1957-06-06 — Page 9

Page

THE CHINA MAIL, THURSDAY, JUNE 6, 1957.

TRADE and COMMERCE SECTION

HONGKONG

BARTER COTTON FUTURES

SPECIALS IMPART

RESUMPTION OF US Revised Programme On

A Tightened Basis' STOCK For Strategic Metals

Washington, June 5.

a

EXCHANGE

Our Own Correspondent Business done on the Hong kong Stock Exchange this morning amounted to approxim- ately $204,000. Noon quotations

FIRMER TONE

ON WALL STREET

New York, June 5.

ON UPGRADE IN NEW YORK

New York, Juno 5. Unfavourable crop news, and diminishing chances for passage of cotton price legislation at this congressional session, combined to keep cotton futures on an upgrade today.

All deliveries from October forward rose to Demand for oll stocks and a handful of special | new seasonal highs while nearby July hovered just issues Imparted a firmer tone to a basically routine and dull stock market session today.

below the previous peak.

Day trader replising and hedge selling shave extreme gains

re-towerd the close but the last New York Sugar

higher.

With little in the news to influence market opinion, traders lacked incentive and volume flected their hesitancy, dropping to a low since 1040 April 16.

The US Agriculture Department has announced resumption of the barter programme under which any United and the morning's transactions: States Government-owned surplus farm commodity or tobacco on which a loan had been made would be exchanged for strategic motals and materials produced in foreign countries,

The new revised programme, Department officials said, meant that barters would be continued, but on a greatly "tightened basis."

►

fx-

were delivered.

Under the old programine, in- terest was not charged for the first two years, in effect giving. the contractor use of the sur plus foods free for a two-year period,

Barter contracts in recentes unit the offshore metals years have Involved the change of between $100,000,000 and $150,000,000 worth annually of offshore metals and materials for American surplus foods,

The new system, the offieisis sald, would have one criterion: a barter transaction must result in a net increase in exports of United States farm products and not, as had sometimes happen ed in the past, replace what might have been a dollar sale.

Substituting

11

It was the fear that barter deals were substituting for dollar sales of surplus com- modities that led the Agrien!- the ture Department to halt barter programane at the end of review of the April while a rev system was made.

Another

consideration stopping the bartery temporarily that was a Department beliet increased prosperity, in Europe as well as in other parts of the world, meant a better supply of dollars abroad with which purchase US form products and that the old barter programme harmed was too liberal and dolior sales,

Deportment officials also said barter the tightened new that programme probably would meet favourable response in foreign countries like Australia,

R

to

5. To make

Sure that barter transactions would not replace any doller sales, the Department would rugitire a citractor, under certain condi dons, to submit to it a "special shraving" or proof that his pro- posed barter would result in o net increase in

urls"

total US ex-

Special Showing

Exports of cution, wheat, and feed grains to certain countries would be automatically pre- umed to be in addition to nor- mai exports," the Department said, and on such shipments the "special showing" would not be required. But this examination would apply only to a very few countries, ocial sald.

WORLD

RUBBER

MARKETS

New York, June 5. nex rubber contmet closed 35 to 30 points higher today with sales of 140 contracts.

32.09 81.03.30.00 31.70

July

Sept.

Nov

Jun.

Mir.

May

July

31.50

31.30

31.10

30.00

Standard contract closed today 35 to 40 points higher with no sales reported.

July Sept. Nov. JAN. Mar.

MALY

$2.09

31,70

81.00

11.30

31.10

Shares Buyers Sellers ROFI TANKS

HK Bank Wheelock

DOCKS, ETC.

1.55

1060 7.00 690 7.25 1000 755

100 100

44

K. Wharf. Dock

... 434 Provident 1.1.10 13.20 LAND, ETC.

JK Hote!.. 134% 10.0

HK Land

Kumphreys Really RUDLER Amole Trust

UTILITIES Tram Yauri! C. Fight

331,

11

10 GO 1.45

20

1.476 1.525

(Ra) 13.10

Approximately 1,040,00 shares changed hands compared with 125 13.20 2,200,000 Tuesday.

Otla slood out as the best of the group performers.

