THE CHINA MAIL, TUESDAY, JANUARY 28, 1958,
TRADE and COMMERCE SECTION
Unreal Quality About Debate
£50 Million-Last Straw
Furore Clarified NEW YORK The New York
In A Parable
By RONALD BOXALL
London, Jan. 27.
COTTON MARKET
Now York, Jan. 27.
Cotton futures today opened
lower and remained under pressure for the rest of the session,
Morking the Afth straight session of aging prices, the nearby March deliveries ebbed to around the 34% cent hark. howing cumulative folt of si bate from the season's high sel
on Dec. 10 and the lowest price for the spot inanth since mid-October.
Day trader covering and
technical replacement
demand
There is a slightly unreal quality about the great economic debate that is going on in Britain. What is the ordinary man to make of it when the cause of it all was a
"mere" £50,000,000 more, or less in a budget of £5,000 million? Mr Thorneyeroft has said, in effect, "it's not
money; it's the principle." From unfamiliar seat behind the Government has just left, he told the Commons this week: alt 17 to 11 points, "The simple truth is that we've been spending more money than we should." For him the extra £50 million was the last straw.
the
list prices from extreme low hist the close but the list Milt tinished with net losses of 14 to The market opened he points.
tu 28 points. New Orleans
Selling orders, coming through conmission houses, local traders and varlouis trade Breollat
Wir
|
Stock Market
New York, Jan. 27.
HONGKONG STOCK EXCHANGE
Our Own Correspondent
Exchange
LONDON STOCK| SHANGHAI'S
MARKET
London, Jan. 27. The stock market closed easier today in light selec- tive trading. Rumours of a lowering of the bank rate to make money less expensive noted to firm edged securities.
Industrials cased from slx
Business done on the Bong-pence to a shilling Chain store kong Stock
backed down G11 A this stuce morning amounted
weakening in clothing prices. to ap- proximately
Olls were $380,000, Noon
depressed by re- quotations and The morning's ports of declining world demand transactions were:
for all. Royal Dutch fell more than two shillings, Burmah Shares Dayers fellers
declined over a shilling while other issues closed with trac- BANKS
25tional losses.
New York Central stock held steady today despite kan
Union
a 78 per cent decline in earnings for 1957 | Insurances and the death over the weekend of its Chair- ING man Robert R. Young.
That issue and Alleghany Corp. stocks were the
active features of a irregular stock list. Alleghany.
off on an earnings déclliv. Air-
quieter and narrowly Young also had headed
Stock ExC.)
Mesabi Iron Corp
c......
National Cart Reg. "A" National Dairy Prod. National Load New York Central .... Norfolk & Western Olin Mathieson Ətir Ejevalur Owen-Illinois Gloss Oxford Paper Co. Pacific Gas & Elec. Pan American Airways
Late in tlu tay Coming Glass Miniprd 2 points while John Manville lest 2. the latter lines showed gins running to more than a point and a long list
of individual issues of lead- ing groups registered advances running to 2 points,
New York Central of which WON Chairman held Young sicady around the previous close following his suicide in Palm Beach on Saturday, The opening was delayed nearly one and a half hours with the first sales number of Involving a large Kali sules bunched Into block of
shares 12,000 15-3/8 oft % from the previous Sears, Roebuck & Co. close.
Shell Oll Co,.... Faint Reg. Paper Binclair Di
Penity C Co.
Waterboat, Asa Nay... Whitelock
Azics
www
100 19A
73
10.10
250 g 10.78
1,273 0.50
0.00 1000
43.00 2000 GE “a $5 3000 u
Provident
pocKS, ETC. Dock
121
30.50
101
11.00 13.30
INI
11.30
LAND, ETC.
K. Whart
HK Hotel 16.30 18.50
HIK Land
Humphreys
RUBBER
Amuig Trun
UTILITIES
Trum
Star Ferry
32.79 33.25
14.40 -15.80
2004 10.34
3.400 £0.40
100
Latin-American bonds reacted unfavourably to the unrest in that area of the world.
Foreign bands were generally unchanged and quiet,
Dollar stocks were irregularly higher, but the premium re- mained unchanged at 91% per cent.-United Press.
