1958-04-29 — Page 9

TRADE

THE BIG

PROBLEM OF

THE CHINA MAIL, TUESDAY, APRIL 29, 1958,

and COMMERCE SECTION

INADEQUATE RESERVES

HONGKONG

Plan For Int'l Co-operation STOCK

A New Fighting NEW YORK The New York

Attitude

In Britain

By RONALD BOXALL

London, Apr. 28.

Without giving much away, the British Government has quietly allowed it to become known over the past few days that there is a plan afoot for some new form of international co-operation to overcome the problem of inadequate

reserves.

COTTON MARKET

New York, Apr. 28. Cotton futures opened the now wock with prices buoyant and trading moderately active,

aheud Inching

persistently from the opening the market

closed around the day's best level and 21 to 30 points net higher, Opening prices were olt 3 to up 10 points, New Orleans closed up 22 to 20 points.

Further unwanted heavy rains and unseasonably cool temperatures over wide sections

Stock Market

EXCHANGE

Our Own Correspondent

Textile Experiments

In Szechwan

London, Apr. 28. Local textile undertakings in all parts of China, are experimenting in the extraction of textile fibres from hitherto untried plants, the New China News agency said today.

The Szechwan Province textile Industry fuse succeeded a making about 20 kind of fibre using wiki hemp, the bark of the mulberry, tree, cotton stalks anal ather plants.

Buriness done on the Hong hong Stock Exchange this morn- ing omounted to approximately $500,000. Noon quotations and the morning's transactions were:į Mire Buyers Sellers! Sales BANKS KK Dank. 700 701 10 165) the agency stick : INSURANCES

New York, Apr. 28. Profit-taking took a toll in the stock market, bringing irregularity and reduced turnover. Firm most of the session, the market turned down on

for an average loss right near the close when SIPPING declines of around a point appeared in leaders such as American Telephone, General Electric, Whart

Duck Standard ON California and Jersey Provident. Standard.

of

Rolls and utilities were a bit easier throughout the session.

Volume, topping the 3,000,000- share mark on Friday when the market moved to its best levels

Pacing Gay & Elec. Pan American Airways Paramount Pictures Parke Davis Ch Penny 3. Co

at Co. Phillip Morr of the south, moused new con-of the year in the general over- Procter & Gamble Co. and brought in a trade buying 600 shares.

BRE, dropped shu.ply to 2.400,-burgh Plate Clas

The general

of leading Turi deliverlesssues was neglected us traders

cern over the late crop

and covering movement.

Mos!

crop

Talks have already been held with the United States and the topic is due for a thorough airing at the Commonwealth economic conference at Montreal in September. Briefly, the problem is this: the world's reserves of gold and foreign exchange rose from $27,650 million in 1937 to $60,800 million atero is the end of 1956. But the value of world trade rose in that period nearly twice as fast. Moreover, Britain, which finances nearly half the world's trade, does so with only 31⁄2 cent of the world's reserves.

new

stari

Activity

centred

Publicker Industries Pure Oil***** tadio Corporation Burdin Cara. Pret Republie Breet

341

لبة الصاوير

Wheelock

DOCKS, ETC.

RUBBER

They are of good quality and better than alton in sheen and dyeing, Some are superior to cotton in their trolle quality,

New York Sugar Market

New York, Apr. 28. World No. 4 sugar futures closed today one point

throc higher to

points lower with soles of 148 contracts.

Many of the plants were formerly used by the peasants as fuel.

Knitted

wear wand other textiles have been made from

ia taese fibres, some cases lay

mixing them with cotton,

New Mills are being set up by Incal

closett governments" and exricul- tural co-operatives

with to extract

from formerly unused

provinces and

The domestic No. 0 Sugar contracts

orite polit

higlier contracts,

sales of 91

Both markets ruled quiet on dealers cities in various parts of China routine trade while

12 have sent delegates to Szechwan i awalled raw market develop-

to study their methods.-leuter.ments.

London Foreign

Exchange

73

11.05

0 15 3000

0.10

LAND ETC.

