1958-03-04 — Page 9

THE CHINA MAIL,

TUESDAY, MARCH 4, 1958.

TRADE and COMMERCE SECTION

Common Market To Affect Colonies? The New York

Work In Geneva On Vital Question

By RONALD BOXALL

London, March 3. A GATT committee is at work in Geneva at the moment on a question of vital importance to most British colonies. It is trying to measure the effect of the European Common Market

on the

Vibro Piling The New

The Directors of the Vibro Piling Co. Ltd., an- nounce that they wil re- commend to the forth- coming annual meeting the payment of a dividend of si per share and boDES of $1.25 per share.

NEW YORK

RUBBER MARKET

New York, Mar, 3.

pattern of world trade in particular Rex rubber futures today commodities.

up the General

One of the issues it will have to decide is whether

the Treaty of Rome, which set Common Market, infringes the Agreement on Tariffs and Trade. British colony representatives believe it does. Under the Theaty of Rome, the overseas dependent territories of the six European countries which comprise the Common Market, are to be treated as equals with the main powers. That is to say, their exports to any of the six countries a total market of 160,000,000 admitted duty people will eventually be free,

there was

The

closed 38 to 65 points tower with sales of 134 contracts,

March, 25.73; May, 20.10: July. 20 20: Sept. 20.22; Nov, 20.20; Jan.,

2.25; March, 25.25.

Standard contract closed 30 to

reported.

65 points tower with no sales July, 2020 Sept. 28.21; Nov., 2010; Jan.

March, 25.75: May, 20.10: 2023 March, 26.24.

Less Immediate tension in the

York HONGKONG

Stock Market

By ELMER WALZER

STOCK EXCHANGE

Our Own Correspondant

Cotton Market

New York, Mar. 3. Cotton futures today opened lower and remained on the defensive for the rest of the session, Realising and hedge selling dominated mo- derately active dealings, with sellers paying heed to technical considerations and farm legislation uncertainties.

Final dealings featured cover- Spot. 36.00: Mar, 35,35-38; May. ing in the March delivery and 31 July, 334; Out 23.04 Dec. 33.00 Mar. 35.50; May, 390-91 a trade demand for Mny. Old Judy, 35.31.

crops Anished at the best levels, up 3 100 points, while

new

New York, Mar. 3. Oils and tyres paced stocks higher today in mo-

derate trading. Numerous predictions that Business done on the 'Hong-crops were down 18 to 20 points the worst of the current business recession | kong may have been seen helped to buoy market sentiment.

The advance, which picked up steam near the close, added more than 1 billion to overall market values. Individual gains ran to more than 2 points.

Amerada, Gulf and Shell jumped more than 2 points each In a higher öll group. Firestone, Goodrich and Goodyear up around 2 or more tires.

Oxford Paper Co. Pacific Gas & Eice.

Philip Morris

Procter & Gamble Co. Pittsburgh Plate Glowa

ฟล

Expectations that milt in-

Stock Exchange

act Opening prices vore up morning amounted 싶다 ng to of 30 points. New Orleans |

$445,000. proximately

Noon closed off 1 to 22 points, quotations and the morning's Transactions:

shares Buyers Sellers BANKS XI

K Bank, NSURANCES

00

teresis would bring further pressure on Congress to permit |

NEW ORLEANS Prices of cotton futures closed today as follows:

Spot. 34.20; Mar. 35.17; May, 307 ray, a5.00: Oct.. 35.89: D60, 35 36 Mer, 36.01; May, 3303; July, 39.16:

LIVERPOOL

Cotton future closings, In

that increased plantings this pence per lb. were as follows:

were

0.28 acres from cultivation this year, No delivery notices issued on March contract here today. New Orleans reported 10 torders. Opening March post. tion here was 33,000 bales, The stock totalled 10.20. cortifleated 500 10.20 22,823 hales. 2000 10.10 Month

110 1250 er 11.50

cruzeiros per kilo were as fol-

lows;

In

Sales

100 812.50

10 @

Union ...

