THE CHINA MAIL, THURSDAY, MARCH 28, 1957.
TRADE and COMMERCE SECTION
DEAR
MONEY LITTLE HELP Australia Might
TO STERLING
Funding Policy Not So Good
Last Month
London, Mar. 27.
Cotton Traders
HONGKONG Awaiting New
STOCK EXCHANGE
(From Our Correspondent)
Incentives
WORLD PRICES
New York, Mar. 27, Cotton futures today opened steady and tions and the morning's trans remained on a slight upgrade for rest of the actions:
Dear money has ceased to be much if
Business done on the Hong- Exchange this *tock has become kong any help to sterling. It
morning sunounted to approxi- Noon quota- irrelevant. Sterling and the dollar reserves mately $310,000
mainly depend
overseas appraisals of Britain's politics and her economic dynamism.
now
on
session.
Buyers Sellers
Bates
U7
11,000 ( 8
Shares
GOVT LOANS 3 ME? HANKS
INSURANCES
Overseas' opinion is well aware that Bank the British can tighten their belts; what it wants to be shown is that they can soundly d expand.
election
Disinflation in the sense of But the timing of the SCOW equating physical supply and de-issue is inexpleable. The dates mand can just as well be pro- of the Lownington cured by stimulating production as by repressing consumption and investment,
The expansive way is much the pleasanter; after two years stagnation of overall
r
Industrial output there is plenty of scope for it.
110
Politics which runthug that stagnation have Future in vither polities
economics, Probably they are out alrendy; by or before Budget Day on April 9 they may be seen to be out.
Fleducing
Squeeze
the
residual ten- @lon in the laboutr market probably requires
monetary disinflation.
further The key
to that is funding, to squeeze the banks' liquidity, Again, it well be done by can just as lowering short rates
by raising longer
Elther ones. the necessary
method gives
Inducement to go long.
ns
The easy way is the more pleasant, and might well be the more effective,
The good linses for sterling and the economy are the times when the authorities do
Sonks good funding. After brillant hand- ing in December and January there looks to have been à mis- handling in the past month.
The double-talk which accom panied the cut in the Bank rate -with
anct the
result and of the end of the last
account of the Stock Exchange in advance, year were ktown
at the time-iablo of the ship- Building and engineering wage negotiations was only a
tule Juss definite.
Was obvious a month o more ago that non of the date! hod:f much good fou the | 10
market. What possessed the steel denationalisation agency to buy the whole lot?
All told, funding polley in February
has been not nearly good enough. That being 80, and the people on the job being wide awake and skilful, the log!- cal expectation is that it will
much now become China Mail Special.
beller.
TAIWAN TRADE
MISSION TO
SINGAPORE
Singapore, Mar. 27
Formosa has cabled the Slu-
Chamber
of
Valen
SHIPPING Wherlock
20 1018
After
initial (LT)
spurt activity, however, trading ful tened out as buyers and sellers
of
WORLD
1010 1020 0 1010 marked ime pending erop news, plus Washington developments on fanm legislation or other now incentives.
0
900
..
3749
за
0.70 6,70 300 15 0.70 5000 4,73
Closing prices ruled up points to off 1 I point. The market
opened up to 3 polls. 1000 0.73 Orleans closed up 6 points.
8
New
Arin
Nearby months held relatively covering by recent (TI
RUBBER MARKETS
New York, Mar. 27.
closed Rex rubber contract
200 g 44% sellers. Routine domestic mill today 5 to 12 points higher with
and shipper covering sales of 127 contracts. buying agat export commitments, found a limited supply of von- tracts.
DOCKS, ETC K What Duck XD Provident (0)
100
102
44
19
11.20
LAND, ETC. 11 _ Hotel
XD
Land
bireys
Mar.
31.00
13.70
Really
#4 2394 3010
10.00 133 1.375
May
31.00
July
31.35
Posulbilities for
higher
Sept
36.10
government
loan rate
on the
Μαν.
30.83
30.69
RUNDER Amualst
new crop, and heavy sales out
Mar.
30.45
1.4355 1 4735
Trun
of the government surplus stock,
1.021, 10712
acted to restrain sellers.
Standard contract closed 5 to
UTILITIES
Trom
21.00
000 21.00
Star Ferry Youmali
150
101 103
400 @ 100
on this year 200 102
ever, me resistance on the ad-reported. vances, Selling was attributed parily to reports the administra.
Mar.
May
July
Sept.
relax allow
Nov,
Jan.
