THE CHINA MAIL. FRIDAY, MAY 30, 1958.
HK MARKET GETS A BOOST
HONGKONG Stocks Advance
STOCK EXCHANGE
Our Own Correspondent
Businere done on the Hong-
kenn
Stock
Exchange Lista
On Broad Front
By A SPECIAL CORRESPONDENT
Provident UK Hotels
HK Lands
Up or
Down
The Share .
Market
At A Glance ★
May 1
11K Bank
780
Lombard
3240
MAY *** 27754 son
May 13
770
'Rob
70334
28x6
May 19 7021 Sia
alondy
+$1
Union
730
Wheelock
0.10
723&xde
6.10
71
70
70
steady
4.10
0.10
0.10
atcudy
11K Wharf
11
102
102b
10zł
101b
-31
ONE LOSS FOR
WEEK
IIK Docks
43
4019
12
10b
416
+500
11.00
11.50b
11.50b
11.40
11.50
+100
18.00
18.00
18.90
18.70
19.40
+700
324
3241
324
3234
3234
+-250
1.50
1.55
1.58b
1.52b
1.55b
+30
24.60
24.70
24.70
24.70
28.10
+400
112
110b
11lb
111b
1130
+33
D6
D8%
FIR
Fab
+1.50
18
174x4
17.50%
17.30
17.50
+20c
20.00
26.00
26.80
20.00
27.10
+500
20.40
20.40
20.40.
24.10
20.30
+-200
22
22.80b
22
21.70
12.10
+++400
16.10
10.40
14.30
10.10
26.60
+500
A. 8. Watson
10.80
10.70
10.60
10.80m
10,00
+100
Yangiac
5.05
5.40
5.38b
KAM
5.400
steady
Alled
4.403
4.40
4.20
4.30m
4.40
+100
10.100
10.20
10.200
10.201
10.201
4.500
4.825
4.55
4.55#
8.55b
8.50b
8.45
4.376 8.50
norning amounted to soproxi- The lowering of interest rates in Hongkong
mately $203,000,
For quo{q-
tions in the morning's trans-
Provident.
HK Hoiel 1831 19.10 2009
boosted the Hongkong Stock Exchange somewhat last Friday, but the advance was chocked oarly and the market settled down to an even level and closed steady yesterday.
on their
The. initial boost was! $22.10 after going up to $22.20 41 enough to send stocks rising during the week.
Dalry Farms, which are yield- on a brond front and 10
ing over 10 per cent bring out the bulls, who had present price, were in good de- been holding back last week mand this week and twy rose due to the political situation to $10.00, a gain of 30 cents on
the week. in France and the Middle Enst.
$13401
attions weret
Kiinger
Buyers Selleri
Baira
BANKS
aik Bank.
703 50 f
704
Sant Ama
INSURANCES
Vision....
PAL
FD
NEI-PING
Wheelock
600
71
0.10
6.10
11.10
DOCKS, ETC.
Luck
*150
135
500 fr
BEA
1150 130
LAND, ETC.
NK Land.
32.50
2:
15 10 15.40
1375 1.40
A Texal
1 '1 175
UTILITIES Tra:...
Bar Ferry
2510 05.20
110
200
17.40 17.50
174 W 10
300 20
Hum
Arnalų.
*Trust
INDUSTRIALS
Coment
21923.30
Liitu an ra
10011.16
Yount!
LARA
(8))
Eletrie .. 21.10 21.30
Telephone 2630 29.40
STORS, ETXI
Watson
KWANK
CUTIONS
Txille
Abled...
Int
SH.
INVESTMENTS
A GAD U10
4.40
7:00 1
When business resursed after to the Whitsun holidays, the market 23.10 lost a little of is upward
17.40
7 40
The reaction to the declaration was of the cotton dividends
Textiles. which dy- puzzling. clared: Anol of 60 cents---10
more than last year' only gained 21⁄2 cents on the
cents
momentum and Wednesday week to close at $4.575. Nanyangs
it turned duti and featureless incked on five crnis for the
as the bulls retired from the week to close al $8.00 after an- ring and adopted a "wait and
nouncing Anal of 60 cents,
34 see what happens next” attitude, which with their interim of 50
Yesterday the market
WIN
rents, is a 10 cent increase over
little more active and prices | lust year's dividend, generally were well maintained, Tally for the week won 10
con un to so although some silpped fraction-higher, five unchanged and one
ally at the cluse,
2010 14
40 F
ΣΤ
450 1000, de 425
Singapore
Stocks
Singapore, May 31 Drukers today qualed the ful- lowing stock pricest
Datu Lintang tubber Co.
