1961-12-14 — Page 2

THE CHINA MAIL, THURSDAY, DECEMBER 14, 1961.

U.S. TO CUT TARIFFS WORLD" "SHARE" MEKISK

Agreement expected New York

with Euromart

Washington Dec. 13.

U.S. officials said today it is expected before the end of Decem- ber that an agreement will be reached between the United States and the European Common Market nations for exten- sive cuts in tariff rates, on industrial products.

The cut will not amount to a straight 20 per cent reduction across-the- board in the external tariffs imposed by the Common Market, high officials said.

The cuts will come in certain items, but not in others.

As far as industrial products are concerned, the cuts will be extensive, officials said.

This left open the question of tariff reductions on agricultural products which have been a bone of contention between American and European Common Market negotiators.

Authority

Under Secretary of State Mr George W. Ball, told Congress in testimony yesterday that the United States hoped to reach an agreement on the tariff re- duction move by the end of the year,

This objective remains.

The United States has existing authority from Con- tress to make reductions in its tariffs up to 20 per cent. Not all of the reductions have yet been utilised to this

the leaving

United States with some room for - further cuts,

Yesterday's Closing

COMMODITY PRICES

FOREIGN EXCHANGE

NEW YORK

Closing rates:

England official 2.8300; 30-days 2 8025; England 90-days

England

Zea-

2.7908 Australia 22580; New fand 2.8000; others unchanged.

LONDON

Closing rates:

New York 2.80%-2.33;

Montreal

283-293 Amaterdam 10.10710.1115: Brussels 139.824-13983; Copenhagen 19.307-19.311: Frankfurt * 1124 1123: Lisbon 80.17-30:27: Stockholm 72.52.72.55; Vienna 14.5GN-14,509 Zurich 12.24-121231⁄2.—UPI.

High State Department off- cials confirmed today that the reports of deep cuts are correct, but took exception to statements that this would amount to a virtually across-the-board slash.

The State Department planning to make the US. posi-1b; tion clear later today.AP

Exchange rates

METALS

NEW YORK

RUBBER

NEW YORK

Rubber futures closing prices, all in cents per lb.:

Rex: Jan. 21.01. Standard: 27.88; 27.80; 21.70: 27.73; 27.74: 27.76: 27.10.

SINGAPORE

Closing prices all in Straits cents per lb. fo.b. Malayon ports; No. 1 Dee. 70%-735%: Jan 781%-781%. No. 2 Dec. 174-77 No. 3 Dec. 76-78% No. 4 Dec. 7444-25 Spot rubber unbated 77-777. Crepe 86-97.

7419-75% No. 1 palè crepe

LONDON

cotton market

New York, Dec. 13. Cation futures moved not- rowly in another quiet session today while traders owaited some new incen- tives.

Oils prominent; Generally mixed all-round gains

Oils were prominent among a generally higher market yesterday and, although trading volume was modest, hopes of possible future U.S. tariff cuts helped sentiment.

At the close the list ruled off į Most sections finished in the Your up six points. The plus columns and unlike the market opened up six to off six first two days this week, the points. New Orleans also closed blue chips took a bigger share off four to up six points.

of the gains. Following expiration of the Unilever moved upwards December contract our Tuesday, spurred by their first showing traders proceeded cautiously on Wall Street yesterday. Bri- pending Washington news on tish Unilever gained just over and 3/- to 49/9 and its Dutch twin. farm legislative prospects news from the spot market and

shot up 3/- to 234/42. textile trade.

Trade buying

Trade buying and mill-cover-- ing rallied prices in the later trading.

4

Flilott Automation were strong point, up 2/- to, better than 43/-.

Dunlop, Courtauld, Imperial and British Chanical, Vickers Motor Corp. scored smaller

For the better

gains. Earlier, commissica houses selling, and some hedging in the May delivery, kept a routine demand over-supplied Steel and engineering stocks

The Commodity Credit Cor-Armed and stores tock poration today

announced for the better. cotton loan entries for the

the Gold mines bounced back week ended December 8 at after losing ground initially and 211,818 bales.

Repossessions closed

Coppers were amounted to 57,859 bales,

ot the

mixed.

to

Я turn!

MONETARY TALKS

and active

Blue chips slightly outperformed a generally mixed and active stock market yesterday.

