THE CHINA MAIL, TUESDAY, NOVEMBER 29, 1960.
Reds say gold WALL STREET CLOSES Rise in output
depletion caused by arms spending
1
London, Nov. 28. Communist sources said yes- terday U.S. expenditures for weapons and military programmes are to blame for the current drain on American gold and dollar
Poserves
Radio
Moscow, commenting on American efforts to "save the dollar and the U.S. refusal to support new U.N. old proposals,
HONGKONG IRREGULAR NEW YORK
STOCK EXCHANGE
tay
Dur Own Correspunden?
Busthem done at the Hong- kong Stock Exchange this mur- amounted to approximately $3,000,000. Noon quotations atid the moming's transactions:
B4164 Hisares Buyer Sellers IT Bank..
1320 1320
charged U.S. lenders are putting | E. Asia
"The arms thing else."
race before every-
In a broadcast beamed to the United States, Moscow eam- mented on the failure of Trea- sury Secretary Robert E. Antler-
Undersecretary of and State C. Douglas Dillion to win German and French help. In suring up the dollar.
"These partners of the U.S.A. ....know that by throwing new billions into the arms race, even ta save their generous patron, they are bringing their own countries nearer that batten- Jess pit on the edge of which
the USA is now poised." breast wald.
'CLUMSY'
The Red radio sald Ander- son's conduct is Bonn, which it
qunted
calling
American sourers as **clumsy,” effect on the issue,
In London, the
Daily worker sald
hat little
.
Communist
Lamború
Valon Wharf Waterboni Wheekick
::::::
120 1330 401325
GON 1329
z
25123
304 250
120 260
42)
120
27.40
1.30
1000 2 0.43
400+ D
4000 V DAD
Bock
113 113
Ink Fotel HR Land
ៗគ្ន
3000 9.30 1000 930 2000 $30 700113 400 112 BOO + 11z 300 #1
New York, Nov. 28. Late profit-taking blunted an upward drive today leaving the stock market with a hodge-podge of plus and minus signs.
their elec-
Most
the of
high-fying specials retained part of carly gains but many tronics, vendings, bowling issues and blue chips ended up withi forecs,
Chrysler dropped around 14 in the ears to a new low with others
the group U.S. steel moving narrowly. dropped around a point in that Fection,
Dupont dropped around 2 in the chemicals, IBM around 2 in
Vendo 1 I the electronics,
the vending issues and Polaroid 2 in the cameras..
Today's volume was 3,800,000 Or a total 1,240 issues shares. traded 525 were higher and 518 tower.
American exchange volume was 1,170,000 shares.
Donds volume amounted to $7,320,000.
16012
Provident
22.40 22 0 500
22.70
2000 2200
4232
43
Daw-Jones closing averages:
..
G
1100
OF!!
30 Industrials
100
GU
20 Rails
2000 M
611
115 Útifiles
B5 Stocks
40 Bonds
605.09 129.58 05.04 201.39 84.51
Comira. future price index.
" 4"
טות נוער
Closing prices
37
30%
US Steel
US Steel 7 P.C. PF Warner Bros Waukesha Motora Westinghouse Air Brake Westinghouse Electric West Va. Pulp & Paper Woolworth (K. W.) Zenith Radio
374
ex
158%
LONDON
STOCKS FALL
London, Nov. 28.
COTTON MARKET
Cotton
New York, Nov. 28.
futures began the new week with a narrow and quiet track today.
#
At the close the list ruled lower to 11 higher ave points
three after opening
points higlier to 2 points lover this morning, New Orleans futurca Anished point lower to 11 higher.
A mongre amount of Bruldn- tion continued to ease the spot position, although the three notices Issued against the post- tion this morning were even- tually stopped, and gooxi de- mand "continued for spot
ton.
Distant months faced some pro inking but Improved bids from spot interests Inte in the diny allowed most months la close with slight Improvement. Uncertainly
100) BVer
Joan level continued. It was "Black Monday" on
Liverpool futures closed un- exchanged stock London the
to 10 poluts lower. change today-its third Exports reported today totalled
34,354, bales. Cottun goods con bad day in succession.
tinued dull with prices eased further-UPI.
of
Hundreds
millons of pounds, were sinshed from the value of shares in market troubled by the business out- look at home and abroad.
