THE CHINA MAIE, WEDNESDAY, FEBRUARY 3, 1960.
UK's ECONOMY STRONGER
London Reflected by
revival of
Market dull
London, Feb. 2, Labour troubles slowed
truding
the second straight day, Industriala
trade in 1959
HONGKONG
STOCK EXCHANGE
by
„Our Own Carraspundent
Busineso done at the long- kong Stock Exchange thia aproxi- morning amounted to mately $1,010,000. Noen
Last year, the economy of the United King- dom grew stronger than at any time on the London Stock Exchange today for
since the war. The country's internal prosperity has been reflected by a quotations and the moming's booming retail trade, a high level of employment, a mounting industrial production.
Irregular were with lealers reacting uncer- talny after Dumnes.
lower and
OR
showing early shares tended
coppers were dull following a fall in the price of The ut tab
Lading l thares were also Jet, although holding fairly dexplic the Mile-East Hare-up,
British Government
Their Cotsinund
Joviment.-AP.
function
transaction5:
Bharks Buyer Seller
BANKS Bank 1100 1200
INSURANCES
Wall Street
recovers in strong rally
✩
New York, Feb. 2.
The Stock Market made a strong rally in fairly
active trading today.
The market opened slightly Minnesota Mining
Minion Development following Stonnento Chemies! Co. lgher and clive Monday's rise. The ticker tape Montecatini was lete. The markeu
Montgoniery WATO.... National Bănculí Co. 20 1200 the first hour and it exstirnid Rational Lead
1205 solidly ahead by the end of
Can lieg. "A"
Баев
110 1105 201103
10 0.95
40
SHIPPING
0,10
0.15 48368.10
140006 0.10 |
Union
Bul Britain's is not a closed Naturally these nets benefit- For Kvie thing cotomy, The United Kingdom's es Eritain.
need as un international they relieved hee of the fatest
substantial payments Laard centre of nancial and commer- to make
at activity means that econo, of interest, Bu. They also con- Whocluck berdu
within its boun-tributed 10 the ceonomic immie trends recent
daries Bevitably have furungth of other countries, for reaching repereunions els example, by strengthening the DOCKS, ETC.
of the International K. Whet
Doelt..... Monetary Fund itself.
Provident These
Closing prices
LAHTI
a
where, A recession in Briti position Dydustry has
con- painful 1970/68-- | sequences sooner or later for no primary producire com- tries.
Giltedred Bondi British Transport 3. £60.3779.
Cansols 215-48-13/10. Cunoin 471-1)/16, Conver £644
Fund Loan 2. 1930/CCN) Pundtrut Stock at 1999/20m- £70.
Funding Lau 4%, 1960/00— £$274. Savinge RDG-11-15/10, Savings 3, 1900/79-28. Savings 195/75-£75-3/10.
Inic
Harclay's Dank "A" Ltd
Chorteerd 14ank—634 Gd.
Spaght ng07x Bd.
Jy's
irarance
1909-
¦
The reverse le equally true As a result o revival in British trzzde in 1950 boosting inter- national trade generally, More- over the
British Government
has been able to take a series of deps whleft it hopes will con- ord-tribale to the welfare of other
Union Insurance Canto—- £ 5-10/255.
Airerait & Motorn Brit
Motor Corp. Ord-24 33. De Havilland Alteraft-31 49. Ford Metas
-107
Hawker Siddeley Group Ord-3s 2015.
Hooter Lidt "A"-10#_1015d. Standard Tron Terational Breweries
11344
Distillers C—–376.
Ballding and Materials
Associated Portland Cement-71 Gooden Wall & Lead Ord-50%. Pinehin Jatinion Aranciates Ord- 418 41941.
tosi, Her, and Engineering Italrick & Wieux 1-4 Oct. United Steel D
Vickers 1.td-35 4.
Food and Tobacco
British Americon Tob. Ca.. Lid-. |
GBs 34.
Imperial Tobacco
3d.
Co.. 173
Miscellaneous
Boardinge Masten Lack-19 British Oxygen Lid. Ord Canadian Pelle By--847 De La Rue Co. d. Ord-72 Dunlop Rubber - - Tangkong & China Co5--134.
Imperial //cat-5R10td.
Link re Unilever Latihan 753093,
Paper
124.
4190.
