1960-04-13 — Page 2

Page

THE CHINA MAIL WEDNESDAY, APRIL 13, 1900,

S. AFRICA'S METAL OUTPUT

London Prices decline HONGKONG Modest gains

closes

easier

London, Apr, 12.

Stock markets

as confidence is badly shaken

Black clouds over

London, Apr. 12.

South today

brought a sprinkling of early rise led by steels.

Africa have spread their shadows far and wide.

But the movement faded Gold shares have lost many millions in

and most prices slipped again near the close,

falls

Motors, breweries, electricais i inch plures carol but the were not no sharp as Mondaya ! dah, Textiles managed a few guns while in papers Bowaters doped do pile higher prouts.

stock market value. Investors' con- fidence in them has been shaken.

tumbled Copper shares have heavily too, although Rhodesia's 50 for copper bell has great

bern trouble free,

Whether the

cupper in been overdone recent has

su stake-out is

anybody's JINOSA.

But the statistical position of of the big enterprises important ex-winning this

metal seems brighter than the colours in which the stock exchange is painting them.

Government bonds lost frat- ons under the impact of the !!11 vier in the U.S. Treaty mates

Der stock: moved lower see with Campelan Pacific the ception Bath points higher.

Golf shares started well but mige continental selling drove

down angalan. Fuar

prie

..

honest loser.

Gapen staged doll but this Leki mrudy. Diamonds show. no change on the day.

well as rities were

There was little doing in ruh

bet tot te—UPI.

Closing Prices

Lilitedand standa

Irish Transport

Coments 2' » - £48-15/1G.

LAND

Cesiven

£111; 10

Funding

F £10.

FIGDAUS

32% 10.

2

Terda

TVUSTAI

Jasen

Savings 30%, 1955NG-AWA

Savage Su

Savina da

1960/70-71/16. 1/1-4731.

Barclays Bank "A" Ltd urd-- 544

Cartered Bank--38; 1,

Shk.

Hongkong - £55. kangas a Gate A Natural & Grindings Bank - 24

Insurance

Union Resurance Canton-£57%.

Aberatt and Mutors

10

Mador Corp. Ond-20% 54.

Ford Mulor combi lệch

Hawker Sidderes Group Ord-300 |

7.

12:4

Stoli Royee Lid Ore-475 v.

Houtes Lid "A"-RA101Ù...

Look, for example, at Mr Harry Oppentieimer's pride and joy in Thodesia, the £45 oil- Hon Nchanga consolidated; copper mines.

Doubled

calculate that its profits for the trading your that inded Jast week may well be double the £4.7 million shown after tax in 1858/59.

During the past 12 months I believe the company has lifted its output from 129,000 tons to at least 150,000 tons.

perlod

And for most of this ind the benefit of # higher price for copper as a result of the strikes in American mines,. Nehangu will be the next of the copper giants to report.

Its full year's Agures are due in August

Meantime, this Ane company's shares have come down from 77/0 to around 57/-. On any Psonable dividend estimate this puts them on a 10% yield busia,

impossible to say, of course, what Impact the South African upheaval will have on

Standard Triumph International | Rhodesia,

Brewerien

Dather Co-dig tid.

South Africati Breweries-24 D.

t th Materials

Portland Cement-09 !

Asocialext Goodluse Wall & Lead On-Si

Cal. Steel & Engineerlite Babour & Wook Lid M. United Steel – 71.

Vickers LC-32 1944.

Food and Tobacco Brit American Tob. Co., Lt Giu 21.

Imperial. Tobacco Cu.. Lidl-039 2).

Alicellaneous Bourdan Marten Lids 3d.

ria Oxygen Lid.

U su

Canadian Pacific Dir C. LA

Co-D 45,

Dunlop Ltd

cilin

cur.

Hunchong & China Gu10 Gen

Imperiol C Ul.

