1957-11-26 — Page 9

Page

THE CHINA MAIL,

TUESDAY, NOVEMBER 26, 1957.

TRADE and COMMERCE SECTION

Economic Normalcy?

Two Events This

Week Provide

Good Examples

London, Nov. 25.

Economists-both the academic and the

HONGKONG

STOCK

Impossible

NEW YORK STOCK MARKET

STOCK CLOSE ON A

EXCHANGE NOTE OF STRENGTH

Our Own Correspondent

Business done on the Hong- professional variety--are strange poople.kong Stock Exchange this morn

ing amounted to approximately But their strangeness takes different $230,000, Noon quotations and forms. The academic is responsible for the morning's transactions were: his subject being known as the "gloomy science;" nothing ever appears to please him.

HANKS

baren Bayer Bellara BALCs

lik Bank. East Asia

Wheelock 4.00 0.03

100 770

T

100

INSURANCES

Union ...

100 0

SHIPPING

DUCKS, TİC.

Dock

117 $115

(0) ..... 11.00 11.00 957

11.00

250 11.30 250 11.10

K. Whert.

Provident,

New York, Nov. 25.

NEW YORK

COTTON MARKET

Stocks closed today on a note of strength with Cotton futures today see-

trading moderate.

Oil shares with gains running to

points featured.

This group also was the most active with big turnover In 'ard (Jersey) Huyal Dutch, Philips Petroleum, and Getty Oil.

8

New York, Nov, 25.

sawed indecisively in a less active market.

scesawing within

Agreement Production To Cut Of Steel Import Tax In Thẹ US

Luxembourg, Nov. 25. Britain and the six ECSC countries today mutually agreed to cut import tariffs on steel products passing between the two; trading areas..

The menu was signed at the ECSC headquarters here by Sir William

New York, Nov. 25. U.S. steel production this week will akid to a new low for nearly three years, barring strike periods, the American Iron and Steel Institute reported today.

Britain and representatives of rate

Melkilereid for The decline reflects the low of incoming orders and the six over nations, It will atcel officials expeel output will now have to be ratified by the decline still further before the British Parliament.

year out. After more than

Britain's D

tariffs stood at be- The instituto estimated pro- range of $1 a bale, the ilst tween 15 per cent and 33-1/3 duction this week at 73.0 per closed net 6 to iz points lower, per cent and will be cut back cent of capacity or 1,884,000 The market opened up 9 to off to a maximum of ten per cent, 10:18.

The 41 point. New Orleans closed

ECSC nations whore tariffs on British steel goods 2014 unchanged to of points.

That's the lowest since the Operations were curbed as the are between 12 and 30 per cent | 1,850,000 tong trado awaited outcome of bids will drop them to between starting December 27, 1954, ex- pened today by the government three ani 12 per cent.—United |cept for strike periods Inst year 334 for the sale of cotton out of the Press.

Parke Davis Co.

Penny J. C. Co. Penn, Salt Co. Philip Morris Preeter & Ghiable Co. Pilsburgh Plato Ularu Publickor Industries Fure Onl......... Radio Corporation Radio Corp. Pref.

Meynolds Metal

Laikeus ran up more than 2 points in a steady steel section. Motors were steady to firm Cepublic Bleel

cep: Ford which lost more than

Aircrafts ruled Arm. a point,

International Paper ran up 2

Seats, toebuck & Co. Anet Ol Co.... Raini Reg. Paper

The professional, on the other hand, fluctuates between moods of dark despair and riotous optimism, never staying at one extreme for long before he is darting off to the other. The one thing academics have in common with 14.10 14.30 1910 @ 1430 dustial average. Itails produced Bouny Mobiel

professionals is the tenet that the economic conjuncture is never "normal." And in that, of course, they are right.

Two events this

ods.

week pro-vlude .. vile excellent examples or the different approach to economics by the two types of economists and, Incidentally, show the im- possibility of ever renching a state of economic "normalcy."

expensive development

lecturer Oxford economile Thomas Balogh wrote last week: "It would, in my opinion, be a Krave error in judgment to ro- gard the battle of inflation as

would

LAND, ETC.

