TRADE and COMMERCE SECTION
HONGKONG MARKET SLUMPS RISE IN W. GERMAN
Stocks Fail To ★ The Share Market At
Find Support
At Lower Levels
By A SPECIAL CORRESPONDENT
Most of the stocks on the Hongkong Stock Exchange lost ground this week and evon at their lower levels they failed to find support.
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong kong Stock Exchange this mom ing mounted to approximately *$03,000. Noon quotations and the morning's transactions;
Shares Ünyers Sellers BANKS
1K Bank
INSURANCES
Lombard
SUPPING
Wheelock
DOCKS, ETC.
Dock.
Provident
*
LAND,
[20
0.70 6.80
-13:50
IK Hotel 14.20 14.40
Fik Land. 334 3316
Really....
HUNTERXD
Amali.
UTILITIES
Star Ferry
C. Light
1.30
10
Baler
128
200 g 10.00
27
(0) LB.10 10.30
Mectric 20.40
MAC E. 10.40
The decline could be attribul-
ed to the softness of both the London and New York markets, which reacted to the trunching of Russia's Sputnik II.
The reported agreement by the Oriental Telephone Com- my in self some of their stock to Ansbacher and Company in
been the have London may cause of the slump in Hongkongs Telephone shares. They dont $1.50 in u week.
Understood
own Oriental Telephone blocks of Hongkong Telephone shares, and according to what is understood by the report, stockholders will receive 17- cush, part of which, 2:1 the option of the stockholder, may be used to purchase Hongkong Telephon!
shares, at 27/-, un basis of three Hongkong the Telephone shares for every live Oriental.
are
JK Dank
HK Docka
Provident
Det 24 840
FOREIGN PAYMENT
A Glance ★ NEW YORK SURPLUS MAY STOP
Oct 31 827b 32 b
Nov '1
R20
+2340 200
COTTON
Up or
Oct 10 860
Oct 17
Down
854л
$7.50
Lombard
3214
326
320
+250
Untor .. Wheelock
891.
871
77
7 xa
Ready
7.50
PDxd
0.75
0.00.
6.70
-200
BK Wharf
122.
120
1208
1180
118
Klendy
·
KEY
63■
5214
+51
}
14.00
11.600
11.50b
11.59
11.80%
stendy
MARKET
IK Hotels
15
14.00
14.55
16.70
14.59mm
200
IK Lands
30
34
25.30
35.75
33.25
-50c
HK Realty
1.875
1,40#
1.3750
Last
1.3751
KHK Trams
23.20
23
22.70
22.00
22.70
Stur Ferry
1830
1810
180%
1200
187a
Yaumatis
102
100%xd
*901
960
952
-$1
18.801
18.70
18.20
18.70
18.10
400
28
27.00
27.30
27.40
20.00
21,40
27
20.70
27.80
26.70
~~$1.50
27.40% 10.90
20
25
23.405
23.10
~300
16.10
18
16.20
16.19
-200
13.20
13.10
18.20
12.19
6.450
6.45%
0.45%
$.45xdn
6.30
-150
4.15
4.158
4.15
in
1.800
-200
9.80%
9.80h
8.90n
1.000
9.00m
steady
4.4Gam
4.37m
4.3Kb
4.375
4.46
+250
9.53n
9.550
9.550
9.55%
0.4in
Ch Lights Electrics
HK Telephone G.I. Cement
Dalry Farm
A. . Watson
Yangleze
Alded
KFE Inv Textile Corp Nanyang
New York Rubber
Market
New York, Nov. 7. Rox rubber futures today closed 50 to 60 points lower with soles of 94 con- tracts,
Nov: 26.76: Jan: 20.00; Mar: 27; May: 23: July 26.10; Sept: 28 10 N64 26.10.
Standard eontract closed 50
to 60 points tower with no sules reported.
Nov: 28.10; Jan: 20.96: Mar; 36
Nov: 20.85.