71

Underwrite

500 <1

SHIPPING

2016

Waterboat

20.30

year conflicted with expecta- Old contract Mar/Apr. tlons that additional soil bank aso funds will result in the retire

ment of upwards of 8,000,000 New contract Mar/Apr.

25,00

May/June

20.03

July/Aug.

23.40

Oct/Nov.

26.18

Dec./Jan.

25.03

51

Wheelock

420 325 3,000 @

May/June

28.03

Pan American Airways Permount Pictures

14

DOCKS, ETC.

July/Aug

Wharf 150 123

Oct Nov

20.03

111

were the

Barko Davis Co.

073,

Doek

54 00 68.50

400 G

Doc./Jan.

Penn, Salt Co.

Penny J. C. Co.

Provident,

SAO PAULO

56

(0)

1470

(N)

Closing

future prices,

30

LAND, ETC.

101

K

Hotel 13.00 10.10 500

March

342

23

600 6 10.0 March 1500

Volume 0,300

Open Interest

33,000

Nay

30.00

4172

JUK Land

39.50 33.73

1,800 49 33.20 | July

10 May

July

39.05

21,500

284,700

21,900

Sept.

39.30

3744

Humphreys

વન.

Dec.

40.10

34,00

314,700

X 14:00

Sears, Roebuck & Cu Shell Oil Co

13

Sat Reg. L'aper Sinclair C

3142

HUDBER

Realty .... 1.35 1.40

Dec

22,600

170,300

March

17.700

101,300

The United States, the average price of one-inch cat-

May

10.400

110,000

475

Aaig. XD 1995

120

July

6,900

£3,300

ラン

Trust

1,20

UMLITIES

Total

147.000 1.110,800 balen NEW YORK

Star Ferry

XD

Ynumat. 99.50

101

C. Light

A number of specialties roso

point or more. An improved

outlook for the steels brought rome demand into that group, with wheeling up more than 1.

Indonesian political market put on

Aircrafts

balance.

were bit casier Copper stocks

Publickte Industrie

Radio Corporation. Radio Cocy. Pref.

Republie Hirel Heynolds Matal

Solar Aircraft

Smith Puerto Rico Sugar Southem Co. (796) -2

the terminal market lower 19-irmed. Libbeyowens-Ford rose Soceny, Mobitail day. Sellers awaited more news around a point in a mixed gle on the reported conference be-section. Polaroid rose around tween President Soekarno ‘and point two and touched a Now Bernational Cas

President Hatta high to feature the specialties. former Vice

almost 2 in the looking toward a solution of the Zenith added

television, Indonesian situation.

4 point or Gains of around

Coca-Cola, more appeared i General Electric, Haveg, Hertz, International Business Machines, Lorillard, Minneapolis Honey- well, Proclor & Gamble, Simonda Saw.

Corp. U.S. Tennessee Tobacco and Victor Chemical.

of switching Intra-denier

25 contracts March/May

futures points co-featured the

ade. Shipment offerings were reported light and too high- priced to interest local buyers,

No actual sales were reported. bul dealers understood week- come four some There may have been

end sales involved further selback due to falling

browns March shipment out of anmodity prices since then, but Indonesia at 2015 cents a pound, the trend is clear.

New York Stock Exchange Western European economy is cost and freight. But that price

was at least 4 cent above buyer bond volume was $4,030,000. vigorously, ad

American Spot No. 1 expanding has been OVER

the past few idena here today.

Res was quoted at 25% cents. years, there is R growing demand for the raw

These territories are mainly, in | Improvement though tropical Africa, which means that a slight setback in 1955. they produce or are capable of Commonwealth Econvenic Com- commoxillies mittee report shows that from producing export

1052 and a similar to those <1% which an exact balance territories like the West Indies dolcit of £24 million in 1933. and East and Wes! Afika the colonies' trade balance with this area swung into surplus of depend for the livelihood.

4

£43 £15 million

1954, This

clash of Interests will million in 1955, and £36 million rol, I am told, be resolved by in 1056.

