1957-07-18 — Page 9

THE CHINA MAIL, THURSDAY, JULY 18, 1957.

TRADE and COMMERCE SECTION

FEARS ON STERLING UNFOUNDED PROFIT-TAKING

Devaluation No Answer To UK's Inflation

London, July 17.

The British Chancellor's speech on inflation was directed to the trade unions and was strictly for home consumption.

Fears in some parts of the Far East that it reflected on the strength of sterling are unfounded.

CHICAGO GRAIN MARKET

Chicago, July 17.

Grains closed mixed in a fairly active session of the Board of Trade today.

Wheat and roybeans showed sharp advances, com or about rtcody and rye and cale were. lower.

The market opened irrégular but all deliveries of grain moved into new highs for the day at mid-morning. Howevne the market settled anek particu- Iarly at the close,

July wheat showed particular strength with new July

Sept. contrack recording" thei best levels of the year. Oiker contracts records in wheat were clove to new high.

from

ADVERSE NEWS

Reports of more £uur, businyta and adverse crop news Canada helped spur buying in wheat. Lack of suing pressure also helped the wheat market

Soybeans, which also showed strength in July and September contracts, were helped by strong buying by local dealers and rom- mission houses.

Wheat showed gains of more than one

cent and

Aoybeans more than two cents in the day's vetivity.

Devaluation would be answer to Britain's inflationary problema.

ACTIVE DEALINGS MERCANTILE HONGKONG

STOCK EXCHANGE

Our Own Correspondent

PUSH COTTON

FUTURES UP

New York, July 17.

Cotton futures rose as much as $3.00 a bale to-

Business Cone ca the long-day in activé dealings.

keng Stock Exchange this mori-

ing amount to approximately

Some profit-taking and hedge selling brought the distant 1958 months down slightly from their highs for the day and at the close the list ruled 20 to 73 points higher. The market opened un- 25 1750 changed to 33 higher. New Orleans finished 69

points higher..

$319,000. Neca quotations and the morning's reactions:

hares Buyers Sellers Badea BANKS BK Brak 1743 1755 20 1700 INSURANCES

Union

04

no

Lombard

SHIPPING

Wheelock

1,30

a 1000

1.00

2000

2.50

142

7.90

DOCKS, ETC.

JDR

100 100

450 1130

100012

11 would aggravate them by pulting up the col of inports to a nation that is heavily de- pendent

Imported inaterials for i's export Inga

K. Wharf.. Duck Huw

Provident LAND, ETC. corn-

JK Kuld. 16.20 16.40 UK Land.. 3841 9576

Japanese industrialiets prob- ably understand this boner thin other quarters in the Fur Fast.

Oil Tanker

Recent assessinants of the vil building programme tanker show that Japanese order books Jor etw tankers have been Gverbauled Ly British ship- yards.

Bat て事はでき future for tanker building is dielinetly bullish and the development of the world anker fleet is dependent only. present, on the rate of which the shipyards can deliver.

Investment

oll tankers over the long term-36 million tons are on order or in prospect of being undered has now reached an astonishing peak.

Over £2,000 milou will be required for these additions to the world tanker fleet,

Risk Capital

is an equivalent to US$6,400

the million or lo total cost of two years' farcign ald. by the United States.

One of the most significant features of this figure is that most of it is risk capital which is being invested from outside the oil industry.

Only a small part comprises profiis of the oll retained companies,

The rest is made up of hor- rowings by them or by co- Foreign trade was active with operative fluance from outside Japan buying 3,000 tons of guy-quarters, beats, frur cargoes of Manitoba wheat and one cargo of Cana-e dan barley. The United King-Briti

enly in

At a time when the complaint

aflen hoord. not

but in international dom purchased one cargo 01 US Jefreles. that there isn't the corn and Germany bought 18.-

050 tons or US wheat and 5,000

lons of Canadím whest

Prices per bushel In cents:

Wheat old contract

July

Selit,

Dec.

Wheat new contract

2102% 220

Бра

July 217

Sept.

