Page
THE CHINA MAIL,
TUESDAY, AUGUST 18, 1959.
RECOVERY OF THE FRANC
London Closes Firm
London, Aug. 17.
Devaluation Has
Achieved Much In Seven Months
Paris, Aug. 17.
A year ago, France was heavily in dobt. The franc currency was losing value twelfth ́every ́ month, and for the
in
with succession,
the year
of 1952 and temporary exception white-
1953, prices were chasing wages and vice-versa in a dizzy spiral.
The stock market closed
firm
Today with spread gains in the in- dustrial list.
Steels, engineering and motor shares advanced under selective buying. Most of the blue-chip stock: mad mrfest aproce
ments.
Gold stocks were a dull spol. Copper issues were rulet.
Oil:
turned irregular after opening Arm
Gift-edged steurites cuntinued to improve.
German lives were fum in the bond maritet, foretin
dollar stocks were mixed,--UPI.
Closing Prices
teased lands
13 tisk: runni
Cubes 472-7
Funding 1
1978/01
670
Lan 27
!
107.1/10.
E8/16.
Funding Stock
292-15-10
Jastr
29
..
$0 D
!!W/NO
115476 Bavis
5915 IN Sasmer 081-15/16. Savings 3 RS 476-0716
Banka LA 1 2
Hel
Charter Bath
Junky
train Instice Canton 254.
155
Aircraft and Motors
Motor Con
Fort Motor Co - 34
De time
Breweries
Wur
50%
Associated Patland Cemaral Pinchin Julien Astelate. Ou 22s Gr
Coal, Steel and Engineering
Haber.ck Web 1.14. 03.
Vickers Lul·-112%
Jood and Tobacco Talkh Ammirab Tab. Co., Ltd... Bits d
Imperial Tulare Co., 14 27%
Miscellaneous Human Marden Lam 11249 thxygen 1. DIG 041 Vatuitam Facttle Why $50%, Thinken Rubber Corpás 105d.
Chat Can 13-
Imperial herowat 40 al Lay me & the 7 10
Unilever Lu -
Paper
Pawater Paper Corp Ori - 304
Hadio and Electrical
Asstelated Eerliteal 02 9. Ericical & Musical 32% Fall Meetile Co 4% Ciberal Electric-37, Al
Shipping
Enefo-Chair Stent Nav and 4 ad.
P&C Kiram Navigation det ord 27-1
Stores
20
In twelve
years. ve governments tried in turn to direct the French ship of state.
Today, reven months after General de Gaulle's financial recovery plan was put into force, the standion in reversed,
France is a strong creditor in her international trade account,
The frame is a r
What they for the time being. were naked to du was to ugre 1o wait a bit for a further im- provement in their standard of living.
any
donc.
the
HONGKONG STOCK EXCHANGE
Our
this
Business done on the long-
Slock kong
Exchange morning amounted 50
ximately $938,000. Noon quota
ppt on atid the morning's trans-
actions:
Sharez Buyers Reilera Bates BANKS
Lambard suIPPING Wharf
Wheelock
מות
[00
FK Venx
INSURANCEs
Unsort..
40
101
6.31
500 G 10000
40
19.33
240
1.40
0.35
1000
6.17
1000,
0.35
200
12.00 13.20
500
13.10
100
JJ
207 1.
201 N
and 1890
This, the people have and have already been partly for their
patlones, rewarded
DOCKS, ETC. Trade Union agitators have been
Mock..... substantial currency.unable to get
Provide Taiko support for stelle movements,
experts According to purchasing power of the wage- Farmers, which fell by two per
Ari during the
thro momile of this year, rove again by a little ever one per cent in tie sreond quarter.
The standard of living is higher then it has ever been, and more business expansion and eater well-being lie ahead.
Results
The
a report published at beginning
Augiert, of
the Governor uf the Bank of
Baumgart France, M. Wilfrid her, said that the result of the
[CITY LIGHTS}
INDUSTRIES
EXTENSIONS
5.SMITH
EXTENSIONS
"It was a nice, peaceful
title business till I cut my prices!"
