THE CHINA MAIL THURSDAY, MARCH 23, 1961.
Wall Street closes on
New York, Mar. 22.
Stocks finished on a firm noto in active dealings today, with rails still pacing
the market.
Forecasts of substantially C. I. T. Financial Corp. provod Industry salts in
The
Chrysler Motors
stcond quarter by Chrysler's chief executive helped cars to fractional gains but sill were generally mixed,
Steel off point.
Chemicals were
with U.S.
muslly firm
although Du Pont fell 24. North American dropped over two in the aircraft while
United and Lockheed posted roughly
Cluett Peabody Colgate-Palmolive Ca Calunshlen Carbon Co. Commercial Credit Cory Glass Works
firm
Pure O*****
Rodlo Corporation
Radio Corp. Pref.
aytheon
474 Roynolds Tobacco
note
10% (Sunshine Mining
D0%
Texas Co.
22% U.S. Gypsum
HONGKONG STOCK EXCHANGE
لويات
Business done at the long-
tols
morning amounted to approxi-
Noor quota- the morning's
Switt & Co.
73
70
Our Own Correspondant
30)|
Textion Inc.
28
44% Hapublic Steel
Tokol Chem
114
Tide Water Gil
2511
Royal Dutch
20% Royal Bank of Canada 383
2014
Time *****
40%
Traders Finance
4134
kung Stock
Exchange
B01 | Kheer Mitg.
10%
Travelers Ine....
1919
Sears, Roebuck & Co.
60
Tri-Cont. Warrania
30%
Consolidated Ebon
705| Shell ou Co.
123
Twetilieth Century Fox Film
mately $4,000,000.
Consolidated Paper
4431
Safeway Blores
4015
Union Carbiile
132
tions and
Contental Can
17
Saint Reg. Paper
372
nion Oll of Cal.
transactions;
Continental Oll of Del.
50
Schenley Inc.
209
Union Packie, Railway
Crente Pel......
Crown Zellerðacki
Bo
30%
Scutt Paper
10314
United Aircraft
4235
Shares
Duyers Sallera
Rates
Cuban Amer, Sugar
17
Sincinir
lezier Corp.
United Frušt
2312
United Gas Corp.
334%
11K Dank.
5 440
o
Delaware & Hurison Co.
1
Smith, Kitne & French
109
50 14 400
point pois.
Diamond Alkal
Socny Mobi Ou
4314
US. Line Co.
3314
Patures in the strong sector were Norfolk and West
rall
Diamond Nal'!
45% South Purrio Hico Super
109
U.S. Rubber
30 440
Distiller-Sengtrans
37
Southern Co. (The)
U.S. Smelting,
35 454
Dominion Stores
B1
Southern Natural Gas
4214
U.S. Steel
crti Southern, Louisvill
und
2519 Southen: Prejile Co............. 70% Southern Railway (Com
2435
U.S. Steel 7 P.C. PE
Warner Bros.
1107%
44
3104 Sperry Rand
Warkentin Motors
279,|| Standard Brands
$71%
Westinghouse Air Brake
2342
115
Standard Oll of Cal
31
Westinghouse Electric
Standard Oil of Ind.
100 or 432
4074
302%
Western Union Tel. Co. West V. Pulp & Paper
200 of 430
7432
Winn-Dixie Biores
E. Asta Leanbard
220
D
10
137% Stone de Webster
Studebaker-Packard Corp.
Zenith Radio
Wharf
370
200
374
aş
70 09%
300
77
4015 60%
IX Ga... 20.00 20.70
400 765 600 20.10 £200 20.00 400. 20,80 230 A 20,00
Douglas Aircraft
Dow Chemisal
Nashville, Balting at Chio Dupont de Nemuurs
all with jumps of well over a point.
IBM featured the electronics a 10 point dip with around while Raytheom gained 2. Myers added a Laggett and
the cigarette
point
maisers.
nmony
Dis
were
mixed,
highlights including drop
Kostera Air Line
Eastman Kodak
El Paso Natural Gas
Ferro
Firestone Tyre & Hubber First Nat. City Bank
Ford Motor Co. of Cissa. Georgia heille
General Dynamics
General Electric
General Poors
the
General Motors
Gen. Tel & Elec.
a 2-point Kern County and a
point gain in Shamrock follow,
Gen. Pad. Ut.