Dec. Mat. hay Corn, No. 2, yellow

210444-4944 2162017.1 2009-14

21-220

Bool

13101

July

Eept.

Dec.

Mar.

May

Cats

July

Sept.

Sept

Soybeans, No. 2, yellow

Sept. July

Sent

20-%

240140 2n 246-2452% 2014-1 24512-2-15 248

Nov.

Jon.

Mar.

Marley,

sput

New York for

200 lb. Back .....

다

110

130-140

$13.501 United Press.

NEW YORK METAL FUTURES

New York, July 17, Pricts of motel futures closed today in cents per lb. as follows: Lead July

August

Zinc July

August

Copper July

August August October

J'in

July August

United

13,106

10 00

0.001

mec

meaty about today," this

to underline the lielun that the money is Riway forthcoming when the invest mont project is Fulciently attraclivo-China Mail Special,

LONDON

MARKET QUIET

London, July 17. Markets were quiet today partly because this was the first day of a 3-week ac- count und there seemed plenty of time in which to peer into the future,

their bank rate-a

Really RUBBER Amalg UTILITIES Tron

Star Ferry Yaugaţi C. Light Elecule

Mocad E Tel.

2000 or 15.36

000 4 354 15000 350

14339

1.45 1.470 B000 1.45

1.470 1.326

24 94.20

800 21.00

WORLD RUBBER MARKETS

New York, July 17. rubber Rex

Jutures tuday -2000 21

01-24 closed 8 to 30 points lower with

aries of 92 contracts,

103

July

(R)

18.00 18.00 800 10,0

17

Sept

Nov

,་་

291 29.00

Jan

8:00 29.00

Mar.

240 29.6

10.34

500 10

27.30 27.30

July

2011 21.90

300x 27.00

32.00

33.50

32.50

31,00

The standard contract closed 275 to 30 points lower with 1835 27.00 sales reported.

INDUSTRIALS Cement STORES. ETC. dairy

3214 3214 14.70 14.00 14 11.00

4.40

500 m

9.00

Watson. Las Cu COTTONS

Textile

Nanyang

30

MISCELLANEOUS

Ch. Ent. 10.49 1К Соля

INVESTMENTS

Allied

BK & FE Invest

300

1000

10.70

July

N

Jan.

Mar

Was

32.00

32.50

חן

Gais

were biggest in the Gistant 1958 deliveries where trude and short covering was attributed to Idees that iny major change in form legislation is unlikely as far as the 1958 otton crop is concerned.

Assistant Agriculture Scere- tary Marvin McLain told the House

Agriculture Committee that Secretary Benson world Support the price of next year's cotton crop between 65 and 77 per cent of parity if allowed by Congress, but the committee - dicated it had no intention of changing the law which holds the price at or above 77 per

cent.

McLain

said that unless the law is changed the substantial increase cotton supports need. year would lead to

BANK DIVIDEND

London, July 17.

The Mercantile Bank of India has announced interim dividend of 1234 per etui, Jeas tax, on the A. and C. shares, against seven per cens previously. The Board has under consideration proposals for The abolition of e called Mobilty of the v©~ punya A. and R. shares and the reconstruction of the company's capitat, sub- ject to the necessary con- neuty being obtained,... China Mall Special

50-

BANK MOVE SURPRISES MANY

Amsterdam, July 17. Financial quarters here were surprised to learn of the rise of the official dis- count rate by the Nether- lands Bank. The decline in the foreign exchange re-

PUTS PRICES

DOWN IN NY

New York, July 17.

Stocks displayed a stubborn resistance to all attempts to break through to new high ground and a combination of caution and profit-taking put prices down a point to more than 4 points today.

With nothing new to stimulate demand, atten- tion centred on issues in special situations and in profit-taking in recent favourites. There was a small list of good-sized gainers, topped by aircrafts and cement stocks.

Bocing

United Tove Standard Oll of NJ. aroma point in the alternfis, stering Drust Co.

