1960-03-01 — Page 2

Page

THE CHINA MAIL, TUESDAY, MARCH 1,. 1960,

THE GILT-EDGED MARKET

London Supporters got NEW YORK Wall Street

closes

quiet

London, Feb. 29.

The stock exchange was quiet and uncertain to- day.

Industrial leaders were relce- lively supported and there were more plus than. minus signs at the finish.

Britlah government bonds sagged under a trickle of amall sales.

US dollar stacks were ir- regular.

O shares were dull, coppers fost ground and golds drifted lower in the absence of buying support.--AP..

Closing prices

Olliedged Bouga

Brilles Transport 3%, 108/8

Comcl 2—47??.

Gunacl 4701

Converton

Funding

How

1059/0

Loon 3. Block 35%, 1009/2004- Funding Loan 45h 1900/80-RUZ.

Savings 35, 1500/65–201. Savings 3% 1008/10-250

Savings 7%, 1965/75-745.

Banks

Barclay's Book "A" Lid voxhudos.

Charteret Lanka.

Hongkong-267.

Lloyd's Bank "X"-3.

Insurance

Union Insurance Cantun==£6-7/18,

Aircraft and Motors

Ford Motor Co–101m 1950.

what was

coming to them

London, Feb. 29.

This week (ended February 27) the British banks and the London gilt-edged market got what was coming to them. Official policy has all along boon to brake the consumer boom by allowing the illiquidity of the banks to brake the expansion of their advances unless they wore willing to unloan more gilts at smart losses.

the

As recently вя February 12,

Governor or the Brok

of England said he would wel- come a faltening of the ad- When the mid-winter Weir iquidity

vance.

crunch

רוס

arrived this wock, ho was obvlmisly not going to connive

advances

at expansion of their

Rill-edged by

supporting the

It market for them to sell on, would have amounted to "novellsing the national debt" which may be justifiable in a depression, but at times such as the present' has been recognised ng inflationary ever since the Federal Reserve stopped doing It is 105).

Thunderstruck

thunder-

The mariect was struck. To the peasants of pre- revolutionary Turkey, winter

Hawker Siddeley Group Ord-319 always came as a great surprise.

14.

Rootes Lid “A”—109,

11 11.

Breweries

Distillem Co-35 134d.

South African Breweries-29s 01.

• Iswilding and Muteriažo

414cial Portland Cementis

Goodlam Well & Lead

Or-47#

There was a humorous touch.

nounce

311

HONGKONG

STOCK

EXCHANGE

Dur Own Correspondent.

Hong

Business done at the kong Stock Exchange this mom ing amounted to approximately $3,323,000. Noon quotations and the morning's transactions:

Sharet

Buyers Sellers BANKS JL.K. Dank

Хр

1203 1204

INSURANCES Union Low bard SHIPPING Waterboat Wheelock

Batra

10 1285 18 6 1920

M 100 4011

600 @ 100

0% 0.80 1000

180

3000 14

Standart Trumpon" "International-The Government brokser dld

not turn seller of gifts or

that he had stopped buying. On the contrary, he came in as a buyer-nt a price of 84.5 for a gilt which was standing at 85.25. That lold dun Johnson Associates Ord—the market enough.

the Economist DOCKS, ETC. A week ago.

K. Whor! 10 was doriding the buyers of glits | Dock for their touching, faith that the meant business Authorition about

wlett ard

delries.

Col. Steel and Engineering Dabrock & Wilcox Lid-42 7164. United Sterl—706.

Vickers - 2015.

Food and Tocco British American, Tob. Co., Ltd- Cas d

Imperial Tobacco Co., 134-721.

Miscellanequa Boardman Marden Ltd—ts. 19154.

Canadian

Brith clie Fly-$60 De La Rue Ca. Lad Ordin 04.

Come told,

Vid. Ordrele su

Dunlop Ching Gas-1. Itongdoer & Imperial Clerical—00m, Lyone & Cou=73# 10!jet Untiever 120-1400 D.

Paper

1.

Downer apor Corp Ord-12

Badin and Electrical Asociated Electricn-600 31.

