1960-01-05 — Page 2

THE CHINA MAIL, TUESDAY, JANUARY 5, · 1960,

LONDON VERSUS THE REST

No support from London Steel settlement HONGKONG

Wall Street is expected

London, Jan. 4. The London Stock Exchange has continued to roar ahead. If Wall Street's outlook is as shaky as some Americans think, London will have to go it alone. But it seems well able to do so.

closes higher

London, Jan 12

Oil and steels registered buoyant gning on the

London Stock Markel to

outlook for the

1960

boosts prices on Wall Street

New York, Jan. 1.

day sparked by a good Stocks turned up sharply on reports of a steel settlement today with steel and rail issues pacing the upturn.

business year.

There was also an increased The American magazine Busi-external defielt in 1960 should demand for equity shares, Bul noller but still British Government stocks were ners Werk thinks there may be romewhat

steps to reduce depressed following rumours of large and that well be a further rise In Amen.

higher Interest rates in 671- it air nilal, can bond yiekis (nost New Yea

The Morgan Guaranty Trust | ticipation of fall in gold and to take that fo experts seein

reserves for Decem- grantes) and that Wall Stres Company recently observed that currency

ber which may be announced the two prime requisites are to will be unable to tand it.

on. Tuesday, conßdence in Accordingly, the magazine rel untain foreign

a growing feeling that ports Wall Street will take a down turn of a kind net seen since That renting 10 The Thirties. be seen. bu Wall Sheet does seem likely to be restrained by the pressure of bonds and of the external deficit.

No confidence Americans and Canadians are not possimistice, but they profess no such glowing confidence in their market prospect as is now common In Britain.

Indirect restraht from Wall Street may usefully eurb Lon- which aver-enthudasın, Gon's has very few other curby at the monent.

The US Treasury Secretary, Mr Robert Anderson, thinks the

NOTICE

TO U.S. CITIZENS

10

Dollar stocks were generally improved Coppers also were

the dollar ("for both metal and

213 perigal reaso

United States better. the strengthen empetitive perition,

Loss of gold

The

Dow-Jones

Industrial

stock average, which closed in 1939 of a new peak added more then 6.50 in early trading, the biggest gain since Dec. 8, 1940, while the rall nection rose more its best galu than four points, since Aug. 20 last year,

Sheet ros Youngstown elmost four in the strcle where U.S. Steel added more three, Jones and Laughlin more then four, and Lukens, Republic and Dethlichem two or better.

number of the rails showed Shell, Ultramar and Burmah

New York trends. Ngher also made headway.

up more than Steel Wales, South Dar-Central wos. ham and Stewaris and Lloyds point.

'Today's volume was 3,090,000 were among reel shares show-

chores. ing a healthy buoyancy-AP,

British petroleum and Aus- trulla's Interstate all concern were among oil concerns show-

Compared with these two, it raid, all other proposed or conjing good gains.

ceivable means

of

redressing

the balance of payments are wondary. In 1938 the loss of gold has been checkedt, but the payments deficit has continued

to grow.

The Morgan Guaranty ascribes these changes in relative pre

Rold for

anci dollar ference

sets, mainly to fluctuating In- fert rates rather than to vary- ing confere in the dollar.

It holds that curbs on the out- aw of funds will be largely Lelf-defeating because most such funds come back in payment for dollar good, in any case,

Protectionim would aggravate solve the problem. rather than

It seps the real need as stability in domestic costs and prices.

come

Turning wheel Perhaps the mest triking The wheel of how mustration has turned between Europe and from recently America President Fisenhower's former Social Aristant, Mr Gebriel Hauge. He counselled relaxo- tion of interference with private Abroad American investment

kind of capital iveurs commutes"

Mr Hauge dtled that the Buy

te American modications

Most U.S. Citizens will

to be required

a file U.S. Federal Income Tax Return for the year 1959. U.S. citizens residing in Ilong Kong, wishing to file through some

their Federal Income Tax

#re

Returns for the year 1959

that informed

an

the officer of

Internal Revenue Service, will visiting Hong Kong from January 11 to 15;

be

1960,

01

old programune should. be ne- actions carded as exceptional resembling the post-war dollar sermination against American foods in Europe and should not be regarded by other nations in'

foreign their improved change circumstances as a basis .own for retrogression in their

In order to give advicerale and payments policy,

CK-

It there is a deep-seated

and assistance with any celal problem it may be in the German as much as in tho With

problems arising when fill-American labour scene. ing in forms. Interested persons should call the

their national elections coming

1000 and 1951, respesuvely, these two countries are that

much disadvantage against Dri-

"American Consulate General bich is still diesling the

Telephone No. 35071, Ext. 220, for an appointment.

