Page Z
THE CHINA MAIL, TUESDAY, DECEMBER 8, 1959.
STRENGTHENING STERLING
Possible Full Convertibility Not Unlikely
London, Dec. 7.
HONGKONG Wall Street
STOCK
EXCHANGE
by
Our Own Correspondent
Business done at the Hong-
Things have got a bit out of phase. While kong
actions:
Stack Exchange 1218 agmounted to approxim→
Strengthened By Industrials
New York, Dec. 7.
sterling is under its first spasm of tech-mely $1,039,500. Neon gusta Special strength in a long list of high grade indus- nical pressure since the dramatics of ions and September 1957, the air is thick with rumours of its coming full con- vertibility,
the morning's trans.
Shares Buyer Seller SARY BANKS
20 1360
AK Bank
East Asia
INSURANCES
105 1065
173
In the long run they could the upswing of the trade cycle 04
important and is therefore true the convertiblity measure of unky-
rune
300 14 B4
205.03 5035.03
300 140
Lombard SHIPPING waterboat Wherlock
DOCKS, ETC.
23 60
8.63 5.70
130
142
400
$40
Providen
6732
100
57
10.30 109
1000
101
1000
101
500
103
Tatkex ....30% 301
203 30.25
2130
321
1000 or 3015
LAND, ETC.
Ik Hotel
UK Land.
37.75
33 30
also behind cycle. All them in the money.
them having made ing the security sterling rate three of
any time money dearer and fighter for could have come at
last December. In the purely internal reasons, Britain. Whart since short run they merely agravate in sy eventually have to make it
dvarer or tighter for inter- Dork the pressure,
while American national reasotis, Similarly,
Germany's
polley JACKAN quarters are still concerned to
tight And deny rumours of eventual dollar being kiternally devaluation or rise in the externally wrong, the Bundes- спог to militate the sold price, the London giftedged bank's
do not market is a prey to fears that external
Though even succeta money in London may have to wholly be made dearer and tighter to they, include forward exchange cover irre of charge to the defend sterling against
Gronau banks. Tightness pull of money to overseas een-
centres may It is not haywire but the
money in foreign tres.
be mere influential than situation is unusual.
dearness. The Now
Imaks German
Real Drop
the
Last month had the first real drop in Britain's reserves more than two years the first caused by spending from reserves to support sterling in- stead of by debi repayments or other rectal racters.
with
This munth, starting
stil under pressure Eterling
with this anttual and ending North American debt payment of £70 million might be worse. British authorities could The not be more nonchalant.
In any case
the bank rate
could hardly have been changed
in the week ended December 5 while
the authorities
were
of its n changing the form nouncement so as to make plain that the Bank of England does of not fix it behind the buck the
WIOTICSS
of
Humphreys 2018 2013
Really
RIER Anialz.
London may at least tighten the Treasury Bill rate, which c now, looks too low against New York's
The internal case even against a higher bank rate is Revival In capital Grouting. goods though still barely visible Intove grand is sufficiently well | Telephone
entrenched below pround to be probably undeterrabile by such i change, China Mail Special.
N.Y. Sugar
Market
+
STORES, ETC.
Dairy ...23 20.00
Walm
10 20,10 Lane, Craw, 25.20 25.00
COTTONS New York, Dec. 7.,
Textiles. 0.03 0.23
trial shares lifted the industrial average to within touching distance of its record high set on August 3.
Du Pont led the group and at its boal wres more than a dollar over Friday's olo:c. Other strong spots that contributext to the rise in the average wern Owens Illinois Glass up nearty #3, General Foods up $2, United Aircraft up nearly $2, and Inter- national Nickel up more than 31
share.
More spectacular gains were set elsewhere. Atlas Powder Morell ran up more than $8. ran up more than $4. Poturold gaindi $8,
Motors
that
T
Bank of Nova Scoila
Beech Life Savers Bell Telephone Beneficia! Finance
Bendix Aviation Corp Benguet Cons. Bethlehem Steel Boring Airplane Borden (The) Co. Burroughs Add Machine British Amer. Oli British Columbia Fiet. British Columbia Pwr. Cani. Pocking_Corp. Cares. J. of Comm. Cana. Drewers Campbell Soup Co. Candia Pacife R
into
Cive (J. I.; Ca.
