1960-03-30 — Page 2

J

i

THE CHINA MAIL, WEDNESDAY, MARCH 30, `1960,

THE BUDGET GAME IS ON

London What are the

contents of

closes quiet

London, Mar. 29. The London Stock Market was quiet today under the restraining influence of the national budget to be announced next week.

Industrials were narrowly it regular while British Govern ment stocks showed some small Dollar Blocks were iso mainly lower.

South African mining shares fell sharply during the morning un continental seiling but later staged a recovery on Johannes- Lurg buying Logas, neverthe les predomimmtet on balance.

Oll shares were harm en the market--AP.

Closing prices

Gledged Honde

British Transport 25.

24

Commels ---€47.

Conversion

Console £707.

£61-15/16

LB'

spot

1970/80

1069--

Funding tran 3%, IRV/U

Funding Stuck

الحمار

46.

34. 190/200

1000/96;

unding £10-5/16.

Savings, 1930/03- 29, Bavings, 1900/70-797 Savings 1055/7573-13/10. Hotelay's Bank "A" Lid ord-5th 410.

10

fl

Chartered Bank--an, Pa. Hongkong-

Lloyd's B3 B4.

Insurance

Aircraft and Motors

Mr Amory's case

By An Economic Correspondent

London, Mar. 29.

The attention of a nation is turning to О scuffed red dispatch case which, but for its associations, would raise about ten shillings

church bazaar,

On April 4, tradition demands that Britain's Chaneciler of the | Exchequer, Mr Derek Heathcoat Amory, shelt flourish it self- consciously at the waiting press photogmphers.

get speech.

at a

Of the forecast that ensurer

demand will outstrip produc tlon, they say that the peast- mals are underestimating the unused capacity of Industry.

They employ ilte kime on- timistic assessment of British

The next time the pulle will see the battered old case is when | Industry's potential to offset the the Chancellor opens it in the argument of the cost of inflation Commons and produces his bud-stemmleg from the recent wage incrpases, Inflation, they claim, only comes when wages outstrip production and British Industry has neugh epare capacity to in- crise the output without straining the economy,

Must years the pundits can make a fair stub at ferecasting whether the old dispatch case will turn out to be a happy surprise uncke! or a sort of Pandora's box.

But not this year.

No forecast

There has been no shortage of unsolicited advice for the Chan- cellor and have never known it so divided and su op- posed-but there has been vir- Tuafly no forecasting.

The reason in that no one is at all sure how the Chancelier views the present economic state of the nation.

they

tite To the argument of large

debt. hire purchase relort

savings

that persorial have grown even faster, And this they read an An hudleation that any

WALL STREET FEATURED BY SPECIALTIES

HONGKONG STOCK EXCHANGE

by

Our Own Cottexpondent,

This

Business done at the Hong-

amounted to appro- ximately $1,417,080. Nuon quola-

New York, Mar. 29. kong Stock Exchange Strength In a handful of specialties featured an moming

otherwise generally lower stock market today.tions and the morning'a trans-

l'olarold Jumped about 11 points and American Ship Bulld ing shot up around 19, but there was no Immediato explanation for the movements.

one,

IBM Jumped more than seven in the electronles, and Ziegler and Texas Instruments tacked on around one while Zenith and General Time lost about one.

Marquardt fell more than two while and Bendix about Douglas rose a Herge fraction. This group has showed a mixed reaction to the government's re- shuming of missile programmes Hench. # light plane meter, Jumped about four,

The rest of the 1st continued in the narrow and mixed pattern of recent sessions. Brokers see little change in this trend

the until

currently unspectacular news background 1 reversed.

Today's volume was 2.320,000

con- | shares. cessions by the Chancellor of

Or a total 1,196 isaics unded

the Exchequer will not 370 were higher and 573 lower. necessarily be

ал

Immediate ruch

followed

to

by the

exchange Arnerican was £30,000 shares.

Dow Jones averages:

20 Industrinis

20 Ralls

15 Uulles

shops.