Gold shores were almost the only section to resist the trend, industrials im- although some
61% proved slightly late in the day.
the
Vanmol
Yaunti
JOY
39
100
109
Den 108
101
200 103
100 IR2
(gla
Team
321
the 123
Abitibi Pwr. & Paper
Algoma Steel, Carp,
Allied Chemicals
C. Light
25.70 25.00
Allied M Inc.
J5
Allis Chalmers
2324
Am, Cable & Radio Corp.
BIL
As measured
American Cyanamld Chi
12
Am. Home Prod.
16110
An. Mach. & Fury.
20
American Metal
75P
A0
29
American Tel & Tel
Aimpex
231
Anaconda Copper
Arituur
27
445%
Baltimore &
In a front-
page article headlined dollars
in doldrums; men here for talks
that devaluation of the dollar, US. import restrictions ruls in overscus
and
Investments
may be in the offing.
Telephone
"The USA refuses, to cut HS ¦ Telephone
foreign arms expenditures, ex-
cept for minor trimmings ke the ent of airmen's familles abroad," the Daily said.
The Communist organ said real U. S. Anuncial beli- 4ightening in non-military - 1ers might have "drastic effects on Brich trade."-UPI.
U.S. action criticised
New York, Nov. 28.
A letter to the Now York
how
412
Centien!
1000 in 321 2014080) 44 25.40 1500 25
200 25.00
22030075.70 KK 25.70 J·lit The "5
500 25,89
200
20.30 20 2000
7500 20.20 19.0 200 25 30 1000 7
Afti. Natural Gas
American Snelling
An. Sugar Ret.
Dairy Far 33
Watson Allied Invest. *Textile
****
0%
Nanyang A. Hubber Rubber Tanken, Duck
00w 125
34 2000 3392 500 1334 350033
Atlas Cons. Mining
Ohio
Bank of Montreal
Bank of Nova Scotia
Benguet Cons.
by the Reuter
Index, the drop in British in
dustrial shares was aboul
two
per cent today, making a total fall of five per cent shree kast Wednesday night.
Tekny's falls in share prices which anged up to cigli shillings and sixpence on some shares were disconcerting, but 27 hardly tragic.
One Index of leading non- vernment stuctes fell today to around its lowest level for this year.
Two other mare comprehe::- slve Indexes were tonight l their about midway between "highs" of last September and their "lows" of last May.
374
1000
37
5000 I
20.10
775 20.10
0214
13
100 G
J
100032
4. C. Tel. Co.
400
Bell Telephone
1PL
RO 2
Bethlehem Steel
39
Borden (The) Co.
Burroughs Add Machine
British Amer. Olf.....
20%
British Columbia Pwr.
34
Calif. Packing Cor. Cana. Bk. of Cont
13
Ga
Canadian Pacific 1.
31
301
Celanese Corp.
221
G3
Chase Manhat, Bank
539412
62
60%
17412
Consolidated Paper
8000 for 1.95
Consumers Gas
5000
1.95
Continental Can
32
14% | high and low.
1C000 1,923
Continental Of of Dei.
57
2000
1.85
Crane Cook
4412
11050
1523
Cuban Amer, Sugar
1412
5000 1.95
9.00 2000 $2
1300 9,70 3000 19.05 40009.05 1500...0.60
14 10.10
500 0.40
314 580 7000 455
Really
.... 1.023
West Germany could be TK Cas
Times today asks
expected to help pay for
American troops in Ger-
many when the American
13.09
Ford Company was spend- Metal Indust. 140
ing millions of dollars on taking a full control of
British Ford.
we
"How can
expect Dr the to convince Adenauer
taxpayer of German
the contributo Ja 10 urgency additional $600 million (about £215 million) when he rent's that at this critical jubetuve an American corporation is. per- mitted to pair $350 million (about 128 million) into the British economy, just to satisfy the desire to increase from 54.6 cent to 100 per cent its control of a British corpora- tion?"-Reuter.
