1957-05-21 — Page 9

Page

THE CHINA MAIL, TUESDAY, MAY 21, 1957.

TRADE and COMMERCE SECTION

COMMONWEALTH ECONOMIC ORGAN? NEW SEASONAL

Need To Control WORLD LUKENS ACTIVE

Outflow of Sterling From UK

From RONALD BOXALL

London, May 20,

Rumblings of discontent were within the sterling area last week.

hoard

Malaya Gas has given notice that after independence it will expect a bigger say in allocation of dollar reserves; New Zealand is worried about its meat exports and there have been rumours that it may insist on a reduction in the United Kingdom; Australia is worried about the effects of free trade inside Europe; South Africa wants more investment capital; and British MPs have drawn attention to the effect of high interest rates on Commonwealth borrowing in London..

It would be as wrong to as- sume from this that the sterling area is coming apart at the seams as it would to regard it as of no special significance.

The recent history of the merling area shows that it works best at mea

RUBBER

MARKETS

New York, May 20,

Rex rubber contract closed to- day unchanged to 18 polits lower with sales of one contract in the January delivery at 31.03

cents.

May July

September

Hovenber

January

March

May

8138288

un-

Standard contract closed changed to 15 points lower with no sales reported.

May July

Beptember November

Jamuny

March

May

32.20

3154

31.05

31.35

31.10

31.00

30.80

Buyers and rollers continued to mark time today, holding

business down to

A frontal attack on either one of the two commitments might, says Shondeld, bring the struc-work ture of the sterling area toppi- ing down in ruins.

Formal Machinery

minimum,

AGAIN ON WALL STREET

New York, May 20.

Stocks inched ahead on reduced volume today. The best gains appeared in issues outside the group used in complling the averages.

Some profit-taking came into the market, re- dueing gains in some pivotals and bringing small losses into some others.

Market sentiment was alded, Itadio Corporation noriler

by Republic Slee in the acestor

Reynuh Metal optimistic economic advisers shell Oil Co...** Continuod talk of deep cuts in the Bunt her. Poter President's military budget mada kelair (31 Investors wary of stocks heavily dependent on government bust- NICSIL

Fireworks

star per-

Folke AreATA

for Mabliais

South Puerto Rico Bugar Southern National Ge

AHL

HONGKONG

STOCK EXCHANGE

HIGHS ON COTTON MARKET

New York, May 20.

Cotton futures today edged upward gradually from the start, scoring gains of better than $1 a bale, to lift all deliveries through July next year to seasonal highs,

Closing on a rally the Hat ruled net 10 to 23 points lugher und at the day's highest levels, Our Own Correspondent The market opened up 3 to D Business done on the Hong-points, New Orleans closed 17 to

Exchange Jong Block

This 22

pointe higher. morning nmounted 30 _ap- proximately

$350,000. Noon quotations and the morning's

iransactions:

Shares Buyers Sollirs BANKS

HK Bank

East Asia

1040 1900

2:00

INSURANCEM

Union Kn

030

SHIPPING

Wheclock

Bali | Lombers

EC DOCKS, ETC.

Salar

10 1043

7.30 7:30 - 7000 13 7-33

0815 | 2. Whert . 400 109

1

Southern away (Com.) Standard Branda

42

Bali

Diandard Dil of Cal,

Standard Oil of NJ,

Drug Co. von Camp

more Studebaker-Packard corp.

and Swift &

Texas Co.

With shipment offerings still

Lukens, the year's above our market, and because former, provided rome of higher replacement costs,

bouncing up. unable to fireworles, dealers have been

of con- down like a yo-yo. The stocks Tide Water Ann, öll any business

with factories,

gain of 1 Twenty Century Fox Tim... as finished with a sequence manufacturers keep probing the after having been up as much Unton Carbide

Union Papine Halfwi market looking for lower prices, as 4 at one time. Locally spot No. 1 Rss was quoted at 32 cents,

SINGAPORE

of adversity. Commonwealth countries, he Whenever the pound has been saya, have collective responsi- in trouble, members have ralliedi | bility in this matter, and in Rubber price were down ound and "played the game" | order to exercise this responsi- about half cent at the opening hrstil the danger has passed. No bility some formal machinery as overseas advices were dis- doubt they would do it again. ❘ with a permanent board of } appointed. There was little But the sterling area cannot be management in charge on the fluctuation during the day but permanently based on the es- lines of OEEC would have to be there were good off take for sumption that members' inter- established.

xtendida and lower sheets by ests will always coincide. As

factorles. more and more colonies win their Independence, differences

of opinion are bound to arise, And that is when n organda

for Commonwealth

co-operation

tion

economic prove its value.

