1958-04-08 — Page 9

TRADE

THE CHINA MAIL, TUESDAY, APRIL 8, 1958.

and COMMERCE SECTION

Pagë

The Budget-Good News Rubber: One BRITAIN SELLS OVER

Gold & Dollar Figures For March

By RONALD BOXÁLL

London, Apr. 7. The budget duo on April 15 is not, after all, likely to be the gloomy affair that was `oncé expected. This is the conclusion that has been drawn from the mass of economic data released, as is the custom, at the end of the financial year. The week's best news, however, did not come from the usual annual offering of information about the national income, the balance of payments and the economic outlook for 1958, It was in the gold and dollar figures for March.

HONGKONG The New York

STOCK EXCHANGE

this

Our Own Correspondant Business done on the Hong- konp Stock Exchange morning amounted to approxi- mately $260,000, Noor quota- tions and the morning's trans- actions were:

Blades

BANKS

Buyers Séle

Kuida

Bank. 707.30

190

40 797.20 140707.50

40 GL

74

0.10

INSURANCES Union 150 whetkek DOCKS, ETC. Dock, XD

BHITING

K. Whart

Provident,

49

$

(0) XD, 11.19 11.30 500

Stock Market

New York, Apr. 7.

The stock market ran into another selling storm

today and declined for the ninth straight ses sion. Bug losers included Addressograph- Multigraph off around 5; IBM more than 5; American-Hawaiian Steamship around 1; Freeport Sulphur around 3 and Coca Cola around 2.

It lost, an around 2

close. A

new town

Lorillard was under pressure Miaston_Development lete in the stawich, carly gain and ruled points lower at the

umber of issues hit for the year.

A few specialties responded le favoumble corporate develop. ments, but losses of a point of numerous in the

Mom Wire

main-list.

Uncertainties over the eco- nómic outlook and labput 1000 Degotiations in the auto indus

17tre combined to keep

100

40

1130

LAND, ETC.

Notes. 10.09 17.20

600

!

500 **

Rea

1.43 1.563

:

1275

of the selling.

The steels were

These showed the sixth successive monthly gain since the sterling crisis of last Autumn, and the biggest rise for a single month since the sterling commodity boom at the outbreak of 1201 120 3000 or the Korean war seven and a half years ago.

The March gain of $237 million brought the total rise in Hold reserves in the first three months of the year to nearly $300 million."

provided " buffer" against the American recession in 1953, has now slowed down.

The British Government ap- pears to be relying on the fall in import prices a

to maintain the balance of payments surplus in face of the dimeult condi- lons that are likely to atlse this fear in overseas markets.

The external position has rosier hure

fo muny thun months past. The Sterling ex- change rate against the dollar is pressed hard against its upper limit, and the bilance of pay- ment is comfortably in surplus. At home, production was unly 1 per cent higher in 1857-thun In 1950, and wages and salaries-rose six per cent, there Was some increase in home tosis, and this was reflected in higher prices. But the economic eliinate is now less Inflationary than it has been for several years.

FIRST TIME

19

The

For the first time in recent years, the British economy Hot stretched to is it. high rate of investment in in- dustry that has becs going on for several years should, de- cording to the Edenomte Surves published this week, provide a store of capacity for further ex- pansit Labour shortages_nre not bedevilling industry as they did until recently, but un-

is sill employment

less thon two per cent.

The stage would thus appear to be set for an "expansionist" budge! with tax reliefs at all lévéis to enable industry produce more and the public to Buy more. Unfortunately, how- ever, there are other factors to be taken into account.

Chancellor The

And Zila Treasury advisers are as muck

16

But earnings in the rest of the sterling area where incomes from raw materials have al ready fallen "may stay relatively depressed until world activity starts rising again"

overseas sterling countries "will be able to draw down their sterling balances without im- posing too great-a-strain on "the" gold and dollar reserves."

