1957-03-14 — Page 9

1

THE CHINA MAIL, THURSDAY, MARCH 14, 1957.

Page

TRADE and COMMERCE SECTION

INFLATION TREND WALL

New York March WORLD INFLATION

Cotton Futures

Evening-Up

WORLD PRICES

New York, Mar. 13.

Final evening-up operations in the March delivery dominated an active trading in cotton futures today.

Other deliveries ruled quiet

as traders studied crop reports and awaited Washington de- velopments on farm legislation.

March

spread trading

over a range of nearly $2.50

Changes were sudden and bale. wide, with the delivery bobbing up and down between 34.73 and 33.22 bale.

WORLD

RUBBER

MARKETS

At the fun close-out in the mid-morning hour, the delivery traded a 31.08 down to 24.73 for

New York, Mar. 15. 1,10 a et overnight loss of

Rex rubber futures toky bule.

un- closed 49 to 80 points lower with The sales of 163 contracts,

closed V.her deliveries chand to 6 point, lower,

market opened

point. New

DIT 7 to up ! Orleans closed off

Mar

May

July

Nov

J

Mat

i to 5 points.

Afier March went of the board, trading turned relatively for it cull as traders pause now look at the situation pend-

g some new Incentives,

interest Net open

31 75 31 (*)

370

31.40

31.26

31.20

Standard contract closed 4 to 50 points with no sales re- ported. Closing prices:

Mar in March

May

July

Bept. Nov. Jan.

et the start of ituding today Lotalled 12,100 bries. Delivery

covered notices

4,000 bales. The certificated stock remained at 10,070 bales

Dealers supposed

part of the recen build-up in the deliver. able stock may be intended for under against the May delivery. Volume Open interest

Month

March

May

July

October

317

15 נו!

31 33

31.20

The market started higher and gathered increasing firmness to clase on a note of strength,

Higher trend reflected

Policies Of Monetary

Restraint

Moderating Pressures

By JOHN MORKA

New York, Mar. 13.

The battle against world inflation appears to be making headway and indications are that policies of monetary restraint adopted by many countries is arresting or at least moderating inflationary pressures,

Ben

There has been some curtail- notlgeable in the wage- Many countries price spiral

guining greater appear to be stability of prices. At the same line, there have been some new inflationary strains which

luve become intensified in many countries 1 various times of the year,

the

even reversed in avena countries in Western Europe

and British Commonwealth, includ-

Australia

Canada, ing Germany, the Netherlands, New Another Zealand and Sweden. deflationary factor of goid and foreign exchange assets,

од

In some of the less-developed countries, however, "the rise in bank foans and investments was The Federal Reserve Bank of slower than in 1055, as in Chile, New York finds in its unnual

where a major effort was made to stabiilse currency conditions; report released today that "the

on the other hand, the rise con tempo of inflation (during 1956)

tinued unabated the world did not de- colerate, and there were some like Argentina, encouraging signs that if peace India, and, despite gold and could prevail restraints of vari- foreign exchange losses, led to ous kinds were developing a sizable. Increases in the money | workable fusion between rising | supply."

prosperity

"tability,"

8:1

economic

Monetary Brakes

Uver

the past year country the alter country has been forced paucity of shipment offerings, clamp new monetary brakes London on their economies. These were plus firmness of the Singapore cables and signs of a aimed at curbing domestic de developing factory interest in round with a view toward casing available the local spot market,

pressure upon Extru buoyancy developed resources. These monotary with Djakarta reports of the measures have taken a variety of Cabinet resignation in the wake forms, differing, not in overall 1.000,200 bales of revolte in that area. Fair-sized aims, but in application,

sales in the shipment market included one shoots at 31% to

3,200 13,300 18,600 34,200 11,100 140,000 2,800 184,100 4,200 160,800 11.100 60,300 39,400

December

Marcti

May

July

1.000 4,300 400

Total

£3,000

NEW YORK Prices of futures closed today 31 centa as follows:

Spot

May

July

October

Decornber Marchi

Hay

July

the

of

These included increased use restrictions, apen market

rates of

central

countries Colombin and

Suez Uncertainties

severe.

an

TEXTILE

PRICES

SOFTENING

St Louis, Mar. 13. Mr Weldon Rogers, a leader in the textile in- dustry in the United Staler, said today he saw "signs of price softening crop- ping up in Japanese tex» tile" imports.

