Page
THE CHINA MAIL, WEDNESDAY, AUGUST 3, 1960.
Has the zip gone out NEW YORK of UK's export drive?
BY ALEXANDER THOMSON
London, Aug. 2.
We were discussing exports in the plushy red and white
boardroom of the
London
closes
quiet
London, Aug. 2.
Hambros Bank in the city.
"Why." I asked “has the zip gone out of Britain's export -drive? What can be done to The selbock tone It up again? for cars is one explanation. But there must be others."
Four of us were there; Mr Jocelyn Hambro, one of the managing directors of the bart, Mr Emil Steffenburg and Mr Jeremy Pym.
Of all the great merchant bunkers of the city. Hambros do more than any in export Inancing.
So here, I thought, was a pin- nacle from which to pick up a few clues on why our showing in this important matter has been so disappointing recently.
Prices were fairly buoyant in
Mr Hambro, $1, leaned back in a quiet session of the Lon.his chair and thoughinally fitted
a cigarette into a holder.
don stock exchange on Tuesday,
Star performers, were indus trial blue chips which forged ahead on a wide front on the strength
demand, of selectivo Oils also marked up through | widespread modest gains.
British government bonds at- tracted Biffe attention and closed without a defintle trend.
Gold miring shares ground in a thin market. pars were irregular,-AP.
Closing Prices
Olitséged Bonds British Transport 30%, £59-15/16.
Consols 215 £447).
Comaule 40-£ 50-8/10. Conversion Loan 31⁄2,
lost Cop-
1978/08-
He said: "Most of our big companies like KI. Associated Electrical. English Electric and Corporation are British Motor doing splendidly.
Efficient
HONGKONG
STOCK
EXCHANGE
Business done at the Hong- kong Stock Exchange this morn- ing amounted to approximately $1,040,000. Noon quotations and the morning's transactions:
Bayers Sellers
3% Loan 1948 81 Hk Bank ** C. Und.
Shares
non
Sales
1:100 1:505 11.00 001% 03
Whart Co.. Wheelock
240
HK Dock
740 7.45-1400
107 109
7.40
C. Provident 1920 10.90
"English Electric is probably HK Land ..
most efficient ex- one of the porters in the world. You could rot point a finger at any of them.
"It is among the smaller con- cerns that export effort is not all
Ik Hotel ..
40%
6T
58
2:30
1199
111
Yatimati
180
181
100 180
100 @ 181
32 500 $17
500 50
165 170
21.70 21.90
200 € 21.80
300
28 29.20
38 3814
200 335
100 GF 3652
that it might be. The buoyant Tram home market has been too Star Ferry
Ch. Light. templing for them.
HK Electric Telephone.
"That is the real nigger in the woodpile. That is why the new 1881-credit squeeze is so necessary."
Funding Loan 33, 1358/0-81%. Funding Stock 34% 1900/2004 Manding Luan 48.
1960/50 297-5/16.
64
Savings 3. 1985/058711/16. Savings 3%, 1990/70-£73.
Savinge %, 1985/75-270-9/18.
Banks Barclay's Bank "A" Lid ord-578
Chartered Bank-51s.
Hongkong-200.
Lloyds Bank As T National & Grindlays Bank-33.
INMIYAACO
Union Insurance Canton--23-13/16,
Aimeran and Motors
British Motor Corp. Ord-16# 1148. Ford Motor Co-la ed.
Hawker Siddeley Group Ord-28# 3.
Rolls Royce Ltd Orda 7td.
Roote Ltd "A"-09 34
Standard Triumph Internationas
84 71%d.
Breweries
Pullers Co-406 64.
South Africar. Breworles-268.
Buliding and Materials
Associated Portland Cement-47 !!.
ed.
Goodtass Wall & Lead Ord-
Coal, steel and Engineering Babcock & Wilcox Ltd -24 7144. United Steel-785 d. Vickers 124–318 6
Food gad Tobacco.................... British American Tob. Co., Ltd Imperial Tobacco Co., Ltd- tes Det.
Miscellaneo
Boardman Marden Lids.
But Germany, I pointed out has a buoyant home market too. Yet the Germans still seem to be doing well in exporting.
