1957-06-05 — Page 9

Page

THE CHINA MAIL, WEDNESDAY, JUNE 5, 1957.

TRADE and COMMERCE SECTION

UK MUST FIGHT TO STAY IN WORLD MARKET

HONGKONG

Report Shows

Shortage Of STOCK

Technical Men

By W. K. BLISS

London, June 4.

"The United Kingdom's position (in industrial have production) has and will continue to something of the nightmare quality of running up a descending escalator."

This apt illustration of the economic over- strain from which the country is suffering is used in a report on a searching five-year inquiry into a question that has been much in the public mind for years: Are the brilliant ideas of our scientists ignored too often by manufacturers and allowed sometimes to slip into foreign hands?

EXCHANGE

Our Own Correspondent

Business done on the Hong-

WORLD RUBBER MARKETS

New York, Juna 4. Rex rubber contract closed loday 8 to 12 pointa lower with sales of 87 contracts,

November

July

September

January

March

|

kong Stock Exchange morning

this

May

July

amounted to пр-

proximately

$318,000, Noon

ALTO 31.50

31.35 BIJO

30,00

30.70

The Standard contract clones | quotations and the morning's 6 16 12 points lower with no transactions;

sales reperied

Shares Buyers Nellers Bates

BANKS

IK Bank Waterbeat

January

July

Sept.

November

1050

...

March

20.10

7.00 1000 @ 7,45

0000

May July.

SHIPPING Whitlocka DOCKS, ETC. Dok LAND FC.

Ion 110 200 100

44

4514

K. Whort.. Pvident (0) 19.10 13.30 HK Hotel

"

200 3614

20 10.90 00 10.50

13.40 19.0

....

35 3014 its) 21 10.70

1.45 1.50

.... 1.473 1.025

22.00 23.10 1378

22.00

5:00

23

103 104

100

10

UTILITIES

x Land

Humphreys The answer briefly in "No." It will be difficult to increase Really If that descending escalator is to the supply without considerable HUBDER

the educational Amalg be stopped or reversed, however, changes k.

committee Tram we require to do a lot of hard system, which, the thinking backed by effective thinks, is eof in full necord with

Yagmati bellon, for "there is no trick of the needs of industry.

Αμαλ Government policy which painlessly keep British exports competitive."

Shaking-Up

The preparation of this report has not itself been very speedy; Nearly five years have passed since the British Association dy- elded to appoint temanitted to study the problem of speeding up the application to industry the result of selentille research.

C. Light (01 15.90 19.10 2300

(A) 73.16

There is s much wastage of Interi through potential Adolescents leaving school too

... 30.00 301 early for Jobs which, thoughtle

Marão E 8.00-10.30 affially attractive, do not bring | Telephone 21.00 20 but their full ability.

education.

Techrilcol

INDUSTRIALS This particularly applies to

Comment

3214 13 children from worklig class STORES, ETC.

Dairy

14.60 14.00 homes who do not get sufficient

Waln

11.70 11.20 opportunity of grammar school Lane C

... 28.00 COTTONS colleges

4.7216 require Textile

Nanyang XD 1.90 higher better teaching at the

MISCELLANEOUS levels, while university expon-Vibro

13.00 10 sion has been "both inadequate INVESTMENTS

€.25 rundserinkate,'

inadequate Yangtoa

.4.475 thin contrast with what the United ; ILK. A FE

Invest. ..10.20 States and the USSR are doing: Indiscriminate in that there is uo relation between the supply of and the demand for Kraduates their talents.

The Royal Society of Art, the

for Brilish Association Advancement of Science and the

was

Numeld Foundation joined in; :

formed, strong comalt.ce and their finds and opinion are now marshalled.

Ul

Allied

31.70

31.50

31.30

31.10

23.90

20.70

30A0

Futures incling was only routine today with prices hold- ing steady in line with foreign markets, Little interest was re- ported in the physical market. Shipments offerings were mall. Spot No. 1 Res was quoted at 32 cents.

SINGAPORE

The market opened higher on

19 overseas advices but it cused off 19.1 slightly whon it reached

FEW HIGHLIGHTS CHATTER

ON IRREGULAR

NY MARKET

New York, June 4. Stocks in special situations once again pro- vided the highlights in a generally irregular market today.

Volume picked up slightly to 2,200,000 shares from 2,050,000 in yesterday's session,

Du Pont foll to a joy of $1911⁄4, off 1⁄4, before meeting support which lifted price of mame to $193.

General Motors dipped % to $424.

Lukens stood out in a firm steel group with a gain of % 10 $98. Sunbeam Corp., Arnold Constable, International Uilities rose around a point,

Rails held stendy.

