1957-11-29 — Page 9

Page

THE CHINA MAIL, FRI^AY, NOVEMBER 29, 1957.

TRADE and COMMERCE SECTION

LOCAL MARKET

Selling Spree Of Wheelocks

CEMENTS RECOVER

By A SPECIAL CORRESPONDENT After further improvement at the beginning of the week, the Hongkong Stock Exchange closed slightly weaker yester day with the outlook for the end of the year uncertain now.

Last week, it appeared that the market had taken a turn for the better after being dult for some months. Ice House Street elretes were optimistic and pre- dictions for a good ending to this year's Slock Exchange were made. Then suddenly for some unknown reason tie market turned softer this week with the undertone uncertain.

mul- President Eisenhower's den illness this week halted the local market alightly with frac- tional losses on Wednesday, but on the whole his illness little effect on Ice House Street.

Landslide

had

The landsilde selling of Wheelocks during the week has knocked these shares down to their lowest quote in years— $0.40, a loss of 25 cents on the week. The reason for this sud- den solling spree is a mystery. Their dividend this year was 75 cents, which is the same as the last three years, and their business is reported to be good. One reason that may clear up the mystery is that this sillag by forced has been brought

liquidation of some big holding. This seems very likely with the bumber of large blocks of shares being sold.

Elsewhere

there was

to

of note to report and the un- dertone at the close WRE EU- certain.

Market Diary

Here in a market diary of the week!

Prices inclined to

Friday:

burden. T/O: $305,COD.

Ruled steady, T/O:

$525,000.

Monday:

Tuesday! Fairly brisk trading.

T/O: $803,000. Wednesday: Hesitant after Ike's illness. T/O:

Thursday:

$295,000.

Slightly weaker

conditions. T/O: $732,000.

HONGKONG

STOCK EXCHANGE

HK Bank Lumbard

Tinion

Page

CLOSES UNCERTAIN | Canadian Banks US Tariffs

Will Reduce On Swiss

The Smaller Interest Rate Watches

The Share Market At A Glance ★

Oct 31

827b

Nor 1 $30

Nov 14 832346

Nov 21 870

Nov 23 855

Up or Down

3146

331

223411

3&

$146

77

Tolixd

70b

1

70

$1,25 -32.50

Wheelock

1.90

6.70

6.65

€.05

8.40

256

HK Wharf

1180

118a

1100

117

117

steady

Ik Dock

81346

BA

$140

51b

512

steady

Provident

11.80

11.809

11.706

11.60

ILA

steady

IIK Hotels

14,70

14.30m

14.10

14.00m

14.70

+++ 100

HK Lande

33.78

21.25

23.50

23.25

159

NK Really

1.35b

1.3750

1.80

1.35b

1.35b

steady

UK Tram

22.00

22.70

13.80

$2.90

$2.80

-100

129%

1870

1870

128a

13

$1

98m

85#

Bis

B344

9344

18.70

18.10

17.00

18.40

17.40x4

-200

27.40

20.80

20.30

87.30

26.50

HK Telephone

27.20

25.70

26.30

20.30

24.90

G.I. Cement

23.406

23.10

22.10

22.80

24.40

Dairy Farm

10,30

10.10

15.90

10.20

10.20

13.20

13.10

128

12.25m

12,200

www500 190 ++$1.00 steady ---50

5.45xda

5.30

8.30m

5.30

8.35

+50

40

3.80b

1.755

3,000

3.70

100

9.900

9.801

2,800

1.50

9.501

Blondy

4.878

4.45

4.40b

4.59

4.60b

++100

In

0.550

9.45n

9.450

2.00%

9.30

---200

Star Ferry

Trumatis

Ch Lights Kko ries

A.S. Watson Yangutze Allied

NK & FE Inv

Texule Corp Nanyang

Japanese Camera Industry Expects

Big X'mas Profits

By JOHN MORKA

New York, Nov. 28.

A survey of Japanese camera leaders at the cur- rent fourth annual Japan Camera Festival in New York shows these industry leaders are extremely optimistic in their expectations of Christmas business this year.

1

Spokesmen for such firms as Canon, Nikon, Minolia, Riken and Yashima, Among others, predict generally an ultimate ircrease of at least 80 por cent 1957 sales over last year.

