1957-06-25 — Page 9

Page

THE CHINA MAIL, TUESDAY, JUNE 25, 1957.

Pagō

TRADE and COMMERCE SECTION

ANOTHER OTTAWA CONFERENCE? COTTON FUTURES

Reappraisal Of WORLD

Commomwealth Economy Needed

From RONALD BOXALL

London, June 24.

Three things are striking about the agenda for the economic talks the Commonwealth Prime Ministers will be having in London this week.

RUBBER

MARKETS

New York, June 24.

Rex rubber contract closed 10 points higher to 30 points lower with sales of 100 contracts.

July

Sept

Nov.

Jan.

Mar.

May

July

Standard contract

The first is that with one important exception, the 10 to of 30 points. topics are the same ones that crop up at conference after conference:

Secondly all of them are actual or potential causes of friction. Thirdly none of the problems that will be discussed is susceptible of quick or easy solution.

bencill

The agenda reads like a list of, would old friends: development and collaboraliun, Investment; balance of payments and sterling balances; trade and Imperial preference; the pound

and

reserves

There

what

July

Sept.

Nov.

Int.

Mar.

May

Prices firmed after

32.00 32.50

31.05

31.10

31.40

31.10

WALL STREET CONTINUES TO DROP

New York, June 24. Utilities were hammered down again today, losing a point to more than 2 points in numerous issues as the stock market suffered its fifth declind in a row, a drop which pared market values more closed up than 1 billion despite a late substantial rally.

32,90 32.55

32.25

31.00

31.70

31,40

a shaky

HONGKONG

STOCK EXCHANGE

EDGING UPWARDS

New York, June 24. Cotton futures today opened firm and kept edging upward for the rest of the session.

All deliveries from October forward rose to new seasonal highs as last week's buyers gathered renewed confidence on face of unfavourable week- end crop news, especially accounts of excessive Irains, high winds and hail in the southwest,

After an extreme gain of $1.55 a bale, the market Inc? [ Our Own Correspondent

sonie-up realising but main- fained a firm undertone to closed Busincer done, on the Hong-not unchanged to 27 points kong Stock Exchange this morn-higher. The market opened up Orleans Ing amounted to approximately 1 to 14 points. Now $180,000. Non quotations and closed up 17 to 23 points the morning's trotsactions:

Activity elackened during mid-session, when the initial Sbarr Buyers Sellers

demand had been filled, but the market spurted again in later

The utilities, target of recent selling because of their vulnerability in an inflationary situation, | BANKS dropped .92 point in their average to 59.49, lowest level since Feb. 12.

Firestone Tyre & Rubber

ord Motor

General Electric

General Foods General Motors

Gen. Pub, UN.

HK Bank. INSURANCES Utston

Lombard.

1033

galow

201030

Do a gas

1.1 19

p

SHIPPING

07%

Wheelock..

7.60 7.05

442

DOCKS, ETC.

no

K. What!

107

Gelty Oil

Dock

Gnaden Co

RES

Provident

44 443

700 $4

1312

Goodrich (B.P.3 Co.

2012

Goodyear Tyre

6432

LAND, ETC.

Gut ou

140

HOC Hotel..

1540

Heyden Newport Corp.

14

Gas,

Homestake Mining Co. Ingersoll-Rand

(Rts)

2000 331 20311

16% 10.80

1.45

The utility loss, coming on the start, deriving from domesilehecis of even wider drops in Iwe encouragement from reports of a of last week's sessions, featured "pretty good size" demand from losaca ranging close to 3 points other in Florida Power & Light A closer domestic factories and from

Dealers consumers.

covered recent rato cut ordered for after brokers with London con- Florida Power Corp., a point or nections were carller seilērs, more in Idaho Power, Montana Power, Panhandle Eastern market,pipeline,

