Late rally saves
THE CHINA MAIL, TUESDAY, OCTOBER 25, 1960,
Wall Trends of stagnation
Britain is urged Street from in Swedish industry
to control textile imports
London, Oct. 24.
A strong case for government control of total im- ports of cotton cloth, yarn and made-up goods into Britain and a warning about the possible
big
decline
New York, Oct. 24.
A late rally saved the stock market from a severe drop today, trading was heavy, it was the market's sixth consecutive decline.
The market
Wis
substan-
Untly lower and active at the opening prices continued to
plunge and were down hard started Tully got
when the
around the final hour. Trading
Parc Natural Gas Fully Finance Corp. Ferro Corp.
Firele Tyre & Rubber First Nat. City Bank Ford Motor Co. of Cana. Ford Motor Deorgie Pacino'
consequences if the present altuation con-picked up on the rally and put General Dynamies
tinued was outlined in the Textile Mercury.
In an editorial It regretted the governinent's failure to give positive assurance to the Cotton
conference Board
rogutive thut imports
1 BA- were
Roing to be stabilized either now or in the foreseeable future.
It refutes the suggestion that Loncashire might damage
iL
interesis if my thing were lu be said at this stage according to the Mercury the only thing!
which matters in point of timing during the vital seccud Industry's the of phase reorganisation programme is the production of solid foundations on which firms can build.
REDUNDANCY
11 added that every firm with an obsolescence problem knows hal It has to re-equip quickly to survive but none will hurry 0일 with this
the prospect redundancy hanging over them: It continued that at the pre- sent time very low spinning ond weaving concerns could uccurately forecast their future" let alone decide what manner of production they ought to be re-i qulpping for."
LONDON
MARKET
QUIET
London, Oct. 24. Most sections of the stock
markot
were
quiet
today, although
gold mining shares climbed on the strength of the con- tinued rush to buy the metal on the London Bullion Exchange. Gains ise among Industrials,
predominated
Oil shures attracted tile at- tention and leader's closed The only safe promise on which the Treasury alded remaindy lower.
bonds organisation programme can
investment
British
government
ahead on proceed is that the firms re- moved
persistent maining in the industry should buying spurred by have a stable market for the rumours that the British bank
I
per cent w and cloth they pro-rate-now
soon be lower to case the .con- credit government's servative squeeze-AP.
yarn duce." The Mercury added that no Such stability could be expected while total imports of cloth and yurn remained uncontrolled. was the duty of the government Its import pulley to declare covering the next two or three
years now.-Reuter.
It
3
Closing prices
British Government Securities
YCTIONNAI
Savings 1935/03/
J. Savings 1909/70-78-7/15,
Savings 1965,75-7-
Hanks & Insurance
NEW YORK Burplays Ord
COTTON MARKET
New York, Oct. 24, Cotton futures finishad caster today after holding mostly steady in a dull session.
At the finish the 1st was off 10 point to unchanged after opening this morning 10 points New 15 higher. 130 Oricans futures finished
Inwer
lower to 10 higher!
13
on
Scattered trade buying
same spot market
the basis of
Improvement
COUNTER com-
mission house selling, however, trade interest had all but dis- appeared by the close, leaving Des caster,
Conilleting reports came in tu of the effects apot house on rain and cold weather in the belt ist week. One report claimed Considerable damago while another said only a slight lower of grades resulted.
Exports reported today total- od 28,811 bales, Liverpool futures finished five to 35 English points lower-UPI.
:
Chartered Bank--31, Fiongkong
ayds Bank- 40785.
Union Insurance is.
Bu
1
Burtnah (3)--402. Hoyal Dutch-£11-23/93 xd.
Bigals Engineerged. United Steel-82 30. Vickers Ord-30 40,
Endustrije
Babcock & Wileds
the high speed üleker tape be hind floor transactions. Prices were well above theis lows for the day at the close.
It was the market's sharpest decline since September 28.
ranged Most lois few cents to around two dollars share, but some of the more volatile issues were down five to ten dollars,
GOLD SHARES
General Electric General Foods
General Motors den, Pub, Ul.
