1957-02-06 — Page 9

THE CHINA MAIL, WEDNESDAY, FEBRUARY · 6, 1957,

TRADE and COMMERCE SECTION

UK GOVERNMENT MUST MAKE UP ARREARS Possibilities New York Cotton

Dollar In European

Sterling,

Reserves

And Investment

By SYDNEY S. GAMPELL

London, Feb. 5.

The outlook is for a government firm investment, enable British enough to sterling and the dollar reserves to make up some of the huge arrears which have developed since the war.

US Predicted

Shesh

Free Trade

hore

Futures Hit Seasonal Highs

New York, Feb. 5.

HONGKONG STOCK EXCHANGE

(From Our Correspondent),

Business done on the Hong

.kang Stock Exchange this morning amounted to approxi-

HOOVER HELPS WALL STREET STOCKS DROP

New York, Feb. 5. Further easiness came into stocks early today after yesterday's dull, little changed market.

There were losses ranging over a point in the steels, aircrafts, coppers, the oils and special

mately $250,000. Noon quota- Hons and the morning's trans-issues.

Cotton futures today turned irregular after actions: Ex-

a buoyant start and lifted old crop months to new seasonal highs.

to-

London, Feb. 5. Mr Peter Thorneycroft, Chancellor of the chequer, said night, in referring to the proposed British participa- tion in a European free trade arca, that these would be great opportuni- ties

not only for manu- facturers, but

also for those who provided, in- Aurance, banking, finance and commodity market

services.

A reactionary stock market, plus continued qullness in the | textile trade with more reports of mill curtaliment, and realis- be- technical reasons, Ing on came the obstacle on a future advance,

At the close the list ruled up 4 to off 13 points. Opening prices were up 4 to 11 points. New Orleans closed off 3 to 10 points.

Lately

Loudon the Exchange, both gala

Speaking at the 35th anniver- Fragtet fog han cunght up

sary of the opening of the Lon-

from tsuco_market- us Wall Street don Metal Exchange, he said: LI Frankfurt which

have met in future play a big forged so far ahead of London In recent years.

Over the next

two or three years, up to the general election. This catching-up process should

though

with the irregularities and setbacks the

To Capture

Share continue Major Share Of Cotton

Washington, Feb. 5.

The Agriculture Depart-

are technically normal in any market, particularly in one that la so subject to politics,

Best Augury

If the

ment predicted today the success as can United States

will

mucti Lov

St

such as

process has as

reasonably re-expected. It would be the best capture the major share of augury that the outcome of the

election, when the world cotton markot general

happens, will be 1956-67 during the

enable it to go on thereafter. marketing seaton.

The now Government gives an impression of vigour dynamism and indeed

1951 to

The US share of the market slumped from 47 DET cent in 1956. 18 per cent in

than in 1955-56,

****

part in the British Commun- wealth and in this country In the development and trade of metals."

He also said: "The volume of

iernational business in London commodity markets was £400 million sterling In 1955, com- paced with £300 million sterling in 1954.

REVOLUTION

#ebind that growth thure has, in the case of metals, been sumething of an industrial res volutiosi."

Was

Mr Phalp G. Smith, Chairman of the Metal Exchange sald that

inain difficulty

the the American stock-piling.

Memwhile in Berne, the Swiss Foreign Minister, M. Max Petit- suld today the rutral Pierre,

Sweden countries-Switzerland and Austria-wanted to know

revivallan

Mr Macmillan and MEN

During the 1956-57 season US Theemayeoft are saying all the whether the European free trade cotton exports are expected to right things, rather well. They

Inuitet would be open to all be almost three times greater are doing a

few of them,

members

Organisation of the perhaps n many as time and

Economic Co- for

European current difficulties permit, down just yet, but the

The bank rate is not coming operation.

Petit-Pierre said the OEEC credit

week might next the squeeza and

repressive conference

make vital decisions about the phase of the disinflation are on

und the their way out, to be replaced

trade c

market by something more promising European Atomic Energy Both Ministers are putting the and Switzerland would Government's shirt on economic two members of the Cabinet to expansion, with

retrenchment the meeting.-Router. of defence expenditure as theit

string. If they can put as much as steam into their new jobs as into their previous ones which included housing.

