Page Z
THE CHÌNĂ MAHL, WEDNESDAY, AUGUST 17, 1960,
HONGKONG GETTING TO GRIPS WITH
STOCK EXCHANGE
Dur Don Correspondent
Business done at the Hong- kong Stock Exchange this morn- ing amounted to approximately $1,340,000. Noon quotations and the morning's transaction:
Buyer Sellers
Shares HK`Bmk 1180 1105 Bk. E Asia 202
Union Ins
What Co
Wateout Wheelock
HK Deck ..
Baler
40
*
730 758
1000 ut
3000 of 1
300 101 200 107
400 100
2300 à 57
90 #1
.
FA 23.20
7.55 700
103
107
C. Provident 13.90
20
5020
HK Hal..
HK Land..
5014 57
600 20
100
57
Yaumall
180
Star Ferry 160 Marzo Elec. 11.40 Tram
172
314%
Ch. Light.. 21.80
Electric ...
23.10 28.30
500 G 32 1500 4 31% 180 6 32 22 1000 21.30
500 22 .
BOO 846
22 23.20 1600 2820 1500 7812
3000 or 32
53 54
200 2300
84
2
25.20 26
400
2.00
Allied Inv.
5.80 6.90
Texille
B
Я.6
Textile
(Mights)
123 3.45
Nanyang
A.
Rubber
5.10
Telephone 384 3834
G.I. Cement
Dairy Form 23.40 2900 Watson
R. Trust..
རྩྭ་
HK Gas
Metal Lane, Craw. ED.
Taikon Dack
Int'l Inv.
10 820
2970 4 820 1000 €
10000 80
10000 16.35
200 for 6.15
1000 0.20
1000 ur 6.30
3000 6.10 6902 820 1000 8.15 1000 150
1000 815
143 14.00 4000
1400
100
4.00
Ind.
1 19
1000
120
382
39 2003
3
53 54 9.15
GOO ST
3.20
1000
9.10
3000
* 8.19
10000
9.15
Gilman
1.90 195 1000
1.95
>HK Rupe
24.80 24.70 500
24.50
Realty
1.775 1.80
Sungala
5.20
Exchange rates
Business was done in the
BRITAIN'S London Stocks resume
FINANCES stocks
05
BY ALEXANDER THOMSON
London, Aug. 16.
Foreign
oversea
After four and half years of grappling
Secretary with Mr.
ather Khrushchev and notabilities Mr Selwyn Lloyd has to switch his attention to problems of plain John citizen for a change.
In his big airy room ooking | sideways towards
In June the last month for Parliament which figures are available the increase amounted to only £3 million.
Mr Selwyn Lloyd has since been spending much of his dine in getting to grips with Bri- tain's finances.
Already he must have given them a pretty good going-over, Facts and figures will be clear. to him.
This is a big difference from the rise of £29 million reported only two months previously for what Britons owe on "never- never,”
decline
Stocks
London, Aug. 16. receded ocross broad front today in moskate umsitled by dis- appolerking quarsens trade figuren für - July and Hurry of profit-taking. The pause came after a broad upewing spread across 13 days. Selling was never heavy but we sufficient to depress xarket Imperial Chemical leaders like Industries, Bowaters, Unilever Courtaulds, Fords and Rolls Royce.
uptrend in Wall Street
New York, Aug. 16.
Stocks resumed the uptrend today with electronics, drugs, steels, autos, cameras and scattered specials dominating the play.
Blue chip industrials eked out a small rise on the day as buyers concentrated mainly on slocks outside of the averages. "Among these, cameras, enterain-
ments and drugs were most in demand.
