THE CHINA MAIL, TUESDAY, OCTOBER 11, 1960.
Wall Street gains Business methods in
London slightly
stock firm
New York, Opt. 10.
The stock market advanced slightly in light trad-
ing today, it was the market's fourth conséeu- tive rise.
Most gains ranged from a few cents to around two dollars share, but thore
wider guing, and losses, among more Volatile stocks.
were
London, Oct. 10. Industrial stocks remained
Some of the aircrafts, on high ground today but tobaccos and selected 169yas there was little rest formade good galna along with the buying.
big three autos, some chemicals, electronles and rails declined.
Stores alid textiles met donan. Salt lavestmeal buy- ing brought gains to gilt-eigen. Greek bonds inched were up.
South African gold mines fell back. Ditunond Ripped a small fraction and coppars receded, but stendfed in late dealings. Tins generally improved. Oils declined after moving erratical Jy. Tens ensed and rubbers were neglected,~~~UP!.
Closing prices
1
Toitish Government Securities
Pigs, Comaalidated - £45-1/10,
3 Convertone.
32 Savings 1903/66-250-7/10.
3. Having 1060/70-£7
1. Bavings 1965/76-27116.
"Enake & Insurance Barclays Ord=85% 30. Charjerid Bank-57a." singkong Bank-483,
Dd.
11214
084444
Ou Butinah Oil-415_N. Hoyal Dutch – £129.
Rtrels Engineering Babepek & Wilqux Ord -33% 40.
rafted, Sicel-84 3, Vlekara Ord-die 70.
Industriale Astou. Elég, Industrien-dde 51, Assoc. Portland Cemoni-71s 3d. Boar diman, Marden Ond-ta 70. BusAmer. Tob, Ord—02). British Mutar Ord—16 Dd. (a) & P Ord~AR GU Courtaulds Ord-57 40. De La Rue Ord-4ck 34, Dunlap Rubber Ord-zim 10. Five 4 Mus. Isuitairies--dės od. Ford Mator Dril-968 74. General Electric Ord-30uad. Gillman (Holdingni Ordmas 3, Grent Universal Ord=53% 60, Hawker Bidieloy Orbis dt. Imperial Chemical. Ord-10% 10d. Imperial Tobacco Ord-007. Marks & Spencer "A"
Rolls-Royce---la.
Standard-Triumph- 3d, Unilever Ord—184x &c. Wolwarth Or Blə 1d.
Miam
De Beers Dec-150.74. Petaling Tin-7 id, Union Corporation 438 78.
Miscellancou
Hownjaker. Ord-281 70. Canadian Pacifis Ord-43015. Trongkong & China Ggantin, Inda-Chia Def. Ord-žja 90, P. &. O. Steam Nav. Dof- 14. -iteutor.
Rubber
review
New York, Oct. 10. Rex rubber futures today closed six to 30 points higher on soles of 65 contracts.
back
Futures ware cut Ground 燙 cent below the
of 1,174 Jamies traded, 475 advanced, 407 declined and 232 closed unchanged.
Standard and Poor's 500 stock rosa 11 cènts to 54.14
index dollars.
The Associated Pres averagy of 60 stocks was unchanged at 208.00.
The Dow Jones 30 Industrials were up .89 to 567,81, while tho composite was up .19 to 195.91.
Volume shures compared with 2,530,000 shares truded on Friday.
totalled
FAVOURABLE
The US. business
0,090,000
news was
|
Ford Motor Co
General Dynamics
HONGKONG STOCK EXCHANGE
by
Que Own Com spont al
Southeast Asia
come under fire
}.
Tokyo, Oct, 10. An American businessman who writes a financial column in the English language Japan Times reported from Saigon today the "amazing trend" of putting the world's business in the hands of bureaucrats.
