THE CHINA MAIL,
WEDNESDAY, FEBRUARY 8, 1961.
Wall Street closes LONDON STOCKS
with minor loss after late rally
New York, Feb. 7.
CLOSE MIXED
London, Feb. 7. Stocks found no follow-through to yesterday's run- up while Wall Street's casiness slowed the trading pace after yesterday's turnover had hit the highest spot for ten months. But selective buying boosted engineering equities, textiles and some motors and the list closed mixed.
Steels receded on news of more short-time working, lead- ing tobaccos fell back on dis- appointment with Imperial's and again" dividend
"same
Stocks closed with a minor loss today after a late buying spurt
cut many losses and put some issues in the plus column. Trading was fairly active es- Allied Chemical, Union Carbide, Carter products, and defence stores ensed.
! Teelally near the final bell when ¦ United Airerant, Johnepaman-jistues fost as much as 1% price were on the rise.
ville and General Electric. General Dynamics.
The Dow-Jones Industrial <lown by was held average Jorses of a polut Gir more 121
1:1
Steels and motor stocks Today's volume was 4,020,000 Of a total 1,295 shares moved in a narrow range, drugs shares. were down as much as 14 in traded 351 were higher and 483
lower,
P.O
ORIENT
LINES
EMBARKATION NOTICE
R.M.S. "CANTON"
EMBARKATION: The ship will be berthed at No. 1
SAILS:
BAGGAGE;
Pier, Kowloon Wharf. Passengers should embark between 2.30 p.m. and 4.00 p.m. on Wednesday, 8th Febru ary, 1961.
The ship is expected to sail at 5.00 p.m. on Wednesday, 8th February,
1961.
Should be sent to the Hongkong & -Kowloon Wharf Co.'s Godown (No. 2 Gate), Canton Road, by 5.00 p.m. on Tuesday, 7th February, 1961.
SUBJECT TO CHANGE
Agents:
MACKINNON, MACKENZIE & CO.
OF HONG KONG LTD.
Telephone: 35211/9.
American WRs 1,330,000 shares.
Bonde volume minounted to $8,700,000.-UFI.
exchange volume
New York
cotton market
Cotton
New York, Feb. 7.
aturat today passed an unusually quiet session ostradors awaited some now incentives.
on the
defensive
Operating from the opening, the market closed net 2 to 11 points tower, Opening prices were off 1 to 7 points. New Orleans also closed utto il points.
Important operations appear- ed to be held in abeyance
deurlop pending Washington
ments, and especially the long- awnited government announce- ment on the loan rate for the 1961 стор.
G.
Representative Thomas Abernethy (D.. Miss) urgea the Agriculture Secretary to use his to boost price-propping powers
the income of cotton growers. He said the 1901 support should be raised for cotton seed, while the cotton rate should be set at im less than last year's level. UPI,
THE UNION OF
SOUTH AFRICA
同
FROM
BOUTH
|
Several blue chips managed
penec.
Kains.
Olla
quiet and Flayed trendiess with Anglo-Egyptian the exception, I sling 8 pence higher a 24 shillings
President
Kennedy's renewed pledge on the dollar price of gold sent South African mining issues buck- tracking. but the counters started a sharp cnd-session rally. Ghana's take-over bid for five
West British owned African mines sparked a flurry In what the house calls its "Jungle market," bringing a list of good gains.
Coppers shrugged of a dull start but tins were mixed.
Presistent sqiling produced minus marks for gitt-edged and with some of the sales sald to be on American account prices War loan 3 per gave ground.
to another new cents dropped low
at £57-1/10th, a fall of £9-/16th. Dollar Stocks edged downwards.
Foreign bonds attracted te interest
Rubbers Ing. Teas UPI,
met selective buy-j were neglected, -
Closing prices
elisa Government Recurities Consolidated 24244. a. Conversion-456-15/16,
Savings 1555/85-200-21/32. Savings 1950/70-277-13/10. 3. Saving (903/7-270-5/40.
Oversea Bend.
54. German (Dawes)-&£12. $ Japanese, Amentes-£1507. Tanks & Insurances
Barclays Ord-0.
Chailered Bank-30s 9d. Gubistall Asurance - 1204 34. Hongkong Bank-C935 cor. Lloyds Bank-30.
Lannbard Banking Drd-15 d.
ots
British Petroleum-Sia Od. Urmal Oil-12 d. Shell Transport Ord-1433 Ed. Royal Dusch–£13%. Ultramar Company-20. Od.
Steels & Engineering
Wilcox Ord-ady 24.
Babcock
EXPORTS TO THE VALUE OF £700,000,000 ́ ̄U.S. $2,000,000,000
Vulled Steri-01s A, Vickers Oid–254.
