1957-02-13 — Page 9

THE CHINA MAIL, WEDNESDAY, FEBRUARY 18, 1957.

TRADE and COMMERCE SECTION

Previous Bank Rate Costly HONGKONG

For Budget

TREASURY SAVES MONEY

ON BORROWINGS

By SYDNEY S, GAMPELL

London, Feb. 12.

The bank rate was cut from 51⁄2 per cent to 5 per cent on February 7 because the previous rate had become ineffective, self-defeating and unnecessarily costly for the budget and balance of payments.

| MONTREAL FAIR WALL

Hongkong To Be Represented

the fourth

Montreal, Feb. 12. Canada, largest trading nation in the world, will again play host to the world's buyers and sellers, at her own international trade fair in 1957.

The occasion will be the first Montreal International Trade

Fair, to be held at the Palais du

Comineree building in Canada's

metropolis, May 20 to 20.

STREET DECLINES ONCE AGAIN

STOCK EXCHANGE

Paro

New York Cotton Futures

Recover Balance

New York, Feb. 12. (From Our Correspondent) posted gains up to $1 a bale, erasing about one- Cotton futures, regaining their balance today, Business done on the Hong-third of loss suffered on Monday when prices to- kong Slock Exchange morning amounted to approxi-bogganed in the wake of the Government's deci- mately $690,000. Noon quota sion to lower the 1957 price support base. Lions and the morning's frans- Retions:

New York, Feb. 12. Stocks declined again in selective fashion to- Utilities, recent day and with reduced volume, strong spots, paced the decline on losses ranging BANK to 4 points in Peoples Gas.

Vllltles toxt .86 Ini their average of 1.22 per cent. Indus- trials were down 2.62 points to 57 per cent and rails lost only

05 point or 03 per cent.

new

Trading lightened to 2,550,000 shares from 2,740,000 starts in The previous stasion-a session This fair, though similar in that registered its widest decilne most respects to the Canadian since last Oct. 10, 1935. the cul

Cana- the Treasury without prejudicing the foreign

Government - sponsored

Industrials closed at " dan International Trade Fairs low since Oct 10, Home Inercy

its exchanges. borrowings and the country

I that make it

held in Toronto from 1948 to rails sace Jan. 18, 1958, easter

1955, will be sponsored entirely ties fell back to their saves sonte interest on the ster maintain fairly tight monetary univa e enterprise

ត 11 ling balance.

conditions and pressure an bunk | 24 privAN

is of Jan 21. the over quidity and to groom the gilt-beg promoted all

The Industrial shares ranged Canadian Gov-DUCT world through odged market for the Treasury's!

6.80 points betwe: summer and outuma maturities. ernment trade fees, Chambers their

high andi low.

By saver

(1)

The cul was responsibly gorded as a technical improve ment in monetary control. Next as any symbol that the coun- try could yet afford any major relaxation in economie polley,

Even in the technical sphere, It followed the recent fall in

the short money market ruther than giving any new leud.

Several Directions

Inflationary

pressure

Restoring Mechanism

The Treasury bill rate should tend to stabilise at no more than

per cent, Continuance

4

of a paralysed 54 per cent bank rate would have prejudiced the whole policy of restoring the

market mechanism,

Mall Spectat

China

has

cused in several directions. In

the past two months

sterling

has notably strengthened from Rs floor to almost its full par value, The oil shortage bas taken over some of the 19. InBatlenary work of the Bank Rate.

In the long run the defence reform and rents reform could bring major rellet. But They would not bring much relief in the short term.

Meanwhile, ng

the

general

condition is ill regarded as

threaten

л

China Helping Cambodian Industries

Calcutta Feb. 12.

Prince

new nouk,

Norodom Siha- overstrain, premature relaxa-

would tion

of Cambodia, ar- Inflationary crisis, which the rived here by air today authorities are determined

to from Pnompenh avold.

way to

on

his

Ceylon to attend Ap 9:0 many of sterling's this month's Buddha reserves have already been Jayanti celebrations. mobilised the authorities regard

it as all the more important to Prince Norodom told reporters avold any risk. This attitude that China

נה 1958

U1111-

levels

Paramount Pictures Parke Davis Co. Danno J. Bị cá Penn, Salt Co. Philp Morris Procter & Gamble Co. Publicker Industries Pittsburgh Plate Glam Pure Oil****** Radio Corporation Republic Steel Iteynolds Metal Shell Oil Co. Saint Reg. Paper Binclair O

Socuny Mobiloll South Puerto Rico Bugar Southern National Gas Bouthom Railway (Com) Strep Rock (TorontocX.} Standard Brands

SIR LAND. ETC. 72K Holed

2816 | HK Lang ..

