THE CHINA MAIL, WEDNESDAY, NOVEMBER 16, 1960.
Wall Street gains LONDON late
STOCK MARKET
London, Nov. 15, The London stock market
prices are as follows:
Closing prices
British Government Recur|ex 2. Consulidated...
30. Canversion- £00, 18.
Savings 1935/353-00-3/16. Bavings 190/70-783 Saving 1065/75-2727.
Tanks & Insuranc
prelays Ord~60 9d. Chartered Bmik-4. Hankkeen 2200728.
Moyds Bank--744 1
mbard Banking Ord-204 St. Union Insurance£7-29/32.
ol
Hurinn 0-3
Royal Dutch-11..
Steel Engineering
Babcock & Wilcox On-34 31.
United Steel D
Virkers Oru-20 10.
Industriala
rally
New York, Nov. 15.
A late rally sent the stock market higher
today reversing its two-day downtrend, active when the
Trading was more -market turned higher.
The marleet was
Lower and i Wide gains were made by 04. International fairly active at the opening. Polaroid, up turned substantially lower in Business Machines, ahead 8, and the Arst ur and continand Texas Instruments, up 41⁄4%. lo sell off unti the fy hour when the rally sent prices well ahead.
were
There was no specific news to account for the demand.
most active WTS
Nine of the ten stocks advanced and one unchtinget.
Universal Match was the most 4 at 62 on, $2,100 active,
Next came Korvetic, up shares.
Sweks
around their highs for the day at the close. Most gains ranged from few cents to around two dollars share. Of 1,222 issues traded, 557 advanced, 430 declined nuc of 294 229 closed unchanged.
There were 24 now, highs for the year against 17 Low 1960 lows.
Standard az:cl Pour's 500 rose 22 cents 10 stock index $55.31. Based on this indicator, the quoted value of all locks New York stuck listed on the
up
on 38,700 shares. Third was Standard Olt (New Jersey), unchanged at 40 1⁄2 35,100 shares.
on
Other active gainers ineluded 19. Automatic Canteen. Brunswick, up 2%, and Ameri- con Machine & Foundry, up 3%. Chrysler fell 1% on news will lay off 1,900 employees in- due to heavy Inventories.
Assoc, Elec. Industries-43500448.exchange gained about $1,300; definitely effective November 28, [
Ace Partiana Cerment-Bl 11ard, Marden Ord--bu 720. British Möjor Ord—15e 1914d. Cunt (J. & P. Un--59 641, Churimilda Or$478 34,"
De La Rue GNI- D
:
Surse Rubber Ord~~218 44.
re. Mus. Industries-488 kt. Full Motar Ord-lika 34 Cor Climan Holdings) Ord-21.
Ord-M Bd.
Great Univey Ord
Howker
Joperial Chemical Ord-71p 150. Marks & Spener "A" ord-12 Relis-Royce-47 1554
Standard-Triumph-
Unlevy Or1404 54. Woolworth Ord--Sle
De Beers Def. Petal Tin-7 110.
Miscellaneou Bowmaker Ord-25 Kia Conudian Pacille Orde Hongkong & China Chs-155. P. 20. Steami Nav Det-23
--Reuter.
million.
30 Judus- The Dow Jones trials were up 2.07 at 606.87.
The Associated Press, average of 40 Flocks rose 90 to 214.70, 2,000,000 Volume shares compared with 2,000 (MA shares traded on Monday.
WIDE GAINS
Issues A group of specialty
higher. They led the market ineluded such flekis as bowling machines equipment, vending
and data proccesing equipment. Basic groups, including
petroleums
steels,
and ralis
closed
were
mixed. Most mutors
i lover.
Chinese Arts & Crafts
Main Store
Shell House, Queen's Rd. H.K.
Branch
35, Cameron Road, Kowloon.
LINENS
SILKS CARPETS
Carvings in Jade, coral, rosoquarts Cloisonne, lacquer & silver ware
Ivories, antique & semi-antique Pottery & porcelain wara Lecquored
screens & chests
Old & semi-antique wood & stone carvings
(11.K.) Ltd.
FOTOTOTOK
P.O
ORIENT
LINES
EMBARKATION NOTICE
R.M.S. "CANTON"
for UNITED KINGDOM via SINGAPORE, PENANG, COLOMBO, BOMBAY, ADEN, SUEZ-PORT SAID. EMBARKATION:
SAILS:
The ship will be Berthed at No. 1 Passengers Pier, Kowloon Wharf.
should embark between 4.00 p.m. and 6.00 p.m. on Friday, 18th November, 1960.
