1957-06-20 — Page 9

THE CHINA MAIL, THURSDAY, JUNE 20, 1957.

COMMERCE SECTION

TRADE and

LATE SELL-OFF GIVES MARKET WIDE LOSSES

WORLD

IMPORTED RUBBER FOOTWEAR UNDER FIRE IN CANADA

Ottawa, June 19.

The Tariff Board has said that foreign sup. pliers of waterproof footwear and rubber-soled canvas footwear could undersell Canadian pro- ducers because of low wage rates abroad. But, the Board added, the Canadian consumer sermed satis- fled with the foreign product both as to quality and particularly as to price.

The Board reached this con- clusion in a 48-page report sub- mitted to the Finance Minister, Mr Walter Harris, 1st March 14, made public on June 14,

ol

boots and general tariff On shoes and canvas shoes with rubber soles,

The

tariff on

rubber boots and shoes is 22 per vent most favoured nation, and 25 per cen: general. There is no British preferential

rubber bouts and shoes.

tarif

INJURED

HONGKONG STOCK EXCHANGE

Our Own Correspondent ·

Business done on the Hong- kong Stock Exchange

morning amounted to approx. mately $300,000. Noon quota- one and the mornings tante tons

Shares Buyers Bers Rales GOVT. LOANS 335% (1948) BANKS'

The Minister asked the Board In October 1930, to collect in- formation regarding the pro- consumption, market- duction, ing, imports and exporta waterproof footwear and rubber-soled canvas footwear.

The Board's investigation was Humphreys The Board

was not asked to make recommendations on the ordered after the Canadian in-neally Latiff scale on imports of these dustry protested that waterproof RUDDER***

range from

60 10.300 a 13

1040

New York, June 19.

RUBBER MARKETS

New York, June 19. Rex qubber futures contract today elbild 18 to 25 pointa

A late self-off gave the stock market its widest lower with soles of 67 contracts. loss, since last Feb. 11 and cut individual prices a point to more than 5 points today,

Chemical shares, steels, selected olls and specialty issues were hard hit among industrials. Rails had mostly fractional losses and utilities suffered their worst break since Sept. 26, 1955.

Repubile Steel Reynolds Metal

The loss in utilitie-amounted torporation to .08 point in their average,

Eastman Kodak, recent sharp | gainer on talk of a stock split in the offing, was hardest hit of the lending industriais, dropping over 5 points,

Steel losers mangai past 2 points in Youngstown Bheet & Tube and Lakers, with the latter down around 6 from its early high. US Steel dropped nearly 3 points. Dothichem and Jones & Laughlin around a point.

Sears, Roebuck & Co.

hell on Co.

Saint Reg. 'Paper Binder On

Socony Mabitol Salar Airwa¶__.... South Porto Tico Sugar Sulliem Co. (The) z Southern National Use standard Brand Bouthern Thallway (Com)

Standard Dil of Ind

Julv

Sept. NOY. Jan.

May July

32.85 32,40 22.15

31.34

31,75

5133

Standard contract closed 15, to 25 points tower with no sales

reported.

4016

July

Bept.

Nov,

6116

Jan.

MAT.

May

Ittry

$17,40

33.00

31,7

ņ Pagë

CUSTOM TARIFF SEVERE BLOW TO TANGIERS

די

Paris, June 19.

A new customs tariff became effective in Morocco, including the former Spanish Zone and Tangiers, aimed at protecting now. Moroccan industries. The new tariff modifies the trenty with Britain of 1856 with Spain, but the provisions of the treaty of Algeciras levying a 2.5 per cent duty will not be changed.

The overall effect will be to raise the tiles by not more than five to seven per cent im- mediately and 10 10, 12 per cent at the long run. The Brilish, Spanish and French Kovern- mens have syreed to changes,

The

Mixed trading between dealer Interests featured the limited 211 terminal market business. Most

In exchange, the two per cent of the activity centred in the tumover tax imposed since last outside

market,

February will be removed again estimated sales of shipment rub-now that the new customs tariffs

In Bank INSURANCES Unjoni Laband SHIPPING Watertical Wheelocks 7.00 7.03 2330 # 7.00 bocKS, ETC.

101 109 Ware..

30 @ 10T Dock Prident (0) 13.30 134

8% 1330 LAND, ETC. HK Hotel 18:40 fitt Land

40

41

|

Blandars Dil of Cal.

35

her today

(rta) 11 1.20

Blandard Oil of N.J.

Steep Rock Toronto Exge.)