1

Unlever W-1400,

TEA and Electrical

Advancement

But spokesmen for the big copper companies tell me the mtvancement of Africans there is going on all the time.

Gradually, they are being tramed for semi-skilled and skilled jobs. Some beginning to get to The car.. uwning stage.

even

Howw about copper itself? Few comunodities are more sensitive to general conditions. It is J "Eurometer material" you might

Siv

is

Right now the demand bouyant, In Germany, Italy and U.K..

Porp Ord-724 kt. Prace as well as in url

bald-appliance Industries are all substantial buyers.

Bowater Paper

Arecinted

Savtrical &

Shpkg

Englt Fleetrie Co-40.

General Electric=3.

Indo-Chin Steamy Nav. Cu, def

7

P&U Steam Navigation def ord-

Biorex

Nervous

Naturally, at a time like this, consumers have been (1 bit

Great Universal Bured "A"-nervous about being able to get

& Spnet 145-70 114.

Main F. W. & Co-2 40.

Textles

Coats P. Lk 3d. Courlanica Ltd -eze.

Mints

Cone Coldfelds of South Africa-

the Tad.

Con Zine Corp. Ord-34 31. Crown LI-20 Mb

I Been def-1 t

Hongkong Tin-Os 4kd.

'rin-la od.

Southern Kinta Cons Ltd- ed. Union Corp-Sta pd.

15% [KI.

Driefontein

011

Goldsteing

British Borneo Petrogum Syndi- ente-s 14.

British Burnuh Petroleury-2. Brits Petroleum Co. Lid-55 Burma 4D 30.

Stell

ad.

Tansport & Trading-150x

-Nouter.

Lancashire

mills show big output

Manchester, Apr. 12.

While manpower dropped,

all the metal they need.

British exports

to W. Germany

reaches an all-time high

Bonn, Apr. 12.

British exports to West Ger-

i

STOCK EXCHANGE

by

Our Own Correspondent

Business done at the Hong- kung Stock Exchange thin morning amounted to approxi- mately $2,174,000. No quota-

tions and the morning's actions;

Share GOVT. LOANS

JUDAB) BANKS

badly....

And some have been paying over-the-odds prices for more urgent requirements.

the South This is because Afrienn affair has blown up just

had their stocks

been when allowed to run down,

Earl Ana INSURANCE

Union.

Lombard

SHIPPING

trona-

Buyers Sellers Sales

registered

Wall

in

Street

New York, Apr. 12.

The Stock Market finished with a modest gain to- day on strong support developing in the final hour.

Litton Ind.

The advance followed yester-lly Tully day's decline, which was the Lockheed Aircraft widest In two weeks.

Buyers

threw their support

behind the Issues in the elec

43

tronic, steel, oletaft and metal

Loews Incorp

Lone Star Cement Co. Lollard P

McDonnell Alcerati Minnesoin Min

Montecatini

roups, Rails, casier yesterday, Mission Development 2.15 hemel in their average.

BREAK THROUGH

1176

1263

140

021

their

Asta Nav.....

Wherlock

7.12**** 7.20

DOCKS, ETC. K. Wharf Dock Provident

Taikoo Dock Shanghai Dock LAND, ETC. BK Botel.... BK Land

175

180

178

110

11

10

15.GO

Su

10.61

5416

1.40

30%

56

61

Humphreys

*.30

24.00

300% 2113 58% 24.0

1.7

1.774

14

RUBBER

Amuly

C%

6.23

B.UD

stown more than a half. Lukens

two 6.76 picked up nearly

favourable caming report.

on

A

113

Tryst

11.20

They had expected that the ending of the American copper strike would have increased sup- ples and reduced' prices,

Instead the "spot" position in copper is sull tight. London metal exchange stocks have tumbler to around only 2,000 tons.

Usually it is reckoned that 4,000 tons are a bare working miniu Between 6,000 tuns

tots are and 8.000

A more normal level.

Now that American tion is

Ketting buck thyti, a surplus of could emerge loter this the South African storm

over.

