1957-05-15 — Page 9

Page

THE CHINA MAIL, WEDNESDAY, MAY 15, 1957.

TRADE and COMMERCE SECTION

NEW ZEALAND'S EXPORTS UP

More Shipping WORLD

Needed At

Peak Periods

to

Wellington, May 14,

ship

How

New Zealand's agricultural exports to Britain and Europe

RUBBER

MARKETS

14,

Fluctuations In May Cotton

Hex New York. May May Dominate Market

rubber futures today closed unchanged to 25 points

higher with sales of 134 con- tracta

May July September November Jonstery

13.00 31.00 $1.00

Standard contenot closed un-

no sales reported.

in time to take advantage of the best market changed to 25 points higher with conditions is developing into a major problem.

New Zealand, already one of the world's leading producers of meat, wool and dairy produce, is looking forward to a steady expansion in farm production.

unless

transport facilities

On present estimates, the 1985. But offlelais fear that, country's agricultural export

are will have Increased 25 per cent greatly improved, New Zealand by 1005 and 54 per cent by will not get the full benefit of

her inercising producilon.

American Bankers Cautious

Now York, May 14, Investment bankers are expected to be cautious in their bidding for this week's larger number of corpora- tion debt offering of 11 legues totalling $111,827,- 090,

Caution is expected, reflecting the fact that two important bond issues last week had poor mar keting experience.

Requirements

A department committee, which has been investigating the problem, has just made an interim report to the Govern- ment in which it says that the two main requirements are:

May

Beptember November

March May

Forenoon

32.25

22.05

31.60

31.15

30.01

strengli regreted

115

a

the paucity of shipment offer ings as Simmmpore 'observed hallday. With limited offerings, futures moved confidently der covering

operations which uncovered stop-loss orders, Ar- bitrage huying also was report ed against sales at London, but

inter some of the spreads were reversed.

New York, May 14.

Erratic and wide last-minute fluctuations in

the spot May delivery dominated active cotton market today.

After holding unchanged at 35.30-31 through the forenoon, the May contract, in the last minutes of trading, receded to 34.70-78. The markol

opened off 1 to up points. New Orleans closed up 11 points.

Lo of 2

steady to flm on further Now and local buying in face of light offerings Seller cautiousness

Elsewhere, the market held

Orleans, plus commission house

continued main factors.

subjectea

to three

Possibilities for

sidy

2 Double about action uf cotton legislation.

а moderately

CHATTER ON WALL STREET

New York, May 14. The market reflects firm undertone, with in- dications pointing to fur-

HONGKONG

STOCK EXCHANGE

Our Own Correspondent Busince done on the tong lang Stock Exchange this morning amounted to proximately $551,000. Noon quotations and to mondog's transactions.

Shares Buyer Seller

DANKS

HU Bank

1030 1050

East Asia..

930 010

INSURANCES

Union XD

Zornbard

SHIPPING

Wheelock

DOCKS, ETC. T. Whark .. Dock

Sales

Fear Of Trouble Halts Rise On Wall Street

New York, May 14,

Fear of more trouble in the Middle East and indications of some deep budget slashing upset the stock market today, halting a rise that had carried Industrial stocks through the key 500-level,

Selling hit the International oils and then spread to other groups. The market began the day on a strong and active note but finished with all major groups in lower ground.

elinax Molybdenum

Despite the selling which de-, Shrysler, Motors veloped, a number

of special issues munuged to chalk up good gains. National Steel fea- 7.40 is 1000 #145 Tured on the upalde late in the day, rising 2% on a published report

Treasury Secretary 45 George Humphrey would leave

107 110 300 108

$1.75 43% 1200

2000 6 45°

Provident . 13.10 11.30

423 12.30 the Cabinet and become 116 600 1520 Board Chairman. 100 12.30

Fl

The oils were stung by 1000 15.70 Israeli throat to test Egypt's ban

400 & 3514

13833 against Tarsoll ships using

the

Gulf was hardas!

LAND, ETC. Inc Hotel 15.00 15.00 HK Lord.. 3915 3514

(!) 10.00

400 20.70

C10.56 Sud: Cunal, 300 a 10.70 hit, losing 44.

10 16.30 1.50 1.33

2000 @1.523

Activé Stocks

RUNGEN

higher government sub- ther selective strength, ac-mphrey

cording to Henry H. Bal. Really four, analysts for Orvia Amalg .. 1,478 1,523 10000 @ 11⁄2

Trust XD Brothers & Co.

