THE CHINA MAIL, THURSDAY, FEBRUARY 14, 1957.
TRADE and COMMERCE SECTION
FOR HONGKONG
CANADA'S ECONOMIC PROSPECTS FOR
1957 ÅRE GOOD
BUT PRICES ARE RISING
BEYOND THE
INFLATION WARNING
Ottawa, Feb. 13.
Stocktaking at the New Year showed that Canada is making impressive economic gains, with prospects good for 1957, but prices rising beyond the "inflation warning" and showing clearly in the national accounts.
In
of this. view
was 10,500
million
estimated that the "gross | £3,500 million). national product", comprehensives
the
dollars
than
eng
of
nol
of
WORLD RUBBER MARKETS
New York, Feb. 13.
Rubber futures. today closel
39 to 00 points higher with sales
of 113 contracte,
Mor
May
July
Sept.
Nov.
Jan,
Mar.
Standard contract
to 00 points
sales reported.
Mer,
May
July
Sept.
Nov.
Jan.
Mar
31.00
30.37
30.45
30.00
29.00
23.40
closed 88
higher with no
31.03
30.77
30.45
30.00
29.00
29.40 29.40
WALL STREET
RECOVERS
OVER 2 BILLION
New York, Feb. 18. Stocks scored a 2 billion recovery today which eased just about half the losses of the first two sessions this week and generated new market confidence.
Steel shares, the non-ferrous | National Lead metals, chemicals, olla and aknal Steel Corp.
New York Contral dozens of special issues rose Din Mathieson point to well over 4 points, The Otis Elevators industrials as a group recovered in-linols Glass 7.32 points to 402.14 in their average, their best gain since last December 3,
Pacific Cia & Elec. Pan American Airways Paramount Pictures Iarke Davis Co. Penny 3. C. Co. Penn. Solt Co. Philip Morris
The highest basis reficeted the steadier ruling of London, plus light und rather high-prices shipment offerings along
with
Rails did even
better, on a evidence of £1 "nibbling" de mand from small to medium- percentage basis, climbing 2.48 Procter & Gamtale Co. on average to 141,09, with the Pillsburgh Plate Glass sized factories in the local spot
Pubilcker Industries gain their best ainoo list Decem- market. Locally, spot No. 1 Ras
Pure Oll.******* went along Radio Corporation ber 13. Uullties nominally at 31% was quoted
with a rise of 35 to 69лA.
Republic Steel Reynolds Metal Trading. lacking
rush Shell on Co.... the which put reporting, tickers be-aint Reg. Paper
Binchir Oil hind in the first hour on Tuesday, Bacary Mobile trailed by 170,000 shares but at 2,380.000 shares was considered satisfactory by most commenta-
SINGAPORE
ta the Bank (over equivalent
pursuing t England, has been polity of mild restriction, As the Canadian worker, the Index of
nil man
reducing the amount behind these sintimlies, by would be went
money and credit avaliable but about spending his pay economic netivity, found to have risen by eleven cheque, he found that the cel by increasing it at a rate much slow T than many businesses per cent in 1056, while the real | of living hit him in some now increase, in physical
would like. As 1957 got under cents a pound. volume, place. For example, the new
WHE problem the 1957 motorcar
way. rose by phout 7 per cent.
cost more
its the central difference being due to higher the previous year's models. The particularly
The market opened quietly minds: consumer pricey.. Already,
been banker: haircuts Bric
steady and remained steady There
been credit. third quarter of the year, half going up.
the day on good The quantity of Rouds of all throughout the Inereuse was tun to rising Increase in the price of
ntcoholic
almost kinds from motorcars to house- lower grade factory demands. liquors, in prices.
which is being | Futures: hold appilances every province of the Dominion.
and paid for on credit has greatly No. 1 rubber per 1b. Mar. November 1955 Between November 1950, the food index netrased, even compared with No. 2 rubber per 1. Mar, 01-1977 Fose from 113.0 to 117.9 show- the boom year of 1953. Ing that staple commodllies as
luxuries have well
[ຄ
Major Developments The "booin' of 1956, currys ing through
anto
1947. 1711146 showed L number 035
developments:
1.
