1957-06-11 — Page 9

Page

THE CHINA MAIL, TUESDAY, JUNE 11, 1957.

TRADE and COMMERCE SECTION

BRITAIN IN DIFFICULT POSITION RUNAWAY RALLY Commonwealth HONGKONG IKE'S SUFFERING

And Free Trade Area

From RONALD BOXALL

London, June 10.

The working parties studying the enormously complicated issues of European Free Trade have become bogged down, and their reports at first expected this month-will not now be ready until an unspecified date in autumn.

This will give welcome breathing space for further consideration of position of Common- wealth and colonial countries in the European Free Trade set-up.

STOCK EXCHANGE

Our Own Correspondent

Businem done on the long-

morning amounted to appro-

GIVES WALL STREET A JOLT

New York, June 10.

News that President Eisenhower is suffering kung Stock Exchanpo this from a stomach disturbance gave the stock market ximately $749,000, Noon quota a jolt reminiscent of its reaction to his ileitis attack lens and the moming'a trans-just a year ago and to his heart attack in Septem-

actions:

Shares JANKS ESK Ilunk

14

STING Warlock..

Buyers Jollers Sales

1045

7.85 7.00 1000 @ 7.88

1 7900 23T07.90

ber, 1955.

Word that the President was not feeling well and had cancelled all activities for the day, with attendant rumours, caused an immediate reaction in Well Street.

WHIT-MONDAY

HOLIDAY

London markets were cloned yesterday due to the Whit-Monday, holi- day.

WORLD RUBBER MARKETS

New York, June 10, Rex rubber contract closed today 64 to 80 points higher with solca of 191 contracts.

November

July

Beptember

DOCKS, ETC. | Dock

Provident LAND. BIC.

Hotel I Land .. Realty RUBBER

439% 44% 10044

13.30 431 3300 13:40 15.60 18.00 3000 16.80

5000

Selling hit in volume around, American Tob. "n"

Anaconda Copper 10.30 am, and from

10.38 to Amco Steel 11.49 the high spoed reporting Armour

31A

January

Morets

804/

May July

19

16.50

134

DO 50% DOT DO

19

1.45 1.00

as 14 Atlas Cona. Mining tickers ron as much minutes behind floor transse-Baltimore & Ohio

Baldwin-Lima-Ham. tong. Prices plunged from Beneteial Finance Carly gains of 2 points or more Bendix Aviation Corp, to "losses exceeding 4 and 5: enquet Cons 1276 1.40 30000 150 points in many cases.

At the deptha of the pelling? Burroughs Add Machine market values had been slashed Compbell Soup Co.

Canadian Pacino R

Although

become a dead It has agreed Inference would

Britain principle that a European Free letter:

would have to Trade Area should be establish compete in colonial markets on ed to operate in association with level terms with Rs European the European Common Market, competitors and unless agricul- the Dellish Government has se tural products were excluded the far carefully avoided any com-colonies would lose their existing mitment which would bring it preferences in the United King- Amale.

Trust ...... with her dom market. But if agricultur) UTILITIES Into direct conflict

the Trut .... 1250 149 DROOD § 130. excluded in-products Commonwealth countries' terests. Unfortunately,

how-colonies would still lose because Star Ferry.

Yauru

101

130 @ 204 around 4 billion A loss that C10 (J. 1.) Co. terri-Lagt (0) 16.30 ever, this no longer seems pos- the produce of overseas

10 1000 18.00

don 18.00 was cut to around 1 billion by Cat, clór Bible,

closing, .... 29,00

Exasperated

The British Government's ine

sistence on the exclusion of

agricultura products from the

were

tories of Common Market mern- bers would be admitted to con- tinental countries on advantage. cus terms.

Agreements

their

Electric

Macuo E... Telphone

INDUSTRIALS Cement

Free Trade Arca has CX- Moreover the colonies 117 asperated its European nelgh-nxious not to prejudice bours without laying the existing trade arrangement with anxieties of Rs Commonwealth Commonwealth countries other STORES, ETC. than Britain.

partnces.

The reconciliation of British and overseas Commonwealth in- terests will be difficult in the extreme. Consideration of British economie interests Isolation would,

generally agreed, necessitate full participation in the Free Trade Arva. Quite apart from the advantages to be gained by throwing In its lot with the Octo countries the dangers to Britain of remaining stoof argue powerfully in favour of this."

But Britain's interests cannol be considered in Isolation. They are too closely interwoven with those of the Commonwealth be separated.

10

Nor is it an easy matter to distinguish between interests of

the various Commonwealth countries themselves.

