1957-06-04 — Page 9

Page

THE CHINA MAIL, TUESDAY, JUNE 4, 1957.

TRADE and COMMERCE SECTION

Page

NEW FERVOUR FOR EQUITIES COTTON FUTURES

Speculators Go For Fringe Shares

By SYDNEY S. GAMPELL

London, June 3,

In the general inflationary context, not least in Britain, the new fervour for equities cannot in itself be seriously criticised.

When

WORLD RUBBER

MARKETS

New York, June 8.

Rex rubber contract closed

today 35 to 42 points higher with sales of 60 contracts,

July

Sept.

Nov.

Jatr

Mar.

May

July

ឥតន

4842082

SPOTLIGHT ON

DU PONT ON WALL STREET

New York, June 3. Share of E. I. Du Pont took the stock market spotlight as the supreme court ruled the company and General Motors, in which it has a 22.6 per cent Standard contract closed 38 to stockholding, have combined in an illegal restraint

of trade.

42 points higher with au sules

reported.

July

Sent

Nov.

Jan.

Mar.

May July

one has held that the difference between London's 1955 highs and the 1956 lows was merely a difference in degree of bizarre undervaluation, one can hardly cavil at a trend towards making up some of the undervaluation.ment offering at higher prices.

Nor is it necesarily ominous sunusing that rather is it

Home

of the new buying is prompted by some very old arguments, the airing as sudden new discoveries of

some elc. monlary truismo which have beon self-evident for year the

that undervaluation extreme

bas throughout been propounded here presupposed just some such of the fucks under-acognition

1.3

The of present political affecting money and real values.

For sound equities, of which there are plenty, one would not care to be catty even about the short-run fashion,

Morcover the speculators have not been going for the great can weather companies which

storms; unsettlement or any

the they have been going for

hangers-on fringe harca and where the absence of knowledge the more scope for leaves Fumour and påtter.

་ ་

There may well be some wia ners among these fringe shares

but if all those that are at pre- rent being backed turn out

to

he winners it will be something new in this world.

Danger Signat

I may well be that the pre- Another danger signal is the sent level of blue chips is dis- poor behaviour of gilts,

revival | ind some insurance shares. counting an economic

and a political consolidation well

advance 134

of their achievement, but if so it is not untoward: is a normal func- tion of the market.

Sethack

п

If the market has run ahead further than that, it may still need nothing worse than pause or temporary setback-uni! the secular trend catches up.

There are obvious dangers when, as appears to be the case at present, people feel that they cannot go wrong and that the ators in their courses are fight Ing for them; but in fact a sound equity portfolio is un- fikely to come to much harm in the short run and is highly logical for the long.

Sound as may be the underly - Į ing trend, there is some worrying speculative froth on the sur- fuce.

Casual remarks, tips and Tumours are being seized upon to hoist the prices of some Khares whase real value is con- jeoturul ar nebulous,

If big and well-posted in- vestors distrust these gumbling counter the distrust tends make them oversold and all the more volatile,

genuine

to

For that reason,

some coun- fer which

investors rated a dangerous or possibly doing

been

worthieus have marvels for the speculators,

However long this paper chase may go on, it will be sur- prising if some Angers are not burned in the end.

Unless these can throw some of their present political as a whole fears, the market may become questionable

The higher trend reflected the London action and limited ship

Deuter switching of Sept, for July contracts accounted for part of the activity.

Locally, factory business re- mained on the quiet side. Spot No. 1 was quoted at 32 cents. In the shipment market falx- sized amounts of the ambers June shipment from

Indonesia

The ruling of the case scaled down of the civil anti-trust suit initiated by the government in 1949, sends back to federal district judge Walter J. Labuy in Chicago and traders concluded Du Pont would be forced to distribute some or all of its 63 million G.M.

Du Pont ran up swiftly over

The gain was: Fritiny's close.

closing, pared to a polu! by however, General Motors dipped 1⁄4 to $196.

Lower

were 12-

Stocks generally

Jower at 274 cents, cost and freight, regularly

On moderate The three browns

with Dircrafts in the sume turnover positions moved at 27% cents.

steels soft, olis widely mixed and with special issues up or Saigon,

down points on the day, shoots reportedly soki al 314 cents and

From

one

two shcola at 31 cenis a pound. June shipment, costs and freight.

LONDON

steck

off

The rubber market was quietly; steady with spon quoted at 20%

Prices: pence per b

No. 1 Ras spot........... Settlement house term:

July

2014-2015

2371-20% 20-253

September

July/Boptember

October/December

January/March

April/Fune

Though the significance of the letlwan political swing in the local elections may well have been overplayed, the threat of disruptive political reads can- not be dismissed out of hand.

