERPOOL
Futures closings, in percu pes
contracts on a small scale. New lb, were as follows:
Orleans interest, commision
houses and local traders engaged Old, contract.
in routine evening-up opera- tions. Some speculative interest
the 13.20 13 1000 1920 switched to securities and
20
sugar
930 067
0 955
Jan, Mar.
30,70
SIEPPING
30.03
Алу
30,00
WALLDERA
XD
4,73
sues Armed, while nucleor energy shares
on
up
Some of them believe that, in ensed on profit- | particular, the your may bring steal and excelrient "long overdue decisions
will land to Q shares were mixed,
American "Eastern
Asin" Informally
discussion their reveals that such "long overdue decisions" may include the re- and of alplomatie sumption
the relations between trade
States and the People's United Republic of China,
in spite of the Middle situation.
mere
pulley"
East | research and studies into poten-
dial travel markets and
trends Indicate that the surge through- out the Pacific Is. Just started.
July
29.00-05
0.00 1150 0.90
Sept.
20,40
DOCKS, ETC.
Nov.
29.10
Mar/Apr:
EBAT
K. Wharf..
J
28.90
Dock
0315 401
May/June
23.15
getting
to
Standard contract cinsed 65
105 points lower with sales reported
NO 1000 g 491⁄4 100 © 1972
July/Aug
33.00-$7
Oct/Nov,
710
Provident
$2.27
Travel-Hungry
March
30,55
May
30.03
LAND, ETC. HK Hotel
HK Land
July
29.60
14.90 .... 01
18 2600 g 15
faster-moving markets liko rubber,
Dec./Jan.
New contract
and other
Mar/Apr.
400 $116
Commodities.
May/June
30.37
Jul/AUX
Sept.
29,40
11
"The South Sram and the colourful countries of New Zealand and Australia remala
Nov.
20.10
Humphreys Realty
30.80
BUOD
105
Oct/Nov.
29:54
Dec/Jay
Jan,
28.03
and
RUBBER AndR
Son/Feb.
00.00
i
SAO PAULO
20 54.40
200 g 23.20
14
107
103
m 23.30
price repore-scheduled 1300 @ 18 Por Jan. 31-and the loan ap
Traders were more presca
with
January penditur
Futures closings, in cruzdires
per kilo, were as follows:
Mar.
May
July
38.30 unquoted
unguated
Def.
34,60
Dea.
38.64
Olla improved somewhat short covering Royal Dutch rose than two shillings, British more Potroleum and Burmah Oll 1/0 each.
Rubber and metal shares de- clined slightly, and tea shares *teedled. Suez Canul rose £1/2 10
£49. Foreign bonds were steady with the exception of ROTIC Japanese lens which cred,
Dollar stoc were mirked down
polni or so.-United!
A
Press.
which
blocking of the Suoz The renilstie
described as "un concerning Canal was
fortunate" by Mr Russell G. Sinith, executive Vice-President of the Bank of America, one of the world's largest banks, which has branches and interests on The 1100- continents.
he the Canal, availability of
would seriously Inpair world trade and the resuling
will affect confusion
cortain sections of commerce and might even result in a statistical de- crease in total volumes.
War Discounted
A
In serien of exclusive Interviews with me, they dis- counted the possibility of war
WALL STREET SAVED BY THE GONG
New York, Jan. 22.
Stocks scored their fourth advance of the 15 sessions so far this year but, except for the closing gong, the session might well have been another chalked up in the loss column.
Borden Ties Ca.
An early vigorous rally, lifting | Boeing Airplane prices nestly 3 points en aver Burroughs Add Machine at the best, turned into a slow | Canadian Pacific R. but progressive backslide which Case (J. 1.) Co. saw indus.rials hold only 1.59
Cat. Tractor
Celanese Corp.
points, rails 05 point and utille. I. T. Financial Corp.
,24 point on average on the
lica
C3.
The bargain hunting and short covering whlen sparked a late push on Munday hud no real de mand to lick it up and prices Ban e dy stund mitt-session Individual gakas of 2 peints ip run up of mice had been mrgy groups,
saw
Chase Manhat, Dank Chrysler Moturn
Molybdenum Colgate-Palmolive Co. Commercial Credit Commonwealth Elec Consolidated Edison Continental Oil of Del. Crane CoRMAN Crown Zellerbach
Cuban Amer. Sugar Diamond Alicall
Dow Chemicals
Dupont de Nemours
Eastinan Koda
El Paso National Gas
Eric Railroad
Family Finance Corp.
