1959-06-25 — Page 9

Page

( THE CHINA MAIL, THURSDAY, JUNE 25, 1959.

Takeover Offer Business Recovery Is

For Rubber Co.

Wellington June 24.

A BRITISH concern has made

a takeover offer of almori £225,000 for the Dominion Rubber Company's 75.000 £1 abares,

and a number of

Malayan rubber companies, In vegetla- ting the deal.

Mr F. W. Parker, chairman of Dominion's directors said: "

''see anyone turning down

an offer like that; it is really a pretty big deal."

Worldwide Demand For

By SYDNEY S. GAMPELL

London, June 24.

The Dominion Rubber Dom Once again, a reaction on Wall Street

The khareholders leve been nuvised by the director to accept the hid. Three months agu shares were quoted Al sixteen shillings and sixpence | The On the

and stock exchange

have soared to the present (na) . offer of almost sixiy shillings. Mr C, R. Choularton, Director of the Cranleigh Development Corporation in Manchester, a series of Manchester and London finance companies

pany's not asacts are probably about £200,000.

company was formed in 1908 by the hell Brothers, who also formed the Malay Rubber Comp247: the two companies were combined some rear ago to make an estate of almost 3,000 ́ ́ncrea

after a rise which in previous times would have been thought to require

a full secondary correction of about 15 per cent has been held to about 4 per cent.

of first-class rubber planta-With so much latent institutional and other

tion.Heuler.

London Prices

Drift Lower:

Harrods Fall

London, June 24.

Interest in stock markets today was generally at a low level, und prices tended to drift lower in many cases. Movements, however, were main- ly small.

Most attention continued

in

ог

be rentrest va shures involved

in bid developments

tumnors of takeover. Harrods fell back allhough finally alive

anx closed

the worst

down

at 120s 6d. Most other sieres improved.

Smalt

lopers

predominated

In

industrials

Breweries were

Josses were

and

generally,

mixed. Senast

recorded Among

steel, engineering, motors, air- craft and building issues. Good features Included Boot: pure

Brish Sugar druga their

statements, Lending luc chips moved within narrow limits.

Danus

Gilt-Edged

Glit-edged maintained, hurl-dated

securities

GU

New York Cotton Market

New York, Jupe 24. The cotton market held

firm

today under the leadership of nearby July.

support, and with the revolution in invest- ment attitudes towards equities, the market speaks for itself,

When any curve is rising very strongly, corrections have to be measured from the trend line, not from the horizontal,

However, after the technical setback and the technical rally from the setback the next move

remains to be seen. With Wall Street of its top and with the showing-down of the U.S. gold Insses, the flight out of dollar creditorships is not at the mo- ment a stampede, The difficulties of the U.S. bond and money norkels are capable of having

been exaggerated.

Overvalued

Probably the dollar is over valued, but not critically. Alike consumers, borrowers and physical and financial investors,

As

the Amerleans have been dis- silany loss confidence in their In their business system and prospects.

In the carefree atmosphere of Loom there is danger of over confidence, hat things should do well

enough-burring some really disconcerting development such as avoidance of the steel strike.

The business recovery is be- coming worldwide, is still young

and should have

much further to go-unless sentiment xels

n! damaged by the aftermath unhealthy stock exchange O

The list 'finished unchanged to|ditions on the Cuthent and in

New

16 points higher on the July {delivery The market opened

four higher to 2 lower. were Orleans closed unchanged. apurt from the Issue which were dull. Greek bonds elusret off the bottom but recorded fresh lusses

angling to 134 points. Dollar Lind a decrease of 17 bales in stocks were mostly easler,

the total certißeated stock to 20,953 bates caused the buying.

Banking shares hardened and It veral Insurance shares

proved,

its-

Gold shares ad other mining issues

WOTE neglected and dul.

Olls Inclined easier. Rubbers attracted only selected interest. -UNI

Closing Prices

British £68.

Gilledged Monda

Transmit

Canals 2.

- 1952)

Consala 12LTAN

'anversion La

የበጋ .

Funding

£41-7/14.

P: numme

£2-13/16.

P

EM-IR 16.

