1959-11-12 — Page 2

THE CHINA MAIL, THURSDAY, NOVEMBER 12, 1959.

U.S. Steel Output HONGKONG Little Change In New

York Market Prices

Moving Into Fast Production Rate

Pittsburgh, Nov. 11.

The tempo of steel production increased today with U.S. Steel, America's largest producer, expecting to hit 60 per cent of capacity at some facilities by the end of the week.

London

Remains Steady

London, Nov, 11.

It was the first day of the

new fortnight account on the stock exchange today

buyers came and

In large numbers.

Most major producers suld they were moving Production

i!

Jalo faster at had

been fore- rate than enst originally. In addition, the recall of workers has stepped up rox as many as 75 per cent of the United Steelworkers Union were expreted to be back on the job by the end of the work.

U.S. Steel said would teach 80

production cent of per

eastern at is major capacity and

midwestern cities by Saturday. But cpany-wide production would reach only 40 per cent, it said.

RAILROAD STRIKE

STOCK

EXCHANGE

Our Own Correspondent

to

Business John M the Hong- this Stuck Exchange kong

amounted

ap- morning proximately $1,814,000. Noon quotations and the morning's transactions:

Shares Days

New York, Nov, 11.

The more popular stocks dominated the stock market and at

their best showed gains of two to 18 points.

Increase was Commercial Credit

Coed J0chiÞor Consolidated Paper

I

exam Co.

50% Textron Inc. DOYLE, THIDIGT Chem., Traders. Finance Tri-Cont. Warrants g Twentietis Century Fox Fo

00% Union Carbide

Union Pacino Railway

United Aircraft

United Fruit

Π

The

11 market

whole Celanese Corp

GALT, Financial Corp. Ettle showed

change in the

Chase Manhat. Denk and volume Chrysler Metova lending averages turned down until late in the Clunt Peabody

Colgate-Palmolive Uni day when the notęd

06

Kales

141020

Very dew of 33

carponents Corumers Gas

24

34

10 1070

12

OS ÜB. Gypsum

Uneon X1 B2'*

Lombard. SHIPPING wherlock. 9.03

41.70

5.30 30 560 EDB.ED

DOCKR, ETC. K. WHEST

174

1K Bank. 1000

INSURANCE

Do

700 131 200 v 132

100 - 130

20 13:054

Provident 18.10 15.20 175013

#30 - 13,10

500 31.75

900 11149 37.79 2007173 240 374 100 18:30

0.05

of the Dow Jones average

kwung fractional aren, International Paper

Continental Oil of De Industriales Imperial Mike

2

Crane

vukelda Du Pont and Diamond Alkal

lost mare milers-Seagran Chrysler Domton Stores

De Aircraft

Crown Zellerbachi

then a point däck,

and General Electric had gaina Ef belter an a polet and United Aircraft rose à point.

New Highs

the

Dow Chemical

Lastenser Kodak

United Ge☐ Corp.

US. Toll ""

BUR. Libe Co.

UR. Rubber

UB. Smelting

Vasque (ÜN, Steel

8

event de Nemours

259

Fastern Air Lane

30

273

F1 Pleo Naturai Van

ra Nat. Cily Bark

TOM

| Fyed Mole

Georgia Pacho electronics deneral ectric

new

highs.Gener

Muny of

renched issues Other favourites of the were the independent where American Motors the bricht able. | drugs

received a whirl. did the makers of rocket

traders om te hubbar motors city "Bij · phone Gidan Co

Y.) Co. Goodrich (3 The Goodyear Tyre Don 80 Grumman Átrerin

fuel Gul O

1000 30.75-Thiokol and General Tere. 3150 30.75 Cessna slood

100111 134

700 - 120

400 121 20.20 20.30 000... 20.10 100 $350

crafts.

out in the air

Southern

פאנק

Kansas City 1720 20 10 weakened in the rails.

$300

20 20

1500 4 20.30

Today's volume was 2,820,000

200 2040 i sharer.

ET.