Ford Motor
General Electric
General Foods
General Motors Con. Pub. Ull,
Glidden Co. the
Goodrich B. F.) Co. Goodyear Tire
At the Kanne tine volume lightened drastically with turn- the over of 1,820,000 shares lightest since lust Nov, 23, eon- trasted with Monday's 2,740,000- share total, heaviest of 1957,
Technical Affair
Commentators market's recent performance as largely a technical affair al-Hoyden Chemical
were made here though efforts
to link movement and there with news developments such As the bill introduced in Con- gress today to provide for a new type savings bond, paying 2.5 per cent interest, all of t tax exempt, in an effort to make government's savings bonds at tractive in view of the rising interest rates on other types of investment.
few special groups and Independently
were
L
Homataka Mining Co. Ingersoll Randi Inland Steel Ca,
Interchemical Corp. IntBus Machines
Horventer International Nickel International Paper Int'l Tot & Tel John-Marville Co. Kanca, C. Power & Light" Kennecot! Copper 140
Liggett Meyer Tob. Cu. Lockheed Aircraft Loews Incorp, Lone Star Cement Co
Louisville & Nashville R. Lowenstein & Sons, Mission Development
Minnesota Milving ....
A Issues strong throughout the session
the shipbuilding shares Monzania Chenilent Co, particular as the outlook for the Montgomery Ward Industry
particularly Motorola Ine,
National Cash Reg. bright. American Shipbuilding National Dairy Prod. elimbed 234 to $91%, Newport Nations Lead News 3% to $80, Bath Iron National Steel Corp. Warks 1 % to $50
seems
New York Central
Olin Matheson,
Owen illinois Clave Pacific Uns & Liec.
Motors were very narrow. Ou Fiators............. Of a total 1,160 issues traded, 000 were higher, 310 lower, 240 unchanged with 17 new
18 new lows.
Pan American Airwaym highs, Paramount Pictures
Parke Davis _Cɔ. Fenny 3. C. Co.
New York Stock Exchange kond volume was $4,710,000,
American
Exchange volume was 740,000 shares,
Stock
Penn, Sell Cn. Philip Morris Procter & Gamble Co. Pittsburgh. Plate Glass Publicker Industrivs
Dow Jones closing averages Pure Oll
were:
30 Industrial
20 rails
83 stock
15 utililles.,
40 bord
Cory. Tuture price index Comin, apot; price index Moody's Index
Closing Prices
AMan Ing. Any, Vllled · Chemicala Allied Mills Ine, Allis Chalmers ......... American Aurung American Cable
477.40
Radio Corporation republie Steel. 140.50 Reynolds Melal
09.01 Shell CHI Co. 100.11 gaine Reg Paper 90.09 Sinclair Öll vou 160.09 0000g Mobilol
165.02. South Puerto Rico Sugar 439.50 Bouthern National Go
30
Southern Railway (Com.) Aleep Rock (Torontoex.)
Standard Brands
Standard Oil of Cal. Standard Oil of Ind.
Standard Oil of N.J.
Sterling Drug Co.
*244 | sitnicely-Van Camp.
215tudebaker-Packard Corp,
Radio
B
JAzorious Cynnamide Co. Amer, Torgn, Power Aith Mech. &F'dry,
American Metal ... American. @pelling "Am. Buger: Ret. Americans, Tv # tu American T5b, «l Abegonda, Copper Armco Steel "....
Cory-12 in ing
Meridhur Ayklar Corp. Benguet Dona, 'ƒ^as Bethlehem stool
Swift & Co.
Texas Co. ...aga
14 Tide Water Assn. Oli
194 Twenty Century Fox Fum
Tinions: Carbide :******
$61 Union Pacifio Raliway
4234 100 Avera
0.8. Fo
*M08. Line Co.
