1959-10-07 — Page 9

Page

THE CHINA MAIL, WEDNESDAY, OCTOBER 7, 1959.

IF THE SOCIALISTS WIN

London

Closes

Firmer

London, Oct. 6. The stock market moved into firmer territory to- day as new buying in- terest more than COUN tered profit-taking prior to the elections,

Among Industrials steels show- ed a majolly of small improve ments. is were mostly steady and metals generally frines.

Gold stocks were off a bit but g11-edged securities posted smail Dollar stocks were irre-

Hains. gular-UPI.

Closing Pricos

Gedged Bonda Fri-h Transport ..

400'

Con bis 22-L4, L'orkels A-272-3/10 Conversing on

Ang-13, 16.

Funding £81,

ال المبل

31

3.

London Market

Will Have A Memorable Day

By AN ECONOMIC CORRESPONDENT

London, Oct. 6.

By the end of this week we shall know whether Conservative or Socialist occupy the Treasury members will Bench when Parliament re-assembles,

Are

HONGKONG New York Prices

STOCK

EXCHANGE

by

Dus Own Correspondent

Business done at the

Hong-

kong Stock Exchange this morn- $1,941,000. Noon quotations and Ing amounted to approximately the morning's transactions

Shares Buyera Hellers Baler BANKS ik Bank BAL D85

Unless within that time some- How far gilts will react given thing drastically unexpected a Socialist victory it in dificult

INSURANCES the battle will be to forecast with any confidence. trappena

losely-fought. For the Socialis: Every literate investor has bern

fighting This election (old often enough

weakness for cheap rampalga with everything they Socialists' havé and earlier widespread money and high prices for x- confidence in a walk-over win ed interest stocks. If they are by the Conservatives has large- convinced of this, they will hold

119 onto their gilts in the hope of ly evaporated.

making a killing before prices

of

Unlun

of the

Lombard.

45 42

SHIPPING

Waterbeat

23.90

Whee.ocks

ĕ.15 053

ICO 20 1000 0.43 1000.0

DOCKS ETC.

K. Whort..

120

Deck

M

Provident

14.00 14.00

That, broadly speaking, is what I expect will happen if the Socialists win the General Election this week.

Indeed "The Economist" in lis ericht Issue has commented-tumble. "With a few days to go before 1876/pulling day there in now der

real possibility that Mr Caltskeit I will become Prime Minister

Britain on October 9. It is not yet a probability,"

But let or right wins, Friday, October

fay to remember in don Stock Exchange.

Fuling Stock 30%. ITANI/2004 —

27-31/18

Zu

Anding

וזני!

*..

Di--

Saving 34, 18550-£90, Saving I, 1960/70-IN-15/16 Savings i, 1005/75-£37-7/16.

Banka Barclay's Back "A" Ltd ord-4 |

Chartered Bank-49: Hongkong-4.

insurance

Union Intance Content ---- COL

Alterait ni Motors

Driti-fi Moler Com

170

Ford Motor Cr-BQ 30.

Breweries

Distillers Co—-28* t*‡.

Juilding and Materials

Ord-171

Agreciated Portland Cement--54

Od.

241 10.

Coal, Strel and Engineering

Babenck L Wilcox

10d.

Vickers Lad-275 101.

Food and Tobacco

British American Tol

-405

Co., Ltd..

Promises

دامد

300 17 118

700118 1000 GR 500 $2

4500 14.00 2000 w 12h 2000 14.3

209 12 70

DITION

Given Brief Lift Prospects Seem

New York, Oct. 6.

The stock market received a brief lift late today ns Wall Street anticipated early application of Taft-Hartley to end the steel walkout.

depressed on very small volume

The market, which had then ; Donunion Store

most of the day, came up ub- stantially under the leadership of railroad, meel, and other groupe that would be helped by an end of the steel strike,

Trading picked up with volume in the nth hour enough to lift sales for the day above the previous session.