Lid British Border Prtraleusa
Tin Smelters
Opend $1.5712
Fraser & Neave Litt Ord... an
Expected
13
lowered compared with two higher,, nine unchanged and lower last week. Turnover was
The reduction the local inter- up to $3.18 million compared
est rates, which followed the lowering for the London Fate from six per cent 1 Ave and a half, had been expected here for some time and the local cut in the overdraft rate of half per cent nany he just the inventive l make more people buy on the market.
thus bal?
On the other hand per cent riduellon may seen to same as only a "technical* move and may not make er dit very much easier. It has been reported that some banks have a lot of quid cash on hand but they have been reluctant to grant overdrufts to customers.
Many think that there la silli Bi "eredit loosening of squeen" in Hongkong
Some even feel that Government has naked for a tight rein on credit to be maintained and if this is ro, the fulf per cent reduction In the Bank Rate will not make nach difference fo the Stock Market
Syndicate
Consellenfel
ON
110
Frner & Neavo cum.
pief
Gammons (Malaya Lid.
Hongkong &
Shanghai
Banking Coti.
$4.05 $1.07/20
$410
Hongkong Tin Lid,
Kumipas Ltd
Kun Kampor Ti
4K Dd 51.45 1 24% d
Lunas Rubber Estates
0.
$1.03
huluyan reweries
$3.10 4
Now Serandah Rubber Co.
Paling Tin t
Rafes Hotel
Kingapore Cold Storage.
Stall Trading
$147 $1.07 32.57
20.72%
Sails Steamship:
Ward:
30.71
$300 13:
United Engarus Ord.....
23
ht
esdiv.China Mall Specht.
Exchange Rates
BUNIERES Was done in the legal Mela
Market
set tap Kitlowing rates
U. dolier IDET 311
Sterling nude, Car
Aureliant Botes per Ch...
in merian salah per 100)
Siri Uent per
pore (Sti alter
thi
5.70 1600 12.42
Banks and Unions remained more or less steady during the week as did Wheelockn.
The only stock to go duwa on the week wite Wharves, which #ropped $1 with a quote of $101 Buyers yesterday,
active
with $2.03 million last week.
Subdued
Here Is an Ice House Street
ot account
The observer's market:
Somewhat quiet conditions prevalled on the Stock Market which during the past week was curtalled by the Whitsun hoildays,
probably
1K Really
IIK Trame Star Ferry Yaumatla Ch. L-t Electrics
1K Telephone G. I. Cement Dairy Farm
IIK & FE Inv Textile Corp Nanyang
Wall
8.45n
Street
steady +2 +50
Shares
Rise To 1958 Highs
New York, May 29.
Stock touched new 1958 highs in the general average today.
Diamond Alkoli
Douglas Aircraft
Dupont de Nemours
Enatman Hodak
Paso National Gas
Eers Airline
Trading picked up in the late dealings. The rise Cuban Amet. Sugar was a steady one mostly on small amounts with Diamond Match Co. a few good gainers thrown in. It reflected a Dow Chemicals..... long list of favourable items that have been building up recently in the news, and ignored what some describe as a precarious foreign situation.
The strong spils made up anal ist Du Pont in the The market has
Republica Aviation been subdued by the overall chemicals;
and Curtiss-Wright in the 11- international situation, in par- ticular France and the Middle emfts; Shell in the olla; inter- national Nickel in the metals; East, and the encouragement evidenced on news of the re- Goodyear and Goolrich in the duction in the Bank Rate tyres, Fird in the motors: Gen- seems to have disappeared for gal American Transportation Ju the rall equipments; Zenith the time being.
