mislike is
THE CHINA MAIL, FRIDAY, FEBRUARY 26, 1960.
WEEKLY REPORT ON THE HONGKONG STOCK EXCHANGE
Market gets over Budget scare
Makes grand
recovery
from
mid-week losses
The market recovered yesterday when it evident that Government became
had not considered raising income or corporation taxes in its bid to meet the budget deficit expected at the end of the 1960-61 financial year.
For three days prior to Mr Clarke's Budget Speech the market hod been hesitant and an uncanny feeling prevailed that Government was about to dre tax "bombshell" on our hende.
But This in fact did happen, in a totally different form the expected fe. tobacco and petro! tux increase and not, as every-. body dreaded, an increase in Income and corporation tax.
This at the market thek on is fret mace more and the boom was on again,
The main feature of the past! two weeks has been the can.
NOTICE
THE HONGKONG AND SHANGHAI BANKING
tinual rise In Hongkong đ
Thin Whampoa Dock shares. week they are up another 94 The делега! etosing at $70. feeling was that ainer the com- pany sold Nome property last year and
sade no distribution
to share der at that time, they might add a portion of the proceeds thh year's
Co
dividend. Unions came in for a good rise after staying around $90-odd They for the past few months. closed at $102-a rise of $7.50 on the week.
* The
ILK Bank Lombard Union Wheelock
HK What
NK Really
IIK Tram:
Star Ferry
share
Зап. 27 1205
30140
market
€0
at
Feb. 25
租
. Dowit
glance
Dividend
British bank
move to stop_inflation
London, Feb. 25. British authorities have taken their frmest dis- inflationary action since the seven per cent bank rate of September 1957 by allowing the gilt-edged market to find its own level.
of
bank
expla
tightening quility, to check the Dion of bant loans, has coming for months in mally parts of the world. In Britain it hina come at the time that was to be expected, when the banks are under the seas nal pressure of tax collections,
Up or
Feb. 4
Feb. 11
Feb. 18
1105
1213
1315
£310xd
-$3
& Bontis
148
Yield(%)
3.0
40b
4134
4237
44b
+$1.25
$2
02b
9514
95
04
102
+$7.50
$3.40
3,5
0.10
04
0.06
6,90
6.30
steady
250
3.5
149
150
152b
170
271
++21
當您
4.8
HK Docks
38
BY
65
70
+$5
85
7.1
A
Taikoo Docks
43
42
473
4336
43
-500
$2.80
6.6
Provident
工序
16
18,80
15%
10.30
400
$1.10
HK Hotels
3514
38
30
301%
3614
steady
$2.50
HK Landa
43
43
4514
40**
49
+36e
$2.40
4.7
1.675
1.675
1.05
1.70
1.076
025c
150
9.6
3334
3314
33
3314
333%
+250
$3.05
Q
Hib
143b
148
1516
144xd
39
135
133
135
145
148
+$1
$8
5.1
10
18.00
10.10
20.00
2014
-100
$1.10
52
24,70
24.20
20.80
27
2014
-300
$1.00
7.2
21.30b
22.00
23.40
25.30.
25.20
100
3332
3314
34
3314
35
+250
$1.76
14
44%
-44
45*1
4533
steady
$4
21.60
24.00
24.30
24.80
2439
-30c
31.55
6.4
A. S. Watson
23.40
24.70
24.60
#3,70xd
25.10xd
+$1.40
$1.50
8.2
Lano, Crawford
206
20.40b
2914
3142
314
-20c
$2
6.1
Int'l Investment Allied
6.705
7.10
7.40
J
7.40
-100
150
8.9
1.85b
0.40
6.15
0.00,
6.40
-200
250
3.8
13.00
14.20
144
16
13.20
+200
900
G
Texille Corp Nanyang
0.4.1
9.80
10.10
10.30
0.00
-100
€50
0.4
14.00
15.30
15.70
10.20
18.00
-Coc
700
4.4
Yaumalls
Ch Light
Elretries (old)
Electrica (new)
UK Telephone
6. I. Cement
Dairy Form
IN FE Iny
New York Stock
New York, Feb. 25.
last week a Stocks roso sharply across the board today
In this report
misplaced which £qutence was resulted in the Inference that Unions had paid a dividend of
on increased volume.
