Page
THE CHINA MAIL, FRIDAY, JUNE 20, 1958.
PAT &
Market Begins To Rise Again NEW YORK EMBARGO ON
LETTERS TO THE EDITOR
Mutual Funds
it your article "Will Mutual Funds Hurt
Sir.-Wih regard
Hongkong's Stock
Market, in
1
Funds
last Friday's China Mall, would like to say that Mutual
have deflutely helped. stock market investment In America. In 1940 there were about 3 million Investors In stocka, today there are over D million investors. Three million of these are Mutual Fund in vestora and they alone have over IK$85.000 milion Invested in the market. In other worde Mutual Funds have afleucted in entirely new set of investors, People who never theright of investing in the stock market, storted because they had all the dvantages that the big mon hed, axcelicnt inngagement by some of the best bruits in the Investment businera Diversif- catlon-they were not invested
in one or two stocks with their avings but they were invested in dozens of the great corpora- tions of the world."
After these
investors have their Mutual Funds they become more interested in the stock market and begin to study mure about stocks and soon they are buying stocks in the local share market on their own.
We have found that the public in Hongkong is as interested in other making money as only place. Throughout the past
The two many yeaty
main Investments 11:11 have made Letter earnings to offset the de- precia lor. of our money has been real estate and the stock market and we are sure that the people in Honghong are becom- ing
more and more aware of This fact. Now that the small investor can get in mi the ad- vantages
buying of
locks through Mutual Funds. this Investment will grow in popu-
Prices Harden At The Close Yesterday
By A SPECIAL CORRESPONDENT
IIK Bank Lombard Unfort
A
28xd
A Glance ★
Jube 19
Up or Down
+$18.00
31
COTTON MARKET
New York, June 19. Cotton futures trading today proved to be tamo affair,
EXPORTS
London, June 19. the British Govorunent, said today It Was bying to speed. up a review by the West of the embargo on exports of strategic goods to China.
The review is being carried out by "Cocom" n' body representing the North Atlantic Treaty countries and Japan, which mean in Paris.
SIA David
Prices -Eawed witida Tango of a bale, turning alternately steady and unsettled on flurries of realising andi nelling with a routine trade the House of
demand.
* The Share Market At
May 22
MAY 29
June
June 12
70214
想
7851
*82
795
200
206
30
2Di
70
100
7143
12
+$2.50
Wirelock
0.10
0.10
8.15
0.20
0.20
-C
IK Wharf
102b
101b
1056
1020
101
---$1
IF Docks
40b
41b
4114
41%
4131
+250
Provident
11.40
11.30
12
12.20
12.30
+100
HIK Hotels
18.70
19.40
. 20.70
20.90.
21.20
+300
UK Lands
321⁄4
3231
33
33%
331
-250
$.42b
1.55b
1.65
1,625
1.65.
+2348
21.70
25.10
25.70
26.10
-20.30
+200
Closing prices ruled off one to 20 points. The markol
1115
11
1135
1126
1126
steady
1014
0734m
+500
Ch Light
17.30
17.50
17.70
17.80
17.80
Hleady
Electrics
26.60
27.10
27.80
28.30
28.10
stendy
BK Telephone
20,10
20.30
27.10
27.40
27.30
steady
G. 1. Cement
21.70
23.10
23
22.60
23
+00
Dairy Farm
10.10
19.99
17.20
17.40
17.00
200
11}-
A. 8. Watson
10.80mm
10.90
10.00
10.00
11.30
+400
Yangtate
8.400
5.400
5.55b
5:75
5.30m
Allied
4.20
4.40
4.00b
4.500
4.50b
steady
K&FE Inr
10.201
1020m
10.201
10.5on
30.50 steady
wus
Textile Corp Nanyang
4.35€ 8.45
4.875
4.651
4.60
4:00b
steady
-8.50
8.45tt
7.80xd
7.00
After taking a few days for a breather, the Hongkong Stock Exchange started to rise again as an abundance of money came onto There was no marked selling the market.
tendency, however, and turnover on the week was well below last week'a.
The trend of the market in the last few days has been quiet- with all prices well ly steady maintained. They only yielded slightly to profit-taking during the week.
