1960-02-16 — Page 2

Pago 2

THE CHINA MAIL, TUESDAY, FEBRUARY 16, 1960.

DROP IN U.S.

London For the dollar

closes higher

London, Feb. 15. Prices on the stock market closed irregularly higher today as prices sagged after a brisk opening.

back industrials fell Many from their highs, electrical and

Jatted 1:༢411༢:༣

engineerin

iod varly gains.

Dollar

stocks Wer

Chrysler

and General higher were Sterl decid,

10

writing

on

the wall

London, Feb. 15.

The drop in the American bill rate may be ominous for the dollar, but is rather encouraging for American business and is big and good news for other countries.

It gives Brilain the external German economy may threaten felher for infernal take-off price stability and confront the into expansion and modernisa- ! German monetary authorities mixed. tion.

with a delicate dilemma, Tey confront it with all the delicacy Motoru

the rel lonship of ases. but Bethlehem At present,

New London and het wees

Fer them, internal stabiilly York

rates ultracin money

the fast and all enough arency to keep sterling comes first,

gentilnely They

regret pul the reses vez goo! cough line.

that it perpetuates an unwant- for sample infginal recpe,

ed external surplus. They also in wage

settle-tibak that if other countries are Moderation were

inennertienect those countries were staus is desirable, but if the

themselves make Teserves hold strong it will not

Germany is not co- be necessary to bemoan every

ing to make herself weaker, six pence.

Cold stots drifted lower, Coppers slipped back after fim opening.

Git-eded securities

higher, Foreign

dvil---UPT.

bonds

Closing prices

talledged Honda British Transport 3*,

£40

Consol CR-V10.

Laman 2402

Convenien Loan

-13/10.

Funding Loall J

£85.

1972)/8-

Н

Are

Good feeling

П fairly The British 1985-modesde people an at pre- sent they feel surprisingly good trtout themselves. In a recent

19534/61-

should stronger,

✔

Funding Stock 39, 1809/2001 Gallup poll, the proportion of They

Puutu

Loan

FUG0/90-

*! . Sat

1195/65-£34. Soviks

1006/70-£KY, Savings 3 100/7373-3/10.

DAR

Buavity'a Bunk "A" Ltd ord-Ble

Chartered Bank-- 3d, Hurkong-£0.

Lloyd's

Insurance

Union Insurance Corten-£5-13/18,

Alterar and Metors

Z Motor Corp. Ord.-zta 41.

3d.

Ford Motor C-1040

Hawker Siddeley Group Ord-

Rouir Ltd "A"—109_ ¿{yet

Miracles

BILL RATE

HONGKONG

STOCK EXCHANGE

تلايا

Our Own Correspondret

to

Business done at the Hong- Stocks Exchange this kong morning omoulited proximately $2,402,000. Noon quotations and the morning'a

transactions:

Shares

BANKS

Buyers Beltere

K. Bank 1200

Unie 1415 D INSURANCES

Lombard

stIPTIND

Sales

30 ur 1250

DO

1200

100th!!

18 19.20 4000 4190

40043

100043.20

793 43.50

2300 & 30 10005012 14047

NY declines in moderately active trading

New York, Feb. 15.

The Stock Market declined in moderately active

trading today.

The market was alightly higher losses among higher priced and and active at the opening with more speculative issues. the ticker tape late. It turned

mixed after the first hour and

Patroleums, rails, farın sayı-

then declined to the close with plements, the ticker tape late again.

airlines, electrical

aircraft

and ¿quipments

RANSPORTATION

New Boeing jet transport has British

engines

Washington, Feb, 15.

A rather sharp selloff in the closed lower. Most steels and THE U.S. Federal Aviation Agency said today it

dual thirty minutes left prices around their lows for the day at the close.

ehcinioak also declined.

of 1,200 Lesues teaded, 688 und declinod, 369 advanced, a249 were unelianged.

