1960-01-13 — Page 2

THE CHINA MAIL,

WEDNESDAY, JANUARY 13, 1960.

AT SIXES AND SEVENS

Possible

strike at

Fords of Dagenham

London, Jun. 12.

Bid to mend

London Wall Street losses

closes rift by the

two trade blocs

The Ford Car Company. The

faced with a crippling un- official strike at ila main plant at Dagenham near here, agreed to withdraw

H

proposed

works plan,

three-shift

It offered instead to negotiute with the unions the whole issue

of booeling production to meet demands for.ita recumulating new mal Anglia car.

700

A

begun by stoppage

The Rehne bruk men orpusing by this afternoon made 6,000 men idle.

OVERTIME

nd-

But with union leaders vising the men to go back, the management huset production would approach normal again by tonight.

three- Strikers had raid the rhift plan would cut overtime, fur mean early morning start many and poble rugi work for some.

Fords, who recently cut working week by 73 mutes, two-shi at present operate a

40,000 for their 16-heur day

permanent

the

Dagenham workers,

100 They are turning out Anglis daily but orders are ex- cerding supply and using

-China

walling

Special

NOTICE

TEMPORARY

long Mail

lower

London, Jan. 12.

The Wall Street slide guve the Stock Exchange # general shaking-up to. day.

reduced by last minute recovery

By AN ECONOMIC CORRESPONDENT

London, Jan.`. 12. architects of Western European In the industrial section light The

sello prezUDO fed to prico economy are meeting in Paris today recessions on a broad front,

With to talk about, among other things, evidence. Some Issues

little buying support in

of laying foundations

bridge mild a between the two trade blocs known popularly as the Six and the Seven.

I have my personal reserva- | powerful__ of the two blocs be- tions about whether anything cause it has a greater popula- of immediate

and moment will lon

n greater gross emerge from this high-powered national product..

But since it has What tends to be overlooked cei-together, been so loudly heralded anxi is the fact that per hend of

population the Seven in Americans a. taking a very deep interest in the lalks and import more than It is well to recapitulate what

and that they include it is all about,

with

or

First tho participants, The lunger established of the

two the Six

European Economic Community which lo- Ger- ludes France, Western many, Haly, Holland, Belgium and Luxembourg

The

established recently Outer Seven (the outer has officially no

than Kographical significance)

Assocla- European Free Trade tiem made

Britain, wo of Norway. Denmark, Sweden, Austria, Switzerland and tural.

more

close.

recoveries

staged toward the

Government bonds eased i the continuing expectation that the Bank of England will soon ralco s interest rate to abem an vatfow of investor money

secking a better yield abroad,

O shares lost some ground, Copsers were dull. Some gold stacks finisheet on the upside.

The Financial Times industrial produce

330.1 down 38-1 the Sixx was

nations the highest Hving standards outside

North

AmerİCEL

On both sides there is lively awareness of how calamitous might be the effect of untram-

between melled rivalry blocs. And in Paris it is hoped to see the first glimmerings of a modus vivendi if not active co-operation.

U.S. interest

Por-

Why should Americans

interested in all this?

AP.

Closing prices

Bledged Bonds Brill Transport JY

Ju

1978/09

New York, Jan, 12.

а

Stock Market declined again today, but strong recovery in the final half hour reduced many of the sharp losses sustained earlier in the day. Trading again was active.

HONGKONG

STOCK EXCHANGE

Our Own Carrespondent

this

Business done at the Hazz

Exchange kung Stock 1969-

morning amounted to approxi- 1058/00-mately $1.225,000, Noon queia- Lions and the morning's trans- actions:

Cursor £11-13/15. Conversion the

Loan £04-5/10

Funding Lorn Funding Stock 3%, 1000/2001- €7014

Funding

Gevinge 3%. 1955/65-91-11/16. Savings 3%, 1900/70-12-7/10. Savings. 1985/75-£ 75=0/15.

an

bc

They have two very different reasons,

The immediate object of each bine is the breaking down of tarif barriera between their Firs! in Terms of inter- national power ineup a divided member countries

Western Europe would weaken their position vis

Indeed that is as far as the Sevon intend to go. And that is why they have come into be- ing a distinct from the Six

Initiative

Britzin founded and For logered the idea of the Seven

Lestuse she was not prepared recept the Ideal of the Sxx that disappearance of trade VEHICULAR | barriers was to be the signal and FERRY SERVICE

RUMSEY

between

ST.,

fcr political integrations,

economic broader

30

Her Initiative in doing was not greeted ni home with VICTORIA i gralloyed delight.