700

161%

706

30

1,30 1.40

22.80 23.10

200

23

103 105

44

104

18.00 19.00

60

13 20

Macao E. Telephone. 27.90

20.00 3017 0.00 102

012

30

900 & 21.90 2700

20

INDUSTRIALS Cement

3212 AN

Electric

Fluctuated

Procter & Gamble Co. Pittsburgh Plate Gloss

Publicker Industries Pure Oll........ Radio Corporation Republic Steel

Reynolds Metal

Solar "Aircraft ...

finished net 3 to 17 points The market opened off

1 to up 1 point. New Orleans closed unchanged to up 17 477 points. 0271

Market

New York, June 1. World No,

4 sugar futures The rise was accomplished in closed today 8 to 12 points face of scale-up selling around higher with sales of 89 con- the 342-cent level for nearby tracts. October. Spot firms were ne- credited soliers of upwards of 10,000 bales on a scale up, with the offerings spread out over 6015 the Oct-Dec.-March deliveries.

Further heavy rains central and southwestern sections increased concern over the crop outlook in that area.

342%

37

2026

Sears, Roebuck & £o,

Shell Ol Co.

01

Saint Reg. Paper

Sinclair On

Booong Moblie

South Puerto fuco Sugar Bouthern Co. (The)

Southem National Gas... Southern Railway (Com.) standard Brands standard Dil of Cal. Blandard Oil of Ind. Blandard Oil of N..

13

5812

modest

Steep Rock (Toronto Exge.)

baring Drug Co. Blakely-Van Comp.

Du Pont fluctusted widely in

reaction continued

to the -Supreme Court monopoly decl- sion. General Motors, involved with Du Fort in the restraint of

WAS trado

actively decision, traded and off a fraction in com- pany with other motors. There wns ACTIO selling in tobaccos following the STORES, ETC. Dairy..... 14,70 14.00 50 14.70 latest smoking-cancer publicity. American Tobacco lost a point

$71.

Time ne,.................. Industrials, pulled down by Twenty Century Fox Film allowance for ex-dividends, and Union Pacific Stallway

United Aircraft losses in American Tobacco and United Gas Corp. Goodyear, finished off .00 points: Graum, Foll "" on average at 602.07; rails up u. 8. Line Co.

18 at 144.89; uilities up 03 ata. Rubber 74.75 and the 65 stocks com- U.S. Smelting

.S. Steel

Watson Lane, C. Kwong S.

11,70 11,00

180

COTTONS Textile Nanyang

XÚ

4.70 4.7745 1000 7.90 8.30 2000

MISCELLANEOUS Ch. Ent. .. 22.00 Vibro

16.00 10.10

04%

INVESTMENTS

Yangisze

1.30 .... 4.473

.. 10.10

Allied HK & FE Invest

to

4.75

1.95

2000 T

600 23 12000 20

Studebaker Packard Corp. Bwilt & Co. Texas Co.

Tide Water Asen, Oil

posite average of 14 at 174.77. Warner Bros.

Of a total 1,187 issues traded, Westinghouse Electric 200 10.30 503 were lower, 387 higher, 207 Western Union Tel. Co. West Va. Pulp & Paper unchanged with 40 new lowa Woolworth

GULF OIL

Higher London cables brought| INCREASES

for

32

an early speculative covering movement, which touched off

Mast of stop orders.

hap- terminal market activity

closed. pened before London Afterward, the market turned quiet,

the

on

On proposed barters cotton, a contractor would have to make the "special showing before he could deal with

barters countries; on proposed for wheat, he would have to give proof before conducting New Begotiations with 57: and ather proposed barters for feed grains, speelal showing before he could US deal with 40 countries.

as

Zealand, Argentina and Dhe would have to submit the countries, including European, which had viewed the barter deals with suspleion

Among the countries listed well as surplus commodity sales

among the cotton, wheat and for local currencies under termS

feed grain countries was Hong- of Public Law 480

The listings of

kung-China Mall Special. copper aluminium apparently were new,

although Department

and

ofcials

professed they were not sure

PRICES

and 38 new highs.

NY Stock Exchange bond | volume was $4,310,000.

American Stock Exchango volume was 1,020,000 shares,

Dow-Jones closing

-Were,

30 Industrials

Za ralle

15 titles

BS stocks

40 bonds price index Comm. future price

New York, June 5. Gulf Oil Corp., following the lead of British Petro- in a News of a strike

US leum

Co., has increased rubber company plant, affecting

seemed to slow prices for crude oil at 5.179 workers town market interest, Mere- Persian Gulf ports 13 cents Allied Chemicals

about 7 per over, dealer offerings increased a barrel or at the highs, part of which was cent.

in the ship. against purchases ment markol.