Electric
Anoe. Elec. Induriries-4ER BL. Flee. Mus, Industries-454 34. English Electele Ord-314 30. General Electric Ord-92 33.
Industrials
Ase. Portland Cement-754 112 Dunlop Rubber Ord--23 1 Turner & Newall Ord-011⁄2 44. Unilever Ord—357» 10lEd. International Computers—72. tit. Floardman, Marderi Ord--81 30. Borax 11öldingvi—–719. Catrerna "D" Öröm-48 #jet. Fine Epinners Crdal#.
Ord 11512.
Coman STANCADRE) 054-
7153.
Jagune Cars Teunion Ord-4 Standard-Triumph-10. Wiggins Teape Ord-34 4%. Forestal Land-131 3d. Hundson'e Bay--C#-7/10, Westland Aircraft-155 M.
INQUIRY IS TOLD:
HONGKONG
U.S.
STOCK EXCHANGE
Our Own Correspondent,
Busitica done at the Hong- Stock Exchange this
amounted to morning
appro-
kong xhnately $4,000,000. Noon quota-
tions and the morning's trans actions:
gbarea Buyer
Sellers
IK Bank..
1700 1500
HK Bank
Lon. Reg
Lombard Ins. Wharf Co... Talkoo Dock
ПК Cas
452
70 75
18.30 18.40
Rales
1700
0 34 1700
40 of 1890
1301003
10 1803 1:17 1090
5 1910
2007315
KK
70
100 w 25ky 500 181 300 18.40 200 38 1000 ut 1.40 1300 13.30
100 14U
500 i 10.30
Wheelock.
11.00 11.90
GA) 12
11.00 5000 12 7000 11.00
HK Dock..
127
129
100 #123
1000+ 128
Ord-264
C. Provident 20.00 27.10
600 27.10
1000 + 27
HK Hotel...
45
45!
1500 45%
2.00 - $5
I Log
Ex. ...
02
130 13:
423 782
Chemicals Monsanto Chemicals impartal Chemical Ord-31.
4d.
Paper Downter Paper Ord-145 71. De La Rue Ord-50% ad.
Tobaccos British-Amer. Tots. Ond»-08s 121μd, Imperial Tabacco Ord-60s 2.
Molora British Motor Ord-178 ft. Roll-Boyce Ord–43 rd, Hawker Siddeley Ord-29 41yd.
Textiles
Calico Printers On-151. Cal J. 2.) Ord-50% Courtaulds Ord-438 Bi Lancashire Cotton Ord—60%.
Stores
Great Universal Ord-325. Lyons (3) "A" OrG-BSN Marks & Spencer "A" Ord-st, 3. Woolworth (F.W.› Ord-37s 10lach,
Miscellaneour
Bowmaker Ord—24s 1144. Hongkong & China GA-151. Indo-China Def. Ord-23¢ 3. Land Securities Ord-24.
1. & O. Steam Nav. Def.-411. Stoll Thestrxo-01.
Kuiner
De Beers Def-145 49d. Petaling Tin-os 10d.* Rio Tinto Bearer)—-£24;.
Hona Aniclope Copper-da Du, Welkom Gold Mining-78. Western Holdings-1425 Okt.
Rubbers Tray Angle Indonesinis Plant-% 36,
Ceyle Ten Ort-20s." Jinperint Teu On-Ha Od. - Kuala Lumixer-Kepong—3% ed. Lanabak Rubber-131.
-Reuter.
GILT-EDGED DROP TO ALL-TIME LOW IN UK
London, Feb. 7.
Yaunati
(New)
1400 821L
14
100002
120
300 320 1400 128
GOD er 120
134 130 34 302
500 342%
1400 N 3424
100 35
Ch. Light
Yaumati (013) IK Tra
28.00 DOGO 129,20
programme of textile imports endangered
Washington, Fob. 7. Senator John O. Pastore (Democrat, Rhode Island) said here today that Japan felt it had put itself at a disadvantage in voluntarily agreeing to restrict its cotton textile exports to the United States be- cause of the rising valume of exports from Hongkong and other Far East countrics.
"This is very disturbing information," the Senator declared at the second day of public hearings on the domestic textile industry.
Senator Pastore is chairman exports but said it would not
Committee's work for of the Commerce
the American textile sub-committee on problems of industry. the textile industry.
le drew support for his position from Mr Barkin, who nald 337,000 jobs had bren lost in domestle textile plants because of the Increasing ika- poris,
Three years ago the sub- committee recommended heavier restrictions on imports of tex- tiles, but Congress und the Eisenhower Administration
the Ignored
recommendations.