Closing Prices

Alden Inc. Acy.

Alled Chemickis

Ailled Mila Inc.

120 13.30 higher level because of profit-All Champ 20413.10 taking. Futures:

1750 30

500 27.00 No. 1 rubber per lb. June 2015-00 1000 or 27,00

July 50-0052 No. 2 rubber per 1h. June 2011-001, No. 3 rubber per in. June 187,097) 200 33

No, 4 rubber per jk. June 10-85 500

Spot rubber inbaled

12-14 700

27-00

LONDON

12014-0034

The rubber market was quiet

with spot quoted at 2094 perco

per 15. Prices:

American Airline

American Cable & Radio

Corp. American Cyanamide

Co, Amer. Be Forgn. Power Am. Gas & Electric Am. Mach, d F'dry American Metal American Smelting Am. Sugar Ret. American Tol

Chinese Bonds Active

In London

London, June 4. Stock markets waited patiently all day for some. to give one or something them a good strong lead

but

it was

88 coming.

sad

never forth.

ON WALL

STREET

WORLD COTTON PRICES

New York, June 4. The following are the over-closing prices of world cot-

ton futures:

New York, June 4, Edmund W. Tabell, ana- lyst for Walston & Co. secs no indication of ant bought condition in the general market pattern.

The Wakoton

Jetter that the team of Monterey oll

notes

•

NEW

YORK

Prices of cotton futures cloned

und Kern county land was today as follows: portedly made LE1 Important

30.45-

25.30

24,40

4.57

new discovery in Louisiana.. Spot

estimates General

Rallway

July

Signal

may Körn above

Oct.

Dec.

$3.50 in 1957 | and proach $4.

might ap-

Mar.

May

July

Orvis Brothers & Co. ELYS the overall market action has Month been quite

July favourable and a

Oct. further extension of selective Dec. price improvement seems likely. Mar.

Oct.

Volume 3,500 1,000

Open: Interest

1 $3,300

4.700

154,000

MAY

DECLINE

July

0,100

Del.

12,100

12,000

Total

$75,100 bales

Josephthal & Co, estimates Glidden may show 3.40 a sharo this fiscal year ending August 31, against 3.86 in 1950, but notes heavy non-recurring penses in new plants are causing the decline.

Oppenheimer & Com, analys ing Western Natural Gas, flads the stocks current market price adequately covered Ły proven

Just before the close the May 18% 31 dgures for the gold and dollar 525 reserves came out showing an increase of 25 million dollars to 101 2,345 million dollars. An increase

Is better than a decrease but 25 oil and gas réserves, million is nowhere near good

Shearsob, Hammill & Co. secu enough. There was a little sell-

Spencer Chemical

on Qui- British governments standing beneiciary of ing which closed down fith sterling increase in ammonia prices. or 1/10th.

Industrials showed a longlah list of very Email falls, mostly 3 perce or 6 pence,

Tea

170

America Tob. "B",

72

Anaconda Copper

Armco Steel

Armour

Atlas

fain woman

Baltimore & Ohio

Benedemel Finance.

14.75 11,00

Blanket crepe

No. 1 pale crepe

4.00

В

1800 4.75

100 7.00

2300 0.30

No. 1 J spat

2014-2014

Bendix Aviation Corp.

Settlement house tetru:

Benguet Cora

Bethlehem Biel

July

2046-2035

Boeing Airplane

40

August

2011-2015

September

20%-20%

Borden (The) Co.

61

July/September

2011-20

Burroughs Ada atachine

Campbell Soup Co.

October/December

231-20-

Canadian Pacific B.

January/March

2012-20

Case (J. L.) Co.

Apri/June

2016-244

Cal Tractor

General markets, cif basla, parla:

Celanova Corp.,

Jutie

2036-274

C. L. 1. Financial Corp.

July

2015-2021

Chrysler Motor

.....

August

20%-20%

Climax Molybdenum

30%

In other words, there are 100 CHICAGO GRAIN

many people in "Arls," too few In science.

to not wish "We would minimise the subtle influence of snobbery, in some universities It is conventions to regard pure mathematics as better that un-applied mathematics, and the classical scholar thinks himself better than any scientist."

Their ma conclusion is that British industry is not universoi- ty buckward in scientific matters, but the worst Arms, which have shocked

their by ignorant complacency," need a severe shaking-up.

All countries have somĘ progresive firms, but "we do not think this justifies the parochlel- British ism of large tracts of industry." The situation for- tumtely is rapidly improving.

Many of the supposed obstacles to scientifle progress are found to be largely imaginary.

