Page
THE CHINA MAIL, THURSDAY, SEPTEMBER 10, 1939.
BRITAIN'S INTEREST RATES la paran
Can Do Much In
London
Managing The National Debt
The
Closes Higher
London, Sept. 9.
closed stock market irregularly higher today as optimism concerning Conservative election hopes tended to offset the depressing
of effects sharp break Street yesterday.
on
Walli
Steels featured a strong in- clusfriad lat posting gains of usi much as our shillings. Leading steel shares in the his! Iwo days Increased their total valuation by
£30 million,
Bowater went aheat on the dividere. increased
Molory Bined grand under the lead of
Fords and IMC Textiles and
Flores were firm.
Gold share
balance.
mixest.
were higher an finished Coppers
Oils failed to sustain a Jafe: rally to close itter.
C-edged securities
1 to 2.
Greris:
firm
foreign band market.
Dollar stocks were lower-41P1.
in
Closing Prices
filledeed Bande
Tuzsport .. TOR HA
London, Sept. 9. -
HONGKONG NY Stock Market
STOCK EXCHANGE
Our Own Courémiondent:3
Business done at the. Hong ong morning amounted to approxi- mately $200,000.
Stock Exchange this
Noon quista Bons and the mornings fìnha-
tione:
As proviously discussed, the key to the Radcliffe Report is application of the market-price mechanism to the manage- ment of the national debt: the Bank of England can do much to control domand-which means kooping it at the right level, avoiding undue repres- sion as well as unduo expansion-by, moeting the market, giving it the right 3716 assortment of what it wants at the right sta prices in relation to equities for the longs,
The Radcliffe Committee was
a no doubt that when the Bank does positively meet the market in that way (instead of either pressing funding for fe own Sale. or purshing it purely assively) there is n market to be found for the various types of debt, and probably-degille the great allure of equities-cm expanding one. Anyway, that is the Inb to be done
The Task
1
#d en
*The task of debt mumagement is to push the rate of interest to gained a level that is high enough
tract safefent firm holders of The the clubs and is yet consistent with a balance between demand mostly the publle sector, derhal in
the private sector, and the avail able resources of the economy." The surprise in the Report is is lindings that fundin pier-cutling of tong gifts, Cadly run inte danger of being perdone.
he The ocenumy Twist waterlogged, but it does not, to and will ordinarily 1859/-a great deal of liquidity has the additional which advantage of saving; the Treasury some interest cool.
Its disadvantage is that, as the shorts n be more easily cited, they can embarrass any future Barclay's Bank Ltd old-31 oficial efforts to deprens de
goods by a credit
1wb 2-13/20
Cup 2 £30
samo 473.
CORYETKİD||| Feel
£0-3/10.
Fundibe Dan 3:
1
ndug Stock 32. 1999/2004
£63-1-10.
271-3/16.
Funding
£91-5/10
4. Lat!
and
Savings 3. 1935, 05-200!« Savings 1, 1960/73 291-7/18. Saving 373-£75-B/18).
Banks
“boorte vech – – Bo
Rocker-3.
insurance
t'n Insurance Canton - £$..
Aiverall and Motors Bitish Muter Curta
11.
Ford Motor Co—78% 7łąd.
Breweries
Distillers Co-2 x 450,
mand
| squeezes
for
1121
want
Bird In Hand
But that defect is only con-
of
New York
Cotton Market
Buyers Sellers
Alures GOVT. LOANE
BANKS
39(941)
INSURANCES
ren
Haley
2009/02
045
20 47 940 103 AT 342
30
Lombard
40%
SIPPING
Waterboat. 20.08
Vicclocks 6.45
0.45
7000
1000 15 2000 : 0.50
Rallies After Opening Declines
New York, Sept. 9.
Stocks'ran into further declines today and then
came back swiftly from the day's lows, closing alightly lower on balance.
At the lows the market show ed declines running to more thus four points. Ford cut n loss of more than four points la one point.
Dauging Alteratt
Dow Chemicals
Dupont de Nemouta Enkleta Aršine
Psalman Kodak ....
