"
Pagë Z
THE CHINA -MAIL,
THURSDAY, MAY 12, 1960.
GROWING INDUSTRIAL GAP
Commonwealth ministers
discuss aid
London, May 11.
HONGKONG Wall Street advances
STOCK
EXCHANGE
by
Our Own Correspondent
Business done at the Hong-
Shares GOVT. LOANS
Buyers Selleri Bales
(1949) BANKS
on active trading
New York, May 11.
The stock market advanced in moderately active trading to
day.
The market
was
slightly
Nine of the most active steeks
Most losses ran from a few lower and active at the open to cents to around one dollar advanced and six declined.
Nail was the most celive Prices share for most stocks, but there continued lower until mid-were
in both stock, rising 3% 10 44 on 78,900 wider moves afternoon when the trend was directions by the more specula shares. reversed and the market closedive issues. n:oderately higher.
Second, was Lockheed, down Of 1.121 issues traded 491 1% at 19% on 48,900 shares, The ralis, mail order-retalls declined, 407 advanced, and Lotheed touched a new low and most of the steels and 263 were unchanged.
Volume totaledh 1290 motors advanced.. Some of the
The growing gap between the developing kong Stock Exchange this morn- countries of the Commonwealth anding amounted to approximately
$7,230,000. Noon quotations and follow yesterday's fall. the industrially advanced countries the morning's transactions! inadequacy of aid plans especially for the African countries and adverse effects
European of the
trade groupings on the exports of Common- wealth countries - these were the three main aspects of the economic situation | as viewed by the Prime Ministers it was learned today.
HK Bank
INSURANCES
Lombard
zion, XD SHIPPING
Waterbout
'Acia Nav. Wheelock
::
DOCKS, ETC.
. Whart
Dock
Provident
The Prime Ministers devoted developing countries, especially two plenary sessions to economie of Asia and Africa, and the problems-one last Thursday Industrially advanced countries, such as the United Kingdom, moming and this morning.
France and Germany. Regarding world económic situation, the general feeling, it Mr Jawaharlal Nehru, Prime was learned, was that factors Minister of India, in a forceful making for a world economic but analytical expose of this Taikoo Dock rocession i the immediate growing gap,s understood ta future did not eperate sa keenly as they did before,
Nevertheless, some countries such as Britain found it irces. sary to decelerate their rate of industrial expansion precisely to avold the risks of inflation and subsequent recession.
have emphasised the urgency of economic assistance to
these areas on a bigger scale than was commonly thought.
:
1290
1285
6014
47
មន្ត ៖
1.30
240
26.40
725
ི་ཁྐྲི
13 2020
7.30
127
XD
641/
0511
0532
LAND. ETC. HK Holef....
HK Land
145
6112
In this connection, observers recalled Nehru's declaration be- Shal Land fore the foreign press associa- Humphreys tion on Monday. that while he was all for a "Columbu
Plan Really
for Africa", the economic prob.
In this context, one factor, in lems of Asia and Africa were so
the opinion of some of the de-immense that "we have to think RUBBER legations, notably lidian, was in much bigger terms than Amalg. the growing gap between the Colombo "Plans."
NEW YORK COTTON MARKET
New York, May 11 Cotton futures gained as much as 75 cents a bale in early dealings today but later gave up part of the advance on liquidation. Final prices were 50 cents u bale lower to 25 cents higher.
10
The weather in the cotton belt was generally cool, tending retard growth. The crop some buying news stimulated of new crop futures.
Demand for distant 1981 crop months was associated with renewed agitation among some lawmakers for a return to high parity price supports for farm products,
Nearby May contracts eased slightly on liquidation with trading in that month due to expire tomorrow-AP.
Record. price of rubber→→→ caused by
1
supply squeeze'
London, May 12. The Financial Times com- modity editor said today that the rise in London rubber values yesterday to the highest level since September 1955 was 2 continuation of the tech- nical "squeeze" on prompt supplies of rubber.
Five years plans
Mr Nehru, in the same con- text, also emphasised the, need to help India in her five-year plans: He was understood also to have reminded his colleagues was putting in 80 that India per cent of the outlay for her third five-year plan: She hoped that the balance of 20 per cent This could be raised abroad. was to be vlowed in the context of the fact that the average per capita income in India still re- mained as low as 25 pounds per year.
Incidentally, the inadequacy of the plans, now being men
1975
03
21 24
2421
20
1.95
1.275
8 85
8.10
st
9.60
9.70
UTILITIES Tran! Star Ferry
Yaumall
c. Light, XD
181
134
IK
188
24.30
06/
B.43
declined.