1978/50-

It was the first notice day for old July but no nollers ng~ peared, The lack of tenders

BACKLOG

Reports, that great number of milks will close only one week for vacutions this year because +35 a large backlog of orders hriped the demand, The con- traits were supplied mainly by hedge selling and profit-taking

For the most part, however, the trode awaited betlin of farmi legislation that may limit cotton doing next year.

Exports today tolalled 0,205 bales, bringing the total for the 104D-season so far to 2,433,005 bales,

against 5,110,100 bales last yenr-UPI.

Loan 3., 1950 49.

Stocks, 1930 200-

12n 1. 10/96--

Havings 31, 1985/65 £3*.

Navines » TUCUZZI

Savings B. Besnis. ETH-15/19

Works

Barclays Bank "A" 5d mid--501

Chartered Bank-th. Hongkns-E

Insurser

Union Tsurance Baule

Britis 10.

Ju.

24-2710.

Afterall and Motora

Mtofur Corp. Ord-3

Ford Mater Co-05m Od.

Browerles

Distillers Co--27 3d.

Buliding and Materials

Associated Portland Cement-37

Pinchin Juhmaon Aastelates Orde

31 kl

Coal, Steel and Engineering

Food and Tobacco

Yesterday's Closing

the U.S.

Business bas more to fear from Wali Street than Walt Street has to fear from business. The dy in the ointment is the observation by the Federal Re- serve Bank of New York that wage costs per unit of factory output #ppear to have turned upward after tending to celine for more than a year. This, it says, contributes to the upward pressures on prices. It is not much contribution to the bull-

shness on Wall Street.

Profit Margins

A year ago, when all the inflation. chatter was of costs the New York Fed was among The first to bring out that what was really uecurring was a sharp. rise in productivity and a spec- tacular drop in unit labour costs, The resultant widening of pro- was the practical lit margins foundation for the Wall Street boom and its superstructure.

after the

Shares

Improves In NY

New York, June 24.

A strong demand for rails spilled over into other groups and brought about a marked improve- ment in stock prices today. Individual gains of points or more dotted the main list as the market broke out of the narrow trading range of

three | Boeing Airplane

orden The Co....... Murroughs Acx Machine Britah Amer Oil Calif. Packing Corp.

Cana. BB. of Comun Cana Brework Complet Soup Co. Canadian l'ecific R

(J. %) Ca

Colgate-l'azmolive Culomhien Carbon Co. Commercial Credit.

Censolidaled Edison Continental Oil of Del. Cruze Co

If rising unit casts now mean recent sessions. that US, profit margins are ni In addition to the rails, the past their peak (as is prob-electronics, chemicals, motors able) it could mark the begin and tyrea chipped Ja with

CIT. Financial Corp. ning of the end of this nest strong support.

Chase Manhat. Bank phase of the investment revolu- The ralls started the late Chrysler Motora

un.

rally. That group was helped by Cuett Peabody The next phase might well some good May earnings rt- be led by Britain general election and perhaps, re-between

ports, approval of the merger gardless of Its outcome (which, was, and a favourable vote the Eric and Lackn- however, might determine how the Senate Finance Com- long after),

mitice to repeat the 10 per cent : Federi

tax on passenger æer- vlee.

Today's volume was 3,180,000 shares.

Of a total 1,202 issues traded, 563 were higher and 410 lower. American Exchange volume was 1,230,000 shares.

Overrated

Among the many reasons for holding that London is cheaper than Wall Street, the prospecti of profit margins may now be overrated in Wall Street while it is almost certainly underrated in Britain, partly because Bri- tain is behind the U.S. on this leg of the trade cycle and also because of the pre-cleation wind- fall of relative

pence on the labour front while the militants pipe down to avoid spoiling their party's chances.

་

That disinfallosary windfall, which at present puts Pritain one up on France and Italy as well is on the O.S., is the best outcome and justification nt Mr Macmillan's decision to postpone the election.China Mall Special.

Chicago Grain Prices

Chicago, June 24. All prices in cents per bushet: Wheat No. 2, red

Spot

July 1889, (11) 1955),

Sept.

Dec.

Mar

May

Corn No. 2. Fellow

Spot July

Seol

Dec.

Mar

Tipy

Ryc

July

Sept.

Qatá

July

Sept. Soybeans, No. 2, yellow

Spot July

13 num.

