Page
THE CHINA MAIL, WEDNESDAY, SEPTEMBER 18, 1957.
TRADE and COMMERCE SECTION
REPAYMENTS-NOT REVALUATION Russia's Agriculture
Move Expected HONGKONG WALL STREET VICKERS
To Be Sped STOCK MAKES MODEST
Up By Bonn
Bonn, Sept. 17.
EXCHANGE RECOVERY
Our Own Correspondent
By DOROTHEA BROOKS
New York, Sept. 17.
Trading wa on # Right scale A modest recovery move lifted selected issues a
for today's half day session. The market continued to be
point or more and boosted volume slightly to- running along the same pat- day providing a bit of a break in the market
previous days, with prices holding
monotony.
fairly
steady. The turnover for the Turnover still was far from heavy-only 1,490,000
i8 Dr Konrad Adenauer's electoral victory
expected to speed up the drafting of practical schemes for the advance
torn a $ repayment of foreign debts as a means of reducing West Germany's foreign payments surpluses, ob- servers said here today. Herr Fritz Berg, President of the Federation of West German Industries, said in Berlin last Saturday that the advance repayment of debts would be preferable to the remedy of "currency quacks who advised the patent medicine of revaluation."
Highly Suitable
to
Approxi-
day amounted mately $355,000.00, Our own correspondent reports
this morning's prioca;
Khares Buyers Sellers
BANKS INSURANCES
in k
Hairs
ins
SHIPPING Warlock DOCKS, Dock X. Whats Provident
(RIM LAND, ETC.
803
DO
40 CO
100 34
ETC.
7.73
5119
11.00 1.15
7.83 10037,
200 IT GO
15
Humphrey
shares compared with 1,290,000 on Monday- and most prices moved only a small fraction either way.
Paramount Pictures
Farke Davis Co
34%
Penny J. C Co.
00
Fenn Salt Co.
JO
lower
Philip Morris
431
sparked
Procter & Gamble Co. Pittsburgh Plate Glass
1.1
73
Publicker Industries
Indie Corporation
xd
2xd
However, there were bright uts dry the oili steels and numerous miscellaneous issues.
Metal stocks, sharply in the initial selling,
ie upward push which got underway around mid-session, but dropped back down again later on news that three major aluminium producers lind
HE 14.07 16.40 10001 signed revised contracts limiting
K Land.
the amount of aluminium the Gaverment must buy. Lost at the close ranged to a point in Alcod.
Henlly XD
RUDDER Amale UTILITIES
Professor Ludwig Erhard, Minister of Economies, also said he regarded the early repayment of German debts us a highly suitable contribution to the solution of the currency problems of Germany's neighbours. He added that his ministry had started to draft plans for this. Observers say there is hardly a doubt that Professor yournati
Erhard will have the consent and co-operation of his colleague, Finance Minister Fritz Schaeffer, who also expected to retain his post in the new govern- mont,
T...
C. Light
is
t
20 10.10
1.30 1.40
1520 1.55
24 23.10 500 23.50
10.00 19.70 2000 18.00 2000 € 18.70 1001.co
103 105 300 / 103
kt) 12.70 Electric 20.40 2017 Macao E.. J0.40 Tel.
2710 27,00 INDUSTRIALS
But observers say it seems unlikely that the machinery for
advance repayment will be ready before the end-of-Cement-204-28.30 the year.
Difficulties which may delay the project are, in the first place, of a technical nature. The scheme provides for the limited buying by Germany of pre-war German external bonds on foreign markets, but the money needed for this has not been budgeted for.
Need Negotiating
Suggestions that the German Federal Bank should advance the money cannot be carried out because present legislation forbids such advance payment. However, it is still expected that some arrangement to provide the money will have to be made with the Federal Bank, perhaps in co-operation with the government-controlled Reconstruction Loan Corpora- tion. But this will require difficult negotiations which may well last until next year,
The present Government and its Economic Minister have repeatedly denied that a revaluation was planned, and in view of the electoral support they have received, there is no reason this attitude should be changed.-- China Mail Special.
Cotton Futures
Become Irregular In NY
New York, Sept. 17.
Limited offerings and a light trade demand com- bined to keep cotton futures on an irregular upgrade today for the second session in a row.
