1960-05-17 — Page 2

Pagë

THE CHINA MAIL TUESDAY,

BOOM FOR EQUITIES SEEN

London Switch from

closes gilt-edged in strong near future

London, May 10.

Shares advaficed on a broad-

front in the stock Out of the change on Mokduy, dl though trading was tight. Big dealers had been waiting for Britain's April import- export figures before extriding their commitments, brakefs éx- plained.

Oll shares were selectively Brm, Golds and coppers failed to hold initial gairs.

botas

British government attracted ttic atteritivil and some shed fractions-AP.

Closing Prices

altedged Bonds

British Transport 3. £M-11/15.

Con 24 £47-5/16- Consil£71-7/16.

Conversion

£62-840.

Loan

314

Funding Loan

Funding Stock

£00%.

Funding

200-1/16.

London, May 16.

HONGKONG Stocks remain

STOCK EXCHANGE

Our Owl Carre".

Bizniness done at the Hong

kong Stock Exchange this mão f

steady on Wall Street

New York, May 16.

the London Stocking shouted to approdantely Stocks steadied toward the finish today after mov-

$3,132,000. Noon quotations an and the mathing's transactions:

Bütött senkit 'gre

HK Lanka

100s

1280

1230

91

blue,

week Exchange last

staged impressive rally. With large Invest- ment institutions re-entering the BANKS market, Wednesday had the sharpest price rise of any day since before the budget of April 4 and the improvement continued today.

An important Influence was a' circular from a well-known 1979/as-stock-broking firm giving the

1993

view of a Professor of Econo- mics that even on fairly pessi- mistic assumptions the market is well into the lower half of its 1939/69-downswing and that past ex-.

perlence shows that this is the best time for longterm investora to buy.

31. 1993/2004---

1900/90 Loan 4

Saving 3%. 1995/65-£90.

Savings, 100/70-£803

Savings 3%. 1963/75-74-3/10.

BAN.

Banks

These remarks, had a pro- nounced strett Because they caught the tharket at a time when it was both technically

Barclay's Bank "A" Ltd ord and psychologically sold out.

Chartered Bank-553

Hongkong-LES.

Lloyd's Bank "A"-15 d.

Jarurance

"

Union Insurance Canton-£5%. Airerers and Motors

British

2014

Maior Corp. Ond-183

Ford Motor Co-109 11 d.

Hawker Siddeley Group Ord-209 2010.

Rolls Royce Lid Ord-441 38.

Rocles Ltd "A"-10 31.

Pessimisth in recht weeks had gone almost to the point of

and bearish fatalisin,

was evidently overdone at least for the time being.

into reverse

Many of the pessimistic and defensive arguments for getting

Standard Triumph International-out of equities as allegedly too

ila 4.

Iteweries

Distillers Co-34 10:56.

South African Breweries-27, 3d. Blding and Materials Associated Portland

-1

Goodta.

td.

ed.

Cemen1-676

Will & Lead Ord-4

Coal, Steel & Engineering

Babcock & Wilcox Lid-18s kl.

United Steel-79 6d.

Vickers Ltd 308 90.

Food Tobacco

dear and into gilt-edged as allegedly safer and better yield- ing have suddenly been put Into reverse.

DISCUSSION ON WORLD

COMMODITY

TRADE PRICES

INSURANCES

Union. XD SHIPPING

Whe

DOCKS,

Wharf Dock

Provident Tálkỏc sock.

LAND, ETC. HK Hotel

Landi

Simplresz Really

RUBBER

Amiz

United Nations, May 16. The Commission on Interna

tional Commodity Trade which wound up its spring sessioit last Saturday found that terms of trade of primary producing Countries were at their UTILITIES lowest lövel slice 1951.

S.. Kelantan.

