1958-01-24 — Page 9

THE CHINA MAIL, FRIDAY, JANUARY 24, 1958.

TRADE and COMMERCE SECTION

Page

DISCOUNT A Gloomy

LITTLE MOVEMENT ON MARKET RATES

NEW YORK RUBBER MARKET

New York, Jan. 28. Rex rubber futures closed 10 to 30 points today on sales of 32 contracta.

Jan: 20.35; Mar: 20.50; May: 20.90; Jun 21.65 Sept: 23.05; NOV: 27,05! Standard contract closed 10

to 30 points lower with no sales reported.

Jan: 2035: Mær: 2050; May: 20.90; July: 20.03: Sept: 2795; Nov: 27.03; Jan: 27.03

Prices cased in a small make!, reflecting the continued ab.one

interest in of consumer

the

clomestic market. Shipment <fferings were moderate.

Reported sales included smal, Imounts of one sheets out of done.is, Jan/Feb. thipmest 20 cents eat and freight, Spot No. 1 Rss WDO DÙ I st 2012 conta.

BINGAPORE

Prices were down slightly at the opening and thereater

ruled quiet and featureless with ittle inclination to trade.

I

in

There was small interest lower grades and factories were amal buyers. Future closings

were:

|_ No. 1_rubber per lb. Feb; 779-779%; Mar: 174-77KI NO. 2 rubber per lb. Fob: 751-7544; No. 3 rubber per b. reb: 7233-2299; No. 4 rubber per 1. Feb: 09-12-20f); Spat rubber unbated: 774-77 Dlanket crepe: 882-7015 No. 1 pale cropā: 8215-8435.

LONDON

Hongkong Hotels Still In Steady Demand

By A SPECIAL CORRESPONDENT.

The Hongkong Stock Market was quiotly steady this week with little movement in prices of the majority of stocks.

HONGKONG

STOCK

EXCHANGE

Of the 24 shores listed in the table, 12 of there had unchanged prices from last week. Or the remaining number, seven closed the week higher while the other Ave stocks closed lower.

Last week the tally was 12 higher, seven unchanged and five lower. Turnover for this week was down slightly to $2.07 Oullion compared will $2,13 million last week.

Hongkong Hotels were still in steady demand this week with the price rising gradually under Our Own Correspondent constant pressure. They closed yesterday at $16.30, a gain of Business done on the Hong-} 50 cents on the week. kong Block Exchange Uris Provident tacked on another moning amounted approxt- 30 rents this week to close at

Noon quola- $12,20. mately $424,000 tons and the morning's trans- allons were:

Shares BANKS HK Kank

Wheelock

The rubber market was dull and easter with Spot No. 1 Rss K. Wharf

quoted at 22% pence per 1b. Prices:

1erm:

No. 1 Ras spot: 2011-29.

Teb: Settlement homia 2244-23: Mar: 23.23% April/June: 23-2014 July/Bept: 234-234 Oct/Deel, 2314-2331.

General markett, eif hash, porta: Jan: 2 buyer: Feb; 221;-23; Mer: 22-23 Estate erepe thin řeb: 24%; thek Feb 24

AMSTERDAM

The rubber market was easy today. Prices closed in gulders per kilogram, clf Feb. as fol- lows:

No. 1 rubber No. 7 rubber

No. 3 rubber

No. I crepe

2.22 paid

220 noin.

2 13 Roth. 2.40 pald

-United Frem.

LONDON STOCKI MARKET

London, Jan. 23,

Stocks were mixed on the London Exchange today. Trading was dull. Industrial silocks savoured the upside, with a low issues

up

but stilling.

ני

.

$22

Buyers Seller

Bajoy

2.50

840

100

35

to

INSURANCES

nion

73

Lombard

SHIPPING

Mu

0.40

0.05 2000

DOCKS, ETC.