CEYLON CUTS

RUBBER PRICE

Colombo, Mar, 13. Ceylon's Bubber Com- Goone- missioner H, O.

wardene announced today 15 cents per pound re- duction in the

price to producers of sheet rubber for

shipment to Chios. The cut is based on the fall in the world market price of rubber over the past two month

од

The price paid to Cey- ton by the Chinese Gov- ernment is figured allding scale based on the ruling Singapore price. The Rubber Commissioner had been able to maintain the current price to producers by dipping Into stabilisation fund.

price

The

cui was announced when the fund became severely drained. The new price in silil considerably higher than prices to the open market---United Press.

HONGKONG

STOCK EXCHANGE

STREET

INCREASES TURNOVER

New York, Mar, 18.

Wall Street made the most of some favourable news items today pushing the market up on in- creased turnover.

All leading groups improved, with gains rang- ing past 2 points in many cases,

Commonwealth ice.

Prices were firm from the Commercial Credit opening and the list took a upward turm when President Eisenhower told

conference the only

marked

prese

عاط

substantial budget cuts, possible ure in defence and security, veterans or farm benefta.

This was construed as an in- dication of no substantial

the duction in spending or in

are which acta inflationary pressure

re-

to boost stock prices. Recor

employment, Februar 1 aluminium expansion plans, continuing flow of good carn-

ings reports and moves to stop up merchant ship building ai helped The

shipbuilders had some of the best galus, ranging over 2 points.

international olls moved up early re- Canal to

on prospects for an opening of the Suez tanker traffic.

Heaviest

Heaviest trading of the session

Was

Consolidated. Edlhoes Continental cil of Dei, Crown Zellerbach Cuban Amer. Bugar Diamond Alkali

augias Aircraft

Dow Chemicals ....

Dupont de Nemours Kastem Airmen

Eastman Kodak

Pao National Gas (¿łow) Family Finance Corp. Firestone Tyre

Ford ...

electrio

General Foods

deneral Motors Con. Pub, Util. datiy Oll

lidden Co

Goodrich B. Fil Ca Goodyear Tyze

لان البيت

Heyden Newport Corp. Hatake Mining Co. Ingersoll-Rand

Inland Steel Co. Interchemical Corp. Int'l Business MachineS Inti Harvester Infernationell Nickel International Paper

John-Menyike Co- Kansas G. Fourer & Light Rendicott Copper magent Meyers Tob. Co. Lockheed Aircraft

Loews Incorp the newly listed Shell Love Bar Cement Co.

Transport and Trading, which Lowenstein & BOD

MacDonnel Aircraft opened at $22%, ran up to $24.Masabt iron Corp.

Molors were active leaders | Minnesota Mining also.

Istucs

Pilesion Development Masato Chemical Co. Of the 1,125

traded, Montgomery Ward 582 were higher, 285 lower, 248 Motor

unchanged with 13 new highs National Casă

and 12 now lows set.

Measured by the averages, in=

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morning amounted

to appro-dustrials were up 2,22 points at $010,000. Noon quota- 472.09, ralls up 1.12 at 142.02, and the morning's "tran- | utililes up 0.21 at 71.19 and the

45 stocks up. 0.64 at 167.11. Buyers Sellers

Speaking to the St Louis In the United States, there

Texille Club, he sald that were some signs of improve.

