1957-04-30 — Page 9

THE CHINA MAIL, TUESDAY, APRIL 30, 1957.

Page

TRADE and COMMERCE SECTION

EUROPEAN FREE TRADE AREA EASING OF BARRIERS Position Of Overseas HONGKONG

Dependent Territories

Still To Be

From RONALD BOXALL

Solved

London, Apr. 29. Considerable behind the scenes progress has been made în the negotiations on the establishment of a Free Trade Area for Europe. The next-and final-stage will begin when the three working parties submit their reports to the British Chancellor of Exchequer, Mr Peter Thorneycroft, in his capacity as Chairman of the Council of Ministers of OEEC, Deadline for this June 15.

Already though it is becoming apparent that one of the trickiest problems remaining to be solved is the position of overseas dependent territories in the Free Trade set-up. This is not a subject for separate consideration by a working party, but discussions on it are going on almost constantly between Britain and France-the two most important colonial powers in Europe-und between Britain and its overseas terri tories.

views

Rumours Bring

Gains On London Mart

Nothing has been settled yet, would be that in their case they and Britain's

probably attitude towards woult

have their the problem will not be formed government's support. until all its overitas territories The question of the origin of

their own have made

goods has still not been settled known. As these are not likely

lo everybody's satisfaction even to be unanimets either for or in the tried and tested Imperial gaines Inclusion-Whitelial Preference system. Complaints ns yet reluctant to discuss the are still heard that

ways are matter pubilely except in the being found around the regula- <nable unscrupulous to re-exposi cheop The proposed

Trade Operators Free

Middle East and to operate in Japan goods to Britain on pre- Area Intended

ferential terms, association with the European

broadest term

Common Murket comprising France, Germany, Italy, Bel

and Luxen-

glum,

bourg,

Holland

Under the Common Marke: Treaty-now awaling ratiflention by the ax-verseas Capone territories of minber

Hon

10

Origin

Just how absurd most of these

complaints are la shown by the thet that Japanese, far

from un opportunity welcoming courton will be treated a fullxtend this alleged under the

members.

Abolished

Their Exporta 10 Buropean members of the Common Mar- ket will be treated on exaclty the same terms as exports from any other member and

Thes

1h0

will

be required to give Lame treatment la ime, ule from uther members us they do to imports from their owns metro- Politan country. As with other Common Market countries, their Laris against other members will be progressively abolished,

may

10L

The Common Market Trenty does, however, recognise that overseas dependent territories

be in

a position to at the abolish import duties

rate As the Europun same

It has been decided, members. therefore, that these territories may maintain tarifs f these

will help their development or industrialisation or are needed for fiscal purposes. The ques... tion of including overseas de pendent territories in the naso- clated Free Trade

Area may not be solved so easily. For one thing there is the complica- tion of Imperial Preferenců.

At present many colonial ex-

ports are admitted tree of duty Into Britain. If the colonies wero included in the Free Trade Area this would mean that British manufacturers would pel colonial rÂW materials moro cheaply than thel European

least compeitters at

until tariffs were totally abollshed- and mable them to gain an advantage for their own exports to the Free Trade Area.

Good Time

point of

to

London, Apr, 29, Lessening of tensious in the rumours that

the bank rate will be reduced brought a string of gains rang Ing to nearly 5 shillings on the London Exchange today. Shipbuilding, steel, chain store and tobac Were In the forefront.

bonds British Government showed rises ranging from 1 to 3 shillings, although

they ran Into some profit-taking at the close.

STOCK EXCHANGE

(From Our Correspondant),

Business done on the Hong- kong Stock Exchange this morning amounted to op-

proximately $640,000. Noon quotations and the morning's

transactions:

Sharea

DANKS HUIC Bank

INSURANCES Union Lombard SHIPPING Asta Nav. Wheelock DOCKS, ETC. K. Whitt Duck

Provide:

.....

Huvers Melters.

Bates

1

7009

2 v 1003

250

bra

1

130 7

20

7307%

100

200 @ 100

43

000 10 44%

1220 12.407

500 of 12:30

34.00

15 3000 14.00

200 or 3515 300

LAND, ETC, Ilk Hotel.. JK Land.. 35

Realty HUTTER

Amalg IFTILITIES

STRONG GAINS CUT ON

WALL STREET

COULD BENEFIT

ALL AUSTRALIA

Melbourne, Apr. 29.

"In view of the satisfactory oversea trading con. ditions of the current financial year, easing of import restrictions could safely be extended, with benefit to the whole economy," says Australia and New Zealand Bank in its April Quarterly Survey.

