1957-04-03 — Page 9

THE CHINA MAIL,

WEDNESDAY, APRIL 3, 1957.

TRADE and COMMERCE SECTION

Pressure On Sterling HONGKONG AMERICAN RAILROADS FIGHT

'Danger Of World Common Market'

Underrating Us' Says Economist

By SYDNEY S, GAMPELL

London, Apr. 2. However oversold it may already be, sterling has to take some temporary pressure from the current internal and international uncertainties.

or

At present low levels of cocoa and other commodity prices, and with the achieved impending independence of Ghana, Malaya, Singa- pore, the West Indies and Nigeria, it faces some Colonies and constant pressure ex-Colonies.

from

All of them are substantial

and substantial dollar earners sterling creditors, They have beer plling up sterling balances to Britain's advantage, and will henceforth tend more to live on *them Britain's expense.

Fortunately, despite the far too low level of the gold dollar reserves, sterling should be wall able to take these pro- poctivo pressures—because they are almost the only

that are in jwospeel.

Run-Down

pressures

Whatever inay be coming from

1

31

Babilities

of run-down

Lo

countries. those sovereign countries. side and outside

these

and

ac-

Poses Problems

For GATT

Geneva, Apr. 2.

The International Committee of the

General Agreement Tariffs and Trade (GATT) will

On

WORLD

RUBBER

MARKETS

New York, Apr. 2. Rex rubber contract today 18 to 30 points higher closed

the

May

meet here an April 24 to dis- with sales of 88 contracts. cus procedures to be followed

jater consideration European Common Market treaty in plenary session, it was

for

announced here,

Usunity well informed sources.

زندان

leated that some nations, not- ably the United States and 30 points higher with no sales Canadu, were anxious to see the reported,

Parlia tremy ratilled by the

of tho menta

trealy nations before it encounters possible objections on the grounds of in- compatibility with GATT provi

sions.

STOCK EXCHANGE

(From Our Correspondant)]

Business done on the Hong- kong Block Exchange this morning amounted to approxi- mately $449,000. Noon quota- tions and the morning's trans- actions:

45

Beiss

1000 17 1600

21.80-90

Shares

Sept.

31.30

BANKS

XX Dank

J

Buyers Balleru

1658

Μόν,

21.18

Jan

30.05

East- Aala

244

Mer.

30.75

INSURANCES

Union

940

Standard contract closed 19 to

CQ 950

Lombard

37

SIUPPING

Wheelock

6.40

0.15

1500 @ 0.70

DOCKS, ETC.

K. Wiart

101

100 101

31.07

Dock XD

443

31.70

Provident (0)

13.20

100

13.20

31.50

LAND, ETC.

31.0

IK Hotel..

14.20

14.40 1000 a 14.20

30.99

1K Lund

3014 1100

30

30,74

W

(Ita)

3174

11

30,50

Humphreys RUBBER Analg Trust

10.80

1,45 1.471 1.025

4.12

1.40

1,70

1

STILITIES Tram

...

Yaumati XD C. Light (0) 22.40 22.00

29,20 2019

21.30 21.70

500 ( 31.

1000

400

102 103

100 m 102

1800

May

July

Sept.

Nov.

Jan,

Mar.

May

century by the arrangement for

The six nations--France, Italy, Dealer covering brought a interent postponing both

Germany, Beiglum, Luxem-smart rally at the close, al principal in bad years.

bourg and Holland-aiready have though overall activity was on

Aide. frun certain a waiver

GATT the quiet

A paucity of Even if the outright waiver of

to allow the shipment offerings and a higher Be interest only had not become obligations

Pool Coat-Steel

to stock market affected sentiment, unlavokable, it would have been European less useful. Meanwhile the $104 operate, but the comunion market Part of the buying was thought Eiretgle

posts far more intricate prob-to be on arbitrages against sales million put inter suspense

Telephone 241 24.GU at London, stould lene, the waiver

including Colint for

preferential inter the reserves treatment for Colonial terri-

The real was it Intra-dealer INDUSTRIALS come back

Tories-Chinu Mall Special.

switching operations, including Cement

Hope fairly soon.

exchanges of September-Decem-STORES, ETC.

the shipment Dairy ber contracts. La market, sinali Indonesian offer- ings reflected political uncertain- | Lene ties there.

