1
RÄNSPORTATION
THE CHINA MAIL, THURSDAY, MAY 7, 1959.
Pazo
High Premium To HONGKONG SPACE AGE STOCKS
Insure Against
BRITISH A-POWERED Dollar Devaluation
SHIP POSSIBLE
IN FIVE YEARS
BRITAIN
London, May 6.
an economical
may launch
atomic-powered commercial ship in
five years.
Admiralty Melals today
examined the
yesterday
ويا
plans submitted.
KUYTN
British
£275 fur the all-important cuclear power plant for such n vessel.
Spokesmen
for
the seven Brms said their individual de- signs cid be carried through tu vonpletion of an economical tonic energia) vessel fran five to eight years.
The Admiralty announced last alght its drive for 20 cconomical atonale engine commercial sups
pursued
UN is
pracy."-Y.P.1.
for "to be matter
Moderate
Trading
In London
London, May 6. of The stock markot moved ohead on nearly all fronts taday 011 moderately. active trading.
Anglo-American Cooperation Suggested i
A
Southampton,
SUGGESTION that Bri- toin and the United States might collaborate on
Profit taking nd selective demand boosted priers of ad wide selection industrial issues.
ری
blue-chip
and shipping! Nuclear-power shares gained on an Admiralty Stutenant thst Eitain routi build conumle alumic-powered. stips within the next five years,
the construction of a super- Gill-edged seentifies, how. xanic airliner was made hero i ever, fooled apurk and closed
thecusar. on ol a
Foreign bonds and rails were Dollar stocks were
conference
problems of aircraft producentureless. tion sponsored by the In- mixed. stitution of Production Engineers.
Mr Peter Masefield, managing direels of Britain's Bristol Air-}
the cenference that eraft, foid "The major sue is whether, we head-on
should engage competitions with
the Unite States a superstatie airliner, j which the Americans will build i
anyway.
"Or me there possibilities of a collaborative Anglo-American There may be roum Approach?
an imagmative approach
hese.
SECOND PLACE
But Lard Douglas of Kirtleside, chairman of British European! Airways, told the conference
and
uther
By SYDNEY S. GAMPELL
London, May 6.
STOCK EXCHANGE
Our Owa Correspondent
Business done on the Itong- kong Stock Exchango thit morning amountod to ap- proximately $1,788,000. Noon quolo lone and the morning's Tranensilone:
Shares Dwyers Selleru
BANKS
INSURANCES Union ... Lombard
200 - 20 845 70 W 130 324 843
33 7314
The high U.S. money rates are mainly Rank. 88716
designed to induce U.S.. companies to finance the U.S. budget deficit by taking up the Treasury's new issues ING instead of leaving them in the banks, but they also induce foreign central
Wheelocks 0.00
DOCKS, ETC. 就 Dock
banks to finance it instead of taking C gold.
in the fer or that strong Inducement to hold dullar assets. It is not a little disturbing that some foreign central banks took Rs much as $100 million of U.S. gold in wur week.
ver dr-
When any central bank does so, it is paying the high pre- mitin of fully 3 per cent ta Insure goliat J4322144771 valuation of the dollar in terms of gold, and for no other pur-
Britain's Method
ritain, for example, frances her reserves by bills which cust the Treasury fully 3 per cent interest. When it holds the re- serves in dellar assets it gets the interest back; when it puts then to go it does not.
This is a high premium for! a risk which would ordinarliy be considered both remote and Irrational. The U.S. gold stock In still very large,
Sterling had no such backing ut yet the bears of it from 1940 enwais run up charges which would have left them with a loss even if their gamble
Golel etteks were Ďen, Os had come oft. were irregular.—U.P.I.
Closing Prices
Gilledged Bonds
Tenport 1078/00-
J
GÄNG
Cumula Bly's £61%%.
Comandi úta
čimverdon Lab
3
£60
1459/9-
Funding tum 3 831 Minding Stock 34% 15923/2{})}---- 73-01/10.
Finding Lawan A. 1900/#---EDI
Sayings J. 1959.