Mr Hambro, who began loor- ing banking as a schoolboy in tripe round the Continent with his father had a ready answer.
"The German industry by and
into much large is organised bigger groops than we are," he i said.
"That. I would say, is one of
30%
G. Cement 63 5314 Dairy Farm 23.10 28.30
Watson Allied Inv. 6.86
Ex. All .. 6.60
Textile
14 016 6.40 BA
94 27.90
2000 à 3834 1000 384
700 53
2013 6 28.00 6:00
20
1000 @ 3.80
6000 1,63 1000 @ 6.63
200 14.10
470 @ 8.40 2000 @ 6.45 25.40
Nanyang Ex.
Bonus Issue A. Rubber R. Trust..
Talkoo Dock
53 531
BOO
53
100
531
100
53
the reasons for its phenomenal HK Gas 15 14.70 3000 145
success in foreign markets."
Does thi mean, British industry is not well enough equipped for the modern Int? Inv. harly-burly of competitive sell- ing overseas?
asked that Lane, Crew.
"Not at all," said Mr Hembro..
Bigger units
"But I believe our position would be greatly improved IL more smaller businesses got to- gether to form bigger units."
He added: "You get a meall concern going out say to New York and securing its ärst pilot order.
"The Americans like its pro- duct. They offer a contract for that might equal the firm's whole output for a year.
British Oxygen Lid. Ord-192s 4. perhaps 25,000 of them. But
Canadian Pacific Rly-44244.
De La Rue Co, Ord-8ls 6d.
Dunlop Rubber Co-2
Od.
Gliman Holding Lids 41d.
Hongkong China G Imperial Chemicals Lyons & Co-- 1940. : Unilever Ltd-100% 30.
Paper Bowater Paper Corp Ord-5ặc șd.
Radio and actrical Associated Electrica. Electrical & Musical-47 30. English Electric Coss Bd.. General Electric-348.
Shipping Indo-Chine Stam” Nay. Co., det
PO Steam Navigation def ord---
ord-234
Debenhams, Ltd. Ord-435 716d. Great Universal Storea "474. Marks & Spencer Lid-801 3d.. Woolworth F. W. & Co-31 £4. Textiles
Coats J&P L4-61s 30. Courtaulda 34-636 1154.
Mines
Goldfelds of South Africa-
Cons. Zine
Ord-be 90.
De Beers det-1406. Hongkong Tin-11a 4d. Petang T-78 715ck- Hand-12 Bd. Southern Kinta Cons Zid-zex Ba.
Unton Corp-50s.
West Driefontein Gokmming- 3d.
Oi
British Bomo Petroleum Byndi cas: 6
British Bema Petroleum-Is
Petroleum Co., Ltd British
6d.
-
"It" lakes fright. It wonders about its other customers. So it may turn down this chance of doing business in the U.S.A."
Small rms, he explained. were also up against the pro- blem of selling up welling agencies in other countries.
"They find it adds heavily to their overheads. Naturally some of them become anxious. They begin to pull back."
in
Are high money rates Britain our six per cent bank rate is now the highest in Europe and North America - impeding exports?
Mr Steffenburg, one of Harp- broa' managers thinks not, The reason it would not have had time to take effect,
Bank rate effect But he and Mr Hambre both consider that a six per cent bank rate might act as a brake on future exports at a time when so much has to be sold on 'tick'
""Our firms,” they cald, have now to pay more for credit they give to customers than any of their European rivals,”
Both of them believe the new .
hire purchase, restrictions would Murals have been enough to check the Burmah-40 40.
excesive consumer spending ́at Boyal Dutch Potrawę 1994, Shell Transport & Trading-ass home..
-Reuter,
Mr Jeremy Pyr who looks after Hambros Banks acceptance credits ta exporters mentioned another problem.
Top aten, he said, “we ate asked to extend these credits.