Houston Lighting. the was

credited Consolidated Natural seller of one ribs, June-and-fit Florida & Light and word that half-July, at 32 cents a pound, the state of Florida is planning three browns 28 cents and foursa general review or utility rate browns a 23 cents a pound, cost structures, also weighed on the and freight, Spot No. 1 Rss was group. quoted nominally at 33 cents a pound.

the shipment

Indonesia

are several views on should

donc 1

Lo

In The strengthen the economic associa-

tions of the existing Common wealth and

necessary minimum amount of day-to-day co-operation of the emerging larger one,

gold problema arising out of Britain's proposed membership of a European Free Trade area are by now almost as familiar,

But although these topics will be discussed separately they are in fact only different facets of the central problem which is how to realise the economile potential of the Commonwealth,

Assurances

British Government has given repeated assuratiers that in any circumstances in which it was necessary to make

+1

cholce

ensure

The British Government Is inclined to leave matters as they That is, they believe that are. present arrangements for meet- ings of Commonwealth high commissioners and their various sub-commities are adequate to deal with any routine problem Questions of general polley are discussed at meetings of ministers.

that may

arise.

Support

L. W.

Dumont Company,

Industrial stocks met support rubber brokers commenting on

as their average fell below the the new regulatica had been set

500 market for the Arst time in up by the Indonesian goverHL-

more than a month 'and came meat sald just as soon as the wrinkles are ironed out, we can

back more than half from the look for sumo substantiat offer-day's low point. Helping strongly ings which will in our opinion, 3 points in Eastman Kodak.

was a late nin-up of close to The opinion outside Guvern-utilmately depress prices." between maintenance of Comment circles is that this is not The existing arrange- les

and though.

tements for collaboration, have not collaboration in

The market opened higher on Western had any consplelous success In economic feld with

the

better New York advices and Dast Europe it would unhesitatingly

and seem even less choose the former. But Com likely to have any in future fair shortcovering ensued.

who call fur cloacr monwealth fears have not been But those

IL fluctusted narrowly on

Oil losses ran around 3 points collaboration arc 101 entirely allayed.

agreed among themselves on exactly rather quiet market; the lower in Gulf and Amerada, close to what should be done,

grades were neglected through- 2 in Shell and Texas Co. out the day. Futures:

monwealth economic

close

coun

Some Commonwealth tries are having second thoughts about the possible effects on their own Trade of Britain's likely free tracto arrangements with Western Europe, And Mr John Diefenbaker the new Canadian Prime Minister frankly suspicious about whole thing.

is the

Indeed his reported intention to invite Commonwealth leaders to a trade conference in Ollawa Is the only really new idea that is likely to ene out of this part of Prime Mtafsters' Conference, On the question of taste some of Prime Ministry will ask fur of the Imperial a reappraisal Preference System. And where better to make that reappraisal than Oltawa where the system was bom a quarter of a century BRO?

the

S on the subject of trade, Prime Ministers wili the balance of pay- Examine anents position of the Common wealth sterling bloc and each member's part in It.

The persistent deficit in the overseas sterling area's payments with the non-sterling world is the main reason why the famous .convertibility plan the product of a previous Prime Ministers ernference has disappeared into some Treasury pigeon-hole.

In Deficit

Maxim

Pressure

certuin

drafts

on

SINGAPORE

1H

No. 1 rubber per .14. July 921-925

Aug. 13-03 No. 2 nibber per 1b. July 917-821 No.

2114-019 No.1

68-39 Spot rubber unbaled No. I pale crepe Blanked crepe

LONDON

021-82

$4.00 PU-100

П

Other chemicals came up from their lows but still showed losses of over a point in Du Pont,

Union Carbide, Vick Allied Chemical.

Lukens was a feature in the steels, recovering from a loss of more than 2 points to a gain of more than 3 points on the day, Chrysler was off more than a point in an easier motor group, International Nickel fell more than 2 in the non-ferrous metals, United more than a point in the aircrafts, Firestone more than 2 in the tyres.