Gen. Tyre & Rubber Getty Ou
ing the declaration of a stock Gidden Ch divider).
foodrich B, P., Co. Golycar Tyre
Dow-Jones closing averages Can Airerats
wered
30 Industrials
20 Rafls
15
Utes
GAD OR
Hammond Organ
Heyden Newport Corp.
Standard Oil of N.J.
39% Steel Co. of Canada
闆 Steep Rock
070.31 m Walker
150.01 Himneske Mining Co.
229.90 Idaho Power
112,67 Musaman Retrig.
201
531
A
13
15
ฟ฿1
05 Stocks
40 Bonds
Comm. future prices
index
Closing prices
Abitibi Pwr. & Paper
Algoma Steel Corp.
Allied Chemicals
Allied MIS IRC.
All Chalmers
Am. Broke Shne
American Cable & Radio Corp
Amrican Cyanamid Co. ...
Amer, & Forgn. Power
Am. Home Prod,
Ain. Mack, dry
American Metal
Am. Natural Oas
American Smelting
American Tel & Tel
76.34print Oil
Imperial Tobacco Ingersoll-Iland
143.51 Intand Stee! Co.
Inter hendes Curi.
Int Business Machines
Int Harvester
International Nickel
Am. Ga E Electric
Am. Sugar flet.
American Teb.
Ampex
Anaconda Copper
Armed Steel
Armou
Asbestos Corji. Balwin-Lina-Ham,
Baltimore & Ohio
Bank of Montreal
Bank of Nova Scotia
Beech Life Savets
B. C. Tel. Ca.
KOL
LONDON
London, Mor. 22.
The following are today's quotations on the London Stock Exchange:
Closing prices
British Government Securities
2 Consolidated-T
5 Conversion-55-13/16.
3, Savings 195/65-207-31/32. 3. Savings 1970/70--18-13/16.
Savings 1985/7571-1/16.
Overseas sonds
5. German (Dawes)--EMI 56. Japanese, Aprented-£125
Banks & Insurances
Barclays Drei-749 111⁄2d,
Chartered Bank-59% ki.
Guardian Assurance-1394 34.
Hongkong Bank-
Lloyds Bank—668 1011⁄2å .
Lombard Banking Ord-234 Tijd",
500
6714
$ 40%
Int! Tel & Te
37.
Kaiser Industries
11
00
Kemett Comper
455 Kimberly Clark
127
Liggett & Myers Tob. Co.
12
4414
Lily Tulip ET
kherd Aircraft
413)
47 Low Incorp..... 10%%%
Line Star Cement Co. Card P.
502
ATM
1991
Lowenstein & Sons.
17!
Dite
110
McDermott J. Ray
392
British Petroleum-57s 3d.
211
McDonnell Aircraft
30+
12
Merck
Shell Transport Ord-150s 30.
€2
Mesabi Iron Corp.
11796
Royal Dutch-m£157%
Mangarto Chemical Co.
47
111
Monteentini
27
Babcock & Wiloox Ords .
7815
Montgomery Ward
37
Tube Investments-Bia 30.
Motorola Inc.
United Steel- 34.
01%
33'
National Bolt Co.
#324
63
141
รูปร
47
National Cash Reg. “A”
National Dairy Prod. National Lead
National Steel Corp- New York Central Noranin Mines Ltd.
Norfolk & Western Ry.
Att North Auner, Aviation
Northwest Airlines (Com.)
Oktahama Nal. Gas
Olin Mathieson
Olis Elevators
Owen-linols Glass
Oxford Paper Co.
46% Pacific Gas & Elec.
Pan American Airwayn
Parantiatint Pictures
404 Parke Davis Co.
342
Penny J. C. Ca.
4624 Penn. Salt Co.
52 Philip Morris
Pitney Bowes
21 Procter & Gamble Co. "Portland Cen: -lec.
34
Publieker Industries Pullman...!
Bell Telephone
4
Beneficial Finance
44
Bendix Aviation Corp.
432%
Benguet Cons.
Bechem Strel
45%
Tering Airplane
Borden The Co.
Britt Amer.
011
Cháť. Packing Corp.
