1959-05-07 — Page 9

1

RÄNSPORTATION

THE CHINA MAIL, THURSDAY, MAY 7, 1959.

Pazo

High Premium To HONGKONG SPACE AGE STOCKS

Insure Against

BRITISH A-POWERED Dollar Devaluation

SHIP POSSIBLE

IN FIVE YEARS

BRITAIN

London, May 6.

an economical

may launch

atomic-powered commercial ship in

five years.

Admiralty Melals today

examined the

yesterday

ويا

plans submitted.

KUYTN

British

£275 fur the all-important cuclear power plant for such n vessel.

Spokesmen

for

the seven Brms said their individual de- signs cid be carried through tu vonpletion of an economical tonic energia) vessel fran five to eight years.

The Admiralty announced last alght its drive for 20 cconomical atonale engine commercial sups

pursued

UN is

pracy."-Y.P.1.

for "to be matter

Moderate

Trading

In London

London, May 6. of The stock markot moved ohead on nearly all fronts taday 011 moderately. active trading.

Anglo-American Cooperation Suggested i

A

Southampton,

SUGGESTION that Bri- toin and the United States might collaborate on

Profit taking nd selective demand boosted priers of ad wide selection industrial issues.

ری

blue-chip

and shipping! Nuclear-power shares gained on an Admiralty Stutenant thst Eitain routi build conumle alumic-powered. stips within the next five years,

the construction of a super- Gill-edged seentifies, how. xanic airliner was made hero i ever, fooled apurk and closed

thecusar. on ol a

Foreign bonds and rails were Dollar stocks were

conference

problems of aircraft producentureless. tion sponsored by the In- mixed. stitution of Production Engineers.

Mr Peter Masefield, managing direels of Britain's Bristol Air-}

the cenference that eraft, foid "The major sue is whether, we head-on

should engage competitions with

the Unite States a superstatie airliner, j which the Americans will build i

anyway.

"Or me there possibilities of a collaborative Anglo-American There may be roum Approach?

an imagmative approach

hese.

SECOND PLACE

But Lard Douglas of Kirtleside, chairman of British European! Airways, told the conference

and

uther

By SYDNEY S. GAMPELL

London, May 6.

STOCK EXCHANGE

Our Owa Correspondent

Business done on the Itong- kong Stock Exchango thit morning amountod to ap- proximately $1,788,000. Noon quolo lone and the morning's Tranensilone:

Shares Dwyers Selleru

BANKS

INSURANCES Union ... Lombard

200 - 20 845 70 W 130 324 843

33 7314

The high U.S. money rates are mainly Rank. 88716

designed to induce U.S.. companies to finance the U.S. budget deficit by taking up the Treasury's new issues ING instead of leaving them in the banks, but they also induce foreign central

Wheelocks 0.00

DOCKS, ETC. 就 Dock

banks to finance it instead of taking C gold.

in the fer or that strong Inducement to hold dullar assets. It is not a little disturbing that some foreign central banks took Rs much as $100 million of U.S. gold in wur week.

ver dr-

When any central bank does so, it is paying the high pre- mitin of fully 3 per cent ta Insure goliat J4322144771 valuation of the dollar in terms of gold, and for no other pur-

Britain's Method

ritain, for example, frances her reserves by bills which cust the Treasury fully 3 per cent interest. When it holds the re- serves in dellar assets it gets the interest back; when it puts then to go it does not.

This is a high premium for! a risk which would ordinarliy be considered both remote and Irrational. The U.S. gold stock In still very large,

Sterling had no such backing ut yet the bears of it from 1940 enwais run up charges which would have left them with a loss even if their gamble

Golel etteks were Ďen, Os had come oft. were irregular.—U.P.I.

Closing Prices

Gilledged Bonds

Tenport 1078/00-

J

GÄNG

Cumula Bly's £61%%.

Comandi úta

čimverdon Lab

3

£60

1459/9-

Funding tum 3 831 Minding Stock 34% 15923/2{})}---- 73-01/10.

Finding Lawan A. 1900/#---EDI

Sayings J. 1959.