Counter Moves

The Economist" sees the problem Interns of improving the over-all balance of pay- ments. I believes that some- where between the OEEC's "open chivying to ensure compliance with

The rubber market was steady former sterling system of agreed pence per lb. Pricts:

rules and

the with spot quoted at 27-1/18

certain balanes, there is a means by No. 1 Ran spol. 27-271%

Settlement house tenn: which members of the sterling

July

27-276 club could bring toress of pressure

Some mila

August

276-2714 colleagues whose policies are out to. bear on

27-27 27-74 27-272 27-2712 Apr/June

2014-27

group General inarkeis, cif basta, porta: averaged 2.92

al points lower 2012-buyers

497.08, their lowest since May 9. 2016-273%

Rails, with a loss of 80 to 143.4) were at the lowest level since 31%

March 26.

of step.

with

Fonse

of

September

July/Sept.

Oct/Dec.

Jan./Mar,

"Nebody realism, it says, will call for

June Jitly a precise annual 'plan for the

August sterling arcs balances of pay- Estate crepe thin July 20 nents but there might be a case Estate crepa thick Jub for publishing some chiyying

AMSTERDAM an annual Red document like forward looking sterling area

The rubber market was quiet economic survey,”

Prices closed today In Builder per kilograin, cif July as follows:

The Financial Times takes a broader view of the problem No. I rubber and believes the answer is to No. 2 rubber Ve the Commonwealth the ad. No. 3 rubber

No. 1 crepe ventages that Europe has hnd, and thrived on. "It should after all be a matter for show," It says,

the Commonwealth ties should not have been re-inforced

"that

by the most obvious agencies of

economie co-operation,"

to pronounce on this subject at their present conference.

Ore cannot, alas, expect the The overcas sterling area's Commonwealth Prime Ministers

have been In deficit payments every year since 1951 with the exception of 1933, Last year there WDS O defelt of £102 million,

In these six years the total overseas sterling area deficit has amounted to £326 million, But over this period Britain itself has earned a surplus of foreign exchange sufficient to finance all but £112 million of the over- sens sterling arel's deflelt,

The Commonwealth Prime Ministers do not as a rule op- portion. blame but they can hardly discuss balance of pay- ments without taking note of the fact that last year, India's individual payments defrit more than accounted for the deleti of the entire overens sterling дред.

Inland Steel Co. Interchemical Corp.

Int Business Machines

Int'l farverler Tabernational Nickel International oper Inti Tel. & Tel John-Marville Co

Kanstar C. Power & Light

Kennecot Dopper Liggett Mayora Tob, Co. Lockheed Aircraft Loews Incorp....... Lone Star Cement Co.

Lowenstein de Sons McDonnell Aircraft

Stock ge.)...... Mesabi Iron Corp Minnesota Mining

en Development

Monsanto Chemical Co. Montgomery Ward Motorale Ite, National Cash Reg. "A" Nadormi Dairy Prod. National Lead National Steel Corp. New York Central Olin Mathieson Oste beryar

Owen-Blindda Glass Pacino Gas & Elec. Pan American Airways Paramount Pictures

Co.

Parke Davis Co.

Penny 3. Penn. Salt Co. Philip Morris... Procter & Gamble Co. Pitsburgh Plate Glass Pubucker Industries Pure Olf.*********

tadio Corporation Republic Steel Reynalda Metal Sears, Roebuck & Co. Shell Oil Co

Saint Reg. Paper Sinclair 60 Bocony Mobilali Solar Altstadt

K Land .. 33 35%

804 Humphreys

RUBBER

32112 Amaly.

33 Trust

10453 | UTILITIES

341

Tran ...

40% Youmail.

Electric

Macao E.

123 1425

23 23.20 1060 @ 23.10 102 104

30

50 203 13 30

100%

03

Telephone

10.20 1012 2015

40

19 INSTRIALS

34% Cernant ....

20% Rope

[Am.