Prices ree-sawed
C. Light 101 22.40 22.70 Electe
29.40 29.80 Telephone INDUSTRIALS"
Coment
Bot STORES, ETC. Datry
Watoun Lotto Craw COTTONS Textile
400
2
500 22.00
300g 20.30 24.00 24.00 2000 24.30 32% 13! 30 up 33
1000 e 33 12.00
13.00 16.30 1000
12 11.70
20 2816
... 4.0723 4.77!S
Corp. Nanyang INVESTMENTS Yangtze
8.15 8.23
0.05 0
Far forward deliverks, how- 12 points higher with no salus
my recommend 10 Connessional action
and production controls price support to ilide lower,
However, Agriculture Serrot
Indicated he will ary Benson not press for action before 1958, The certificated stock remain- 10.12 ed at 10,430 bales,
10.10
500 - 10.30
14
500 15.00
CHICAGO GRAIN
Grain,
Month
May
July
October
Volume Open interea
535,000 13,600
8,700 101,800 170,100 14,000
December
10,000 103,700
Marsh
3,600
71,200
May July Toisi
3,100
66,000
2,500
44,000
50.000 1,020,300 bales
NEW YORK
31.90
31.00
31.37
31.10
30.05
30.03
on the ter-
Liberalise
Imports
Melbourne, star, 27. The Australian Federal Cabinet expeoled to
approve tonight a plan to liberaltao importa si a rate of more than A£50 million FORE, the Melbourne Horld's Canberra corres- pondent writes.
ཝ
kie said the plan would Increase
the number of Hoences granted for a wide range of products. It would Come into effect on April
The over-all relay Uan would be in the reg
of 10 per cent, the curr dent writes. But it was not likely to be applied to " flat rate basis.
Capital goods, essential raw and semi-manufactured materials for Australian Industry and certain con- sumer goods in short sup- ply were expected to re- octvo special concesiozze.
Twion this week, Federal Ministers and ofciats warned that Australian must not come
Industry
to regard import control As a protective instrument to supplement the tariff.
The new schedules аге
expected to embody attempt by the Trade De- partment to introduce a now element of prico competition.
Larger
imports of cer- tain selected lines may be permitted to prevent effluent domestic produc
tion
becoming entrenched behind the Import (leensing system, the correspondent writes,--China Mail Spe-
cial.
Quality Goods From Japan
WALL
Pare &
STREET INCREASES TURNOVER
New York, Mar. 27. Rail shares, utilities and special issues in the industrials highlighted a stronger, more active stock market.
The rise, which lifted market valuations over half a billion dollars, was considered chiefly tech- nical.
Dow Chemicals
There was nothing in the | Dougles Aircraft day's nows to account for the improvement except in a few special situations such as the copper stocks which responded
to word of small
prices in-
Dupont de Nemours Extern Airline Eastman Kodak
Family Finance Corp.
El Paso National Ga
Firestone Tyre & Rubber
General Electrio
creases among custom smelters Ford Motor a reversal of recent trend.
The General Foods coppery had gains of a point or General Motors
more,
to Gotty oll
Shamrock Oil responded newe of a big well completion
Gen. Pup. Uti Glidden Co.
Goodrich (B. F.) Co. Goodyear Tyre
with a gain of close to 2 points,
The utilities ran up .64 points Gult Oll
Heyden Newport Corp.
on average to 71.25, close to flomestako Mining Co. their 20-year high, Industriais Ingersoll-Rand were 88 point higher at 473.12 Interchemtest Corp.
and ralis 83 point higher 144.17.
at
Volume Up
Volume was the best in a week 1,710,000 shares compared
Inland Blee
In Dusiness Machines Int'l Harvester International Nickel International Paper Int'l Teide Tal John Manville Co. Kankan C. Power & Light Kennecott Copper Liggett Meyors Tab. Co. Lockheed Alteraft Loews Incorp. .... Lone Star Cement Co. Lowenstein & Sona, McDonnell Aircraft (Am.
Stock Exge.) ..... steels Mesabi iron Corp. Auto-Minnesota Mining
with 1,000,000 on Tuesday. US Hoffman Machinery Cities Ser view,
Bethlehem Steel and Lukens were
the most active
tentured the
issues.
Lukens
with a gain or 3 points. motives were Arm. declined.
Chemicals
Mission Development Monsanto Chemical Do Montgomery Ward Out of a total 1,107 Issues Motorola Inc.
appearing on the tape, 497 were National Cash Reg.
National Dairy Prod. higher, 351 lower and 289 un- National Lead
New York Central Olin Mathieson
of Elevators
changed. There were 47 how National Steel Corp. highs aci, 30 new lows.
