1957-12-10 — Page 9

THE CHINA MAIL, TUESDAY, DECEMBER 10, 1957.

TRADE

and

COMMERCE SECTION

The November Gain Continues, But.....

Gold Surplus Causes No Elation

Businessmen Are NEW YORK Trading Lightens In New NEW YORK

"Frankly Disappointed”

By RONALD BOXALL

London, Doc. 9.

RUBBER

MARKET

New York, Dec. 9. Rex rubber futures today closed 115 to 140 points higher with sales of 241 contracts.

York Stock Mart

New York, Dec. 9.

the

Trading lightened substantially today on

stock market with prices tending lower in all major sections except the utility,

The November gold gain continued the: 30.30: Sept: 2.15 Nov: 10.10 influence of sharply lower car-

300: 3063: Mar: 3020; May: 303

30.03. Standard contract closed to 138 points higher with no sites reported.

115

Jan: 0.05; Mar: 3030; May: 30.30; July: 30. Supt: 3915: Nov. 30.10.

recovery that began with the raising of the bank rate to seven por cent on December 19. But the $92 million surplus caused no elation; the Treasury 30.03. called it merely "satisfactory" and the City was frankly disappointed.

If businessmen built up "exaggerated expec- tations" as Treasury officials say, the fault lies with the Ministers whose public statements encouraged hopes of something much better.

Compared with October's inflow of $243 million, the November gain was indeed disappointing. And last month's deficit with Western Europe has come in for critical notice too.

technical | efferts it seems likely to have November on the internal situation, bu

There may այլ reasons why the gain was not bigger, City is lean concurred with these than with the fact that in the past two months the

but theenuse nearly all of them could. in fact, be achieved In other more certain and (so far as our external position Koes) nub cheaper ways."

in

Sterling area has regained only a third of its gold losses August and Scplember.

Thoughts now turn to the months ahead, and here there

reasonable are

Arounds for optimism. The first six months easonally of the year is the favourable" period for Sterling when the reserves are normally being built up against the of the second seasonal drains half-year.

Before

Decision

then, however, the British Government must decide whother it will ask for a deferment of the annual instal- ment of capital end interest on the North American postwar foans which falls due on the last day of the year.

no means

No decision has yet been taken, but the possibility of a deferment is by ruled out. If the instalment is deferred, December should Nee a further poin in the otherwise the $170 reserves:

almost million repayment will certainly offset any gain on the especially commercial account,

But even assuming that a lowering of the bank rate e would not lead to resumed speculation against the pound, the Government is not likely to take the risk just yet.

Cambridge The London and Bulletin writers themselves recognise that there is a risk, A reduction in the bank rate, they

need Fay,

not imply any slackening in the internal anu- inflationary measures. Government should make it clear that the bank rate is

relevant to primary external position; otherwise "the public will certainly be confused about it.'

The

|

Haltrond

shares, under ".fondings and a drop in carnings,

601 a

since Jan. 14, 1054. -

Concern over the Indonesian political econsumir situation brought a trade, commission und

scattered demand in face of light

new low

Steels and chemicals, weakest of the dustrials, came back romewhat from their lowest of the day before closing time.

Motors met meagre support ffler their losses run to more Losses in the 1800 1 point.

ralis extended to more than a

offerings. Reports on Sumatri, point arid alls were down in and that December shija moa issues. Some specials would not be made, spurred the yielded 2 points or more and a covering demand,

few had gains of that size.

Other sources reported d faults on Indonesian shipments

to Holland with possibilitles of similar defauit to London.

Shiganent uffernes were in good upply, but at prices fully 1 cent over local buyer ideas, Indonesian shipments offerings were avaliable, but local buyers shied away because of uncertain- tles abuut possible tuturo de- faults, Thailand offerings were And high pricey. moderate

anticipated Buyers

further rise of about a evnt a pound (American funds) overnight in Singapore. Locally Spot No. 1 Rss was quoted at 30 cents, nominat.

