Page
( THE CHINA MAIL, THURSDAY, JUNE 25, 1959.
Takeover Offer Business Recovery Is
For Rubber Co.
Wellington June 24.
A BRITISH concern has made
a takeover offer of almori £225,000 for the Dominion Rubber Company's 75.000 £1 abares,
and a number of
Malayan rubber companies, In vegetla- ting the deal.
Mr F. W. Parker, chairman of Dominion's directors said: "
''see anyone turning down
an offer like that; it is really a pretty big deal."
Worldwide Demand For
By SYDNEY S. GAMPELL
London, June 24.
The Dominion Rubber Dom Once again, a reaction on Wall Street
The khareholders leve been nuvised by the director to accept the hid. Three months agu shares were quoted Al sixteen shillings and sixpence | The On the
and stock exchange
have soared to the present (na) . offer of almost sixiy shillings. Mr C, R. Choularton, Director of the Cranleigh Development Corporation in Manchester, a series of Manchester and London finance companies
pany's not asacts are probably about £200,000.
company was formed in 1908 by the hell Brothers, who also formed the Malay Rubber Comp247: the two companies were combined some rear ago to make an estate of almost 3,000 ́ ́ncrea
after a rise which in previous times would have been thought to require
a full secondary correction of about 15 per cent has been held to about 4 per cent.
of first-class rubber planta-With so much latent institutional and other
tion.Heuler.
London Prices
Drift Lower:
Harrods Fall
London, June 24.
Interest in stock markets today was generally at a low level, und prices tended to drift lower in many cases. Movements, however, were main- ly small.
Most attention continued
in
ог
be rentrest va shures involved
in bid developments
tumnors of takeover. Harrods fell back allhough finally alive
anx closed
the worst
down
at 120s 6d. Most other sieres improved.
Smalt
lopers
predominated
In
industrials
Breweries were
Josses were
and
generally,
mixed. Senast
recorded Among
steel, engineering, motors, air- craft and building issues. Good features Included Boot: pure
Brish Sugar druga their
statements, Lending luc chips moved within narrow limits.
Danus
Gilt-Edged
Glit-edged maintained, hurl-dated
securities
GU
New York Cotton Market
New York, Jupe 24. The cotton market held
firm
today under the leadership of nearby July.
support, and with the revolution in invest- ment attitudes towards equities, the market speaks for itself,
When any curve is rising very strongly, corrections have to be measured from the trend line, not from the horizontal,
However, after the technical setback and the technical rally from the setback the next move
remains to be seen. With Wall Street of its top and with the showing-down of the U.S. gold Insses, the flight out of dollar creditorships is not at the mo- ment a stampede, The difficulties of the U.S. bond and money norkels are capable of having
been exaggerated.
Overvalued
Probably the dollar is over valued, but not critically. Alike consumers, borrowers and physical and financial investors,
As
the Amerleans have been dis- silany loss confidence in their In their business system and prospects.
In the carefree atmosphere of Loom there is danger of over confidence, hat things should do well
enough-burring some really disconcerting development such as avoidance of the steel strike.
The business recovery is be- coming worldwide, is still young
and should have
much further to go-unless sentiment xels
n! damaged by the aftermath unhealthy stock exchange O
The list 'finished unchanged to|ditions on the Cuthent and in
New
16 points higher on the July {delivery The market opened
four higher to 2 lower. were Orleans closed unchanged. apurt from the Issue which were dull. Greek bonds elusret off the bottom but recorded fresh lusses
angling to 134 points. Dollar Lind a decrease of 17 bales in stocks were mostly easler,
the total certißeated stock to 20,953 bates caused the buying.
Banking shares hardened and It veral Insurance shares
proved,
its-
Gold shares ad other mining issues
WOTE neglected and dul.
Olls Inclined easier. Rubbers attracted only selected interest. -UNI
Closing Prices
British £68.
Gilledged Monda
Transmit
Canals 2.
- 1952)
Consala 12LTAN
'anversion La
የበጋ .
Funding
£41-7/14.
P: numme
£2-13/16.
P
EM-IR 16.
