i
P.O
ORIENT
LINES
S.S. CATHAY
SAILING FOR UNITED KINGDOM VIA: SINGAPORE, PENANG, ADEN, SUEZ, PORT SAID and GIBRALTAR.
EMBARKATION: The ship will be berthed at NO. 1 PIER, Kowloon Wharf, entrance at NO. I GATE, Salisbury Road. Passengers should embark between 3 p.m. and 4 pm. on Monday, 4th December, 1961.
SAILS:
BAGGAGE:
The ship is expected to sail at 5 p.m.
on Monday, 4th December, 1961.
Should be sent to the Hong Kong Kowloon Wharf Co.'s godown (en- trance at NO. 2 GATE, Canton Road), between 9 a.m. and Noon on Sunday, 3rd December, 1961, or between 9 a.m. and Noon on December, 1961.
HEALTH:
ALL PASSENGERS
Monday,
MUST
BE
VACCINATED AGAINST SMALL- POX BEFORE EMBARKATION
SUBJECT TO CHANGE
Agents:
MACKINNON, MACKENZIE & CO.
OF H.K. LTD.,
P. & O. Building, Hong Kong. Telephone: 35211/9
WHEN YOU BUY
AMERICAN SECURITIES
Consult
THE CHINA MAIL, MONDAY, DECEMBER 4, 1961.
Weekly survey of American economy
DEMAND FOR CARS, STEEL
THE BALTIC Rationing is
EXCHANGE
London, Dec. 1. Grain shippers from the United States have been octive, but most of the business was arranged in
introduced
temporarily
New York, Dec. 3.
New York. Rotės con- In the middle of high industrial activity, the United States last week was suffering
tinued to fall.
Business arrangeri
#
4th
sides included
grain
from the Rive Plate
DEAN
WITTER
& CO.
Local Representative:
DEAN WITTER INTERNATIONAL INC.
402 Shell House
Tels. 33418, 30463
ぴつ
this!
cargo
the
15-
Antwerp Harburg range option Italy aboard a meter lankers,
Charterers paid the slightly betler rate of 57/- for this cargo on the basis of January February 20 loading. kankers were fixed with grain EXCOTI the Gulf to Antwerp- Rotterdam
Amsterdam T $4.25
December
173
Motor
ᎨᎢ and
Jamary February positions.
The last rate paid in this trace was $4.35 on November 27.
Scrap was fixed from the Northern
range to Japan at
The
muster vessel Skrim received $8.10 for the shipment of heavy grain fr.m the Gulf to Denmark.
$135,000
Fixtures
Northern
10 range Japan, Vessel, 9,500 rous dwer.. 475,000 scrap, December 20- $135,000.
sal
January 5umpsun Le and stewed.
;
Car
from two types of informal rationing- steel and automobiles. But both were considered a purely temporary occur-
rence.
manufacturers, swamped by record sales în November and still unable to fill all orders because of the lingering effects of the General Motors and Ford strikes earlier this autumn, resorted to a quota system in their deliveries
moves
ADVANCE Recovery after
ON WIDE
FRONT
LONDON
Take-over bids and compony
news involved some sec- tions during the week under review and stocks generally moved ahead along a broad front.
Several market leaders went
on the
defensive and closed
and Imperial Chemical
Indus-
dull, however, including the big names like Courtauld, Unilever tries on Friday. tobaccos scored good gains this Among the industrial leaders
Imperial.
Revived Gilt-edgeds pul un a bold front and finished up to higher despite a setback on Fri- day,
of certain models to dealers,
past week. Dunlop, British Motor Corp, added fractions. This shortage was
is bound to have a more lasting Most losers over the experted
week to disappear, however, us soon effect. Despite the high in-
shade higher but Woolworth as the high production level of dustrial activity, several firms
Small losers over the the past three weeks begins to
to eased have heen noted recently
week were Rolls Royce, nasocia- be felt in supply channels. have either closed down opera- ted Electrical, Courtauld
The steel industry, which has tions of some of their plants or i
and kept for weeks to a weekly oud- merged them with other plants
two million. put of just above
--both
motivated by ions, is suddenly faced with a the need of greater economy and sharp increase in new orders, efficiency in the face of the partly for immediate use, partly continuing stranglehold of the to build depleted inveniorics. profit squeeze.
