THE CHINA MAIL, TUESDAY, DECEMBER 31, 1967.
TRADE and COMMERCE SECTION
Of The Year For This Is The Time Of The Year For Optimism
THE STAGS REAP
A
Britain Waking Up To Its Errors GOLDEN HARVEST
What Lies Ahead NEW YORK The New
In The
New Year?
By RONALD BOXALL
London, Dec. 30. People like being told what they want to hoar, and what they want to hear at this time of the year is that things are going to be better,
RUBBER MARKET
Now York, Dec. 30. Rex rubber futures today closed 30 lower to 5 points higher with sales of 57
contracts.
Jan: 29.00: Mar: 2020; May: 2020: July: 20.20; Sept: 29.10; Nov: 2915;
Jan 2000.
Standlord contract closed 30
lower to 5 points higher with
10 sales reported.
York NEW YORK
COTTON MARKET
Stock Market
New York, Dec, 30.
Stocks resisted pressure today despite a sharp increase in tax selling. Trading rose to well above the 3,000,000-share mark with the tickers falling behind a few minutes before the close.
Jan: 2010; Mur; 20.10: May: 0.10: Prices sagged but lato dual- July: 29.10: Sept 20.10; Nov: 20.10 ings saw a number
of issues froin the lows in cased with the lower recovered
Steel many sections.
sharce
Jan; 29.05.
Prices
London market and some year-
CYB
The man in the city would be happier for hearing
their previous uf
close that the bank rate will be reduced before the end tax selling. Brokers re-came back to within a shade
ported a fair nincunt of ship-
went unsold in sharply higher operation fore- week, Du Pont cast of this New Year was very old. The small business- ment offering: man would go about his job with an easier face of consumer indifference steadied after a loss of aore
Year, Intri before the New
than a point. dealer switching of January- mind if he were told that his bank manager
at March contracts 10 points support although Skelly failed to regain its wide loss of more difference provided will soon change his mind about that over-
anothe treding feature. Spat No.1 than 2 points. draft.
Rss was quoted
The man in the street would certainly face the future with a lighter heart if someone ke trusted were to tell him that prices will be lower in 1958.
I am no old Moore, so I am not going to any these things. thai Nor
am I going to say they are mere wishful thinking. What I do eny-and condden- that the headline tinlly-is making events of 1958 will, as always. steal all the attention and the important things will go unnotice
The outstanding event 1957 was the two per cent rise in the bank rate in the middle of September. To most people It came as a big surprise. What Icd
complete up to it was A mystery to nine people out of
14.
BIG NEWS
gves
When the bank rate down, it will again be big news. The came nine people out of
in
October by about cent.
Eever per
the
This, of course, is not the whole story. I have omitted the most important cost factor of all-the cost of labour.
which of Incomes Money
for the biggest wages are by ingredient, rose in the first halk of the year by five per cent. The total output of goods and services rose by only two per tests per Hence, hore? cent, unit of output rose by about three per cent,
the is since labour Ard
fem in biggest
production than was more this costs, suficient to offset the fall in world commodity prices.
But this being the time of the year for optimism, it should be
HIGHER
Oil kurs met
National Dairy Prod. National Lead
National Steel Corp. New York Central' Norfolk Western Rty.
Os ElevatONE .......... Owen-Jinela Glass
in Mathieson .........
Oxford Paper Co. Pacific Goa & Elec. Pan Americetures l'aramount
Alway
Parke Davis Co.
Peany JC. Co
By
Di 52%
531
31
40x
忧
23
B21
*2%
Penn. Salt Co.
Philip Mort
Procter & Gamble Co. Pittsburgh Plate Glass
042
776
Publicker Industries Pure Ou.....
ladie Corporation
pt 20% cents The market. finished lower nominal.
despite its recovery from the Curtailment +1 automobile lowest levels. The decline was Iepublie leci
result of un-a continuatim of one that be-Reynolds Metal production, as a salisfactory alex of 1068 cars gan late on Friday. hos no exerted much effect on the rubber market, the Commodity Burcu.
morc
loyal Dutch
Sears, Roebuck & Co.
