1958-10-28 — Page 9

TRANSPO TATION

Port Of

Of Los

Los Angeles Leads Pacific Coast

Now In America's 'Big 10"

Los Angeles. WORLD trade flowing through Los Angeles Wor

Harbour rose 16 per cent during 1957 over the preceding year, according to General Manager Bernard J. Caughlin.

"A total of 6,011,800 tons of 2.833.450 foreign cargo was handled tovega,

10012

were

slipped

tals port, cumpared to 5,181,200 Petroleum, of course, was tas in 1958," he said,

factor in the

1957

Referring 14 a just tensed | sold trade uf Les Angeles Her- 1.5. Department of CuteMODES De we do was in 15 other 118, ut of the Total report on foreign trade. Chughn hau beurs, sa the inerer in the Twit

of oil handled. 4079,750 12. importo more than doubled the culendur-year plani the Fut Bowing Port of Les Angele in exports of this rainmodity, ce- "Big 10 of the 39 US. ferrding to the Commerce report,

feina burs handling

In the general cargo categ.

70,

:-

Co-1

THE CHINA MAIL, TUESDAY, OCTOBER 28, 1958.

New York Is HONGKONG WALL ST. WEATHERS

Having Premonitions

STOCK EXCHANGE

Our Own Correspondent

Business done on the Hong- thia Kong Stock Exchangé By ELMER C. WALZER

morni hlhounted to ap- proximately Now York, Oct. 27.

$167,000. Noon quotations and this morning's Wall Street is having přemonitions that transactions were:

something is going to happen to this stock market; -

It just doesn't know what will happen of when.

But there's that uneasy feeling.

Irregular Market

In London

London, Oct. 27. Stock markets closed irre-

gularly lower today, Gitt-edind securities rallied on hvertors interest,

|the in-aud-cui flow through Los The $153-millies pret alen Anels Harbour last year was Is Number 1 renk | fairly even, with exports having in intainedl #mong Wei Const Larbon Est a slight edge over imports. But y.. 1 handlid 18 per most mare i compared with oller Parit: faeign cara

cat perbi, Lts Angeles Was Dunlops, Drug Beach, mood |enzily the feader in "import" of competitor,

over three tho

mart general cargo, n. Sau Fran bro

HAS LED

Sunce 1993 Caurikut print ed out, "Les Angles in Bad mat olly West Chand pabel interation: 1

laus-Die

tade"

ja fest

Ind Hudsons Day British Petroleum all eased but topping lang | Unilever End Keveral insues | Reuma by 67 per cent and Son Improved. Įanised by 23 per cent.

In

L... 0 Hooper, anulyst for W. E. Hutton & Co.. recalls how the late Professor Frank W. Taussig of Harvard in discussing the business cycle used to tolk about what he called " pre- ndvinec taonitory chill," warning of something to come. that last Hooper suspects week's rapid sell-off and equally rapid almost complete recovery, was a premonitory movement- A warning that the Brat Im- portant contra-trend correction Is on the way.

He admits the timing of such is very dimcutt, development but he is convinced it does not have to stem from any newn ease and that a relatively small amount of concentrated selling could put in mollon.

انه

Correction

:

*Stich correction," Hooper and Fulds, would not signal the cnd Leading Paclite Const prac

featureless Hails were

the broader upward stocks the order of total foreign eago | Trans-Atianije

vased

movement, but I could be quite handled during 1957 ranked as | reflecting Friday's weakness on

engleasant to this generation et follerwat 10% Angeles, 1mg Wall Street.

speculators who have come to qahu Berch,

Tutland Ricku o!

Foreign bonds were general-assume, perhaps unconsciously, matautienai Seattle. Marinez (CEC). T-

that a violent market is a one- by lower today.-U.PL.

way street,

The more violent sicek murket move like this becomes, the less likely is that it wi

one-way street,"

coma. Seu Framelszy, Stockton

Tur crutinuity Reverable and Longview (Wark), elbaste of the Seithern Calitos The "Blg 10" 0.8, ports brudl- na mrket the average export-big foreign eargo test year were ers in reflected in the brent-town | New York, Norfolk.

of Los Angeles IT

ww

MWPML

Babood

foreign cargo

Philadelphia,

Boltin we,

Newport News MAN-MADE RUBBER

Jest | Portland (Maine). New Orleans.

