1958-03-27 — Page 9

HONGKONG STOCK EXCHANGE

Our Own Correspondent

Business done on the Hong- kong, Stock Exchange this morning umounted to approxt- mately $600,000. Noor quota- tions and the morning's transe actions were!

Slater Buyers Selless Sales BANKS

T5 דו 100

1.77072

Ik k

INSURANCES

Union $100

SHIPPING

When locks

IXXKS, ETC.

K. Whart

110

Duck

你

PIN 334-

Plyktun «01 HD LAND; ETC

13

HK Hotel, 10.10 10.30

العالم 14

K Land.. 35 DE

RUBBER

Ainak

Tru 1

VILITIES Tami

Star Feny Yasinati

C. Light

Electric

Telephon INDÚSTRIALS

4,000 (16.20

7402 31.50 17531.25

125 LETA 1.176 1275 4.00 a 1.20

STORES, ETC. Duty

We XD

Nahvieg

3. Consol Est.

TRADE „and COMMERCE SECTION

The Threatening Look NEW YORK The New York NEW YORK

Of

Recession

London, Mar. 26.

Mr C. F. Cobbold, Governor of the Bank of England, declared tonight that patches of recession round the world “look rather more threatening than they did in February.” Addressing the annual dinner of the Machine Tools Trades Association here, he said inflationary pressures, though damped down rather more clearly than was evident six weeks ago, were still lurking around.

Dulles Has

Talks With

Dr Erhard

Washington, Mar. 26.

**With patchies of recession round the world," he went on, "the length

and breadth of

which we cannot yet Judge but VALUE OF

which

look

rather

than they

more

February, the Worst survice we

could do to our prospects of high employment and living stand- ards would be to allow intallon to continue in the UIC, and sa 16 price ourselves out of world mankets.

to

"Until we have killed infla- on we are surely bound hold back many things in themselves would be desir-

abic,"

which

500 10 10 Mr Dulles, US Secretary of, State, told a press con- forence here that he and Dr Ludwig Erhard, West

Referring to the lowering of Gorman Economics Minis- the bark ente from seven to six ter currently on a visit to par cent last werk, Mr Cobbold must not Amorica, had this week Said the authorities discussed economic prob- allow themselves to be inhibit ed by psychological fears from lams,

those moving the including

rate downwards relating to the European when a decrease was justified Common Markot and Free on merits, Trade Aroa, having potan- tial repercussions on United States and Ameri- can business.

23 23 20

30923 200 20

17

PG 07.50 17.00 1750

I ur bu

20 10 20,30

21

10 TO 10.00

1.0000 37.20

905 20.29

30

21.20

300 12 28.20

150 26.70

A1 2,150

ปี

*)

5 $20 - 73

30. 4,197 21.

New York Sugar Market

The domestic No. 6 sugar futures cload 1 point lower to

of

"On purely teclinical grounds, with a downward trend in the domestic short-term market and with the relative developmen! of short-Te 1ates here and overseas, a muve from seven pær Dr Erhard, seemmpanied heat to six per cent would have senter West German officials, een justified at any time since spent more than two huis con-

January." ferring today with Mr Robert B. Anderson,

the Secretary of Treasury. After the meeting, a click statement. joint Issued, which said there had been a friendly and open discusion of the economie problems both and between the United States and Germany.

A

was

a

New York, Mur. 26. Mr Anderson and Dr Erhard expressed the cominan World No. 4 sugar futures had

concern of ench country for the 5 today closed points

of the ather free problems higher to 1 point lower world nations. There was with sales of 481 COB general review of the conditions in the two nations, especially in tracts.

view of expanding world trade, the statement added.

said Mr Treasury atfiel Is Douglas Dillon, (State Depart Firmness in raws andment)

Raymond Saulnier, Dr certainty over future supplies

Chairman of the Council of face of

prolonged Economic Advisers. Dr Gabriel Hauge, special economic antis- tant in President Eisenhower and Mr Samne! Waugh, Pre- sident of the US Export-Import Bank joined the meeting-- China Mull Spectul.

1 point higher with sales 148 contraCIS,

In

Howallan trike,

で

and the threatened strike in Cup, ale tracted an improved demand generally,

Contract Nus, 4 (world)

349

May

July

Sept

333

Oft

Ma.

