MORE than a year
has passed since
and
the Hongkong Shanghai Bank imposed credit restrictions in this Colony. But the impact of it upon in- vestment must be re- garded as 'the dominant influence on the Stock Exchange this year.
The Banks
fairly
claim to have achieved one of the main objects of Phe aqueeze---damping spenda-
five buying on the market, Figures show that tolal Sock Exchange business Fou wear fell
$1 million more than From $333,189,500 last year about $216 million the year.
раз
It should also be remembered
Tleal Fiat five month of 1956 share busines ww hobbler by Lestrictions,
Inward resitances [rea Southeast Asia are reported 'v
last year's he lower than
This is Seant to say how much the vendit
wars for astuna
Dual 144 Bastad
1hc mach
oodation of
1: modity
...
move da freely ne Sa * 45 han undoubt- at the past dity discrimagert
Tilton last year's interse Sportalatry e interest, slimbisted and hengely ted by the arabolankio, inflow af money from Stadt Asa
T/T, and variou
THE CHINA MAIL, FRIDAY, DECEMBER 28, 1956.
HOW SHARE PRICES MOVED IN 1956
Faurs of new rias in bank rate
canas murist vide
Share prices begin to rise after Easter
Star Ferry bonas, China kight call rumours
sund share up
fob
March
April
Bayarı ruinen to’marbet: " Humouri'af'rent doesntent -
per mant
Easing of embargo halpy market
Tight money conditions;
new leauen soak up investmeni zapital
· Nationsliinilos of Spar Sanat
by Massir. Shares Slump
.US Plane shot dawn
In Farmosa Strait, Shares slackga
Geyse Mens/smar
Kuvien ricte
RAF benching of Empl
sands prices dern
New Middle East fers
prose marke
Half year accounla zlece
and share market fempo slackuna.
| Hapon of Buuz sallamant.
Martutis
Menzies Maxion falls
Pricus unse
Now happy of Buer scillamant,
Shares maya up
August
Wildrural ef Angle-French forces
from Your beglus, Shares rise
The Share Market-1956
ו 4 :!
T
sta
mud-donLY. Hongkong enculatel Fun Ke T
Investment offered a maced on 129,000 $10 100 stare publicly and orders
million
worth were Perived quotation was $1180,
of the year
the third
To quoted
mislities have otvarasdy alttari - Hongkong Stock ve much of the money.
וני ליווי
「 ”
יי
be, supporting the market
stage.
to were estimated about $30 million a month.
The Stock Exchange saw very little of it, however. Turnovers felt this month by about $1 million to about $2.4 millions week compared with April.
To add to the dépression, Lombard Insurance
annkunced
f
I'
te cliente, 1935, pruse cu certainly,
budget and that There Teemed taxation but
is
Ple
ū
not all
the Stock Exchange has
1.
* 10% ban
*
wh may be Joules of this Bond,
partank. We for them.
chenext thats
whale the Na doved narrowly || poststently duli couchlinna
investmen
Exelunge Aled
Yangsze Line rice 1 The then two Whaten og
MUTTA
TEN
51
the
fun four
INTUR TROT
sharehold-
TE!!
Magista
mall and
Th C
59 342
By G!
The
Le
the height of the dome de oma last year.
bed two pussa- ! Jus
turn that recent
theagh
24.
Other Influences
ROBABLY very like LenaLSEN
PROBABL
inventumerat brang babae
b the eraldi jestem bor my a com
here the
anfluences
mule het rives pl
The paneled tamed condition
The Muhdle East '''เปแ
Try ub.15 amouling to $26 ma Cubsequently smaller issuta by Wheelocks and Renities and the cult of capra by Chine Tights But ennot be deturd that
the pakten nf share buying does undergone
distuot Voange And 12101
Colise
ru,tu
Am The
+154
Wik
<turing the YIN
market
Gitestate.
bren. has
Through!
