THE CHINA MAIL, TUESDAY, JANUARY 29, 1957.
Pare
TRADE and COMMERCE SECTION
Defence Cuts Could Pull HONGKONG
Britain Through
CHICAGO® GRAIN
MARKET
Chicago, Jan. 28.
Grain futures turned lower during ап active Bession on the Board of Trade today after an ir- regular start.
The main factor in the sell oft
of grains whs weekend news t
light moisture over the sputh-
west, and a five-day forecast
MAJOR POLICY
CHANGE ALL
FOR THE GOOD
From RONALD BOXALL
London, Jan. 28.
Mr Macmillan has lost little time in that called for additional ow putting his personal stamp on the Govern-
WORLD" RUBBER MARKETS
Tho
New York, Jan. 20. rex rubber futures contract today closed 20 points lower to 10 points higher with Closing sules of 213 contracts.
prices:
January March Млу
Jub
September
November
January
STOCK EXCHANGE
31.00
Buyers Seliers Sales
31.00
30.079-31.00
BANKS
310.00
JIK Bank
30.20
SHIPPING
Wheelock
0.70
0.05
30.00
20.00
DOCKS, ETC. K. Whort Dod
WALL STREET London Stocks
HIT AGAIN
New York, Jan. 28.
Stocks sagged further their 13th decline in
19 sessions so far this year.
from
Standard Of of NJ.
Studebaker-Packard Corp. Swift & Co... Texas Co. ***** Tide Watre Asen. Oll Union Carbide Theenty Century Fox Film Unnnnn selfie railway
United Araft
V.B. Gypsum
U.S. Line Co.
U.B. Rubber
V.S. Amedting
U.S. Steel
Warner Bros. Westinghouse Electric
The decline, although cutting, Stamlard Oil of Ind. ̈{From Our Correspondant)! |prices fractions to more than 2
points in Business done on the, Hong-did not bear any of the car- recent strong spots, Stock Exchange kong
this marks morning amounted to approxi-lightened on the move to 1,200.- of liquidation volume mately $313,000. Non quota-000 shares tons and the morning's trans- Friday, the lightest since Nov, 12, 2,010,000 on actions:
The averago loss in
in industrials Shares
was 3.70
points to 474.50, in radis 1.30 pokits to 147.59 and in 13 1010 utilities .00 poin: to 70.02.
Concensus
among brokery is that a test of the Nov. 28 low of 468.10 in the industrial average is more of a probabillly than any near-term test of overhead resistance. Working against the market currently are
Tush of production cutbacks refecting labour 000 1.50 Bluggish demand, new
demands facing 3000 1,523
the railroads, 591,08 continuing decllies in steel scrap
1.00 prices,
the ond
continuing pressure of rising costs,
Standard contract closed 13 | Prov points lower to 10 points higher LAND ETC
IK Lond
with no sales reported. Closing
prices.
also ment's conduct of affairs. His decision to
widen the
March:
Juży
November
ard rain. Substantial socks of grains Gs of January accounted for some of the lower trend. Soybeans declined selling by locals.
powers of the Minister of Defence and make him responsible for
a sizable cut in cents: mybenne off to achieving
Wheat closed of 2% to 25%
conta
Wheat No. 2, red
Spot
242111
Mar
240237
Moy
July
237-837
2014
Sept
231
Nov.
222
Corn, No. 2. yellow
وفعال
*
1002.
ריצו
Spot
Mar.
May
Sept.
Nuv.
$2
Ryo
Mar.
1127,
May
1404.
Osta
Mar.
731
May
10
Sorbeans. No. 2, yellow
Spot
25011
Mar.
May
July
Sept.
Nov.
Baricy
Bpot
New York flour
1
200 lb. sack
247-240
2081-40
24314-44
23714-12 있었
130-140n
$13.500 **United Press. WINNIPEG GRAIN PRICES
Winnipeg. Jun, 28, Prices of grain futures closed Lodny
per bushel as In cents
Rye
follows:
Onta
May
7736
July
Oct.
