1957-09-10 — Page 9

THE CHINA MAIL, TUESDAY, SEPTEMBER 10, 1957.

TRADE and COMMERCE SECTION

INTER-UNION TUC JEALOUSIES Quiet And NEW YORK

Streamlining Of Organisation Foundered

The

London, Sept. 9.

measure of industrial peace - and consequent smoothness of economic progress-which Britain can expect in the foreseeable future was unhappily demonstrated at the Trades' Union Congress Annual Conference at Black- pool.

In theory TUC is a body | Neither has existed for a long which should be in position to time,

go to the Government and sponk

This year, however, a bid was part of the for the greater

should made to streamline the organi- workers. nation's

It

isation and to establish some views and represent their should be able to commit them co-ordination on the subject of

wages and related questions, to an agreed policy, secure knowledge that their side of the bargain would be honoured,

F11

That is of course in theory. But such on ideal, presuppones unity within the ranks of TỤC and a streamlined organisation to keep the giant manageable

WORLD RUBBER

MARKETS

It foundered on the rocks of inter-union jealousies arc fouts,

HONGKONG

STOCK EXCHANGE

Our Own Correspondant

the Stock Ex-

Business or

change this morning amounted

to $300,000, Noon quotations and the morning's dealings:-

Charms Buyers Sellers Baler

BANICS

HK Bank..

SHIPPING Waterboat

Asia Nay, 1973) Wheelock

DOCKS, ETC. K. Whart Dock

BTIL

100 20

40001376

$2

Dull

Billion Fall NEW YORK On London

On New York Stock Exchange

New York, Sept. 9.

Stocks fell almost $2 billion as persistant reluctance of buyers finally touched off o late flurry of selling.

10 bonds*******

Comm, future price index..

The selling came not as the 18 utiles 7:15 7.00 2000 10 result of pressure against the list but apparently in an effort 122 12

by some traders to lower prices 1320-1883 9 1218 to a level where new demand would develop to lift the list from its recent rul,

done (0)

. (At)

140

LAND, ETC.

10.10 10.30

Hotel 110 2011 1291 10 2013

.. 15.30 10.40

2009

I

1.50

1.65

1.30

ilk Land Iftimphreys

RUBBER Amalg Trust UTILITIES

The result was that TUC_re- 1 fram, XD. 23.30.

for the time. Youmati

101 103 malas--anyway

10 being a loose-knit association Light (0) 2685 of snapping, snarling

(t) 14.00 19.30 sa engsted in an econeinie catch- Electric XD 28.30 as-calcb-can,

unions

Thus in effect the individual union leaders were left to the job of grabbing what they could for their own members without reference to the weal of workers as a whole,

Demonstrate

Maçao B., 19.49 Telephone 27.70 INDUSTRIALS Cement

215

Паре

743% asti Amey STORES, ETC. Dalry

...... 13.00 15.70

Watson ...

000101

1500 10 10 30

600 i 10.90

10, @23.90

1000 28

1108 7:30

.

01.20 03.10

Closing Prices

@ 10%

Alden The Acy.

Alled Cheinicais

Early dealings, at the slowest Allied Miks Inc.

preo ainco stepped up

January,

onough to volume for the session

1,120,000 shares.

1954, All Chalmers

boost American Altiine

174

to

American Cable & Radio Corp. American Can....

American Cyanamido Co

the

Amor, & Foren. Power

144

Am. Brake bring...

Copper stocks, feeling weight of weakness In the row metal market, were cut back by

Am. O & Electrio

Am. Mach. & 'dry.

American total....

as much as three points, Inter-American smelting national olls gave ground because

of M.denst uncertainties,

Hard Hit

Of a total of 1,139 suce traded,

602 were lower, 22 unchanged with

100 18.70 higher, 220

TOB 16,00 three new highs set, 100 new

lows.

