1959-09-10 — Page 9

Page

THE CHINA MAIL, THURSDAY, SEPTEMBER 10, 1939.

BRITAIN'S INTEREST RATES la paran

Can Do Much In

London

Managing The National Debt

The

Closes Higher

London, Sept. 9.

closed stock market irregularly higher today as optimism concerning Conservative election hopes tended to offset the depressing

of effects sharp break Street yesterday.

on

Walli

Steels featured a strong in- clusfriad lat posting gains of usi much as our shillings. Leading steel shares in the his! Iwo days Increased their total valuation by

£30 million,

Bowater went aheat on the dividere. increased

Molory Bined grand under the lead of

Fords and IMC Textiles and

Flores were firm.

Gold share

balance.

mixest.

were higher an finished Coppers

Oils failed to sustain a Jafe: rally to close itter.

C-edged securities

1 to 2.

Greris:

firm

foreign band market.

Dollar stocks were lower-41P1.

in

Closing Prices

filledeed Bande

Tuzsport .. TOR HA

London, Sept. 9. -

HONGKONG NY Stock Market

STOCK EXCHANGE

Our Own Courémiondent:3

Business done at the. Hong ong morning amounted to approxi- mately $200,000.

Stock Exchange this

Noon quista Bons and the mornings fìnha-

tione:

As proviously discussed, the key to the Radcliffe Report is application of the market-price mechanism to the manage- ment of the national debt: the Bank of England can do much to control domand-which means kooping it at the right level, avoiding undue repres- sion as well as unduo expansion-by, moeting the market, giving it the right 3716 assortment of what it wants at the right sta prices in relation to equities for the longs,

The Radcliffe Committee was

a no doubt that when the Bank does positively meet the market in that way (instead of either pressing funding for fe own Sale. or purshing it purely assively) there is n market to be found for the various types of debt, and probably-degille the great allure of equities-cm expanding one. Anyway, that is the Inb to be done

The Task

1

#d en

*The task of debt mumagement is to push the rate of interest to gained a level that is high enough

tract safefent firm holders of The the clubs and is yet consistent with a balance between demand mostly the publle sector, derhal in

the private sector, and the avail able resources of the economy." The surprise in the Report is is lindings that fundin pier-cutling of tong gifts, Cadly run inte danger of being perdone.

he The ocenumy Twist waterlogged, but it does not, to and will ordinarily 1859/-a great deal of liquidity has the additional which advantage of saving; the Treasury some interest cool.

Its disadvantage is that, as the shorts n be more easily cited, they can embarrass any future Barclay's Bank Ltd old-31 oficial efforts to deprens de

goods by a credit

1wb 2-13/20

Cup 2 £30

samo 473.

CORYETKİD||| Feel

£0-3/10.

Fundibe Dan 3:

1

ndug Stock 32. 1999/2004

£63-1-10.

271-3/16.

Funding

£91-5/10

4. Lat!

and

Savings 3. 1935, 05-200!« Savings 1, 1960/73 291-7/18. Saving 373-£75-B/18).

Banks

“boorte vech – – Bo

Rocker-3.

insurance

t'n Insurance Canton - £$..

Aiverall and Motors Bitish Muter Curta

11.

Ford Motor Co—78% 7łąd.

Breweries

Distillers Co-2 x 450,

mand

| squeezes

for

1121

want

Bird In Hand

But that defect is only con-

of

New York

Cotton Market

Buyers Sellers

Alures GOVT. LOANE

BANKS

39(941)

INSURANCES

ren

Haley

2009/02

045

20 47 940 103 AT 342

30

Lombard

40%

SIPPING

Waterboat. 20.08

Vicclocks 6.45

0.45

7000

1000 15 2000 : 0.50

Rallies After Opening Declines

New York, Sept. 9.

Stocks'ran into further declines today and then

came back swiftly from the day's lows, closing alightly lower on balance.

At the lows the market show ed declines running to more thus four points. Ford cut n loss of more than four points la one point.

Dauging Alteratt

Dow Chemicals

Dupont de Nemouta Enkleta Aršine

Psalman Kodak ....

