TRADE
THE CHINA MAIL, FRIDAY, FEBRUARY 24, 1956.
and
COMMERCE
RECOVERY ENDS: COLONY SHARE PRICES TAKE SHARP DIP ★
Bank Rate Fears Cause
Slide In Market
By A Special Correspondent
The market recovery ended last week with fears that some Hongkong banks might raise borrowing rates again following the increase in the British bank rate. And this week the share market took a sharp downturn.
★ The Share Market At A Glancè
Provident
UK Hotels
UK Land
Humphreys
HK Realty
IK Trams Star Ferry
Yaumatis
Jan 20
1760s
1
לם
1750
1536
6214
Up or
D
-100 -500
Feb 2
Fob 8
HK Bank
1775
Feb 10 1800
Feb 23 1750
down
-$30
Lombard
всь
68326
F500
Unton
$95
9006
1005b
1010
180
$80
Underwriters
9.40n
9.40.12
9.20m
Union W'bont
241
24b
25.10
9.100 25.10b
9.101
216.
steady +100
Wheelock
8.40
8.65
8.00
£85
HK Wharf
70
70160
7in
72
IIK Dock
3244
336
3334
33
8.75%- 12 34h
-100
steady
+250
16.20
15.200
15/4
14.75m
750
17.20b
02
17.40 03
18.10
18
17.90
--100
84
04
-$13
19.70m
10.70n
20%
18.75m
10.70%
1,975n
2.05
1.60bxa
1.625
1.625
24.40
25
25.10
25,80
- 25
133b
140b
143
144
145
stondy
103b
105
100
108
104
22,30
23
23.70
22.70
31.80
ipe
10.40
18.60
18.40
10.80
12.10
+306
43
4324
14/
43
4314
3314
334%
3411
3444
3%
$1.75 -$214
30%
37.
39
30%
18.70
18.40
13.10
12.80
18.60 12.7km
18
3814m 17,40
Land Crawford
341b
3512m
351
12.069 36n
-10c steady
Yangtze
0.05b
4.80b
6.900
Allled
3.306
5.50b
5.30
HK & FE Inr
11.60
11.50
11.50
5.60B 11.40b
in 5.55
Textile Corp
BIGB
5.68
4.60%
6.50
11.30m
5.35
-100
-150
Nanyong
7.80s
7.80n
7,000
the
The decline hit all sections of the market. But the movements in Hongkong stand in odd contrast to the trend in London where the market seems firmer.
the
The information that the ket deeline and not, I think, to
Bank any Hongkong and Shanghai
disappointment dividend news.
IN
has given me and a number of brokers in tee House Street that it is not going to increase
borrowing
the sta
rutest
moment".
That last sinister achdition arct the inference that can be drawn from It is the one that is worry- Jng some brokers,
over
Another dividend—Holel»-la due shortly, and judging from the speculation yesterday purket is expecting a generous hand-out They
$ Inst poid Before that
65 year.
wix The hope is that a bonus will accompany this year's dis- tribution from that preveda of the sale of the Pedder Street Falles.
cents.
It would be quite
I! wrong, feel, to say that Cate kkk draw that inference from (14 statement. The qualißeation is undoubtedly a safeguard in case the bank finds some time in the
Telephones Wobbly
-
Elcetric, following the future that it has to put upnouncement of its dividend and Lorrowing rates.
Issue, Telf back $1,75 this week. Telephones were rather wobbly and est $2% on
the week close at $32.
Discouraging Effect
But as long as the threat re- over the market it is moins likely to have some discouraging effect upon demand.
10
In fact, the only utility to keep dem was Star Ferry which held steady with sellers asking $145
ad no buyers.
Banks
and Unions are well down on the week. Banks lost Pity, because not only was the $50 and Unions, $30. The reason market doing well but there was for the fat in Banks is possibly another good dividend announce- to be found in the London mar ment this week Hongkongket where the share has ch- Tramways.
clined 30/- to £95% since last Thursday. Bat Unions have Ostensibly, the final dividend kept stendy at £31.
