1957-01-25 — Page 9

THE CHINA MAIL, FRIDAY, JANUARY 25, 1957.

TRADE and COMMERCE SECTION

STEADIER TONE AT THE CLOSE

Prices Drift

In Dull Week

By A SPECIAL CORRESPONDENT

The feeling in Ice House Street yesterday afternoon was that pre-Chinese New Year selling had ended and the better sentiment developed inte in the day might be the forerunner el a fighter snacket next week.

The Share Market At A

Glance ✰

Jan 24 1615

37148 95TIN

Up or

MK Bank Lombard

Dec 20 1690

Jan 3

1030

Jan 10 1070

Jan 17 1040

down

-$25

400

J

3014

394n

37146

steady

Union

050

100

95712

Wheelock

7.10

7,30

1.05

7.05

7.20

6.75xd

steady steady

IK Wharf

Dlm

Üzb

$2b

D3

9314b

HK Docks

#14

4tb

4821

491

4091

Provident

13.60

13.70

13.00

13.301

13.20

4. ADG +760 10g

HK Hotels

14.80b

15.10

14,90

HK Lands

оль

62

61

14.00b 62

13

+100

02

82

steady

which

HK Really

1.375

1.375m

1,405

1.325b

1.325b

#leady

HK Trams

23.20

23.70

23.40

23.40

23.20

-200

Star Ferry

140n

141

142A

143

143

steady

Yaumatte

103

103

102

103

103

The vo

lower.

mlet has been dull. Turnover has dropped from $3.55 million to $2.73 milliou. On week 14 barts are stems, five are higher d

Last week's tally was 12 higher, seven steady and

Ch Lights

23.50

23.70

23.30

23.30

23.30

Kiestrie

3144

311

31

314

The

JIK Telephone

24.70

24.70

24.40

24.60

have

(1.1. Cement

38

39

383

3841

Dairy Farm

15.30

15.30

16.20

15.49

31 24,30 389.1

15.40

A.S. WatsonI

13.63b

13,30h

13.40h

five lower.,

5.001

6.00b

in

13.80b

60

13.700

Gu

4.05

4.00%

4,80

4.8512

4.85n

strady -25c

sleads stendy +10c steady steady

reason

Beelitin,

11K & FE Inv

9.30b

9.00b

9.80

9.80n

9.70b

steady

12

Textile Corp Nanyang

4.4ûn

4.25b

4.60%

4,400

4,403

Ateady

7.10nxd

î

7.05

7.151

7.00b

+450

dock

are

Hongkong the sharp, the One

Ten fall THROver was that two Wherves are 30 eens better at

Provident,

trac- Heuidating | $9BC12 people who were

Ist week Finally easier. qulte substantially have either stopped selling er have sold for feseer hares this week.

Ako the pre-Chinese New Year

restraint was very much. In evidence for the pervater pai of the week.

TENSION

1

nhibiting

Possibly another factor is the continuing the tension 1 Be

where Isrnet is holding on

Ea

1

the Gaza and Aqaba Gult A ips In definee of a United Nation resolution.

Tritt! reinetd

Rumours that the

would haul rute

be touched off some aperalation ins The Colony that the Hongkong a and Shanghui Bank might take similar mellon but I understand, that they sell Bo

Hongkong

und

Shanghat

Banks have dropped another $25 to $1815 The were fanl sales yesterday

גון

the

1

at $1620 and the other at the lower rate. notice the Landem reglater rate Is down £1-10-0 on the week. This may well have something to do with it.

of

the

A striking feature market for the last two weeks has been the dullness of utilities the

-usually these shares are

leaders.

of seasonal influences. result Yesterday afternoan they ge peared to be a little inore betive, shures, notably

This is probably The

Other

Stan Prins and Yaumatis re endy at libt week's rates.

icy

Te is on authoritative £2 Street romteat on the week's trading:

Lack of incentive and some light seale quidation on the

New of Chinese approach Year led to generally Gull trading ound Lions for the greater part of the week with The result that prices were Inclined to drift fractionally lower although there were a few exceptions and the mar- ket appeared to be steadying in the closing session,

Nanyang Catlon mills Amy- proved by 45 cents on rumours

unsatisfied

at a property sale and closed

with $7.00.

buyers

more

Docks were also a firm spot with tr price

than the maintained, whilst In *tores section Watsons nd- vanced under fresh support.