Elouro Miyshara, executive director of the Japan Camera Information Service Centre polated out that acceptance of Our Own Corrospondent

Japanese optical products was On the other hand, Green

Business done on the Hong-not solely limited to such tradi. Island Cements made ♫ good

Slock Exchange this anal markets as New York, recovery this week tacking on g $1.00 on the strength of a num-morning amounting to approxi- San Francisco, Philadelphia.

clrculating mately $188,000. Noon quotationg ber of rumours around Ice House Street. One and the morning's transactions

rumour was that the Company were: was going to sell some of its land. The other rumour, which was discounted at first but now

that seems feasible, was Company intended to liquidate their holdings.

the

Sharer

DANKS HK Bank East Asia

Buyer Seller

B43 000

Squeezed Out

INSURANCES

Union **** Lombard.

312

that Green Islan It seems Cement is boing slowly squeezed | DOCKS, ETC. Dys of the cement business in K. Whart Southeast Asia by Chinese and Dock Japanese coment companies. The stock closed yesterday $24.40.

سماد

SILIPPING

Wheelock 0.43

3.33 1.500

0.60

2004

0.30

117

110

Provident,

-ot

AK Five!

01

(0) 11.40 13.70 LAND, ETC.

14.90 14.80 23311 1.23

... 1.2

1.30

Both Banks and Unions were down on the week, while in the utilities section the majority of stocks were down.

Turnover for the week was up slightly from $2.08 million last week to $2.72 million this week. Tally for the week was four higher, seven steady and 13 lower. compared with 10 higher, two steady lower last week.

Here is an observer's

market:

Ice House Street of the account

1 Land

Henity

RUDDER

Amaly.

UTILITIES 'Tratt Star Ferry 123 124 Yaumati

.

$2.50 22.90

REPORTS

Sales

from reports

Mr Company, Nomura of Osawa indicate a steadily growing RC- ceptance of Japanese and lenses in southern areas of the United States,

cameras

The sales rise has been par- ticularly evident in the cres- cent-shaped are starting from Utah and swinging around to and through the southern tip of Florida.

Small towns, as well as the larger cities in this area. are stocking up" on medium-priced

500 33 11.00 95 mm

600 € 24.TV

and twin-iens reflex cameras, while interest appears to have developed in the mere 150 33% expensive cameras with inter- changeable lenses, according to Nomura,

100 @

124

BENEFITS

capert

in

LONDON STOCK

MARKET

London, Nov. 28. The financial editor of the Manchester Guardian this morning breaks the City's silence. He says: "The fact that this remarkable strength of sterling has had no effect this week

upon

the Government security market is yet another reason for not jumping to the conclusion that the worst is over."

The market today stood stock still. Turnover, at 8,048 bar- gains, was the day this year.

lowest for any

In the gilt-edged sector Old Consols appeared only once on the tape, down 21/10 to £45- 13/10 (1057 low is £45) and War Loan, appearing twice on on the tape, gained 1/18 to 201- 5/16 (low is £804).

ΟΙ

Leading Industrials were idle except for Rolls-Royco which gained 1 ahilling and two three oilers which were up 9 pence or a shiling.

steady

SINGAPORE RUBBER MARKET

US Steel Producers Protest

Now York, Nov. 28, [Some steel producers, parti- cularly the smaller ones, ara starting to howl about the rising level of steal imports to the U.S. Bu most importint industry situation observers regard the

ing steel orders.

Is

Toronto, Nov. 28. Canadian chartered banks will reduce the interest rate on loans from 54 par cent to 51⁄2 per cent effec-A tive on December 2, it was learned today.

Bank officials "confirmed the one-quarter of che per vent cut In their primu lending rate The reduction offiets the in-

into crease put

effect last.

| August.

their

The prime rate is the basic rate of interest the banks charge best custommors. The maximum rato permitted by Federal law is 0 per cent.

NOTIFIED

as no more than a "tempest ju tenpot"...intensified now

John S. Procter, President of the laging rate of incom-the Imperial Bank of Canada told the bank's cnnual meeting today that all Imperial branches across Canada have been notified to cut the prime rate.

be

In the long run, these ob rervers say, the Industry will hard pressed to keep up with demand. They note that Wert, historically, has been short supply, Item.

REAL

Items

Flayed

Now York, Nov. 28. leading American busi- nessman today labelled the 1964 US decision boosting tariffs on Swiss watch Imports by 50 per cent "a small and un- worthy act."

