THE CHINA MAIL, THURSDAY, AUGUST · 25, 1960.
THE GERMAN CHALLENGE
Wall Street continues to gain strength
New York, Aug. 24.
Stacks closed on a note of strength today, scoring
their 13th advance in 15 sessions.
Prices were up all day, ste-Rowing Airplane sawing within a narrow
Tunge Burden (The) Cu......... Burroughs Add Muchine ** British Amer. Oli............. British Columbia wr, operat Calir. Packing Corp. Cana. Uk of Comiti. Campbell Soup Co. Conduan Parit R.
unt a buying spare toward the
stocks to close enabled many extend their ins and others! to trim their losses.
Such Minnesota Mining and Warner-Case (3. 1. Cu.
recent
favorites 4
Lambert ran into prodt-taking?".
Cul. Tractor
Ceinimese Corg,
Both companies expect to com- C. 1. T: Financial Corp. plete arrangements for a merger | Chase Manhat. Dank before the und of the year..
Chrysler Motors made anolfier 30-Cluett Peabody
Lolyote-Palmolive
year high rising to their best tumblon Carbon Cu. juvel an average 'since June 6, 1 Corvolidated Ediso 1930. Sleels were strong as a Continental Con.... Kroup.
along
Continental Olof Del.
with gulos, Zailerbuch sealtered chemicals, electronies
and vlls, drugs were mixtd.
LENDING. RATE
thobe
A cut in the prime lending that rate was the culalyst enabled the market to score its bent in early weeks yesterday. But Buyers terlay sempered their cathusiasm with measure of caution that helu most ali to fractions.
Today's volume was 3,500,000 shares.
Cubus Amser. Sugar
Delaware luciun Cu.
Thand Alesii
Dianang Gard
Distillers-SeaɣVANA Dengi Aircraft Dow Chemical Dupont de Nemours Eastern Air Line Eastman Kudak
El Parc Natural Cas Family Finance Corp.” ....... Firestone Tyre & Rubber Fint Nat. City Ba General Disc
General Electric) ........ Jeneral Foods (new)
Or a total, 1.232 shures trad-General Motors...
ed, 822 were higher and Jower.
Dow-Jones élusing averages:
Gen. Tyre & Rubber Getty Oil
Glidden C.
377
Gen. Pub. U
30 Industrial
041.58
20 Audi
140.
15 Des
40 Bunds
Comen. Fiture Price Index
Closing prices
Am. Home Prod.
16.31
rich (B. F.) Co Goodyear Tyre Gull
3.4: amuseid O 142.5%
3217
Leyden Newport Corp. it:ram Walker .... ifunestaite Mining Co. Idaho Power.... Imperial Tabacco Ingersoll-Rand
203 | mind steel Co.
20
Interchemical Corp.
Intl I92itiews Machines
407% Harvester
Mi International Nickal
International Paper
HONGKONG| Britain's chance LONDON
STOCK EXCHANGE
by
Our Qka Curnosprostok
Business done at the Hong- kang Stock Exchange this morn- ing amounted to approximately $072,000. Néon quotations and
the morning's transactions.
Shares
Buyers Seller HK k 1070
מ'
+45
3424
Sales 401190 20 w 1103
30 $100
Bk. E. Asin 9012 Unton ITIM
312 Wheelock
Whart
C
100
210 7.40
10 200 00
100 or 210
1K Duk
501 BU
000 D
400 (490)
Provklan
10 1980
25
11% HK Hoval
Land
200 56
23
500 $170
200 à 170. 1500 of 324P
DC.
Younell ** 179 100
HK Tram 31 ch. Lent: 1 21.50 1000 310
1800 1000
Electric
71.03 20.19
Teleptone
371%
GJ. Cemmit
Textile-
His.
Farm 270 23.10
30 Nanyang
2414 |A. Rabbet -
to increase
her exports
| The_stocky figure of Dr Alexander Menne bounced across the foyer of a West End hotel.
I met him in Frankfurt last June. This was a "reunion
home after a before he law quick business trip here.
Dr. Mune, 50, is chairman of the Federation of
mony was "a wide-open markot" for British cars.
