1957-07-16 — Page 9

THE CHINA MAIL, TUESDAY, JULY 16, 1957.

TRADE and COMMERCE SECTION

Page

THE UNPOPULAR CHANCELLOR LATE SELLING

Alienated Friends

Without Pacifying His Opponents

London, July 15.

In a speech in the City of London, last week, Chancellor of the Exchequer, Mr Peter Thorneycroft said everything that needs to be said about the cause of inflation:

"If a nation pays itself seven per cent more for doing no more work as happened last year, price increases will follow as night follows on day."

rennenaic

One wonders what more the ; trods towards a greater belief in "Impartial economie body" "hai | mungement through government is trying to set up forces and a free marke!." to inquire into the cause of in- Balion could possibly say,

Which is a hint of what the Chanceller might expect from the right wing of his own party of being signs prodded by the trade unions too far away frum a puticy el "conservative 19

freedom." Ex- press Service,

They might, of course, point out another obvious truth; that he shows

nation that works shorter hours for the same money with no increase in productivity heming straight for trouble.

No Mood

At the moment, however, the trade unions are in us acod for listening to the obvious otherwise.

That much I clear from the pattern of their current de- mands.

Three million engineeri and fol- 210,000 shipbuilders have lowed up their recent successful wage claim with a demand for

a forly-hour working week.

Forty-hour weeks are also be ing claimed by 1,000,000 bulld- ing werkers. 750,000 minors (thirty-five hours for under- ground werkers),

Ran and municipal werkers ird 550,000 iwnymen.

600.000

CHICAGO GRAIN MARKET

HONGKONG

STOCK EXCHANGE

Our Own Correspondent · Business done on the Hong- lượng Stock Exchange This morning amounted 10

ap proximately $400,000. Noon quotations and morning's transactiors:

Shares

Buyer Sellers

GOVT. LOANY 314% (1048) BANKS

KK Bank

INSURANCES Union

Lombard

SHIPPING

Asla Nay...

Wheelock

Suic

05 $2000 04

1750 10 @ 1750

3

1000

7,00

DOCKE, ETC.

100 43%

+

K. Whart Lock

Provident . 11.00

IK Land

Really....

RUBBER Ammals. Trust UTILITIES

Trum

MILD RESISTANCE WORLD

ENCOUNTERED

ON WALL STREET

New York, July 15. - Stocks encountered mild resistance-a com- bination of realising and caution-which kept them hovering just below their all time highs tó- day.

Leading industrials generally held a fraction above the previous but a few wide declines acted to depress their average, pulling it down 61 to 520.16.

New York Central

Rails olenc of the major National Steel Corp. groups closed higher on average gun Matheson.....

500 2333.30 to 15260-thanks to gaina of close to a point in Atlantic Consi Line, Kangas City Southern, Baltimore, and Ohio,

wan

Utilities dippca .05 to 71.04.

Trading with turnover shares 210,000 shares ahead of Friday.

of

Oncia linals G

Faciae Gas & Eire.

Kara:ncunt Pictures

RUBBER

MARKETS

Hex

New York, July 15. rubber futures today closed 25 to 40 points, higher

with sales of 155 contracts.

Juky

Nov Тал.

Segt.

Mar.

July

The

EXTENDS COTTON LOSSES

New York, July 15.

Late selling in cotton futures extended Fri- day's sharp losses more than $2 a bale today.

At the close, the list ruled 5 to 83 points-25 cents to 1.65 a bale-lower, with the distant 1958 deliveries the biggest losers. The market opened 4 to 20 points lower. New Orleans closed un- changed to 28 points, lower.

30.10

42.62

30.00

32.40

31.5

standard contract closel

The market and dropped

17 October much as $1 bale at the open- March

December ing but leadied in following May dealings on short covering and

July trade buying.

October December

Nearby July wat cff the Board

25 to 40 points higher with a 12.30 p.m. on that prices of

les reported."

35.44 to 30.4B, up 04 to 08 points from the previous close.

