THE CHINA MAIL, TUESDAY, SEPTEMBER 6, 1960.
THE U.S. DOLLAR OUTLOOK
Anti-recession spending is
still to come
London, Sept. 5.
Washington could do more
foreign
confidence in
to buttress the dollar.
Congressional actions before the slashed this year's
summer récess
budget syrplus by a third.
The price of Nationary electlongering or of any reces, slom effect on revenues, or of any unti-recession spending is slit 16 eme,
Two monthy
President ago Elsenhower said it would be miracle if his Jour billion dollar! budget surplus were ncbleved. As things are going it may take a bit of a miracle to produce any.
Mythical
The American budget is always better than it looks. Last surplus, coupled with year's
Germany has a seven per cent bond yield and an eleven per |
Cofts cent overdraft rate, her inflation may remain mythical.
Outwards at jual. Britain may be slowest to discard the apparatus of exchange control. Bat she may come to have the Jest need for it overall, other than as a directional device on behalf of the Commonwealth.
She has a full share of the problem of money inflow, but she has better and less over- worked devices than the Con- countries for keeping tinental
U.S. markets closed for
Labour Day
Now York, Sapt. 5.
Major securities and commodities exchanges throughout the United States were closed to- day in observance of. the Ladour Day holiday. wwwUPI,
HONGKONG
STOCK EXCHANGE
bay
Our Own Correspondent
Business done at the Hon kong Stock Exchange this morni ing mounted to approximately $1,744,000. Noon quotations and 11 out of internal credit in the morning's transactions: Ilation. As she is nearer to the i Shares Buyers Sellers middle of the exchange rate HK Bank. 1185 1176 see-saw than the dollar at one
Continental' Bk. E. Asia extreme and most
Tabaré !currencies at the olher, the
Vnium does pressures on her may be less Waterboat.. Wheelock .. these extreme. dollar
the deltation of the money sup- ply, has done much to instil less lafalimary mentality. Inve the gold losses,
have
[
Germany really
costa inflation things could pull the round.
However, so
So
long as
Increase in
UK trade
agreements
London. Sept. 5. More than 1,000 trading agreements in British in dustry were ended volun- tarily by early August, or were found contrary public interest under the restrictive trade practices
-act.
to
This is revealed in statistics effect about the published
Were
of the 1950 act, which sought to protect the public from un falr discriminatory trading. price rings and identica! tenders.
Ол
there August 2,300 agreements in the register .of restrictive trading AFTER- ments. un oficial statement said.
had Of there 1,030
beer abandoned or had all restrictions removed from them.
Embarrassed
Dock
Pjevident
Sajes 201115 1001370
Renewed
activity COMMUNIST FOOD FAIR develops in
London market
London, Sept. 5.
Renewed activity and strength developed in stock markets at the opening of the new account to- day.
INDUSTRIALS
REGAIN
POPULARITY
London, Sept. 5. Following renewed uncer- tainty at the beginning of the past week, Industrial equities resumed their advance in the London stock markets' and 'much of the ground lost at the end of the previous week was regained.
During the
uncertainty,
IN LONDON
London, Sept. 5, Communiat counttles ex- hibiting at the food fülr here all report brisk sales" and expect "large export orders" before the fair ends on September 17:
Gilt-edged securities recorded
official at the Polish some gains ranging from EIX-
expecting seanth to one-fourth. Industrinis stunds said "we are
large orders for things like jumped abead again on a broad wine, fruit, producis, Polish front. Stores were around a few vodka, frozen rabbits and sweet! Since higher.
moots,"
had Semples
given Oils had some support, banks and Insurance shares were in Away at the stand at the rate of 1980 a day. "We limit the selective demond, There wer
number The oficial suld Foreign sharp rises in steels.
"Otherwise we could give away bonds were quiet but dollar twice the number." The samples stocks closed mostly higher. included soup cakes, cheeses ani
been
London-New York
supersonic
flights envisaged
London.
SUPERSONIC passenger flights from London to
New York in two and a half to three hours were envisaged here by Mr C. S. R. Marshall, chief systems engineer of the Hawker Siddeley Advanced Projects group.
He told the European Con- Rubbers made further head-ready-inade foods.
The two shopa oli
the standgress of Aviation Medicine that way but teas were dull. UPI.
together claimed over customers a day.
landings in darkness.
