1957-06-13 — Page 9

Page

THE CHINA MAIL, THURSDAY, JUNE 13, 1957.

TRADE and COMMERCE SECTION

DOLLAR CONCESSIONS COST

But UK Trade WORLD

Balance

Under Pressure

By SYDNEY S. CAMPELL

London, June 12. Making the right kind of psychological gesture after years of the wrong kind, Britain is at last granting a dollar, allowance for ordinary tourists.

For the past ten years the only legal way in which ordinary British people could visit Canada, the premier British dominion, or the United States, the largest English-speaking country, was as non-paying guests.

CHICAGO GRAIN

MARKET

Chicago, June 12.

The Senate's vole to extend the administration's soil bank programme another year, und reports of possible crop damage from high winds and hall in the inidwest caused grains to move of Trade higher on the Board today.

Wheal prices moved, higher on reports of expecled grain damage in Kansas, Oklahoma, and Missouri.

Trade was not too active to- day. Foreign demand was slow. Wheat closed 24 cents to 2% cents higher for old and up 1% to 2 cents for new. Soybeans closed up to 1 cent.

Prices per bushel in cents:

In ending this anomaly, the the Exchequer Chancellor of described it is unnatural,

ment for Britain.

RUBBER

MARKETS

New York, June 12, flex rubber contract

closed today unchanged to 10 points higher with sales of 135 con-

tracta

Sept

Nov.

Jan.

MAT.

May

July

33.40

23.00

LITTLE QUIET DEALINGS

ON NEW YORK

INDUSTRIAL GAINS PARED BY PROFIT-TAKING

HONGKONG COTTON MARKET

STOCK EXCHANGE

Our Own Correspondent

New York, June 12.

Quict dealings with narrowly indecisive price changes characterised cotton futures trading_to- day.

Most of the business was of professional origin, mainly in the way of evening up while the trade marked time awaiting textilo market news Business done on the Hong- and spot trade developments. kong

Exchange. this morning amounted to

APPTO- After pee-sawing within a range of 80 centa a bale the list

Stock

New York, June 12. Strength in rails sustained the stock market advance today when late profit-taking pared indus- trial gains.

Through most of the session industrials moved ximately $333,000. Noon quotu- ahead at a good clip with gains ranging to 2 points actions: or more in the oils, steels, chemicals, motors and BANKS changed to 10 points higher with metals lifting the group to new highs since last NCES 1020 1440 no sales reported.

32.05

Standard contract closed un-

July

Sept.

Nay,

Jan.

Mar.

Mlin

July

33.40

33.05

32.65

32.05

32.24 30.00

After a higher optning, in

August.

When the realising hit late,

in the day rali tools Yor leadership with gains of around a point to 2 points.

The move by the carriers,

Pure Off

Radio Corporation Republie Bleel Reynolds Metal

sinclair Onl

Socony Mobilell

Bouth Puerto Rico Sugar Southern Co. (The) Southern National Cas Soulbern Railway (Com.) Standard Brands Standard Oil of Cal. standard Onl standard of end.

It was also a poor advertise-line with the London-Singapore viewed favourably as the pos

advices, prices backed down

sible beginning of a rall con | Solar Aircraft ander realising by recent specu-firmation of the industrial ad lative buyers and trade hedging, vonée, lifted

the group 1.08 but steadled again toward the points to 147.56 in its verge, close,

best since May 20. Industrials held an

average gain of 18 point at 309.60,

Sept. since last

5. Utilities dipped 20 to 73.60 and the 03 stock composite was up 170.97.

The concession will not cost nny dollars. This is fortunate as Britain cannot afford many, In respect of last month her itserves Jøst $24 milion, whereas in respect of April they had gained $47 million.

Sound Enough

Britain's own sound enough.

that she gets the external worlds,

baloure was Her trouble worst of both

in

Her reserves succeeded suffering from the over-valuation of the French franc and Indian rupee as well us from the under-

valuation of the German mork.

It seems possible that she may soon have to copy Japan's de- fensive measures,

Her balance P1 payments is not under Japan's kind

post-booru pressure be- cause she is only starting on the Industrial upsurge that Jupan already had.

