1960-01-26 — Page 2

THE CHINA. MAIL, TUESDAY, JANUARY -26, 1060, -

INCREASE OF BANK RATE

Gains on London action London taken in the

market

London, Jan. 25.

Industrial shares led a brisk

rally on the Stock Ex- change today.

widespread, and substantiat.

bonds **C

HONGKONG

STOCK

intended spirit EXCHANGE

By SIDNEY S. GAMPELL

London, Jan. 25.

Steels und engineerings While the American authorities have spent the pare, and gains were buth

the week in intimating that they hope to avoid another rise in the New York bank rate, the Bank of England has taken the plunge.

Clovernment

quietly firm.

Gold were strong and oils, pront- although hi by wome taking after early gains, herd molest phis marks at the close

Closing prices

by

Our Own Correspondent

Business done at the Hong- kong Stock Exchange' this morn

$2,700,000. Noon quotations and

amounted to approximately the morning's transactions:

Rhares Euyers Sellers

BANKS

B.K. Danka 1100 1206

Balet

10 1100 1190

84/1190 201105

Unton Lenhard Underwriters SIPPING

Wheato

$4

NOV

#5

0.10

024 6000 Lập t

Gratifyingly and a little nar- International business Wh INSURANCES prisingly, the London action as taking advantage or it, not The Puancial Times indezt far been taken in the in- only by borrowing in London trial Index w. 329,3 up 5.6. tunded spirit internally at but also by lends and lags of carly warning agains inflation commercial payments {getting AP

ary possibilities and externally

by de- mouey out of London Lonrion disparity as correcting

laying commercial payments to orat net as starting anything."

and necelerating Day- and Germany I not taken it as Britain

Britain) from 1978/60-the pretext for a new interne races

CVETL by British money, oversionally tional 4drni of dearer

declaring higher Indeed, the reaction of Frank-zubsidiaries 12-furt bourse and banking quar- dividends to their

bettered patet companies. lers could that it reverses the low ol pony from London to Frank- furt we should be gind."

altedgro Bonds British Trang 3%.

Cool ~£48-8/10.

Tommy 34%

Cheol Va

4:63-13/16.

Futu

JAHR

Funding Stock £70-3/18

**

·

195976...

34. 1090/2004 Folding Lear 45%. 1960s 1924. Savings 3, 1935/07-4911 Soviair-13, 11397702, x. Savings 195/75-£145.

Ranks

Marclays Bruk "A" and t Led Bank-60 Hongkong-S

boyd's Bank "X" Cu xd Westminster Isk

Non Cutative 1.

Uisutaner

Union Zurance CanTORY £5-11/10.

Alrerate and Motors

Beitial: Motor Corp. or~~~235.

De Haviland Aircraft-32. Ford Afator Co--100 Dd. Hawker

11. Od

Siddeley Group

Rates Lut "A"-10% Qu.

Ord--

not be

Britain this year, with her still relatively inodest reserves, eplot afford wage increases no of other coun- large as those

which tries, notably Germany, have embarrasingly Tar PC- serves,

Unwanted money

overseas

5000 út 4,15 1000

2000 0.13

Further declines registered on Wall Street

New York, Jan. 25.

The January deeline in stocks resumed today following a two-session recess, dropping prices sharply across the board. Trading was moderate.

Early firmeEN in the list i Bank ut Montreal gave hope for a possible third straight gain, but support again wns incking and most prices dropped quickly, many into lower ground.

exerted on the Pressure vaя list the beat of the day. With continued good economie and business news being ignored,

Electronics set the pace, fali- ing as much as seven points in

In Ava than more 100 17.00 IBM, 9000 17.70 | Afolerolu, and more than thres

400 423%

2000 0.15

DOCKS, ETC.

K. Whorf

Dock I'videal

140 1501 57% 50 17.70 17.80

100149

A nuisance

Talkon Dock 4215

43

30042%

concern,

Three operations were legit- mate and were not causing the LAND. ETC.

authorities any Krave Lorzion

be- But

they were caning rather a nuisance.

Correction of the London dis-

or parity should check them. Unless they are notably

200421

ELIC.

Hotel 34

3515. 5000 m. IS

1000 33.25

K, Land.

