Page
THE CHINA MAIL, WEDNESDAY, OCTOBER 7, 1959.
IF THE SOCIALISTS WIN
London
Closes
Firmer
London, Oct. 6. The stock market moved into firmer territory to- day as new buying in- terest more than COUN tered profit-taking prior to the elections,
Among Industrials steels show- ed a majolly of small improve ments. is were mostly steady and metals generally frines.
Gold stocks were off a bit but g11-edged securities posted smail Dollar stocks were irre-
Hains. gular-UPI.
Closing Pricos
Gedged Bonda Fri-h Transport ..
400'
Con bis 22-L4, L'orkels A-272-3/10 Conversing on
Ang-13, 16.
Funding £81,
ال المبل
31
3.
London Market
Will Have A Memorable Day
By AN ECONOMIC CORRESPONDENT
London, Oct. 6.
By the end of this week we shall know whether Conservative or Socialist occupy the Treasury members will Bench when Parliament re-assembles,
Are
HONGKONG New York Prices
STOCK
EXCHANGE
by
Dus Own Correspondent
Business done at the
Hong-
kong Stock Exchange this morn- $1,941,000. Noon quotations and Ing amounted to approximately the morning's transactions
Shares Buyera Hellers Baler BANKS ik Bank BAL D85
Unless within that time some- How far gilts will react given thing drastically unexpected a Socialist victory it in dificult
INSURANCES the battle will be to forecast with any confidence. trappena
losely-fought. For the Socialis: Every literate investor has bern
fighting This election (old often enough
weakness for cheap rampalga with everything they Socialists' havé and earlier widespread money and high prices for x- confidence in a walk-over win ed interest stocks. If they are by the Conservatives has large- convinced of this, they will hold
119 onto their gilts in the hope of ly evaporated.
making a killing before prices
of
Unlun
of the
Lombard.
45 42
SHIPPING
Waterbeat
23.90
Whee.ocks
ĕ.15 053
ICO 20 1000 0.43 1000.0
DOCKS ETC.
K. Whort..
120
Deck
M
Provident
14.00 14.00
That, broadly speaking, is what I expect will happen if the Socialists win the General Election this week.
Indeed "The Economist" in lis ericht Issue has commented-tumble. "With a few days to go before 1876/pulling day there in now der
real possibility that Mr Caltskeit I will become Prime Minister
Britain on October 9. It is not yet a probability,"
But let or right wins, Friday, October
fay to remember in don Stock Exchange.
Fuling Stock 30%. ITANI/2004 —
27-31/18
Zu
Anding
וזני!
*..
Di--
Saving 34, 18550-£90, Saving I, 1960/70-IN-15/16 Savings i, 1005/75-£37-7/16.
Banka Barclay's Back "A" Ltd ord-4 |
Chartered Bank-49: Hongkong-4.
insurance
Union Intance Content ---- COL
Alterait ni Motors
Driti-fi Moler Com
170
Ford Motor Cr-BQ 30.
Breweries
Distillers Co—-28* t*‡.
Juilding and Materials
Ord-171
Agreciated Portland Cement--54
Od.
241 10.
Coal, Strel and Engineering
Babenck L Wilcox
10d.
Vickers Lad-275 101.
Food and Tobacco
British American Tol
-405
Co., Ltd..
Promises
دامد
300 17 118
700118 1000 GR 500 $2
4500 14.00 2000 w 12h 2000 14.3
209 12 70
DITION
Given Brief Lift Prospects Seem
New York, Oct. 6.
The stock market received a brief lift late today ns Wall Street anticipated early application of Taft-Hartley to end the steel walkout.
depressed on very small volume
The market, which had then ; Donunion Store
most of the day, came up ub- stantially under the leadership of railroad, meel, and other groupe that would be helped by an end of the steel strike,
Trading picked up with volume in the nth hour enough to lift sales for the day above the previous session.