201
exceptionally
From the tigass #sen n
1 will be seen that
Last
are down on the average about $2 million a Weekl $400,000
اده
Docks Shino
ANE of the jew shares to sdrifer beginning-Indeed. consfinurd to sinne tuuough dat
was Hongkong Laks
chatt almeja from a sparked interest. 1
rose, following poy -
untuk Twits
luences, to ana
Last year's bar a
.
the year- Hopes of Fatal sale
hare late
10 other 20
ku $45
7161225 16.
Pae diline aadmised and at mmend broker
A
14 to
Le 1 w
ISSUS
it had cut its dividend by $1 to $2 and the share dropped from $60% to 548. Its profit was down almost by half to $050,313, An exception at this time was Hongkong Ducks which rose to
level for its highest
many on the years at $411⁄4 largely $4 million prodit which was the higliest since 1852
titne
Textiles announced un issue of one for there at 83 to pro- væde the company with addition ai capital, but the share turned But on the news and later fell velow par.
Government
announced
R
! פיני
bonus
by
and at this 75 cents dividend
and new und bonus issue.
announcement had 醒 mixed reception but the market continued to move up until the Kowloon rioting enused un. dutliness settled conditions and prevalled in my
in mid-October. The Invasion
of Egypt
Anglo- Israeli forces and the French ultimatum to withdraw Canal urea, forces
The
and followed by the bombing Invasion of Egy caused a live the market per cent drop on and
$41 abures lost about million in a week. T/T moved drawing money up
sharply way from the market.
Shares picked up the follow- the United Ing week. the
recovering
only to It was not extent of $14 million.
did not intend to provide money but for a tunnel or a bridge
a second would go ahead with vehicular service. Youmat and gains on the Star made good strength of it.
At this
shares stage land began to
attract increased in-
that
rents The
teres! on
be decontrolled. would
PARITION'S
announced
by a Special Correspondent
tu
was
the go-stow Middle East sluation began ko
rubber be disturbing and campaign by Malayan workers in their bai for higher States do de post band capital | wages entiseei น ฝรั่ง decline going to help finance the Egyp-turn down again the next week
Ton High Aswan Dam. a pro- In rubber shares
a deterioration on fears have been
bout
US$400 the costing More
situation. than 180,000
Suez shares Jeet second WILN
But
Marshel this Amalgam- million amor selling changed hands and
news about this time that $136 atvel
to caused any deep concern in Tee Buigenin was making dark hints dropped Trum
about bombarding Britain with guided missiles. This time shares liet about $25 million and to-
of November wards
the end ware
the lowes! prices were near point of the your
T/T climbed to a high of more the Im- $1075 in a work Trusts rased, House Street, it was not evident; than $8.50 but with from $1.80 to $1.30 while the | buyers were fucking to the provement in the Middle East British FON material price dropped market in a bigger way than at situation following the
announcement of is intention more than 12 Mulayan eenis in any time in the year. A DIY shares a month. The depression in Government announced plans to withdraw troops from
Canal area, there was a sharp ax-and-a-half | rubber shares continued and for the ultimate decontrol
after two moaths, Amalgamated business and domestle rents and
collapse on the gold market and bargain prices un
Slock good gains. had lost 50 cents and Trusts $1. land shares made
attracted Investors. With the oreet of the interlan
an- Exchange On the same day I was
climbing up nounced that
Blue chips began Colonel Nasser seuran in June, share market began to improve. had nationalised the Suez Canal gain and in one week prices the $34 million of recovered this news TESDA But investment Hengisung Deeks announced a
The full impact of was still re-
cumulative Luss of about $80 of was not felt until a day later. cast strained by the light leash
million during the Middle East credit restrictions ind
crisis. issues still took up much of the available money.
With
In Take The i Von Josin ATACA
sedemtim d bark
51000 mak
Braky hoerd a $2 in 15.m! Beue in the proportion For two at $1 pu
To ach
1 with nesting, to illustrate, the success of the Bank's action
Early in Februas the mail d gas dan ge-scale speculatioas that even the Suez CRING and hvened up with the anthamers by unt of a $% cash bon the Anglo-Freneli itak denotati
in de321 Fypt fullest
the Styr Ferry to produce
which menangeri 55.50 Boal dividend. but the demand apparently mulated by this annotance- mwyt was tot malalamed long Shortly afterwards rumours call in the partly-part intected Lagret sluiter
katkan
benvy selling might
be expected
To Tullow
An event of this magnitude
With The exepLION Two or three werka, sture this and t
11
1.
