1960-02-17 — Page 2

THE CHINA MAIL, WEDNESDAY, FEBRUARY 17, 1960,"

NO RAILWAY STRIKE BUT-

London The public will HONGKONG Wall Street

closes have to

pay dearly

easier

London, Feb. 16.

STOCK EXCHANGE

ردا

Our Own Correspondent

registers sharp decline

Bustness done at the long- London, Feb. 16.

A cautious note was do❘ So we didn't have a rail strike after

minant on the London

Block Exchange today, i reflecting a further over- night decline on Wall Street and the hike in U.S. interest rates.

Share priers were generally. onsfer But British Government securities attracted some invest-

Small selling developed in

were

all.

kong Stock Exchange this more ing amoubled to approximately |$2,195,500, Noon quotations and

the morning's transactions:

Hare Внуета Якета Sales 11. Bank. 10

At the eleventh hour the British Transport Commission found the necessary Danegold to buy off INSURANCES the National Union of Railwaymen who

chaos.

Un... 91

threatened the nation withbard 4275

The NUR leaders were pre- steels but must had rallied by pered to keep the nation's wheels closing. Gjoki shares Renerally dull and cuppers loeturning for an Interim pay rise were dull of five per cent pending recom- mendations due simarily of o spucial committee set up to re- view the entire wages structure of Britain's nationalised

Kund,

Oil shares

ond uncertain,--Al.

Closing prices

Diltederd Bonda Britan Transport May

Consuls 21"-249.

2-1/26.

Consols 4-C

Ciniversi

£142

Funding:

3

Loan

1978/08- V/uys.

wenpitulation

The Transport

rail.

Commission's

to NUR's demands plunged the already heavy in- J/debted British Railways more Funding Stock 3/95, 1999/2004-deeply than ever into the red.

465/1/10.

271

Funding

293-1/10.

1oors 4

193090

Savings 37, 1995/65-12-13/10, Savings 11/70-£82 Savings 1065/75-75-13/10 Darclay'a

Gery

Bank

Hank "A

Chartered Bank-426 342, Hongkong-£03.

Ltd and

Lyd's Bank "A"-6 30.

fnsurance

Motors

Union Insurance Canton£3-13/16. Aitar Cura, Ormite ad, Brit Mutor

Ord-33 Hawker Skidley Group

itolla Beyve Lid Onk-48 4:50. itimate i "307550. Standard Trumph" "International- 115 yd.

No indication

And there was not the slightest Indication that the extra money would buy one whit more effici- cacy ur improve the service. All I bought was peace. The sort af peace Saxon icings bought with Danegeld from the Denish sen rovers.

Rubber

market

review

$

SHIPPING Wherlocke

6 50

64

Provident..

55101

40124) 11:0

2003200

102913

2004 8.35 3300 BF 1000 2 1930 40 53.7

$200

(5

DOCKS, ETC. K, Wharf

Dock... #31

160 170

20 (1)

200

100

04 2000

6311⁄2

375

10

300

10

H. Hotel 3311⁄2

34 1000

Talltoe Dock 43 475 LAND, ETC.

| HK, Land ..

Humphreys

Really.

5. Kelatan

RUBBER

Amalg

Trut

Sungala

UTILITIES Trom

Star Ferry

Yaust!

Singapore, Feb. 10. with overseas advices much us expected the market ruled very quiet with Light little interest developing.

Scang

too!:

The afternoon was quiet with price movments small and ex- changes limited.

shortcovering place up 1 115 when profit- Not much more than 24 houreaking caused some ensiness. after radio programmes had been interrupted to give the "good news" about the settlement, NUR demonstrators were marching to Trafalgar Square behind un Irish girls pipe band. There they were Pinchin Jalen Asociates Ord-fold by their leaders that the

Breweries

Tatier Co.- 10tid.

Ronding and Materials Associated Parland

Cement-24 Ord

J.

Goodians Wall & Lead

4170

424 1128.

