1957-02-19 — Page 9

THE CHINA MAIL, TUESDAY, FEBRUARY 19, 1957.

Page

Interest Rate Rise Rejected

Washington, Ech. 18, The Jlouse Veierans Affairs Committee today

Elken- mjected President hower's request to raise interest rate from the pre- sent 43% per cent to 5 per coal.

naked

bad

Eisenhower for the increase to en- courage mortgage lenders to take a greater part in the farring GI home loan programme.

The

Committer, in re- fecting the request, in- sisted that veterans get home loans at 14 per cent

than other Lese

Hovern- mont-lasured home mort- The Interest rates Kages on loaps guaranteed the Federal Housing Ad- ministration

was boosted

by

from 4 to 5 per cent late lani year-United Pres.

WORLD

RUBBER

MARKETS

The rubber

Singapore, Feb. 18.

market openter lower on disappointing versens

and advices

It eased further during the day on Federation Druidation.

TRADE

and

COMMERCE SECTION

FREE TRADE AREA MAY BE WALL STREET

READY BY AUTUMN

From RONALD BOXALL

London, Feb. 18.

OPERATORS

Transferable HONGKONG TURN SELECTIVE

Lira Introduced

Rome, Feb. 18. The institution of

transferable If freely

B

over

STOCK EXCHANGE

lira (From Our Correspondent) Business done on the Hong the konz Stock Exchange

| morning amounted to approxi- mately $720,000. Noon quota- tions and the morning's transac-

aron was announced weekend by Italian Foreign Trade Ministry.

The move towards free trade gathered considerable momentum last week. the "deadlines" laid down by the OEEC | the Council of Ministers are met the proposed customs union of six nations will be set up by the end of the summer and the free trade area associated with it will be operation a few months later.

sur-

For all countries with which

payment for goods and services does not take place in free cur- inrencies artungements have been

tions:

Sharea

DANKS

HK ..

this

Buyers Bellera Males

That Ada INSURANCES

Union

Lombard

made hellitaling payments in currencies which belong to the system of multilateral arbitrage (sterling. West German marks, ete) and in multilateral lire.

These lire ore convertible freely in monetary areas direct-

indirectly associated DOCKS, ETC. the European with

Payments WHITE Union.

Dock

preserve the advantages that the Commonwealth countries enjoy In the British market under imperial preference ar- rangements.

Most other Euro-y and

pean countrieultially those

เก

oppose

"group"

This is hurrying things along more brisky than the proponents had dared hupe. I was prising that none of the OBEC countries who пре Jukewarm about the project-those who are largo

exporters of agricul- tural products and those whose

The statement says the new economies are less

provides highly that free trade in agricul-rangement

for a developed

average did

multilateral system of payments Chan

in place of bilateral agreements As these at present in force. bilatera agreements expiré multateral agreements, they may be substituted

で

The

take Advantage OFFC's rule of unanimity $1 delay the commencement of de- tailed negotiations.

of

These will now begin at oner. with Separate working parties study the general problemis setting up the free trade urea position of agriculture and status within the area of the

this view

while recognis

thai.

tural products is probably im- practicable. They insist some form of regulated market for these products should oper- ale parallel with the industrial free market.

| Opinion in Britain is split on this question. Qu one hand there are those who fear that European free trade will damage Commonwealth trade relations

dangerous European

There was a Inir interest for less developed countries, Me expose home agriculture to lower sheets and some Austra-Peter Thurneycroft, the British nan buying.

Futures closings were:

No rubber per ju Mar. Bo'y-Bar,

No. 2 rubber per lb Mor

No. 3

**

No. 4

Spot rubber ombated

Blanket rrept

No. 1 pate prepe

Apr

B44-84'4

316-03 THIS-BO!

ST-Ara

70-77 94-95

LONDON

The market Wis very quiet with spot quoted at 25-11/16 rence per . Prices:

Chancellor of the Exchequer,

will act as political co-ordinator of these groups, receive then reports and submit a draft convention 10 the Council 101 time for it to take further de cisions before the end of July.

