THE CHINA MAIL,
FRIDAY, AUGUST 1, 1958.
EXCHANGE REMAINS DULL SKIDDING AMERICAN
HONGKONG STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong-
Exchange kong
Steck
this
morning amounted to approxi- |
mately $310,000,
Stocks Lose Small Gains During Week
BY A SPECIAL CORRESPONDENT
Noon quet The Stock Market experienced a week of generally quiet and featureless business
tions and the morning's trans- actions were;
shates Buyers Seller
Spies
BANKS
7TG 780
2 47
70
FIK Borsk
INSURANCES
Unio
Lombard..
SHIPPING
Wheelsek
DOCKS, ETC,
K Whart
Duck.....
Provident
0
ป.1
Hotel 21.50 2
Realty,
RUBLET
Amuk-
TROLL
A. Tawath
SILMAT
'Tw
Ferry
$4
12
40
**
due mainly to the unsettled state of affairs in the Middle East.
Provident
DOLLAR EFFECTS
WORLD FINANCE
New York, July 31.
The skidding US. dollar is the major problem facing international finance, Franz Pick, cur- rency expert, said today.
* The Share Market At A Glance ★
Juh 3
July 10
IK Bank Lombard
B00N
708
2011
200
20n
July 17 July 24
2013
1624xd
20m
July 31
Up or Down
170
+$7.00
2811
$1
Union
3514
75
- 78347
75340
13
Wheelock
0.15
0.15
üb
-$2
teady
HK Wharf
1030
102N
102%
100n
101s
+31
11K Dock*
434
42*1
41
41b
4214b
+$1.25
12.40%
12.40%
12
11.20
11.00b
stendy
HK Hotels
21.60
22.10
22
22
21.00m
-10%
HK Land
331⁄4
32
32
3214
+250
HIK Really
1.70b
170n
1.85b
4.375bxa
1.40b
42360
HK Trams
20.70
20.80
20
20
2014
+-500
·
Star Ferry
1350
113b
lib
113
1136
steady
Youmuth
DB
$8m
ов
95%
943
18
18
17.00
17%
17.60
+100
28
28.10
27.00
27.20
27.50
+30c
20%
20.40
2514
25.80
25.00
-20%
23.10
23.10
23.201
22.70m
2214b
-200
17.40
17.50
17.30
17.20
1734
+306
11.40
11.80
11
10.90b
10.00
1iendy
5.85
5.0Kw
On
бр
Вд
steady
0:1
The
Ailled
4.60%
4.575
4.575
4.375
4.559
--2140
IK & FR Inv
10.000
10.600
10.60n
10.50m
10.60m
steady
is committed to sell gold
Texille Corp
4.10n 7.706
4.15%
7.70n
4.025% 7.700
40
1.700
4t
steady
*14*
-200
difference between
that price
and $35.20 wont cover cost of insurance and shipping.
the
London Market
Ch Light
Electrics
UK Telephone
G. I, Cement Dairy Farm
Operators were reluctant to extend their commit-A. 6. Watson
ments pending some clarification of the situa-
tion in that area.
Business has been on a res tricted scale with prices tending lo lase kome of their fractional advances-made at the beginning
of the week,
AR
roup, utilities male
the best advances of the week with Trams riskig to $28.70 at This bare later fell 1.45) one stage.
145 back to $28.50 but this was still 'gain of 50 cents fur the week. Trans interim dividend is ex- pected in a few weeks' time. Electrics also gained 30 cents Eelosing at $27.50. On the other ·
ha Yaumatis lost $1, wide after Phones dropped 20 cents reaching $25,90 during the werk,
11.65 12.201
LAND. FIG.
IIK Lond
Humphreys 14.30 16.00
1.426 1.479; 10000 10
...
10
1.6 1.05%
1,40
1.1K
1.
20.40_20.00 100 2
70
CAX
113
.15
17! 31.70
560 7
17%
600 61
1719
100
500
Telephone 23.10 26,00
INDUSTRIALS
Cement. _ 22.40
1740 17
In 50
7
104
A
Yamnati
·C. Lagist
(0)
.....
