THE CHINA MAIL, TUESDAY, JULY 30, 1957.
TRADE and COMMERCE SECTION
Trade QUIET DAY
Commonwealth Will Gain In Free Trade
LITTLE HURT TO IMPERIAL PREFERENCE
From RONALD_BOXALL
London, July 29.
HONGKONG
STOCK
EXCHANGE
Stock
Exchange
This
Our Own Correspondent Business done on the Hong- The most comprehensive study yet of the Long effect on Commonwealth trade of Britain's inten-maring amounted to approxi- mately $462,000. Noon quota- tion to join the projected European Free Trade tons and the morning's trans- Arca has just be published by the Bow Group, a body comprising of the most thoughtful section of the younger generation of Conservatives.
The conclusions reached by its author, econo- mist Russel Lewis, go well beyond anything that even the most enthusiastic advocates of European
actions:
BANKS
Buyer Bellet
FK Banke XD 1810
INSURANCE:
.... Don
SJUPPING
Free Trade in the Government have yet admitted on ... in public.
Arto Nay,
11: Common
much smaller than is generally assumed.
Mr Lawis believes that the proportion of tolat creation of a Free Trade Area | wealth exports that go to Bri- ay be the first move beyond tain : the point of no return. Not only should Bellain in Mr Lewis's opinion drop its objce tion to the inclusion of agricul- tural products in the Free Trade Area; it must also necept "on ever more complete absorption Into the European Echtime of things."
Conclusion
Whatever
Mr Lewis's older colleagues might Conservative think of this
would probably quarrel seriously with another of his conclusions: that The Commonwealth
from the unlikely to suffer advent of the Free Trade Area as long its
application re-
mains limited to manufacturers
In fact he koca further and says that to the extent that the fred trade increams Britain's and Western Europe's economic the Commonwealth strength, will
WALL STREET HAS SHARP SETBACK
New York, July 20.
Stocks, having failed repeatedly of late to negotiate a new high in the industrials, suffered their sharpest setback since Feb. 11 with declines running to more than 3 points over a broad list.
Ruilroads Jed
the drop-a Ameriena Stock'
|
CHICAGO
GRAIN MARKET
Chicago, July 29. Wheat and rye showed advances at the close of the Board of Trade today but the rest of grains were mostly lower.
CHATTER ON WALL STREET
IN LONDON
London, July 29,
The work apotted with a quiet day, There WHE nothing ominous in the. quiet, partly because Bri tish Governments - safest Investments in the world etc. - opened firm and held moderato gains all day.
New York, July 29. E. F. Hutton & Co. looks for a continued mixed and qulet market with a good Bhort-dateds gained as much tone and some selective as even sixteens while long- strength for the near term. ads and at least one-eighth, Canadians suffered a setback Orvis Brothers Co. says the with Canadian Pacifics losing steek market appears to be con- 2 Doller stocks were also selictating the recent recovery sold, the premiums closing down with the improving action of two points to 154 per cent. the railroad group
Wheat and sye khowed street fst the opening and continued strong for the rest of the sessien, Exchange Trade was fairly live in alcouraging indication, disappointment to many in the volume was 870,000 shares. Į pits except, corn. Street who had looked on last NY Stock Exchange volume Exports, four mill week's rall pick-up us the fore- was $3,620,000 against $2.980.- and local buying were credited Tunner of new general ad000 on Friday..
with
the increase in whval 10 -10.00 vance in the marke Selling
prices. The advance attraefid
3G 10.00
18.10
30 10.20
here was said to reticel the bt- of that ralls. even with # freight rate increase, could not duplicate 1950 earnings.
Market
comment mentioned
rous factors us contribu tors to the decline-items queh 13 Washington price Investiga- tions, fears of further anti-trust activity, high bond yields.