American textile interesa should meal. With labour and busitiess

be concerned with the possibility costs rising, and with new inda-

of "further price weakening" in tionary Incentives arising from

textilien. Japanese

This would Suez Canal uncertainties, prlet occur in the event that Japan's pressures during 1950 were exports to the US proved diff- Average cult to attain because of the do- particularly prices

of Anished producers pressed state of the US textilcximately goods rose by 7 per cent, com-industry. Mr Rogers Is presi- pared with a 4 per cent over on dent of Ely and

Walker Com-Wons the year.

Government credit pary, a St Louis texille firm,

and brakes appear to have had some

л director of Burlington debationary effect

some Industries, the largest textile BANKS

in segments of the economy. There manufacturing organisation

were indications that produc-. the US. Spot No. 1 Rss was quoted at further increases on rediscoun!tivity gains were already begin-

banks, the ****

ning to appear establishment of credit ceilings, the new plants and equipment

controls, in creased taxation and curtailment There were further indications put into place earlier in 1956. of government spending.

that competition and high in- spread of monetary restraints ventories are

exercising tomo is best symbolised

by the 33 deat

deflationary pressures on new boosts in central bank rediscount ion rien 01-02

price risos. rates since mid-1955. 02-021%

As to whether anti-inflationary B9-291 B0-0815

In West Europe alone, 10 progress will continue la sill a 80-01

of much speculation. countries during 1050 increased malter 0015-01

Nether-Much depends on the speed with 77%-70% their discount rates.

Innds increased its rute three which the Middle East problems twice, revolving about the Suez Canal times, West Germany There were single increases in are solved, and the success in spot quoted at 27% pence per Belgium, Finland, Greece, Ire- lessening international tensions

and Spain, Sweden, Turkey and generally. the United Kingdom.

35.20m 32 cents.

34.73

35.00

34.43

2230

3180

$2.01

12.41

NEW ORLEANS Prices of futures closed today

as follows:

Spot

July

October

Decenter

March

MAY

ولبول

LIVERPOOL

320-6

Future closings, in pence per

lb, were as follower

Old contract

Mas Apt.

May/Ju

July/Aug

SINGAPORE

The market opened higher un better overseas advice and over night acceptances and it steadied further on reports BOT buying In London. Futures: No. I rubber per 1b. April

May

B-100

was quiet with

Settlement house term:

23.06 General market, ett base, porta:

Na. 2 rubber per ib. April

33.900

No. 3

34.98

No. 4

ра

34.43

Bpot rubber unbated

37.14

Blanket crepe

No pale crepe

301

LONDON

3240

The market

ib. Prices:

July/Bopt.

26.00 Oct/Dec.

20.12 Jan/Mar.

2011-27 204-20 20-2012

2001 Mar

2034-27

26.49 Apr.

2004-27

Moy

2014-27

Mar/Apr.

24.10

Estale crepe

28.00

thick unquoted,

25.73

Dec/Jath

AMSTERDAM

25.0

Egyptian

Harnak Jan/Tab. 00.00

BAO PAULO

The

cit April were as follows:

No. 1 rubber

No. 2 rubber

No. 3 rubber

37,50

No. 1 cupe

23.20

33.40

30 60

30.00

Oct/Nov. Dec/Jan. New contract

May/June July/Aug. Oct/Nov.

Future closings, in cruzeiros per kilo were as follows:

May

July October

December

In the US the average price

at 14 designated spot markela

was 33.78 cents.

Sales totalled

10,053 bales.-United Press,

New York Sugar Market

New York, Mar. 13. World No. 4 sugar futures today closed 1 to 8 points lower with sales of 600 contracts.

thin Mar. sanquoted April 20

steady. market whs Prices in guilders per kilogram,

2.50 buyers

2.37 buyers

2.52 buyers 2.74 kryers --United Press

London Oils

Popular

certain selective

Prices Rising

The

In

from some of

Gold, Dollar Assets

|

Bales

National Dairy Prod.

National Lead

National Steel Corp.

|

New York Central

Mathieson,

Ötis Elevators

Owen-locie Glam

S

Pacific Gas & Elec. Pen American Airwiers Paramount Pictures Parks Davie Co. Turnover of 1,840,000 shares Penny T. C. Co. compared with 1,000,000 on Tues-Penh, Salt Co.

