1957-08-29 — Page 9

+

Page

THE CHINA MAIL, THURSDAY, AUGUST 29, 1957.

TRADE

and

COMMERCE SECTION

WORLD MARKETS STILL UNEASY COMMON MARKET

Many Countries Running Out Of

Internal Money

By SYDNEY S. GAMPELL

London, Aug. 28.

World markets are still uneasy, though not so unsettled as recently.

The two great sensitive barometers, Wall Street and Sterling, have been under less pressure.

CHATTER

ON WALL

STREET

New York, Aug. 28. Standard & Poors con- siders the near-term course meuns of prices "by no clearly defined."

roled "a con- The company skicraile Body of Informed opinion holly that the hond market may be establishing its low which would have cu- couraging impleatles for stocks. It would not, how-

At one time speculators on a rise in the German mark were paying an interest rate of about 20 per cent-nal zo much be

Intenser desire to enuse of speculate, but because London banka restricted the means of doing it by lightening; their overdrafts.

WORLD

RUBBER MARKETS

New York, Aug. 28. Rex rubber futures today. closed 17 to 30 points higher with sales of 130-

contracts.

Sept.

Nov.

Jan.

Mar.

May

July

Sept.

31.35

31.30

31.25

at 20

31.20

31.10

Standard contracts closed 19

PROFIT-TAKING ON

WALL STREET

By DOROTHEA BROOKS

New York, Aug. 28.

IN AMERICAS HAS

HONGKONG LITTLE SUPPORT

STOCK EXCHANGE

Our Own Correspondent

Business done on the long- Exchange this amounted morning

np-

Stocks extended their recovery through mid-kong Stack session today and then gave way under profit- proximately $314,000, Noon taking which left the market virtually unchanged. quotations and the morning's

Early improvement-an extension of the rise transactions:

Hharge Buyers Seller

1o 30 points higher with no sales which made the Tuesday gain the best of the year on

INSURANCES -lifted Individual issues a point to three points throughout the list, with aircrafts continuing to lead on anticipation of a step-up in the US missile programme.

reported.

Sept.

Nov.

Jan.

Mar.

May

July

Sept.

Iesumption et

al35

at 25

31.10

30.05

Tuesday's

Parke Davis Co.

Conditions have now become upawing reflected London's full the two-session recovery und. In penn. Salt Co,

lesa extreme, but still measured by an interest rate in double figures on the mark and quite high on some other currencies.

Formally

The Germat Government finally and the British Gov- enient informally have AT1- nounced that they hove no Intention of respectively To- valulag and devaluing their currencies against the dollar.

The French Finance Minister ever, guarantee that the adjust has also stated that the franc's mer of equity prices has been new basis is realistic and de- completed

further ad-ẞnitive. justment,

carrying Average

of these So evidently, each yields again well above bond

the three currencies is regarded as place returns.

would market on a sounder Basis for right against the dollar though new investment."

BACKLOG

Exneral

E. F. Hutton & Co.'s market Jetler

"unless says business volume slides. sharply from here on, the railroad carn- ings outlook over the balance of 1957 appears favourable

Reynolds

على

19

are

wrong

ndmittedly They against each other.

Euclid held that things which same thing are oqual to the must be equal to each other, but he bag...of course, bain superseded by Einstein.

Avoid Danger

A

overnight

response. plus evidence of

broadening lore the consumer inquiry and tirchmess of shipment offerings. becoming Speculative shorta,

two-day riso, uneasy on tho Joined the covering movement, In the shipment market, brokers reported a "fair-sized"

worked with Singa tonnage

Including September pare.

three sheets al 304% hipmen! cents, four sheets at 2034 cents. cost and freight. Spot No. 1 Rs: was quoted at 31% cents.

- SINGAPORE

The market opened higher on overseas advices and steadied urther during the day on good come lower cheet interest and enquiries or Ching,

the afternoon During the market ruled steady but quiat with seller reserve Futures: No. 1 rubber per ib. Sept. 865-837

Oct. 903-201 Nov. unquoted No. 2 rubber per in. Sept. 3-403||

0734-0735 No. 3 Spot rubber unbaled... 89- Blanket crepa No. 1 pale crope

-No. 4

10-100

LONDON

Co. says Joy

In fact, the problem is not The rubber market was very Manufacturing. a major bene really about exchange rates. It steady with spot up 5/10 to netry of the trend to methan-is how to avoid the danger of2039 ponce per ib. Prices: sation of the coal mines, should a world trade war and a world No. 1 Has spol 2014-2014 show sales and corning weit | slump. Inflations end when Settlement iosiso term: ahead of fiscal 1950 results al- they run out of money. This October

2014-2545 though recent backlog fures one is running out of internat paint to some slow-down later money in many countries, in-

Can-may on...Rays American

cluding the United States, and

cain 3.45 for 1957 against 2.92 | notably Japan.

