1960-01-19 — Page 2

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[Page

THE CHINA MAIL, TUESDAY, JANUARY 19, 1960,

WEEK OF BANK RATE FEARS

SALE OF RUSSIAN DIAMONDS

un-

London, Jan. 18. Bydney Gampel), Hesitera Aqapcial editor, wrote to- night, The entirely exprotea announcement that the Diamond Cor- poralou of South Africa will bur diamonds which the Soviet Union wishes to market in the Western world. In very Kratifying

for the pe Beers Froup and other regular diamond producers,

that Raylet

II meany

to the West will gales come under the central walking walanijon and removes any danger that the

might Soylet Union undercut the m-called "welling syndicate."

resumably

Ruglan

diamonds wit be included In the regular monthly "sight in the same way 45 Mone from other sopresi-Beytér, -

LONDON CLOSES

DULL

Apprehension in Europe's

London, Jun. 18. The London Stock Market closed dull and uncertain afier a day of cautious trading.

Wall Friday's indecision Street and reccnt warnings by bank chairmen

the high on lovel of equity share prices put the bruke on dealings.

on

Government speurilles were quiet but mainly lower where changed. Dollar stocks showed no definite trend and inter- national nickel was depressed.

stock markets

London, Jan. 18.

The Soaring Sixtios have not so far seen

much soar in the New York and Parising and several other stock exchanges. However, there is still a lot of the decade to

HONGKONG STOCK EXCHANGE

b

Der Gwn Curespondent.

Businas done at the Hope kong Stock Exchange this main- mounted to appradmately 52,382,000. Noon quotations and the marning's transactionJ

Mhares buyers Heller

Bank 1100

INSURANCES Union

BANKS

go and there is some underlying firm- | ***

-ness.

"

the

The London Stock Exchango su quile firm' underlono, Wall Street might be worse. M. Play's departure leaves

cope for the Paris bourse have its usual revival whenever

he

to the Financo returns Ministry, whatever may happen llt,

lo

whenever Probably

* door bangs, ull

Central the major Banks expect to hear that one of the others has upped. Its barde rate, but at the moment of writing only. Sweden ha done so this week (endot Jamanry 19).

one

The Bank of England is the obviously loath to apply general striction of a

at a bank rate risc per cent

rue when heavy industry still needs encouragment rather than repression.

Thin margins Margins on tho external side are getting rather thin and any way the bank rate is probably not the best governer as between the booming consumer goods and the depressed coal, shipbuilding and aircraft industries

However, nobody outside the. United States wants to fire the arst shot in what could become a was of dearer money

Rubber

market review

New York, Jan. 18.

Lombard

SHIPPING Wheelock

DOCKA, ETC. K. What Dack

Provident

Sharp decline registered

Street

on Wall

New York, Jan. 18.

The Stock Market declined sharply today in

moderately active trading..

The market was mbed at the Dominion Stores

Douglas Aircraft

widened in the afternoon as cell-El Paso Natural Ga

Bales

1371150 15115

BEIL

DO

100 54

opening, following lat. Friday' pattern. But it turned tower alttie before noon and losses were

30

Dupont de Nemours

2301

Eastern Air Line

3015

Eastman Kodiak,

103

13

30

0.10 11.20

Ing

were

Ford Motor Ja

Ford Motor Co. of Cana.

3216

General Dynamier

147 201 57 573

100 152

10336

100 5774

431

. 17.49 17.08

Talkoo Dock 41.75 47

LAND. ETC.

H.K. Hotel 33% 34% J., Loc. 41 411

Realty

Rex rubber futures today RUBBER closed unchanged to 25 Amnig, points higher with sales of l Trust' 46 contracts.

Traders on both sides marked me pending some newḥineen= tier. Trading in the only two active deliverles -Marel and May-was of professional origin, No transfer sales notices were sasued against the January con- tract today, leaving the total senders so far ut 32 conimets.

UTILITIES from.....

Yaugiau!

increased. Prices around their low for the day

the close,

Steels, motors and rails

1 Georgia Pacifie

led General Electric

| General Foods

the fall with losses ranging from General Motor

875 17.30 a few cents to around nooden Pub. Usi, MI 1000 17.50 dollars a share for moet issues.en. Tyro & Rubber

Glidden Co....... Some more speculative issues gedrich (B.F) Co. hut wider losses.

