1957-08-28 — Page 9

Page

THE CHINA "MAIL, WEDNESDAY, AUGUST 28, 1957.

TRADE and COMMERCE SECTION

CURRENCY UNSETTLEMENT

May Continue Until IMF Meet In September

By SYDNEY S. CAMPELL

London, Aug. 27.

HONGKONG WALL STREET HAS

STOCK EXCHANGE

Our Own Correspondent

Business done on the Hong-

morning amounted 10 прого-

The currency unsettlement touched off by the French frane's devaluation may well continue until the International Monetary Fund meetingflons and at the end of September.

If it is a storm it is not a very big one and there is reasonable calm at its centre.

FRANCE

FREEZES

PRICES

Whatever re-adjustments may eventually be require, the immediate problem is worldwide speratation on

pping of the German mark.

This bears on sterling as the frane--howeytr temporarily has dide-stepped it,

Eschewed

BEST GAINS

OF THE YEAR

New York, Aug. 27.

A technical stock market recovery, helped

kong Stack Exchange

this along by a few favourable news items, snowballed ximately $453,000. Non quot into the best gain of the year a rise which the morning's trans-restored some three billion of recently slashed

market values,

The rise, thought long overdue by many in Wall Street in view of recent steady losses, took in all groups with the metals, steels, aircrafts and 780 chemicals particular favourites.

WORLD

RUBBER MARKETS

New York, Aug. 27. Rex rubber futures today closed five to 23 points

higher with sales of 154 contracts,

Sept

Wow.

Jan.

Mar

May

Tu.y Sejt.

31.10

31.10

31.05

30.00

30.50 30.05

The standard contract closed Ave 10 2 points higher with no sales reported.

Nov.

actions;

Shares

MANKS

Buyers Sellers Sales

Kark

INSURANCES Unlen

70 0214

Sept.

J.

Arr.

SHIPPING

Wheelock

80

1.75

Muy

July

*35 4000 4

DOCKS, etc.

Sept.

11

K. WHAT

11

120

290 $25

Dock

作

Providen

**

TRE

LAND, ETC. fotel.. HK La Humphreys

15:30 15

16 18.30

“

1.471507

Tram ?auth

23 89 2150

2000

23m

Speculation that Russin's ↑ Moureato Chemical Co. 1 12.20 2000 12.20 claim of un Inter-continentalery Ward

Motoyota lc. 15730 ballistic missilo may spur US 3000 1.35

reflected in missile activity, stocks associated with the pro- 200 0 2014 gramm".

Improved steel operations and predictions of a butter situation to come in that the steels. Industry helped

34

30

48% routine

54

35

29

60

23.00

105

to

100

103

1812 10.70

730 10 0

300 18.00

Since speculative movements. Light ch: sometimes get out of hand, bravado in eschewed.

But London lins resonable

erlying

4000

(Tita) 12.00 13 400.4 12.80 Electric XD 21.00 20.20 2260 un 29,10 Macao E. 10.40 10.00

Tel.

.... 27.00 TBO

500 2733

758 677)

500 27.70

1572 27.70

33

conilderce because stet!!

not overvalued | INDUSTRIALS against the dollar

(as wilaces Cerneat

Paris, Aug. 27. The

Finance French Minister, M. Felis Gaillard. tonight announced that the Government had decided to freeze prices at the level of August 15 in an effort to in's near-booming exports bring inflation to a halt. 1 North America)

be-Hope have STORES, ETC. cause speculative Nights

Dairy the Anorced, which is notWatson

COTTONS easy lu a world-wide money

Textlin Ughtness,

Nanyang INVESTMENTS Paris wanted recent franc Yangtze changes to be treated esoteric- aRy and not as a devaluation.

M.

Gaillard said that the general freezing of prices will juke effect ho from tefu August 37 on the basis of the prieks ruling on August 15.

He said the recaint applied to the price of all duets, and services which were previously fixed freely.