The Is lower than last year's.
The my
regularly traded figures published in the Press share (apart from Lights cont show this year's final as $1.25 to buck the market trend was against last year's $1.30 Bulk Docks which shows a rise the difference that should have of 25 cents to $34 buyers on the been made was that fast year's | werk, Sellers were holding out fini was "less tax" where this for $34% yesterday so the share or tax free, as muy go higher before there is Aurely "net" required by a recent ordinance.
So that means Tramways have raised their dividend by appro- ximately 11% conts, as brokers predicted
this colat
couple of weeks ago.
A Good Utility
1
a sade,
Rubber Prices Up
Wharera held steady al
$72.
| but Providents dropped back to $14.73 down 75 cents which is a
share of large tall for
that
How rubber prices have taken
have not heard any of another sharp dip they are
Tramways ngures for the year, }
1954's. but let's have a look al
(in
chayti to 95% cents now and this sent rubber shure prices Prolit was given at $5,100,016 down on the Hongkong market.
Yesterday 1953, $0.010.915)
more than 44,000 and dividends absorbed $1.350.038 Amalgamateds changed hands at (in 1953. $4,095.000). This year's $1.65. On Wednesday more than distribution will take up cluding the 33-cent net Interim) $4,680,000 which rather sug- gests that pront will be in the region of $5 million.
12,000 changed hands at prices (ranging from $1.00 to $1.075.
With the heavy selling on the market this week, the turnover ruse sharply to $1,250,000 which is the highost this year. Of the
shares The reported intention of the 20
In the adjoining company is to bulld
only four were' higher, the anel, up
10 gradually to its pre- six were steady and bonus issue level of $2.40 (less lower,
dividend
tox)
$3.10.
A net figure of about And If this is
chareholders can
50
then
expeel
gradual increase of 50 cents In the distribution in the few years.
Yield now stands at 8.4 per cent-a good utility this.
they
China Lights announce are calling up $2 on the 33 con- tributing or partly ould shares to make them rank equally with the $0 fully paids. This ex- pining the evening-up trend that took place in the two. shares this week. Ono lost 90 cents, and the other gained 30 cents.
Land Dividend
The rather elaborate plan
finance
|
Ch Lights (0)
Ch Lights (1) Electrie
HK Telephone
G.1. Cenyent
Dairy Farm
A.S. Watson1
TODAY'S
SHARE PRICES
[From Our Correspondent)
Business done on the Hong- kung Stock Exchange this morning amounted to approxi- mately $780,000. Noon quotations and the morning's transactions:
SHARKS DUYERS SELLERS BALES
BANKS
HK Bank .. 1740 1700 Best Ama
INSURANCES
Underwritera
DOCKS, ETC K Whur Dock Provident
(Old)......
LAND, ETC HK Hotel
HK Land
(Old)
(New).... 1fumphreys
RUBEN
0.10
72 13
GO
WORLD RUBBER MARKETS
New York, Feb. 23. The No. 1 Rss rubber futurca
10 to 45 contract today closed points tower with sales contracts.
113
12.70 36n
7.75b
steads
og-
7.75m steady
NY COTTON FUTURES STEADY
New York, Feb. 23. Cotton futures today opened higher and main tained
a steady to firm The Standard contract closed undertone for the rest of 30 points lower to 15 points the session. higher with
tracts.
sales of 10 con-
SECTION
Eisenhower Rumours London Stocks
Boost Trading On Wall Street
New York, Feb. 23.
Quietly Irregular
London, Feb. 23. Stocka closed mostly irregular in quiet trading on the London Exchange
today.
stocka
Growing confidence that President Eisenhower will run for re-election gave the stock market another higher, active cased at the opening and fall as session today.
Prices were strong and activity good from the outset, with reporting tickers run- ning briefly after the opening as the holi- day accumulation of orders was taken care of.
closio
Reports over the holiday that President Eisenhower has told
associates he wants second term sparked the rise which added more than 'a billion doliars to value of all stocks to- dny.