Mobile year.

ipments Houston,

ami mounted to 3,878.550 fan while Angeles.

Air view of Los Angeles Harbour, which bas ranked as No. 1 Bort on the U.8. West Coast since 1923 in both International combined domèstle and inlejnailonal trade, World trade flow- ing in and out of this world's largest man-made harbour tone. 16 per cent during 1957 compared with 1986, placing it in the ""Big 16" of all U.§. ports handling foreign commerce.

FOR WORLD SUPPLY

Akron, Oct. 27. Man-made rubber will be avaliable to supply a large share of the world's total new rubber needs within three years, securding to a sludy mude by the President of the B. F. Goodrich Company, Mr J. Ward Keener.

He cited a world-wide trend to synthetle rubber, titributable to is high quality and price stability. Against this stability he pointed out that the price of natural rubber had ranged from 10% to 52 cents a pound since 1954.

He estimated that world syn- thetic consumption (outside Soviet bloc countries)

In 1958 would total nearly million and a quarter long tons—more] than double the figure ten years ago when Its 1190 was largely Belted to the US. and Canada and 40 per cent more than five years ago.-Reuter,

COMMODITY PRICES

TOREICA

NEW YORK

Closing rates were:

Cnnada

England odelat

Argenting

Lruguay

Others unchanged

LONDON

Closh rates were:

New York

Montreal

Ainsterdam3

sunis Copenhagen Frankfurt Lisbon Parta Stockholm

Zurich

1.01.7/d

2.00-23/32

.0183

1150

20-11/10-2.00%

2.72-1/16-2.72-3/10 10.30-13.57 130.426-139.47% 10.3396-10.3331 11.00-11.094 30.10-50.25

ARTBAG-1376%% 14.67%-14.471% 12.23-12.22

Other unchanged.-U.P.I.

COTTON

NEW YORK

Prices of collon futures closed today as follows:

Epot: ung: Dee: 2015: Mar: 30.05; Alay": 34,40% July:: Hak; Get: 32.28; Dec: 31.17; Mar; 32.05.

ot

SAO PAULO

Closing prices were all un-

led today

In the United States, the average price of one-inch cat- lon at 14 designated spot mar- kels was 34.71 cents,

Totul sales were 78,099 bales. -U.P.I.

RUBBER

Rex

NEW YORK

rubber futures today closed off 25 to 65 points with valen of 55 contracts.

Nov: 30.D: Jan: 30.63; Mar: 30.50: May: 30.45; July: 30.40; Sept: 30.40; Nov: 335.

AMSTERDAM

The rubber market was quiet. Prices were all unchanged.

SINGAPORE

The market opened slightly higher on better

overseas ad vlees and thereafter vased slow- ly

In- on in market, with terest on lower smail.

No. 1 rubber per lb. Nov. 882-0814

Dec. 0A-0314

33415-825

METALS

NEW YORK

Prices of metal futures closed today in cents per ib. as follows:

Leact Oct.

Zinc Det. Dec Copper Det.

Tin Oct.

A great many market people would welcome « setback on the

basty set furl by Moody's that

Buyer heri

76752 76715

Abart BANIEN 10 Bank INSURANCES

Union PA 2015

10

750

Lumbard

SHIPPING 24.00

Wheelock

3.80 15.00

440 w

600

6.03

3150

DO

441

11.20 11.20

DOCKS, ETC.

K. Wharl. Ducks..... Provident.

191

LAND, ETC. HK Hotel

21.10 1.40 HK Land 3054 3015 Humphrey's 149 BUNDER Amalg. XD

BURST OF SELLING

New York, Oct. 27.

The stock market today weathered a burst of selling that struck in the fifth hour and knocked prices down on a late

ticker.