The problem for the budget therefore is now to reconelle moderate expansion at home with the need to keep the strong remembering pelad that

HK Land 32.39

RUBBER

UTILITIES Teแก

Star Ferry

23.60

Youmay.. #t

Light

(0) 17.40 17.50

Cectric... Telephone

the

market on edge. Unfavourable developments in some

Indus for some

tries also reccuried

Monzanto Cheinical Co. Mortgomery Ward Motorola Inc National Costs fice A Naitonal Dairy Prod. National Lend National Steel Cap. New York Centrul Nertolk & Western Ry Olin Mathieson

O Revators

Owen-Illinois Clos

Oxford Paper Co., Pseille Bai Bộ LƯỢC. Pan American Airwaya Paramount Pictures Parke Davis, Du.

Penny J., Co.

Penn Bart Co.

Philip Morrie

cter & Gamble Co. Pittsburgh Plate Glass Publicker Indukiries Pure 01... Radio, Corporation Radio Corp. Pref. Republic Steel

downside Reynolds Metal

2002.40 leaders on further production Sears, Roebuck & Co.

Shell Oil Co, .. Industry aint neg. Paper

culbacks 11 the

In 1700 Tobaccos featured on the upside sinclair Gil

500 H 1740

600 M 2740 DA news

of favourable price Boceny Mobileli

Solar Aircraft

60 40 40 support attention in Washington, 300 4

333

800

20.00 57

20,80 20.40 26.40 26.00

204Ŭ

INDUSTRIALS

Cement... 20.00 STURES. ETC Dalry** 17.10 11.30

Watson ... 10.00 COTTONS" Toilen ...

4.025

Southern Co. (Tel

American Can-Standard South Puerto Rico Bugar Poors stock of the month-rase Douthern National Ga

BOO 240 over a point and, with American Southern flaitway (Com)

Standard Brandi 300240 Tobacco, helped bolster the Dow standard Oil of Cal. Other Standard Oil of Ind. Jones industrial average.

of N.J. included Mar- Standard Oil upaide features Chant Calculators, up over 2 anley Rock (Toronto Exa)

Sterling Drug Co. a planned merger with Smith Stokely-Van Camp. Corona (it dropped. 14) Easter Studebaker-Packard Corp. Corp, 6 higher; US Gyprum, up Sunshine Mining over a point, St. Regis Paper and Switz Co. Lily-Tulip, ench up 14 (Inter Textron me. national Paper fell 14.)

Standing out on the downside Tosses of a point to 5-points with

and Sulphur werd Freeport Jefferson Lake Sulphur, dressograph-Multigraph, and United Fruit.

NEW Y NEW YORK -COTTON- MARKET

Texas Co...

de Water Arsa. O Time Inc.

Twentieth Century Fox "Thi Union Carbids.....

Union Ou of C

Ad-Unies Pacino alway Voited Alycraft United Gas Corp. U.S. Foll, "0"

Tranc

New York, Apr. 7.

New York Stock Exchange bond volume was $4,180,000.

Exchange -Stock American the seasonally unfavour Fest-holiday cotton dealings

fallowed an Irregularly volume was 630,000 shares. oble period for sterling inter in the year muy coincide with

lower pattern on dwindling Now York Stock Exchange scramble for dollars if the

volume was 2,090,000 shares, activity. "uplurn" in Amerela is delayed

Of a total 1,170 issued traded, much longer.

579 were lower, 332 higher.

ave:ogċa Dow-Jones closing were:

FAIRLY STERN

There is talk in Britain of fairly stém budget in just over a week from nów, followed by another perhaps less stern in the autumn, when the outlook is clearer. But the génerul ex- pectation is that the Chancellor will feel able to ansiouncé some

tax concessions now.

And the economie justification for these would be the argu- ment expounded

The In Erenumit this weekend that "most of the British production in the dark as anyone about the

stimulated

tax by modtrute likely duration and ultimate reliels now would probably be effect of the recession In

produétion which, otherwise. United States. Like everyone would not be undeaken, not also they are faklig an ultra-

production which otherwise cautious line, and the budget would go to export,"Express

this at- wilt doubtless reflect titude.