El Paso Natural Ga Family Finance Corp.

& Rubber Firestone Thy Bank

Firo Nat

Ford Biotor

Georgia Acti

General Dynainter

Electric

from Gen

General Kolore

den Pur. Val

Gen. Tyre & Rubber City bi

American Motors, most netivo issue, touched $51, off 14 and then rose to a small net gain. It led the market in turn over for the sixth session.

rullied Steels. Issues lows that showed declines run- ning to more than two points, Du Pont rallied after a drop of nearly eight point. Goodyear came back from a drop of more that two points. Chrysler and 233 1320 American Con registered small guing near closing time. So did Westinghouse Electric.

Hestien Newport Cup Rollroad issues touched allomerinke Mining new Average low for the year Human Retri.

back from the tow 11.523 1.55 NOON (1,50 and came

developing 2000 13:5 with Armhers

Norfolk & Western and Union 1.270 3.324 107094 3.30 TE

10003325 Pacife. 13000

4519

Provideni 13.10 13.40

LAND, ETC,

DOCKS, ETC.

is, Wharf.

402

105

Dock

Take Dock 32 32

K Land XD 1

Neatly

HUBNEN Ainatz.

13K fotel

Bumphrey

Trust

New York, Sept. 9. Cotton futures moved ir.

regularly through another i dull session today with UTILITIES small trade buying orders Star Ferry offset by light southern liquidation.

At the close the list ruled three points higher in two lower after opening this morning three points higher to one lower. New Orleans futures also finishedi three points higher to two lower.

Nearby positions showed little sireng on the face of n somewhat less favourable week- ly weather report and the con- finued decline in certificated stock of collon,

COTTON LOANS

Washington reports said the Ord-17singent ta potential and not an

the Senate Agri- nctuality of inflationary dim- Chairman of

the culture Committer will back two culty) and the refroi Ituport's section on Demand for bills which permit cotton loans the dubt" in refrain which is of 30 per cent of parity with of U.S. unrestricted acrenge or 80 per also the rationale

mungenent rent of parity with payment in Teasury poiley, Inofter us there is one) kind. is that the bird in orat is well worth living, for his own sale]

[CITY LIGHTS

"Well, as a matter of facl. Mr. Podbury 19 sut how did Pou

know ?"

London Express Service,

Buliding and Materials

Asociated ortland Conent-24. Finchin Johnson Attuvintest Ord-

24

Coal, Steel and Engineering Habcock & Wilcox 150-19% 45d. Vickers Lis

Food and Tobacco

Bush Amerleau Tub. Co., Lia-

3.

Eurial Tohacen Co., Ltd-57s!

Miscellaneou

Beardson Marden Lid-Sa 460.

Ltxi Oxygen

31.

Briti

Gd.

Fun Rubber C-25x.

Ordis

Canadian Poelfie My-41994.

Hotgiring & Ching Gas-31, Inertal Chenseal in 19

Lyons & Ca—704 4!ýc Unilever Lid-100% od

aperין

Dirwater Poper મ!ત.

Corp Ord-45,

Radio and Electrical

Associated Electrical-S Electrical & Musical-a English Electric Co-439 3. Geheitl Electrics.

Shippin

Indo-China Steam Nay. Co. def ord-20 1.

P&O Steam Navigation deford

378,00.

W.

72

Stores Great Univeral Stores "A"-44 Jd.

"Marks & Spencer Lid-594

Woolworth F.

Textiles Cokis J&Ltd- 101d. Couruulda Lid-40 90.

debt

Grey

Train XD

10.10

101.30 C. Lint Elec. XAll 9.00

Macao E. EDU °Zlrubile:

INDUSTRIALS Censent...

STORES, ETC. Dairy

L. Crow.

COTTONS

Textile

Nanyang..

Vibro

103

50624,40

22LR 10

17.70 17.90 1500

INVESTMENTS

Allied BK & FE

Invest.