211

1.43

Bierling Drug Co.

Analg... 1.0235 1.878 1370 145

Depress

Biokley-Van Cầmp.

Shudrusker-Packard Corp.

Swilt & Co.

130

211 23 20 100 23.30

Texas Co.

103

811

10.90

Lower prices for copper rinc helped depress shares.

and

Tide Water Aum. Ol

37%

metal

Union Carbide

Twenty Century Fox Flim

400 @ 18.50 200 18.00

Union Parine Railway

United Alterati

8.40

Unlied Gas Corp.

rubber-soled TLITIES foot wear products, The tariffa now

canvas foolwear were being Im- 20 per cent British preferential tariff, to a ported in such increased quanti-or Farry

tles us to injure Canadian pro-Yaumati 27% per cent most favoured

Висств. nation tariff to a 40-per cent;

CHICAGO GRAIN MARKET

the

While the Board made no ru- commendations, I commented on six assertions put forward by the Canadian industry.

The Board agreed with the Industry that competition from lower-cost foreign competitors: had been responsible for des- truction of the Canadian Indus try's export markels, H ngreed with the industry's claim that lower

manufacturing costs in foreign producing countries, because of low wage rates there, was the basle repson for the success of much Imporis on the Canadian markel,

Chicago, June 19. Rye futures led a gen eral rally on the Board of Trade today after tariff commission recom- mended that imports of But it did not agree with the rye from Canada be cut in Industry's assertion that deve- half.

The market opened irregular and quiet, but activity picked up as soon as the import news was received,

Wheat was Inactive today and trade was rather featureless. Some early selling was based on clear weather reports from the grain belt.

ASSERTION

Jopment of plastic auinwear, footwear had no measurably re- duced demand for rubber foot- wear. It said its investigations "plastic footwear showed that has measurably reduced the de- mand for rubber footwear for women and children.

Watson

fot

Oils doolines ronged past 13 13.10

paints In Amerada, 2 in Shell. 770 6 13 28.00 28.89. 1800 a 22.70

The Industrials lost 321 32.73

(rta) Telephone INDUSTRIALŠ Coment Rose Dalry STORES, ETC.

14.70 14.80

100 11.60

500 14.0 25 62 11.76 100 14.00

£1.00 11.00

Lane. C COTTONS Textile Div. 500 per share Nanyang MISCELLANEOUS Entert.

K Onnat. (D) 6.30 Vibro

15.DO INVESTMENTS Yongze

€50 6.40 Allied

4.05

31

11.02

2

U.9. Fou '3"

Сури

points to sp3.82 in their avera U. 9. Lino Co.

.

U.S. Ameling (d)'

Westinghouse Elostela

Deniers

around a couple thousand tons, and the best will be applied. volume in a long time.

Reportedly, dealers covered short positions in the physical market or were meeting engage ments to factory buyers.

Indonesia was reported offer-

PRODUCTS

CAUTION

IN LONDON

London, June 19. Markets entered upon the

Turnover at |11,091. bargains recorded goods was modest.

Import duties on a number of new account with consider. essential products will continue able caution. at the old rate. These include:

Important consumer such as sugar, potatoes, cuible

Some Belush governmenta olis, petroleum products and managed rises of 1710 sterling. coal,

Coat nationalisation docks wag at one me down sterling but closed a sterling down.

Industrials had languid leader. ship from

chain stores with Marks and Spencer up shiling

Ing more rubber and negotiates sales on one shoots at 314 cents 41% (and three sheets at 31% cents bath July/Aug, cost and freight. 441 Four-ex thin browns, July/Aug. Capital goods including most

cents public

works equipment, Ambers for machine

tools

farm machinery.

531

V.B. Steal

Warner Bros.

Wigsters Union Tel. Co. West Va. Pulp & Paper Woolworth

Press

424

Rallo were down 85 to 145.66.S. Rubber and the 68 stock averagG

1.77 Point la 174.80, Chief low in the Falls was a drop of more than point in Illinoia Central. Others were off 14 point or so.

Of a lotni 1,170 insta 4.00 3000 @ 4815

ap pearing, 707 were lower while only 204 advanced and 199 held unchanged. There were B7 new lowe pot, 41 new higha,

8.05 0.20 1000 ₫ 8.10

1000 @ 4.70

London Foreign Exchange

Landon, June 19. Closing rates were:

2.7836-9.76–7/1a 19.65-10.632 140.40-140.45

Imports and rubber foolwear New York und canvas shoes with rubber | Montreal soles cone mainly from Hong-Amsterdam kong, Britain, Indio, the United States, Japan and Cacchio- When! (new) closing range: slovakia, Imports Cup dá to oft 1⁄4 cent,

of

cativas

shoes from Hongkong increased in value from $6,000 in 1951 to range un- 51,055,000 1965-China 'Mail

Special.