Elsewhere changes were few and any losses only fractional flongkong Banks Although

with yielded further ground shares changing hands

at $1015.

MARKET DIARY

1

Here is a diary of movements this week:

market

Wharves, Lands, Docks, Dalry Yesterday: Steady

Farm and Watsons have

more interesting.

beca

will interiors

I imagine this position

change with

coming up.

1

CASH BONUS

Turaday:

vire with tually no change in

T/O: prices. $730,000 Wednesday: Dull nud feature-

less. T/O: $408,000, Lack

[ Interest. Trading on a light senie. T/O: $650,001 Trading

012 moderate #eale. T/O: $670,000. Prices virtually unchanged. T/U: $370,000.

Hongkong und Whanpon

$5 Dock are paying the

cash Monday: bonus on February 11. An an nouncement of this bonar

WIN

last Friday: made towards the end of your.

The shares are up 70 cents on the week.

Another in

WORLD RUBBER MARKETS

London, Jan. 24.

The rubber market was very stendy

with spoi quoted

26 13/16 pence. Prices:

February

March

t

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

No. 1 Bpot. Settlement house term:

26-201

Apel)/June

July/September

October/December

2836-207% 23812-267 Hongkong 2017-2018 2516-20

January

Yonglaze Allied

WALL STREET Japan Welcomes

MANAGES

MODEST GAIN

New York, Jan. 24.

With no strong influences working either for or against the market, stocks managed a modest

their third rise in as many days gain smallest turnover since Nov. 23.

The advaner, coming after a Pharp decline of some duration, was seen by most commentators A few features techolen moved in response to individual new. Anouncements,

Cun

―

on the

Lensleville & Narleville jf. Lowenstein & Hexam Mesabi Iron Corp. Mizvenaka Miting

Main Developinent

Alungate Chemical Co Motorola Ing. National Daly' Prod. National Steri Q7p.

Owen-filings Glass Penny J.C, Co. Penn. Salt Co Philip Morris Peler & Gamble Co. Pittsburgh P'inte Glass Publieker Industries Pure Ou

Chief among these was Amerl-Olin Mathieson

which Sugar

Reining climbed 734 points to $125 on annnmcement of a four-for-one stock split and held 5% points of the rise. Norwiel Pharmacal responded to it two-fur-one split proposal with a gain of 2 to $5834.

Late strength in Eastman Kodak and demand for Du Pont Kodak helped the Industrials. climbed 2% to $80%. Du Pont

SIBABA.

Reynolds Metal

Shell Oil Co.....

Salt Reg Paper

Souny Mobiles)

Scuth Puerto Rico Suger Southern National Ga

Southern Railway (Com) Steep Rock (Toruntoex.) Sterling Drug Co.

Ike's Decision On Textiles

WORLD COTTON MARKETS

New York, Jan. 24. Cotton futures today emerged from a two-weeks trading pabië moving up around $i bale, or enough to lift the nearby deliveries to new seasonal highs.

29

active dealings

Too Much Foreign

Control Over Canadian Industry

Montréal, Jan. 24.

A textile industry spokesman today expressed "grave" concern over the extent to which Cana. dĩah industry is controlled by foreign interests.

per cent

Canadian-owned

Moderately

H. Roy Crabtree, President, 90 featured mills, exporter and of the Colton Textile Institute compared with less than 50 per commission house buying while of Canada, said the extent of ctnt for all Canadian industry, investiment in, and and is not unduly affected by hedge selling and liquidation foreign alpskened.

control of, her major industries foreign ownership although Day trader liquidation at the

tion. close

shaved the extreme gains, but the list ruted still finished net one to 13 points higher. The market opened up 1 to 3 points, New Orleans closed up d to 14 points

A developing new view of the statistical picture neted to shape market sentiment, Analysts re- ported a lightening in supplies of "free" cotton following the Increasing loan stocks which now exceeds 4,000,000 bales.

