Pago 2
THE CHINA MAIL, TUESDAY, FEBRUARY 16, 1960.
DROP IN U.S.
London For the dollar
closes higher
London, Feb. 15. Prices on the stock market closed irregularly higher today as prices sagged after a brisk opening.
back industrials fell Many from their highs, electrical and
Jatted 1:༢411༢:༣
engineerin
iod varly gains.
Dollar
stocks Wer
Chrysler
and General higher were Sterl decid,
10
writing
on
the wall
London, Feb. 15.
The drop in the American bill rate may be ominous for the dollar, but is rather encouraging for American business and is big and good news for other countries.
It gives Brilain the external German economy may threaten felher for infernal take-off price stability and confront the into expansion and modernisa- ! German monetary authorities mixed. tion.
with a delicate dilemma, Tey confront it with all the delicacy Motoru
the rel lonship of ases. but Bethlehem At present,
New London and het wees
Fer them, internal stabiilly York
rates ultracin money
the fast and all enough arency to keep sterling comes first,
gentilnely They
regret pul the reses vez goo! cough line.
that it perpetuates an unwant- for sample infginal recpe,
ed external surplus. They also in wage
settle-tibak that if other countries are Moderation were
inennertienect those countries were staus is desirable, but if the
themselves make Teserves hold strong it will not
Germany is not co- be necessary to bemoan every
ing to make herself weaker, six pence.
Cold stots drifted lower, Coppers slipped back after fim opening.
Git-eded securities
higher, Foreign
dvil---UPT.
bonds
Closing prices
talledged Honda British Transport 3*,
£40
Consol CR-V10.
Laman 2402
Convenien Loan
-13/10.
Funding Loall J
£85.
1972)/8-
Н
Are
Good feeling
П fairly The British 1985-modesde people an at pre- sent they feel surprisingly good trtout themselves. In a recent
19534/61-
should stronger,
✔
Funding Stock 39, 1809/2001 Gallup poll, the proportion of They
Puutu
Loan
FUG0/90-
*! . Sat
1195/65-£34. Soviks
1006/70-£KY, Savings 3 100/7373-3/10.
DAR
Buavity'a Bunk "A" Ltd ord-Ble
Chartered Bank-- 3d, Hurkong-£0.
Lloyd's
Insurance
Union Insurance Corten-£5-13/18,
Alterar and Metors
Z Motor Corp. Ord.-zta 41.
3d.
Ford Motor C-1040
Hawker Siddeley Group Ord-
Rouir Ltd "A"—109_ ¿{yet
Miracles
BILL RATE
HONGKONG
STOCK EXCHANGE
تلايا
Our Own Correspondret
to
Business done at the Hong- Stocks Exchange this kong morning omoulited proximately $2,402,000. Noon quotations and the morning'a
transactions:
Shares
BANKS
Buyers Beltere
K. Bank 1200
Unie 1415 D INSURANCES
Lombard
stIPTIND
Sales
30 ur 1250
DO
1200
100th!!
18 19.20 4000 4190
40043
100043.20
793 43.50
2300 & 30 10005012 14047
NY declines in moderately active trading
New York, Feb. 15.
The Stock Market declined in moderately active
trading today.
The market was alightly higher losses among higher priced and and active at the opening with more speculative issues. the ticker tape late. It turned
mixed after the first hour and
Patroleums, rails, farın sayı-
then declined to the close with plements, the ticker tape late again.
airlines, electrical
aircraft
and ¿quipments
RANSPORTATION
New Boeing jet transport has British
engines
Washington, Feb, 15.
A rather sharp selloff in the closed lower. Most steels and THE U.S. Federal Aviation Agency said today it
dual thirty minutes left prices around their lows for the day at the close.
ehcinioak also declined.
of 1,200 Lesues teaded, 688 und declinod, 369 advanced, a249 were unelianged.
Most losses ranged from a few
to around two dollars
but there were wider
Wheelock
0,00
DOCKS, ETC.