There was

The oils were good, refleeting a bright outlook for that indus-

did Little. Motors

At the close, the Dow Jones AL averages showed industrinis at 505.00 up 0.38; rails 147.90 up 0.11; utilides 74.00 up 0.22, and 05 stocks 176.70 up 0.20. Bades totalled 2,300,000 shares against 2,510,000 shares on Friday.

traded Of the 1,184 issues

unchanged. New highs

United Aircraft

US Fou

U.S. dypetin US. KAM ED. U.B. Rubber

UG U.S. meltin Warner Bros. Weringhouse Elocirle“ Western Union Tel. Co, west V. Fun & Per Woolworths

Böck

Provident

GAND. irc.

UK Hotel

33K Land ..

13 4430

10.30-10.40

HumphreyM

1.40 150

60 RUBBER

1201 ! UTNYTER "201 | Tram

Your

3. Light

Electric

Géts | Toleptisan.e

-Unlied Press.

476 advanced, 440 declined and New York Sugar

There was also some cover appeared in 68 issues and new Ing for Red China

lows in 23 others. Price's: No. 1 rubber per ib. June No, a rubber per lb. June 89-20 No: 3 Spot rubber unbalet Blanket ENG

Suggestions that a permanent organisation should be set up to co-ordinate the economie affairs of the Commonwealth as OBEC does for West European coun tries have not found would

however, in offlcini circles. The feeling there is that sterling No. 4 Informal association of countries area system worked better as an

There Was A Time....

time when Malaya was quite content to dollars pay many times more Into the Central Reserves than it took out; when Britain bought all the meat New Zealand could produce; when it would have been unthinkable that Britain should enter a scheme for European free trade which whatever its advantages, would affect a trade with the Com- shonwealth; and when British capital was the cheapest in the world.

The situation has changed. Former colonies are emerging as independent olates with aspire- tions of their own; and though they remain in the Common- wealth out of loyalty they elect to stay in the sterling area out of convenience. If it should ever become inconvenient for

them

to stay, no dies of friendship would dissuade them from

leaving.

At the moment membership

favour,

having mutual interesas, Give i an organisation and a constitu tion, it is eald, and the "chor- acter of the area would suffer.

This may have been true in the past when the sterling area consisted mainly of a group of frusted friends and a number of colonies nnawerable 10 Britain. It may have been true when sterling was synonymous with Insting value. But it is question- able whether it is still true to- day-London Express Service.

CHATTER ON WALL STREET

New York, May 20. Richard T. Leahy, annlyst

of the sterling stea has distinct for J. W. Sparks & Cp. says

advantages for them. But a

there seems reason fo

situation could arise in which lieve that the next im-

these, advantages might оррент.

dis-portant occurrence in the stock market will be an as- Need of the newly inde sault on the all-time high penient countries is above all of over 521

Dow- on the for developinetyt capital and Jones industrials, membership of the sterling area is still the best way for them to get it. But socialist MPs com plained last week that high Bri- tish interest rates were gradual- ly driving Commonwealth bur- rowers away from London to Amsterdam, Zurich and New York..

No Limit

ot

I pake crepe

011-015 July 1-01

603-0 ་་

8511-2014

LONDON

American Stock Fxchange volume dropped to · 930,000 shares from 1,139,000 on Friday

Bond volume emounted to

904-9164 $4,530,000 against $3,920,000 on

63-03 $0-100

The rubber market was dull with spot down 3/16 to 20 11/16 pence per lb. Prices:

No. 1 s.******* BetElement house term:

June

July/September

October/December

January/March

Apri/June

2014-201

2015-2016

2014-201

2014-2015

General marioets, rif basia, porte:

Atay

June

Friday.

Dow-Jones closing

were:

30 industrinia

30 ralls, ....

14 utilities

BS stocks

40 bonds

Comm. future price index

nverges

805.01 147,58

74.00

Closing Prices

Algen Inc. Acy.

