THE CHINA MAIL, TUESDAY, JULY 26, 1960.
HAS OVER-VALUATION Wall Street Malaya's ban
OF THE U.S. DOLLAR PUSHED STERLING UP?
The malaise in Wall Street and
continuès:
London, July 25. Amèficäh busiñäšs. ififli
Steel reports are becoming increasingly gloomy and one may still believe that the over-valuation of the dollar is at the root of sterling edging up to its highest levels in three months.
The London stock market has acted more steadily that either Wall Street or the Con-
tinental bourses, several of which ran into air pockets.
HONGKONG
STOCK EXCHANGE
by
Our Own Correspond int
10
Business done. at the Hong-
Stock kong
Exchange this morning amounted
ap- Noun proximately $470,000. quotations and the morning's transactions:
Shares UK Bank..
Lombard Ins.
"
Against the seasonal trend and also dainst the violent pull of the D-mark, this remains extraordinary.
No doubt if the next monthly figures show a record July gain in the reserves we shall all be lectured about the structurii dif- ficulties and the inadequate trend of exports, but in fact the contrast with the D-mark's last rampage, in 1957, Is about the most astonishing thing in post- war financial history. Again. the over-valuation of the dollar is probably at the root of it.
THE D-MARK
The re-valuation of the D- mark can be variously described as a speculative canard, or as the logical conclusion of almost Sales Buyers Sellers
15 @ 1210 everything that the Germans 1205 1320
and the other people concerned are doing.
41
101205 10@1210
Wheelock 7.30 -7.40 108bd 06 7.15 400 107 300 6 106
Dock
Provident
HK Hotel
HK Land
Tram
C. Light
Electric
::
100 108
20.20
561%
40% 41% 57
311 312%
100 100 100 @@ 106
not Logical conclusions are always reached and the odds are against this one being reached the next few months. during But one may increasingly feel that something will have to give. 20041à
The likelies; giver may be the #157
casier money United States *37 57
2004 107
200 107
560 3112 polley.
London
closes
firm
London, July 25, Industrial stock notched some small gains today and gold mining shares got back on the uptrack.- Trading voltime stayed light, becalmed by. Wall Street's decline and the peak holiday season.
many
Buying proved selective and deals were outside the blue chips Engineerings, tex- tiles, sicres and brewérles met demand.
continues to move down
New York, July 25.
The stock market made one of its worst showings of the year today with industrials closing at a Eritical level on average and rails finishing at their lowest point in nearly two years.
All for golpe got their lumps in selling that started slow but finished in a gallop.
The decline was the 11th in & now and wipet more than $3,300,000,000 from market Valuations. The it met some downside resistance at the close ta that enabled many stocks finish above their low for the day.
Industrials closed at 801.88 on sverdge, their lowest slice May 2, on a docline of 8.19 which was the widest slabe March, 3. At this level the industrials have come within touching distance of the crucial 599 level,
Same brokers feel that fallure of this level to hold under further pressure could precipitate a new and sustained down slide
RAILS DROP
their
triberly Cirk
kett & Myers Tob. Co. Lily Tulip Litton Ind. Lockheed Alterati Loews IncoITA Lone Star Cement Co. Lorand P
steDonnell Aircraft Lowenstein & Sou Merck
Mesabi Iron Corp. Minnesota Mining Mission Development Moisons Brewery Bonants Chemical Co. Montecatini Montgomery Ward National Biscuit, Co. Motorola Inc. National Cash. Reg. “A” National Dairy Prod. National Lead National Steel Corp. New York Central Noranda Mines. Lid. Norfolk & Western Ry. North Amer. Aviation Northwest Airlines (Com)
Oklahama Nat Gas
Olin Mathieson Otis Elevators Owen-linols Glass Oxford Paper Co.. Pacific Gas & Else. Pan American Airways Penny J. C, Co. Phillip Morris Pitney Bowes Procter & Gamble Co. Pittsburgh Plate Glass since Portland Gen. Elec. Publicker Industries Pure Dil
Pulimen
Radio Corp. Pref.