1800 34 2104

500@41

1,425 1.50

4.179

6.35

4:20 5000

4.20

5400 63 4.20

Goodyear Tyre .... nirlines numunen AsterAČÍ The petroleums, ari aircrafts, electrical equip Gulf ca

Kammond Organ 10412 menta, chemicals and rubber Heyden Newport Corp.

Joined the decline. Some tobacram Walker

|Homestake Mining Co. 20041.25 cos advanced 200 $1,25 Brokers said a very cautious Husman, Refrig,

Idaho Power 600 à 1.50 almosphero prevailed on Wall imperial Oil

Street and there was no news to Imperial Tobacco

| Ingersoll-Hand bring out demand for stocks.

895 Interphemical Corp of 1,247 issues traded declined, 332 advanced, and 220 Intl Business Machines woro unchanged

The Dow Jones 30 33 33 3500 46 33,80

trials were off 5.82 at 053.86.

Based on the fail la average the quoted value of all stocks listed on the New York Stock 120 2020 Exchange

lost 1900 64 20,30

20.40 $2,230-million i 20.30 Volume totalled 3,020,000 shares compared with 3,400,000 ehures traded on Friday,

133

133

Light

20.10 20,30

... 20.30 20.40

Electric New Mau.. Telephone

In the shipment market, | Becizie: offering included one sheets from Indonesia, Jan/Feb, 01_35% cents a pound, Thailand offered three sheets n 391% cents a pound.

Current No. 1 Rss was quoted at 41 cents.

In Singaporu, the market ruled inactive throughout the morning with business entirely of out- confined to tying up standing orders.

Dealers showed no inclination to trade.

The afternoon was very quiet for a slight tendency prices to sag.

Economically, Russia's demo- bilisation of conventional forces resembles seven per cent bank rate in reverse. Thanks to her prowess in rocketry. Russia can

overstrain not by with relieve her

There was some selective buy-expressing the productive de ing of industrial equilies during mands, but by removing a slice

ani

The lumpyer was small with

the early stages but this falled of unproductive military de-factorica, to expand

prices later mand.. reacted and wore mainly lower on balance,

Leading oil shares lost ground,

selective Gold shares showed firniness at first but closed, with losses predominating.

Copper-shares Ardshed below the best but diamonds held firm.-AP.

Closing prices

Gilledred Bonds

British Transpor 3% 1974/83-

003

Conada

Conversion Loan alg

83-15/16.

Funging

SPAN.

Funding

.

1000

The

ένα

In London, the rubber market moroth was steady with spot quoted st

la 35 penoo per pound. they

As

no future have powers

cach other, onnihilating cqually have no bankrupting each other.

rubber

In Amsterdam, the future inmarket was quiet toxiny.--UPI.

this Russia having taken Juitiative, the United States may still need to spend heavily unlikely ait rocketry, but it

overstraining itself for conventional weapons, and frees which may have commis

relevant

10

go on

as

arrows,

*S

bows and

J

Easing tension

Easing of international ter 1000/00-sion and freeing of military resources is the best hope of

viclent avolding a

Loan 3. Stock 3%, 1909/2004 Finding Loan 4, 1900/90-203). Saving 37. 1035/63-chi-0/10. Having 356 1000/2003 Saving 3%, 1995/75-75.

Banks Barclay's Bank "Add or Bartered Bank--61* 04

"A" 12%

Hongkong-OL Wesuntater Bank

truturance

Union Insuranes Canton-£3-11/10.

Aircraft and Motors · Drition Metar Corp. Ord-228 19. De Havilland Aircraft-als 34, Ford Motor Co-11

Hawker Siddeley Group Ord-32 41ed.

"Rootes and "A"-11 ed.

Standard Exlumph Internationa 21td.

Breweries

Distillers Co-31 00

Buliding and Materials Associated Portland Cement-30s Pinchin Johnsen Associates Ord-

Cast Steel and Engineering Babesek Wilcox Ltd-40 60. United Sleek 9 007. Vickers Lid-ara d.