70
May
July
120%
Ocl.
12734
103
102
101
May
3081
July
30019
Oct.
2001/
Wheut. No.
3, 160%
cents; United
Barley
May July
Oct,
Flaxseed
No. 5, 145% cents. - Presa
London Foreign
Exchange
London, Jan. 28. Closing rates were:
New York Montrea Brussels Frankfurt Milan
Paris
Stockholm
Vienna
Zurich
2,70-53/16-2.70% 3,681-2.60-7/18 140.55-140.875
11.74%-11.74% 1700-17.00 DOST1-DBJ 1407-14.50 72.84-12.07 12.2736-12.275
Others were unchanged.
-United Press.
New York Foreign Exchange
New York, Jan. 28. Closing rates were: Canada
1.09-17/04 Others unchanged.
United Press.
September January defence Prices steadied after a shaity start, although trading turned expenditure is evidence of the new Primedull on the recovery. Most of Minister's determination to
the tremendous burden on British economy.
£3
ease
TC-
the International
Arry British government falute the powerful dollar which sets out to do this NOLIVCS--at faced with an immediate prob- Monetary Fund and elsewhere lou. As Mr Butler used to readable
nind his crities when he was poterul Chancellor of the
Exchequer
mujor redueilums in government |expenditure vequire major
changes of pulley.
All
oft
protecting the
Danger Past
But all that has really happen- foreign businessmen
Two weeks ago sterling broke At present nearly one-third of though the parity rate of $2.80 government expenditure and the danger was past-at least about £1,500 million-goes ent for the thine being, defence. Approximately another third goes on various social ser- vices upkeep of the so-called welfare state. The rest is spent on a thousand and one other items concerned with the day to day running of the country," Negative Approach
ed is that who pustponed sterling payments because there was a chance that the pound might be devaluated before they fell due, have now decided there is nothing to be gained by waiting any longer.
on
This is all to the good. It plugs the train
reserves caused by the need to spend the sterling dollars to maintain
But although exchange rate, foreign businessmen are buying
their So sterling gain for
Im- mediale requirements their con- klence in the currency has been severely shaken.
In the past Ministers have send- od to adopt the negative approach to his problem, All right, they have sold in effect, you want culs in government spending so that texes can be reduced. do we. But what would you cut? Social services that bene- At the very young, the very old and the sick? Or defence which our itional security de-the penda?
This alxdication bility produced
זוגי
[]
on Only one thing can bring back
dollars Britain
lost in
Humphrey
Realty
RUBBER
10 481 1700 6 40%
500 a 13.10
120 121
13 10.20 BIL 18.30 19.70
Amalg..... 1.00 1,0255
31.00
31.00
30.00
30.20
Triat
1.65
30.00
1000
20,00
UTILITIES
Trom...... 23:30
Star Ferry Yarumati
140
103
C, Light (0) 2320 23.40 Electric
180 000
104
23,50
Mação ... Telephong
(0) 241 24,70 4000 (N) 23.50 23.00 INDUSTRIALA tement
303% Repe
12.00 STORES, ETC. Dairy
... 13.70 16.00 Wotor
K COTTONS
24.00
30 100 38
Textilea....
Nonyang INVESTMENTS Yangtze
Invest.
13.70
423
7,80 7,90 500 ⇓
5.00
0.70
the activity was crowded into the forenoon, when commission house liquidation and hedge selling found trade buyers re- served.
A partial recovery at London, and subsidence of the carly liquidation, helped to Atcady prices, Some sources reported foreign buying on the decline, supposedly on arbitrage opera-II.K. & FE tions with London.
Consumer demand locally re- mained flat.
Spol No. 1 Rss was quoted at 312 cents per lb,
Shipment offerings parted light and too high to in- terest local buyers,
LONDON
were re-
The market was steady with spot quoted at 26% pence per lb. Prices:
No. 1 Rss pot...
Settlement house term:
February
March.
April/Fune
July/September
October/December
January...
February
March....
