THE CHINA MAIL, TUESDAY, DECEMBER 15, 1959.
BALANCE OF PAYMENTS
Withdrawal Of
U.S. Gold
HONGKONG STOCK
Wall Street London Advances After
Was Well-Timed EXCHANGE Mixed Opening
London, Doc. 14.
by
Our Own Correspondent
New York, Dec. 14.
Stocks advanced following a narrowly mixed open-
ing today.
the
The industrial stock average Business done at the long-
tren this resumed
upward Stock Exchange
Anal three torning Amounted to approxi-mterrupted in the
Noon quota-sessions last weekt.
Whoever did it, that withdrawal of $60 million of United States gold last Thurs- day (December 3) was well-timed to remind any jitterbugs that the non-n dollar currencies have some persistent mately $516,000. strengths as well as the occasional tech-ons and the morning's trans-
actions: nical pressures which were deprossing BANKS Sterling on that day.
We have not heard the last | of the United States
of payments,"
of the New The President Lalance York Federal Reserve has bech
Josses of explaining that serves in dollar do not affect the internal mam supply and even to the extent that
déficit showVÝ payments
if the reserves or the internal conomy require it, Britain will have higher
bank rate,
other remedial action.
or
At present the authorities are watelift but relaxed.
Seasonality
Much of the tension in world toy markets is only the end- your Seatonality, which will an- New In the matically ease Your
the morcover whet
will Mited States
Treasury
in outtow of gold.
This
נגו קונו
is regarded Dy the Tack Federal Reserve System on it short-run ba-is, at least as outy affecting policy..
une
DĹ
5:03
ave completed its financing of 1 record hugget defeit 512 billion in the year to last deficit June, plus the sonal
in the present of evra billion half-year.
For the coming half-year, it will have seasonal surplus of
at least seven billion.
Sorne af
stock the present
market buoyancy is al end.
yo sasality, but it signi- cantly extends to Frankfurt and
hey rentres.
The
Lulicies
money present drastie intended
be There is a world-
124
comuetive.
wide busine
tu
the boom and
doing their
Cotral Banks are
sauff to sup t getting out of Fr.
Investors
suit investors Nothing could better and they, rewan to have the one to ree it,
Surprisingly, little attention has been paid to the New York Fethral Re orve Bank's demon- stration that gruss United States short-ter Irabulitics already Netti the gold stock and have de so for some time,
il:
They include three billin dollars tid by international well as 175 institutions, billion held by countries,
Sonke
international of the holdings are fully as spendable as those of individual countries.
18
The World Bank doing Its inw Bruncing In more of
but it certainly re- Europe, Kards its existing dollars
11endable.
The International
Monetary
Fund's dollar holdings, arising
Ile adds that the United States must Conduct its affairs am
Awale Trust as preserve complete. confidence in the dollar's ability to buy goods and services at competitive prices,China Mail Special.
101001 2018
Dow Chemical Dupont the Neinours Fortman Kodak
Paso Natural Ga Family Finance Corp. Firelone Tyre & Rubber
Fint Nat. City Bank Ford Motor Co. of Cana. ns-Georgia Pacine
General Dynates General Electric
Brokers TE the market could be forming a new base for a passible successful sault on the year's high in the remaining wocks of 1939.
Fivetronles had soene gainers
International with Maclures up krouni
General Food
Closes
Higher
London. Dec. 14.
100 Stock markets were buoyant
ד
again today and prices continued their upward course under the influence of persistent investment
This was sti buying.
mulated by good company and prospects of such in the New Year.
287 13324
www.
173
476
મ
1047%
Goodrich (B. P.) Co.
17?
Business
Goodyear Туге
Grumman Airemit
21%
news
Gulf Oi
JUA
Hammond Organ
3422
more
Homestake Mining Co. Pinko Power
42
Imperial Tobacco
rose the
Inland Steel Co.
interchemical Corp.
Int'l Husinc Machines Int'l Harvester
40
International Nickel
110
International Paper
130
three and than two.
