Page
THE CHINA MAIL, FRIDAY, OCTOBER 11, 1957.
TRADE and COMMERCE SECTION
Turnover Drops To $2 Million On Ice House Street
HEAVY LOSSES IN AMERICA Sterling Slightly
HK Investors Said To Be
$100 Million Down
By A Special Correspondent
* The Share Market At A Glance ★ LONDON
KK Bank Lombard
Union Wheelock HK Wharf
HK Trams
3434b
Up or
Sept 12 BUS
Sept 19 BG5
00
34in 90%
Sept 20 855
344
Det 10
Down
06234
+47.50
1214
---244
90
01
L
steady
7.85
7.58
7.65
7.45
7.60
+50
122
1229
1229
1221
1224
steady
IIK Docks
03
52
12b
#314
steady
Provident
12
12m
11.75m
11.70
11.90
+200
Ik Hotels
15.20
14.05m
14.80
14.09
15
+100
IIK Lands
30%
34xxd
34
3414
201
+-250
HK Really
14
1.35mxd
1.85
1.875
steady
23,30
23.80
83.
23.10m
93.50
+100
1239
131n
133
1310
1835
+$2
102
103
102
102
10%
steady
18.80
18.70
18.70
18.00
18.30b
+200
28.80
29.40
27.90
#8
23
-steady
27.80
27.50
27
27.80
27.10
+-190
30
28.00
28.50
27,40s
BDO
Dairy Farm
13.60
16.00
15.90
13.80mxd
16.20
+100
A.S. Watson
12.60
12.40
12.40
12.00
13.20
+De
Yangtare
0.60%
6.960
6.45m
6.430
6.430
steady
Allied
4.200
4.10b
4.200
4.20%
4.35%
sadr
HK & FE Inv
0.60b
£.80b
9.80b
10
9.80b
-200
Textile Corp
4,475
4.50%
4.161
4.40m
4.40mm
before out
0,80n
D.80
0.75€
0.851
9.550
It is one broker's "conservative estimate" that Hongkong investors have lost some- thing like HK$100 million on the US and Canadian markets this year.
He admits his figure can be no more than a guess but he does business for Hongkong people abroad, is in contact with others who do like- wise and has arrived at this figure after dis- cussions with one of them.
lle estimates, too, that siderable improvement Hongkong
have the market can be drawn people
of its present doldrums. shareholdings something
Elsewhere improvements have whart like 11K$500 million in been fractional. In the
sections, China Provident was the wily gainer-20 cents,
these markets,
have
Hongkong people
Banks lacked on $7.30 on the been investing heavily in
week to $860 which 13 their the New York and Cana- best level for about three dian markels this year, he weeks. Wheelocks plekced reports, despite the better five of ls 20 cents ions
week. Hong- yield prospects in kong.
wonder, What, you may has this to do with the Hongkong Stock Exchange?
Much has been said in this column during the last few months about the real estate boom, which is drawing away most
of
Extremely Dull
up
1st
Here Is an' Jee House Streel observer's comment: The Stock Market has
experi- of
enced another weck extremely dull trading condi- on with small daily tur71
which, In Al}, only amounted To approximately 52 million.
OVCI
Star Ferry
Yaumatis
Ch Lights
Electrics
IIK Telephone
Gl. Cement
Nanyung
New York Stock Market
Worst Drubbing Since 1955
Groups
In All
New York, Oct, 10.
Hongkong's surplus money In spite of the general lack of Stocks took their worst drubbing in two years-à
Д
and despite the share market dullness there is no shortage of cash. Coupled with that, interest rates here have risen, squeezing regular operatora to the extent that it is no longer logical to invest in
blue chips market where
six and between yield seven and a half per cent when the cost of borrowing money in many cases seven per cent and more.