1
sout
Wand
144
mull Na
31-5 million
of about
inter.
The Middle East
N MA Week alte the nation-
alisations
it konk
+4
1
The
the
Canal
$55
AVUKA
total of adrenal 54th reduced by a million and then, after a permi of CevCEM
Le mution after the Anglo-French favasion
and uf Purt Said"
Canal area. Deducting mate amount gained by shares of recovery, during the period thau
B
total beginning of August middle of November slump ended,
C
Jan Wi
T
اران
interest
www
Kithe cradle medd
Cast Lafl
elaboradas
414012
ESTL
11 Jagkong bank between six
Le rent. Few mper' A = in asking
1
1
Also 10 astett
1st
#
Jtl pite ze
nine atre having a discour-dividend
#17-
$2 dividend and $1.50 bed as from a recent land sale.
Graveya Island Cement Bourged a record year with a profit of $41,8 mullion which was increase of $1.3 million on The 1954 gure The Star Forry
proth went up from $ $165 mile
to
I pee buyers and. for a irports different reason,
brokers hnd good catre to complain at the "Be: mackets dulinees, at least -
by the company Spermiators sappeared
ve of this one mind, under
s demand, tiu, altare Tone) nday
Hengking's Finde portion of
the end of 1955 was rented to be the best nee the middle of This seemed to give the
de- Burket andther fuip and sprle the alpel of Chuse Now Yen:
thre when Chinese
like traditionally pergitu settle debts, the markel continued.
the between
wn'
and the when the nol more
last
than $80 million.
During the same period
ta
year, the total loss following the credit squeeze Baomted about $100 million,
Utility
Issues
FTER New Year, Hongkon
Electric passer last year' peak of $46 and soon after the company ntulounced a new issue
1,500,000 shares in the propor tion of three tone bonus and for seven. Two ut bar. $10) raising issued capital from $35m to $50 million. Soon after Hong- kong Telephone announced new issue of 11 for 10 at $10 par increasing capital by New York markeis-emphasises inillion to $30 million.
I spoke to A leading broker the other day believes that the comparatively gradual decline that look
contrast, place-in incidentally, to the sharp losses suffered on the London
and
the decrease that has
taken
Green Island Cement
comprising
IK Wharf
Provident
MK Land liumphreys HK Realty Trams
Star Ferry Yannuati Chima Lis (0) China Lts (n}
With the announcement
the
nw
of
of
TO-
the
the
gradual Occasional
settling before
Then heavy losses were corded. Twenty-six of 20 shares
As T/T continued to fall, the showed losses in the first week,
Chinese banks which had market made further been buying with
Immigrant headway with only an easing of the embargo-Bri- been tain decided to make use of the money turned sellers and apart slight setbacks before
into a dead calm just the cheeks "exceptions procedure to send
from
the end of the year. limited quantities of certain re-.ump continued for a fortnight.
to China- Then stricted
quite suddenly experts Wharves, Docks and China nounced upswing 901 201
made Providents
good rises. buyers seeking bargains, Indeed Wharves rose $14 in u was based on what was though!
occasional
Their Highest And Lowest
2.05*
1101
D pro- with This
Banks Fall
BEFORE then Hongkong and
Shanghai Banks suffered from the prolonged fall on the Lon- don Stock Exchange (during the -Middle East crisis) and sagged to the year's low of $1,555, WIK Lordon the improvement in following the
Cessation hostilities the Suez area,
in
of
Banks moved up again and close
announced
Hongkong
had
ond China Gas Company received permission from Lon- don to make a new issue. The company will be raising
more HK$4 million capital. During the gear this company of much has been the subject
discussion.
the
1953
High
10巻5
Low
December 1985
1858
Eigh
1954
Low
UK Bunk
$2200.