The Department said

in its publication, The Cotton Situa- tion, that US exports for the will 1950-57 season probably total 6.6 million balca, or about 48 per cent of the world mar ket. This compares

with 2.2 million bales exported in the preceding season,

of cotton abroad Shipment from August through November this season were abou! 2.1 mil- Bon baies, 1,6 mlion bales more than a year earlier. They in- cluded about 23,000 bales of America-Egyptian cotton pared with 3.000 bales a year earlier and the 1935-50 total of about 20,000 bales.-United Freez

com-

Agreement Extended

months

મ

second

dismissal of the black mall economy, and the drive for the European free trade area-it will be a good enough augury.

con-

Cuts in spending on ventional, antiquated and self-defeating forma of defence are taken seriously.

No Waste

Pool

send

Convertible Debenture Issues

New York, Feb. 5. This week's corporate financing schedule will be highlighted by convertible debenture issues.

|

Technicians

Dollar Value

Declined

3 Per Cent

The

Shares

BANKS

TIX Dank

INSURANCES

Union Lombard SHIPPING Whenlock

A warning by former Presi-Loews Incorp, dent Herbert Hoover that he Lone Star Cement Co.

Anisville & Nashville it. "enn detect the signs" of a hair-Lowenstein & Sons. curling depression in the current Morabl Iran Corp. 20992inflationary trend added weight Monsanto Chemical Co.

Montgomery Ward the Ist of unfavourable

Motorola Ino. 8.20 market influences.

National Cash Reg." National Dairy Prod. National Lead

Buyers Soller

Sales

1000

943

200

37 30

·

0.70 0.73

9015

500

100

97%

HD 41%

400

13.30 131

500 g 13,40

DUCKS, ETC H. Whart Dock XB Provident

101

LAND, ETC, IK Hotel.. JIK Land

Humphreys RUDDER Analg TTUK

WIES

Tram Yaung!

ex-C. Light (0)

New York, Feb. 5.

US dollar perienced

form of "monetary leukaemina" in value de 1956 with its

cent to clining by 3 per the tune of 144 per cent capita, according to Frantz Pick, publisher of Pick's World Currency Report.

Indtil Brmness reflected a carryover

Monday's late covering move- buying and ment, with the upewing carry- ing spot March to within strik-

of the ing distance

344-cent level.

noted the mar- ket's tendency to turn quiet on the reactions, and the presence of an underlying demand from shorts, along with March further covering by mills, ship- pers and other trade accounts.

Support way coupled with the situation in the sup- tightening ply of "free" cotton, coming in

wake the

re than of the more 4,000,000 bajes

now impounded under the loan programme,

Sul bank considerations and drought conditions in some ser-

of the southwest, with the and compared it with a possibility of a

of a smaller crop next season, also helped to influence | buying interest at times.

Open March contracts today totaled 100,400 bales. The cerif- flcated stock remained at 2,926 bales.

Volume Open interest

20.000

105,400 33,100 387.100

Month

March

May July October December March May

18,800 144,200 17,300 148.200

15,100

112,000

39,000

1,000

30,500

July

Total

11,800 1,900 110,400 1,040,700 balas NEW YORK

3,400

Prices of futures closed today

us follows:

Spot

March

May

July

October

December

March

MBY

July

LIVERPOOL

In reviewing prospects for the Soviet and satellite curren-

the cles, the international monetary expert told

a meeting New York Export Managers Club that the “rouble bloc 19- propaganda only

HH

"glant on clay feet," No mulu lateral trade or payments agree- ments are in effect, he said.

Electric

Macao E. Tel. (0) Tel IN INDUSTRIALS Cement

100 y 13.80

18 15.20 2500 g 10.10

233 @ 15

48.30 14.70

1.32) 1.35 1.30 1375 14716

650 @ 1.520

1242

1.40

23.30

103 105 23 23.20

600

314 31

24.40 $4.00 23.40 23.10

30 33.76

12.90 Rope Beth L. 1.033 STORES, ETC, Dairy Watson

23.10

to

Steel losses ranged to 1%1⁄2

in points Bethlehem, 14 in Youngstown Sheet and Tube point in US Steel, the last selling ex-dividend,

Coppers, continuing to reflect lower prices for the metal, had loases extending over a point in Kasier and Kennicott.

Non-ferrous Group

International Nickel and Roy- 2356nolds Metals lost a point cach 22 # 23.30 | elsewhere in the non-feTIDU

group.