2015-2016
Singapore
Steels Hit
Sicels whose top two com- panter report this week, US Stect on Tuesday and Bethlehem
hardest on Thursday were hit in today's selling. Bethlehem fell more than 2, US Steel
п
2
point, Carpenter and Arco nearly cách.
West Va. Pulp & Paper Woolworth
10
Irregular At Close
London, Jan. 28.
A weekend accumula- tion of buy orders bolster- ed abocka in early trading while profit-taking pared gains and brought ir- Bij regularity at the closer on the London Exchange to- kday.
243%
107
MY
Trading was moderato and most of the important industrial shares lost six pence or a 44 shiling. Stects and engineerings followed this pattern; tociles were weak on nows that the
United Press,
London Wool Top Market
London, Jam. 28. Merino wool tops closed steady with turnover of 20 lots. Prices in pence per lb. were:
March
May July
September
October
December
January
March
May
13634-137
Bradford dyers are closing down
a plant. Imperial Chemical's now loan was strong but closed below the high,
Oils were under pressure with British · Petroleum and Shell down around two shillings and Royal Dutch and others off Icyser amounts. Suoz Canal 12035-130 shares fell 1% sterling to £48. 123-12911
13432-1342%
13315-13237
12716-12015
1273-123
129-137
-United Press,
NAMESAKES
11
British Government stocka moved up as much as 10 shillings on demand coming from pro- phets of a lower bank rate. The favourite gliṭ-edgeda, ` however, had only modest gains.
Answers~] Enjoyment, 2 Germans were virtually un- Comedy, 3 Hilarity, 4 Copper, 65 changed,
Japanese slightly Motors had losses running to Television, & Genevieve, 7 En-higher.
Dollar stocks tended a polit in Chrysler and Gon-tertains, 8 Sketch, Imitation, lower in line with Wall Street eral Motors, fractionally lower, 10 Films, Audience, 12 although the premium remained was the day's most actively Transvaal 13 Monologues, Arm at 614 per cent.-United
aloo stock. Aircrafls
Press+ Joyce Grenfell, with
General Dynaniles and Boeing both the top give issues. Dynamics edged up fractionally but Boc-
traded were
aolivo
in
Stock Marketing closed with a loss close to 2
Singapore, Jan. 29. Broken today quoted the fol- lowing stock prices:
2644-2011
Operting Batu Lintang Rubber Ch. Ltd. $1.83" British Borneo Petroleum
Syndicate Consolidated Tin Smeltera
Ord.
31/01
30/08
20-25
2746-2016
Frame de Neava-14d, Ord..
$2.27
Traper & Nerve Ltd. 71676
2014-2014
burn. prof. DRAG
$4.00 Gammon (Malaya) Limited.. $2.07
Hongkong & Shanghai Bank-
unquoted
20%-20%
Ing Corp.
2014-2014
Hongkong Tin Ltd.
Kempas.Ltd.
General markets, cif bark, ports:
Estate crepe thin Feb.
thick Feb,
AMSTERDAM
The market was quiet today.
$370 0/10% 1.32 Luna Rubber Estates atd... $.80 Mobyan Breweries
Rames Hotel
points.
Panhandle Eastern Pipe Line
point spurted around
in response to higher dividend news but turned this to a loss of nearly a point on late realising. Of a total 1,151 issues traded, 080 were lower, 227 higher, 244 unchanged with 2 at new highs, 30 at new lowB
New York Stock Exchange bond volume was $4,070,080.
Stock American
Exchange volume was 730,000 shares.
Dow Jones closing averages
*
•
PO B·IE&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Wert:
$3.87
New Serandah
Rubber Co.
20 Industriala
474.00
Outwarda
Ltd!!!
$2.37
20 rails...
147.50
"CHUSAN"
Petaling Tin Lidl.
$3.33
36 ultim
20.57
65 stocka
109,50
"CANTON"
Singapore Cold_Blocage
$1.50
40 bando
00.14
"CORFU"
South British Insurance Co.
LLA.
$32.00
Comm, spot price index
Comm. future price index.