Amoy Can

3416

394

South Puerto Rico Sugar Southern Co. (The) ... Southern National Gas Southern Railway (Com.) Bandlard Brands Standard Oll of Cal

Oll of tņu.

Chier counter moves appeared in Minneapolis Honeywell which climbed more than 3, the Fair, Oil of NJ.

up

Minnesota

over 2, and Mining, nearly 2 higher.

Industrials

for

the

M

201

11 12

STORES, ETC.

Dairy Wadnou....

301 COTTONS

31.00 14.70

12.50

Textiles .... 4.45 Nanyang

MISCELLANEOUS

.... 22.29 INVESTMENTS

4.75

47

33%

121

Ebert

7232

32%

Allied

8432

40%

100 14.00

New York Sugar

Market

World No, 4

New York, June 24,

sugar futures closed today 4 points tower to 3 points higher with sales of 1483 contracts.

The domestle No. 6 sugar contract closed 2 points higher to 1 point lower with sales of 237 contracts,

The markets moved irregular as unders awalled new business In the raw market.

0.21

Steep Rock (Toronte Exge.) Sterling Drug_Co.

Contract No. 4 (world)

203%

Stokely-Van Camp.

July

Swift & Co.

Studebaker-Packard Corp.

672

September

33

October

Texas Co.

603

March

Tide Water Asen. Öll

MAY

Time Inc. Congre

July

Twenty Century Fox Fin Union Carbide

28

September

118

Union Pacific Railway

Upot (cents per i. fob Cuba) 4.60

"Open" interest: 8,620 00structs.

United Aircraft ·

34L

Contracia No, 8 (domestic)

402

花

Septeraber

November

4

March

September

UB. Kine Co.

Turnover

Acasion

United Gas Corp. shares, U., Foll "D" totalled only 2,040,000 compared with 1,970,000 on Fri-US Gypsum... day. Or 1,169 issues trade, 690

U.8. Rubber. were lower, 289 higher, 234 um- 2.03 nom, charged. There were 115 new 2.03 nom lows, caly 5 now highs. 2.00 nom. 1.00 nom.

United Press.

Stock Exchange American bond volume was 700,000 shares | campared with 680,000 on Friday. Now York Stock Exchange bond volume wis $5,170,000

Dow-Janes closing averages

NEW YORK METALgainst $8,010,000 on Friday:

FUTURES

New York, June 24, But Prices of inetal fitures closed Would it be too much to hope today in cents per lb, as follows:

were:

30 industrials

20 valia

15 Elles

di stocks

10 bonda

Comm. nature price index ..

Closing Prices

Allied Chemicals

that it is given a prominent Lead piace en the agenda if and when there is another. Ottawa Con- Zine ference on Commonwealth trade copper June moblemst-Express Service,

June July

June July

13.856

11.666

ось

€305

*7.401

Allen Kina Inc.

July

Tin

June

07805 (Straft)

July

9,400 United PrOEN.

Singapore

Stock Market

Singapore, June 25. lowing stock prices:

Brokers today quoted the fol-

LONDON METAL

PRICES

London, June 24.

Prices of metals closed today

Alla Chalmers

American Airline

American Cable & Radio Corp.

American Cyanamide Co.

Amer.orgn. Power

Am. Gan & Zloctite

Am. Mach. de Fúry. American Metal American Binaliing Am. Bigas Ref. Amwicam Toi à Asnerlers Tab. Anaconda Copper Armeo Bleel AFROUT

in sterling per long ton as fol- Baltimore & Ohlo lows:

Beneficial Finance Berdi Aviation Corp. Benguet COM

Buyer Sellers Bethlehem Steel

Opening

$2.10

Tia spot

J-month

Copper spot

3-month

Lead 2nd half

Zine 2nd halt

Рест

Balu Lintang Hubber Co. The Prime Ministers will not Brian Borneo Petroleums come up with cut and dried Byndicate solutions to these trade and Consolidated Tin Amelters

Ord. problemas. payments

But Taker & Noare Lid Ond... $2.7211 zde od would be a pity if they let up-Fraser & Neave 73% cum. portunity go by without at least

·Pref ....