Realty

is old Star Ferry

copper Yaunati year it

blows

But the statistical forecasts I have been looking at suggested that in the next two years de man should gradually catch up with the output from mines.

Facts

INDUSTRIALS Cement.......

500

Some brokers bellevo tic market soon will make another [nttempt at breaking through the

of resistance 36 barrier

which exists at 036 in the Dow-Jones industrial stock average.

American

ralled from their

24.00 lows with U.S. Steel jumping

24 more than a point and Young-

1 Today's volume was 2,430,000

shares.

Of a total 1,199 Issues

874

6.50 rnded, 470 were higher and

50

1500 lower,

......

Montgomery Whed

National Coals Reg. "A" National Lend

New York Centrál' Noranda Mines Lid. Din Muthieson CHis Flevators

Pacific Gas & Elec. Pan American Airways Paramount Pictures Parke Davis_Co. Penn. Smit C. XD

they Bowesz

Pittsburgh Pinte Glam

Portland Gen. Elee. Pullman .....

Radio Corporation

Raytheon

Republie Steel

Reynolda Metal

Iley Tolneco

Hoval Bank of Canada

herm Mig

| Seas, Bochuck & E

Stella Co

Schenley Re

Sagair 01

Mobil Oil

exchange volume t

was 90,000 shares,

volume amounted to

Closing Prices

Soulburn Pacifie

Suhr Tollway (Con) Sperry and

Standard Brancin

Standart Of of Cal. Standart Ol of Ind. Standard Oil of N.J.

Back

DUE CO. Sikely Van Camp. Stone & Welder

Corp.

S. Kelantan

2.05

Jura-Conti

American

Sangala XI)

4.33

prochic-Tran

| UTILITIES

Bonds

312%

203.

13A

$5,010,000.

170

302

!*

Like

22 00

22.10

Electri

27.42

273

Antíbí Pwr, & Paper

$14%

Macao E. Telephone

35%,

30 3014

Algoma Steel Corp.

ៗ6 ''

Allied Chemicals

Allls Chabern

337

RK Cas

14.20

14,30

14.20

American Air

10%

Studebaker-Packned

14.30 Am. A Forgu. Power

"เ

Team Co,

Am. Goa & Electric

434

time inc.

43 15

American Metal

234.

Traders Finance

Hope STORES, ETC. Dairy

Am. Natural Gas

Union Carbide

American Smelting.

Union Pacific Railway

27.20

21.30

220 American Tel & Ti

017

Untied Alerraft

**30

American Tob.

FORS2

United Go: Curp,

Watson **** Lane, Craw. COTTONS Textiles

21.70

Anaconda Cupper

3.

U.S. Fol! B

40?

33

Armco Cleet

61%

U.S. Gypsum

Armave

33

vs. Line Co.

8.05

1.00

11.70

Rubber

Nanyang

14.10 2020

MISCELLANEOUS

131

23

1.10

1.20

7

15 15.30

Here are facts: since 1950 the in of consumption

copper Europe has been increasing ot an annual rate of 4%

Americans have fallen behind in the

But expansion Irague, their increase still averages 2%. These figures have raised the free world's use of copper in the last 10 years by one million tons to around an annual 3.5 million tons.

If this trend continues it is that the demand reckoned

million should be up on the 4 tons line by 1902.

And that, experts say, should put it in the position of running prelly well neck and neck with supply.

This is without taking into account

ir "dark horses

ile stable."

No one

the can estimale future buying of the iron cur- tain countries and India, now all industrialising rapidly,

be

So could very that the food son copper belt will be nicely placed over the next few years-if it stays out of trouble.

mind copper Express Ser-

In

A thought to bear in after the big fall shares-Lancin

vier,

Yesterday's Closing

Vibro .... Gilman INVESTMENTS

Allied

H.K. & F.E.