There was a very ge and continuing advance In
ixed capital Investiment ex- penditure by business for plant.
an
dearer,
of
hag
has
No Easy Task
grown
No, a
B-89 Apr. 891-19-
M
0411-85 8215-8345
78-7n 90-D
NO, 1 Sput rubber unbäled Legal Difficulties
lanket grepe No. 1 pals crepe ........
LONDON
teen
make
There
tors.
General Consensus
The consensus in Wall Street was that the market had been versold. It was felt the break through the 400 downside resis tance
level in the industrial average was faced well and the market from here on will risc more easily than it will decline, although some further setbacks are no doubt in order, Some 23-21 felt it would take only one 2572-25T1 piece of murprisingly good news General market, elf basis, ports: to put it up sharply-as much 251-2012 A5 20 points in the Industrial
In an attempt to hold down instalment of the amount purchasing, the Bank of Canada The market was barely steady. holding meetings Spot No. 1 Res was quoted ut To prevent prices from rising
financial with the
concerns 2011⁄4 pence per fb, today, without at the same
Settlement house termi such
credit machinery and equipment, With too fust
stopping the in, none time
real which nine months' figures
legal hre development of available. residential construction in 1958 expansion and
<lificulties in attempting 10 Apr/Juic showed an increase of 36 per the Canadian economy Is
control this by federal action. cent over 1955--in marked
casy, task,
and it is hoped that it may be with
much The
done voluntarily China Mall Special.
contrat
allghter inefcase of 6 per cent in residential construction. Again, machinery and equip- ment rose by 33 per cent
cent against 10 per previous year.
*
was
Us
in the
There 2.
sharp D rise in Imports, and
Current
the
In
deficit ccount Canada's balance of trade was
running
1,000 (about £340,-
well rbove million
dollars
this Was ac- ODB,000), but
Increase in companied by an exports roughly as good ns that nchieved in the preceding year. Imports for nine months rose by 20 per cent while exports were up eleven per cent, Muen of the increase in imports was
fot by accounted equipment, Kuch machinery noted above,
Upward Pressure
all
capital
pressure
of
110
The Bank of Canada, which is Canada's central bank and
New York
Cotton
Futures Make Gains
New York, Feb. 13.
and
Cotton futures today opened steady gradually added to the initial gains in quiet deal- ings.
Nearby
Oct/Nov. Dec./Jan. Egyption Karnak Jan/Feb.
SAO PAULO
20.14 24,
00,00
closed Futures
today cruzeiros per kilo as follows:
38.01
2014-2015
20-2012
231-2016
Mar
July/Sept. Oct./Dec.
Feb.
Mar. Apt.
Estate crepe thin Mar.
thick
201
AMSTERDAM
20-2011
average.
unquoted Steels put on one of the
performance day's best
The market WOR quietly steady today. Prices closed in guilders per kilogram, cit Mar. P's follows
No. 1 rubber
No. 2 rubber
No 3 rubber
No. 1 crepe
2.56 huyor
2.63 buyers
2.30 miyers
2.78 not. United Press.
London Stocks Steadier
London, Feb. 13. Late interest in selected industrials
British and Governments brought
with
South Puerto Filco Sugar Southern National Gas Southern Railway Com.1
101
201x
5
307
STOCK EXCHANGE
COMPANY REPORT
Manufacturers Life Reports Record Year
A new record for service to Manufacturers Life polley- (From Our Correspondent). sat in 1956, when the Com holders and bonoflciaries was
Business done on the Hong-pany paid out £13,098,727 In 'kong Block Exchange this death claims, matured endow- morning amounted to approxi-
mately $454,000. Noon quota-ments, annuity payments and tons and the morning's transac other policy benefits includ- |ing £1,858,618 in dividends to tions:
policyholders. The total of baneflts paid since the incor- poration of the Company in 1887 now exceeds '£158,000,000.