340

339

May

July

Big Investments

SUR-AL.

ful Coba

323

Chen Anrest: Bara eontracts.

Contract No. G (domestic)

In PI Nickel

May

569

July

5.70

Sept.

5.83

Nuv.

5.37

Spolsterniser h, if NY

3.65

- $69

•'suntruely

ex-duty

Open Interisl:

United Press

Exchange Rates

Manila, Mar, 27.

There were strong orgaments for not coming down too soon, before an exchange recovery had been consolidated and be

fore

very high

short-term

rates had played their part in rubbing inflation, Mr Cobbold added.Reuter.

BELGIUM

CUTS

POUND STERLING

London, Mar. 26.

RUBBER MARKET

New York, Mar. 26. Rex rubber market today closed 15 10 20 points lower with sales of 68)

contracts.

Mar: 20.40; May: 3842; Jury: 20-50; Sept: 20.00: Nov: 20,00, Jan: 20.05; Mar: 20.05.

Standard contract closed 15 to 20 points higher with no sales reported

Mar: 2000: May: 20 60; July: 26.55; Sept: 20.50; Nov: 20.40; Jan: 20.00; MAT: 20.03.

Prices cared in a small and routine professional trade. Nows speculative interest continued to lin restricted pending clenzet picture of the Indonesian poli- tical situation.

act ไอ

un

Stock Market

New York, Mar. 26. Stocks moved irregularly on reduced volume today. Neither a statement by President Eisenhower that

the worst of the recession may already have been reached nor successful orbiting of America's third satellite could do much more than a decline. The list as a whole was steady after early shaky start. Even Chrysler, prime contrac- tor

the Jupiter missile. which shot the satellite into orbit, couldn't get off the ground. It made up a fraction of a small loss,

for

Interest

On centred

the

sucefal issues to the negleet of

the leading groups. Brooklyn Unlon Gas raised its divklend,

Dow-Jones averages were:

Brokers reparied a continued lack of dümesile instory interest.

Volume lightened substantial- Several andlysts expressed the

from In reply to a question in the feeling that the market should to 1,000,000 shares

House of Commons today O WIL" but that the In- 2.210,000 un Tuesday, the lightest from Mr Harold Wilson, donesia situation is "maiding since March 10. Of a tattl 1,131 Labour, Mr Derick Heath-cult

their issues traded, 501 derlined, 351

udvanced coot Amory, Chancellor thoughts." of the Exchequer, said ho Domestic consumption of new knew of no change in the rubber in February totulled 100,00 long tons. The figure Government policy in con-

wis about in line with expecta- nection with the limits

tlons and had

market within which the value of

effect. the Pound sterling would bo free to move in terms and of the US dollar ather currencies.

Do

Of the total, synthetic rubber Recounted for 63 per cent, an increase over the January Palio of 63,93 per cent. Spot No, I ss was quoted 1 20% cents.

SINGAPORE

In reply to another question, ions to repeal or amend existing about the Government's inten- statutory powers in the teld of With overseas markeį advices exelinge control, Mr. Amory disappointing the market open- said. "The Government's policyed quiet at 7715 cents and held is to do away with powers at that level all day. exercised under emergency

legislation.

controls

There has been a foir inquiry for neatby April shipment and "This means' abolishing those some demand for lower grades

under nited exercised

clúpments. to all which are no longer needed and Futures; to seck

to permanent power cover those which are."

Asked by Mr Ray Jenkins (Labour) what was the purpose of freeing import of Pound notes into Brllam, the Chancel lur of the Exchequer said, "This relaxation will reduce controls at the ports, case one of the

BANK RATE problems of visitors to

Brussels, Mar, 26. The National Bank of Bol- gium today announced a reduction in the Belgian bank rate from 42 to 44 pcr

cent, to take effect from tomorrow. The returtion had been

PX-

this

No. 1 rubber per ib. Apr. 972-72%

My 772-17 No. 2 rubber per lb., Apr. 7315-2414

o

70-70%2 07-0 77-77!5

No 3

Spot rublier unbated Blanket crepe

No.

pale crepe

LONDON

market

The rubber

10-82

20 Industrials 20 ras

12 unites

65 stocks

40 bond

Comma. future price index.

