1957-05-16 — Page 9

Page

THE CHINA MAIL, THURSDAY, MAY 16, 1957.

TRADE and COMMERCE SECTION

EUROPEAN COMMON MARKET COTTON FUTURES

Japan Expresses Anxiety Over Repercussions

Geneva, May 15.

Delegatos to the twelfth session of United Nations Economic Commission to Europe (ECE) have resumed their general roview of the European economic situation, The Japanese observer, Mr Ichiro Kawasaki, expressed his Government's anxiety at the creation of the European Common Market. "My country understands the aims of the Common Market and I would like to be able to hail the creation of an economic little Europe. But I would not be very frank if I hesitated to

is anxious add that

my country the repercussions of the Common Market on the trade of non-participating countries and particular, naturally, on Japan.

MARKET NOT

OVERBOUGHT

SAYS ANALYST

New York, May 15. Edmund W. Tabell, ana- lyst for Walston & Co, says the market is not yet over- bought despite the fact that it has had

a rather long, selective rally from the February lows.

Bache & Co says the stage la Bet for a push on the anchor jeg of the advance.

Standard & Poors holds that prospects call for careful coR- akleration of Any portfolio changes at this time.

Don't count on the market to make capital gains for you mus tomatically, says Moddys,

Poors' investment advisory service suggests a switch out of Ex-ccll-O into US Egypsum,

DINERS' CLUB

Oppenheimer & Co estimates not for fiscal 1957-58 for Diners' Club exceed $2 n share against $1.40 in 1958.

E. F. Hulton & Co calling at- tention to American Machine & Foundry's outlook, says some liberalisation of the dividend is a possibility this year.

Harris. Upham & Co says Skelly dividend of $1.80 could be rated to $2. General Motors is testing lighter metals to pro- duce economies in passenger car operation F, W. Woolworth will introduce a cafeteria food service in Dallas next year.

HONGKONG PROFIT-TAKING

STOCK EXCHANGE

HITS

WALL STREET

New York, May 15,

Our Own Correspondent

Stocks ellmbed to new highs since early last Business done on the Hoog September today before running into some fairly kong Stock proximately

ap-stiff profit-taking. quotations and transaction4:

this Exchange morning amounted to

$750,000. Noon the mornings Bhares Buyers Heflers

Bálen

BANKS

Dunk

Lombard SHIPPING

Wheelocke

Fat Asia

INSURANCES

1040 -1835

256

KKSTAS

00 1045

30 (90%

100 # 30

1.40

7.45

2000 7.4%

150 g 7.40

9300 ft 743

about

DOCKS, ETC. Deck ...... LAND. ETC.

197

110

4422

45%

500 43

13 13.30

166 13.20

2000 # 13.20

in

1000 # 18.70

UK Land

Humphrey 18.10

The United Nations Secret. ary-General, Mr Dag Hammar- skjck!

K. Whart

Pykent (0)

HK Hotel.. 15.00 15.10

DAPA (r) 10.70

WORLD

RUBBER MARKETS

New York, May 16. Her rubber contract elband

today 20 to 45 points lower with

sales of 63 contracts.

MAT

foot.

Nov

Mar.

MAY

31.00

31.00

31.00 30.20 30.00

SEE-SAW IRREGULARLY

New York, May 15. Cotton futures today see-sawed irregularly on quiet dealings.

+

At the close the list ruled up 18 to off 11 points. The market opened off to up 3 points. New Orlnam closed up 1 to 14 points.

Donitatic mill buying briced the nearby July delivery in the face of light offerings, Succeed- ing deliveries held siłady on a Standard contract closed 25 to scattered commission house de-

reported.

Max

Dept.

NOT.

Jan

Gains in many pivotals were pared by the 15 points lower with no sales mand. realising which hit the market late in the day. Industrial stocks finished higher in the averages, although below the day's high. Rails and utilities closed lower on average.

up

Before profit-taking set in, the Industrials had more than made

yesterday's ousts. Chemical stocks played an im- portant role in sustaining the Industrial average.

Paramount Pictures

Take Dave Co.

Penave J. C. Co.

Perm. Belt Co. Philip Morris Procter & Gamble Co Pittsburgh Plate (zlans

Pubicker Industries Pure Of

Radio Corporation

the

Republie Steel

The best gains and losses op-

258 61 1312 peared in issues outside

10.00 group used in compiling the

Reynolds Metal

shell on Co.