Closing around
the day's Dec.
best levels the jist ronged 14 to 20 prints higher. Opening prices were up two to off four points, New Orleans closed up 14 to 17 points.
Now outside
participation
continuent to be held in oboy-
May
July
Det.
Dec
NEW ORLEANS Prices of cotton
ance while Iruders awaited elased today as follows:
crop developments, news from
Spot
the fextile und spot
markets,
Cicl
Doc.
or oder new Incentives,
Mar.
Evening-up in nearby Octo ber before first notice day Sept. 24-provided another. trading feature. Houston spot" interests sold several thousand bales in October, supposedly
May
July
Oct,
Dee.
Mar.
LIVERPOOL
Colton
on differences with the New Orleans market.
The Government weekly crop summary was mixed but cons sidered more on the unfavourable side.
33.94-95 14.2
34.27
23.13
32.83
32.7
76
futures
23.20
23.03
53.62
34.21
33.00
32.81
ROTA
Watron INVESTMENTS.
STORES ETC. Dairy
..... 15.00 15.70
12.20 13.70
0.00
4.10
3.60
L. Cmw
Yangtze Allied
HK & FE Invest
38% 12.70
Turn Tide
Several bits of welcome Conomie news helped turn the 300 12.70 tide of the market from the 500 » 20.45 early deeline — reports that the 100 @ 27.00 nation's population had koored 10 171,50.000 persons by Aug. 100-2-20-201 and news that personal income 700 + 23.70
in August climbed to an annual 300 16.00 rate of $347,500,000,000, a bil- 500 6 15.60 500 1750 on dollars more than in Juty. The minjor Groups closed slightly higher on average 200 0.45 industrinis 478,28 up 20: rails 132.00 up 29; utilities 67.87, up .01. Or # total 1,198 issues trated, 441 were higher, 390 lower, 277 unchanged.
150 g 10
WORLD RUBBER
MARKETS
New York, Sept. 17: Rex rubber futures today
closed ten
to 15 points higher with sales of
contracts.
September
November
Januy
Steels were
widely mixed. Motors were narrowly mixed. Rails were very narrow.
NY Stock Exchange bond volume was $3,402,000,
American Slock
Exchange
volume was 560,000 shares.
Closing Prices
Am. Brake Shoe
Am. Gas & Electri
American Smelting
American Tel. & Tel
1475
Pure Oil ........
Repubtle Stool
Reynolds Metai Seats, Hoebuck & St. Pe
Saint Reg. Paper Sinclair Oll
Soceny Mobifoli Solar Aircraft
South Puerto Rico Suzar
Southem Co. (The)
Southern National Gas Soulbem Railway (Con) Standard Brands Standard Oil of CN) Standard Of of Ind. Standned Oil of NJ.
Steep Rock (Toronto Exge.) sterling Drug Co. Stokely-Van_Camp, ................ surdebaker-Packard Corp. Sunshine Mining ................... swift & Co......
Texas Co.
Textron Inc.
Tide Water Assn. Ou .. The Inc.
in
Twenty Century Fox
Union Carbide VALOR Oll at Cal.
Union Pacific Hallway United Aircraft
#ted Gas Corp.
U.S. Fol "B"
US. Gypsum
1.5. Line Co.
US. Stubber
1.5. Smetting
Us Steel.....
U.S. Steel 7 pe pl Warner Bros.
Westinghouse Electric
Western Union Tel, Ch. Woolworth
Film
-United Press.
DECLARES INTERIM
London, Sept. 17. Vickers Limatted do- clared an interim dividend of 2 per cent, less tax. which Win the same pa last year.
The trading proût for xx months to June 89, 1957 before tax, but after All
expenses, was
£6,17 million
against £12.7 million for the 12 months in 1986.
It was proposed to raise. approximately £29 millon by the Issue of share and 102n capital, Members would be offered £11,- 772,050 ordinary share of 21 each on the basis of two for five held at 358 per share,
Members and debenture and Ivan stockholders were invited to subscribe Гот 210 in Won six per cent tansecured Loan 1977/1980 at £98 per cent.
A
2014
想
2014
631
1776
403
CHICAGO GRAIN MARKET
Chicago, Sept. 17. Wheat, corn and soybeans showed good gains but the rest of the grain list closed steady in moderate activity on the Board of Trade to- 134 day.