Sun ela

Trom

The 18-member organisation considered that the recovery Yaumati Now it is argued that with period had brought into sharper C. Light business activity and profits force the imbalance between sull Hding, the yields at pre-supply and consumption of

Electric sent prices on this year's pros- several important commodities pective dividends are quite good and that sharp improvements Telephone

By next year, when the divi- fram year to year in prices of

commodities in HK Gas B-1ush. Ancram Tob. Co, Ltd-dends for 1860 are known, the ntvidual

law allowing trustees to switch from glits to equites will prob-response to changes in both de

supply still ably have been enacted. When mand and ever it does go through it will possible, release a very big potential de- mand for equities and probably a sizable actual demand for them, depending on conditions

Imperial Tobacco

Co.. Lic-s

Miscellaneous Boardman Marden Ltd-48. 6d. British Oxygen Ltd. Ord-879 d. Canadian Pacific Bly.

De La Rue Co. Ltd. Ord~675. Dunlop Rubber Co-zie 11⁄2d. Gitman Holding, Lid-2s 7i5d..

Hongkong & China Gas-is id n. at the time. Imperial Chemical-898. Larona & Co-728 4:54. Unilever Lid-153 711⁄2d.

Paper

Bowater Paper Corp Ord- Radio and Elettrical Amer Electrical-556. Electrical & Musical- d. English Electric Co3s £4. General Electric d

Shipping Indo-China Steam ord-24 30,

Nov. Co. def

Investments

. Meanwhile, the trend

It also felt that the long terin problem of Imbalance between STORES, ETC. consumption and supply should Dalry be approached by action de sigried to increase consumption

of primary commodiites and Lane, Craw.

baske facilitate

adjustments

COTTONS towards diversification in the Textile

Nanyang, RD is exporting countries.

ing narrowly on either side of the previous close.

- With The Big four summit Bendix Aviation Corp.

Benguet Cony, talic threatened with collapse Bethlehem Steel

on the first day, traders grew Boeing Airplane 9115 cautious after the first hour Borden,(The), Lv.

and withdrew that support Burroughs Add Machine

British Amer; Ds. 7.167.05 from nyde the leading is- Feta Columbia Pwe.

Cam. Packing Cof

7.14

116

114

*

器

5.43

Sucs.

But some late Buying in abled a number of stocks

Campbell Soup Co.::

to

Canadian Pacific R.

ase (J. 1.) Co.

135 rise from their lows and others 146 to extend their gains,

147

118

International

uncertainties

2214 brausent gan's In many of the 22rrect and glamour issues. with Medin and North American Aviation Jumped more than two and Bocing more than a point, makcor of missile Thinkdi, 3 propellants and rocket engines, vaulted more that three.

63

42

001

BB16

13817

1943

HIGHER TREND Electronics favoured a higher price trend with Magnoyex, Varish, Raytheon and Texas Instruments all up two or more. lösses of Drugs featured

By more than four in American

8.6 Home Products, more than 9.40 three In Vick Chemical and around two in Carter Products, Steels were intred, motors Bassonewhat lower. In the metals, National Lead jumped around tres and Reynolds Metals and Alcoa more than a point each. 315 Oils were irregular, SIE

3115

21.

*

Today's volume was 3,500,000 shares. Of a total 1,229 shares 23.20 traded 480 were higher and 541 23.30 lower.

28.80

23.40 American exchange volume 23.80 wits. 1,220,000 shares. Bonds

volume amounted to $5,750,000.

Dow-Jobes closing

18 Utilities

#Stacker

40 Ban

Camm, Albire price

index

averages

Closing Prices

28.60 Abitibi Pwr. & Paper

Alden Inc. Acy. 29 411- 41 Allied Chemicals

Cat. Trador.

Celanese Comp.

C. I. T. Fibercial Corm Chase Manart, Bank chrysler, kondi Chett Peabody... Colgate-Palmolive Co. Colombian Carbon, Co. commercial Credit Consolidated Edison Continental Can Continental Oil of Del. crane Co.....

