1957-04-04 — Page 9

THE CHINA MAIL THURSDAY, APRIL 4, 1957.

TRADE and COMMERCE SECTION

UK MARCH RESERVES SURPRISE

First Quarter

Figures

Prove

HONGKONG STOCK

English Electric

137 Exports To Nations Last Year

Very Satisfactory|| EXCHANGE

By SYDNEY S, CAMPELL

London, Apr. 3.

(From Our Correspondeat),

Business done on the Hong- kong Stock Exchange this morn- Ing amounted to approximately Noon quotations and $580,000. the morning's transactions:

HILL Buyers Selters

East Anta

INSURANCES

The rise of $62 million in Britain's gold and dollar reserves during March an- nounced today surpassed general expecta-k tions. It was not due to any windfall from the International Fund or the. Export- Import Bank. Britain has not yet drawn on her stand-by credits with those institutions.

of dollar all alone, A Treasury official remarked | purchases that the rise in March 1aised ; without counting the loss of the reserves to $76 million above dollars previously earned by re- the end-1930 level, despite con- sales of

tinued very henvy oll expendi- [oil.

ture throughout the quarter.

This expenditure is unofficial-

ly reckoned to have been about

$30 million

a month for extra

Treasury Survey

Starts Buying

On London Mart

London, Apr. 3,

Middle East

Early Months

sterling

Lombard

SHIPPING Wheelocks

་

244

Bajos

40.7 1005

London, Apr. 3. The giant English Electric Company exported engineering products ranging from diesel engines and aircraft to power station equipment and railway locomotives, to a total of more than 137 countries last year, Sir George Nelson, Chairman, revealed in the company's 38th annual report recently.

14319

371

05 6.73 4000 @ 0.70

Ink

441% 441: 12.00 13.20

500 N 4

DOCKS, ETC. K. Wharf Dock XD Provident

LAND, ETC.

HK Hotel 14.30 14.40 |1k| Land

304%

(1) Hanhphieya Heulty

ZOO 11

10.00

1:35 37

NUMBER Amalk

343 1.4715

the

Tr

1.00

170

450 1.470 3000 e 1.48 024 or 1.63

21.40 21,60

102 103 22.30 22.00 20.20 29,00 245 24.00

BXO 100

In these circumstances, March and first-quarter Agures may be regarded as satisfactory, even allowing for the seasonal factory that ought to be in sterling's favour In the early months of any year.

India drew $87,500,000 from Be international Monetary Fund during March but the London been reserves appear to have leas affected by this operation than they

by

wert

UTILITIES Tram

Yaurati X1

CLigh Electric

Triephone

India's STORES, ETC.

300 24.00 27 24.00 22024.00

INDUSTRIALS Coment The pe

121 33 12 84

.... 13.00 10.20

11.00 1.00 CHA

200 10.10

4

4.00

500 4.70

4.35 125

9.83

similer drawing of $59 millon Dairy

Sy kan this respect, In

$82 million Koin of

Stocks met

In February. good support on the London Stock Exchange London's today.

Buying was touched off by the Treasury's 1956 economie survey which showed

handsome balance of payments and the improved labour outlook.

Industrial stocks were up six to nine pence. Some special Issues ran up almost 3 shillings,

Olls opened

higher but re- treated from their highs later in the session when demand dried up. Royal Dutch finished with a gain of £ and Burmah Canul cased 3 shillings. Sucz

£ 2.

Dollar stocks improved some- what reflecting yesterday's strength in Wall Street.

Forelim bonds were mostly unchanged-United Press,

New York Sugar

World

Market

New York, Apr. 3 No. 4 sugar futures closed unchanged to 8 points higher with sales of $58 Core- tracts.

Domestie No. 6 stigar futures closed 2 points higher to 1 point lower with sales of 183 contracts.

Steadiness in the world con- tracts reflected the firmness in raws where a revival of buying Interest by France and

other

countries is expected shortly.

Contract No. 4 (world)

May

6.16

July

0.30

Sept.

6.10

Oct.

1.00

Mat

4.800

May

4.70

July

4.15

Sept.

4.74

Bpot-(centa per lb. fob

Cubal

B.10

Open interest: 9,347 contracts.

Contract No, & (domestic)

May

6,73

July

6.70

Sept.

1,40

Nov.

5.83

NY ex-duty!

Open interest: 5,388 contracia.

5.70

-United PreDE.

Spot(centa per tb, elf.

London Foreign Exchange

London, Apr. 3.