SOME WAYS

the

and

Service,

Closing about mid-way bê- tween the day's high and low was off 60 to levels, the list

14 points net. Opening prices were off 2 to up-6 points, Now. Orléans closed off 10 points.

to 12 30 Ind@trials - van e

20 ralla 15 utilities

40 bond

Closing. Prices

A number of overhanging un-stock certainties, relating to the crop on future price index picture, plus business recession continued stockė and the market decline alt combined iq put the quictus on new market interést.

talk

Aidan Ino.Any. Allied Chemicals Allied Artis Inc. As Chalmers Adu. Drakte Shoe

Operations centred partly on routlay evening-up. in the May delivery, unticipating first nolice American Airline day, April 24, Open position, in American Cable & Hadid Corp.

Ameries Cyanamid, Co. May today stood at 159,100 bales

Amer. & Feren. Power The certificated stock at 23,642 Am, Gas,& finerie bales was off 152 pales from Am. Mach. & dry the previous posting.

Amerledn Meal American Smelting but Crep news was mixed,

Am. Sugar Ret. American Tei, & Tel considered mostly unfavourable, In new The lengthening delay

American Tob. "B" Anaconda Copper crop Jaru preparations and Armco Steel seeding over many sections of Annour the south and west increased Aldwin-Line-Haan. Cona Mining

IRON CURTAIN tents of a seriously delayed crop Baltimore Ohlo

STEEL

PRODUCTION

In some ways, the American recession actually helps Britain for instance, lower import prices have already benefited the balance of payments, should sooÙI begin to exer downward pressure on, export

London, Apr. 7. prices but there is a point be- yone which it will to nothing Steel experts from Iron Cur- but harm.

fain countries meet in the central Whether

or not

that point Ukrainian city of Daleprope- will be reached before the trovsk to discuss ways of in- American reflationary measures creasing steel output, Moscow begin to fake effec! is still a Radio reported today. matter of doubt. The Ecobiomic Survey nbted the United States Government confidence

that

13

start.

beneneral maneg Bendix Aviation Corp.

Tractor Caterers Corp.

anand Mater Co.

Eastern bell sections estimated Dengues Cons the crop about ten days late. Deltenen Blegi Memphis said while germina-Boeing Airplane tion of this year's pianting seed Berdon The Co

Burrough Add Machine is possibly 10 per cent below Campbell Soup Co. last year, the supply of seed Canadian Pacife R.

Case 13. L.) Co. is adequate unless wholesale-

C. I. T. Financial Corp. replanting becomes necessary.

Atlanta noted more mili in-

Chase Manhal, Bank quiries for spat ection in the Chrysler Motors

week, principally for cluett Peabody....... Colgate-Palmolive pust spring and fummer shipment,

Colombian Carbon Co. Mills became concerned over | čommercial Credit tho supply of lower, pradės; Commonwealth Elee.

Continemist. Oll of Del. The broadcast sold delegates most manufacturers thought of Consolidated Bulson from Bulgaria, Hungary, Eusí buying now and carrying into Crown Zellerbach

Cuban Amor. Bugar Germany, Poltrd Rumenia, the summer, and early autumn

Dikend Alkali the recession need not be pro-Czechoslovakia, and the Sovie meaths, Meinphis sources said longed, and points to the rew

Union attended the meeting of mill demand, increased with the Douglas Aircraft cords of previous recèssicus 1048-10 and, 1953-54 as examples the steel section of the Council higher March, parity and of America's ability to take tor Mutual Economic Assistance. layed crop reports,

Soviet representatives. Mic May delion gblunt any serious de-

claimed cilne.

Pertsoy .hall But the Briti government Russian steel production só Det is, nevertheless, worried. There be increased, to approximately M are differences between this re- 115 to 120 million tons. In 1938 31ay. July cession and previous ones that as compared to $1 million tons

Getty On do not make for why great con='] in 1957. ndence in the ability of the rest

Bulgaria délégaté (van Prices of cotton futures closed Cidden Co.

