THE. CHINA" MAIL, STUESDAY, SEPTEMBER 20, 1960,
BRITAIN'S TRADE GAP
Wait-and-see
stand
in
Too wide despite Wall Street suffers London market increase in exports from heavy
By Sydney Gampell
London, Sept. 18.
Reduced from £104 million in July to £74 million in August (almost wholly by a gratifying and unscasonal riso in ex- ports) Britain's external trade gap is still too wide.
The new Chancellor, follow-
ing his fealer the Prime Minis- ter, is very expert niinded und will want much firmer evidence of improvEMENIL
cheaper.
selling
New York, Sept. 19.
A virtually demoralised stock list finished out the session today worth
́about $7 billion less than at the start. ·
No group
was spared in the than sweep that had the tapo minute lote at the close with prices fila falling.
Losses of up to live points
while COITUTION
call. Pucking Corp.
British Columbia Pwr.
Cana. Bk, of Comen. Cana. Brewers Campbell Soup Co.- Canadian Pachhe H. Inter-Cut. Tractor much were
Celanese Corp, Machines CT, Financial Corp. Business zutional dropped around 17 points, Only Chase Manhat. Banke a tew utilities and scattered Chrysler Mutom
Cueti Peabody issues managed to slay even or Colgate-Palmolive Co. higher,
Colombian Carbon Co.
never looked less likely) they | the implied depreciation of the may be well into the winter dollar and the more pointless and the Bank of England will for European Central Banks to Jurve been accumulating the buy in London when they are in external | end-year North American debt ¦ enilled (but loo sensitive) 10
York so trade and waning of internal payments instead of having tʊ | buy In New other explain them away. and Inflationary woye pressures before he feels able!
Perhaps most important, the to use the unik rate and other
London technique keeps the restraints.
money market tight by putting of the day when the Banic of England has pay out sterling against its purchases of dollars. The gain of gold and currencies that It reports at the end of this month may well be much less than it will netually have bought during the month in cluding its net forward pur- chases.
be
Britain's economy probably Ceds only marginal adjust- ments but they have to made, and a high bonk rate is a tested way of getting them mude.
Reasons
For well-known reasons the payments for trade
are doing
far better than the trade itself.
of England's new deliberately of
receipts of
The Bank technique postponing some
dollars by buying them for forward instead of spot de- Hvery, has multiple advantages.
11 keeps sterling strong. keops some
|
Shied away
Gold shied away from its peak of $35.28 but the European Central Bank which has9 led The upward move. came heavily again today and some of the other must be worried about the possibility of missing the boat.
|
lenders in the UN
The essence of the market is that European Central Banks, unprecedentedly flush with do!- lars, want to exchange more of Blame for the decline Was Conimere.ni Credit them Into gold as
when and largely placed on the arrival of Corning Glam Works where they can without offend- Coraniunim
Coated Paper Ing Washington.
Even Get-scetic dric on months of inany, who is reluctant to buy discouraging even la London as well as in developments. New York, has lately taken a third of her gaits in gold, and ns her gains remain phenomen aily high that might give food for thought in Washington and elsewhere.
Not high
Edi
Consumer Cas... Continental Chan business newe
Continental Of of Del. Crane Co.**** Analysts noted the selling Crown Zellerbach pra sure was further aggravated
Cuban Amer. Sugar by the industrial plunge through the 800 resistance level, which had encouraged apparently chart-watchers to keep prices Holling downhill.
Delaware & Hudson Co.
amond Alkali,. Dirt Bers-Sexgruns Dominion Blores Douglas Aircraft Dow Chemical... Dupont de Nemours Eastern Air Love Eastman Kodak
Pop Natural Gas Family Finance Corp Firestone Tyre & Rubbm
Ferro Corp
With the celebrated 800 level shaltered, one analyst said that Dow-theorists now will contend It is not a high proportion their prediction of a new bear by Brilish and other standards, market has been confirmed in
A few utilides and scattered First Nat. City Bank higher gold
Motor Co. of Cana Ford but it is a much
issues managed to buck the Ford Motor ..... proportion than Germany used prevailing rout but they were General Electric
few and for between. Houston General Foods
General Motors over a point Gen. Pub. Lighting gained and Ohio Edison a large frac-Gen. Tyre & Rubber
Getly O Today's volume Was 3,790,-
reserves in hand against a raing day, By the time people stop talking about sterling's coming auturaa The higher the London prive sensonul wenkness (which rises above $35.0876, the greater
P.O
ORIENT
LINES
R.M.S. "CORFU” EMBARKATION NOTICE
for United Kingdom via Singapore, Penang, Colombo, Bombay, Aden, Suez-Port Sald.