BOO 24.40 Douglas dropped over a point in the aircrafts, Continental

National Biel Cory. New York Central

Oils Elevators Owen-Illinois Glans Pacific Gas & Elco. Pan American Airways Paramount Picturva Penny J. C. Co. Philip Morris .. Procter & Gamble Co, Publicker Industrien Pure O

Radio Corporation Repubile Steel

Shell Oil Co.

Saint Reg. Puper Sinclair Oi

Hooony Mobiilt South Puerto Itleo. Sugar Bouthern National Und

| Southern Railway (Com.) Sleep Rock (Tomontora, Standard Brand oils, standard Oll of Cal,

200 (38.75 Wns down 11⁄2 in. the 100 38.78 Texus & Pacific 2 in the rails, Standard Oil of Ind.

1000 m 20.50S

in 4 points 100 30.73 American

sugars. Copper Bessemer 1200 ₫im15|ncɛrly 3, Joy Manufacturing, Texm Co.

the Standard Of of NJ.

Studebaker-Packard Corp. 10st Swift & Co.

Fansteel,

Metallurgical, FairTido Water An Od

banks Morse a point or more.

Twenty Century Fox Film Union Carbide

Dow-Jones closing averages Union Pacile Railway

13.00 15.00 13.00

100 10

COTTONS Textile

Corp.

... 4.0715

1.70

2500 a 4.04

1000 4,70

were;

Nanyang INVESTMENTS Yangtze HK & FE

B.15

€35

0.10

Invest

9.75

But, he added, the Russiana do CHICAGO GRAIN

have a suficient supply of gold to export and sell in order to maintain their system.

MARKET

Chicago, Feb..5.

30 infumtrials

20 ralis

15 utUion

65 stocks

40 bonda

Comm. future price index.

Closing Prices

Allied Chemicals

Allied Mills Inc.

Allis Chalmers ...

American Cable à Radio Corp.

Co.

American Cyanamide

A Mach 1 dry. American Metal

Grain futures declined American smelting

the Board of Trade

of units "The Currency Czechodovalla, Hungary, Poland and other East European satel- Ilte "have gone to pieces, show on flourishing black markets and today with most contracts are in dire need of reform," he making new said.

STERLING Turning to other currency units of the globe, Pick con- cluded that:

Am. Sugar Ref. American Tel & Tel American Tob. " lows for the Anaconda Copper

Armour season. Liquidation and Baldwin-Lima-Ham.

Baltimore & Ohio disappointment over ex Bendix Aviation Cory

Bethlehem Steel Boeing Airplane Ports caused the sell off.

Borders (Tia) Co, Wheat prices weakened after a Burroughs And Machine Arm

commission opening

Canadian Pacile R. Case (J.1.) Co. Cal. Tractor houso selling. News that Franco bought wheat from Argentina Celanese Corp. instead of the US caused the CIT Financial Corp. lower trend. Limited moldure Chrysler Motors over the southwest accounted for early firmNESS,

Soybeans spent most The Turkey Bra and Spanish day on the decline, with the pescata are "both sick monetary distant months making units and it would be wise for seasonal lows, Selling by com- traders to steer away from them, mission houses uncovered stop

Sterling will not be devalued in 1937, and will hold at its level with US help it

35.40%

23.06-07 34.32 33.07 33.00 33.52-53 2343 3201

The French trane has a year of practical stability in view.

Futures closings, in pence per lb, were as follows: Qid contract

20.35

Mar/Apr.

May/June

July/Aug.

Oct/Nov.

Doc./Jan.

24.14

Naw contract

Mar/Apr.

26,00

May/June

20.00

July/Aug.

24.14

Oct/Nov.

29 Ea

Doo/Jan.

20.50

Egyptian Karnak

Jan/Feb.

00.00

SAO PAULO

present Necessary.

The Indian rupee will be loss orders. under rather heavy pressure for the next 12 months,

estimated

Consolidated Edison Continental Oil of Del. Gubio Amer. Sugar Dow Chemicals

of the

Dupont de Nemours

new

Eastman Kodak

El Paso National Gas Erle Railroad

Family Finance Corp.

General Mectric

comm Foods

General Motore

Gen. Pub. UL Exporters today Teported Goodyear *see .... sales of 750,000 bushels of US Homake Mining Co.

