THE CHINA MAIL,
TUESDAY, JUNE 30, 1959.
No Rise In U.S. Gold Price
London Makes Good
Showing
London, June 29, Despite deterioration in the labour situation in the printing indus try the stock market made a reasonably satisfactory showing. While business was re- duced by seasonal in- fluences there
was!
selective buying re sulting in several good features.
Gilt-edged encountered small Investment buying which sulted in price rises of 4. The fenture of the foreign bund marke!
was the strength In Baltic
stocks. Greek Issues woro dull, Dollar stocks main-
tained their initial higher prices.
London, June 29.
ARISE in the U.S. gold price is not a good bet;
in all probability it is a non-starter. Wash- ington has no intention of doing anything of the sort, and many responsible Americans regard it as a bad joke largely perpetrated by the British financial press which might return the compli- ment to the great American banks,
One of them, normally a beacon of economic en.
lightenment, applauds Mr Edgar Eisenhower's view that, among other de. moralising influences, school lunches show how the U.S. has been "rushing down the road to socialism."
With all respect both to that Front bank and to the Presi dent's elder brother, the Ameri- |
Expected Now
by SYDNEY S. GAMPELL
desire of business mon for cozy profits,
And it has also to contend with the difficulty of financlog budget deficit by non- Inflationary methods without Bern-impairing private investment.”
cane can afford to give me the provalenos of drivel, and off uncompetitive, Mr E. M.
hysterical exaggerflon in instein swears they are at and kids a school lunch if they want fluential quarters which ought New York Fed auspects to, without undermining their to know better. their moral dire. currency, their institutions or
Perhaps the dollar's worst
Overvalued
are.
of
(The latter problem i dis they appearing with the budget do- felt. As to the other, according to Mr Bernstein, "the *U.S. The B15, which is at least E economy is about as free of in- neutral, thinks that in the de-flation as that nny other over-eline in a large variety of US great industrial country.") becoming exports the widely-held view
that the United States is begin-! As the BIS says, it to have ning to price itself out of the the name problems is a skin of North America mxd market' may have some faunda-unity,
havo Western Europe.
rarely
amiction at present is one that
As to the dollar being Twas so familiar with sterling: 1 valued and the U.S.
Wall Street Shares
Have
Good
Gains
New York, June 29.
Steele, electronics, aircrafts, metals and chemicals scored
some good gains in leading stocks higher today.
The market's vigour which of one point sent
the industrial average to an all-time high- helped to lift the discomfort In dex as for ds the bears Vire concerned,
There was a fair sprinkling RCA, Goodyear, Norwich Phar-
Huboraid, falls in Industrial macal,
Diamond undertone Hammar,
Caterpillar Tractor, selective
Corning Glass, General Bronze and Ger- ber Products.
Ci smoll oquílica but the remuired firm ond Trying prixluced numerous uaful gains.
Gold shares moved erratically but tended to harden towards tho else when support from Johannesburg appeared.
Olls were mostly a few penco better. Rubbers
dull.— UPI.
туете
Closing Prices
Brill
£的,
Consol
Gilledged Bonds
Transport 3, 1073/00
Consoła Z-£62!§.
Conversion
20716.
1060-
Loan
Funding
3
Lonn J
1950/60-
CH-0/0.
Funding
Funding
90-12/10.
1000/00
American Machine & Foundry and Brunswick Balke the bowling glants-rose more than four cuch.
The market hit its best levels
of the day around 1 p.m. when
Find Nat: City Bank For Mosor Georgia Pacifie Gewre Electrio General Dynamics
General Foods
Int'l Harvester
John-Manville Co. Kaner Industry
the industrial average was at a Kansas C. Power & Light new all-time high. Profit-taking | Kennecout Copper
set in at that time which broughtigen Meyers Tob, down the average from its best level.
72d Penn. Salt Co. 744 | Philip Morris 497 Pitney Bowes
Procter & Gamble Co. Pittsburgh Plate Glass
BOT
Sinclair i
Smith, Cine & Freseli
Solar Aircraft
tion.