Shares Buyers Sellers DANKS
HK Bink East Asia
INSURANCES
Uelon
BHIPPING
Wheelock
DOCKS, ETC. K. Wharf
Dock
Provideni
(0)
+
LAND, ETC.
1610
354
045 050
0.70 4.00
101 103
41 47
13.30 13.50
RK Hotel .. 18.10 15.30
Sales
20 101
102
The Company reports a new business total of £105,909,220 —a gain of £8,116,883 in new business over the previous year. Business in force now 1300 1840 totals £754,848,488.
133
13.40
300 18.30
1000 10.20
100
Assets held in trust for pay- 100 & 18.30 ment of future policy benefits now total $233,625,405 -- an 5000 à 1.40 increase_of_£20,454,545, for 1.35 1.00 31000 or 1.875 the your. Government and
1000.
2050 2.58
400 33,40
2001.45 government guaranteed bonds constituted 12% of assets, 15000 while corporation and muni- cipal bonds totalled 47%; 600 a 22.50 mortgages made up 24% of assets, preferred and com- cash and other assets amounted to 11%.
200 g 31
HK Land
Renity
011
1
1.375
RUBBER
Amalg
7835
203
Trust
UTILITIES
4014
Tram
1.68
23.20-2314
Star Ferry
143 144
Youmati
100
Steep Rock (Torontoex.) Standard Brandy Standard CHI ɔf Cal. Standard Ol of Ind.
|C, Light (0)
22,80
23
Electric
at
4016
Macao E
0.00
4391
Tel. (0)
26.30 23.40
Standard Ol of N.J.
BA
Tel. (N
24.30 24.40
Sterling Drug_Co, Stokely-Van Camp.
201
INDUSTRIALS
14
Cement
500 38.50
Studebaker-Packard Corp.
031
Rope
STORES
Terns Co.
Fata
Dairy
O
Watson
1035 15.80 15.90
11
10,80
1800 24
299 14
COTTONS
Nanyang
MISCELLANEOUS
Vibro
INVESTMENTS
BWITH & Co.
Tide Water Amn.
Twenty Century Fox Film Buton Carbide
Union Pacife Raliway
United Aircraf
U.S. Foll "B"
U.S. Gypsum
U. S. Line Co. U.S. Rubber US. Smelting US. Steel Warner Bros.
west Va. Plup & Paper Werlinghouse Elecrie
Woolworth
43%
United Press.
gaine going well over 3 points CHICAGO `GRAIN | in Lukene and Youngstown,
Metal gains ran close 10 5 points in International Nickel, selling ex-dividend.
O features included Gulf, itp 41, Amerada, Cities Service, Shell, up 2 to 3.
MARKET
HK & FE Invest
30.25 30
12.90
500 23.30
000 of 24.40 mon stocks 6%;
043 14
The net
rate of interest earned was 4.69%.
The mortality rate WAS favourable and the Company's Reserve and amount to
20000 Contingency 6.45-
now Surplus £15,851,737.
9.70
1500 18.00
Singapore Stock Market
Singapore, Feb. 14.
Batu Lintang Rubber Q.
Ltd. British Borea Petroleum
Tin Smelters
Opening
$1.82
30/Ed
31/24
Chicago, Feb. 13. Syndicate Most grain
futures Motors were closed steady to
firm on the Board of Trade today, tapering off slightly from mid-day highs.
frm with General Motors actively traded.
Corakald
Ord Fraser & Neave Lid o
Ltd. Ord... Frey & Neave 116% cum.
pret.
$4.00 Gammons (Malaya) Limited $2.00 Hongkong & Singhal Bank mx Corp. *** Hongkong Tin Lu Kampas Ltd. ...... Luna Rubber Estates Ltd. Malayan Breweries gener New Seraninit Rubber Co.,
Ltd.
Of 1,100 issues appearing on the tape, 787 were higher, only 171 lower and 182 unchanged.
Exporters said today that New York Stock Exchange Brazil is scheduled to purchase bond volume was $4,800,000, 9,325,000 bushels of US wheat American Stock Exchange in the early part of March. The volume was 780,000 shares, amount is the first in an over- Petaling Tin Ltd.