HK Land

75

371

丝

20

Bumphreya RUBBER Amst

X Sungula.. ITILITIES Train

£0.00 $0.00

JA

3.70 10000

425

4.93

3.25

.. 20.75

Bhar Ferry Yaumati

128

C. Lights

in In-

dustrial

vanced

equitien ad,

The company said birike by (1) a bread railroad workers in its Tenner-

iron division front In response to in- sec coal and creased investment and Alabama held

In

Electric

...

their

Tel

Conent

24.20

RTU 2320

FEL 13 40

29.00 20.00 INDUSTRIALS

074 30

20 2319

*** 246 1760 13 40 100323 013

2500

37

Bonds

volume

200

37'4

3000

37

| $5,000,000.

500

374

200

37'4 E Dow-Jones

2000

371

WETU:

STORES, ETC. Dairy

20.36 20 40

6700

Watum

1500 20

800

20.70

30 Industrials

1000

20.80 is villes

500 - 20.20

.

30 10 20.30

500

500

down company- wide production to the 40 per speculative buying. Senti-cent level. The steelworkers, ment was influenced By stymied by a strike of callroad the bright business out- men, began returning to look and by good com. jobs today.

pany news,

Gitt-edged were mixed with the undried stocks again easing

Marks, Spencer Dividend

London, Nov. 11. Marks and Spencer has declared an interim dividend of 121⁄2 per ccnt

оп

capital in-

creased by a

one-for-

five free scrip issue, payable January (same as on the old capital).

The turnover for the

April half-year September

to

30 was

£67,637,000 compared with £64,707,000 for the corresponding period in 1958, China" Mail Special.

while mury of the dated sues?

Greek, improved.

Rumunian

and Japanese issues were arm bonds market.

in the foreign

Dollar stocks were irregular.

in

indusetra the znazitet gains

casen

quite

equities

in were

substantial and

some

best prices were held in gen-

The company sal it will have produced more than 150,000 tons of strel without by Saturday,

another

Steel,

top Armco producer, sitt It would have 301- of its open hearth furnaces in Craw production by Saturday.

Meanwhile, several companies have ranged for pay advances fer veturning workers. offered a $30

Vien ..... 1455 INVESTMENTS

1000 4 20.30

23 220

300 DO

23 23.20

1300 23.10

►

9

2000 4 8.8.1

14.80

COTTONS

Textile

advance

three days of work and Stel sid its

Inland

after U.S.

Kanyang

MISCELLANEOUS

employees can draw $100 advaries which will four-y be deduced over period. UPI.

Int Allied 1K & FE

hives

0.40 415

12 40 12.00

Britain's Record

Steel

Output

London, Nov. 11.

300 800

CHICAGO GRAIN

MARKET

Chicago, Nov. 11.

Last minute commission house selling dropped wheat and soyabeatis prices, and other grains clowed mixed today an the Chicago Board of Trade. Whent trading was quiet, and There moet prices were easy.

was

small

commission

Of a total 1,144. inques traded 41 were higher and 410 lover. Amclean Exchange You Me was 1.000.000 anive,

† 20 mails

GS stock

amounted to

Fiammont Orgro

Heyden Newport Corp. from Wikideg

| Homeslake, Mining Co.

Tumman Tretrin,” Idaho Fawer Imperial OʻL Imperial Todačco Ingersoll-Rand

Ini Businem Machines

I Harvester International Nicket International Paper

il Tel & Tel

Johns Manville Co

Kaiver Dyhairtoo

Kai C. Power & Light Kennecott Copper Kimberly Clark

Leit & Myers Tob, Co. My Tulip

1stron Ind.

Lobkow Graceterias

closing averages 12heen Airerett

Closing Pricos

Abitibi. Per. & Paper

Alden Inc. Acy,

Algoma Steel Corp.

Allied Chemicals

Allis Chalmers Am. Brake Shoe American Alrine Cabi American

Corp. American Cyanamid Ca.

Loews Incorp...... Lowenstein & BODE. McDowell Airbru

60933 | Messbi Iron Corp. 182.45 Minors Mining

Mietion Development Mohon Power

7.

212.30

Montgomery

Motor fne.

Hatform Cash neg. "A"

National Lend

National Steel Corp.

1244 New York Cer.trai

Noranda Miner 113 Din Mathieson

11199 Our Elevators

Owen-Unoia Úlo

Pacto Om de Disc.