K. Wharf...
163
103
73
180
003 6 153
163 162
Dock Provident Teikuo Dock
G35
04
2:00 13
cents share,
43
LAND, ETC. 11.K. Hotel 36 304 1., Land. 4734
45
420 3500
Humphreys
Amalst
UTILITIES Tram
4.125
2015 2014
500 G 33
the
of
Star Ferry Yournali
150
300 40 151
141
500 133 143
700 14
300 140
4 47.59 47.75 234 23.00
1500 23.78 1.05 1.078 13300 1.070
4.30 535 4.35
Internationally, the important structural change Is that
out Geroans are runningt ways of making water run-up- performed have miracles of capital exports the tide of polleles against
26.70 inta, actric which almost force them
Electric (N) 24.30 unwanind bely importers of
and the supply of capital, miracles is imitett
So the D-mark still seems to be in process of devaluing the dollar. It has been on the job for a dozen years.
It may OT mort
40003311
300 4. 2015
1000142
C. Light 10.19 19.00 2000 1.00
Macat E... 11.30 12.10 Telephone.
5300 10,90 2337 & 28
1400 24.20
Increase in Commonwealth exports of
raw materials
.
London, Feb. 16. Commonwealth exports of materials in 1957 raw were worth £2,380 million -over seven times more than in 1938, according to
1500 24.40
232 or 24.30
35 35
500433
300 6 35
2290 351
a report today.
Volume totalled. 2,780,000 shares compared with 2,230,000 shares traded on Friday.AP.
Closing prices
Alden Inc. ALY. Allled Chemicals Allis Chalmers American Airline Amer, &toren. Power American Metal
American Emelling
Amerie Tel & Tel
America Tob.
Anaconda Copper Armeo Steel Armour
Alins Cons. Mining Baldwin-La¬liani,
Balilmore & Ohio Box Aviation Corp. Donguet Cena, Dowalchom Stedl Boeing Airplane Canadian Poeme it. Cass (J.) Co. published here Can Polinutive Cu.
21blom.
Commercial Credit Consolidated Edison Crown Zellerbach Cuban Amer. Sugar Diamond Alkal Dupont de Nemours
be unem people expecting to ployed reached a new low,
The proportion expecting a drop in their standard of living reached an easy new low, less than half as many as ever be- ahead ten years fore; looking
great in The rise reflected they overwhelmingly thought
INDUSTRIALS Cement. 4534 48% 33506 40
creases in quanties as well as Britain would be the best coun-
STONES, ETC.
500 24.50 the effects of higher prices, said 34.00 24.70 dozen Dairy try to live in.
of the 3500 m 24.70 the report, For the American economy
thero and of
XD 2335
wealth Economic Committee. Watson, trends may
The consumption Lane, Crv. 20.30
CH rw Ceneral Electrie the vastness of money and Wall Street may be a godsend. meanwhile the
COTTONS TeVerse. Unless and until they
materials in the Commonwealth General Food
General Motors least as fast as Getty O 120001040 had grown at do, the process is remorseless, China Mall Special.
Iain Oidden Bo that of the tree world, taining the importance Commonwealth as a market.
Commonwealth wool (£600 million) and Jubber (£195
exports were
Standard Triumph Intestational-It tends to stretch out the de-
11s 70
Brewerie
Distillery C 10150
Buliding and Material
Assolated Tortland Cent GoodLess Wall & Leed Grd
Piel Johnson Alates Or
42 74.
Corl, steet and Engineering Babcock & Wilcox Ltd 150 United
Vickers
Jands Instead of cramming them into a boom and subsequcal the means bust. By providing for expansion easy money tends correct and not merely in re- Blect the defensive turn in busi- ness sentiment.
For the dollar, however, it looks like the writing on the wall. The trouble about the Ameri- caps is that they have become Lid-Internationally uncompetitive.
Food and Tobacco British American Tob. Co., Ltd 72 3d.
