1959-05-14 — Page 9

I

ANSPORTATION

UK Shipbuilding Industry In Big Export Drive

THE British shipbuilding industry

is

coupling its exhibition at the British Trade Fair at Lisbon (May 29-June 14) with the launching of a big export, drive.

This is the frst time the in- destry has exhibited at a trade fair abrand and the desisi na lu du so has been influenzend by the tag and friendly trading connection through the yuzas between British shipynes and Portugal.

Some five hundred, exhibitors including the Shipbuilding con- ference which is warditu of the Industry's interests, the British i Shipbuilding Research Angela- tion and Parsons and Marine Engineering Turbine Research and Development

Association,

will show Brilain's progress in designing more client ships and propelling machinery and the latest developments in seek- ing the economic application of nuclear power to ship proaut-

alon.

. REPAIRS

The exhibit

aist Wi demonstrate how the UK ship- building Industry unnadiy completes 1.4 million tons gross of new merchant shipping with estraled value of £200 rillion

other things, underlakes repair con- with & further £80 tructs million ika well

os feliileg į Aubstantial naval contracts.

Visitors will also be able to study in detall how this work has been maintained stendily year after year as the result of large scade reconstruction pri grammes mamitting the dividual firms in an expenditure of same £120 million.

...

-

It is apt that Britain's ship- building industry should choose Portugal for their first everseas exhibition participatch. In the post-war period Portugal has relied on British shipyards for 38 merchant ships of 105,000 tona and representing orers worth are £12 million. At the moment a Tyneside Arm is fulting an order for ≈ 20,000 tans guess liner to carry 1.110 thousand passengers and which ropresents a contract worth 13 mililon.

Uru

CONTRACTS IN HAND

The exhibits will show that contracts are in hand building. Ave iniltica

IL

tons of

INDUSTRIALS

BEST IN

LONDON

London, May 13.

closed

The stock market

mixed today with the industrial list providing most of the good fea- tures.

THE CHINA MAIL, THURSDAY, MAY 14, 1959.

BRITISH ELECTION HONGKONG NEW WALL STREET

COULD RESCUE

THE U.S. DOLLAR

By SYDNEY S. GAMPELL

London, May 13, The British election or some other accident might come to the rescue of the dollar-as the German election of mid-Septembar 1957 conspicuously failed to come to the

roscuo of storling.

STOCK EXCHANGE

by

Our Own Correspondent

Business done on the Hong. kong Stock Exchange this mor- ning amounted to approximately $1,150,000. Noon quotations and the morning's transactions:

Shared Buyers Seers BANKS

dnies

123

20

74

31

..

FK flare INSURANCES

Unlun XD Lubard

Wheelock

Otherwise, the Americans themselves will have to rescue the dollar, by jstUPPING

tackling the inflationary over valuation where it lives, instead of messing about with its symptoms. Neither Washington nor the steel- workers' union is giving them much of a lead.

Labour ward way that the by-and more people want polis are widely thought to in- people want to sell

way that they almost certainly a gallon out of a pint pot

HIGH FOR INDUSTRIAL ISSUES

New York, May 13.

The stock market today returned to the old- fashioned loadership of automobile and steel shares to lift industrial issuas into new record territory.

Chrysler ran up more than 2 Gen. Pub. Vulg points to

CHOU. Tyre. Rubber a new high. Furt eorgia Pacific and General Motors gained Getty_Dil

point or mare ori the others lidden Ca, followed with fractional golos. Steels pl galie running to 4 points with | Hammond Orga

Jule Oil the top-ranking favourites —

Goodrich (B. F.j.co.

Tyse

their best showed metroratt

Newport Corp.