Dock

12: 005%

600 @

100 k

100

18.10 13.30

1120 11.60

***

Provident,

(0) IN LAND, ETC. Nik fötél, 18% 18.70 1000 → 1811 500 VF 10.0) IK Land

HUNDER Alg That UTILITIES Туат

1.30 1.325 10,000 1.20 1.30

33

1.30

Star Forty. 122 Youmal!

13.00 24.30

124

500 24.20 1100 24.20

C. Light

(0)

M

100

16.30 160 2700 10.80

.. 20.40

20.11 26.20

2020

1100

300 3000

20.0

500

20.20

14.90

300 0

100

16 40

500

10.30

.12.20

1100

12..30

1000

15.30

COTIONS Textiles...

455 40 LANEOUS

18.50

3.50 5.74

1.30

4.65

250 18.70

Fleștele Telephone

INDUSTRIALS

**

Cement Co. 34.00 норе Amay Can. STORES, ETC. Diatry

.....18.20

Walion

MISCEL vibro INVESTMENTS Vangtze บก. W. St.

Sungala

1000

seling Exchange Rates

Oils ran into some WILD Royal Lulch down ú shillings, Shell 2/0 and others around shiling,

British Government bonds mel support and tacked on gains ranging from £1/10

£5/10. Foreign bonds were un changed.-United Press,

YOUR

כע

Banks were agal soft losing $7.50 in syntpathy with their London registered shares.

In the utility section there was the movement,

Restricted

Here is an Ic House Street observer's account of the maritet: With the Stock Market will lacking Interesi, budness eon. tinues to be on a restricted sesle with a slight reduction In the overall turnover which barely exceeded the $2 million mark,

A tow counters however, showed further Improvement with Hotels prembient under steady support. China Pro- vidents, Lands, Watsong and Yanrtsxes tacked

Knall gains.

ON

In the utility section priors were virtually unchanged with China Lights, Electrics, Tramp and Telephones in fair de- mand.

In the heavy class shares, Banks and Unions found tile

support wit)

former foring ground in sympathy with the London register shares,

Elsewhere there was little change with dealings on a Bight scale.

Rubbers unchanged.

were quiet

Market Diary

and

Here is a market diary of the week! ifay:

Turned dull. T/O; $360,000. Monday:

done in the real Buninos was unnitlelal exchange markets

this Tuesday: morning at the following rates:- US dollar (per $1)

5.08 Sterling dates (per 21) Avetrolien netes (per £1) Indonesian rupiah (per 100)

tem (per 100) Singapore (Straits)

NAME SHOULD BE

HERE

30/6/1958

Tombard

YOUR MONEY WILL EARN

8%

INTEREST with

LOMBARD BANKING

A Bank Deposit Account with Lombard Banking is accumulation without speculation. There is no risk when your money is in the Bank.

Group Assets Exceed £18,000,000

Ask, the Manager of your local Branch, or write to the General Manager, at Head Office for your cogy of "Bank Deposit Account" Booklet No, AO34. It will wooplain how rums of £100 to £150,000 seen consistent interest is assured security with, Lombard Banking.

0% beerkat maksar dilection of Chand Khadem hcome ite

LOMBARD BANKING

LIMITED BANKERD

Hood Cyber LOMBARD HOUSE CUREON STRERT, PARK PANENKOEDONG, WA Belitches and Agella khelligkola za Maria

Que dealing. T/O: $508,000,

The Share Market At

Glance ✰

Up or Down

HK Bank Lombard

Deo 19 810

Unton

130 70

Jan 2 200

32/b 78

Jan D NDU

3244b

Jan is

Jan 23

BAT

840

$7.59

83

330

stoady

760

740

740

steady

Wheelock

0.40

6.50

0.45

8.451

0.455

steady

HKC Wizart

115b

12A

120

121.