NEW YORK STOCK MARKET
--10c
-140
Sharp Rise In Fuels
And Metals Of
Missile Programme
New York, Nov. 7.
New York, Nov. 7. Cotton futuros today s00- sawad narrowly in quiat dealings but managed to show a not gain most of
the time.
Frankfurt, Nov. 7.
The West German Federal Bank today forecast that the increase in West Germany's foreign payments surpluses might stop or even be reversed.
The surplus
har
been
다.
constant worry to West Get- many's partners in the Euro
Including Britain because it Internal threatened the EPU'z
Pen Payments Union (EPU) JAPAN & FRANCE
TO SIGN A
October that the TRADE AGREEMENT
Over
At the close the list ruled up balance. to 1 points following forendon
The Bank cald fri its monthiy grins up to 10 points. New
3 to Orleans closed up
11 report for
excess of West German exports points.
importa át The undercurrent of firmness of empltal
Risb growlug Was
associated with: 1. Per-capital was
were reducing trade slatent wet weather over un imports hurvested areas of the Western surpluses. This would help to the reduce the German foreign beit; 2. Covering before government crop report to payments surplus morrow; 3. Helghtening tears of irreparable rain daminge grade of unpicked bolis.
Trade reports indicated more unpicked cotton remains in the fields now than in any year since 1949.
10 Exports of capital had risen
remarkably
million
Average guess of 09 members of the New York Colton Ex- change today Indicated an end- October crop of 11,003,000 bates. 12,750,000 Highest
guess was bales and lowest 11,182,000 bales. The Government estimate last month was for bales,
12,400,000
Loan entries for the week ended Nov. 1 totalled 124,137 1,004,010 balts bales against
to the same time
last year.
May: 271 July: 28.80: Sept: 20.00 Producers of exotic fuels and metals that would impounded
be a big factor in the U.S. missile programme, rose sharply on the stock market today.
Weakness reflected the Lon-
the
a, Goodyear Tyro
Heyden Newport Core, gro Homestake Mining Co,
-This-would-make the Hong- kong-Telephone shares in Los don action and reported pres- don worth #round HK$22, Gure of liquidolion by tret being logs in Singapore in the while
Their strength imparted here they
n moderate chipment market, 130 4000 $130 bought for $25.70, $3 more than In London. It is more than
tonnage was reported done, tono to the whole market which had eased on out of Thailand. Sales proft-taking earlier in the day. likely
that the London stock- mostly
will not
included four sheets, 24 cents; want the holders
and threo browns at 224 Finres.
In Gains
fuel-missile 00360 Hongkong Telephone
Nov/Dec. ship-issues ranged to 7 points in cents, both which will result in them com-
Flve
foole minerals and chemicals. ing onto the Hongkong market, ment, cost and freight.
Hongkong sheets offered at 231% cent waysOlin Mathieson rase more than happens If this
uncold.
than 43, US. Borax moro Telephones are likely to drop to
In the New York deliver points. Thompson even lower levels.
one sheets re-rise-3 points, 4.470 | Other Blue Chips were also market some
Both Chinn Lights portedly moved at 20% and 17 4.473 depressed.
lost
50 cents costs, Lights, which unchanged final
Telephone 25.00 20.00
INDUSTRIALS.
Cement
2.00
STORES, ETC.
'Textiles
15.00
4.46
10 7000
4.50 2000
ROG
INVESTMENTS
Allied
3,00 310 2000 @
330 and Electrics on the week, announced an US PRODUCTION dividend of 80 cents, closed at $18.10, while Electrics were sold lowest quate for $20.80-their since 1953. Even ut their lower to flud levels, Utilitles failed support.
OF STEEL
TO DECLINE
San Francisco, Nov. 7.