Firmly in Favour

חו

វ

Brea

These moves come last than a week after the British Gov- orniment had declared itself Armly in favour of European free trade, Its White Paper

subject envisaged the

free trade

In which import quotas would be abolished "well within the tran- sitional period contemplated for and the reduction of arts"

clauses kept escape minimum.

No. 1 Rea pot 20%-25% Industrial

251-233,

Settleinent une term:

March

Apr/June

July/Sept.

Oct./Dec.

23-201 General markets, elf baris, ports:

251-251

unqualed

Feb/Mor, and API

Estale crepe Marels

Thick

..... 201

AMSTERDAM

The market was dull, closed today

Prices

in guilders per klo, clf March as follows:

No. 1 rubber

Nu, 2 rubber

No. 3 rubber

No. 1 repu

2.30 nom

2.40 nom. 2.44. 2,70 norm.

New York rubber prices were unavailable.-United Press.

10

ค

But it remained adamami that

Con

competi-

Goes Even Further

On the other hand there is

sertion of pinion

The

Economist,

In

SUBSTITUTION

by

this way,

the clearing system will be substituted by the method of multilateral pay- ments.

sama

The statement said that n result of this decision the ra becomes an international mont- medium with Lary and trade the

features

those 13 European currencies more wide- aly used in international trade.

The measure will open up to the

Itailan banking systom

possibilities for colla greater borating with

In other counts and traders

SHIPPING

Wheelook

1630

New York, Feb. 18.

MALAYAN MISSION TO BURMA

Singapore, Feb. 18. Thirty three Malayam businessmen will form a trade mission to Burma, next month, the Singapore-

Irregularity came into stocks as traders turn-Burma Trade Association

ed highly selective after the swift, sharp recovery from the 16-month lows set carly last week.

mere

Goodrich (13. F.) Co. Que on

Heyden Newport Corp. Homsinke Mining Co. Ingersoll-Rand

Inland Sicel, Co. Tolerchemical Corp. International Paper

Kansas C. Power & Light Liggott Meyers Tob. Co. Lowenstein & Bora Mesabi Iron Carp. Medonneil Argrafi Minnesota Mining Mio Development

The general list was narrow- ly irregular and dull. A few fentures rose sharply and a few others had declines ranging to 2 points or more.

Trading fell off to a 1,000,000 abarcs smallest since John-Manville Co February 4-from 2,060,300 on Friday. There was nothing in the news to sway the market. Aluminium Ltd. made a swift comeback from a wide decline, 40 A 1025 closing off only a point, Ken- necott was off from its high but well above the day's low with its Anal gain of 260 0.13 Anaconda, selling ex-rights, lost

2 0.50 over

points. Inspiration Copper and Miami Copper were off over one each.

10 3030

20 38

$42

Pčo

200

4,00 6.00

*350*1

100 100 Prov (0) 1330 231 LAND, ETC.

C Hotel HK Land

10.40 15.00

Realty RUBBER Amals. XD. Teux UTILITIES

TTIKT

Yaumat!

C Light

0434 700 6415

point,

Chrysler Featured

Chrysler featured the upside coor with a late rise of a point. Ford 1440 1420:10,000 * 1.48%

rose a fraction while General Motors dipped a bit.

· Long

135 3000 to 150

1007 1.00 2320 23.40 3500 340

106 107 23.10 23,20 174

23.10

350023-1

23.20

B00 3123

300

Electric

31 31

30 31.25

Macao E Telephone,

9,70

(0) 20.70 25.00

500 31.25

1000 25.00

1400 mp 23.00

500 4 25,80

1000 25.00

500 g 25.70

(N) 24.00

24

600 @ 20

Cement

поре

12.00 STORES, ETC.

Dairy

3715

..... 15.00

10

DC

14.10 1440

Watson Lano, Crew 28:30 COTTONS

Nanyang

which goes even further than the Govern- ment and believes that Britain should not only Join the [ree trade area, but drop its objec-

It means that foreign opera- tion to inclusion of agriculture. tory who have at their disposal Textiles

one of the Italian lire will be able to pay chief proponents of free trade, is for services in various markets of the opinion that government with Italian lire instead of In Insistence of tying its decision other

countries belonging to about agriculture to reci to tho multilateral arbitrage maintain imperial preference is

system. "red herring." The real rea- In other words the lira is con, it believes, is that the freely convertible into curren- Government

on wants to go

cles of any other country protecting home agriculture

to any

market belonging to the avald losing votes.

