THE CHINA MAIL,
FRIDAY, JULY 4, 1958.
TELEPHONE ISSUE KNOCKS WIND OUT OF HK STOCK EXCHANGE
HONGKONG STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong-
kang Stock Excanke
marnig amounted
this
a-
Noon
quotations and the morning's
proximately $00 1,000.
Transactions were:
shares
18yer HellRTA
#plea
DANKS
FC Bank
INSURANCES
Union
705
物
790
Jud
700
SULTING
DOCKS, ETC.
K. What!
FO
421
4312
Provident,
10
12.20 12
Wheelock
Thick
LAND, ETC.
610 420 2000 1
HK Hotel 21.00 2020 1000 N
Humphreys 15.00
Henity
RUBBER
Analg.
Juxt
UTILITIES
9715
Prices Tumble On Announcement
NO BUYERS FOR PHONES
By A SPECIAL CORRESPONDENT
The proposed now issue by the Hongkong.
Telophone Company of a million $10 shares plus a premium of $5 a share shook the Hongkong Stock Market to the core yesterday.
After rather a steady week 6.18 with the bulls on the market yesterday morning and prices hardening, the Telephone Com- pany announcement sent „prices. tumbung in the afternočn ICE some cases as much as 30 cents · 22 from, thick moralng prices,
21 Do
3314100157
1.70
1.55, 1873 10,000
1.50
Fram 2000
130
5000 19
100
4
Hovering
On Wednesday, Telephone calls 155 were hovering around the $27.80
1550
30 mark, while yesterday morning their seniors quote was 521.00. 21.00; When the new Telephone move 1001 2000 arane publie yesterday after- noon, traders' displeasure was impediutely evident and
the
sellers' quale dropped $1.40 to with no takers who-
120 526.50
Youmali
1
100
C. Light
Ta 10.20
2000 67
10
E 10
Electric
ལ་',
200 40
120
20 70
Macau F.
xi)
Telephone
+ אJ
28 soever.
Money in the market has been on the light side and to nek 27 2500 24.70; shareholders to ruise $15 million 20 for one eurgany is, some bokers
10%
* 2000, think, a rather steep request. One broker, however, sald he "expected all the shares would be
$600 #20 200
$
INDUSTRIALS Commut. 210
Ants STORES, ETC. Dairy
17
131 17 200
1000
Watson
4
10 113
Fene, Draw 301 1000
MISCELLANEOUS
18
3.83 6m
INVESTMENTS Yangtze Allled
4.03
.....
Singapore
Stocks
2 tiden up. 232909 The 30ncement that the
| dividend $1.50 is expected to be 17:30 | maintained provided that there 174 is an unforeseen delay in bring- 179ing new equipment into service raised doubts in Tee House Street.
Retarded
Wednesday: Very et condi- 11. T/ 0:
Thursday:
Telephone
$232,000. Nc w issare not favourably
recelyed. T/0: $450,000.
* The Share Market
ISK Really UK Trans Star Ferry Yaumatis Ch Light Electricn
100%
steady +80€
-$1
camisa
"I'm smoking these to help my father, str—he's pot shares in the com-
pany!
Lundon Zaprem Bursky
Australian Exchange Reserves
At A Glance ★
June 5
HIK Bank Lombard Unloa Wheelock
7650
June 12 7124,
June 19 June 20
July 3
Vo ne Down
705
198
200
30
20n
2Dn
**p
7112
( 22
7414
6.15
9.25
0.20
0.20
6.15
-Sa
HK Wharf
1050
1020
101
101m
102n
+$1.50
IIK Docks
4114
4134
415%
4815
€32
-250
Provident
12
12.20
12.30
1234*
12.40
--100
HK Hotels
20.70
20.00
21.20
21.80
21.80
steady
HK Lands
3311
3334
384
-2334
-250
1.65
1,035
1.08
1.070b
1.706
+20
25.70
26.10
20.30
20.70
20.70
steady
113
1126
1125
114
115
+31
904
091/m
984
37.70
17.80
17.80
18
18
steady
27.30
28.39
28.30
2844
281⁄2
ntendy
21.10
27.19,
27.40
27.70
25
-$1.20
23
22.00
23
23.10
-100
17.20
17.40
17.60
17.50
17,40
-100
A. 8. Watson
10.90
10.00
11.30
11.50
11.40
100
Yangtze
5,55b
$.75
5.80mm
5.85b
5.85
steady
4.40
4.50b
4.500
6.600
4.00%
steady
HK & FE Inv
10.200
10.500
10.30
10.001
10.50
steady
Textile Corp
4.55bs 8.15m
4.30
4.00b
4,05bxd
4.107
+50
4.80xd
7.00
1.70
7.70n
ready
day.