Cana. 3k, of Commi
Cumpbail Scup Ca
101
Canadian Pacific 11.
Burroughs Add Machine
Cat. Trhetor
Celanese Corp.
78
3Ë æ Å ð g¢ Ã Ã Â Â Ý á Ž è ñ ÿ ÿ Å Å g € ÿ ÿ
Burmah O-45 d.
Steels & Engineering
Vickers Ord.-32,
Asoc. Elec. Industries 459 cil. Elec. & Mus. Industries—sta BJ, English Electric Ord—DR. General Electric On-35% Gd.
IndustrialR Aroc.
Poriland Cement-Bix
Aoardman. Marden Ord-u 2d.
Borax (Holdings)-19
d.
Dunlop Rubber Ord.-23 Ctl. Forestal Lanid=135,
Ciman tolding) Ord-ba ad. Hudson's Bay—CÓ3⁄4.
RedTusion Ord-44 415d. Tumer & Newall Ord-70s 100. Unilever Ord-181a 11⁄2d, Westland Aircraft—17% 49%d, De La Rue Ord-023 3d.
Chemicals Imperial Chemical Ord-A Monsanto Chemicals
Paper Bowater Paper Ord-35s Bd. Wiggin's Tenpe Ort!-52_400.
Tubacco
Ord-340
Bruh-Amer. Tub. Ord-609 9. Carreras." Ordemás 411⁄2d.
Selling Price: 8th August, 1960-$1
FIRST HONG KONG FUND
Selling Prico: 16th March, 1961 - $1.45
SECOND HONGKONG FUND
IMPORTANT
Applications
000
The offer opens on 20th March, 1961, and closes not later than 28th March, 1901. must be received at the offices of the Managers, Hongkong Unit Funds Limited, P.U, Box Hong Kong, or 7th floor, Alexandra Houpe or at The Hong Kong & Shanghai Banking Corporation, The Chartered Bank or Mercantile Bank Ltd., during that period.
OFFER OF 1,000,000 UNITS AT $1.00 PER UNIT
PAYABLE IN FULL ON APPLICATION
All shares currently included in the Trust Fund are shares quoted on the Hong Kong Stock Exchange
---FORM OF APPLICATION ---
APPLICATIONS MUST DE FOR A MINIMUM OF 500 UNITE AND THEREAFTER.
IN MULTIPLES OF 100 UNITS
To: HONG KONG UNIT FUNDS LIMITED
No....
We hereby apply for......units in the Second Hong Kong Fund at the advertised price of $1.00 per unit, in accordance with the conditions contained in the offer and subject to the terms of the Trust Deed dated 18th March, 2002,
I/We enclose cheque/money order/cash for 9........being payment in full for the number of units applied for. I/We understand that the money will be returned to me/us in full it no Units are alloited.
RJOUM ZAKERGO
I/We declare that I/We umfare over 21 years of age.
SURNAME(S) (In Pingal)
(Please state
MT., MT, or Milkay
OTHER NAME(S) IN FULL.
ADDRESS.
Woolworth (K. W.)
STOCK MARKET
Imperial Tobacco Ord-69% 9.
Motore British Motor Ord-17 71d. Hawker Siddeley Ord-2018 Jaguar Care Ord-025 Gd. Roll-Royce Ord--433 03. Standard-Trumph-ils .
Textiles
Calico Prinlem' Ord--14$ AUG. Coats & P.) Ord 449 d. Courtaulds Ord--is ed. Fine Spiners Ord-29 ad. *Lancashire Collon Ord--675.
Breweries
Greal Universal Ord-5tr dd. Marks & Spencer "A" Ord-1025
Tale & Lyle Ord-83»,
Valted Drapery Ord-60s 4d, Woolworth (FW.) Ord-50% 1011⁄2d.
Miscellaneous
Bawmaker Ord-238 150. Canadian Paclite Ord-$159). Hongkong & China Cás ---13:1,
Det. Ord-24% d Becarities Ord-27a hd.
Land
P. O. Steam Nav. Def. 724.
Stol Theatres--10 4,
Mines
De Beers Def-1401, Petaling Tim-12, 19;d.
Blo Tate Bearer1-2-3/ Roan Antelope Copper-B 6d, Union Corporation as 30. Welkom Gold kilning-13 Gd. Western Holdings-1335
Rubbers & Teas
d.