Announcing the

rout of the anil-business poli- Lienl

Mall fuction.China Special.

opening of our Hong Kong Office

January 18, 1960

R. W. Pressprich & Co.

INVESTMENT BANKERS

48 Wall Street, New York

MEMBERS

New York Stock Exchange

American Stock Exchange (Astor.), Midwest Stock Exchange

AMERICAN STOCKS & BONDS

MUTUAL FUNDS

Investment Advice.

Portfolio Analysis

NORMAN L. YU Representative

603 TAK SHING HOUSE, HONG KONG

Telephone: 31434

WILL YOU SELL IN NOD,

Firm of agents, situated in Oslo's best quarter, wishes to contact factories and exporters in Hong Kong for

representation in Norway. Our firm has connections

Closing prices

GtRedged Bonda

Loen

Rei Transport 3. 1978/15H~~ DOTU. Console 29-4? Consola 474 Conversion

1903 Luen J. LGS.

Funding

3 [959/60- COM

Funding Stock 3, 1990/2004–

Funding Lesh

1950/90

Saving 3%. 1905/55 R19?*. Savings 31, 1900/70 ERIT Savinje 25. 1005/75-70%.

Banks

4

Barclay's Bank "A" Lid ord-85a

Chartered Bank-da 3d cor. Jongkong-R. 8734.

De Havilland Aircraft- 10 Ford Motor Co-11 3d.

Hawker Siddeley

Group Rooles Lid "A"-11 10IGA, Standard Triumph International-

314 30.

11 101.

than

Goodyear Tyr

International Paper Int'l Tel & Tel

43%

STOCK

EXCHANGE Changing pattern

b

Qu: 0-n Carrergondunt

Busincys done at flie Rong kong Stock Exchange

This

morning amounted to approxi

mately $1,049,000, Nocr quota- cos and the morning's trans-

actions:

Share Buyers Belters BANKS

Blank 110s 1910

14

1315 15.00 6.14

Xan

10 1180

40 G+ 1200

0.20 12000 + 0.15

1000+20

25000 4.15

1000 $ 8.13

in today's

railway world

鳗

WHEN railways were first invented they were WE

merely wooden rails on which coal trucks could be drawn by horses. Then the Cornishman, Richard Trevithick, built the first steam locomotive in 1804, to be followed by others including George 581-00 1900 283 Stephenson, who built an improved engine, "Loco- motive No. 1", which opened the world's first public railway in the north of England in 1825.

300 58%

200

2005

Goodrich (B. F.) Co.

4011.K.

Grumman Alterat

221

Heyden Newport Corp.

18

INSURANCES

tiram Walker

334

Union

Homesake Mining Co.

42

SHIPPING

Kurzan Betrig.

20

Waterbost

Imperial Oil .....

38

Wheelock

Imperial Tobacco

Inland Steel Co. ·

3314

Interchemist Corp.

In Dumiere Machines Int'l Harvester

437

TOCKS. ETC.

45

Dock

International Nickel

100TL

1341a

40

181

P514

Provident

. 17.00

Kimberly Ch

09

a

Liggett & Myers Tob. Co. LAZY TUND

R

500 et 18

Lockherd Aircraft

31 Tikog Dock 40.75 3142

42

150 g 40%

100 40%

30%

200 * 40.75

205

1900 $1

400

41

LAND, ETC. H.K. Hotel.

34 34 1500 34

300 + 34

8003412

Of a total 1,204 shares traded 036 were higher and 440 lower.

American Exchange was 1,740,000 shares.