New York Foreign
13 200 ##
1275 1,326 2,000 de
1.20.1.225 000
23,10 200
123
16.70 19.90
20.00 26.00
107 119.00 2001900 4000 à 136.80 1000 6 10.00 600 28.0 3,300 2000
Monsanto Chcintes! Co.
Montgoinery Word Motorola
2024
4034
13
50%
421
4125
643,
C. Light
2722
jo..
507;
1435
Paramount Pictures Parko Davis Co.
34ectric
Ponn. Salt Co.
53%
Philip Morris
4765
Main E
10 FO Telephone 2020 2040 INDUSTRIALS
Procter & Gamble Co.
554
Pure Ol.............
Cement Amoy Can
24.7.0
one
лt
in Corporation
STORES, ETC.
Radio Corp. Pref.
Repubile Steel
4213 304%
741 Daley ... 1030 saen.
Wabon
100
16/0
300
10.40
12.20
30 4
5012
COTTONS
Toxtiles
4.00
Nansong
2712
MISCELLANEOUS
Vitru
8:30
10.50
30%
Yangisze
3.TU
Un W. 01. 10.10
250 @ 15.70
The issue touched 15 and
Setor Aircraft
were attributed 10: 3. Increase ink industry pressure for It is easier to understand, that cost us 12 shillings when arger 1951 acreage allotment: 12. Possiblities of lower sup- we started on this way of life. what Mr Thorneycroft meant
This brings us to the fateful i porta on the 1958 crops; 3. Duli- when he said that this was "the rond to ruin" if a similar situa- Cabinet meetings to discuss nextness in the textile market; 4. A for in demand tions applied to
We were 1:11. a family year's
already resultant full budget.
faced with the prospect of spot colton: 5. Business reces-
10
about £150 Take a family that is pretty having
rion talk. phy
About: Ra cotton industry well off and determined to keep million more than we had esi- what it has got. Father's Income mated last April for some of the spokesmen have urged Agricul- then came back to the previous Scoy Moul rose steadily for ten years after things we planned for this year. ure Secretary Ezra T. Berson close of 15%. The stock held
South Puerto Rico Sugar to take "administrptive action" the war, but for the past two Some of this would be offset by
Sunthem Co. (The) Alleghany Corp., of which Southern National Gas years he has had no rise ut all. savings elsewhere. But it look to boos the 1958 pinning limitond volume place.
of theed us though we would have to by 25 per cent in order to act Young also had been Chairman Southern Railway (Com)
2.500.000-bute step-up in total opened on 5,000 family wanted the things they pay considerably more next your
shares at 4 Standard Brands......
Standard for Cal. thought people in their position merely in order to keep up ourutput. Secretary Benson short-
oir. Later when the Supreme Standard Ol of Ind. were entitled to have-a wash-present standards,
Court ruled that the Interstate Standard Oil of N... ing machine, a refrigerator, a
Steep Rock (Toronto Exge.) Commerce Commission Could Studebaker-Packard Corp. ear. And they were not deterred
prove a new Alleghany stock sunshine Mining by any puritanical notions about
iscue without formally Anding Swift & Co. paying cush for them. Father had a safe job: the future
York Central, tontrolled New Textron Te
stock turn beckoned invitingly.
ed very retive and ran up a point from It's low. It le
Mother and the Text
they
So they borrowed the money and bought the things wanted.
Creditors
Soon their debts to the hire- purchase
und the rompanies
than their bank were greater savings. Rising prices meant more money had to be set aside for housekeeping. Creditors were becoining restive, The family borrowed again to keep their heads above water.
Then mother demanded more money to run the home, Father said "No."
Didn't mother realise there had to be
an end to this foolishness some
Ume?
sald
Wo
Mr Thorneycroft should at least keep the total within the sum we had spent this year. We had to call a halt Bornetime if not for our GAT sake, then to show our credi tors that we could be trusted with their money. The extra £50 million of planned penditure over and above what we spent this year would have to go.
ly must determine what Thr for government support level The 1958 crop will be.
Memphis reports said there was practically no mil interest in spot collen last week. Some inquiries were received for shipment beyond March, but few sales restilted.