Philip Cortney, Chairman of the United States Council of the International. Chamber of Commeren, urged also a re- troactive revision of the "Escape Clause" features of the U.S. tari inw.

this Under clause American companies injury from

claiming serious foreign imports can initiate an investigation. Booking higher tariff and/or quota barriers on such imports.

Investors who borrow from Mr Cortney spoke, at the brokers against recurities are annual dinner sponsored by expected to benet, Their 4 the American Society for

per cent rate may go to 6% Friendship for Switzerland

The cut is reported, to be inj Mr Cortney, who is also recognition of generally soften-President of Coly, Inc., stated Ing interest rates which signal- that the US, national interest the had been ignored in the 1054 led by recent declines in bank of Canada's discount rate Escape Clause action which and lower bond yields-United raised customs duties on Swiss Press,

·watches—United Press,

But for mills producing per cent to maintain the trt More than 800 persons, includ- ditional one per cent spreading Henry de Torrente, items like oll country tubing, between what brokers pay the gaiss Ambassador to the United the hardware store clareifted under merchant wire banks and what they charge states, were present.

customers. Singapore, Nov. 28. Producla and reinforcing bars. The market opened higher the immediate problem is quite

real one. on reports

Eisen- of

The authoritative trade hower's improved health magazine, Iron Age, notes that and thereafter it ruled southern mills have been parti

hit. Moro than very quiet with minor cularly had fluctuation,

700,005 tons of steel products came into southern production, There was a fair interest for or about half of the US total. lower sheets but sellers were Last year's imports were about 65 per cent greater than 1955 and distuclined to meet markets.

During the afternoon there this year are expected to show was some shortcovering which another 19 per cent gain.

But how large further leadler the market, but

imports at haber lavole sellers pre-bulk in the total steel picture? dominated and rise was short- According

to the Commerc hlved.

Department Imports of steel mill products in the first eight

Future closings were:

do

No. 1 rubber per ib. Dec. 7816-7035 months of 1957 totalled 879,023

Jan. 291-7735 | tons. No. 2 rubber per lb. Dec. 10jarkí No, 3 rubber par 10. c. 7412-75

No. 4 rubber per lb. Dec. Soct rubber únbaled Biker Crepe No. 1 pale črepe

7214-7231

763-787

6714-001

21-01

AMSTERDAM

The rubber market was very quiet. Prices todiny closed guilders par kilograms, sif Dec.

as follows:

No. 1 rubber No, a rubbe No. 3 rubber No. 1 crepe

2.10 nom. 223 Bom. 2.10 пот

2.41 nom,

LONDON The rubber market was duli with spot quoted at 23-7/10 pence per lb. Prices:

No. 1 Rss spot: 231-Jan/Mar: Beitlement house

Apt/June: 232391; July/sepi: 259-24; det/Deci 235- *General markots, gif baste ports: Jan: 23-231%; Feb: 23% -211: Estate crepe thin Dec: 2414: thick: un qucted,-United Press,

HIGHER

That's sharply higher than the 702,000 tons In the similar 1036 period and the 509,469 Iri the same 1985 period, but still represents less than 3 per cent of domestic shipments.

Where are

the

Importa coming from? Largely France, Germany, the United Kingdom and Belgium with some other European countries and Japan doing some nibbling,

find that Thea countries

they with lower labour costs can absorb shipping costs and still undersell U.S. producers.

of this is the An exampio Italian casing and tubing that has been offered in Houston a. $10 * ton less than the Pittsburgh - plus - barge Us. price. United Press.

SINGAPORE SHELL GROUP'S

STOCKS

...

INCOME

London, Nov. 28. Third quarter Income in 1957 of the Royal Dutch/Shell group amounted to £56,070,000 com- Openingpared with £48,164,000 for the same period of 1950, the Royal the Petroleum and Dutch "Shell" Transport and Trading Company announced.

The JapanCIA dustry has benefited from the

Singapore, Nov. 29, Frokers today quoted the fol- faster lenses in introduction C. Light

17.20 17.00 3000

lowing stock prices: (0) XD

Super speed 2000 g 1730 all prices ranges. 1,100

lenses are avaliable now with Mectric 20.50 27.10

batch of Bay, Lintang Rubber Co. Nikop

Oils had another conora. and 01025.00 Canon

Ltd 24.00 10.10 Telephone

short-covering

lifted Britis which priced moderately INDUSTRIALS and four

Other 24.30 DOO 24.20 Cement...