Coal, Steet and Engineering Babcock & Wilcox Lid-41 Kl. Unite! S

Vickrey

St.

Food and Tobacco British Aruerican Tab, Co., Ltd- 71 714

Incial Tonsere Co, Ltd-755

pd.

Milkerlaneou

Beaconian Marlen Lidl-Am 7160, Artis Oxyle Ry-54%.

Lt. Ord- dd.

Canadian

[CITY LIGHTS

"Hold on, man, hold on. Don't keep anticipating a fall"

Landan Express Savelzo

De La Rue Co. Ltd. Ord-724 Bd. Dublợp Rubber Cu-251 10. Hongkong & Cuba Gas-12a, Imperial G 100

Lsms &

Unlinver L.

PAR OTC-135. Howater Paper

Radio & Elpetrien)

Amelated Elect

Electrical &

English Electric-Co~$750,

Nav:

Indo-China

ord-324 134ch

Co. det

P&O Steam Navigation def ord

471 5.

Kiorea

Great Universal Stores "A"-50% 1.

Marks & Spencer Lid-70 1150. Woolworth F. W. 4 Com50 750,

Textiles

Coats J&Ltd-349 d.

Courlanius 413-63% 7156.

Cone Goldfeius of Bouth Africa-

100 alud.

Cons Zine Corp. Grd-75A.

De Beern def 13 od cor.

Hongkong Tin-de 1954.

Petaling Tin-s

Hand 93 $4.

Sve per cent rise had been ac- cepted "reluctantly and that

"we have won the first round of this battle but it is only the first round and the biggest part of the battle is still to come."

was

clear

Inference The enough. If the recommendations of the special wages committee are not to the rallmen's Jiking they will probably start flexing their muscles again.

And if the NUR like it then

473% 1275 4745 300 or 4732 24.70 1.65 1.075 5000 1.075 3000 1.073

43% 4.823 500 4.

7 14000 1.95

33

1000 x 2

1 {\

2.75

7000 3.70

1304

140

1042313

D5003312

300 or 141

300142

New York, Feb. 16.

The stock market declined sharply in active trading

today.

The market was moderately netive and slightly lower at the opening with the ticker tape late. It sicedied briefly in the first hour and took on a mixed appearance. it sold off again around noon and widened its lasses gradually until the hat, thirty minutes when a selling wave sent it sharply lower.

Most major sections of the market declined, Steels, motors, coppers, chemicals, petroleum, rails,

aircrafts, tobacco and rubbers were lower.

Most

tosses ranged from

few cents to around three del-

fars a rhure, but there numerous wider Insers,

Selling in motors was based on slower than expected sales of new cars this year with a con- siderable production

ment. In steels the rebuilding of:

2000 ar 15.70 ventories is proceeding faster

than anticipated. Indicaling

Cluett Peabody Colgate-Palinolive Co........ Cutreretal Credit continental Oil of

Del. Crane Co......... Crown Zellerbach Daunend Alkaji

menu Card

Dow Chemical

Fondly

Corp.

E PAK Narel Car Fira Nat. City Bank

Ford Motor ... General Dynkies Gra Pub. Util.

Gra. Tyre & Rubber Gilda Co. Goodrich (R. FJ Co. Grumman Alteraft Gulf on

30

ANSPORTATION

Flight information plans for Indian Ocean area

Rome, Feb. 16.

TECHNICAL committees of the International Civil Aviation Organisation (ICAO) Indian Ocean air navigation meeting today completed their work on the technical aspects of a plan of opera- tions and detailed requirements designed to meet the needs of civil air transport in the region for the next five years.

Dr J. H. Heterman, Secretary- 45%%% | General of the meeting, tald 234

that after approval by the gen-U.S. freight rate

eral committee, the

report

of

the regional meting as a whole

presented to a meeting for wheat cut

P.

will be to consider the regionalTHE Philippino Ambarsa- plan

dor, proposed by the meeting £

Mr Carlos and lo Instruct the ICAO Romulo said today ho had

ما

for persuaded shipping lines fo their freight rata on

cut

It is only after Council ap-American wheat shipments proval, he said, that the plan of to the Philippines. requirements

the drafted Cover meeting will become t 14341 (rm

ad

241

20

will

Heyden Newport Cup

10

of the ICAO Council in early

Homestake Mining Co. Idaho Power

$22

June,

621%

Inland Steel CV.