Allied Chemnicola
$8314
Allied Mills Kae,
235
Albs ChaSTESSE
Anerican Airline
1622
American Cyanamide Co.
American Cable & Radio Corp.
417%
82
Ainer, & Furga. Power
25.95
Am. Bach, & dry.
39.03
American Metal
30.10
Merch Moy
30.00
Am. Sugar flet,
30.10
July
30,00
American Tob
Beptember
30.00
Standard contract closed ten
Armco Steel
to
45 points higher with sales reported.
no
September
20.03
Baltimore & Ohio
30.00
Beneficial Finance
10%
30.10
Bendix Aviation Corp.
30,00
Benguet Cons..
30.10
Bethlehem Steel
30,
40
30.00
001%
Some
401%
November
January
Marchi
May
July
September
Extension of Monday's rally reflected reports of additional Russian buying of spot and afloat rubber at London, and reports of London in the local certainties in Thailand, recent terminal market. Political un-
ly a fair-sized suppiler of rub- ber to the US market, brought additional covering by dealers
and commission houses,
Anaconda Copper
Armour
"IS"
Alias Cons. Mming
Baldwin-Lam-item.
Boeing Airplans Durden (The) Co. Burroughs Add Machine Campbell Soup Co. Canadian Pacille R Cape (3) Ca Cat. Tractor Celanese Corp.
C. I. T. Financial Corp. Chase Manhat. Bank
Chryster Motors Climax Molybdenum Cluet Fesbody.... Colgate-Palmolive Co. Colombian Carbor Co. Commercial Credit Reported fair-sized sales of Commonwealth Eice. Consolidated Edison shipment rubber included some Continentul Qul of Del. Scpt-Oct. опо sheets from Crown Zellerbach...
Cuban Aaner, Sugar Colombo at 20 cents and one
Plamond Alkali at 2011⁄2 Disunand Match sheet from Indonesia cents a pound. Also four sheets Douglas Aircraft
Dow Chemicals at 20% cents from Indonesia.
Dupont de Nemours Domestic factory buying, Eastern Airline ... however, continued quiet, Spot Epatman Kodak No. 1 Ras was quoted at 30%
SINGAPORE
cents.
Prices today closed In Stralis cents per lb. fob, Malayu ports us follows:
No. 1 rubbar Qet.
futures closings, in No rubber Nov.
No. 2 rubber Oct. pence per lb, were na follows: No. 3 rubber Oct. Old contract Oct/Nov.
No. 4 rubber Oc 20.10 Spot rubber unbaled
New contract Oct/Nov.
Dec/Jan,
Mar./Ape.
May/June July/Aug.
Dec/Jan. Mar/Apr. May/June
July/Aug
SAO PAULO
25.79
29.61 Blanket repo
2003 No. 1 pale
2002
20.50
ONDON
Puso National God Family Finorace_Corp. Firestone Tyre & Hubber Ford Motor
General Electric
General Foods General Motors Gen Pub. UBI. Gotty Oli
MILUDE | Güdden Oo; ....
031-84 Goodrich (..) Co. 03-63 Goodyear Tyre"
81,2-dia; | Gult ou arrang
Heyden Newport Cory.
786-3114 Tonestale Bining 00.
DO-H
The rubber market was firm
25 with spot at 25% pence per
Prices;
lb.
No. 1 Ris spot 25,25 14
Selllenient house tern:
Rainy weather with cool tem- peratures slowed maturity, harvest and Increased weevil activity, but the moisture im proved the prospects in provious Cotion futstre closings, dry areas through checking cruzeiros per kllu were as fol- Dec. shedding and premature opening lows:
of boils.
KARACHII
today
The market closed Brmer on sentimental reasons. Fulurcs deliverica opened the session at around the last clos- ing levels and afterwards moved a shade downward,
Prices in rupees per maund as follows:
Bind roller mi 2091 Buld roller gin
SAW Kin
anr Putih roller là
www.
NEW YORK
Phoca of cotton closed today as follows:
Boot
futures
54,70
October December March Alav
Juty
in Oct. Nov.
Jan Mar.
Apr/June
July/Bop
28.50
31.80 30.50 30.00
30 до
the Nov
•281 231
Ingersoll-Rand
Inland Steel Co.