Prices scored moderate gains in the first hour of trading. levelled off over the noon hour and slowly lost ground as the alternoon wore om, leaving market experts undecided as to whether or not the anticipated end-of-year rally. on

was really

the

added

dry.

nearly $2 and IBM pround * 50. * Assoglated goods and Lew's Theatres spurted ahead around $3 late in the sessiUP);

Closing prices

ACF Inds $15

Air Rid

Carrier

Aldens Ine 80 Caterpillar

25 Cose Co. All Chem

All MEIS All Char

Alum Lad Alum Am Poris, Dec. 13. Finance Ministers of ten in

Am Ak Am Shoe Am Cyan Am Fow dustrialised countries to-

Gains of around two. points Am & Fore day agreed in principle to went to Allied Chemical and Am Mach set up a club" aimed at Alcos among the pivotals, supporting and strengthen- latter responding to a statement

from a top aluminium ing the monetory system that the industry's over-capacity of the free world, the situation may disappear next Am Tob French Einance Minister, year. Mr Wilfrid Baumgartner, announced tonight.

Mr Baumgartner was speak- ing to reporters as chairman of a meeting of finance ministers of Belgium, Britain, Canada, France, Italy, Japan, Nether- lands, Sweden, United States and West Germany which took place at the French Finance Ministry here today.

leaving the net stock under quiet at firm while tins reacted government loan at 3,148,717 from a good opening,

oil In the sparkling bales.

sector, The managing director of the The Texas weekly crop bul- said to be influenced by U.S. International Monetary Fund,

buying, Blanket letin today reported that as

Shell jumped

Jacobsson. 2/9 to Mr Perr

was also 121/6, Royal Dutch December 8 harvesting in

gained present northern area was about

£7/16 three

£13-5/16. British and Petroleum

Burma also. weeks Lo tour

later then

Some Japanese bonds edged the

fractions higher. Hongkong and Shanghai Bank added 1⁄4 to £18. Teas stayed dull and rubbers were idle.-- UPI.

Closing prices all in pence per normal. However, approxi- went higher.

1b.:

mately three-fourths of No. 1 Rss Spot 23-2315.

Texas crop had been harvested Settlement house term: Jan. 23z-at that time.-UPI. 29% Mar. 29-13), Jan./Mur. 225-

Apr./June 23%-2391: July/Sept.

231 Ont/Dec. 237-24.

General markets, c.l.f. basis, ports: Dec. 22%-21; Jan. 2314-233: Estate

Closing prices all in cents per crept thin Jan, 25: thiek Jan. 24

Lead: Dec: 946: Jan: 9.12. Zirac: Dec: 10.75, Jan: 10.03. Copper: Dec: 30.10: Jan: 30.20.

LONDON

Closing prices, all in sterling per long lon:

Tia: Spot 0485 250s; 3-month 959b 9609.

Copper: Spot 230 2318; 3-month Spot 60gb 80s; 3-month 6145 Elne: Spol 7114b 71345; 3-muti 123 72368.

--UPI.

SUGAR

NEW YORK

Business was done in the local official exchange market this

morning at the fallwing rates:-

US. lollars (per 31)

5.672

'Stenting notes (per £1)

15.32

Australian notes (per £1)

12.60

Japanese yen (per 100)

1.58

Cambodia riel (per 100}

8.37

French new frane (per 1)

1.13

Brazilian cruzeiro (per 100)

1.60

Argentine peso (per 100)

5.30

Korean hwan (per 100) Italian Era (per 1000) Chinese JMP' (per 1) Taiwan yown (per 100) Thai baht per 1001 "Burmese kyät (per 10)

Pakistan rupee (per 10)

4.00

9,00

0.41

1.30

28.50

5.80

7.60

Mocso pataca (per 11

Norwegian krone (per 10

0.008 7.70

Open interest: 797 gantrnets.

Philippine peso (per is

1.25

Singapore Straits per 1) Swiss franc (per it ........ Netherlands gulider (per 1) West German D Mark (per 1

Cuba peso (per 1)

1.B3

1.31

Contract No. 7 26mesties: 6.50; May 0.39; July 634. Gel, 1.38: Spot (Bulk. duty paid; 6.45.

May,

1.53

Total Sales: 121 contracts.

1.40

Open interest: 1,450 contractu

0.80

--UPI.