Blectric 27.80 2012
STORES, ETC.
Dalry
Waterart
COTTONS
Nomyang
MUCELLANEOUS
Biteri
INVESTMENTS
Yangtare
27.40 27.40
- LONDON
Some Headway
Banks made some headway this week after last week's Boss of $7, while Unions which have been Inurlive fell $2 to close at $13.50.
The majority of other shares fractional gains or I had either
with the week's tally odding up to nine higher, seven unchanged and eight lower-com- pared with three higher, 11
BECOMES SPLITTING OF FERRY SHARES
FIRM
London, July 31. -Stock markets cheered up today and quietly Arm conditions prevailed, help ed by Wall Street's rise to a new peak and Govern ment plans to boost em- ployment hy encouraging new industries in areas with a high rate of un. employment.
holiday Approach of the weekend kept business down to
small proportions.
British funds went ahesid by 1/10 to 3/10 prior to the Bank Hate decision and even when
announced this was changed they continued to be firmly held.
2 215-
Foreign Bonds
HERE was a Tetter in the column of correspondence
the B. C. M. Post yesterday In which "Omalt investor" want. ed the Star Ferry Company to split their shares into smaller denominations so that small Investors could buy stocks of the company.
CITY LIGHTS:
RAW MATERIALS
"Tell me, rohat do you spend per month on your
sugar?
Chrysler Entering European Market...
:
Paris, July 31. "The ginnt American "Chryster Corporation is, entering the
Yangtze
Nanyang
RUMOURS OF MARGINS TO BE RAISED KILL RISE IN NY
New York, July 31.
A rumour that margins will be raised soon cut a rise short on
the stock market today.
The list had got through Allis Chalmers....
A. Brake Shoe phuse of profi-taking carly in
American Airline -the-session-and-was carried 10
Am...Cable_M_Radio_Cor. new highs for 1958 when the American Tyanamid Cu."
Am. & Forga. Power margin rumour hit the street.. Am. Ge & Electric Many sues were forced Am. Home Prod. down to levels below their pro-Am Ben Furs
Steel shares, Arican Metal
Smriting
resin cor maritet by busing vinus closings
cut the Ford Motor Company's strong at new highs for a time,
15 per cent share in Simes, the tell to losses of as much as two or more. Motors held French
manufacturers, points chr
with General Motors
ally reliable stock excininige well
quarters said tonight.
They said the deal had been Analised in New York odny-und is expected
announced. to bu oeilly tomorrow.
nctive,
No Confirmation
There was no confirmation of the margin report but Well
By having, a stake in Simen Street has been talking of such Chrysler will be able to mare a move in view of the prolonged ket a European small car suchtise in the market. The current as the Aronde in North America, margin of 50 per cent was set on Janaiary 10 of this year after the their American rivals where
margin requirement had held at arc Ford and General Motors
40 per cent since April 25, 1955. 404 Of 1,200 issues traded closed lower, 475 higher.
New York Stock Exchange volume 310,000 shares.
New York Stock Exchange bond volume, $0,730,000.
American Stock Exchange
Exchange Rates
Bunnery was done in the local
Betal exchange
The Company's general reserves, selling German and British made
which atanda at $1 milliten, | cars, enter. have not been increased since 1946 and therefore Any thought of a bonus laud—de urged by "Small Investor" Is out of the question. The
shares bar splitting of been found satisfactory with. of payments out an Incresso made to shareholders. Star Ferry shares are held by a
of Festricted number
people whose sole Intent is invest. ment. Should the sharea be split and fall into speculative hands. It is doubtful whether the equivalent of the present prices can be maintained.
Closing Prices
not
market
this
anorning at the following rates:- P.S. döltar (per $1) Sterling aules (per 41)
volume, 1,200,000 shares.
5.31
30.00
Australien notes (per £1)
12.54
Indonesian tuplah" (per 100): Stam Heal (per 100)
0.90
Alden Ing. Acy,
26.13
Singapore Straits;
undanged and ten lower last week.