London Kaprese Serve
stabilisation
[ratu
plan it at the beginning of; nagurated 1959 and set on its course with a devaluation of 17.55 per cent was "comforting and brilliant".
the He described
results, chirved in so short a time, as "exceeded the most Dhaving
pumistic expectations in many respects."
The facts and figures of the business and financial station in August 1959 fully bear out M. Baungartner's optin::la re- appraisal of the French situation
exchange reserves Foreign show a Sanglais over import
600 million dollars. At the end of 1958, France was Maill in debt to foreign suppliers to a similar amount,
Great versa Stairs Abilities
70.
Marks & Spencer Lu
Woutwith FW. & Co 50% 4158,
Textiles Coat & Had-28 yd. Courtaulds Let the St.
Mines Anglo-Americais Cary of Altw z
South
Cuns, Goldtekla of South Afcheu -B1 63.
Con Zine Corp. Out of De koets der Pro rur.. Free State Development & Invest-
men 11 70
Tampone Tio - ta'd
Petaling To G-
Hand og det
Southern Kit
100.
Talan Corp 71. 7
fler total reserves, mi June 30, 1959, were US$1,633 mullion US$1,150 million against only
on December 31, 1958. The first jobjective of the recovery plan, in gel out of international trading debt, has thus been thoroughly achieved.
11
Restrictions
bas
achieved boen
by
Cat' 140 swcoping away a lot of restric- tions, and by holding down on prices and wages for the time being. Since early
West lefantern #gblinkdan --1524 West Rand ( 24 ti
4911
B: "Bern.. Petroleum Studie este 54 44
አ፡ .
C<L
13. Itish Peard way
Bamah 4AN.
A bid -52-
Roval haten Petrode, m
Shell Tran-port
Reuter.
- 14
This
year,
any foreigner has been able to Luy French stocks and shares without formalities, and the sale pheeds of such shares can be eirdited freely to a convertible The net outcome has been to make the frnne enwertible, or hard,
Trading -155+ |trane account.
RUBBER MARKET
REVIEW
4
Currency
for foreigners. It is expected Liat before much longer the SETC will apply to Frenchmen themselves.
The black market in
dollars
cl gold has practically dis- appeared. The Napolean gold coin still carries a premium of about eight per cent, but this is les than the premium on the busie gold prier paid for caina os oguinst ingots in other countries. Financial recovery has been accompanied by a foreign trade recovery, Although the govern- ment has relaxed restrictions on
GCRI
re-
Add to this picture the fact that User feared business version had not taken place, thal the small amount of unemploy- ment France had had
further decreased, that investment was rising, and that experts were Estendily going up.
445
324
LAND, ITC. 1K 120l 283
33 11K and
The phreys EGK) Beats, XD 1.23 10.930
Trast
יו
Irregularity
RANSPORTATION
Encountered New Survey Of
On Wall Street Goodwin Sands
New York, Aug. 17.
Stocks moved indecisively today in dull trad-
ing.
American Smeiling Am. Bugar not. Atnerican Tel & Tel American Toba. " Aneteda Copper Arno Sterl Armour
Investors were standing on¦ Am. Naturnt Gas the sidelines trying to evaluate the coming
Elsenhower- Khrushchev meeting and the effects of the long steel pirike.
Brokers look for a period of irregularity In the markel
turlar which some downside tests might be cn countered,
Atiaa Coma, Mining further Balchwiz-karsm-liam.
Heitor & Cha Book of Montreal Beneficial Finance Bendix Aviation Corp.
United Fruits lot more than Benguet Cons. Iwo points un A
dividendelehem Steel omission. Reynolds metals wha weak in the aluminium group, Goodrich won the weak sput, în the tyres and Easton Kodak met geblog in the chemicals.
Du Pont gained more than a Joint in the chemicals. Steel 2.16 Stacks were mixed, with
30
2,00
4.10
2000 100GA) 10
2.923
20000
1,
.
