Page
Pago.. 7
THE CHINA MAIL, WEDNESDAY, JANUARY 27.
THE BRAKES Changes Mr Amory finds
in NY the party
out of hand
cotton delivery
New York, Jan. 20. The membership of the New York Cotton Exchange adopted a new contract for the future delivery of coiton,
Trading
in this new con- tract will start on February 10 and will be for delivery in October 1081 and thereafter.
The salient features of the new contract are:
Full Krude
premiums for the split grades which in low the trado are called
Low middling
strict plus, middling plus and midtling plus which defines cotton of a qualily better than the grade named but of lean value than the next higher standard and,
Q Full staple premiums for 1-1/10 inch cotton and on the delivery of 1-3/32 inch colloa and longer the full staple pre- mium for 1-1/16 plus 75 per cent of the differente between 1-3/32 inch and 1-1/10.
These changes although only two in number are fundamental contract as it is felt the new will offer D more equivable hedging Instrument in the trade. for The
premium staple
and longer 1-1/16 inch cotton
the current on delivery under contract is limited to the full 1-1/32 for average premium
th inch plus 75 per cent of difference between 1-1/82 inch und 1-1/10 inch staple.
It will
noted the пож contract Increases the premium longer staples which for the tends to bring it more in line with spot values.
be
Contracts made under the cur- rent terms will continue to traded in for delivery September 1961.
through
After expiration of trading in that month all contracts for the, future delivery of cotton on the Now Work Cotton Exchange will provide for the changes adopted.
China Mall Special
THE HONGKONG AND SHANGHAI BANKING
CORPORATION
ANNOUNCEMENT
an
By AN ECONOMIC CORRESPONDENT ›
London, Jan. 26.
ARE APPLIED London Market
HONGKONG
STOCK
EXCHANGE
༣ ་
sgit mala ma
Business done at the Heng kong Stock Exchanize this morning amounted to approxi- mately $2,653,000. Noon quota-
dogs and the morning's unsac
tloney
BANKS
K. Bank 1200 1210
Recently in this column I wrote that it took a bold man to cry halt when the fun was at its hottest. And suggested thon that Mr Heathcoat Amory, guardian of Britain's economy, would not hesitate to say LPPING when he thought that enough was enough.
A few days ako he let Brilain's boom revellers know that he saw signs of the ty gelting but of hand by raising The bank rate to 5 per ccal.
No one could say that he unexpected, The move was Chanceller hlawelt and an im- array of bank chiefs pressive had for some time been wagging ingers at the market thelr boom.
Unhealthy
They had noted únically creeping speculative elements into the market as prices roc- keted. And doubtless they saw people lut of little too that
ther Lo $lood
Angers get smalltime newcomers burned,
market, who were to the playing it as they would horsea, Certainly of late the market has attracted an staming mum- bergamblers as opposed to investors. And their scuttlings and advances with every shift the made it difficult to discern of the economie wind has often true fone of the market,
was ripe The time ther decisive action.
Mr Amory Look IL Yet when there was whitespread surprise. casas consternation, In rome The mailtimers already with-
#k drawing (frightened vision programme which drew parallel between the present Wall boom and the perlod immediate. ly preceding the great
1029)
ac- Street crash of celerated their departure.
Industrial plans
for
New steel strike development
INSURANCES Union
Lombard Me Underwriters B
firm but loses buoyancy
London, Jan, 20
The Stock Exchange lost some of its buoyancy.to-
day but retained a firm undertone. The de cline on Wall Street played a part in domping down business. ·
100 or 1195
Government securities me 101200
small selling and were general- 1230 -10-1200-ly dull, Dollar. stocks..gipsed
mainly lower.
500 0.54 Warrick 0.10 0.15 2009 8.15 2003 et 01.16 [000 of 0.10
DOCKS. ETC. K. Wampa Dack Provident.
149 151
200 GE 140
10 361%
Talkoo Deck 4914 4835 MININO
1.K. Hotel 2914
30
H.K. Land 4813
Humphreys 213 2143
1.55 1.675 Reply
UTILITIES
New York, Jan. 26. Bethlehem Steel Co. said operations were halted at Quincy, Mass., on $1,000 million of ship construc-Tram tion. including Awt nuclear powered vessels, by A strike of 11,000 werkers. Anplier 5,00g at six other { Youmati Enst Coast Bethlehem yards may wale out this week.
Bethlehem's East Coast -em- ployees, working without con- tract since July 31, demand a
Star
Ferry
3344 3314
恶
C. Light 18.00 10.10 820
1-cent hourly wage increase over two years. West Coast Electric workers, the union claims, got this pay boost in contracts signed recently."