ነ

This drive lasted about a half hour and then prices me back from the lows on buying at tracted by the setback which in some of the more volalise issues amounted to three 10 four points.

Strength

Market-experts found nothing

In the news to sudden desire

hoeing Airplane,

Borden (The) Co.

furioughs Add Machine Calif. Packing Corp. Casadish Pacino H.

Case . .) Co. Cat, Tractor Celanese Corp.

E. I. T. Financial Corp.

Caerial Credit

necount for a Consiliated Edison

to sell stocks. Continental Gt of Del.

4.03 They suspected it was a profes-Cuban Amer. Bugar slonal drive to test the markgi's Diamond Mateli Co.

of

to Bet

strength. Regardless origin, it failed volume selling and the quick 1000 do 21.20 recovery revealed yogt sums of money waiting for Investment an market reactions.

· 100 m

1.070

1.55

10 13:00

Trunt ..... 1.470

A. Tawah,

Sur

UTILITIES

Tra ..... 2430 23.10

Yaconall Electric

A24

1675

Diamond Alkol

Douglas Atreraft

Elitman Kodak

Emily Finance Corp.

M National Steel Corp. 22 New York Centrni

Norfolk & Western Ry.

North Amer. Aviniton North-West Airlines (Cem.1

Din Mathieson

O Elevators .....

Owen-linols G

Oxford Paper Co......

Paelfie Gas & Elec. Pan American Airways

Paramount Pictures

BOT!

Chrysler, Motors

BTP

Cut Peabody

wakumbua Carbon Co,

42

Parhe. Day

Comanonwealth Elec.

13

Penny J. C. Co.

Co.

Penn. Balt Co.

24

Philip Morl

24

Procter & Gamble Co.

44:4

Pittsburgh Plate Glam

31

Publicker Industries.

201

oft) Dow Chemical

Radio Corporation

pont de Nemoirs

Radio Corp. Pref.

1651

Republic Bleet

1276

ime National Ges

Bears,

4

29) Shell On Ch

18

401%

Bant Beg. Paper

Sinclafe O

FOT

Beony Moldoël

6435 Solar Aircraft

Routh Puerto Rico Sugar

471

Southern Co. (The) ......

4023

Southern Nallormal Gas

ឌ

Southern Naltway (Com.)

HOW

Standard Ba

6716

Standard Cl of Cel

I

Standard Oll of Ind.

21

Standard Oil of NË

153

Stokely Van Camp.

3915

112

03

Firestone Tyre a Rubber Ford Motor....

Genersi Electrie

Iscues hardest hit on The General Dynamies drive included many recent fay- General Foods ourites such as Polaroid, General Motors Lorillard, Reynolds 24.903, several of

Tobacco Den, Pub,

Glidden Co.

U.

the drugs, and Gen. Tyre & Rubber Goodrich B. F. Co.

Goodyear туте...

New York Stock Exchange Grumman Atterist

1000

1134 400

91 92

special issues.-U.P.I.

242 24.10

213 24.30

4132400

400

22.00

200

m

15,00

tr 13.30 13.40 Telephone 1.80 INDUSTRIALS cheinent

...

STORES, KITUS

Lane, Craw, 120 13

1.K. & F.I

Invest.

23.50 bond volume was $5,380,000.

220 volutne

Heyden Newport Corp.

Ingeracli-Rand

New York Stock Exchange Homestake Mining Co.

was 3.930,000 shares. American Stock Exchange volume was 1,330,000 shares.

Dow-Jones closing averages

were:

30 industrinis

$15.00

Int

Business Machine

Int'l Harvester

Kaiser industry

Studebaker-Packard Corp.

Sunshine Minina..

801st & Co,

53% Texas Co,

Textron Inc.

30% de Water Asu. Chil

Time, Int..........

Tri-Cont. Warrants

Twentieth Century Fox Film Waton Carbide ....

13 Unton Oft of Cal

Union Paete Reny

Inland Steel Co.

Interchemical Corp.

Dairy...

Water...

CUTTONS

Textile.