Baginess done at the Hong- kort Stock Exchange this murn- | ing amounted to approximately $2,530,000. Noon quotations and nam the morning's transactions:
10 @ 1190
"I am even moro amazed at į For the quipe of ach possible the mess they made of it," said savings and because the local Joseph 2. Roday in a dispatch bureaucrats. do not dare to make
dv from the ospital of South Viet.decisions, the operation is
layed for
costing months, everyone vastly more than any saving inade possible by the wisdom of Washington.
DELAY
"Businessmen do not pay for the added costs of doing bysl ness," he said. "They pass the cos; on the consumer who pays btcause he has no choice,
Curb Produce Ca
Crane Company"
Crown Zellerbach
Curica Wright
1032
Dixtil! Corpistogramin' `***
Douglas Alerati
Dow Chemigal
DuPont de Nemours
1841
Eastern Air Lines
Eastman Kodak
100
Food Machinary & Chem
Bily
Bhates HK Bank ..
Hales Buyers Fallarg 1190 1195
301163
General Electric
27
20 $195
General Malors
13 1195
{
20
Giorgia Pacific Corp
Lambard Unlun
301
101 100
200 100
Celty Oil
Gillette Co
101 B015
34 F KO
Whart
232
235
Goodrich, B.F. Co
83% Walerbuat
27
1000 @ 21.10
Goodyear Tyre & Rub
grace. W.R. & Co
20** SOL
Gulf Oli
Wheelock
Dock
7.90
# 17000 735
devised."
2500 B
100
107 000 ₫ 100
Ingersoll Ratuj
int Business Mach
315
1000 200 400 0
EU!!!
Provident HK Hotel..
General Milla
Denpivi Telephons
Indi finvester
int Nickel
in Paper
thi Tel & Tel
Jones & Laughin
Kalsir Aluminum Kemerott Copper Libby Owne
& Myers Lockheet Alt. Lone Star Cement Lorillary). P. Co. Martin Co.......
Merck & Company... Metro Goldwyn Mayer Minneapolis Honeywell Minnesota Mining & Mig. Monsanto Chemical Montgomery Word Moure McCormack Lines
National Biscuit
slightly more favourable. It In-Motorola Inu, pake eluded a rise this week in the steel operathig rule to 64.0 per
| cent of capacity from 58.4 per cent last week, and an Improve- moat in employment last month,
Brunswick
wis
the
National Cash Register National Dairy Prod. Natoond Distillers National Gypsum
National Lead
New York Central Northwest Airlines
most owo Ou
Paramount Picture
selive stock, up 2 at 70 on 10th Mathieson Chenti. 30,500 shares, Secondi was Packie Gas & Elec. ...................
Pan Am World Airways Ampex, off at 21 on 33.000 hares. Third was Standard oil (New Jersey), off %% at 40% of 30,700 shares.
Next came Oliver Corp. off
at 19%, and American fee, 1% to 2012.
Puylvania RR
Repel Cola
15
truo
his
bureau-
The victims, of course, are! "Since it is likely the delay the people for whose benefit the will be repeated every line the bureaucracy allegedly moulder needs material.
busings will degenerate into the so com- Reday cited an example in stop-and-co-operation
Inmon in countries where industry South Vietnam-also the Philippines, Indonesia and is controlled by the 2155 21.70 1800 21.70 other Southeast Asian nations cracy," Reday said.
He also scored, the system of where
· 200 * 421%
the governments had devised methods tp guet Chinose having three rates of foreign ex- businessmen from their importchange the ICA rate 35 pias- export operations, which they ters to US$1 In South Vietnam, the offelal Vietnam rate (73—1) had dominated for decades,
and the market rate (90-1).
