THE CHINA MAIL TUESDAY, NOVEMBER 1, 1960.
WALL STREET CLOSES MIXED, LONDON
U.S. told to remove HONGKONG AIRCRAFT
obstacles to
economic progress
Washington, Oct. 30.
The United States can increase its rate of eco-
STOCK EXCHANGE
by
Our Own Correspondent
Business done at the Hong- kong Stock Exchange this morn- $1,450.000. Noon quotations and the morning's transactions:
nomic growth by perhaps as much as 6 pering amounted to approximately cent annually, a business expert said today.
Butler,
Vice jobs without slowing down its Man- | economic progress.
WIRam F. President of the Chase hatten Bank of New York, told the nation's Business Magazine in an interview that 4 per cent
in an adequate rate of growth
for the United States.
But he said the 6 per cent figure was possible It certain Hobstacles to growth" were re- as: moved. He listed them Repressive taxation, tariffs, restrictive business regulations, featherbedding practices and inefficient business management. Butler said the business out- Jook should improve in the final half of 1901 and enlled for a sense of national purpose "to accelerate our rate of economic advance...."
ADJUSTMENTS
"Crisis aljustments now un- derway in the economy will tend
In the to encourage growth future," he said. "Greater em- phasis in business on cost-cut- now Ling, on greater efficiency, products, the greater pressure
to sell, to encourage progress— all of these things should work. to give us a higher rate of growth in the years ahend."
Butler warned that the nation cannot resort to practices such as "shorter hours" and "restric tions on the introduction of new equipment merely
P.O
He said the United States
was "too willing to go along Waterboat with measures that positively impede growth, such
work restrictive
rules, featherbedding...and that bas polley 4 farm definitely blocked growth."
called for Butler
1:0 moderate reduction in the eor- Income inx, cunsider- pornte able liberalisation in the treat ment of depreciation and some reduction in upper-level income tax rates-UP!.
Exchange rates
Existners
INCREASE
TA
New York, Oct. 31.
STOCKS FIRM
London, Oct. 31.
| The Lahdon stock márkat showed a firm tone today with gains dominating the industrial sector dcapito dull spots. Textiles
advanced
and
Stocks ended in a thoroughly mixed up
condition today thanks to a late rally property shares moved sharply
which bolstered a sagging market.
Aircraft Issues recorded | Bendix Aviation Corp. mujor advances in response
with traction.
although 200 100
Smalt
Motors Anished mostly easler
added Chrysler 1ruction. 21
lost well over a point as stock- the pureliuse holders approved of Oliver Corporation's form
102
43 1200 6211⁄2
upward. Stores were frm but electricals were marked down,
British govertiment bonds were quiet and irregular. Dollar Blocks reflected last Friday's mixed trading on Wall Street,
Gold shares were Arm, while shares were most base metal
and oil shares 27 mainly lower
eased.-AP.
Closing prices
British Government Securities 246% Consolidated-£40,
Conversion£60-5/10. 3. Baying 1056/65-£8934
Savings 1560/70-£7á-0/16. 3%, Savings 1005/75--ÆTAL.
Banks & Insurance Barclays Or~-508_64.
Chartered Bank-50% Sch.
Kongkong Bank-C
Lloyds Bank--72x dd,
88%
Denguet Con...
1
Shares Buyers Bellers
1310 1315 11K Bank
41 Lombard
300 er 41
27.20
300 € 27
100.4 27
J
100 27
Unton v. WHOFT CO. Wheelock
Duck
147
100 120
Balen a Pentagon announcement that
funds would additional 35 1313 450 41
into a revivedt poured bomber
programme. Martin and Boeing, North Americm Douglas rose around 14% each n lores
Bethlehem Steel
40
be
Boeing Altplans
3242
B-70
Unlted ahead
0.03
0.10
4000 13.0%
2000.05
108
100 2000 150
Borden (Ties Co. Burroughs Add Mociilne British Amer. Dit British Columbia Elec. British Columbia Pwr. Calif. Packing Corp. Cana, alt. of Comut. Cana. Brewers ...... Campbell Soup Co. Canadian Pacife R.
51
201
7016
3
800 à 108
#
21
Provident
21.00 300 or 21.00
While Motor
CA. (J. 1.) Co. Cat. Tractor ... Calatiese Corp.