Gen. Tel. & Elee...
Gen. Tyre & Rubber Gelly Vit
Goodyear Tyre
317
from a
Great Northers Railway Granmas Altere'
301
Gulf Oil
Hammond Organ
Heyden Newport Corp.
Ing
Hiram Waikar
Hum Refrig.
10%
32
12
7222
30
The decline was on a broad front which included the steels, autos, rails, petroleums, coppers, electronles, drugs, aircrafts, chemicals and electrical equip- ment.
shares
advancei
Idaho Power
Imperial O
Imperial Tobacco Ingersoll-Rand Interenemical Corp.
Int'l Business Machines Int Harvester Internationa) Nicket International Paper Inti Tel & Tel Kaler Industries Remsecpis Copper
Liggett & Myers Tob. Eu,
Kimberly Clark
Ly Tulip
Lition Ind.
Lockheed Aircraft
The Hold price of bullion rose, but they Srly in the day as the London closed mixed,
Analyste blamed the full on more ui- recession talks and favourable business reports, The Lorillard P.
U.S. for the utter included a lower operat Ing rate industry this week,
Or
steel
Loews Incorp... Lone Star Cement Cu
Low win & Song McDermott 7. tay McDonnell Alterant Merck
1,257 Issued traded a Mesabi fron Corp.
Minnesota Mining brood market-926 declined 149 Minden Developement advanced und 182 Were un Mongalia Chemical Co. changed.
There were only three new hight for the year against 233 now 1960 lows.
Standard and Poor's 500 stock index tell 62 cents to $52.70, its biggest fail since September 20 When it was down 84 cents. the based on this indicator, quoted value of all stocks listed on the New York exchange lost about $3,400 million.
The Associated Press average of 60 stopics tell 2.00 to 203.80. The Dow Jones 30 industrials were down 5.62 at 571.03,
1090 to Volume shares compared with 3,090,000 shares traded on Friday,
HIGH VOLUME
4,420,000
The volume was the highest since May 18 when 8.240,000
shares changed hands.
Twelve of the 15 most active stocks declined, two advanced and Benguet was unchanged
General Telephone & Elec- tronics was the most active
Montgomery Ward Motorola ine. National Biscuit Co. National Chat Reg. "A" National Dairy Prod.
National Steel Corp. New York Centra
Noranda Mines Lid. Norfolk & Western By. North Amer. Aylation Northwest Airlines
Orahama Mud, Gar
Mathic
Que Elevator Owen-linols Cis Oxford Paper Co.
Pacife Gina & Elec.
Pan American Airways
Paramount Pictures Penny J. C. Co. Penn. Selt
Philip Morris
Pitney Bowes
Procter & Gamble Co.
Pittsburgh Plate Closa
Portian Gen. Elec.
Publicker Industries Fullman
Pure Oil, .... Radio Corporation Radia Corp. Pref. Raytheon Republic Steel Reynolds Metal „Reynolds_Tobacco
Bank of Canada Royal Dutch Rheem Mfg.
Assoc. Rice, mení-725 10154. / Block, off % at 24% on 91,800 Sears, Roebuck & Co.
ANGE. Portland
4d.
Beardna, Murden Ord- British Matur Ord-15s 10d. Cuatk 1. & P.) Ord-Gits 3d. Courtaulds Ord-5 d.
De La Rue Ord-- 63. Dunlop Rubber Ord-23 72d. Flee. Mus
Ford Motor Orde-415
General Electric Ord. Gilinan (Holdings) Ord-. Great Universal Ord-57 Hawker Siddeley Ort-J
Imparial Chernica) Ord-728 fisd. Marks Spencer "A" Ord-08 0. Rolls-Royce438.
Standard Triumplius,
Unilever Ord=-130% Dd.
Woolworth Ord-641 10:54.
Mines
d.
De Beura Det-132 Petaing T-3 344 Union Corporation--dis
Bacellaneous Bowmaker Ort-24s 134rt. Canadian Paelle Ord-78. Itongkong China Ga-15. P.&O. Steam Nav. Det-35
-Router
Unit trust
First Hongkong Fund: Buyer Price: $0.99. Seller Price $1.05.
