1957-02-27 — Page 8

THE CHINA MAIL, WEDNESDAY, FEBRUARY 27, -1957.

TRADE

and COMMERCE SECTION

FRENCH WILL GET SAHARA OIL BY 1960

From January 1, 1000, Saligra oil shoukl reach

the Mediterranean count by targe

Pipelines."

jlani

come from fìride AL Messaoud, Moutiers Tixen-

Algeria. Edjele and

Paris, Feb. 20. Oll from the Saliara Desert should reach the Mediterranean

by const

pipeline from January, 1900 onwards, M. Maurion Lemaire, French Minister for Industry and Commerce, told reporters at Paris airport on his return From a week's tour of the Sahars all fields: "The Sahara given great

hopes

exploiting and good certainties.

Un

tourine, near The Sahara-

depostie, "but

effects should profoundly change the economy of France from the point of viewer total satisfaction ΟΙ fer

energy needs and that of the balance vj her external trade which will at last become pomible,"

Libya frontier, M. Lemaire || Ito sala thousands of kilometres aald,

M. Lemaire naki tremendous Involved in the Sahara oll

work

Was

of roads and Jozen of aerodromes had to be created quickly. Watering points must also be set up.

o bald the French Kleel | Industry was getting ready to supply the pipelines needed to whip the oil to the coast, M. Lemaire said France would All have to buy from the United States for a time the heavy transport vehicles, 35 to 30 on lorries, needed to carry heavy drilling equip mont, "The construction in Algeria of

oll refinery

to

HUNGARY SEEKS MORE

Overtures Made

To Britain

CREDITS WANTED

Vienna, Feb. 26.

The post-revolutionary government of Janos Kadar in Hungary wants to increase trade with Great Britain, according to reports reaching Vienna.

Before the revolt, there had been talk of such development but no steps had been taken to make it possible.

Now,

according to reports reaching here from usually reliable sources in Budapest, active steps are being taken to

As regards the first proposal. they have suggested the estab

ishment in Hungary of nembly plant for

producing

New Consumption Record

For Rubber

New York, Feb, 20. Consumption of

new rubber-both natural and synthetic during January topped 140,000 tons to set a new monthly record, the Rubber Manufacturers As- 1nc., socialion,

reported today.

oover

regional needs and the exploitation of the “endeurmi . Kas deposits in the north of the Sahara will allow Algeria to start economie expansion and to create without delay a steel works using iron ore from Quenzs."

MT. Lemaire Kald he Avoula

report to the Government, où the locisions to be taken for 'exploiting the Sahata Desert.

--China Mail Special

TRADE

New York Cotton

Futures Drop

New York, Feb. 26.

Cotton futures dropped sharply today

moderate dealings.

Losses were extended to much as $1.30 a bale in the nearby March delivery before it rebounded back a bit on some trade covering. At the close, the ist ruled 10 to 14 points lower. The market opened 4 to 12 points lower New Oricans closed 12 points lower. sala

Consumption at 140,000 tons compared with 138,-

380 In the previous peak month of June, 1955, and

118,595 in December,

The Association consumption of all types of synthetic rubbers during January amounted to 86,- 080 form, against 73,278 in December,

try to broaden the basis of British motor vehicles. The Anglo-Hungurien

consumed and British Renault Company is suld facilitate its development,

to be interested in this.

tradic

The revolt has not, of course, They would like to modernise removed some of the biggest | their paint factories and repre- obstacle to such an increase....... sentatives of the Hungarian the question of payment. for Chemolimpex are to discuss this example, Bui

does seem to with British Arms when they have increased Hungary's need visit Britain. They alk also of for and desire for trade with | need for help in developing the Great Britain.

rolling mills at Dunapentale and the fertiliser ploni

Effects Of Revolt

for

Tire immediate reonomic effects of the revolt have been catastrophic

Hungurlan trade. The lung stoppage of the mines, with its resultant short- age of fuel and electric power has slowedt down production almost

nuthing Industries.

The shortage of raw materiale due

dimculties to Transport which followed the fuel short- age, has added to the difficulties i

to

of production.

in! Zome

Kazincbarcika.

al

in-

in-

..። regards sub-contracting for British Armis which have orders which they cannot tuint in time, the following concerns have been mentioned: Komplex. which produces complete dustrial installations; Nikex, machines, small ships, and roll- which ing stock: Technoimpex, makes specialised machines; and Transelectro, for generatars and electrical transmitters.