The US. textile industry claim
Mr Barkin sald Americon
manfacturera textile
were
It is being damaged by heavy handienpped by two factors;
1. Forclp manufacturers Imports of textiles.
could buy U.S. raw cotton at
prices
than could manufacturers
be
The Pastore group is renew-cheaper 4400 @ 23.30 ing the study of textiles this American
500 29.30 year, hoping that President cause of the subsidy paid by
who supported is the Agriculture Department on 2000 20.20 Kennedy,
100 19.30 recommendations when a seno- exports of raw cotton.
tor, will look more favourably 1000 20.00 on proposals to restrict linports,
000
20.10 £300 GT 20
DK Elec.
32 22
1000
0813, 633
4332 or 32
250 321
2495 32
ILK Tele
(New)
4411⁄2 4415 4000 45t today
G. I. Cement 71%
Dairy Farm 309
Allied inv. Textile
430 425
375 +421
1 TB
250 4214
375
424
1000
12
200 724
200 30
500 72
34
200 kr 35%
200 € 30
1800 3524
9 0.15
7.53
#
200 64
4000
0
5000 7.0J
Nanyang...
13
1000 133
1000 6 13.10
4400 13
A. Rubber.
7.10
7.15 10000 120
1000 7 7.50
2000 7.20
1000 7.18
I. Trust...
Realty
HK & FE
Inv.
Gihnan
Vibro
8.03 2000 de 1.05
2000 m
500 à 8,05
500 8.0G
1000 1
2.10 2.123 306503.10
$4000 2.125
10000
4000
2.15
DIFFICULT
the
2. Wage rates in the US. were higher than in foreign countries.
"Overall we
would not
تارا
Senator Pastore's comment able to expand in the world after Mr textile market if all restrictions Was made
Ameri- Soloman Barkin, an economist were removed against for the Textile Workers Union can texilles," Barkin declared.
Mr William Pollock, Presi- of America, testified that the increase in
number of dent of the Textile Union, told textile supplies frum abroad the sub-committee that while the had "made it difcult to enforce Eisenhower Administration had quota done nothing to help the textile the Japanese voluntary
industry, the new administra- tion has shown signs or grea- ter awareness of these
prob- lems."
syster and therefore dangered this programme.”
-
The Senator noted President Kennedy's aim to increase U.S.
Boom in UK Industry," he said.
retail sales
London, Feb. 7. 2.10 Retail soles in Britain boom- 12000 2.123
10000 € 2.123
17.70 17.00 1000 17.30 3,375
U. Waterboat 301 Nope.......
The three leading gilt-adged int? tav...
(government stock) securi-
tios toppled millions to an all-time low on the London
stock exchange today,
24
1319
3.48 0000 3.326
24000 or 3.375 10000 3.40 1437 23
15003015 1500 49 24 2004+ 24
2006 23.70 1000 13.50
Exchange rates
Thisiscan was done in the focal
at
ed through 1960 cnded the year highest level yot.
NEW APPROACHES "The Kennedy administra- tion has indicated a deep con- of the cern for the problems
"It is our hope that now approaches, bared upon suggestions which we will make today, may lead to a solu- tion of this problem of imports." Mr Pollock then presented number of suggestions, among thom:
*
1. The Ferieral Government should distribute free textile and products us well as food to the underdeveloped nations over- sons and to needy perpong In this country. American textiles should be included in U.S.
2. The U.S. armed services textile pro- should clockplie ducts and aword contracts for their manufacture densed arcas,
December's total les were 4 per cent higher that your earlier and the seasonally - Justed index Jump to 144
egains" November's 109.
Board of Trade figures show that food stores did well. and December sales of consumer durables climbed little from their depression,
The biggest British gover- ment stock-War Loan-with | unomelar exchange imarket thin
Clothing and footwear stores over £1,900 millione in issue, morning of the following raten:—
US dollar per 31)
an exceptionally 6.12 "ad
Ceed fell 7/6 to £57-1-3 per £100 sterling notes (per £1)......
15.43 year." Their total salci reare$ stock.
Altenian mute (per £1) .... 12608 per cent above 1959 levels Indonesian tostan (per 100) .. 2.75 This is the lowest it has ever | Siam ficals (pee 100),
against a rise of 4 per cont in 1950.-UPI. reached
since coming into Singapore itSiral19)
́M $6,000,000,000 H.K. $11,000,000,000 being in 1931 Its peak
C100-11-3 in 1935. YEARLY!
And Is An Excellent Supplier Of Your Requirements Including :-
FOOD INDUSTRIES
Canned Fish & Abalone
Canned Fruit, Vegetables
and Jame
Fruit Juices & Squashes
Wines, Spirits & Malt
Dried Fruit & Vegetables
Edible Oils & Peanut Butter
Breakfast Cereals
Biscuits & Confectionery
Motze, Grain & Eggs
Animal Feedstuffs & Yeasts
Fisk & Vitamla Olle
CHEMICAL INDUSTRIES
Industrial Chemicals Adhesives & Glues Glucose & Starches Insecticides. Dips, Sprays. Weedkillers & Disinfectants Pharmaceuticals & Druge Methylated Spirits &
Alcabat. Solvents for Industry Wax & Tor
Carbide
Tanalug Extracts Explosives & Fuses
BUILDING MATERIALS
Hard & Soft Boards Steel Windows Steel Faraltare Office Equipment & Safer Asbestos-Cement Products
MINERALS & ORES
All Minerals & Ores Asbestos & Gypsum Refractory Materials
AND MANY OTHERS!