The rails, which last week punctured the tower Emile of their six-month trading range, took another tumble today.
They closed at 134.02 on
lowee average, September 12, 1958, on a loss of 1.82. Chiefly responsible for the decline here were losses Rallo Corporation of 25% in Great Northern and Raytheon! point or more in Baltimore and Ohio, New York Cential and Louisville and Nashville, test was in continued reaction to a dividend cut announced Last week.
Electronics featured a loss of nearly ive in Varian and more than four, in Beckman. In the
Youngstown
The
dropped
Giit-edged
ended unchanged despite the appearance of a steele, £14 milllon cash and convermere then two, Laikens a point Bundesbank's sion stock issue. In foreign and U.S. Steel 1. Bethlehem
Germans and Chinese eased. 500 & 21.80 present policy worries that bank bont's
the Probably
200 K 28 even more than it worrles other were dull Dollar, stocks were 50027.90 people because the Bundesbank | generally iftarked down;
400 28
300 3114
500 in 311
21.00 2.90
1000 21.50
27.80 28.30
Telephone
374 374
100438
200 38
500 à 3774
Cémcat
521 531% 200525
500 5212 100 12%
Dairy
28.40
Watson
20.10
Allied Invest.
ச
Textie.
Nanyang
A. Rubber
Ex, All..
R. Trus..
Lane, Craw
1.30
knows best that such policy has always defeated self.
Cape buying started a rally in golds following Friday's firmness. Coppers felt the im- It knows better than its foreign critics that insulating the inter-pacs of further Rhodesian dis- Dia. 500 60 5254 al credit position from the na-urbances and receded.
tural effects of an exchange in imonds kept firm but selling flow-let alone its present pro- brought losses in fins. cedure of trying to make water run uphill by striving for the reverse internal effect — merely aggravates: the conditions cous- ing the inflow.
81 30 1000 0.30
Int'l Invest. 8.00
Gumen
1.85 2.05
Taikoo Desk 50 5215
Humphreys 22.00 21.1
Realty
170 1.80
13
Macao Elec. 13.20
HK GDS 14.10 141 Ropes
Vibro
24.10 15.30
100426
NY sugar market
New York, July 25,
GADGETS
It has not run out of gadgets for sterilising the Inflow. There is renewed talk of doing it by requiring the German banks to take up securities for a definite period. This technique, which even Britain has not used since 1951, comes strangely, from the protagonists of the free-market economy. It is not the thin end of the wedge because that has already been inserted.
Some of the German banks
World No. 4 sugar fatores today 1cbk the money-repelling mea- sures which accompanied the
closed unchanged to eight
points higher on sales of 420 German bank rate rise of June contracts.
2 as self-evidently a re-introduc-
·
Domestic No. 6 sugar futures tion of exchange control.
Anished unchanged to two points higher on a turnover contracts,
Trading dropped somewhat on the decine to 2,840,000
2,850,000 shares shares from
A told 1,198 on Friday. Issues crossed the tape, and of these 807 declined, 140 to new lors and 180 advanced, eight to new highs....
Bonds volume amounted $5,320,000,
Dow-Jones closing average
were:
Olla moved erratically with Shell and Royal Dutch lower on the day.
The Ceylon "no nationalisa-30 Industrials
20 Rails tion" statement
helped the 15 Ulities iskind's teus and rubbers, but 45 Stocki ethere showed little change, 40 Bonds UPI.
Closing Prices
Gliedged Bonds Brttum Transport 35. 200-115
Consols 2-£44-7/16. Consola 45-£6-13/16. Conversion Loan 35% 254-15/16.
1978/68–
1981-
1900/90--
Loan 31/cr 1950/c Funding £812
Funding Stock 35%. 1999/2004~ £642
Funding
* Loan 287.
-Savings 3%. 1955/05-287-11/16.