Oils Recover
New York Central with a goin
Dougia Airersti Dow Chemical .... Dupont de Nemour Eastern Air Line Kasinon Kodak
El Paso Natural Gas Family Fiance Corp Firestone Tyre & Rubber First Nat. City, Bank Ford Motor
Catineau Power
Georgia Pacific
General Electric General Mater
Getty Ou
Brighter For
Tramp Shipping
are
IMMEDIATE prospects for tramp shipping are somewhat brighter, but the recovery in freight rates under the influence of increased pre-winter demands will be limited. Many owners anxious to fix ahead in order to ensure employ- ment because it is fairly obvious that tonnage supply will continue well in excess of overall 35 requirements.
44
#79%
Glidden Ca
Goodrich (B. 7.) Co,
125
|
Goodyear Tyre
Grumman Aircraft
Gult O...... Hammond Organ
leyden Newport Corp.
ram Walker ...
Homestoke Mining Ca, Husna Refrig. Imperial OR .... Imperial Tobacco
of more than a point led the railroad division higher. Oli shares which had been depress- ed to new lows carly in the day came back from their worst.
General Tyre was strong in Its section mostly because of its part in rocket fuels tactor which uloo lifted Thiokol Ingersoll-Rand
Texas 590 30.75 Chemical,
Instruments 1500 11 led the electronics higher 1500 31.25
the Soviet rocket orbited and 351,53
as the moon. Ford stood out in 738.75 the autos with a gain of 2 points
at its besi.
Talkoo Duck J£75
35
whoever
will be, the 1-
But if, as at the moment it is! expected, the Conservatives do LAND, ETC. win-what then?
2500 No 14.73
2004 33 1200 35
100
IFSC Flater 33 31
fully expect that despite the | tendency there has been to dis-
count such a victory there will 111 Land .. be a inneymoon glow abna the What will happen if the palp- Stock Exchange for a few days able extravagance Socialist anyway. of
I promises go unheeded and thay earry the country with them!
LL7
The market, particularly Industrials, will come down with an almighty thud. The fall wilt be all the more emphatic be:
this market has boun Icause
turging ahead-despite occasion- ni jitters on the assumption of win. This IS what a Tory
"dis- Pinchin Julson Ansociates Ord-market men describe
counting" a Conservative vic- tory.
As for shares in the steel in dustry which is threatened with:
wall re-nationalisation, jobbers
to virtually ark them down Aveaway prices.
That is what I believe wai happen if the Socialists win. But I also believe that the slide in the market will be out of pro- portion. The decline will prob- ably persist only for a few days then reason--or at least a realis
i belief in inflationary pro- und the market in industrials will begin to rally as farsighted operators move in again.
አበ. .
G
Imperial Tobacco.
Co, Li-últi
h1luelaneous
Boordinaa Aarden Lid 2
Brits Oxygen L. --474
Canadian Pacife Ris-$15.
Damiop Huiber Co -25% 7.
Hongkong & Chinn C-130 Imal Chemical 474
Lyons & Co-164 4d
Untiever 110-1129 70.
Exper
Bowater Paper Chip Ord-55x c. specte-will prevall
Tradio and Electrical
Associated Electrical 17 d.
Finettle & Mucleat-SİA.
Fall Electric Co-441.
General Electric 40% ed.
Shipping Judo-Clung Klekm Nav. Co. det 01-20 24.
P&O Steam Navigation def ord -30% 19.
Stores
Great Universal 19000
Stores "A"--45%
Mark: & Spencer Ltd- MAR
Wadhwor PW2
Textiles
Conty JP 10-200 fl. Courtaulds Lló-áis Gu.
Stuces
Anglo-American Cup of
Africa-19 td.
South
Cal Guld-ids of Suth Africa
Cons Zine Cons. Ord-G45.
De Beers der--172 sa
Free State Develpment & lavest-
ment-109.
Petnine Tin—69 61.
Rands Gd.
Southern Kinto Con Lid~~27«. Union Corp-74% $158.
West Driciantet Goldmiring- 1:08 34.
Wat Rond Cons-22% Gd
DR
Gambling
Steels, which throughout the Humphreys election' campaign have shown.
Eealty manic-depressive tomdeneirs will momentarily leap ahead with RUBBER other industrial tagging along some fair way behind them.
Profit-Taking
The honeymoon will end when profi-taking begins as investors realise that the country has got to get back to business as usuni. The tallhark will be brief then the share are likely to stari a steady unspectacular climb.
