1958-08-08 — Page 9

THE CHINA MAIL,

FRIDAY, AUGUST 8, 1958. †

LETTERS General Weakness On Market Restraint

TO THE

EDITOR HONGKONG Nanyangs-Fall

STAR FERRY SHARES

4

Sir; A shuri #interment ap- peared in the commercial colum of your paper last Frieny under the caption of "Spiffling of Ferry Shares." The writer missed the point of my jetter

the South China

the

L

STOCK EXCHANGE

Our Own Correspondent

ant

Business done on the long- Morning kong

Stuck

tus Post, in which it was FURRCSI-

morning canted to appro- ed the laste of bonus shares be

ximately $103,000. Noon quota- made ccder to lower

tions

the morning's price per bare,

trabonctions were;

SBARTI

HK Bunk,

*

market

bring them

the mil

within reach of Investor-not sub-

dividing or spitting the shares.

there

In support of his objection to a lower price for shares, the writer expresses the

the should fear that it about, the shares may fall into

Coun

Sharply

POLITICAL CAUSES?

By A SPECIAL CORRESPONDENT

★ The

11K Bank

HK Docks Provident

HK Hotels HK Lande

July 10

780

293

At

July 24

76232xd

20n

Glanec *

Share Market

Up or

July 17 7874

July 31/

770

Ag. '7

Down

745b

-$3

Lombard

290

2811

28h

stendy

Union

·75/40

2536

75160

736

743in

+31

Wheelock

6.15

G

üb

đì

3.05

HK Wharf

102.

1024

100n

101N

101

420

41b

12.40.

12

11.00

424b 11.001

4214

steady leady

12

+100

22.10

22

22

21.00m

21.50

-400

13

12

32A

3244

31%

--300

HK Really

1.70%

1.63b

1.375bxa

1.10b

1.80

BK Trams

26.50

26

20

2014

2014

+100 steady

Slar Ferry

-1130

11Xb

113

1130

- 112b

-31

Yaumatis

98m

98

0314

0434

84b

-500

Ch Light

La

17.00

1714

17.00

17.40

Electrics

28,10

$1.60

27,00

27,50

27.20

HK Telephone

20.40

2534

25.80

25.80

25/4

-100

G. 1. Cement

23.10

22.201

22,70m

22166

22.80m

+300

Stock

Dairy Farm

17.50

17,30

17.20

1734

17.40

--106

A. 9. Watson

11.20

11

10.90b

10.90

10.80b

-100

Yanglaze

5.95m

Gn

Gr

In

Bin

steady

Alled

4.573K

4.575n

4.575,

IK & FE Inv Textile Corp Nanyang

10,601

10.00n

10.00n

4.55a 10,60m

steady

stendy

4.15 7.7011

4.0261

Y.70#

7.500

In This

in

steady

0.00

-400

There was Exchange

a general weakness in the market this week and the majority of recent popular counters foll slightly lower when the Hongkong Exchange closed yesterday.

Buyers Bilers

Hairs

FAST!

10 70,

45 $1705

24 703:24

Band Axla..

278

24

15

211

INSURANCES Unstions..

12

T

DORS, ETC.

the handh of speculators and

If the doubts

present price | SHIPING would

maintained. This is A: Nov, mere conjecture that the small investor be given a chance 1a buy a utility share which has roid aloudy dividends for se year and, at present

price, vick betur.

hepk 2 45 4214

seven

The enuse of softness in the | lower, compared with nina markel could be due to a higher,

unchanged and number #[ reasons, Recent eight lower last week. events in the Middle East and reports of a bulld-up of military

240 1275 forers on the Chirin cost op

posite Formosa have undoubles. by incouraged buying to some extent.

LAND, ETEN

market

FK Land

213 Bote 311

21 120

1000

21.30

22011

31

erut

Dur

Cumplireas

1517

Straty

10

117711ESER

Amalg Frust

150 1315

135

1.3

CCA ( 444 44

1.00 1.00

A. Tawah Sungla

1.KJ

1.00

the TES

Temb

Yaumat!