Buyers have adopted a cau- in the televbions:
tolome Products tious titude, preferring await the outcome of events and Commonweal! In the troubled areas before the ulties. extending their commitments
further.
throughout
J
65 stacks 4 bords
Comm. future price index
Closing Prices
Alden lue, Aey. Allied Cheminis
Allied MS Inc.
Chainers
Am. Brake Shoe American Airline
American American Cable & Radio Carp.
American Cyanamid C in the drugs; Amer, & Forgon, Power Edison in Am, Gas & Electric
Firmed
The utility average Armed
However, the undertone has remained
quite
steady
by to a new high since 1930, raits reflected 33 prices which, moslly, show all but set a new high for the little change from those ruling year and industrials
under At the clos of the previous point week.
Market Diary
1950.
Or 1,154 issues traded, 501 advanced, 300 declined and 263
New unchanged,
Highs were hit by 11 stocks and new lows by 3.
Here is a market diary of the held week:
Ari, Home Prod... Am. Mach. & Fary American Metul
American Smelling
American Tub. "B
Family Finance Corp.
Fond Motor
tone Tyle & Rubber
General Electric
General Fostis
General Motor
160.63
Gen. Pub. Uut,
DA. Gen. Tyre & Rubber 150.50 etly l
1015
70
23
10
131
Glidden Co.
Goodrich (F.) Co..
Goodyear Tyre
Grumman Aircraft
Gulf Oil
Heyden Newport Corp.
Homestako Mining Co. Ingersoll-Ra
Mand Steel Co.
Inletsenical Corp.
Inkt Businew Macfilner Int'l Harvestat....
International Nickel
International Paper
Int'l Tel & Tel....
034 Jahn-Monylile Co.
14
45% Lan Blar Cement Co.
Lowenstein & Sons.
McDonnell Aircraft
Stock Exge.)
111 | Nembl Iron Carp,
Minnesota Missing
2014 Mission Development
Monsanto Chemical Co. Montgomery Ward
Motorola Inc.
(Am.
STEADIER MARKET IN LONDON
London, May 29. A steadier and more sotiled
feeling prevailed on the stock exchange today al- though business remain-
ed unusually quiet. Chit-edgeds WTO
痛
fraction harder with undated, stocks 1/0 to 2/6 to the fool. Foreign bonds were dull except two Japanese issues thu non-nisented 1924 five per rents and 1030 5 1/2 per cents which hardened half a point to 1024 and 300% respeclive- by.
PREDOMINATED
in
Small losses predominated,
dollar stocks In sympathy with Wall Street. Olle closed mosliy 1
little higher with Trinidad issues providing the Lest features,
Pare B
Position Of Unemployment
In America
Washington, May 20. Government officlubs today foresaw no big decline in unemployment until the Autumn on the baula of a gloomy Labour Depart- ment report that 88 major industrial centres were areas of "substantial" un- employment,
This was an increase of 10 since March and compared with 21 areas tagged with the surplus The labour label a year ago. distressed areas composed near- ly 80 per cent of the major areas surveyed every two months.
THE RECESSION The report was made by thứ Department's Bureau of Em- ployment Security after a BUT- vay of 149 factory centres across the US. It indicated that the recession has hit hardest at Mid- west, Eastern Seaboard and New England States.
.Industrial areas are placed in the "substantiul unemploymen!" No general trend developed in category when rix to nine per the industrial market but cent of the total work force is number of kaues responded to unemployed-U.IP, L
kelective buying. In the Blue
Chip section Ford was up
7 1/2 and Unilever 6d. Store Some of shares were firm.
the engineering shares were easier in places,
Gold shares turned dull on local selling but losses were small, -U. P. 1.
Bank Loan
Washington, May 29.
Cotton Export Subsidy
Washington, May 29,
to
The Department of Agricul- fure announced a staring cot- ton export subsidy of six and hell cents pound for Abre ex- August 1, but ported after that this rate is subject The United States today lent change without notice, Burma $10 million to help the Under the new export pro- Government strengthen its inter-gramme, the subsidy will be paid
in kind instead of in cash.
