1957-08-01 — Page 9

Page

THE CHINA MAIL, THURSDAY, AUGUST 1, 1957.

TRADE and COMMERCE SECTION

WORLDWIDE CONCERN OVER INFLATION World Trade In

Canadian Dollar

& Security Strong In London

By SYDNEY S. CAMPELL

London, July 31.

Increasing and almost worldwide

concern

over inflation has generally been overlaid by holiday considerations.

PROFIT-TAKING HONGKONG

STOCK EXCHANGE

Our Own Correspondent

HITS WALL STREET

New York, July 31.

Profit-taking hit the stock market in a lust Businces done on the Hong-minute rush today when upside demand proved kong Steek Exchange this insufficient to sustain the early steel and rail-led morning amounted to approxi-

Noc quola- advance. tics and the morning's transac tions:

only

metely $301,000.

Belgium has raised her Bank Rate but to adjust to the higher rates prevailing in her neighbouring countries.

The great feel of money fol

Germany Kin

continue bet

hehody scent to Know that to

to about it.

Some

observers

think

Germany's

reemen 15

tinuty

Preenrion

but

the

certly nets a la ufumo.07.

Sterling Fallen

Sterling has fallen tu about

it Inwer m

German,

against the

Italian ng Austrian Bank of

currencies and the

Englan automatically has provide there currencies. the amounts are generally real on sening and the presame zomg to be minar and cradu. rather critical.

Curatian

Lunden,

The feature the treets of the Canadian dollar and the stlf greater strength of

Xing termily despite Canada's political antriainti adverse balmec and

well :-1- vertised Infationary pretavren

By Statistles, Mitoin is in a Better

"ecomornic

that:

Canada. national

stac

The new series on Income Statisties for

Brst quarte

!』1;`x&

GOVERNMENT STOCKS IN

DEMAND

Shares

BANKS BK Bank INSURANCES

Enveri Sellers Baler

Indon SHIPPING

DOCKS, HTC, K. What Deek

2.93

#11

110 1010

07

50 the

8.10 1090 ⇓

401 1200

11.00 11.90

15.54 16.70

35.7

36 1007 30 16.00 1.475 1.30

Provident *x (nt) LAND, ETC.

1 Hotel ik Land Humphreys Realty RUBBER Amale Trust UTILITIES Tram Yanati C. Ligi Freieic Tel

Star Ferry

London, July 31. Feature of the day has been persistent demand by small investors for British Giovernment stocks. Old Consols gained sterling and War Loan 5/16. Gains INDUSTRIALS rase to

Among oils British Petrolcu

several others gained about

27 and Royal Dutch rose 7/6. Shelf Trinidad — the target of American buying-ros; 117-.

FOREIGN SECTION

Maesa E.

Clement

1. Claw.

Nenyang

While final prices generally were irregular, the realising hit at leaders and put the industrials down on average with the closing level more than 4 points below the day's high.

Only US Steel among the Issues lasued in compiling the

203 @ 115 average held a gain of any size

407-14 points

10 300% reflect-

ing ils report of a record first half and optimistic forecast. 11 was actively traded,

Oils were among the alrong apots with anal gains runnlag 1.20 1.35 2950033 In 2 points.

1.50 1.823 3700

24.40 24.70

100 105 101 400 it.70 1P 2001 Ila

2900 30.23 400 30

:6020.20

20 20.30

131% 30. 1000 3314!

15:30

1815 15.00 121 12 80

13.90 14.20 200 14

'Rails were hit along with in- dustrials in the ceiling but hela

small average gain.

Spotlight

Shipbuilding shares were in the spotlight en talk of atomic powered shilps. Newport News rad a 2-point gain, Bath Iron Works alinest the same

Industrials were down

Fure on

Radio Cerporation Republic steel.

Reynolds Metal

Sears, Roebuck &

Shelf Oil Co.

snin Heil Paper Sinclair

Sugar

Botony Mobila:1 Solar Aircraft South Puerto Rico southern Co. (The).... Southern National Gas Buthern Railway (Con.) Standard Brand

Standarder Cat Standard Ol of Ind Sterp Rock Toronto Exge. Standard Olt of N.J.

Stering Drug Co. Stukely-Va

Studebaker Comp Cors

Swift & Co.

Texa* Co.

Tide Water Asin. O Time Ine

Twenty Century Fox Fim Union Cartside

Union Pacific Ballway United Aircraft Enited Gas Corp

U.S. Fol "B"

41. Gypsum

4.325 4.35 2008 420 point at 568.52 on average, rails

STORES. ETC. Dairy

Watson

XALL COTTONS Textile

US. Lite Co.