1978/50-
It was the first notice day for old July but no nollers ng~ peared, The lack of tenders
BACKLOG
Reports, that great number of milks will close only one week for vacutions this year because +35 a large backlog of orders hriped the demand, The con- traits were supplied mainly by hedge selling and profit-taking
For the most part, however, the trode awaited betlin of farmi legislation that may limit cotton doing next year.
Exports today tolalled 0,205 bales, bringing the total for the 104D-season so far to 2,433,005 bales,
against 5,110,100 bales last yenr-UPI.
Loan 3., 1950 49.
Stocks, 1930 200-
12n 1. 10/96--
Havings 31, 1985/65 £3*.
Navines » TUCUZZI
Savings B. Besnis. ETH-15/19
Works
Barclays Bank "A" 5d mid--501
Chartered Bank-th. Hongkns-E
Insurser
Union Tsurance Baule
Britis 10.
Ju.
24-2710.
Afterall and Motora
Mtofur Corp. Ord-3
Ford Mater Co-05m Od.
Browerles
Distillers Co--27 3d.
Buliding and Materials
Associated Portland Cement-37
Pinchin Juhmaon Aastelates Orde
31 kl
Coal, Steel and Engineering
Food and Tobacco
Yesterday's Closing
the U.S.
Business bas more to fear from Wali Street than Walt Street has to fear from business. The dy in the ointment is the observation by the Federal Re- serve Bank of New York that wage costs per unit of factory output #ppear to have turned upward after tending to celine for more than a year. This, it says, contributes to the upward pressures on prices. It is not much contribution to the bull-
shness on Wall Street.
Profit Margins
A year ago, when all the inflation. chatter was of costs the New York Fed was among The first to bring out that what was really uecurring was a sharp. rise in productivity and a spec- tacular drop in unit labour costs, The resultant widening of pro- was the practical lit margins foundation for the Wall Street boom and its superstructure.
after the
Shares
Improves In NY
New York, June 24.
A strong demand for rails spilled over into other groups and brought about a marked improve- ment in stock prices today. Individual gains of points or more dotted the main list as the market broke out of the narrow trading range of
three | Boeing Airplane
orden The Co....... Murroughs Acx Machine Britah Amer Oil Calif. Packing Corp.
Cana. BB. of Comun Cana Brework Complet Soup Co. Canadian l'ecific R
(J. %) Ca
Colgate-l'azmolive Culomhien Carbon Co. Commercial Credit.
Censolidaled Edison Continental Oil of Del. Cruze Co
If rising unit casts now mean recent sessions. that US, profit margins are ni In addition to the rails, the past their peak (as is prob-electronics, chemicals, motors able) it could mark the begin and tyrea chipped Ja with
CIT. Financial Corp. ning of the end of this nest strong support.
Chase Manhat. Bank phase of the investment revolu- The ralls started the late Chrysler Motora
un.
rally. That group was helped by Cuett Peabody The next phase might well some good May earnings rt- be led by Britain general election and perhaps, re-between
ports, approval of the merger gardless of Its outcome (which, was, and a favourable vote the Eric and Lackn- however, might determine how the Senate Finance Com- long after),
mitice to repeat the 10 per cent : Federi
tax on passenger æer- vlee.
Today's volume was 3,180,000 shares.
Of a total 1,202 issues traded, 563 were higher and 410 lower. American Exchange volume was 1,230,000 shares.
Overrated
Among the many reasons for holding that London is cheaper than Wall Street, the prospecti of profit margins may now be overrated in Wall Street while it is almost certainly underrated in Britain, partly because Bri- tain is behind the U.S. on this leg of the trade cycle and also because of the pre-cleation wind- fall of relative
pence on the labour front while the militants pipe down to avoid spoiling their party's chances.
་
That disinfallosary windfall, which at present puts Pritain one up on France and Italy as well is on the O.S., is the best outcome and justification nt Mr Macmillan's decision to postpone the election.China Mall Special.
Chicago Grain Prices
Chicago, June 24. All prices in cents per bushet: Wheat No. 2, red
Spot
July 1889, (11) 1955),
Sept.
Dec.
Mar
May
Corn No. 2. Fellow
Spot July
Seol
Dec.
Mar
Tipy
Ryc
July
Sept.
Qatá
July
Sept. Soybeans, No. 2, yellow
Spot July
13 num.
14
199
1031
10017
1:11
12190
115
11312
120+2
1244
50-14
224 nom
22-14
212-
Sept.
