Page Z
THE CHINA MAIL FRIDAY, JULY 15, 1960.
WEEKLY REPORT ON THE HONGKONG STOCK EXCHANGE
MARKET EASES SLIGHTLY
Textile shares
show marked improvement
The market in general showed a slightly easier tendency during the week was fairly evenly although interest spread.
Banks declared an increased interim dividend but met with no aprovencal and closed at $1,230.
Main leature of the week was, the marked improvement in! Nanyangs with prices reaching 3 new high. Strength in these shares resulted from rumours of favourable company news.
Textile were also up and con-¡ tinued in demand after the au- nouncement of a new issue.
|
Both Unions and Lombards remained neglected both closing at nominal prices.
Wheelocks Improved slightly while Wharves remained steady at $246.
Both Taikoo and Hongkong Docks dropped on proßt-taking, the former declining by $2 while. the latter ket another $3 on the week.
Providents came
under some selling pressure and closing at Te- $20.80-a fall of 40 cents on the
! week.
Other counters barely re- mained steady with some gistering slight losses.
HONGKONG
STOCK
EXCHANGE
hv
Our Own Correspondent
Business done at the Hong kong Stock Exchange this morn- ing amounted to approximately $1,243,000. Noop quotations and the morning's transactions:
Shares HK Bank
Union Ina.
Whart Co. Waterboa! Wheelock
HK Dock
Provident
HK Hotel
Buyers Sellers
..
+
HK Land..
Yumat
BK Tran
Saler
1225 1230 40 1200
Hotels and Lands were frac- tionally down.
Utilities barely held steady In the earlier part of the week but later Trams, Lights and Electrics eased. off to register fractional losses.
HK Bank Lombard
Union Wheelock
a glance ★
Dividend
& Bonus
$48
Yield (%)
London market closes with small losses
London, July 14.
Stocks moved irregularly lower today in an un-
settled market.
The steam went out from a trickle of morning buying and the disappointing British trade figures for June kept late buyers (on the sidelines.
Industrial blue chips shared a sprinkling of minus signs al- though losses were in fractions, Steels and engineerings tended to drift downside and stores were ancertain. Bright spots were confined to companies an- jnouncing good trading results.
★ The share market at
Up or
June 16
June 23
June 30
July 1
July 14
- Down
1200
1215
1200
1230
1230
421
400
41s
419
40n
steady. ---31
93
9435
92
91b
93
+$2
$3.40
3.7
6.90
7.05
7.15
7.30
7.40
+10c
250
3.6
HE Wharf
250
2506
2428
246
2468
steady
$8
3.5
HK Docks
109
111
116
1136
110
$10
1915
Taikoo Docks
56
SOM
5612
50
54
-$2
$2.80
4.9
Provident
20.10
21.40
21.40
21.20
20.80
-40c
$1.10
5.0
HK Hotels
1044
414
42
42
4134
-250
$2.75
0.8
HK Lands
5034
59
5814
5814
58
50€
$2.40
4.2
HX Realty
1.85
1.875
1.875
1.875
1.35
-2140
130
8.1
3118
12
3214
3214
32b
-250
$2.03
6.5
172#
171
170
170
1719
+31
5.4
109
181
182
. 181
177
-54
$8.50
4.G
22.80
22.70
2244
22.30
~~~20c
$1.10
4.8
2714
28.70
26.80
28.00
28.30
-30c
$1.80
6.8
37
39
3834
384
39
---75¢
$1.75
4.4
50%
54
154
54
54
steady
$4
7.6
Dairy Farm
211
29
29.10
28.80
28.80
ready
31.85
4.6
A. S. Watson
2654
26.70
20.400
25.805
25.80
steady
$1.50
6.
Lane, Crawford
3814b
434
4314
43
-25c
$2
4,5
Int'l Investment
8.10h
8.65b
8.25
8%
8.85
+10c
650
7.4
Allied
6.155
4.05
6.15
0165
6
50¢
$1
17
receded with International nickels the exception.
KK FE Iny Textile Corp Nanyang
14.70
JATO
14.70b
14.80
14.80
steady
90g
5.9
1014
10.80
10.90
11.10
11.40-
15.705
17
17
178
19.30
+300 +$2.30
630
5,8
31.10
5.8
HK Trans
Star Ferry
Yaumatis
Oh Light
Electrics
HK Telephone
G. I. Cement
WALL STREET DECLINES ON
New York, July 14.
| Stocks backed down from their highs on late selling today to close on a generally mixed note.