TRANSPORTATION
THE VISCOUNT V.810
IS FASTEST
& MOST ECONOMICAL
THE Vickers Viscount. V.810 turbo-prop airliner is the latest and most highly developed of the famous Viscount series which pioneered turbine
been so unfled EX today-travel. "In any case, without this sharing the comunion problem of assumption one would be at a maintaining expansion without loss to account for the fact that relapsing into inflation. U.S. exports to the rest of the world declined by 11 per cent
In 1958, walle Europem exports
to this area increased by about one per cent."
Only Sop
The only sop from the BIS. to the bulls of gold is that the It would be equally difficull hoped-for further expanstem of to account for the excellent world trade may require a cor- showing of Brilain's exports, responding expansion of inter- and for the liquidity which now national.liquidity and that "Thin gives Europe such wonderful is a technical problem which scope--and, us has been noted, the monetary authorities will 0715 may well be an influence on the have to consider in good time." 494% | British election.
Perhaps it is mainly a probe lem for the dollar but it is essentially leahrical and the has been too much temulency to Quoting the BIS again: "In-bewall the dollar's technical creases in liquidity as great as problems something тога those witnessed in most Western fundamental. There are dozens European
CU
Liquidity
countries in 1958-59 |of sensible things the Americans have, historically, usually been could do about it.-China Moll associated either with a mark Spock). ed decline. In private demand 40% and output or else, at other 37 times, with heavy and excep- Baional deflelt spending by the Gig central government. On this 44 occasion, however, they were not attributable to the existence
of either of these situations,"
What they are attributable to ia, of course, the deficit in the U.S. balance of payments. Last year that was $3.3 billion, and Europe gained $3.7. billion---$1.3 179 | tullon direct from the U.S. and 31 most of the rest triangularly from the third countried that 42 had earned it from the US.
1
HONGKONG
STOCK
EXCHANGE
3814
#12
Cereal Motors
Publicker Indurities
10%
6041
Gen. Pub. Util.
481
Pure Ol.......... Radio Corporation
42
67%
Gen. Tyre & Rubber
73
Individual gains ran past two points in a number of pivotals, including Lukens Steel, Inland,
Radio Corp. Prof.
Glidden Co
4744
Raytheon
|
Goodrich (B. P. Co.
2016
5
Republic tecl
77
Goodyear Tyre...
2457%
Grumman Aircraft
2514
Heynolds Metal“,
103
Gulf Oil
Royal Bank of Canada
1105
Sears, Roebuck & Co.
Culler-
Hammond Organ
Alkali,
eyden Newport Corp.
Bhell Oil Cu....
ዝና
404
10
Safeway Blores
37%%%
Homestake Mining Co.
421%
Human leirig.
Safal Reg, Paper
21
Idaho Power
Scott Paper
Schenley Inc.
Imperial Oil
Ingersoll-Rand
Inland Steel Co.
ひこちら
Socony Mobil Ol
Interchemical Corp
Int'l Business Machines
South Puerto Rico Bugar
Southern Co. (The)
International Nickel
$74L
Southern National Gas
International Paper
119
Southern Railway (Cam.)
Int] Tel & Tel
399
Standard · Brands
Standard Oil of Cal,
17
Standard Oil of lad.
4016
Standard Ol of N.3.
53
2015:
Bleep Noc
Kimberly Clas
ce
Sterling Drug Co.
Co
03
Stokely-Van Camp.
my Talle
Stone & Webeltr
Litton Ind.
Studebaker Packard Corp.
Lockheed Alrerüft
Sunshine Mang
Loews Incorp.
Swift & Co.
Lone Star Cement Co.
Jox Co.
Lowenstein & Bons.
Textron Inc.
Thinko! Chem.
Tide Water Axis. 0:1 ...
M
JOY
Time las
100**
340
Tri-Cont. Warrants
EL
Twentieth Century Fox Film
Union Carbide
100年
Union Pacife - Railway
United Alrerafi
xo
United Fruit
$22
United Gas Corp.
124.
Shares Buyers Hellers Bigles BANKS
ku o 015 K Bank. 915
920
20 17.50
07
20 € 917.30
Plast Asta.
邮驱
S. Steel....
Warner Bros.
4345
Union Lombard
54%
Waukesha Motors
431
70xd
Westinghouse Air Brako
2014
Westinghouse Electric
34
Western Union Tel. Co.
01
302%
6915
West Va. Pulp & Paper
43
the
29
Winn-Dixie Stores
43
477
Woolworth (K. W.)