4.02

International Nickel International Paper Inl.Trl & Tel

19

114

51

Nattyang

7.15

* Talla

140.20 John-Manville Co.

4712

INVESTMENTS

JD utilities

#3,35

Ent. lov. 5.00 Ailted!

商务

5.30 KA

15730

Kennerelt Copper

144

+4.75

40 bonda...

06.30

Liggett Meyer Tob. Co.

7

United Aircraft

Comm. Tuture price index

151.75

Luckneed Aircraft

IT

United Can Com

Closing Prices

Loews Bicorp.....

U.S. Foll "B"

Lone Star Cement Co.

30

U.A. Gspen

Lowenstein & Son,

12

US. Liye Co.,

McDermott J. Hay

13

US. Rubber

Allied Chemicals

McDonnell Aircraft

15. Benetton

Alfred Mills fac.

9014

Stock Exe) ...

154

US. Stee!

A Chuimers

25

Merab! Iron Curys.

Am Brake Shoe

43%

Annesota Mining

15. Steel 7 PC. PF Warner Brem.

American Airline

2311

Monsanto Chempient Cn.

357

Amet lean Cable & Radio Corp.

$1

Montgomery Ward

Amer, & Farga. Pover

American Cyanaralel Co.....

401

Molarola Inc.

13

National Biscu}? Cv,

4E

Am. Ga & Electric

National Chris Reg. "A"

TX

135

National Lead

100

443%

New York

Cotton Market

New York, Oct. 27.

It would provide an opportunity | Cotton fatures today held

to buy on more attractive terms. Two Factors

A lot of people have fat pro- fts in this market. Some may

to take part of thes elect

But many are locked int profits. by two factors:

The capital gains tax which clips 25 per cent of the Pro-

on an even keel aruund

the previous close in an- other slow trading ses sion.

of

An overtone

steadiness refected enough trade and commission house demand to absorb o light volume of hedge selling. New Oricana brokers were small sellers Deeem- bor and buyers of March.

for long-term gains, Unless he wanted to spend 1ila capital such trador would find it difficult to dis-the market closed net up one cover stocks which would to four points. Opening prices were off two to up six points. give him the return he now has on an investment cut Now, Orleans closed up tour to down by the tax.

After backing and sitting within Д aeven-point ronge

Those with stocks on `may- |

uri win at say 80 per cent. they sell and want to buy other stocks the margin of GO per cent recently Instituted in effective. And with

prices higher than when they made their original purchase they'll be unable to get 23 much stock.

kix points.

CROP NEWS

Crop news ginning Agures, texilé market news, and spot

developments market

frew than routine at- little more tentton. Analysts thought the market needed some other new incentives to change the pro sent dull trading pattern,

The Census Bureau reported ginnings through October 17 ut 5,208,830 bales. This represent- ed a gain of 2,582,417 bales over the past two weeks. The extra- sharp gain indicated the "crop is moving fast," and the har- probably vesting season "has

These two situations tend to reduce the floating supply of stock. With supply down and demand high, price would seen. to be headed higher and higher. reached a peak," one com-

However, some of the speculamentator said. tite pwners of stock might well sell at least part of their hold- ings, forcing prices down and ving the prospective buyers chance to get into the market,

The Solution

The solution to the market problem of supply would be tô clip down the capital gains tax 12.306

or eliminate it and reduce mar- 12.356 10.90 gins. Such procedure It is held, would bring more liquii market and a more normal one with Buctuations smblier.

21,000

29.036

30.001

1225 13.00%

LONDON

Prices of metals closed today in sterling

long per

ton na follows:

Tin apot

Sunionth

Copper spot

3-mont

Buyer Seller's

247

74411

745

Digit

240

230

240

764

Lend zou, half Jan, Zine 2nd half Oet. Zine 2nd half Jan.

7331

Lead 2nd half Oct.

SUGAR

Another thing that would give the market a bit more liquidity would be to intall greater con- tidence in the dollar, say the ex- This would swing some Derts. stock money into bonds and give the stock market the compots- tloo it needs. Also it would help the treasury with its giant linancing problems-U.P.1.