Most losses ranged from a few

to around two dollars

but there were wider

Wheelock

0,00

DOCKS, ETC.

K. Wharf...

163

103

73

180

003 6 153

163 162

Dock Provident Teikuo Dock

G35

04

2:00 13

cents share,

43

LAND, ETC. 11.K. Hotel 36 304 1., Land. 4734

45

420 3500

Humphreys

Amalst

UTILITIES Tram

4.125

2015 2014

500 G 33

the

of

Star Ferry Yournali

150

300 40 151

141

500 133 143

700 14

300 140

4 47.59 47.75 234 23.00

1500 23.78 1.05 1.078 13300 1.070

4.30 535 4.35

Internationally, the important structural change Is that

out Geroans are runningt ways of making water run-up- performed have miracles of capital exports the tide of polleles against

26.70 inta, actric which almost force them

Electric (N) 24.30 unwanind bely importers of

and the supply of capital, miracles is imitett

So the D-mark still seems to be in process of devaluing the dollar. It has been on the job for a dozen years.

It may OT mort

40003311

300 4. 2015

1000142

C. Light 10.19 19.00 2000 1.00

Macat E... 11.30 12.10 Telephone.

5300 10,90 2337 & 28

1400 24.20

Increase in Commonwealth exports of

raw materials

.

London, Feb. 16. Commonwealth exports of materials in 1957 raw were worth £2,380 million -over seven times more than in 1938, according to

1500 24.40

232 or 24.30

35 35

500433

300 6 35

2290 351

a report today.

Volume totalled. 2,780,000 shares compared with 2,230,000 shares traded on Friday.AP.

Closing prices

Alden Inc. ALY. Allled Chemicals Allis Chalmers American Airline Amer, &toren. Power American Metal

American Emelling

Amerie Tel & Tel

America Tob.

Anaconda Copper Armeo Steel Armour

Alins Cons. Mining Baldwin-La¬liani,

Balilmore & Ohio Box Aviation Corp. Donguet Cena, Dowalchom Stedl Boeing Airplane Canadian Poeme it. Cass (J.) Co. published here Can Polinutive Cu.

21blom.

Commercial Credit Consolidated Edison Crown Zellerbach Cuban Amer. Sugar Diamond Alkal Dupont de Nemours

be unem people expecting to ployed reached a new low,

The proportion expecting a drop in their standard of living reached an easy new low, less than half as many as ever be- ahead ten years fore; looking

great in The rise reflected they overwhelmingly thought

INDUSTRIALS Cement. 4534 48% 33506 40

creases in quanties as well as Britain would be the best coun-

STONES, ETC.

500 24.50 the effects of higher prices, said 34.00 24.70 dozen Dairy try to live in.

of the 3500 m 24.70 the report, For the American economy

thero and of

XD 2335

wealth Economic Committee. Watson, trends may

The consumption Lane, Crv. 20.30

CH rw Ceneral Electrie the vastness of money and Wall Street may be a godsend. meanwhile the

COTTONS TeVerse. Unless and until they

materials in the Commonwealth General Food

General Motors least as fast as Getty O 120001040 had grown at do, the process is remorseless, China Mall Special.

Iain Oidden Bo that of the tree world, taining the importance Commonwealth as a market.

Commonwealth wool (£600 million) and Jubber (£195

exports were

Standard Triumph Intestational-It tends to stretch out the de-

11s 70

Brewerie

Distillery C 10150

Buliding and Material

Assolated Tortland Cent GoodLess Wall & Leed Grd

Piel Johnson Alates Or

42 74.

Corl, steet and Engineering Babcock & Wilcox Ltd 150 United

Vickers

Jands Instead of cramming them into a boom and subsequcal the means bust. By providing for expansion easy money tends correct and not merely in re- Blect the defensive turn in busi- ness sentiment.

For the dollar, however, it looks like the writing on the wall. The trouble about the Ameri- caps is that they have become Lid-Internationally uncompetitive.