137 (50) 1500 L (15

giadra On, Goodrich (B. F. Co. Goodyear Tyre Grumman Alterati Gult on

Hammond Organ

4872

2001

ཐ

SPORTATION

Wilson's Arrival Marks Another

APL Achievement

THE arrival of the luxury passenger liner President Wilson in Hongkong tomorrow will commemorate the 200th trans-Pacifle voyage of a maritime fleet that grew from three, war-wenty ships after World War II into a mighty armada that now fans out over five major world trade routes under the American President Lines' flag.

I may

come a some-

thing of a surprise to many

people that the birth of Vertical Take-Off

American President Lines,

the oldest American flag Aircraft

operator in the Pacific and

York, Sept. 9.

merchant Beets, was some-7ERTICAL take-off air

Idaho wer

one of the world's great ·

Imperial O

311

Ingersoll-Rand

Inland Steel Co.

interchemical Corp.

thing of an accident."

3712

Int'l Business Machines Int'l Harvester

50%

Trading picked up sharply in Inte trading when prices

thant

were improving. Before volume had run well below the previous session.

Closing Prices

Ahlub Pwr., & Paper....

Alden ine, dey.

Algome Steel Corp.

Alled Chemiesla

Allied Mitim izm.

Allis Chalmers

Am Brake Shine

Am. Cute & Radio Corp.

Am. Mach. &F'dry.

American Metal

Armco Steel

Armour

Aling Cons. Maging

B-lena-klani,

Balmure & Ohio Bani zid Montrend Beneficial Finance. Bendix Aviation Corp.

termaitonat Nickel International Paper

Int'l Tel & Tel

Joins-Manville Co. Haizer Industry

Kansas C. Power & Ligit -Rennecott Copper

Kimberly Clark

tegett Meyers

Lly Tulip

Leckheed Alteraft

Ines flying the North

Atlantic routes, would cost

betwesh £2 and £3 million,

Little more than half a century ago, in 1901. the embers of the British Asso-

14 late Robert Dollar acquired clation for the Advancement

Tob. Lo

2015

$35.

Lion f

36

113

Loews airp.

48

ក

Lowenziel Sons,

39

2014

出すか

Lone Star Cement Co.

McDermott Joy

McDonnell Airersti

teas Iron Corp.

Minnesin Mining

rsion Development

Monsanto Chemical Co.

158zdMontgomery War

#torola Inc.

Notional Leat

the "Newsboy,"

a single of Selance wore told hero to-

day.

chief engineer

of the

steam schooner of some 200 Lons, for transporting his

And the first vertical take- lumber from Pacific North-

off craft to do the journey might west ports to markets down uc British, cald Mr H. G. Con the const, Robert Dollar was, was 60 years old when he British aircraft company, Short

into the new Brothers and Harland. aus launched

He believed a small military career of ship owner and strike aircraft, based the operator.

formula of his firm's research be plane, the SC-1, could operational within six or seven years.

Results

OPPORTUNITY

The Face Mail Steamship aircraft so far had been Company, which hnd been factory.

on

127 Pacific Coast to the rapidly teren answer to all-weather Ng-

developing Pacific Northwest, ing, Mr Conway also raid

cut

...3074

- 3.30 420

the

1.43

..

1723

3000 17112

2030 200 300 2013

131 125 113

24 121

2400

25 146

+24

34 344

1030 28.09

有

Asnerican Airline

American Cyanamid ca

17.70

Am. & Foren Power

500

17.70

Am. Gas & Electrio

401

101 10.00 20.00 21.10

Am Haine Prod

24

National Racun Co

Am. Natural Cin

National Codi Reg. "A"

87

American Smeting

4115

National Dairy Prod.

$13

achieved with

0000 a $.35

Am. Sugar Ret.

10

10.70 10.90

American Tei de tot.

77'

Nations Bleel Corp.

12312

the satis-

American Tob.

New York Central

27

MISCELLANEOUS

Noranda tes Ltd.

40

Annanda Copper

GAL

14.60

Norfolk & Westen Ry.