Having %,
Savings 3, 1905/24+ £70
Bački Dmclara Book "A" Ltd pru-EB-
Chartered Bank-47k. Henghong
Tritance Union Insuranes Cantin—EAL.
Aircraft and Motors irillah Motor Cars DLR 1
Moter Co-634 60.
Brewirles
Drillers Co-04erial
Building and Amoclate Pintland Cruzni-CİK. Paveltir Johnn Asusciplex Ord
1 T
that for the time being, the conFord
aircraft stuction of supersunic
advanced projects! "must take second, place to the primary objective of completing development End then selling any, bread-ntid-butter types to wich the United Kingdom is now conuitled-probably for a between 10 and 20 period of yea
the sub-sonke jets 55 34. which are just beginning to come service." China Inte Special.
Russia Perfects
New Lifebelt
Mui
Moscow, May 6.
Coal, Steel and Engineering Jabenck & Wilcox 144₤4 Gel Vickers Ltd 4.
Food and Tobaven Americht Toby. Co., Lid -- Tobacco Col 1-304
Br
1.tu Ord-fixy+lac
nike cle Ity--$57 Canding F Dunion Rubber cu - 2.74 Hongkong & China Gin--13
opettai Cemilead--34 71. Lyons & CB
Univer Lid 101 7.
Pajer Bowater Rover Cup Ond -49.
Radio and. Klectrical Associated ecurical-in d. pakaian Staghoa!- Inklusia\==*/@x=1}\
Zivil-h__ Fl-étrie Ost-eis 'Id% General Electic-3N
Shipping
it de-China Slean Nav. Cv. del P. 20. Biegu: Navigation dat ord
ESTS have been carried
out in the Soviet Union-300 Def on a new liftbelt that keeps the hood of its wearer por- manently above the water's surface even if the person is unconscious, Tass said today.
The lifebell was the first to
exactly with the correspond standards of the 1946 interna- Lionisl Convention un Saving
Stures
Great Universal Storrs "A". Starks&Spencer Lid--ON 1:1. Woolworth --339 1!4d. Textiles Cat & 1,10-24 3. Courtauld Ltd--268,
Mince Anglo-Anseriern Ches at South Africa-176 kothel,
19%
Cut Coldfields of South Africa-
Come Zine, Curp, Ord-d2s skt.
De Beera de c
Life at Sea and would shortly Free State Development & Invest
O to mes
Gald
production, Tussment-11.
The Individual
LL
Jacket
Hongkong Tiny T
1
Jola Sinu * Tin-da 30. {{htxi-tis
was
Kinia
Cons
Lid
made of speelul material 7 "penoplast," the agency said, which was particularly resistant du to sea water and
10. products
with a petroleum base.
The rebelt
wearer to remain
enabled
the
So, thern
Union Cur- 31. Wout Driefontein Golding-1376
West Rand Long-244
Fritish Terra Petedisom Syndi cate-413,
Co.. Lid-40's Brilian Petroleurd
on bila back...
without effort at an angle of to the sur-
about 45 degrees
Face of the sca~-~-AFP.
Vanguard Goes Abroad
Lotulon, May 0. Britain's Intest "turbó-prop Jet-airliner, the Vickery Van- guard, flew overseas for
today on E selling fr timo
trip to Hamburg.
the
The Vanguard already or- dor by British, Europeth and Airways, will Tron-Canada give demonstration fights be- Bare Gorman transport experie, 4Chins Mail Apecial,
Bur-# QUI Hoyni Dutch Petroleum-€15%. Bheil Transport Od-rulet,
Trading-131.
Exchange Rates
Bariness was dane in the local {untoficial axchange market is
marting at the following rates:- |V.8, dollars (per #1),
3.72
Sterling nutes (per £1))
Alstralian mutei (per £1
10.07 32.41
Indonesian pioplad (per 100)
Stain Hesla (per 100)
| Singapore (Stratto
If the US. embarrassed by continued gold lusses, raised the price of gold or left it to raise itself by censing to sell gold, it would do some good for gold the foreign but great harm to exchanges and, in itself. nothing whatever to correct the 'ditlar's overvaluation.