Hiram Walker
Du Pont was up a half in the Imperial O
where Thjokol chemicals
point. In 500 1034, dregs Merck was off around 21⁄2 Oil of Call- points. Superior forma dropped 15 pokers ki a generally easy oil section
11055 15000370 300373
3.75
were dull
mag
in Tel 70) Jahns-Manville Cu, Kaiser Industries in steel Kennecott Conver
following
Bethlehem ana Neruwwest Airlines (Com)
Olls Elevator ..... U. S. Steel Owen-Innos Ginss
Oxford Paper Ca Pacifte Gas & Bee. Pan American Airway'a Paramount Pictures Penny J. C. Ca. Philip Morris
Youngstown was unchanged.
Today's volume
000 shares.
of a
traded, 547
5 Inwer.
and | Procter & Gamble Co.
Industrial equities have been 405% the centre of interest and numerous gains were recorded.
and Welc prominent Bots Steels
shares made many engineering
43%
439% good gains. Electrical equip
ments gained ground under the lend of Philip Lamps. Tobacces 39% and breweries were again in demand and textiles advanced
14
3 sharply, especially calton issues.
GOOD GAINS
0436
10Z
532
43%
gained more Shipping shares ground God building shares Tumer and were favoured, Newall, ICI., Unilever, Bour: and many other blue chips closed with good gains.
I
the
12.
INSURANCES
Loncharl
SHOPING. Waterbeat. Wheelock DOCKS, ETC
TKO 1065
350
350 2700 265
› Litton around more
Instrumenta fell Texas
Loan one
KI
1.12 130
100149
110
Block
SA
St
Imise than
Pravichni
- 10.20 16 19
1
IN
391,
LAND. ETC
HK Hotel
E
the
reserves
many
t
factors. Joney
Steels
20 20
last
week's
(Humphreya
Realty
1000 20 40
negotiations.
1 320 1425
Republic casted.
edded mero
than a
half and
760
550
was 3,100.-
A Tuw.h
Stagpaka
460
total
1,270 were higher
shares Pitney Bowes
Publicker Industries
UTILITIES
Pure Oil
212, 31 75
Radio Corporation
374 7114
Sim Feng . Yousuall
13 127
Radio Corji. Pref.
12
C7 were
C. Light, X
Bepublle Steel
74
bonds
Royal Tank of Canada
€142
25.40 23.68
Seara Roebuck & Co.
481
socks made
INI
24 15
Shell On Co.
70% with
11.20
Safeway Stores
42,
31 31
200
3915
Painter. Paper
1000 & 34
10.
Schentey Inc.
Scott Paper
J
INDUSTRIALS
Sinclair W
Count
314
13
Smith, King & French
2010 381
Radi
Sorony Mobil Dil
Solar Alremit
STORES, ETC. Doty
Aerican Cynonnud
South Puerto Rico Sugar
... 2030 2040
200 204
A Gas Bretele
**
Southern Co. (ne)
133
20 30
An Home Prod
Southern Natural Gas
100
20.42
Am. Mach. des
40
Southem Railway (Com, 1
Watson
19?
24
Standard Brands
140
Chow. 251 23.190
Am. Natural Gas
572
Standard Oll of Cal.
American Smeking
Standard Qll of Ind
41
COITONS Textiles
1.00 $1,00 Nanyang, X5 13.70 14 D
At. Super Her
Standard Ol of NJ,
403,
Aerlenn Tel & Tel
76
Steel Co. of Canada
£67%
921
500
$3,00
American Tob
100
Stene & Webster
Console 2-£50-3/10-
500
24
Anda Copper
Hb debaker-Packard Corp.
215
Sushine Mining
G
Swift & Co.,
MISCELLANEOUS
17
03
Jon/c
36, 1999/2014.
£72-5/10.
Funding Loan
1000/90-
Sweden's
Trade
Reaches
New Peaks
Stockholm, Dec. 14. Sweden's exports and im
ports reached new month-
Electric
Electric
Macan E
Telephant..
101, 144 70
Via 14.80
0.30 6.30
5.40
ly peaks at 1,155 million | revESTMENTS kronor and 1,163 million Int
Allied respectively in October. Over the first ten months of the year exports 9,279 totalled
million kronor and imports 9,903 million, resulting in a de- ficit of 623 million kronor trade compared with # deficit of 1,207 million
the kronor over
same
period last year.
Imports at 20 million
ד 10 + COR
50 120
300 1970
500 19.80 3845563
140 24.10
34.59
3406 307
Exchange Rates
13 was cirte in the Incal Lite thical
market any exchange morning at the following rates; -
American Exchange volume wan-1,580,000 shares.
