1957-10-03 — Page 9

THE CHINA-MAIL, THURSDAY, OCTOBER 3, 1957.

Page

TRADE and COMMERCE SECTION

INTERNATIONAL · PAYMENTS SAVED

Words And

And Deeds Rout Sterling Speculators

By Sydney S. Gampell

Washington, Öct. 2.

The Chancellor of the Exchequer's outspoken determination to have unemployment rather than devaluation has, in my judgment, transformed the world market and the World Bank

-International Monetary Fund Conference here.

HONGKONG

STOCK EXCHANGE

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

tions and the morning's trans- actions:

The Chancellor's bold choice does not necessarily mean that Britain willximately $371,000. Noon quota-

have unemployment. Certainly, she will have less of it than would have been caused by a collapse of the Pound and a consequent inability to pay for needed imports. In effect, management and labour BANKS in Britain can have whichever they choose.

meeting

of

Addressing the American As Mr Thorneycroft disclosed Bankers Association

on September 24, in the year nt Atlantic City, Mr Thorney- which suffered all the costs Croft bald: The crucial point the Suez crisis, Britain's balance in a policy of this character is of payments had a surplus of about £210 million, or nearly to ensure that If people scek 10 take more out of the economy $400 million. then is in faci put in, the re-

sultant strain should not be placed upon the value of the currency, but upen The levels of industrial activity. The con- sequences may be painful, but they are more preferable to a decline in the value of the Pound."

General Attitude

At Istanbul, the job required only three words the insertion of or margins of Into Mr But- ler's statement that there would be no change in the parity or margins of sterling.

This time JL took much The havier artilery, because

attack on sterling bad been much more severe.

FOUR-POINT ASIAN INVESTMENT PLAN

New York, Oct. 2. An American Government

official today offered 50

four point programme aimed at creating 避 favourable climate for

of

In each of the months August and September. Britain When the conference was probably lost as much as in the on Sunday, Sep-whole of the 1985 run on slect- assembling tember 22, the general attitude ing. Ending this present run re- ther major acts of to sterling was a mixture of quired

the transitional rise in the bank rate), and concerted statements from three key men the Inter national Monetary Fund's chief, Mr Per Jacobsson, the German representative and the Chancel- for of the Exchequer.

Pity and disrespect, British policy (or four if you include

knew Ministers and officials that their best friends abroad were being too polite to tell feit what they really about sterling.

them

Now, the various bankers bere were not spending much time in saying that they changed their view, Those them who had oversold stert-

had of

This Battle

ing were too busy buying it avert a collapse of international

back at a lo59.

to

021

Sharei Buyers Bellers Sales RK Bank..

250 15!3

SHIPPING

Wheelocks

1.40

10.000 + 7.40

NOCKS, ETC.

K. Wharf..

121

Dock a

P'viden (0) 1178

LAND, ETC.

IK Patel TIK Land S'hal Land Humphreys

HUDDER Amalg Trust

34.00

34 39

750.

15.

... 1.5235

Cotton Futures Seesaw

WALL STREET Narrowly In NY

STOCKS RISE ONE BILLION

By DOROTHEA BROOKS

New York, Oct. 2. Continued demand for blue chips lifted market values another $1,500,000,000 and gave it its second two-day rise of consequence in the steady decline from the July 12 highs.

| Procter & Gamble Co. Pittsburgh Plate Glom

Volume increased to the best Paramount Pictures level of the week although Penny J, C. Co.

Penn. Salt Co. neglect was evident

in after Philip Morris noon trading as Wall Strett turned is attention to the world series baseball opener.⚫

Turnover of 1,700,000 shares B000 11.70 compared with 1,680,000 on Tues- day when the market also re- cavered, around $1,500,000,000 of depleted values,

13 300 14.00

632 3414 1000 # 726.

200 F 10

143

22.00 23.20 102 103

400 m 102 100 102 164 101

UTILITIES Tram Yaumali

a

Light (0) 15% 18.30 Electrle... Macso E. 10.10 Telephone. 27.20 2.40

100000 18.00

100 & 20

200 27.30

INDUSTRIALS Ceinent...