Crown Zellerbach Cuban Amer. Sugar Dentware & Hudson Co.

Diamond Gard Diamond Alkall Distillers Seating Dominion Steces

Douglas Airoq.ft Dow Chemical ..... Dupont de Nemours Eastern Air Line Family Finance Corp. Firestone Tyre & Rubber First Nat. City Bank Ford Motor Co. of Cana. Ford Motor, Georgia Pacific General Electric General Motors General Foods Gen. Pub. Us Gerty on

Gudden Co.

Goodyear Tyre

Goodrich (B. F.) Co.

Great Northern Railway Crumman Aircraft Gulf qui

Hammond Organ

Heyden Newport Corp. Hiram Walker

Homestake Mining Co. Husman Refrig Idaho Power

Imperial Oil" Imperial Tobacon Ingersoll-Rand

190.42 Inland Steel Co.

89,41 erchemical Corp.

203.63 £111 Business Machines

62.41 Ene1 Harveste

148.43 | International Nickel

International Paper

indi Tel & Tel

Johns Manvilding Co.

46 Kaiser Industries

49%Kansas C. Power & Light

34

Kemecott Copper

30% Kimberly Clark

41% Taggett & Myers Tob: Co.

Litton Ind.

bows Incorp.

More hovercraft experiments

for transportation

Oslo, May 16.

FAST five-ton Hovercraft launches should be in regular service by summer next year and heavier 25-ton Hovertraft ferties by the summer or 1962, the chairman of the British company de- veloping Hovercraft said here.

Mr D. Hennessey. Chabab, of Hovercraft Development Ltd.

1740 bolt a presi, taffelene he

£316

estimated an operating cost of threepence a passenger A

mile,

Death of former

Sut was confident this figure director of APL

could later be finived.

He said order box would soos be opened for the cratt and that a large number of fin quirles had smetly betin re 2912 terved from all over the world.

He mid of shore oil-trild 301 installations were an cumple of conditions where the Haver-

21012

154221

4435

7911

craft could be "immediately

useful."

New York, May 1

TR M. J. (Mike) Buckley,

Mthe patriarch of West

Coust shipping, and one of the mbat esteemad men in the industry, hot did of a heart aftdek; at the ags of Bd.

Widely respected for his out- Mailing talents, in Buckley, a director of American Pro- Hident Lines, was active until the time of his death. a career that spanted almost 80 Vers. He is survived by hi

Asked about Hovercraft search in other sountries Mr Hennessey said Britain had good lead." RAILWAY

Asked about recent statement wife, Emily their three chili- in the British House of Com-re, John, Margaret and Emilly, "Hovercraft and bandchlidren

Bubkley Mr Hennessey said he envisaged

act

B*

a kind of railway service with shipping career in 1902 with Hovercraft rumming over a hol- the old Paciße fail Company lowed-out track where they and recently rounded out his "self-centring 38th year, at service with would

American President Lines... dishes."

He retired formally on Sep- He said there had been some tember 1, 1950 as Senior Vice- confusion in comparisons with President of American President

"air lubricant" systems Lines, but he had been being developed in America tained by his company as an

advisor,

other

(Hovercraft Development Ltd.

has granted, a contract for de

his own

steamship agency,>

veloping a commercial Hovert 1817, Mr Buckley founded craft to Saunders-Roe Ltd, who bullt the first experimental Ocean Steamship Agencies, Inc. and acted as President of that model.)

In London, it has been fore-organisation until 1921.. cast that feats of British-

He joined American Presi-

18 designed flying saucers may dent Lines predecessor

(N)

2

3811

38

29

13.90

14

13.90 were:

14

30 Industrial

were

INDUSTRIALS Cement

61%

42 50

61

*3 09.20

28.20

41

1

Allied Mills Inc.

Allis Chalmers

10

15.90

10.30 13.50

10.50

Am. Brake Shoe

15.10 American Airline

19

15.34

Am. Cable & Radio Corp.