Bonds volume
50,300,000.
armounted 10
Closing Prices
Abitibi Pwr. & Paper
Algoma Steel Coup.
Afited Chemicals
Allied Muệ Ine.
Allis Chainera
A Brake Show: Augerican Coute
Cary
American Metal
والات
Raytheon
Armeo Slee
Asbestone Chy, Dalwis-luna-ktorn.
Baltimore Ohto Bank of Munteen) Korden (The) Aki, Burroughs Add Machine British Amer. Ol
British Columbia Flec. British Columola Pwr. Calf Packing Corp. Conta. Bk. of Comun. Campbell Soup Co. Canadian Pamille R Case (2. 1.
Cal, Tract
Co.
Celanese Corn.
Texas Co.
407 | Textinn e
595,6 | Miokul Chem.
DOY Tide Water Oil
35 Inc.
Cluett Peabody
39
Traders Finance
373%
Tri-Cont. Warranty
30
Twentieth Century Fox Fil
Unton Carbide
509
5924
Union On of Cal.
0414
Union Pacle Raliway
United Arealt
25
United Fluk
20
United Gas Corp.
24
U.S. Cyp
27 U.S. Line Co.
400
In
ISPORTATIO
Japan Plans To Improve Her Shipbuilding
Tokyo, Dec. 14. THE Japanese Ministry of Transport said that it was working on a plan to help the Japanese shipbuilding industry over its current recession and to stabilise its operations.
F-
for export Never Stop'
The plun Involved the striction of competition among Japanese shipyards orders, the transfer of surplus inbour to other industries and the lowering of the level of uperations within the industry.
The Government also said it would help the industry with the the grant of loans from semi-official Japan Development Bank, easier deferred payment terms for
Railway Plan
London.
A 5-yr-old engineer
has suggested a "nover-
export shipbuilding stop" railway as the answer and the lowering of steel prices to traffic congestion in innor
London.
EXPORT ORDERS Export orders received by
Mr William the Japanese shipyarda and told the Society approved by the Ministry since hut it would the beginning of
the current
or
provide
gilt-edged market wa The quiet but the short-dated stocks financial year in Aprli tofalicd matic, without drivers, signalmen, 23 ships demand. Foreig
Warezating 253,250 ductors
would gross lons. This was only one- Dollar were mixed.
third of the target set for the running trains. showing
whole et the current financial into two
He said ho Arst
a good
gains running
or three points.
The kafir market was qulevy
19 Alm but coppers and tins eased. Oils remained nut of the pleture and were undecided.
Rubbers were firm and gains 1916 predominated.--UPI,
401
407%
Closing Prices
Gledged Bonds British Tran
. 1978/83-
Controls 4-C7-11/30, Conversion Loan 30% 1969 203.
Fursting Long 3%
Funding Stock
£54-3/16.
Savings 3T, 1955/85—CO2-
Bavings 2 1960/70-283-VIE. Saving 3% 1903/5 £77 - 13/15
Banks Bartiny's Bank "A Lid ord-
Chartered Donk- 30. Ilongkong-5015.
Insurance
Union Insurance Canton-L5-$16.
Aterraft and_Motors-" 34. Arilish Mintor Согр. QT-21a
Ford Motur Co-101s
C. I. T. Financial Corp.
G
Chrysler Motors
70*2
U.S. Rubber
10346
U.B. Smelting
451
U.S. Stee
Colombian Carton Co.
U.S. Steel 7 P.C. PF
13004
Consolidated Faison
5074
Warmer
43
41.
Consolidated_Paper
37
Waukesha Motora
49%
Consumer Gav
241%
Westinghouse Air Brake
Contineatal Oil of Del.
Wantinghouse Electric
100%
US dollar per $15
5.69
Cosinus Imperial Mills
412
Western Union Tel, Co.
Sterling notes (per £13
15.02
Cuban Amer. Sugar
17%
West Va.
kronor
Australian notes (per £11
12.47
Diamond Gatel
27%
Winn-Dixle Stores
Fidoneo Pugnak (per Kan....
