1957-08-14 — Page 9

Page

THE CHINA MAIL, WEDNESDAY, AUGUST 14, 1957.

Pago 0

TRADE and COMMERCE SECTION

CAUTIOUS OPTIMISM OVER FRENCH MOVE ANOTHER STAB

'Steps In The

Right Direction'

HONGKONG

STOCK

Says US Bankers EXCHANGE

New York, Aug. 13. American banking circles are cautiously op timistic over France's ability to follow through successfully with its proposed austerity pro- gramme aimed at bolstering imports.

The "de facto" 20 per cent cut in the value of the frame and approval of the 1.5 billion in bud- getary cuts were generally hoped as constructive and "steps in the right direction."

French

gold con dollar re serves were slightly in excess of 2,000,000,000 at the cod of 1935. are now plaerd

The recTVEN

abat $500,000,000-comi dered reuk bottom by experts.

Pamucial circles here point that the French

wever,

susterity programme of highet. tax-exporters incentives, in- port controls and Gwerunest cteremics is bound to fail to Auss France an quent bulatronry spied.

Both

flatten out a

Linked

The rising domestic prices Pri the budget deßeit are hitha linked cluy ly to br estly Algerian operations.

b

I defeure spending can held to manageable limits, then France has, é gavl viance thrangli pullin

1. cut real veranenie dílleullies.

Any solution of the Algerian pretium resulting In bringing back therand of Franch troops to work in productive industry halter wg.c

apprecishly Frane's booming economy, it is pointed out, There new workers,

Add

it is said. would in effect "producing Laxus"

THREE MORE

US BANKS

RAISE RATES

Washington, Aug. 13. The Federal Reserve Bourd has authorised three districts mere of its bank

to hile the discount rate to 3 per cent,

Thi action brings to seven the number of pecave didelete charging, 311⁄2 per cent. Interest to member baie Che borrowing. fe other Bvs district - cuding New York, Mil are choeping three per cent.

Thite:

distrkt banki

Our Own Correspondent

Business Cone on the Hong kony Stock Exchange this morning mounted to appro-

ximately $470,000. Nuon quela- tions:

tions and the morning's transac-

Shares Buvers Neders

BANKS

Tinin

AT UPSIDE IN NEW YORK

Cotton Futures INDUSTRIALS IN

See-Saw

In New York

New York, Aug. 13. Cotton futures today see-sawed narrowly around the previous close in quict dealings,

PASS

INTO COMA

London, Aug. 13.

private

-

New York, Aug. 13,

The market made another stab at the upside today but the movement was unable to generate any volume and faded out before the close.

Final prices for most stocks were a fraction either side of the previous close in contrast with

Markets found it very gains of a point to two scored at the day's highs. hard to digest the latest Volume of 1,520,000 shares | Family Fence CoED development in the West-compared with 1,050,000

enterprise Monday and reflected the un- willingness of liverlers to com- mit themaives in դ market apparently devold of incentive. What actfon there tributed to activity uf pro- fessionals in a thin market.

Operations were mainly professional, originatorn Ing among local traders, New Orleans interests, world. commission house, mainly in the way of evening-up operations.

Closing on a note of steadiness

the list showed net gaing of five

seven points The marke

Bales

If unit INSURANCES

++

Don D:0

44 905

20V 100

1124 많이

10

SHIPPING

Wirelock

7.00

7,90

DOCKS, ETC.

K. Whart..

113

Dock

40%

1.40

Provident

.

LAND UK Hotel TEX Lind Humphre

alty

C. 1.lt

opened up

points.

to two to oft four New Orleans closed up

wo to six points.

Elsewhere

time awaiting

1.10 Weather and

trasera

marked

new Incentiver.

clop news came

in for more attention following

the teent

millee

agriculture

decision

com-

10 postpone further consideration until after the new year.

