Page
THE CHINA MAIL, FRIDAY, OCTOBER 18, 1967..
TRADE and COMMERCE SECTION
Page
LONDON
BAD WEEK FOR ICE HOUSE STREET STOCK
Selling Pressure Increases?
NOT ONE GAIN
By A SPECIAL CORRESPONDENT
Heavy selling in New York, phoney war fears in Syria and impossibly high interest rates here left the Stock Exchango this week without a single gain.
Turnover was up but if there is any conclusion to
be drawn from the approximately $370,000 increase it is that selling pressure is that much greater.
The international situation has also added to the depression. JTI the Middle East Soviet Russla is now trying its hond at brinkmanship" and funnlag tension to flashpoint. The fact that no one is taking it very seriously does not seem to have made much difference.
And as I pointed out in this column last week, interest rates Bre now to high that investors an seven and eight per cent o no sense in buying shares yield- ing six to seven and a half.
It is not surprising therefore that even A.S. Watsons und Dairy Farms, formerly. the strongest issues on the market, should join in the general de cline.
result that frurnovers were again small amounting In all to approximately $2,372,000. "The uncertain trends in New
York and London do noi assi In lifting our market out of the doldrums, nor do develop. ments Syria and Turkey. *Prices have, therefore, been Inclined to ar to lower levels but losses have mostly been small. There is little of any nate to report us businene fins been of a hand to mouth. nature.
"Dairy Farms have held steady at $16.10 but. Cements lost appreciable ground in sal! dealings.
"The undertone at the clos
Was hellant.”
Here is a diary of the markét į
The only market news I have to pass or this week is that the this weeke reason for Dairy Farm's and | Friday: Watsons strength is that both are showing improved half year figures and in the case of Dairy Fur, cold storage earn- Ings are picking up,
One of the heaviest falls this weck was Green Island Cement wbleh lust another $1.40 to close nt $26. In addition to general market weakness, Intense ebm- petition from Japanese and Chinese cement is forcing this slock tower.
Banks dropped $15, Lumbards, 50 cents and Unions, $2.
Widespread
With 15 falls (out of 21 listed stocks) on the week, the losses are, widespread. The only issues which hold steady were those
fro- which are not quently dealt in, and in many saved nominal quotes CASES,
variation
them from a lower
So
against seller quotes last week.
In today's "25 Years
Ago"
HK Bank Lombard Union Wheelock
HK Wharf HK Docks Provident
HK Hoch
HK Lands
HK Realty
310
****
Epor Down
★ The Share Market At A Glance ★
Sept 19
305
Sept 20 335
14120
Oot 3 $5234
Oct 10 800
Oel 17
-$15
34
1274
-500
90b
00
DBISK
011
60%
7.70
7.65
7.45
7.50
8.90xd
122.
1228
1224
122
120
K2
52b
534
63
$30
-200 steady -500
12m
11.75m
11.70
11.00
11.60b
-300
14.95m
14.80
14.80
15
14.60
341⁄4xa
30
34%
241
24
-500
1.350x4
1.250
1.400
1.375
1.40%
stendy
28.30
28.20
23.20
-200
1810
113
13tu
1338
17in
steady
(aumalls
103
102
102
10%
100x1
aleads
18.70
18.70
Electrica
28.40
27.50
27.50
27
19.00 25 27.80
18.801
18.70
-10%
28
27.00
---600
27.40
27
400
GL. Cement
28.GO
28.50
28.
27.10m
20
---$1.40
Dairy Farm
15.00
15.90
16.80mx4
16.20
18.10
-100
A.8. Walcon
12.40
22.40
15.60
13.20
23.10
-100
Yangtze
6.450
G.4in
. 6.45n
6.4%A
steady
Allled
4.10b
4.2010
420%
4.15
4.15
stendy
HK & FE Inv Textile Corp Nanyang
0.80b
9.80b
10
9.806
2,800
steady
4.50%
4.450
0.8011
9.750
4.40223 9.450
4.49m
4.37%
the
9.551
9.55% steady
HIK Tras
Star Ferry
Cl Lighin
HK Telephone
HONGKONG
STOCK
EXCHANGE
Our Own Correspondent
Business done on the Hong- kong Stock Exchange this Market rules steady, Į morning amounted to approxl- Price movements mately $147,000, Noon quòtaliona fow and small, and the morning's transactions; T/O: $575,000.
iyera Helis 2 Males
Monday:
Quiet conditions, prices Inclined 10 edge lower, T/O: $341,000.