400 G 10,30 | DUCTages. Addressograph-Multi-Saint Keg Paper

3000 10.10

600 4 10.20

... 1,474 3.0234

1.50 1.825 1300 / 150 1:25 3.40

Realty RUBBER hos himself recognised

Amalg. think Common Market must Trust "XD''; bring considerable advantageeILITIES

Tran to the countries forming part of Yaumati

that its establishment; 2. Light (0) it bui could give rise to readjustments,

Irte) sometimes painful, both within Fleiri

the regions which acan E. and cutalde

it Me Kawasaki Telephone are part of added.

Dalry

13.40

30 304 91L

22.00 22.00 1500 22.70

104 105

100 103 19.40 19.09 2000 @ 19.60 500 19.50

10004 30.25

graph ran up b and Texas & Pacific Railway loat 4%.

The chemicals were star per- formers, reflecting a bright, out- look for this industry.

The return of normal opera- tion through the Suez Canal helped the elis, Gull, Texaco all adeled Royal Dutch

E

20.00 20.20 200 20.70 around a point ar mare in the

3100 28.70

Sinclair Ou

Socory Moblioù Solar Aircraft

Bouth Puerto Rico Eutar Bouthern National Glas Southern Railway (Com) Standard Brande

Bisland on at Cal

Standard Oil of Ind.

internationals Amorida rose a1⁄2 & Co.

800 20.00 and Shell 2 in the domestic olls.

300 ve 14.90

50 14.00

INDUSTRIALS the Cement

4

3015 23.76 13.40

14.00

19

2001

1000 a 14.90

.......... 11.00 12.20

4.70 4.75 7.03 8.10 500 @ B

2000 @ 12

delegate, The British Earl of Gosford, warned against Repo the danger of "creeping info- STORES, ETC. Refering tion" in the European economy, to the Common | Market and the proposed free

Watson "Where can trade zone he said

COTTONS Com-

Textile be no doubt that in the mon Markel

and the proposed Nanvang

MISCELLANEOUS free trade zone we have a great mert 18 opportunity to test what an in- INVESTMENTS ternational division of labour Yale

Alled can do to develop the industry & TE 4.42 and expend the trade

Inveri Europe.

Establishment

of

in

"We hope that the work OEEC will lead to the estab- lishment of a free trade area in which the member countries of the proposed European Economic Community will be associated,"

He emphasted that the free trade proposal "does not involve the creation of any new barriers against trade with the rest

of

the world." The Earl of Gosford

then dealt with criticisms of the United Kingdom for withing To xclude foodstuls from the free trade zone.

"We do not say that there should be no co-operation in agricultural policies. What we

0.25

..10.20

6.40 1500 @ 1.23

Most Active

Texas Co

Tide Water A. Du Twenty Century Fox Film Union Carbic

Valoe Pacific Bellway

United Aircraft

U.S. Foll "D"

$3

20

Mar. May

31.50

$1,00 31,50

21.00

30.80 50,00 A lower London trend, and reselling by some of the recent buyers, kept prices on a gradual downgrade. Some quartets thought the reaction was more technical than anything ciso,"

Shipment buyer was available in fair-sized amounts,

coming from Thailand, Singapore and Indonesia, but at prices too high to interest local buyers. Factory demand in the delivered market | was slackening, Spot No. Rs was quote at 32% conts.

The

SINGAPORE

market opened steady with trade and factory tiying

rubber per lb.

a

Insurance Counters

High Market

London, May 15. Industrial and life insurancu shares countered an otherwise higher market on the stock ex- change today.

But the far-forward October contract softened under the weight of scattered realising and New Orleans selling.

Indecisiveness pointed up trader disposition to awalt new incentives following the recent expiration of the May contract,

Technicians

thought the market hereafter would be more responsive to weather news and crop developments Elsewhere, News. that the government is dealers expected G trading working hard on a government market to continue pending Pension plan for the publis Washington developments on struck down the two insurance farin legislation, although some giants, Pearl and Prudential, observert expressed growing 1% sterling and about 10 shill- doubts over the chances for ings respectively. congressional action on cotton legiointion In the near future,

un-

Elsowhore

markets

were

with toll The Department of Agricul-highly selective. hure announced illo to all Royce recovering yesterday's Disclosure of its huge redeemed 1933 crop upland an onses. extra long staple option, hold book orders today brought under the loon programme will back after it matte a "realisti

report, MinMng be taken over on the expliution inancial date, July 81,

Spenour, a big chain store, pick- Open Interested up two shillings off a good

Standard Ol of NJ,

Step Rock (Toronto Exge.) Sterling Drug Co. Bickely-Vm Camo,

01 Futuros:

22

20

Studebaker-Packund Corp.