(Central Reclamation)

and JORDAN RD.,

KOWLOON

The Temporary Vehicular Ferry Service will commence Loverstion as from 12,00 Noon, January, Friday the 1960.

15th

The Ferries will leave from hoth skies of the harbour, al, 20 minute intervals between 80 a.m. to 8.00 p.m. daily.

This service will carry only vehicle, goods carried vehicles and persons travel ling in vehicles.

THE HONGKONG & YAUMATI FERRY CO., LTD.

Hongkong, 18th Jan, 1960.

in

The United Europers" com

refusal to plained that her Accoden sufficient sovereignty to muke her acceptable to the Six was out of ture with the times and would serve her ill in the

At the same time a spokes man of various trades and in

faced with the dustries

foreign prospect of increase. competition on their home ground left no one in any doub! of how they felt,

Jett

Loan 4.

Banks

3900/90

Barclay's Bank "A" Lid ord-Ce

Chartered Bank--616. Hongkong£93.

Shares Buyers Sellers DANKS HK.

Bank 110 1150

It was the market's Afth suc- cessive decline.

The market was mixed and active at the opetting with the teker inpe lnte. It turned lower around soon and sold off sharply until the recovery got underway in the duct 30 minutes. The

ticker tope was late again prices improved.

at

A

Most losses ranged from a few ceale to around two dollars

issues shere, but some selected lost as much as five dollars,

alas steels, rubbers, leums, chemienie, nonferrous metals, bullding materials and Uulities drugs closed lower.

The electronics were mixod.

ORTATION

Swissair to put

jet fleet into service this year

The pure jet DC-8 goes into the Swissair service this Spring, inaugurating the jet programme for Swissair worldwide. The beginning of the jet fleet is scheduled to make its first run for Swissair over its North Atlantic. route the latter part of May, this year, with at least two more jets added to the route before the close of the current year.

The building of the DC-8 masily by Prati and Whitney and in part by the Britista started from its conception as a petro-commercial transport and not a Rolls-Royce Company, Dougins

military air- civil version of

are supplying most of the com- Craft. Douglas is the first and ponents and equipment tham- Before assembly, the up to now the only enterprise to, selves. devole an important part of is wings, fuselage, cockpit, under- production potential to satimying carriage, control surfaces etc., the many demands for jet pro-, were subjected to special load pelled civil aeroplanes.

shares ended higher in the late recovery.

or 1,243 issues traded, 660 de- 200 clined, 376 advanced, ind were unchanged.

testing. To arrive at the most favourable shape for the win-

engineers experimented with 42 versions before fading the best version EXPERIMENTS

It was in June of 1855 that the dows, Douglas Aberaf Company de The average of 60 stocks loet clied to build the DC-8 pure Jet $1.50 at $220.70.

Balen

100 10

04 $370

INSURANCES

Union

92 DS

Lom hard

BIUPPING

Wheelock

0.15

1.20 2000 @ 120

|| CITY-LIGHTS:

K. Wharf.

Lock

147 67

140 200 140

1100 $75.

Canton

Provident ..

17 17.20

| Taikoo Dock

LAND, ETC.

.. Hotel

33 33.73

Westminster Tank "A" wy, DOCKS, ETC.

Non-Cumulative.ö.

Undan

Inpirance Insurance

25-11/18

y the

|

Communist powers.

Second they are

of wity

effect on what might be the American economy if the two European blocs

reached agreement without fully sympathetically considering the rest of the world,

at 1

an And

***Aircraft and Moters

Motor Corp. Ord-2 Bavulana AirCER 74.

30.

27

Fard Motor Comm-100 31.

Hawker Siddeley Group Ord

Itootes Lid "A"—111 73⁄41⁄2.