Thailand reportedly isld off a fair-sized tonnage here, including

whether any of the acceptable CHICAGO GRAIN two sheets at 31% cents; three

materials had been changed

or

not, They said they were not too experienced with the metals- procuring end of barters, being interested only in the export of

sheets at 31 cents; fours at 30 cents and fives at 284 cents, all und June/July shipment cost freight,

MARKET

Chicago, June 5. commodities. However, previous Wheat and rye closed developments on Indonesian sell

under higher on copper Trade after

Agriculture Department listings: of acceptable materials barter hud not listed

and aluminium.

One Provision

one

pro-

The officluis said vision had been added that was pre- not in the Department's vious bunter plan, This was that

Afternoon buying interest also was retarded pending further

the Board of ing plans. Domestic factory

day of business in the delivery marke quiet trading; the balance was at a low ebb. Spot No. 1 Itas was quoted at 32% eents. of the gain list was lower.

SINGAPORE

д

Early action in grains was in- fluenced by nows that the sur-

Despite the disappointing the market opened slightly higher and im- Clear weather conditions and proved further on botter enquiry

for lower chools. Futures: hedging depressed

plus disposal bill would be de-overseas advices loyed in Congress.

foreign-produced lead und zinc ecptierod

could not be processed in the prices generally in mid-moming No. 1 rubber par ib. June BIS-DIAL

July they trade, bus some grains rallied on US. This requirement,

No. 2 rubber per 36, June

added, was also expected to re-scattered buying and were able No. 3.

of the early | No. 4 strict future transactions,

to recover

The revised barter programme loops. also included other restrictive

features which,

officials

plained, probably

would

***

some

Wheat closed off 4 to up not cent for old and off 1⁄2 to up so attrac- cent for new. Soybeans closed tive as they had been in the off to cent.

make future barlers

past. These were:

1. A contractor must tell the Agriculture Do- partment what specie com-

modity

he wished to barter. Under the old programme u barter contractor could con-

on a sumber

021-0276

+

Spal rubber unbialed Blanket crepe.... Nu. 1 pule creps

9014-2014 007-201 8016-8230 001-0116 04-00 06-100

LONDON

The rubber market was firmer with spot quoted at 27 penico per lb. Prices:

No 1 Rss poten 20511-200 Settlement house

July August

Wheat No. 2 red

203% (8)

Spot

Repl

Wheal No. 2 new contract

2001

20012

September

July

Repl

20334 2003-15 21113

Jan./Mar. April/June

Tar.

June July August Amate

3131-132 Estate

сперо thin July crepe thick Jul

AMSTERDAM

2. A contractor must also torn, No. 2, yellow inform tho Department

duct negotiatlotis

of commodities.

with what country he was con-

Sppt

ducting negotiations, Previously,

July

he could negotiate with a num- ber of countries.

Bapt. Deo.

Mar

July Sept.

3. A strict provision By be included would

in Against now barter contracts trans-hipment. This would as-

aund that the commodity WOR❘ Oats

and not trans-shipped to

Ieretofore the, only restric- Sogbeans, No. 2, yellow

used only in that

one country

July

KUR-

other country,

sopt.

tion praat trans-shipment was

that which barred removal to a

Spot

July

Communist bloe country.

Sept. Nov.

SAPS

4. A barter contractor might make delivery of surplus commodities in advance Barier,

the Agriculture

of sept by Department

foreign-produced materials. But | New York Nolar.

ho would have to pay - terest charge on the commodi

its

tho

US of

apot

General markets cif bas

2036-276

2016-2734

AYOLA

The

market rubber steady. Prices closed today in guilders per kilogram, eif Juno

as follows:

11032-55 117%

No. 1 rubber

No. & rubber

No. 1 rubber,

No. 1 crepe

633

130-140

200 14. sack.injailed Press.

$13.294

1.62 buyers

1.00 buyere

2.87

2.79 buyers

Urated Prem.

NAMESAKES

The increases were announced by Gulf afliates, Gulf Kuwait Co. and Gulf International Co., for Kuwait and Iranian crude oils.

British Petroleum started the round of increases on May 20 in a move designed to bring prices in line with Laila Amerkan, Gulf and Mediterranean ports.