Tawnl S. Kelantan UTILITIES Tram 31.03.1 Star Forrs.
XD Yauleti
France has today a firm cur
ring 1ight tency, stable prices, a standard of living and a devetop- Ing production
export
market.
Bebind this recovery Hes the revolution In political methods. and in stitutional muchiarry carried
by General de Gut Gaulle after the revoll Algiers in May 1958. General de Gaulle had given the county
The
good good goverrunent. finances have followed, China Mail Special.
Eincing
Macao E. Telephone
130
IND
124)
184 13
13.30 HR to
13.0 un
200
20120 24.44)
500.
specialty steels scoring fair gains.
Hoeing Airplane Borden (The) Co. Burunga Add Machine British Aner, Oil Calif. Packing Corp. Cana. B of Comm. Campbell Soup Co. Canadian Pacifle R. Case (3, 1) Co. Cat. TrackIT Celanese Corp.
Electronies were mixed, with Chrysler Motors IBM a strong epot in this see- ition.
Some Gains
45
05
31%
61%
Now Completed
Marine charts of The Downs on board thousands of ships plying the English Channel will have to be revised us a result of a new complete survey carried out by the British Navy of the Goodwin Sands, which through the centuries have prob ably been the cause of the loss of more vessels than any other shoal around the coasts of Britain.
Some six weeks work by ships į sult of which the Echo carried of the East Coast of England out an immediate check nud
that Survey Unit have revealed that | arpertained
South Sand nitthrough they do not constitute | Ifrad had moved southwards for an immediate danger to naviga= } about' half a mile,
tion significent changes have taken place since the Goodwin
last surveyed their 64. catirety in 1943.
104
31
some
E. 1. T. Financial Corp. Ca Mantat. Bank
$31,
6-41:
were
Cluett cabody Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Consolidated Edison Continental ist Dei. Ciare Co
391
041
F141
654
that une
Crown Zellerbeeli
59
21.
Tyres were mixed. Some of the drugs were in demand,
Gains of a point or more in the list appear in Copperweld Steel, Fansteel, ACA
Freeport Sulphur. 1:00 1.55, Gordyear, Mergenthaler, Min- neopolis Honeywell, Pacific Telephone, Revlon, Schering and United Carbon.
10.30
$ 20.00
* BA
1000 20.00
INDUSTRIALS Cement ... JIPA
Metal... 1.00 STORES, ETC.
Dalry Watso
39
134
17 17.0
500
351, 3
12.50
1830 1985
4490
14.40
18 10
I. ant Crave.
XD 21.20 31.00
100
21,70
100
21 (X)
COTTONS
Textiles.
6.10
400 M
Nanyang
1040
Australion note per l
Tuner was done the the Il amfletel exchange market morning at the fallowing rates! US dollars (per $1 Sterling notes iper £
1:1.
this
23.0 24.30 Vibor 13.30 13.00 INVESTMENTS
5.73
int.
13.95
Allied
070 4.30
3261
..
indenesian reptul per 100) Sian licals per 100)
30
P.F.. Invest.
26
Sneopore Siraits)...
EXT
11.90 11
Exchange Rates
MISCELLANEOUS
The money-go-round
MIDLAND BANK INDEX
065
400 F
€25
180
170
́OF BUSINESS TURNOVER.
160
150
140
130
120-1
1935
Otra 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1
195-4
1956
1957
1958
'59
· 1950 = 100
A measure of Britalo's recovery is the speed with which money goes round and around. This Evening Standard chart, drawn from statistics complied by the Midland Bank, reflects the way that money in working harder as trado picks up.
London Expreza service.
Yesterday's Closing
Losses of a point
or more appeared in Aiten Industries,
Cuban Amier, Suger Diamond Alkali Damon Gard Dominion Stores Dougles Alperaft Ilow Chemtenis Dupont de Nesnom Eastern Airline Eastman Kodak,
El Paso Natural Gas Family Finance Corp
Firestone Tire & Rubber
First Nat. City Bank Ford Meter
Georgia Pacifie
Gener!