Oils Recover

New York Central with a goin

Dougia Airersti Dow Chemical .... Dupont de Nemour Eastern Air Line Kasinon Kodak

El Paso Natural Gas Family Fiance Corp Firestone Tyre & Rubber First Nat. City, Bank Ford Motor

Catineau Power

Georgia Pacific

General Electric General Mater

Getty Ou

Brighter For

Tramp Shipping

are

IMMEDIATE prospects for tramp shipping are somewhat brighter, but the recovery in freight rates under the influence of increased pre-winter demands will be limited. Many owners anxious to fix ahead in order to ensure employ- ment because it is fairly obvious that tonnage supply will continue well in excess of overall 35 requirements.

44

#79%

Glidden Ca

Goodrich (B. 7.) Co,

125

|

Goodyear Tyre

Grumman Aircraft

Gult O...... Hammond Organ

leyden Newport Corp.

ram Walker ...

Homestoke Mining Ca, Husna Refrig. Imperial OR .... Imperial Tobacco

of more than a point led the railroad division higher. Oli shares which had been depress- ed to new lows carly in the day came back from their worst.

General Tyre was strong in Its section mostly because of its part in rocket fuels tactor which uloo lifted Thiokol Ingersoll-Rand

Texas 590 30.75 Chemical,

Instruments 1500 11 led the electronics higher 1500 31.25

the Soviet rocket orbited and 351,53

as the moon. Ford stood out in 738.75 the autos with a gain of 2 points

at its besi.

Talkoo Duck J£75

35

whoever

will be, the 1-

But if, as at the moment it is! expected, the Conservatives do LAND, ETC. win-what then?

2500 No 14.73

2004 33 1200 35

100

IFSC Flater 33 31

fully expect that despite the | tendency there has been to dis-

count such a victory there will 111 Land .. be a inneymoon glow abna the What will happen if the palp- Stock Exchange for a few days able extravagance Socialist anyway. of

I promises go unheeded and thay earry the country with them!

LL7

The market, particularly Industrials, will come down with an almighty thud. The fall wilt be all the more emphatic be:

this market has boun Icause

turging ahead-despite occasion- ni jitters on the assumption of win. This IS what a Tory

"dis- Pinchin Julson Ansociates Ord-market men describe

counting" a Conservative vic- tory.

As for shares in the steel in dustry which is threatened with:

wall re-nationalisation, jobbers

to virtually ark them down Aveaway prices.

That is what I believe wai happen if the Socialists win. But I also believe that the slide in the market will be out of pro- portion. The decline will prob- ably persist only for a few days then reason--or at least a realis

i belief in inflationary pro- und the market in industrials will begin to rally as farsighted operators move in again.

አበ. .

G

Imperial Tobacco.

Co, Li-últi

h1luelaneous

Boordinaa Aarden Lid 2

Brits Oxygen L. --474

Canadian Pacife Ris-$15.

Damiop Huiber Co -25% 7.

Hongkong & Chinn C-130 Imal Chemical 474

Lyons & Co-164 4d

Untiever 110-1129 70.

Exper

Bowater Paper Chip Ord-55x c. specte-will prevall

Tradio and Electrical

Associated Electrical 17 d.

Finettle & Mucleat-SİA.

Fall Electric Co-441.

General Electric 40% ed.

Shipping Judo-Clung Klekm Nav. Co. det 01-20 24.

P&O Steam Navigation def ord -30% 19.

Stores

Great Universal 19000

Stores "A"--45%

Mark: & Spencer Ltd- MAR

Wadhwor PW2

Textiles

Conty JP 10-200 fl. Courtaulds Lló-áis Gu.

Stuces

Anglo-American Cup of

Africa-19 td.

South

Cal Guld-ids of Suth Africa

Cons Zine Cons. Ord-G45.

De Beers der--172 sa

Free State Develpment & lavest-

ment-109.

Petnine Tin—69 61.

Rands Gd.

Southern Kinto Con Lid~~27«. Union Corp-74% $158.

West Driciantet Goldmiring- 1:08 34.

Wat Rond Cons-22% Gd

DR

Gambling

Steels, which throughout the Humphreys election' campaign have shown.

Eealty manic-depressive tomdeneirs will momentarily leap ahead with RUBBER other industrial tagging along some fair way behind them.

Profit-Taking

The honeymoon will end when profi-taking begins as investors realise that the country has got to get back to business as usuni. The tallhark will be brief then the share are likely to stari a steady unspectacular climb.

