1957-02-20 — Page 9

THE CHINA MAIL, WEDNESDAY, FEBRUARY 20, 1957.

Page

TEA EXPORT

ALLOTMENT

New Delhi, Feb. 19. The Indian Government announced that the

today

allotment of tea export

would be increased by 10 million

pounds for

year 1950-57,

the

The total export 'of tea from India will be 483.3 million pounds, the Indian Ministry of Commerce and Consumer Industries sald.

United Press.

TO SEEK OIL IN

QUEENSLAND

TRADE and COMMERCE SECTION

COMMUNIST ECONOMIC

TROUBLE Experts Skeptical About Claims

Of Expansion

By CHARLES M. MCCANN

Soviet Russia and its satellites are facing serious economic difficulties.

The situation stems from the rebellions Australian in Poland and Hungary.

Brisbane, Feb. 19.

The South Pacific Pty Lid.,

American

about

company to be registered in Queens- land, announced plans

10-

are

and

Russia self, East Germany,dustrial products for countries Czechoslovakia'

Hungary of the Soviet bloe, has become the countries chledy tiability instead of an day to invest up to US$ | affected. But the difficulties and is crying 2,500,000 in oil drilling at

Tambo,

some 800

northwest of here.

miles

Com-

Mr J. Hargrove, the pany's manager, said: "We have good geological reports on the Dren and we are Interested both

in oil and natural gas."

hud

He said the company been formed by private unives- tors in both Australia and the US under the chairmanship of Mr R. Herring of Houston,

Texas.--United Press,

extend BISO to tellite nations,

other Soviet

The Soviet Government hos disclosed sume of the problems involved In a series of

Russia.

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Busines done on the Hong- kong Slock Exchange this morning amounted to approxi- mately $540,000, Noon quota- Hons and the morning's tron- snelions:

SUST

BANKS

Buyers Rellers

Bales

East Aris

1010

234

1 राम्

SHIPPING

INSURANCES Union Lumbant

140

37

39

Wheelock

0.00 0.00

asset | DOCKS, ETC. nid from K. Whers..

On January 30, the Soviet Governmezi! Announced that

Dock Provident

10)

LAND, ETC

HK Hotel

BK Lund

..

in

there was a rise of 1 per cent industrial production

主皇 00-

nouncements that started in 1956. But it disclosed that the Realty December with the dismissal busic Industries of steel,

RUBBER

coal Trunt

of Deputy Premier Maxim Z, and building materials, among Saburoy,

Its chief economie others, had failed to meet their planner.

quelas for the year.

Cut Back

New York Foreign World War

Exchange

New York, Feb. 19. Closing rates were: England uro(LCİNİ

oficial

24

30-day

futures

New Zealand

South Africa

Auditralia

200-2.00 2.7036 2.79-3/10 2.767%

2.787-

-United Press.

London Foreign

Exchange

London, Feb. 19.

Closing rates were:

New York Moniral

Frankfurt

Labon Milan

Btockholm

2.7934-2.70-13/10 2.0834-2.63-3/10 11.7514-31.75), 00.03-80,10 1700-170146 140.501-140.67%

United Press

little better than chaotle

Last Saturday the Sortet, the parliament

UTILITIES Tran

100 101 100 101 404

13.40 2000 13.40 15 13.00 04 8414

100 x 641, 100 or 04

WORLD

RUBBER

MARKETS

Now York, Feb. 10,

The rex rubber contracts closed today 20 to 30 points higher with sales of 77 contrseta.

March May July

September

November

January

Standard contract closed 20 to 30 points higher with no sales reported.

Morch May

July

September

November

January

March

29.80

29 15

20,25

20,00

22.03

23.65

Middle East uncertainties and the sleedier ruling of London brazod tho local terminal market today in a rather quiet session. Technicians also 82w evidence of speculative covering 150 or 64 following Monday's sharp de

cline. But other traders thought the Lock

of aggressive selling 10,034

moe than

else DC- anything 23.20 23.30 1000 23.30 counted for the action.

142 145 104 106

Fuctor interest in the local spot market remained at a low ebb, dealers wald.

1.42!