The advance enabled the market to push ahead for its ghth advance in nine sessions. Polaroich stood out with a ghim of nearly 9 points in the Counter showing the better cameras, followed by gains of On the other side of the economic fence of course is the gains over the past week proved more than 4 in Underwood in vulnerable while banks, insur- the office equipments, more fact that the bank loans dastances and finance bolises joined than 2 in. Carter Products in the month went up by a further
(marefacturing industries in the drugs, nearly 3 in Universal £90 million.
decline. Selected steels moved Pictures in the entertaiments, But this was
distorted 3
were a point in automatic canteen in against the trend bul figure.
14 included a large generally dull with engineerings. the rending machines, and amount for interest payments
ruled in more than in Texas Instru added on to outstanding over- Quiet conditions rider how soon he can ease the drafts at the end of the half-gilt-edged and the governmentments in the electronics,
On holkay he will be able to re ax-and think.
leisure
What thoughts should be re- volving in his lawyer-trained mind as he enjoys His on some sunny beach?
Undoubtedly he should con-
credit restrictions clamped on
by is predecessor,
There is
Nearly every day evidence that Mr Selwyn Lloyd can now afford to be a te more gentle where Mr Amory was tough.
Gold reserves
A few days ago for example the Treasury was able to an- nource a £37 million rise in Britain's reserves of gold and convertible currencies,
This was the Largest in- crease since April 1950. Allow ing for special payments during July the true increase in re.. serves was neater £57 million. Then we had the news that 1236 mushrooming growth of Bri-
2.65
tain's hire-purchase debt had 181 been dramatically halted.
kcal
unoMcial exchange
merket
this
morning at the following rates:
U.S. dellar (per $1) ......
Sterling notes (per 2)
KES!
Australian notes (per
1)
Indonesian rupiah (per 100)
Siam tioale (per 100)
26.00
Singapore (Strauts
2012
2217
12101
1141101
134
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767. 58027.
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HONG MENTS, OVER
KONG'S SOUNDEST ENTERPRISES
For informative foltaver, Appliculloh Form and full details on FIRST HONG KONG FUND. Send this coupon with your same and address to
HONGKONG UNIT FUNDS LTD.
P.O. Box 690 Hongkong.
NAME (MR./MRS/MISS) ADDRESS
TRUSTEES:
Hong Kong & Shangby Bank, Hong Kong, (Tristes) Xyl). NOTE: FIRST, HONGKONG FUND UNITS.COM.
TINUE AVAILABLE AT THE CURRENT MARKET PRICE.
CM
year.
Oxford Paper Co. Paelle Gas & Elec. Pan Amerless Aways
Paramount Pictures Purice Davis Co. Penny J. C. Co. Phillp Morris Pitney Bowes Procter & Gamble Co. Pittsburgh Plate Glas Portland Gen. Elee. Publicker Industries Pullman
Pure Oil
Radio Corporation.
Raytheon
Radio Corp. Pref. Reputile Steel Reynolds Metal Reynolds Tobacco
Royal Bank of Canada Royal Dutch Safeway Stores
Saint Reg. Paper Schenley Inc.
Scott Paper
Sinclair Off
Smith, Kline & French
Socony Molf! Ol
Today's volume was 2710,000 South Puerto Rico Sugar securities turned easier with
Southern Pacific Co. influences falls up 1/16th sterling.shares. Of a total 1,219 shares Southern Natural Gas Other seasonal
stocks shaded, with traded, 594 ere higher Southern Railway (Com) wore also al work. The real Ddflar
Standard Brands increase could have been Chryaber an excepto 14 point 393 lower.
Standard Of of Cal nothing like as large.
better.
Standard Oil of N,J. Steel Co. of Canada Stering Drug Co.
Was
Mr Amory when he Chancellor brought back con- trols
and on hire-purchase forms of credit because other he feared that Britain's boom lustra was getting out of hard
Home buyers
on
09
Home buyers were snapping up goods that should have been swell ex- shipped abroad to ports.
Certainly some check was needed
such buying of television: things washing-machines, Vacuum cleaners and motor cars at looked liked They home, gobbling up too large a pro portion of available resources and putting a strain on the
economy.