Henlly

471 RUBBER

37% Amaig.

38 Trust

(24% UTILITIES

13.20 130 2500

61

Closing on a note of strength,, May the list finished up 21 Nalis

to 28 July points. Opening prices ruled unchanged to up points. New Orleans closed up 22 to 25 points.

Technicians thought the

market "looked

1. Possibilities the final loan

LIVERPOOL

**2.03

23.07-54

Future closings, in pence per

rate might be higher after com- Ib, were as follows: plex studies of the supply outlook old contract

Shares

Buyers Rellera

East Asia INSURANCES

1000 234

201605

NEW ORLEANS Prices of futures closed today na follows:

30% Union

1121

Spot

34.00

€214 231%

oversold" in

Mar.

30.20

SIUPPING

MAY

35.31-33

#7 Wherlock

4292

4.70

0.00

000 or 480 7100073

face of a replacement

demand,

July

plus speculative

covering and

Oct.

DOCKS, ETC.

an underlying trade demand.

Dec.

Mar.

714

K. Wharf Dock

101

104

May

40

Provident

13.30 13.40

Buyer confidence was restored somewhat by three considera-

July

titis:

14.20

62 1800

15,000

7

1.40

159 1.673

1000 4 Lea

1383 or 1.32

Dfc

completed; 2, Possibilities the mid-July partly rate,

23.20 23.40

100 . 23.40

which the final

3915

142 144

Standard Oil of 26.

Standard Oll of Cal.

4315 Yaumatt

104

too

0215

C. Lik

22,00

23

They

Standard Ol of NJ

5316

Stering Drug Co.

250%

3000 14 22,00

Sickely-Van_Camp,

181

Electric

..

a) 31%

Studebaker-Packard Corp. Swift & Co.

02

Telephone

30%

(0)

Texas Co.

0314

Tide Water Asm. 011

(N)

Twenty Century Fox Film

124%

INDUSTRIALS

Union Carbide

1004

Cement

Union Pacific Railway

27%

liupe

ZZAL

STORES, ETC.

U.S. Foll

Dairy

3571

. 15.00 13.00

1000

15,00

VS. Gypeum

524

B00

15.9G

AL

#

whole be-

UB. Line Co.

319%

Watson

13.00 14.10 1000

The experts

U.S. Rubber

4012

100

13.40 13.00

U.S. Smelting

5312

COTTONS

58

Textile

4.70

23-12

Nottyang

022

4119

43

Les Commvees, various foreign closed up 1.70 points from the

governments, and olter sources. day's worst levels.

GOOD RESPONSE

The general manager of the Montrent Internationni Trude Fair. Karel Stopka, reports to Uw Chino Mad that the

response from all parts of the world to date

has been outstanding Already,

VA are assured Wiley.read

representation M the Fair by private governments. from

اد

at

or

Hongkong, Germany, Japan,

the Egypt. Poland, unst, Britain,

the India Canada,

Nands,

Indonesia, Great United States,

while

FIZIK other countries, applications for space and en- quiries are pouring in from mally parts

The world, pecially Latin Amerien, Asia and Africa," said Mr Stopka.

of

Ralfrond issues held higher through most of the day. They clut slightly lower.

New Low Ground

έσιν

The murket haved better thon had anticipated. Since it closed will wide losses ja now ground for more than 13 months, many had anticipated another series of decines.

Many issues managed to gain on the day. Total of 1,155 issues appeared on the tape. Of these 052 declined, 259 advanced and 244 held unchanged.

A

There were no new highs. total of 134 new lows was set. It

was the first time since Aug.

21 last when there were no new highs set,

The market still is considered to be in a weakened technical Some of the experis

US AID FOR look for a further decine to the

CEYLON

Colombo, Feb. 12.

440 level although

encouraged

session.

with

they were

Today's

NY Stock volume was $4,560,000.