Tuesday:
Bhares
BANKS
040 250
NK Bank.
East Asia. 272 Light-scale trading.
INSURANCES Fürther slight re-
Unloa... cession. T/O: Lontard $441,000
STOPPING Wednesday: Stock markel dull | wherscotc
and featureless. XD
Thursday:
T/O: $144,000, Market unutious.
DOCKS, ETC.
Iack
LAND, ETC.
T/O: $071,000.
NEW YORK
SUGAR MARKET
New York, Oct. 17.
•
column on the adjoining page World No. 4 sugar futures there is a reference to the Stock and the hard times Exchange
they were going through in 1932. One broker had perhaps not un entirely novel solution, but one which many will no doubt feci, would be appropriate today:
It was that the Banks should reduce interest rates to fuur or Rve per cent.
today closed 7 points lower
2214
8
36.29
ik Hotel. 14% 14.30
HK Land.
RUBBER
Amig Trust
UTILITIES Tram Yaumati C. Light
345
FREE TRADE AREA
TO BE SET UP
Oeec Resolution Approved
Paris, Oct. 17.
NEW YORK STOCK MARKET
Over $3 Billion
Lopped Off Market Values
New York, Oct. 17.
MARKET
London, Oct. 17. Stock market slumped Heavi- ly today at the Middle East war scere.
Sterling fell from last night's $2.80-7/16 to $2.00%,
Erish Governments had no buyers at any price and it look only moderato selling to lower some of the 9/16 sterling. Tác Railway Nationalisation stock fell by that amount while Wor Loais lost 6/10 and Old Con- Fols 1/4..
Hudsons Bay foll 8/-, Wall Paper Manufacturers' 0/-, and Cunard 3/- but most of the blue chips lost between Cd and
Stocks suffered a severe pounding today 28. Leading electricals and en-
which lopped more than $3 billion
market valuos.
The decline came on increased volume and drove the general stock average on a new low in more than 3% years.
offerings fell between 1 and 2
Sirep Rock (Toronto Exge.) Sterling Drug Co. Stokely-Van Carop,
12
30
Studebaker-Packard Corp.
Surahine_Mining ................
LOT
Swift & Co.
the
Since July 12, when market hit its high for the year, wave after wave of selling has chopped more than $35,000,000,- 000 mom stock valuations.
hit
Texas Co. Textron Inc.
Tide Water Aim. dil' Time Inc Twenty Century Fox Film Union Carbide
Union Oui of Cal. Union Pacific Railway United Alrerats United Cas Corp.
U.B. Full "B" .A. Oyun
US. Line Co.
U.B. Huber
U.S. Smelling
Of the 1.201 kues traded, 945 declined, 99 advanced and 157 held unchanged. New lows were set by 277 issues and none
now high. New York Stock Exchange Westinghouse Electric bond volume was $6,250,000.
Americor Stock
The Council of the 17-nation Organisation for volume was 1.180,000.
European Economic Co-operation tonight unanimously approved a resolution to create
Exchange
Closing Prices
Alled Chemicals
a vast free trade area embracing all member Alden Inc. Acy, countries and associated with the six-nation Allied Mills Inc. common market.
It also decided to set up a special inter-governmental com. mitee to draft to negotiis auct to draft a free trade area treaty.
Mr
Prime Joseph Bea Minister
told of Luxemburg, 200-32 Heuter that the ministerial com- mittee wouki hold its--first meating tomorrow murning under the chairmanship of Mr Reginald Maudling, British Pay- master General.
500
6,90
Dr
Wonderful
Austrian Leopold Figl, 1938 221 Foreign Minister said na he left the council chamber, "It - is wonderful to say that we have reached full agreement on a elightly amended repolu-
34
1.50 1.025 1.20
Electric... Macao F. Telephon 20.00 27.30
22.80 23.10 400 * $3
100 13.40 18.00 100 18,00 2004 1816 27.70 1300 74%
10.40
130 @ 20.400 310 27
to 5 points higher with INDUSTRIALS
sales of 228 contracts. domestic No. The
30,30
Cement
G
Rape 14.00 STONES. EIG Hairy Watan
13.00 10.20 12.90 13.30 13.00
futures closed unchanged to points higher with sales of 53 contracts.