Goodrich. 10.) "66. of thủ word to rắc 1 out. Bóуstayev said his Country'd today as follows:

Goodyear Tyre Spot: 30.0: May: 35.07; July: 3512; Gulf, d steel output wedld be nearly

"Nowideł Chep. May: 30.1: July: 30.11.

NEW ORLEANS

Ingersoll-Rind Prices of cotton futures closed and Stes), Co.

InterchénieWT · COSTI. Koty Duainger Zeitham 21.05; MAT: 39.84; July:i, mert 30,00; Oct: 30,811 : Doo: 30.5E, MATI INLOTTO „Ticket 30.16 May 36.75: July: 38.1

SAO PAULO

INST TELM

Month

that July

Uct

Total

do Dow Chemicel

Dupont de Nemoury Pastern Alrilh |Eastman Koduk

Volume Opens Interest

11,000

150,700

8.000

10,000

274,100

6000

177,200

7,100

110,000

3,900

2,700

131/200

20,700

1. Pero National Gas Family Finance Corp. Tiresine, Tyré ✯ Itubber Ford, Motor

General Kiestric

Cendral Foodki

General Motor

$1,100 -1,000,400 bat den. Pub, Ut, VA

NEW YORK

For one thing, the present, acubled in 1000-Valled Press, Oct: 30.66: Dee: 30.63; Mar: 36.79: Takk plinăng Co.

fect-ision

Is mord verfong theri

fis redécembre, and. We, End of

Its not yet in sight. For ant-

other, Europe is now more val- New York Foreign today as follows:

berable to confusión from the "Amèrican snéexe" than i was

on the last two gcéadens,

Exchange

New York, Apr. 7. Closing rates were:

an

Instead of gold flowing out of the United States as I was then, it is now flowing back,

nud craling exchange, dimeulties in the rest of the work. And the

Lengua expensip of European New Zealand South Africa induftriate production, which

Others.uschar Ted

All prices were unquoted to

day

Kansas C. Pow

In the United states, the Livell Ray avorare brico. of chit-Inch Ebook teed?

tom al 14 designated: spot-aidri

kets was 34.66 cents;

Total sales were Han und 1981! ---United · PreEH.

$40.00

100.07

219.95

85.70

135.30

03

U.S. Gyprim

8. Line Co.

U.S. Rubbör

U.S. Smelling US. Steel Warner BroW. Westinghouse Eicette West Vs. Pulp & Paper Woolworth

Of World's

Most Stable

Commodities

Washington, Apr. 7.

US$2 MILLION IN N.Y. MOTOR SHOW

The little "Frisky," introduced to the United States for the first

New York, Apr. 7, British car manufacturers have sold more than two million dollars' worth of vehicles and $100,000 worth of equipment in the first two days of the International Motor Show Heré. This was annolinced today by a spokesmED of the British fong heen regarded as a sociation, who call the response creating largő – scale Interest mercurial commodity, by American bayers had been from prospective buyers as an with rapid changes in both "staggering."

Ideal, economical "second car" the sides of

All manufacturers réported for many. American familles supply.

an unceasing demand for their The "Felsky"" is felling hero demand equation and with products and the biggest head- for $1,198. startling fluctuations ache for Britlah salesmen today A salesman said the most price, that one tends to was to discover how to get more entouraging sigh find biến the overlook the fact that if models from England to entisfy interest of dealers who were what one salesman déclared was rulous to know the terms for has now become one of

the Insatiable American ap-l ́handling the car in states right the world's most stable petite."

across the country.--China Mih raw materials, according

UNASATED

Spreial. to the Natural Rubber Burers in Its. April issue of Natural Rübber News,

Natural rubber has for Automobile Manufacturers As time of the show was also

For instance, now that final 1937 stallaties are available, it is interesting to note that J857 production, at 1,935,000 tons varied less than one per cen! 62 from the 1935

of production 1,922,000 tens end 1986 produc- BOY

tany of 1,040,000 tons, Life +72 publication suid.