The Covernment weekly 200 24.13 erop summary

was considered 1500 4 24

mostly favourable

Sunny 1107wrather oter the main bell 1000timulated

WORLD

RUBBER MARKETS

British Government stocks suffered a general retreat, with War Loan loging 12/6 to 60% which is only one full point above it all-time low of 05%, renched Inst month on July 18.

Paper Loss

was at-

Firestone Tyre & Rubber Ford Moto Coneral Electri General Foods General Motors Getty O Gan. Pub. UBI.

Glidden Co.

Goodrich (B.F.) Co. Goodyent Tre Gulf Ou

Heyden Newport Corp. Homestake Mining Co, Ingersoll-Ran

The railway nationalisation

Inford Steel Co. stock Inst 10/- and Old Consols

Interchemical Corp 7/0.. Most of the medium and The market, lower in Ave of

Int'l Business Machines long-term lesues lest at leasthe past six sessiona for a int Harvester... 2/6.

paper loss of over four billion. International Nicker International Paper But leading industrials passed closed virtually unchanged on Im Tež së Tel Into com and stayed there, average. Industrials closer 0.18 John-Manville Co,... Turnover in the whole market lower in their average at 493.14, Kentcott Copper

Kansas C. Power & Light rojis

0.05 lower at 144.32. Elægett Meyers Tab. Co. stocks up .02 at 170.31. Of 1.117

Loews Ancorp.

Istues traded, 407 452 lower AME There were 70

was very low at 0,073 bargalles up 0.16 at 08.00 and 65 Lockheed Aircraft

New York, Aug. 13. Rex rubber

cloerecorded. contract

Very few prices today unchanged to tan points changed more than 3d to ed. lower with soles of 202 Con- tract.

BIK

2 1640 15.00

201304

700

3024

16.20 10 40

1015

18.20

1475 1.60

Antic TTOVÉ

Tra

1.50 1.5277

130 1975

LITHS

33 M

24

Scut.

22.40

Nov

22.25

Star Ferry.. Youmal

113

135

Jan,

37.25

TEHD 1:17

Mar

32.15

18 A 10.03

103 D TV

development

and

May

32.0

July

300

11 K

7500

18.00

190

200

500 20.137

500 19.00 Invoured weevil control. Plek- g and ginning were underway in reuthern sections of the 11002990 eastern bell

in the gulf 160

ceartal area.

Scul

31.TD 31.55

Standard contract changed to 10 points

closed un- lower with

and

no entes reported.

Sept.

34.40

Nov

3225

26 28.10 1800 m 20.10

30 234

1

Arkansas reported idcut grow- ing conditong in the celta, al- though late cotton was being

Sept. In Texas

Jan.

13.M

Mar

32.10

Mar

July

Breitle

.. 10 pa

Moes E. Telephone ishiSTRIALS Cement Rape STORES, ETC. Dairy..

15.01 15.80 121 122.75 Web De

13.70) JONS'

123

10%

Nonykat

SISCELLANEOUS

10

Ch. En! Vibro

rake The discoun

rala a. INVESTMENTS, Boston, Daly and Asloot, Tai | Alled Terd last Thursday approVC3 hike to the highest rat; in 19 "Thiladelphia, of Caleago, Minnapolis and Kansa

effort of Caring rather camuming

www then

23

part

City

Franet's current output,

Alleviate

the

#12

Some

elet exper &

an indented prospect of Crop this year thoud farther help alleviate France's plight, France-one of the few coun- tries in Europe which can teed

self and ella export agricul- |

from farul, producis-sufferect

There wha.no in fention when the

the Board of directors of each

0.45

4.20

45%

242

aư

13

SEVERE POUNDING

Sume ulls took a rather severe pounding with the American new highs, speculative favourlie, Trinidad

Maters held Petroleum Development,

down landing 13/- and Apes Trinidad down 1/0 Royal Dutcli icst about 4/ but the other, blue chip oils were praclically unchanged.

Germans were active with the Dawes Loan non-essented down 31.70 £1 and the scented down 151- 31.73 the Young Loan nan-asserited 1000 4 1415 | damaged by weevils.

