1957-04-23 — Page 9

1

THE CHINA MAIL, TUESDAY, APRIL 23, 1957.

TRADE and COMMERCE SECTION

Pago 9

COMMONWEALTH ECONOMIC BODY COTTON FUTURES

Creation Of One Like European Organ Needed

From

RONALD BOXALL

London, Apr. 22.

Many things have happened since the last meeting of Commonwealth

Prime

Ministers. There has been a whole series

HONGKONG STOCK EXCHANGE

(From Our Correspondent);

Busines

morning

And the morning's

Shares Buyers Hellers,

Bales

Special

Issues

In Demand On Wall Street

CHICAGO GRAIN

MARKET

Chibago, Apr. 22. Grada futures were mostly weak to hoovy on the Board of Trace today.

IRREGULAR

AFTER HOLIDAYS

New York, Apr, 22. Cotton futures today moved irregularly in quiet post-holiday dealings,

New crop deliveries developed relative casines while nearby months held steady on covering before first notice day on Wednesday.

uncer-

NEW YORK

35.28

Pricca of cotton futures closed today as follows:

Spot

May

July

October

December

March

May July

October

Liquidation of new, crop con |tracts in wheat pushed that

grain lower and new personal. New York, Apr. 22.

Closing on a reaction the list. Open May contracts' today jowa were established

in most finished up 2 to off 29

points. totalled 178,400 bales> The Stocks, made further modest headway on in- contracts.

Opening prices were up 1 to oft certificated stock Increaseď: 322 done on the Hong-creased turnover today with special issues again

Good moisture conditions and 8 points, New Oricans closed off to 11,122 bales. kong Stock Exchange this

the government's announco-3 to 27 points. amounted to ap-

price support redue- out performing the general market on individualment of

Sagging tendencies in for- proximately $228,000. Noon developments in the news,

tions were also responsible forward months reilocted quotations

the declinco.

tainties over government prico transaction;

Other grains followed the support policies for cotton, heightened by the week-end an- Corn was lower with active nouncement slashing the wheat

declined

in price support base to 70 per cent

reduction of 22 cents

a bushel cut the base to $1.78 from the $2 rate prevailing on the 1950-67 crop.

Covering in May was supplied through leading spot interests around the 85.30 cont level. Spot month firmness brought covering in the succeeding July delivery.

of events in the Middle-East including the BANKS Anglo-French Action against Egypt. And

HK Book.. Fat Anla INSURANCES Vuon

SHIPPING Wheelock

in the meantime Britain has taken radical d policy decisions in fields of trade and defence.

DOCKS, ETC. K. Whorf

XIX Ix* Provident

XD

The gains in stocks generally were sufficient to lift industrials to a new average high since trend set by whent. 7 140 Jan. 14 and utilities to a new top since March 20,quidation;

1931. Rails lagged, pulled down by numerous sympathy with other grains; from 80 per cent of parity. A small losses,

1039

240

1030

Eno 071

7 16

23000 23

100

•10'

11.00

SOU 66 11,00

LAND, EP

Amalg. by Mr Harold

IK Hotel Bumphreys ty RUBBER

. 14.00 14.00 16.00 3.30 1375

...

1.43 1 476

T UTILITIES Tram

1.00 30000 4 1.43

21 30 214%

The newspxiper produces three arguments in favour of much scheme:

Yasam

101 102

Light (0),

1

These will provide main topics for the forth- Conference in London coming Prime Ministers' beginning on June 26-the first ever to be attended by the head of the government of the new state of Ghana and the first to be presided Macmillan.

of the Con- The instance ference as seen in London last that it must And week-end is new basis for the unity and co- that have been 1 operation severely strained by events since the last meeting.

The maits hope rests on the ties strenghening of economie where the greatest roupe exists. for statesman-like decisions.

However

the other much Commonwealth cotastrioss approve Britain's alignment with European Free Trade area however many written into

over

1. 11 would help to keep in effective cu-operative Coention= | wealth as British leadership be-

Inevitably PINCH

Jess nounced.

Repairing Rifts

x Xu Electria... "Telephone

INDUSTRIALS

Clement

Hope ......

18.10 1012 21.80 23.20

24 24.00 3000 2415

50U 32

$2 1774

13

Amy

3

Pro-

STORES, ETC,

Dary

LA BO

14

Watson

Lane, (

20.30

Emporium..