Still Stranger
- Without deliberate devalus- tion of the dollar by the Bank of Englund-a positive decision to make a sterling goods that much dearer than dollar goods, and to raise the sterling burden of and sterling budgetary cost all Britain's dollar debts-the price of gold in sterling and probably most other currencies the would go up equally, and doller-sterling exchange rate would stay where is.
What makes it at the stranger is that the U.8. could
NY Cotton
Trading Very Slow
remove or forestall the en-
0,10 8000 in 11.35 4000 ** 1.10
visaged embarrasmeni by Provident. 11.70 11.30 giving the foreles ocniral banka a gold exchange guar--
LAND, ETC. antee at the premeni limita, comparable to the dollar ex- change guarantee which the Bank of England and 12 viber fik Land.. European sentral banks have given to each other in the European Monetary ment.
1000 or 0.150
2000 20.72 1001 23.53
10
IN DEMAND
ON WALL STREET
Now York, May 6.
Everything for the space age advanced on the stock market to-
day, while the main list suffered complete noglect.
Commm, futurs price index
Moto: alat is best wat up 30 Indrials
points and at 6122 it was es
23 Thin up.04 paints from the year's | ĉi Box low of $57%. Everything elec. 13 tonda tronic Juined this wide mover. bingnavox, ran ahead more than and General Instrument more than 5 points. The others rose I to inore than 3 points with
Closing Prices
Al.ubi Puwes & Paper Aluta Ing. Aey.
muat of the group si new higha, | Algoma (ter) Cap
The exatle fuels which prope
Allied Chenilcala
Alles Mills be.
the rockets and space ships Au Chainiers
Joined the rire. There Thiokol again was the favourite.
Chemicals
Chemicals. with high barn- Lag reported so far flu year enjoyed a buoyant market for a dine but turned irregular before closing. Du Pont, the this department, feature of
800 6.13
100 k 8.157
05:00 6 6.10
60
100 #5
200 4 43 100 43
208 49 (37% 300 13.00 2000 in 1970
2016, 20.00 1000 201
321% 3512 2041 6 2011
300 33
1820 2700
34
33
15 Agree-plega
2013 2u
200
15.70
1.0 1.023 1840
1.825
5000
1.825
2.00
2.00 13000 0 2 623
600J 4 2.30
3.1714 2.95
.
STEEL Ca
23,70
Propounded as a technicality or even as an aspect of "foreign ald". It might escupe inuch notice.
Meally....+
KUBBER
male. Truat......
A. Tawall Sungaia...
Tram......
Star Ferry
Few prople have heard of the reciprocal dollar
guarantees. UTILITIES under the EMA, which have been accepted
a technleas rigmarole though in fact they are enginble of becoming the for international biggest thing liquidity since the invention of bunking.
Disturbing
Foreign central banks have no comparable gold guarantee on the dollar, and evidently they do not expect that the US. would ever grant one, These very experienced and responsible offelnis
200 M
20 1100 & 20
1500 m 28,00
114 115 100 113
Your ti
103
18 18 )
1500 18.00
G. Light
Macao E.
*Telephone. 20.00 20.80
306 18.50 201MA 1000 4.59 1290 10.50
Electric ....
20.30
2200 - 20.J
500
28,20
500
23.29
600 20.10
500 10,49 300 m 25 ta 10000 +20-00
20 20
100 6 29.40 500 29.37
2303 14.40
INDUSTIVALS Cement...
STORES, ETC. paying Derry los 10
gold
a high premium for the con- itingencies that the U.S.
stock and the dollar will reach · some cute embarrassment, that
Watson
14.00
was up more than 7 at its best. Aircraft companies which make the rocket ships ruled strong. Special Issues several wide
contributed gainers. There
[CITY LIGHTS
"Moth, nothing fm-it's - J secretary's stilčtio heels/
Londen Exprera Mercie
1000 10.50 were strong spots in some of the 2200 10.00 utRies,
300 10.00
200
tyres. und cineros,
Anjerican Alrüne
Am, Drake Shoe
American Cable
Cep.