121.

steady

HK Docks

6161

091b

50b

steady

Provident

11.50

11.901

11.65m

11.90

12.20

+300

NK Hotels

14.70

15.10

14.90m

15.80

16.80

4500

HK Lands

$24

82

3231

+250

JK Really

1.826b

1.34b

1.85b

13in

1.35m

steady

HK Trams

22.40

ESD

232

24.30

24.80

steady

Htar Ferry

1250

1250

1250

1250

124

Yntimafle

04%

0534

#3

Ch Lights

10.99

17.20

16.00

17

16.99

-100

Electrica

26.50

27.30

20.70

28.80

26.03

+100

HK Telephono

25.10

28.50

25.70

26.10

26.20 +100

G.I. Cement

26.80

25

201

.25%

24.60 -100

Dairy Farm

15.80

16.25m

10.00

18.00

10.50

steady

11.701

11.70b

11.70b

11.80b

12.10b

+ ne

5.35n

6.30

5.3031

5.35b

Allied

9.700

3.200

3.676)

3.6750

6.55 3.0751

+200

steady

HK & FE Inv

0.70

9.00ra

0.90m

4.659

4,575

4.55

8.50bxd

8.50b

8.60

10n

4.558 8,40b

10

steady

4.550

steady

A.8. Watson Yangstze

Textile Corp

Nanyang

THE NEW YORK

STOCK MARKET

New York, Jan. 23.

Stocks registered an irregular advance in a quiet, Individual issues in narrow market today. the rails rose fractions to a point in Atlantic Coast Line to lift the rail average slightly.

industriais got a lift from gains of more than point in Eastman Kodak, Du Pont, |Chrysler, and Johns-Marville,

of

slibres Jell Соррста fractions to more than a point in Kennecolt, Building shates moved higher Llong Johns-Manville,

with

more

Ingersoll-Randi Inland Steel Cu, Interchemical Corp. int't Businesa Machines Int'l Harvester

International Nickel

Internalinoal Pabor

Lat Toi & Tel

Kansas C. Fower & Light

Kennecott Copper..

Liggett Meyers Tob. Co.

Lockheed Alrezari

Low Incorp... Lone Star Cement Co. highs. Lowenstein & Bona

McDonnell Aircraft

*Stock Exga.) Mesabi Itun Corp. Linnesota Mining Marion Development Moneante Chemical Co.

Tobaccos rose to new

Jost General Dynamics than a point and Unlied au- caft a traction in an otherwisc Steels nigher nirertit section. firmed. Wilcox rose nearly 3 points in a irm off department.

in

Montgomery Word Motorola Inc. National Cash Rez. "'A' National Dairy Prod. National Lead

Natonal Steel Corp. New York Central

Rails managed to register a smal average pain despite an other year-to-year decline car loading.

Utilities dipped Norfolk & Wertern ty slightly on profit-taking.

The main 1st generally held in a narrow runge while etange; centred on

special issues,

Olin MazeEMOTI Out Elevatora

wen-Illinois Glass

31

8.40

500

steady

NEW YORK COTTON MARKET

Now York, Jan. 23.

-

REDUCED

Washington, Jan. 23. The Federal Reserve, Board announced today that six mbre of its banks will docrouso their discount rato from 3 to 24 por cont tomorrow.

It said the banks are in New York, Cleveland, Richmond, Chicago, St Louis, and Kansas City.

The Federal Reserve Bank in Philadelphia made the cut carlier this week.

Banka till using the 3 per cent discount rate are at Dallas,

|

Prediction For Burma

Bangkok, Jan. 28.

U Aung Khin I, Burmese delegate to a United Na- tions trade meeting, sqld today Burma's trade prospects for 1958 did not appear very good.

U Aubg, Buliese Commis- sloner of Customs, was a dress- ing the committee out trade of the Economle Commission for Asia and the Far East.

San Francisco, Boston, Alanta | He said it was feured that and they are expected to adopt there would be a

ellino in rice exports due 10

the new rate shortly,

serious de-

canwhile, in "Amsterdam," | drought which might adversely Holland, It was officially affect development and import.

on-

noureed, the Netherland. Bank | programmes, lowered the discount rate by a gif per cent, starting on Jan. RA.

The discount ra'e will be 4 per cent starting tomorrow -Unlied Press.