Anglo Indonesian Plant.—is 15d. Ceylon Tea Ord-30s 3d. Imperial Ten Ord-164. Kuala Lumpur-Kepong-31 11. Lambak Rubber-35s.
-Reuter.
New York
cotton
New York, Mar. 22. Activity was light in the cotton textile market to- day.
Converters bought small quantities of print cloths, mostly on spot, with the popular 80
struction
square
τυπο
selling un- changed at 171⁄2 cents a yard for average makes.
The wool goods market was quiet. Prices
at Australian
Talkoo
Wheelock
150 & 434
160
431
23 434
20 430
40 of 430
2240 .20.00 4300 620,70 1440 1415 2000 24.50 2000 74.70
HC Dock
Provident
хо
20.20
630 14.60 120 34.70
1200 14.00
4030 141
1000 14.10
0000 61 14
1300 133
500 133
500 # 132
1500 4+ 29.00 1000 20.70 500 ur 20.70 1800 29.00
B00+ 20 300 20.30 1000 or 29.20 300 23.10
Ifate!
402 4715
300 AT 1000 47
10044
JIK Land
Ex. All
7435
75 210075 100 75
Youmati XD
137
Inc Tram
XD
100 or 7415 800 75
450134 100 or 135 2006 134
323% 3314 100063314
100033
200 33! 20 334
3500
33
1000
Ch. Light
33%
34
33 100 342 2000344
1220 364 1000 W 34
200 344 500 m 34
4000 34
2000 6 PA
I Elec.
30 10.
200 37
1500 / 305 100 35
1000 301
B00 301
HK Tele
XD
13
GI Cement
1000 # 30!
44 3370 64 MAIS
1500 442 503 44
504414 500 44 4334 14D 44 203 2 0715
300 67 55 C -200-(CT
100 67
1500 OF CO
Daly Farm
4032
£1
Wat:un Allied Invest.
Textile
Nanyang A. Itubber":
475
500 41 1000 1 1000-403
100441
3000 40
500 40%
19
100 g 40
$
1000 or 40
2000 1.8E 8.13 8% 1000 8.20 1280 13.30 10096 12.00
7.15 300 7.15 2000 7.05 110007,10
7.10
Rubber T..
Realty
7.375
wool auctions were unchanged Sior to higher, with eastern Europe, & the continent and Japan leading buyers.
0.20 6000 8.20
20 6 B
3000 12 0.20 1000B.15 2.00 20000 3623
Ferry Craw
208
48
the
Invest. Gliman
70.00
4.63
HK Hope
Kwong Sang
30 30
200
Underwriters 15.40
14.00
100
21.70
Conditions were dull in the synthetic goods market.-AP.
Metal market
The
was
London, Mar. 22. copper marke caster in the morning while tin was quiet. The lead and zinc were easier today.
The tin market
was firmer
In the afternoon. Spot tin lifted 24 points to £822 and three-months three points to
£684.
at
Copper spot was quoted £277% and businesa was done at £220, while lead was at £67 per long ton, zinc was at £83.--UPI,
AHERICAN
STOCKS & COMMODITIES.
WHEN
SELL
Int'l inv..
Penk Tram
Fully Prid Amony
VIDIO
2000 e 2.8%
30000 4,00
4000 or 2,00
6000 or 2,625)
50 A 204 2004 40
300 13.00
4000 4.5
200 20
10 204
Rubber
market
Singapore, Mar. 22, Opening indications were immediately met by heavy liquidation which continued with minor re- actions till 852 contr was reached,
April No. 1 r was offered
which freely
caused this position to drop to parity with May.
He has stirred up investment interest in this mighty firm
(Shares rise or fall and investors speculate with words and with money. But what of the men who control vast enterprises. To find out what takes place on the other side of the investment fence, Alexander Thomson interviews Mr. Arnold Lindley, new bois of the
mighty General Electric Company empire.)
By Alexander Thomson
London, Mar. 22.
"I wish," said Mr Arnold Lindley, “that I could hide under the
table for the next twolve months.
"Investment people seem to look on you as if you can wave a magic wand
and perform quick miracles.
"It is not like that at all. Reorganising a business of this size takes a
two ot .year or least."