Having %,

Savings 3, 1905/24+ £70

Bački Dmclara Book "A" Ltd pru-EB-

Chartered Bank-47k. Henghong

Tritance Union Insuranes Cantin—EAL.

Aircraft and Motors irillah Motor Cars DLR 1

Moter Co-634 60.

Brewirles

Drillers Co-04erial

Building and Amoclate Pintland Cruzni-CİK. Paveltir Johnn Asusciplex Ord

1 T

that for the time being, the conFord

aircraft stuction of supersunic

advanced projects! "must take second, place to the primary objective of completing development End then selling any, bread-ntid-butter types to wich the United Kingdom is now conuitled-probably for a between 10 and 20 period of yea

the sub-sonke jets 55 34. which are just beginning to come service." China Inte Special.

Russia Perfects

New Lifebelt

Mui

Moscow, May 6.

Coal, Steel and Engineering Jabenck & Wilcox 144₤4 Gel Vickers Ltd 4.

Food and Tobaven Americht Toby. Co., Lid -- Tobacco Col 1-304

Br

1.tu Ord-fixy+lac

nike cle Ity--$57 Canding F Dunion Rubber cu - 2.74 Hongkong & China Gin--13

opettai Cemilead--34 71. Lyons & CB

Univer Lid 101 7.

Pajer Bowater Rover Cup Ond -49.

Radio and. Klectrical Associated ecurical-in d. pakaian Staghoa!- Inklusia\==*/@x=1}\

Zivil-h__ Fl-étrie Ost-eis 'Id% General Electic-3N

Shipping

it de-China Slean Nav. Cv. del P. 20. Biegu: Navigation dat ord

ESTS have been carried

out in the Soviet Union-300 Def on a new liftbelt that keeps the hood of its wearer por- manently above the water's surface even if the person is unconscious, Tass said today.

The lifebell was the first to

exactly with the correspond standards of the 1946 interna- Lionisl Convention un Saving

Stures

Great Universal Storrs "A". Starks&Spencer Lid--ON 1:1. Woolworth --339 1!4d. Textiles Cat & 1,10-24 3. Courtauld Ltd--268,

Mince Anglo-Anseriern Ches at South Africa-176 kothel,

19%

Cut Coldfields of South Africa-

Come Zine, Curp, Ord-d2s skt.

De Beera de c

Life at Sea and would shortly Free State Development & Invest

O to mes

Gald

production, Tussment-11.

The Individual

LL

Jacket

Hongkong Tiny T

1

Jola Sinu * Tin-da 30. {{htxi-tis

was

Kinia

Cons

Lid

made of speelul material 7 "penoplast," the agency said, which was particularly resistant du to sea water and

10. products

with a petroleum base.

The rebelt

wearer to remain

enabled

the

So, thern

Union Cur- 31. Wout Driefontein Golding-1376

West Rand Long-244

Fritish Terra Petedisom Syndi cate-413,

Co.. Lid-40's Brilian Petroleurd

on bila back...

without effort at an angle of to the sur-

about 45 degrees

Face of the sca~-~-AFP.

Vanguard Goes Abroad

Lotulon, May 0. Britain's Intest "turbó-prop Jet-airliner, the Vickery Van- guard, flew overseas for

today on E selling fr timo

trip to Hamburg.

the

The Vanguard already or- dor by British, Europeth and Airways, will Tron-Canada give demonstration fights be- Bare Gorman transport experie, 4Chins Mail Apecial,

Bur-# QUI Hoyni Dutch Petroleum-€15%. Bheil Transport Od-rulet,

Trading-131.

Exchange Rates

Bariness was dane in the local {untoficial axchange market is

marting at the following rates:- |V.8, dollars (per #1),

3.72

Sterling nutes (per £1))

Alstralian mutei (per £1

10.07 32.41

Indonesian pioplad (per 100)

Stain Hesla (per 100)

| Singapore (Stratto

If the US. embarrassed by continued gold lusses, raised the price of gold or left it to raise itself by censing to sell gold, it would do some good for gold the foreign but great harm to exchanges and, in itself. nothing whatever to correct the 'ditlar's overvaluation.