4012

The Council's action, he said,

Washington, Feb. 16.

were

Inlerchemical Corp.

30

Jobmw-Blanville Co.

Kaiser Industries

125

:

1 Kansas C. Power &

Kimberly Clark

Ligh

40

da

necrotariat

700 6143

Lixxell & Myers Tub. Co.

made

Lition Ind.

10 10.70

500 10.70

300 19.0

curtull-

Lowensteht Sons

11

Mc Dermott 3. Ray

10 refer decisions member statea their appropriate action.

324

1400 19.70

Mesabi Iron Corp.

J3

100 110

Minnesota Mining

105

Mixalon Development

25.00

1000 or 4.8

A

Monsanto Chemical Co.

15

500 23.70

possible

Motorola Ir

216 24.00

200 24

106 in 30%

500 44 25

800 + 3514

1500 30

200 or 354

National Biscuit Co National Dairy Prod. National Steel Corp. Norfolk de Western Rty. North Amer Aviation Northwest Airlines (Com) Ola Mathiesora -

97

337

1000 35

to 3,270,000

INDUSTRIALS

441

4236

4525

40

23

11412

241

& Gamble Co.

Publicker Industries

to-date meteorologienl

(about 110 in the region) to

1015

provide forecasts

of

weather

conditions.

Hoctile Electic (N) 2420 Teirphone

April tended to #arrow lighty

March agninal

und Cement amall with lower sheet sellers prepared to meet mar- kel.

WAIS

In Amsterdam, the rubber marks was steady today.

NY HIGHER

futures today closed

In New York, rex rubber 40 to 100 points higher with sales of 180

contracts,

some

reduction in output within a few months.

757 Of 1,220 issues traded, declined, 244 advanced, and 219 were unchanged,

Volume

TOSC

700 shares compared with 2,

shares traded yesterday.

370064487

500 x 40

The most active

200 40

1000

46

Pr

stock American Motors (when issued),

123,000 200 e 40% off 1-5/8 at 23

Rupe STORES, ETC Dalry .... 24.40 241 3500

on

Mhares. Second whe American Motors (common), ol 4-5/8 at 24.00 2000 241409 on 121,500 shares. Third was 500 r 24. Glen Alden up 1% at 20% on 105,700 shares,—AP.

200 e 241 300 24.40

500 # 31

Watson XD 2314 Lane, Craw 30% 31% COTTONS Texttio .. 10.10 10.30 1000 10.30 17000 Gr 10.30 2000 10.20 Nanyang.. 13.30 16.10 15000 me 10.10

4000 £ 18 INVESTMENTS

Closing prices

Alden Iar. Acy.

Am. Brake Shoe

American Airline, Am. Cable & Tudio Corn

Vanuid Co. Form. Power

of

int

Allied

&FE. Invest

7.40 735 4.40

1414

0000 5 1000 in 6%

Am. Itume Prod.

It is improbable that the other An Improved factory demand two unions representing fool for spol rubber with some plants plate crewG and white collar, reportedly covering workers will be happy about it their June requirements, joined For they are determined on re- with the firmer London cables in eastern the tightneSS asserting thele "differential" and higher pay which marks them; hipment offerings, In Imparting

bullish it as specially skilled men. And a

no matter what the mass of rail-reathings. way workers get the skilled mea will want a certain per cent

Inorg.

Who pays?

Who pays for all this? Why the public of course. And slace British Railways will want to compensate for this Increased expenditure by boosting revenue how will they achieve that? Hy charging the public higher fores und freight rates beyond doubt. Such is the book-keeping of nationalisation.