Whoever

emerges

victorious on October 9, however, will in- heral a national cennomy whichị is healthier than it has been for many years.

Inland, Steel Co. In Business Machines 35 1 Harvester

Early in the day selling had depressed ells, rails, steels

20031.25 specials.-UFI.

07 37.

300 37

300 36.75 1000 37

18

120 18.30

1500 18.50

1,075

1.70

13000 3.0

Alden Inc. key

A. 3570

UTILITIES Tran

ان الفاو

Star Ferry. Yuunată

119 120

IN 18 10

C. Light

100 39,75 3000 - 305 00030's

500 110 DOC 1 10 TO

20010.

4530 18 1

500 19.

23.10 23.0 23242500

3000 23.94

1024

2012.0

Electric

ins 12.70 12.00 Macan E. 10.70 Telephone

3014

1509331. 2200 m 30*

300 37 1509375

INDUSTRIALS Cement... 375 39.23

STORES, ETC. Dairy XD 18.10.10 2108 19:10 Watson

20.10 201 500 / 20

300 20.20 23

Textile

Closing Prices

Ahitibl Pwr. & Paper

Algoma Steel Corp. Allied Chemicals

All Chalmers

American Ahline

Am. & Furgn Powe Aru. Gas & Electric

Ain. Home Prud.

Am. Mesh, & Fury, American Metai

Am. Natural Goa American Spelting Am. Sugar Ref American Tel & Tel American Tob.... Anuiconde Copper Arin Steel Artmour

Anberton Corp Atlas Con. Mining Dalwin-Lina-1am. Uallimore & Onio Book of Molical Bank of Nuys, Scotla

International Nickel

International Poper Int'l Tel & Zel

2145

13

172%

Rates

accepted for shipments.

a few months ahead are above

current levels, but below the

43

1933

374%

1244

44

peak Agure

7713

This lear

410

$12

established carlier

This indicates that

Reliability Of

owners themselves realise the Boeing 707's

severe handicap imposed on re-

covery tendencies by the huge tonnage surplus,

It is apparent, moreover, that

no radical

change is likely to

Canberra, Oct. 6. DOEINGS 707' word tho

Bmost valiable vircraft

take place in the general situa-ever used by an Australian

tlen fer tramp

shipping over

the next two or three scars. airline, the Minister for Do-

ከነዐ trade

Clearly

tonange fenco, Mr Athol Townley, balance will be attained unilla told the House of Represen- large proportion of war-bullitatives today. 315 ships has been scrapped.

לפ

Mr Townley who represents

"Empire-type ship, Ampleforth, the Minister for Civil Aviation, to the British Iron and Steel Senator Paltridge, in the House, Corporation

for was replying to a Governmagy (BISCO) £37,500 is believed

to be the questioner, Arst wor-built ship of standard The questiomer asted that type sold to British shipbreakers. Qantas Empire Airways add Comet airliners to their foot because of the unreliability of Boeing 707'3.

Another "Empire-type" vessel is expected to be taken over by DISCO within the next few days, It may well be that this 231% mail irickle will develop into a

steady stream, because Con- tinentei shipbreakers are abo 2014showing increased interest.

Johns Manville Co,

50%

Kalver Indurities

1012

Kamas C. Power & Light

and

Kemecutt Copper

Kimberly Cak

6014

Liggett & Myers Tob. Ch.

Lily Tulip

51

Litton Ind.

111%

Izbbw Gencelesias

2412

$ 34

Lockheed Alteraft

261

57%

Loews Liр. .....

37

Lone Star Cement Co.

115

Lowenstein & Sons

171

3314

2015 McDuravell Aberaft

3211

| Messių Iron Corp.

The recent sale of the

Mimeta Mining.

1431%

(Montga.very Ward

BL

1631

Motorets Inc.

107

BET

„Nattemiol Biæcult Ci

53

25

44National Lead

474 National Dairy Pro

National Cash Reg. "A"

591%

10!

Netional Steel Corp.

78

0934

New York Central

Noranda Mpes Lad

47%

50

SMALL TRICKLE

70

Norfolk & Wester

North Amor, Aviation

13%

327.

