1957-10-01 — Page 9

Page

THE CHINA MAIL, TUESDAY, OCTOBER 1, 1987.

TRADE and COMMERCE SECTION

CHANCELLOR RESCUES THE POLITICAL TRIANGLE

QUIET TRADING UK's

AT CLOSE ON WALL STREET

New York, Sept. 30.

The stock market closed out the month

with a session of routine, quiet trading. Final averages showed the list a bit lower on balance and, of 1,112 issues traded, 511 were lower while 311 advanced on the day.

The cusiness seemed Inore Kennecott Copper..

agelt Mayers Tob. Co. the result of neglect than any Lockheed Attra selling pressure. Only a F-Loews lacurp......

Lone Star Cement Co katively few features moved at

Lowenstein ▲ Bone.

all widely and volume lighten-Mesabi fron Corp.

od rubstantially.

Turnover

totalled only

Mianowota Mining for the session on Development

1,520.000 shares, sante Chemical Co.

Montgomery Ward

230,000 below Friday and Right-totorola Inc. rst in two weeks.

Tobaccos

BO

National Cash Beg. ' National Dairy Prod. National Load

1024

National Steel Corp.

New York Centrai

Nurfolk & Western By

0014

bon

Otis Elevators

with

Tobaccos were strong features

the session1 throughout

a point saling rengig to American Tobacco and Liget! & Myers, Lorillard was frac- tionally higher md one of the day's most active traded issues. whose en- Jersey Standard, nouncement of a proposed 259 million to 300 million Mock offering upset the market late Friday. was the most active lasur, holding unchanged on the day.

Alleghany Corp., following in the active list, fell % to 6% on

Owen-Illinois Gl

Oxford Paper Co. Parle Gas & Elee. Pan American Airways Paramount Plotures Parke Davis C Penny .C. Co. Penn Salt Co. Philip - Morrla

Procter & Gamble Co.

Psburgh Pinte Glass

unieker Industries даше од

tadia Corporation Radio Corp. Pret. Repubile Stai Reynolds Metal She Oil Co..... Spint Reg. Paper

a Court ruling that the Inter-Shell Oit

state commerce commission had

Sucony Mobiloil

South Puerto Rico Sugar

no authority to approve issuance Southern National Cas

of new 8 per cent stock. General | Southern Hallway Com.) Motors, US Steel and Royal Standard Brands

Standard Oll of Cal

In

Overseas Trade Had Good Surplus

HONGKONG

STOCK EXCHANGE

Our Own Correspondent Business done on the Hong- kong Stock Exchange this morning amounted to approxi-

mately 3282,000. Noon quota-

£

WORLD

RUBBER MARKETS

New York, Sept. 30. Rex rubber contract closed today 20 to 44 points lower with sales of 19

contracts.

Novobe

March May

20.41 3041

29.43

AT COMMONWEALTH FINANCE MEET

By MILTON S, CARMAN

Mont Tremblant, Quebec, Sept. 30.

Strong under-currents of the political triangle involving the Western world, the Afro-Asian group

Communist bloc were discernible at the opening session of the Commonwealth finance ministers conference.

and the

The African-Asian ministeration with Russin in the Atra- outnumbered the "white" mini- Arlen world.

The possibility of the pre- sent conference having major

tons and the morning's trans-39 points lower with no anles Nyasaland

nctions:

From RONALD BOXALL.

London, Sept. 30. his speeches in America, Mr Thorneycroft wisely concentrated on the basic strength of Britain's overseas trading position. Here was something that foreign speculators had apparently forgotten in their feverish Bank.. anticipation of a sterling devaluation.

The Chancellor revealed that

to

That's the theory But will in the year up to last June it work? The answer is it will period of exceptional difficulties if the Government let it. for Britain-we managed

But they must not expect Carn a payments surplus of just much

help from the trada over £200,000,000. And he unions. predicted an even bolter per- formance in the current twelve months.

**This”. sukd Mr Thorncy- croft, is not the picture of at declining Currenty. parity is right,"

Price Level

So with action and words the Chancellor has rescued the pound to fight again another But whether it will need day. to fight again depends on the 7046 | effect of the recent economic measures including the two per 4746

cent increase in bank rate on Britalu's internal price level,

73 271

54

ร

37

3542

40%

off

Standard Oil of NJ, Sleep Bock Toronto ExRy)

Sterling Drug Co.

Stokely-Van Camp.