Closing prices, all in cents per 1b.:

Contract No. 8 (work): Mar, 2.48: May 2.50; July 238; Sept. 2.01; Oct. 2.82; Spot-(World Average) 147.

Total Sales: 33 contracts.

AMSTERDAM

Closing prices all in guilders per kilograma.

c.i.f. Dec. No. 1 rubber

No. 2 2.11 buyers:

rubber 2.07 buyers: No. 3 rubber 2.05 buyers: No 1 crepe 2.40 buyers.

-UPI

COTTON

NEW YORK

Closing prices all in cents per lb.: Spot 25.60; Mor. 34.55; May 35.02: July 4.03: Oct. 34.48; Dee, 33.50; Mar. 33.73: May 33.90,

NEW ORLEANS

Closing prices all in cents pur ib. Spot 33.15: Mar. 34.65: May 25.18: July 34.73, Oct. 39.59; Dec. 24.55; Mar, 33-78; May 23.05.

LIVERPOOL

Closing prices all in pence per lb. American Contract: Dec 24.30 Mar. 24.75: May 2.25: July 25 36: Oct, 24.15; Dec. 24.75; Jan. 21.75.

Elixe Contract: Dec. 24.65: Mar. 25.15; May 25.65; July 26.75: Oct. 25.15: Dec. 26:15; Jan. 28.15.

F.O.V.

HONG KONG'S FAVOURITE BRANDY

NOW AVAILABLE IN SPECIAL PRESENTATION

PACKING

-UPI

New York

sugar market

New York, Dec. 13. World No. 9 sugar futures

- today closed one to six points lower with sales of 24 contracts.

World no, 8 sugar closed one

to six points lower with sales of 33 contracts.

Domestic no. 7 sugar closca unchanged to two points lower with sales of 121 contracts.

World futures followed the

at weakening trend London, and the apparent. collapse the Sugar Council meeting Geneva because of Cuba's insis- tence on a large export quota.

New low

Closing prices

GOVT SBCS

TOBACCOS

2 Col

38 BAT 31% Con 5-1/16 Carreras

57/2

6/7/

3% Sav

Imps

63/1

14/201

55/65 10-11/16 MOTORS

20/70 70-13/16 BMC 65/75 71-9/10 Hawk Sidd__23/- 4% Vic

ESTA Jaguar 128/41

8 Roye D'SEAS BONDS TEXTILES

31%% War 52-1/16

36/212

375% Australia

Bradford

13,3

1977/80 · BOS

Callco

11/10

5% Dares

Coats (JP)

41/6

BANKS &

Fine Spin 20/8

INSURANCE

5% Jan, AsS 153 Courtauld 29/3

Bare! CHAT BK

Guardian

Lanes Cott 48/11⁄21⁄2

85/ BREWERIES

52/6 Distill 30/71/2 50/5 Guirnows

HK Bank 18 Ind .Landel

40/3

121/6 Utd Drap Byl Dutch, 13-5/10 Woolworth 52/3 Ultramar 28/1, MISLANEOUS

Bosker ENGINEERING Br Camm-

Keen

97/10% CF17

announced Me Baumgartner that the agreement, which was expected to increase the poten- by tial resources of the IMF more than $6,000 million, was initialled by the ten this afternoon.

ministers

He said the agreement was the result of secret negotiations carried out by experts following the Vienna

the meeting of 1.M.F. last September-Reuter.

Recovered

SOLITICO

Steel were

5472 Celanese

421 Conco Murtr

2572

Chrysler

4:16

B01

Chesapeake

50

48

442% Coca Cola „109)

71

Colgate

22 CE Finan 49

Cluett P3814

Fa Columb Carb 114

33% Columbo. Ph: 251

399 Com Engin

Comm Credit 5415

50% Comm

4T9%

Cons Edison -88%

Am Metal Am N Gas Am Photo Am Smelt Am Sugar Am T & T

48

9413 - “Odison

34

138

Cont Can

108

Cont Ol

43 14372

Ampere

265% Com Class 100%"

Anaconda

499% Crane

05

ÁSTICO Armour

Bald-Lima Balti Ohio

Bath Iron Beechnut Bendix

Ben Fin Denguet

eth Steel Blaw Knox

Bosing Borden

Ford and U.S. down more than $1 in the softer steel and car sections,

Procter and Gamble slipped $2 and a gain of around 921⁄2 showed in Owens-Illinois.