Cat. Tractor
Celeste Comp
American 100 38 100M 30 proft-taking
brought it 6137.33 | down more than $1 a altare.
Gabriel Co. In the auto equip- manis, led the market in titen- over, helped by a block of 38,200 shares.
than 5050 mor Jersey
Standard was point. active in the ails which showed
ព
600 11.73 guins ranging to more than $1 in Amerada, Continental, Phil- Hips and Honolulu.
Today's volume was 9,020,-
000 shares.
American Exchange volume was 1,700,000 shares.
C. I. T. Francial Corp Chase Manhat. “Bank Chrysler Motors Clue: Prabody Colgate-Palmolive Co. Colombian Carbon Co Commercial Credit Consolidated Edison Consolidated Paper Consumers Gar Centinental Dit of D:). Cosmos Imperial Mills Crate Co
Crown Zellerbech Latamond Alkat Diamond (and Distilleer-Seagrams Dominion Stores Dougies Aircraft Dow Chemical
Dow Jones closing averages General Electric
#bonds
London
Closes
Firm
London, Dec. 7. Stocks started off the new account with a firm show- ing on Monday as fears of a rise in the bank raie vanished.
Ly
Steel shares were particular-
bright among
Industrial
equities with the major com.
say dividends and carnings resulls
434 this week.
BATH
Bhipping shares were strong, firmed along
13 while drewarles
with most engineering
301 higher start..
Stores backed down ofter 2
Small Investment buying sent
Problems Facing
The British Aircraft Industry
so gilt edged securities from to have, contributed
3/10 higher. Foreign
were a dull spot
stocks advanced."
but
dollar
tins
By JOHN KINGSLEY
тя
Swing
2034 pantes expected to announce The recent appointment of Mr Duncan Sandys, formerly Minister of Defence, to be head of a new Ministry of Aviation exile attention to the difficult problems and decisions confronting the British aircraft industry today. slocks,
That Industry har many But the huge long distance Ittirilner is not the only aircraft achievements to is credit. can be claimed that British Arms type for which there is likely to more to the be a growing demand. Since to
the
growth bondstechnical advance of aviation | maintai
than those of any other country. passenger. ali transport, fares, For example largely through the jand therefore costs, must, pornÉT work of Sir Frank White, the down, economy in operation, ka Ear and sasurance sharca British Industry ded. the way in bound to become ever more im
portant.on ETRES ( TOUBES, A...dias firmed quially, end the Kadr jthe development of the gas tur-
bine. gains. merket managed amali
Today one of Its firms linek possibility is a
turns out more towards the type of airliner A rise in the red metal price Rolls-Royce,
to run and, is engines for more types of air- which is cheap copper ahead and 2016 50121
from existing 48 follower on a boost in export craft than any other concern in able to operate
short] runways. Leading quoias.
oils and the world. In military aircraft (relatively
and supersonic Here the British machines sich minor gains the V-bombers 23 rubber showed
English as the Britanada and Cornet (and) fighters, such as the UPI.
Electric Lightning and the still probably the others now being more advanced Fairey Delta 2 built) excel. Most of the world's
Roe 52, are as flying is done short or and Saunders forward as any produced else- medium stages where the giant whore. In civil planes Briushjet has no real advantage except "There is also a vast turbo-props include the Vis- glamquir. count, best seller among post- and growing demand for work- war airliners, the economical a-day transports, for aircraft for
the Vickeringricultural Britanala. with
purposes for B- After veying, for privately transport- 1039/0-Vanguard coming along. 3150%. 1998/200s the ill luck which attended the ing business executives and so On. in all these fields Britofn Comet I, the world's first pure- jet airliner, the highly successful has much to offer, and in all of them her aircraft manufac- Comet IV is now in service and two further turbo-jets, the DHturgre should have no difficulty:
In
their strong maintaining 121 and VC-10 are on the way, The Fairey Rolodyne is the technleal position.
first vertical take-off
Closing Prices
utraged Nonde
British Transport 4, 1978/08— £67-17/10.
Başke
Darelor's Hank "A" Lid ord-12.world's Chartered Bank He
Hongkong—42816.
.
I Canton ES-3/16-
Union Insurance
Aircraft and Motors
True...
in
patriating they need it.
Mone
York aut have been
lecam!