Boybeans closing changed to up cent.

Prices per bushel in centy:

Wheat No. 2, rea

Spot

SUSAS

July 200

201

05-15

Sep!.

Dea

Mur.

May

Corn, No. 2, yellow

Spol

131

July

12822

Beu.

Dec

124-1

Mar

May

Kye

July

Sent

Onla

July

043%

Sept.

516

Boybeans, No. 2, yellow

Sput

July

Bept.

Nov.

Jan.

Mar

Barley,

spol

130-140

New York flour

200 b. wek

$13.50 United Press. WINNIPEG PRICES

Winnipeg., June 10. Prieco of grain futures closed today in

cents per bushel ns follows:

Onts

July

Oot.

BYG

Juls

Oct.

Dec.

1049% 10011

Harley

July

055%

Oct

0415

Dec.

Flaxseed

'

Juty

Oct

Dec.

70%

08%

Brusela Copenhagen » Frankfurt Milan Oslo

Stockholm Vien Zurich

Paris

Markst

commentators

saw

the move as a technical reaction In view of the markot's approach |to new high ground,

BENELUX TREATY

shipment moved at 20% dost and freight. June/July offered at 281⁄2 cents.

and

Tholland reportedly sold a For some itens the customs 6 pence and Great Universal "fair tonnage" of twas, threes

duties have been lowered, in Stores up 9 pence. Rolls Royco and fours, June/July/Aug. at particular the duty on

steci gained a shilling, 31%, 31% and 30% cents,

products has been cut from 10

There was sudden strong de- respectively, cost and freight, to 8 per cent, Among the Items and for Suez Canal which Cambodia reportedly sold about on which the duty has been In- gained 4 sterling. 300 or 400 tons of June/July one creased are: ahoots, at 31% and 91% cents a pound, cost and freight.

NY Stock Exchange bond COMPLETED Locally, spot No. 1 Rss wan

volume was $4,830,000.

American Stock Exchange

volume was 500,000 shares.

were:

Dow Jones

39 industrials ........

20 rolle.....

10

BS stocks

o bands...

ion:

Maastricht, June 19.

The Benelux Treaty is com-

Verrijn

quoted at 33 cents,

BINGAPORE

The market opened around

FABRICS

Textile fabrics now 22.5 pre; cent, suits and dresses 32 per cent, footwear und Teather cent, carpets 50 per cent articles per cent, soup 25 per (for

British Petroleum, Burma, both gained I shilling 0 pass. Foreign bonds were idle today. United Pres3,

Singapore

closing averages pisted and will be puberia the previous levels pure eased on all of these tems the previous Stock Market

Comm. future prices index.

Closing Prices

shortly, Prof. GM

500.02 Stuart, Chairman of the Beneluxma Federation liquidation to 145.6 Commission of the Dutch Socjal day.

11.60 and Economie Council said here, 174,85 UT.49 160.22

The treaty will contain the

pointe, following

Prof. Verrijn

There was a fair Interest in in his address to the annual lower theels and remiils and

factory Economic Congress of the Com- some mitter for Belgian Dutch- Futures Luxembourg Co-operation.

buying.

No. 1 rubber per lb. July

H

No. 3 rubber perth, July No. 3

No. 1 Spot rubber unbated". Flanket crepe (... No. 2 pale crepe

LONDON

931-03 03-4-54 01-024 911-07 83-890

54-80

09-101

60 Smrt sald:

10.30-19.33

Alden Ir. Avy,

Allied Chemicala

14.34-18.4454

Allied Mills Ine.

All Caparezza

34

70.40-$2.09 1211112 21

Americas Airline

181

American Cable & Radio Corp.

American Cyanamide Co.

874

Amer, & Forgg. Power

Am. Gas & Electric

37

Others unchanged.—United Preas.

COTTON FUTURES

SEE-SAW

IN NEW YORK

New York, June 19.

Cotton futures today see-sawed indecisively in quiet dealings.

Prices backed and filled over a ten-point range on dealings originating mostly among the profes- sionals.

October

Outerwise, traders favoured | Spot the sidelines pending new in centives in the crop situation or Washington developments CH farm legislation.