11.
|
Jan.
2154
Mar.
21514
New York flour psychological 200 lb. Back
Barley Spol
120-135
13.10
---UPI.
COMMODITY PRICES
SUGAR
Mar/April May/Jữae
Mixed Contract
July/Aug Oct/Nov. Dec./Jan. Mar/Apr May/Jung
NEW YORK
All prices in cents per lb.: Contract No. (world)
2.81 2.84-85
과
23.10
R 28843
SAU PAULO
(All prices in cruzeiro per
ا الغالي
No. 1 rubber
No. 1 crepe
METALS
Bonds volume cmounted to $3,140,000,
Closing Prices
per, & Paper
Alden the. Ace
Algoma Steel Corp. Allen Chemicals Allied Mills Inc. A. Brake Shor
All Chaltner..
American Airline Cable American
Corp.
American Cyanid Co. Ainer. & Förgn. Power Am. Gas & Electric Am Home Prod Americno Metal
₺ 38%
Crown Zellerbach Cuban Amer. Sugar Diamond Alkati Diamond Gard Pointon Stores Douglas Aircraft
Dupont de Nemours Eastern Airline Exatroan Kodak
El Paso National Gas Firestone Tyre & Rubber (Ford Motor Co. of Cana
Ford Motor ... Georgia Pacifie General Dynamics Camera! Electris General Foods General Motors Gen. Tyre & Rubber Glidden b....... Goodrich (35. Pi Co. Goodyear Tyre
Grumman Aircraft
Gulf Du
Roge
RANSPORTATIO
BRITISH TRANSPORT RUNS UP
£89
MILLION LOSS
London, June 25.
BRITAIN'S state-run railways and road trans-
port today reported a loss of nearly £89 million on its undertakings in 1958 compared with a £63,- 000,000 deficit in the previous year.
The British Transport Com mission's Annual
report a
Flags Of Convenience counts publish today also
Ownership
London.
SOMETHING like 42 por cent of the 1,800 ships
revealed a working deficit on the Hallways of £48 million, an increase of £21 million on the 1067 figure, and a tall in the commission's profits
on other activities of £3,500,000.
The commission blamed the increased defelt on the big drop
| sailing under "Hags of con- in Industrial activity in the coal
voniance" belonged to and steel industries
which bit
citizóns of the United the railways and the polley of States, Mr Omer Becu, deficit financing which enabled Secretary of the Interna. the Commission to peg charges to reasonable levels until 731% tional Transport Worker modernisation helped the rail-
Federation, said recently in ways pay their way. London.
£55
They were "pirates," he add-BUS STRIKES ed. They were using and abus- The ing those flags because they wanted to do everything in their power to get rich
off the quickly as possible backs of seafarers and the.com- munity as a whole.
report 'added: "Sonc million of the defcit could have been
expected as part of the process of defeit
the inancing teaving
bolance due mainly to the decline in the traffic of heavy industriés
and to the effects of the Lo- don bus strikes."
Mr Breu was addressing the annual conference of the Na- tional Union of Seamen,
More than 200 national The report said the net loss unions had now joined the Into the Commission during the ternational Transport Federn strike which kept London's lon from at least 63 coun- buses off the roads for seven 37% tries, ho said.
weeks in May and June, 1958, was about £1 millon but the of bus traffic only partly
2611
38
110
42
Harunoni Organ
JIN
ileyden Newport Corp.
Honestale Mag Co,
32
Jussman Refrig.
304
Radio
Idaho PoweT
4092
Imperial Di
10
Inland Steel Co.
58%
Interchentral Comp
14
Int'l Business Machines
Int'l Harvester
167
International Nickel
204
An Natal Cas American Smeldag
BOL
Int'l Tel & Tel
40
John-Manville Co.
Americat Tel & Tel
19
Kalmer Industry
The Federation which
Asnerican Tob
9.3
Aureonus Copper
Kansan C. Pawer & Light Keantcort Copper
473
1011 Year
Arco Steel
744
Almaur
251%
Atlas Curs, Mining
12.