EXCEPTIONS

Two exceptions were admitted to this freezing of prices,

In the case of firms

exports.

dertaking minimum of

To allow the recent in- Crease in the price of steel and of Imported materials to be absorbed.

In this cave cost prices would not be allowed to lend to higher prices to the consummer, said M. Gallard, unders the rise caused by the increase in the yeat of

and raw

materials was superior to three per cent.

07

and

If this had been found pusðİ- | bike, there might have been less chatter about that devaluation being only the first blood the over-strong D-Mark and the speculators,

to

Bears of the frame have some

juicy prefity and look enough

of them to cost the Bank England some francs, not many.

Full Profits

AIDEJ

&

3212

414

14.20

13 34.70 124 12.60

4.37

9.75 0.06

11,00

4a

Halls were helped by prediction of belter earnings ahead.

Wide Changes

National Curh Reg. A National Dairy Prod. National Leel Nellonai Steel Corp. New York Center Norfolk & Western By On Mathieson

Oil Elevators Owen-filigos Olas Oxford Paper

Pselle Go & Eite.

Pan American Airways

Paramount Pictures

.

Parke Davis Co.

धै

The wide changes for many

however, issues,

reflected 10238 continued thin market. Turn

totalled only 2,250,000 Gover

shares compared with 2,080,000 on Monday, There were 1,143 2004 101% istics traded compared with 1,173 cn Monday and with 1,182 -last Tuesday.

CHICAGO GRAIN

MARKET

Chicago, Aug. 27.

rallied futures

Grain of from early declines and though closed mostly higher in moderate activity today on the Board of Trade.

Hedging

They will take their full pre- rent profits only if they lids that France's present incasares the full distance. Few people do.

1 both sides dig their heels The Government bas also.de.

|"it" with "Germiny refusing to elded, M. Caillanl antonanced,

countries up-value and other Pho to reduce

prices

111

Germany pharmaceutical products by four refusing to devalue,

presumably go on amassing money longer than other coun

But tries can go on losing it. Grmany Would

be inviting

per cent.

voluntary reduction of six

M. Gaitland repofled that

Q

Ja

ten per cut land already been

2

Of the total, 703 were higher, 133 lower, 207 unchanged with 138 new lows set and only two new highs.

The Dow-Jones average for Industrial stocks, in its biggest jump since last Dec, 3, rose 7.41 points to 477.56; rails went up 101 to 138.40, utilities .28 to 67.48 and the 65 stocks points to 184.72.

1.6

Penny J. C. Co.

Penn. Bolt Co.

Philip Morris

Procter & Gamble Co. Pittsburgh Plate Gloss Publicker Industries Pure Of... Raul Corporation Republle Steel

Itøynolds Metal

Sears, Roebuck & Co. Bholi Oil Co..... Saint Heg Paper Sinclair Bu

Socony Mobiloil

Solar Aircraft.

South Puerto Rico Sugar Seuthem Co. (The) Southern National Gas Stuthern Railway (Coin.)

Brands

Standard Oil of Cal Standard Oll of Ind. Standard Oil of N.J. Stoep Rock (Teranto Exge.) Sterling Drug Co. Stokely.tal Camp. Studebaker-Packard Corp.

Santhino Mining @wift & Co.

Texas. Co.

Textron Inc.

Tide Water Asm. Ofi

Ine.

Aircraft gains ran to around nty Century Fox Film' two points.

میں

31.15

31.10

31.00

20.90

30.50

20.05

Future trading was mostly and was very dull at the close. Tradera reported sonte

interest in the Lactery physical market. Offerings were scarce and high-priced. Spot 63 No. 1 Rss was quated at 314

cents.

49

41

GO

SINGAPORE

The markel opened lower on overreas advices and ensed further on liquidation September position.

Al lower

Hand well

or

Cotton Futures Firm In Quiet Session

New York, Aug, 27. Cotton futures firmed after an easy start in another quiet session today.