JK Land. 3311⁄2 2518

Realty

RUBBER

Amalg

Star Ferry Yunsti

$43 4

300 1940

17% 2719

14.00

prey."

Trust

1379 1.30 10,000 1 +14

1.15 1.25

1373 1.40 1,000 1,375

1273

UTILITIES

Tram

2250

2223 500 on 22.50 300 22309

60

120

IN).....

Electric

What

10

be

C. Light

(0) 18:40 14:50 C. Light

1%

27.40 27.50

20.30 20.40 INDUSTRIALS a

Cement 24.30 24.00

Amoy Can' 30 20 STORES, ETC..

000

130

1000 i

600

213 40 27 AŬ

2716 20.30

300 2 26.40 200

24.00

Dairy 10.20 10.30

209

1020

development.

bankrupted."

Watson 12.30

1,590

12.30

Since January, the prices of Britain's Imports have

seven per cent. Import

fallen prices

What Mr Balogh seems to be saying is that you just he AS win-especially

Iane, C... 1:0.20 14

cannot

4.56

admits

The first event was the fur-won if an even more precipitate ther improvement in Britain's fall in Import prices

As of trade-which

Telephone deter-stabilise or even depress the cost exports for living and counteracted

in costs. will purchase a given volume of continued rise

mine what amount of

importa.

necessary

A few Agures are would happen is that large and illustrate trade Important territories would

of food, drink and tobacco are that "the continuous rise of the down six per cent; baste mater-price of United Kingdom Im- ials five per cent; haels 15 per ports was the main cause of our cent; and manufactured

six per cent.

Exports

On

embar- goods, international economic

and was rassment before 1952 the main cause of the Internal rise in wages and coste."

The second

significant event last week was part of the back-

Export prices the other ground to the recent firmness of hand have continued! to go up. The Storling exchange rate and Overall they have increased by Illustrates the near manic- two per cent, but manufacturedepressive tendencies of those goods, which comprise the bulk professional businessmen-econ- of Britain's exports are four per omlets who make their living by cent dearer.

being one jump ahead of economic developments,

terms

at

Bears

ΟΙ

Consequently, the trade have moved in Britain's favour and are now eight per cent better than they were the beginning of the year.

The rise in the Sterling x- Professional economists among change rate was due to the clos whom must be numbered most ing of "bear" accounts. Foreign who bad sold newspaper commentators and all businessmen

naturally Sterling forward when rumour businessmen - are pleased that it now takes fewer had it that the pound was about exports to by the same amount 10 t devalued, are now buying

hack Sterling to cover of Imperts.

Any conflict that arises be- selves. So strong has been this tween them-and between busi-novement back to Sterling that nessmen and the public is over the British authorities have in- favourable 'ervened to stop the exchange the fact that this movement in the terms of trade res rising too high.

The result:

Inflow of has nol been reflected In the

cold and approving noises from cost of living. On the contrary. the retail price index advanced academic economists.

a further point. last month.

Απ

them-

But the thing that has Businessmen argue that im-riguva observers is the simul- for rale rise in the faneous port prices account for only a

And at- 1iny part of the final retail ransferable Sterling.

"the

economists" prices. Labour costs are by far cording to

rumours ΕΠ

an m-

COTTONS

Textics... 4125

Nanyang INVESTMENTS Yangtze

ABIE

0.25 0.40 2,000

5.35 3.1

5.25

to help sustain the inanclair Ou

several Brm spots. Coppers Sular Alretati moved narrowly.

The list met support around noon after a lower opening.

Gains

- t the

Some of the buying reflected an optimistic report by a lead- Ing setentist about America's chances of overtaking Russia in the missiles race. Demand for the oils reflected on improved inventory outlook for key in- dustry.

Turnover was 2,600.000 shares, compared with 2,850,000 on

Friday.

Of a total 1,183 issues traded, 507 were higher, 300 lower.

On the American Exchange 9.30 sales were 700,000 shares com-

pared with 710,000 on Friday.

Bond volume amounted to $4,780,000 against $5,203,000 on Friday.

LONDON STOCK

MARKET

London, Nov. 26,

The stock market closed Irregular lower today in

Dow-Jones closing averages

were:

30 industria

20 saila

15 of:tiles

444.38

104.35

8742

149.00

14.23

Comum, future price index..