New York, Apr. 29. Realising cut strong gains swiftly in the final The Bank warni, however, tons....it must be borna in minutes of trading today as traders were put on of the long term continuance of liquidity is due not only to the that "In view of the uncertainty mind that the Improvement in the defensive by a Soviet Government warning present favourable oversen trade better oversea trading conditions that "serious danger" might result from continued conditions, it would be unwise mentioned above, but also

to embark on any wholesale the greater than sumal expansion American interference in the Middle East.

removal of

of Treasury Bills to finance Import restrictions.

Jal on ruh

These Treasury Bills

of imports re-vities.

to

Gains which had extended well over 2 pointsSuch a policy would Inevitably Cemmonwealth and State acti- in the steels, oils, chemicals, shipbuilding and sulting in loss of oversea funds will be withdrawn during the numerous specialty shares were pared sharply and and reduction of liquidity."" a few issues even closed with small net losses.

T10

profit-taking, experts Standard Oil of Cal 1000130dald, was not out of order in standard on of

Standard on of N.J. view of the recent rise at Mid-Sterp Rock (Toronto Exge.) January lovel for industrials, to Steripe Drug O

Stokely Van Garip. Carly February prices for rails Studebaker-Packard and to new highs since March Swift & Co. 20. 1981 for the utilities. *Trading

1.370 1.40 5000 1.40

4

was at the lightest level in a week with turnover 2,200,000 shares against

10380,000 on 1

1.80 c000 @ 135

21.40 2115

130

Tram *** Star Ferry Yeunati... 102

© LightTO; 10.20 19.40

Electric

Macao E.

Telephone

INDUSTRIALS

Rope

1300 # 23.40

100 105

200 104 2:00 @ 100

3000 ve 18.30

100 † 1840 1000 * 18.30 20.80 2910 000 v3 28.30

$710 29

ដ

24.00

Cement

* 13T Amoy Can

37

STORES, ETC.

1000 24.00 2000 26.00 100 25.10

14.00 14.80 1100 14.70

113 11.70

Dairy Watson COTTONS Textiles .... Nanyang MISCELLANEOUS INVESTMENTS

ed

The realising activity,

Industrials

um as a group averag- 493.90, JP 2.45; rails 148,30, off 0,60, utilities 72.00, of 0.03; 65 stocks 178.18. up 0.32.

Of Total 1.172 issues traded, 492 were higher, 407 lower, 273 unchanged

with B6 at new highs, 25 at now lows,

Texas Co.

Tide Water Aas. Qu

Corp.

Twenty Century Fox Film

Union Carbide

United Aluft Union Pacific Railway" U.S. Find

US. GypİL

UF. Line Co.

U.S. Rubber

us. smelting

US Steel

Warner Bros. Westinghouse Electric Western Union Tu, Co, West Va. Pulp & Paper Woolworth

541

50

444% United Press.

hares New York Sugar

Market

American Stock Exchange volume rose to 870,000 from 850,000 shares on Friday. Bond volume amounted $3,730,000 compared with $4,- 460,000, on Friday.

Dow-Jones closing

were:

30 industriais

20 rajta

15 utilitie

averages

New York, Apr. 29. World No. 4 sugar futures closed today 3 to 18 points lower 493.95 with sales of 992 contracts. 140.38 72.00

Domestic No, sugar futuras 173.18

00.10 closed unchanged to one point 158.30 lower with sales of 60 contracts.

May liquidation,

the plus coster raw situation and lessen- ing tension in the Middle East were the upsetting factors in the 33 world contract.

4.05

4.70 BJG

Entert

17.20

textile,

45 stocks

Yangtere

40 bonde

share

Allied

H.K. & TE

Invest

455 439 100

10 10.40

4.55

Comm. future price index..

Closing Prices

Alden Inc. Acy. Allied Chemicals Allis Chalmers American Airline

$ 18

3914

counter trade to the whole of Eurobe, are bitterly opposed to inclusion of the colonies in the European Free Trade system.

Oils returned to favour with They are calling for an emer-Royal Dutch up 4 shillings B goney meeung of GATT to go ponco, Shell up 4 shilling, Into the whole question be- Burmah up

3 and British easy they believe that if free Petroleum trazic privileges are extended to pence, the colonies their own exporta

Japanese and Chinese Hens to these, for them very import-

were irregular In dull foreiga ant markets, will auffer.--Lon- bond dealings. Dollar stocks don Express Servlet.

were caster-United Press.

