1957-10-11 — Page 9

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THE CHINA MAIL, FRIDAY, OCTOBER 11, 1957.

TRADE and COMMERCE SECTION

Turnover Drops To $2 Million On Ice House Street

HEAVY LOSSES IN AMERICA Sterling Slightly

HK Investors Said To Be

$100 Million Down

By A Special Correspondent

* The Share Market At A Glance ★ LONDON

KK Bank Lombard

Union Wheelock HK Wharf

HK Trams

3434b

Up or

Sept 12 BUS

Sept 19 BG5

34in 90%

Sept 20 855

344

Det 10

Down

06234

+47.50

1214

---244

steady

7.85

7.58

7.65

7.45

7.60

+50

122

1229

1221

1224

steady

IIK Docks

12b

#314

steady

Provident

12m

11.75m

11.70

11.90

+200

Ik Hotels

15.20

14.05m

14.80

14.09

+100

IIK Lands

30%

34xxd

3414

201

+-250

HK Really

1.35mxd

1.85

1.875

steady

23,30

23.80

83.

23.10m

93.50

+100

1239

131n

133

1310

1835

+$2

102

103

102

10%

steady

18.80

18.70

18.00

18.30b

+200

28.80

29.40

27.90

-steady

27.80

27.50

27.80

27.10

+-190

28.00

28.50

27,40s

BDO

Dairy Farm

13.60

16.00

15.90

13.80mxd

16.20

+100

A.S. Watson

12.60

12.40

12.00

13.20

+De

Yangtare

0.60%

6.960

6.45m

6.430

steady

Allied

4.200

4.10b

4.200

4.20%

4.35%

sadr

HK & FE Inv

0.60b

£.80b

9.80b

-200

Textile Corp

4,475

4.50%

4.161

4.40m

4.40mm

before out

0,80n

D.80

0.75€

0.851

9.550

It is one broker's "conservative estimate" that Hongkong investors have lost some- thing like HK$100 million on the US and Canadian markets this year.

He admits his figure can be no more than a guess but he does business for Hongkong people abroad, is in contact with others who do like- wise and has arrived at this figure after dis- cussions with one of them.

lle estimates, too, that siderable improvement Hongkong

have the market can be drawn people

of its present doldrums. shareholdings something

Elsewhere improvements have whart like 11K$500 million in been fractional. In the

sections, China Provident was the wily gainer-20 cents,

these markets,

have

Hongkong people

Banks lacked on $7.30 on the been investing heavily in

week to $860 which 13 their the New York and Cana- best level for about three dian markels this year, he weeks. Wheelocks plekced reports, despite the better five of ls 20 cents ions

week. Hong- yield prospects in kong.

wonder, What, you may has this to do with the Hongkong Stock Exchange?

Much has been said in this column during the last few months about the real estate boom, which is drawing away most

Extremely Dull

1st

Here Is an' Jee House Streel observer's comment: The Stock Market has

experi- of

enced another weck extremely dull trading condi- on with small daily tur71

which, In Al}, only amounted To approximately 52 million.

OVCI

Star Ferry

Yaumatis

Ch Lights

Electrics

IIK Telephone

Gl. Cement

Nanyung

New York Stock Market

Worst Drubbing Since 1955

Groups

In All

New York, Oct, 10.

Hongkong's surplus money In spite of the general lack of Stocks took their worst drubbing in two years-à

and despite the share market dullness there is no shortage of cash. Coupled with that, interest rates here have risen, squeezing regular operatora to the extent that it is no longer logical to invest in

blue chips market where

six and between yield seven and a half per cent when the cost of borrowing money in many cases seven per cent and more.

Worst Since 1941

interest in the market, prices show fractionat improvement compared with the previous week.

of There is consequently liitte

note to report,

Hongkong Lands and Docks have been in fairly steady demand whilst in the stores group Dairy Farms have more than recovered their dividend

time in

short

inter- the

Watsons have ventog and tneked on silahl gains. Elsewhere there is Hille change but the undertone appears to be steady.

steady steady

NEWYORK COTTON MARKET

New York, Oct. 10. Cotton futures today turned reactionary after spurting to now highs for the move- mont at the outside. Day trade covering at the finish had a steadyinty effect but the list siit ruled

ย changed to off eight points at the final gong. Opening prices were oft 8 to up 4 points. New 434 Orleans closed up 5 to uff 12

points

close to $5 billion paper loss on the heaviest and with nothing con- trading of the year crete on which to blame it.