European Payments Union. - China Mail Special.

ຕ

The Economist's view is that

agriculture should be excluded the two categories of trade can-

not be kepl separate in trade from free

arrangements

to practice: and this attitude threatens

the chief stumbling be one of blocks in the coming negotia- tions.

has

"European agricultural nations (it says that have hotly pro- tested about (Britain's allude) by non- can fairly be asked ngricultural and non-political dislike Britain's Britons who to excessive agricultural protection as much as they do to ponder how long they really think that

Britain's view all along been that agricultural products should be excluded

New York Cotton

Futures Quiet

New York, Feb. 18.

Cotton futures moved lower in quiet trading today with nearby months registering the biggest losses.

At the close, the list ruled,

The seven to 18 points lower, market opened one lo 18 lower. New Orleans closed nine to 12 lower.

The lat drifted lower at the outset on liquidation brought about by reports of good rains in the drought areas of Texas, but settled back from the lows towards noon on some mill buying and short covering.

December March

33.03

32.00

May July

17.01

32,53

NEW ORLEANS

Prices of futures closed today as follows:

Spot March May July

October

December

March

May July

34.00

34.00

33.09

34.50

23.10

23.03

32.00 37.02

32,31

Britain will be able to main- win This

blatan moral weakness In its reservations

Quiet Stock

Trading

In London

in

London, Feb. 18. Stocks closed mixed in quiet trading on the Lon- don Stock Exchange today with continued uncertainty over the Suez Canal put- ting the damper on ac-

once the trend to freer trade in Industrial goods is afnot, The point to note is not simply that without Its exclucion

of agri- culture Britain would not join free trade area;, it is that Britain remained eutside the area tivity. there would be little hope H ever loosening our agricultural protectionism. while w

it

The market for Industrials was we marked by a modest selective

are coming in useful pressures demand. Nucicar shares rose as will surely arise. Liberals-on much as a shilling while en- the Continent as in Britain [gineering and

some aircraft should think this one out-with almares firmed on optimism over an inscrutable smile,”

impending dividends.

Opponents

Opponents of free trade have Already thought it out-and found nothing to smile about, It is at least debatable whether inclusion of agriculture in the

British Government bonds suffered losses in early trading. but a late rally brought them back to opening levels. Some

issues showed rises of about 4 shillings.

A

Royal Dutch gained about 4 free trade area would jeopardise shillings on a quiet oil list. what remains of imperial pre-few others have up from six to ference or not. But need to give ninpence. Suez Canal lost 16 some protection to home agri- sterling to 51% aterling culture for purely

|reasons ́ls incon10/ver.

2001 14.00

700 i 30

100037

207 10.00

Goo 10 1000 6 10

500 28.50

4.00 4.30 2000 8.35 4000 8.20

3600814

Singapore

Oils were mostly narrow with loss of 1% in Continental and a gain of a like amount In Sea- board standing out,

Industrials as a group closed off 67 point on average at

falls off 487.40,

69 at 142.40 and utilities up 15 at 70.04.

Now York Stock Exchange bond volume was $3,760,000,

American Stock volume was 830,000 shares.

Exchange

Dow-Jones closing averages

were;

30 Industrials

407 40

20 rally..

142,40

is utilities

70.04

84 stocks

105.38

10.99

Comm, futures price index 156.70

40 bonde

Closing Prices

4,00

8.30

Alden Ino. Acy.

Allied Mills Inc.

American Airline

American Cable & Radio Corp.

American Cyanamide Co.

0714

Amer. Foren. Pawea

Am. Mach. &c Fdry

Stock Market

Singapore, Feb. 18. Brokers today quoted the fol- lowing stock prices:

Batu Lintang Rubber

Am. Sugar Ref.

Armco Steel

Allas Cons. Mining

Baldwin-Lima ilam.