Anticon Cyanamaid Cv. At Natural Clas
Amer. & Forga. Pov Am. Xian & Electric Amt. Home Prot.
Am. Mimels. A Fʻdry, Anterican Metal American Burling Am. Sugar Bet, American Talk Tel American Tob. "U" Amco Bleri Anaconda Copper
Armour
Allan Cons. Mining Baldwin-Line-Hani. Baltimore Re Olilu
Bank of Montreat Beneficial Finance Bendix Aviation Corp. Benguet Cune
Behlebem Steel
Borden The Co
124.89) Parke Davis Co 103.21 Penny J. C. co. 91.84 Pen Salt Co. 21323 | Phúip Mortle
Pitney Bowes 13130 Procter & Gamble Cu
1500 €
12232
ear
12%
Pittsburgh Piste Clam Publicker. Indants lea
Pure ... Badlo Corporation ltado Corp. Pret staytheon
Hepublic Steel Heynoldy htelai
Royal Bank of Canada
Bara, Roebuck & Cu.
Shell Oll Co...
Saltway Stores
Samt Keg. Paper
Schrnley Bod
Scott Paper
Slachair 1
10th. Cline & French
Sony Mobil Qu
Folar Aireract
South Puerto Rico Sugar
BET
158
Bouthern Co. (The
Southern National G**
30
Scuthern Railway (Com
Standard Drands
Standard Oil of Cal
1014
Standard Oll of Ind.
Etuidad ở vì N
Sleep Rock (Tuntu Exge.)
AJK
Sterling Drug Co.
10%
Stokely-Van Camp
Stone & Webster
43
Sudebaker Packard Cury.
60%,
P12
Bucatine Mining
Swift & 100,
Texas Co.
11% | Textron Inc.
33xá
Boeing Airplane
Bridal Aner Oil
Arti
Birmugs And Machine
Car Parking Corp.
Campbell Soup Co.
Canadian Bank of Comme
| Canadian Paete it.
Case (3.14 Co.
Cat. Tractor
Celanese Carp,
C. T. Financial Corps
Chrysler Mutors
Cluett Peabody Colgate-Paiminive
2144
Thinkof Citeit.
Tide Water Aim. Ou
Tine Ine.
Td-Cont. Warrants
Twentieth Century Fox Fil
$79 Unien Carbide 51
Union Où of Cal
Gaga | Union Fecile Hallway
United Almeratt
United Fruit
United Gra Corp
223%
472
U.6. Full
47
U.6. Gypsum
#53
US. The Co.
87
US Rubbe
Colombian Carbon Commercial Credit Commonwealth Consolidated Bu
Co. Co.
113
U Bencing
3.
19. Nicel
Cinema Ct of Del. Crown Zierbe
Cuban Arner. Supar
Diamond Alkali
Diamond Guard
Dominion Store
Dougian Aircraft
Dow Chemicals
Dupont de Nemours Eastern Airline
Eastman Kodak
El Paso National Ga
Family Finance Corp.
Firestone Tyre & Rauter
10.00 Drugs ruled strong all day bui 500 1400 lust part of their rise. Steels First Nai, City Bank
For Matur ...... 500 17.30
tulance. Chryslerrd Motor Co of Ch 2009 27.40 fell off dear closing.
General Dyorues 300 17:30
General Electric Today's volume
COTTONS
000 shares.
0.20 4.30
4.80 4.845 50X3 41 3.20 5000 4.80
· 19004.09 30398.20 1000 8.20
It will come in some proximate Cruw. 17.20 17.40 rather than na indefinitely re- mote future (if the evolution were expected? to take sevUTRI
Textile 3 per years, the compounded cent per annum would come as (-- costly as it did for the specula, | Nanyang tors against sterling) and that the U.S. will then take the dis- ruptive instead of the rational | INVESTMENTS way out It is disturbing..K. & F.E.
Invest Insert, 5.10 China Mail Special.
