1957-05-09 — Page 1

TRADE and COMMERCE SECTION

WALL STREET | Britain's Economic Position NEW YORK COTTON

RECOVERS

AFTER DECLINE BRITISH

New York, May 8.

Stocks turned to the upside on increased activity today after a three-session decline.

Rails took the lead from industrials reaching

a new high since Feb. 4 in their average. Aircraft shares and oils had the best group performance among the industrials,

There were the usual

special issues which moved independently.

pacod

Aircrafts were North American, up nearly n point on heavy turnover.

byde Water A. Oli

379%

Twenty Century Fox Film Union Carbide

Union Pacific Railway

50%

United Aircraft

Gulf featured olla with a 3. pokat gal

Leading steels were marrowly mixed. Motors were narrowly mixed. Electronics hatt gains of more than 2 points in Zenlik, over 1 in RCA.

Industrials

Industrials climbed 2.05 points in their average to 400.73; rails 1.04 to 147.02; utilities 15 to 73.20; 65 stocks 30 lower, 234 at new unchanged with

highs, 23 at new lows.

Volume of 2,500,000 shares compared with 2,300,000 Tues- diny.

NY Stock Exchange bond volume was $4,140,000,

US. Ful "'*'

U.S. Cyprum

US. Line Co.

US. Rubber UB. Smelling U.S. Steel

Womer Bros.

Westinghoung Electric Wertern Union Tel. Co, We Va. Pulp & Paper Woolworth

United Prem.

WORLD RUBBER MARKETS

Stock American

Exchange volume wah 840,000 shares,

Dow-Jones closing averages

Moy

July

Were:

Sept

New York, May 8, Rex rubber futures today points closed unchanged to 25 higher with sales of 25 contracts,

al.75 31.45 31.20

Hay,

31.00

30

industrials

496.73

Jah,

30.80

20 #

141.02

Jinr

30.00

15 ullies

73.50

May

30.40

17421

49 bonds

20.05 Standard

contract closed un-

POUND FALLS

New York, May 8.

The British pound sierling feil i cest to 2.791⁄4 th foreign exchange trading today.

Bolh the month and three months Kierling futurts pound registered similar losses,

The Australian, Now Zealand, and South African pounds also were sil quotesi

cent lower,

The

dropped

Canadian

doilar 1/18 cent and cents above

stands 4.9/10

par with the US dollar,

The Indian and Paklatani

both yielded small turto fractions.United Press,

Petroleum Company Report

London, May 8. Despile the Suez crisis, the British Petroleum Com- pany obtained about 49.5 million tons of crude oil from main sources of supply — Kuwait, Iraq, Iran and

Comm. future price index 134.31 changed to 25 points higher with Qatar in 1956, said the

Closing Prices

Allied Chemicals

Alles Mins inc.

Allis ChalineTe

American Airline

American Cyanamide Co.

Ainer. Forgs. Power

American Cable & Radio Corp.

Am, Mich. & dry.

American Metal American Belling American Tel & Tel American Teb. "I" Anaconda Copper Armeo Steel Armour

Atlas Cons. Miring Baldwin-Line-Ham,

Baltimore & Ohio

Beneficial Financə

un sales reported.

May

July

Sent

N

Jim.

A14L

31.75

31.45

31.30

31.00

30.80

Buyers and sellers avoided the itiative today keeping business to a minimum in both the futures and outside spot markets. Locally, Spot No. 1 Ras was quoted at 32 cents a pound.

LONDON

The rubber market wag stendy with spot quoted 3/10 higher at 20% pence per lb. Prices:

No. 1 pat

Settlement house term:

Bendix Aviation Corp.

Benguet Cons.

2014-20%

Bethlehem Steel

Boeing Airplane

40% June

Harden (The) Co.

July/Hept.

11-20

Burroughs Aud Machine

4402

Oct./Dec.

Canadian Parile B.

35%

Jan Mar.

26-20 24-2012

Case (3, 1) Co

April/June

2014-2016

Cal. Tractor

7

·

1522

May, June and July

2014-2011

C.1.T. Financial Corp

+ነ፡

June 201

7194

43

Celanese Corp

Chase Manhat. Bank Chrysler Motors ..... Climax Molybdenum Colgate Palmolive Co. Colombian Carbon Co.