2 up shillings i

Traders Cautious On New York Cotton Market

New York, Apr. 29.

Cotton futures settled back irregularly after

a firm start lifted prices as much as 65 cents a bale. But the market turned dull on the reaction and stabilised around the previous close..

G

8.000 000

D1,700

1,300

7,900

87,000

14,000

38,000

71,300

WORLD

RUBBER MARKETS

New York, Apr. 29. Rex rubber futures today closed 35 to 42 points lower with sales of 130 contracts,

American Cabla

Corp.

American Can

American Cyanamide Co. Amer. & Forgn. Power Am. Mach. & Fásy. American Metal

American Smelting A. Sugar Ref.... American Tol ♣ Tel American Tob. "B" Anaconda Copper Armeo Sicel Armour

Atlas Cona, Mining Baldwin-Llina-Ham,

A

Week-end business in the spot market included reported sales to Russia of between 50,000 and 60,000 tons of refined from Italy. Saigon also was understood to have purchased some raws from Indonesia.

Contract No. 4 (world)

afford 10

prices continue to quctuate.

final three months of the finan- cial year when Income Tax pay- The Burvey points out:ments will be flowing in the "Australia cannot

Treasury and seriously reducing ignore the fact that wool plays the liquid resources of the trad such

a dominant role

and the bank- in the community economy and that, although the system." volume of wool production has

"Provision must be made to shown such encouraging

meet this drain" says the Bank, past few years, "and it therefore seems unlike- Crepes in the

Iny that there will be any general the light of past experience it

credit restrictions would be unwise to count on the ting of

current financial during the maintenance of the present year". But on the other hand. satisfactory

trading "It is easy to keep Oversca

the scales conditions for an Indefinite tilted too long on the side of period."

restriction,"

and the Survey Referring to the possibility of concludes, "It is important that the the authorities should appreciate easing croit restrictions, Bank says that although "this and act rapidly if there are proved liquidity might be takon signs of a serious decline in the to indiente

netl- that correct polley overall løvel of business would be to lift credit restric. | vity."

*

*

*

*

POBIE

COMPANIES

PENINSULAR & ORIENTAL S.N, CO.

PASSENGER/FREIGHT SERVICE

Leaver Landon Salled

*

Outwarda

"CHUSAN”

"CANTON"

*

"CORFU"

"CARTHAGE".

20th May

5th July

Due Hongkong

7th May

30th May

8th July

To be advised

Via Bouthampton, Colombo, Pekani á singapore.

Leaves Hongkong

Due London

19th May

12th June

5th June

13th July

To be advised

13th July

Via Kingapore, Penang & Colombo,

FREIGHT SERVICE

185

177**

福袋

May

19% July

Sept.

0,42

0.44

Homewards

"CHUSAN"

132.

May

32.10

"CANTON"

July

31.80

Bališnore & Ohio Beneficial Finance

Már

July

"CORFU”

Sept.

31AN

NOW.

Bendix Aylation Corp.

011 Sept.

4.12

Jun.

Benguet Cons

Air

30.00

Bethlehem Steel

40

Spot-teens per 1. fub Cuba) G.AZ Open creat: 0.020 contraCIA,

May

30.75

Boeing Airplane

Standard contract closed 35 to

Borden (The) Co.

301%

Contract No. 6 (domestic)

Burroughs Add Machine

42 points lower with no sales.

Case 13. 14) Cu,

July

8.00-01

May

Cat. Tractor

sept:

July

3185

Celanese Corp.

10%

Nov.

5.88 4.88

Sept.

31.35

C. I. T. Financial Comp.

"SUBAT"

"SURAT*"*

due

2nd May

los de 20th May

froth UK

444

hay

5.55

Nov.

31.63

Chrysler Motors

777%

Spot-icente per 1. af Ny

Mar

Climax Molybdenum

TOS

a-duly)

5.00

30.76

426

Open interest:

contracts.—

United Press

May

22.15

Colgate-Palmolive Co. Prices settled back gradually, Colombian Carbon Co. influenced by the lower London Commercial Credit cables and continuing diappoint- Commonwealth Elec ment over the prolonged lock of Crown of Del domestic

Zellerbach factory buying Diamond Aikall interest.

Consumer buying re Douglas Alroraft mained on

hand-to-mouth Dow Chemicala

Dupont de Nemours basis, However,

presence

cushion

dealer buying orders on a scale down acted to dealing.