Bonds volume umounted Agalus the argument of dr- | $4,370,000. pleted reserves, they pit the case that the

duc drop was

to Britain's largescale debi renty- last year markedly larger than the fall in reserves. I may well be however that Mr Heathcout Amory will cleave to neither view but wil steer d

Does he subscribe to the oDments timistic school of thought or the Bessimistic?

: At first ghmce the latter Union Insurance Canton-26-3/10 certainly seems to have a strong British Motor Corp. Ord-21, 755d.jente. They can point to in

ports soaring too fast in relaties Ford Moter Co-996.

to signs that the to exports;

demand will rise consumer's more in the coming fiscal year than production; to

Hawker Siddeley Group Old-31

Hulla Boyce Lid Ord-45_iki.

Routes 140 "A"-10% 10.

Standard Triumph Interetional

21 1010.

Breweries

Dimiters Co -37% 62.

South African Breweries-231 04.

Buliding and Materials Asociated Portland

4ad

Cement-14%

Good ang Wall & Lead Ord-29 d.

L'oni. Steel and Enginering Babcock & Whcox Ltd-1 34. United Strel-i

Vickers Lid-

Food and Tobacco British American Tol. Co. Ltd CJA DU.

triperiat Tobacco

1,

Co.

Ltd

is

Dd.

Miscellaneous Boardman Marden Lid-du Bel. Het Oxygen Ltd. Ord-03 Canadian Pacile Rly-$4. De La Rus Co. Ltd. Ords 34. Dunlop Hubber Co-1.

man Holding L-Za Tiye. Hongkong & China Goa¬lli n. Imperial Chemical-02#. Lyons & Co-70 11401. Unilever id-14 Bd.

Bowater

4.

Paper Paper

Corp

Radio and Electricnt

Ord-72%

25.

Associated Fe3s. Firetreat Englds Electric Co-43 30. General Electrice-3.

Stipples

Indo-China Steam Nav. Co. def

--28 34.

P&O Beam Navigation def ord- 41 10

704

Niore Great Universal Stores "A"-B00. Mocka & Spencer Li724 31. Woolworth 2 W. & Co 015 LOT

rextiles

Coats J = 144-300 €.

Courtnuki Lid=07 7494.

Mines

Cons Coldfeldy of South Atrien-

Cons. Zine Corp. Ord-74 5d.

De Beers def-1

d cur

longkong Tin-Ca 45d.

Petaling Tin-7% 30,

Tihard

Southern Kints Cone Lidzis kl.

Silenten Kokmatog

Union Corp-ed.

Went Drielantein Colmining-100% 450.

A!

Brikh Petroleum Syndi called.

British

Burmah

Petroleum-20

British Petrulcun Co. Lt-87.

Burmale-48 3d.

Hayal Dutch Petroleum-£IB-11/18.

Ji.

Shell Transport

Trading-15A

--Router,

middle course, aimed at onsu- ing the stability without unduly dumping the recent expansive economic mood.

Without doubt, the most effec- the uptive and popular

way of doing parently dialinct possibility of

so would be for him to lay a constant inflation in certain infirmly restraining hund on the dustries as the result of the re-

which has rublic expenditure cent round of wage increases; been increasing alarmingly.

de this, he will to the huge hire purchase debl; and finally to the very large

prove himself to be the truly drop in reserves.

If ho can

From the pinnacle of this plerong man of present British

Government.-London Express

of depressing data pessimists Service. huller that the budget must be Dimed at marked economic res- traint, if not indeed ment.

retrench-

Unless, they say, the Chan- sellor applies necessary pres- Kure how, he will eventually have to twist the screw till it really hurts.

In the face of this, how can

optimiels put to a lenable cose? They do so by accusing their co- ponents of refusing to look be- low the surture of facts.

Inevitable

They don't deny that imports are rising faster than exports. But they argue that this is the inevitable result of industry's - plenishment of stocks which were allowed to run down before last your's

election. Reneral

The Trend, they say, is unlikely to continue,

Yesterday's Closing

NY sugar market

New York, Mar. 29. World No. 4 sugar futures today

cloned

five unchanged to potats lower with males of 312 contructu Domestic

No. U sugar closed unchanged to two points lower with sales of 22 contracts.

as to

63 Stocks

40 Elands

Comm. future price index

Closing Prices

Abilib wr. & Faper Alden Inc...................... Algoma Steel Corp. Allied Chemicals Allis Chalmer

$

Creole Pet Crane Co.