Closing prices
Olledged Bonds British Tranport 3 £00-3/16.
Consul—£00-15/10,
Conversion
58 281-11/16.
Loan 3!6.
اران
1970/00-
1,000 there would be no take-offs or No reduction of
An exhibitor at the Czech sland reported "many buyers" for Pilsner layer beer. iinned hans and confectionery. "All the time the stand has been full"
few large expor Deur que
a enquiries."
1951-
Funding Loon
1959/00
Funding Stock
Loan
31 1999/2004—
1000/5.-
Funding
品 £27-13/18. initial period of
1053/05-£80-1/16. Savings 3 slipped prices
Baving 3, 1900/70-RT$~5/10, Savings 3, 1905,75m£71%,
Banks Barclay Bank A" Lid ord- Chartered Bank-10я 54.
back further but later rebound.
gold and Eistw}xcrc,
212
་་
3:0
Su
100 30
25.20 7.00
7.70 11000 <= 1.00
10007.03
103
104
600 103
1200 103
ud.
. 20.44 20.Ge
2:00 & 20.40 shares
40% 43
BUSZ
152
104
1100 103
fr 383
100 i
Tram XD..
31%
.. 22.00 22.70
of the interna? in- Becaus
HK Hotel. ationary impact. Germany may IK Land be more embarrossivi by gain-
the United Yaurati money th
losing it-to the ex- States by tent that it is ever posible to
be mor worried by making C. Light than by losing money, So long
the dollár enn stand it, Washington can never run out of service for laternally sterills- ing the ottow. Germany could run out of devices for sterilis- In the inflow.
As several observers
have pressure for for de- something else) serious more
because the
painted out. the D-mark revaluation valuation of this year is far
in 1957 than Internal arguments have become hardly loss pressing than the external and because this year's vietim, the doline, has far more Germany than ability to flood sterling had in 1957.
Pressures
Germany's Inflationary pres- }
never be
sures
should
Electric
XD...... Telephone
Cement
32
500 & 2014
500 414 early
meyed strongly
Lin
ahead
in the wock and the
Hongkong Big
"A"-G Dd. Lloyd's National & Grindlays Bank--17: adelminster
1215
450 or 5815 major part of the guins were 30 8th maintained, in spite of sub- sequent pront-luking contraction
of the market sections 75000 rather neglected.
2002 20
demand.
und
Other wer
200 35 The reaction in Industrials at
22.00 the beginning of 2500 22.10
500
the week re-
360 22.70cted disappointment with fe
labest Industrini
500 & 28.20 Cgures,
ID00041,
10005425
20.20 28.40
387
SU 303.
571
3000 35
70455
1000 3535
Dairy Form 29.43 20.00
100 20.20
·730429.30
the
production
rise in
overseus'
holdings of sterling and events
in Berlin und Jordan.
RENEWED BUYING
All these influences, however. 1050 29.47 were pushed into the back- ground wards the end of the week.
50014 2015
XX. 201
appetited,
Wilson 25.20 25.30 Ailled Invest, 5.30 5.85
Renewed Buying Textile ....
8.35 B.4 2000 @ 8.36 Nanyang 13.40 13 0 1340 some of It on Continental and
4.15 1000 8.10 5 A. Rubber
American account and some of 7,90 1.10 Rubber T Talkou Block 370
23,10 231 Hreys Really.
1.775 1.00 10000
Ex. Div.
1K Gas ...
14.70 14.00
Lane, Crow.
Inwest
-14 10 20
P
DI
FE
13 BO
14
1,5
11.00 12.30
aggerated, but she does have some and they cannot stand 100 Viber many more imports of liquidity: | 1611
The quack remedles for her 1 & Invest magnetic aftruction of money
Ginoz are
being increasingly also
Macao Elec. Germany Exposed.
having the Lute, Crow
dearest lowest costs and the Sixty-three had been referred
chance of the restrictive practices inmey, there is
exports in forms court; and of these 52 had not real capital
themselves been defended and the restric- that do not cancet-
out by tons had been found contrary to
enlarging her current public interest while i agree-surplus. ments had been defended.
