J
i
THE CHINA MAIL, WEDNESDAY, MARCH 30, `1960,
THE BUDGET GAME IS ON
London What are the
contents of
closes quiet
London, Mar. 29. The London Stock Market was quiet today under the restraining influence of the national budget to be announced next week.
Industrials were narrowly it regular while British Govern ment stocks showed some small Dollar Blocks were iso mainly lower.
South African mining shares fell sharply during the morning un continental seiling but later staged a recovery on Johannes- Lurg buying Logas, neverthe les predomimmtet on balance.
Oll shares were harm en the market--AP.
Closing prices
Gledged Honde
British Transport 25.
24
Commels ---€47.
Conversion
Console £707.
£61-15/16
LB'
spot
1970/80
1069--
Funding tran 3%, IRV/U
Funding Stuck
الحمار
46.
34. 190/200
1000/96;
unding £10-5/16.
Savings, 1930/03- 29, Bavings, 1900/70-797 Savings 1055/7573-13/10. Hotelay's Bank "A" Lid ord-5th 410.
10
fl
Chartered Bank--an, Pa. Hongkong-
Lloyd's B3 B4.
Insurance
Aircraft and Motors
Mr Amory's case
By An Economic Correspondent
London, Mar. 29.
The attention of a nation is turning to О scuffed red dispatch case which, but for its associations, would raise about ten shillings
church bazaar,
On April 4, tradition demands that Britain's Chaneciler of the | Exchequer, Mr Derek Heathcoat Amory, shelt flourish it self- consciously at the waiting press photogmphers.
get speech.
at a
Of the forecast that ensurer
demand will outstrip produc tlon, they say that the peast- mals are underestimating the unused capacity of Industry.
They employ ilte kime on- timistic assessment of British
The next time the pulle will see the battered old case is when | Industry's potential to offset the the Chancellor opens it in the argument of the cost of inflation Commons and produces his bud-stemmleg from the recent wage incrpases, Inflation, they claim, only comes when wages outstrip production and British Industry has neugh epare capacity to in- crise the output without straining the economy,
Must years the pundits can make a fair stub at ferecasting whether the old dispatch case will turn out to be a happy surprise uncke! or a sort of Pandora's box.
But not this year.
No forecast
There has been no shortage of unsolicited advice for the Chan- cellor and have never known it so divided and su op- posed-but there has been vir- Tuafly no forecasting.
The reason in that no one is at all sure how the Chancelier views the present economic state of the nation.
they
tite To the argument of large
debt. hire purchase relort
savings
that persorial have grown even faster, And this they read an An hudleation that any
WALL STREET FEATURED BY SPECIALTIES
HONGKONG STOCK EXCHANGE
by
Our Own Cottexpondent,
This
Business done at the Hong-
amounted to appro- ximately $1,417,080. Nuon quola-
New York, Mar. 29. kong Stock Exchange Strength In a handful of specialties featured an moming
otherwise generally lower stock market today.tions and the morning'a trans-
l'olarold Jumped about 11 points and American Ship Bulld ing shot up around 19, but there was no Immediato explanation for the movements.
one,
IBM Jumped more than seven in the electronles, and Ziegler and Texas Instruments tacked on around one while Zenith and General Time lost about one.
Marquardt fell more than two while and Bendix about Douglas rose a Herge fraction. This group has showed a mixed reaction to the government's re- shuming of missile programmes Hench. # light plane meter, Jumped about four,
The rest of the 1st continued in the narrow and mixed pattern of recent sessions. Brokers see little change in this trend
the until
currently unspectacular news background 1 reversed.
Today's volume was 2.320,000
con- | shares. cessions by the Chancellor of
Or a total 1,196 isaics unded
the Exchequer will not 370 were higher and 573 lower. necessarily be
ал
Immediate ruch
followed
to
by the
exchange Arnerican was £30,000 shares.
Dow Jones averages:
20 Industrinis
20 Ralls
15 Uulles
shops.
Bonds volume umounted Agalus the argument of dr- | $4,370,000. pleted reserves, they pit the case that the
duc drop was
to Britain's largescale debi renty- last year markedly larger than the fall in reserves. I may well be however that Mr Heathcout Amory will cleave to neither view but wil steer d
Does he subscribe to the oDments timistic school of thought or the Bessimistic?