BS a hedge agains!
"Gold mines had their glitter the possibility of a steel strike the still unresolved
revived, the best day Friday. ystem | munį picture by creating new Market sources sald some buy- sume hard-hit areas. It is also bounding may have been sparked
after the suspension of U.S. to have an unfavourable effect
the recovery of capital goods silver sales aroused new hopes induet industries. The idle plants are
a higher gold price - 10ction
that on advantageous
occurred in terms and
often a company the metal merket. Western considering the construction of holdings and Free State Geduld a new plant may decide instead ran ahead, Coppers improved to save money by buying over the weekend. Tins receded old idle plant.
but started an upward move Although
on Friday,
and
M
10
This trend would complicate unemploy-
Gulf to Copenhagen
and/or Aarhus, Skrim (motor) 11,500 next summer. Hence a system tru. 5 per cent, heavy grain,
of "informal quotas" on December 9-18, $6,10, two ports
steel products was institu‘ed. discharge 25 cents extra, with Steel rationing may take longer discharge free
disappear. In fact, steel Full River Plate to Antwerp-manufacturers, who had pre-offered for sale on
dicted just such → situation, now enjoy telling their tomers we told you so."
Bamburg
range option Genoa, or Naples, Saturaus (tanker) 15,000 Las 5 με cent, heavy grain, January 15-February 20 (to be hert wed). 57/8, two ports dis- Charge satne rate range 2/
xtra, clause 6 limited to barley?
millet Poal:/
thums with 2.500 gross discharge Continent, 1.000 grost
rose discharge Italy. Gulf to Antwerp-Hollerdam te Amsterdam, North Monarch (tanker) 20,000 tons, 5 per cent,
heavy $4.25. no and stowed-UP:
grain, end December,
It's good
to drink scotch
HORSET
The Old Blend 6053332 Scotch Whisky
“Sebik le karse Coll
4th
4
the
of the
CELLAR
Original Recipe
All the war down in from
A LOINBURGH LONDON
WHITE HORSE
*ED YOURGH at which start chay vol be
Time in a STADI COACH poly Karast
Been the whit
re
WHITE HORSE DISTILLERS ITS
PAKELD AND BOTTLED IN SCOTLAND,
It's better to drink White Horse
Record sales
ՀԱ-
the
the trend is not yet serious, observers are be- ginning to got worried about the higher-than-nermal plant murtality rate.
The car industry, slow to gel going with its '82 modela, now
sales reports record
running almost 12 per cent ahead November 1960. The pace.
break the maintained, would 1956 final quarter record figure the rate would be even bigger Some economic analysts feel of 1,700,000 deliveries.
In addition to the irony of if the United States starts slash- temporary shortages in steel for ing import tariffs as part of the automobiles, there WAS one projected reconstruction of its paradoxical development which de policy,
Sole Agents: JARDINE MATHESON & CO., LTD.
or if it
align itself in any way with the booming European Common Market. Both moves have been actively debated and the first one 18 under active consideration President Ken- nedy revealed last week
that
au
also
Foreign bonds were becalmed but Greeks eased again the seven per cent losing 3/4 to
£29.
Dollar stocks were mixed-
UPI.
COTTON
REVIEW
New York, Dec. 3.
in another week of moderately active dealings which centred mostly in the old crop months.
he has tentatively decided to go! Cotton futures traders saw before Congress next January with his new trade policy pro- posals which according to all available information would be centred around strong Presi- dential authority to cut tariffs RCTOSS the board rather than product by product as has been the case up to now.
Common Market
At Friday's close, the list ruled unchanged to off 34 points, or unchanged to $1.70 a bale under the preceding week.
Pressure of December
con- tract liquidation joined with hedge selling in the March and May deliveries in shaping the price trend.
a bad start
Investors disobeyed their analysts this past week,
selling when most of the experts told them to buy and buying when they were told to be cautious.