Crown Zallerbach

Delaware & Hudson Co.....

Gard

Partlilers-Sengrama

Douglas Aircraft Dow Chemical Dupont de Nemour Eunition Honk

El Paso, Natural Gas Family Finance Corp

Firestone Tyre & Rubber Fiest Nat. City Bank Ford Motor Gatineau George Patc General Dynamies

General Electric General Fuods General Motors Gen. Pub. Util.

Gen. Tel. & Elec Gen. Tyre & Rubber Gilddra Co.

Gedrich B. F.1 Co. Goodyear Tyr

Great Northern Railway

Grumman Aircraft Golf Out

Itamymund Organ

Itomestake Mining Co.

Idaho Power

Tobacco

Ingersoll-Rand

onal Paper

& Tel

434 Luwenstein & Sons

30

012

actions:

Влагоа 25 DANKB

Buyers Sellers

HK Dank.. 1230

INSURANCES

Union

Lombard

Skinn

111230 GIAN

43 300 45

7.39 4000 725 3000 7.25 3000 or 725:

20 BOX BIPPING 121 Wheelock

7.20

.

88% | DOCKS, ETC. 100

Duck XD..

DO

200 G B

100

B5

Provident

17.40 17.TD

Taikoo Dock

491

LAND, ETC.

UK Hotel

W

وانت بت

328

21.40 212

0 45 ODE

200 o 50

100 17.00 300 L 13.70

200 12.80

200 17,00

KNSPORTATIO

Britain's part in

the lifeline of

aviation industry

In the days of the pioneers, man flew by determina- tion, courage and the "scat of his pants". At the beginning, that was admirable. But it rapidly became apparent that, in the air, man could not rely on natural senses alone and instruments to supplement them must be found. Necessity became the mother of inven- tion, and so was born an industry vitally allied to the development of civil and military flying.

£38,000

to:

over

Today the growth of this in- from kastry is reflected by the fact £2,000,000 in 1958. In the first that at the 1859 Society of Bri-ing mother of 1959 British ex- 00 1915 1ish Aircraft Constructor's show | peit trade 1300 49.75 at Farnborough, England,

200) BO

the

stnile exhibition housed 21 I stands occupied by airframe and

manufacturers, 100 34.75 engine 2006 34.73

while

over 285 displayed products of the component and ancillary 100 1.25 equipment manufacturera.

500

40

300

40% 100 fol

600 or 21

175 10000 1.70

10000 1.70 10000 / 1.70 6000 / 1.70

5000 5.53 6100 $50

THREE BASIC FACTORS

In aircraft instru- ments and electricnt equipment £5,404,300. This la CITROE apart from Invisible exports of

Smponent equipment installed in completed aircraft sold over- s, and the wolat figure for the Ar ta months of 1959 of air- to a craft exports amounted Jenomenal £134,000,000.

Contemporary aircraft design

Clearly then, this specialised has three baste factors to con

British Industry is performing a sider: airframe, engines, und

vital function in the gentral accessories. The last is by no

As overall picture of aviation. means the least, and in aircraft

become 11 develops, standards projects now being developed, instruments and ancillary equip higher and it is generally re- that British ment are designed as Integral equipment is second to none in

cognised

today

mbre

de- An instance of this is the de the world. In aviation. Havilland 12 now being built than in any other sphere,

is the key word. the English instruments, in

and! at Hatheld

components rounty of Hertfordshire. Du ancillary equipment nvust be as

Iman Steel Co.

Interchemical Corp.

volume

int? Durices Machines Int'l Harvester

463% K Land

4432

10

to

International Nickel

113

Humphreys Ilealty.

1,70 ......

Sobtin-Maneville Co.

42035

Kaiser Industries

12

7

145.20

Kansas C. Power & Light

st.77 Kennecuti Copper

7716

208.41

Kimberly Clark

82.87

ggt de Myers Tub, Co.

NUBBER

149.42

Lity Tulip

3212 Amais.

5.55

Limon Ind. ..........