Mcq-64 10% Electrical Congiuh Electric Co-435. General Electric 398 oct.

Shipping Indo-Chine Beam Nov. org.

10

Great

Co. def Q Steam Navigation def

Biores

Universal Stores "A"-471 Marks & Spencer Ltd--081_5d. Woolworth F. W. & Co-43s 4d

Textiles Coater JP LA 144. Couralla Lid-8

10

Arloes Coms Gallale of Sotzin Africa-

B Jd.

ad.

Conn Zine Corp. Cr-17 04.

The Beers do180 $

Hongkong Tin de 110.

Petaling, Ti-70 10.

Rand-s 01.

Southern Kista Cone L1-94 0.

Union Corp 75% 1010.

West Driefontein Goldmining—193

HI

British Bore Petroleum By- Ltd-52s Berbicum

cates Ti

Co..

Prezrnaḥ-4l4 GA Shell Transport & Trusting-1456.

itter.

Shell to set

up refinery

in Philippines

Manila, Feb. 29.

disinflation railway settlement

budgetary

the the

estimates Impiled Provident that the Authorities did not.

In fact, the Authorities did Talkoo Dock

about dish- business Maliening advances

tcan

WRS

Hote

701 773

100 270 400 17 3400 702 100 10 71 200 76% 300 17

- 19.00

20 5400 kn 19.9% 500 6 10.90 1000 of 20 45% 1000 451% 500 g 4514

30 30

200

37.23 500 35,57 1000 43 30.13

1200 @ 30

COTTON

MARKET

Now York, Feb. 20. Small and narrowly mixed price changes. Accom. panied another slow trade futures today. in cotton Traders

the thought

volume of trade probably

would be the smallest

declines on Blocking of radio

trading beams blamed

slow

Now York, Feb. 29.

for any full session this The Stock Market declined slightly in slow trading

усаг.

No transactions were posted in

the 100 deliveries from May to Dreember.

on Monday.

was modestly Canadian Facille R. The market higher and active at the open-Cem (J. 1. Co. Cat Tractor ... At Now Orleans trading wasing following the good advances

Celanese Corp. Chrysler Molors Colgate-Palmolive Co, Consumers Gas Common Imperial Mlils Crown Zeltbuch Cuben Amor. Sugar Diamond Alkali Distillers-Seagrams

complete standstill. It was of the final two socsions Inst the second Uma in the history of weck. But it turned lower in the southern exchange that no the carly afternoon and transactions were posted.

DOT-

#

electronics

Stocks, rails, patroleums, and most motor and chemicals de- clined. Most of the, drugs and tobaccos were higher with the fea electronics.

Of 1,210 Issung trader, 566

New York closed one higher to tinued lower to the claro.

Most lespea menged · from four points lower. The morkut opened unchanged to off a few certs to around one dollar points, New Orleans closed meta abare. But there waro some unchanged on all deliveries with good gains in the no satce reported. The New Or and selected issues. Icans exchange will be closed tomorrow for Mardi Gras day.

Apart from evening-up in the March delivery, and transferring in the other old crop months, trading lacked a definite turo. Toxas spot interests top- the pod three tendors against March delivery and were small declined, 442 advanced, and 221

{were unchanged, sellers above the 33-cent line.

Open March contracts today totalled 39,000 bales. The caF" ticated stock rose 409 to 0,193 balca with

an additinoal 668 Volume declined to 2,090,000 beler awaiting Inspection.

shares from 3,300,000 shares Toxtile mills continued to traded on Friday. show little interest in buying spot cotton last week. Mem- American Telephone, the most phia reports indicated only In-widely held stock, rose $1.50 to quiries woro for all-in needs $89.50, the highest price paid for and for certain cotton to main- this stock (achsting for the 8- tain various blends. Sales made for-1 split) since 1980. were for prompt and March- April shipment.-UPI.

Anglo-Japanese trade talks

The Dow Jones 30 industrials were of 1.88 at 630.12.

