1957-09-03 — Page 9

Page

THE CHINA MAIL, TUESDAY, SEPTEMBER 3, 1957.

TRADE and COMMERCE SECTION

CONFERENCE WITH

Ottawa Meeting Could Reshape Commonwealth Economic Relations

From C. GORDON TETHER

London, Sept. 2.

It seems unlikely that big decisions of immediate practical importance will emerge for the conference of Commonwealth Finance Ministers that is assembling at Ottawa towards the end of September at the invitation of Prime Minister Diefen- baker.

But the meeting could set in motion a reshaping of economic relations within the region that would ultimately prove of great benefit to older and newer members alike.

There have of course been, ment of Inter-Commonwealth frequent meetings-formal and trade would stand much chance Informal-between

representa-

of Commonwealth coun- lives tries since the end of the war lo discuss economic issues of mutual Interest. But the Ottawa get-together can be regarded as a conference with a difference.

Deeper Thinking

It is not only that it is being held un the Juillative of a country that because it does not share with other Common- Wealth-countries membership of aterling area system-has hither- to taken rather less active in- terest thap other members in region's economic problems. In addition the Canadian Premier has made it clear that he intends to challenge Commonwealth

much

countries 10 do Some deeper thinking about their economle relations then they have done up till now.

11 is true that the memoran-

dum that the Canadian Govern-

ገዲ

of being successful at the pre- The great majority sent time. of Commonwealth countries in- cluding many of the older well as most of the new mem- ber countries-are naturally anxious to strengthen their own Industrial structures, seeling in, Intensive development for thi feld their best hopp of raising inadequate living: standarda quickly.

This being so their present inclination is to reinforce rather than nbate tariff structures aimed to protect local industries upainal competition from sbrand including competition from Industrialised countries of the Commonwealth. Any proposals that seemed likely to interferé with their freedom to tread this path would certainly meet with a cool reception.

Arrangements

HONGKONG

STOCK EXCHANGE

Our Own Correspondent

A

LABOUR DAY HOLIDAY

The American markets were closed yesterday owing to the Labour Day hollday.

WORLD RUBBER MARKETS

Singapore, Sept. 2. The market opened lower on disappointing overseas advices but it steadied on short covering especially of September position.

There was a good interest, for lower sheets but sellers were reserved and the innrket was generally pull with little factory interest. Futures:

DIFFERENCE American Steel

Production

AMERICANS HOPING Reaches New High

FOR

BETTER TRADE WITH MALAYA NOW

By JOHN MORKA

New York, Sept. 2. American financial circles are strongly hopeful for the economic growth of the Federation of Malaya which embarked on a new chapter in its long history last Saturday as the newest self- governing member of the British Commonwealth.

These circles point out

Cleveland, Sept. 2. United States mills produced a total 2,112,000 net tons of steel last week, pushing the all-time record for first eight months of any year to 78.6 million tons.

output

pre- Improve-

The weekly magazine

tool

to their

March,

de-

The figure represented a 6.2|ment to July machine million-ton Increase over the orders, which climbed corresponding period for 1930, highest point since according to Steel Magazine, amounting, to $56,850,000. Also,

Last week's yield-82.5 per order cancellations were re- cent of rated Industrial cepa-ported at their lowest level in city continued advance

the steady 21 months totalling $8,750,000. of three consecutive Completion of inventory weeks and prompted hopta duction and uptur in among producers that would continued uphili.

mand from the autoactive industry indicate that producers will be virtually assured of a pickup in activity, Steel said,

Users laat week began paying |new high price foy steel bo- cause of K even per cent boost in freight

charges. Also, Kalver Steel

Corp., of ENCOURAGEMENT.

Oakland, California, advanced prices $1 Steel said the tool builders per ton on some products even are most optimistic becouse of though it raised in a steady line reports about three "major" with the rest of the industry in automobile projects, tooling for July-United Press. which would have to be ordered this autumn..