Worst Since 1941
is
DI
interest in the market, prices show fractionat improvement compared with the previous week.
of There is consequently liitte
note to report,
Hongkong Lands and Docks have been in fairly steady demand whilst in the stores group Dairy Farms have more than recovered their dividend
time in
short
inter- the
Watsons have ventog and tneked on silahl gains. Elsewhere there is Hille change but the undertone appears to be steady.
steady steady
NEWYORK COTTON MARKET
New York, Oct. 10. Cotton futures today turned reactionary after spurting to now highs for the move- mont at the outside. Day trade covering at the finish had a steadyinty effect but the list siit ruled
ย changed to off eight points at the final gong. Opening prices were oft 8 to up 4 points. New 434 Orleans closed up 5 to uff 12
points
close to $5 billion paper loss on the heaviest and with nothing con- trading of the year crete on which to blame it.
Chrysler Motors... Climax Molybdenum Cheit Penbody Colgate-Paluolive Co. Clublan Carbon Co. Commercial Credit
The decline was the heaviest | C. I. T. Financial Corp. since October 10, 1955 when the fell more thon 13 market points in the industrial average when a medical statement Basi President Eisenhower still was less than 100 per cent out of
danger after is heart attack. to
Commonwealth Elec, Consolidated Edison Continental ou of Del. Crown Zellerbar
Cuban Amer. Sugée. Diamond Match Co. Douglas Alrerait Dow Chemicals.... Dupont de Nemours Easter Airline .... Easthan Kodak
There was nothing like that account for this drop-- amounting to 0.89 points in the Industrial average. Market market men Here is the week's
held 10 the theory diary:
move wⱭs chiefly tech- El Paso National Gas Market
locked nicol with some adverse develop Family Finance Corp. Interest, T/0:
inents affecting individual issues. Firestone Tyre & Rubber
FRIDAY
But on top of this comes the very important factor of Hong- MONDAY: kong's
Investments, overstas
is bought much of which
Successive. Retbacks, TUESDAY: "margin". on Lie New York market have forced investors to remit more and more to maintain declining margins
This is just another reson WEDNESDAY: why daily inarket reports issutd
by the Hongkong Stock Ex-
. One broker-and he has been
change read Hike yesterday's. | THURSDAY:
in the Colony many years
says that we arc now going
+9
through about the worst period since just before occupation,
In London conditions pre bad if not worst. Many shares have registered heavy falls.
"The of The latest Issue Economist" shows that Barclaysa Bank, at 44/- Is now 3/3 be- low its peak for this year, Chartered at 40/-, 2/6 below, Lloyds at 44/0, 0/0 below, Midland al 67/9, 5/6 below. Oils are oven worse. BPs are 120/71⁄2 against a quoted al peak of 173/74%; Burmahs are 87/8 against a peak of 110/41. £20-3/8 against Royal Dutch,
the
Nine Points
Ford Motor General General Fore
General Motors Gen Pub. Util. Getty Oll
A
35
after
D
STOCK MARKET
same
PA
Easier
By SYDNEY CAMPELL
London, Oct. 10. After its recent strong advance, sterling paused.
today and eased slightly. London and some other European stock exchanges turned easier. Wall Street had a bad morning.
Foreign exchange described
dealers chev's remarks about the danger
London, Oct. 10. Markets wore disorderly today, Sterling was heavily sold in the afternoon and
the pounds Relback of war in the Middle East, fall 3/16 to $2.80-1/32. as a normal technical reaction. International oil shares with The actual selling was mo- Before the sensationul rise In Middle Eastern interests were derate with business turnover | the British Bank Rate, thred hard hit.
the approximately
pound was on Also
to weeks ago, the
Wall depressing yeaterday's 1957 low.
the floor and losing heavily, Street were the fiátements" by In the industrial sector Ford particularly ta the dollar and President Eisenhower and Motors held a gdin of 2/- for the German, mark.
other authorities implying that
in most of the day but closed with
Russia's prowess Since then, a strong and al- and moons was not to be allow- In het rise of 1/9, Others were
uninterrupted advance ed to panle the United States sleadily sold and showed losses
yesterday to carried it ranging from ed to 2/- or moje,
11s into ΟΙ
shares
were heavily highest against the dollar since pressed for sale with Royal before the Suez hationalisation programme-Reuter. Dutch down 11/- British in July last year, and its highest Petroleum 4/ Shell 2/6 and Painst the German mark ince Burmah 2/-.
May, 1955.
most
Geripan Young Loan non- With the weekend approach- assented rose 1 with the ing, a "breather" assented up while Dawes ed quite nomİRİ. Experts gained H.