Savings 3%, 1960/10-2703. Savings 3%, 1985/75-70
Banks Barclay's Bank
"A" Ltd ord-58
36.
Chartered Bank-519. Hongkong-2B)..
Boy's Bank "A"---625, National & Grindlays
Bank-34s
ed.
Like the many more familie of four exchange controls designed to Rumours again loose in trade keep money in, it instantly ag- circles that Cuba will raise teravated the condition that it
almed to cute. minimum, export price cent a pound, were reflected in the As exchange control is advance for world futures which anathema to the German authori- came on fairly large volume.
ties, they might conceivably.
Domestics advanced cuutious-choose re-valuation if they ever ly, mainly working on fears that became convinced that the al- traders may have a rough time ternatives are worse or non Alling out their August and existent. Their trouble is that September requirements even they genuinely believe after last Friday's heavy buying. market forces, China Mail -UPI.
Special.
PO
R.M.S. "CARTHAGE"
EMBARKATION NOTICE
For United Kingdom vlá Singapore, Penang, Colombo, Bombay, Aden, Suez-Part Bald.
in
EMBARKATION: Passengers should embark between 2.30 and 4.00 p.m. on Friday, 29th July, 1960,
SAILS:
BAGGAGE:
The ship is expected to sail at 5,00 p.m. on Friday, 29th July, 1960,
Should be sent to the Hongkong & Kowloon Wharf Co.'s. Godown (No. 2 "Gate) by 6,00 pm on Thursday,"
28th July, 1960.
SUBJECT TO CHANGE
Insurance
Union Insurance Canton-29-13/10,
Aircraft and Motors
British Motor Corp. Ord-1e: 411⁄2d.
Ford Motor Co-1000 Sd,
Comm. future price index..
Closing Prices
ADHIBI PT. & Piper Alden Inc. Acy. Algoma Steel Corp. Allied Chemicals Allis Chalmers Am. Brake Shoe American Airline Am. Cable, Radio Corp. American Cyanamid Co. Am. Gas Electric Am. Home Prod,
Am. Mach. &F dry. American Meta! Am. Natural Gas American Smelting Am. Sugar Ret. American Tel & Tel American Tob.
Ampax
Anaconda Copper Amour
Asbestos Corp. Atlas Cons. Mining Baldwin-Lima-Kam. Baltimore & Ohio Bank of Nova Scolla Beech Elfe Savers B. C. Tel. Co.
Beneficial Finance
Hawker Siddeley Group Ord-288 | Bell Telephone
4100,
Rolls Royce Lid Ord--iä, Rootes Lid "A"-96 10140.
Beneficial Finance
Bendixx Aviation Corp. Benguet Cons.
Standard Triumph International-Bethlehem Steel
1.
Breweries Distillers Co-40s South African Breweries-23s
Building and Materials Associated Portland Cement- 668 74,
Goodies Wall & Lead Ord-389 64d.
Coil; steel, and Engineering
Baboock & Wicom 1d35s 10d.
United Steel 80s 3d.
Vickers Lig 325,
Food and Tobacco British American Toh. Co., Ltd- 588, 14d
Imperial Tobacco Co. Lids 14.
Miscellaneous Boardman Harden lid-ds, Etish Oxygen Ltd. Ord100s 94, Canadian Pacific, Bly—#42!%d." De La Rue Co,” Ord-34. Dunlop Rebber Co--256 101d. Gilman Holding 18–23 49d. Hongkong China Gas-lbs. Imperial Chemical 4. Lyons & Co 80m, 4%d. Unilever Lid=1645:
Piper
Bowater Raper, Corp. Drd–589 30.
Radio & Electrical
Amodite Electrical 500. ed
Electrical & Musical—47%_BG.
English Electric Co379 General Electric +358.
d.
Bhipping Indo-China Steam Nav. Co., déi ord-231
FO Steam Navigation det ord-
Debeshams, Ltd. Ord-437′ 30. Great Universal Storks "A"-19 Marks & Spencer flotzkod Woolworth F. W: Co-678.