Baldwin-Lima-lum,
Baltiger & Ohio
Beneficial Finance
Bendix Aviation Corp. Benguet Cons
Bethlehem Steel
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong- this konz
Exchange Stock morning nmounted to ap- proximately $033,000,
Noon moming's quotations and the
International Paper
CITY LIGHTS:
McDonnell Aircraft
last
organised a four-day lower Jovel boycott of "lags of convenience | afterwards
EBA
ships had a total membership | offset by reductions in services,
of 7,000,000, he added.
He said the Federallon would continue its fight against such shipping-Reuter.
Caravelle Sets New Speed Records
The resulting net receipts of £1,800,000 from London trons- port showed a decrease of £3,000,000 ότι the previous усет,
The Commission sald a re- duction in treight-carrying by the railways also marted "the substantial progress in all de- partments of the undertaking."
The railways. earned LOSE to 10,000 passen-
£30 less from freight- gers have flown the million
British 1950 ated Corovelle during the first rorrying a
road services also declined, month that the 515-mile-an- showing a deficit
of £800,000 [hour Jotlinor has been compared with the
operated by Spandinavian | year's' predt of 58,800,000. Airlines System.
RAIL TRAFFIC
SAS operules the world's Inrgest pure-jet network, serving
24 cities in Europe, the Near piher hand
and Mildle East and Africa.
pravlous
Rail passenger troffe on the was the second nationalisation. hlighest of the Only in 1957
was it greater. Over 8,500 million passengers
certain legs
average routes, the load factor has been close to 100
Mincu
and over 200 millions tons of
In slishing travel time be-freigh! were curried by rall, tween Europe and the Middle rond, and water. Eust by one third. the SAS
Caravelle has established new speed records
airliners cn all legs of the new
Jet netwerk:
Though advances
totalling £90,700,000 were taken dur-
for commercieling the year to meet her defcits, reduced her Eritish railways Expenses by £9 million com~ pared with 1857.
And that little lot's going to New York!"
London preis Service.
On
Caravelle
quotations:
Share
Buyers Bellera
BANICS
lik Bank.. 005 807!
Sales
10 019
Liggett Meyers Tob. Cu, Lily Tull Litton Ind.
674
per cent.
48
1121
Lockheed Alteraft
30!
Loews Incara......
30
350
FD ur BD5 70300
Lone Star Cement Co.
McDermott J. Ray
425
71 Minnesota Mining... Mission Development Monnante Chemical Co. Montgomery Ward
1450
511
A
3000+ 6
100 10
45
National Biscuit Co. National Cast: Beg. "A" Nation Lead........ Natiooni Steel Corp.
51
DE
of 1,100 hours 13 the air.
1244
6715
11.00
12 2500 112
New York Central
273
2006 1100
Nuranda Mines L..
51%
300 33
Norfolk & Westen Ry.
1977
****
on order, four of which will be
2
lessed to Swissair.
BUY
775
334
C & W To Build New
FAST FREQUENT
40
SERVICE
307
5.00
K
1234
3000 5.95
Penny J. c. co.
Penn Ball Co.
500 21.50
HK Land
33 3314
Dabcock & Wilzux LU-46; 34.
Vickers Ltd-318.
klio)
July
53.00
fish American Tob. Co., Ltd-
Sept.
Dec.
01 DO
BAN.
સ.
***Imperiul
Average price in U.S. at 14
NEW YORK
Tobacco Co.. Lid-
Jan
3.05
B.
Mar
3.00
Miscellaneous
May
3.00
July
31.04
designated spot markets: 34.45 cents. Total sutes: 8,824 bates. } (b. -UPI.
Closing prices, all in cents per
itumphreys Really RUBBER Amalg Trunk Singale UTILITIES Trem
18.70 1000
2:40
3.0$
2.55
..... 29.30
Lead
July
Canadian Phee By-191
11.00
Sept
Open Interest:
Spot-lo.b. Cubes contract
11.45h 11.030.
242
Zivic
July
Sept.
ons & C'O-TEM DZ
Contract No. £ (domestic)
Copper
July
Sept,
5.0л
Sept.
NOV
in -Jaiset
Bowater Paper Corp Ord-SI 04.
Mari Spol
Sept.
N. Y. ex-duty
Radio and Electrient
LONDON
Acrociated Electrical-201 7150.
Fivetrical & Musleaf-675 34.
3d.