26

15.00

Wetion

12 12.7

L. Craw.... Emporium:

COTTONS Texlin Nanyang

the United States invest-Rope 14.00 ments to aid in the econo- STORES ETC. mic development of the Dairy XD Far East.. Waller Williams,

Under- Secretary of Commerce, told about 1,000 Asian and Ameri- ear business and government lcaters that the F: East standa INVESTMENTS to benefit from the "tremendous advantages" which would follow "If governments can seo their way to create those in- centives and those attitudes

CONTRTM*

as well as laws and regulations; which make for a healthy regard and a genuine been

petition for the opportunity to invest in profit from production in the Far East."

By that effort, this battle to

And international payments The key sectors of the Bri-trade has unquestionably

won. As Mr Jacobsson implied Uish econoray are now fixed, instead of an expansible, in his important statement, the manner of its winning will be money. If manage helpful in any future supply of

battles allow prices that may have to be fought. ment and labour

go on rising, the fixed As things stand, the 'specula- supply of money will pay for leas work and employment. If 10s against sterling have been they get together to bring costs routed and know it. down, for which there 19 plenty of scope, then the Axed supply of money will pay for more work and employment,

The mere prospect that prices and costs can fall is itself transformation. Shipowners and producers of commodities have this year's been surprised, by price slumps.

Caving In

Williams was The keynote speaker at the opening of the three-day session devoted to a discussion of aimed at fostering economic co-operation and trade between Asion and the United

That being so, the drawing of Export- $500 million from the

States. The meeting is sponsor Import Bank

and the baded by the Far East American Agures for September, which are Council of Comuntre und In- likely

to be announced on

dustry. the October 2, are water over A dam water which stopped flowing on September 22. Fol- lowing the My eating sterling had risen far above the limits al which the Bank of England loses dollars, marke or any other currencyChina Mall Special.

The two aldes of industry will not have slump prices, but to have they are quite likely lower costs. While the mone

willing tary authorilles were

the supply

fo expand

ΟΣ

money, there was no real necd or desire to resist infieled ware That position existy claims.

no longer.

or

any

There is nothing to stop the nationalised railway other Industry from once again caving in to an inflaked wage claim, Quite likely, the railways or some other industry will, I it does, M will have to cut down #policy noms of its services, which does not provide em- vloyment,

Alternatively, it will have to cut its orders for capital equip- ment and the suppliers of that equipment will Have that much loss money with which to finance inflation. Somewhere along the and every line, the railways other industry will have at last to keep within a sixed budget.

The trick has been done by operating riot on the price of money (bank rate) bul on

In supply,

the Chancellor's words, the Government has "to be prepared to deny the extra cash whatever other painful CONSEQUENCes may follow."

Its

It the Chancellor had chosen

it

to do it by the budgetary way instead of the money way. would involve putting two shill- Few ings on the income tax. people suppoOKL that lightning could strike twice in the same plice.

Nationalised

Two years ago the day-the day of the debate on the Inter-" national Monetary Fund's report at the Istanbul Conferencetho then Chancellor of the. Excho- quer, Mr RA Butter, made a maternen!"whuch-stopped run on sterling.

the

SHELL TO INCREASE CAPITAL

London, Oct. 2. The

Dutch Royal Petroleum Company and the Shell Transport and Trading Company today announced their intention to increase their capital at the beginning of next year by about £150,000,- 000 through the sale of new shares.

Royal Dutch will float between 800 million and 1,000 million florins worth of shares, while Shell Transport and Trad- ing will float shares amounting to between £40 and £65 million.

The price of the shares will not depend on their! face value, but rather on the condition of the mar- kot at the time of their Issue, the companies sald. -France-Presse.

London Metal Prices

London, Oct. 2. Prices of metals closed today

storing per long ton follows:

Tin pot From that day in September, 3-month

Copper 1950 sterling never looked back 3-month until the day that President | Lvid Jet Nassor of Egypt, nationalized. the Suez Canal at the end of King Lab. July, 1960.

18

THE PROGRAMME

Williams' four-point Invest- the ment programme included followings:

Altted...ADER

4.45

Foreign Bonds Up:

In London

Good Gains

Publicker Industrie Pure Oltu Radio Corporation Republle Steel

Reynolds Melal

Sears, Roebuck & Co.

Shell Oil Co...

Sinclair Oi

Southern Haliway (Com.) Standard Brands Standard Oil of Cal Standard Of of Ind

There were good gains in such top quality investment fraues as American Telephone, up 2%. Du Pont, up 1%, Allled Chem!- cal 1, Eastman Kodak 11 Goodyear Tyre 1%, US Stocl Stokely-Van Camp.

