THE CHINA MAIL, TUESDAY, MARCH 8, 1960.
THE GILT-EDGED MARKET
Wall Street London Still getting
has another sharp decline
New York, March 7. ·
The stock market fell sharply on all fronts today
Lover
closes Govt's steady shock decision
London, Mor, 7.
The stock market. was. quiet and generally steady today.
Industrial and oil Leaders moved ahead or selective buy-
diamond lasues coppers
11.
Gold
with losses running to more than three points were firm and some in many of the leaders. The list mode an attempt at a removery at one time but suffer
U
t another of its late sinking:
Heavy selling in polls last hour saw many issues nish around their lows for the day.
It was the sixth market deelige
In as many days,
Brokers
wern
Felday's late recovery drive as
riple nird
to
frothy Lo con-
Family Finance Corp,
Firestone Tyre & Rubber Flest Nat. City Bank Fer Motor
deona Paci
General Dynamics
General Electric Donernt Froda deneral Motors
Gen. Putz Vi
stitute a real turn-abul. When / flomilyear Tyre the market opened from today sone analysts were
L The Friday turn-around mith have been the climatic The many traders ind waiting for.
Rails fell sharply in
average chiefly
elitus of more
reflecting
two Than
its Central and more than a
in anore
nt acti
Ohio, Rock Istand and Kansas City Southern
פין:
391.
uzi 772.
البريد
London, Mar. 7.
HONGKONG
STOCK EXCHANGE
by
Our Own Coréespondent
Business done, at the Hong-
Stock kong
Exchangoka
Still suffering from the Government's morning amounted to approxi-
tions and the moning's transac
shock to the gilt-edged market, the nately $2,570,000. Noon quota- London Stock Exchange in the week toons: March 3 eased to the lowest of this closed sharply higher. British Government
year. marked up
Germany modest mins.
is a turning her screw, and twice in dollar US.
stocks, under | money pressure recently because of the three days the Bundesbank has cratic Wall Street movements, raised its interest rates un bills
and bonds. were mainly higher.-AP.
EL
bonds sprinkling of
Closing pricos
Olliedged Blonde
British Transport
01 2144715.
www. 1975/90-
Consols = £71. Conversion Loan 3%, 1980–£82. Funding Lonte 3.6, 1050/09-283), Funding Suck 3: 1090/2004- 250-3/10.
Funding Laan 4, 1900/90-3. Savings, 3008/09--
Savings M. IP30/7030-5/16, Savine 7, 1005/75-1414.
thanks
Barclay's Bank
"A" Li ori--558
Chartered Ink-00 3, Hongkong-£661%
Insurance
1027%
Interpreting
Gen. Tyre & Rubber
delty l
Glidden Co.
optindste
(EX. F.) Cu. Grumman Airerati cut i
241
Hammond
rum Walker
fleyden Nekan
Corp.
14
been
fan Refrig....
joutentake Mining Co.
5232
1022
Imperial Oit
27
their ingersoll-ftand
de-
Jai Siel Ca
Interchemical Curp,...
125
Int'l Business Machines
Int'l Harvester.....
-457-
and
International Nickel
$3
International imper
130
Lloyd's Bankts i
Int'l T & Tel
Johna-Manville Ca
40
Kadser fridan zivs
Kansas C. Power & Light
the
Kennecott Copper
Kimberly Clark
Liggett & Myers Tob. Co.
Lily ......
and
Chatz
point whlie
McDermott J. Ray. McDonnell Airerafi
Lowenstein & Bone,
Lone Star Cement Co.
2015
30
Molors
teakho
a
The Minnesota Mining
Meloit Developineul Low.
Monsanto Chemical Co. than Montgomery Ward the cameras and in Inc. Mining nearly much in the minings.
493%
13154
Nellonal Best Co. National Cash Reg. "A" National Dairy Prod.
4074
National Steel Corp. New York Central
703
ELECTRONICS DROP Electronics also lost in lut sellast. IM dropped more them fair and Emerson Electric more than bower,
fun.
Motors were as well as steet cbenten ister.
Is the stors, Ford dropped
thope
Americno.