2435 American Altwaye

Parymount Plotures

25

69

& Radis

1934 Park Daria Oo,

100

Pitney Bow

4816

5014

Amer. & Forgn. Power Am. G& Electric Am. Home Prod

& dry. Am. Mich, American Moral Am. Natarak Cam American Belding Ain. Sugar Ref. American Tel & Tel

American Tob. Anaconda Copper Armes Steel Armour

Asbestos Corp. Atlas Cons. Mining

lwin-Lama-Karm. Baltimore &

Oilo Bank of Montreal Beech Life Savers Bell Telephone house Bendix Aviation Corp.

Bethlehem Steri

Boeing Airplane

buying and a moderate commer-Benquet Comms. cial demand for March,

Soyabeans dropped nearly two cents after the opening bell. with max Felling caused a

Britain's steel production larger govemment crap estimate

in October was running than had been expected.

Most

at record levels, according of the los was recovered later to the figures published a commercial and commission

Iron and houses bought beans-UPI. today by the

Steel Board.

manth week

Steel production that eral. Steel and engineering averaged 441,400 tons

The compared with 363,500 tons in shares were prominent. features of motors was a sharp October 1958 and rise in Fords to 103s 40.

TEXTILES STRONG

Electrical

Hin October 1957.

437,800 tons

October

This is the highest Agure so far reached and is only equipments and slightly below the lower aver-

belter

radios and televisions were age weekly production figure in The textiles May 1957 of 445,200 tons, and Stores were percentage of steelmaking capa- October Gussies strong city

Zuring

generally

strong. ware buoyant withi

worked

in their ex-capitalization form averaged 92. Shipping shares made I good

showing on the suggestion scrapping old ships,

Gold shares were

Pig Iron production was at the rate of 209,800 tons a week com- pared with 241,000 tons in

most of the day but picked up tons in October 1957.-UPI.

towards the close.

Coppers

closed on a firm note and ting

were strong.

Oils fell away in the closing minutes un reports that Russla was seeking exploration rights in Iran with Iran to receive $5 of profits. per cent were firm-UPI.

Rubbers

Closing Prices

British

RUPTS.

itedged Bonds

Transport

Consola 215£52

Consola 477-1/10.

J 1978/88-

Conversion Loan $100

Hongkong & China Gas-133. Imperial Chemical-15s 7150. Lyone & Co-1990 x4.

Unlever Lid-13 dd :.

Hadio and Electricni

Electrical & Musical-08 10 Path ectric Co-45 General Electric--42 94.

Shipping Trudo-Chi Stewn Nav. Co. del ord-Ji M.

Yesterday's Closing

Borden (The) Co

Hurroughs Add Machine British Columbia Elec. British Columbia they. Caitt. Packing Cup. Calif. 1. of Comm. Carta. BrewETH Canadian Parit n. Case 3. 11 Co. Cal Tractor

94 Pem. Sint Co.

457 Fhip Morris

Procter & Gamble Co.

Fitteburen kasetə Glam

Publierer Inte

315, Play O

284 Radio Corporation

$136 Kathbon

TB

1091

34

Deputie Blesi

Reynakis Metal

1215 More Enk of Canada

Seats Roebuck & Co

*** 193 10. NEUH | FRE

10

Saint Reg. Paper 18ebordey Inc. #1 Scat Paper ST10 Dincade

Bogany Mobi Di Boler Airatutt

South Puerto Moo BugƏT Southern Co. (The)

Smithers Kabafod čes Southern Railway (Com.) Band 3rwerzchni

Standard Ol or ci

1401

US Steel 7 PC, F.F. Warner Bros. Waukesha Motors Westinghouse Air Brake Westinghouse Elreisie Wortern Union Tet. Co. West Va, Pulp & Paper Winn-Dixie Slore

Woolworth K, W.)

Zenith Radio

Rubber

Market Review

Singapore, Nov. 11. The market was up si the open- ing in sympathy with over- farther steadied and on short covering and reserve of sellers.

Higher levels attracted profi- que taking however, and towards the

end of the morning the market Bilgyed with buyers

away.

The

2014 with

backing

afternoon opened steady

World Shipping In Midst Of Its Worst Depressions

London, Nov. 11.