2014 799

001%

443

37

Spot rubber inbaled.... Bjarket crepa No. 1, pale crepe

No. 1 Juno

MOTE-SILL 91-01 July No. 2 rubber per 16. June on 90 No. 3 rubber per lb. Josse 381-00 No.rubber per 1b, June

50-37

Bontis

Volume

Hy

.12,000

5.100

July

0,100

189,000

Oct.

3,000

$73,500

(2-4 Mar 96-100

0014-001 Dec.

7,700

178,200

10,400

107.900

Абду

$,000

10,300

July

LONDON

Oct.

0,200

10 200

Total

58,400

NEW YORK

today as follows:

Spot

June

311 July/Sept.

2011-27

“JÚY

Oct.

Oct/Nov.

Dec.

Jan/Mar.

MET

4344

Apr/June

May

General markets, elf bars, ports: May, June and ful

July

Estale crepe tida Jun..

U.S. Line Co.

VA. Rubber 11.6. Smelting US. Steel,

Rails were slightly easier, Air-1. Gyprim crafts featured on the upside.

The most active sucs were US Hoffman, Olin Mathieson, Sunray-Midcontinent and Hupp. Of the 1,175 issues traded, 458 advanced, 443 declined, 274 were unchanged. New highs were out by 74 stocks and new lows by 39.

The Dow-Jones sverages showed Industrials up 1.62" at 601.081; rails of 0.02 at 140.14;

CHICAGO GRAIN of 0.01 at 79.87, and

MARKET

Chicago, May 15. Grains declined on the Board Trade today. Soybeans were the most active of the graina.

Liquidation of May contract continued to be the main fea- ture. In today's trading.

65 locks up 0.30 at 175.11. Sales totalled 2,590,000 shares compared with 2,080,000 shares yesterday.

NY Stock Exchange bond); volume was $3,829,000.

American Stock Exchange | volume was 950,000 shares.

Closing Prices

The market opened about steady, but shortly

after the ine. Any etort liquidation began to push Alden A prices down.

Some short covering followed and many grains were able to recover some of the losses.

Wheat closed up to off 1%

do say is that foodstuffs should cents for old, and off 1 to 14

scope of cents for new, be excluded from

Soybeans closed off 3 to up 4

the free trade zone. Our special

links with the

Commonwealth cent. make it impossible for us to Join a free trade area which in- cludes agriculture. It will be re- nity per membered that over cent of our agricultural imports come from the Commonwealth."

Agricultural

201

Allled Ms Inc.

Ale Chalmera American Cable & Radio American Cyanamide Ca Am. Matt. * Extry

American Airline

Carp...

Anier, & Forum. Power

American Metal Am Bugac Ret. (New) American smelting

American Tel & Tel American Tob. "g" Anaconda Copper Armon Steel

Armour Alles Corus Mining

Daldwin-Limu-Flori

18

201

16

Warner Bros. Westinghou Zlectric westem Union Tel. Co. West Va. Pulp & Paper ... Woolworth

United

1

601-

The rubber market was dull with spot quoted at 26 16/10 4xpence,

No. 1 Ras spot. 2012-27 84 settlement house term:

Press.

Paris Stock Exchange Control

.

The French

Paris, May 15.

official stock

thick unqucted.

AMSTERDAM

The rubber market was dull. Prisca closed in guilders, per kilogram, cif June as follows:

No. 1 rubber No. 2 rubber

No. 3 rubber

No. 1 crepe

report.

&

Oils met some profit-taking. Anglo-Esplint "E" highlighted

as it closed 2 shillings 6 pence ahead.

Foreign bends were generally Improved but Japanese issues

Prices of cotton futures closed very quiet. Premium for dollar

NEW ORLEANS

30.350

stocks eased to : per cent, 35,12-13 of a per cent lower, Gitts were 33.00 up moderately with to stand,

ouls. United PreÈS,

53.00

Prices of cotton futures close

today as follows.

Spot

Jizly

Oct.

Dec

Mar

3.00

2.50 noma.

2.80 200

Bay

July

-United Press.

hrokers association has instruct New York Sugar

ed brokers to control forward the Paris Stock operations on Exchange more clously, an ad- %sociation spokesman såld today. Through margin requirements remain unchanged, brokers have 51% been told to transfer the Hquid nasta supplied by investors

Market

New York, May 15. World No. 4 sugar futures today closed points higher with sales of 1,826 unchanged to 16

contracts.