9% Lockheed Aircraft

American Cyanamid Co.

51

XD

216

Amer. & Forgn. Power

81

Lone Star Cement Co.

Am. Gas & Electric

5

173

8.90

6.70

16

American Smelting

481

Minnesota Mining

Am Sugar Ref

20

Alston Decelopment

16

American Tel & Tel

83

Monsanto Chemical Co.

11

American Tob

522

Montecatini.

28

Exchange rates

3814 Montgomery Ward

47

Anaconda Copper

50

Motorola Inc.

100

Armen Steel

621 National Biscuit Co.

Armgur

National Cash Reg. "A"

61

in the

·EN“.

Asbestos Corp.

25

National Dairy Prod.

Allas Cons. Mining

National Lead

Baldwin-Lima-Ham.

131

National Steel Corp.

5.76

Baltimore & Ohio

31%

New York Central

14.95 Bank of Montreat

B2

Norfolk & Western. By,

12.70

Bank of Nova Scotia

82

North Amer. Aviation

.1.80

Beech Life Savers

Northwest Airlines (Com.)

26.90

Bell Telephone

443

Oklahama Nat. Gai

1.80

Beneficial FinancÙ

281%

Olin Mathieson

Otis Elevators.

Owen-Blinois “Glisi”

INVESTMENTS

constantly in that direction. The commission also agreed MISCELLANEOUS More municipalities are ex- to recommend to the economie Gilmans, pectent to follow Manchester's and social council that a jolt lead in equity investment. Dession with the food and agri- Int.

Today, there is news that culture organisations committer alled PO Steam Navigation def ord--some trade unlans intend to do on commodity problems be held HK & FR

the same, being understandably in Rome in 1962 preceded by Alsilisionty with their the commission's own 10th re- perience of having confed

gular session.

39% 40.

Stores

Great Universal Stores "A". Marks & Spencer Lt8-713 180. Woolworth E. W. & Contis,

Textiles

Costs & Lidia Bd.

Courtaulda Li--028 1011⁄2d.

Mines

Code Zine Corp. ord-15% 38.

023 3d.

De Beers def-145 105.

tor.

their investments to gilt-edged.

Members of the commission were:

Argentina, Australia, Brazil, Britain,

As always happens when sentiment turns, the revived bullish arguments for equities Belgium,

Invest.

Businc Was done Con Goldfields of South Africa are accompanied by some more Canada, Chile, Czechoslovakia, omaa exchange market this morn-

India, In-ing at the following rates;

US. dollars (per, £1) cautionary views on gills than France, Greece,

Sudan, Stering holes (per 1) were being aired up to a few dontsia, Pakistan, days ago when gifts were in the Soviet Union, United States, Australian notes, (per 21). and Yugoslavia Indonesian rupiah ber 100) fashion and equities were out of Uruguay

Slam teals (per 100) China Mail Special

Singapore (Straits).

Hongkong Tin-Te 719

Pelaine T-Bs 3d.

Rad10

Southern Kinta Cons Lid-201,

Union Corp 816 1154.

West Driefontein Goldmining-

160s

On

it.

With Wall Street Wedder and with Gofitary hot having heard about the end of the bull

British Borneo Petroleum Syndiket, the equity revolution

cate-600.

British Burmah Petroleum-

Brush Petroleum Co.. Lid-32a.

Burmah-

Royal

213-15/16.

Dutch Petroleum

Shell Transport & Trading-143

ILS

-Ticuler.

INVESTMENT QUOTATIONS

The following are US. In- vestments in American dollars, Buyers' prices include commas gion,

Setters Buyers

7.01

Affiliated Fund Ame Bus Str

Alcin Day Mut

is not over.

Unsettled

Stealing and the dollar have been slightly settled by the American spy place aftalt.