EW YORK
fever
decades of docility. The whole
group.
so long forgotten that investors initially demonstrated confusion between silver pro- ducers and silver users, vaulted higher when the government suspended stockpile sales.
the
This freed the price of white metal after 27 years of tight controls and it rose 9 cents a fine ounce, indicating that silver mine profits might soon be substantially higher.
Standard & Poor's 600 stock index closed a meagre 0.06 lower than
a week earlier. Dow Jones 30 industrials were off 3.80, the rails down 1.36 and the utilities off 0.0%.
The
market dropped four indicators, times in the popular market taking its worst beating in five weeks on Thurs- day before locating sufficient support in the Anal sussion to bring it back almost to where it started.
Volume
remained fairly active, although it ran well be- ow the
pitch
reached three weeks earlier when prices constantly moved
upwards. What nude the tip in the first four sessions hard to fathom was that the business and eco-
Trading volume for the period nomic backdrop all week was amounted to 17.850,810 shares the most favourable in months. against 17,596,308 in the
Thanksgiving
wock carload-holiday-shortened
week ings were up substantially from 16,603,950 In the
and 1980, the Commerce
comparable Department announced
1980 period. that inventory
San Diego imperial, trading building was continuing and ex-dividend, lost 1 286,400 that manufacturors' sales and orders reached a record October tive issue on the board.
shares to rank as the must ac high.
Record rate
a
prior
pro-
in
It was followed by Sunshine Mining, a leading silver ducer, uu 16.
up 12, Standard Oll (NJ) up 1% despite a Construction
a stockpile awards hit suit for $237.5 million claiming record seasonally adjusted an- holders were short-changed nual rate, retail trade ran up the recent humble consolidation three to seven per cent higher move, United Park City Mines than a year ago, car production up % and Zenith off 14 despite was scheduled at a 22-month favourable dividend action. high and one steel magnate said Steels were generally mixed. he
thought
production might A number of chemicals showed boom to as
losses. high as 92 million sizeable
Oils were tons in the first half next year. healthy.
A further indication of the Of the 1,488 issues traded market's maverick tendencies during the week, 712 advanced,
emergence of silver 208 to new highs, and 847 de was the stocks into buyers' favour after clined, 47 to new lows.-UPI.
A GENERAL EASING OFF
There was a general easing off on the Stock Ex- change this morning, but again declines were small in most cases.
Business fell well below the
Hongkong Docks saw the big-
heavy activity on the market gest decline, business being done during all of last week. This at $129 compared with $139 at morning's volume was $1,210,- Friday's close.
000.
Exchange rates
5.702
Business was done in the local
market unofficial exchange
this morning at the following rates: U.S. dollars (per $7) Sterling notes (per 21).... 15.70 Australian notes (per £3) Cambodia riel (per 100) Japanese yen (per 100) French new franc (per 1)
Whether Congress would act on such a measure in its 1962 session is not certain, however. It may be that Mr Kennedy just wants to go on record with his programme to start creating a climate for its eventual adop- tion. All observers
agree the European Common Market pre- sents too much of a challenge presented a cumulative setback Korean hwan (per 1000)
to leave the present complicated tariff structure of 13.S. overseas trade untouched.
Heavy tenders against December drove the spot month down to 33.53 cents a pound, the lowest level for that month
Dec. 8, 1960. That
since
Brazilian cruzeiro (per, 100) [吧~ Argentine peso (per 100)
of 179 points, or $8.05 a bale
ro from the season's high price of 35.32 cents a
a pound, established last Sept. 11.
And voices are being heard continually calling for an even However, since most of the
closer U.S. alignment with the open position in December has Euromart. Some Congressmen been liquidated, trader attention in their
off-the-floor speeches turned inore to succeeding this autumn have called for the March and May deliveries as the US. to join the Common Market week came to a close.-UPI. outright.
One of the latest authoritative calls for some action came last week from John J. McCloy. former US. High Commissioner in Germany and former chair- man of the Chase Manhattan Bank.
B
He said all of the Americas --Canada, the US. and Latin Amerola should be aligned with the Euromart in a huge economie pool that would put K119, Chins and their res pective satellites into more
ressonable perspective."