103

300 or 100

23 23.10 2500 or 23.10

1000 + 23 3307 31

Star Ferry Yaumau

Supreme of the

C. Light Electric IN Tel. (01

25.70 21.00 24.00 24.80

Soviet Union, approved a 1957

budget which provided for the INDUSTRIALS best cutback in 20 years in cx-

the

Cement

Dntry

COTTONS

37% 37% 170037% 12.31

1962 m2 18,00

re-

Shipment offerings were ported "In rather good supply," but at prices too high to in- terest local buyer. Spot No 1 Rss was quoted at nominally 30

13.00 vr

14 14.20 3000 or 1420 | vente a pound,

3000 14.10

4.65 4.70 7500 m 4.70

0.40

3.93

Russia has sharply cut back the rate of its industrial pansion. East Germany

the rate of economte expansion.STORES, ETC. ani Czechoslovaklu are threatened by possibly the biggest short-

On February . Bruno Leu-Watson age of coal since the end or schner, chief economie planner

II. Hungary's for East Germany. announced Textile whole economle situation is at 1057 production quotas Corp.

must be cut and

Nanying pro-

INVESTMENTS gramme for copital Investments Tanz whittled down because of the fullure of Poland and Hungary to meet their export agreements,

The most crious immediate

East problem for the

German Reds 19 tho

cou! shortage. Communist leaders have start- ed to appeal to technicians and ordinary workers to volunteer for service in German mines to help make up the shortage.

Western intelligence

What has happened is that the tightly-Interlocking econo- mic system of Russia and the satelites have been thrown out of gear.

For years, Russia was able to direct, exploit and loot the industries ut its Communist satellites,

Now Poland is directing is Industry for its own good under Wladyslaw Gomulka, Ita in- dependent Communist leader.

sources

in Berlu report that the coal

Poland's coal was used, for shortage threatens to be the Instance, for Russia'a benent most serious since the war, and until its rebellion,

coal that lack of fuel has caused was nold, by Russian demand, cuts in electric power

than world prices. factories.

ot lower

Now the Soviet

This

Government has been compelled to agree to renegotiate its coal contracts.

But even with thai, Poland getung first bid

Its in

is

own

production.

Hungary, which was a source

New York Cotton

Most Skeptical

to

CHICAGO GRAIN

MARKET

Chicago, Feb. 19. Most grain futures firm- ed on the Board of Trade today, after an irregular opening.

Reports of winter wheat belt moisture, especially in Oklahoma, caused early declines in wheat Limited offerings and 1 fair amount of

buying export brought later rullies, with com- mission houses and locals on the On February 1, Czechoslovak | buying side following a special Premier

Villam

an-report from the Department of Siroky

Czecho-Agriculture. unless nounced that

of food, raw materials and in-slovait miners increased coal

Trader expectation of more production there would be serious decline in the output of covering turned soybeans higher aliquidation together with short Industrial goods.

just before the final bell. In addition to oli these

Exporters today reported 'sales developmenta of the last few of 6,700,000 bushels of US wheat weeks. there is the fact that to India, and said that several many leading ecomonisis pre other foreign consumers were most skeptical of all

Russian also in the market for fair sized statements borsting of Indus amounts. Norway and the trial expansion.

United Kingdom were buyers of small amounts of US corn. Especially they doubt tall Agures and eslimates which A1 tend to show that Russia's rale | were mixed. of production is ever likely to overtake that of the United1⁄2 cents. Slates in the foreseeable future

Futures Steady

New York, Feb. 19.

Cotton futures today steadied after giving ground for the third session in a row.

March iquidation, anticipating | bales. This compared with frat notice day on Thursday, 032,000 bales in December and and Intra-trade switching 751,000 bales used last year.

operations, featured a generally

quiet trade.

Month

March

Initial lose up to 50 cents a bale were halved in later deal- Ins, with the Ust closing net 2 to 0 points lower. Opening May prices were off to up 1 polni, New Oricans closed off 3 points

May July

90. Doc. Mar.

July

Renewed uncertainties in the Middle East, and reports of a somewhat better inquiry in the textile market, coming in the wake of mill plans to curtail production, and technical con- siderations, acted to cushion the putbacks.

