Page
THE CHINA MAIL, TUESDAY, JULY 23, 1957.
Page
TRADE and COMMERCE SECTION
LABOUR ECONOMIC POLICY POINTLESS COTTON FUTUREȘ STEADY ROUTINE INCREASE ON THE DOWNSIDE
Public Ownership Through The Stock Exchange
From RONALD BOXALL
London, July 22,
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
kong Stock Exchange
MARKET ON WALL STREET
New York, July 22.
Once again, the stocks in special situations Businers done on the Hong-highlighted a steady, routine stock market. inerting amounted to approxi- mately $498,000. tions and the morning's transat-
tians:
Sharee
The latest two policy statements by the British Labour Party are the products of the fact -always understood by Mr Gaitskell and now apparently by Mr Bevan as well--that the views of dedicated party members who must approve BANKS political programmes and those of the electorate Bank.. who decide whether they should be put into effect INSURANCES seldom coincide.
The rift between the active rank and file of the Labour movement, and the mass of non- politically-minded voters occurs most sharply over the issue of nationalisation.
can
Lambare... SHIPPING Wheelook
DOCKS. ETC. K. Whart..
Dock Provident
LAND, ETC. HK Hory RK L
Humphreys
And this is the problem that, Bion. [ublic or private the best brains in the Labour | uperaté effectively if it is sub Party
just pterouared † jeet.d have
persistent and detailed | Really upon in "Pichle Enterprise" and interventions trom the above. "Industry and Society."
RUNBER Amalg
We have therefore no intention of intervening in the manege- meat of any drm which is duling | Trust a good job."
"MODUL Campanics
Noon quota-
uyers Sellers
1785 1787
212
Bales
Changes among the specials ranged from a gain of 5% points in Richfield Oil to a drop of 6 in Schering Corp.
General Motors
For the main body of the list | General Electrie the changes generally held to a General Foods fraction either side of je Tri-Gen. Pub, Uta. day close, leaving industriais Gelly Oll off 41 point at 515.32 In their Glidden Co. average; falls oft 29 at 151.55,
8.15 8.20 1500 * 8.10 uatics of 14 at 70,53 and the
Oh streks of .23 at 197.99.
109 40
12.10 12.39
15 1000 toon
2014 3315
J
131,
100 6 31
16.00 143 1479 6000 r 1.475
1.50 1.523 2000 125
10000 1.37 9.373
10000 133
2410 24.20 2300 r RAJG 20 24.20
133 130 104
TRUST 12.76
12
The host starting-ond wel come-fuel that emerges frons their study is tlant further
traightforward abis of nationals- In fact the moderate view UTILITIES 531lon aro out The pet tricemphis all along the line in this Tram ..... intention is sul, on regaining seetion of the slatement.
For gur Ferry power. to renationalise the iron although the policy makers are And steel and road trumpert | wxallest about the
1. Liga (8) 1890 188 industries that the Conservative power" that these Government dentitionaalised. But wield without hting responsible Industries producing chemicals, to unybody, and concerned ninchlin fagis, cement and rel that they thould conduct their fined sugar and others on the jaguing with
to regard
the Socialists' shurt-list for nationali- Į“Interests of the community" sation have been reprieved, they propose nothteg more Mary E.
Telephone terrible than a review of the Compartits Act to deal with this INDUSTRIALS situation.
is more to "indu try and Society" than this, but the Dairy
STORES, ETC. foregoing covers Its main points: Watson The impression that one is left with is that the Labour Party has gone to a lot of trouble for nothing.
Difference
Unfortunately Lor political lepsons the mother wild not 1est there. Take away nationale iation and I would require a trained political economist to distinguish between a Socialist nud Conservative programme ~~nd the difference would hardly matter.
of outright
So instead nationalivation the Labrur Party
There
Social Justice
10
Heje
1
2015 10.50
20
The absence of any real mar- ket incentive and New York'e close to 100 degree temperature dampened trading enthusiasm.