In the satement referred to, I pointed out the General Reserve of 31.000.no has not been increased since 1946, and

Therefore any Thought of

1 bat Lesuc...

D qucation."

writer Belony canten: that the e- venue Reserves t the Corn- pany do not perifer of the is we of borus balance

e, Dighat

Blectric shan The Just

Macro E shows, in addition to

"Telephone the General Reserve, Recon- struction Reserve of $3,800,000.

This

Reconstruction

Reserve

the

300

The one thing that may push the market out of its present doldrums is the comitig DN- nouncements of the inferius.

Hard Hit

One aretion of The market which has suffered bucly during cottons, the past few weeks 113 Nanyanga

have been hard bit and have lost 80 cents in a week

17 271 120 17.30 to close at $8.00 yesterday. The 930 012

24 20 25

INDUSTRIALS

*30

C'ether!..

Dary

Watson +10 11.80

hui been bullt up by retention_i_stpŁS. FIL

et profits and, like this General Reserve. Is re-invested in undertaking. Far from a bon Issue being out of the question. it is very much in to the extent of $5,800,000.

SMALL INVESTOR.

Sir: The paragraph which ap- peared in your issue last F- day in your commercial column "Splitting under the beading

of Ferry Share:" needs further explanation.

place the f--

1

the feet claration is without any com- nest as to the source of the orion given. In the absence of this, I can ly

presume

INVESTMENTS Yangiwe...

400

5.20

MALAYAN AND AUSTRALIAN

TRADE TALKS

"inji azionarp boom nothing that was the back tyre!"

marking down of Nanyang may be due to the anticipation of cuts Kuala Lumpur, Aug. 7. Makoyu will open fructe in the export of textlies la and also the negositons with Australis next United Kingdom, Monday, Commerce and Inclus-chumping of Chiese try Minister Tan Slew Sin un- the South-cast Asian market.

nõuperri koday

114 at the projected ten-day talks will cover all aspects of trade hetween the two countries, including a proposal by the Australian timber producers the Goverment to

textiles on

Lands dropped 50 cents on the week, while Hotels, which have been very active during the past month, los 40 cents to close at

$21.50.

that the sad opinion was that of your special correspondent.

To regard the splitting of the shates us out of the

question brease the Company general eserve stand at $1 million only, shows that the obvious ayente. of revaluation of assets has not eslling on

Utilities had fractional changes born given sumelent en-impose tariffs tu imports if with Electrics losing the 30 cents sideration. Besides the general | Malayan Umber, The Malayan gained last week. reserve of $1 million, your cur-

timiser producers have protested

Tumover for this four-day respondent overlooked there this move. construction reserve of $4,800,-

The

Malayan week was down to $1.87 million 000.

be compared with Inst week's $2.94 will negotiating Trumway headed by Raja Mohar control-millon turnover. Tally was five the China Light. the ler of the trade division. G, P.higher, eight unchanged and it Youmali Ferry, the Hongkonghilips, assistant Secretary or local companies have revaluePublic Relation, heads the six-

I understand the

Co

Construction

and many

13-0

team

other

meniber Australian delegation,

their aste's for new issue pur-P..

poses alley the war.

To adtatt that the shares of the Sla Ferry Co, are now being held by a restricted faw; and to advocate the con- tinuance of this restricted hold- ing, seems ter indicale 植 reluctune to allow anal in- vestors to

in participate utility company. Whis should

Exchange Rates

Ban wis done In the Locat unofield exchange morning at the flowing rates; ¡¡ U.S. dulter (per (1) *................

Sterling notes per ll

B privileged few be able to in- vest in these shares only?

S. L. KWOK.

Unsettled

Here is an Ice House Street) observer's account of the market:)

The Black Market perienced another quiet week account of the mainly on unnetiled Middle East situation, i

Trading has been on a light; scale with prices generally in- clined to drift fractionally lower towards the close,

There is Nitle of note le re- port although cotions were

4.55K 10.com

200 800

Stocks Advance Under

Lead

Of Oil Shares

New York, Aug. 7.

weak with Nanyangs marked The stock market advanced today under the lead of oil

down to 30.00.