Th Warner Bros
Weakness at Singapore
18.20 .... 1,221
to be discovered' by increas- the accompanying decling at Trut Ing thousands
travel-London brought a resumption of UTILITIES hungry Americans,”
Mr R. G. Follis, Chairman of the Board of Standard Oft Com- pany of California, which has big Interests in Saudi and
Arobin
"But," he added, "in the long term view. Its impact will not
is continuing exploration be serious. The Canal will for commercial oli deposits in either be re-opened or some | Australia, was the most con ether avenue for transportation servative in his estimate of the
will be developed."
Mr Smith predicted that the dire of all the peoples of the world for a higher standard of woukt "assure a steady living increase in the volume of inter- national trade. For perhaps the next 26 years, 01 very Jorge volume of trade
will
be in capital goods and machinery."
Mr George E. Talmage, Jr,
future
1.50 1.891 20,340 v 115
|CO 140
speculative liquidation and pro- Tram fessional selling in the local Star Ferry.. market.
to Taumati up to Losses ringed 14 cente a pound before enough C. Light (0) 23.16 23.29 trade buying appeared to brake Rectric the decline, Far East cabies re- Macan E. ported heavy Chinese liquida-Telephone
30% 31% 3323 32
DI
24.20 24.40
INDUSTRIALA Cement
2015
39
Sincerca. COTTONS
Nanyang
19.00
15.30 15.40 13.50 14.16
1,00
4.30
1000
tion in the Singapore market (Nj and heavy "up-country selling."
Locally, consumer demand re-e mained small. Buyers rectly STORES, ETC. Before the
in anti-Daby developments in
ting withdrew the Middle East, he said, the
of the possibility of Watacas United States oil industry anti-still swer prices ahead. cipated an increase in demand Locally spot No 1 RES was Textile at a "moderate, but healthy, quoted nominally at 30% cents a
Europe. ib. pace-13 per cent for The Middle
crisis East
wiped out the likelihood of gains for
is Western Europe. It now anticipated that European de- President-elect of the San Fran-mand will be off by five to ten higher on improved oversens ad- cisco Area World Trade Associa per cont for a period ton of the San Francisco Cham-least six months, the volume of United States ex-
ber
ot at
SINGAPORE
The market opened slightly
of vices but it epsod on lack support.
The market steadied at noon "Europe's all shortage should on reports of further unrest in of Commerce, predleted that
stimulate sizable exports from Indonesia but at higher levels will equal United States in 1957, resellers pradominated and as ports during 1957
the that of 1858 and that imports versing what had previously result the market closed lowest
slightly. "It 1s
The trend. will increase
been a declining eared in some
he result will be increased crude No. 1 quarters," he
the United added, "that isolationist and oil production in protectionist elements may en- States, Canada, and Veriezuela, deavour further to hinder such with exports from
the latter by 16% trade The Imposition of countries likewise due to
drive increased. quotas and a continued directed against more liberal two-way world trade policies."
54%
3
13%
421
499
00
434
47
Concerning the possibility of 40% Increased United States trade with Easterh Asia, Mr Talmage said:
40
120
34
54%
141⁄4
903%
37%
Overdue Decisions
טמת .
**International busineennen and bankers in the San Fran- circo area are of the opinion docisions that long overdue which will lend to realistio Aniartean noonomie polley vis-a-vis Asia, particu- larly Eastern Asia, may come into being a 1957.
"It is generally conceded that the brisk trade with Japan will E continue at record levels and 4that closer eccnomic ties with Australia, New Zealand and the 109 new Republies of Southeast Asia Jwill be strengthened In 1057.
2014
מוות
ASTY
301
"Barring a catastrophic out-
I break of war, the prospects for continued elimb in the coun-
073
-639% try's.. and San Francisco's, world commerce in 1887 appear to be quite favourable."
20
H&
219
30
6214
31 bour
30**
President Cyril Magnin, of the California State Board of Har
which CommissioneTS
the 381 administer
Port of San said that he "ook Francisco, forward to a considerabla' In- crease in the level of trade with our Far East and South Pacific neighbours."
5:00
341
1101
712
a1
47
40名
Japanese Trade
:
Surveys have indicated dedinile increase in import export trade with Japan, he niai: and predicted that the
Ggure 1955
of 130,587,000 dollar will be exceeded.