10
The
optical ones are largely Aftermath: Eight of the defended agree- | exhausted and their ments were found contrary to may weil nggravate her capital pabile interest, and one was Imports. With the world's pre- found consistent with public in- ron political risks, no country terest, an was most of a second could export capital as fast as and a minor restriction in a Germany has been gaining it. third.-China Mail Special.
China Mall Special.
INVESTMENT OPPORTUNITIES IN CANADA
A growing number of investors are purchasing mutual funds in order to profit from professident Management of their investments at a very low cost. One of North America's most successful mutual funds is
ALL-CANADIAN FUNDS
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Full information on All-Canadian Funde-portfolio, Investmani record, and vaikas purchase plans-is atafiable to you through our Research Deparlinekt. If you would like to learn how to share to the atowih of Galade through All-Canadian Fonds, write or cable Un fer details.
Pemberton Securities
LIMITED
DURMISI ISTANUSNES 1087
Member Investment Dialvis' Aiwoelation of Canada
E.C. Uont Dislers' Aavorlation, Vancouver Stok Xchange
Famberton Building, 744 Want Hästinga Strant
Vancouver 1, 1.C., Consda Cably: Pambarios! Vencouver
30 30%
100 D 58
10000 : 1773
it for the now account, which Monday, 500 w 21.30 officially starts
This, coupled with bear cover- 1.175 1200 1715 ing, brought a sudden upsurge
pelees and many good im
stablished, i Were
well-known among but often among les 500 m 10.30 well known issues.
1900 14.30 £31
500 u 14,00 provements
100 11.80 mostly
230 à 3844
300 381
shares,
The gilt-edged markel was subdued throughout the week, but prices holl very steady. China Mall Special.
Shareholders in
Britain
over two
now
million
London, Sept. 5.
There are now two million shareholders in Britain, each with a stake in several different com- panies.
The study also quoted a Brat This estimate was given in a study of shore ownership report by the University of
Department published in the summer issue Cambridge
had
an
.of
of the Stock Exchange Journal, Appiled Economics, which is
out
amblilous official magazine of the London carrying Stock Exchange.
general inquiry Based on mid- Imperial Chemtes] Industries 1967 dota.
This indicated that more than more than 300,000
capital of investors, each with an average hall the equity
held by holding of £795 and Imperial quoted companies is Tobacco πρωτε than, 180,000 individuals and more than 10 shareholders averaging £825 per cent by insurance Cach
panies and pension funds.
INTEREST
U.S. bonds lower
New York, Sept.
com-
In the instances where detalls of company ownership were published, it was significant that thefe was a high proportion of women shareholders in some, it not all companies.
Bank "A"
Non-mulative-öd,
Insurance
Union Insurance Canton-Eilan Aircraft and Motors British Motor Corp. Ord-17 16 Ford Motor C- 109154. Hawker Siddeley Group Ord-32- 10.
Falls Payee Lu Ordu 11⁄2d. Rooter Lid 10 30. Standard Triumph International.. 0 7330.
Breweries
Distillers Co Iclad. South African Breweries-23 Bd Building & Materials Asociated Portland' Cement-763 1975a.
Goodian Well & Lead Ord-406 ON.
Coat, Strel & Engineering Babcock & WHoox Lid-364. United Steel-87 3d. Vickers Ltd--Hs 3d.
Food & Tobacco British American Tob. Co. Lid
Imperiol
Toblero Co., Lid-03:
Miscellaneous d Bourbean Atarden 14d-4s d Bri
LIU. Oxygen
Ord-341 415.
Canadian Peelie Rly $12. De La Rise Co. Ord-785. Gi. Dunlop Rubber C-3s. Gilinan Holding Ltd-2x 4. Stongkang & China Gos-18, Imperial Chemical-318, Ivaste & Co-B 4d Unilever Li-156 d.
Fapet Bowater Paper Cup Ord-82# xd.
Radio and Electrical Associated Electrical-50% Bd. Electrical & Musical-493 d. English Electric Co-37s 00. General Electric-3s 04.
Shipping
Stearn Nav. Ca. de Indo-China PO Steam Navigation def orde, 399 4
Blores Great Univers! Stores "A"-18 41માં થઈ.
Marks & Spencer Lig fold Woolworth F. W. & Com709 10se.
Textiles
Coats JP Ltd-335 119. Courtaulds Ltd-50%.