Atlanta reports also reported the market in turnover, ex
no interest ns m sales of goods and yarn continued poor. Mills operating under new curtallment schedules have colton to carry them sufficient
That was all very well, said the rest of the Cabinet, but didn't Mr Thorneycroft realise that this would mean hurtful economles? Mr Thorneycroft sold he realised that. The rest of the Cabinet said no. Mr Thorney- craft resigned.
Reaction
for a while,
The certificated stock today totulled 22,759 bales, off 2.114 bales from the previous posting last week. Meath
Vrleme Open Interest
P.900
176500 30.900 302 200
Mar.
May
July
12.700
210 M
Oct
21,075
180102
Dan.
19
0.100
Mar.
4,60
01509
The Government's reaction to this probably won't be very much different from that which ore
May
5,100
72.500
July Total
1,000
0,500
103500 1,180,000 bales
NEW YORK
That was all very well, re-inight expect from our original
Mother will tum
but with today as follows:
plied mother, but didn't father family-now bereft of father. Prices of cotton futures closed realise Lint the refrigerator Life will go on would have to go back unless changes. they paid the next inslairment} Father said in that ease I would Jolly we have to go back.
Mother said no, it wouldn't. Father left home.
This, of course, Is a gross oversimplification of what all the national economy, but it has a certain apiness.
Production
Production-the
means
by
which we pay our way-rose steadily tor ten years after the
Spot: 34.05; Mar: 34.12 May: 34.79-00: July: 34.01: Oct; 3.89- the family Dec: 33.73; Mur: 23.68; Alay: 33.59: budget over to uncle, who will, Juls: 32.70. see that father was right even if a little too punctilious, Being #wise man, he will tell the family bluntly that
though other may be gone, his regime of stringency will go on. And
uch was the shock of father's 3.70.
that uncle Jenvelaking
might maintain the regime even long- er than father himself would have deemed necessary.
And another thing he might tell our improvident and rather
war, but for the past two years, shamelaced tomily: "If you're there has been no rise at all. Wexpecting a birthday present wanted the things we thought this April, forget it."-Express country in our position shouldServlec.
have even if we had to borrow
to get some of them, Jobs-and
markets were secure;
the fu
ture beckoned invitingly.
Let father, otherwise Mr Thorneycroft, explain what this has meant. "Fist of all we have cought to be a nuclear power matching missile with missile, anti-mislio with anti- missite, and with large conven- tional forces and at the same time we have sought to maintain a welfare state at a high level, sonic mes even at a higher level than that of the United States.
Background
"We have been trying to do these things against a back ground of having to repay debt abroad, during the next eight years at a total equal. to the whole of our existing reservES; against a background of having
Silver Prices
New York, Jan. 27. Handy & Harman, bullion dealers, today quoted the price of silver off
cent at 88% cents a fine Dance, thus lowest since carly 1955, o your of rising prices.
The price of the white metal has dropped a total of 11⁄2 cents the past two weeks, resecting a continued heavy supply in ex- cess of demand, according to a company spokesman. The słow the down in demand follows dlp in the national economy.
At London, spot silver was quoted at 70% pence, aft penny-United Press.
to meet a maturing debt in this New York Metal
country next year at
higher
level éven than the very high
level of this year; against background of scoking to con- duot a great international bank- ing business; against
Futures
Alleghany Corp. prior pre- ferred ran up to a 10 point gain and the preferred rose 5 points, each on active trading.
Young's death appeared 10 have an influence on ghter volume in the ranic and ille of ylocks.
Very few groups managed to produce a definite trend,
Gulf Oil spurted more than 2 points in an otherwise narrowly irregular pet oleum secilon,
Texas Co.
Tide Water Time In
F
Twentieth Century Fox Fi Union Carbide Union Oli af Cal. Union Pacific Railway United as Corp. United Aircraft VS. Gyum U.S. Line Co. UA. Rubber 1. Bmelting US. Steel Werner Bros Westinghouse Electrie Westem Union Tei, Co. West Va. Pulp & Paper
Woolworth
INVESTMENTS
30
NEW YORK
RUBBER MARKET
New York, Jan. 27. Rex rubber futures today closed 60 to 70 points lower with sales of 67 contracts.