Philip Morris Cay and heaviest in a.wocks Procter & Gamble Co.

Industria

NY

Stock Exchange bond Plate Glass volume was $4,010,000,

Radio Corporation American Block Exchange Republic Steel

volume was 1,140,000 shares.

Pune Oil

Heynolds Motal

Bài DUCH

shell Oil Co.

Dow-Jones closing averages Bait Reg Paper

100 @ 30 $5 stocks 40 banda

SEE SIGNS "Even right now I see signs Wheelock of price softening cropping up in Japanese textiles," he said.

As an illustration he cited staple Japanese fabrics such as print cloths, carded and combed LAND, ETC.

HK Hotel broadcloths and combed lawns, fik Dan the

of which he said.All prices were not "сусп competitive Humphreya XD

Really... with the depressed prices. RUBBER

observers in the Amalg Trade wise audience

the Impresion A. Tawah got that the implication of Rogera" | UTILITIES

nort Tram XD.. 21.00 talk was that unless the export situation improved the Japanese were prepared to dump textiles

the US and the world Star Ferry..

Yaumati markets and already further. Light weaken the deteriorating price plectric XD 29.80 structure of world textile mar Macao E. 0.80 2000 20.30 kuts.—Router.

in

| Comm. future price index ..

Sinclair Bocony dobilo

472.03 Bular Alrorati

14291 South Puerto Rico Buga 71.19 Bouthern National Glas 18731 Southern Railway (Com.) 00.00 Sleep Nock (Toromboex.) 10550 Standard Branda

sactions:

Shares

HK Bank

XD INSURANCES Union Lombard SHIPPING

J450 1905

..

6025

37

0.65 422 8.80 500 0.20

1000 0.00

DOCKS, ETC. K. Whart.. Dock Provident

101

204

200 @ 103

40%

17

were:

13

IL

2500 @ 13.10

13.10 10.20 1800 @ 10.10 | 20 zails

30 industriala

13 tilition

26

1.33

17

1.40 5000 @ 1,379

1,43

.....

1,00

1.3711⁄2

22

700 @ 21.00 1000 à 23

#17

8014

800 21.99.

500 S 22

28

Allis Chalmers

13%

American Airline

18%

105 100

..

23 23.10 8289 #1 23 500 23

American Cable &c Radio Comp American CAD

4

433

Union Carbide

American Cyansıylie Co.

13

Amer, Be Forgn. Power

16)

UE. Fall "B"

United Aircraft

Union Pacide RailwayT

10.10 10.20

370 2 10.20 1000

10.10

American melting American Tel & Tel American Tob. "B" Anaconda Copper Armco Steel Armour...

0311

US, LISS Co

U.S. Rubber

7815

Us. Smaiting

014

14

11.20 11.40

+

0.00

150

Trusi

Tel...... 23.50 2410 0300 @ 23.00 INDUSTRIALS

1000 315

Cement XD 323 324 Rope

... 12.00 Amoy Call, 3219 STORES, ETC.

CHICAGO GRAIN Dalry

In this world anxiety about According 10 the Federal inflation, and its effect on inter- stability, there have Reserve Bank, in a number of national Western European countries been some encouraging develop-

tended prices have

to risements.

Gold and dollar assets of many throughout 1950, with wholesald price increases of

per countries continued to improve about 5

1950,

Gome Belgium, $2,000,000,000 o

rising by cent occurring, In

20,3 France, and the

billion Netherlands.

other nearly twice their postwar low On the other hand, in other 1048.

dis There was ano countries, notably West Ger- in

Chicago, Mar. 13. many, the United Kingdom, and quieting note in this improve

Wheat closed off 9h to i cont; although the "yarious indications of ment, however,

soybeans holdings of

closed off Continental Western

1 to 1% *** cents. about

Wheat No. 2, red

Spot

Economic balance ap-Europe

the

during the second half of | Eur

учиг

rose

15 restraints upon $1,000,000,000, most of this in- business and consumer demand crease went to West Germany began to take effect, while the and Switzerland, so that not all In the riso, heavy Investment programmes countries shared

Lalin

showed of recent years yielded enlarged | Lall productivo espacity."

improvement, with most of the increase going to Brazil and Venezuela.