Interchemical Corp.
Xr1 Bisine
inti Heventer
Machtrics
International Nickel Interstational Paper Int1 Tei & Tel...
J. Ray Mertermatt
John-Manylite Co.
Kaiser Industry
2391-20% Hammas C. Power & Light 281-201 Kennet Copper 2011-2012 Meget Mayer Tob." Gentral markets, cif basis, ports: Lockheed Alrersit Sept
Loews incorp. nit
Ine Biar Cement Co. 2576-2515 Rowenstein & B Estela crepe thin Oct average price of one-inch cotton Estate crops thick Oct at 14 designated spot markets was not avaliable,
In the United States,
Tolpi sales were 25,087 bales, ---United Pröja,
NAMESAKES
Answers-1 Giant, 2 'Cham- plon, Philistine, 4 Sling, $ David, 6 Defeat, 7 Fight.
Goliath
Pick.
Exchange Rates
Soybeans, after
showing early losses, rallied around noon with the news that Japan had authorised importers to buy tons of US soybeans. 100,000
house mixed commision activity was reported
the but 33 trading in ben
beans was
quiet, Evening up of the September contract brought sharp early losses in soybeans with Contracts off more than a cent The deferred months managed to hold about steady. Evening- up also brought some declines In wheat and rye,
1432
3916
477%
29
42
57
414
some
Some early commission house selling was reported in wheat futures but prices becamy steady 212 to firm in later
dealings. Trading in the wheat pit was
4215
3019
65%
light.
2376
13%
Foreign trade became active, 184 whon Austrin bought 1,800,000 2016 bushels of UB corn, Foland par- chosed 350,000 bushels of US mixed wheat and tho Valted Kingdom was cold 350,000 bushels of US hard wheat.
Greece bought 100,000 bushels 4% of US com In other foreign
dealings,
6315x
cents for new and unchanged to
30%
Wheat closed up
4 to
63%
1401
off ecot for old.
1416
Soybeans closed
up to I
cent.
BUL
What old contract
78
Reptember
December
2131 210
34
Wheat now ocntract
B
03
01%
Sept. 2137 (K) KES December
March
MAY
July
Corn, No. 2, yellow
Spol
September
March
December
MAY
McDonnell Aircraft (Am.
Brock re.)'.
Bye
teplember
Moonbi Tron Corp.
December
Minnesota Mining
Opla
Mission Developroedit Monsanto Cherical Co.
Bestérobér
Morgosdery, Werd"
National Chi Namond Dairy Prod. Budnew was done in the Ibeal | Neflonet Tead harmil unofficial tachangy market. This (National Birel Corp. Frorning, at the followish, in lên — }New, York. Central..
5.99|| Norfolk a Werlern Rty. 10.04 | TV12 Mathiesen 12.54 | 034 vetor 17,30 | Owen-Hinole Glam 2129 | Pacião Cos, & Beo;
Lai. Pan American AlIWRMIDAD
Starting noten (par 21) Australian notes (per 21). .. Indonesian nupiah (par do).. Biam Heal (per 100). Singapore (Straita). SALAR
December
Boy hesus, No. E, yellow
Spot
Septembe
Kovember
YOTHERLY March
Harley,
Apot
100 lb. zack
New York flour
123-150
919.40
The Directors unticipated final dividtad on the increased ordinary capital at the same rate as for the previous year, which was China 714
per cent, Mail Special,
LONDON
MARKET
DRAB
London, Sept. 17.
Apart from gilt-edged securities the general op- pearance of the market was drab today. Consola 4 per cent rose 5/- to £71-12-6 and funding 4 per cent 3/0 to £10-16-0, Others closed around 1/3 higher.
Industrials were dull. Rolls Royce fell 1/9 to 110/- and Vickers Od down to $7/ Imperial Chemicals was around Ed lower at 40/10%.
but
Oils moved erratically were finally above the worst, Shell fell 1/1 to 190/4 and Royal Dutch 12/6 to £22 5-0
After yesterday's setback on Wall Street the dollar premium dipped 2 per cent to 10 per cent.-United Press.