סמני

39 margin requirements to a special

domestic No. 8 sugar account, which will be blocked futures closed unchanged to I

with sales of sunill the deal has been settled, point higher

62 contracts.

A continuation of Tuesday's

W the Stock Exchange less vulner- technical is

to sharp buying waves boosted

create speculative bull

2702

Spot

wheat ofa contract

May 218(H) Hei) .

The move is a further step to made the technical position

of

310

July

Sept

210

Dec.

Bare &

ahla

Wheat new contract

July

Sept.

Dec

Mar

2101-24 2141 21514

Beneficial Finance Bendix Aviation Corp. Benguet Cons

able 13%

which 18% positions.

40

81

to

Coru, No. 2, yellow

Spat

July Sept.

Dec.

MME.

"We are fully prepared Hayden Stone & Co suggests continue discussions on agricul- purchase on dips in Master Elec- tural trade in OEEC. The United tric, Sunray-Midcontinent, Mack Kingdom's excellent record in Canadian agricultural trade is an earnest Truck Paramount, Pacific, Royal McBee, Ameri- of our intentions in this respect." can Viscose. Magnavox, Flint- Mrs Koch, head of the Swe. Bye kote, General Precision, Baba- dish delegation, expressed cock & Wilcox, Chance Vought, hope that the establishment of Oste American Brake Shoe, Baltimore the Common Market would not MAY & Ohlo, Lockheed, Bering. lead

protectionism

July Johns Manville, American Fo-European trade. She warned that Soybeans, No. 2, Fellow tosh,

Westinghouse

Conilnental 01,

the

ת!

May

July

Electric, any further reduction of Swe Reynolde

Spot

dish tariffs would remove the

May

July

Sept. Nov. JA

Harley, Spot

New York flour

Metals, Bendix, Douglas, Cate scant but effective protection pillar and Cocon-Cola.-United they afforded to domestic in-

dustries, China Mall Special

Press.

DISCOUNT | Distribution

RATE

RAISED ·

Zurich, May 15.

the

Centre For Colony

Bethlehem Steel Boeing Airplane Bordend Machine

Co.

123-12871⁄2 | Canadian Pacific R 1231

19

130-140

$13.201

209 1b. sock..***United Press.

London Foreign Exchange

Amsterdam

hitian

London, May 15.

1.76-13/14-3.18%

160.02-140.01 BAL WALK 1173/4-11.5K

19.95 80.00

12.70-13.78

Closing raten were: New York, May 15. New York A now plan for Increased Montreal Asian and Mideastern distribu- Brucial. The Swiss National Bankton of products ranging from Copenhagen today raised its official discount drugs to sporting gune to celle naturt rate by one per cent to 25 par phone was announced today by

Olin Mathloson Chemical Parts. cant in a mave to combat in-

| Blocklidim Corporation,' aatiotary tendencies threatening

The company said that die Zurich the country's economy.

tribution centres under an inter- Today's move followed the national corporation to be set up

would include Tokyo, Boul, New York Foreign recent appointthont of a special Talpeh and Honghong. non-partamentalan comittée Some manufacturing of experts to advise this Bwise done by the company in Manila Governanont am meared to and Baroda, India. -combat inflitoßary' tendencies

is, nów

Other unchanguzz«Uribed Front,

Exchange

Products involved include arki a decisión of the Foldmi¦ drugs made by the Squibb, mube

New York, May 16: andi, bantonal-construction work. aldiary of Oln

Closing rates water poten Mathieson, Mathieson Industrial and chef Šacačun Additional

cultural chemicals, Winch astor noubbed by the Swiss National sporting arms and ammmanitiva, Bling tuany include the rates: non-Autous metals –REKE CROS of the Lambard ruso-frum. 3.5" phane and paper products. H to 8,5 per cwiłem United Prma. | United Press.

|«

South Afric Other

Press

Cat. Tretor

Celanese Carp

C. I, T. Financial Corp. Quán Marian Re

Chrysler Motor....

| Climax Molybdenitm

Colgate-Palmolive Co. Colòmbian Carbon Co. Commercial Credit Commonwealth Elec, Consolidated_Edison Continental Of of Del. Crown Zellerbach Cuban Amer. Bugar

Diamond Alkali

Bouglas Aireratt Dow Chemiedis Dupont de Nemours Banan Kodak ................

Pero National Gos Family Finance Corp.

Firosime Tyre & number Ford Motor

General Electric

General Food General Muto Gen. 1.