Deneficial Finance

Bendix Aviation Corp.

Benguet Cons

Caso (. ) Cu. Cat, Tractor

Colanens Czing.

Marant to Chemical Co. Motorola Inc. National Breel Corp. Dairy Prod

Olla Mathlon Owen-filthole Glas Parke Davis Co.

Penny J. C. Co. Penn. Ball Ca. Philip Morris

Procter & Gamble Co. Pittsburgh Plate Glas Publickor Industries Tire Oll Reynalds Metol Shell Oil Co.

Saint Res. Poper

Solar Aircraft South Puerto Rien Bugar Southern National Ga Southern Railway (Com.

jeep Rock (Torontoex.) sterling Drug Co. (New) Sikely-Van Camp.

Tide Water Amas, Oli

Time Inc.

Twenty Century Fox Fim US. Fall US, Line Co West Va. Pulp & Paper Western Union Tel.......

-United Press,

Gay

1133

said today.

Mr Tai Yeo Mai, secretary of the Asspelation which is span- noring the

mission, sald Mr 19 Keng Ban Es, secretary-generel of the Singapore Labour Front, would travel

personal expartly with the mission

707

40

מן

a

Mr Tal said the mladon hoped to charter a plane for the 10- day trip during which ther would meet the Union of Burma Chamber of Commerce and Industry, the State Agricultural Markeung

and ather Board, governmental rennt Delegates would

rico and produce merchants, sepre- sontalves of oil millers, biscult 44 and paper factories, shipping companies and bankers-Router.

NEW YORK METAL FUTURES

New York, Feb. 18. Prices of metal futures closed today in cents per ib. follows:

4312

181

Lead Feb.

Mar.

Zine Feb.

Mar.

Copper Fob,

Mar

הודי

Feb

Mus

Feb

Mar

19

14.00D

15.ibb

13.250

13.0012

20.401

29.506

• standard † strait- United Pri

P.OBIE.A

COMPANIES

PENINSULAR & ORIENTAL S.N, CO

Outwards "CANTON"

PASSENGER/FREIGHT SERVICE

Leaves Lon di da

Balled

Das Hongkong

6th April

"CORFU"

"CHUSAN"

"CANTON"

Rist Apel

imd February 30th March BIN ME

1st Ju

Via Bouthampton, Colombe, Penang à Singapore.

Leaves Hongkong Dus London

Homewards

Boeing Airplane

0346

Borden (The) Co,

Burroughs Add Machine

1515

Opening

$1.82

C. I. T. Financial Corp. Chase Manhat. Bank Cimax Molybdenum

40#

04

Colgate-Palmolive Co. Colombian Carbon Commercial Credit

42

4472

*CANTON"

4012

"CORFU

33

"CHURAN”

12

Bath

50/- -

31/-

British Borneo Petroleum Syndicate..................................... Consolidated Tin Smellers and............ Fraser & Neave Ltd. Ord. $3.22 Fraser & Neave Lid. 76%

cum, prot. ....

$1.00 Gammons (Malaya; imited 12.03

& Hongkong

Shanghat Banking Corp. Kempas Ltd. Hongkong Tin Ltd. Luna Rubber Estates Lid. 8.00 xer New Serandah Rubber Cu. Petaling Tin Ltd.

Malayan Breweries、、

Lid...

Singapore Cold Storage..

Rallies Hotel

South Britists Insurance Co.

Lid. ***

Simita Trading Straits Steamship United Engineers Ord. Wearne Bron

cumdiv

Special,

$360. 8/04 $1.37

$2.83

$2,40

83.03

$2.35

$1.30

$33.50

$26.70

$10.05

$8.70 t 32.83 cdcb-China Matt

Commonwealth Elee. Crown Zellerbach Diamond Alkali

Dow Chemicals

Doumina Aircraft

Eastern Airlines

El Paso National Gas (New)

Family Finance Corp.

Firestone Tire

Ford Motor

Gen. Pub, Util.

Getty Oll

Glidden Co.

CHICAGO GRAIN

MARKET

Chicago, Feb. 18.