$1.45. This in fact was not However, many brokers saw Dow-Jones closing averages the case. The dividend mur. the rise ON only
temporary were
tioned wOR that of Hongkong | following the preceding two co ralla
Trams.
declining sesalons.
They said
19 utilillen
to make
the mid- another
03 teks 4 bonds Comm. future price index..
the Hat will have 41
closer test of February lows before
made Hongkong Banks spectacular move yesterday re- covering is ex-dividend price 1: one day. They closed at si,310 ex-dividend compared to last week's rate of $1,315 cum dividend.
of the market ro mained steady at the close, and declines, where. there weru
only frectional. lusses were
Ulties and Textiles showed lusses while the rubber small sertion remained steady.
The real
CORPORATION Ordinary Yearly General Meeting
HEREBY IS NOTICE
the Ordinary GIVEN that Yearly General Meeting of tho Shareholders of the Corpora- tion will be held at the Head the Corporation, of Offee
Central, Road 1, Queen's Hong Kong, un Friday, the 11th day of March, 1960, at Nuon for the purpose of re- celving and considering the reports of the Directors and
the i and of the Auditors Accounts for the year ended 31st December, 1959, and for: the election of Directors and the appointment of Auditors. Friday:
THE
REGISTER OF SHARES of the Corporation will be closed from Friday, the 20th day of February to Friday, the 11th day of March, 1900, (both days inclu sive) during which peric transfer of shares ca. registered.
By Order of the Board, MICHAEL W. TURNER,
110 be
rally could get underway.
Closing prices
Gains ranged to mure than Ave points in Polaroid. Revlon Alden Inc. Aay.
Allied Chemicals about four, Gillette Allis Chalmera... jumped around
Kimberly American Airline three, and
Filtrol Amer, & Fargn. Power Clark, Johns-Manville,
Blocirle Am. Gas & two and Sinith-Coruna about
Am. Mach. Be F'dry. each.
rises
151.48 Taman Kodak
16.81 Family Finance Corp. 202.91 First Nut. City Bank
2.10 Ford Motor... 145.87 General Peerie
General Foods
Generi Mctor
Gen. Pub. UNE
Gritty Onl
Glidden Co.
Goodrich (B. F.) C.
Goodyear Tyro
53 381xeyclen Newport Corp.
2111
Market sharply
יפט
Co.
101
Shell O
221
Bata Reg. Paper
Scott Pape
7515
703
Sinclair On
Socony Men Onl
4315
123
Solar Alteraft
20
10% Squin Puerto Juice SugaT
10%
41
Southern Ca, (The) ..
151 Southern Naturni dan
Bouthern Railway (Com.
1244
Sperry Rand
40%
Btandard Brands
Standard Oil of Cal.
Homerlake Mining Co. Inform Rand
41
Standard Oil of Ind
70
24%
American Smelting
43.
Int'l Business Machines Int'l Harvester sy International Nickel
€21
4515
Ain. Sugar Htet.
30
114
1441a Texas Co.
Bwill & Co....
| Tide Water Où
American Tel Tel
1234
33
A
107
Johna-Marille Co.
50x3
Time foc.
conda Copper
57
GO
Kennecott Copper
Kansas C. Power & Light
40
BTA
4142
Kimberly Clark
Union Pacific Railway
Lockheed Aircraft
2014
23
171
37
2532
the pace Republle Steel set for the steels, rising around In Stores a good working re- purt pushed Watson's up to $25 point as the company forecast ex-dividend. Dairies and Lane, record earnings and production Jones and Laughlin Crawfords were slightly easier. for 1980.
around two and U.S. The market continued firm at addedt the close with buyers unsatis-Steel and Youngstown
led.
one.
Cements declared a dividend of $3 plus $1 bonus for year.
the
Market diary
Monday:
Chief Manager. Tuesday;
Hong Kong, 20th Jan, 1960.