At the close, the list ruled seven to ten points higher.

The market opened unchanged to point lower. New Orleans finished four points

higher.

Early activity consisted main-

ly of eight hedging and liquida- tion which met some mill and New Orkans buying The Der ket remained slightly on the downside and in the afternoon trade buying lifted prices above. their previous closing levels.

The light buying followed the Issuance of the weekly weather report which some considered not quite as favourable pected.

as ex-

Otherwise, there was nothing new in the news to stir inter- est. Scnate passage of a bill

Government allowing the

to

one

GOVERNMENT

STOCKS IN DEMAND

London, Aug. 27. For the second successive day, buyers bid persistently

British 10 for

Government stocks which only a few weeks ago were lowest levels ever known.

at the

sell at least 750,000 boles Eurplus cotton annually domestle textile mills for ex- pert cotton producta

much of a market considered factor.

was not

Many traders believe the bill will not poss in the House. Both the Agriculture and State De- partments oppose the bill, Month

Volume Open interest October

7,900 164,000 December

14.700 177,100

March

was May

October

level selling absorbed. but as the July market steadied, renewed sell- Decembor ing ensued and the market clos- | Total ed regular, Futures.

4.200 108,700

3,000

150,200

$300

107,800

1300

109,000

400

38,200

NEW YORK

35.600

D99,100 balen

Cotton futures prices

- today as follows:

Spot

No. 2 rubber per lb. Sept. 87-6735, 1724 No. 3

No. 4

"

234

Spol rubber unhaled

391

Blanket gripe

No. I pole crepe

October December

3415-8534 March

War Loan gained 11/3 to 65 18-9 compared with. Its alk- time low of £45 last week. Galas among the gills ranged between 776 and Wor Loan 11/3. The

strength displayed by sterling was apparently the chief factor.

But blue chip industrials were more disturbed by the fresh fall on Wall Street Which earried closed the Dow Jones index to 470 compared with 485 irst Wednes- day. I this means that the US is heading for urccorsion- leven at only a modest, tem- porary one-British economy, s the theory goes, will also be drogged lower.

39.000

32.04 43.87

33.90

201

ATE

•

No. 1 rubber per ib. Sept. 876-672% |

Nov. unqusted

0022-8712

07-072

3014-6116

July

04-100

October

December

NEW ORLEANS Cotton futures prices

closed)

today as follows:

Spol

22.03

October

814

132

LONDON

The rubber market was steady

32 with spot down of a penny

to 20 1/18 pence. Prices:

December

March

May

July October

December

འ

39.84 23.45

LIVERPOOL Cotton tuturo elesings, in pence per lb. were as follows: Old contract

Mar/Apr.

OCCASIONAL

Falis were mostly of the order of 3 pence, pence or B pence and there were occasional risas, like Borax 1/-, and the Occasional falls of 1/-, as in Marks and Spencer,

Royal Dutch tell to £21- 7-6 but the other leaders gain- 26 39 ed at least a shilling with Bri- 24.03 1ish

Petroleum up 3/9 and

23.13

1812

No. 1 Fire spot

26-2011

Settlemaal house tes

12

Oct.

28-2052

03

Nov.

2014-201

Dec

2812-2015

Det/Doo.

2014-201

202-27

25% Apr/JUTO

Balen Carbide

Juty/Sept

Union Of Cal.

treneral markets, cal basis,

and liquidation at

mics Issues.

NY Stock Exchange

Bethlehem and General Dyno- nvere the most active

Union Pacific Railway

2716

Scpl.

United Aircraft

OCT.

26-2015

United Gas Crup.

Nov.

24-2014

12

9022

AMSTERDAM

416

May/June

$21

441 The rubber

market

wta

July/Aug.

steady,

Prices

all unchanged

New contract

Det.Joy.