Payments will make up the The 40-year-loan, which available in either. Burmese or difference between the higher by price paid American currency, was signed | United States by U Win, the Ambassador, id exporters for cotton to be ship- Mr Samuel C. Waugh, President ped overseas and the lower the United States Export- world price for which the bre Import Bank.-Reuter.
24%
nal security forces.
331
32%
1293
of
321
2003
す
14
is sold abroad.-Reuter,
P.OBIE.A
COMPANIES
Larvae London
Salled 20/4
Saded 18/0
Duo Hongkong
And June
4th June
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Outwardz "CORFU".
"BALMARA” "SINGAPORE” "CARTHAGE"
*SOUDAN". "CANTON"
Bailed 5/5 tish May
Tih June
RAIN June 10th June
Leasen Hongkong
4th June 14th June
34
2214
Kansas C. Power" &"Light".
Kennecott Copper
|
Am. Nogar_Ref. Bene
2012
Liggett Moyers Tob. Co.
American Tek A Tel
1781
Lockheed Aircraft
81.
Loews Incorp.
Anaconda Copper
Arinco Steel Armour
were
their best
for
Atian Cena, Mining Baldwin-Lima-lam
Paliheore & OMIO
zu
Beneficial Finance
Bendix Aylation Corp. Benguel Cone. Bethlehem Stei
if
43
Boeing Airplane
4311 Naonal Biscuit Co.
· THYRER"
Borden They Co,
Go!
Iurroughs Add Machine
24
Campbell Soup Co.
4132
National Cash Hog. "A" National Dairy Prod. National Lead
Canadian Pao
Co (J.) Co.
How
Cal Tractor
601
Celmere Corp.
Tuesday:
Started slowly but
New York
aThursday:
Prices generally weli
gathered mumen- bond volume was
Stock American fum. T/O: $913,000.
conditions. volume was 780,000 shares. Wednesday: Dull
TVO: $375,000:
Stock Exchange
$5,800,000.
CIT. Financial Crap.
0319
National Steel Corp.
Yark Contiral Olin Mathiason Oils Elevators
Homewards "CORFU" "BUNDA" *
"CARTHAGE"
Chase Manhatten Bank Chrysler Motors ExchangeCluett Peabody
Fu
Owen-linols Glass
Oxford Paper Co.
-40%
Pacific Cins & Elec.
Colgate-Palmolive Co. Colomblanc Commercial
G0A%
Pan American Airways
Co.
Paramount Pictures
Parke Davis Co.
Dow-Jones closing averages were:
30 Industriale
481.70
20 rails...
13 utilien
210.00 8.10
Commonwealth Elec. Canmlldated Edison Lontinental Oil of Del, Crown Zelterkartı
Penny J. C. Co.
15
Hotels were quite during the week and they rose from $18.70 to $19.50 yesterday Friday: before dropping 10 cents at the 70 cents on the close, a guin wouis.
Recouping
Blue Chips all fad good gains on the week, in the majority of last week's cases recouping
some- tacking on losses and ng thing extra. Trama reached 29.40 high of $28.10 this week-their
100
highest since 1850.
Agreed Merchant Rates
This is a gain of 40 cents on the week.
Cemeals, which seem to or* stock on the the must ackle
Canadian S Maximum Selling | markt. tacked on 40-cent 16-11/18: Minimum Buying 16 gain for, the week 35/16 TF 17 0/D.
ufter Just week's 30-ceat loss. It closed at
"MORE SECURITY"
Writing of opportunities for
investors, Edward Westropp,
City Editor of the
"Sunday Express", sald
on 4th. August, 1957
"Be discriminating here.
6%
Per-
sonally I like.a little less interest and a lot more security than some of the tiddlers offer.
STABILITY Interest Assured
SECURITY · Bank's Capital and Heserves
SAFETY
SAVING
SERVICE
No Risk of Depreciation No Charges or Fem Convenient Withdrawala
Income.tez,
GROUP ASSETS EXCEED £25,000,000 Interest post without deduction of United Kingdom Send today for “Bank Deposit Account" Booklet No, AO.74 from General Manager
LOMBARD BANKING-
Head
LIMITAD
DANKERS
LONDON, W., dao 41 (30) LOMBARD HOUSE, CURZON STREKT, PARK
UNION BUSHDEN KINGAPORE, P.6, Box 2286, Təiş 21IT LOMBARD BANKING (PA BAR) LIB,
Arpelats
A WorldWide Banking and Financa Orgmisetiam
Bank tion
Rale reduc- pushes prices
New York Stock Exchange up on bread front. volume was 2,330,000 shares. T/O: $1,103,000.
maintained.