Lookhred Aircraft

2316

Loews Incern.

201

300 6.55 10000 0.00

parts of the aircraft.

Lone Star Ciment Co.

Trust

7.05

11000 7.00

Lorillard P........

302%

134

34

1080 255 * *.60

McDermott J. Ray

McDonnel Adreratt

324

Merck,

A. Brake Shoe

Mosab Iron Corp.

Bungals UTILITIES

3.00

Ai

American Airlines

19%

Minnesota Mining

178

Tram

314 315

Am. Cable & fuvilis Corp. American

Mission Development

ID

311

Co

49

Monsanto Chemical Co.

40%

Am. Gao L

$1

Montrentin

2016

200 313

Am. Home Pred.

:00

Montgomery Ward

43%

Am Mach. & Fury.

Motarin Inc.

103

Star Ferry

143

American Metal

20

National Bleuit Co.

014

Yaumati XD

101

170

102

$1

Natonal Dairy Prod.

201

American Tel & Tel

Steel Corp.

American Inb.

103

Nuranda Mines Ltd.

9714

40

100

300 189

500 or 10%

Norfolk & Western Ry

Armour

37

North Amer. Aviation

28

Northwest Airlines (Com.)

Light... 22.00 23

1000

Ax

Oklamra Nut. Cas

300 20

1544

25

Ain. Natural Gas

An. Sugar Ref......

Antico Steel

Asbestor Corp.

Atlas Cona Mining Baldwin-Lima-taṁ. Baltimore & Ohio Bank of Montreal Beech Life Savery Bell Telephone Beneficial Finance Bendix Aviation Corp. Benguel Cans..

Bethlehem Steel

Boeing Airplane, Bordan (The) Co. Burroughs Add Machine British Amer. On Calif. Packing T Cana. B. of Comm. Canadian Breweries

Campbell Soup Co. Canadian Pagle it. Case (J. L.) Co.

Othr Revators: Owen-Minol Class

6314b Oxford Paper Co.

Pheiße Gas & Elec. Pas American Airways Paramount Pictured

Penny J. C. Lo.

4322

96% INDUSTTULALS

ដង

2003145

300 100

700 4 22.90 1000

pendability

to the successful development of rellable and perfect as man van blind Landing equipment, muke them. Lives depend upon developed by Britain's Ministry it. To this end the industry is

the Blind continually at work. of Aviation, and

Landing Experimental Unit of

the Royal Aircraft Establish- PILOT'S TASK ment, this aircraft

is likely to

be the first jet airliner fully

Recent rumours of the onset in 'Bri- recession completely ca major

This vital tuin's component industry hayo to be unfounded, for. British proved

well while it may true that some Os firms have experienced a cul-

equipped

for

automatic landings.

contribution from the

Instrument industry can

pul airline operators of

Aircraft teng of thousands of back in production due mainly

lo lessening ments

Overseas research

military require

and development throughout the in

de Havilland Comet 4, which British

Airway's Corporation is to re-dustry continue

commence

ensure ex- Tho

the future, its South American pansion in Bervice in January, 1000, year 1959 has been one of ren orientation: of an Industry represents perhaps the most co-

adid operailve venture between air-choking off excess weight

and in craft

and the emerging revitalised constructors

to meel in- strength in greater industry. Early ancillary

than creasing challenge, rasher its development, DECLP1 cerventional Instruments, do Havilland's begen a trend

most 25.40 † which has now spread

of the industry, of tailor-making

pounds ahard of their rivals.

Electric

27.20-27.30

100 M 27.50

1402740

Tho

Parke Davis Co.

403%

BOG 21.20

100 27.30 500 27.00

with

J

Philip Morris

13

1000 i 27,20

40%

Pitney Bowes

Telephone.. 3314 31%

244

Pittsburgh Pinte Glaus

45

Procter & Gamble Co.

317

Portland Cen. Elec,

2014 Cement

2000 43

Pubileket Industries

10%

500 43

Pullman

71

334+

Purr Oli

317

200 6 4314 115043

Tato Corporation

603

244%

Radio Corp. Pref.