Standard contract ciosed 80 to
Exchange
New York, Jun. 27. Closing rates were: Canada
England omcial
14
ummomcial
10-days
New Zealand
1.01 15/10
2.31T
2.07-2.03
1.814
2.199
Others unchanged.--United Press.
NAMESAKES
INDUSTRY
OUTPUT
Paris, Jan. 27. Shanghai's Industrial output this year will go up by TD per cent, Radio Poking sald today.
This city accounts for one- Afth of the country's tolul in- dustrial output.
Upward revisions have been made in the production targets, and they are estimated to equal 1,100 million yuan (£170 mil- ilon), it stated.
Shanghat's heavy industry, the radio pointed out, will re- gister the largest increase. The output of the local engineering industry will go up by 21.9 per cent and the chemical In- dustry by 184 per cont last year-France-Presse.
above
London Foreign Exchange
London, Jan. 27.
Closing rates were:
New York
Montreal Antbordam Brussels Copenhagen Frankfurt
2 Milan
Answer:-1 Injurious, Calumny, 3 Invective, 4 Biller- ness, 5 Ronan, 0 Satire, 7 Latin. Juvenal (The Roman poet.)
Stockholm
Vienna
Zurich
2.3116-2.81 9/16 2.10 3/16-2.7612 10.58-10.39% 130.45-139.00
19.3514-29.00 11.779-11.7794
1700-170134
14,4935-14.4915
72.87-1202
17.2536-12.30
Others unchanged.----United Fres
P.OBI EA
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Outervis "CANTON"
"BOUDAN"
Leaver London
Salled 7/1
"CARTHAGE" *
1th Mar.
Das Hengkong
ath Tubrtiary
Balled 11/1
23rd February
172
*
17
1
12
United Press,
Jan. 21.80; Mur.. 25.95: May, 28.33; July, 20.45; Sept., 20.30; Nuv., 26.30; Jan. 20.0.
"SURAT" "CORFU"
Salled 28/1
11th March
6th February "KARMALA" 15th FebruATY
10th March
5th Apri
70 points lower with no sales
冰
Homewarda
"CHIUSAN”
"CANTON" "CORFU"
New York Stock Exchange SINGAPORE: Mar. 2005: May. 28.35:
bond volume was $5,600,000.
Slack Exchange American volume was 640,000 shares.
New York Stock Exchange volume was 2,320,000 shares.
or a total af 1,199 issues traded, 484 were lower, higher, 254 unchanged.
Closing Prices
NEW ORLEANS Prices of coilon futures Afled Chemicals
Allied Mills Inc. closed today as follows:
Allis Chalmers Sot: 31.04 Star 34.06 May: A. Brake Shoe 34: July: 34.64: Det: 1
American Cable & Radio 33.61; MEP. 33.50; May: 33.50; July;
Corp. American Cyanamis Co, Ar. & Fore Power Ain. Gas & Electric futures A. Mach de F'dry.
American Metal American melting Ai, Sugar Ref. Americci Tel & Tei American Tob. 13" Anaconda Copper
LIVERPOOL
Prices of cotton elesed today as follows:
Old contract: Mar/Apr 25.05 May/June, 23.50; July/Au# 25.00; Oct/Nov. 20.00: Dec/Jan. 20.00,
New contract: Mar/Apr. 20.46; May/June, 2003; 107/AUR 20.00: Arince Strel Oct/Nov., 20.93: Dec./Jan. 20.00.
SAO PAULO
Cotton future closings, in cruzeiros
per kilo
follows:
were ns
May 10.60; July, 4050; Oct, 40.00:
Dec.. 4000,
Armour
akwin-na-Ham. Baltimore & Ohio Beneficial Finance Bendix Aviation Corp
Cons.
Ben Steel
Boeing Airplane Borden (The) Co.
Campbell Soup Co.
In the United States, the Burroughs Add Machine average prive at one-inch col- | Canadian Pacific I. ton at 14 designated spot mar- hels was 34,70 cunts.
Total sales at these markets;
25,430 bales,United Press.
were
London Metal Prices
London, Jan. 27.
Prices of metals closed today In sterling per long ton as follows:
Tin apol 3-month Copper apot 3-mouth Load 201 halt
Zine 2od half Jark APT.
Cara (3) Co. Cat. Tractor Celanese Corp.
