1959-06-30 — Page 9

THE CHINA MAIL,

TUESDAY, JUNE 30, 1959.

No Rise In U.S. Gold Price

London Makes Good

Showing

London, June 29, Despite deterioration in the labour situation in the printing indus try the stock market made a reasonably satisfactory showing. While business was re- duced by seasonal in- fluences there

was!

selective buying re sulting in several good features.

Gilt-edged encountered small Investment buying which sulted in price rises of 4. The fenture of the foreign bund marke!

was the strength In Baltic

stocks. Greek Issues woro dull, Dollar stocks main-

tained their initial higher prices.

London, June 29.

ARISE in the U.S. gold price is not a good bet;

in all probability it is a non-starter. Wash- ington has no intention of doing anything of the sort, and many responsible Americans regard it as a bad joke largely perpetrated by the British financial press which might return the compli- ment to the great American banks,

One of them, normally a beacon of economic en.

lightenment, applauds Mr Edgar Eisenhower's view that, among other de. moralising influences, school lunches show how the U.S. has been "rushing down the road to socialism."

With all respect both to that Front bank and to the Presi dent's elder brother, the Ameri- |

Expected Now

by SYDNEY S. GAMPELL

desire of business mon for cozy profits,

And it has also to contend with the difficulty of financlog budget deficit by non- Inflationary methods without Bern-impairing private investment.”

cane can afford to give me the provalenos of drivel, and off uncompetitive, Mr E. M.

hysterical exaggerflon in instein swears they are at and kids a school lunch if they want fluential quarters which ought New York Fed auspects to, without undermining their to know better. their moral dire. currency, their institutions or

Perhaps the dollar's worst

Overvalued

are.

of

(The latter problem i dis they appearing with the budget do- felt. As to the other, according to Mr Bernstein, "the *U.S. The B15, which is at least E economy is about as free of in- neutral, thinks that in the de-flation as that nny other over-eline in a large variety of US great industrial country.") becoming exports the widely-held view

that the United States is begin-! As the BIS says, it to have ning to price itself out of the the name problems is a skin of North America mxd market' may have some faunda-unity,

havo Western Europe.

rarely

amiction at present is one that

As to the dollar being Twas so familiar with sterling: 1 valued and the U.S.

Wall Street Shares

Have

Good

Gains

New York, June 29.

Steele, electronics, aircrafts, metals and chemicals scored

some good gains in leading stocks higher today.

The market's vigour which of one point sent

the industrial average to an all-time high- helped to lift the discomfort In dex as for ds the bears Vire concerned,

There was a fair sprinkling RCA, Goodyear, Norwich Phar-

Huboraid, falls in Industrial macal,

Diamond undertone Hammar,

Caterpillar Tractor, selective

Corning Glass, General Bronze and Ger- ber Products.

Ci smoll oquílica but the remuired firm ond Trying prixluced numerous uaful gains.

Gold shares moved erratically but tended to harden towards tho else when support from Johannesburg appeared.

Olls were mostly a few penco better. Rubbers

dull.— UPI.

туете

Closing Prices

Brill

£的,

Consol

Gilledged Bonds

Transport 3, 1073/00

Consoła Z-£62!§.

Conversion

20716.

1060-

Loan

Funding

3

Lonn J

1950/60-

CH-0/0.

Funding

Funding

90-12/10.

1000/00

American Machine & Foundry and Brunswick Balke the bowling glants-rose more than four cuch.

The market hit its best levels

of the day around 1 p.m. when

Find Nat: City Bank For Mosor Georgia Pacifie Gewre Electrio General Dynamics

General Foods

Int'l Harvester

John-Manville Co. Kaner Industry

the industrial average was at a Kansas C. Power & Light new all-time high. Profit-taking | Kennecout Copper

set in at that time which broughtigen Meyers Tob, down the average from its best level.

72d Penn. Salt Co. 744 | Philip Morris 497 Pitney Bowes

Procter & Gamble Co. Pittsburgh Plate Glass

BOT

Sinclair i

Smith, Cine & Freseli

Solar Aircraft

tion.