In 1950.

W. E. Hutton says American! It is also very seriously run- Elvetronics has expended opera- ning out of international money tions to the East count and with a world mark gap tig-

the Anticipates Increase in second gravated by

re-emerging says some esll-world dollar gap. Several coun- France, mates of Parnlugs in the auto- tries, including Indian, moblie Industry for die cen- Denmark and Japan, have had sonally poor third may have to to restrict imports. be revised downward,

hair sales

appears

Harris, Upham & Co. notes A chain reaction of restric- Consolidated Electronies Indus- tionism enn do nobody good and tries

10 bo under might do grave barm. The IMF accumulation by s principal meeting would be the worst stockholders North American place La discuss -currency Philips which now owns 37 per changes, such as the gamblers cent of outstanding shares. Says are going for. But it is the the Company should benefit right place to discuss nyerting a from the connection. Unlled looming International quidity

crisis. Pross,

New York Sugar Market

Intractable

The IMF system was created during the war for a supposed peat-war world, which had no

to the real post- resemblance war world. But the problems New York, Aug. 28.

are World No. 4 sugar futures which centre on the mark

November Decembar

Oct. Des. Jan./Mar. Apr/June

September October November

The rise by mid-session had ¦ Pan American Airways ................ boosted to around 4.5 billion Paramount Pictures

the absence of heavy demand Philip Morga many traders took quick profits. Pittburgh Plate Ciau'

Publieker Indivateten Fran a gain of over four Pure Cu

Radio Corporation noints on average, at 1 o'clock, į Republic Bal Industrials dropped back to

Fløynolds close just 24 point higher at Sars Hoebuck & Co.

Baint leg Paper 477.70. Ralls, up 31 at their sinclair Dil best, closed off .00 at 135.60 opony, Meblio and uulitles slipped from, a

a final gain of guin of .38 to .20 at 07.08.

Lightened

Solar Aireratz

Bouth Puerto Rico Sagar

southern Co. (The) Southern National Ca Southern Railway (Com.)

Btandard Brands

Standard Off of Cal

Standard Oil of Ind. Standerd Oil of NJ, Volume lightened to 1,840,000 | Beep Rock (Teranto Exge.)

Drug Co.

shares from 2,250,000 and tho-Van Camp. market narrowed significantly studebaker-Packard Corp. with only 1,120 lasco traded using Mining compared with 1.143 lasues un Ewitt & Co. Tuesday.

503 Team C. of these,

Textron Inc. managed at least small gains Time int

the day, 381 were lower, 238 Union Carbide unchanged. There were seven new highs,-03 now lows.

Bethlehem Steel, General Dynamics, Boeing and Martin were the day's most JESUGL

Union Oil of Cal Union Pacific Railway

United Aircraft

Unied dan Comp

US. Gypsum

., Fall "E"

S. Line Co.

acuye. Rubber

Olle were mostly fractionally higher,

1

NY Stock Exchange : band volume was $3,600,000.

Amèrican Stock Exchange volume was 640,000 shares,

Closing Prices

Alden Inc. Acy.

204-2013

261-2014

Allied Chemicals

274-2731

Allod M Inc. All Chalinors

27-27

markets, et basin, perts! 26-2812 2013-201 2014-28-72 United Press.

LONDON

MARKET QUIET

London, Aug. 28.

Stock marketa were very quiet and well-behaved To day.

al

There was rollet at the firm- css of the demand for sterling end at Wall Street's rocovory.

GUI-edged locks were firm and showed gains ranging up

closed 5/-. War Loon

£68-3-0 compared with last night's £05-16-0. Old Consols been unchanged at £48-15-0.

There was demand for chain con- forth-store shores. Marks and Spencer Domestic No. 0 sutar futures coming. Yet, the problem goes gained a shilling and Wool- closed unchanged to five points frem bad to worse. --China worths about 9 pence. lower with sales of 45 con- Mall Spcelal. tracis.

closed one to five points higher with sales of 652 contracts,

World contracts firmed frial-

ly under trade and speculative

very intractable.

The German have not

the intransigent, but on trary most helpful and

covering despite the softer ton New York Foreign

in the spot market.

Primary interest contred In

Friday's scheduled meeting of

the Cuban Sugar Inslitule;

Contract No. 4 (world).