2,500,000
and chanda's shares compared with 2,870,000
shares traded yesterday,
More confidence
in London
stock market
London, May 11
Strength in blue chips gave stock markets a more confident look today when buyers went after the top class stock to bring a spread of rises on a broad front.
Business was never brisk but the institutions were said to be back in the market.
'Engineerings made the run
8.30 ring, followed by steels, textiles Band stores while tobaccos, elec- 8.60tricals and chemicals scored 9 smaller gains. -5.05
Investors were still going in
34 for gilt-edged and most issues 344 tacked on fractions UD to 183 5/16th sterling. The foreign 186 bands section was largely idle 2360 although several Japanese non- 23,70
joined the upside 23.80 assented
24 movement. Dollar storits moved 30 lower in step with Wall Street's
overnight trend.
Electric) - 29.90
30
2
29.40
29
20.00
29.80
Telephone...
MK Gas
40%
14.10 14.30
40
INDUSTRIALS Cement
tioned of economic aid to the Arican countries was, it was learned also emphasised by the STORES, ETC, Rhodesian delegation.
As for the European trading arrangements,
some of
Dairy
the Wataon
Commonwealth countries, espe- Lane, Craw,. cially Australia, New Zealand,
India,
and Ghana Pakistan were understood to have ex- plained at length how their ex- poris, mainly of raw materials Textiles of industrial products (such as and light Australian wool) manufactured goods were likely to be hit not only by the Com- mon Market but by the Free Trade Association.
for in- It was pointed out,
12 that within 30 to stance,
the exports ycars,
from Scandinavian countries to the be United Kingdom would entirely free from import duties; this
would eliminate any
40
Gold mining shares were dull and easier but the falls were nowhere big and in most cases 1420 below one shilling Coppers 14.30 stayed in the doldrums but ting
resumed their advance.
Oils had an erratic day but finally ended with the leaders gaining better, balance.
The fresh advance in rubber prices had no affect on planta- tion shares and teas were fea- tureless-UPI.
Closing Prices
Gledged Bonds
British Transport 3%, 1976, 08-
Consola 21-£47-7/18.
58!!
-55
551
30%
3:4
30/
3016
31
3135
2014
2916
3014
4134
KOTTONS
Nanyang
11520
10.30
1430
LES-3/16.
15.00
10
18.20
15.30
Consul 4-27-9/16.
15.40
15.80
£62.
INVESTMENTS
Int Allied
Invest...
9.20
0.20
G.80
Funding
H.K. & F.E
2901
(Rus.)
16.30 4.20
16.20
4.40
Agreed merchant
rates
advantage enjoyed by the U.S. Dollars, Maximum selling. Commonwealth countries in the 17-13/32; Minimum buying. UK under Commonwealth pre-17-21/33 T/T, 17-23/32 Ö/D, ference.
17-25/32 34 d/s. 17% 60 dis, 17-31/32 90 dis.
Difficult
i
35-
The British delegation, it was learnt, explained at some length the difficult position in which Britain found itwell' be- tween her Commonwealth
the sociations and
growing economic integration with her European neighbours. This, if anything, would continue to be- come closer in the coming years.
but
The British delegation, there- fore, hoped that the Common wealth countries would appre- clate Britain's position promised to keep the Common- wealth countries fully informed about the progress of her asso- ciation with the economic trad- The Singapore markot which lag arrangements, it was learn- reopened yesterday after, a holl-ed.
day rose sharply and this may
The discussions in the two
have helped to raise the London price. But there was still not sessions were held throughout
in an atmosphere of under-
Canadian Dollars, Maximum selling, 16-31/32; Minimum buy- ing. 17-7/32 T/T, 17-9/32 O/D. Swiss Francs, Maximum sell- ing, 754.
Yesterday's Closing
Conversion Loan 3, 1909-
Funding Loan 31, 1959/60–£81;;. Funding Stock S.
€69-7/16.
Gd
Building and Materials Associated Portland Cement-05 41d.
58
sa
Goodiasa Wall & Lead Ord-50s 33.
Col, Steel and Engineering Babcock & Wilcox Lid-383 isid. United Steel-763 30.
Vickers Ltd- 74d.
Food and Tobacco
British American Tob. Co.,
3d. Imperial Tobacco Co.,
emid comment about the large cost of changes needed for Im- provement of its Electra, plane.
Nickel Plate was third, rising 1% to 381⁄4 on 48,000 shares.