RK Hole!

BK Law

Really

110 43.00

11.20 11,40

10 1700

1000 32.25 320 3000

1.50 1.05

17.90 fibres 22.26 plants.

31

Twenty one

*

Astig

++

130 1.325 185,000 4

frunt

140 s

Á. Towali

1.80

151

UTILITIES

7%

TRO

24 24.20

200 24,10

Stur Ferry 11t

Yagrwall

2014

05

101...

17.00 17.20

320

1000 v

17.70

Closhi

New York

100

17.30

Brussels

3720 12

2034

Copenhage

20 119

Frankuri

20

26.30

Standard Oil of Ind

Standard Oil of Col.

Southern Nailoni Gran Southern Railway (C) Htandard Brinda

500 in

28 3J

srklo

375

203.

26 30

Zurich

32

403%

420%

INDUSTRIALS

11

20.40

in

Standard On of NJ

Xu 16 16.23

1000 41

16.10

Steep Rock (Toronto Expe Stering Dag Co.

ཱ་ན u

30%

Walsum

Stokely-Van Carno

H

Lane, Claw

100

Suisine Marstr

Studebaker Packard Corp.

73

LOTTONS

Swift & C3,

312

Textiles..

4.03

1 ±0

INVESTMENTS

10

Yongtazo..

4.20

215

10

26

St. Book

10

Sens, Bochuck & Co Shell Oil Co....

Saint Reg. Paper Minelnie Ol

PORO LO HOW seasonal, highs, switched attention to some reyalds Metal scoring gains up to $1.50 a bale, gently quiet coups-papers and South Texas points said the building stocks-und to special

to a good stand, but issues.

in Royd Socony Moldull rains delayed planting in the

Solar Alter. is two to Dulch, Shell Transport, Serve:.| South Puerto Rico Sugar southeast, the erop

Natural Gas, Textron. Southem Co. (The! El Pase three weeks late.

B. T. Babislil, General Mols, Standard, The American cotton shippets Transamerica Jersey federation

recommended American hus

Chrysler, Motors, per that the futures market be Bethlehem Steel, US Steel, Ford

changed to permit 7-inch de and American Telephone, liver. It rivommended, how-hat order. One reason for the inadequacy ene modelled, on Euran paystowly, and proposed a bath of around

ever, that the change be made Some of the shares losses-- * print Ot more in of the world reserves is that ments Union to smooth trade

ant competiize Amerula,

Relining, Auntie although the price of practically and payments between

dollar more nereage

priving of cotton for both don Standard of Californis, Jersey entering into jate non-inliar worlds.

stie and foreigu use,

Jast, after the Standard. The rison

expuris The suggestion in this week's Itaw, cotton

today market

elese, reported sharply statements that Britain will not fistulled 74.872 bales, bringing lower frst quarter carnings. accessarily wall for America to total for the season to 4,329,231 O a total 1.190 issues traded make up its mind, but will take | bales, vs 5,040,236 bales in 441 were higher, 402 lower. This has worried reonontists | the initiative willin the year, according to the New York

Amerienn Stock Exchange and Bannee ministers for years, | Commonwealth, ' underlines Use Cotton Exchange.

Bales today ripped to 710,000 but the problent has now determination of both major

from 810,000 sharey inres become

traded on Friday.

every commodity world

stantially

-

Trade Has

since the

war, the price of gold remained 121-

changed.

done about It,

Month

Nay

something

Urgent, aki a last ritish parliën

seems likely to bu

lo prevent the sterling Агед

going out of July busines for Want of hard currency.

Oci. Det

Mar May

tel.

FIRST HINT

In bis budget speech. Mr Heatheont - Amory summarised | July arguments in favour of mali- lang the machinery of the Total sterling area and recent

added ein- phatically: "We do not tend to tamper with this system, which is working well."

The first hint of this cume in M Heathcoat Amory's budget

sperch. Discussing questioning of the value of the sterling aren, he said: "I believe the problem of world liquidity and of ensuring the strongest possible base for trade of the irce world Is a matter of In- and creasing

urgency."