2511
2
Strel Oll Ca..
Shunt Reg. Papar
Sinclair 11"
Secony Mobilou
Solar Aircraft
Zenith fell more than comunenty
than Research points, Borax
among the wider losses.
the heaviest Volume session since Oct. 24, totalling 3,750,000 shares, compared with 2,020.000 on Friday.
for 11 lower The prospect rubber demand from the auto trade has been offset by the Leightened tension in Indonesia and increased doubls us to the maintenance of production and shipments from that major pro- thucer, the CRB comunenį added. SINGAPORE
The market opened lower in sympathy with overseas but atendied during the day on short covering and some over- sees enquiry.
Demand for lower sheets and remills was small but offerings were scarce and high priced. Futures: No, rubber per 3. Jan 03-23
Feb. 832-638 No. 2 rubber per ib. Jan. 1-1
22-7835 No. 3
25-35-70% No. 1 Spot rubber unbajed Blanket crepe
LONDON
..
|
Bouth Puerto Rico Bugar Southem Co. (nej Southern National Gas southern Railway (Com.)
aiting Urug Co.
Standard Brand Standard Oil of Cal. Standard Oil of Ind Industrials averagedl 431.72, Blandard Oll of NJ, of 1.12; rails 90.05, off 1.34; 05 Sleep Rock Toronto Exge.) stocks 144.00, aft 0.58. Tho Sibkely-Van Camp.
0.01 elsker-Packard Corp. average
Sunline Mining at 08.00, reflecting swift & Co. higher chiefly a polni in Consolidated Texas Co. Natural Gas,
utility
closed
American Exchange sales rose to 1,770,000 tharus from 1,020,- 000 shares on Friday, and was the highest since Oct. 22 when 1,880 share changed hands.
Bond volume amounted $5,020,000 against 5,740,000 an Friday.
Textron Inc.
Tide Water Aem. Ol Tume Inc.. 'Twentieth Century Fox Union Carbide
Udon O of Cal Union Paclite Railway walled Aueruti
United Gas Corp.
US. Foli "B"
to
US. Gyusura
US. Line Co.
US. Rubber
US, melting
UB. Eveel...
73-765
Dow-Jones closing averages were; 30 Industrials
431.78
45-87
30 rails
13 willbes
G5 stocks
40 bonds
37,54
Comm. future price index
150.02
The rubber market was dull with spot quoted at 24% pence per 1b. Prices:
ten will have no idea why, said that things were not a5 bad as they had been, and they But they will feel easier their minds in a vague sort of seem likely to get rather better.No. 1 pale crepe way, (and that is the only do- I am going to anilo foreca allow myself).
In 1956 Incomes were eight All of this is not-I hope-
then in 1955, per cen: higher rumbling. post-Christmas
output was 1 per cent higher, and home costs per unit output were 64 per cent higher. There was therefore an improve- What they don't ment in 1957. know they won't worry about. be And so they will know what- 1958. but not why,
I
of
has a point, and that is that in 1958, ns in every year, people will Judge the progress events by the news that makes headlines.
it
Closing Prices
No. 1 Ras spot wa Settlement house tarn:
243-29
Feb.
23-2014
of
Aldet Inc. AMGY,
Даг
Ast/June
22516-25-16
Allied ChetILICALS
Judy/Sept.
23-11-23
Allied Mills Inc.
251-2
Aku Chaltion
Am. Brake Shoe
Oct. Dec......