$4.0 exchanging views on the posal Gammons (islaya) Lintbed 20

Hongkong & Shanghai Bank- blity of setting up come ing Corp... permanent machinery for Com- - Hongkong Tin LAG, monwealth economic operation.

co-tuanpa Lus.

The need for this grows each year. Quite apart from the fact that coonbonic

3500

Kuala Kampar Tin 9, 34 Lunas tuber Estates Jatil... Melayangweries... 13.1725

12.45.

New Berandan Rubber Co.

of Polating Tin Ltd. expanalun

Halen Hotel

Western Europe, which has auch Singapore Ceid Blorage... an organisation, has dramatically stress outpaced that of the Common-piralis

***

wealth since the war, there are WEET ELTON

pated. Engingers Ord, MA very good respone for believing

that Corumowealth countries Mail Special.

NAMESAKES

Arewers - Forwords,

Boning Airplane Bardan (The) Co. Burroughs Add Machine

700

-21131

Campheil de e Canadian Pacitta

Cass. (J. 13 Co....

Свідлето Согр.

C. I.T. Financial Corp

Cumax abl

Colgate-Pal

Colombian

Boots, 3 Iteterad, 48Victorious; Euth Amer

Xngland, û Derby, 7 Baseball,

4 Goals, 9 Score 10 Ayresvine,

3.10

15

$17.00

* Sava - Bloomer (The England

11. Penalties, 18 Ronunda,

International dooikaller),

amand

497.03

UB, Bmetung

UB Bleet

Wamer Brod. Westinghouse Elnetite

Western Union Tei, Co. West Va. Puip & Paper Woolworth

230

6.75 4.95

contracte.—

Spot cents per lb. dit N

ex-duty interest: 2,434 Open

10% United Press.

United Prous,

LONDON HAS SHARP

DECLINES

London, June 24.

section Nearly every foined in a sharp decline on the London Stock Exchange

today.

-were

British Governments sold all day long without "EVED,

London Foreign Exchange

London, June 24: Closing rates were:

New York Mocireal Amsterdam Zarul

Copenhagen Frankfuri

Lisbon

Calo Parts

Stockholti

3.70 1/16-3.79-15 £7.935/18~2.60-}

10.00-16.00? 1-441_285-100.15ŢIE 10.6534-10.031 11.7346-11.70K 0050-60.15 17643-1745 10.0813-19.981

34.4455-14.643S

7243-11.48 United Press.

temporary recoveries, Wax Jonn New York Foreign

led the fall with a loen of 10 shillings, dropping to 2084, ila 1957 low. Others were off jewer amounts, përching only n few shillings above their lows. Industriala wero marked down with uila big losers, Royal Dutch sold heavily from

New York; fell 10 shillings. Shell Tenkport yiekied 4 shillings 14% and British Petroleum, lost 2 shillfriggs 6 pence, Elsewhere, Unilever, and Unilever NV were marked down about

shlilings each,

John Barkets," a department

Exchange

New York. June 24. Closing rates were: Canada,

and prolak 30-day 90-days

1

South Afrion, ..........

Other unchanger

Press

store sought after by a fines Exchange Rates

troup, provided the only except

an to the trend rising & shii-

Ung atter tacking on 19 anil-

Unge last week? Kak

at the dollowing rates;--- Doller stocks) dollar (per 111 ware marked down in sympathy Australian solen per ml)

Foitiin bunda, wórovali Idie disd angbanged,

with Wall Street's decline- [Urilled" Přina.

* (per (100)

dealings. Later buyers con- Unued to find sellers reserved in anticipation of a higher govern ment loon rate and lessening chances for legislation which would effect the 1937-88 crop.