Food and Tobacco

rqueeze,

money

Last have

Russia has always seemed to hove her own version of in- fatlonury overstrain. year's bad harvest inay climaxed a chronic agricultural crisis, China from her poverty has been helping Russia out by shipping wheat on the very long haul to Eastern European countries...!

One such cargo urloaded in January Liverpool in early

the first Chinese whett wne ever known to have been seen in Britain.

As o reller to the United States gold stock the Lordon arrangements for supplying South

CDE-

African gold to

British American zob. Co., Lid-tincital Central Biuka should

Imperial Tobacco Co., Ltd--71# 2d.

Retellano-4$ 54.

Lid, On836.

Boardman Mardats-

Canadian

Dunlop Rubber Comie pd.

Hongkong Ching G-130. Imperial

K

Unleyer Lid-130 34.

Domater Paper

*

▾

Ord-723 5d.

Sam Dadio "& Plectrical

action de

ד

Becilia Co-478, 0.

General Electric","

Indo-China

Steam Nav. Co, def

Navigation

det

Ktoré Universal Stores "A"-32 23arks & Spencer Ltd-12

Woolworth F. W. Co-00 but.

Creat

*Textiles

Coals I & PLCs shirt. Coustauko 2 3

Mines

not be exaggerated,

Gold reserves

INDUSTRIALS Cement.... 419 49

· 800 67 23.80 2006 33.23

$3308

133

20.30

An

ini'i Harvester International Nickel

IndusInternational Paper

inti Tel. & Tel Johns-Spyllia Co Kaiser industrie

calmated

Kansas C Power & Light.. Kanncest Copper

Eggets & Myers Tch, Co. Lily Tulip

Litton indk

Lockheed Alferaft

Loews Incorp..... Lone Star Cement Co. McDermott J. Bay

Aberaft

Elght at the 15 most active Mepom Mining sexy

20.30 slocks

declined and

advanced-AP.

Closing prices

Abitibi Pwr. & Paper

+ 32.19 | Alden ing, Ac

$

€ 42,25

Algoma bivel Corp.

Allied Chemicals

42.50 Ailled Mill End

Alle Chalmers

23 23.10 1900 210: ATION yamid Co

STORES, ETC. Dalry .....

Watean... 22.20 22.40

0000 1:23

500 23.20

760023.10

seven, Mission Development

Montgomery Word National Biscuit Co.. National Casti Bor. "A National Lead gu

National Steel Corp.

New York Central Noranda Lines Lid,

Norfolk & Westeru By.

Northwest Airilhos (Cera.)

OF ESTALOTE

ford Paper

Pacific Gay & Elec

Pan American Airways

Paramount Pictures

Penny J. C. Co.

Closer aviation co-operation in Commonwealth

A new page is being written in the history of civil aviation in the Commonwealth. Top level talks were held recently in the Indian capital, of New Delhi, between the heads of three major airlines → British Overseas Airways Corporation, Air India International, and Qantas, the Australian national carrier

-to finalise a scheme for sharing passenger traffic along the great 11,000 miles trunk route that runs almost half-way round the world from London, through Europe and the Middle East to Sydney, on the south-east coast of Australia. This will not, of course, be the the last 25 years, trained alr first time that such an agrée- and ground crews for almost ment has been negotiated, Bode: every airline in the Common- and Qantas, for example, have wealth,

been successfully pooling their

1st services on this route for the UNCHARTED AREAS

past 25 years, und South African Airways and Central African Airways-

22312

357%

471% 34

9314

$ 391

3500

301

1000

109

Narth Ainer, Aviation

30

1400

1500 60 42,50

34

Oil Mathieson

Am. Brake Shoe

50%

64 42.25

500 42

American Airline

223

American Cable & Radlo

11

543

Parke Davier Co.

Ames. & For Power

1204:

49

161

Penn. Salt Co.

30

Procter & Gamble Co.

J

Pittsburgh Piale Glass

ลง

Radio Corporation

OT

Radio Corp. Pref.

mga aytheon

Republic Steel

30

Beynolds Metal

24

Royal Bank of Canada...

97% Safeway Stores

155

Schenley Inc.

410 Hinclair ou

359

Booony Mobil Gil

500 14 22 103 (24

2000 e 22.10.