EMBARKATION:
Passengers should embark between 2.30 and 4.00 p.m. on Friday, 23rd September. The ship is expected to sail at 5.00 p.m. on 23rd September, 1960.
BAGGAGE:
BAILS:
13
Passengers are requested to send all baggage for Hold and Baggage Room and much Cabin Baggage possible to the Hongkong & Kowloon Wharf Co.'s Godown Entrance at No. 2 Gute, Canton Road, by 5.00 p.m. on Thursday, 22nd September, 1960.
The ship is expected to sail at 5.00 p.m. on Friday, 23rd September, 1960.
SUBJECT TO CHANGE
Agents.
MACKINNON, MACKENZIE & CO. OF HONG KONG LTD.,
INVESTMENT OPPORTUNITIES IN CANADA
Canada's dynamic industrial growth during and since. World War II has led to the considerable expansion of the nation's finance industry. The largest Canadium installment firance company is
INDUSTRIAL ACCEPTANCE
CORP.
Handles over 30% of the national volume. Has 113 branch offices across the country. Operates subsidiosies in the small- Joan and inrurance fields. In the last ten years averago -1c. ceivables have risen from 578 million to $469 million, Net profits per shers have grown at a better ikan average rate for the industry. With every prospect of an expansion in hulnes next year without any serious increase in interest rates, the stock is attractive for meillem to long term growth combined with ₫ better than average return. Our Research Department lisis cómpiled an Investment Review which Ulsouses the growih and earning potential of this company and evaluates the merits" of the stock at current market prices. Write or cable for your copy today,
Pemberton Securities
LIMITED
BUSINESS, ESTABLISHED 1887
Memeber tutmalari Perlezt Association, of Canada
bo, sedikitler Association; Vetrouver diese idenkdyt Pombaston Building, 744 West Hastings Štrest
Vancouver 1, C., Canada
„Čašlé: “Fembersula Vadestinor-
To take.
tion.
Since buying of gold forgoes per ounce more than a deliur
annum, some of interest per Central
little worry about over-paying a few cents 900 shares.
an ounce,
Banks
23
or
total traded, 138 were
SMAL
Pullman
Pure Cl
6812 | Hadio Corporation
车
03/
Radio Corp. Prof. Rayiton
Republic Sleet
Reynald Melal
25 Reynolds Tobacco
N}
Royal Bank of Canada
Royal Dulch
Ihrem Mfg.
114
London, Sept. 19.
| Stocks drifted lower in an uncertain market today with buyers taking a wait-and-see stand on economic conditions at home and interna- tional developments at the United Nations. Oils relieved the general | dullness with a morning spurt
but the leaders failed to hold their gaitis.
Industrials
slipped
back.
30 Fulls in steels ranged to two
shillings dhd electrical require arments lost ground with textiles 53% and stores, 4115
Gilt-edged
were neglected 77% and lost frnelions while 'foreign bonds were idle. Dollar stocks 9171
392
Coppers
made a
20 stayed on the downtrack. Gold 50mining shares faded.
and tina showing but diamonds up a small fraction. 54 Rubbers and teas stayed quiet.
2119 mixed
8217
30 Inched
Closing prices
от
50%
13
Sears, Roebuck. & Co.
514
Baine Reg. Paper
sais
Schenley Inc.
Day
Sout! Poper
160
Siegler Corp,
Sinclair Ou
301
Smith, Kline French
129UPI.
13
Socony Mobil Oll....
