1957-04-17 — Page 9

[

THE CHINA MAIL, WEDNESDAY, APRIL 17, 1957.

TRADE

and

COMMERCE SECTION

UK'S ECONOMIC SURVEY HONGKONG

Confident Notes Reported But

Progress

Depends On Further Expansion Of Exports

By SYDNEY S. CAMPELL

London, Apr. 16.

COTTON FUTURES

RECOVER

AFTER SETBACK

STOCK EXCHANGE

[From Our Correspondent)

-da

Business done on the Hong- kong Block Exchange the morning amounted to proximately $585,000. Noon quotations and the moming's transactions:

Shares BANKS

Bayern Hellera

New York, Apr. 16. Cotton futures today switched to the recovery side, erasing most of Monday's setback with the HK Bank.... trading pace quickening on the rise.

The British Government's annual Economic Survey strikes some remarkably confident notes about Britain's exports. Equipment for a further export drive has been considerably strengthened, it says. "With good prospects for world trade, and with a record of rising exports, the external conditions for 7 to a successful year are already present."

Internally, high savings and all possible restraint in Government expenditure should create a situation favourable to the export effort and help to avoid any undue increase in imports when expansion is resumed. But the Survey warns that further progress in industrial invest- ment and further improvement in living standards can come only when the balance of payments has been placed on a really secure footing. Its appraisals were made in mid-March and took no account of the possible effects of subsequent strikes and other occurrences.

increase.

21

- אין

In

Government spending Just year rose by 1 per cent real terms. In noney, civil ex- porxlilure pose by £191 million. Defence -pending including the Suez (peration rose by million.

Mi

MODERNOS

CHICAGO GRAIN

MARKET

Finishing around the day's levels the list ruled net gains of 11 points. The market орелед

to up unchanged

0 points. New Orleans closed up 8 to points.

Moin attention centred in marby deliveries. Leading spot Arms were sellers of around 10,000 to 15,000 bales in May supposedly liquidation in anti- cipating of first notice day mexi Wook.

The offerings, avaliable on a scale-up basis from 35.21, were absorbed by domestic mills and shippers covering against_tex- tile orders

or export commit-

ments,

Chicago. Apr. 16.

after mixed

were

Grains

tord of Trade today.

the

at

Other truders marked tima Wheat was slightly lower

farm legislative opening,

mid-pending but # murning rally brought prices developments or some other in- up. Later there was a light recession which brought prices down to around Monday's close.

centives,

According to the Survey, Bri- tain's prospects deprod mamly un further expansion of

New crop months steadied on poris.

The very heavy invest- ment of the last two or three

covering influenced by the un- industral

favourable interpectation, of the years has improved efficiency and expanded capt-

government weekly crop sum- Investment by private elly.

real Consumer spending

mery, indicating the need for sections many unly term rost slightly--by

replanting in industry is likely to remin

because of unseasonably cool about ita presend high level, and about one half of one per cent.

of fairly irregular activity on the temperatures and wet neids. investment in the haste services | A sharp fall in purchases

am! of fuel, power

Trapet

equipment cars und heus fold building)

modest (including new wind

expected

ta

in- spending on other thing. Abroad, provided there is cluding increares of 3 per cent on clothing, footwear and drink, prolonged delay i restoring full Lo of the Suez Canal

one per cent on tobacco and newed upturn in European proper cent on read duction in the second half

стъ Wages and salaries went this year may be expected. In by 9 per cent, rent, dividends the United States the bocin in and interest by 8 per ceni, business investment may slacken Gross trading profits of com- panies rose less in 1956 than in but generally speaking no great changes from the present pros-

years the increase is previous estmated at about £85 million. perous conditions teem

or 3 per cent, Profis in manu- One way or the other.

facturing Industry probably fell slightly.

Interest payments by com- panies apain rose substantially. Dividend payments also rose, but much less than in 1955 (by £47 agabat £103 million in 1953). Tax payments million in 1950, fell by £50 million.

of

likely,

Markets Expand

Markets 9

should a whole ibus continue to expand, though not so fast as last your. Dollar markets and those of European countries least affected by

the oil shortage will probably ex- The primary most. pard producing countries will in general offer further openings to UK experie

defeit of £19

Profits

us a

up

Soybeans trade was irreguler. Early saics In beans were in- Huenced by a weaker market the for vegetable oil. With

WORLD RUBBER MARKETS

New York, Apr. 16.