Foreign bonds were quiet with Germaans and Japanese easier for choler, but Greeks hardened on Prime Minister Macmillan's appeal for Cessation of violence in Cyprus. Dollar stocks reflected Well million
Street's advance,
Industrials hardened OD A Dolective demand
the leaders irhproved slightly, Shipping shares, however, were dull.
Turnover was down to $2.94 compared with $3.70
million fast week.
Before the Middle East crisis the market was quite active be- cause of fresh money coming onto the market, This was due to a recession in the building boom in Hongkong, which was Oils recovered a shilling or
borne out by Mr G. E. Marden's more of their recent losses, remarks at the annual meeting Several small gains were of the Hongkong Realty and Ecored among gold shares and Trust Company yesterday. coppers hardened unter
Street's influence,
Rubbers and legs were qued-U.P.I.
Wall
Bub.
Improved Balance
Of Payments
Paris, July 31.
Speculative
|
1040
Allied Chemicala
Alled Mills Inc. -...
COMMODITY
FOREIGN EXCHANGE
LONDON
Closing rates were: New York... 2.60-7/16-2.30-9/10 Montreal Ammerdain
2.09-11/16-2.60-13/10 20.5013-10,581, 150.975-139.0219 1132-10.33 11.672-11.04
80.25-00.40 1.1745-1.175
Brusely Copenhagen Frankfurt Laban Paris
14.435-14.4115 Vierind
72.26-32221 Zurich
19.103-)3.10 Milan and Osio unchanged.-U.P.I.
NEW YORK
In his Chairman's statement, Stockholm Mr Marden pointed out that the "local properly market has lost much of its exuberance, al- though there is as yet no de- finite evidence of the establish- ment of markedly lower levels of prices,"
He, however, pointed out that building "new speculative
has by no means ceased."
The building boom was one of the main reasons for the con-
M. Jacques Soustelle, the tinued dullness of the market for Government's Information minis- the past two years. It has only ter, tonight leid reporters after been recently That the market a cabinet meetlag that France's has started to look up. balance of payments position STAR FERRY declared had improved substantially. unchanged Interim of $3.00.
CHINA EMPORIUM 01-
ጎዳ
He said that whereas France nouneed a dividend of 60 cents was runnlig an unfavourablò for inst year. This in 20 cents bulance of $175 million at the lower thon last year's declara- end of May, this had been turn- | Lion,
ed ko n favourable balance of
$75 milion at the end of June
and had reached $107 million by qi
July 25.-Reuter,
Walk-out
Deirolt, July 31.
Market Diary
Foreign exchange rates in U.S. dollars or cents per unit;
Uruguay: 1525. Others unchanged.
ZURICH Closing rates in franes: Dollars: 4.2031: Egyptian pounds: 9.00.-U.P.I.
RUBBER
NEW YORK
Ain, Sugar Ref. American Tel & Tel
American Teb. "I"
Anaconda Copper. Anar
Allas Cons. Mining Haldwin-Llina-1921. Baltimore & Ohio Beneficial Finance
endix Aviation Corp. Denguel Cons
Bethlehem BléeÍ“”
Doeg Airplane
Border The Ox
291. Fomily Finance Corp...
20%
391. Firestono Tyro & Ituhber
183,
21 Ford Melu.
4: General Electric 30%|General Foods
431%
L
424.
294
10 General Motors
462 Gen. Pitb LTCIL, 104
Gen. Tyre & Rubber -174 | Getly. Oil...
Goodrich D. F Goodyear Tyre .. Grumman Alretoft
43
32
16
dult Ol
Heyden Newport Corp.
1091 13
49
Homsestake Bing Co.
1055
Inland Steel Co.
A
Interchenical Corp.
1331
Int'l Business Machines
3001
36
2316
Int'l Forventer
International Nickel
0214
37%
40
Jaternational Paper
lati Tel & Tel
Jan-Manville Co.
7032 Kennetoli Copper.
4
Burroughs Add Maclune
Calif. Packing Corp.