Yesterday's Closing
Invest. 10.00 11.40
was. 4,110,
Of a total 1,253 issues traded, 413 were higher and 933 lower. American Exchange volume
2000-23-Was 1,850,000 shares.
5908.45 Bonds volume amounted
$0,850,000.
00011
General Foods
Geral Motors
Gen. Pub. L.
Gen Tyre & Rubber Georgia Pacille
Gelly Ost...
Gladin C).
Goodrich (h. P. Co.
to Goodyear Tyre
Grumman. Alromít Gulf O
Dow-Jones closing averages
were:
COMMODITY PRICES
RUBBER
NEW YORK
Ilex rubsor futures today closed 25 points higher to 40 points lower with sales of 150
contracts,
Closing prices;
May
July
SepL
Jan.
Nov.
SUGAR
NEW YORK* ́
World No. 4 sugar futures closed
unchanged today to 5 points lower with sales of 316 contracts.
World contracts remained on waware: zamunnamkulamaky-side-reflecting: specula-- Apart from the May position, ive liquidation and "frude sell- lug encouraged by the combina- Easter the market ruled
on
New York, May 6. Cotton futures today sc0- speculative sciling and dealer ton of an caster raw situation
#wwed<mrrowlywinalowedring some of it based on and lower London advices.
Techintent reasons alid II" "EU"
Contract No. 4 (world) dealings for the fourth of the lower trend of foreign July
markets, session today.
[
COTTON
NEW YORK Closing prices Wire:
"ALIOR DE
Hammond Org
ileyden Newport Cup. Homestake Mining Co. Himamorefrig
Idaho TVT!
Imperial [4] Ingersoll-Rand
Ind Steel Co Irgerhemdnel Corp. Int'l Burrows Blachien ITA! Harvester International Mickel Internatiorini Paper | Inta Tel & Tel
Jch-Me Cu. Krise Industry
Keemia C. Power & Light Kennecot Copper
Kimberly Clark
Liserer Meyor sửa c
1. Tulip...
| Lockheed Alrera!! Loews meru..... Lone Star Cement Co
/оке Бола
Stock
Exge.
J. Ray McDonnell Airerall
Corp. Minesota Minina
Mission Development Monsanto Chemical Co.
Montcomery Ward
Motoroin Inc.
National Cath her. "A"
1 Am.
024U.S. Stref 7 P.C. PF
501%
Warner Bros... Waukesha Motors... Westinghouse Air Brake Westinghouse Electric Western Union Tel. Co. West Ya. Pulp & Paper Winn-Dixe Stores Wootworth R. W Zenith. Rodio
--U..I.
PAN AM
EUROPE
US-A
ORIENT
ROUND THE WORLD
New York Central
Norfork #:WPSTATE TEWARI North Amer. Aviation
North West Airlines (Com.) Diin, Mathleton
019 L'evator......
Oxford Paper Co.
Pafle Cai & Elec.
Pan American Airways Paramount Pictures
れます。
Fly to any of
79 lands with tho world's moe!
experienced airline
Mardin KS7*****
Phase 17837, Beng Kong
PAN
"AMERICAN*r
ben darker Weld
was,
Margaretek 14 Basat New Tal, V.KA.
watch hambad kalthas
Spot
May
33.91
Juty.
15.08
Del.
32.81
Doct
22.71
37,21
30.20
Domestic No, 6' sugar futures closed lower to 1 point higher with sales of 202 contracts.
Mar.
33.00
Мяу
#3.35
National Riscal Co.
July Oct.
32.03
31.03
30.18
Selina! Dairy Prod. National Lend
NEW ORLEANS
Natural Steel Corp.
"Prices clɔ̃sed luday as follows:
Spot
May
July
35.00
Mar.
33.00
2.04
May
·
Sept. was quoted get.
2.00
July
Det,
Ja Mac, May
3.18
3.00
LIVERPOOL
3,00
AMSTERDAM
Juty
was steadily Sept.