31.53

lost 10/ while its assenled lost After weather favoured

Carly unsettlement cpen 150 hot

15/-. Japanese were unchanged com-line with the lower cables, the

arsenteds 550912. harvesting, which cared

except for several in late 2001100pletion in the lower Rio Grande terminal market steadied

which ensed a few shillinga. Valley. In the

Dollar stocks were all down far southwest, dealings on covering operations

sharply colon continued to make good through commission housts and rather

while their was relatively preinlum felf nearly a full point to excellent progress, Sume early deelers, Sept. eolton commenced

firm. Intra-dealer to open

switching to 18 per cent.-United Press. Kem County, Californio.

included exchanges of May/ March and May/Nov, contracla. Spot No. 1 Rs W

quoted at 3214 cents.

Exchange Rates

Business WAJ don in the legal

ct the gem would noticial tellow it. A Beard thesus. dollar (per $1) man ponded out that i. i'up to district to determine when the my should be waist in their The Bleund then must pve the directere decisions.

exchange Markel maring at the following intes:

21 1*: "

2:

SHORT-TERM

Treasury Department annotated that is hort-term the WEL

borrowing will carry the highest interest rate in 24 years.

bud crop In 1950, The planned 20 per cen! in- centive to French exporters on yesterday lollar saics pescui offelal USD-to-he-dollar leva wit se all of its effectiveness unles the French Government

is able meanwhile to hold prices in ifne, exper.s azert.

months.

The Treasury sald it will pay 3.480 per cent interest in its 91-day bills dated Aug. 15.

The French government, it is The interest rate is set by bik expected, will be under con-received by investors. siderable pressure to resist new The previous high the Goveri- wage boosts over the nextment was forced to pay was at several

With price time of the bank holiday in still climbing, many teef the March. 1933. Government may not be able to The new 1,700,000,000 dollars

to inrei rost new wage hikes. Auto und | issue was gold metal workers contracts are Treasury's current cash needs. sale to be scheduled for re-Unlied Press, negatlutions seon.

Financial

and barking

perta niso point out, that as a result of France's new currency moves, soune currencies-notably sterling-will be in a less fav. ourable position, For France, however, these steps are con- sidered here as part of a pro- gramme that had to be under- aken at this time to forestall serious anancial eyrn more

the

Bin Liens (per 100) Singapore straites

The certificated stock remain ed at 4,830 hales.

171,109

200,700

In

SINGAPORE

but

The market opened unchanged from the previous Icvels eased on

some up country

was a good enquiry in interest for remis but lower sheets was not quite so

Montit

Volt

Oggu intereNÍ

Oct.

Dec.

0,600 24,300

Mar

4,000

150,500

ay

3000

145.300

this July

11,400

308,300

Oct.

21,000

110,300

5.D4 Dec.

11,400

55,000

liquidation.

Sterling notes (pe: £11 Australiero notes (per £1) Emean rupiah iper I

13.00 Total

0719.500

958,000 bales

$2.011

There

14.40

NEW YORK

27.10

1.00

October

3.-

December

33.83

Priers of cotton futures closed good as of late. Futures today as follows:

No. 1 rubber per lb. Fept. 02-02

Oct. 2011-100 Nov, unquoted No. 2 rubber per Ib. Sept. 915-92 No. 3

"

29.09

No.4

Spot rubber unbated Blanket crepe Nis 1 pale crepe....

PEDIG

0215-831 100-102

LONDON

COMMON

MARKET FOR

WESTERN

HEMISPHERE

Rio de Jancino, Aug. 13.