08-2150

1000 + 22.20

Lane. Craw. 21.00. COTTONS'

28

614

Texwes

Nanyang

Vibro

8.00 9.50 34Cɔ A 949

• 1000 9.40 14,00 14.60 3000 or 1076

MISCELLANEOUS

23.70

INVESTMENTS

lat.

All

CITY LIGHTS:

“fo, i madam, oghana f can't suggest anything you can buy likely to retura such an increased dividend."

London Cpress Eersiz.

Yesterday's Closing

7 1000 @ 6,00

6.00 6,70,

13.30 14.00

Exchange rates

Busines wo

Am Gun & Electric Am Home Prod.. American Metal Am. Naturs) Cos America Binelting American Tel & Ti American Toh

Anurada Copper

Armco Steel

Armou

Asboro

Ath

Com

Meing

Baktwin-Lima-Sam. Baltimore & Ohio Booch Le Savers

Belt Telephone

Beneficial Finance

Bendix Aviation Corp.

Benguet Cons.

Bethlehem Stock

noeing Airplane Borden (The) Co.

Burroughs Add Machina

British Amer. Oll ......

British Columbia Elec.

British Columbia Pur.

Calit. Packing Comp. done in the local Cana. Ak. of Comm.

this, Cana. Browers exchangs

market morning at the following rates:-

uralelal

US dollars (per $1)

Sterling notes (per 41) Australian notrs (per £1) ... Indonesian rupiah (per 100).. Siam ticals (per 1001 Singapore (Straits)

5,60

Campbell Soup Co. Canadian Pacifie

Case (J. L.) Co.

15.30' C.I.T. Financial Corp. 12.68

Case Manhet, Bank 2.10 Chrysler Motors

24.08 Cluett Peabody

1.01 Colgate-Palmolive Co.

Colonbian Carbon Co. Commercial Credi Consolidated Edison Consolidated Paper Consumers Gas

Agreed merchant

rates

Crone Co. ARRAY

Crown Zellerbach

70 Piney Bowen

Emith, Kiina & French

23%, Southern Railway (Com.)

70 Standard Brands

134 Standard Oil of Cat.

1% Standard Oil of Ind. 399, Standard all of NJ.

06% Sleel Co. al Canada

33

Steep Rock

3916 | Sterling Drug Co,

and

Stokely-Van

Camp,

Stone & Webster

Alebeker-Packard Corp.

514% Sunshre Micing

Swift & Co.

8415 Two Co.

235

Textron Ind

1914 Telok Chem. 6311-Cont. Warrants

Union Corbide 0616h Union Gil of Cel

43 Unka Pacific Railway 581 United Aircraft

4014

Gypsum

58% US, one Co.

02 VS. Rubber

sirailar

10

Nor must we forget the way

Q operate

in which knowledge and ex- arrangement

with Boar

perienca are pooled in other dlights between Johannesburg aviation neids, Britain has adopted New Zealand's tech- and London.

The present discussions serve nique of spreading agricultural olherwise Inac- to emphasise the traditional feriar on

posture lond by spirit of co-operation that had cessible linked flying, men throughout dropping it from the air. In the Commonwealth far more Tanganylke, where much land in is at present unsuited for seltle- than 40 yours, beginning March 1919, with tho claring ment because oë. the tsetse fly, the Atlantic by there are plans to wipe out this fight neross the

Englishmen Alcock and pest from the air, using methods destroy Brown in a converted Vickers developed in Britain

East Africa. Vimy World War I bomber with locusts in

In

a top speed of about 85 miles Canada; similar means of pest

per hour.

FIRST PIONEERS

control are used in the gical

pico forests to combat bud- worn, which in the past used to ravage vast areas of trees: A few months later, four

Because of the immense size succeeded of countries such as Africa Australian airmen

of the aircraft and India, large areas of them in flying one

England to Australia. from

ore

alr- siilk uncharted. So saw the

craft are being used extensively The nineteen-twenties

famous 8815 formation of Boar's

make now maps, i Tot

Airways, combined effort, between British predecessor, Imperial

development of air tracerial survey companies and 08. the

and the Australia

In sport within Canada, and the first courageous Africa, they mapped 30,000 surveying of the long-distance square miles to choose the 36% International routes by pioneer best route for a new railway such as Alan Cobham, Charles une, 10,000 square miles In

anri Bert

Ghana Kingsford-Smith

for hydro-electric Hinkler; and there were others

scheme, 300,000 square milea szis who paid the supreme loll that of Pakistan for geological and

Commonwealth might be Irigation purposes.