Eleven of the 15 most active stocks advanced, three declined, and one Glen Alden was utkchanged,

Duw Chemical...... Dupont de Nemours Kastman Kodak Family Finance Corp. First Nat. City Dani Catiness Power Georgia Pacific

Electric

Ch Foods

Gen. Pub. Ul. Goodrich (B. F.) Co. Goodyear Tyre

ayden Newport Corp.

Hamm Walker

Homestake Mining Co. Imperial Dif

Imperial Tobacco Ingersoll-and

Tim Ster Co.

Int Businera Machloes

Int'L Harvester

Internalist Nickel

International Reper

Int'l Tel & Tel. John-Manville Co. Kenneroit Copper Kimberly Clark Lily Tulp Lockheed Abrerant Low Incor

Lone Star Còment Co, Lentoin de Sou Montgomery Ward Motorola te. National Cash Reg. "A National Dairy Prod National Lead

Noranda Miser Lid. Qs Elevators

was the most active Hupp

Olin Mathieson stook, up at 13 on 92,700

Pacific Gas & tee. BETES. Second was American Motors (when-issued), up 1 Pan American Airways

Paramount Pictures Int 25% on 59,000 shares. Third Parke Davis Co

was Standard Oil (New Jersey) off at 45 on 54,400 shares.

London, Feb. 29. Anglo-Japancas negotiations for

a new trade agreement enter-AP ed their fourth week hero 40- day when officials and peris of the two delegations held a further private moet Ing.

ex-

An authoritative source, sald that the two delegations were now working on details of the commoditica, through which, |

total they could increase the II.K.

volume of trade between the two countries, Humphreys Henity

Land

through LAND, ETC; market that She gills where the buyona wami wrong. A Government which relies on

cannot Ske markot system

and directly stop employers employed striicing indationary wage bargains, even when the employers are nationalised in- dustries. It can and does make it harder for them to find the

money.

which other countries Int reached this phase of the bond market carlier than notably

1800 30.99

01 62% 2230 B1 22.00 23.40 3000, le 23 * 1.07 1.70 31000 yr 1.025

5000 1,075

6000 20 1.875

RUBDER Amaig.

5.10

Britain, Trust, XD.. Germany and the Und tod States, equities kept Java Consol

up. After the hey might do it here.

going

0.00

5.16 10000 # 495

10000 15000 * 8.05 DO or 5.10 7000 14 3.15 1000 6.50 3000 pr 7 54c 10000 à 000 110000c DOC

#

5000

5000 10

shock

UTILITIES

Fooled

Train 319

34

535 64 33.78

100

600 of

2000

The Authorities

do

not

146

131

132

C. Light.. 21.30 2345

want gills to fall more than Star Ferry XD) 140 is necessary, but the present incident scarcely enhances the Yaumall

straction of bonde compared with equities. Recent switchera equities to gilts tel from fooled.

Peoplo dislike buying allts or anything else on a falling may- ket. When it stops falling its yields will be attractive but it has had a bad adveriləcmont,

While their present operation does

enough disinflation, tho British authorities hardly need to Telephone impose restrictions, At least until the budget in April,

Equally, the United States ma- | thorities hardly need to arodit as has been rumoured. Although

+

4000

Electric XD

20 20.10

200

安

20.00

500 17 29,10

307% 30

100

violent credit INDUSTRIALS squeezo was widely prophesied for the United States this year, I

2003

2003 on 35.50

1000 e 38,15 800 35.50

The now pact is expected to last for one year and will replace agreement which a two-year terminates at the end of next month.

In 1959, Japan had a favour- able balance of trade with Bri- tain, Japanese exports Wier valued of £43,200,000, British experts to Japan, including re- weath exports,

£13,200,000 - China Mall Special.

140036.75 lb.:

Cement XI 43

44 1000 Gr 42.75

700 43 2000 @ 43%

15073 24.40 1800 24.3 2003

the United Bintes banks may STORES, ETC. havo los quidity worry than Dairy... 34.30 24.20 other countries. With the great The Shell Refining Com-mass of United States Treasury

pany (Philippines) Inc. short-term debt, they can today annor nced plans to bact and wait for maturities to set up a refinery producing them money-Chino Mall ing 26,000 barrels of oil, a day in Thogngoa, a vil-

Lown lage in the Batangne, 76 miles south of Manila.

of

Construction of the refinery will begin shortly.

