1957-01-30 — Page 9

THE CHINA MAIL, WEDNESDAY, JANUARY 80, 1957.

TRADE and COMMERCE SECTION

Britain And Germany Leading

Squeeze Retreat WALL STREET MAKES

BANK RATE CUT

NOW POSSIBLE

By SYDNEY S. GAMPELL

London, Jan. 29.

who were Britain and Germany, leaders in the world's march into the credit squeeze, now seem to be leading the world out of it.

can

If the present relaxing trend continue, it will be important for many countries, not least Japan, who was ahead even of Germany in the tightening phase.

Take

Germany's bunk already been cut twice.

the

forming,

clalms are

(s

many

HONGKONG.

STOCK EXCHANGE

MODEST RECOVERY

New York, Jan. 29.

A late burst of strength in steels, sparked by rumours of a dividend increase for US Steel, climaxed a modest stock market recovery.

Talk of a dividend increas Shell Oll Co. confirmed after the close when "Big Steel" directors boosted the payment from 65 to 76 cents

From Our Correspondent)'llied US Steel 1% to $03%

and helped others in the groụp. Business done on the Hong-

Bethlehem, an upside leader kong Stock Exchange this

the session, netted morning amounted

up throughout to proximately $276,000. Noon 2 points on the day, closing morning's at $1794.

transactions:

Khares

BANKS

TEX Bank

quotations and the

Buyers Belleza

Kalen

1600 1620

INSURANCES

050

CHIO

SHIPPING

Wheelock

DOCKS, ETC.

R. Whorf

1.74

5.

6.90

this would

be

Duck XB

Provident

a single week,

Is than Use Federal Resorve 10- A cul, discount rate.

Unlimi

(0)

LAND, ETC.

1 te

in Britain's is Improbable while

Norinally, new government

wage mifernble for whlic

11 bonus to the Geir since it is approaching

with United States banks who can

Federalphia from tho and borrow moderation).

cent to 15 till Reserve at three per

sub'cribe for Treasury bilis at

Плца stages (90

promising

while sterling'> revival young.

But a cut will come one of! in asured froßt, These Thursdays and meanwhile

the Yel,

New York re

JK Lun

Renity RUBBER

Анілік

UTILITIES Tram

the gift-edged market has been discount rate does not go up. It Star Ferry almost transformed from weak- ¦ it fails to do so much longer, ness to notable firmness.

the United States Treasury Fate į taglite 101. will have to come down.

Significant

Mure significant

than actual or prospective culs in Germany's

13.30

lift The siccl galos helped Industriala 2,38 points on

one average,

about crusing third the loss of the two pre- vious sessions.

the steels aud Except for other special features, however,

300 443; in generally were fractional. Turnover for the session of 1,800,000 shares was only 100,- 214

15 14 15.20 C) 10.10 000 ahend or Monday's

61, 12

18.30 1,10 BAR 19 1.375 1.434

1.00 1.52% 3000 @ 1,520 1.05

זין

month low,

Record Sales

US Hoffman machinery. Textron and General Motors topped steel in the actives, US Hoffman bec to $144 09 the company President reported 31d} bo 1178 record sales and camings for 1950 Bad blamed unfounded Tumours, rather than any finan- cial factors, for the stocks drop last week to a low of 11%.

Textron fell 2% to 10% after a dividend reduction,

23.30

142 140

104 2000 104

10 or 103 1000 23.30 23.30 23.40

1500 23.40

Conent

12 90 STORKS, ETC Dairy

10.00 10 Watcon

13.80 COTTONS Textile

Corp. Nanyama INVESTMENTS Yangtze

50 31.00 20% 2170 200 24,00 232 23.00 2000 23.00

38!

20028

14

Electric some speedy | Tet. 109 Unless there is resolution of the uncertalaties TED about business in the second INDUSTRIALS

which quarter,

Leen Ro bave and Britain's bank rates is depressing Wall Street, the re absence of a rise in the United discount rate itself

may come States

probably HOL the down-bough Week after week

until after London's, since the Treasury bill rate stands higher

spread between London's 5% per cent and New York's three per now that cent is rather wide

Is sterling confidence

CHICAGO GRAIN reviving

MARKET

The new

In

Chancellor of the Exchequer hus vigorously ex- confidence. He says pressed Britain's economy is funda- Chicago, Jan. 29.

that the new mentally strong. Grain futures prices

government will take measures fluctuated on the Board of to make it stil! stronger, that Trade today, in an active the dollar reserves, if necessary. could be increased by a further session. After

lower 50

cent

that and

the 60 per

Monetary Fund contracts International most start, steadied only to sag again and the Export-Import

have Invested in a growing nt the close.

concern and can exprel 10 repald fairly soon.

A

Continued Ilgul tatlon

d

Strength

strength

Book

be

500 10.90

London Stocks

Irregularly Higher

London, Jan. 29. Prices moved irregularly higher on the Stock Ex- change today in moderate ly active trading.

the in

cash hous seifing by tight prives down at the opening with some wheat deliveries showing losses

Sterling's uf more than à cent a bushel,

foreign exchange markets gives moisture fron Reports of southwest again influenced the

seupe for culling the bank rul. with irenti.

fairly soon

the

At the lose, soybeans showed unly gains on buying by shorts and commission houses.

Exporters today reported sales of some 800,000 bushels of corn to Austria, and said that inore than 2,000,000 bushels of US bard wheat will be offered Greece after the close tomorrow,

Wheat closed off to up cent; soybean up to 3% cents,

Wheat No. 2, red

Mar. 2379 (11) 20 (L)

Spot

May

July

Sept.

Nov,

Corn, No. 2, yellow

Mar.

May

July

Sept.

Nov.

13335

Byo

Mar.

143

May

1443,

018

Mar.

1024

May

7015

Soybeans, No. 2, yellow

Spot

Mar.

MAY

July

Bept.

Nov,

Barley,

Spot

New York Jour

200 1b.anck

234%

130-140

$13.80 "United Pre WINNIPEG GRAIN PRICES

Winnipeg, Jan. 20, Eries of grain futures closed today in pents per bushel as follow#:

The industrial leaders con- Linued to favour the upside Great Universal Stores gaining three shillings to a high only four shillings under its 12-

Govtrument certainly month peak. The wanis to cut it as soon

Oils were dull, with small possible to reduce is serious frises or falls of threepence to cost to the budget and balance sixpence, Sucz of payments and for

Tony sterling to £48%. other reasons, Anyway, the diglufinilonary effect of the wil shortage has obvlated the need for disinftation by the bank rute-China Mail Speciai.

Of a total 1,142 issues trad- ed, 519 were higher, 365 lower, 250 unchanged with 3 at new higha, 28 at new lows.

New

Saint Reg. Paper Sinclair ou 30... Bocony Mobilell South Puerto Rico Bugar

Aputhern Bellway (Com.) Steep locke (Torontoex.) Standard Branda Standard Oil of Cal Standard Olt og Ind. Standard Oil of N.J. Sterling Drug Co.

Southern National Gal

Stokely Van Camp.

Studebaker-Packard Corp. Swift & Co.

Tide Water A. O

US Steel Hits

Quarter High

New York, Jan. 29. US Steel Corp. rang up the biggest fourth quarter In its hiriory and directors today booted the ormon quarterly dividend 10 cents, to 75 cents share.

Net tapome for the throt montba ended December 31 hit

high for

any fourth quarter at $104.528,839, $1.53 ahar and

31.104,587,925 were the beat for any three month, In history.

However, the 34-day steel strike which hit the industry in July and early August prevented 1956 income from setting a new