Allied Chemiesās

2016-2012

2015-209)

Allis Chalmers American Airline

July Estate crepe this June

thick June

31

AMSTERDAM

The rubber market was dull. Prices closed today in gullders per kilogram, elt follows:

No. 1 rubber

No. 2 rubber No. 3 rubber ke. I crepe

June

Amerloun Cable & Radio

Corp

American Cyanamide Ca Amer. & Foren. Power Am Mach, & dry, American Metal American Setting Am. Buntor tet.

American Tel & To American Tob, "B" Amooties Copper Armco Steel Armour... Atlas Cona, Mining 2.58 nom, Baldwin-Lam-Ham, 254 nom. Balismoro & Olika Beneficial Finance

2.60 nom.

2.00 nom Valied Press.

London Foreign

Exchange

London, May 20. Closing rules were:

New York Montreal Orvis Brothers & Co. says Amsterdam the market reflects

Brussels selective pattern with

undertone.

a highly Copenhagen a steady Frankfurt

Milan

10 Park the Stockholm

Zurich

Selectivity will remain order of the day, according tolera E. F. Hutton & Co. Harris, Upham

135-

Je Co. timates Parko Davis 1837 not at

2.70.10/36-270.1/18 7.60.7/10.2.00.0/16 10.00-10.001) 140.70-140.7211

10.4475-10.442 31.73-11.751 17673-1750

312.1935-190.MIDA

0333%83% 14.459-14.45% 72.08-72,72

1324-12.24%

Others unchanged United Press.

narly $4 against $3.50 kt year New York Foreign

....International Business Ma- chine $7.50 against $0.65.... International Tokphone $4 against $3.02...Merck better than $2 against $1.02.

Even so, many millions pounds go from Britain each year into Commonwealthy it dustries and there's no limit ott this outflow. Nor is there any Umit on the amount that Com-- monwealth countries may with-

EXPANSION draw from their sterling balances in London. These are the main Chemical Week Say Monsanto Canada sources of development capital | Chanical soon wil unveil two

many

Commonwealth major expansions at St Louis.... countries and they providers Du Pont is talking expansion mon cnough for them to remain

....Teflon output wil be raised 40 por cent,

in the sterling area

But according to Andrew Bache & Co. looks for a big Shenfield, Forsigo Editor of the year for the oils, Soes the

Exchange

New York, May 20. Closing rates (ware:

ngland unoffictat

1,04 11/10 2.74-5.70 2.79_1/10

2.7092

||

oftein 30-days

00-daya

Assetralik New Zealand South Africa

1.701% 2.2312

2.70 1/18

3.70 7/18

Others unchanged United Press,

London Financial Tlates, there following favoured by excellent Exchange Rates

are indications that the British chart

patterns": Ameradu,

Government is mov searching Anderson - Prichard, Mission

market

this

amelovely for come device Corp., Skelly, Texas Gulf Pro- Bušnem was done in the local which will make it possible to ducing, Atlantle Reaning, Gulf change, maintain o measure

morning us the following motell som

of control Standard Of (N. J.) Royal US dollar (per 31) June over the odmbined outflow Dutch, and Texas Co.

of investment capital and sterl

ing balances.

There is no doubt, he says

Blesting notes (per £1). Austrian notes (per 1) Thomson & Mckinnin also indonesian rupiah (per 100).. stromes the alls, Heling such im ical (por 100) ..........

Singapore (trakti) Ohio,

that Commonwealth governamente | Philips, Binclair Corp., Standard nto beconting thoreasingly coil; | (N. 75) And Standard of Ohio, cerned about Britain's ospacity

W. EL Hutton €0, 2031 Curtiss-

NAMESAKES

Bendur Aviation Corp.

Benguet Cons

Bethlehem Steel

Market

1.50 1.0 120 130

88888

23.80 23 1000

10 304

29,10,19.40

30 2011

9.80

牺

INDUSTRIALS Cement BTORES, DTC. Dalry

Cone, Ch. Ent. Emporiun KWIN

對

Optimistic reporta from dry-

October December March

Zuby

34.25-47 34.23

34.20-30

33/43-45

October

NEW ORLEANS

Priece of collon futines closed

Spot

July

goods trade, with mills reporting today as follows: a further inquiry for print cloth

yern fabrics after last week's broadacale demand, and o firmers spet collon elluation, were the dominant infludroca.

