1
.4.
Decline in U.S. U.S. markets, closed
cotton crop_may affect exports
Washington, Nov. 8.
The Crop Reporting Board said today that the
New York, Nov. 8. Alt, major stock and commodily exhauÐS throughout The United Staten were closed for the
Election Day, Tucaday,000
CrI
Nigerian stand on
decline in this month's cotton estimate raised trade with Japan
the prospect that the 1960 crop will not be big enough to supply all foreign and domestic markets during the 1960-61 marketing season which ends next July 31.
!q! Government
Harvest progress was describ- experts
"rapid" for California, estimated before today's tore-ed as cast that EL
in the Arizona, aid New Mexico, bu! crop
United of
States 134 1 neighberhoud
14,500,000 for the bales would just about meet the whole, only about 59 per cent existing demond. If the nut of the crap had been ginned by crop carnot meet all needs the November compared with 86.9 Year and the will be led by stocks kap
of 05,2 drawn from the "carryover" ot colton from previous crops.
AI the current the beginning of marketing reason this carryover surplus omounted to about 7.000.000 bales,
RAINS
The Crop Reporting board, explaining the decline in this month's estimate, said thu
same
ralny
censive Ocluber sections, and insect damage in
reduced yields
expectations in
Isle cotton,
below earlier
most areas.
The board said that the har- vest suffered only limited inter- ruptions during October in the in the central southeast but
10tes rain, the Jateness of the crop, and other difficulties de- layed harvest. Hains also were
delays for responsible Oklahoma and Texas.
in
Just per cent 1094-58 average cont.-UP'I
Agreed merchant
rates
זייגן
Lagos, Nov. 8.
fo
A statement calling on the
Federal government moke it clear to the Japanese government that if it falls to review its coal imports stand on Nigeria would be obliged of to replace imports Japanese
from goods others scurces which offer botter balance of trade, was issued today by Trade Union Congress Nigeria.
of
The statement stressos that Lover the past five years Nigerity has imported goods £92,700,000 agulns) ex- warth
to Japan of only 44,300,000,
Swiss Francs maximum seli-parts ing 75 3/18,
Belgian Francs maximum sell- ing-800.
3
Exchange rates
The statement said the re- crat Nigerian mission 10 the
Japan faliku to negotiate importation of Nigorian coal into Japan because Japanese polley 1 allegedly again importa- ticin of foreign coal. But the Nigerian delegation found first hand that not only does Japan import coul from abroad 13.IN
7 but that coul users in Japan Bejme ready to tay Nigerian coal,
China Mall Special.
this
Business was done by the larat unuicial exchange nurkel morning at the following caten U.S. dollar per $11 Sterdag noten her
Australian notes iper £1 fdonesian rupiah (per 100 > Slam Venis Üper 1001 Slippers (Stando
BOAC's
new
707s
jet powered
by Rolls-Royce-
4.
THE CHINA MAIL, WEDNESDAY, NOVEMBER 9, 1960.
LONDON STOCKS
GAIN
GROUND
London, Nov. 8.
The stock market closed irregularly higher
today with store and steel shares shar-
ing the limelight. Industrials displayed a potelty pattern with gains outnumbering Jasses,
Gold stocks met renewed sup-
to hold their best levels. Cop-
pers lost much of their gains.
Oll-stocks were fractionally higher.
easerl. on frac-
port but some blue chips failed
Gill-edged securities Dollar stocks Lackeri tions.--UPI.
Closing prices
Britab Government Securities 24. Consolidated-E45-18/10. 3 Convention-259. 3. Saving 1995/85–289-15/10, 1. Savings 1960/70–£78-11/16 9. Savings 1965/15-£74,
Banka de lusurance Barclaya Ord=078 Id._ Chartered Bank-Bon Jet. Hongkong Bank--10:4 Lloyds Bank~~74. Union Insuranc
•£7-18/10,
Burmak O-~40μ Jet. Royal Dutch¬‚£ 12-0/38,
Sieris Engineering Babcock & Wilens Ord--34% 4tgal. United Steel-- 31. Vickers Ord-20 kl.
744.
Industriais Anoc. Eles, Induiries-dia. Assoc. Portland Cement Bourdainn, Marden Ord-da "KE Britian Motor Ord-109 34. Coin (3, &_P.) Ord-5ds. Courtaulde Ord-40k 715d.
La Rue Ord-38% 90, Dunlos Rubber Ord-229 715d.. Elec. & Mur. Industries—191 Ud. Ford Motor Ord-91s cor. Gilman Holdings) Ord-21 €0. Great Universal Old-Chat. Hawker Siddeley Gid-- 785 Imperial Chemical Ord-7is ́(d,
"A" Marks & Spencer
Ord Te
Rotit-Royce-43 Od. Standard-Triumph-5T 1990. Unilever Ord--- 1929, Woolworth Orols 10,
Miner
De Beer Del-1998 Dd. Pelling Tin-74 1450.