30.10

32.71

32.02

32.50

31.13

The liquidation was consider- ed orderly as small covering met only limited offerings. 35.48 the July delivery was five points below its life of contract high.

AL

32.40

Futures trading continued rather quiet today with prices rieadying a dealer buying and higher foreign cables. Spot No. 1 Rss was quoted ai 33 conla.

AMSTERDAM

The rubber market was quiet- ly steady. Prices closed

NEW YORK

Prices of colton futures closed today as follows: Spot

July

October December March

MAY

In July

October

July

Sept.

Jan,

Mar

D

May

403%

July

Y'an American Airways

101

35

Parke Davis Co.

so

Penny J. C. co. Philip MorrİR

411

LAND, ETC. HIS Hotel

et a fair pace;

10.30 15.30

2,460,000! Pure Oll

Prooler & Gamble Ca. Pburgh Plate Glos Publicher Industries

4936

WIR

D

43

351

3.45

Hadia Corporation Repubile Steel ....

3716

Heynolds Meinz

61

1.47 1.5234 DODO 1.525 1374 10000

Sears Hocbuck & Co.

27%

Shell Oll Co.....

no

...

21.00

24 1100

2950 1000 0,00

Disappointing

Saint Reg. Paper

33

guilders per kilogram, cif Aug.

Sinclair T

as follows:

December

Secony Mobiloši

GATS

2100 23.30

flolar Aircraft....

10

No. 1 rubber

2.65 nom.

Star Ferry Youmal

the industrials

South Puerto Rico Sugar

བག

No. 2 rubber

2.43 buy

190 G 104

Bouthern Co. (The)

Southern Nationof Go

40

241 No. I crepe

No. 3 rubber

2.10 nom.

2.10 noni,

10m

43

10.50

42

SINGAPORE

Spot

July

(Ris) 12.50

100 020 12.80

5322

The market.

ruled

quietly

on

Electric

Telephone

6712

27.50

20.00 20.0 2000

00

29,70

2016

steady on a dull and featureless

31A

market. Futures:

21,90

1312

What showed advances 03 reports of unfavouraste harvest- mg and growing weather the grain belt, Hedge selling in which was quiet and four trade

in

INDUSTRIALS Cement 0214 21

Rope

14.60 STORES, ETC.

12.

14.70 14.03 200 ilano, Chip 30

21.04

renewed given the question of smoking and lung cancer,

publicity Studebaker-Packard Corp.

No. 1 rubber per lb. Aug. 04-943

Swift & Co.

34%

Sept. 14-09TM1⁄2

Texas Co.

77%

Dot, unquoted

Tide Water An. Ou

30%

No. 1 rubber per lb. Aug. 3-3

Time Inc. ......

B

No. 3

0214-03

123

No.

001-0932

307

Spat rubber unhaled

050 31

Bisnes erepe

0314-0374 13-83

L'OTTON

337%

No. 1 pale creps

90-101

TexDes

1.376

4t

9.05

600.10

The

motors

03%

LONDON

17.00

features with

300 6,50

Chicago, July 15.

Grains closed mixed

156 103 104 CLIO 10.00 10.30

the Board of Trade today in a F. 10.30 10.30

a very active session.

In industries that have nut so was slow. obvirusly reached the limit of

what they can pay to keep their

present inbour forces intact trade union action still takes the form of straightforward wage

claims.

Nanyang soylicans past more the five

During the day's trading MISCELLANEOUS

Entert than

INVESTMENTS cuts a bushel, rye more

Yangtze cents and whent

Ailled more

414 then two cents.

HR. &FE.

Invest

..... 10.70

es

Wage demands under negotia- The market opened regular tlan at present cover 250,000 but many grains showed sharp cotton workers and 177.000 bus-advances at mid-momlog. How-

men.

Reasons

ever,

}

Every single one of the trade unionista concerned in the claims could no doubt put for- ward a reasonable argument for why he personally should work shorter hours or have mere pay. But there is reason to sup- pese that some of their leaders are los concerned with the economies than with the pollties of the thing. And this piuess that government in a difficult position.