: At first ghmce the latter Union Insurance Canton-26-3/10 certainly seems to have a strong British Motor Corp. Ord-21, 755d.jente. They can point to in
ports soaring too fast in relaties Ford Moter Co-996.
to signs that the to exports;
demand will rise consumer's more in the coming fiscal year than production; to
Hawker Siddeley Group Old-31
Hulla Boyce Lid Ord-45_iki.
Routes 140 "A"-10% 10.
Standard Triumph Interetional
21 1010.
Breweries
Dimiters Co -37% 62.
South African Breweries-231 04.
Buliding and Materials Asociated Portland
4ad
Cement-14%
Good ang Wall & Lead Ord-29 d.
L'oni. Steel and Enginering Babcock & Whcox Ltd-1 34. United Strel-i
Vickers Lid-
Food and Tobacco British American Tol. Co. Ltd CJA DU.
triperiat Tobacco
1,
Co.
Ltd
is
Dd.
Miscellaneous Boardman Marden Lid-du Bel. Het Oxygen Ltd. Ord-03 Canadian Pacile Rly-$4. De La Rus Co. Ltd. Ords 34. Dunlop Hubber Co-1.
man Holding L-Za Tiye. Hongkong & China Goa¬lli n. Imperial Chemical-02#. Lyons & Co-70 11401. Unilever id-14 Bd.
Bowater
4.
Paper Paper
Corp
Radio and Electricnt
Ord-72%
25.
Associated Fe3s. Firetreat Englds Electric Co-43 30. General Electrice-3.
Stipples
Indo-China Steam Nav. Co. def
--28 34.
P&O Beam Navigation def ord- 41 10
704
Niore Great Universal Stores "A"-B00. Mocka & Spencer Li724 31. Woolworth 2 W. & Co 015 LOT
rextiles
Coats J = 144-300 €.
Courtnuki Lid=07 7494.
Mines
Cons Coldfeldy of South Atrien-
Cons. Zine Corp. Ord-74 5d.
De Beers def-1
d cur
longkong Tin-Ca 45d.
Petaling Tin-7% 30,
Tihard
Southern Kints Cone Lidzis kl.
Silenten Kokmatog
Union Corp-ed.
Went Drielantein Colmining-100% 450.
A!
Brikh Petroleum Syndi called.
British
Burmah
Petroleum-20
British Petrulcun Co. Lt-87.
Burmale-48 3d.
Hayal Dutch Petroleum-£IB-11/18.
Ji.
Shell Transport
Trading-15A
--Router,
middle course, aimed at onsu- ing the stability without unduly dumping the recent expansive economic mood.
Without doubt, the most effec- the uptive and popular
way of doing parently dialinct possibility of
so would be for him to lay a constant inflation in certain infirmly restraining hund on the dustries as the result of the re-
which has rublic expenditure cent round of wage increases; been increasing alarmingly.
de this, he will to the huge hire purchase debl; and finally to the very large
prove himself to be the truly drop in reserves.
If ho can
From the pinnacle of this plerong man of present British
Government.-London Express
of depressing data pessimists Service. huller that the budget must be Dimed at marked economic res- traint, if not indeed ment.
retrench-
Unless, they say, the Chan- sellor applies necessary pres- Kure how, he will eventually have to twist the screw till it really hurts.
In the face of this, how can
optimiels put to a lenable cose? They do so by accusing their co- ponents of refusing to look be- low the surture of facts.
Inevitable
They don't deny that imports are rising faster than exports. But they argue that this is the inevitable result of industry's - plenishment of stocks which were allowed to run down before last your's
election. Reneral
The Trend, they say, is unlikely to continue,
Yesterday's Closing
NY sugar market
New York, Mar. 29. World No. 4 sugar futures today
cloned
five unchanged to potats lower with males of 312 contructu Domestic
No. U sugar closed unchanged to two points lower with sales of 22 contracts.
as to
63 Stocks
40 Elands
Comm. future price index
Closing Prices
Abilib wr. & Faper Alden Inc...................... Algoma Steel Corp. Allied Chemicals Allis Chalmer
$
Creole Pet Crane Co.