4. And there may General markets, elf hosts, Do
2411-2111 further improvement in
The signs are that the country Take the year that is just
Within the field that is waking up to the error of its ending. we are discussing, most people ways. Trade unious appear to would say that the bank rate be a little less pressing in their increase was the
im-demand jpost portant event
It certainly made the biggest news, but that isn't the thing.
most the opinion
In
my
working fur shorter hours or more pay.
in
да the Chancellor of the Exchequer sald a fortnight ago at 1958: a forward look important thing in 1957 was that Much depends on the industrial money incomes continued to rise Luster
watched by then output. Inevitably negotiations which lie ahead. home production costs rose and They will
And they will these higher costs wiped out the millions at home who are sick benet we ought to have had of rising prices.
fall in import be watched by many abroad who steep
value a stable pound."
from prices.
So instead of falling, prices continued to rise. And every
flowed from that thing else fack.
LOWER
When world commodity prices fall by ten per cent in a year, but the cost of living in Britain
thot rising
Kves
од
important.
is
Between June and October, the
Billain's food price of
cent. Imports fell seven per Retall prices of food fell only
bo
Let us hope that what they seo adds up to a happy will Now Year-Express Service.
London Foreign Exchange
Jan.
Feb. Estate crepe thin Jun....
thick Jan. ... AMSTERDAM
24 20
In
The rubber market was very quiet. Prices today closed Elders per kilogram, eff
Ls follows:
No. 1 rubber No. 1 rubber
Nr. 3 rubber
No. i crepe
American Airline
American Cable & Radio Corp.
American Can ...........
American Cyaumonid Do
Aer, & Forgn. Power
Am. Gas & octre
Am. Mach. & Fdry American Metal
American Smelling Jun. Am. Sugar Bet.
An Tel & Tel.
Tob. B 3.40
Anaconda Copper 2,351
Armco Steel *.300 2.65h Armour .... Alles
Enited ProSU
LONDON STOCK
MARKET
London, Dec. 30. The stock market closed mixed on very light trading as the old your noared its
and.
Mining
BaldwTREL.
Baltimore & Ohio Beneficial Finance Bendix Aviation Corp. Benguet Costa.
Bethlehem Steel
Boeing Airplane Borden (The) Ca.
By SYDNEY S. CAMPELL
London, Dec. 30. In this period of dear money and bly requirements of capital, the new, capital Issues have to be offered at attractive prices.
The so-called stags who countries had strong enough over-apply for now issue in reserve to offset the American the hope of snatching a quick recession, the present
wido- proft had thus been renping a spread shortage of dollars golden-harvest.
threatens some cumulative
They may go on doing so delation. until they over-do it or unji)!
some future new issuo comes unstuck.
By
NECESSITY
now scene, but this does not as possible.
Thirdly, Germany
New York, Dec. 30. Year-end tax operations and accumulated weekend hodga selling, today_kopt cotton prices on the do- fensive most of the time. Losses ranged up to $2 a bale before the market developed resistance through
covering on
technical extent trade reasons and evening-up before pectations the new year's holiday. market tomorrow will operate for only a half session.
Late
The
Secondly, Britain's dire sheer coincidence, the necessity to forgo a needed and present writer's Christmas card attrinable expansions of invest» - - shows 3 picture of golden meat is very regrettable' and stags. Their background is a should be reconsidered as soon
is best necessarily mean that they are
dynamie going to be left out in the cold, placed to give a new
the Otherwise,
week of lead.. The Germans show much none goodwill but they have no Christmas cheer has had 100 cheerful a New Year tradition of carrying this degree prospect.
of international responsibility, The almost unanimous. view Tho most cncouraging which is suspect only to the development has again been the unanimous ex-strength of the New York bond
come market. hardly ever frue-is that world business In time that might suffice to faces its most perplexing New pull things round. Perhaps the Year since before the last war. strongest bull argument is that
cannot Washington
afford slump in consumer spending or because either Three main conclusions have in Wall Street become common ground and are would
to bring the viewed with varying kind of deflation which, in the being
momentous match again Mos- degrees of jaundice.
First, the American recession, cow, would amount to the so far, could get Americans shooting decisively though mild
through their pwn goal.
that
CONCLUSIONS
parila! railles were alded when the mid-December report showed the parity for cotton a middling 4 Inch 37.43 cents, up 12 points from November and compared with 36.81 cents a year ago.