Prices, mostly strong at the
Campbell Soup Co.
Canadian Pacific R.
Case (J.. L) Co.
then
Cat. Tructur
Celanese Corp.
opening, reached their highs In ferries, Yaumatis fell off during the noon hour and fairly badly to close at $177-began to decline under slow Four dollars below last week. selling.
were
Star Ferries
rather neglected, buyers being only interested at lower levels.
Coments remained steady al $54 while in stores Dairies, and Watsons remained steady. Lane, Crawfords showed a slight loss. Sales.
At the close the undertone ap
C. I. T. Fizáncial Corp. Chase, Marhet. Bank Chryster Motors
Several of the leading elec-Cluett Peabody tronics, most of the drugs a Colombian Carbon Co. saltered specials outperformed the general list. America lower Rambler Motors lost on
Aircrafts fell out of favour peared steadier with buyers ap-after being up all of this week. pearing at slightly lower levels. Losses ran around ope
Market diary
243 26
Friday:
7.40 7.45 4000 de 7,40
111
112
380 !
00111
20.70,20.90
42 42 1500 GA
50
Monday:
5000 42
100 v 42)
57!
50
400
177 180
100 7
"
3214 32%
1500
321
500
500 to 32
300
400
500
Tuesday:
38 224
500 38K
1000
Ch. Ligli 22.30 22.10 Eloctite ... 28.30 2815 Telephone
G.I. Comment 54 54 Dairy Farm 28.80
Watson Allied Inv Textle Nanyang
Rubber
20 228.70
500 ar 29,90
400 kr 28.69)
3000 28.0 1500 28,00
300 ir 28,80
25.70 26.10
8,15
11.30 11.40 2000 11.40
1000 11.50
.. 18. 19.10 500 19.10
100
2000
1,05
3000
8.65 8.80 6415 56
Trust
Talke
Humphreys 23.40 23.70
HK Gas
14.00 14.70 3000
Realty
Int Inv. 8.80
H.K. & F.E.
Invest. 14.00
1025 1.35
ม
Gilman
2.025 2.10
Star
Ferry
Масло
Ropes
12.00 13 21.00
4316
Enter. Vibro,
Lane Craw.
16.80
EEZ *ઉસ -
S. AFRICA'S GOLD MARKET DROPS AGAIN
Pretoria, July 14.
South Africa's gold and
point Or more in Boeing, Douglas and United Aircraft. Polaroid give up more than five
A steady market in the cameras, Copper stocks ruled resulting in a also
last
out after moderate urnover. arm beginning. Rubbers were well
Colgate-Palmolive Co, Commercial Credit Consolidated Edison Continental Can Continea Of of Del. Crane Co.........
Distillers-Seagram
Dominion Stores
Douglas Aircraft
Dow Chemical
Dupont, de Nemours
Eastern Air Line
Eastman Kodak
LATE
Int'l Harvester
International Nickel
International_Paper
Int'l Tel & Tel
Leblon Groceteris
2014 National Cash Reg. "A"
SELLING
BONDS STEADY Government bonds steadied und short-d'hied stocks had $1 firm look. Foreign bonds were
NEW YORK
COTTON
MARKET
New York, July 14.
featured but there was further Cotton futures today turned
easiness in Greeks. Dollar stocks
South African gold shares milled back and forth to end mixed while coppers turned dull. Tins went shead selective buying after recent falls.
on
Oils notched small gains carly on but tended easier near the final bell, although Shell held firm.
irregular after an initial. upward push carried several
crop de- liveries to seasonal highs.
new
At the close the list ruled 15 higher to four points lower. The markel opened unchanged to up 15 points. New Oricans closed
five to 36 points.
The market lacked the de- sustained rallying power Rubbers continued yester-monstrated on Wednesday, when day's advance in response to commission and trade buying new buying but teas moved into expanded coincident with the lower ground.-UPI.
Democratke farm plank advocat- ing a return to high price sup- paris.
Closing Prices
Glitedged Bonds British Transport ~£59-15/16.
But
3
Consols 21%—£44%
Loan 3,
1978/88
1901
Funding Loon 35, 1958/68–28114.