El Paso Natural Ga Family Finance Corp.
& Rubber Firestone Thy Bank
Firo Nat
Ford Biotor
Georgia Acti
General Dynainter
Electric
from Gen
General Kolore
den Pur. Val
Gen. Tyre & Rubber City bi
American Motors, most netivo issue, touched $51, off 14 and then rose to a small net gain. It led the market in turn over for the sixth session.
rullied Steels. Issues lows that showed declines run- ning to more than two points, Du Pont rallied after a drop of nearly eight point. Goodyear came back from a drop of more that two points. Chrysler and 233 1320 American Con registered small guing near closing time. So did Westinghouse Electric.
Hestien Newport Cup Rollroad issues touched allomerinke Mining new Average low for the year Human Retri.
back from the tow 11.523 1.55 NOON (1,50 and came
developing 2000 13:5 with Armhers
Norfolk & Western and Union 1.270 3.324 107094 3.30 TE
10003325 Pacife. 13000
4519
Provideni 13.10 13.40
LAND, ETC,
DOCKS, ETC.
is, Wharf.
402
105
Dock
Take Dock 32 32
K Land XD 1
Neatly
HUBNEN Ainatz.
13K fotel
Bumphrey
Trust
New York, Sept. 9. Cotton futures moved ir.
regularly through another i dull session today with UTILITIES small trade buying orders Star Ferry offset by light southern liquidation.
At the close the list ruled three points higher in two lower after opening this morning three points higher to one lower. New Orleans futures also finishedi three points higher to two lower.
Nearby positions showed little sireng on the face of n somewhat less favourable week- ly weather report and the con- finued decline in certificated stock of collon,
COTTON LOANS
Washington reports said the Ord-17singent ta potential and not an
the Senate Agri- nctuality of inflationary dim- Chairman of
the culture Committer will back two culty) and the refroi Ituport's section on Demand for bills which permit cotton loans the dubt" in refrain which is of 30 per cent of parity with of U.S. unrestricted acrenge or 80 per also the rationale
mungenent rent of parity with payment in Teasury poiley, Inofter us there is one) kind. is that the bird in orat is well worth living, for his own sale]
[CITY LIGHTS
"Well, as a matter of facl. Mr. Podbury 19 sut how did Pou
know ?"
London Express Service,
Buliding and Materials
Asociated ortland Conent-24. Finchin Johnson Attuvintest Ord-
24
Coal, Steel and Engineering Habcock & Wilcox 150-19% 45d. Vickers Lis
Food and Tobacco
Bush Amerleau Tub. Co., Lia-
3.
Eurial Tohacen Co., Ltd-57s!
Miscellaneou
Beardson Marden Lid-Sa 460.
Ltxi Oxygen
31.
Briti
Gd.
Fun Rubber C-25x.
Ordis
Canadian Poelfie My-41994.
Hotgiring & Ching Gas-31, Inertal Chenseal in 19
Lyons & Ca—704 4!ýc Unilever Lid-100% od
aperין
Dirwater Poper મ!ત.
Corp Ord-45,
Radio and Electrical
Associated Electrical-S Electrical & Musical-a English Electric Co-439 3. Geheitl Electrics.
Shippin
Indo-China Steam Nay. Co. def ord-20 1.
P&O Steam Navigation deford
378,00.
W.
72
Stores Great Univeral Stores "A"-44 Jd.
"Marks & Spencer Lid-594
Woolworth F.
Textiles Cokis J&Ltd- 101d. Couruulda Lid-40 90.
debt
Grey
Train XD
10.10
101.30 C. Lint Elec. XAll 9.00
Macao E. EDU °Zlrubile:
INDUSTRIALS Censent...
STORES, ETC. Dairy
L. Crow.
COTTONS
Textile
Nanyang..
Vibro
103
50624,40
22LR 10
17.70 17.90 1500
INVESTMENTS
Allied BK & FE
Invest.