ES SMD

COTTONS

Nunrant

HK Const. O}_

XD INVESTMENTS" Allied

17

9.30

con-

2 it would provide a basis for thesundant apperial trade and plementary to the expansion of trade which can be are Europen The Anal rules of hoped

safeguards

for from 1 Europeoni

that organisation lo protect Free Trade aren.

Commonwealth interest, the fact

3. Without much an organiza –

remains that Britain is contemt none of the countries which plating a step that will involve depend on sterling will be able

more deeply in the affairs of Europe from which Its Cummon- wealth partners ore excluded,

Impetus

But fur from being a blow le Commonwealth economie

operation, Britain's move

to make their plans effective.

own investiment

"Sterling can bene a calculatedl

stroki, investment

but cannot necessarily stand

はいぐいー ordinated one.

2003

WELC

MISCELLANEOUS

Enleth

11. & FE

Invest,

10

426 6 14.00

600 v4 1640 200 44 2310

Singapore

Stock Market

If the Caminonwealth Prime towing stock prices: Ministers

to

Singapore, Apr. 23. Brokers today quoted the fol-

Opening

$2.07

give their tables to such a scheme they | Batu Tantang Rubber wards clover cccatumk integra- | nught go

Co. Ltd. a long way towards

Brish Bored Petro- tion will: Europe might provide repairing the rifts that have the anpetus

torrently appeared in the imperial strengthen it.

| set-up.--London Express Service. There's

of

for

action

a feeling in Lumion the machinery *kit some that has so effectively fostered between economie 00-peration Euroson countries could 131 adapted to do the same thing to Commsawedith enuntime.

Paradoxically Commonwealth') pride in its ability to act as a team without all trappings modern political and economie alliances has tended to reduce the potential benefits of its team- work.

Languished

The Financial Times examines the result in a leading article JORL week-end. "Largely reasons of national

NEW YORK

RUBBER MARKET

New York, Apr. 22. Rex rubber contract today closed

10 to 15 pokits higher with sales of 15 contracts.

32.40

52.05

22.05

31.50

3126

31.10

Finner & Neave Ltd.

Ord.

letun Syndicate

01/-

Consolidated

Tin

Smelters Ord.

33/6d

$2.40

Hangkaeg Tin Ltd.

Fraser & Neave Ltd.

7% cum. pret, .... $4,05 Canons (Malaya)

Limited

$2.12 cundiv Hongkong & Shanghai Banking Corp......

$885 7/90

Kempas Ltd.......... $1,03 Kuala Kampur Tîn „. 41/435 Lunas Rubber Estates

0.00

Ltd. *** Matayan Breweries ... $3.95 New Serandah Rubber

$2,77 $2.05

Ch. Lid Lid. .... Petaling Tin

$2.40 alles Hotel Singapore Cold Storage $1,80

$31.75 edel Straits Trading. Atraits Steamship

$10.75 United Engineer Ord. $0.00 Wearne Bros.

$3.05 exdiv -China Mall Special.

The trading poet picked up, with

week-end Accumulated volume bolstering early dealings. Tumover of 2,500,000 shares was the heaviest since April 10, compared with 2,480,000 Thursday,

El Paso National Oa Family Finance Corp. Firestone Tyre & Rubber Ford Motor

ary

Da

General Electria

General Foods

General Motors

Getty Oll

on

Gen. Pub. Ul.

Glidden Co.

climbing

Goodrich (B, FJ Co. Goodyear Tyre Gulf Oil

Lakens maintained fta lead un on attention-getter, another 4% points to $03%, on the day's second heaviest turn- over. Adding to the wide gaing of recent weeks and ignoring the New York Stock Exchange investigating now underway into price movements of the stock.

Alleghany Corp. added % 10 $47% on the heaviest volume of the session and its preferred ran up 12 to $130 as the Supreme Court reversed a tower Court decision and found Alleghany is subject to interstate commerco commission

rather regulation than Securites and

Exchange Commission rulings.

Out-

Chrysler firmed

nn the end- ing of its strike, Texas Pacific Coal & Oll climbed a point on an optimistic curnings forecast by a company official. board Marine responded to # three-for-one alock spilt pro- posal with a gain of 2% to $851⁄4. American Broadcasting on the other hand fell over a point on a lower earnings announcement.

