Fare
THE CHINA MAIL, THURSDAY, MAY 26 1960.
BMC GETS A FOOT IN ITALY
Gains on Modest London to beat
market
London, May 25.
Plus signs spouted in all sections of the Stock Ex- change today.
Buyers stimulated by good company earning reports found blue chip industrials in short were especially supply. Steels strong.
coppers
bid
the tariffs
By ALEXANDER THOMPSON Luigi Innocenti, small neat and
HONGKONG Rocket issues
STOCK EXCHANGE
Our O... Co spetent
A
Business done at the Hong- kong Stock Exchange
this morning amounted to approxi- 35,mately $2,433,000. Noon quota-
actions
Bans and the morning's Trans-
bowed gracefully as we shook hands. "I do not speak English very well,“ he said in a perfectly worded phrase. S "Do you mind if I talk in Italian?”
I drove to the Innocenti works the outskirts of Milan British government
bunds on attracted a good deal of Invest-10 see modern Industrial Italy ments demand. Cold minings and at its best.
The huge workshops, spacious were Arm, oils quietly set out among green lawns and broad boulevards, sparkled in the bright sunshine. There are none of the usual signs of heavy Industry there. Everything is so clean and tidy,
and irregular-AP.
Closing Prices
altedged Bonds British Transport 3.
£63-5/10 xd.
Consols 1-£4815/10. Canrols 4-71-1/16.
Loun Conversion
JL. Loan
1978/83--
Funding
Funding Stock 3!
31, 1969 1859/00 1900/2004
£68-11/16.
4%.
1960/90-
3d.
מבנג
Fundiag Savings 35, 1953/05-90-13/10. Savings . 1900/70-80-5/16. Savings 3%, 1905/75-871
Bank
Barclay's Bank "A" Lid ard-538
Chartered Bank-53. 53. Hongkong-51, Lloyd's Bank "A"-02 34.
Insurance
Union Insurance Canton- Alretuft and Motors
British Motor Corp. Ord-19 3d. Ford Motor C-114s a cor.
Hawker Siddeley Group Ord-90s
1011⁄2d.
111.
Rolls Royce Ltd Ord-47s.
Boote Ltd "A"-10 d.
Standard Triumph International-
Breweries
Distiller Co-30s.
South African Breweries-28J.
Building and Materials
Apoclated Portland
7150.
Cement-71
Ord-s
Goodies Wall & Lead
Coal, Steel and Engineering Babeack & Wilcox Lid-37s 10d. United Steel 80%.
Vickers Ltd-358.
Food and Tobacco
Like a club
courts, football And tennis
a swimming pool pitches and almost give the whole place clublike atmosphere.
a
cent of the parts of the Austin and Morris cars we build. And BMC will have an important footing inside the new European Common Market."
I would say that Sir, Leonard Land, the BMC chief, with gain another distinct advantage as well.
Having men like the thrusting Innocentis on his side in Europe should sweep away many of the tariff problems that the com- mon market idea will inevitably bring.
It is said here that another of Britain's big car Arms may make similar arrangements in Italy.
One name I have heard men- is the Rootes Group
It is at the Innocenti works that the British Motor Corporationed tion is to have its Austin and making Humber, Hillman Morris
cars built for several | Sunbeam cars, European markets.
I wanted to ask Luigi Inno- centi about his production plans, "In June or July" he said, "we shall start assembling Austin A40s. We shall begin by turning cut 1,500 a month.
"By the end of the year, we
Encouraging
soar in Wall Street
New York, May 25. The Stock Market declined slightly for the third
consecutive time today. Trading was active,
British Amer. Oil
The merket was moderately | Thirroughs Add Machine Shares Buyers Sellers Sales lower and active at the opening Calif. Packing Corp.
it continued on that throughout Ure session
above their 1240 prices modestly 1245
lows for the day at the close
GOVT. LOANS 39 (1948)..
HK Pank INSURANCES Union, XD Underwriters Waterboat Wheelock DOCKS, ETC. Whart
Dock
Talkoo
Provident LAND, ETC. HK Hotel
85
patétra with
Cana, Bk. of Comen, Campbell Soup Co.