Still Stranger

- Without deliberate devalus- tion of the dollar by the Bank of Englund-a positive decision to make a sterling goods that much dearer than dollar goods, and to raise the sterling burden of and sterling budgetary cost all Britain's dollar debts-the price of gold in sterling and probably most other currencies the would go up equally, and doller-sterling exchange rate would stay where is.

What makes it at the stranger is that the U.8. could

NY Cotton

Trading Very Slow

remove or forestall the en-

0,10 8000 in 11.35 4000 ** 1.10

visaged embarrasmeni by Provident. 11.70 11.30 giving the foreles ocniral banka a gold exchange guar--

LAND, ETC. antee at the premeni limita, comparable to the dollar ex- change guarantee which the Bank of England and 12 viber fik Land.. European sentral banks have given to each other in the European Monetary ment.

1000 or 0.150

2000 20.72 1001 23.53

10

IN DEMAND

ON WALL STREET

Now York, May 6.

Everything for the space age advanced on the stock market to-

day, while the main list suffered complete noglect.

Commm, futurs price index

Moto: alat is best wat up 30 Indrials

points and at 6122 it was es

23 Thin up.04 paints from the year's | ĉi Box low of $57%. Everything elec. 13 tonda tronic Juined this wide mover. bingnavox, ran ahead more than and General Instrument more than 5 points. The others rose I to inore than 3 points with

Closing Prices

Al.ubi Puwes & Paper Aluta Ing. Aey.

muat of the group si new higha, | Algoma (ter) Cap

The exatle fuels which prope

Allied Chenilcala

Alles Mills be.

the rockets and space ships Au Chainiers

Joined the rire. There Thiokol again was the favourite.

Chemicals

Chemicals. with high barn- Lag reported so far flu year enjoyed a buoyant market for a dine but turned irregular before closing. Du Pont, the this department, feature of

800 6.13

100 k 8.157

05:00 6 6.10

60

100 #5

200 4 43 100 43

208 49 (37% 300 13.00 2000 in 1970

2016, 20.00 1000 201

321% 3512 2041 6 2011

300 33

1820 2700

34

33

15 Agree-plega

2013 2u

200

15.70

1.0 1.023 1840

1.825

5000

1.825

2.00

2.00 13000 0 2 623

600J 4 2.30

3.1714 2.95

.

STEEL Ca

23,70

Propounded as a technicality or even as an aspect of "foreign ald". It might escupe inuch notice.

Meally....+

KUBBER

male. Truat......

A. Tawall Sungaia...

Tram......

Star Ferry

Few prople have heard of the reciprocal dollar

guarantees. UTILITIES under the EMA, which have been accepted

a technleas rigmarole though in fact they are enginble of becoming the for international biggest thing liquidity since the invention of bunking.

Disturbing

Foreign central banks have no comparable gold guarantee on the dollar, and evidently they do not expect that the US. would ever grant one, These very experienced and responsible offelnis

200 M

20 1100 & 20

1500 m 28,00

114 115 100 113

Your ti

103

18 18 )

1500 18.00

G. Light

Macao E.

*Telephone. 20.00 20.80

306 18.50 201MA 1000 4.59 1290 10.50

Electric ....

20.30

2200 - 20.J

500

28,20

500

23.29

600 20.10

500 10,49 300 m 25 ta 10000 +20-00

20 20

100 6 29.40 500 29.37

2303 14.40

INDUSTIVALS Cement...

STORES, ETC. paying Derry los 10

gold

a high premium for the con- itingencies that the U.S.

stock and the dollar will reach · some cute embarrassment, that

Watson

14.00

was up more than 7 at its best. Aircraft companies which make the rocket ships ruled strong. Special Issues several wide

contributed gainers. There

[CITY LIGHTS

"Moth, nothing fm-it's - J secretary's stilčtio heels/

Londen Exprera Mercie

1000 10.50 were strong spots in some of the 2200 10.00 utRies,

300 10.00

200

tyres. und cineros,

Anjerican Alrüne

Am, Drake Shoe

American Cable

Cep.

