1957-08-15 — Page 9

Page

THE CHINA MAIL, THURSDAY, AUGUST 15, 1957.

Export Taxes Go

Bogota, Aug. 14. Special privilegea have boen granted to the min- ing industry in Colombia by decree. All base minerals may henceforth be exported freely with. out paying export

TRADE and COMMERCE SECTION

STOCKS HAMMERED

7

DOWN

ON WALL STREET

+

New York, Aug. 14.

Stocks were hammered down a point to three points in all groups today in a last minute push which forced reporting tickers to fall behind and

WORLD RUBBER MARKETS

New York. Aug. 14. Rex rubber contract today closed unchanged to ten points higher with sales of 47 contracts.

Sept.

πόνι

JAD.

July Sept.

Standard contract closed un-

HONGKONG STOCK EXCHANGE

Our Own Correspondent Business done on the Hong-

morning amounted

to approxi-

kong Stock Exchange this mately $380,000. Neon quota- tions and the morning's uns

cut prices to their lowest levels in more than four changed to 10 points higher actions: months.

The paper loss came around three billion as

Mar taxee traders made a new attempt to reach a price level

which would attract demand,

and without any obligation

to return to

the country

Wide price swings point Republic wel

Heynolds Metal

Such doi-

**** were

from exports. lars may, however, be sold on the free market.

arrihed

lu

any of the dollars earned mose at a clip in many issues Hers, Houck & Cu.

continue Shell Oil Co... where profes-Sun Reg. Paper "thin" markets Fintul activity was the main Shelor Ou

Surony Mobil Influenters Stup orders Were

Solar Airetuft caught, urding to the liquida- South Pacto Ries Sugar ten. The move was scen as an Southern Co. (The)_

Southern National Cas Tursday's uf

up-Southern Beltway (Com) aftermath

Standard Brand successfully recovery attempt.

The selling cane on volume Standard D of Cal.

Anot Standard Oil of trus. sufficient to swell the half-hour total to 400,900 shares inet

full-session with the 1,500,000 on Tuesday.

been This repulation has Jesued for a period of 30 your and is the daing indie ter on an equal footing with the It mainly petroleum indusity,

Teets canent, coal and sulphur The present time, but in the future.. my help to develop other mineral rieposits.

A rpgelat statute will be!

the preciou worked o11. Jo

metat industry. All gold, sliver

Active List

1. Wepriced Loews, involved in centrol, tuck halth for

and platinum wist, in future, be flopped the active 1st, thanks to Fold lu Che Banen de Rembien. which becomu 'the sole

withi

Standard Out of N

Strep Rock Test Exzei Steiling Drug Ch

Texas Ch

Tale Water As, Dil The

Union Carbide

Grup Puele Railway

United Gas Corp.

U.S. Full "IS"

- with no sutes reported.

Sept, Nov. Jan.

MIDW

July

Sept

535

Light

10

57

dealings

303

featured Lombard

Buyers Sellers

Sales

10 03 10 or 903 5 ( 10

32.40

3235

BANKS

32.23

1 Dank

-

ቦን 910

31,00 INSURANCES 31.00 Union

D+

SHIPPING

Wheelocks

at

DOCKS. ETC.

K. Wharf..

Dock

1.0

114 41

2.00 4234 er 1.00

(rt 7.10 1.125

switching operations, including

exchanges

of March-Sept.

25 points and May/Nov. at 27

pointa. Higher London cables | vicent" (0) 11.80

Tixes- and a contration of 30% 31day's late dealer demand braced

the price in the forenuum, but LAND, ETC.

the demand falle to HK Tutel

follow-through, prices

when

Cotton Futures

Edge Onto Higher Ground

New York, Aug. 14.

Cotton futures today edged onto higher ground for the third session in a row, scoring gains of better than $1 a bale before realising and hedging emerged.

Closing about mid-way between the day high and low levels the list showed net gains of six to 12 points. The market opened up two to five points. New Orleans closed seven points higher.

un-

With form legislation certainties backgrounded for the present, and with the price- support base for the new crop 100 40!

now established, trader nitention wather- 200 g 1.123) Tinned more to the

4110

erop pictüvel 33 & JIG

K Land 2014 107 10 35.75 200.73

18.20 16.40

on

While crop news was mostly the favourable side, observors commented on reports of back- wardness of tale-planted cotton because of the soil bank grown scetions, while Texas areas re- poric exressive shedding.