TRANSPORTATION

THE VISCOUNT V.810

IS FASTEST

& MOST ECONOMICAL

THE Vickers Viscount. V.810 turbo-prop airliner is the latest and most highly developed of the famous Viscount series which pioneered turbine

been so unfled EX today-travel. "In any case, without this sharing the comunion problem of assumption one would be at a maintaining expansion without loss to account for the fact that relapsing into inflation. U.S. exports to the rest of the world declined by 11 per cent

In 1958, walle Europem exports

to this area increased by about one per cent."

Only Sop

The only sop from the BIS. to the bulls of gold is that the It would be equally difficull hoped-for further expanstem of to account for the excellent world trade may require a cor- showing of Brilain's exports, responding expansion of inter- and for the liquidity which now national.liquidity and that "Thin gives Europe such wonderful is a technical problem which scope--and, us has been noted, the monetary authorities will 0715 may well be an influence on the have to consider in good time." 494% | British election.

Perhaps it is mainly a probe lem for the dollar but it is essentially leahrical and the has been too much temulency to Quoting the BIS again: "In-bewall the dollar's technical creases in liquidity as great as problems something тога those witnessed in most Western fundamental. There are dozens European

CU

Liquidity

countries in 1958-59 |of sensible things the Americans have, historically, usually been could do about it.-China Moll associated either with a mark Spock). ed decline. In private demand 40% and output or else, at other 37 times, with heavy and excep- Baional deflelt spending by the Gig central government. On this 44 occasion, however, they were not attributable to the existence

of either of these situations,"

What they are attributable to ia, of course, the deficit in the U.S. balance of payments. Last year that was $3.3 billion, and Europe gained $3.7. billion---$1.3 179 | tullon direct from the U.S. and 31 most of the rest triangularly from the third countried that 42 had earned it from the US.

1

HONGKONG

STOCK

EXCHANGE

3814

#12

Cereal Motors

Publicker Indurities

10%

6041

Gen. Pub. Util.

481

Pure Ol.......... Radio Corporation

42

67%

Gen. Tyre & Rubber

73

Individual gains ran past two points in a number of pivotals, including Lukens Steel, Inland,

Radio Corp. Prof.

Glidden Co

4744

Raytheon

|

Goodrich (B. P. Co.

2016

5

Republic tecl

77

Goodyear Tyre...

2457%

Grumman Aircraft

2514

Heynolds Metal“,

103

Gulf Oil

Royal Bank of Canada

1105

Sears, Roebuck & Co.

Culler-

Hammond Organ

Alkali,

eyden Newport Corp.

Bhell Oil Cu....

ዝና

404

10

Safeway Blores

37%%%

Homestake Mining Co.

421%

Human leirig.

Safal Reg, Paper

21

Idaho Power

Scott Paper

Schenley Inc.

Imperial Oil

Ingersoll-Rand

Inland Steel Co.

ひこちら

Socony Mobil Ol

Interchemical Corp

Int'l Business Machines

South Puerto Rico Bugar

Southern Co. (The)

International Nickel

$74L

Southern National Gas

International Paper

119

Southern Railway (Cam.)

Int] Tel & Tel

399

Standard · Brands

Standard Oil of Cal,

17

Standard Oil of lad.

4016

Standard Ol of N.3.

53

2015:

Bleep Noc

Kimberly Clas

ce

Sterling Drug Co.

Co

03

Stokely-Van Camp.

my Talle

Stone & Webeltr

Litton Ind.

Studebaker Packard Corp.

Lockheed Alrerüft

Sunshine Mang

Loews Incorp.

Swift & Co.

Lone Star Cement Co.

Jox Co.

Lowenstein & Bons.

Textron Inc.

Thinko! Chem.

Tide Water Axis. 0:1 ...

M

JOY

Time las

100**

340

Tri-Cont. Warrants

EL

Twentieth Century Fox Film

Union Carbide

100年

Union Pacife - Railway

United Alrerafi

xo

United Fruit

$22

United Gas Corp.

124.

Shares Buyers Hellers Bigles BANKS

ku o 015 K Bank. 915

920

20 17.50

07

20 € 917.30

Plast Asta.

邮驱

S. Steel....

Warner Bros.

4345

Union Lombard

54%

Waukesha Motors

431

70xd

Westinghouse Air Brako

2014

Westinghouse Electric

34

Western Union Tel. Co.

01

302%

6915

West Va. Pulp & Paper

43

the

29

Winn-Dixie Stores

43

477

Woolworth (K. W.)