Japan Accounted

and

the

America

some

for most of the gains in gold and gold holdings of non-sterling Asian countries.

MARKET

Watson X Ai

Lane Craw 28.30

... 4.72 4.77% 8.10 MISCELLANEOUS

Emporium

Sun Co COTTONS

· Textile

Corp Noby

Vibro

234-223n

232 231

MAX. 231

May July

Chat Dec.

Corn, No. 2, yellow

Spot

Mer.

May Jul

[-194

Bept.

Dec.

Mar.

May

London, Mar. 13.

However, the Bank sided, the Oll shares had a good day. Middle East crisis but other sections of the London shortage of all in Europe along Exchange closed fractionally with sharp increases in oil im- lower in light trading.

port prices, "threatened produc-

Encouraging also has been Shell jumped

more than 3 shillings in

the oils on newstion and introduced a new cost the recent trend toward expand Ryo

push factor, with consequences ing the volume of international shares are now being dealt In

that could not be fully foreseen." tradic A treer pattern of sugar the United States. Royal Dutch

world trude

be Oats chillings.

appears to

Маг. other hopeful I up more than Industrials were ganeraily signs of inflationary curbs, Temerging.

May Some 90 per cent of dollar lower

on strike threats, new rapid expansion of industrial imports have been freed in Soybeans, No. 2, yellow issue activity and Middle Enst production, which in Western Belgium, Germany, Norway and un uncertainties. Ford Motors ecced Europe had been under way Switzerland, and over 50 per Sweden,

Sept. Portugal and the United King- dom...

The domestle No. futures closed unchanged to 1 point lower with sales of 41 contracts.

World contracts buyers paused in face of a lower trend In the raw market today.

Contract No. 4 (world)

May

July

Sept.

Mar.

My

July

Spot-cents per 15.

fob Cuba)

0.11

6.10-11

0.02-10

4.80

4.70

4.00

Open interest: 0.621 contracis.

Contract No. 6 (dementia)

WAS

There

were

the

more than 9 pence.

since 1953, has slowed down in bonds inost

with British Government

countries, declined fractionally unsettled principal exceptions of France by lower quotations for the and Japan. In the United King- pound In world currency dom, industrial output averages markets.

about the same as in 1955. higher. Coppers wOTE

Gold were quiet and lower, Foreign bonds were neglected. Dollar stocks were firm re- fleeting Wall Street strengiḥ- United Press,

0.12

Issues

May

July

Sept.

3.78 0.03 6.00

Nov.

9.90

Bipod-(conts per lb elt

****** 0.70

NY exduty)

Open interest: 3,650 contracts,

Unded Presa.

New York Foreign

Exchange

New York, Mar. 13.

Closing rates were; England offiGIAI

Canada

Australla

30-day

New Zealand

Atrios

London Foreign Exchange

London, Mar. 13. Cidaing rates wern; New York

9.70 8/16-2.30%% Montreal

2.0711-2.073 Amsterdam

10.00-10.66 Brussels Frankfurt

Lisbon Kalles

Parie Blockholm

140.70-140.74

Money Supply

телесед

cont

in

Denmark,

Intra-Europe Trade

limitations

tho

B pot

Mar.

May

July Nov. Barley, Spot

New York flour

200 lb. sack

INVESTMENTS Yangtze

17

6.00

Closing Prices

Alden Inc. hey. Allied Chemicals Allied Mlila Inc.

Am. Mach. & Fary. American Metal

Atlas Cone Mining Baldwin-Ima” Ham. Ballimore & Ohio

Bendix Aviation Corp. Beneficial Finance Benguet Cons Bethlehem Steel Boeing

Airplane

2000 1 8.20 Borden (The) Co.