Bowater Paper Corp Ord-73 9. Radio and Mertrient Acid Electrical-848, Flectrical & Musical-d) English Electre Co-41 sd General Electric—–448 64.
Solpping Indo-China Stam
Nay. Co. defi
&O Steam Navigation ord-47% 415d.
Great
td.
-
Stores Universal Stores "A"-50 Marks & Speezer Ltd---73+ 195k, Woolworth F. W. & Co-die 10.
Texti
Coal J 1 LA-35# D
Courthuidh Ltd—by ·Bd.
15 20.
Minca
countries,
For example, during the year was able to the Government
of schedule iepay well heal
e 250 allen dollar borrowed from the Export-Import
Bank
favourable develop-' ments were made possible by the strength of sterling which i remained strong
នះ
་་
1:49
10 18000
even during 'Talked Dock 41% 429% difficult au- the traditionally
LAND, ETC. fum peried. The position was sustained by an improved ba
Hotel 3571 lance of payments, and by the K Land 442 gold and foreign currency re- enabled serves, This not only
Government to wipe out much of its external debt as already explained; it also allow- ed it to.
active continue on' polley of trade liberalisation.
Example
during 1950 was the abolition,
Humphreys, 21.10 Realty
1.63 1.673
82388
500 45 40000 443
200 or 443
2000 or 21.70 6000 1.923 E0000 1.00 00000 # 1.65
23000 1.673
was
16 widen its gains wt near New York Central
North Amer, Aviation the clone. Some stocks were
Northwest Airlines Com.1 below their best at the close or Profi-taking.
Mctors and steels Ind the advanos,
All other major sectors of the market jolted the broad rise, the norkel's best in more than four months.
Ralis, ulties, drugs, alt- crafts, rubbers, chemicals and nonferrous metals advanced..
Most gains ranged from a few eents to around three dollars a share but some were up
much as x dollars,
alle Mathtesta
Otis Elevators
Exford Vapor Cu.
Tasite Gux & Elec.
Peramoga Pelzer
|
Pan Amertens. Airways
Parke Davis Co.
Penny J. C. C.
Penn. Salt Co
Radio Corporation Radio Corp. Pret. Republic steel Reynolds Motal Rheem Mig. .....
Sinefal t
Of 1,221 Issues traded, 708 ad-Southern Co. (The)
vanced, 240 declined,
were unchanged.—AP,
and 183
Closing pricesS
Alden Ine. Aes. Allied Chemicair
Mills Inc. Alled
Allis Chalmer
191
NSPORTATION
U.S. commercial jet planes face competition
Washington, Feb. 2.
PHE U.S. Civil Aeronautics Board told Congress on Monday that the Russians and British are reported planning for an operating supersonic air transport between 1965 and 1968.
If the glant, faster-than- sound planes
are bullt elst-
where in the world, the Board U.S. shipbuilding
sald,
"The favoured position
enjoyed by American civil air- cruft manufacturers might be lost for decades."
Describing his agency as in- 40% creasingly concerned about such a plane being developed by a foreign
the Board's nation, chairman, Mr James R. Durice sent its evaluation to Sen. Warren G. Magnuste (Dino-
42'.
crat-Washington), chairman of the senate commerce committee. Mr Magnuson sald the letter 50% "confirms my worst fears that America's leadership in com- 20% mercial Jet pussenger and cargu
planes is in great jeopardy.'
JA
REQUIREMENTS
2714
Procter & Gamble Co.
07
Pillsburgh Plate Glass
THE
03
earm. Roobuck & Co. Safeway Stores
201
Smith, Kline & French Socuny Mobl
357
Solar Aircraft
Sperry Hand Standard Brans Standard Oil of Cal Standard Oil of Ind Standard Oil of NJ.
**
Sicep Iock..............
543
Sterling Drug_Co.
51%
Stokely Van Conp,
372
Studebaker Packard Corp.
13000 / 1.675
30
nahin Mining...
07
RUBBER Amala. Trunt Sungata
Am: Brake Eline
50
Swin & Co,
47
4,00 8.40 3.55
4.40
America: Airline
2112
Texas Co.
77xu
0.70 2000 < 0.43 3.05 7000 3.60
American Cable & Radle
Textron Inc.
Corp.
1334
Time Inc.......