Lane,
Contract No. 4 (world); Jan; 1.95: |coTTONS Mar: 3.72; May: 3.72) July 3.73; Sepk: 3.12: Oct: 3.70; Mar: 343: Spot —(cents per lb. feb Ľuba): 3.07; Open
Our lee House Street observer internal contracte. reports: "The Stock Market still jacks atly genuine interest with the
LOME
BAN
LOME
Contract No. 6 deincidic): Nov: 5.30; Mer: 5.50; MAY: 5,52; July: 3.50; Sept: 0.01; Nov: 3.01; Spot-lenty per iu. eif NY ex-duty); 0.70; Öpen interest: 851 contract+-United Press.
.BAN
LOMB/ BANK
LE
LIMI
LOMBARD
HANS
BANKING
LIMITID
BANKERS
detection of Und
MORE and MORE BANK DEPOSIT ACCOUNTS
iso belog opened with Lombard Banking, where expital accumulates steadily in the assured security
8%
of the Bank, interest of 3% per ampum la
paid on muna of, £100 to £250,000.
Group Akarte cacaod 1 MAÇ000,000
Internet, paid in-ready without deduction -of United Kingdora IncoUSA TROL
Send today for your copy of "Bank Deposit Acesunt“ Booklet No. A0,74 from General Manager.
LOMBARD BANKING
LIMITED
· BANKERS,
Hud
LOMBARD HOUSE
CURZON MTREKT, PARK JANIK "LONDON, W.1
*CÃO (112 do lines)
Branches and vigente shrimpfour chi World
NEW YORK
COTTON MARKET
New York, Oct. 17. Cotton futures firmed at the
close today after trading
Allis Chalmers
Am. Brake Shoe American Airline
American Cible dado Corp. American Cyanamid Co. Armer, & Furgn. Power
Electrie Am. Gas Am. Mach. & F'dry American Metal .... American Belling Am. Sugar Ref. ................ American Tel. Be Tel. American Tob. "" Anaconda Copper Arno Bleri
Alles Cont. Mining Baldwin Lima-Ham. Baltimore & Ohio Beneficial Finance Bendix Aviation Corp. Benguet Cons
Bethlehem Steel Boeing Airplane Burroughs Add Mactile Borden (The) Co. Campbell Soup Co.
Canadian 'zelda 11.
on the downside the rest | Caso (F. 1.) Co. of the session.
The market siipped at the outset as somewhat less cover local selling for a reaction, right before the close, Field on
the defensive until
and
Cat. Tractor",
Celanese OFD.
C. I. T. Financial Corp. Chase, Mangat. Bank Chrysler Motors
Peabody
Colgate Palmolive Co Colombian Carbon Co. Commercial Credit Commonwealth Elec. Consolidated Edison Open interest | Cantinerdel Oil of Del
3,000
The resolution was approved ing induced New Orleans and coolybdenum at the end of a two-day meeting 200 @ 20.90 0: the Dece council, under 500 20.00 the chairmanship of Mr Peter Thorneycroft, British Chancel- lox of the Exchequer, to discuss Britain's proposal for the free trade arcu.
203,200
Month
Volume
Oct.
Dec.
ndne 41,000
Mar.
2,100
207,600
This afternoon Mr Thorney- | May eroft suspended the session for halt an hour in the face of Dec.
50,000
210,100
July
13000
313800
Oct.
18,000
104,500
4,300
98,700
Mar.
1.500
*4,700
300 g 670
6.45
tide of amendmen19”—bel the desirability of the free trade zone itself but on details on the draft resolution-Reuter.
op
Total
120,400
United Prev
Texules.. 4.35 4.45 7000 4.378 what delegates called "a rising
•FISCELLANEOUS
20 Conet. DAVESTMENTS Yonglaze..
New York Metal
lows:
Futures
New York, Oct. 17.
New York Rubber Market
Rex
New York, Oct: 17. rubber futures today Prices of metal futures closed closed 40 to 58 points highëzi today in cents per lb. ns fot- with sules ut 18 contracts.
Nov: 2090: Jan: 20.34; Mar: 20.00; Lead Dee: 13.16b; Jon: 13.20; May: 2993; July: 2082; Sept: 200 Zine Oct: D.100: Dec: 0.15b: Copper Nov, 20.15, Oct: 27,750 Dec: 23.8b: Tin Őel: 21.238; Der 81.1211-Unlled Press. LONDON METAL
PRICES
London, Oct, 17.' Prices of metals closed today
in sterling per long ton as fol-
lows:
A-mouth
Tla spol
Copper spot
3-month
Lead 2nd Janlf Jan.
Lend a half thet.
Zine 2nd halt Det. Zine 21 hall Jan.