Keneral pront-taking ented the market and Ingal grains closed below their highs for the day.

November, January March soybeans hit new highs for the season.

and

The sale of 300.000 bushels of US hard wheat to Swizerland was the only foreign activity,

Gralus at entsike markets mostly bipher. Wheat eloved up to 14 cents for oil and

were

20

Weighing

10

on

300 18 were Allied Chemical, off over

2 points

# disappointing Bouthern Raliway (Com.) carmings report, United Air-Sumidan Brands craft, down almost 3, American Standard Oil of Ind. **** Standard Off of Cai, Smelting, off 14. and Interna Standard Oil of NJ. tional Nickel, off ; and Ameri-Bleep Rock (Toronto Exge.) can Tcherco, down 12 points, Stokely-Van Camp,

Sterling Drug Co. refeeting

FRENCH TO LAUNCH

SAHARA LOAN

Paris, July 15.

Offselting these were gains of Union Carbide points in Du Poni, close to Union Pacific Railway point in Chrysler.

Untied Aircraft

iniled Gas Corp. U.S. Foll were active us. Greun Chryster General Motors the top issues. Ford rose a point.

Superior

and 18. Line Co.

U.S. Rubber US Smelting

iwa

US. Steel...

Warner Bros

Oll of California, Westinghouse Electric

highest price listed issue, ran up Western Union Tel. 170 points to new top at $2.00 West Va. Pulp & Paper and heid 120

points, Oils Woolworth

generally were mixed

with

changes ranging from a gain of

in Continental to a point! loss in Texas Co.

450

Of 1,185

issues traded, were higher, 486 lower, 240 un- changed with 48 new highs, 32

πριν Ιου

American. Stock

Exchange volume was 1,110,000 shares.,

New York Stock Exchange The French Government will launch a large tean in Septem- | bead volume was $3,530,000. new to cents for developing the Sahura, for new. Soybeans closed

Mr Max Lejeune, Minister up particularly to off 5 cents.

the Sahara, toki a press Wheat No. 2, red old

ference here. Details of the July

Issue have not yet been decided, September

said. December

It is hard enough to combat. Inflation even with the 40- operation of the trade auluns as Sir Stafford Cripps discovered. Without It. It is practically in- Tursible.

Mr Thorneycroft knows this the and is trying to persuade trade unions to co-operate in the independent Inquiry into the causes of inflation

3134

2157%

|

Wheat new

Spot

Judy 215

contrací

21571)

September

21614

21635-2

December

March

that planning to set up. But the undene ere playing hard to gel, They pretend to ree in Chancellor's endeavour

is

the

Rye

some

durk Tory plot to institule

May Com, No. 2, yellow

Spot Jily September December March May

July September

131n 1292-120 1327-12 120-

137-

1234

13415

Oats

July

ст

Supienter

00

Soybeans, No. 2, yellow

Spot July

245n

2451-243

The trade union attitude

September

and

January March

2424-243 2012

243

shouldn't be surprised if the workers join in.

Barley

Spot

dver backward to reassure the. unions—even to the extent

200 lb sack

120-140

$13,50m

ot

indicating that is main attack

on inflation 'will be to curb still

WINNIPEG PRICES

Winnipeg, July 15,

bushel as

national wage policy.

Attitude

November

that the government started the economic "free for all"

Mr Thorneycroft hus leaned New York Bour

further the rate of the nation's Prices of rain futures closed Investment In new

in cents per productive today capacity. This has the advantage follows:

7030

71

for CDT-

Lejeune said that France makes the necessary financial effort the oil strikes in: the Sabara will make her in- dependent of foreign Jurces of power within three years.

all will be taken to the Sahura

by pipelines through Alters to the ports of Bone, Bougi, and Philippeville.

from

c#

On

the

Edjele fteld in the cast will be piped either across Tunisia or to The Libyn port of Tripoli, ... China Mail Special.

Singapore

Stock Market!

Singapore, July 18. Brokers today quoted the fol- lowing stock prices:

Opening Blu Lintang Rubber Co.