[X7ORLD shipping is in the midst of one of the

WOR

worst depressions in memory, it was stated here tonight.

President Sir Nicholas Chyzer (shipowners in the world to of the chamber of shipping of overplay their hand." the United Kingdom told the chamber's annual dinner:

H

Nationa

with hitherto kille

or no shipping also had iried to No one with a know build up á emmtile marine, ledge of the faels would suppose | regardless et cont or conce- that the very recent upward quence, he added. movement in the tramp shipping market means the turn of the tidar

"So we

come up against the | well-known problems of rub-

son~

Įsidies and dag discrimination.

"Flags of convenience we can "Shipping is very sensitive in trade cycles," he said, "and it is leave alone for the Ume being," possible that over-optimistic Sir Nicholus declared, "Without

continued estimates of a

èx- ¡profit there is very little pansion ef

trade, coupled with venience in them. Easy finance Korea and Suez, lex some has fostered the growth of ship- 01 ping and for that matter shipbuilding yards which have n Capacity quite out of line with requirements.”

Improving Port

part of morning's drop Of Mauritius

Bha regaining then morning's

paltern repeated with profit-

inking gains,

In Londen, the rubber market

was strong with spot quoted at

013011⁄2 pence per pound.

473

品

41

1,

0431

34

8134

Ebanderd On of Ind.

Bardd On ∞ NJ

umqu

Sleep Book

53

Sterling Drug Co

unus

Stokely Van Camp.

237.

Blone & WebWIT

21

Bludebaker Packard Corp).

2614

Swin & Co.

COMMODITY PRICES

SUGAR

NEW YORK Closire prices

all in cents per lb.:"

Contract No. 4 (world)

METALS

RUBBER

SINGAPORE

Closing prices all in Straite cents per ib. 1.o.b. Malayan ports:

3.10 No. 1 Nov. 3.10

Dec. 3.14 No. 2 Nov.

3.15 No. 3

Spot rubber unbaled..

--

339 No. 4

M

330

Blanket crepe

No. 1 pale crepe

LONDON

נעג

Oct Dec.

Mar

NEW ORLEANS

2021

SHOC

In Amsterdam, the market

was steady today,

New York rubber market was

this unvallable

morning.---

uri.

im-

Sir Nicholas said, "an provement will only come about If there is scrapping of older tonnage on a world-wide basis, and a real effort is necessary by the shipowners of the world to GRANT of £540,000 work together and find solutions mutual difficulties."—

A GRANT OF $540,000 work 10

provements to Port Louis Harbour, Mauritius, haa

UPL

been approved under the Marine Survey

U.K. Coloniál Development and Welfare Act.

Total cost of the project— the colony's main scheme In

Off U.K. Coast

DAIMLER-BENZ harbours and quays develop-OLLOWING

MERGER WITH BMW

Munich, Nov. 11. Two of the biggest names in West German motor.

ment programme-is estimated

the

dis-

limited

covery of o at £675,000. One-fifth of the quantity of oil pt. Kim- cost is being met drown Mauritius meridge in Dorset earlier

Government funibe.

this year, BP. Exploration The scheme to improve the Company is to carry out a facilities of Port Louls Harbour, water-borne

lifeline of the country's economy,

geophysical

is an integral part of the five-survey off the south court year development programme of Dorset and the southwest

by the (1937-62) approved Legislative Council.

PROGRESS

;

Under the £15m. geo-

coast of the Isle of Wight. The object is to obtain new Information regarding the ing Daimler-Benz and

structure of the geological BMW — have been linked

rocks beneath the sea bed. as a result of a consoT-

This is the second water-bortis tium taking a majority gramme the social and econothic geophysical survey that BP has interest in BMW.

is being carried out in this area, the progress of Mauritius

by increasing Daimler-Benz is a member of accelerated

the first having taken place in 1956. of the land, de- the consortium together with productivity

This operation off the Isle of Deutsche the

Bank

new And theveloping

existing wight, will be slightly different 42% Bavarian State Bank and the industries, improving public ser from the first. Whereas the first

Bavarian State Reconstruction : vices

administrative

out by A survey was carried Finance Corporation,

strengthening specially equipped st wns I methods,

vessel, the announced by BMW.

communications and power sup-Scislim" the equipment for the that the increasing sice present survey will be entried

BMW which has been run-plies

and

ning at a loss since the end of of economic activity is not im-by two small locally hired boats.

the

war said Daimler-Benz peded by transport would place orders with BMW toitstions. which were expected to reach 300 million marks worth in

1960

BMW or Bayerische Motoren Werke, to give it its full title, employs 600 workers. The firm Jost much of its

assets after World War II through dismantl-

Closing prices all in cents ing operations and loss of plant

le East Germany. per ib.