Fintlog

domestic consump-

tion for the seron Bround 1 000 000 bales, and allowing for the current loan stock o/ 1000 000 bates, the combina- tion

19 "one of the major problems is hard hit by foreign compell faced by Canada today,"

Mr Crabtree told the Colton nuval meeting Institute's

Investment till foreign needed to rip develop industry in this country. He added that "only by such Investment, ran this country continue to grow."

Clear Advantages

is

Bre clear disad-

"Bu! there vantages in the extent to which returns from Canadian develop- ment are being committed

mainly he said. "And there are evan graver

outside C

to the United

would equal this season'sengers in the extent to which estimated crop of around 13, residents of other countries exer- 100.000 bales.

Development of the industry and others litre it is insurance against a dangerous unbalance in a very vulnerable section of our economy," he said.

cotton

did Canadian

milla better In 1950 than in a 1051- 1054 slump. bug textile Imports Into this country are continuing to mount, Mr Crabtree suid. He sal that their fabrics production was about the same in 1980 as in 1955, but the volume of ¡m- ports again Increased. He said ihnt the domestic industry with "only 32 per cent of the home market, a one per cent reduction quring the 12-month period."

Lower Costs

<lac control uver the policies and conduct of Canadian Indus-

of the imports come Most try and Canadian workers,"

from the United States, Mr He said that excessive ab- Crabtree said the US Industry

had sentee ownership" is "Inevitably

the adavntages of lower for reason detrimental. If only

costs through mass-production, expected to

the high that it cannot be

an export subaldy, even remium on the Canadian know what is count or efficient for operations within dollar, and the opportunity to

unload surplus, distress the Canadian economy.

Dealers also have to buy certain amount of the crop and the export it as an offsel to Government cotton bough' for Tokyo, Jan. 24.

earlier in the export

season, milis Japan's textile industry but which they sold to on Wednesday welcomed US under the allowed substitution

privilege. President Eisenhower's re- The certificated stock ¿jection of tariTM Increases on med at 2,084 balcs,

cotton velveteen fabrics, Trading volume and open dian cotton texttle Industry la market."--United Press, but many felt such action Interest on the New York Collan Exchange today were as follows: was not unexpected.

-

Month

Volume Open Interest

March

18.200 230,100

(133

20

51

duly

30

34

能

Industrial sources said that the rejection of the US tariff com- mission's recommendation for a increase was expected especially since Japan's offer to cul down textile export to the United States. This offer was

May

17,300

409,400

July

5,000

130,000

October

0,400

149,400

December

900

102,600

March

200

Rs.300

May

406

40,300

July

2,000

J400

Tutal

53,300 1,114,000 boles

NEW YORK

27

471%

17

421

40

$

Spot

Mar.

May

It may have

square yards would force many smaller Arms out of business,

beer better

July

Oct,

Det

to

Mar

May

July

35.10h

34.30

34.68

34.29

33.40

33.44

33.3

Mr Crabtree and the Cana-chandise

ол

the Canadian

POBIE.A

COMPANIES

made by Japan last week.

Some textile people, however,

said that since the US-Japanese augreement reached on January

Ilmit Japan's velveteen ex- ports to the

US to 2,800,000

Prices of futures closed today

as follows:

PENINSULAR & ORIENTAL S.N, CO.

PASSENGER/FREIGHT SERVICE

Outwards "CBUBAN

Lanvin London

Sailed

One Hongko

2nd February

£2nd FebruKTY 60th March

ל114

have the tariff increased rather than have the ceiling.

PEMOVES DISPUTES

651

да

30

4012

133

A Japanese

10%

spolocsmati

hower's

Stoitely- Jan Camp

of

Tide Water Arm, Oli

Twenty Century Fox Film

21

302 4334 United Press.

High-priced, Superior Oil California. ran up 43 points to a record high at $1,418 highest price paid for any big board kaue since 1930-but held only 16 pomnis, closing at $1,390,

Leadership

Market leadership centred in Row-priced stocks, US Hoffinan which fell more than 2 points on rumours of Br uncertain Anancial condition then recouped to $12% of

Turnover most of the session

but activity dwindled in the Qual hour and total sales 1910.006 shares compared with 1,020,000,

US. Foll "B" US. Line Co

West Va. Pulp & Paper

ર્થાત decision passible disputes 011 yel- veteen exports to the US for "at least five years" since Japan will

to the stick

agreed limit shipment of the material to the United States.