DELEGATION

Tokyo, Apr. B.

While the interest continued RUSSIAN TRADE unnbated in Britain's produels, German, French and Italian manufacturers also reported large crowds, meny

inquities and large prospective sales.

The German Volkswagen, A Russian trade delegallon most rapidly selling foreign car led by Soviet Trade Minister In the United. Sintės, drew Ivan Grigoryevich Kabanov thousands to its stand and the arrived in Peking on Monday, ear now, has an eight to ten the New China News Auency po months backlog orders. ported today.

AIL. the popular British The Russians were met at the Consumption Ir

of the airport by Communist Cletrako models the products 1937, 1,080,000 tons, was almost ex-

group, British

Motor Minister of Foreign Trade, Yeh petly at the 1956 rate of 1,802,500 Corporation and Jaguars-were Chi-huang, other trade and fore 34 and only two per cent less than continuing to be the centre ofegn minity cffelals, snd Russ

trade representativ the 1930 peak or 1,020,000 tons: interest for thousands of Ameri--{ stan

VARIED

374

301

15

474 4022

50%

at

Prices during the three years

30 varied more, but compared with most staple commodities, or with its own checkered past, natural rubber has achieved re- markable stability. For the past full year, the range has, been within, four ecots éither way of the 30-cent mark.

Rootés

cans who flocked to the ex-stationed in Peking. --- United.

hibition whey it opened today. Press.

*

*

*

434 2614

World stocks of natural rub- ber at the end of 1937:, at 752,500 tons, were exactly the same as at the end of 1933, and enly slightly more than the 727.500 Agure for the end of 1050. Ocean chipments from Maloya, nt 1,002,176 tóba éon- pared with 091,170 in 1955 and 083,282 1056.

*

*

*

*

It looks as though the world has settled down to producing and using about 1,000,000 tons 246, of natural rabber and to mali 4321

taining a stock of about 50,000 ton, the publication snid Reuter,

fied Press.

NEW YORK

RUBBER MARKET

New York, Apř. 7. Rex rubber fatures today closed 5 higher to 10 points lower with sales of 28 contracts,

May

July

Noy,

Mar

May

3388822

New York Sugar

Market

New York, Apt. 7. World No. 4 sugar futures cloyed today "àng to 10 points lower with sales of 451 contracts,

Domestle No. 8 sugar closed unchanged to 5 points lower with sales of 161 contracts,

Wide--fluctuations reflected eneasiness over the Cuban poll- tical situation and the lower closed 5 raw market.

Standard contract higher to 10 points lower wih

no sales reported.

May

July

gent

Nov.

Jan.

Mar.

・MAY-

3532338

20.63

The Easter Monday holiday

In all foreign markets held m-

Buyers on last week's rise were more inclinéd tó péll (oddy When the predicted all-out re- bel action filled to materialide over the holidays

Over The weekend Holland woo, the accredlied buyer of 3,500 tons of Brazilian raws for Juno shipment.

Havana Accounts sald

13

| Cuban mills have Eomplete

forest locally to minimum grinding operations on the 1958 Spot No. Ras was quoted at 20 cents.

The Indonesian situation, with all of its potentials, has falled to invoke much response in the rubber market, the Commodity Research Bureau here согл mented today.

The comment added that a year ago, such a situation would have resulted in prices conts ✡ running up several

стор

Confnet No: 4 ̈ (sõela)·· „May 1, 8.45p, July: 3,47; Septi 2.47 ct: 3.44: Mar: 3-4; May: 3.42: July: 3.43; pot-feente por 1b, fou Cuba: 9.10.