Litton
Lockheed Aircraft
Lewa Incorp.
and Chrysler
vased. new
Generad Last Polaroid dropped more three in Minnesota
Today's volume was 2,900,-
000 shares.
of a total 1,221 issues traded
And higher WO
201 lower.
Closing prices
Abalina Pwer & Paper
Auden the Aey......
Alpon Steel Cup.
Athed Chemicals
Allied M for
Allis Chalmera
Am. Brake Shoe
Auto Airline
Am. Cable & Hado Corp
Ameri: cyanold Co
Are & Forea, Power
Am G & Finc
Am Tieman Pendi
Am Mach
Amorgan Mal
dry.
Am. Natural Gas Anton Sineltig Am Sugar Rel. Acan Tel & Te Aukan Tob Anconia Copper
National Lead
Ruranda Mines Ltd.
Norfolk & Western By. North Amer. Avlaikin Northwest Airlines
Gips
Pan American Airwaya
$ 39
Pacie Ga & Elec.
42
35
Powmount Pictures
Tarke Davis Co.
50
Penny J. C. Co.
Pr. Salt Cu
34
Philip Morri
40 Pinay Bay We
20
Procter & Gamble Co.
104 Pittburgh Plate Clas
404 Pubitcher Industries
9% Pure Oil
496 Racer Corporation
142
32
Raytheon
211 Republic Steel
ZUT
Union Insurance Conton-£0-9/10.
Aircraft and Motorr British Motor Corp. Org-20 34. Ford Motor Co-1000 cd. Hawker Siddeley Group Ord-32 Routes Ltd “A”-UN D
Stomard Triumph International- la 30.
Berwerles
Distillers Co-34
Houth African Breweries--77a.
itsliding and Material
Aociated Portland
Coral-Gus
Boodlam Walt & Lead Ord-K
Steel and Engineering Babouck Wilcox Ltd. de 150.
United Steel-779 34. Vickers Ltd- ed.
Food and Tobacco Brush American Tob. Co. Ltd-00g
Imperial ToneDo Llted.
distilen
Boardman Marden L-4 75.
Oxygen Ltd. Ord-90s.
Canadian Paritie Rly-45.
De La Rue Co. Ltd. Ord-70s. Dunlop Rubber CD-248.
Hongkong China Gas-147.
Chemical-G09 711d.
Imp Co-72 Unileve, Ltd--1376. Paper
Radio and Electrical
On
Associated Electrical 67 d.
Indo-China Shin Nay 60. det P&O Steam Navigation det ord--
4x4.
Stores
Great Universal Stores "A"-is $150.
Marks & Spencer Lid-08% $0.
Woolworth & Co-l $0.
Conte J&P Lid. Courtaulds Li023 74.
After all of which there is a growing feeling that the exces sive optimism at the New Year gone to an opposite has now
and that excess of pessimism things are probably not so bad.
Comparisons with the 1935 inflation and its aftermath are probably too facile.
very
Reserves up
been awarded an expansiunist budget, Australia is ahead in that cycle, but is tackling her problem the liberal way by ad- mltink more import competi Llon.
A
Shares
Hales zluyn Seller BANKI 1.K. Bank 1203 1345 105 1300 INSURANCES Uniott
DO 102 Underwriters 10.70 SHIPPING Waterboat Wheeluck
Mast countries are selective DOCKS, ETC. In their liberalily--few of them | K. Whart fully extend it to Japan's cheap Dock goods for example--but for the whole liberalism world as G premises more prosperity than restrictionism.
Wage pressures
ph
In
Britain and elsewhere, wage pressures are gathering Britain's reserves turned up-
partly momentum. They con ward in February--not brilliant- ly bul adequately and sterling be contained by higher prodate should be at least seasonally limtivity-Britain's has risen sharp-
ly in the past year. until at lost June.