MISCELLANEOUS Ch. Ent. INVESTMENTS Yangtze Allied

19.40

6.45

up 50 at 140.79; uthides up 15 jat 69, 65 stocks up 13

175.82. 0.02.

US. Robber

at

US Steel

11.20

4.35 4.35 2400 (

230 4

107.21

4.25

4 25

ન

442

In the foreign siction there was a demand fa, Baltie bonde 11K & FE,

Britain's balance of paymeats and for German Potosh bond!

is in remarkably good ship?,

the 7 per cents up 2 sterling for

Most of the growth or output | July. went to exrørts and inviZMIN, while consumetlen ferased by only one per cent.

out of more--

Transatlantic issues

week or favour for n semad to come back. Canallan Parifies, after their recent sharp falls, were extremely firm.

In fall. Cuppers continued South African gold shares were problemt may have en ever-leted though they remained

Even

Overplayed

Britain's

played. American

inflationary

visitor

where of London is Tow t entertaining 5,000 attendants at the American Bar Assock.flan's Convention alons--are amazed not at the inflation of Britain's wage rates but at their owners,

|uly steady-United Press.

They wonder how the striking burmeg can live even on the higher wage Mat they demanding.” Japan's wagh rates), provide un even more extreme contrast. The trouble in Britain seems to be inck of dynamism. re her has intetion a such.

Meanwhile, the quarterly shipbuilding stafistles mai other

live t

Exchange Rates

of 1,13 issues traded,

were higher, 122 lower, 268 un- changed.There were 11 new

highs set, 36 new lows,

of 50.000

Volume, tagging most of the session, spurted

on the down- turn and totnl turnover 1,830,000 shorta ran ahead of Tuesday.

NY Stock Exchange bond 3.23 volume was $2,950,0,000,

American 12 25

Stock Exchange

Budints **wna" done in the local nofetal exchange market this worning at the following rates:- US dollar, (per si).

Stetting notes (per £1) Australian notes (per 1)

doneten reglah (per 100 1263 volume was $30,000 shares.

Stam tieni (per 100) Singapore (Siralts)

27.70

1.00

COTTON FUTURES

STABLE AFTER

SHAKY START

New York, July 31. Cotton futures regained stability after sheng-but not nearly so fast shaky start today but continued to meet selling

Indicators how that soveral Britt-h

industries are Roden

Ds

Germany

Stale: als

116-1

rc peels, Japan. The Ute the rallies.

nor.

bas gunne

Indallen

nek of dynamites mel wage

the newest catch phrase.

United States can afford them

better than can Britain-Chia

Mall Special.

Singapore Stock Market|

Singapore, Aug 1

8 points higher to 6 points lower.

The market opened up 1 to

on 1 pout. New Orleans closed! up 5 16 off 2 points.

Closing Prices

Allied Chemicala

Allied Mills Inc.

All Chalmers

American Airline

Ain, Cable & Nadja Corn.

American Cyanamide Co.

Auto & Fereign, Power

Am. Gos & Electric

An. Mech. & Fury. American Metal American melting Am. Sugar Ref. American Trim Tel American Tov. "D" Anaconda Copper Armeo Stee) Armour

Atlas Cong. Mining Haldwin-Lima-lam

Bellmore & Ohio

Benefelal Finance

Bethlehem Steel

Prices of cotton futures closed Colombian Carbon Co. icday as follows:

Spot Opinber December

March May July

October

December

mill

Menth-end mill buying, along with covering before the July parity report, and a subsidence of hedge selling and liquidation acted to brake the declines,

Brothers with Careling

Brokers teny quoted the fol-connections were conspicuous

lowing steek priec

NEW ORLEANS

Prices of cotton futures elesed

Dow Chemicals

Eastern Airline

Eastman Kodak

U.S. Smelting

Warner Bros.

Wretinhouse Becirle

Wencin Union Tel. Co. West Va. Pulp & Paper, Woolworth

424.

ห!

42

-United Press.

CHICAGO

GRAIN

HOARDERS SEND GOLD PRICES UP

Paris, July 31.

A wave of demand from large and small buyers'sent gold pricra rocketing the Paris gold market to- day.

on

Bullion dealers reported arieady and mounting flow of order ranging from tens of low ton few Napoleonstr favourite gold celn

among boarders, Seven hundred cold in- changed hands

д

493.000

francs (£403) Fach- 9,000 frames gain, on the day and the highest' piler since 1953.