American Cyonamid Co
Tri-Cont. Warrants
**
If the
Amer. & Fona. Power
Üülen Carbide
ក
All Gin & Electric
Tinion Oil of Cal
271
Am. Horse Prod.
155
Lulon Pacific Railway
20
2014
United Aircraft
30
4015xd
United Ors Corp.
JET
60%
3. Foll 3**
411,
U.S. Gypsum
41
US. Rubber
23
US Smetung
33
114
U.S. Steel....
921280
3214
Warner Bros.
30
403
Westinghouse Electric (N)
31
Western Union Tel. Co.
F
Winn-Dixie Slates
4445
2st; | Woolworth (10. W.)
60
Chrysler Motors
642
Zenith Radio
10-4
41
-UFI.
Cutale Primalive
Co.
33
Commercial Credit
Consolidated Edison
xd
Continential Oil of Del.
Cemeat
++
43 43.75
500 of 43.70 2300
Crane Co. ........................
Agreed merchant
43.75
Crown Zellerhach
471
of Macau E
.. 11.40
STORES, ETC.
163
20
274%
57
5:00 24.40
1000 L♪ 24.40
El Paso Natural Gas
12
125 +4.50
Firemone Tyre & Rubber
1900 4.30
of the Walted States In 1057. A striking example of this In addition 200 million dollar, was repaid to the International Monetary Fund, In part setile nant of n Hetvanee made in 1956. Then fowards the end the year, the Government an- Founced that it would not seek a renewal of the 738
area.
3014
*37 3314 2400
500 331
134
300 @ 2:31
... 10.40 19.80
Electric .....
2434
last November, of most of the UTILITIES remaining quantitative controls
Train those imports, especially from the dollar
This Youma followed the abolition of limits C. Light on the amount of foreign cur- inillion rency
Available for travel deliar standby credit from the abroad the previous month, 1.ternational Monetary Fund.
that T can also be argued
in initialled the agreemein
Stockholm Electrle New 22.80 November establishing European Free
which Telephone Trade Association, in Britain is the largest economic unit, represented
Bank rate
rise helped
money
flow
re
London, Feb. 2. The sterling area's gold and
convertible currency serves fell by £18 million in January and at the end
in
a
πιονς towards moro trading
further INDUSTRIALS
liberal not
is For EFTA intended to be a weapon
trade warfare but an association
of countries aiming at increased
30% 3312
trade among us members who Dairy ...... 24.40 24.00 remain
J- free to decide dividually their own
trading
policles with non-members.
able to
One of the results of Britain's improves balance of payments Watson ....
Lant. Craw. has been that she was
less COTTONS capital to the maintain with confidence her exports
of the month were £959 developed countries, particularly million, the British Trea- to there in the Commonwealth,
The Treasury has estimated Nanyang ...
total flow of capital Gampell. Reuter's that the
from Britain to the rest of the Financial Editor, writes:
sury announced today. Sylnyr
recent
The figures impliclly confirm Commonwealth during
of money has years has averaged about £240
that the flow
Don Goldhelds of South Armes-urned in London's favour since million annually.
the bank rate was raised by one Of equal importance per cent to five per cent January 21.
Cons. Zine Com. Ort-744 34.
De Beers def.
Iringtone Tin 41,
Petaling T- 31.
Band-105,
Southern
Cine Ltd-30 34.
inion Cortsd
Went Driefonte Goldring
During January,
am on function as
7 million Kingdom
was paid in respect of bilateral manufactures
From the products, such deble outstanding European Payments Union, and
produce
21.30–24.00
300 16.99 2000 6 10.80 300 10.70 1000 al 16.70
Amerie Metal
American Smelting Armco Steel
Atlas Cuna. Mining
BULK & Oblo
Finance
Benguet Cor Bethlehem Steel
Borden ("Thej Co.
100 24.50 urroughs Add Machine
100 23 O
1700 50033
Campbell Soup Co.
Canadian Pacific R.
Chelt Peabody
200 (0 245
309 of 24,45
1000 e 24.30
20 of 24.40
47 ct 24
Cuban Amer, Bugar
Diamond Alkat
Diamond Gard
Douglas Aircraft
Earlinan Kodak
Ford Motu
Dynamics
400 31.50 Generelle
2500 2440 1000 24.50 | General Foods 2000 3b 24.40 | General Motors
Glidden Co.