Skeel production in the US will
Uncertain
L
For Dre/Jan-Feb. delivery with further sellers at the 27- erat level. Spot No. 1 Rss was quoted at 27 cents, nominal,
LONDON
The rubber markel was easier 22 9/16 with spot quoted at pence per lib. Prices:
Dee:
Metals
Ingell-and t
Inland Steel Co, Interchemical Corp.
in Hunem Machines Int'l Harvester
International Nickel
International Paper
Int'l Tel. Tei
4
John-Manville Co
Products
Kanser C. Power & Light Kemeralt Copper
All metals and steels rose 1 to more than 2 points in Inter- national Nickel and Climax Molydeuum. Coppers responded to firmer prices for the metal Rails produced galaers ranging to more than a point,
Auto chores turned around and moved higher under the lead of Chrysler. Higher prices
reflected new de mand thut followed a
failure of a decline to be extended.
No. Has spot: 2235-224. Settlemeal house term: MIL-2: Jun/Mar! 2236-23 Apr, 23-231 July/Sept: 3 2314: Del/Dee: 212-233%.
General markets, clf baufs, parts: for stocks Nov: 2214-22; Dec: 226-2214: Jan: 2214-223: Estate crepe thin Nov: 23: thiele Now: 2315.
AMSTERDAM
Liggett Meyers Tob. Co. Lockheed Aircraft Loews Incorp...... Lone Star Comment Co. Lowenstein & Sons. ... McDonnell Aircraf
Stock Exge.)
Mesabi Iron Corn. Minnesota Mining Mission, Development Monsanto Chemical Co. Montgomery Ward
Motorola Inc.
National Caut Reg. "A" National Dairy Prod. National Lend National Steel Corp. New York Central Norfolk & Western Ry. aith Kathieson foils Elevators...
Owen-Illinois Glass
Oxford Paper Co. Pacing Gas & Elec. Pan American Airways Paramount Pictures
Parks Davir Co. Penny J. C. C». Jenn. Salt Co. Exchange Pulp Morrie
In the stores section, both dceline several more points be Datry Farms and Watsons re- fore it reaches its lower pointgistered losses, 20 and 10 cents (it is scheduled this week t
resptetively, 78.7 per
of "Capacity); cent
Turnover for the week was
Of a total 1,136 issues traded will remain " เแปร
fairly down to $2.08 million compared slow for the first half of 1958 with
582 were higher, 333 lower. last week's turnover f to the
The rubber inirket was weak. beginning of $2.47 million. perhaps
New York Stock midyear."
higher, Prices closed today in quilders The taily was four
bond volume was $5,090,000. Pocter & Gamble Co. This forecast
by
Pittsburgh Piste Glass four unchanged and 10 lower per kilogram, cif Nov, os fol-
Exchange Publicker Industries Stock American Mr E. J. Hanicy, President of compared with last week's tally lows:
No. 2 rubber; 2.20
volume was 030,000 shares. Kan; No. Two unchanged rubber: 2.16 101; No. 1 rubber: Allegheny Ludlum Steel
of 12 higher, poration at a meeting here of
2.10 nuu; No. 1 citpe: 2.20 com Dow-Jones closing averages Be
added, and ten lower. security analyals.
This week the majority of Note: Singapore rubber prices a strike in the however, that
stocks
tver dropping were not available today-United have next year uutomoblic industry
steadily asd Al
close Pres the could change the pleture in the
outlook for the Orst and second quarters, yesterday the
was coming week
very un China Mail Spretul.
certain.
was nande
Cor-
LONDON STOCK
MARKET
Lond, Nov. 7.
A stoadior tond marked stock trading tod and prices ware irregully highor at the close.
Favourites among gilt-edged securities managed to eke out scattered fractional gains in Hight trading.
Most all issues were swamped with selling orders. Royal Dutch led the retreat into lower ground with a loss of 10 shillings, while Shell and British Petroleum feli three shillings and most of tho
list slipped rest of the
two
shillings.
Angio- An exception Egyptian which jumped 8/- on news think the International Monetary Fund was favourably disposed to arrange Egyptian compensation for the "share- bolders of the defunct Canal; Company.