2015

Zentin Radio

123

"It is, however, faced with the SFPING dificulty of keeping its

prices Whorlock 6.05 compitive D

inter- DOCKS, ETC. national markets despite the de- K Wharf 9 101,

Dock mands of the workers for too

Provident 11.40 12.10 GOD A rapid wage increases and the

LAND, ETC. HK Hotel 17.70; 20

4 0500 $3

A

100

21

Profit-Taking

Despite the profit-taking, in-

Stock 3. 1000/2001-dividual gains of a point er raore were numerous in the main list Loan

and new highs exceeded now lows once again,

Bavings 3, 1053/05-£9.

Savings 29, 1900-21

Baving % 1005/70-277-1/10.

Banks

The steels stood out on the

Barclay's Bank "A" Ltd ord-upside, with sentiment helped

501 D.

Chartered Bank-sta. Hongkong- 253!, cor.

Insurance

Union

23-7/18.

Insurance Canton Aircraft and Motors Mulor Corp

Ord-13

71.

Ford Motor Co-008 61,

Breweries

Distillery, Co-Złu, 36,

Gu.

Building And Materials

Anulated Portland Cement-078

by a 14-day...postponement” of The steel strike which had been scheduled for July 1. Gains of two points or more at the highs appeared in Youngstown, Inland and Lukens. Advances DE

more around a point or

up. peared in a long list of other steels.

Texaco was the feature of

Pincin Johnson Amiclates Ord-higher oft group.

130 $9.

Com, Bleet and Engineering

Babcock & Wileux Ltd 450 46.

Virture Laddle 4lgt.

Food and Tobacco

Motoru were generally firm.

Pharmacal Norwich

at is high ran up more than six in a new

Britt American Tub, Co., Lid-the drugs and touched

C.

Timperial

Tobacco Co., Ltd---87

Birrellaneous

Bich Oxygen Ltd. Ord-Con Od Canadian Paclile__Aly-$517).

Dunlop Rubber Co—20a.

Hongkong & China Gas—73%.

hoperial Chernleaf-30 164. Lyons & Co790 Ad. Vallever Led-988 pd.

Рарег

Bowoter Paper Corp Ord-02s 3d.

Radio and Electrical

Associated Electrical-Ca....

Electrical Musical-54» 415d. English Electric C425, General Electro-31 d.

Shipping

Indo-China Steam Nav. Co. slat

ord-231,

P&O Steam Navigation del ord -4 kl.

Great

D

Blotes

Universal Storas "A"-la

Marks & Spencer Ltd-60s od. Woolworth tiles

• Codis 4d.

Courtaulde LIG-T 190.

Coals 14d-278 34.

M

top.

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

Of a total 1,193 shares, traded, 002, were higher and 343 lower. American Exchange volume

was 1,000,000 shares..

Bond volume amounted $4,890,000.

Dow Jones closing were:

ta

|

McDormelt J. Bey

McDonnell Aircraft Minnesols Mining Mission Development

Monsanto Chemical Montgomery Ward Motorola Inc. National Blcul National Cash Reg. "A"

National Dairy Prod. National-Lead.......... National Steel Corp. New York Central Norfolk & Western Ry. Noranda Mines Ltd.

North Amer. Avlotion

Northwest Airlines (Com.)

Olin Malhiceron

Otis Elevator

Owen-filinols alasa

Oxford, Paper Co.

Pacific Gas & Elec.

Pan Amertene Airways Paramount Pictures

Parke Davis Co. Penny J.

Ca.

40

Union Oil of Cal.

US. Gypam

28US. Line Co.

SOUS. tor

U.S.

Smelling

Yesterday's Closing

*

The B19 is temperate about it

24 all. Instaxt of dilating on the North American deficits it more- ly says that North America is 143% longer worried by its balance

481of-payments surpluses (which is 4t perhaps more than could be said 33 about Germany) and

longer be accused of monopolis- Ing the gold reservca of the Western world.

0214

34

GA

105

32

CITTL

Easy Profits

COMMODITY PRICES

SUCAR

Contract No. 4 (world)

averages

30 industrials ........

843.00

tatly....

140.18

15 uthairs

06.03

GS stocks

215.70

4t

bon พ Comm. future price index

B3.04

All prices in cents per lb.)

130.00

July

Sept

* 30

Oot

Jan.