5/731
DO NOT
35
1.40
Who luck
0 0.10
DOCKS, ETY
K. What Dock
112 180
Provident
11.30 14.00
18.30 16.00 351 361
500 15.00
1000 30.20 1000 ( 30
LAND, ETC. and large," he writes, HK Hotel.. the prosperity of the Dominions | HK Land .. and colonies depends upon the their
10.00 Humparty. successful marketing of raw materials and primary pho-
Really. 1.43 1.50 in the marirets of the
HUBBER duri
Amsiz. world. While certain propor- tion of these products do in fact rust
UTILITIES member of Train between ono pass the Commonwealth and another Star Ferry ....the United Kingdom docs Yeumati
o absorb anything like a major C. List (0) proportion,"
*Par countries of Western Europe that are now proposing lo form themselves into a Freo Trade Area are also important customers for Commonwenith primaty products so any expan Aion of economic activity in these countries, that results from Free Trade between then, woki increase their need for imporis directly benefit the and fur Commonwealth
producing countries..
Revision
The inclusion of the French colonies in the European Com- mon Market (with which the Free Trade Arca to bo enused cine
This view is supported by another independent econonlat, John C. Hancock, who has put forward an argument that serms to, imply that European Free associated) has Trade cannot do much damage concern about the future com-
to Imperial Preference because petitiveness of British colonial
the system of preferential trad-products #
Ing hinong
Liz Europeon
Commonwealth (market. According to Mr Lewis countries has already lost much the only British colonial
will ini- in
of its
ond <rectiveness continue to decilne portance.
Writing in the current Iesus at New Commonwealth, Mr Hen- cock points eut that as long ago as 1948 the average percentage
zro
ducts likely to be aerted are coffes and cocca, But since the French colonies would have to triple their cocoa production (o displee Nigerian and Ghanian cocon and since French colonial coffee output cannot satisfy
tan France,
here does not
150
Wide Declines
2000 30.25 The wide declines, however,
0.50 1.325
24.00 24140,
138
000 7.24:33
134
107
200 64
19 19.40
JA
30 30
IRS 13 300 pr 30
Elecule.... Diacan E...
101 10.00 Pekphour 30 20.50 INDUSTRIALS Cemenis Hope... GURES, ETC. Dntry WATSON
Lane. Cmw
x Al... COTTONS Textiles .... Nebypass
Mbro
03014
volume
Closing Prices
Alden Inc. Acy.
Allied Chemicals
Allied line. All Chahners Aimerkki) Airline Anterlead Cable & Radio Con American Cyanunkle Cu. Ainer & Feran. Power
Am. Mach. de Pary. American Smoking Am. Sugar Ref. American Trl & Tel American Tob," "B" Anaconda Copper Araneo Steel
A. Ghe & Electric
Armour .........
occurred on a markets with Atles Cons Mining ufferings of stock only moder-win-Limas)kan.
totalled Daltimore & Ollo ate. Overall 1,990,000 shares, only 280,000 shares ahead of Friday. Activity centred
Chrysler In
Corp., Bethlehem Steel, Phillips Petro- teum, Jeracy Standard.
Of the 1,187 Issues trudod, aly 211 were higher, while 200 600 en 28.40 | Boeļkted cand. 187 held unchanged. There were 665 new lows, only 3 bigns.
Meatured by the Dow-Jones averages. Industrials were down al 508.25; rail off 6.35 points 3.01 at 149.32, with both changes the wide slice February 11, the day before the market set Its lows. Utilities dippect 12 to 09.01 pulled down by 114 points drop in Panhandle Eastern the 65 stocks Pipe Line, and were of 2.19 at 178.05.
31
1541 13.00 12.609
1
14.20
4.325 4.3715
025
10.30
300 16.80 2030 or 12 00 1000 12.00 200 to 12.90 330 & 12.80
200 σε 14
MISCELLANEXIUS
INVESTMENTS
Allied
COTTON MARKET
ON THE DEFENSIVE
New York, July 29.
Reactionary tendencies in cotton futures,
margin of preference on the total even the demands of metropoli- under way last week, resumed today for the third United Kingdom trade with the Commonwealth was down to soem to be so much cause for session in a row, about six plz cont und since then alarm," further roads have been made in preferential margins.
Eroded
The reasons for this are well
Increases known princ
Campbell Boup Co.