43 4315
3500 kr 422% 1000 43
1000 434
*300 up 43
500 + 43
76
HK Land Yquinali Serty Ex. All.. Tram
01 61 200 @L
90 THE
93.20 23.50
C. Light
ald
New
cargo liner launched, sea
trials planned
turbines,
The ss President Lincoln, first of two Seg cargoliners being built for American President Lines"ot Bethlehem Steel Company's San Francisco shipyard, was launched last month, 100 years almost to the day that Abraham Lincoln was elected sixteenth Presi-
The
dent of the United States, rule
Viet- said only
The US. ICA foreign namese could
Import gel 1425 @ 32
the mission in South Vietnam last In the process
The traditional bottle of ¡necting propulsion 400 2320 llcenses.
month announced it no longer champagne was emashed against gears and propeller and line would give assistance in
the bow of the 29,000 ton per shafting will be made, cargo
will be porting most consumer goods. It
by Mrs Ralph Wilson, wife gour
erred, arid elted the advancement in the of the Chairman of the Federal electrical and ventilation duct
as the Libe Vjetnamese economy
Maritime Board.
Although this Admiral work petailed. reason for suspending consumer wi
Wilson
principal ship carries only 12 passengers, speaker
launching. the air conditioned accommoda The immediate result was others who participated in the
tions, rivaling those, of the that importers who previously ceremonies
latest passenger liners, will be included T C. foreign
exchange Ingersoll purchased
complcted. Селета Manager. K. Ralph collars at the extremely favour Belichem-Pacific
for Davies,
Chairman, and George able rate of 35 piasters US$1, now have to pay 13 Kallion, President, of American platters for U.S.41 of foreign President Lines.
Official stari of construction found most imported commodof the ship was December 18, tira had doubled in price.-UPI 1959, when the feel was lald.
500 LA 23.30
2002320 country acquired several thou- 800 93.30 sand new importers whose only
was citizenship, 100d 23.20 qualification 1200 20.30 Reday said. He described them
10023.30 as "brokers."
.. 28.40 28 4385 20.40 5000 2340
Iny
SIT BACK
སྙི་ང
uld.
"A 'qualified' importer no tonger needs to import anything and peddle his Jor to get out
products. He can sit bacic and 25019% peddle his right to get licences. "A garment cutler who im- porle his raw materials....at competivo world prices....has the to pay 100 per cent of value of his Imported materials 1o obtain the right to use lence since he is not qualified importer. On top, he pays an import duty of 100 per cent.
exchange. .. 0019 0754 300 3 57
1575 18.00 1000 Op 10.00
1000+ 4715 2200057
30 30 3000 » 30 1200 » M 28.80 27.40 900 27
5.00 $36 8.55 8.70 3500 4 835 2000 8.65 14.00 14.70 200 14.40
1200 11.00 100034.0 2000 14.74. 1000 14.79 1000 de 6.20 2000 0.20 1500 $36.15 3900 6.10 2000 in 20
Electric
3000 29
B0028
5310
Telephone 35% 30
CO 35
300 30
2000 ## 30 200 30
Telephone
K18.
10.00
10
Coment
101
Dairy Fami
Ex. Div.
PAzer, Charles
Phelps Dodge
40%
WALIGH
Philip Morris
2015 Allied
up
Pure Oll
Phillips Petrol
4A
Texte
$576 | Nanyang
Quaker Oats
59
Radio Corporation
5371
Ruyihaun Company
frouble Steel
542%
in
38A. Rubber,
6.15 0.20
Rubber T
181 Talkoo Dook
7.70
Hungary 241
HH Gas.... 14.80
1.90
200 @ 0434
24.00
1000 145
14.99
1000 u 24.00 100 14.85
2800
10%
41
points on hopeful talk
of
stock apilt continued.
Stand Cl New Jersey Stand Dll Ohio
10% Cald. Macg
+234
101
favour
Lapio, JAW. 400 HK & FE.
Inv.
(Ord). Underwriters 11.30 Jat Invent 0.30
Realty
13.00
1.875
5031 Star Ferry
132
1145
Union Of California
United Afteraft Corp
Talk of the expanding market Iar bowling equipment foreign countries accompanied the rise of Bramawick and the continued advance of American Machine & Foundry, which was 11th most active and up.1%.