Thailand WUN reported of the market Renerally out following cheap sales yesterday. Singapore offerings were light

Inventories in general

have

been built up both in Belain NEW YORK METAL anci Et overseas countries, so that the inadequate

nonetary reserves are bolstered

re-

by very adequate physical

DOT VES.

to existing mute the one into the other.

both

In any case stand-by mone-

have reserven mobilised from the International

la-

area, have been must

stering tary the

valuably

FUTURES

New York, Apr, 2, Prices of metal futures closed today in cents per lb. as follows:

April

the sterling swereign new

There is Mane possibility that Inventory liquidation may trans-

145

May

Z

April

May

bern

Api

STA

Tun

APME

May

Apru

May

(Standard),

recent

worked down over recent years | Monetary Fund and the Export- and puthulaly V

Import Bank, and these are not the only possible Bources if needed.-China Mail Special.

months.

That piastre having already bren taken, to uc beyond the limit, does not have to be taken again.

There are other ways loo In which Britain's and sterling's position has been almost trans-

In

formed for the better.

generally Bombre reylow

Britain's debtor position

Pro-

fessor Jewkes has nevertheless Jately written that "our funda-

economic

strength

mental

greater than ever; at the mo- ment there seems to be a much greater danger that the rest of the worki

མ་

Los will undermic

rather than everrate us." There

is much reason to belleve

he is right.

that

The competitive position has been fortified by two years of

witch disinflation,

has solidated the economy for a new and much healthier

con-

15.236 14.900 13.Dub

12.706

30,650

30.655

07.70b

$7,70b

and higher, and about a cent! over Thailand sales yesterday.

of stries Paris confirmed April-May shipment one sheeta to New York at 31% cents a 8.75b 1 pound, cost and freight, with Strait)United further buyers cent under.

demand locally Factory mained slow with spot No. 1 Rss quoted at 32 cents.

SINGAPORE

Cotton Futures

After

94.75b

Irregular Steady Opening

WORLD PRICES

New York, Apr. 2.

Cotton futures today settled back irregularly

new

The market opened higher on

advlees boller overnight

and ruled sleady during most of the day with only minor fluctuations, There was good interest for lower sheat; factories quiet.

Future closinga were: No.1 rubber

ib. per April

were

May

90-003 014-01

No. rubber per ib. Apr. 831-EP No. 3 rubber per ih. Apr. 80-28 No. 4 rubber per lb. Apr, 26-07 Spot rubber unbaled

Blanket crepe

90-00

*78-00 50-90

LONDON

No. 1 palo crepe

The rubber market was very steady with spot quoted at 21

Prices: No. 1 Ram spot

Bettlement house term:

pence per lb. advance

which could start almost as soon

as the present labour troubles

are surmounted.

The millstone of dollar debt is

appreciably lightened

this for

Copper Mine

Strike In Rhodesia

The strike

Northern Rhodesia, Apr. 2.

of about 000 European daily paid workers at

in quiet dealings following a steady start.

Gains up to 35 cents a bale were converted into small net losses with best part of a light tradeel/Dec. centring in new crop deliveries.

Closing prices ruled one point lower to 3 points higher; the market opened off 1 to up 5 points. New Orleans closed un- changed to up 3 points.

Technical reasons, and further generous moisture of the south- western producing sections, along with favourable erop com- ments from other sections

Spot

May

July

Oct,

Dec.

Mor.

MAY

July

NEW

ORLEANS

OVER IMPORT OF IRON ORE

New York, Apr. 2.

