1957-12-03 — Page 9

THE CHINA MAIL, TUESDAY, DECEMBER 8, 1057.

TRADE and COMMERCE SECTION

Tunisian Crisis Has Effect On

Negotiations

Rift In Free Trade Area Project

MR MAUDLING'S

HURRIED

FLIGHT TO FRANCE

London, Dec. 2.

Public attention during the Tunisian arms crisis was riveted on the political effect of the quarrel between Britain and France. Its effect on the negotiations for a European free trade area got only scant attention.

HONGKONG STOCK EXCHANGE

Our Own Correspondent

NEW YORK STOCK MARKET

Aircrafts Feature In

Declining Market

New York, Dec, 2.

Strength in selected aircrafts and special issues featured a declining stock market today. Price1 meved fractionally, Homestake Miring Co.

Reise.-ind..... ciand Strei Co., session in the fist hour, ralliet

interchemical Corp. from the worst, and then turn

aguir noir el down time.

Business done on the Hong- kung Stock Exchange this morning amounted to approxi- Toey made their lows of tha

Noon quota- mately $333,000. tions and the morning's trans- delions were:

In the excitement of Mr Macmillan's flying visit

to Paris to patch up the political rift, the Asla inclusion in the Prime Minister's party of Mr Government's Reginald Maudling, British

chief negotiator on free trade matters was hardly noticed.

INSURANCES

74

Business Machines

closun Harvester.

Malang wikanel lata 040 the dry andhowed 10.Etsin

Ing to more than 2 poin's 1. interia...at Nickel, Kennecod, Oils, cx- .nd National Lond. Do 10% cept Sun Of which hell a fair- sized gain, declined fractions to 8.05 more than 3 points in Amerada. Chemicals generally turned 8.00 down.

Shares Buyer Sellers

BANKS ILIC Dank

Balen

145

16 @

Union ..... 70 Lombard.. 311 SHIPPING Wheelock.

50 Q

0.00 0.06 2000

075 4 103 0

0.64

117

118

11.70

3312

WAY The

14.90 15.20

1.38

120 120 10.000 €

300

23

112

Tram

000 120

Nor was much attention paid to the fact that the Prime Minister's communique included a reference to the free trade area,

But the fact of the matter is that the British arms shipments to Tunisia caused the French 10 look with strong suspicion on Britain's aspirations for a tree Irade area, and only the swift Intervention of Mr Maudlinx saved the negotiations from complete break-down.

pOCKS, ETC.

K. Whart Dock

Provident,

(U).

LAND, ETC. UK Hole! and Realty... RUBBER Amalg.

UTILITIES

common market dead and buried than let Britain have her over the free trade area. fact that Germany and Holland шето also enthusiastic about 22,10, 22.90 the free trade area, and might even prefer it to the common Bmarket, was not overlooked; but the French knew that the aren could never be formed without them, and they were in a mond to call the whole thing off.

The French reaction was not never surprising. France has been really keen on the free trade area which it regards as a potential denger to the Euro- pesin common.market. Its own motive in supporting Euroncan tree trade 1s political rather than economic, while Britain's economic rather than political.

Treaty

1s

C. Light (0)

Electric

+

27 21.30

لان

10

Large Volume

Int T & Tel

NEW YORK

COTTON MARKET

Page

LONDON STOCK New York Sugar

MARKET

London, Dec. 2. Reports that Britain's gold and dollar reserves have reverbed their downward slide brought buyers into the government market on the London Stock Ex- chango today. Prices were marked up between 2 and 5 shillings. Elsewhere the sharket war quiet. Turnover was the lowest for any Monday zines Decern ber, 1855.

hillings.

Market

Now York, Dec. 2. World No. 4 sugar futuros today' closed 11 points higher to 2 other tower with salos of 885 con- tracts.

The domestic No

els closed 2 to 8 higher with sales of 37

tracts.

соло

polits con-

Firminess In world futures reteted continuing nervousness of the political situation iu Cuba and the Ught market situation for old crop Cubazn TLNI.

United

Industriala weic narrowly

Dealera reporiad Irregular. Brilish Petroleum Kingdom purchases of two fell 3 shillings to 100 shillings entres of Brazilian nws Inst on the report 1 will be asking Filing for January shljiment New York, Doc. 2, investors for 241 million, How-The United Kingdom was re-

the stock is all well orted Cotton futuros moved Irregu

Interest in addional Above [is 1957 low of 92rchbses, Dealers aldo expect- larly in quiet dealing,

id a new demand in the next today. Closing prices rulad

the sources, 21 points lower to T In the foreign bond section wo weeks from

including Casablanca, Holland, strepa points higher. The market Japanese liens enjoyed

Te Sudan and Ceylon, A good cmand with the 19078, the opened off 7 to up 51024s and the 1930; 1 dp 21.

rert of this interest, was pre- sumed to involve old стор points. New Orleans closed men's were quiet and un-

sugar supplies, changed.. up 8 to 15 points.