Flipinos will provide 25 por echt of the total capital which will amount to over 43 million peson (£7,378,071)..

a

Epecial.

NY Sugar Market

were

then

Yesterday's Closing

Closing prices

Abitibi Pwr. & Paper Algoma Stoel Corp.

Allied Chemicale

A Chalmers

Amer. & Torgn. Power Amor. Mach. & Amerkan Melal.. Am. Natural Gas American Emelting A. Sugar Ref.....

American Telt & Tel American Tub. Anaconda Copper Armco Steel Armour

Salt Co.

Peille Mort

Pliney Bowes,

Publieker Industries

Pury Onl

Radia Corporation Raytheon

Republic Steel

Royal Bank of Canada

30% roll of Co

34

Eaint Reg. Paper

8214 Septt Paper

36% | Binclair" 51

Boccary Molsti

South Puerto Rico Sugar

Southern Natural Ca

Southern Railway (Com.)

Standard Brands

Standard Oil of Cal,

Standard Ol of NJ.

dry.

15

239

591

44

B94%

3015 Etmero Ou of Ind.

40%

Steel Co. of Canada Sleep Rock

Stone & Webater

Swift & Co.

153%

DIVO

3412

Asbestos Corp. Bakiwin-Lara-Harry, Baltimore & Ohlo Bank of Montreal Bank of Nova Scotia Beech Life Havu Bendix Aviation Corp. Bothlehem Steel Boeing Airplane British Amer. Ol Airlish Columbia Elec, British Columbia Pwr. Cana. Bk. of Comm.

Studebaker Packard Curp.

Texas Co.

Tkle Waler O

Twentieth Century Fox Film

0274 Union Carple

7315

Union Polo Raliway Aircraft

Sented f

4014 U.S. Line Co.

US,

US Sper

Warner Brow Woolworth K. 'V)

COMMODITY PRICES

SUGAR

NEW YORK

Closing prices. ali in cents per

Conituck No. 1 (world)--- March: 294: May: 3.00; July! 117; Sept: 3.38; Oct: 321: Jan: 3.20; Mar: 320, May:

Spot(T.A.S. Cobi 30

3.21;

Total Enler: 49 contracts.

AMSTERDAM

Closing prices all in guilders

per kilogram, c... Mar.:

No. 1 rubber

No, å rubber

No. 3 mikper

No. I crepe

Open Interest: 8,200 contraęta.

Contract No. 8 (Nomeille) March: 556; May: 8.74; July: | lb. 3000 00 1420) 6.79; Rept: 8.99: _NOY! 6.80) #01-

- B3 19 R44D) (Ct, NY, ex-duty); 8.42.||

500 20.50!

Total Sales: 903′′ contractE,

200 20,10 1ppen interest: 2410 contracts.—

Watson XD

20.00

1000 de 25,50

Lane, Craw,

54

1000 31

2400 0

COTTONS Textilex. 44 0.00 0.00 3000 (

Nanym

Now Yark, Feb. 2D. World No. 4 sugar futures to

day closed unchanged to 4 MISCELLANEOUS points lower with sales

45 contracte Domestic No 6 sugar closed one lower to one point highar with raios of 202 contracts.

RUBBER

3.31 buyers

3,30 bugers 2.10 buyers

1.74 buyers

COTTON

NEW YORK

METALS

NEW YORK

2011

10

for Rio collision

Rio De Janeiro, Feb. 29.

AVIATION experts today blamed thousand-foot Sugarloaf Mountain's effect on radio signal 20beams for last week's air collision of a U.S. navy Splane and a Brazilian airliner which killed 61

persons.

38

1812

5074

ไม

The experts said that, when the mountain stands between an

airliner aloft and the beam Problems created

3314 transmitter, the signal is blotted

104

201

804

2722

474

8047

out just as it la when a plano

PARTES over a tronamitter. ́ ́Air-

men speculated that the Amerl-

can pilot, flying in thick fog.

by new motorway

heard the signal beam stop and DRITAIN'S first motorway 105% thought he WEB

Rio's has creatod now prob-

over Santos Dumont airport,

lams not only for British behind | drivers who hava, had to 173 Sugarlonf. Thus, the airmen learn a now style of driving

415%

401

Closing prices, all in cents per

lb.:

Lord Mar.

zino Mar.