American Stock

440.70

105.04

73.70

153,00

00 70 150.09

sales dropped to 400,000 shares Exclure

from 600,000 shares yesterday,

Bond volume today amounted to $3,980,000 against $4,630,000.

Closing Prices

Alden Inc. Avg.

Alhed Chemicals

Allied M Inc.

Allis Chalmers

Am. Brake Shor American Airline, American Cable & Radio

Comp

dry,

American Cyanarald Co. Arner, & Förgn. Power A. Gas & Electric A. Mach, & American Metal American Smelling Ani, Sugar Bet American Tel & Anwrican Tob. " Alicanda Copper

Amica Steel Armour Atha Cona. Mining Baldwin-LMA-IIam.

Baltimore & Ohio Renolicial Finance Dendis Aviation Corp. was Benguel Cons

Boeing Airplane

Bartier (The) Co.

country, enable the Goverment steady with spol quoted at 23% Bethlehem Steet to meet a request of the OEEC pence per b. Prices: and strengthen the position of i sterling generally." China Mail Special.

BRITISH

pected for some time and be. AIRCRAFT

emme a virtual certainty after

the Bank of England reduced

its rule from seves to six per

cent last week,

The Belgian

bank rale was

raised from 34 to 4% per cent

last July,

Some quarters here expressed

A Phillppine Government disappointment that today's re- mission returned from the United | duetion was only 1 per cent. States yesterday with glowing It was expected to have little

reports that American Investors effect on stock market dealings |-

been are ready to pour US$100,000,000 mnd had already

dis-

to develop extensivo bút idle counted in stock prices for the nickel cleosis

Surigao past few weeks.--Revier, Province. In the local Buriness was done

The this exciton market unquicial

thorning at the fullwing rata:--_

Agriculture Secretary, Juan Rodriguez, hemi of the investinent promotion mission,..

US dollar (per $1)

5 40

Sterling hotay the li

30.00

Australian notes (per £1),

18,45

Indonesian rupiafi per 100)

15 04

Stem tical (per 100)

20 Ba

said three American Brmis alune

willing to were

put up

the

Singapore (Straila)

1.00 US$100,000,000.-France-Presse.

Probe Into

Canadian Hongkong Competition

By JOHN VIRTUE

Ottawa, Mar. 26.

What will probably be the longest and most im

portant of the Tariff Board studies on the Canadian textile industry-the multi- million dollar cotton industry-opened here today,

other

wool

As In the three previous no unchanged, will also be

heard. public varings, the. Primary

'The Textile Institule of Canada is

hearing is the fourth cince last November or the seeking a higher tariff barrier to ward of "unfair" competition Canadian textile Industry. The fabriés. from foreign manufacturers,

covered Woof wosic and rage and Main targets of the institute,

An- fibres. representing Canada's primary synthetic staple textile producers, is the United olher seven will be held before States which supplies 1⁄4 of the study, requested last year Canada'e Imports of cotton, by Finance Minister Donald

Some 46,000 yards of cotton Fleming, is completed.

are

PI DOLLAR

HOARD

Central

EXPORTS

British

London, Mar. 26.

aircraft exports

reached an all time high

in January and February

102

United Aircraft

United Gax Corp.

U.S. Foll "B"

09. Gypsum

U.S. Line Co.

US. Rubber

S. Smelding

Us. Steel

Warner Bros. Westinghouse Electri West Vn. Fun & Pater Western Union Tel. Cv. Woelwerth

United Pre

COTTON MARKET

New York, Mar. 26. Cotton futures encountered

resistance today after an opening buying spurt carried the market back to around Tuesday's sca sonal highs.

57

Gains up to 65 cents a bile were converted Into moderate losses when a paute in the de- mand brought out realising by recent buyers pr.d some begging.

2012

2

But

Probe Into

French Economy

Paris, Mar. 26.

Closing near the day's lowest levels Die Bal was of 11 to 15 polats pet. Opening prices were dup 2 to 4 points, New Orleans closed off 10 to 15 points.