Switching of July/May con-

exchanges of

12.700 bales tracts and

July for physical rubber Shipment

contracts NEW YORK Prices of cotton futures closed was another feature, today as follows:

Final dealings featured buy- | Mar. ing of July against sales of May May, with the list clasing up 6 July to off 3 points, Opening prices ↑ Total were up 3 to 13 points, New Orleans closed unchanged to up 4 points.

Traders

became cautious pending congressional develop- ments on farm legislation and a clearer view of administra- on policy on future price, pro- duction and marketing controls. Other traders awaited crop news, along with the parity price report tomorrow,

texile market news and spot market developments,

Spot May July October December March May July October

34.351

15.20 34.01

33.00

33.04

3357-69 33.05

32.01

3121

NEW ORLEANS Prices of cotton futures closed today as follows:

Spot May July Dotober December March May

July

October

folt

Further unwanted raine in paris of

the southwest ore From the colonics'

expected to delay planting view their inclusion would activities, but some quarters felt probably on the whole be a good the mina were more benonelai thing. Their exports of manu- than otherwise. Contention was are be that planting can be done safely factured goods which

Important up to June 1. With an creuing coming increasingly In their economies would be drying-out period, it was

admitted

53.00

55.20

24,00

23.01

33.04

$3.05

32.64

32,83 01.23

were

New York Foreign

Exchange

New York, Apr. 29. Closing rates were:

England official

T

New Zealand

of

Easter Airline

Eastman Kodak

El Paso National Gas

the

Family Finance Corp,

Firestone Tyre & Rubbe

Ford Motor ................. General Electric General Foods General Motors Gen. Pub. Util. Getty Oll Gidon Co. Goodrich (0.5.) Co. Goodyear Tyre

Canada

4215

421%

30-day

BO-daya

344

South Africa

BOL

Go On A

13114

esden Newport Corp.

Others were

Homestaka Mining Co.

Interchemical Corp.

Int'l Business Machines

|

offerings

Brotm Indoncsta and Thailand

reported "moderate" and at prices closer

a workable basis, Locally, Spot No. 1 Rss was quoted at 334

conts.

SINGAPORE

The market ruled quiet in the morning with some small manu- facturer and

lower grado in- terest.

The market eased slightly on May Hquidation. : There was itle change or Interest during

the afternoon and closed dull, No. 1 rubber per Jb. May D13-02

Ingersoll-fund

Inland Steel Co.

Int'l Harvester

International Mickel

International Paper

In Tel Tol John-Manville Ca, Kansas C. Power & Light Kennecott Copper pote Liggett Mayara Tob. Co.

Lockheed Aircrats...

Loow. Incorp. Lonu Blar Cemant Lowenstein & Sons,

Aircraft

June Donnell

P

No. 2 rubber per ib. May No. No. 4 LIVERPOOL

apot rubber unbaled ..... Colion futures closings, in Banket crepa cheaply more

to the more but on

No. 1 pale crepo penco por lb, were as follows: And in re- good season in European countries,

ground, koobid contract Toxos sections might be able would be turn for this they required to give

Join the "bale-to-the-pero away ic! to

club. "ince their tariffs are generally very low and in samo coses non- existent.

Routine evening up operations continue in May, when dealings end on May 14. Open contracts But it the overseas dependent today totalled 110,000 balcs. The territorion were admitted on certinentet stock totalled 11,205 equal termur, the queston of the bales, up 173 bales from the origin of goods entering into the previous total. From Trade Area would become very ticklish Indeed.

Atlanta trade reports said

May/June July/August

October/November

December/January March/April May/June

New contract

May/Juna July/Augu October/November December/January March/April

BAO PAULO

20.68

20.30

26.23

20.18

26.10

26.00

26.40

20.40

20.2

20.20

LONDON

Block EX:6). 804--00

Meanbi Iron Corp. 87-88

Minnesota Mining 915-923) | 2sion, Development. 81-83 Monsanto Chemical Co. 00-100

Montgomery Ward: Motorola Iño,

The rubber market was qul

ly steady with spot quoted at

21-3/10 pence per lb. Prices

National Cash Reg. "A" National Dairy Prod. National Load

National Steel Corp.

New York Contrat

Diin Mathieso DU# Revalors Owen-linoln Clam 1116-273%) Pacific Gas & Elec

No. R. #711⁄2-2735)

Settlement house term:

June

26-67 July/Bent,

Cotton futures closings, in

July

40,00

40.00

40.00

Oct/Doc.