But it has since become ap perent that the medicine which Mr Amory gave was undectas- arily strong
Not until Britairs faces 113- other clump should it go back to the old free for all in "never
never" in which you could buy
new car for as
2
little as a fiver down with the rest spread over as long as you like.
In today's circumstances, Mr Amory's twenty per cent down- payment for most things seems pretty reasonable.
But the maximum repayment period of two years which be also imposed is unduly tough. A three-year limit would be Safe enough.
FOREIGN BONDS Foreign bonds were a tack- lans aftale, Greek losing a fraction after yesler- day's vault on debt settlement hopes..
American exchange volume Standard Ou of Ind. was 1,220,000 shares,
Bonds volume amounted $4,770,000.
to Stokely Van Comp
"Stone & Webster
Studebaker-Packard Corp.
Dow-Jones closing averages
were:
40 Bonds
30 Industrial 20 Rails Politics overshadowed. Africans Unies mining shares to send gold 63 Stocks and coppers downside, the fats ranging up to two shillings.
Nins also lost ground.
The side in dls continued, Royal-Dutch. toshig the ser- pounds, Shell 2 ling to 12% shillings and 3 proce lower and British Petroleum 6 penge off.
L
Rubbers and was were quiet ty firm.-UPI,
Comme. future price index..
Closing prices
Abitibi_Pwr. & Paper
Alden Inc. Asy. Algoma Steel Corp. Allied Chemicals Allied Mills Ing.
Allis Chalmers
Sunshine Mining
Swift & Co.
Texal Co.
875.43 Textron Inc.
138.99
Thickol Chem.
94.76 Tide Water Oil
207.61 Travelers Inc.
84.72 Tri-Cont. Warrants
143.22 Twentieth Century Fox Flim
Union Carbide
Union Oll of Cal
Union Partie Railway
United Aircraft
UnRed Fruit
Warner Bro
Waukesha Motors
Westinghouse Air Brake
561% Westinghouse Electric
West Va. Pulp & Paper
• 38%
United Gas Corp.
U.S. Foli "B"
321
U.S. Gypsum
5314
US. Rubber.
3415
U.S. Smelting
2732
U.S. Steel...
Am. Brake Shoe
391%
American Airline
25045
Am. Cable & Radio Corp.
03
American Cyanaald Co.
Am. Hama Prod.
183
Am. Mach. & Fdry.
American Metal
243%
Woolworth (K..W.)
66%
Zenith Radio
American Smelting
65
Am. Sugar Rel.... American Tel & Tel
201
American Tob
1931-
1950/60-
Ampex
Anaconda Copper
Armco Steel
Armour
Closing prices
1978/86-
Giltedged Bonda British Transport 9%, £03-3/16.
Consols 21. Commate 4%-20-11/14 Conversion Lean 3.
Loan
3. Flinding 281-11/16.
Finding Stock 3%, 1999/2004- 28-1/16.
25%
runding Loan 4% 1968 90 RBL
Savings 2%, 1065/85-£87-29/32. Savings 3% 1930/70-2781 Savings 3%. 1905/75-£7.
Banks
Barclay's Bank "A" 3d ord-s. Chartered Bank-55 9d. Bongkang 26.
Lloyd's B-672 Bd. National & Grindlaya Bank 379
Westminster Bank "A"-124%. Non-Cumulative 3d.
The trouble with so many of Britain's Chancellors since that they have been frightened of prosperity.
3d.
is
100
The
Britain is prosperous, pound stands in high regard again in the Anancial centres of the world.
The country does not need to be tied down quite so tightly as when Mr Amory left t Surely Mr Selwyn Lloyd, you can now afford to untie some of knots?--London Express
the
Service.
Rubber
market review
New York, Aug. 16, Rex robber futures" today closed 10 to 25 points lower with sales of 45 contracts.
September
Closing prices: 36.45 bid; November 15.10 tred ed; Jamary 34.00 traded; Mirch 34.00 bid: May 3300 bid: July 33.55 bid: September (1861) 39,30 bid.