Iron Ore Imports

New York, Oct, 27. The depressed rates of US steel production affected fron ore imports in the first half of 1958, causing them lo dip Fome the 1937 ten per cent below

New York, Oct. 27. World No 4 sugar futures U closed four points lower to one levels, according to the Ameri

No. 2 nuther per lb. Nov. 0976-3619 No. 3 Nu. 4

012-03 Spot rubber unhaled .... Blanket spa

futures

Na

pale erepe

NEW ORLEANS.

Prisus

colton closed today as follows:

Spot: 34.75; Dec: ung: Mar: 30.08; My: 3020, July: 34.02 Oct: 32.02; Dec: 3180: Mars 3205.

LIVERPOOL

Cotton futures

LONDON

++

70-18

07-01

at

The rubber, market was duli and easier with spot quoted 25% pence per . Prices: closed today Settlement louse term:

No. 1 Rse spot ........ fol- Nov. Dec.

in pence per lb. were as Tows:

American Contrect Oct/Nov: 1.2; Dee Jan: N/A 1 21.00; y/Jimar 3.30 July/Aug: 203; Oct/itor: 33:30,

titizód Canterlot

Jan/Mar

point higher with sales of 98 contructs.

con Iron and Steel Institute.

Ore receipts from foreign countries tell to 13,100,000 met Domestic No, 6 sugar cloded tons from 14,700,000 tons in the unchanged to one point higher first half of 1967. Largest foll with sales of 17 contracts, was in Canadian supplies which totalled 2,100,000 long compared -Contract No. 4 (world)

with 4,000,000 tons, At the same dome, Vinezuelan oro amounted 640 to 0,700,000, tons against 6,000.- 5.40 000 tona China Mall Special.

21-23 Jou

Mar 251-2516 DAY

Jeskyn Best @pot-{vents the th. fob Cube) Open interest: 108 contracta,

Contract No. 6 (domostio)

Apru/June

385:

July/Bapt.

Oct/Dec.

2321-2311 -2514-1474 2521-253

deneral marketa, cif basis, poria:

Nor.

Fatale crepe thin

Mor.

6.70

Nov.

1.70

nato

pa thick

Nov.

| @pot={gent per lb, cặɛ NY Ex-

""chalor

Oct/Nov: · 1/2: ''; CAT/ADTH 1.00: Ma772une: 230; -July/Aug: 21A; QcNet! 28.40..

Agreed Merchant Rates

West German Deutschemarks Maximum Solling 71%.

Am Home Prod

Am. Mach. Zdry. American Metal American Smolting

Am. Sugar Ret..... American Tel & Tri American Tor. "D" Anacorals Copper Annour..... Aitor Con Mining Baldwin-Lima-Ben- Baltimore & Ohio Beneficial Finance 13endix Aviation Corp. Benguet Cona, Bethlehem Steel

501%

Yugoslavia's Secret Application

To GATT

Geneva, Oct. 27. Yugoslavia has bid strongly her to here

tighten economic ties with the West by applying secretly to become an associate member of the 37-nation General Agreement on Tariffs and Trade (GATT) it was revealed today.

Sources at CATT's 13th annual a big per-polley-setting sesion said the membership bid centage of the ginnings, Yugoslavini

Indleniluns that

estinated up to 80 per cent in was made sometime in the Inst some Brens, have been going three weeks," but had never into the government loan been announced publicly ellher minimised effect of the glaning here or in Belgrade. report on the market.-U.P.I.

Exchange Rates

Business was done in the legal

market

Initial consideration of the "Associate membership" pro- not that does posal, a stalus Currently exist within the GATT, is expected to come up for dis- cursion late this week.

15.03 At the moment

ths exchange unofficial

the following rates;~ moming at

3.70 U.S. dollar (per #1) Sterling notes (per £1) .... Australian notes (per £1) Indonesian rupiah, (per 1003 Slam zicale (per 100) Singapore 1Stra

I

Czechoslo

1200 vakin is the only Iron Curtain' 10 country with full GATT ṁEM- 100 bership-UP.I..