The Britain's
theme of both NEW export prices are
with cffelafs and competitive
economists is that they America's. If Germany's are too
be contained by cannot competitive they have lengthen- restrictions on demand, which ed her delivery dates, so the restrain productivity more than wages and thus robres produe- outlook for British exports may
tion more than they repress In- also be good enough, if only
Batlors. just,
South Africa being rather be- has hitach in the boom cycle
Tax on U.S.
holdings:
New scheme
measure
#
TC- new
ber
to
in
In these conditions, sound the bond markets money and are not a lost cause. but they do seem to be constantly on the de- fensive in the equity revolution. A Brush Government spokes- man in the House of Lords un- the remarked that happily Government cannot be a kind of sink for unwanted Government stock at artificially high prices. The Financial Times reports caught that stock which is not
In a kind of sink goes down a kind of drain.
Falsifying
To be accurate, what the Bri- sh authorities did on February 24 was not to stop stabilising or the supporting
gilt-edged market but to stop falsifying it The banks are not too unhappy and the gilt-edged market may LUTT intrinsically better than when it was being falsifiert.
Washington, Mar. 7.
leaders are Congressional Corp
portedly agreed on scheme to withhold ceptage of all dividend pay- uents To stockholders
corporations United Slates for income tax purposes.
be similar This would the withholding tax now posed on weiges and siaries,
the Under
prestant plans would be past into
It American business remains effect in 1901 and would hold buoyant, they also may be out approximately 18 per cent
intrinsically better than when it of the dividend payments for
was expected to be feverish. the US TreatRITY.
Several of the current dis- Administrasion | contents sera to be largely 500- Although officials have been supporting sonal and technical, and getting
campaign by banks andripe for seasonal Improvement,
uitizers corporations to
Normal dates for seasonal up- unge
on volimarily
turns are no early as March 15 to pay taxes
York New
money such divideris, 11 is understood for the
March 18. for London that Treasty officials are fully market, in favour of the
of the reheme beotiuse
losses of tp to $400 anmual million la taxes on dividends nat declared by tax-China Mail Spesial.
40%
054
(Com).
211
45
呢
1714
Bowater Paper
1050.
381
110
2314
029%
Electrical & Musical-s English Electric Co-40s dd." General Electrlos Oct,
xd.
3B
Shipping
9415
01%
F13
Radio Corp. Pret.
ALTO
67%
Reynolds Metal
Royal Bank of Canada
192
2114
2016
Sear. Roebuck & Co.
4714
101
Bhell Oil Co.
324
EXP Saint Rrk. Paper
41P
60 Scott Paper
7712
Sinclair Oil
43
239, Saith, Kilne & French
An
D
147%
Solar Aircraft
Socons Mobli Oil
37
Petaling Tin-7
10%
Rand- 34.
15
South Puerto Rico Sugar
10
1k of Nova Scotla
121
Sarthern Co. (The) ....
Bere ile Savers
334
Southern Natural Gas
5
Southern Railway (CoT, I
44
1500,
Beneficial Finance
Audix Aviation Corp.
Sperry Rand
221
Signdard Bromis
301
116
Jelchem Steel
40!
Standard Oil of Cal
C
Standard
Oil of Ind
Ja
35
Standard Oil of N.J.
Burden The Co.
Sterling Drug Cu.
4713
GJ.
Burghe Add Meline
Stokely Van Camp.
Ima-445 St.
Arnish Columbia WT.
40
Stone & Webster
Calif. Pucking Dory.
201
Studebaker-Packurd
Corp
1814
17
7214
2155
4322
2012
Nico Steel Ki Ale
Ander Chep Atlas cons, MIK
KakhaR-Za-Hao.
Balloon & Ohio
stret Lon
Bocini? Airline
Cina. Bk. of Count Brew
C'any. Campbel
Car 14, 1r Cu.
Fat TractOT
teka e Corp
I. T. Finanelul Corp.
Chale Marthai, Bank
Chrysler Motors
luott Peabody Colgate-Palmolive Co.
Carbon
49 Sunshine "Mining
2312 Swift & Co.
2402
Texas Co.
Textron Inc.
Thlakol Chem.
; The Water 011
30 Time 1ne.......
៥)
Traders Finance
Tri-Cont. Warrants
Twentieth Century Fox Flim
17
Union Carbide...
Ca.
Union Oil of Cal....
STAL
Union Pacific Railway
Consolidated Edison
hist 413%
Uned Aircraft
Consolidated_Paper
38
United Fruit
United Gas Corp.