Union Insurance Canton- £5-11/16.
Albert and · Motors British Motor Corp. Ord-17$ 90, Ford Motor Co-98 8d.
Hawker Siddeley Group Ord-29
d
Rolls Royce Id Ord-42% 1150. Rootes Ltd -105 d.
Standard Triumph International- Sullad.
Breweries
Distillers Co-2 1015d. South African Breweries-254.
Belting & Materials Associated
Portland Cement-71
"Goodlaw Wall & Lead Ont-3% 6d.
Coal, Steel Engineering Babcock & Wilcox id- K. United Steel- 91. Vickers Ltd 1011⁄2d
Pool & Tobaceo.
Am. Natural Gas
Asbestos Corp. Atlas Cans, Mining Baltimore & Ohio Bank of Monteni Bank of Nova Scotia Beech Life Savers Bell Telephone Benguet Cons... Bethlehem Steel Borden ('The Co Burroughs Add Machine British Amer, O
Callt. Packing Corp. Cann. Bic. of Comm.
Cana Brewers
Canadian Pacte R
Cat. Tractor ..
Celanese Cory.
C. I. T. Financial Corp. Chrysler "Motors Cluett Peabody Colgate-Palve Co. Commercial Credit Consolidated Edison Consolidated Paper Consumers Gu
Continental Can
Continental Oll of Del,
Creole Pet
Crane Co
Crown Zellerbach
Delaware & Hudson Co,
Diamond Gard
Distillers-Beagrams Dodation Stores Dow Chemical Dupont de Nemours Eastern Air Line
Eastman Kodak
El Paso Natural Gas Flox Nat, Cly Bank
Ford Motor Co. of Can. Ford Motor
Georgia Paclite General Dynamica
British American Tob. Co., Ltd- General Electric
55% 96.
Imperial Tobacco
10
Co., Lid-654
-Miscellaneous Boardman Marden Ltd5.13d. British Oxygsa Ltd. Ord-261 80. Canadian Pacifle Rly
De La Bus Co. Dls kl. Dunlop Babber Ca-284 7. Gilan Holding Ltd--28 444. Hongkong & China Gas--156, Imperiat Chemical--86 440, Lyone & Cook 111⁄2d. Ulaver 11-12 1244.
Paper
Bowter Paper Corp Ords Bd.
Radio and Electrical Aranciated Electrical-50% 0. Inglish Mectrià Co--40% 34. General Electric -17% 91.
Shipping Indo-China Sexin ori-496 2.
19. & D. Staam Navigation det ord— 4spd.
Generel Foods
General Motors Gen. Pub. Ull
Gen. Tel & Elec,
Gen. Tyre & Rubber
Glider Co..
Goodyear Tyre
Great Northem Railway Grumman Aircraft
Gulf Oil
Hammond Organ Hiram Walker Husman Retrig. Idaho Power Imperial Ci Imperial Tobacco Ingersoll-Rand
Inland Steel Co.
Interchemical Corp.
Inft Business Machines
Great Universal" "Blores “A”-47% | Lasgalt &« Myers Tob. Co.
313
Winn-Duele Stores
201
Holland's bid
to solve trade deadlock
The Hague, Aug. 16. Holland will make a major effort at solving the trade deadlock between the European Eco- nomic Community and the "Outer Seven” countries, led by Britain, sources come to the Foreign Ministry said.
The sources
sali Foreigra
Minister Joseph Luns, who will travel to Venice today, will discuse with
Minister tentative
Europears
Italian Foreign Glupe Segni
B
горова for 13 customs union, in. cluding the six Common Market countries and Great Britain with some of the "Outer, Seven,"
The sources said this pro- peut, which they believed was also discussed at the, recent De Gaulle Macmillan Adenauer the most taks, might well be
Important item of the Lung-
123
61
322
10%
អ
Segal discussions,
73
ONLY COUNTRY
63/
47?2
It
that
recalled hero was Holland so far has been the 584
to give 35 only E.E.C. country
most unqualified support to efforts at merging the "six" and "even" economic groups.