Seller's caution also reflected expectations for an unfavour- weekly crop able government tomorrow.

Evening-up in the July con- notice to Arst troet, lacident day, was a minor trading feature.

One delivery notice for 100 bales was issued today. орсть July contracts today totailed 70,000 bales. The cer

tificated stock declined 602 to 9,034 bales.

NEW YORK

Prices of cotton futures closed today as follows:

Spot

July

October December

20.407

25.20

33.02

34.93

Mareli May July

136.00

October

MATT-78

December

NEW ORLEANS Prices of cotton futures closed today as follows:

Spot

34.10

28.12

35.00

23.11

35,11

34310

34.70

3374

July

October December March

July

NERY

October

December

LIVERPOOL

Colton future closings, in

pence per lb, were as follows: bid contract July/Aug.

25,01

Oct/Nov,

20.02

Dec/Jan.

20.40

Mar/Apr.

28.80

May/Lind

New contmet July/Aug.

20.73

Oct/Nov.

+

Ded/Jan

MAT/ADE

May/June

BAO PAULO

closings in

Colon future cruzeiros per kilo were as fol- lows:

October December

March

MAY

41.00

41.50

41.10

41.40

In the United States, the average price of one-lach cot- ton at 14 designated spot mar- kets was unavailable,

Total cales at 13 markets were 0,523 bales.----United Press,

P&O B•I

E&A

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO.

Outwarde

"CORFU"

*CARTHAGE"

"CANTON"

*CORFU"

Leaves London

Sxiled 28/3

24th June

Dun Hongkong 1st July

20th July

23rd July

Dat

August

20011 August -****

*rd September

Vis Southampton, Colombo, Penang à Singapore,

Corewardi

"OORFU"

"CARTHAGE"

"CANTON"

"CORFU”

Leaves Hobgko

3th July

1st August

301) August

Dus Londos

5th August

1st September

30th September

27th September 29th October

Via Stogapore, Penang, Colombo & Adık.

FREIGHT SERVICE

"SUNDA" dae sit July

"SHILLONG” londe 170) July

from Uk

foz Bingapore. Ft. Swat tentuan, Penang, Aden,

London. Kam Favre, burg, Rotterdam, Ant- werp & Grangemouta "SALMABA" dne 28th July from 0.3.

"SALSETTE" due 30th July from U.K.

“SOMALI" One 15th Aug team U.I.

BRITISH INDIA S.N. CO., LTD. 1858 A HUNDRED YEARS OF SERVICE – 1954

"SANTHIA” dhe 25th June from Ispari ails 27th June

"SANGOLA” du# 17th July

setts 10th July "ORMARA”, que 10th Aug. valls 12th Aug.

Tot Singapore, Penang. Hangoon & Calculta from Cricutis, Rahgoon

Strait for Japan

from Japa

for Singapore Fonand, Stangoon Calcutts &

Chittagon

P. & 0./B. I. JOINT SERVICE

"UMARIA" due 21th June

"OZARDA" due

"URLANA"

8th July

asil 10th July "ISMAILA" due 18th July

Kalle 17th July dun zith July mails *ugh July

from Japan

Duba

for Singapore, Bombay, ICaract Barrah

from nombay, Cochin, Le 3'po fot from Karachi, Bombay, Cochin & Singapor

tur Japan

from Japan

for Singapores Bombay, Karmoni, Herb Khor ramsher & Kuwait

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

"NELLORE

satis 10th July

"EASTERN" due 8th Aug.

for Labuan, Sandaken,

Rabaul, Drisbane, Byd- ney, Memoume Adelaide,

From Australia

All venda, báru líkurly to váll el any parts, es or of the roule à the roule a pitiings are subject de chalgo de amendmens with në withhur motion.

For full particulars mpoh tei MACKINNON, MACKENZIE & CO. OF HONG KONG LID. Telephone Nos: 27721-4,

+

徘

*

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