The Arst three SAS Caravelles have so far amassed a total Umo
This in spite of wage and price increases costing about million. China
The fourth SAS Caravelle, £13 Esiti Viking, was delivered to Special. the airline on June 16,
All told, SAS hen 16'Caravelles
Matl
British Oxygen Lid. Ord-59. &.
Dunlop Rubber Co–285.
Rongkeng & Culia Gas-139.
Chenleat-30 10.
Unilever-Eikl=279-04-
Карог
Shipping
English Eecirie Co
General Electric-31 6.
Indo-Chilpa Steam Nav., Co. det Drd---27 Od.
Pk Sleans Navigation det ord 334 d.
Great Universal "Blorez "A"—1
M&Spencer Ltd-€76.
Stores
לת2
5,00
Open interest: 3.119 contracte..m
COTTON
Cona Goldfields of South Africa July
RUBBER
Rex
NEW YORK
No. 2 rubber No. 1 rubber
2.67 0. 2.65 num. 281 nous. 2.84 Kom.
-UPL
10.Tob
10.096 28.43-4Bts 20.79-856 -147.006 103.000
Closing prices, ali in sterling
rubber futures closing per long ton, unofficial after-
prices, all In cents per lb.
East Asia INSURANCES
Union Lombard
STUPPING Wheelock
DOCKS, ETC. K. What Dock Provident
Taikoo LAND, ETC.
IIIC Totel 2120 21.40
Star Ferry.
Vatiniti
C. Light Electric
North Amer. Aviation 330 27.30 Northwest Airlines (Com) 200 or 27.30 On Mathiles
400 a 3314
Otis Zievators
190 334 stord Paper Co
1.55 1.876 25000
15.40 Pagine Gas & Elec.
1.53 Pal, American Airways
245 20000 to 2.425 Paramount Pictures
Parke Davis Co.
117
100
300 at 20.70 Piney Bowes
Procter & Gamble Co.
000 2 20.70 fittaturgh Plate Glass 1900 of 28.40 Radio Corporauen
er 118 adio Corp. Pref.
Raytheon 17.70 17.90 700 17.00 Republic Steal
27.80 Teynolds Metal BCO 21.70 Royal Bank of Canada 1000~1/21.50 Sears, Roeblich & Cor
Shell Oil Co......!! ton 6 25.70 Bateway Biores (x)
20.16 Schenley Inc.
14.42 Sinclair Olt
20.70 nith, Cline & Trench
Bopony Mobile Off
Cable Repair Ship
CABLE and Wireless
51%
CA
54
7071
is
inviting tenders for the building of a new cable re- 107 pair ship.
טן 37
SDEL
The vetsel will have to be capable of handling popsira.in. telegraph cable and to coaxial cable atal rigid repeaters of the type to be used in the Anglo- Canadian telephone cable, to po laid in 1001, and other sections of the proposed round-the-world Commonwealth telephone cable. The new ship will bo bigger and faster than the Recorder.
Jurg Cat st prepent the
And
21.1 17.30
Macao E Tel.
10 10.00 20.30 28.70
100
INDUSTRIALS Cement 2014 3456
zem or 304
Bolar Aircraft
B00 2 3415
300 of 3415
3outhern Co. (Th10)_
સો
Southern Railway (Com.)
EDY
in Th
STP
454%
แม่ 3
fab
0212
43
2016
She
49%
00034
020 1830 1000
Standard-Brands
Standard Oil of Cal 1020 Standard Oil of Ind. 100010308tandard ull of NJ,
14.50 Sterling Drug Co.
Stokely-Van Camp.
200 61 1014
ncca seaslon:
22,45
Buyers Bellers
32.50
Tin spot
70031
700
22,30
3-month
201
.
Capper spet
2104
10
22.15
J-north
200裕
STORES, ETC. Dairy
2001
33.00
Lead 1st half June
31.90
Zine 1st half June
Sept.
703% Sept. 7776
714%
1000
Watson
16
7034
L. Crew
18.30 10.00
TU
-UFI.
COTTONS
B1%
3.30 0000
7000
3000
2300
13.00
SINGAPORE
All prices in Stralia cents per
Job. Malayan ports:
July
Sept.
Nov.
Jan.
Mar.
MAY
NEW YORK
July
Woolworth F. Co-52 53.
