1959-09-08 — Page 9

• THE CHINA MAIL, TUESDAY, SEPTEMBER 8, 1959.

LONDON EQUITY YIELDS

BEST AMONG MOST EUROPEAN ISSUES

London, Sept. 7...

If London has the best yielding equities it also has the largest share of new rights issues which gre probably the best chance of catching the missed bus of the equity boom. They ought to be thickest in those centres where equity yields have fallen

furthest below bond yields but in fact they are thickest here.

Japan Facing

Rice Glut

For

First Time

Tokyo, Sept. 7.

HONGKONG STOCK EXCHANGE

Our Own Córrespondents

Business done at the Hong- kong Stock Exchange this morn-

In Germany, where equities ing amounted to approximately are scule scarcity values yield-$1,100,000. Noon quotations and ing about half na much as bonds the morning's transactions; the Badische Anilins one-for- roven rights issue is regarded as epoch muking.

אדם

Though with so much German money chasing far too equities, the market could proba ably absorb dozens of rich Issues,

Missed

Shares Buyers Seller BANKS

dalen

913 ce a

DO ON

943 940

JIK Bank.

INSURANCES

Union .... Lombardi. UnderwriterE

In New York, where equity | DOCKS, ETC. are twice as high as Dock

K. WHATT prices London's the. absence of An

Issue this year is sadly miradd, American Telephone convertible

Providen!

4015

00

Prices Marked

Lower On London Market

London, Sept. 7.

The shadow of a possible early election fell neross the stock market today and prices everywhere were marked lower.

Was

Tao glit-edged market 5 neglected with prices 1/10 to 1% lower. Foreign bonds and tells were idle. Dollar stocks, were mixed, banka dull, and in- surances were sensitive to selling and widely lower, 1.30 The

market in Industrial Equities

de- Was especially 104pressed and a long list of falls all Was

in nearly recorded 1830sections. The bla chips

suffered

and particularly Unilever, for instance, lost 45 42.

SHIPPING

Waterboat

24.70

Wheelock

0.43 8.50 2000 6

6.50

*200*

3000

0.50

100

730 K4

1020 *

13.20 13.40

2000 K

200

THEY CA

4354 €51%

13.0 13.30

12.73

500

500 A

Lộc

AND, ETC.

K Land.

in

HK Hotel 2830′ 2011⁄2

XD.....

30 430 M 35% Humphreys 10.90 170

1325 155 2000 (1 Really

10000 GJ RUDDER

+

2275

Japan is facing the possibility of a domestic rice glut for the first time and the prospect has prompted anxious debate among economists rights issues and new issues are and Government officials.

A major question is one that plagues the governments of grain-rich Western nations like the United States whether or the Government should not maintain its policy of support lag production by offering high minimum payment annual rice crop.

Japanese farmers

for the

have been reaping bumper rice crops for the last four years and the 1950 harvest is likely to be another big one.

RICH HARVESTS

harvests The successive rich of the country's staple food bave steadily improved a once- The supply situation. crucial Japanese are now callug more

War World

11, than before when the food shortage started, although the Governinent still distributes rice on ration

The large supply of rice has started the traditional debate which opposes the interests of city; dwellers and farmers.

Some Japanese argin that maindrining Government price supports hoists the price of rice to an urtiniai levei and it the consumer.

Others say that to remove or lower the supports would be unfair to the farmer and might discourge production..

Since the end of the war, the and Japanese Government farmers have dene everything in their power to overrunie an acute food shoringe by increas ing rice production.

MEASURES

Mensures taken include large land Improvement and irriga- tion programmes, introduction of the latest insecticides and commercial fertilisers, develop ment of better and stronger rice strains, the use of electric cul- other farming tivators and machines, and the adoption of early planting methods to avoid damage by typhoons and cold spelis.

consumers have been declining a take about ten per cent of their rice ration on the average,

In London, nearly a hundred All running at the moment. free of stamp duty and in- curring smaller brokerage their nil paid or partly pald form.

often attractive

They

are

In the cities of rice-producing just because they are almost areas, nearly half of the rice the only things that relleve the cause the citizens do not want it. ration remains undelivered be-scarelly.

The Ministry says it has been particularly alarmed by the fact at the price of "grey-market" rice the part of the crop farmers sell directly to consumers--has continued to drop during the pre-harvest season.

The ration system will be seriously threatened if "grey- market" rice prices become lower than the official prices,

BIT

Importers point out that the ration prices of rice here maintained at n level near 20 world per cent higher than market prices.

silum

They suggest the food tion in urban areas will be greatly improved it the Govern ment permits sales of imported rice at low prices ConzumerJ.

to

needy

officials believe. But many this would cause prices of rice to fluctuate violently AN they! did before the wat. with losses to both producers and can-

sumers.

in

BREAD EATING

ried pro- The Increase

posed the Cuction also has question whether it is advisable for the Japanese to abandon the habit acquired after the war of eating bread,

National against

to

The Counell Dn Nutrition has warned the danger of reverting dependence solely upon rice as the staple food.

on

in

can-

If the present upswing in rice output continues, some officials

may have believe Japan exportable surplus of rice about five years.

Because

of differing sumer preferences, it would be

sell difficult to

indigenous Japanese rice abroad.

Rights

S. Dock..

BNC

Steels were badly hit at the 35.75 opening but staged Arm spots in the early afternoon and closed

Coal, Ricel and Engineering Babcock & Wilcox Lu43 30. Vickeri Lid 30 7144

Food and Tobacco

British Aerican Tob. Co., Ltd mus Def.

Imperial Tabacco, Co., Li- du.

430.