Food and Tobacco British American Tob. Co., Ltd 72 3d.

Imperial Tobacco

4td.

ور الناس

Miscellaneous Doardman Marden Lids 7!4d.

Ltd. Ord-085,

Hrits) Oxycile fly 4815 Canadian I

De La Rue Co. Ltd. Ord-71.

Co - 24

Dunlop Ring Gol Hongkong Imperial Chemicals 41.

yone & Co-76 d. Unilever Lid-133 04.

Piper Bowater Paper Curp Ord-73s I. Radio and Electrical Ansoginted Electrical- fid. Electrical & Muuteni 40% 34.

Fast 15

General

Indo Chita

Co-478,

Ahipping

Steam Nav

Do. def

u7d-33

P&O Sicum Navigation def vid- 40's.

storts

Great

Universal Stores "A"---ÜÜ#

4arks & Speners Ad-?is 140.

Woolworth F, W. & Co-0164 14. Texuire

Coats J & P. Lid-3ks 80. Courtaulds Lid-63 1964.

Mines

Cone Coldfelda of South Africa- Olm d

Ca. Zine Corp. Ord- 30.

De Beer

Hongkony 21-in *).

Petaling Tile

Band 10. .

Southern Kinta Cons Ltd de Jd.

West Driefontein Gokimming-1

..

on

British Borneo Petroleum Syndi

cale roicum Co..

Brilleh 37-49 1554

Lad-50

Royal Dutta Petroleum-£18-3/32. Shell Transport & Traduzgunā dās,

Keuter.

Rubber market review

New York, ch. 15. Rex rubber futures today closed 35 points higher to five points lower with sales of 44 contracts.

For

Dear money

their external

positions the United States needs dear mones. For their overriding priority Internal purposes-the of boom In the United States und of disinflation in Germany have the -they respectively reverse and nothing is likely to shake either of them.

The Federal Reserve Bank of New York has been saying that some structural changes in the

Yesterday's Closing

take another to Eet

[CITY LIGHTS!

"There's Binks--anything to attract attention"

London Express Service

02 006

919.3

..

105 10.40 Textile

10 4100 10 Nanyang 15.90 INVESTMENTS Allied

0.05 6.10 300 4.10

Agreed merchant largest single Items.

rates

Malayan Dollars, Maximum selling 53%, Minimum buying, 53% T/T, 63-13/18 0/D, 54-3/18 30 days, 54-7/10 00 days..

Exchange rates

Business was done in the local unofficial exchange market morning at the following rates: U.S. dollars (per 1)

Common-Fostern Air Line

Eastman Kodak Ford, Motor

of the Goodrich (B. F.) Co,

Goodyear Tyre Gulf Ol

the

CANADA LEADS Canada lod the Beld in ex- ports of linber, mainly soft- totalling £165 million wood, but Ghano, Nigeria, the Federation, Brilish Malayan Bornco territories, British Honduras and British Gulona had developed their exports of tropical hardwood.

New Zealand had built up a trade in softwood significant

and woodpulp.

said that in a

this

Sterling notes (Prell) Australian notes (per i Indonealan rupiah (per 100) Stam Seals (per 100)

straits) Singapore

5.70

12.50

The report vigorous response to post-war 250 demand, Commonwealth

raw

26.10

COMMODITY PRICES

RUBBER

SUGAR

NEW YORK

NEW ORLEANS

Closing prices

all in cents

per ib.:

Spot

$1.50

Mur.

32.04

May

34.00

July

12.50

Oct.

30.30

NEW YORK

20.95

Rex rubber price, ali in cents per

futures

closing

lb.:

Mar. May July

21.41

Closing prices

per lb.:

March

30.00

36.90

May

July

37,85

Sept.

37.00

37.00

JATI.

16.25

Mar

35.00

in Straits

BINGAPORE Closing prices all

cents per ports: No, Fob.

Mar

No. 2 Feb.