A belief the recent House vote to end the soli bank programme next year may be modified in the Senate and a scarcity of con- tracts helped to shape the trend, Seller cautiousness reflected

concern

over conthuc ming over soulliwestern stcilo,s and fears that unless a period of dry weather materialises soon, it may 12be too late to plant cotion In

some sections,

301

B

09369

88838 8989.8

44

14.00 14.90

Watson 11,70 1.00

c. 97.00

18.00

3.90

181

4.05 4,729

K. & D

1300 19.30

9. 3.

CONS

New York, May 20. World No. 4 sugar fu- tures closed today 3 to 21 INVESTMENTS points lower with sales of 944 contracts.

The domerie No. 6 auKAT fututes closed unclianged to 0 points higher with sales of 810 contracta,

World contract weakness re-

Textilien Ailled

Invest ....10.20

Cat

SENTIMENT

100 fircled the lower raw UNSETTLED

42.51

150 31

and higher Cuban erop

mate

esti-

Conversely, the domestic con- tract was moderately active and higher on a firmer raw mitune

18 tlori

IN LONDON

London, May 20.

Stocky moved irregularly in

Trade sources indicated that quiet tending on the London 189% to mid-May sugar production Exchange today.

had reached 8,276,713 Spanlatı

si long tons. This compared with

15

the bass alloted quota of 5,150,- 000 tons for the 1967 crop, Some quarters thought production might reach 5,400,000 tons for the full season.

Contract No. 4 (world)

1912

144 July

5.65-07

Bepl

8.06-00

3.50

Mar,

4.60.

May

4.55

July

Sept

495 Spot-teens per in, fob Cuba)

B.75

Boeing Airplane

Open interest: &,618 contracts.

Burroughs Add Machine

Contract No, a

July

1.50

Sept

Nov.

Mat

474 Spal (cents per 16e NY"

4.06

Open Interest: 5,711 contracts.— Untled PreHD.

Borden (The) Co.

Consalin Pacific R.

Care (3.1.) Co.

Cat. Tractor

č. J. T. Francial Corp. Chase Stanhat, Bank Chrysler, Motors

Molybilenum

Almalive Co Colombian Carbon Co. Commercial Credit vo Commonwealth Elec. Consolidated Edison Cantinents! Oil of Del.

Zellerbach

Amer. Sugar Dimond Alkoll Douglea Alterall Dow Chemica Dune ah, Nenoura

Partern Airline

Eastman Kodak

El Paso National Cus

Family Finance Cory, TADI Firestone Tyred de Rubber

Ford Motor

General Electric

| Cepermă Mooda

General Motors

Glidden

O

Goodrich (F) ∞. Goodyear Tyre Out of....... Heydon Newport Corp. Homesinke Mining Co. Ingersoll-Jiand

Inland Steel Co... Interchemical Corp. Int'l Augirona Machines Int'l Inverter ... International Nickoni International Paper Int'l To Tel John-

Kane C. Power & Light Kenngeatt

Liggott Meyers Tub, Lockheed Aircraft

Low Incorp. ..... Lone Star Cetnens. Co. Lowenstein & Sons. Medusoll., Aizverft

Stock Bus) Moontal Iron Corp. Minnesota Mining

Montgomery

Minside. Devsiopment Alonsanto Chemical Co.

Ward Motorola hat. 10.84 National CAD BAL 1245|| Netkonal Deity Prod. 1299 National Leat

Kational Steel Corp.

25.

of sustaining then sá a primary Boutros of capital. Ahat the Bri- Wright is coming in for moo

Answ Interleine aftoration, till Traduiry" da in Surte deeply Kloseted

probably Radio, 3 Playa, 4ub, & Poetry, darbod by the perpects of because of the publicity which

6 Homely, 7 Dialect, 3 Compere capital commiturare withoud en la being given the new line of 9 Yorkabire, 10 Chorus, 11 Ask,

(Packard that now sam to open up, bes Studebaker

12 Tablo, 13 WIDO, 14 Questione.

Wilbrod Plakcha,

Unlind Prussi

CG---

Din Mathieson kui

·Owen-lliinola Glass Pariño (264 & 10. Pan Amosego, Aldwa

Pennor J. 12. 06 Pat Mat Co. Pallips XOTEM

de gaule Pittsburgt Pusticket. Enchanted Pure Cir

TL-

Market sentiment was

confizued settled a bit by the weakness in British government bonds.

the

War loan hit a new low for

£% toi year, slipping £60%.