Ltd.

262.13- Dalush Borneu Petroicum

Syndicate Consolidated Tin Sineler

Ord.

615/01

Fraser & Neave Ltd, Ord. Fraser & Neave Lia. De

cuin, pref ........

34.05

Gammons (Malaya) Limited $2,7256 Hongkong & Singhai Bank-

Closing Prices

Allied Chemicals Allied Ms Inc. All Chalmers Americus Atriine Amerton Cable & Radio Abner, & Yurn, Power fun. Gow & Electrie Am. Mach, & dry. Ateran Meth..... Ainerican Boelting Am. Sugar Het. Atturkan Tel & Tel

American Tob. "B" Anaconda Copper Aurice Steel Armour...

Altos Cone. Mintra Baldwin-Lima-fem Elmegy & Oato Enc: Vince

Bendix Aviation Corp. Benguet Cane. Bethlehem Steel

Boeing Airplane Horden (They Co

Burroughs Add Mactano Campbell Soup Co, Canadian Pacific A. Case (73) Co. Cat Trantor

Celanese Corp,

C. I. T.hanell Corp. Chrysler Metora

Colgate-Palmolive Co. Calamblan Carbon Co. Commercial Credit Commonwealth Elec. Consolidated Edison Conumental Ol et Del Crown Zellerbach Cubes Amer. Sugar Blamond Alkali Douglas Aircraft Dow Chemicals Dupont de Nemours

Foster Arling

Eastman Kodak

20%

BUY

43

253

The rubber market was very Ostendy with spot quoted at 27

my pence per lb. Prices:

44

-United Press.

War Loan

Hits

Low

No. 1 spot 2714-2775 Settlement use term:

August

September

October/December

January/March

April/June

General markets. cit basis.

July

August

September

Estala crepe thin fair ...

Shick July

2736-274:

United Pen.

In London New York Sugar

London, July 15.

More weakness today in British Government stocks with War Loan down 13 shillings 9 pence to another all-time low at 66'3/16.

One theory is that the selung

Market

New York, July 15. World No. 4 sugar futures closed today unchanged to 12 points lower with sales of

is due to the feeling in some 142 contracts.

quarters that the Conservative

Domestle No. 6 sugar futures Party is headed fer the rocks and closed unchanged to 5 painte Buy that there

sales of 174 con-

danger of a sudden

30% general election later this year.higher with 17314

Bracts.

Further

commission

Another vlaw is that the selling er's net political but prompted by

house fears for the economy. Inflation liquidation

in world futures Agures in both calculations.

lowered prices us much no 17 Industrials had

one points at one time. A good de- all-round recovery and in the domestic raw mar-

5932, fenture--an

only

15 in department stores and chain ket helped improve domestic

storo shares. These had been futures.

heavily sold on the theory that

30% the government. would drasl Contract No. 4 (world)

cally "Freeze" the retail prices September.

of goods but that view evaporat- | Dotobor

30% ed and the shares rose sharply | January

3.57-48

341

4.BU

4.43

4.41

4.4:4

4.41

poi-cents per lb. fob Cuba)

8.03

129 todry.

Morks and

Spencer March

May 10. a. 3 shillings 0 pence, Great Guy

Univeral Stores 3 shillings and September

October Woolworths nearly 3 shillings.

20

But the

FEEDLE

buying and

Open intere: 7.169 contracts. Contract No. 6 (domestle) September

selling November

in other industrial sections were

rather feeble and selective.

Oils were inactive with the down na closing prices up or more than a chilling.

Foreign bonds were similarly featureless. Gormans, both as sented and non-assented, were unchanged while there were no fit changes in the Japanese except

41 for any occasional decline of

of being the least dangerous po- ically of all possible ways to sirrest démand, Bubitke economic dangers are obvious.

Vals

July

203

Oct.

Des

112

Ryo

El Paso National Gas

4101

To result is that the Chancel» for has ollenated his frienda

July

without pacifying his opponents Harley

He might buy a period industrial pence by gursting a

Oct. Lec.