Grain futures turned irregular on the Board of

New York Sugar Trade today during

Market

New York, Feb. 18. World No. 4 sugar

futures

contracts.

A

very active session.

Early selling in wheat was fairly

Prices rollled general. during later trade, however, with March and May showing the closed today four to 11 most strength as these deliveries East coast dock strike reported points higher with sales of 512 wero directly afteted by the

Domestic No. 8 sugar future agreement, closed today unchanged to two Soybeans declinet carly, in- points lower with sales of 259 fluenced by the Goverment's how-contracts.

announcement to sell beans taken moved up on in on loans, to the course of commission house the selloff, some deliveries made Wonknow In soybean and buying, but displayed a some-new season's lowe what hesitant tone because of current full in large-scale buy-vegetable oil futures was respon-

sible for the lower trend ing of world raws.

Domestic futures were rather lard. quiet with the exception of the Wheat closing range off 1% to nearby March, which went off 23 cents, Soybean closing range

Dollar stocks were marked up strategically Collon Economically and

Britain would be weakened if in accordance with Wall Street prices but demand was light and her agricultural industry

the premium cased to seven per

the posting of a However, further increase of 003 bates in certificated Colton stocks

Tha New Orleans brought selling into old crop Exchange announced today it months with losses, extending will be closed for trading on to $1 a baie. But again buying Friday, February 22, (Washing- get in with losses down further ton's birthday) and on Tuesday, liquidation in nearby March March 5 (Mardi Gras Day). which goes off Thursday, February

the board on

21.

The

March open interest today total-

LIVERPOOL

were

exposed to full blast of Euro- cent.--United Press.

Future closings, in pence per agriculture. led 97,200 boles. The cartinoated 1b, were as follows:

alock rose to 3,801 bales.

A leading spot firm reported Increased mill interest in the Atlanta area this past week, but said the mills still are com- plaining of poor business, and It is doubtful that sales will bo made until business improves, Month

Volume Open interest;

20,000 07,200

140,000

March

May

32,000

STO,700

July

0,000

138,400

Ocidber

0,700

Decembe

4.000

129,900

March

700

May

2,100

A1700

Joly

1,400 24,900

Total

$2,000

01,400 1,021,200 bales NEW YORK

Prices of futures closed today as follows:

Spot

March

May July

October

Old_contract

Mar/Apr. May/June July/Aug Oct Nov Decan. New contract

Mar/Apr

May/June

July/Aug.

Oct/Nov.

Dec/Jan.

no

Exchange

pean competition.

On the other hand one cannot extol the advantages of

and New York Foreign economic specialisation maintain a case for excluding Fortunately, how- ever, the choice is not between free trade with ogriculture 25.00

tree trade at all, Even 23.83-80 common market countries which 24.37

propose to go farther lowards 25.10 25.00-10 economic integration than Bri

tain ever contemplated recognise speciel position of agriculture. A compromise to satisfy both puriais and protectionista should | Press. not be impossible to find London Express Service.

20.10

21.03

23.72

25330

23.12

Egypilan Karnak Jan./Feb. 00.00

SAO PAULO

Closing prices per kilo were as follows:

in cruzelros

March, May and July un- quotod. October December

NAMESAKES

Answers

Infection,

2

Bullota 7 'Ordoer, 4 Scutari, độ

New York, Feb." 18. Closing rates were: Conada

*1.04 11/32 England ameinf.... 2.70 15/15

30-day futures.. 2.7014 DG-day futures.. 2.78 27/32 Australia New Zealand

2.78 13/10 Others were unchanged United

"

London Foreign Exchange

Closing raigs were: 30.40 Volunteers @ Injuries, 7 Dis- 'New York ................ 30.50 cipline, 8 Wourkied, Profession, Montreat i

In the United States, the 10 Ammunition, 11 Surgery, 12 Adam average price of one inch Hospital, 13 Doctor, 14 Supplies, cotton at 14 designated: spot 16 huwing, 10 -Bandages, 17 May markets was 33.75 cents. Total | Tumianejos:10. Casualty 10 Vienn

"at"" these "markets "Wore| Crimon: 21,704 balos-United Prom. "Florence Nightigste,

London, Feb. 10.