Chrysler Motors... Climax Molybdenum Cheit Penbody Colgate-Paluolive Co. Clublan Carbon Co. Commercial Credit

The decline was the heaviest | C. I. T. Financial Corp. since October 10, 1955 when the fell more thon 13 market points in the industrial average when a medical statement Basi President Eisenhower still was less than 100 per cent out of

danger after is heart attack. to

Commonwealth Elec, Consolidated Edison Continental ou of Del. Crown Zellerbar

Cuban Amer. Sugée. Diamond Match Co. Douglas Alrerait Dow Chemicals.... Dupont de Nemours Easter Airline .... Easthan Kodak

There was nothing like that account for this drop-- amounting to 0.89 points in the Industrial average. Market market men Here is the week's

held 10 the theory diary:

move wⱭs chiefly tech- El Paso National Gas Market

locked nicol with some adverse develop Family Finance Corp. Interest, T/0:

inents affecting individual issues. Firestone Tyre & Rubber

FRIDAY

But on top of this comes the very important factor of Hong- MONDAY: kong's

Investments, overstas

is bought much of which

Successive. Retbacks, TUESDAY: "margin". on Lie New York market have forced investors to remit more and more to maintain declining margins

This is just another reson WEDNESDAY: why daily inarket reports issutd

by the Hongkong Stock Ex-

. One broker-and he has been

change read Hike yesterday's. | THURSDAY:

in the Colony many years

says that we arc now going

through about the worst period since just before occupation,

In London conditions pre bad if not worst. Many shares have registered heavy falls.

"The of The latest Issue Economist" shows that Barclaysa Bank, at 44/- Is now 3/3 be- low its peak for this year, Chartered at 40/-, 2/6 below, Lloyds at 44/0, 0/0 below, Midland al 67/9, 5/6 below. Oils are oven worse. BPs are 120/71⁄2 against a quoted al peak of 173/74%; Burmahs are 87/8 against a peak of 110/41. £20-3/8 against Royal Dutch,

the

Nine Points

Ford Motor General General Fore

General Motors Gen Pub. Util. Getty Oll

after

STOCK MARKET

same

Easier

By SYDNEY CAMPELL

London, Oct. 10. After its recent strong advance, sterling paused.

today and eased slightly. London and some other European stock exchanges turned easier. Wall Street had a bad morning.

Foreign exchange described

dealers chev's remarks about the danger

London, Oct. 10. Markets wore disorderly today, Sterling was heavily sold in the afternoon and

the pounds Relback of war in the Middle East, fall 3/16 to $2.80-1/32. as a normal technical reaction. International oil shares with The actual selling was mo- Before the sensationul rise In Middle Eastern interests were derate with business turnover | the British Bank Rate, thred hard hit.

the approximately

pound was on Also

to weeks ago, the

Wall depressing yeaterday's 1957 low.

the floor and losing heavily, Street were the fiátements" by In the industrial sector Ford particularly ta the dollar and President Eisenhower and Motors held a gdin of 2/- for the German, mark.

other authorities implying that

in most of the day but closed with

Russia's prowess Since then, a strong and al- and moons was not to be allow- In het rise of 1/9, Others were

uninterrupted advance ed to panle the United States sleadily sold and showed losses

yesterday to carried it ranging from ed to 2/- or moje,

11s into ΟΙ

were heavily highest against the dollar since pressed for sale with Royal before the Suez hationalisation programme-Reuter. Dutch down 11/- British in July last year, and its highest Petroleum 4/ Shell 2/6 and Painst the German mark ince Burmah 2/-.

May, 1955.

most

Geripan Young Loan non- With the weekend approach- assented rose 1 with the ing, a "breather" assented up while Dawes ed quite nomİRİ. Experts gained H.