March

May July October December

NEW ORLEANS

35.10n

The rubber market was steady

Prices of colton futures closed with spot quoted at 27% pence

per lb. Prices: today as follows:

Settlement house term:

August

Spot

Ocluber

December

March

My

July

October December

LIVERPOOL

CHATTER ON WALL STREET

New York, Aug. 13. Standard & Poore ad

cautious policy vises for the present, premise that more favour

on the

were higher,

258 unchanged.

now lows, five

best of

Lone Star Cement Co. Lowenstein & Bono,

Aircraft McDonell

Stock ExpJ Mesabi Iron Corp. Minnesota Hising Mission Development,

the Monsonia Chemical Co. Montgomery Ward

Chrysler groups, sparked by Motorola Ine......

which

held

14

points of an early rise of close io two points,

National Cash Reg National Daley Prod. National Levi National Steel Corp. New York Central Din Mathieson Olis Eirvaters..... Owen Dinɑin (Hamm Packie.Ore & Elec. Pan American Airways Paramount Pelures Parke Davly Co. bond Penny J. C. Co.

Penn. Salt Co.

Chrysler was the day's most rotivo

issue, followed by Raytheon, Bethlehem Steel. Jerry Standard and General Motors.

NY Stock Exchange volume was $3,400,000.

Amtrican Stock Exchange volume was 810,000 shares,

Aden Inc. Agency Allied Chemicals

مات

Philip Morris

Pittsburgh, Plate Ginnal Prooler & Gamble Co. Publicker Industries Pure .....

Tadin Corporation

fiepubile Slewi

Reynolds Metal

Closing Prices

816%

Bears, Roebuck & Co.

Box

Sholl Oll Co. ....

Allied Mith Inc.

Baint Beg, Paper

Allis Chalmers.

334

Sinclair bit

American Airline

10

Bocony Motital

American Cyanamide Co.

Anerican Cable & Radio Corp.

Solar Alrerat!

131

South Puerto Rico Sugar

Amer. & Forgn. Power

1774

Southern Co. (The)

Southern Hallway (Com.)

wath

30

172

01

3214

14

Am. Go & Electric Am. Mach. & Iskry American Melai .. American melting Am. Hugor net..... American Tel, & Tel. American Tob" "B" Anaconda Copper

Anne Steet Summer

Baldwin-Lime-Mani.

Baltimore & Ohio

Denelelal Finance

able buying opportunities Bendix Aviation Corp. will present themselves Eenguet Cuna. later on..."

Betlileham Sleei

Beelog Airplane Darden (Tin

n In analysis of the Electronic Campbell Soup Co.

Burroughs Add Machine Industry, Interna.ional Static Canadian Pacific H. tical Bureau, Inc. finds Ameri- Case J. 1) Co. can Electronies on the Ameri- Cat Tractor

C Corp., cary Exchange "one of the more

Financial Corp. attractive situations," says it thuse, Manhat. Bank should turn 1.10-1.15 in 1957 Chrysler Motora....

Climax Molybdenum 2731-2745 and "'eculd

the 27-11-2712 2713-27 neighbourhood of 1,40-1.50 rext General markets, chi basin, ports! year..." Note Emerson Electric

2011-2011

27-2711

27-27! 2714-2734

No. 1 so put ...

33.20

3.36

13 83

September

33.94

October/December

33.49-51

January/March

32,71

April/June

33.03

32.85

August

September Este crepe this Sept..

thick Sept... AMSTERDAM

2014-27

3307

eatm

In

Colgate-Palmolive Co. Colombian Carbor. Co. Commentai Credit earned 3.47 a share in 1959, Commonwealth Elec. Consolidated Edison probably will earn 3.00-3.80 in Continental Oli of Del. 1957 and could rise to 4.50 Crown Zellerbach

Cuban Amer. Bugar earnings level in 1958,

Diamond Alkali Hornblower & Wecks says The rubber market was quiet, approval of

rate rise for rail- Prices today closed in guildersroad, although generally dis-Eastern Airline per kilogram, elf Sept. #scounted, thould prove a stimu— 20.23 follows;

American economist Eric Johnston said last Saturday that establishment of a "common market for the Collon future closings, in whole Western Ilemisphere pence per 1b. were as follows:

economie | Dig contract could lead to an tmtsocial system thut

New York Sugared be man's best hope

Market

New York, Aug. 13.

for progress, security and

Johnston,

President of the Motion Picture Association of World No. 4 sugar fu- the Chamber of Commerce of Ameries and past president of difficulties in the future,-United | tures today closed nine the United Slater, made the

Press.