11176

ing Corp.....

$3:15-

Family Finance Corp.

24

Hongkong Tins Liet.

o/pa

Firentono Tyre & Rubber

flow-110

Kumpa iki, appare

$2,03

Ford Motor...

870

General Electric

Kuala Kampar Tha yu

41/30

General FOKEN

of

"Socialist" policy of restriction. Flaxseed (Rumours that he was thinking

July Oct. Doc.

Laura kunder Estates Ltd. 0.0

General Motors

Makaron Brewerien ........

$2,42%

BEX24-31

New Serandah Rubber Co.

Gen. Pub, UNI

Getly Ou

11.

$2.4745

Glidden Co.

50

Petaling Tin Ltd.

$3.42%

July

of promising some form of Oct. dividend limitation in return for

Nalen Hotel

$2.40

Goodrich (..) C. Goodyear Tyre

Singapore Cold Garage ....

$3,10

Dec.

Gulf Oil...

straits Trading

$2.50

Heyden Newport Corp.

Dignita, Citotenabip kuen

$14.00

Candi Chine Minil special.

$13.00

b.

But this

2001

LONDON METAL

PRICES

ch undertaking on weges caused Canadian wheat export No. 3, 1539

senfk; No. 3, 1972 cents.-United Djervousness on the Stock Ex-P. change last week).

Debutant

wouldn't get him

verg: fde with his friends. "The

NEW YORK METAL FUTURES

Comzylive Parfy is trying to In cents per lly as follows:

do tie the economie felt, bontl=1** July

fect that he must impose new Festrictions, Mr Thorneycroft Copper July

United Engineers Ord. Wärme Brow.

Ecofonilet/wirlch on the whole

is 30-sympathy with what the

fichina Inst week,

New York, July 18. Prices of metals dlósti today

London, July 15. Prices of metals closed today in sterling per long to as follows:

"If he docazino A July

13.ib

Au

(1.0 DESI 27.100

Tla pot

Copper got

Ike so many dobutane chancel

rin

AVE.

96.000 (sinecard)

Land

Fare, looks as if he may be go-

Tubget

ing to need some prodding way roma belle in physical con-

July

$5,768" draft)

Zine

-United' Pre

Homeslake Mining Co. Ingersoll-Rand

Inland; Steel Co.

Interefiemical Corp.

Int Harvester International Nickel International Paper In!) Tel & Tel

John-Marville Co Katia C. Power & Light Kennreatt Copper Haugelt Kleyer" "Inb," Co. Lockheed Alreraft Loews Incorp.... Lone thr: Cement Lowenstein à Bona, McDon

a few shillings in the assenteds. Dollar stocks, including Canadians, were all higher but the premium closed unchanged 216 at 15 per cent.-United Press,

Exchange Rates

DIERS SPAs done in the local 10unotelet exchang

March...

September

Spot-teenti per ib. ct NY

Обел Interest: United Press.

2,481

2228

London Foreign Exchange

London, July 18. Closing rates were:

2.78-13/10-2.7036 3.56-5/16-2.60-7/16 10,03-10.6354 19.30-20.515 11.001-11.004%

New York Montreal Amsterdam Copechagers Frankfurt Lisbon Milah

8000-80.91 778715-1788

7220-21.21

38.30-12.2014

Brussels, Oslo and Stockholm were unchanged-United Press.

New York Foreign

Vierina Cle

market trada

morning at the following rates: Udon (par B1).

1,00

Bburagoto (per 1931 ...

20.30

Australleri mobek (per £1..

12.47

Indonesian rupiah par 1001 ..

10.00

295mm+Head (per 100)

28.00

| Skupipore -(Birmita)....

1.00

Arenit (AM.

Buyer Seller

740

540

Moms Tops Cumpl

Minnesota Minkost

217

219

Most ChevĚžená, Op.

DO

ITALLONA) - CORES: TREN

National Dairy, vod

Turin D-Licoda,

Wales.

Andida Pakistan

Priend

Prisional Kaná

(John Charles,

Stock Buro).