NY Stock Exchange bond volume was $3,580,000.
Stock American volume was 800,000 shares,
Dow Jones closing
wero:
minal market as traders moved For Trade Fairs Industriale
to consolidate positions after the recent sharp decline. After a
opening, hesitant
prices edged up to fatr-sized gains but after the noon hour dropped off again, then closed
ona feeble rally. The generally higher trend re-
flected the sables and through ip offerings.
stendier Landon the lack of follow-high
Eastern shipment
Late Tuesday, Thaliand re- portedly sold between around 1,300 tons of three, four end
20 Tall
Exchange
Owen-Ullnow, Glas Pacific Gas de Mec. Pan American Airways Paramount Pictures averages Parke Davis Co. Penny 1. C. Co
15 utilillea 65 stock 40 bonds Comm. future price index
Closing Prices
Industrialised Alden Inc. Acy.
Allis Chalmer American Airine American Çabio & Radio Corp. American Cyanamide Co. Amer, & Forgn. Power
in the 92
New York, Mar, 27. will Japan
featuro quality at the forthcoming US goodle World Trade Fair at
Now York's Coliseum in April 14-27. A widely diversified array of
quality
as well as artcrafte Allled Chemicals products will be on display Japanese booths.
Sponsored by the Japan Ex- ternal Trade Recovery Organisa-Am. Mech. Fory. tion, items 03 general intere t include
ra, radio and hi-fi camera, equipment, cosmetics, sporting
badminton equipament,
Instruments, Optical that quets, from offerings
home motor scOOLÉIS, dried
overnight.
cir Dome, the factory buying C mained on the small side. Spot No 1 Rss was
quoted at 314 cents a pound,
Prices of cotton futures closed five sheets May-June shipment today as follows;
at 90%, 29% and 28 cents ย and pound, respectively, cost freight.
MARKET
Бров
May
July
Chicago, Mar. 27. continued
October
10
move
December Marcht
May
July
eastern
Spot
Kay
35.500 34.22
34,73
33.44
33.38
33.41
source
34.19
52.02
34.00 35,19
34.71
33.41
33.30
13.40
gapore Chinese Commerce Indienting it pru- higher on the Board of Trade posts to send a tindo delegation; for the second day. to this British Crown Colony
NEW ORLEANS Wheat prices advanced with sometime in April, it was re- the report that 300,000 bushels ported today.
of hard wheat from Chicago Prices of cotton futures closed Tuls offer follows a recent
suld Wis
buyers. Loday as follows: leller to the Chamber from the
the southwest And
reported the Bank of England China International Trade Pro- good milling demands which fury ane set of explanations motion Board of Peking, which also influenced the trading. giving
A October Treasury Ministers suggested
Communist Calny nem
oil vegetable
market December
March quite another-stopped the most would be interested in sending helped push soybeans higher May promising de facto funding inde mission to Singapore,
Wheat closed up 1 to 2% | July operation in its tracks.
An immigration official £13
cents; soybeans closed up to confirmed Intent on avoiding a booming Singapore market in git-edged, the uu- delegation from Formosa had thorities seemed to forget, or at applied for permission to visit
other people to Singapore least to allow
le
the application forget, that they needed a sound and absorptive one.
being considered.
Exaggerations
They may also have over- looked the effect of slumping freights and casier commodity
that
33.37
But
up
SINGAPORE
The market opened lower on Dvcrseas advices and it enged further in active dealings.
The market steadied shortly before clogo on roports of further unrest in Indonesia. Futures; No.
ADMI Nature closings, in May
No. 2 rubber, per lb. April pence per lb. were as follows:
2437 No. 3`nubber per ib. April -87 Old contract
26.47 No. 4 rubber per lu. April 16-07 20.33 Spat rubber unbated B996-001& 20.05 Blanket crepe· 5'1
Cotion
LIVERPOOL
rubber per
27.01 No. 1 pale crepe
The
LONDON
rubber
21-014
7-79
market wed 60.00 Bicady with spot quoted at 27%
pence per lb, Prices;
| No. 1 Ras spot
[1
Spe
2 cents Wheat No, 2. red May 22(H) 221
222時は
2234
July
1*
21734-
Mar/Apr.
Sept
2199
May/June
Det.
2234
July/Aug.
Fly had not so far received any application for entry from Peking.-Rouler.
Coni, No. 2, yellow
Oct/Nov.
Dec/Jan.
Spot
1324
New, contract
May
13232-12
July
136%
Sept.