Studebaker-Packard Corp.

3015

Dutch also were among the Standart Ol of Ind.

active features.

Steels generally wert: fractions with

Youngstown Sheet & Tube declining more than a point.

Features

Sunshine Mining

Swift & Co.

Texas Co.

Tide Water ART O

Texum Inc.

Twenty Century Fox F:

Union Carbide

nion Oll of Cal.

Union Paelle Hallway

Oila had higher features in Seaboard, Continental and

Shamrock, each up close to a point, while Royal Dutch fell. Foll "B"

14.

Motors were le changer, United Aircraft, Bocing and Douglas declined around

aircrafts. Eastman point Kaduk and Dow lost around a point in chemicals.

Halla moved narrowly for the most part with Chesapeake & New Ohlo, up a point, and York Central and Kansus Cily Southern, off one,

The averages: Industriols 458.30, or 0.59; rails 123,70, o 0.42; utilities 60.87, of 0.21; 65 stocks 150.49, of 0.32.

American Exchange stock zales rose to 610,000 shares from 670,000 shares traded on Friday.

Bond volume amounted

Friday.

Closing Prices

10

United Aircraft,

U.S. Gypsum

U.S. Line Cu

U.S. Rubber

11.9. Steel

Warner Bros.

Westinghouse Electric Went Va. Pulp & Paper Weelworth

201

04

251

Бр

20

BUY

3552

**********insted Press,

Fears Of Wage Round

Hits London

London, Sept. 30.

Tho key passage in the statement accompanying the an- nouncement of these measures was this:

control

Highly Critical

BOATIN Buyers SeToy BANKS

BILPPING Wheelock

pockS, ETC.

K. Whart

Dock Fyldent (0)

September

| sters six to five India, Corlon, November..............

Pakistan, Malaya, Ghana and Standard contract closed 29 to the Federation of Rhodesia, und the representing Afro-Asian group and Canada Britain, Australia, New Zealand and South Africa on hand for the "while" Commonwealth partners.

Bains

J

May

reported.

November March

POZIS

July

2941

September

EDAL

Futures and spots ruled 20

7.00

1

10.40 41.00

LAND, ETC.

IIX Hotel.

MK Land

24.80 13.10 1000 1

341% 3419

Humphreys

10.20

RUBBER Amalg UTILITIES Tram

Yaumalt...

23.20

extremely quiet. Of the lots on the terminal market, about one-quarter was intra- dealer switching, including ex- changes of January-July at three points and May/July at one point.

at 20% cento

one

CONTENTION

The immediato hoped-for re- sult of this conference, as for as Canada is concerned, is that it will lead to a full-dress Com. monwealth

trade conference.

and far-reaching effects in the political and economie struggle | betweed Husala and the Western world is further underscored by the very strong delegation Bri- tain has sent to this conference, She is being represented by three cablaet ministers who are acknowledged to be among Britain's top economic experts. The rest of the Commonwealth countries are represented by only one cabinet minister cach, except for Canada, whkh sent Firence Minister Donald Flem- Ing and Trade Minister Gordon Churchill to the

and eventually the establishment of a nourishẳng Commonwealth | Press, trade area.

the

talks. Unitori

Shipment offerings were light and priced too high to Interest 1.026 1.56 3000 @ 150 local buyers, Dealers reported

NAMESAKES fair-sized

It is the contention of offerings of Eheets in the local deliveries Canadian experts here that 12 Answors-1 Books, 2. Food, 3 101 102 C. Light (0) 10.40 10.70 [email protected] market at 20% cents, but fac such a trading arrangement Imbibe, 4 Accounts, 5 Christmas.

10 10.10

could be reached it would modity Carol, 7 Party, 0 Scrooge. D tory interest was almost non- Elecirlo....

20.10 $40 Tekphone the

1 ZAD ZI 1000 @ 273% exisicnt. Spot No. was the present world trading pat- Happiness, 10 Surprise, 11 Cal- INDUSTRIALS

quoted

culates, in the torn in an important degree in Cement***

28.40

afternoon.

the direction of offering greater Bob Cratchit (From Dickens' Amey Con

economie and political compeil» | "Christmas Carol"}, STORES, ETC. Dikey 30 17 15.40 Watson 2011 12.70 1000 @ 144% LABA, C... 10770 50003850 Teule .... INVESTMENTS

K & FE Invent.

bo

OTION

0%

AMSTERDAM

The rubber market was quiet. Prices closed today in guilders per kilogram, elf October as follows:

No. 1

9,70

No. 3

0.00

2:30 10

No. 2

London Foreign

The General Council of the our Trades Unton Congress as was to be expected were highly critical of the Government's Actions. They recognise the importance of protecting pound and concede that the to- cent exchange situation was not entirely of the British Govern- ment's making, But they do not agree that the measures the Government took were the right ones in the circumstances, They threaten to lower indus. trial activity, said the Counell, and cause a rise in unemploy ment "which is likely to persistent."