Constuners, Gas
33%
Continentnl Oll of Dei.
48
V.5. Strel
01!4
671
US Steel 1 P.C. PF
1414
Crown Zellerbach
4440
Warner Bros. ....
за
Cuban Amer. Sugar
Waukesha Motors
Werlinghouse Air Drake
29
Westinghouse Electric.
ar
Western Union Tel. Co.
West Va, Pulp & Paper
2201
Winn-Dixie Stores
44
Woolworth (K, W.)
Exsunan Kodak
Zenith Radis
El Paso Natural Gas
273
UPL
Crane Co.
Diamand Alkoll Diamond Card Douging Alterati
Dow Chemical
de, NemuniER
Cone
Mises
BD 10142dflelds of South Africa-
Cons, Zine Corp, Ord-72 BJ.
De Heers der-150
Southern Kinda Con Ltd IGG DU. Union Corp 76 715
Wort Driefontein
Ol
Goldanining
the
withholdinit equities BM Borneo Petroleum Syndi-
British Burmah Petroleum-
British Petroleum Co., L16-637
Shell Transport & Trading-142
Reuter.
Yesterday's Closing
and mid-May for
20 28
1.20
7.30 30757,23
1000 7.50
1330 of 714
420 or 714
2000 w 7!4
1500 71%
170113
100 (20 10000
300 83
BUD 10.70 3000 18.30
Provident. 19.70 10.00 1000
Talkoo Dock
30%
14:00 +49 1500 + 50
Ex All...
RNSPORTATION
Developing the Hovercraft for
commercial
"
use
MUCH has been written about the Hovercraft, MUC
Britain's "flying saucer", a motorised plat- form to skim over land or water on u cushion of compressed air, the development of which was. announced in 1959 by Britain's National Research and Development Corporation.
Now
this
Government- types for "workhorse" Jobs in appointed Corporation, satisfied | undeveloped areas or on rivers with the trials of the prototype and seas where no other vehicles 1983 Hovercraft the SR-NI has can operate economically -- a embarked on a new plan which | Flying Lorry for operating over- is to be launched without delay, land in bush, tundra or desert; a This alny to develope a whole | Snow Freighter, with living ac- family of muchines based on the commodation, for freighting or same principles as the ptolotype } palar exploration; s Tiemp which was manufactured for the Saucer for voastal work is places
2404 40
1750 Boy
3 30% Has no 3014
1880 38
100 + $2 1430+ L
LAND, ETC. K. Hotel HK. Land,
501 01
Impurey",
XO Realty
21.70 1.176
300 4 201
1.80 2000 1.00 3000 u 1,80
RUDDER Ainnig
Truxi
2000 4 1,80
QU
10000 1.0
3.30 2000 v0.30
[k) 5.35
7.13
Xp Sungula... UTILITIES Tram...... 34% 34% 2200 34,
5000 5.30 7.30 1.6 3.83 4000 + 3.70
Corporation by Saunders-Roc like Chile und Greenland where
Ltd, of Cowes, Isle of Wight, there are few harbours, and a England.
River Rider for transport and ferry work on frozen, un-navig= able or fast-flowing rivers.
FOUR BASIC TYPES
At least three major British mis will be offered the chance.
to co-operate in building fleets
These speclufised amphibious craft are expected to be in ser-
fair-cushion-riding machines Vive in all parts of the Com-
in some other countries by 1963.
help open up the deserts and monwealth and similar unleveloped areas of the world. There will be four basic
2001 Nudear tanker
230 0 150
000151
500 151
research project
All the machines will weigh between 40 and 100 tons - many times the size of the original Hovercraft that hnpressed nit the experts at the 1950 Flying Display and Exhibition by the Society of British Aircraft Con- structors at Farnborough, Eng- | fond, and brought in 150 urgent London, Mar. 7.
enquiries from governments and Ernest Marples, Min-would-be operators the world The development plan assures 2000 21.20 told the House of Commons Britain of an overwhelming
1000 21
400 21.00
30062
200 21.