Japanese were idle reckoned and unchanged.

Premium

cused to 11 рег United Press.

זם

missiles

inflationary defence

Exchange Rates

was regard-

that it might well

U.S. dolise (per #3) sterling noles (per £1) Australian botes (per £1) the advance, and indonesian rullati (per 100

Lustre wis done in the local unoficial exchange rket morning at the following sates:

this

6301

15.42

1237

13.03

27.09

131

Bingapore (Stralia)

consolidate for dollar stocks allow sterling to forge ahead Slam tical (per 100)

cent-again zext week.

Aftor today's ensiness It was still around par against the dollar, and nearly up

the

New York Rubber mark.

Rex

Market

New York, Oct. 13. rubber contract closed today five to 11 points lower with sales of 60 contracts.

Nov: 20.60: Jan: 29.50: Mar: 28.00

Nov: 9.30.

Standard closed five to 11 points lower with no sales reported. Nov: 29.00 Jan: 29.30; Mar: 20.50: May: 29.80; July: 29.40; Sept: 20.35; Nov: 29.30.

Between the stock market. alump and the world series baseball game markel interest in rubber

down to was minimum.

High-priced shipittent offer ings also found buyers unin terested, Small shipment sales, reported out of Thailand, in- 1wo Oct/Nov. cluding kome Rheets at 20 cents and four theets at 27% vents, cost and freight. Domestic consumer in-

Technical realising three-day rise, joined with in- creased offerings and spot house 24seling in turning the

trend. 酸滋

Dallas and Offerings thigualt New Orleans interests, and commission house selling with new spell of stock market woukknes), heightened an terests continted at a Blow atutude of caution among recent trade buyers.

19:3

the

2:01%

NEW YORK PRICES

New York, Oct. 10.

gait. Spot No. 1 Ras was quoted at 20% cents,

United Press.

nominal

SINGAPORE MARKET

Singapore, Oct. 10.

The market opened lower on

Brot: 34.6 Oct: 14.70: Dect disappointing overseas advices 34.54-25; Mart 34.42; May: 34.4end ruled on a thin market with July: 24.54; 0; 32.84; Dec; 22,79 only amall business passing. Mar: 19,00,-United Press,

NEW ORLEANS PRICES

$470,000.

Prices of colion futures closed

Opened

407

today as follows;

quiet note, T/O: $188,000.

SUT

2430

WWE!

Chief in

Signs of in-

WDS Cidden Co. caused terest

Gulf Oil Cop. which slumped Goodrich 10. F.) Co. prices

uver nine points us it faced a Goodyear Tyre

Gulf Ou................. T/O: sult for half a 'horden,

billion dollars tomestake Mining Cu. $185,000.

stale from the

of Oklahoma, ingersoli-Itaqui Steady but charging Gulf with contempi Inland Steel Dr.

Interchemical Corp. dull.

T/O $352,000, Light seale trading, T/O: $510,000.

this category

7914

10736

-8216

HONGKONG STOCK EXCHANGE

for refusing to purchase full Intl Business Machines allowed "production from | inti Harvester ... Oklahoma cases.

All groups were hammered down the aircraft, oils, steels, inetuls, motors, chemicals and Tails with individual losses of 3 and points common.

Turnover was heavy enought at one point to put reporting

transac ders behind floor ilons, swelled to 3.300,000 shares from 2,120,000 yesterday. Boeing, JUTELY Standard, Us Steel Baltimore & Ohio, the Martin Co. were most actively traded. Industrials Down

The Dow-Jones showed the

industrials

lowest

since

International Nickel International Paper labi Tel & Tel Jonn-Manvlile Co. Kansas C Power & Light Liggott Meyer Tob. Co. Lackheed Alterati Loews Incorp. Lane Star Cement Co. Lowenstein Bona.

Aircraft McDonnell

Kenneeatt Copper

Stock, Exge.} Mesabi Iron Corp. Minnesota Mung Histon Development Monsanto Chemical Co. Montgomery Ward Motorola ine.

National Cash Reg. National Dairy Prod.