Thla
.crease
HIK Telephone G. 1
Cement
Dairy Farm
Allled
Nanyang
STOCKS CLOSE GENERAL PRE-HOLIDAY
HIGHER
IN LONDON
the
London, July 3.
market closed The stock
higher today on strength of yesterday's
of announcement tinued improvement in Britain's gold and dollar
reserves.
con-
Call-edged securities nd- vanced by as much as 2/0.
ADVANCE
ON WALL STREET
New York, July 3.
Stocks advanced to new highs for 1958 in the general average
on increased volume in the pre-holiday session today.
All markets in the nation will
closed be
for In- tomorrow dependence Day, reopening on Monday for regular business.
Colgate-Palmolive Co. Colombian Corbin Ca Canumercial Credit Commonwealli Bee. Counted - Edison Continentul Dil of Del. Cown Zellertancia Cuban Amer. Sugar and Alkall... amond Match Co.
$7
NEW YORK COTTON MARKET
Canberra, July 3. Australian foreign exchange
Pure 9
US WHEAT SUPPORT RATE
Washington, July 3. The national average price support rate för 1958 crop wheat will be $1.82 # bushel, four conta
above the preliminary rate set by the Agricul ture Department, it ap- peared today on the basis of published parity figures,
The increase was forced by a rising general price level which boosted the parity price on which farm crops are based.
EARNING POWER
The preliminary support rate of $1.78
inst was announced year before the 1938 winter It wheat crop was planted.
was based
on 75 per cent of
the fair earning power" parity price at the time.
Under law, the final support
reserves are expected to rate saust be based on the decline between £20 and Parity price prevalling on July
That is 1.
the parily prico £30 million to about calculated on June 15 and re- £540 million during the vealed today in the Depart 1957-58 fiscal year, in ment's monthly form price re- formed
sources said to-port.
The Department sald parity for what currently US$2.43 per compares with an in bushel, Seventy-five per cent of £212 million In
of this a $1,82-U. P. I. foreign
reserves exchange during the previous feal year
The decline is due to loss ofį
falling Wool exports through prices, the drought, und In- creased imports.
As a result, there i lite kelthood that Imports restrie-
tions will be ensed on Aug. A when the new Hcensing period begins. The saree cold it may even become necessary to in- voke further restrictions in carly 1030 unless there rapid improvement of exports.
-U.P.I.
A batch of good corporate pe ports sparked gans in many in
group. shares.
In ordinary circumstances the market meets profit-taking and evening-up
operations in advance of a long holiday. dustrials. A feature was Stat-day, however, speculative chard Moters which ran up terest helped buoy up the one shilling gain which follow bloods. bid by the Canadian Massey Harris, for 1
To-
in-
17ouglas Aircraft Dow Chemical Dupont de Nemours
blue
Eastern Alle
Eastman Kodak
137 1131
A Pass National Gan
Fully Finance Corp. Firestone Tyre & Rubber Ford Motor
20
HTT
General Dynamics
General Electric
5
six
General Foods
New York, July 3. Colton futures today seesawed narrowly in n slow pre-holiday session, but managed to
*
*
*
do Pub. Utif.
General Motors
*
Gen. Tyre & Rubber
225
dirtty "Bil
five
Glidden Co
4115
Goodrich (n. F.
Goodyear Tyre
Grumman Alrerait Gur-Ou
PROFIT-TAKING
Alter "a fairly good half-year | compared with last year, the | market seemed to be on its way to recovery in the last few inonths, but now its progress
le #ay
raried
the by Telephine issue.