Now crop October edged up to 32.98 cents a pound to show

CHICAGO GRAIN

MARKET

SELLING COUT ON LONDON EXCHANGE

London, Aug. 14. Seriousness about the future of sterling—one of the hardest-working cur. rencies in the world- caused another bout of sell- Brilish Government

ing

stocks,

War Loan, after being down by 17/0 al one time, closed with a net loss of 15/- at 06:

if it loses anothor 5/- this weeks will reneh again the all-time

low of 85%, renched last July

b. Several Government bonds

lest 12/6 and Old Consols an- other 10/-, The latter now a shade under five per ylcks cent which to all conservativo Investors seems fantastic.

NERVOUSNESS

This cause! 4

Fame

nervousness surprising demand for South African gold shores...... "there's nothing like gold”—and shares which have been inactivo for a number of years came out the tapen repentedly, achieving gains of Liso and three shillings. Some of the Grain futures closed irre-butylug came from Paris today

which is understandable,

Oig were firm without being

Royal Dutch- sensational.

Chicago, Aug. 14.

309425.10 cumulative rise of almost $4 algular in moderate trading bate from the low of ins: Friday. On the Board of Trade to 18.00

The corlineated stock remain-day. 20.90ed at 4,830 bales, 2002034 Month

419 40 41% develop

$434

40

eared from the top levels.

Fimpli

0216

Shipment offerings were

re-

Recity

14712 1.00

17

291

Stokely Van Camp, Studebaker-Packard Corp.

ported scarce and high priced. Reported sales included some

RUBBER

Amale.

Trist

3

three browns from Indonesia, | UTILITIES 39% Aug/Sept. at 27% cents and Tr

1.50 1.32 17000 √, 15

+37

23,00

342

straight August at 28 cente A

24 1350 24 2230 24

6012

werty Century Fux Film

204

pound, cost and freight.

Thailand offerings

113

20

#212

three ribs, Aug/Sept. ship- Elector Bment, November anival at 32

Dealers cents'n pound. 3435 $79 were offering delivery at 32.45 Spot No. vents.

Rss was quoted at 3214 cents.

SINGAPORE

Yaumali included. Ligin (0; 18.

(rts)

Tod

19

1833

17

11

Cre

Macau F Telephone STORES, ETC. Dalry

... 20.74

10.40 10.80 20 28.10

15.60 15.70 123 12.70

4.30 4.3217 1.30

30 1300

Volume Open Interest

net.

1,404)

171.300

2000 25.10

Dec.

10,100

297300

17313.00

Mar.

5.300

May

1.400

140,000

Justy

7,200

Ocli

4,900

170,40

Dec.

2.000

Total

35,200

213,000 909,100 tales

NEW YORK

4.23 250 4.20

10.250 $500 ay 10

Prices of cotton futures today as fellows;

Spot

October

3125

33.91

391

54.00"

34,00

33.01

за да

33.74

jeg. Gypsum

U. S. Life Co.

U.S. Rubber

14:00 that butted Alreraft

161 17, Jory Stannar i, exporter, enyser, Bli Vilubem „nd Gcaerá Banco de la Republica wid pay Motors allowed. the miners in dollar Ofer

a totul 1.152 issus trade 4, detalls of the arrangemens are 823 lower we only 145 US

yet known-China MatĮ payanged and 181 were Special.

113 new charge, True were Jess resulting om die selling winde eis fun, issuer managed

not

WEAKENING A tops.

IN SCRAP PRICES

New York, Aug. 14. There has been a weaken. ing in the price structure for. No. 1 heavy melting

Indusliil: as a group f: 6.21

lowest pointe 1 485.83, 31.1

vel since April 14. Rails were their to 142.18. 214 slower

March 18, and lowest siner Wilities 60 point to 68.34, this lower of 68.390 was Cn Jonuery 2.

NY

Stock Exchange volume was $3,770,000.

sel

bund

American Stoel: Exchango

volume was 720,000 shares.