Sleep Rock (Toronto Exce.) General Portland more than 2 Stokely-Van snl Lone Star a point in the Studebaker-Packard

Swift & Co...... cemmis. Price Davis plekes up Texar Co. nearly 2 points on a good car-de Water Awn. Oll ings statement.

Do the

Detec

The Int.

Carp.

Twenty Coniury Fox Film Union Preille fallway

pour | United Aircraft

ited Gax Corp.

other unl. carnings reportz cut Crucible

US Foli "B" Steel nearly 2 points and Johns- US. Gypsum Manville more than 2 points, US. Lhie Co. Financing plans activity was Unelting

Rubber reflected in lower prices for EU.S. Bel Paso Natural Gas, down 1%: American

off 1 Telephone, point; Minneapolis Honeywell, down 44. A secondary offering depressa Olin Mathieson over a point.

Sunshine Mling stood out as the day's most active issue and red and of 2% points. To 10.

difficult American Stock Exchange

the over serve - and production and more surpluses. position of the Treasury tales rose to 1,400,000 shates

Early gains in futures of as have been followed with from 1,000,000 yesterday. much as 2,50 e bale had reflected

Now York Stock concern during the band volume was

Exchange mixed views on farm legislation, last few weeks.

great

$4,200,000 against $3,560,000 yesterday.

32.50

32.35 32.30 rather

inus!

of the

end

als were considered á technical adjustment to the re cent decline.

Coins

These

quarters hope the decision to raise the discount

will

contribute

to

Futures tredig

with 4.33 Gull today

contracts supplied by switching Prices case in line with the decline in OVETECDS markets. Spot No. 1 Ras was

quoted at 4.69 32 cents.

The

SINGAPORE

ka nearby deliveries rate were pared by fredging for spot | modereling the depreciation of interests.

the guilder. Certificated cotton stocks were of 124 boles to 0.897 bales. Month

Volume Open interest Fav

market opened aroundo.

Japan Agreement the previous closing levels but e

AUSTRALIA NOT TO BLAME

London, July 17.

Enged

200

177.200

Lizen

53530001

4,000

143,700

May

3,100

17300

10.300

FID

14,70

318,0%)

1000

24.51)

230

on some state, of hull Mar seiling and liquidation of spot one sheet position. There was fort some fair Interest for Jower Pes

Futures were:

sheets.

No. 1

rubber per

August

September

October

No. 2 rubber per ih. Aug. 123, -893,

No rubber per Ib. AuR.

No. 4 Jubber per lb. Aug. Spot rubber unsbale

Blanket grODE

No. I pale crepe

LONDON

Telal

NEW YORK

Meanwhile, in unfavourable feature of yesterday's workly bank return was the loss of foreign exchange to an amount of 33 million Huliders. Con- |requently, gold and currency ogether fell from 3,780 million guliders to 3,745 million against 3,055 on early this year.

DETERIORATION

moreover, Chad

It appears, Prices of cotton futures closed hard currency in particular wa

Included in this lors, thus accentuating the deterioration of

031-BJ

03-044

inquated

10lay as follows:

DIE JAN

Sport

ER-ARIC

Oct.

024-02 $3+13

Dec.

Mar

301-103

M

Juig

Det

Des

Mr Harold Wilson, one of the lenders of the British Labour Party, said tonight he did not think the British per Prices: Government could blame No. 1 ss spot Australia

Settlement he use terms: for its recent Aug trade deal with Japan.

Scpt.' Oct/Dec. He asserted in the House of Jan/Mar.

Apr./June Commons that this was because

Genermi markets, eif basis, ports: the British Government

paying enough attention to trade with the British Common- well.

The rubber market was very quiet with spot at 27 3/16 pence

33.1550

35.00

31.0

NEW ORLEANS Prices of cotton futures closed today as follows:

the foreign exchange position.

The Trousky is still in a debit position with the Central Bank. Bank note circulation is also an unfavorable clement—still mov- ing far beyond teur milliard guilders 1 4,050

millions. Balances of private banks im- prøved from 200 million to 332 inillion guilders.

In the money market the

31.10

75.00

31.07

22.01

25.00

34,07

cell money

13.77

204-27

Aput

2714-274

Qui,

2724-201

Dec.