Case (J. I. Co. Cat. Tractor Celanese Corp.
issues Cluett Peabody
The space age electronics, missiles, and rockets -continued to anar against the trend, and their gains ranged to
13 dollars
share.
118 around
21.70 Most losses ranged to around
01 one dollar a share,
C. I. T. Financial Corp Colombian Carbon Co Consumers Gas Continental Chec Continental Oil of Del Cosmos Impecial Mills Delaware & Hudson Co Diamond Alkali
Diamond Gard
36
324
244%
Britain continues with plans
for nuclear ships
MR
London, May 25.
Ernest Marples, the Minister of Transport, said in the House of Commons that he had invited tenders for two types of nuclear reactor suitable for installation în á tänker.
He was answering a question the Government was going to by Mr E. L. Mailalieu, a Labour build this ship, or whether it member, who wanted to know was going to be built by private 461 what steps he was taking to have enterprise.
merchant Mr Marples: · "Those consi- B nuclear-powered ship at sea at the earliest pos-derations will come later. 31sible moment.
1235
0
12.20
20.40
77.50
714
140
115
114
116
21.60
21.30
Dock
1
43
423/
Distillers-Seagrams
Most of the steels, rubbers, rails and
motors,
Dorginion Stores
Cuppers
Douglas Aircraft Dow Chemical
First Nat. City Bank
541
Georgia Pac
Gen. Pub. Uul.
Gin. Tyre & Rubber
8,440,000
Goodrich 18. r.) Co. Great Northern Railway Grummzo Aircraft
23
891
203%
KK Land
K Land (ts) Humphreys Realty RUBBER Amalg Trust
sit closed lower. Chemicals, drugs
and petroleums were mixed.
Firestone Tyre & Rubber
Gatineau Power
declined, #54 advanced, and 229 General Dynamics
Volume shares compared with 3,240,000 shares traded yesterday,
WIDE GAINS
Wide gains included 13 points for Polaroid, 7% for Universal Watch, and seven for Minnesota Mining.
35
24.70
2.073
2.125
2.10
Of 1,224 isaites traded,
7.80
7.83 were unchanged.
9.05
S. Kelantan.. Java-Consol, UTILITIES Tram
3.65
3.80
tolalled
85c
.......
5314
324
3244
12212
Star Ferry
160
and
Yaumati
125
C. Light
22.90 23.10
23.10
23.39
Sedrie
28.70
28.90
28,90
23,80
Macio E.
12.20
13
Telephone
39%
391
K Gas
13.00
14
13.90
14
Cement
54
18.00
10.20
29.30
291
Ал
Lane. Craw,
41
A
COTTONS
Textiles
10.90
11
11
16.80 16.20
15.90
2.15
2.20
280 6.90
6.00
16.80
The other day I went to 3 Luncheon
the given by British Chamber of Commerce INDUSTRIALS in Milan,
There was a record turnout
Roya
hope to begin work on the newt United Kingdom businessmen. STORES, ZIC.
Str Ashley Clarke, our ambas-Dairy Austin 7 Mini-Car, also doing 1,500 a month.
sador in Rome, was delighted.
The aim
Six months after that, about
1961, we June
aim to add Morris A55s and. Austin Oxfords to our production line.
"Our plans are in build up to an output of around 40,000 Austin and Morris cars a year.” For all his 5ft 2in. Luigi Innocenti is one of the industrial giants of Northern Italy.
'He trained as an engineer and
Brith American Tub. Ca., Ltd--is now vice-president of the firm
Big Dd.
Imperial Tobacco 7:44.
CD.. Lid-cos
his 08-year-old
father dinando, started in make steel tubes.
Fer- 1933 lo
Miscellaneous Boardman Marden Lids Pt. British Oxygen Ltd. Ord-94 34. Canadian Paciße Rly-84032
De Lake Co. Lid. Ord-gas.
Dunlop Rubber Co-285.
Gilman Hoking Ltd--2s 6d.
Hongkong & China G-16s ou n Imperial Chenkal-60. Lyons & Co-75% 10144. Unilever Lid-150s 10tad.