Coats JP Laddle 420. Courtauld Lig718 7150.
¿Cổng Goldfields of solih Atrică-
Boeing Airplane
Borden (The) Co. Burroughs Add Machine British Amer. Oil British Columbia Bec. Brilia Columbia Fwr. Calli. Parking Corp. Cana. Bk. of Comin. Campbell Soup Co. Canadian Pacific R. Cage (J. 1.) Co. Cat. Tractor Celanese Corp.
C.LT. Financial Corp. Chrysler Molors Cluett Peabody Colombian Carbon Co. Commercial Credit
Consolidated. Edison Cprimodated Faper continental Cần Continental Of of Del. Creole Pel
Crane Co.,
Cuban Amer. Sugar
Delaware & Hudson Co. Diamond, Gård, DistAlers-Seagrams Dominion Stores
Dow Chemical
Republic Steel Beynolds Metal Besokis Tobacco Royal Bank of Canada Royal Dutch Rheem g
Sears, Roebuck & Co, Safeway Stores Shell Oil Co. Salat Res Paper Schenley Inc.
Scott Paper Stegier Corp.
Sinclair Qil
smith, Kline & Socony Mobil Oll Solar Aircraft
French
South Puerto Rico Sugar Southern Co. (The) Southern Natural Gas Southem Pacific Co. Southem Railway (Com.) Standard Brands standard Oil of Cal. Standard Q of Ind, Standard O of NJ, Steel Co. of Canada Sterling Drug Ca.
1934
73
on doth from China
By GORDON HUNG
Kuala Lumpur, July 25, Many of the 500 workers at the weaving mill in Johore the only one in Malaya would have been Jaid off work if the Government had not. Banned Red China' textiles comfg into the country.
At
the beginning of the week, the Government imposed nanbort ban on Red China- nude dysa, bltached or priteg [dral, poplin, -- harord, Kabi
drill; tussores and serge.
The Government starement said local Industry was threa- tened by competitive "dumping" from China,
The new brn is in addi.icn to a similar order made in
Czech airline not
likely to get
rights in S'pore
From GORDON HUNG
Singapore, July 25.
THE British and Singapore Governments are un likely to give landing rights to Czechoslovakian October, 1958 prohibiting the Airlines to operate Russian jets to Djakarta via
import of bichched and dyod Jeans, shirtings and sheetings.
The effect of the new ban will be that the $6 million annual 30% traže in textiles between the 100 Federation and Chine will be
5432 | reduced to a very low level,
5345
Singapore airport.
Big expansion of
Informed sourets here at U.S. airline service
today that the local industry
3614 had been uncble to dempete in
118
1
314%
price with the six typhs of textiles from China, which were subsidised.
One source said: "Although 2012 the Chinese roth was selling at only a few cenie a yard 28% cheaper than
local cloth in view of the big consumption It made a lot of difference,
591
1
54
たぶ
"The mill in Johore has about 500 workers, A considerable portion of them would have
3614
been laid oft work and produc-
A
This is the conschsus vi ogion of several interna Tonal alibes in Singapore.
They were commenting on a report that, the Pregib cirline may use Sihgëporë as a sop betwech Rangoon and Djalarte. Sold an offline offlctpl: “There is no Washington, July 25.
reason why the British CIVIL Aeronautics and Singapore Governments should want a Prague airline to examiner today recom- operate through Singapore Any applied from U.S. piline service across the Prague Government a cerisin Pacific, with Pan American to meet with difficulties.”
The Czech dirline's Russlare World Airways to get a west-wide. TU-104 Jeter, ded bound frans:Päcific route at Singapore Airport on Šatür- starting on the U.S. East day morning, Coast.
mended a big expansion of
352tion out down but for the Mr William 30 Government ban."