In the past rallway pay in- creases have signalled the start of inflation. of another round And since the interim grant to railmen at the weekend.com- mentators have been gloomily forecasting a repeat performance.

But many of them seem have missed a point which Is ihat the pay review committee would have recommended art in- crcase for rulmen in any event and that its economie implica- tions have been anticipated by only a couple of weeks.

to

tone to

Bullish serument

terminal

was given

an extra by reparls that leading trade interest expect The current strong demand for natural rubber to prevali for at

east several years.-UPI.

Yesterday's Closing

1000 6 14,70

Exchange rates

Am. Mach, & F'd Am. Sugar Ref. Arinco Steel

Allos Cuna. Mining Baldwin-Line-dani Bendix Aviation Corp. Benguet Cora, Boeing Airplane

Burden (The) Ca... Burroughs Add Machine 1.71 Fallt. Preking Curp, 15.02 Co. Brewers

Business was tone in the local exchange market this unofficial morning at the following rates; US dollars (per #1) Sterling notes (per £1) Australian notes (per 1 Indonesian rupiah (per 100) .. Stam ticals per 100) Slogajare 18ivalis)

12.00 Care (3, 1) Co.

250

Cat, Tector

5.10

Celanese Corp.

1.01 CUT. Financial Corp.

COMMODITY PRICES

SUGAR

NEW YORK

Closing prices all in cents per jb.:

What is truly disturbing Is the Mar

Alay

Southern Kinta Cuns 12 d. fact that the NUR have demon-uly Union Corp enőle, 10fd.

West Driefontein

190%.

he Best. Goldining-strated that agreements ran

broken and that threats are pro- Alable.

Brite Borneo Petroicus Syndi

cate B 14

Contract No. 4 (world)

RUBBER

Hex

NEW YORK

rubber futures closing pricca, all in cents per 1b.:

March: 5020; May: 38.70; Juty: 40: Sept: 3920; Nov: 38.70; Jan: 36.00; Mar: 30.50.

SINGAPORE

May July

Owon-inois Glaba Oxford Paper Co. Parke Davis Co. Peony J. C. Co. Penn. Salt Ch. Fillip Morris

Th Plate alar

ure Qu Indio Corp. Pret Reynol Metal

Shell Ou Co,

Safeway Stores

Saint Res. Paper

Scott Paper......... Smith, Kline &

Bouth Puerto Tilco SKUTAT

Suntine Mining

Textron Ine.

47:5

regional African-Indian

plan for the Ocean region, 77 indicating what is expected of

each state in terms of equip 241ment and services to support the

air operations contemplated,

The reduced rate is $10 per long ton, down $2.40 from the minimum "open rate" system adopted by the Pacific way!- bound shipping conference inst

autumn.

At its concluding sessions, the 1 ΠΟΥ is roughly pro- meteorology committee recom-portionate, distances considered, mended int all major aero- with the $7 to $8 rate on wheat dromes establish or bring_UP | shipments from the American

offices West Coast to Japan.

Mr Komulo recording to da Embassy announcement; pro-

This information was I tested to the shipping lines that Was diy- higher rate portant to aircraft of rators for the briefing crews, preparing flight criminatory. The shippers' con plans and deciding on the ference reconsidered payload which could be corried | the lower rate,-UPI. und the fuel needed to carry it.

The work of the communica- tions committee bore out the

14 trend towards the use of radio- Swedish ship

Southern Natural Co

Southern Railway (Com.) Sleep Rock

48

1012

Sterling Dig_Co.

Stokely-Van Camp

$ 424

409

2037

Thlokel Chem.

9%

Tide Water Oll

300%! Tri-Cont. Warrunter

51

Twentieth Century Fox Film

1412

Union Oil of Cal.

321

Tailed Frit

1.5. Poll “U”*

4116

U.S. Line Co.