1216 12.00 500 12.60

1. Craw.. 13.00 COTTONG

4.470 4.525

Texto

-MISCELLANEOUS £ 13.00 China Fa.. 72

8.50

4.10 4.25

Exchange Rates

And Mir Frank Coustus, vibro lender of the nation's biggest INVESTMENTS Singapore, Sept. D. The market opened around union, the 1,300,000-strong Yangisze the previous levels and stendled Transport and General Workers, Allled an shurt covering induced by soen demonstrated how the boys

Mideast situation. Physical were going to to about it — the rubber was ruther neglected strikes if necessary to win

for some factory in | sheir wage demands.

Cluse on the

his heels of declaration, the Congress repre- million workers 874-8senting eight

of land Govern- rejected out ment's ples. for wage restraint. Basis of their resolve was that "wages have to keep pace with rising costs,"

except quiry.

Future closings were; No. 1 rubber per ib. sept.

Oct. DR-BOT

R6-17

No. 2 rubber per lb. Sepi,

No. 4

No.?

B-BG

**

•

114-11416

Spul rubber unbated. Blanket crepe

077-88

3042-82

No. 1 pale crepe

18-100

United Prak

LONDON MARKET

London, Sept. D.

The rubber market was quiet with spot quoted ot 25-11/16 pence per I.

No. 1 RAR

pot. Settlement house tura; October

November

December

October

January/March

April/June

July/September

September

October

November

Genersi markets, elf basis,

Happly ignored was the in- escapable fact that much Ji Britain's rising costs is due to

that's myC3,

rightrising wager.

Hammering

25-251% While all this was happening, the Government of the day was 2594-20 98-104 sul trying to catch its breath 2014-201 after the hammering gold and 26.201 dollar reserves had received. 2011-2812 2014-20

This was the result of Con- 27-27'' tinental currency speculation

Paris inspired

Untiest Press.

NEW YORK MARKET

Now York, Sept. 9. Rex rubber futures today closed three to 10 points lower with sales of 48 contracts.

September

November

January

March

May

July

30.0%

30.47

30.45

30,45

30,45

240

30.30

September Standard contract closed threo

to 10 points lower with no sales reported.

September

November Jamay

March

May. July..

September

Among the hard hit non- ferrous

Kennecott, inctals Anaconda, Cene De Parsco and Magma Copper Jost around three points; Reynolds Metals and International Nickel close to two; Aluminium more than a point,

Ain. Sugar Raf.

American Tela American Töb, "H"" Anaconda Copper Arinoo Bterl Armour

1723

U

Atlas Cons. Mining Baldwin-nn-Ham. laliumors 4 Ohio Benedelal Finance

Bendix Aviation Corp. Bangust Con

Bethlehem Steri BooingAltplane

Barden (The) Co. Burroughs Adil Maciune Campbell Soup Co. Canadian Pacific R. Che (3. 1 co Cat. Tractor Chase Manhattan Bank Celanese Corp.

C. I. T. Financial Corp. Chrysler Motors .... Climax Molybdenum Clucit Peabody Colgate-Palmolive Co.

In olla, Gulf, Royal Dutch, Texas Co. Standard of Calf-Columbian Carison Co. fortia loot around a peint to

: "points,

New Stock Exchange bond volume was $3,010,000.

Commercial Credit Commonwealth Elec.

Consolidated Edison

Continental Oil of Del. Crown Zellerbach Cuben Amer. Sugar Plamond Alkal!

Diamond Match

General Foods

INDISTINCT

SIGNS OF

EARLY BREAK-UP ·

Ford Motor

General Electric

General Motors

Gen. Pub. Ct. Getty Oll ***

Gurich Ul. F.) Co.

Туте

Heyden Newport Corp. Homestake Mining Co. Ingersoll-Rond

Inland Steel Co. Interchemical Corp., Int'l Business Machines Int'l Harvester .... International Nickel

international per

& Tel

192

39

00

COTTON

MARKET

SUGAR MARKET

New York, Bopt. 9. World No. 4 sugar futures to- day closed four to 28 points London, Sept. 9.

higher with sales of 800" con- Generally quiet and dull tracts.

