Page
THE CHINA MAIL, WEDNESDAY, JUNE 19, 1960.
NEW BANK RATE DECISION
HONGKONG Reflects lack London Wall
Wall Street STOCK of confidence closes
in UK economy hesitant
EXCHANGE
by
Our Own Correspondent
Business done at the Hong- Exchange this
kong Stock
'morning mounted to appro-
ximately
quotations
transactions:
$1,040,000. Noon
Shares Buyers Sellers BANKS
Rates
JIK Bank... 1193 1205 50 1300
Union
SHIPPING
By AN ECONOMIC CORRESPONDENT
London, June 27.
and the inorning's The Chancellor's decision to raise the bank rate for the second time this year is a depressing sign of the Government's inner lack of confidence in the strength of the
economy controls.
201200
INSURANCES
04 400 93
Wi..cluck.. 7 33
7.10 1000 2.10
29007.10
DOCKS, ETC.
K. VI.
243
Dock
114 115
200113
109 114
Provident. 21.23 21.40
200 430 1800
21.40 21.30 21.20
was
Taiko
Deck 601% 50%
LAND ETC.
HK Hotal.
41%
42
1500 413
50 42
Ind
Rele RUBBER
turte Tru
UTILITIES
:
TIDE..
Ylár Ferry
Ypumatt
C. Light
Elettric Macau E. Telephone
5712
5J
3
500 + 4134 500413 2000 4124
500 41
55 ST 3005**
a
The January increase to 5%. the first upward stup since 1957 reasonable cautionary measure to prevent the move- mert ol funds from London.
Cheneeilor But
Lie
closes
London, June 28,
Industrial stocks falled to
it!
set a definite trend after
pace.
hit by late Boac to get new selling spell
New York, June 28.
lemn. Scat Co. Philip Morris Pitney Bowes Procter & Gamble Co. Pittsburgh Plate Glasa Publicker Industries were Pure Of ......
29
Stocks experienced another of their late selling
spells today. Bellers concentrated on the Pacific Gas & Elec.
| Pan Amerieza Airways again-steels, Paramount Pictutes a day of small irregular hevyweights movements but mining motors, chemicals and metals, Parke Davis Co.
the vending machines, issues advanced with while
electronics and some specials coppers displaying new
up their fast-moving strength.
Blue chip industrials
Raytheon Lotes here man to more than Radio Corp. Pres. two points in Sears, Rochuck Repatic Steel Eastman Reyards Metal
Reynolds Tobacco and a point or more
| Havar Bunk of Canada Kodak, General Electric, United Alfert, and Du Pont. The Royal Dutch
Saare: Roebuck & Co. Shiu Oll Co. points at its lop.
Today's volume was 3,120,000 Satway Stores
Sent Reg. Paper shares.
Septt Paper Slegter Corp. Sinclair Of
back of investment will lead to firm on the government's state hit herd in the late selling. Radio Corporation Industrial stagnation.
Stecis see-sawed after opening ment it would not yet sell com- mon stock of the last steel com- any waiting to be de-national- threesed. Mators turned dull.
scomed prepared to wait and which time she lost so much downside in quiet conditions last was up more than two Rheem Mfg. ...
Stuly its long-term effects. He has never allowed anyone think he would stop there.
Repeatedly he has talked of
economic
was
GII-edged securities drifted Japanese bonds held firm, while 5% percents Tokyo assented gained six points lo close of £185.
поп-
It was only two years ago that emerged from Britain years of such stagnation during ground in the world production race that she almost out of the running,
The crux of the trouble at the moment is that Britain's gopds are not competitive enough to capture the world market's Ine measures if necessary meal demning condemnation of Street's overnight trend with
M: Amury's new moves is that steels the chief sufferers. they do
alleviate nothing to Service. this position.-London Express
40079
572 keeping his hands on the con
trols; of not hesitating to take
3 18 X 18
705
7.15 1900 7.35 B20 g
31
32
171
130
181
26.40 28.70 1270
381 382
HK Gas... 145 14.60
INDUSTRIALS Cemm ....5313
40 M 229 1000 S 224 1000 i 2212 2000 225 1000 (231)
500 12.80
400 383%
500 30
200 a 14.60 1000 11.60
100 $4 54
1600 53%
further
His mumblings have had the inevitable restit: with every chang
the oconomic weather, fears of new restrie
The tions have been volued.
In
markets have been unsefte cml each week as Thursday approached, gveculation ut a further rise has been renewed.