Mar

1101

May

July

Sept

Spol-floh. Cuba)

Open internet-unquoted.

Closing Prices

Alden inc. Acy. ...***

Alled Chemicals

Allied M4 Ins.

Abu! Pwr. & Paper

| Algoma_Steel Corp.

| Allis Chalmers ...

Am Brake Shere

[American Airline

10140.

Anglo-American Corp of South Africa-100 46.

Cone Coldfields of South Africp- Tha Gu.

Cons. Zine Cary. Ord82 Bu Beers def-1600,

Free State Development

ment-11 03.

longkong Name 1014,

Pola ng Nn-ös 101gu, Rand-a DÒ,

American Cable & Hadria Corp.

Amerlean Gyurmaid Ca

Azer & Fong Invasi-Am. Osa & Entecirte

Am. Natural Ga

„BoullechKinia Cons Lid American Badang-

Tinton Corp-ad.

West Driefontein

-1301 D

Am. Sugar Jucf. American Tol, & Tel

Contract No. 6 (domestic)

6.09

06

5.03

5.00

Doc/Jan.

Mar/April

May/hira Mixed Contract

July/Aug Oct/Nov.

Dec/Jan

Mar Ape

May/June

21.00

METALS

NEW YORK-

Our Den Correspondent

Into the first V.810's was mgineered the experience. of

well over a million airline hours Viscount V.810 Cheap

flown by Viscounts, and some Ove million hours by Rolls- Royco Dart engines.

Fare Potential

The V.010 frat entered ser- vice in May 1958 with Con- finental Airlines of Denver, THE Viscount V.810 serios [USA, and other purchasers of

the alterati BTC

Lufthansa,

T aircraft, expocially in

fare

South African Airways, Hunt-a 70-seat layout, can have a ing-Clan Air Transpuri, Ansett- considerable effect uport A.N.A.. T.A.A. Airwork, prosent day tourist or coach Cubana, and V.A.S.P. (Brazil). class fares.

The Viscount V.810 is the

His the firm belief of Vickers- fastest and most economical of Armstrongs that the next big the Viscounts. It has a cruising step in the progress of or speed of 335 mph (which can be traceport is going to be towards increased to 400 mph by a

substantial

reductions. change of power plant in 1962). Theso alone can produce the big and it has a direct plano mile trafic increases which tho cost of 134 pence a mile at

ncedo realistic

for operating Industry European costa for anuncial stability. The success 400 mile sector. Its direct USA of the economy class on the costs on a 400 mile sector org

Atlantic, North 80 cents a plano mila maker's weekend cheap fare tickets on forecast which has been more internal routes, of "Inclusive" than proved by Continental Air air holidays, and of such ser- fines who have achieved 71.33 vices as the "Sofort," show cents on 500 miles over a long clearly that there are large re- period. This is 11 cents a mile,

words and $22 an hour below forecast. Continental's Viscount proût for Ha' fret seven `menths of V810 operation (average Beet for the period being 9. aircraft) $1.3 million,”

BOARDINGS

"1

of BEA'S

to be obtalacð: from a lowering of fares.

Historically, the traffic growth because of fare reduction is five times that resulting from was speed Increase, and this feet is well known. The problem, however, to offer the cheaper fards profitably, Old second- the aircraft are seldom the of the experi90 riser because

Robert P. Six, President of Continental Airlines, hos Flated that his Viscounts have been the of maintenance, and the in- primary factor in increased ferior basle economics of past- Business done on the Hongboardings of 90 per

cent generation transports. Vickers Stock Exchange kong

this Chicago, and 87 per cent in Log have, for some years past, con- morning amounted to proximately

ap Angeles.

centrated on producing modern $1,002,000. Noon

and quotations and the morning's

competitive aircraft which of attracting the transactions:

INSURANCES

UK Land, 70% 33%

Humphreys 15.00 Realty

18710

Trust .... 3.40

៩ ។

12

100 28.10 10006220

10002039 DUO 23.10 36002 2001 F 23.10 BAG SI BOO

130,000

A Tawah 3.10 3.370 Bungala..