Sept.

Oct

Jan

Mr.

May

July

Sept.

Oc

fob Cuba)

Spot-iconia por 18.

Open interest: 604 contracts.

Exchange

OLD SHARES

Canadian Eagle

1

People who have been selling ol shoes short doclded to buy in and cover their risks, Royal Dutch jumped 13/0 to £22 com- pared with their 1057 peak of £25. British Petroleum re- covered. 2/0; 2/- and the others between onat a ahillings.

Demand for German Potash bands lifted the seven per cent assenteds by £4 and the non- 21; the 8 pur aasenied by cent Polush rose £3, both on- arented and nuhi-nazented. The Japanese 1030 non-asscated lost

21.

New York, Aug. 28. Closing rates were: Canada 4.02.

England official

Contract No. 6 (domestic)

Nov.

Mat.

MARY

Bept.

Nov

Y ex-duty)

uneficial 30-day DO-CHRYS

Australia New Zealand South Africa

Others unchanged

1.09-1/10 2.75-5/LG 2.00 2,03 2.78 2,77-3/33 37PX

United Press.

London Foreign

Dollar premium rasa to 19 per cent.United Press,"

New York Metal

Futures

Now York, Avg. 28.

Am. Brake Shoe

American Airline

American Cable & Radio Corp.

American Cyanamide Co.

Amer. * Yorgn. Power

Am. Gas & Electric

Am. Machi, & Fdry, American Metal American melting Am. Sugar Ref American Tel & Tel American Tob. "H Anaconda Copper Armco Steal

Armour

Atlas Cons. Lining Jaldwin-L-Ham, Baltimore & Oblo heretical Finance Bendix Aviation Corp. Benguet Cons.....

Bethlehem Steel

Boeing Airplane

Lorden (The) Co.

Burroughs Add Machine

ca

Campbell Soup Co. Giá tới I Cat. Tractor

Celanese Corp

C. 1. T. Financial CorI Chase Minhat. Bank Chrysler Motori

clona falybdenum

Cluett Peabody Cerato Palmolive Co. Colombian Carbon Co. Commercial Credit Commonwealth Elec. Corralidated. Edison

Centintsial Oil of Del.

Crown Zellerbach Cuban Armor. Sugar Diamond Aikall

Diamond Match

Dougize Alteralt

Dew Chemiedis

Dupont de Nemours

Eastern Airline Erstman Kodak

El Paso National Gar Family Finance Corp. Fires one Tyre & Rubber Ford Motor

General Electrio General Fooda General Motore Gen. Pub. Util, Getty oil Glidden Co....

Goodrick (B, F.) Co.

Goodyear Tyre

Heydan Newport Corp. Homestake Mining Co Ingersoll-Rarut

and Stool Co.... Interchanical Corp. İnta Business Machines Int'l Harvester International Nichol' faternational Paper In Tel & Toi

3. Ray Macdermot John-Merville Co.

Kaiser Industry

CAR C. Power & ARTIS Kenneoolt Copper. Liggett Mayora Tob. Fo. Lockheed Aircraft Loews IncoTD....* Lene Bias -Corris Co Lowenstein & Bona

Dor

Alterart

Bock. Rege.“ Disast>l" Iron Corp. Minnesota MINEC Mission, Development

Prices of metal futures closedonnento Cherridal Co.

Juntsomkjy. Wad

534

1812

U.S. Being TS. Stell Westinghouse Electric Woolworth

Bales

Lembar

ING

war

7.75

DOCKS, Erc.

tock P'valent (0)

7.03 0000 @ 7.00

120

LAND, ETC.

By HARRY W, FRANTZ

Washington, Aug. 28.

The concept of an American Common Market, discussed at the Buenos Aires Economic Conference, seems thus far to find little support in either official or unofficial trade quarters here. The counter-opinion is widely held that the American Repubiles should throw their support toward the evolution of a free world trade system marked by equal treatment for all countries and reduction of arbitrary obstacles to international

commerce,

This United Press

corres- | panding and diversifying their pondent discussed the American own manufactures, and there- Comment Market Iden with love, inclise to national pro- numerous influential economists, tretien in commercial relationi. 12.30 2500137 with a view to obtaining an Six of the Republics have steel Impartial analysis rather thun industries which would become 13.30 131

expremions of opinion.

competitive within a common

45

irta) 1320

1344 Hotel

33% xdik Land ..