Importance

After That, UR Government

10

create

ค

ifted the

THREE' POINTS

Mr Harald Wilson. Socialist "Sheday Chancellor" was even British more emphatic in its defence of lid on the sterling system. "We rejtet the Potion tlust Britain can pull their plane a 1to higher. The Prime Minister

the sterling en," he Air cut of Macmillan, tuid a Canadian rd. And he gave three reasons newspaper publisher that a plan why Sceitasis set eye la 050 Conservatives 411 this with Commonwealth

issue, organisation olong the lines of the International Monetary Fund and the World Bank, would be put to Commonwealth countries at the conference next Autumn.

"AR Commonwealth countries," | be pointed out, "are looking for more investments, but not of us have enough to make such an investment possible, I believe that if we create all organisation after the fnaklon of

the

ali

International Monetary Fund.or the World Bank,_It_will develop into a most troportant means of expanding Common- wealth trade and also trade be tween Commonwealth countries and other parts of the world."

While Canadians were rend ing this, Chancellor Amory was telling the House of Commons "In a few weeks tune there will

Britain could not pudiate her liabilities.

If

•

she oballeated her position as world banter, There was no one te lake her place "certainly not the Americans.".

The sterling area streng-

Voltone Open interest

$1,000 44,300 1,000 108,750 10.000 231,090 1,7xXI 100,100 7,200 130,100

7,200 155,700

17,306 101.100

25,000

40,500 93,450 1,101-700 );ɔfes

NEW YORK

Prices of cotton futures closed tely us follows:

Spot: 36.05; May: 35.02: July: 31.30 Oct: 34.87: Dre: 37.03; Mar 37.33, May: 37.32; July: 30.59; Oct: 35.19-20.

NEW ORLEANS

New

York Stock Exchange volume today totalled $5,010,000

as against $3,400,000 on Friday.

Dow Jones closing nycrages were: 30 industriais

20 rails..、

15 utfles

Galacti

40 bonds

Comta. Isture price lades

Texas Co. Textos.he.

Tide Water Arte, "01 Tune ing

Twentieth Century Fox Film Union Carbide

Union Oil of Cal. Union Pacile Railway United Aircraft United G: Chip. UA. Fall ""

Var Co. US. Rubber

B. Smriting

U.S. Slee

Warner Bros

Westinghouse Electric 434.B Western Union Tel. Co. 110.85 West Va. Pulp & Paper

77.35 Woolwrath 157.01

150 1

Closing Prices

#201

Alden Inc. Aey Allied Chemicals

Allied M Inc. Allis Chalmers

An. Brake Slide American Airline

Prices of collon futures closelAmerican Cable & Radio

Corp today as follows:

American Cyansuild Spot: 31.95; May: 35.81; July: Amer. & Foren. Power 30.15: Oct: 37,05: Dec: 31.2: Mat:

Ain. Gas & Erectile 37.2 May: 37.20; July: 30.57; Oet: Am. Mach. & Fidry. 33.99.

LIVERPOOL

Americus Mini

in

American Sanetlag Am. SUMRT Ref. Americas Tel & Tel American Tub.

B

Anaconda Copper Armeo Sler) Armour

Colton future ele lugs, pence per lb. were as follows:

May/June: American Contract: 3 July/Aug: 25.3; Oct/Nov: 25.95: Dec/Jah: 20 30; Mar/Apr: 20.60.

Mixed Contract: May/June: 25.77: July/Aug: 25:30; Oct/Nov: 20.70; Dec/Jat: 27: Mar/Apr: 27.30.

SAO PAULO

Collun futures closings were

Atlas Co. Mixing Baldwin-im-Hun Baltimore & Ohio Beneficial Finance

Bendix Aviation Con

Benguet Cans,

Bethlehem Sterl

Boeing Airplane Borden (The) Co.