30%
PHIL
Souln Puerto Rico Sugar
Ti
2011
Southern Co. (The)
48
42
Southern Natural Gas
301
Standard Brands
4036
Gledged Boxida
4315
Briksh Transport 3%, 1975/88-
209 5815
4014
58
Consola 201
Convoca Loan 3%
14%
Funding Loali Yo
400-1/16.
12
Funding Block $1,
612
065/10.
Funding
10
£88-8/10.
Savings 2, 1935/85-2303%.
Savings 3 3900/70-1304.
Standard Off of Cal Standard Oil of Ind.
Standard OH DI NJ, Steel Co. of Countin Sleep Bock....... 291 Sterling Drug Co.
Stokely Van Camp.
Stone & Webster
241 Studebaker-Packard Corp.
то
1NE
43
Consols 21—404..
509%.
Loan
1961---
1959/00-
MONEY MARKET
STILL
TIGHT
London, Sept. 19. The authorities have left the London money market in no doubt during the past week of their inten ilon to maintain the credit squeeze. In the strictest serise.
Discount houses have been hard pressed every day end on two occasions the usual assis. 1999/2004-tance was not forthcoming and a number of houses were com- 1900/80-pelled to borrow direct at the bank rate of alx per penal Dent.
Bavings 3. 1905/18--27378
Blanks
There has been heavy and calling by the banka at times and most days they have been reluctant lend- ers of fresh credit.
Barclay's Bank Lid ord-widespread Chartered Barik-50s d xd. Hongkong-2004 Bd.
Lloyds Bank
National Grindlays
Bank "A"
Non-Cumilaanes
Bank-35
12:550.
Sunshine Mining
113
Swif✯ Cu.
3.31
Do
Texas Co.
4812
Textron In
Thickal Chem.
703
Tide Water Oll
125
Time Inc. ..............
614,
Tel-Cont. Warrants
TRAL
Twentieth Century Fox Film
081
Union Carbide
Union Oil of Cal.
Union Pacile Railway
Uniled Aircraft
Bd.
10
Waited Fruit
1075
Westminster
Glidden Co
United Gas Corp.
Goodyear Type
344
US. o "3"
291
Grumns Aircraft
26th
U.S. Gypsum
2015
Gulf of
271
U.9. Rubber
442
Hammond Orgne.
3150
Heyden Newport Corp.
US. Smelting
27
10%
U.9. Steel.....
734
Hiram Walker
U.S. Steel 7 P., RE,
245
1738
Warner Bros.
...
4814
4935
Waukesha Motors
39
10
Westinghouse Air Brake
Westinghouse. Electrie
48
409%
Us Tid.
Inland Steel Co. Interchemical Corp.
401
Western Union Tel. Co.
44
30
West Va. Pulp & Paper
37
684.70
Inti Business Machines 129.04. Int'l Harvester
BOL
Winn-Dixie Stores
BIEL
Woolworth K. W)
6524
94.02 Internårtioped Nickel
40!?
Zenith Radio
11416
Building & Materials Associated Portland Cement---GUS
5742
-UPI.
okt.
Goodlaws Wall St Lond
Ord-400
1320,
1,253 Issues higher and The particular price of $33.25 $75 lower. American exchange would be important only if, as volume was 1,240,000 it has been so widely played Bonds volume amounted to
the shipping perity, 56,030,000. Lip 10S it were Jakten
more
respectable level for buying American gold. It is not the shipping party. There is none. --China Mail Special.
HONGKONG
STOCK EXCHANGE
Our Ows. Correspondient
Business, done at the kong
Stock Excharige morning amounted to ximately $1,090,000. quotations and transactions:
Sharex
HK Bank.
Lumbard
ekarca,
Dow-Jones closing averages; 30 Industrial 20 reils
18 utultis
63 stocks
10 borde
Comun. future price index
Closing prices
Abitibi Pwr. & Paper Alden Inc. Arry. Algona Steel Corp. Allied Chemicals Allied Mils ane.
Am. Home Prod.
fumman Reftig.
aha. Power
Imperial Di
Imperial Tobacco Ingersoll-Rand
191.12 ft Tel de Tot
B4.82 Kaiser Industries
143.84 Kansas C Power & Light
Kermocoil Copper
Kimberly Clark
Liggett & Myers Tob. Co.