The net effect of Goveiruncat trol or red tape, for instance, is found to be favourable fo The speedy application of sekunce,

Patent Office

Serious Lack

The report notes verlotes short-

chemical of

engineers,

ges

MARKET

Chicago, June 4, Grain closed irregular on the Board of Trade today after some grains recovered

losses early

Estate crepe thin June

thick July..

AMSTERDAM

The rubber market was dull

incurred in morning dealings. Today, Prices closed in guilders Wheat and soybeans rallied in per kilogram, dif June as follows: the late moming after establish- ing new seasonal low prices in early trade.

No. 1 rubber No. 2 rubber No, 3 ribber No. 1 crep

2.54 buyers

2.59 buyer 2.52 buyers 2.77 buyers

imited Pres

Buence on early wheat trade New York Sugar

World

Market

New York, June 4 No. 4 sugar futures closed today one point lower] with sales of 811 contracts.

A private crop report issued predicted that winter and spring metallurglats, mechanical and wheat production would be

engineers, chemists higher then earlier estimated. electrical

and designers, Physicists,

This report had Rome in draughtsmen.

"The degree of shortage varies but prices railled nevertheless with fashion,

The and

less in what traders described as Tike heavy glamorous trades

"technical readjustment." electrical engineering and house- Wheat closed up 1 to 1 But it is noted that the Patent | hold equipment complain they rents for old and up to 2 Ofice, through inadequate staff- are less attractive than aloenscents for new. Soybeans closed

from ing, tukes

two to four energy and electronics."

up to 1% cents. years to grant a patent, and his Fifty of larger fins in the Wheat Old contract may slow down the appileation engineering manufacturing in-

200TL of en Invention to lesdustry,

dustry repartist they were re- July 20314(1) 200TL) 503-W Nor does the committee And crusting only three-quarters of

September

2001-200

Domestle No. 3 sugar futures Decenbor

21014-15 high laxation as serious u dis- the graduates they needed.

Wheat new contract

closed two points higher to one At the san as is generally couragement

time industry

2004-204 point lower with mies of 308 supposed, though shortage of does not always make the best

contracts. 15

occasional use of the selcntists and techno- money

World hindrance to the full tre

futures dropped rulence and technology,

much as 7 points early in the session on further liquidation brought about by the lack of

in world new business

raw, but recovered sharply later on indications of new business in futures hek гажа. Domestic stendy throughout the day.

Contract No. 4 (world)

an

July *****

Septeinber

December

March of logists it does get. Among other Cora, Ne, 2, yellow

In the case of family concenis there is sometimes a reluctance to burrony for expansion Jest family control is lost.

The cominittee finds No evidence of suppression of new inventions, although "dissatisiled inventors often Imagine they are írustrated

by the wicked machhilens of menopolists."

things it gives them too much routine work and insufficient labour-saving equipment.

Spot

July

September

December March

The demand for scientifically tramed men and women will go Rye on rising for many years, and

·July new measures will constantly be

September neexied to conserve the country's † Outs

July mere supply.

"Industry and Technical Pru Soyucans, No. 2, yellow

September #ress," by ProfessGF c. r.

Spot and Professor B. R. Incidentally Carter

July found that the activities of the Williams; Oxford University September

have Press, 25,

The committee

Monopolies Commission

resulted in business becoming more secretive about restrictive practices.

One of the mingt important things favouring the adoption of scientific ideas Is the general attitude of mind of the manage- ment. Selence must be not "an optional extra," but part of on alert managerial outlook.

Directors

New High On Interest

Rates

Washington, June 4.

November

January

March Barley

200 lb. sack...

2001 2111

13114

12431 110%

Cli

2341n 2734496-76 22711 22214-16

July

arpt.

Oct.

MAT.

2234-34

May July

Sept.

130-140

$19,201

as

04-83 301-02

4.40

spot-teente per ih, foli Cuts), 8.35 Open interest: 0.965 contracts.

Spot

New York Bour

Contract No. 6 (domestio)

-United Press.

8.311-GQ

July

6.00-1

Sept.

6.00

Mar.

Hept.

Singapore

The interest rate that Stock Market

the Federal

In proof of this the committee selected 500 companies quoted pays

on

Government

short-term bor-

Singapore, June 5. Brokers today quoted the fol. lowing stock prices:

Opening Batu Lintang Rubber Co.

$2 * British Bornco Petroleum-

Syndicate Consolidated

Onl

מוגי

Nov.

Spot-(cents per lb. cif 'NY""

ex-duty

Open Interest:

United Prem

****

5.72

0,00

7,82% CODERCUS.

Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Commonwealth Elec. Consolidated Edison Continental Oil of Del. Crown Zellerbnoh

Cuban Amer, Sugar Diamond Alkal

Dougian Aleruft Dow Chemicals

Dupont de Natapura Eastern Airlin

Eastman cocak

El Paso National Gas Family Finance Corp.... Firestone Tyre & Rubber

Ford Motor.... General Electric General Fools General Motom Gen. Pub. UBL

Getly Oil....

Glidden Co.

Goodrich (B. F.) 6. Goodyear Ty

Gulf Oil

Tleyden Newport Corp Flomestnico Mining Co. Ingersoll-Rand inland Steel Co. Interchemical Corp.

Int'l Business Machines Int'l Harvester ...... Interrutional Nickel International Paper inti Tel & Tel Joly-Manville Co.

Kansas C. Power & Lant

Kennecol Copper Liggett Meyers Tob. Co Lockheed Aircraf Low Incorp.

Lone Star Cement Co. Lowenstein & Sons McDonnell Aircraft (Am,

Stock Exge.)

Iron Corp. Minggota köptom Milion Development Monsanto Chemical Co. Montgomery Word National Cath leg. “A” National Dairy Prod. National Lead

National Biget Corp. Neve York Central Olin Mathieso?) Otis Elevator Owen-Illinois Glass Pacific Gas & Elec. Pan American Airways Paramount Pictures Parks Davis Co. Pergy J. C. Co. Penn. Salt Co. Phip Morris

Procter & Gamble Co, PH burgh Plate Glass Publicker Industries Pure Oil........ Radio Corporation Tepublio Bleri

Itsynolds Metal

Bear, Fioebuck & Co. Abell 01 Co. ............. Sladart Reg. Paper Sinclair Dil

Bony Mobil

Boler Airerin

Agreement Reached Bouth Puerto Rico Bugar

Houthem Co. (The) ....... Bouthern National Ger London, Juno 4. Southern Railway (Com.)

Standard runde... The Council or Association standard Oil of Cal. between Britain and the high standard Oll of Ind. authority of the European Coat Blanderd Oil of N.J.

Steep Rock (Toronto Exge.i Steel Community today sterling Drug Co. reached provisional agreement Stokely-Van Comp an lowering of steel tariffs be- Btudebaker-Packard 'Corp.

Bwift & Co, tween Britai and the

six-Texas Co. nation community's members Tide Water Asm. äli Reuter.

Fume.Ine.

and

37% od

$2.48

on the London Stock Exchange rowed money hit a 24-year and made lists of the best 50 high yesterday when the and the worst 50 companies from Treasury

announced it the profit-making point of view. They found that the former had would pay 3.374 per cent marked superiority 1 the on an issue of 91-day bills. number of director with pro- This is the highest the Govern-

Smelters fessional qualifications.

imont has paid since the March Fraser & Neave Ltd Ord... It noted that the gap be- 1933 bank holiday when the Fraser & Neuvet 759% cum. tween good and bed firms fends rate was 4.250 per cent.

prez to widen. Technical progressive-

Gemmans (Malaya)" "Limited" "17:124) Today's announcement con- Hongkong ★ Bhringhal Bank» ness pays and companies making cemed an larue of $1,800,042,000 good profits attract the resources to be dated June 6 and mature Hongkong Tin Ltd.

6. Until

yea

September.

009

Or 10%

Humpas Ltd. the Kun Kampar zin verenigd dus na

Lunas Rubber Estates Ltd,

How Serandah -Mubber, Co.

BL.87

NAMESAKES

Answer:1

3. Dena Tole copos, Vulcan

Driori (Gions Hunten from when the constaRation

Oenopior,

2

they need, while the backward on ones are ill-placed to command 3.374 per cent rate announrood either the men or the capital yesterday, the highest in recent Malayan Breweries Panon #3.1236" required.

Was 3.331 per cent for | Zid. The crux of the problem in D1-say bills dated December 20 Peuling in Ltd. ensuring an adequate supply of lost your.

Harem Hotel viciYou trained acientist and techno

Last week the rate was 3.245 nanopy Cold StoraEW

Stralis Trading Co. especially men with per gets. The lowest rates minor | zirnīte Boamato 235 bove their -own mint December was three weeks Untist. Enguera ord: modiato

outlook

Warna Brom and with ago when it was 2.804 per cent.g qualities of leaderullp.

China Mall Special.

Rocial..

ERRATIC

wolo

NEW ORLEANS

Prices of cotton futures closed day as follows:

Spot

July

OCL

Dee.

Mar

May

July

Oct.