7916

40

50%

57

0914 5114 and 15 shop

governments concerned,

route

39% 35%, the 474 linked by air: By the early

thirties, the

Empire Air Mall And, as 1000 beging, Trans- Canada Air Lines is discussing schemic had been introduced, with Boat a plan to collaborate

routes, hud

been opened on their passenger flights acrOSS w South and the North Attuttia, the England 22 West Africa and Kirachi, and followed by Alcock and Brown India to Singapore, back in 1919. How times have 4th Brisbane

the years, ind Hongkong.

changed. But over Flying in those daye was far one thing has remained con- from

tho being

effortless stant: the spirit of co-operation prceces it seems today. There in aviation, the team spirit landings that has strengthened the tes Ingenious, been the countries of

+3

un

were many forced 39% which

called for

40

the

414 makeshift repairs; passengers Commonwealth with, each suc-

B had to be prepared to accept coeding year.

Bathe inevitable discomforts of a

20th

35

VS. Smelting

13

24% US tel

Cosmo Imperial Mills

42

U.S. Bleri 7 P.C. Pr

A

1403

08

Warner Bros.

300

319

Waukesha Motors

4

Cuban Arner. Sugar Diamond Nikall

101

Westinghouse Air Brak

301

di

Westinghouse Electria

1003

27

Word Va. Pulp & Paper

WED-DID- Stofer

43%

Woolworth CK, W)

—UPI,

Swiss Francs Maximum Sell-Diamond Card

ing 16-1/16.

Disullers-Beográme

COMMODITY PRICES

COTTON

1.10 M

53.00

13,00

NEW YORK The two known--transactions

Closing prices all in cents per may total perhaps $25 million worth, which is a lot of busi14:

Spot ness for the tree market, but

Karch ia niso shout the minimum' unit that the Bank of England, for example, would bother to take fram The United States at tlines when it was exchanging dollar reserves into golu

At such Umes the takings in single weeks have often been In multiples of $20 milion

Com, goldfields of South Africa-aprily stop the business

Con, Zing Corp. Crd-74

De Beers det191 7040.

Posing

thYU, OCL

men Corp-00, 12,

Drekppiele Golúmining

British Borneo Petroleum Byndi-,

fitalcom Cv. Lid-00 Zilon Petre -416-7/10 Hall Transport 84: Trading--15:2

July

July/Aug

Out/Nov.

Dec./Jay

Oct./Dec.

31-31

Mixed: Denizgel'

General markets, oft. basis, ports: 3-W 30 Exiate crape thin Feb. 1.

thick Fab. 3016

AMSTERDAM

March/April

May/June

July/Aug. Oct/Nov.

No. 1 rubber

No. 2. rubber

RUBBER

No. 3 rubber

No. 1 crepe.

closing.

NEW ORLEANS

NEW YORK- Rex rubber, futures' Closing prices all in conts per prices, all in cents per lb.;

Yan: 47.45; March: 3090; May! 201 July 30.15; Empti' 27.00; Nov: "30.88; Jad: 20.48,

SINGAPORE

Closing prices all in Strafts centa per lb. Lot Maliyan ports:

ko. 1 rgb.

SAO PAULO

$3,10

2.11 buyers

120 buyers 3.17 buyer

-UPI,

SUGAR

WORLD'S

SILVER DEMAND

malay

and

draughty usually

cabin, willo the pilot had. only

#he

most rudimentary. U.S. to build

ព

navigational aids to guido him.

There were no radio bearomiz,

and a line of black oil drawn en the sand was often all ho

had to mark his course ACTORS the desert.

POOLING FLEETS

hydrofoil ship

Washington] Jan. 18,

THE Goverment today

awarded o

pioneering

But as locliniques Improved contract for a $5 million

ad

more hydrofelt ship designed to

became engines. rollable, aircraft came gradual carry 100 passengers of ly to be accepted, as'n normal agroda up to $0 miles an method of travel. Mone and fast.