Rex rubber today closed 21 to 40 points higher with sales of 37 contracta,

May

July

March

May

30.03

Standard contract closed 32 to 40 polis higher with no sales reported.

May July

September

November

January

March May

Kales

1840 1050 10 1043 3043 30 1045

East Asia INSURANCESI

Unton

240

933

Lombard a 3715

SHIPPING

Wheelocks

17.10

DOCKS, ETC.

Dock h

K. Wharf XD 0%

Provident XD 11.00

LAND, ETC.

7.30 3500 2.20

100

4602

FIK Hotel .. 1431 14.00 65 2316 HK Land

trte) 10,40 Humphreys

15.80 RUBBER

Али

Trust

UTILITIES

Tram

00000

400 3514

1230 @ 18235

1.43 147

Youmatl

Star Ferry

210 21,43

237

101 203

200 up 101

C. Light (0) 2140

213%

200 21.30 200 # 21.50 1900 69 23.40 4200 & 21.40 3000 21.30

Electric

28.00 29.10 1000 20

14 20 1,000 t

32.10

Macs E, 0.80 Tel. (0).. 24.40 24.60 INDUSTRIALA

31.01

Cement

31,85

Hope

.... 3234 2234

B

31.88

STORES, ETC

31.43

Dalty XD

31.18

14.00 15,10 2500 # 13 Watson ..... 11.40 11.00

30.96

LLine, C.

20.30

Nerang

0.15 0.10

Yangisze

..

0

Allied

10

Dealer inter-changing of July contrucs for physical rubber, involving a block of 20 lots,

dominated an otherwise feature- le day. Steadiness of London made sellers hesitant, but buyers wero cautious in

fonowing advances because of the discour oghigly slow demand *from domestic factory interests. Spet Open interest No. 1 Ray was quoted at 32

cents a pound.

The open position in May to day totalled 237,200 bales. The certificated stock increased 089 to 11,800 bales,

Month May

decline of soybeans prices July

Volume 17,500

237,200

8.200

155,400

Oct.

1,000

174,100

became scattered.

Dec.

1.800

103,900

Mar.

1,700

BJ,300

whole

Commission house buying. July some short covering, and the market slipped slightly.

May

3.200

81,000

1,200

$4,800

Oct.

6,200

Total

49.300

NEW YORK

Undistributed profits effer tax koreased by about £40 million. from £1.462 million to £1,313 million, while gros dividend pay- from £706 million

ments rose

Britain's balance of payments million In 1955 was converted into a surplus of £223 million in 1956 (2164 and million in the first half £79 million in the steend). This was achieved by forgoing unstg consumption and production and by encouraging exports which rose faster than any other sector of the economy.

On the whole the Govern Average cornings in fodustry mont's disinflationary policy was rose by about & per cent while Difficulties in the output per man feil. So there was a substantial Increase in Middle East had no widespread

production, | labour costa per unit of output. effect on trade or

Industry. except in the motor They did calbe a severe stain on the external banking tion

B

rather

boom

קנון

Old style contract closed

to off; soybeans closed up lo off conte while wheat closed unchanged to off 4 cent for new contract.

Wheat No. 2, red

10,800 970.000 balen

Prices of cotton futures closed today as follows:

October December

March

Spot

hay

July

May 24(H) 212(L)

221340 2231-11 21414-214

May

July October

22045-4

Spot

July Seat, Dec. Corn, No. 2, yellow

-

NEW ORLEANS

33.28-29

SINGAPORE

The market was quiet with small turnover. After the open- ing at a slight decline the market steadied on Goodrich settlement in the afternoon.

The market steadied through out the afternoon session. Prices: No. 1 rubber per lb.

May

June

་་ ་་་

02-02

No. 2 rubber par b. May 99-9015

No. 3 rubber per ib. May

No. rubber por lb. MAY 8055-BTAG Spot rubber unbated

83,88

ทาง

Blanket crepe

22.00

No. 1 pale crepe

LONDON

Prices of cotton futures closeti today as follows:

Spot

MAY

July

October

December

March July October

LIVERPOOL

Spot

to £753 million. The general plers of company finance in

Sept 1958 is of the rate of capital

Dec. expenditure moderating and of profis being squeezed in corne manufacturing industrieg.

May

July

Jan.

Ryo

May

100%

July

12314-11

Oats

May

July

2216-4 0124

Old contract

Soybeans, No. 2, yellow

July/August

October/November

Spot May July Sept. Nov. Jan.