35
17
42
Canadian Pacifle R.
Campbell Soap Co.
Cave J. I. Co. Cal, Tractor .. Celynor Corp.
GI. T. Financial Corp. Chryster MoLUT
Cluelt Peabody .... Colombian Carbon Co.
Commercial Credit
Commonwealth Elec.
Consolidated Edison Continental O of Del.
Liggett Meyers Tob. Co.
Lockheed Aircraft...
Loew hoorp.
2019 Lone Star Cement Co. 201, Lowenstein & Sune.
75
McDonnell Alreraft.
Stock Exc.)..
54 | Menabl Irún Corp. 4153 | Minnesota Mining
Mission Developinent Morranto Cherriical Cor Montgomery Ward
423
563
301
Motorola The.
54
National suit Co.
661 Natinoal Casti Res.
Cuban Amer. Sugar
26.
National Dairy Prod
Diamond Alkali...
37
National Lead
Dialhond Match Co.
Sh
National Steel Corp.
New York Central
Dow Chemicals
02
Norfolk & Western By.
$ IRIS
Dupont de Nemours
103
Com
B015
3714
Fastern Airline Eastman Kodak
3574
110
No. 1 Rss spot
2372-2315
Settlement Hotte criss:
Sept.
23%-23.
ON./Dec.
237-241%
Jan/Mar.
21-24%
Apr/June
26-2116
July/Sept.
24-24!1
General markels elf baris ports:
Aug
2346-20
Sept.
2334-233
Oct.
2315-2722
Extate crepe thi
Aug.
211 nom.
Sept. Estate crepe thick
AUS.
2015 welters
Sept.
2519 sellers 2571 sellers U.P.I.
COTTON
NEW YORK
Prices of cotton futures closed today as follows:
Spot: 0.43 nom:, Det: 30.1; Dec: 30.47; 30.30; Mar: 30.54-35; Miny: July: 35.20; Oct: 33.01: Dec; 33.
NEW
ORLEANS
Prices of cotton futures closed today as follows:
Oct: 36.31 Dec: 36.30; Mar: 36.01; May: 3.4; July: 35.21b; Oct: 35; Des: 35...
LIVERPOOL Collon future closings pence për Jb!'
in
American Contract
prices were as
Out/Nov. Dec./Jan
28.01
26.10
Mar/Apr
May/June July/Aug
25.45
Rex rubber futures today closed seven paints higher to seven points lower on sales of 36 Iota.
Closing. follows:
Sept: 28.02b: Nov: 27560: Jan: #7,05; Mart 27,000; May: 21.700: Prices inclined to ally: 0.0001 Bept: 27.00.
Here is a market diary of the weck: Friday:
A dispute over seniority in Monday: scheduling work closed two General Motors Corporation
plants here yesterday us 4,000 Tuesday: workers walked off their job.
An appeal by leaders of the
United Auto Workers' Union to Wednesday: "end the wild-cat strike in ex-
pected to relum production to Thursday: normal today, China Special.
harden...w.h.cre
changed,
$005,000.
T/O:1
SINGAPORE
Closing rubber prices were: Few countery maka No. 1 rubber per 1b. Aug. £211⁄2-
Sept. fraelfonal advances, į
No. 2 rubber per it. Aŭr. No. 3 rubber por tu. Aus
770: $834.000.
Prices generally. No. 4 rubber der ib, Aug. 13.
wol maintained.
T/0: $162,000.
Apol unbaled....... Blanket crepa No. 1 pale, crepe
nomina
LONDON
4140-700
2012-13
Mixed Conleset
Oct/Nov. Dec./Jen
Mac./Apr.
May/June July/Aug
ស៊ុនអ៊ឌ ឌ
5.30
Douglas Aircraft
PRICES
METALS
LONDON
The in market closed steady and quiet. Prices of metals in sterling per long ton closed as follows:
pot
Vin
Copper ut
Northwest Airlines
Olin Matteson
Ot Elevators
Owen-linols' Class Oxford Paper Co. Pacine Gas & Flee.