Agreed merchant Timat sen only mean that our
rates
exporters have not kept to their promised delivery dates. We must be losing quite a bit of business that way, we manag
One last word from them?
ney said Too many selling 10-31/32 Minimum buy Britists managing directors
1000145
1000 14.00
2500 @ 41
1500@41
9.06 1000 80
7000 8.00 1000
8.90
Realty
HK & FE
Inv (N) Humphreys Metal Sungala
Vibro Gilmans
1.775
13.70 14.30
500 @ 14
22,60
1.10
8.20
15.40
19% 20%
COTTON
MARKET
New York, Aug. 2. Colton futures today ruled mixed in another slow trading session.
offerings.
Wall Street
suffers slight setback
New York, Aug. 2.
The stock market suffered its first reversal in four
sessions today.
| Dupont de Netours
Now crop July and October de iverles showed relative The upward momentum, gin-, Douglas Aircrati firmness as traders anticipated erated in the last two sessions Dow Chemical... 3. drive for higher parity of last week and to a cseren A Kine support of legislation when extent yesterday, anally retman Kodak
out of steam today. The loss El Paso_Natural_G Congress reCONVENES,
wiped more than $3 billion Family Finance Corp
Firestone Tyre & Rübber Otherwise, dealings were from market valuations.
| Pust Nat, City Bank featureless. Routine mill and Selling was well scattered Ford Motor Co. of Cana clher trade buying In nearby throughout the Kat and brought Fort Mor
Georgia Palac months was emply supplied individual decline into the General Dynamica through hedge selling and local [main body of stocks running to Generd ectric
around four points. Gainers General Fooda were few and far between..
Stocks of the basic industry groups- sides, motore and chemicals were among the hardest hit. The recently favoured electronics where under heavy pressure as Were some of the building materials, dear.ex vending machines, Tequipments and tyrer.
Today's volume was 2,090,000 shares, Or a total 1,189 shares traded 297 were higher and 677 lower.
U
Closing prices ruled off 10 to 12 points. The market opened off 10 to up 23 points. New Orleans closed at one to 10 points,
Some traders continued to mark time pending the government's first crop estimate of the stason on Monday.
The government weekly crop summary, while mixed was considered mostly favourable, The plant made rapid devepp- to the ment from California Mississippi valley and eastward from there was mostly good- UPI.
Current
monetary
outlook
'gloomy'
New. York, Aug. 2. Currency specialist Mr
Franz
Pick yesterday described the world
American exchange was 760,000 shares,
Bonds volume $5,020,000.....
General Motors Gen. Pub. Uul Gen. Tel. & Elec. Gen. Tyre & Rubber Getty Oil Glidden Co. Goodrich (B. F.) Co, Goodyear Tyre Great Northern Eadway Grumman Alteraft Guir ou Hammond Organ Heyden Newport Corp. Stran Walker Homestske_Mining Ch. Idaho POWET Imperial ol
Human Refrig.
Imperial Tobacco
Potumell-Rand
mland Steel O
Interchemical Carpy
amounted to Int'l Business Machines
Dow-Jones closing woreges
were:
30 Industrial
20 Rails
15 Utilities
85 Stocks
40 Bonds
Comm. future price index..
Closing Prices
Abitibi Pwr. & Paper Alden Inc. Am. Algoma Steel Corp. Allied Chemicals
Allied Mills Inc.
Allis Chalmers
Am. Brake Shoe
American Airline
Am. Cable & Badio Corp.
Amer. Forn. Power
Int Harvester
Internationa), Nickel
International Paper
in Tel. # Tel
Johns Manville Co.
613.68 Kam C. Power & Light.
133 88 Kennecats Copper
92.33 Kimberly Clark
Liggett Myers Tob. Co. 202.67 Tullp
24.25 ckheed Aircraft 144.32 Zoews Incorp.
* 3811
Lone Star Cement Co. Lorillard F.
Lowerustein & Bons
McDermott J, Ray
McDonnell Aircraft
Merck
Minnesota Mining
Latest helicopters
to be shown
at Farnborough
The flying display at this year's Farnborough Show will include the largest range of turbine- powered helicopters ever to appear together anywhere in the world.