Imperial Tobacco
4td.
ور الناس
Miscellaneous Doardman Marden Lids 7!4d.
Ltd. Ord-085,
Hrits) Oxycile fly 4815 Canadian I
De La Rue Co. Ltd. Ord-71.
Co - 24
Dunlop Ring Gol Hongkong Imperial Chemicals 41.
yone & Co-76 d. Unilever Lid-133 04.
Piper Bowater Paper Curp Ord-73s I. Radio and Electrical Ansoginted Electrical- fid. Electrical & Muuteni 40% 34.
Fast 15
General
Indo Chita
Co-478,
Ahipping
Steam Nav
Do. def
u7d-33
P&O Sicum Navigation def vid- 40's.
storts
Great
Universal Stores "A"---ÜÜ#
4arks & Speners Ad-?is 140.
Woolworth F, W. & Co-0164 14. Texuire
Coats J & P. Lid-3ks 80. Courtaulds Lid-63 1964.
Mines
Cone Coldfelda of South Africa- Olm d
Ca. Zine Corp. Ord- 30.
De Beer
Hongkony 21-in *).
Petaling Tile
Band 10. .
Southern Kinta Cons Ltd de Jd.
West Driefontein Gokimming-1
..
on
British Borneo Petroleum Syndi
cale roicum Co..
Brilleh 37-49 1554
Lad-50
Royal Dutta Petroleum-£18-3/32. Shell Transport & Traduzgunā dās,
Keuter.
Rubber market review
New York, ch. 15. Rex rubber futures today closed 35 points higher to five points lower with sales of 44 contracts.
For
Dear money
their external
positions the United States needs dear mones. For their overriding priority Internal purposes-the of boom In the United States und of disinflation in Germany have the -they respectively reverse and nothing is likely to shake either of them.
The Federal Reserve Bank of New York has been saying that some structural changes in the
Yesterday's Closing
take another to Eet
[CITY LIGHTS!
"There's Binks--anything to attract attention"
London Express Service
02 006
919.3
..
105 10.40 Textile
10 4100 10 Nanyang 15.90 INVESTMENTS Allied
0.05 6.10 300 4.10
Agreed merchant largest single Items.
rates
Malayan Dollars, Maximum selling 53%, Minimum buying, 53% T/T, 63-13/18 0/D, 54-3/18 30 days, 54-7/10 00 days..
Exchange rates
Business was done in the local unofficial exchange market morning at the following rates: U.S. dollars (per 1)
Common-Fostern Air Line
Eastman Kodak Ford, Motor
of the Goodrich (B. F.) Co,
Goodyear Tyre Gulf Ol
the
CANADA LEADS Canada lod the Beld in ex- ports of linber, mainly soft- totalling £165 million wood, but Ghano, Nigeria, the Federation, Brilish Malayan Bornco territories, British Honduras and British Gulona had developed their exports of tropical hardwood.
New Zealand had built up a trade in softwood significant
and woodpulp.
said that in a
this
Sterling notes (Prell) Australian notes (per i Indonealan rupiah (per 100) Stam Seals (per 100)
straits) Singapore
5.70
12.50
The report vigorous response to post-war 250 demand, Commonwealth
raw
26.10
COMMODITY PRICES
RUBBER
SUGAR
NEW YORK
NEW ORLEANS
Closing prices
all in cents
per ib.:
Spot
$1.50
Mur.
32.04
May
34.00
July
12.50
Oct.
30.30
NEW YORK
20.95
Rex rubber price, ali in cents per
futures
closing
lb.:
Mar. May July
21.41
Closing prices
per lb.:
March
30.00
36.90
May
July
37,85
Sept.
37.00
37.00
JATI.
16.25
Mar
35.00
in Straits
BINGAPORE Closing prices all
cents per ports: No, Fob.
Mar
No. 2 Feb.