So far as the self-governing countries are concerned opinion

is sharply. divided

between

Rupe

Dairy Watson

Textiles

Nanyan

One thing is becoming in- creasingly clear, It will not be won as simple as I first seemed for Brilain to enjoy the benefis of CUTTONS belonging to a European Free Trade Area while preserving the existing ormegemonts for Com- monwealth trade. At the moment the odds seem to be against the status quo.-London Express K. & F.E. Service.

CHATTER

ON WALL STREET

The

New York, June 10. -

recent favourable

1.50 1.528

30 1100 a 30

208 2000

..

500 @ 00

9.00 28.40 2816

29.40

2 2011 20

500 á 28.50

1000

200 or 33

10.10

43

2

Bethlehem Steej

Boeing Airpighe Borden (10) Co.

The recovery was set. T. Financial Corp. in progress around mid-stasion Chrysler Motory ........ Climax Molybdenum when Vice-President Richard Colgate-falmolive Co,

M. Nixon anid he expected to ace the President back In tita office on Tuesday.

Measured by the Dow Jones everages, industrinis were down 20030441.87 points on the day at 503.70;

ralls down .78 at 144.23; utilities up 0.8 at 73.02 and the stock 31.70.11.00 500 1100 composite of $7 at 174.80.

1450 14.90

4,80 4.21%

ล

XD....... INVESTMENTS Yangiare... 0.39 Alled

4.473

fnvest. .... 2030

2000 11.70

60 G 182

2000 50 4.0 1000 43 4.00 4000805 1000 @ 406. 6.45 1000 840

US HEARINGS

ON TRADE

WITH CHINA]

Washington, June 10.

Contrast

The closings were in sharp contrast with lows of 807.78 for Industrials, 143.05 for ralls, 73.10 173.08 for the for utilities and composite uverage.

Activity generated by the selling, including a 920,000-sbare second hour, lifted volume acrosy the 3,000,000-share mark for the first time this year. Turn- over totalled 3,050,000 shares compared with 2,980,000 on heaviest since the Friday and 3,080,000 shares

Dcc. 31, +1950,

on

Today's Lichter Intences was among the widest in recent years, On June 8, 1956, the day Prosident was stricken with leitis, the tape fell behind at the most by 6 minutes, sales tolaited 3,630,000 shares and the

on the day.

Calombian Carbon Co. Commercial Credit Commonwealth. Kiee. Consolidated Edison Continental OU of Dei. Crown Zellerbach Cuban Amer, Suger Diamond Alkali

Douglas Afrorati Daw Chemicals... Dupont de Nemours Farfesh Airline

Featman Kodak

Rubber

El Paso National Gam Family Finance Corp. Firestone Tyre Ford Motor..... General Electric

General Foods

General Motors

Gan, Pub, Uill. Spy On

Gildden Co. Goodrich B..) "Co. Goodyear Tyro Gulf 01********** Heyden Nowport Corp. Ingersoll-fland Home take Mining Co.

Inland Steel Co. Interchemical Carp, Int'l Business Machines Int'l Harvester International Nickel International Paper Int'l Tel. 4. Tel.... John-Maryville Co.

31,50

33.00

12.03

32.70

32.67

58,40 3125

DOMINATES

COTTON MARKET

New York, June 10.

A runaway rally in the October, 1958 delivery. dominated a moderately active trode in cotton futures today.'

Soaring around $2 à bale, the far forward delivery reached a new seasonal high, crossing beyond the 324 cent level, while other deliverles showed relatively minor gains.

Closing around the day's best The certificated stock declined levels dio list ruled up ono to 1818 bales to 10,095 balos, 44 points. The market opened:

NEW YORK

up 1 to off 1 point.” Now Prices of colton tires closed Orleans closed up 5 lo 62 today as follows: pointa

price

Strength reflected dimming prospects for any cotton loglalation at this session of Congress

a belief and

that mandatory high price supports will apply to the 1358 crop,

INVESTMENT

October wide discount ander the preceding July delivery also attracted investment and weekly report whe awalted

Standard contract closed 04 to weather 470 points higher with no sales with considerable interest, Crop

reparted!

September

November

January

March

Spot

July

October

December

March

May

July

October

NEW ORLEANS

Prices of cotton futures closed today as follows:

Spot

July

October December

24.10

March

31.20

33,00

27.85

32.70

1257

1

May

$2.40

July

SEX

TM

DEL

Wall Street commission house

experts thought it might prove to be one of the most important of the season. That ColCTIC figured the planting season has

Cotton future deadline na cruzeiros passed the safety

per kila that any further delays will follows: have a serious impact on the ultimate crup.