Although six Issues listed on our stock sheet hud inerenses for the week, the majority of there. ains were only on buyers or
Gold shares case on profi- Singapore, July 4. seilere quotes and not actual
Coppers were firm. Brokers today quoted the fol-sales. The shares that did have takitug
sales yesterday showal, on th"
Oils were in demand whole, losses on the week and leaders advancing several shill- the day.
Hous British Petrolewa jumped Tally
for the week was the [67- en hopes of a settlement of six gains, aine anghanged and the Lebanese crisis, nine down, compared willi higher, four unchanged nud two lower last week. Turnover for
short This
32.14 work WAS miltion compared with $4.31 million last week.
lowing stock prices:
Dire Petrokemin
Opening
$169
Market Diary
Nata Lalong Rubber
1.16. But
Syndicate
At dated
Ord Fraser & Neave Lts ori
The Nella
270
12 55
Fraser & Nerve 12 se
pirt
$4.00
Gommans Mulaya) Limited
Shubal
Pinking Corp
led3nh TH
13.
$1.39
En
Kungsi Lt.
31 43
Kuali Kanger Tou
zar d
tams Rebier Estates LA
50 75
Malayan Brewerian
1.02
How Sandhu
f'
Gj wiek:
Friday:
Telling Tid
Tier 4
Singapore Cold Storage
$0.43
Strait Ting
Siraits Steam him
Basted Forheers Ond
Monday:
Westre Pre
53 04
-China Mall Spécial.
8
Here is a market diary of the
Steadler conditions and slight improve- T/O: ment. $1,008,000,
Little désire to ex- tend commitments, T/O: $354,000.
with
dollar
bonds nud Foreign efocky were higher.U.P.I.
Exchange Rates
MULAKAN
wie dre dan the Jues!! unofficial
F This men at the fullwing rate:
US. Eller (per 30)
Sterling notes (per £15.
| Australian notes free eli
Indian star tuprol per 103|| Sian teal tuer 100 Singapure traily)
COMMODITY PRICES
COTTON
NEW YORK
Prices of cotton futures closed today as follows:
Spot: 35.50; July: 20.15; Oct; 38.58; Dec: 30.61: Mar: 30.; May: 35.00-12: July: 39.00; Oct: 31.20; Dee: 34,20
NEW ORLEANS
Prices of cotton futures closed today as follows:
Spot: 38.10 July: 36.15; Det: 37.81: Ded: 37.60: Mar: 37,94; May: 35.02 July: 35.92; Oct: 34.56; Dec: 34,28.
LIVERPOOL
tions until inte morning when upcountry liquidations and re- serve of buyfrust dropped prices. No. 1 rubber per th. July 761-7611⁄2
ARE, 70%-70% No. 2 rubber per ll. Joly 74-7412 No. 3 rubber per it. Judy cavida No. 4 rubber per Judy Spot rubber unbaled ... 761-7012 Blanket crepe
No. 1, pak crepet....
LONDON
14-03
23-60
$4+00
The rubber market was quiet with spot a 229/16 pence per lb. Prices:
No. 1 He spot
Settlement house termo:
TORLIGN EXCHANGE
NEW YORK Closing rates were:
Cuanda
England offelal
Australia
30-days 90-days
New Zealand South Africa
234-221dia
Pakistan
Others unchanged.
LONDON
5.70
Near closing time, the new- comer to the market, Reichhold Chemicals, produced some ite works by rising nearly paints. Since it was listed a
this issue ho few weeks ago, risen by 18 points. Most other chemicals ruled firm.
Sharp Drop
Inland Steel Co..
interhemical Corp.
The oils advancgd fractions to eyden Newport Corp. more than a point except Rich-Bornestake Miling Co Geld which lost more than two. Steels ant motors held well. Tusiness Machines Tobaccos come back ofler a sharp drop. Soma Mtrengthened A long list
Int'l Harvester
International Nickel
International Paper
show small gains most of the time.
Closing prices
rutled
higher to two points lower.
033 The market opened up 10 to off
21
138
one point. New Orleans closed 125 up four to six points.