7711

North Amer. Aviatio

271x

carrying the mall from west of It seemed that vertiend take.. Isthmus of Panama the off alrerat might be the long-

up

Northwest Airlines Com.

4.70

2012

Olle Mathleron

1435

Oli Elevators

70

11.90

421

*:

Owen-Hiinals Glass

0215

donat

Oxford Paper Co.

2793

Pacille Gas & Elec.

Pan American Airways

#3

Paramott Pletis

Boeing Airpause

Porke Davis Co.

44

4330

Borden (The) Co. Burroughs And Machine Brillah Amer. Oil Calif. Packing Corp. Carin,

£7

Ferny J. c. Co.

10%

Mall

service

Avis

Port. Salt Co.

2012

Phillip Morris

501

Pitney Bowes

American" trade

70

5.73

Cana, Brewers....

Pilyburgh Plate Clas

15.03

Campbell Somp Co.

43

Publieker Indraries

No.

12,50

Cination Pune R.

Fur Oli

to

to 21.24

Ce 13. 1.) Co.

10

Radio Corporation

5743

at Tractor

100

Radio Corp. Piet,

Lancial Corp.

27

Raytheon

561

Nepable Stee?

281

Reynolds Metal

1013

Iteyal Bank of Canada

TO

art

Sears, Roebuck & Co.

17

nblan Cubes Cu Commercial Condit

Art

Shell Oll Co.

GFIL

Safeway, Stores..

Carz oldalet · Velison

#121

Salt Reg. Paper

Cinental Oil of Del.

Beall Paper

Crane Co.

Sinclate Ou

Crown Zellerbach

57

Smith, Cline & French

Cuban Amer, Sugar

10

Soenny o DU

Sotar Abrent

234

South Puerto Rico Sugar

1,11

Southern Co (The...

Southern National Gan .. Southern Railway Standard rate

Com,

Starklord of Col. Standart Out of Ing. Standard Oil of NJ.

20%

Steel Co. of Canada

R$12

3316

Exchange Rates

Duelness was dede in the toes) unonicial

market the morning at the following water

Exchange

US. dellars (per #1) Sterling notes ever £}}, goods were quiet and Australian notes per fi

indenrion minials per 1001.. Simon Beals (per 100) Singapore (Strait

and not merely because there is steady as USDA reported mill, aften nothing else to be had:

widened again in Dilla margins "Funding of Treasury beyond a certain (not very re- August for the seventh straight mote point would cause a major) month, August average margin was 30.30 cents against 28.75 jupheaval in our nangiaf

ditutions.

Th fact that there is, both in institutions and cents the prior month and 22.30 among individuals, and imiced, crots n year ago.

among

demand

In-

Ponies 100, a real

21 shortness

will yet

Yesterday's Closing

Benguet Cons...

Bethlehem Steel

isk. of Comum.

Co

Cherr Manhat. Barik Chryster Motor

Agreed Merchant Co

Rates

Diamond Alkali

Domirion Stores

Everpool finished unchanged for

Canadian Dollars Maximum be to Ave English points lower. No Selling 184, Minimum Buyitmond Gard securities which

hult acans tint the experts were reported.-UPI. 16 T 10 13/16. frinly authorities can cheaply place a this harge part of the debt in way, without incurring appreci able risk of being food with heavy encsh- extraordinarily

demands all coming at cace.... The total demand for ever at yields short bonds,

reciably lower than thove obtainable on long bonds, L substantial. No great pro- bring! Kress in funding ruight supplies of short bonds down to

Tow uncomfortably

Jovels."

China Mail Special.

CANADIAN

TRADE DEFICIT

Ottawa, Sept. 9. Canada's trade deficit rose to $459 million in the first seven months of the year, more than double the $198 million recorded) in the same period of 1958, the Bureau of Sta tistics sald today,

COMMODITY PRICES

SUGAR

NEW YORK

Closing prices all in ecats per per 1b.:

Contract No. 4 (world)

Jan: 1.12: Sept: 3.11: Oct: 3.30; March 31 May: 2.17 July: 5,19; Sept: 3,20 Oct: 1.65; Spot-... Cube): 3.15; Total Sales: 710 en- trete: Open interret: 6.300 castraci

Contract No. 6 (domestle)

Scut: 5.00; Now: 352; March: 5.00; May: 5.71: Spot-tet N.X. ex- duty): 500: Total Sales: 100 cop track: Open interest: 1.458 contracts.