2.10
Distillers-Segturns
327%
Sturm Heals (per 10
24.10
54
Zenith Enelo
Singapore (Straits)
1.01
30
from the $300 million of gott less than in the first ten munths the of 1058, show lower values for it recently sold to that
metal manufac- United
and fuels textiles, States TreGury
cars, vessels and food- from cartier similar sales are tures,
studs, while machinery imports the only dollar holdings with a
larger. were
In Terms "[ gold cluse.
volume, oil imparts. fell from 8.7 to 8.3 million tons and cars from 109,000 units to close on 96,000 units, whereas steel im-
It Exists
It is not a published one, but
It exists. As the Federal ports were up from 597,000 to
the
Reserve do
fully 1694,000 tons. not itself accept the discipline of Lalance of payments it hardly expect. the labour unions to do mo.
up
CARS
Exports.
504 million kronur on the figures for 1959, showed higher values for forest products, steel, machinery and and ships. NOTICE TO CONSIGNEES apparatus,
in Umber rose Stancuts of volume from 051,000 stds. to 795,000 stds, pulp from 1,800,-
1ons
tons, to 2,183,000 000 newsprint from 220,000 lo 253,000 tons and other kinds of paper from 561,000 to $17,000 tons.
"TERESIAR"
Damaged gargo ex this verse! will be surveyed by Mesars. Wood & Browne Holl's Whart from 10 km, ca December 16 and 17, 1959 and consignees Are requested to have their representatives présent during The survey,
BUTTERFIELD
& BWIRE. Agents.
Hongkong. December 14, 1950.
Exports of iron ore went up from 12.5 to 12.8 million tons, Terchant iron and steel, from 254,000 to 323,000 tonski cars from 28,454 to 38,100 vnits.-China Mail Special,
•P.O
R.M.S. "CANTON"
EMBARKATION NOTICE
For UNITED KINGDOM vin SINGAPORE, PENANG, COLOMBO, BOMBAY, ADEN and PORT SAID, EMBARKATION: Passengers should embark between 2.30 and 4.00 p.m. on 18th December, 1959.
SAILS:
BAGGAGE:
Dominion Stores
Douglas Aircraft
Pulp & Pap
Woolworth (K. W.
Yesterday's Closing
COMMODITY PRICES
May/June: 23.69;
July/Aug:
No. 2 Jan.
OM/Nov: 22.70; Dec/Jun: No. 3 Jan.
SUGAR
212.65
Mixed Contract
Dec/Jan;
Oct./Nav
NEW YORK
Closing priets all to cents per 1b.:
Contract No. 4 (world)
Jon Marel
May
July
Sept.
Orl.
Jen.
Mar
23.05; March/April: 23.80: May/June: 23.80; July/Aug: 23.75; 22.90.-'.
22.03: Dec/Jab:
METALS
No. 4 Jan.
Sput rubber unbaled Binket repe
Na, 1 polo crepe....
LONDON
UPL.
Boules Llu A ̈--19¢ 1990,
Standard Triumph Interrattinai -- 100 10d.
Breweries
Distiller C-360 64.
year.
Yorath Lewis
of Engineers
be fully auto-
con- and
continuously
than than two travelled
proposed 50 years
mil-
оть
Inter
The backlog of ordets held by the idea more 24 leading shipyards at the end 50 and more
propio of November amounted to 2.80 Hon million gross Lons or 23 per "never-stop" railway which he
{H24-2
the
cent below the peak at the bullt for end of 1960, the Ministry said. national Exhibition in London.
The Japanese shipbuilding in-
The basis of his scheme was dustry had been trying to stabi-
rotating shaft driving the Hse is operations at approxima ately 1.7 million gross tons ancers along by a spiral thread At stations the nually, the Ministry pointed out. This level had to be lowered pitch was more finely cut and both the trains would travel slowly that substantially how
rough, at two feet a second, domestic and export orders were
to allow people to board them declining.
and to get off.
EMPLOYEES
The industry must also reduce the number of its employees now totalling 05,000 by trans ferring a large part of the 30,000 temporary bands to other indus- tries.
The Ministry pointed out the been Japanese shipyards bad underentting each other to get export orders. Something had to be done to put a stop to that state of affairs end to stabilise prices of export ships at sonable level, China Spezial
Blind Landing
For Airliners Building and Materials
Asociated Portland Cement-74x 101d
Pinchin Johnson Associates Ord
2 Od.
Coa); steel and Engineering
Babcock & Wilcox L4d-451 04. Vickers LÜ-I.