Closing rates were:

Now York Montreal Amsterdam Brusela Copenhagen Frankfurt

Мира QAD

Stockhala

Vianna Zurich

2.7874-2.78 15/16 2,67 0/10-2.07 11/10 20.00 14-10,651 140.77/6-148.83

10.433-10.44

21.29 (U-21.8214

19.00-19.003%

United Press.

Exchange Rates

In March may have been firmer thun the February galu of $83 million,

Overseas sterling area coun- teks bank their surplus foreign exchange

in the London re- serves, as India has done with her IMF dollars, but they also draw on the reserves for their foreign exchange requirements, and there is some evidence that India was in fuct drawing as well as paying in.

Exceptions

ભા

COTTONS

TERUJ Nanyang INVESTMENTS Yongly

The report, which ranged, circuit breakers in the Bout de station at switching from a comment on the "deep 1'le Interest" of the company in the Montreal. This station controls Prime Minister's policy regard the power fed into Montreal the Berstmis Quebec European from integration of trade to 11 review

the Hydro-Electric schemo, of company's home and overseas

Included in the Metalcind these subsidiaries, made

switchgear flold were two 11,000 pointe:-

voli 350 mVA distribution at the United Atomic Energy Hall "A"

Stoom tions: Tho

turbine instalia-swilchboards

Central Kingdom UK Electricity Authority report that Authority'a Calder

Station.

In 1950 their first, third, and most effelent stations fourth were equipped with English Electrio

turbines and sicam alternators.

In the export feld, Engilsh order for Electric received an the first two 100,000 kw turbo- alternator sets for installation in Australia.

Steel works machinery: 1056 was a record year, too, for orders received for rolling mill drives.

home and for both

Of particular Interest export.

Company's share in

a new is the

£80,000,000 steelworks to be built at Durgapur, West Bengal, for the Indian Government.

Valuable contracts were

Jute,

Bankruptcies Surge In US

Washington, Apr. 1. Congress was told day that US bankruptcies kave merged to new peak this year that ' will surpass the recora high Bož fa the depression year of 1982.

A Democratie Congress- man called the situation

The revised farsound was made by Edwin L. Corty, Chler of the Federal court's

made public by

" House Appropriations sub-committee.

Corey PAK! Dis “ytregent estimate" is that the num- ber

of bankruptcy cases filed during the It months anding next Juno so will reach a record high of 72,000, as compared with 62,020 In the year Inst June 30.

record of The prevent 70,049 WE set in the fær

ending June 30, 1952.

Covey did not attempt to explain the rigo or try to economio interpret significance.

Sub-committee Chair- man John J. Hooney how- over termed it "alarming." -United Press.

WORLD

RUBBER

MARKETS

New York, Apr. 3.

contract today Rex rubber Atomic power generation:secured in the textile field for

electrification or Negotiationa are progressing the

with sales of 64 contracts. between the Central Electricity cotton, wood and synthetic fibre closed 5 lower to 5 points higher

Moy English mills at home and overseas, and and the 100 28.30 Authority

July a mumber of large plants were Electric Company, Babcock & Wilcox, Taylor Woodrow Group commissioned, for the construction of a Nuclear Power Station in Somerset,

LONDON METAL

PRICES

London, Apr. 3. Prices of metals closed today in sterling

aa per long too follows:

Tin

Apot 3-month Britain's defcit of £3 million Copper spet

3-month was wholly due Lend ist half exceptional French

Zine To reduce Franoda | zine EPU deficit the Bank of France ordered all French banks to

with the EPU lo certain operations.

Lead

During the year, the company shipped diesel electric shunters and train equipment and electric multiplo unit train equipment to the British

Diesel electric locomoves ways

New to Rhodesia, Jamaica,

Argentine and the Zealand,

and electrical Netherlands, traction equipment to Australia and India.

Aircraft: Production of the Electric Canberra con- English tinued during the year both for the Royal Air Force and for oversens countries; namely India, Peru and Venezuela.

Over 750 Canberras have now

Sent

Nov.

Jan,

Mar.

May

∙Page

Wall Street

Closes

With

Steady Steels Up

New York, Apr. 8.

Mild resistance developed in late trading to- day after nearly two sessions of strong advance on nothing more conerete than an “improved feel- ing."

While most prices pared substantially from the day's best, the market closed steady and there were numerous strong features.