The fierce glare of publicity has shone on. 58-year-old Arnold Lindley since he became boss of the £115 million General Electrly Company on January 1. His arrival at the top has stirred up stock market Interest in the firm's shares. They have risen from 20/0 to 30/3 he took over.
since
has not been its strong point in the past.
"Most large companies can only operate cffelently if they sub-divided with are properly the right men running each sec- tlon.
Not until that is done can you expect progress, The prob- lem is getting the right men the right jobs and to see that they are behind you."
He continued: "It Is also im- portant that we should have
For here is an enterprise with our programme cet well ahead huge resources and high tech-so that we are not caught un- nical ability that has not been awares by new idens. run as efficiently as it might We must make every effort bc.
to see that we are right up in But all this attention has front with all new develop-
ments. made him wince a little. For he is a shy, studious man who does not like the limelight.
However his manner is a determined sort of quiet in way he has very clear ideas of what he wants to do.
For example some observers have sald thai
is too GEC heavily involved in the domestle appliances business.
About one-third of its output Is in household goods.
A source of weakness? Cer- tainly not in Arnold Lindley's view. He has no intention of changing that pattern.
"Heavy electrical-engineering may be the glamour end of our business," he told me today, "but is domestic appliances that will be the big winners of the future."
LONG-TERM LOOK - And he explained: "If you take a long-term look at public
demand, it is commonsense to expect it to be aimed at getting rld of as many household chores as possible.
"All sorts of chore-saving devices will be wanted in 10 to 15 years time that are not even known now.
"One of the things we are going to do in the next few years is develop this side of our activities."-
What of heavy electrical- engineering? Two weaknesses will have to be ironed out to overcome the present difficulty of small profit margin.
First, export prices are low. And our big electrical concerns all sell about 30 per cent of their output overseas.
Secondly, most of their work- shops are on a single-shift basis. "It would be far more econo- nical" Lindley said "if we could get on to double shifts, particularly where expensive machine-tools are used."
MORE ORDERS Both problems would be cased
orders. by more
Lindley ex- pects an increased rote of ordering from home and abroad
in the next 12 months,
What of GEC itsell? With a payroll of 64.000 at home and another 6,000 abroad it is one of our biggest under- takings.
In his quiet and precise way Arnold Lindley said: "Having manageable units in this group
"Doing all this takes a good dent of time, however impatient' people may be for quick re- sults."
Some
bosses decorate their with pletures of their rooms horses and yachts or of big pro- Jects from the past.
UK concern over
stability of
prices
Birmingham, Mar. 22. Concern over the threat to the general stability of prices in Britain and ot the general upward move- ment in wage rates was Expressed today in the 1960 report to the Coun- cil of the British Eri- ployers Confederation. The report being presented to the Confederation's anmual "tro-mecting here today said indus- Arnold Lindley's only phy" is a memento of the 16 trial production
Index years he spent in South Africa measured by the official
per cent, in charge of GEC's extensive rose by about seven
but much of this increase was interests there,
Over his office replace is a
absorbed by the home market.
The outlook is a challenging large photograph of a lioness snapped in Kruger Park game one," the report declared. "This country is not maintaining even reserve,
its relative Lindley's strength? I would in the snortrun say it is his thorough knowledge position in the world's of big business "Jungle."-Lon-trade.- China Mall Special. don Express Service.
last year as
export
Decline in UK Improvement in
U.S. economy is forecast
man-made
.
fibres output
London, Mar. 23. Production of man-mode fibres in Britain Last month
43,130,000 pounds, the British-Man- Mada Fibres Federation -said today.
WOS
This compared with 48,010,000 pounds in Janmary and 50,280,- 000 pounds in February last year
"The known earing off in de- mand for rayon staple for car pets, blankets and woollen blends is still reflected in the production of staple in contrast to the heavy buying and dupli cation of orders in staple a year ago," the Federation added.
The total at 22,340,000 pounds was on a slightly lower dally rate than in January at 25,260," 000 pounds and compared with 28,040,000 pounds In February last year-Reuter.
Unit trust
First Hongkong Fund; Buyer Price: $1.36. Seller Price: $145.