A. Tawah.
330
400
5.00
UTILITIES Tram Yanotati
314 31.75
$2 133
000 - 120
135128
the
Light
100 120 20.00 23.70 2300 20,63
1000 20.10
1000
29.10
Electric
25.63 23.00
000
2500
1200
25,76
Bonus 24 30 Rs. 14.30 14.03
31 311
Of a total 1,200 shares traded, 573 were higher and 481 lower.
3412
97-
61
14.20
Dupos de Nemours
Console 2 TO— 15071. Consol 471
Lown Convertion
133
31
Eastman Kodak
108
500 31
500 431
Firestone Tyre
F Natural Rubber
Fundir
Loan
31. 1909-
3.
23144
LISVIL
Bonds volume amounted
to
First Nat. City Bank
01
Funding Stock
Ford Motor
£13-13/16.
INDUSTRIES Coment
30% 78.75
38 25 $7,480,000,
Georgia Pacific
Funding
Сдел 4.
1960/90-~~-
Ceneral Dynamics
5014
£94.3/10.
Baving 3, 1835/33-19.
1000
203 3515
General Foods
1041
were;
Baving 33, 1900/10-£83-12/16. Saving 3, 1905/75-279.
General Motors..
511
30 industriais
006.07
Gen. Tyre & Rubber
500
20.00
20 ratla
153.31
Getty Oil
500 p 20.80
15 ctitica
87.13
Glidden Co.
2000 D 2002
214-11
Ooodrich (B. F.) Co.
2000 3.3
price index 157.32
Goodyear Tyre
Gulf Oll****
1101
Beyden Newport Corp.
Diam Walker
3000 w 0.15 2000 2.3 1900 1 0.20
Homestake Bining Co,
$393
4.
gran Refrig.
Idaho Power
473%
3G
14.10 14.30
1000 14.30 1000 14.20
372%
12037
47
100 $15
Allied Mill Inc.
38!!
Vibro...... 141⁄2
INVESTLIENTS Allled
Allis Chalmers
331
Inland Steri Co.
04%
Am. Brake Shoe
50%
Interchemical Carp,
4315
American Airline
24
0.40
Am. Cable & Radio Corp.
11
Int'l Harvester ....
Int Business Machiner
433
4913
$26 5.40 2000 1 120
American Cyanamic ca.
International Paper
14544
Amer. Forgn. Power
Int? Tei & Tel
40%
LO
Am. Gas & Electri
Am. Home Prod
180
Kaiser Industries
15
-4B4
XEAS C. Power & Light
4811
25%
Kenneopt Copper
ទ
M
Kimberly Clark
70
ggrit de Myers Tob, Co
B9%
491%
Lily Tullp
201
Litten Ind.
143
77%xa Lockheed Aircraft
209!
Loews Incorp
424
Lone Star Cement Co.
73
Lawenstein & Sons:
3344
McDermott J. Ray
Asbestos Corp
23
McDeniel Aircraft
Merab Iron Cory,
Baldwin-Lima-Jam.
1734
31menata Mining
26.00
Baltimore Orin
41
Mision Development
1.70
Bank of Montreal
575-b
Monsanto Chemical Co.
Montromery Ward
Motorola Inc.
3374
National Bicult Co. National Cash Iteg. "A" National Dairy Prod.
came
Chancellor of the Exche- Į quer. But a change was a non- official starter anyway. The lino is that hot menoy hardly matters either way. It into the reserves when the pull towards of Interest rates was London and can be waved
that i cheerful
now goodbye the pull has reversed,
Britain is behind the United States, Germany and Japan in
OFFICIAL NOTICE
3
Proposal to change a Ship's name
1.Yuu-Shin Zee of 12A Kai Yuen Terrace, 3rd floor, Hongkong, hereby give notice that in consequence of Com- pany's policy I have applied to the Minister of Transport Section 47 of the under Merchant Shipping Act, 1894. ! in respect of the British steam ship COLDEN NITTO of HONG KONG REGISTRY Official Number 187666 Gross tonnage 4474.47 tons Register tonnage 2485.26 tons, hereto- fare owned by The World- Company Wide Steamship
World No. 4 sugar futures to- day closed one point higher to one paint lower with sales of Nazyang 201 contracts.
Domestic No, sugar closed unchanged to three polnis MSCELLANEOUS
higher with sales trnets.
of 19
con
Both markets were on the In quiet side while Traders awaited rome new incentives.
