1957-10-22 — Page 9

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THE CHINA MAIL, TUESDAY, OCTOBER 22, 1957.

Page

TRADE and COMMERCE SECTION

Britain's Sudden Change Of Attitude Breaks Deadlock

THE FREE TRADE AREA PLAN

The End Of Imperial Preference?

London, Oct. 21.

After several months of deadlock, the European Free Trade Area plan is A special once again on the move. ministerial committee is to start work a treaty to take effect simultaneously and run parallel with the treaty of Rome, which provides for

market comprising

at once on

common

N.Y. STOCK MARKET

NEW YORK HONGKONG!

Heaviest Selling In COTTON

Two Years Mark New Lows

New York, Oct. 21.

The stock market took it on the chin today as the heaviest selling in more than two years dropped stocks to their lowest levels since late 1954.

Voiunie pleked up sharply on tho zellos, which wiped an-

and brought the total lay since July 12-when the year's high has around $47 billion.

France, Belgium, Germany, Holland, other $5,540,000,000 from mar- Italy and Luxembourg by the beet values ginning of 1959.

What broke the deadlock was an important, though hardly unexpected change of attitude by Bri- tain.

This reservation was retained in three ways:

The United Kingdom gave advance notice that it would relain agricultural tariffs;

I insisted that it must

a waiver from nny granted provision

be

Individual 10saos in the 1st ram to more than 3 points in Du. Pont and almost 4 points in American Telephone. a high- grade investment stocks.

Losses of 3, 4 and 5 points were numerous in the it. High- speed reporting tickets ran late five times during the session, to boost volume to 4,070,000 shares

made by the others--the most since September 27,

for a gradual abolition of tarifs 1955. Sales on Friday came

on agricultural products;

Previously, the British Gov-| ernment had Insisted that agri- cultural products should, on no

An bo Included the account, free trade area. This was to

British protect

agriculture against an Influx of cheap Con- tinental farm products wid also to preserve the remaining cle- ment of preference enjoyed in

And it wanted decisions the British market by Common-

free trade area matters to wealth agricultura) producers.

as in O.E.E.C, on made British ministers

the basis of unanimity. gave

they impression that although would put up with a lot to see worlding trade free parallel with the common market, the inclusion of agricul- products was one price tural they would not pay.

1

areu

Repetition

to

Bul

Important

be

Ühe

the important thing that Britain has abandoned her previous stand on agriculture, And this makes the free trade prea practical egunonical and political proposition.

Are

от

to 1,070,000 shares.

Middle East

1m

Lockheed Aircraft Loews Incorp, Lone Star Ceinent Co. Lowenstein & Sona McDonnell Marorat!

Stock Exgo... Misaton Development

toneanto Chemical Co. Montgomery Ward ... National Cash Reg. "A" National Dairy Prod. National Cent.... National Steel Corp. New York Central Norfolk & Western Ry Otta Elevator...... Owen-Illino Glass Pacing Gas & Elec. Pan American Airways Parantunt Pictures Ponny J. C. Ca. Pitp Morris

Parke Davia Co.

Procter & Gamble Co. Publicker Industries

Purn Of........

Radio Ourporation

Republie Steel

Sears, Roebuck & Co.

Sub Reg. Paper

Suciate On

MARKET

New York, Oct. 21. Unfavourable

crop news

to put

on

close

STOCK EXCHANGE

Our Own Correspondent

New York Rubber Market

New York, Oct. 2).

Rex rubber Tutures 10day closed 00 to 60 points lower with sales of 98 contracts.

_Nov: 28.00; Fun: 20.86; Mar: 2010;

May: 28.00: July: 20.52; Sept: 2009:

Standard contract closed 00 to 80 points lower with no dales, reported.

Nov: 23.95: Jan: 20.00% Mar: p.00; May: 20.89; July 20.4; 20.09.---Unito Prew

SINGAPORE MARKET

Singapore, Oct. 21.

The market opened lower on

LONDON - STOCK

MARKET

London, Oct. 21. Covering entered the stock market today and lifted prices as inuch an dollar.

following King Saud's offer to Easing of Middle East tension

mediate in the Turkey-Syrin disputé was a steadying factor.

oversens advices” and reports of Renewed strength in sterling n possibility releasing part of stockplic.

Future closings: No. 1 rubber per ib, Nov.