New York Foreign

Exchange

New York, Jan. 23. Closing rates were: Canada

1:02 1/32 Others unchanged United Preas.

NAMESAKES

Answers:--1 Elizabeth, 2 Entertains, 3 Volpone, 4 Sejanus, $ Humour, 0 Catiline, 7

Cotton futuros today oper- Alchemist, 8 Comedy, D Every-

ated on an irregular down-mar grado for the third session In a row.

Losses ranged up to $1.50 a bale before the market deve- loped any tallying power,

After extreme losses up to 312 30 points, the market closed:

2016 net

12 to 24 points lower. Opening prices were off 2 to 14 points. New Orleans closed 19 18 to 24 points lower, 70%2

715

30

Establishing the lowest lovel in six weeks, apel March con-

34,81 cents tracts touched

pound to show cumulative

JORA

a

of 194 points-$9.70 bale-from the season's high of 36.75 cents mude on Dec. 10.

Sagging tendeneles since mi- December reflected: 1. Hedging grst previous purchases ou of the government stock; 394 The resultant increase

(Am

21

ik

62

81% cotton; or

Bea Jonson,

*

2.

*

in the

Da "free" supply of good grade

15

50% the

outcome

Unpredictability of

of congressional action on farm legislation. Pro-

$2 longed textile market

dullness

business recession talk also dragged on prices.

Oxford Paper Co.

ZTIM

the

Pacific Gas & Elec.

the

Pan American Airways

14

3314

and

Paramount Pictures

Parko Davis Co.

$51

30% supply

00

Of 1,120 Issues traded, 574 were higner, 314 lower and 241 unchanged.

Penny J. C.. Co

Penn. Salt Co.

Procter & Gamble Co.

Pittsburgh Plate Glasr Publicker Industries Pure Oll

Exchange volume Radio Corporation

NY Stock was 1,500,000 shares.

NY Stock Exchange volume was $5,000,000. American Stock volume was 600,000 shares.

Dow-Jones closing

No material change. T/0: $477,000.

W_N

15 32 Wednesday: Dull and feature- 12.67

Jess, T/O: $257,000. 1713

Light scale trading. T/O: $423,000, 181

27.60marsday:

New York Sugar Market

Now York, Jan. 23. World No. 4 sugar futures today closed unchanged to five points lower with salos of 341 contracts.

30 industrials

20 A+E

stories

15 titles

40 bonde

Radia Corp. Pref. Republic Bical bond Reybolds Melal

Sears, Roobuck & Co Shell Oil Co.. saint Reg Bindiair Oi

Paper

Additional March liquidation pointoj up the moderately large of certificated

***These programmes may therefore have to be reviewed in the light of prevailing, cli cumstances," he said.—Reuter.

London Foreign Exchange

London, Jan. 23.

Closing rates were

New York

Montreal

Amsterdam Brutis 4) Copenhagen

Frankfuri

Miles ...

Peris

Stockholm

Vierum Zurich

#2.817/18-2.813h 2.78-8.7811 19.8834-10.2831 139.06-130.65 14.5534-12.30 31.40-11.781% 1751-17574 117-11781 14,5938-14/403) $1.00-12.05 1.30-13.245

Other unchanged-United Press.

P2O B⋅I

E

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO.

Outwards "CANTON" "SOUDAN"

"BURAT"

"CORFU”

"KARMALA” "CARTHAGE"

Bomewarda "CHUBAN"+

coltant

"CANTON"

and the possiblity for contract 71 lenders.

programme for the next market-

ing year, starting on Aug. 1, dis-

closed at the recent

Senate

agriculture committee hearings,

News of un

31%

administration

30%

plan for a new cotton subsidy

7315

314

28

Exchange

4

came

Iri for more attention

averages

Socony Mobile

today.

Bolar Aircraft

191

While details have not been

South Puerto Rico Sugar

Southern Co. [The]

worked out, department oficials

Bouthern National GT

50

100.69 Houthi Railway (Com.)

20

45%

Standard Oil of Ind

EZEN

155,45

Standard Oll of N.J.