Long Term Growth
10.40
14
Reports, the Foland may signi an agreement shortly to buy Egyptian Katrinke
suh00 worth of American |
cotton
for dollars
attracted attention but had little Influence.
port prices for 1937. Soll bank considerations and congressional action on varied farm legislation
other overhanging witre
un- certainties.
While telivity in new crop months was at a minimum, erop technicians expressed increasing
33241.825 concern over the dry soit situs-
100 445
tion in the important Texos- Oklahoma producing sections. Without adequate winter pains, and the absence of a “good sea- in the ground", the experts son in
CHICAGO GRAIN feared the now crop would be
In the US the average price
Sties totalid
was 33.42 cents. 20,203 balos-United, Pross,
NEW YORK METAL FUTURES
New York, Jan. 22. Prices of metal futures closed today as follows ir cents per lis
on the defensive through the Lead growing season.. Tho cerlin- cated stock remained at 2,984
00%
Jan.
Feb.
MARKET
Zine Jan.
Fab.
15,200 13.300 13.208
balles.
Cooper Jon
Marth
Volume Open interest |
A
for the day,
Fitares: rubber per
10.
No.
be
No. 1 palo crepe
Settlement house tern:
04-2014 20-20%
1934-00 February MATCH....
5134-80 rubber por lb. Yob. 66-87 No. 3 rubber per, lb. Feb. 031-84
Reports of good moisture in No. 4 rubber per ib. Feb. 314-52
parts central
of the winter Prices of futures closed today 954-9514 Spot rubber unbaled Blanket TEDE
73-77
| wheatbelt caused early selling in | as follows? 106-107 wheat: Some rpport was later Spot
Match received which represented pos sible hedge lifting against wheat suy The market was barely steady that might have been lost in the October with spo quoted at 20% pence grain elevater fire on Chicago's December
southeast side overnight. ner 1. Prices:
Soybeans moved higher today July 20-2012 No. 1 I spot
with the January showing the most gain.
Chicago, Jan. 22, Grain prices were about | July
the Board of Dee steady on Trade today) while soy- Mar beans turned sharply July higher.
Marcft
9,200 245,000
Jan
(standard)
My
8,500 418,000.
5,000 187,400
Jeb. Jan.
Def.
4,300
146,000
3,000
103,000
2,500
34,500
May
20,100
200
1.200
Total
33,500 1,120,000 balen
NEW YORK
34.951
34.45
344%
34.22
33.33
buyers pellern
33.29
Tin spot.
80244 806
March
$3.29
5-mooth
May
33.18
Copper spot
$2.00
3-month
Lead 2nd half Jan,
NEW ORLEANS Prices of futures closed today
LONDON
delivery Trader expectation of hedging bocausa
"Notwithstanding, the com- the imposed plications
by Middle East controversy, con- tinustion of a basic long term growth of world petroleum consumption is expected, with March
Apri large sozle capital July/Sept.
254-234 of tie fire caused buying, al- as follows: expenditure by the industry. Oct/Dec.
General markets, clf baste, ports; though some local selling de- particularly for exploration and
January
-25veloped on the advance,' "It was development of crude oil re-
February
-2514 sumated that some 2,000,000 Aterch scurces.”
Astato crepe til Fob. Estate crepe thick Fek....
Mr Follis said that Standard of California's capital expendi ture for 1857 is expected to ex- eced the 350,000,000 dollars in-
vestment for 1956, with 70 per cent of the total devoted to
production. exploration and China Mail Special
New York Sugar Market
New York, Jan. 22.
sugar futures World No. 4 closed. today 3 points higher to
points lower.
Domestic, No, 0 sugar futures closed 1 to 5 points higher.
Prices rallied briskly after mixed start only to drop back again later under hedging and liquidation.
dealers
In the raw market, understood West Germany pur chased 82,000 tons of Dominicans for March-April shipment at prices to the producer of about 0.40 cents to 0.42 a pound, fol, before currency, switch,
the accredited Jepan was buy on Monday' of 10,000 tons of Cubans at 6.35 cents a pound,
Dealers satch
AMSTERDAM
bushels of grain will be un- available for delivery against futures contracts because of the
fire
The market was cany. Prices kilogram, elf Feb. as follows: No. 1 ruhher
closed today in guilders ceni.