Savings and loan shares Barman

Burroughs generally recovered their early Calf Pack fosses with Financial Federa- Cam Soup tion going ahead nearly $4 on Can Brew the announcement of a 5-for-4 CPR stock split.

Litton weakened

around $2

in the electronics where Cenco

UNIT TRUSTS

First Hongkong Fund: $1.14 (buyer) $1.22 (seller).

Second Hongkong Fund, ex div: 90 rents (buyer) 96 cents (seller).

Special offer seller price: 94 cents..

Sentiment stays

about the same

There was little change in market sentiment this

morning. Activity was scattered and price

changes were small.

14/- Canard. S

43% than recently. Lights fost

70 cents at 840 but Electrics ra- 149 mained steady at $30.

300 73% G 39:20 7311⁄2

63.50

2000 @ 3.05

5232 £24

7824 Crown Zell 59%

183 Cub Aan

15% Sugar 2016-d

25

57-

Device Opry 15% Deore Co.

4912

20% Del-Huds 1TL

814 Diam KK

64%

5594 Diagn Corp.51%

1% Distillers A

12 Douglas Ale 9512

374 Dow Chem 4844. Dresser

714Dupont.

23% Duquesne

Eastern Air Kodak

41

32

115

P

34

Emersup

247

New York stocks

Only about a quarter of the regular New York price list was received for publication today, owing to- poor radio reception.

THE BALTIC

EXCHANGE

London, Dec. 13.

The market was quiet today,

and rates in some trades showed signs of becoming more steady.

Japan took a Gulf grain cargo aboard the Fotini at the same rate as paid yesterday for similar business, Another rate, was taken when the tanker Norseman was axed with 15,000 tons of grain from the Gulf to west Italy.

1401 40% Wars 57% fixture reported was for an

2750, 40% N'yang

Eastern dealings were again the quiet side and the only named Liberty type vessel to work bagged rice from Burgas and Ceylon at 41/6. This rate was unchanged from that last paid on November 14,

Llegade

Butthan

Coope 60/9 68. Watney Lombard 11/10 STORES Net & Grind 323 Gussies Prid "A" 26-1/15 Gussies A

28 House Ryl B Can

Fraser Ryl Ins

40/- Dir

Lyons A Brit Pet

360 14 Spen & 109/6 437- 337 Tate Lyle

14/101⁄2

108/0

55/0

52/6

70/74

Shell Trs

469

The volume of business this morning was about $2,270,000. P&P

Banks arl Docks each showed gains of $2, the former and the latter closing at $358

5291 $29.00 Ewa

2002 29.70

500 29,60 Cem

Realty 52123 12.05

100 @ 63 100 63

ส

STRELS

at $149.

18/.

at

Bab Wil

21/9 Ship

27/

Colvilles

Less interest was shown on the two Electricity

10000 @ 3.025 Dairy

2000 à 2.08

135% £36 1500 6:35

d3

Tram

companies

500 & 4014 Textile

55 65

D Long

23 Channel

297-

50

72 City Lon

37/3 Forestal

19/3 327435 -28/487332-

9/*

Taikoo at 43/- Furness W

and $73 29/3

Tele- 6. HK Ghas 23/- phones at $42 each showed 38/ Huston 8 4-3/16 fractional declines,

Bus

Yu

Lands

remained sloady at

200 @ 127

100 2 126

Hump

437-

50/ Amdo US

200 FF 50%

22/4 Corp

143/8

46/3 Cons Zine

10 Erit Tin

23/0 Brit Sth Af 57/

3026

17/3

47/6

De Beers

151/3

1572

3/ Mt Isa 15/6 Petaling

64/3

9/8

Spot sugar at London was eported at a new 20-year low

a the equivalent of 2.26 cents

refiner

a pound, fob, stowed.

Domestie raws moved up five points, reflecting a continuing demand. Meanwhile, traders also awaited news from the current closed-door meet- ings of state and agriculture čepartment officials concerning legislation to replace the cur- rent Suger Act, which expires

on next June 30.-UPI.

METAL MARKET.