14

199

1031

10017

1:11

12190

115

11312

120+2

1244

50-14

224 nom

22-14

212-

Sept.

11.

|

Jan.

2154

Mar.

21514

New York flour psychological 200 lb. Back

Barley Spol

120-135

13.10

---UPI.

COMMODITY PRICES

SUGAR

Mar/April May/Jữae

Mixed Contract

July/Aug Oct/Nov. Dec./Jan. Mar/Apr May/Jung

NEW YORK

All prices in cents per lb.: Contract No. (world)

2.81 2.84-85

과

23.10

R 28843

SAU PAULO

(All prices in cruzeiro per

ا الغالي

No. 1 rubber

No. 1 crepe

METALS

Bonds volume cmounted to $3,140,000,

Closing Prices

per, & Paper

Alden the. Ace

Algoma Steel Corp. Allen Chemicals Allied Mills Inc. A. Brake Shor

All Chaltner..

American Airline Cable American

Corp.

American Cyanid Co. Ainer. & Förgn. Power Am. Gas & Electric Am Home Prod Americno Metal

₺ 38%

Crown Zellerbach Cuban Amer. Sugar Diamond Alkati Diamond Gard Pointon Stores Douglas Aircraft

Dupont de Nemours Eastern Airline Exatroan Kodak

El Paso National Gas Firestone Tyre & Rubber (Ford Motor Co. of Cana

Ford Motor ... Georgia Pacifie General Dynamics Camera! Electris General Foods General Motors Gen. Tyre & Rubber Glidden b....... Goodrich (35. Pi Co. Goodyear Tyre

Grumman Aircraft

Gulf Du

Roge

RANSPORTATIO

BRITISH TRANSPORT RUNS UP

£89

MILLION LOSS

London, June 25.

BRITAIN'S state-run railways and road trans-

port today reported a loss of nearly £89 million on its undertakings in 1958 compared with a £63,- 000,000 deficit in the previous year.

The British Transport Com mission's Annual

report a

Flags Of Convenience counts publish today also

Ownership

London.

SOMETHING like 42 por cent of the 1,800 ships

revealed a working deficit on the Hallways of £48 million, an increase of £21 million on the 1067 figure, and a tall in the commission's profits

on other activities of £3,500,000.

The commission blamed the increased defelt on the big drop

| sailing under "Hags of con- in Industrial activity in the coal

voniance" belonged to and steel industries

which bit

citizóns of the United the railways and the polley of States, Mr Omer Becu, deficit financing which enabled Secretary of the Interna. the Commission to peg charges to reasonable levels until 731% tional Transport Worker modernisation helped the rail-

Federation, said recently in ways pay their way. London.

£55

They were "pirates," he add-BUS STRIKES ed. They were using and abus- The ing those flags because they wanted to do everything in their power to get rich

off the quickly as possible backs of seafarers and the.com- munity as a whole.

report 'added: "Sonc million of the defcit could have been

expected as part of the process of defeit

the inancing teaving

bolance due mainly to the decline in the traffic of heavy industriés

and to the effects of the Lo- don bus strikes."

Mr Breu was addressing the annual conference of the Na- tional Union of Seamen,

More than 200 national The report said the net loss unions had now joined the Into the Commission during the ternational Transport Federn strike which kept London's lon from at least 63 coun- buses off the roads for seven 37% tries, ho said.

weeks in May and June, 1958, was about £1 millon but the of bus traffic only partly

2611

38

110

42

Harunoni Organ

JIN

ileyden Newport Corp.

Honestale Mag Co,

32

Jussman Refrig.

304

Radio

Idaho PoweT

4092

Imperial Di

10

Inland Steel Co.

58%

Interchentral Comp

14

Int'l Business Machines

Int'l Harvester

167

International Nickel

204

An Natal Cas American Smeldag

BOL

Int'l Tel & Tel

40

John-Manville Co.

Americat Tel & Tel

19

Kalmer Industry

The Federation which

Asnerican Tob

9.3

Aureonus Copper

Kansan C. Pawer & Light Keantcort Copper

473

1011 Year

Arco Steel

744

Almaur

251%

Atlas Curs, Mining

12.