Not justified
28.80 2.90 1500 28.00f them. claw.
43 43%
Many people in the elty, con- ditioned by Mr Amory's fore- bodings have come to expect Lew last week's decision Bul
consider justified л limorous They brand measure taken at the very lime when restrictions
in imposed 17.10 April on hire purchase have begun to slow down trade
1130 4:4 4512 2003.
STONES, ETC.
Dairy Land.
1000 431
COTTONS
13.) 400 ET3 10.89
Textiles Nanyang
INVESTMENTS
.Int.
Allied HK & FE Invest.
17 17.10 2000
345
2000
17
8.70 1000 8.70 208.65
6.05 6,20
14.60
Only last week, Hoover's were forced by falling sales in 1000 810 dismiss a tenth of their labour force. Most other firms making electrical goods and household that orders appliances report have declined and will decline further. Both the British Motor and Vauxhalls Corporation have had to cut production. The fact that exports
Rubber
market
review
New York, June 28. Rex rubber Futures today closed 40 to 96 points lower with sales of 89 contracts.
have
not increased this year and that
the gap in overscas trade widened slightly during May
treasury pressure to
Mac wants a common market
partnership
Dollar stocks moved into lower ground following Wall
Gold mining shares responded to Cape and London buying t10 continue yesterday's advance and cerrie diamonds with
them. Coppers made the standout section on nows the Rockefeller group were taking a bigger interest in the Congo. Continental selling' produced a setback, but this was more than recovered by the close,
Oils were easier and lost factions on the day.
Or a total 1,235 issues traded, 331 ware higher an 690 lower. Amorican exchange volume was 1,380,000 shares.
Bonde volume Lopunted $5,380,000.
Smith, Kine & French speeny Mobi Ol
Solar Aircraft
Super VC-10 jet airliners
BOAC signed a contract with the British Aircraft Corporation for the purchase of ten Vickers' Super VC.10 jet airliners, for delivery beginning early in 1965. The value of the contract is some £25 million without spares. This order is additional to the existing Boac order for 35 standard VC.10s. Sir Gerard d'Erlanger, Chair-, ly designed for eastern routes man of Boac, said:-
and developed for Allantle The Super VC.10, which will capability. With a length of carry in the Bone version up to 186 feel; the fuselage of the 187 passengers, is intended for Super VCID is 28 feet longer 38, the Corporation's North Atlantic than that of the standard VC.10 (20 feet of this is forward of S routes between Britain and the
United States and Canada, on the leading edge). The Super which the constantly mounting VC.10 engines will be the Rolls- tourist traffic between North Royce Conway Co $2/2. America and Europe offers im- The fuel capacity is creased mense dollar earning opportuni- | from 17,000 to 18,750 Imperial tier. We shall employ this new gallons by the addition of two 344 fleet of British aircraft, combin-wing-lip tanks, which increase
39 201
to.
South Puerta Rao Sugar
101
Stuthern Natural Gas
48
Southern Railway (Com) Sperry Rand
i
Dow Jones closing averages were:
30 Industrials 20 Rails
15 Ulities US Stocks 10 Bonds Comm. future price index
Closing Prices Abitibi Pvr Paper ....
Alden Inc. Acy, Algoms Steel Corp. Allied Chemicals Allbed Mills Inc.
6374Ŭ
Standard Brands
Standard Oli of Cal.
142.62 Standard Oil of Ind.
$3.28 Standard Oil of NJ.
Strep Rock
210.32 Stokely-Van Camp.
82.83 Stane & Webster
145.32 Studebaker-Packard Corp.
Sunetthe Mining
Swift & Co.
Tide Water Oll
37
Texas Co,
50
Textron Ine
31
Thiokol Cheng,
544
35
Time Inc..
Alis Chalmers
294
Traders Finance
Am. Brake Shoe
42
Tri-Cont Warrants
American Airline
2036
Twentieth Century Fox
Film
Am. Cable & Radio Corp
8
Union Carbide
Union of Cal.
58
Ainer. Forgn. Power
Union Pace Railway
United Aircraft
539 United Fruit
189:
United Gas Corp.
Am. Mach, Fdry.
53
181 US. Gypsum
US. Foll "B"
84% US. Line Co.
524 US. Rubber
89
Rubbers and teas were quiet. American Cyanami Co. -UPI.
Closing Prices
-Giltedred Bonda
Transport 3%, 1978/88--
Consola 21-£44. Consols 45-200-13/16, Convenion Loan. 315%, 219-15/16.