Whoever
emerges
victorious on October 9, however, will in- heral a national cennomy whichị is healthier than it has been for many years.
Inland, Steel Co. In Business Machines 35 1 Harvester
Early in the day selling had depressed ells, rails, steels
20031.25 specials.-UFI.
07 37.
300 37
300 36.75 1000 37
18
120 18.30
1500 18.50
1,075
1.70
13000 3.0
Alden Inc. key
A. 3570
UTILITIES Tran
ان الفاو
Star Ferry. Yuunată
119 120
IN 18 10
C. Light
100 39,75 3000 - 305 00030's
500 110 DOC 1 10 TO
20010.
4530 18 1
500 19.
23.10 23.0 23242500
3000 23.94
1024
2012.0
Electric
ins 12.70 12.00 Macan E. 10.70 Telephone
3014
1509331. 2200 m 30*
300 37 1509375
INDUSTRIALS Cement... 375 39.23
STORES, ETC. Dairy XD 18.10.10 2108 19:10 Watson
20.10 201 500 / 20
300 20.20 23
Textile
Closing Prices
Ahitibl Pwr. & Paper
Algoma Steel Corp. Allied Chemicals
All Chalmers
American Ahline
Am. & Furgn Powe Aru. Gas & Electric
Ain. Home Prud.
Am. Mesh, & Fury, American Metai
Am. Natural Goa American Spelting Am. Sugar Ref American Tel & Tel American Tob.... Anuiconde Copper Arin Steel Artmour
Anberton Corp Atlas Con. Mining Dalwin-Lina-1am. Uallimore & Onio Book of Molical Bank of Nuys, Scotla
International Nickel
International Poper Int'l Tel & Zel
2145
13
172%
Rates
accepted for shipments.
a few months ahead are above
current levels, but below the
43
1933
374%
1244
44
peak Agure
7713
This lear
410
$12
established carlier
This indicates that
Reliability Of
owners themselves realise the Boeing 707's
severe handicap imposed on re-
covery tendencies by the huge tonnage surplus,
It is apparent, moreover, that
no radical
change is likely to
Canberra, Oct. 6. DOEINGS 707' word tho
Bmost valiable vircraft
take place in the general situa-ever used by an Australian
tlen fer tramp
shipping over
the next two or three scars. airline, the Minister for Do-
ከነዐ trade
Clearly
tonange fenco, Mr Athol Townley, balance will be attained unilla told the House of Represen- large proportion of war-bullitatives today. 315 ships has been scrapped.
לפ
Mr Townley who represents
"Empire-type ship, Ampleforth, the Minister for Civil Aviation, to the British Iron and Steel Senator Paltridge, in the House, Corporation
for was replying to a Governmagy (BISCO) £37,500 is believed
to be the questioner, Arst wor-built ship of standard The questiomer asted that type sold to British shipbreakers. Qantas Empire Airways add Comet airliners to their foot because of the unreliability of Boeing 707'3.
Another "Empire-type" vessel is expected to be taken over by DISCO within the next few days, It may well be that this 231% mail irickle will develop into a
steady stream, because Con- tinentei shipbreakers are abo 2014showing increased interest.
Johns Manville Co,
50%
Kalver Indurities
1012
Kamas C. Power & Light
and
Kemecutt Copper
Kimberly Cak
6014
Liggett & Myers Tob. Ch.
Lily Tulip
51
Litton Ind.
111%
Izbbw Gencelesias
2412
$ 34
Lockheed Alteraft
261
57%
Loews Liр. .....
37
Lone Star Cement Co.
115
Lowenstein & Sons
171
3314
2015 McDuravell Aberaft
3211
| Messių Iron Corp.
The recent sale of the
Mimeta Mining.
1431%
(Montga.very Ward
BL
1631
Motorets Inc.
107
BET
„Nattemiol Biæcult Ci
53
25
44National Lead
474 National Dairy Pro
National Cash Reg. "A"
591%
10!
Netional Steel Corp.
78
0934
New York Central
Noranda Mpes Lad
47%
50
SMALL TRICKLE
70
Norfolk & Wester
North Amor, Aviation
13%
327.