Pan American Airways Porainoant Pletures ... Penny J. C. Co.
Pern. Sali Co. Philip Morris
Procter & Gamble Co. Pittsburgh Pinte Class Publicker Industries' Pure O11
Radio Corporatin
Radio Corp. Prei
Republie Steel
Reynolds Metal
Scare, Roebuck & Co.
Suck On Co.
Saint Reg . Paper
Sinclair Of
Bucony Mobitail
Solar Aircraft
South Puerto Rico Sugar
100%
603%
This decline, coupled with the market. Great Britain, in a deler- world-wide recession, hos mined effort to drengthen__íts resulted in an export of $1,500 currency, has stopped selling million worth of American gold gold sent from South Afrien.
Soviet since January ly ho cald.
Also, the
Union is decreasing its goid exports for. Ile preleted that the outdow the same reason. of American gold "could deve- top into one of the most drama- Be situations ever faced by ol world finance" if the price gold reaches $35.20 per ounce London market. The
The US. has been selling gott U.S. Government, he explained, on the London market in
nt effort to
Selling Gold
an
keep the price from
$33.08 to dny forehin govern- rising, but this has called for a men! that wants to buy it. The stoudily increased volume.
CS
The danger of devaluation faced by the US. dollar I problem that confronts mury of the world's currencies, Mr Pick whose Cen- fald. Ang country
tral Bank discorint inte is lest Iverage cust Gold on the London market, than the suniuk valued at $34.08 at the end of of living is courting trouble, he the
advanced 16ald. year, has $35.1415. be said,
"The present half-depression Mr Pick made the statements is # major warning for the at a press conference held in work, Indicating that the easy connection with publication of and wilful depreciation of the the 1950 Issue of "Plek's Cur- | purefasing power of paper
muney of entire continents will rency Yearbook".
finally lead to depressive
quictations," he warned.
"The major event of the last year the dollar story," he said. The decline of the dollar and the beginning of an international wave of distrust against the dollar,"
"At the end of April 1951, over three-fourths of the cur- reney units reviewed were said to be candidates for further devaluations, a rather Frim Mr Pick said two factors had Contributed to the lightening gold picture."-U.P.I.
PO B•IE
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Ontwards "CANTON"
*KHYDER*
*SURAT** "CORFU" "KARMALA”
CARTHAGE”
Homewards "CANTON" →BOUDAN*—*—
"CORFU" "SURAT* * "CARTHAGE"
Leaves Landen
Selled 25/3
Salled 25/6 Salled 1/7
zain Ju
18th July 20th August
Due Hongkong In Port
and August 10th August
23th Aug.
3rd September
22nd September
Leaves ongkong Due London
1st August
2001 Augu
1st September 24th September 20th September 23rd October
October
17th September
270 20th September
Via S'pore, Penang, Colombo, Bombay, Aden à Ft. Bald. "ROUDAN" and "HURAT S'pore, P. S'wat.
Penang, Aden, P. Seld, Havre, London, Hamburg, Rotterdam & Antwerp.
BRITISH INDIA S.N. CO., LTD.
"ORDIA"
"BANTIA"
10
4th Aug. from Japan Axis St Aug. for Singapore, Penang Rangoon, Calcutta, Chit- tagong & Ctralna
due 10th Aug.
Kas 11th Aug,
"OLINDA" due 12th Aug.
sajla 13th Aug.
from Calcutta, Rangoon, Penang & Singapore for Japan
Iron Calculla. Chitta- Bong. Chaina, Rangoon
Singapore
Rangon & Calcutta
*
Bouthern Co. (Thu)
for Shanghai & Japan
*
Southern National Gas
Southern Railway (Comm.s
"SANTRIA"
dap 31st Aug.
from Japan
·
Standard Brands
salis et Sept.
for Singapure, Penang.
*
Buyers Sellers
Standard OH of Cal
50%
Standard Dit of ind
1
7209 730
Standard bit of N.J.