047,300 QMS,
NEW YORK COTTON
PRICES
Crown Zelerbach ....... Cuban Amer. Bugar Diamond Alkall... Diamond Match Co. Douglas Aircraft Dow Chemicals Dupont de Nemours Eastern Airino Fastinan Kodak
El Paso National do
Fully Finance Corp. Firestone Tyre & Hubber Ford Motor ....
General Electric General Foodn Generai totors Gen. Pub, UL. Cetty Oll Glidden Co.
New York, Oct, 17. Prices of cotton futures closed today as follows:
Spol: 30230; Dee: 34.00-02, Mer: Goodrich (B. F.) Co. 94.16 May 94.94 July: 34.48: Ort: Goodyear Tyre 53.44-00, Duct Klist; Mar:
33.45.Gur Oll United PreKS,
NEW ORLEANS PRICES
New Orleans, Oct. 17. Prices of cotton futures closed today as follows:
Spot: 33.21: Oct; expired; Dec: 31.60; Mar: 34.72; May: 54.03: Julyi The standard contract closed 24.45; Oct: 2040; Dec: 39.45; Mar: 40 to 57 points higher with no | 3147,—United Press, sales reported.
Nov: 13.00; Janı 2001; Mar, 20.50; May: 26: July 2: Bept: 29.80; Nov: 0.75.
The Middle East altuation sund
LIVERPOOL PRICES
Liverpool, Oct. 17, Colton future closings, int
higher prices at Eastern markets pence per lb. were as follows:
Buyers Sellers brought commission house buy-
121
IM
187
1BU
730 ing into futures here today. 127%) There also was some trade buy- ing in physical hedging against advance on the Boor. Spot No. 1 152 R was quoted at 292 cents
United Press.
United Press.
LONDON RUBBER MARKET
London, Det:-17.
Old contract Dec/Jan: 29.53:
Dot/NOT! 25.17: Mar/Apri 25.84
May/June: 0.: July/Aug: 20.28.
Oct/Nov:
25.00:
Now contract Doc/Jan: 39.10: Mar/Apr: 20.49 May/June: 20.58; July/Aug: 20.07.
United Press.
SÃO PAULO PRICES
São Paulo, Oct. 17. Cotton future closings,
|Heyden Newport Comp.
| Homestake Muung Q.
| Ingersoll-Tand
Inland Steel Co. Interchemical Corp. Int'l Bulace Machines Int] Harvester Internationaj Nickel Interna Una Tel
Paper Inti Tel
Jolin-Maville Co Konio C. Power
Light Kennecolt. Copper Lizett Mayer Tob, Cr, Lockheed Aircraft Loews Incorp Lone Star Cement Co. Lowenstein & Boris. McDonnell - Alrerafi
Stock Exge.).
Masab Tren Corp. Minnesota Mising
on Development Humanio Chemical Co. Montgomery Ward Motorola Ins......... National Cash. Beg., "A" National Dairy Prod. National Lend National Steel Corp. New York Central Norfolk & Western y Oils Dinkleson
New York Foreign The rubber market was Arm cruzeiros per kilo, were as fol- owen noir Giss
Exchange
New York, Oct. 17. Closing rates were: Canada 2.80; Xogland
24 Apr/June-15 July/Hept:
in Oil Elevators .....
Cord Paper Co.
with spot quoted at 25-3/16
lows: A
| Pacific Gas & Elec. pence per lb. Prices; r
Pan Amerionn Airways No. 1 Rm spotr 2018-0516.
Mart 20.00: May; - 40.30: July: Parasount Picture Bettlement
tana: Nov: 251 40730; Oct: 40.40,"
Parks Davin Co. In the United States,
the Pepay J.C. Co. average price of one-inch cotton Penn. Salt Co
apot markéta Philip More .... at 14 designated
Procter & Gamble Cr. Pillsburgh Flat Gians PiTotal sales at these 13 mats Publicker" inpurtiter
Prese
|10-2914-bet/Dec; 18-25%,
General markala, cie basis, parts: oficial MADE NOVE BOJLER was not available.
2.84-2.68; Uxofficio 20: 30-day
2.77-1/10
2.70 New Zealand 3.80: South Africa 2.60th: india al: Pakiran alta; Others unchanged, e United Prom
LONDON FOREIGN
EXCHANGE
London, Oct.17.