Closing prices ruled 28 lower to point higher. The market opened off 9 to 14 points. New Orleans closed aft 7 10
months points. Nearby
Unlike 1954 relatively easy. Another sharp wrong foot, increase in the crilicated stock
worse before it gets better.
threaten
શ
So far in the post-war period when applied
With the weakness in com-
money, From easy 20 modities, which is for were mild, it catches Europe on the with sudicient vigour, has suf
40%
10%
24/
market brought extra quida- tion into the March delivery on the theory that heavy tenders of poor-grade cotton may made on futures contracts.
be
1011
some
On tax operations, traders establishing losses liqui- dated in the nearby months while covering short positions! in the later months.
The certificated stock at 24,527 bales reached a new high for the year and an Increase of 1,871 bales over the previous posting on Thursday.
Memphis reported a holiday spiri: completely overshadowed all mill interest in spot cotton
Volume Open Interest
*
★
when
need to nip deflation in the bud mayChina' Mall Special
P2O│B•I E.A
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO,
Outwards
"SOMALI"
Leavaa London
Salled 21/11 "SINGAPORE" Salled 8/12 "CARTHAGE" Satled 11/12
sue lo lon
In Part
20th JanamEY 13th JanuaES
FU
01
234
201
last week.
67%
Month
291
March
37.000 257.500
May
30,900
340,800
2134 July
20.200
211,300
DI Oct.
13,500
155,500
106 Dec.
5,500
10.200
Mar.
1000
24,200
140%
May
7040 21,100
33
Total
110,300 1,085,700 bales
"CHUSAN"
Ballod 13/14
18th January
United Promes.
LIVERPOOL
#
"CANTON"
7th JanuaŻY
Colton
in
"SOUDAN"
101N JASARTY
Homewards
Lekyou Hangkong Due Loudan
"BUNDA"* "CARTILAGE"
"CHUSAN"
"CANTON"
Warner Bros
Westinghouse Electric
04.05 Western Union Tel. Co. West Va. Pulp & Paper 52.56 144.00 Woolworth
1311
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong-
Stock
closings, future
pence per lb. were as follows:
Dec/Jan: 26.10: Old contract Mar/Apr 20.05; May/June: 20.74: July/Aug: 28.17-70: Oct/Nav: 20.76.
New
Dec/Jan: contract
21.03: Mar/Apr: May/June: 27.09; July/Aug: 27.08; Oct/Nov: 27.03.
Colton cruzeiros
follows:
SAO PAULO
future closings, in kilo were Fati
per
Jan: $1.00; Ber
41.50; May: 41.80; July: 41.30; Oet: 41.60; Dee: 41.70.
untu
The market will be closed for the New Year holidays January 3, 1858.
NEW YORK Prices of cotton futures closed today as follows:
234 konz
Exchange this morning amounted to approxi- 44mately $160,000. Noon quota- 25.5-04: July: 35.65-70: Clet: 34.03:
Burroughs Add Machine
2015
Campbell Soup Co.
341%
Canadian Pacie R.
Caso (1.1) Co.
Cat. Tractör...
Celanese Corp.
C. J. T. Tanial Corp. Chrysler Motors Sintax Molybdenum
Clase Manhat. Bank
Colgate-Palmolive ca Colombian Carbon Co Commercial Credit Commonwealth ce Consolidated Edlaxa Continental Od of Del. Crown Zellerbsch Cuban Amer. Sugar Diamond Alkult Diamond Match Co. Douglas Aircraft Dow Chemicals issues Dupont de Nemo checry Kabere: Airline ....
Kaman Kodak Other Pabo National Gas un-Family Finance Corp.
Glit-edgel securities vanced fractionally on selective buying reflecting the improved position of sterling. London, Dec. 30,
Gold shares closed higher. Closing rates were:
Copper shatea ensed despite higher prices for the metal,
store Department
response to rallied in Christmas sales reports, Industrials were mostly
New York Montreal Amsterdam
CUPENHAYED Frankfurt
two per cent. In October, Milan same imports
the
were eight per
Oila
cent chet per than at the begin-ri King of the year. The cost of Stockholm food in the shopa was three per
cent dearer.