1009 / 21.DO
Star Ferry XD Youmati
131
150
C. Light
21.80 21.90
1200 200
21.00
Electric
27.20 27.40 1750
e 21.99 270
Macao E... 11.00 Telephone
37 37%
1003
100 37
INDUSTRIALS Cement KD 4%
STORES, ETC. Dairy
...... 2014
100 $4 1000 7 43.74
2004
COO of 43.75
MR Ernest Toppert, has ever
that he would dircuts with world lead in the development of shipowners a suggestion that these machines, based on the they might form a consor-patents of the Inventor, Christo- pher Cockerell, a former Suffolk tlum to own and operate boat-builder. nuclear-propelled tanker.
He had been asked by Mr
Mr Cockerell, explaining how
Sydney Irving (Labour) whether the idea of the Hovercraft oc- he will support the building of curred to him after a study of 100 25.50 an experimental nuclear ship in the factors that limit a boat's 5002370 Britain as a research project as speed said: "Very briefly, the advocated by the United King thing that stops a ship going 2303 17 20.20
faster is the wave resistanzo
300 25.10
1000 or 2020 dom Chamber of Shipping. $500 vv 20.5A
7002
3tg under-
CATL fac-
Mr Marples replied "I have generated by its motion and the 200 20.0 already invited tenders for two skin resistance on
11 Jou Burfaces. 1000 20.30 types of nuclear reactor with water
CHEC ot theso 100342 propelling machinery for instal-remove
Jallon in a large tanker.
0.35
... 20.10 2013 Watson
Lane, Craw.
241% COTTONS
DDO 1000 7 8.09 Textiles...
12000 90
40009 no
Nanyang MISCELLANEOUS Vibre INVESTI
Allied
$5.00
2000 15.53
30.50 17.30
850 1000 46.40
Torg then you
can so design a that the other factor is tanker small, I started experimenting
"The question of an order for craft the building of such
will be further considered when with air lubrication of a boat's 700 17.20 the tenders have been received. skin. And, in fact, that is the Hovercraft's Berrel. The air "Account will be taken at that stage not only of what the ten-cushion on which it travels pre-
venis sea friction. ders disclose, but of the pro-
"It's economic secret is that gress made with other types of this lack of friction gives us a reactor which show promise for craft that can travel over any
5000 0,00
1000 y 8.00
offer application to shipping.
Share heavy British bank liquidity.
Seasonal factors are not, of course. the only influence on markets, but they are often im- portant.China Mail: Specta).
COMMODITY PRICES
SUGAR
NEW YORK
Closing prices all in cents per 32:
No. 2 Mar.
No, J
No. 4
Spot rubber unbaled
Blanket crepe
No. 1 pale crepo
LONDON
1153-110
Dec
113-115 113-1145
Mar.
May
117-18736
July
113-115
133-13340
Dec
Closing prices all in ponee per lb.:
No. Raw spot
|_ Settlement jours terini March
2374-3412
3314-3391 3314-233 3211-
SAO PAULO
Closing prices all in cruzeiro per kilo
Average price in US, at 14 de algrated spot markets: 12.0 cents.
Total sale: 14,120 bales.
"LIVERPOOL
all in pence Closing prices
General markets, c.i.f. basis. ports: per lb
Contract No. 4 (world)
April,Juma
July/Sept.
March
3,06
Oct./Dec.
3,15
May Jub
Jon/Mar.
3.21
3,20
Mat
322
April
May
Mar.
52)
Estate crepe thin
May
Total Sales: 318 contracts
Open interest; 0,30 contracta
Contract No. 6 (domestle)
Spot Cuba)
30
American Contract
July/Aug.
Mar/Apr.
May/June
Oct/Nov.
Dec./Jan-
Mac/App
Mired Contract
Mar/Apr.
P.O
R.M.S. "CANTON"
EMBARKATION NOTICE
Merch
Stily
Sopit.
Nov.
Spot-(C... NY. ex-duty) D
Total Sater;——
Opert
For United Kingdom via Singapore, Penang, Colombo, -UPL
Bombay, Aden and Port Sald.
EMBARKATION: Passengers. should embark between
SAILS;
BAGGAGE:
2.80 and 4.00 p.m. on 11th March, 1950.
At 6.00 p.m. on 11th March, 1960.