227

Mar.

271-225 2714-27

Mit

July

Oct.

was

July Aux- Sept,

27 buyers

Des

Estale crepe thin Aug.

thick Aufted Press.

LIVERPOOL

Cullo futine eleslegs, pence per 16, were as follows: Üld consirnet May/June

20,00 July/Au

HAB Del/Nov.

23.07-C)

in

Dec/Jan. Mar/Apr. May/June

20.83

21.01

23344

27.04

Oct/Nov.

23.93

Dec Jan.

27.10

May/Apr

27,33

21.30

The New Zealanders wont away from the recent Conimo- wealth Prinic Ministers Con-

London ference hunded.

NOT INTERFERE

empty-

They came with proposals for increasing Commonwealth trade. But the British Government said it would not interfere with private buying and trading.

Mr Wilson said the Australians

the

New York Sugar Market

New York, July 17. World No, 4 sugar futures closed today 17

1o 27 points lower with sales were so infuriated over the Bri- tish Government's "refusal oof 1,523 contracts, anything about Commonwealth Domestic No, 6 sugar futures trade" that they had, in effect, closed 5 to 12 points with sales Olława, Agree= | of 166 contracts, With the Netherlands raising denounced the

(granting proferential The slowdown in purchases few daysments

Common of world raw

sugar, and con- after Sweden had done the tariffs within

Unued underselling by coun- wealth) in the Anglo-Australian seme Europe and its possible Trade Agreement, last Novem-tries competing with Cuba for ination problems

business brought local conselousness,

selling into world futures Professionals who had help-

where prices Now, finding the British were down us much as British

to Goverment governments

propaned to co points at one time. reach yesterday another all nothing to encourage Anglo- time low tried to take their Australian trade, they had dene profits today which resulted in a deol with Japan. raising War Loan 12/6 to 301⁄2

REPRESENTATIONS and old Consols 7/8.

came into

ber.

The domestle raw

market weakened as world raw sugar prices moved from, a premium to a discount with US ievels.

Contract No. 4 (world)

.

"We cannot blame them for o. doing that," he cold.

Берг.

Jan.

Kar

"I don't know what repre- July MAY

New tract July/Aug.

May/June

future ciceings. per kilo

SAO PAULO

Cotton cruzeires follows:

Dev

Mar.

May

July

siluation remains difficult, with cont

A three per nominal, China Mai Special.

Stability For Europe

Sir

Williams,

London, July 17.

John Hanbury

Chairman

Closing Prices

Aldon The. hey,

Allied Cheintala

Altec Mills Inc. All Chalmers

American Airline

American Cable & Radin Cory. American_Cyanamide Co. Amer, & Forgn. Power Am. Gas & Electio Am. Mach. & "dry, American Metal American Smelting Am. Sugar Bel. American Tel & Tel Americau Tob. "a Anaconda Copper Armco Sterl Actor

Asia Cons. Mining Baldwin-Lima-lam. Baltimore & Ohio Beneficial Finance

404

Warior Dr. Westinghouse Electric Wertern Union Tel. Co., West Va. Pulp & Paper Woolworth

-United Press.

CHATTER

ON WALL STREET

New York, July 17. Standard & Poors' out- look says leading issues in hitherto depressed groups

17% such as autos, banks, build- ing, containers, metals and 33 rails could participate more actively in any further mar- 45% ket advance

17

...the almo 34 sphere for the traditional

14

2044

43.1

30%

174

13

47%

STX

101

summer rally is favourable.

John H. Kopan & Co. feels coding Issues in the cement in- dustry ere articularly attrac-

tive for both long and short- form holdings

"favours

13 General Portland, Lehigh Port- Lone Star

land,

10

Bendix Avalon Coep. Benguet OoTH. Bethlehem Steel

Dixie.

36%

159

41

001

40

E.

Boeing Airplane Borden (The) Co.

Burroughs Add Machin Campbell Soup Co. Canadian Pacific R.