July

December

March May July October At the close the list ruled off December 4 to up 3 points. The market opened unchanged to points,

1 point.

ཕ་མ

New Orleans closed off.

NEW ORLEANS

Am. Mach. &e

dry.

American Metal American Smelting

Am. Bugar Ref. American Tel

Ni

American Tob. "B" Anaconda Copper Armeo Steel

Armour

Atlas China Mining

·Baldwindling-Ham. Baltimore & Ohio Beneficial Finance

Bendix Aviation Corp.

Benguet Conn.

Bethlehem Steel

Boeing Airplane

Borden (The) Co.

Burrougtis Add Machine Campbell

Co.

Canadian Pacife R

Cafe, Tractor

Celanese Corp

S.LT. Financial Corp.

chase Manhat, Bank cimax Molybdenum

Chrysler Motors.....

Colgate-Palmolive Co. Calorabian Carbon Co. Commercial Credit 33.43 Commonwealth Elec. 34.34 Consolidated Edison 345 ConUnanial Olf of Del. 3465||| Crywna Zellerbach .... 34.75 Cuban Amer. Sugar Diamond Alkal

-

$3.20

Douglas Aireratt

Dow Chemienla

23,18 Dupont de NemOUTS

Eastern Airline

Eastman Kodak

Family Finance Corp,

197

31

1743

-21 £2

1. The establishment of the common Benelux market with free movement of goods, per- sons, services, and capital, and with a customs union,

2. A common trade policy in respect of countries outside the

union

3. Co-ordination of the poli cies on investment, agriculture, 6415 transport.

social affairs and

10

finance.

19

ruto was 10 per cent).

For other non-perishable con- sumer goods, the 10 per cent duty has been raised to 25 perlowing stock prices: cent, notably for motorcars (35

Batu Lintang Rubber Co. per cent for large cars), re- 2nd. frigerators and wireless sets. British Borneo Petroleum

Syndicats Consolidated Tin malters

Ord.

Singapore, June 20, Brokers today quoted the fol-

Opening

1.00

62/04

36/EA

The new customs tariff is“ a 21-22 severe blow to Tangiers, Fraser & Neave Lid Ord. 12.00

cording to local trade" quarters. This is due to the fact that the importe to Tangiers are paid for at "Free" exchange rates, which

The rubber market was quiet-means in fact a premium of 14 ly steady with spot quoted at per cent over the level pald 274 pence per lb. Prices: cinewhere in Morocco, Luxury 273-271⁄2 | Foody are also subject to special

faxes. China Moil Special, 27-74

No. 1 R pot

Bettlement" "house term:

July

August September July/Sept.

The Benelux will not as a. Oct/Dec.

Jan/Mar

1 unity in the coming talks on Apr./June

soft

European integration. But the 684 Benelux Treaty should be con

19% aldered in the first place as a

40

12% convenient basis for strengthon- ing the integration of the Bene- 4 luxe

Economies, saki

31

Verrijn Stuart-China

Special.

Prof.

Mall

CANADA'S

DEFICIT

Ottawa, June 19. Canada's defcil'in the balance

of Inter-national payments dur- 50ing the fist quarter of this year 743% WILS

409 million, the second largest in history, the Bureau of Statistics ok today.

increase in pay.. to other countries for goods and services than in to ceipts led to a widening of the 15% current account defcft,"

07

100.

36

108%

24

Firestone Tyre & Rubber Ford Motor...

101

100

42

Prices of cotton futures closea | General Electzle

Evening-up In the July de- today as follows: livery before first notice day on Apot Monday Included some outrigh: || July liquidation and some spot house selling ngainst purchases of later months.

A Houston spot firm was the |accredited buyer of around 2,000

bales

in December and 1,000 bales in nearby December, sup posedly on a a hedging operation.

York Cotton

The New change Service

October December Morth May July October December

LIVERPOOL

General Topa

General Motors

04.18 Gen. Pub, Util

532 | Onlty thi

34.07. Glidden

24.60 Goodrich B. T) Co.

54.73 Goodyear Tyra

24.72 Guir 0.

34.33 | Herden No COFF

1327 Homerlako lining Co. 3338 Ingersoll-Itand

Prices of cotton tungtres closed

Ex-in peace per ib, as follows: Bureau today

estimated domestic consumption Old contract July/ALE.

Oct/Nov

hot all raw cotton 2414

Lo the four- 24015-16 | wooks period ended on June 1 a 085,000 bales, Tals compared Canadian wheat export: No. 3, with 508,000 baler used in 162% cente; No. 5, 1294 cents preceding period last year. -United Press.