Should be sent to Hongkong & Kow- loon Wharf Co's Godown (No. 2 Gate) by 8.00 p.m. on 10th of March, 1980.
(SUBJECT TO ALTERATION)
interest:
22,000 contracts
RUBBER
thick April... 304 AMSTERDAM
Closing prices all fa guilders
per kilogram, elf. Mar,
All unchanged.---UPL.
COTTON
NEW YORK
Closing prices all in
Her (b.:
Spot
Mar
CML
32.25 nom. 31.01
NEW YORK
May
July
Rex
rubber futures closing
Oct.
prices, alt in cents per 1b.j
Dec.
Mer.
March
May
MEY
39.20
Juls
July
Rept.
57.75
Nov.
3745
Jan.
NEW ORLEANS
H
50,00
prices all in
31.00
10:30
SINGAPORE
Closing Cicing prices all in Straits par_ib.!,
Spot cents per lb. Lob. Malayan ports:
M
1974-11732
May/June July/Au
Oct/Nov. Dec/Jan Mar/Apr.
+
No. 1 Mar.
Apri
21.83
9555886 328689
Meanwhile, I shall
discuss reasonably flat surface si a speed with shipowners the suggestion somewhere between that of an that they might form a con-aircraft and a ship. The Directors of Tube Invest-sortium to own and arrange for OUTSTANDING FEATURE
London, Mar. 7.
ments announced the offer to the operation of the tanker."
China Mail Special ordinary stockholders on the re-
gister at the close of business on
February
10, 1960, 16,828,702
ordinary shares of £1 each for New round the
subscription at 25/- per share on
the basis of one ordinary share
for every £1 ordinary stock then world service
held.
The price of 25/- per share will
to 15/- be payable a (including 5/- premium) on e-
1.
Honolulu, Mar. TRANCE will have its first ceptance on or before March 24,
around-the-world 1080 and as to the balɛne of
on or before service in May when the 10/- per share June 16, 1960. China Mall Transports Aorions
Special.
Exchange rates
“It is designed for rough-going territory, and will travel 05 Caslly over swampland as it will over water, ico or flat ground. With a negligible amount of Around leveling it could fly from the extreme north to the extreme south of Australin, for Instance, with ease," he added.
As a second stage is the de- thepe
velopment programme of
new, specialised Hovercraft, a 400-tons fast, ferry-vehicle is envimped. This would travel at
Intor-from 40 to 60 knols and provide
Continentaux apons flights through Honolulu.
swift and comfortable form of Transport never before possible.
One oustanding feature Is. that On May 6 the French loc will extend its Paris-Tati the craft could be loaded and weekly service to Honolulu and Perviced on land, thus making harbour and port fhéilles un- Los Angeles, where it will connecessary. So, many parts of the this nect with Air France's new world where these facilities de
polar route service to Paris, 4.72
not exist could be opened up, The airline, better known by and reasonably level wastelanda 12.7 dts initials, TAI, has opened a could become great highways 2407emporary sales office in Wal-without the expense and effort of building and maintalulos roads.
Dusinema wan dose in the local unofficial excharge market morning at the following rates U.B. dollars (9er 81) Sterling notes (per el
Autralian notes iper £1) ... Indonesian rupiai (per 100).. Slam Beale (ver 100) Bingopore (Stratte)
15.04
2.00
103 kiki-AP.
TORDIGN EXCHANGE
NEW YORK Closing rates;
Bigland 30-days
All others mehanged.
LONDON
Closing 'raten:
New York
Montreal
·canta Anixteranın
Brussels Copenhagen
Stockhoun
2.8040
2.0930
2.001-2.8015 2.00-2.00 10.4752-106145
159.00-13.0
17.724-10.70 1+.311-24.683 12.10-12.10
The model plotured here is of a suggested design, for a 400 tona çar and paManger ferry Hovercraft by. Baunders-Roe, Ltd., of Cowes, Kato · of Wight. It is based on the brin- tiple of the pratotype Sf-N1, invented by Mr C, Cockerell and developed at Saunders-Ïton's under the auspices of Britain's National Research and Development Corporation to the 'slage where it was 'demansikated to the world during 1989, arousing. widespread interent.