Darller

deferred

Total

Volume Open Interest

24,500 01.600

34,100 314,000

10,100 150,000 14,700 149,100 $1,400 130,700 3,300 64.103 2,300 43,500 7,400

NEW YORK

20,200

under the United Press.

overseas

SINGAPORE

ruled

The market opened lower on

but advices steady with fair interest for lower grades.

Future closings were: No. 1 rubber

per ib.

March April

No. 2 rubber per ib. Mar. No. 3 rubber por b. Mar. No. 4 rubber per ib. Mar. No. 1 rubber unhaled Blanket crepo

No. 1 crepe ...

LONDON

80-801',

MAIDEN VOYAGE TO HONGKONG

Now, 80-knot Mariner, an M. M. Dant, owned and operated by States Line-Paciilo Transport Lines, Inc., will arrive at Hongkong on March 10, on her maiden voyage.

WALL STREET UK INVESTORS

MAKES

AT

RALLY CLOSE

New York, Feb. 19.

Stocks declined in the session today but rallied

to close practically unchanged.

RESTRAINED

London, Feb, 19. Middie East uncertainties restrained investors and stocks were irregular at the close On. London Stock Exchange

the

today.

British Governments

closed

mostly unchanged. Industrials were fractionally higher.

British American Tobacco

They turned

Armed

on

the

Oil issues paced the market. strong late in the day when Texas raised amount of oil it will fill Europe's needs.

Also there were unconfirmed International Paper rumours the Suez Canal soon Int'l Toi & Tak would be operative with some

John-Manville Co. sort of agreemont derived at on tolls with Egypt. Some oils dipped from their highs when

confirmation was

по

Bell coming.

90-31

80-001 70-78

73-73

The market was steady with spot quoted at 5% pence per ib. Price: Spol No. 1 Raa...

Settlement house term: March

Aprune

July/Bent. Oct Dec

Kansas C. Power & Light Kennevott Copper Liggett Meyer Tob. Ch. Lockheed Aircraft Loews. Incorp. forth-Lone Star Cement Co. (New) Lowenstein të Sons. Mesabi Iron Corp. Monsanto Chemical Co. Montgomery Ward Motorola Ine

Aside from the Middle East there was no general news to sway prices Industrisis ... fell more than 2 points on average on worries over that section.

They rallied when the oils turn- ed up.

At the close the industrial 25-***

averago was down 56 points; 21334-25-31

rails were unchanged and utill- 20ten were up .02. General markets, cit basis, poris: February March

unquoted April

251-2621

32:19-25%

Elate crepe in March 28,

New Low

National Cast Reg. National Dairy Prod. National Lead

National Steel Corp. New York Central Ol Mathleton Dus Elevators Owen-Hinola Gints Pacifle Gas & Elec. Pan American Airways

Pasmount Pictures Parke Days Co. Penny J.

4 boost In the dividend payment. Newsprint and

brewery Issues moved Tractionally higher, Oila res. ponded to continental buying.

Coppers

continued to slip on of the price. Bouth

werkening of

African gold shares were Im proved. Dollar stocks WHIC mostly on the lower side.

Japanese bonds were firm and other foreign bonds were 10% mostly steadyUnited Press.

NEW YORK METAL FUTURES

New York, Feb. 19.

Prices of metal futures closed today in cents per lb, as follows: Lood

Feb.

403%

1016

31

Mar.

15.25

7412

Zine

Penn. Salt Co.

101

Feb.

11.168

Philip Morris

Procter & Gamble Co.

4312

By

Mar.

13,000

Copper

Feb.

20 201

401%

Mor.

29.066

Tira

Feb.

(Standard) 00.000

7316

Mar.

404

Feb.

8714

Mar

Publieker Industries Pure Oll.... Republic Steel

a new Radio Corporatum

Trading lightened to Estate crepe thick Marel unqualed low for the year at 1,070,000 Amsterdam rubber prices shares against 1,800,000 shares were unavailable-United Press. in the previous session.

Singapore

Stock Market

Singapore, Feb. 20. Brokers today quoted the fol- lowing stock prices: Balu Lintang

Lu

British grains

outside markets,

Wheat closing range, up 1 to Soybeans closing range: up

best conditions. to 23% conta.