No, 3

No. 4

15. f.o.b. Malayan

Spot rubber, umbaled

Blanket crepe

No, pala crepe

LONDON

214-1143 1134-11311 113-114 12-13 112-113 106-111 '111-113 130-132

all in pence

Bellierent house term

Jams/March

April/June July/Sept

Oct/Dec.

3344-07

3316-3314

1-17 24-314

Closing prices

per lo No. 1 st spot

Axtopting the pattern of the General markete, c.i.f. bans, portt:

foreign mariools, trading, rode

DOR".

gulet with price atender on Extate crepe thin zou. Some covering by *denler bilèrests.

Locally, current month No. 1

Ras was qualed

nominal.

at 13 cente,

market In Singapore, the

Jist heldw opene blightly

løvels. After finat week's steadying slightly the market

quiet

relapsed into lethargy,

New Oct. 30.40 New Dec. 30.43 SAO PAULO

Closing prices all in cruzelro per kiloi

Average price in U.S. at 14 de- alemated spot markels: 32.50 cents.

Total sales: 80,501 bales.

LIVERPOOL Closing prices all in per Ib;

American Contract

Mar/Apr. May/June July/Aug. Oct/Nov. Dec/Jan,

Mixed Contract

Mar Apr May/June July/Aug. Oct/Nov. Dec/Jan.

pente

22.06

$1.00

82828 882295

METALS

NEW YORK

thick Feb...

chooing prices,

por lb.:

Load March

May Marels May Copper March

Moy

COTTON

cerita

all in

11.00

41.0

11.00

12.00

30.70

all in

conta

Contract No. 4 (world) March: 304; May: 3.73; July: 8.12: Sept: 325: Oct: 1.4; Jan: 3.23: Mar:

Moy: 333; Spot (F.A.S Cuba): 3.10.

3.51;

Total Sales: 130 contracts, Open interest: 8,820 contracts. Contract No. G (domestla) March: 0.00; May: 5.81; July: 8.74: Sept: B.: Nov 082; Spot—(C.1.1. N.V, ex-duty): 5.30.

Total Sales: Do contracts Open interest: 2,738, contracts

UP!.

FOREIGN EXCHANGE

LONDON Closing rate:

New York Montreal Amsterdam Brunel Copenhagen Frankfurt Porin Blocklis

Cloding rates! Cañada LONDON Closing beloes, all in sterling England official

cents per long to

2.0091-2.00/%

2 E0T4+2.07 || 30.5714-10.57A?

18.3595-105TL 11.09-11.09

Heyden Newport Corp. Hainestake Mining Co. Ingersoll-Rend

Inland. Steel Co.

Int'l Business Machines Int Harverber International Nickel International Paper Int'l Tel & Tel & Leit"

Kanens C, Power

Kennecoll Copper

Lition Ind, Lockheed Aircraft Loews Incorp. Lone Star Cement Co. Minneta Mining Mission Development Montgomery Ward National Cash Reg. "A"

National Less New York Central Olla Elevators... Pacile Guy & Etc. Pan America Always Paramount Pictures Parku Davis Co. Penn, Salt Co. Radio Corporation Republic Steel Blacials 01 Socony Mobil di

materials productive capacity underwent widespread expan-Southern Ballway (Dom) sion Involving heavy expenditure,

and

Brands

capital Stanca oil of

Output was greatly increased on balance provided a larger chore of the free world tatal. This expansion was not confined to a few countries but was, widely spread throughout the Commonwealth.-Reuter.

U.S. steel

U.S.

output record

Standard Oil of Ind.

Standard Oil of N. J. Sterling Drug Co. Stokely-Yan Camp Studebaker-Packard Corp. Swits & Co, Texas Co Union Carbide Union Pacific Hallway United Aircraft

V.S. Gypsum

ILS Lubber U.. melting U.S. Steel Warner

Westing Mortre

Woolworth (K, W.)