3/01-2.30 12/10 -2.00 (6-8.00 3/16 ··

20.8714-10.8731 1406-14-14043 170033-1701-004

entagen tid

Zurich V

Other "ware Prem

---United

World futures trade

and

the board today. It rose sharp of 4/8 to 3 cents,

ly on short covering.

Conturot No. 4, (world)

N.Y. COTTONSEED

OIL

Now York, Feb. 18. Prices of cottonseed alt futures closed today in cents por lb. as follows:

March

8.00

May

July

September

March MAY July

5.63-83 4.79

4.78

4.18

Spot (cenim per ib. rob Cuba) - 4.90 "Open interent! 1,417 contracts, Contract No, G (dusnextle).

March

March MAY July

MAY

0.60

Juby

15.00 10:00-00 10.01

0.00

30.70

0.74

September

6.77

Desember

18.30

November

January

35.34

Spot (cente per 1b, eit NE

Marcia

15.00

5.00

Salow 200 contagia-United Pr

Opóri | Interest:

United Press,

2,435

Exchange Rates

September

CHICAGO LARD.

**** FUTURES

Chicago, Feb. 18. Prices of larg futures closed } frankomum (vas' dono in'? the? Tobal undficial- exchange market this today. In cents per tb as fol- morning at ze following Fries

lows: en 21 March | Marijne möter Alper, KRAANG | MAYU),

Indanetary rubiah, (per- 100) 99, 18.30' | geptember Glen Meal - (per: 100).

October 1,00.

14.00-87

1412-45

14.50

"CANTON"

10th February

3rd April

12th Max

6th June

01h APTA

13th Mar

12th Jung

To be advised

Via Singapore, Penang & Colombo. FREIGHT SERVICE

dse "SOUDAN"

2nd Mar. *BALSETTE" joads 6th Mar.

from UK.

tor Singapore, P. Swet- tembar, Posts, Lot- don, Hersburg, Rotter- dam & Antwerp from UK.

from UK.

tram UK.

"BINGAPORE"due 15th Mar. “BALLARAT”dus 17th More. dhe 23rd Biar. "SOMALT"

ALL VESSELS outwards AND HOMEWARDS THE CAPE OF GOOD WILL PHOCKED BY

HOPE UNTIL YURTHER NOTICE.

BRITISH INDIA S.N, CO., LTD.

1850 - A HUNDRED YEARS OF SERVICE –– 1N8

from Calcutta, Rangoon "BANGOLA” dae 23rd Feb.

& Etrati satte 24th Feb. for Japan

8th Mar, Bali Bih Bar.

"FULTALA" dug

"BANGOLA” dag 15th Mar,

walls 10th Mar.

from Japen

for Bingapore, Hanzoen. Chittagong. Viralchapat nam & Kakidada from Japan

101 Bingapore, Penang, Rangoon Calcutta

P. & 0./B, I. JOINT SERVICE

"URLANA"

"UMARIA”

In Port

sallo Aist Feb.

1

dne 23rd Feb. sails zith Feb

"ITOLA" due 2nd Mar. gala si Mar. "ISMAILA" due 14th Mar,

salis 18th Mor.

from Japan for Bingapore, Cochin, Bombay, Karachi, Bas- ral de Kuwait from Japan

for Bingapore, Bombay, Karachi, Dubai, Kuwai}, Khorramanane de Estran from Bombay đa Karnoká tor Japan (2)

from S'pore, Botebay, Karachi, Haaral," Khor- ramatir de Euwati Jor Juper

EASTERN & AUSTRALIAN S.S. CO., LTD.

*NELLORE" loads Bin Mar.

"NANKIN"

londe 18th Mar.

for Bandakan.. † Babard

bourne år Aasri

for

Byday Mal- bourne direct.

All vessels baro 'liberty, to call at any portu wa, * or off the rente à the rouía a sling new exhjací to charge or amendment with or without notips.

For full particulars apply to:

MACKINNON, MACKENZIE & CO OF HONG KONG LID. Telephone Nox. 27721-4,