2114

·STORES. ETC.

bath

Raytheon

4205

2014

Nepublic Steel

4145

Dalry...... 20.30 20.40

4200

20

Reynolds Metal

4224

100 or 240

522

Reynolds Tobacco

DE

300 or 20,40

Chrysler Motors

321

Royal Bank of Canada

Cluell Peabody

500

Royal Dutch

Watson....

27.20

Colgate-Policlive Cn. Colombian Carbon Co. Commercial Credit Conmlidated Edison

10t

Rheet Mfg.

Lane, Crow.

31

32

4004

Sears, Roebuck & Co

Shell O Co.

COTTONS

MA

Safeway Staren

Texities

YAU

-1000 0.40

KUIT

Salal Rec. Paper

DOO #AD

Consumers Gas Continental Can Continental Oll of Bel

580

Siegler Corp.

craft.

Nanyang

1414.20

447

Schenley Tric.

1000 og 14.20

Scot Paper

7035

43%

Smith, Kline & French

Solar Alterati

Cat. Tractor

Celanese Corp

C. IT Financial Corp.

World agar traders practiced extra caution on either side of the market reflecting uncer- tainty

the what action international Sugar Council may take today on the question of Consolidated Imper increasing qirolas for the world "frez" mürkel.—UP1.

COMMODITY PRICES

General markets, ell, basis, ports: Apri

May

SUGAR

NEW YORK

Closing prices all in cents per

Estale crepe thin April ..

341-354 241-343%

thick April .. 301

AMSTERDAM

Closing prices all in guliders

per kilogram, c.l.f. April.

No. 1 mibber

No, 2 rubber

ib.:

Contract No. 4 (world)

No. 3 rubber

No. 1 crepo

I-Tay

July

1,00 3.000

Dept.

3.13

Oct

3.140

Mar

3.24

Tolal Saler: 512 contracts.

Contract No. 8 (domacalio)

Mey July Total

3,73

32 Sales:

5.06b contracta

2 buyers 20 buyers 9.30 buyers 3.00 buyers

UPL

METALS

NEW YORK

Sinclair 01

...

EAS

South Puerto Rico Sugar Saution Co. (The)

O | MISCELLANEOUS 104 GNAT

INVESTMENTS aaiAliled ......

Southern Natural Gon Southern Railway (Com.) Sperry Rand

40

Standard Branda Standard Oil of Cal. Standard Ol of Ind. Standard I of N.J. Sterling Drug Co.... Slokeley-Van-Camp Stone & Webstor Studebaker Packard Corp. Sunshine Mining Text Co.

Titron, Inc.

Thokol Chem Tide Waler Oll Tume Inc........ Trader Finance

Travelers Inc.

Tri-Cont Warsanta

Twentieth Century Fox Film

Union Carbide...

Closing prices, all in cents per Union Cll or tai,

ib.:

I.cad Mar.

May Zine Mar. May

United Aircraft

United Frutt

11.35

United Can Chep

11.20

U.B. Fol ****

11.50

18. Gypsum

11.00

US. Line Co.

22.60

US. Smalung

20.19

V.A. Steel

31.03

2000 or 20.30

300 20.49

con-

are

New ancillary products

Great continually uppering, efforts have been mado tore duce weights and sizes of com- Instruments and equipment lo

ponents and there is a growing fit the Company's own

of awareness for simplification ception of the aircraft. This was products. Complete flight systems

step forward a necessary

have been developed to simplify order to gain 100 per cent the pilot's task and take efeiency from a modern jet air-physical burden out of dying. The pilot is becoining a monitor of electronic equipment witch can y un ulteraft more

400040 VITAL FUNCTION

Exchange rates

with

the

DC-

There are in Britain over 500 eurately and safely than human hands. New ways of present- firma

applying ing visual information are being engaged in aviation

components, found; presenting it on to the equipment pilot's windscreen for inslunce, instruments, radio and the hundreds of ancillary So that no alteration of cye products. required for modern focus ja required.

the or high-spord aircraft,

Hure then, is the story of estimated 1,350,000 people cat-

component

ing their living in the aviation Britain'a aviation, industry, probably as much as an ancillary industry. An In- quarter are engaged in the com-dustry which provides the start, panent Boid.