European the setting up of a free trade firea to operate parallel with the Common Market. For one thing, it is not Briush policy 10 Include her overseas dependent territories in the free trade area. For another, Britain her face against free hes set trade in agricultural products,

If European free trade is and troplent agricultural pro- established along the Hues ducts of the colonies. envisaged by Britain, we would

The same is true of Britain of therefore have a situation in

scope for course, but here the

exports of colonial which primary products export-expansion ed

colonies of the seems to be more maited, from the

would Treaty of Rome powers have free entry into France,

Germany, Italy, Holland. Belglum and Luxembourg, while the same products from British colonies would have to surmount tariff barriers in these countries.

IMPORTANT MARKET

10

CONCERN

When the

iti

material

The colonies' concern at the advent of free trade in Europe, excluded, from which they are

Common

SINGAPORE

around market opened The the previous levels but cased on a quiet market.

During the afternoon hedge selling

caused prices again

the Inar decline

ta

and

itet closed at lowest for the day. Futures:

762-767

Louisville & Nashville lost more than a point in a some- what easier rall group.

Slock Exchange

volume was 500,000 shares.

Of a total 1,100 issues traded, 529 were higher, 320 lower.

Dow-Jones closing averages were:

30 Industrials uities

20 rails...

0 DCKE

40 bonds

Comm. future price Index ...

Closing Prices

Allica Chemicals Allied Mills Inc.

No. 1 rubber per b. Mar. 70%-70%

Apr No. 2 rubber per iv. Mar. 222-734

035-70 " No. 3

06-07

Allis Chalmers ... 70%-7836 | Ain. Brake Shoo 0J-C7

Ainorican Airline

No. 4 Spot rubber unkaled Blanket crepe No. 1 pale erepe

LONDON

No. 1 Fas spot ........... Settlement house term

7915-015 American Cable & Radio Corp.

American Cyanamid Co.

2734-2216

2276-2234

2231-229

easily understandable. It will be an important issue In the forthcoming talks on the setting up of a free trade area. But I doubt if it will be a decisive if their Of course, the most importan!

one thing, one. For colunial trade

the Brish

damaged by maritet for

The rubber market was easy Market,

15 which exports is the United Kingdom

with spot quoted at 22% pence itself.

GATT In 1950 according to a already in existence, just published, by the Iepuri

to give Per b. Prices; rules may be altered Comunonwealth Economie Coin-

them compensative advantage coloniat experts mittee,

in same other market-possibiy Britain

were valued at £354

the United Kingdom. million. Free trade in Europe

For would not affect this particular trade, and colonial commodides would go o receiving pre- ference in Britain as Continental Europe is becoming an mereas ingly important market for the colonies, both in absolute terms and as a proportion of their total export outlets.

Their exports to the OEEC countries of Western Europe are steadily growing, while those to Britain are tending to fall. the colonies 1932, Britain were valued million; in 1954 the Bure was

In 1956 it €355 million;

£354 million.

April

May

June

Apru/June July/Bept.

anulher-and this is a stern fact-although the elering oct./Dec.

the Commonwealth still takes largest share of British experts. growing Is a less rapidly t market than Western Europe.

The share of total British ex- ports that went to the Common- wealth (including Canada) fell Irom 40 per cent in 1932 10 Just under 40 per cent in 1950. In But the share that went to Europe rose from e exports to Western

£301tle over 23 per cent in 1832 to just under 25 per cent in was❘ 1956.

Rightly or wrongly, therefore, British Government has Western the Ther exports to

hitch its wagon to Europe, on the other hand, rose decided to from £150 million in 1952-to the

£189 million in 1954, and to Service. £241 million in 1950. And a Jarge part of that increase was accounted for by such com- modities s

cocca, coffee and which oilseed commodities "Conimon Market colonies" ulso produce and which they will eventually be able to export to

a large part of Europe on much

better terms than those avall-

rising

Jon Mar.