Standard Triumph Inteinational- |

Breweries

Distillers Coia d

Building and Materials Amociated

104.

Portland cemeat.

Coal Bleel and Engineering Baboock Wore L3-436 tülid.

of

United Steel-831 34.

dis-

Vickery Lid 13.

Food and Tobacco

100 4211 1000

1000 67 3.

300 3.75 11. 2000 0 334 1000 / 30%

<0

B00 40

H.K. Land 30.73 Humphreys 21.10 21.30 itemity..

1201, ЯUBBER Amalg.

... 4.175 4.293 4.00

Jan Consol.

Jost.

вос 2500 $20

| Sungala

JL

3.45 3.03

SALES QUESTION

NAIRE

UTILATIES Train .... 31

332

709 1

10:4

344 148

230143

13

101

23 20.10

Briti American Tob. Co., Ltd Star Ferry

Yean. 11 47% od.

15ght Imperial Tobacco

Cv.. Lid-130.

The reason for this wariness

Pinchin Johnson Associates Ord. Tawah is well

the put in

current | 40% od car,

the monthly letter issued by First National City Bank New York: "Removing obstacles to trade Ece and Erla helps traders within each region but

outsiders puls advantage. Each of the two groups in Europe commands a larger share of world

United

States. than does the Their allitudes and policies towards outsiders are therefore of great importance to business- men

trade

lose ex- But

MiscellantOSS Boardman Marden Lid-4e6d. British Oxygen Lid. Ord-62 d. Canadian Pacific By $4736. Dunlop Rubber Ca-20s llongkong China GM—15€. Imperial Chemical-50 1.

Unilever camping 10140.

Stort

Great Universal Stores "A" $15.

Marks & Spencer Ltd-11 3. Woolworth F. W. & Co s 31.

Textiles

Piper and polley-makers

Bowater Paper Corp Ord---741. Rasia and Circizleak throughout the free world. For

Associated Electrica)-63 84. the United States Eee and Erta

Electrics) & Musicals. cumblued are a market for ex- English Electric Cola 1.

General Electric-445 30. Canada: ports second only lo

Shipping The British Government, they take over one-fifth of our Indo-China Steam Nav. Co. def

101. exports. however, saw in the Seven a total nterchandise

P&O Bleam Navigation def :C country-like-50s 90. this compromise between the over- Initially demanding Stx and the propect other outsiders-may of being

bul in the port business in Europe. economic cold to far as Europe the freeing of trade will help increase output producüvity was concerned.

Another major and sign and Incomes which in turn can goods ficant difference between the expand the demand for

United States and two bloes lies in their attitudes from the to external tariffs, that is the other outside countries. It is 20 415d..

Cons. Zine wall raised tariff

against hoped

these that

widened will more than countries outside their respec-opportunities

compensate

adverse tive blocs.

for any short-run

effects of regional trading arrangements."

Thus the reason for American Interest. But they will not be outsiders the only

anxiously watching the progress if any Paris. London Express

Common tariff

While the Six are agreed tha! they should exercise a camnton external tariff the much more NOTICE TO CONSIGNEES loosely knit Seven believe that external tariffs are the business of individual member countries, In this situation then lies the widening genesis of an ever economie division of Western which if unchecked could eventually take a political 1511.

"MANGALORE"

Damaged carga

* this veri will

Be surveyed by Mears, Wood & Europe Browse at Raft's Whart front10

. On January 13. 1903 and con- Baig tre requested to have their representatives present during the

10%

BUTTERFIELD & SWIRE.

Agents

Hong Hang. January 13, 1955,

The zift would be all more lamentable because blocs are so well matched.

thr the

There has been a tendency (ill Informed) to regard

the

Six as Indisputably the more

P.O

R.M.S. "CORFU"

EMBARKATION NOTICE

For UNITED KINGDOM via SINGAPORE, PENANG, COLOMBO, BOMBAY, ADEN and PORT SAID.

EMBARKATION: Passengers should, embark between 2.90 and 4.00 pm, on 16th January, 1960.

SAILS:

BAGGAGE:

ab 5.00 p.m. on 15th January, 1960.

-in Service.

Yesterday's Closing

Coats J. Lut-34% 60. Courtauld Lid-01 1094.