พร
Leading industrinia scored! gains of up to a shilling with the main strength developing in chidin stores issues,
Extremely Dull
Here is an Ice House Street observer's
the account of Market:
The Stock Market has ex- of perienced another wook extremely dull trading condi- tions resulting in small daily turnovers totalling approxi- mately $2,000,000 which re- presents a dearense of $500,000 on the previous week.
Although relatively smūž] there
nevertheless
of marking down general prices with little support even
at the lower levels.
and
2
New York Foreign Exchange
New York, Nov. 7. Closing rates were:
Carinda England
30-days
*
Australia
20-days
New Zealand Argentins
|Bouli Atrica
Qifiers unchanged.
were:
Pure Oil
Radio Corporation
[Am.
Washington reports noted a cotton purchase grant of 8,100,000
10 Spain. Contracting period. will be Nov. 13 to Feb. 28, with
Anal delivery to be made by
Volume Open interest
April 20.
Month
24,000 210,000
22,100
112
12
$3%
60 Dec
333 Mar.
234.500
300
May
23,400 240,400
30
21,000 130.100
Te
Oct
4,300
107,100
Dec.
39.200
Mar.
Total
1,100 £1,400
0.000
$10.300 bales
נאל
New York Cotton
Prices
Prices of
calton
closed too as follows:
futures
Spot: 3350n: Dec; 35.30; Mar: 35.30; May: 25.36-37: July: 3491-92; Och 1368: Dec: 33.81; Mar: 3341. NEW ORLEANS
cotton of 35 closed today as follows:
Prices
futures
Spol: 34.50: Dec: 33.30: Mar: 25.38: May: 33.38: July: 31.93; Oct; 31.59; Dec: 3301; MAT: 3381
LIVERPOOL
Cotton future closings, in pence per ib. were as follows:
Der/Jan: 23.03 Old contract Mar/Apr: 25.17: May/June: 23.659:
July/Aug: 25,81 ON 1.48
New
Contract Dec/Jan: Mar/Apr: 20.45: May/Juno: 20.34; July/Au: 20.32; OcNov: 20.12.
BAO PAULA
Cottori future closings,
per
were Idio
to
502
Londt, Nov. 7. A trade agreement between France and Japan will be sign-
ed in Paris during the next two weeks, the Financial Times re- ported today.
In the future
Franco-Japa-
marks (about £49 million) in nese trade will beneft in the the first three quarters of the same way as trade under the Anglo-Japanese agreement, It year.
sold:
This was almost three times: us much as during the corres- "As a result the turnover be
to two ponding period of 1050, State tween
countries is in the expected
increase from
to capital exports, including repayment of foreign debts, had 10,000,000 sterling
somo played nr
Important role in 17,500,000 sterling per annum, this Reuter.
the report said,United Press.
*
*
#
*
(I)
红松
»
*
Nov:,38.00; Mar: 38.30: May; 2350;
July: 39.00; Gel: 38.00.
403%
10 cruzeiros
follows:
54
5
Republie Steel
494
Reynolds Metal
Sears, Roebuck & Co,
2512
Shell Oil Co.....
Corp.
Saint Reg. Paper Sinclair All
01; 20 Tells: 30 industrials; 108.55 15 1111ies: 04.07;6. stocks: 148.00: 40 bonds: $4.77; future price index: 100.30.
Closing Prices
Radio Corp. Pref.
Bocony Mobilefi Solar Aircraft
South Puerto Rico Guar
Southern Co. (The) ...... Southern Nyjjona) Gas Southern Railway (Com Standard Brands
Standard Oil of Ind.
Standard, Cl of N..
Stewp Block (Toronto Exc.)
Stokely-Van Camp.
Allied Chemicals -
Allied Mills Ine.
2
Standard Oll of Cal.
1.04 1/10
Allis Chalmers
25
2.00 3/32
Am. Brake Shoe
38
American Arling
2.77%
Americatt Cable & Radio Dory.