Baldwin-Lima-lum,

Baltiger & Ohio

Beneficial Finance

Bendix Aviation Corp. Benguet Cons

Bethlehem Steel

HONGKONG

STOCK EXCHANGE

Our Own Correspondent

Business done on the Hong- this konz

Exchange Stock morning nmounted to ap- proximately $033,000,

Noon moming's quotations and the

International Paper

CITY LIGHTS:

McDonnell Aircraft

last

organised a four-day lower Jovel boycott of "lags of convenience | afterwards

EBA

ships had a total membership | offset by reductions in services,

of 7,000,000, he added.

He said the Federallon would continue its fight against such shipping-Reuter.

Caravelle Sets New Speed Records

The resulting net receipts of £1,800,000 from London trons- port showed a decrease of £3,000,000 ότι the previous усет,

The Commission sald a re- duction in treight-carrying by the railways also marted "the substantial progress in all de- partments of the undertaking."

The railways. earned LOSE to 10,000 passen-

£30 less from freight- gers have flown the million

British 1950 ated Corovelle during the first rorrying a

road services also declined, month that the 515-mile-an- showing a deficit

of £800,000 [hour Jotlinor has been compared with the

operated by Spandinavian | year's' predt of 58,800,000. Airlines System.

RAIL TRAFFIC

SAS operules the world's Inrgest pure-jet network, serving

24 cities in Europe, the Near piher hand

and Mildle East and Africa.

pravlous

Rail passenger troffe on the was the second nationalisation. hlighest of the Only in 1957

was it greater. Over 8,500 million passengers

certain legs

average routes, the load factor has been close to 100

Mincu

and over 200 millions tons of

In slishing travel time be-freigh! were curried by rall, tween Europe and the Middle rond, and water. Eust by one third. the SAS

Caravelle has established new speed records

airliners cn all legs of the new

Jet netwerk:

Though advances

totalling £90,700,000 were taken dur-

for commercieling the year to meet her defcits, reduced her Eritish railways Expenses by £9 million com~ pared with 1857.

And that little lot's going to New York!"

London preis Service.

On

Caravelle

quotations:

Share

Buyers Bellera

BANICS

lik Bank.. 005 807!

Sales

10 019

Liggett Meyers Tob. Cu, Lily Tull Litton Ind.

674

per cent.

48

1121

Lockheed Alteraft

30!

Loews Incara......

30

350

FD ur BD5 70300

Lone Star Cement Co.

McDermott J. Ray

425

71 Minnesota Mining... Mission Development Monnante Chemical Co. Montgomery Ward

1450

511

A

3000+ 6

100 10

45

National Biscuit Co. National Cast: Beg. "A" Nation Lead........ Natiooni Steel Corp.

51

DE

of 1,100 hours 13 the air.

1244

6715

11.00

12 2500 112

New York Central

273

2006 1100

Nuranda Mines L..

51%

300 33

Norfolk & Westen Ry.

1977

****

on order, four of which will be

2

lessed to Swissair.

BUY

775

334

C & W To Build New

FAST FREQUENT

40

SERVICE

307

5.00

K

1234

3000 5.95

Penny J. c. co.

Penn Ball Co.

500 21.50

HK Land

33 3314

Dabcock & Wilzux LU-46; 34.

Vickers Ltd-318.

klio)

July

53.00

fish American Tob. Co., Ltd-

Sept.

Dec.

01 DO

BAN.

સ.

***Imperiul

Average price in U.S. at 14

NEW YORK

Tobacco Co.. Lid-

Jan

3.05

B.

Mar

3.00

Miscellaneous

May

3.00

July

31.04

designated spot markets: 34.45 cents. Total sutes: 8,824 bates. } (b. -UPI.

Closing prices, all in cents per

itumphreys Really RUBBER Amalg Trunk Singale UTILITIES Trem

18.70 1000

2:40

3.0$

2.55

..... 29.30

Lead

July

Canadian Phee By-191

11.00

Sept

Open Interest:

Spot-lo.b. Cubes contract

11.45h 11.030.

242

Zivic

July

Sept.

ons & C'O-TEM DZ

Contract No. £ (domestic)

Copper

July

Sept,

5.0л

Sept.

NOV

in -Jaiset

Bowater Paper Corp Ord-SI 04.

Mari Spol

Sept.

N. Y. ex-duty

Radio and Electrient

LONDON

Acrociated Electrical-201 7150.