Dqw-Jones cheving averages word

steel scrap, mainly due to the fact that most mills are 30 dusta jak- to buy and de reluctant mand from overseas is very small.

Most trade yources here feel that the mills' reluctance to pir.

2 rally

is bus

Mock

Cetrin. future price ilex

Closing Prices

chase is not really nitiibuted to Anut Chemical

a lack of inventory rather

holdout

I

Allied Maths Ite needs butts Unders

low. Ben Alihite, prices. Presently, the composite | Am. Cable & Hadis Corp.

I heavy melting American Canamide Co. price for No.

Am. Fogn. Power slightly lower al Am Gas & Electric steel scrap is $53.50 per gross ton. FAS New Am. Mach. & Pdry, York Puri,

The New York brokers Day

ing price for these materials as lower at $10.00

to $50.00 per

gross ton, fob New York.

LOWER

Domestienily

And The Stal Alertean Suvlling Am. Sinar Ref

American Tel & Pel American Tab. "B" Anacunda Copper Aune Sleet Armour... Atlas Cura Baldwin-lima-llanu Bajtimery & Unde Benelleful Deance

Malag

delivery prices Bendix Aviation Corp.

considerably Benguet Cons in all areas are

of Bethlehem Steel Jower, with the exception Chicago which is slightly higher at $32.00 to $53.00 per gros ton. Pitishugh is lower at $55.00 to $56.00, and Philadel phia is alya

to $53.00,

at $52.00

Etoring Airplane..... Borden (The Co Bureaughs Add Machaise Campbell Soup Ch. Canadian wegle R. Case (J. 1: €5.

Cat Tracker lower

there has

wine to a

Celanese Corp.

CIF. Financial Corp.

On the West Coast, the export | Chrysler Matera

Climax Molybdenum business

Colgate-Palmolive Co. Virtunt ball as the Japanese have | Colombian Carton Co. delayed all shipments on commercial Credit mitments to the cartier part of Commonwealth Elce. next year. As a result the price poida ed Edtron

Continental Oil of Dei. there for these materials 2 Crown Zellerbati considerably lower with Los Cuban Amer, Sugn

Diamond Alkai! Angeles $40 to $17 per gross i douglas Aircraft

Sta Francisco quoted Now" Cheiricals ..... ton and

at $18 per gross ton-China Dupont de Nemours

Mail Special.

W. Germany

Tractor › Production

Hamburg, Aug. 14. West Germany may have

Eastern Airline

Eastman Kodak

El Paso National Gus

Fires one Tyre & Hubbor

Ford Motor .... General Electric General Foods- General Motors Gen

Pub, Util

Ciety Di

Glidden Co.

Goodrich (3. F.1 Co. Goodscǝr Tyre

Gulf Co

Heyden Newport Corp.

Homistake Mining Co, Ingersoll-Hand

Inland Steet Co. Interchemicnt Comp......

int'l Business Machines (x)

to cut her tractor produc-Int Harvester

International Nickel International Paper

tion by about 40 per cent owing to sale's difficulties, Int'l Tel & Tel....

John-Manville Co.

at home and abroad, in- Kessay C. Power & Light

Kennecol Copper

dustry sources said here Lesti Mayers Tob. Co

L

sold that the

+

Lockheed Alterati today.

Lews Incor]). Lone Star Cement Co. The

Lowenstein & Sura, sources

McDonnell Alienatl (A home market was almost snflated

Stuck Exge.) and a drop in exports Wos Mesabi Iron Corp. anticipated. The reason for this Minoesoin Mining

Mission Development was the large Increuse in Brl-Monsanto Chalcal Co. tish exports, the British tractor Mentgomery Ward manufacturers were able to offer interest free credits and their products were cheaper than West German made tractors,

In addition there were the accent French import restric- tions, France had ten Germany's best

Motorola Inc. National Cash Reg. National Lead National Steel Corp. New York Central Din Mathieson Du Elvalers musen-fitinata la Pacific Om & Elec. Pan American Aleways West Paramount Pictures customer for Parko Davie Co. ... tractors, taking several thousand Penny I. C. Co.