General Electric General Foods General Motors Gen. Pub. Getty Oil Gildders Co. Goodyear Tyre Out of

Volume WOŚ heavy on the Ford Motor Carly advance with trading running at the best poce since early February, The later, cas- ing was on reduced tumtiover which ett totul sales for the session 140,000 shares below Tuesday at 2,100,000 shures,

Higher

Leading groupa Wene un formly higher on average-in- dustrials 478.31. up 0.76 point; raile 145.21 up 0.78; utilities 71.51,

up 0.19 and 00 stocks 100.00 up 0.45 point.

Steels were among the best of the groups; rails in the average group were up fractions for the most part.

traded,

592

Beyden Newport Corp. Hrinesinke Mining Co. Ingersoll-Rand

Inland Steel Co. Interchemical Corp, In Business Machines Int'l Harvester International Nickel international_Paper Int: Tei & Tel John-Manville Co.

Kansas C. Puwer & Light Kennecott Copper

Liggett Mayara Tob, Co. Lockheed Alteraft Loews Incorp.

Lano Blar Cement Co. Lowenstein & Sons. McDonnell Aircraft (Am, Stuck

Exge.) Mesab Iron Corp. Minnesota Mining

Marion Developtrent Monsanto Chemient

Montgomery Ward Motorola Inc.

Of 1,145 gues were higher, 294 lower, 269 un- changed. There were 03 new highs sel, 23 new lows.

Stock Exchange bond National Lead

Exchange

AN

Stock American volume was $4,700,000.

clume was 1,300,000 shores,

closing averages Dow-Jones

31.65

31.85

31.20

were;

30.00

30.80

30 Industrials

30.00

20 sulla

15 utilities

Standard contract closed points lower to 5 points higher with no sales reported.

May

July

Sept

Nov.

Mai

May

31.80

31.35

31.20

31.20

31.00

50.00

30.00

than 350 have been bullt under licence in the United States and

Prices closed on a note of a further number in Australia.

Latonsive devolopment of the steadiness, influenced by dealer English Ele

Electric P. 1 fighter air-covering and the steady London craft has gone on during the market, plus reports of some and has resulted in a European buying of afloat rub- year

Locally some "selective considerable production order bor,

buying" by small and moderate- for early delivery.

The orders at present in hand sized factories developed some

Electric business. will

English keep particularly Important facilities employed for order was for hydro-electric | years ahead. generating

Buyers Sellers

778

Hydro-electric installations: 105 24034 245 The company's work in the 24512 25% hydro-electric power generating

feld continues to grow,

113

lat half t half 1st half

112

112

99

DO

United PreR.

One

SUO

plant and trans- formers for the Grant County Guided Weapons: Through- Administration in the State of out the year English Electric

bring home all the sterling and other foreign exchange that

of work on mulded weapons "has accumulated since New York Foreign Washington to the value

they

bad

1955.

This

Exchange

clawing-back operation len France with a

EPU

defteit. grievous very

New York, Apr. 3. Germany's

when Ögurca

Closing rates were: published will no doubt show Canada

1043% surplus-China England mell

another large Mall Special.

Others also unchanged.

86 stocks

40 bonds

Comm, future price index

Closing Prices

Ailled Chemicals

Allied Mills Inc.

Allla Chalmers

American Airline

American Cable & Radio Corp.

Amer. & Forgo. Power .... Am. Mach, & F'dry, American Metal

Anterican Smalting Am. Sugar Ret. American. Tel & Tel.

American Tob, p Aureanda Copper Armon Steal Armour

Offerings were moderate with

Baldwin-12710=Ziasta. prices mostly on the high side.Alay Cons. Mining

Baltimore & Ohio Spot No. 1 Rss was quoted at

Beneficial Finance 31% cents,

Bendix Aviation Corp. Benguet Cone... Bethlehem Steel

SINGAPORE The market opened higher on made the most excellent pro- approximately $25 million.

.We can now reasonably better overseas advices but gress... Probably the most interesting claim to be in a position of cased on lack of interest in

bydro-electric wor of the many

devise quiet featureless market, major standing....We

There was Umited factory completed during the and build into the weapon its projecte year was the commissioning of electronic brains and sidlis as interest today. Futures the first of the

as the servo-mechanisms No. 1 rubber per 18. Apr. 001-0016 English Electric are supplying which constitute its muscles and No. 2 rubber bet ib. Apr. ant-60 for the Bersimis-Lac Casse Pro- adnews" ject of Commission. This first developed 190,000 hp, which,

machines well unchanged

United PreES.