Polaroid tell 7% in a spate of profit-taking. Clevite advanced 24 on a published report it has
Roynolds Metals Reynolds Tobacco Royal Dutch Petral St Regis Paper Bears Roebuck Shell Oll****** Shell Transport Sinclair On Socony Mobil South Am Gold a Plat South Callfornia Edison Southern Company Sperry Rand
1
developed a "spark pump," said Standard Brands... pro-Start Oll California
to simplify the Ignition
cess. Procter & Gamble added 2 Stand Indiana
American news found
in some Wall Street circles and
the stook rose 3.--AP.
Closing prices
Allied Chemical Corp. Allis Chalmers Annnteum Lt...
Aluminum Company
Kamerada Petroleum American Airlines Arican Can
American Cyantamid... American Smelt & Relin ... American Sugar American Tel & Tei American Tobacco Astaconda Company
Friday price in early dealings | Armee Steel....
with buyers still apparently
Armour Co Associated Dry Cauda Bendix Avintian
reluctant to contract for any Atlantic Refining real business, However, there
of
was no pressure to sell either, Euthlehem Steel and the lock
· offerings ¦ Boding Airplane apparently was responsible for Borg Warner
Horden Ca
a Late lift which brought a smewhat better ton at the
close.
In shipment rubber, offeringes included No. Ave ribs from Siam at 31 cents and No. 2 crepe from Indonesia at 32. respectively. The current month for No. 1 Rs was quoted at 34,-UPI.
Bridgeport Bran Burrough
Coro
Canadian Pacifle Rwy Caet, J. I. Co... Celancer Corp Am Cetro, de Praco Myler Cord Bervice
Coma Cola Company Colgate Palmolive Dammonwealth Filimon Consolidated Elison Continental OLJ
Dealers in
TELEPHONE COMPANY"
PUBLIC UTILITY & INDUSTRIAL-
* SECURITIES
MUTUAL FUNDS
Information and Suggestione.
Specialists in
OVER-THE-COUNTER SECURITIES
FREE PORTFOLIO ANALYSIS
For further details and lut of current aftractive recommendations, write
Morris COHON & CO.
Hiqmbers: Pacific Coast Stack Bucheizy
New York Security Dealsti Azmi
-19 RECTOR STREET. - NEW YORK 6, NYUU
48
翌4時
29
fut
Sterling Drug ...
Studebaker Packard Texsen Inc_... Tidewater O Thompson flame W
Twenty Century Fox Trans World Airlines
Union Carbide
Union Pacific
United Air Lines
United Fruit!
US. Indzistries
U.S. Lines
65% U.S. Rubber
18US. Smen
34
Rein
U.S. Steal more
4431 | Warner Bros Pictures
Western Union Tel Westinghouse Electric
29
2015 Yale & Towne
11
Youngstown Sheet &
Zenith Hadlo
Market Tone
Tubal Stock Salco
On visit to
Britain
London, Oct. 10.
The chairman of the Union
of Burma Shipping Board, i
Macao Eječ. 14,80 Entertainment 277.220 Vibro
10.40
2 a
"The finished garment thus carries material costs totalling abcut 310 per cent of the CIF price, (cost, insurance and freight) of which more than two-thirds 14 caused by bureaucracy, The consumer
pays nearly three times much for a pair of pants as he would in 4 free economy."
Reday said. 800 14.80
3004011
14 1000-11.00
的
Agreed merchant
rates
all
The columnist said not was the fault of U.S. foreign aid officials who are continual- ly harassed" by congressional investigationis.
(o
"The ICA people in Vietnam everywhere elso 46 4 matter of Cact) are now trozen with fear of waste and cor- ruption," he said. As a result a Vietnaraca: plastics products manufacturer
unable to operate his plant between June and October because
was
The consumer thus
London
money
market
London, Oct. 10. The main feature in the London money market in the past week wat on alteration of the day on which banks make their weekly main tax transfers to the Revenue by on
Was the
at the
The President Lincoln iB being built simultaneously with asiatership, the SS President
mition Tylos, in a $32
con struction project to give American President Lines we glant ship that will
tank among the largest, fastest and mast mådern cargoliners Dail- Tog under any dag..