Lane, Crow.
765
00:00
BUD 7.55
06 2100 for D.;
Cat, Tractor
C.1.T. Financial Corp.
Chrysler Malors
Cinett Peabody
Commercial Credit Curly Glass Works
10001-Consolidated-Edjaon
1.93 23000 1.5
16 10
1.43
434
1. Invest, 10.70 10.GD
Iny.......
Gilman
10200 j
1000 15.00
300 in 10 1900 15.90
30018
5000 ** 1,433
EUD 42
500 +12 1000 10,00
500 15.10
202 M 15 2% 2.525 4000 2.325
GOCE 4214
Underwriters 11.40 11.90 20 2519 Humphrey Star Ferry 102 185 Macao Erc 12.20 Vibro
221
Unit trust
First Hongkong Fund. Buyer Price: $1.04. Seller Price: $1.11; Special offer $1.07.
seller
GENERAL'S 5
BIG
Im!
FRACTION 418 H.3.
BAL
LOM.
GENERAL PASSENBER
General's BIO 5 Include a specific tire for all normal types of on and off-the-road services ... other types are available for special servico requiro- ments. To secure the type tires you really need, consult:
Disilers-Seagraits
Dominion Stores
Dow Chemieni
Eastern Air Line
El Paso Natural Gas
Family Finance Corp.
Ferre Corn
First Nat. City Bank
Ford Motor
Ceorgia Pacifle
General Dynamics
Пелето Еjectrle
Gen. Pub, Uli
Gen. Tyre & Rubber
Goodyear Tyre
Great Northern Railway Grumman Alteraft
Cuk Oil
Hammond Organ
Hiram Walker
Human RetrƐg.
leaho Power
Imperial Oil...
Imperial Tobacco Inland Steel Co. Intercheniical Corp.
1n1'}
Machines
Kaiser Industrica
Kimberly Clark
ilggett & Myers Tob. Co.
NARROW RANGE
These differences are not very significant, de the market for been most of this year has
in exccp- Roing sideways in 43onelly narrow range between
price:
Litice Ind
Locktized Aircraft
Lew's Incorp.
Lone Star Cernent Co.
401
Lillard P...
THE HONGKONG TYRE CO.
(Eatd, 1912)
TOP QUALITY RETREADING
Morrison Hill Rond, H.PC.
Lowenstein & Som, McDermalt J. Ray Merck
All the indexes, and most well are still share prices,
above any heights reached in the postwar period up to near the end of last year.
Reasons for the "shake-out" include difficulties in car home hire-purchase appliance and firms and the working of the credit squeeze,
The government is plainly reluctant to relax the squerze untu exports Improve and
has threat of wage inflation been held back.
An inflow of "hot" money attracted by the high interest Intes cops the reserves doing well, but that is not regueded as good enough.
DEFLATION
.
The market had some under- Jying fears of competitive world- wide deflation spreading from the United States.
Some experts thought these fears were exaggerated, since the United States can have no earth. ly interest
anything SU
|
Sugar market
of Malayan cigarettes
by Gordon Hung
Kuala Lumpur, Nov. 28. Malayons are smoking moro "Made in Malaya", cigar- ettes (manufactured with American or Rhodesign to tobacco), according Government statistics.
While overall consumption res mained about the same, im- ports of cigarettes dropped by M$8,500,000 from M$32,200,- 000 In the first nine months of Inst year to M$23,700,000 during the same period this year.
On the other hand, production of local
cigarettes has
more
than doubled over the past two years and more than treble over the past three years.
From January to August 1968 they totalled only 1,000,000 pounds, while imports for the
were G perlod
million
some
pounds.
CONSISTENT
WAS
imports
pounds.
FORTATION
Canadian Pacific
Railway's drastic
cuts
The
in services
Ottawa, Nov. 28.
