THE CHINA. MAIL, TUESDAY, JANUARY -26, 1060, -
INCREASE OF BANK RATE
Gains on London action London taken in the
market
London, Jan. 25.
Industrial shares led a brisk
rally on the Stock Ex- change today.
widespread, and substantiat.
bonds **C
HONGKONG
STOCK
intended spirit EXCHANGE
By SIDNEY S. GAMPELL
London, Jan. 25.
Steels und engineerings While the American authorities have spent the pare, and gains were buth
the week in intimating that they hope to avoid another rise in the New York bank rate, the Bank of England has taken the plunge.
Clovernment
quietly firm.
Gold were strong and oils, pront- although hi by wome taking after early gains, herd molest phis marks at the close
Closing prices
by
Our Own Correspondent
Business done at the Hong- kong Stock Exchange' this morn
$2,700,000. Noon quotations and
amounted to approximately the morning's transactions:
Rhares Euyers Sellers
BANKS
B.K. Danka 1100 1206
Balet
10 1100 1190
84/1190 201105
Unton Lenhard Underwriters SIPPING
Wheato
$4
NOV
#5
0.10
024 6000 Lập t
Gratifyingly and a little nar- International business Wh INSURANCES prisingly, the London action as taking advantage or it, not The Puancial Times indezt far been taken in the in- only by borrowing in London trial Index w. 329,3 up 5.6. tunded spirit internally at but also by lends and lags of carly warning agains inflation commercial payments {getting AP
ary possibilities and externally
by de- mouey out of London Lonrion disparity as correcting
laying commercial payments to orat net as starting anything."
and necelerating Day- and Germany I not taken it as Britain
Britain) from 1978/60-the pretext for a new interne races
CVETL by British money, oversionally tional 4drni of dearer
declaring higher Indeed, the reaction of Frank-zubsidiaries 12-furt bourse and banking quar- dividends to their
bettered patet companies. lers could that it reverses the low ol pony from London to Frank- furt we should be gind."
altedgro Bonds British Trang 3%.
Cool ~£48-8/10.
Tommy 34%
Cheol Va
4:63-13/16.
Futu
JAHR
Funding Stock £70-3/18
**
·
195976...
34. 1090/2004 Folding Lear 45%. 1960s 1924. Savings 3, 1935/07-4911 Soviair-13, 11397702, x. Savings 195/75-£145.
Ranks
Marclays Bruk "A" and t Led Bank-60 Hongkong-S
boyd's Bank "X" Cu xd Westminster Isk
Non Cutative 1.
Uisutaner
Union Zurance CanTORY £5-11/10.
Alrerate and Motors
Beitial: Motor Corp. or~~~235.
De Haviland Aircraft-32. Ford Afator Co--100 Dd. Hawker
11. Od
Siddeley Group
Rates Lut "A"-10% Qu.
Ord--
not be
Britain this year, with her still relatively inodest reserves, eplot afford wage increases no of other coun- large as those
which tries, notably Germany, have embarrasingly Tar PC- serves,
Unwanted money
overseas
5000 út 4,15 1000
2000 0.13
Further declines registered on Wall Street
New York, Jan. 25.
The January deeline in stocks resumed today following a two-session recess, dropping prices sharply across the board. Trading was moderate.
Early firmeEN in the list i Bank ut Montreal gave hope for a possible third straight gain, but support again wns incking and most prices dropped quickly, many into lower ground.
exerted on the Pressure vaя list the beat of the day. With continued good economie and business news being ignored,
Electronics set the pace, fali- ing as much as seven points in
In Ava than more 100 17.00 IBM, 9000 17.70 | Afolerolu, and more than thres
400 423%
2000 0.15
DOCKS, ETC.
K. Whorf
Dock I'videal
140 1501 57% 50 17.70 17.80
100149
A nuisance
Talkon Dock 4215
43
30042%
concern,
Three operations were legit- mate and were not causing the LAND. ETC.
authorities any Krave Lorzion
be- But
they were caning rather a nuisance.
Correction of the London dis-
or parity should check them. Unless they are notably
200421
ELIC.
Hotel 34
3515. 5000 m. IS
1000 33.25
K, Land.
44 44%
رماء
The German authorities de reversed, there is no reason why
not want differential ware in-Landen should have forced Now!tumphreys -Gation but they do recognise Yurk's or any other hand.