Bight types will be presented testing, strain gauges and elec by Westland Aircraft -- Turmo troale equipment. “A diaplay Skeeter, P.431, Grome-engined case will house a range ời Wisp, Gnome Whirlwind, Wes- special non-ferrous castingy sex-1, Belvedere, Westminster produced by the Predistin
3 and Rotodyne. Detalls of these Castings Division of Fairey
machines are given at the end of Aviation Ltd. this release
510
9812
Westland were among the plusers in the application of turbine power to helicopters, the Wessex being the Bryt large
1415 turbine-powered machine to go
Improvements
into quantity production in the Manila airport
Western
world. The introduction
of turbine power hás, omong |
other things, opened the way
201
for multi-engloed belicopters
ence an important step forward
Washington, Aug. 2. -
Secretary, Mr Florencio
today a
with good engine-out perform PHILIPPINE Public Works towards true all-weather capa Moreno, musald blity, and regular efty-centre/ US$4,500,000 project for 84/city-contre operation.
38
6812
301
Birsabi Iron Cory.
Mission Development
ท
Monsanto Chemical Co.
194
Montecatin
10%
Montgomery Ward
Motorola Inc.
B
American Cyanamid Co.
5317
National Biscuit Co.
Natinas Cash Reg. "A"
50%
National Dairy Prod.
31
National Lead
1764 National Steel Corp.
Am. Mach. & Fdy.
415
New York Central
17
Noranda Miner Ltd.
053
Nortalk & Westein Ry.
51
North Amer. Aviation
314
Northwest Airlines (Com.)
175
573% Olalama Nat. Gas
38%
43% Otis Elevators
4312 Owen-Illinois Glass 31
Am. Gan & Electric Am Home Prod.
American Metal
Am. Natural Gu
American Smaking
American Tob.
monetary outlook as "ex-American Tel & Tel tremely gloomy.”
He said at a news conference hed in connection with the publication of "1960 Pick's Currency Yearbook" that the plight of the U.S. dollar is the chief cause of his pessimism. "The monetary outlook re- mains cloudy," his annual cur- rency report stated.. "Despite the most amazing achievements
of currency Europe and Japan, these ex- Vernally transferable units, re- main linked to the dollar.
LESS SOLID
convertibility
Ampex
Anaconda Copper
Armco Steel Аппонг
Asbestos Corp. Athes Cona. Kining Baldwin-Licon-Hami. Baltimore & Ohio Bank of Montreal Beech Life Saverz
B. C. Tel Co. Bell Telephone
Beneficial Finance
Oxford Paper Co.
22% Pacific Gas & Elec.
02
122
Pan American Airways
Paramount Pictures
Parke Davis Co.
7744
Already,
In this class, Westland have the improvement of Manila in- twin-Gnome Wessex and twin-ternational airport will be Gazelle Belvedere.
ADVANTAGES
signed here by the end of
| August with the U.S. Export-
Import Bank.
Mr Moreno made the state- ment after completing a round of consultations with export-Import bank and development loan fund officials He left by car at noon for New York (Plaza Hotel) on his way back to Manila.
Other important advantages of turbine power are greatly. improved performance in high 1 temperatures and at high alu- Studes, less noise and vibration, with correspondagly-improved 41%
engine and transmission and easier maintenance, Overall operating economy is also much
Morena described his mission improved, compared with piston here as successful. He said engined machines Important,
newly-signed agreements will tea, in military operations is the provide for procurement fact that turbines, unike piston equipment needed for the Philip
at engines, do not need to wann pine highway construction pro-
up'; a turbine-powered machine
can be in the air only 40 seconds after the starter button is press-
Peony J. C. Co.
Perm. Salt Co,
Philip Morris
4314
Planey Bowes
Procter & Gamble Co.
30
in
Bendix Aviation Corp. Benguet Cons.
86
Pittsbrgh Pinte Glass
1 ed.
雅性
14
Portland Gen. Elec.
Bethlehem Steel
Pulmon
Pure Ca
31%
29%
Borden (The) Co.
Radio Corporation
Burroughs Add Machine
Raytheon
33
62
Boeing Airplane
British Amer. Ou
British Columbia Elec. cəm. Bic of Comm. Cana. Brewers Campbell Soup Co. Canadian Pacis R
"The latter again is less solid 1.80 2000 er 1178 | than it was a year ago and
will certainly not improve The progress made so far in
Case (3. 1). Də, Europe and in other parts of Cat Tractor the world remains just 13 Celanese Corp.