Was
About a year no it WAG valued at about £63.
Consols 21⁄2 per cent-the oldest Government slock, the last issue of which was in 1902 --dipped today by five shillings to £43-10-0 per £100 sleek.
Conversion 3% per cent-last issued in 1925-also fell five shillings to £30-11-9.
LOSING VALUE
The gilt-edged securities have been losing value on the ex change for some time, as a result of persistent selling.
Mary stock exchange dealers belleve this 1 because fixed interest Elocks, particularly there without n redemption date, have become more and more unpopular with Investors.
2620 1,50
foreign aid.
to milis iz
3. A permanent agency should be established to do research on textiles.
4. A double tariff rate, similar to that prevailing on woollens Bud worsteds, should be CX- tablished for all textile Imports. 5. The tariff on raw Woo! should be eliminated.
0. A one-price polley for U.S. cotton should be set up.-Bauter.
COMMODITY PRICES
Mar. 2325; May 23.85; July 23.90; Frankfuri
American Contract
Copenhagen
.10.341-19
11,091)-13,09
METALS
Oct. 24.30; Dec. 24.40.
Liban
80.20-10.30
Oslo
20.013-20
Mixed Contract
Paris
13.79-12.
Stockholm
18.4676-1.4.
Mar. 2305: May 23.90: July 2446: Me Oct. 21.03; Dec, 24.70-UPI.
Vitana
17411 **2.07-73.00
NEW YORK Closing prices per lb.:
Lead.
Mar. May
Zurich
UPL
all in
cents
10.13
10.25
Zine.
Mar.
10.98
May
10.03
Copper,
Mar.
MAY
LONDON
Closing prices, ail in sterling per long too.
Tin.
прав
They prefer to But their money 371 ordinary shares, which provide opportunities for 3-month capital appreciation in umes of Copper,
Tutation--Foruter,
Agreed merchant
rates
Foot 3-month Lend.
3-month Zinc,
Apot
-month
Buyers Sellers
707
707
200
0312
no
BO
-UPL
SUCAR
NEW YORK
Closing prices, all in cents per ib.:
Contract No. 8 (world)
Mar. 3.03: May 201; July 288; Sept 291; Nov, 2.00: Spot-(F.A.9. Cuba)
02.
Total Sales: 30 contenuta.
Open interent: 1,115 contracts—UPI
FOREIGN EXCHANGE
RUBBER
NEW YORK
Rex rubber futures closing prices, all in cents per l 50.80
Mar
May
July
Nov.
SINGAPORE Closing prices
27,85
all In Straits cents per lb. fo.b. Malayan ports:
No. 1 Feb.
Mar.
No. 2 Feb.
No. 5
tipol rubber unbated'
Blanket erope
No. 1 pale crepe
LONDON
Closing prices all in pence per
Settlement house term:
.... 2314-237
34-237
NEW YORK Closing rates:
1.00-29/33
2.0020
16:
2.7070
No. 1 Rt spok
3,7140
2,0000
Mer
Apr/fuse
July/sept.
LONDON
Nov/Dec.
Jan/Feb.
Closing rates; New York Montreal
Feb
2014-20
Hor
21-18
„General markati, vid. basin, ports:
Etata crepe this Feb.
thick Feb.
Kurusele
APRICA
CUT OUT THIS COUPON AND SIND TO
The Soular Trade Commissioner: for the Unión of Saulk Africa in East Asia.
1st Floor, KPM Building, Robinson Road, Singapore.
Předto send me the nomes and addresses
of South African Exporters of:---
The name and addrass of my firm is as follows-
ADDRESS:---
NAME
Belgian Francs:
Selling, 000.
Maximum
West German Deutschemarks: Maximum Balling, 72.
Unit trust
First Hongkong Fund: Buyer Price: $1.18, Seller Price; (1:20,
COTTON
NEW YORK
Closing prices oil in cents per
jb.:
Spot 33.25; or, 1906; 3ay 3200; July 2010; bet. 3376; Dec. DE; Mar. 31: May 344: July 1999.
ใน
LIVERPOOL
Canedo
Enga
onicles 30-days
_D=dzys
New Zealand South Africa Others unsonanged.
Closing prices q11 in cents per Amsterdam
23021
$37-52K.