Meanwhile,
a solution to America's continuing payments imbalance accentuated the week before by the loss of $300 million in gold reserves through
transfer of sold to Britain- was seen by several leading economists in an arrangement under which the leading West Нагореци industrial power" would purchase large amounts of their milltary equipment in the United States. Almough the bill would still be paid by Washington, the money would
go directly towards the US, economy rather than to build up foreign-owned short-term balances here which 'Up to now often resulted in the "How proverbial mladrain, An arrangement like this. Birandy Is under way with West Germany
UNIT TRUSTS
Italian lica (per 1000) Taiwan yuen (per 100) Chinese JMP (per 11
That baht (per 100) Burmese kyat (per 10) Pakistan rupee (per 10) Macao pataca (per 1) Norwegian krone (per 10) Singapore Straits (per 11. Pallippine peso (per 1) Swiss franc (per 1) ...... Netherlands guilder (per West German D-Mark (per Cuba peso (per 1)
Banks steady
The
two Electric companies dropped a little: Lights at $40% were down. 75 cents, while Electrics at $3894 also lust: 75 cents.
Wheelocks jost 10 cents at $12.40, Lands lost $1 at $73, and Yaumatis declined $2 at $125..
Hongkong Banks remained
steady at $356, 12.84
HONGKONG
This morning's quotations and
1.61
8.60
1.23
1.50
5.35
4.00
8.95
1.20
20.70
prices wore! /
0.000
1.26
Bank
260 G/ 356
E Asia 6240 244
1000 240
HK & FE
0.80
Where
COMMODITY PRICES
FOREIGN EXCHANGE
NEW TORK Closing rates: mida 957% Eng and oficial. 2008; England 20-days 2.8020, England 90-days 2.7905, ALS trails 2.2400, New Zealand 2.8085. others unchanges
LONDON Aka Closing rates: New York 2.801-
abt. Montreal 24-25 am 10.0934-10,0945 Bruke814-139:776- Amier-
130.8234. Copenhagteru
Colo 20.00/501 Pro 137674 Frankfurt 1132014, Loos 80,17- 13.75 Boekhou 14.677 14001 Atra tank 1700s Vienno Zurion 13.1175-12123-
Spot
First Hongkong Fund $1.18 || 500.
- (Khayer)|3158 (moller) 25.
“Bwaend","Horukoni orunā,"
div: 01 conte (buyur): 97 cents.
TON
NEW YORK
Mixed Contract: Dec 24.50 Oct.
25,05, May 25,60, July: 29,65, Dep. 40, Jan. 24.96.
Mar.
UPLO
METALS
6554 $959 Clee
2006 385
A The b.10 89.30
10% 30
500:39
843
Inv b21.40 21.79 Telephone
· €352 Włock b12.40 822% 0500 5 12.40
Dock b138 139
500 129
300 120
300 @ 120
Taikoo b7287316
200 73
Provident
Land
b29.20123.54
-b78 874
·900 @ 492.
Gas GU -Jardines :-), desetle XD224-824
b20.60 20,807
b4.125 #4.15
Cem
-300 @ 20.20
·116724 500
1200 @ 69-
200 @ 1341⁄2 Dalry bodi, 5563)
25-73
|_ 200 kD 7336")
1600 #6 73
Loogd
100.29. Text
Healty b2.10 82.195. Nau
Tram
1000 2.125
2500 22.12
2000
1.90 12.0
63012840 DNA
NEW YORK Closing prices all in cents per ib. New Load Des, 9.00, Jan: 0.38.
Zine Deo. 10.91, Jan. 31.00 Copper Depr 04, Jan, 1. Mar: 49.00%MRY 20,03, June 29.50, July 29.54, Sept. 29.52, Nov, 20.40,
**LONDON Claring prices, all in sterling per It sash, 807: -month 900 ayunat!
. Ta
Copper
spot 228 3-month 238941, 228346.
Lead Spot 60240, 018; 3-month 81b, 6136a.
Ezing Spot, 31b.-71968; 3-month 72755,
·72318--0
SUCAR
B
100747
200 $0.75
100.00
Light
40, 1
XD.
BANK OF ENGLAND
cotite par l
STATEMENT
NEW YORK
[ment; for