Aliscellaneou
Howmaker Ord-Eds 10.
Yesterday's Closing
COMMODITY PRICES
METALS
LONDON
LONDON
Closing prices all in pence per lb.
No. 1 BAS pat
251-20 20%-30%
Settlement hon
2012-20!}
Serm:
Jen/Maay
2014-2015
Apr/June
2014-201
July/Sept.
201-26t
Closing prices, all in sterling
Nav./Dec.
2016-2014
|JER/FEU),
2014-2011
per long ton:
Genevil marketi, elf. basis, parte:
Buyers Sellers
Nov,
Tin
Dec.
Spol
Zatti
06-0 Jan. zpa
Halate crepe thin Dec.
Crick Dec.
22434
223
88
Tab...
37
877
Lrad Ist half Not, ..
Feb..
Rauter,
www.pr.
Candia) Pacine Ord-£38. Hongkong China, Gun--15%
10. Steam Nav. Det.-44134.
Spot
3-month Copper
3-monit
Zinc 1st halt Nov.
African mining RUBBER
The
industry
Kitwe, Nov. 8. Northern Rhodesian European Mineworkers Union has accepted new proposals for African ad- vancement in the mining industry.
The proposals emerged after a year's negotiations between the union and the six mining companies in the mining Julni Industrial Council.
The proposals adopted will abolish separate categories of jobs for Europeans and Africans and establish "one ladder of promotion" from the lowest Jab to the highest with Advance-
depending ment
only on competence
character and China Mail Special.
Hong Kong Honolulu-San Francisco 3 times weekly; 2 flights continue on to New York and London. The new Rolls Royce jets in BOAC's 707 offer you the finest value in air travel today. This trans-Pacific service provides a choice of luxury First Class or low fare Economy Class- either of them gives you pure jet speed and the personal attention of BOAC's perfectionist cabin staff-British and Asian personnel to attend to your every need.
(For Rolls Royce 707 urtive leaver Hang Kang un Driember 13th, 1968~then theur weekly)
across the Pacific-the finest way to the U.S.A.
B.O·A·C
New low Economy farest And new Economy Class farés, considerably lower than present Touitlat Class, wilt apply un Trans-Pacific routes from December.
BRITISH
OVERSEAS
Ste your Travel Agent or Jardine's Airways Department, :Telephone 35111}2 (24 hour service)
B・O・A・COL7
AIRWAYS
CORPORATION
SINGAPORE
HONGKONG
STOCK EXCHANGE
by
Our Own Correspondent
Business done at the Hong- kong Stock Exchange this morning amounted to дра 2012-20 proximately $3,300,000. Noon quatations and the morning's tranaoctions:
Shares
FOREIGN EXCHANGE
LONDON
Closing rates;
V New York
Montreal
Amsterdam
Brumels
Closing prices all in Straits
per b. f.o.b. Malayan Copenhaget!
cents ports:
Nn. 1 Nov Dec
No. 2 Nov.
Stockholm
87-88
Frankfurt Lisbon Osla
87%-6774 Paris
245-0714
Sust, rubber unbsled
237-57-2
Blanket crepe
75-70
12-93
No, a Nov
No. 1 paio crepe
BRS-041 | Milan
Vienna Zurich
2.8145-2.3144 2-7415-3.7412 10.0234-10,02 130.87-139.92 gir 38.30-19.30 31.7496-11.74% 2020-80.30 20.04-20 041% 13.011-13.01% 14.8316-14.32 79.13-73.10 23.13-73.10 12.1212-12.13%
-UPI.
U.S. LOSS OF GOLD
WAS BIGGEST
FOR ONE DAY
London, Nov. 8.
The United States loss of $175 million worth of gold last Thursday, disclosed today, is the big- gest loss for any one day since the collapse of 1931 and probably the biggest for any day in all time.
It was already known that France bought nearly $117 mil- lion of gold from the U.S. Treasury last Thursday, to repay the major part of her remaking debt of $131 million to the Inter- national Monetary Fund.
The $58 million of gold taken by other countries on the day was self large,
able of behag converted Into claims on it.
(the
Buyera Sollers Tik Bank... 1340 1343
Urinay Inn,
Sales
GO 1335
20 x 1310
30.1340
10 134
Ex. Div..
Wheatark
194 0.00
120
100 @ 121
IIK Dock
HK Hotel.
MX Land,
Yaumati Youne
(Right)
305
100
21.70 21.00
400 8.55 2009 8.00 31250.55
4000 68 BAS 2000 1.00 1000 8.00
100 7 300
1300421.00 |
54 21.00
2 800 m 11,80
1000 et 21.89)
1250 / 21.70
40% 12% 1100 $234
to'
47
201 104
4260 20011⁄2
000 BY 103
100
100 P
3000 331
20 321
HK Tram 4
32 321;
25 25.10
.coon
Ch. Light
IK Elec.