Cal. Tractor
Celanese Corp..
512 ነጋ
ade
| some proßtetaking and hedge
selling.
and
Ca-
Volve Linc Investment Survey notes airline costs rising lanter than revenues....look?
INDUSTRIALS ··
Industrials provided a num- but they
lesser-
were
bc Financial industrial
for aircraft industry sales peaks bar of good features
all among the In 1958-1939 despite economy were
the blue chips. end disarmament
frownę
sold nud cancellation of a major misle rally
collectivo decline cnc contract.
mover, and
Howls Upham & Co. estimates measured Derdens 1057 net at 5.85 | Times
by the
of
Favourable weather
Index slong with budge crop nows, guts selling, brought efilling in corn
and soybeans.
1915
Foreign trade consitis of the #sole of 1,500,000 bushels of US hard to Chile and the purchase 491% of 030,000 bushels of US hard
wheet by Colombin
242 175
Wheat closed up3⁄41⁄2 to 1 cent for vis | old cxt up 1⁄2 tó 1% conts for
069%
10
new.
Soybeans closed up to 11⁄2 ponts. Prices all in cents pcr 190 bushel wore as follows:
Wheat No. 2, old contract
Desember
day
215%
#1514-16
oficial Financ Bendbe Aviation Corp.
1
September
Benguet Com
December
110%-210
Hothlehem Steel
48
Wheat new pentruei
Boeing Airplane
4)
Sput
Borden (The) Cu.
50
Bapt. 210*21367)
ek
Burroughs Add Machine
4712
December
201
March
211-3,3
Canadian Paciße Rt.
34
May
Care (J. L.) Co.
124
Corn, No. 2, yellow
ists
Spot
15%%
September
4216
7:30
Maroli
Ilye
Beptember
December
42 Onta
September
0615-05
December
2319
Boybeans, No, E, yellow
Spot
24214
2194
190
September
243-33
November
March
C. 1. T. Financial Corp. Chrysler Motors Cimax Molybdeniun colente-Pakmollye Co. Lelonhinn Carbon Co. Cominerolal Credit Cominonwealth Elee. Comulldated Edivers Continental of Del. Crown Zellerbach Cuban Amer, Sugar Diamond Alkal Dougins Alteraft Dow Chemicals Dupont de Nemoirs Eastern Airlines Eastman Kodek
El Paso National Gas Family Finance Corp. Firestone Tyre & Rubber Ford Motor .... General Electric
Gene Fooda
General Motors
Gen. Puh. Uul.
Gatty Oil
Glidden Co.
Goodrich (..) Co. Goodyear Tyre
Gulf Oil...
Heyden Newport Corp. Honistake Mining Co. Ingersoll-Rand
Inland Steel Co.
Interbemical Corp. Int'l Business Diachines Int'l Harvester
international Nickel
international Paper J-Manville Co
Inti Tel & Tel ́
Accumulated week-end hedge selling, emanatched Alterat rules to enable Imperial Pring from scattered sources, and resumed to be Lone Star Conest Co.
Falling
ference
a revision of Gatt
to be strengthened against new crop valley ginnings, along with that may suffer as a result of favourable crop news, combined to keep the
the case of colonial products
the French colonies advantage- ket on the defensive.
us access to the European
huve
Couumon Market, Mr Lewis be-
|
on Market.
Jo
July/August October/November December/January March/April May/June
New contract
January
May
3th Barley,
Spot
New York Bour
200 lb. sack
404%
130
NIL 24312
194-100
$12.80
Vaited Press.
WORLD RUBBER
MARKETS
New York, July 29.
Rex rubber contract today
0794
101
47
Konusa C. Power de SeguL
closed 6 to 10 points lower with suds of 93 contracts.
37
Kenecol Copper
110
July
17.50
Liegel Meyers Tab. Co.
September
34.50
November
32.33
Fully
20%
Standard contract closed to 10 points wer with no sales
(Am.
301 reported.
QUED
13.05
September
32,00
November
March
079
Mas
July
મ
Loews Incory.