Standard Oll of NJ,

Berling Drug Co. Stoep Rock (Toronto Ext

%, Gulf Of 1%, Youngstown | Studebaker-Packard Corp. Sheet & Tube 14, Kennecoti | Bunshine Mixing Copper 1%, Alcoa 19%.

Swift & Co.

Texai Co. Textron jne.

50

42

503.

New York, Oct. 2.

Cotton futures today seesawed narrowly in an

other slow trading session.

At the close the list ruled up one to four points. The market opened up three to off six points. New Orleans closed up one to two points.

Market pariteipation, down to a low point for some time past,

the world series baseball game,

was curbed even more as in- tereal switched to

were

Стор news, spot market de- velopments and the usual run of price-shoping factura 241 relegated into the background,

One private crop survey to- day Indicated the October 1 pro- duction at 13,100,000 bales. This dats compared with the last govern- ment gure of 12,713,000 bales And last year's production of 4813,310,000 bales. The next gov- 47ernment report is scheduled for 27 October 3.

70%

New York Sugar Market.

New York, Oct, 2. World No. 4 sugar futures today closed three to alx. points lower with sales of 424 contracts,

Domestic Na. sugar closed unchanged to we points lower with sales of 00 contracts.

Work contracts moved irregu- larly lower with trade houses on both sides of the market,

Dealers reported Bat F. 0. licht. European sugar analyst, in his arst estimate of Euro- pent beet production for 1957- Including

Rains delayed harvesting and caused some damage in Eastern

but and Central belt stations, losses there

were smull and more than offset by improve-58, put production However, the survey noted un larger than actual unusually large amount of late last scoser, but about in line catton in northern sections is with expectations,

Itdsein. at 15,475,000 metric tons. This was 1,305.000 Lons production

running a close ruce with first Contract No. 4 (world)

30% survey niso indicated it may be

Salat Res. Paper

Socony Mobilo

Solar Aircraft

172

South Puerto Rico Bugar ..Southern Co. (The)

2310

Southern National Cas

ឆរ៉

Fiment elsewhere.

401

61

19

30

killing frosts.

13:

Jar.

Because of lateness

of the

Mar.

61

12

crop ord

small

ginning, the

May

July

11

6915

another month before the crop can be estimated with any high degree of accutney.

Sept.

Oct.

Mar

Spot-cents

24

Month Volume

Open interest

Cuba)...

107

Oct.

2.100

32,100

45%

Dec

1,900

281,400

per, it foh

Open interest: 4.654 contracts. Contract No. 8 (domestic)

4.00

201

Mar.

7.000

[91,000

Nov.

MOV

4.200

178,000

Mar.

3.38

30 July

12.200

110,200

July

8.41

Oct.

3,400

100,000

Sept.

5.55

2014

Dec

400

34,700

Noy.

5.30

3914

Mar,

100

2,400

Spot-cents per R. et HY

Total

50.900

929,200 bales

1,40

0042

NEW YORK

Open Interest: 1,074 contracts.

Warner Bros.

20%

1.34

Westinghouse Electric

Prices of cotton

Kutures

-United Press.

West Va. Pulp & Paper Woolworth

3514

closed today as follows:

Spot

34.80

232

United Press.

Dec

Mor

May

July

Oct

Mar.

Late realising brought some early

Rainers down sharply from their highs among them Chrysler and International Paper and the closing general ly was below the day's best levels.

Tide Water Arm, Ofi Time Inc.****** Twenty Century Fox Film. Unjun Carbide Union Pacific railway Union Du of Cal. united Aircraft

U.9. Fou

U.S. Gypsum U.R. Line Co.

US Rubber

Nevertheless, industrial stocks averaged 4.23 points higher at 403.03, Tulis 1.27 higher at 17.5. Smelling 126.02; utilities 28 higher 07.04 and the 05 stocks higher at 159.00.

nt U.3. Bleel

Of a total 1,123 issues traded. 059 were higher, only

lower,

New

York Stock Exchange bond volume was $3,500,000.

Stock Exchange

American

was $520,000.

Dow-Jones closing averages were:

30 indurada

20 Tolle

15 utilities

65 stocks

40 beads

Comm. future price index ...