Tulip
Litton lid,
Loblow Grocaleria
Loews Incorp,
$ 50
43
Lockheed Aircraft
324%
想
Lone Star Cement Co.
30
2516
4014
Lowenstein & Stone.
Dermott J, Rag
Allis Chalmers
Am. Brake Shoe
American Airline
10
Menobi Iron Corp.
Atherical Calle de Radio Corp,
01
Minnesold Mining
American Cyanemid Cv,
4711
Nision Development
Amer. & Forgn, Power
0%
Molsona Dewery
Am. Can & Metrie
BEA
Monsanto Chemical Co.
1TB1
Montgomery Ward
GO
Mutarelo Inc,
21/1
National Bingult Ca.
National Cash Reg. "A”
50
National Dairy Prod.
National Lead
National Steel Corp.
BI
Am Mach. & Fday
Auverlamm Metal
-Aan.- Natural-Gas
Amerienas Smelting
Hong-Am. Sugar Ited....
American Tel, & Tel.. this American Tob. appro- Ampex
Noon Anda Copper
Armeo Steel
the morning's Armour
Bayers Sellers
Sales 1170 1100 403180
24 11883 101175 30 44 1170 20 ¿ 1173
Uniun Waterboat 23.20 Wiscebook
7.00
Dock
101 102
Provident 2015 20.70 HK Hotel..
405 4032 HK Land
Ex Div. 0 72
Yatısuali
Train
C. Light
HK Electric
Asbestos Corp
| Atlas Cara, Nöping Dimore & Ohio
Bank of Montreal Bank of Nova Scotia
Beech Life Savers
3. C. Tel, C.
Bell Telephone ... Benedicial Finance
Benguet Cons;
New York Central
Noranda Minzen Låd,
Norfolk & Western Ry
44 North Amer. Aviation
Northwest Airlines (Com.) 317% Oklaamd Nat. Ge
Olin Matheson
Oil Wevalors Owerriols Glazy
Co.
Bob Oxford
40
4612
Party Gas & Elec.
Pan American Airways
Paramount Pictures
Parke Davis Co.
Penny J., C. Co.
Penn. Salt Co.
Bethlehem Steel
41
Philip
Barden (The) Co.
40%
Burroughs Add Machine
31
British Amer. Oll
2015 | Pittsburgh Plate Glass
Publicker Industries
1060754
3500 7.70 1000 724
4000 -73
600 101
British Columbia Elec.
Morris
Pitney Bowes
Procter & Gamble Co
100 102
100 102 800 20.70 1003 40%
400 071+
Yesterday's Closing
170 170
400 178
500
2000
1000
500
2212
500 G 22.60
Ex Div. 21.40 27.99 2000 @ 27.20
HK Telephune
Dairy Farm 2011⁄2 29,70
Watson
Textile
207
Demand slow
on cotton textile market
New York, Sept. 19. Demand for cloth was slow in the
cotton textile market today.
-Prices-were--easter-In the-l print cloth section, with most mills Inclined to meet prices quoted by second hand sellers.
Wool goods were quiet, Prices were higher at the Australien wool auctions with Japan, the Continent arid Russian bloc coun- tries buying, freely,
In the man-made fibre markot dealers oportea a belter dc.
4814
40%
27
mand continued dacron blends -
for
cotion-
12013
6014
fabrics improved for spel and fourth aquarter delivery.—-AP.
3712 Sales of some rayon
COMMODITY PRICES
METALS
NEW YORK
Closing prices, all in cents per
Ex. Bis.. 234 34
100: 34
100 6 34
100 34
Censent....
54 5415
500 14
100 541)
1000 54
509 29,00
500 6 29.60
100029.00
27.00
lb.:
0.20 0.30
13.00 334 13.00
Amal.
. Rubber
Rubber
Trust
0,00 0,30 1000 Fr 8.20
7.70
Lead
Sept. Nov.
Zinc,
Taikou Dock
7.90 2000 7,00
00
Sept.