101.71

65 stocks

40 bond

Closing Prices

the lightest Monday trad- Alden Inc. Aey. ing this year.

Allad Chemtonis Allled Mille Inc. Allis Chalmers

American Airline

Olls were the most actively Am. Brake Shoe traded with Shell and Royal American Cable & Radio Corp. Dutch scoring side advances. Amer.can Cyangmid Co. British Petroleum and Burmpler & Forgn, Power closed unchanged.

Leading industrial issues rc- treated on a broad front to as ns a shilling In very much light trading.

Governments British again marked down £1/18.

A Ga & Electric Am. Mach. & Fdry Alberican Metal American Smelting Am. Sugar Rel. American Tel. & Tel. American Tob. "I' Anaconda Copper Armco Steel Armour

Arm in Canadian Prelie B.

Cat. Tractor

Dollar stocks eased.-United IT. Ainancial Corp. Props.

South Puerto Rico Sugar Southern Co. (The) ***** Southern National Gas Southern Railway (Com.j Standard Brands Blandard Oil of Ca Standard Oll of Ind. Standard Out of N Sterling Drug Co Studebaker-Packard Corp. Stokely-Van Camp. Sunshine Mining Swift & Co. Texas Co. Textron Inc.

Tide Water A. 'O' Time fsc...

Twenty Century For Film Union Carbide

Union O of Cal Union Pacife Radway United Aircraft

United GM Corp.

U.S. Foll "D"

U.S. Ovorum

C.8. Line 0.

UB. Hubber

U.S. Smellise

U.S. Steel....

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

42)

surplus stock.

Prospects for

substantial

addition of good quality cation

Aupply

to the "ree market blunted the edge of recent buy-

404, ing interest.

23"

London Metal Prices

Weather and crop news con-

London, Nov. 25. unfi vourable. tinued

While

Prices of metals closed today observers expected the Some

in sterling per long ton 28 December government егор follows:

male to fall below 11,000,000 Thales,

off 708,000

from previous estimate, other quarters Copper spot

the Tin pol

3-month thought losses suffered since the month

and in 1955.

In

the week.

Last year, according to the Institute, production was at 78.8 per cent

of capacity yielding 1,905,000 tona.---United Press.

New York Metal Futures

New York, Nov. 25.

Prices of metal futures closed

If today in centa per lb, as follows: Bo Lead Novi unquoted; Dec: 11.16b: BeZine Nov: 9.20; Dec. 111; Copper 07 Nov

BE1 Nov 0: De: 10:

| Unllod Prous.

Dayers Sellers

130

1301

1:37

BOLL

18344

151

100

3

284 xd

Baxa counted,

November report was compiled Lead and half Nov. has been anticipated and dis-2ine and half Nov.

Feb.

2016

B01

Feb.

86

United Prem

121

Month

Volume Open interest

Dec.

13,500 70,100

Mar.

49,900

2444,500

Mas

27,700

300,400

0315 July

24.500

164,500

Oct.

33,600

127,200

2316

G

10,700

£0.000

Mar.

2,000

10200

50% Mny

Toins

500 147,500

B600

$54,400 Lales:

*

tixd

2012

United Prem.

New York Rubber

Market

New York, Nov. 25. Rex rubber futures today closed 10 to 20 points higher with sales of 22 contructs.

Nov: 27.70:

Jan:

29.9; Mar: 28. Blay: 23.10: July: 20. 16, Sep 20.13; Nov; 29.15,

Standard contract closed 10 to 20 points higher with no saler reported.

Nov: 27.50; Jan: 27.60; Mar; 20. May: 28.10; July: 28.15; Bept: 28.15; Nov: 28.15,

Persistent small lot buying through one dealer account and limited) offerings Imported note of strength. Reports of an

domestic 546 Improved

New York Cotton

PricesTM

Prices of cotton futures clos- ed today In cents per lb. as follows:

Sput. 30.65n: Deo. 30.03: Mar., 3027: May, 30.24; July. 35.80; Oct. 33 78; Dec. 33.64-43; Mar. 31.03; May, 3148.