44 44%

رماء

The German authorities de reversed, there is no reason why

not want differential ware in-Landen should have forced Now!tumphreys -Gation but they do recognise Yurk's or any other hand.

Standard Triumph International-money from abroach.

'ln Il.

Breweries

Dullers Co-Us 90,

Ruling and MateriaÎN

Aociated Portland

Cement-72

10:54.

of

further tightening that n German money, however dealr- able internally, would threaten To attract still more unwanted Throughout last year, the Bri- leh bank rate was held un- changed while there were many rises abroad including the Germany and United States,

Pinchin Johnaum Assoclalto On-Japan. 415.

Com, Steel and Engineering Babcock Whenx Lid-4ts 100

United Steel-83 Dut,

Vickers Lid-TIA,

Food and Tebarca

British American Tab, Co. Ltd.

L

Imperial Tobacco Co., Ltd-71 34.

Miscellaneou

Boardman Marden Lids 700. Britid Oxygen Ltd. Ord- Canadian Farifle Uy4795.

De Late Co. Ltd. On-1 0.

Dunlop Rubber Co--200.Pd.

Hongkong China Cr-139.

Imperial Chemical-D.

Lyons & Co-15 3d. Dullever Ltd--136,

Bowater Paper

Corp Ord-735. Iladio and Electrical Amociated Electrionis ski, Electrical & Musical-33 54, English Electric Co-4 30. General Electrio-44 1.

Shipping

Siram Nav. Co. det

def Navigation

Indo-In

olicam

240

ord-43 74d.

Woolworth

Яботев

"A"-SIN Great Universal Stures

Lalch=-727, 6x1, Marks & Spenco & Cons o

Texilica Cool J&P Lid-IJA 11⁄2d. Courtaulds Ltd-034,

Mirs

και

Cons Guldfelds of Buth Africa. 930 70140.

Quns. Zine Corp. Ord-70

De Bears de 109 41. Hongkong T- 7.

Ba Tin-7 10.

Southern

3d. Kinta

Cons

kl.

Union Corp-835 4154. Want Driefonteira Doldrining--- 1928

011

as

London Until today, money was easier as well cheaper than money abroad.

BRITAIN AND

HUNGARY SIGN

After borrowing about twenty bitlion dollars in the past 18 months, the United States Trea- will be repaying about ery seven allion dollars of Internal debt daring the present year. That transformation could enntinue to make the New York money market less strained,

half-

3000 * 35

700 35

1000 - 3

500 44 100 441

1100 g 4423

900 of 44

in General Time and Texas In-

iruments.

1

NSPORTATION

New luxury liner to have own

TV

programmes

ÞASSENGERS in the Orient Line's now 40,000-

PASS

ton luxury liner Oriana, now being fitted at Barrow and planned to make her maiden voyage around December this year, will be able to enjoy television programmes at ports of call throughout the world, and closed circuit telecine and live tele- vision programmes while the ship is on the high

53%

Beech Life Savers Bell Telephone Beneficial Finance Benguet Cons. Bethlehem Steel Doing Airplane Borden (The) to.

34

AM

rroughs Add Machine Brüst Antier, Oil British Cakimbia Ziec. British Columbia Pwr. Calif. Peking Corp. Cana. Bk. of Cumin. Campbell Boup Co.

312

54%

scas.

40

dra

Canadian Pacific

Cad (3. L) Co.

20%

first

56~1/0

Cat. Tractor Celanese Corp,

Financial Corp. Cluett Peabody Colgate-Palmolive Co. Colombian Carbon Ca

Chemicals were big factors in Commercial Credit the blue chip declino.

Union Carbide and. Du Pont both fell around three and Eastman Kodak about one. Ford and American Motors dragged down motons with losses of more than two each.

Consolidated Edison' Comrumete Ond Continental ou of Del. Crane Cu.

Crown Zellerbach Cuban Amer, suger Diamond Alkal!

iamond Gard

Dominion Stores Douglia Alrunafs

Dow Chemical

Dupont de Nemours

cordis Pacifie

404

Launched by Princess Alexan- the Ins! November from Harrow-in Furness yard Vickers Armstronga

of British taxis

(Ship-

builders) Ltd., she will be the

passenger vessel

In the for the U.S. work to be equipped with a 24 cumpletely co-ordinated internal

304 And off-air television service, 314 The order for the entire system

ZEP

18

134

ALTHOUGH

Mr Ernost Britain's

has been negotiated by The Transport Minister, has just

Marconi International Marinn

Communication Co. Ltd, acting returned from the U.S.A. on behalf of Marconi's Wireless where he has been studying have American methods of solving Telegraph Co. Ltd., who designed and chalneered

unique marine television in traffic congestion, all the stallation, enabling standard and knowledge on this particular unmodified television broadcast subject does not seems to be ruceivers to be used for recep- confined to one side of the tion of local transmissions in Atlantic. any part of the world.