The ship is expected to all at 8:00 p.m. on Friday, 18th November, 1960.
BAGGAGE:
Should be sent to the Hongkong & Kowloon Wharf Co.'s Godown (No. 2 Gate), Navy Street, by 5.00 puh. on 17th November, 1960.
SUBJECT TO CHANGE
Agents:
MACKINNON, MACKENZIE & CO.
OF HIK. LTD., Totophone 85211-6.
Kennecott, off more than 2 at one time finished 1% lower. It reportedly was trying to sell its interest in two South African gold mines at a loss. Anaconda ruse aft declining earlier.
|
on REVALUATION OF ROUBLE IS MOST VITAL MOVE
Commercial Items
not received
radio
Owing to poor reception, many F1 com~ mercial news liems includ. ing the London stock mar. ket report, were not re- ceived for publication to- day.
HONGKONG
STOCK EXCHANGE
by
Qui D-s Correspondent
Busines done at the Hongkong Stock Exchange
this morning amounted to
approximately $2,480,000. Noon quotations and the morning's transactions
Sharon
Bater Buyers Beleza HK Bank.. 1320 1330 70 1325 $941330 10 1339
unton Ing. Wheelock
Lombard Ins.
4215 124
120
8.55
8.60 1000 93%
30590 81
Ex. DIV..
100
A feature on the American stock exchange was Ford Lid Dock
news Ford which rose na Motor Co. plans to offer 20% for c. Provident 21.70 all share in the British Arm.- AP.
Closing prices
Allied Chemical Corp.
Allis Chalmers.
Aluminium Ltd.
Alunisum Company Amerada Petroleum
American Airlines
(Bonus)
Lightbi
NIK Tram
10000 B.53 3000 1.00 107 400 6 107 900 107
21,00
00
32 32
Ch. Light. 24.80 24.00
100 or $215 10096615 909 6312 100 315
100 103
13097!
10087 1500 32 900 24 2002415
24.80 2000 * 24.80 60024.00
IX Hotel
1 Land
You
103 104
53
2444
Yaumati
#B
18
American Can
American Cynrad
434
American Snell & Hein
American Sugar..
ԶԱ ..
American Tel & Tel
Electric
29 20.20 2009 i 29
1000 + 29.10
300 29.10
132 29,10
122 29.10
300 0 35 200
3016
1000 30
1940
American Tobacco
Anaconda Company Armen Steet
Armour & Company Assocluted Dry Goods Atlantic tenging Bendix Aviation Bethlehem Steel Eloring Airplane
Borden Co.
Borg Warner
Bridgeport BraS
Burrough Corp.
Canadian Pacific hallway
Cake. J.I Col
'Celoriese Corp. Amm
209
Cerro de Pascu
Chrysler Corp.
Click Service
Ceca Calle Corp.
Colgate Palmolive
Consolidated Edison
Continental Oil.
Commonwealth Edison
Com Products Co.
Crane Company
Crown Zellerbach Curtiss Weight ..... Disul Corp-Seagraits
Dougins Aircraft
Dow Chemical ......
pont de Nemune
Eastern Air Lines ....
Telephono. 30 2014
Telephone
(Rights.
G.L. Cenient 801;
Dairy Farm 32
Watson ... 303 31
SOU 190 1000 24.80 1000 24.20
33 1000
302
Allied Inv. Textile
5.00
8.30 0.35
71%
500 60 9.10 2153 9.13
44%
2000 3.20 5000
22509.30
3272 0.35
By Sydney Gampell
London, Nov. 15.
The revaluation of the rouble is the most far- reaching and potentially, the most Important move in the Soviet Union's economic history.
The currency reform, due to Lake effect next New Year's day, could make the rouble a currency in the Western mean- ing of the word. It has never been one hitherfo.
By far the most importarit napeel of the reform is the aim of putting both the internal and external aspects of the Soviet Unton's international trade on a cost accounting instead of an arbitrary basis.
There have been some pre- vlous tentanilve moves towards organising Russia's trade on a proẞtability basis of relative and cost recountancy,
But there has been nothing comparable with the overnight news from Moscow.
The Emmediate effect on for- | eigners and on foreign trade is
relatively trifitng.
Probably it will be no, maçe than to make the cost of living in Rustia a little dearer for diplomatic and foreign visitors.
TRADING SYSTEM The Important change is in the Soviet Union's own trading system.