C And Machine

Soup Co

thuned as a trading as ati quoted. well as a nonelf unit,

The 31

United Stales, the Canadian Pacite 1. "and not weakened as it average price of one-inch collon Case 13. 1.) Co. has been recently" is at 14 designated spot markets Cat. Tractor vital to Commonwealth was 34.65" rent!****

Total coles at these mur- kets were 14,918 bales.-United

economie unfly,

Mr Wilson hoped that this Press, whole subject would shorty be given a debate to itself in the House of Commons, and lied fur in International economic conference to discuss world liquidity, world develop-

be a meeting of Commonwealth ment and commodity price

meials at which it is hoped stabilisation. that (the problem of injecting After some

of the

glcony

more hard currency into world [ forecasts of fute that Res in store trade) will be discussed further. for the sterilng area, this new

altitude

makes

but all involve come expansion of the scale of existing lntenna- Honal co-operation."

US RUBBER CONSUMPTION

Washington, Apr. 28. The Commerce Department

today that

a) reported

Celanese, Corp. C.1.T. Financial Corp. Chrysler Motors Chuett Peabody

Colgate-Palmolive Co. Colombian Carton Co. Commercial Condit Commonwealth Elec. Consolidated Continental Cl af Del. Crown Zadke bach Cuban Amer, Sugar

Diamond Alkali Diamond Match Co Douglas Altern Dow Cherntonla Dupont de Nemours

stern Airline Koetman Kodiaks There are a number of solutions, fighting

United El Paso National Gua pleasant change. One can only States consumption, of rubber In Femity Finance Comp

104,231 Firestone Tyse & Rubber hope the champions of sterilng March 1956 totalled

Ford Motor tons, of which 37,591 was na-

Genemy Elevric fufill the promise when they gui

tural rubber

General Foods into the arena-Express.

This compared with February General Motors 1958 consumption ot 100.41 Gen Pab, Util

Gelly Oil tons, of which 36,711 was, na- didden C tural

Goodrich 1. r.) Cu. United States production of Goodyear Tyre gynthelle

during

March wat Gulf 01 83.041 tons. Stocks on hand st, Heyden Newport Corp. Horcstake Mining Co, the ond of March, exclusive off ingersoll Rand the

stockpile. infand Steel Co. government

There had already been talka between British und American offelals, the Chancellor reveal- ed, about long-term financial itquidity and other problem.

SEVERAL WAYS

There

ways of of

are severzi inckling the problem

liquidity, and all of them depend

TUNG OIL IMPORTS

Washington, Apr. 28.

C Light

Electric

107

26.40 20.0 1030

2124 Telephone 2020 20.30 1000

AB

44

United Preys.

ال 11

milad

Sungata

17,701

10.10 10.00

NEW YORK

RUBBER MARKET

New York, Apr. 28. Rex rubber futures today

closed

5 to 20 points!

LONDON STOCK tower with sales of

MARKET

London, Apr. 28.

contracts.

Mny

مونانا في

Sept

Nov.

MAT

May

23 25

23.23

$4.25

$7

Market ruled quiet and easier

The stock market closed company with the London

fractionally lower today

on

moderately

trading.

Gilt-edged

Montrent

London, Apr. 20.

raics were:

China

resold to reportedly Ceylon one of the cargots of row Rugar bought from Cuba last week.

Contract No. 4 (world) May: 3.42; July: 3.42; Septi 3.43; 201-11/18-21-13/18 | Oct: 1.30; Murch; 3.40; May: 3,40: July: 3.40; Sept: ung: Spot (cents perb. Stak) Cuba)

2.93-1/16-273-3/19

130-5214-139.57*

1040 347

1240-174842

11706-177

14.20%-14 59% i

12.243-12.25

When unedbanger – Pinted Pres Note: New York

exchange

rates were all unchanged,

*

Open interest: 6,539 contracts,

Contract No. 6 (domestic) Jaly: 3.70: Sept: 3.70; Now: 5.77: Spol-teenis per ib. cit NY ¿x-duty); -

3.75.

Open interest: 2.102 contract. United PreNK,

P.O BI

E&A

COMPANIES

PASSENCER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. Co.