Mines
Cons Goldfields of South Africa- OS ANGEL
Cona Zinc Corp. Ord-79: 4160. De Deer del-146s 7.
longkong Tin--100. Petaling Tin 105d. Rand.
Southern
Kinta Cons Union Corp 53% 7120.
Problems which prose.
hu
sold, were those of the passenger fares
the
ол crew performance of "disruption of normal rhythms of existence when flying at high speed from the local time zone to another, and physiological
Sydney, Sept. 5. HERE will be no reduc
tion of passenger fares
The Rumanian stand reparted and psychological stresses lead-or cargo rates by shipping both commercial and private Ing enquiries.
They too were hoping for ex. port orders for wine, beverages canned fruits and canned meats, i
China Mall Special.
LONDON MONEY MARKET
money
10
2
efficiency.!!
brealalown
WINDOWLESS
of lines
between
operating Australia and the United Kingdom, Sir Leighton Soo- ger, former president of the British Chamber of Shipping
Supersonic atrcraft, he sald, said in an interview here to- would have windowless passen-day. ver
becaus cabins
their Derodynamic
and the shape
Sir Leighton, who arrived fr need for pressurization
The pre- Sydney yesterday, sald: cluded a panoramic view." outlook is gloomy, particularly
for British shipping, there just too many
ships in the world to carry the amount of cargo available.
be
"Passenger psychology," said. "must be studied to guard against feelings of claustropho- bia and disorientation"
He thought getting passengers to recline might reduce the affects of a high rate of climb.
Mr Beecher Foggon, Chair- man of the Oversees Shipping Representatives Association, said Sir Leighton was no doubt to tramp steamers. referring Most of Australia's exports were carried by cargo Uners whore numbers were limited rates stable.--Chine
London, Sept. 5. ' A shortage of credit persisted in
the London
market during the past week and the
"We should aim at transport rate for day-to-day Joans
ing passengers ruled firm at 61⁄44 per cent.
from an hotel suite in one country to on hotel End of the month influences suite in another country safely, had their impact on the supply swiftly and economically, with and their situation and overali,
the a degree of comfort competitive Mail Special. Authorities had to inject a fair with other forms of transport," ly large volume of funds to he said. the market by way of assistance to keep the market from having to borrow on penal terms. The market had to pay 59% per cent for this money.
There was a continued good demand for bills by the banks, some of which it is felt, was on account of foreign customers. -China Mail Special.
Exchange rates
Business was done In the local unofficial exchange,
Uis market morning, at the following rates;, VS. dollar (per 31) Sterling notes (per &1) Austrailan notes iper C Indonesian rupiat
(per 100) Slam Heuls (per 108) Singapore (Stroika)
"Bexruse of the stresses and strains involved, we should pro.. teet them from such things as terminal delays and unconfort- able journeys to and from air- all those against ports and
lead to anxieties, things which frustrations or discomfort,"
But Air Commodore W. J. Stewart, consultant in aviation physiology to the Royal Air Forec, said knowledge of flight at twice the speed of sound was confined to military aircraft with crews of one, and never more than three,
5,07 There was a complete lack of 15.88 | knowledge about the carriege of 12.72 ordinary members of the public
2.10 20.20 at such speeds, he said,China
181 Mall Special.
Yesterday's Closing
COMMODITY PRICES
General markets, alf, bada, ponte:
Ltd--244
METALS
Dept. Oct. Nov.
West Driefontein Goldmining-848.
Onl
British Borneo Petroleum Syndi. cafe-38 14d.
Del.
30.
Brillen Burmah Petroleum-14
British Petroleum Co., Ltd-493. Burmah-30
Huyal Dutch Petroleom-€ 12-3/37. Shall Transport & Trading-130s
Reuter.
Japanese fair's successful run in Moscow
Moscow, Sept. 5.
After a highly successful 21-day run, the Japanese Industrial exhibition here closed today.
Tin.
spot Jmonth Соррет.
FOR
Estate crepe by Sept...
thick Bete. AMSTERDAM
-29-20
20-2014
4
OVERSEAS COMPANY REPORTS
Akron, Sept. 5. Firestone Tyre and Rubber will report re- Company cord earnings and sales for the nine months end- ed July 31, exceeding the previous peaks set in the corresponding period Inst year, Mr Raymond C. Firestone, president said. in the first nine months ol the 1959 fiscal year, earnings wore equal to $1.73 n common share baved
out- on shares standing after Just January's three-for-one split. Sales came 10 $848,453,840.