2-month
733
731
200
2001
Steep Hock (Toronto Exge,)
3-month
2001
Stering Drug Co.
Lead 2nd half Juty
Stokely VanCamp.
70
Oct. 1231 71
Zine 2nd half July
0544
NEW YORK
Prices of metal futures closed today in cents per lb. as follows: Lead July
Riudebaker-Packard Comp
Sunshine Mining
Swift & Co.
Texas
de Water As, Oil
Pacine Raitway
P. & O./B. I. JOINT SERVICE "OZARDA" due 2nd Aug. from Karachi, Bombay,
salle 3rd Aug,
ብርቲ 8th Aug. Baile 19th Aug.
Textron inc.
"UMARIA"
Thine Ine,
Twentieth Century Fox rim
Film
Union Carbide
10.106
Sept.
10 226
Uning All of Col
"URLANA"
due 20th Aug. salle 21st Aug.
United Aircraft
Zine Copper July
Tin
Tin
July
0.00
Sept
United Gas Carp,
U.S. Foll"
2025h
US. Gypsum
Bept
20.310
UA. Line Co.
(andard) Sept.
UNG.
(Stratte) Sept,
045011
US. Rubber
US, Smelting
U.S. Steel
54.37bUS, Steel 7 P.C. PF
SUCAR
Now York, July 01: World No 4 sugar futures today closed two points Jower)
on sales of 250 contracts,
Domestic No 1 sugar futures finished one point higher sales of 50 contracts,
on
Contract No. 6 (world) Bepi: 3.43b; Qel: 2.54.65; Jan; 3.336; Mar: 3.35b: May: 5.381 July: 13.30; Bept: 3.306.
Upst price 3.44 cents per · Ib. fou Cuba. Open interest 11,723 con- train.
SAO PAULO
Closing prices were: Aug: 45.30: Out: 40.50: Dec: 47.50: Mar: 18.30: May: 40.40; July: 45.20.
Contract No. 4 (domzatio) In the United States, the average price of one-inch cotton Sept 6.77; Nov; 0,775; • BEREI closed at 1 designated apoi markets price de cents per lb. off Trading on restrict- The rubber markot
Spat T/Q. quiet with spot at 23-7/10 pence was 34.36. Toisi sales at these NY ex-duty. Open Iniprest
| contracte.--U).P.1. markels: 14,820 bales.-U.P.I.
Dul conditions.
T/O: $10,000,
ect' scale, $427,000.
per lb. Prices:
2,1
Warner BrOB. Westinghorne All Brake Westinghouse Eicetrie Westom Union Tel. Co West Va. Pulp & Paper Woolworth
JAPANESE GOODS AFFECTED
Bangkok, July 31. Mainland Ching goods have been appearing on the Bangkok market in increasing 'quantities | during the past few weeks,
Thal trade sources said today.
They said these products und bren malding particularly heavy Inroads Into the salo of Japanese, goods,
Japanese importa moet 'affect- ed were natls and steel bars,*** Reuter.
"OBRA"
dun. 24th Aug.
salis 29th Aug.
Cochla, Tuticorin Penang & Singapore 101 Japan
from Japan
for Bingapore, Kuwait, Bastah, Khorramshahr, Ddbat & Karachi
from Japan
for Singapore, Penang, Madrus, Bombay. Bhavnagar, Karachi & Kandia
from Bombay, Dhavna- gar, Karnett, Karidia, Cochin, Tuticorin
Bingapore
106 Зарад
EASTERN & AUSTRALIAN S.5. CO., LTD.
"EASTERN"
due 11th AHE Kalle 19th Aug.
from Japan & Shanghai for Labuan, Bandakan, Brisbane, Sydney, Mel- bourne & Adelälös
from Avattasson Baur Sul Aug. for Japan
"ARAVURA" das 22nd Aug.
All yousels have Uberty to call at any ports on or of this route & the route & mailings are subject To change of' Amendmant with or without notice.
For full posticulary opply to i
CO. MACKINNON. MACKENZIE
OF HONG KONG LID. Telephone Nos: 27/21-4.
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