The official announcement that the new exchange rate will ob- viate the need for any premiums on foreign currencies implies that the move is a unification of Russia's exchange rates.
gold market and the United Biales gold losses and balance of payments.
very Moscow is evidently well-informed on these matters.
right Last night's reform enable the rouble to fish la any troubled, waters at the dollar may encounter.
The
task of the Western countries and particularly of their central banks is to avoid such waters.--Reuter.
A propaganda
move, U.S. asserts
Washington, Nov. 15. United States Treasury officials said today the Soviet plan to issuo u how to rouble equivalent US$1.1 appeared to be d propaganda move td down-grade the value of the dollar.
They said the precise sign- ficance of the change In the ex-offielal gold content of the rouble was not apparent but commented long it could have, little or no inter
anational Importance in Soviet
As such, it is a substantial devaluation of the officia change rate which has
And meaningless.
of the minor revaluation tourist rate,
been
Boac 707 jetliner
on trans-Pacific proving flight
BOEING 70T
The first trans-Pacific 707 proving and training flight left London recently. The flight is making calls at Honolulu, Tokyo, Hongkong, Los Angeles and Wake Island and is including demon- stration flying at the first three of these stations.
Captain Tem Nibei, Fight Manager of the 707 Fitght, Is! trode with the non-Communist in command of the alrerait, world which is conducted in The latter is the more signif- non-rouble currencies.
They said the, rouble was not cant, since the tourist rate is
traded cur relevant for foreigners in Russia an Internationally while the official rate has had no reney and its gold content may known relevance for anybody.
be important only in internal
administration Formally, the gold content of operations, the rouble will be a ninth more the Soviet systèm and possibly Captain Nisbet, who is 41,
than the dollar's. evidently
Intended some prestige value.
This to
The night is in preparation for trans- of Boac's the opening Pacifle 107 service next month. Aboard are more than 30 Boar lying staff, including 12 Cap- of lains.
is in some trade arrangements have with east European countries.
The announced change ap peared to have no, International monetary significance in
the non-Communist world; they said.Reuter,
GOLD CONTENT The exposition by the Soviet finance minister says that the setting of the rouble's gold con- tent at a level higher than that of the dollar is reflection of the major economic victories of the Soviet people, and
contribute to the wlit further growth of the rouble's international prestige.
This has been done not by Ins! night's reform but
the operation announced
by
last
16% 15.70 1000 15.70 May of knocking one nought off.
3:41
Nanyang
781
23
109%
Food Machinery & Chem
A. Rubber
6.03
General Dynamics
Fratmen n Kodak
Ford Motor Co
General Electric
Generel Miller
General Motors
General Telephone
42 Rubber Trust
George Pacific Corp
Getty O
133
Gilaite Co
Goodrich, B. F. Co
Goodyear Tyre & Hub
Grace, W. IL. & Co
Gulf Ou
Ingersoll Rand
Int Business Mach
Int Harvester
1. Nickel
Int. Paper Int. Tel & Tel Jones & Laughlin Kaizer Aluminium Kennetail Copper Libby Owens Ford Liggett & Myers Lockheed Aircraft Lone Star Cement Lorillard, P. Co. Martin to.
Merck & Company .......... Metro Goldwyn Mayer Minneapolis Honeywell Minnesota Mining & Mig Monsanto Chemical Montgomery Ward ... Moore McCormack Lines Motorola Inc
Nations! Biscuit..... Nailonat Cash Register National Dry Frod National Diallera . National Gypsum National Lead.. New York Central Northwest Airlines
Chlon Chem Olin Mathieson Pacifle e Elec... Pan Am World Airways Parafount Pictures
Pure
Republie Steal
Reynolds Metals
Fleynolds Tabacco
Royal Dutch Patrol
St Regis Paper
Scar Roebuck
Shell O!!
Bhell Transport
Sinclair O
Socony Rob oi'
03115.60
100 15.00
2000 15.70. 2000 of 15.70 32154
3.75 2000 19 0.70 1000 5,70 1000 or 32, 3000 or 5.70 Div. 745 7.05 2000 7.55
25 500 物 Humphreys 24.70 Really
10775 1.90 30000 de 1.873
10000 Fr 1.90
5000 2.975 170 170 174.
100 175
Star Ferry 174
the currency.
France last year knocked off two. Greece some years ago
hocked off three.
Germany: holds the record. In 1924 she knocked of 24 noughts There is to be no change in the Western-currency prices of Russia's experts and imports.