CIT: Financial Corp. dollar is. mortgaged as the
Chrysler Motors And that is not a status quo cluett Peabody
It will have to that can last.
Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Consolidated Edison
Exchange rates
Business was done in the local unofficial escchange market this morning at the following rates:
|
US dollar (per 1
Sterling moves (per (25) Australian notes (per £1) Indonesian rupiady (per 100)" Stam ticals (per 100) Singapore (Streita)
be cured."
Consolidated Paper Coomaknem Cas Continental Can Continental Oll of Del.
Mr Pick, a private currency consultant. sald legal reform the only remedy for "currency cancer.
"The only hope is, that increola Pet spite of all oficial assurances of Crane Co.......
Crown Zellerbath 5.68 contimed dollar stability, a far
Cuban. Amer. Sugar 15.88 reaching reform will take place in America and that its enact- 26.10 ment will not endanger the eco- Janomic system," he said.-UPI.
12.65
Yesterday's Closing
COMMODITY
RUBBER
NEW YORK Rex rubber futures closing prices, all in cents per lb.:
Sept: 37.71; Nov: 34.45; Jan: 35.206; Mar: 35,400; May: 35.156: July: 34,356.
SINGAPORE Closing prices all in Straits cents per lb. 2o.b. Malayan porta: No. 1 Aug, No. 1 sept. No. 2 Aug. No. 3 Aug. No, 4 Aug. Spot rubber unbaled Blanket crepe. No. 1 pale crepe
AMSTERDAM
NEW ORLEANS Closing prices all in cents per
Ib.:
Spot: 30.75; Oct: 41.91b; Dec: 31.136; Mar: 3148b; May: 31.29b; July 31.88b; Oct: 12.306; Dec: 37.300; Mar: 32.556; May: 32,716.
SAO PAULO
Delaware & Hudson Ca. Diamond Allali Diamond Gard Distillers-Seagrams Dominion Stores
PRICES
SUGAR
NEW TOEK
Republic Steet
25% Reynolds Metal
Reynolds Tobacco
50 Royal Bank of Canede
Royal Dutchy
Rheem Mfg.
23% SM, Roebuck & Ca
10% | SUNM OR CO.
*5
Safeway Stones
20% Saint Reg. Faper STA
Schenley Inc.
404% Scott Paper
55
Stegler Corp.
33% Binxhir Ou
4814 Smh. Ice & French 62 Soy Mobit Ou
634 Soler Akrosti
South, Plata Bino Bugar Southern Cox - (TDS)
Soubiro Natural Clas Sound Pods Độ Southern Railway (Com)
421 Sperry and
Closing prices all in cents per
Contract No. 4 (world)
3.316
(Closing prices all in cruzeiro per kilo):
Ib.:
Unquoted..
Average price in U.S. 'at 11 de- rignated spot markels: Not avail- able.
Total sales: 118,405 balem,
Mac
UPL
May July
3.296
106
100%
Spot-TAS. Cubs).. 3.40 Totoi-Sale: 218 contract Open interest; 4934 off Contract No. 48: (demagtle)
6.06.07
194
Now
100%
21723
Mar. Spol
6.1 6.10
Closing prices, all in cents per ib.:
TCL NY. ex-duty), Mih
Open interest: 1099- Off 110
Lead Sept.
11.10
Nov.
11.150
Zine
Sept.
11.300
11.9353 30.75*** 30.60
Closing prices all in guilders per kilogram, cil. Aug:
No. 1 Tubber
No. 1 rubber
No. 3 rubber
No. 1 crepe
COTTON
Closing all in cents per ips 17-9/32 1/1; 17-1/82 0/D: - are all not sounding - néaris“ 15.
Bwiss Francs, Maximum sell enough on airline tickets:
Spot: 23.10; Out: 20466; “They should see the way ALTINT LAKEEN MEDI; May: 31.000; Tribes Maximum Germans Pelting around." July: 21900: Os
(London: Express Har
METALS
.NEW YORK
ני
Now,
Copper Sept.
Now, Tin... tradingi mupended,
LONDON Closing prices, all in sterling
FOREIGN LACHANG'
per long lon:
1048.