Deo, No. 2 rubber per 13. Nov. No. 3 No,

-

| Spet cubber unbaled Business done on the Hong- Blanket crepa kong Stock Exchange this morn-No. 1 nale crepe ing amounted to approximately $138,000. Noon quotations and the morning's transactions; Shares Buyers Sellere

and limited hedge selling combined today cotton futures moderate upgrade. Proit-taking at the shaved part of the gain but die st still close net 8 to 20 points higher. Opening prices were up

to 22 points. New Orleans Bank

to 25 points, closed up

INSURANCES Stock market weakness and Union easiness was overshadowed by Indications that the cotton crop has lost consk{crable

20%

20

over the past month.

121

TAM

105

Eby

ground

Recent widesprend rnins

over growing areas uro said to have lowered the grade of open.

30% cottom and caused some

titative damage,

DEMAND

quan

BANKH

Wheelock

10-7100

boosted British Government bónda, with gains ronging to as much as a dollar.

04-35% unquoted Industrials were good but Anished slightly below thelr T-highs for the day on lower ad- M42-841 vices from Wall Street. Rolls- 10-70

Royce, Unilever and Great Universal Stores were high spois.

90-82

---Uled Prot. LONDON MARKET

London, Oct. 21. The rubber market was 'stehdy with spot quoted at 24 15/16 pence per lb. Prices: No. 1 tasapat.... Settlement, house termi

Vot

B43

25 @

0.48

Nov.

Dec.

250

57

Jan./Mar

Apt./June

Lombard.. 32%

SHIPPING

0.33

ДОСКА, ЕТС

K. Wart

121

Provident

(0).............. 1136

LAND, ETC.

IK Kotel. 14.00 14.70

IUC Land.

RUBBER

34

200 9344

MANS.... 130 1595 Trust..... 1.20 (205

Te... Yamati

2330

C. Light (0) 10.30 0.00

Meanwhile, leading spot mar- | UTILITIES 614kels reported an increased de- amand for high grade cotton as Smills became increasingly Uh- easy over lateness of the crop Bed Lightness in high grade cotton supplies.

17

38

40

31

The certifiented stock ruso sharply this week, moving up 412 to 8,120 bales, or 2,757 balca

Dos/Dec.

2432~23

23-2014

General markets, clf basle, norby:

Oct.

Nov, Dec,

Nov.

212-25 211-20

rick Nov, 20

AMSTERDAM MARKET

-Baited Prv."

Amsterdam, Oct. 31.

Olts were strong, paced by British Petroleum and Shell, Rumours that the Government may tighten controls on auto Instalment buying kept. auto Issues to the side, lines.

Foreign bonds were quiet with Japanese Issues declining slightly ct some overeens, offer- Ings. Doller, stocks, were mostly Higher-United Press.

NAMESAKES

2

Answers: --1 Donkeys, The rubber market was duli White, 3 Republican, 4 Opurat- today. Prices closed in guildersing, & House, 4 States, 7 Gen- per kilogram, clf Nov. as fol- eral, America, § Partica, 10 Deputies, Congress. 12 le- No. 1 rubber: 2.40 buyers: No. 3phant, 13 Votes, 1 Warfare, 15 rubber: 2.39 buyers: No. 3 rubber Senate, 10 President.

buyers; No. 1 trepe: 1.00 buyer.United Press,

lows:

2.33

Electrio

27.70

1500

100

Macon E. 30.40

Telephone 20.10 27.10

INDUSTRIAIS Cement ...

more than the previous posting Rape..... 14.00

2435

4

year ago.

Sucony Mobilbil

171 Month

Volumo

Open interest

Sular Alrerati

170

Dee.

8,600

200,000

South Puerto Rico Sugar

25

Mar.

11,600

211,100

Southern Co. (The)

21

May

6,300

212900

Scuthern National Ga Standard Brands

July

4.300

117,406

6,000

104,200

Dec.

2,800

30,200

Alar

600

0.100

5120)

40,000

10

Standard Olt of Cal.

The tense Middle East situa- tlon, another decline in atcel production at a time it should Standard C of Ind

steel Standard Ol of NJ. be rising, a number production reports and predic-Strop, Hock Toronto ExRej tons of a possible mild down-Stubely-Van Camp.

Studenker-Packuru Coni. all win & Co. turn in business next year

sentiment, Texas Co. helped to dampen Thx selling also was a factor.

At the close, the Dow-Jones averages showed industrials down 10.77 points lo 423.00 lowest since May 25, 1955; rails UE. Foil "B"

The Water Amen. Oil Time Inc.

