..
THE CHINA MAIL, TUESDAY, MARCH 18, 1958.
TRADE and COMMERCE SECTION
Fundamental Differences Arise
NEW YORK Growing Unrest
COTTON
The Free Trade Area Talks MARKET In W. Germany
Conference Near A Breakdown Last Week
By RONALD BOXÁLL
London, Mar. 16.
The European free trade area talks came close to breakdown this week, and only a last-minute proposal by Italy may yet salvage something from the wreck of the grand design.
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong-
on Stock Exchange this murit $372.000. Noon quotations and
Iru! amounted to approximately
the morning's transactiony were:
Khere Tinyers Sellers Galer
JANKS
INSURANCE
Fundamental differences have arisen, which would Bank.
probably have caused the negotiations to end în universal exasperation were there not so
much at stake.
The two principal protagonists are Britain and France and each has its own reason for not wishing to be the one to break off the talks.
union
BRIPTING Wheelock.
DOCKS, ETC. back
K. Whart
6.96
500
2500
100
The New York Stock Market
New York, Mar. 17.
Chemicals, metals, oils and steels featured a moderately active decline on the stock market today. Their losses ran from 1 to more than 3 points; Chrysler led the motors lower Papers had losses running to more than a point in International. Firestone fell more than a point in the tyres.
13
Tobacco moved against the trend
did pelected drugs which rose as much as a polut. Many specials in consumer in- dustries moved higher, Includ- ing Cannon Mills, Grand Union, Kroger, and Polaroid,
Alleghany Corp. preferred fell $45 a share on its first sale and later regained a few points of the loss. The
main list of Siralls lost fractions more 6435 than a point.
0.10
121
63
poo
$5
1000 r
1000&
10)
11.00 12.20
LAND, HIC.
Povident,
HK Motel 15.20 15.50 2500 R
1000 32 1000 31.00 BK Land Humphry
14.00 RUBBER Arnal 1 277 1275
2.10 1.35 UTILITIES Tram, XD 22.20 22.00 1800 Ft younad..
From Britain's point of view,, duetions separately with free
trade are members. the free trade area is an econo-
To these Britain's objection mic necessity (or so the Govern- ment belleves). It cannot Joln demands Is that they imply that the common market formed nothing will happen in the free between
of this nix of the most im- trade area by the endl
European portant
countries year. At that time the common because of its obligations to the market, countries will begin to Trust Commonwealth. Neither can dismantle their internal trif afford to lose its partilon in woll-in other words In the market of 100 million people sa
absence of the free trade area to would happen if the six common discriminate against Britain and market countries abolished tariffs all the other countries outside, between themselves and raised a
This would further tariff wall against importa from all other countries.
weaken
Britain's already precarious bargaining position.
wants the In short, Britain free trade area to begin func-
common market. France on the other hand wants to delay the free trade area until the com- mon market is underway.
The free trade area in manu- factured goods is the way around this problem for Britain and tentioning at the same time as the ether West European, countries who for one reason or another cannot go the whole way and The Join the common market. iden is that there should be a common tariff for all manufac- tured goods traded within the area, but not (except in the case of the six) against imports from outside.
FEARS
Italy's proposal to overcome fears of British com~ French petition looks as though
it
Flectric
to
While the top-ranking India rials and rails were in a dip, new buying came into a fork
selected
New York Central
|
Norfolk & Western Nty. on Mathieson OUR Elevators
Owen-Illinois Glass Oxford Paper Co. Pacte Can & Elec. Pan American Airways Paramount Pictures
Parke Davis Co. Penny 3. C. Co. Philip Morris Procter & Gamble Co. Pittsburgh Plate Class. Pubileker Industries Pure O****** Radio Corporation
Radio Corp. Pref. Republic Steel Heynolds Melal
Sears, Roebuck & Co.
shell Oll Ob
Batni fog. Paper
Sinclair OR
Socony Mobiltell
10.40 16.00 list of special and 31.00 issues outside the groups used to calculate the averages.
These stocks showed gains or Arcraft running more than 2 points and several of them regisicrest new highs for 15 months.
5000 t
2000 123
22.70
20 200
17 17.30 2017.10 21.00
20
24.70 23.10
21.10
Daly 10.30 1000
1000 1.70 Watson
11.70 11.00 B00 11.0
COTTONS
4.00
•
C. Light
(0) ***** Telephone,
XD INDUSTRIALS Cement. XD STORES, ETC.