LIVERPOOL

Cotton

in

future closings, from the pence per ib. were as follows:

Francis L, Du Pont de Co. looks for Arvin Industries 1967 net to come within pennies of the 4.00 a share record set in 1955....ays Clark Controller should see its second best year in 1957.

Oils

onrutic, Anglo- Egyptian "B" urgently wanted 4744 and one 2 shillings 0 pence but Bache & Co, noting manage- 131 it was alote in this British meat of Pittston Co, estimates Petroleum lost 2 shillings pence 1957 carning approximating $8 and Burmah Oil and Canadian a sharo against $5.30 in 1955, Eagle lost 2 chillings and Royal days the company will continue 40 Dutch and Shell a few pence

to show carnings gains in 1858 the foreign scetion the and 1959-United Press,

Jaz

10

Chinesad bonds turned very

731

71

In

44

31

Be

active

43

от

the government's decision to encourago trade

with mainland China.

04 of them

*

76

Several

rode as much as 18 shillings. Japanese weIŲ also

dif active with gains of sterling

1031%

in the non-absentedia with Tokyo 637% 534 percents up

2 sterling and ark several gains of 1 sterling in the 101 assented.

Ref unchanged.

London Foreign Exchange

London, June 4. Closing rates were;

But Germana

were ide and

New York

Montreal

Dollar stocks were marked

Bruggin

Frankfurt

469

0744

lower in adjustment to New Milan 414 York but there

Je Was

出

Paris

activity; their premium was an Stockholm

Vienna Zurich

PIC

39

36 changed at 9 per cent.-United

75 BIK 1474

Press,

LUXURIES HIT

IN JAPAN

Tokyo, June 4. Government clamped down on Imported luxuries to

Tho

A day and warned the nation that It will have to export more to keep its expanding, economy

i under control,

31

The Ministry of International 45 Trade

and Industry hiked drastically the guarantees im- porters must deposit with the government to purchase non- 344 essential Items from overseas,

The ruling raised the deposit rate three to five per cent of total value at present - up to a new ceiling of 35 per cent......... United Press,

LONDON METAL

PRICES

London, June 4.

Prices of metals closed today

in sterling

per long tou

כווי

JB

follows:

Buyers Sellers

Ta spot

700

2001%

60%

Copper spot

23014

3312 2412

3132

Lead lat hall Jung

Rept

Zine 1st half June

4216

United Press.

3-morith

3-month

י

Old contract

July/Au

Det. Nov. Dec/Jan Mar/Apr. May/June

New contract

July/Aug

Oct/Nov,

Dec/Jar

Mar/Apr.

May/June

SAO PAULO

នកត៥ ឥតទ

GAB23 222ig

20.00

Cotton future closings, in Cruzeiros per kilo were as fol

lows:

40.00

41.20

41.70

41.40

July

October, December

March May

in the United States, the aver- age price of one-inch cotton at

14 designated spot markets was 33.93 cents.

Total sales at these markets 2.79-2.78-1/18 wus 107,336 bales, United

206-3,08-1/15

140.70-140.32%

12.031-19.08%

11.732-145NP

175149-17014

HAJ-0651

14.45-14,491

72.01-72.04

12.24-12.24

Others were unchanged United

Exchange Rates

Press.

New York Foreign Exchange

New York, June 4.

Closing rates were:

Canada Business was done in the loret England oficial" undicial exchange market morning at šhe following Talents V.B. dollar (per BI1_.... Sterling notes (per £1) Austrian noles (per £ Indonesian rupiah (per 100) .. Slam teal (per 100) Singapore (@iralte),

TEACHERS

* 30-dayw

90-day

0.20

Austraila

13.22

New Zealand

12.14

South Africa

13,30

Belgium

1.64-10/10 2.791% 274 2.70-6/10 223-4/10

2.79-3/34

... 108-13/10

2.194.

Others unchanged

-United Preas.

a MUST for your

bookshelf

THE GUINNESS BOOK

OF RECORDS

NEW YORK METAL FUTURES

New York, Justo 4. Prices of metal futures closed today in cents per lb, as follows:

poled LADORE

91.31 "Blandari; "|"Deals-United Press,

enables you to answer your pupils' questions

Obtainable only at

SOUTH CHINA MorninĠ post LTD. HONGKONG & KOWLOON

$9.50

Twenty Century Fox Film

tion Carbide

Union-Pasific Rail

Lead

United Airovaft

นมพล

13,001

United das Carp.

July

844.00

Funa

19250

July

Copper

21.000

Felting

75. dyprim

Lin Co.

Rubber

Westinghou tecino Western Union TV), Co. Wat VI, Pulp de Prom Woolworth

July

Jude July

United Press.