Prices In the latter Areas were raised last December and January in efforts to get more

30

over

Domestle No. 0 sumr futures closed unchanged to 2 points higher with sales of 144 con- tracts.

of

Most of the demand repre sented short covering opera- tions along with a trade de With the mand while offerings tightened

carly furry up after an crop already off to an unusually late start, some observers fear-quidation. 2ed "time is running out"

land preparations and the com- 1814

pletion of seeding in that area, July Ilquidation procceded gradually in anticipation of first

for

World raws were firmer as dealers. anticipatex purchases from Casablanca, Also, Ceylon, will hold a terier for 8,000 tons on July 2 and for 8,000 tons of refined on July 9.

notice day June 24. The open July interest today totalled 110,- 800 bales. The certificated stock | July 40% remained at 10,303 bales.

Contract No. 4 (world)

29

7714

26

September

392 5.90-91

03

October

BRI

921

Month

Volume Open interest

March

July

5,400 110,100

May

4.53

5014

04%

Oct.

2,400

174.100

July

4.42

Ked.

13,000

203.000

Bpot-cert per lb. Tob

Mat.

4,000

124.000

Cubo)

5.05

*********

183 July

May

B,300

114.700

Open interest: 5.705 contracts.

0.000 13,200

31&

Oct.

9,100 72.300

Contract No. 0 (domestlo)

-United Prem

Total

35.500

875,600 balea

July

3.01

September

November

0.00

March September

5.73.

4.00

United Press.

Tobacco

Shares

NEW YORK

Prices of cotton futures closed Sput-cents per b. elf NY today as follows:

Open biterest: 3,433_contracts

Spot

35,45

July

53.33

Oct.

34.65

Dec.

34.05

Mar

30.03

May

34,00

Ju

34.71

Oct.

32.40-41

NEW ORLEANS

Fly PAN AMERICAN

averages.

503.01

144.00

73.75

174.77

38.31

157.02

Closing Prices

Down

Alden Inc. Acy.

173%

201

10

$$ faw

pence,

Almost the

Spot

34.30

Jutly

33.30

15

only feature

was the

Oct

34.00

Dec.

34.50-57

wealmess

in

tobacco

Mer

34.00

May

34.00

July

Oct.

123 32.38

LIVERPOOL

future Cation

Allied Mille Inc. Allis Chalmen American Airline

American Cable & Radio Corp. American Cyanamide Co Ainer, & Forgn, Power Am. fins & Electric Aan Mach, & dry. American Metal American Smelting Am. Sugar Ref. American Tol & Tel American Toh. "B" Anaconda Copper Armed Sterl

Azmour ***** Atlas Cons, Mining Baldwin-Linn-Ham. Baltimore & Ohio Beneficial Finance

olt for Europe during the Suez Bendix Aviation Corp. crists-United Press.

London Foreign

Exchange

London, June 6.

Closing mates were:

New York Montreal

Amtlerdam Copenhagen Smnkfurt

Bian Stockholm Zurich Others unchanged.

2.783-1.29

2.05 10/10-2.08 1/10

10.431-10.431

11.7342-11.739

1751-170154

14:45-14:4512 12.2314-12.24

United PreRA.

New York Foreign

Exchange

Benguet Cons.

Bethlehem Steel Boeing Airplane Borden (The) Co.

Burroughs Add Macine

Campbell Soup Co.

Canadian Pacino R.

Case (J. 1.) Co.

Cal, Tractor

Celanese Corp.

C. I. T. Financial Corp. (xd)

Chrysler Motors

Cimax Molybdenum

Colgate-Palmolive Co. Colombien Carbon Co. Commercial Credit

#tod

Edison Continental Oll of Del.

Crown Zellerbach Cuban Amer. Sugar Diamond Alkali Douglas Aircraft Dow Chemicals Dupont de Nemours Eastern Airline ........ Eastman Hodak

National_Cas Family Finance Corp.

London, June 5.

Prices of cotton futures closed

Another dullish day with today as follows:

prices drifting lower by a

world's most

experienced

airline

24 shares, due to the publicity given to American findings

17096x on

723

the relationship be

tween cigarettes and lung

12 cancer, Imperial Tobacco

Ja closings,

10% fell 8 pence to 37 shillings pence per lb. were as follows:

B pence, lowest it has been sinco the

to

EUROPE

40%

war; British. Old contract American lost a shilling.

Judy/Aug.

20.20

Oel./Nov.

26.25

Dec/Jasi.

20.11

33

1815

9431

2014

40%

704 prefer to wait until Tuesday 742 when they can be sure of an

andionee.