The undertone at the close was uncertain,

Market Diary

Here is a market diary of the weck:

Friday:

Ruled steady, TVO: $308,000.

Tuesday:

Quiet conditions, T/O: $403,000, Wednesday: Prices edge frac- flonally lower. T/O: $321,000.

Thursday: Market remained in the doldrums, T/O:

$232,000.

Alumina Plant

New York, Aug. 7. Olin

Mathieson Chemical Corp., announced today it has teamed up with four foreign

to exploit the aluminium companies in a 135

wast bauxite reserves in French million venture

West Africa,

shares with trading picking up a little.

Motors ruled steady to firm Inte In the session. Gains of 1Wo points

wert Overcame and ruled

numerous. an early

mo Du Pont decline

Am. Sugar Het. Annico Steel

Aling Cona, Mining Baldwin Lina-Elari, Teneficial Finance .. Bendix Aviation Corp. Benguet Con......

Higher Tate in "The daywith-Boeing- Airplane un other chemicals firm.

or 1,171

32Tkle Water Ass, Oi!

Tune Inc.

70% | Tri-Cont. Wormnots

MEN

Twentieth Century Fox Ftim Union Oil of Call

· United Gas Corp. U.S. Fol "13"

40%.5. Time-Cu;

Horder. The Co Burroughs Add Macninu Calif. Picking Corp.

Co.

3374

UD Co.

a total

Jssyca were higher, 247 Campbell Sou traded, 719 lower, with 112 at new highs, 5

at now lows.

New York Stock Exchange volume was 3,200,000 simres,

New York Stock Exchange bond volume was $5,480,000.

American Stock Exchange volume was 020,000 shares.

Dow Jones

were:

30 trials

20 rulls

15 tits

dalocks

40 bar

Cat. Tractor

Celanese Corp.

C. I. T. Financlat Corp. Chase Manhat. Bank

Cluett Peabody

Colgate-Patioliva Co. Colombian Carbon Co. Commercial Credit Commonwealth Elec Continental Oil of Del. Crown Zellerbach

Diamond Alkali

Diamond Match Cu. Douging Aircraft Dow Chemicals Eastern Airline

closing average El Paso National Gas

Comm. future price Index ..

Closing Prices

Farully Finance Corp

Firestone Tire & Rubber

300.10 Ford Motor

133.0

General Dynamics

70.27 Gen. Pub. Util. 114.30 Gen. Tyre & Rubber

0.31 Getty 11

159.57 Gelden Co.

Goodrich (B, Y.) Co. Grunn Aireratt

Ger on

Heyden Newport Corp.

Homestake Mining Col

Ingersoll-and

Inland Steel Co.

Interchenticat Corp.

its

The project includes the con- struction of the world's largest Alden lue. Aey. alumina plant in French West Alled Mills Inc.

Am. Brake Shva Africa, The plant which is American Alrine already being built, will reach Am. Cable & Radio Corp.

initial full production of American Cyanamid Co. 400,000 tons of alumina a year Auer & Forgn. Power

the by 1960, a spokesman for company said.-C. P. 1.

10

34

42

İntentational Paper

John-Manville Co.

33.

Калкая С. Power в Lient

407

Liggett Meyers Tob. Co.

10

Lowenstein & Sons.

434

Mass, Inv. Trust Co.

105

McDermott J. Ray

J

McDorutell Airerall

(AYR.