43 Covering in the maturing
74 July delivery and a withdrawal 3131 of sellers in
1234
the new
4 months combined to shape
Expanding
ex-
New York, July 3. Indications of rapidly trade
between the panding Soviet bloc and Latin America were reported yesterday by the Chase Manhattan Bank,
However, the volume of such trade was still below the pre- vious peaks, the Bank said in its quarterly pabilention "Latin American Business Highlights." -China Mail Special.
P.O BI EA
COMPANIES
疫
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N, CO.
Cutwards *CARTHAGE"
Leaves London
Salled 26/
Balled 19/5
crop
the
TU
ntilltics
trend.
"PERIM" "SOUDAN" *CANTON"
100
1
int Tel & Tel
St
MARK TIME
KHYDER"
Sajjed 1/0 Salled 20 Sabed 20/0
special issues
inoved ahead.
John-Manville Cu
EVA
THI
generally presented
Al
Raiser Indjuntry
Tennecoll Copper
Traders marking time awaited Senate netion on farm legislation
*
"SURAT”"
7th July
*
"CONFU"
23rd July
strong front.
LIRKOT Meyer Tob. Cu
71
181
along with the Government erop 4ti | report on Tuesday.
"KARMALA”
151 Justy
342
Tobaccos got a jolt on news a Government expert will talk in London
Tuesdny cigarette smoking and
Ori
taneur
10 At their lows the tobacco issues 12.N
To showed loses running to two
These
were reduced 20 point
Lorrilard 1.30 before closing with
rmong the most active issues.
Alaska Juneau which has bern active since Alnuka moved up
Lockheed Aircraft
Loewen_Incorp,
Star Cement Cu wenstein
Mr inv, Tran Co. McDermott 4. Kay McDonnell Areaft Stock ExpV] +++
Mesabi Ion Corp. Murtesyla Mining Misdon Development Monito Chemical Co Montgomery Ward Matarula Inc.
National Biscuit Co National Cari Reg. A National Dairy Prod. Nabottal Lead..... National Steel Corp.
Only one delivery notice ap- peared today on the July con- July contracts 334 totalled 40,200 bales, The cer-
11 fract.
Open
zay Uncated alock at
Ani.
32
to statehood led the market in turnover al sel now high. Other active issuey included few York Central such stocks as Actuur, Hans- | Norfolk & Western Rty. mond Organ, Servel, Standurd North Amer. Aviation
||Nurth-Werd. Alrlines. (Cum,) Packing, American Viscose,
Olin Mathieson Sunway Mid-Continent Oll, and Dis Elevators Foole Mineral. All but Safeway Owen-lingus Glasn
and most were oxford Paper Co. made gains aided by large block sales.
Voluire increased to 2,630,000 shares from yesterday's 2,370,- 000.
traded 551 or 1,142 issues were higher, 332 lower.
On the American Stock Ex- 1,060,000 change sales rose to shares from Wednesday'e 890,-
1.04% 2.60%
2.784
2.70-15/10 000.
2.245
2,791
Bonds $4,000,000
103
yesterday.
2100
Penny J. C. Ca.
19,026 boles showed a decline of 95 bales 1234 from the previous posting on
2 Monday.
49
anti- A leading spot firma, cipating
Government the acreage estimate on Tuesday, 46k indicated the planted aren ut ALEX 12,200,000 aerès compared with
14,000,000 acres 1st year.
10
today
The Liverpool romkit closed five hither to ive Eng- Fish points lower and 478 to 623 American points under New York future.
Volunte Open Interest
3,400
47,000
0,100 231,000
0041
191
Pan American Airways
10
Month
July
Paramount Pictures
Parke Davis Co.
Oct.
10
Der
100
Mar.
5,200 171,400
May
#.100
203,300
July
10,500 110,400
80 Del
Dec. Total
| Penn, Salt Co.
Philip Morris
Procter & Gamble Co. Pittsburgh Plate Glan Publicker Industries Pure Off.........
tadio Corporation adio Corp. tel. Repubile Steel
Reynolds Metal Bears, nebuck & Co. to Sheil Oll Co... $5,040,000 Salat Reg. Paper
Sinclair Ön
volume amounted
against
Socony Mobiloit
Dow Jones closing averages Solar Aircraft
were: 2.8016-2310-0/10 30 industrinis
Closing rates were:
2214-201
2241-221
229-2221
229-2212
New York
Mantrent
Amsterdam
Aux.