General marketa, ca basis, ports:

Extato crepa thin Estate crepe thick June unquoted

AMSTERDAM

5014 Prices closed today in guliders per kilogram, elf May us fol- 43%

lows:

to chairman's statement stockholders in the annual report.

This was

four million tons more than in 1835. The prin- ctpot contribution to the in- crease was a larger production in Iran.

The statement said net income of the

for 1950 group

Was £50,104,000 and trading profit wns £124,171,801, compared with £111,683,000 for 1855, the increase being due mainly to higher sales of tonnages.

Sterling Area Had

Good Balance Of Transactions

By SYDNEY S. GAMPELL

London, May 8. London has had another optimistic week, with an interesting though very complicated Financo Bill, a firm stock exchange and a good monthly report of the gold and dollar reserves.

Thanks to a windfall, the reserves rose by $111 million in April. During the month the $104 million of interest on the North American loans, which was put into suspense account when it fell due last December, came back into the reserves as the North American governments completed the arrangements for postponing the payment until next century.

During February and March, the reserves had benefited from a similar windfall, the dollars which India drew from the Li- tornational Monetary Fund and temporarily banked in London.

However, the April gain is re- sponsibly regarded 45 salid.

MOTC

Constant Pressure

of During the first quarter the year the reserves were un- der fairly constant pressure on commercial account,

Including the big payments for dollar oll In April, for the first time, the

and pressure relaxed turned stronger.

CHATTER

ON WALL

STREET

HONGKONG

STOCK EXCHANGE

Our Own Correspondent

MARKET SHOWS

SMALL GAINS

New York, May 8, Cotton futures trading today was out to the pattern of recent sessions.

In quiet dealings, prices managed to show small gains most of the time with the far forward deliverios showing relative firmness.

At the close the list galod ( unchanged to 14 points higher. Busineser done on the Hong- The market opened unchanged kong Stockt Exchange this to up 3 points New Orleans morning amounted to approxi- closed off. 1 to 18 points,

Noan quota- mately $405,000. tions and the morning's transur-

tions:

Bhares BANKA

Boyers Bellars

HK Dank.. 1845 1655 East Asia

2:50 INSURANCES

Union 20 Lombard.

SHIPPING

DOCKS, ETC.

Dock

Wanet.. ident

Kalba

Doc/Jan.

Oct/Now.

atar/Apr.

SAO PAULO

20.40

Colton futures closings, In

Light offerings were absorbed cruzeiros per kilo were as fol- and lowe: by New Orleans interests commission

Demand houses. was encouraged by expecte tions for un ingresso in the gov-

July

Ось

Dec.

ernment support base, plus con..

Mar.

38.10

40.03

tho

over the delayed crop In the United States, start in central and western average price of pre-inch 'nt 14 belt sections where recunt | designated spot markeis was not exconivo rains necessitated re- available. planting in some

while

75 1.80 100

107 110

7.00

200 100

агсад

500 45

unsonsonably cool nights re-

313 w 13.50

traded send gerendination,

800 15.40

100 € 15.40

150

1. 13.00

LAND, ETC.

Hotel 18:40 18%

Higher support expectations that were based on a ballet- inroads made into the surplus 193 @ 345 | stock through the goverment

24 10.30

HX Land.. 3435 13 100034

(Bis) 10.20

Humphreys

103% 20.80

Realty RUBBER

1.40 1.475

1.80 1.05

348

"Amalg "Heart

B. Kelawian UTILITES

1152000

.... 21.00 22.10 101 101

Yaunedi C. Light Ex All

Lightni

decute

10.30 18% ... 39.20

Macao E... 9.10

INDUSTRIALS

New York, May 8, Support on any setback Telephone 23.60 23.00 from

this level is around coment 484-486 and 144-15 in the Rope

Metal I. and Sterling Dow-Jones industrials

STORES, ETC rails, respectively, ваув Dalry

Watson Kenneth Ward, analyst for Hayden, Stone & Co.

£3

Britain's position Y the European Payments Union tm-

of proved from a deficit million in March to a surplus of £16 million in April.

that Whitehall inters

the sterling area had a good balance of transactions with Europe, as it should have at this time of the year.

gels In settlement, Britain $30 million from the EPU this month, whereas last month she had to pay $9 million to

Finance Bill

Bache & Co holds that the market

in a strong continues position.