20%

Northwest Airlines (Comi

30

lu

Olla Mutlionors

4736

1

Que Elevators.....

6912

671 Oxcard Paper Co.

14% Owen-Ji Glas

74

Pacific Gas & Elec.

12 4741 63

Beech Life Savera

3

Pan American Airway

Bel) Telephone

4034

Bereicial Finasee

Z+

Parks Davis te

Parament Helures

*4

L. Craw.

Bendix Aviation Cory.

$2%

Pony J. C. Ca.

Denguel Cons...

15

Penn Ball Ca.

Bethkiem Steel

37

Plip Morris

7.23 7.40 12.83

1000 7.30 SC00 12.00

Boeing Airplane

30

Pitney Bowce

Dorden (The) Co,

773

Procter & Gamble Co.

1314

Burroughs Add Machine

2944

Pittsburgh Plate Cjass

British Amer Du.. British Columbia Elec. Calif. Packing_Corp. Canu. Bk. of Com

375

Publicker industries

Yura oll

Radin Corporation

50%

5014

D0%

Raythron

401

Campbell Soup Co.

कार

Republie Steel."

75%

Canadian Pacific R. Cuse 12. 13 Co.

Royal Bank of Canada

83

27

Sedre, Hovbuck & Co.

457

19

Shell Oil Co.

74

Cat. Tractor

32

Safeway Stores

3712

Celanese Carp.

283

C. IT Financial Corp.

Schenley Inc.

31

Scoll Paper

Chrysler Motors

04%

2

Cluett Perbody...

Smith, Kline & French"

w

kong and Japanese yards.

Colgate-Palmolive Co.

3776

Camblen Carbon Ca.

Socony Mobil

41

481

Solar Aircraft

103

Incal

Commercial Credit

5919 South Puerto Rico Sugar

30-12

มาส

Conmidated Edison

152

Southern Co. (The) ...

Censolidated Paper

37

Southern Railway (Com)

3.76

Cummers Cas

Standard Brandr

Sterling notes iper £1)

13.00

Continental Oil of Del.

50

Standard 11 of Cal.

48 **

Australian notes (per £13.

11.66

Crane Co

Indonesian rupiah (per 100).

4.00

Sip cols (per 100)

20.00

DA Ted Alkal

Crowne Zelierbach

Standard G of Ind.

3552

Standard C o N.J.

47%

58

Singapore (Straits)

181

Diamond Gard

Steel Co. of Canada Sterp Rock

a2

33% Bierling Drug Co.

BI

Stono & Webster

06

Studebaker-Packard Corp.

17+%

Sunshine Mining

Swift & Co.

423

Техад Со

721

D

Thicket Chem

43

Tido Water Ci

Time Inc.

DSL

Tri-Cont. Wartonts

2015

Twentieth Century Fox Film

31%

Union Carbide

14237

Velon Oil of Cal... ..........

4355xd

Valon Paciße Railway

Nanyang

Production is eight

per cent more than a year ago, gold re- serves have gone on increasing corrONS despite the fact that July, August and September are tradi- tionally difficult month, and the country has been able to achieve a record surplus on overseas payments.--London Express Ser-

-(Londem Express Service).

vice.

Agreed Merchant

Whether this rally will affect! sterin depends on the workability of the Socialist majurity. If it is patently unworkable-ten seals or less, let's say-the mere daz- ing investors will be likely return. They will be gambling: that the period necessary nationalise so mighty an indus- try would be greater than

the Socialists Selling 803. imr needed for

16:

16

The

Rates

Belgian Francs Maximum

to realise that they could 110' West German Deutschemarks

continue in office.

sur-

Of course one can only ise at this stage but I incline

to the view that the shares least likely to fade in the grey dawn of a new Socialist government will be South African gold shares they are attracting American attention-and oils which throughout the election campaign have shown thert- selves rather more sensitive

than 16 Petroleum American conditions

of Britain's political findings

British Borneo Petroleum Syndi cate 414.

British Petrolcani Co., Ltd-1s

30

Buruak-45s.

Royal

£14-15/18.

Dutch

Shrt Transport de

--Reuter,

Trading-141s.polisters.