Dealers in
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Specialists in
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FREE PORTFOLIO ANALYSIS
For further details and list of current attractive recommendations, write
Morris CoHon & Co.
Members: Pociño Conit B19th Krchamps
Raw Tork Forests Dresses damorgann Stan
19 RECTOR STREET • NEW YORK 6, H. Y.
Batowny Stores shares. Second was Western Saint Ting, Paper Pacific Railroad, up at 23% Behenley Inc.
Scott Paper Third was Siegler Corp. on 91,500 shares. American Motors, off å at 191⁄2 Sinclair Oll on 78,900 shares. Next came
Brunswick, o 12% al 72% and ampex, off 1 at
20,
Smith, Kline & French Sooony Mobil Ou
¡Com.)
South Puerto Rico Sugar Southam Co. (The Southern Natural Cos Southam Pacific Co..... Southern Railway (Com.) Sperry Rand Standard Brands standard oil of frit. standard oli of NJ. Steel Co. of Canada Business Sterling Drug Co
Stuckey-Yan Camp.
Electrical and Musical Indus- tries, up 4, was the only other gainer on the most active list.
Texas Instruments, 16th most active, plummeted 10% to 1504 on 20,600 shares. Polaroid drop- ped 5%, International
Oll of Cal
Machines 5. American Ship- stane, & Webster building 5, Thiokol 2%, Unil- Studebaker-Packard Corn. versal Match 2%, Florida Power Sunelune Mining
& Light 3%. People's Ga 3, American Home Products 334 d. and Chock Full O' Nuts 3%-
AP.
Closing prices
Abitibi Pwr. & Paper Alden mg. Acy. Algoma Steel Corp. Alued Chemicals Allied Milis inge.
All Chalmers
Swift & Co.
Texas Co
Textron Inc.
Thlokal Chem.
Tide Water Ol
Time Inc.
Traveler Inc.
Tri-Cont. Warrants
more
Stockholm, Oct. 24. Economic developments during the third quarter
of this year have brought about a differentiated pattern for Sweden's industry after the expansion which characterised the latter half of 1959 and the first half of this year, the Swedish Institute of Economic Re- search says In its latest survey.
HONGKONG
STOCK EXCHANGE
by
Dur Own Correspondent
Already in June trends of slagnation wore noted In some branches and these have пси рго- spread and become more nouneed.
The Institute's "barometer" survey indicates that the over- all industrial production might have shown a alight wird trend between the second und third quarter of this year. For the iron-ore mines, the iron and
Multi-storey car
park will house
3,300 vehicles
London, Oct. 24,
steel works and the engineering A multi-storey car park, the biggest of its kind in
industry, excluding the ship- yards. the upswing was ap
particularly parent, this being true of the iron-ore mines and the electrient engineering lar Business done at the Hong-
this dustry. Other mites and the kong Stock Exchange
report morning amounted to approxi- shipbuilding industry mately $1,700,000. Noon quota- atayang production, as do the paper in- tions, and the morning's tran- 11mber, pulp and
dustries.
soetonali
Silanes
Duyara Sallara 303) HK Bonk .. (305 1315
INFLUX
OF
the world, is to be built at the Austin Motor Company's Birmingham works to overcome difficulties which arise in accommodating the high output of vehicles from the factory,、
Orders for truck
possibly and bus chassis
Blognotion, 6 @ 1320
decline,
is reported by the cement and brick industry and
. 21-20 21.40 3000 2114
SLIDE 201315
409
10
1910
09!
E. Axia....
200
**
Union
**
124
120
17 183
015
721
Waterbost
27.10
雅
Wheelock..