December/January

March/April

National output of goods and posi-services rose by just over

per cent, the smallest increase

Consumption was progresive- ly checked in 1950. The invest- bu! continued alower. Exporis гоне faster while Imports remained Alable. Stocks were again en- larged, but less than In 1955. Government expenditure creased.

in-

Rising Wages Rising wages and prices con- linued to cause anxiety. Per sonal incomes cose & per cent and pricca rose i per cent. From the spring of 1956 a plateau of prices was maintained for six months. Towards the end of the your the Suez crisis led to

further rise, but not fieand proportions.

trucd high in 1956.

since 1952. Industrial output es

a whole did not expand at all but there were wide divergences in different industries. Chemi- cals did best with a rise of 4 per cent, willie vehicles did worst with a fall of 7 per cent.

Barley

Spot

200 lb. sack

130-140

United Prem. $13.101

WINNIPEG PRICES

People saved 10 per cent of New York four their incomey, a much higher proportion than in any previous postwar year. Personal saving Jumpal from £743 million 1954 ard £1,004 million in 1955 to £1,481 million in 1956,

Personal Income

in

Outllow of gold and dollars million, Tax payments and con-national insurance contributions from the United States

British rose by £133 million and per- Colonies enlarged their imports sonal savings by nearly 500

thekr than

sterling million. In money, consumer £600 balances, Western Germany got spending rose by about

Winnipeg, Apr. 10, Prices of grain futures closed today in Canadian cents per bushet as follows:

Cotton futuro

closings,

pence per lb. were as follows:

May/June

May/June

New contract

May/June

July/Augurrt

October/November

December/January

March/April May/June

的

100-102

COTTONS

INVESTMENTS

H.K. & F.E

Invest.

800 241

800.5

1000 € 2000 4.45

Jordan Situation

Affects

London Market

London, Apr, 10.

market wis The stock Irregular again today reflecting the the Jordan situation and approaching holidays,

British

Government bands

opened caster and closed with declines ranging from £% to

2

"Selective burling and selling

guided the industrials.

WALL STREET HAS ROUTINE SESSION

New York, Apr. 16.

Wide price movement and activity in a few individual features gave an air of importance to what was really a routing stock session today.

The main list held a fractionally side of the previous close on moderate dealings as traders paused to assess the market in the light of the recent strong advance.

Tumover dropped beck below the two million abara mark totalling 1,890,000 shares against 2,010,000 on Monday.

Lukens Steel in a late run-up ut 8 points to 84%, was the chiet feature and the session's most active stock. It stood out sharply in the steel group.

Rails

Rails

wore very narrow.

Ford Motor General Electric General Foods Generni Motors Gen. Pub. BUL deity Oil Glidden Co. ........ Goodrich (B. 7.) Co. Goodyear Tyro

Gulf Oil**** Heyden Howport Corp. Homestaks Mining Co. Ingenoll-Band

Inland Steel Co.

Comp

Interchasers Machines

Int'l

Int'l Harvester.. Jaternationaj Nickel International Paper

Utilities were featured by a intl Tel. & Tel.

gain of 2 points in Peoples Gas. the averages, Measured by Industrials wero off 1.82 points

at 484.32, 1ils off .81 point at 145,59, utililles up 14 at 71.09 and 8G stocks off 39 at 170.42.

Of a total 1,150 issues traded, 400 were lower, 414 higher, 256 unchanged with #2 at new highs, 24 at new lows.

NY Stock Exchange volumno was $3,400,000,

bond

Americun Stock Exchange volume was 910,000 shares.

Dow Jones closing averages

*yero:

30 industrinis

20 Foilm

14 stilles

65 stocks

40 bonda

404,32

|

Jono-Manville Co.

Kennett Copper

Liggett Meyors Tob. Co.

Lockheed Aberaft Loews Incorp. *... Lone Star Cement Co. Lowerben & Sout

Aircraft McDonnell

"Stock" Bege.) Mesabi Iron Corp Minnesota Mining Mission Development

Monsanto Chemical Co.

Montgomery Ward Motorola Inc. National Cash Reg. "A" National Dairy Prod. National Lead National Steel Corp. New York Central Olin Mathieson OUR Elevators

Owen-ilmois Glass

Pacific Gas & Elec. Pan American Airways Paramount Pictures Parke Davis Co.

145.59 Penny

11.09

Penn Salt Co.

110.43

Philip Morris

20.75

Comm. future price index.. 106.78

Closing Prices

Alled Chemicals

Allied Mills ine.

Allis Chalmers.