$1530
$1755
$1800
$1565
December
1960
$1590
Lombard
58
40%
00
42
40n
the year at $1,000.
1070
905
935
1010
950
050
rike
Underwriters
10.50
9.30
9.80
9,40
8.70
8.800
Mr G.E, Marden
Union Wboal
2314
19
Wheelock
10.70
23.30
28.
18
23.20
Last week that the
0.90
1.40
0.45*
0.45
7.10
G2
98
70
Bim
IIK Dock
30%
23.40
29,50
48
3.
47.50
12.10*
11.80
15.30
15.70
13
13.80
HK Hotels
20.90
14.70
17.80
18.70
70%
0216
71
13.30 59
14.80
than
03
25.00*
18.40
10.70
2014
17.10
18.80
2.575
1.85
1.90
1.325
1.375
26.30
19.60
23.00
2534
22.40
231
158
131
130
144
131
141
191.
101
103
01
108
24%
16.00
22.80
25.20
19.20
10,80
22.50
20.20
23.00
10.49
4G
雜
2814
314
$11
Telephone
3714
29
334
38
31.89
Coment
48*
25.30
37
.40
331/4
32
un-
Dairy Farm
25
17.40
19.30
19.30
14.10
15.10
A.S. Watso11
18
13
13.30
144
10.30
13.00
1. Crawford
38
25
3414
30
29.20
29.40
Yangtsze Atlled
8.35 6.10
5.80
0.60
7.05
5.70
5.90n
RK FE Invest Textile Nanyang
4.175
8.45
5.95
4.00
11.80
9.30
0.30
0.80
5.40
6.85
5.85*
0.50
1,80
7.85
$1.80
7.20
4.40n 7.35
Bonus fasue or new issue
year
•
to be better news from
when Hongkong Docks nounced that subject to satisfactory completion of the
in Hunghon Cairo sale of land
позж
the.
it and looking back
piace in speculative share hold-ounced an unchanged distribu- Ing on the Hongkong market.
Apart from the
crisis, which the accompanying
groph shows
on movements
Electric
after
in the
Д
1314
3314
42
24.50
per-widespread hopes, with the de-
the
Wa
proposals
dispute Because of a syndicate owning a controlling Interest of the shares have been unable to agree on formulated last year, namely, to place about 50 per cent of the Issued HK Gas shares on the market.
Mr Morden indicated earlier this year that, the next step terminate the. be to may syndicate agreement. The pro- posed now Gas issue, I under- stand, is for development of the
company.
One of the last "boosts" came towards the end of the
more
would, however, provide encouragement. There is unfor tunately no indication of this at present.
The rench talked-of wp- prochement between, America and Ching seems as distant as ever und does not Look Tike eventualing next year.
Page
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hog-
Stock kong
this Exobange morning amounted to up- proximatoly $310,000, • Note quotation and the morning's Bansactions:
Sharen DANKÁ
HK Bank East Asia
Bayer Sailers Kales
INSURANCES
Union Lombard
SHIPPING
1000 1010
244
1300 41
Wheelock
(0)
7.10
125 3300 7.20
# 70
DOCKS, ETC
02
4724
40
DOU 40
101 $3,00
K. Whart
Duck Provident
LAND. ETC.
** Hotel HK Land..
RUBBER
Amaig.
Turl
UTILITIES
Trants
Biar Forty Youmata
14,90 38,10 1000 » EG
1.00 16.000 i nga
23.10
130 102 C. Light (0) 23:40 275
000
[OTU 23.445
141
1000 23,40
1,000 23.80
000 + $3,40
Electric
Macho E. Talephone
312 9.35
31
14 a impossible to make any prediction about the local money ailuation; money has not been severely tight throughout the year but has been felt on the
mure Stock ExeNDUKE
often than not; similar conditions may be expected next year. It is not possible to expect the Bank to relax its ruling an borrowing rates or the extent to which one can borrow against securities.
in I know of no new issues The afflag. Perhaps the absencę of them may mean an increased next year. rate of Investment but one never knows how day day international events will
This affect the market,
Jim- ponderable
all overshadows considerations.