Foundries will probably in-. crease buying. Steel predicted, because of renewed demanda

dicteri "significant ment in steel demand would begin during the last quarter among producers of machine tools, foundry equipment and E industrial furnaces,

They envision some loosening up of commercial ties between the United States and Malaya, possibly leading ultimately

to an expansion of two-way trade and an increase in the flow of American investments to that area.

that bound to improve assuming basically the internal economie again that rubber and tin prices situation in Malaya is good, remain stable-now that the If rubber and in prices hold up nallon will not have to budget

in 1956 these two commodities such huge amounts for No. 1 rubber per il. Sejat. ad-83%.

heavy accountext thet EHS15-4

more than two-} defence. The cost of the Nov, unquoted thirds of the country's US$750- | guerilla campaign will bo No. 2 rubber per t. Sept. 18-88 million export-there is good largely at the expense of the

0734-88 0015-0034

cliunco that the budget will be United Kingdom, under the mis-in balanced this year. Although terms of the agreement between 1115-433 Malaya had a trade imbalance the two countries. This should

pt 84 million in the Arst quar-relieve the economy of con- ducers. ter, the trend was expected to riderable pressure. As late as The Metal

No. 3

No. 4.

Spot rubber unbajed

Balamalot create

No. Ipate crepe

LONDON

-100

Business done on the Hong- The rubber market was very kung Stock Exchange this quiet with spot quoted at 28% morning amounted 10 up- pence per lb. Prices: proximately $399,000. Noon N. 1 rubber spat quotations and the morning's Transaction:

Shares

BANKS

Buyem Hellare

HK Bank.. INSURANCES Union. DO!! Lombard SHIPPING for Wheelock

By contract on three major topics that the Canadian Goy- ernment has put forward

7.00

122

1713

Seltbient houm term: Ocwber

November

Бака

December

October/December

January/March

April/June

July/September

185 3000 w 780 7.80

ལྔ།

DOCKS, ETC. K. Wharf. Dock ...... Prov't (0) 12.10 12.20

(Rtn.) 1.40

meat has circulated.to.Common- wealth governments-setting out the agenda for a 1958 Cominou-negotiations, there is scope for wealth trade conterence 16 co-operation between Common- putting up for discussion at the wealth countries of the most Ollawa meeting-makes no men-

valuable kind. Taking first the tion of some

of help for under- of the major question projects Mr Diefenbaker was developed countries. it is well reported earlier on to have in known that the demand for mind auch na re-orientation of Anancial backing for develop-

! Canada's own trade to reduce its ment the Commonwealth LAND, ETC. present strong

grows steadily larger, Yet the K Ilotel emphasis in favour of United States, the United Kingdom, which has been | K Land. strengthening of Imperial Pre-providing money for this pur-Humphreys ference, and the comprehensive Pose at a rate of

£200 UEBERL review of the Oltowa trade million aureally in recent years, Amat.....

Is so fully extended that she cannot provide funds.

agreements of the 1930s.

But it docs include three matters of great current and

any

Some

and

additional

It is, however, possible that future importance to all mem-it necessary technical arrange ber countries. Tivey concorn ments could be made, some of problems of assistance to under the other Commonwealth coun- developed. Commonwealth countries-notably such older mem- tries, disposal of surplus, food hers as Australia, Canada stocks and United Kingdom pro- New Zealand-might be able to posals for participation in Euro- do a little more than they have pean Free Trade Area,

In the past to assist newer countries. And this, even though thek own large capital develop- ment programmes will not ways leave them much to spare for use clsewhere,

Proposed Agenda

#11-

Indeed the proposed agenda is well thought out bath for what it omits and for what it

Secondly by frontal attack on Excludes, Taking omissions first the problem of surplus stocks- such as Canada's wheat, Aus- It is evident that, however much

tralia's wheat and meat and New the new Canadian Government may feel it desirable to reverse

Zealand's dairy produce the in some

mensure the economic Commonwealth might be able processes that have resulted in to case economic problems that the great strengthening over the are cropping up in aurplus

for present lack of Canadian countries

past few decades

of

ties with the United States attoarkets for some types of pro the expense of Huks with the duce, and at the same time Commonwealth, It would

contribute to a solution of pay-·

be

1000

500 50

200 (30

1000 49 12.20

100 12.30 1000 12.20

33 LANG

Trust...... UTILITIES Fram XD. 23.30 Yournal.... 100 100 C. Light 0 181 18.60

(119) 12,70 12.00 - 300 12.00

10.10 16.30

42 4 30.25 2009 03025 600 16,20

1.43 1.475 20000 2 3.475

1.25

B00 m. 23 40

81010

2000 12.70

100 12.30

Electric XD 20 29.30

Macy E., 10.40 JO CO Telephone

27.70

1000 60 29.20 200 20.20

500 £27.00 500 27.30

250

200 32

INDUSTRIALS Cement ... JIKA DAĻA

Rope

14.20 STORES, ETC. Dairy

13.50 14.00 Watson .... 123 L. Craw 13.70

445 MISCELLANEOUS

... 15.90

COTTONS

Textiles

Vibro

20-201

for castings from railroad car builders and glants among the sutomble and appliance pro- Working Weekly

be reversed by the end of the 1954, one-third of the Federu- also pointed with encourage. year, leaving the overall export- tion's current revenue was import account in balance or absorbed by these heavy com- mitments to fight the insurrec-

close to it.