Standard Triumph International-money from abroach.
'ln Il.
Breweries
Dullers Co-Us 90,
Ruling and MateriaÎN
Aociated Portland
Cement-72
10:54.
of
further tightening that n German money, however dealr- able internally, would threaten To attract still more unwanted Throughout last year, the Bri- leh bank rate was held un- changed while there were many rises abroad including the Germany and United States,
Pinchin Johnaum Assoclalto On-Japan. 415.
Com, Steel and Engineering Babcock Whenx Lid-4ts 100
United Steel-83 Dut,
Vickers Lid-TIA,
Food and Tebarca
British American Tab, Co. Ltd.
L
Imperial Tobacco Co., Ltd-71 34.
Miscellaneou
Boardman Marden Lids 700. Britid Oxygen Ltd. Ord- Canadian Farifle Uy4795.
De Late Co. Ltd. On-1 0.
Dunlop Rubber Co--200.Pd.
Hongkong China Cr-139.
Imperial Chemical-D.
Lyons & Co-15 3d. Dullever Ltd--136,
Bowater Paper
Corp Ord-735. Iladio and Electrical Amociated Electrionis ski, Electrical & Musical-33 54, English Electric Co-4 30. General Electrio-44 1.
Shipping
Siram Nav. Co. det
def Navigation
Indo-In
olicam
240
ord-43 74d.
Woolworth
Яботев
"A"-SIN Great Universal Stures
Lalch=-727, 6x1, Marks & Spenco & Cons o
Texilica Cool J&P Lid-IJA 11⁄2d. Courtaulds Ltd-034,
Mirs
και
Cons Guldfelds of Buth Africa. 930 70140.
Quns. Zine Corp. Ord-70
De Bears de 109 41. Hongkong T- 7.
Ba Tin-7 10.
Southern
3d. Kinta
Cons
kl.
Union Corp-835 4154. Want Driefonteira Doldrining--- 1928
011
as
London Until today, money was easier as well cheaper than money abroad.
BRITAIN AND
HUNGARY SIGN
After borrowing about twenty bitlion dollars in the past 18 months, the United States Trea- will be repaying about ery seven allion dollars of Internal debt daring the present year. That transformation could enntinue to make the New York money market less strained,
half-
3000 * 35
700 35
1000 - 3
500 44 100 441
1100 g 4423
900 of 44
in General Time and Texas In-
iruments.
1
NSPORTATION
New luxury liner to have own
TV
programmes
ÞASSENGERS in the Orient Line's now 40,000-
PASS
ton luxury liner Oriana, now being fitted at Barrow and planned to make her maiden voyage around December this year, will be able to enjoy television programmes at ports of call throughout the world, and closed circuit telecine and live tele- vision programmes while the ship is on the high
53%
Beech Life Savers Bell Telephone Beneficial Finance Benguet Cons. Bethlehem Steel Doing Airplane Borden (The) to.
34
AM
rroughs Add Machine Brüst Antier, Oil British Cakimbia Ziec. British Columbia Pwr. Calif. Peking Corp. Cana. Bk. of Cumin. Campbell Boup Co.
312
54%
scas.
40
dra
Canadian Pacific
Cad (3. L) Co.
20%
first
56~1/0
Cat. Tractor Celanese Corp,
Financial Corp. Cluett Peabody Colgate-Palmolive Co. Colombian Carbon Ca
Chemicals were big factors in Commercial Credit the blue chip declino.
Union Carbide and. Du Pont both fell around three and Eastman Kodak about one. Ford and American Motors dragged down motons with losses of more than two each.
Consolidated Edison' Comrumete Ond Continental ou of Del. Crane Cu.
Crown Zellerbach Cuban Amer, suger Diamond Alkal!
iamond Gard
Dominion Stores Douglia Alrunafs
Dow Chemical
Dupont de Nemours
cordis Pacifie
404
Launched by Princess Alexan- the Ins! November from Harrow-in Furness yard Vickers Armstronga
of British taxis
(Ship-
builders) Ltd., she will be the
passenger vessel
In the for the U.S. work to be equipped with a 24 cumpletely co-ordinated internal
304 And off-air television service, 314 The order for the entire system
ZEP
18
134
ALTHOUGH
Mr Ernost Britain's
has been negotiated by The Transport Minister, has just
Marconi International Marinn
Communication Co. Ltd, acting returned from the U.S.A. on behalf of Marconi's Wireless where he has been studying have American methods of solving Telegraph Co. Ltd., who designed and chalneered
unique marine television in traffic congestion, all the stallation, enabling standard and knowledge on this particular unmodified television broadcast subject does not seems to be ruceivers to be used for recep- confined to one side of the tion of local transmissions in Atlantic. any part of the world.