Canadian Pacific Railway, which made possible
of
the settlement western Canada three generations drastic is about to make ago, reductions in its passenger services.
the companies, In a few years, trans-con-railway
Canadian From January to August last linental passenger trains on the Government-owned
National Railways and the pri year the local production Agure | Railway will be only a memory,
with t pounds, 2,100,000
tokes three days and vately-owned Canadian Pacille
travel dropping to 5,900,000 three nights to
from Railway, have fought a sing battle against the age of the car Halifax, on the Atlantic coast, to Vancouver,
on the Pacifle, and the aeroplane. aboard Canadian Pacific's crack train. The airlines have made this kind of travel obsolete.
|
As air travel grew after the end of World War II, the railways fought back with Improved services and payment plans,
casy
The Arst eight months of 1900 saw the production of local brands rocket to 3,100,000 pounds, with a corresponding fall to 3.800,000 pounds in m ports of foreign brands.
Actual consumption figures
Credit cards offered railway for These periods remained
pazengers chargé secounts fo Ιπ fairly cenalstent. 1950 the smokers in the country went
the fares, accommodation at through 7,000,000 pouİKİS of
fallway hotels, telegraph, ex- and car rental cosis. press elgarettes.
were offered. Ice New York, Nov. 28.
following The
they
Special rates year World No. 4 sugar futures smoked 8,000,000 pounds, and
off-peak travel and for group Cafeteria Service excursions. this year their intake went up
the was offered in addition to 8,900,000 pounds,
traditional expensive dining car meals, and special glass-domed observation cars were built for the spectacular trip through the Rocky Mountains.
today closed 3 higher to 5
lower with sales of 73 contracts.
to
in
Reports that Cuba plans to switch
selling bggressive
prite policy disregarding order to drive marginal pro- ducers out of business unseltied Latures. A further depressing
at
noto was a claim that Russia fus begun re-selling sugar below the current world price,
Domestle No. 8 future: onct again Anished unchanged with no sales reported. UPI.
Agreed: merchant rates
Canadian $ Maximum Selling,
Minimum 17-1/32;
Buying 17-9/32 T/T, 17-11/32 O/D.
Swiss Francs, Maximum Sell- Ing, 75-1710.
W.
Cerman Deutschemarks, Maximum Selling, 72-11/16,
Exchange rates
Business was done at the local wnofficlat, excliange markel morning at the following rates:— vs. dollar por $i)
Starting notes (per 1) Australian notes iper £1) Indonesian rupiah per 1001... Shun deals per no Singapore (Sirottu)
6.07 10.02
Rubber
market review
New York, Nov. 28. Rex rubbor futures today closed 25 to 35 points higher with sales of 44 contracts.
The current month No. 1 Rss was quoted at 284 cents.
In Singapore, the market ruled very quiel and trendless throughout the morning,
January, was traded al 3⁄41⁄4 cent premium to December with lower sheets practically neglect
ed,
At the same time, increasing road travel has cut sharply into the railway's revenues on short distance runs, and the Company is now asking the Government to bring in legislation to permit the closing down of uneconomic branch lines. In 1958, the last year for which complete figures
the are available,
company estimates that it lost 15,550,811 dollars
1s (£5,857,022) passenger services,
In a brick presented to Royal Commission which is now Investigating the whole field of A. transport in Canada, Mr R. Emerson, Vice-President of the Canadian Pacific Railway, made for specific
requests
Gma
ол
Government action.
The Company's fleet of pas senger trains, he said, would be "trastically reduced" in the future, leaving only those ser.. Vices which can be operated profitably.
REDUCED In 20 years' time, he added. investment in the Company's passenger train equipment will millor reduced by $84 be
(£23,272,727), from about $104 million to $40 million.
None of this proved adequate. to compete with the speed
end of the air travel. By the
only people 'Atles, almost the travelling long distances on the always were these who helt free pass.