Dow Jones closing averages all purchase of more
than Role Hotel were.
bushels 07,000,000
stated for Singapore Cold Stome
South British Buurance Co. 402.14 Brazil under a recent US grant 14166 of $111,000,000 to be spent over Straits Trading
30 industrials
o tauties
20 r.
A
66 stocks
40 bonds
in steadier tone to the London stock market today after
March and May | deliveries edged to new seasonal <rop months highs, while new mnes a resumption of Monday's 3. Upward
investment kl prices was showing up in covering sections of the | denund. major
Alter national expenditure nx retivity
scoring gains up to 00 was cents a bale, the market settled This in 1957 got going. particularly noticeable in con back unler day-trader realising struction, machinery
and hedge selling to close net lower to 14 pointa equipment costs,
one point
In the US the average price Opening prices were higher. 4. Consumer expenditure *****
unchanged to up 6 points. New 14 designated spot markets was increasing of the same Orleans closed up 6 to 7 points, was 33.81 cents.
Sales totalled Personal rate as during 1955.
Part of the buying was on the 14.345 bales. expenditure rose 7 per cent and govern-expenditure 8 per cent, Prsumption the soll bank
or
SUITC
become
Max
July
UL. Dee.
may
New
greater factor market Cxactly the almost #gures as in the previous year,wise now that the interim loan is out of the way, announcement Preliminary 5. Business inventory ac-
contracts covering cumulation proceeded apace, soli bank particularly in the first half of 520,200 acres,
the
the
Ortean prices were available,United Press.
38.40
입니다. ISU
30.55
lower morning dealings.
Investment buying Jifted Courtaulds and Bowater Paper aboutya shilling. Chain stórt issues gained nine pence to a shilling.
Olis were dull unl the report that Egypt had conditionally un- agreed to let Israel shipping in the Gulf of Aqaba when British Petroleum rose more than 3 hillings and Shell Transport nearly 2.
reports showe New York Sugar
Market
have
400 con-
|
Comm, future price index Moody's index
Closing Prices
Alden Ine. Acy,
Allied Chemicals
Allied Milis Inc.
Allis Chalmers .. American Airline
American Cable & Radio Corp. American Cyanamide Co.
Amet, & Porga, Power Am. Mach. & dry. American Metel... Am. Sugar Bet American Smelting
Americaïs Dei & Tel American Toba "B" Anaconda Copper Armen Steel
Amour
89.74 a three-year period.
165.00
10.89
RAKA+ And
0.001 $2.87%
$2.40
13233
US Rubber May Move Higher
New York, Feb, 18. Rubber trade sources belleve nearby rubber will move only mildly higher if the United States east coast dock strike, which began last night, is short- lived,
Small and medium sized fac- tories may be in need of rubber but large factories probably have sumcient stocks to ide them over a short strike, the sources said,
Les-
$3.33
If the strike last more than a 1,574 fortnight, however, largo
$32.50
$20.70
$16.30
Straits Steamaliip United Engineers Ord.
$3.901 markets Wesme Bros.
$2.35 *-cumdiv; T-xer; S-cumdiy cumbonus,
China Mall Special.
off a
Grains at outside 158.57 were irregular. 410.40 Wheat closing range:
to up 1⁄2 cent. Soybeans closing range: up 19% to off 4 cents.
Prices per bushel in cents: Whoat No. 2, red
London Foreign,
Exchange
London, Feb. 13.
Closing rates were:
Brussels Copenhagen
Frankfurt
10
Spot
23331⁄2m
€73
Mai, 2310/9 (H) 23011⁄2 (L) 2311,
May
231
July
22016-
Sept.
22734
Déc
2303%
Corn, No 2, yellow
New York
Spot
130/
Montreal
1231-229
Amsterdam
511
MAY
July
130
17436
Sept.
Deo,
13184
Vienna Zurjeit
Mar.
1992
May
Qals
Mar.
MAY
BOTA
Spot
Mar.