Bond volume $6,080,000.

volume

Johns Manville Co. Kaiser Industries Kaneweest Copper

[news_IncerDA

Lone Star Cement Co.

Lowenstein & Sona

McDermott J. Ray McDonnell Airerats Atemabi Iron Corp. Molsans Drewsey Monsanto Chemies! Co. Montgomery Wardi Motorola Inc.

omounted

to

National Biscuit Co. National Cam Reg. "A" National Dairy Prod.

H.K. Land.

4712

Closing prices

Abitib! Parr. & Paper

Algoma Steet Corp

Am. Gas & Fectric

Am Home Prod.

to

נו

2400

National Leed

National Steel Corp. New York Central

Noranda Mines Ltd.

Norfolk & Western Ry. North Amer, Ariations

Northwest Airlines (Com

On Mathieson

AJ

48% Radio Corporation

Baltimore & Ohla

Bank of Montreal

Bank of Nova Scotia Bench Life Bevera Bell Telephone

Beneficial Pumice Benguet CIL

Bethlehem Sterl

Boerop.co.

Borden

4114 South Puerto Rico Sugar 37%

4392

Standard Brande

12 Standard Oil of End.

Standard Uu ot N.J.

FEDE

לל -

300 B

500 + 1841

100 17.90

18 5000 11.0 Every improvement in engines and railway tracks

seemed to bring perfection nearer, but always there - were fresh discoveries to be made.

40% 40%

1000+18

250 34

800 9412 800 34 402 u 40,50 200 € 40,25 1900 (401

393 or 40%

The development of electricity world, and in 1958 exports were

WEN

the Common-

than

to began to offer a threat to steam 36,030,482

and more engines, but nt that time good wealth

c031

£11,000,000 10 cheap and

cther Ateam

wold The first use markets. That leaves out of readily available. of electric power on British rail account rails, signalling equip

the other Ciings ways was in 1030 on the under- ment and all ground lines in London where needed to build railways end to And all steam and smoke mede travel keep them running. hideous. Soon, however, those this work is additional to what trains is being done by these companies electric underground showed that they had other ad- for British Railways. 1,523 vantages than cleanliness. They 10000 1.325

EXPERIENCE and brake accelerate 15000 7 1.350 could 20000 & 1.550 quickly, and therefore provided

services frequent 200001550 more

6000 1.50 could steam trains. 10000 @ 1.550

Humphreys Realty

20.60 21.30

1.05 1.571 40000

RUBBER

Amalg

A Tawab.

10 40%

ELECTRIFICATION

than

It must also be remembered that British engineers do not determine how railways in the shall be . Commonwealth

And so, in the curly years of But they are only too glad to this century, electrification bo give advice if asked for . It gan to spread, particularly to the conditions sult the operation

To start ot

diesel Steam.

hydraulic, the south of London with. suburban services

and were diesel-electrio

electric electrified, and from these the engines, then British locomotive them, and new form of power spread to the builders will supply mein lines reaching the south the traditions of nearly 180 cons) by the 1930s. It was then years which Britain has in this that the given sufficiently trade will ensure

2001 10.10 'evident that

250 20.20 heavy traffic, electric power was engines will be as good as any 2000 or 20.33 the system of

the future, and of their kind in the world. began to think of

2000 20.40

1800

It was also

00 leiceritying the great main lines railway semaphore migolling

Those drents were

2015 rallwaymen

in Britain that

in Britain.

the

light

there. trom other

abro

Many

bern

forms of colour newest 12 stopped by the war, but the con- Was Rrst invented, and

ditions that obtained after pesce

have algnalling made electrifics developed was declared tion even more necessary, and

gineers big schemes, started before the have felt, in 1000 & 22 20 war, were carried through for British standards of track laying

suburbs and were unnecessarily high.

$39%

40

Allied Chemicade

113

Albed Mins inc.

3872

Cits Elevators

时

Abs Chalmers

3514

Chen-Kinom, Clas

1047

Am. Drake Shoe

Oxford Paper Co.

M

American Cable & Radio

Corp

Pacific Gas & Elte.

American Cyanamid Co

Pan American Airways 8714 Paramount Pictures

Trum!