Twenty Century Fox Fin

There is, however, still a

Union Carbide ............. By constant repetition of long way to go. At home, the

Unton Pactile Railway this formula they succeeded in British Government has to con

United Aircraft United Car Corp. quenching most but not all since the Parlament and, in dustry that their change of at- British political opposition

of 6.28 to 107.05 lowest since US. Oyps m titude on agriculture does not

U.S. Rubber the plan.

June 20, 1955, and 65 stocks mean that they are prepared

US. Sinciting down 4.65 to 143.41-lowest, U.S. Steel What

change to sacrifice the "gafeguards" made them

since December 14, 1954, their mind was the realisation thut

the conditions that European countries simply which support has been gained

The session was the broadest would not play on these terins. for the plan.

of the year, with 1,247 issues Opposition within the common Then there is the problem of traded. Of these, 1,000 declined, market to the appendage of the colcnles. Their exports to

already Europe must suffer by the in-251 advanced and 116 held area free trade

Was

of A total

#ak strong on other grounds.

other unchanged, clusion of French and "Litle European" oversens de stocks inade new lows for the pendent territories in the com- year and 3 hit new highs. mon market.

The six members of "Little

the Europe," sce

comunion market not merely as a means to maximise trade among themselves, but as a further step along the road to the poli- tical rederalisation of Europe | with supra-national organisa- tions taking more and more responsibility out of the hands of individual governments

They suspected-rightly-that

NY Stock Exchange bond ter-volume was $7,500,000.

1

over

Exports $rom these ritories will thus have valuable tariff advantage British colonial exports in this important And expanding

for food and parket

materials

raw

Even the contmon market is not yet in the clear. Its ely effect on the oversees trade af non-European countries

American Stock Exchange volume was $1,750,000 shares,

Warner Bros, Westinghalike Electrig Western Union Tel. Co. wo Va. Pulp & Paper Woolworth

100

2154

United Pres

20

New York Sugar Market

Now York Oct. 21.

Dow-Jones closing averages were: World No. 4 sugar futures 30 indistrials: 421.63; 20 rails: 101.63: closed today 1 poins lower to l 40 bent: 84.87: Comun. future price point higher, with sales of 61 index: 150,82,

15 utilities; 2.88; 65 stocks: 143,81;

Closing Prices

will

cur-

Alden ine. Acy.

Alhed Chatticals

Allied Milis Inc.

Britain, the prime mover in the be the chief tople at the free trade area plan was mora rent meeting of the General interested in taking out an Agreement On Tarifs and insurance policy against a loss Trade signatories.

to

of overseas trade when the

GATT allows the establish- markol common

began

ment of cusioms unions or function than int furthering common markets, but it sets its European integration,

face rmly against the creation tariffs, new preferential Tho sritsh attitude Was resented too by the countries There is no GATT objection in cain- a European who would form the free trade principle to

mon market, but many signa-

of

Allis Chalmers

Am. Inka Shee Anerican Airiño American Cable

Corp. American Caramid Am. Gas & Electric Am. Mach. de Fary. American Motul American Kinelting Am. Buzar

American Tob. "B"

arch. To most of these agricultories to the agreement are ex- Ainnrican Tel & Tel tural products account for an important part of their export peeled to take strong exception

to some of its provisions.

trade.

Exclude farm produce from

the free trade area and what is

loft?

For countries like Der

mark, very little indeed.

Objection

One objection is that by

Anaconda Copper Armeo Steel

Amour ..... Ailbe Cona. Mining Baldwin-Lima-lam. Balimore & Ohio Beneficial Finance

Bendix Aviation Corp Benguet Com

Campbell Soup Co.

So the British delegation ranting each other's oversean

Bethlehem Steel went to the Paris talks knowing dependent territories duty free | Boeing Airplane that this was probably their entry into the common market, Borden (The) Co...... Jast chance to breathe life into but allowing them to retain Burroughs Add Machine the free trade area plan. And their own tariffs to protect canadian Paciße N. they did this most effectively developing industries the six Caso (1) Cɑ. by dropping their previous) members

Europe" Cat. Tractor of "Little

Celanes objection to the inclusion of have in effect set up a new area Financial Cursi agricultural products.

of preferential trading violation of the principles of

Mystery

GATT.

But what we are seeing now

| Chrysler Motors

Radio

contracts.