1800 19
800 € 18.00 3500 10
24.90 1300 € 24.00
1000 @ 24.701
24.3 24.90 2500
Electric (N) 23.30 Magao B. Telephone INDUSTRIALS Cement
In Washington, the Navy said it may transfer some ships un- der construction to other yards like continues ut if the Bethlehem Steel's East Coast shipyards-China Mall Special. STORES, ETC.
Malayan bank rate unchanged
Kuala Lumpur, Jan. 26.
No change in the bank vale of Malaya will be made despite Britain's depleton Jast Thurs- day to raise the bank rate, thi Central BANG BỊ MINI reported,
Malayan Previously rates have followed the British changes which set the pattern for the whole sterling area,
CITY LIGHTS
bank
The official announcement: that the bank rule had been
for informal reasons raised although the increase served to of stem the recent outflow funds to America and Germans -put an edge on the surprise,
The increase all but coincided
This the first time the Cen- with the announcement of big
tra Banic here has had to con- investment plans. industrial
Government has sider a bank rate change since lost January.---- It was set up The And stace of Directors The
been anxious to encourage such Shanghai and Hongkong
investment some people got the UPI.
was being Corporation Banking
idea that the baby nounce that the profit of the poured away with the bath- dividends water Nor did they hesitate to Bank, including
being course They were of received from subsidiaries, make a neist about it. for the year snded Blat De shortelghted. cember, 1969, after providing for taxation etc. amounts to IIK$28,134,950. It is propose ed to write HK$4,000,000 off bank premises and to pay a final dividend of £1.17.6d. per shure leaving a balance to be carried forward of HK$2,116,714. These figures are subject to audit. The Group Accounts will be pube Hahed at a later date.
NOTICE
NOTICE 18 HEREBY GIVEN that the Ordinary Yearly General Meeting of the Shareholders of the Cor poration will be held at the Head Office of the Corpora sign, 1. Queen's Road Central,
longterm
In
The industrial investment already in hand was conceived anything up to two years ago.
being execution it will not feel the effect et the increased pak
ate acutely.
switch
Indeed as more mature ph- servers have already noted in- vestors are likely to switch their attention to shipbuilding and heavy engineering as a re- sult of the effect of the bank rute increase on the market,
There is too another bens cial elde to the effect of the increase Giltedged have been suffering of late as the resul of uncertainty about the benk Now they law rate change.
pro and in the where they new firmness are buttressed by the clear indication
that the
Hong Kong, on Friday, the autherfiles are alert to jockle 11th day of March, 1900, at the first sign of Inflation.
And it is to
demonstrato
curb the boom that Mr Amery
their alertness as much
reports of the Directors and has boosted the bank rate.
Noon for the purpose of re celying and considering the
of the Auditors and the
Accounts for the year ended
31st December. 1050, and for.
Careful watch
You may be, wire that he will
Like
* Looks
another would-be Currency smuggler-heavy francs-
London Express Suřčice
Yesterday's Closing
Dairy
Watson...
Lane, Craw. COTTONS Toxtiles
The picture was brighter ja the industrial market where many issues drew renewed us port. Gold shares were firm Ap good Johannesbury and London buying.
Diamonds and cappers 4140 were well supported but oll
I shares drified uncertainly.
The Financial Times indus- trial Index was 320.0 up 0.9. --- AP.
Closing prices
Glitedeed Bondi
British port *272 1974/00 £6544
Cut:vo
Conversion
Color Loan 315. 1990--
Loon . 1030/40-833.
Block 34%. JONA/ZU) -
Loan 15, 1800/90 3% 19/05201.7/10." Savings 3, 1900/70-20:1/11. Baving 3% 1905/75-27434
Banki
rcles Bank Lt ont Chartered Bank-02a. Lloyd's
PABUTANÇO
Union Insurance Canton,25:11/10.
Aircraft and Motors
British Motor Corp. Chi-23s 1id, De Havilland Aircraft-de 700 Ford Motor Co 108
New diesel tugs
designed for
handling big ships
NEW YORK THE first two of four tugs built by Richard
MARKET SLIGHTLY
LOWER
trading.
to
chip used to
Dunston, Ltd., Hessle, Hull, for Milford Haven, where Esso Petroleum Company and British Petro- leum Company are building giant tanker terminals are now in service.
The
1,300 b.tup. diesel tugs | cylinder engine developing 1,300 are designed to handle ships up bp at 300 rpen. together with to 100,000 tons deadweight, and an M.W.D. 2:1 yerse/reduc- havo a bollard pull of 21 ans. tion gear box. Both main The lugs have a specially con- engine and gear hót - are re- structed
stem which, when clely controlled from the pushing a chip alongside, will wheelhouse by a Robinson- cover three frame spacings of Westinghouse system. A Kort New York, Jan. 26.