But if it materialised, its im- pact would not be confined to the sections.

Augus

General markets, sit baɛla, port

June

July

Augus

Eotate crepe thin July

thick July..

Pure Cl... Radio Corporation Republie

Saint Heg Paper Sinclair Vir

Socony Meblo

Soler Aircraft.... South Puerto Rico Sugar Southern Co. (The), Southern National De

HONGKONG

STOCK EXCHANGE

Our Own Correspondent Business done on the Hong- kong Stock Exchange is mately $303,000. Noon quota- to appro- tions and the morning's trans-

mowing amounted

butions:

210431

Buyers Reliers SALES

coT LOANY BANKS" INSURANCES SHIPPING

DG 3000 BO

1050

Union

0811 Wheelock 7.40 7.45 1930 «9] 140 2000 69 7.45 000 740

$219 Humphreys

RUBLER

་

500 a 13:30.

700 33.50

..000 e 13.30

1845

GAIN ON·

WHOLE SESSION

New York, June 3. Cotton today opened higher and kept odding gradually to the gain for the rest of the session,

Closing around the day's top Nearby July contracts ruled levain the list showed not gaini relatively quiet and generally of 21 to 35 points. Opening unchanged. The certificated stock prices were unchanged to up 7 docilnod 1,084 bales to 10.009 points, New Orleans closed up bales, but the reduction had 18 to 23 points,

little market effect. Open con- totalled tracts in July today 114,700 bales.

The rise carried the nearby months back to around the season's high levels reached just a week ago today.

Prico-living Power Was generated by a growing co- viction that Congress will not pass any important cotton prica legislation at this session, plus nows of further unwanted rains: in Western belt sections, where the crop already. Is off to | cxtra-late start,

NEW YORK Prices of cotton futures closed today as follows:

Aprit July

October December March

May July

October

NEW ORLEANS

34.45h

34.50

MAD

3448

3447

(11.24,01

3.15-10

Prices of colton futures closed

today as follows:

Spot

July

October

December

March MAY

Jus

October

SAO PAULO

Closing pricea in cruzeiros per

kilo were as follows:

Expectations for a higher gov- ernment loan rate continued to be a market influence. The loan will be determined Anally on the basis of the July parily base. The curent rate is 77 per cent of parity, but some quarters expected it to rise, possibly to 10.80 botween 82 and 24 për cent.

Detuumination of the

Anal 1,470

percentage rate rests on the end- season supply situation. Because of the heavy exports nepoldated under the government sales pro-

and gramme

possibly of age price of ore-trich cotton at smaller crop, a few observers 14 designated spot markets was believed the Department of unavailable. Total sales at these Agriculture may be obliged to markets:

bales---Unfied increase the loan base.

DOCKS, ETC.

Owen-linols' Glass Patlle Gas & Elec. Pan American Asways Paramount Pletüren

61

Provident

K. Wharf. pock

107

13.10 13.30

Parke Davis Co.

LAND, ETC.

Fenny J. C. Co.

UK Land

RK Hotel 15.40 13.00 2000

35% 35%

Fenn, Balt Co.

03

(0.00

Philip Morri

Procter & Gamble Co. PROburch Plate Gläs

473% Healty .....

201

1.45

43

1000

Publicker industries

6

Amel

1.475 1823

1.30 1,40

awah

$1.93 1.05

004 € 1.00

53%

UTILITIES

Reynolds MMak

Tram

and

...... 22.70 23.10

£60 £3

Bears, Roebuck & Co.

27

DOUG 23

Shell Oil Co....

91%

100 23

4000 22.00

003

Youmpu

100 104 100

1000

10.00

18.00

13,20

1050

30

27.70 27.00 1280

1200 27.30

23

STORES, LTC.

Dairy

..... JATO 14.90

600 @ 10:30

Watson

... 31.70 11.90

100 1000

10.00

11,80

64

1000

11.80

291% Lane,

20.10

COTTONS

Nanyang

4.70 4.75

a 2000 7.90

¡BOUN

Enlist *** 2036

Allied

Standard Brands

Measured by the Dow-Jones averages the 30 industrials were off 1.17 points at 603.70; 20 rail-Southern Railway (Com) Toad of 45 at 145.10; 25 util Lies off .00 at 73.94 and the 05 iolocks composite average down

40 at 175.23.

of 1,104 issues traded 517 were lower, 370 higher, 277 un- changed with 37 at new highs, 35 at new lows. Volume match- od Friday's 2,050,000 shares,

Sales today dropped to 900,- 000 shares from 020,000 shares traded on Friday.