1400 G 5.85

Singapore

Stock Market

Singapore, Mar. 14. Brokers today quoted following stock prices:

the

Opening Batu Lintang Rubber Co., Ltd. $1.89 British Borneo

Petroleum Syndicate Consolidated Tin Smellars

31/64

$1.30

7416-22

7212-42

Ord.

Trater & Neave Lid. Ord. Fraser & Neave 7% cum.

Hongkong & Shanghai Dank-

pref, ... Limited. #1.07 Gammons (Malaya)

$1.00

ing Corp. 195

Hongkong Tia Ltd,

Kempas Lid.

Linas Rubber Estates Lid.

Maingan Browaries

7/00 BEAT 0.63 $2.659

New Berankish

Rubber

130-140

Lid,

Pelling Tin Li

913.40m United Press,

WINNIPEG GRAIN `PRICES

Winnipeg, Mar. 13. Prices of grain futures closed

As for intra-Europe' trade, about 90 per cent of Imports "This slower rate at growth from other member-nations of

Organisation capacity

for Euro- Dean Economic Co-operation together with the readjustment (OPEC) have now been freed, today as follows: In production patterns that ac- The proposed common market,

curbing companie

of with possible excessivo

demand and there the UK in "free trade aren,” participation br astablishing of a better balance will, ilkely make between

output for Interanliberalisation

the

needs and for exports," the Bank trade, United Press. noted.

יד ,

One of the symptolne or the

postwar inflationary trend has

stay

July Oct.

for more By0 Intimalaria}

May July Got Barley: M

MAY July Oot.

13735

X14XEROC

May Jy

Exchange Rates

been the rise in money, supply Bustha was done in the Lock 31.7514-31-7016 wher countries” turned to the ↑ unoličin MKENSAJIGE. market this 60,10-10.18

printing press for new tinano i moming the following rates: biding to omset budgetary defolia) Harlin (1

döller,

6:10 Credit restraints 4 intonaided Auxiralan need per *** 1987 Canadian wheat

1.7 8. 1875 cents. 14. during 1938 appear to have sum deal) (per-100)

slowed down" bank lónka

Indonesian rupiah (per 100).

10.10

No.

Rafes Hote) Z

Singapore Cold stories an South Britain Insurance Co.

Straits Trading.

Streita · Steamidiy Ungs

Engay Ord.

weame Bros. bu

exdly; cumdiy cumhona.

-China Mail Special.

LONDON METAL.

PRICES

London, Mar. 13,

inces of metals closed today sterling per long tons

Tin pot..

monik Copper spot

Elso tət half MERE

Burrougla Add Machine Canadian Pacific R.

Camo (J. 1.) Co.

Cat. Tractor

Celanese Corp.

C. 1. T. Financial Corp. Chase Manhat. Bank Chryster Motors .... Climax Molybdenum

Colgate-Palmolive Co. Colombten Carbon

Standard Oil of Cal Standard Oil of Ind. Standard Oil of NJ, Berling Drug Co. (item Stokely-Van Camp. Studtaker Pickard

Bwift Co.

cx Co. Lt

Tide Water Ain, OU

| Tone Ing. Ki.....

Twenty Century Fox Film

10.8. Сури

2704%

U.B. Steel

HR | Warner Bros.

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

United Prem

1032

NAMESAKES

9

Answers-1 Indiana, 2 Bear, 3 Brave, Liberty, 5 Racoon, Frontier, 7 Hero, 8 Spooch, Backwoods, 10 Rifle, 11 Btory, 2012 Hunter.

Davy Crockett.

Let US handle. YOUR PRINTING

Too many proofs mean time wasted. Wo grasp the point at the onset and ONE PROOF generally suffices. After that, our upstosdate automatic presses make short work of the for

Let

us

quoto

for

requirements.

your

current

SOUTH CHINA MORNING POST..

·

PRINTING DEPT

For printing of every description Telephone: 20002