Fivetrical & Musleaf-675 34.

3d.

The Arst three SAS Caravelles have so far amassed a total Umo

This in spite of wage and price increases costing about million. China

The fourth SAS Caravelle, £13 Esiti Viking, was delivered to Special. the airline on June 16,

All told, SAS hen 16'Caravelles

Matl

British Oxygen Lid. Ord-59. &.

Dunlop Rubber Co–285.

Rongkeng & Culia Gas-139.

Chenleat-30 10.

Unilever-Eikl=279-04-

Карог

Shipping

English Eecirie Co

General Electric-31 6.

Indo-Chilpa Steam Nav., Co. det Drd---27 Od.

Pk Sleans Navigation det ord 334 d.

Great Universal "Blorez "A"—1

M&Spencer Ltd-€76.

Stores

לת2

5,00

Open interest: 3.119 contracte..m

COTTON

Cona Goldfields of South Africa July

RUBBER

Rex

NEW YORK

No. 2 rubber No. 1 rubber

2.67 0. 2.65 num. 281 nous. 2.84 Kom.

-UPL

10.Tob

10.096 28.43-4Bts 20.79-856 -147.006 103.000

Closing prices, ali in sterling

rubber futures closing per long ton, unofficial after-

prices, all In cents per lb.

East Asia INSURANCES

Union Lombard

STUPPING Wheelock

DOCKS, ETC. K. What Dock Provident

Taikoo LAND, ETC.

IIIC Totel 2120 21.40

Star Ferry.

Vatiniti

C. Light Electric

North Amer. Aviation 330 27.30 Northwest Airlines (Com) 200 or 27.30 On Mathiles

400 a 3314

Otis Zievators

190 334 stord Paper Co

1.55 1.876 25000

15.40 Pagine Gas & Elec.

1.53 Pal, American Airways

245 20000 to 2.425 Paramount Pictures

Parke Davis Co.

117

100

300 at 20.70 Piney Bowes

Procter & Gamble Co.

000 2 20.70 fittaturgh Plate Glass 1900 of 28.40 Radio Corporauen

er 118 adio Corp. Pref.

Raytheon 17.70 17.90 700 17.00 Republic Steal

27.80 Teynolds Metal BCO 21.70 Royal Bank of Canada 1000~1/21.50 Sears, Roeblich & Cor

Shell Oil Co......!! ton 6 25.70 Bateway Biores (x)

20.16 Schenley Inc.

14.42 Sinclair Olt

20.70 nith, Cline & Trench

Bopony Mobile Off

Cable Repair Ship

CABLE and Wireless

51%

CA

54

7071

is

inviting tenders for the building of a new cable re- 107 pair ship.

טן 37

SDEL

The vetsel will have to be capable of handling popsira.in. telegraph cable and to coaxial cable atal rigid repeaters of the type to be used in the Anglo- Canadian telephone cable, to po laid in 1001, and other sections of the proposed round-the-world Commonwealth telephone cable. The new ship will bo bigger and faster than the Recorder.

Jurg Cat st prepent the

And

21.1 17.30

Macao E Tel.

10 10.00 20.30 28.70

100

INDUSTRIALS Cement 2014 3456

zem or 304

Bolar Aircraft

B00 2 3415

300 of 3415

3outhern Co. (Th10)_

સો

Southern Railway (Com.)

EDY

in Th

STP

454%

แม่ 3

fab

0212

43

2016

She

49%

00034

020 1830 1000

Standard-Brands

Standard Oil of Cal 1020 Standard Oil of Ind. 100010308tandard ull of NJ,

14.50 Sterling Drug Co.

Stokely-Van Camp.

200 61 1014

ncca seaslon:

22,45

Buyers Bellers

32.50

Tin spot

70031

700

22,30

3-month

201

.

Capper spet

2104

10

22.15

J-north

200裕

STORES, ETC. Dairy

2001

33.00

Lead 1st half June

31.90

Zine 1st half June

Sept.

703% Sept. 7776

714%

1000

Watson

16

7034

L. Crew

18.30 10.00

TU

-UFI.

COTTONS

B1%

3.30 0000

7000

3000

2300

13.00

SINGAPORE

All prices in Stralia cents per

Job. Malayan ports:

July

Sept.