Utilities

Peoples Gas bolstered utilities with a gain of 3% to $103% Americna Shipbuilding, General Precision, Minneapolis Honey well, Du Pont, Union Carbide, Johns-Manville, Firetone, Inter- |national Silver, Aluminium rose

a point to more than 4 points,

Steels were Arm aside from Lukens with Bethlehem active, Qils generally were mixed. Amerada, Monterey and Standard

addcu of Cullfornle around a point while Gulf and Richfield Jost

around Motors were narrow and mixed, There were losses of 2 points In Undied Aircraft, over a point cach in Boring and Chance Vought and gains of around o point In General Dynamics and Piper.

one.

Chesapeake & Ohio, up over a point, and Peoria & Eastern, up 4% to $69, featured ruila,

Itoydon Newport Chemical Hoinalake Mining Co. Jagemoll-Rac

Inland Steel Co... interchemical Corp.... Int'l Business Machines Int'l Harvester International Nickel International Paper Int'l Tel Del John-Manville Co, Kansas C. Power & Light" Kennocuti Copper Liggett Meyen Tob, Co. Lockheed Aircraft Loews Incorp.

Lone Star Cement Co. Lowenstein & Sons. McDonnell Aircraft-Am

Stock Exa.)

Mesobi 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 Mathlesch Otis Xlevatoty Owen-nals Glas Pacific Gas & Elec. Pan American Airways Paramount Pictures Parke Davis Co, Penn. Salt Co. Penny 3. C, Co. Philip Morris

Procter & Gamble Pittsburgh Pinto Glass Publicker Industries Puro Oil

Co

Radio Corporation Republic Steel Reynolds Metal Royal Dutch Shell Off Co.

call

Saint Reg. Paper Bocony Mobiloli Solar Aircraft ... South Puerto Rico Bugar Southern National Gas

Southern Railway (Com.) Standard Brandi standard Oil of Cal Standard Oil of Ind. Barkard Of of N.. Sterling Drug Co. Stokely-Van Comp. Studebaker-Packard Corp.

Swift & C.

Texas Co... Tide Water As

Oll

wety Century Fox Film

Union Carbide Union Pacific Railway United Aircraft US. Foil "B" U.S. Gypsum

U.S. Line Co. US. Rubber US. Smelting U.S. Steel

Warner Bros.

Ito

oats closed lower.

Most soybean contracts fell to new seasonal lows in today's The lower market for trading. vegetable oil also influenced the soybean trade,

Grains st outside markets

to 25%

231-2

13.00

NEW ORLEANS Prices of cotton futures closed

today as follows:

over bustness Inst week follow-

noticeable increase in cruzeiros

20.30

In the US the average price of

said the export demand for taw | spol markets was not available. collon

for Sales totalled 132,855 bales.--- good

United Press.

prompt and early crop.

Apot

May July

October

were lower.

December

Wheat closet off cents in oid contracts; new tracts closed off 24 to

March

24

Aulanta

trade

131

cents

Soybeans closed off 1⁄2 to

mild's

dis peered

more

reports said optimistic

May July October

BAO

Closing

4 vent.

AO PAULO futures

prices,

511

2936

рег kilo were

Wheat No. 2 red

B016

Spot

22416-275in | Bus

sales of goods.

As a result, follows:

43

May 2

22(L)

22%-41

inquiries for

nearby shipment

July

670

July

38

Bett

1124

Dec.

22115- 21371-14 210

spot cotton were more numer-

Oct,

Dec

ous. Memphis, however,

enith

Kat.

96 Corn, No, 2. yellow

inquiries for nearby shipment

34

Spot

132-132!

wero penetically nií.

Houston one-inch cotton at 14 desingated

May

12034-1

July

13234-3

continued

Sout

124

Dec.

1284

Jan.

1317

Mar

May

12114

Mar.

7136

July

0035-%

Soybeans, No. 2, yellow

Spot

241450

May

24036-31

July

23011-36

Bent

22322

Nov.

22331-223

Jon.

220

Barley

Boot

New York no

130-140

four

$13.10n

Ualled Prem.