General Fict General Foods
General Motura Gen, Pub. Util.
Armstrong Cork, Caterpillar Gen. Tyre & Rubber
Tractor, Edison Brothers Stores, Johns Manville, Moma Copper United Aircraft and Westing house Electric.
Getty Oil
Today's volume was 1,080,000 11smond Organ
shares,
Of a total 1,175 shares traded,
450 were higher and 510 lower.
Heyden Newport Corp. Honestake Mining Co. Hun Refrig.
Idaho Power
Imperial DIL
Irgersoll-Rand
Inland Steel Co.
64
Hi
Ther was also a report ni breakers off the West Goodwin Buoy, which another local survey showed were caused by 1) croochment of 400 yards into the
HIMS Echo, Inshore survey craft, ant a surveying motor Gull. Stream, lunch. have discovered
sandbank hitherto
visible at low water-the South
Calliper-bos now quite dis-
appeared, while three new banks NEW FRENCH
have formed north of the Kellett
Gut, the once navigable channel
through the two mat masses of AIRLINE PLANNED
25315 the Goodwins..
37
150
T
NGO
15
+314
350
N7
MA
The Fork, the westerly neck
of the North Goodwins, is be coming detached, and South Sand Head, the most southerly tip of the Sands, have moved further south slice it way sur- vayed by the Eel last Septon- ber after a New Zealand' iner 25 bad grounded nearby.
Washington, Aug. 17. The American Export-Import Bank today granted $6,000,000 crodits to private French airline com- pany which plans to run a jet air service to Djakarta and Abidjan, and also around the world,
The survey made by the unit also included coastal waters be tween Ramsgate and Deal where other changes have been covered. There has, however, the Internation Air Transport
dis-
The now company is called
been the alteration in the Gull Company.
route
Through The Downe favoured by
The funds will aid the comTM necessary pany to buy two DC-8 jet planes tidalt a total cost of $10,000,000.
draught beCAUSE of the
21/
Giddens Co.
Gan Aircruft Gulf Ou
Gudrieh (3. F.) Co. Goodyear Tyre
401%
FRUSTS
123
G6)
41%
201Stream), the Inshore
21
45% vessels with tho
41
09
32nd
Interenemical Corp.
42
In
424
runge and protection afforded, except for a slight encroachment by the North Goodwins.
Int
to nationa! Nickel
1001
Intentiational Paper
Ini Tel & Tri
24%
Jan Manville Ca.
55
Dow Jones closing averages were! 31 Industrials
Kabran C. Power & Liglą
40
638 12
20 rado
162.18
Hrnecott Cupper
103
1.12
Kimberly Cluk
0711
DA
AROCSES
218.48
Liteett Meyers Tob. Cu.
Lily Tuin
50
43 bonds
13.01
108
Comin. Inture price index.
130.07
American Exchange volume was 800,000 shares.
Bonis volume amounted $3,010,000,
Closing Prices
Alded Chemicals
Allis Chalmers
Am. Brake Slove
American Airline
Business Machines Harvester
Litton Insi
Lockheed Aircraft
Les incoenent Co.
Lone Star
Lowenstein & Sons. McDermott J, Ray McDonnell Aircraft Messi Irun Corp. Minneoin Mining
Development Mi Chernical Co. Montgomery Ward Motorola Ine.
National Bikeu!! Co. National Call Beg. "A" National Dairy Prod. National Lead
AVILDE Pwr, & Paper
$ 375
Alden Ize. Ary,
37x-ris
Algoma Sterl” ftorp.