In 1060, exporta of Singa- tionists. Doro and Malaya totalled

US$4,166,000,000 as against im- FAVOURABLE LEVEL

20-201 2012 2004

ports of US$4,163,000,000. Rub- 2014-2012 ber and tin prices have held 201-20 fairly stable this year, another 2734-27!2 encouraging factor.

27-2712

General markets, eff basis, parts: September

2015-2016

4-20la

October

November

AMSTERDAM

The rubber, market was very qulet today.Prices closed in guilders per kilogram, eff Sept, as follows:

No. 1 rubber No rubber No. 3 rubber No. crepe

2.55 paid

Z44 nom, 2.52 nom.

United Press,

2.70 buyers

LONDON

TIN MARKET

THE KEY

3 With Industrial expan- sion in Europe, US and Japan, showing no signs of any major retrogression, demand for rubber and in products are expected to hold at favourable In the view of experts here, levels. During the first

quar the key to Malaya'a economie ter, the United Kingdom was

principal progress les in the success of Malaya's

consumer, five-year de taking about 14 por the Federation's

cent of velopment programine aimed at Malayan export the United Improving transportation, power { Stales, 13 per cent. Japan is and agriculture,

expected to be a heavy buyer The project calls for an ex- of Malayan minerals, especially penditure of US$1.388 billon iron oro. for capital development in the 1056-00 period, with the bulk of

There

18

some speculation

Independence

*

*

*

might attitudo Federation

*

*

this outlay expected to be among trade circles here that financed by the Federation. The Malayan United Kingdom has agreed to herald a more liberal lend US$320 during this period on the part of the

American banking

toward American exports. It is sources, however, insist that the пись

felt that Malaya might thus .bo year programme' may

in a better position to control suffer p setback unless some substantiat dollar carnings than hereto- assistance and investment

fore under the strong Common- ubtained

from abroad. Other-wealth restrictions. wise, they point oul, the low

The hope 1s held that London, Sept. 2. level of internal savings may Malaya might ultimately

42.C The Lin market was make it necessary to resort to

import restrictions and make higher taxation steady during the morning even some deleit Anancing.

and possible

dollars more available for US session. Spot was marked

Imports. One Legislation by the Federation exports might be encouraged is way American down 4 and 3-months guaranteeing favourable climate through an increase GO 1500 to

and 736. for the remittance of dividends shipments to the Federation. At £735% -600 125

by foreign companies and for 2500 or 130 respectively. Turnover was

the repatriatlon of capital will present a considerable part of

American exports are 1000 4.47360 tons.

go a long way toward attract shipped to Malaya via

Trans- fing such overseas investments Singapore or Hongkong, where

these sources emphasise.

LEAD AND

ZINC MARKET

Prices closed at the end of the official morning session, In stcrlag per tong ton na follows:

Spot

J-nonih

135 buyers

300 eller

235 busin

736 buyers

43 Belters

73715 buninosa

13 settlement

PLUS AND MINUS

American

of direct

either

Anancial quarters from 5 to 6 view thee plus and minus Malayan Importers, EC elements in the Federation's estimated This, in turn, would economy in the following terms; make American exports more

competitive,

1. Malaya is considered

one of the most prosperous CAUTION PREVAILS. countries in Asia, with a Dyer

*

NAMESAKES

2

B

Answers:- Victorious, Olympics, 3 Games, 4 Distance. 5 Rival, Metres, 7 Finish, Russia, 9 Track, 10 Melbourne, 11 Rostrum. 12 Tapes.

Vladimir Kuts.

P.OBIE.A

COMPANIES

PASSENGER/FREIGHT SERVICE.

PENINSULAR & ORIENTAL 5.N. CO.

Outwards

"COEFU" "CARTHAGỪ”

"CHUSAN"

"CANTON"

Leavor London Sailed 21/3

18th September

1st October

18th October

Das Hongkong 22nd Reptember 20th October

• 30th October

18th November

Via Southampton, Colombo, Penang & Singapore.