1303;
Dec.
131!!
NEW YORK METAL
Mas
July
17722-128 125-1-120
FUTURES
Mar/Apr. May/June July/Aug. Oct/Nov. Dec./Jan. Egyptian Karnak Jan./Feb. SAO PAULO
20.20 $21.40 20.15 20.00 28,00
Oats
Settlement house lenn:
New York, Mar. 27.
May
72
May
27-2734
1-2735
July
Prices of metal futures closed today in cents per lb. as follows:
Soybeans, No. 2, yellow
Spot
Mny
March
14.25
July
April
13.10
Sept
Zine
Nov.
barel
13.10
Jan,
05?
244 2421-243 23044-2381 2013 229-1 232
Cotton cruzeiros
future
closings,
in
June
per
kilo
were
46
July/Sept.
Oct./Dec.
follows:
Jan/Mar
May
37,95
July
38.95
General marketa, cif basta
April
Oct.
39,10
Dev.
30.20
May June
Mar.
30.30
April
13.00%
Barloy,
Copper
Sput
330-140
at 14 do-
officials have been scrambling
2023b
New York flour
to board products
which they
April
was
29 40h
200 14. ruck
913.200
Tin
March
700,00*
to unload.
If they expected businessmen
April Marets
April
on business sentiment, prices particularly as affecting inven torics and private import de- mands, This
may be a part of the price that has to be paid for the wild official exaggerations Lead
the all shortage.
of
Having ritfuded themselves that there were shortages where
in duct there wore gluts, the
ought to have been scrambling
March
and motorists to be equally itra- ] + "(Standard))"† tion}, they probably
better now.
know
The current funding opera- ot tion, the denationalisation Stepi Company of Wales, la bril- lant in dividend policy, at least by comparison with what has boon imposed on the rest of the steel industry.
It is also far inore attractive and logical for pension funds than are most of the other things what those funds buy and hold,
Treasury Issue
More logical, in particular, thinga
than much
sd
the
19.00
101.00ht
WINNIPEG PRICES
Winnipeg, Mar. 27. Prices of grain futures closed today in cents per bushel as follows:
1094
100,000
(Strell),
Unlied Press.
LONDON METAL
Oats
May
PRICES
July
Oct.
Ryo
July an
Oct. Barley
Вцует
Sellora
May
701
783
July
7271
Tris
Oci.
2401
23034
2301 Flaxseed
May
June
112
July
Ze 2nd halt Mar
OcL
2183
DI
Candian wheat export. No. 3,
United Press,
London, Mar, 27.
May Prices of metals closed today in sterling per long ton follows:
Tin spat
th
Copper spat
3-month Lead 2nd halt Mar.
Treasury's Elerrály 314's. Selec New York Foreign
Son of the Treasury issue for
the formal funding operation implied a belict in come official
quartor that this country's pon«
zion funds are run by nit-wits.
Exchange
New York, Mar. 27.
Closing rates were:
Why on earth should the tax-Canada
free capital gain be supposed to Enaand Ometal
New Zealand
be most attractive to the one Bouth Africa group of investore to whom it Belgium
Arachting site
1.94.23/32
and No. & both were unchanged. -United Press.
London Foreign
Exchange
36.753.3/10
2.700/16
New York
**United Press,
la least relevant, fnammuch as Others, were unchanged.
all their income is tax-fr007
Loodoo, Mar. 27.
In the US the average price ale crepe thin May
of one-inch cotton signated
23.07 cearts.
spot marketu
Total sales at these markets were $1,157 bales United Press.
Singapore Stock Market
Singapore, Mar. 28. Brokers today quoted the following stock prices:
Opening Batu Lintang Rubber Co, Ltd. $1,90′′
Petroleum
· Belish Borneo
Byndicate
Consolidated
Ord
03/-
32/-
Tin Smeltere TOT & Neave Ltd. Ord. #7.1a Trasy # Neave 74 cur
prei, Gammon (Malaya)
$4.05
A)" Limited 13.10 Hongkong&Bhanghai Banking
席から
Corp.
Kompan Ltd. i
thick April AMSTERDAM
The rubber marleet was quiet
Wanishing
kitchenware,
rac-
American Metal American Sinelung". American Tol & Tel
American Tob. "B" Anaconda Copper Armes Stool Armour ..... Atlas Cons. Mining Baldwin-Lima-Ham
pels, foodistus, bicycles, sewing Beneficial Finance machines, wools and coltons, and many other products.
