THE CHINA MAIL, TUESDAY, AUGUST 27, 1957.
TRADE and COMMERCE SECTION
UK & GERMANY REFUSE TO BUDGE
Suggestion To Revalue D-Mark
To US Dollar
C. Gordon Tether, well-known London foreign ex- change expert, writer on the effect of the French move to devalue the franc on the international currency market, and why the British pound and Dutch guilder were forced down to "floor levels,"
London, Aug. 26.
HONGKONG STOCK EXCHANGE
Our Own Correspondent Business done on the Hong- this
Icong Stock Exchange morning amounted to approxi- nately $284,000, Noon quota-
GENERAL DECLINE
PRICES
CUTS ON WALL STREET
New York, Aug. 26.
Stocks were slashed a point to seven points on increased turnover today for a further loss in market valuation of more than two billion.
The decline, extending the selling in progress tions and the morning's transac- last week, hit all groups and cut prices generally to the lowest level since last Feb. 12, the day the year's low was set, dropping the Dow-Jones com- posite average 2.06 to 162.78.
tions:
Sharek BANKS JK Dank
INSURANCES
Union *** SHIPPING Wheelock
Buyers Sellers
Bates
$57
200
10
10 00 800
100 69%
115 7.35
122
411 412
500 100
4
40
DOCKS ETC.
The devaluation of French franc that took place in the second week of August-feebly disguised
the by
French Government 38 modification of unaltered official parity rate through introduction of a uniform system of import duties and export subsidies-had been proident 101 10 anticipated for so long that it seemed hardly likely | LAND, C to lead to 1 major upheaval in international Hotel 15.00 2015 currency markets.
Dock
(RA) 1.125
HK Land. 3
1500 m $3,40
301
1120+ 2014
139 a 30% 110 30%
10 10.30 1.479 150
1.48 1.473 7000 m 1,476 1275
130 135 000 t
Humphreys Really RUBILER Amalg 'STUBL UTILITIES Tram 23.00 23.00
100 100
Measured by Dew-Junes
Industrials averages,
were off 5.00 al 470.14, their lowest since last March; rails dropped hacks 2.82 to 135.30, lowest reached by them-since Dec. 10, 1934. The utilities dipped 31 on the day.
With nothing spreife on which to blame the selling, markel
men generally called the move still technical and noted there
selling pressure,
Was no
Zalime Up
Volume increased to 2,080,000
WORLD RUBBER MARKETS
New York, Aug. 20, Rex rubber futures today
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