Mid-session softness also re- luck of follow- erted the through factory buying. Some reports said a few manu furers had turned re-sellers in the deliverlod market.

a new high

tions and the

morning's trans-closed net 7 lower to 5 points New York Sugar

Bales Buyers Seller

INSURANCES

Lord.

Bo @ vo

higher. The market opened up 3 to off 1 point. New Orleans

10 e 1935 closed off 11 te up 10 points.

Some traders through the market "acted tired” offer the

technical

7.00 1.00 6945 7.82 recent persistent rise to sensoral

highs and that pause was to be exported

11K Land 357 314

(R)

249 | Humphuream/1055 44 | Realty

琢

50%

RUBBER

Amalg

rust

B) UTILITIES Tra

21.20 23.30

Two-sided

Crop weather zews

was

Market

Now York, June 12. World No. 4 sugar futures closed today 4 pointa higher with sites of 1,082 contracts,

Domestle No. 8 sugar futures closed unchanged to 2 points lower with sales of 200 contracts. Nearby world contracts back- pedaled at the close under

I viewed in a more two-sided hedging and realising following

a firm start, encouraged by the The recent change 20 alightly higher raw situation. sunny weather in the Small

realising orders western portion of the main dominiated in the domestic con-

pre-

Unipo

SHIPPING

475%

Wheelock

DOCKS, ETC.

K. Wharf

50%

Dock

0011

Sears, Roebuck & Co. Shell Ou Co.

Ball Reg. Paper

0134 C Hotel 15.40 15% 3A%

£10 Provident 13.30 15.46 HLAND ETC.

02 7 10.01

400

00

500 15.43

1.30

light. Warm

1.85 7000 6 15.23 1.40 13000 133

belt was welcomed, although tract.

AB

50 Star Ferry .. Yaumal!

100023 1000 0 23.30 300 23.59

sono quarters continued untasy over the unduly late crop star July

Contraci No, é (world)

6.13-16

157

the more frequent mention Sept. of insect infestation.

0.14-16

Oct.

0.22

Mar.

4.62

Texas Co.

Tide Water A. OL

****

40

74% Electric

103 100 10 19.10 (Ra) 13.20 1.50

3304 104 2000 jo

14.00 4.50

4.00

|

Tise Inc.

De

Twenty Century Fox Film

Macao E. Tel.

0.20

4.17

2015 30.03

Union Carbide

120

29

Cement

32%

United Aircraft

7146

Amey Can

arohes, ETC.

411%

Dairy

Watson

Lane, C.

4812

0035 Textile

COTTONS

242

60% Nanyang

Sleep Rock (Toronto Exge. Sterling Drug Co. Stekely-Yan Camp.

40 at Studebaker-Packard Corp.

Switt & Cu.

Activity lightened to 2,600,000 Shipment offerings were light and still high price, but come shares from the 2,850,000 shares foreign sellers were reported on Tuesday total,

more Inquisitive" and were looking for bids." Locally, spot No, ss was quoted at 33% cents a pound.

SINGAPORE

The market opened higher on better oversong advices but cared before Boon on some pro-taking.

Uivoa Pacino Railway

Unlled Cas

U.B. Foll

Of 1,191 issues traded, 437 were lower, 504 higher, 250 un- changed with 61 at new lows,U. S. Line Co. 51 a new highs.

U.S. Gypsum.

U.S. Rubber

U.S. Smelling

NY Stock Exchange LondU.S. Steel.. volume was $4,000,000.

Warner Bros.

Westinghouse Electric

Western Union Tel, Co.

American Stock Exchange West Va. Pulp & Paper volume was 1,130,000 shares.

Future closings were: No. 1

rubber per Ib. July

Dew-Jones

1

were:

elosing

averages

100,00 147.50

13,40

37.61

138.37

93-05

30 industrialə 2014-05120 rails No. 2 rubber per lb. July 13-84% is villitics Both official and

4 stocks academic No. 4 rubber per 1b, July 80-80

No. 3 rubber per 1b, July 9234-934

40 bonds ********* calculations ure that Britain is Spot rubber untaled. 0414-0472

Comm. future price Index .. likely

Industrial Blanket crepe to have an

84-00 revival

101-103 without having one of No. I pale crepe the biennial payments crises that so often afflict her in odd- numbered years.

LONDON

The rubber market was very steady with spot

..