Loan Funding
London, June 28. British Prime Minister Harold Macmillan today told the House of Com- mons that the British200 Government would like to see the establishment of a "partnership" between the common market countries and those of the European Free Trade Association (EFTA) "in a commen of European system trade."
has probably increased the Answering questions regarding which the the possiblity of Britain's join- Chancellor has succumbed, Buting the common market, Mr the size of exports de ends on trength of maintaining the home markets,
Mr Amory's decision may defended as evidence of a wise
nt home resolution, Bul
brend it will be taken
and
Macmillan sold that negotiations were
now going on in Paris through the trade committee of "Twenty-one" and that it would be best to await results of these meetings.
He said he would do all he as could to see that a European
vacillation. Ts is high time the trade partnership between the Lower foreign maritets, and Chancellor began to show the two groups could be set up "con the shrinkage in consumer confidence in Britain's reonomy sistent with the general agree interest to near vanishing. point, that it is his duty to promotement on tarifs and trade." weighed វរព the terminal failing this he should make market,
with along
July way for someone else. liquidation before first notice
A hope
day tomorrow
Current month No. 1 Rss was quoted nominally at 481⁄2
a pound.
in
London, the
cents It is reported that Mr Amory is anxious to leave the post of rubber Chancellor the Exchequer. I
spot is to be hoped that his succes- sar is a man of broader vision.
market was quiet with quoted at 374 pence.-UPI,
Exchange rates
For while it can be said that there is some justification for raising the Bank Rate to strengthen the position of sler-
in the international this monetary market, nothing can Justify the decision to freeze 10.02 public expenditure next year. 12.03 The only result will be to im-
Business was done in the calling unofficial exchange
market
morning at the following rates: U.S. dollars (per $1) Sterling netes (per £1) Australian notes (ner £11 Indonesian rupiah (per 100) Stem feels per 100 Singapore (Siraita)
6,72
2.30
26.00 pase further strain on essential
To publie services. And the culling
P.O
R.M.S. "CORFU"
EMBARKATION NOTICE
For United Kingdom via Singapore, Penang, Colombo,
Bombay, Aden & Suez-Port Said.
EMBARKATION: Passengers should embark between 2.30 and 4.00 p.m. on Friday, 1st July, 1960.
BAILS:
BAGGAGE:
£50
Am Gas & Electric
Am. Rome Padd,
American Metal
Am. Natural Gas
American Smelting Amp Sugar Het
American Tel Tel
American Tob.
Anaconda Copper
Ampex
1861-
!Axmop Steel
Armour
1859/G0
Funding Stock 21%, 1999/2004-
A
1500/90
Funding Loan 4%
Savings 3%, 1855/65-28915. Savings 35, 1050/70-784. Bavings 37, 1ÚB2/75–27.
Banks Barclay's Bank "A" Ltd ord-
Chartered Bank--50s 6d. Hongkong-sdv.
Lloyd's Bank "A"-595 kt.
Ingizance
Union insurance Canton-£5?.
Aircraft and Motors Brikh Motor Carp, Ord-17% 30. Ford Motor Co-ids 150.
Atlas Cons. Mining Baldwin-Lima-Ham.
Baltimore & Ohio Bank of Montreal Bank of Nova Scotia Beech Life Savers
1.B. C. Tel Co.
Bell Telephone
Beneficial Finance Bendix Aviation Corp.
543 Benguet Cons.
Hawker Siddeley Group Ord-5B3
d
Rolls Royce Lid Ord-15am 1790. Rootes Lld "A"¬IES 90:
Standard Trumpli International sadr
Breweries
.
Bethlehem Steel
Boeingi Airplane Borden (The) "Co. Burroughs Add Machine British Amer. Of BH Columbia Pur. Calif. Packing Corp. Cano. Bk. of Camm. Campbell Soup cả Canadian Pacific R. Case (J. I.) Co.
Cat. Tractor
Celanese Corp.
C. 1. T. Fluarietal Corp. Chaac Manhet. Bank
Chrysler Mctors
Chick Peabody
"Colgate-Pamolive Co. Colombian Carbon Co. Commercial Credit Consolidated Edison AsCondinental Can
Continental Oil of Del. Crane Co... Crown Zellerbach Cuban Amer. "Bugne Delaware & Hudson Co.
Distillers Co-37s 71%d. South African Browerle-245 34.