Fitch says it la probable that rallying market conditions will remain in force.

1000 @ 23

100 8 104

18.40

export programme

the

may force administration, to change ita preliminary support level for the 1957-68 crop. Under the flexible price support inw, the support lovel is based on the supply, with the rates in creasing as the supply dinin- Ishes.

Government sources indicated

between

67529.20 exports

rua may 20.30 2029.30 2,250,000 and 7,500,000 balts com

estimates 271329.30 pared with original

for 3,900,000 bales. In Janu- 700 € 25.70

nry, the minimum loan rate for the 1957-68 crop was placed at 28.15 cents a pound on middling 34

at average locating. inch Since January, the parity figure

32% 324% 13.10 1,80

14.60 14.80 111 11.30

2000 1.45

8311,50 500 1 11.80

000 @ 11.00

Emporium 0.90 COTTONS

4.00

Textile

MISCELLANEOUS

Nanyang

8.15 1600 @ 8,10

Entert INVESTMENTS Yangiate Allied

17.00

6.06 0.10 2003 @ 4,10 445 455

Total sales at these 13 markels

was 121,035 bales-United Press.

Singapore

Stock Market

Singapore, May 9.

quoted the Brokera today following stock prices:

Openi

Baju Lintang Rubber Co,

Ltd. British Borneo Petroleum

$1.02

Bynxxiicato

Colidated Tha Emellers

Ord..

59/64

13/03 Fraser à Neave Lit. Ord, .. 13.40 Fraser & Neave 74% eun.

preč. Gammons (Malaya) Linted $1.03 Hongkong

Shanztos Banking Corp.

at

Hongkong Tha Ltd.

Kumpa Ltd.

Kuala Lumpur Tųj

$4.00

43/ch

Malayan Breweries.** $4.05

New Serandah Rubber Co.

IV.

has increased 50 points. If the Lamas Rubber Estates Lick. 102

77 per cent basis is present

the maintained,

final support level would be 28.03 cents, But come quarters believe the per- centage figure also may be in- creased because of changes the supply situation.

in

However, other statisticians point out the increase In sup- ports could be offset by an in-

E. F. Hutton & Co looks for CHICAGO GRAIN crease in domestic production. continuation strength.

if

selective

MARKET

Grains closed

Chicago, May 8.

mostly steady to arm on the Board of Trade today.

W. E. Hutton & Co projects Thompson Products not for Referring to operations, the

1867 to about 88 a share against statement said that in 1955 a

$4.00 in 1950....snys Balt!- Island Zanzibar deep well on

more & Ohio can carn more to (East Africa) was carried

this year than the $11.24 report The Finance Bill detalls the 14,281 feet, but found nettiot

to the cd in 1956 and looks as if pre- concession off nor gas. A deep test on the budgetary

trading

but carly corporations (sent $2 annual dividend is too mainland was under considera-oversLIS

which will be tion

exempt

from low. British income tax and profits tax on their overseas trading in- Same companies which such places, as operate in

the Bahamas and which Bermuda,

those Persian Gulf states which have no company taxes, will not themselves pay any tax where.

an

In Nigeria, where encourag-

The rubber market was quieting developments were reported come.

in 1956, test drilling had located

allfeld at Oloibiri, might reasonably be expected to yield commercial production, Arrangements were in hand for testing its capacity.

Commercial Credit

Commonwealth Elec.

Consolidated Edison

Conumental Oil of Del.

Crown Zellerbach

Cuban Amier, Sugar

20**

No. 1 rubber

Diamond Alkali

No. 2 rubber

350 buyer

63

No. 3 rubber

2.68 buyeri

No, i crops

3.75 bujerw

Singapore rubber

prices were

Douglas Aircraft

Dow Chemicala

Dupont

de Nemours

Easter Airline

Eastern Kodak

El Paso National_Gas

Family Financ= Corp.,

Firestone Tyre & Rubber

Ford Malor

General Electric

General Foods

General Botors

Gan Pub. Qui,

Getty Ol

Glidden Co,

Goodrich (B. F.) Co.

Goodyear Tyre

Heyden Newport Corp.

Inland Steel Co.

Interchemical Corp.

Int! Busher Machines

International Nickel

2.60 buyer

not available-United Press.

London Foreign

Exchange

London, May 8.

Closing rates were:

Gulf Oil

Homeatake Mining Co.