Next most active was Ameri- eun Motors, up at 25%, followed by Ampex, off 1 at -357
General Instrument rose 2% and Boroughs 14.
General Electric and Eastman
Kodak advanced a point apiece
American Tobacco rose 14.
Thompson Rame Wooldridge dropped 14, Merck one, Brun- wick 1% and Ford 4.
Dow Jones stock averages were:
30 Indus
Krs
15 Utils
63 Stiks
Cunard group
going in
for air travel
Liverpool, May 11. ALTHOUGH the operating surplus of the Cunard Steamship Company Limited in 1959 was down on 1958, the outlook for the group in 1960 was decidedly more promising, Sir John Brocklebank, the Chairman, said in the annual report.
"The management of Brockle- banks-one of the company's
Open High Low Close subsidiaries had taken certain Weaknesses said
8.17 608.68 601.70 606.54 steps last year which were al- 136.36 1087 138.29 137.73
55.65 391 36.39 58.83 ready reflecting some improve found in Electras
200.02 201.48.199.12 200.74ment in 1960 and, although it
-AP.
Closing Prices
Allied Chemical & Dye As Chalmers
Aluminum Company Amerada Petroleum American Airlines
American Can
American Cyanamid
American Smelt & Refl American Sugar American Tel & Tel American Tobacco Anaconda Company Armour & Co
Asociated Dry Goods Lid-Atlantic Refining
Ltd-62$
Miscellaneous Boardman Harden L-4s Bd. Brush Oxygen Ltd. Ord-845 90. Canadian Pacific Rly-$46.
De La Rue Co. Ltd. Ord-G4s. Dimiop Rubber Contis 11⁄2d Gilman Holding Lid-2s 10d. Hongkor & Ching Gas-18s &d Imperial Chemical--589 4. Lyons & Co-tis Bd. Unilever Ltd-148s d..
Paper
Bowster Paper Corp Ord-656 £5. Radio and Electrical Associated Electrical-$3. Electrical & Musical 46s od. English Electric Co-383. General Electric-388 94.
Skipping Indo-Chine Steam Nov. Co. det ords 3d.
P&O Steam Navigation det ord- 388 d.
Great
d.
stores
Universal Stores "A"46s Marks & Spencer Lid-72s 3d. Woolworth F. W. & Com2; 3d. Textiles
Coale & P Ltd-355 101d.. Courtaulds Ltd-10s 101d
Miner
Cons Goldields of South Africa 60% 64.
Cons. Bine Corp. Ord-739 3d. De Beers def-1335 1160.
Hongkong-es 30.
1999/2004
Bdf,
1900/X-
%. Loan
Savings 3. 1995/65-30-13/16. Bavings 3. 1904/70-280-9/18.
Sayings 3%. 1905/75-£74!
Banks
Barclay's Bank "A" Lid ord-325
Chartered Bank-538.
Hongkong-251%.
Lloyd's Bank "A"-50% 3d.
Insurance.
Union Insurance Canton-£5%. Aircraft and Motors
British Motor Corp. Ord-19.30. Ford Motor Co-108 d.
Hawker Siddeley Group Ord-283 10d.
Rolls Royce Lid Ord-43 415. Rooles Ltd "A"-10 50.
Standard Triumph International 11s 1.
Breweries
Distillers Co---34 64.
South African Breweries-208.
Rand-s d
Southern Kinta Cons Ltd-2012. Union Corp-19.
West Driefontein Goldmining-102
Ou
British Borneo Petroleum Syndi- cate 509.
3d
British Burnish Fetroleum- British
Petroleum Co., Ltd-524
Burmal-449 36.
Hoyal Dutch Petroleum- £14.# Shell Transport & Trading-143s Dd..
-Beuter.
Exchange rates
Baltimore & Ohio Bendix Aviation Bethlehem Steel Boeing Airplane Borders Co Borg Warner Bridgeport Brass
Tough Corp
Canadian Pacific Rwy Case, J.I. Co
Celanese Corp Am Cerro di Pasco Chesapeake & Ohio Ry Chrysler Corp Cities Service Coca Cola Company Colgate Palmolive Commonwealth Edison
Consolidated Exilson Continenti Of Carn Products Co Crane Company Crown Zellerbach Curtiss Wright Distill Corp-Seagrams Douglas Aircraft
Dow Chemical
Duport de Nemours
Eastern Air Lines
Eastman Kodak
Food Machinery & Chem Ford Motor Ca
General Dynamics
General Electric
General MIL
General Motors
New York, May, 11.
subsidiary this was, if any.TRUCTURAL weaknesses
was too early to forecast the
outlook for Port Linc-another
4724
94
积
$93
thing better than at this time last year.