Standard Brands Standard Oll of Chi Standard Oil of Ind Standard 09 of NI Steel Co. of Canada Sterling Drug Ca Stockely Vary Camp Stone & Webster Studebaker-Packard Corp. Sunshine Mining Swift & Ch
Texse Co.
Dextron Inc. Thiokal Chem. Tide Water O
Trader Financa Travels Ind
Twentieth Century Fox Film Thaios Carties 2017 Union Oll of Cal Under Pacific Rabawy United Aistrati
United Gas Corp.
U.S. FOR "E" U.S. Gypem US. Line 0. US, Rubber U.S. Bmelting 13. Risel
DE SIN 7 F.C. Z. Warner Bros Westinghouse Air Brake Wesdaybouge Kaotrie Weglars Unions Tel. Varya Tulp & Paper Wices Disin or Woolworth (IV)). Zenith Badlo
In this the first Farnborough 34-1/5 Show since Westland completed
the consolidation of Britain's
ramme and for development of Manila barbour.
He noted that the projects will require the sale of Philippine dollar bonds on the American market.
helicopter industry by their ac- He suggested that if the World quisition of the Helicopter Divi-Bank would take 25 per cent of sion of Bristol Aircraft Ltd, and the bond fasue, perhaps the Fairey Aviation Ltd., they will market would be better for the have one main: Group stand in sale to American investors be- the indoor exhibition, only their cause they would be reassured
Normalair by World Bank participation. - subsidiary company
Ltd. will have a separate stand.
On the airport project be Models of all the helicopters said, action is being speeded for now in the Westland range will the signing. The agreement will be shown on the main stand, provide new air tradic controls, navigational aids and together with a model of the SR-air
Hovercraft, & 25-ton, 88 modemise the runways_to_sc- passenger craft now being built commodate jet aircraft-AP. at the Company's Cowes, Isle of
30% N2
Wight works by collaboration
with Hovercraft Development
Ltd., a subsidiary of the No-Swissair flying
tional Research Development Corporation. In addition, four
panoramic set-plece displays food to Congo
will featurò turbine-powered Westland machines in important roles.
Ong will, deplet an airborne
A Tthe request at the
assault at 10,000 m in arid air has put at UN's disposal nocky country, using by one DC6B aircraft for the Gnome Wessex helicopters. A transportation, of food sup- first wave of troops, complete alles within the troubled with anti-tanic weapons, will be
tent poellion.
20% seen deploying to cover a vital area of the Belgian Congo.. 1111x road, and to prevent a hostin
This air lift, whereas lood formation reaching, an impor-win be flown to alleviate the hardships of the Congo's pop- Another display will show a lation, commested yesterday P-631-2 reconciling jungle and will continue until August highlands at 6,000 and 908.
NY sugar market
Indicate the great value of this
high-performance machine for
This priority operation
stationed at
Ta madryfsining bir/ground - Hatson require two Swissair crews plus
with - **** barga beadquaters ground personnel, directing operation against a Leopoldavile, the Belgian Con- well-bidden enemy,
Aúr. 2:
IMPORTANT: PART
The important part played by helicopters in carlying equip
ing sites will be shown by a mode of n hydro-electric scheme” nearings, compilation i hilly: Jerrain, HA type tandem-rotor bélicopter, will þe show delivering a heavy dung
load.
Indicating both the layout and location of # possible Central London Helipoft,'s fourth model w['shift' € Húrge hälport buit World No. 4 sugar futures to over the River Thames between day clubed her later to vo Waterloo and Blackfriars pičala bliher with sales of bridges. The heliport would
Dombale No.
3-month
Boot
F-mouth
Zine ist halt Aug.
Nov.
Bodth
Lead ist hall Aug
201400,000
water close internal trade, as well as intere for food polits over Modeli cf the Rotodyne Wid be services, from Europe..
140
futage
city
encountered it is not intended to suggest that steady obeisa-futtire London: Hellcort must Hvity be: built over the Chimies, the
go capital.
All fights within the Congo by the Swimair Den will be carried out
acc
the". Instructiona United Nations. Te
Am employees strike in Manila
·Manila,