Syndicate cameras such as Airos, Kontes, Royal Dutch and the othurs

Consolidated Tin galle STORES, ETC.

between 0 pence and a shilling. 16.20 200

and Hlken, Olympus, Minolta Dairy

J020 10.35

Ord. Watson 1.20 12.30 1,000 2220

Fisser & Neave Lid Ord, Yashica are now marketing top

Germans were unchanged. In Freser Neave 1165% cum, COTTONS

quality multi-element optics.

pref

$4.00 These same cameras are now the Japanese list the Tokyo B

Cameo (Malaya Limited 22:23

longkong & Shanghai Sanita 6.39 being chipped from Japan with per cent both assented and non-

the Corp... features such asented-toso 21 and a couple various deluxed as single act on to advance and of others were up £4, assenteds tongcong Tin LaQ. shutting cocking, built-on ex-wore tractionally higher.

bright frame posure meters, viewers and other Innovations.

According to camera experia, the Japanese innovations have helped attract a wider market in every price range. --United

Texilies ... Nanyan

INVESTMENTS

of

Yangizdo Allled...

During the early part the week the Stock Market showed signs of making fur- WAS ther progress but this soon sheaked by the news of President Eisenhower's Iniest

However, the recession was insignificant Ly comparison with the sharp decline Wall Street and any losses were only fractional,

TERK

đă

5.35 3.070

0.30

1,000 @

London Tin Market

London, Nov. 28. The tin matkat was strong with 3-montha jumping 12 points to 718 sterling, Spol was · 111- Although there

anchanged at 7301⁄4. Turnover wILD. at the in Now 650 tons. Prices cloned Immediate recovery

the official morning York on Wednesday following end of

encouraging bulletins cession, in sterling per long ton from the White House, then follows: Hongkong Block Market mained somewhat hesitant, in fact, there was even an daxler than tendency on Thursday

more

го

the previous day, but this misy have been due to some forced the quidation taller than uncertainty displayed in 'New.|

section, tha Ulles Electrics and Telephones were quite active losing the pre- vious wock's paints.

York.

In

Hongkong Banke and Unions were also markod down io lower levels.

There was increased, acli- vity in Wheclooks but they too fell #WAT towards the cloen, -

Spot buyers: 130: seitara: 30%

buintes: 230,

3-month buyer: 718; wellors: 217: business: 717Ęg; settlernent; 750%.

Press.

Federal Reserve Banks To Lower Rate

one

*

*

PO B•1

E&A

COMPANIES

PASSINGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO.

Outwards

"SUNDA"

"CORFU”

Levis Londem

Due fourkoop

\BING 3/11

Ith December

Bailed 18/11

16th December

19th December

"SINGAPORE' 6th December

18th - January

"SALMARA"

Ballad 10/31

"CARTHAGE* 21th December 19th December

13th January

13th January

Leaves Hongkong Uns Lende

19th January

鼹

"OBUSAN”

✰

Homewarda

CORPU

“BUNDA” *

*

"CARTHAGE” "CHUSAN” "CANTON"

18th December

BLE: JARIMATY

17th Jacke 30th January 11th February'

gith Fabromy), 24th Mot

像

Petroleum

$1.75

40A

206 3

12.50

For the first nine months net income was £137,388,000 in 1057

compared with £132,-

*

208,000 in 1956.

$1.50

Kuala Kampar Tin

3164

Lunas Rubber Estates Ltd.

$2.05

per

Malayan Broweries

New Strandas Hubber

Fetaling Tin Ltd.

Rabies "Hote..

Bingapore Cold Storage

$2.07:1 80.007 11.85

$1.24

9.1211

Dollar stocks enjoyed a ries of

in their premium to 9 cent.--United Press.

London Lead

And Zine

London,, Nov. 25.

Kumpas "Lid, aggra

Ltd.

Straits Trading

Atralia Steamenip

United Engineers Ord.

Wear Bros.

From this net income fiterim dividends

of £12,200,000 in respect of 1957 have been dis- tributed to the parent 7- Kizu | ponies-China Mall Special,

$3.4716

• *xdiv; ↑ cuandry, *** China Mai Special

Copper, lead and site matka London Foreign

word ail steady during the morning rosión, Turnovers were

and 860 300 1,450,

tote

Washington, Nov. 28. The Federal Reserve Board respectively for copper, lead s

has annouticed that re-zibe. Prices closed at the end of morning session, in serve banks in Chicago, official Cleveland and Ban stealing per long tou as follow:

Duy Sellers Francisco will lower their

104 10014

In the afternoon, the market was steady with spot unchanged and 3-months 4 lower at £71844. Turnover was 30 tons.

charge on loans to com-pper spos

1-month... Prices closed at the end of un- mercial banks from 84 Lead and half Nov..