T/O: $741,000.
COMMODITY
FOREIGN EXCHANGE
NEW YORK
Closing rates were:
England official
Australia
New Zealand
Bouth Africa
Canadian dollar rates: Spot close
High
Low
Futures
36-day DO-day
6-month
.....
2.2546
4.01-11/13
9.80-17/11 1.33
1.03-23/32-1.637. 1.03-23/32+1.00% 1.03-11/16-1.30-21/32:
1,03-21/32-1.073-48/04 1,03-17/32-1.03-10/az 1.83-0/12-1.07-11/27
LONDON
Closing rater were;,
New York ....
Montreal
Amsterdam
Brussels Frankfurt
f'erta
Stockholm
Vienna Zurich
Contract No. 4 (world)
July: 3.41; Sept: 3.48-49; Det:] 3.49; Mar: 3.42: May: 1.42: July: 34: Spot-(cents per lb. fob Cuba):{ 3.52
Open interest: 7,706 contracts.
Contract No. 6 (domestio) July: 3.76; Sept: 5.77: Nov: 5.18: Mar: 8.50: Spot-teents per lb. eit NY ex-duty): 5.75.
Open interest: U.P.I.
3.301 contracts.
COTTON
NEW YORK
Prices of cotton futures closed loday as follows:
Spot: 30.30 nom; July 36.29; Det: 50.00; Doc: 30.79-50: Mar: 30.07; May: 30.03: July: 96.33-27: Oct: 34.59.
NEW ORLEANS
****, 201-9/16-2B116
2.7136-27136
Prices of cotton futures closed 30.5045-10:30 139.494-139.471k today as follows: 31.709-11.71
Spot: 3110, July 3625; Out: 300; 174392-874014
Dec: 48.78: Star: 38.00; May: 300; 1870-117095 July) 30.29; Chet: 34.00.
€146.473=1447E
72.49-12.51
11.:k-1123*T
Other unchanged.-U.P.I.
SUGAR
LIVERPOOL
PRICES
RUBBER
NEW YORK
TE*%
1ל1
5012
Penn. Salt Co.
Philip Morris ........
491 Procter & Gamble Co.
Tox rubber futures closed to day 23 to 45 points higher with Males of 71 contracts. Closing
prices:
July
Bett
Nov.
305.
Mar
May
AMSTERDAM
The rubber market steady.
Pittsburgh Plate Ginsa Publicker. Industries Pure OASIS Medio Corporalları Radio Corp. Pref.
Republic Strel
Reynolds Metal
Sears, Roebuck & Co. Aholl Olt Co.
Salt Re Paper Sinclair Ol
Bocony Mobiloll
Solar Alretat!
South Puerto Rico Sugar Southern Co. (The)
Southom National Gas Southern Railway (Com.)"")
Standard Brands
| Blandard Oil of Cal
Standard Oil of Ind.
Standard Oil of NJ,
Sleep Rock (Torontu Eego)
sterling Drug Co.
tokely-Van Camp
Studebaker-Packord Corp.
Sunshine Mining
Awift & Co.
Texas Co.
4th July
17th June
10th Juns
19th July 28th July
6th August
Due London
8th July
Bird July
4th Augu
14th August
Irt August
"SINGAPORE" #j0th July
"CANTON"
"SOUDAN" *
18th August
1st September -
25th September
Via S'pore, Penang, Colombo, Bombay, Ades a Pt. Bald,
"BUNDA”, “SINGAPORE" and "BDUDAN" exïi S*pi!#, PL. B'wet, Pizzor. Aden, Pt. Bald. Havre, Londo, Hamborg, Rotterdam & Antwerp,
BRITISH INDIA S.N, CO., LTD.