Stocks generally were mixed, with many pivotals down 6 to 9 pelico, Chennel jumped another 6 shillings to 20 shillings.

Olis wore featured by galns of

both 10 shillings in

Sheil Trinidad and Trinidad Develop- ments. American buying was Bald to be heavy in these two issues, British Petroleum, Shell Transport and Burmah Oli all moved lower,

Foreign bonds were down as much as 27 In доле German lens--United Press,

SOUND ADVICE

for the man with a sense of responsibility

Start a Savings Account this month with

THE CHARTERED BANK (Incorporated in England by Royal Charter in 1859)

3 Queen's Road, · HONG KONG

INTEREST on your money at 2% pør annum, compounded half-yearly. ABSOLUTE SAFETY for your money.

i

EASY FACILITIES for lodgments and withdrawals.

Large-scale sales. of textiles pointed up Memphis reports of a slight improvement in trill interest in spot colten last week. Atlanta also noted a somewhat Improved interest with most of the inquiries' for prompt and nearby shipment. The certificated stock increased to 11,703 bales.

NEW YORK Prices of cotton. futures close today as follows:

*

+

Брод

July

39.55m

October Debethber March

May July

October

લગ

34.50

Cotton future closings, in pence per lb, were as follows: Cid contract

May/June July/August October/November December/January March/April

Now contract May/June July August October/November December/January March/April

ELTAPI

SAO PAULO Cotton future closings, cruzeiros per klio follows:

July

Oct.

wero

30.60 30.00 Dec., March, and May unqubbed

In the US the average price of ono-lich signated

cotton at 14 de- cotton markols

spot was 33.91 conta.

Total walks at these markola were 10,983 bales-United Premi

P&O B-I

E&A

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Outwards "DANTON"

Leaves London

Sailed 21/4

Dua Konstan

SULAI DALY

*CORFU"

"CARTHAGE"

"DANTON"

228

MAY

25th

Jun

Dard "July

1st July(vix 8biz)

to BE "ADVISED

Via Southampton, Colombo, Penang &. BingaporU,

Homewarda

"CANTON"

"CONFU**

"CARTHAGE" "CANTON"

Leaves Hongkong

Due Landin

6th June

7th July

1 ΤΟ DR

ADVISEO

ou July

Via Singapore, Pebang, Colomby & Aden. FREIGHT SERVICE

"BURAT

load 28th May

"BHILLONG” Que 18th June

"SUNDA" dun 8th July

ter Singapore, Pt. Swel- tenham, Penang, Aden. Havre, London, Ham- burg. Rotterstain, AbI- werp & Grangist.outh

from U.K. (via Bücf)

from UK. (via Suen).

BRITISH INDIA S.N. CO., LTD.

1840 - A HUNDRED YEARS OF SERVICE — 1958

from_Foglan “WABORA” due 24th May

is 25

May

"BANGOLA" due 30th May saila Ste 2.my

"SANTINIA” due 8th Junt

malis Ti1⁄2 June

for Singapore Penang, Rangoon, Calcutta Chingopg

from Japan

for Singapore. Penang, Rangoon & Caloun from Caloutta. Nangoon & Strait for Japan

P. & 0./B, 1. JOINT SERVICE "UMANIA” Que 23rd May

"OBRA"

"TAURA"

balls 24th May

EUS. 2001 May Halls 20th May

#ue 36th May sails let JuZIO

"URLANA” duo *sh June

from Bombay, Coolio, &B'pore

LOT BOD

trana Jaden

for Bingpore, Bombay, Karashly Beach, Khor- rath & Karimit

from Japa

far Singapore, Coškin & Borbir

from Karachi Bombay, Cochin & Singapore for Jap

EASTERN & AUSTRALIAN S.S. CO., LTD.

"NELLORE" due 8th Juno "ARAFURA"aalla 1011: June

from Australie

for Labuna, Gandakan, Rabaul, Brisbane, Byd-

MENIUS adelaide,

All vossále havé, liberty to call me any porta od - of off the routo & the route de mailings are subject) to change or amendment with ́er without notice. .

For full particulars apply fami MACKINNON, MACKENZIE & 40. OF HONG KONG LTD. Telephone Nea: 277914.