The the hull.
free running nozzle rudder is fitted and the Stocks retreated a bit today spece is 12 knots, and a fuel after section of the hull has tongives a 'been drafgåed to ensure a clear in
routine capacity of 70 generally
range of 3,000 miles.. The lugs flow of water into the nozzle. fire The steering gear is Donkin pre Atted with extensive
mgla fighting apparatus and all four hydraulle type, The tugs are designed for salvage auxillaries are two Rolls-Royce services. The principal dimen-ix-cynder supercharged en- elons of the vessels are; length lies, developing 230 Bhp. overall 127 ft., moulded breadth 1,800 r.p.m. dircel coupled to ZU ft. 6 ins., draft aft 14 ft. 7 275 Kw 220V. d.c. generator. Ins., displacement 505 tons They also have a clutch coupl
machinery The moin
coming to Merryweather fire and priscs British polar type salvage pumps. A third" puxl- two-stroke seven-lary," a Russell-Newbery unit, developing 60 b.h.p. at 1,000 r.p.m. and direct coupled to a 40 Kw generator le provided for harbour
Sellers continued nway at the stocks compile the averages.
Brokers look for a continus- tion of his steady downward Pressure until a future rally is able to attract a heavy follow ing. So far, they nato, it has teen extremely difficult for any sort of strong selling climax to develop.
Du Boni broice sharply from the opening and showed a loss
K47M
a
of nearly five points after the New diesel
first hour. Westinghouse Kave (up, more than a point
opening in its
section where
di
"Clarke Chon sectrically
arlyen deel machinery com erises a 12 p windlass and a U.S. Steel eased after a firm fish trawler
12 1p. capstan Navigational Youngstown tacked on a smallTHE motor trawler Arctic equipment includes Redlion h
Cavaller was launched and hem eased, Motors also weaken from the yard of Cook, Wal-ah.t, wireless, Decca radar,
Hawker Siddeley Group #fraction, Republic and Bethic-
"İtoster·LAD NA”—10_0%,
11.30
4332 4434;
34 8800239
1000 2334
500 0 4331
$700 441 2000 44
31 7150.
Breweries
Distillery Cane 10164.
21.00 24.30 90
2411
23.40
1000 24.60
"B00 @ 23.40 |
2000 4 24.00
2.00 9.30 3000 9.60 6000 6.04 Nanyang 14.89 14.90 1000 14.70
8000 14.00 1000 14.00 1000 @ 14.80
14.70
9.70 0.05
0.20 0.40 3.43
MISCELLANEOUS INVESTI
Allied ARIES. Butigala
Rubber
prices Higher
Singapore, Jan. 26.
Pyro echosounder.
Standard Thaph Intemations-ed with Ford and American offton and Gemmoll Ltd, recent fighting power
more than a point cach.
McDonnel Aircraft tore more buying. than three on heavy The rise was attributed to
warding and Materials
clates Parliand Cement
proposed stock split and favour
Pinent Julijoq" Associates 'Ordable dividend action--UPL
41m2 60,
Cost, Bipel and Engintering
Babcock Wileak Ltd--458 7lkd.
United Steel 834 d
Vickers Laddle $110.
Food and Tobacco
Closing prices
Abitibi: Per. A Paper Altoma
'Steel Corps' Fuller, & Pargn. Fower Am. Natural Gas Asbestos Corp
British American Tab. Bank of Monticentia
"Importal Tobacco Co., Ltd-138.-
MiscellaneoTIE
Boardman Marden 140 de Beten Oxygen Lid Ordubes 6d. Canadian Pictto Fly-4K. De La Rue Co. Ltd.
L
Dunlop Rubber, do 200 7340 Han con t chân Gh Imperial Chemical-004 04
Unilever L63–1230 0d.
Paper
Bowater Paper Carp Ord-72 nd,
Radio and Kiptiziral Associated Flectrical-da 99. Electrical & Medical-639 3. Engin Beatric Candia,
General Eleptic-46 3.
Shipping
Indo-Ching Beam Nav. Co, ord-32 450.
POSteam
ord 40 pd.
Alinus
Navigation
Bank of
Beech Le Bayer Be Telephone
British Amer. Oli
British Columbia
BAYC
Fire
is provider by. capable of Hellvering
4,500 ly. This is the first of two two Merryweather pumps, each distant water trawlers being gallons
a minute at 100 lbs, per built for thọ Boyd Lino q. in. Alternatively cach has a Limited
capaelly of 500 tons per hique în.