Invest. (Rts)

2.025

bestos Corp. Atine Cons. Mining" Baldwin-Ladran-Flarri, Baltimore & Ollo Bank of Montrent Beech Life Saver B. C. Tel. Co.

10 Bell Telephone

Beneficia Finance

15.20 Bendix Aviation Corp.

3.80 Bethlehem Sterl Boeing Airplane

Coffee surplus

threatens to lower prices

New York, Apr. 12. A record coffee surplus now threatens to overlax pro- ducing nations' ability to support prices, the Wall Street Journal reported to day. The Dublication

said

the world's exportable coffee pro- daction for the year ending June 30 is now estimated at a new high of 65.2 millle 132-pound bags. ar 13,7 taillion more than the record set last season and some 25 million higher than estimated world consumption this year.- AP.

Firitin Amer, O Cana. Dk. Comm Campbell Soup Co. Corinthani Paville Chrysler Mators Colgate Palmolive Co Commercial Credit Comodated Fdtsor Consolidated Paper Canmuners Gay Create Fet

Comic Co. ..... Crown Zellerbachi Diamond Alkal Distillers-Sangrasimi Dominion Stores Douglas Aircraft.. Dupont de Nemou Eastman Kodak

Ford Motor

Firestone Tyre & Rubber Gatineau Power General Motors Gen. Tel. & Elee. Glidden Co.

Goodrich 8. F. Co. Goodyear Tyre Great Northern failway Heyden Newport Corp. Hiram Walker Homestake Mining Co. Kussman Retris. Imperial O.. Imperial Tobacco Ingersoll-Rand

ternaumal Nickel International Paper int Tel & Tel Johns Manville Co. Kennecolt Cupper

COMMODITY PRICES

RUBBER

Nex

NEW YORK

futures rubber many reached an all-time priees, all in cents per lb. ̧ it.: record value in FebruaryMay

of

153,700,000 marks,

(about £12,800,000)

British Embassy nounced here today.

July

et

the

Nav.

310. an- Mar. May

In the same month, West Ger- man exports to Britain reached the second highest level on Te- cord of 107,500,000 marks about E14 million),

EXPANSION

"The expansion of trade has production went up in been achieved in the virtual al- Lancashire spinning mills sence of tariff discrimination by during the past year, it either country against the other," was reported here today,

the Embagay naid.

solution

SINGAPORE

NOLLOQ

METALS

NEW YORK

15%

U.S.

US Smelting U.S. Sterli

Hen

whouse Firetrie

Woolworth (K. W.)

TRANSPORTATION

An artist's impression of the SC.6 Britannie freighter, now being built for the Royal Air Force by Short Brothers and Harland Lt, of Belfast, Northern Ireland, showing the altoreft in flight.

New giant air freighter has big safety margin

I'

the giant Britannic air freighter (which is being built by the Belfast, Northern Ireland, aircraft manufacturing firm of Short Brothers: and Harland Ltd, for the purposes of the Royal Air Force Transport Command) ever has to be "ditched" in an emergency there is every chance that it will not be severely damaged. It will probably stay in one piece and Boat for many hours with one wing resting on the water.

This has been shown by tests

in which a large model of the aircraft

"ditched"

WAS

in 21

351

422%

-UTI

sea conditions-ranging from

Rubber

market review

Singapore, Apr. 12. With overseas advices rather

mixed the opening quota tions were slightly lower than last night.