1.00

13.45

the

how cheap fare while suli making

The

The first class layout of V.010 is, in Continental's alyie, are capable for 82 passengers plus a four important scat

rehr lounge. In lugher markets density, the layout can be for money for the operators, up to 70 passengers-at e proved Vanguard is an outstanding seat mile cost of 1.01 cents on example, and so is the V.810. 500 miles. This gives the V810 LOAD FACTOR

The potential substantially

to

reduce present coach and

In Europe, at 05 per cent load tourist fares while still making factor (46 passengers) and at good pronta at average local a 10 per cent profit, the V.810 current tourist 800 fares by from 12 per cent to and 30 per cent according to the

factors.

could reduce

The route.

The V810, like all the series Viscounts, is largēr roomier than the Y.700's. development of the Viscount has

In the USA, where the revenue been such that, compared with roten are lower, the reduction the original world ploneer V.030 on present day coach of 1943, the 010 has 80 per cent again at 65 per cent lead factor

fares more power, is 00 mph fasic and 10 per cent profit-could be and carries

uver double the from & per cent to 27 per cent

payload over

*

greater distance.

75 per cent with an average of 15 per

cent,

weight was soon increased

Con-

Although the V.810 series 16 100 stil only a year old in service, claims for the V.810's economic In the ease of the USA, the 9000 RUBBER

It has been progressively de- Amaly. *.. 2.50 2075 20000 in 2.525

veloped. It's all-up weight, for performance have already been 20000 6 2.58

more than proved 0000 2.85 example, was originally 07,500 tinental Airlines. Figures Bled 8000 4 2.519 | lbs, but the first alteraft

Was by that carrier, covering a six- 315 181* 1920 deilvered at 60,000 lbs, and this month

10179 30

period, show that the 20000

to direct plane mile corts have 72,500 lbs. This has meant an been 11 cents below estimate, extension of the

range with

and that the airline made á maximum payload (18,000 lbs) Viscount profit of $1.8 million from 800 to 1,200 miles with full in seven months from an aver- reserves. Alternatively, the age feet for the period of nine higher take-off weight can re-aircraft, duce seat-mllo costs ut extreme range by 28 per cent, and in- crease the eaming, *xwer the aircraft by 35 per cent.

UTILITIES

1

Tra

.... 0.10 29.30 1000 10:20 800 10575 Star Ferry

Closing prices, all in cents per, valimati ..

Averago prico. in U.5. at 14 designed spot markets; 34.34 | lb.: cente, Total sples: 5,221 balos.

Sao Paulo prices unquoted today,-UPI.

RUBBER

SINGAPORE

All prices in Straits cepts per lb. fo.b. Malayan ports:

·

10 000

117 2110004

100

500

111

500

A1

Lead July Sept

11.45b 11.000

Zinc July

10.70%

Sept.

Copper July

Sept

28.606

600 17.70 C. Light 17.70 17.30

1000 17.00 Electric .. 273% 37.70 000 21.70 1410 GÓ 2014 15.70 2000 2016 Telephone

Tin July

Arpt.

LONDON

500 4 285 100 G ZIL

Cement ... 3434 3435. 600 @ 3116

INDUSTRIALS

3600

tipo 05

租

3000

Closing prices, all in sterling (STORES, ETC. per long ton, unofficial after-Dalry.... 18.00 10.00 500

Watson

34:30.14.00 Lyme, Craw. 18.40 239 5000 20.40 2000 1840

Power

July

Am. Hamo Prod, ... Am. Mach. & Fry American, Metal ..

Geol.

Nov.

+

noun cension:.-

Mar.

GO:

Spot- NY

5.20

in

Open interest

-UZI.

No, I July

No. 1 Aug.

031-0316

03-94

Spot 3-month Copper

Spot

No. 3 July

No. 3 July

No. 4 July ****

Apot nutter vabklad

Biankel stope

01-0211 904-0145

·00-93

Leau 2nd half

No. 1 pale èrepo

90-00

Goldenining-American Tob. B

Anaconda Dapher

Bleed

"West Rand Cons-208 1950.

Brita Bomeo Petroleum Byndi

cat Execgitalisation,

British Potrolown

Burmah-$21.

Co.. Lid-2

Royal Dutch Petroleum-15. Ehell Transport & Trading—1958. -Reutor.

GOODWILL GIFT

London, June 19.