Penn. Solt Co. out of on average monthly pro Pills Morris

10,000 to 12.000 Porter & Gamble Co. duption froin over the last two years-Ching Pittsburgh Pisto gines Mall Special

Hadia CorpWW.INS

C.S. Sled

Wanner is.

Weigh Electric Western Union Tet. Co. West Va. Puts & Paper Woolworth

404

United Press.

CHATTER ON WALL STREET

New York, Aug. 14. L. 0. Hooper of F. E. Hutton & Co. sees a support 485 D3

of 142.16 area

a minor nature 60,31 189.16 around 490 in the Dow

180,40

The market opened higher on encouraging New York advices

but cased slightly UII September liquidation.

There was good interest

Watson

LUTIONS

Textile Nanyang

MISCELLANEOUS

some INVESTMENU.w

Yangine ...G.40 for Attied

most grades but only a small Invest factory Inquiry. Futures;

No. 1 rubber per

September

JD.

92-021 Pa-03 unquoted

No. rubber per 1 Seat. 91-012

rubber per 10 Sept.

No

Spot rubber unbaked

No. 4 rubber perlu. t. 80-

Blanket crepe...

Nu. 1 pale crepe

LONDON

£21-03

100-102

The rubber market was armer with spot quoted at 27% pence per B. Prices: No. 1 s spot Settlement house tern: Aug. Sept. Od/Dec.

Jan/Mar.

General markets, cli Aug.

as 03 Jones industrial average Amuna

with the "real support area' in the 450-465 area which Sept. he says may not be realised Estato prepo this Sept. 222 for some time.

Oct.

4.1

SINGAPORE

STOCKS

Singapore, Aug. 15, Brokers today quoted following stock prices.

Batu Lintang Rubber Co.

Lid.

British Borneo Petroleum,

Syunicate

December

March

MAY

July

October

December

200 oct

108.200

NEW ORLEANS

closed

Priers of cotton futures closed the today us follows:

Opening Delcher

52.35

Spot

December March May

July

October

December 34/04

Commodated Tin Smeltera Ord.......... Fraser & Neave Ltd Ord. $2.92-1 Fraser & Neave 75% cum.

pret

LIVERPOOL

33.00

33.09

31:00

34.03 3340

Cotion future closings, pence per . were as follows:

20.03

rose

0/ and Shell Transport 2/0: Develop- Trinidad Petroleum

the 01%

The market

17/0 about ment, which fell some opened stendy but favourable weather ver'erday, recovered it all today.

Germans monopolisca and crop reports-moved priers

Potash foreign market, lower of mid-day, Soma hedging

saw their non-as- and slow consumer demand also per centa

the assenteda pricca helped move

down scateds rise

of the Young Loen rose £1 ward,

and that of the Dawes Loan 10/-. The assenteds of the 7 per cent Polash full £1. Japanese were virtually unchanged.

Soybeans showed the sharpest dips of the day, dropping almost two cents a buhel at the day's Jow. Some processor buying was reported but profit-taking enter cd the market on news that Japan hnd postponed until August 23 the purchase of an estimated 675,000 bushels of US soybtans.

INDEPENDENT

The Sept. contract suy beans showed Independent strength and was up sent al bushel at the day's high,

Trade was slow in wheat with some hedge selling reported.

It was reported that the French govemment had reduced In export wheat prices by 10 per cent. Most of the wheat offer- ed by France wos of low gradu quality,

2714-274

2734-2786

7714-273%

271-215/

int cif basis,

2734-201 216-272%

ports:

243-273

279-2710

пеш

thick trougled. AMSTERDAM

was market The ubber steady. Prices cloood today in

kilogramme, guilders per

14.00 Gammons (Majaya) Limited $2.00 Honkkank

Shanglist Bonkin Corp. (exall) .. £403 Hongkong "Tin Ltd.

Kumipas Ltd.

Kubla Kampar Tin

79 $2.07.1 14/

Old continet

Oct/Nov.

Dec/Jan.

Lunas Rubber Estates Ltd. $1.00 Malayan Breweries

Mar/Apr.

May/Juan

$315

July/Aug.

cil

New Serandah Rubber Co.

Lid

New contract

22.80

Sept. as follows:

No, rubber

2.04 paid

itutter liquet.

Petaling Tin Ltd.

Oct/Nov.