20%
Northwest Airlines (Comi
30
lu
Olla Mutlionors
4736
1
Que Elevators.....
6912
671 Oxcard Paper Co.
14% Owen-Ji Glas
74
Pacific Gas & Elec.
12 4741 63
Beech Life Savera
3
Pan American Airway
Bel) Telephone
4034
Bereicial Finasee
Z+
Parks Davis te
Parament Helures
*4
L. Craw.
Bendix Aviation Cory.
$2%
Pony J. C. Ca.
Denguel Cons...
15
Penn Ball Ca.
Bethkiem Steel
37
Plip Morris
7.23 7.40 12.83
1000 7.30 SC00 12.00
Boeing Airplane
30
Pitney Bowce
Dorden (The) Co,
773
Procter & Gamble Co.
1314
Burroughs Add Machine
2944
Pittsburgh Plate Cjass
British Amer Du.. British Columbia Elec. Calif. Packing_Corp. Canu. Bk. of Com
375
Publicker industries
Yura oll
Radin Corporation
50%
5014
D0%
Raythron
401
Campbell Soup Co.
कार
Republie Steel."
75%
Canadian Pacific R. Cuse 12. 13 Co.
Royal Bank of Canada
83
27
Sedre, Hovbuck & Co.
457
19
Shell Oil Co.
74
Cat. Tractor
32
Safeway Stores
3712
Celanese Carp.
283
C. IT Financial Corp.
Schenley Inc.
31
Scoll Paper
Chrysler Motors
04%
2
Cluett Perbody...
Smith, Kline & French"
w
kong and Japanese yards.
Colgate-Palmolive Co.
3776
Camblen Carbon Ca.
Socony Mobil
41
481
Solar Aircraft
103
Incal
Commercial Credit
5919 South Puerto Rico Sugar
30-12
มาส
Conmidated Edison
152
Southern Co. (The) ...
Censolidated Paper
37
Southern Railway (Com)
3.76
Cummers Cas
Standard Brandr
Sterling notes iper £1)
13.00
Continental Oil of Del.
50
Standard 11 of Cal.
48 **
Australian notes (per £13.
11.66
Crane Co
Indonesian rupiah (per 100).
4.00
Sip cols (per 100)
20.00
DA Ted Alkal
Crowne Zelierbach
Standard G of Ind.
3552
Standard C o N.J.
47%
58
Singapore (Straits)
181
Diamond Gard
Steel Co. of Canada Sterp Rock
a2
33% Bierling Drug Co.
BI
Stono & Webster
06
Studebaker-Packard Corp.
17+%
Sunshine Mining
Swift & Co.
423
Техад Со
721
D
Thicket Chem
43
Tido Water Ci
Time Inc.
DSL
Tri-Cont. Wartonts
2015
Twentieth Century Fox Film
31%
Union Carbide
14237
Velon Oil of Cal... ..........
4355xd
Valon Paciße Railway
Nanyang
Production is eight
per cent more than a year ago, gold re- serves have gone on increasing corrONS despite the fact that July, August and September are tradi- tionally difficult month, and the country has been able to achieve a record surplus on overseas payments.--London Express Ser-
-(Londem Express Service).
vice.
Agreed Merchant
Whether this rally will affect! sterin depends on the workability of the Socialist majurity. If it is patently unworkable-ten seals or less, let's say-the mere daz- ing investors will be likely return. They will be gambling: that the period necessary nationalise so mighty an indus- try would be greater than
the Socialists Selling 803. imr needed for
16:
16
The
Rates
Belgian Francs Maximum
to realise that they could 110' West German Deutschemarks
continue in office.
sur-
Of course one can only ise at this stage but I incline
to the view that the shares least likely to fade in the grey dawn of a new Socialist government will be South African gold shares they are attracting American attention-and oils which throughout the election campaign have shown thert- selves rather more sensitive
than 16 Petroleum American conditions
of Britain's political findings
British Borneo Petroleum Syndi cate 414.
British Petrolcani Co., Ltd-1s
30
Buruak-45s.
Royal
£14-15/18.
Dutch
Shrt Transport de
--Reuter,
Trading-141s.polisters.