2017
K frote.. HK Land Yousti Yaumat
Rights)
421
42
143
Cluolt Panbody...
CIT. Financial Corp. Chnee Marthat. Bank Chrysler Motors
AT
Ba
4294
Union insurance-79 29/32.
37
$7.19
Tra
REA 23.70 23.80
10才
Burmah Oil-39% 30.
64
Royal Dutch-£11-2/16,
21.40 28.58
000 * 28,00 118 2004 20.00 200 28.00
40
Babrock Wilcox Drd-334.
15:4
504%
132
Assoc. Eler. Indiantries-473 0
30
2011
Telephone
4412
1 19.00 19.90
3515 Cement
13
Amoc. Portland Cement-2
soardman, Marden Ord-4,
21
0015
2037
7215
182
22
1029
31
C. Light Electric
Telephone .33
3.68 Dairy Pana 15.07
In the local WAN done exchange market unllelal
raft at the lullowing rates:- U.S. lar iper $11 surling notes iper El Australian notes (per £). Ixionestus rupials per 100).. Sian tents per 100)
(Stratis) Singapore
Unit trust
First Hongkong Fund: Buyer Price
to provide Seller Price
ORIENT
12.50 Walson
3.70 Allied Invest. 20.20 Textile
1.00
Nanyang
A. Rubber,
32 100 31. machinery divisor,
2500 23.80
Colombian Carbon Cu. Commercial Credi
Consulated Edison Corning Glass Works
Steels cased small fractions with Bethlehem up around Consolkinted Paper
point, Molors were down around
a point in the early dealings but on the announcement firmed 203 30
thai operations last week ratt 1870 point ahead of forecasts.
50 1000 50
2300 to 551% 32 32 0000 † 33 -500- 32
20 291
0.15 1.90 3.00 2000 1.85 HOM IN 0.80 7419 14.00 1000 14.00
0.70 5000 5.55 5.00
4000 5.05 6000 5.00 3000 a 5.00 20000 on 8.05 150 5,00 1000 5.05
$0.99
Hubber T Taikoo Dock
uphreys
1.00
1000041
24.20 24.40
1.05 Realty
1.05 1.87
900 24.50 10000 1.873
HK GAR
LINES
EMBARKATION NOTICE
s.s. "ORONSAY"
for SINGAPORE and SYDNEY
EMBARKATION:
SAILS:
The ship will be berthed at No. 5 Passengers Plor, Kowloon Wharf. should embark between 2.30 p.m. und 4.00 p.m. on Tuesday, 1st November, 1960.
The ship is expected to sail at 5.00 p.m. on 1st November, 1960.
BAGGAGE:
Should be sent to the Hongkong & Kowloon Wharf Co.'s Godown (No. 0 Gate) Navy Street, between 8.00 a.m. and 5.00 p.m. on 31st October, or between 8.00 a.m. and Noon on 1st November, 1960.
SUBJECT TO CHANGE
Agenta:
MACKINNON, MACKENZIE & CO.
OF H.K. LTD.,
P.O
ORIENT
LINES
s.s. "CHUSAN”
EMBARKATION NOTICE
for UNITED KINGDOM via Singapore, Penang, Colombo, Bombay, Aden, Suez-Port Said & Gibraltar.
EMBARKATION:
SAILS:
Passengers should embark between' 9.m. and 10 a.m. on Wednesday, 2nd November, 1900. The ship will be berthed at Plar No. 1.
The ship is expected to sail at 11 a.m. on Wednesday, 2nd November, 1900.
BAGGAGE.
Should be sent to the Hongkong & Kowloon Wharf Co.'s Godown (No. 2 Gate) by 6.00 p.m. on 1st November, 1900,
SUBJECT TO CHANGE Agents:
MACKINNON, MACKENZIE & CO.
OF H.K. LTD., Telephone 36211-9:
1000 or 1.875
1500 20 .. 14.00 15.10
Metal Indust,
175 5.10
1000
15
100 15
500 à 15
1000 14
Gliman... 2.10 2.123 2000 2.10
It's Invest,
1., & F.E. 1380
Stor
123 Ferry
Muco Elec
Lane, Craw.