Steep Rack (Toronto Exge.) Sterling Dug Co.

50

20%

Blakely-Van Camp.

Studebaker-Packard Corp.

Comm. future price index ..

Closing Prices

Alden Inc. Acy.

Als Chemicala Allied Mills Inc.

Allis Chalmer

American Alrilne Ainican Cyonemid Co Amer. Fern, Power Am. Gas & Elcetrie Am Mach, & Fury. American Melal American Bine,ting Am. Sugar ROL American Tel & T American Tob. "D" Aneconan Copper

Armour...

The domestle No. fi contracte Steel glased 1 point higher to 2 points Atlas Comi. Mining lower with sales of 300 con- Baldwin-ma-llam.

tracts.

Baltimore & ONIO Beneficial Finance Easiness in the world contract | Bendix Aviation Corp. reflected higner European best Benguet Cons crop estimates and large-scale Russian purchases of Cubans at lower prices.

lehem Steel Being Airplane

Borden (The) Ca, Hurrenglu Add Machine Campbell Soup Co. The Soviet, in addition to Canadian Paciße R.

100,000 tons from the Cum (JL) Co. buying Cuban Institute at 3.05 cents a 2. Tract's pound, fob, has an option to buy | die Financial Corp. unother 100,000 tons at Logollated price.

Celance Corp

Chase Manhat. Dank Chrysler Motors

In event of the second sale, Crate Palmolive Co traders understood the price on Colombian Carbon Co. the first 100,000 tons would Cominereal Credit

Commonweals ELEA. move down to, 3.63 cents Conpollasted Balkon pound

Continental Oll of Det. Meanwhile, Egypt set Satur-Town Zeilerbach

lender date for Diamond Al.....

Cubah Amer. Sugar day as a new the purchase of 65,000 tons of Diamond Match Co.

Dou dae. Aireract

Dow Chanickia

Jaws.

Contract No. 4 (wortα)

Dupont de Nemour

Mar

May

371

Kašlėm. Alrijne

July

2.73

rastown Redak

Baxt Oct.

3.71

El Paso National__Gips

3.09.

Family Finanov · Corp.

Spot-(bent the Ib. fo

Firestone Tyre, & Rubber

2.73

Ford Molar

Open Intergat: 0.25€ contrecht.

Contract No. (domestic)

General Mectric-

deberei Foods,

Gm., Pub. 175.

BUY

Dept.

Gliddin Co D

μου,

Spob-tcenti per 15, df

Gineral Matery

Dotty Off

Goodrich (is.) Co.

Stogdreer Tyre villike and ou

Open Linierest Kita comixãole - Hayden Newpoft Corp.

Homestay Mining Co.

71.30 Standard Branda

162 08|| Standard Oil of Cal

Sumihina_Mining

1715 Bwift Co.

indicated the programme would

pay a cash, or kind subsidy, to,

It would re-. cotton exporters.

place the present plan of selling government stocks to exporters. Ginnings of 10,032,010 bales through Jan. 18 proved larger than expected and Indicated the government's December crop balca estimate of 11,101,000 would be fulfiled,

Volume Open interest

24,500 12,00

30,000

302,000

TA

Texas Co.

3414

Textron Inc.

Tide Water Aan ol

Month

173 Time Inc.

March

21544

Twentieth Century Fox Film

May

12

Union Carbide

Union Dil of Cal.'

July

Oct.

Union Pacific Railway

Dea.

15,900 B3.400

United Alteraft

Mar.

0,500 7,000

314

Untiedt Gas Carp

May

0.800

60,000

July

GOU

4,5X3

U.S..Fol "B"

US Сурга

1. Line Co.

48. Rubber

US. Emelting 17.5. Steel

1334

Wrrber

westinghouse Electric

Western Union Tel, Co. West Ya. Pulp & Paper Woolworth

Uslied Press.