Textile
HK & E
Invest... 9.00
120 24.00
2000 GB 400 1500 da 4.00
NEW YORK
RUBBER MARKET
New York, Mar. 17. rubber futures today closed 35 to 48 points higher with sales of 86 - contracts.
that It cannot might break the deadlock. The Frwice feels afford to trade with Britain on idea which has French support It belleves this that high tariff countries in these terms. the additional exporte would all the free trade area like France flow in one direction from should be able to put a "com-Rex Briinin to France. In any case pensatory" import duly on eer. it sees free trade not as antain goods from low tori economic concept (there appears it in to be litle support for France on the grounds of econo- mic advantage) but as a politi-area en stepping stone to European Integration of scale.
a much
SUSPICION
countries like Britain.
This would answer one of the
Mar: 21.00; May: 21.20; July: 27.15; main objections to the free trade
Sept: 27.18: Nov: 27-30; Jan; 130; Industrialists by French
Mar: 27.30.
Standard contract closed 35 whose fear is that they would be.
their own wider unable to cumpete
to 48 points higher with no home market with British manu- soles reported. fuctured goods containing raw? Mar: 21.15; Mny: 27.20: July: 27.13; materials that were admitted to Sept: 27,20; Now: 27.20; Jan: 2130;
Mar Britain at lower tariff rates than Prices held steady to Arm, France would like to see Bri-those charged in France.
The Italian proposal which reflecting sellers tein join the cominon markel,
tical situation. Most of the but realises that this cannot will be discussed in detail at the in face of the Indonesian Poli OBEC meeting on March 31 is
buying came through specula external tariffs that minimum should be fixed for all members tive interents. And about If in of the free trude area.
be
is
So, as some observer are beginning to suspect, it deliberately obstrueling the joint efforts to form a free trade ares.
face
27.30.
cautiousness
Of shares were weakest es a group.
US tobacco ran up more than a point to a new high und Lorillard equaled its high in the tobarcos. The former fell back when Lorillard again denied impending merger with U.S. Tobacco,
cumours of
New York Stock Exchange bond volume was $4,230,000,
American Slock Exchange volume was 570,000 shares.
New York Stock Exchange volume was 3,130,000 shares.
Dow-Jones closing averages
were:
30 Industriale * rail... JB utilities Delocka
Comm. future price index..
Closing Prices
Alden Inc. Acy. Allied Chemicals Ailled Mille Zno. Alle Chalinors
Am. Brake Shoe American Airline ***** American Cable de Redio Cep. Amerions Cyadure Co. Amer, & Furn Power Am. Gas & Electric Am, lach, de ychy Ameroon Motal American Smelting Am. Sugar fief, American Tel. & Tri American Tob. "B" Anaconda Copper
25 per cent of Armeo Stel
Armour
Benoticial Finance
order to maintain Imperial pre- the total sales was represented Adas Cous. Mining Britain charged Jess 1 an exchange of July con- Botwin-Lime-Ham. The intest French proposals ference,
for Oct/Dec. delivery Baltimore & Ohio bear out this suspleton. Only than the agreed minimum tari tracts the nest is krly to be neon certain raw material it must physical rubber at a five-point Bendix Aviation Corp.
the future con- Benguet Conta compensatory premium on ceptable to Britain as it stands. expect to
Bethlehem Steel goods containing Cracts. This fy that the name of the duties when
Boeing Airpimism, shipment market Borden (The) Co. the proposed organisation should be these raw materials
about 600 tons were reported Burroughs Add Machine changed to put more emphasis ported to its European partners.
worked out of Thailand, in Campbell Soup Co. on the political nature of the Express Service,
Canadian Pacific R cluding three four sheets at 24
**Case (J. 1.) Co. and 24 cents, respectively, | Cat. Tractor
Calanese Corp. cest and freight, March/Aprli. About twice
plan. The French negotiatoru
believe that their home opinion would be more ready to accept the scheme it it was called "European Union for Economic Co-operation.".
the
The excond French proposal reflects their belief that advantage would be all on one side, if Britain and France abolished import duties on cach other's manufactured goods. 150, as a quid pro quo, Frence is de manding a share in the benette
4
of Imperial preference to give manufactured exports a
larger allee of the Common- wealth markets. But it does not propose to give a reciprocat opening in its own oversesa ter- ritories to exports from the teto trade area.
OPPOSITION
Furitish opposition,
WETC ex-
Remington
In
Japan
In
the quantity. I. T. Financial Corp, ....