Open Intorest; 6,735 edhitractá,

Contract No, 6 (domestic) May: 5.65-70;" July: 5.Ti; Sept: 0.00; Noy: 5.77% Mpot-(cents per ID. eit.NY exduity): 5.63,

United Prem

Open Interest: 2.300 contracts-

pound at least: The sluish New York Metal

market respond to the distinct posability of reduced natural rubber production and ship

Futures

New York, Apr. 7. Přiées of metal futures closed car sales and today in cents per lb. as follows:

10.70b

10.83b

2015 | mánt, 18€ dióno ₫ broadening of Hit the Internuf Indonésian conflict, aif | hår reflected deterioration in the

outlook for new

new equipment tyre business, Lord May falling off in, replacement tyre Zuc basints), rising competition from

July

| the syntholle. to become world2 | Copper Kay

pvidé, the comment Bald

July

United Preis.

Tin

May Fuir

bintina Prés.

CHICAGO LARD

FUTURES

Exchange Rates

Chiesto, Apr. 1. numbers was 2did th the thợp

ices of lava fotafés closed, umpigia exchange market thi

In Cents bec lbs, as follows:

morning at the folowing reken

SORARAS. | MÚTUdg.ools: (per-21).

Aumendina notes (per, #1) Indonetian rupiah) (vér 100). Bismiles) (per:100) e-s

*

*.

P2O B∙I

近

B⋅I E A

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N, CO

Outwards "CARTHAGE"

"KARMAL” "CHUSAN” "SALSETTE" "CANTON" "SUNDA"

Leaves London

Salled 5/3 Seiled 15/2

Dan Honakods

In Port.

8th April

Flatbed 235/5 Saled 20/3

13th April

12th May

ích bụng

18th May

1st Apru 8th Apri "SALMANA” 20th Apiril "CORFI"

Homewarde "CARTHAGE" "CHÚSAN" f

CANTON" "BOMALI

"CORFU"

30th April

Bih Ju

2nd Ju

Dùs Lừndan

· Leaves Hongkong

31th Apri

12th Alar

7th April

Rik May

10th May

ON JE

10th May 8th-Jane

Est Juny

0th July

Via S'pore, Penang, Colombo, Komíny, 'Ađèn & PL site

✦ "CHIUSAN" also calls Marseilles,

BRITISH INDIA Š.N. CO., LTD.

"SANTHA"

"OKILA"

406 10th Apr. smile 1301 Apr.

dae 11th Apr. -23111 171h. ÄpI.

"SANGOLA” due 25th Apr.

calls 20th Apt:.

from Japan

for Singapore, Penan Hangoon & Calcutta Tori Japan

for Ainapore Pening

Calcutta

Rangu Chittagong

From Calcutta, Rangoon, Penang & Singapore for Japan

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

"ITRIA"

"OZARDA"

in Park

sallà 6th Apr, Tu Bh ADE. jalla 10th ADT.

"ISSIÄILA!, due 23rd Apr.

sali zith Afr

A 7th Stay calls th May

“ITRIÁ”

"TTÓLA"

dus 8th May,

satis Gila MAY

from Bombay, Cochin, Colombo & Singapore for Japar

front Japan

for Smgapote, Madras, Cochin, Bombay, Krek- ch, Kuwait), „Base de Khorramshahr

trou, Kacht, Bombay, Cochin, Tuticorin Sinepare

trom-dep

for Singapore, Pepeng Madras. Bomba. Dhavnagar Karachi

from Japan

for Bingapore, Karachi, Exarch Khorramaafır, Kuwait & Durbe

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

"EASTERN” que 20ifi ápr. Falls Jet May.

"ÁRAFUZA" diờ, chin. Apr.

ially 18 Apri

I.

front M. ChìÁK

för Jèmellan, Labkahi, Bandakan, Beusband,

Sydney, Adelakie Melbourne

from Australia for Japan

All voæla bavy nášily m2 call at ang “pőfts on vë of ine routs a me folie a siniège des subject to change or amendment with or without notice,

16. La préfentore apply to MACKINNON, MACKENZIL M GO. AT HONG KONG LID. Telephone No. 2779; 4.