COMMODITY

FOREIGN EXCHANGE

111

5.01

Australian nole. (per £i) ... Tudorelay rupiah (per 1001 720 Stam Heal (per 100)

12.55

Singapore Straum

1.00

Cannula

"COMMANDS

CONFIDENCE"

Commenting on the Bank's

report and accounts

a well known

City Editor wrole

-on 2nd. April, 1958

Lombard Banking has been operating exclusively as a bank. The confidence the company has com- manded from the investing public) is apparent in the rise in current, deposit and other accounts from -£7.8 million to 218.6 million, This is a remarkable achievement

STABILITY Coolitent Interes) STRENGTH Knowledge and Experience SAFETY No Risk of Depreciation SUCCESS Years of Development

STANDARDS The Best isi Okakton

ARGETS EXCEED £30,000,000

Jalmost paid without deduzion of Linised Kinglom tugas sax,

Send today for "Bank Deposit Aredulit“ Booklet No. AD.7% from General Manager

LOMBARD BANKING

LIMITED BANKERS

Hrad Opice: LOMBARD HOUSE, ÖURZON STREET

PARK LANE, LONDON WI Telephone: 624 4111 (2010).

Associated Bank !

LOMBARD BAHNING (FAR EAST) STO .0. FOX 7884: SECOND FLOOR TILATION HOUSE, KAFFIEL QUAT

SINGAPORE Telephone: 21

WorldWide Banking and France Organtun

NEW YORK

Closing rates were:

England amela!

Austra

30-days

30-days

New Zealand

Sauta Arica

Chile

Ieri

EgYEL

Indin

Pakistan

LONDON

Closing rates were:

New York

Montreal

Druska

Copenhagen Frankfurt Liston

Ostu

Starkholin Vienna

Zurich

1.04

2.80.14/10 2.00% 2.70-3/10 3,24% 2.79-15/16 2.01-8/10

OOTO .0415

No. 4 rubber per lt. Az. Spol rubber unbaled Blanket crepe

No. 1 pale crope

The

LONDON

5154-494

03-92

rubber market closed stoady with spot quoted at 23-7/18 penco per ib. Prices:

No, I as #pat ....

Seitleinent house term.

Sept.

231-231 2346-2314

Oet./Dec.

Jan Mar

Apelt/June

July/Sept.

.2000

24-2

+24 Geberal markets, ell basis, portas Aug.

231-23-1/3 Sept.

233-23 Oct.

2316-231 Estale crepe this Aug. 26 Eslata rope thick AUS, DAN

.2100

-U.P.I

נדם.

2.804-2.00-13/10

2.09-11/16-2.40

$30.00-139,00

10.33% -10,53% 13,8395+47.5% 80.33-60,45 173734-172011⁄2 30.991-10.0091 14.413-74.411 12.27-72.33 12,209.-12.20

-U.P.I.

RUBBER

Rex

NEW YORK rubber futures today closed unchanged to 10 points lower with sales of 34 contracta,

Cloning prices:

Sapt; 10; Nov: 20.03: Jan: 20.00; Mar 27.35; May: #720; July: 27.60; Sept; 27.00.

AMSTERDAM

The rubber market was duil Quotations were all unchanged. SINGAPORE The rubber market was quidt,

interest in lower with fair sheetp. During the afternoon, the market ruled quietly steady at lower levels with fair volute transucted. Lower grade 1 terest continued Faltron: * No. 1 rubber per lb. Aug. 31-811

Sept. 81-811

No. 2 rubber bir to. Aur. 0011-01

No. 3 rubber, per ib. Au

COTTON

NEW YORK

Prices of cotton futures closed today us follows:

Det:

Spot: 30.4in; Od: 95.21; 38:39-80; Mari. | 31.03. May: 30.52: July: 30.15: Oct; 34.19-21; Dec: 34.12-10.

NEW ORLEANS

Prices of cotton futures closed Today ng follows:

LIVERPOOL

Am. Can & Beetle An. Home Prod. Am. Mach. & 'dry

PRICES

SUCAR

New York, Aug. 7. World No. 4 sugar futures closed two points to one point of 257 con- higher with sales tracts.

Donealie No. 6 sugar futures closed one to two points lower with sales of 200 contracts.