U. S. Steel and Bethlehem — Homestake Mining Co prominent in the upturn.

1.03

43000 4395

2000 **

DOCKS, ETC

1. Whart Back

17

31

300

300

Provident Talkoo

11.00 11.70

01343207034

Pent 3300 M 341

Even

If the British election goes the out the world, tre making mote į

is at present running after fashionable British to buy

equilles elections und public-opinion equities and fewer and fewer whose names its owners can barely spell would doubileu e issue dicate. Instead of the Tory-word | them, it would be trying to get get out faster than the devil

LAND, ETC. zot out of Connemara, da Indicate, it could boost the This reasoning may mat obvi- After that shock, dispositions HK Hotel .. dollar vgainst the pound and it fate a sporn In the London raight well be made in the pro- could also shake equities; market en the announcement of |spect that Brithe equities could | iK Tand might conceivably give Wall the general election of a ma Ive (stand_much higher when the Street worse Jitters than London, shock If Labour won it.

next Labour Government left lumpareys If anty because Wall Street In that event, some of the loffee than when it took Mec- knows less about British politics. Hierate foreign money that 'China Mail Special.

Even so, it might bring 110 more than a very temporary halt to the revolution in investment.

Unlikely

If a Labour Government tried and could afford to be Inflationary (which 1 un- Ilkely) I would eventually accelerate the revolution. There is a qulle serious pros- pect that it would lead buying of shares by an outst blazer even than the U.S. insurance companies, namely the British Government,

The Secretary of the Labour Party has readfirmed that it is in earnest about buying equities for National Superannuation Fund and about taking them in pay ment of death duties-in both eases, he swears, for the equity Foreign bonds were dull and ownership and not for national- dollar stocks mixel.

isation or control, bul anyway for getting the ownership.

Call-edged securites snapped ut of thi

to long decline anish firm.

Store, auto and engineering shares were generally firm.

Hownters improved OAL 115 quarterly report.

Guld shares tende tu case. Coppers were listless but ins Improved. Olls reacted after a trim opening to cluse easier un Lalance.-UPI,

E

Closing Prices

Wilfedged Bends Beltinh Tranport . 07-13/16.

Conals 24%%~~£$£-8/15 Commals **—-£74-13/10. Conversion

ا المردار

Funding

Fridang St00%

37.

INTERR

ار کیا کر جمال کا

$99/2001 -

1500/---

FURMING LAHI 44.

1055/65- Savings 3%. Savan TKU. Savings 2) 1905/75- £70.

ilanka

Boray' Bank "A" 1. G

Chartered Bank 46 Gl. Hongkong 450) A

Isurance Union

arance Canion-£44. and Motors firitish Motor Corp. Ord-17. Fun Mutor Lu-s bel,

Breweries tiliters C 278.

Tang nd Materials Apsociated Purtland Cement-631 anche John Associates Ord- 1994

Cual, steel and Ruggering. Babcock & Wirex Lid-7 3d. Vickers Liu-ste v

nhipping, including Hners up w 45,000 tons to carry more than 2,000 passengers, s.per tunkers 1d. with capacities of 70,000 tony. wide fast carg ships, and variety of small crust. The in- dustry's orders ate to be in- creused by the inclusion of two Iners 10 replace the Queen Mary and the Queen Elizabeth, than £20 ench ecaling million.

mere

1.

1

of the Nova! held

The summer meeting

Artmeds is diso Bob

ut Lisbon from June 8 1 12 and Admiral Temes, President td Portugal, who is to open the Fair, will be presented with the Institution's diploma opening session of the meeting.

it!

Canada-Hongkong Air Link

Ottawa, May 13,

•316

Food and Tubacro British Amerlan Tob. Co., Ltd-

od. Imperiul Tobacco Ce.. Lid-60s od.

Mierliansqua

ritish Oxygen Lid

Orl--30#.

Cangutan setile 10y--#$%%% Mahlagyiitalateral – MB de

-Holigkong "C" Chilba" C

Imperial CON

Lyon #

Unuever Lid=1019 454.

Paper Bowater Paper Cup Ord-ids td, italy and Electrical

Aanroclated Electrical-G01 3

Electrical & Musical-ins. Eglin Electric Ca (h. General Electric - 3d,

Rhipping Indo-Chaltiu Ben Nay, Cu, dat

33.

3 79.

Steam Navigation det urd

Stores

Stores "A"—Kar

Marks & Spencer Ltd 415d Woulworth F. W. & Co-535 4,50.