Closing Prices

Alited Chemicals

1/2 penny Allied Mills Inc.

Alle Chalmers

But her trade balance is com-higher at 28-3/16 pence per lb. 2001-207 ing under the Fame pressure,

Woolworth

3. Light

INDUSTRIALS

two months.

The Senate

July Sept. vote to put the ov

10.02

Some trado reports cited the May 13.20 possibility for high yields in the July Hopt 140 # 29.90 event of a prolonged period of spot-fects par ib. fob

Cuba) ...

002 3.50) 8ood growing weather, because 20028.00 of the generous sub-soll moisture] Open contracts; 8,500

reserve built up over the past Contract No, 6 (domestin)

Spot-teents per 3. Self NY ex-duly)

6.05 Open interem: 3,250 contrneta,

-United Press.

... 14.10 14.30

1500 14.80 acreago reserve back in the soil Mar 1.70 11.80 1100 of 31.70 bank

programme 301 011

promoted Sept. 2004 31

small covering at the opening 4.80 4.85 2000 4.62) the measure now goes to con- ference to work out differences with the bill passed by the House.

Volume Open Interest

6,400

JU,B00 890,300 fles

NAMESAKES

Answer-1 Stock, 2 Social- Est. 3 Labour, 4 Capital, 5 Com- munism, 6 Strle, 7-Germany. B Eostrenforts.

Karl Marx.

0.00

0.10

21.00

6.30 4.50

MISCELLANEOUS

10 Ch. Ent.

INVESTMENTS Yangtze Allied

United Press.

Wheat No. 2, red

2071

POPULAR

204(11) 20012(E)

2039-

2004-9

213-

IN LONDON

Wheat new contract

30%

2017-201

34

Prices:

American Airline

10%

21125- 2013 2126-4

Corn, No. 2, yellow

13035-4

Moreover, the external payments crises of other countries lend to No. 1 Bu spol bear on, sterling-and the Bank of International Settlements, for one, evidently fears some such crises this year.

American Cable de Radio Corp.-

.BT

Ame lean Cyanamide Co.

86%

2014-28-

Settlement House terin July

Aunes & Forer. Power

10

Am. Gas & Petric

30

Aug. Sept.

2612-2825

209-28

Ami, Mach, de F'dry. American Metal

July/Sept.

2014-201

Dev/Dec.

267-287

123- 127 13014

| Jan/Mar.

June, July and

7104 1109-110

Extate crépa thin

30 thick July ......31%

AMSTERDAM-

05-Co

Soybeans, No. %, yellow

23034-233

22135- 22433

mount of n2 ani mai mant

Britain's during

Month

July

3.200 101500

October

172,400

December

2,200

X12.200

March

4,400

137 200

May

6,700

122,000

July

8,400

79,200

October

10.100

70,700

Total

NEW YORK

Prices of colton futures closed

Whoravor

Spot

July

Dec.

Mitr

total

May

July

Oct.

NEW ORLEANS

BFEEFELD

you're going...

EUROPE

34.30

$4.50

USA

34.40

3140

34.03

Cotton

LIVERPOOL

future

closings, in

ORIENT

Old contrapt

July/Aug.

Oct/Nov.

Belgium and 2310

Dec/Jan.

Mar/Apr.

May/June

New contract

July/Aug.

20.28

Oct/Nov

26.50

Dec/Jan.

20.53

Mar/Apr.

20.84

May/June

20.03

SAO PAULO

Cotton future

Harley

Bpot

Now York Hour

Zoo ib. Back

130-140

$1350n United Press,

WINNIPEG PRICES

Winnipeg. June 12.

Prices of grali futures closed per lb. weDO OS

Goday in centa

follows:

Oata

July

Out.

Dec.

Rye

July

20314

મ

Oct.

100

Dec.

Harley

July

Och

Dee.

Flaxseed

July

Oui.

Des.

Always A Preacher

Always a preneher, the Bank

of International Scitements in

ita annual report this year

2014-2884%

Apr./June General markets, elt basis, ports:

272%-28%

No, rufiber

No. 2 rubber No. 3 rubber No, crepe

American Smelting Am Sugar Ret. 2914-2015 American Tel & Tel 281-282 American Tab. ""

Anseonda Copper Armco Steel Armour...! Allax Cons. Mining Baldwin-Lima.Ham. Balllimore d Ohio Beneficial Finance Dendix. Aviation Corp. Benguet Conz.