*

WINNIPEG PRICES

200 b. sock

Winnipeg, Apr. 22. Prices of grain futures closed today in cents per bushel us

P.O B·I E.A

COMPANIES

PENINSULAR & ORIENTAL S.N, CO,

PASSENGER/FREIGHT SERVICE

Leaves London

Salled

20th May

Due Hongkong

7th Day

Outwarda

"CHUSAN"

follows:

Osta

MAY

"CANTON"

Jarly

7011

"CORYU"

70%

"CARTHAGE"

Ryo

May

100%

July

100%

Oct.

1001

Barley

May

3714

"CHIUSAN”

July

8921-12

"CANTON"

Oct- Flaxseed

9121

"'CORFU"

May

277

July Oct.

27015

2005

Canadian whout export No. 3, 150 cents; No. 5, 130

United Press.

1124

401%

ing

501

23

10

45%

---United Press,

of the Bible).

Elsetrie

Standard contract closed 10 to New York Foreign The average for 30 industrial Western Unto e Co.

May

July

Sent

Nos.

Jan

[ur

Mar.

conscious-

May

ness,' it says, "the Commonwealth countries have been reluctant to

the recognise

need

for an Commonwealth organisation for

19 points bigher with no sales.

May

32.40

July

17.35

Sept.

31.03

NUY.

31.70

Jan.

31.53

Mar.

May

econvinic co-operation similar In function to the QEEC (Organi- Ballon for European Economic Co-operation). The result has been that imperial trade which can largely be complementary The market closed on a note has languished relatively

steadiness to <f

drifting after intra-Europesti trade which must through 1 featureless scasion largely be competitive.

while traders awaited re-opening

Exchange

New York, Apr. 22. Closing raten were:

Belgium

stocks embed at 488.89, up 70: 20 rails 144.97, of 20; 15

utities 72.40, up 18 points; up .18 and 05 stocks 171.50, up 17.

or 1,183 sues traded, 488 were higher, 457 lower, 240 unchanged with 114 new highs set 22 lows.

Sales today rooo to 1,040,000 against 900,000 shares on Thurs- day.

amounted to against $4,280,000

Bond volume

London

2.78 31/32

France

W. Germany

.0100 3/16

331

Italy'

.00:01

"It is a lamentable truth that of the foreign markets tomorrow.

Rss there is much less information Locally spot No. 1 available in London on Common-quoted al 321⁄2 conts-United wealth economic conditions than Press.

Spain

.02174

Holland

2010

Was

Switzerland

233555

$4,080,000

Portugal

05:30

Denmark

.1458

on Thursday.

.1935

there is on European economie

0148

Closing Prices

1.04 0/32

Alden Inc. Aty.

Woolworth

cents,-

(Translator

"SUBAT"

"SUBAT"

5th July

12th May

5th June

13th July

30th May

9th July

To be advised

NAMESAKES

Answers:-1 Write,

Z Mean-

3 Bible, 4 Translate, 5 Reading, 0 Chapter, 7 Palin, 8 0246 Edit, Martyr, 10 Language, 11 Work 12 Stake, 13 Flame, 14 Preach.

William Tyndale

Vis Southampton, Calembe, Penang

Homewards

Leaves Hongkong

à Singapore.

Due London

13th Ju

13th July

To be advised

Via Singapore, Penang & Colombo. FREIGHT SERVICE

Яне Int May

loads 26th May

from UK.

for S'pore, PL_Sweiten- ham, London, Hamburg. Rotterdam, Ardwesp Grangemouth.

ALL. VESSELS OUTWARDS AND HOMEWARDS CAPE OF GOOD WILL PROCEED BY THE

HOPH UNTIL FURTHER NOTIUR,

BRITISH INDIA S.N. CO., LTD.

1158 ---- A HUNDRED YEARS OF SERVICE –– ISME "SANGOLA" dus 6th May

from Calotto, Rangoon & Stralis jur Japani

alia Oth May

“WARORA" due 11th May,

jmila 121 Mas "BANGOLA" Our 20th May neils 27th May

from Chittagong, Ban. goon & Singapore IT Japan

from Japan for Singapore, Penang, Rangoon & Calcutta

P. & 0./8, I. JOINT SERVICE

"ISMAILA” in Port

salis 24th Apr.

"TTAURA" dus 1st May

zalia Bed May "URLANA" due 13th May salle 1815 May

dae 17th May MATH 19AN MWY

"OBRA"

from Jepan

for Bingapore, Penang, Cochin, Bombay Karachi

from Karachi, Bombay, Cochin & Burgapore for Juper

from Bombay, Karachi, de S'pore forladen.

from Japan

for Blogspore," Bombay, Karachi, Banrahi, ·}Chor= The de Kurvrait

conditions It is also true that

the record of trade liberation New York Sugar

Inside Europe since 1947 Jus

been paralleled by a record of

comparative restrictionism inside

the Commonwealth.