Nov.

Jan.

Mar.

MAY

NEW YORK

July

Woolworth F. Co-52 53.

All prices in centa per lb.

Textiles

Spot

100 10111.

Conia 7 4 1 L:8–234 Bd.

July

Cottitaulds Ltd — Ma - 7?<»

Afindr

No. July

Anglo-American Corp of South

No. 1 Aug.

·Africa-100

May

53.04

No. 2

$2,40

No. 3 July

32.42

--718 444.

No. 4 July

Cons. Zine Cor

Ord.

30.41

De Beers def-133 44d.

Free State Development & Invest.

NEW ORLEANS

ment-lla 13E.

Hongkong Tints 10349.

All prices in cents per lb.

Petaling Tin

Spot

33.00 nom

Hand-ons. Od.

July

34.30

Nu. 1. Bas spot

Southern Kinta Cons Ltd-le

Dec.

July/Bout.

Unton, Corp-631 04.

Mar.

22.77

Oct/Dac.

22.90

WestDriefontein Goldmining-

May

Jen/Mar..

157 84.

July

12.65

April/Xune

West Rand Cons-20 d.

Oct.

30.33)

011

Dec

30,300

Brilleh Horneo Petroleum Byndi- catamisi wa.

LIVERPOOL

British Tiroleum Co., Ltd-504. Burma-001.

Floyal Dulch Petroleum=-214%... Shell Transport & Trading-- 52.

-Beuter.

All prices in pence per lb.

American Contract

July/Répl

Det/Nov.

Dec Jan.

21.25

01-00

9374-72% 13-

Spot rubber unbaled

Blanket crepe.

No I Dale crepe

LONDON.

All prices in pence per 1b.:

Bettlement House terms

FOREIGN

EXCHANGE

NEW YORK Closing rates:

2796-279%

2712-2776

Canadi

Oliers all unchanged LONDON

Closing rates! 211-2731 Montreal 270-274 | Amsterdam

1jramin стороні

2012 thick July unquoted copontingen

PATI AMSTERDAM

(Stockholm All prices in Ruilders per fello- gram, cif. Juno:

|_ General marketa, elf, Louis, porta: July Sept.

Textilo

Nanyang MISCELLANEQUÁ

Stone & Weakter

101: Studebaker-Packard Corp. 1000 € 10.70 guneling Mining

Bwin Cu.

56 TEXAS CH.

400* 0.70

BOOD G 8,75 Textron Inc.

5.30 Triokol Chem, ....

6,75 Time Loc.

Tri-Cont. Werrains

Union Carbide

Union Oil of Cal:

Unles Parin Railway

| United Aircraft

0.70 200 4200 4.70 United GAS Corp.

Exchange Rates

Vibro INVESTMENTS

Int. Invest.

Allied

US. YOU "E""

U.S. GRU

US, Ling Co.

1.01

US, Rutber

1.

Bindi 7 PC, P7

Westinghouse Electric

Western Union Tel, Co. 1073 | Werl Va. Puka de Paper

334

201

Dusiness was done in the local W DRO

2.00 11/16-2.68 11/16 queficht

19.0376-10.013

14000 145.00

27.713704 1950-19,631 174516-174014

EDİLERİ metket shin | Wellinghouse Air Brako thening at the following · FALEN: V.S dollars (per. B) Do

Bletting notes (der £1) -

ruplats per 100)... Flemicals (per 100) Singapore (Birkibe)

300 Woolworth (K. W.) 26,00 | Zanishi Radio

Eptediest vessel in Cable, and Wireless fleet of

cable-ships.

will be, diesel-electric 'propelled, with a gross tonange

of about 4,000 tons, and "a maximum speed of 15 knots.

Laid-Up Ships Rise

| Fruitė | volume · of

THE

merchant chpring Indub in Beltfah ports through lack of employ ment rese during March for the Brst time since September likt year.

Chamber of Shipping, Ogures, show that, at the beginning of this month 251 venials," aggres 417 gating: 1,418,430, gross tone. ware Ild-up-about 97,000 tons 37% Elgher then a molh earlier.

TO

EUROPE

and the USA

on Pan Am

World's Most Experienced Airline

Eri sporvidens, call your travel agent or

Phone X5323, Medij Cong

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