Some of the inactivity was 47 due to the approach of another bank holiday-Whit Monday, at the beginning of next week; those with canguine ideas for near-term operations

Mar/Apr.

20.37-20

May/June

20.26

New centrel

July/Aug.

20.12

Oct/Nov.

20.60

Dec./dan.

20.83

Mor/Agr.

20.52

and the

would

May/June

20.51

SAO PAULO

Cotton

fúture closings,

in

were per kilo

Дз

July

40.00

Oct

11.20

41.70

Mar

41.20

May

41.20

In the US the average price

British Governments were cruzeiros active and mostly unchanged follows: though a few were down aie- aixteenth sterling.

FEEBLENESS

Oll shared in the general of one-inch cotton at 14 die feebleness. Royal Dutch went

ex-dividend and was marked ignated spot markets was 33.90 16 down a shillings

10115

Firestone Tyre & Rubber Ford Moter

2015

General Electric

的

General Hoods ...

General Motors

Gen. Pub. Util.

3.0475 3.78 13/s

Gelly Oit

rlddea Go.

New York, June 5. Closing rates were: Canada England official

**

50-days

10-days

Australia

New Zealand

Bouth Africa

3.73 15 Goodrich (B. F.) Co. 3.78 6/53loodyear Tyre

3.23

2.70 B/18

37 18/18 Heyden Newing Co.

United Pre

Homestake

Ingersoll-Rand ....

inland Steel Co. Intercher Corp. Int'l Busine Machines

NEW YORK METAL feryader port

FUTURES

Nickol

Indy PADER

Inti Tel & T John-Manville Co., Kaross C. Power & Light Kennecos: Copper

New York, June 5. Prices of metal futures closed | Liggett Meyers Tob. Co. today In oenta per ib, as follows: Lead June.. 12.000

Zino

July ve

Juhar..

July

10.15b

10,366

20.000 Copper June..

Tin

July.. 38.506

usquoted (standards

June.. July..

unquoted June.. 06.006 (dirait) July WATALD

Ulitad Pa

Answers: 1 Engineer, & Exchange Rates

ZARING... was done in the local exchange markes, thin morning at the blowing ZAMRISH 16 75,00r (per 13)

sler, 8 Cylbisters, 4 Shunting, 6 Stoom, 0 Pressure, 7 Goods, B Sberty, Inallway, 10 Blooper 11: Movement : 12 Boller, Locomotive, 14 Henter, Trains, 18 Coal, 17 Trock.

Richard Trevithiols

("Father

of the Locomotiva Engine").

Radonselan

ruplali 2 (për 1003 Bitical ́(p 100)

·Singapore - Alltraita)·

Lockheed Aircraft Lowww Fricory...... Lone Star Cement Co. Lowensteita de frizer,

Block ExpN.) Hombro. Corp. Minnesota Mining Monsanto Chemical Co. Montgomery Ward

Development

Iritional Canta

NAGordĮ Dalty Prod. Nallani Lead S National Steel Corp. Now York Centrke

bili. Hayatere

wi-fillabla Clas Pacifio. Dan & Misc. Pari American Airways Parwmount Pictures

570 | PRED

pence:

cents,

British Petroleum Tood 2 Sales totalled 37,531 boles.- ishlilings 6 penco to 305 United Press.

307

shillings, a new high for 1957.

Others were up or down a few

pence.

Foreign bonds were absent from the tape,

Germans and

34 Chinese were completely Idle and unchanged while in the 291% Japanese Hat the 1934 ascented Es gained sterling and that of 1114 The 1930s cased 1⁄2 sterling,

Dollar stocks were irregular ¦ 5035 with both gains and losses on a 1111|| moderate calo; their premium was unchanged at § per cent,-- 10% United Freex

LONDON METAL

PRICES

London, June 5. Priem of metals closed today in sterling per long, ton s follows:

гро

E-month Copper geot

TOOK

USA

For Tonervations

eat! your travel agent or

Pan American direct at BPORS

Hong Kong Offen Alexandra House

Kowloon Officer Peninsula, Hold

PAN AMERICAN

YOUR ALLY A GOOD PRINTER

What's the first step toward effective

printing? Just this; call in a good printer right from the start. Whatever your requirements, his fund of experience will, be invaluable in helping you tô design,

to select type, and to choose the right paper, for the job.

There are no batter printers in town thân-

SOUTH CHINA MORNING POST, LIMITED Printing Department.

Wyndham Street

Tel: 20002