BUO 444
31
Realty
1.505
1.33 125000
1.55
1000
1.53
.
2000 6 1.03
HUDBER
Amaig
4.23
3000 m 4.30
2000
4.30
Steels showed U. S. Steel,
& Laughlin Jonca Allegheny
ail off Ladium
and utilities Rails around. ensted
213
and
astem Air Line
Eastman Kodak,
10033
El PRO Natural Gar
Family Finance Corp
203
Firestone Tyre & Rubber
133
10000
First Nat. City Bank
8700 4.30
Ford Motor
015
Individual
COT
5000 4.30
Trust
UTILITIES
0.20
dik 5000 at 5:30
sal?
5012
31
2500 5 34 1000 335
17
* Europe,
Ster
Ferry Yatimet ...
133
134
150 133 200 kr 134
three, Minneapolis
Otis Goodrich (B. F.) Co. Goodyear Tyre three, Grumman Aircraft
503
村
Tram 234 30 1300 + 394
Just before the London bank rate rise, the Chairman of one of the big banks had remarked the trick in monetary that polley is to take the mhimum corrective action of the earliest as there is no moment that
C. Lint'.. financial idar and as there is always a time ing before ac- tions take effect, the Author)- tics
try to anticipate
tvents.
must
TRADE PACT Sterling strengthened
London, Jan. 25.
Thut seems exactly the r ture of today's action.
Industries So fur as heavy
local unemployment are of being affected by
Negotiations in London be- and
tween representatives of capable the United Kingdom Gov-bank rate, it attests rather than ernment
a
and
quashes the momentum of their
200 or 115
100139
000 of 151
10.50 19.10 2000 19
1000,4 13.20 1000 10 1000 & 39.
Electrio... 24,70
25
1000 24.90
500 2500
100
24.90
Electric New
Telephone
300
2330
1000 23.00
3314 3372
200 À 14.00
1200 332
their Featuring groups WETO Owens-Corning General Dynamica Fibreglass off more than throw, General Electric
Corning Glass down about two, deos: Motors
оп three, gen. Pub. U Beech Aircraft
Gen. Tyre & Rubber General Electric of nearly detty oil
dows Elevator
Honeywell Gildden Co. v.
Gulf 011 ........
nearly four,
about up Univerzal Match down around
Tayden Newport Corp. 2%, Morrell off two, Procter & Hiram Walker Gambie down around two, i lemestake Mining Co. Gypsum close two, and Merma Husamon Refrig.
Idaho Power Copper and Reynolds Motala
Imperia! Oli more than one each:
Today's volume was 2,790,000 shares.
..
Imperial Tobacco
neo-Rand.... Inland Steel p Interchemical
of a 10tal 1,236 shares it traded, 258 were higher and 778 lower.
American Exchange volume was 1,270,000 shares,
Bands volume amounted to $5,310,000.
Closing prices
Ilvester International Nickel Interrations! Paper Int'l Tele Tol John-Manville Co. Katser Industries
Kansas C. Power & Light" Kennecol Copper
Kimberly Clark
Liggett & Myers Tob. Co. Lily Tulip
Lition Ind.
2500 34
2000 33%
1000 30
41
500 M43
400 432
200 €19
Atdun Inc. Mey.
#3072
47
STORES, ETC. Dairy
Algoma Seat Corp.
24 24.10
200
23.70
Allied Chemicals (N)
McDermott J. Ray
1000 29,90
Allied Milis Inc.
36%
McDonnell Atrarafs
2000 4
302
Mosaii Iron Corp.
212
Minnesota Mining
INDUSTRIALS the Hun- revival, still largely below the "Cement"," garian Government have surface but very real. As mone- resulted in the signing of tary policy always has to lean lis changes against the wind, new trade agreement, show the official view of how the Board of Trade an- the wind is blowing.