Cotton Out

World Industry Of Recession

Manchester, Oct. 6.

Official confirmation that the cotton industry throughout the world is now well out of the recession came today from the Cotton Board Headquarters in Manchester.

In a quarterly review of the irreased by 18 per situation the Board said advices January to July. fram muny countcles mentioned

cent from

"It la on nome interest that this

for

Maximum Selling 72-5/10.

Yesterday's Closing

Vibro

MISCELLANEOUS ..... $3.00

INVESTMENTS

I FE

Invest.

8.30 2000 GOS

Exchange Rates

exchange

Business was done in the unofficia!

market morning at the following rotests. U.S. dollars (per $1)

Dillers-Seagrams

COMMODITY PRICES

METALS

NEW YORK

Closing prices, all in cents

per lb.:

All timovailable.

LONDON

Closing prices, all in sterling

per long lon.

Copper

March/Apri MOJ LITTE July/Aug. Oct/Nov.

SUGAR

NEW YORK

unbated

22.24 | Na + c 2216 Spot rubber 21.00 Blanket crepe.... 21.10 No. 1 pole crepe, UPI

LONDON

Closing prices all in

No. 1 Ra spot

1833-19

100-1013 0735-0014

113-115,

Silale O

Textron Inc.

| United Aircraft

United Fruit

Unitert das Corp

U.S. Cypru

U.S. Line Cu.

US. Rubber

pence per US. Smelting

3214-323

202-281

1.

Stenent house toarn:

Nov

29-20

Out./Dec.

237-22

Jass/March

Abril/June

27-28

July/Sept

275-27

Oct./Dec.

3712-27

Buyers Sellers

79312 794

3-month

7931

724

b.:

Oct. Jan.

Oct.

Nov,

Contract No. 4 (world)

Estate crope U

March

3.20

3.20

Spot

3-month

234

Lead ist hair

May July

Oct.

Jan.

70

70%

Oct.

71

Zine 1st half

Зно

Oct.

a7

Jan.

B3

8512

Total Sales: 120 contracts.

Spot-if.a.b. Cuba).......

UNI.

Open interprt: 7,123 contracts.

Contract No. 8 (domestic)

Nov.

16.06

068

5A1

May

5.0

July

Spot---¡CIA, NY. ex-duty) 0.00 Total Sale: 24 contracts.

234

COTTON

NEW YORK Unovailable.

NEW ORLEANS Unavailable;

SAO PAULO (Closing prices all in cruzeiro per kilo). Unquoted Average price in U.S. at 14 designated spot. markets 31.73

cents.

better levels of activity, leng-considerable expansion in the thening order books and in some rate at production should have decline of occurred despite a cases improved profit margins.

como 8,000 in the number of Cotton yarn output was about | workers since the beginning of eight per cent tügher in the the year," comments the report. In overseas textile manufac second quarter of the year com- pared with the same period of turing centres considerable head- 1950, led by a sharp improve way was reported. The situation ment in activity in the United in the United States was sald to

be the most favourable States where yarn production was sixteen per cent above last several years. An upsurge of domestic demand and export year's levels,

orders was reported from Japan and the Indian colton mail indus- | 7b.: try was said to be in much better Make a shape now than for some time. In Britain yarn output per

Most of the Continental cotton working day was stasistently textile industries had recovered higher 'thon the 1968 level from strongly from the recession in the May onwards.'- In August it whs | last few months, Stookta had been nino per cent above the Jousty reduced and order books had

production figure. Cloth

In- imgthened.Reuter.

OUTPUT HIGHER

Sept.

Jon.

March

Open Berest: 1,404 Contacİ”,— UPI.

No. 3 rubber

3.85 buyers

FOREIGN

EXCHANGE

U.S. Steel

Warner Bros.

Waukesha Motors

Westinghouse Electric Western Union Tel. Co. West Vs. Palo '& 'Paper Winn-Dixie Blores

Woolworth (K. W.)

$3

Mr Townley said he would pass on the request to Senator Paltridge.

But Boeings were possibly the most reliable aircral flown on the airlines of Australia.