Dumestic No. 6, suger futures closed unchanged to 1 point of 34 con- higher with sales 3 164

7342 troels,

273

Contract No. 4 (work): Jan: 3.90; Mar: 3.60; May: 3.67: July: 3,00;

145 Sept: 3.60: Oct: 140: Mar: 340; 3p

301

tcents per lb. fob Cuba)) 303,

Open Interest: 5,040 contracts, Contract No. & domestic): Nov: 30% 8.83; Mar: 8,47; May: 0.02; July; 60, Sept: Bal: Nov: 561, Sput (curta per b. c NY ex-duty); 5.00 40% Open interest: 835 contracts,===Unite

Press,

191

"TOP

952,500 balen,

-United Press.

STORES, ETC.

Dalry ...

Watson

COTTTONS Textiles ...

10 10.10

GOO

10

13 4.3.20

4.30

2000 p

0.45

INVESTMENTS Yangiate

NEW YORK COTTON PRICES New York Foreign

New York, Oct. 21, Prices of cotton futures closed today as follows:

Spot! 33.23: Dev: 34.03: Mar: 24.10: May: 34.05; July: 34.82; Got: 33.65; Dec: 35.61; Mar: 33.02.-- Voited Press.

NEW ORLEANS PRICES

New Orleans, Oct. 21. Prices of cation futures closed today as follows:

Spet: 35: July: 2.24; Oct:

34.81; May:

Dre: 34.00: Mari

33.03 07: Dec: 25.01: Mer: 33.01.- United Press.

LIVERPOOL PRICES

Liverpool, Oct. 21. Cotton

future closings, in pence per lb. were as follows:

014

Oct/Nov: 23.08; contract: Dec/Jan: -2325; Mar/Apr:

26.17. May/June: 20.38; Jul 2.01;

New

contract: Dec/Jan:

28.15:

20.43; Mar/Apr: May/June: 20.57: July/Aug: 2037 Unlied Press:

were

дя

SÃO PAULO PRICES

Sao Paulo, Oct. 21. Collon future closings, in cruzeiros per kilo follows:

21: 30.00; May: 10.20; July: 46,30; Oct: 40.40.

In the United States, the average price of cotton (one

at 14 designated spot inch) markets was 33.85 cents.

Total sales at these markets were 77,072 bales.-United Press,

Agreed Merchant Rates The Exchange Banks Aso- clation announced today.:

Swiss France Maximum Sellkig 75%; West Germon Deutschemaries 7396; Belgian France 859.

OF THE BILL'

· DO YOU EXPORT TO BRITAIN, THEN WE ARE INTERESTED IN YOUR GOODS.

WILLIAM SMITH (GLASGOW) LTD. 33 Virginia Stroof, Glasgow, C.1.

ARE OPEN TO RECEIVE SAMPLES AND OFFERS ON THE KEENEST PRICES FOR:

Cute Peabody

Colgate-Palmoliva

Colombian Carbon Co. Commercial Credit

(1)

Textiles, Clothing.

Consolidated Edison

(2)

Shirts, Khaki Skirts, Jeans, for Men, Woman, Boys and Girls.

(3)

(4)

Farinan Kodak

in the all but accomplished Continental ou of Del. Exactly what the now British fact of a European common Crown Zellerbach plon is, is something of market, the regollations for a Cuban Amer, Sugar mystery,

European free trade area, and Diamond Match Co. Douglas Algeralt.. The new policy was presented the debate on these develop-Dow Chemicals in terms that appeared to be ments in GATT are the first trupont de Nemours deliberately vague. But what it) difficult stages of n complete Eastern Airlino deems to come down to is this: recasting of international trade Fase Nallonal Gas Britain will not object wo other patternR.

Firestone Tyre & Rubber members of the free trade arén The trend is towards regional Ford Motor

General Electria minking special arrangements for free trade.

General Foods the marketing or agricultural After Europe, the idea might, General Mojors products, so long as she is not be applied to the Common-Ceny o expected to join them.

wealth. This, as least is the idle Co.

Goodrich, (B.P.) Co. This does not mean that bellef of New Zealand's director Geodysse Tita Britain is not willing to talk general of Agriculture, Edward gait of

Jamesake Mining Co. about agricultural trade or will Fawcett.

Lagersal-hopu "Ho predicted lab wywie that SP Std Co. net, at some futuro dato, associata: with the marketing arrangements | next

year's Commonwealth Entretantos Colp mada by the others. But it does trade talks in Ottawa would fok Bunics Bacliors

can that Britain reserves the result in the emplacement of foot welco Anal right to protect her own imperial preference by a fulle | TuZ2gh de Zak agricultura by any moane noget, deala Pmpire common market |

Bary,

Smekpress Service,

FREE) Zara Tob. Ca.