177
12 12.40
Entertainment 21.50
2000 m 2.19
Agreed merchant
Belgian Setting, 804,
rates
Consumers Gas
Continental Can
Continental Osi of Del. Compos Imperial Mills Create Pet
| Crane Co. -...
Cuban Amer, Sugar
Diamond Alkn
Delaware & Hudson, Co.
Electronles regained points in IBM and Texas Instruments, Distillers-Seagrains Around 3 sach with the others enly slightly lower. Homestoke finished down around 1 in the golds after being ahead mitre than a point at one time. Bonie mines picked up a fraction.
Today's volume was 2,400,000 shares.
Closing prices
Ablibi Pwr. & Paper Alden Inc. Acy, ... Algoma Steel Corp. Allest Chemtents
Allied Mills inc.
$ 34
47
Domition Stores Douglas Aircraft Dow Chemical... Dupont de Nemour Eastern Air ne Eastman Kodak
First Nat. City Tank
General Dynamles
General Foods
General Motors
Gen. Pub. VI.
GO Tel. & Elec
Gen. Tyre & Rubber
3155 Getty
Goodrich (B. F.) Co.
Goodyear Tyre
4092
70%
Family Finance Corp.
Ford Motor Co. of Cand.
113
Ford Motor
Georgia Pacille
47%
3740
General Electric
42
2416
CREA
5012
336
301%
Allis Chalmers
221
Creat Northern Railway
443
Am. Brake Shoe
20
Grumman Aircraft
American Airline
101
Gulf II
Am. Cable & Radia Curp
Hammond Organ
Aner. & Forgn. Pawer
American Cyshould Co.
42
Heyden Newport Corp.
7%
Hiram Walker..
An. Gas Electric
Himneslake Mining Co.
[0234
-672
Idaho Power
24
Imperial Gu
Imperial Tobacen
50%
Inland Steel Co.
2B
Taterchemical Corp.
12
Int'l Harvester
219
Anseonda Copper
429)
32
25
Kaiser Industries
Jatina-Manville Ce
Allas Cons, Mining Baldwin-Lim-ig.
11
Kontas Power & Liabi
Baltimore & Onlo
261
A. Tome Prod.
A. Much. & F dry.
American Metal
Am. Natural Gas
American melting
Am. Sugar of.... American Tel & Tel American Tob.
Ampex
Anot com
Francs, Maximum Bank of Montresi
W. German Dealschemarks, Maximum Selling 72-13/16.
Bank of Nova Scotia
Beech Life Savers
B.C. Tel. Co.
Dell Telephone
Beлhelal Fmance
SMALL RISE IN
U.S. EXPORTS
Washington, Oct. 31.
Husman Refrig
9214 Int Business blackines
International Nickel
onal Paper
& Tel
Kennent Copper
Kimberly Clark
5424) | Liggest & Myers Tob, Co,
503
43
40
Lily Tulip
Litton Ind,
Lockheed Alreral
4056 | 1.Dews Incora.
30 Lone Star Cement Co
Lorillard P.
Lowenstern &
McDermott J. Hay
Merck
Miaston De
McDonnell Aircraft
Minnesota
14
Molons Brewery
Monsanto Chemical Co.
Montecatini
24
Momery Ward
2014
National Bacuit Co.
National Cash Res. "A"
National Dales Prod. National Lead
Inc,
Nanak Steel Corp
York Centra
The Commerce Department reported today that
U.S. exports totalled $1,628 million in Septem-Noranda Mines Lid. ber, up 1 per cent from August and 10 per cent higher than a year ago.
Counting only non-military year, some of which exceeded salomeats to countries, experis 20 oer cent, totalled $1,574 million. This was a rise of 2 per cent since August and 13 per cent from year ago.
The Agurcs on non-military exports are watched closely by government officials because they
indicate how American business is doing in competition with foreign drms. The 13 per cent improvement in September
For the first nine months of 1980,
commercial
exports totaled $14,431 million, an in- crease of 20 per cent from the same months of 1950,
Government hopeful
officials exports
AND
wil
Norfolk & Western Ry.
Northwest Airlines (Com.) Oklahoma Nat. Gus Olin Mathieson Oils Elevators Owen-fools Glass Oxford Paper Co. Pielie Gas & Elec. Pan American Airways Paramount Pictures Parke Davis Co. Penny J. C. čo.