3734
2112
3712
31
17
387
as
Luns,
chairman of the commission for a revision.of the OBE.C.
agreement (the so- 20% called "twenty-plus" commis 44% sion), spent the better part of the past six months negotiating 39 between the two trade blocks, 4HS the sources said.
47
4416
Textile
market
chaos
By GORDON HUNG
Singapore, Aug. 16. Chaotic conditions now pre- volt ол the Singapore textile market with several big textile im- parters turning retailers for the first time to con- vert stocks quickly into cash and to meet bank and overhead commit-
mats.
Other importers view the state with despondency. of affairs
They added that it Lams suc- This has also set off a chain weds in enlisting even cond-reaction' among traders that can-
onal Italian support for a nut be easily repaired. proposal to study a European
68%
3744
53
9
7
TENH
1931
come
37
19
115%
NY sugar market
New York, Aug. 16. World No. 4 sugar futures
customs union, this might be- the first step towards trade dead- solving Europe's lock.-UPL
Britain's trade gap
narrows
London, Aug. 16.
"There is," said one importer, "confusion in the textile market at the moment which is head- total If anywhere, toa ing, standstill."
The slump is not sudden. Gradual dwindling in trade has been heading towards a crucial point.
It was precipitated by Indone- sla-Singapore's main market not buying.
COMPLAIN
Even if she does; it was on a Britain's trade gap narrowed barter system-textiles for copra slightly in July to £96.1 or pepper complicating trading million against last for people' who understand only month's showing of £99.1 the textile trade, million, the widest for
three years.
Retailing by
wholesalers
began this month and it is hit- The Board of Trade today said ting regular reiallers in the July exports were worth $274.8 suburban and rural areas,
million. Imports were £381.B
million and re-exports £10.9 million.
Regular retallers complain
tinat wives are flocking to Exports in May, June and wholesalers for their require- July were five per cent lower ments how. than in the preceding three
cogne. ELTOSS 80 sorry state of affairs," said one retailer.
today closed 2 points months, after eliminating sta- "In my nine years in the tex- lower to 2 points higher sal variations. In the first tile trade, I have not with sales of 124 con-seven months of the year exports were 5 per cent above the tracts.
1959 average. Domestic No. 8 sugar closed Imports were 22 per cent
He described the situation as uncharged to one point higher greater in the May-July period
than in February to April, while "chaotic" and saw a "bleak with no sales reported.
Trading in world contracts the first seven month of this future for textile importers in was hardly broad enough to year showed a 13 per cent in- Singapore unless drastic steps develop a particular feature, crease on the overall average of were introduced at government
level. 1959.-UPI. 4zja dealers said.-UPI.
Yesterday's Closing
COMMODITY PRICES
METALS
NEW YORK Closbig prices, all in cents per
th.:
Lead,
11.07
Nov,
11,100
Sept
11.35b
Nov.
11.965
Copper
Sept.
30.20-20
Nov.
3110
Bept
suspended
LONDON
Closing prices, all in sterling
Tin
NEW ORLEANS
Closing prices all in cents per
Spot: 29.75; Del: 30.90b; Deci 31.11b; Mar:32.65b; May: 32,05%) 20% July: 22.146; Oct: 55b;
•Deci. 29% 2254; Mar: 32.35h; Hay: 32.95b.
LIVERPOOL
LONDON
Closing prices all in pence per
Jb.:
lb.:
No. 1 Rss spot ........
2596
Bettlement house term:
Sept.
Ost./Dec.
Jan./Mar. Apr./May
General markets, cid, basis,
Sept,
Oct.
Jb.:
Patate crept thin_Sept.
thick Sept.