The

spokesman.

Tsuneo

CHICAGO GRAIN Komuro, Director of the Texille

MARKET

Chicago, Jan. 24. Grain futures prices the were irregular

'on

ra slightly ahead of Wednesday Board of Trade today, and

ol

rust

with the exception of rye, trading was quiet.

Industriais as

When! and rye declined on a group 3p their average, liquidation and reports of mols- points

the ture from U2 and utilities .06.

Some the list most of

price belt.

1.37

valls

Fer

winter wheat hedge-selling oc-

changes were very narrow, incurred in wheat reflecting re- of wheat from, the mator, for instance, Chryster demption dipped For rose 14. Of 1,138 Government loan by farmers, Jesues traded, 525 were higher,

the

17

Stock Exchange, quotations and 245-2017 morning's transactions:

Concral markets, sit basin. parts:

February

March..

2013-201 2012-20

Patate crepe thin January unquoted

February

AMSTERDAM

The market was steady today. Prices closed in guilders pēr kilogram, cif Fob. as follows:

No. 1 rubber

No. 2 rubber

No. 3 rubber

No. 1 crepo

neon

Shares BANKS UK Bank

SHIPPING Wheelock

(0)

Buyers Bellers *

DOCKS, ETC.

Яaten

13 1910

0.75

0.00

1000 0,76 100价 0.80 3000 6.76

th

K. Wharf Dock

401 4013 200 40 Bruv. (0) 13.20 1330 3000 ( 19.20 *** Dock 123

3500 @ 1:25 1 16.20 2000 42 18 400 02 0134

2.00 buyers 257 buyers LAND, ETC.

2.03 buyers 2.03 bilvern

United Prevs.

IIK Hate! .. UK Land.. Humphreys 10.20 0,10 RUBBER

Trust.....* 1.00

UTILITIES

1.39 1.52

MERCHANTS 11 23.10 20.40 3000

MUST ADVERTISE Ferry

JAP GOODS

Atlanta, Jan. 24.

YaLubati

104 100 C. Light (0) 21.20 23.30 Electric

... 2114

Mneno EL **

23.30

100 144

4500 @ 23,30 1500 or 314

284 F 31 1900 314

015

(0) 24.30 242

2000 68 23.40

The Georgia House of Repre- Telephone sentatives today passed and sent

IN 23.30 21% a bill requiring | INDUSTRIALS to the Senate

Ju sell Japanese cernent merchants who

.... आश textiles to display signs. The topo

STORES, ETC. measure was approved 122 to 38 Dalry

Welco** after the House shouted down a

COTTONS motion to table the bill.

Nanyany

2600 64 24.30

12.00

10.40 10% 13.70

7.70

9.70

London Popper

Market

The Senate scheduled n hear- | 11.K. & F.E. Ing on the bill next Wednesday. Invest

United Press.

LONDON SILVER

PRICES

London, Jan. 2.

The price of sliver was quoted today at 80% pence for spot and

London, Jan. 24.

The pepper market was dull.

304 lower, 229 unchanged with Game new highs and the number of new lows.

New York Stock Exchange bond volume was $3,730,000,

Part

"CANTON"

"CORFU”

"CHUSAN”

16th February

ath April

NEW ORLEANS

Prices of futures closed today

Via Bouthampton, Caiombo, Penang

Leaves Hongkong Das London

23.00

34.65

8XZXBBARA $388-7868

8th Bay

Singapore.

Vix Singapora, Penang & Colombo.

Government

as follows:

that

Eisen-

Spot

removes

Mar.

MAY

July

flantewarde

Oct.

12°C

"CHUBAN

18th FebruaTY

Fist

March

Mnr.

on

May

July

"CANTON" "CORFT" "CHUSAN”

18th February

5th

April

3rd April

12th

May

12th May

120) Juna

LIVERPOOL

Future closings, in pence per lb. were as follows: Old contract

Mar/Apr.

May/June

July/Aug.

Oct/Nov.

Dec./Jan.

