1959-10-20 — Page 9

Page

THE CHINA MAIL, TUESDAY, OCTOBER 20, 1959.

STRONG LONDON MARKET

London British Stocks Closes Commanding

Firm A New Respect

London, Oct. 19.

Sincks held on good volume

London, Oct. 19.

today in the face of The London Stock Exchange, still acts as profit-taking.

if a spell has been broken. As one pro- bably has, the market has to shift to ä new plane aligned to a changed climate.

Highlighting the session WHA continued strength in Elt-

edges which moved up 05 much as 11/18.

Industrials too, showed general gains and closing prices id most cases were the best of the day. Steels, engineering shares,

electrical equipments, kokorom, breweries, newspapers, textiles and stores all showed good goins. Oils were in demand.

Coppers and other base metals

Were firm,

Greeks issues held frm it a quiet foreign bond market,

Dollar stocks Improved,

The London Financials com- mon stock index rose to an all- time high.

Bank und Insurance shares were generally firm.

Gold shares were selectively bought but it was Anance issues which oftrasted mest interest. - Rubbers displayed marked franess.-UPI.

Closing Prices

British

C9-3/8

Glitedged Bonda

Tranport 3, 187/88

Convite - £$14. Consoli 45-£74-15/16. Conversion

COO

£943ing

Funding Stock

1960

Loan 35. 1930/60

347, 1009/2004

Savings 26, 185/65-£PING. BayDiga 35, 1900/70-83-3/10.

Funding Lean 407.1860/60- CA1-1/10

Savings 12, 1989/75–£779.

B

Barclay's Bank "A" Lid ord—59s, Chartered Bank-60% 94. Hongkong-£371..

Inaŭravee

+

Union Insurance Canton-£5%%.

Aircraft and Motors

Motor Corp. Ord-211

10.

Ford Motor Co-94,

Breweries

Dizilers Co-32 3d

Ruiding and Materials

Asociated Portland Conent-744

John cu Associates Ord 26 154

Coal, Steel & Engineering Babcock Vickers Lox Lid-1s 150.

fd.

Food and Tubacco Birlish American Tub. Co., Ltd- 62 711d,

Imperial Tobzeco Co, Ltd-

Miscellaneous

Boardman Marden Lids 31. Iiritlet Oxygen Lid. Ord-754 d. Canadian helfie My-AB}\___ Dunlop Rubber Co--žis &d.

mgkong & China Gos-131. Imperial Chemical-541 150. Lyutin & Co-na dd.

Unilever Ltd—1283,

Sweden's

Exports

Improve

New Prospect

New York New York

Cotton Market

New York, Oct. 19. Collon futures today turn- ed irregularly lower after:

firm stari, ·back. pedaling under renlising by local traders after a four day rise In the hearby deliveries.

reports

DHC

The

in

Stocks Move Lower

Under Pressure

groups

ཟ བྷ སྨད ་ ༔

HONGKONG

STOCK EXCHANGE

by

Our Own Correspondent

New York, Oct. 19. . Stocks continued under pressure today with prices

moving lower. In Moderately active trading. After opening gains up to 25 Hectic advtners attract profi-

The decline was attributed to taking. but the underlying de-cents a bale, the matcet settled

to Anish disappointment In Wall Street bock by easy steps mind is still strong,

over the collapse of last-ditch with decithes up to 60 cents a

steel negotiations over the week Some of is from abroad, bale, The final range was

end. President Eisenhower's New York and Continental 10

politis lower.

fact-anding board will report hours have circulated, market opened up two to seven to the White House in the fina memorandum en the attractions points. New Oricans also riep become the 80-day "cooling of British equities after the closed out one to 12 points. o" provision of the Tart- election,