Crown Zallerbach
Delaware & Hudson Co.....
Gard
Partlilers-Sengrama
Douglas Aircraft Dow Chemical Dupont de Nemour Eunition Honk
El Paso, Natural Gas Family Finance Corp
Firestone Tyre & Rubber Fiest Nat. City Bank Ford Motor Gatineau George Patc General Dynamies
General Electric General Fuods General Motors Gen. Pub. Util.
Gen. Tel. & Elec Gen. Tyre & Rubber Gilddra Co.
Gedrich B. F.1 Co. Goodyear Tyr
Great Northern Railway
Grumman Aircraft Golf Out
Itamymund Organ
Itomestake Mining Co.
Idaho Power
Tobacco
Ingersoll-Rand
onal Paper
& Tel
434 Luwenstein & Sons
30
012
actions:
Влагоа 25 DANKB
Buyers Sellers
HK Dank.. 1230
INSURANCES
Union
Lombard
Skinn
111230 GIAN
43 300 45
7.39 4000 725 3000 7.25 3000 or 725:
20 BOX BIPPING 121 Wheelock
7.20
.
88% | DOCKS, ETC. 100
Duck XD..
DO
200 G B
100
B5
Provident
17.40 17.TD
Taikoo Dock
491
LAND, ETC.
UK Hotel
W
وانت بت
328
21.40 212
0 45 ODE
200 o 50
100 17.00 300 L 13.70
200 12.80
200 17,00
KNSPORTATIO
Britain's part in
the lifeline of
aviation industry
In the days of the pioneers, man flew by determina- tion, courage and the "scat of his pants". At the beginning, that was admirable. But it rapidly became apparent that, in the air, man could not rely on natural senses alone and instruments to supplement them must be found. Necessity became the mother of inven- tion, and so was born an industry vitally allied to the development of civil and military flying.
£38,000
to:
over
Today the growth of this in- from kastry is reflected by the fact £2,000,000 in 1958. In the first that at the 1859 Society of Bri-ing mother of 1959 British ex- 00 1915 1ish Aircraft Constructor's show | peit trade 1300 49.75 at Farnborough, England,
200) BO
the
stnile exhibition housed 21 I stands occupied by airframe and
manufacturers, 100 34.75 engine 2006 34.73
while
over 285 displayed products of the component and ancillary 100 1.25 equipment manufacturera.
500
40
300
40% 100 fol
600 or 21
175 10000 1.70
10000 1.70 10000 / 1.70 6000 / 1.70
5000 5.53 6100 $50
THREE BASIC FACTORS
In aircraft instru- ments and electricnt equipment £5,404,300. This la CITROE apart from Invisible exports of
Smponent equipment installed in completed aircraft sold over- s, and the wolat figure for the Ar ta months of 1959 of air- to a craft exports amounted Jenomenal £134,000,000.
Contemporary aircraft design
Clearly then, this specialised has three baste factors to con
British Industry is performing a sider: airframe, engines, und
vital function in the gentral accessories. The last is by no
As overall picture of aviation. means the least, and in aircraft
become 11 develops, standards projects now being developed, instruments and ancillary equip higher and it is generally re- that British ment are designed as Integral equipment is second to none in
cognised
today
mbre
de- An instance of this is the de the world. In aviation. Havilland 12 now being built than in any other sphere,
is the key word. the English instruments, in
and! at Hatheld
components rounty of Hertfordshire. Du ancillary equipment nvust be as
Iman Steel Co.
Interchemical Corp.
volume
int? Durices Machines Int'l Harvester
463% K Land
4432
10
to
International Nickel
113
Humphreys Ilealty.
1,70 ......
Sobtin-Maneville Co.
42035
Kaiser Industries
12
7
145.20
Kansas C. Power & Light
st.77 Kennecuti Copper
7716
208.41
Kimberly Clark
82.87
ggt de Myers Tub, Co.
NUBBER
149.42
Lity Tulip
3212 Amais.
5.55
Limon Ind. ..........
Lookhred Aircraft
2316
Loews Incern.