North Amer. Aviation
Pitney Bowes
Mittagh Plate Class
Penn, Salt Co.
Php Morris
Procter & Gamble Co.
Publicker Industries Pulman
million
|
Pure Oil ..
Radio Corporation
Radin Corp. Pref.
Raytheon
that total more than $19,000 million this year. They totalled a dis- appointing $10,300
last year.
The pick-up has helped to
from a year ago was consider-roduce the flow of gold and ably below gains carlier this dollars into foreign hands-UPI.
Dealers in
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Membersz Pacife Court Stock Exchange
Hiw York Kizurity Dealero Aam.
19 RECTOR STREET 4: NEW YORK 4, IL Y..
Repubile Steel
Reynolds Melal
Reynokia Tobanacti Royal Bank of
Royal Dutch
fheem Mfg.
Sears, Roebuck & Co. Shell Ol Co... Sateway Stores Saint neg- Paper Schenley Inc.
Foull Paper
Siegler Corp,
Sinclair Oil
Smith. Kiine & French
Roceny Mobil Ou
South Puerto Rico Sugar
Southern Co. mel
Southern Nrictal
as
Routhern Pacific Co. Southern Railway (Com.) Eporry and
Ftandard Bands
Standard Oil of Standard Ond
Standard Oil of N.J. Steel Co. of Caneda Steep Rock
Sterling Drug Co.
Stokely Van Camp. Studebaker-Packard Corp
Bumshine Mining
Rwill & Co.
Texas Co Textron ino. Toket Chern....... Tide Water Oil ride Ino............. Tri-Cont. Warrants Twentieth Century Yox Film
Union Carbide .............
Tinion of Cal
Union Prèfle Raitway United Afrerat!
United Fruit
United Dan Corp. U.B. Foll
8. Gypau
U.S. Line Co.
V.A. Tubber
11.9. Anelling UB Slee
A. P.C. PF Warner Bros. WASHINDA Motors E Workingowe Air Brake Westinghouse Lectrio Weiern Union Tel, Co. West Va. Palo, & Paper ... Woolworth, că Wij Zamih Radi
Bieels Engineering
United Steel-IEN D
Vickers Ord-30s 111⁄2d.
Industrials
Thitin - Motor Ord-158_30. Coats -58 101,
P.) Ord-67% 1011⁄2d. Courtaulds
De La Rue Orúmöin 307 Dunlop Rubber Ord-28 sd, Elec. & Industries=43% 90 xú.
Ford Motor Old34
General Electric
2014
Gilman (Holdings) Ord-En 4369.
Great Universal Id.
Hawker Biddeley
Imperial Chemical Ord-Tia 11, Marks & Spencer "A", Ord-100
Standard-Telympli-Ba Du,
Unilever Ord-49% 4.
Rolls-Royce-13% xd,
Woolworth Ord-154 9.
Mines
De Beers Def-1801 Tigzi. Petaling T-1010. Union Corporation-Ola 716.
"Miscellaneous
Bowmaker Ord-27s 115d, Canadian Pactile Ord-13034 Hongkong & China Gas-is. P. & D. Steam Nav. Def-35s t
Reuter
Rubber market
New York, Oct. 31.
Rex rubber futures today
closed 30 to 49 points lower sales of 179 contracts.
on
New
Futures were down following easter foreign markels and Inék of any buying interest in New York, American manufacturers were not buying today, York dealers disinclined to operate. The month for Nu. 1 Rss was quoted at 32 cents, There was
business done today in the physical market.
To
In London, the rubber
market was steady with spot
General Motors
plans big
outlay for 1961
New York, Oct. 31.
The world's largest manufacturing cor
poration, General Motors, plans to spend $1,250 million
(about £450
million) on plant, machinery, equip. ment and tooling in this country and overseas next year.
This was announced by General Motors chairman, Mr Frederic Donner. In
speech delivery at a prepared for luncheon here attended by about 000 leading businessmen, in- dustrialists and financiers.
FAITH
Mr Donner said the corpora- tlon's plans were a testimony to the continued "our faith in economic progress of this coun- try and the free world,"
The plans were based on ex- pectations that sales of demestic and foreign-bulll cars In the United States next year would reach seven million units * consumer incomes continue to rise and consumer confidence is sustained." and on the prospect that the number of cars in use would grow by 40. per cent in the next decade.—Reuter..