London & Now York Silver Prices

New York, Jan. 23, Handy & Horman, bullion denlers, today quoted the

price of sliver off cani

ut

Total

12,000 222,500

10,000 109,400

104,300 1,172,800 bates NEW YORK

Cotton futures prices closed today in cenis per ib. as follows: Spot, 34.10: March, 34,80; May. 33.00; July. 4301-62: Oct.33.00-011 July. Dec 2477 March, 33,00; Bay. 53.10.

NEW ORLEANS Cotton futures prices closed today in cents per lb. as follows: SPUL Y Det. HER Dec 03 March, 34.83; May, 33.01; July, March, 33.861 May. 33.86: July, 33.67 LIVERPOOL

Cotion future closings, in peace per lb,, were as follows: Q14 contract: Mar/Apr: 25.663: May/June: 25.00-10: July/Aug 2023; De Nov: 2047: Dec/Jah! 20.47.

New contract; Mar/Apr: 20.00:

BIT 20 cents a fine ounce. This May dune: 71.63; July/Aug: 2733; represents a total drop of « | Oct/Nov: 77.48; Dec/Jan; $7,47, cent beluding the last change on Jan. 15.

B014

Normal supply-demand fac tors are said to be behind the drop.

In London, spot silver held 1835 unchanged at 77 pence-United

30012

BAO PAULO

Cotton future, closings, were all unquoted.

in the United States, the average price of one-inch cotton at 14 designated spot markets was 34.82 cents.

Total sales were 81,273 botes. |--Unlied Press,

SHIP

BENDLINE

*

*

*

"CORPU"

"SURAT

"CARTHAGE"

"CHUSAN”+

Lever London Due Hopakov

Baled 7/1

Balled 11/1

2017 JustinEy

5th February

Wih February

sti Mar.

Leaves Hongkong

30th JanuEIT 11th Tobituary

4th Februa

23rd February

11th Mar

10 March

8th April

7th April

Due London 17th February 34th March

14th March

14th Apel

30th March

19th May

11th April

12th Max

20th May

28th April

Via S'pore, Penang, Colombo, Bombay, Adm & PL. Kald

• “BUDA** omits Colombe à Bombay, calla Gabon à Marseilles à aziende to Bamburg, Molterdam & Antwerp.

† "CHUSAN" also calla Marseilles,

BRITISH INDIA S.N. CO., LTD.

"SANTILLA” aut moth Jan. walls 3123 Jan.

"OLINDA" dua 10th Feb. salis fith Tab,

"SANGOLA" due 14th Feb.

saži 15th Feb,

from Japan, for Bingapore, Penang. Hangvon Calcutta

from Japan

for Kingapore, Pinang. Bigcom, Calloutle

LAIKRODE

from Calcutta, Rangoon, Penang singapore for Japan

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

due 30th Jan.

BARI ZA Jan

"ITAURA'

“IKAUNA"

due Bath Feb, units Toth 2.

-OBRA"

“UMAKIA” due 19th Feb.

ually 21st Feb.

due ih Teb. due 2nd Mar.

"URLANA” sails 2nd Mar.

ated Mar.

from Karachi, Bombay, Quenin a singapore QUE JADAG

Jom Japan

for bugupore. Pinang, Gvchin, müziDAY, KATA, COL

Kuwait adway Basrah di kadoersink hr from Karachi, Bombay, Cuchin a kingapore Aur Japan

from Japan

for Dingapura, Bombar, Cochin se bhavnagar

from Karachi, Madras, kanang a bugasure for Japan

EASTERN & AUSTRALIAN 5.S, CO., LTD.

"ABAFURA”shila 3rd Feb.

“NELLORE” dut, sib Tab.

for Labuan, Bandakan,' Házisbane,, sydney, Adel- side at Melbourne from Austrália

Alt vessels kavo zwarty to call id any ports on

or élf the route si iis resté a mitings are iubject

to change or amendment with me without notice.

For full parlieuters apply to : MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos: 27721-4.