Cotton Out
World Industry Of Recession
Manchester, Oct. 6.
Official confirmation that the cotton industry throughout the world is now well out of the recession came today from the Cotton Board Headquarters in Manchester.
In a quarterly review of the irreased by 18 per situation the Board said advices January to July. fram muny countcles mentioned
cent from
"It la on nome interest that this
for
Maximum Selling 72-5/10.
Yesterday's Closing
Vibro
MISCELLANEOUS ..... $3.00
INVESTMENTS
I FE
Invest.
8.30 2000 GOS
Exchange Rates
exchange
Business was done in the unofficia!
market morning at the following rotests. U.S. dollars (per $1)
Dillers-Seagrams
COMMODITY PRICES
METALS
NEW YORK
Closing prices, all in cents
per lb.:
All timovailable.
LONDON
Closing prices, all in sterling
per long lon.
Copper
March/Apri MOJ LITTE July/Aug. Oct/Nov.
SUGAR
NEW YORK
unbated
22.24 | Na + c 2216 Spot rubber 21.00 Blanket crepe.... 21.10 No. 1 pole crepe, UPI
LONDON
Closing prices all in
No. 1 Ra spot
1833-19
100-1013 0735-0014
113-115,
Silale O
Textron Inc.
| United Aircraft
United Fruit
Unitert das Corp
U.S. Cypru
U.S. Line Cu.
US. Rubber
pence per US. Smelting
3214-323
202-281
1.
Stenent house toarn:
Nov
29-20
Out./Dec.
237-22
Jass/March
Abril/June
27-28
July/Sept
275-27
Oct./Dec.
3712-27
Buyers Sellers
79312 794
3-month
7931
724
b.:
Oct. Jan.
Oct.
Nov,
Contract No. 4 (world)
Estate crope U
March
3.20
3.20
Spot
3-month
234
Lead ist hair
May July
Oct.
Jan.
70
70%
Oct.
71
Zine 1st half
Зно
Oct.
a7
Jan.
B3
8512
Total Sales: 120 contracts.
Spot-if.a.b. Cuba).......
UNI.
Open interprt: 7,123 contracts.
Contract No. 8 (domestic)
Nov.
16.06
068
5A1
May
5.0
July
Spot---¡CIA, NY. ex-duty) 0.00 Total Sale: 24 contracts.
234
COTTON
NEW YORK Unovailable.
NEW ORLEANS Unavailable;
SAO PAULO (Closing prices all in cruzeiro per kilo). Unquoted Average price in U.S. at 14 designated spot. markets 31.73
cents.
better levels of activity, leng-considerable expansion in the thening order books and in some rate at production should have decline of occurred despite a cases improved profit margins.
como 8,000 in the number of Cotton yarn output was about | workers since the beginning of eight per cent tügher in the the year," comments the report. In overseas textile manufac second quarter of the year com- pared with the same period of turing centres considerable head- 1950, led by a sharp improve way was reported. The situation ment in activity in the United in the United States was sald to
be the most favourable States where yarn production was sixteen per cent above last several years. An upsurge of domestic demand and export year's levels,
orders was reported from Japan and the Indian colton mail indus- | 7b.: try was said to be in much better Make a shape now than for some time. In Britain yarn output per
Most of the Continental cotton working day was stasistently textile industries had recovered higher 'thon the 1968 level from strongly from the recession in the May onwards.'- In August it whs | last few months, Stookta had been nino per cent above the Jousty reduced and order books had
production figure. Cloth
In- imgthened.Reuter.
OUTPUT HIGHER
Sept.
Jon.
March
Open Berest: 1,404 Contacİ”,— UPI.
No. 3 rubber
3.85 buyers
FOREIGN
EXCHANGE
U.S. Steel
Warner Bros.
Waukesha Motors
Westinghouse Electric Western Union Tel. Co. West Vs. Palo '& 'Paper Winn-Dixie Blores
Woolworth (K. W.)
$3
Mr Townley said he would pass on the request to Senator Paltridge.
But Boeings were possibly the most reliable aircral flown on the airlines of Australia.