Contract No. 4 (world)

Sept: 3.45 Oct: 347: Jan: 347; Mar: 33.Ort:

May: 3.37 Sept:

Spol Unquoted: 237 cents per ib. fob Cuba): 3.47. Open interest: 0.607 contracts, Contract No. 6 (donesia)

Sept: 880: Nov: 5.70: Ktory Box: May: inquoted: Spot Teents per 1. elf NY ex-duty): 3.75.

Oven Interest:

U.P.1.

2.001

Contracts.

METALS

NEW YORK

Pricer of metals closed today in cents per lb, ap follows:

Spot: 9.10; Det: 36.73; Dee: 30.37; Mar: 30.65 Stay: 30.90: July: 50.23 Oel: 34.22: Dee: 34.36.

Lend

ኢሳ.

Sept.

Zine

in

Aug. Sept Copper

AUS Jept. Ti

Aug.

Seni

Colton future closings, pence per lb. were as follows:

America Contract Oct/Nov: 24.08; Dao/Jan/26.07 Mar/Apr: 25.20; May/June: 20.35; July/Augs 23,22.

Bilred Contract Ost/Nov: 23.00; bajjät: 25.00: Mar/Apr 28.00: May/June: 25.05; July/Aug: 15.15,

SAO PAULO

Cotton future closingi, In cruzeiros per kilo wete as fol- lows:

Aug: 46.10; Det: 7.80; De ung: star: #000; May: utmed

In the United States, the average price of ono-inch cotton at 14 designated spot markets was 34,84 cents.

Total sales were 19,689 bales; -U.P.I.

Stack Exge.)

Меф Ігол Согр.

Minnesota Mining

Mission Development

Monsanto Chemical Co.

Motorala Inc.

National Bicult Co. National Dairy Prod. Natiobal Steel Corp.

Norfolk & Western Ry North Amer, Aviation North-west Airlines (CET On Mathieson Owen-filtnels Glass Oxford Paper Co. Parke Davis Co. Pery J. C. Co. Penal Salt Co. Philip Morts Procter & Gamble Co. Pittsburgh Plate, Glass Publicker Industries Pure Oil

Radio Corp. Pref. Beynolds Metal Bears, Roebuck & Co. Shell Oll Co... Bart Rex, Paper

Solar Aircraft.... South Puerto Rico Sugar Southern Co. (The)

经

U.S. Steel 7 P.C. PF

Western Union Tel. Co.

*

In London

London, Ang. 7.

me

British production In June of this year was five per cent down on the period of last year and This news with the further setback on Wall Street were restraining factors on the stock market to- day.

But underlying confidence in Britain's position was strong.

Despite the "no rise" in the bank rate announcement this morning gilts were bright and continued to improve and closed with numerous gains of 1/10 or 1/8. Greek bonk's responded to and: the late Cyprus moves Prime Minister Macinillan's visit mined one to Athens and aleriing. But other foreign bonds and ralis were neglected.

Dollar Stocks

Dollar stocks in line with Wall Street were marked down with International Nickel $3.75 down on nhws of the big fall h the half-year's earnings.

Home Industrials were cheer- ful and scored a number of fresh rises, The interest was mostly selective but the undertone re- talled quietly fra with gains predominating.

Although they

closed above

the worst, coppers fell sharply 272following the reduction in thr US. metal price and the fall in York. in New 311% copper shares

Other mining sections were un- interestedi

23

48

33

-Oil-recovered from a dull.

14932 | start and often closed harder on

balance-U,P.I.

IEA

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO.

Outwarte

"SURAT *KHYBER"

"CORFU"

Leaves kibon Bu odakong

Salled 17

Salled 10/0 Salled 21/M Salled 15/7

9th August 21st August "SALSETTE" 22nd August

“KARMALA” "SOMALI" "CARTHAGE"

"RUNDA"

"CANTON"

Homewards "SOUDAN" * "PATONGA" "CORFU" "STRAT* * "CARTHAGE" "SOMALI" "BALSETTE"

"CANTON"

2th Septembe 17th September

Leaves Hongkong 10th August 2ard August 2015 Augst 17th September 20th September

18th October 22nd October

2418 October

Ben Algor 25th August

19th Aug

4th Septernber

10th September 2nd September 10th October

2011 October 20th October

Due London 25th Septeinbus

· With September 29th September

3rd October October 27th 29th November

11th December

2411 November

Via S'pore, Penang, Colombo, Botabay, Aden & Pa, žala. *BOUDAN", "SURAT" and "SOMALI" call 'pore, P. A'wet, Pensuig, Aden, P. sald, Hatre, London, Imburg. Rotterdam & Antwerp.