General markets, all basis, March April and May .... Estate crepe thin arch

23 thick March AMSTERDAM

Amer.

Power Mectric Am. Gau & A. Mach. & dry. American Metal American Smelting Am. Sugar Ret. Americas Tel & Tel American Tob. "B" Anscomla Copper Armco Strei

Annour

Atlas Cons Mining

$43.08

439 13%

markcis

Train 24.30 24.40 1,000 24.40

(0) 17.00 17.70 55520 a 17.00

ton at 14 designated spot mar-

kets was 34.52 cents. Total sales at these

Prices of cotton futures elcsed were 21,745 bales, today as follows:

120

Hallway (Cuin.) Standard Brandy standard all of Ind. Standard li of NJ. Steep Rock (Toronto Stering Drug Co. Stokely-Van Camp, Studebaker-Packard Corp. Sunshine Mining

600 17.00

Exge.

5000 11.00

Electrle

112%

XD... 28.30 20.70

400 120.50

Telophone

BOY

INDUSTRIALS

24

Cament, XD Ropo Amoy

*Call

Textron Ine.

Tide Water Asm. O 'Time Inc. Twentieth Century Fox Film Union Carbide... Union Ol of Cal. Union Paciile Railway United Aircraft United Gas Corp. US. Foll "D" U.S. GymLN US Line Co. U. Rubber.. U.S. Suiting U.S. Sterl

Warner Bros.

Westinghouse Elbetrie Weeton Union Tel. Co.

Wen Va. Pulp & Paper

Woolworth

27.30 27.50

300 or 20 50 400 27 13002140

200 2714

..... 21.20

44.80 38 ... 17.30 17:20

13 12.20 Watson w Craw

STORES, ETC.

2016 || Dairy

Wing On

CUTTONS Textile Vanyan INVESTMENTS Yangtza.. Affed H.K. & F.E

Invest.

$.CA ...

@

2014 Lane,

(AK)

30

60

New York Sugar

Market

New York, Mar. 3.

World No. 4 sugar futures

today closed unchanged

24

1600 17.5O

500 17.20

10 15.50

200

4.75 1,000

5.40 6.00 3.60

9.00

100

Ex-President Hoover's Advice

Now York, Mar. 3.

4.00

to three points lower Mr Herbert Hoover, who was

with sales of 58 con- tracts.

Domestle No. 0 sugar futures. to 2 points closed unchanged lower with sales of 82 contracts,

Trade interests were on both sides of the world contract, ap- 7parently in routine evening-up 20% operations while awaiting news

from the raw market,

210

SL

Contract No. 4 (world)

president when the major United States depression bogan in 1929, said that a big enough cut in Gov- ernment spending to allow a tox cut would be the greatest possible stimulant to recovery.

In a speech to the New York! Chumber of Commerce he said that compared with the 1920 de- pression the current recession 3.38 was "a minor slump in business He warned 3.38 and employment."

*

*

Press.

United

POBIE.A

COMPANIES

PASSENGER/FREIGHT SERVICE

Dua Hongkong

9th April 7th Apri

PENINSULAR & ORIENTAL S.N. C.

Outwarda "SUBAT" "CORFU" "KARMALA” "CARTHAGE” "CHUSAN" "BALSETTE" "CANTON"

Homewards

Leaves Londen Saited 25/1

Sailed 1/1

Balled 15/2

8th March 16th March 20th March

1st Apri

15th March 10th March

13th April

Leaves Hongkong Das London

140 Blaron

*

"CORFU"

"SOUDAN”

"CARTHAGE" 11th April

Dth my 4th May

14th Apri

19th March

27th April

12th MAY

"CHUSAN” ↑ "CANTON"

27th April

Roth. Magn

ath May

8th June

Via S'pore, Penant, Colombe, Bombay, Aden # Ft. Bald.

↑ "CHUBAN" also caile Marseille.

• "SOUDAN" emits Colombo, Bombay, calls Havre and

extends Hamburg, Rotterdam & Antwerp.

BRITISH INDIA 5.N. CO., LTD.