Lowenstein & Sons,
Stock Eye! Minnesota Mis Mission Development Monsanto healcal Co. Montgomery Ward
McDonnell Alterat
marsal Irom
Mourela the.
National Dairy Prod National Loack
20.40
National Cash ak
30.10 20.32
20.0
20.63
28.00
20.84
Closing on a note of weakness Old contract gradually eroded the value of eyes the problem might be the llet showed net iceses of 23 preferential Import duties ex- solved through 虱 special
32 points. 10
Optaing pries i pressed in epociie terms and the arrangement or trading
were up 2 lo off 2 points. New Britain the rules of Galt forbid these losses foodstuffs between
and the Com-Orleans closed off 21 to 35 points. Commonwealth to be made goed.
Routine scale-down buying by Me Lewis's study may not re-mills and shippers provided the ecivo all the doubts that have main supporting influence, along on been exposed in the Common with buying fluiries by locals
From reasons. From the technical season's high levels reached early this mouth, the market showed a cumulative satback of almost $5 Cruzeiros per kilo were as fol-
But for these rules, says Mr Lewis in his study, "Challenge from Europe," it would have Been possible for Britain to offer
a good deal more in return for wealth as Britain draws closer
the retention of preferences into Europe but his opinions are a mensure of how far the younger, the Australian market. As it was preferences were reduced in both Eeneration of thinking Conser- directions during the recent troch vatives are now separated from talks. The exclusion of agricul that still influential section of ural products from the Free older Conservatives, who
championed the cause
of im- Trade arrangements would loave only Commonwealth exports of perial unde-Express Service. manufactured goods-18 per cent of the lolat-lo competo directly with European goods in the Bri tish market.
However, the vast majority. of these good enter duty free so that while Commonwealth manufactures would eventually
be on equal terms with Euro-
manufactures pcan
in
New York Sugar Market
a bale, statistics pointed cut.
July/August October/November December/January March/April May/June
SAO PAULO
Cotton
lows:
October December March MAY July
National Steel Cor
New York Central
Olin Mainic
Otis Elevators
Owen-Rinole Glass
20,83 · | Pociße Gas & FRC.
go.cs 27.14
clasitars, filure
Pan American Airways
Paramount Pictures
32.DS
31.75
opera
Final evening up in July and intra-docler switching
tions featured a quiet terminol trude, · Exchange norkel
July/March;
401k kivolved
422 January for St. and
contructs.
473
and Nov.
The outside market ruled BOYS slow.
Shipment offerings were
to
Brokers reported offering of 4x4 Uute smirers, August shipment,
Parky Davi Co.
Penny J. C. Co.
14
Penn. Salt Ca
in
Philip Morris
41
Bight and priced too-high attract buyer interest,
Procter & Gamble Co.
Putrburg Pinto Glass
013
Pure Oil
30.10
Radio Corporation
39.50
itcpubile Bleet...
40.00
50
40.00
Ecars, Rocbuck & Co.
40.60
Bholl Ol Co.....
Saint Reg. Paper
the Sinclair Oil Восему Мо
65
Farm legislation uncertainties, and the question of what the government loan rate will be for the new crop handicapped new market interest. Other traders
In the United States, awaited the government's first average price of one-inch eat- estimate, crop summaries which ton at 14 designated spot mat- usually
tha proceda
ediclai kets was not available, .. cstimate.
Despite dullness in the textile Total sales at these markets,
bales, Chiller толето 10,078 mariel, Atlanta reports noted-a decided increase in spot cotton Pre
New York, July 29. World No. 4 sugar | demand during the past week for .10 both nearby and near crops. Iligh continued scarce, bul
the futures closed today British market they would still points higher to 5 points grades
other
there was very little demand for London Foreign
Exchange
London, July 29.
278 7/10-7.78 9/16 2.01 3/18-244 0/2 10.43110.03 130.874-180S.