BRITISH INDIA S.N, CO., LTD.

"ORDIA"

"SANTIILIA"

"OLINDA".

Southern National Gha Southern Railway

[Com.

Steep Rock Toronto Exge.) Sterling Drug Co.

Stokely-Van Camp.

Sunding Mining

"BANTILIA"

Textren Zuc,

Mainal: "Puranet

Quotations"

The following are quotations of Mutual Funds on the Ameri can and New York markets in American dollars;

Canada Gang.... Canadiant Can It Crowin.. 94.02156 Chemies! ru Dividend Sh Dreyfus Bi Eston & Prices of metals closed today Eston & 31 Block.. Fidelity Fund .... sterling par long ton as Fir Tho

follows:

Tin

spot J-inerth Copper

Spot Smonin Lead 1st half

Nov. Zine half

Aug. Nov.

LONDON

in Port

Jalls 10th Aug.

due 10th Aug

salls 11th Aug. due 12th AUL.

andis 131. Aug. dus list Aug, anila 1st Begl

prons Japan

for Singapore. Petang; Rangoon, Calcutta, Chil- tagong & Chains from Cuteulia, Rangoon, Penang & Singapore 105 Japan

from

Calculia, Chill- gong. Chains, Rangoon

& Singapore

for Shanghai & Japan from Japan

for Singapore, Penang. Rangoon & Calcutta

P. & O./B. I. JOINT SERVICE "UMAHIA”

"URLANA"

dae 11th Aug, 12th Aug

due 18th Aug. Balle 19th Aug.

"OBRA"

due: 24th Aug.

Ball# 25th Aug.

from Japan

for Singapore, Kuwait, Barrah, Khorramshahr &Karachi

from Japan

for Singapore, Penang, Madras, Bombay, Bhavnagar, Karachi & Kandia

from Dombay, Bhavna- gar, Korachi, Kandia, Cochin, Tuticorin & Bingapore for Japan

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

doe 12th Aug.

ails 24th Aug.

"ARAFURA” dea 22nd Aug.

from Japón te Shangkat. for Jesselton, Lamian, Bandakan, Brisbane, Bydney, Melbourne & Aucialde

from AssateaİJA Bails 24th Aug. for Japan

A venele bave tharty to call at any parts wa or of the recita a the route à milings are subject

to change or amendment with or without notice.

10.370

10,436

ATURURI Funds Affiliated Fundee va

Buyers Sellers

"EASTERN"

4.11

4.03

0.10

9.IOU

Am Husinomg sh va Ax Stock

400

4.10

1371

4.04

14.28b

Beslott Fund Bulbok Fund....

1:100 11.33

12.45

15.00

24.086

$3.00 Fd i..

14.12

17.94

04.753

241

K.10

1741

16,02

300

10.00

16.07

21.69

20.10 22.33

LAND

AL

Hayers Sellers

lambton Fd FC-7426

Founders Mut Fund. 阿 Cool Block TEEN

$1.00

73010

73116

instit Fund

9.00

10.70

734

735

Instit Growth.

10,70

Frastit Income

0.03

0.07

2004

Lov TT Bortch 25

9.00

10.71

20%

24,00

按钮

1000

0.14

Viens

109

7:36

versione Cua fi

My Inve

Mas Growth

Net Bee Grouth"

Boudier Stock

NYEL TA

| Wallington "Ta

For full porticutors apply for MACKINNON, MACKENZIE & CO.

OF HONG KONG LTD. Telephone Nos: 27721-4,

2