Visa Applications

Nikex

and Komplex have for re-

To escape from these dim- both applied for visas culties Hungary Is seeking presentatives to go to Britain to credits abroad and

she discuss such as

schemes with carmot hope to get enough from view to finding an outlet for her Eastern allies, she has turn-

their surplus industrial capacity. ed to the West and is trying to

gel stme help from Great In broadening the baris Britain In the

credit trade;

חלום

Of the total now rubber in January, synthetic rubbers account- ed for 61.87 per cent or sightly above December's ratio of G1.84 per cent, the Association reported,

The group supplied pro- duction frures for January only in the synthette fjeld. It reported synthetlo pro- duction set a new monthly high at 94,250 tons, against 93,764

December. -- United Press.

CHICAGO GRAIN

MARKET

Liquidation in the nearby deliveries reflected the slow movement of cotton into govern- ment loan. Together with the low consumption of cotton by domestle mills,

The recent hevedelal rains in the cotton belt brought com- mission house seiling in the new

months. Trade crop

yource:

said the rains probably would bring about heavy cancellations of entries into the soil bank, which in turn would lessen the possibility of emmall cotton crop.

Chicago, Feb. 26. Grain futures were ir-May

inactive regular and

the Board of Trade today.

were

2

WORLD

RUBBER

MARKETS

The rex

day clowed higher with tracts.

Mar.

May

July

Sep!

Nov.

Jan.

Mar.

The

HONGKONG

STOCK EXCHANGE

WALL STREET STILL DULL

New York, Feb. 26. Stocks held steady in continued dull trading.

today.

Motorola ine,

A scant handful of wide. | Montgomery Ward moving features was topped by National Cash Reg. "A" the

strong recently

Cooper National Dairy Prod. Bessemer which ran up by an National Lead other 2 points to $64%.

(From Our Correspondant):

Business done on the Hong- icong Stock Exchange this morning amounted to approxi- Douglas Aircraft responded to mately $371,000. Noon quota- an optimistic company report tions and the morning's trans-with a rise of 1% 10 480. actions:

General American Transporta tion added a point to $81, Ford Machinery & Chemical a point to $50, ex-dividend, and J. C. Penty a point to $81. 10 0 0 19

Kates

Buyers Hellers

1010 1620

040

2000 1276

Phares BANKS HK Bank INSURANCES Unjon SHIPPING Ada Nov. Wheelocks DOCKS, ETC. K. Wharf.. Provident LAND, ETC. IIK Hotel..

HK Land.. Realty

RUBBER

Amalg Trust UTILITIES

in Trom

New York, Feb. 20.

rubber contract to- 70 to 100 points sales of 112 con-

standard

30.20

30,40

30.20

N0.00

29.03

50.90

29.43

contract also

0.00

4.R3

100 102

13.20 1315

Notiaital Steel Corp.

New York Central oua Bavators Olin Mathiesors Owen-llinois Cons Bucina Ger & Klee. Paramount Pictures Pan American Airways Parke Davis Co. Perny 3. C. Ch Per Ball Co. Philip Morris

Procter & Gamble Ch. Pittmurgh Pinto Gloss Steel aliares were firm with Publicker Industries

Pur Oll Bethalchem and US Stootench Radio Corporation up slightly, Chrysler and Gen- Repubfle Steri cral Motors improved trae Reynolds Metal tionally in their

group. Olts Bhell Oil Co.

Baine Reg Paper were mixed with Standard

of Sinclair & 300 12.70 California, Jersey Standard and Bopony Motxiou

151 10.00 2300 # 18.60

#! 0411⁄2 1200 64

1,425

*** 2.3751⁄2 1.421⁄2 13,000 1,40

Star Forry 22,60 Yasamati

xn

C. Light...

Electric Macao E. mo Telephone

(01 KD INDUSTRIALS

Cement

Hope

Datry

Watson

Bolar Aircraft

Company fractionally South Puerto Rico Bugey

Токон lower.

Hindi so

24

500 @ 23

Rail shares were and a bit easier

100 107 22.00 22.00

on

Utilities hold Arm,

their advance into its 6 or 12.00 | siroight sessión. 3300 # 22.30 2115 1000 815

23.00 24.10

12.00

Lane, Craw. 28.30

COTTONS

3345 330 3314

STORES, ETC.

10.10 10.30 24.10 14.30

4.70 0.03

4.80 30000 4.00 4000 0.05

4.0.1

1.30

Textu

Nanyang

INVESTMENTS

Yangtzo

Allied

Singapore

Stock Market

Singapore, Feb. 27. Brokers today quoted the fol-

-

closed 70 to 100 points higher lowing stock prices; with no sales reported.