BUO 444

31

Realty

1.505

1.33 125000

1.55

1000

1.53

.

2000 6 1.03

HUDBER

Amaig

4.23

3000 m 4.30

2000

4.30

Steels showed U. S. Steel,

& Laughlin Jonca Allegheny

ail off Ladium

and utilities Rails around. ensted

213

and

astem Air Line

Eastman Kodak,

10033

El PRO Natural Gar

Family Finance Corp

203

Firestone Tyre & Rubber

133

10000

First Nat. City Bank

8700 4.30

Ford Motor

015

Individual

COT

5000 4.30

Trust

UTILITIES

0.20

dik 5000 at 5:30

sal?

5012

31

2500 5 34 1000 335

17

* Europe,

Ster

Ferry Yatimet ...

133

134

150 133 200 kr 134

three, Minneapolis

Otis Goodrich (B. F.) Co. Goodyear Tyre three, Grumman Aircraft

503

村

Tram 234 30 1300 + 394

Just before the London bank rate rise, the Chairman of one of the big banks had remarked the trick in monetary that polley is to take the mhimum corrective action of the earliest as there is no moment that

C. Lint'.. financial idar and as there is always a time ing before ac- tions take effect, the Author)- tics

try to anticipate

tvents.

must

TRADE PACT Sterling strengthened

London, Jan. 25.

Thut seems exactly the r ture of today's action.

Industries So fur as heavy

local unemployment are of being affected by

Negotiations in London be- and

tween representatives of capable the United Kingdom Gov-bank rate, it attests rather than ernment

a

and

quashes the momentum of their

200 or 115

100139

000 of 151

10.50 19.10 2000 19

1000,4 13.20 1000 10 1000 & 39.

Electrio... 24,70

25

1000 24.90

500 2500

100

24.90

Electric New

Telephone

300

2330

1000 23.00

3314 3372

200 À 14.00

1200 332

their Featuring groups WETO Owens-Corning General Dynamica Fibreglass off more than throw, General Electric

Corning Glass down about two, deos: Motors

оп three, gen. Pub. U Beech Aircraft

Gen. Tyre & Rubber General Electric of nearly detty oil

dows Elevator

Honeywell Gildden Co. v.

Gulf 011 ........

nearly four,

about up Univerzal Match down around

Tayden Newport Corp. 2%, Morrell off two, Procter & Hiram Walker Gambie down around two, i lemestake Mining Co. Gypsum close two, and Merma Husamon Refrig.

Idaho Power Copper and Reynolds Motala

Imperia! Oli more than one each:

Today's volume was 2,790,000 shares.

..

Imperial Tobacco

neo-Rand.... Inland Steel p Interchemical

of a 10tal 1,236 shares it traded, 258 were higher and 778 lower.

American Exchange volume was 1,270,000 shares,

Bands volume amounted to $5,310,000.

Closing prices

Ilvester International Nickel Interrations! Paper Int'l Tele Tol John-Manville Co. Katser Industries

Kansas C. Power & Light" Kennecol Copper

Kimberly Clark

Liggett & Myers Tob. Co. Lily Tulip

Lition Ind.

2500 34

2000 33%

1000 30

41

500 M43

400 432

200 €19

Atdun Inc. Mey.

#3072

47

STORES, ETC. Dairy

Algoma Seat Corp.

24 24.10

200

23.70

Allied Chemicals (N)

McDermott J. Ray

1000 29,90

Allied Milis Inc.

36%

McDonnell Atrarafs

2000 4

302

Mosaii Iron Corp.

212

Minnesota Mining

INDUSTRIALS the Hun- revival, still largely below the "Cement"," garian Government have surface but very real. As mone- resulted in the signing of tary policy always has to lean lis changes against the wind, new trade agreement, show the official view of how the Board of Trade an- the wind is blowing.