2.71 paid

2.09 paid

preaches hell fire. It remarks The rubber market was firm. that present international trading Prices closed in guilders per arrangements "allow fortunes to kilogram, eif July as follows: be made by the astute" while maintaining the atmosphere of arbitrary control and that "spectacular technical progress contrasts with the inadequacy of a system of international pay- ments far behind the Umes,"

Coming from the club of central bankers with such im- portant functions in international payments that last phrase is u scorcher. China Mail Speeint.

CHATTER ON WALL STREET

New York, June 12. Fitch

service says that

2.04 buyers 207, pald United Prom

Market For

Domestic Crude Oil

Yellowstone, June 12.

A spokesman for independent all companies said today the market for, domestle crude all' in the second half of 1957 would bo less than it was before the Suez crisis.

Ho attributed the situation to higher imports of foreign oll and shrinkage of the export market.

Bethlehem Steel

Boeng Airplane Borden (The) Co.

Burroughe Add blachine

Campbell Soup Co.

Canadian Pacifle B.

Case (J. LS Eu

Cat. Tractor

Celanese Corp.

C. I. T. Financial Corp.

| Chase Manhai. Bank

Chrysler Motors

Cho Molybdenum

Colgate-Palmolive Co Colombian Carbon Co Commercial Credit Commonwealth Elec. Consolidated Edison Continental Oil of Del. Crown ZeWerbeeis Cuban Amer. Sugar Diamond Alkali Douging Alterati Dow Chemicals Dupont de Nanours Eastern Airline Eastman Kodak

Paso National Ges Fanelly Finance Corp. Firestone Tyre & Rubber Ford Motor... General Electric

General Foods

oneral Motors Gen. Pub, U. Gelly Ou Glidden Co. Goodrich (B. E) 26. Goodyear Tyre Gulf on

Heyden Newport Corp. Homestake Mining Co. |Ingersoll-Rond

with inflationary pressures

Mr Miner Jameson Jr, 19- Inland Steel Co. still present it means that, as far as the investor in sistant to the Fresident of the interchemical Corp.

Tat'l Business Machines Independent Petroleum Associn- intl Harvaner securities is concerned on of America, placed the International Nickel there is little danger of a total required crude supply from internadional Paper 24 bear market a stocks. both domestic and foreign John-Martville C

.

Canadian wheat export No. & the maricet still is licely to be Press, pon-IWA 152 cents; No. 4, subjected to sharper reactions as 1334 cats-United Press.

last year's higha are approaching, continues to counsel - invested positions basis.

NEW YORK METAL

FUTURES

New York, Juno 12. Prices of matni, futures closed today in cents per lb. were as Καλίσινες

Lead

June

Jay

13.50b

Zino

Copper Tuner.

黑糖

Juna

• viraltikatted

Lone Star

sources in the second halt at Kansas C. Power & Light Standard & Poors, noting that 8,300,000 barrels daily. United Hennecott Copper .......

Liggott Myers Tob. Co. Lockheed Aircraft Loewa Zneroment Co. Lowenstein & Sona. McDonnell Alrerati

*(Aru, Block Exgo.) Mesabi Iron Corp. Minnesota Mining Minion Devekywnant Manmanto Chemical Co, Montgomery Ward Motorola Ing. National Casa Rog. National Daley-Prod. National Len

001

a

Jong-range London Foreign

Exchange

London, June 12.

W. E. Hutton & Co. says re- cent new highs in Americar. Smalting reflecting the com- pany's interest in two conces alons in the Cydama Bay area in Northern Quebec where Closing rates were: huge deponits of rich nickel ore Now York

Montreal are belloved to exist,

Amslagdara Brucela

Alfred L. Vander Brook de pe

Co., mym the 1957-58 outlook Out For" Gerber · Products is very | Blan [good and là Es pogical · fo'eptet.