420 430 8000 @ 4.30

15JO

4.00 4.95

Amer. & Forn. Power

SEY

Bungala

3.74 354

Inaarance

Union £2-15/16

British

Insurance

Canton-

Am Mach. & Fáy.

17214 Tadio Corp. Pret.

Бо Republic Bieel

874

UTILITIES

TI

Tram

American Metal

24%

Bears, Roebuck & Co.

8014

Aircraft and Motors

Motor Corp, Ord--210

Am. Natural Gas

59

| Shell Oil Co.

American Smetting

23

Bateway Biores

37

Star Terry. Yazmati

34.75

143

500 M 33

1200 + $33

n

Am Baar Het.

21% Saint Reg. Paper

American Tei de Tei

804

Scott Paper

America Tob

Bincial Di

6976

100 62 133 200 tot 176 100 135

Ord-

Anaconda Copper

Smith Kine & French

c Light... 20.10 20.00

Armour

34

Socony Mobil Oil

4195

Asbestos Corp.

Bolar Aircraft

Bouthern Co. (The)

Southern Natural Car

Electric

Bouthern

Railway

(Com.)

Fiatric. New 24.75

Macao E... 1120

Standard Oil of Cal.

4935

Telephone.

331

432

700 21

CITY LIGHTS.

503

Steel Co. of Canada

Bleep Mock

Burroughs Add Mschl

Stone & Webster

.341

British Amer. 03

30%

Studebaker. Packant Corp.

INDUSTRIALS Cement

STORES, ETC. onary

100 40%

..... 22.90 £2.50

Sunalne ning

· British Columáda Elec. Calif. Packing Coro. Cam4. Bk. of Comm.

3014

22.40

London's eastern

201

Swift & Co.

2000 24

Texas Co.

the very tough main line roule

5426

Textron Inc.

Watson

Lane Craw

Canadian Pacific R.

*Thinkol Chem

216

Tide Waler ON

Cat. Tractor,

Celanese Corp.

2714

3316 Time Inc. ****

Textiles ...

Tri-Cont. Warrants

Chrysler Mars

Union Carbida

Chiett Peabody

Union OH of Cal.

434%

MISCELLANEOUS

Colombian Carbon Co.

483

Union Pacific Railway

30%

Vibro

Consolidated Edisons

United Aircraft

INVEST

Consolidated Paper

Enited Gas Corp.

Int.

Douglas Alrormēt

381

U.S. Cypsum

8542 Allied

OT!

1.9. Le Co.

20**

US. Rubbgu

107

US. Smeiting

El Paso Notumā Gas Family Finance Corp. Firestone Tyre & Rubber

V.S. Slee

US. Steel 7 PC, PF

14013

130

Warner Bros.

First Nat. Cuty Bank

10P%

Vault Moto

451%

Ford Motor Co. of Cano

181

Westinghoyano Air Brico

3136.

Georgia Partic

50%

TORTS

General Dynamics

General Electric

General Foods

General Motor

"Bir. Pat will be late, sir ------ pinched for parking otherwise he's in the Dinki"

London Express Seritce

Bewertes

Distillers CD 4d

Building and "Materials

Amulated Portland Cement-76

1010.

Pochin Johnson Associates

-30% 34,

+

Campbell Soup Co.

Caro (31) Ca

Dow Chemiegt v Dupont de Nemours

Kalman Kodak

Gen. Pub. Util.

Gen. Tyre & Rubber

Ord

Col. Steel and Engineering Babcock & Wilcox Liduses K.

United Steel-50% 419.

Vickers Lid300, 150.

Food and Tobacco British American Tob. --72 10.

34

Imperial Tobac

Co., LIO Co., Ltd-748

Mlácellantons

Boardman Marden 1944_10552. Brilish Oxygen Ltd. Ord is 3d.

Canadian Pacific Fly--2-

Dunlop Rubber Co-256.

Hongkong a Chins Gas-138.

Imperial Chemicals 420. Lyone & Co-85 34. ·. Unilever L44–143m.

Paper Bowater Paper Corp Ord-17.

Had and

Associated loisetrical

Electrical & Musical—Six.