Faper
Bowaler Paper Corp Ord-72s 6.
Bad & Electrical
Aglated Electrical-563 3.
Electrical & Musical-31s 101⁄2d. English Electric Ch 405.
General Electric-3s.
Shipping
Indo-China Sicam Nev. Co. del on-24 30.
"It is a most encouraging sign,' he said,
Indonesia
protests
against tin control
Today, the Innocenti enter- prise with a £35 million turn- over, is an unusual mixture of light and heavy engineering?
It invented Lambretta United Nations, May 25: motor secoler and turning The international tin con- them out at the rate of 700 a day.
the
is
Around 70 per cent are ex- ported.
Logical
ference today had further criticisms of the export controls imposed on major tin producing countries by the international tin
Nanyang-
MISCELLANEOUS
Gilmang
INVESTMENTS
Int.
Allied H.K. & F.E
Invest.
Twelve of the 15 most active stocks advanced, two declined 54% 5 and one was unchanged, First
Charter Financial Corp.
Rubber
market
review
For the second straight session General Telephone
tronics. wes the most active stock. It rose 25% to 31%
159,300
Gulf Ci
Hammond Organ
Heyden Newport Corp Hiram Welker Homestake Mining Co. Husman Refrig. Idaho Power
Imperial Qu
imperini Tobacco Inlind Strel Co. Interchemical Corp. Internetinal Paper Jolms-Manville Co. Kaiser Industrica Kimberly Clark
Liggett & Myers Tob. Co. Lily Tulp
409%
90
354
Mr Marples replied: "I have 1916 invited tenders from five firms for two types of reactor suitable for installation in a tanker of 85,000 tons deadweight.
The closing date for the re- 45 celpt of tenders is July 29. The decision whether to build
When aied for an assurante that the Government would not carry this operation through to the stage when it became pro-
Mr table, and then hand it over
enterprise, tg private Marples said this ought to o
profitable and
economic
# ship. The Arst stage was to fing
tanker and which type of reac- out what sort of reactor was for it should have will be made suitable and how much it was 311xd in the Hght of what the tenders golog to cast-China
30% disclose and the progress with Special.
other types of reactor
which
show promise of application to shipping."
48 COMPETITORS
10%
流
Lowenstein & Sons
McDermott J. Kay
& Elec-
McDonnell Aircraft Merck
ca
Mesabi Iron Corp
Molsons Brewery
22%
was
Monsanto Chemical Co Montecatini
41
287
Third
Motorola Ine
1861
Coll Products,
National Dairy Prod
5122
Naranda Mines Lad
shares. Second American Motors, off at
24% on 86,600 shares. was Standard
up 1% 21 18% on 58,400 shares.
Next
came
Norfolk & Western Hy North Amer. Aviation
Standard Northwest Airlines (Com.)
Oklahama Mst. Gas
Olin Mathieson.
1
Owen-Illinois Glass
Penny J. C. Co.
(New Jersey), off s at 41, and International Telephone, up at 484%.
Penn, Salt Co Philip Morris
Procter & Gamble Co. U.S. Publicker Industries
Putman
Pure all
Radio Corp, Pret. Raytheon
Among active gainers was Pitney Bowes General Instrument, up two,
one, Ou, Monterey Industries, 1%, General Time, two, Collins Radio,3%. Universal Watch (when-issued), 2%, and
Royal Bank of Canada Royal Dutch Elgin National Watch 1%.
Rheem Mtg. International Business Sears, Roebuck & Co. Machines lost nine of yesterday's Shell Oil Co...
Safeway Stores 19-point gain, closing at 485. Saint Reg. Paper Montgomery Ward recouped Schenley c Harvester Scott Paper while International
Siegler Corp.
Singapore, May 25. The morning session opened
'slightly lower but some profit-taking and short-lost 14-AP, covering brought prices up to last night's levels. Interest in lower sheets was
council, the industry's re-slight but differentials narrow- gulatory body.
Says Luigi: Moving into the production of molor cars
At the same time, there were P&O Steam Navigation def ord is a logical development after
being the father and mother of more expressions of regret over 290 10120.
the scooter."