NOTICE
The
market activo during the day resulting in a substantiul
turn-
over. Interest was well spread. Volume of business was approximately $3,880,000,
The market closed
En fair irregular trading. There was an caster trend. transact- Business ed amounted to ap-
proximately
$3,020,000.
The market opened Irregularly result-
in ing
fractional
losses in most isautea. The turn- lower over WDS
a mountin
THE HONGKONG ELECTRIC Wednesday: The
COMPANY, LIMITED
Notice to Shareholders
NOTICE
IS HEREBY
GIVEN that the Sixty-
seventh Annual General Meet Thursday: ing of the Members of the he held oÐ Company will Thursday, the 10th day of March, 1900, at 11 a.m. at the Compare Registered Office, 4th Fluor, F. & O. Building, for the transaction of the busingan of 注 Ordinary General Meating including the following
(1) To receive and consider:
the Reports of the Direc- to and of the Auditors, and the Proit and Los Account for the year endod 31st December 1950, and the Balance Shout as at that date.
H
American Metal
American Tob.
Armeo Steel Annour
Allan Cons, Dining Madewin-Lita-Kom. around | Baltimore & Ohio
Heneficial Finance Bendix Aviation Corp. Benguet Conn.
Motors featured a three point ain in White Motors and more point in American than Motors. General Time rose more than four in a good electronics section.
Bethlehem Steel
Boeing Airplane Campbell foup Co. Canadian Pacific П Case (1) Co. Cat. Tractor
Celanese Com
Today's volume was 3,600,000 Chrysler Motors sharca.
Of a total 1,163 issues trade. 573 were higher and 408 lower.
American exchange
was 1,000,000 shares.
volume
Bonder volume nimounted to $5,550,000.
Yesterday's Closing
48 Innd Steel Co
International Paper
Int'l Tel & Tel
Pi Looks ment Co.
15
-401
233
19
Lone Star
Lowenstein & Scra
McDonnell Alteraft
Montecalint.......
Montgomery Ward
Motorola Inc.
2734 National Cash Iteg. HAS
National Oxiry Prod.
30
25% Nation! Lend ........
10
207
Chase Manhat. Bank
Calgote-Palmolive Co. Colombian Carbon Co.
4754
GIT
61
47
15!
Comarcial Credit Consolidated Edison Crane Co. ...... Crown Zelierbach Caten Amer. Sugar Dlond Alkali Douglas Alert! Dow Chemical ..... Dupont de Nemours
God
BAY
420
21294
New York Central
On Matheson
Os Elevators ..... Owen-Illinois Ghis Pacific Gas & mer. Pan American Airway
Paramount Pictures
Parke Davis Co. Peru. Ball Co.
Phiki Morts ..........
Publicker Truchastries Pure Ot..................... Redlo Comparation Republic Steel
theem Mfg. .... Sears, Roebuck & Co.
COMMODITY PRICES
METALS
to $1,958.000.
market was com para ti vely steady with some rates showing small gas. Utilities met with good enquiries, Turnover was ope proximately $1,057,000. Following the Bud- get Speech the Zinc Mar. markel showed 11
distinct
ment
improve-
during the day resulting in a
turnover $5,041,000.
US INVESTMENT QUOTATIONS
of
The following US, investments American dollars. Buyer' prices include commission:---
Bollers Buyers Amated Fund Am Bús he Alom Day Mut Axe loughton B Tullock Fund
(2) To approve the Dividend. Canada Gry Fund..
(8) To elect Directors.
(4) To appoint Auditors.
The Register of Members
will be closed from Saturday,
Candian Fà ................
2.10
4.04
11.201
5.63
6.25
0.27
12.30 13.00
13.33 1423
18.23 17.07
Canadian Int Growth .. Chemical Fund
0.47 10.20 10.74 11.01 14.30 10.23 2.37 A13
13.62 18.03
23, 20,11
10.30 11.30
Cowith Stock Dividend Stock Dreyfus Tund
Eaton & How Block.. Electronica v
round Mut Fland Hamil Fd HC-7.
the 27th of February, to Inaut Found
Thursday, the 10th of March, hate Growth
1900, both days inclusivo.
By Order of the Board
F. II. FELL
Secretary. Hong Kong, 11th Feb, 1950.