38 a

Americna Slack volume was 750,000 United Press.

Exchange shares.~

Warner Bres.

today.

Dec/Jan.

-United Press.

Mar/Apr.

17:

May/June

30%

July/Aug.

4037

Closing Prices

SAO PAULO Cotton

closings, futuro cruzeiros per kilo were follows:

in

March

40.00

May

40.40

July

40.00

the opening lowered wheat, cornį volume was $3.860,000. and soybeans as much

solling cent bushel. Early in soybeans was Inhuenced by the failure of expeeled frosts to materialise in bean produc- ing areas.

Soybeans, like the rest of the rain-list rallied around-noon Alten Inc. Acy. with the nearby deliveries re- Allied Chemicals cording the best gains,

Ailts Charlieva American Airline American Cable

Coep.

Wheat closed unchanged to upl

cent for new and off to American Cynnamtl

eent for old, Soybeans Amer, & Furgn. Power

Am. Gas & Electric Am. Mach, de Filty. retaliation and, meanwhile, the closed up 11⁄2 to off.

American-Metal American Smelting Am. Sugar Ref. Americon Tel & Tel American Toh. "B" Anaconita Copper Armen Steel Armour

• cifected by the hip stored and a Bank of England has a longer Wheat, old contract certain number of other shops Jacket including its intact Sent.

on household goods, electrical $1240 million

apparatus, radia and television credits-than speculators .could sets, gran.ophone record, and

camero..

The

Government's measures

also apply to agricultural pro- duce. M. Gaillard announced

that reduction in

the pre

ديان

2134%

Dee. of Washington Wheat, new contract

Spot

#251

anatch.

Sept. 2101

Dec

HOLLE 2102 2221. 226

The outdok

is rather Betre. The D-Mark

specula-

Mar. May July

2031

election appreaches

1204

19542

120

13240

135

lion may blow colder an the Corn, No. 2. yellow

German

of beef had already entered ¦ and colder still if it goes wrong.

Into force Inst week and that its application would be severely controlled-Beaters

Otherwise, six weeks of cur- rency unsettlement until after the IMF meeting might strain

some nerves.

برادرش

Spol

St.

Des Mar May

Rye

Sept. Dec.

Onts

Sept Dec.

If speculators think they are they on a D-Mark certainly, will find finance somehow un-Sorbrans, No. 2. yellow

New York Sugar Market

Spat

less they can be squeezed. They

Sept

might be.-China Mall Spectul.

Nuv

Jan.

Mar

May

Barley

123-15

1301%

Altos Cons. Mining Baldwin-Lime-Hem,

Baltimore & Ohio

Beneficial Finance

Bendix Aviation Corp. Benguet Com

Bethlehem Steel

Boeing Airplano Dorden (The) Co.

Burroughs Add Machine

Campbell, Soup. Co.

Canadian Facile R.

Case J. 1.) Co.

1319-135 Cat. Tractor

Celanere Cort

C. L T. Financial Corp.

Chrysler Motors

Cumax Molybdenum Cluett Porbody

Radio

Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Commonwealth Elec. Consolidated Elin Continental Oil of Del..

60%

69

2470

241-2

23715-4

2402

125-133

Crown Zellerbach Cuban Amer, Bugar

$13.50%

22454

..

US. Fall ""

U.S. Gypsum

bond US. Line Co.

U.S. Hubber

U.S. Smelting U.S. Sterl

Westinghouse Electric Western Union Tel. Co. West Va. Pulp & Paper Woolworth

-United Preas.

CHATTER

ON WALL

STREET

01

New York, Aug. 27. The market remains the defensive, occasionally counter-attack, staging

only to be forced back once again by a renewal of offer. 50ings, according to Reynolds 39% & Co.

16

New York Foreign

Exchange

New York, Aug. 27. Closing rates were;

Canado England uneficial Others unchanged

Bil-c

3.00-1/18

2,0-2,02 2.70-17/18

United Presi

London Foreign Exchange

New York

Montres!