68 Humphreys

93

+

The lines of analysts ran as market. follows:

trade

pre-

A Common Market is

Thirdly, a great expansion in cumed to inean an area within transportation facilities among the Latin American countries or 24 1050

which there would be free 23.00

preferential

among the would be needed for screen of a members without equal freat-comon market. Most of them ment for non-member countries. can ship their commodities to North America and Europe more economically than to a majority of other Latin American coun tries.

30%

27

413

tat

RUBBER

Realty .... 1.473

Ameig

TITIES

1 1.45 1.473 3000 e 1473

Tram

23.a

8116 ....

Siz Ferry

135

12

Yaminati

105 100

20

20%

D. Light (0) 1015 18.30

ft) Becirle XD

12.00

13

42 29 390 4 23.20

Mação F 10.40 10.00 Titephone 2 27.90 17,80

INDUSTRIALS Coment

Flopo

535 21.70

500 1.70

MEURES, ETC. 172

Tate

14

2214 21

1420

15 10.70 121 10.50

4.40

13753214 100પણ 11મ

11

319; xd

1000 4.475 9,90 1000 47 0.20

0.00 4%

12

6032

300

COTTONS

Nanyang

INVESTMENTS

Yre zlize Allod

48 STATES

common Examples of such a market are the 48 States of the

Many economists here believe, United States, and the impend-

common therefore, that before a complete Ting programme for a

market among the Western Lath American Common Market European countries-Germany, is attempted, Latin American

the

400 15.69 France, Italy, The Netherlands,

Belgium and Luxemburg,'

Analytical reactions to Buenos Aires Conference talk bouring republics. about a common market run

antries should explore further the utility of closer relations among smaller groups of nɛigh-

Exchange Rates

Initially as follows:

Valid economie ressona, for example, could be advanced for

preferential

relations

The United States, the United closer Kingdom, Canada, and many of among Mexico pod Central the Latin American countries American

countries; emong have an obvious problam in recountries of the Tuvor Plate area adjusting their own commerce plus Brazil; and among countri19

to the Impending creation of a in the Northwestern part of

European Common South America.-United Press..

8216

2715

4342

312%

BU WAR

done in the ineel

€0

unofficial

exchange

market

this Western

20

40TS

4315

644

40

United Pres

morning at the following rated: U.S. dollar (per #1)

Sterling notes ver £1},

Australian notes; (per 21

Indonesian rupali (per 100)

tam tical (per 100)

Singapore (Straitp)

0.00

15.00

2.20

Hedge Selling On

New York

Cotton

Market

Market.

United States Industriallets,

as a means of meeting this

problem, will presumably

to find

try

a place within the CHICAGO GRAIN

European Common Market to prevent a loss in their trade.. They will, for example, estab- lish branch factories, particl- pate in capitalisation of manu- facturing companies, and Jense their licences and paten's for royalties,

IN ITS FAVOUR

The Western European Com-

has

mon Market, favoured by the United States government, political and strutegle arguments in its favour, and would rot establish pattern of trade

would be warranted the external viewpolni—

from

which New York, Aug, 28. Hedge selling, credited mainly to Texas in for strictly economic reasons. terests, plus mill liquidation, combined today to blanket rallying tendencies in cotton futures after the market scored gains up to 60 cents a bale in forenoon dealings.

Closing around Tuesday's lowest levels the Bat was off 40 six to 10 points net. The market opened up one to goven points, New Orleans closed off ten to up two points,.

Spot

LIVERPOOL

Cotton future

$3.00

ខ្វះគ្ន

37.0!

closings. in

the rectasion, with the market pence per ib, were as follows:

Commission hour were ac- credited sellers of around 10,000 bales in

nearby December,

167

142

Selling on technical reasons นาง a contributing factor on

against levelling off again as

4512

461

the nearby months neared the $3.50 cents level, the previous 27 resistance point.

Old contract

Oct/New

Dec/Jan.

MOT/Apr.

28.00 20.28 220.150

42

4B

May/June July/Aug.

20.81

20.34

New contract

Oct/Nov.

20.04

Dec/Jon.

20,63

Mar/Apr.

20.83

May/June

27.07

July/Aug.

27.20

Brokers sometimes acting for Dallas accounts were additional cruzeiros sellers of around 6,000 bales in followa the nearby months.

Colton

BAO PADLO

future closings, per kilo

Sept.

Now commission house in- torost remained in abeyance pending crop developments or other, new incentives.

Oct.

Deo.

Mar.

Hay July

Ring observers suggested the offerings represented liquido- tion of long hedges against the purchase of spot cotton in Interior markets,

Now crop deliveries held re- Intively steady where New Or- Icons and local Intereals were amali buyers on balance United Press,

Month

Oct

De

7.120

4.000

Volume

Open interest

0.000

161,400

27:,500

7,300 .