Volume
Volume for the sesion of 1- 950,000 shares was just 20,000 shares above the three-week Jow nur:tover of Friday,
Activity centres in a few in- fividital lestures Decta Re cordis. which adde
2 points which
200+ 134
tu
200 a 18
500 10.80
1000 27.00 12130
33 130 33
$10
or trnde's
recum-
310
OF BANK
RATE
Madrid. July 22. The Bank of Spain ha angunced an increase in interest rain is 14 Нет move la the battle against Inflation.
The Bank announced Und as from Monday inter- crate on commercial discounts will
riso from
IN NEW YORK
New York, July 22. Cotton fatures moved through a very quiet session today with prices on the downside.
At the close, the list ruled 18 to 18 points higher. The market opened 3 to 11 lower. New Orleans closed 12 points lower.
Prices moved
Dec.
37,70 NEW ORLEANS today as follows;
Prices of colton futures closed
lower at the i Out. оп accumulated week) and hedging kept pressure on the market the rest of the day but prites moved within a very narrow ringe.
Most traders stood on the sidelines awaiting new rt-
incon- tives. Thi weather continued favourable and had no market effect whatsoever. Next sight is the Anal loan Agure and the Government's first crap estimate on Au
72
4.25 per cent to five per cent aud
bank discopals from 3.40 to tour
4814
301
per cent Other type of Interest rates will not change.
adu
Goodyear Tyle
Goudrich 18.1 Co. Gulf Oil
Heyden Newport Corp. Boireslake Mining Co. Ingersoll-and Intand Steal Co.
109
403%
34815
Interchemient Carp... Int'l Business Machines Int'l Harverter International Nickel International Paper
Int'l Tel & Tel John-Munville Co. Kansas C. Power & Light Kenntroll Copper Liggett Meyers Fali, en Lacknerd Alreraft Loews Inourp..... Jane Star Cement Cu. Lowenstein & Sona. McDonnell Alremalt
Stock Exge.) Maali Iran Corp. Minnesota Missing
Mirston Development hekurted a blated 50,000-share | Monsanto Chrgidega
Moalgomery Ward Motorola te... National Cash Reg. "A" National Dairy Prod. National Lead..... National Steel Corp. New York Central Ola Mallifeson Ons Elevators Owen-linols Class Facile Gas & Erc. Pan American Airways Parrotrol Pictures
Gowr.
2000 A 16.76 Opening, chceling its
splefaity stock 100 16.50 mentition by 3122 12.80 service; Sunshine Mining, up Electric... 291 2010 2000 20.00 18
In to $13%
continued 200 in 291
23 to 2015 Isponse 15 its Washington Oil 425 60 2015 4listovery; El Paso Natural Gas,
23 to $35
the Government pul to force the company to give up control of Pieille Northwest Pipeline Corp: recently strong Schering Carp., 75045-10 which touched a w
high st SUG then fell back lv 894 300940fter the nouncement cf a lightly higher earnings report. Chrysler highlighter in the motors with a point gain while Generat
Metors and Font dipped a bit cach, Steels were mixed with Jones Laughlin
COTTONS
Textiles Nouyang
5.10 16.29 11.00 11.80
4.30 43
AUSCELLANEOUS
Vibro INVESTMENTS
Yangles Allied XD.
New
9.70
$7.50
13.00
0.45 0.00 $33
York Sugar Market
If their alm is social justice intends to pursue the alm of there are better ways of achiey- public ownership ct keying this than diluting ownership Industries through the old-of industry. If the new policy fashioned capitalist medium of is put forward as an exercist in the stock exchange. In other advanced economic thought, words it intends to amass an fails nigrably. And if The
•Dimous portfolia of equity | Labour Party is trying shures by accepting them in resolve it internal conficts by
New York, July 22. poyment of death duties, pur-appearlog to have a plan for
World No. 4 sugar futures chasing them with the surtdus | gřiling the best of both worlds funds of L.bour's proposed the Sovisit and the Capitalist closed today, 8 to 30 points| national superannuation' scheine | —fi fails
psychological higher with sales of 953
contracts, narrow political to justy grounits i will probably Sog this Intended action that the Voters whys take the trouble to 5 te 14 points higher with argument ret but in "dusty study policy wil ne souhl and Society" becomes difhuit heurselves
and acquiring them
unspecified ways.