137 (50) 1500 L (15
giadra On, Goodrich (B. F. Co. Goodyear Tyre Grumman Alterati Gult on
Hammond Organ
4872
2001
ཐ
SPORTATION
Wilson's Arrival Marks Another
APL Achievement
THE arrival of the luxury passenger liner President Wilson in Hongkong tomorrow will commemorate the 200th trans-Pacifle voyage of a maritime fleet that grew from three, war-wenty ships after World War II into a mighty armada that now fans out over five major world trade routes under the American President Lines' flag.
I may
come a some-
thing of a surprise to many
people that the birth of Vertical Take-Off
American President Lines,
the oldest American flag Aircraft
operator in the Pacific and
York, Sept. 9.
merchant Beets, was some-7ERTICAL take-off air
Idaho wer
one of the world's great ·
Imperial O
311
Ingersoll-Rand
Inland Steel Co.
interchemical Corp.
thing of an accident."
3712
Int'l Business Machines Int'l Harvester
50%
Trading picked up sharply in Inte trading when prices
thant
were improving. Before volume had run well below the previous session.
Closing Prices
Ahlub Pwr., & Paper....
Alden ine, dey.
Algome Steel Corp.
Alled Chemiesla
Allied Mitim izm.
Allis Chalmers
Am Brake Shine
Am. Cute & Radio Corp.
Am. Mach. &F'dry.
American Metal
Armco Steel
Armour
Aling Cons. Maging
B-lena-klani,
Balmure & Ohio Bani zid Montrend Beneficial Finance. Bendix Aviation Corp.
termaitonat Nickel International Paper
Int'l Tel & Tel
Joins-Manville Co. Haizer Industry
Kansas C. Power & Ligit -Rennecott Copper
Kimberly Clark
tegett Meyers
Lly Tulip
Leckheed Alteraft
Ines flying the North
Atlantic routes, would cost
betwesh £2 and £3 million,
Little more than half a century ago, in 1901. the embers of the British Asso-
14 late Robert Dollar acquired clation for the Advancement
Tob. Lo
2015
$35.
Lion f
36
113
Loews airp.
48
ក
Lowenziel Sons,
39
2014
出すか
Lone Star Cement Co.
McDermott Joy
McDonnell Airersti
teas Iron Corp.
Minnesin Mining
rsion Development
Monsanto Chemical Co.
158zdMontgomery War
#torola Inc.
Notional Leat
the "Newsboy,"
a single of Selance wore told hero to-
day.
chief engineer
of the
steam schooner of some 200 Lons, for transporting his
And the first vertical take- lumber from Pacific North-
off craft to do the journey might west ports to markets down uc British, cald Mr H. G. Con the const, Robert Dollar was, was 60 years old when he British aircraft company, Short
into the new Brothers and Harland. aus launched
He believed a small military career of ship owner and strike aircraft, based the operator.
formula of his firm's research be plane, the SC-1, could operational within six or seven years.
Results
OPPORTUNITY
The Face Mail Steamship aircraft so far had been Company, which hnd been factory.
on
127 Pacific Coast to the rapidly teren answer to all-weather Ng-
developing Pacific Northwest, ing, Mr Conway also raid
cut
...3074
- 3.30 420
the
1.43
..
1723
3000 17112
2030 200 300 2013
131 125 113
24 121
2400
25 146
+24
34 344
1030 28.09
有
Asnerican Airline
American Cyanamid ca
17.70
Am. & Foren Power
500
17.70
Am. Gas & Electrio
401
101 10.00 20.00 21.10
Am Haine Prod
24
National Racun Co
Am. Natural Cin
National Codi Reg. "A"
87
American Smeting
4115
National Dairy Prod.
$13
achieved with
0000 a $.35
Am. Sugar Ret.
10
10.70 10.90
American Tei de tot.
77'
Nations Bleel Corp.
12312
the satis-
American Tob.
New York Central
27
MISCELLANEOUS
Noranda tes Ltd.
40
Annanda Copper
GAL
14.60
Norfolk & Westen Ry.
7711
North Amer. Aviatio
271x
carrying the mall from west of It seemed that vertiend take.. Isthmus of Panama the off alrerat might be the long-
up
Northwest Airlines Com.