A Brush Textile din has given more than 10,000 worth of thele, machinery on display, at the Poznan Inter- national Trade Fair in Polend

Armour

Atlas Coat, NH Baldwlia-jump flam. Baltimore & Ohla Bank of Montreal beneficial Tinahoe Bendix Aviation Corp.

Banquet Cone.

Hatches Steel

poring Altplane Borden. (The) Co.

Burrough And Machina

Dritish Amer. Oll

Calif. Packing Corp. Cana. 2k, or Commă. Campbell Houp Co. Canadian Puello.

Cat. Tractor Celanepa (Corp)

Ch

... Financial Corp. Bantat, Danis Chrysler Motors Chart Parbady Colenia-Palmoliva Co. Colombia Calibog Co.

to the Pollsh Toxulo Insitute at Colded aren

Lock as a goodwill goatura,

Credit

Continental. Oil. of Del Crane

A spokesman for the firm- Grown Zallerbach Platt Brothers of Oldham, Last Cuben; MORE HARNE casture--tónlod :: hm that the mon gift Hail anything to do with R Dominion slozen £1.900.000 omnianet which the Power Aisprati arm was reported to hayo won Chemicals

Dupont de Nemours Fortherly of winning | Funtoon codNNA minchinery to cotton mill, all APIMCI Toda Crina Mall Special

COTTON

NEW YORK

All prices in cents per lli. Spot

NEW. OBLKANĄ prices in conta per ib.

LIVERPOOL

All prlone in pence per lh.:

Fuly/Aug

LONDON

All prices in pence per ib.:

No. 1. Bw spot

Jon/Mar.

Beitiament house term;

July/Rupt

Oct/Deb.

April/June

General markets, clf, basi

July

Bool,

Estal crapa' thick,

AMSTERDAM

2714-8791

All prices in- guilders per kilogram, okt. Juboj

Dinanti

June Rept.

Juta

Zie 2nd hatt

Берв

Flying Test Plant

For European Tours

SILVER and

The achieved plune-mile cost of average of 71.33 cents gives a Bost mile cost on a 500-enilo slagte of 1.01 cents for a 70e Beater aircraft (Continental's Jayout actually Is a first-class one of 52 seats, plus a repr lounge).

blue Viking

aircraft. owned by the

Marcan! "Company"Tor proving, festling

Vickers Vanguard

Wireless Telegraph Proves Long Claim and demonstrating their equip N, three European route-

Д

IN 1.80 0.90 10000ment is to shortly begin

Buyers Bellers

Tix.

5. It.... 702:5

COTTONS 2204 Texiles..

144

2191

601

Nanyang,

10

2000 1000 1000 4

130

9.30

10

KENTS

5100

FOREIGN FACHLANGE

NEW YORK

Closing into

Cannua tagland ele

LONDON

Closing ruins: buyers New York

Varia

1120

flights, made on · May

6. June 3 and June 4, the

0000; 3.50 series of demongirajjon jours in

Europe.

The plane made its debut at now Vickers Vanguard turbo- 10 Le Bourget airport in connection prop airliner has proved the with the Paris Air Bhow, The long-made claim of its cabin interior of the Viking bas manufacturers that, on short been completely redesigned to

Exchange Rates

houl

convert it to an airborne de- and short/medium monstration unit.

routes, this 425 mph aircraft'

The main navigational lostru- would haves block speeds as ments. are repeated to a demen-Food, if not better, than those stration panel in the cabin to of competing jets, be pat allow visitor to observa là... On the longest of the Bighia' comfort the pilot's use of these (London - Itome) the Van- equipements under oberational guard's Ume was actually # conditions, Up to twelvopaisen-) minutes foster than the current gora can be accommodated, schedule of a four migined pure

In addition to the Marconi jetua 3.10. Doppler Navidtists the installs- Vickers are not claiming that Tation cludor, o radio compan the Vanguard Has 'faster cruise (lijaleanly deryalal-controlled | spoed then, a jet (kui hava al- automatte dire Lone finder ku waya aid that the dips pre- miniatura: portion of the Vanguard's a 15.

wer maka spied, which can unde

Diings was done in the luck) unofficial enchante (marketin morning,',the following integrat 13. dollars (perial): Sterling, mates (per (43 Australian tioten" (pel car Inconwatan rupiah (per 100) Blam. sicals - (per 100) Singapore, fülradio)

Agreed Merchant

Rates

#wire Tronos Maximum-Bell-