Ingersoll-Rand

121

New York

+4

Montreal

105

Amsterdam

55% Brugele

Frankfurt Elston

In Harvester ...

100%

International Paper

10242

Int'l Tel Tel

332%

MHatt

John-Many:lle Cr.

4036

Kansan C. Power & Light

Kennecott Copper

1152

1

Zurich

Stockholm

Liggeli Meyers Tob. Co.

Lockheed Alreraft

Loews Int3).

Lone Star Cominent Co Lowenstein & Scne.

McDonnell

Aircraft

Stock Exge.)

Mabi Iron Corp.

Manarota Mining

Mission Development

Monsanto Chemical Co.

Montgomery Ward

Motorola Ine.

Natural Caen Rew. "A"

National Dairy Prod.

National Lead

National Steel Corp.

New York Central

Olin Mathlo

Ot ElevaİOTE_A

Owen-Winol la

Poetic Gas & Elec. Pan American Airways

Paramount Pictures

Parke Davis Co.

Penny J, C. C.

Pam. Balt Co.

Philip Morris

Prpolar & Gamble Co. Fitzburgh Plate Gira Publicke Industries Pure On

Radio Corporation

Republic Steel

Reads Mutas

Shell Of Co... Saint Bar, Paper

Sinclair ... Bopony Mobi

TAM.

Solar Airscaft. .................... Hojuth Parto Blog Jugar Bouthern Fational Gam

Soulson Hallway (Dom) Standard Ororada ·

Hlendard off of ind

2.79.3/16-1,704

2.07-4.07%

Income tax

PETROLEUM

Month

May Jur October

Volume Open_interest

$200

63,300 180.110

7,500 17,600

March

December 1999

11,100

170.100

.5.300

$4,000

May

$.100

91,100

July

€.000

64,200

October Total

300

4,100

47400

$74,400 baleg

NEW YORK

Prices of cotton futures closed

The market opened steady, rallies in wheat futures caused buying in other grains, and prices in general moved higher at mid-morning.

Increased foreign demand today as follows: was, an influencing factor in Harris, Upham & Co oralysing much of the day's trading. Texas Co, says company's pronts Wheat closed up to 2%

cents for old, and up should continue to rise in 1937

of higher petroleum cant for now. any-in view

prices and anticipated quin in

Soybeans closed up world consumption.

1 cent extimates Wheat No. 2, rea

Spot

July Sept

doductable

Reynolda from dividends paid to their Anchor Hocking Glass will earn.

Re

Co

share4.70 a share in 1957

British Petroleum's total re- finery throughout at 33,6 mil- | shareholders bot can be ro- lion tons was 3 million tons claimed by Oversees more than in 1985.-China Mail holders. Special.

scolast $4.18 in 1958. Looks for higher sales for Fansteel Metallurgical but says earnings are less clear- ly defined because of starting up costs of new plant to produce tantalum and Columbium Metal Ingots....motes look for 1957

Hollywood Co, To British fax They will also have Powdery

of centralised Ritter Company

Produce 55

1000-16001 Films In A Year!

140.75-140.7712

11.755-11.754)

03.03-00.15

1701-12014

14.40 14.481⁄4 12.2034-12.30)| there unchanged.==United PreRS

New York, May 8. Twentieth Century-Fox Film Corp, announced today it will introduce 55 motion pictures in the next 12 month-largest total of pictures from one company

New York Foreign in nearly 20 years.

Exchange

Now York, Moy B. Closing rates were: Canada England offeini

30-days 10-days

“Australia

New Zealand

Bouth Africa India

Paldstar...

Others unchanged.

1.04-0/10 4.70% 2.78-18/10 2.7B-7/16 223-7/10 27014 2.7917

2013

United Press,

NEW YORK METAL

FUTURES

New York, May 8. Prices of metal futures closed today in cents per lb. m follows

Land

May

1400

June

MAY

£0.00%

Standard "cht 'OF·K).

Copper May

Sleep Rock (Toronto Exgo.)

May

June

Blandard Ou

Sterling ug Do

Budsbaker-Pan

Filt & Co.

Texan Cp.

Spyros P. Skoures, President, sak a "multi-million-dollar pro- gramme" is what is "needed for the theatres of the United States

Ikic.

Wheat new contract

July

Dec.

Sept.