All leading groups participated. with industrial shores averaging 4.57 points higher, rails 0.71 and utilities 0.20 to lift the general average to its best level since January 6.
Turnover
totalled 2,000,000 shares, second only to Inst Wednesday's 3,000,000-share sea- sion and compared swith 2,240,000 on Tuesday.
All Groups Good While all groups did woll, a few individuál stocks stood out sharply on favourable develop- ments such as Standard Oil of Califomin's two-for-one
stock split late in the day, The stock and in West Coast markels can closed here at 93%, up 3 points, up well over 80 on the news.
Jersey Standard added more than a point and Sinclair Union In spasmodically netive pust-
of California, Shell were Speculative operating brought holiday dealings, gains ranged strong.
Bethlehem, Armco and Inland in the ter-p to around $1.25 a bale with omatic fluctuations minal market, while the mutside most of the interest centred in Stoels with gains of more than 2. Demand appeared for air. market remained slow in the old crop months. 230 absence of factory buying in-
the close the list ruled crafts to lift Boeing, Douglas, At the off to Lercat.
27 up
points. The Lockheed and North American 6 Aviation a-point or more each.
Of Orleans closed off
a total of 1,221 Issues traded, 740 'were points.
higher,, only 2 to up 27
241 Activity in deferred deliveries lower. was hampered while buyers and
Now York Stock Exchange acilces waited for The farm bond volume was $4,500,000.
America Stock Exchange picture to come into legislation
'volume was 890,000 shares. clearer focus.
The The
Dow Jones closing averages nearby July delivery showed relative strength. Buy- were: in there was credited to trade 30 industrials accounts and commission houses, 15 utililles plus some scattered investment 50 stocks buying. The discount of 14 cents 40 bonda
Comm. future price Indox a pound under the current March
Moody's index and possiblity for a end-supply situation on cotton, encouraged the
Futures dropped as much as ante nocued off 1 to up
cent a pound on the forenoon lump, then steadied at the clase under covering operations and 16 500 14.30 buying on technical reusons,
17 TO 17 9 1500 or 17.00 1500 1700
500 10
#54621 700 53
2000 3430 1 $2
01% 10.70
A. Rubber 145 170 1037 1.05
UTILITIES
Tra
In the shipment market, a small tonnage of flat bark re- ported sald for Feb-March ship- ment from Indonesia nt 23 cents a pound, cost and freight,
Spot No. 1 Rss sheets were quoted nominal 334 cents a pound. Futures:
No. 1 Rs Old
March
May
July
32.05 32.00-85 31.00-90
Sept
3160
24.90 Yurt Ferrs 1 105
Des.....
30.00-II LO
C
Light (0) 21.00 21 30 300 21,70 10 1200 19.10 Light (N) 10.00
2000 19
New Standard contract
March May July
32.00n
33.00
31.00
Eistry
43 43% 600 0 411⁄2
Sept,
31.39
1709 43
Dcc.
30,00
000 43
30,00
300 431
Macao Electric
0.00 0.85 (old) (New)
0.20 Telephone 31 22: 1030
477 31.ts
300 33 INDUSTRIALS
Chought.... 38
30 500 2000
Rope
STORES, ETC
Dairy
Watson
COTTONS
March
SINGAPORE
points,
.buying.
The market steadied on short covering after an easy opening, but trade and factory interest
March contracts remained generally fastened at the 36.77 cant level. Although today was Arst notice
day,
20 zile
Closing
Alden Inc. Acy. Allied Chemicals
Allis Chalmer American Airline American Motal
appeared scattered covering American Tel & Tei
Benguet Cor.
110 tenders American Smelting
American Tob. "D operations were supplied through Anaconda Copper the sale or
of upwards
10,000 Armcu Steci
Armour bales by spot interests.