5.98 1000 ** 0.70
10000% 10000
Goodyear Tyre Gult Oll
ל1201
rates
Mr
deteriorating
Washington, Feb. 2. THE Federal Maritime Ad- ministrator, Mr Clar- enco G. Morse has told Con- gress that the U.S. shipbuild- ing industry is "deteriorat- ing."
Mr Morse takt a House Ap- propriations sub-committee in today tzstimony mnde publle that work In U.S. stipyards be decreasing **wi rupidly."
very
He efted Agures comparing
supersonic transport work being done in shipyards in comes intu being in the next 1050 through 1959 to back up decade.
Durtee uld, behin prediction. tween 100 and 200 such planes could meet all requirements for the long distance routes.
work was
Mr Morse raid dane on 32 ships un January 1, 1930, 04 In 1997, 115 In 1954, and 70 on December 1, 1959.
Such an alreraft, travelling
There will be at least 31 at 2,000 miles an hour, carrying OB to 180 passengers, could hop new ships delivered this year, very obvious that the from New York to Rome, Parls so it is
volume at work in the yards two Frankfurt in about or
the hours.
Board reported. will be decreasing very rapid- Their cost was estimated at $12" he said. to $25 million each.
Mr Morse said he had asked The Board quoted one Ameri- the commerce department for can manufacturer us estimating permission to replace war-bullt adequate financial strips by building 34 new vessels that, given assurances, he could have 0 starting in fiscal 1901.
prototype flying in about three But he said the Commerce years and could make deliveries Department slashed the figure U.S. Dollars Maximum selling in another three years or solo 20 and the Bureau of Budget 17-13/32, Minimum buying AP.
17-21/32; T/T 17-23/32 O/D 11-
25/32 30 dinys 17%
4817-31/32 90 days.
8E)
901,
2001
Swiss Frencs selling 75-5/10.
60 days
Maximum Merger of
West German Deutschemarks helicopter firms
Exchange rates
41
42T
3.2
72'.
Hammond Organ
$31
Textiles ..
D
Heyden Newport Corp.
Idaho Power
47
Ingersoll-cand
43
15 10 15 20
200 15.30
Interchemical Corp.
20314
1000 19.20
Int'l Business Machines
4243
1000 15.20
Int'l Harvester
48
International Nickel
་་
Business was done Unofficial
9251
6374
U.S. dollars (per 1).
2014
707%
Australian holes (per
Indonesian
Siam ini (per 100)
573,
Singapor
(Straits)
|Allied
to her INVESTMENTS exporter of that........ capitat is the role of the United a purchaser of primary and
us agriculturol and minerals, tron Es million was used towards other countries. Britain's de- Brish Borneo Petroleum Syndrepurchasing the outstanding
balance of the Becember, 1950. mand for goods and materials
from abroad drawing from the International Monetary Fund.
of her industrial
year!
107 d.
Bruch Petroleum Co., Ltd-507. Flurral-B d
Reval Dutch Petrale, - € 15% Shel Transpor Trading-1528 pd.--Reuter.
NOTICE
as a consequenco revival waS
Excluding the debt repoy-in feet a marked feature of the ments, the current less during
January was only £0 million, This revival,
which began
THE BANK OF EAST ASIA, and was believed to be running goods. Towards the
LIMITED
Forty-First Ordinary Yearly General Meeting
NOTICE IS HEREBY GIVEN that the Ordinary | Yearly General Meeting of the Shareholders of the Bank Head will be held at the Office of the Bank, 10, Des Voeux Road Contral, Hong Kong, on Saturday, the 20th day of February, 1960, at 12
o'clock noon, for the purposo
of receiving and considering
al
rate change-Reuter.
In November and December slowly was for much of the year to consumer it had been about £20 millen chiefly confused
end of Emilar rate, possibly 1959, however, there were signs higher, in the first three weeks that the capital goods industries to share in it bank wern beginning of January before the
Farticularly ofcuraging wads the news, just before Christmas, that orders for machine tools-
цветя both
hamo from
and Abroad had started 10 client sharply in the early autumn,
Good trim
+
Rubber market
quiet
By the end of the year most Britch industries were in good trim, although there were some notable
including exceptions,
ans However Ave-year
coal mining, shipbuilding.