Laur stocks were mostly! Contract No. 4 (whil Nearby December showed ked up in accordance with Jen.

Street's relative casiness under liquida-wall tion following the issuance and United Press, circulation of

34%

74

2014

internauczaj Nickel

7342

International Paper

35%%%

ohn-le La

Kansas Power & Light

Kennecott Copper

sett Mayora Teb. Co. Larkhood Aircraft Loews Incorp. nuk Lone Star Cement Co. Lowenstein Bons... McDonnell Aircraft

Stock Exgc.

30

12'' notices

201

134

fAm

2012

Masabi Iron Corp.

Minnesota Mining

Monsanto Chemical Co.

Montgomery Ward

Motorola Inc.

44

National Cash Rer. "A"

8342

National Dairy Prod.

National Lead

National Steel Corp. New York Central... Norfolk & Western Ry. Olin Mauzieson Quis Elevators Owen-lilinols (ziars oxford Paper Co, Pacing Gut & Ess Pan American Airways Paramount Pictures Penny 3. C. Co. General Penn, Salt Co.

Philip Morris

from the Volume lightened Friday pace. Sperry Rand fea- tured in turnover, thanks to a 22.70 10,000-share opening. It gained a point. North American Avia- tion in sceone spot also rose a point. Large volume came into Boeing Airplane, Dynamics, Standard Oil, (New Jersey) and General Tyre, all steady to flm.

17.30 37,50 394 @ 19.30 000 11.40 200 440 27.10

Telephone 20.00 20.10 1,500 26.10

ALS Cement... 24.20

5000 2855 Can Miciał

1.20

1,000 @ 1.20 STORES, ETC. Lary... 18.30

12.10 3.40 Watson...

TTUNS Nanyang

D 9.20 It either; if she is really playing a | INVESTMENTS Machinveillan game. nothing YLIST 20

8.35 would please her more than to B. & FE

invest. D.CO have France kill the tree trade project.

This would have suited many Frenchmen who don't like the Idea anyway. But in their anger they overlocked the fact that Britain is not supposed to ke

The truth, however, is that- attitude whatever its original

and however may have been,

lttle real king there is in Dri- in for free trade with Europe

Government now as teen as anyone to the scheme go through.

The French have always re- that Britain's sented the fact

the European attitude towards free trade project has been con- ditioned by fear of the trade it might lost If it stayed out, the British rather than by hopes of the trace it might gain by going in.

They four that other members of the Treaty of Rome-chicily Germany and Holland-might prefer the looser economic as- sociation of the free trade area to the all-inclusive common market, thereby weakening the original conception of a close economic integration of contin- ental powers.

common

even

Intentions

is Ste

was

So while Mr Mucmillan trying to scothe Monsieur Gail- ard, Mr Maurling was reassur- ng Monsieur Faure, the French Minister of State, that Britain's Intentions were pure, And he The final partially succeeded.

that fear communiqite noted

Ministers had reviewed the post- ions reached to date in the free trade area negotiations, and had agreed "on the political Impor-

the

Som Frenchmen that Britain Is employing Mac- blavellian methods to wreck the market. Not belix able to join 1 herself because of the overriding importance of tance of Anding solutions to the

relations with the technical problems now her trade Commonwealth, the British,volved.". these Frenchmen believe, put forward the idea of a free trade area to sabotage The common market.

In

A day or two inter, ministers

of the countries. concerned mel again in Paris to examine these

Just problems.

how much Cover If it worked, Britain would ground there is still to

before the free trade area comes have many of the advantages of

into being can be judged from free trade in this important region without the disadvantage the fact that such highly con- of having to surrender some of tentious questions as the "har- social charges her sovereign rights to a supra-monisation" national organisation. It they and financial policies, and move- succeeded in blurring the ori ments of capital and labour have ginal Ide, the British would be hardly been broached-Express happy: if they managed to kill it Service. altogether, they would be happi- er still.

Motives

French distrust of Britain' motives was an important factor even before the Tunisian affnit. But it remained in the back- ground so long as there was the possibility that Britain might over-reath-herself by dem ind-

conditions ing impossible

for her participation in the free trado area. When this difficulty was resolved by the British offer agriculture, the French in- transigence became the domin- ant factor in the negotiations.