Food and Tobacco
British American Tob. Co., Lub-
M
Imperial Tobacco
od.
113-114
1134-113
111-1124
115-45
111-114
1302-13214
UPI
·Closing prices all in pence per
lb.;
No. 1 ay pot
General markets, elt. basis, ports:
rea-
Mall
London.
like a screw,
The ears closed up together
that there was always train at the platfonn. Between stations the pitch was much 50 the trains wiro and also
ocatser
carried along faster
carated,
At the International Exhibi- tion the speed had ranged be- tween one and a quarter milca ver hour to 10 miles per hour. could Improvements in design now increase the range to one und a half mph to 38 mph, giving an average of 15 mph with stations half a salie mpart for less.
He visualised
it 1s being used as a link between the main railway stations---China Mail Special.
THE Minister of Aviation, Boac's New
Mr Duncan Sandys, has |
forecast that it will not be World Tour
feg A NEW type of
world
many years before aislinars are fitted with blind land- Co., Ltd Cing systems—making
tour has been an- dispersal techniques "super-
|nounced by British Overseas fluour.
about Airways Corporation, le will Replying to questions
with
81 Joz-last experiments
and days at London £2,128. Travel will be on a
Miscellaneous Boardman Marden Ltd 14. British Cheygen Lid, Ord 3d, Canodiaty Paciûe _Riy-#47. Dunion Ribber Co–204 415. Hongkong & China Gas- 139. Imperial Cheinteal-56s Bd. Lyona & Co-158, Unilever Lid-12% 34.
Paper
Bowater Paper Corp Ord-678 1.
Radio and Metrical Ascociated Electrical-893 Mi. Electrical & Musex)=-824 4150. English retric Co-ÜB, General Electric- N.
Shippler Indo-China Steam Nav. Co. def
P&O Steam Navigation det ord -459 101d.
0411-3015
Settlement house term:
Jan/March
121-37%
Aprit/June
31-919
July/Sept.
30-30%
Oct/Dec.
NEW YORK
Dec.
291-291
539-33%
Jan
33-332ord-31.
Closing prices, nil in
centa
Frist
crepe
1.21 3.00
per lb.:
thin Jun
Itod
Dec.
11.30
Huck Jan.
50% J91%
Jan.
41.31
AMSTERDAM
Open interest: 8,584 contracts.
Contract No. t (domestic)
Zine
Dec.
11.75
Jath,
11.75
per kilogram, cá.f. Dec.
JDI
5.72
Copper Dec
34.30
No. 1 rubber
3.27 buye
March
3.04
Jan.
32.45
No. Z rubber
3.20 buyers
May
5,00
LONDON
No. 3 rubber
July
Spot-C. N.Y. ex-duty)
5.70
Spol (Lob. Cuba)
Total Sales: 82 contracts.
Tout Sales: nine contraclą, Open Interest: 1,809 contracts.-
Uri.
16.:
COTTON
NEW YORK
Closing prices all in centeper. Spot: 32.00 nom: March: 33,23-23: May: 39.40; July: 33.29; Ort: 31.13; Dec: 31.10: Mar: 31.30: May: 31.
NEW ORLEANS
Closing prices all in cents per IX
Spot: 31.15; March: 33.22: May: 2341 July: 33.18: Oct 31.13; Dee
at 5.00 p.m. on 18th December, 1959.1: May: 31.33; May: 31
Should be sent to Hongkong & Kowloon Wharf Company's Godown (No. 2 Gate) by 5.00 p.m. on 17th cents. December, 1959.
SUBJECT TO ALTERATION
Closing prices all in guilders 3d
Closing prices, all in sterling No. 1 erede
per long tom.
25J
3.24 buyers 3,90 buyers
UPL
Buyers Sellers
70919
700
78334
784
FOREIGN
25313
23407
714
714%
2015
Tin
Spot
3-menti
Copper
Spot
3-nonti
Lead ist hali Dec.
Zinc is half
Mar. Dec. Mar.
Da
-UPI.
RUBBER
NEW YORK
Rex rubber dutures closing prices, ali in cenis per ib:
SAO PAULO All unquoted. Average price designated spot
Mar.
in U.S. at 14
May
July
markets: 31.80
BepL
Nov.