With prices hardening at the clase yesterday, there were still
HONGKONG
STOCK
EXCHANGE
Our Own Correspondent
Business done on the Hong- kong Stock Exchange this awning amounted to approx- mately $792,080, Noon quotations and the mining's transactions were
Buyers Seller Halen
700 nog
shares NANKS HK B. FR! Anta. 274 INSURANCES
Union
SUMPTING Waterboat Wheelock
13 shares higher, seven
lower com- changed and four
17 higher, one pared with unchanged and six lower jast week.
The turnover, however, only $2.50 million compared with last week's furnover of $4.04 million.
China Underwriters' announce- ment that interested parties may shortly make a bid for tha Company's shares" was received with interest in Street yesterday, and It Is ex- pretul that these stores which i rul at it! are now being
Ice
House
ex-dividend buyers with sellers will rise to higher levels within the next few days,
Banks bad another good rise this week tacking on $12.50. Scrip was still scarce on the market, whereas a few weeks ago there was a flood of scrip n one company sold some of its hold- Higs for want of capital,
Unions also rose to $74.50 from $72 Just
under wrek pressure.
Hotels continued to be in good deanand this week and they rose to $21,20-the highest they have ever been.
Limelight
III Really Ik Trams Star Ferry
Yaumatis
+50
+190
STOCKS TURN DOWN ON NEW YORK
New York, June 19.
Stocks turned sharply lower in the late trading today after
told
the
to
Eccles, President of the Board of Trade,
Commons Government is continuing "do ita best to expedito the
Aware
opened up 5 10 off one point, review" New Orleans closed up two off "I am hopeful we can get 14 puinto,
a decision next month," he Most interest centred in need. 141 'mmm
that nearby months Tradem čvow Industry would welcome orders up in July before first notice from these couptries for a day on Tuesday. Far forward number of products now
deliveries würd relatively slow the embargo Isl1⁄2—U.P.I. while traders walled Con-
fressional developments cil fatm legislation.
Crop and weather news continual favourable, A. Detvale Memphis survey said the crop generally mace stood to excellent progre in the past |
weck.
on
LONDON STOCK MARKET
London, June 19.
The stock market closed today of Increased
The census bureau reported domestic consumption of row cotton in May at 599,000 bales. higher The figure was in line with ex- | trading. pectations and coin,mred 070,259
Industrial shares led a brand
Withdrawals from the loan advance into higher grouki,
buses used in May last year.
stock In the week ended Jano
13 totalled 42,136 bales. This
Chemicals arul
engineering
left 2,030,811 bales of the 1957 Issues also participated in the were joined by the crop under loan compared with rally and 3,859,051 balca on the same recently depressed, oil list, date last year.
However, gilt-edged seruritics closed cloood mostly unchanged as The Liverpool market
a higher to 7 English points profit-talding wiped out early lower nnd 822 to 594 American advances.
points under New York futures.
Month
July
Oct,
Dee.
holding in a narrow range through most of the session, The spark that touched off the decline was a move in the Senate to reject Mar
all transportation excise tax cuts, including auto and railroad.
Railroad issues were depress- ed first, Then come the autos. Solling quickly spread to the After a long period of inac-steals, chemicals, olis, tobaccos, 73 tivity. Watsons came into the and special issues.
imelight again this week and
fime
Just before closing
under steady pressure they rose 'uckets fell behind floor transac- 620 from $10.90 to $11.30 yesterday. Hons as the selling lucreased in
Here is an Ice House Street volume.. observer's nerount of the market:
irrity here as It has in other | ~ Hotel 21,30 41.30 1000 61 21.30, countrica.
annum
In your article you state that The dividends of the funds comparison with local slocks In with per round 50% espital gains, In fact you get between 10 15% per anZSAINTS with capital gains in any of the belter funds.
You also quoted another man Cs saying that if he had his munes he United States he would have to pay banking Interest to get the money
tu Hongkong. We are at a loss to know what is meant by bank- ing interest. The investor may cash any part
of Iris or all Mutual Fund ut any time he will receive a wishes, and he
here US
الله الكلام
1000 M 21.30 1100 - 3.36 000, 73 100
50 70
304
S
170
19.00
500 m
020 626
0006
DOCKS, ETC.
K. Whorf 101 103 Dock, 429% J'rowvideot.
101
IVD &
LAND ETC.
12.40 121
NK L
Itumphreys 16:34,
16
Realty 1.629 RUBBER
..
Amal 1.470 1.525 01010
Prunt ATAWA Kangul UTILITIZA Tram 20.00 20.00 livar Ferry - 112 Yaumati C.
1.50
10000
1.34 1.40
1923 1.00
100
10 10.10
700 <
1100 2200 0 IGU
INJ
10
18.10
....
10.00
1.50
After the recent activity, quieter conditions prevailed on the stock market this week. parily due to some light-scato profit-taking earlier on.
However, scrip was readily absorbed and the undertone was quietly steady throughout with prices lending is harden towards the clone.
flongkong Banks and Unions showed further improvement but elowhere prices showed little change.
Market Diary
Weak Spot
Trading was below yesterday | Owen-linois Glass
Oxford Paper Co. most of the day but it picked Pacte Gas Zige......
market turned Pan American AirwaYI. up when the
Paramount Pictures ...
Co.
soft,
Or foto 1,227 issues trailed in the broadest market
November 15,701 were last Jower only 220 higher.
Parke Date Co. Penny
eirice Bait Co.
Philip Aforis Procter umirie Co. Phuburgh Plato Glaze Pinileker Industries Pure Oil Equ Radio Corporation Radio Corp. Prof. Hopubile Sleel Reynolds Metal" Sears, Roebuck & Co. Shell Oil Co...... averages Saint Reg. Paper
Sinclair Oil
Exchange
New York Stock Exchange volume was 2,000,000 shares.
New York Stock bond volume was $6,279,000.
Stock American volume was 1,040,000 shares.
Dow-Jones closing
were:
Net losses ranged to more than 3 points with Du Pont weak spot. American Telephone had a substantial decline. U.S.
plans soon to sell! Sicel, which $300 million in. debentures, was 30 ndustrial
It 20 salin ................ the sore spot in the steels.
ta ties 83 stocks fell more than a point,
Melal eilne with
Issues joined the de-40 bonus ........
Anaconda a week Comm. future price index
Exchange
spot with a loss of more than Closing Prices
twa points, National Lead also lost more than two.
Alled a Inc.
All Cholmers.. MOTEAM. Brake Shoe
Tobacco fell with other de. Allied Chemicals
of the market. Here is a market diary of the partments
American Tobacco fell than two points.
Commonwealth
Electric 40 210 20.10 week: Macap F.. Telephune 27.30
INDUSTRIALS Cement
STORES. ETC.
12
Dalry
Watson
of
doilar cheque Hongkong which is easily *x- changed for Hongkong dollars.
Your article also quotes him Da saying "The majority investors want to see a share certificate just to assure them- solves that they did own some-
When thing"
they buy Mutual Funds they are issued with
a stock certlacate which assure them that they own slocks in many corporations. The price of the shares of Mutual Funds are determined twice daily and listed in the Wall Street Journal and el leading newspapers in America end more of them should be listed in the Hongkong papers us there is more and more interest in this investment hero.
CLAR SAGER, Director,
King Merritt & Co Ltd,
Hongkong.
Now Stiffer
Competition Likely
For Hongkong
Tho
Singapore, June 19.
Singapore Chinaware
Merchanla
Association cull-
Lane Craw
COTTONS
Toxilles
350 7 27 30
30020 Friday: 200+ 27.00
Monday:
23.80 1500 pr
600 11.00 170 2500 1 17.00 1300 17.00 1000 Tuesday:
11.20 11.40 7100
14.00
Nanyang MISCELLANEOUS
1130
Prices edge fran-
$402,000.
ilonally lower. T/O: Houring Lighting were firm in the utter which held vetler
than other groups.
Quiet conditions, T/O $277,000. Prices harden where changed. T/O; $772.000, Wednesday: Prices continue to show improvement. T/O: $415,000, Ruled steady, T/O:
$500,000,
•
1.80 1.00
6
Thursday:
IK Const.
(0) INVESTMENT
5.79 6.5 Faustere ..
All
41 4.03
70.42
Socony Mobileif
Selor AreFRET
471.57 South Puerto Rico Sugar 110.47
Southern Co. (The)..... Southern National Gas 102.01 Southern Railway (Com.)
Standard Brands
10.55
150.93 standard of of Cal
U.1.1.
Standard Oil of Ind.
Standard Oil of NJ.
Steep flock (Toronto Exge) Stealing Drug Co.
$ 7735 Stokely-Vanaird Com
Studebaker-Packard
Sunshine Minsur
24
Swil & Co
American Airline
10
Texas (77
Edison and
Art, Cobie & Radio Corp.
3
Textron Ine,
Tide Water As, Oll
American Cyanamki Cu
Ain. an de Electrie
Am. & Forga Power
Time Inc.
411
T-Cont. Warrants
10
Twentieth Century Fox Film
Union Carbide ...
Union On of Cal
23
Union Pacino Reltway
2)
United Aircraft
170
United Can Corp.
U.B. Foll "D"
15
Gyp
4
BOLL
US Line Cu
U.S. nubber
U.B. Benelling
12
US. Strel
24%
U.B. Steel 7 PC PP"
03
Warner Bros.
New Highs
American Telephone was hard hit in the investment group and showed a loss of two points. mnde Office machinery issies new highs and then fell to net Tosses Yonging to five points International Business in
Machines.
COMMODITY PRICES
RUBBER
SINGAPORE MARKET
Singapore, June 19. The market opened around the previous levels and ruled very quiet.
There was n fair Interest for lower grades but sellers WEIT inclined to be reserved, and volume was small. Futures;
No. 1 rubber per tu. July 2416-79% 7416-7416 Aug.
|| COTTON
NEW YORK PRICES
New York, June 19. Prices of cotton futures closed today as follows:
Epot: 38.30 July: 30.00; Oct: 30.58: Dec: 30.81; Mar: 36.00; May 35.83; July 30.01 Oct: 34.27: Dec: 34.27.-U.P.I.
NEW ORLEANS PRICES
New Orleans, June 19. Prices of cation futures closed No. 2 rubber per ib. July 72-723 today as follows;
Spol: 35.10: July: 30.05: Oct: 24.00: Dec: 80.80; Mar: 36. May:
No. 3
No. 4
Spot rubber unbaled
Blanket crepa
No. 1 pala erepa
METALS
NEW YORK FUTURES
New York, June 10. Prices of metal futures closed today as follows (in cents por lb.):
Load July: 11.tr: Sept: 12.05h; Line July: Budby Sept: 0.1db; Copper July 25.75b! Sept: 25.075: Tin July: 54.50b: Sept: 0LLU.P.3.
LONDON
London, Juno 10. Prices of metals closed today
Am. Hone Prod.... Am. Mach. & F'dry. American Metal American Smelting Am. Sugn_Ket. Americas Tel & American Tob. "B" Anaconda Copr Armee Steel Armout going
dwin-Lena Hain. Baltimore & Ohio
Beneficial Finstice ..... Bendix, Aviation Corp. Benguet Com
Bethlehem Bleel
Airplane
Burrougs Add Machine Calif. Parking Corp. Campbell Soup Cn. Canadian Pacific II. Caso J. 1.) Co.
Cat, Tractor
Celanese Corp. .....
C. L. T. Financial Corp. Chase Manhat. Bank Chrysler Malom Cluct) Peabody.. Colgate-Palnojivo Co. Colomblen Carbon Co. Commercial Credit Commonwealth Elee, Consolidated Edison Continental Oll of Del, Crown Zellerbach Caban Amer. Sugar Diamond Abul Diamond Match Co. Douglas Aircraft Dow Chemicals Dupont de Nemours
Zakuman Kodak
ama i Cas
Family Finance Corp. Firestone Tyre & Hubber Fard Motor General Dynamics General Electric General Foods General Motors Gon, Pub. Util.
den, Tyre & Rubber in sterling per long ton as fol-idden Co Hows:
Tin spot 7205, £731m; 3-month:
Goodrich (B. r.) Co. Goodyear Tyre
7414-7316 30.57; July 30; Oet: 34.20; Des: gylid, 7558; Copper spot: £200 nga Kiret
34.24-..I.