Exchange

New York, July is. Closing rates were: Canada

50-dasa

NAMESAKES

Answers -1 Juventus; 2 Foot- | England ofteist" bail, 3 Bhoulder, Trunstur, 6 Spectators, Chante, aly,

11 New launa

LIVERPOOL Cotton future

พ 34.08

34,07

closings, 19 pence per lb, were as follows: Gld contract

July/August October/November" December/January March/April May/June

New contract July/August October/November December/January March/April May/June

SAO PAULO Colica future

eruzeiros per kila were

lows:

October

December

14.60

20.75

20.79

3982 SERR

BRASE AGGE

35.J

closings,

in

344.20 34,04

as fol-

34 03-04

42.00

04.02 34.04-09 34

40.00

May July

10.40

32.83

In the US the average price

40.40

Mareli

NEW ORLEANS

Prices of cotton futures closed today as follows:

34.40

of one-inch colion at 14 de- signated spot markets wna not avaliable.

Total sules at these 13 mat- hales, United

kets: 10,073

expired Press,

PO B·IE.A

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO.

Outwards

"CARTHAGE"

"CANTON"

"CARTILAGE"

"WORFE

Leaves London

Salled 25/5...

23rd July

ilet Augum

10th September

Das Hongkong 2301 July

3th August

22nd September 30th October

Via Southampton, Colombo, Penang a Bingapore.'

Homewards "CARTHAGE"

"CANTON"

"CORFD" "CARTHAGE"

Leaves Hongkong

1st August

20th AuguKİ

Dna London

Jab September

20th Arplomber

26th September 27th October 240 October 24th November

Via Kingapore, Penang. Columbo à Alem,

FREIGHT SERVICE

*SUNDA" In Purt

"SHILLONG” loads 18th Juls

"SALMANA” the 2nd Aug. "BALSETTE” Aur 3rd Aug.

loads 8th Aus, "SUNDA"

"SOMALI"

the 17th Aug.

from UK.

for Singapore, Pt. Awet- tenham, Penang, Aden, Havre, Louds,' Ham~ burg, Rotterdam, Ant. Werp & Grangemouth

from UK.

from UK.

for same porte Ar *SHILLONG"

from UK.

BRITISH INDIA 5.N. CO., LTD.

1838 -- A ITUNDRED YEARS OF SERVICE – 1950

from Calmiita. Kangoon "BANGOLA” in Port

Strait for Japan

"TINDA”

galia 17th July Dne 29th JudIS salls 1st July "SANGOLA"'dur. Eth Aug.

salis 75 Aug. "ORMARA" đay 18th ANE.

KALLE 1930 ARG

from Caletta & Sirmita for Shanghai & Japani.

from Japanes

for Bingapore, Penang. Rangoon & Calculta Tom Japan

for Blugapore Penan Rangoon, Calcutta Chittago

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

"ITAURA"

*ITOLA"

due 28th Fuly

walls 30th July

dom 29th July

kalis Sixt July

lat Airg Jod Aug.

"URLANA" due

Falls

"OZARDA” duo

*antia

Tib Aug. 9th ASE.

from Bombay. Cochin, & Singapore fur Japan

from Katscht, Bombay. Colombo & Singapore for Jasian

from Japan

for Singapore, Cochin,. Bombay, Karachi, "Bass rah. KhorramTURDA Kuwait.

trom Japan for Bingpere, Dombay, Karachi, Barth · Khor- rustikkaðir & Kuweit

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

MEN ĐẠI AE "NANKIN" kals, 11th Aug,

Treza Austra

for Labuan, Bandakan, Rabeul, Brisbane, Byd- ney 31sibourgs de Adrialda

AU-VÄLSKU Kava liberty to call at anY DOFÍA DO

or off the ToÉES Clan ruutu a nailings are subƒnet

to thangs or stendurent with or without' pelios,

For full particulare apply 9: MACKINNON, MACKENZIE & DO,

OF HONG KONG ITO. Telephone Nos. 277214.

1