RAILROADS of the Eastern

States have become embroiled in a new struggle over the increasing traffic in from Imported ord

Labrador. The New York Central Railway has arranged to set up an all- rall route in co-operation with the Canadian National Ball- way and bas moved to reduce rates by 26 onis per ton from the St Lawrenov River poris of Si Antoins and Contr2ooour to the Youngstown,

Oblo, steel

mill distries, efective on April 5. This would compete with present water-rall youtem vla the ports of Baltimore Philadelphia.

Proitsia have already been filed with the US Interstate Com mtroo Commission by the Baltimore Western

and Oklo. the

Maryland and Can-

ton Ballroads. The Pennsylvania Railroad has proposed to cut its own rates for movement of ore from La. brador

through Philadelphia to the Youngstown arta, ant

SHARP INCREASE

IN TRADING ON

WALL STREET

New York, Apr. 2.

The better undertone in stocks, evident in 10040 recent sessions, pushed to the fore today on sharp 1000 24.00 ly increased turnover.

100 24.70

500 32.75 334%

321 12.00

10 10.20 18.00 11.00 800 11.80

Walpor

Craw

COTTONS Nanyang

0.15

2014

0.26

Demand developed early for copper stocks, reflecting price increases at the custom smelter 2000 15.1 level, and for steel shares on the growing feeling 000 11.70 that the inventory adjustment in the industry may 5000 just about have run its course and that there will be no precipitous drop in steel production.

2000 @ 3.20

CHICAGO GRAIN

MARKET

Chicago, Apr. 2. Graine closed irregular on the Board of Trade today.

Last-minute rules of wheat brought prices up after new seasonal lows had been recorded during mid-morning trade.

Favourable carnings

and some optimistic

helped

Loews Incorp repurta

Lane Stai Cement corporate

Lowenstein & Sona. individum) | McDonell Alteraft fortensts

Stock Exge.) specialties and in the late trad-

Improvement spread Mesabi Iron Corp. ing the

Minnesota Mining Miston Development throughout the list,

Montgomery Ward

une of

The sharp increase in volume was looked on as

The best features of the move, with turnover of 2,300,000 shares the heaviest since Feb. 13, **- ceding Monday's total by 680,-

000 shares.

Gains

Going In the steels ran to

3 more than points. Copper gains ranged to 8% points,

Reports of favourable moda- lure over the winter wheat belt and Iquidation had pushed prices down in early wheat trade. But buying of futures credited to flour millers and exporters shortly after под

Rails had mostly changed the trend Soybeans gains, Vullies were very nar- prices fluctuated with the price row and irregular. of vegetable oil,

Wheat closed unchanged to up 3 cent; soybeans closed up 1%

to of conl

CHICAGO

Prices per bushel in cemis: Wheat. No. 2, red

December

2014

12074-120 11

Бров

22230

May 273%(X) 2224(L)

2235-15

Max

June July/Bapt

Jan/Mar

27~2745

2015

July ......

September

21416- 2171

Corn, No. 2, yellow

Spot

5.45

26-1 2032 -2014 General markets, cit basis, ports: April May

May

July

1303% 12916-55 1331%

September

December

20%-27

Bye

33.18

June

20-30

May

34.07

Estate crepe thin April

July

33.84 33.47

Estate crepe thick April" unquoted

Oats

AMSTERDAM

May

July

The rubber market WAS closed today In stendy. Prices guilders per kilogram, clt Ápril

Soybeans, No. 2. yellow

Spot

May July

as follows:

No. 1 rubber

No. 3 rubber

No. 1 crepe

34.00

35.17

04.00

53.57 33.67

of Prices of cotton futures closed | No. 2 rubber the belt, combined to put the today as follows: copper mine con-market on the defensive,

the Mufulira

tinued today. The men stopped

work yesterday morning as

Observers recalled that prices

protest against the suspersion of at Monday's highs showed

four Umber-men who claimed bonus for work they sald was exceptionally dangerous.