OVETKENS

A

BINGAPORE

BEHAVED WELL

COTTON MARKET

Canada Reduces Its Taxes

Ottawa, Dec. 9.

The Canadian Finance Minister, Mr Ronald Fleming, has reduced personal and corporation income taxes and duties on car purchases by about $78,000,000.

The excise tax on new cars is $10,000,000 in withdrawals from lowered from 10 to 7% per cent, two reserve fynda.-China Mail which will cost the Treasury anSpreişi. estimated $20,000,000 a year.

But the blages: benent of all will go to income tax payers, who will pay $60 million year less on their incomes from next New Year's Day.

At the same time, some $1,750,000 taxpaying parents will have their budgets helped by an increase in basic exemption for children and other dependents from $100 to $250 for each child.

This will cost rome $00,000,000 a year.

SINGAPORE STOCKS

Singapore, Dec, 10. Brokers today quoted the following stock prices:

Now York, Doc. 9. Cotton futuras today rose to now seasonal highs for all 1958 dolivarios, pushing ahood aggrossively after a mized forenoon trade. Gains ranged up to $2 a bale before the market levelled oft a changes and another $10,000,000 utile at the close on local annual reduction in corporation Consolidated in Smeltern

Fraser Neave Ltd Ord. Taxpayers,

Word Montgomery Motorola te.....** National Cosи нек. "А" Rational Dairy Prod. National Lead

2012

4215

3719

National Steel Corp

31%

15

63

41%

ATX

2814

4871

13%

3011

B212

sales,

New York Central Norfolk & Westom Hy. Olla Mathieson Ofis Elevators..... Owen-Blinois Clans Oxford Paper Co. Pacific Gas & Ziec, Pan American Airways Paramount Pictures Penny JC. Ca. Penn. Salt Co. Php MorrUN Procter & Gamble Co. Publieker Industries Pure Oll

Radio Corporation Radio Corp. Pret Republic Steel

3141

32

Sear. Roebuck & Co.

ન

Shell Oil Car .....

2074

4911

Saint Reg. Paper Sinclair Oil

Socony Mobiloit

#clar Alread

Diles were Lustained by South Puerto Rico Sugar

ness in several Issues.

Market men said the 1st be- ived well in the face of such an adverse Item as a drop below cent in the scheduled 70 рет steel output for this week..

Standard Brauds

Bouthern Co. (The)] Bouthern National Gas Southern Railway (Com.) Handard Oil of Cal. Standard Oil of Ind. Standard Oil of N.J. Steep Nock Toronto Exge.) Studebaker-Packard Corp. Sunshine Mining Swift & Co. Teana Co

Textron Inc. The Water Assn. Oft Time Ino,.... Twentieth Century Fox Fin Union Carbido... Union Oll of Cal. Union Pacifle Railway United Aircraft United Gox Corp.

1.8. Line Co. 0.8. Rubbert

Smelting U.S.

The whole market sagged although there were many spe- cials which managed to show gains. Price Increases in Mexi- can Sulphur, pulting them in line with American prices, brought gains in all the Sulphur and stocks notably Freeport Jefferson Lako,

Paramount Pictures jumped 2% points.

Chemicals weakened with Du Pont off 3 points and Allied

Warner Bros. 2. Metals Chemicals DIT

Westinghouse Electrie treated

aluminiums Western Union Tel. Co. and the

West Va. Pulp & Paper were lower. American Tobacco lost more than a point in its Woolworth

section.

.S.. Gypsum

U.8. Steel...

T

The market opened higher on advices and steadied Nurther during the day on short covering and trade buying.

nt ten November imported thousand toris lower than the

month previous

contributed largely to reserve of sellers.

There was u fakt interest for the lower grades but offers were

scarce and high priced. Futures:after No rubber per 1. Dec. 85-042 Amerada, off more than 2 points, No. 2 rubber per ib. Dec. Bled oils down. Aircrafts generul- No.