2015
Zentin Radio
123
"It is, however, faced with the SFPING dificulty of keeping its
prices Whorlock 6.05 compitive D
inter- DOCKS, ETC. national markets despite the de- K Wharf 9 101,
Dock mands of the workers for too
Provident 11.40 12.10 GOD A rapid wage increases and the
LAND, ETC. HK Hotel 17.70; 20
4 0500 $3
A
100
21
Profit-Taking
Despite the profit-taking, in-
Stock 3. 1000/2001-dividual gains of a point er raore were numerous in the main list Loan
and new highs exceeded now lows once again,
Bavings 3, 1053/05-£9.
Savings 29, 1900-21
Baving % 1005/70-277-1/10.
Banks
The steels stood out on the
Barclay's Bank "A" Ltd ord-upside, with sentiment helped
501 D.
Chartered Bank-sta. Hongkong- 253!, cor.
Insurance
Union
23-7/18.
Insurance Canton Aircraft and Motors Mulor Corp
Ord-13
71.
Ford Motor Co-008 61,
Breweries
Distillery, Co-Złu, 36,
Gu.
Building And Materials
Anulated Portland Cement-078
by a 14-day...postponement” of The steel strike which had been scheduled for July 1. Gains of two points or more at the highs appeared in Youngstown, Inland and Lukens. Advances DE
more around a point or
up. peared in a long list of other steels.
Texaco was the feature of
Pincin Johnson Amiclates Ord-higher oft group.
130 $9.
Com, Bleet and Engineering
Babcock & Wileux Ltd 450 46.
Virture Laddle 4lgt.
Food and Tobacco
Motoru were generally firm.
Pharmacal Norwich
at is high ran up more than six in a new
Britt American Tub, Co., Lid-the drugs and touched
C.
Timperial
Tobacco Co., Ltd---87
Birrellaneous
Bich Oxygen Ltd. Ord-Con Od Canadian Paclile__Aly-$517).
Dunlop Rubber Co—20a.
Hongkong & China Gas—73%.
hoperial Chernleaf-30 164. Lyons & Co790 Ad. Vallever Led-988 pd.
Рарег
Bowoter Paper Corp Ord-02s 3d.
Radio and Electrical
Associated Electrical-Ca....
Electrical Musical-54» 415d. English Electric C425, General Electro-31 d.
Shipping
Indo-China Steam Nav. Co. slat
ord-231,
P&O Steam Navigation del ord -4 kl.
Great
D
Blotes
Universal Storas "A"-la
Marks & Spencer Ltd-60s od. Woolworth tiles
• Codis 4d.
Courtaulde LIG-T 190.
Coals 14d-278 34.
M
top.
Today's volume was 3,000,000 shares.
Of a total 1,193 shares, traded, 002, were higher and 343 lower. American Exchange volume
was 1,000,000 shares..
Bond volume amounted $4,890,000.
Dow Jones closing were:
ta
|
McDormelt J. Bey
McDonnell Aircraft Minnesols Mining Mission Development
Monsanto Chemical Montgomery Ward Motorola Inc. National Blcul National Cash Reg. "A"
National Dairy Prod. National-Lead.......... National Steel Corp. New York Central Norfolk & Western Ry. Noranda Mines Ltd.
North Amer. Avlotion
Northwest Airlines (Com.)
Olin Malhiceron
Otis Elevator
Owen-filinols alasa
Oxford, Paper Co.
Pacific Gas & Elec.
Pan Amertene Airways Paramount Pictures
Parke Davis Co. Penny J.
Ca.
40
Union Oil of Cal.
US. Gypam
28US. Line Co.
SOUS. tor
U.S.
Smelling
Yesterday's Closing
*
The B19 is temperate about it
24 all. Instaxt of dilating on the North American deficits it more- ly says that North America is 143% longer worried by its balance
481of-payments surpluses (which is 4t perhaps more than could be said 33 about Germany) and
longer be accused of monopolis- Ing the gold reservca of the Western world.
0214
34
GA
105
32
CITTL
Easy Profits
COMMODITY PRICES
SUCAR
Contract No. 4 (world)
averages
30 industrials ........
843.00
tatly....
140.18
15 uthairs
06.03
GS stocks
215.70
4t
bon พ Comm. future price index
B3.04
All prices in cents per lb.)
130.00
July
Sept
* 30
Oot
Jan.