ST
1874
The outlook for the parent
271% company
have been discovered in
America's Lockheed Electra
airliner, the Wall Street
in its main North Journal reported-from Wask- Atlantic passenger business, in ington today, It said" as 48 freight, and in cruising was, in much as $72 million may be needed to correct the de- all three cases, appreciably better.
SEA AND AIR
On the relationshilp sea and air, Sir John said that
between
25 the Cunard Company had long
11
24% expressed the belief that
601
tects, A
aviation highly placed official disclosed the results of an intensive investigation by an Industry-government team, the paper cald. The probe followed two recent Electra, crashes that took 97 lives.
"Rellable
Bources estimated the cost of rebuilding the 145- 304 and air should be complemen-Electras in service probably 43tary rather than competitive, will be a half million dollars
un-per plane," the paper sald. 63E% and the Cunard group's 25-rivalled experience
44% 5222
in
the
that Cunard
62 carriage of passengers and cargo should be a valuable factor to the future with the Company's 17 entry into the air trade.
*#*
He confrmed 89% 20% was in process of acquiring 1091 Eagle Airways Limited and as- 4sociated companies, who were % one of the leading private air- craft operators in the United
4311⁄2 Kingdom,
}
He said it was also having discussions
36 cther transatlanticarriers to
There is no indication the U.S. Government will ground the turbo-jet planes, although it is expected to continue to demand reduced aying speed until the structural weaknesses are cor- rected. The specific weaknesses... found were not made known, the paper said.-AP.
Baltic exchange
freight rates
London, May 11.
UIET conditions
with Boac and
Qu
3852 investigate the possibilities of
General Telephone
Georgia Pacife Corp
55%%%
Getty O
12
Gillette Co
60%
Goodrich, B.F. Co.
Goodyear Tyre & Hub'
Grace. W. B. & Co Gulf Oll
30
Ingersoll Rand
Int) Business Mach
450
Int Harvester
Int! Tel & Tel
Jones, & Laughlin
In Nickel
Int! Paper
Kaiser Altefnum
Kennecott Copper
Libby Owens Ford. Lixit & Myers Lockheed Aire
Loew's Inc
Lone Star Cement Lorillard, P Co.
again
prevailed on the For
air-sea exchange arising from a Eastern market today.
recently announced agreement
44% whereby it would be possible
104
100
424
Inquiries were for a vessel
for people to travel one way by to carry ore from. Marmagla to sea, and one way by akr and Yawata or Tobato for Juge- qualify for the return ticket July position at 45 shillings and discount.
two pence or more.
The bulk of business was The company believed that done in the grain section with 19 both sea and air traffic could the booking of the La Pintada honeft from such arrangements for 15,500 tons of grain from and that it could augment its
30
2511
36
Marshall Figid
50%
Martin Co
30%
Budness was done Ur.officia! exchange
in the local market
May Dept Blores
4834
this
Merck & Company
morning at the following rates:
Minneapolis Honeywell
159
U.S. dollars (per $11
5.74
Monsanto Chemical
40%
Sterling notes iper 21 Australian notes (per £...
15.95
| Montgomery Ward
44%
173
Indonesian rupiah (per 100)
1.46
'Stam ticale (per 100) Singapore (Straits)
$25.95
COMMODITY PRICES
SUGAR
NEW YORK
Closing prices all in cents
No. 3 May
No.. 4 May Spot rubber unbaled
Blanket crepe
No. 1 pale crepe
LONDON Closing prices all in pence per ib.:
No. 1 Res spot .......... 42% Bettlement house term:
Motorola Inc
National Biscuit
National Cash Register
180 National Dairy Prod
National Distillers
Closing prices, in sterling per long ton.
LONDON
Buyers Sellers
784
784
250
National Gypsum National Lead
New York Central North Pacific Ry Northwest Airlines Ohio ou....... Qin Mathieson Chm Pacific Gas & Elec Pacific Lighting Pan Am Airways Paramount Pictures Pennsylvania RE Pepsi Cola Pilzer, Charles Phelps Dodge Philip Morris
Philips Petro)
Pure Oi
Quaker Oats
Radio Crporation Raytheon Mig Republic Steel Reynolds Metals
Reynolds Tobloco
Royal Dutch Petrol
St. Regis Paper
121-121 11734-118% 13137-135 118-11514 1845-1885%
Tin
April/June
July/Sept
Contract No. 4. {world}
Oct/Dec.