Closing prices were:
Spat-lcents per lb. fob Cuba) 2.90
Contract No. 5 (domestle)
2.96 buyers
2.91 buyers
No. 3 rubber
No. 1 crepe
Júty Sept. 2.99 buyers Nov. 1.12 bayern
5.70
Dec/Jen
5.A
Mar/April
May/June
SINGAPORE
....... 3.75 400 contracta-
market
May/June
July/Aug Det/Nuv Dec/Jan. Mar/April
May/June
SÃO PAULO
Spot No. 1 Rss At the close the 1st ruled 12 at 30 cents. higher to 3 points lower. The i market opened up 2 points. New Orleans closed unchanged le up 10 points.
Apart from evening-up in the May delivery, and a trade de
market Band for July, the Jacked a hading feature.
were
The market
qulet. Prices closed in guilders Opan interent: 7.837 eontructs, per logram, clr May 09 follows:
No. 1 rubber No. 2 rubber
Six delivery notices Issued
The
opened one- against the May contract taken up
by spat interests, fourth cent higher on strong The open paltion in May at short covering and some trude the start of trading today letal-buying, but at higher level Tod 110,200 bales. The spui heavy proẞt-taking ensued and eased towards the month will go off the Board in the market the noon hour on May 13.
end of the morning session with sellers predominating. MODERATE BUYERS New Orleans interests WETE moderate buyers of the now
In the afternoon the market was cratic with business almost whally centred on No. 1 Has. Futures:
crop months after the opening | No. 1 rubber per ib, May
June 107-10785
Ne. 4
"
107%-10735 Memphis brokers bought D No. 2 rubber per 1b. May 136%-100 cember, supposedly covering No. 3
-104-10
1921-1997 against sales of opal cotton to
Snot rubber unbaled 3DS]-1970 mills for forward delivery,
100-102 Blanket crepe
130-118 No, pale crope
LONDON.
The improved mill demand for spot collon pointed up sicodily Improving reports from the textile trade. Some priui cloth Items reportedly, have been mic
volutpa in moderate
Agreed Merchant through the first quarter of next
Rates
Sviss Francs: Maximum Sol-
ing 74.
year.
Spot-tenta per . H NY
ex-duty)
Open Interest:
U.P.I.
MISTALS
NEW YORK
American Contract
May/June
July/Aug. Oct/Nov
In
Mixed Contract
$28283
24.00 21.40
56
431
21.25 SAILS:
All prices unqueted today.
the United States, the
average price of'one-inch cat-
P&O
R.M.S. "CORFU"
NOTICE TO PASSENGERS
ton at 14 designated spot mar- | BAGGAGE:
kets was nol available.
Total sales were 15,378 bales.
unchanged Landm redener rales DE BET
for the Friday, 8th May, at 5.00 p.m., UNITED KINGDOM, via Singapore, Penang, Colombo, Bombay, Aden and Port Said.
Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Co.'s Godown No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Thursday, 7th May.
SPECIAL NOTE: With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the Whort Company's Godown for loading on board by ship's slings only.
EMBARKATION: Passengers should embark between,
2.30 and 4.00 p.m. on 8th May, 1959.
Subject to alteration with or without notice.
Closing prices were:
Lead
May
11.40b
July
11.500
Linc
Bay
10.330
July
20.355
U.P.I.
Couper
May
31.720
July
Tin
May July
100.74p
200,00
LONDON
Closing prices were:
Buyers Bellers
7094 104
The rubber market was easier with spot quoted at 2031 penco
Prices: per ib. No. Its apot..........
303-3051 71
Bpat Bettlement house term: June
3-mantli July/Bepi,
301-3052 Copper
Spot Smonth 2004 Lead let half 20-3015 MAY General marketa, elf kanu, ports:
Aurut May June and July
2014-2015 Kölble crepe thin line .... Diegat
May August
The Liverpool market today closed unchanged to up 10 English points and 699 to 233 American points under
· York Fatures:--UP.I.
Del/Deo.
San/Mar.
April/June
#blos June..
FOREIGN EXCHANGE
NEW YORK
Closing rates wore;
Cursada
· England official
20-day
143 Orie 23146 2.81 5/10
9120