It nounced. provided a basis for trade during the
period three-year from January 27, 1960. Import quotas on both sides would be negotiated annually.
for the 12 Import quotas months froin January 27, 1900, had also been agreed. These allowed for Hungarian imports mounting to Lid-2940 --UK goods
nearly £4,600,000 and included machinery, textile manufactures, motor vehicles, radio, television and telecommunications equip- meni, and chemicals, During the same period, the UIt would Import Hungarian goods worth £4,500,000 including butter, bacon,
und Biurte, themiris pharmaceuticals and fruits and vegetables,
British Bornes Petroleum Syndi- call 70%.
Brid Petroleum Co., Ltd-526---
Burmah-25 04,
Royal Dutch Petroleum-10, Shell Transport & Trading-150x adilcuter.
Agreed merchant
rates
textiles
matka-
and
In addition, the UK market would remain open without
of
restriction to number
д Hungarian products such dried white beans, reeda, Maximum selling, Canadian (omato
vegetable oils purce, Dollars 10-0/15; Minimum buy-and aluminium.--China ing 16-13/10 T/T, 10% O/D.
Special.
Gold reserves---the 1959 story
A MILLION
1,200
1150
LIOO
LOSO
GOLD AND
1000 FOREIGN CURRENCY
950
RESERVES- 1959
ん
PW
"JÁN FÉB MÁR APR MAY JUN JUL AUG SEP OCT NOV DEC
Over 1959, Britain's gold reserve fell £116 million, as this But sterling is far from -being Leslie Green olimet showS, worker thing a year ago. Quite the opposite. For the Gorcfp- ment has made special payments totaling £200 million which have desined retërven." But for these items they wonta kare Increased by £101 million.
London WisZEIT KEVIN,
the
The strengthening effect,on sterling has so far been more pronounced than the weaken- ing effect on Stock Exchange Watson.... equities anywhere,
Lane, Craw Its weakening effect on
COTTONS giftedged market makes It
Textiles double barrelled. The Bank's difficulties in financing further | Nanyung luan expansion by selling gilis | powerfully reinforce the re-
MISCELLANEOUS They may Vibro..... 15.70 staining effect. become
anti- year's
INVESTMENTS InДationary restraint nimosi
4.00 Mail Allied world-wide, China
I.K. & F.. Special
invest... 1340
this
Yesterday's Closing
►
7000 5 21.10
1200 6 24
800 24.10
45
0.33 9.45 1500
1000+ £1.40 14.00 14.00 1000 14.76 1000 / 14.70 1000 14.70
Abitibi Pwr. Paper
Allis Chalmers
American Airline
Am. Cable & Nadio Corp.
American Cyanamid Co.
Amer. & Fürgn. Power
Am. Gas & Electric
Am. Home Prod.
Am. Mach, & dry. American Metal Am. Natural Oun American Smelting A. Sugor Ret. American Tel & Tel
American Tob Anaconda Copper Arco Steel
Lockheed Aircraft
Lodws Incorp. ....... Lone Star Cement Co. 3734 Lowenstein & Botts.
÷
11% Mission Development
529 Monsanto Chemical Co.
Я
Montecatini
479 Montgomery Ward
145
Motorola Inc.
50% National Belt Co.
10
National Cash Rex. "A"
60 National Dairy Prod.
47% National Lend
National Steel Corp.
815 | New York Central
1073 | Noranda Miner Lid.
of
For instance, a number of The Installation provides for London's Austin taxis are how the
television plying the streets reception
of Detroit, broadcasts employing the 495-Philadelphia, Boston, New York line system used in Britola, and San Francisco. Prominent the 625-line system used in among the advantages that have Australia and
greater puri recommended these vehicles 10 their and the 525-line US. city authorities are Bystem uset! in the
small size and United comparatively
and great manoeuvrability, owing to
Slater,
Cinada, Japan
Thus, while the ship is in the United Kingdom area,
BBC or ITA programmes
either key factors in
can
for
some South American countries the small turning circle
which they are famous both reducing rond congestion, Although smaller externally than the conventional American cab, the Austin taxis [offer greater headroom and leg-
tre
be selected at the recriver! std clsewhere the Donat chennel selector switch will
select any of the local stalousroom than the ones they are re operating in Band I and III.