180.50
"CRUBAN"
104.63
Straits Trading
Moody's index
432.90
2,01 nom.
Etralis Stoomship
$13,75
2.59 nom.
United Engineers Ord.
2.50 лот, 2.90 nom.
November and the first half of Prices closed in guilders per December and that is if foreign | kilogram, cft February as fol-
ut responsi- businessmen were to accumulate lows:
selves of it.
a policy—if it | sterting as vigorously as they be called
policy-of | were previously divesting them- mibbling. A million or two was saved here, a few millions were
But cuts on pruned there. scale that would make possible a substantial reduction in taxa- tion are far away as ever.
11
The time has now come when the postponement of the inevit- uble may have very serlous
consequences.
Britain is going through critical period. It will not be enough merely 10 survive, Emergency measures could pull
In the present state of Britain's economic affairs they are hardly likely to do that, So Mr Macmillan Rad his
new Cabinet have decided to create the conditions in which they would.
Root Of Trouble
us through the immediate dan economy will be in a position
war.
A Trueism
for
No. 1 rubber
No. 2 rubber
No. 3 rubber No. 1 crepo
-United Press.
Wearno Bros.
cum div
$20,40
$4.81
China Mail Special.
New York Cotton
Futures
Back In Rut
New York, Jun. 28.
Closing Prices
Allied Chemicals
Allied Mills Inc. Allis Chalmers American Cable
Carp
30%
Лаби
American Cyanamide Co. Amer, & Forgn. Power Am. Mach. & F day, American Mctel American Bmelting Am. Sugar Het. American Tel American Tob. "E" Anaconda Copper 'Armoir
Tel
Baldwin-Lima-Ham. Baltimore & Ohio Bendix Aviation Corp. Bethlehem Steel
Boeing Altplano Borden (The) Co. Burroughs Add Machine
Pacific R.
Cotton futures today settled back irregularly. I.) Co.
The irst essential is to eradicate inflation once and for all. When this is done the
further advance--not gera and leave us where
the artificial milation-fed kind started before Suez, But it will
kind the genuine require more than
emergency of boom but to break the cycle of
based on greater production, measures
As always the root of the economic crists that has been
trouble Is Britain's experience since
ex-after a short-lived opening spurt lifted old crop the
government penditure. The difference is that at last the Government deliveries to new seasonal highs.
And for have faced up to it.
Profi-taking by some of last July ther major change of policy they
have
buyers, decided to cut de week's
along
with Det
Doc. Mar to suit not moderate hedge selling found Part of the difficulty has been fence expenditure that Britain hos always appeared only the changing strategic trade buyers more reserved in May
but also
of production the nation's face
curtail- to be doing best when her situra-position
ment plans announced by textilo tion is worst. That is one of the pocket. troubles with Inflation It gives Their crities will always say mills after the long pause in its victims a sense of prosper- they are risking national security, cloth buying. ity while it empties his pockets. The alternative is a slow death And it does not help when gov-by economic strangulation, ermanent spokesmen stump the country by telling us how well off we are.
-London Express Sarulce),
BLACKLAND MILLS
It is a truciem that the Bri- WILL CLOSE DOWN tish people have never enjoyed such a high standard of living
London Tin Market as they have today. Nor has this
London, Jan. 20. The tin market was steady but quiet, Spot fell to £797 and three months rosO to 2768.
Turnover was 20 tons. Spot
buyen
polizes 3-month buyers mellers
Landon, Jan, 28. Blackstand Mills, been achieved by consuming
Paisley, more of what we produce. Ex-owned by the Bradford Dyers poris last year were 10 per cent Association, will close down on |ábove the 1955 level,
Feb. 8 and it is anticipated that over 200 workers will be idle. Here it would scem is a cause The closure is due substantial for self-congratulation until one falling off in orders and com- probes deeper and discovers that pelillia from Japan, Avorld trade last year was 15 "It was impassible to com- per cant higher than in 1935. So | pele with the rates offered by despite the improvement Britale Japanese mills," an official of the Arm sald today-United Press. 200 is losing ground.