Textiles

Crest Universal tyd.

Coats J&P Lid=231 Dd. Courtaulda Ltu-358 Od.

Miles

TRANSPORT Minister George Hees said today Britain has given Canada

for permission

Toronto- Hongkong and

Anglo-American western

Corp of South Airic-100 THEO: Conada-UK aircraft flights

Cum Goldreida' of South Africa... ond for service batween

Cobe. Zine

Ord-03, d. London and Drussols, Dussel- dorf, Zurich and Vienna.

In return, Canada

the UK rights in Toronto and

the North Atlantic service.

Hees told the House of Com- will be mens both countries able to exercise the new rights on March 1, 1900.

New York Cotton

Market Drifts After Opening

New York, May 13,

Final evening-up operations in the May delivery proved the overshadowing feature in cotton futures today.

Aller stendy opening, the market drifted lower for the rest of the session, closing with nei ing prices were unchanged to up losser of 12 to 19 points. Open-

2 points. New Orleans closed of 12 points.

The spot month went off the ile wants to know why, when changed at 35.91 cents a pound, board in mid-noon hour un- insurance companies, pension funds.

and loval But at New Orleans, May ex- unit trusts muthoritles con all buy equity pired at 35 01 cents, off 97 points, shares with the official blessing or $4.85 a bále from the previous

Eksc. of the Conservative Party, any- body should object to the Gov- ernment doing so,

Unless the buying by the Nu- Ilonal

Fund Superannuation wholly repliced an equal amount of buying by the insured and fwhich frusteed pension funds would be very unitkely) it would mean some nett addition to the demand for equities.

Outstanding

Really

RIDER

Antle

A. Tawali.. Hirin

མི འཐ

200 26,80

14057 20.00

2:00 v 20.10 1000+

73

20.70

3224

10 13:30

1.00

1.03 20000 * 1.625

30 * 223,

Power |Imperial QIL Chemicals enjoyed another and Steel Ca.

Interchemical Cam day of soaring prices with Du inti Besiness Machines

Ruliroad Int'l Harvester

International Paper

the lender. issuça joined the recovery. International Nickel

the olls displayed a Bait Tala Te stronger tone. Spme metals, communications,

of

theJohn-Manville Co.

Kaiser Industry

glass

Kennecott Copper

1, storks involved in road Ken C. Power & Light building, some electronics and Kimberly Clark drugs, and many special issues Mayers Tob. Co. registered wide gains.

2.49 2.33

3.15

2.40

Few Soft Spots

9. Kelantan

1.10

1.19 5330 1.124

23 23 20

1300-14 20.40

300 M 20.30

UTILITIES

Trail

Star Ferry Yauratl C. Lipi

Circle

114

103 100

20.20 18 ม

4000 8.

400 1303 500 10.30 1000 à 18.30.

300 283

300 + 15.30

3000 18 20 1300 21.89

Ly Tulip... Lockheed' ALISTAết

Loews Incorp......... Lone Star Ciners Co.

J. Ray McDonnell ARCHALL

Stock Exgn.)

There were few wolteshi Tron Corgi, spots, American Telephone, ono

Developerert

of these, tempered the in-downto Chemical Co dustrial rise

somewhat, Montgomery Ward

Motorola Ira ....... Philadelphia & Reading tell from Fett Co

nearly 5 pointa, Pilzer was | Harkonst Cash Reg. "A noti In

the

drugu

Natural Dairy Prot and Hoffman declined in the elec- tronics.

Strength in the industrials

100 24.40 helped it other sections of the

21.30 27.00

Tel.

20.20 24,40

500 20.30

INDUSTRIALS Cement

... 29.00

30

000 41 20.29

1000

2048

-500

29.83

100

20.00

1500 e 29,79

800 - 22.00

STORES, ETC.

Dairy

Watson

20 104 1815 1000 1049

600 a 14.46

100 | JR.40

14.50 318

17.30 17

200 17.20

3000 17.30

2000 49 17.40

2.45

2000 215

7800 67 4.80

69,300 bales. The earth- fleated stock declined 1,875-to 30,780 baler with ar ad- 2 CYAW ditional 1,033 bales awaiting inspection.