London, Aug. 27. Closing rates were:

2.7632-2.78-5/10 2.0412-2.63 10 64-10.4412 130.4234-130477% 10.337-10.34 31.073, 11.6745 19.07-103714T 14.457-14.4646 12.10-13.1014

Amstrydam Brussels Copenhagen "Opinions on the business out Frankfurt as look, the fam continues, "range stockholm from violently bearish to mildly | Zurlei

Other unchanged optimisllc."

450

Shearson, Hamil & Co., says that should the current deflation- ary policy persist, it is quite possible that investors will show greater interest in the so-called defensive yield stacks.

Josethal & Co. notes that

al capital gains opportunities have developed in the municipal kand

market.

Oslo

-United Press.

POPULAR

26.90

26.34 Burmah up 2/-.

20.71

20 39 pletely idle.

Sola

27.12

were com- exceptiou

27.39

non-

Foreign bonds

Was the Dawes Loan

27.41 sented which improved 6/- to

£118-5-0. Dollar premium im proved to 15 per cont.- Unlled Press,

In The United States, inc overage price at one-inch cotton

at 14 designated spot markets was 33.45 cents.

Total sales were 21.707 bales.

-United Press.

London Metal Prices

London, Aug. 27, Prices of metals closed today sterling per long ton as follows:

ID

Tin

monu

Copper mot

3-monili

Buyers Bellero

201

738

733

733

20171

2013

40212

.... 2043 Lead 2nd Half Aur. K Lend 2nd halk Nov DUER Zine End 201 Aug. 721% Zinc ard half Nov. 737

United Press.

PUBLICATIONS

The Guinness Book of Records .. Chinese Creeds & Customs Vol. 1 Chinoso Croods & Customs Vol. II Baby Book

NAMESAKES

Answers:-1

Regiment, Dictate, 3 Spain, 4 State, Government, 0 Administer, Revolution, 8 Falange, 9 Mad- rid, 10 Capitel, 11 Ruling, 12 Pelice, 13 Orders.

General Franco.

high style

LOW COST

TILE-TEX

ASPHALT TILE-the

New York, Aug. 27.

World No. 4 sugar futures

today closed two to 12 SINGAPORE

paints lower with sales of

393 contracts.

Domestic No. 0 sugar futures closed unchanged - with sales of one contract.

World futures slipped on light profit taking following the recent advance with trading on the slow side. Domestic futures were duli.

Contract No. 4 (world) September

October January Marg

May

July

September

October

Spot-(cents

Cuba)

STOCKS

Singapore, Aug. 28. Brokers today quoted the following stock prices:

Spot

New York Hour

200 lb. #uck

-United Press.

New York Metal

Futures

New York, Aug. 27. Prices of metal futures closed today in cents per lb, as follows:

Opening

4.31

4.31-32

Ord.....

Batu Lintang Rubber Co. Ltd, $9.05 British Burnen I'etroleum

Syndionts ...... 64/- Consolidated in Smelters

Lead

Zinc

Aug

Sept.

1.07

3.92

3.90

Hongkong & Shanghai Bank-

oum, pref... Gommons (Malaya) Limited $4,50

Froger & Netve Lid. Ord... 30.00 Trasa Naxve Ltd. 75%

34/34

Sept

Aug.

Copper Aug.

Sept

Tin

$4.00

Aux. Sept,

per lb, tob

ing Corp.................

Hongkong Tin Lad.

4.35

Kumpan La

Open Interest; 4,807 contracts,

Control No. 4 (domestic)

Diamond Aikoll

Diamond Match

Douglas Aircraft Dow" hemicals

Dupont de Neatours. Elsters Airīna

| Eastman Kodak

El Paso Natural Gas

Family Finance Corp.

Firestone Tyre & Rubber

Ford Motor

General Electric General Foods General Maiore Get Pub. Uin Gelly ou

Glidden Ca.