Dr Menne
And
recently
jold me: "There is no sign of our boom slackening. Through- German out the whole of our industry,
Industries. He is also head turnover is between seven per
of the big Farbwerke chemical concern.
Hochstent and eight per cent ahead of
last year."
So at any time, and in any place, he is a man well worth talking to.
Hore was chones, I thought,
A pointer
How long will the boom last?
ADVANCES
ON BROAD
}
FRONT
London, Aug. 24. Stocks copied yesterday's strong upsurge apurred by home, Continental and American buying boomlike conditions,
in
With shares in short supply industrials fonged chest on u brood front making dull spots arurity.
Nica
Thapecial
Industries et new
Counters to ask about the prospects of The outlook for the rest of this bigger British expuris to Wen-year was very good, he suld, pro- Chemical
the second highs for Germany,
were no political all-time mos vided there now
session running with substantial bursting at the seamos with upheavals, .
About his own company, Farb- guins also going to leaders like Hp prosperity.
Hoechst, he reparted: British Oxygen, Fords, London,
Cotion werke
"Business is still very brisk; Our Brick, Lancashiro
British American Tobacco. turnuver is considerably up."
ak
10%
5.30 5.60 1300 or 140 500 @ 140
2047% | N. Trust
7.30
272
THE CO
120!
14.30 14.40 1800 6 14:29
101480
In lov
В
020
31
RK & FE
14.30
1511
Telkon Dock
Jumphreys
Healty
1.775
3:04
Meco Elec. 11.40
Abiti Pwr. & Paper
Algoma Steel Corp.
Allied Chemies!.
Alllud Mills Inc.
Allis Chalmers
An. Drake 'Shee
3.
American Cable & Radio Corp.
Amerlenn Cyanumid Co.
54
Alser. Forgn. Power
79 Int1 Tel & Tal
Am. Gut Elreirly
5
Jahr-Manville Co
100
Kaler Industries
American Melpl
24
Kansas C. Power & Ligh
A.. Natural Co
79
Rennroott Copper....
Aanerizan Siebing
56
Kimberly Clark
Am. Sugar Jr.
291
Lickelt & Myers Tob. Co.
Argitican Tel & Tel
93
Ly Tullo
American Tob
621
Lockheed Aircraft
Ampex
##1
Loews corp.
5493
Lone Star Cement Co.
Lowenstein & Sons.
10
MeDermott J. Ray
3414
McDonnell Airerbit
30%
25
13
Anaconda Copper
Armed Steel
Armour
Asberian Corp. Balwin-Lima-llas, Baltimore & Ohio Bank of Montreat
Bank of Nova Scotia
Beach Life Savers
Beil Telephone
Beneficial Finance
Bendix Aviation Corp. Benguat Cons
Bethlehem Steel
leve
14 Montecatal
Monomery Ward
6712h Stotoria Ine.
Rubber market.
#35% National Biscuit Co.
43 National
Beg. A
National Dairy Prod
47
46
National Gat Corp.
2912 | National Lenti
New York Central
451 Noranda mer Li.
Nartolk & Western Ry.
Northwest Airlines (Com.) Dxlahoma Nat. Cas Gin Mathieson
Qt Elevators Owen-Illid Glass
Oxford
Pacifle Cas
Elec.
Co.
Part American Airways
Puram Pictures
Parke Davla Co.
Perly J. C. Co.
Pina Ball Co. Philip MoTTIN Pitney Bowes
Per & Gamble Cu. Publicker industrien Pure Of
Radio Corporation
Radio Cup. Fre!
Singapore, Aug. 24. The market opened slightly
steadier with some short covering absorbing moet
Raytheon... offers
Rejable Steel Further advances during the neynolds Tobacco morning found sellers reluctant Royal Dutch, to meet the market until 60 cents Rheum Mig.
Sears, Roebuck & Co. paid for September No. 1 Rs. Shell Oil Co
Thereafter prices fluctuated Safeway Stores narrowly with interest diminish-Seint Reg. Paper
Schanley Inc.
in the afternoon small selling scott Peop permitted and buyers backed Sinclair Ou
way with prices easing to the Smith, Kike & French
Socony Moll On day's low of 94 cents of close,
South Puerto Rico Sugar
(The)
Small factory interest was met Southern Katural Gas
at previous differentials and the Southern
market closed quiet.