--UPL

RUBBER

Ocl./Dec.

2794-28

General markets, C.A.L.

bands,

ports:

3cpl.

301-31 303-302

Gel. Nuv

Estate repl thin Sept. 30

thick Sept. 344 AMSTERDAM

Closing prices all in guliders per kilogram, c.l.f. Sept.

No. 1 rubber

No. 2 rubber No. 3 rubber No. I crepe

-UPL

METALS

NEW YORK

60% Procter & Gamble Co.

ל ור

Steep lock

Sterling Drug Co. Hokely-Van "Cump

Stone Webster Studebaker-Packard, Corp.

Sunshine Mining

Swift & Co.

Texas Co

Textron Inc.

Thickel Chem.

Tide Wuter Assi, Ola

Tube Ins.........

Tri-Cral, Warmante

Twentieth Century Fox Fam

Union Carbide

Voked Aircraft

us. Gypsum

was going out of business at the The ability to land and take

The line or in a small area would urn of the century. ted prospered under the impetus the cost at airport construction of the California Gold Rush of enormously. 1849 and 1830; in 1807 the Pacific It was possible too that VET-

expanded timal take-off craft would across the Pacific, and "Chinese-place alreraft carriers.

They

from

flourished. would be able to operate Pacific Mail ships also called at a naval erat email enough to Japanese and Philippine ports. risk sailing close to enemy lines. Mr Dollar sizzx) the opportunliy

buy and bulld a fleet of

merchant ships which were des-

-Router.

41tined to become forerunners of Space Travel

American President Lines,

It was during this period that In 100 Years?

70% shipping began to recupy last

place in Robert Dollar's interest.

4912

The Initial Pacile Mail freighter

York, Sapr. 9.

75%

Chief

Engincor

service to the Oment grew and CUR Ewart Smith, former 121 was further extended by Dollar's

42%

103%

acquisition of an interest in the

and

Pacific Const Steamship Com-Suporintondent of Armament 40% pany: this step usured entry design at Britain's Supply

into the marilline passivizor business on a big scale.

ויה -

GREAT FLEET

came a

Ministry, said hote he was convinced space flight would not reach the civil transport stage for at least 100 years.

In 11029

held the Sir Ewart, who chance to build a great passenger fleet. In Ministry pest from 1942 to 1945 13that year. Mr Itobert Dollar pur- told members of the British Ac- chased a fleet of President liners svelation for the Advancement from the United States Shipping of Science: Board (precursors of the Mark "I never had any doubt about time Administration, sat up in

Impor→ the immense potential 1936).

This represented the tance of gulded rocket missiles begining of the now famous in the military sphere.

round-the-world service" for

"I am equally convinced that the first of they will

play: no appreciable larg ne uf Presidents steamed role in civil transport for the

431%

24

301

231

4312

1009 APL.

472%

Tren 0 of Cai,

Union Pacific Railway

Closing prices, ull in

cents United Frufl

3.08 nom. per ib.:

Untled Gas Corp.

3.05 Noon.

Lead

Sept.

$2.70

IEA, Foll "D"

0314

Do

3.30 nom.

Oći.

11.75

1.50 nom.

Ime

Sept

11.45

US. Line Co.

30

11.45

Us. Rubber

Copper Seph

1.33

US. Smelling

Oel.

3137

8. Steri

103%

Tin Sept.

101.50

U.B. Steel 7 P.C. PF

14011

101.50

Warner Bros.

al

LONDON

Waukesha Motors

44

Wet'nghouse Air Brake

30!

Wesleni Union Tel. Co,

**03

Woolworth (

W.

121

793

Zenith Radio

3-moni

Lead 1st half Sept.

Déc.

Zine Lot half Sept.