150,300

160,700

110,100

0,100

104,400

NEW YORK

Prices of cotton rúture= closed today as follows:

30.000

33.04.05

0.65

:

Exchange

London, Aug. 23.

Closing rates were:

2.7814-238-8/10 today in cents per lb. ex follows:

2.04-10710-2.34-1/16 | Leed

Aug. Kanan.

10.0371-10.033; 172.00-159.70

Sept

11.006 13m5

Nallona Cast: Yoga

Nations, Dairy Prod.

An

Aug

9.356

National Seas: Chr

Copper Aug

Norton Waders an

4.100

Ola Llevatory

Bept

MED OWmwktoin Glam

NEW ORLEANS

Prices of cotton futures closed

today as follow: **

Spal-(cents per lb. cif

Open interest: 923 gontracte,

-United Prass.

NAMESAKES

Answers Enjoyment,

New York Montreal 2 Amsterdam

Bruneia

Stroke, Hits, 4 Advantage, 5 bon Net, 6 Volloy, 7 Play, U Service. Op 9 Tournament, 10 Douce,) | Parla, Forehand.

Johnny Leach.

Bicklein

Zucien

Olbers

were

30.50

Market, embracing Canada, the United States

MARKET

Chicago, Aug. 28.

Grain futures closed irre- gular today in active trad- |ing on the Board of Trade.

The market oponed mostly higher except for corn but after mid-morning prices moved downward in some

grains and futures became mixed.

in

ADVANCED

advanced

njore

Expectations of an expansion US export wheat sales attracted buying in wheat early in the session. Some deliveries Most experts believe that M

werd up as much as a cont at Western. Hemisphoro Common the day's best levels with the

July contract showing indepen and the Lalin dent strength. American Republies, is incon- ceivable because Canadian in- terests in the British Common- wealth economie system would outweigh any benefits that Soybeans would result from participating than a cent a bushel in early in a Pan American trading bloc. trading on short covering which Secondly, the United States reflected unsettled weather con- could not enter a Pan American.ditions aver parts of the gralo Republics trading bloc without telt Light to heavy rainfall revolutionary modifications of and cool temperatures are ex- Its international commercial

picted to slow development of treaties system, which is based the now crop. on equal treatment of most. Its trade favoured-nations. with Latin America represents less than one-fourth of its total world trade.

Expert analysts here therefore turned to the expediency of Common Market confined to the Latin American countries.

WIDE OPINION

Primarily there is a wide opinion that the Latin American Repubiles are sericus in

Japan was active in foreign tracing, buying 675,000 bushels of U.S. Paclic coast white whee 350,000 bushels of US ard wheat, 420,000 bushels of US barley and 700,000 bushels of Canadian wheat.

Wheat closed DF to 1% cent for new and off to cent for old. Soybeans closed to 44 cent-United

סון

Proza.

Prices per bushel in cents:

as agitating the question because

the discussion compels all the Wheat, old contract

tend to discourage, discrimina- In the United States, the tione against Latin America, In average price of one-inch cotton favour of European depend- at 14 designated spot markets encles. was 33.43 cents.

39.33

30.00

40,00

40,50

American commercial Inter-

plan ests as they 40.00 programme. Their stand will

Western European countries to take into account their Latia

Dre.

213 2217/

their

own

Wheat, new contract

St

Sept. 17(H) 164 (1)

210-44-210

Mart.

May

July

2042-11

countries Corn, No. 2, yellow

Epei

Sept.

Dec.

In

Mar.

July

ye Sept.

London Metal

American

Latin

to sell more rather than Total sales at these markets want were 10,333 bales.-United Press. lose coffee, cotton, copper, grains

und livestock

products European marketa,

With protectionist the penti- ment growing in come sectors of the United States economy, and the United States forts; exports programmo assisted financially sta by the goveryment, the rising Bept. importance of Latin American commerce with Europe is self- Soybeans, No. 2, yellow

Prices

London, Aug. 20. Prices of metals closed today In sterling per long ton follows:

Dec.

Des

evident."

But impartisi namiyate pointed

Spot

Sept.

| to obvious difficulties in creation

Nov.

Tu

347

Buyers Sellers of a Latin American Comme

Market.

Jan.

Mer.

730

#month

12.00

Copper Spol

Бр

First less than 18 per cent of their total trade now falls with" | Barley 99% in the area of a possible Latin American Common Market.

New York flour Secondly, nourly all of the

200. Ib. Back countries have policles of ́ex-

12031

-T

120-199

1