NY COTTON MART

HAS VERY

SLOW SESSION

WORLD PRICES

New York, Apr. 3. Cotton futures today see-sawed narrowly on either side of the previous close in one of the slowest sessions of the year.

After swaying within a six- | point range the list closeri net 2 lower to 1 point higher. Open ing prices were up to off 2 points. New Orleans closed off 1 to 5 points.

of the Quebec Hydroche!

the year.

No. 3

Boeing Airplane

Burroughs Add Machines

Canadian Pacific R

Case (J, 1.) Co.

Celanese Corp,

Cllmax Molybdenum

Co.

478.31

National Cash Reg. National Dairy Prod

National Steel Corp. New York Central

in Matlicon

Otis Elevators Owen-linola Glass Pacific dss & Elec. Pan American Alawaya Paramount Platures

Farke Davis Co. 1431 Penny F. C. Co.

71,01 Penn. Salt Co. 169.08 Philip Morris

90:07 Procter & Gamble Co. 158.07 Pittsburgh Plate Glass

Publicker Industries Pure Ou

Radio Corporation Republie Bissel Reynolds Metal

$847% Shell Où Co.

294 Saint Reg. Paper 34% Sinclair Oil

18% Socoty Mobikoli

Solar Aireract

10% South Puerto Rico Sugar

Southern National Gas

26

Southern Railway (Com.)

50% Standard Branda

1311

10

Standard Oll of Cal.

1774 Standard Ol of Ind.

Standard Oil of N.J.

854 Bleep Rock 1Toronto Ex

47

IB

12

'Sterling Drug Co.

Blakely-Van Camp.

21% Studebaker-Packard Corp.

Swift & Co.

45% Taxas Co.

2014 Tide Water A, QU

0015 Twenty Century Fox Pum Union Carbide...

195

434 Union Pacino Railway

40 United Aircraft

3014. U.S. Foll "B"

34U.S.. Gypsum

U, S. Line Co.

U.S. Rubber

U.S. Steel

Warner Bros.

Westinghouse Electre

6731 Western Union Tel, Co. West Va. Pulp & Paper Woolworth

it

Д

144

Cat. Tractor

1015

U.S. Smelting

May 9015-0015

C. I. T. Tinancial Corp. Chase Manhat, Bark Chrysler Molors

44

*

71

87-08

+1

85-00

Colgate-Palmolive Colombian Carbon Co.

438%

80%-60% 79-01

85-17-

Commercial Credit Commonwealth Elec. Consolidated Edison Continental Oll of Del. Crown Zellerbach 4 Cuban Amer. Sugar Diamond Alkall Douglas Aircraft

Dupont de Nemour

1804

2016-271%

El Paso National Ga# Family Finance Corp.

LONDON

No. 4 Aero-engines: The Napier Spot rubber unhaled

Blanket crepe hich, 3,000 hp End propeller turbine No. 1 pale crepe "as far se we are aware, is the engine passed its official type test maximum

tar during output so

Many air obtained anywhere in the world lines, in the USA and elsewhere, The rubber market was very from any single shaft water are studying the competitive steady with spot quoted at 27 turbine".

advantages

of Converting their pence per b. Prices: fleets of piston-engined No. 1 Ros spot

Settlement house term: aircraft to

to turbo-prop aircraft May

Jung using

Bland, the Napler

July/Sept. Development of the special Dev/Dec. adaptation of the land for the Jen/Mar Falrey Rotodyne helicopter and General markets, cif basis, ports: the Westland 40-seater West-4- minator helicopter is

La continuing. Jude

Diesels: The Napler Deltic high speed diesel is giving good account of itself in service with the Royal Navy, and it has now been ordered by eight other

Commonwealth and navica

Gazdic

free

كهة

thick May

AMSTERDAM

2016-271% 2016-271%

201 buyers

"Very satisfactory" progress Estate crepe thin May The first orders for the Deltic

has been made Napler's in Canada and the USA have

acro-engine-the and latest been received for marine

The rubber market was Industrial purposes, and it has, turbine. Gazclio for shaft driven

helicopters. The been selected for the first time boon selected by the Royal Navy guilders per kilogram, cit April Prices closed today in steady. the main propulsion

Wese to power the Westland

as follows: machinery in a merchant ship.

helicopter and by the Royal No. 1 rubber Trans-Air Force for the twin-engined No. 1 rubber 330,000 Volt

No. 1 rubber Bristol 192 belicopter.