The domestle No G sugar trading took place in the futures closed unchanged to Stock Exchange today, points higher with sales of 41 Gilt-Dagad issues provided contemets, the New York, Sept. 9.

moet noteworthy excop- Active buying and covering Reactionary tendancies intion to the listless trend as trade orders accumulated OVL the

cotton returned

ing quickened on news of the weekend in the world contract, today

the success of the Esso debenture reflecting

Cuban Super when the Government's issue.

Institute's proposal to transfer second crop estimate of il shard closed generally at least 200,000 tons from the the Bocion showed an lower, led by

Petro-world quota to the United Burmsh and Shell. States retained quota. unoxpectedly sharp in-leum,

Domestic futures were rola- Lossos ranged from one shilling to more than 37-

tively quiet and steady in com-

retreat

further on

creasc.

In quiet dealings, the market

British

stid back slowly to losses of general

Copper Issues continued their pany with the firmer raw, situa. around $1 a bale. Scale-down softening developed in

the Contract No. 4 (world)

October Jaunty anarch

Biay

buying by various trade is-metal market. terests cushioned the decline. Gold shares were dull

were slightly mostly unchanged. Closing pric26 above the day's levels but sella Industrials were mixed. Im J showed a net loss of 10 to 19 pertal Tobacco rose fractional-Beptember points. The market opened only following the announcement Spot-cents per 3b FOB three to up four points. New of higher prices ori cigarettes. Orleans closed off 25 pointa. German bonds scored guins on expectations of repayment.

United Press,

A prospective crop of 12,718,- 000 balca came 810,000 bales nhend of the Govarniment's first estimate and about 350,000 bates in excess of average ex- pectations. Last year's produc- iton totalled 13,310,000 holes.

Still Vulnerable

4.75-70

4.06-07

4.06

4.0

October ...

1103

Cuba).

<0.75

November

interest: 8.139 contracts Contract No. 6 (domesito)

Merch

9.51

1.07

May....

Reptember

New York Metal November

Futures

Spot-lcents per Th, CIF New

Votk ex-duty) Dorn interest:

United Press.

New York, Sept. D. Prices of metal futures closed

•

...... 5.70

343 contracts.

NAMESAKES

Answers:-1 Water, 2 Found-

1325673

unquoted

ing,

2.476

9.43b

Seme sources said the larger today in cents per ib, as follows: crop would mean just that much more cotton would go into the Zinc Government, loan. Another view was that the

داشت 20

Load Bept.

Oct

Sept

Oct.

Copper Sept

Oct.

Tale / Tia

Bapt

9237j4b

Okt.

United Press.

crop was p vulnerable because of a start and that the yield could be affected by an early frost or a wet autumn,

However, one of the highest

si private crop estimates, issued before the "Government report, indicated allowance had been made against the chance of un- toward

crop developments later

in the season.

*

331

5112

3036

1672

B

14%

4214

TO

Allonin report noted good demand from mills last week for spot cotton on nearby shipment. However, manufac-

*

97

turors were

4034

-4015

not interested. In forward purchases,

401

42

Principal demand was for high 274 grade in medium and longer siaples with low grades weak. 471 Mumphis reported numerous in

quiries but very few sales were confirmed.

1,000.000 balca

20 NEW YORK COTTON PRICES

*

*

3 England, 4 Bellef, 5 Artistic, 0 Paradiso, 7 Crafts- men, 8 Movement, @ Poetry, 10

Earthly, 11 Raphael, 12 Paint-

ing, 13. Socfaliste,

William Morris.

P.OBIE&A

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO.