Opening Batu Lintang Rubber Co. Ltd. $1.52′′ British Borneo Petroleum

Byndicate.

Spot No. 1 Rss was quoted at Petaling Thi Lid.

09,100 990,000 Juckades 100 bales agaient which notices of delivery have been issued. 30 cents. leaving net open contracts of 33200,

Southern National das Bouthern Railway (Com.) neglected steep Rock Torontoex.)

Bundard Brands balance. Standard Oil of Cal. carrying Bandard Oil of

soventh Standard Oll of NJ

Closing Prices

Alden ko. Aoy Allied Chemicals Allis Chalmets American Airline

American Cable & Radio Corp. American Cyanamide Co. Amer, & Torgn, Power Am. Mach. & dry. American Metal American Smelting Ar) Sugar Tet. American Ta & A Aunericon Tob. "B" Anaconda Copper Armeo Stel

Annour

Atlas Cons. Miring Baldwin-Lima-Haru Baltimore & Ohio Beneficial Finance Bendix Aviation Corp. Benguel Cons Bethlehem Steel Boeing Altplane Borden (ie) Co.

Burroughs Ada Machine

Canadian Pacific R.

Case (J. 1.) Co.

Cat Tractor

Celanese Corp.

c. I. T. Financial Corp. Chad Mahbat, Bank Chrysler Motors Climax Molybdenum

Colgate-Palmolive Co. Colombian Carbon Commercial Credit Commonwealth Eler. Consolidated Edison Continental Oll of Dei, Crown Zellerbach Cuban Amer. Sugi Diamond Alkali

Eastman Kodak

El Paso NaLocal Gas (New)

Family Finance Corp.

Ford Motor

Sterling Drug Co. (Now) Btokely-Van Camp. Studebaker-Packard Corb. Swita & Co.

de Water Assn. Öll") Time Ino.

Twenty Century Fox File

17% Union Carbide 07"

Union Pacific Railway

32nd United Alregatt

108. Fail "n *4. UB. Gypsum TU.S. Line Co.

18

24

131% 177

UA, Rubber

U.B. Smelling

US Steel Warner Bros.

Westinghouse Electric West Va, Pulp & Paper Western Union Tel.

Woolworth

United Prora

Government Bonds Feature

In London

London, Feb. 26. British Governments for atured firm dealings on the 43 London Stock Exchange on reports the bank rate will be lowered again shortly.

23

There were no March trans- ferable notices Issued of New York and New Orleans today.

Mar

30.20

May

30.40

The certificated coiton stock remained

at 3,840 unchanged

July-

30.20

Sept.

30.05

Nov.

20 A3

Jan,

20.08

Mont

Votunne Open interest

Mar.

May

1006 11,000

$3,500

300,000

July

5,100

139,800

Orl

10,700

150.700

Dec

6,500

136,800

Mar.

4,000

£4.200

Trade sources said the strength in futures reflected the higher January consumption igures: dealer, buying in the

Hongkong Tin Ltd. terminal

Kempas Ltd. market; scarcity of shipment Lunas Bubber Estates Ltd...

consumer | Malayan Breweries offerings, and some

Consolidated

Smeters Fraser & Neave Lid. Ord, Fraser 6 Neave id. 715% Gammons (Melaya) Limited

clum. prof. Hongkong & Shanghai Bank-

Ing Corp.

Tin

40/.

31/ 12.20

$4,00

$2.00

7/64

31.5

Douglas Aircraft

.ca

Dow Chemicals

$2.83

Dupont de Nemours

3,000

40,100

on July

1,000

30,000

buying.

Now Serandah

Ltd.

Rubber Co.

$2.47*

Total

$2.80

Raffles Hotel

$2.35

Singapore Cold Storage

$1,58

South British Insuraner Co.

AMSTERDAM

$350

NEW YORK

Straite Trading

$26.50

The market Prices of futures closed today Quotations es follows:

wos

quict.

Straits Eleamantp

$10,80

Gen Pub, Util

unchem god.

since

United, Engineers Ord.

$9.057

Getty..Of

47

Weame Bro

$2.83

Glidden Co.

yesterday.

Goodrich (3, F.) Co.

GUT

Chino Madil Special,

Goodyear Pyre

7634

Spot March

34.00

Heyden Newport Corp.

12

33 xd

34.93

Ingersoll-Rand

3012

70

34.84

33.03

22.00

steady but quiet at lower level

33,01

during most of the day.