14.

Engual Electric Co-029 4:44.

General Kincirle 47 84.

Shipping

15.

Westinghouse Electric Western Union Del. Co.

-DO❘ Wert Va, Pulp & Paper

100% WIM-Dade Stores

4% Woolworth (K, W.) 2314 Zenith Radio.. 741

Yesterday's Closing

11042

COTTONS

985

Comtries times past, that

Raul-

500 # 22.10 2570ss the Pennine Chain from way tracks in Britain have, of

Manchester to Shefeld through course, to

0.00 3000

Nanyang 15.30 1935

0.70

5.33

900

be suitable for the

the northern Industrial belt of speed of the trains that run over them, the weight of the trains 503 15.00 England.

overall safely 2000 6 13.10

lot the very heavily 4000

and 1

system.

15.40

WETO

1000 (5

Exchange rates

nationalised

for

New

loaded

standards

of

By this time, British Railways carried, and the 15% 15.80 1700 15.00 national scheme of modernist track laying are how being intro-

The scheme duced tion was planned.

In Britain-for listance, ad 1035 was pubitches m

long welded flat bottomed rails that parte of the showed

concrete on pre stressad eler-eepers. ripe were system 1:10cation using the new, high Those standards are being kept There voltage A/C system instead of up and improved upon. a lower voltage D/C system is no doubt that they will give

traffic was Britain once Other parts where

again a milway ilghter, it was thought, would system record to name in the be boiter marved by

diesel-world enti provide equal mollefac- and diesel hydmulle tion to the countries of the Com- 18.53 electric 12.53 locomotivas or

and

the Indeed, 240

and this type of traction was world, where British engineering

be wed. In some is specified. 18 also to

in the local Baie was done Imodicial exchange market this morning at the following (rsten: U.S. dollars (per #)............ Etding noits (per £1). ... Australian noles (per £1 Indonesian rupiah (per 100) Stam Leat

1007 Sapore (Straite)

COMMODITY PRICES

SUGAR

NEW YORK

Closing prices all in cents per

Contract No. 4 (world)

Jace. Indo-China Sicam Nav. Co. der ‚ord=33# 4ijd.

P&O Steam Navigation det ord

Mar

-- 31.

July

Stores

Great Universal BIKE "AM85 Woolworth F: W. Co-Rs 60.

Textiles Coats J&P £id=36€ 75. Courtauld Ltd 664.

blues

Cone Goldleida of South Africa.

Cons. Zine Cap, Ord-The ac

De Boers det-li3s 14.

• Hongong TM 1910.

Petaling Tin-Taa

Bandol 10124.

Southern Kinta Cosa LAG-3ly 24.

Union Cerpbáz 10%α..

West Driefontein Goldmtrung...

2101.

白熊

British Borneo Petroleum gyngi-

cato - Od vor.

Briti

60_car

Petroleum, Co., Lid-she'

Burma)-680 68.

Itoys Dutch Petroleum-17%-

Transport & Trading--187#

Bhall

Sc.--Beuter.

Agreed merchant rates

with the country's largest "importers in the majority Canadian Dollark, Maximum of branches. References can be obtained both in Hong selling 18-3/18, Minigyan buy- Kong and Norway. Own delivery service. All repliesing 18-10/16 1/0 0/D. to: Ed. Hansen A/S, Prinsensgate 20, Oslo, Norway.

Swise Proper, velimim, melt- Ing 7514-

W. Gentian Deutsch Maximum selling 12-7/36.

Sept.

pontoh. Cuba)

3.31-12

Total Salm 308 contraĒLU. Open interest: 1,918 contract-

Centret No, # (damalla) - March

Kay

July

Total Biker, none contracts. Interest: 1,410

46628

AMSTERDAM

Zine

Closing prices all is guilders Copper Jan.

No. 1 rubber

No. 3 rubber No. 3 rubber

No, 1 orege

multiple units monwealth

instances, while the lines were

being prepared for electricn-

tion.