He sald 70 707's were in use by world airlines and the U.S. Government had two including one used by President E:sen- hower.

At the present time, BISCO's price for scrap tonnage le around £8 per gross ten, but this may

Mr Townley said undue publi- have to be raised in face of city had been given to some of competition from European ship the incidents that had happen breakers who are bidding up-ed to 707's-China Mull Special. wards of £ per ton gross.

Various

standard-type i

steamers have been sold in recent Air India's Pay

weeks for demolition in Hong-

Ex-

pectations are that soraptonage Later Scheme

Singapore, Oct. 6.

IR India International

sales this year will reach a post- war peak of around three million tons as against 1.5 million tons of this last year. The effect 4114 increased tonnage wastage, how- ever, will be tempered by the delivery this year of something its "Travel First and Pay like 9 million tons of now ship | ping.

Meanwhile, two distinct rate trends are developing in freight markets one for Liberty-size ships and the other for 12,000-

and ton Vessels

upwards. Owners of Liberty-size vessels

♫ here today announced

Loter" plan.

Introduced In collaboration with the Bank of India, the Air India becomes the second Inter- national airline to introduce the soheme in which tickets may be purchased on Instalments after a small initial down payment. have already secured small rate The Boar-Qantas combine was premiumns for shipments

the first to introduce the scheme

which ore British ports

not to Singapore some months ago. suitable for the larger-size ships. —UPt.

to

APL Model Presented

Closing prices all in cerits per General markets clit. basis, portapa

Oc thick Oc AMSTERDAM

Closing prices all in guilders

per kilogram, c.l.f. October

No. 1 rubber

No. 2 rubber

No. i crope

2.83 buyersE

2.81 bapers 328 buyers

UPL

NEW YORK › Closing rates: Canada England

onkiel 30-days

10-days

W. Gennany

Holand

LONDON

Closing rates:

1.06-7/10

4.8030 9050

0200}

1.815-580 9.00 lavis.3.05 18/10 19307-16.57 140.10-140,16

17999631739%

Taft-Hartley Act Invoked

In Strike Of

Longshoremen

Palm Springs, Oct. 6. President Elsenhower today Invoked the Taft-Hartley act in the strike of long- shoremen.

In an official White HoLÁRE statement "published today, the Proaldent named a beard of en- quiry wiitan the terms of the Act,

Ele Board was ordered to in- vestigate the dockest dispute and report back to the Presi- dent by next Saturday.

Under the tears of the Taft- Hartley law the President; is empowered to ask the Justice Department to order a -rulures to work for an 80-day. cooling, off period.

The President' can act only after hẻ bạy received the ros |port of the Board of Enquiry.

AFP.

The American President. Lines was the recipient of a model gift from Mr X. I. Chang, Manager of the China Handwork Company, when he presented the Company, as % token of his apprecision and exterm, with a model of the.

President Hoover.

Mr Chang who has byliś over 80 different models of various shilps for different companies, tas just completed a commission of six models for the American President Lines -three of the ii President Cleveland, and three of the E. ................ President. Wilson....... These will be distributed throughout the:

APL offices in the Far East.

Photo shows (left to right) Mr Everett P. Mörsell, APL Manaker Horshung, Mr X, L. Chang and Mr E. R. Egbert, Passenger-Traffic Manager, APL, Hongkong, standing behind this rádal as Pretidant Mopver.

RUBBER

2,13010

Austraila

"

Now Zealank?

2.7933

South Africa

Belgium

NEW YORK Hex rubber futures closing Total sales: 71,200 bal

prices, all in cents per lb. bales. LIVERPOOL Closing prices all in pence per

American Contract

Oct/Nov. Drc./Jan.

Nov.

Manch

Bept Nov.

0045

indle

Pakistan

3760 37.00

32.00

New York

Montreal

32.25..

Ainsterdam

SINGAPORE

March/April

21.13

May/June July/Aug. Got/Nov

Mixed Contract

Closing prices all in 8tipity Frankfurt #140 conta per H. f.oh. Malayan porie: - Parle

No. 1't.

1909-1001 Stockholm

Brun

Oslo

Dot./Nov. Prec/Jan-

Miten Viersba

No. 3 Oct.