Case (3. LA CE. Cat Tractor .... Celanere Corp,

S

C. I. T. Financial Corp. "Chons Manhat. Bank

Chryzler Motors Cix Molybdenum

Colgate-Palmolive Co. Colombian Cortion Co. Commercial Credit Comumcewealth Elec. Consolidated Extinon

| Continental On at Dei,

Crown Zellerbach Diamond Alkali

Douglas Aircraft Dow Clitnicola

Durant de Nemours

Eastern Airline

Thatinan Kodak

Jano National Cou

Family Finance Corp,

Firestone Tyre & Rubber Ford Motor....

General Electric

of General Foods

General Moto

| Courtanids Limited, told G. Puh. 040.

AS were

30,4)

40.00

40,21 40.40

Glidden Co.

Goodrich (B. Goodyear Tyre

in the Company's annual Cutty Cl

meeting here today that the European Common Market and Free Trade Area plan could bring a higher man.

In the United States, the sure of commomic stability

to Europe. markcls

But he

unless

Gulf Ol..... Heyden Newport Corp. Hamertake Mug Co. Instersoll Rand

intend stel Co

Interchenical Corp

Im usines Machines Int Harvester ..... International Ninkel

overage price of enc-Inch cotton at 14 designated spot

warned that was 34.07 cents.

Total esics at these markets suitable definitions were intro- International Paper were 12,048 bales, United Press, duce for textiles, imparts of Inc Tel & Tal

semi-fhushed goods from the Far Jolt-Manville Co.

Kantay C. Power & Light East "might gravely threaten the Liggett Meyera Tub. Co.

the difficult } Lockheed Atceraft during

Loews Incorp. period of transition to European Star Cement Co. Free Trad

Lowenstein & Sons.

New York Foreign

Exchange

New York, July 17. Closing rates were: Canada**

1.01-3/16 3.70% 2.7814 2.73-19/16 2.0 2.775.

England offietal

30-daya 00-1uy

ין

8.04-5.05 4.08-3.00 4.43

4.20

Australia New Zealand

+4.18

Bouth Africa

4.17

Belgian

4.17

4.20

India

Pakietan

INFLATION CULT The cult of inflation Inspir- 9.b jed

unother

drive to get the 27.052 27.15bchares of department stores.

acetatlong the British Govern- Sept. $4.25 John Barker sbarcs rose 4/0 03.758

But dhuinment made to Australia about bet 90 501 and Gamogos 3/-.

the Japanese Trade Agreemoal," pot (cents per lb. fob as:231

Cuba) ....... 0.10 bo added. From.

LONDON METAL PRICES

stores, for some reason, wero excluded from this, Both Wool-

Open Interests: 6,625 contraels

Contract No. 6 (domtaile)

worths and Marks and Spenetr "Frankly, I don't think it lay Sept. closed 6 pence easier,

in their mouths to my very much Nov. after their refusal to develop Mar Commonwealth trade."--Neu-Hept. teri

There was selective buying of oll shares which fled Burma 2/- and Canadian Eagle 2/-, But Royal Dutch was done 2/0 and British Petroleum, though

closed virtually

London, July 17. Prices of metals closed today netivo, in sterling per long ton as changed. follows:

Buyers Sellers

spol 5-minu Copper apot

Solve

Lead 2nd Just July

Lænd

2nd

24120 20 halt

Zine

and

112

720

Foreign bonds were quiet ex- cept for Japanese 180ks non-

740

215

while sovend

3104

731

Exchange Rates

Busther was done

int

local

0.80 8.00

5,70

D.TS Spot per

Jb, cit NY

****** 0.00 Opep interni: 2,435 contracta.

-United Pron.

NAMESAKES

Answers---1 Entertains,

0 Roll, 3 Vocal, 4 Guitar, B Fans, 16:41:14 Aropromptu, 7. Theatre,

kut Horne,

aestinted whiteli Toge i sterling unoficial exchange market "tin]

of the assentedang at the following ratea:

... dollar (bor.91) Sterling notes. Lyne £1 Austrellan poten (per (1)

meal (per 100) Puckonesia supiah (por 300) Bingapore (Blair)

se fractionally, The premium enjoyed by dollar stocks jumped 2 per cent Unites Pro do 1795 gree in Unded Petr,

Argentina

Others were unchanged.