The job entalled shoring up a section of the mine where large cave in operation progress,

Д

+

in

An inspector of mines who visited the section declared that the job had been planned to accordance with mining regula- tions.

ta

cumulative gain of about $3 to $3.50 a bale over the past month. Other sellers reasoned current prices may largely dis- 'count possiblilies of a higher government loan rate as indicated by Agriculture Secretary over the weekend.

New

LIVERPOOL

Colton future closings,

New York

2.61 paid 2.35 ryers

254 buyers

2.78 buyers

United Press.

Sugar

Market

New York, Apr. 2.

World No 4 sugar futures

closed today 3 points lower

to

in

pence per lb. were as follows:

12 points higher with sales 488 contracts.

of

20,45 20.32 20.14 lower

ver with

Orleans brokers were old contract

llers accredited

of nearby May/June May. Spot interests were small July/Aug. Mr Ben Petersen, the General New Orleans, Charter

buyers against purchases

Secretary of

Northem the

was reported Rhodesian

Mine buying European

December and Maren Workers Union, had talks with

on a scale down. the Mufulira Branch Committee of the Union but would make no statement-China Mail Special

LONDON METAL PRICES

at

Oct/Nov.

render la the New contract decilnes

Dec./Jan. Mar/Apr.

May/June

July/Aug.

Oct/Nov.

Dec/Jan.

Mar/Apr.

The domestic carry-over of raw cotton at the season's end next July 31 is expected to drop 2,500,000 bales bo 12,000,000 continued.

bales compared with the 15,529,- 000 bales carried over into the present season.

Egyptian

sociation notijled

Karnak

Domestic No 8 sugar futures

September November January

Barley

Spot

New York flour

200 lb. ancie

宇宙の 23115

330-22994

2301

130-140

$13.30

ited Press,

Singapore

Stock Market

Singapore, Apr, 3. Brokers today quoted closed unchanged to 2 points following stock prices:

20.09 tracts. 28.03

salta

of 22 con

the

Opening Balu Lintang Rubber Co. Ltd $2.00 British Firmness in world futures re-

Bosheo PetroJetim 28.35 flected the higher raw situation 26.41 and anticipation of activity in

that sector next weeks,

26.00

Reportedly, Franco on April 9 will enter for some 50,000 long of Cubans for Casablanca. Ger- подпу on the same ginto is to offer 35,000 tons of The Liverpool Cotton As-scheduled

that because raws to Yugoslavia.

Dealers belleved if the sale to Department of Agriculture of present currency restrictions estimated

with Egypt, directors Yugoslavia is consummated Ger- cotton exports this on trade

not man buyers will replenish in seasoĆI will exceed 7,000,000 decided, until further notice, the world market.

to aud

delivery period another bales compared with 2,200,000 bales shipped last season, Domes for Karnak futures. Thus trad- tie consumption W18 figured ing was discontinued, as of last around 8,750,000 bales compared week with expiration of with 9,200,000 bales

March/April period, and

will such remada suspended until time ng the directors may de- The certificated alock remain-cine to add another delivery 90% od at 10,280 bales,

period. United FreM.

London, Apr. 2. Prices of metals closed today per long ton as

in sterling

follows:

Tin spot

3-month

Buyers Seller

776

7071

708

245

246*

11294

113

24615 your

112

113

Zine at half Apri

Copper, 2001, 3-month

Lead 1st Half Apri

NAMESAKES

་

used last

143,000

Month

Volume Open Interest

May

10,400

509,400

July Ort

0.000

107,400

19.400 0,400 1,000

2 May

5,000

July

6,200

167,100 70,000 79,000 40,000

Total

Answer-1 Denouement, Nothing 3 Vorges, 4 Public, 5 Choba 0 Entertain, 7 Curtain, 0 Play

Dogberry (from Shakespeare's "Much Ado About Nothing"").

cum, pret.