This new ban means that 10 types of Chinese closh
the
It made a sop Here, to leam the formates, in readiness for
A study by the examiner, Proge to Djakdiens service J. Madden also which the airlité is starting ta
that both Pan July 27. recommended American and Northwest Air
A Prague drine officer who the Russian jet are lines should be allowed to fly arrived in now banned,
to the Orient from any of four could not say whether the air- In Singapore, importers of US West Coast cities.
line interided to route die fights Chinese textiles said that the art now is limited to two regularly through Singapore of they would use only latest Federation Government West Colist ports,
whether
35 ban was a big blow.
Mr Chen Kim chơi 453% of the Singapore Piece
president
Goods Americ
Midden
Each
13.40.
An emana pcy Muding field sald Pari The TU-104 rppearance in should be allowed Sapore followed Russian 40% Tenders Guild, sild about half to start fights to the Far East Government announcement, to froin, ang, one of the following withdraw at TU-1045 from cities Boston, New
York, service after a series of crashes Folladelphia, Baltimore, Wash-which killed over 500, people. ingat Detroit, Chicago,
401%
66
of the Singapore impors from China went to the Federation, 4 while most of the rest went to
North Borneo,
ta
Stokely-Van Camp.
14%
Stone & Webster.
Studebaker Packard Corp.
8
Sunshine Mining
Swift & Co
01.68
Texa Co.
134.02
Textron c.
91.8
hiokol Chem
200.18 Tide, Water Oil
1.72 Time Inc...............
Tri-Cont.. Warrants
143.88 Twentieth Century Fox Film
Union On of Cal
Union Facile Ratiway
United Aircraft
Jay Baited Fruit
4815 United Gras Corp.
30 U.S. Foil "B"
33 U.S. Gypsum
2724
U.S. Le Co.
* U.S. Rubber
3914 U.S. Smelting
18+
54
U.S Steel
54U.S. Steel. 7 P.C. PF
55 Waukesha Motors
Westinghouse Air Brake
Agreed merchant rates
Canadian, Maximum Setting
why the first time that d Seattle, Portland, San Francisco Budas atroraft was slowed to and Los Angeles,
land in Singaporë.
Pan American now stifts and ends trans-Paclite flights, only at San Angeles.
Francisco and Los
Polyester cruisers
Northwest is now limited to with twin keels
17. Minimum Buying 17% T/T;Portland and Seattle. It also 17-5/16 Q/D.
Tokyo.
flies from Minneapolis Lo Anchorage, Alaska, en route to DY cutting down their pro- D auction costs to an Mr Madden also recommended absolute imminum ana Uving Trans-World Airlines dns-thelf own new design ở BH- Atlantic route from New York firm of bodt Builders was done in the local to Bangkok, Thailand, should be uroració) -exchange market this extended to Tokyo, via Hong- have been able to manufãc-' morning, at the following rates! kong.
tuta, a new, type of top
Exchange rates
Business
14219
Warner Bros.
STAL
175
58% Westinghiguse Electrie
US dollar (per 11)
17
Western Union Tel. Co,
121
Sterling notes. (per £1)
es
West Vd, Pulp & Paper
494 Winn-Dixie Stores
47
291% Woolworth (K. W.)
29
Zenith Radio
372 Australian notes (për '£1)
Indonesian rupiah per 100)
6415 Slam, ticals (per 100) tom
-UPL
Yesterday's Closing
Singapore (Stráits)
6.30
12.47
1.50
at
Service by Northwest to South quality cabin cruiser Korea, Ukinawa and Talwan almost half the price of 28.05 should be extended indefinitely, dihet Baipurdßlä Vätselì on
18 | Mr Madden said.-UPI.
COMMODITY PRICES
NEW ORLEANS
Closing prices all in cents
RUBBER
për b
Spo
Dec
MAN
Mey
Rex rubber futures, closing
NEW YORK
prices, all in cents per th
Nov
May
Jwy: 43,15; Sept: 36.105 597% 29.40; Jan: 35b; Mir: 34806; May:
31,006: July: 34,255,
SINGAPORE
SAO PAULO Closing prices all in cruzeiro per klio:
Average price in U.S. A
METALS
Closing prices all in Straitsd spot markets: not avali-Tin suspended."
the market.