No rubber No. a rubber No. 1 crepe
Wheat closed up là to off 1⁄2 per cent; soybeans off 2% to up
7 34 paid
Prices per bushel in cents; 2.53 nom. Wheat No. 2, red 2.30 nom. Spät 2.90 nom. United Prost
New York Foreign |
Exchange
Mar. 31(H) 240]IL)
May.
July
Scol.
272
Nuy.
23414
Corn, No, 2, yellow
Spot
156-197
Mar.
May
July
New York, Jan. 22.
Sept.
Nov.
Closing rates were: Canada England offelal
Rye
$1,04 5/12
s unofficial
2.00 1/32
Mar.
140-IL
May
180-13-131
285-287
Dala
"
30-day fulures.. 00-day futuren..
270 11/10
2.79 1/32
Mar.
793%-70
2,246 2.791 2.001
May
Boybeans, No. 2, yellow
Spot
United Pren.
Mar.
May
July
·253-254:
Bept.
05114
Nov,
24014
Barley
Spol
130-140
$13.40n
====United. FrEEK.
Australia New Zealand south Africa
London Foreign
Exchange
Closing New Yoric Montreal
Amsterdam Brusela a Ceylon | Copenhagen
Frankfurt
"This level of trodo is ex-10b. tremely encouraging to us," Mrtender for 10,000 tons of refined Magnin said, "and we are con has been postponed. Futures:
fident that it will continue to
654 grow, it is, our mutual benefit
1
for the port of San Francisco to
409%
Contract No. 4 (world)
March
$.54
do all it can to stimulate this May two-way flow of trade and July
September business Investment."!
March
Mr Randolph Sevier, President | May
5.10
of the Matson Navigation Compot (oints por la fob Cubal
Open, interest;, 457 conthiola.. pany, which
104 second of its two new Luxury
Jat liners for the
Is sending the
Australia-New
May
saj: Zealand trade. to Sythey this March 55% month, predicted that the July
Southwest
would dx Soptanber:
periances boom” dus-
1001
ገዳ
60
Ing 1957.
108, Rubber Ja U.S. Baelting UE. Steelin Woetinghouse. Elsdtrië Mờng 155mg Vau-Pulp & Papak
Woolworth,
-United PreseL
Contract No. 6
Spot (cents per I. elf NY
"Americans are definitáty, on unles
the, move, with more money, to,
spend and, moré, jeisure, Uind, in
-3328
MITAN
Parta
Stockholm
London. Jan. 22.
raks were
Zurich...**
2.00-2.80 1/13- 2.60 13/16-2.08 13/10
10.0841-10.007.
1404735-140.5235 10,40-10,401, 11:7493-11.7492 17501-176034
14.5035-14.50% 12.271-12.37
Lisbon, Vienna unchanged.
United Press..
Exchange Rates
Barinów" was -done in the focal unofficial exchange market morning at the following ratedim.
Efecking: dotes, tour #11
Indonesite uplati (per 100) Riem treat (por 100) Sinempore (Straits.
NAMESAKES
New York flour
200 13. sack
Singapore
Stock Market
+
Singapore, Jan. 23. Brokers today quoted the fol”. 'lowing stock prices:
C/Opening, Batu Lintangatabber Co. Ltd. -$1,43 British
Domeo Petroleum Byndiente. A
30/04 Consolidated! Tin'. Sinelbeam.
Ord.
Traser & Neave Lid. Ord 6:05:Teaser de Neave: Lid... 157 18.09 oum. profesori 1271 dammons (Miklaga) käinutach (18,39), Hongkong & Shanghai Bank-
27.10. jng Corp, you
1.50 Hongkong "Tin: Lid.
Kempar Lid.
Tamoa-Itasbherr Katafes Ladi
New... Berandah -Bubber,
wiilch to spend. If dove GOLD PRICE DROPS 2 Chopin, 4 Romantis, rapor Cold Stor
before in history," Mr. Sevibr declared,
*Raton la confident, that the Puelle, is on the threshold of a grunt, travel boom. ExtensĪTU.
the lowest. Binn
Paul Digression),
Növels;://7 (Jules,
Dodeysat.
Sand
Lid
LONDON METAL *PRICES ›
London, Jan. 22.
Prices of metals closed today
in sterling per long tón, as tele lows:
Zine 2nd half.
Fly in Super Luxury
on
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and leading Traves
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