It nounced. provided a basis for trade during the

period three-year from January 27, 1960. Import quotas on both sides would be negotiated annually.

for the 12 Import quotas months froin January 27, 1900, had also been agreed. These allowed for Hungarian imports mounting to Lid-2940 --UK goods

nearly £4,600,000 and included machinery, textile manufactures, motor vehicles, radio, television and telecommunications equip- meni, and chemicals, During the same period, the UIt would Import Hungarian goods worth £4,500,000 including butter, bacon,

und Biurte, themiris pharmaceuticals and fruits and vegetables,

British Bornes Petroleum Syndi- call 70%.

Brid Petroleum Co., Ltd-526---

Burmah-25 04,

Royal Dutch Petroleum-10, Shell Transport & Trading-150x adilcuter.

Agreed merchant

rates

textiles

matka-

and

In addition, the UK market would remain open without

of

restriction to number

д Hungarian products such dried white beans, reeda, Maximum selling, Canadian (omato

vegetable oils purce, Dollars 10-0/15; Minimum buy-and aluminium.--China ing 16-13/10 T/T, 10% O/D.

Special.

Gold reserves---the 1959 story

A MILLION

1,200

1150

LIOO

LOSO

Mail

GOLD AND

1000 FOREIGN CURRENCY

950

RESERVES- 1959

ん

PW

"JÁN FÉB MÁR APR MAY JUN JUL AUG SEP OCT NOV DEC

Over 1959, Britain's gold reserve fell £116 million, as this But sterling is far from -being Leslie Green olimet showS, worker thing a year ago. Quite the opposite. For the Gorcfp- ment has made special payments totaling £200 million which have desined retërven." But for these items they wonta kare Increased by £101 million.

London WisZEIT KEVIN,

the

The strengthening effect,on sterling has so far been more pronounced than the weaken- ing effect on Stock Exchange Watson.... equities anywhere,

Lane, Craw Its weakening effect on

COTTONS giftedged market makes It

Textiles double barrelled. The Bank's difficulties in financing further | Nanyung luan expansion by selling gilis | powerfully reinforce the re-

MISCELLANEOUS They may Vibro..... 15.70 staining effect. become

anti- year's

INVESTMENTS InДationary restraint nimosi

4.00 Mail Allied world-wide, China

I.K. & F.. Special

invest... 1340

this

Yesterday's Closing

►

7000 5 21.10

1200 6 24

800 24.10

45

0.33 9.45 1500

1000+ £1.40 14.00 14.00 1000 14.76 1000 / 14.70 1000 14.70

Abitibi Pwr. Paper

Allis Chalmers

American Airline

Am. Cable & Nadio Corp.

American Cyanamid Co.

Amer. & Fürgn. Power

Am. Gas & Electric

Am. Home Prod.

Am. Mach, & dry. American Metal Am. Natural Oun American Smelting A. Sugor Ret. American Tel & Tel

American Tob Anaconda Copper Arco Steel

Lockheed Aircraft

Lodws Incorp. ....... Lone Star Cement Co. 3734 Lowenstein & Botts.

÷

11% Mission Development

529 Monsanto Chemical Co.

Я

Montecatini

479 Montgomery Ward

145

Motorola Inc.

50% National Belt Co.

10

National Cash Rex. "A"

60 National Dairy Prod.

47% National Lend

National Steel Corp.

815 | New York Central

1073 | Noranda Miner Lid.

of

For instance, a number of The Installation provides for London's Austin taxis are how the

television plying the streets reception

of Detroit, broadcasts employing the 495-Philadelphia, Boston, New York line system used in Britola, and San Francisco. Prominent the 625-line system used in among the advantages that have Australia and

greater puri recommended these vehicles 10 their and the 525-line US. city authorities are Bystem uset! in the

small size and United comparatively

and great manoeuvrability, owing to

Slater,

Cinada, Japan

Thus, while the ship is in the United Kingdom area,

BBC or ITA programmes

either key factors in

can

for

some South American countries the small turning circle

which they are famous both reducing rond congestion, Although smaller externally than the conventional American cab, the Austin taxis [offer greater headroom and leg-

tre

be selected at the recriver! std clsewhere the Donat chennel selector switch will

select any of the local stalousroom than the ones they are re operating in Band I and III.