Ladies Blouses (Nylon).

Woollen Cloves, and Knitted Garmants.

(5) Children's Cotton Frocks, Rompers, Sulis, etc.. (6) Toys.

(7)

Fancy Goods.

WE MUST HAVE THE KEENEST: AND BEST VALUE TO BE AT THE TOP OF THE BILL IF YOUR GOODS ARE RIGHT THEN GET IN TOUCH WITH US.

EXPORT: WE CAN HELP YOU IF YOU ARE INTERESTED IN ANYTHING MADE IN SCOTLAND.

LET US QUOTE FOR ANYTHING YOU IMPORT

Exchange

New York, Oct. 21. Closing rates were: Canada: 1.03-13/16; England om. clal: 2.00-5/15; 50-days: 2.781%) 90- days: 2.77-13/16: Australia: 1.241

South New Zealand: 2.79-5/10; Africa: 2.104: Belatum: 20110=5/100 Pakistan: 3505; Other unchanged.-- United Press.

LONDON EXCHANGE

*

*

Dwight Eisenhower.

PENANG MAKARAAN ANNOYAN-

BI EA

PRO B-I

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO.

Outwards

"CARTHAGE"

"BENILONGA “DANTÜK”

“BINDA”

"confu USALMAKAM

*

*

>

Homewarde "CARTHAGE"

#

*

Other 11–

"CHUSAN” "CANTON" "CORFIT" "SUNDA“ *

London, Oct. 21. Closing rates were: New York: 2,8032-3.80-4/13; Mont

Amsterdam: real: 2.60-10/10-1.38; 10.531-10.62 Brummels 140.17- 140,235 Frankfurt: 11.184-11.251: Ports: LIEST 1163942 Stockholm: 72.84-72.95; 14.4831-14.4534: Vienna: Zurich: 12.27.12.2115; changed

United Press.

Exchange Rates

Business was done in the local umorilcia! exchange market morning at the following rates

dollar (per $13

Sterling notes (per £1).

Australian notes (per £1) Indonesian rupiah (por 100) slam tical (për 100) Singapore (Stralie)

high style

LOW COST

3.80 19.48 12.20

13.3

27.20

TILE-TEX

ASPHALT TILE-Che

economy floor that WROTE and 'WEATS!

Handaamd, long waschen TheTan mosbal),

ty, lesboid perfect desapatería Sously the key, room in your soru. Lavery, makra-

cort rub IT! Bak for out fron astiablean -

Tile Tes

HOLLAND-CHINA. TRADING CO., LTD.

.H

"CARTHAGE"

LAATOR Lender

Sated, I

Salled 2019

Belled 6/20 Salled 20th October

15th Novaber 9th November

Loaves Mongkong 24th October

3rd November

22nd November 18th December 6th JanuaKY 17th January

Den Manchwa in Pert 30th October

2nd November 10th November

10th December

15th December 25th Decenter

Dua Kundan 24th NormobRE 50th November std Drosaber

19 JAMEN 11th February

17th FebruarX

Vu Singapore, Penang, Colmehe, Hambay a bása.

orite Colombo and Hambay, calle, AS **UNDA? Havre and extends to Hamburg, Myrtzeṇdam ană Antwerp.

BRITISH INDIA S.N, CO., LTD.

"SANTIIIA”-dus 30th Oct.

snila 31st Oct

“FULTALA” 40a 15. Nav.. salis 10th Nov.

“BANTHIA” £u* 21st Nov.

ails Mind NOV..

from Calauita, Hangoon

& Stratt ibe Japan

год Марка

for Bingapore, Penang. Hangoon & Calcutie

For Binaporn, Penang, Bangon, * Crmitte

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

"OBBA"

due 25th Oct. 101 20 Osk

“OZARDA“ due at Oct.

salle 10 Nov. "UMARIA” dus eth you.

salle 706, Now

"OZARDA” duo zna Dos,

from Japan.

1or Bingapore Romans Colombo, KarLONÍMIA 150mber

Itum Karachi, Bumbáj, Cochin & aliigavöru

Про Гарад for Bingapore, Dombay, Kappohl, Kuwait, Barrah za KhorramonRÍAS freza Japan

td Singaport. Doch

Kuwelk

EASTERN & AUSTRALIAN 5.5. CO., LTD.

"NELLAER" Fonds 6/7th Nov.-

Balis th Nov,

„Jonds 12/1tle Nov.

for Labus Beaded

Adelaide

„MelbouDON