National Lend

National Steel Carp, New York Central averages ota. Elevators Our Own Correspondent

down Orn-Illinois Gloss points at 441.71, their Oxford Paper Co.

Pacific Gas & Elec. Business on the Hongkong 9.69

Pan American Airways Stock. Exchange this morning widest break since October 10,

Paramount Pictures umounted to $252,000.

Noon 1955, and their

Parke Davis Co. Penny J. C. Co. the morning's October 11, 1955. quotations

New York Stock Exchange Penn. Sait Co. Guest dealings:

bond volume was $5,040,000. Netilcfold are 401-Sharee

BANKS

American Stock volume was 3,040,000.

Dow-Jones closing

a peak of £25, Shell, 170/0 xd peak of 218/3. In against atcels, Dorman Long are 22/0 against a peak of 2973; Keen

und

Buyer Sellers

Bales

10 @ 0STIL

210

were:

against a peak of 50/0 HK Bank 85232 these illustrate the state of the home market

Turnover Down

down

East Asia INSURANCEÉS Union Lombard SHIPPING

is Wheelock,

DOCKS, ETC.

K. Whirt

Hongkong, turnover

a little more from $2.30 million to about $2 million, On the whole, share prices op- pear to be a le better, with eleven up. ten steady and only three lower as compared with 11 up, five unchanged and eight lower last week.

Best performers this week were again Dairy. Farms and Watsons, Farms added 40 cunts to $16.20 and A.5. Watsons added 60 cents to $13.20.

Greca Island Cements suffered another setback-down 10 cents

Dock....

vident (0) 13.00 LAND, ETC. HK Hotel.. ik Lana

www.

14.90

30 industrinia

15 utililles

03 stocks

Philip Morris' Procter & Gamble Co. Exchange Pittsburgh Plate Glass

Publicker Industrica,

average: Pure Oll

Comm. future price index..

Radio Corporation Radio Corp. Prof. 441.71 tepublic Steel 1967 eynolds Metat

65.26 Sears, Roebuck & Co. 150.98 Shall oil Co.

05.12 Saint Reg. Paper

155.0% Sinclair Oft...

Socony Mobilai

Solar Aircraft

South Puerto Rico Sugar Southern Co. (The)

New Orleans, Oct. 10. Prices of cotton futures closed today as follows:

Spot! 33.25; det: 34.08) Dec 36.31: Mar: 2003; May: 34-42; July! 33.82: Oct: 37.60: Der: 32.82; Mari $2,84United Preal,

LIVERPOOL PRICES

Cotton

Liverpool, Oct. 10. tutures closings, pence per lb. were as follows: Did coninders Oct/Nov: 25.13; Dec/ Jon; 23.45: Mar/Apr: 25.90: May/ 1431 June: 20.20: July/Aug: 2009.

New contract Oct/Nov: 23.09; Det/ 10 Jas: 20.25; Mor/Age: 20.84;. May/ June: 20.60; July/Aug: 20.53.--United Her

Aru.

3131

SAO PAULO PRICES *

Lower sheet interest was menger with factories showing

in small Interest

remilled grades.

Futures:

Na. rubber per 1b. Oct: M- 144: Nav: 95-0314: No. 2 rubber par

No. 3; BI-LINE 15. Oct; 824-125

No. 4 735-78227 Spot rubber un- baled: 941-0414: Blankei erebe: 7859-101: No. 1 pale crepal 12-~~ United Pres

LONDON MARKET

The market.

Lundah, Oct. 10.

was quiet with spot quoted at 24% pence per tb. Prices:

Bottle- No. 1 sapot: 24-25;

Lerm: Nova 20-2011 ment House Dec: 2534-221; Jan/Mar: 251⁄2-25341 Apr June: 2546-25%

market 201-2316: General Sao Paulo, Oct. 10.

HATIN Doria: Oct: 2434-25; Nov; future closinya, In 241-2414 Dee: 2425-28152 Estate 279% thick Nov, crepe thin Oct. cruzeiros per kilo were as fol- United Press.