พช

Unofficial exchange market rales, which move In step with gold, also soared today, breaking all records since, 1953.

The Hotlar

note worth 420 francs (against official rale of

350 frames) and the Pound note fetched.

2,150

franca (against 980 franca on the

an

official market). - China Mail Special.

WORLD

RUBBER

MARKETS

Rex

New York, July 31, rubber contract closed today 5 to 15 points higher with cales of 60 contracts.

Seb

Nov.

Jan.

Mar

Max

July

Sept,

Standad conitact closed

39.00

32.53 22.35

32.67

32.00

31.0

31.00

i

Rice Highest

Since War

Washington, July 31.

The United States Department of Agriculture reported today that world trade in rice during 1956 increased 15 per cent over 1955 and reached the highest level since World War Two.

The Department said, in a report on foreign crops and markets, that "rice exports, including re-exports, came to 13,254,000,000 pounds in terms of milled rice compared with 11,567,000,000 in 1955.

However, this still is only two-thirds uf the prewar average trade which is figured on the basis of 1036 through 1940.

The 1950 increase resulted principally from accumulated surpluses from previous crop years plus new-crop rice in countries outside of Asia," the Department reported.

BURMESE

very heavy Importer becnie of floods in the Easter part of, that country.

East Pakistan took 972,000,000 pounds in 1950 in contrast to 1955 when it exported 491,000,- 000 poundUnited Press.

New York Sugar Market

Burmese rire exports in 1850! totalled 4,100,000,000 pound's which was an increase of 14 per cent ever the previous year į bu: still only 63 per cent of the futures closed

prewar average.

Thailand's

rice

in exports 1956 of 2,743,000,000 pounds were 13 per cent below the 1951- 55 avenge, the Department said. A smell crop, and depletion of stucks at the beginning of the year accounted for this, accord- ing to the report,

No rice wcz exported from Vietnam during 1930 because of poor crops. For the seine reason exports from trao and Iraq were down sharply from the preced- Ing year.

"Record rice cxports from the US, the third largest exporter, were 2,025.000.000 pounds" iny 1956. The Department said. This was 78 per cent above 1935. Exporta of large carry-over stocks plus much of the new crop accounted for this unusually high amount of exports from the to US in 1956.

15 points higher with no vales |

MARKET

reported.

Srut

Chicago, July 31.

Nov.

Jan.

Wheat

was strong but

Mat.

May

so,

the rest of the grains were

July

2

34%

20

011⁄2

The

J2.20

12.15

32.10

32,05

32.00

31.0

Kome

BRAZIL

Brazil had substantial exports rice in 1030 for the first time

since 1952, the Department re- Australia's rice ship- port sala.

down ments last year were

to

Now York, July 31. World No. 4

augar today 3 16 points lower with sales of 484 contracts.

Domestic No. 0 sugar closed unchanged to 14 points love: with sales of 2-13 contracts.

Sept, quidation, and the lower zuling of raws in face of a pause in the demand, kept the markets under pressure through most of the session, Contract No. 4 (world)

September October

March

January

Mny

July

September

Delober

4.37

4.33

4.55

4.09

Аля

4,01

Spot-icents per lb. fo

Cobal Open Interest: 4,428 contracte. Contract No. 6 (domestle)

September

November Marcil

September

Spot-toenta per lb, cil

NY ex-duty; Open Interest;

United Press.

6.03-24

6.09

5.40

5.00

1.070 contracts.-

LONDON METAL

PRICES

London, July 31. Priers of metals closed today in sterling per long ton es tel. lows:

Tin spot

July October Zine End hair

July

October

74035 7401

Buyers Sellers

7434 1441

2171

213

21616

1344

mixed at the close of

A routine trade on the sharply irem previous years,

WA 31.00 fairly active session of the minal

market included

Rice Imports Into deficit coun- Board of Trade today. intradealer switching of Murch-trics having the largest increases

The market opened irregular, November at 15 points and May, were but renewed buying by four January at 10 points difference. at Malovakistan, Ceylon More rico also mlig at indmorning caused a

rulert as jmported shipment market

in India, Hong- 3-month tolly. However, mest

grains all

Reported

tales include:t kno

and some other Asian Copper apot were below their best levels of a

tennage of ung ribe,

countries but Japan, usually the month the day at the close.