May July

October

BAO PAULO

closings, it

were D6

Oct.

41.00

41.40

unquoted

41.10

19

In the United States,

the

average price of opo-inch cotton

44

48

markoma was

and dealer buying, and a pear- Some experts continued May elty of chipment offerings from

collon planted after mid-June the East, combined to shape the stands little chance of making a

trend. Tipders were surprised good crop unless the first at 14 désignated at the volume in view of the killing frost day in the autumn is 33.94 cente. Sales totalled 10,012

30 Londan holiday and the fact

that market, attendance here was much later than usual.

cut down today as the rubber

trade association held its annual Quying.

*

E

One rubber brokerage firm. 30% commenting 017 the Trcent 103

marker action sold credit for the advance, initiated by the terminal marioat, has been given to commission house buying. This buying in supposed to be

Tryulty the

of some chart renders who, feet that inasmuch as the price did not go below 31 centa it should now go up to the 33% cent level.

40

41%%%

$4

30

With Hitle in the line of ship.

ment offering to atop

tkan,

their objectiva may be reached. However, if the long-awaited 55% selling from Indonesia shows up

in the interim, it may

-

balça-United Proce

POBIE.A

COMPANIES

PASSENGER/FREIGHT SERVICE

'PENINSULAR & ORIENTAL S.N. CO.

Outwardz "CORFU”

110

com"

Kada C, Power & Light Kennecott Copper..

103,

DOW

1124

50%

pileate the objective, the cons- mens continued Locally, apot No. 1 Rss was quoted at 38 cents.

~CARTHAGE”

"CANTON"

"ÇORFU"

·

SINGAPORE

Liggett Meyers Tob. Co. Lockheed Akzuzah 1007: Incorp Lone Star Cement Ca Lowenstein & Bona... McDonnell Aircraft Stock Exge.) ... Megabi Iron Corp. Minnesota Mining Mindon Development

these who believe it would be a market action suggests a good thing for them Britain | continuing bullish trend, Senator Warren Magnu-industrial average lost 7,70 points onto Chorical Co. joined the Free Trade Area and those who feel It would damage says Bache & Co.

Commonwealth relations.

Upsurge

Mr Jack Wals, New Zealand's Finance Minister. sold this week: "If the great resources of Europe can be integrated in the new Common Market group, the result may well be a massive upsurge of economic activity in which all of us will sharo,'

Australian exporting interests do not agrer. According to Mr Lathan Withall, Director of the Associated Chambers of

Manu- facturers of Australia: Inevit- ably there

is implict in The European Free Trade zone the complete abillion of reciprocat preferences and with that goes

the recent

On February. 29, 1958, the day the President announced his can- didacy for re-election, the tape run 19 minutes late with sales

Marigomery Word Motocale Inc. NaBonel Cash Reg. A National Dairy Prod. National Lead National Steel Corp. New York Central

Slevatora at 3,900,000 shares. Late profit | Owat stinode Crims

Pan American Airways points in industrials after early Paramount Pictures an caused a loss of 200 e Go & Elec. strength.

Parke Davis Co. Penny J. C. Co. B. Salt Co. Philip Morris

Tickers

sen said today that a new E. F. Hutton & Co, says prob- Senate

aub- Commerce abilities continue to favour further upward action within committee, of which he is would begin range chairman, trading although the end of the period public hearings on June 20 of sidewise movement is not yet on foreign trade and com- muggested.

Oryls Brothers & Co. says the merce, including trade with

Red China, technical position of recent stock

the market selton

Senator Magnuson said appears to be

existing continuing along the lines of inquiry would study

trade barriera and embargoos,

Procter & Gamble Co. consolidating phase.

Pittsburgh Plate Glass the amount of trade being cur- Wallson & Co. says the rails ried on with the Soviet bloc, On Sept. 20, 1955 Arst session Publicker Industries are expected to hear the results and the very

Pure Oil....... President's heart at Radio Corporation of their freight rate request next or our trade relations in non-

knotty problem after the

tack, tickerG were only four | Ipublic steel month.

minutes late at the quidde but noyal Dutch,.