4.70
2012
Olle Mathleron
1435
Oli Elevators
70
11.90
421
*:
Owen-Hiinals Glass
0215
donat
Oxford Paper Co.
2793
Pacille Gas & Elec.
Pan American Airways
#3
Paramott Pletis
Boeing Airpause
Porke Davis Co.
44
4330
Borden (The) Co. Burroughs And Machine Brillah Amer. Oil Calif. Packing Corp. Carin,
£7
Ferny J. c. Co.
10%
Mall
service
Avis
Port. Salt Co.
2012
Phillip Morris
501
Pitney Bowes
American" trade
70
5.73
Cana, Brewers....
Pilyburgh Plate Clas
15.03
Campbell Somp Co.
43
Publieker Indraries
No.
12,50
Cination Pune R.
Fur Oli
to
to 21.24
Ce 13. 1.) Co.
10
Radio Corporation
5743
at Tractor
100
Radio Corp. Piet,
Lancial Corp.
27
Raytheon
561
Nepable Stee?
281
Reynolds Metal
1013
Iteyal Bank of Canada
TO
art
Sears, Roebuck & Co.
17
nblan Cubes Cu Commercial Condit
Art
Shell Oll Co.
GFIL
Safeway, Stores..
Carz oldalet · Velison
#121
Salt Reg. Paper
Cinental Oil of Del.
Beall Paper
Crane Co.
Sinclate Ou
Crown Zellerbach
57
Smith, Cline & French
Cuban Amer, Sugar
10
Soenny o DU
Sotar Abrent
234
South Puerto Rico Sugar
1,11
Southern Co (The...
Southern National Gan .. Southern Railway Standard rate
Com,
Starklord of Col. Standart Out of Ing. Standard Oil of NJ.
20%
Steel Co. of Canada
R$12
3316
Exchange Rates
Duelness was dede in the toes) unonicial
market the morning at the following water
Exchange
US. dellars (per #1) Sterling notes ever £}}, goods were quiet and Australian notes per fi
indenrion minials per 1001.. Simon Beals (per 100) Singapore (Strait
and not merely because there is steady as USDA reported mill, aften nothing else to be had:
widened again in Dilla margins "Funding of Treasury beyond a certain (not very re- August for the seventh straight mote point would cause a major) month, August average margin was 30.30 cents against 28.75 jupheaval in our nangiaf
ditutions.
Th fact that there is, both in institutions and cents the prior month and 22.30 among individuals, and imiced, crots n year ago.
among
demand
In-
Ponies 100, a real
21 shortness
will yet
Yesterday's Closing
Benguet Cons...
Bethlehem Steel
isk. of Comum.
Co
Cherr Manhat. Barik Chryster Motor
Agreed Merchant Co
Rates
Diamond Alkali
Domirion Stores
Everpool finished unchanged for
Canadian Dollars Maximum be to Ave English points lower. No Selling 184, Minimum Buyitmond Gard securities which
hult acans tint the experts were reported.-UPI. 16 T 10 13/16. frinly authorities can cheaply place a this harge part of the debt in way, without incurring appreci able risk of being food with heavy encsh- extraordinarily
demands all coming at cace.... The total demand for ever at yields short bonds,
reciably lower than thove obtainable on long bonds, L substantial. No great pro- bring! Kress in funding ruight supplies of short bonds down to
Tow uncomfortably
Jovels."
China Mail Special.
CANADIAN
TRADE DEFICIT
Ottawa, Sept. 9. Canada's trade deficit rose to $459 million in the first seven months of the year, more than double the $198 million recorded) in the same period of 1958, the Bureau of Sta tistics sald today,
COMMODITY PRICES
SUGAR
NEW YORK
Closing prices all in ecats per per 1b.:
Contract No. 4 (world)
Jan: 1.12: Sept: 3.11: Oct: 3.30; March 31 May: 2.17 July: 5,19; Sept: 3,20 Oct: 1.65; Spot-... Cube): 3.15; Total Sales: 710 en- trete: Open interret: 6.300 castraci
Contract No. 6 (domestle)
Scut: 5.00; Now: 352; March: 5.00; May: 5.71: Spot-tet N.X. ex- duty): 500: Total Sales: 100 cop track: Open interest: 1.458 contracts.