Building and Materials Associated Portland Cement Goodlass Wall & Lead Ord-1s
Coal, Steel and Engineering Babcock & Wile Lid-36: 33.
The Prime Minister said, "we! are entering these negotiations with our partners, and we do not intend in any way to aban-19ad. don the partnership into which 1d. we have entered, namely, EFTA."-AFP.
UN to survey setting up of Singapore iron and steel mill
Singapore, June 28.
A United Nations official said. hers today that the first member of a UN Survey team to investigate the feasibility of setting up an from and steel mill In Singa- pore would arrive here at the beginning of "next "month. Sir Alexander MacFarquhar, Far East representative of the United Nations Technical Assistance Board. who is now on a visit to Singapore, said that the rest of the survey team would arrive at various Inter- vals during the next eight weeks.
The survey team, made up of international Experts, is one of two that the UN board" is sending here to help the Singapore government speed up is industrialisation programme,
-Reuter
The ship is expected to sail at 5.00 | NOTICE TO CONSIGNEES p.m. on Friday, 1st July; 1960.
Should be sent to the Hongkong & Kowloon Wharf Co's Godown (No. 2 Gate) by 5.00 p.m. on 30th June, 1960.
SUBJECT TO ALTERATION
"THESZUS"
**
Damaged cargo ex this vemel, will be surveyed by Memory Parisen & By Hd Holta Whart "from" te Môn. on July, 4 and 5, 1969 and consignees, are requeried to have....their-representatives--preset- during the survey.
BUZZRFIELD & SWIRE,
Agenta. Hongkong 29th June, 1960.
Untied Steel-776. Vickers Ltd-33s 1140.
Food and Tobacen British American - Toh, Co., Ltd. 509 410
Imperial Tobacco 41⁄2d.
Co.,
L12051
MiscellanToDA Boardman Marden Lid—a British Oxygen Lid. Ord-91. Canadian Pacific ly
De La Rue Co. Ltd. Ord-fis 34. Dunlop Rubber Co-25s' tijd. Gilman Holding Ltd-28 d. Hongkong & China Gas-10s od n Imperial Chemical-583 d. Lyons & Co-18: Bd. Wallever Ltd-1668 3d.
Paper
Bowater Paper Corp Ordu 293.
Radio and Electrical Amorlated Electrics)-5. Electrical & Mutical-50% Bd.
ngh Electric Com370 64. General Electric36s 6d. ́‚'
Diamond Alkall
Diamond Gard
Dominion Stores
Dougie Airegatt Dow Chemical
Dupont de Nemours Easters Air Line Eastman Kodak
El Paso Natural Gas Family Finance Corp. Firestone Tyre & Rubber First Nat. City Bank Ford Motor
Georgia Pacific General Dynamica General Electric General Foods
General Motors
Gen. Pub, Utll.
Gen. Tyre & Rubber Getty Oll
Glidden Co.
Goodrich (B.F) Co. Goodyear Tyre
Great Northern Railway Grumman Aircraft
Guif O
27% 0.9. Smelting
U.S. Stel
683 US. Steel 7 P.C. P.I.
Warner Bros.
46
Waukesha Motors
64% Weetinghouse Air Brake
Westinghouse Electric
48
6
Western Union Tel. Co.
141 West Ya. Pulp & Paper Wine-Dixie Stores
31
34gb Woolworth (K. W.)
3729
Zenith Radio
3744
431
44
30%
303%
Hamman Organ ....
Heyden Newport Corp.
def
Hiram Walker.....
Homestake Mining Co.
33
Husunen Refrig.
Idaho Power
Shippint Indo-China Steam Nav. Co. ord-22 30.
P&O Steam Navigation def ord 389 74d.
at
Biores
Debenkama, Ord. Lid-468.
Grest Universal Stores "A"-47s
Marks & Spencer Lid--743 10 d. Woolworth F. W. & Co-038
Textiles
Coats J & ♬ 248-478 64, Courtaulds Lid-80s od.
Mines Con Goldfields of South Africa Blis 20.
Cons. Zine Corp. Ord-165. De Beers def 1400 10 Hongkong T=17 10944. Petaling Thr4, A Hand-100.
Imperial Ou
į Ingersoll-Rand
ing advantages of vast capacity the wing span to 146 feet.
with the attractions of rear-
mounted Rolls-Royce Conway
40% engines, to capture an even
432
15
2014
greater share of this very im- portant business.