United Pres
70%
NEW YORK COFFEE FUTURES
New York, Jan. 20, Santon "D" coffee futures today oloned 20 points lower to 10 points higher with sales of 48 contracts
The shipbuilding porilion
shipyards had all the work they
Illustrates this. Last year British could cope with. Orders on hand
ainco
were the second highest- the war. But in the same year Japan pushed us out of place among the world's ship Guilders.
Benguet Cons. Inc. Secured Concession
་་་
Benguet
10,400
151,000
17,000
$48,200
1,200
90,100
2,200
90,200
1,000
22,000
July
2,100
Total
150.000
NEW YORK
5.000 1,000,000 bales
Cat. Tractor
Celanese Corp.
C. I. T. Financial Corp. Chryster Motor... Climax Molybdenum Consolidated Edison Continental Oll of Dei. Cuban Amer. Sugar Diamond Alkali Dow Chemicals ... Dupont de Nemours Eastman Kodak
E PA National Gas Erte Railroad
Family Finance Corp,
General Foodal
Prices of futures closed today General Electric The reactionary trend in as follows: securities and a long list of Spot other commodity markets ico acted to chill recent, buying | Judy interest..
March
October
December
May
Final prices ruled up 5 to off March 6 points. The market opened ly up 2 to 14 points. New Orleans closed up 2 to pff 5 points.
33.200
44.87-88
34.04
34.37
57,63
33.47
33.40
33.54
32.00
NEW ORLEANS
I
33.75.
34.77. 24.04
34.30
33.67
34.45
3343
Nearby March" held relatively Prices of futures closed today steady on a scale-down trade as follows: demand and covering before re arst notice day-Fob. 21. The May
March
213,100 bales. The certificated be March open position today was July
December stocks decline 28 to 2,050 bales, Marcis
May Atlanta trade reports noted ajay slight increase in mill demand
for spot cotton is the post work.
· LIVERPOOL
General Motors Gen. Pub. LEI. Doodrich (B. 7.) Co. Goodyese Tire Heyden Chemical Homstake Mining Co. Inland Steel Co. Interchemlest Corp.
Int'l Businer Machines Int Harvester ..... International Nickel
International Paper
Înța Tel & Tel
John-Manville Co.
Kennecott Copper
Liggett Maynze Tob, Co. Lockheed Aircraft
Loews Incorp. ******* Lone Star Cement Co. Lourile de Nashville H. Lowenstein & Bona Bombi Iron Corp. Monsanto Chemical Co. Montgomery Ward Metórola Ine
National Cash Reg. National Dalty Prod. National Lead
A fow sales" weto made for Futures closings, in penes per | National Steel Corgi,
was litla domand Old contract Mar/Apr,
New York Central
Olin MathiesoȘI Otim devatOTS Owen-lilinois Glas
there but
prompt or nearby shipment b. were as follows:
20.40-47
for forward shipment. Atlanta
MAY/JUDE
.20.35
JULY/AUG
25.00
also reporbett some improverneri!
:Oct/Nov. Dec/Jan,
25.
25.14
20.04
Preific Gas' & Flec. Pan American Airways Paramount Pictures
May/June
-July/Aug
24,70
Oct/Nov. A
Preliminary new crop reports
in mill inquiries, but actual sales New contract Mar. Apr. New York, Jan. 28,
Consolidated. The. | were. Low, has scoured a concession in the Philippine Islands covering Indicated farmers in the far west total of 201.770 atves," according are concentrated on land „pre- | Egyption Ramsk Jan/F£b. 00.00 to Judge John W. Hausermann, paralloon, Rio. ¡,
• Grandes valley Presidenk
producers will be permitted to The conccasions are in the start around xb, but because provinces of Buckidnon, Lanao of dry soil, conditions, and limit the time of the Suez operation and Cotobato on the foland of ed water supplies for irrigation, esused a very heavy drain on Mindanao.
planting is empected to be de,
We experlonce the same Équatmtion when we look at the Spot. Santos 48 held at position of sterling. Specula- centa, Futures in cents per lb.tion against the currency during were as follows:
01
¿
Marth
$7.90
May
$737
July Bept.