Closing Prices

London, Oct. 2. Markets frittered away to-

day, waiting for the dis closure of the position of the 'gold and dollar re- serves but the official figures-another drop of $292 million to $1,850 Am. Brake Shoe million the lowest since American Cable & Radio Corp. December-came too late

to have much effect.

Alden Inc. Acy. Allied Chemicals Allied Bills Ire.

Ally. Chalmers

American Airline

American Cyanamid Co. Amer. & Forga. Fower Am. Gos & lectric There is a need for a

Am. Mach, & F'dry. Brilish Governments opened. American Metal reduction of barriers to American investments, Crmly with War Loan up 2-6 American Smeting

simplified and Old Consols up 5/- more A

but Am, Sugar Ret.

American Tel & Tel "screculop" of applica- | dealings practically ceased with-American Tob. "" Hons

by American com- out disturbing the higher prices. Anaconda Copper panies seeking to invest in the Industrials were firmly good Armour

Augs Cona. Mining though turnover was highly Baldwin-Lama-lam Far East is essential.

VIC-Ballmore • Ohio some tristances selective and rather lgfit.

Bendix Aviation Corp. potential American inkers appeared on the tapes only Beneficial Finance

zurrent low Bethlehem Steel vestors

" confronted with once, at 33/-their

for 1057-reflecting an un- Boning Airplane the prospect of producing 11 product which is already being willingness to a premature Borden (The) Co.

Burroughs Ada Maching Campbell Soup Co. turned out by a government judgment upon that company's

Pitnouncement of its desire to Canautem Pacific B. raise additional capital for its Caso (J. 1.) Co.

Cal. Tractor numerous enterprises. Changes

Celanese Corp. were mostly of 6 pence of C. I. 7. Financial Corp. shilling without carrying much Chase, Maghat Bank" Chrysler Motor .... conviction.

Cumax Molybdenum Cluett Peabody Colombian Carbon Ca. Commercial Credit Cominonwealth Klee. Consolidated Edison- Continental Oil of Del. Cuben Amer. Sugar Diamond Alkali Diamond Match Co. (xd) Douglas Aircraft Dow Chemicals

owned plant.

★

"Capricious"

changed

of

in tax laws, som? which are made at the "whim of government," set to dla courage American capital He challenged us "unfounded" fears now held in some coun- trics of the Far East that foreign enpital would

REAL DEMAND

There was a real demand for flood that arca. oil shares

which lifted

110

Royal

and

Shelt

He pointed out "that there has Dutch 7/0, Canadian Eagle and boon nothing resembling a rush | Angio-Egypilan "B" 37- of foreign Investors to that re- Brit Petroleum 2/6. glen and suggested his four-point Trinidad tumbled. B/- programune to encourage the

After a slow start gold sharer flow of capital from the United improved

Satisfactory States United Press,

September output figures.

Japanese bonds monopolised the foreign soctor with several of the non-arsenjodi up £1 or 10/- and virtamily nil the assenteds

about 10/-. Germania were idle. There was another burst of buying of Greek bonds which lifted them 1. Premium for dollar bonds rese 4 to 11 per cent.- United Press.

London Foreign Exchange

London, Oct. 2. Closing rates were: New York

2.72-7/10-2.7914 Montreal Amsterdam

Branola Copenhagen Frankfurt Milan

10.60)6-10.099E- 140.0314-140.074 10.54-1035 13.71-11.7352 175314-1754

19.01-10,00

Quo

Stockholm

Vienna

72:50 12.50

Zurich

Others unchanged-United Press.

ap

Exchange Rates

Busines

:

market

was done in the local Unofficial exchange

this morning at the following rates:— US dudar. (Der $13. Storing nobem. (per 1) Asatrullan notas (per (21) Indomostars ruzinë (per 100)

100)

New York Foreign()

Exchange

New Yorit, Oct. 2. Closing rates wergi Canada AU * 1.03 13/33 Kogland), official

Bayens Ballau

730

-73

109

30-day

Naw Lealand

Bouth-AfriOS

Pr

"Others undiáng

Australia

NAMESAKES

Dupont de Nemours Eastern Airline Eastman Kodak

El Paso National Gas Family Finance Corp. Firestone Tyre & Rubber Ford Motor

General Electric General Foods General Motors Con. Pub, UMI. Getty Qu.... Goodrich (B. 7.) Cu. Goodyear Tyre Gulf Ou

Heyden Newport Corp. Homestake Mining Co. Inland Steel Co. Interchemical Corp.