No, 3
No. 4
15. f.o.b. Malayan
Spot rubber, umbaled
Blanket crepe
No, pala crepe
LONDON
214-1143 1134-11311 113-114 12-13 112-113 106-111 '111-113 130-132
all in pence
Bellierent house term
Jams/March
April/June July/Sept
Oct/Dec.
3344-07
3316-3314
1-17 24-314
Closing prices
per lo No. 1 st spot
Axtopting the pattern of the General markete, c.i.f. bans, portt:
foreign mariools, trading, rode
DOR".
gulet with price atender on Extate crepe thin zou. Some covering by *denler bilèrests.
Locally, current month No. 1
Ras was qualed
nominal.
at 13 cente,
market In Singapore, the
Jist heldw opene blightly
løvels. After finat week's steadying slightly the market
quiet
relapsed into lethargy,
New Oct. 30.40 New Dec. 30.43 SAO PAULO
Closing prices all in cruzelro per kiloi
Average price in U.S. at 14 de- alemated spot markels: 32.50 cents.
Total sales: 80,501 bales.
LIVERPOOL Closing prices all in per Ib;
American Contract
Mar/Apr. May/June July/Aug. Oct/Nov. Dec/Jan,
Mixed Contract
Mar Apr May/June July/Aug. Oct/Nov. Dec/Jan.
pente
22.06
$1.00
82828 882295
METALS
NEW YORK
thick Feb...
chooing prices,
por lb.:
Load March
May Marels May Copper March
Moy
COTTON
cerita
all in
11.00
41.0
11.00
12.00
30.70
all in
conta
Contract No. 4 (world) March: 304; May: 3.73; July: 8.12: Sept: 325: Oct: 1.4; Jan: 3.23: Mar:
Moy: 333; Spot (F.A.S Cuba): 3.10.
3.51;
Total Sales: 130 contracts, Open interest: 8,820 contracts. Contract No. G (domestla) March: 0.00; May: 5.81; July: 8.74: Sept: B.: Nov 082; Spot—(C.1.1. N.V, ex-duty): 5.30.
Total Sales: Do contracts Open interest: 2,738, contracts
UP!.
FOREIGN EXCHANGE
LONDON Closing rate:
New York Montreal Amsterdam Brunel Copenhagen Frankfurt Porin Blocklis
Cloding rates! Cañada LONDON Closing beloes, all in sterling England official
cents per long to
2.0091-2.00/%
2 E0T4+2.07 || 30.5714-10.57A?
18.3595-105TL 11.09-11.09
Heyden Newport Corp. Hainestake Mining Co. Ingersoll-Rend
Inland. Steel Co.
Int'l Business Machines Int Harverber International Nickel International Paper Int'l Tel & Tel & Leit"
Kanens C, Power
Kennecoll Copper
Lition Ind, Lockheed Aircraft Loews Incorp. Lone Star Cement Co. Minneta Mining Mission Development Montgomery Ward National Cash Reg. "A"
National Less New York Central Olla Elevators... Pacile Guy & Etc. Pan America Always Paramount Pictures Parku Davis Co. Penn, Salt Co. Radio Corporation Republic Steel Blacials 01 Socony Mobil di
materials productive capacity underwent widespread expan-Southern Ballway (Dom) sion Involving heavy expenditure,
and
Brands
capital Stanca oil of
Output was greatly increased on balance provided a larger chore of the free world tatal. This expansion was not confined to a few countries but was, widely spread throughout the Commonwealth.-Reuter.
U.S. steel
U.S.
output record
Standard Oil of Ind.
Standard Oil of N. J. Sterling Drug Co. Stokely-Yan Camp Studebaker-Packard Corp. Swits & Co, Texas Co Union Carbide Union Pacific Hallway United Aircraft
V.S. Gypsum
ILS Lubber U.. melting U.S. Steel Warner
Westing Mortre
Woolworth (K, W.)
BRITISH JAPANESE
has granted the Boeing Airplane Co., an air- worthiness certificate for the long range, newest 707 jet transport, the 420 Intercontinental. powered by British jet engines.