NEW CROP
Today, mare traders were in- clined to wait for any new legislation to be spelled out in detail. Other skeptics questioned
Funding Stock 314 3000/2004-whether anything effectual could
"A" Lid ord-
Lloyd's Bank "A"-51a_5d. National Grindlays Bank-J75.
Insurance
Union Insurance Carton-233%.
Aircraft und Motors
British Motor Corp. Ord-188 64. Ford Motor Co-102s M.
Hawker Siddeley Group Ord-9s
Holls Royce
Rootes Lord 534 714d.
10b 6d.
44% | Royal Dutch
50M Rheem Mig
244
974 Ecors, Roebuck & Co.
Consola 4-RB4
11
40
Shell Og Co.
Conversion
201
Johns Manville Ca.
60
Safeway Stores
351-
£50%
Kaiser Industries
23
Saint Reg. Paper
30
Kansas C. Power & Light
55
Schenley Inge,
50b Kenneryll Copper
75
Scott Paper
27P
£84.
52
Kimberly Clark
70% Siegler Corp.
3
Funding Loan
1900/90-
3715 ton Ing
Lily Tulip
31
Sinclair Oli
ZST
83%
South, Kline & French
5112
Savings 3% 1953/65-£8744.
147
Socony Mobil Oil
Savings 1900/70–279.
62% Lockheed Aircraft
21
South Puerto Rico Sugar
1822
Savings 3. 195/75–270-9/15,
Loews 'Incorp.
29%
Southern Co.. (The
Banka
309
Lone Star Cement Co.
21
Southern Natural Gas
361
Barclay's Bank
Lowenstein & Sons.
431
McDermest J. Ray
Southern Railway (Com.)
57e Bd.
441%
Standard Brands
4812
Chartered Bank-51s Bd,
Crown Zellerbach Cuban Amer. Sugar
McDonnell Aircraft
Hongkong.
Standard Oil of Cal.
41%
14
Delaware & Hudson Co. Diamond Alkali
Merek
88
31
Mesobl Iron Corp.
Standard Oll of Dd.
3714
70
63
Minnesota Mining
Standard Oil of N.J.
403
70%
Diamond Gard ....
Steel Co. of Canada
Mission Development
144
Monsanto Chertest Co.
417%
Steep Rock
17
Montecatini ......
Stokely-Var Camo.
153
1877
28
Montgomery Ward
411%
Stone & Webster
665 Motorola inc.
16 Studebaker-Packard Corp.
20%
National Biseult Co.
Swift & Co.
Texas Cu.
а fairly
120
National Dairy Prod.
57
Textron Inc.
El Paso Natural Gas Family Finance Corp. First Nal. City Bank
National Lead
2015
National Steel Corp.
80
772
New York Central
21
Time Inc.......
64
Noranda Mines Ltd.
3871
Traders Finance
55
Norfolk & Western R.
ona?
Tri-Cont, Warrents
43
North Amer, Aviation
412
Twentieth Century Fox Film
ECT
Northwest Airlines (Com.)
18
Union Carbide
129
Oklahami Nat. Gos
29
Union Of of Col.
13
Olin Mathieson
American exchange
volume
Gen. Pub. Ul.
25%
Cils Mevators
Gen. Tyre & Rubber
58% Owen-Illinois Class
10
was 800,000 shares.
Gelly Oil...
13
&
Bonds volume cmounted
10 Glidden Co.
439%
Pan American Airways
Goodrich (B. F.) Co. Gnodycar Туге
5612 Paramount Pictures
Parke Davis Co.
Penn. Selt Co.
Grumman Al 'craft Gulf Cl
27
Philip Morris
50% US. Smelting
€31.32
Hammond Organ
38
Pitney Bowes
338.44 Heyden Newport Corp.
Procter & Gamble Co.
117
3754 US. Steel .....!
221%
94.10 Hiram Walker .....
281%
Pittsburgh Plate Glass
611
206.28 Homestake Mining Co.
2734
Publicker Industries
1.9, Steel 7 P.C. PF Wamer Bros.
Waukesha Motore
63.30 | Human Refrig,
43
Pure Oil
#532
Radio Corporation
Westinghouse Air Brake Westinghouse Electr
55
311
Radio Corp. Pret
74
Western Union Tel Co
431%
11
Raytheon
410%
451
Republic Steel.