Int Bustavss Machiner Biti Farvektor

mtional Nickel Inter

Int'

Talk John-Marviška Co. Kennerott Copper

geli Meyers Tob. Co.

Lockheed Aircraft

Low Incorp.

5.92 Lone Star Camena Co. 13.45 | Lowenstein & Jork. 13.31 | McDonnell Alberti 12.00

Stock Exge.) 21.03 | Membil Iron. Corp, (181) Mijasota Mining

Missian Development Monakato, Chemical Co.

Montgomery Werd

| Motorola' Inp.

Kaliona Cat Reg. National Lead National Steel Corp. Norfol New Yorku Central Western

Allswort:-10 Artillery - Karenina, 3 Revolution, 4 Boro dino, 5 davallotu, o, Romance, 7 Napoleon, & Parente, 2 Action, Que Elevators FEELS TO Moscow, if Multary vale

Lacon Tolstoy (Author of "War Pain đư

(Am

404.04 187.02

07.01

150.09

104.10

WORLD

RUBBER MARKETS

New York, Oct. 2. Rex rubber futures today

closed three to 25 points. higher with sales of 102, contracts.

30.03

NEW ORLEANS Prices of cotton closed today as follows: Spot

Oct.

Dec.

Mar

May

July

Oct.

Dec.

Mar

Cotton

LIVERPOOL.

future

3430 Agreed Merchant Rates 34 13 Canadian maximum selling

34.07

34.32

33.57

futures

882655883

closings, In

Did contract Oct/Nov.

ce per lb. were as follows:

-

Dec/Jan.

0.0% New contract Cet/Nov,

20.03 2034

70.S3

20.05

22.40

buying 1872

10%; minimum T/T 10-15/18 O/D.

Whorever

you're going...

EUROPE

USA

$ 10

78

21%

20%

Mar/Apr.

May/June

25 NOV.

July/Aug.

Jaa.

40%

Mar.

Dec/Jan

May

Mar/Apr.

July

May/June

25

Бер

July/Aug.

SAO PAULO

171

25 points higher with no cales

Colton

future

cruzeiros

per

closings, kilo were

in

ORIENT

75% reported.

follows

5136

30.05

Oct.

37.50

Nov.

$29.90

Dec.

30.00

1.10

J431.

38.00

29.90

Mat

20.10

19.00

May

2020

0.99

July

Standard contrast closed 3 to

131% Jan. 13 Mor. 45% May

10 July

13 Sept.

4244

GOT

39

ROW

In the United States the

Most of the activity was average price of one-inch sotton crowded into the forenoon at 14 designated spot markets S44 session.

house was 33,37 cents. sellinga

.Cammistion

2 buying found hedge

77

4911

203

Total sales were 44,400 bales,

KARACHI

were light. Shipment offerings were reported moderato but The market turned reactionary held at prices too high to in-since yesterday owing to strong terest consumers hert, Spot No. letter sent by Government to Ass was quoted at 30% cents. the cotton association. The Jet- ter deplored growing specula- tive element in market and manipulation in prices, causing business from foreign

Prices closed today in rupees per maund us follows: 2.44 nom. 4 Siod roller kin 340 nom. 280F Sind roller gin 2.38 nom.

The

AMSTERDAM rubber market was quiet, Prices closed today in loss of guilders per kilogram, clf Oct, as follows:

59 No. 1 rubber No. 1 rubber No. 3 rubber D) No. 1 crepe

SINGAPORE

interest,

288 paid 230 Panjab roller gin

6032nd 100%

The market opened 14 cents 474% above the previous 'close on 409 better oversens advices and rew 3012

that Russian buying of ports October shipment in London. It 001 ruled steady during most of the 13216 day with some

amall declines 1615

34 due to profit-taking.

74

3046

$3

0016

Future closings were;

No. E rubber per lb. Oct. 8635-07 Nov. 57-6112 209 No. 2 rubber per Ib. Oct. H.B

30% No. 3

No. 4

apot rubber unbaied

egy Blanket erepe

*2, No. 1 pale crepe .....

0431

LONDON,

#31-361%

The rubber market was very

34 steady with spot quoted at 25- 0/10 pence per lb. Prices:

No. 1 Ras apot .......... 25%-85%%

deltwment houses, tra

Nov,

saw gla

United Pro

03/12

02,4

87/12

54/12

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