2.241
American Cyanamid Co.
Amor. Targh, Power
2.00 7/16
Am Gas & Electric
3443%
0249
LONDON FOREIGN
EXCHANGE
Closing rates were; Now Yo Morites)
Amsterdam
rela
Frankfurt
2.79 1/10
2.70 10/10-1.80 2.00 3/16-3.003 30.633-10.639% 139.00-140.00 11.703-11.77} 17401-1750 147034-117034 14.4892-14.487 12.251-12.201
Ulties all last ground and Al
Parts section Telephones Sociol In this reacted unfavourably to the Zurich....
regarding the Oilers unchanged-United Press. announcement agreement between Oriental Telephone Company Henry Ansbacher and Com. Шопколе Dany
concerning Telephono Company shares.
The undertone of the market was uncertalu at the close of the week,
Market Diary
Here is a market diary of the week:
Foreign Kens were mixed and
quiet. United Press.
Frłony:
Monday:
Exchange Rates
BURLET WIS done in the local Tuesday:
change market
th
Inurning at the following rates:-
U.B. dolier (per si7
Sterling notes (per £1)
Bilm dics) (pwr 106)
Dull and feature- less. T/O: $481,000. Prices drift fine- tionally lower. T/O: $804,000.
Prices again yield
ed alight ground.
T/O: $301,000.
New York Metal Futures
New York, Nov. 7. Frices of metal futures closed today in cents per tb, as follows:
Lead Nov: .b: Dee: 12.481 Zine Nov: 9.00b: Dec: Q.10. Copper Nov, 24.90bf Dec: 24.030. Ti Novi 6.87b; Dec: BED. LONDON METAL PRICES
Am. Mach. ♣ vary.
| American Melaj
American Smalling Ans Bugar RUR. .... American T & TAI American Tob. "*" Anaconda Copper Azines Steel Armour
Allas Cone. Miging Baldwin-ma-Ham Baltimore & Oblo Benedicial Finance Bendix Aviation Corp. Benguet Con
Bethlehem Steel
Boeing Airplane Borden (The) Co. Through
Add Machine Campbell Soup Co. Canadian Pacte it. Đông (L) cần Cat. Tractor
Celares Dorp, CLT. Financial Corp. Chase Machis). Dank Chrysler 24tun Climax Molybdenum Chuett Peabodyr
Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Consolidated top Continental Oil of Del. (Crown) Zellerbach
Cuban Amer, “Bigar Dumond AlIU, Elleziona MELLEN CO. Douglas Alterpl Dow Chemicòls Dupont de Nemours
Flees of metals eloged today
sterling per long ton as folzarter Airlin lows:
spot month Copper spot
-montis Wednesday: Ruled a shade had ist half Nov.
Eastman Kodak
KI PAS NAinhs) -Gas Buyers Bellers
7301 Tomily Finance Corp.
716
FONT
100
Food Maior
coller. T/D:
西門、豬
$16,000. Thursday: Bill 1/0: 9430,000,
Mina svi bale ide.
PH
Studebaker-Packard Com
Sunehuse Mitning
Swin Co.
Texas Co.
"extron Inc.
2016 Tide Water A. O
€19
Time Ike.
weņity Century Fox Fin Union Carbide
2) Union Off of Cal
41 Union, Pacific Railway
$77 United Alteraft
United Gas Corp.
11
11
U.S. Toll "B"
10
315
U.S. Gypsum
U.S. Life Co.
17 U.S. Rubber
U.B. Smelling U.S. Sleel*
331 Warner Bros.
Westinghouse Electric Western Union Tel. Co West Va. Pulp & Paper Woolworth
In the
United States, the
average price of one-inch cotton
at 14 designated spet markets was 33.89 cents.
Total sales at these markets bales.-United 74,709
19% were
Press.