Anticon Cyanamaid Cv. At Natural Clas

Amer. & Forga. Pov Am. Xian & Electric Amt. Home Prot.

Am. Mimels. A Fʻdry, Anterican Metal American Burling Am. Sugar Bet, American Talk Tel American Tob. "U" Amco Bleri Anaconda Copper

Armour

Allan Cons. Mining Baldwin-Line-Hani. Baltimore Re Olilu

Bank of Montreat Beneficial Finance Bendix Aviation Corp. Benguet Cune

Behlebem Steel

Borden The Co

124.89) Parke Davis Co 103.21 Penny J. C. co. 91.84 Pen Salt Co. 21323 | Phúip Mortle

Pitney Bowes 13130 Procter & Gamble Cu

1500 €

12232

ear

12%

Pittsburgh Piste Clam Publicker. Indants lea

Pure ... Badlo Corporation ltado Corp. Pret staytheon

Hepublic Steel Heynoldy htelai

Royal Bank of Canada

Bara, Roebuck & Cu.

Shell Oll Co...

Saltway Stores

Samt Keg. Paper

Schrnley Bod

Scott Paper

Slachair 1

10th. Cline & French

Sony Mobil Qu

Folar Aireract

South Puerto Rico Sugar

BET

158

Bouthern Co. (The

Southern National G**

30

Scuthern Railway (Com

Standard Drands

Standard Oil of Cal

1014

Standard Oll of Ind.

Etuidad ở vì N

Sleep Rock (Tuntu Exge.)

AJK

Sterling Drug Co.

10%

Stokely-Van Camp

Stone & Webster

43

Sudebaker Packard Cury.

60%,

P12

Bucatine Mining

Swift & 100,

Texas Co.

11% | Textron Inc.

33xá

Boeing Airplane

Bridal Aner Oil

Arti

Birmugs And Machine

Car Parking Corp.

Campbell Soup Co.

Canadian Bank of Comme

| Canadian Paete it.

Case (3.14 Co.

Cat. Tractor

Celanese Carp,

C. T. Financial Corps

Chrysler Mutors

Cluett Peabody Colgate-Paiminive

2144

Thinkof Citeit.

Tide Water Aim. Ou

Tine Ine.

Td-Cont. Warrants

Twentieth Century Fox Fil

$79 Unien Carbide 51

Union Où of Cal

Gaga | Union Fecile Hallway

United Almeratt

United Fruit

United Gra Corp

223%

472

U.6. Full

47

U.6. Gypsum

#53

US. The Co.

87

US Rubbe

Colombian Carbon Commercial Credit Commonwealth Consolidated Bu

Co. Co.

113

U Bencing

3.

19. Nicel

Cinema Ct of Del. Crown Zierbe

Cuban Arner. Supar

Diamond Alkali

Diamond Guard

Dominion Store

Dougian Aircraft

Dow Chemicals

Dupont de Nemours Eastern Airline

Eastman Kodak

El Paso National Ga

Family Finance Corp.

Firestone Tyre & Rauter

10.00 Drugs ruled strong all day bui 500 1400 lust part of their rise. Steels First Nai, City Bank

For Matur ...... 500 17.30

tulance. Chryslerrd Motor Co of Ch 2009 27.40 fell off dear closing.

General Dyorues 300 17:30

General Electric Today's volume

COTTONS

000 shares.

0.20 4.30

4.80 4.845 50X3 41 3.20 5000 4.80

· 19004.09 30398.20 1000 8.20

It will come in some proximate Cruw. 17.20 17.40 rather than na indefinitely re- mote future (if the evolution were expected? to take sevUTRI

Textile 3 per years, the compounded cent per annum would come as (-- costly as it did for the specula, | Nanyang tors against sterling) and that the U.S. will then take the dis- ruptive instead of the rational | INVESTMENTS way out It is disturbing..K. & F.E.

Invest Insert, 5.10 China Mail Special.