32.23

2244

There was some foir Interest

NEW ORLEANS

Most prices

lower at the

managed to opening, but gain ground toward the close. Com futures declined at the Opening on hedging and con- tinued large arrivals. Liquidn- tion was also a factor.

of long | Anglo-Hungarian trade, credita after uti easy start, Small July

would play

of Wheat thowed slight gains | May

October amounts of whent consumers December went to flour millers, but busi- March ness with overseas consumer? July

part.

A necessary But Hungary seems wüling now to deport from her former

of offering a very narrow was flow throughout the session, policy range of products for export to to Britain.

She

is prepared, for

to

An even more important factor in

this new desire rode with Great Britain, how over, seems to be the desire mwite B certain number concessions

Wheat closed off 1% to up %

to offer agricultural cent; soybeans closed up % to

much

of example. to the Hungarian and other produce, people to win them over from which formerly

re- Soviet Union,

ונאות

May

SINGAPORE

The market opened lower on

• cumdie tech.

overseas advices and it ruled New York Sugar

for lower sheets and remills. Futures were:

Prices of futures closed today No. 1 rubber per Ib. Mar. 80-80%

Apr. 85-801% No. 2 rubber per 1b. Mar. 0374-8414 No. J

8234-834 81-82 80-6012 2016-7035

of

cent.

as follows:

their present solule, sistance.

attitude o!

went to the

Wheat. No. 2, red

though passive,

No-

Mar She is also prepared to adopt more businesslike methods of

239 5/1-2304 May

Spot -March

23400 232LI

July October

One

May

December

July Seril.

March

Dre.

23110

May July

pl these concessions trade. A dozen or so of her big. to be to try to make gest concerns are probably to be Hungary less rigidly integrated given the right in trade direct economically wild the Soviet bloc. The Hungarian have always believed that Hungary has always lost trade with the Soviet Union.

with British firms Instead of people working through

Corn, No. 2, yellow the bureau- cratic organisation of the statc Spol trading concerns,

Became Apparent

Another concession is to place less stress on heavy industry ing every commercial and more on consumer goods, sentative from the West as Q This would mean that a certain | spy. percentage of Hungary's present

for heavy capacity

have would become

and warned the Hungarians that the Soybeans. No. 2, yellow surplus

in trade could be used, perhaps, to en- desire for an increase courage trade with Britain. The is not enough. The question of sterling tirus carved could be credits is a touchy one in the used to buy consumer goods and present political situation

so increase supplies.

Hungary,

For these various reasons

it

has become apparent that

the

Badly Strained

Hungarian State Trading

con-

CONTA have becomŃ keenly

Spol

Bine.

May

In

Sent. Nov.

Barley

. Spol

Industry

LIVERPOOL

30.30

33.18

No. 4

59.14

Spot rubber unbated

34.57

Blanket crepe

33.03-00! No. 1 pale crepe

32.DI

LONDON

*B4

22.40

13-05

Tho market was <tendior with spot quoted at

27-7/18

pence,

Market

New York, Feb, 20. World No. 4 sugar futures closed today four points higher to three points lower with sales of 892 contracts,

Domestic No. 8 sugar futures closed one point higher to one point lower with sales ot 34 contracts.

World futures extended yes- terday's sharp gains

as much as 11 points Carly today before 25%-25% moving irregularly lower on prodt taking. Domestle futures were dull,

Contract No 4' (world)'

Prieds:

12714

Ant

1281-2

Futures closings,

in

pence

No. 1 Bas spot

May

1222

per lb. were as follows:

Settlement house term:

The Hungariun

Government

July

1319-138

April

Sept.

is also said to be prepared allow representatives of British firms to visit Hungary and see the goods which it is hoped to sell to them, instead of regard-

to

Ree

131-136 137

014 contract

May

Mar/Apr.

23.72

June

May/June

24.75

April/June

Rye

July/Aug

23.40

July-December

2016-201

Oct/Nov.

245,10

General markets, elf basis, porta:

Mar.

6.14

Mar.

13236

Dec/Jan.

23.07

March

2514-2336

May

4.03

6.00

May

130-14

New contract

April

Bar/Apr.

28,50

May

2016-2025

Sept.

0.00

repre-

Vals

May/June

25,03

Estate crepe thin March

Mar

July/Aug.

24.03

thick March

Oct Nov

25.33

2012 -United Pregs.

May

4.91

Mar.

709

Dec/Jun.

24.38

May

701

July Spo-dents per lb, fob Cuba) 0.15

Open Interest: 0,088 oorsancts,

4.91

Egyptian Kamok

Jan/Feb.