201
300 6.55 10000 0.00
parts of the aircraft.
Lone Star Ciment Co.
Trust
7.05
11000 7.00
Lorillard P........
302%
134
34
1080 255 * *.60
McDermott J. Ray
McDonnel Adreratt
324
Merck,
A. Brake Shoe
Mosab Iron Corp.
Bungals UTILITIES
3.00
Ai
American Airlines
19%
Minnesota Mining
178
Tram
314 315
Am. Cable & fuvilis Corp. American
Mission Development
ID
311
Co
49
Monsanto Chemical Co.
40%
Am. Gao L
$1
Montrentin
2016
200 313
Am. Home Pred.
:00
Montgomery Ward
43%
Am Mach. & Fury.
Motarin Inc.
103
Star Ferry
143
American Metal
20
National Bleuit Co.
014
Yaumati XD
101
170
102
$1
Natonal Dairy Prod.
201
American Tel & Tel
Steel Corp.
American Inb.
103
Nuranda Mines Ltd.
9714
40
100
300 189
500 or 10%
Norfolk & Western Ry
Armour
37
North Amer. Aviation
28
Northwest Airlines (Com.)
Light... 22.00 23
1000
Ax
Oklamra Nut. Cas
300 20
1544
25
Ain. Natural Gas
An. Sugar Ref......
Antico Steel
Asbestor Corp.
Atlas Cona Mining Baldwin-Lima-taṁ. Baltimore & Ohio Bank of Montreal Beech Life Savery Bell Telephone Beneficial Finance Bendix Aviation Corp. Benguel Cans..
Bethlehem Steel
Boeing Airplane, Bordan (The) Co. Burroughs Add Machine British Amer. On Calif. Packing T Cana. B. of Comm. Canadian Breweries
Campbell Soup Co. Canadian Pagle it. Case (J. L.) Co.
Othr Revators: Owen-Minol Class
6314b Oxford Paper Co.
Pheiße Gas & Elec. Pas American Airways Paramount Pictured
Penny J. C. Lo.
4322
96% INDUSTTULALS
ដង
2003145
300 100
700 4 22.90 1000
pendability
to the successful development of rellable and perfect as man van blind Landing equipment, muke them. Lives depend upon developed by Britain's Ministry it. To this end the industry is
the Blind continually at work. of Aviation, and
Landing Experimental Unit of
the Royal Aircraft Establish- PILOT'S TASK ment, this aircraft
is likely to
be the first jet airliner fully
Recent rumours of the onset in 'Bri- recession completely ca major
This vital tuin's component industry hayo to be unfounded, for. British proved
well while it may true that some Os firms have experienced a cul-
equipped
for
automatic landings.
contribution from the
Instrument industry can
pul airline operators of
Aircraft teng of thousands of back in production due mainly
lo lessening ments
Overseas research
military require
and development throughout the in
de Havilland Comet 4, which British
Airway's Corporation is to re-dustry continue
commence
ensure ex- Tho
the future, its South American pansion in Bervice in January, 1000, year 1959 has been one of ren orientation: of an Industry represents perhaps the most co-
adid operailve venture between air-choking off excess weight
and in craft
and the emerging revitalised constructors
to meel in- strength in greater industry. Early ancillary
than creasing challenge, rasher its development, DECLP1 cerventional Instruments, do Havilland's begen a trend
most 25.40 † which has now spread
of the industry, of tailor-making
pounds ahard of their rivals.
Electric
27.20-27.30
100 M 27.50
1402740
Tho
Parke Davis Co.
403%
BOG 21.20
100 27.30 500 27.00
with
J
Philip Morris
13
1000 i 27,20
40%
Pitney Bowes
Telephone.. 3314 31%
244
Pittsburgh Pinte Glaus
45
Procter & Gamble Co.
317
Portland Cen. Elec,
2014 Cement
2000 43
Pubileket Industries
10%
500 43
Pullman
71
334+
Purr Oli
317
200 6 4314 115043
Tato Corporation
603
244%
Radio Corp. Pref.