Homewards

.. "CONFU"

"CARTHAGE"

"CHUSAN"

"CANTON"

Leaves Hongkong Due Landoj

201 September

24th Octobec

27th October

24th Norwinter

3rd November 30th November 22nd November 23rd December Via Hingapore, Penang, Colombo, Bombay & Aden.

FREIGHT SERVICE SOMALI J Port

Ballz 4th Sept.

"SINGAPORE” loads 14th Sept.

"SOUDAN" due 16th Sept

"SURAT"

licensing restrictions are not as

severo sa in the case of goodts tipped direct. Direct ship- ments would bring a saving

per cent Zor

is

*

"ITINDA" dus 4th Sept.

6th Sept.

*

*

"BANTHIA" dus. 9th Sept. ralia 2012 Sapt

*

of

official afternoon

Spot

735 buyer

7354 sollers

* seesion, In port markets and the insurree.Singapore as the Federation at terlhig per long ton as follows: donist activities have, however, empta to work out its

cut heavily into Government reports and industries. venues and slowed down the feel that Singapore, expansion of agriculture and cally closely linked to Malaya, mining production.

can play a major role in bulling the area's

"SANGOLA”'duz 24th Sept.

own

Many

economi-

E

"IKAUNA”

economics

In the afternoon session, the market was steady but quiet, Spot was unchanged at £735 and 3-month rose 1⁄2 to £7371 mar-turnover was 20 tons. Prices next to Singapore the Highest Some caution prevails here

Erratic ex-concerning the future role closed at the end of the un-in Southeast Asla

impossible to make major policy inents problems of countries changes in this field in short- Uke India that are hard put to

London, Sept. 2. term without running the risk find foreign exchange needed. to Copper, lead and zinc of damaging the country's cover the cost of essential foodkets were all steady during economle system in a serious imports.

the morning session. Turn overs werd 950, 240 and 350 tons respectively for cop- Finally, discussion of economic per, lead and zinc,

way.

In the long run it might help Canada and it would almost

certainly help the rest of the

Uncasiness

Commonwealth, if the Domin- problems arising in the Com- Prices closed at the end of the 3-month

ion were to enlarge the propor~ tion of her total purchases of raw materials and manufac tured goods she obtains from the sterling area countries. For this would to some extent re- levo doller dimculiles of other Commonwealth countries

and

monwealth for the proposed official morning session, irs United Kingdom participation in sterling per long ton as follows! the European Free Trade Arca

Copper pot

would certainly help to reduce month

Buyers Sellers

202 214

2021

2031

thiness that many Common-Lead Int half Eept... 201 wealth countries ore evidently

Doc... Zinc 1st Julf Sept. ..

73** feeling about this matter,

Doc... 1373 In the afternoon, the copper

003

01

1312

a market was easier while lead

Copper,

There have been signs during the past month or two that thereby place them in the pool European Free Trade Area that and zinc were quiet but steady. tion to expand their purchases of Canadian goods including goods from its scope may be practical 350, 150

excludes agricultural produce Tamover in the afternoon were that Canada is at present hav- impossiblilty owing to the un-

and 450 tons for ing difficulty in disposing of to

lend

and zine other markets.

willingness of a number Continental countries to partici-

of respectively. pato in the plon on this basis. It afternoon session, prices closed

At the end of the unoffeint may well be therefore that 4 la situation will arise wherein the follows:

sterling for long ton ng plan will either have to be

t

But it has to be recognised that as long as Canada is in- cluded in the dollar area there is no easy way in which, such diversion of her Import and ex- port trade can be brought about. And with the maintenance her healthy external payments

position dependent upon continuance of substantial

of

modified to bring agricultural Copper spot products in some measure with Lead at half Sept. in its range or be scrapped al- together.

DO

735 business 737 buyara

79715 Coltcm

nil bustness -United PrTER.