Inatit Income Invest TT Botion Ceystone This Ra Keystone Canada
The Tele
Mass Growth Nalog For Growth
Scule it & Ca The El Fund
Value Line Fund
Wellington and
6.00 1.61 10.43 11.40 10.00 31.84
7.30 12.31 12.14 21.74 23.0
NEW YORK Closing prices, all la cents per lb.:
Lead
Maz. May
May Серрет Маг.
May
LONDON
11.12
30.33
Closing prices, all in sterling per long ton.
Tin
780
241%
LIVERPOOL
Closing prices all in penco
per lb.:
American Contract
23.00; May/June: Oct/Nov: July/Aug: 22.53;
March/horl
22.70;
4 Decian:"21.30.
Mixed Contraes
22.00; March/April:
July/Aug; 22.60; 22.18; Dec./Jan: "2210.--UPT.
May/June: OCL/Nov!
SUGAR
NEW YORK Closing prices all in cents per
SINGAPORE
に
401% Standard Oil of NJ.
Steep Rock
Studebaker-Packard Com
Twentieth Century Fox Fun
Carbide
60% United Aral
United Frutt
United Gas Corp.
IS. Gypou
1.3. Line Co.
US. Rubber
US. Smelting
U.R. Stool
Water Blestele
Westinghouse
Western Union Tel. Oo,
272 Woodworth (KW)
100
473%
Closing prices all in Straits f.e.b. Malayan conta per Jb.
paris:
No. 1 bar,
No. 2 Mar.
No. 3 Mar
In Britain, as elsewhere, the boom has been partly financed by massive onles of gilt-edged by the banka, They sold a large part of their Investments Government bonds to raiso the money to expand their loans,
MAIN RESTRAINT
in
The dimeulty and reluctance of the bandes in pelling Government bonda
}
London
market
nervous
feared of bank
London, Feb. 25. London more The
Stock Ex- on a bad
chango was nervous and market has all along promised
unsettled today after B to be the main restraint on in-
sharp drop in British flationary expansion this year.
In Britain and other
Government securilles. coun- already Tradors trles the banks have
a further credit to raiso, and lent, the money they restriction could get in the easy ways. Now clamp down on Britain's Indus they have fewer (and longer-trial boom. term) bonds left to sell, end a
Share prices slumped steeply bod market in which to sell as business began, They re- them, so they are likely to covered significantly by midday. restrain their advances,
bul toward the close of business The Bank of England has not started to slip off again. squeezed them. It has merely
On the whole closing prices refrained from stultifying the were higher than the low points disinflationary policy by bailing during the morning. them out. If buya and solis to Dollar stocics were marked smooth out price fluctuations. down in response to the con- When such smoothing purchases Unued uneasiness on Wall Street, become inflationary support of į dragging gold, copper and oil the market against heavy sell-shares down with them. ing by the banks, it pulls out. Traders seemed unwilling That point was reached yester- enter into large commitments day.-Router.
until the full effect is clurified of
HONGKONG STOCK EXCHANGE
Hour Own Corrovoondpa
to
|
yesterday's Government with- drawal of price supports
from
their own securities.—AP.
Closing prices.
Cilledged flendi British Transport 3%.
Kowals—ay — CAN, Console 701
Conversions Loen
315%*,
1970 FR
Jubbing Loun 3%, 1960/80–284. Funding Stock: 359, 109/2004–
*100*
Funding
奴役,
Logts
Savings 3%, 1965/85-£911: 2 Savings 35%, 1900/1081,"
Bavings 3%, 1015/Tamm£ 743%.
Zanks
Business done at the Hang-laya Bank "A" Ltd
40:5
4041
-UPI.
kong Stocks Exchange this moring amounted to approxi- mately $3,108,000. Noon' quota- tiens and the morning's trans- actions:
Suden
42 < 1300
100 101
Rubber market
review
Singapore, Feb. 25.
Sharer Buyers Seilern DAKICS itk Banks.. 1205 1305 Kant Aula
100
2301
INSURANCES
UNKAT
Lombard.. SITIFFING
Watertiost ...Co
Wheelock 16.10
V.CO
DOCKS, ETC.