MSY
July
Sept.
Nov.
16
Barley,
Corp.
Spot
Diamond shares were weak on the news of General Electrics discovery of Borazon, a substance year. They rose by 800 Government source's
as hard 15 diamonds.
Other Atlas Cons, Mining million dollars (nbout £270.- been hopeful that between three
New York, Feb, 13.
mining issues were quiet and Baldwin-lima-faen
Baltimore & Ohio 000,000)
months as in nine
demand in Bendix Aviation Corp. and 3.6 million acres may be against 300,000,000 dollars retired vin the programme this
World No. 4 sugar futures to steady with some
Benguet Cons. day closed 14 to 20 points higher copper and tin shares. (over £100,000,000 Jn
year.
Rubbers were Arm in trading Bethlehem Steel Boeing Airplane previous year),
Leading spot
were with sales of 1,239 contracts. houses
by reports of higher Borden The) Co. Domestle No. 6 sugar futures sparked
Burroughs Add Machine Income rose scale-up sellers in the May and 6. National
Late covering reversed the Canadian Pacille R. by eleven per cent and July deliveries, with the off closed 2 points lower to 4 points dividends.
Case (J. good offlake higher with sales of
lower trend in government Cat. Tractor ten per rings meeting a personal income by
through milis, shippers and tracts.
Posi-holiday strength in the bonds. Foreign bonds, including Celanese Corp. cent,
other trade accounts. Tho ordinary Canadian
Advances were accomplished world contract reflected a per- Germans and Japanese, were LT. Financial
Dollar Climax Molybdenum unchanged. was feeling the effects of boomi
moslly lower.-- | Colgate-Palmolive Co. economy as he looked into the in face of the continued slow sistent trade and commission idle
-Corsimercial Credit
Commonwealth Elec. year ahead. With prices rising, trade in texilles and multiplying house demand in company with stocks were
reports of mill curtallment. the higher raw basis,
Consolidated Bilson Apecially for such foods
Open March contracts today Dealers reported Japan bought
Continental Oil of Del. meat, Canada's consumer price
totalled 119.000 balen. The cera cargo or two of Cuban raws index which
had held steady tificated stock remained; at ever the holliday at 8.80 cents for almost a year, began moving 2,852 bales.
pound, fob. A West German upward very noticeably in the
Open Interest Importer reportedly purchased a mummer of 1958. By November, Mar.
parcel at 5.90 cents a pound.
Ceylou reportedly purchased
DS
Month
It stood at 120.8 compared with May
(The 110.9 the year before,
and
United Press,
Chrysler Motors
NEW YORK METAL Crown Zellerbach
FUTURES
20,000 tons of anws from Indo- today in cents por 1b, as follows: Inesia.
Cuban Amer. Sugar Diamond Alkal Dow Chemicals Dupont de Nemours Eartman Kodak
General Electris
General Motors
113
Баз
Soybeans, No. 2, yellow
New York flour
200 lb. mck
1302-135
7534
7516-74
244
24247-253
23414-16 230-231
130-14011
$13400
United Press,
WINNIPEG GRAIN PRICES
Winnipeg, Feb. 13.
Prices of grain futures closed today in cents per bushel as
Flaxseed
1004
follows:
Volume
Cate
11.200
110,000
21.200
304,000
125.000
144500
prices for 1940 form the hoals Dec. Mar. and since the for comparison index has moved from 100 to Max July means that the Total over 120. this purchasing power of the house- wife's dollar has been cut by one fifth by rising prices since 1049.)
Oct.
20.500
$43,100
Now York, Feb. 13. Prices of metal futures closed
May
EL PRO National Gas
Family Finance Corp.
July
Det.
27300
128,500
Ford Motor
Ryo
12,400
0,300
13,400 30.300
4,300
22,100
123,200
Domestic trading ruled quiet 1.035,000 baies pending further developments in Zinc
Lead
Fab
15.781
'Mor". Feb.
16.305
Omeral Foods
July
13340
NEW YORK
the dockworkers strike affecting Copper Teb. the ports from Portland, Me., to Hampton Roads, Va.