In New York, rex
Southern Ballway (Com.] tubisar! Sperty tant
Steel Co. of Canada
futuros today closed five Jowar 10 steep Rock 10 points higher with sales of 47 Stone & Webater contracts.
Studeaker-Packard Corp. -About half of the termina Sunshine Minst
Swift & Ctr.
at
205
market trade was represented Texas Co
and 270 Thako! Chem Tide Water Ol Commission Time Inc.
Tenders Fitance dcolors wore
evened T-Cont. Warne
in exchanges of Nov.-Sept con-Textron Inc. tracts points difference, houses
on both sides as they
up positions in the spot month, twentietis Century Fox Pikei
otherwise the situation dentareness.
reported
Carbal
was Union Oll of
Union Pacific Railway United Aircraft factory (UK Gypelm
interest in the spot markets. Line Co.
down and likely to remain way
uhrit ofler Labour holiday on Sapiraber 5.
U.S. Rubber that us. Smelting Day US. Steel.
Spol No. 1 Res was around and cent over current month.
In London, the rubber market
U.S. Beel 7 P.C. TF Warner BOR. waukesha Motors Westinghouse Air Brake Westinghouse Electric Wooden Wasion Tel. cà. Winn-Dixie sicres
was aloudy with spot quoted at West Va. Pulp & Paper
20 pence
In Amsterdam, the rubberWoolwarta K. Wi
market was quiet today-UPI.
Zenith Radip
Start Saving Now
XD
Hope
1. Craw. XD
NY sugar market
"What are the prospects?" Menne ropentod. Why, they are excellent. They have dever been better
in the
"Do you know that the French have doubled their males
Just to 1 12 months, klob is a repark able performaDDE."
Emphatic
Was perhaps, due to the Common Markel arrangements? He said 'No.' The big benefits from this new trading tie-up petween six European countries had not been felt yet.
And with emphasis he added: "British exporters could call us lot score if they wanted
The Brm's investment in new plant and processes, he added. was "heavier than ever."
I like to think that is a pointer to how our own Imperial Chemi- cul Industries is dolag.
time
In about, live week we shall know, Mr Paul Cham- chlef bers, the new ICI announces is half-yearly results towards the tail end of Suplem- ber.
It will be surprising and dis- appointing—it he does not make another sparkling showing then
Meantime, I cannot under stand why ICI shares have not been put on the German stock markets yet.
They have gone to Paris. But in Frankfurt and Dusseldorf, they are still only dealt in un- amicially along with BMC and
AEL
The West Germans, with the biggest gold reserves in Europe, have no such things as foreig "exchange controls.
They are free to spend abroad This should provide a chance at how much they please, and for some enterprising banker. wherever they please. Yet we After all, ICI shares yield £3 89.
comparatively small per cent, Hoechst's are en
of about two per cipsed nohanges to favourable trading balance with yield basis seven points higher with miles them. of 164 contracta,
New York, ARK. 24.
World No. 4 minu tulures 3p-have
day
Domestic No. 6 sugar closed unchanged to point lower with sales of 149 contracts.
World contrucis were stea- dled, mainly On technical dovering and trade buying
recent whlie
sellere backed away pending developmenity in the Cuban-Dominican republic situations.UPI,
Agreed merchant
rates
Swiss Francs, Maximum Soll- ing, 75-1/10.
Example: Last year," we bought #144405.000 of goods from the West Germans, pad sold them 2148417.099 Worth, But this included £20,820,000 ser re-exports that is stuff brought in from other countries and then shipped out again.
the although This xear
is volume of two-way trade -bigger on an annual basis, the is favourable balance for us running at a lower level.
Yesterday's Closing
cent.
HK UNIT FUNDS
First Hongkong Fund; Buyer Price
Seller Price
Exchange rates
لا
$0.00
$1,00
and
AHON
Boac's air station
brought up to
jet-age standards
By JAMES STUART AIRWAYS TERMINAL, Boar's air station near Victoria, has been brought up to jet-age standards. The original terminal, with its 170 ft. high tower, was opened in 1939 when air travellers went by flying boat. And there were few of them, compared with today's traffic.
a
First stages of the £1,000,000 | we are already here to take our to the airport by improvement scheme have been passengers
a train.". completed, and London, has
scheme сол be A later improvement
the lethal of which
for the terminal envisages proud.
building being extended cross the railway track out of Victoria station.