д
The President Lincoln is 65 per cent complete and presents
completed appearance with midship deck house, mast- houses,
CCXT- and principal ponents of her machinery in place.
TRIALS
Prior to the Lincoln's delivery to APL for active service in April, 1901, she will undergo
trials. two cxtensive
First, cach piece of equipment will be meticulously tested both at the dock and in deep water, This will be followed by final sta trials in which the APL offices assigned to the new ship will participate for indoctrination and familiarisation,
In the ships there will be one hold used as a container hatch and another designed and con- #trusted for easy conversion in a container hatch in the future. A large gantry crane, with 瘫 capacity of 28 tons, will ride above the container hatch for of easy loading, and discharge containers and sen vans.
The new type cargo gear be- ing used on the two Sed Racers Following the launching, the is also a feature of the U.S. President Lincoln was moved nuclear ship, Savannah. The into drydock for port launching electrohydraulic gear 1s the work. The intricate task of con- must modern cargo equipment
agreed arrangement with SAS introduces
the Treasury. These trans- fars are being made on Tuesdays Instead of Thurs- days as hitherto,
As a result, difficult credit ICA ICA conditions abounded on Tues- day, which also followed a tight
officiels had to refer a foreign exchange request for plastics Monday and consequently for
the first three days of the week
new jetliner
service
devised to date. Its principai characteristic will be the com-. plète power positioning of all 10-ton booms and the gear will be supported by novel tubular or fruss Biructures in lieu of the conventional masts and king- posts.
The President Lincoln will bơ powered by 17,500 normal horsepower CROSS - Compound. double-reduction-geared turbine. It will drive .n propeller at
not money was in keen demand, The first DC-BC jetliner approximately 100 revolutions
business is highly competitive," Swiss Francs, Maximum seil- he said, "world prices do ing 75-1/10.
vary more than a few cents.
Yesterday's Closing
COMMODITY PRICES
METALS
LONDON
Closing price, all in sterling
AMSTERDAM
Closing prices all in gullders per, kilogram, c.lf, Oct;
No. 1 rubber
No. rubber
No. 0 rubber
No. 1 crepe
Mr U Tin Maung Maung, per long ton. has come to Brityin for a Tin spot fivo-wook visit under the 3-month auspices of the Colombo Coper spot Plan to make a study of Zine 2nd half Oct. the practical shipping | Lead 2nd hall Det administration of
Вчуття Зенетя
B0776 B001
2201
22494
-mon
2271
22724
ea
676
this
~~UPI,
ib.:
country..
The Board's
blush
alm is to esta={ efficient services round the coast of Burma and in the short sea trade.
Apart from two tramps of 7,000 torn, it operates a small fect of small ships.
Mr U Tin Maung Maung, whe Is accompanied by his wife, will return to Burma November 14-AFP.
HK UNIT FUND
RUBBER
NEW YORK
Rex rubber futures closing prices, all in cents per fb.:
Nov 14.30 Zan: 12.00; Mars 32.37: May: 20.15; July!" 48.05; sapli 31.03.
SINGAPORE
with borrowers paying between 6% and 5% percent for their needs.
As
banks on Thursday the had free maturities conditions took a change for the better, but the supply of funds Was never more than only just about adequate,
service directly over the par minute and will be capable
of continues operation North Pole-the world's 10,250 shp. The propeller fastest routo between made from 1 new nickel Europa and the For East aluminium-bronze alloy, known wa inaugurated today as nialile, rather than the con- by Scandinavian Airlines ventional mangancas-bronze pro-
peller,
Dorignated as C4-3-1 System.
the propelling machinery will be
The BAS DC-8C-the world's able to generate a continuous, adyanted extra-long sustained crusing speed of 20 jetwas scheduled to knots at load draft. Eist-West travel "Umo to
During the week there was most no penal borrowing. There was Fange a fair turnover in bills with Bish
10 flying hours on "short- top-of-the-world.