Not a word about the trade unions

the responsibility in matter, And this omission hos been interpreted to mean that the TUC attitude towards wage restraint remains

London, Sept. 30. un- changed.

Closing rates were! New York

2.7035-220 0/16 Ботс unions are still be-Montresi having as though inflation were Amsterdam something that couldn't possibly Bruchs

Copenhagen concern them.

A three-month Frankfurt old strike of shipwrights at a Milan Clyde yard over which unions Paris members should do what job Zurich has just been called off, but a strike of draughtsmen at the de Haviland Aircraft works for a third week's holiday with pay is spreading,

"There can be no remedy for Inflation and the steadily rising prices which go with it which does not include and indeed is not founded upon a of the money supply, So long ag it is generally be lieved that the Government ur

to BCL the necessary prepared finanec produced to match the upward spiral of coals, inflation will continue and prices will go Up."

What is done is done and arguments about whether the Government were right to do what they did or whether they would not have done better to do something else are profit- ics, All we can do is hope for the best without expecting too much,

Bitter End

is

The only question now whether the Government having said exactly the right things and done approximately the best they could, will have the

10 БСС

their policy courage through to the bitter end,

Mr Thorneycroft says they will. They are prepared, he

Testing Time

But these are early days. The testing time wiil come when an answer has to be given to the unions who are now de manding higher wages shorter "hours.

this

or

The Government cannot ex- pect to stand aɛido and let the unions fight it out with the employers. Xis own attitude as an employer will be decisive, Earlier

the "ha- ycar transport Industry tionalised capitulated to the unions and started a round of wage claims that gave another twist to the

Now railwaymen

arg again fret in the queue for more pay and the "British Transport Commission will shortly have

the Gover- to decide with

inflationary spiral follow." The

$3,321,000 against $3,000,000 on Fears of an approaching new told the IMF, to deny the extra

round of wage increases cash-the fuel of inflation drove many issues lower "whatever other painful con- on the stock market toequences muy

measures would be pushed to the lengths necessary to make them effective,

What is needed to make them effective is not more un-

Allled Chemicala

Allled. Mills Inc.

Allis Chalmeri

Am. Brake Shoe American Airline

Cable A Radio

Americna Cyanamid to Amer, & Furgn. Power Am. Mach. & Fdry, American Melui

Snelling

An. Sugar Ref, American Tel & Tel

American Tob, ""

Ansranda Copper

Armes Stect

AMOUT

Atlas Cors, Mining

Baldwin-Limo-Ham,

Baltimore & Ohio

Bendix Aviation Corp,

Benguet Cons

Bethlehem Steel

Boeing Airplane Borden (The) Co.. Burroughs Aid Machine Canadian Folio ft.

Cat. Tracbar Celanese C CIT. Fascial Corp. Chrysler Motor .... Climax Molybdenum Civett Peabody Colgate-Falusiivo Co. Commercial Credit Commonwealth Elec. Cimsolidated Edison Continental Oll of Del. Crown Elleebacli Cuban Amer. Bugze Dimerena AlkalÏTM Diamond Match Co. Dow Chemicals

Dupont de Nemours

Eastern Airline

Kastman Kodak

El Paso National Gos

Family Finance Corp.

Ford Motor

Ceneral Electric

General Foods”

General Motors

287

40%

154

331.

En

35%

day.

Vienna

Others

Exchange

2.07% -3.00] 10.0396-10.80%

140.05-160.19 19.33-19.3515 11.72-11.7 17:2-1743

1176-117056 720-72,60 12221-12331 unchanged.-United Press.