The US and Ceylon govern-volume was 780,000 shares. ments signed four Agreements

Untied

UB. Steel... Warner Bros. Westinghouse Electrte West Pulp & Paper Woolworth

10 Tram

-United Prem

WALL STREET

UPSETS LONDON

Star Ferry

5034 105

on loan base wili 3. Pos- thai the low interim producers nereage to

rest, might be higher;

sibilities 29

*Z » BAZ

3000 v 22.03

- 29.30 – 251⁄2 1000 en zako 1700 * 20,40 24.30 24.50 1500 my 24.30

100 ne 3030

391% 38% 1230

6.33 8.43 4500 40

loan may encourage to pledge a greater the soil bank programme.

Washington

reports

Bold

State representatives might try to push through an alternative plan aimed at increasing soll bank subsidies to farmers by as much as $800,000,000.

first

Covering opеrclions continued in nearby March before notice day--February 21. Open March contracts today totalled 127,600 bales, The certificated stock remained at 2,853 bales.

CHICAGO GRAIN Month

MARKET

Chicago, Feb. 12.

Mar.

Grain futures rallied an Toisi the Board of Trade today. Wheat, rye and soybeans finished firm to strong.

Volume

Mar/Apr.

May/June

July/Aug.

Oct/Nov.

Dec/Jan.

New contract

Mar./Apt.

May/June

July/Aug.

Oct/Nov.

Dec./Jm,

24.44-45

20 30 20.00

25 15

Egyptian Harnak Jan/Feb. 00.00

SAO PAULO

Future closings, in cruzaros per kilo were as follow

May

March

July

October

December

39.00

36.80

In the US the average spot price of one-inch cotton at 14 durignaled spot-markets was not Open interest available.

197,000

381,300

13

Total sales al these markets: 23,099′′ bales--United

29,600

May

33,300

July

10,400 146,700

Ori.

50.100

146,100

Dec.

31.000

120,700

Press

Mar.

10,000

46,500

MSN

0.000

34,100

July

5700

220,900

121,900

1,024,000 bales

NEW YORK

Prices of futures closed today

as follows:

Spot

39.55

Mar.

011

May

25.19

July

34.70

Oct.

33.21

8 Lean 9. Diet.

Dec.

33.03

Mar.

33.04

Jack Sprat.

London, Feb. 12.

Wheat moved sharply higher shortly after

the opening Reverberations.from the news of dry and windy weather sharp over-night fall on conditions returning to the win- Exchange bond Wall Street, disappointing ter wheat belt.

Buying was American Stock Exchange January trade figures and also prompted by the relatively the Middle East impasse the Department of Agriculture. small crop figures projected by

Soybeans made the best gring under

commission local and house buying. The bean market 0:39 Late dealings were adversely was influenced by firmness in 11 affected by the new issue of 300 soybean oil along with rallies 153.00 million government loan with in grains, stocks, and encourag 415.70 longer-dated government bondsing news from the longshore-

men's conference.

here today pledging $2,301,500 Dow-Jones closing averages sent stocka lower today

of United States ald as part of were; the

7 million economic was helping Cam-

and policy may well help ster-bodia to establish piper, cement Hing and the reserves,

A high and plywood factories and bank rate has ceased to serve the purpose (if it ever had one)

of attracting money to London.

By Its effect on

mortgage rates and bank overdraft rätes, the lower Bank Rate might restrain rather than aggravate wage demands.

Led World

cotton textile mills.

Chinese help wor necessary developing Cambodia's in- for dustries, he added,

He said the Chinese Prime Minister, Mr Chou En-Ini, dur- ing his recent visit 10 Сати bodia advised Chinese residents there to abide by the laws of the comtry.

social aid programme authorised by the US.

and

30 industriais

20

rails

13 utilities

115 steeks

40 bonds

Comm. future price Index

Today's

agreements provide $901,000 for highway develop Moody's Index ment, $936,000 for irrigation and land development, $274,500 for physical resources surveys and $180,000 for Industrial development and productivity.

mineral

exploration,

The remaining agreements to be signed cover assistance for American Airline universities, agricultural re-American Cable & Radio Carp search,

Ainerian Cyanamide' Co. Auer. Forgn. Power Am. Mach. & Fury American Metal... American Smelting Am. Suger Hot, .... American Tel. & Tel.