BRITISH JAPANESE

has granted the Boeing Airplane Co., an air- worthiness certificate for the long range, newest 707 jet transport, the 420 Intercontinental. powered by British jet engines.

It is

Pratt & Whitney Jet engines of the 320 molel.

The FAA stamp of approval; the certified that the plane is tested and proven safe transport, Boeing calls the 420 model the world's longest range Myliner.

The plano

jet

Orders for the 420 include 15 from British Overseas Airways five Corporation, many's Lufthansa,

from four

Ger from

is designed to Air India, and two from Vorig

cross the Atlantie nen-stop in Airlines of Brazil. either direction.

The 420

4471

**

103 SIMILAR

ca).

**

1532

!

69

4035

2

model is similar to the 320, currently in use across the Atlantic by Pan American World Airways and Trans World Airlines.

60

However, the 420 Brkish-made Rolls

JE

tas Royce Conway Jet engines instead of

Bone's first 420 is to be de- Livered this month. The FAA catiftention permis the air- ine to start service with the

new Jet as soon as it wishes.

in servico Ninety 707's are

10 alelines. They have with carried 2 million passengers more than 56 milion miles inco they went into service late in 1958.

The 707-420 is certified for a maximum takeoff land of 311,000 pounds, compared with 248,000 the original 707, pounds for which were of the 120 model, The plane carries 40 passengers & coach compartment.-AP,

Dutch note to U.S. first class and 65 in

over landing rights

Washington, Feb. 15.

Nothorlands Tofficially informed the

Japanese car

today parts for U.S.

United States there is wide-

12% spread disappointment in the

Netherlands becauso

Washington, Feb. 15. TNITED States car makers

UNITED the

oro considering buying U.S. refused to grant Wost parts in Japan to reduce 37 Coust landing rights to KLM their costs, says the mago- Airlines) U.5. Nows & World

21% (Royal

20% planes.

Dutch

to

Report.

Dr J. H. Van Rotjen, Dutch Thus Japanese car makers Ambassador

Washington, may soon become sub-contrac- handed, the Secretary of State,tors for the U.S. industry, says Mr Christian A.

the weekly news magazine in a memorandum

the brief report in its copyrighted text of a roolution in which business around the world see- 43% the Dutch Parliament expressed

TRADE TALKS

New York, Feb. 15.

steel production in January set a record for any month and for the first time crossed the twelve million ton - a - month mark, the Ameri- can Iron and Steel In-British stitute reports.

Steel-making furnaces DOUT- cd 12.043,000 net tong of ingota and steel for castings cellpaing the previous record of 11,089,319 isha set in December, 1950. Pro- duction in January 1959 toteiled 0,317,385 tons,

London, Feb. 15.

and

Horier,

containing

L

lan.

its "deep disappointment" over the US attituck:,

The report says "inquirles jhave

aboil such been made Negotiations between the two things as Japanese-made rear- ash trays, and oyuntries were broken off on view mirrors, February 8 after four weeks of other accessories. The Japanese talles.

say they can. produce such items for 28 to 30 per cent less, in- cluding transportation and taxes, thum Americans can.

REPORT

"Japan's industrial costs, are traditionally low, despite the nation's having to import

#

Van Roljen, Embassy sources sald, also familiarised Mr Horier with a report the Foreign Minis ter, Mr Joseph M. A. H. Luns, great part of its fuel needs from made to the second chamber of foreign producers. the States-General on February

"But now the Japanese them- 9. Mr Lama termed the State selves have struck oil the

Department's arguments

acceptable.

un-Persian Gulf. An offshore well

has been gushing 9,000 barrels a That's day since January 26.

The resolution, passed by the equal to the combined flow per

chamber unanimously, day of 600 wells

in the US. Oil Company

Becond

censured the United States for Japan Arabia rejecting the KLM request plans to complete eight or nine which it called "u negation of wells this year. By 1904, the freedom of aviation and of the company plans to be supplying principles of sound competi-half of Japan's oil neode.AP. ison."AP-

New

launches for

Japanese Trinidad Police

to

negotiators worked gether for nearly three urs today over the de- talled provisions of a new trade agreement between

our high-speed diesel-

Cargo containers designed for tow

London, Fob. 15. NEW British company hot boon.. formed for

ongineḍ stbol faunches world sale of flexible cargo have recently been built in containers designed to be the two countries.