So Into 1957. .
*
•
*
34311%
2300 24.70 1000
INDUSTRIALS
30 331 12.00 102
Cement
Rope STORES, ETC. Dairy Watson
16.20 15.40
13.20
£
10,20
011 23.20
COTTONS Nanjang XD
7.20
P.O BI EA
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwards "CHUSAN” "CANTON"
"CORFU"
"CHUSAN”
Leaves Landow 26th December 12th January 10th February 30th
5th April
Due HongkODE Ind February #2nd February
March sta May
Via Southampton, Colorido, Penang & Bingapore,
Homswards
"CHUSAN”
"CANTON"
"CORFU" "CHUSAN"
Leaves Mongkong Due London
18th FebruaXY 2tut March
tilh February
3rd April
12th May
5th Apr
1211 May
12th June
Via Singapore, Penang & Colombo. FREIGHT SERVICE
"PINJABRA”que ändt Jan. "SHILLONG” due Bih Jan. don 20th Jan, "SUNDA" "BHILLONG” loads 2ülh Jan.
"SALMARA" due 3011: Jan. loads 10th Feb. "SUNDA"
from UK.
from U
from 19.3.
for Bingapore, F. Bust tenham, Havre, London, Hamburg. Rotterdam,
Grange
Antwerp
mouth
from U.Z.
for Singapore. P. Swet- ienham, Havre, London, Hotterdam, Hamburg, Antwerp
mouta
ALL VESSELS OUTWÄRL) AND, HOMEWARDS WILL PROCEED DY THE CAPE OF GOOD HOPE UNTIL FURTHER NOTICE.
BRITISH INDIA 5.N. CO, LTD. UM –– A BUNDRED YEARS" OF SERVICH -- 1964 - "BANGOLA” doo - 4th Jan, XXI BU 700)
"WARORA"
day 23rd Jani.. valis záth Jan.-
וי
from Japan
for Singapore, Penang, Rangoon & Causka from Japan
for Bingapore," Periang, Rangoon, Chittagong Calcirita
P.&O./B. I. JOINT SERVICE.
“IKAUNA", dqu 1st Jan. aalia Brdi Jan,
TAULA 15 Jan
"ITRIA"
from “Japan for Bingapore, Bombay
Kanchi
fram Bombay & Karscht/ *for Japan ***
from Japan
for Bingapore, Bombay, Karmeni Baarsh Kuwa
Awon of $1.
$2.50 Middle East dividend and $1.30 bonus.
Dock shares continued flrm, over-shadowed and the state of the market al partial good four this stage suggested. for u the market
depressed the months, there have been several recovery from
work st
ork conditions of late 1955. smaller influences
de-
Then came
unexpected which have stimulated or
trading for short setback. The British Govern- preased periods. It is more convenient ment announced an increase in
fears that vestors could express satisfac- week to $08. to mention these chronologically the Bank rate and
At about the same time
Through bonus of $5 a share would be of the report in the
year's the Hongkong Bank might as a tion. For since February 1, 10
Turther rezult
Increase its Hongicong companies announced was announced that Malayan newspaper files then there wore pald in the new year. trading.
checked the the distribution of a total of $49 | rubber sales would be
This news cheered shareholde very borrowing rates The graph indicates
to million In dividends approximate trend ef prices upswing and caused prices.
and mitted to China This coincided parture of the Menzies missioners and the price rose to what bonusca.
with the end of the workers for the Egyptian capital, that the I believe is an all-time high of during the year. In the light of fall.
All sections suffered. Banks
rubber dispute go-slow compalga and
would be settled $48.
་་ criticisms of lost year's effort 1
Then Hongkong Wharves an shares made good recoveries.. amicably.