Interi? Bisel Co. wheat to Greece. Ac

Interchemical Corp. Argentina, Brazil, Chile and hard

2,000,000 of Argan- Im Business Machines Colombia all present good to

purchased by Int'l Harvester axcellent long term prospects, tine wheat was

International Paper but face short term diiculties. France. That country is slated International Nickel

similar amount of in! Tel & Tel to buy a

wheat along with John-Manville. Co. The Ecuadorian auere faces a Argentine

Kennecott Copper devaluation.-United 750,000 bushels of Italian wheat necessary

In the US the average price | Press, of one-inch coiton at 14 de 4,379,758 | signated spot marketa:

available,

Mr Macmillan asserts that

On the calendar are live such there must be no waste and no offerings totalling $251,984,300, spending on unwanted things along with four other carporate and unsustainable commitmonts, debi issues

to amounting vested intorests $40,480,000. Rio de Janeiro, Feb. 5. regardless of The Brazilian Foreign Minis- and traditions,

There will be no preferred try and the Japanese Embassy

Some sections of the aircraft stock blocks of size and only a exchanged notes today which

industry felt it pretly keenly hudful of new common stock extended for a further three but are prepared to accept the issues,

Brazil-Jazan trade reasoning.

Mobil's Socony and payments agreement signed

Even though the modern shares ($109,278,089) offerng to in 1952.

weapons ого

wildy its stockholders accounted for expensive, appreciable retrench the bulk of last week's $230 ment

thus be expected million total for new common over a period.

stock financing. But as it is too slow to give

Thore Woro no preferred much relief to the budget for stock issues of any site. the year starting next April, Phillipe Petroleum Com- presont emphasis is on expand-pany's block leads this week's ing the economy so as to have list more resources with which mrol the demands.

Meantime, it was announced thint a delegation of Japanese menufacturers and businessmen would arrive here shortly to dis- cuss with the Foreign Ministry Japan's possible adherence to a multi-lateral trade and payments pact-Franco-Presse.

NEW YORK METAL FUTURES

New York, Feb. 5. Prices of metal futures closed today in cents per lb. as follows:

Loul Fob.

10200

Zinu

Mar. Feb

18.041

13000

Mur.

12.800

Copper Yeb.

Tin

50.30h

Mar.

30.201

Feb.

00.758

Mar.

98.820

Feb

100.74

Mor

Press

50

10

Even if the anonetary cost of defence or the welfare state remains unchanged, its share of income comes n rising national dourt-particularly, of course, it there is a foll in the value of money.

That last no longer the polley. It may not be realised how good a job has been done en dispelling the overload and overemployment which undermining the currency.

Still Full

were 1

Issues

ci

convertible debenture

This offering will be spent out for subscription by stock- holders in the ratio of $100 debentures for each 20 comman

shares Special.

held, China

not

Total sales at these markets: 25,088 bales.Unlied Press,

New York Foreign Exchange

WORLD RUBBER MARKETS

1omorrow.

3

Wheat closing range: off 2 to

cents.

Soybeans closing range: off

to 8% cents.

WINNIPEG PRICES

Winnipeg, Feb, 5.

Prices of grain futures closed today in cents per bushel as

gett Mayer Tob. S. Lockheed Aircrati

| United Aircraft

US. CypruTTA US. Line Co.

469.00 0.8. Rubber 144.20 U.S. Smelting

70.01 U.S. Sterl

нань

Wamer Bros Westinghouse Electric Woolworth

157.42 West Va. Pulp & Paper

#90

441920

87

***United Prem.

London Stock Market

Still Lower

London, Feb. 5. The stock market continued lower today with heavy selling in British Governenant bonda

Railway nationallestion tum- bled more than 7 shillings. Qia Consols

and War Loan plẹo cased.

Most of the important in- dustrials lost between pence and a shilling, Imperial Tobacco pared an early large bags down t shilling. Abomię Insges wero weak. So were chain 20% storos.

4032

507

a

Oils fonded to drift lower in p

451 very inactive market. Losses

were limited

a shilling. Suez Canal lost £%.

301

in

103

to

German bonds were strong

an otherwise illo foreign bond section, Dollar stocks were

soy alightly fregular-United Press.

As approved by the

Postmaster General, Hong Kong

AIR MAIL ENVELOPES

follows:

Outs

amelel

H

Mull

મ

30-day futures 90-day futures

Australia

New York, Feb. 5. Closing rates were:

2.07-2.09 England unemelal

279-31/31 17636 2.79-1/10

Distress sellings were well ab- 224-1/18

closed sorbed and the market 2.70 2.80-7/16 steady. Future closings were:

0100

vlocs and further heavy nearby liquidation caused the rubber market to case again sharply.