PER
7.80 1000 140
Duck
.100
509108
-8222
100 100
50
70%
Provident
UK Hotel
11K Land
2030 a 13
300 & 31
1
200 BL
Youmotl
100
101
100 101
1:200 6 109
900
100
100 101
200
100
Yaumati
gh19) L
Tram 50. Light
BI
1541
Electrio 304Telephone
40
50
时尚
2416
1232%
Cement
++
500 21,40 42 130042 *101 0112 1007 @ 6155
31
23.30 23.40
400 233% 300 23.40 500 20.40 21.30 28 3 1200 4 2035 10002814 3514 3035 700 3500
85 14
Dairy Farm 30% BER
Watson
Allled invert.
Textile
Nanyang
A. fubber nubber T Tattoo Dock
Realty
HK Qu..
**
i4.70
5.10
02 0215
2000
3535
2500 35% 1000 $ 3545 700 @ 39%
31
900 or 0215 100
500 G 02
BOG C216 +1,825 1.85 5000 or 185
5000 of TRZA
200 15 10.40
13:4
227%
2016
II.K. & F.E.
Inv.......
Climan.... Star Ferry
13.60 2-10
4281
Macao Elec. 11.90 12.40 414% Lane, Craw. 40% 16.70
Vibro
18,10
100 e 18,10
200 gr 16 200
Agreed merchant
rates
15.10
Canadian dollar, maximum selling 17-1/16. Minimun buy ing 17-5/10 T/T; 174 O/D.
Exchange rates
tor the shoe and tobacco in-
The building, which will be in full operation by September next year, is nine storeys high with ramped floors, and will house 3.300 vehicles. Cars will go there direct from the assembly lines to await collection for the ex- port marker.
The works, the largest in- begrated motor plant i Europe
a week.
dustries, while a continued pro- Export, order for truck and has a current capacity of over
duction
has Laken increase place in the food industry and in the chemical industry.
-
The influx of orders in dustry during the third quarter socs to have followed more or less the same pattern as pro- duction. For the last quarter, the forest industry expects obtain about the same volume
10
of orders as in the third quar-
ter both from the export mar- ket and from the home market. The engineering Industry as a
which of 8,000 vehicles bus chassis volued
were under the £49 million British £1 million over
expansion Motor Corporation by the Ley-plan will che to 10,500 a week announced land Group at the and by 1982.
This creates a storage, prob- of the Commercial
lem. Outside the factory there Motor Show in London.
are usually long lines of cars Emanating from operators in
briefly for walinghowever Mulaya Southern Ireland, collection. But the factory Uruguay, Ceylon and Australia, self is expanding and reducing they will be added to the other areas svallable for parking
Leyland re-
anished vehicles, By the contracts which
Israel and ceived from Iran,
eccond half of 1901 a vast new building for the paint, rim, whole is counting upon a slight South Africa recently.
The largest contract has been finishing and final assembly of increase in new orders, white
Public Works 2,500 vehicles a week will be the iron and steel works placed by the
Federation Department,
in operation beside the existing pect stagnation, as also do
orgembly building on producers of building materials, Malaya. I calls for a fleet of
Chieftain tipping chassis car built by Albion Motors Ltd, of ground now occupied by vehicles Glasgow. During the past ten years Albion have supplied over
MAXIMUM USE truck 950 of the
and bus chassis to this country.
As there is no possibility of chassis are to be equipped with expanding outwards for park, three-way tipping gear, and willing space, the company must be fitted with dumper bodies on į expand upwards. To meet this arrival in Malayı."
need, Harry W. Weedon. The Irish State transport or-FRIBA, & Partners, the Br
Iompair tish Motor Corporation's off-
the
French bank
branch office in U.S.
170
ot
The
on despatch.
Caras ganisation, Eireann, has placed the largest cial architects have designed order for bus chassis. It calls this vast car park building 10 for 80 new Leopard low-wolght make muximum use of the arca bus
which will be chocsis
available. equipped with slagle speed rear axles and automatic lubrication equipment.
of . re- The building inforced concrete columna and
New York, Oct. 24. The French bank Banque de Paris Et Des Pays Bas is toppen a branchsportes Colectivos. Suilding work-will-stari
Compania Uruguaya de Tran-
office in New York next private-enterprise
concern which provides the bulk
an. was
slab construction and is 070 fest long and 104 feet wide. shortly, site clearance having already started.