Another section of the firm's the lack of participation in the International Tin' Agreement by
consumer countries,
34.
Stores
Great Universal Store: "A-47
ed a little.
Later the market was gener- ally deadier with rather better interest in lowers.
June and July 134-cents.
narrowed to Forwards came into
Woulworth F. W. & Cu-s Plant builds huge machine tools many of the major industrial rather mare interest
Marks & Spencer L1d-70s ad, Textiles
Coats & PL:d-445 30. Courtaulds Lid-C£9.
Mines
Caps Goldfields of South Africa 04 $50.
Cocs. Zine Corp. Ord-75 30. Crown Lid-24s 6d.
De Beers def-153s 111⁄2d cor.
Hongkong Tin-to $46.
Petaling Tin-B 11d.
Rand-749 d.
Southern Kinta Con Lip 28. Union Corp 4 fid.
Wert Eriefontein Goldimming--835 10:20.
01
British Borneo Petroleum Syndi cates fli
British Burmah Petroleum-23. British Petroleum Co., Ltd-1s Bd..
ed.
Burma-15 34.
Roval Pitch Petroleum-E13.
cflen rooftop high.
A third makes rolling mills and other equipment for Iron and steel works,
The market closed steadier. In London, the rubber Mr Sukarjo Wirjopranoto of Indonesia led criticism of export market was very steady with
spot quoted at 89% pence.
the rubber In Amsterdam, controls as the conference en-
was steady today, tered its third day today, say- ing that his country had been market forced to make "unjustifiable UPI,
Biggest job on hand at the moment is building a complete steel works for Venezuela. The price for the finished job will be around 400 million dollars sacrifices." or £140 million.
He accused "powerful groups" Father and son rule bis among the signatories to the huge concera
absolutely, International Tin Agreement of There are no outside share-imposing their views on weaker holders.
members and suggested that
I asked Lolgi ́Innocenti what member countries might revise their voting procedures when determining the extent of con- trols.
was the value of the business.
"Nobody has ever suggested making a take-over bid for us,"
Shell Transport & Trading-146she joked. "So I don't know how
-Reuter.
U.S. living
costs up
Washington, May 26, Living costs in the U.S. rose. four-tenths of one per cent April to another record high.
The rise was the largest for anty month since last Junie.
In reporting the increase to- day, the Goverment's Labour Department delɗ it was instgely due to a rise in food prices. Poor spring growing oralitions were a factor in the upward movement of food costsAP.
Quick
to answer you."
He paused, pencil in hand.
CO-OPERATION
The Indonesian delegate said Then he wrote down 203 million his government's attitude toward dollars (£70 million) on a jolthe agreement has been one of ting paid.
"wholehearted co-operation" and He pushed the pad across his it had never Laken any act on big black table.
He said, "I suppose that would be a reasonable estimate."
No royalties Looking out of the windows Ct the great workshops glisten-
ng in the sunlight, chuded that Luigi Innocenti was a very modest man
Coli
detrimental to the agreement.
But Indonesia's export quota had been reduced gradually from more than 21 per cent of Its production to only 19 per cent.
Mr Wirjopratisto mid he was forced to protest because Indo- nesia depended my heavily on
I brought our talk round toits in exports for its supply of motor cats again.
Isked: "What royalties will the BMC collect from you?"
Luig said: "We have a very friendly arrangement. There will be no royalties."
"But we shall buy from BMC, to start with anyway, 40 per
GLENIFFER
7.2.0. Box 899
Deliveries
“MAKINE DIESELS-
RENECO Tel. 24451
foreign exchange-Reuter.
Exchange rates
Business was done in the local unofficial exchange market this morning at the following rater: U.B. doller (per-91) Sterling notes (per £1)
Australian noles (per
11....
Indonesian rugdah" (per 100) Slem ticals (per 1001 Slagore (Braite)
Yesterday's Closing
Closing Prices
Abibi Far & Fiper Algoma Steel Com
Am Brake Shoe..... Am. Cable & Radio Carp. American Cyanamid Co. Am, & Fongn. Power
Am G & Electric Am. Home Prod. Am. Mach. & Fry Am. Natural Gas Am. Sugar Rel. Ampex Baldwin-Lima - Haun- Bank of Montreal Bank of Nova Sealla Beech Life Savers
Bell Telephone Beneficial Finance Bendix Aylation Corp. Benguet Cone. Boeing Airplane Borden (The) Co.