Double-decker
"Our order for Super VC.10 train carriages which completes Boac's current aircraft ficet requirements,
brings the value of our invest-
12 ment in products of the British
aircraft industry up to a total of
Faris, June 28. \QUBLE-DECKER stream-
Dined carriages were
reported.
'rail-
£214 million since 1949. This put into service on the represents the money spent, or ways on the putskirts of to be spent, on Britannias, Reking recently, radio Feking Comet 4s, Viscounts and other alrcraft (for our associated com- panies) and VC.10s. In addition we are spending some £9 mil. Rolls-Royce Conway engines for our fleet of Boeing
lion
7078."
on
The "East Wind" short- distance passenger train com- posed of these double-decker carriages will run twice daily between the Peking central Station and two industrial dis- The Super VC.10 is an en- 13115 larged version of the VC.19 tricts in the outskirts
This train drawn by a diesel (which will normally seat up to locomotive, is staffed exclusively 134 passengers in the Boac by women, including the engine
at driver. version), taking advantage
291
45
423/ 287
5624
the development of the power The new passenger carriages - and performance of the Rolls-were built by the rollway roll-
1 Royce Conway to carry
greater slock plant in Tsingtao.- greater dis pay-load over lance. The VC.10 was original-
An artists impression of the Super YC-10 of which Boge bave ordered ten,
Yesterday's Closing
COMMODITY PRICES
METALS
NEW YORK
Closing prices, all in cents per
3124
lb.:
Lead July
Imperial Tobacco
Inland Steel Co.
Sept.
7811
Interchanical Corp.
Zine
451
July
4
Int1 Business Maching
510
Int'l Harvester (679.
4512
Copper July
International brickel
Sept
LONDON
Southern Kinta Cons Lid-28 34 Union Corp-31e 43%d/ west Driefontein Goldmining:Als.
You Brith Bornes Betroleum Byns crta, 46% 101AADA
British Bumah Petroleum-ls Rd. Bolish Petroleum Con L-301
Royal Dutch Petroleum-ETH. Shell Transport & Ed.
Agreed merchant
rates
PERMANE
Swiss Francs Marimun ing 75-1/10.
feiterintfonak -Pipër
Inti Tel & Tel
Johne-Manville Co
Kater Industries
Kansas C. Power & Light
Kennecott Copper
Kimberly Clark
felmetz de Azern Job, Co. Lib ulg
Liitos" "Ind
|Lockheed "Aircraft
Loews Increp Lope. Bier Cement Co. Torslin & Sons, McDermott J. Kiy Motel Alterat
Merck Mesabi Iron Corp. Minesota MELISTING Zadors Development Molson Brewery Montecatini
Nations Steel
Jan./Mur, Apt/30%
33-334
Det:
Aug. Sept
General markets, e... basis, porta; 3515-359 July
341-34%
NEW ORLEANS
Estate crepe in July
Ib.
thick July
PL
22.30
SUGAR
11.8
31.09
30.48
Closing prices, all in sterling 674per long ton.:
43
10%
63
Tin spot
7471 | 3-month
7 Copper pot
3-month
Buyer Sellers
709
701
2561 2554
253M
TEA
90
一
Sept
Lead 201
2nd half June
Zinė 2nd-half/June
RUBBER
WEAPONEW YORK MASSA
Rex rubber futures" closing briers all la cents per lbs 1925, Janteigs.752) Mar; *08.25:41AS:
Closing priced alt in ponte per
Mo. Bot
"NEW YORK Closing prices all in cents per b.:
Contract No. 4 (world) July: CB4 Sept: 2.92; Oct: 294; Jari 3.04: Mar: 3: May 304: July 3.09 Boot-()AS, Cuba); -2.05.
Tajal Sales: 772 contracted th Open interest: 8,829, contracts.
Contract No. 6" (domestic). Sopt 622
Nov: "6.00" Spot
[CII, NY. ex-duty): 5,25) N
"colat Gales? az contracts.
Closing prices all in cents per
SAO PAULO (Cosing prices all in cruzeiro per Idjoy,
neted spot markets: $22 penis. *AVETICE price in US. -ai-14|dom
Fotel ́unten: 5,018 'bales--UPL",
FOREIGN ESCHANGI
Open Interest: 3233 contracts-AM UPL
COTTON
FORK Closing prices all in cents per
pm
NEW YORK Closing rates:
Canada Bighed mordaink vé thers unchanged
TONDON
* Closing rates:” New Tyork Montreal Ammerdam
Copenhagen
1