Mar.
Gan, Pub, VIN.
Oct.
1181
20.TBU
Gidden Co.
Barley
Mar.
20 800
Goodrich (F.) Co
May
Tin
Feb.
98.500 (standard)
20.00b
| Goodyear_Tyre
· Heyden · Chernionă
Juty Oct
Prices of futures closed today
→
ns follows: Spot March May
Contract No. 4, (world)
Jeb. Mor.
Floinatake Mining Co., Ingersoft-itan
35.45t
35.30
Mar.
May
54.00
October
33 20
23.03
July stept. MAT.
5.20 5.90-01 1.90-91
21.00-01
53.06
May
4.03. 4.09.
Geasonal alackness which always July occurs in the Canadian' winter, with prospects for even areater
Juty
·4.00:
Spot-cents per ib..
LIVERPOOL
Prices of futures closings, In
Open Interest: - 7,348 contracts/ Contract No.6 (domestic)
5.00 6.03.
Other Side
The other side of the medal July, was full-to-bursting employment | December
1900, allowing for the Marchi
In
May
shortages of Inbour, particularly
in skilled workers, in 1957. At
the same time, Canadian labour pence per lb. were as follows:
Income reached now peaks and
looks like rising sifil higher in the
year
ahcud. Between January and September, labour income rose by, cloven per cent to the all-time high record of
ON contract. Mar/Apr. 30.00
;: Mwy/June 23,03 July/Augi, :/ 25.03
Oct/Nov/ Deo/Jan
New Contract Mar/Apr. 20.30
May/Junem.99 July/Aug.EBUJEN
Mut
July:
Open Inter
08.750 --United Press.
LONDON METAL
PRICES
Laiton, Feb. 13.
Intand: Bteel Co. Interchemical Corp., Ink Business Machieves Inty! "Matveetarak Internationat Flakes International Paper Int'l Tel & Tel John-Manystle Co.
Kane C. Power & Ligh Kennecott Copper.
Prices of metale closed today at Mever Tob. Co.
in sterling (per long tonas
buyers selleks
(710
Lockheed Alterszi
Lone Stup Cement Co. Lowenmeina Bona,
||| Mavebi. Tron Corp,.
Marion Development BIOSTENG L. Montminto: Chenfioni SA1186 Montgomery Ward
KM 291) Blatorola, Inc. SOMEONE Nationa). Candy Best.
Nasional Barry.
May
July
Canadian wheat export: Northern "No, ́$, non-IWA. 10% edits. No. 5, non-IWA : 1447% 393%|centa.--United Press;
New York Foreign Exchange
Tew York, Web, 13,
| Closing rates wereroA &
Canada 70eRAVANANare 10LB/10 England. 30-day: fulltres ... EKONAA
-Unlled Press,
2.6914-2,084
10:37A4=1087YL
tories may also be affected.
These sources point out that the-Government stockpila coulă stop- be used as an emerency gap for any urgent needs of factories who could then place this rubber in a month of two.
This factor, could tend to restrict any sharp upward trend.
A prolonged dock strike could
tion
2.79.13/16-2.701; | well tighten up the May post- as ships would" suffer delays in unloading and thus delay May arrivals.
140,00-140,012
10.4035-10.41 11.7512-11.75
12.94-72.87 182744-18.2794 -United Press,
Exchange Rates
Business was dons in the local unoitajal #POKİLATLET market Usta mering at the following rates U.S. dollar (per $1) A Sterling notes (per £1). Australian notes (per 1) Indonesian maleh (per 100) ..
*Siam teal (per 100)
Singapore (Straita)
YOUR ALLY
.10.10
18.0
But informed frado sourcin arà not expecting a long stop- page--Chinia Mail Special.
NAMESAKES
Answers: Lords, 2 Stroka, 3 Australian, 4 Glide, 6 Crease, 0 Chinaman, 7 Football, 8-Bats-. man, Patello, 10 Wickot, 11 Googly, 12 Boundaries.
Denta Compton,
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