Landon Exprem Service),
not
Courtaulds and Rolls Royce collected smaller ins with
At the terminal, BOAC. Vickers while story continued
Wool- only tooks after its own passen- their advance paced by worths, up afound another gers but those of many foreign Steels airlines and scane British inov- shilling ut 77 shillings,
pendent operulars. net demand at the outset with
of the revival
investment
limdsm.
STRONG SENTIMENT.
Wall Street's bence helped the sentiment behind the up- swing setid talk about a poe- sible bank rate change, ni- though not believe that if it a cut would do ite to alter the picture.
came
"Dollar stocks voutfed an over- night New York performances. US. steel gained 5 points.
Travellers now fhad a spacious well-lighted hall with plenty af ticket and inquiry desks,
Upstairs, on the mezzanine floor stretching right across the building, is a lounge where pas- sengers can wait for the coaches that take them to London Air- port. It has a bar and, buffet.
One floor down level is the Skyline Bar, gantly furnished and circulae. WORLD NETWORK
from great
Strange way of shipbuilding
¡NE of the strangest ship-
Ouilding contracts over
2
el-signed was drawn up on the
back of an envelope at London dinner party. It was for a cross-Channel packet, and the would-be purchasers were not required to have the ship if it once failed in course of a month's cross between voyages to staff Dover and
Calais in logs
Adjoining this is the Speed- bud Restaurant, where air con Luck of business volume fall-ditioning and large mural photo- ed to prevent golds and coppers graphs of cloud scenes give. an tocking on small gains, although atmosphere of 20,000ft, up rather tho coppers fell away in the lost than basement level, hour. Eastern buying gave new strength to ns.
Oils got encouragement from Wall Street and closed ut, the top after midday hesitations.
Rubbers and toas hardenet where changed.--UPI,
Closing prices
British
Gilledged Banda
Tranport 3, 1978/88
200-16.
Consola 215-4515.
Conwol 45-£06-15/14,
Conversion Loan . 1001 £00-1/10.
Funding Loan
1959/00-
481-11/16
US. dollar per $1) Sterling notes (per El
5,06
15.89
Australian notes iper £1) ... Indonesian rupiah (per 100) Slam teals (per 1003 Engapore (Stralie)
12.50
2.00
20.30
Now is just the time to accept |;
The motor-ear | Business was done In the fucal the challenge.
unomicls1 exchange market this trade, perhaps not quite so sur noming at the following ralog: of itself as it' was, should be able to do a good deal more business there.
When I was last in Frankfurt,
a leading banker spid that Ger-
COMMODITY PRICES
SUGAR
NEW YORK
Closing prices all in cents per Hi
*LIVERPOOL
Closing prices all in cunis por tr
METALS
American Contraci
Oct/Nov.
Dec/Jan. Mar/April May/Juha
Oct/Nov
Mar/April
RUBBER
NEW YORK
New offices for BOAC are being built above.
The terminal already houses than an hour. BOAC's seat reservations section The paddie-steamer
for was the ship that was built-to -the central booking point
Victoria
ein- She went into service in 1830, and won the contest against Wie
ย
a world-wide network of agenis, meet a challenge. More than 400 people are ployed in this section.
Next year, it is hoped to re-clock, although she only had 30 depart- seconds to spare on one voyage! equip the reservations
The shipbuilder who took electronic "brains" ment with
enable that will
officials in chame was Sir William Pearce, BOAC offices all over the coun- then Chairman of Fairßelds, the try and in Europe to know whe-Scottish yard that is just cole- ther seats are available on brating its centenary.
When, some years later, Sir any flight simply by pressing a
Willam become Govan's first button.
At the back of the termint MP, he went to Westminster In
Funding Block 341, 1999/2004 there is still a Victoria Station his own steam yacht, Anchored railway platform used originally off the Houses of Parliament, it for taking flying boat passengers became a place of entertainment. by train to the coast.
Funding Loan 4 £$715.