מם

Then came the British arms shipments to Tunisia and, even those Frenchmen who bad pre- viously sympathised with British mlind turned höille overnight.

London Foreign Exchange

London, Doc. ?. Closing rates were:

New York Muntreal Arratordamı Brussels Cosenhagen Frankfurt Milan

200-33/18-2.001 272-1/10-2.12-3710 10.02 10.0236 140.85-144.10 30.3414-10.363£ 11782-11 77 175332-170231 20.0031-20.015 11791-117933 14.40%-16493% 72.04-12.04

Peria Stockholm Vienna Zurich

19 2014-1207 Others cachanged-United Press,

New York Foreign

Exchange

The French newspaper, Ló Monde, focused Britain of wish- ing to forgedó the common market for politicat as much as commercial reasons. And in the heat of the moment, Frenchmén of previously moderate vlowi. said Britain was trying to pro- vent continental Europe form- | Engiand official ing a close economic alliance, so that Britain Rad America could || Axiretta domitiate 45

New York, Dec. 2. Closing eats were:

Fedlings fan so high that for Brazil

30-687

10-days

Kaw Lenland Argentina time it appeared that the South Airles

Endla French would redker and 126 Diber uachangestaa

1189

International Paper which at Its high was up 3 points and American Telephone, up 2 at Its best, were among the strong spots. Zenith at one time was up 5% points at a new high. long list of others, most of them | outside--the group- makings up the averages, gained a point or better.

New York Rubber Stung

Market

New York, Dec. 2. Rex rubber futures today closed 15 to 25 points lower, with sales of 53

contracts.

Jan: 27,45; Mar: 27.53; May: 27 0ns. July: 27.45; Sept: 27.05; Nov: 27.89) Jan: 27.3.

Standard contract closed 15 to 25 points lower with no sales reported,

Jan: 2743: Mar: 27.55; May: 27.00: July: 27.03 Sept: 27.05; Nov: #7.65: Jan 27,05,

A

Procter & Gamble Co.

Pittburgh Plate Glas Publickor Industries Pure O

Radio Corporation Republie Steel

eynoide Metal

Star, Roebuck & Co. S Oil Co. Saint Reg. Paper Sinclair On

Becny Mobil

Solar Aircraft....

South Puerto Rico Sugar,

-soutretul" Co."" (The)

South National Gre Southern Radway (Com Standard Bears Standard Oll of Cal. came into the auto-standard Oil of Ind. mobile section. Chrysler fell 2 Standard On of N3. points and Ford made a new Sleep Rock (Toronto Exge.)

Sterling Drug Co. low on a loss of 1 points.

Stokety-Van-Cemp. General Motors declined frne Studebaker-Packard Corp.

Sunesine Mixing tionally. Steels lost fractions to

Swift & Co more than a point. Olls were Lens Co. mostly on the downside with Textron Inc.

Tide Water Assi Amerada off more than 2 points. Time he Lorillard made a new high in the tobaccos.

Volume lightened to 2,430,000 shares from 2,740,000 on Friday. a total 1,178 Issues traded, 505 were lower, 386 higher.

twentieth Century Fox Film

Enton Carbide Union Oil of Cal.

Union Pacine Raituray United Ons Corp. US. Foll "B" U.S. Cyprum {U.B. Line Co. U.S. Rubber

United Aircraft

On the American Stock Ex-US. Smelling change sales dropped to 040,000 US Steel

Werner Bros. shares from 190,000 on Friday. Westinghouse Electric

Western Union Tel Co. Bonds volumo mounted to West V. Pulp & Paper

againat US$5,402,000

US$5,- Woulworth 500,000 on Friday.

More than 60 per cent of the small trade done on the ter Dow-Jones closing averages minal market was represented were:

in denter exchanges of March/ 30. Industrial: 449.57; Stocks,

at

July contracts 10 points.

16.01; 40 Bonds: 24.47: Comanodity Concern was expressed over the Futures Index 161.84. political situation in Indonesia, but its effect marketwise was allgat,

Relatively more attention was

Closing Prices

American Airline

paid to the larger shipmont Ated Chemica offerings from nearly all cources Allied Alla ne, of supply in the east, although Allis Chalmers prices were held about buyers A. Brake Shoe ideas. No. 1 ribs were offered American Cabio de Radio Corp.

cents, with buyers American Cyanamid Cu. around 27 refusing to go beyond 2034 cents Amer, & Turga. Power

Amy Gas & źketria a pound.