Ib.:
Total sales: 125,420 bales.
LIVERPOOL Closing prices all in pence per
American. Contrnet · ·
March/April! Dec/Jan: 1.00:
3
40,21
EXCHANGE
NEW YORK
Closing rates:
Canada
England officiel
Australia
30-days
Do-days
New Zealand South Africa .......
Others uncturaged.
LONDON
Closing rates: New York 34.41 Montreal 37.20
30.80 Amatordan 30.00 Brusela
35 Bo Copenḥæget 23.00 Brankfurt
Onio
HINGAPORE Closing prices all in Straits Paris
Stockholm centa Der lb. Lob. Malayan Milan ports:
Vient: No. 1 Jan
Zurich
1.06-7/32
28010
28327
2.3955
2.2410
2.7910
22069
2.70-18/16-2.18-1/10
2,00)-2.00) 10.00-10.5414 140.10-141.1 19.4475-30.3215 ££.076-31.85% 19.3014-20.00% 13.745-13.24% 14.00√4-14,00LS 1738-198014 72.45-19.341
UPI.
Store#
the
clearance Bysic Airport, the Minister told the
cost
House of Commons he hoped first class basis, with most there would be a decision soon of the flying being done in on whether such a system would Boac jet airliners, be commercially feasible.
decide
Guides, accommodation
and
It would be for the airlines sightso'ng in private cars will
whether be erovided at all stops. concerned to
The programme is the cost was worthwhile.
He added "The best estimate I have got now is that to instal
a system of this kind on one runway
arranged travel in- instrad of in an organised party. Starting from.
so that touris can dependently,
would cost something and rotuming to the wt coast £1 of America, tourists will go to between £500,000 and
Great Universal Stores "A"-million, and the cost of the fuel the Far East and then through
Marks & Spencer L4d-745. Woolworth F, W. & Co-Cia.
Textiter
Coats J & PLU-335 1 Courtauld Lid-616 15.
Mino
Anglo-American Corp of South Africa-204 7550.
Cons Goldfelds of South Africa.... 96 7.
Cone. Zine Corp. Ord--28%.
De Boer de-101 3.
Free State Development & Invest- men-3 d.
longkorn Tin 141.
Petaling Tin-76 4/5d. Rand-1028 8d.
Southern Hints Cans Ltd.
Union Corp-70.
West Driefontein Goldenlaing—196 4350.
West Rand isd.
Brith Borneo Petroleum Syndi. cale 19 d.
British Petroleum Ca., Lidk~~82#. Durmah-i 04.
Royal Dutch Petroleum-E1BL Shell Transport & Trading-1439. --Neuter.
Agreed Merchant
Rates
Philippines, Indin ond
consumed would be about £250 the for each landing,"
Furope.
When considering its com- mercial feasibility one also had
to take into account how many Tanker On Trials
were
UE
Damarrow
years and it would not be many-before airliners fitted
to leave on trials with blind landing fog-dispersal
is the systems making unnecessary. China Mall 37,000-ton deadweight oil Special.
tanker Garonne, · launched Jin June from the Tynesido
naval
of Vickers- yard Armstronga. She has been' built for the Orient Steam Navigation Company and is their fint oil tanker.
The vessel is the biggest tanker to be tell! at the yard
will
New Coaches For. London Subways
London, Doc. 14.
LONDON underground and win bo one of the few
the crow.
Introducing streamlined "ail-bre elas swimming pool for ver" coaches which will The pool was built by Wear
eventually replace all the ventilming Co. Lis
of Bon- Sunderland who familiar red cars throughout newsfield,
specialise in marino work. It is the network.
the second of its kind to be The first 76 of the unpainted made by the firm. A coating of
coaches for the Swiss France, Maximum Sell- aluminium
coloured übeo glows, fa, bonded busy Central Piccadilly ne ing. 75-1/16.
on to the steel work. Weight: Belgian Frenes, Maximunere costing £10,000,000. They reduced considerably
Will
increase passenger | the traditionnd coperale. ad padly by 18 "[per" cent, -tiled pook and mainstMORIHED. China Mail Special.
costs are much lower.
Selling, 967,
W German. Deutschemarks, Maximan Selling, 72-7/10.
VVZT
A