Over the weekend, Spain was the accredited buyer of 8,100 tons of Cuban refleed sugar for Dec.-Jan, shipment-UPI.
Agreed Merchant
Rates
Exchange Rates
Tusipess was
done In the local unofficial exchange matket this
ring at the following mates:-
U.S. dollars per $1) Sterling notes iper £11 Australian notes (per Indonesian rupiah (per 100), Swiss Francs, Maximum Sell-Siam ticais (per 1003 ing 75%.
Singapore (Strails)
Yesterday's Closing
6.60 13.03
5 o
Comm. future
Closing Prices
Abitibi Pwr. & Popot Alden Inc, Aey. ... Algoma Steel Corp.
Allied Chemicals
Am. Mech. & Fitry American Metal Am. Natural Gas American Smelting Am. Sugar Ref. American Tel & Te
American Tab.
Anaconda Copper Armco Steel
Armour
12A8 Atlas Cons. Mining
2.20
COMMODITY PRICES
SINGAPORE Closing prices all
Mat.
715%
71%
SUGAR
Zine isi halt
Dec.
0415
D
Mor
cents per
-UPL
NEW YORK
Closing prices all in cents
Limited of 420 Marina House, Hong Kong, for permission per lb.
to change her "GOLDEN ZETA"
name to
und have her registered in the new nome at the Port of HONG KONG as owned by The Marine Navigation Com- pany, Limited, Hong Kong.
093
COTTON
NEW YORK
Closing prices alt in cents per
ports:
No. 1 Dec.
Jan.
No. 2 Dec.
No, 5
No. 4
lb. b.
Slanket Crepe
rubber untilod
No. 1 pale crepe.
Imperial Oil
Imperial Tobacco
Ingersoll-Rand
4712 Johns Manville Co.
in 'Straits
National Lead
National Steel Corp. New York Central Noranda Miner Lid.
Norfolk & Western By.
North Amer. Aviation
Northwest Airlines (Core)
Olle Mathieson
Osis Elevator
Owen-nols Glas
Oxford Paper Co. Pacific Gas & Ellos. Pan American Airwayne Paramount Pictures Malayan Parke Davis Co. Penny J. C. Oo, Penn Salt Co.
airliner. The range of transport
and smaller specialised machines Soviet Ship
offered by British munufucturers at least matches that of any other country.
Brius: Motas Corp. Ond 34. EXPORTS RISE
Ford Motor Co G Tajd. Rooles Lid "A*~$_$$$££.
Standpet Triumph International-
Breweries
Dizilers Co-3s 9d.
Building and Materials
Amoclaped Portland Cement-21*
1164.
Pinchin Johnson Associates Ord-- 20m 1440.
Coại, Blae) and Engineering. Babcock & Wilcox Lid-4 d. Vickers Ltd 324 30.
Food and Tobacco British American Tob. Co., Ltd- the d.
Imperial Ibacco Co., Lt-OBE
MisceŽÍME QUEM Beardruen kärden Li-da 1560. Brink Oxygen Ltd. Ord=135 6. Canadian Facile Riy-Bla14. Dunlop Rubber Co-40" 10)ad. Hongkong China Gas-13. Knaerial chemical--848. Lyons & Co-7ts Od. Unilever Lid 127 04.
Paper
Doweler Paper Corp Ord-050 od.
Radio and Kifctrical Associated Electrical-ba" DA. Electrical & Musical-70s éd.. Engllin Electrię Co-40% 20. General Electric 438 J.
Indo-China
Shipping
Steam Nav. Co. des
1012
ord-12# 91.
P&O Steam Navigation 23-447ud.
44%
storer
def and
Great Universal Stores "A"-45
Sacks & Spencer Ltd-11s 3d. Woolwalth F. W. * Co=000.
122-1221; 118-110
Pitney Bowes
12113-1221; | Procter & Gamble Co.
Pittsburgh Pinte GlasS
2814 7436
115-100
Publicker Intustes
101
124-126
Pure Oil
117-11
Radio Corporation
711
Textiles Coste J&P Like 3. Courtaulds Lad+372 64.
136-138
Radio Corp. Pret.
Raytheon
per
Anglo-American Africa02a 5.
LONDON Closing prices in pence
Republic Stee!