Chrysler Motors moved remained unsold
Cluett Peabody No cent
higher.
offerings Colgate-Palmolive Cix
were reported out of Indonesia Colombian Carbon C
and only a few offerings were
noted from Singapore. Spot No. 1. Rss WDA quoted at 27 rents.
SINGAPORE The market
Indonesian
Commercial credit Commonwealth Elec.
Consolidated Edison Continental Oil of Del Crowa Zellerbach
Cuban Amer. Sugar Diamond Alkali
upened quiet. Diamond Match Co.
Doughn Abreraft situation
brought Dow Chemicals early covering but this was Dupont de Nemours
not sustained.
Backern Alting Kestren Kostak
New York, Mar. 17. Nippon Romington UNIVAC K.K, has boon formed in Japan to handle sales and
After mid-day the market be- 29 Paso National Ciss Fendy Financo Corp. manufacture of Romington came easier. Futures: Rand UNIVAC olctronic No. 1 rubber per lb. April 2794-70 May 771-72 and tabulating No. 2 rubber per lb. April 7312-74 system
equipment, it nounced today.
No. 3
Firestor Tyre & Rubber Ford Motor
Gener Electric
Was 23 No. 4
70-705%
Gesseral Food
67-60
General Motora
Spot rubber unbated Blanket crepe
T7-T
Gon. Pub. L.
No. 1 pale crepe.*** 0-0
LONDON
64-00
Getty Cli
The new company was formed in association with Dulicht
Glidden Co.
Goodrich (R. F.) Co. Goodyear Tyre
Harden Newport Corp.
Busson Kalaha Ltd, and Tokyo The rubber market was steady | Quit qu however, Shibaura Electric Co. Ltd, ac with spot quoted at 233% pence
the cording to the Remington Randper lb. Prices has been concentrated on third French proposal because International Dividen of Sperry No. 1 Rss spot ........... 23.23
this in the one that
520 most Rand Corp.
likely, to cause
the demise of
the whole scheme, discussion
of any other points
Settlement house term:
Executive April
May
2315-3315
-23
23-23
July/Sept.
Jar/Bar.
General markets, elt basis, ports: Mar,
Homeslake lining Co. Ingersoll-Hand Ining Blest Co.
Interchenical Corp.
Int'l xaines Machines Int'l Harvester........ International Michoi International Paper
Inta Twi & Tal
Manville Co
Power & Light Kemonott Copper
Layeti Meyer Tub. Co.
Loothon hireraft
Loews Incorp.
$. Nagamwn, and make managing director at Dalichi Jure
Bussan, will be the principal April/June an academic exercise.
oftear of the new company.
Nippon Remington, the re- The proposal in designed to nouncement said, will use the delay or flmi tart reductions. facilities and technical know-
toy The French want a time-ing in how of Tokyo Shibaura reducing tariffs in the free trade manufacture équipment in Japan arce unill after the common under a joint agreement.
market is underway and
J. McQuiro, Vice The rubber market wna wefndi trois Corts rangements whereby tree trade Prealdent and General Manager quietly steady. Prices closed Mango Mathe would come at different rates for of Remington Rand Internation- today in guilders per kilogram, Mission Develo Alferent induisies according to al, said the continued expansion elf April as follows;
Montgomery Ward. 'how quickly they were able to | of
AD-
Howard
Eriate crepe thin April 20
thick Aprili AMSTERDAM
Lone Star Cement Co. Lowenstein de Bomm
McDonnell Aircraft (Am.
Stock Ergs )-
the
Javanese national No. 1 rubber
rubber
201
V 221 buyers Monoole Eng
National Fren
- witzietand the extra competi economy is crosting a large No. 1 rubber
don sont important, it wants market, patronádali fog alectronie No. 1 notes froodom to negotiato fazia ro- computern United Prose.
153.11
$ 1016
14
Southern Co. (The) Southern National Gas Southern Baway (Com.) Standard Brande
Standard On of Cal, Standard Oil of Ind
Standard Od of NJ.
beep Rock (Toronto Expe.) Sterling Drug Co., ........ Studebaker Packard Corp. Summing Mining Swift Co
30
New York, Mar. 17. Cotton futures today drifted aimlessly over a narrow market oftor soc-sawing over a range of 75 cants a bale.
The list closed net 5 to 3 points higher. The markci opened up 8 to off point, New Orleans closed up one point. Professional tendera moved in
in a
Bonn, Mar. 17. West Germany tonight faced growing industrial unrest as workers pressed wage claims and a union announcement said some 350,000 public servico workers will stage a protest strike on Wednesday.