336-2034

Bond volume was $8,780,000 against on Friday.

today at $3,451,000

Dow-Jones, closing

were:

Singapore and Arstendam

It is something that should be rubber prices were unavailable. discounted by all the sections-United Press.

that it may affect, and with for

less rushing to extremes be-

tween temporarily fashionable CHICAGO GRAIN

and unfashionable investments. -China Mail Special.

BONDS

DEPRESS

MARKET

London, June 3, British Government bonds moved lower again

today on the Stock Ex- change and helped depress in the rest of sentiment the market.

PRICES

Chicago, June 3.

Prices of grain futures closed today in cents per bushel un follows:

Wheat, No. 2, red oid

Spot

July 204(0) 202

Sept

Dec.

204 2016-12 20416 2001-1

Mar.

Wheat, new contract

July Sept. Due Mor.

20216 2101 205-205.

Corn, No. 2, yellow

Spot

13212

July

Sept.

De

120 1301 13634-16

Mar

The Old Consols and War Loan steadied a bit at the close after being down as much as 10 shillings earlier.

Rye

July

Sept.

Outs

July

0621

Sept.

either side Soybeans, No. 2, yellow

Spot

July

9rot

Nov.

J

Mnr.

Investors kept away from industrials where prices moved Oil may typify both sound-only a few pence ness and the froth. It has some of the previous close. magnificent prospects and some magnificent investments.

Suez Crisis

The Suez crisis, which was supposed to show that the Mid-

Dils were steady with Royal Dutch up 5 shillings and Brkish Petroleum 2 chillings 6 pence. Suez Canal dropped £1/2.

Gold chares firmed, copper eased, and rubber and ica stocks were mixed.

Chinesa liens were active and

dle Eastern supply in undepend-strong in the foreign bonds list,

D

u

to with

most of those. issties between £1 and £2.

German and Japanese bonds were dull.

United Press.

able, may rather be held have shown the reveive: supply which has stood up the hell and high water of the past year must be rateri pretty secure if the future is to be legs shocking.

4.

All the Middle Eastern pro- ducing countries have evidence that they know which side their bread in buttered, and the tran sit countries are getting intransigent every day.

MARKET

harley

Spo... New York Dour

200 ID.

30 industrials

20 Kali

35 utilities

86 tocka

40 bonds

Bandard Oil of Cel

Standard Ol of Ind. Standard of NZ Steep Rock (Toronto Exge.) Sterling Drug Ca Stokely-VAZ... Sako Packard Corp.

Swift & Co.

Texas Co

Tide Water Asm. Oil Time Ine.

Twenty Century Fox Film" Union Carbide

Union Facile Railway

United Alrerati

United

UA F Corp.

U.B. Gype?

U.6. Line Co.

Rubber

U.B, Smelding

U.a. geel

Warner Bros.

averagen Westinghouse Electric

Comm, future price index..

Closing Prices

Alden Inc. Acy, Allied Chemicals Allied Mills Inc. Allis Chalmers

003.74

145.10

73.94

178.23

製$7

158.20

Western Union Tel. Co.

West Va. Pulp & Paper Woolworth

19

-United Pres.

New York Sugar

Market

C. Light (0) 19.70 18.00 1000

(Rts.) 14.90

10 1020

Blect **** 20.70 201

Telephone

INDUSTRIALS Cement....

پیچ

10

Singapore

Stock Market

Singapore, June 4, Brokers today quoted the fol-

*

June

July

October

December

March, May

unquoted

40.00

41.50

42.00

***... unquoted

In the United States, the aver-

Pres

7,425

POBIE

COMPANIES

PENINSULAR & ORIENTAL S.N, CO.

PASSENGER/FREIGHT SERVICE

Outwards *CORFUTM

"CARTHAGE"

"CANTON"

*CORFU”

Leaves London

Sailed 23/3 2$521 Ju

23rd July

20th August

Vis Southampton, Colombo, Perang

Homewarde

lowing stock prices:

"DANTON"

174

29

243

10

New York, June 3. World No.

4 sugar futures today closed 15 to 23 points lower with sales of 108 contracts.

at Lintong Rubber

Lid.

British Borneo Petroleum

Byndicate

Opening

12.03

EA⭑

"CORFU"

+

"CARTHAGE"

*CANTON"

*

American Cable & Radio

*

American Cyanamide Co. Amer, & Forgn. Power

Ord. $2.48

American Airline

Corp.