The Japanese exhibit will also include a Japan modem crafts centre, covering 1,000 square Prefabricated in Japan, it feet.
taken apart and shipped, Was neross the sea to be reassembled at the fair.
About 100,000 buyers from all over the world are expected to attend the multi-nation fair United Press,
New York Sugar
Market
New York, Mar. 27.
4 sugar futures World No, closed unchanged to 4 points higher with sales of 317 con- tracis.
The domestic No. G sugar futures closed 2 points higher to 1 point lower with sales of
65 contracts.
Commission houses and trade buying
rallied the world contract after a shaky start. market held unchanged although traders expected
of
buying by France.
Wag
too early
a tesumption Holland
The raw
and
ft
Havana advices Indleated
Prices closed today in guilters 1957 crop Because only twe
per kilogram, cit April follows:
No. 1 rubber No. 1 rubber No. 3 rubber
No. 1 crepe
ગ્રામ
to estimate the small mills have finished grind-
However, some ing
guesses 200 nom.
the crop may reach 2.77 nom, indicated 2.68 nom. the official Agure of 6,150,000 177 nom. Spanish long tons. This would Unlied Press.
year'a reg- compare with last tricted crop of 4,000,000
Lively Rush On
London Market
London, Mar. 27. Industrial shares advanced on
a broad front today.
Olls were popular with British
.'
long
tons,
May
Contract No. 4. (world)
July
0.17 16.01.05
מנם
Spot-(cents per ib, tob Cuba)
Open Interest: 9,300, contracta
May
Skep
Μαν.
Contraes No, & (domestlo)
Petroleum at one time up more apot-toents per, 15. elt NY
than five shillings. "Anglo-Egyp 77/70
Hongkong Tin Ltd.
$1.69
Luna Rubber Estates
047
#2.00)
Malayan Breweries
·New Berandali, Rubb
Petaling TI
Haffiew Hotel
· Bingzvoro Cold StoreN
· Bouth, Br{tali:
Lith
United Cont Weara
Mtumdiy Special
Uan: "wers hill tip about Others were
three shillings.
shilling
e-duty)
Open interest: 3,443 pontr *** United Press.
1217 | Talk that the bank rate will
$2.11
be lowered brought a lively
rush for British
governments,
២ដង។
5.70
Exchange Rates
Kirvene was done in the local
fing them by amounts range unome exchang
ing from two to eight milling
́at the follonging-males
dolar - (per. $1) 4.
"In the foreign bond." scollän i sterilor noten (pay (21) Baltle and Grock bande met | At
demand, Tolak mocker Indore in rupiak par 100)
hi dudluulted Press,
Salem Loa (pwr (100)
Hingapore" - (Strašta)
473.12 Pen. Salt Co. 144.17 Philip Morris
11 Procter de Gamble Co.
167.68 Pittsburgh Plate Glass
90,04
Publicker Industries
150.00
Pure O
Radio Corporation Republic Steel... Reynolds Metal
Shell Out Co.
Saint Reg. Paper
#17
863%
Sinclair bil
3
18
Solar Aircraft
Sopony Mobilo
South Puerto Rico Sugar Southern National Gas ....... Southern Railway (Com.) Standard Branda.
25 Blandard Oil el Cal.
Standard Olt of Ind. Standard Oil of N.J.
17712
7416 Stoep Rock Toronto Ex 6216 | Steráinst Drug Co. BS1% ( Stokely-Van Camp
18% Studebaker Packard Corp 21h Swift & Co.
Texas Co
Tide Water Asen. Oil Twenty Century Fox Film
0812 Union Carbide
Union Pacific Railway United Aircraft
20
Bendix Aviation Corp.
Denguet Cone.
Bethlehem Bloat
43
47P
U.S. Foil
U.S. Gypsum
40
U.S. Line Co.
3412
ÜB. Rubber
US. Smelling
0315
U.S. Steel
Boeing Airplane Borders (The Co Burroughs Add Machine Canadian Pacific R. Case (J. L) Co. Cat. Tractor Celanese Corp.
IT. Financial Corp. Chase Manhat. Bank Chrysler Motors .....
Cilmax Molybdenum
Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Commonwealth Elec. Consolidated Edison Continental C of Del Crown Zellerbach Cuban Amer. Bugar Diamond Alkali
10% 4412
Warner Bros.
Werlinghouse Electric Western Union Tal, Co. Wert V. Pulp & Paper Woolworth
United Praes.
NAMESAKES
Answers 1 Join, 2 Fox, Hunting, 4 Song. 5 Gallop, Deer, 7 Horse, 6 Cumberland.
John Peel.
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ANNUAL
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