Beynolds Metal strategic items with Asia and

the industrial averago plunged Sops, Hoebacic & 09, [China". DIVIDEND

total Beli Oil Cu....* "Many of our allies....have 31.89 points on volume

Salat neg. Paper Harris, Upham & Co. estimates been looking forward to clarin-ling 7,720,000 shares. The boxt

Soenny Mobiil the Industrial averago | Bolar Aircraft Parke Davis 1987 net at $4 a cation of our world trade poli-day a recovery of 10.37 points Sinclair Ou 1950, says dividend share, against $3.59 a there, incles," oald Senator Magnuson in

volume of 5,500,000 South Puerto Rico Supar could be in a statement. "Our allies and generated

and dekend Tun South Co. (The) ourselves cannot hope to promote

Soutien National Gas raised.

Southern Railway (Com.) Value line says: The liquor in-

the cause of world peace with behind as much as 19 minutes.

Standard Brands dustry appears to be headed for variable and condicting, policies

Extreme losses ran to more Standard Out of Cal Canadian producers on

on International trade another good year....the brew.

than 6 points in Ameradu, Gulf, Standard Oil of Ind Standard Ol of N.J. other hand are worried about ing industry is headed for The United States forbids any

over 5 in Witrox Oll, close lo steep Rock (Torants Exge.j possible effect on the exports of another lacklustre year. The trade at all with Red China 4 In Lukena Steel, 2 polate of Rising Drug Co. metals and raw materials of the carpet Industry is on its feet and encourages fis ellies to ban more in Du Pont, Newport Stoke Van Camp

Studebaker-Packard Corp. inclusion of members dependent again and poking to the future shipments of strategic good to News Shipbuilding, Northern Swift & Co. territories in the Common Mar with confidence.... Television set the Communist regime. Britain Pacifle.

Texas Co. Nde Water Alın. Öll ket thus giving them an advant makes and appliance makers cently announced that she was

Tline Inc. age when selling sucts, com- hope 10

At the close there were galos Twenty Century Nox Tin sbow start-a fast relaxing trade restrictions with modities as copper, cobalt and anish for 1957.

the Chinese Reds to the level of ranging around 2 polpls or more Union Carbide platinum to Europe,

American Aviation holds that those on commence

with

In Kerr MoGpe and Royal Dutch,Union Facine Railway

United Alvorad The Canadian magazine, as the transition to missiles con- Sevist Union-United Press. Laikene Steel, American Smelt United Gas Corp. "Saturday Night", fears that inues alectronics manufacturera

Smelting, Magma UB. Foll “F* ing, US Britain's participation in the can expect to reap a steadily

Dobermu Copper,

FIT Lane Co, UB. Gypnum Free Trade Area would throw greater share of military hard

Smith Corona, Schering. Canada into tho "Conaale ware money. arms of America" and thereby

Overboard much of our ditional export trade to the Bri- tish Isles"

damage

lations.

Commonwealth

Colonies

the

D

Bankers Trusts Co, reports ji re-still is very difficult for dealers lo ndien new bond issttes yields which will be fully ar- ceptable to buyer. --- Undied Press

The problems arising out ofį

European Froo Trade afro Br New York Foreign

tigh colonial territories eyen

more directly. But thence prob

lems cannot be solved simply

by a British decision to slay out

of the Free Trade Arta.

Exchange

New York, June 10,

104.31/22

1816

If Britain stayed out, the Closing rates were: colonies would still enjoy pre- Samade, vin

the

DISPOSITION OF EGYPTIAN COTTON

chards

Or 1,202 issues appearing, 079 were lower, 279 zigher, 244 un changed with 80 new towa ett, 20 new highs,

Sales rose to

1957 high of 1,410,000 shares from 1,980,000 shares

On Friday the last previous high,

Bond volume was $4,470,000 *gainst $4,710,000 on Friday.

Closing Prices

Cairo, June 10. Egypt will henceforth insist on the right to check the dispost- tion of Wyption cotton pur- chased by foreign countries, en official Finance Ministry source Hald today.

Alden 100. A. The statement followed re- Aura e Ing. Ailted henni la Delice unosented-idnited Press,ports of some countries Baykova | Aje" Calimera

Egyptian cotton, and selling ||| Antsigan ring" at higher prices.

ference in the United Kingdora England omnia!

maribet, but they would” láss

30-03

NAMESAKES

valuable European markets to New Zealked sau their rival producers in the depondent territories of Common Market membery whomo export would be ignited to cab tinental countries no preferential rates of dutŸ¿

Corp.

The sources miq Karps would Amalien Cranks Amycre-1 Jaw, z Stadium, domary Une right at forthe Armylean 3 Pugilistic. 4 Knock, Deel-coming notion, talkka, ga a method Am rlon, # 'Rufera, Mannsen, é of guaranteeing that Eppeling Am Membe If on the other hand – Britain Chepptes à Close, 10 Upper- cotign would not be subject in Amangal joined the Brand took it out, 11 Heavy.

| two differunt pricelinited Amate colonies in with it, Imperial Pre-

Frass

Jack Dampway.