By tradition, this group is large. Indeed, Mr Emerson, in his brief to the Royal Commis- that the slon, gave notice Canadian Pacifle Railway, will
restrict the se
from January 1, these passes 1931.
abolish or
LOSE RIGHT Sleeping-car Lervice, which Among thee who will lose
fre in the days before air travel their automatic right to was the backbone of the passen- "Iraniport will be the Governor ------ ger business, will, he continued, General of Canada and his stuff, be eliminated in a few years* the families of members of Par- time. After that, the Company's lanicnt, provincial Lieutenant- The pattern in the afternoon | passenger trains will concen- Governors, members of Provin- was unchanged on sinall MOVA trate on "a certain number of cial Legislatures, newspaper ment, little interest and quiet Intercity
between the and magazing writers, customa, conditions.
larger centras such as Montreal-immigration and post offies per- Toronto, Montreal-Quebec, Mon- jsonnel, employees of other mail- real - Ottawa, Toronto-Detroit ways, fire rangers and forestry and Calgary-Edmonton,”
ometig. This admission med the
Mambiens of the Federal Par- end of a 15-year perfod during Romant travel free by law, bul
Canada's
two major Canadlast Pacific Railways
The market closed quiet.
In London, the rubber market was steady with spot quoted at 12.70 (25% pence
3.30 26.15 1.01
Yesterday's Closing
I11 Amsterdam, the rubber market was quiet today.-UPI. which
runs
COMMODITY PRICES
METALS
LIVERPOOL
Closing prices
all in pence
per ib.:
American Contract
22.45
in
NEW YORK
23
National Blocult Co.
70%
National Cath Neg. "A"
suicidal.
Some continental stock ex- changes, which recently ran into similer air pockets or worse, Have since shown good rallying power, including today.
Closing prices all in cents per
MAY July
Dec.
jb::
Mixed Contract
Doc.
72.75
Leed Dec. Jan.
10.05
10.07
Mar,
May
23.00
Zine Dec.
11.40
July
21.25
Jan.
11.25
National Dairy Prod.
Much will depend on
Copper Dee.
28.14
Dec.
Wall
Jan.
27.07
Stron, which has been holding
up remarkably well-fleuter.
Mesabi Iron Corp, Minnesota Mining Milon Development Molton Brewery Menranto Chemical Co.
National Lead
National Steel Corp.
North Amer. Aviation Northwest Airlines (Com.) Okiatramo Nat, Ga Owen-Ilimals Class
Oxford Paper Co.
Penny J.C. Cɔ.
Philly More
Pitney Bowe
Procter & Gatute Co.
Pittsburgh Plate G
Tortised Gen. Elec. Pubiteker Industries Pittman
Pure Oli Radio Corp. Pret.
Staytheon
Republic Sleek
-
LONDON Closing prices, all in sterling per long icm.:
Tin
Spot 3-month
Copper
Spot
3-month
Lead and half Nov.
3-month
Closing prices
Beltish Geysinment Securities 23. Consolidated-£40.
36%, Conversion—£€3)4. 3. Savinga 1995/65-£10-7/32. 3%, Barings 1900/7027816. 3. Saving# 1609/75-4RUN.
Bank Insurance
Barclays Ond-624 33.
Chartered Bank-17s 90. Hongkong Bank-84. Layda Bank-D.
Lombard Banking Ord-17% ed.
Zine 2nd bolt Nov.
How
3416
40%
Union Insurance£?,
Iteynold Metal
4011
Reynolds Tebarco
A3
Burmah 037 0.
Royal Bank of Canada
Royal Dutch @ 2.1 16.
33%
Salewer Stores
loyal Dutch .....
Seint Reg, Paper
Schenley Lo
Scott PhoET
Bester Corp.
Mast
00
feel
Engineering
Babcock Wilsex Ord-338 460.
United stea tried.
Viskers
Industrials,
Amos. Eles tiltirtries-41% 30.
Assoc. Pocitand Cement-d5a vd.
Giner Of ....
50
Omith, Kiper French
44%
Bocey Mobil Oil .................
Both Burra Fro Sugar
14%
Routhern Normal
01
位
79%
Peene Co.