LIVERPOOL

Dec.

Mar

BLAY

July

Oct.

135%-10%

Dec.

110-1195

画

12392-123

218-120

115-117

130-132

111-1131 per lb. 15-137

American Contract

Dec/Jan.

MET/AIT.

May/J

Jady/Au

Closing prices all in persze

MÁS

62.36

39.06

32.93

3.43

30.49

60.00

Closing prices all in pence

Oct/Now.

Mixed Contract

May/Jorn

dull

for October last year and 285,500

Miscellaneous

Jen. March Bies

Boardman Marden Lid-18, British Oxygen Lid. Ord-17% 64, Canadian Pacific Riy-447!2. Dunlop Reber Co-2

July

Rept

Oct

41⁄2.

Jan

Msr.

Bpot-165. Cobe)

Contract No, & (domestic)

J

March

Paper Bowaler Paper Corp Ord-bis 03.

May

July

per lb.:

SPU-CAL. NY. ex-duty)

No. 1 Has spat

30-251

Asociated Electrical-63.

Bettlement haust tean;

34-3476

94.

July/A

Dec.

Jan./March

DEREK

Oct/Nov.

2205

Apri/June

July/Sept.

301-301 301-305

General markets,

c.l.f.

SAO PAULO Closing prices all in cruzeiro bala, per kilo.

porte:

Dde.

73.50

Stor

Nov,

Mer.

14.00

Great Univerga). Borea "A"-33@ Marks & Spencer Lid-77 3d. Woolworth F. W. & Co-631

Dec.

35-3511

....

Closing prices, all in cents per

Average price in VA, at 14 de signated spot marketa: 150 cents.

Total es: 121,345 bales.

Ib.:

Textiles Coats & P L 1045d Courtaulda Lid=58 1440 xd,

Lead

Dee

11.10

Jih.

Zine

Bank "A" Ldit ord-

Dec.

11.00

per kilogiam, e.1.1. Nov.

Anglo-American Corp of Atste-209

Cons Goldfields of South Africa---

South

Jus Copper Dec,

11.90

No. 1 rubber

3. buyers

No, i humber

3.40 buyers

24.12

No. 3 rubber

Jam

02.

Tin

De Boera deljo

A.

Dec.

Jah.

ment-0.

Hongtong 1 Bộ

Petaling Tina 11 xd.

Ran1064 00%"

Bouthern Kinia Come Ltd-1e

per long tôn.

Union Corp77 10

West

This

100#,

Spot

Win and Carisuhde.

Funding Loan

1069/69+-+

Funding Stock 35%, 1990/2004- | 104d (Ex-capitalisation).

QTV.

65-7/16.

274-13/10.

03-5/18.

Funding Loar: 4. 1500/00-

Savings 2%. 1933/6879.

Bavings Y 1500/10-284

Savings 30, 1985/75-275-11:10.

Barclay's

024

Cob Zine Corp. Ord-734.

Free State Developement & Invest-

NEW YORK

Estate crepe thin Nov..

thick..

AMSTERDAM

Closing prices all i guilders

3351-55 No. 1 crepa

101.50

100,00

LONDON Closing prices, all in sterling

Chartered Bank-56s ad.

langkung-ce

Union Insurance Capton-5-3/16. Aircraft and Motore British Motor Corn. O-214 30. Ford Motor

43d cor.

Hoxies Ltd 10 3d."

Biandard Triumph International-

11a

Brewerles

Distillers Co-355 10.

"Building and Materials Associated Poriland Cement-749 2140 cor.

Pinchin Jahnéɑn Associates Ord- 280 30.