טפות

airlines wOTE started,

and is compëfflon bigan.

to

QC-

revenue which results. Lexomorily oquially the the hull out of the water to

The vessel will be able to grow, there came the niced for travel between New York and a degree of commerciai co-Bettnude in eight hours. Most air- cruise liners Take about tươ rporation between these liaca to avold wasted effort days for the trip: New York, Jan. 18.

and expense. Nowadays, the Closing prices all in guilders Demand for silver through ogreements. Lale many forms, A $1% million, egnicast for per kilograin, c.lf. Tob:

of the 80-ton world substan the basic idea being to "pool" construction ・out the

the cappelly of their combined VCFS was gwared to Danamle tfally increased last year, sald Handy and Harman, help each other with Developments, the,, an aminte of Grumman Alrerpts Engineer- posatnger, handling, and, refiners and fabricators casionally with angingeering and in Corp, New York. of precious metals, in maintenance facilities or with a hydrofolk is a type of shty their review of the silver crows, and, then to share not in whlab, wing-like tolls wit market for 1959 publish

reduce the drag of the way. ed here.

in hung ches, there aro Most present hydrodalis are also, direct. financial Unks be mall, but marlime planners "We estimato that total com tween the air transport farms. said they expect, to deve sumption of silver in the United BORU, largest airline in the within the next 10 years, States in the arts and industries Commonwealth, is closely larger vosein which will b axnicunted to 100 million (onness,

Come common on many ther un increase of about 18 per cent sociated with co. Tower Risan, 17

other

coinpantes,

training routes, over 1053). The satorinė vand in the art was up moderately but helping to build up the newly the world's lurpest and latest personnel, för example, and

The 104 foot inly may be 201-09 | the most significant increases formen

Ghana Always hydrosoll. However, Bunda bis were in, she, śrīdustrial

providing | Nigerian? AlLWLYK.. Handy and Herman sold,

capital and technical smitanica 120unced plena to Babát United States imports of silver to Britm West Indian, Ale- similar vessel. Kiind wil daney during 1939, were lower and 9x4 Ways, supplying aircraft and 200 osiengora a). 02 roles an porta were higher, according to crews, to opala in the Panden ough

Chipliction wi, bazin,, le Handy and Holtrasio

CUTE D

Airwork, another well-known medialaby, and inn, s16 la Excluding return ausiņas lende company, helps to run ni de pected to be beady for Lunch lengo, imporis amounted ta. 01.3 Vicep in : matyt, parte. of the in June 1981. inliks, caces which was about world, mich na tham. 'Afr. Tomadas Ekper cent below the 1950 figlire, express, which operatan con la sbwed mango of de 16:30 Indies Exports tn the Colher hand | Code Bleally between, She. Nogth), an hour, tiksebnost opitale In win" 1,8 milliUM CARDEN queat and douch filanda or Auer Zome

NEW YORK A Closing priore all in conts

Gezicach No. 4 (world)

per lb.

MAC

.:

Naturally, the deals strong- then the London price, At the fxing a big demand 1 nat wholly satisfied. A further rias would handicap, but not neces-

July

Th

Mat

July

.Mar.

At equivaloni prices the Con- tinental Central Banks prefor buying in London than ". Nów Yurk because of Washington's (hip);, sensitivity and London's practi

No.1

Na

1.700.

[Clotne prices sit in ghicera per Alt- unquoted."

U.s. At 14:04.

No. 4 Web. apot, rubber unbated. Blanket crepe Ng: 1 pala crepe

11933-11231 JAD: 111-11

TMACHEN 1121131

Donirai Na. O (domesito)

LONDON Closing prices all, în penet por

5.61.

7.

LIVERPOO

2th

Closing pricey all in:pence: par

No

Ameriosa, Coots

mily and the much better Lobe" disidled apos metzew; 13.00" centy," don prices on re-sale.

י:

Additional to any Central Bank demand the inay dove-lb. Topinent would normally revive some French private demand for

100 vntra

July.

w

iheen times the 1538 Capice- lands neid, Britain's Alf. Uneous » Dju

Mty, Air Sevica balning ban, into a dem