4
3.85
2000 4 10.10
2500 15.20 2015.10
7.30. Se
2000 or 1 2000
230 8,00
Int'l Tel & Tel Kaiser Industries Kennevoit Copper Lifion End.
Lockheed Aircraft
Loewa_incom?......
Lone Star Cement Co. McDermott J. Ray
McDonnell Alteraft
7.0
Yesterday's Closing
134
31
exchange
THE
London, Feb. 2. Westland Aircraft helicopter construction firm today announced sign- in the local ing of a fusion agreement
Inus market morning at the following rates:-
with
another
helicoptor-
Sterling notes (per £}}, 15.07 producing company, Fairey
12.01
rupla (per 1001 16 Aviation, subsidiary of the
2010 Fairey company
COMMODITY PRICES
MITALS
NEW YORK
No. 2 Feb.
No 3 Feb.
No. 4 Feb.
Spol rubber unbeled
Blanket crepe
No. 1 pala crope ...
Ib.:
J. 114-1151
14-114
1827-1189
1126-12415
132-1342
LONDON
Closing prices all in pence per
Closing prices, all in cents per No. 1 Ras spot
1b.:
Lead
Mar. May
Ziri Mar.
Copper Mar.
May May
LONDON Closing prices, all in sterling per long tori:
Old. basis, ports;
Settlement house term:
Jan March
11.44
April/June
3816-384 3311-33,
1132
July Sept. ....
11.05
314-1
12.02
General marketa,
01.86-07
Fol
33-331%
3702-43
Mor,
Exista crepe
thin Feb
300 30
the aircraft industry.
during 1950 a new
Buyers Sellers
Thcovery et lower had to activity, and in the court the year the aircraft industry
Tin for the
Brot held out
3-month re. Copper
Epot Icycl 0:
3-month Lead 1st half Feb.
702
793
per kilogram, cit. Feb.
7683
760
No. 1 rubber
3.28 biryers
No. 2 rubber
No, 3 rubber
2803)
No, 1 crepe
May
Zine ist half Feb.
MAY
Ship-
Singapore, Feb. 2.
plan was announci very quiet coal Industry which throughout the morning with the promise of ultimate
the Reports of the Directors The market rated and of the Auditors and the Profit and Loss Account and Balance Sheet for the year ended 1st December, 1959, and for the alection of Directors and the appoint ment of Auditors,
The Register of Shares of the Bank will be closed from
little business passing. Jower sheels buyers meet sellers Idean. The afternoon was rather began rationalising its structure more hetive with prices rising in a vigorous manner.
iso began to express to close
buliders plowly
nt the day's
their about mero best."
confidezko Lowera in good demand with future prospects. differentiala narrowing and for- Of course, buoyht cordillons in industry and trade bring their wards in some demand,
Over the past In London, the rubber mar-own problems. ket was dull with spot quoted year or so the United Kingdoin Wednesday, 10th February, at 38% pence per pound. has managed to maintain re:
20th In Saturday, to
Amsterdum, 1960.
the rubber markably stable prices. But to- words die end of year, the Gov-
Her February, 1980 (both days market was quiet today.
In New York, the tex rubber erriant was showing increasing whleh Inclusive) during
futures today closed 15 lower concern to make sure that in- prices, period no transfer of shares to seven points higher
with lation was kept at a distance. How successful the exhortations palen of 10 contracts. can be registered.
the x- of the Chunecllot of Although overett operationsquer for the maintenance of By Order of the floard were on the quiet side, the lower prices will prove has yet sicotted at the close to že reem; but there has cor- rifter tarller easiness. While the tuinly been some response. The Increasing tension in the Mid-Government is also watching
ile-East was
KAN, TONG PU Chief Manager. Hongkong, 2nd February, 1960,
markel
AMSTERDAMI Closing prices all in guilders
321 buyer
3,20 huyers 3.52 buyers
UPI.
SUCAR
NEW YORK -
Colsing prices alt in cents per fb:
COTTON
LIVERPOOL
1.81
Closing prices all in pence per ib.:
American Contract
March/April
May/June
July/Aug Oct/Nov.
Dec./Jan
Mixed Contract
March April
May/June
July/Aug
Oct/Nov
Dec/Jan.