Mar
1101
May
July
Sept
Spol-floh. Cuba)
Open internet-unquoted.
Closing Prices
Alden inc. Acy. ...***
Alled Chemicals
Allied M4 Ins.
Abu! Pwr. & Paper
| Algoma_Steel Corp.
| Allis Chalmers ...
Am Brake Shere
[American Airline
10140.
Anglo-American Corp of South Africa-100 46.
Cone Coldfields of South Africp- Tha Gu.
Cons. Zine Cary. Ord82 Bu Beers def-1600,
Free State Development
ment-11 03.
longkong Name 1014,
Pola ng Nn-ös 101gu, Rand-a DÒ,
American Cable & Hadria Corp.
Amerlean Gyurmaid Ca
Azer & Fong Invasi-Am. Osa & Entecirte
Am. Natural Ga
„BoullechKinia Cons Lid American Badang-
Tinton Corp-ad.
West Driefontein
-1301 D
Am. Sugar Jucf. American Tol, & Tel
Contract No. 6 (domestic)
6.09
06
5.03
5.00
Doc/Jan.
Mar/April
May/hira Mixed Contract
July/Aug Oct/Nov.
Dec/Jan
Mar Ape
May/June
21.00
METALS
NEW YORK-
Our Den Correspondent
Into the first V.810's was mgineered the experience. of
well over a million airline hours Viscount V.810 Cheap
flown by Viscounts, and some Ove million hours by Rolls- Royco Dart engines.
Fare Potential
The V.010 frat entered ser- vice in May 1958 with Con- finental Airlines of Denver, THE Viscount V.810 serios [USA, and other purchasers of
the alterati BTC
Lufthansa,
T aircraft, expocially in
fare
South African Airways, Hunt-a 70-seat layout, can have a ing-Clan Air Transpuri, Ansett- considerable effect uport A.N.A.. T.A.A. Airwork, prosent day tourist or coach Cubana, and V.A.S.P. (Brazil). class fares.
The Viscount V.810 is the
His the firm belief of Vickers- fastest and most economical of Armstrongs that the next big the Viscounts. It has a cruising step in the progress of or speed of 335 mph (which can be traceport is going to be towards increased to 400 mph by a
substantial
reductions. change of power plant in 1962). Theso alone can produce the big and it has a direct plano mile trafic increases which tho cost of 134 pence a mile at
ncedo realistic
for operating Industry European costa for anuncial stability. The success 400 mile sector. Its direct USA of the economy class on the costs on a 400 mile sector org
Atlantic, North 80 cents a plano mila maker's weekend cheap fare tickets on forecast which has been more internal routes, of "Inclusive" than proved by Continental Air air holidays, and of such ser- fines who have achieved 71.33 vices as the "Sofort," show cents on 500 miles over a long clearly that there are large re- period. This is 11 cents a mile,
words and $22 an hour below forecast. Continental's Viscount proût for Ha' fret seven `menths of V810 operation (average Beet for the period being 9. aircraft) $1.3 million,”
BOARDINGS
"1
of BEA'S
to be obtalacð: from a lowering of fares.
Historically, the traffic growth because of fare reduction is five times that resulting from was speed Increase, and this feet is well known. The problem, however, to offer the cheaper fards profitably, Old second- the aircraft are seldom the of the experi90 riser because
Robert P. Six, President of Continental Airlines, hos Flated that his Viscounts have been the of maintenance, and the in- primary factor in increased ferior basle economics of past- Business done on the Hongboardings of 90 per
cent generation transports. Vickers Stock Exchange kong
this Chicago, and 87 per cent in Log have, for some years past, con- morning amounted to proximately
ap Angeles.
centrated on producing modern $1,002,000. Noon
and quotations and the morning's
competitive aircraft which of attracting the transactions:
INSURANCES
UK Land, 70% 33%
Humphreys 15.00 Realty
18710
Trust .... 3.40
៩ ។
12
100 28.10 10006220
10002039 DUO 23.10 36002 2001 F 23.10 BAG SI BOO
130,000
A Tawah 3.10 3.370 Bungala..