American Airline

American Cable & Radio Corp.

American Cyanamide Co.

Amer, & Foren. Power Am. Mach. & Fary American Metal ... American Bmelung Am. Sugar Ret. American Tel & Tel. American Tob. "" Anaconda Copper Arco Steel

Armour

Alles Cone. Mining Baldwin-lima-Ham. Baltimore & Ohio

Benedural Finmoe

294

34

17

Proofer & Gamble Co, Pittsburgh Plate Gilais Publicker Industries Pure Off

Hedio Corporation

Republie stoel Reynolds Metal

Bhal Oll Co.

Saint Rog Paper

Bocair Onl

Bocony Mobilaii

Solar Alreraft

(Am

South Puerto Itoo Bugar Southern National Das Southern Raliway (Com.)

Standard Brands Standard Oll of Cal. Standard Oil of Ind. Blanderd Oll of NJ, Steep Rock

Toronto Eng Sterling Drug Co. Stokely-Van Camp. Studebaker Packard Corp.

144 | Bwift & Co.

2016

Terr Coi

Nido Water Ann. Dif

Twenty Century Fox Fin

Union Carbide

...

Most

Bendix Aviation Corp.

001

Union Pacific Railway

a

Benguet Cons....

United Aircraft

Bethlehem Steel

44

UB. Yol "1"

47

movements were limited to

Bowater, shilling either way. although it had a good earnings

The rubber market was quiet-report, yielded 2 ng be

ly steady with spot at 27-3/18 pence per lb. Priors:

No. 1 Has spot.

Settlement homo tesin:

May

June

July/Best

Oct/Doc.

Jon/Mar,

Benent markets, cif bexto

April, May“ and Tüne

Fatale crepe April

in Estate crepe. May

Estate Crepy" thick May

AMSTERDAM

The rubber market was quiet today. Prices closed today in guilders per kilogram, df May

2040

28.20

D

26.51

No. 2 rubber

26.27

No, 3 rubber

$0.20

No. I crepa

SAO PAULO

Cotton

closings, in future cruzeiros per kito were as follows:

July

October December Murch

0.90

39.20

30.30

29.40

In the US the average price of one inch cotion at 14 de- signated spót markets wah uh- available. Total sales et these 2118 markets was 71,100 bales.

KARACHI

19:16

Oats

of signi-

Total personal income rose by about £1,200 million or B per

cart. Real increase in consump tion got

abou! £00

May

July

Oct.

Rye

May

112

July

of the million but the increase was pi-

Oct.

Harley Mas July Oct.

The

July

May

Oct

about three-quarters

in gold and most wholly absorbed by higher Flaxseed world isoreaso dollar reserves. France was the prices. big loser.

of

as follows:

No. 1 rubber

1.43 nom. 1.81 nom. 2.87 nom. 2.01 buyers United PreST,

New York Sugar Market

fore recovering.

Olts wird active and higher. Royal Dutch added more than

Callings.

British Petroleum gained more bsn 2

2

0150

shillings.

Foreign bonds were easier. Dollar stocks where idic,.--- Unlied Press.

Singapore

Stock Market

Singapore, Apr. 17. Brokong today quoted the following stock prices: Batu Lintang Rubber Sp.

British Borneo

leum Syndicate Conselled Tuž

era Ord.

Fraser Bosan Fraser &HARVE Garimps" (MANY) Kád HongKong Spangen

Banking Corp." Hongkong15. Kempark

New York, Apr. 10. World No. 4 sugar futures to day closed 6 to 32 points lower with sales of 1,231 contracts.

The domestic No. sugar futures closed unchanged to 4 Lima Rufiber points higher with sales of 31-Led, .)

Malayan Brewerien the New Berandah Bub

P5 Petauro Lid.

Rates Rosal 159.

contracts.

exdiv

The sharp reversal in world contract was viewed largely a technical situation following the recent sharp rise in opore Cold StoreS

$31978 odeb The Strat to seasonal highs, Some of Straits Sfoarabigy recent buyers decided to realise united nadneers Ord... $0.85 profits pending further deve- Wearns aros ... lopments in the raw market.

Contract No. 4 (world)

The market was easy under May speculative pressure 2131% quidation. It was reported to day that China is sending o chartered ship to load 9215 special

about 25,000 bales this week. New crop sowing in Sind is now procceding under favourable

and in- May weather conditions, creased acreage is expected.