NEW ORLEANS Prices of cotton furtures closed today in cents per lb. as follows:

Sput. 25; Dec., 33.53; Mar.. 36.21; MNY. 3.25: July, 25.70; Oct. 3178 Dec. 33.02: Mar, 33.02; May, 33.60

LIVERPOOL

Cotton future, closings, pence per lib were as follows:

Old contract: Dec/Jat 25.09; Mar/Apr: 24.82; May/June. 20.02: July/Aug: 28.05 Oct/Nov. 20.59.

contract: Dec/Jnn 21.10. New Mar/Apr: 21.35 May/June: 27.40; July/Aug: 27.41; Oct/Nov: 27.33.

SAO PAULO Cotton future closings, cruzeiros per kilo were follows:

212

5.0

May: 38.90: July: 39.00; Del: 30.20. Io the United States, the average price of one-lach cotton spot markels at 14 designated

wat not availible.

Total sales at these markets factory were 109,300 bales United demand helped but other Press, dealers were unable to confirm any worthwhile improvement In consumer demand.

10732

732?

43%

4316

were

Hold South African

shares cased on news of the death of veteran Anancier Sir Earnest Oppenheimer,

ethlehem Steri

Alles Cons. Mining to win.in-Ham.

Baltimore & Ohio Beneficial Finance... Bendix Aviation Corp. Benguet Cons.

101

10

2011

jap

4015

111

Borden (The) Co.

12

Burroughs Add Machine Campbell Soup Co.

in-

Foreign bonds were quiet trading.

Cate (J. 1) Co.

15

Celanese Corp.

4031

ชาม

407

381

41%

401%

47

United Press.

Ja

751

5510

Dupont de Nemours

170

9

Easter Airline

5232

Eastman Kodak

50

El Paso National Gas Family Finance Corp. Firestone Tyre de Rubber

2032

2414

in exchange

the most important component, this has led to

that and these have continued to rise. the continent Indeed for from being able to portant change reduce their prices, they have policy in Britain was imminent had to cut into their profit mar- gins to keep up their sales in the official and

face of credit restrictions.

Plausible

Very plausible, reply salaried economists. But f

avolving the merging of the transferable Fotos and a lifting of the present ceiling of $2.82 on the dollar

ale."

So the "bears" "bulls".

the ajl

This seems

are

How

strange indeed, that is true, why is it that rises remembering that only a couple

rumour of in import prices are so quickly of months ago,

reflected in the cost of living?

"If prices in the shops stay up

an

jonded impending devaluation

crisis. Britain In an exchange But as was mentioned previous-

as raw material pricca fall," said ong professional economist last 17. ceonomists are strange people, week,

gomewhere

"someone, along the line is malding a ki ing."

But both sides of this con-

the tention welcome

better terms of trade and forta u fairly solid front against the academie economists, who regard it as a grave portent.

from pro fessional economists in the terms for of trade not ne a windánli Britain's overseas trade, but as

Academics differ

the

a dangerous setback for Dvoracis trade of primary pro ducing countries. And they lend to blame the disinflationary

of Britain policies

and the United States for this state of affaire.

They point out that Britain's overseas trado is only one of the factors that determino tho standing of the pound and the level of the gold reserves Com- primary producers monwealth

very big contribution, sa make their misfortuno is Britain's too. grow If their terms of trade

Express Service,

New York Sugar

Market

hase Manhat. Bank Chrysler Motor .... Colmax Molybdenum ("rt

Chigate.body. Co.

lembian Carbon Co, Commercial Credit Commonwealth Elec Consolidated Bellson Continental Oil of Del. Crown Zellerbach Cuban Amer, Sugar Diamond Alkall... Diamond Match Co. Douglas Aircraft

New York, Nov. 25, World No. 4 sugar futures Dow Chemicals....

closed unchanged to

points lower with sales of 186 contracts. Domestic No. sugar closed

sales seven contracts, unchanged to 1 point higher with

Despite steadiness in rows, world eased under Ught liquida- | tion pending action by the inter-

London Foreign national Sugar, Counell at its

Exchange

London, Nov. 25. Clasing rates were:

New York Montreal Amsterdam Bekasela Frankfurt

meeting in London on November 28 when the question of export quotas for 1958 among member countrica will be decided.