1.00
13.45
the
how cheap fare while suli making
The
The first class layout of V.010 is, in Continental's alyie, are capable for 82 passengers plus a four important scat
rehr lounge. In lugher markets density, the layout can be for money for the operators, up to 70 passengers-at e proved Vanguard is an outstanding seat mile cost of 1.01 cents on example, and so is the V.810. 500 miles. This gives the V810 LOAD FACTOR
The potential substantially
to
reduce present coach and
In Europe, at 05 per cent load tourist fares while still making factor (46 passengers) and at good pronta at average local a 10 per cent profit, the V.810 current tourist 800 fares by from 12 per cent to and 30 per cent according to the
factors.
could reduce
The route.
The V810, like all the series Viscounts, is largēr roomier than the Y.700's. development of the Viscount has
In the USA, where the revenue been such that, compared with roten are lower, the reduction the original world ploneer V.030 on present day coach of 1943, the 010 has 80 per cent again at 65 per cent lead factor
fares more power, is 00 mph fasic and 10 per cent profit-could be and carries
uver double the from & per cent to 27 per cent
payload over
*
greater distance.
75 per cent with an average of 15 per
cent,
weight was soon increased
Con-
Although the V.810 series 16 100 stil only a year old in service, claims for the V.810's economic In the ease of the USA, the 9000 RUBBER
It has been progressively de- Amaly. *.. 2.50 2075 20000 in 2.525
veloped. It's all-up weight, for performance have already been 20000 6 2.58
more than proved 0000 2.85 example, was originally 07,500 tinental Airlines. Figures Bled 8000 4 2.519 | lbs, but the first alteraft
Was by that carrier, covering a six- 315 181* 1920 deilvered at 60,000 lbs, and this month
10179 30
period, show that the 20000
to direct plane mile corts have 72,500 lbs. This has meant an been 11 cents below estimate, extension of the
range with
and that the airline made á maximum payload (18,000 lbs) Viscount profit of $1.8 million from 800 to 1,200 miles with full in seven months from an aver- reserves. Alternatively, the age feet for the period of nine higher take-off weight can re-aircraft, duce seat-mllo costs ut extreme range by 28 per cent, and in- crease the eaming, *xwer the aircraft by 35 per cent.
UTILITIES
1
Tra
.... 0.10 29.30 1000 10:20 800 10575 Star Ferry
Closing prices, all in cents per, valimati ..
Averago prico. in U.5. at 14 designed spot markets; 34.34 | lb.: cente, Total sples: 5,221 balos.
Sao Paulo prices unquoted today,-UPI.
RUBBER
SINGAPORE
All prices in Straits cepts per lb. fo.b. Malayan ports:
·
10 000
117 2110004
100
500
111
500
A1
Lead July Sept
11.45b 11.000
Zinc July
10.70%
Sept.
Copper July
Sept
28.606
600 17.70 C. Light 17.70 17.30
1000 17.00 Electric .. 273% 37.70 000 21.70 1410 GÓ 2014 15.70 2000 2016 Telephone
Tin July
Arpt.
LONDON
500 4 285 100 G ZIL
Cement ... 3434 3435. 600 @ 3116
INDUSTRIALS
3600
tipo 05
租
3000
Closing prices, all in sterling (STORES, ETC. per long ton, unofficial after-Dalry.... 18.00 10.00 500
Watson
34:30.14.00 Lyme, Craw. 18.40 239 5000 20.40 2000 1840
Power
July
Am. Hamo Prod, ... Am. Mach. & Fry American, Metal ..
Geol.
Nov.
+
noun cension:.-
Mar.
GO:
Spot- NY
5.20
in
Open interest
-UZI.
No, I July
No. 1 Aug.
031-0316
03-94
Spot 3-month Copper
Spot
No. 3 July
No. 3 July
No. 4 July ****
Apot nutter vabklad
Biankel stope
01-0211 904-0145
·00-93
Leau 2nd half
No. 1 pale èrepo
90-00
Goldenining-American Tob. B
Anaconda Dapher
Bleed
"West Rand Cons-208 1950.
Brita Bomeo Petroleum Byndi
cat Execgitalisation,
British Potrolown
Burmah-$21.
Co.. Lid-2
Royal Dutch Petroleum-15. Ehell Transport & Trading—1958. -Reutor.
GOODWILL GIFT
London, June 19.