CIT. Financial Corp. Chase Manhal. Bank Chrysler Motors. Cluett Peabody --
Colgate-Palmolive Co Colombian Carbon Consolidated Edison Continental Oil of Del. Crown Zellerbach Cuban Amer. Bugar
iamond Alkol
Diamond Match Co.
Douglas Aircraft
Dow Chemicals .............
Dupont de Nemours
Eastman Kodək
El Paso National Gas Family Thanica Corp.
General Motors
731
Firestone Tyrubber
750
General Electric
100%
167
108 100
Gen. Pub, Util.
T
Glidden Co
Goodrich (Br)
Co.
Goodyear Tyre'.
Homentake Mining Co.
Ingersoll-Rand
Uolled PreSER.
Exchange Rates
Hayden Newport Chemical..
Inland Steel Ca
Interchemical Corp.
Int'l Business Machines
1911 Karvester
เราร
عدون
STOCKS
Sept., 28.50; Nov, 20.50
JF21 20.50.
Lower foreign cables and the discouragingly
slow domestle Consumer demand hrought-re- newel liquidation and hedge selling in the face of an indit- Brokers day quoted the fol- | terent | otaku, Intra-dealer
Singapore, don. 28.
lowing stock prices:
Consolidated Ta Smelter
Ort.
Zaser & Heave Ltd Ord.".. Frase Neave Tuti cuni.
pref
con-
switching of March-Sept. Opening | Iracts developed at 00 polnis
difference. Spot No. 1 ss was quotext at 25% cents, nominal, With the outlook for new car sales this year being re
with replacement 12.021duced, and
lyre demand al reflecting the general
slowdown. business tyremakers being forced to cut production, the Com- Amodity Research Bureau com- 11.31mented today. The summary add- 275 1
ed that
believe "we
that 11.45
года reduced demand 13.35
ria- tural rubber both here and abrund as a result of the gen- erai situation, along with heightened competition from
441
Batu Liman
LKJ
British Borneo
Rubber Co. Petroleum
Syndicate
$1.65
41
284 3d
Ja
Gammons (Melaya) Li
7014
Hongkong
Shanghai
121
Hanking Corp.
$4.0 62.20
3450
407.
Ilongkong in Ltd.
331
Kumpas Ltd.
18
KEN
Kuala Kampar Tin
Lunar Rubber Estates L.
2714
Malayan Breweries
New Serandah
Rubber
421
Liu.
$2.40
4032
Petaling Tin Ltd.
$2.20
132%
Rames Hole)
$2.00
100%
Singapor Cold Storage
10.01
Straits Trading
$1.74
Stralle Steamship
119.60 *
United Engineers Drd,
$1.28 $3.00
Урогле Втом,
--China Mail Spectat.
New York Sugar
Market
the synthetic product, point to lower prices,"
BINGAPORE
The market opened slightly higher but despite rather bel- fer overseas advices the market sharply on prospects ensed
of better deliveries from Indo-
NUSIA.
A lower levels liquidation; WAIS well absorbed and tho market ruled quiet with minor fluctuation,
New York, Jan. 27. World No. 4. sugar futures Future closings were:
closed today unchanged No. 1 rubber per lb. Feb. 7516-3844 Mar. 75-70% to three points lower
Nu. Z rubber per lb. Feb. 7314-14% with sales of 425
No, a con-
7035-71 No. 4
63-00 tracts.
Spot rubber unbaled 7398-7514 Blanket crepe
H
futures closed 1 point higher No. 1 pale trope
to 1 point lower with sales of 30 contracts.
2015
001%
Tho domestic No. 0 sugar
10234
00-82%
101
2015
27
LONDON The rubber market
DAIL
*
30
J
ฟ
Work futures cased with the raw market, an Egyptian tender for 65,000 tons of rows,
Saturday, schedulaf last
hu Feb. been postponed until Wednes-Mar
Apr./June 15 day.
July, Sept. Meanwhile, dealers under- Oct/Dec.
was dull with spot quoted at 22% ponce
Prices: per lb. No. 1 Ras spot. Bettlement house tems:
224-2215 2234-2414
231-233
2412
*
*
*
"SUKAT" *
"CARTHAGE" "CHUSAN"+
Leaves Hongkong 30th Juney 11th FobruKEY
14th Margha 30th March 11th April
28th April
7th April
Dus London 27th February 14th March 14th April 10th Ma
12th M
2011 May
.