Crude Oil Production

Washington, Feb, 19.

The Interior Department made 100:300 1.000,200 bales public today a forecast drawn up some days ago by its office of oll and gas suggesting that domestic crude oil production should be Prices of futures closed today Increased by 300,000 barrels daily during the next six weeks If the combined needs of the United States and Western 25.07-00 Europe were to be met. 35.10

ns, follows;

Spot March May July October December March

small sellingt in

following May months,

Down -ON additional moisture July bver the southwest, slackened later with reports that largo brows of the southwest were still in urgent need ot sub-soll inclaturo.

NEW ORLEANS

TB25m

24,42

59.14

33.00

22,37

1

Shell Qu Co.

Saint Hey, P

Sinclair Oil

Paper

Bocany Mobiicil

South Puerto Rico Sugar

At the close oils were up Southern National Gas

Motors

more than 2 points-steel shures Inst small amounis were narrowly mixed There was a minor rise in the wility

average.

Southern Hallway (Com) Bleep Rock Torontocx.) Standard! Brands Standard Oil of Cai. Standard Oll of Ind.

Standard Oll «! NJ, Studebaker-Packard Corp. Swift & Co.

Railroad issues were a stand- off with about half of the 20 Texas Co.... Issues in the average scoring small net gains.

Tide Water An

"The market narrowed to a Union Pacife Railway more 1,104 issues. Of these 450

declined, 393 advanced and 2018. Gypsum held

unchanged. There were five new 1036-57 highs and 25 new lows

NY Stockt Exchange bond volume was $3,700,000.

American

Exchange Stock volume was 680,000 shares.

Dow Jones closing averages were:

24b

(Strai) 99.00b

United Pr

LONDON METAL PRICES

London, Feb. 10,

Prices of metals closed today in sterling per long ton as fol- lows:

Twenty Century Fox Film Union Carbido

buyers sollers

1007

Tin

287

Spot

7223%

United Aircraft

817

3-month

747

740

Copper

U.S. Line Co.

U.8. Rubber

Byot

242

24211

419

3-month

29033

HO

U.S. Smelting

Lead 2nd half

U.S. Steel...

Eeb.

113

11344

May

11212

1125

West Va. Pulp & Paper Woolworth

Zine 2nd half

Feb. May

9814

9614

-United Press.

“United." Premi

Warner Bros.

Westinghouse Electric

GO

Rubber

Opening Co.

料批

Borneo Petroleum Syndicate Consolklated Tin Smelters

Ord, Fraser &

Lid Ord. Fram Neave 135% cum.

pret Gammons (Malaya) Limited Hongkong & Shanghai Bank-

ing Corp.

80

$2.272

И

1800*

Hongkong Tin Ltd.

Bad

Kempas Ltd.

Lunes Rubber Estates Ltd."

.801

Malayan Breweries

$2.15

30 industriRİN

400,49

23376-230711

Petaling Tin Lid

......

New Berandah Rubber

Ltd.

20 rail

$2.43

15 utfitties

71,04

$3.00

04 stocka

Raffles Hotel

12.39

40 bonda

0101

THE GUINNESS

2309-12

Bingapore Cold Storage South British Insurance

#1.5715

Comm. future price Index

157.10

50

Strata Trading

Straits Steamship

United Engineers

Ord.

80,700

Woarno Bros.....

£7.83

Allied Chemicals

CHICAGO GRAIN PRICES Prices per bushel in cents: Wheat, No. 2, rea

Spot

Mar. 233% (H)

230(1)

May

July

Begit

Dec.

Corn, No. 2, yellow

Spot Mar.

May

July

Sept.

Dre.

Rye

Mar.

May

Oal

Mar.

May Soybeans, No. 2,

Spot

Mar.

July

Kay

Sept. Nov.

Spot

New York flour

200 lb. anck

Today's Increase of slightly more than 210,000 barrels a day in Texan production fell short of this figure by about one-third.