H Wol Stew Llydo Summers

Tube Inv Utd Steel Vickers ELECTRIC Asa Elec. Ass Tel

Brit Ins EMI

27 Indo-China

Lan Sec

28/8

34/4 MINES

Eng Elec GEC Philips Rediffusion INDUSTRIALA Ass Cem Hoardman Horax Decca Dunlop Fisons Gilman

Int Comp Turn New

HONGKONG

This

morning's

73/5 Rand Sel w and prices were; 29/- Rhod Angio-

53/112 160 Tinto 43/5 98/3 340 Ant 4/IS 56/9 Union C

14/1

40/0 Welkom 46/5 West

b54 $358 Dock

Bank

10 358

85 354 220356

365 2 384

Lua Reg

Unilever Wiggins London, Dec. 13. CHEMICALS

Rare 51/9016 23/- West Haki 129/41

360 @ 22 The tin market was steady Boots

JCI

587 S Mal

28/8 E. Asla 6238 but quiet today. Spot remain- Monsanto 15/9 RUBBER &

Lombard ed

140 while three- CINEMAS TV TEAS unchanged

Assoc Fix 25/11⁄2 Anglo Indo

4/ Inv months fell 1/4 £9592. Stoll

3/3 Ceylon Tea 19/- Whart Copper was steady, lead barely PAPER

Imp Tea

18/9 Wheelock

2/0 44/6 KL Kepong steady while zinc was quiet to- Bowater

De La Rue 416. Lambak day-UPI,

Spicers 37/6

to

-Reuter

39.20

500 (a 401/2 X3 110% 30044 A Rub 4.0 4.0 300 @ 40%

1000 (435 b4675 R Trust b6.10 19 @ 14%. Govt 36% Loen 20742

(1048) 872 b120 =127 Sing

58.70

C flotet bat

270@37

125.20 £25.70

500 25.40

2500@401 S Ferry 6242 1245

FK Elec b39 8395 500@39% 100 & 30%

quotations

Phones Old

bi47 £149)

-000 @ 119

400 149

200 148

800.60 149

300 @ 148

400 @ 148

500 g 149

400 73%

Taikos - 673 #7315

[email protected]

2392 Prov 28.10.28.60 1600 @ 28.25 300 @ 28.30 DAY 544% 60

b12.00 $12.30

4000 e 13.20. HX H 3000@12,50 Lard

TITONI

Airmaster

514

b42 642

3000 € 42

500 4244

500 42

100244

800- 242

Asia Nov 62.70

2250 2.70

I nv b12.30 siz.

2400 m 12.49 Metal 62,30

7000 @ 2.325 Sun 522 1500 42 JConsol 40c

907 40

New b40a401⁄2

Gas

562 7 40 L. Cray 37 48

1500 e 4012 b20.10 $20.30

Macao b13,80 Vibro

300 @ 20.20 A Can b

AGREED RATES Belgian Francs Selling, 865.

Maximum

W. German Deutschemarks Maximura Selling: 69%

In the time charter section WER the motor vessel Vinni booked on six to nine months. trading at 20/8.

Barley

FIXTURES:

California including Stockto

to Casablanca, ss. Dona Mari, 14,500 tons, 3 per cent, barley in bulk, January 15 laydays $8, flo and stowed.

-- Burma to Ceylon, vessel, 9,500 tons, 5 per cont, rice in boga Dec/Jun 41/6, do and stowed, 500 load/600 discharge. negraph

Gult to Japan, Exsin), 14,500 tens, per cent, soybeans in bulk, Dez, 26/31,

3,000 discharge free $10.15, with Gulf to west Italy, Norseman (motor) (tanker), 15,000 tons, 5 per cent, wheat in bulk, Ja 25/0 February 10, $5.40, fo and steamer, trimmed, with 1,000. discharge free.

.QỪ

Northern range to Antwerp. Rotterdam

Amsterdam Pimobus, 10.000 tons 5 per cent, heavy grain, Dec. 27 $4.50, with 1,000, discharge.

CHARTER

TIME

(motor)3:480 tons dw bale, 18 knots on

all, delivery Antwer range Jan, six 30 re-delivery

20/91

Sole Agents

CALDBECK MACGREGOR & CO., LTD. 2 Chater Road Tel. 20075 (Order Desk)

is always at your service for accurate time-keeping.

SOLE AGENTS KOO BAOTHERS & CO TEL: 38173, 24901

AMERICAN $10CKS & COMMODITIES

TECHNICAL

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