--UPL
RUBBER
Ocl./Dec.
2794-28
General markets, C.A.L.
bands,
ports:
3cpl.
301-31 303-302
Gel. Nuv
Estate repl thin Sept. 30
thick Sept. 344 AMSTERDAM
Closing prices all in guliders per kilogram, c.l.f. Sept.
No. 1 rubber
No. 2 rubber No. 3 rubber No. I crepe
-UPL
METALS
NEW YORK
60% Procter & Gamble Co.
ל ור
Steep lock
Sterling Drug Co. Hokely-Van "Cump
Stone Webster Studebaker-Packard, Corp.
Sunshine Mining
Swift & Co.
Texas Co
Textron Inc.
Thickel Chem.
Tide Wuter Assi, Ola
Tube Ins.........
Tri-Cral, Warmante
Twentieth Century Fox Fam
Union Carbide
Voked Aircraft
us. Gypsum
was going out of business at the The ability to land and take
The line or in a small area would urn of the century. ted prospered under the impetus the cost at airport construction of the California Gold Rush of enormously. 1849 and 1830; in 1807 the Pacific It was possible too that VET-
expanded timal take-off craft would across the Pacific, and "Chinese-place alreraft carriers.
They
from
flourished. would be able to operate Pacific Mail ships also called at a naval erat email enough to Japanese and Philippine ports. risk sailing close to enemy lines. Mr Dollar sizzx) the opportunliy
buy and bulld a fleet of
merchant ships which were des-
-Router.
41tined to become forerunners of Space Travel
American President Lines,
It was during this period that In 100 Years?
70% shipping began to recupy last
place in Robert Dollar's interest.
4912
The Initial Pacile Mail freighter
York, Sapr. 9.
75%
Chief
Engincor
service to the Oment grew and CUR Ewart Smith, former 121 was further extended by Dollar's
42%
103%
acquisition of an interest in the
and
Pacific Const Steamship Com-Suporintondent of Armament 40% pany: this step usured entry design at Britain's Supply
into the marilline passivizor business on a big scale.
ויה -
GREAT FLEET
came a
Ministry, said hote he was convinced space flight would not reach the civil transport stage for at least 100 years.
In 11029
held the Sir Ewart, who chance to build a great passenger fleet. In Ministry pest from 1942 to 1945 13that year. Mr Itobert Dollar pur- told members of the British Ac- chased a fleet of President liners svelation for the Advancement from the United States Shipping of Science: Board (precursors of the Mark "I never had any doubt about time Administration, sat up in
Impor→ the immense potential 1936).
This represented the tance of gulded rocket missiles begining of the now famous in the military sphere.
round-the-world service" for
"I am equally convinced that the first of they will
play: no appreciable larg ne uf Presidents steamed role in civil transport for the
431%
24
301
231
4312
1009 APL.
472%
Tren 0 of Cai,
Union Pacific Railway
Closing prices, ull in
cents United Frufl
3.08 nom. per ib.:
Untled Gas Corp.
3.05 Noon.
Lead
Sept.
$2.70
IEA, Foll "D"
0314
Do
3.30 nom.
Oći.
11.75
1.50 nom.
Ime
Sept
11.45
US. Line Co.
30
11.45
Us. Rubber
Copper Seph
1.33
US. Smelling
Oel.
3137
8. Steri
103%
Tin Sept.
101.50
U.B. Steel 7 P.C. PF
14011
101.50
Warner Bros.
al
LONDON
Waukesha Motors
44
Wet'nghouse Air Brake
30!
Wesleni Union Tel. Co,
**03
Woolworth (
W.
121
793
Zenith Radio
3-moni
Lead 1st half Sept.
Déc.
Zine Lot half Sept.