Selling in nearby July was Astmzled because of its wide premium over new erop norths. months met a reserved demand Scattered selling In new crop

+++

Binetre COTTONS Textile

4.775 0.858 Nanyang 0.20 8.30 INVESTMENTS Int. Inves. 6:30 Allied HK & FE invest

412

11.10

Exchange Rates

us buyers awaited further Crop developments and a new ap pralmal of the market following i-xpiration of the May contract, The Liverpool märket today closed off 5 to up 50 English points and 674 to 834 American points under New York futures.

Raw colton exports for the reusan totaled 2,197,211 bales up by spotnguinst 4,486,137 bales shipped

Australian noted iper #1) in the same period last season,

Indonesian nipah Outstanding commitments according to the New York

(per 1003 Siam ticala (per 100) in May at the opening tutalled Cotton Exahange.—UPI.

Singapore (Bill)

Technicians said the break In the southern ce tre probably reflected a narrow market there. Delivery notices here for 3,400 bales were taken interests.

dc- the

Yesterday's Closing

Acceptance of them for deeth duites would certainly reduce their supply: selling from ceased estates is probably most important source of supply the market, and certainly the most regular one.

Capital Gains Tax

Given that a capital gains tax (which would be mueb Ikelter than dividend) would doubtless have the same effect as it has in the U.S., of lock- ing people into their existing holdings. the massive

ad-

lionel buying for the National Fund would coincide with less selling for both the living and the dead.

Business was done in the local tznofficial exchange market this mortiing at the following roles:

U.S. dollars (per $1) ................. Starling notes (per 1)

COMMODITY PRICES

RUBBER

COTTON

July

May

July

12.30

market

CITY LIGHTS

"On, Johnson, will you tell your wife that my töffe has conatdered your wife's sup. gestions and advises against YOU having

0.40

1.01

London Expreet Setvica.

31.735

a

National Leat! ...

Nation Steel Corp.

New York Central Noranda Mines Ltd.

Norfolk & Western By.

[Arts,

North Amer. Aviation North-west Airings (Com.)

Un Mathiesen Oil Elevators Owen-Illinois Giara Oxford Paper Co. Pucife Gad Elec. Pan American Altway Paramount Pictures Parke Davis Co. Penn, Sall Co. nattpa Norris

Procter & Gamble Cu. Piney Bowes

Pittsburgh Plete Ginas Publicker Industries Pute Oll

Radio Corporation Ridlo Corp. Pref. itaytheon

Republic Steel Reynolds Metal Royal Bank of Canada Bere, Hoctuck & Co. Bhell C Co.

Safeway Boras Saint Steg Paper

Brotter

Sinclair Onl

Smith, Cing & French Socony Mobil Qu

Solar Aircraft

Fouth Puerto Rico Buzar Bouthern Co. (The

Bouthern National das Bouthern Railway (Com..

Biandard Brands

Standard of at Cal. Standard Oil of Indi

Standard Oil of N..

Steep Rock Toronto Exge.) Sterling Druk Cu.

Stokely-Van Camp.

Stone & Webtier

Riudebaker - Packard Corp." Sunshine Mining

Today's volume was 3,340.000 Swift & Co. shares.

Of a total 1,225 Issues traded,

339 were higher and 490 tower, American Exchange volume

was 1,860,000 shares.

Bonds volume $6,040,000.

40 bonds

amounted to

Teza Co.

Textron Inc.

Thokol Cham.... Tide Water Assn." "Oil". Time Inc.

Tri-Cont. Warrants

wentieth Century Fox Film Union Carbide Union Oil et Cal.... Union Peelfie Raliway United Aircraft

United Fruit United Gas Corp.

averages U., Fell B

Comm. future price index ..

Closing Prices

Dow-Jones closing

LONDON

were:

Closing prices were:

50 Industrials

NEW YORK

Tin

NEW YORK

Closing prices were:

Spot

-month

134 728

Buyers Sellers

705

20 rall

13 utiles

05 stocks

70514

Rex rubber futures today

Spat

38.3 nom.