Request To Expedite

points

to

sugar

Oct/Nov. DOAJAT

Mar/Apr.

May/June

July/Aug.

New contract

On Nov.

Dec/Jan.

Mar/Apr.

May/June

July/Aug.

SAO PAULO

Cotton

26.05

20 GU

20.00

No. 1 rubler

20.73

No. 2 rubber

20.03

No. Crepe

futures closings, in

Oct.

Der. and March

noted.

al

lower three statement before the American cruzeiros per kilo were as fol- points higher with sales of Chamber of Commerce for Brazil, ruse

In Iima,

Finance Peru, 1,189 contrects.

Minister Junn Pardo raid the Peruvian rigation to the Inter-American Eccitanie Co-

cpening a Buches of Aires next week, witt - designated spot markets was

the establishment of a not avaliable. Common American market, Total alca were 13,440 bales, sinar la the newly-created

common European market.

with

The domestic No. 0 futures closed nine points lower to three points higher vales. of 188 contracts.

Bratic fluctuations marked Colombo, Aug. 13. the trade in the wind contract Ceylon has asked Burmu and while

denlera awaited raw Communist China to expedite matį;et developments, rice shipments which, lutely

Prices rallied slurply after a liave not been rising on mixed start, responding to buy- schedule, it was reported last

Ing on teclinical reasons, but Saturday.

renewed hedging and Sept has shipped only liquilation erased most the 00,000 of the 270,000 tons he gain in jale trade. contracted to cena lo Ceylon The domestic contract was during the current scal year.ateadied with the market

the Only 110,000 tons of

and a continued reflection of 200,000 tons contracted

from the recent cut in the import Burma have arrived in Ceylon. quota.

As a result of these delays, Ceylon had to buy 7,500 tons Centrae! No. 4 (world) of rice this month from Thailand United Press,

China

New York Metal Futures

New York, Aug. 13. Pilees of inelul futures closed today in cents per lb, as follows: Lead Aug.

Sont Aug. Bapt.

Zlue

Copper Aur.

Bept.

Tin AUR.

Hopt

ference

pose

DAZZLING

for

No. 3 rubber

Douglas Alteraft Dow Chemicals Dupont de Nemours

Eastman Kodak

lant to earnings as the seasonal El uso National Cas 261 paid upturn in traille enfurgés gross 2.00 paid revenues.

2.80 patel

2.02 pald United Press.

London Foreign Exchange

Silys more sadstac. tory Income figures can be pro- Jected for major industrial ronds such as Baltimore & Ohio, New York Central, Pensylvania,

Hornblower a150 Reels Equip- ments Makers should benefit from more prosperous transpor- tallon outlook, especially com panies such as General. Railway Signal and Westinghouse Air Brake which manufacture 'cen- trai trafle control systems. - 13.02-130.0744 United Press. 17234-39.34%

London, Aug. 13, Closing rates were:

In the US the average price Brussels

one-inch cotton

-United- PreRI,

New York

Montres! Ammuterdaia

14

Stockholm

Copenhagen Frankfurt Milan 010

Vienna Zurich

2.7814-2:201-3/18 2.034-2.637% 10.04 10.043

21.0745-14.071c

1107-113734

10.0714-19,073

14.4132-14.42

72.217120

12.15-17.10

Paris unchanged at 1107-1107.- United Press,

prospest SINGAPORE New York Foreign

Jolmston said the of a common American market "my

be unprecedented and dazzling. Some will say it is downright impossible."

the iden "True,

of the Western market Hemisphere huy the

elements of a dream," he said. "But jy a rizenm I think we can lurn

into reality, "The components of the dream are the regioni

now groupings

under

dis-

STOCKS

Skagapore, Aug. 14. Brokers today quoted following alock prices: Batu 18stang Rubber Co.