Mer.

to en The general effect courage such corporations to re- lavest their overseas proflis abroad without suffering from

the convenience London management and of to be exceptionally good after being able to shift proẞts from reporting record first quarter. Corn, No. 2, yellow one overseas country to another United Press. without paying British tax route.

co

For various reasoris, the cor porations may attract some tr

abrood-China ventment from Mail Special

STOCKS DRIFT

LOWER ON

anti Canada to be kept open LONDON MART

and thriving."

Many of the pictures emanate from Broadway hits and bost seller books, he noted-United

Press,

LONDON METAL PRICES

London, May 8. Prices of metals closed today

London, May 8. Stocks driftat lower today in moderately active dealing on the London Exchange.

Skpot

May

July

to 5%

Oct.

*Dec.

Mar

to Off

May

Oct.

NEW ORLEANS

Petaling Tin La Itaffles Hotel Bingapore Cold Storage Straits Trading

Steamship United Engineer Weame Dros.

exdly.

Special.

Ord

† ex-pil,

€2.70

02.074

1.01

$73.247

10.10

150.J

83 12

Ching

Mak

Fly PAN AMERICAN world's most experienced airline

33,25n

13.04

33.11

34.00

33.01

to

Prices of cotton futures closed

May 216% (31) ZIKIL}"""

$132- today, as follows:

Epot

July

Mar

May

July

Oct.

124-1346

1201-94

July

set.

Dcc.

15時15 12415-

New York Sugar

MAT.

Kye

Qld contract

Market

Kiny

INK

May/June

July/Aug

July

114-115

New York, May 8. World No. 4 sugar Qutures closed today 12 to 23 points lower with salts of 1,802 con- tracts.

May

July

Boybeans, No. 2, yellow

Domestic No, o mugur futures closed today

2 LoscheDged to points lower with sales of 84 contracts

Spot May July

Bapt.

Nov. бать.

Barley,

Spat

The lower trend in world futures reflected the decline in Saws which in turn pointed up New York flour reports that the Cuban erop may turn out much better than

Contenot No. 4. (world)

Steels command canter, ship-originally expected, ping etteros weeg waak op Dewa that tramp shipping ratos neo at the lowest level in two years. Blue chips such as Rolls-Royed

July and Unlever dropped about a

Bept, shilling

MAT.

Ofis continued mixed with May Royal Dhich unchanged and British Petroleum off more than

0.18-19 0.12

1.30

4.72

4.70

1.20

cents per, J.

Cubi)"

6.30

Contract No. 4 (domestic)

in sterling per long ton noing Care in Cat: DEG follows: P

Tin pat

2-month

Copperejse

3-month

00.756 (standard)'| Read let unquoted

Usled . Press,

24 to 247.

British – Governmenta' fell in Bid Console, and with Glucovered

kufuru Belleja | **£37

2016

bianchi: vroom; actiyə jood higher 19, La awywały portions, expecially | Mus Cherman and Japanese doline kirol-toonte par lb. cit

NY ex-duly) Kocka wèso moderately lowatten Open Imeres United Prons,

200 b. anci

00%-15 60%

130-140

139,500

United Press.

Exchange Rates

Business was dona th the local

market unofficial exchanga morning at the following rates:-- U.B. dollars (per 91) Ga Sterling notes (per 43) Australian notes) (par 40. Indonesian rupiah (per 100):

Singapore (Stralin),

NAMESAKES

Entertains

Bail, 10 Condit.

Cinderpla

LIVERPOOL

Cotton future closings, pence per lb. were as follows:

Oct/Nov

Docs. Mar/Apr.

New contract

May/June

July/A

20.07

20.46

EZKAR

220.73

EUROPE

and the

USA

For reservationa

call your travel agent or Pan American direct at 37031 Hong Kong Omori Alexandra Hous

Kowloon Offices Peninsula Hotel

Pan American World Airways, Ion, Incorporais | wines of New Yorka £7. Bodky with JimdNE MANNY

PAN AMERICAN

YOUR ALLY - A GOOD PRINTER

What's the first step toward effective printing? Just this: call in a good printer right from the start. Whatever your requirements, his fund of experience will be invaluable in helping you to designi

to select type, and to choose the right paper for the job.

There are no better printers in town than- SOUTH CHINA MORNING,

Printing Departme

Wyndham Street

LIMITED

20002