2.700

01004

3210 2001

United Press.

London Foreign

Exchange

Indusay

He added: "A European Free Trade Aren could eventually provide an internal musket of manufactured goods for close on 280 million people.

OPPORTUNITIES

"Compare this with United States of America, with

the

Molonel Aircraft (Am.

Slock Exge.) Membi frow Minnesota Mining

Mission Development Monteuto Chemical Co. Montgomery Ward Motorola Inc. National Dairy Prod. National Lead National Steel Corp. New York Central Olin

Oils Elevator

a population of 165 million, and the Soviet

Union,

whose population is said to be around 200 million. Having made that Paramount Pictures

to

Owen Ullabis Clees Facilo Gar & Elto Pan-American Airways

comparison, one is better able Parise Davis Co. Jenny J. C, Co. re what opportunties are Penn. Seit Co... open to the efficient manufac- | Philip Morris....

Procter & Gamble Co. furer,"

Pittsburgh Plate Glas The highest reward, he said. Publieker, Industries was likely to come to those who Pure Oll ......

Faris Corporation were first in the neid with #Republic Stort robust and effective policy for Beynintie Metal 3.78-1/16-2,78-43/18 scrapping out of date and re-Baars, Rosbruck & Co.

Shell Oil Co..... 204-11/10-2.64-13/18 dundnat machinery and, where sont nep. Paper

and when posible, putting into amelair out effect two' and throu-shift Work Spanny Monjoi Ing

Londan, July 17. Closing rates were:

New York Micul

Amsterisin

Copenhagen

Al

Stokholm.

- İtchenmal, 16 Melody;; Vanna 111 Dance, 12 Cowboys.

divis Presley,

10.0335-10/024

10.35%-10,51

11871-11A7%

14.45-14.4834

Others were unchanged.

United Press.

"Such a programme-if it is to bemaccesstul-anust be

panied by the goodwill of both management ала inbout."-

| Reuter.

Boler Altor

Southern Co. thei Buth Purrin Uro Hugar

OK othern National Car

authem allway (Como) Blanderd Brenda Hindard Oll of Cal. Standard Oil of Ind.

494

COPPERS

and Penn-

F. Hatton & Co, feels

3 Jak coppers may receive some atten- 13%

toi tefore too long and says 434 companies such as Kennecolt and

Phelps Dodge should be able to

7312

49 make a relatively good showing Tthis year if coppor prices be. come stabilised at current levels, Estimates Anaconda would show net of around $7 against 10.71 last

Kennicott 0.25 Pitips 5.30

418

$6

ILA

04

200

#1

110

2

37

10%

11

4014

37

year; against 13.28 and

against 8.72.

L. C. Hooper of W. E. Hutton & Co notes a tendency to mark up estimates of Cheylor's 1957 comingS

Or

to $15 a share bolter....says there is talk of

of

pinning off the Venczuciany properties of Superior ON California....tools the Folie shares will bear watching since ab there is a strong possibility a rate increase may be gruntisoon 92.8y the rails have a move

and notes lets cri averagos m Mlesouri Pacific and Baltimore.

Ohio....is keon about Louis- ville and Nashville n voluc -United PICS.

146

10% 50%

$13

70

42

Businessmen To

Follow Up Opportunities

for

London, July 17. Lord Gosford, joint Foreign Under-socretary, said "today it was British businessman. nat the Govornament to follow up the opportunities for trade opened up by Bri tain's relaxation of the i controls

on trade with Chipk

He was replying in the House of Lords to Lord Elibank, Liberal.

He alco sald that while tho 25 liens under quantitativo con. trol for xport to China-quotes tor which were being discussed by the China Committee Paris were not necessarily of kirical importance is

Magia #31" units, thay sóquirest· mach'im** portance in relation to the quan-

salitics exported.

leuter

L