60/ed

$2.12

$4,08

Consolidated Tin Smellors Fraser & Neave Ltd. Ord. Truser & Neave Lid. 7 Gammons (Malaya) Limited 12.01 Hongkong & Shanghai Bank.

ing Corp.... Hongkong Tin Ltd. Kempes Ltd. pos Lunas Rubber Estates Ltd.,

alayan Breweries ...

fractional

Industrials, measured by the Daw-Jones

were up

Monsanto Chemical Co. Motorola Inc. National Cash Reg. National Lead

National Dairy Prod. National Steel Corp. Now York Central

Mathieson

Otis Elevators Owen-Minota Glass Pacific Gas & Elec. Pan. Am Airways Paramount Ple Parko Davis Co. Fenny J. c. co. Pann. Salt Cʊ.

Phillp Morrie

Procter & Gambie Co. Pittsburgh Plate Class Publicker Industries Pure Oil

Indio Corp. Republie Steel

Reynolds Metal Saint Reg. Paper

Shell Oil Co.

Sinclair Ol

similar rate outa by the other roads may follow "unlong to Government agency refures to the allow the reduction for New York Central Present cost to move ore from Labrador via Philadelphia to Youngstown was reported as 35,45 për tom, while the cur- rent rate over the rail route from 8t Antoine was $5.71, ao- cording

to the New York Central

The 26-oent rate out would, therefore, equalise the 'rates over the two routes—Chlan Mall Special.

Strike Call-off Sends London Market Up

London, Apr. 2. Union leaders called off the paralysing shipyard and factory strikes and the stock market respond. ed with sharp gains mainly the government bond

in section,

War Low rose 20 shillings,

Old Consols gained 16 shillings and others were up at least five shillings.

Blue chip industrials Jumper ahead by one or two shillings when the news hit the market. Shipbuilding shares

more than a shilling. Rayco added

331

10

Amer.

36

4016

chillings,

2041

A South Puerto Rico Bugar

average, 2.57 points to 477.55, their best level since Jan. 31. Ralls climb ed .67 point to 144.43, their best since Feb 7, while utBities dipped 11 point to 71.42 largely because of a point drop in Peoples Gas. The 86 stocks com- posite average at 188.03 was up ,64 point.

Of a total 1,134 issues traded, 540 were higher, 322 lower, 272 unchanged, with 47 new high set, 23 new lows.

New

York Stock Exchange bond volume was $3,930,000.

Stock Exchange American volume was 1,010,000.

Closing Prices

Alden Inc. Acy,

Allis Chalmers

Socony Mobil Solar Aircraft Southern Natiotini Gaa Southern Railway (Com) Standard Brands

Standard Dil of Cul. Standard Off of Ind. Standard Oil of N.J. Studebaker-Packard Sleep Rock (Toronto Berling Drug_Co. Stokely-Van Comp. Swift & Co.

Tide Water Asan. Oll

Exe

recovered

Rolls-

more than two

Burmah gained more than two

shillings in

27 Petroleum was

0414

120

300

the olla. British

up more than

shilling Shell Trinidad

again was in demand and added 3744 five shillings.

20

Foreign bonds were quiet and unchanged except for a small

43x4 improvement in Gecek ItemA. --

6024 United Preas.

301

New York Foreign Exchange

New York, Apr. 2.

Closing rates were: Canada:

England official

30-day

2.0036

278 18/20

2,787/

2.7814

2.33 2/10

2.1 5/10

3.77 10/10

•

90-day

BO

Australia

01

New Zealand

South Africa

TAIL

Holland

33

30%

india

2003

Pakistan

3005

Others WBC unchanged-United

Press

Texas Co.

Twenty Century Fox Flim Union Carbide

110

New York

Union Pacific Railway

27

Montreal

T

United Aircrafi

Amsterdam

5516

Brussels

4015

Copenhagen

Frankfurt

Milan

US. Gypsum 1.8. Rubber

U.S. Smelling U.S. Sted

1.8. Feil "RA

U.3. Line Co

Warner Bros.