Outwards "CORFU“ *JARTHAGE" "CHUSAN"

* CANTON"

Leaves London Sailed 31/0

Dua Hongkong

22nd September 18th September 20th October

1st October

ith October

30th October

18th November

Via Southampton, Colombo, Penang a BinKADOTO,

Homewards 'COLFU"

"CARTHAGE"

"CHUSAN" "CANTON"

Leaves Hongkong Dus London

zith September 24th October

27th Octobe

24th November

3rd November 30th November 22nd November

22nd December

Via Singapore, Penang, Calombo, Bemtay & Ados.

FREIGHT SERVICE

Businews was done in 1e uncleiat exchange marketi morning at the following rates: CS dollar (per #1) Sterling notes (per 1) .. Australian Moles (per 4NING Indonesian rupiah (per 1003 Sian heal per 100 Singapore (Straits)

Jucal this

5.90

£5.75

12:32

American Stock Exchange volume was 750,000 shares.

Dow-Jones, closing averages 30 industriala

30%

Dorulas Aircraft

011

werd;

Dow Chemiente

474.20

Dupont de Nemours

1894

181 20 ralis

134.03

Enstern Atrine.

Eastman Kodak

El Paso National Gos

Family Finance Corp,

24

The certificated stock at 3,544 showed an increase of 516 bäles from the previous posting week ago --United Press. 30% Alonth

Volume Open interest

Oct.

5.100

149,400

Firestone Tyre & Rubber"

Dec.

10,300

219,709

13

Mar

1,700

108,200

May

4,100

155,000

10% July

2.000 412.000

Oct.

3,100

100,000

Ho Dev

1280

376)

2014 Tot

34,000

Valed Prom

B-T

100

IN COTTON GREYS

3511 00-3/9

- 77%

New York, Sept. 9. Prices of cotton futures closed today as follows:

301

Spot

34.00

Gjet.

New York, Sept.

9.

33.07

Dec.

33.47

Adenauer was about Sellers of cotton grey goods last

detacted indistinct signs impending carly break-up in the situation that has gripped the trade since late Spring.

week

Mar.

33.82

May

33,77

Juty

r

of

an

Hay Mederoll

Det.

Kaiser industry

Dec.

31.62.53 32.44

quiet

Kennett Capper

Kansas C. Power & Light

United PressTM

"SOUDAN"

"SUBAT""

das 18th Sept

du 20th Sept.

(A

New Orleans, Sept, v. Prices of cotton futures closed today as follows:

Spat

23.03

33.65

Doc.

Mar.

33.58 3300

ALEX

107

July

Oct.

Dec.

-United Pres LIVERPOOL PRICES

by the belief that

to up-value the D-mark. Ster- ling was sold to buy D-marks. Resultant weakening of sterling made other non-spfculators sell their

pounds just in

case. Pursuing its policy of defending the pound cost Britain's Gov- ernment £114 million worth of cold and dollars.

ask

hours.

In syntholle

Liggett Meyers Tob. Co.

hord Arcraft

Loews Increment Co. Lone Stor

Lowenstein & Sons McDonnell Atromali Stock Expe) ... Mesabi Iron Corp. isota Mhing Mizalon, Development Monsanto Chemical Co. Motorola the

National Cash Reg. National Diary Prod. National Lead...... fabrics, rayon National Steel Corp.

Previously expressed hopes prices. Users' inventories are There was no sign that trade for a quick post-Labour Day reported to be on the lean side, unlonists up at Blackpool stop business pick-up were slow to Also, mill stocks are reported

themselves

spinners with most why materialise, but market analysis light, ped to there should have been a rush ald sea several favourable cigns operating on reduced working to buy D-marks. The answer

on the horizon. once- of course is that the

Looking ahead, the optimists Germany is vibrant shattered

1. The lessening goods business was reported | New York Central make emphasised: and prosperous enough rumours of up-valuing seem amount of reale offerings, sug- moderate. Since the recent re- Norfolk énetedible. And why is it pros-gesting a clean-up of specula- turn of the larger mulle to 60-

tively held goods. 2. Mill de- day sciling terms. perous? Because it has been re- Tatively free from Industrial termination to maintain current ton of the longer

prices, suggesting current levels parted a more are "at, near or on the bottom." among

30.01

30:47

30.43

3045

30.45

⚫ disputes.