123% 1.40 UTILITIES Tram

... 233 2.70

Small to moderate sales in the shipment market included Thailand three sheets May/June, at 91 oents and four sheela ni 29 cents. Other reported salos

A quickening demand included some four-ex browns

in the export market, 25 at

cento and

five-ex

The certificated stock remain-the 5.11 of last year and browns

a1 22% cents, both od ut 11,975 bales, May/June,

Montis cost and freight

May Local batia.

factory business July continued small with spot No 1 October Res was quoted at 321⁄2 cents a

1. Provision of adequate ships at the right time so that New Zealand can get top prices for her produce on over-pound. scas markets;

*

2. Expansion of Inland transport, particularly rati ways, so that there will be no costly delays in getting the produce from farm to wharf.

The Minister of Railways Mr John McAlpine, who has been loading the investigations, an- nounced that the Government was to have discussions with British shipowners country's future shipping needs. This was reportedly due to "We look to the overacao larger than usund volume of new shipping companies to do their corporate bond Issues looming | part in making available enough for the summer season.

ships," he said.

Increase

on

LONDON

Volume Open interest

14,100

21,200

4,400

107,000

3,700

172,400

December

7.700

174,800

-

March Mny July

3,300.

01,300

8.200

ST.800

0,#00

65,500

October

7,400

69.400

Total

03,800

841,000 balen

NEW YORK

2716-27

Prices of cotton futures closed today as follows:

Spot

May

33,320n 35.75

(expired at 12.30 pan.)

July

37.08

24.00

Mar

39,57

May

33.91

July

33.20

The rubber market was firm with spot up 0/10 to 27-9/16 penco per lb. Prices: No. 1 has ap

June

Settlement House term:

July/Sept. Oct/Nov. Jan/Mar Apr/June

General markets, cit besle,

May

June

the July

Estate crepe thin May 2011⁄2 June 2

...... inquotid

thick

AMSTERDAM

The rubber market was steady Slock financing by corporn- New Zealand, however, raises today. Prices closed in guilders

per kilogram, this a special problem for ship followe tions will also week with several important owners. While Imports come in No. 1 rubber common offerings on hand, in- a steady flow throughout the No. 2 rubber exports are seasonal, No a rubbor cluding Florida Power Corpora- your,

No. i crepe tion's 255,013 shares and Du-'| especially meat and wool,

mont Broadcasting Corporn-

tion's 314,812 shares, along with

a preferred issue for $2 million.

NEXT WEEK

Extra Tonnage

This

extra!

at

that means tonnage musi be provided peak periods, tonnago which

Next week's calendar will in- shipping companies may not be

clude International Business Machine Corporation's proposed $200 million common stock offering to shareholders.

ablo to

utilise fully at other times of the year.

NEW ORLEANS

100 22 100022

100x110

Colgate Palmolive Ca Colombian Carbon Co

Commercial Credit Commonwealth. Elen. Consolidated Edon Continental Qui et Mol. Crown Zellerbach Cuban Amer, Sagar

Diamond Alkali Douglas Airdat Dow ChemLonde Dupont de Nemours Eastern Airline .... Bartman Kodak j

El Paso National Geo Family Finance Corp. firestone Tyre A Hubber

Ford Motor

Choral Featrio

General Foods General Motors Gudden

Goodrich (9. T.) CU. Goodyear Tyre

The ralis finished lowor, as Gulf Oil and

did the motors.

Heyden Newport Corp. Honestake Mining Co. Ingersoll and

inted Steel Co. Yntarctiamien) Corp. Store, Business Blechines

Jarl Harvester, an Sunray-memational Nickel

The five most netive stooke, Yaumati

104 109

in orter, were Olin Mathieson, © Light (0) 18:30 18 2000 @ 19:30

2000 1940 United Cigar-Whelan Rita) 1.40

oll (New), Qelly 30 30% 200 30.25 Midcontinent Oll and

100 i 30.25 30025 Airplane,

Harris Upham & Co projects Atlantic Reining earnings above say? current dividend may be raised estimates Westinghouse Flec- trie may earn $4 in 1957 against Electric 10 cents last year and $2.46 in 1955....Otis Elevator $3,10 in | Macao E. 1950 and dividend could be Telephou 20,00 25.70 3731 20.00 raised

INDUSTRIALS Cement Raynolds & Co., analysing American Chain & Cable, says Rope 1957 net Is tentatively at $7.50

STORES, Dairy a share against $6.80 in 1950.