20.3332-40-33
enjoy a considerable preference lower with sales of 624 con- low grades. Meraphis also re- over alilor goods from
tracts.
ported considerable business done Countrice. Hongkong cotton
inquiry, for varied textiles
Demestle No. 0 sugar futures will mil for extmplo would keep their 174 per cent pre- closed 1 point lower to 1 point qualities.
Closing rates were: The certificated stock 102alicd higher wiit sales of 29 contracts. ferênco over those of Japan.
Fears that DANO Currimon- Trade and commision house 7,778 bales.
New York NEW YORK
Montreal wealth, exports might be at an buying in Sept/Oct deliveries
Prices of cotton futures closed Amberdas actunt disadvantage in the found offerings light after a
Drets H today os follower. exports from weekend accumulatiço of selling British market
Copenhagen. 30344 Europe once internal tariffs in orders had been absorbed.
Stockholm 133433 Contract No. 4 (world) the Free Trade Area are swept
Vienna away are believed by Mr Lewis September
Qetsbar
315537 Zurich
All 33.30 Motor CATS, January
Press, he toys, are practically the only ar class of souffeured goods Mar that pay any import duly aptember When they enter Britain from October
Commonwealth.
And Spot teenta
Cuza)
to be groundless.
the
1b10.
July
Pries of collën futures eloved today as follows
noot Cot
4.43-45 4.41-43 4,25
May July
4,00
Dec
4.06
NEW ORLEANS
4.07
4.00
4.45
Boot
Oct.
Mar
May
อย
0.82
per lb. feb Britain's imports of cars frogs Open Interest; 8,201 contracts, the Commonwealth are mogil- Contrect No. 6 (domestio)
Septembe November March A of the situation goes further on September
per lb. "SU NY tale particular point ana shows Bouts conta per“
[cx-duty) that not body is „/Taaperial Pres Open Interest: 3.911 contract. Trono le offdeikyo, .... but the "Unjed Pink,
Mir Ifanddelt's separato, study
LIVERPOOL"
Colton fitures closings, penge per 15. were as follow
otherw
200-2004
1
72.30-73.33
22.1816-12.167)
Reynolds Metal
Solar Alteraft
Bouth Puerto Rico Sugar Southern Co. (The) Southern National (as Southern Railway (Com.) Blandard BrGLÉS
Bandar ou of Cal.
Standard Oil of Ind.
standard Oil at N,J. Soup Rock (Toronto Exge.) istorfing Drug Co. Stokely-Van_Camp. Stinkboker-Packard Corp. Swift & Co.
Toxay Co,
Tide Water Asın. Oil
Twenty Century Fox Fin Uldan Carta de Linion Pecite Railway United Alrecate United Cas Corp. US. Fall "g" U.S. Gypsum 19. Lao Cư US. Rub
US
UB. B
Warner Bros.
Westinghouse Electria Westors Lindon Tei, Co. changed-United | West Va. Pulp & Paper
Woolworth
Exchange Rates
39 out of Indonesia at 28 cents a freight, with pound; cost and buyers' idea raging around 27 eente a sound, Cost and freight, reported freely deals were
of offering the same grade here at 13342815 cents
delivered. gound, 25
Spot No. 1 Rss was quoted at
The
conts.
AMSTERDAM
xubber market Wos 60 quiet
today. All quotailans were unchanged,
SINGAPORE
Iquidation
The market opened lower on disappointing overseas savices and cased further on some August 20% { positions. At this lower level covering ensured and the mar- dekket atradled towards the close.
Futures:
38 No. 1 rubber nur 1b, Auz. 02-021
Rapt 2337-2231% Ori uinquoted
413
United Press.
NAMESAKES
Answers:1
No rubber per 16. Aug. D11-02
No.4
Spot rubber undated .. Blanket crepe
No. 1 paio crope.
LONDON
11315-84(2
100-103
The rubber market was quiet with spot at 28% penco per 3. Pricast
No, 1 Ras spet nya.. 2011-27-
hastlement, house, Loren:
Crocodile, 2 sec
this Buccaneers, 3-Pirates, 4 Exploile, Joan
000 PY, 6 Barrie, 1 Werly,
·Durluona was dono ti bo loral whotela exchange market momiog at the following frien Vida delar (per ali ** Botline nowe (por £3)
in tam tical (per 100)
Indaneman rilplatt 2 per 100).. Eingapore (if{rults)
.