1.30

against reducing taxes

to the

extent of unbalancing

the

*

"BANGOLA"due eu Mar. Kaila Bih Mar.

"FULTALA"due

*

3.33 Federal budget, Such a tax cut 3-37 would be "on oplato drug to be

Baldwin-Lima-lam-

Bahimong & Onla

21%2%

Beneficial Firatice

Bendix Aviation Corp. Eriguet Conn...

493

2236-2216 Boeing Airplane

Borden (The) Ca

May

Burroughs Add Machine

30%

July

Campbell Soup Co.

Sept.

Camo J. L).

Oct.

Cat Tractor

Mor.

133

May

BO

Spot-teents per 1b, fob Cuba!

Open Interest: 6311 contracts.

19

Chuett Peabody.

Contract No. 4 (dozacsilo)

Colgate-Pimalive Co. Colombian Carben Co.

33%

Commercial Credit

May July

0.68

++

Commonwealth Elec.

281

*United Prem

Consolidated on

Dept. Nov.

Continental Ou of Del.

Crown Zellestoch

Cuban Amer. Sugar

20

duty)

Open Interest: Untied IB.

Spot-(cents per lb. cf NY ex-

1001 contracts.

The rubber market was dull. Caneso Corp.

CIT. Financial Corp. today in gulldorsche Anhet. Bank Prices closed

cif March Chrysler Motors per kilogram, follows:

2.17 hont. No. 1 rubber No. 2 rubber No. 3 rubber No. 1 crepe

star.Express SINGAPORE

STOCKS

LONDON STOCK MARKET

Singapore, Mar. 3. Brokers today quoted the fol- lowing stock prices:

Opening

able to British colonial pro-Prices firmed on the stock consolidated in

ducore.

LOSS OF TRADE

A loss of trade with Europe British Government bonds Hongkong colonies kividually; it would which Hited prices £1/10.

would not

only

feet the

Diamond Alkal

Diamond Match Co. Douglas Aircraft Dow Chemicals

Dupont de Nemours

Eastern Airline

Eastman Kodak

FJ Toko National_Gar Family Finance Corp. Firestone Tyre & Rubber Ford Motor General Flectric General Foods

General Motor

Gen. Pub.

Getty Ou 31.57dden Co.

Goodrich . .) Co. Goodyear Tyre

Gulf Bu

Heyden Newport Corp. 19.0755 Homerlake Mining Co.

Ingersoll-Hand" "1. 14.03 $1.30 5490-

Inland Bleet Co:

Interchemical Corp. Int'l Business Machines Int'l Harvester ...... International Nickol

London, Mar. 3.

exchange today in rather quiet session.

Ord.

There was a little buying of

Halu Lintang Rubber Co.

Ltd. British Borneo Petroleum

Syndicate

Smelters

Frar & Neave Lin Ord. Txar Neave 7% cum.

prof Gammons (Malaya) Ltd.

203 id

Shanghal

Banking Corp.

Hongkong Tia Lid. Xumpas Ltd. mostly Kuala Karopar Tin ****

Ba 34

31.57

31'

$1.05

Co.

$3.50

$1.00 31.75 $2.50

Liggett Meyors Tub. Co."

Lockheed Aircráti

15.01 $1.75

$20

also affect the sterling area as a Industrials were up

Under the European from six pence whole.

to a shilling, Lanas Rubber Estator Lid.

Payments Union system, Caro- shares of chain and department Malaya Breweries

were the only ones to Now Berandah Rubber

Ind. Demand Petaling Tin Lid. move up as a group.

Radio Hotel Bingapore Cold Storage Straits Steamhip Sholl Transport stock United Engineers Ord. moved up 3/- und Royal Dutch,weatne Bros,

exily; † edeb. - British Petroleum 'and' Burmah rose 2/6. There also wis good Special. demand for the old-established

ings from trade with Western stores

almost as good nå Europe are caki. Three-quarters of any for other issues was scattered.

deficit with the surplus for

is pald out in gold or Olls scored good guine. The Straits Trading dollars at the monthly settle- | old ments.