It is
Pratt & Whitney Jet engines of the 320 molel.
The FAA stamp of approval; the certified that the plane is tested and proven safe transport, Boeing calls the 420 model the world's longest range Myliner.
The plano
jet
Orders for the 420 include 15 from British Overseas Airways five Corporation, many's Lufthansa,
from four
Ger from
is designed to Air India, and two from Vorig
cross the Atlantie nen-stop in Airlines of Brazil. either direction.
The 420
4471
**
103 SIMILAR
ca).
**
1532
!
69
4035
2
model is similar to the 320, currently in use across the Atlantic by Pan American World Airways and Trans World Airlines.
60
However, the 420 Brkish-made Rolls
JE
tas Royce Conway Jet engines instead of
Bone's first 420 is to be de- Livered this month. The FAA catiftention permis the air- ine to start service with the
new Jet as soon as it wishes.
in servico Ninety 707's are
10 alelines. They have with carried 2 million passengers more than 56 milion miles inco they went into service late in 1958.
The 707-420 is certified for a maximum takeoff land of 311,000 pounds, compared with 248,000 the original 707, pounds for which were of the 120 model, The plane carries 40 passengers & coach compartment.-AP,
Dutch note to U.S. first class and 65 in
over landing rights
Washington, Feb. 15.
Nothorlands Tofficially informed the
Japanese car
today parts for U.S.
United States there is wide-
12% spread disappointment in the
Netherlands becauso
Washington, Feb. 15. TNITED States car makers
UNITED the
oro considering buying U.S. refused to grant Wost parts in Japan to reduce 37 Coust landing rights to KLM their costs, says the mago- Airlines) U.5. Nows & World
21% (Royal
20% planes.
Dutch
to
Report.
Dr J. H. Van Rotjen, Dutch Thus Japanese car makers Ambassador
Washington, may soon become sub-contrac- handed, the Secretary of State,tors for the U.S. industry, says Mr Christian A.
the weekly news magazine in a memorandum
the brief report in its copyrighted text of a roolution in which business around the world see- 43% the Dutch Parliament expressed
TRADE TALKS
New York, Feb. 15.
steel production in January set a record for any month and for the first time crossed the twelve million ton - a - month mark, the Ameri- can Iron and Steel In-British stitute reports.
Steel-making furnaces DOUT- cd 12.043,000 net tong of ingota and steel for castings cellpaing the previous record of 11,089,319 isha set in December, 1950. Pro- duction in January 1959 toteiled 0,317,385 tons,
London, Feb. 15.
and
Horier,
containing
L
lan.
its "deep disappointment" over the US attituck:,
The report says "inquirles jhave
aboil such been made Negotiations between the two things as Japanese-made rear- ash trays, and oyuntries were broken off on view mirrors, February 8 after four weeks of other accessories. The Japanese talles.
say they can. produce such items for 28 to 30 per cent less, in- cluding transportation and taxes, thum Americans can.
REPORT
"Japan's industrial costs, are traditionally low, despite the nation's having to import
#
Van Roljen, Embassy sources sald, also familiarised Mr Horier with a report the Foreign Minis ter, Mr Joseph M. A. H. Luns, great part of its fuel needs from made to the second chamber of foreign producers. the States-General on February
"But now the Japanese them- 9. Mr Lama termed the State selves have struck oil the
Department's arguments
acceptable.
un-Persian Gulf. An offshore well
has been gushing 9,000 barrels a That's day since January 26.
The resolution, passed by the equal to the combined flow per
chamber unanimously, day of 600 wells
in the US. Oil Company
Becond
censured the United States for Japan Arabia rejecting the KLM request plans to complete eight or nine which it called "u negation of wells this year. By 1904, the freedom of aviation and of the company plans to be supplying principles of sound competi-half of Japan's oil neode.AP. ison."AP-
New
launches for
Japanese Trinidad Police
to
negotiators worked gether for nearly three urs today over the de- talled provisions of a new trade agreement between
our high-speed diesel-
Cargo containers designed for tow
London, Fob. 15. NEW British company hot boon.. formed for
ongineḍ stbol faunches world sale of flexible cargo have recently been built in containers designed to be the two countries.