3045

30.58

Unimpressed

Resump terms im- optimistic note converters, although has been 8. Heavy mill shipments of grey actual now buying goods to finishers on old orders, alow to develop.-United Press, 4. Lessening requests to milla

Yet this

Icave

for deferred shipment on bill and-hold operations

A,

Intra-dealer switching opera-

tions and a little commission

bosis.

AMSTERDAM MARKET

Amsterdam, Sept. 9.

The rubber market was ecsler The assumption is that Socialists shapes up for the fourth quarter.

today. Prices closed in guilders would operate

per kilogram, cit Sept. as follows: policy

No. 1 rubber

No. 7 rubber

No, a rubber

2.49 sellers

PRINT CLOTHS

Exchange

New York, Sept. 9.

Closing rates were:

England,ametal

uniemelal 30-days 20-days

Australia Argentina Other unchanged

1

Olin Mathleen

Ou Elevators_..... Owen-Bols GlaSE Oxford Paper Pecific Gas & Elec. Pan American Airways Paramount Pictures Parke Davis Co.

Penny J. G. Cu

Penn. Salt Co.

Philip Morris Procter & Gamble Co.

Publicker Industries Pure Oil

Radio Corporation

Hepublic Steel

Reynolds Metal

Royal Dutch

Bears, Roebuck & Co. ***

Bhell Oil Co......

Saint Reg. Paper Binclair Of

Booony Mebell

Bolar Arunft

Bouth Puerto Rico Sugar 1.04-25/24 Seathern Co. (The) .... 2.78-11/21 Beutheru National Gas 2.00-1.63

Soulham Hallway. (Com.)

3.77T

2,75-9/18

tandard Brands

Standard Oil of Caj. 212-11/16 standard Oil of Ind

Standard CHR of Nễ. stoep Rock (Toronto Exgo.) Blakely-Van Camp, Bladebaker-Packard Corp. Runshine Mining Swift & Co.

-United ProS.

to Brems bouse selling featured an Britain's trade unionists un- otherwise elow session in impressed. They have declared Sporadic spurts of buying in futures.

included outright Exchanges

war on the Conserva certain, fabrics like wide print New York Foreign Rado comp. pl. May, Jan. at Ove points tive Government and even if cloths and a few Industrial March-Jan. two points and the Government had to pro- fabrics used by the automobile.

duce from Sept-May on an oven

a hat an ideal industry. The spot market remained in- socialiatte economic policy it is

Against that array of factors, that trade unionists nctive with No. 1 Rss quoted unlikely

however, traders practising cau- at 30% cents.—United Press, would change their tune.

Lon hesitate in face of an They do make plain that it a Socialist

Government were re-crotic stock market and a dis- Canada

and see how turned to power they would position to wait

the general business outlook buckle down and co-operate,

ant economic more 10 tho trado 1.48 sellers unionists' liking. All that trade 249 alters unionists seem to know about 2.75 buyere this ideal policy is that it

Best showing of the week United Pres

would restrain prices and pro- was made in wide print cloths, Ats. Details are left happily with the 45-inch fabric the most vague as is also the effect such active in the group. While no a policy would have on Britain's important yardages moved, cach chances in a fiercely competi-day sellers reported a series of modest orders all for, quiok tive economie world.

A few weavers What seems to have escaped delivery."

London, Sept. 9. trade union leaders is that indicated their backlog on wide

Closing rates ware; worth of their numbers had improved "es a whatever the

result of this unspoctacular, professed faith in economics of daily covering."