New contract

Mar/Apr.

May/June

July/Aug.

Oct/Nov

Dec/Jan.

Bureau of the Ministry of Inter-

Trade national

and Industry, added, however, that settlement of the velveteen question did not mean that all textile issues be- tween the US and Japan were solved--United Press.

Singapore

Stock Market

Tin

Singapore, Jan, 25.

the Brokers today quoted following stock prices;

Opening Bulu Lintang Rubber Co. Ltd. $1.82 British Burnes Petroleum

51/00 Syndicate of the decline in ryo

Consolidated

Smelters was Luisti 0 news that Ar-

Ord.

30/30 gentina was offering this rain Frurer & Neave Lid. Ord... $2.26 on the world market at prices Freer & Neave 7%

cum. pref. ............................. $1.00 below that of the US and

Canton (Malaya) Limited Canada.

Hongkong Shanghai Beaking

Corp. Soybeans showed good gains Hongkong Tin Ltd. on buying stimulated by Kempes Ltd.

Lunus Rubber Estates Ltd. favourable reports of Dectin-Matayan Breweries 481.30 ber crushings along with antiew Serandah Rubber 159.10 advance in the menl märket. Lu.

30,35 170.43 00,00

American Stock Exchange volume was 8D0,000 shares,

Dow-Jours closing averages were as follows:

30 industris

20 ralla

13 utilities

63 stocks

40 banda

closed

off 4 to 2 off to 2%

Wheat Comm. future price index.. 180.33 cents, soybeans

cents. Comin, oput price Index ....

Prices per bushel in cents:

Wheat, No. 2, red

Alden Inc. Acy. Allied Mills the,

Aimeriena Afrtine American Cable

American Cysanmice Co.

Corp.

Amer, & Färgn, Power

Am. Machi & Fury

Am. Sugar Ret.

Atlas Cona Mining Baldwin-Lima-flang, Bendix Aviation Corp. Boeing Alminna.

Borden (The) Co.,

Burroughs Add Machihe

Card (. Tôi cả.

Cal Tractor

Sept

1209%

Losin

Petaling Tin Ltd. Raffles Hotel

Singapore Cold Storage South British Insurance Co.

Ltd.

Mentres!

Amsterdam

Frankfurt

MBAR

FREIGHT SERVICE "SHILLONG" Jokes Jlst Jan.

20.42

23 27

31x1 Jan.

21.10

20.70

"SALSETTE" due 10th Feb. "SUNDA" load 11th Feb.

Egyptian Kormak Inn./Feb. 00.00

-United Press.

New York Sugar Market

New York, Jan. 24. The world No. 4 sugar futures closed today 1 point higher to 3 points lower.

The domestle No. 6 sugar futures clored 1 to 7 points

$4.03

$870 D/ $1.30 оло

lower.

the

•

The world raw market ruled Dealers understood quiet. 12.00 French tender for 30,000 tone

will be held tomorrow.

$2.37

$3.30 62.45

Other reports said Jan. 31 will be the date for the German tender for anywhere between $32.50 110,000 and 200,000 tone.

$28,00 $18.00

Hedge stiling and liquidation futures. domestic depressed

Switching from March to later months was

quite

active.

Futurfa:

Contract No. 4 (world)

Marcit

0.31

May

431

July

0.32

September

032

March

MAY

8.00

Total sales; 712 contracts.

2.68% 2.0014

Spot cents per lt fob Cube) 6,38

Open interest: 0,310;

Contract No. 6 (Gomestic)

March

8.71

May

5.75

Juty

5.79

Deptember

Straits Trading

Closing Prices

Sean

United Engineers Ori,

$9,30

Wear Bros.

12.03

cumdivChina Mail Speelal,

€ 15%

#pot

30

244-243n Mnr. 24114(11) 28(L) 267-1

21

Mioy

237

Indio

July

614

Sept,

2009-

7453

Nov,

23

10

35

Corn, No. 2, yellow

123

Spot

1379

MAY.

May

13012-71

July

1409%

Nov.

10 Mar.

1443

42% Bany

རྫuk-3%

Porin Stockholm

क

47% Oats

Vienna Zurich

• 4010

MAT,

10-70

Continental Oll of Bel.