Gutwards "SALSETTE"

"CANTON" "SUNDA" "SALMARA" "CORFU" "BINGAPORE" "CARTHAGE"

Homewards "CANTON"

jale other 15

"SOMALI" S

"CORFU

*

"BUNDA"

market, although selling lacked

apparent activo the persistency

Jast week. Dealers ond trade Interests absorbed

of commission cased reduced volume-

house selling.

the It

stripment rally by clround 200 tors of Singapore issues the list failed to regein all type "C" blankets were repor

securities after a firm opening.

done at 19 cents, cost

With the exception of tobaccos freight. May shipment, Other-

factory and other 3919 which scored moderate guins,

market.

Despite á

late

11

its last ground and ended with Fractional losses.

and

*

1

wisc

con-

EDI

家庭

90

the Industrial section closed luwer.

sumer interest was flat,

Spot

No. 1 Rss was quoted at 25%

24

17

503

Copper stocks finished mostly eents, nominal. unchanged while gold shares essed.

*

152

With the wintering period. over, and the Indonesian situa-

German bonds were firm button quieting down, Commodity

501 Greek issues declined moder-Rescurch-Bureau-today--said:

ately.

"Unless some new bolstering clement is injected into the ple

Dollar stock were higher re- fecting Friday's strong Wallture, rubber prices may have Street showing--United Press.

Singapore

Stocks

Singapore, Apr. 29. Brokers today quoted the following stock prices: Data Lintang Rubber Co.

Lit.

Frier & Neave Ltd, 'óru, 12.30 Fraser & Neave 7% cum.

pref.PARA

Caminona (Malaya) dlmised $120

Bank Colp...

Kumpa, L18.

Kuala Kampar Tip.... Lunas Rubber Esiston 138. 31.03. Matayan

difficulty in holding."

BINGAPORE

With overseas markets down over the weekend the market Jellyped on federation and focal

liquidation.

At low levels short-covering held prices at around 73 cents level, and lower sheet and off- grade showed no signs of nur rowing even on this decline.

Futures

727-731 No. 1 rubber per lb. May

Jund 7294-75 No. 2 rubber per b. May

No.

3 Spot rubber unbaled

*

e

Leaves London Balled 20/3 Salled 1/6

Salted 3/4 Balled 15/4 30th April 10th May

74th May

Leaven Hoogkong

9th May 15th May

Due tengkong 11th May

4th May

18111 May

4th June 2nd June 21. June

2011 June

Doe London 8th June

Hard June

8th July

6th June

10th Jund 4th July

24th July

5th August

"CARTHAGE"

Via A'pore. Proang, Colombo, Bombay, Adia & Pt. Bald.

#ROMALP calls P. Sweltenham, Singapore thenra direct to Havte & London.

§ "SUNDA“ calls S'pore, P. S'wel., Penant. Aden, P. Sudan, P. Hald, Tavre, London, Ilańburg, Rotterdam & Antwerp.

BRITISH INDIA S.N, CO., LTD.

"OLINDA"

due 30th Apr.

Las

from Calcutta

J

Singapore

fuc Japan

from Japan

1st May

"SANGOLA” dee, 10th May salla 17th May

for Singapore, - Penang, Rangoon & Calcutta

P. & 0./B. I. JOINT SERVICE

"URLANA"

“ITOLA"

Opening

$1.70

MITRA

12-63

Driti Bernen Petroleum

Synulcate

47/01

Blanket crepe

10-36

No. 1 pale crepe.

7342-7745

Consolidated Tin Smellers

LONDON

7346

Ord.

114

12

4254

The rubber market was alcady

decline the

with 21-13/10 pence per lb.

spol at

Prices:

12%

Hongk

No. 1 HT

214-211

Shanghai

70

$450

B-tensent House term

75%

May

2132-172

Hongkong Tin Ltd.

D/

Jnt'i Eusiness Machines Int Harvester

Juna

11.55

30

{ July(Aug.

TEP

Out/Dec.

International Nickel

Ramle lotet Ltd.