Unta 1957 sterling was so sensitive to International, de- velopment, and since 1957

has been so immune to them; that people had almost tor- gotten that feeling and the doller are Internationally the two most extended currencies, ! Even the exceptie

plane incident may have only a passing effect, affecting sterling for less than it would have. done some years ago.

Britain's relations with the Europea Commda “Market are

Yesterday's Closing

COMMODITY

METALS

NEW YORK

Closing prices, all in cents per 1b.

em May

11306

Jusy Zinc May Jiffy Copper May

1148)

11576

$1.1K

is looking less gloomy. Attitudes Tin (trading suspended),

700

5,04

5,50

Axé Hought B.

.8.15

8.80

Bubock Fund

12.12

Carada Gen Furid

12.84

13.90 in all the countries concerned

Curadian Ed

->-1737.

Cajadian Int, Grów

Chemies! Bukk

Comwith Stock

Dividend Bh

. 2.81

Dreyfing Fund

Eaton & H. Stock Flextronics Lov

Found Mut Find

Hem F HC-7 Instit Found

10.23) have become very complex but

11.00 if Europe's choice is unite or

LONDON

Olosing prices, all in sterling

16.24 perish, the odds are that it will Der lang ton:

3.08

100% 15.27

1152

dite to the minimum degree Tint

1212 necessary to avoid perishing-month

7.08 774 Chirie Mail Special,

10.39 118

Agreed merchant

4.79 6.23

10:20

11.16

Inate Growth

10.49

Inset Income

Invest TT Boston

30.04

Kerstorie Cast 12

奶粉

Keystone Cardin

12.90

Mass In T

Mask Growi

14.00

Nat Bec Ser. Growth

9.08 8.31

Bolider B & C1 E

Telev El Fund

Valus Late Fund

Quick

rates

Caridien Dalars, Maximum

18.10 15 selling, 17-1/16; Minimum-Buy-

ing, 17-5/16 T/T, 17% 0/D

Swiss Francs, Maxiffim Bell- ing, 75

Buyers Sellers

Copper spot

943

3-month

2301%

Lead 2nd hall

The 2nd half

COTTON

NEW YORK Closing prices all in cents

per lb

Mar.

MAY

"NEW" Closing prices.

SAO PATHO

Closing prices all in cruzeiro er kilo:

All unbutta

Average price in US at 14 de

zisted spot markets: 12.16. Total Bales: 1,295 bales

#LIVERPOOL":

Am. Home Prod.

Am. Mach: &F'dry.

Arberican Metsi

Am: Natural Gas

Aibex

PRICES

LONDON

Lowenstein & Sons.

McDermott J. Ray McDonnell Aircraft MerckATA

39% Besabt Iron Corp.

Closing prices all in perice

per lb

No. 1 Has spot

Settlement House terin

April/June

July/Skept

Oct/Dec

Jari/Blas

Closing prices in perice July

American Contract

May/Jure

JULY/AUK.

1OOL NOV.

Dec./390,

May/J

997188: 2828322

RIBBER

NEW YORKUTA

Hex rubber futures closi bricks tall in vents Dé

blay

10-4035

Oxford Paper Co. Pacific Gas & Elec. Pan American Airways Paramount Pictures Parke Davia Co.... Peany J. C. 0. Penn. Salt Co. Philip Morris Ka Frocter & Gamble Co. Pittsburgh Plate Glas Publicker Industries

Pratmag

Pure Of

Redio orporation

Raytheon

Radio Corp. Pres.

Bepublic Steel

Reynolds Metal

Reinicis. Tobacco .... Royal Bank of Canada Royal Dutch 30%-19% Rheem Mfg....