3 1774

Werlinghouse Electric

Western Union Tel Co. 80% Well Va, Pulp & Paper 291

Allied Chemicals

Allied Mills Inc.

American Airline

Amor, Cable & Radio Comp

1814

American Cyanamide Co

78

American melting

Amer, & Forgn. Power

18

303%

American Metal

Amer. Mach. & r'dry,

Amer. Sugar Ref

Am. Tel & Tel

Am. Tob "" Anaconda Copper Armco Steel Armour

Alias Cone. kiiming Bakwire-Lima-lam. Baltimore & Ohio Benefcial Finance Bendix Aviation Corp. Benstart Com

Bethlehem Steal

Boco Airplane Borden (The) Co.

Burroughs Add Machine

Canadian Pacio

Case (3. 1.) Co.

| Cal. Traco

Celanese Corp.

C. 1. T.. Francial Corp. Chrysler Motors Chase Manhat, Bank Cilmax Molybdenum

Colgate-Palmolive Co. Colombian Carbon Co. Cols. Edison

Commercial Credit Commonwealth Elec.

Continental Oil of Del. Crown Zellerbach

Diamond Alkali

Dow Chemiexis

Pano National Gas

Family Finance Corp.

Firestone Tire & Rubber

433,60 Ford Motor

General Fetele

General Foods

1000

7/7d

Cuban Am, Sugar

$1.50

G.BO

Douglas Alteract

$3.001

Lid, ning

New Serandah Rubber

Du Pont de Nemour

42.57

Eastman Kodak

Petaling Tin Lid.

$2.72

Eastern Austine, yo

Kaffes Hotel

$2.35

Bingapore Cold Storage

$1.03

· Contract No. 4 (world)

South British Insurance

the

May July sept. May. May Jub

6.15

Straits Trading.

$27,40

0.14

Straite Bloomship

17.00

4.11-12

United Engineers. Ord.

General Motors

Weare Bros

$2.94

15.09

4.77

cumdiv. texdiv. – Chie

Mall

Gen. Pub, Uш. Glidders Co.

Special

Sept.

Spot(cents per Jb. fol Cuba)

Closing futures prices were all unquoted from Sao Paulo,

In the US, the average price of one inch cotton at 14 đơn 10,300 1,018,200 bales agnated spot markets was 33.88 NEW YORK Prices of cotton futures closed today as follows:

Denta

Batas totalled' 12,848 balós,=== | United Prose,

Open Interest: 9.267 contracta,

Contract No. 6 (Domestic)

Jub Sept Not. spop-Coente per ib. auf NY #x-duty)

Open Interest: 3,389 contracía.

Exchange Rates

Goodrich (BJ.) Co. Goodyear TITO

Gulf of

Heyden Newport Corp. Homestaks Mining Co, Ingersoll-Rand

aland Steel Co.

In Huinea-MachineN In Harvester

· Thirdem was done in the Jocelint Nickel unofficial archâtige mariet -thie | Inti Tel & Tel morning at the following rates: Interchemical Corp. Ü.8. dolar (per #3) squadines 6.11 International Paper

10.30 0120-Manylile Co Hterling notes (por" 21)

11.00 Cam C. Power & ilg Australian" notes, (per 1,00

Kennecots Copper

Indonesian rupiah

Biam tives Zwar:200)

(Straško)

Bingapore

(per 100) 17:20,

155

United PreR.

DIST

London Foreign

Exchange

London, Apr, 2.

Closing rates were,

Lisbon

Oslo

Paris

Stockholin Vienna

Zurich

2.07% 10.04

15/16

80.06.10.16 15D-1700 19.0714-19.9735

-United Press.

79,70-72.83. 17.204-12.27

FATHERS-

encourage your children's quest for knowledge

THE

BOOK OF RECORDS

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