7912-0042 Fly were firm except Curtiss- 70-ak

Wright which eased off a bit. Spot rubber unbaled Blanket crepe No. 1 pale crepe

Unfortunately, the

London And Cambridge economists do not tell us

how to prevent ordinary people, including 10 million trade unionists, from regarding a

the redusilon in bank rate as an official indica tion that all our troubles are

over,

No.

Jan.

LONDON

844-8415

12-14

50-£3

Shipbuilding shares retreated

Inst

advance. week's

Industriala

off 3.44 to were 443.78. Of a total of 3,202 issues traded 053 were lower. 322 higher.

On the American Exchange sales rose to 670,000 shares from 140,000 on Friday.

The rubber market was firm and active with spot quoted at 259 pence per 1. Prices:

No. 1 Д spot: 2511-2511. Settlement house term: Jan; The Government much 2014-20: Feb: 20-26; Mar: 20-201

Js

volume amounted 23-2014

Apr/June: Jan/May: more likely to take The view

20-2016: July/Sept: 2011-2014) Oct/^ | $0,190,000 against $6,370,000 on expressoct this week by Sir Dea: 2014-2014

Friday. Osear Hobson in "The Banker." Gental markets, eif basis, ports:

Dec: 23-251! Jars: 251-2591; Feb Dec crepe thin for 12 teuse wages

23-2515 Estate 2015: thick Dee: unquoted.

"But

as the month begins with a $2 million payment to the BPU In situation, he willes, "some part settlement of November's relaxation (of the credit deficit with Western Europe. squeeze} night alrundy bo

Meanwhile, c case is being built up for a fairly early re- duction in the bank rate. On the positive side, the seven per undoubtedly cent bank role helped to restore confidence in Sterling by demonstrating to foreign opinion that the British Government was prepared to take painful and upopular | measures to combat inflation.

Loo.

But there is a negative olde For despite the present high interest rates in London, the recent gold gains appear to - have

resulted more from the closing of bear accounts against Sterling than trom an Inflow of investiment flinds into London.

Weapon

It has been argued from this .that'a seven per cent bank rute is no langer necessary, The question that is being asked is: Has the high bonk,rate_already outlived 105 usefulnes? Ever more to the point: Is it now a definite lability?

justified. As it is, I feel that it would be dangerous to

AMSTERDAM

The rubber market WAS show steady. Prices closed today in what might be regarded as a guilders per kilogram, cit Dec. green light while the wage struggle la on.”

The best bet is that there will be no reduction in the bark rate for the time being possibly not even until the budget in April.

Express Service.

..

New York Sugar Market

Now York, Dec. 9. World No. 4. sugar futuror

closed today 3 points lower- to 5 points higher with sales of 151 contracts. Domestic No. # sugar futures closed unchanged to 1 point lower with tíú nales reported.

as follows!

a. rubber No. 2 rubber No. 3 rubber No. 1 crepe

Воли

Lo

Closing Prices

Allied Cheriienda

7511

Allled as Inc.

201 23

Alla Chalet

Ain. Brake Shoe

American Cable & Radio Corp. American Cyshamid Co. Amer, Forgn. Power

238 nom. Am. Gan Electric

Am. Mach. & Fdry. American Mittal

2,33 nom,

2.15 nom.

United Press.

LONDON STOCK

MARKET

London, Dec. 9. The stock market eased

19

American melting Am. Sugar Rel. American Tel & To American Tob, "B" Anaconda Copper Armour

The personal income Lax

incomes.

Batu Lintang Stubber Co.

Ltd. Beillet: Borneo Petroleum

Byndicate

Opening

03.74

434

affect new

29% (

$7.6749

$4.05

realising to leave the list. net 10 taxes will only to 32 points higher at the fast year's gong. The market opened up making retums on next spring 2 to 8 polats. Now Orleans on incomes earned this year,

will still have to pay old mates.

closed up 20 to 30 points.

Small ginnings, large export

Ord.