Ape/June
*Gefierki moni koca, dia kata
| Children, ₺ Book, 19 Story, 11 au
Clock.
Captain Hook (from "Peter katate crepe thin”
Pat").
2011-87
share agalast 6.01 in 1036 and shores which closed at 203.0 saya $2.50 ourrent dividend, compared with Friday's 203.8.
could be raised by the year-end to $3,
of
On the other hand, the index government stocks closed at
22.02 compared with Friday's
W. E. Hutton & Co. finds the air lines industry bothered by 8102 the less avid markcet
for
Foreign bonds were quiet ex-
| second-hand planes and note: cept some of the Baltle issues the industry is concerned about which enjoyed speculative buy- financing its now equipment] Ing. unlesa It gets a fare increaRE,
"Oils were apparently wanted much needed
though they had plenty of sell- Bach and Co. says the charting all day long; at any rate, position of Lorillard Indicates | British Petroleum rose à still- further capllal gain potential-ings 3 pence to 160.7%-United
P:css.
United Press,
P.OBI EA
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO. -
Outwards
"CARTHAGETM
"CANTON"
"CORFU"
“CARTHAGE"
Leaves London
Salted 25/0
Salled 23/
21st Augual
10th Septembar
Que Hongkong
IN Port
Bath Augusă 22nd September 30th October
Yls Routhampton, Colombo, Penang & singapore.
Homewards "CARTHAGE"
"CANTON" “CORFT!" "CARTHAGE"
Leaves Hongkong lite Landện
1st August *
28th August
28 September
24th October
1st September
20 September
27th October
24 November
Vin Singapore, Fesing, colombo & Aden.
PREIGHT SERVICE
from UK.
"BALMARA" dua, lat Aug. *SALSETTE" que Bib Avg. from UK.
"SOMALI" · Au® 1721 Avg. "BALSETTE" losdr 10th Aug.
"SINGAPORE"des 22:1 Aug,
from UK.
for London, Hamburg, Rotterdam, Antwerp vin
Straits & Acen
from UK.
BRITISH INDIA S.N. CO., LTD.
1833 -- À HUNDRED Years of SERVICE — 1935
*BANGOLA” due
Bil: ADE ZUL AUX.
“ORMARA” Joe 30th Aug. Kalle 12th Aug,
"BANTHIA" ano both Aug. salis 21st Aug.
from Japan
for Singapore, Penang.
Hangcon & Cleutia
from Japan
191 Singapore, Penang, Rangoon Calcuita chitisgong
from Calcutta, Mangoon Je Strells for Japan
P. & Q./B. 1. JOINT SERVICE "URLANA" due frd Aug.
*IKAUNA",
"TEAURA”
Mails 4th AUK
due Bih Aug.
salls 17h Aus
duo 10th Aug, mille 12th Aug, "ISMAILA” duo 18th Ave zaile 20th Aug.
rra Janat
for Bingapore, Cochin, Bombay Karachi, Alas- Khorramshahr &
TRIL
Kuwait
from Karachi. Bomboy, & Singapore for Jepa
from Bombay, Cochin, A Kingwore for Jabah
From Japes
for Gingapore, Bombay, Karachi Bawah Khor» Tambah de Kuwait
EASTERN & AUSTRALIAN 5.S. CO., LTD. -"EASTERN" đuỡ 9th Aug. from Abstralia
salts Rh AuE. "KANKIN***
:
for Labuan, Sandakan,
Rabaul Brisbane, fürde ner Melbourne Adelaido
· All Warsals have liberty, du TATU AE RHy parts on ar of the roule à thé zvalo d' callings nza zuchfect
to change weİ ANLAMALARÉ · with me, witheus mežies,
For full particulars apply e MACKINNON, MACKENZIE & HO.
OF BONG KONG LID Telepcoor Nas: 97221
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