Closing rates were:
12 thick Nov: unquoted-Unitedle were 51,879 bales Unlled
Agreed Merchant Rates
The Exchange. Banks Asso- ciation announced today:
«Canadian › Dollars, Maximum New York: 3,200 dont real selling 10%; minimum buying 2.002.001; Amsterdam! 10.024
140.28-140,40; | 10% T/T; 10-10/10 O/D
Swiss Thenck, 'maximan, sella
Exchange Rates
Stadio
orporation
Badia Corp: Prať,
Republic heal Refabs Metal Brate, Roebuck & Co.
Ban Rog Paper
Rugiair. Ou
Bordny Meblizi bustneón" was done in the Total jARTY ALPETERE
official exchan InFriet Thi
Puerto Rico rains, we line allowing rate: Kolber
Finlm: 24,46-34 - Vrábia, 199, Deutschemarks maaimun seul paziente por seta **
18, 2012-13, 201 Others unchanged. -United. "Prave. ink 721.:
Boirthern
U.S. Steel
Warner Bros.
Western Union Tel, Co. West Va, Pulp & Pap Woodworth
--United Press.
shillings,
Oils slumped heavily with Royal Dutch down 1770 to €18 1/4 Suez Canal fell 1 1/2 to £39 1/2, Shell Transport Gễm and British Petroleum 5/-.-
Japanese suffered lassos
| ranging from 19078 22 to several fal of £ German Dawer non-asserted. rose £4 while the assented tell £4.
Proplum for dollar stocks Gold ensed to 8 per cent. ALETES WCTO mostly lower.- United Press,
NAMESAKES
Answers:-1 Adventures, 2 Fighting, 3 Arthur, 4 Guenevero, 5 Camelot, 8 Lancelot, 7 Grail. of Shield, § Table, 10 Sword..
Sir Galahad,
P&O B•I E.A
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N, CO.
Gutwards "CARTILAGE" "CHUSAN” "SHILLONG" "CANTON" "SUNDA" "COBFT" “HALMARA".
Bonne war da *CARTHAGE" "CHUSAN” "CANTON" "CORFT"
"SUNDA" *
Laars Landon Dne Hongkong
Batled 18/9
Salled 30/0
Balled 6/10 17th October 10th October
15th November 8th. November
20th Octobe
30th October 22nd November 1901 Novembe 10th December
18th December
Hill - December
Leaves Hongkong Due London
24th October
3rd November
22nd November
18th December
6 January
"CARTHAGE" 17th JanuĚTY
Hih NovembJET
30th November 23rd December 1914 January 11 February
17th FebruKT
Via Singapore, Penang, Colòmbo, Hombay à Aden. **"BUNDA" omiin Colombo and Bombay, calle Havre and extends to Hamburg, Rotterdamn and Antwerp.
*
BRITISH INDIA S.N. CO., LTD.
"SANTHIA" due 20th Oct.
wall at Ort.
“FULTALA” due 16th Nov, 121 18th Nov.
"BANTHIA" que 21st Nov.
· "OBRA"
sails and Now.
J: Siraita
From Calcutta, Rangoon for Japan
from Japku
for Singapore, Penang, Rangoon & Calcutta
(1912 JADO
for Gingapore, Penang, Rangoon & Calcinta
P. & O./B. 1, JOINT SERVICE
dur 25th Oct. 5th Cot
1
“OZANDA" due 31st Del.
alle Nov.
**UMARIA”
(Am.
duo 4th Nov:
試
"ÖZALDA” dus ard Dec. sails 4th Dec.
from Japan -
for Bingapore, Penang. Colombo, Karachi Bombay
from Karachi, Bombay,
Cochin & Bingo pore for Jap
TYGEN TRONG
for Singapore. Bombay, Karachi, Kuwait, Barah & Khorramshahr
from Japan
for Bingapore, Bombey Karachi, Bhavnagar, Haptan "Khorramabahr de Kuwait
EASTERN & AUSTRALIAN 5.3, CO., LTD.
"NELLORE" loads 6th/7th Nov.-
salla 8th Nov, for Labudi, Bangakadi,
Rabaut, Bekibaon, Byd
Melbourne
"KANKIN” tends 18th/11th, 2007, Li
mila – 2015, zar; for "Bendakwa, Bydney
Malbourne
Ali vomšia žāva Khucky to vit na sny pocil in or off the réuto à the tento àr silingi åre miljøck?? to change er amendment with är wijbons wollen.
For full avantiralon spały tu
MACKINNON. MAGKENZIE & CO.
OF HONG KONG (TD Telephone No
1