411 other grounds.
Erth
It is when I tries
מ!
to follow. For this is not to bé a “take-over bid" for Thrfish Industry. The aim is not to re- quire controlling interest
companies or even to publie Cxercise greater control over them than is at present exercised by private shareholders.
The
case is put forward on serounds of sochl justice rather than economie polley.
Special Inquiry
If an industry or part of an Industry is fulling down on its Job, however, public ownership will be exterided to achieve fall control of it. Whether 2011 industry or company qualities
DI
11
i sympathy
and National up Lukens of nearly generally firm.
Declined
Parke Davis Co. Pens Salt Co.
Venny J. C. 69.
Philip Morris Procter&GALIC Pilburg Pizte Clas Publicker Industries
Pute Gil
Radio Corporation Remblie Steel
40%
302
The tuertaves were the second in twelve manthi. Interest rates were ket Increased last September.
The move to make money fighter fila with announced Government plans to keep a light rein on spending in Spału while the present trend towards Inflation re- malus-United Press.
WORLD RUBBER MARKETS
New York, July 22. 130! Rex rubber contract closed Today 7 points lower to 4 points algher with sales of contracts.
November
зати
474
BA
July
17
September
137
35%
January
60%
March
707
hiny'
65
July
401
มย
The standard contracl eloszd
4 points lower to 4 points higher
32.00
32.34
32 40
32.35
13.4
31.07
The futures maricot continued
Boot
December
October
March
May
Jaly
October
December
Cotion
33,06
LIVERPOOL
future closings, in pence ptr 1b. were as follows old contract July/Aug. Ovi Nov.
The Conius Bureati reported that US mills consumed 640,700 bale si cotton during June-20 working days-compared 672,750 bales in May-20 work- New contract July/Aug.
with
ing days--and 809,814 bales in June, 1956-25 working days.
The averag dally rate of usa last month was 32,459 bales, as ugainst 33,638 a month eariler and 32.393 a year ago.
Certifiented cotton stocks de- clined 93 bates to 8,604.
NEW YORK
Prices of calton futures closed today as follows:
UL
with no sales reported.
431
July
36
September
57
Jantry
Reynolds Metal
March
Sears, Rochuck & Ch.
2712
May
Slut Oil Co,
July
Saint leg. Paper
330
Sinclair Oil
2,
around 1.
others
Socony Mobilvil
02%
Solur Aircraft
16
South Puerto Rico Sugar
Southern Co. (The) *...
241
Southern National Gas
17!1
Southern Hatiway (C)
439
a lull affair. Shipment offerings were on the, light side and helped steady the market. Spot No. 1 Res was quoted at 32% cenis.
»
Standard Brands
42
Standard Oil of Cut.
501
Standard Oil of Ind
Union
Standard Oil of N.J.
02
Kodek
Sterp Hook (Tornisto Exge.) sterling Drug Co.
DET
while U.S.
follows:
Stokely-Van Camp
Studebaker-Packard Corp.
No. 1 rubber Nn, rubber
Swin & Co. Txus
737
37%
No. Tubber No.
crepe
***** Twenty Century Fox Film
In chemicals, Allied, Carbide and Eastman lost and a point Borax fell 3 points. Crown Zellerbach fell nearly
זמ
4 in the pr
il lower earnings Prediction
und International Domestle No, & sugar futures Paper declined a point. General Tyre declined close to 3 points salg of 74 contracts,
and National Lewd was off 22. World futures, sitadiel today West Indies Sugar was a late with the Luton Times which as the recent heavy liquidation upside leature with a gal of confessed its difficulty in being ppcured
nearly 5. Zenith rose almost 4, sure what the point or it ull Framese, at least
Aetna Standard almost 3 points, --London Express Service.
being. From July 1 do 19 Central of Georgia Rollway world futures fell 165 points, stood out with a gain of 4 points which is equivalent to about 37 in rails. His not included in a tob. Domestic fulares firmed the group used to ngure the in line with the world fulurez.