Harley can be invoked, Reports of a slow-down

Most of the major textile afler the demand for

U.S. were kit in the sell-off. weeks

of netivity, and a rise Steel was of around three In prices to the best levels of points, Carpatiter and YounUDI- to encourage town four or better, Bethlehem A New York Dhe, probably the year, helped written by a conomist of realising along with some in- tost more than obe. Steals were international

among the leading groups last repute, thinks crease in hedge offerings. trat the new prospect of a long

Indicated week when It looked sa though Memphis Bolitical stability that while there were, numerous the steel strike would be settled Flod" of

Tafi-Harley Injunc under a pro-bustness Goyen- inquiries last week for forward; without a ment should bilract new home shipment spot cotton, the prin-on

Industries was off Lilton and fortigs interest to the cipal buying was for promot

The around three in the electronies, Londen, marich, which is still and November shipment.

below relativety

Continental light "spot" situation that has Westinghouse nore than a point. more than one and existed for the

last several IBM fell bourses. during the spring

weeks has cased to some degree, General Electrie lost a fraction -have been completely It says British business pros- the report added.

Rails were easy, ne were alr- and metals. American The Liverpool market today! crofts upset, the Stockholm busi- peets look decidedly beller than

Products featured an ness weekly Affarsvarlden in recent years and with scope closed five to 20 Engil points Home

otherwise mixed drug section for a new expansionary cycle. bigher but 644 to 731 American writes in its latest issue..

It added that British shares points under New York futures. with a gain more than a point. An analysis of the country's may be entitled to a higher-UPI. foreign trade over two-month rating than Continental periods shows that most of the because British company re- ports are easier to elucidate. improvement over last year

In registered WIS

All this is a novelty. January- February

March-April and in

The and, although on a minor scale, ulso in July-August. Exports showed the largest increase.

Stockholm, Oct. 19. offeinl forecasts for The

of the

developmient Sweden's foreign trade In 1959 both the one submitted with the Na- fional Budget in January and the revised forecast later

10.6 per cent, over last year la March-April, fell back to the 1938 level in May-June and ex- ceeded the 1958 gure by 10 per |cent in July-August,

DECLINE

Obes

Cabinet changes have bean well taken, As implying that the Conservatives intend to show their liberal attractive side.

and more

Attractiveness

London's superior atractive- ness has been relatively bearish for some overwras slock ex- only changes but Wall Street may

be looking-botter.

As regards Imports, | Jamary-February this year shows a more noticeable decline 1958, whereas compared with | the,

have following months

increase gradul withessed o over the 1958 figures. Over the entire eight-month period ex- up 7.2 per cent in perts are value

last year, while imports show a drop of 2.4 per cerit.

The

Paper

*

Radio and Electrical

Associated Electrical-

Bowater Paper Corp Ord-G4s 3d.

q, Electrical & Musicals 1d.

d.

་

Englia Electric Co-47 General Electtle 475 8d.

Shipping Indo-China Steam Nay. Co. dicf ord-30s. Bd.

P&O Steam Navigation det ord

^ 30.

Stores Great Universal Stores "A"'—-50B Marks & Spencer Ltd--009_454, Woolworth P. W. & Combis ad.

Textiles

Coats JP Ltd-33s 3d.

Anglo-American Corp of

Courtaulds Ltd-490 80.

Africa-1985 l.

88% 41%4.

Cons. Zinc

South

Cons Goldfields of South Africa

Onl~60 Bd.

De Brers def 179 174d.

Free State Development & Invest-

menimba 3 (Ex-Rights) cor.

9.

Holguny fin đó 103.

"Tin-ös 3d.

-10 d.

Southern Kints Cona Lid-27 3d.

Union Corp-on 1945.

West Driefontein Goldmusing-167@

West Rand Con-225 Gd.

oli

British Borneo Petroleum Syngi- cetola 34.

British Petroleum Co.. LÄG—EB), Burmah-108.

Royal Dutch Petroleum-E14. Shell Transport & Trading-148% si -Reuter,

Warning Of An Economic Split In West

Boston, Oct. 19.

The United States must, soļa

bickering two development groups in Europe If it is to prevent an outright split

And

victory for the Communit economist warned today.