Smith, Kine & French Solar Adspraft
South Puerto Rico Sugar
Sunshine Mining
Texiroh it.
17034 Thickof Chem.
Special cabling for Canberra
Mr Mellalleu asked if Mr that was satisfied Marples
Britain would be able to put
such a nuclear powered vessel
to sea as soon as "four or five
other competitors."
PECIALISTS have worked
out a new cabling
Mr Marples: "I think the system for the engines of
Americans will be first in the the P. and O. liner Canberra field, because they are already which was recently launched.
half-way in the construction of It is the first time that an
a nucleat ship"
operating vollege as high as 304 As far as Britain was co 8,000 volts has been used on a
thing to do was to invite these tenders.
cerned, he thought the
first
mendant ship
motors pyspulsion
while are to be installed
totalling
the
the
Mr Emanuel Shinwell, another largest ever
turbo-electric Socialist member, asked whether 85 po hup,
Plans to produce
all-Australian plane
VICTA Consolidated
units
These units compile two alictralors auch, capable of cof« tinuous maximum output of 82 megawatts, supplying the and
indfors
starboard 42,500 hp. respectively.
pari
The cables are required to operate at 6,000-volt on a three-
in-phase system and the to the
dustries plans to mass-load to be carried it is estimated that iwo single-core cables produce an all-Australian
operating in parallel per phase light dircraft.
will be required for the cabling
The plane will be a low-wing of each of the halt motors.
50% four-seater, powered by a 180-
This will involve two rung of
hp engine and with a retract-cable each comprising four
able tricycle landing gear.
I will cruse at 175 mph. alternator
23% and fly up to 25 miles on
Southern Co. (The)
Southern Nekural Gas
$40
Southern Raliway (Com)
3423
Sperry Rand...
42
Steel Co. of Canada
76
BT
Sleep Rock
ES
Stone & Webster
34
9
B
12
2014
61
Tide Waler Di
13
811 Time Inc.
28% Traders Flance
33
35
13
Twentieth Century Fox Film
372
30
211
COMMODITY PRICES
SUGAR
NEW YORK
Closing prices all in cents per
by:
Contract No. 4 (world)
Funty
1.05
Sept.
3.14
Cet,
3.16
May
3.200
Sept
Total Sales: 216 contracts.
Contract No. 6 (domestic)
July Sept
5.87:
6.06-98
Total Salon: 34 contracis--AP.
RUBBER
SINGAPORE
Closing prices all in Straits cents pr lb. fo.b. Malayan 5.75 ports: 13.97 No. 1 June 22.05
July 1.30 | No. 1' June 25.00 No. Jume 1.80 No 4 Jure
Agreed merchant
rates
an Dollars Maxixum
Spot rubber unblind 27.
No. 1 pala crepe
Closing pric
per lb.
No. 1 Km spot ... Bettlement, house". term:
buying Geral markatt, oif. DRE
June
July
Estate Crepe
thin June
**thick-June-
AMSTERDAM
Tri-Cort. Warrants
31b Union Oil of Cal.
6134 United Frut
34%
United Gas Comp.
44% U.S. Line Co.
US Sted 7 P.C. PP
67% Waukesha Motors
48
116 Westinghouse Air Brake 27% Western Union Tel Co. West Va. Pulp & Paper Winn-Distle Stores Zenith Radio
3012-3814
Closing prices all in guilders.
per kilogram, clf. June:
No. 1 rubber
No. & rubber
No. 3 rubber
No. 1 crepe
3.51 buyers.
3.50 Buyers
Take-over
bid by
18
gallons of fuel.
a
Victa experts to sell the plane, for £5,000.