May

Copper Mar

May

11.10

11.00

11.40

11.03

11.86-80

Actually, ho

WOR

sald, he may

have

started his

descent from the 8,000 feet at but for the Ministry of which he was flying a minute Transport who commissioned

the building of the road.

and a half too early.

As yet, however, there has been no official finding as to the cause of the tragedy which threw a pall over Prosident Eisenhower's state |Brazli.—UPI.

Grave concern over

Rio air facilities

The Ministry studled yarlous types of equipment used for highway snow-clearing and gritting operations in the U.S.A., Canada, Switzerland and Scan- Visit to dinavia before deciding to up- firm of proach the British Scammell Lorries Ltd., to pro- duce grit and salt-spreading vehicles to their own requiro- ments for use on the now road. No existing machine met their needs because they wanted a vehicle which was not only exceptionally rellable and but would be manoeuvrable stable on treacherous road sur they called the "un- facca. It had also to be able to satisfactory" air traffic con-operate at comparatively high trol, navigation aids and speeds so as to be able to held its own with the traffic and not moteorological facilition at cause blockage on this very fast Rio De Janeiro airport was cond

Seven specially designed.“ exprosted in London today

vehicles meeting these requiro by the International Federa-ments have been supplied to the tion of Airline Pilots' Asso- Ministry by Scammell LorriesTM

of Watford which are designed clation,

London, Feb. 29. "RAVE concern" at what

"GR

to carry 13 to 14 tons of grit or

Mr Charles Jackson, the salt, Executive Secretary, said that Although they are four-axled..

mental

or V-

at their annual conference, at 8 x 0 vehtoles of weighty and

·ATC they rigid contruction they month Istanbul next

40 up to would debate a proposal that capable of spectis no member of their 23,000 m.p.n.

They are provided with n strong federation should' operate into the airport unless "funda- strengthened front end for the

of straight remedial action" was attachment put in hand without delay, shaped snow plough blades. A 6-speed gearbox is fitted, with Mr

Box, Jackson recalled that a 2-opced transposing there had been three major air giving 12 forward in 2 reverse disasters at Rio Airport in the speeds. The running spoed of the belts which tako power last 13 months resulting in the deaths of 139 people. Two from the engine to perform the protests they had made had gritting or salting operations is been unanswered.

directly related to the vehicio's

"We shall road speed, Mr Jackson said: now take action at our annual conterence. Wo have, of course,

the full support of the Brazil British aircraft

Pilots Association.

countries are already represetst

Six

od in our Association. for E. Germany?

Observers

others have applied for nem- bership. The conference will also be attended by from Russia and Japan and pos- from Czechoslovakda ne sibly well.”—Router.

Amalgamation

is the answer

20.77-78 makers

Now York, Feb. 29. NEWSWEEK magazine N

British" aircraft have found that LONDON

amalgamation is "as antwer Closing prices, all in sterling to the problems of staying per long tom Buyers Bellere aloft in an org of high

2% priced Jetliners."

Closing prices all in cents per

nom.

Karch

Tin spot

Mos

July

33741

Copper?

708

Doo.

Mer..

31.2

Mery

July

wpot 3-month.**** Lead am half Feb. MAY Zine 2nd half Teb. May

250

243

2015

70%%%

14

$7

-UFL

NEW ORLEANS

Choaing prices all in conta par

1000 9.05

1000

18.40 10.30

600

3000

15,00

SINGAPORE

Spot

Maruh

200 g 15.00

Closing prices all in Straits

May

Vibro

17.00

centa por ib. feb. Maloyan

July

Dot

of

Int Ajjled

Invest

poriz

INVESTMENTS

260

7.70

0.00

7.90 2000

$9000

1.70 7.00

No. 1 Ma

Apr.