West Va. Pulp & Paper
41
717 Winn-Dixie Stores
481
10%
Reynolds Metal
GOV
Woolworth (K.W.)
6621
45#
Reynolds Tobacco
7412
Zenith Radio
110
Royal Bank of Canada
65-14
UF
supported. Busi- Today's volume was 2,480,000
ness amounted
transacted shares.
to
ap-
Of a total 1,191 shares traded, proximately 424 were higher and $11 lower.
$1,917,0000.
Textile shares were
in demand with
Nanyang cuching $4,470,000.
a new high. Turn- ! over amounted to f $3,479,000.
Dow Jones closing averages:
30 Industrial
20 Rails Although interest 15 Vlities was evenly spread 85 Stocks
40 Bonds... prices generally
Comm. future price index showed slightly easier tendency.. Lands,
Wheelocks
Closing Prices
and Dairies attract Abitibi Pur. & Faper ed most attention. Alden Inc. Acy. Turnover was ap- Algoma Steel Camp. proximately Allied Chemical
$3,418,000,
Wednesday: The
Thursday:
market
Allied Ms Inc.
Allis Chalmers Am. Brake Shpe was American Airline sleady but feature- American Cable & Radio Corp. less in moderate American Cyanamid Co. active trading dur-Ames, & Form Power
Am. Gas & Electric
ing the half day An. Home Prod session. With the Am. Mach. & Fdry exception of American Metal Cements which im-Am. Natural Gas
American Smelting proved slightly, Am. Sugar Ref... rates were virtually American Tel. & Tel unchanged. Volume American Tob.
Ampex
Mining
of business was ap- Anaconda Copper proximately Armes Steel $1,376,000.
Armour Atlas Com The market main- Baldwin-Lima-Ham. Lained
Baltimore & Ohio steady Bank of Montreal undertone through Bar of Nova Bootla out the day: Volume Beech Life Savers of business tran- Beneficial Finance
Bell Teletroewe sacted
was ap- Bendix Aviation Corp. proximately Benguet Cone. $2,188,000.
U.S. INVESTMENT QUOTATIONS
The following are U.S. invest-
foreign exchange holdings ments in
American dollars.
dropped again last week Buyers prices include commis-
by £281,440 against the slon:—
previous week's decline of Amated Furd
£7.4 million.
Financial observers here say "the decline in reservés has been checked."
Holding's by the South Alrican Reserve Bank, have boen slumping steadily Ence the authreak of rucial fibience leet March and some business-
Am Bus Shre Atom Dev Mut Axe Hought B
Bullock Fund
Canada Gen Fund
Canadian Fd
Feller Buyers
Bethlehem
Bosing Applene
Border (The) Co. Burroughs Add Machine British Amer. Ou
British Columbia Pwr. Calif. Packing Corp. Cana. Bk. of Comin, Cana. BroWETS
NY sugar market
| Ford Motor
Georgia Pacific
General Dynamics General Electric
General Foods
General Motors
144.02 Idaho Power
Imperial Oil
Imperial Tobacco Ingersoll-Rand
Inland Steel Co.
$ 391 | Interchemical Corp.
0035
56
Int'l Business Machines
Yesterday's Closing
Pacific Gas & Elec.
90% Thiakal Chavn.
Tide Water O
41% Union Pacific Railway
United Aircraft
United Frut
United Gr Corp.
184 US. Fol! "B"
US. Gypsum
45% US Line Co.
25% US. Rubber
COMMODITY PRICES
RUBBER
NEW YORK
LONDON
Closing prices, all in sterling
per long ton.
Tin
1008
Buyers Sellers
809
SUGAR
NEW YORK
30%
45%
Closing prices all in cents per
800
3-month
8031% ADA
Copper
Spot
25614 257
3-month
2491
240
Lead 1st half July
2016
Oct. Zinc 1st halt July
71% 1b.;
001%
2012
37.10
38.50
UPL
Mar
Rex rubber futures Losing prices, all in cents per ib.: 2016 July
00
Fent
A
Nov.
4514
зал
MAC.
492% May
3476 July
201
SINGAPORE
Closing prices all in Straits cents per lb. 1.o.b. Malayan
39% ports:
738 $7.99
New York, July 14 423 441 World No, 4 sugar fatures to- day slowed unchanged to four points lower with sales of 417 contract.