27%

DAL

US Steer 7 P.C. PF

42

19%

Waukesha Motors

493%

Air Brake

2733

0

1ER Wrat VB. F

442

012

31.156 31.130

-AE'

LIVERPOOL Closing prices all fa pence per [b.:

American Contract

Mar/April

May/June

July/Aug.

Oct/Roy,

21.03 22.03 22.16 2170

Dec/Jan.

Mixed Contract

Closing prices all in Strafts Mer/April

2.90

3.10

conts per

lb. fob.

:Oct.

Jatt.

jorts:

MAT

9pol-7.6.5. Cubry

9.10

No. 1 Feb.

Total Sales: 097 contracta Open terest: 8,503 contracts.

Mar.

No. 2 Feb.

Trading—145m

Contract No. 6 (damesllo)

-Teuter.

No matter how this is rotion- alised and some have argited Mar. that the agreement to awali the May

Drith Petroleum Co

4160.

Burmah-471 4Ķa.

Royal Dutch Patroleum--£147...

Shell Transport- &

43.03.

Pressure

British loan oppressive--the fact remainin that potef

to Malaya

London, Feb, 10.

outcome of the wages review was Sept. ex-duly) an agreement voluntarily em-Tatal Sales: 210 contracts.

Open interest: 2,733 contracts. barked on was broken and pres- sure applied.

Perhaps now the British Gov-

An Anglo-Malayan agreementment will start on the long

needed overhaul of industrial re-

No. 3 Feb.

No. ⚫ Feb.

Spot rubber unbated Banket crepe .......

8.51 No. 1 pate crepa 5.00

AMSTERDAM

May/June

Mainyan July/Aug

Oct/Nov.

Dec/Jan,

11444-1143%

112-11449 113-3145 1134-113 1124-13 11414-1144 311-313 171-133

Closing prices all in guilders per kilogram, e... Febi

*UPI.

No. 1 rubber

METALS

will be here tomarowlations.. And this might well In- under which Britain will give a clude the speeding up of the 1:2,250,000 loan to Malaya for whole business of arbitration |

of the purchase

lele and review (the committee on communications equipment, an

railway pays has been altting for Buthoritative source call today. (over a year) and provision to

Tunku Ya Acab, High Com- mako agreements legally bind- Closing prices, all in sterling

per long ton. mlestoner in london, will maning.

All this trouble is not an en- Tis spot tory of the Export Credits rely domestic affair. For Britain month

for the Malnyan. Government,

while Mr I. J. Mancies, Eccre-

Guaranice Department, will

lyn for Britain.

The loan will be payable by the end of 1909-Bilia. Mail Budlul.

LONDON

Copper is an econumip pace-setter and

2-month anything such "na the railway || Erpu 2nd, NjAP trouble which affects is well- being is of far-reaching import. Eine za nal ance-London Express Bervice.

Buyers Bellera

204 *797 200967 2472411

13

MAY

No. 3 rubber

No, a “rubber

No, I crepe

3.20 buyers

3.24 buyers

.זי.

CORDIGN EXCHANGE

32 buyers

NEW YORK

Closiner rates:

3.70 buyers Canada

England offelal

30-day

Belgium

France W. Germany

Holland

Bwitzerla

& Paper Winn-Dixie Store Zenith Radio

*J

Britain will

not leave the 'Outer

Seven'

Berne, Feb. 16. Mr Reginald Maudling, Pre-

sident of

the British Board of Trade, said here today that Britain would never consider negotiating with the six nation Eure pean Common Market in an attempt to reach a bila- teral agreement with it.

He said: "We are now mcin- 12.50bers of the team of seven na- 22.00

tions which form the European

22.15

telephony as the sole means of communication between aircraft and ground stations, as well as towards rapidly expanding use

of very high radio frequencies.

Veri high frequency (VHF)

detained

THE

And set

St John, Feb. 16.