Sept.
July/Sept
Qet/Dec.
Jan/Mar.
In
April/fune
July Sept
2254-2276 22-22
July/Aug: 25.29; Det/Nov: 25.45;
Dec/Jan: 24.00;
Mar/Apr: 26.10;
Enate crepe thin July thick July
May/June: 20.18.
--U.P.1.
Cotton future closings, pence per Ib. were as follows:
American Contract
General markets, eff basis ports:
Mixed Contenot July/Aug: 26.03; Oct/Nov: 26.03: Dec/Jan; .26.25; Mar/Apr: 20.05; May/June: 2005,
In the United States, the average price of one-inch cotton
pt
14 designated spot markets was 34.88 cents.
Totol sales were 7,057
tracts.-U.P.I.
con
METALS
NEW YORK
Prices of metal futures closed |today in cents per lb. as follows:
September!
Lead July...
RUBBER
NEW YORK
10.30b
1013b
Zins July
Beptember Cupper July wan
September Tin
July Setiember
BAND
25.401 25.366 03.0773
LONDON
་
Rex rubber futures iodny Prices of metals closed today closed sve to i points higher in sterling per long ton es fol- with sales of one Closing prices:
July: 26.35; Sept: 26.01; Nov: 2665; Jon: 20.63; Mar: 26.50; May: 20.45: July: 20.45.
contract. Low:
Buyer Sellers
Tin opot
J-moth
730
7001
7:30
1501
Copper spot
191
30314
1041
Lend Las half
July
7135 72%
IL
The market opened lower and ruled quiet with minor duetur.
Zine at half July
U.P.I.
+
SINGAPORE
Brussch Copenhagen Frankfurt, Milon Oslo Parts Stockholm Vienne Zurich Lisbon
130.275-139.30 19.3324-1934 11.88-11.68% 172313-1740 220.00-20.00 11724-11731
722047233 1321-2219 inchanged
-U.PL
SUGAR
New York, July 3. World No. 4 sucur futures closed today unchanged to one point higher with sales of 225 contructa.
Domestic No. 0 sugar closed unchanged with sales or 112 contracts,
Contract No. 4 (world)
Sept: 3.40; Det: 3.62; Mor: 304;
20 talle...
15 uitles
35 locks
10 honda
Comm. future price index
Closing Prices.
Allied Chanicals
Allied Mula Ine.
Allis Chalmers
A2A. Brake Bloo American Airltho
Am. Cable & Radio Corn,
American Cyguanild Co. Am. Gas & Electrie
Am. Home Prod. Am. Mach. & P“dry, American Metal. American Smelling Am. Burar Ret... American Tel & Tal American Tob. "" Anaconda Cupper Armen Stsel Armour ****** Allas Cons. Mining Baldwin-Liisa-Ham. Baltimore & Ohio
enenelet Financo Bendix Aviation Corp. Benguet Cons. Bethlehem Bleel Boeing Airplane Borden Tite) Co.
Burroughs ACM Margılan
Mag 334; July: D.; Bept: 357: Calif, Packing Corp. Bist feenta per its fob Cubaj: 3:40. Campbell Soup Co.
Open interest: 0,014 continets, Contract No. 0 (domestic)
Sept: 8.70: 'Nov: 378; Mar: 6.50;
Spot (cents per lb, cif NT ex-duty); 1,00.
Interest: 1,830 contracta.
Open
Canadian Pacino R.
Case (J. 1.) Co.
cat. Tractor
Celanese Согр. CAILT) Financial Corp.
Chrsvier Motors
· Cluett Peabody
South Puerto Rico Sugaz Southern Co. (The)
Southern National Gas
480, 17 Southara Raliway (Cont.)
110.42 Btandard Brands
70.67 81arfare Ol of Cal. 105.02 Standard Oll of Ind.
DO.4 Standard Oll of N.J.
156.34 Bleep Rock (Toronto Exge.)
Storing Drug Co. Stokely-Van Camp. Studebaker Packard Corp. Sunatilne Ming
Swist & Co.