This more pessimistic view of Barter, the supply situation contrasted with the optimism shown by Prices of futures closed today British experts here. as follows:

8pot March liquidation prompted March the recent increase in

May July certificated stock, and expecta- October tłote for further additions 10: December the deliversblo supply, was March absorbed by mills, exportars July miker trade interests. The demand became more apparent as sile, market slid off to near the 36-cent level,

the

May

Chen March contracts today old contract Mar./Apt. tatalied $1,000 bales,

SH

30.18

21.00

52.48

LIVERPOOL Futures closings, in pence per { Ib. wore na follows:

25.83

The

May/June

-bertinonika stočke remained, at

(3,801 "bdies."

July/Aug. Oct/Nov. Dec/Jan

25:30 24,50 25.17

The New York

change · Survico

Cotton Ex- New contract Mar/Apr. Bureau ventu

30,03

May/June

July/Aug.

Stimated domestle consumption:

Dat/Nov.

of all raw onion in the five payptian Ham Jan./Feb. waks ended Feb. 2 at 835,000!

Interion Department officials sakt that their appeal for an extra 300,000 barrels a day in- crease. Ind been sent put to State regulatory bodies severat daya ago. "It probably had a great influence on what the Texan Railroad Commission did." one officiel said China Mall Spectat.

LONDON SILVER

PRICES

London, Feb. 18.

2019

130-130% 1306-42

134435 13:3 2371-130

12:3 334%

דשני.

ellow

130-14011

113.401 United Prest

Exchange Rates

Durres WAS done in the local unofficial

market this morning at the following rates: Sterling notes (pic (21) U.B. dollar (per $1). Australian, notes (per (21) Indonesian rupiah (per 100) Siam tical (per 100) Singapore (Biruits)

NAMESAKES

• cumday + xert edeb. Mall Special.

$25.00

China

New York Sugar

Market

New York, Feb, 19. World No. 4 sugar futures today closed unchanged to ? points lower with moles of 838 contracts.

Closing Prices

Allied Mills Inc.

Allis Chalmers

American Cable & Hadio

Corp.

American Cyanamide to, Amer. & Forgn. Power Amr, Mach. & F'des. American Metai American melting American Tel se rel American Tob. "B" Anaconda Copper Armco Steel Armour

Baldwin-Lima-11am, Baltimore & Ohio Bendix Aviation Corb. Benguet Conta Bethlehem Steel Boeing Airplane Bardon The) Co.

Domestic No. 6 sugar futures closed unchanged to 4 points Canadian Pacific R higher with sales of 20 contracts, Case (3, 1) Co.

Cat. Tractor

Realising and bedze selling | Celanese Corp. with the lower raw market up-1. Financial Corp.

Charo Manhat, Bank set the world contract after a Chrysler Motors Arm opening. Domestic Aflures Cimax Molybdenum jizado lacked a definite feature.

Contract No. 4 (world)

8.70

Colgate-Palmolive -Co. Consolidated Edison Crown Zellarbach Cuban Amer. Sugar Diamond Alki Dow Chemicals Dupont de Nemours

8.70-78 Katman Kodak

General Electric

28.16 12.00

March May July

'0.76

10.20

·Márel

El Paso National Cias (Now)

4.71

Temity Finance Corp.

Fuy

4.00

spot (denia per tb. Loto

General Foods

[Quba)

General Motors

Open intèrpat:

Gert, Phib, VKÍ,

Monts

Ázstyérske-1/Open, 2 Eagle 3

The price of silver was quoted | Tournament,

at 80.pence for spot and, 79% | 0, Fitstraijan.

·July

"Contract No./@#^{Gomoktic)|

Birdi

Spot(conta per 16.-

·Open - Asterest:

Peter Thomson (The goldies).

pence for forward. Compared Match, 16. Claw, x11, Cou with 70% and 70% previous Burber 17).—United Press.

#100

Glidden Co

Goodrich B. P.) Co.,

Goodyear Tire

Haydon Howport, Corp.

Ingersoll-Rand

Irland Bleel- Co Interchentoni - Corp,

Cape | · Int'l Harvestar.

Internationaliteitsi

BOOK OF RECORDS

A complete catalogue

of the world's

records and superlatives

272 pages

126 plates

Price HK$9.50 .

Obtainable from the sole distributors in

Hong Kong.

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Hong Kong.

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