The token strlice by pubile and out of the market, partially service workers excluding the: for evening-up operations while police, fire brigades, health and commission houses and interests marked ilme.
breakdown of talks for wage Analysis sold the market op-1 increases,
the peared to be
between- Simultaneously
wages con's lull. Farm legislation committee of the Metal Work- developments appear to have era Union, acting on behalf of sent, wille the new crop ple- Ruhr iron and steel industry, workers in the Jost their influence for the pre- Bune 200,000 ture is not sumelently developed announced the "onal failure of to decisively influence prices three months of negotiations
for pay
increases. It said it
focal funeral services follows the CHINA'S TEA
either way.
textile
workers
in
In the spot market Atlanta would meel later this week to said more interest was shown consider further measures. by milis in the past week,
Wage negotiations for 40
although
Inquiries were for
Lower 80% small amounts
Saxony and Bremen, for nearby
where shipment. This Indicated manu-
about
7,000 people are on factures were covering as or-
sirike, will be resumed to- ΠΙΟΣΤΟΥ, 14 ders are recieved. Memphis re-
Some textile Lac- 3ported very few inquiries near-
tories have been on strike for and forward shipment.
more than nine weeks.-Reu- * RAW cotton exports today for. totalled 82,033 baics, brinz 794 total for the season so far to 131 3.730,418 vs 4,872,007 bales to
the same time, last year.
13
17 811x1
By
00%
12
42xd Month
411 March
2012 May
00 July
20% Oct.
49 Dec. LOT Mar. 10% May 28 July 3175 | Total
Volume Open in srest
2,000
13.800 216.300 1,400 318,200 18,300 215,300 24,300
7.100
407 07
145,300
99.300
8.100 110,900
5.100
03,300 1,085,000 bales
NEW YORK
Prices of cotton futures closed loday as follows:
New York Foreign
Exchange
New York, Mar. 17. Closing rates were: Dannda.....
1.0035 281 11/20 Olhora unchanged.-- United Prost.
England offelal
34
103%
431%
5036
#
Spot, 30.95: May, 35.82; July, 30.10. Oct., 30.10; Dea., 33.38; Mer., 36.30; May, 30.30 July. 35.04.
-
*
NEW ORLEANS
Textron Inc.
129
Tido Water As, Oil
Time Inc.
Twentieth Century Fox Film
2014
Union Carbide
Unton Oil of Col
Union Pacific Raliway
Texan Co.
United Aircrafter..
United Gas Corp.
ÜS, Poll "B* U.S. Gyptim US. Line Co, U.5.
melting
US Steel .... Warner Bros,
Westinghouse Electrie Western Union Tel, Co. West Va. Pulp & Paper Woolworth
***Unitech Pres
New York Sugar
Market
Prices of cotton futures closed today as follows:
Spot, 34.50; May. 25.01: July, 38.20
Oet, 38.18: Dec. 30.30
May, 30.24; July, 30.67.
LIVERPOOL
Mar.
futuro closings. in
pence per ib, were as follows:
Old contraet Mar./Apr.
Cotton
May/June
23.BI
July/Aug.
Oct/Nov.
20.10
Der./Jan.
Mar/Apr.
New contract Mar./Apr.
May/June
July/Aug.
Oct/Nov.
Dec./Jan.
Mar./Apt.
Closing
SAO PAULO
futures prlees,
in
cruzeiros per kilo were as fol-
laws:
July
Oct.
40.70 41.40 Dec. Mar.
unquoted In the United States, the
cat-
New York, Mar. 17. World No. 4 sugar futures
closed today 2 points average price of one-inch
ton at 14 designated spot mar- lower to 1 point higher kets was 34.00 cents. with sales of 109 con- tracts.
Domestic No. 6 sugan closed
I point lower to 2 points highe with sales of 179 contracts.
raw
World contracle moved irre- gularly. In quiot dealings whic traders awaited
market developments and news about the Internal Cuban situation,
Domestic contract trading featured Trude switching of May at nine points under July and later at 10 points under..
Contract No. 4 {world}
Spot-fcents per ib. fob Cuba)
Open Interest: 008d contracts,
3.41
$5.42
3.43
2.39
5.40
Total sales were 13.944 bales, -United Press.
LONDON STOCK
but
MARKET
London, Mar. 17. Stock prices declined today hunters bargain afforded some support and the market closed only fractionally lower in quiet dealings.