RECEIVERS

placing. With their 2.2

lesel engines, the British-bullt taxis are also much more econo- mical to run than the Ameri- Inillally some sixty receivers can converted salcon cars which

sorve as taxis, will be installed in public rooms

Over fifty of the latest type of and first class cabins and pro- these taxin have been delivered 934 vision is being made for in-and the mamafacturers, the Bri- creasing the number up to atish Motor Corporation, have re- maximum of nearly 400 at a cently appointed distributors in later dale, without any altera-Detroit to sell the London taxi- tion to the basic Installations. cal built to Scotland Yard speel- A major feature of the system neations in major transatlantic

the use of standard pro-cities,

542%

23%

2030

2016

184

iЯ

prietary receivers, the incom-

ing broadcast programmes being processed as appropriate in a

20 central television control room

19 adjacent to the rods office before Latest outboard,

281

4024

154

0115

的话

2014

414 Narfolk & Western ty. 443 North Amer. Aviation

101

20%

Armour

CO

Northwest Airlines (Com)

Asbestos Corp.

2452

Olin Mathle

4011

Alas Cor, Mining

Otis Elevatore

Baldwin-Lima-Hani.

50 13%

10%

Owen-filtron Glass

Baltimore & Ohlo

41%

Oxford Paper Co.

4311

Faelic Gas & Elec.

Pan American Airways

Paramoum Platures

Parke Davis Ca

COMMODITY PRICES

STYLIN

LONDON

Closing prices, all in sterling per long ton:

No. 4

Spot rubber unhaled

Blanket crepe

No. 1 pale prepo

LONDON

1124-113/ 114-115 112-114 131-233

Closing prices all in pence per

LIVERPOOL,

Penn Belt Co.

Philly Morris Fitney Bowes

Procter & Gamble Co Pittsburgh Plate Glas Publickor Industries Pure Oil

Radio Corporation Radio Corp. Prvi,

Republic Stool

Royal Bank of Canada Rheem Ma

Closing prices all in pence Bra Boebuck & Co.

fateway Store

Sinclair Ou

per b.:

Saint Heg. Paper

American Contract

Boott Paper

MarJApr.

15.

May/June

22.80

Smith, Kline de French

No. 1 Rar spot.

Befilement houtas term:

3016-364

July/Aug.

21.70

Bocony Mobil Of

Oct/Nov

21.05

Solar Aircraft

Dec/Jan.

21.50

Feb.

Jon./March

.... 3521-3576

Tin

Spot

Buyers Bellers 2014

2416-347

Mbed Contract

April/June

MAT.ADT.

23.10

July/Sept.

0216-381

May/Jina

21.20*

Oct/NC

July/AuR.

2200

Sanonth

7849% 109

QTL/Nov

Copper,

Feb.

Dec/Jan.

71.76

Spot

3-month

2649% 203

台 24934

Mar.

UPL

Zine And half Jan.

33-334

Lead and huit Jan, ... 139.

Aptl.. 75% 744

April

General market. cit. basis, ports:

Etate crepe thin Feb.

thick, Mar

AMSTERDAM

Closing prices all in guilders

per kilogram, c.lf. Feb,

No. 1 rubber

NO. TUDT

No. 1 crepe

324 buyers 34 buyers 3.03 buyers -UPS.

D34

92

92

Upl

RUBBER

NEW YORK

Rex rubber futures closing

prites, all in cents per lb.

No, a rubber

3.21 karyera

COTTON

NEW YORK

Closing prices all in conte

21.10

TOREIGN EXCHANGE

NEW YORK Closing rates: England official

30-days

Australia

New Zealand South Africa. ...........

Others unchanged,

LONDON

Closing rates:

New York Montreal Amsterdam

JAI,

$30,00

MATER

30.90

MAY

18.00

per 1b.:

Jarly

Mar

gepi,

37.25

May

31.14b

Nov

50.50

23.30.

Jan.

34.56

Oct.