August/September shipment at world's heaviest rice, importer, Lend 2nd half Flour mill buying and short 31 cents a

a pound.

was "an important excepilon covering spurred whent to gains | Dealers

leported delayed or and the decline in its importers

was revere,"

Grid. Indonesia in 1966 was

the world's largest rice importer, alting record 1,304,000,00 pounds, which was about 10 Answers-1 Stretch, per cent of the total world imide. 8 Centenary, 4 Shade, ports, the Department reported, Frame, 6 Painting, 7 Colours. 8 Her imports over the previous Scenery, Portrail, 10 Canvas, five years had average about 11 Likenessen, 12 Brush, 13 900,000,000 pounds annually. Subtle, 14 Harmony, 18 Scot-

Rice imports into Malaya and land.

an:

of almost two cents a bushel at non-arrival of Indonesia cubles the

day's best levels.

with a resultant scarcity of offer- Exporters

processors Ings on the remill three and four brought some buying into suy- browns, Domente factory in beans, Soybeans, at their low terest continued slow. 2015 for the day, were off more than

Smine deniers

wondered cent a bushel, but export whether the manufacturers "had trade spurred advances.

not been fulled into a false sens Japan purchased an estimates of security" by the prolonged 375,000 bushels of UD soybean market inactivity and had not in the export market, Japan purchased their normal require 4also bought one million bushel meals, Spot No. 1 R9 WAS

of Canadian wheat and 420,000 qusted at 322 cents a pound, bushels of Canadian barley. An cstimated $60,000 bushels of US soybeans were sold to Den- mark.

up

Wheat closed cents for old and up

SINGAPORE

The market ruled dull and featureless with dealers disia- to 1clined to trade. There Was to 1% only small loterest in the lower grades and little factory kalerest.

Future closings were:

„Ne, 1 rubber ntr 18. Aug, RING-DIM

Sept. 02-03

No. 2 rubber. par 16. Aug. No.

on

Benguet Cons

Bendix Aviation Corp.

Boeing Airplane

Front

tong

The

After coverting post-opening losses of cents bales into net gains of 60 cents a bale, the market settled back again at the close to finish

35

Borden (The) Co.

Canadian Pacific R.

Campbell Soup Co.

Hurroughs Add Machine

net

cat Tractor

Case (J. I.) Co.

Celanese Corp.,

10

C. I. T. Financial Corp.

Chrysler Motors .........

NEW YORK

Cumax Molibdenum

Colgate-Palmolive Co.

40

Commercial Credit

$714

Commonwealth Elec, Consolidated Edit

31.43

Continental Oil of Dei.

34.43

Crown Zellerbach-

54.47

Cuban Areer. Sugar

3440

Diamond Alkali

cer's for new.

33.01

Douglas Alremít

Soybeans closed off

to

cent.

Dupont de Nemours

Wheat old contract

1091

September

Paso National Gas

December

Family Finance Corp,

2415

Wheat new contrac

Firestone Tyre & Rubber

100

Spot

Ford Mater

General, Blechile

December

220-

33.60

40%

arch

54,44

G

May

2101-7

Corn, No. 2, yellow

Spot

1330

Goodrich (D. F1) Co.

September

33.26-27

Gucdyear Tym

Di

December

$204

33,17

Cult Oft

March

Heyden Newport Corp. Semestaice Mining Co. Ingerroll-Rand

10%

Ziny

131%

34

Rye

September

12014

future

Déceinber

Gala

September

05-2

December

+14

Entwinational Paper

Soybeat, No. 2, yellow

26.13 Int'l Tel & Tel

26.33

John stroke có

Spot

September

20.50

Kansus C. Power & Light

364

November

20.05

Hennerelt Cooper,

January

242 14191-242 23014-233

Elept.

20.70

jiggott Meyam Tob. Co.

2401-211

-Oct,

Lockheed ANTAN

314

Estate crepe

20.13

Loews Incorp.

20.91

Lone Star Cement Co.

thick Sept.

Lowenstein de Bona,

27.16

McDonnell Aircraft

1AML

ELA

Block-tge.)

Meraht Iron Corp.

Künnesota Mining

Batu Lintang Rubber

Lid.

Ce

Beitial Bornco

Syndicate

Consolidated

Tja

l'etroleu

Seekers

Opening

SAG

03/

Ord.

buyers at times. Spet Interests, commission house and Trades also

were

buyer en balance,

Local teday as follows: aceresited encouraged

Spot

by the pickup

In the demond suca • I sport cotton despite current dull-

Fraser & Nhave Ltd. Ord. $2.31 Fetarr

&

cuin. pref,

Neave

Ganmohr (Malaga) Ikitei

Hong Kong & Shanghai

Malayan Breweries.... $300,

ness in the sexlfie trade,

PRIVATE CROP

October December March

May

July

October Decentber

LIVERPOOL

Prices of cation

51.40

04.44

3303-07

General Frods

General Motors

Pub, Vill.