Biltain for the Trinidad towed behind ships, it was Policó all powered by Perkins announced today. Delegates refused to commit 56(M)" diesel enginct.
According to the Indutute's index of steel-molding, Jarasury | after the day's talks ended m- output was 109.3 in terms of cept to say the next meeting is the basic index of average pro scheduled for Wednesday. duction during the period 1047/49,
COMPARISON
They sayo no Indication
of
The snake-liko containers namod Dracones after the Greek Ench lounch has three of word for sea serpent are made these engines which each deve of nylon and have a capacity of horne power dt 13 to 320 tons depending on ldp 100 atiaft 2,000 rpm. An interesting point their size. what specific matters were dia- of design is that each engine cussed during today's mocting. operates & separate propeller First poblic demonstration of a dracone developed by a team Today's esstor started the with independent controls, giv
At Cambridge university second week of the tediousing a wide range of power and
speed. Individual engine con- giver about 18, xhon ihm ngó with ar of negotiations. Omelais ELA on capacity
trols be operated either a cargo of 10,000 gallons about 1 nå 148,570,070 net willing to predick how many
from the wheelhouse or the 40 tons) of kérésére. tons of raw stoel a year, US weeks they will last, but pre-bridge-deck. Sitering la by steel-making faces wery plous years' salles have one twin rudders, operated by cani
Tho' how compiány, Dracona Is Huciced operating at an average of 95.4 on for several months,
Cociabil Limited, percent of capacity during
mainly by associates of Hambros Bahir, one, of Indon'g Tending
bardis mertibat
nand
This compares with 188.5 in 139.00-139.85 December and 181.0 aring
January, 1952. 13.704-13.70% Bhsed 14.519-14.51 January
NEW YORK
1.00
NEW FORK
20047
Closing prices
ndl in
-30-
DO-DAY
2.2013
2.0000
per lb.:
Buyers Bollers Australia
2.2440
Allernoon continued
with market ahiding to, about
MIT. May
alm
Ti pot
793
New Zealand
*3.01
3-menti
July
51.70
Cupper spat
70* 273
South Afric
2.7010 2.8000
Belgiu
Juêning level,
Out
30.00
3-month
2404, 150 ·
Tied
20.00
Lead 1st halt Feb. ...
13
Factories were quiót,
MAC
75,01
In London the market wud wory quiet ludiky ---UPIL·
May
21,38
to the JNE, A
NOW BEL WAYNEW DIG
May
Sweden
Switzerland
January, the Institute.mních.
LOC-
can
ggars, which at medium speeda The trade experto, some or allow the craft to turn about In
one-ond-hall boat lengths. The Institute also reported whom flow from Tokyo spe-
At the same boatyard at that 1950 shipment of faithdu clally for the degotiations, dró products from mits to the bargaliing for expended quotas open Perkins-powered launch 020 69.377,007 net tons, a gain of 10 for the two countries imports for general duties # Aden had
percent over. 1898 shipments of from chel olhar, 30,000,000 tons, but, ill. bervent bolów, the annys), fecord of 84,
2200
2100
The present, quota dhange 700,000 tons set in 1955, China i menti explié va milen 312%
AP, Muli Special:
also just beef, constructed; Tho power unit for thun vesel isti Peridins "P3/144, ülesel, enghrie daveloping 30 minit horse power at 2,000 rpm.
WED
of it. Chitrón ind Cumpany
rim of alúpbrokers
The three inventors of the tricona ako Profestőr W. IL Hawlhtone, Bir Geoffrey Taylor and Mr Jolin Shaw, China Mull Speci