FOREIGN EXCHANGE
NEW YORK Closing rates: Canada England offeiri
Denmark Franco Hongkong
27.05
#163
86769 28888-
1.03-1/10
2.0023
RUBBER
H
30-days
2,6003
Contract No. 4 (world)
NEW YORK rubler futures closi all in cents per l
Alarch
B0-day Australis New Zealand South Africa
2.0031
2.7431
2.102
2.3023
May
Sept.
3,01 511-13
3401
2009
370
deleted
Oct.
Jan.
MATCH
May
30.16
MAT:
July,
38.70
Bob, Cuba)
Nov
3240
Jär
30.70
25
20.00
0.10
May
053
ROBINGAPORE
Oslo
July
Closing prices all in Strolle
Tlent,
2.77
Pari
7
Sp (C) N.Y.
ediu)
5.40
TUMAT Quién: đồ odmiruela
A10eko Mitar Vienne Zurioj
173912-37591a 7289477.0). 32.3414-12.10
01.09
being watched the father of trade for with cents per 1. feb. Malayan
Imporia expansion claroly, traders felt it was nui | Industrial
ports: recently, been growing No. 1 Tab ar kmediate market influence. have -UPI.
somewhat farter than exparts.
12810-13099
Total malen: 150 contracta Upen interest; 0,700 contracts.
Contract No, d (Damierile) March
ORCA interest: 2,702 coldrata UPL
LONDON Closing rates: New York
Montroal
Antlerdem
Copertingels Frankfurt
2.0014-2001 2.00-13/19-2.40-18/1/1;
10.07-10.077 10:35474-19,30%
20.0332-20.031
23.286-13.201
The deal, in which Aviation
Fairey
cut that to 14-UP!
Radar needed for Singapore airport
а
Singapore, Feb. 3. Surveillance radar with
500-mile span has boon recommended for installa- tion at the Singapore Ale- part by the International Civil Aviation Organisa- tion and tho Federal Aviation Agency of the United States.
was bought out by Westland, virtually completes a major drive toward industrial needed. coricentration unprecedented In
The high-powered radar was the agencies said, to
British aviation history and in-event mid-air collisions with the increased jet travel to and volving almost every major from Singapore. Nearby All-
British aircraft concern.
the
tary air installations make ruch Welland Aircraft in 1959 had rndar even more necessary, already purchased the stock of recommendation said. Saundire-Boo, and recently
ncquired the helicopter division
of Bristol Aircraft Ltd.--AFP.
Founding of
Arab airways
Amman, Feb. 2.
JORDAN has informed the
Arab Loagua of its
At present radio communlèg- long with the pilots of all air- erall are neccesary to determine
In the of planes The positions Singapore vicinity. Most major airports in Ameries. Britain and Europe use the surveillance radas, the report sald-UPI.
UK-Argentine
willingness to participato in air pool planned
the United Arab Airways
and the Arab Union for
International Airline.
There two JosBulbord word
Buenos Aires, Feb. 2.
PINHE British Minister of
THE
Aviation, Mr Duncan
today
deelded on at the last meet. Sandys, announced
ing of the League Cerments that the British and Argon- ton Committee. Arab states tine governments will study have been asked to share in the the formation of an air pool £17 million cost of founding thatwoun Boat and Aerolineas United Arab Airways--UPI.
Argentinos, to cut operating costs.
New record by Soviet jet
Mr Sandy sald such a pool is rosible because both lines use Genant Aircraft nas both fly the | London-Buento Aires roulé.
Mr Sandys interviewed Pre- Edent Arturo Frondia), Minister Moscow, Fob. 2.
út Ecbrities, MP Alvaro SOVIET IL-18 turboprop Alsogatoy and Brigadier Ronca airliner today cutablish- Abrain, Seirglary of Air, all
ed a new world record by fly-in 24 hours, in an altempt to seturs a larger allcimers of ing about 3,100 miles át an
average spoed of 430 mph gente per fight for Boat on the Buenos Aires-Chile abi Busass carrying a 10-ton food, Tası Alros-Brazil runs.
reported today.
It paid the plane, piloted
H was undord god that the sy
Government promised to grant
pollui from Utte
and Brazilian roule but changes on
Soviet test pilot, Vladimir Kok
non-stop * | Kinaki, flew
Moscow to
Sebastopol
for the
Bmpjenek and back this morning, the Chilean run will be rubject 2utor.
to Elifier taika, ----IPI,