Wally Of

Cildden Co.

Jaland Steed. Co.

Corp

Intercheme reachinge

appeared icday. The Government closings, In pence per ib, were int

도한다.

$251,

flanking Corji

5133

Hong Kong Tin Lid.

Kun pas Lid

$2.0

The first private crop 'calimatz

· Kuala. Kamper Tin

1/

Lunas Rubber Estales Lid.

New, Serandah Rubber Co.

ind.

Petaling in Ltd.

43.331

Hanes Hotel

Singapore Cold Storage

$220

Birala Trading

$3.50%

Straits Steatr.ship

$10.00

United Engineers Ord. Wearne Bros. ... exdiv,

$13.00

#4.0

$3,421á exall. -China Mal} Special.

NEW YORK METAL FUTURES

New York, July 01. Prices of metal futures closed today in conta per lb. as follows: LAND

August September

Zine

August

September

Copper

August

September

Th

August

September

13.300 13.320

9.900.

2000

CHON DE

01.000 (siralt)

04.750

Undled Prone,

ettimale will be published -en August 8. Today's Climate was for 11,810,000 bales compared with the ingl 1036-57 crop of 13,310,000 in terms of 500 pound bales,

ns follows:

Ok contract

July/Aug. Out/Nav.

Dec/Jun, Mar/Apr. May/June Now contract

July/Au Oct/Nov. Dec/Jan Mat./Apr. May/June

SAO PAULO-

Int'l larvester International Nickel

Alesion, Development

Monsento Cherries) Co.

Motorola inc,

National Cash for. "AM

National Dairy Prod.

The July parity at 36.03 cents a pound for middling 7% inch was of 12 points from the pre- vlous month. The trade xineral. by had expected an increase of 12 points. The July parity will be used in determining the sup

Cotton future closings, in Montgomery WAN pert rate for the 1957 crop.

cruzeiros

Illo were follows: However, the actual support

October price delamination will not be

December inade public after the August 0 March

Mar etop climate.

July Mouth October becomber March Mny

July

Volume Open interest

17,900 100,000 ma 202.000 25,600

345,200

National Lead .....

1440 National Steel Corp. 3.50 New York Central 40.30 il catbilogors 4030 Our Laevators 40,03

In the United States, the average price of one-inch colton at 14 designated spot markets was 13.00 zebte,

Owen-Tilinole Diame Prošle Czas à 3ler. Pan American Airways" Paramount Pictures Penny D. So,

Total sales were 13,216 balekooler & Gamble Co.

22,000 10,1003

NEX

October

17,700

December

5800

***** 124,900

18.000 $11.900 $42,500 balas-United Preks.

Pittsburgh Pila Olam

Publicker Jndustrias

Sept. 2) MUZ(L) 215 +75

March May

Barley,

B001

New York flour,

200 lb, ack

100-1207

art. inquoted

01-01

903-05

074.63!

£2.04 100-10

Spot rubber unboleď ··

Nu. $

Blanket crepe

No.

pale crepa

LONDON

01-01T

The rubber market was quiet with a tendency for buyers and 123-120 sellers prices to spread nule.

21219

124-133

$140.

United Press.

London Foreign Exchange

London, July 31. Claring rates were as follows:

New York

120.05–1.990.67 1933-1935

Spot No. 1 Ray was quoted at

26 13/10 pence per lb.

No. 1 spot

Settlement houps terat!

AUA

Sept

Oct./Dec.

Jan./Mar.

Apr/June

General markets, et basis,

Aug.

thin Aug

AMSTERDAM

Prices:

2024-2732

207-271

27%-27

The rubber market was dull. Prices in guilders per kilogram,

leit Aug. de follows:

No. 1 rubber

No rubber

No, a rubber

No. 1 crepe

2.33 10m.

Ceylon in 1958 were the largest

since the war and Pakistan was

United Press,

NAMESAKES

2 Out-

5

Sir. Henry Roeburr (The Scottish portrait painter),

TYPHOON MAP

With Latest: Amendments

281 nom. 2.59 лет. United Pres.

2.04 nom.

$500

MOUNTED

$499

New York Foreign

Exchange

11671-1187 New York, July 31.

Monta Ansterdam Drumela Copenhagen Frankfurt Milan

#bockholm

Others unchanges.-United Pro

Zurich

1906-19.04%

12.18%

Closing rates were;

Canada

England_and all others unchanged, -Unied Prem.

South China Morning Post Ltd.

HONG KONG & KOWLOON