171
K. Whert..
Dock
70
12
;
1093 or th 7000 44 5.83
1000 0.80
173 172
100 1 199 1200 10
500 g 70.50
Provident . 10.28 19.30
600 10.10 2743 18:20 43 43% 1000 / 43
FOOD
The market opened around Tukoo
Inst night's steadied
level but
LAND. ETC. during the Tat#1 / 30% 30% 4500 44 3014 morning with buyers of Land 40% 49% 1500 AP March No. 1 Rss per- sistent.
Kumpares 1900 Prices advanced to 118 cents alty 105 1.75 2300 @ 1.6 where heavy prost-taking 116-117 cause; slight reaction,
1000 301
1203 40
6000 et 49 JOCO GE NOVA
23
1379
1.05
6000 @ 125 25000
No. 4 Mar
1139-11454
After an
Spot rubber unbaled
in the afternoon, from the
No. I pale črepa
154-130
per ib.:
No. 1 spot ..........
Bellemout house term:
penco
3612-316
rly steady start RUBBER
profit-taking trado cased prices
XD somewhat with lowers neglected. ort,
Sungile a UTILITIES The market eloped rather
Trum easier.
Asala
4.03
4.90
1000 * 4.03
2000 # 6.99
1000 495
7 300 & 0.05
3.50
3311
2533
MAT
Aprill use
2494-9414 2431
100 144
July Sept.
Det Dec.
Blanket repe
LONDON
an in Closing prices
Jan/Mar
General marker, CLE. basis,
Buyers Seller
"po!
month Copper
Apot 3-month Lead 2nd half
TOP-1/3 7801
Mar
70241:
April
May
Contract No. 4 (world)
Exlate crepe
またな手
554 242
Mar.
2.07
thin Aprit
May
3.30
thick Apru
245
3.16
May
74
Zie 2nd half Feb. May
Sept
3.10
3.20
UPI
3.20
No. 1 rubber
No, a rubber
No, 3 rubber
No. 1 CTEDD
COTTON
MEX
Spot-AS. Cuba)"
67! Jan.
Mar
| Total Halew: 83 contractée.
Open Interest: 8222 contracte.
Contract No. 4 (domestic)
NEW YORK Closing prices all in conto per lb.
Spat: 125; March: 33; May: 3311: July: 31.01; Oct: 30,02: Dec; 3173; Matt 31,49, May: 2120; July: 36.30)| Oct: 32.79,
NEW ORLEANS Cloding prices all im
per b
cents
Spol: 31.301 March 12.83; May: 33.10: July: $2.01; Oct: 3143: Den: DUAL: MAT: 1157; May: 2146; July: 312993; Oct: 50,78; Deci 1975.
July
Mac.
14By
Sept.
NOV.
hot-Chr. NY. exduty)****
kabada
Total Sale: 47 contracta, Open Interest: 2.001 contracta—UPI,
RUBBER
NEW YORK
Nex rubber fitures closing prices, all in cents per Ib.:
12.00 14.01
12.40 14.99
BẢO PAULO
Mar.
„ĮŠkasing prices alt in cruzeiro per kilo):
Job
Zlúnday. Average prices in V.B. at 16 de- ktoV. mąžartes) apok marketa: 22.30 centa.
Total sales: A1280 bales.
Mar
XD
In London, the rubber market Star Forty was firm with spot quoted at Yaumati 3934-9/18 pence.
2916-3836 23-14-34
AMSTERDAM Closing pricng all in guilders per kilogram, c.1.1. Mar.
5.51 buyers
In Amsterdam, the rubber maiket was stendy today.
HIGHER
In New York rex rubior futures today closed 10 to 45 points higher with sales of 00 contructs.
33 buyers Continued strength of the 3.97 buyers Singapore-London cables (1)-
3.01
FOREIGN EXCHANGE
NEW YORK
Closing rates; Canada Yngland ondai Swilberland
fris
C. LIGHT ...
20.30
21
Electrin XD 29.30
MIRCHO E... Telephone
11.00 13.10
351
abled prices to stretch Wednes. INDUSTRIALS
Cement... day's gaine. Wall Street com- mission hoc competed for contracts
dealer with coverings.