With the Bank of England's Prince Norodom added that health services and civil avia- international importance, the Bank Rale cut has significance he found Mr Chuu "very sinceretion.-United Press, for world raics.

short-term

money

Germany and Britain, which led the world to dearer monty, have now given a lead away from it. Germany's bank rate, cent which also was 6 per last summer, has since been cut to 4 per cent in two stages.

The rise in the United States

and helpful to us,"

RIGID CODE

According to the Prince, Ma Chou followed "rigidly" the five- point

Co- cade of peaceful existence.

Answering further questions, the Prince emphatically denied the existence of any American

base

In Cambodia.

bank rate, which was predicted He added: "We are a neutral

in several recent weeks, has not occurred and now seems likely.

and country we have made t un- perfectly clear

that any

aid alven-whatever its nature and Britain's monetary control whoever glves it should be now concentrates on reducing without strings.” the liquidity of the banks by funding the Treasury's excessive short-term debt, Lower rates for short-term money held this pro-

On relations with neighbour ing Thailand, the Prince sald; WC maintain perfectly cordial relations with Thailand parti cess by giving people on incen-cularly in the economic field."

the to go long. Recently,

On domestic authorities have done some Prince said he visualised massive funding by selling long possibility of becoming Prime term bonds on an absorptive Minister again.-Reuter, market.

Thus, the lower Bank

Kate

issues,

Singapore

Stock Market

Singapore, Feb. 13. Brokers today quoted following stock prices:

Batu Lintang Tubber Co.

Lad

British Borneo Petroleumn

Syndlente Consolidated Tin Smelters

44 02 130 23

po 12

with losses ranging to 7 shillings.

urkler

ما

Troubles in Wall Street and

Wheat closing range up 1% to cents. Soybeans closing range

Wheat, No. 2, red

Spot

Mar. 232),(31) 2305(1) 2011

Closing Prices

declining shillings,

fractionally

7

Alden Inc. Aey.

101

Allied Chemicals

86

Allied Mills Inc. Allis Chalmers

the new funding Interest in 1020 issties comes from Insurance

pension companies, funds and other institutional investors.

1

up 2% to 3 cents,

181

07

front

Industrials declined on a broad

end-of-account

паму

Juty

32

15%

realising and other selling..

Sepi.

rec.

2430

56

118

the recent drop in metal prices continued to

Corn, No. 2, yellow

Spot

120-150

unsettle metal

Bing

174

shares.

Dlay

723%

Coppers were notably weak

JY

Dept.

619%

with Rio Tinto, Seloction Trust

Doc.

13

and Rhokana reflecting a sharp picicup in seiling.

Ryc

Mar.

[

Dollars closed lower.--United

May

Dals

591 Press.

Mar

13

Alay

WORLD

Spot

Mr.

May

Dept.

NOY.

Bpot

American Tob. ""

Anaconda Copper

Armco Steel

Armour.

Allas Cona. Mining

Baldwin-Liena-1am.

Baltimore & Ohio

Bendix Aviation Corp.

Benguet Duna,

Bethlehem Steel

Boeing Airplane

Burroughs Add Machine Canadian Phelfie R,

Co.

Case (J.

Cat. Tractor

Borden (The) Co.

the

Opening

$1.82

517-

Ord.

31/3d Fraser & Neave Lid, Ord. $2.25 Fraser & Neave Ltd, 735%

eum. pref.

$4,00

Gammons (Malaya) Limited 12.08

Shanghal

$3,40

Celanese

C. I. T. Corp. Chrysler Motors ..... Climax Molybdenum

Cvigate-Palmolive Co. Commerce Credit Consolidated Edison Continental Oil of Del. Crown Zelterbach Cuban Amer. Sugar Diamond Alkali Dow Chemicada Dupont de Nemour Etman Kodak ........... El Paso National Gas Family Finance Corp. Ford Motor

General Electrio

General Foods

|Hongkong &

The

no

New Serandah Rubber Cu.

Lid

Banking Comp. Hongkong Tin Ltd.

N/Bd Kempas Lid.

$1.33 Laima Rubber Estates Lid. 089 xer Malayan Breweries................

$3.675

Raffles Hote!

$2.35

Singapore Cold Storage

$1.875%

Gen. Pub, VUL

South Bridah Insuretics Co.

Ltd.

$31.50

Straits Trading

$20.70

Siraite Steamship

$16.30

United Engineers Ord.")

has already been largely dds London Foreign

counted.