&

world..

$11

over

true

New York money rates have bitten the bullet, with a till yield of about five per cent which and a short-bond yield equals nearly 5% per cent

That could be the the barks.

of the American' money peak cycle.

Only

ما

New South African Bullion Firm

London; Oct. 19. A new South African com. pany: Boilion Merchants' of South Africa Limited, has been formed by Union Acceptances Limited in conjunction with Samuel Montague & Company Limited and Mocatta & Goldsmid Limited, it was anriounced today.

The new firm will deal in

in the

is always Montagu, the autumn

current trends in Sweden's foreign trade seem to Indicate o continued growth in

imports during the months, Affarsvariden says, At the zame time it is unlikely that the accumulated lead. at- tained by exports compared with 1958 will be retained for the rest of this year. There is reasch, to believe, therefore,

It can be argued that if the compulsory voting British had which forces the inarticulates to the poll the election result might have been different,

Dow Jones closing averages were: 30 Industrials

20 rail

13 uitles

63 TCHA..

Commodity futurn index

Commodity spot index

MOST ACTIVE STOCKS

Amer Mira 037 off

Volume Stock

45,000

37.700

10.49 For Whit

- Sludo Pack

Closing Prices

Abit.be Pwr, & Paper Affed Cheinicals Am. Natural Gas American Tel, & Tei American To Armes Sterl

Algoma Blael Corp.

Anaconda Copper

Business done at the Hong- kong Stock Exchange this to appro- moming amounted ximately $1.397,000. Noon quota (lors and the morning's trans-

actions:

Rhares BANKS

Itayer Seller

HK Bank. 1000 1000

Baits

50 15 00745

JO J ICN

30

1:9

INSURANCES

1-3

De 400

13

2520

Waterboat

Wheelock 4.43 8.50 DOCKS, ETC.

123 100

321

:00

** 400

14.70 14.00 100

121 121

3512 00 200 351

Hotel 2015

Page

Britain Leads Shipping World

In Construction

4

London, Oct. 19.

Britain had increased her lead at the end of September as the world's premier shipbuilding nation, according to figures released today. Lloyds quarterly report of Apart from the previous hipbuilding returns said, how-quarter, this over, that a period analysis of lowest since June, 1957,

gute "how showa; trend to. The Incriasť war due to "a wards lower output" in Bellow figure of completions rather Than a high figure of tonnage

taiz and other countries.

Britain's

hinyards

were

total was the

commenced," the report added.

Th

working on 202 vessels with gross tonnaga of 2,097,784, an

roturna chowed that ina sase of 94,010 tons over the Japan, the world's, atcond ship- previous

was building nation, had increased quarter. Tils more

of the her turhage under construction one-Eith

under by 37,101 tons warld' toini,, tonnage construction.

than

Tanker Market

More Active

ALTHOUGH the rates are

changed,

there

was a bout of renewed ac- tivity in the tanker market and the centre of interest shifted from the Amarican trade back to the Persian Gulf.

32 1000 31.73 has

C. Light 30.32 38.40

700 31.75 27.73

אלית

US

Persian Gulf/Britain indicated by Europe rate is

Scale Lambert Brothers minus 30/57% per cent com- with Scale minus 62% pared per cent in the previous week,

1,206.683.

Sweden

A total

of

rzached

record A 848,308 tous (UD) 70.420 ton from the previous quarier), but. this was

"duc to a relatively low figure of completions dur- in the quarter.“ FIGURES

Other quarterly #gures were: West Germany.-968,000. tons (decrease of 22,454).

tons (du

Italy. 780,571 crease of 115.851).

Netherlands, 764,089 tons (dzarcass of 25,088)

crease of 133,084).

Francc682,074 tons

(15

tons

tons

United States-365,787 (decrease of 82,019). Norway-338,932

crcase of 23,435).

Spain-282,604 tons (increase

of 13,287).