200 do 140
· 109 to 147
50 147
1000 se 20.03
отой
2900 LF 20.00
Chartered Banketta, Hongkong-g Libya's Hank "Ambla 66. ·
SUZANCO Union nurance Canton
ord-
£Û~3/10.
Alecraft and Motors Brith Motor Corp. Ord—20%. Hawker Bidteley Group Oxα-32# hostes La "A"-10#.
Btandard Triumph Intervations)--- 113 114
Drewerine
Diailliers Co-35%
Houth African Berwarien-201 Od.
. Buliding and Materiais Associated Portland Cement--71# Goodlan
410
Wall à Last Ord-47′′
Plachis Johnson Associates Ordin
Cor), Sles) and Engineering Babcock & Wijeco Liddin: $3k4u. United Stored,
Vickers Ltd 256,
Food and Tobacco Brithis American Tôb. Co., 1đảm
Imperial Tobacco Co. LaG-724 cor.
Miscellaneou
Boardman Marden Ltd—te_10156, Brush Oxygen Léd, Ord-2 0. Estadion Pectio Rip-EM0% cor De La Rue Co, Ltd, Ordin
unlop Rubber Co-zen 10110, Hongkong & China Gas-66 Imperial Chemical-tre 49ER Layne &. Co=740 Unilover Ltd-141# 3d cor.
Paper Bowater Paper Corp Ord---72.
Radio ad Electrical Associated Facctrical-309 Od. Flectrical & Musical–Do offer
General Electries
Shtyping Indo-Chine Sicani New. Co. det 002 34$.
PO Boom Navigation def orde 476.
Store Great Universal Biorer "A"---4ặc.
Zide Tipd. Woolwordi
Textiles Coste J. & P. Līdmade Odt. Donatarios Lesmála 90.
Μπου
Cong Goldfields of South Africam Chiky Dd.
"Dong, Zino Corp. Ond-73 3.
deźm) 100 41sd cor.
800 20,00
20.70
34.
2000 20,00
20.30
60
Petaling Tin-is d
Bonda PG.
Houthem Kinta Cone Lid-134 00.
Union Cyp10% 4165.
West Driefontein Colamining-L
ou
British Borico Petroleum Byndi-
Co. Lid-19
Driklah Petrolqum Burmat 47 Od. 35.78
Shell Transport & Trading--146#.
45% 40 4400 (3 409%
short
29, ETC.
Dairy ...VER
2414 34.00 ....10,
1312412
15.70
500 4 18.00
012
17.40
600 17.43
1000 17.40
Bellers remained caulicus In face of the high price levels in
Watson COTTONE
the shipment maricst. Current MISCELLANEOUS
month No. 1 ften was quotest 4034 cents
a poutnet, nominal") Sellers offered April delivery 1.00-1/16❘ má abeats at ... 40% engts and
May 40 cents a pound.--UP), 100%
LONDON. Closing rates; New York ***.. 240-0/13-3.00-7/13
215-1/13-206-30/18 40.35 Montreal
Amsterdam .10.5032-19.071% 30.11 2013 CopenhagÇD
30.10
Parla
36.30 ilan
JLAD
Wapna
13.7012-13.10NS AMBAZIES
Agreed merchant
rates
Capadian Dollars MAJKETET. ralling 10-0/10; Minbmun buy- ing 18 13/10 T/T, 13% 0/D;
Vitto ...**
INVESTMENTS
Aftled .....
10 3000 9,83
1000 B
1500 17.40
9.40
4000 1000 8.80
Exchange rates
-Neuter.
Britain's industrial output up
London, Feb, 25. Belinda's industrisk production
rose throughout Last willa priona kumained steadier than for ten years, recording to pucial figures released to- night. Meanwhile the Board of Tracio
Prtlink jourtm) sil prices were more stable during 142 jush nixt 1999 thurs at any fit 1 since the present price indices
1 were introduced in
Was done in fo locat unatilat -exchange marke proteiide at the soliwing vales:
starting Motos (per 21
suplak (per" 2002)
Singapore
15.0
1949.-
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