Prices in rupees "per maund Sept

Odl Mar. were as follows:

B1/14 May

2731% 270%

Conndian wheat export No. 3. non-IWA 160 cents; No. 6, 130 ofcents.

In the first half of 1950 Britain's gross national out nett credit from oil was higher put rasa by £1,200 million. A than in either half of 1953; there inth of the increano was real, was some fall in the second half the other four-arths being due owing to the interruptions to higher prices,

Middle East supplies, but over The physical increaso in 1956 as a whole nett receipta stocks was £200 million, fol- were slightly higher than in lowing increases of £300 million 1955.

In 1966 and £70 million in The balance-of-payments sur- 1954. Stock appreciation was plus last year more Than £150 milion, against £200 covered the natt long-term in- million in 1955 and £75 million vestment overpens. On the two

1954,

Robounds together there won in

In real terans, total demand sumphus of about £40 million Exports compared with a deficit of £240 rose by £340 million.

the, in million am 1955, €150

kot

crosse

ion of

0

-United Press.

London Foreign

Exchange

Closing ratoa were:

* Sind roller gin

289r sind railor gin caw gin 2007 Punjab roller gin

0/08

لالحال

0.51 11.07-60 0.67-50

0,00

4.80

4.89

489.

4.09

$3.00

-China Mati Sporini.

NEW YORK METAL

* FUTURES

New York, Apr. 10. Prices of metal Tutures closed today in canta bor b. as follows: Lead Ap Zinė

B3/14 Jul

12/14 Bept.

S776

United Press.

Spot-cents per 1h. fob Cuba), 6.70 Open interest: $1,005 contracta,

Control No. 8 (doméɣtio)

May

July

LONDON METAL

Bapt

1.80

Nov.

Copper pril To

PRICES

Bpot-(cents per lb. clf NY

[ex-duty)

15.00

Open intérest:

Ipption, Apr. 10,

United Prem,

(standard) (Brit)

Press.

Prices of metals client today.

i sterling per long 20h as fefNew York Foreign Exchange Rates

London, Apr. 16.

lows:

715-207.7/10

Fixed.investment was Liabilities to no-sterling New York £80 million up, following the countries wero greally, reduced Mootresi niso

of E100 million In 1965. during 1960 and large second-Amsterdam

a much line reserves have been mobi-rusia) Britain is Investing

Trankfurt blation and rising proportion of Beach On, balance, nearly all of Lithon bon.ranourges, Over the past six the dollars received for the palen Yours fixed investment hos bad of the Trioland Oil Company Vienne no lɛme than a furd of tho in wore pus back into pon-stadlog Dibers were und

Invatechina' Mall Spacial. crosso in metlobal outqut, q

Zinich

Tin spot .. -3-month* Copper: spok

Lead and fait Zine End hast

Bellero

Exchange

*** New York, Apr. 18. Cing rates were;

Belgium

Business we done in the local zumrlot thin morning at the fol

| 1,8. dollar · (por · #13; Mostralian moben, (per, #1)

rupiah -Singapory". Chtralia)

10190.8/16 - Indonesian

Horing Arplane Borden (The) Co. Burroughs Add Maching Canadian Pavile R.

Can (J. X.) Co. Cat. Tractor

Celgene Corp.

1ST, Financial Corp. Cha Manbat. Bank Chrysler Motore Climax Molybdenum

Origato-Palmolive Colombian Carbon Co. Commercial Credit Commonwealth, Eloc. Consolidated_Edison) Continental Oll of bel, Crown Zellerbach Cuban Amer: Bustar Plamond Alkal Dougins Aberaft Dow Chemicals Dupont de Nemours Eastern Airline Eastman Kodak El Paso National Gas Family Finance Corp, Firestone Tyre & Rubber

US Opour

5945 | 5.8. Line Co. 40% | 0.9. Rubber 24U.B. Smelting

US. Bioni

15%

2015 | Water, Bros.

16

BI

Westinghouse Electri Western Union Tel. Co West Va. Pulp & Paper Woolworth

ited Press.

NAMESAKES

Answere:-1 Tragedies, Historical, 3 Revision, 4 Come- dies, 3 Act, 0 Censbr. 7 Books, 6 Omit. 9 Words, ip Editions, ji Delete, 12 Chronicle, 13 Chat-

acters,

Thomas Bowdler (Editor who "purified" Shakespeare).

TYPHOON MAP

with revised codes in force as from 1st April, 1956;

$500 MOUNTED

from

$4. UNMOUNTED

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HONG KONG & KOWLOON