"SANTHIA" due 16th June
sails 2111) June
"FULTALA” aut 29th June salis 27th June
"SANGOLA" do® 4th July
all 5th July
from Calcutta, Rangoon, Penang Singapore for Japan
Penang.
from Japan for Singapore, Hangoon, Calcutta Chittagong
from Calcuita, Mangoɔm, Penang & Singaporë for Japan
P. & O./B. 1. JOINT SERVICE
"ISMAILA"
20.00
26.43
Textron Ince. ....
36.20
Tide Water Asen. Oll
26.03
The Inc,.........
20.12
Twentieth Century Fox Fin
"IKAUNA"
50.15
Union Carbide
20.10
Union Oil of Cal....
Union Poole Railway
United Arafy ........
Was
R. Fod
United Gas Com.
n
June
Prices closed today in guilders per kilogram, cit ng follows:
No. 1 rubber No. 2 rubber
No. 3 rubber 270, 1 crepo
8. Gypsum
UB. Line Co.
U.S. Rubber
2.11 nom U., Smelting 2.13 Hot... 200 nom. Warner Bros. 233 tami Woetielshouse Electric
Western Bokon Tel. Co. West Va. Pulp & Paper Woolworth
BINGAPORE The market opened slightly higher or better overseus advices and steadied further on covering and reserve of sellers. Futuret: No. 1 rubber per ib. June 2016-2018 73-6-7474 July
#
Cotion future closings, in No. a rubber per 1b. Jume 721-729
No. J No. pence per lb. were as follows!
American Contract: "July/Aug: Spot rubber unbaled 225.33; Oct/Nov: 20.95; Dec/Jan: Bianket repe
26.65; Stay/JuAR: No. 1. palo crepe
18.33: Mar/AẞT!
20.TD.
20.37
Mined Contract: July/Aug: 20.101 Oct/Nov: 24.03; Dec/Jan Mur/Apr: 27.27: May/June: 27.47.
in
SAO PAULO Cotton future closings New York, May 29. World No. 4 sugar futures cruzeiros per kilo were ab 101- closed unchanged to four points lows;
July: 41.30 Othere unqualed, lower with sales of 604 con-
In the United States, the tracts.
average price of eae-inch cotton Domnestie No. 6 super futures at 14 designated spot markets closed unchanged to three was 34.77 cenie. points tower with sales, of 55 Total sales at these markets
were 27,047 bales.-U.P.I. contracts.
LONDON
21
671-6316 761-70-1
20-03
Unemployment Benefits
Washington, May 29.
The rubber market wes firmer with spot quoted at 22 11/10 The United Sistes Senate com- pleled Congressional approval of pence per lb. Prices: No. 1 se ot... £2%+2% a bill authorialog the Federal Settlement house teens
23-22 Government to advance money SJuly Auf
to the states für a temporety Bept.
224-251 | extension of state unemployment
benefits. July/Dept. Det/Dec. Jar/Mar. _April/1vnum
22-2
20-24
✓
The anti-rocession
Inosauro
now goes to President Eisen- Genere martoria, oir benda portes
(208) July and
1955-hower for his expected signature, 12 has bawi requested by the Retaie crepe shiri
| President Chira Mall Special.
P. L
“TAUBA"
due 30th May satis ist May
Aod gth June kalls, Otis June
from Japan
for Bingapore, Karscht, Kowall, arab, Khor- ramshahr de Dubal
trom Bombay, Cochin, Tuticorin &, Singapore for Japan
due 1 June from Bhangar, Bom
bay, Coach, Fenang de Singapore
■xis 20th June
for Japan
EASTERN & AUSTRALIAN S.S. CO., LTD.
"NELLORE” due Toh June
"NANKIN"
salis 12th June
dus 20th June
22ed June
from N. China Var Labuan, Bandaken, Brisbane. Bydory, Mil- bourne & Adelaide
from Austraila for Jupan
All vermis bawa Uberty to call at may porta na
ez of the mule a the route a sailings are subject to change or amendment with or without noites.
For full particulars upply to
MACKINNON, MACKENZIE & CO.
OF HONG KONG ITD. Telephone Nos: 27721 4.
..