Japanese were idle reckoned and unchanged.
Premium
cused to 11 рег United Press.
זם
missiles
inflationary defence
Exchange Rates
was regard-
that it might well
U.S. dolise (per #3) sterling noles (per £1) Australian botes (per £1) the advance, and indonesian rullati (per 100
Lustre wis done in the local unoficial exchange rket morning at the following sates:
this
6301
15.42
1237
13.03
27.09
131
Bingapore (Stralia)
consolidate for dollar stocks allow sterling to forge ahead Slam tical (per 100)
cent-again zext week.
Aftor today's ensiness It was still around par against the dollar, and nearly up
the
New York Rubber mark.
Rex
Market
New York, Oct. 13. rubber contract closed today five to 11 points lower with sales of 60 contracts.
Nov: 20.60: Jan: 29.50: Mar: 28.00
Nov: 9.30.
Standard closed five to 11 points lower with no sales reported. Nov: 29.00 Jan: 29.30; Mar: 20.50: May: 29.80; July: 29.40; Sept: 20.35; Nov: 29.30.
A
Between the stock market. alump and the world series baseball game markel interest in rubber
down to was minimum.
High-priced shipittent offer ings also found buyers unin terested, Small shipment sales, reported out of Thailand, in- 1wo Oct/Nov. cluding kome Rheets at 20 cents and four theets at 27% vents, cost and freight. Domestic consumer in-
Technical realising three-day rise, joined with in- creased offerings and spot house 24seling in turning the
trend. 酸滋
Dallas and Offerings thigualt New Orleans interests, and commission house selling with new spell of stock market woukknes), heightened an terests continted at a Blow atutude of caution among recent trade buyers.
19:3
82
the
a
2:01%
2
NEW YORK PRICES
New York, Oct. 10.
gait. Spot No. 1 Ras was quoted at 20% cents,
United Press.
nominal
SINGAPORE MARKET
Singapore, Oct. 10.
The market opened lower on
Brot: 34.6 Oct: 14.70: Dect disappointing overseas advices 34.54-25; Mart 34.42; May: 34.4end ruled on a thin market with July: 24.54; 0; 32.84; Dec; 22,79 only amall business passing. Mar: 19,00,-United Press,
NEW ORLEANS PRICES
$470,000.
Prices of colion futures closed
Opened
407
today as follows;
quiet note, T/O: $188,000.
SUT
2430
WWE!
Chief in
Lo
Signs of in-
WDS Cidden Co. caused terest
Gulf Oil Cop. which slumped Goodrich 10. F.) Co. prices
uver nine points us it faced a Goodyear Tyre
Gulf Ou................. T/O: sult for half a 'horden,
billion dollars tomestake Mining Cu. $185,000.
stale from the
of Oklahoma, ingersoli-Itaqui Steady but charging Gulf with contempi Inland Steel Dr.
Interchemical Corp. dull.
T/O $352,000, Light seale trading, T/O: $510,000.
this category
7914
10736
-8216
HONGKONG STOCK EXCHANGE
for refusing to purchase full Intl Business Machines allowed "production from | inti Harvester ... Oklahoma cases.
All groups were hammered down the aircraft, oils, steels, inetuls, motors, chemicals and Tails with individual losses of 3 and points common.
Turnover was heavy enought at one point to put reporting
transac ders behind floor ilons, swelled to 3.300,000 shares from 2,120,000 yesterday. Boeing, JUTELY Standard, Us Steel Baltimore & Ohio, the Martin Co. were most actively traded. Industrials Down
The Dow-Jones showed the
industrials
lowest
since
International Nickel International Paper labi Tel & Tel Jonn-Manvlile Co. Kansas C Power & Light Liggott Meyer Tob. Co. Lackheed Alterati Loews Incorp. Lane Star Cement Co. Lowenstein Bona.
Aircraft McDonnell
Kenneeatt Copper
Stock, Exge.} Mesabi Iron Corp. Minnesota Mung Histon Development Monsanto Chemical Co. Montgomery Ward Motorola ine.
National Cash Reg. National Dairy Prod.