RECEIVERS
placing. With their 2.2
lesel engines, the British-bullt taxis are also much more econo- mical to run than the Ameri- Inillally some sixty receivers can converted salcon cars which
sorve as taxis, will be installed in public rooms
Over fifty of the latest type of and first class cabins and pro- these taxin have been delivered 934 vision is being made for in-and the mamafacturers, the Bri- creasing the number up to atish Motor Corporation, have re- maximum of nearly 400 at a cently appointed distributors in later dale, without any altera-Detroit to sell the London taxi- tion to the basic Installations. cal built to Scotland Yard speel- A major feature of the system neations in major transatlantic
the use of standard pro-cities,
542%
23%
2030
2016
184
iЯ
prietary receivers, the incom-
ing broadcast programmes being processed as appropriate in a
20 central television control room
19 adjacent to the rods office before Latest outboard,
281
4024
154
0115
的话
2014
414 Narfolk & Western ty. 443 North Amer. Aviation
101
20%
Armour
CO
Northwest Airlines (Com)
Asbestos Corp.
2452
Olin Mathle
4011
Alas Cor, Mining
Otis Elevatore
Baldwin-Lima-Hani.
50 13%
10%
Owen-filtron Glass
Baltimore & Ohlo
41%
Oxford Paper Co.
4311
Faelic Gas & Elec.
Pan American Airways
Paramoum Platures
Parke Davis Ca
COMMODITY PRICES
STYLIN
LONDON
Closing prices, all in sterling per long ton:
No. 4
Spot rubber unhaled
Blanket crepe
No. 1 pale prepo
LONDON
1124-113/ 114-115 112-114 131-233
Closing prices all in pence per
LIVERPOOL,
Penn Belt Co.
Philly Morris Fitney Bowes
Procter & Gamble Co Pittsburgh Plate Glas Publickor Industries Pure Oil
Radio Corporation Radio Corp. Prvi,
Republic Stool
Royal Bank of Canada Rheem Ma
Closing prices all in pence Bra Boebuck & Co.
fateway Store
Sinclair Ou
per b.:
Saint Heg. Paper
American Contract
Boott Paper
MarJApr.
15.
May/June
22.80
Smith, Kline de French
No. 1 Rar spot.
Befilement houtas term:
3016-364
July/Aug.
21.70
Bocony Mobil Of
Oct/Nov
21.05
Solar Aircraft
Dec/Jan.
21.50
Feb.
Jon./March
.... 3521-3576
Tin
Spot
Buyers Bellers 2014
2416-347
Mbed Contract
April/June
MAT.ADT.
23.10
July/Sept.
0216-381
May/Jina
21.20*
Oct/NC
July/AuR.
2200
Sanonth
7849% 109
QTL/Nov
Copper,
Feb.
Dec/Jan.
71.76
Spot
3-month
2649% 203
台 24934
Mar.
UPL
Zine And half Jan.
33-334
Lead and huit Jan, ... 139.
Aptl.. 75% 744
April
General market. cit. basis, ports:
Etate crepe thin Feb.
thick, Mar
AMSTERDAM
Closing prices all in guilders
per kilogram, c.lf. Feb,
No. 1 rubber
NO. TUDT
No. 1 crepe
324 buyers 34 buyers 3.03 buyers -UPS.
D34
92
92
Upl
RUBBER
NEW YORK
Rex rubber futures closing
prites, all in cents per lb.
No, a rubber
3.21 karyera
COTTON
NEW YORK
Closing prices all in conte
21.10
TOREIGN EXCHANGE
NEW YORK Closing rates: England official
30-days
Australia
New Zealand South Africa. ...........
Others unchanged,
LONDON
Closing rates:
New York Montreal Amsterdam
JAI,
$30,00
MATER
30.90
MAY
18.00
per 1b.:
Jarly
Mar
gepi,
37.25
May
31.14b
Nov
50.50
23.30.
Jan.
34.56
Oct.