Exchange Rates

amoricia).

in the was done exchange markel

2.39 buyers

2.30 buyers

2.33 buyers

No. I crepe 2.10 sellers

BINGAPORE

The market opened higher on better overseas advice but cased during the afternoon on profit taking with buyers awaiting

cheaper offers.

wed

Lower gride. interest small but factories showed bet. ter interest than of late in lower levels. Futures;

No. 1 rubber per ib. Oct. 8454-043

Nov. 65 No. rubber per ib. Oct. No. 3

NO. 4

M

Spot rubber unbaled Blankei crepe-

No. 1 pale crepe

LONDON

1410-18

*

P.OBIE&

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO.

Leaves London

Salled 10/

Dne Hongkong

29th October

24

0036-01

77-79

03-93

Outwarda "CARTHAGE"

Salled 30/D

18 October

10th November

18th November

18th December

The rubber market was dull with spot quoted at 25 pence per lb.

Betonens boue term!

Nov.

Local this

Dec

Jankar.

Ape/hume

~ 5.91

July/Dept.

18.56

Nov 12.00

131

morning at the following fathe:- U.S. doila (per #1) Sterling notes (per &1) Australian noves (per Ki Indonesian rupiah (per 100) Siam teal (per 100) Bingapore (Straite)

Cheneesi marksia, elt basis.

Dec.

-United

2434-42516

New York Cotton

Prices Down On Hedge Selling

New York, Sept. 30.

ment locking over its shoulder Cotton futures today softened after a mixed start,

what to do about it.

Then we shall know whether

A mallo

undercut Relling prices of mast copper and oil chores, weak spols developed employment or ever less ful} Shell, Ultramars, Shell employment though there is Trinidad and Canadian Eagle bound to be some of this so the final battle with inflation Industrials also drifted lower much as a period of self-denial is to be joined or shirked- in quiet trading.

during which employers and London Express Service.

alike

forgo any employees extra money income. Starting now we must match any risc in wages or profits with a rise in

other way out.

FIRMER

The firmer tone of sterling

| bolstered gilt-edged securities | production. There is simply no

which closed

43

changed.

ES

virtually

U-

Dollar stocks were quiet and

4136 mixed.

Copper issues declined as sellers hedged against the in- 15% declaton on Wall Street.

Foreign bonds staged, a rally led by German lens-United Press,

New York Foreign

Exchange

New York, Sept. 30. Closing rates were:

England omelai

*#

Higher Demand

New York Sugar Market

higher with salez tracts

establishing losses up to around $1 a bale on

*

NEW YORK

of Prices

cotton futures closed today as follows:

Spot October

+

34.700

the deferred deliveries.

Realising by some of tast (week's buyers, along with in- creased edge selling and spot house offerings all combined to put prices on a down-grado.

Finishing ground the day's bottom levels the list was off net nine to 29 points. Opening prices were up ave to off four points. Now Orleans closed off ive to 13 points.

Evening-Up

300

December March May July October December March

Prices

NEW ORLEANS

E8858FFEE

"CLUBAN"

"CANTON"

"CORFU"

30th Delober

Via Southampton, Colombe, Penang & Bingapore.

flomewards

"CARTHAGE"

"CHUSAN"

"CANTON"

"CORFU"

Leaves Hongkong Due LaRGAN

24th

October Bath Navenbar Ard November

30th November

22nd November 23rd December 10 December 10th January

Via Singapore, Penang, Colombo, Bombay & Aden.

"BOUDAN"

FREIGHT SERVICE

loade it Oct. salis 5th Oct,

"BHILLONG”dus áist Nov.

for Aden, Port_Baid. Alexandria, Genea,

Casablation, Marseilles, London, Timburg. Ret terdam & Antwop,

from UK.

BRITISH INDIA S.N. CO., LTD.

F250 A HUNDRED YEARS OF SERVICE - 1958

"OLINDA"

In Port

satis ist Oct.

"FULTALA" que 6th Oct

salla din Oct.

"BANGOLA"duo 18th Oct

„from Japan

for Singapore, Penang.

Kangoon & Calcutta ·

from Chilegong, Sing@* pore de Manila For Japaza

from Japan

lar Singapore. Penas. Rangoon de Calzini"

P. & 0./8; 1, JOINT SERVICE

“UMARIA" due 2nd Oct.

salls in Oct.