Swedish radio stations had been planned THE 4,725-ton to provide direct pilot-to- steamship Atlantbris controller channels at all area was detained in port herp as

control centres in

the region,

and provision had been made she prepared to unload cars for VHF stations di tig-after a voyage from London.

frequency radiotelephony net- work stallons in the region,

The vessel, of Stockholm re-

The RAC-SAR committee, ingistry, is owned by Rederi A/B dealing with rules of the air, air Bria of Stockholm. She arrived traffic contral and sparel and on Sunday with 389 European rescue, recommended that all cars.

flights above 15,000 feet accord County Sheriff T. E. Desmond with rules placing them under said the arrest was made on two the monitoring of the air-trafic charges, one involving alleged control service, this was in re- breach of contract with a local cognition of the difficulty for stevedoring firm. Canadian high-speed aircraft at high al- Pacific Steamships, local agents, titudes to see other aircraft. said thu reason for the arrest

The plan for air-traffic ter- was not known to them, but f vices, the committee said, re- was understood there was a len mains basically as it was, with against the ship in Halifax-AP. some amendments to modify

present boundaries of light-

information regions. There

would be 20 flight-information Discriminatory

regions, and 20 centres to pro- vide air-traffic services.

A number of upper-air in- formation regions would be es- tablished in view of the in- troduction of turbine-engined aircraft in the region,

shipping practices

London, Feb. 16.

British MP' today In general, tho committee

search-and-rescue tabled a House of Commons found, facies existing at various motion calling for an end critical points in the region to "discriminatory shipping were up 10 the minimum practices" by the United standard recommended in the

Statos. overall regional plan.--AFP.

Free Trade Association. We Work begins on

300 would not contemplate for a moment abandoning our friends...."

LONG JOB

Mr Maudling who in оп three-day visit here, sald despite his

confidence of bridging

the gap between the Associa tion and the Common Macket, he thought it would be "a long Job to reach a final and factory sofullory.”

salic

new oil terminat

The motion urged the gov- ernment to redouble its cfforts towards " reconellintion of the ..with chipping polleles United States of America whose discriminatory slipping prac- tices run counter to its general trade policy of liberalisation,” DUILDING work has start- United States shipping prac-

tices includos insistence on cer ed

vast

tain carpoos being carried in terminal costing more than American ships and the register. £500,000 for the Regonting of ships in low-lax coun- Oil Company at Cardiff Iries-Reuter. docks."

on

a

اله

The contract for all the work,

except supplying and erecting Lay up of

tonics for storing 30,000 tons of

He told a press conference the ell and petrol, has been secured world shipping

2429 cuts the two organisations pre

203.1602 2.0044

2.0053

2720

22.00

20.076

23.00

-P

+

LONDON

Closing rater

New York

AmeterGam Dejisseju

2.0095-2.50%

10.071-10.677

130 874-139.27

2003-20.0015

COTTON

NEW ORLEANS Closing prices all in cerita per Montreal 1b.:

21.07b Paris

31.000kholmm 60.700 | Mila 30.900 | GUTIER

13.8116-34.93 57414-705 12.1942-3

$3.07!

by Constructors, John Brown making could be the beginnloz Limited, o firm

of "an increase in decrimination oil projects,

specialising in

in European trade which We A small advance team of con

may have 10 do About,"

London, Feb. 16. something tractor's then are preparing theTHE number of ships of all Tutions laid up for jock site at the head of Queen L

Alexandra doets Tankers will

which will be com-

He hoped the Common Mar-

fall, according to

figures

ket would not run inte dimeul bring refined all products to the of employment continues to tles of any kind, because the termism), 2.00 11/50-200 13/10 elements of the two organisa-pleted before the end of the frayed here today.

tions' strength are common to year. For mately reasons petrol A United Kingdom Chamber showed p them both, and he also hoped will be unloaded from a berth of Shipping report

Other pro-world total on February 1 of 701 the Common Merkel's efforts to itside the docks, zolve any difficulties would not ducts like fuel oil will be un-china-312 of them saker. "outer loaded at a berth. Inside the fald up compared with 600 Joel

adversely affect

Taeven?-Router.

Ifzunety's dock.

month-Ileujor,