The charge will merely mean a recalculation of all rouble the basis of foreign sums on
so that neither trade prices 500 or 14.00 de will have any loss or gain the material interests of 8500 14.00 and
will not be 500402 other countries
? B30 1000 # 9,20 affected.
rouble has not Titherto the been an International currency. and all the various stories abour Russia establishing a convertible rouble or an International goid rouble have hod no precise meaning.
701 HK Gos... 14.80 14.90
551
437%
Lone Craw, 4015 9.13 Int! Inv
977/
IK. FE.
40% Inv.
ASL Gilman
14.30
500 @ 1414 2.170 2.2 1000 or 2.170
1000 2.20
702 Talkoo Duck 03
Macau Elec. 12.10 12.40
403%
Chicago
grain
Chicago, Nov: 15. Soybeans, wheat and maize
declined on the grain futuras market on Túos- day.
Persistent selling muffed out
rally and prices
closed!
Rubber market
Conference on nuclear ships
Taormina, Sicily,
Nov. 14.
He won was born in Scotland.
A 20-riation conference on in the D.F.C. while serving
nuclear thips opened Hallinx And Lancasters of
here todaywithout the Command, and FLAF. Bonber
Soviet delegation headed by former foreign minis- tor Vyacheslav Molotov.
in 1043 was seconded to Boac flying Liberators on the North Ailante ferry service between Montreal and Britain
He later flow Boac
airliners
It was
announced at the that The ceremony opening
decision. Poland and
on the North Allante routes Russians would not attend. No before taking charge of North reason was given for their lasi Atlantic training operations in minuto
are now the only 1051. In 1959 he became Deputy Yugoslavia Fight Manager of the newly-Communist states represented. formed 707 flight; and earlier
The conference, called by the
Singapore, Nov. 15. The market opened easier this year was appointed Flight International Atomic Agency, is
Manager.
to discuss the advantages, costs today but at lower levels
Ho
livez in Camberley and perils of nuclear-powered become
ond Surrey, with his wife and three ships, reserved prices improved in a light ron, and rays he has little time
hobbles "ying and for trading.
Interest in lower family keep me fully occupied." Improved sheets tended to narrow
differentials slightly and aided the improvement.
The afternoon session opened very quiet with business steady. Lower were not in as much de- mand, as in the morning.
Factories showed small in- Lerest,
In London,, the rubber mar- ket was steady with spot No. IHSS quoting at 26% pence UPI.
Agreed merchant rates
Rusclo's trade with the
Canadian $ Maximum Selling Buying Weslem world. and even some 17-1/10; of the balances between the 17-5/15 T/T, 17% O/D.
countries,
Belgian
Maximum Frants, Communist settled in Western currencles, { Setting 864. particularly sterling.
סיגת
On all that side, the only change is that the Western prices will now mean a different number of rouble.
Misimam
Exchange rates
Shipping line's
new service
4
Now York, Nov. 15. The Maersk Line announced today a further Improve- ment in its weekly services between New York and the Far East and Southeast Asia.
DrLy the at present
actually nuclear-powered ship in commission is Russia's Ice- breaker Lenin
The
150 delegates heard a M. A. Rasbl, paper read by
member of the inter
Consultative
national Maritime Organisatiori
in which he out- Hned the international gul of an accident to Implications one of this kind of vessels.
ACCIDENT
an
He told, delegates that atomic-powered, slip might have an acciderit in the port of one country while causing damage In another by atomme falls-but.
-
This was just one lype of new Starting with the sailing of the ms. Leda Maersk from New Hazard which would have to be York on December 22, the line dealt with by the law of the will increase its express service sea, it shipping become nuclear to Bungitak to three sailings per driven. He said many new month. The additional express regulations would have to be swiling, after calling at Japanese drawn up,
Adniitat W. C. Ford (U.S.) poris, will proceed direcdy 10 Hongkong. Bangkok. Djakarta of the Marttime Administration and Singapore. The fourth gall- of Washington outlined pro- ing will continue as heretofore.gress made in building America'a The new service will provide drst nuclear ship, the Savannah. the usual fast trips to Mantin 5.00 and Japon and will shorten the time to Hongkong, transit Bangkok, Djakarta and Sing 3.30 pore by an average of 12 days
-AP. 1,60
15.02
Business was done in the local unames) axchange market this morning at the following rates:- MORE IMPORTANT
UA. dollar (per $1) genera Far more important is the Sterling dolen (per £1) ...... statement. of the Finance Australian notes. (per £1)... slamicale. (per 100) .................. Minister, Mr Vasily Garbuzov indonesian rupials (per 100) ..