Am. Gas & Electric

Am. Mach. & PA17 μ-- American Metal American Smetung Am. Sugar Ref. American Tel & Tel American Tob. "B" Anaconda Copper Armco Steel

Armour

Atlas Cons. Mining

Baldwin-Lima-Jiam.

Enkhmore & Ohio

Ber:tficial Finance

Bendix Aviation Coxp.

Benguet Cone,

Bethlehem Steel

Boeing Airplane

Borden (The) Co.

Burroughs Add Machine..

Campbell Soup Co.

Canadian Pacific R

Covo 13X) Co. Cat. Tractor

Седневе Согр

UIT. Finoticial Corp. Clase Manhunt. Bank', Chrysler Motoṛa ....

| Climax Molybdenum

Colgate-Painojive Co.

| Colombian Carben Co. 233150 23316-Commercial Credit 2001 | Commonwealth Blog. 221-Consolidated Ediac

2214

130-140

$13.20%

-United Press,

WINNIPEG PRICES

Winnipeg, June 3. Prices of grain futures closed today in centa par bushel as follows:

SANTOS COFFEE

Onts

July

Dec.

Rre

New York, June 3.

July

less

Santos "B" coffee futurca lo- day closed 115 to 160 points higher with sales of 245 " con= | Harleg tracto

Dot,

Dec.

July

Oct

In the spot market, Santos da moved up to 58 cents, Prices Flaxsood chood today in cents per lh, az followe

Doc

34.50

Fon that very reason there is the more danger of a difficult and costly readjustment, as the Mahle Eastern productes com- pete for a market impaired by The homons of the past year and

B futures July

September

by the US political trend to re- | M futures July

pel importe of Middle Eastern

oli

For the longer run, until the

atomic era arrives many years

benoë, all should trave fitje to

Lear.

1

September

08.35

United Press.

NAMESAKES

-Anawrong; 1 Danes, 2 Battat=

Continental Oil of Del. Crown Zelleryach

Cuban Amoi, BCĐT

Diamond Alk

Douglas Alteraft

Dow Chemicals

Dupont de

Tastern

Eastman Kodak

El Paso National Gies Family Finance Corp. Firestone Tyre & Rubber Ford Motor ...... General Electric General Foods. General Motors Gen. Pub. VIN. Gotty Of

099%| Glidden Co.

Gold Goodrich (B. r.) Co.

105

00

15 Goodyear Tyre

Gulf, Da

Hayden Hewport Corp.

Ingersoll-Rand

Inland Steel Co.

Intanchement Corp.

Int'l Businem Moähines Int'l Taryester ***

£30 International Nickel International Papar

Int'l Tel. & Telj

24234 | TARN-Zagvile Co. July

Karhus C. Power & Light Deo.

Silk Kennecolt Copper Canadian wheat expart; Northern Liupkit Mayaro Tob. No. 3, non-IWA 185 cents; No. 8, Lockheed Aircraft 134 center-United Prem

LOWWE_JOOKED, MALAY

Cement Co.

MaDonnali Aircraft

Atools Auge.) Mesebi proč Dorp.

CHICAGO LARD

FUTURES

Chicago, June 3,

Developrňept Monsanto Chanics Co. Morlannery Ward

Prices of land fitürme olored | Metal Jag, zidn

For the shunter run, the way | llong, 8 Normata, 4 Willlum, 5 the bottom tus fallen out of the Tostig, 8 Dover. 7 Hero today in centa per 36. as follows: tanker maricet since las) Decem: Edward, Enemies. ket may be a warning of

at fessor.

Harold).

10 Con-

least some unsetilemärit, if not Earl Godwin (Father of King

of atoms.

september

Dobober November Pechenbar

Nerone

euros. Bray Prod,

Matforsal Le

18.00

Rallone Beel Corp.

11.00

New York Chalii"

170

Consolidated Tin Smelters

Ord. Domestic No. sugar future's Fraser & Neave Lid closed 1 point higher to 1 point | Fraser & Neave 75% cuan, Lowe: with sales of 282 con- pret .... tracts.

Gammons Maloya) Limited Hongkong & Shanghai Bank-

ing Corp. Profit-taking by some of last Hongkong in Ltd." week's buyers, and moderate Kumpay Ltd.

Kuala Kampur Tin 22% hodigo selling plus lower raw Lungs Rubber Estates Lid.

slivation, all combined to de- Malayan Breweries Gene

Rubber Co. press the world contract, al- New Serandah though months of nearby scored partial recovery from ex- treme lows at the clost.