6,29
3.18
12.23
13.99 12.00 13.64 1587 17.17
6.30
Canadian Int Growth 10.07 11.01 The Domestic No. 8 contract
11.50 1244 Chemies Fund
closed unchanged to two points Comwith Stock
15,75 77.17 297 338 higher with sales of 29 con- Dividend Sh Dreyfus fund
15.00 28.35 trants, Eston & H. Stock 11.077
12.00 Electronics
Prices were sensitive to small men connect the decline with Found Hut Fund
1088 1133 orders either way while traders. South Africa's macfal and poll Fund Invest
932 10.10 pondered the Cuban situation. fical unrest.
Group Com Stock
1330 13.45 and awaited raw market deve Haid Y4 HC-T Insit Found
11.65opments... Kit Growth -Ingiit "Income-
Reserves now stand at 2107 million.
The punication of declining invest Te Borory South African reserves, especial- Keystone Cust Be ly in the foreign, press, gas ale. Keystone Canada tacked by the afimeter for Erase
Mass Growth
ternal Affairs, Me Eric Louw. Nat Sec Ber Growth who claimed some South African Scudder Be & Ci joenalists and businessmen de Telev i Fund lighted lá sedding such gloomy Value Lane Fund
V. 1. P. nawa abroad, JAP
Welington Tund
5.09.
10.85
$11.00 12.13
No. 1 July
LAUK
No. 2 July No. 3 July
COTTON
Contract No. 4 (world)
Sept: 3.30; Oel: 3.28; Jan: 3.33; 2.17; May: 3.10; July: 3.19:
Spot (F.AS, Cuba): 3.30.
Total Sales: 417 contracts. Open Interest: 5.112 contracts.
Contract No. 6 (domestic)
Sept: 8.06; Nov; 8.07; Spot-{C}{. NY. ex-duty): 5.95.
Total Sales: 29 contracts.
Open interest: 3,120 contracts.—
110-130%
110-111%
NEW YORK
1004-1097
UTI.
108-109%
Closing prices all in
cents
No. 4 July
Spot rubber unbaled... 110-11094
106-107 per ib.
Spot
34.10
Get
31.08
LONDON
Dec
31.17
Closing prices all in pencĆ
Mar.
FLAT
May
31.83
per lb.:
July
No. 1 Bas spot
301-31%
Oct.
Settlement house
term:
Aug.
314-311
Ded. Mar.
-Jan./Mar.
Apr/May
Вера
Estate rege
thick. July
July/Sept.
Oct/Dey
General markets, c.lf, basit,
Aug.
thin Juff
METALS
Closing prices at in cents
Ceylon yesterday reported. 11.39 1223 bought 10,000 tons of raws from 2139 22 Brazil and 10,000 tons of refined 13.88 14.99 from Rumania. Dealers said the TE 1611 Saker 10,000 tone of Philipplies | për 15.
881 9310 Ceylon had heen cancelled. 18.84 18.0 Morocco will be in the market 199 904 on July 20 for 25,000 tons of 11.50 12.13 raws and b further 20,000 tons. 34.13 15.30 on July WAKUFI,
GAF
Lead July
Eine Aduly
NEW ORLEANS Closing prices all in cents per
Spot
FOREIGN EXCHANGE
31.90 Canada
NEW YORK Closing rates; England officiat
31.12
-31.55
90-days
91,83
New Zealand-
31.96
31,54
31.84
39.30
LIVERPOOL Closing prices all in' penes per lb.: k
American Contract
21.45
Oct/Nov. Dec/Jan,” Mar/April.
30-days
South Africa.
Others unchanged.
LONDON
Closing rates: New York Montrea AMKISZÁNTI Brunels
72.10. Copenhageni
-22.50.. Frankfurt
Lisbon
Mixed Confriet el Munt (ORA
22.70 Paris 296 Stockholm
Milan Viente
Futy/Aug
Deby Jan
1.0236
2.5000
2.8040
2.7955
2.7000
2.8180
be accomplished when Congress reconvenes In August, or whether they would have to. wait until next January.
New July crop, after selling up to 23.15 cents 1 pound, dropped back 15 points to close with a smet net loss. Trade buying cushioned the decline in nearby months.
Weather and crop news con- tinued to be mostly favourable, while the textile trade remained rather dull.