SUGAR
Closing prices all in pence per
2238)
American Contract Oct/Not: 240: Dec/Jam Mar/April: 22 15; May/June: 22 m. Mixed Contract
Oct/Nov: 2.70; Deb/Tao: 22461) Mar/April: 22.50; May/June: 21.00.
prices all in cents
FOREIGN ENCHANGE
NEW YORK Closing rates:
Canada
England
NEW YORK
Int'l Harvester
International Nickel
Nav. Ca, def
International Paper
per long ton.!
Closing [per #b
m't Tel & Tel
42
Contract No. 4 (world).
Katser Indi:stries
799
Sept.
3.160
| Kansas C. Power & Light.
5322
Semianth
800
Oct.
Kennecott Copper
80%
Copper.
4.3in
Kimberly Clerk
7035
spot
244
Mar
S-mouth
243
May
2,2th
LET ID
Lead st halt.
July
“Jang.
7234
Spot-F.A.S. Cuba)
Nov.
73
Total Soles: $35, contracts,
Zinc 2nd half.
Open inferet: 4,906 of 161.
Aug.
88
Contract No. 8 (domestic)
3
No.
Sept.
UPL
Nov,
1.9%
Austral
4.00%
New Zealand
South Afric
¿CIL.. BY. ex-duty)
5.00
Belgium
Open, interest: 1,200 off 35-UPL
B
Marks & Spencer Ltd--831 id.
Woolworth F. W. & Co-676.
Textiles
of et
Co&P Lid--490 30. Doktatós Ltd 600 1019d
Prices drifted lower taking a cue from the Singapore market and reflecting the almost ear plete lack of factory or other consumer intercat in the spot market here. Terminal opera- tions mostly textured commnik- sion house witching out September into November around 40 to 45 points difference.
Shipment offerings out of In-ANAL donesia included one sheets at 34 cents and three thin crepe at 36% centa, August-September cost and freight. Buyer's ideam were to cent inder.
Locally, current month No. 1 Rss was quoted 36 cents, nominal.
Mixes
Come Goldfields of South Africa Cone. Elroy
Ord-76s, id. Du Sips, del-145 11. Hongkong Tin-10 d. Fetaling T-90. Southern Kite Cana: Lid-256. Union Cary 001 1052d. Van Driefontein "Goldenining-Bis
Litton Lex.
Lockheed Aircraft
Loew's Incorp
Lone Star Cepens Co.
Logard P.
Lowenstein, že Sop McDermott 5. Hwy Merck
from Corp.
Mamerota Mintag Madon Development Motions Brewery Monsanto Chemical Co. Montgomery Ward. Motorola Ing.
National Bult Co.
| Nations, Cab Reg. "A"
National Data Prod. National Lead
Brilla Barnes Patroleum Byndi Nestor Sted Corp.
New York Cecitira!" Birmah Petroleum-is ad. Nowutsche Bälɔee LAG.
Co., Lả | Norfolie de Werbera By.
Korth Amer Aviation North Alfines (Com).
In Amsterdam, the rubber als market was dull today. Al prices elf September Number | ji one 2.85 buyers, Number bio 2.84 by Honudite, farge 201 buyers, drene kranker ons 3.17 hominaL-UPL
Pete
RUBBER
SINGAPORE
Closing prices all in. Straits cents per th. toh. Malayan
Dorts:
No 1 Aug.
No 1 Sept.
ET No. Aug.
1912 No 2 Aug.
Bimbel grepE
No
Fan.
4.33
Others unchanged.
LONDON
Closing rates:
New York Montre
Amsterdam Brunede Copenhagen
281-28114
10.594-10.00 140:05-14 10.307
10.30-60.30
11777-13
Luboo
COTTON
NEW YORK Closing prices all in cents per he
Bpot: 220; Oct; 30; Ther 90% 21.185; Mu; na May 2009 JULY CLIFF 29: 3260 Dea: Zurich
100%
100%
SLUT: - VIROS