Without Sucz?

rate cut

as "better

Official quarters described the bank monetary control and cheaper."

Without the Suez crisis iho

Exchange

London, Feb. 12. Closing rates were! New York

2,30-13/10-2,78% Montroal

2.0814-2.089%

cut might have come last Octo. Copenhagen

ber or November.

Now the foreign

exchange

Frankfurt Mijan Par

Bri-

Vienna

crisis appears to be over.

tain may not need to draw any of the $500 million credit from

the Export-Import Bank.

She stands to receive sub- stantial foreign exchange from Germany by "defence ald" and anticipatory repayment of post- war debt.

There are also other prospects of replenJhment of the reserves. Thus, the ball per cent out from the near-crisis bank exte Bf.6% per cent is regarded as technically advantageous

1940-1941 11.7892-11.75% 170012-130115 3107-11821 73.00-22.20

-United Presa

CHICAGO LARD

FUTURES

Fetaling. Tin Lid.

Wearne Bros.

cumdiv: 1

China Mat Special.)

$0.03 1

eumbonum, ***

LONDON METAL

PRICES

London, Feb. 17. Prices of metals, closed today In wirling per long ton follows:

Chicago, Feb. 12. today in cents per lb. as follows: Copperpot

Prices of lard, futures closed / 2in

joot

March May F Beptember October

16.03 1422-00 14.77-75

mont)

Lead Lead

Zing

14.30

Zine t

United Pres.

14.00

General Motors

Glidden Co.

Goodrich (B. P.) Co. Goodyear Tire Heyden Chemical Ilomstake Mining Co. Ingersoll-Rand

Inland Steel Co.

Interchemical Corp.

In Businew Machines

Int'l Harvester

International Nickal

International Paper

Int'l Tel Tel John-Manville Co. Kanous C. Power & Light Kennesatt Copper..... Liggoti Meysin Tob. Co. Lockheed Aircraft Lone Star Cement Co, Lowenstein & Bo Mesabi Iron Corp. Mineola

MORNIG Camical Co. Montgomery. Ward Motorola Ing.

buyers sellers National Cash Tieg, “A“

National Dairy Prod.

750

National Lead

244

Kallonal Steel/Corp.

#43

1140 Mathieson

New York Central

Otin Elevator

De Owen-Illinois Glas

Pacio, Gas & Lico,

Pan American Airwa

96%

RUBBER

MARKETS

Soybeans, No. 2, yellow

موالي

Barley

New York flour

200 ib. sack

24 24114-242

2439%-16

433-32

130-140

$13.4011 --United Preas

Singapore, Feb. 12, The rubber market

GRAIN ruled WINNIPEG quiet end featureless throughcut the day with only minor fluctuations. Futures:

No. 1 rubber

**March

April

per lbs.

No. 2 rubber per lb. Mar.

No. 3 rubber per 1b. Mar. No. 4 rubber per Ib. Mar. Spot rubber unbalod

Blanket rep#

No. 1 pale crepe...

9/90

PRICES

Winnipeg, Feb. 12. Prices of grain "utures closed today in cents per bushel us follows;

ate

May

July

Oct.

7470

May

July

DOL

LONDON

Barloy

The market vas with

very quiet spot quoted at 20-1/10 pence per ib. Prices;

May

July Oct.

Flaxseed

Settlement house term: March

Ape/June

July/Sept.

Oct/Dec.

* General 'markets, cit” basin,

February

March

April

Elate crepe thin March Tatale crepe thick March

AMSTERDAM

The market was very quiet,,

Prices closed today in guilders

May

July

Oct,

10154

101%

201

283

202

Canadian whent export: Northern No, 3, non-IWA 100% cohta. No 8, non-IWA, 144 cents-United Press.

Exchange Rates

per kilogram, elf Mar. as fol-unemini fows

[Na."1 rubber

No. #runder.

Bubulniere, was 7 dona, in the jocal

exfunge

market this „ĮDowning at the following raja

1,5. dollar - (per 81)

250' krizyers "Austrálian noleu) (ver) £3) 245 BUYNH || Indonesian rupiah (per, 100) 216 buyers

mları / tidal)(per 100)

· Binapaporw › flirnika)

NOW!

NAMESAKES

Answers:-1

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Meat, 3 Culinary, 4 Breakfast, 5 Digestible, Platter, 7 Supper,

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