Goodrich (BF) Co.

| Goodyear Tyre

Gulf Oil

Kaskus G. Power, du Ligi

November

Murchi

May

September

Novembar Spot-teente per ib. cif NY

8.65

3.30

$.53

Kuala Kampar Tin

Lunas Rubber Estates Ltd...

Malayan Ureweries DV234

New Berserialı Rubber Co.

Ltd.

Potaling Tin Ltd.

Zaida Hote! ........

Singapore Cold Storage Strada Trading

Straits Steamalita

Wourne Brows ****

ex-duty)

Open United

interest: ** contracts TOUR:

....... $.60

United Engineers Ord.

89.00

$ 9.50

economy

18.00

floor that

18.00

woare

25.00

This is Hong Kong .....

8.50

AN ABSENCE.

ruther than

дл

increase In Express Annual

13.50L

的

Tabell, analyst

for Wallson &

2,480

Horden Nowport Corp.

135

9.626

Homestake Mining Co. Ingersoll-oracl

24.900 91.37365

Inland Steel 05,

Interchemical Comp.

t'l Business Zinchines

300

to test the 485-455 level where Collection Builder Stamp Albums strong buying interest has up- Balmoral Stamp Albums peared on four occasions sinco | All Nations Stâmp Albums the start of the 16-month cop Ten Points About Parts Folicution area in April, 1050. Points on judging Jado

Clark, Dodge & Co. finds the Outline Relief Map of China

Asia S.E. Asis

Noting that the market King George VI decline has been brought about It's Fun Finding Out - 2nd soring by an absence of buying power

sailing pressure, Edmund W. Rupert Annual 1957-8

Co. says It may be necessary Ruport Magazines

The Hongkong Countrysido (Herklots) Hongkong Birds (Herklots! Coronation Glory

25.00

35.00

7.50

7.50

(Bemard Wicksteed)

5,00

10.00

4.50

1.00

3.00

12,00

and wears!

Handsome, long weariez tila-Tex azo Jim Stoors are sil the vote enjoyable de cause they cost you sa fallet They'em da57- I læskelfed perfici decorator's fouch to any rece in your house. Lovely, mich- Calzed estors go stl the way through “ can't rub dwest æga for our two ustimate on Congas Insti

Tile-Tex....

4.00

1.50

1.50

ASPHALT FLOOR TILE

..30

,30

Sale Agrets:

.30

2.00

12.00

9.54 In 1950.

Bachy-à Co. says a technical

On Sale At

92.42

Untied PrONS.

Exchange Rates

1,00

Int'l HarvestNY

| International Mickel

International Paper Int'l Tel

Tel

1. Ray Mcdermott

Kameout Copper

Liggett Meyers Ton.

10.70 th & Sons

Business was done in the loent Lockheed Aircraft WoMetal exchange market this Loews Incorp, 43.875k | morning at the following rates! Lone Star Cement Co. 12.12* 1.6. collar (par 81) papireran 47.573 Sterling holes (per 21)

Asperma Lam. Australian notes (per 21)..

Block -} Indonesian rupiah (per 100-24 11.50 Membi from Corp. 2155 Mota Mining Hiam fleat (pør 190) tries Singapore (Straits)

1.21 1 Mbulon Developedent

$10.00

$1.47€

$3,40 --Cham Mall Special.

basic outlook: romains rather bleak.

T

E. F. Hitton & Co. estimates Moomin Music Sheat .. that Guit Oil will earn between | Korean Artists $11.50 and 12 In 1957 against

rally should develop from this SOUTH CHINA MORNING POST, LTD.

level, but a prolonged recovery HONGKONG

is less certali,>=United Pruss,

- KOWLOON

and Entractars

HOLLAND-CHINA

TRADING CO., LTD.

ALEXANDRA' MIUS, AL TEL. 30341