The main reason for the renewed activity in the Persian

was the keen shown by Stanvac in Lonnage crease of 13,230).

939.64

138.11

91.48

212.70 K. Wharf

348.73

165.98

Docks ***

Provident Taikoo

close changer

LAND, ETC.

Altegh Cup

13

unch

34,000

SL-CI NJ

47:26

OFT

HK Land 321 37.75

32,200 Stud Poo W

15

25,000

US Steel

oft 36

NY Central

22,030 22.KM

Con 'Mir

BJ

off 139

Freally... RUNDER

Thiokol

511

Amaig, KD

1.70 -1.725

3.45

3.00 5000 ve

W

up

3000

10%

2000

EX

A. Tawah

4.26

Sungala

UTELITIES

Tram ..... 30%

31 1453

30.12

Poland-245.375

fons (in-

150

30.75

Star Forry

133

crease of ́11,891).

Yazmati.

Gulf

interesti Denmark.238,805 tons (de

XD

120

127 103

137

200 int

127

300 6

128

from

200 +

1217.

2000 (4 18:40

there to the Far East. This

Axed company

three tankers bed and further require-

Yugoslavia. 188,759 (deerbale of 10,758).

tons

Eelgium.-184,495

tons

(de-

2000 i 194?

crease of 38,601).

Electric

23.00

23.3

Canta-109,250

tons

1000 va 23 BO

(10-

210

23 50

in early September.

crease of 20,485).

Пto. 12.70

138

12 93

Finland,-107,181

tons

(in-

MAD H. 10.90

¡crease of 0,095),

10

Telephone 20 39.75

100"

201

1521

INDUSTRIALS

Another feature of interest

Coment

100

30

STORES, ETC. Dairy. XD 21.30 21.20 2333

8231

4630 1200 1050 21.10

20.80

Z

20021 20

Watson 23.30 Lane. Cras

300 2340

25

400 300 24,00

24.00

paid for this business.

COTTONS Textiles.

9.35 9.50 2800 11.

0.30

9.15

1030 61

11.20

3000 gr

935

9.40

tanyang 15.30

2000 19.20

2000 e 15.to

300 не

15.20

INVESTMENTS Int. 2.K. &

Invert

12.10

Asbestos Corp

Bank of Montreal Bank of Nova Spotla Beren Lila Savers Bell Telephone Benguet Cons

Airplore

arine Stoc

British Amer. Oil

Cada. Bk..of Comm Carrier Corp

Insurance

non-ingationary settlement of the American steel strike is now required to gold in different bar forms and

interchangeable gold cat Tractor disprove the charge that

Issued by certificates

Samuel Chesbrough Ponda Western Democracy

Bank of Nova Cupsier Motors

Clark Equipment prone to inflation.

Scola, Deutsche Bank, A. G. Coca-Cola

Union Colgate-Palmolive Co. of West Germany and

CU, Edisco Canolidated Paper Acceptances Limited,

The firm has been appointed continental

dealer in gold Coin Prod.... an authorised

Crown Zellerbagh by the Reserve Bank of South Distillers-Seagrams

Earlier this year, the Domino Stores Africa, that the outcome of this year's But Australia does tave it and

Bank Douges Aircraft South foreign trade will not show the yet decisively rejected the elec-announced it would

Dow Chemical negotiate Dupont de Nemours same strong improvement as in-oneering which

more the sale of standard gold bars Eastman Kodak dicated by the January-August specife in making promises than of about

Ford Motor 400 ounces to non- General Electric stutistics, but nonetheless the In clarifying how to pay fou

residents of the sterling area, General Motors Improvement will be substan-them-China Mall Special.

The Transvaal and Orange Free Goodyear tyre Gulf Off.. State Chamber of Mines later Intel Harvester announced arrangements for the int Nickel

dipl.