DESIGN
Design agent for the two Sea
2.33 buyers second-halt Decembers and hot than 2.67 buyers malurities changings hands at the 2014 buyert 52 percent, with some sold at cut the airline plopeared in Racer de George C; Sharp, PT 3.02 buyers 5-33/04 percent. There
UP!.
COTTON
LIVERPOOL
Closing prices all in pence per
Amerloan Contract Oct: 250; Dee: 22.10: Mar: 2320; May: 233; July: 23.95.
Mixed Contract
Oct: 2335; Dec: 23.30; Mar: 23.58; May: 23.70; July: '83,76-UPI.
FOREIGN ENCHANGE
Closing prices all in Straits
NEW YORK cents per 1b, Lo.. Malayan Closing rates;
No. 1 Get. No. 1 Noy.
Unik Trust Fired Hongkong No rubber unbalad Fund.
Buyer Friend Seller Priest "1.00%
Exchange rates
Dusios
LONDON
Corrads 0545-0516 | Ringlerud omedel
30-d83% DO-LAYE
10 /
6100
SLINDO
241970)
03-9255 .: Australia D411-1$}} } #outh Africa 100-102
Mothers- uncharted.
Closing, raja
New York eithe
Amsterdam
Coperishgani
Cloning prices all in Defice per Mond
ib.?
No. 1-Ras upp!
Beillement house ferphi dons in the 'dost: Det/Det.
This Jan/Mar.
Apt./June July/seph.
M Viaona
was Fabrygrypy. virtually
the 110 change in Treasury bill rate-China Mail Special.
Strike is called off
Parls, Oct. 10, Stuff manning the regionai 'control centre and control tower
NewYork, The Interior desig 400-mile an and decor will be the creatiod The inaugural heur DC-8C wis to fly the of Eleonor LeMaire, also of New 4,400 statule miles between Vorks..
Anghar Copenhagen and Apake, in approximately 87% non-stop hours.
- Prinicipal characteristics show these additional sintistics: over- all length, 503 1 7% in;
70 bcom, ft., displacement, 22,640 tons; total deadweight, general cargo,
BOTH ROUTES. Anchorage is the one inter: | 18:500 mediate slop on the 8,000 $42950. . ., excluding con- slatule miles "Northwest vorilble deep tank and container. Paysage route between Europe capacity. The President Lincoln will have an officer and crew and Japan.
Applement of 80.
at girport today called of the
The inauguration marked trencktion to paze-jet
Designed to carry all types of Ancoln, and her sistership, BAS introduced” DC-AC Jets President, Tyler, an desi pt be
a flye-hour strike, set for to- netvice on both routes on the general cargoes, the President morrow which bad threatened SAS Polar System, serious disruption of air traffic,
on
the Polar route between launched in December, will be. **The trade unlops ald they Europe and the US West Coast feet leaders. In the cargoliner wanted to prepare more effective last June. The role history's Wille barely tip same action to air their grievances first commercial air service over a bull forth and dimensions as over pay and other questions, the high Arctic-was opened in the highly functional Mariners, the two Sea. Racers will in- 1034.
Nenrly 23,000 passangers have corporate many innovations in APL's, polity fawn the SAS North Polo Far
roviding the most modern equipment for service to shippers around the world.
Beuter:
Unemployment
decreases
Washington, Oct. 10, Unemployment. Feli by 400,000 JAZIERRE 320 | in September to 1,880,000, a Betler than normal improvement over August, the U.S. Labour |ha| Department reported today.,
American
The *number of
| Wahlbe dropped by BIK,000 from August tovel, kluk the Reptonitke!æmployment ipla) of
2 chả roun quiltyne k prosté fer
Eabi-Europe route since its in-nce with
Buguration.
An artial's drawing of the“ 89. Presidens"› Lincoln, Rea Racer, cargollner under cdriatruction for American," Pre