12:2

Cautiousness was imported, traders suld, beenuse of tech- nical considerations, plùs the discouragingly slow textile de- mand and the reports of further textile mill curt:ment.

Uncertainty over farm legis- tito also cunted. Traders de- bated expectations for a presi- dential veto of the freeze p farm prices and acreage allot- ments, and the possibility that Congress might override a veto. Crop news icatured reports of ectinued delays in land pre- parations and seeding in Texas

588

The French Government has and sections of the central belt. Liverpool futures were most- decided to appoint specially unchanged to 24 English study groups to examine points lower, and 512 to symptoms of recossion in American points under New the French economy. The Yorks futurs decision was takon follow-Month ing round-table discus- July sions batweon ministers, trade union loaders and Mr. employers representatives s hare during the last two days.

The study groups will investi- Jagate signs of declining sclivity 36 is the aircraft, building and coal

Industries,

171E

43

A special group will also sur- 201 vey the economy as a whole for any recession threat and make recommendations for fighting it, The Government, points with satisfaction to growing, signs of price stability in France.

May

Oci

Dec

May

Tofal

Volume

Q Interest

13,700

218 100

13,000

213.903

15,700

214,200

14.000

100,400

0.850

104,500

8.600

123,300

82,000

1,108,990 Lales

NEW YORK

Prices of cotton futures closed

today as follows:

Spot

May

July

Det.

Dec.

Mar.

July

NEW ORLEANS

Prices et colton futures closed today as follows

1

za

10%

39

31

The retail price index rase by only 0.7 per cent in February after gaining between two and

Spot

May

July

No. 1 ss spal

243-2345

Burroughs Add Machine

Settlement house terms: | Apr: May

Campbell Soup Co.

2016 three per cent a month since last 394 September.-Chins Mall Special.

Dec.

Mor

Canadian Pacific R.

247.

May

23-244

23-23

Case (J. 1.) Co.

3474

July

23-231

Cat. Tractor

802.

231-23

Celanese Corp.

235-23

č. 1. T. Financial Corp.

4712

23-23

Chase Manhat. Dank

Cotton

23-23

Chrysler Maturs

Cluett Peabody

2234-221

Cu.

230

Jung Apr/June

July/Sept. Dcyber.

Jan/Mar.

General markets, cif basis, ports:

April and May...... Estate crepe thin Apr

thick Apr.

-United Press,

Singapore

Stocks

Brokers

Singapore, Mar. 27.

today quoted

of this year, E. C. Boyer, following stock prices. director of the Society of British Aircraft Construc-Ba Lintang Hubber Co. tors, announced today.

Boyer said that British air- craft industry exports during the rst two months of this This year renched £24,157,745.

Is 45 per cent above last year's equivalent figure, Boyer said.

He added that if this develop- Monila. Mar. 27. Bank

Governor ment continues the annual rate Miguel Cuaderno, guardian of will reach 145 million pounds, with 116 million the Philippines dollar hoard, compared yesterday assailed proposals for pounds last year-United Press. multiple currency reserves

071

the grounds that the bulk of

Philippine trude was still car-

the on with

Iled States,

United Anglo-American

Corporation

Cuaderno sald that foreign exchange, as part of the Philip- pines International resérves, would not be "readily úsable" to pay for the Philippines im- and other foreign obliga- port

ions.

proposals cumo from business circles eager for more trade with more countries other than the United States.-France Presse.

Tho

ITALY'S AUTO

INDUSTRY

Hongkong & Shanghai

Colgate-molive

Colombian Cachon Co.

Consolidated Edison Continents Oil of Del. Crown Zellerbachi Cuban Aonst Sugar

lemond Alkali

Daglas Arerafl

Goodyear Tyre.... Gulf Oil

ריים

LONDON STOCK

The

MARKET

London, Mar. 26. Uiree-week necount which opened today ends on April 15 when the Chancellor of the Ex- chequer displays his budget. The market was idle and most sections lost ground.

34.95

36.DA

30.20

34.03

LIVERPOOL

future closings, In pence per ib, were as follows:

American contract

Mar/Apr.

May/Junie

Drc./Jan.

July/Aug.

Oct/Nov

Mar/Apr.

Mar/Apr.

May/June

July/Aug.