2004 60 200# 59%
Nov. Copper,
1000
Sept. Nov.
11umphrey Realty
Nanyang
23.20 23 2900 23.50
1000 @ 2:30
1% 1.770 14000 1 1,770
30000 4 1,775
HK GRE.. 144.14.70 1000 or 14,00
Rope
Invest.
-
14.10
Rec. 112.30
15.10
Lane Craw. 50 Vibro
Exchange rates
Business was done in the locat unomictal exchange market
morning at the following rates:-
U.3. doler (per, #1)
Sterling Botes (per 21)*****
Thi
感
10,87
10.04
0.10
1.80
-Australian nates (per £1)
Indonesian rupiah (per 100) Ajamiesi :(per, 100) Bhigabote (Biralls) ****))
HK UNIT FUND
Pro $ 1.02
LONDON
Closing prices all fn pence per
1b.:
No. 1 Rabot....
„Settlement Katra fortri
Ape//dume
Grenora! marketa. e...
31-8116
Bept
Ja0/Mar
Judysept.
Į ports:
UM.
10.50
Non
30.50
10.50 11.01
Estate crept thin cel.
thick Oct, AMSTERDAM
Closing prices all, ini guilders per kilogram, e.l.f. Oct.: No, rubber
* rubber.
No; 3 PUBBEN
стора
LONDON Closing prices all in sterling || No per long ton.
Th
3-month
Copper.
spot
-month
Zing and heit,
Beri.
Dec.
Lend ist halt,
Bop
Deg.
de
Buyer Seller
BOT
01
108
237
20 Ayers
* Biyote
Buyer 3.16 buyer
UPL
TTON
Cibatng, prichs all ja cents per
18.
Spot:
MAFI Sİİ MON ELEMY: 1234
Doll; 22.40)
32.35:・ Mar! 32.07:
| FORTJAN ERIKEN ZEEEE, FIOD GONE?<jodg.
Union Insurance Canton-2B16.
Airetaft and Motors
British Motor Corp. Ord-151.
Ford Motor Co-153 1140.
Hawker Siddeley Oroup Ord--30
714..
d.
con
This has resulted in the dis- count houses paying high rates for short term accommodation and they have willingly coded 5% per cent and even 5 percent on most days. The money mode through help given at times by the author!-
Rootes id "A" 198 7162dtées han boen passed on to the
Rolls Royce
Standard Trip International-
Distiller Co
Breweries
South Africart Breweries- 6d.
Coal steel & Engineering Bairouck & Wilcox Ltd-30 04. United Steel-ais ad.. Vickers Lui-125 3 rd. ‚ ̈
Food and Tobacco British American Tob. Co., Ltd- Imporiol Tobacco Co., Ltd-04
Mu
Boardman Marden Ltd. Brillah Oxygen Lui. Ord-29 d. Canadian Pacife try-40%. De La Rue Co. Ord-54. Dunlop Rubber Co-2 103 Gilman Helding Lt4m2, 434. TODEKOR & China Geita.
Chemical--078. Lyons & Co-Ax 1. Unilever Lid-148 Od.
Paper
Bowater 101st.
Paper Corn
Ord-07*
Radio and Electrical Associated Electrical-tra Fid. Flectrical & Musical-47 58. Enga Electric Co--35, General Electric-39% ed.
Shipping
Indo-China Slezin Nav. Co, de! ord-228
PkO Steam Navigation det ord-38€ 100.
od
Stores
Debenhams, Lld, Ont-436 0
Great Universal Store "A"-493
Marks & Spencer Ltd 80 3d. Woolworth J. & Com73 #d. Textiles Coats J&P L 63 415d. Courtauk Ltd-50s 101%d.
Mines
Cons Goldfelds of South Africa 70% 30.
Come Zing Corp Ord-7% 9. De Beers def 450.
Hongkong 10 d.
Petaling in-71⁄2 140.
Xar--.
Southern Kinta Cons 144-23s.
West Driefontein
markot at 5.
Business in bllla has been
restricted with
end-November, and December
"hot" bits changing hands at 5-7/16 per- cent.