Meanwhile, dealers reported Iran purchased a cargo of Maul- 2.0016-2.001 fius raw sugar. French Morocco 2.70 2.70

sill had not sel a definite dete 100312-17.6331

for an expected tender of 55,000 140-20-24030 11.781-11.78 tons of world rows. 170344-17:19% Contract No. 4 (works): Jan: 5.75; 14.50-14561⁄2 Mar: 304; May 24 July: 1227-12.27 Sept: 403-64: det: 161; Mat;

Spot (conte ser lb. fobs Cube); 303

Open Interest: 5,717 contracta Centrel No. (domestic): Mar: 8.51 May: 0.67: July: 5.05; Sept: 8.57; Mov: 4.66; Spot (cents per b. cir by x-duty) : Bo

Open interest: the contracta United Press.

Milan Stockholin Zurich

Others unchanged-United Press.

New York Foreign

Exchange

New York, Nov, 25. Closing rates were: Canada England official

30-day 90-day

233;

Exchange Rates

Business was gone in the local URUMSA Exchange' market

1.03 29/33

2.0014

this

(worse, they not only earn fewer dollars; they also have to uso

3.7316

morning, at the following relee:

KM. dalla, (pw?{{1}

New more from the naumon Sterling Borth Africa area pool to maintain essential | Inga importa.which nowadays

Sterling notes (per RIT

18.00

2.8110

Austrijan 240vit per 2x),

Pakistan

Indonesian rupiahs (pse: 189i Alam tip (ber 190)

Others unchanged-United Pr

„Bingapore tätraits)

| Furd Motor

General Electric General Foods General. Motors Gen. Pub. vel. Getty Oil

Clidden Co.

Goodrich (B..) Co. Goodyear Tyre Gulf Oil

Heyden Newport Cory. Homemtaka Mining Co. Ingersoll-Rand Inland Steel Co. Laberchemical Corp. Int'l Business Machines Int'l larverter, a Internallonal Nickel International Teper Int1 Tel. & Tel Julm-Manville Ca.

C. Power & flat.. Kennecott Copper .. Let Meyer Toy. Co. Lockheed Alterati Low Incorp,

Lone Star Cement Co. Loweorien & flok McDonnell Aireract

Atcek Exge.)

Mesabi Iron Corp. Mmnesota Mining Mission Developercut Monsanto Chemical Co.

Mandaquery Ward

Motorala ne.

National C) Reg.

National Lead

National Steel Corp.

New York Contral ... Norfolk & Western By.

Dun Mathison DUI PITATED) LADI Owen-ffinola Cium,

19.00) Pali American AirwKYS

11 Paramount Picture

Bd

In the shipracnt market, three stucets

out of Thailand were

done at 26% cents, cost and freight, in the forenoos with later sells holding for 20 cents. Spot No. I Ras

WRE

quoted at 97% cents, nominal

SINGAPORE

The market opened around

SINGAPORE STOCKS

Singapore, Nov. 2J. Brokers today quoied the Opening following steek prices: Batu Lintang Rubber Cs.

Ltd. British Borneo Petroleum

Byndicate

in smelters Consolidated

Wave Ltd.

Grd.

the previous levels and ruled For Nsave quiet and

featureless through Fraser Neave 74% cum. out the day with minor fluctua-Gammons (Malaya) Limite tion. Furire closings:

No. 1 rubber par lb. Dec: 13.-tongkong Tin Lid, 631671 Jan 1914-104 No. 2 rubber

40/-

+

*

(Shalis); Dec: 45.00.

P.OB.I

E.A E

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO.

Outwards

"SUNDA"

"CORFU

"SALMARATM

“SINGAPORE” "CARTHAGE" "CHUSAN”

Homewards "CORFU" "SUNDA" *

"CARTHAGE" "CHUSAN** "DANTON"

Loares Londpa Sulled 3/11

Salled 13/11

Salled 10/1

5th December 11th December 17 December

Doe Hongkong

14th December

15th December

23th December

14th January 151h JamaTY

13th JamiaPY

Leaves Hongkong Que London Fuch December 19th January

6th Jantury 11th January 30th January 11th February

12th February 1701 FebruLTY

23t! FebrAKŲ 14th March

Via Singapore, Penang, Colombo, Bombay à Adam.