19

61

449 July

Contract No. 4 (world)

September

Celeber

33 March

1 July

Beptember

Cuba)

Spot-(cents per lb. fab

Ltd. Petaling Tin Ltd. Hafiles Hatel

Singapore Cold Storage Stratte Trading

Strails Bleanship United Engineers Ord. Wearne Bros.....

5.04-8.35

Special

442

4.33

6.00

Open Interest: 9039 contracts.

Contract No. 6 (domestic)

+4

E8

July

い

September

November

arch

September

291

BDOL cents per lb. clf NY

ex-duly)

6.95 Open Interest; 3,836 contraeis. — United From,

London Foreign

Exchange

London, June 3.

Closing rates were:

New York Montreal Amsterdam

41% Coparkagen

Prvakfurt 1.deboa

Chlo

Btockholm Vienne

2.79-3.79 1/12 250 5/16-2.06 7/10 10.0312-40.89 3/10 1400734-3500

21,7536-22.723; 0000-00.15

$300

B 10'

11.06

45 3d

,80

#3.15 1

12.80

$2.40

#1.87%

$4.4712

$15.07

$0.93

3.2235 China Mail

· LONDON METAL

The in

PRICES

London, June 3, market was, steady today. Spot and three-month fell % to 7034 and 70144 stori- jpg. The copper market was steady while lead and zinc were quiet. Prices closed at the eart of unofficial aflemoon session' by sterling per long ton ne foliowe: Buyers Belters

704 763 701 1811/2

Tin spot

-month

Copper spol

דם

*

Leaves Hongkong

5th Juna

5th July

2nd August

goth August

Due Hongkong

Let July

20th July 20th August

23rd September

& Blugapore,

Das London sih July

4th August

Jat September

20th September

Via Singapore, Penang, Colombo & Aden, FREIGHT SERVICE

"SHILLONG” ou# 18th June

due "SUNDA"

Oth July

"SHILLONG” loads 15th July

from UK.

from U.K

for Gingapore, PL Swet Lenin, Penang, Adythe Ham- Havre, London, burg. Rotterdam, Ant- werp & Orangemouthi

BRITISH INDIA S.N. CO., LTD.

1958 - A HUNDRED YEARS OF SERVICE — 1058 “SANTHIA" dua 5th June from Calcutta, Rangoon

Be Straite sails 7th June "FULTALA” dur 2ard June anila 25121 June

ود

"SANTHIA” due 20th June

salls 27th June

Top Japan

from_fupra

for Singapore, Penang, Rangoon, Calcutta

chittagong

from Japan

for Singapore, Penang. Fangoon A Calcutta

P. & O./B. 1. JOINT SERVICE

"UKLANA" du» 104% June

salle 21st June

"OZARDA". dre 20th June

salis 28th June "UMARIA" dua 20th Juno

Balle 13th Ja

from Karachi, Bombay, Cochin & Singapore for Japan

2367/ 230

3-month

231

Lead it half June Bapt. Zine 1st helt Jilne Sept.

004

Di

2015

80

7314

70%

United Pres.

"UKLANA” due 23th July

+

NEW YORK METAL FUTURES

New York, June B.

Prices of metal futures closed

today in cents per lb. as follows:

Lad

Jund

14.00

July

13.99

Zinc

June

10.406

July

10.300

372653-19.903

Copper

June

28.Bab

71.00-12.63

July

United Pressl.

June

July

unajkoted

quoted 09.1996

New York Foreign

Exchange

Nyw York, June 3. Closing rates WER

Canada

England Diclaj

*

Bouth Allies

Exchange Rates

Business was dour in the focal upiniligji atobanermarket. This 1.06-25/22 | 10gsming at he blowing salesm Budičia | dibeling motės (per £15 ***** Australno notes (per (1) .......... Indonesian rupiah (per 100) .. Bilans tioni (pie 100)

salis tỷth July

trom Bombay, Cochin, & Bpor for Japan

from Japa

for Singapore, Bombay, Karachi,

from Japa

Dubai

for Smgapore. BombaT. Karwohl. Daarab, Khor- rasmiyar & Kuwait

EASTERN & AUSTRALIAN 5.5. CO., LTD.

"NELLORE” dua th June

all th June

Sropa Australia

Tor JADILI

"ARAFURA”salle 10th June

for Labusa, Sandakan, Robul. Brisbane, Byd DAY

Adélaide.

Melbourne

Aji yemele kayo liberty to call at any porta un or off the route à the muta 'di- railings new enbfact to change or amendmens with or without notice.

Far full particulars apply to:

MACKINNON, MACKENZIF & CO. OF HONG KONG LTD. Telephone Nos: 27721-4.

#

*