Reynolda Metal
Royal Bank of Canada 354-364 Bears Hoebuck & Co.
Shell Ou Co. ..
Stores
Saint Reg. Paper
Schenley Ing.
Contract No. 4 (world)
to
Jan.
March May July
3.05
1b.:
1.17
.:
No. 1 Rm spot
3.20
Spol: Burch; 33.97;
22.85
Jan.
3.28
nam: Dec: May: 3.20 July:
Settlement house termi 32.51: Jan/March
Apati/June
Mar
3.20
Spot-10.. Cuba)
2.99
3104: May: 3124.
Dot/Dec.
Total Salta: 291 contract.
NEW ORLEANS ·
34 Batowy 331-322 31-31 304-3011
Scott Paper
Dec.
Sinclair bui
Bah, Kine & French
Contract No. 6 (domestic)
Уал
May July
March
5.72 3.06-07
5,59
Spot-(C.14. N.V. ex-duty)
Total Sples: is contracts.
UFI
Any objection to the pro- posed change of name must be sent to the REGISTRAR OF SHIPPING at HONG
KONG within SEVEN days from the appearance of this advertisement.
Dated at HONG KONG the 5th day of December 1959.
THE MARINE NAVIGATION COMPANY
LIMITED.
NOTICE TO CONSIGNEES
11. "TAIPING* Aftived sih Daugi,kur, 1889. Denged parg¢ «K harveyed bir andais. Vauri Will
Browne at Hongkong de Kowloon Godawn *190) and on Vinduesky, hand Thursday, zéik · Duanenver;
Open interest: 8,450 contracts.
METALS
Doc: 2.40:
thick Dec..... +1 AMSTERDAM
No. 1 rubber
No. 2 rubber
Open interest: 1.875 contracts.w
32.83; Oct: 39.94; Der: 3034; Mar. | July/Sept.
General markets, e.lf, baads,"poets,"
30-35
Closing prices all in cents per plate crepe stay Dec.... lb.:
Spot: 31.15:
March: 33: May: 3320) July: 32.83; Oct: 30.03: Dec: 30.80; Mar: 31.08; Moy! $127.
BAO PAULD
All unquoted
Avenge price in US. at 14 do- signated spot markets: 31.00 cents.
Total sales: 159,973 tales.
LIVERPOOL Closing prices ail in pencu per lb
American Confrict Dec./Jan: 298; March/April: 23.28: May/June: 23.60;· July/Aug! 23.45; Odi/Nov: 22.46;'. Dec/Jani
22.35
Mixed Contract
Dec/Jan: 23.03
March/April:
23.75; May/June: 2350; (July/ASE!
22.70; Oct/Nov: 2270:
22.00 UPI,
Socony Mobil o
Solar Aircraft
South Puerto Rico Sugar
Closing prices all in guilders Southern Co. (The)
per kilogram, aif. Dec.
No. 3 rubber
No. 1 stops
Southerns Natural Gas
3.40 buyer | Southern Hallway (Com.) 3.38 bruyets Standard Brands 330 buyers Boundard Oil of Cal 4.00 bugers Standard Oil of Ind.
UFL
Stallard Ol of NJ.
FOREIGN EXCHANGE
·NEW YORK, Closing ratos;
| Canada
England
Cacial
Sedaye
New Zealand
Attien
Steel Co. of Canada Steep Rock
Berling Drug Co.
Stoicaly-Vary Car
Slope & Webster Budebaker-Packard Corp.
·Substane Mindng Swift & Co.
Takes Co
·Textron - Inc. Trokol Chem. Tide Waide Ou
Time inc.
T-C. Warrants
Twentieth Century Foo
Weston Carbide.
Union Off of Cal.
United Aircraft
Undied Car Corp
UB Gypsum
The Cu
melting 2008. BUT 2 RC P*
waukee
15/10 | Wh
NEW YORK
· Closing prices, all in per 1b.:
Lead
Dee.
Jan.
Dec
Jan.
Copper
LONDON
.conte
1.28
11.83
**
Closing prices, all in, sterling
1940, com2496, TRUTTORITVited | inds, 19rag, 10th,
a regijented – to... present diiring
survey:
BUTTERFIELD ATOWICE, TILI) LTD,”
An
Apat
Dec/Jan
RUBBER
NEW YORK,
Rex rubber futures closing prices, all in cents pór ib.! **
March
MATEL Hept
.