$3,50

Dec/Jan.

$2,43

Mar/Apr.

2.03 buyerE

$1.14-12

May/June

32.02-

$10.40

July/Aut

$13.80

SAO PAULO

$3.50

Mil Special.

jvere

1611-

Hopper says he thinks incen- 40tive is lacking to make

in any considerable

17%

14

purchu.cs

volume.

PINTA

**

70%

5162

5224

143

!

Wurd Kenneth

Hoyden, Stone & Co. list the following will hit lower levels before they are again in attractive buying positions: Air Reducilon, Johns- Manville, Jefferson Lake Sul-

13) phur, Sylvante, General Aneri- Transportation, Central Cable. Glletle, Northern Natural Gulf Producing, Gas, Texas

531

van

19

521.

13

401 Lin Bell.

361

4217

351,

Among issues which he notes have resistet all recent declines

921 an "auprer headed for higher

levels: Kroger, Kimberley-

No. 2 rubber No. 3 rubber

No, I crepu

Tracing 2.12 buyers Straits Stcaneships

Urited Engineers Ord. -United Prom

Weare Bron.

2.61 buyers Sera Cald Storage

TENNESSEE

GAS IN BOLIVIA

Buenos Aires, Aug. 14.

Clark, Chrysler, Raytheon, A United States oil group

42% Pullman,

TAY

Balimore Palmolive,

New York Sugar

Market

New York, Aug. 14.

World No. 4 sugar futures closed today 6 to 16 points

2211.46-47

21.30 20.00

All quotations available.

In the United States, the Byeroge price of one-inch set- ton

designated spot market was 33.64 cents,

Total sales were 0,878 bales.— United Press,

Sarawak

Owens-Illinois, Bab-headed by the Tennessee higher with sales of 1,075 To Improve

&c

Western

Ohio,

Colgate

cock & Wilcox, Champion Paper, Gas Transmission Corpora

Pacifc. Lion was reported today to Newport News Shipbuilding, J. he pouring men, money and I. Case, Mack Trucks, General equipment into the former concession tellway Signal, Clevite, Culcago one-million-acre Great Western-Unitet Press. of Texas oil man, Glenn McCarthy in the Pilcomayo oil basin of Bolivia,

contracts.

Daneste No. 6 cugar futures

point higher with sales of 96 closed one point lower to one contracts,

Economy

Foreign trade was quiet al- Western Germany though

bought 410,000 bushels of US hard wheat,

Wheat closed off 3⁄4 to one

cent for new

cent for old.

and off to

Soybeans closed off % to 15% cents.

Dec.

15456-4

Dollar stocks recovered part of their recent losses and their premium Improved 14 to 132 per cent.-United Press,

NAMESAKES

Answers:-1 Portraits, 2 Painter, 3 Hampton, 4 Frame, 6 Favourites, & Easel, 7 Galleries, 8 Fatter, & Beruty."

Peter Lely.

Fly PAH AMERICAN world's most

experienced airline

to

EUROPE

USA

Prices per bushel in cent

Wheat, No. 2, red old

Sept.

0173%

Duc.

2927

Wheat, new contract

Spol

2100

Sept. 21400 217161) 215-71%

Doc

Mar-

MY

Jul

2014-12

Corn, No. 2, yellow

Spot

Sept.

Dee.

har.

136194 1201 126.4 130-131

and the

May

July

33040

Ryo

Contract No. 4 (world)

129-137% 24112

Oct. JUE.

Sept.

Sept

ស

Soybeans, No. 2, yellow

Marshall Jeffers, Tennessee

Mar.

Miny

Gas Production Manager for

July

Spot Sept. Nov.

602-12

250m

24735-36 2422-1

Bept.

Jan.

Kaik th

Oct.

The

Plonetr Industries

Mor

240

บ

fer from McCarthy was con-Open Interest: 8,056 contracts. cluded only July 16, 500 to Contract No, & (domestic) 1,000 Lons of equipment, machinery and materials are on

Cubi

3.60

(Encouragement) Bill

would Barley

May

25016-31

grant customs duty and income

Spot

123-173

200 jbl sack

319.00TL

Sept.

5.04

Nov.

5.GO

Mar.