Rolls Royce Agreement
British firm
wins contract
Tel Aviv, Oct. 31.
A British engineering firm
Edmund Nuttall Sons and Company (London) Limited and on Isracit firm have jointly been awarded a contract for preliminary work on Israel's project to build a £6 million shipyard: at Haifa, according to usually reliable
here.
sources
The cosi of the work ri-" volved to the early phase of the project totals about Israeli.
£3 million (about £000,000) the sources said.
FIRST PHASE
Eight European and Ove
Landon, Oct. 31. local firms Rolls Royce announced today contract
competed for the the which involves that, under a new agree-construction of the new ship- ment, it will manufacture yard's two plers for repairing. ships. It is understood that American light aircraft
the contract is due to be signed piston engines and spore shortly. parts, and have exclusive distribution rights Europe,
Australia
in
The Arst phase of the work is to be completed by the and due
of next year and, the middle New Zealand. The agre0- ment is with the Con- shipyard will then be able to all kinds. It will tinental Motors Corpora- repair ships
be able to bulid vessels of up tion of Michigan, U.S.A.
tons after the ship The American firm's engineer to 10,000
air-cooled four and six cylin way is completed.
quoted at 26. No. 1 Rop spot | der types — are Installed In a
26 27 with 27 pald.
wide variety of personal, tour-
When the whole project is
In Amsterdam, the rubbering and. business alrerat Incompleted the shipyard will be
Go market was quietly steady to many countries. They also have able
1432
day. UPI.
military applications-Router.
NEW ORLEANS
1
to build ships of up to
30,000 tons. China Mall Special
Yesterday's Closing
COMMODITY PRICES
Jb.:
SUGAR
NEW YORK
Closing prices all in cents per
Contract No 4⋅ (world) Jsemary
Rox rubber futures closing prices all in cents per lb.:
Nov: 32.10 Jan: 31.06: Mar: 30.90: May: 30.00; July: 30.05; Dept: 30.40.
SINGAPORE Closing prices all in cents per lb. Lab. ports;
Closing prices all in cents per
985088838
RUBBER
1b.:
Spot
Dec.
Mar.
May
NEW YORK
July
Det.
Dec.
Mor
Jur
LIVERPOOL
March
Closing prices all in penco
Straits Malayan
per lb.,
Dec.
May July
'American Contract
Juy
Oot
Bilxed Contraes
lb.:
Des
No. 1 spot...............
2016-27
Settlement hotse term:
May
Oct./DES.
2036-2611
Jan./Mar.
2011-2012
Apr/June
2015-2611
July/Sept.
2012-201
General marketa, c.if, bails, ports:
20-2015
thick Dee...
28
All unavailable.
LONDON
Closing prices all in pence per
Oct. Nov. Extate crept thin Dec,
AMSTERDAM
Closing prices all in guilders
per kilogram, c.lf, Nov.
No. 1 rubber
No. 2 rubber
No a rubber
No. 1 crepe
-UPI.
"2.1
3.50
.3.00
3.00-3.10 5.10
0.00
KER
01.015
METALS
NEW YORK'
Closing prices, sil in cents per
Spot(PAS. Cuba) » 3.20 Total Soles: 40 contricle. Open Interest; 1,918 contracts.
Contract No. 0 (domestic) Jirny
March
Spot (CAL. NY;#x-duty) Total Sales; none.
Open interest;, 102' contest ---UPL
FOREIGN EXCHANGE
NEW YORK
Closing ratos:
2.81 buyers
0.51 buyers ibi
2.40 buyers
2.72 buyere
Leed. DeG
Dec
Ján,
Choper,
Des
JAIL
2
耀
·
Ceanda
Zoland,
official
30-day
Australia
Haltom
24110
1.021/10
2.0163
10090
FLDOGS
2016
LONDON
COTTON
NEW YORK Closing prices all in cents per
Apot
LONDON Closing prices, all in sterilng Der long ton:
New Zealand
Bouth Africa
Gibers unchanged.
Closing rates;
New York
Buyers Bellers Montreal
- 790% | Amatorűfajri
20 Bris
219
lb.:
מני
Copenhagen
37.25 nom. Copper,
spot
3-mont
Zine, I bab.
45 Bekhabars
Milan
VEN