- Via S'pore, Fanang, Colombo, Bombay, Aden A Ye, Bad
**SURAT" omita Colombo & Bombay, calla Denos ŵ Marseilles & extends to Hamburg, Rotterdam & Antwerp.
↑ "CHUSAN" also calls Maramilien,
BRITISH INDIA S.N. CO., LTD.
"SANTHIA” dur 29th Jan.
"OLINDA"
dus 101 Tab. sails 11th Feb.
"BANGOLA"duo 14lk Feb.
salis 15th Feb.
from Japan
for Singapore, Penang, Rangoon & Calcutta
from Japan
for Singapore Fecan Rangoon, Caiquita CELADORNE
from Calcutta, Rangoon, Penang de Singapore for Japan
P. & 0./B. I. JOINT SERVICE “IKAUNA"
*
"UMARIA"
"OBRA"
due 19th Feb. falls 2013 Feb.
dhe 10th Job.
sails ist Feb.
due 20th Feb. dus 2nd Mar.
"URLANA” sails 2nd Mar.
mila 3rd Mar.
from Japan
fox Singapore, Penang Cochin, Bombay, Kara- stal Muwail,
Binh & horramshah
from Karachi, Bombay, Cochia & Singapore for Japan
from Japan
for Singapore, Bonibay, Cochin & Bhavnagar
from Karachi, Madras, Penang di Singapara for Japan
EASTERN & AUSTRALIAN S.S. CO., LTD..
"ARAFURA”salle Bird Tub,
"NELLORE" dat
8th Feb.
for Labum, Sandakan, Brisbane, Sydney, Adali aldo de Malouens
from Antrala
All yemely have libsety to;out as any ports on
or off the reate a the roule de sailings azo mibject to change or sisendment with or without notice.
72 stood a substantial volume of Generel markota, elf baals, ports:
Jan. rawe Feb. Brazilian and Indonesian were offered on the Egyptian Estate erepe at rob
thick Feb, AMSTERDAM The rubber market was duil.
Oct 2009 Mar: 440 May: 343 Prices closed today in guilders Spot teenla per du, fob Cba): 300.per kilogram, clf Fobruary as
Contract No, (domestic); har: follows: 412 5.00; MAY: Bới; July: 076) Sept: 2o. 1 rubber 3,701 3ov: "8.39; #por (canta por ib. No. 2 rubber ovdi NY Ex-duty): 820,
No. 3. rubber Open Interest: 9,181 contracts---| No, 1 crepe Unlled Prom.
for full particulars apply to: MACKINNON. MACKENZIE & CO.
OF HONG KONG LID. Telephone Nos. 27721-1.
International Nickel International Paper Int'l Tel. & Tel. John-Manville Co.
23 Inquiry.
10%
Contract No, 4 (world); klar: 300; May: 303 July: 308; Sept: 3.88
Kansas C. Power & Light 6.88 Kennecoit Copper...
701
10.031
TOV
1940
Loews Indorp,
New York, Jan. 27, Prices a back-
of metal futurca Mistaining ground of
our closed today as follows, in conta position ag one of the world's per 1:
Lord Jars,
10.03b
Business was
the local done in inajor overseas investors."
unquoted unofficial exchange markets this
.10b
morning at the tallowing rates!-- untquoted | V.S, dallar. (per 81) 12.ÍTH Starling notes (per 21). unquoted | Australian noten (pm £1) 82.500 Indonskalt rupiah (per 100). Valunquoted
Blar tiesi (per: 108) Singapore (Straits).
Feb.
And having all the time, af Elne course, we were having to find Copper
JAIL.
TOU
more money even to keep what,
Fel
we had. In the end we were puy- ing 20 shillings for the things
Larett Meyer Tob. Co. Lockheed Airersit
22.17 Zune Star Ceinent Co.
Rowenstein & Dana
141 MoDennell
Aircraft
Open Interest: 0.335 contracts,
2.17 num.
2.10 пот US nom. 237 nota.
**Usilied. Fran
E
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