60.00
£7,90
(2.40
*Valled PrEM.
the gold reserves last Novem mermann said a petrolour - Inyed." bor The Government immedi- | consultant soon will leave for ately toole cergency steps, the | Mindanao to begin preliminary Mar effect of which war to dernon- oll survogn. ---United Press.
Montis
May
Votume
50,000
SAO PAULO Futures clories, in couzeiros per klib were my fabowe:
October 135,00 **Fotelikiy 'throughs Jahr unquoted!
1 Khroember
Penny J, C. Co. Penn. Salt Co. Pilip Motrin Zok. Procter, Gamble Co. Publicker, Industries Furn. Oli... Radio Corporation Shai Dil Co. Bain RegPayer Bleikir.dll
Bocon Mobilett South Puerta (Hido, Bug În die U.S. tholaverage, appt | Bouth - National (Oda | price was 33.50; centă Sales Bouthem Intiwny” (Cor Open interest totalled. 34,376)
Steep Rock (Torontoex.) 13.100
balta-Uniled standard pande. 296,900.
Press
Endurd on of th
Leaver London
Salled
10th February
5th April
Due Hongkong
2x February 32nd February 30th March Eth May
Via Southampton Colombo, Penang & Bingapore.
Homewarde
"CHUSAN”
"CANTON"
"CORFU" "OHUSAN”
Leaves Hongkong Due Londen
10th February 20th February
3rd April
12th May
21st Marchi
5th April
12th May
12th June
Via Singapore, Penang & Colombo.
FREIGHT SERVICE
"SHILLONG@loadı 30th Jan.
"BAL-MARA" duo 2nd Feb. "SALSETTE" due 13th Feb. "SUNDA" loads 11th Feb.
"SOUDAN"
due
and Mar. "SALSETTI” loads 4th Mar.
་
for Singapors, P. Bwat- terham, Havre, London Hamburg. Rotterdam. Grange-
Antwerp 矗
mouth
From U.IC.
from UK.
for Singapore, P. Swet- baniam. Havre, London,
&
Hambu
Antwerp
mouth
- from UK.
Rotterdam,
Cirange
for Singapore. P. Swet-
tenham, Penang Lon don, Hamburg, "Rotter»
› dani de Antwerp
ALL VESSELS OUTWARDI AND .KOMEWARDS WILL PROCEED BY THE CAPE OF GOOD
HOPE UNTIL FURTHER NOTICE.
BRITISH INDIA 5.N. CO., LTD.
1838 - A HUNDRED YEARS OF SERVICE — 1980 "WAROBA" dur · 8th Feb. Kalis bu Feb.
5th Feb. antis 6th Feb.
"BANGOLA dọa cách tạo.
sails 28th Feb.
"SANTHIA” due
"TRIA"
from Jacan
for Singapore Pow Rangoon, Chittagong Calcutta
from Japan
for Singapore, Penang. Kangoon de Calbutia from Calcutta, Rangoon
Biratie
for Japan
P. & 0./8, I. JOINT SERVICE
*ITAURA”
"ITOLA"
due 3rd Feb,200 from Japan salle 4th Feb,
due 5th Feb, Balls Oth Feb,
dae 22th Feb. ́sails 27th Feb.
147 Bingapore, Cochin, Bomber, Karaokal, Ban- rah & Kuwais
from Japan for Bombay, & Hasrah
Karachi
from Bombay & Karachi for Japan
EASTERN & AUSTRALIAN S.S. CO., LTD.
"NELLOBE" due 9th Feb,'
“ARAFURA” Balls Bili'Feb.
1
frém Australia
for Bandakan, Rabaul, Brisbane, Bydney, Bel- bournia de Adelaide
All vessels have liberty to call at any ports on or off the route & the route de miting ará subject to charge, or amendment with or without notice.
For full particulars apply to: MACKINNON MACKENZIE & CO. or HONG KONG LID. Telephone Nos: 27724-4.
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