2114
·STORES. ETC.
bath
Raytheon
4205
2014
Nepublic Steel
4145
Dalry...... 20.30 20.40
4200
20
Reynolds Metal
4224
100 or 240
522
Reynolds Tobacco
DE
300 or 20,40
Chrysler Motors
321
Royal Bank of Canada
Cluell Peabody
500
Royal Dutch
Watson....
27.20
Colgate-Policlive Cn. Colombian Carbon Co. Commercial Credit Conmlidated Edison
10t
Rheet Mfg.
Lane, Crow.
31
32
4004
Sears, Roebuck & Co
Shell O Co.
COTTONS
MA
Safeway Staren
Texities
YAU
-1000 0.40
KUIT
Salal Rec. Paper
DOO #AD
Consumers Gas Continental Can Continental Oll of Bel
580
Siegler Corp.
craft.
Nanyang
1414.20
447
Schenley Tric.
1000 og 14.20
Scot Paper
7035
43%
Smith, Kline & French
Solar Alterati
Cat. Tractor
Celanese Corp
C. IT Financial Corp.
World agar traders practiced extra caution on either side of the market reflecting uncer- tainty
the what action international Sugar Council may take today on the question of Consolidated Imper increasing qirolas for the world "frez" mürkel.—UP1.
COMMODITY PRICES
General markets, ell, basis, ports: Apri
May
SUGAR
NEW YORK
Closing prices all in cents per
Estale crepe thin April ..
341-354 241-343%
thick April .. 301
AMSTERDAM
Closing prices all in guliders
per kilogram, c.l.f. April.
No. 1 mibber
No, 2 rubber
ib.:
Contract No. 4 (world)
No. 3 rubber
No. 1 crepo
I-Tay
July
1,00 3.000
Dept.
3.13
Oct
3.140
Mar
3.24
Tolal Saler: 512 contracts.
Contract No. 8 (domacalio)
Mey July Total
3,73
32 Sales:
5.06b contracta
2 buyers 20 buyers 9.30 buyers 3.00 buyers
UPL
METALS
NEW YORK
Sinclair 01
...
EAS
South Puerto Rico Sugar Saution Co. (The)
O | MISCELLANEOUS 104 GNAT
INVESTMENTS aaiAliled ......
Southern Natural Gon Southern Railway (Com.) Sperry Rand
40
Standard Branda Standard Oil of Cal. Standard Ol of Ind. Standard I of N.J. Sterling Drug Co.... Slokeley-Van-Camp Stone & Webstor Studebaker Packard Corp. Sunshine Mining Text Co.
Titron, Inc.
Thokol Chem Tide Waler Oll Tume Inc........ Trader Finance
Travelers Inc.
Tri-Cont Warsanta
Twentieth Century Fox Film
Union Carbide...
Closing prices, all in cents per Union Cll or tai,
ib.:
I.cad Mar.
May Zine Mar. May
United Aircraft
United Frutt
11.35
United Can Chep
11.20
U.B. Fol ****
11.50
18. Gypsum
11.00
US. Line Co.
22.60
US. Smalung
20.19
V.A. Steel
31.03
2000 or 20.30
300 20.49
con-
are
New ancillary products
Great continually uppering, efforts have been mado tore duce weights and sizes of com- Instruments and equipment lo
ponents and there is a growing fit the Company's own
of awareness for simplification ception of the aircraft. This was products. Complete flight systems
step forward a necessary
have been developed to simplify order to gain 100 per cent the pilot's task and take efeiency from a modern jet air-physical burden out of dying. The pilot is becoining a monitor of electronic equipment witch can y un ulteraft more
400040 VITAL FUNCTION
Exchange rates
with
the
DC-
There are in Britain over 500 eurately and safely than human hands. New ways of present- firma
applying ing visual information are being engaged in aviation
components, found; presenting it on to the equipment pilot's windscreen for inslunce, instruments, radio and the hundreds of ancillary So that no alteration of cye products. required for modern focus ja required.
the or high-spord aircraft,
Hure then, is the story of estimated 1,350,000 people cat-
component
ing their living in the aviation Britain'a aviation, industry, probably as much as an ancillary industry. An In- quarter are engaged in the com-dustry which provides the start, panent Boid.