A Brush Textile din has given more than 10,000 worth of thele, machinery on display, at the Poznan Inter- national Trade Fair in Polend
Armour
Atlas Coat, NH Baldwlia-jump flam. Baltimore & Ohla Bank of Montreal beneficial Tinahoe Bendix Aviation Corp.
Banquet Cone.
Hatches Steel
poring Altplane Borden. (The) Co.
Burrough And Machina
Dritish Amer. Oll
Calif. Packing Corp. Cana. 2k, or Commă. Campbell Houp Co. Canadian Puello.
Cat. Tractor Celanepa (Corp)
Ch
... Financial Corp. Bantat, Danis Chrysler Motors Chart Parbady Colenia-Palmoliva Co. Colombia Calibog Co.
to the Pollsh Toxulo Insitute at Colded aren
Lock as a goodwill goatura,
Credit
Continental. Oil. of Del Crane
A spokesman for the firm- Grown Zallerbach Platt Brothers of Oldham, Last Cuben; MORE HARNE casture--tónlod :: hm that the mon gift Hail anything to do with R Dominion slozen £1.900.000 omnianet which the Power Aisprati arm was reported to hayo won Chemicals
Dupont de Nemours Fortherly of winning | Funtoon codNNA minchinery to cotton mill, all APIMCI Toda Crina Mall Special
COTTON
NEW YORK
All prices in cents per lli. Spot
NEW. OBLKANĄ prices in conta per ib.
LIVERPOOL
All prlone in pence per lh.:
Fuly/Aug
LONDON
All prices in pence per ib.:
No. 1. Bw spot
Jon/Mar.
Beitiament house term;
July/Rupt
Oct/Deb.
April/June
General markets, clf, basi
July
Bool,
Estal crapa' thick,
AMSTERDAM
2714-8791
All prices in- guilders per kilogram, okt. Juboj
Dinanti
June Rept.
Juta
Zie 2nd hatt
Берв
Flying Test Plant
For European Tours
SILVER and
The achieved plune-mile cost of average of 71.33 cents gives a Bost mile cost on a 500-enilo slagte of 1.01 cents for a 70e Beater aircraft (Continental's Jayout actually Is a first-class one of 52 seats, plus a repr lounge).
blue Viking
aircraft. owned by the
Marcan! "Company"Tor proving, festling
Vickers Vanguard
Wireless Telegraph Proves Long Claim and demonstrating their equip N, three European route-
Д
IN 1.80 0.90 10000ment is to shortly begin
Buyers Bellers
Tix.
5. It.... 702:5
COTTONS 2204 Texiles..
144
2191
601
Nanyang,
10
2000 1000 1000 4
130
9.30
10
KENTS
5100
FOREIGN FACHLANGE
NEW YORK
Closing into
Cannua tagland ele
LONDON
Closing ruins: buyers New York
Varia
1120
flights, made on · May
6. June 3 and June 4, the
0000; 3.50 series of demongirajjon jours in
Europe.
The plane made its debut at now Vickers Vanguard turbo- 10 Le Bourget airport in connection prop airliner has proved the with the Paris Air Bhow, The long-made claim of its cabin interior of the Viking bas manufacturers that, on short been completely redesigned to
Exchange Rates
houl
convert it to an airborne de- and short/medium monstration unit.
routes, this 425 mph aircraft'
The main navigational lostru- would haves block speeds as ments. are repeated to a demen-Food, if not better, than those stration panel in the cabin to of competing jets, be pat allow visitor to observa là... On the longest of the Bighia' comfort the pilot's use of these (London - Itome) the Van- equipements under oberational guard's Ume was actually # conditions, Up to twelvopaisen-) minutes foster than the current gora can be accommodated, schedule of a four migined pure
In addition to the Marconi jetua 3.10. Doppler Navidtists the installs- Vickers are not claiming that Tation cludor, o radio compan the Vanguard Has 'faster cruise (lijaleanly deryalal-controlled | spoed then, a jet (kui hava al- automatte dire Lone finder ku waya aid that the dips pre- miniatura: portion of the Vanguard's a 15.
wer maka spied, which can unde
Diings was done in the luck) unofficial enchante (marketin morning,',the following integrat 13. dollars (perial): Sterling, mates (per (43 Australian tioten" (pel car Inconwatan rupiah (per 100) Blam. sicals - (per 100) Singapore, fülradio)
Agreed Merchant
Rates
#wire Tronos Maximum-Bell-