A Co. of, Canada
Bierling Drug Co. BickNy-Van Camp. Bions & Webster Ruisine Mining Torizon Ing.,
Tulokal Chera
Tri-Cont. Wartaro Film
Hongkong:
Tol: 72455
Twentieth Century
Umkm Carbide
Uolon Gil of CK!*
Kowloons! Opposite Kowloon Magistracy, Yaumati
Viese Pudina nalikay
Loktak dinara.fi
Tel: 60881
A Gromh
Un Rübber
UB BILING
100
Boardman, Marden Ord-it ad xd. |
British Motor Ord-18s 11⁄2d
Conte, C., P.) Ordu--80a Tihd xd, Courtauldi Ordze D,
De La Núm. drdably
Denon fubber Ord-201 10110.
Elec. Mus. Industries-41a da.
FOR MOUNT, Orgilate Tech. -
digan Buldus) Ordinis 9.
Great Univeciak. Örd-814 @d. Hawker, Siddeley Orő-260,
frediitusion Ord=346: 1010.. Blander-rjande ad xd. Unlever Ded-1400,04, KÁ, Woolworth Order, 7150
2. & 0. Gleam. Hav.
3-month
Впусти Бенета
000
0001
780
22012
227,4
COTTON
NEW YORK
Closing prices all in cents per
.: Epot Dec
May
SUGAR
NEW YORK
983288 28SARR
NANA68
NRKASH;
24.20
Closing prices, all in cents per
1b.:
Contract No. 4 (world)
Jan: 3,28; Mart 3.00; May: 3,09: July 4.00 Bept: 3.00; Nov: 3.07;
| 3pot-(F.A.B. Cuba): 3.24,
Total Sales: 75 contracts.
Open interest; 1,524 contracla, Contract, No, ¤ (domestic)
Jan: 6; Mar: 3.92; Spotcnt, NY, ex-duty): 5.
Tolal Bala: none. Open Interest:
UPI.
143
contracte
RUBBER
NEW YORK
Rex rubber futures closing prices, all in cents per lb
May
Nov,
July
NEW ORLEANS
Jan,
Closing pricep all in cents per
MIT
BAY
15:
Sept
Νόνι
STEFANBER
No. 3 Dec. No. 3!! No **
Boot, rubber Unt fed Blanket, trepai
·N. 1 pale creób "19.
"LONDON,
Chung prices all th
per Ib.
No Lim pot
* Bergament House, izim:
Fly/debt.
General markets, c.lt. basi
Etate crept thin Dec.
Strick Deb AMSTERDAM Caling prices all
per kilogram, c.lf. Des
No.
rubber
No, & fubber
стера
FORBIEN ENCILA NO
NEW Closing rates: Canada England giflea
Now, Lepland Bouth Africa
Mium
Denmark
France,
Others uden T
24.04 2047 29,70
New York
12.05 $9.00
Lisbon
Parie
Buckholin
Zurich
BINGAPORE Closing prices all in Buaite cents per b; fo.b. Malayan ports:
Ho. De
Jan.
16-814
asked the Royal Commission to recommend that their trovėl out cxpenses he paid in future
funda. M: Government:
ol
Encison sald;
"Nelther in the United States nor in the United Kingdom 15 there a mandatory requirement pa railways to provide freE elected legis- transportation to lative members or to Gevern- ment officers or, employers."..
12-manih During a sample
the period in 1980 and 1980, Company....estimates that RIVE SEWAY 6720000 dollars (22,338585) WE
perce 35
Langtoft,
h
1:
of fres
riding
Boltshell and reduo- unprintable opera- tighs,
Cikuah Patillo Itallway Roses in. tiubentrate
Moneychikking freight
•the it hits
been Chin. In the law Fill to Bitay groin
the alle provinces at Veb-jxed 160, Telia ago.
sözüged wer to dlasel elf and improved Its afld Told fráinicnanen
dre, it is moving
મહેમાન
Business,
EB1allish on the ORKUNAFIK transport. #12186d; or Brodmoving melinlooked from
into a télier ognin batis dettenlination railway, 1136. ADSBALLET Wo big tet: 700; fliteurs 12 for so ja
widich stiumships, graph services as
method of moving lilly, müket rat
Railway Bopën to survive as in " ansport company, oven If the tram-condinental railway which made it strammy aliupphi
Reuter.