Open March contracts at the start of trading today totalled 07,200 bales, The smallest open WAS poor. There wos heavy 2000 (38.75 selling towards the close for position in a spot month in many 1000 38.75 Vrseas accounts which caused years, traders said. The 1700 17
sharp drop. At the close fileated stock declined 605 bries there was little support. Futures: to 641 bales, the lowest for the year and a decline of over 8,000 1745 100 @ No. rubber por th. Mar. 043-49 12.00
Apr. 931-93 baler since Jan. 1. May unquoted
Volume 5,39 0,40 7000 u 6,35 No. 2 rubber pet lb. Mar. 023-003
No. 3 6.30 6.50 3000 g 5.3 No. 4
Spot rubber unvaled Blanket grepe
16
Textiles MISCELLANEOUS were
Allied
GENERAL MOTORS RECORD
New York Sugar Market
cer-
and open interest
Volume Open interest
10.700 07.200
20,000 455,100
400
60.200
| Sinclair Oil
Socony Vacuum
South Parto Teo Sugar
Com, F
A 110
412
· Southem National Glas Southern Railway Standard Dreads Standard Oil of Cai. Blandard Oil at inc. Standard Oil of N.J. Sterling Drug Co. Stakely-Vm Camp, Studebaker-Packard Corp. Swift & Co.
Texas Co... Tide Water Assn. Ol Twenty Century Fox Flim Union Carbide
Union Pacule Raliway
United Aircraft
U.S. Line Co.
U.S. Oypsum
U.S. Rubber
U. Snelling
U.S. Steel Warner Bros. Westinghouse Electric Woolworth
government
British
much as 10 shillings. Then they of firmed and regained most their losses. Old Consols finished
with a small net gain and the the close.
section as a whole was steady at
Selective buying helped a few industrials push ahead. Engineer-
ing and steel shures managed a steady appearante, with Vickers up about a shilling. But there were numerous small loaSCA. Rolls-Royce skidded more than two shillings.
Olls were mostly idle, $34 though Royal Dutch stood
3 with a gain of nearly £.
15434
“វ៉
out
The foreign band scotton was Dhighlighted by strength in Ber- 44 in six per conts, up about 22. Japanese lens were quiet and mostly unchanged.
120
35
11031
27432
101/
30
Gold shares drifted. Coppers
the close steadied near
weakness in mid-session,
ofler
Dollar stocks were mainly un. changed in quiet dealings. United Prean,
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outward "CANTON" "CARTHAGE" "CHUSAN" "CORFU"
Leaves Lendon
Balled
29th February 13th March 27 forch
Due Hongkong
5th March
2nd April
13th April
20th April
Via Bouthampton, Port Bald. Aden, Bombay, Colombo, Penang & Singapore
401.50
150,00
£3,44
170.07
09.44
154.03
Homewards "CANTON"
403.20
"CARTHAGE”
Prices
CHUSAN"
"CORFU"
Baldwin-La-liam, naltimore & Ohlo Bendix Aviation Corp. Bethlehem Steel Boeing Airplane Canadian Pacific N. Case (31.) Co. Chase Manhat. Bank Chrysler Motors Colgate-Palmolive Co. Commercial Credli Commonwealth Elec. Consolidated Edison Crane Co.,... Crown Zellerbach Cuban Amer, Sugar Diamond Alkali Dupont de Nemours Erstman Kodak
General Electric
Goodrich, (B. F. Co. Goodyear Tyro Heyden Chemical
Prices of futures closed today Homstake Mining Co.
Ingersoll-Rand
Inland Steel Co.,
In Rosinen Machiner Int'l Harvester
were:
Month
K-1-0014
March
No. 1 pale crepe
107-100
Мау
July
30,000
200,900
LONDON
Oct,
13,700 234,000
The market was steady with
Dec.
14,700
201,200
General Foods
Mar.
4 вод
10.300
Genersi Motare
spot quoted at 28 pence per lb. Priccs:
May
2,400
Juts
20,400
Gen. Pub, J. Glidden Co.
Total
223,800. 3,400,000 bales
4
No. 1 is spot
20-2012
New York, Feb. 23. World No.