GENERAL MOTORS

D.70

Boeing

The Dow-Jones

avenges closed with Industrials off 1.75 at 500.46 rails off 0.78 at 140.15; | utilities of 0.02 at 73.88, and E stocks 174.81 or 058. Sales totalled 2,680,000 shares com 220 1100 pared with 2,720,000 shares yel 12 1400 11.50 | wrday.

4.725

15 1600 x 14.00

1000 20.70

3314

34 100033.25 500 33.50

13,30

EXC

14.00

Watson

"

COTTONS Textile

a

Entert

MISCELLANEOUS INVESTMENTS Yangiszo

11.00

4.70 4.7715 3000 1000 7.98 8,10

11.70

0.16 4.478

1400 6.30

TORD

Hornblower & Wecks, paling General Motors is planning gala celebration of is 50th an- niversary next year, says it may be taken for granted the cam- advantage of pany will take the occasion to introduce out- standing now modela in All

Prices of cotton futures closed effort to regain ground lost to today as follows:

Spot

elf June,

May

As

July

Dot.

2.01 buyers

Der.

3.50 buyers

8.60 burees

MAY

2.30 pald

July

United Presa

Oct,

CHICAGO GRAIN

MARKET

Chicago, May 14. Grains were lower

LIVERPOOL

34.00

expired

34.00

19.00

33.68

33,50

33.$1

Cotton openings, in pence per Ib were na follows:

Old contract Delober/November Others unquoted

KARACILI

on The market

20.34

dull wis

but

rupees per maund as follows: steady today. Prices closed in

The Government is aware of the Board of Trade today this and the possibility that it could result in higher freight with prices down fract Bind roller gin

which might offset tlonally to over 11⁄2 cents a higher market returns charges

bushel.

in most

250F Sind rollar in

W

competitors this year.

Rathcon

Shearson, Haramili & Co, says Mig combines tho ciemente of

volume. rising widening profit margin, anxi sirengthened management, with broad participation fru MAIKY

the phases of

and missilo electronic fielda,

Allled

HK & TE Eavest

International Paper Ball Tal. de Twi John-Manville Co Kennacott Copper

grett Meyers Tob. Co. Lockheed Alrerast Loews Incorp, you Lone Blar Cement Co. Lowenstein & Sona Mallosnell

Aircraft

Stock Ziege.) dosabt Iron Corp. Minnesota Mining Bilations Dovalopanoni

onenta Chamiesi Co. Montgomery Ward Motorola te were unchanged. New highs National Cath Kər. “A” were set by 73 issues and now National Dairy Prod. lows by 24,

Of the 1,167 issues traded, 334 4.70 advanced 870 declined and 257

RUBBER CO EXPECTS SALES RISE

Pittsburgh, May 14. The United States Rubber Company expects enles to rise $950,000,000 in 1957 and earnings should be equally as

do

National Load

National Steel Corp.

Oun Mathieson Ölla

NY Stock Exchange bond New York Confest volume was $3,850,000,

American Stock Exchange volume was 880,000 shares.

Dow Jones closing averages werd

as follow:-

30 industriala

20 rails

13 utilities

65 stocks

43 bonds

800.48

levators Owen-Winals Giam Pación Gas & Exec. Pan American Airways Paramount Pictures

Parke Davis Co.

Penny J. C. Co.

Pen Dalt Co.

Phillp Morris

73.88 Procter & Gamble Co.

Pirburgh Plate Glass Publicker Incluiries

Radio Corporation

Republie Stest.

Reynolds kietai

Shell Oil Co.

146.15

170.01

comm. future pries index ...

23.97 154.30

Closing Prices

Alden Inc. Acy.

181

Allied Chemicals

30ted

Socony, Mobil

Ailled Milla LIC.

Solar Alteraft...

161

Bouth Puerto Rico Sugar

Southern National Gan

43

Southern Railway (Com)

Standard - Urnenda

80

101

Allis Chalmers....

American Airline

Rose & Hirsch, in an analysis of Gillette Co. anys the company In 1957 could at least match good as last year's Mr Chester American Cable & Radio Corp. list scar's record of $3.40 a. Noonan, vice-president, said

share.United Pross.

DAY IN LONDON

here

American Creunde Co. ...