National Lend
National Steel Carp, New York Central averages ota. Elevators Our Own Correspondent
down Orn-Illinois Gloss points at 441.71, their Oxford Paper Co.
Pacific Gas & Elec. Business on the Hongkong 9.69
Pan American Airways Stock. Exchange this morning widest break since October 10,
Paramount Pictures umounted to $252,000.
Noon 1955, and their
Parke Davis Co. Penny J. C. Co. the morning's October 11, 1955. quotations
New York Stock Exchange Penn. Sait Co. Guest dealings:
bond volume was $5,040,000. Netilcfold are 401-Sharee
BANKS
American Stock volume was 3,040,000.
Dow-Jones closing
a peak of £25, Shell, 170/0 xd peak of 218/3. In against atcels, Dorman Long are 22/0 against a peak of 2973; Keen
&
und
Buyer Sellers
Bales
10 @ 0STIL
210
were:
20
against a peak of 50/0 HK Bank 85232 these illustrate the state of the home market
In
Turnover Down
down
East Asia INSURANCEÉS Union Lombard SHIPPING
is Wheelock,
DOCKS, ETC.
K. Whirt
Hongkong, turnover
a little more from $2.30 million to about $2 million, On the whole, share prices op- pear to be a le better, with eleven up. ten steady and only three lower as compared with 11 up, five unchanged and eight lower last week.
Best performers this week were again Dairy. Farms and Watsons, Farms added 40 cunts to $16.20 and A.5. Watsons added 60 cents to $13.20.
Greca Island Cements suffered another setback-down 10 cents
Dock....
vident (0) 13.00 LAND, ETC. HK Hotel.. ik Lana
www.
14.90
1
10
30 industrinia
15 utililles
03 stocks
Philip Morris' Procter & Gamble Co. Exchange Pittsburgh Plate Glass
Publicker Industrica,
average: Pure Oll
Comm. future price index..
Radio Corporation Radio Corp. Prof. 441.71 tepublic Steel 1967 eynolds Metat
65.26 Sears, Roebuck & Co. 150.98 Shall oil Co.
05.12 Saint Reg. Paper
155.0% Sinclair Oft...
Socony Mobilai
Solar Aircraft
South Puerto Rico Sugar Southern Co. (The)
New Orleans, Oct. 10. Prices of cotton futures closed today as follows:
Spot! 33.25; det: 34.08) Dec 36.31: Mar: 2003; May: 34-42; July! 33.82: Oct: 37.60: Der: 32.82; Mari $2,84United Preal,
LIVERPOOL PRICES
Cotton
in
Liverpool, Oct. 10. tutures closings, pence per lb. were as follows: Did coninders Oct/Nov: 25.13; Dec/ Jon; 23.45: Mar/Apr: 25.90: May/ 1431 June: 20.20: July/Aug: 2009.
New contract Oct/Nov: 23.09; Det/ 10 Jas: 20.25; Mor/Age: 20.84;. May/ June: 20.60; July/Aug: 20.53.--United Her
20
27
Aru.
24
3131
SAO PAULO PRICES *
Lower sheet interest was menger with factories showing
in small Interest
remilled grades.
Futures:
Na. rubber per 1b. Oct: M- 144: Nav: 95-0314: No. 2 rubber par
No. 3; BI-LINE 15. Oct; 824-125
No. 4 735-78227 Spot rubber un- baled: 941-0414: Blankei erebe: 7859-101: No. 1 pale crepal 12-~~ United Pres
LONDON MARKET
The market.
Lundah, Oct. 10.
was quiet with spot quoted at 24% pence per tb. Prices:
Bottle- No. 1 sapot: 24-25;
Lerm: Nova 20-2011 ment House Dec: 2534-221; Jan/Mar: 251⁄2-25341 Apr June: 2546-25%
market 201-2316: General Sao Paulo, Oct. 10.
HATIN Doria: Oct: 2434-25; Nov; future closinya, In 241-2414 Dee: 2425-28152 Estate 279% thick Nov, crepe thin Oct. cruzeiros per kilo were as fol- United Press.