The firm the Scott-Borett Marine Company of Preston Brook, Cheshire, England; pro- dube both the hulls and super- structures for their cruisers.from moulds of polyester-glass There are two bash moulds from which the two perth and four berth vessels are built, and fittings and cabin layout can be pro- cubed to individual require-
Each mould spec thickened at the most vulner dite, polite and twit reals, pre shoulder injo -tále hunt, makhurg A one-piece constructión and in- suring no possibility of leaks. The cruisers are 22 feet lour
8.
of nearly 7 feet cents and draught of teet Equ
11236 30.05 30,08
3122
SLE
31E2
32,136
NEW YORK Closing priced at
per by Load
Sept.
July
Sept.
Copper July
Sept
10334
1044
unquated
per 1b:
Total sale: 6068,
LONDON LIVERPOOL
Closing prices, all in sterling Closing prices all in pence per long ton
1032
10204
American Contract
Tinapot
S-month
103ly hom.
July/Aug.
Fortier pe
DO
OCEANOR.
3-mnbarth-
Dec/Jan.
2245
| Lead Sad hal. Foly
22.45
May/June.
22.00
Zine 2nd-
Mixed Contra
o cents per 15. io.b. Malayan | amiez
ports:
No. 1 July
44
281 No. 2 July
Aug.
43 No. 3 July
24% No. 4 July
21 Spot rubber unhaled
353% Blanket, crepe.
No. 1 pale crepe... 114
Closing prices all in ponbé por
20
554
Douglas Aircraft.
LONDON
200
80%
Dupont de Nemours
103:4
lb::
Eastern. Air Line
Eastman Kodak
|
El Paso Natural. Gár
Family Finance Corp. Premione. Tyre & Rubber
First Nat. City Bank. Ford Motor Co. of Cans, Ford Motor Gatineau Power Georgia Pacifte,
Dydamies General Brotrie Gustral Pooda. General Motors ·
Gen. Pub. Util.
Gen. Tel kieg
Goodrien (B. 7. Co
No, 1 Bee spot,
n. 293.
1103% Settlement, house term:
31% July:
July?Sept.
361% Oci/Dec.
2439 Jan./Mar.
3012
Apr/My
General markets, c.i.f. basis. ports. ANE Beph;
ا پیار
epe thin
thick Aug
Vers ellers
SUGAR
-UPI.
COTTON
FOREIGN MWACHANGE
NEW YORK rate
Gand Tire & Rubber
B
Getty Oll
Cons, 2the Cors Old 25 68.
De Beers def-Idig 10198.
Gdődyear Tyrk
Hongking Thrill 7423.
Great, Northere. Hidway
P Cifging, prices all incents Bweden.
# Contract No: À (Wheldy y
Others
LONDON
Fetaling Tin is 70
Sept
Rand-2 dd.
Gul
Southern. Kinis Com Ltd--27% BL.
HAM
Orgah
Union Camp Com EX,
•West-Briefcriveterin
Home Imperis
Mixing Co.
NEW-YORK-
OF
740.
caté 428 84.
British Bugnatą „Petrolejim British Petroleum Co..
Béla Dutch PETPL
Machiner
portable bike pang
ents and a galley pump. Ambr Dotional extras provided at low dost fire, chemical or flushing tollet, gas cooker, and sink and cabinet for the galley:
The stridded power unit an 18 h.p. Adzant outtert engine as operated by remote control from 66% the cabing ban the spectálly 250
braced and strengthéring aélfo draining, enire.wel
adapted for use
cane
types of, engine and cáo be made for an incoro
required.
provided with a folding and seats and there are seple epinparimetite for giley tom Windowa den or touré elf gisel niet is rubber moulding to ensure templete water.
Ample, stayed provided in the cabl
to Bermuda dad Norway did
jizin | orhichi 18, being butir vity in board diesel engthe and machy.
Tok