Colton

lows:

Det: 37.00; Deo: 20.20; Mar: 30.20; May: 350: July 39.20

In the United States, the average price of one, Inch cotton at 14 de signated

WAK spot markets

nat available. Total sales at these 13 markets were 45,798 bales. United Press.

New York Foreign Exchange

New York, Oct. 10. Closing rates were: Canada England official

Australia

unercial

30-days

DO-days

New Zealand

7:00 7,20

43 bande s

Closing Prices

Bouth Africa

Holland

Alien Inë, dhez,

$ 10

Southern National Gar

Indie

Allied Chemieńta

Southern Railway (Corn.

Standard Brands

3,23 Allis Chairpers

103 31.25

Am. Brake Shoe

1212

Standard Oll of Cal.

American Airline

* Standard Of of Ind.

American Cable & Radio Corp.

Standard Oil of N.J.

American Cranamido Co.

Sterling Drug Co,

124

Stokely-Van Camb...

344 345

400 0 3031

Tumphreys 15.00 18.30 Healty *** RUDDER

1354 1,50 2000 0 153 | Auner, & Förga. Power Amaig.

Ant. Go & Electrio Trust

1.90 UTILITIES

Ain. Mechi de Tram 23.20 23.40 1000 @ 23:20 | American Metal

Light (0) 10.00 10.90 1200 @ 18.00 American Belg

20 3800 EX Am. Sugar fat. Electric... 2.70

300

'dry,

Salt Bludebaker-Packard Corp.

Bunahina Mining ...

Swift & Co.

430 Texas Co...

Pakistan

2.80

1037/10 7814763

3.79%%

2.374 12030

2.7915

2001

2020

3101 2103

LONDON EXCHANGE

London, Del. 10.

Closing rates were

Frankfurt

Now York

Montreal ..

Amsterdam

EXTENSIO

Textron Ino

FOAM

American Tool

168

7.40 2750

500 @ $7.80

Ameries Tub, "" Anaconda Copper

Tide Water Ama. Oil ......cabar Time Ine, NGA D

Millan...

Stockholm

Zurich 14

100 @ 2750

to $27.40. Last night there Macao 1040 were sellers in the market for this price but no buyers.

On the gained tro Ficiding figures at

Bely

are

Rope

***

Telephone INDUSTRIALS blue chips Cement

14.40 and

STORES, EXC these Daley..... TARO 1030 *** 1923 13.00 Telepones, Waton

COTTONS 135 per cent, Trams, 13 per Textiles 4.375

6.9

cent, | MISCHILL per cent and Enter...... 80.00

Amey INVEST

cent, Electrica

Yaumau, 71⁄2 per

Lights about slx per cent

The markot is hoping for some Zenate.

Armeo Sicel

Armour

Atlas Cona, Mining

Jaldwin-Liga-llam

Falimote & Ohio benettel Winanco Landix Aviation Corp. Banquet Cons

Dollilehem Strol Hooing Airplane Borden (The) co. Burroughs Add Meching Campbell poup Co. Canadian eneste Rt.

Case (77.15 0.

0.30

improvement in yields. And in

deed there will have to be con- Invert.

Cat Tractor

11,00

Celenem, Corp.

War Twenty Century Fox Fin

47% Union Carbido

124, Union Où of Cal ...................

Union Pacific Raliway

30 United Aircraft

United Gar Corp.

US. Fall "g

444 U3. Gypsum

407.8. Rubber

2016 UB. Smelling

15. Btee

2016 || Warner, Bros. 3441| Wantinghouse Electrio..... 7734) Westnen Union TV), Ön. 14544 143% | West Vn. Pulp & Paper *** 6145 | Woolworth

300-3.40 1/15 3101 8.10 13/16 angusted 140.023-240.DT}; 11.7546-11.7514 170-17501 1973-199819

Oshers unchanged-Usdled Press.

New York Sugar Market

New York, Oct. 10.

World No. 4 sugar futures

today closed unchanged to three points lower with sales of 118 contracts. Domestle No, 6 sugar futures closed unchanged to one point higher with sales of 23 con- tracts,

World contracts ensed under trade buyers liquidation A backed nway pending raw market developments.