Singapore (Stralia)
To generally weak on the Board of that the new exchange tale of the rouble will essentially align Trade,
prices WITH
Fluctuations were broad with
3 trade
volume probably 043 largest in almost two years.
world market
CX-
12.49 20.15
With wholesale prices in the U.S.S.R. Yesterday's Closing
This, he says, wilt eble a The total on Monday was about more correct assessment of the
proditablity of 3414 01
million bushels
with relative soybeans accounting for almost ports and imports of Individua
of the commodities and
pro- After starting off with losses ftability of the Soviet Union'
as a whole ans! running to major fractions, the foreign trade market turned inixed for with Individual countries,
He adds that it will eredie for pilifing the cent before encountering an- the conditions
work of the Soviet Union's other flurry of selling.
COMMODITY PRICES
33
11
40 million
361
Bouth California Edison
61
Southern Company
Sperry Hand
1
standard! Brands co
ATE
Standard Of California
4337
Stanard Oil, Indiana KKKK
Bandard Dil New Jersey
40
South Am Gold & Plat
Standard Ou Onla
Sterling Drug 'yon Studebaker Packard Taxsco Ine. LEAD Thompson Ramo W. TlosWaste Of
| Twenty Dentury Fox
Trana World Alafines Union Carbide
in
Thion Out Calatorida
Pion Pfle
| United Alecrats, Wiley.
United Arab
United Fulf
UR Industried
Üd Janemi
Us Balett & feb. Werner, Beos, Physiku Western Union 74.
Kourgetown, theet & 25 Zastitn Audio
while then added gains of about
December whital at one time foreign trade agencies on attracted active suppert which strictor coat-accounting basis.
J:1
RUBBER
General markets, o.i.t: basly, porti: Nov. Dea. Jan
2012-20
20-2012
Relato crept in Dec...
UPI.
BİNGAPORE
METALS
51 doutors sold camb primarily • If Soviet trading is in fact to
Cadsing brieda all-in Strolls from mill and export accounts be adjusted to a rouble with a 280 Oversetts Business Included a
realetle International Barly, it cents per lb. tab. Malayan 50humber of small amounts and will be a most important change ports:
ara pale of a million bushels of
13 red wheat to Turke
4013
The mere anouncement of a No. 1. Dio. being put on a baxis of relative No. I
ko. á Det. No a Dec. Wheat closed-cent & profitability and stribler copt-
- accounting is an important de No. **
Apot tubber, unbaled pariure. 301ower, oats H-1⁄41⁄2 higher, rye
Mr. Gitizov says it has Blanket crepe
No. 1 pala.drape Unchanged to lower prid soy-"serious importance for the beans 4-8 lower-AP.
problems solution of economie.
2 Lestel Tet, silźe
Unit trust
First, Hongkong Fund.
Buyer Price: $1.02. geler Price: $1,58.
LONDON
86-07
LONDON Closing prices, all in stébling per long toh.
0814-0831
Biling 63-04
9315-921447
pet
7
sarutash Connecter whir tho Bovidt Closing prices ~la in bence bor Coopit
Unston's Cocalita dctmomile
NOT
rela-ib tlom.
24-25, Led Let Half," It could have great internal Na; 1 nad ipot .......
„Settlement holles termi economic signifiedner too,
Grusdy's statement | Jan/ 2015-2016 20:11 tialé Tengility Uloomisén, the, reotul FM7271
Aar line
developmeni on the bóndan, 1964 7147**
·Buykes: Bölight.
aro
Countries represented at the Australia, symposium Austria, Belgium, Brazil, Bri- fan, Denmark, France, Germany, Greece, Italy; Libetlaj Japan, Poland, Monaco, Swtdah; Hol- Irid; Norway, Switzerland, the United States and Yugca- lavia.-Reuter.
•
59 ships idle at Melbourné
Melbourne, Nov. 19. Fifty-nine skipi lay' idla ur Melbourne docks today
• with- no, itgn of on Imma- diate refumptiba of work By: the port's 4,500 dočk
a Why following development in the dis- pule Phich Buddion Thursday last week.
new
The dispute began over em- TOE14 ployers' rights to uso etow members to load ships, The 22213 argument was almost settled yesterday, but today the dockers decided not to relien to work 001'unlil diyptoyurs, uskliról Them
they wild not cut whiriant leave': tų, make up for the "four-day