A. Mach. & F'dry

mer.est Mal Statisticians pointed out that American Smelting world production continues n shan Shi 12.

wir Tob. AJKORER Copper Restine Steri

the high side, nowhatanding American Tel & Til the substantial price dreline of recent months. Spot No. was quoted at nominal.

273% cents

SINGAPORE

The market opened down on liquidation at December post- 11on and belter Indonesian orrivals over the weekend, but thereafter it ruled quiet at, lower levels Ductuation.

There was a fair Interest for lower shent and remiils with sellers rather most inclined to meet market. Future closings:

Consuing Law.-Lita-1 kukko Altmore & Onio sidential Moines

Aku dip. Lenguet Cons. Temat plezi Ludng Airplane,

ord. (The) Co. bur.oughs Add Achins Lampu sous Co.

and Pictic

• (J. I.) Co. Cac Cal. Tractor Class

Financial Corp. Chrysler Motors Climax Molybdenum Chuett Peabody Colgate-Palmeliya Cu Colombian Carbon Co.

Credit

No. 1 rubber perib. Den: TT1~ Comment Elic. 27363 Jari: 7735-28: No. 2 rubber Der Ib. Dic: 184-70: No. 3 rubber Consolidated. Edison per lb. Dec: 73-151; No. 4 rubber Continental Off of Del.

Crown Zellerbach per là. Deo: 2155-2115; Spot, rubber unboled! 77-7lia Blanket 07-67: No. 1 pale crope: 19?h=8£56.

LONDON

crops:

The rubber market was idle with spot quoted at 354 pence per lb. Prices:

No. 1 spot: 2216-1316. Bertiensment house

Jan:

Amer. BurET mond AlKRIE AR Diamond Match Co. Douglas Aircraft Dow Chemienia'............

do. Nezmou

Expo Airune...

Zarunan Koda

El Paso National Clas Family Finance Coro Firestada Tyre & Rubber Ford Motor

Otheral - Bedíris

Mur: General Foods (29-2941 | General Motore: July/sepi: dén. Poḥ, Uũi.

Glidden, Co.

Jan/Mar: Apr/June: 2011-2013: #MM; OĢU/D40: 31}{^2}}

Cinéral parkáte, biz hõsis

elght delivery

plus a good-sized in-

crease in the ecrificatod stock New York Metal

Cotton available

574 tract

for con-

8,199.

delivery totalled bales, up 818 bales from the previous posting a week

Ago. fur-

suggested The increase ther tenders, traders thought,

an-

Steadiness in later shonths, particularly new crap months, was associated with the highe November parity price, nounced late on Friday, and at- tendant expectations for Q loan rate higher government next year.

SETBACKS

were

New Orleans brokers modcrate buyers of new crop December. Spol house brokers sold around 5,000 bales in near- by March, apparently hedging operation.

on

II

Shippers bought nearby months on the setbacks. Part of the demand was presurned to be covering by unsuccessful bidders for collen out of the government's surplus stock. The credit corporation Bus commodity

501,229 announced sales bales of upland cotton on bids 3 opened en Nov. 25. All of the cotton sold was for unrestricted use, but no prices were given.

z3

Open contracts in December

totailed 32,700 bales. Trading in

the spot month will end in the noon hour on Dec. 12.

Volume Open interest

空

33 Mouth

Det. (X) ...... 0.140

23

Mar.

***..... 15,200

02,700. 2.30,200

0736

May

6400 510,000

July

8,300

174,000

Oct.

$,000

130,500

2015

531

Dec.

2,000

06300

Mar.

200

18,200

May

800 240.200

1,400 939,200 bales

Valled Prem.

SINGAPORE STOCKS.

Singapore, Dec. 3.

quoted the Brokers today following stock prices;

Opening Batu Lintang Nubber Co.

1.td.

7731

81.50

British Borneo Patroleum

Syndicate

406

Ord..

dali | Consolidated Tin

10

Frover Neavo 2td Ord. #2.87 41 Fraser & Nandë 744% cum.

$4.05

3932

2

Commons (Malbyn Ltd, 13.24 Itongkeng * Shanghol

Baking Corp. Mengkong Tin Lid.

$460

humpay

G5 P $1.00

34x112

4x Lunes Lid.

Xatales Rubber

$1.00 Mainyon Breweries 1.4% New Beranda Rubber Co.

Ltch

ป

Petaling Tin Ltd.

$1.47% $3.50

15%

Mex Hotel

$3.0743

Singapore Cold Storage.. Straps Tending a

$0.94 T $1,64

384 Straits Sternship

$16

United Engineers Ord... Weare Bros.