Savings 3, 1934/63-5. Bavings, 1900/70-£78 Savings 3, 1695/75-711
Banks
1000/90-
Barclay's Bank "A" Ltu ord-638 Chartered Bank-500 9ď, Hongkong-2015.
Libyd's Bank” “A”-60% (ki, National & Grindley 既点
Warunbater Bank "A"
Non-Cumulative---425.
Insurance
Bank
↑ Union- Insurance Conion--emi..
Aircraft and Motors
Belliss Motor Corp, Ord–108.
Furd Motor Co-102 16.
Hawker Siddeley Group Ord-30
1150.
Rolls Royce Ltd Ord-43, Ned. Rastes Lid ""—Jos_101%d.
Standard Triumph International
Breweries
Du Bh
Birtillate Co-$830:
South African Breweries- d.
Building a MIASETİKLA
Cement-75
Wall & Lead Onh-tis.
Coal, Steel & Engineering
Babcock & Wilcox -37" E. United Steci-04 Pd. Vickers Lid-1_08.
Food & Tobacco
Braish American The Go Ltd
014.
Imperial Tobacco Co. Lid-608 4100
Mbul Contract
Closing prices, all in cent per
440 Portland
"
Jb.:
Dec/Jan.
Lead.
Contract No. 4 (world)
Sopt.
11,05
Sept. Qel.
May/June
Nov.
2.145
3,00
Zine
3.10
Sept.
11.50
2219 Jan.
Nov.
Мат
329
54
The Blay July
3.13
Nov.
成
30.15
10% Sput...(F.A.B. Cuba)
128
Total Balea: 154 contracts Open Interest: 3,409 contracts Contract No. 6 (domestic)
Nov.
0.04
Mar.
Spot-(C. N.Y. ex-duty)
6.24
Total Sales: 149 contracts Open interest: 933
Sept.
Nov.
Jan.
May
July
NEW YORK
Roxx rubber futures closing prices, all in certa per ib.;
SINGAPORE-
ONDON
Closing prices, all in storiing. per long lon
Buyer Helters
Th
pot -month Copper,
799
:
.003
30,00 33.00
A
24316
K-month
24124
30.9
1.ond 2nd halt. Aug.
7032
7146
0545
$1,06-06
COTTON
NEW YORK
3239 || Zinc 2nd half Aug
-Closing prioca all in Straits
cents per lb Lab. ports:
No. 1 Bet
Closing prices all in cents No. 2 Bapt.
No, ǝ Beps,
No. Eppt.
Bpot rubber unbajad
Blanket crapa jamaa
| No. 1^paje "vrope
Matayan
106-100
Closing price all in pença
Beltierent one- tema:
Geveral markets, old baik ports
FOREIGA EXCHANGE
NEW YORK
Closing rates:
Chnada
Engat
00-day
Australia
New Zealand Bouth-Afrke
Other sagshanteri,
LONDON
New York
Montreal
30.90
LONDON
21.30
per by:
No. 1 Raw spot
per Jb.:
Spot
Ool.
12239
UPI.
Mat.
May
July
Mar.
May
July
NEW ORLEANS Closing prices all in cents per lb.: Spot
Melide crepa
thin Bept.
Oct,
Dec.
Mar.
May
July
Buy Units In The First Hongkong Fund Present Unit Holders can now buy upwards of 100 unite at a time in multiples of 100: For information and free bobket torite to:
HONGKONG UNIT FUNDS LIMITED 701 Alexandra Hause, Hong Kong,
Tho
11-06
2744-89
做
J-days
Closing rates:
Amaterorn
Copenent ||Frankfurt
AMSTERDAM
Closing prices in guillerson
F
MiscellaneoLE Boardman Marden Lethods, Britliti Oxygen.
Said Mr M. D. Morrissey, DOAC'B
47-year-old
for his friends.
gera WATCHING CLOSELY", "IL ever the cales manager. Feltham Loop railway to Lon- don Airport comes into
being. produced
Oil companies own
less tankers
Now York,. Aug. 24. NHE, proportion of
THE
tankers owned by oll
ship Fairields I Pearce's time was the yacht Lívida, Almost circular in shape, she was built for the Tsar of Russia and had fittings worth about £500,000,
Thousands who watched her launched called her the Floating Palace.