Rubber

Market Review

Singapore, Oct. 19. With news of U. K.'s stock-

pile programme the mar ket opened lower but ruled quiet at lower levels with the majority of dealers awaiting London reaction. Lower sheet

apart from some nearby covering was neglected.

seems

African Reserve

Product

Agreed Merchant sale of gold in kilo bars to non-int Silver

Belgiun Selling 887.

Rates

Franc, Maxim

Yesterday's Closing

sterling area buyers. Under Monsanto Chem these arrangements, gold may (Nennelt Copper be freely exported or left for New York Central

Olin Mathieson safe keeping in South Africa US, tubbor free of charge for an deanite US Steel period,China Mall Special.

Woolworth

COMMODITY PRICES

METALS

LONDON

Closing prices, all in sterling

The market was idle for most per long ton: of the afternoon, but there was Tin ipot same enquiry towards the close onth

Copper spot for November No. 1 Rss which

..amcntas. improved prices slightly.

Les 2nd half Dei. Jen. Zine 2nd half out.

Sellers rermined reserved."

In New The Altand C. Neal, President futures, today

of the Commities for Economic points Jower Development," said a browing contracts.

split between Europe's common market and the "Outer Seven

#reatens the West.

York, rex, rubber

closed 10 to 20 with sales of 20

Prices moved lover in slow

dealings.

"We should realise that the The present programime split in Europe is dangerous fon sales to be made by govern from the standpoint of 'que, eco- įment, sales agency for the cur nomic compétition with. the rent and next three months do- Communist world,” Mr Neal livery,

Bald in a aprech prepared for. the 21st Annum) Boston Con- on . distribution. “We Dirence must realise too thist just be Europe needed

No...

No. 4

Spol rubber, unbated

001-1001 1042-104-6

-1001 11314-118

LONDON

Blanket crepe-

No. à pele crese

Closing prices all pence per

Contract No. 8 (domeilio) Nov: 8.51; March: 0.42; May: 42; July: BB0: Spot(CL – NÝ. duty): 5.80-UPL

FOREIGN "EXCHANGE

the

No. 1 R spol.

324-31

Buyers Sellers |

Settlement House term:

704 Nov

3074-31

1235 | Oct./Dec.

2301 (208||| Apri/Jumpe

704% Juby/Sept.

28/2017

・下いま

TRA DOL/DOC

paiz

metal marketa, cid hasts, ports: Canada

aad

PT.

NOV.

RUBBER

что

Elitste grepe thin

per

NEW YORK Closing Tutes: unfueled England official

Dilek Oct.

·AMSTERDAM.

New

106.9/10

2017

30-days DO-days

277

Zestabid South Africa Closing, prices, oil in guilders Belgium

Downark

W. Charmminor,

gräm, elt Dot. rubber

20 nom?

2.51 nom. 3.70 nom,

UTI

SUGAR

calls

NEW YORK Bax rubber, futures prices, all in cents per

Nov

No. 1 Rss spot was quoted at

Nov.

centa

fo.b Malayal

all in een!

49 cena.

In London, the ribber'mar- our aid in the ket was certain with spot period of its own reconstruction, quoted at 32% pence. we now need Europe gid in the

further disk which Hes before In. Ansietdim, the rubber sukiok developing ing · inder- undket was uncertain toda

developed world, mur

LONDON

ex

800 180ments to Far East options, with 24 1000

loading at the end of August or

*J

CHINESE CHARTER

The report raid the consider-

has been in the clean section of able variation reflected the un- the market, where, after some settled state of the shipbuilding 2370nine months Inactivity. Chinese industry in the world generally.

charterers fixed a 15,000 tonner

CHICAGO GRAIN MARKET

from Constanza to China. The TOTAL TONNAGE rate, at about 60% was op-

preciably better than the

Just

The toll tonnage under con- striction in the world for CK- pórt amounted to 3,711,832 tons, Both the American trade and of which 20.6 per cent. was the trans-Atlantis market were being built in Japan, 10.8 per

very

per

slack. In the latter. Gulf cent West Germany, 14.5 Oll covered it Caribbeans to per cent in Sweden, 7.7 Lisbon requirement on terms cent in Italy, 7.8 per cent in the 6.2 per cent arranged privately, and there Netherlands, and W28 nothing else definitely iri Britain. the dirty section of quoting in the market though the Germans fixed a T2 tanker clean from Venezuela to

The Continent of

Europe.