U.S. Rubber U.S. meluITIM

US. Beel Warner Bros.

Westinghouse Bisetrie Western Union Tel. Co. West Va. Pulp & Paper Woolworth

The market opened higher on better oversENI advices and it ruled steady throughout the day.

on short covering and good de- mand for lower sheets and re- milis. Futures;

No. 1 rubber per lb. Juno unquoted July 03-934 No. 2 rubber per lb. July 22-23

No. 3

No. 4

Spot rubber unbaled

Blanket crepe

I

021-92 04-60 100-102

No. 1 pale crepe jakied Press

NEW YORK

SUGAR MARKET

New York, June 10. World No. 4 sugar futures closed today 1 to 5 points lower with sales of 278 contipots.

Domestle No. 0 sugar futures $1% closed unchanged to 2 points higher with sales of 217 co-

4 tracts.

21

World contract softened late in the session following fair- sized gains accomplished in the (d) | formoon under trade buying and covoring. Early buying re❤ bail Bected expected purchases by Calle and Moroccó in the spot market.

3

Leaver London

Salted 28/1 with June

23rd July

2001 August

Das Bangko 1st July SEA Jul 20th August 23rd September

Via Southampton, Colombo, Penang & Singaporn.

Leaves Hongkong

3th July 2nd August

Homewards "CORFU" "QARTHAGE"

"DANTON" "COEFU"

Both Augu

Jus London

4211' AugustĚ,

15 September 30th September

27th September 12th October

Via Singapore, Penang, Colombo AGOR FREIGHT SERVICE

#RHILLONG” due 18th June "BUNDA" Que 2th July

“SHILLONG" fonda 13th July

"SALMABA" due 29th July "SALSETTE" due 20th July

from UK.

from U.K

for Singapore, Pt. Svet- teshaw, Fenope. Aden, Havre, London, Ham- burg, Rotterdam, Apt- werp de Grangemouth from UK.

from UK.

BRITISH INDIA S.N. CO., LTD.

1838 - A HUNDRED YEARS OF SERVICE — 1958

"FULTALA" dae Erd June

antis 26th June

"SANTHIA” due 26th Juna sals zith June

"SANGOLA" due 17th July

Antis 10th July

from Japan

For Bingapore, Penang.

Calcutta

Raccon

CATOKOPE

from Japan

翻

for Biogore, Penang, Rangoon & Calentin frost Calcutta, Rangoon

& Straits For Japan

P. & Q./B. I. JOINT SERVICE

"URLANA"

dae 19th June

ails 20 June

"UBLARIA"

due 26th June Fall 2014 June

120%

Domestic

ruled contrpota stoody, Trading foätske was the posting of 90 contracts in nearby September against business in actumis.

"OZARDA"

"URLANA"

Contract No. 4 (world)

July

0.00

September

nited Press.

Favourable Balance

Australia, June 10.

Australia has a favourabjo!

trade

#1024

ARERS milion in the firm. 13

months of 1950-67.

This was more than -A @ 204 million better, then the GOTTES-

| sobradling "Cazzagon dam ̈1990-59."

1. Incessană comporte and rodjor Jaipurta wecount for the ka "proved ' position.

Special

October Maroli

May July September

Spot-(cente per (b. tob Cube)

Open interest: 9.008 contracta.

Contract No. 0 (domrallo)

September

Futy"

November

March

September

Spot-forée par ib. el NV

0.00

Open" Interest: 3,586 contraété, |Kaled: Priis,

Exchange Rates

鮮

dua th July

Fails 6th July dua 29th July walls 31ut July

fram Karachi, Botabay, Cochin & Bingapore for Japans

from Japan

for Bipore, Bombay, Kasach Dubai Darah

from Bombay, Cochin. &B'pore

Eot Japan

from Japa

for Singapore, Bombay, Karol Basra, Khor rangbar & Kuwak.

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

"NELLORE" in Port

"NELLORE" alls 10th July

from Australia

ΤΟΥ Ζαρατ

for Labuma. Sandakan, Rabaul, Drabane, Syd- ney. Melbour Adelaide.

All venala kayo liberty to cut at any ports on

ar off the equia; di tha zosta de miitura ato zabject'

to change or 'amandmans with or wilherzi neties,

For full particulars opply For

MACKINNON, MACKENZIE & CO.

OF HONG KONG LID.

Telophone Mos: 27721 4.

*