Raw cotton exports for the season total 6,651,595 bales
Standard Triumph International-against 2,717,902 bales shipped
Bd.
UPL
in the same period last season,
Breweries
Distillers Co-39% 3d.
South African Breweries 23% od
Associated
Building and Materials
11⁄2 Goodlan
450
Portland Cement-078
Wall & Lead Ord-80s
Coal, Steel and Engineering
Babcock & Wilcox Lid-17 11⁄2d.
United Steel-78s 38.
Vickers Ltd 353 3.
Food and Tobacco British American T Bis 1014d.
Ca., Lid
Imperial Tobacco Co., Ltd-649. Miscellaneous
Boardman Marden Lad-33 1011⁄2d. British Oxygen Ltd. Ord-100s 3d. Canadian Pacific Riv--843'5.
De La Rue Co, Ord-84
Dunlop Rubber Co- 238 7ted.
Gilman Holding Ltd-25 3. Hongkong China Ga-10 d. Imperial Chemical-33 04. Lyons & Comix Gd.
Unilever Ltd-166 1140.
Paper
Bowater Paper Corp Ord---563 64.
Radio and Electrical
Associated Electrical-s 3d.
Electrical & Musical 49
English Electric Co.
General Electrie-358 0.
Indo-China Steam
d.
Rubber
market
review
Singapore, July 14. Overseas advices were again lower than expected and early selling found buyers reluctant to meet the market.
Nevertheless after initial sell-
Bhipping Nav. Co. der ing had dried up, the pattern P&D Steam Navigation def ord-lished itself and shortcovering
ord 240 34.
30s Bd.
Stores
Debenhams, Ltd. Ord-480 6d, Great Universal Stores "A "B¶. Marks & Spencer Lid-78 04. Woolworth F. W. & Co-46a 11⁄2d.
Textiles Chate J. & Id-49% 3. Courtaulde Ltd.- 8.
Mpes
Cons Goldfields of South Africa-
Cana Zine Corp. Ord-79%,
De Beers de-1438 1d.
Horpoat Thu 11 34.
Petaling Tin-7s 101⁄2d. Rand-ils 34
Southern Kinta Cons Ltd-276 d. Union Corp-52% 111⁄2d
West Driefontein Goldmining-l #1.
este 438 124.
બા
of the last two days reestab-
from upcountry centres firmed the price.
Lower sheets were neglected and there were no indications of overseas orders in support of higher price.
The market closed quiet,
In New York, rex rubber futores today closed six to 30 points, higher with sales of 53 contracts.
After market
FIRM
a hesitant start, the showed arming ten-
British Borneo Petroleum, Syndi-Cencies which held to the close. British Burman Petroleum1 d. British Petroleum Co. Li0-500
Burma-41 0.
Royal Dutch Petroleum-£12 Shell Transport & Trading-1364.
--Reuter.
Britain's
trade gap widened
London, July 14.
The uptrend was alded by covering in the expiring July delivery and & scattered dealer- commission house demand en- couraged by the firmer London close.
in the delivered market, consumer demand was spotty, but smalt on the whole. Dealers thought the lull might continue for a week or so, or until the factories return from vacations. Current Monih No. 1 Rss was quoted at 41% cents, nominal,
In London, the rubber market I was uncertain with spot quoted
at 31% pence.---UPI, ¦
Britains trade gap widened Agreed merchant
by some £30 million in
June to stand at £99.1
million
official figures
showed today, de
rates
Canadian #. Maximum Selling
It was the widest gap in three 17-3/32;
Minimum Buying
years, and follows a steep rise 17-11/92 T/T, 17-18/32 O/D
in imports
Swiss Francs ·Maximum
Exports In the second quarter. Selling 75%:
of the year slumped by three
per cent against the Arst quarter
275-5/15-3125-7/15 and were only eight per cent
Exchange rates
higher than "the 1959 average, after seasonal adjustments,
Imports, however, continued Whines: WAE {done, in the Tool -their-rapid-oilmb and were 13exchange moming at the following per cent higher in the dras six US goller (par 31) Trionths of this year than the Stering notes. (per £11 1958 average, provisional figures Ausra moter (per 21)
mdotamian rubtala (per, 100) from the Bourd of Trade show-syan deals (per 100),
ed-UPI.