A re-appraisal of this great Kaiser firm to

plan was

published in 1950

enacuncing changes in timing

and priorities for certain of

features, but its essentials are

still there. By 1964, the people

in many parts of Britain will be

re-enter shipbuilding

Washington, Jan. 14.

provided with swifter, cloaner The Kaiser Industries Cor-

passenger and goods

11

and more economical

transport

22

12.10

on both

33.35

31B7

servlees. Under the plan Britain

will then have a substantialy Closing prices, all in sterling modernised railway system, with the Intes, signalling and safety couipment,

per kilogram, c.lf, Jan.

Bar

1.10 buyers

LONDON

3.16 buyers

3.11 buyers

3.88 buyers

per long ton.

Ta

Epot

Buyers Sellers

78714 758!

784

78452

Spot

Semouth

2101

241

124 1t half.

743%

April

so

COTTON

NEW YORK Closing prices all in cenís per

lb.:

Spot: .33.15 unchanged: March: 33.00; May: 31331 July) 23.14: Oct: 81.195; Dec: #1136; Mar: $1,45b; May: 31.

SAO PAULO

All unquoted.

Average price in UB. 14 designated spot markets: 31.88 coperity cente; Total sales: 87,435 bales,

LIVERPOOL Closing prices all in genes per

RUBBER

LONDON Closing prione · 61) - per Bb.s

No, 1 m upot

Ketikment, supune

3373-94

3-month

Copper

Zine isi haiz

April

poration announced today that it is re-entering ships building, after an absence of 13 years;

Mr Edgar Kaiser, President of said negotia- the Corporation, COMMONWEALTH NEEDS ions had been completed for the of the shipbuilding takeover Most interesting and important

facility formerly operated by is that British railway engineer the National Sipet and Ship- 2531% will have had vest, experience

building of improving railway servicesDiego, California. while not biterfering to more mirnate degree with services. They have had to consider every possible

S

7tban

$315 existing

--UPI.

FOREIGN EXCHANGE

ib:

NEW YORK' Closing rates:

Arivetionis Onnirnei

Cepada

Wriglànd

March/April

May/June: 21:30:

odicial

OEL/NOY:

30-days

Australia

Mixed Condrial [ March/April:

May/June: New Eiland 22.36: Tuly/Aur CS GOL/NOV: Beuth Abies

METALS

method of improving existing services while building for an even better system in the years ahead. No wonder that these Locomotive and men, and the

Corporation sản

the

A Dew corporation, National Stool and Shipbuilding Company, would run the facility, Mr Kaiser sold. He would be President and Chairman of the Board-Reuter.

carriage building factories be Soviet success

hind them, are also called on to help modernising and

developing fho vers

always in jet airliners

Brilain laid down in many parts

of the Commonwealth.

To give just a few examples of

a

Moscow, Jan. 4.

this work, one British firm of The Moskva turbópiop : alr-

1,04-27/21ooogotie

2,0007

BOX

#000

2410

3.7007

2,000

LONDON Closing estos: New York

tordan

Paris

Prices closed in "carlis'për njohim

as follows:

Zurich

builders (there are

25 altogether) has supplied, or

has now bu ortier the following numbers

diesel electric of

locomotives:

10 main line for

| East Afrims 10 mixed frame for Jomales; 20 main lide for

| Malays;

·liners Introduced on the routs ` betweeń – Moscow and Ashkhabad, Turk- menia, today... cut flying tina- From. between 10 to 12 hours to four and -a. -half hours, Tase reported. The 11-19%, which duine Into yêr,

|193gerik;, niod. 27. énešis žirie and mixed raffle for the Rhodeadas.

Those are just · a tour Lakhis · gázakral prbekpotiin. Ing from the order book ot one city a crew of KVW and have as bompany. And to staw you alienation · Medoranta trơn, for

omething of what the whole 70 or 26 pärsacilors, pictura look Dice: Britain er• • During the si podacint

year ported in 19074 Toocahotiven, thither high speed miflinkes Will COTTIESIN TANZics and other equipe té fariduced on air folkes önm ment to the value 2 £31,900,342 tweets lowcoy and Salmgrad, to the Commonweals and nearly his other midis Boviet cendres,

£10,000,000 do' 2009 TWT of the i,the agency said