Clidden Co. Goodrich (H. F.) 06. Goodrose, Tyre Hrondisi Newport Com Homesta Mining £6.

Inland Blend Co. Interchemical Comp Int7 Business Bischines Int'l Harvester...

||International Paper

Last Fel de Tel Jotni-Minerville Co.

Ban C. Power & Lighs... Kenngoolt CSDIE

Liggok Mayers Tob. Co.

Lehena Atrocity

Loews IntoŁY

Loom ame Carmant 65.

“Aféruri (Am. Stock

Some heavy sales registered yesterday in the closing atages on the Stock Exchange were 404 believed to have been made as

result of the new Instructions— od China Mall Special.

covering movement

the

world contract

89506893

LIVERPOOL Cofion futuro closings, pence per Ib. were as follows: Úlla contract May/June

July/Aug. Det/Nov.

Dec/Jan.

Mar/Apr.

JULY/AUT Oct/Nov Dea/Jas.

Mar/Apr.

New contract May/June

REDUCTION

TO STAY

London, May 15.

The 10-per-cent réduction In deliveries of oil för industrial use In Britain will continue despite

in the official end of petrol retion-

ing, a spokesman for the Minis

and power and 20.00 try of fuel 24.49 yesterday,

20.33

36.54

He said the reduction will re- 20 main in force "for the time be-

2955 ing?"

20.63

2040

29.02

The reduction whe Imposed 20.10 with petrol rationing when the Suez Canul was closed. Waited Prest

SAO PAULO Colion fulures closings, cruzeiros per kilo were as fol- low

July

October

December

March

May

38.33 .40.00

quoted

40.36 $0.05

In the US the average price

sharply, with the rally drawing of one-inch cotten at 14 design additional power from strength ated spot markets was 33.80 cents. in the raw market.

Sales total was not available to day--United Press.

Japan was the accredited overnight buyer of Cuban raws at 5.85 cents with some

a pound, 1.0.5. additional business-

at that reported done carlier in the day.

Contract No. 4 (world)

NEW YORK METAL FUTURES

July

0.00

Sept.

5.95-90

Oct.

6.99

Mar.

4.69

New York, May 15. Prices of metal fulures closed today in cents per lb, as follows:

May

4.00

July

4.56

Sept.

Spot-cente por kr. for Cube), 6.96 Open interest: 8,068 contracts.

Lead

May,***** JUD Zine May

JO

1480b

13.00%

Contract No. 8 (domestic)

10.706

10.000

July

4.80

Copper May

28,705

Best

June

Nov.

Tin

May

50/93) (standard)

6.07

June

unquoted

Spot-cents per B. 'dif "NY"

May

97.555 (atzalt)

[ax-duty}

0.00

Jurie

$17.756

Open

United Prek

--United Pres.

LONDON METAL

PRICES

London, May 15.

Prices of metals closed today

En sterlkig per long tour as follows:

Tiny spot

-mach

Capoer, apot

-mooth

Load lat hal. Maty

Au

2me tst half May

Aut

CONTRACT

SPENDING

Cairo, May 15.

The Currency Control De-

titi Egyptien

Byers Sellers

1280

701

Lot partment

10

762

Miniatry of Finance has told

BRY

26

Martian buainmen

00

to pre ment within three Qurb·full particulars of import contract spending which are based Murling stad

Dire

from

the

sterling

insports ureth;··£fé»

•#3125" FRONTA

The

FATHERS-

NAMESAKES

Answers-1 Chamber, 2 Bath, 5 Murderer, 4 Pesce, 5 Famous, Hitler, 7 Tableaux, 8 Churchill,

10 Horrors,

9 Likenesses, 12 Uniform.

Waxworks, Diplomats.

Madame Tussaud.

encourage your children's quest for knowledge

THE

GUINNESS BOOK OF RECORDS

Exchange Rates

markyt

Ezyptian · CovÉTENDEUT

wald on Marshaý-that tisk Bel-

| Lidl : soverentrant fina piccatilmesi

"Bullisim. was done * is the loost to values from Bgyptiin, nganta "IMG"] [What Puma sa worn moveatury, to cover: Bayğilim, imboca teniEGON

100)

· 1210 || 1160s. Ani (Keeling betakrorttal

in July, 1950, Uniteil

will answer their WHO? What? Whekké Obtainable only at

SOUTH CHINA MORNING POST LTD. HONGKONG & KOWLOON

$9.50

ishochial

12.00

11

18