New York Foreign Exchange
New York, Sept. 17. Closing rutes were: Canada England official"
30-day
10-day
New Zealand
South Africa
India
Pakistan
1.04 1/32
2.70-3/18
2.73 1/10
Claims Termed Unrealistic
By US
By GARLORD P. GODWIN
Washington, Sept. 17. The Agriculture Department last week called unrealistic Communist Party boss Nikita Khrushchev's claims that Russia within a few years will reach and might even overtake American per càpita production of meat and dairy products.
I called the claims nothing The expert sald a number of more than Soviet propaganda. A handicap militate against t Department expert on Russian rapid increase of livestock pro- Agriculture analysed Khrush duction ki the Soviet Union. He chev's production challenge in sald perhaps the most importani the September issue of "Foreign is the teed supply, a perennial Agriculture." unidentified wook spat in the Soviet live-
The
expert is known to be well in stock industry. formed about Russia's produc- tion and production potentini,
USEFUL PURPOSE
Labour is another problem, ha said, pointing out that from three to five workers ore re- quired to do the job one farmer £fo
The expert said Khrushchev's does in the United States. targets "though unrealistic," may said other handicaps htc a luck full a useful purpose from the of livestock, and "a shortage standpoint of the Khrushchev and backwardness" in refrigera- administration."
tion and processing equipment.
sort of race-United Press.
They involve o with the chiel Sovlet adversory in the free world, the United States," the export sald. "And they also hold out à promise for in improved standard of living.
Thus they could serve us a propagandu focus for rallying the Russian farmers and for
whipping up their enthusiusin for expanding production."
The expert said Khrushchev |"exaggerated" in his May 22 speech Di Leningrad whận họ gave out comparative per capita production data on these commodities:
Kem
USSR United States
New York Sugar Market
New York, Sept. 17. World No. 4 sugar futures today closed three points higher to two points lower with sales of 335 còn. tracts.
Domestic No 6 sugar futures closed unchanged to two points
Ak-450.1-477042-1b|higher-with-sales-of-three-coil-
Butter 0.2 11 B.4 The pre-tracts,
umably factory production)
Mcal
715
121.0 The
Both markets ruled quiet of
tslaughter weight, includes also traders walted raw markof
poultry offals and lard). developments. TOO HIGH
Havana dealers reported the Government recently published a
decree making
of 200,000
"While the Agures for the Cuban United States are approximately POTTED," the expert anal, #hose official the transfer for the Soviet (Union appear to tons of Cuban world export bo too high for milk and meat quota sugar to the United
Cuban sad are inconsistent with pre- States-relbined quota. viously revealed information. mills have the privilege of par- Hicipating in this quoja transfer during a ten-day period.
Contract No. (world). October
January
The extent of the exaggeration cannot be definitely determined, but it is probably the urder of 15 to 25 per cent."
The expert pointed out that, March
onin chi ủy g, the United States produced July
Heptember in 1058 more than three times 4 October much meat per capita and 40 Spet-feents" per cent more milk than. the Cuba) Soviet Union.”
Sven Khrushchev's
9.50-54
3.00 3.39
3.03
4:09
per 1b. fob
Open Interest! 0,750 contracts, Contract No. & (domestic)
"But he asserts," the expert November said, "the Soviet Union can March
July
0.40
overtake the United States In May per capita milk production in Beptembélr 1958 and by 1950 or 1961 rench) the level of US ment pro- Spot-(cents per lb, df NY duction.
pld population growth."
notwithstanding
Open Interest: BALS contractan United Press, BOOST OUTPUT
the
The expert said these Khrust
chev goals
were set. "despite the fact that meat production Increased by only 11 per centi and milk production by 36 per:
Nicvember
Ox-duty
8.70
London Foreign Exchange
London, Sept. 17.
Closing rates were:
cent during the three years be- New York tween 1954-56-a period when a Montreal strenuous efforts was made by the Amsterdam Soviets to boost the output of Copenhagen......
Brussels
www..com
2.77.7/10
2.70 13/10
2009
2000
animal products. Moreover, the| Miền big increase in ment production | Odo took place in 1954 and was in-Zurich
Others unchanged.--United Press.
MONEY
2.72 1/16-3.70% 2010/10-2.67 L1/10 20.01-10.0145
1.30.55-13080
19.33% -19,33
3744-3748
19.9454-10.00%
11701-1271
12.16.12.1842
significant in 1955 and 1938," Olbers unchanged-United From.
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