Bykoz Meliája.
148
Nov.
30
| Bouth
india Pakistan
LONDON
New York 41.80-86 | Montreal.
Amelerdam
Vienna
Zurich
1.00-9/32
Union Paco Railway
2.7092
UB.
Woolworth
Miges
Corp of South Cony Goldbelds of South Africa
Cons. Zine Corp. Ord-731 60. De Beers def-12 Git
Treg Diate Developement & Invert- 0611⁄2 | ment-0% 10% di
*
Hamkong Finite sved. Petaling Tin-la” Bd. Rand-1 65.
Southern Kinta" Cona: L4d-300 D Inion Corpïta ithd.
West Driefontein Goldmining—the
West and Cone-20%. 1932d.
Qu
British Borneo Petroleum Brudi:
British Petroleum Co., LO-5%. Burma-474.
Over recent years the valuo
of the industry's exports has been rising steadily to resch £16 m In 1958 and an annual rate of ovar first half of 1959, | fifty types
Impounded
On
Bremen, Dec. 7. TURKISH shipowner to-
day won an injunction - £170m over the from a Bremen court to have
More than
The Kharkov was in collision off the north German const on November 24 with the Turkish freighter Tanar, 5,595 tons, in dense fog.
of foreign aircraft the 5,677-ton Soviet freight arg Afted with British engines or Kharkov impounded pand- and many more use British pring a claim for damages. pellors, undercarriages, Queza fle pliole, radio, instruments and so on. British military aircraft are in use in nearly 50 countries. Despite this apparently rosy picture, the British Industry is faced with the need to adapt it- When the Tapar sank, the self to big changes which are Kharkov picked up the Turkish
and brought- laking place, especially in de- treighter's crew fence requirements. Among the railors ashore,
The Tanar's owner, Nejat the complex problems involved is the question of further pon- Dogan, applied to the Bremen
Arms centrating the
In the court to have the Soviet vessel. industry into Jarger units to held in port. Investigations are enable them to compete on underway to determine whether more equal terms with larger the state-owned Soviet Shipping Company could be made respons foreign rm9.
Dominating the situation is sible for payment of damages,,
Meanwhile, the Kharkov WEE The fact that, for military pur-
missiles poses, guided
repaired in Bremen shipyard." partly replaced manned
Ripresentatives of the Soviet craft, and the future of the State Shipping Company mid fighter and bomber is uncertain. to-day they would contest the Not only are orders, for military court's order saying that they aircraft talling off, but State thought it to be premature and funds for the development of unjustedAP now' typer have bad to be cur-
have
alt-
tailed and, for the aircraft Arens,
the work involved in missiles is Hire-Purchase
not pensato.
nearly
With
enough
fo 'com
the decline in maliitary Pilot Training
orders and associated
develop
ment grants, most Arms in the Industry
London.
I purchased feature of
have beast taking a greater interest in civil aircraft, DILOT training on hire, and soms have diversified their businesses · by tuming to quite
to
the
unrelated products. The Indus-flying in the United States try's : approach
civil for many years is to be in- market is cloured by the froduced in Britain by the prestige attaching and the pro- United Dominions Trist, 4 minence given, to producing & Finance house. mapcessful ̈ ̈ rgfór airliner. In this field at present the Ameri- cans have an undisputed lead. LARGER JETS BES
}
said it had The company. completed arrangements with 40 British clubs to offer hire- Here one of the post in purchase training for a privats partant decisions - before. the plot'a licence. Endurter is whether to embark
Normal cost of the course is on the development of the large | 2120. which includes Royal Dutch Petroleum£ 15-13/16. supermic jet aizier which minimum of 30 hours flying
Crimport # Trađu will be the major long distance instruction.
Aircraft of the 1970s. It would cost well over 2300 minion ind
Chicago Graing
Market
Grain
of
and prices) were
Chovernment friabciál
would be required in
of the project it is argued that without it the Melikhede..
China's New
mart indbally would lose oud Airline
in tichnical knowleday atišť #K+, gesties in comparison with Big Hordum pumpet fors, aver a wide
sector of the wircraft fald. the other hand 3) in conten tassa developing tha?
Routes
Tokyo, Dec. 7, INA reported today the of operations for