The twler is propelled by calvage duties and can be used. the new 6-cylinder Mirrless independently for her pur-
direct "Monarch"
reversing pose. Four in monitors are
do
mounted on a special platform: turbo-charged diesel which velops 1,800 shaft horsepower at
35 ins, above the waterline and 102 ft. 223 r.p.m. The vessel
wo on the after end of the 12
in length, has a moulded breadth Birt
are deck. There 67 of 33 ft. 0 in. and a moulded hydrants, four of which are fox
depth of 16 ft. 0 in.
4312
26
Elec.
British Columbia Pwr.
Can Bk. of Comm. Consolidated Paper Consumer Go Como Imperial Kille
Diamond Alka||
Daullers
Ford Motor
Intrem Walke
Human Refrly.
The upper works have been foam and two twin 4 in, suction hends for salvage, pour thou- designed to give a clean, stret End gallons of fog m
representing
Kned modern proffe. High bul-
warks sweep up from the stern pound are carried, ro deckhouse to the enclosed turtle nt least one hour's supply to all back forecastle with seakindly monitors and fanm hydranis. A
Brid flared bow sections
soft high stendard of accommodation is provided in three two-berth Accommodation for a total cabins in the superstructure.
personnel of 32 persons is pro- and four two-borih ching · pr
vided amidships and aft, 13 the forward lower deck.
49
3415
of
of Gana
9716
nosed stem.
Georgia Pacific
51
Heysten Newport Corp.
13
31
201
Imperial Of.....
50
Imperial Tabacco
11
to the port rail almost to amid-
Lily Tulip
Noranda-Mines Lid."
dot
Olin Mathieson.
Pena. Balt Co.
det
Pitney Bowes
Raytheon
Stares Great Universal Storys "A"-82#.
Lim J Woolworth? WE
Textiles COOL & P Ltd-040 4316, Prices Advanced on reserve of. Courtaulds Lig-43 34.
sellers will no taterest in Iower! sheNS
today. The pas market remained idle through- out the morning with moat
dealers disinclined to trade, The afternoon WRS stendy with prices rising on shortage of ecllers interest shown in fore ward sellers holding off.
Factories were quiet,
In London, the rubber marke! was steady with spot quoted at 30 pence per pound,
In Amsterdam, the rubber market was steady-UPI.
Cen Gained at South Afric Com, Zino
Ord# 94,
Hongkong Tin de 7340.
Tin-is 101ga.
Punch 1035 1150
Southam Kita Core Lid-X 34. Thiony Corpg.
West Driefontein Çokimining-190
el
Briti Borner Petroleum Bydni- cale-017 30
"Brille Petroleum
34.
"Buzzjab-61.
Co. LimerTy
Royal Dutch Petroleum-£2576. Bheil Transport & Trading-154 7160.-Reuter.
COMMODITY PRICES
LONDON
No. 1 Keb.
12.11
MAT.
12.15
No. Feb, No. 3 Teb
$4.09-01 22.43
Яpat rubber : KATERING. Blanket appe Closing ptione, all in storing | Ne. Lpple Wa per long ton..
Zine
10
COTTON
per
LIVERPOOL Closing prices all in ponco
lb.
TIN
American Contract March/April: 22.40: May/June: Oct/Now: July/Aug 22.03.
@pak....
COMPET
Lend in Balt
J
Zne and half.
new
180 Deedfang 21.10.
the elcotion of Pirectors and weich carefully for any sinis the appointment Auditors. at the bank rate warning la
being disregarded and ready THE REGISTER OF nett ba to incose other corred SHARES of the Corporation ver he has to hand-limitation will be closed from Friday, of bank advancez D
capital Issues and of hire. the 26th day of February tô
purchase credij Friday, the Ifth day of Talnir he wishes It to be March, 1980, (both days for known both at home and over- clusivo, during which perfed ep that he will not riek aberilebig Britain's new found
ng transfer of shures can be prosperity for any amount of registered.
By Order of the Beard, MICHAEL W. TURNER Ohtof Manager
Hong Kong, Both Jan., 1900.
temporary popularity. And he
hin
Mixed Contract
March/April! 21: May/June: 21,10; July/Aug 21.80 Oct/Now:
en: 21.10UPT.
is doubtless recalling fluit those who
bicet now about mingly coldsprider caution were the · Very
who .once Umenied of correctives applied to past opdquartile”, crises
that they were too litle too late, fend
METALS
NEW YORK DA Closing prices, all in cents per
Buyers Sellain
RI BBER
4LSINGAPORE
Closing brlama
centa
jorts:
#11 In` Simita
No
LONDON Closing priesa
Flee spot Sellement
JilySept
183-1101
-
"Gineral markoin" UAE., DANS
Ratase-crepe thin Feb.