Biltain for the Trinidad towed behind ships, it was Policó all powered by Perkins announced today. Delegates refused to commit 56(M)" diesel enginct.

According to the Indutute's index of steel-molding, Jarasury | after the day's talks ended m- output was 109.3 in terms of cept to say the next meeting is the basic index of average pro scheduled for Wednesday. duction during the period 1047/49,

COMPARISON

They sayo no Indication

of

The snake-liko containers namod Dracones after the Greek Ench lounch has three of word for sea serpent are made these engines which each deve of nylon and have a capacity of horne power dt 13 to 320 tons depending on ldp 100 atiaft 2,000 rpm. An interesting point their size. what specific matters were dia- of design is that each engine cussed during today's mocting. operates & separate propeller First poblic demonstration of a dracone developed by a team Today's esstor started the with independent controls, giv

At Cambridge university second week of the tediousing a wide range of power and

speed. Individual engine con- giver about 18, xhon ihm ngó with ar of negotiations. Omelais ELA on capacity

trols be operated either a cargo of 10,000 gallons about 1 nå 148,570,070 net willing to predick how many

from the wheelhouse or the 40 tons) of kérésére. tons of raw stoel a year, US weeks they will last, but pre-bridge-deck. Sitering la by steel-making faces wery plous years' salles have one twin rudders, operated by cani

Tho' how compiány, Dracona Is Huciced operating at an average of 95.4 on for several months,

Cociabil Limited, percent of capacity during

mainly by associates of Hambros Bahir, one, of Indon'g Tending

bardis mertibat

nand

This compares with 188.5 in 139.00-139.85 December and 181.0 aring

January, 1952. 13.704-13.70% Bhsed 14.519-14.51 January

NEW YORK

1.00

NEW FORK

20047

Closing prices

ndl in

-30-

DO-DAY

2.2013

2.0000

per lb.:

Buyers Bollers Australia

2.2440

Allernoon continued

with market ahiding to, about

MIT. May

alm

Ti pot

793

New Zealand

*3.01

3-menti

July

51.70

Cupper spat

70* 273

South Afric

2.7010 2.8000

Belgiu

Juêning level,

Out

30.00

3-month

2404, 150 ·

Tied

20.00

Lead 1st halt Feb. ...

13

Factories were quiót,

MAC

75,01

In London the market wud wory quiet ludiky ---UPIL·

May

21,38

to the JNE, A

NOW BEL WAYNEW DIG

May

Sweden

Switzerland

January, the Institute.mních.

LOC-

can

ggars, which at medium speeda The trade experto, some or allow the craft to turn about In

one-ond-hall boat lengths. The Institute also reported whom flow from Tokyo spe-

At the same boatyard at that 1950 shipment of faithdu clally for the degotiations, dró products from mits to the bargaliing for expended quotas open Perkins-powered launch 020 69.377,007 net tons, a gain of 10 for the two countries imports for general duties # Aden had

percent over. 1898 shipments of from chel olhar, 30,000,000 tons, but, ill. bervent bolów, the annys), fecord of 84,

2200

2100

The present, quota dhange 700,000 tons set in 1955, China i menti explié va milen 312%

AP, Muli Special:

also just beef, constructed; Tho power unit for thun vesel isti Peridins "P3/144, ülesel, enghrie daveloping 30 minit horse power at 2,000 rpm.

WED

of it. Chitrón ind Cumpany

rim of alúpbrokers

The three inventors of the tricona ako Profestőr W. IL Hawlhtone, Bir Geoffrey Taylor and Mr Jolin Shaw, China Mull Speci