Texps Co.......
Textron Inc.
Tide Water As, Oll
20 Time Inc...
Tri-Cont. Wariants
Twanuclis Century Fox Fini 436 Union Carbide ...
9914 Union Oil of Cai, ....
11
Union Pacthe
23 United Aircraft
aitway
44% rated Gas Corp. 20.9. Foil "" 178 U.S. Gypsum
20 V.B. Line Co.
Rubber
97% LƯ.H.
50
U.B. Smelting U.S. Steel ..
10% Warner Bros.
Westinghouse Air Brake 314 Wesunghouse Einetrie 24% Western Union Tal. Co. 54% Wert Va. Pulp & Paper
Woolworth
G
127
11,500 100,900 7,400 27.700 1,070,000 bales
U.P.I.
US FREIGHT
TAX REPEALED
Washington, July 3. The House gave final con
gressional approval Insi week to legislation_re- pealing a three per cent freight tax.
The bill was sent to the White House by I vote of 308 to 0. "¡It also extends for another year 21% present tax rates on corpora- tions, passenger faran, whisky, beer, cigarettes and automobiles. Without congressional action, salk the rate would have dropped next Monday with a consequent 01Loss to the Treasury of about 2012 billion dollars a car,
421
wit
*
The freight fox repeat will Es cut $485 million, It was added by the Senate to the bill originally passed by the House and retained by, a joint confer- cace committee which worked 47% out the final version.-U.P.I.
Agreed Merchant Rates
Dividend
London, July 3,
tłum The Barclays Bank has Swiss Francs, Maximum Sell-clared on interim dividend of
Ing 76%: Wew German
schemaries, Maxkhum
71%
171-13/10.
Deut-six
per cent, less tax, which Selling was the same as previously.
China Mail Special
*
*
*
*
+
Homewardi "CARTHAGE"
Das Hongkong
in Port
Bib Judy 22nd July Bath July 14th August 18th Auguri
25th Aut
4th September
Leaves Hongkong Due London
4th July "SINGAPORE" * 10th July
"CANTON"
"SOUDAN" *
"CORFU" "SUBAT"
7
1st August 19123 Ацени 29th August 17th September
Sth AUD
14th Aug
1st September
26th September 1 29th September
23rd October
Via S'pore. Penang, Colombo, Domday, Adon & Pt. Bald.
• "SINGAPORE", "SOUDAN" 284 “BUBAT"'+ali B'pora,
'. 'wet, Penang, Aden, P. Bald, Stavre, London, Hamburg, Rotterdam Antwerp.
BRITISH INDIA S.N. CO., LTD.
"SANGOLA” In Port
sad $1 July "YULTALA" due Oti: July mallu Tơth July
"ORDIA"
Tue 20th July
Talls 29th July
from Calcutta, Rangoon, Penang & Singapore for Japan
frout-Japan
for Stagsport, Penang, Rangoon Cact Chittagong
from Japan'
for Singapore, Penang. Rangoon, Calcutta, Chit- tagong & Chata
P. & 0./B. I. JÓINT SERVICE
"IKAUNA"
due 7th July 8th July
'PACUUMBA" due
والدي
Eth July Pin July
"URLANA" dhe 18th July
“UMLARIA"
all 17th July
die 17th July
salle 16th July
from Japan
for Biaspora, Kuwait Baarah, Khosramshahr * Karachi
trom Japan
for Singapore Y chang Madras, Rombay, hau pagar & Karachi
fram haunagar, Kata- chi, Bombay, Cochin, Tuticorin & Singapore for Japan
from Karachi, Bombay, Cochin Singapore &
Car Nicobar 107 Зарад
EASTERN & AUSTRALIAN S.S. CO., LTD.
-"NANKIN"
dos 19th July il 10th July
"EASTERN" due 22nd July - valla 24th July
from Japan for Labuan, Sandakan, Iribase, Sydney, Mel- bourne & Adelaide
from Australia 502 Март
All romels have Uberty in enii at any ports on
or all the route & the zoute & sailinge are subject to change or amendment with or without notics,
For full particulars apply to :
MACKINNON. MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos: 277214..
*
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