NEW YORK METAL FUTURES

May/Junio July/Aug. theNew contraes ISPYZAMG Dus/Nov

Consumption for the 44 weeks, eriod on June 1 was citimated ot 7,461,000 bales nigzinst 7,784,000

bales in the 48-week period inst

+

May/June

BÃO PAULO

Cotton future closings srufetrus per kiloware.

Volume Open interest follows:

Mighth

3.190

October

9.100

174,000

10,000

0,090

New York, June 19. Prices of metál futures cloned today in cunts près 1b, as follows: may

Copper Jume

NEW YORK

23.11

Inland Staal 26.

Interchémical Corp. Int'l Dusinas: Macisinas Lot'l Harvester international Nickel

International Paper. 7061 Tel & Tel Kanma C. Power de Light

Oncott Cotper... Liggett Mayers Tab. Co, 20:30 Looked Adrezati 3146 | Loewa Incorp, ...

Lone Star Certent Co. Lichtenabolride. Boria. MaDonnel Aircruci

Bumbá : From: Corp.

29.85

in

M Marswoim " Mirang

Mission, Developeṇaná Monsanto Choraleel Co. Montgobriety Word

Д.

ora Chi Thed

as National Dukry Prod.

tton

National Launc

National Steel New

"A larger mente

the

サー

General markets, elf baris, ports: June, July and Aut. e. Exstate

200

crepe thin July Estalo crepe thick July 81%

AMSTERDAM

The rubber market' was dull. Prices in guilders per kilogram, cif July were as follows:

No. 1 rubber

No. 2 rubber

No. rubber

No. 1 crepe

LONDON METAL

PRICES

London, June 19. Pilces of metals closed today in sterling per long ton follows:

DA

Bellors

734

Fraser & Neave 71% ours.

pref icumdiy) Gamantsi (Malaya) Limited Changhai

Hongkong

Banking Corp

Hongkong Tin fold.

Kumpen Lad.......

6380 6/10-1

Lunas Rubber Estalex Lid. 0.12 Kuala Kampar Tin (exdiy) 29/34

| Malayan Breweries

New Serandah Rubber Co.

Lid.

Petaling Tin Lld.""

Blames Hotel

Singapore

(exdiv)

Cold Storage

Straits Tracing.

Biraita Bleamship

$1.40

13.30

$10.00

United Engineers Ord..... Weeme Browning Mail Powe

Exchange Rates

Business was done in the local

700 unomcisi exchange market this

22415 | morning at the tollowing rekesze 2235U.B. doliar (por #i) ................. 8.20

Bierling notes (per £1)

Tin spot

Buyers

3 month

MO

2,04 pald

Copper spot

2231

.!

2:03 paid

3-month

228i

2.60 buyer

Lead 2nd half Jung

Zine and half June

Repl

Bept.

-United Press,

Thì nam. -United Press,

New York Sugar

Market

#53 | Australian noter (per 21)

Indonesian rupiah (per 109) .. 74) -Blam

Beat (per 100; Bingapore (Strpite)

22.54

A NEW COMPANY?

New York, June 19. World No. 4 sugar futures closed today

2 : points lower to point

higher with sales of 583 From the word "CO" contracts,

Burenu sald. "Tala arose bath. Domestie No 6 sugar futures with transactions in correuodilles closed unchanged to 6 points and do services and other fema," higher, while sales of 260 con-

The 409 millon firet quarter tracts.

141907 deficit compared with a de

34

50

World contracts moved ir- Reit of 369 million in the first | regularly in quiet dealings while quarter of 1958. It was exubed- - traders awelted news from 4ted only by a deficit of 435 mile | Cuban Sume Institute moeting, Sziglion in the secont quartly of Į when action la expected to

inst year,United Press.

the

be

taigen on quota adjuriments. Result of the meeting, traders said, may give some indication

New York Foreign af how much of the current crop

Exchange

New York, June 10. Closing rates were: England offel

-days 90-days

Australia New Zealand Beuth Africa

Pacitan

Olhem unchanged.

3.75-18/16

is it for sale In the world mattoet

Meanwhile, Morocco was re- ported due in the market short- ly for 40,000 tons of raws.

Contract No. 4. (World)

July

Sept.

May

MakUnited Prése.

July

KES

Open "solereti

Contract: No,

·Beat:

6.10 0.15-10 0.00-10

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Palons of cotton futurva eluaa.

Cocky' As follows: