£ TO GO CONVERTIBLE? Britain May HONGKONG STOCKS MIXED ON
WALL STREET
Move Earlier
Than Expected
From RONALD BOXALL
London, Dec. 8.
STOCK EXCHANGE
Our Own Correspondent
Business clone on the Hong- kong Stock Exchange this morning amounted
$895.000, quotations and the
The breakdown in negotiations to link proximatoty
Britain with the European Common transactions were: Market may, it has been suggested, impel Britain to declare the Pound BANKS convertible rather sooner than had been planned.
By manda The door Britian's forms. The
which form the Common Market have given tal live thur 1:00) Jadyummy 1, they will die erminate THE chairman of a U.K. against Bath exponis
Any help refrigerator firm which ds mueslie markets exports to 64 countries told
Brio has done and w11 cm. Woodrow Wyatt and 74 | tinte to do everything m ter
viewon watching power to presetit në trade woor BBC's
Panorama recently At the same that the aircraft he uses 25 showroom flying sales costs only 2a. 9d. A mile to run-little
than the
The-million
El
Polibie Tong Las llen anrank
330,000 Thony about Budweight fors to 293 cernels A modet of Jankees n general 423
mahenta Free 8120, however, an
o 4,166,643 torus.
ler
To end their long term charters Ned ERSTEN devitably become uile.
Javed Dry-cargo charten S Dmgrd in obtaining tankes for carriage of gran from the ༄ན, ན""| +-it | 2411 Teated Shades
Madis 7
Ulver While this trend ded to useful employment
Calend
1
nighi
#1 CHIT:ers 11 mand are 14
er depressing Evelyn
day ago opere
next
Maconfemet
a
Sal
1a CHINES
trued to errulate that a
1. dua oil company had cha ted a mumber of prompt-lo
Vessels.
pi
would strengthen
more
cost of taking a London taxi.
ht
The is
a mut Be
to defend herrell of her
Main
Danger
This changes des m agreement among the six extend certain merenses sap quÐURS
י
It their
That's taking vends ind everything anto 1 sadas allen", sald Mr
- at the Conan Mathes alre Purke, vepresenting
this watch vanlig met permast "With six or eight passenger a funrestricted imports Equivalen! beenomes a Very en homiteal bortr to at rst three per cent of its [of transgar!"
Fown produc$12!
SELLING TACTICS
concerned
Finnere
Among the six
The Cus
Lit
Cataly country i whose present)
(postind. There bet weit nach A larke VELISE in the sports
Componen Market parINCES
He was unterviewed during «f quotes
tato enquiry
'' 15. 3 10
ling taches of British firm de
por markets.
1
J
tile showed the town'
the Fiel unurkne of the market, how ever, have been offset by other major companies, te g
of their tomme for early SANDEES.
UNCHANGED
EN. I Acto 19 wath te
I led trades ut display
.+
LATERAL” W
"They've fown them all rude Purope and
South Wyof toki
In the trans-Atlanta Uade: VANAJS "Sput angle
takes fro voynge
bar
Caribbeans Britain or Europe we unchanged at Scale minia 47 per cent, while Caribbeans.
U.S.N.11 rules were Huntained al US MA
file per cent
The F
st
Chat relati
the market was ratiem is q but there www itterthusech at L
210
VINARIS
25,000 un Japatiese tenk fixed for tw VANDEN BE
וזיי | |
VAPNIER
LANG
...... བྷཱམ'''ཉཱ!
*I [" 21 141 211 324
interesita sat 1940 ezet wa som tided by diet mida etureteter, with the ruled Studes slup-owner
Lupta. 116
covering the maller tomas per your from the Persian Gulf to Eniden over 5 USMC TITION $11 years at
The owner
per een
optler: 85.000
has the
of using vesels up les toms and the pullataumuk
option of sub-betting the photer
to fommage of a star 32.000
service to the oversens customer are what this arm beheves in
Mr Purley
raid the airen! was als used to fly engbeers in res where servicing dificulties
-We were experience!
YUKİ bys over for a day or
and anything Spares that's reedend
ן ד';
BY NICHT
4270ESER
WET
Set vak #
1 r
dealer and The wat (ty foxt In dey Fact ukr
1. ad might "the oneraft he.
Eying
Jetlit.es
Tha bosch
loses my time"
Windrow Wyatt asked:
"An you wing to develop your nu
rait ses te
Sort
In 1955, with the eventual convertiblity of Evropean eur- rencies in mind, OEEC countries drew up European Monetary Agreement which was to come fnto force
EPU when
Wa wound up,
10
-dü
Noon morning's
50S
MRATER
1170 Bank
Buyers Sellers
000
120 2
20 t
800
20
INSURANCES
Valon
70
71
900
100
7015
7015
Lombant.
SHIPPING Wheelock
20
5.45
0.73
at
DOCKS, ETC
Dock
K. Whart
#215
Provident,
(0)
11.00
12 1000++
LAND, ET
21.30
1600
21.30 21.30
3015
Italphreys RUBBER Amalg Trust
1.37 15
1 70
1 70 27000 4
3.726
-2.00
200
190
Tram..
Now the suggestion has been
RX Hotel mode that us a last resort Bri-
the Pound) ĶK Lend to may declare
the convertible and repudiate European Monetary Agreement, This would mean the end of Co-operation
Western innong European countries in the field | TULITIES:
and at one shor the breakdown of the whole
OFE structure Among the casunities would be the "code of bralisation" and freed of its obligations, Ititudo coki Hien preast her import play and disarimsate gainst goods coming from the Common Marker Six
of payments
move
macr
Speculation
Tr
My own view is that specula-
is wide that along these lines cert quotas? | af
TWO КЕКИ weld in- reasons. One is that discrimina Tron their ten "gustined" by such devicHEN Dots would appear ndinitely more culpable in the eyes of the That Fate 2 sunt boid by world than the "negative" dis- Tid The Organistruen for crimination planned by France. Enryuso.
Co-Second--and moes Inportante- paration and these do nei per- that the winding op of OEE mit any mender to discriminate) s rule mean the end of We' agamist kumports from muy of the other
Berhormie
15 members
In Position
E ropean co-operation get wh in economie atTairs act in poli-
kal affairs tou.
Political relaitons have al- damaged ready been severely by the failure of the Frec "Trade Aron talks and the British Government is not likely-even Its present mood of undis- guised resentment--to do niy- thing which would make the restric-
other injury permanent.
ITI
It is only bremuse her part- vers in OEEC
agreed to allow h,
ener- payments! gency
the to suspend
"code of liberaltration" under
which have countries
re-
moved practically ali 1.09 on imports from
most
mat mybers---that Prance is now
Yet in another quite uNON- ondition to devriminate in
convertibility ol favour of her Cammon Murietected way
did
Util Beem a under the partners
"special the Pound
week. November's closer last qunty" agreement
gold and dollar gain-fourteenth monthly surphas succession was expected but the size of it came 45 pleasant suprise.
all the to do with the lining of the decision to make the Pound
convertible? Simply this when the pound is lartel freely exchangeable into Collars other European eur- rencies notable Dutch and Ger- couveruble too.
"We have a new aircraft bi-man--will go ng Red up now.” replied Mi Portex
And that will mean the end of a store modern the European Payments Union, lyre a la that will take us the clearing system for Intra- as far as Con du and Amerka | Europeon Payments which has
nega Mareli”
I been the mainstay of DEEC.
COMMODITY PRICES
SUGAR
SINGAPORE
The market opened slightly
higher
оду Improved overseas
advices and ruled stendy. quiet
with fluctuations smoll.
No 1 rubber per to Dec 3-239.
Jan 8314-832.
No 2 rubber per lb. Dee
No. 3 rubber per 1
No. 4 her per lb. Ie
rubber unbal
futures
10
10
Sporep
New York, Dec, 8, World No. 4 sugar closed today unchanged points higher with sales of 74 contracts.
Domestle No. # sugar cloard one to three points higher with sales of 201 contracts.
Increased rebel
activity
No, I pale erep
METALS
LONDON
UK's Gain
of
the
Since the end of September 1057, the sterling
brea's gold and dollar reserves have gained $1,300 million and now stand at $3.215 million, their highest level since the end September quarter in 1951
Britain's goin 15 Atretion's logy and the recem outflow of gold frem Fort Knox is causing azme Anxiety in the United States. The outflow of $2,200 million worth of gold between February 10 and November 20, 1958, is already bigger than that for my previous calendar year and the United States share of the world gold Flock has de- clined from 70 рет
ven! Suptember 1940 to just one half.
Talk of devaluation of the dollar decidedly premature though the
that Vice- President Nixor. has to deny Lumours to that effect during onds London vini: did not escape
ironical commen! evidence
foreigners
Dec
#313-82 11-02 101-409%
72-74
115.00
The tin market was steady. Spot rose 1 point and Hinge~~~ Month
to £757 £750%.
The
market
LONDON
The rubber market was quiet after firm with spot quoted at 24-7/18 per 16. Prices
24-24, but uely
No. 1 Its pet
Settlement boom
in
Jan
Fb.
Mar
No-
Jan./Mar,
bf
Aprü/June
Cuba, turned consumer interest to olher areas of mapply. poitet
outside purchases Cuba Included some Philippine, Peruvian and Puerto Ilean Inws, mostly for February ar- Hval, at prices at 6.46 to 0.48 Centa П pound,
U.P.I.
delivered.-
RUBBER
NEW YORK rubber, futures
Rex
Loday closed 25 to 40 points higher with anleg of 38 contraeta,
Closing pricca:
Jan: 3030 Wor: M10; May: 2763: July: 2400: Chpt: 19:16; 110v; 29 63; Jan 0.0.
AMSTERDAM
2-24 2416-2444
General markets, ir tas, perts Dec. Jan, and P
Patate crepe thin Dec. Entate epa tick Jan.
-U.P 1,
copper
while zinc
thal
Wenshing more
www
Macao E Telepres
P
30%
New York, Dec. 8. -
Stocks were mixed in moderately active trading early to- day. Following the pattern of recent sessions a few selected groups and issues were marked up sharply.
CHATTER
ON WALL STREET
B
Zenith added another points to $175. Pdzer rose 24 to 102, Parke Davis 2% to $43, American Home Products 11⁄2 to $131 and Vick 144 to $10
Mong the pharmaceuticals Ful Norwich Pharmacal 1440 $54% ou profit-taking.
around There were gains
Jost
보
in Bausch and Lomb, General Fools Internat) Telephone, Retchhold Chemicals,
Firestone In
Tyre and nearly Iwo points In Ram Aircraft
דיו
Steels
New York. Dec. 8. A test of the most recent low is likely to result in a base being built (rom which there will be a re- sumption of the major upward trend to new all-one on the metais. ods were time highs-Van Alstyne, Noel & Co.
Congress incets
Among steels, US Steel and Youngstown Sherl mapal Tube each gumned cluse ta polti, Annevndu pleked
nearly
casier
balaner with Jersey. Standard down nearly n polut Motors were steady in throw
later in the day the market and some of the "liberals many closed with a total of 1.23% 300 m 25 attempt to reduce somewhat the aos trated out of which 530
depletion of 27%) were higher, 304 lower present tax per cent which has been unjoy - New York Stock Exchange
اری می افتادگی
ed by the oil and gas industry hond volume was $8,570,000,
the last Con-
Stock
American msince 1926. in ogress, the Senate voted by 83 to volume was 1,640,000 shares.
TE, de- New York Exchange 26 against cutting it
alfitasannee pletion
deserves of oil and gas all over
Allied Mile
A Brake Sla
26.20
1500 H
1000 200 20000 20.3
1000 4 20.20
Kine Yaumat.
Feres
104
60 er
100 k
C Th
Exchange
volume
D XD Electric
104
10 70
1000
400
20
1,7
13.00 170
13.30
has helped was 1,590,000 shares. The oil and gas industry attain) ite pandous growth 11 hus 13.20 splayed, and to discover new:
Closing Prices
$ 39
2500"
40'
500 m 2434
1377
LERS 45 7.00 1001
24.00 7.45
7,33
INDUSTRIALS cement
STORES, EIC Dairy
16.30
24
200
270
DCKS T
101
13.10 1340
13.20
500 # 13.20
7.40
10
0.20
Watson
COTTONS Nanyang
H די
MISCELLANEOUS Fastert INVESTMENTS Int [av
KAFE Invest
||{CITY LIGHTS:
"Well, so long, old -Buy-Buy.........”
London Externa Yervice
man
INVESTORS
HESITANT IN
In over
The
but
are
of their dollar
was easier earnings into gold a beginning and icad
Prices was steady.
to worry Amerkent bankers. closed at the end of the unof cial afternoon session, in steri- 1st per lang ion ne follows:
Buyer Sellers
Complacent
The First National City Bank
In man of New York warns readers
TGO
244-2414 2416-25
24-2474 Tłu
20
Spot
-month Copar Spot
757
Jon
210 210
1-month
2201
Let him
Doc.
12
121
Mar.
Zine ist half
*7214 12
Die.
70%
MAT.
0011
V.T.I.
COTTON
LIVERPOOL
In
Cotton future closings, pinen per lb. were as follows:
Ameriena Contract Dec/Jan: 22.70; Mar./Apell: 24.01; May/June: 213; 2uly/Aug: 2150 Oct/Nov: 21.03: Dec/Jan: 21.05.
Mixed Contract
Dec/Jon: 23.95; Mar.(Apr: 22.05; May/June: 77.30 July/Aág! 21.35; Üçi/Nay: 20,63; Dec./2on: 20.03,
דל
|_ FOREIGN
EXCHANGI
2.00-310-282-5/18 2.30 2.00
LONDON Closing rates were: SAO PAULO
New York Closing prices were not avali- Meutroni rubber market was able today brentine of a holiday. T.OF
Amsterdam Tha stendy inday, Prices cloned in
the United States, the Frankfurt guliders per kilogram, elf bec, nycungo price of one-inch enllon, Mitaa
as follows:
No. 2 rubber
No a rubber
No. 1 DOES
3
al 14 designater rpot markets 234 buyers was not available.
Calo
Hinwohn
Zurtelt
2.30 buy** Total Anter at these 12 mar- Vienga
5.32 inver
0.65 buyerskels were 44,424 bales.--U.P.I.
10.5741-10874
188,40-13241 FLMA35-EL3S 1745-174840 2015014-20.107%
760779% 1830-14.474
120-EXT
Other U.P.1.
LONDON
the fres world thus making Am Cabir & Radio Cotp
Ameriya strong. There's a lot ut opposition to any depletion
Walston & Co.
Electronics
American
05
Machine
ניות
Foundry has developed strang chart position This company in creen years has broadened into such delds
electronics and traclear energy Buche & Ch.
The bituminous coal mdustr is well along the roud to com- plete recovery trom the impact
of the recession earlier in th .car-Standard & PooTS.
The following isaties appear reasonably well situated" for better gains 11: 1959 Grumun ! McDonnel Aerall, I Drewrys, Goebel, Zing.
Aircraft,
j
natikmal
News Jersey
Inter
Melville
P. Stevens.
and Shoe. Shoe-B F. Hutton & Co.
Cyclical recovery has begun
*
*
*
Am
& Fucka
Am yamid o
Power
Am
None Puzzels
Aim Sterl
Benguet Cons. Hurten Co
Burroughs Add Machine Cal. Prking Corp
Financial Corp
Ciott Peabody
olgate-Palmolive Slutyn Zellottach Dianand Alkali Dumond Match
Pure National Gas General Dynamies
Gllüden Co..... Gulf Oil....
Hyden Newport Corp
13
Interebemical Com
37
ones City Power & Light
43.
National Butt Ca.
Norfolk & Western RY
1.
North At AvinBosni
1114
42
327
134
114
140
Northwest Atrines On Matheson Oxford Paper Parke Davi Cu Steel Rock
Ub Steel 7 per cent F
Strike
: יו יו
Result
Detal EH "
No pulls are yet knowa of
The Engellations between chors -
Le sher Corporat JAW who inct again Lus afternoon in another attesopt to settle a atrike by UAW Bora!
In this to the 7109 led by the strike at the 11 Dodge plant and three smuller factories, another 4.800 lald vft at five plants (stay Reuter.
P.OBIE.A
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N, CO.
Outwards
Leaves U.K.
Dne HongkoDE
"SOUDAN"
Salted
"PERLY"
As
Safed "CARTHAGE" Sailed 14/11 "COROMANDEL”Salled 20/
7/12
I/I
1th December
"SURAT"
0/12
10th December
14ch December
January Tath
14th
Заннату
"CANTON"
*
"CBUSAN"
in the chemical Industry sales and prafuetion rise, profit
margi
demand
1.
seill wide
Greater
whi
Eermit
higher
Growls
in new product lines will con-
c'emand
druza. Toth ethical am! propri stary, continue la mount Substantial growth in volume and cernings
a pears to be story for the drug industry for 1959 and for Value
manr YPAD
Line-UP.I.
ceme
UK GOVT APPROVES 'WORKER' SHARES
London, Dec. 18,
The British Government to- night gave its blessing to a plan under consideration by twenty British Arma employing
inillion workers to sell industrial shares to their employees, The plan is aimed at making
one
London, Dec. 8. stock market closed irregularly lower today! on light trading as Іл- vestors were hesitant commit themselves in view of the uncertain economic outlook and the share owning easy for the over-
to
"Shopt" would be set up near the pay offices far The sale of shares m the com- were pay itself and in other firms mixed with short and medium-taking part in the scheme. dated stocks tending to harden while the undated lesurs cased.
approach of the Christ-ge worker, mas holiday.
Gill-edged
securitics
INDUSTRIALS
Market Value
Werkers will be sold "bearer" shares which they will buy at market values without having to rlamp
its latest monthly bank letter Industriala Inet selective pay any, commission
not to beerime complacent over the fact that the gold position of
the United Sintesi stili very
demand and the undertone was duties. They will have the sight Arm.
But prices movements) to sell at any time. were Entall
senitered. and
worked The Iden has been
strong. For one thing." It says. Engineering and steel issues) out by "Alms of Industry," a "the United States like other made a strong showing. British trade association acting a countries is exposed to emer Aluminium fost more than a public relations organisation for
oncles that among other con- billing.
iwo thousand firms opposed tɔ. sequences might tend to reduer
nationalisation. exports and unduly chlarge im- Gold stocks ensed on labour Lord Dundee, Minicler with- porta. For another the lipist troubles whlie coppern were out Portfolio, said the Govern- from the dollar-not only by mixer). Other mining Issues ment wished to plan auccess foreigners but by Americans as drifted lower.
did not facilitate provided it well-might well be touched off
illegal export of monty or! Gefent exchange control,
were dul! and Issues were quiet.
If the iden gainer grind that! Oi! ntocks conditions were developing un-rubber der which the rise in gold price U.P.1. would appear inevitable.",
The Bank urges the United Elates Government "to repair policies that huit the trust Ju
the dollar" without delty.
Tila Ja jim evidenbe an
which to build a case at the
Agreed Merchant Rates
Gwins Francs,
Pound may soon te et fice but Sellint. 75-3/10.
itadel liet to the growing
number of strawà in the wind.
-London Express Service,
He had been asked to declare 1hc government's stlitude. Router.
Textile Boom
'Tho
Washington. Dec....
United Sinter-Japan Maximura Trade Council today predicted that 1960 would be a boom year for collon textiles and thai West Germain Deutschemarks, there would be continued growth Maximum Selling, 71%.
In the 1900'a~~lleuler.
*
Homewardi "CARTHAGE"
**SOUDAN" "CANTON" +'"CHUSAN" "CORFU"
Salled
10111 January 12th December 23rd Decesuber 10th January
Leaves Hongkong base Fondur
18th December
BUT January
2001 January
19th February
H February
3rd February
11
Merch
14th January
13th February 16th March
Via Sport, l'ebang. Colombo, Domhay. Aden ® P. Basa,
* "SOUDAN“ extends to Hamburg, Rotterdam & Antwerp, and only Buy,
# "CHUSAN" aire calls at Napies, Mararities & Gibralter.
BRITISH INDIA S.N. CO., LTD.
"SANGOLA Aur $74: Dec.
salts 10th, Dec.
"PACHUMBA" du 17th Dec.
from Japan for Caleuita, Kangoon, Penang & Singapore
from Japan
in 19th Dec. for Singapore, Bening.
Лаперов, Calcutta Chillagong
P. & O./B. I. JOINT SERVICE
"URLANA"
die 1 Dec. Balls 13th Dec.
"OBRA"
"OLINDA"
dus 10th Dec salts 17th Dec.
Our 2nd Jan, ale di Jan.
"UNLARIA"
due
from Jepeti for 'pore, Karachi, Dubal, Kuwalt, Ensradi
B KNOTTANEELANT
from Bombay for Jipan
from tapan
Sk
for Singapore, Penang. Madras, Cochin, Dein- hay. Bhavnagar Pore- bander Kandia & Kara- chl
Brd Jan, from Japan Kalla 51 Zhu, For Singapore, Duhal, Kuwait, arah, Khar-
tal Karachi
EASTERN & AUSTRALIAN 5.5. CO., LTD. HÁRAFURA” due 14th Ver. from Australătu
"EASTERN"
tor Japan
gas 16th Dec.
joxda 2nd Deo. rella 23rd Dec. for Lalkaan, Bandakan, Bybane, Bydney, Ma)- bourne & Adolni
All venala have liberty sẽ chit as any porta ek or off the route & the resta à ustlinga kre subject. ta changa or amendment with or without notion.
For full partienters apply to i MACKINNON. MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos: 27721-4,
15