· Tel...
HK Tel
tightni
100
100 24.10
1960 0
100 25.10 18210 21
29.10 20.20 300 29.30.
600 29,20
1500 M ZOPE
500 0.20
3614
2011 20.20
30 30%
2300
1276 K 1916
1875 19.40
GI, Cement 361
47 00 51
100 57 Dairy Farm 32 2 10K w 2121%
Texille
.00
BOU DE TRES
100 323.
$30 // 32
1:200 4 1120
1500 3214
noon 0,03
Nanyang 14.70 14.00 1000
A. Hlubber.
14.70 8000 14.7|1 3.65 9.70 8000 4 5.70
St. Trust 7.45 Talkop Dock 03
fiumphreys 2:1.00
At the end of August last reported date) the short Really term labilities of the U.S. banks to foreigners were $17,771 mil- bon, having increased in the two months of July and August.
If as seems probable, they have increased by a similar amount 'In the subsequent two
Added to the U.S. góld loss of $83 million on Monday-Wednes-menths, they would be 100 or day of last week, the loss for the 200 millon bigger than the four days comes to $268 million, gold stock.
This will almost certainly make a record loss for the last calendar week.
STILL 45 PER CENT The biggest previous loas in any US, banking week since 1931 was $181 million in the week ended September 21, the last full week before this year's International Monetary Fund meeting.
At $18,150 million last Thurs- day night, the US. gold stock was still nearly 45 per cent of the free world's total.
But for the first time, the United States gold stock has probably fallen below the short ferm dollar holdings of foreign
Bre
countries, all of which claims on the gold stock or cap-
Australian decision on
conversion
Melbourne, Nov. 8. The Australian Federal Gov- ernment may not docido on conversion to decimal currency before the end of next year; the treasurer, Mr Harold Holt, said today.
He said the Treasury was stil examining the report in August of the committee which recom- mended conversion.
The investigatory cornmittee recommended, he said, that the formal changeover should operate from the second Monday In February, 1003,
Mr Holl sold the report had not gone to Cabinet, but that it would be settled a speedily 05 possible." China Mal} Specia!
Plea to. U.S car firms
Paris, Nor. 8. Mr. Pierre Dreyfus, President and Director-General of the state-owned Renault organisation, today urged American car manufac- türers to stay out of the small 'cür mürket. Addressing the American Chamberat
Commerce in France, he said the West should follow the exarable of the Com- munist bloc "which is solling up an automobilio industry in Which each country. Whil specialise in certain types.".|||
Woequires that the West organde iiseit, to, work, át common and share the work." Mr. Préstas salaskeuter,
ACADEMIC Although this. calculation arouses some interest, it is really academic.
I one includes the short term dollar holdings of the International Monetary Fund as well as the boldings of foreign countries, they ex- ceeded the U.S. gold holdings as long ago as last February.
The U.S. still has nearly 100 per cent gold cover for all lis external short-term Nahili- ties.
However, some of the sterling abilities are not really short term. There is a difference be-
een pounds sterling held in trading currrency and dollara held as a reserve currency,
Moreover, about $11,000 mil Han of the US, gold stock is Jocked up for internal gold re- cerve requirements.
It is only the balance of less than $0,500 million that could be used to redeem any dollars which foreign govern- ments and central banks and international institutions may present to the United States Treasury for conversion into gold.-Reuter.
Unit trust
First Hongkong Fund; Buyer Price: $1,01. Seller Price: $107.
1.875
HK Gas... 14.90
Int'l hav.'..... 0.70
B.K. & F.E
Invest. Crilman Vibra
· EGON ET 13.60
140005.30
700 7 64 000004 1000 224.70 1.00 10000 2.875
2000 or 1,00 3000 1.973
6000 6 1.00 5000 or 2.873
19 1200 15
$00 10 1000 8.05 1500 G2 0.70 1000 8.70 25000%
14.10 141 2000 @ 14
2.10 2.175 2000-4-3.15 1000 or 171% 1000 @ 18
18
Rubber
market
review
Singapore, Nov. 8.
The market opened slightly below last night's final. levels and after some early shortcovering eased on telling of November No. I Ras which widened to 1% discount to December No. 1 Ras. Lower sheets were neglected and factories 'quiet.
The aflemoon session opened quiet with scene interest in two browns at previous differentials. In London, the rubber market was quiet with apot quoted at 28% pence.
In Amsterdam,
the market was steady today-UFI,
Shown cutting the waters of Seattle's Lake Washing- ton is a 20-foot stock expense orulver powered by a 200 alati korinpower Boeing marins gas turbine enzina weigh- ing 660 pounds. The craft is the most recent marine iur- bine installation made by Boeing, and, is being sided in toal of varione 'marine systems and instrumentation." Top speed of the bout in 33 milles an hour. The" "comprar's Indutrial, Frodaste Division produced the Turbinarinna