Mines

INDUSTRIALE Cement 40 401 STONES. ETC.

30.22.40 Dalry

500 20.1G

500 23.10

Landon Zagrass Seṛtion.

The Dow Jones 30 industrials wore off 6.73 at 660.43.

on the decline, the Based quoted value of all stocks listed

Innumerable

commercial airliner. At a cost of US$25 million, two huge con- struction hangars were bulit at

experimenty Long Beach, near Los Angeles,

made to establish the California, to be used exclusively were

best design for emergency exits, for the assembly of the DC-6.

In

which

participated about The technical development of 3.000 people of every age and the DC-8 required 6.0 million alzo, Weight considerations pro- A particularly knotty working hours, compared with rented 740.000 hours for the piston problem. With each modifica- danger of Total invest-on there wR# engined DC-6. ment for the DC-8 project ex-, exceeding the weight limits. In short, the aircraft had to be so 250 mulion dollars. cecded

its experience constructed from the drawing Confident

the that on completion it met la gained over 12 years in

every respect the requirements construction af jet aircraft

laid down in advance, Douglas have delivered up to w over 2,000 military jets-

decided to do the company

In

At present it takes about 25 why to build each DC-8, with without building a prototype, work proceeding in three shirts simultaneously 50 units reputation was on Tho Douglas sumantec enough for a fault- among the production line. Of les acroplane. Interested quar the labour force 41 per cent are term had no hesitation in buy- so to speak, the DC-8, ing straight of the drawing board, COST

women.

DC-Es tannth.

was

Four to five completo, are rolled out coch

nru

All

The test programme exceptionally severe supervised by experts of the Government authorities. While the construction cosis test nights went according to of the first DC-8 amounted to jian, with the exception of an

million, the US$40

seg unsuccessful touch-down which, costs amount 10 however, had no serious million.

The high sequences. The pilots are

Fix- production on the New York Stock change lost an estimated $2,000 about 5.5

million.

Com

cost ima several czuJOJ. It cathusiastle about the DC-3's must be remembered

that no qualities.

vicus production could be used!

703 26.13 1500*

Electric

....£43 20.10

Pocizic New 24.0 Macao F. 11.40 Telex hone

0.00

20325

Watson 10 Lane Craw 27 20 27.00

22

32% 1000 321

430 22.73 334 e 32.30 300 32.75

503 40

1000 or 23.30 2000 je 21.43 33.

Volume rore to 3,700,000 shares shures compared with 3,470,000 traded on Monday.-AP.

parts or components of pre-

COTTONS Textiles

D.45

15,70

INVESTMENTS

Tat. Allied

C

$55

13.20 1301 1600 er 13'

Nanyang k MISCELLANEOUS

Vibre

Cams Goldselds of South Africa | 11 1. & F.E.

Ord-4th.

$ifa.

De Beets det-101 M Hongkong Tin-3

Petaling 17 d.

Southern Kinta Cons Ltd-17« ca.

Driefontein Gelamining

invert.

202 291⁄2 200 2714

600 14.00

2000 9.50 15000 5.33

Closing prices

Abitibi Pur. & Paper Agora Steel Corp. Amer. Form. Power Am. Natural Cas Asterica Gurp Bank of Montreal Bank of Nova Scotia Beech Late Savein Beli Telephone....... British Columbia Pwr Caha. Bk. 61 Com Consolidated Paper Consumers Cos Diamond Alkali Distillers-Seagrams

Dominion Stores.

Ford Motor Co. of Cana. Getires Power

Georgia Preffe

Exchange rates

Wesl

201

Business

Erttish Borneo Petroleum vndi cates

Co., Ltd-s British Fetroleum

in the local was done erial exchango market mortiing at the following rates:- US dollars (per $33

Heyd. Newport Corp.

Dzis

Fran Walker

Husna riftig.

6.09

Imperlai 04

SK

Sterlink notes (per £1) Australian notes per Indonesian rupiah iner 180)

15.80

2marrial Tobe CS

lj

32.54

Lily Tulip

Blain tits (per 100) Singapore (Straita)

21m

1.81

Bunnah-82a td.