$1,21

3.14

• exile; 1 cumdix. - China all Special.

London Metal

Prices

London, Dec. 2.

Total

(X) Includes 1,000 batek against which notices of delivery have been a balance of 50,000 Issued loavINS balon.

Prices

NEW YORK

of cotton futures closed today in cents per lb. as follows:

Spot: 30.10n: Dec: 35.97: Mar: 34 21: May: 37.18; July: 35.54-80 Dec: 35.125; Mar; Oct: 33.84D: 33.70b: Kay: 23.000.

NEW ORLEANS

Prices of

colton futures closed today in cents per lb, as follows:

Spot: : Dec:

30.17: May 36 15

movements. ---

J12

4.00 399-4.00 100

600

Oct.

Mar.

Spot-frente per lb. föd

Cuba),

Opers Interest: 6,782 contracts,

Contract No. 6.(domestic)

Mar.

Futures

New York, Doc. 2, Prices of metal futures closed July |today in cents per, lb, as follows: Lead: Dec. 11.05b; Jan, 11.006. Zinc: Dec., 8.90: Jan., 1.036. Copper! Dec. 23.07: Jan., zlib. Tin Dec, 0.75b; Jan., 19.75.- United Presa.

*

•

*

Bept Nov. apot-cents per, Ib. cu NV

ex-duty) · ARA Open intérest: Unlled Press.

P.OB.I

T70

5.70 contracts.

E&A

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N, CO;

Nutwards

“BUNDA

"CORFU

"SALMARA"

Léares Londóa

Bua Kongkung

Satiec 11

19th. Debenber

Salled 1/11

12th December 18th December

Sailed 10/11

"SINGAPORE” 5th December "CARTHAGE" 11th December

"CHUBAN"

Homewards 'CORPU"

“RUNDA” * “CARTHAGE" “CITUBAN" "CANTON"

17th December

10th Jime Din - January 18th January

Loaves Kongkong Uns London

18th December

19th. Jandir?

12th Febrüdeyj

17th February

6th Janua0T

ETIN JADENCY 30th Jandery 11th February

ardi Fébroscy 1912 2005

Via Singapore, Penang, Célombo, Bombay à Adam. ★ “SUNDA“ Rite Colombo à BoORTORY.

cali et lavro & extends fizzibarg, Mostertum & Äntween

BRITISH INDIA S.N, CO., LTD.

"SANGOLA"du® 6th Dec.

"OKULA”

unità 19h Dec:

dae 14th Dec salis 10th Deo)

"BANGOLA"406_77th Dec.

20.15: MAX:

"TTOLA"

Oct: 51.15: Deg: 33 726: Mar: 339b; May: unquoted.

LIVERPOOL

Cotton futuro closings, in pence per lb, were as follows:

Old contract: Dec/Jan, 2620; Mot/Apt 233; May/June, 2000; July/Aug; Oct/Nav., 20.30.

New contract: Dec/Jan. 11.29 July/Aug. 27.71: Oct Nov 21.50,

SAO PAULO Cotton future closings.

WCTO cruzeiros per lo follows:

in

Dec, 1840 Mar, 10.70; May, 40À¤; July 60.00; Öet. AIM,

from Calmatia, Rangoon & Strate

1от зарад

fur Bumper Penang.

Rangoon & Cloutta

from-depen

Rangoon se Caleitta

P. & Ö./B. 1, JOINT SERVICE

in Port

valls 3rd Dec. "OZARDA" due and pee.

"ITRIA"

du and Dict. Kalle 4th Dec

“UBLANA” das Kath: 168.

mita 19th Deo.

fran Bloguiore, Cutter, Barber

Karmokat

for Javan

from; Japa

fox

Banksy,'

EASTERN & AUSTRALIAN 3.2. CO., LTD.

"EASTERN",40 45 DOS.

at

In the United States, the average price of one-inch cat- 14 designated spot

"EASTERN" loads 3/4th Jane,

· sabie

9th Ja

Prices of metals closed today) tox

In sterling per long ton as markets was 34.71 centa, follows:

Tts pot

a-month

Copper spot

20 is halt Dec.

Total sélés át thèse markets

Buyers Sellers wero

1301

T001). 199

Pr

NAMESAKES

Flamingo.

wonderland, Children, a Queen.

Alice.

· Kaight,

207.195 bales. -- United

Exchange Rates

Huainan kena donà tả, the locgl unometal

morning at the sɑlowing, r00:17

BACKINNON, MALA

3T HONG COM