This
completes the summary have irled 10
one lost $50 and Unions $30 in one construct
nounced a $4 dividend based
the week. In
of the share market in 1958. It Late in June, colnelding with In this period, China Light passing their dividend
This upswing prices of blue chips, but until
accom- dificult to detect any pars. billion dollar gain on the New the Hongkong Stock Exchange announced it was calling up $2 previous year. And Telephones York market; shares began ria panied by a fell in T/T on the icularly encouraging sign which
proft of
on the provides an official index it is on the $3 contributing shares announced a
$1.3ing and tacked on $32 million gold market, which had risen might have a bearing
in in a work. Inward remittances sharply
THOWS of market in the New Year. impossible to work cut an ac- to make them rank equally with million against $3.0 million
EASTERN & AUSTRALIAN 5.5. CO., LTD.
curato trend.
the $5 fully paids. The elabor the previous year,
from Southeast Asin assisted the Colonel fasear's seizure of the
"EASTERN" All th Jan. rise did not More Encouragement J ate financo
did plan
not At this stage,
$1.10 Interim Canal. But the Quiet Start
the Middle upswing. The materialise. But rumours per-
turbing, but the market man-chpered the market,
An American. aircraft WaHINESE Now Year com THE high-low tabio is also sted during the year that the situation began to be dir-dividend by HK Electric also continue for long.
company
aged to shake‘off its dullness
the Formous carlier this year January 31 rather tentative. At the time issue despite en official denial.
A private enterprise harbour shot down in shares enjoyed a brief of writing official high-lows were
to closed that the management was spree, Wheelocks, Whatves, and bridge plan was introduced into Strait and this depressed · tho | ——and this may well mean that
Then Hongkong Electric dis- and the January ovallable for
Rubber
ferry-tunnel controversy market somewhat
in the four weeks separating, the Amalgamated
Avere
Star Forrics At this stage. Trems and Yaumat), and October period only and 1 have “uctively considering
two main holidays Bille · bizi- among the most, spectacular in had to make several adjustments pact of developments in
Interim wers will be done by Chinese | took heavy losses on the news.nounced a revised to these figures in the light of on using fissionable material this period.
Will the closing of accounts dividend, of 50: conis," a share, investors. There may be zome Wharves, up on the balance for the half-year, the pace of and a bulleh santimont: deve-selling; it is always expected at prices in the last two months.ns a seam raising medium."
Following this, Hongkong re-sheet's disclosures, rose $8.50 in the market slackened off hoped to again, But throughout my lung: though does not There are some changes I have poribly missed.
presentatives of British firms in the three weeks, slightly. At the end of June the period sumover were low always pilot, jeg hare market The year began quietly but al-the-atomic-industry cald Britain Wheelocks were moving up calls for capital totaling $20 10nly because buyers 4kt not in the way, one-expects.“ though the market was dull and was designing plant which on rumours of big “repayments, million by two: big utility “wink to flandi commilmente This year the market made
"the"Sumz
New largely inactive, the first week could be used in places like of the Japanexo loanslator companies Electics and Telefon tar duri
Justified by the balance, sheat, phones were paid. This is uso y Further, upeo et
example, “Last yder, at showed small gains which was Hongkong.
As the decline in shares con-But in May, the market turned curtailed inyogriaust jumti, (70 42
rather du Le Now Goonilät? Houed, T/T drow money away very dull, the end of last year,
trading Burors seemed to find other from the share market. The Inward remittance described sushi tuo Lander the more profitable avenues of in- Hongkong Bank did not In by Chimera, bankersoas. vestment early in the New crease its borrowing rate but triciclo compared with those the macioni pleked Year and the rise was checked. | guarded statement, which It! reaching the Colony
a continuation of the trend
at
a How
lheim-
gerera-
the
shup of Elanice ned, blue
an
comca
W Lover - Chipesa ·
for Bandakan, Lae, Brisbane) -Melbourne' de fegus Australia
"ABAFURA” dọn 11th Jan,
AILTUME JAYs žiborly (a call at any, perŠE, QUE
or a the roula &: the rents à"kuiling
Lá chásky or amendmentƐwith or wit
1
CO.
for full particulars apply to: MACKINNON. MABKINZU!
OF HONG KONG LTD. Telophone Now: 277211.
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