SAO PAULO PRICES
+
0215-63 *
65-55 81-1
LONDON MARKET
London, June 19. The rubber, market was quiet
Cotton
cruzeiros follows:
alating of 50 importers trading with spot quoted at 22-6/10 with China, hir formed a pence per 16.
......... 2211-223 enamel SelBement house term:
2211-2213 exporters
special organisation to intervase No. 1 Rán spol
Chinese imports of
were into Malaya.
endmelware Main
to Singapore at prescrit
Hongkong and Japan,
The organisation
10 member-importers
July
AUI
arc
consists of
who net
as local agents for the Chins National Sundries Export Cor- poration of Shanghai
The corporation had already this year shipped 1,000 capes of enamelware worth $(M) 80,000 to the 10 distributors, the Chair- man of the Merchanta Associa tion, Mix Low Chin Kwong and today.
Sept.
Oct/Dec.
Jen/Mar April/June
General markets, ell bazit, porte,
June July
tiin July.A iniek July
Fatale crepe
NEW YORK MARKET
-
Ilox
Sao Paulo, June 19. future closings,
per kilo
E-UP.I. In
were 14
July, 43.50; Oct. 44.00: Dec.. 44.20; Mar. 44.00; May, 41.80mU.P.I.
SUGAR
NEW YORK
New York, June 19. World No. 4 sugar futures closed today one point higher to ane point lower with sales of 77 contracts.
Contract No.. (wor3331 July, 3.2; Sept 143; Oct., 944; Mar. 3.39
Newport Corp.,
€1048: 3-month: 22041 2011 Homesinke Mining Co. Lead and half Juno: CTTED, Bent: 27p79140; Zine 2nd buit ingersoll-tand
Sept: £66b, Inland Steel Co...... June; Cab, 2004:
Interchamical Corp. **** *Int'l Business Machinen
Int Harvester ..... International Nickel International Paper Int? Tel # Tel *** John-Manville Co.
FOREIGN EXCHANGE
New York, June 10. Closing rates were; England offlink
10day
New Zealand. Bouli Africa Argentina Brazi
FANATA
Kaiser Industry *****
Kansas C. Power & Light .. Kennecoli Copper** Lggelt Meyer Tob. Co. Lockheed Alteraft ........
Loews IncurŲ,
·Lana Ble Cemen
Lowerulair & Bona, Man, Inv. Trust Co. Mellehall J, Hay
2015 100% 270-3/25 McDonnell Aircraft Am.
Block Exgo.)
Mewaul fron Corp.
Miata Minina
3.00%
DOTS
Mlation, Developinget
3100
2100
Now York, June 19,
London Juna 10: Tubber futures today
Closing rates were:
26-2.81-1/16 closed five lower to live points itay, July, Sept. 3.30: New York ......
70-0/10 Teda per lb. cob Cupar, S43; Montreal higher with sales of four con- fructs.
He said that in order to stop up sales, the Shanghai Corpora- Closing prices were: July, ki20) Lion had dropped lis prices 30 Sept. 2600) Nov, 2000; Jan. 901 por cent on last year-Router. UPI.
Mor 35.05: May. 23.00: July, 19387
Atwierd
Morog11 2,130, contracte Contrast No. & (cornertia): July. Pagk 18,18) MOST., DAL: Nov., 6.30; Mar. 6.02; stockholn
Spot(corte per ib. of NY ex-duty), Vienna 583; Open interort: 2,007 contracta | Zurich
UF.I.
Menuite Cacinical Co.
Manugucnery Ward
Motorola Mic,
National Elimu Co. National Ca flex. "A" National Dairy Prod National Lesd .......... Nalionai üresi Corp, New York Central Norfolk & Wasserri By, North AmeriKATLANA North-West Attiilikes Olta Matheso oth Kavators
Wanglore Air Brake
Westinghouse Electric
41 Western Union Trl, Co,
& Paper West Va. Woolworth
-U.P.I.
HK Exports
To Malaya Higher
Singapore, Jund 19: Hongkong exports to Malaya
in Aprli rose to $M13.3 million ($HK24.0 million), the Stralis Tunes wald today.
This was a 14 per cent in- crease in the value of exports en the previous month, the Times sold,
Hongkong's total exports to Mataya in the first four months 13% of this year were $M47,8 mil- lion (HK$5.0 million) an in- rate grease of 12.7 on the same period 74last year.
19
10
Malaya's exports to Hongkong in April were worth 3MS million (10 million) an increase of 24.4 per cent in value over the previous month,
لماما
Molaya's
exports to Hongkong in the frat four months of this year smowited *to SM17.5 million (SHRSS
million),
Times hald. heuter
1819 xa 44%
the
Exchange Rates
Durinens was done in the locat noticial excliano market- morning at tum following rates:-
14% V.S. Voltar (per #1)
sterilug holes (pie 21) järkes #33 Australian notes (per 41)
Andonesian rupiah (per 100) filam tical (per 100) juba
Bulk Eupreparo (stralfa)
Chie
27.00
1.80
Volume Open Interesti
114.000 13,000
1,000 210, 200
IDSK00
10,300
5,000 17,830
May
5.300 100,103
July
0,000 115.000
Oct.
1,000
03.200
Dec
con 3,00
Total
U.P.I.
*
*
*
3,700 1,130,000 bales
Lead and zinc shares were in demand with Bovoral issuca hitting new higha for the year,
Tin and gold stock reglatered fractional gains, copper Issues were steady.
Dollar stocks were lower,~ U.P.I.
PO BI EA
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N, CO.
Outwards
Leaves London Due Donglong "CARTHAGE” Salled 24/5
30th June
"PERIM" "SOLDAN" "CANTON"
· KHYDER"
"BURAT"
Homewards **BUNDA” * "CARTHAGE"
"SINGAPORE"
"CANTON"
Salled 10/
7th June
25th June
1st June 7th July
J
Leaves Hongkong
21st June
4 July
1815 July
1st August
"BOUDAN" * In August
5th July
22nd July
20th July
13th August
18th Augant
Dus Langon
Goth Judy.
5th Auguri
11th August
1st - September 1915 September
Via B'pore, Penang, Colombo, Bombay, Aden & Ft. Beid.
* "SUNDA", "SINGAPORE" and "HUUDAN" call S'pore,
Pt. A'wa, Potany, Aden, Pt. Baid. Havre, Londen, Hamburg, Boltefdarn & Antwerp.
BRITISH INDIA S.N, CO., LTD.
"GANTHIA" due' 26th Juna Kalle 274 June
Jat July
“FULTALA" HI, and July
"BANGOLA" doa
4th July
sails 6th July
trom Japan
for Singapore, Penang, Bangoon & Cutt
from Japán
for Bingpore Penang, Hangoon Calcutta Chittagong
from Calcutta, Itungoon, Penang & Singapore for Japan
P. & O./B. I. JOINT SERVICE
'PACHUMBA"due 5th July salis Tih July
"EMARIA" due 7th July
Baile Bih July
"KAUNA” due 0th July Malts 10th July
*
"EASTERN"
from Japan
the Bingapore, Penang. Aladres, Bombay, Bhau- Bagas de Karat from Karačiu, Bombay, Cochin, Singapore Car Nicobar
for Japon
from Japon
for Singapore, Kuwait Hayah. Khorramshahr & Karachi
EASTERN & AUSTRALIAN $.S. CO., LTD,
"NANKIN"
due both June kalis 27th Junt
Que. 23rd July Katts 25131 July
from Austral for Japan
from Austraila for Japan
All vessels have Uberly to call at any baita zh of off the route & the route & Labingo aro Kibjart to change or amendment with or without notice.
For full particulars apply tut MACKINNON. MACKENZIE & CO.
OF HONG KONG LTD Telephone Nos: 27214,
*
"