Foreign bonds displayed the 3.41 only strength, German, Japanese 3.40; and Chinese lens all rose from
1⁄2 to £1.
July 6112 Sept.
5434
May
K$
40
400?
Contract No. é (domestic)
4015
July
5.02
2011 | Sept
6.70
Industrials closed with minor 6.7% losses.
1.50
| Opat-(senis per Ib.
STEP
Open
Interest; United Press.
100%
Olls were mostly lower led by contracts Royal Dutch which slipped more
then two shillings.
London Metal Prices
⚫ London, Mar. 17.
Prices of metals closed today
were
Gilt-edged securities easier. Their weakness was allık- buted to rocent heavy new issues.
Gold end dollar stocks were lower United Press.
in sterling per long ton as fol- London Foreign
lawa:
13%
Tia spot 416-months
TO Copper spot
13-month
DEL,
Lead and in March 1734
Jube TJ
24 zinc 2nd half. March
Exchange
London, Mar. 17. Closing rates were:
New York Montreal... Caparikagon
2819/18-201 11/10 2.74 13/10-2.74 13/10 10.2545-1020 * 1747-474734
20.00-20.01%
buyers pellars
23014 72114
2714 1714
172
173
June
75%
64
-United". Press.
Man Calo Vientia Other
Exchange Rates
Dusion was done in the locat
WHALERIGEO market
this
New York Metal Futures
New York, Mar. 17.
7284-22.07
changed--United Press.
Prices of metal futures closed | unofficial Today in cents per lb. as follows: morning at the following sales
Laddi Maron, 11.20) May, 21.800. | Sterling notes (per 1
Australian, notes: (per kt. Indonesian rupials "(per 100) Singapore réinkita)
Copper Keroh, 2580% kao i 200.
--United PrONE.
*
*
OUTPUT
ON THE RISE
Paris, Mar. 17.
China's toa output in 1958 would reach 152,000 tons --or one-third more than in 1957, Radio Poking re-
ported,
China's Ministry of Agricul- ture envinged the increase of tea production to more thon 382,000 tons by 1982 to put the country in first place in the world's tea-producing countries, At present, China is third, fo)- lowing India and Ceylon.
Since the beginning of this yeur. leg-growers under State instructions were working to- ward the goal to add nearly 1.- 000,000 hectares of new ico tea plantations
oxisting
farms.--France-Presse,
P.OBIE.A
COMPANIES
PASSENGER/FREICHT SERVICE
"CANTON"
Blorewarde
Sallod 15/*
9th April
Balled 573
7th April
PENINSULAR & ORIENTAL S.N. C.
Leaves Loudaa Que Hongkong
QUEMAIČI ***KARMALA"
"CARTILAGE" "CHUSAN' "SALSETTE”
"SOUDAN” I "CARTHAGE" *CHUSAN" + "CANTON"
1st March 20th March 1st April
Leaves Hongkong p. 10th March 11th April
8th May
13th April 121 May 4th May
Dus London 27th April 12th May
Via 'pore, Penang, Colombo, Bombay, Aden Pl. 6320. ↑ "CHUBAN" also calia Blazaolites.
I "BOUDAN" omits Colombo, Bombay, calls Fost Mudau Havre and extends Hamburg, Rotterdam & Antwerp.
27th April
28th
May
Bila - June
BRITISH INDIA SN, CO., LTD.
"SANTHIA" dus 20th Mar,
"ITRIA"
יי
talla 21st Mar,
from Calcutta, Rangson, Penang & Singapore for Japan
P. & O./B. I. JOINT SERVICE
das 26th bfar
salia 27th Bar.
"UZIARIA"
Que 20th-Mar Jalla 28th Mar,
"ITOLA"
Aus 31st Mar.
salls 18% APT.
from Bombay Cochin, Colombo & more for Japan
from Japan
for Singapore, Bombay, Karachi, Kuwait, Basra Bu KhorramSANKİLE
from_Karachi, ___flam- bay, Colombo, Penang & Biore for Japan
EASTERN & AUSTRALIAN 5.5, CO., LTD.
"NANKIN"
due 60th Mar, FAIZ 3 bar,
“EASTERN" 40
th Apr.
2833 103 Apr.
from Japan, di 25, China for Australia Labiat
Bandakan
from Australia for Japa
-All youuois have ŭkarty to call at any port, en ́ or off the recta & the reuis à miliage are subject to change of amandment with or without notion
For full particulars apply to i MACKINNON, MACKENZIE & COL
UT HONG KONG ITD. Telephone box 277214.
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