4 sugar futures closed today 1 point lower to 2 points higher with sales af 05 contracts,
Settlement house term:
April
Junio May
April/June July/Sept. Det/Deo,
271-276 2014-2014
NEW YORK
as follows:
Spot
31-233
Mar.
May
General markets, ele basis, burts:
July
March Crepe thin Crepe thick
$11-27
Oct.
31-3134
Dec.
Mar.
United Prepo.
May
July
ut
NEW ORLEANS
as follows
Apot
Mar.
May
July
Oct.
Dec.
Mar.
New York, Feb. 22. General
Domestic No. 0 sugar futures Motors
records closed unchanged to point Gmashed all previous in 1905,
chalking up record higher with sales of 235" con- earnings $1,189,477,000 an
In world raws, dealers under- peak
of
demand
trocis.
00
sales of $12.443,277,000, stood Japancte purchases its annuel roport showed today. Cuban
for approximated Although auto
Trade buying expected to dip slightly, 1960134,000 tons.
orders on the May deliveries "should be another good year dominated the increased trade for General Motors," President Harlow H. Curtice and Chair in domestic futures,
Contract No. 4 (world)
which some brokers thought China Lights were pre- man Alfred 1. Sloan toldf paring and which was published stockholders.
in some detail in this coluran, as "supposition
Lant
year's earnings marked
In the market" the first time any. corporation although well meant and rather has topped the 1 billion levul Ingeniously and fiddly thought in not Income.
out-uld not eventuaté,
320
Singapore
Stock Market
30.63
35.77
5030
3640
31.10
International Nickel
Intel_Paper
Tol
31.33-03 | John-kinville" "Cu
31.60
31.23
30,70
Kansas C. Power & Light Kennecott Copper
Lockheed Aircraft
Loewe Incorp.
Lone Star Cement Co. Lowenstein & Sons
Prices of futures closed today Mezabi Iron Cary.
July
35.45
Minnesota Mining Alaston Development
30.71
Montgomery Ward
DSC
Molecola Ine.
National Cash Reg. "A"
34.47
32.10
National Dairy Prod.
31.01
National Lend
3143
New York Central
30.72
Olin Mathiema
Ota Eleyntors
Owen Dinoda Cilasa
MAX Singapore, Feb. 24. Brokera today quoted. the Iollowing stock prices:
LIVERPOOL Opening
Futuro dosings In pence Elalu Lintang Rubber Co.
11.06x4 lb. were as follows: Borneo British
Petroleum
Old contract. Mar/April Syndicate
May/June Tin Comidated
Snetter Ord.
20/ Fraser & Hesve Ltd Ord. .1 34.78 Fenser & Neave 795% cum,
pret
March May July
Sept. Oct.
March
Spol.fcents per 1b. fob
The two executives noted that
Cuba)
1
billion will be spent on new
Contract No. 0
May
3.30
0.4
July Rent. Nor.
Spot (cente per lb, clf, NY ox-duty)
BDA 4,56 5.06
540
United Press,
Banking Corp.
Blangkong Thi Ltd,
Kempas 24.
Hongkong Land and Invest-plants and equipment In 1950.
ment announce $3.00 (net)United Press. dividend for the year which is the same as_Inat year's ($4 Icen tox). The final announced last night was $1.75 (net). To this should be nickled an intern of $3 lean tax ($1.75 net), to muke up the total.
Last year's profit was
$0.0
London Foreign Exchange
million. I have not heard any New York
figures for this year's proft.
London, Feb. 23.
2.00-11/10-2.00-13/15
2003
: 130,4216519045
New York Foreign
Exchange
New York, Tab, 23. Canada
$1.00 England -90-day futures 2.30-1/16- New Zealand,
2.70% Bouth Africa
Montreal Amsterdam I think the Land dividend will
Trankfurt mensure up to most Investors' Paris. expectations. The share is down tookholm $1 ch sal week's rate, but Zurich
Other word unchanged-United" igium this is due to the general mar- 'Prom,
Hongkong de Stanghal
Luna Jubber Kolates käigu 2431.