Singapore, Feb. 8. Dimppointing overseas

May

ad-

July

73%

Ort

Rye

1221

May

July

121-

12014

Barley

MAY

July

Oct.

HYAL MAIL

Singapore Stock Market

Singapore, Feb. 0. Brokers today quoted the fol- atili full, lowing stock prices:

many

Opening unemployed; but Batu Lustang Rubber Co.

Employment 29.0211 theTO Aro aboul (standard) (strali).-United vacaneles as

LONDON METAL

PRICES

London, Feb. 6.

† Prická óf metals closed today

in sterling per long tonas fol- Jowa:

Tin spot

-month

Copper spot

tino, in half

buyers wellore

7001%

700

as

the demoralising overemploy-British BorneoPotrolown ment--the great excess of Byndiente vacancies over unemployment Consulidated Ti Smelters which developed between the beginning of 1954 and to second half of 1950-has been past rapidly removed in tho year-China Mall Special.

NAMESAKES

Answers-1- Orlane, 3 French,

3 Paris, 4 Maring, 6 Revolution,

$1.37

لتعاة

New Zealand South Africa Felgium Switzerland India Pakistan

2332 No. 1 rubber, per lb. Feb, 04-861 Flaxseed

2101

2103

United Press.

**

Mar. 2014-00 No. 3 rubber per ib, Feb. 84-8454 No. 3

811 No. 4

79-80 001-8055 Spot rubber unbaled .....

70-77 filanket crepe

95-07 No. 1 pale crepa ..........

July

London Foreign Exchange

Closing rates were;

Ord,

ing Corp.

Hongkong Tin Lad.

$130 Fraser & Neuve Lid Oul. ... $3.3 #rator Neqve 71% cum.

pref

$4 Gantmona (Malaya) Limited $2.10 Mongkong & Bhanghạt Bank-

64

New York Montreal

Copenhagen Frankkuri Lisbon Paris Stockholm

Kompas Ltd.

$2.07

Lunas Rubber – kadatos. Malayan Breweries... Now Serandah Rubber Co.

144

Paling Tin LA. Hames Hotel

Bingapore Gold Borage Vin South Delilah fomarance Co.

Ltd.

0. Prison, 7 Aristocrat, & Guillo- Uno, Royonge, 10. Exécute, 11 Orden, 12 Maret 12 Murder, 14 Straits Trading

Lot Arenssin, 18 Nobility,

Charlotto Corday (who killed Vie Francia revolutionary, Marat).

$1.00

$25.50

London, Feb. 5.

2.79-185/25-820 2.68-3/16+2.0541) 140.00-140.0736 31.2232-10.30) 11.70€ +11.59%

00.00-20.18

1.50 1.50%

LONDON

The market was

very steady

Cagrețian whool expari:

Nether

No. 3, non-IWA

100% cente

No. 5. non-IWA ............. Í4444 cents

United Press.

with spot quoted at 25-15/16 New York Sugar

pence per ib. Prices.

No. 1 Res pot

Settlement house term:

March

April/Jube...

July/Auguut

gotober/December

General marketą, cić' basis, ports!

Tubruary po

March...

United' Press,,

Ediale crepe Miss

Carob

blok Web.

Exchange Rates

Market

2976-20

25-11-20

New York, Fab. 5. Contract No. 4 (worldy

25}{-25}%

March

May

July

September

March

15.47 BAT-40 8.40 1143-49 4.33

May

July

on sale at

Tolol sales: 1.700 bl Spob-(ten Čal

Chibr

AMSTERDAM

The market was stoady. Open interert: 5/773 contr Prior clonta today in glidersContract No. 8 (do per kilogram, cifre Feb. us March follow:

Business was done is the local srioffkal – snchange

morning at the following · entente.

Un dollar, (pep $1) Jordierite

No.

Strails Riedfikhip United ginen Ord Wearne - Bros.

Shit Eipools

Akumalah nolent par. 21).

No.

$0.70

Indoňakan rupiah (per 100):

Bimes teal (pez-180)/

No. rubber No.

| Singapore - (DURILA)

1.80

MAY Juls! November

2,47 neid. Total salon: 1259 contracts,

2,40 nom,

ex-dhity} **

·1.70. 2.16 nom." Opwn interest: 1039 contrast,

„United "Prentji

South China Morning Post Ltd.

Job Printing, Department

20002

Telu