60,00

Contract No. 6 (domestic)

New York Foreign

May

3.08

cruzeiros

July Sept.

Exchange

Nov.

Bpot-(cents per lb," ct” NY

5.03

Dot.

Dec.

38.40 30.09

Open

Interest:

But British

experts

Firestone Tire

General Electric

General Foods

General Motors

Homstake Mining Co.

Inland Steel C

Interchemical Corp.

Int'l Business Machines Int'l Harvester international Nickel International Paper Inti Tel & Tel

War Loan was up as much as £ at one time, Old Consola and several others gained 2%.

Elsewhere dealings were quiet but Arn with sentment alded

DI 42% fractionat

more hopeful developments In the Middle Fractional gains were in East, 4 the majority.

Unitaver

enjoyed strong demand, gaining as much as 5 shillings 9 pence on rumours of

a one-for-four free scrip issue, 40% British Fort rallied on

520

news

8% that a strike had been averted. 100% Other uuios were firm.

994

31

John-Manville Co.

Kennecott Copper Liggett Meggers Tob. Co. Lockheed Aircraft Loews Incorp.

100

di

4012

19

Ja

Lone Star Cement Co. (New! Lowenstein & Sons MaDonnel Aircraft Mesabi Iron Corp. Minnesota Mining

Mission Development Monsanto Chemical Co.

TEACHERS

Olls met moderate demand, lifting Royal Dutch and British Petroleum more than 2 shillings,

Textiles were

higher. South African gold shares steadied. Coppers continued duli on Wall 421) | Strest | influence, Dollar stocks

were marked down a little- United PresN.

a MUST for your bookshelf

THE GUINNESS BOOK

OF RECORDS

Interested in trade with Britain. There is also the question of New York flour

how

Hungarian industry.

for

They have recently shown an badly strained under the Rakosi Interest in getting British firme regime and now hard hit by the to help in the development of effects of the revolt and the Hungary's consumer goods in- dustry. They have proposed also general strike, can produce the goods: necessary for such on to purchase British goods for re-export to Eastern and other increase of trade.

markets now closed to Britain-- Whatever Its practical regulis, Egypt for exemple, has been the change of attitude by the mentioned.

Hungarians may, oboervers here Further, they have discussed bellove, lead to better reintions with British officials the possi-n the long run China Meil

Special billiy of sub-contracting work

for British firms especially for capital goods which would em-

ploy thein suplus heavy in- dustrial capacity.

1.

NAMESAKES

200 lb. sack

130-140

$13.300 United Press.

LONDON METAL

PRICES

London, Feb. 20,

SAO PAULO

Closing futures in

per kilo were as follows:

Others were unquoted

In the US the average spot prico was not available, Total sales at 14 designated markets were 18,191 balcs-United Press,

NEW YORK METAL

FUTURES

New York, Feb. 2014 Prices of metal futures dioscá Priess of metala closed today today in cents per, 1b, as fol in sterling per long ton as fol- lows; lows:

Tin spot

3-month

Copper po

Answers Plough, 2 Pene

3-month-

Lead, and hail, je

n Firmly they have proposed lone,3 Troy. 4 Greeks,

do broaden the range of goods Arrows, Homer, 7 Battles. exported to and Immorted com

·Great. Britales

Kthe abd halt TVű,

buyara

Load

Mar

Zina

18.10b $5.006

13.9:56:

12.95b

29.1063

New York, Feb. 20, Closing rates were:

Canada

England (oficial)

"

130-day futures) (00-day future)

Australia New Zealand South Africa Switzerland

81.04-13/33

1.79-9/10 278-15/10 223-18/10

***United" Press,

`ex-duty)

Ualled Pren.

CHICAGO LARD

PRICES

Chiengo, Feb. 26.

Prices of lord futures in cents

per lb. as follows:

March

MAY

London Foreign Exchange

July.

Sept.

London, Feb, 20.

- Closing, rates were:

New York

Montreal

Brussels' Copenhagen

Parts Viena

Others

14,75

10.27

14.00

+18.72

**United Prem

Exchange Rates

Dustream was done in the local Anomics

market, thia morning at the followiUE, KALA:

VB dollar. · (per" $1) '

Birjing note: (per. (21)

Australian noten (per

Tucionesian rupiahs (per 100)

Phim Ural (or 1)

Singaporn - (üteKita)

enables you to answer your pupils' questions

Obtainable only at

SOUTH CHINA MORNING POST LTD:

•HONGKONG & KOWLOON $9.50