averages. Contract No. 4 (world) September
BUYING HELD
BACK
IN LONDON
London, July 22. Stock market continued to
October Jananty Mares May
to have torned its for the tiny"
4.80 4.195-63
Among utilities, Panhandle Eastern Pipe Line fell around a 4.40 point while Houston Lighting! 4.24-25 gained nearly one,
+1.22
July
September Spol-(cents perb. fos
Cuba)
Open interest:
resi: 6,41 contracts Contruet No, 6 (domesto)
4.22 4.21
4.90
Septanber
5.02
November
5.87
Muren
5,87
September
S.BU
ex-tuly)
5.05
Open Intercul; 2,147 vanitnels. Unlied Press.
for this treatment would be de- live in a little world of their al-recuta per the eit"NÝ
cided by a special inquiry. And own.
forms of public ownership will
be adapted to meet the parti-
It
culor problems involved,
was
AL
world in which. |xeemingly, Brilsh Government
Thurs," says the statement, stocks had been greatly avec- may be that public uwnership sald, tenre a continuation
of a particular Arni will suffice
to break
or
lost
week's
production bottleneck One of the restore competition monopolised industry."
In a
modest recovery, electricity issues Raed 15/- and some others as much as 10/- birt War Loan,
London Foreign
Exchange
London, July 22.
Closing rates were:
It would seen that the Party with a rise of 4/-, would be New York policy makers have in mind here the medium-sized firm which is considered a better mirzar.
a member of a price ring,
But their mala concern is
with the larger.
companies
the ICI Courtaulds and Unilever Lype. These companies-500 of
IRRITABILITY
Montreal
Copenhagen
Frankfurt
Libon
Minia Catu
But in general, the provinckholm cial
which account for half the pro-Carden strike and the continu-
bus etrike, the Coventi Others unchanged.
of
ed irritability in the Middle
3.7832-2.704 2.5416-2.042 19.3333-19.31
10.05-80.15
502
Of 1,123 issues traded, were lower, 302 higher, 202 un- changed with 19 at new highs, 43 at new lows.
Exchange
American Stock volume dropped to 820,000 shares Iron 1930-000 shares on Friday.
N.Y. Stock Exchange band volume amounted to $3.0R0,000 against $4,030,000 on Fricky.
Closing Prices
Allied Chemicals Alita Mills Inc. All Chainer Sinetican, Airline, American Cable & liadło
Corp.
American Cyanamide Co Amer. & Forgn. Power Aun tacit. de Fury, American Metat
11.57-11.07% Amerigan Smelting
Am. Susne, Nef. Anettean Tel. Tel Ainerican Tou. "H" Anaconda Copper
1137-17379
10.909-19.00
14.42-14.4314
-United Press,
East tended to hold back buy New York Foreign
fils -made and over hall the investments in the whole private industry-havy, they sny, grown so large that owner-ing. silp has become divorced from
Dollar stocks continued in do- control.
"They
exercise enormous and; the premium which they power without being responsible command rose 14 per cent to 17 lo pnybody.
Let Down Lightly
per cent,
Exchange
New York, July, 22, Closing rates were: Canada Argtand official Haigtum
there unsuppged
-United Press,
Steel
Atlas Cons Mintag Baldwin-Limno-Hom Baltimore & Olite
BERNnance
Aviation Corp. Tenguet Cons. Bethlehem Steel Boeing Airplane Borden (The) Co. Burroughs Add Machine Campbell
Soup Co.
Tide Water Assn. Dit Tuns Jac.
Union Carbide
Union Pacifle situas United Alre, aft United Gas tarp.
U.S. Foll U.S. Gyps
7.9.
Line Co. U.S. Humber US. Smejing U.S. Sterl Warner Bros.
Westinghouse Electric Western Union Tel. Co. West Va. Pulp & Paper Woolworth
כנון
AMSTERDAM
The rubber market. was ver quiet. Prices closed in gullders
cif Aug.
kilogram,
คร
389 poid
2.53 bald
259 rom
2.20 buyers
*
Spot
Dee.
May
July
35.300
34.02
34.70
34.02
34.95
3445
20.63
Dec/JAH.
Mar/Apr.
May/June
20.$1 20.33
Oct/Nov
27.60
Doc./Jan.