37%
136
19
55, 270
1412
New York Central,
33
172
20%
Am. Cable & Hudlá Corp. American Cyanamıld Co Aner & Forn. Power Am. Gun & Electre Am. Honu Prod. Ain. Mach. Fdry. American Metal
COMMODITY PRICES
RUBBER
New York, Aug. 17. Rex rubber futures today Imports, the balance of trade is prices, all in cents per lb.:
closed 30
favourable to
France for the
to 60 points first time in many years. lower on sales of 103 con-
government's
The
Critics gloamily forecast that rising
COTION
NEW YORK
Tin
Sept.
LONDON
23.09
102.00
102.00
National Steel Corp.
Noranda Mines Lik
Norfolk & Western Ity
North Amer. Aviation .... Northwest Airlines (Cont.)
Oln Mathieson
it Eirvators
Owen-illines Glass
Oxford Paper Co. Pacifle Gat & Elec. Pan American Airways Pramount Pictures Parke Davis Co.
Penny J. C. Co. Pero. Salt Co.
Philip Morris
Janey Bowes Procter & Gamble Co. Pittsburgh Plate Glass Publicker industries Pare of
Radio Corporation 101 Corp. Pret.
Raytheon
Ilepublic Stee!
Reynolds Metal
Huyal Bank of Canada
Closing prices, all in sterling Beats, Roelruck & Co.
Shell Oll Co,..
Safeway Stores: Buyers Sellers Satot Reg. Paper
נד
7912: Suhnley Inc.
Paper
Sinclair O
Smith, Cline & French
Socomy Mobil Oil
7031
103
234
Solar Aircraft
. 73
7+
NEW YORK
per long ton,
Rex rubber futures closing
Closing prices all in cents per
Tin
11:
Spot
50.10
30.60
33.30
Spol: 33.10: Oct: 3264; Dee: 1 Mor: 4.52; May: 33.73: July: Oct: 10.34; Dee: 30.3.
3;
nienth Copper
Spot
· 3-manth
33.00
54.30
NEW ORLEANS
Lead Brut haif
Aur,
34,10
31.00
Zine 2nd half
Aug. Nov.
Nov..."
731
60
-UPI.
Sept.
Nay
Ja11, Marchi
May July
tracts.
Sept. prices would once again ruin the Futures csed today on some recovery plan. Here again the profit-taking in the near mnails
government has
been provesi
SINGAPORE
Clusky prices all in Straits
after bly gaing last week, saft-right and the critics wrong. ness in primary markets and The experts of the austerity plan lack of manufacturers, support. allowed for a seven per cent in- cents per 1b, fo.b. Malayan
crease in price level, but prices perts:
Little business in neluals was reported done and cables were in fact only rose by four per cent during the first two months
(January
In Singapore, with overseas of the plan advices or expected there was February), and since then have only a little change in the open-in general remained virtually Ing level. Tereniter the stable. märket ragged with majority dealers inclined to trade. October
Stabilisation
No. pate crepe
Closing prices all in cents per lb.:
Spol: 31.50; Oct: 12.05: Deu: 32.12: Mar: 3231: May: 32 70; July: 3220; Oct: 30.30 Dec: 30.32.
SAO PAULO
(Closing prices all in eruzeiro per kilo):
Out: 63.00: Dec: 68; Mar: 64: Moy: 04.
Average price la U.S. al 14 de signated spot markets: 31.30 cents: Tutal ales: 31,204 bales.
LIVERPOOL
Closing prices unavailable. --- UPI.
METALS
731%
| FOREIGN
EXCHANGE
NEW YORK
Closing rates; Conado England official
30 days wo-days Australia
1,05%
សរ
2.01-1/10
2.81-1/16 2.61-1/10
3.244
and
No. 1 Aug. Sept. No. 2 Aug. No. S
10014-107
102-1051)
105-1001
105-105 No. 1
100%-10% Spot rubber misled Blanket eroge
103-104
2011-103 $143-32015
LONDON Closing prices ull ia pence per
No. 1 Ras spot...*** Betliament house term : Oct/Dec.
April/JunHET
3132-2136
51-3342 30-30 2015-2911
2011-291%
factory enquiry. During unofficial trading hours sollers came out and
Oct/Dec.