Ltd. British Borneo Petrokum

Syndicato

Consolidated Tin Smeltera

Ord.

Exchange

Now York, Aug. 13. Closing rates were; Canada

the England oričlai'

CHICAGO GRAIN

PRICES

Chicago, Aug. 13.

Pricca per busic in cents;

Wheat old contract

September

December

Wheat new contract

Spot

Sept. 10(H)

3175 (

$1.00

2.75-11/32

1x24 2080 2001

December

March

hiny

July

Coni, No. 2, yellow

Sput

....

Aeptember

21515

23746-14 2219% 703%

13016 130%

December

12724-46

Frince Opening ti

Pakistan $235 Others unchanged.Unlied Press,

34/31 Fraser & Neave Ltd On, 12.021 Johnston, emphasised that he Fraser & Noava 75 run.

Pref

Sept.

Oct.

Jan.

Mar

3,00-01 3.60-01 3.07 3.60-64 cursion.

May

3.02

July

3.03

Aegil

3.03

Oct.

3,650

Spal-frcats per l. fou

Cube Open interest 1,803 contracts.

Contract No. 5 (domestic)

19.48 13.406

2.000

Nov. Mar.

1.000

May

90

Beut.

35.901

麻辣

was not proposing that "over-Gammons (Malays) Limited 120 night we discuss our tarifs Hongkong de Shanghai

and sovereignty" because the long Tin Ltd.

Bank Corp.

common Kumpor Lid,

a long pull Kukin Kampur ïn"

establishment of the

market "will be

and a hard one."

8.44

Jahnsion sald, that,

4.00

3.51

301

Spot-cents per lb. ell

NY ex-duty)

Open interest: 1,771 contracte

-United Pro

Lanas Rubber Estates Ltd. Malayan UreWAVER

In this New Berandah Rubber

Lad.

opinion, the Inevitable pattern Petting Tin Ltd.

of the future wil be forge-Treme Hotel

Singapore Oils Hirake ¿cale

economical regional

site Trading. development—a common market Birala steamidip

nations."United United Dneer Ord. morg

Wearng Bros. From

the

10755

$100 $1.00

$2.40

London Metal

Prices

Loudon Aug. 13. Prices of metals closed today in sterling per long ton as follows:

מוני

spot 3-month Copper upat

$315.00

$3.00)

Zine

hall

March May

July

Ryo

September

December

Oats

September

December

Soybeans, No. 2, yellow

Eoptember November

January

March

כנפך

129

14-142

2301%

252

122-133

Buyers Sellers

759

7001

739

2009

206

2104

31094

Nay

1 Barlby

Бров

T3

New York flour

200 lb. sack

-Untied PreO

#13.400

Southern National Gau

Standard Brands

Rinderd Oll af Çel

Standard Oll of Ind.

Blandard Oil of NJ.

Steep Rock (Toronto Exge. Sterling Drug

Stokely-Van-Comp

Studebaker-Packard Corp.

13 Swin & Co.

Texas Co..

Tide Water Awn. Oli

Time Inc.

Twenty Century Fox Fila

4316 Union Carbide ......................

Union Pacife Railway

United Gas Corp.

10

U.B Steel

ST

13

United Atrerafi

33

US. Line Co

U.S. Cypmon

DS. Rubber

1711

(U.S. Emelling

42

181

72414

497%

20

87

Warner Bros.

Westinghouse Electric Western Union Tel, Co. Wer Ya. Pulp & Paper Woolworth

United Pres

NAMESAKES

2416

901

Arawers-1 Doubles. 2 Ser. vice, 3 Lob, 4 Wimbledon, 5 Valley, 6 Backhand, 7 Tennis, 8

1953 Drive, 9 Winning, 10 Smash, 11

Partner.

Bully Knight."

BALMORAL STAMP ALBUM

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STAMP ALBUM

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