UCS
Com-
to
Thunday, it
of bus transportation in Monte-
the ramped floor nounced here today.
video, hos placed a repest order The bank, which will be for a fleet of 30 high powered principle of operation. All park- are ramped, and . # The ing flopry known in the US, as the "Feris Worldmaster bus chassis, Bas Corporation, to start most successful export model double spiraj gyalem of Boors with an initial capital of U.S.$12 ever produced by the company, enables upward and downwars! million end as such will be a they are equipped with Pneumo traffic movement to be
Important relatively
Wall-Cyclic semi-automatic gear-pletely
Passenger bugregated. street business bank.
boxes and powered by 150 h.p. lifts and staircases are provided Leyland diesel engines. Leyland at the four corners, and, In SURPRISE
Car Recess by th of the has supplied no fewer than 200 addition The
announcement
Nw York branch bus chassla to this concern in ramped doors, two car lifts will. opening of
bo installed, Principally offlec came as quite a surprise recent years many of them
fourth foot move cars above in financial circles caraidering being of the type ordered.
From Ceylon, the group hazi_lgyet. the Important role played by
an order from the received
In constructing the building the Luzard Freres and Co Bank Transport Board for another 60 the lift slab principle will “be in the States, a subsidiary
Comet passenger chesals and a employed. After the pre-cast branch of the Franch Lazaru
repeat order has been received reinforced concrete
columns Freres Et Compagnie and ong of Brisbane City Council, have been erected, the upper the main shareholders in Australia. It calls for 12 World floors and roof are then cust Banque De Paris Et Des Pays master buses with fully-suloma- round the columns in complete similar to a slabs, at ground level instead of tic transmisalon, The President of Faris Bas Beet delivered share lust Decem- at floor or roof height. Corporation Is to bu Robert ber. The chassis of thosc President of the vehicles will be assambled at the International Corpora- group's Australian headquarters
plant in Melbourne.-LPS.
morning at the following rates:-
U.S. doler (per #1)
Business was dong in the locat this market unofficial exchange
5.00
Bos.
Twentieth Century Fax Film
Blerling boter (per 211
15.87
734
Union Olt of Cal
Indonesian rupiah (per 100)
Australia notes (per £1) ...
13.50
Craft, Vice
3.80
SK (per 1001
293
Chase
Bingapore (Straits)
1.00
tion-AFP.
32
Union Carbida
Union Pecille Balles
United Alterart
ABJA United Fruit ....
2354
United Gas Corp. 11.5. Fall "B"
07 U.B. Copeum
181⁄2 13. Hbber ......
Am Brake Shoe
American Airline
American Cable & Radio Corp
American Cyanemic Co.
404%
*** meiling 11.5. 52201
Amer. & Forgn, Power
102
64
21
49***
A G&ctric
Am. Home Prod.
Am. Mach. &/F dry.
American cial
Am. Natural Gas
Antrian Smelting
Am. Bugar Ref.
Ainerican Tel & Tel
Amertean Tob.
Alupex
Anaconda Copper
Armour
Arbestos Corp. Allas Cous. Minina Ballimore & ONLO Bank of Montreal Bank of Nova Beatle Brach Lite Sovera
D.C. Tel. Co. D Bell Teleptione foneficial Finance Benguet Cons Bethlehem Sledi Hosing Airplane Borden (The) Co. Burroughs Ada Machine British Amer. Oll
Brial Cahunbia Pwr. Cellf. Packing Corp. Cana. Bk. Comm. Cona, Brewers Campbell Soup Co. Canadian Pacific R Caj. Tracias Celanese Corp. CIT. Tinanclat_Corp. **jak, Manhunt. Bank Chrysler Motors Cluell. Peabody Colombian Cafton Co. Commercial Credit Forming Gim Worke Cuneo)data de Consolidatořáper Continental Can Comental Oll or bel Freely Pet
Grants Co. Kuvia Amer. Bagar Delaware & Kusion. Co, Hamonikl Gan benoudard
jizatiljare:fig Udruza Douglas Alzaren 13. how thethidal
Dupont de Sjemovés Karuman Kodak,
0724 Warner Bros...
Waukesha Motor"
Weetinghouse
Broke
Westnghouse Electric
Western Union for Co.