Sears, Roebuck & Co. 20%-3436 | Shall 011 Co., 331⁄4ás333% || Safeway dieres

porta: Saint Eek Pier

General markets, tilf, bass, Katute crepe tido June ...

thick, June

SUGAR

A NEW YORK

Closing prices all in cents per

detract Nb. 4 Tamelay July: 108 Sept: 316 Oct 317 Jan: 41: Mary1325; Kay; 333 Spot(FAB.CADM) -5.059INE

Total Salen: 147, contracts. Open interest: 6,120 contracte. Célirant (ND (domento) July: 482: Sept; 806: Mov: 5.34; Spot (C.1. R.Y,-dity: 5.55,

Total Sales; 24 contracts Open Interest: 3,000 contracts

FORLIGS

Slegter Corp. Sinclair On

Smith, Bire & French Sooday Mobile C

South Puerto Rico, Stagar Southem. Co; (116) Southern Natira Gu Southern Railway (Com,, Sperry Hand A Standard · Braisda Prashard Cill of Cab Standart, Olof Jnd. Staputara Qui at NJ. Fleet Cm of Canada steep Rock

Sterling Druz Co. Stokely Van Carip. Studebaker-Pickard, Cor Sunshine Minimiz Bwin & Co Texas Co

Textron-Frie Thioko! Cuth." Tide Water OLL: Time Inc Traders Finance

Twentieth Century, Yaz Tum Union Carbide

Union Oil of Cal; Union Pacue Bulw United Aircraft United" "Fraik? United, Ges100

JB Oppetti SUS. Line Co.,

US Eubber

ad

Wapkes

Westinghou

com

help opens up the Sahara Desert pany that Dollar Steamship Lines in 1922 and had been Commander

LA

Sweny

17 director of Hovercraft develop affliated with the organisation 25ment Ltd., told reporters that over since. Ta 1947, he was he was going to France in appointed benior Vice President 74% discuss its use by the orgent- and was Elected to the Com- sation responsible for develop-pany's Board of Directors and

tha. Thecutive Committes, ing the Sahara.

50%

He contributed many articles on shipping and foreign com merce to newspapers and tech nical publications, and had léken an active part as panel leader and speaker in the meetings of numerous Pacific Coast domestic and foreign commercial groups. He had been active in the forma tion and development of Traffic Conferences and other related organisations in various parts of the world, and was generally recurnised is one of the best- Commander Sweny also plan-informed shipping experts in

་་ 17ned talks in Paris with the tech- domestic and foreign trade.

There are few pants in the 45% nical director of Sud Aviation,

Horigkong, 44 makers of the Caravelle air world, Inchiding.

liner, and the chief engineer of where shipping men meet and Marcel Dessault, producers of Malk shop that Mike Buckley supersonic Mirage bomber.

"They got in touch with us and are keen to know just what the Hovercraft might be able to do for them, particularly in BI the development of oil fields in es the desert," he said. 22 PARIS TALKS

"Of course there are all sorts of applications for the Hover- craft skimming over the Sa

394 hara

103%

25k

81%

121

is not known and respected, tha

“I shall bring them up to some of his Inyourite sufles are date with Hovercraft progress," quoted. 76% he stud.

"Although it is too early to Air fares ON

say what it eventually might

mean, it is possible in view of

Mr. Demcius Sandy's (British downward trend

Aviation Minister a)

present

policy, that there might in the

future be a joint Anglo-French

How Interestin

China Mail Special

Japanese motor

show opens

Tokyo, Moy MORTY-SEVEN

European and cart Ware sh din

Mor

chairman of the Airsindia and past President of the International Air: Transporte- Ftion Autoeïdeion:

Mr Täti, tới ávistina, plonder sak: there will be no sonat; fall Saalf faces until the cost planes has been inbui

Only half of the piston gned planes on flying on tralian routes have been amor at flu Indate, aut éxécuté

fint full scale motor show of tint's have a thres

foreign cers which

Ekoshima,

Saturday for

benicar

Vintech thronged the oße how, where 14 Americad; British, newest de threb Entrich ode u Austr and one Czech cars were arTISEI in three tows in a colourful au-

Mais offline models were new. to the Japanese pubilejk

But there IS Button that titrert must be dowZING

Zenith Radk