The most remarkable by
and.
Valiant The battleship the battle-cruiser Renown were warships in the firm's oil-jamong
1914-18 production programme.
Shire ships for Bibby, Castle companies continued to de- ships for Union Castle and Em- cline last year, while non-all press ships for Canadian Pacific ownership in-were among the big liers built campany creased, according to the between the wars. latest analysis of annual tanker studies.
Nearly £3,000,000 has been spent in replanning the yard in
of dealing In the five-year period from recent years. Now, special plant
is installed capable 1955 through 1959 oll company with the materials which will be ownership of tankers in the used in the age of nuclear ships. United States dag feet dropped
-{London · Express Service), from 52.8 per cent of the total
non-oil-j to 42.2 per cent and company ownership rose from
Lil Ord-20s 25.1 per cent to 32.8 per cent. A 'mist keeps
kd cor. Canadian Pacific Rly-119%, De La Rue Co. On 34. Dunlop Rubber Co-301 7190. Climan Halding Lid-id. Hongkong China Gea-15. Imperial Chemical-95 70. Lyons & Co B34 7450.. Gallever Ltd—–109#' Bil
Faper
Government
United States ownership of lankoms increased from 22.1 per cent to 25.2 por cent,
+
ships clean
A POISON "mist" wil
protect the hull of the Union 38,000-ton
Dr James S. Cross, author of the tanker study, sald the decline in oil company oyner- ship is the result of all com- d. panier dopending more and now
more on long-term chartering Castle flagship Windsor | 450 || for " = fulfilling their tanker re- Castle from barnacles.
Bowater Paper Carp Ord-831
Radio and Electrical
Associated Electrical-Big 60, Electricpl
car.
de Mimica)-50 *English, Eléciele Co- od...
,
quirements."
"Many of these companies are
+
During the life of the ship, it apparently convinced that their may save as much as £1,000,000 Indo-Chino Steamy Nav, co, dot capital be more profitably direct-in dleasing, painting and other
General Electrio-e "bd,
Shipping
ord 23 pct.
41
Forced in minute bubbles Steam Navigation def orded into outlets other than tanker coals.
construction," Dr Cross elcilid
Non-oll companies owned 814 from tubes around the ship, the cont of the total world spray form a thin protective the the survey shows. tanker flest at the end of 1959, layer over the hull when 1010.
ship is in port or moving very
Stores Great ·Universal Borys "A"-dāv Marks & Spencer Lid
Wookworth W. & Comita 1
Tókular
Conte J&P LU-G3 M. Couriculus Lichende PC.
por
but is
Rest, FISH NOT HARMED
It beats the bemacle bringing the total to 9,270 ships
the year-end. Another 548 not strong enough to injure sh tankers totalling about 10.8 mil- because it becomes harmless i lion deadweight tons were under mit walur. construction, or on order from The Windsor Castle, now get- shipyard through the world, as ting ready for her maiden the year ended.
voyage from Southampton to carrying, capacity of Soulsi Afrion, is the first big United States flag tankers at the passenger ship to have mist
1.03,5/10
During 1950 a record 208 ian.alowly. kers joined the world
1.D100
2.10
3.9405
Cops Goldhelds of South Africa
д
2.0148
Cons, Zine Corp. Ord-1 20. Crown Ltd 20%
94,
De Derin deput500, $%ak
Unton Corpuső La 4340.
Ecuthern Kinta Con La
716.
oil**
Hongkong Tin - Salgd.
Pataling in-da P
cafe d
The
West. Driefontein dojdenining-004 | end of last year was equivalent protection
to 81.8 per can of the world Bold a representative of the Brille Bomeo Petroleum Ryndi-lotal, continuing in second place. London producers. The spray
after Liberia.
system was tested for two years The Norwegian and British In an 8000-ton cargo vanšuī. tanker fogta more or less tied Why the ship was put in dry- for third place, followed by the dock, the bottom was perfectly: Panamanian Best Ching: Mali) clean.”
'*-=(London 'Express Keepsca).
"Bestiek Boman Pelgoleum-lo pd.:|-
Baum, Patroleum Co., Ltdm874 ich. Hoyal Dutch Petroleum-œdirib. meli Testngori • Tamerika
uter.