-412-4116
974-38 35-9514 Zizo ist half
Spot 3.thanthi Capper Spot 3-month Lead 1st half
May
249
24312
24374
Bears Roebuck
774
Shep pli.....
Aug.
Bheb Transport
Sinclair Dil
July
2.08
Jan/Mar.
Sept. Oct Mar
3.16
General markets, c.12. basis,
May Aug
9214
91
---UPL
$37
ports:
May
3016-201
These are normally left to
May July
$.38 Total Bates: 168 contracts.
Contract No. 6 (domestio)
3.29
Judy
Estate rep?.
thin May
for
bilateral agreements.-AFP,
Nov.
July
5536 Bepl
5.33-94
Total Sales: 240 contracts—AP.
Thick May
5.85b
very strong demand from UK standing and mutual confidence. per ba consumers and not much pres-The Prime Ministers did not, sure on supplies, apart from however, take any decisions for grade one.
immediate action on any of the
The paper also covered the economic questions. annual statement of the chair-
man of the Malayan Chamber
of Mines, noting his suggestions the periodic conferences of the
for improvement of the Inter-finance ministers of the Com- national Tin
countries Agreement. -monwealth
Reuter.
or
RUBBER
Marine & Industrial
VICTOR
enerating sola RENICO
SINGAPORE
Closing prices all in Stralis cents per lb. Lob. Malayan
COVENTRY
Engines
No. 1:5
May
June
120-127
METALS
NEW YORK
Closing prices, all in cents
May
-Zine
Mou
COTTON
LIVERPOOL
Closing prices
Socony Mobil Ou
South Art, Gold & Plat South California: Edison
Southern Company
Southern Pacific
Sperry Band w
Standard Brandy Stand Oil Californ Stand Oil Indiana ... Stand. Oll New Jersey Stand O Ohio Studebaker Packard, Thompson Rame W. Tidewater Pa
Twent Century Fox
you in peace True World Airlines
40
per 16.;
peripan, Contract
May/Ju
July/Ang.
22.18
2205
2205
May/iwne
11.40 11.53
PAA Mixed-Contract
May/June
ty/A
"
Union Carbide
Union Of California Union Pacife!
United Aircraft Corp United' sjukt.
7.3. Industrial U.B. Linge
MERA-ben
U.S. Hanet & Refin 11,8. Step)
Warner Bros. Pictures Westery. Foton Tel.
Youngstown Sheet de Zadli Badlo
13
own, revenue and make use of
the Gulf to Poland at tho
its existing sales structure to slightly better rate of $6.75 for wards this end. China Mail the June position, Special.
Record foreign car sales in U.S.
Detroit, May 11.
A cargo of grain was also taken from Baltimore to Lon- don aboard the Helga. Older- dorff for Jund at the rate of | 42/6 agresd.
Other: Bookings consisted of a cargo of phosphates from Casablanca to Holland for May`. June position at 21/8 end for
from fertilisers
Rijeka -to Scurabaya for May Rt '52/8. Teenage was required
to
ALES of foreign cari In
the United States into Beta for May-June pasike
carry bagged tice from Karachi
creased by about 6 per cent 21 60 shillings-UP);
in the first quarter of this
year compared with the first
three months of 959,
official registration figures New French showed today.
+
Sales of domestic cars during iner
the same period increased about
14 per cent over figures,
A
year+ago
launched
St. Nazaire, May 11, TRESIDENT Charles De Poule hailed the Ward's car reports said 183, launching here today of the 498.imported cars were regis-new
French superliner tered in the United States durs France and declared it would ing the quarter. A year ago the total was 128,044.
GAINS
strengthen ties between his notion and America which joined forces each time it
was necessary 'Po saye
Despite the overall gain only liberty.". Volkswagen and Renault among
He spoke at the launching the volume imports showed ceremonies of the giant new. registration gains. Volkswagen passenger ship. He praised que Jumped from 23,763 la 1859 liner as one of the tumpas DIEN 88,224 181s year. Renault in- by which French technical skill la paying homage to the mother Creased from 16,897 to 20,913,
country on land under the. March registrations of imports earth, on the sea suid in the totalled 50,310 compared with afz." 40.234 a year ago, again with
only Volkswagen and Renault sa better here a
showing gažus.
"The Fritice was destined to
.de: Geule declared that It
United States; and President
English Ford is third for the" would help multiply the thes
wed by Copel, Fiat, which
Since Vauxhall, Trium Hill-between
mm and you
two
two