"ITRIA"

of cotton futures

"OBRA"

closed today he follows:

#pot

October December

March May July October December March

LIVERPOOL

Cotton futures

2*3=88=85

closings, in

spenco per ib, were as follows:

Old contract

Oct/Nov

Dec/Jent

Aw/June

Now contact

New York, Sept. 30. Appeals have been made in World No. 4 sugar futures vain to our better nature. The

today closed "five points trade unions answered the Gov- ernment in effect, "You got us higher to one point lower into this mass; now get us with sales of 259 con- Evening-up in the October out of it." Employers found it

tracts.

delivery “and transferring by cagler to accede to the trade

commission houses, Domestic No. 6 sugar futures trade and unions demands and pass on the

another

trading cost to the final consumer than closed unchanged to one point provided to put up more than a token

Spot

gold houses of 31 con- feature.

several thousand boles through Aght. And the extra Incomes Evening-up

in the October the December, March and May generated were fed back delivery, thus

deliveries, supposedly fret anticipating Into the system in the form of

notice day tomorrow, dominated hedge operation. higher demand.....

October Appeals for restraint fasted, dealings in the world contract,

opened relatively was announced that 204 grim, reflecting the absence of unother way had to be tried. By

transferable making

notices money

will be delivery notices stud another "dearer" and

Issued. therefore ποτε

decline in the certificated stock, an attack has been Contract No. 4 (world)

Cotton ready for tender totalled scarce

2,321, off 1,000 bales from the mounted against the two prong- ed advance of prices through

*previous position weck nyo. the "costs-push" and the "de mand-pull" of inflation. The Iden is that if you deprive em- ployers of the means to say extra wages they will simply have to learn to say "no" to the trade unloba. IhovEE Will rise much less slowly and Agreed Merchant Rates no with increases in produ

Gan, the cost of living will Swiss Frances Moximar - ach» | reitinin atable and the inade unions will be denied' the Mastimun | argument that, "Wa feed more because we have to pay Iota,”

Canada

umoftietoj 30-days

00111

90-daJI

Australia

Gen. Fub, Uill.

55 Now Zealaiki

Catty oil

South Afrien

adden Co

Belgium

Goodrich (B.-Y.) Co,

Incila

Fakistan

Hongkong

Goodyear Tyre

Qui

Hayden Newport Corp.

Homesta Mining Co.

baland Steel C

Hats · · Khamintas Machines

1.033 2.109%

22.0051.62

2.715% 2.76%

.01999%

2:090 $100

Ouers unchanged-Unied Press.

kpg 75, 1710

"Belgian Fracca

aelling-859.

in

Det.

Jan

Mar.

July

Sept. Det

Sipob-cents per i, fob Cuba) Open Interest; 1,118 contracts,

Contract No. 6 (domestic)

MRP.

4

Nov.

May

July

NOT. AN #pot-Cetila PIE D. DE, Open dġburat: 1,403 vont

437

330 Open October contracts today 3.63 totalled 47,300 bilen.

90

Oct/Nov Dew/Jad

Mar/Ap May/Juma July/Aug

SAO PAULO

closings, Cotton futures

8,80 Crop reporta were mostly un-eruzeiros per kilo were

358 favourable, emphasizing light follows:

10

6.03

175)

Oct.

rains over heavy

mont sections during the week and sirosrod the imperative need My 442 how for a spoll or clear, dry- 0.05 weatlier. Condern

pressed for outcome of the West

July

30.10

HRINK. FENNE

In the United States, the average price of one inch cotton ut 14 designated spot marketa:

froot date aps | Totti mitt út thure markatk

were 43,000 balss.--United Fres

**Texas and Oklahoma crops as was 23.30 beats.

at the normal

[proaches.

dus 10th Oct. sails 11th Det.

due 2nd Oct. sada Mai Ost

"OZARDA" das

isi Nov.

sails Jrd Nov.

from Karachi, Cochin, Colombo & Strella. for Japan

from Japan

for Sagapore, Feneng, Port

BettenhamTI, Madras & Kakizede

from Japan

for Singapore, Pooang, Colombo, Harschi

Bumber

frous Karachi, Borobay, Cochin & Smgapore for Japan

EASTERN & AUSTRALJAN S.S. CO., LTD.

"NELLORE" 'dus 4th Oct.

"AKAFURA” jokda 3/4th Col

Falls 5th Dut.

from Austenička

For Lathan Sandacan,

Rabaul, Briabana, Byd- nay, Melbourne Adelaide

All vessels hava liberty to en23 nà any part an

́or sit the route as the route à malings aro aahjoes to change, by Emandment with or without nation.

Fun full particular, murals to MARKINNIN MACKENZH A 00.