World

Market

New York, Apr. 22. No, 4 sugar

futures

"Inevitably-though not only for these reasong - Europe has enjoyed the greater eccnomic closed 4 to 14 points higher

with males of 875 contracts,

expansion.

Many British economists share the view of the newspaper that

en organisation should be set up

do for the Commonwealth

to

what DEEC is doing for Europe.

Overcome Fears

closed 1 to 2 points higher with Domestic No. O sugar futures sales of six contracts.

Hwedan Brass... Argentina Cañada Norway

.1405 United Press.

Allied Chernicăia Allied Mills Inc. Allis Chalmers Amor. & Fore. Power American Airline

NEW YORK METAL American Cable & Radio Corp.

FUTURES

ib. cents per

Americas Can *** American Cyanamide Am. Mach. & Fury American Metai American Smolting American Tel, & Tel. American Tob, "0" Anaconda Copper Armco Steel

49 Armour •

New York, Apr. 22. Prices of metal futures closet

in today follows:

Lead April

May

April

Firmness in world contracts, after a hesitant start, reflected strength in the row situation.

Over the week-end. Japan Zinc

Atles Cons. Mining

Baldwin-Lama-lam.

Baltimore & Ohio

Bendix Aviation Corp. Benguet Com

Beneficial Finance

Bethlehem Steel"

Boeing. Airplane Borden (The) Co. 96.37b Burroughs Add Machine

Canadian Pacific R.

15.10

15.00

13.201

In establishing

a Secretariat was the accredited buyer of Copper April

now parcels of Cubans at 0.75

May

12.750

228.80%

May

20.755

to 6.78 cents a pound, tob. Contract No. € (world)

*irs

April

benob

May

April

May

а May

0.03

• (Standard)i

Prem

0.85

0.85-00

5.50 4.05-00

#J

The

on OBEC lines, says the Financial Times, there should be no ques- tion of abrogation of individual Sovereignty.

Secretarial could bo controlled by permanent executive of the July nominees of the various govern- September monis, The executives might October

March -wall meet in some place other | May than London if that would help July

to overcome foors of excessive Spot (cents per lb. fob Cuba) 0.85

United Kingdom supremacy

„Open, interest; 9115 contracis,

The Junctions of the Beere- Conituoi Na, 0 (domestic) tariat should be the collection

July

and dissemination of knowledge. september And its broad polloy should be November to maximise perial trade and investment by co-operative

439

Strait)United Cat Tractor

Celanese Corp. CI. T. Financial Corp. Chisse, Maphat. Bank Chrysler Motors Colgate-Palmolive Co. Carton Co., Commonwaslih Elec. Consolidated illson Businers Wan done in the local Continental Os of Dal. Urometa) · 'nxchange maribet this Climax Molybdenum morning at the followizji zaios:-, | Crown Zallerbach

Exchange Rates

U.S. dollar (per 31).. "Starling note (pár (21) WM potents per lb. alf. NY Australian, notes: (per, #1) 2

ex-duty)

0.00 Indonesian rupials per, 100) Open "Interset: 3,152-ountruota-- | Hiam tieni. (par 100)"" United Prymu.

Singapore (Nermits)

CC Credit

Cuban "Amer, Sugar- 123 Diamond Aladi), 10.45 Douglas Airona 1201 Dow Chemicale Con 1000 Dupont de Nemours 12.00astern Airline 2,00 Zaşqan Kodak

SOUND ADVICE

for the man with a sense of responsibility

Start a Savings Account this month with

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"EASTERN" (ay

5th May -jalis 19th May

"ARAFURA"due · bih May

Cross' InputA for Labuan, Bandakan, Babauribine, · Byd- ney, Pork Remota, Male. bourne Adelaide.

from Australia

All vinošią have Überty so call ̧ns 'any⋅ porta am or off the roste as the route de parings are unhjesh to change or amendment with or without 'meti

For full particulars apply to : MACKINNON. MACKENZIE & 00. OF HONG KONG ITD. Telephone Nos: 27721 4.