West Va. Pulp & Paper
Winn-Dixie Stores
Woolworth (K. W.)
Zenith Kgolo .....
New York and London. Block Market Reviews have not been received because of poor reception,
UPY/TIES
Textile
market
New York, Oct. 24. The cotton textile market
was slow
Monday, pp Dealers reported isolated sales of print cloths and other constructions. The volume was mol large enough to determine any
real trend in the market,
Yesterday's Closing
from
COMMODITY PRICES
METALS
LONDON
Closing prices, rl in sterling per long ton;
No, Nov. No, Nov...... Spos rubber unbed Blanket crepe
No. 1 pale crepe....
LONDON
9714, Det: 33.000: Deo: 23.976; for: 33b;
May: 33.05b; July: 37.9sh.
Closing prices all in pence per
Dec.
ib.:
No. 1 pat
Settlement house term:
Nov.
TIR
Spot
Jon/Mar,
-month
Apr./June
Copper
Spot
3-month
Zino 2nd half Oct.
2107%
BS
July/Bept.
General markata sit,
Nov,
Lead and hair bet
Estata crept thin Nov. jer Noy
Jan.
-UPL.
Jan.
RUBBER
NEW YORK Reorders of spring · 1901 Rox rubber futures, closing woollens and worsteds wwe prices, all in cents per lb.
aniali.
COTTON
2836
Lb;
LIVERPOOL Closing prices all in pense p*r
American Contract
Ost: 22.63; Ded; 12. Mar: 23.30 May 23.35 July! 83.85,
Mixed Contract Oct: 21.20; Der: 23.10; Mar: 23.55; May: 2530) July! 23.90UPI.
ין
FOREIGN EXCHANCE
NEW KORE Closing rates: Canada 1,02-7/16.
231-5/10=0,$1-7/16
62.15;
All others unbanged."
LONDON Closing rates: NEW YORK':
New York Cloring prices, all in cont per Montreplac
Amsterdam). 1.1
$1.30b1 Cruise|N Spott 22.35 nomi Poet Dot: 21,000 Dedi" admobi" "Mary: sibi | FraOKIUPS - UNI
h. Laben May 01 Jutri, mb,
NEW ORLEANS Cloding prices, all in cont per
L
Blockholm Exp
",
(Novi 33.501" Jani 20150;'Mark Mar: 379); 24070253ebf July! 22.760) Copeplingen fle
Most of activity in synthetic May! 21.705 Tuys sikte. goods was for spot delivery,
However, milla reported a
SINGAPORE Closing prices all la Straik besler. inquiry for a few rayon cents per 1, 198, Malayan constructions and dacron costan Blends for delivery tanging porta, Suip the Drst quarter pt, ñank | Nat
No.
Hov.
2479–48/16,
22231
A separating medium such as polythene strip is used between the slaba. The slabs ara. liftet to their correct positions by synchronised hydraulic
fucks and permanently connected to the columns. The advantages Include speed and economy, and the foot that all major congraj- ing world is carried out ht ground level, which avolds ex- pensive shuttering, and the trad to bois materläis/ LPS, ;
Airline reduces economy fares
Northwest Orient Airlines announced today that, effective. December 1, it will put its economy class, fores, between the Orient and Seattle, Tacoma, Portland and other West Coast points an average of approxl- mately 15 per cent.
The move is in line with a recent decision' to redkico trans- Pacifc economy fares made at the Internatloniki. Air Transport Association traffic confermos in Connas, TANCO,
"Inga mother declalon, tha conference announced that ofteritve December, lat, in most esses groups of. 35, or more trans-Ppoida travellers will be eligible for a 50% faris discount, on either first class or economy tickets The discount will be figured on a one-way: fare busin, Round trip, or return, farea will te telóo the dilegupied maeÍKY.