Colton
lows:
Det: 37.00; Deo: 20.20; Mar: 30.20; May: 350: July 39.20
In the United States, the average price of one, Inch cotton at 14 de signated
WAK spot markets
nat available. Total sales at these 13 markets were 45,798 bales. United Press.
New York Foreign Exchange
New York, Oct. 10. Closing rates were: Canada England official
Australia
unercial
30-days
DO-days
New Zealand
7:00 7,20
43 bande s
19
Closing Prices
Bouth Africa
16
Holland
Alien Inë, dhez,
$ 10
Southern National Gar
Indie
Allied Chemieńta
Southern Railway (Corn.
Standard Brands
3,23 Allis Chairpers
103 31.25
Am. Brake Shoe
1212
Standard Oll of Cal.
American Airline
* Standard Of of Ind.
American Cable & Radio Corp.
43
Standard Oil of N.J.
American Cranamido Co.
37
Sterling Drug Co,
124
Stokely-Van Camb...
344 345
400 0 3031
Tumphreys 15.00 18.30 Healty *** RUDDER
1354 1,50 2000 0 153 | Auner, & Förga. Power Amaig.
Ant. Go & Electrio Trust
1.90 UTILITIES
Ain. Mechi de Tram 23.20 23.40 1000 @ 23:20 | American Metal
Light (0) 10.00 10.90 1200 @ 18.00 American Belg
20 3800 EX Am. Sugar fat. Electric... 2.70
300
'dry,
Salt Bludebaker-Packard Corp.
Bunahina Mining ...
Swift & Co.
430 Texas Co...
Pakistan
2.80
1037/10 7814763
3.79%%
2.374 12030
2.7915
2001
2020
3101 2103
LONDON EXCHANGE
London, Del. 10.
Closing rates were
Frankfurt
Now York
Montreal ..
Amsterdam
EXTENSIO
Textron Ino
FOAM
0
American Tool
168
7.40 2750
500 @ $7.80
Ameries Tub, "" Anaconda Copper
Tide Water Ama. Oil ......cabar Time Ine, NGA D
Millan...
Stockholm
Zurich 14
100 @ 2750
to $27.40. Last night there Macao 1040 were sellers in the market for this price but no buyers.
On the gained tro Ficiding figures at
Bely
are
Rope
***
Telephone INDUSTRIALS blue chips Cement
14.40 and
STORES, EXC these Daley..... TARO 1030 *** 1923 13.00 Telepones, Waton
COTTONS 135 per cent, Trams, 13 per Textiles 4.375
6.9
cent, | MISCHILL per cent and Enter...... 80.00
Amey INVEST
cent, Electrica
Yaumau, 71⁄2 per
Lights about slx per cent
The markot is hoping for some Zenate.
Armeo Sicel
Armour
Atlas Cona, Mining
Jaldwin-Liga-llam
Falimote & Ohio benettel Winanco Landix Aviation Corp. Banquet Cons
Dollilehem Strol Hooing Airplane Borden (The) co. Burroughs Add Meching Campbell poup Co. Canadian eneste Rt.
Case (77.15 0.
0.30
improvement in yields. And in
deed there will have to be con- Invert.
Cat Tractor
11,00
Celenem, Corp.
War Twenty Century Fox Fin
47% Union Carbido
124, Union Où of Cal ...................
Union Pacific Raliway
30 United Aircraft
28
United Gar Corp.
US. Fall "g
444 U3. Gypsum
407.8. Rubber
2016 UB. Smelling
00
15. Btee
2016 || Warner, Bros. 3441| Wantinghouse Electrio..... 7734) Westnen Union TV), Ön. 14544 143% | West Vn. Pulp & Paper *** 6145 | Woolworth
300-3.40 1/15 3101 8.10 13/16 angusted 140.023-240.DT}; 11.7546-11.7514 170-17501 1973-199819
Oshers unchanged-Usdled Press.
New York Sugar Market
New York, Oct. 10.
World No. 4 sugar futures
today closed unchanged to three points lower with sales of 118 contracts. Domestle No, 6 sugar futures closed unchanged to one point higher with sales of 23 con- tracts,
World contracts ensed under trade buyers liquidation A backed nway pending raw market developments.