All prices in centa per lb.
Textiles
Spot
100 10111.
Conia 7 4 1 L:8–234 Bd.
July
Cottitaulds Ltd — Ma - 7?<»
Afindr
No. July
Anglo-American Corp of South
No. 1 Aug.
·Africa-100
May
53.04
No. 2
$2,40
No. 3 July
32.42
--718 444.
No. 4 July
Cons. Zine Cor
Ord.
30.41
De Beers def-133 44d.
Free State Development & Invest.
NEW ORLEANS
ment-lla 13E.
Hongkong Tints 10349.
All prices in cents per lb.
Petaling Tin
Spot
33.00 nom
Hand-ons. Od.
July
34.30
Nu. 1. Bas spot
Southern Kinta Cons Ltd-le
Dec.
July/Bout.
Unton, Corp-631 04.
Mar.
22.77
Oct/Dac.
22.90
WestDriefontein Goldmining-
May
Jen/Mar..
157 84.
July
12.65
April/Xune
West Rand Cons-20 d.
Oct.
30.33)
011
Dec
30,300
Brilleh Horneo Petroleum Byndi- catamisi wa.
LIVERPOOL
British Tiroleum Co., Ltd-504. Burma-001.
Floyal Dulch Petroleum=-214%... Shell Transport & Trading-- 52.
-Beuter.
All prices in pence per lb.
American Contract
July/Répl
Det/Nov.
Dec Jan.
21.25
01-00
9374-72% 13-
Spot rubber unbaled
Blanket crepe.
No I Dale crepe
LONDON.
All prices in pence per 1b.:
Bettlement House terms
FOREIGN
EXCHANGE
NEW YORK Closing rates:
2796-279%
2712-2776
Canadi
Oliers all unchanged LONDON
Closing rates! 211-2731 Montreal 270-274 | Amsterdam
1jramin стороні
2012 thick July unquoted copontingen
PATI AMSTERDAM
(Stockholm All prices in Ruilders per fello- gram, cif. Juno:
|_ General marketa, elf, Louis, porta: July Sept.
Textilo
Nanyang MISCELLANEQUÁ
Stone & Weakter
101: Studebaker-Packard Corp. 1000 € 10.70 guneling Mining
Bwin Cu.
56 TEXAS CH.
400* 0.70
BOOD G 8,75 Textron Inc.
5.30 Triokol Chem, ....
6,75 Time Loc.
Tri-Cont. Werrains
Union Carbide
Union Oil of Cal:
Unles Parin Railway
| United Aircraft
0.70 200 4200 4.70 United GAS Corp.
Exchange Rates
Vibro INVESTMENTS
Int. Invest.
Allied
US. YOU "E""
U.S. GRU
US, Ling Co.
1.01
US, Rutber
1.
Bindi 7 PC, P7
Westinghouse Electric
Western Union Tel, Co. 1073 | Werl Va. Puka de Paper
334
201
Dusiness was done in the local W DRO
2.00 11/16-2.68 11/16 queficht
19.0376-10.013
14000 145.00
27.713704 1950-19,631 174516-174014
EDİLERİ metket shin | Wellinghouse Air Brako thening at the following · FALEN: V.S dollars (per. B) Do
Bletting notes (der £1) -
ruplats per 100)... Flemicals (per 100) Singapore (Birkibe)
300 Woolworth (K. W.) 26,00 | Zanishi Radio
Eptediest vessel in Cable, and Wireless fleet of
cable-ships.
will be, diesel-electric 'propelled, with a gross tonange
of about 4,000 tons, and "a maximum speed of 15 knots.
Laid-Up Ships Rise
| Fruitė | volume · of
THE
merchant chpring Indub in Beltfah ports through lack of employ ment rese during March for the Brst time since September likt year.
Chamber of Shipping, Ogures, show that, at the beginning of this month 251 venials," aggres 417 gating: 1,418,430, gross tone. ware Ild-up-about 97,000 tons 37% Elgher then a molh earlier.
TO
EUROPE
and the USA
on Pan Am
World's Most Experienced Airline
Eri sporvidens, call your travel agent or
Phone X5323, Medij Cong
PANA
AMERICAN
Jourporated dishe hon if Bag Dek, IL E AL