Dentara understood Morecéo, an expected buyer today, of 45.000 tons, actually bought only 5,000 tons. However, Morocco is expected to hold further lenders each Thitraday until it has purchased the fully ["quantity.

Ceylon tomorrow will

hold

a tender for 8,000 tons of "re- Aned for shipment by Hov, ny- ber 15. Greece yesterday bought 2,500 tons of Mexican regned and the United Kingdom today of refined· to sold 3,000 tong Norway.

Agreed Merchant Rates Nontract No.world)

The Exchange Banki' As- sociation Annouizend today:

Canadian #maximum selling, 10-11730:

bugging, M10415/16" TV/T: 17 O/D SWIN

Jah: 8.71: Mar) 5.04; May! 3.03; July! 1.63}"; kept:, 8.05), Oct: 1.4; Mar 1.40; Bot: jeente Ser ih, tob Fub) 4.18 Open interest; 4,500

„Confiset No, é (doživelič}

18% | Franes maxknurń kölnis. 78%; # 4.50) Bepl: si: Nov; 0.41 West Deutschenbarks msaimant (outspre Gif: BY

d) $.04. Open interest: 263 000 maliing, 12-3/10.

mailUnited Press,

Wall Street's

bad morning was mainly due to Mr Khrush-

Dutwards

NAMESAKES

Answers: 1 Compose, Glovanni, 3 Salzburg. 4 Vienna, & Concort, 0 Orchestral,

Mozart.

Due Dongkong

P2O B·IE.A

COMPANIES

PASSENCER/FREIGHT SERVICE

PENINSULAR & ORIENTAL Š.N, CO.

"CARTHAGE"

"CHUBAN" "SHILLONG” "CANTON"

"BUNDA"

"CORFU”

"BUNDA" **

"UARTHAGE"

50th October 30th October 21st

November 18th November

Leaves London Bled 15/ Balled 30/9 Sailed 8/10

10th October 30th October 11th December 13th November 15th December Lah November Ard January

Leavea tiongkong Duw Losdan - 24th October 2413 November 3rd November 30th November Brd December Zed November

10th January 11th February

10 December eth January. 17th January 1th February

Via Singapore, lezing, Colombo, Bombay & Aden.

**SUNDA" braits

Colòmbs and Bombay, calls i

ilayo And extends to itamburg, Rotterdam and Antwerp.

"CORFU"

"ŠALMABA"

Homewards "CARTHAGE" **CHUSAN” "CANTON"

BRITISH INDIA S.N, CO., LTD.

"BANGOLA"dne 14th Oct.

all 10th Uel.

"FULTALA" dae 16th Nav

malis 10th Nov.

"SANTHA" duo Sut Oct.

sails 1st Nov.

"ITRIA"

"OBLA”

from Japan

for Singapore, Penang, Rangoon Caleutia

from Japari

for bingapore, Penang, Hangoon & Calcutta from Calcutta, Bangoda & Straits For JADED

P. & 0./B. 1. JOINT SERVICE

due 12th Oct. salle 13th Oct.

due 24th Oct. Axis 2001 Oct.

"OZARDA” due zith Oct. Alls 29th Oct.

Jih Nov. gal 7th Nov.

"UMARIA" das

from Japan

for Slogapore, Penang, Swellenhau, Park Madras & Kakinada

From Japanı for Singapore, Penang. Colomba,

Karachi flombay

from Karachi, Tombay, Cochin & Bingapore for Japan

from Japan

for Singapore. BambaY, Karsch), Kuwait, Deurshi & Khoromahar

EASTERN & AUSTRALIAN S.S. CO., LTD.

"NELLORE” leads oth/jh Nov.j

salis sin Not.

for Lealtan, Banakan, Rabaul, Brisbane, Syd- ney, ·Melbourne Adelaide

"NANKIN","landı İsin/14th Nov

salle 15th Nov. for Bandakan, Bydney

& Melbourn All reukela hävi tibketý tà mali is any portà an or off the reste à thè justo in kalibuganke mukjent -- to change or amendišna with de witbank noktor.

1957-10-11 — Page 9

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