Dentara understood Morecéo, an expected buyer today, of 45.000 tons, actually bought only 5,000 tons. However, Morocco is expected to hold further lenders each Thitraday until it has purchased the fully ["quantity.
Ceylon tomorrow will
hold
a tender for 8,000 tons of "re- Aned for shipment by Hov, ny- ber 15. Greece yesterday bought 2,500 tons of Mexican regned and the United Kingdom today of refined· to sold 3,000 tong Norway.
Agreed Merchant Rates Nontract No.world)
The Exchange Banki' As- sociation Annouizend today:
Canadian #maximum selling, 10-11730:
bugging, M10415/16" TV/T: 17 O/D SWIN
Jah: 8.71: Mar) 5.04; May! 3.03; July! 1.63}"; kept:, 8.05), Oct: 1.4; Mar 1.40; Bot: jeente Ser ih, tob Fub) 4.18 Open interest; 4,500
„Confiset No, é (doživelič}
18% | Franes maxknurń kölnis. 78%; # 4.50) Bepl: si: Nov; 0.41 West Deutschenbarks msaimant (outspre Gif: BY
d) $.04. Open interest: 263 000 maliing, 12-3/10.
mailUnited Press,
Wall Street's
to
bad morning was mainly due to Mr Khrush-
16
*
*
+
*
*
*
*
*
*
*
*
Dutwards
NAMESAKES
2
Answers: 1 Compose, Glovanni, 3 Salzburg. 4 Vienna, & Concort, 0 Orchestral,
Mozart.
Due Dongkong
P2O B·IE.A
COMPANIES
PASSENCER/FREIGHT SERVICE
PENINSULAR & ORIENTAL Š.N, CO.
"CARTHAGE"
"CHUBAN" "SHILLONG” "CANTON"
"BUNDA"
"CORFU”
"BUNDA" **
"UARTHAGE"
50th October 30th October 21st
November 18th November
Leaves London Bled 15/ Balled 30/9 Sailed 8/10
10th October 30th October 11th December 13th November 15th December Lah November Ard January
Leavea tiongkong Duw Losdan - 24th October 2413 November 3rd November 30th November Brd December Zed November
10th January 11th February
10 December eth January. 17th January 1th February
Via Singapore, lezing, Colombo, Bombay & Aden.
**SUNDA" braits
Colòmbs and Bombay, calls i
ilayo And extends to itamburg, Rotterdam and Antwerp.
"CORFU"
"ŠALMABA"
Homewards "CARTHAGE" **CHUSAN” "CANTON"
BRITISH INDIA S.N, CO., LTD.
"BANGOLA"dne 14th Oct.
all 10th Uel.
"FULTALA" dae 16th Nav
malis 10th Nov.
"SANTHA" duo Sut Oct.
sails 1st Nov.
"ITRIA"
"OBLA”
from Japan
for Singapore, Penang, Rangoon Caleutia
from Japari
for bingapore, Penang, Hangoon & Calcutta from Calcutta, Bangoda & Straits For JADED
P. & 0./B. 1. JOINT SERVICE
due 12th Oct. salle 13th Oct.
due 24th Oct. Axis 2001 Oct.
"OZARDA” due zith Oct. Alls 29th Oct.
Jih Nov. gal 7th Nov.
"UMARIA" das
from Japan
for Slogapore, Penang, Swellenhau, Park Madras & Kakinada
From Japanı for Singapore, Penang. Colomba,
Karachi flombay
from Karachi, Tombay, Cochin & Bingapore for Japan
from Japan
for Singapore. BambaY, Karsch), Kuwait, Deurshi & Khoromahar
EASTERN & AUSTRALIAN S.S. CO., LTD.
"NELLORE” leads oth/jh Nov.j
salis sin Not.
for Lealtan, Banakan, Rabaul, Brisbane, Syd- ney, ·Melbourne Adelaide
"NANKIN","landı İsin/14th Nov
salle 15th Nov. for Bandakan, Bydney
& Melbourn All reukela hävi tibketý tà mali is any portà an or off the reste à thè justo in kalibuganke mukjent -- to change or amendišna with de witbank noktor.
For full potentar angle te
MACKINNON. MACKENZIE A CO DE HONG KONG TID
*
E