Only Patie

ognálneŃ Improvement in carn- okolin ings and dividends, ... Unikled ana Proms,

Fabrich

National Bloel Carn. Olin MateBon

- 2.75-2.79 14/16 New York Contraí

Ötis IevažIE. Owen Huron Case 1071251800) Pacido Gas & log. ... 29,4046-18:403 | Pan Amerkan Airways

"DO: SEME-

Ca

hectar de ideihblo_Co, 12235 | PUSEszyt Pima GRAN

Publiskowe kodustries

GOLD SHARES

index

UK AERO

EXPORTS

NEAR PEAK

almost

today is follows:

Prices of cotton futures closed today as follows:

accounted

July

atro exports London, June 12.

Aprum £8,474,779-was Profit-taking in gold the arth highest ever recoinci shares seemed to be the in a single month and market's chief activity to £750,000 up on the figure for 21 day.

Tho final Times April, 1956. of leading gold Aircraft and parts

which

for £5,344,521, nero-engines October

£2,000,071, electrical parts and December appliances

tyres May £285,104, £45,343

and aeronautical July Instruments £139,740,

Sweden was markot

Britain's best customer with £1.3 million worth of airbent and parts,

shares

some

weeks ago was at 65.6, its all-time low, had recover

ed to about 75-up 75 per 40% | cent--when the

opened today.

183

Co

40

March

October

31.54 34.13

32.04-05

But there seemed to be plenty followed by India (£701,728), pence per lb. were as follows:

of buyers about and the declines were rarely more

shilling.

Lebanon (£418,865). Canada

П than

Brandwel

Anglo-American lost (£398,129), Fruce (£248,245) Netherlands (£199,880) 33 chillings, President

10% shillings but they seemed al-Australia,

most alone in this respect, United States were also lending Central Mining case 1 shilling buyers.

Sweden has row gained A narrow lead

United over the States as our best customer so far There was also similar profit-in-1057 with £3.6 million worth

oils which

at one of aircraft and parts, us against

PROFIT-TAKING

Luking in

30% time lowered Shall Transport 4 £3.5 million.

43

BER

shillings 6 pince but by

the

close the decline was only 31

27 shillings

Royal Dutch lost Al 60% sterling but British Petroleuma at and Burnah both gained 2

197

shillings € pence.

Industrinis

were extremely

104 quiet with prices mainly only 3

penco up or down. An excep grfiton was Unilever, up 2 shillings

Some

6 pence.

433

British Governments Improved 1/16 sterling and War

2017

352

8912 cd but

Jean Improvea 1⁄4 but most of them were unchanged.

German bonds were unchang-

US Imports Expected To Surpass 1956's

Washington, June 12. Observers here expect United the Japanese list the States imports this year to slir- 1930s and

Tokyo 54 percints pass the 1956 pf $12,000 mil sterling, both non-lion. Most experts now put the assenteds and assorteds-United 1957 oxport total at $13,100 mil- Fress

lion, although the volume st imports has been advancing less swiftly of late,

37% used 1

New York Foreign

4

Exchange

4047%

New York, Jume 12. Closing rates wenen Canades England (officină)

N (30-days) (90-deju)

Australia New Zealand Sputh Africa Ury By

Others unchanged.

2.7814 273-5/14 གཟུ

United, Préam.

They empluusive that large Imports will inevitably follow tho over-all growth of the American economy. Declines in come leading commodities such

coffee

and some materials, however, may greatly offset increases cleowhere, they warn,China Mail Special,

ព

www

LONDON METAL PRICES

London, June 12.

Price of metals closed today

Exchange Rates interling per loog

follows:

Busiņas, was done in the local Tin Spot upadiolar

market

TROTEINS AL Wie tollywing TRÍVOZ:

ta, döller

·49% PAlinarnian notes (per 83) Indoamelan rupiah. (per 100) MIRITE:CION). (bor: 100) Li Mogapos (Watt)

3-month Copper spes

咖

Fram.

1.

30.00

88258

closings, In cruzeiros per klio were as fot-

lows:

July

Oct.

Doc.

Mar

30,60 41.50 41.00

41.90

41.30

In the United States, the average price of ono-inch cotton

(at 14′′ designated spot markets

was 33.95 cents.

Total sales at these markets were 16,695 bales-United Press.

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WORLD

You can fly there on the world's most

exporioncod airline For reservations. call your travel agent or Alexandra House, Phone 37031,

Hong Kong

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