27.10
Mar/Apr.
21,30
May/June
21.43
SAO PAULO
all lo cruzelros per kilo).
Oct
urinuota
Dec.
Mar.
39.83
May
40.00
July
40.30
Closing futures prices were:
11 the United States, the
average price of cale-inch colton ut 14 designated spot markets was not available.
Total sales at these markels were 33,560 bales.-United Press,
P.OBIE.A
COMPANIES
"CORFU"
SINGAPORE
The market ruled, completely dult throughout the day. Futures 010 were:
Nu 1 blue pat 1. Aug. 03-9342
Sept. 9372-DE!? Cet, unquoted
No, 2 rubber per lb. Aug. 24-923
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Outward
"CARTHAGE"
"CANTON"
"CARTHAGE"
Leaves London
Salted 25/6
23rd July
31st Austuet
10th September
Dua Hongkong 2011 July
26th August
2nd September
2011 October
Via Southampton, Colembo, Panang & Singapore, Homewards “CARTHAGE"
"CANTON"
"CORBU"
"CARTHAGE"
Leaver Hongkong Bus Lundən
1st August 29th August
20th September 24th October
Jal September
21h September 27th October
24th November
Via Singaporo, Penang, Colombo & Aden.
FREICHT SERVICE *SALMARA” due 2nd Aug. "SALSETTE" dur
tus Aug.
"SUNDA" londe 8 Aug
from UK.
from UK.
far Singapore, PL Ste!! • tenham, Pelatí, Aden, Havre, London, lasan hur. Rotterdam, Ant- werp & Genngemouth
from U.K.
The rubber market
401
Gil
45
No 2
No. 4
10-07
7072
Spot rubber unhaled
021-2244
Blanket erepe
324-84
No. pale repe
100-102
1831
LONDON
4312
425
Was in
callext
27 3/10 pence. Prices: No. 4 pot...
Saitement house tea
M 214-27%
"BOMALI"
dut 17th Aug.
Aug
Oct/Dec.
Jan/Mar.
Apr/June
United Press, active. Spot WAS
VAUXHALL TO
START
DOUBLE SHIFT
London, July 22.
The Vauxhall Motor
Sept
General markets, cit basis, ports: July
27 buyeTA
Aug. Sept.
Eslate
erepe this Au... thick As
-United Press.
Singapore
Company production de Stock Market
17partments are to start Д
double shift of 17 hours a
Singapore, July 28. Brakers today quoted tho
1 day to cope with demand following stock prices: 0% for their latest model, the Batu Lintang Rubber Co. 15. "Victor".
Opening
$2,20
Ris
Lid.
Petroleum Syndiente Conrulluated Tin Smelters
Ord, Frazer & Noave Ltd Cri. #3 Fraser Neave 7 cum.
pret Gammons Malaya)' 'Limited' £2.45 Hangkong & Shanghai Bank-
Mr. Philip Cepelin, the com- Brite Borneo Bur, pany's Managing Director, said the now shifts would come into eparation next month when the now Vauxhall factory at Luton would be fully re-equipped with some
world's of the
latest machinery,
Victors
ΣΤΟΥ being produced at the rale of over 2,000 cate a week but there is still a backlog of orders,China Mail Special.
101
Are
Exchange Rates
Business was done in the local uwdicat dxchange
ntarkat this
1.00-5/10) 2.7094 0199
Canadian Pacific R.
Case (3.1.3.
Out. Tractor
Celanese Corp.
20
4216
4016
801
40
731
Australian holes (per 4D. 404 Indonesian rupiah (per 100)
Siam Uical (per 100) Singapore (Straits)
morning at the fallowing ratca: U. dollar (per $1)... Starling noles (per t1)_
12.11 14,40
LONDON METAL PRICES
Department stores and chain storea were in moderato demand; so were textle shares but most But having bullt up this ple- of the top-notchero were quiet. ture of vast private conecrus The little world of Trinidad and powerful boards of directors oils which reels these days under exercising Immense economic American buying continued to power without any need to percct. Shares of Trinidad Petro-
London, July 23. cound for their actions oven to laun development roce 23/. 19
Prices of metals closed today shareholders the Labour study 7 sterilng. But the majors were
in sterling per long ton as fol- let them down surprisingly not fa demand. British Petroleum
Патук Bghity!