New Breweries

Lid, Petaling

Jan/Mar.

Rabber Co.

$2 3216

$1.4T'

June

$1.87

Singapore Cold Storage ...

$0.34

Strails Trading

Steamship

United Engineers Ord.

$0.021

Wearna Blog.

President Eisenhower today Totalled 322,331 tons, of which laterchemical Corp,

ions

on American co-oportion. The imposed the same import quota 112.003 simplest way would be to raise on tung nuts as how exists for United Press. the price of gold, and this is imports of tung old which he set

what the

Brith Government laki September.

would like to see happen. But

Tung oll is used to an ingre-

the chances of getting Americans dient in paint.

to agree to this are negligible.

The last time

Was

Acting by proclamation, the

adopt the the question President

un-

relsed, America pu! for animous recommendation of the ward on argument that an in- U.S. tarim commission on tung crease in the price of gold would nuts.

were natural.

London Metal Prices

London, Apr. 28.

International Paper Int'l Tel & T John-Manville Co. Kennecott Copper Ligali Meyers Tub, Co Lockheed Aircraft

sewa corp. ..... Lone Star. Cement Co. Lowottstein Sorm. McDonnell Aircraft

Stock-xge.)

Prices of metals closed today Afenal Tron Corp.

Minium Development Duyare Keller Konsanto Chemical Co.

7343 723

734

Montemory Ward

Motorola Inc....... jza 1731 National Cathod

750

1704 180

cusé galloping intiation in the The President found that Im-in storting per long ton as fol-Manarota Mining Unlied States, But the reaports of tung nits would Inter-lows: season for their intransigence is fere or render Ineffective the pot that the biggest single bene-Agriculture Department's price 3-month factor from a higher price of support programme for tung Copper spot gold, next to Abetics itself, nut and timg oll. White House

Lead 2nd halt uffelals would be Rs.

sakl The alternative is to expand that Argentina and Paraguay the resources of existing or exported large amounts of tung: Elbo,tad har

this country.--United

ganisations for world economie nuts to co-operation, or to create a new Press.

3-month

Anni

April

July

National Dairy

National Lead

2336

quoted United Pitu.

doe

2th May

113 MAY

dur 10th Atay Sulla 17th Pay

dulat ay Kaile 16th May

from Japan

for Singapore, Penang. Ithavnagar & Borsbay

from Japan

lor Singapore. Hagrali, Khorramshahr, Kuwait, Darba & Karachi

front inpan

tor Singapore Madras. Cochin.

Karachi

Bombay

(d). ↑ push-China Mail Speciál,

General markets. fil bait ports

Extate crapa thin May ...

thick

New York Metal Futures

Exchange Rates Prices of metal futuros "closed

Now York, Apr. 28.

per lb.

cents today in Business was done in the local follows:

4316 unofficial exchange market Uils Lead May

imering at the following tales:- 40% | 3.8, đüllar (per sÌ),

11.146

EASTERN & AUSTRALIAN 5.5. CO., LTD.

"EASTERN" In Port.

walls 2nd May

"ARAFURA" due and May

Ball 4 May

from N. China

for Jeweltoe, Labuan, Sandakan. Brisbane, Sydney, Port Kembla, aleboure & Adelaids

from Australia for. Japan

All vowels bars überty, tó kall at any poits on or off the routä ku shu redze a miings are subject to change or knoodnient, with de yrithout hoited.

Fra fil porteufore apply to ::

MACKINNON, MACKENZIC & CO.

OF HONG KONG LTD. Telephone Nos: 27721-4,

20

July

Zine

MAY

144

7413 National Steel Corp. velk || New York (Central

113 Sterling Botos (per k)

£.00

Di

Mkatted Press.

1997 | Australian noies, tour, #3), (

Todonesian rupiah tpke 160) *

iamtical (pur, 100) Singapore (AILA)

18-19 copper May

July

July

8.05 Ta May

36.35

July

120

Olin Mathieson

Dil Elevators

83%|| Owen-liinoia Clas

tixford Paper Co.

•