Cont, Steel & Englisering

Babcock Wilcox 1 a / be losgd. Vickers Lid=500 13000.

Food and zobac

Brillah Ainerican Tub. Co., Ltd. Ma Pa.

Imperial Tobacco

Driefontels Goldmining

But Hornno - Petroleum Byndi.

cate-819 3d 30k..

Byllan Petroleum Co., 4-5%

Xazal Panch Petroja

$120.kleuter.

Zibe 1st, fruk

Re

copotře

Exper

Led ask an

NOV

Buyers Sellers

$.98 buyer

3.88 DŁONIN

COTTON

NEW YORK Closing priced 411 in

Un

dents

FOREIGN

FACHANGE

NEW YORK All unavailablk.

LONDON

Closing Fatel:

Its share capital is to be re- duoud to 15 million marks from

out the capital

30 million which together with existing

reserves will balance present deficit, The will then be increased by 70 milliart marks with the [new shereg being issued to the consortium at par-China Mall Special

Ceylon Raises

or power

CLOSER INSHORE

The Port Louis Harbour scheme was drawn up by the Mauritius Government on the It is hoped that the smaller advice of a London firm of her boats will make it possible to bour consultants, Mesers Coods operate slightly more closely in- Work is expected in lost and Partners and approved after shore.

with discosions

interested about three weeks.

The survey consists of explod- parties including exporters and United Kingdon stugor

Im-ing charges of between five and ten pounds dx feet below the porter's.

surface of the water, along

pre- objects are to viously plotted line. Vibrations Its principal

security and transmitted into the sea bed and tighten customs

of ship, reflected back from various rock #podd tuin- round eliminating wasto and eventual-formations will be picked up by rendering the detectors towed behind the ship ly, it is hoped, port more attractive to trading on a quarter-mile long cable. veasels operating in the Indian The vibrations are recorded electrically on a time chart which Ocean.

will be analysed by experts at Two new lighterage quays ero BP's London offices. From the to be constructed on the north analysis of the records, the shape side of the harbour, while an of underground rock strata can existing deep-water quay will be deduced.

be strengthened

and extended

to link with them.

Duties On STORAGE SPACE Crepe Rubber

Colombo, Nov. 11. The government today

raised

the

On the site enclosed by the

quays a central Chartomg recep= thon area will be developed,

U.S. AIRLINES PROPOSE RATE CUT

Washington, Nov. 11, with adequate hard surface for YOUR shrlines have sub- open storage, trangit.. beds,

warehouses and access roads, Amitted to the Govern export duties on scrap the same time a site will be ment an Informal proposal crepa rubber and sheet rubber | reserved for the possible erectipa (for reduced farms for govem- by 10 cents per pound,

of sugar silos, in case, these are most personnel - travelling The aclibri,, enőctive at midə | reeded to andblem with the overeaus on official business, night, followed by werk growing preference of sugar ins

four-northwest, The similar itendawo in the export porters for bulk shipment, American, Senbound and West- duties on straight crepe rubber.

another economic move, the government réckçed the duty plumbago to oné rupte per hundredweight.UPT.

Pan

Export duties in all three Present Imports of Maurithiki nd, Trans. World-dent the te DelinCE inforsal tropical forms of rubber will stand at 38 | amount to an avensi totál - Secvility Nell H. McElroy, and cents per pound,

about 150,000 tems including Secretary of State Christian A. 50,000 tons of petroleu Here at other government duris, the moment and icecies within the past week, a badplom, 2,000) Aarh

roverbiedt source disclosed. Government corito inchadéric conk,

The chitáfu. proposed dis- corrunt sind saplidly, and sothe counts, on, trans-Atlantic and 210,000 et ufossaros, esegu. traher Pacific travel by goizezza.m mekt. Winployees on official Bus!» The United Kingdom is the name The Enük of such travel-

solyton offers ném odkrylower and depen

on

Exchange Rates

Businem was done in the worm colony's principal

at the

伸

}

maka. "tha | mpply for maniffactured (cónda, (destly, wholly muitly 'on' planes

quota of 385,000 jonar tota of meter wewe not upply to over *an Manach, belt chop BV

"