Some

water tank where all kinds of

Depression on

calm to a heavy swell can be tanker market

effectively simulated,

The balsa wood model used in the lesia WHE built to 1/18th scale. It had a wing span of nine feet und was so constructed that the

London, Apr. 12

the. tanker market is duo to

THE depression on

flaps, tail-plane and an excessive building pro- rear loading door would be pro-gramme our of all proportion as strong as the to the requirements likely to portionately full-size components actual aircraft, EFFECTS

in the

A special launcher catapulted the model in tree flight on the

arise, says Mr Claude C. Jacobs, chairman of John I. Jacobs and Company Limit od, in the company's annual report.

waler at vertical desxent rates Another

ranging from three feet to 12

reason for the de- Icel per second. The model pression; he said, was that there touched down on the water at was insufficient scrapping of old

knots selling pressure deve-speeds equivalent to 100

Ennkers. Mr Jacobs described lowed but at the lower levels for a full-size Britannic, To the situation during 1959 as the shortcovering for April No. 1 measure the effects of landings deepest depression he could re- Has reserved its trend.

under yurying conditions call since tankern became accelerometery were

the fitted at such a teature of

world Premium for April widened to

the pilot's seat, centre section freight markot and "it is no bat- and tail.

ter "today,"

17 ene-half cent.

100%

35-

123

4112

105.

40%

5514

0

Closing prices, all in cents per

NEW YORK

closing

Closing prices all in rents per lb.

30,00 10.10

38:00

21.13; May: 31 July: 31.40; Oct: 30.75; Dec 30.75: Mar: 20.00.

Spot: 34.10 nom: May; Mar

July: 32.0: Ort: 30.02: D

Land May Jaty Zine May July Copper May

Juży

37.03

37.35

NEW ORLEANS

96.75

21934-11094

1b.:

Bpot: 300; May: 12,58: July: 30.54: Malayan get: 30.07: Dec: 31.14; Mar: 31.39; May 3140: July: 30.70; Oet: 30.75; Dec: 30.70; Mar: 30.03

Tin

Spot

Copper

6put

3-month

2011

3-month

Lend in half Apr.

Closing prices all in Stralin cents per lb. a.b.

poris: No. 1 April May

No. 2 April No. 3 April

No 4 Apell

Spot der unbajed

danket crepe

No. 1 Dale Crese

LONDON

11034-1193 317-11034 114-115 113-114 ELB-1100

Since this was the last day for April truding short-covering continued and the market ruled quiel with small fluctuations.

The afternoon was very quiet with prices changed most throughout.

Lowers were in fair demand with sellers coining forward.

In London, the rubber market Was dull with spot quoted al

pence. Rcx rubber

34

Luture's Loday

closed five to 15 points lower

with sales of 79 contracts.

Terminal market, while lower

The tests, which extended THE CAUSE

showed

con-

over averal months,

The cause was not due to any that the aircraft structure is

failure in the bandenly wound and of siderable strength. Even in the conspicuous

and descent petroleum industry which com must severe sca

tinuod to expand though lo conditions

lessor degree than in recent years. It was due to the building programane

there 41728

no

suggestion of fuselage failure slightly

from bending stresses.

А

After the tests, engintors of excessive Short Brothers said the airerait plus too little neropping of out- had "excellent diiching charec-of-dete tankers. teristics." They pointed out that

wing the high

ensured that thon the previous, nevertheless whatever power might be avail- showed a stendier tone at the able could be used to the full Onisli, attributed partly to to help the pilot to "ditch" suc- evidence of a reviving factory cessfully, since the propellert demand in the spot market and stay clear of the water during altendant buying by dealer in- the entire operation. terest in futures.--UPI.

New York sugar Sydney dockers

market

New York, Apr, 12.

go on strike

11.36

11.40

11.00

World

No

11.70

closed

unchanged

tour

W

20.03

points

LONDON Closing prices, all in sterling

Closing prices all in cents per per long ton:

SAO PAULO

(Closing prices all in cruzeiro (zinc ist half Apr.

Moy: 53: July: 83.40; Del: 84.

Average price bi U.S. at 14 de

July

per kilo):

1119-17214

ARP15-130%

"The present situation will not Closing prices all in pence Over the past 12 months, contine beyond the middle of per ...

to No. 1 Rm spot 17,000 workers have let the in 1000 without none dustry. Yet production of co-the problem of European rela-select hour arms.

economic April/Jun ton and mixture yarns is up for Honchlps the month of February, 1960, by sphere."