COTTON

NEW YORK Unavailable

NEW ORLEANS Closing prices all in cents per

1b.

Oct.

blorch

MAY

fuly

Oct.

1,25

Dic.

7.34

33.50

SAO PAULO

A sharp increase in imporis accounted for the targe defcit, They were up 10.3 per cent in

NEW YORK to period

Rex rubber futures closing the January-July

33,310 million from last your's prices, all in cents per 1.

Sept. $3,001 million.

Exports rose slightly but not Nov,

Unquetod, The Jun. enough to keep pace.

March

(Closing prices all in cruzeiro sqven-month total was. $2,850 DAY million versus $2,803 million auty

33.60 per tdlo).

al 14 Average price in U.S. designated spot makeld: 81.77 the Imports Increased for

Closing prices all in Straits centa; Total sales: 44,111 bales. tent straight month in July,

LIVERPOOL climbing to $404 million from cents per lb. fo.b. Malayo ports:

closing prices nit in pence per Fren State Development & Invest-5431 million a year ago. With No. 1 Sept.

Anglo-American Corp of Bouth | year ago. Africa-1034 34.

Cons Goldfelds of South Africa

Caur. Lite Corp. Or G

10

De Teers def73

6.

ment-lih,

Hongkong Tin-4716d.

Petaling tin la 30.

Itand 1933 80.

Union Corp70 11.

3038 AL

West and Con21st.

Sept

Oct.

HINGAPORE

exports up 16 $433-million from No. 2 Sept. last year's $421 million, the re No. sulting trade deficit for the No.

110111

May/June

Closing prices, all in sterling Werlinghouse Electric

Buyers Sellers West Va. Til ♬ Poper

per long ton.:

Tin spot

3-month

Copper spot

FOREIGN LACHANGE

NEW FORit Closing ratus;

Canada England official

30-day 90-day

New Zealand Bouth Africa,

Other unclianged.

110-21016

10794-1074 1C02-100 lb.:

10732-1074

1004-2005

American Contract

Oct/Nov.

21.70

Doo/Jati

104-10055

1000014

Marchpril

Jul/Aug

Oct/Nov.

Mixed Contract Oct/Nov Dec Jan MaciApril

23.10

Mu

$1,50

rubber sabaled manth was $61 million compared et crepe West Briefoticinġokimining--with $10 million a year carller.

No. 1 pak crepe

LONDON The overall picture showed Increased imports th every catc- Closing prices all in pence per British Bornes Petroleum Byndi-gory-the United States, United Ib.:

Kingdoni, other Commonwealth Rotas spotted: 33-3316 British Petroleum co... Lutions and "all other"

Bettlement home serm: Oct./Dec.

3014-2015 Burmah-b pa

Jan./thrch

Cale30 75%.

11641

coun- WONE

trim. Conadian ossporta Royal Duith Petroleum-Eesti Shell Transport Trade down, however, to all but the Aprirune

U.S. UPI.

4160.-/outer)

July/Sept.

Oct/Ded

LONDON Closing rhtes:

New York Montreal

Brunt Copenhagen

bila Paris Buckholm

Vienna Zurich

1.04 31/31 2.8074

2.0040

2.8050

200 3/16-2.86 5/15 1.07.

3/18 140.10-140.15 173914-173012 13773-198745

In 1924

out of Sen Frantisco

Bay

through the Golden Gate: this next 100 years at least,

"Earth satellites us radio re- was The President Harrison,

became a casualty oflay stations, or for meteorology, which World War II seventeen years may be worth while, but if a human being lands on the moon Inter,

and cornes "back alive before

Space restarch was of selen-

Thus what started as a lum-2,000 AD). I shall be surprised." ber-carrying schooner in the tine interest "but it réems to me shape of the "Newsboy" rose 10

that this is doely to be one of the of the sinture

the present most newarding netde of re

flect **'reund-the-work"

of

search as far as any possibiri, Ni | President ships, the only line presetlent benefits are concerned." 1014 offering such service under one China Mall Special.

house flag.

UPL

-UPL

The sa President Wilson