Fraser Neave 73% cun.

prcí

Commons (Malayal Lid. 2.30 Hongkong at the

Banking Corp.

and sustained mill de- mand for spot collon touched proposed tax reliefs would cust off stop loss covering after an the Treasury $20.000.000 in the early

and current fiscal year, ending next New Serandah Rubber Co. flow of hedging

Murch 31, when he forecast liquidating ordera subsided.

there would be an $80,000,000 Kutplus.

FINAL CROP

Shanghai

$450

Mr Flaming estimated that his

Hongkong Tin Lid.

Os Ski

Kumpas Ltd.......

$1.65

Kuala Kampar Tis

335 Bd

Luna Tubber Estates Ltd. 31.08

Malayan Breweries...

15.4235

Lid.

$3.00 27.55

Rables Hotel

$2.5734

Singapore Cold Storage

$1.05

• edcb; † axdtv, i exall.

China

ON

Petaling Tin Lid.

He added that

cxim of Str Trading $21,000,000 in expenditure In-Strelts Stemship The Government's anal crop curred by the Governmen!

United Engineers Ord: Who Bros. estimate of the season today would be partly odset by $84, placed the yield at 11,019,000 | 000,000 in pavings and by Man Special. 20 hales.

The figure came 788,000 Lules or 0.8 per cent under the previous estimate. The report 200 had little market influence since 50 the figure aligned with general

#14

expectations and had been dis- 7 counted, traders thought.

241M

65%

12

ทาง

Average guess of 57 members

of the New York Cotton Ex- 22% change had been for 11,057,000 to December 1 bales. Ginnings totalled 8,039,400 running bales 42% compared with 12,380,008. bales ginned to the same time last

*

*

14

*

*

24

*

20

Year.

Merith

Volume Open interest

*

234

Dec.

3.900

73

Mar.

24,800

100 247,200

30

May

22,700 128,400

M

July

*

19 Oct,

6,200 130,000

Dec

40,000

70

Mar

3,000

20,700

381

May

500 7.500

507

Tolai

United Preci

HONGKONG

STOCK

EXCHANGE

Our Own Correspondent Business done on the Hong- itong Stock

this Exchange morning amounted to approxi- mately $150,000. Noon quota- tions and the morning's trans- welions were:

Sharea Buyers Heller Bales BANKS 2734 | NK Bank

43

Lombard

SHIPPING

D45 160 .10 @ 047% 270

(0) 41.40 11.70

Ensi Azim 421|| INSURANCES

12

Union

70

301

33

18

Wheelock

6.50, 8.00

DOCKS, ETC.

233

K Whart.

KO

106

Provident

77

LAND, ETC.

11

Juk Holei,

24.00

300 14.30

IK Land

1335

23

Humphreya

18x6

neally、

1.35 $40

Bendix Aviation Corp.

49

Bethlehem Steel

Boeing Airplane

Borden (Tue) Co.

4144 Trust BOYS

120

Burroughs Aild Machine

UTILITIES

Campbell Soup Co. Canadian Pacific R.

Cal. Tractor

Case 11. 3.) Co.

Baldwin-Lima-llam, Haltimore & Onio Beneficial Finance

from lack of interest to- Celcher Corp.

C. I. T. Financial Corp. day

traders turned Chase Banhat, Bank their attention to the Chrysler Motory ...........

Climax Molybdenum "Bank rate leak" investi-Chuett Peabody gation.

Carbon Lo

Coiled Edison

Leading Industrials generally Continental Oll of Del.

Cuban Amer. Sugar were marked down

nbout 3 Diamond Alkali

ap-Plamond Match Co. pence in their infrequent

Dough Aroraft Dow Chemicals pearances on the tape.

Dupont de Nemours Eastern Airline

Olis ran into a lack of do- mand which

Royal caused

World contract trading was Dutch to fall 10/- Shell Trans- largely routine, originating be- part 2/3 and British Petroleum tween trade interests while the was off 1/3. market awaited further develop- meats.