Dutch Petrolera-£16-3/10. Royal Shell Transport Trading--2571. --Router.

COMMODITY PRICES

SUGAR

METALS

LONDON

37.02

31.71

220 Mcina Érewery

Noranda Mines Ltd.

On Mithleson

Fene. Salt Co.

Pitney Bowes

Ilaytheon

Royal Bank of Canada

Schenley Inc. ...

Steel Co. of Canada

Sleep Rock

Stone & Webster

Traders Finance

Mar: 33.06: May: 33.15: July: 32.02;

Oct 31.3: Dec: Blay: 31.77

Mar: 31.07

NEW ORLEANS

Closing prices all in cents per

Mar: 33.00; May: 33,16; July 2013

12: Dec: 31.24; Mar: By: 31.32---AP

LIVERPOOL

Closing prices all in pento per ib.:

American Contract Mar/April: 20.03: May/June: 23.63; 286: Oct/Nov: 21.30; Closing prices all in sterling July/Aug:

Dec/Jq7 1.75, per lang tons:

NEW YORK

Ib.:

NEW YORK

Closing prices, all in cents per

Closing prices all in cents per b.:

B

Contract No. 4 (world)

March

3.00

Lead

Zinc

Jen.

11.02

Mar.

11.72

Jun.

12.07

12.20

May

3,10

July

3.15

Copper Jan.

Sept.

Spot(1.0.b. Cuba;

Tore Slee 210 contracta,

Contract No. 0 (domestic)

March

3.42

May

Judy Seal

8.76

Fin

Teil Sales: 220 Contracts-AP.

Spot

-month

Buyers Bollers

100%% 100 70015 707

Mixed Contract May/Agri); 23.25:

Dec/Jan: 1.00--UPI.

Copper

Spot

25035 20711

3-month

240

24014

2ine 1st halt" Jan.

Led, let at Joe.

April

April

7814

70%

7014

0312

RUBBER

SINGAPORE

Should be sent to Hongkong & Closing prices all in Straita Kowloon Wharf Company's Godown center. Lob. Malayan (No. 2 Gate) by 5,00 p.m. on 14th 170 1 Jan. January, 1900,

SUBJECT TO ALTERATION

Feb

No. 1 Jan

No. 3 Jan.

No, 4 Jan.

#pot rubber inhaled

Blanket crepe ..............

No. 1 palo crepe.

12415-1149%

NEW YORK

Thus the DC-8, tried and fest-

for the DC-8 aircraft, and mosted to the stringent demand of civil aircraft, of the machine tools necessary cf-propelled

cutors into the Swissair servico also had to be specially pen~ vided.

Over the North Atlantic this Spring heralding the building With the exception of the of a jet fleet for Swissair world- power plants which are provided wide,

1394

#546

2316

54%

UK's biggest tanker

NEW YORK

COTTON MARKET

other

New York, Jan. 12.

and Light sales of print cloths

constructions featured slow dealings in the collon Textile market today.

Resale offerings called to appear in limited volume at

July/Aug: 23.05; Out Now! 230; [alightly under mit prices. Some

FOREIGN

ENCHANGE

NEW YORK

Closing rates Calada England emcial

30-days po-day Aumiralla New Zealand

Closing prices all in ons per south Afric

Öllawen ubofutz.gud

22.05:

1.09.15/16)

DODE).

the

buyers vurned zaatious on possibility that record hand fabrles might weaken mill quota- tions for spot goods. -

New orders were light in the wool goods market. The Perth the market was higher while Bydney marke, held steady.

thetic fabrics, selling extended "Into second quarter delivery with business generally rauum-AP.

The "British Queen”, the United Kingdom's big- gest tanker is seen at speed during her trials which she completed recently, before being handed over to her owners the British Petroleum Company.

Of 50,000 deadweight tons, the "British Queen” is the first of twelve such tankers ordered by the

Agreed merchant British Petroleum Company Built and launched in

rates

Belgian Frmoor, Maximum seiling-804.

September 1959 at the Clydėside shipyards of John Brown and Company, she is the largest merchant ship to be launched in the Clyde since the Inier “Quemi Elizabeth" 21 years ago.