It hopes to capture an ex- panding Australian market for
612 light aircraft which U.S. and British aviation firms are now
23 Invading in large numbers,
V.C.I. ts building
prototype
·
three-phase groups from each to its respective motor.
the two In addition, allernators are to be Inter- the necesitating connected running together of eight three- phage groups of cable, making 24 cables in this particular run. After giving full considération various types of cable, the contractors, a London Arm of
a cable makers, decided to re- alloy
of the plane commend 1.25 sq. in. single cure
at its Milperra factory and ex-paper
insulated lead
1404 pedis to have it in the air by sheathed and cotton braided
28 July. (See artist's drawing of cable finished with a fire re-
27 the prototype on this page.) sistant compound. The Insula
48
1214
51
tion is mass impregnated with VOI make and
market non-draining type compound rotary motor TUTVCTs, which will not flow at fld maxi-
plastic products.
11 fahr Unted steel buildings and mum operating temperatura of the cable thereby obylating An fahan-borns abronautical troubles, at the termination engineer, Mr L Pellarini, de arising from compound migra- signed the plane for V.C..
tion. The cables have a nominal Vela governing director, diameter overall of 2.08 in. Mr Mervyn V. Richardan says: Another feature of the Can- "Statistica show that there is Berra is an 800 h.p. molor Bor a growing market in Australia operating a bon propeller which amining businessmen, graziers andwal help on menoeuvring along- sportsmen for the type of air-side docks and jettles. Owing to craft we propose to manufac-the distance from the engine room to the forward end of the "Australians are now spend-ship it was decided that this Ing almost £1 million a year should be a 3,000-volt motor- with overseas companies for the first of this size that has beer aned on board á ship. such flänes. "Research indicates this sum-LPS. will grow considerably in the next few years.
S'pore firm
Singapore, May 25. 3.33 buyer Messrs Lewis and Peat
3.90 buyers
UPL
COTTON
NEW YORK
Closing prices all in cents
per lb.:
March
MERY
July
Oct.
Dec.
Mar.
MART
July
Ocl.
Dec.
LIVERPOOL
(Singapore Lld) rubber and produce brokers, to day announced that they
"If our opst study, shows that
we can compete economically Court injunction have purchased the whole in this market, we will begin
with overseas
of the issued capital of production later this year and W: H. Day and Company deliver the first planes early in Limited, another rubber 1981."
broking firm here.
The issued capital of WB Swissair cuts
Day and Company Limited is
million Malayan dollars,
but no further famcial detalls flight time
$1.756
$1,800***
22.95
опе
31.00
3-526
31.820
31785
31260
Closing prices all in perice
124% per ib
£34)2 C/Nor:
of " the take-over hays been
published
oh
ship picketing
New York, May 23: PERMANENT Minneton was issued today by New York Supreme Court. erloining by the s Maritime Workert Union from pikat- inh or interfering with the
Under terms of the purchase EARLIER W portion of the ships Nation
agreement, both compener will dir sireugural & Cara- and Victon continue to
operate in the valle jet-flight between Lon-Tha verbels belong to the Ita rubber broking business. Me den and Zurich chopped 95 an Incres Line. The court said W. H. Des, the founder and the minutes aff the flying time evidence showed the ships were foreign-owned and the Union managing director of W. H. tuken hy regular platon- did not have the right to cal Day, and Company Limited,
the engine aircraft.
strike or picket ships, He joining the Board of Lewis
The 400-milles an hour, twin-ta ah Intolerable; elfugtion” and Foot (Singapore) Linked rather carried a number of might be cydled were le to de-
mus journalists to London and elde otherwise; WH Dy and Ampang Feturned with 10 British
“American Contract
May/June
29.40
July/Aug.
22.20
Dec/Jan,
24.15
Mar/April
May/June
31.30
dy Mixed Contract
which became a Lentig.
May/June
-
› news- Justice Heizy Kireesiberź said:
Mar/April
papetier to Zurich.“
Company, was awesosh newspapermen will spend that the 1954. after dio re-organization four days in the Swiss city h
of the parent, groupų Lowie with Once in regular service the Zahlung pufposes to right to
hina | euravats whi make two nights call 2 strike
| Peet Lalmáback at London,
* dally between the two fidex picket the ships,