Yesterday's Closing

Invest. 10.00 11.40

was. 4,110,

Of a total 1,253 issues traded, 413 were higher and 933 lower. American Exchange volume

2000-23-Was 1,850,000 shares.

5908.45 Bonds volume amounted

$0,850,000.

00011

General Foods

Geral Motors

Gen. Pub. L.

Gen Tyre & Rubber Georgia Pacille

Gelly Ost...

Gladin C).

Goodrich (h. P. Co.

to Goodyear Tyre

Grumman. Alromít Gulf O

Dow-Jones closing averages

were:

COMMODITY PRICES

RUBBER

NEW YORK

Ilex rubsor futures today closed 25 points higher to 40 points lower with sales of 150

contracts,

Closing prices;

May

July

SepL

Jan.

Nov.

SUGAR

NEW YORK* ́

World No. 4 sugar futures closed

unchanged today to 5 points lower with sales of 316 contracts.

World contracts remained on waware: zamunnamkulamaky-side-reflecting: specula-- Apart from the May position, ive liquidation and "frude sell- lug encouraged by the combina- Easter the market ruled

on

New York, May 6. Cotton futures today sc0- speculative sciling and dealer ton of an caster raw situation

#wwed<mrrowlywinalowedring some of it based on and lower London advices.

Techintent reasons alid II" "EU"

Contract No. 4 (world) dealings for the fourth of the lower trend of foreign July

markets, session today.

[

COTTON

NEW YORK Closing prices Wire:

"ALIOR DE

Hammond Org

ileyden Newport Cup. Homestake Mining Co. Himamorefrig

Idaho TVT!

Imperial [4] Ingersoll-Rand

Ind Steel Co Irgerhemdnel Corp. Int'l Burrows Blachien ITA! Harvester International Mickel Internatiorini Paper | Inta Tel & Tel

Jch-Me Cu. Krise Industry

Keemia C. Power & Light Kennecot Copper

Kimberly Clark

Liserer Meyor sửa c

1. Tulip...

| Lockheed Alrera!! Loews meru..... Lone Star Cement Co

/оке Бола

Stock

Exge.

J. Ray McDonnell Airerall

Corp. Minesota Minina

Mission Development Monsanto Chemical Co.

Montcomery Ward

Motoroin Inc.

National Cath her. "A"

1 Am.

024U.S. Stref 7 P.C. PF

501%

Warner Bros... Waukesha Motors... Westinghouse Air Brake Westinghouse Electric Western Union Tel. Co. West Ya. Pulp & Paper Winn-Dixe Stores Wootworth R. W Zenith. Rodio

--U..I.

PAN AM

EUROPE

US-A

ORIENT

ROUND THE WORLD

New York Central

Norfork #:WPSTATE TEWARI North Amer. Aviation

North West Airlines (Com.) Diin, Mathleton

019 L'evator......

Oxford Paper Co.

Pafle Cai & Elec.

Pan American Airways Paramount Pictures

れます。

Fly to any of

79 lands with tho world's moe!

experienced airline

Mardin KS7*****

Phase 17837, Beng Kong

PAN

"AMERICAN*r

ben darker Weld

was,

Margaretek 14 Basat New Tal, V.KA.

watch hambad kalthas

Spot

May

33.91

Juty.

15.08

Del.

32.81

Doct

22.71

37,21

30.20

Domestic No, 6' sugar futures closed lower to 1 point higher with sales of 202 contracts.

Mar.

33.00

Мяу

#3.35

National Riscal Co.

July Oct.

32.03

31.03

30.18

Selina! Dairy Prod. National Lend

NEW ORLEANS

Natural Steel Corp.

"Prices clɔ̃sed luday as follows:

Spot

May

July

35.00

Mar.

33.00

2.04

May

·

Sept. was quoted get.

2.00

July

Det,

Ja Mac, May

3.18

3.00

LIVERPOOL

3,00

AMSTERDAM

Juty

was steadily Sept.