Aug.
2012-1814
3012-31
Closing
buyers
became le enthusiastle.
As a matter of fact, what Oct French people were being asked
301 30
state crepe thin Sept
per lb.:
tish people underwent during the
Thick Sept... AMSTERDAM Closing prices all in guilders
Lead
Bept.
Oci.
Sept.
11.44
All
Del.
31.03
stabilise their consumption level unchanged-UPI.
Copper
Parts
Blackholm
Sept.
10.75
UPI.
position particularly depressed This stabilisation of prices is with buyers holding off. Lower at the more remarkable since sheets neglected and factories the Government at the beginning } lb. were quiet, The market closed of the austerity campaign raised quiet,
the national minimum wage' by It was a very quiet session tour per cent to protect the ar
small demand for with only
lowest pak) workers against the September No. 2 Res and some rise in the cost of living which JINAUR
the they expected their plon to Oral motkola, eaf, bade, ports: more produce at the beginning.
In London, the rubber market to do was in to make an effort
was quiet with spot quoted at at austere living, such no the Bri-
In Amsterdam; the market post war years, as to try to per kilogram, cli. Bopt. was dull texty.-UPI.
31 pence.
NEW YORK
prices, all in cents
1138.
Now Zealarsi South Africa
liers unchanged,
LONDON
Closing ratesi
New York Montreal
Amsterdam,
12.00 Bruges
Copenhagen JYBKILL
9.84-1/10 2,01-7/10
South Puerto Rico Sugar
Southern Co. (The)
Southern National Gan Southern Raliway (Com.) Standard Brande
Oil of Cal
Standard Oll of Ind.
Standard Oll of N Sierp Rock
Sterling rug Co. Blokely Van Camp. Stone & Webster Studebaker-Packard Corp.
Sunatne Mining
Swift & 1.0.
Texas Cu
Textron Inc.
Thiokul Cheng,
Tide Water Anm. OR
Time Inc.
Twentieth Century
Uplon Carbide
Unior Oli et Cal.
"Fux".
Union Pacific Hallway
United Aircraf
United Taut
United Gas Corp.
U.S. Foll" U.S. GypsшAZEN U.S. Line Cn.
US. Rubber
U.S. Smelling
U.X. Staci
Film
THE
The first of these planes, which
Is to be delivered June 1960,
The overall survey of the will be used between Paris anci Goodwin Sands, which cover an Abidjan Bard between Paris and area of roughly twenty square Djakarta. The second, to be de- inlles, was
initiated by the livered in April 1901, will be Navy, used to operate a round-the- Hydrographer of following the incident involving world service via Tahiti once u Hit the New Zealand liner as a re-i week each way--AFP.
01
110
304
1009
14412
47
Wauhostia Molor
Westinghouse Air Brake Westinghouse Electric
U.. Utest 7 P.C. P
Warner Bros.
149.42
Western Union Tini, Co. West Va. Pulp & Paper Winn-Dixie Stor
Woolworth (K. V.) Zenith Stadio
the
New Prop Pattern
Rount.tp blades of thla Hamil, ton Standard propolise Identliy It as new design now undor. going flight texts at Lockheed's California Division in Burbank. Made of solid dural, the 13- foot propollers are geared to Alllkon. Model 601-D13 turbine engines for proving pro. gramme lending to cartifica- tion by Feitarat Aviation Agency. Strain gaupes altached to blades porintt engineers Inside cabin to determine strews loads at all
fight configurations.
Hamilton Standard propellor
will be installed an all 12 KL.M. Royal Dutch Airlines Electrap and
ап эли- submarine warfare modai-the YP3V-1-under development for the U.B. Navy,
on
Ales, U.0. Air Force C-1300 Harculos propeller blades are machinca from wingio forgings. Features
Include
synchro- phasing, electria de-icing, auto-feathering, negativo: tar- dua aystem and an independent "welf-contained oli system.
No comments yet.
Private notes are available after approval.