FUEL OIL

Japan had a total of 765,250 tons under construction for ex- port (63.4 per cent of its total tonnage), West Germany, 726,- 275 ton (75 per cent) and Sweden 530,740 (63.5 per cent). The biggest customers for After weeks of preliminary chire built in other countries negotiations there are reports were Liberia (810,540 ton), of cargo purchases of fuel oll Norway (620.019 tons), concluded by

whaling Britain (568,735 tons).. several grounds. It ja clear from the Countries making the largest low prices agreed by certain additions to their existing filcots major oil companies that com-were Great Britain ⋅ (2,234,087 Chicago, Oct. 19.

Norway (061,556), Grain prices were mixed to-petition, for this business has tons).

| Liberia,,(910,540), the United day on the Board of Trade.

Lambert Brothers indicate the States (621,171), France (579

Bri-658), the Netherlands (50913), rate from Caribbeans to

been dercer than ever.

week, and the rats

and

At the final bell whoat was tain/Europe at Scale minus 80 (500,658), Japan (4414016) unchanged to off; com up per cent, compared with Scale tnd Sweden (375,090).

821% per cent in the tin in the world, anounted to Oil Laticers under condrug- 4' to oats off to up; minus Tye off to ; soyabeans oft previous

to and lard of 10 to up from Caribbeans to U.S.N.H. at 24 ships of 8,219,003 1039

A.T.R.S. minus 5214 per cent 23.25er cont of the total ten- compared with A.T.R.S.. minus (age-R¤ulër, In wheat, prices, receded from 55 per cent in the previous

3 polits.

early highs when commission week.

house, selling satisfied a comi-

mercial demand. Trade was

light, Some of the selling follow

ed. a joint U.S.-Canadiah Co Thick Plate

mittee's call for a coordinatea

disposal plan to solve wheat surplus

nations.

problems ut both Ship Welding

Dowards wordt exportEnd of thick steel plates were made 1,230,- TQUIPMENT for the weld-

Germán Airline's Working Löss

Cologne, Oct. 19. UFTHANSA, the West

Le siding, fost £2,702,330 in 1958 compor..

lim, Corn prices tallied after diboing to new lows in the, on ships là baing mörketed in ed with 62,093,220 in 1957 according to its balance nearby contracts. Eleválor Brittiin. Bel

The equipment (of the wheat flued today, a jed brokers sold heavy amounts of December. But casis - hamises vicciro-sing type), is intended. The planet of pannenkoek for use with Whaler of thickness carried in 1968 rom by 44.8 par od 1/18 bought, and local shorts cover-

of Extrem unward and cent over, the previous year, the 1/18 ed on the rally, a ban

starved to Bertable for the enbont of freight by 88.5 per Oats were steady. Shippigwaldg of heavy indents cant and use amount or mail by houses bought December; and Li selaid BE at plates: Weld-se per cent, the airlines Board commission trade was mixed. perbemed with the joint reported Income by 38.3

-UPI.

Exchange Rates

Eighth marked cable

morning at the following: ralogin

sterita

Bingapore

S

alg the Gurtita Gosition: neque

Boorbased sofa to bo občent the coals By ab. Child with the presens are at on

but an insitation of

per

of the welded fount in one run care o pino, Eottish | Vickers

nir kapead, ot lig series of deporte, Viu siurboprop

exine Other | lankos bf which, five hayo, ale Thethods, and the induction By

been ! dellyered,tefour Boo7707, 30 planes

by Rockew

Croydon, Surrey, England, Rou

12h one has aireddy been

the report statect