No.
tr
SINGAPOKE Cloring prices all in Siralis cents per lb. to.b. Mainyan ports: No. 1 Pu
Mar 7. No. I
31.01
3LATE
MAY
BÃO PAULO
114-11 11#109-1194
Copenhagen Frankfur Onlo Ali unquoted:
Part at 15 Edekholm deminated, wODE, URTISHIA), 63.92 PRSIA | Vienna
Zurich
21.035
1101
Brunei
South Puerto Rico gar Rouben Co. (The) Southern Natural Gas
Sperty and
Biandard Brude Ataradan Oil of Cai. Standard Oil of Ind. Standard On of NJ, Stoel Co. of Canada Sleep Teek...... Sterling Drag Co. Stokely Van Camp. Blog Webster Studebaker-Packard Corp. Bunahite Mining Swift & Co. Тежда Со. cox Textron Ina. Thinker Chemi
Tide Water Oil Traders Finance Tri-Cont. Warrants
Twentieth Century Fox Film
2.2015 Union Carbide
Union Ot of Cal.
11, Union Pacific Railway
2.7925
United Alremit
United Fruit
350s United Gas Corp.
8.001-2.00 2.004-200 10.3092-10,87 120.75-129,80
30.2451-199.23
U.B. Foil "B
UN. Cyprum
Us Line Co. U.B, Rubber,. 13. Amelting US. BUNI
Biel ↑ F.C. PT Warner BioE,
Waukesha Motore ...... Westinghouse Alt Drake Westinghouse Eisstrie
110842+11301u| Wentem Union Təl, Co.
1076) -153036 | Winn-Dixie Storeg. ......... 14814-431G Woolworth, (K. W) 72.63-18.00 Zenitha Radio con
1.30-10.1
distribution to the receivers.
The processing equipment in inboard engines
cludes two Marconi Vidieon
camera channels which aist
form part of Oriana'a closed- elroult
Installation While the PERKINS marine inboard
ship is on the high seas this
and outboard anginos
provides internal Programme are being exhibited at major Europa facilities mainly derived from shows throughout
a library of 16 mm. Bims. Stil during 1960. The now 6.16 plctures and captions can be and 35 h.p. petrol outboard shown and extempore captions motors and the company's and AIMIOLAIKINITYonals can be
made on caption boards and diesel engines will be dit- inscried in the programme, played at all the top-ranking Simple live studio sequences, shows including Stockholm, interviews and outside shots Halsinki, Gothenborg, Bor- esn be arranged by employing gon, Brussels, Amsterdam, either camera as a remote unit Vionna, Milan and Hanover,
outside the control rood,
The comprehensive telecine Perkins Intend to tackle the system is not intended to re-outboard market in a big way, place the liner's cinema but the particularly ENUTÉOLA. The programmes will supplement streamlined two-cylinder, two- the regular flm shows which stroke outboards develop oro still important und
maximum power at 4,600 r.p.m., popular part of the enter are water cooled and use petrol- tainment for passengers and oll fuel. They have -förward, Crew. But local television neutras and roverse gear
an
the reflect ilfo of a elly for better than any guide-book and Oriana's passengera, will be able to enjoy the unique experience of 'looking in' at every station along the liner's roule,
programmes can
French airline
plans new route.
Washington, Jan. 25. "COMPAGNIE de Transports
COMPAGE
The company haa ky been of the world's biggest producers of high-spoed marine #lsx diesels. Ile three, four and
inder engines, varying from 21-120 b.b.p. are fitted in He- boats, fishing craft, work bozia nad pleasure craft - Iti 143 countries. The Arm' marine dilene engines can be suppiled to Lloyd's full classification,
Soviet airline to
Intercontinen sign agreements
taux, a French airline, asked 2a4a U.S. Civil Aeronautica
Moscow.
Board hearing today to ap: THE Sovias airline Aero- prove a new passenger, mall flor will sign air traffic and cargo route between agreements with 17; foreign South Pacific points and Los airline companies, Tass re- Angeles.
ported.....
The requested routs would 0134 extend from
Noumen, Naw Galeckania, to Los · Angeles vis 444 Ponto,・ Tahiti, Bora-Bor, Trench Polynesia, and Hottolului, The company hopes to begin wally service over the route on May 1
A
The The dispatchi vald Aero- Bota TU-104 Jetliners now fly to 12 forest capitals including London, Pario, Cairo, Peking. ami New Delhi.
Toan chia not my what new eities the Sovios, airlitiets might There was no oppositioń ja | fly to, foe When the egredenent the request at the hearing mak would be algrant, as U.