Jan. Mar May

A sharp rise in the bank rate has proved itself a powerful weapon in an "externni" crisis. But the maintenance of a high bank rate after the first calutory effect of a 'shock" increase meroly Increases the cost of Borvicing Britain's heavy over- Bear debts and places a heavy burden on the internal economy,

This would be tolerable if it. J was the only way to maintain Bept. confidence in Sterling. But is it? An article in the London and Cambridge Economic Bulletin by two distinguished economiala says that as a price to pay for

short time to gave Sterling Mer. May from a speculativo run, a Boven

July per cent banit rate may well be sept. worth while,

Contract No. 4 (world):

In the mining group Hudsons Bay fell 2/8.

Eastman Kodak

Paso National Cas Family Finance Corp.

Firestone Tyre & Hubber

General Electrio

General JooGA

General Motors

were Gen. Pub. Utl

British Governments

Getty Cl quiet but there were A fow Goodrich (B. F.) Co. rises of 1/16 and War Loan Goodyear Tyre

21⁄2. Among Heyden Newport Corp. managed to rise

Guff off 3.94 foreign bonds Japanovo lleng mataka Mihing Co.

Bleel Oo

4.00 201

3.79

3.

Mar Spot-cents per Job Cuba) 3.90

Open Interest: 101 expČE S SITE,

Contract No. 6 (domestio):

Now

"But, it continues, "It is not Boot-Centa Der ID. CH NY

[ex-diaty) worth incurring over a longer

Open interest: period for the reinfively slight | United Press.

5.01

cased and the Germans firmed. Interchical Cr

-United Press.

NAMESAKES

Reverent,

1.46 Angles, 3 Writing, & Monastery,

0.70

Int! Budem Machines Int'l Harvester

International Nickel

Liggett Meyerő Tab. Co. Lockheed Afteratt

Tonal Paper

John-Manville Co.

Rennecott Copper

2

Loves tourp.

Lone Star Cement Co.

Block Ex

Megabi Irois Corp.

| Mormato Chemical Co.

510 5 Jarrow. 0 Saxons, 7. Humber,

Historical, o Clerical, 5.01 0

Whitby, 11 Jutes, 13 Devout, 18 | MoDonnell Alfozett

5.75 Caedmon.

Venerable Bede,

10 Lowenstein de Bonæ đây

2001

12

t

AUTÉE Amalg.

Tam. 27.50 22,50 Yaumas! ...

C. Light

[0].......

Electric.. Telephone

17:47,50 24.50 20.00 25.70 20.00

INDUSTRIALS Demost STORES, ETC. Dalry

10,000 u

11,000 101,700

1,000

70,000 1,814,100 bales

Prices of cotton futures closed

NEW YORK

today is followm

Spot! 30.03.13; Dec:

30.35;

Mor:

30.82-83; May: 30,54; Judy: 38,25-27;

Oct: 31.24-25: Dec: 34.00-08: Mar 3401; May": 39.93.

LIVERPOOL

*

*

P.OBIE.A

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL 5.N, CO.

Outwards

"SUNDA"

"CORTU" “BALMARATM

LAATOI London

Dhe Hongkong

Salled 8/11

12th December

Sailed 13/11

18th December

27th Desember

Balled 10/21

"SINGAPORE" Satled 1/12 "CARTHAGT" 11th December

"OHUSAN”

10th January

13th JAKIAFY 17th December 18th JanuaKY

Leaves Mongkang One London 18th December 194

7th January 19th January

January 12th FebruRPY

17th February

Dec/Jan: 21.22.

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

Old contract; Dec/Jani 20.22: Mar/Apr: 36.93: May/June: 20, 40: July/Aug: 28.12; Oct/Nov, 20.70;

in

*

Homawarda *CORFU" "SUNDA” R

*

"CARTHAGE"

Now contract:

“CHUSAN” "CANTON"

Dec/Jan:

7.50; Mar/Apr: 27.6: Bay/June: 27.00: July/Aug: 21.70; Del/Nov: 27.70.

Note: New Orleans priers were unavailable,

SAO PAULO

in

Cotton futures closings, cruzeiros per kilo were 19 follows:

Dec. 30.30: Mar, unquvimi; May. 40.00 July, 40.80; Oct., 41.00.