Jan/Mar Abril/Sune

General marketa, cit. baat May June July morn Patate, orepel thin May Estate' crepe thick June

Pan American. Airways Paramount Pictures... Parke Davin Co. ... Penny J. C. Co.

„porsi Pann, Balt Co.

Philip · Morris. Proofr dambis co Pittsburgh Piste diam Publisker Industries ven Pure PlatÄTTAD

AAA AMSTERDAM DAMAGE The rubber market was gulet today. Price today, clonoch in the guidare per kilogram, eit May chi- | ks, Gollows:

One has milla showed to interest during cruzeiros per kilo were as fol- only to remember the opposition the past week in spot cotton for lows: there is in portafa Brits in mearby or forward shipment, chustries so the duty free odmla Because of thaliness in the textile sion of Hongkong manufactured tende, manufacturers are not goods to ferlise Jaw strongly thinking of purchasing now, the European Industrialtats would report -guided. object if they were exposed to Month. Voturne similarly feco rompedtion in ar their own hottie marides from July. colonial, gooda. The diffeZWAL.CO Labe,

Det

10/200

$200

Open Interest,

118,000 -100,700 112,100

October December March May In the Unlion. Blates, average price of one-inch Jon; at: 14. designated spot mar kota was not available, totalled 173,790 balon, in United

Nov

No. 3 rubber No. 1 repe

הגששb זנב

1.81_buyarı

„Corporatio

noktal

Royal Puter

Oil Co.

Binetals

thithu

(Am.

Helgium

Argentina

Pres

1.04 11/33 2.7911

*

7.70 37/02 3.78 12/30

2.201

DIDOTH

*

*IZO

unchanged.—United

London Foreign

Exchange

London, Apr. 20. Closing rates were:

New York

Bu

Amsterdam

38% Brusela ..........

Copenhagen

164 Frank Adlian 36 Oslo

Stockholm

Vienna Zurich

Others

Prent.

for S'pore, Pt. Swetten-

harm, Havre, Hamburg, Rotterdam. Antwerp

mouth.

London,

Grange=

ALL. VEBIELS OUTWARDS AND HOMEWARDS WILL PROCEED BY THE CAPS OF GOOD

HOPE UNTIL. FURTHER NOTICE.

Irom Caloutta, Rangoon

& Biraits

BRITISH INDIA S.N. CO., LTD. 1856 -- A HUNDRED YEARS OF SERVICE — 1058'

"BANGOLA” due 8th May

salle 8th May "FULTALA” dúo 10th May salle 17th May "SANGOLA” dus guth May sadi 27th May

goon & Singapore Tur Japan

#

*

jur Japa

+

from Chittagong. Ran-

#

*

for Singapors, Penang. Rangoon & Calcutta

*

from Japan

P. & O./B. I. JOINT SERVICE

"ITAURA" due 412 May

salis 6th May "UMARIA" dus 17th May

salls 19th May

"OBRA"

due 17th May salle Dia May

3.79-2.79 1/18 2014-2015

"TERIA"

dur 2nd May Kažio Batti May

13.00-10.54 140.0155-141.00 19.4814-19,4014 21.75-13.781

175933-1350 10,90-10,00

11.00-15.00% 12.03472.00

were unchanged/-United

Exchange Rates

market

Butinem was done in the loy JuniorBelal akchange imorning at the following - wéta US, dolar. (par. (1)

Birling notes (per £1), Australian notes (per (1) indossesian rupiah (per 100)

iam t/oal (per, 100) Bingapore (atrultay

NAMESAKES

es, 6. Soon

Repubile,:

from Karachi, Bombay, Cochin & Singapore for Japan

trom Dombay, Cochin, &B'pore for Japan.

from Japank

for Singapore, Bombay, Karachi, Dasrah Ichor- Tamabahr de Karurali

from Japan

for Singapore, Bombay Karachi, Masrah, Khor- ramshahr & Kuwait

EASTERN & AUSTRALIAN- 5.5. CO., LTD.

anils Qih May.

From Zabari For Labuan, Bandakan, Rabaul, Brisbane, Syd- nay, Port Kembla, žia bourne Adelaide, from Australia 12AIS (venile havs, tiherty' to call at any ports an event. thú vyato`k the rente de pallingu pro subjecí toʻkhangs, or kikendinent with, or without: Sation. ·

"ARAFURA”ins 21h May

For full particulars apply to : MACKINNON. MACKENZIF & 60. OF HONG KONG LIÐ. Telephone Nos. 27721-4.