cased & ponce and Burmal oil a Tin spot "The Labour Party recogniacs," shilling, they may, "that under increasing- Foreign bonds were more on Copper spot
Buyers Sellers
-month
744
21011
ly profcasional managements Iess out of the picture but there tead 2nd half July largo firms are as a whole sery-wiro occasional movemenis ug zine 2nd half July ing the rations well. Moreover down amounting to it togli we recognise. thae no organiza" "United Fress.
dengnih
眙
Oct.
0141
C.I.T. Financial Corp. Chase, Manhattan Birk Chrysler Motors ..... Climax Molybdenum Colgate-Palmolive Co. Colombian Carbon Cu. Commercial Credit Commonwealth Elge. | Consolidated Edison
Contiiental Oll of Del. Crown Zellerbach Culian Amer, Sugar Diamond Alkal Douglas Atroraft
...
Dow Chemforta Dupont de Nemours Eastern Adrime ....... Hostman Kodak.
El Khon National Qae
Pand)" Wideg, Cory
T3% | Piratara Tyre'l fubber
Ford Motor ........
United Prem.
ing Corp 1 Hongkong Tin Ltd.
Kumpa Ltd.
BRITISH INDIA S.N. CO., LTD.
1856 - A HUNDRED YEARS OF SERVICE. 1930 "BANGOLA"due sth Aug. from Japan
sails 7th ARE for Singapore, Penang,
Razroon & Calcutta 'ORMANA" dus 10th Aug.
from Japa for Shigupore, Penang, Rangoon, Calcutta & Chittagong
ه الحالة الثقة
"SANTIJA“ duo 29th AuĽ.
valju žiri Ang,
"ITOLA"
from Calcutlu, Rangoon
Straita عالم
for Japan
P. G 0./B. I. JOINT SERVICE
de 30th July
Falls Siat July - "URLANA” dua 3rd AJK, Balte 5th ADR.
8th Aug.
10th A والعم
*TTAURA”
đua
*
DARDA” đạo TIN AN
#
BULL 910 Aug.
2930
from Karachi. Bombay, Colombo, & Singapore for Japan
from Japan
för Singapore, Cochin, Bombay Karachi, Bat- Fah. Khorramake Kuwait.
from Bombay, Cochin, * Singapore
ler Japan
from Japan
for Singapore, Rombay, Karachi, Basenhi Khora Tamahir dz Kuwait
EASTERN & AUSTRALIAN 5.5. CO., LTD.
from Austraila
"EASTERN” dus 911: Aug.
Kuala Kainpar Tin Lunas Rubber Estates Ltd. Malayan Breweries .... New Serandah Rubber Co. Petaling in Ltd.
82
#3.5745
$3.80
$5.321
Rolex Boiel
12.45
"NANEIN"
$2.371
$18.00
Flugtpore Cold Storage Straits Trading Strails Steamgitp... United Englers Ord. Wearne Bros
cundly; † exdiv, Specil
$13.90 *China Mat
NEW YORK METAL FUTURES
New York, July 23. Prices of metal futures closed today in conts per lb, as follows: Lead July............... $3.200
***15
.75k
NAMESAKES
Competitor,
Conductor, 3 Love, Milkman, Copper July
August
Zine
July
Answits--1
Auguot
16.cob
5 Cricity, 0 Prdelington, No Tin Jocted, Green, Work,
August
17.30
AUST
August
10:30a fatenis)
-United Proad.
Comic, 11 Bong: 12 Bui.
Polly Perkins,
sails 11th Aug
for Labuan, Sandakan,
Hahali. Brisbane, Syd key. Melbourne A Adelaide
All, Tordiq hays Überty to call at any porty on or off the rente à the roule à sailings are onhjeet
to change or amandment with or wäitious notice,
For full particulars apply to: MACKINNON, MACKENZIL & CO. OF HONG KONG LID. Telephone Nos: 27721-4.
#
*
*
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