5.40

the

May

B.GO

4 Bank of International

Settlements, said

Sept.

Nov.

in

"AY ex-duty) Open interest: 1,737 contractress..

6.05

-United

Economist Says

Pound Will Not Operations, said after a visit to

Be Devalued

Capetown, Aug. 14.

the concession north of Yaculbut, | Spot-(cents per ib. fob Holivia, that although the trans-

Professor F.A. Lutz, the way from US ports.

economic adviser to

Jenter said drilung for the first well under the new contrul

Spot-(cents per b. cl signed with Bolivia's State Oil an Corporation, Yocimintos Petro- interview today that in uferos Fiscales (YFF), will be- his opinion, Britain would gin before the October 28 dend- ine, and the second well before not devalue the pound.

next July 28. "Britain's fundamental Dnomie posilon

331%

177

38

*O

is not ozli desperate as people think," D 3 told the Cape Argus.

"Although confidence in the 10 pound sterling is not too great in continental Europe, it is not so small that they think Britain 2014 will devalue:

any talk

78

01

"There la

hardly

it and I was

surprised to hear so much about

it here." Chiha Mall Special.

Exchange Rates

dong in the local market Uus EXCHENCE

Business WAS UNDRICIAL

morning at the following roter: U.8. dolay (per #1)

418) | Ster)wig gates iper RIL

488 Australiani cotes (per 212...

Indonesian rupiah (per 100

Ham Heal (per 100)

Burgtagoen (Straltar)

Among the equipment an qutres from McCarthy in the $1,500,000 trunsfer are ope 10,000-foot and two 5,000-foot drilling rigs, to be used for the flist well. For the second, the 15,000-20,000-foot rigs new Teantace Gas will bring in w!]] be used-United Press.

New York Metal Futures

New York, Aug. 14.

Singapore, Aug. 14. Sept. The

Govern Date Sarawak 3.73-74 ment, in a statement here

Dec 315-70 today, sald two new bills would be introduced soon le Improve the Colony's ecp- nomy.

3.61

Tux xelef to people establishing New Yorit flour factories for new industries i Sarawak.

Under the bill, the Governor- In-Council would be empowered to declare an industry and e spreined product "Ploncer" ones after announcing his intention to do and considering objec-Į tions.

The second New York Foreign Development Finance Corpora-

Exchange

1.19 17/33

Now York, Aug. 14. Closing rates were: Canada Bigland omcial

uncleial 30-days

་་

Yo-dhýs

Belgium

nicusure,

tic

tion Bül

would establish corporation body--the Sarawak

0

tion-which

Development Finance Corpora-

would promota Sarawak's economic

dev-lop-

2.70 0/22 inco! by the grant of financial 2.06-2.10 credits-Router.

2.17 11/19

2.70 11/20

0151 Others unchanged-United Press.

London Foreign Exchange

London, Aug. 14,

F.7844-#.76-3/14

Prices of metál futures closed Closing rates were: today i cents per lb. as follows: New York

indon | Montreal" 13.453 | Anisterdam

10363

London Metal Prices

Loodoo, Aug. 14,

Prices of malale closed today

in sterling per long 609 54 follows:

741

United Press.

YOUR ALLY

For reservations, call your troval egant or Alexandra House, Phone 37031, Hồng Kong

PAN

AMERICAN

Pan American

welk Airways, Inc., Emparparata

La Seks of New York, 17. Body wash (imizad İsahiliny -

A GOOD PRINTER

What's the first step toward effective

printing? Just this: call in a good printer right from the start. Whatever your requirements, his fund of experience will bo invaluable in helping you to design,

to solect type, and to choose the right paper for the job.

There are no better printers in town than-

·SOUTH CHINA MORNING POST, LIMITED Printing Department

Lea Al

Hopl. Zha Aug.

*Win Prot

3-montli Copper spot

5-morith

Buyers Brile

241 310

5.06

hell

Cappre

Hapt.

Patie

Tin

AUT

14306

| Blackholm

hale

Bapt.

94006 Zurlo

Zinc

Nov

73%

Wyndham Street >>"

nised Prow

Gibare unchanged.—United Press.

-United Pres

24.00h

Lead

Lend

Tel: 20002