nerves and sinews of today's
What does all this mean inalr giants. An industry withi borme of production? Export an industry, serving airlines 1596 figures give us some guide. and aircraft operators through-
0.72
Burke was done in the unofiletal exchange market moming at the following rates! US dollars (per $1). Sterling notce (per 1 Australian noles per 211 Irutoscalan rupiah (per 100) Slam tests
100 Singapore (Straite)
local
124)
1.70
Since 1916 Agures for aviation out the world providing the 20.00 Instrument exports to all parts lifeline without which, aviation
Ta of the world have steadily, risen | could not survive,
TOURIST LINER DUE HERE
Production
of tin concentrates
Lonxion Mor. 29. Mine production of tla-in-
concentrades in the Federation
in
rose further January to 4,976 tons according UPI.
statistics released
of Malaya
to wivance
here today by the International
Tin Council.
Output in the Federation of Nigeria was almost changed but
in December at 820 tons,
a
rose in January to 604 tons.
In the Belgian Congo and Rajanda-Urunell there was slight fall in output in Decem ber to 007 tons,China Speclul.
Mall
Agreed merchant rates
RUBBER
SINGAPORE
Closing prices all in Straits cents per lb. f.o.b. Malayan ports: 12016-12094 No. LADI.
May
No. 1 Apr.
"
No. 3 No. 4 Spot müber unbaled Blantio oreve
No. I pake cropt
LONDON
11412
115-115 120%-1203% 13134-133
COTTON
NEW YORK
Cupper Mar.
May
LONDON Closing prices, all in per long lon.
sterling,
Buy Beller
700% 700%
253
224
271)
2012
June
751
70
Zinc 2nd hall Mar,
June
Closing prices all in cents per Tin t
1b.:
Spot: 34.10 nom: May: 32.00; July: 2.42-44: Get: 30.73; Dee: 30.74: MRT: 3123: May: 2146; July: 3158; Cot: 30.03: Dec 30.03: Mar: 30.70.
NEW ORLEANS
Closing prices ali in cents per
May: 32.5ci: July: 3241b; Oct: 39.70: Dec: 30.Tab: Mar: 51.20;
31.Mb; May: 31.02: July noriai; Dee: 39.720.
LIVERPOOL
Oct
Closing prices all in penca per
Amerioan Contract March/April 21.70) May/June: 22.37; July/Aug: 21.90; Del./Nov:
Mixed Contract
Closing prices all in pence per 21.90 Dec/fin 41.00. Canadian Dollars Maximum Belling 10-19/32, Maiknun buy-lb.: lag 10-27/32
10-29/32 No. 1 Rasagot
T/T.
O/D; Bwiss Francs Maxhnun
lg 70%.
Beillement bửuém terin; July/Sept. Out/Dec.
344-46 34-3415 frytky | 5033—UPI.
March/April! 22.40: May/June: 22.55 July/Aug: 37.50) Del/Row: 22.05). TAMIL Jan 2230; Mar/April:
3-month
Copper пров 3-muntli
Lent 2nd half Mar
FOREIGN EXCHANGE
NEW YORK Closing roles: Cenade England offesas
++ 30-3
10-15 Austrella...
New ZenianKİ
Bouth Afries
Others unchang ett
חוד
U.S. Stee: 7 P.C. P.F. Worner Bros.....
| Waukesha Motore
Westinghouse Electric Western Union Tel, Co. Woolworth (K. W.)
Rubber
market
Singapore, Mar. 29.
quiet
The market ruled very
throughout the moming with interest confined to `No. 1, Lower shoot neglected and except for No. 3 Ro discounts widened silghtly, Browns an blankçis remained unquoled,
The afternoon market 1061/30 nura quiet with trading amali.
Factories stayed quiet today, In London, the rubber markot wis very steady with spot quot-
|ed at 84-13/16. pençe.
82100
2.7900
20110
-URI.
wur steadyUPI
Con-
In Amsterdam, fhe, market
The Cunard Haar Coronia is dus la the Colony on Tuesday, April 5, in the course of
her annual world orulte, The Coronis, with approximately áut phasengers, will stay in the
:: Colony for two days, asiling on Apell 7