LONDON

QUIETLY

FIRM

capita income of about US$236,

-ar

Under

+ Government-and establish a pattern of co- sponsored project launched in operation for other South Asian 1051 to lower rubber produc- countries to follow. Singapore, tion costs by replanting with It is pointed out, has long ex- improved varieties, only a quar-perience in foreign trade, ter of the proposed acreage has enjoys the advantage of location been replaced with higher and excellent commercial

| yleiding "rubber trees. Other funnetal facilities.

cash crop-olf palm, tea-havo

also suffered from insecurity in rural areas, as has the raising of food for domestic consump

Lon.

is much There

*

*

for London, Hamburg, Rotterdam, Аллегр

Aden via Straite, Havre

- Do- aalis 10th Sept. (also calla Port Sudaa}

from UK.

due 24th Sept. from UK,

BRITISH INDIA S.N. CO., LTD.

1853-HUNDRED. YEARS OF SERVICE - 1930

mails 25th dispt.

Team Japan

for Singapore,

Penang.

Rangoon, Calcutta & Chittagong

from Japans

for Singapore, Penang, Rangoon & Calcutta

from Caloutta, Rangoon &Strat

1or Japass

P. & 0./B. 1. JOINT SERVICE

duo 14th Sept. a1s 15th Bept.

doe 16th Sept.

sails 18th Sept.

due 2nd Oct.

sails 4th Oct.

from Japan

for Singapore, Bombay, Karachi, Dubai, Barrah, Khorramshahr & Kuwait

from Karachi, Cochin & Singapore tor "Japan

from Karachi, Cochin, Culombo & Straits for, Japan

from Japan

for singspory Pou Port Swettenham Madras

EASTERN & AUSTRALIAN S.S. CO., LTD.

"ARAFURA"due sih Sept.

"OBRA"

"UMARIA"

and

and

TERIA"

due 8th Oct. salla. 10th Oct.

speculation

*

also as to the advisability of creating two echtral banks one each in Singapore and Malaya. Some quarters feel the tempta-

In addition production of tin ton to create such temptations

on-

ore, the most important mineral, should be heavily weighed it London, Sept. 2. has likewise been hold back, confidence in the cutresity in to The stock market was barely reaching prowar levels, be maintained and International

and plagued by mounting costa andi] trade Gut-

investment quietly firm today.

heavy edged securities lost ground 1054

taxes. Tin output in couraged.-United Press. and 1955 totalled 61,000 in the face of tomorrow'a | tons, increasing only to 82,000 gold reservo figures and tone in 1886. Despite increased production of Un plate, techo closed with losses up to.

logicat advances in inplating has kept world consumption at shares closed higher. Shell rose 5/1 to 107/14 In a fairly even kool. If the In- allowance of quarterly figures surrectionist. uprisings can expected soon.

Buyer Sellers

3-montit

Tead 1st hale Doc. Zine at half Sept 70

203

303-1

90% DI

2001

po

73 ----United Press.

01

the United Kingdom's attitude in Zinc Jat half Dies

in such a situation would be

ot to

flow of American capital, che vital importance not only

Is not likely to find it conveni-Europe. but also to the Com-

closely with the sterling area,at therefore that the Common- the present time.

ent to associate herwelt mare monwealth. Is 19 most desirable Exchange Rates

Then again,

Industrial shares Business WES dono in the local selective. but Arm

cint exchange Market morning at the following. rates?

Imperial Chemicals Us, dollar iper $1)

59.70 1/72. Bering notes. (per 1)

wealth countries should explore these questions in good time so No conference that when the United Kingdom that had chosen as one of It does act it will have-os for a main tanks the renewed negotia-possible-support and under Kon at the Ottawa system of standing of the overseas Com-Autralian nates (por £1) ... Commonwealth preference with monwealth, London Express a view to monürnging develop | Service.

amor 100)

Indonesian rupiahit par 10b3"

Singapore (khutta)

BANDITS

be

London Foreign

Exchange

London, Sept. 2.

Closing rates were:

contained and indicationA that considerable progress is: were being made in this direction

Malaya con get on more rapidly dipped with its urgent, development New York

Montreal programme, in the opinion

of Amsterdamn these experts.

bruskis

18:30 28.20

314

Gold shares were melined to #ease and coppers reacted after "FiziĮ carly Armheas-United: Pries.

Man

2. The Federation's over: Awokholma all inancial position

2,103)-2,78-8/10

19.03

*

Even Australia

*

*EASTERN" loads 59th Sept.

*

Ball 10th Sept.

for Labuan, Bandakan, Rabaul, Drabane, Byd- DayZáškourna Adelaide

vozesla have liberty to call at any ports an

or off the route a the route di saillags are subject

to change or amandment with or without notice.

A

For full particulars apply to a

MAGKINNON. MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos: 27721 4,

*