COTTON
NEW YORK Unavailable
NEW ORLEANS Closing prices all in cents per
1b.
Oct.
blorch
MAY
fuly
Oct.
1,25
Dic.
7.34
33.50
SAO PAULO
A sharp increase in imporis accounted for the targe defcit, They were up 10.3 per cent in
NEW YORK to period
Rex rubber futures closing the January-July
33,310 million from last your's prices, all in cents per 1.
Sept. $3,001 million.
Exports rose slightly but not Nov,
Unquetod, The Jun. enough to keep pace.
March
(Closing prices all in cruzeiro sqven-month total was. $2,850 DAY million versus $2,803 million auty
33.60 per tdlo).
al 14 Average price in U.S. designated spot makeld: 81.77 the Imports Increased for
Closing prices all in Straits centa; Total sales: 44,111 bales. tent straight month in July,
LIVERPOOL climbing to $404 million from cents per lb. fo.b. Malayo ports:
closing prices nit in pence per Fren State Development & Invest-5431 million a year ago. With No. 1 Sept.
Anglo-American Corp of Bouth | year ago. Africa-1034 34.
Cons Goldfelds of South Africa
Caur. Lite Corp. Or G
10
De Teers def73
6.
ment-lih,
Hongkong Tin-4716d.
Petaling tin la 30.
Itand 1933 80.
Union Corp70 11.
3038 AL
West and Con21st.
Sept
Oct.
HINGAPORE
exports up 16 $433-million from No. 2 Sept. last year's $421 million, the re No. sulting trade deficit for the No.
110111
May/June
Closing prices, all in sterling Werlinghouse Electric
Buyers Sellers West Va. Til ♬ Poper
per long ton.:
Tin spot
3-month
Copper spot
FOREIGN LACHANGE
NEW FORit Closing ratus;
Canada England official
30-day 90-day
New Zealand Bouth Africa,
Other unclianged.
110-21016
10794-1074 1C02-100 lb.:
10732-1074
1004-2005
American Contract
Oct/Nov.
21.70
Doo/Jati
104-10055
1000014
Marchpril
Jul/Aug
Oct/Nov.
Mixed Contract Oct/Nov Dec Jan MaciApril
23.10
Mu
$1,50
rubber sabaled manth was $61 million compared et crepe West Briefoticinġokimining--with $10 million a year carller.
No. 1 pak crepe
LONDON The overall picture showed Increased imports th every catc- Closing prices all in pence per British Bornes Petroleum Byndi-gory-the United States, United Ib.:
Kingdoni, other Commonwealth Rotas spotted: 33-3316 British Petroleum co... Lutions and "all other"
Bettlement home serm: Oct./Dec.
3014-2015 Burmah-b pa
Jan./thrch
Cale30 75%.
11641
coun- WONE
trim. Conadian ossporta Royal Duith Petroleum-Eesti Shell Transport Trade down, however, to all but the Aprirune
U.S. UPI.
4160.-/outer)
July/Sept.
Oct/Ded
LONDON Closing rhtes:
New York Montreal
Brunt Copenhagen
bila Paris Buckholm
Vienna Zurich
1.04 31/31 2.8074
2.0040
2.8050
200 3/16-2.86 5/15 1.07.
3/18 140.10-140.15 173914-173012 13773-198745
In 1924
out of Sen Frantisco
Bay
through the Golden Gate: this next 100 years at least,
"Earth satellites us radio re- was The President Harrison,
became a casualty oflay stations, or for meteorology, which World War II seventeen years may be worth while, but if a human being lands on the moon Inter,
and cornes "back alive before
Space restarch was of selen-
Thus what started as a lum-2,000 AD). I shall be surprised." ber-carrying schooner in the tine interest "but it réems to me shape of the "Newsboy" rose 10
that this is doely to be one of the of the sinture
the present most newarding netde of re
flect **'reund-the-work"
of
search as far as any possibiri, Ni | President ships, the only line presetlent benefits are concerned." 1014 offering such service under one China Mall Special.
house flag.
UPL
-UPL
The sa President Wilson