New York Sugar
Market
Now York, Nov, Z. World No. 4 sugar futures closed today 1 point lower to 9 points higher with sales of 303 contracts. The domestle No. 6 sugar futures closind unchanged to 1 polat lower with sales of threp contracts,
*
*
*
P&O BIE&A
COMPANIES
PASSENGER/FREIGHt service
PENINSULAR & ORIENTAL S.N. CO.
Outwards "CANTON" "SUNDA”
“CORFU
“SALMARA” "SINGAPORE” "CARTHAGE" “DRUSAN” ·
Bymeyazdı "DANTON"
"CORFU”
"BUNDA"'* "CARTHAGE" "CHUSAN”
"SINGAPORE"
Leaves Landən Salled
29th Ocluber
Dua Hongkong
18th November
Dih December 295h December 25th December 12th
13th November 9th November 4th Decembr
January 11th December 13th January 17th December 15th January
Bus London Brd Prembler 19th January
February
Leaves Gongkong and November 10th December
0th January 17th January
30th January
0th February
17th FebruaEY 27th February 12th March
Via Singapore, Penang, Colombo, Dombay
"SUNDA", amiti Colombo una
Aden..
Bombay. calli Bt
HAVTO and extends to Namburg, Rotterdam and Antwerp.
BRITISH INDIA S.N. CO., LTD.
“FULTALA" dus 14th Nev.
wel 10th Nov.
“BANTHIA due Sim Nov. tails 2nd Nov.
"BANGOLA" due il Duc.
all th Doc.
trom Japan
for Singapore, Penang, Rangoon & Calcutta
from Japan
Penang.
for Singapore. Bangoon & Calcutta
from Calcutta, Nangoon
& Steniu For Japon
P. & 0./8. 1. JOINT SERVICE
"UMARIA" In Port
Nov.
"URLANA" due lith Noy.
salls 12th Nov. "ISMAILA" dos 10th Nov.
salis 17th Nov.
2012
5016
300
23
02
13
"OZARDĄ” que 3rd Dec.
ฟา
20
Ba
Sugar ruled casier with the riw market and scattered liquidation. Dealers understood
*
sale di Dec.
*
*
38
-United Press.
NAMESAKES
00
AD
101 Chile purchased 55,000 tons of Peruvian raws, December-March shipment at 3.81 cents a pound, Lob Dealers 1gured equivalent basis Cubas would be around 340 centa a pound.
Contract No. 4' (world): Jan: 2,88; Mar: 3.00 May: 3.50; July: 3.50; Sept: 300; Oelf 3.40; Mar:-846-477 Spot (cents per tb, fob Cuba!:, 331 Open Interest: 8,471 contracts, Contract, No. 8 (domestic): Maiz DA May: 466; July: 581: Sett Nov: 501; Spot leente per 1b ell NY ex-duty); 8.00.
Answer: 1. Songs, 2 Rhythm, 3 Television, 4 Under, 5 Glamour, 0 Entertains, 7 Melody, 8 Ausimu, lia, Broadcast, 10 Strings, 11 Voice, 12 Accompany, 13 Studio, 14 Strum.
Shirley Ablair.
Open Interest: 401" contraria - Uribed Press.
SHIP
BENDLINE
*
from Japan
toe Singapore, Bombay. thavnagar, Karachi, Kuwait Dasrah Khorramshahr
frons * Singapore. Dom. bay & Karachi for Japan
from Korechi, Bombay, Colombo Kingsboro for Japan
from Japen
for Bingapore, Bombay, Bhavnagar, Karachi Eura
& Kuwai
EASTERN & AUSTRALIAN S.S. CO., LTD. "NANKIN". 198ds 10/17 Nov.
RAIN 185 BOY.. for Bandakan. Sydney
MolourTIO -
All vessels have itberty to call as any porta en ar off the tenía & the rents à sailings are subject to change or amenduoni with or withous motina."
For fylt porticuturs noply to - MACKINNON, MACKENZIE & CO. OF HONG KONG (1D. Telephone Nos. 2772. 4.
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