Yeb... In

Zing and half Nov. omciat afternoon session,

to 8 per cent.

2916.. sterling ter long ton ca follows: Spot buyers: 720; nelieru: 78015.

In the afternoon, ali, marketa -month kryyor: 716; malère: | eight other reserve banks. The were again steady. Tarnovers 11ätjomUnited Frian.

other in Dallas-is expected | were 680,875 and 10 tona to go along soon.

respectively for copper, lead and The Reserve Board firth drop. | zine. Prices closed at the end of

The new rate goes into affect today. It already prévalla at

Exchange Rates oid the rate at our of fie ale nemdial afternoon session, all

Business was done in the local exchango market This

on November 1. At the tre in wering per long toi, tai the Board saldi it was adjust follows: ing the rate lo

'accord with

provaliing economid conditions

quite sharplynomial

V.S. däller (per (1) sterling notes (par. £1) Australian notes (per #1)" Indonesian rupiah (per 100). Bam tical pst.(0) #ingapore (straila)

morning at the following ratedium SR and because it found the Copper spor

Cements on the other hand made a further emoorery but closed slightly" below the bat level.

130 station, at ledet - temporarily, | Leed ma hall NOT.

I was no longer a dominent 5

18.10

25 75 for the the economy.--United

so tài được

Exchange

19.89

19201610.20

London, Nov. 28. Closing rates were: New York

220-8/16-16075 Monitual Amsterdam Flamen Copenhagen Frankfurt

Milan Quip

tokholm Vienna Zurich

30.00

com

|Liverpool Cotton ||*

Prices

Colton future closings, in pence per ib. were as follows;

Old contraét: Dec./Jan 2001; 20.57; Mar/Apr. 25.55: May/June, July/Aug. 30.73; Oct/Nov. 20.30.

New contract: Dec./Jan, 27.33; Mar/Apr. 23, May/June, 27.40 July/27/47: Oct/Nov., STAL,

BẠO PAULO

closings, In Cotton fiture cruzeiros por kilo were до follows:

Dec. 37.50; Mar., 20.00; May, 29.50; July, 19.00; bet, $2.30-United Press.

NAMESAKES

Answers Parseés, 2 Action, 3 India, 4, Hindus, 5 Bilch, Poliles, 7 ́ Britain, 8 Delhi, 9 49% Kashanit, Republican, ́11

United.

to

Pandit Nehru.

SHIP

BENDLINE

12th February

17th February

Via Ringapore, Penans, Columbo, Bombay a kész.. * "BUNDA" omile Colombo à Bombay.

-calls at Hatre à extends Hamburg, Rotterdam & Antworý,

from Calcutta, Rangoon & Straits for sa

BRITISH INDIA S.N, CO., LTD,

"SANGOLA" duk 9th Dec.

alte 7th Do

de 14th Dec. KRES 1517 3260.

"OKHLA"

"BANGOLA"du 27th Dec.

tails 21th Dec.

from JapaO

for Bingapore, Penang. Nangoon & Calcutta

from Jagadh

for Singapore, Fassets. Rangoon & Calcutta

P. & O./B. I. JOINT SERVICE

"ITOLA"

doc ist Dee.

Balle 2nd Dec.

"OZARDA” dun Ind Dec.

Bil 3rd Dec

4

3rd Dec.

**ITRIA"

*

salle 4th Dec, "URLANA", đúo 18th Den.

*

salto 198ă Dec.

from Singapon, Cochin, Bombay de Karachi

fut Japel

from Zadán

for Singapore, Bombay, ZRAVOMENT, Karsoni. sarahı, KhorramatsAbr

Sur

from Madras, Kakinada,

Perving & Binpapore for Japan

from Jupino

for singapore, Bather. Kabulla & Harnoli

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

"EASTERN" ano. Čili Deo, from Atraile

"KASTERN" loadia/eth Jai.

Melbourne

All viwela baru Kharkë ke shll in the Dün

or of the resio à thé testy a stinga del inhi

Fog fect pretentan

MACKINNON. MALKIAZI

DE HONG HAVI Telephone