& Foren. Power Am Mach. & dry The

hoal net American Metal company

American Smelting earnings of $31,870,000 equal to Am, Sugar Ref. (new) $4.83 n share on males of $001- American Tel. & Tel.

volume should be about on a Artico Steal level with. & year 320, Mr Armour Noonan sairil Profits whi Alas Cons, Mining

Baldwin-Lime-Ham probably be about the same as Baltimore & Ohio In the second quarter of 1958,

Beneficial Finance

00/4

02/4

|UNSETTLED 200,000 in 1950. Second quarter American Tob

Copper

60/8

2007 Punjab roller gin

507- 93/8

Juty

BAO PAULO Cotton future closings, in cruzeiros per kilo were no fol- lows:

October

38.51

38.00

London, May 11. had another

un

44.40

41.40

40.00

April trade returne,

con-

Last week new issues of pub- licly offered corporate bends totaled $75 million. There was a single common stock offering for $2,020,444,

Dealing with this issue, Mr Liquidation of May contracts Some marke McAlpine has warned tarmors, caused the most declines, May quarters expect a new Treasury Froczing and doley companies futures prices Anuncing of around $2,000 mil and all those concerned with

graina lion for early June to be follow transporting the country's form

were sharply lower, od by $9,000 million in July,

Most grains opaned about produce to the ports, that "It is

and partly due to poor Investor In-sential that delays be kept to

but liquidation terest to last wock's exchange

acattered hedging developed December offering of Treasury short term a minimum so that the best use

around mid-morning and prices can bo

existing made of securities at the highest interest

bogat to decline, rate in 24 years.

facilities,"

scasonal

March May

A lower market for vegetable In the United States, the In August, the Treasury wil According to the committeo's oll caused declines in all soy-average price of one-inch cotton have to meet $15,800 million of report, the internal delays, ton, beans contracts.

at 14 designated spot markets maturities although the amount can be attributed largely to the Wheat closed off 14 to up was 38.81 cents. held by the public amounts to

Sales totalled

only $77,009 million

naturu of Now cent for old; and up % to 1% 94,084 balea-United Press. In October, maturitics total Zealand's export trade. Sudden cent for now, $8,100 million, of which the export peaks lead to severe public holds $1,200 milion, congestion at New Zealand's cents. Conceivably both these could ba porta put into one in July, the quar- storage facilities outmoded by fers add.-China Mali Specčini. the present volume of goods,

+

NEW YORK METAL

FUTURES

many with

wharf and

New York, May 14. dinquit to got adequate log Prices of metal futures closed finance. today in cents par Ib. were as follows:

Soybeans closed off % to 14%

مولها له

New York Sugar

Market

New York, May 14. World No. 4 sugar futures to- day closed 11 to 18 points higher with sales of 1,032 contracts.

Domtatlo No ( sugar futures closed today unchanged to 3 points lower with sales of 100 contracts.

Realising a hedge selling pared extreme curly gulas in the world contract, with the caster raw situpilog: attracting

Game

Markete

settle day. The disappointinct

tinued pressure on sterling and

although they might be off a Bendix Aviation Corp.

Benguet Cons- little, he added.

lex

Bethlehem Sweet

Mr Noonan noted that the Beeing Airpline

Borden (70) Co. expectation of an increase

Burroughs Add Machine sales for the year to $250,000,000 Canadian Pacific J was based on an anticipated Case (J. 1.) Co. fourth quarter

pickup in auto Cat, Tractor

of C. I. T. Financial Corp. Chase Manhat. Bank

eales following introduction Delomere Corp. the battle within the govern, the 1958 models. Such a pickup ment's party over Suez Canal would increase tyre demand all disturbed many private China Mall Special. | calculations,

Rolls-Royce was a big dis.

aprodutment and the share, tell New York Foreign A

5 shillings at the close, but fry general small gains and loggara prevailed Steel shares Lost moderately nad shipping,

Exchange

New York, May 14.

NEW

Baint Reg. Paper

Sinclair Ou

1763

44麵

101

4874 | United Aircraft

31.

45.8. Gypsum

11

49

US Rubber

US Smelling

01

PT

154

Standard Oll of Cal.

Standard Oll of Standard of Ind

of NJ,

Sleep Rock (Toronto kag

Sterling Drug Co. Blokely Van CAD,

Studebaker-Packard Corp.

Texas Co.