Mataym Breweries
New Becandal Rubber Co.
July/Aug. New contract MaŸ/June
July/Aug. Oct/Nov.
Dec./Ten
Packe Gay de Bien,
per Pacing Western Oil
Pan American Airways Paramount Pictures
26.30
25,75
25.40
Tenn. Bait Co.
Parke Davis Co.
Philip Morri
20.40
56.28
2015
Pure Off
Egyptian Karnak MUFADHI.. 83.00
SAO PAULO.
Futuro closings. in cruzeiros
per kilo were sa follows: CON
March
$3.03
$40
辛し、たま
3.47
01.08
May
$4.00cd
July
Flames Hotel
sis Bingapore Cold Biorage
Oct
South Bellan Insurance Co.
$1.38 $27.00
Kec.
Siralle Bleumalalp
United Engineers Ord.
Baning Tin Li
| Bizkits (fratling.
0200-1/16 Wearne Bro
20.90
Pittsburgh Plato, Claws
Publicker Industries
Rolo Corporation
Republie toel
Reynolds Melel
| Shell Oil Co,
Saint Reg. Paper
Exchange Rates
Düsiness, wis done, in the fogal (11.90 21. UNOCtiOias -- amuzatgy market
1730 dölle, (vug (2)
In the US the average pricom, at the following raise: at 15/16 milling cotton, at-14” swirling cotas (per £1) TRA designated gook marketasuna: Aamtesian notes (per, Aly 38.49 cents. Sales totalled, 41, Indonewan pupish (per 100)...
Giners Float (per 100) 287 palos;--United Press.
Singapore (Staiti)
Leaves Hongkong Due London
9th March
qit April
291|| Aprit
4th May
9th April
7th May
27th May
115 June
Via Singapore, Penang, Colombo, Bombay. aden.
Port Bald & London
*Also Calls Mateollies,
"SURAT"
FREIGHT SERVICE
londe 20th Feb. for S'pore. P. Swetten- ham, Penang. Aden. Port Bald.
Cenos, London, Hamburg, Rot- terdaro & Antwerp 7th Mar. trom U.K. salla 101 Mar. for Japan
"ŠHILLONG” dur
With liberty to call at Belawan before or after Straita Forts and at Bombay it inducement allern, Tanks available for carriage of Oll in Bulk. Space for refrigerated cargo. Limited Passenger accommodation
BRITISH INDIA S.N. CO., LTD. 1838-A HUNDRED YEARS OF SERVICE-1950 "SANGOLA”
duo 2011 Feb. salis 200 Mar. for Japan "SIRDHANA" »»lls 3rd Bfar, for Kobe "WAKOKA"
salle 10th Mar. for Singapore, Penang,
Hangoon, Calcutta Chittagong
P. & O./B. 1. JOINT SERVICE
"ONDIA"
"ORNA".
J
In Port
from Karachi & Bom-
bay
salls 20th Feb. for Japan
due 25th Feb. from Bombay & Karachi malis 27th Feb. for Japan, "SIRDHANA” salle 2011 Mar. for Singapore, Penang,
Cochin & BAY
NOMDAY, Dalle 20th Mar. for S'pore.
Karachi, Darah, Khor ramalintir & Kuwait
"ORDIA"
EASTERN & AUSTRALIAN 5.3. CO., LTD.
"NELLORE"
"NANKIN"
due 4th Mar. from Japa salis Oth Mar.
for Sandakan, RADAUL, Hrisbane, Sydney, Mel bourne de Adelaide
due 17th Mar.
from Australia malko 10th Mar. Iar Japan
All vessels have liberty to call at any ports on ar off the roula & the reuls de nailing are subject to change or kihendment with or without notion,
For full poolielurs apply to - MACKINNON, MACKENZIE & CO..
OF HONG KONG LTD. Telephou Nos. 27721-4.
►
P