27.10

NOTICE

FAR EASTERN FREIGHT CONFERENCE FAR EAST/GULF OF ADEN, AND RED SEA PORTS

CONFERENCE

The Conference Lines wish to drast Shippers' attention to revisions in the Tariff Forward Booking Rules which como into effect on 1st January, 1950.

While full details of the revised rules can be obtained from Lines/Agenty, the main alteration is that apart from certain exceptional circumstances, increases in most direct and transhipment rates appeating in the Conference Tariffs from Hong Kong and Shanghai/North China Port will only take effect after the expiry of the current and two following months from the date when the increased rate is fixed.

The Lines feel sure these new arrangements will facilitate trading operations.

American President Llacs, Ltd.,

Ben Line Stoúméré Ltd.,

Ole. Maritime des Chargeurs Rounis,

China Mutual Steam Navigation Co., Ltd., Ellerman & Bucknall Steamship Co., Ltd., Glen Lino Ltd., (Glen & Shire Joint Service), Hamburg-Amerika Linio,

Holland-Oust-Azie Lijn.

Cle, des

S.P.A.N

loyd gesabgoties Maritlinės, Nippon Yusen Kaisha,

Lloyd, Norddeutscher

Ocean

Co., Ltil,

Ship Steam Osaka Shoson Kolsha,

A/B Det Oatasiatiske Kompagni (East Ablatie Co, Lid.), Peninsular Oriental Stehim Navigation Co.,

A/B Svenska Ostasiatiska Koinpaniel (Swedish East Asia

·Co. ·Etd.);"

Wilh. Wilhelmsen.

*

Westinghouse Air Brake

West Flintrin Western Halen Tel. Co.

| West V» Pulp & Paper

Walworth

P2O B•1 E.A

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO.

Ceavbu London Das Hongkong

Outwarda

"OLUSAN"

"SALMARA" "ConFU"

"BINGAPORE"

"PERIAI"

"BOUDAN"

"UARTHAGE”

Homewards "CHUBAN

"CORFU" "BÁLMARA" †

"CARTHAGE"

"FERIM**

!

4th November

11th November 37th November 21st November

12th December

1211 December

4th December

Billed 5/10

Butted 21/0

Salled 15/10

Salled 10/10

26th October

4th November

12th November

Leaves Hongéng Bue London

Otis November Stl: December 32nd December 21st November

10th January 7th December

January 18th December 10th

7th February

0th January

Via 59016, Penang, Celombo, nombay, Aden a Pt. Sála.

"SALMARA" földi fór nézhita Putta, Aden, X't. Bald,

Lunden, Hamburg, Rotterdam & Antwerp. "PER" Loads for Londen & N. Continent only

BRITISH INDIA S.N, CO., LTD.

"SANTHIA" La Fort

“FULTALA"

"ORDLA"

sale 7th Nov.

in Port sal 28th Oct.

due 24th Oct.

alle 36th Oct.

from Calculta, İtkokoon, Penn & singspore for Japan

from Japan

for Slogapore Peong Rangoan Calcutu“ Chittagong

Proźl Calcutta, Chitta- gone. Pang & por for Japan

- P. & O./B. 1. JÖINT SERVICE

"PALIKONDA" due 30th Oct. fresa Japan

Tai Sin Cles for Singapore, Penang

Coatin Kerschl

Bombay

"OUMARA" dur 7th Nov, from Japan

Call 0th Nav.

for Singapore, Bunder, Abbas, Kuwall. Basrah, Khorramshahrida ICATEĽNÍ

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

“NANKIN"

dus 11th Nov. walls 12th Nov.

"EASTERN" due th Nov. sails 14th Nov.

from Jajian, N. Chida. for Lavian, Bantiakusa Brisbane, Bydney. Ml. bourne

From Australia for Japan

All vermir Žavo Nhurly to call at any porta on ur af (hé kouté à the route & sailings sto subjech

to change or simonkikens with or without motivé,“

For full particulars apply to :-- MACKINNON. MAGKENZIE & CO.

OF HONG KONG LTD. Telephone Nas: 97791-4.

*