Tida Water Axso, G

Twenty Century Fox Film

Union Carbide

Union Pacific Railway

5. Fall "B"

U. 8. The Co.

US. Steel

Warner Bros.

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

-United Press.

COMPANY?

motus and alrerafty wero dull. The Canadian dollar rose to From the word "GO” —

US

its highest premium over Termination of petrol rationdoline in more than 23 years in ing pleased everybody but the foreign exchange dealings to big cll shares improved no more day,

DETION.

than 2 shillings though the Traders prleed Canadian dol- miner Anglo-Egyptian "B" lors at 31.04-25/32 American contrived to gain 2 chilling's Bearing the all-time high of $1.05% set on November 10, Suez Canal was strong, rising abandoned the gold standard;

1033 shortly before the US K sterling to 49% sterling.

Closing rates today were AS Britis Government stocks, follows: of the later selling. Most of the now at levels looking very Canada early demand was attributed to cheap, enjoyed

a little buying Australia!

England 30-days covering on technical reasons.

and rises of 1/16 on 4.

New Zealant South Africa In the raw market, dealers

Among the foreign bonds the Belgium reported

Morosco overnight | German 8% percent Potash rose Chile bought 10,000 tons of Cubans, sterling, both assenta and pa May/July shipment, at lower non-azzented, but the Dawes Pakistars

Shortcomings

CHICAGO PRICES

Prices per bushel in cents: Wheat No. 2, red

Spot

May 23646(H) ZPhil), 21-

mail-500

Harbour boarda," aware of

Acpt Dee.

these

shortcomings, have wheat new contract embarked on Jarge development wories, but some are finding it

July

Sept

0015 -11-19

Дод Mar.

Coro, No. 2, yellow

Load May

Jund

May

14.600 13.00 10.00

Juño

The Government, 100, is ine creasing its supply of railway trucks to meet peak demands, although these may lay late during the off-season.

Bpo

53512

May

JUNY

Bept

Ded

Mar.

Copper May

May

Juna

Tin

May Juso May Huro

to Bob 91.00%

Sąly

117 11776

Onla

MAY

16,000 18.00b United Press.

July

0031-00

But there are a number of factors which New Zealand.

canmat-control. For instance,

'Raybeste, No. 1, yellow.

Spot May Ful

Nov, Yen Barlor,

prices. The domestle market was quick.

Contact No. 4 (world)

130-140

July Beptember October

1.83

5.53

$13.801

Margi

4.07

Sipisenber

ATA

Ope's interest: 9.194 cmultzooLE. Capitenot Ne, U (domatetto)

AP

Open

contrasta -

Mali tipoctal,

#ngapore (atrakcm)

United ProMU.

With the co-operation of all the the people involved in unquoted export irada and a "vigorous" expansion in transport facilities, tho Government considers that It will be able consistently to meet the overseas market at the right umt--and price.

LONDON METAL

PRICES

London, May 14. Prices of metals closed today

in sterling per long ton as

conlly delays during the Inst New York Bour twe export – seasons have bega #ggravated by strikes overenaA.

This emphasises that today

folus yesterday, the pop is still one

of the main barriers between Exchange Rates

Egyere Beers New Zealand's present and

Kajl| Kaburu urooperity: And there -Mužinom " Wee dane in the logg! 1ory 13,000 miles of sea which unohdall

will always separate this litlomerating at Chemin) owing raten:40

yü, dollar (per U12

farming nation in the south. Bierling notes (per

ima pot

king let hali May

400 13. mack

Pacing

Dream

principal'urulian Cote

cutover, Great Britados/

1.04 25/33

2.20 1/10

2,23%

2.00 1/10 2.70 7/10

D1B 11/15 0017

2003

Others

Wete

2003 unchargedUnited

raw and Young Loans were the Prem

tionally down. Japanese Takys

8% porcents non-assentod ross

11⁄2 sterling and that of the

1989s rose 1 sterling; at the London Foreign

Dhi-83) assenteds WUCTO featureless,—

United Press.

NAMESAKES

Angwon=-1. Calais, 2 Dover,

Exchange

London, May 14.

Closing volcs WODE:

New York

Montreal Amsterdam

Brussle Coperta peni Frankfur A Revolution, 4 Fight, Con- Milan | trole. # Trouble, 7 England, 8 parke

Engino, 9 France, 10 Wings, 11 Mor, 12 Aviation

Loul Blariot.

Stockholm Vienna

Others

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