Mr Firestone said he was not yet certain by how much this years rosulis exceeded a year ago, but he said they were higher.
The rise which came despite highly competitive summer in the réplaremont tyre busines Closing prices all in guilders continued in a pattern establish-
per kilogram c.l.f. Sept.
LONDON Closing prices, all in sterling per long ton:
No. 1 rupper
2.23 buyers
No, 2 rubber
2.41 buy
Bayer Moliera
No. 5 ruler
2.80 be
No. i crepe
3.11 nom-UPI.
UPI.
001
034
80112
235
3-month
Zine ist half.
Sept.
7012
70%
7000
Lead 1st half.
Sept.
43
30
UPI.
Dec.
Dec.
RUBBER
.
cents per l
SINGAPORE Closing prices all in Stralis 1.0.b. Malayan
Oficiels presented an electric ports:
to No.
Bep!, No. 3 Sept. No. 4 Bapt spot rubber sided
A Midland "Bank analysis in- sewing machine to a newly mar-No, i Sept. United States Government bond, duded in the report showed that ried couple, one of whom repre drified lower in lilées deal-women constituted 55 per cent, sented the millionth person ings during the past week.
or more than 96,000 of its share-or the exhibition. Bome market sluggishness was holders.
They sald negotiations now ket crepe 2592) attributed to uncertainty over The report also said the in-
are underway for the sale to the No. 1 pale crepe the Treasury's next refunding torest of employees in their com-Soviets of the goods that
panies also seems to be expand-been on display. The sale is ex- operallop.
Corporales were also shaded, ing; though separate Agures are pected to bring Convertibles were lower in ie not published,
US$1 million. with the stock market,
I understood that some Among foreign bonds, Chille tens of thousands of the 310,000
bad
in more than
·
103-10 203-10334 2013-102! 10014-101 09-100
10016-1097% 110-111
LONDON Closing prices all in pence per iba The exhibition, which was held so. 1 Ties spot w
38 muved narrowly to close with ordinary stockholders of 1.C.L. in buildings put up last year by
Bettlement bosse terms:
a amali decilne. Japan 4 ore employous who have retain the Americans for their fair had Bapt. cased fractionally butally but ed shares lwood in recent years one big handlesp--it has raked 9 per.
bonus here almost every day since the halfdorin laler moved up a point-Chins under theann10) Mall Spesial,
scheine China Mali Special.
opening/AP.
16.:
COTTON
LIVERPOOL
Closing prices all in pence per
American Contract Get: 22.45: Dea: 2243; Mar: 23.40; May: 22.50: July: '22.30.
Mixed Contract Oct: 228; Des: 22.75; Mar: 22.80; May: 22.5; July: 22.05.
➡UPI.
FOREIGN EXCHANGE
24136-20114
LONDON Closing rates; New York Montre Ainsterdam Elrumm Caparishgan
Lou
Milan
Zurich
11-בל.
10.0015-10,005% 149.00-140.095 79,3041-19:30}
ed
Tyto and by Firestone Rubber in the first half of in iscal year the period ended on
April 30.
has
Although the company
compiled "resulta for not yet August, the first month of its final quarter, officials sald there of a Indications no were
month reduction in the nine gain.
pre-
have been There dictions In Wall-street that the company's ́earnings will reach about $2.00 per sbaro In the 1900 fiscal year cold- pared with $2.40 "djusted" in the 1959 year, but com. pany officials said they were not yet certain whether the *ain would be that much. Firestone was affected by the interventions of Cuban authorl- ties at ile tyre plant hour Havana. But it is not yet cer- tain what the fancial impact The of the action will be. Firestone plant is valued at dudut 7 million,
Mr Firestone said there WEL no indication that any of the 93-15/10 company's" other plante were jeopardised by nationalist movements, In the 1950 fiscal {ybar Foreign subsidiaries
accounted for about 20.7 par-· cuit of the company's earnings. Omeinla expect the percentage tö ja sudut the same this yeAT." John Mall"Speciál,
11.7016-11.72% 80.80-00-20
3769-374435
12.12.12
+UPI.