Copper

closed 50 to 75 points lower with

May

35.07.

Spot

sules of 188 contracts.

July

34.90

3-month

Ücl

Land Tst half.'

Closing prives

Dre

32.64

May

709%

May

Mor

32.00

Aurust

Coming on top of all the exist ing Ascal and economie pollefes while, in Britain and through-

July

Miny

Zine at half

Sept.

35.70

Julv

33.93

77

Nov,

Auguti

799;

Jan,

Mar.

武

NEW ORLEANS

May

50.00

Closing prices Wer

Είμαι

Alay

factory interest in the spot market. Most of the terminal business

July

Det.

Dee.

M May July

tortrend greflected the

action of London-Singapore

Chicago Grain cables, plus a patise in domestic

Market

Was

Chicago, May 13. May ryc

heavy, and other grains were mixed today on the Board of Tracie.

The wheat trade was slow, May was little higher on some stop-loss buying orders, and Bew crop prices

niso were higher.

appeared to be of

speculative origin, with some Technicians saying the market "seemed to be consolidating its position" after last week's rise to the highest level in more Than two years. Spot No. 1 Rag was quoted at 364 cents.

AMBTERDAM

The rubber market was easy today. Prices closed in guilders per kilogram, eif June as follows: No. 1 rubbe

No. 2 rubber

for

No. 1 rubber

No. 1 crepe

Soybeans were weaker nearby and firmer for deferred contracts..

13612-14 125

SINGAPORE

388888

LIVERPOOL

$38+0$98

Closing prices were;

American Contract

May June JWYŻABE. Oct/Nov.

Dec/Jan

21.08

21.20

7155

Mar/April

22.00

21.70

750 nom.

Mixed Contract

287 вст.

May/June

1.94 nots, |_May/Juur

9.30 nomi

The market was up at, the opening on better overseas nd vices but ensed an heavy, liquí- dation on reports of expected increase in Indonesian arrivals. After opening hesitant in the afternoon

renewed selling coused sharp decline to 103 cents. Futures:

No. 1 rubber per 18. June 1091%-1037%

July 100-10312

No. 2 rubber per 15. June 102-102 He. 3 rubber per 1. June 10014-1032; No. 4 rubber per lb. June 2014-2010 Spot, rubber unbaled... MX3=101 Blanket crepe

7716-19

No. 1 pale credo

100-100

July/Aug

Oct/Nov. thec/Jan MAY/Apell

May/June

BAO PAULO Closing prices were unavail- able today because of holiday.

In the United States, average price of one-inch rot- ten at 14 designated spot mar- kets was $4.83 centa.

the

Total sales were 15,021 bales. --UPI.

May

SUGAR

NEW YORK

World No. 4 sugar, futures closed today 3. to 2 points higher with sales of 108 contracts.

Domestic No: 6 sugar futures closed one point higher with sales of 308 contracts.

Contract No. 4 (world) July: 1.D: Sept: 2.05; Oct: 2.00; Jan: 3.17: Mar: 3.06: July: 3.00 Sept: 3.13 Spot-(cents per in, fo Cuba): 2.90.

Open terest: 7,094 contracts, Contamot No, G, (domeglio) July: 5.03: Bept; 5.80; Nov: 5.88: Mar: 0.50; Book-(cente per lb. ext NY ex-duty): 5.30.

Uppen interest:

4,200 contracts...

TOREIGN ENCHANGE

Canada

NEW

.....

England officLAJ

YORK

Abitibi Power & Paper Aden Inc.AIR............

•Alles Clericula

1 Allied Mills Ines GEN

Am. Brake Shoe

American Airline

Amaricas Cable & Radio Corp.

American Cransmid Co.