2003-200
139 814-139.05
2.70704
10.30-10.50
19.34-10947
11.75-11.70%
1783-17831
20.009-20305 | changed.
11781175
14,5015-16.4935
kutinited "Krem.
In that month to the price New York Foreign
of Britain's manufactured articles
were higher than at the begin-
ning of the year. But the prices
most
of
of the imported
malarials in those articles were
a good deal lower.
In October, compared with a
Exchange
New York, Dec. 30. Cinding rates were; Canada
1.03%
2.7036
2.5%
4.241
2.70 43/10
2014 Others unchanged-United Prime.
your mariler, copper was 34 por | England offičiai“ 3-LAYO oot cheaper, load 20 per cent
10-day cheaper, zing 28
Austraila Now Zealand Eouth Africa
por cent
cheaper. And the cost of bring Ang it to Britain in ships was only, about a halt of what it had been 12 months carlier.
But the prices of some things that go
manufactured into
articles went up things that
are produced In Britain
liko
Firstone Tyre & Rubber Ford Motor ............
"Oil Esues drifted lower led by General Electrie
five General Foods
Royal Dutch which lost shillinge
Foreign bonds turned in a with overseas demand giving a strong toge to Far Eastern liens.
Dollar stocks were lower, --- United Press.
London Metal
Prices
London, Dec. 30. Prices of mein closed today
Bug
General Motors
Gen. Pub. UNI. gelly Oil didden Co. Goodrich (D. F) Co.
Goodyear Tylo Gul Oll
Ileyden Now Co. Corp.
Horcstake
orand
Steel Co. interchemical Corp. 111 Tuskross Machines Int'l Harvesters International Nickel
Spot: 3.30m; Mar: 35.01:
*
*
*
"CORFU"
7th January
Lisa Jamison
30th January
Tith
sið February
2016 February
12th FebruY
11th Febrisky
27th February
obruALY
14th Marc
14th April
14th March
Via Singapore, Pepang, Colombo, 'Bombay & Aden, * "SUNDA" omits Colombo & Bombay, calls at Pt. Sudan, Jeddali, liavre & extends Hamburg, Koilerdam & Antwerp.
BRITISH INDIA S.N. CO., LTD.
9th Jan.
calls 10th Jan,
"BANTULA" dus
*
May:
"OLINDA" Due 30th Jun
jalle 31st Jan,
tions and the morning's transac- pec: 34.49: Star: 34.37; May: 31.12. tions were;
Wheres Buyers Gallery Bales BANKS
1540 Bank. 817.30
ます
45
INSURANCES
Valon ..
26
6235 Lombard..
324
SHIPPING Wheelock
0.85
M
44 DOCKS.' ETC.
4232
443% Provident,
K. Wharf
120
(0)
11.80 11.30
117
34
PSAL
$215 Realty
RUBB
LAND, EFC.
HK Hotel, 14.90 18.23 HK Land
605 Humphreys
176
2004
場
International Peper
Int'l Tel & Tel
2014
John-Menulis Co.
Kansas C. Power & Light W
Kennacol Copper
Liggott Mayer Tob. Co. Lookheed Aireran
Bellary
Lone Star Cement Co. Lowenstein à Bane.) 1....
111⁄4
7:30
MeDormali -- Alterad‡
(AJT
139
Block Exge.)
2015
-151
Ketaki Iron, Corp.
Minnesota Mining
Mission Development
Montgomery Ward
Nallos Cast: Begi
in starling pa long ton ga fol- Loews Incorp...... Lows: NAMESAKES Tin pot Answen-1 Musical, 2 Radio, Copper spot
3-month
monar
MAX
Iron and steel and transport. So 3 Expression, 4 Jovial, 6 Pro-Load 2nd half Dec. In spite of falling import prices, grammes, 8 Flante, 7 Fantasy, B Zina and Hunt Dec butput prices articles rose in the year
of manufactured | Enterisizín,
to
Max Jaffa,
Mar
7814 Morento - Chemical Co.
Motrole Ine.