He sald 70 707's were in use by world airlines and the U.S. Government had two including one used by President E:sen- hower.
At the present time, BISCO's price for scrap tonnage le around £8 per gross ten, but this may
Mr Townley said undue publi- have to be raised in face of city had been given to some of competition from European ship the incidents that had happen breakers who are bidding up-ed to 707's-China Mull Special. wards of £ per ton gross.
Various
standard-type i
steamers have been sold in recent Air India's Pay
weeks for demolition in Hong-
Ex-
pectations are that soraptonage Later Scheme
Singapore, Oct. 6.
IR India International
sales this year will reach a post- war peak of around three million tons as against 1.5 million tons of this last year. The effect 4114 increased tonnage wastage, how- ever, will be tempered by the delivery this year of something its "Travel First and Pay like 9 million tons of now ship | ping.
Meanwhile, two distinct rate trends are developing in freight markets one for Liberty-size ships and the other for 12,000-
and ton Vessels
upwards. Owners of Liberty-size vessels
♫ here today announced
Loter" plan.
Introduced In collaboration with the Bank of India, the Air India becomes the second Inter- national airline to introduce the soheme in which tickets may be purchased on Instalments after a small initial down payment. have already secured small rate The Boar-Qantas combine was premiumns for shipments
the first to introduce the scheme
which ore British ports
not to Singapore some months ago. suitable for the larger-size ships. —UPt.
to
APL Model Presented
Closing prices all in cerits per General markets clit. basis, portapa
Oc thick Oc AMSTERDAM
Closing prices all in guilders
per kilogram, c.l.f. October
No. 1 rubber
No. 2 rubber
No. i crope
2.83 buyersE
2.81 bapers 328 buyers
UPL
NEW YORK › Closing rates: Canada England
onkiel 30-days
10-days
W. Gennany
Holand
LONDON
Closing rates:
1.06-7/10
4.8030 9050
0200}
1.815-580 9.00 lavis.3.05 18/10 19307-16.57 140.10-140,16
17999631739%
Taft-Hartley Act Invoked
In Strike Of
Longshoremen
Palm Springs, Oct. 6. President Elsenhower today Invoked the Taft-Hartley act in the strike of long- shoremen.
In an official White HoLÁRE statement "published today, the Proaldent named a beard of en- quiry wiitan the terms of the Act,
Ele Board was ordered to in- vestigate the dockest dispute and report back to the Presi- dent by next Saturday.
Under the tears of the Taft- Hartley law the President; is empowered to ask the Justice Department to order a -rulures to work for an 80-day. cooling, off period.
The President' can act only after hẻ bạy received the ros |port of the Board of Enquiry.
AFP.
The American President. Lines was the recipient of a model gift from Mr X. I. Chang, Manager of the China Handwork Company, when he presented the Company, as % token of his apprecision and exterm, with a model of the.
President Hoover.
Mr Chang who has byliś over 80 different models of various shilps for different companies, tas just completed a commission of six models for the American President Lines -three of the ii President Cleveland, and three of the E. ................ President. Wilson....... These will be distributed throughout the:
APL offices in the Far East.
Photo shows (left to right) Mr Everett P. Mörsell, APL Manaker Horshung, Mr X, L. Chang and Mr E. R. Egbert, Passenger-Traffic Manager, APL, Hongkong, standing behind this rádal as Pretidant Mopver.
RUBBER
2,13010
Austraila
"
Now Zealank?
2.7933
South Africa
Belgium
NEW YORK Hex rubber futures closing Total sales: 71,200 bal
prices, all in cents per lb. bales. LIVERPOOL Closing prices all in pence per
American Contract
Oct/Nov. Drc./Jan.
Nov.
Manch
Bept Nov.
0045
indle
Pakistan
3760 37.00
32.00
New York
Montreal
32.25..
Ainsterdam
SINGAPORE
March/April
21.13
May/June July/Aug. Got/Nov
Mixed Contract
Closing prices all in 8tipity Frankfurt #140 conta per H. f.oh. Malayan porie: - Parle
No. 1't.
1909-1001 Stockholm
Brun
Oslo
Dot./Nov. Prec/Jan-
Miten Viersba
No. 3 Oct.