Amer 'Natural Ga

Amer. & Forgn. Power Am. Gas & Electric Ar. Home Prod. Am Mach, & pʻdry: American Metal ... American Bmelting Am Bager Ret. ... American Tel & Tel Americon Tob, "1" Amcanda Copper Anca Biel ACTIONS ***

A Corps. Mining Bakiwic-Lima-Ham. Bakimore & Ohio Donk of Montresi Beneficial Firsece Bundix Aviation Corp. Bengrac& Cons Betrichen Steci Hong Airplane Borden (The) Co. Hellish Amer Oil Burroughs Add Machine Calf Packing Corp. Campbell Boup Co..... Canadian Bank or camn Canadian Pacific Jh CIL TruckPT

Celanese Corp. CAT, Financial Corp. Chrysler Motora Chat Peabody ©>g#4c-F*almolive Co, Cambio Carbon Co. Commercial Credi Chanted Entit Continental Cu of Del. Crown ZellarberA

Coban Amer, Bugar

Closing rates were:

100%

2.83

0130

Diamond A

Diamond Gard

Dominion #tor

Wheat No. 2, red

Apot

1905 nom.

saa l

May 1907) 1896 (L)

July

1905-1 187-100)

De Brem det-130g Ext."

Sept.

18016-16

Fire Stale Development & Invest- ment-11 1.

Dec.

"Hanhong Th

Mar.

10472-34 19715

granted

Pelling Tin-Ge 34.

Com. No. yellow

Hands Od.

Spot

Southiers Kirta Cunm £tch--22:

May

10

July

130-130 12824-170 120%-%

Union Corn--80% 3,

Sept.

1221

West Driefontein |129, 1034.

Goldmining~

Dre. Bar

West and Cons-23 71⁄4d.

Iya

Ou

May

Brillat Bornco Petroleum Byndi- cate-ple 71201.***

July

Onta

British Petroleum Co., Ltd-30

May July Soybeans, No. 2, yellow

Spol

May

July

Sap1

25 nom. 800!5-1 21736-12

Settlement house term:

Nov.

Oct/Dee

Jatt. Barley,

21935

297-2012 30-3013

2014-223%

· NEW YORK

Montreal

Closing prices were:

Amsterdam

Frankfurt

Gental_markets, cit base, paris:

Ma July

II.cob

Park

stay, June and July

upot

120-131

Wert Gurzann Deutschurmarks New York Heur

Betala grupa

May

10.30b

Blokholm

enne

thin Jurie

500 lb. ck

$12.7%

thick Jane

༢༣༤.

July

10.BETI

Zurich

Copper

Maximum Selling 12.

UPI.

UPI.

May

21.00

"I am very pleased with the outcome of the discussions with the United Kingdom and expect

· new services will that the greatly contribute to the con-

of the travelling venience public," he said..

Discussions wore held liere last week to update the 1940 air agreement between the two countries--UP1:

Butrgah-the. Royal Dutch Patroleum-RIBED 8ball Tentsport 9d-Reuter.

A Trading-13N

Agreed Merchant

Rates

LONDON

The rubber market was barely steady with spot down 0/18 pence to 20 7/8. penco per lb. Prices:

Rp. 1 Tu Trai

July/Sept.

METALS

Argentina

UFUGUAY

Other changed

LONDON

Closing rates were;

New York ....

2.01 91/10-3.01 11/16 4.7191-16-9.71 7/10

10.0216-10-0013

--

17

Other unchanged

11.771

14.5991⁄2-34.00ţă 12,81-12.00 12.3794-12.17%

VEL.

Douglas Aircraft

Dow Chemicals Dupont de Nemours

astern Arting

Rodale

El Paso National,„,„Ges Family Pirates Larp. Firestone Tyre & Hubber Virr Nat. City Bank... Ford Motor Co of Cans

Ford Motor

Osteral Pyramis Cheer) atria General Foods

General Motors

1.8. Gypsum

US. Line Co.

US. Rubber

633.01 US, Smelts of Com 1.14 Us Steel

02.03.B. Steel

Carta

212.12 1.8. Steel 4 RC. PE."

04.27 Warner Bros. ...... 131.30

331

Waukesha Motors du Weelinghouse Air Brake. Westinghou Electric West Va, Pulp & Paper Winn-Dixie Steres Woolworth K. W Zenith Racio

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