Amals.....
UTILITIES
Tram
Star Ferry.
Youmat
(0)
C. Inight
Electric ...
•1:00 17 -22.76 33 490 of 33.75
35.00
22.00 23.10
4.50
17.10 17.20
57:10
20.30 $0.00
Telephone
INDUSTRIALS Cemont STORES, ETC.
Watson Lane, C.
COTTONS"
Textiles... Матуля INVESTMENTS Allied
20.40
3,000
2000
NEW ORLEANS Prices. of collon futures closed today as follows:
Spet: 35.10; Mar: 36.42: May: 35.65: July: 35.05; Oct: 34.5; Dec: 34.15 : 34.87; M: 34.DÓ,
United Pres
New York Sugar
Market
New York, Dec. 30. World No. 4 sugar futures
today
closed 8 points lower to one point higher with sales of 504 con-
tracts.
The
will
Domestic contract No. 0 sugar futures closed unchanged to two points lower.
market tomorrow 300 6 710
operato for a half-day session. Contract No. 4 (world) Jan: 3.07: Mar: 3.83: day: 3.00 July: 5.12; Gepti 3,80-100; Oct; 30; Mar: 3.57: May: 3.65: Spot-(cents per lb. fob Cuba): 3.85.
PERSERR
Open interest; 0.338 contracts. Contract No. 0 (domestic) Mar: 3.04; May: 5.68; July: 0.75; Sept: 3.83 Nov: 3.22: Bpot-(copts per 1h, elf NY er-duty): 5.0.
upen terest; a contracta, 500 470 United. Prim
3.70
2,000 0
Rates
Exchange
3,70
Business was done in the local nomdat exchange, market this theming, at the following sales!-- 711%) 37.8. daltar (per $1) AN 183%|| Sterling botoi (paricij
$251
New York Metal Futures
New York. Dec. 30. Prices of metal futures closed today in cents per lb, as follows: Kendi Jan. 11538) Feb., ungatest. Ze Jan. 8.78b; 7., 8.375" 19,07
Copper! Janduled;
rely. Handler Jan. 11,306) Feb., unquoted.co
-371) United Peons.
(231) Indonealan suplab (per 100)... 1519 | 30.706.
Singapors (Dizite)
#
*SANTHELA3 đại sách iu.
•
"ITOLA"
"TIKIA"
Kalla 33at Jan,
trom Calcutta, Rangoon, Penang & Singapore For JAPA
from Japan,
for Singaposenang. Itangoon,
Chittagon
from JapaA
Calcutta
for Singapore, Penang, Bangoon & Calcutta'
P. & O./B. 1. JOINT SERVICE
ร่มล
Que 7th Jan. salle 9th Jan
dub 10th Jan,
sale 17th Jud.
"OBRA"
"TAURA" Jan Feb
salle 6th Yeb.
from Japan
Test Singapore, Cochin. Karachi, Kuwait, Boasti & Khorramshahr
from Japan
for Singapore, Madras, Colombo. Bombay, Bhavnagar, Karachi from Karachi, Bombay, Cochin de Singapore for Japen
from Karachi, Bombay, Cochin & Singapore for Japan
EASTERN & AUSTRALIAN $.5, CO., LTD. "BASTERN" Toads 3/4th Jan,
"ARAFURA" dat
1th Jan,
tor Labuan. Bandakan, Rabe. Brisbane, Byd- ney, 4delaide
bibuurpe
from Australia
All vosable have liberty to call at any ports on or off the rente & the route & saltings are subject
to change or kinekément with or withmat notlew.
For full testiculars apply to: MACKINNON MACKENZIE & CO. OF HONG KONG 119 Telephone Nos. 27791 4.
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