New York Montroni Socialist Government they, by

Amsterdam heir negative policies

In cotton yarns, several soilers Copelleren nounced, In Blackpool, have reported little or no now buying lan

Frankfurt tanker tonnago alone made more unlikely the return on the part of kaliters, Weavers Paris accounted for 843 000 tons into power of such an admŠały-

also have been inactive, held, Rjockholm bons intration, London Express Ser-ing off on fourth quarter com

Viman July aguinat, 000,000

vice.

mitments, because ・ of Current

No. 1 crepe

SHIPBUILDING

London, Sept. 2, The tonnage of ships under construction in British ship-

at the yards

end of July 1611 amounted to 1,026,000 egainat 1,808,000 tons at the end

of the previous month.

Juna.----Franco-Presso,

RII-

London Foreigu

Zurich

Exchange

Texas Co

Texton Inc. Tide Water Asm. Oll

by Contury Fox Fill Union Carbide ................ Inton, Pacte Hailway United Atrerafi United (2 Corp.

Oll of Cal

US. GYDRIM 2.70%-2.70-8/10, UK. Line 20.

UB Rubber 10.02)-10.03%

UB Fmaltirug

270333-174MECY

23.10-12.1616

Va. Bizel

Warner Bro0,

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

481%

NEW ORLEANS PRICES.

Liverpool, Sept. 9. Cotton future closings, in pence per Ib. were as follows:

481 Old contract Oct/Nov.

Dec./Jan.

Mar/Apr.

May/June

July/Aug.

New contract Uch/may,

Dee./Jan.

Mar/Apr.

Jus/dine

July/Aug

-United Press,

SAO PAULO PRICES

Sao Paulo, Sept. 9.

"BINGAPORE” 10ads 14ths Sept.

sila 18th Sept, for London, Hamburg, Rotterda

Antverpy via traits. Adep, Port

Sudan de Kavre

from U.X

from UK

BRITISH INDIA S.N. CO., LTD.

1118 -- A BUNDRED YFÄRS OF SERVICE –– 1952

"BANTIA” in Port

salla zoth, Sept.

from Japan

for Singapore, Penang. Mangoon dc Calcutt

from Calcutta. Hang on A Surus for "Japan

“SANGOLA” des Silk Bapt.

salis 25th Begt.

"OLINDA" due 24th Sept. from Japan

satin 26th Sept. · for Singapore, Penang.

Hangoon Caloutta

P. & 0./B. I. JOINT SERVICE "IKAUNA"

"OBRA"

due 16th Sept.

due 16th Sept. salis 18th SepE. "UMARIA” dus Bad Oct,

sails Opt

Aneth Dret. salis 10th Oc

"FIRIA"

Closing futures cruzetrof рет

prices, in

kilo

wero 08

follows:

10

Oct. 38,05

Dec.. Mar. May and July were

3n

Loted.

the United States, the Faverage price of ane-Inch cotton

51% at 14 designated epot markets

was 33.28 centa.

Total sales at these markets 30,080 paleo. -- United

were

London Metal

Prices

London, Sept. 9. Prices of motala closed today 61% lows:

4014

in sterling per long (on as fol».

413% T spol 0416-month:

Copper spot #13-month

15

Lead st

Lead int

Zing int, túir - Bed

Buyers Bellane

from Japan

I Singapore, Bombay, Karachi, Brunei, Esmaran, Kageradishane di Kuważă

from Karachi, Coohin de Hingapore for Japan

frem Karachi, Cocht, Colombo & Breite for Japan

Thủ 1 ph

fer Singapore, Pecana. POTL Swattenham, Kaarna di Kakinada.

EASTERN & AUSTRALIAN 5.5, CO., LTD.

*

"KASTEEN" in Fort

walio 10th Sept

“NELLORE" due 4th Oct

for Labuan, Bandakan, Rabaul Brisbane, Bja DAY.

Melbourne nonside

fries - Assetċalia

All vasoola,“have überty to call as any porta un

or off the route à’the zuule à sailings are subject

to change or amendinem, Wick or withens Betion.

for full particulars opply to:

MACKINNON, MACKERZIE & CO. DI HONG KONG LID. Telephone Nas: 277914.