In the United States, tho average price of anc-Inch cotton at 14 designated spot markets was 34.94 cents.

Total sales at these markets were 194,207 bales. - United Press,

New York Foreign Exchange

Canadia 1.40 England oficial

anomcial 30-day 90-days

*

*

30th January

57th FebrusCY

11th February 14th March

Via Singapore, Penang, Colombo, Hombay a Adem.

* "SUNDA" omlis Colambo ✯ Bombay, Cažą au Havre à extends Bamburg, Rotterdam & Astesen.

"OEHLA"

BRITISH INDIA S.N. CO., LTD.

das 14th Deo.

"BANGOLAӉne 27th Dec.

sails 20011 B

"BANTHIA“ duẹ 9th Jan..

salle 102 Jan).

frem Jepan for Singapore, Henang. Hero Calcutta Chittagong

. from Japan

for Singapore, Penang. Estgoon & Caloutta

from Calcutta, Mangoon, Penn & Singapore for Japan

P. & 0./3. I. JOINT SERVICE

due 17th Dee.

all 10 Dec

"URLANA" Qus 11th Dec..

jalis 18th Dec.

due 6th Jan

7th Jan,

from Singapore, Cochin. Honsbay & Katachi IDE J

for Singapore, Boobay, Kamila de Berechi.

from Japen

Cochin.

for Singapore, Karachi, Basah, Chor- innehar Kuwait from Karachi, Bombay. Cochin & Slogapore for Japan

New York, Dec. 9. Closing rates were:

*

unquoted 2001 2.65-2.07

*IKAUNA"

2.80-1/16

2.79%

02:00

0600

10 @ 22.70 | Auniraita

203 € 17.30

500 0 23.30 600 25.70

600 26.30

7.50 1,000 @ $7.40

10.40 10.70

.. 13.00

Lane, COTIONS Textiles...

Nanyang

500.0 16.50

4.50

4.5 2000 is

5.00

1/10

2,000 U $.10

New York Metal Futures

New York, Dec, 0.

Prices of metals futures closed today in cents per 16, se follown:

Lead Dec: 11. Jan: 11.35. Zue Dec: 8.00; Jan: 8,850.

Copper Doc: 23.904: Jan: 23.965. Tin Dea: 91.356 (straits): Jant 21.87190,--United Prem.

New Zealand South Africa

Argentina

Equador

Others unchanged United Press.

London Foreign Exchange

London, Dec. 9.

Closing rates were:

New York

Montreal

Amsterdam Brunel Frankfurt Paris Stockholm

Zurich

2.0016-28034 171-0/10-232-7/IĘ

10.00-10.833) 139.32-339-45 31776-11.776 11101-1179 14.0933-1449

1127-1227

Others unchanged United "Preas,

London

Metal

Prices

London, Dec. 9. Prices of metals closed today

Exchange Rates in grinz per long ton as fol

lows:

Business was done in the local Tia spoi homelal exchange. Market

moring at the following" ražas:-

U.S, dollar (por $1) Sterilng notes) (par '22) Australian notes (yer #1), ** Indonesian rupiah (per 100) Blam tiesla (per 190) Singapore (Sirults)

Copper pot

1340 Lead 1st half Deo.

1900) Zme lat helt Déc. 24.10

Buyers Seilers

1:2

United. Pron.

*

*

"TTOLA".

"OBRA"

dus 10th Ja

mails 17th Jan,

F

"EABTERN” – Junds 3/4th Jan.

Calla

5th Jan.

*

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

for Labumi, Bandakan, Rabaul, risbune, Byd- Dey, Maibanne Adelaide

from Australia

All vessels have liberty to all si pay pects on or oil the route à the reste à milings are subject to change or axundment with or withoni noties.

"ABAFURA” out

BLI JAD

For full particulars apply to

MACKINNON. MACKENZIE & CO.

OF HONG KONG LTD. Telephone Nos: 277214.