At the weekly Treasury bill totalling applications tender
were made for 2,417,505,000 £280 million worth of bills, but the Authorities Look the usual step million.
un-
alloting only £270
The market secured a quota of 80 per cent against B1 per cent the previous week and the average rate was virtually un
changed £ 10s 2.1d
per cent China Mall Special,
U.S. metal combine joins Greek interests
London, Sept. 19, Reynolds
giant Metals, Americant aluminium com-
bine, announced tonight It was joining with Greek and French interests in a multi-million project that will make Greece a major aluminium producer. Reynolds said the project in
Union Corp mining "the biggest thing in private industrial enterprise ever to hit Greece."
Tild.
Brisb
cat Petroleum Byndi
Briti
It includes d
$85 million
Petroleum-hydro-electric plant and station and plants costing $75 million
convert Baumitu
Patroleum Co., Lidusta | to
011
Burmah
Battali dx.
Burmah-e cd.
SUGAR
NEW YORK
Closing prices alt in cents per
jb.:
Contract No. 4 (world)
Oct: 2.90; Jan: 3.11; Mar; 3.12: May: 5.15: July: 3.24: Spol (F.A.8. Cuba): 3.25.
Total Sales: 137 contracts. Open interest: 2,819 contracts. Contract No. 6 (damestic) Nov:
NY. ox-duły): 0,18,' Total Sales: 101 contrac
Spolitan: 585) Mar: 5.93: Open intarest: B33 contracts-UPI.
FOREIGN EXCHANGE
NEW YORK!
Closing rates:
England
Official
30-days
2.3157 22.3099 2.1943
LONDON
Closing rates!
Montreal
ས་་
Argitardant Drikuele
Cicking prices au in Ponce per
Inten
RUBBER
NEW YORKNUNDAN
Rex rubbor future ofɑsing prices, all in 'cuite për.)b:
PUMA STOT BAO PAULO
cdeling priore il sa, crizeiro per pužviraké aften- tis Arad at la dés New York
afgmisted" "apok, marketa: 20,60: ORIE
0.07 Better
July
PASSERS
May 22.7
་་་་་་་་
Royal Dutch Feltvizum—£1194. Sholl
} aluminium.
The Greek Government
into
will
Tratisport & Tradings fiance the hydro plant, Rey-
----Flouter.
Rubber
market
review
New York, Sept. 19, ex rubber futures today closed five points higher to 35 points lower on sales of 54 contracts.
nolds Bald.
The rest of the project will be operated by en Internationaá consortium of which two French companies, Pochiney and Com
i will hold 50 per cent,
Stavron Greek shipowner Niarchos 21 per cent, Reynolda 17 paź dont ont a Greek gover ment corporation 12 per cent-- AP.
No changes
in airline
fures
z Čalines, Bépt. 19,, falernational Air Transpõhi Asseéìallati's milžitial conférence DEL DRAW farés opénéd Nera today ··WICH • Mifine exnia- tivi freely prestating
Future prices were sharply higher early in the day on the|The strength of primary markets. The advanco attracted profit-
tokiri which eliminated the advance and turned mort positions exaler by closing time.
No' consumer buying was te
The conferenew it being at- ported and dealers were dis- inclined to trado. Nothing war tended by top oficials trum 10 done in shipment rubber, and airlines, an IATA, „spokesman offerings ranged, from 3⁄41⁄2-to % said it would last from throw to elirront "market | five weeks, « depending on, how cent above
long it wok to reach dateemefit
· levels,
* Prho, current moulli for No. 1 en pasanger":"and freight rates IATA 'regulatioii – require; un-
se was quoted at 801⁄4%20ne
In London, the rubber market,
Was treeltant after firm", "with"
unknout devletona, conhe
· Oise hintson / put forward
in
spot quoted at al ponte." favour ut passenger fazes being when
“In Amsterdmen the riskber - matini Galised. Mt: Lismir: prešant taval "Triaricaś... "was...). dgieter Atodaju ja that striinies ... will! » Miroduke"
from October 51 to Maren S031
Kvaliabley@HASPI.