Mar.
Royal Bank of Canada
Schenley Inc.
Stone & Webser
Higher grain market
after deckhouse being extended
4 ships. The vessel is fitted up
1914 for starboard side fishing only U.S. firm · orders
4014
Chleago, Jan. 26. Most grains developed higher tones today on the Chicago Board of Trade' on 'reports of substangal export sales. Old crop wheat futures in ed under the leadership of the Traders March .contreet,
Full eight casings and houses
give protected internal access
between the after sotomoda- British slopps
tion and the bridge.
Bulkheading and lining of ac
commodation is in plastic finish A LEICESTER firm of boot
of clean and attractive ap-builders which special pearance. The decoration ofisps in the production of: the Captain's cable has been small sailing craft and specially considered and will he
carried out in P.V.C. Umed dinghies, complete or in pre white boucle textured material. fabricated parts, has reçoir- The accommodation will be ed an order from the United ventilated and heated through States worth several thaum. cut by a dul trunk hot and sand pounds for alx of their cold air syplan: Va m
The fishroom, with a capacity two-berth Seraul! sloops: of 10,170 cu. ft. is insulated on The order was placed the ship's sile and end bulk-Behilander Marine, Newport heads with Rockall, and under Beagh, Los Angeles and al- the main deck with ibreglass.though the arm has proviously The Bashroom is sub-divided into received U.S., orders for other pounds with provision for excraft, this is the fire for this tensive előted' spaced
dod type of beat from that "phịt of sliciving. The wing bulkheads, the world. vertical and horizontal shelf-hopts, which are to be boards, also fishroom stanchion but at Talcester, will be de bought. March against sales of and shelf rest angies are livered at the rate of the "a May. There was
some short aluminium alloy, covering by local intéresia. An Wing
tanics at each side of month for the next ale months. clevalar broker and exporters the
trawl winch engine and The Seagull is an 18 dt, 6 .. avitall
craft commission house double hotlom tanks under overa
designed for bought the
Inland sold carlier.
trawl winch engine and aux coastal, estuary and
B partially laries, also deep task forward cruising. It has
of Ashroom have a total caps retractable bulk keel which city of 200 totis, of diesel olf gives a draft of only 17 Inches with keel up allowing her to cruise in shallow waters denied to other craft
Soybeans gained support and the advance touched off soms stop loss buying Local traders provided most of the activity in fuel. the market, Commercial houses cald on the advance. Trade was gergrally light.
Exporters reported. Turkey
Air agreement
purchased 3,780,000 bushels of talks in US. higest and warming wheel and Bri
Waihlógton, Jan. 26, pencetoin 30,000 bushels of hand
From Philadelphia the firm has received" orders for two | further: Seagulle draf seven.pt their P Fourteen sailing dinghies the plan pwned by
Why is took 1,000,000 A gun talks with
+ Italian delegation be- some 3,000 people,
air
In the laft, Lew months the frm has sent dinghies and kits
•2015 | bushels of corn, and forect was
saks to have bought 500,000 || experts of the State Departs to Canada, Aden und Bahrein, bushels of soybeant,UEL
FERDAM” Closing prices alt in guilders per kilogram, ell. Fabi
ま
SLAN
2004 tbyen
U.S. postpones
bank rate raise.
ment today on the applico- and completed G."B" Fourlachs. tion of an als": transport and Kils to Northern Rhodesia, oprement betwem the den and: Isenghati, 1 some casew six catid, eight United States and Italyada kau have boom, diensished at
The Hallan delovate me
sonis' the ejeline Alftatia which
Speriamen runabouts, fast) / now Cles to New Take Allalae. craft which can po
wants to expand its services to Chigo and the West Onsel
propelled by inboard or out-
That Washington, Jan. 207. The Halen delegation de nos barry endings, and which are His United Rates Tederal on a way Minent Leyn miga en quískip for water!"ki uje hayo Rove has postponed for the Dulong Averal on currently has sold complete and in alts moniti – decision but whether to neodising Wing unilea, Stutes 19 Nigeria and Ceylonough
chefs, Woodworking Co., Ltd. KRING to take chia by lì per pens köpresentatives for a moviefort at Lọc 4% par geris/ Ballab);= {#ossrege The 1937 · Netherland» DB air: Narberbo hayo south, EMBR**
Fier, Engländ.):
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