JET16-11815

May

NO. A

"

Dot.

** 10.00

3416-3474

LIVERPOOL Closing prices per lb.;

American Contract March/April

More than 70 per cent of tho capital will involve foreign our rency Shell. (Philippines) Joint ping-Hellish enterprise

Dealings in the ·world con- -will provide the foreign' ex- change reeded for the construc- tract were not broad enough feature, tlan of the refinery which is es lo develop a trading

Operatora marked timo pond- timated to take two years.

Churchill, sáng” cubon seen and develop- Manager of "Shell ments in the raw market. General

Switching operationa (Philppines), told reporters refinery silo was chosen for its | evening up la the May dollvery most of the aheiltred deep water which accounted for

107-110 1140-13015 2000 1800 rubber d

No, I palp cropó pasižy 1931-323

LONDON

Exchange rates

1.

nnd

Closing prices all in perice per 1,1

No. 1 Kas #pot *******

"Zefilement nous faith?” Apr-June

Businew done-in, the Angel | Fiffent. unoffical operasian candlord the | ÖTUNG, marang a the followim TURAN: UB. dollman (bør 45) could spavanadate large oil activity in the domestic cons | slastice) Bree (grey) (13) tankers the groan nouxt, and ite tract. One hundred.... tots each Atlanta per all. accessibility - malec Philippine ["vrare sopchanged in the July Indonesion ruuden par Tour Kratkarte,kadzie Mall Apgyük, |daptember deliveriesJRI,

May/June

July/Aug

Egen

BIESPECRET

ali in perio

Rilked Contras

* Cybered marketi, qi.f. ban

TOO MAY

March/Apr

Ost/Blov

FOREIGN EXCHANGE

NEW YORK Closing rates; Canada, TAY England offtal

30-day

́. Leipzig. Fob. 29,

N unprecedented desi

A for, the supply of

British aircraft equipment for jut Timers of East Gor- many was under discussion at the Leipzig fair Monday. An Initial order for more than 128,000 pounds (370,000 dollars) worth of power supply systems nwa Jed to the English Electric Company was expected 10 followed soon by further

contracts providing for the de- livery of other equipment,

Officials of the state-owned East German aircraft industry said negotiations have been go-

ing on for several months and are now in their final stage at

the day fair, the world's |\prtocipal East-West market, i.

They said they were con- Bdent that the talks here would

The magazine recalled that, now months ago, tiệc plane manufacturore merged into two yiela "edncrete result" in the

plant greyou. Also that the next new days,

is for East Govartener, has mid an oven bigger amalgamation may be Germany's V. E. D. Flugzeugbau

that Aviation of Dresden

needed.

The equipment

which expects to

this

Minister, Mr Dunosa Bandys, have its first four-jet "167"

the airliner flying of advised exploration possibullies of collaboration Year. East

that will "ilable foreign arma,”

sometime "Germany bellevan the plane, of medium- ranga, will eventually be a full-

"It Doce clear that Mr fledged competitor for France's Sandya masant quitable Arms' twin-Jet Caravelle,

Brillent sources stressed Booing,

that In the US, where

and General the agreements "are conditional Lockled, Dynamics Tunyair'" division on government permission · and gro aiready studying supersonle refused to comment on prospects

of approval. 2003 transporta," Newsweek added.

Thờ power systemA aro "But whatever the romult of understood to be the siïne In International talk between bust-mallid #fritain's atom- neaman, most, dùmevery thinic carrying merat V-bombers, and Closing ratos:

IL will fake, governulient" - nade, some sourian sppeared plainly New York 2:00 8/10-200 7/10 | inneo on both sides of the ocean dreptical on whether the deal Monires

If the supersonic "ara la lo gut will materiallestar

The days Avairo New Zealan

"others spelatged,

LONDON

Copenhage

Hom

2.7940

2.001.007

10.3816+10.8845.

off the drawing boards soon. |- English | Mectsle +: officiate „Itsason; "The development costs would mirely my that the alone for a supersonic jet could agreement was "ki, meer of amount to make than #1, Billion?" | 4100,000) and drained further.

detailsɅP