£920,000 over the same moirth

last year.

ignated spot marketa: 32.11 centr.

Total: 10,010 bal

LIVERPOOL

American Contract

-

Buyer Sellers

*00% 107 7043% 705

FE

FORIJON PXCHANGE.

NEW YORK Closing rates:

Sydney, Apr. 12.

4 surar Futures | XX7ATERSIDE workers

lower

315 controls.

to

New tanker tonnage deliver- Inst gear exceeded 7,000,000 tons deadweight against only 2,000,000 tout sempped or cot vorted to other uses The do

very of new ssels this year was expected to be more than 6,000,000 tons, Mr Jacobs said.

Laid-up tonnage at December 1930 was about 4,000,000 deadweight but by the end of 193) it was about" 5,600,000 and the trend was alill upwards.

tons

He did not want to give picture suggestive of unrelieved gloom. "The present unbalace at will in time adjust itself by the Increasing demand for petroleum

-China Mall Special

all Australian ports

wide sales of will stop work for 24 hours in a world of Industrial growth,"

starting today.

Domestic No. 6 sugar closed two lower to one point higher with sales of 423 contracts.

Basler tone in world contracts reflected the decline In raw, whe domestic contracts featured mixed dealings be- tween the trade and commission

Colombin on

26 1 Apsi scheduled to be in the market for 10,000 tons of refurod sugar for prompt élupment. Ceylon in expected to buy a moderate amount of refined on May 5 for June shipmon!--UPI.

Exchange rates

The strike war called by the

Waterside Workers Federation

in connection with the Federa. U.S. freighter

the in 1lon's appearance in dustrial court in Melbourne on April 12 over alleged award Sun!- breaches omlaceted with day ·work. The Federation estimate that 25,000 Workers

blacklisted

Amman, Apr. 12.

Tship Rastell has been

will be hvolved but the num-THE 7,263-ton U.S. cargo ber of ships affected is not yet known

The union claims that

blacklisted by the Jordanian Sun-Government for "vlolating

day Work should be voluntary, the Arab #conomic Israel Liut the Commonwealth Steam-boycott regulation” it was

Ownera Asociation Ju

a court injunction to officially announced today. seiting prevent the Federation

conerend in beant directly or indirectly,

Froth

The Risip-registored in New future, | York-ly owned by the Long, with any Quinn and Boylan Company...

301-31

Closing prices all in pence per

il

171 the

(Mombers of the abx-3ation European Common

2412-8416 | 18:

July/Sept. Det/De Jan/Mer, Market, to General markela, cif. Upair, porta: which Weat Germany belongs,

Biay/June: £2,50) July/Aug: 28.15; Oct/Nov! 1J; Dec/Jan: 1.DE: Mar/Aprili 21.65.

Mizujete

was date in the local WhofBelal 'excitange

tnt

I

mording at the following `rates;

Canaisa

103-10/22

V., dollar (per (1)

that

ATL bonsidering · proponds for speeding up implementation of Pete crede the Comabon · Markes un July 1)--Revler,

June

thi

3016

มาเck St

Mixed Contract

New Lesi May/Junė; 22.80; July/Au: 28.35; Detov: ; Dress | 1230mA ! Delgium UPL

England offeri

30-4 y

23000 2.9075

Sterling Hoter (per (21)

10,93

ban, limitation or restriction any work, and from committing any

Australian habes, (pie 21)

11.01

$1999

INGSDEMAN KUpishi (per 2903

4.00

$:2007

Blahi tical (per 100)

38.90

this respect, China

Others unchanESKULUPI,

amgapore (stralis)

"3.01 Special.

Fines publimised here today for February, 108 allow

£15,430,000 or yarns were mo- duced by 10,700 WUTKER. Reuter

בל.ם

The announcement said

the

further broschna at aware in ship had transported wheat to Mullitálta and is being hired by the largel Ministry of Bupply/AR.