Mixed extract

Oct/Nov. Dec./Jan. Mar/Apr.

Cutton 'cruzeiros

follows:

23.97

25.00

25.47

SEE298 BAC838

27.25

77.60

one-inch cotton

average price

Toul sales were 11,932 bales.

Diamond Meteli.Co.

Dow Chemienia

Dupont de Nemurs

Eastern Airline

Eastman Kodak

Family Finance Corp. .......

20%

Firraons Tyre &

Rubber

General Electric

General F

the

General Arators

Gen. Pub. ult.

40%%

Delly Ol

2037

SAO PAULO

future per kilo

closings, were

In

Opening

Glidden Ca

3147

Goodrich (1. P.) Ca.

€12

Lid. Bellind Barnca Petroleum

Syndicate Consolated Tin Stellers

Отб

ard. Fraser de Neave Add Fraser & Neave 1 cum.

pred

$1.77

73

30/-

Heyden Newport Corp.

27/00

Tienesinke, MỞ KHI CÓ Inger-and

$2.00

Inland Steel Co.

int Business Machines

334%

94.05

Int'l Harvester....

Géqumans (Malays) Lärilted $5.30

International Nickel

91%

Danking Cory.

$430

British Governments closed only 110 Er a lover. Ther were seine firm spots Emong the industrial; but in general the lin drifted down by Üd or less.

Ölls were dull with Royal at the 14 designated spot markets Dulch down 57-, and Shell was not availahte. Transport and British Pétroleum-United Pres5.

Aur.

May

unquoted unulated

July

42.00

Oct.

42.00

1

the

United States, the

Hongkong Tin Ltd.

1/20 $1.8792

Kankas, C. Power & Light

42

31/4

Luns Rubber Estater Ltd. Malayan Breweries

$1.05

Kennecott Copper..

381

$3.423*

Liggett Steyors Tob. Cu. Lockheed Aircraft

0212

2EP

New Sorandah Rabber Co.

La

12.47%

Loewe incorp.

Fetaling 2în Lid.

$1.7734

Lone Star Cement Co. Lowenstein & Sons.

19

Singapore Cold Storage

$2 02:15

20.01 $1.70

McDonnell Aircraft

(Am.

281%

Straits Breamsliip

$20.

Mesabi Iron Corp.

30

United Engineers Onl Wearda Bros.

$1.001 $3.11

Minnesota Mining

23

Mission Developmen!

sonranto Chemical Co. Stontgornery

Ward

Motorola Inc. .....

National Cash Iteg. "A"

303% 5715

National Delry Prod

435

National Lead

National Steel Corp. New York Central Norfolk & Western Ry.

AT

NITRATES FOR

1315

៦.

Olis Elevators Owen-tals Glas

Kumpas Ltd.

Kuala Kampar Tin

Raffles Hotel

Straits Trading

cumdiy, foci. Texell-China Stan Special

NEW RUBBER

John-Manville Co.

Slock Exge.)

CONSUMPTION in Mallison

New York, Mar. 20. Consumption of new rubber

London, Mar. 25. Anglo-American Corp. has announced a final dividend of us per share, making Bs per share for the year 1957 and

Oxford Paper Co. with 19 for the compares

Pacific Gas & Elec. Pan American Airways The profit for previous year.

Parke Day Co the year after providing for in the US dropped to 100,009 Paramunt Picturea

tions in February from Penny J. Co. taxation is £4,907,000 against long

115,222 1ons a mouth carlier. Peno. Salt Co. £4,418,395.

and 123,687 fons in the like 1937 Philip Morris ..

Procter & Gamble Co. the Rubber Pittsburgh Plate Glass African and European Invest-period, according inent Co. has announced a fleal Manufacturers Association ine.

Publicker Industries Synthetic rubber lase

Last Pure Of dividend of 35 per unit of

Radia Corporalien

shell Oil Co.