Na, 1 crepe- formers: Research and develop- NEW YORK

ment work on the

ho- phenomena Compular research: the with

Over" | search and development continue Prices of cotton futures closed associated

increasing voltages required on in the

computer Acta

and today as follows:

power transmisdon

Use systems already very considerable brought spectacular results in

Spot

May

July

Oci.

300.

Mar.

July

8pct

35,48

33.18

SIAN

the form

formers

33.80

39.01

This

for tra

2.50 buyers 250 buyer

2.9 buyers -United Preis.

Singapore

Stock Market

the

Singapore, Apr. 4.

quoted Brokers today following stock prices:

of the first orders being made by commercial, research and design organisation placed in

of the Deuce Computer Service Buakless originated mostly

at 330,000 which English Electric have among the professional talent,

at the Nelson with spot interest, abippers and

passing two 182,000 Va, 3-phase Research Laboratories 10 other trade accounts kientincti

NEW ORLEANS

banks will feed onergy from Blafford and at the Computer on both sides of the market,

Aumralia's Prices of cotton futures closed

Snowy Mountains Centre in Marconi House,

the presumably evening-up positions today as follows:

Hydro-Electrio Scheme Into 210 | London, an straddle or adjusting

accounts. Qutaido

traders

ers transferred attention to the stock market, and other faster-moving com-

like cocoa and sugar. -Other operators marked time pending emp nows, textile market developments Washington

Cottoni, future, closings, in legislation, possible future price pence per lb, were as follows:

Bydney power distribution net- There are now seven Deuce Balu Lintong

event,

Dec.

May

supports and soll bank pro- May gramme influences.

The corticated stock ro mained at 10,280, bales,"

LIVERPOOL

Of

on

form

Old Contract

July/Aug

Dety Jan

k

Volume Open internat

500,000...

July

13.100

170,000

#beking a (pyr £1);.

8,000

100 100

Australian mosted" (vue, at 1})})}:

Mar.

8,900

Indonesian rupiashi (per 100)

17.89

8,000

Biem. Moas, (per-100)

singapore. (Henki)

00.000

1,903,900 balin

Busnom se done in the local Month

430champa・ merkezi this May martina at the codowing rates in

order for Another

Computers operating in Britain 330,000 volt transformers was and two customers have placed niso roosived from the Central repeat order—-LPS, African

34.00

59.8

work.

54.68

33.83

33.00

33.04

Foderation for Karibe Gorgo Schame involving three 240,000 KVA banion.

Smelters Ord.

S-phase NEW YORK METAL ord. (cumdiv)

Transformer business in the dollar area has been maintained

FUTURES

Home New York, Apr. 3. Prices of metal, futures clo

Dow Chemicals....

Eastern Airline

Eastman Kodak

Firestone Tyre & Rubber

A

United Prasa.

NAMESAKES

,

Answers: ---- } Nursery Nourishing, 3 Merchant, 4 Pies, 5 Flavour, 6 Purchase, 7 Cus tomers, 8 Falc, 9 Simpletons, 10 Bought, 11 Consume,

Simple Simon,

NEW COMPANY ?

From the word "GO"

place your printing order where you are assured of personal attention, expert designing, the finest materials and craftsmanship.

From Articles of Association. Share Certificates to Letter Headings and the many other essential Items, consult the Printing Department of the South China Morning Post, Ltd,

Rubber Co. Ltd. British Boruss

Opening

$2.00

Petroleum Syndicate .....

60/%

Consolidated Tim

31/01

Fraser de Neave

12.30

Fraser & Nanye

16% cum pret

$4.00

Garmona (Malaya), Kamited. $.07

Hongkong Shanghet

Banking Corp

$800

Call in at any time

Honkon in Ltd.

7/70

$1.55

and examine specimens

15:251

Lunas Bubber states Ltd. Melayan Breweries (ekdiv) $2.50 Kew Serendah

of quality printing which 100 shall be proud to shme

Rabber: Co. Ltd.

Petaling Fin. Ltd.

Ranies Hotel

Bingapore Cold Storage

Boulk- British.

Insurance Co. L15.

Strook

Buat Trading

United Engineers: Ord

20.45 | amch/Inchadden tình 245,000 tin toàn Kentu per 1b..

105,000/ Volt generator, trans follows. formers, which rank among the Lead Apr. largest manufactured anywherd

in the world.

Switchgsäri-1955

voli 5,000 mVA. AL

May

Tin Apr

May.

Wearne

Moming Post Build Printing Dept.

H