Closing prices were:

Spat-lcents per lb. fob Cuba) 2.90

Contract No. 5 (domestle)

2.96 buyers

2.91 buyers

No. 3 rubber

No. 1 crepe

Júty Sept. 2.99 buyers Nov. 1.12 bayern

5.70

Dec/Jen

5.A

Mar/April

May/June

SINGAPORE

....... 3.75 400 contracta-

market

May/June

July/Aug Det/Nuv Dec/Jan. Mar/April

May/June

SÃO PAULO

Spot No. 1 Rss At the close the 1st ruled 12 at 30 cents. higher to 3 points lower. The i market opened up 2 points. New Orleans closed unchanged le up 10 points.

Apart from evening-up in the May delivery, and a trade de

market Band for July, the Jacked a hading feature.

were

The market

qulet. Prices closed in guilders Opan interent: 7.837 eontructs, per logram, clr May 09 follows:

No. 1 rubber No. 2 rubber

Six delivery notices Issued

The

opened one- against the May contract taken up

by spat interests, fourth cent higher on strong The open paltion in May at short covering and some trude the start of trading today letal-buying, but at higher level Tod 110,200 bales. The spui heavy proẞt-taking ensued and eased towards the month will go off the Board in the market the noon hour on May 13.

end of the morning session with sellers predominating. MODERATE BUYERS New Orleans interests WETE moderate buyers of the now

In the afternoon the market was cratic with business almost whally centred on No. 1 Has. Futures:

crop months after the opening | No. 1 rubber per ib, May

June 107-10785

Ne. 4

"

107%-10735 Memphis brokers bought D No. 2 rubber per 1b. May 136%-100 cember, supposedly covering No. 3

-104-10

1921-1997 against sales of opal cotton to

Snot rubber unbaled 3DS]-1970 mills for forward delivery,

100-102 Blanket crepe

130-118 No, pale crope

LONDON.

The improved mill demand for spot collon pointed up sicodily Improving reports from the textile trade. Some priui cloth Items reportedly, have been mic

volutpa in moderate

Agreed Merchant through the first quarter of next

Rates

Sviss Francs: Maximum Sol-

ing 74.

year.

Spot-tenta per . H NY

ex-duty)

Open Interest:

U.P.I.

MISTALS

NEW YORK

American Contract

May/June

July/Aug. Oct/Nov

In

Mixed Contract

$28283

24.00 21.40

56

431

21.25 SAILS:

All prices unqueted today.

the United States, the

average price of'one-inch cat-

P&O

R.M.S. "CORFU"

NOTICE TO PASSENGERS

ton at 14 designated spot mar- | BAGGAGE:

kets was nol available.

Total sales were 15,378 bales.

unchanged Landm redener rales DE BET

for the Friday, 8th May, at 5.00 p.m., UNITED KINGDOM, via Singapore, Penang, Colombo, Bombay, Aden and Port Said.

Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Co.'s Godown No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Thursday, 7th May.

SPECIAL NOTE: With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the Whort Company's Godown for loading on board by ship's slings only.

EMBARKATION: Passengers should embark between,

2.30 and 4.00 p.m. on 8th May, 1959.

Subject to alteration with or without notice.

Closing prices were:

Lead

May

11.40b

July

11.500

Linc

Bay

10.330

July

20.355

U.P.I.

Couper

May

31.720

July

Tin

May July

100.74p

200,00

LONDON

Closing prices were:

Buyers Bellers

7094 104

The rubber market was easier with spot quoted at 2031 penco

Prices: per ib. No. Its apot..........

303-3051 71

Bpat Bettlement house term: June

3-mantli July/Bepi,

301-3052 Copper

Spot Smonth 2004 Lead let half 20-3015 MAY General marketa, elf kanu, ports:

Aurut May June and July

2014-2015 Kölble crepe thin line .... Diegat

May August

The Liverpool market today closed unchanged to up 10 English points and 699 to 233 American points under

· York Fatures:--UP.I.

Del/Deo.

San/Mar.

April/June

#blos June..

FOREIGN EXCHANGE

NEW YORK

Closing rates wore;

Cursada

· England official

20-day

143 Orie 23146 2.81 5/10

9120