No.

tr

SINGAPOKE Cloring prices all in Siralis cents per lb. to.b. Mainyan ports: No. 1 Pu

Mar 7. No. I

31.01

3LATE

MAY

BÃO PAULO

114-11 11#109-1194

Copenhagen Frankfur Onlo Ali unquoted:

Part at 15 Edekholm deminated, wODE, URTISHIA), 63.92 PRSIA | Vienna

Zurich

21.035

1101

Brunei

South Puerto Rico gar Rouben Co. (The) Southern Natural Gas

Sperty and

Biandard Brude Ataradan Oil of Cai. Standard Oil of Ind. Standard On of NJ, Stoel Co. of Canada Sleep Teek...... Sterling Drag Co. Stokely Van Camp. Blog Webster Studebaker-Packard Corp. Bunahite Mining Swift & Co. Тежда Со. cox Textron Ina. Thinker Chemi

Tide Water Oil Traders Finance Tri-Cont. Warrants

Twentieth Century Fox Film

2.2015 Union Carbide

Union Ot of Cal.

11, Union Pacific Railway

2.7925

United Alremit

United Fruit

350s United Gas Corp.

8.001-2.00 2.004-200 10.3092-10,87 120.75-129,80

30.2451-199.23

U.B. Foil "B

UN. Cyprum

Us Line Co. U.B, Rubber,. 13. Amelting US. BUNI

Biel ↑ F.C. PT Warner BioE,

Waukesha Motore ...... Westinghouse Alt Drake Westinghouse Eisstrie

110842+11301u| Wentem Union Təl, Co.

1076) -153036 | Winn-Dixie Storeg. ......... 14814-431G Woolworth, (K. W) 72.63-18.00 Zenitha Radio con

1.30-10.1

distribution to the receivers.

The processing equipment in inboard engines

cludes two Marconi Vidieon

camera channels which aist

form part of Oriana'a closed- elroult

Installation While the PERKINS marine inboard

ship is on the high seas this

and outboard anginos

provides internal Programme are being exhibited at major Europa facilities mainly derived from shows throughout

a library of 16 mm. Bims. Stil during 1960. The now 6.16 plctures and captions can be and 35 h.p. petrol outboard shown and extempore captions motors and the company's and AIMIOLAIKINITYonals can be

made on caption boards and diesel engines will be dit- inscried in the programme, played at all the top-ranking Simple live studio sequences, shows including Stockholm, interviews and outside shots Halsinki, Gothenborg, Bor- esn be arranged by employing gon, Brussels, Amsterdam, either camera as a remote unit Vionna, Milan and Hanover,

outside the control rood,

The comprehensive telecine Perkins Intend to tackle the system is not intended to re-outboard market in a big way, place the liner's cinema but the particularly ENUTÉOLA. The programmes will supplement streamlined two-cylinder, two- the regular flm shows which stroke outboards develop oro still important und

maximum power at 4,600 r.p.m., popular part of the enter are water cooled and use petrol- tainment for passengers and oll fuel. They have -förward, Crew. But local television neutras and roverse gear

an

the reflect ilfo of a elly for better than any guide-book and Oriana's passengera, will be able to enjoy the unique experience of 'looking in' at every station along the liner's roule,

programmes can

French airline

plans new route.

Washington, Jan. 25. "COMPAGNIE de Transports

COMPAGE

The company haa ky been of the world's biggest producers of high-spoed marine #lsx diesels. Ile three, four and

inder engines, varying from 21-120 b.b.p. are fitted in He- boats, fishing craft, work bozia nad pleasure craft - Iti 143 countries. The Arm' marine dilene engines can be suppiled to Lloyd's full classification,

Soviet airline to

Intercontinen sign agreements

taux, a French airline, asked 2a4a U.S. Civil Aeronautica

Moscow.

Board hearing today to ap: THE Sovias airline Aero- prove a new passenger, mall flor will sign air traffic and cargo route between agreements with 17; foreign South Pacific points and Los airline companies, Tass re- Angeles.

ported.....

The requested routs would 0134 extend from

Noumen, Naw Galeckania, to Los · Angeles vis 444 Ponto,・ Tahiti, Bora-Bor, Trench Polynesia, and Hottolului, The company hopes to begin wally service over the route on May 1

A

The The dispatchi vald Aero- Bota TU-104 Jetliners now fly to 12 forest capitals including London, Pario, Cairo, Peking. ami New Delhi.

Toan chia not my what new eities the Sovios, airlitiets might There was no oppositioń ja | fly to, foe When the egredenent the request at the hearing mak would be algrant, as U.