nerves and sinews of today's

What does all this mean inalr giants. An industry withi borme of production? Export an industry, serving airlines 1596 figures give us some guide. and aircraft operators through-

0.72

Burke was done in the unofiletal exchange market moming at the following rates! US dollars (per $1). Sterling notce (per 1 Australian noles per 211 Irutoscalan rupiah (per 100) Slam tests

100 Singapore (Straite)

local

124)

1.70

Since 1916 Agures for aviation out the world providing the 20.00 Instrument exports to all parts lifeline without which, aviation

Ta of the world have steadily, risen | could not survive,

TOURIST LINER DUE HERE

Production

of tin concentrates

Lonxion Mor. 29. Mine production of tla-in-

concentrades in the Federation

in

rose further January to 4,976 tons according UPI.

statistics released

of Malaya

to wivance

here today by the International

Tin Council.

Output in the Federation of Nigeria was almost changed but

in December at 820 tons,

a

rose in January to 604 tons.

In the Belgian Congo and Rajanda-Urunell there was slight fall in output in Decem ber to 007 tons,China Speclul.

Mall

Agreed merchant rates

RUBBER

SINGAPORE

Closing prices all in Straits cents per lb. f.o.b. Malayan ports: 12016-12094 No. LADI.

May

No. 1 Apr.

"

No. 3 No. 4 Spot müber unbaled Blantio oreve

No. I pake cropt

LONDON

11412

115-115 120%-1203% 13134-133

COTTON

NEW YORK

Cupper Mar.

May

LONDON Closing prices, all in per long lon.

sterling,

Buy Beller

700% 700%

253

224

271)

2012

June

751

70

Zinc 2nd hall Mar,

June

Closing prices all in cents per Tin t

1b.:

Spot: 34.10 nom: May: 32.00; July: 2.42-44: Get: 30.73; Dee: 30.74: MRT: 3123: May: 2146; July: 3158; Cot: 30.03: Dec 30.03: Mar: 30.70.

NEW ORLEANS

Closing prices ali in cents per

May: 32.5ci: July: 3241b; Oct: 39.70: Dec: 30.Tab: Mar: 51.20;

31.Mb; May: 31.02: July noriai; Dee: 39.720.

LIVERPOOL

Oct

Closing prices all in penca per

Amerioan Contract March/April 21.70) May/June: 22.37; July/Aug: 21.90; Del./Nov:

Mixed Contract

Closing prices all in pence per 21.90 Dec/fin 41.00. Canadian Dollars Maximum Belling 10-19/32, Maiknun buy-lb.: lag 10-27/32

10-29/32 No. 1 Rasagot

T/T.

O/D; Bwiss Francs Maxhnun

lg 70%.

Beillement bửuém terin; July/Sept. Out/Dec.

344-46 34-3415 frytky | 5033—UPI.

March/April! 22.40: May/June: 22.55 July/Aug: 37.50) Del/Row: 22.05). TAMIL Jan 2230; Mar/April:

3-month

Copper пров 3-muntli

Lent 2nd half Mar

FOREIGN EXCHANGE

NEW YORK Closing roles: Cenade England offesas

++ 30-3

10-15 Austrella...

New ZenianKİ

Bouth Afries

Others unchang ett

חוד

U.S. Stee: 7 P.C. P.F. Worner Bros.....

| Waukesha Motore

Westinghouse Electric Western Union Tel, Co. Woolworth (K. W.)

Rubber

market

Singapore, Mar. 29.

quiet

The market ruled very

throughout the moming with interest confined to `No. 1, Lower shoot neglected and except for No. 3 Ro discounts widened silghtly, Browns an blankçis remained unquoled,

The afternoon market 1061/30 nura quiet with trading amali.

Factories stayed quiet today, In London, the rubber markot wis very steady with spot quot-

|ed at 84-13/16. pençe.

82100

2.7900

20110

-URI.

wur steadyUPI

Con-

In Amsterdam, fhe, market

The Cunard Haar Coronia is dus la the Colony on Tuesday, April 5, in the course of

her annual world orulte, The Coronis, with approximately áut phasengers, will stay in the

:: Colony for two days, asiling on Apell 7