* "SUNDA” umita Colocko & Bombay.

call at Bovce & extends Hamburg, Botterdam a AntWEIJA

►

*

"BANGOLA" due th Dec.

*

*

"OKNLA" dur 13 Dec. mails 28th Dec.

D

+

"BANGOLA"dub 27th Dec.

BRITISH INDIA S.N, CO., LTD.

salis 8 Dec.

Palla 28th Dec.

from Calcutta, Nangoon

& Strali

for Japan

from_Japan

for Bingoport, Penang, Fangoon & Calcutta

from Japan

for Singapore Przeds, Rangoon de Calautiş

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

due Tth Des.

palit 8th Dec.

due 18th Dec. Batis 19th Dec.

from Singapore, Cochila, Bombay & Karachi for Japers

from Japan for Bingapore, Bombay, Bhavnagar, Karachi Basrah, Khorramatisbr

Kuwait

from Madras, (takinada, Henan & Singapoję for Japan

from Jepan

for Bingapore, Bombay, Kahala Marachi

"ITOLA"

pret

du ist Dec.

saila 2nd Deg.

Is Dec. "OZARDA" Aus

Balls 3rd 1980

30

31

$430

$150 4515 per ib. Doc: 7811-77: No. a rubber

Lamps Rubber Estates Lid. $1.00 per ib. Dec; 141-75; No. 4 rubber, Malayan Browarles penn

$3 42 % per 15. Dee: 713-7245 Spel rubber

New Serandah Rubber Co.

12,48 inbaled: 786-29: Dlanket crepe 23%

Lid, 07-09!L: NO. 1 pale crope: 0113; | Petaling. Lia. 0196 031.

Hongkong

Shanghal

Banking Corp.

Kunpa Ltd.

Kuala Lumpur Ti

"ITRIA"

"URLANA”

Raffles Hotel

ÚZ XT V

117

LONDON

Singapore Cold Storage

$0.921

Straits Trading

TES

36.00

3314

Wearne, Bros.

15.10

⚫exdly. Special,

↑ Sue-China

Mall

"KASTERN” duc

"KASTEEN?? load# 3/4th Jan.

ith Jam

The rubber market was 2017 | United Engineers Ord 7412 quiet with

nl

303

2014

75

30%

spot quoted 23-1/1B pence per lb. Prices:

No. 1 Rss spot; 23-1345. Boitement house term: Doc: 23:

2319-23 Jan/Mar:

Apr/June: 231-24: July/Bept: 24-245; Dol/Dee! 2016-2016.

General markets, elf baris, ports: Nov: 23 buyer: Dec: 23-2331; Jan; 12315-2315: Estate crepe thin Nov. un 041 quoted Bee: 2314; tálok Dec: 2416. Jak

204%

2015

AMSTERDAM

The rubber market was quiet. Prices closed in guilders per kilogram,

December

110. 1 rubber

follows:

No. 3 rubber

No, & rubber

Na.

cit

3

2.26 buyers

39 buyers

4.18 Buyers

1.42 buyert

NAMESAKES

The Pound

Goes Up

London, Nov. 25.

The Pound sterling roached its highest level in nearly 18 months on the Londen foreign exchange market today, ending AL. $2.80-21/32.

The revival of demand for sterling

Dollar

the against

raised the rate 3/32 during the day.

The Pound

nito

showed strength against the Canadian

dollar, rising 7/22 to $2.70-5/32

Answered Pliy, 2 Counest, al The Pounds Mark, onchange rate

Kamist,

Tolonius,

Wiadom, & Scenery,

Advice, 7 Instructor, § 14951ey.

favoured sterling, moving up one pienning te 11.77% -China Miii. Special.

*

EASTERN & AUSTRALIAN S.S. CO., LTD.

وزاهر

İpt. Labuso, Bandakaḥ, Bačaul, Brisbane, Byd bey Melbourne♣

Ali vemale have liberty to call at any ports on or off the rentę a the roshe á estlings are ružject

to change or amendment with or without námsCO.

For full particuluis apply ka MACKINNON, MACKENZIE & GO OF HONG KONG 310. Telephone Nos: 1772 1