.

by

Diamond, Alkali

DW CHOMIDAS

70

Spot

El Pro National Ch

33

MAT.

Etle Railroad

RDAS May

July

Sept.

Nov.

215

70

19 Harley

"Spol

170440

New York flour

$13.600 -Unitod Freret,

Celanco Corp......

C. I, T, Financial Corp. Cumax Molybdenum Commercial Credit

Commonwealth Flee

Cratter Co.

Family Fanos Corp. Ford Motor den. Pall, Util

White. Sarawak was quoted at goodrita (H. F.) Cu

1 pehce, "sellers Blackeyden Chinical...

Homistake Mining Co. Barawak special, 1 shiling. 74 foland Sipel Co... 10 pence for forward (ngainat peace soller; Black Mainbar, Interorical Corp. 80% and 80% pence previously), February, 195 sellers. United International Poper

United Fress.

Prest

John-Merwills Co.......... Liggett Merdre Tol, Co,

50% Soybeans, No. 2, yellow

900, is, snak

251n 2001-200 201-43

2321-9

*

due 2nd Mar. "BOUDAN" "BALSETTE" loads 481⁄2 Mar.

:

for Singapore, P. Swat. tenham, VT, London faintrurd.

Antwerd

mouth

Rotterdam.

Grango

from U.K., from UK.. for Blagapore, P. Swet- tenham, Havre, London. Hamburg. Rotterdam, Grange-

Antwerp

mouth

from UK.

for Singapore, P. Swet- tenham, Penang,

LOB-

don, Hamburg, Rotter dam & AnLIWEZE

ALL VESSELS OUTWARDS AND HOMEWARDS CAPE OF GOOD WILL PROCEED BY THE

LOPE UNTIL FURTHER NOTICE.

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

1856 A UUNDRED YEARS" OP SERVICE – 1058 "WARORA" die 4th Feb

i di Feb.

"SANTHIA" dur 5th Feb. salis üth Feb.

"SANGOLA” due 25th Feb.

anila 20 Feb.

"ITRIA"

from JapaTE

for Singapore, Penang. Rangoon, Culttagong &

from Japan for Singapore. Penang. Itangoon de Calcutta from Calcutta, Itananon

Strait for Japan

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

due 2nd Feb. KRI 413 Feb.

due 5th Fob. ith Feb.

"ITAURA"

"ITOLA"

dus 12th Ib. Balls 19th Feb.

from Japan

for Singapore, Cochin. Bomboy Kartchi, Bas- rah Kuwait

from

for

Japan Coinbay,

& 130grata

Karachi

Front Bombay & Karnehl

the Juban

S.5. CO., LTD. from Australia

EASTERN & AUSTRALIAN

til Tob. "NELLOBE" due "ARAFURA” salle ath Feb,

for Sandakan, Rabauj, Brisbane, Sydney, Mel- bourne & Adelaide

All vessels have Uberty to call at kny porta un or off the mute & the route & salling are rubject to change or amendment with or wilkónt dalies.

London Foreign

Exchange

London, Jan. 24.

Closing rates were:

New York

2.70.13/16-2.701

10.6016-1000%2

11.74-11.7414 1789-1760 085-0031 14.00-14.5014

22.02-72.04

12.27-1777AL.

Others were unchanged. United [Press.

Exchange Rates

Total saira: 554 contracts, Spat prien (cents per, b. el!

NAMESAKES

Busines was done In the local Answers: Sukom, 2., LenKİ » unofficial exchange market trahip, 3 Defcal, 4 Strategy, morning at the following rates;-- 10 Boothius, 6 Achdown, 7 Militia,

US. Coller (pwe WI)

Sterling 'hule (per £1)

101 8 March, # Danos; 16 QUATENT, Australian noles (per £1) ... 12.64 11 Reading. 12 Wessex, 18

Indonesian rupiah (per 100 ** 13.50 Navy, 14 Fortress.

sisin,tient (per 100) Singapoet (trata)

Allred the Great,"

For full particulars apply to i MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos: 27721-4.

Open interest: 4,215

"NY ex-duty) ***is contracts.

6.80

-United Presi