COMMODITY
Washington, Mar. 22. Waltor W. "Hellor, President Konnedy's chief economic adviser, said today the nation can expect a rela- tively early pickup in the economy "but a relatively slow return to full employ- ment."
Heller also said "The odds are
not very strongly" in favour
of on anti-recession temporary tax cut now that the business slump is showing signs of being at or near the bottom, Heller, chairman of the Pre- sident's 'Council
of Economile Advisers, said "Gigns of an upturn are predominating" and it is possible the relatively mild" business recession which began last May hay vached, a turning point---UPI,
Reserves drop
Pretoria, Mar. 22. South Africa's gold Anand foreign reserves dropped by about £337,000 to £98,550,787 during the week ending March 17, according to the Reservé Bank weekly statement today--- Rouler.
PRICES
3-monui
3-month
8436-6516 53+053 $1-694
Copper spat
0731-64
Lead Spot
3-month
021-003
Zine Spot
3015-2016
10:00
COTTON
No. 1 April
No.
May April
No. 3 Ap! No. 4 April
Spot rubber unbaled
No. 1 pale crope
Closing prices all in pence per jb.:
3-month
389833 882248
Blanket crepe
LONDON
00-87
2312-251%
FOREIGN
Closing
LIVERPOOL
prices alt in pence
per 1b.:
American Contract
No. 1 apot
Mar
24.33
Settlement house term:
May
24.05
Apr/June
July
25.10
July/Sept
Oct.
24.35
Nov./Dec.
Dec.
24.03
Jun/Tob.
2531-251
MAT.
24.89
MorfADr.
Mixed Contract
Lawer sheet demand small and some grades wero trades
Mar.
General markets, c.f.f, basis, ports;
May
2598-1514 251-2514
May
Extate cropo
Jufy
WHEN
at marrow differentials on the decline.
thin Ape
Oct.
thick Apr.
201
Den
Canada
Маг.
30-days
Aflor cased sharply.
In market
alow start prices
2.30 buyers
London,
wat
the rubber uncertain with
NEW YORK Closing rates:
1.01 1/10
2.7030
RUBBER
NEW YORK
Rex rubber futures closing prices, all in cents per lb.: Mar.
300.00
20.90
29.50
29.45
29.40
morning, at the following rates; Un dollar (per (1)
0.022
Bept. Nov. Jani
30.04
cents per 1b. fo.b. Malayan
1.02
ports:
AMSTERDAM
Closing prices all in guilders England
per kilogram, c.lf. April:
No. 1 rubber
No. 3 rubber
No, a rubber
No. 1 crepe
1.24 buyers
2.20 buyers
METALS
LONDON Aftéritoon Bezalım
90-days
Australia
New Zealand Bouth Africa.
Others unchanged.
LONDON
Closing rates: Montreal
Amsterdam).
Brusela
Copenhagen
Frankfurt Liation
Oplo
Parta
MUL
Closing prices, all in sterling ockholm
Уилпа Göyera xətləri ↑ Zürian
SINGAPORE Closing prices all in Giraits † per long ton.
Tin spot
2.7030
3.0305 2.7800
1.4015
2.70 18/18-2.77 1/10 10.0538-10.00011⁄2
139.00-109.6D 10.42-10.393 11.103-31.134 79.90-80.00
11,100-11.50
13.7176-19.71
164155-144455
174132-1747
SIGNATURE(S).
Telephono Na
Balo
(In the case of joint applications all pormons mus algn. Corporations shoula complete under the tienu of an authorised officer whose designation "should be stated)
SPECIMEN SIGNATURE(S),
NOTE: The information booklets are obláinsbin from leading banky and members of the Hong Kong Stock Exchange or from Hong Kong Unit Funda Limited, à foor, Alexandra House, or P.Q. 1000 000, (TVS. 20190),
GM.
TECHNICAL
ANALYSIS
On Stock Trands;
Research DIOL PERENNIAL TRADING CORP. 416-8th Edinburäts House
Hoo Kong, TR RING, 30344
pot quoted at 25% pence.- UPI.
Exchange rates
Businer was done
July In the legal
nofficial exchangs, Inarkot
Boring nules (per 1}
Australian noter (per ED 327
Moravian Rupiah per 1001
Jums tiesia (per 100) Singapore (Sirasta)
OFE
220,301