Sinclai

Rdceny Mobiloil Boter Aircraft South Puerto Rico Buga?“ Southern Co. (The) Beuthern Railway (Coin.) Soulher National Gra Blandard Brands Binderd Oil of Ind Blandine oli af NJ. Steep, Rock Toronto ge Skely-Vin Camp. Alusbaker-Packard Cap Husaini Mining

wis & Co.

ordinary stock, making 45 per month amounted to 63,520 tons, Radio Corp. Pet. trit of stock for the year 1957 | compared with 72,035 in Janti- Rentbile Steel

but accounted for 83.48 Reynolds Metat arit compares with 3s 30 for the ary, previous year. The profit for per cent of total how rubber Sau Roebuck & Co. Turin, Mar, 20.

the year after providing for consumed, as art 63.03 per Saint leg. Paper During the course of the taxation and amounts written off out a month earlier. month, an Improvement was investments 18 £1,305.043 Production of all types of

·marketed annuelly in this Suppliers of collon fabrics to shown in the number of orders, against 2000,733.-China Mall cynthetic rubber in this coun- try fell to 81,752 long tóns from United particularly from abroad, to the country,

the three times the com-Canada include

Special.

102,716 tons in January, but was India, f automobile industry, according Japan, bined amount of the wool and Kingdom,

unly slightly under last year synthetic materinis zold,

Biglum, the Netherlands, West to the monthly report of the

output of 83,235" tons,” the re- Germany, Poland, Czech Turin Chamber of Commerce Hearing is expected to lastvakia, Hongkong and China. for Ecbrunty,

port showed Unlie) Press. more than three wocks. Nearly The Institute claims that low The trade revival arose main- half of that time is expected to wages paid in these countries ly from the OBEC be consumed in the reading into give foreign manufacturers an Progress was also made in the the record of the textile Insti- uifair advantage

London, Mar. 26. over dones-dollar area, while in the sterting tute's 150-page brier.

principally

Washington, Mer. 20. arta, the produced,

India. Debenhams Limited has art- Canada is the third largest Bakistan and Australia as well nounced an interim dividend of The White House is expected importer of collon fabric, trails in Eastern Europe, the stud per share, legs tax, which tomorrow to announce new tion worsened, “25 Causia Mall was the same su previously-restrictions än érul oli "In- dustry's stand and from the ing Indumela and Australis. * =

Special

China Mali Special.

paris-Beuter. wanting the tariff rates to ro- | Unites Press,

Representalives from other organisations supporting the in-

$24

countries.

Interim Div.

Crude Oil

Текая Ср

Textron Inc.

Tide Water An. pli

entreff: Century Fox Wi

Union Carbi******* Union 01 of cif Union Pacific Hallway

non-

down about 2/-,

German Young Loan aesented rose, £10 £2301⁄2, a new high, bui all others were} unchanged. Japanese were also unchanged but one of the idle Chinese Dongs improved a few chillings.

London Foreign Exchange

London, Mar. '20. Closing rates were: New York

Dollar stocks жете lower

Montreal with the premium down 19 amterdam

335% per ent.-United Press.

Brusel Copenhagen

Frankfurt Milan Park

Stockholm Zurich

2.831-2.01-12/10

2.74f1-2 75

2006-10.33 139.97-189 MAY 39,2536-30,3542

174514-374532

11811181

141-14,0136

Others enchanged-United Preis.

New York Foreign

Exchange

The

CHINA

itc

Santiago, Mar, 28. government gave approval today to a plan to sell tons of nitrates to

1,02-15/10

500,000

Cina.

40%

New York, Mar. 20, Closing rates were: gland official

"+

30-day

Do-day

Australia

New Zeland

South "Africa

Argentina

10xd

over

The shipmnals, worth shou! | Canada) US$18,000,000, would be spread

The

Ανά next

yeur's, Approval was announced after a cabinet meeting with Prestat Carlos Ibanez.-United Press,

London Metal Prices

London, Mar, 28. Priece of metals closed today in sterling per long lon follows:

+

Tin

spot

Copper spot

-month

Lead 2nd half Mar

Zinc 2nd halt Kai

A

Others unchanged.

2.01-11/13

2.30-11/13

2.79]

1.00-11/10

2.02-1/10.

0210

DODS

United Pris.

New York Metal Futures

New York, Mar. 20. Prices of metal futures closed

Buyers Bellers today in cents per 19. ks (11**

130

ן

13016

Land

March

Zino

May

Coppff

Tin

11.05b

•