GLY OUT

Over the past few years, the colonies surplus in its trade with Western Europe has helped

to ofset deficits incurred by gold shares. Britain and India, and from 1954 to 1950 by the Ualon of South Africa.

The recent hatory, of the colonies trade balance with Western Europe is one of aloudy

NAMESAKES

Forclum bonds were dull and unchanged. Dollar stocks piso ANTWONK==] held steady in quiet dpalings, Choose, § Intent, J with the premium' down lighly Tressure, 0

Don Gunn lo-514 Der Cant---Unfios FREN

International Paper

The Tol'& Tel

John planville Co.

Kermecott Copper

Loews corp."'.........

Lone Star Cernent Co.

Lowenstein & Sons

MoDennel? Alrurat!

Stock Ergo.)

1.25 Moms Iron Corp. $3.10

$11nesota Mi

11 Kon Development

Sposanto Cherndent Co. Montgomery

Motorola Tao."--

National Cash Reg."" National Dairy Prod. National Land Am Nation preti Cort New York Central Norfolk

resisted when in horror."

Onc

With only

dissenting voice the Congressional Joint 5.Economic Committee quid in the recession 1.71 Washington that 3.71 had not reached the point where

a fax cut would he necessary. 8.50

The Committee recommended speeding up of Government ex- penditure programmes on educa- tion, housing, slump clearance, health and publle bulidings.

New York Metal

Futures

Now, York, Mar, 3. Pelces of metal futures closed today in cents per 16. da follows:

Loed March

May Zic Moreh

May

11:30b

11,401

0.43%

6.605

Copper March

21.07b

21.07

March

93.50b

May

London Metal

Prices

Landon, Mar. 3. Prices of metals closed today

In sterling per long ton au follows:

Thapot

Ovsiper spot

Durers Sellers

Vice-President Richard Nixon

in a

of Cleveland raid

the Aeration would take

"whatever action is necessary" to halt the recession but he said the timing of this aclion was particularly important because In zuhawdy. Inflation would be diirgus to tens of millions of people-China Mall Special

London Foreign Exchange

London, Mar. 3. Closing rates were:

2013-201 0/16

New York Montreal Amsterdamu

Brumbeir Copenhagan Yaklum

Milan Flockholm Zürich gest

10 43 139.60

11.2016-

Others unchanged.--United Press,

Exchange Rates

1/31 market

Buriciowy was done is the local momcial exchang 19134|rocrning: at the following rates:

U deler (par 31)

Prem

Berlynote (per #3)

Indoors Tuplah (per 100) Kam cat (per 100)

Bingapore (bitrašta)

માતા

th Mar. Bild 12th Mar,

"SANTHIA" due 20th Mar,

alls 21st Mar,

from Japan

for Bingapore, Penang. Rangoon & Calcutta

KIOM JEDINCA

Luz Singapore, Penang. Rangoon, Calcutia - ¿ CHNIKENA

from Calcutta, fangoon, Penang & Bingapore for Jag

P. & O./B. I. JOINT SERVICE

"opa" File St Mar.

¿De

*

*

"ITAUBA" dpo

*

7th Mar.

Bih Mar. walls Mar.

"OZARDA" due 20th Mar

from Japap

for Singapore, Madras. Bomber de Bhavnagar

from Japan

for Bin ours Tounte Bombay, Karachi Basrah, Khorramshi

frem Bombay, Karachi, Cochin, Alleppey, Tull- Och de BLOCKDOKO VISI for JACKE

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

"NANKIN"

-dos Bih Mar. sails 10th Mar

....“EASTERN” due -5lb App

ARELO TIE AS.

from Austenila for Japan

from AustraliLA Z for Japan

All Vessels Dave Jhorty to call at any porte on or off the route ✯ the rostá à sailings are subject to "change" or kuiendment with or wilhaus nolics

For full particulars apply to MACKINNON MACKENZIE & CO. GT ROAD KONA LID