1960-05-19 — Page 2

Page

THE CHINA MAIL, THURSDAY, MAY

1960.

London overcomes HONGKONG Profit-taking sets in

effect of summit collapse

London, May 18.

Stock markets shook off summit breakdown hesita- tions which had cut business to a trickle in the morning and industrial shares edged back on

STOCK EXCHANGE

by

Our Own Correspondent

Business done at the Hong- kong Stock Exchange this morn- Ing amounted to approximately $3.201.000 Noon quotations and the morning's transactions:

Buyers Sellers Sales

Shares BANK'S

to an upward trend when cheap buyers moved HK Banks

in.

NEW YORK

COTTON MARKET

Plus signs dominated the board by the bell with most leaders sharing the gains.

on Wall Street

New York, May 18.

Stocks ran into some_late_profit-taking today but managed to

finish slightly above the previous close.

Trading was the heaviest, Boeing Airplane

since the autumn of 1958: The Borden

tape, which was late most of the Borg Warner

Bridgeport Bran morning and part of the after- Bush Cop.. noon, was four minutes behind Crandon Pacide Ray transactions at the close.

Case, J.L. Co

Celanese Corp: Am.

Cerro de Pasco

Selling occurred following a

Chesapeake & Ohio Ry. report that Defence Department Chrysler Corp. recommendations before the citier Service Senate Military Appropriations Coca Cola Company

Colgate Palmolive Committee were the same

13 Commonwealth Edison 120 those offered by defence off-| Consolidated Edison cials before the collapse of the Continental Ou summit conference.

1230 1276

1215 1270

INSURANCES

Unson, XD...

91

SHIPPING Waterboat

Asla Nav,

Wheelock

7.10

2012

7.15

7.10

Ford

FOCKS, ETC.

K. Wharf.**

four

Duck

16

Provient

Steels found favour while Vickers were prominent among engineerings in demand. Moors spurted by some shillings six pence on revival take-over rumours.

Gill-edged securities welt- neglected. Japanese and Greek bonds hold um in the foreign section while US. dollar Bucks wacked on gains : Canadian were uncertain.

Small busing near the close checked the drift in gold mining issuez, Coppers stayed firm. mixed after an Oils closed

move- erratic day of narrow

New York, May 18. Gains up to $3.50 a

for the deferred de-ments.

dominated

bale

the

liveries ention futures trade to day,

Extreme gains were whittled down at the clest but the list still finished two lower to 40

The points higher.

Rubbers continued to make headway on the good price for the commodity and teas irregular. UPI.

Closing Prices

Gledged Bonds

were

117

118

110

22

21.80

22

Thiokol closed below its best under late pressure.

Trading

in the stock was suspended at

22.18 2:05 pm. because of an excess 22.20 of sell orders. It reopened on

the final bell at $48% up 2.

22.30

Takoy Dock.

02

157

LAND, ETC.

HK Hotel

43

41

41

4182

HK Land

59

Co

Selling spreads

-

The selling in defence and Space age stocks sprend quickly

59 to steel, motor, chemical

paper issues. Electronics

and

Com Products Co.

Crane Company

Crown Zellerbach Curtis Wright ........... Distill Corp-Seagrains

Douglas Aircraft

Dow Chemical

DuPont de Nemours

Eastern Air Lines

Eastman Kodak

Food Machinery & Chem.

Ford Motor Co.

General Dynamics

General Electric General Bells “.. General Motors General Telephone Georgia Pacific Corp Getty Ou

lost Gilette Co

most of their early gains. Du Pont up nearly four at its top closed with a gain

of around

Molors featured losses of around a point in Ford and 136 Chrysler and around a half in BBS General Motors and American

માં

Humphreys Realty

25

1.33

25.00

1975

240 1.975 two.

2

INIBBER Amals

Trust

7.00

6.85

7.03

3.93.

7.70 7.80

British Transport

1978/28-

ec

Consuls 21-£47.

UTULITIES Tran

32

3215

32

Consol 4 £7£6.

Conversion

Luan

£02-3/16.

Funding

Loan

32. 1960-

1203/09-

Star Ferry

182

Youmatk

175

ITB

170

C. Light

74.50

22 (

12-

X-5/15.

Funding Stock £0)

market opened up five to off ve paints. New Orleans closed unchanged to up 48 points.

Nearby deliveries held latively steady around the pre- vious close in light dealings be- tween trade interests.

Buying in the forward deliveries was ecupled with in- Bationary sentiment generated by prospects for a reann to 90 per supports cent of parity price

and the expectations for on! expanded defence programme in the wake of the Paris conference collapse.

The New York Cotton Ex- change Service Bureau estimated of all domestic consumption raw cotton in the first 39 weeks of this season approximated 8,080,000 bules against 6,494,000 bales last year.

The Liverpool market today closed unchanged to up 25 English points and 545 to 626 American points under New York futures.

The certifiented stock today totalled 9,473 bales.-UPI.

Rubber

market review

Singapore, May 18. Overseas followed the ad- vance of yesterday and the opening was un- certain, three cents higher than yesterday's close.

At higher levels there was. sume profit taking but June buyers came in at 134 cents and the market

quiet bat steady, over that level.

WES

Lower heels widened consi- derably and little business was transacted.

Ctratic

The afternoon was with side swings in prices but transactions were limited..

Lower interest selective with

IOS buying mainly in threes.

and

The unofelal close was bo low at noon but the fore was

slightly steadier.

In Londong the rubber market was easier with spot quoted at 41% pence,

Rex rubber

futures closed

26 to 60 points lower with sales

of 83 contracts in New

today.

90,

35. 1990/2004;--

Fading Loan 4%. 100N/ED-CRO. -

Savings 34, 1955/65-£90.

Savings 3, 1960/70-£50-7/16.

Savings 3%, 1005/75-£74.

Danka

Barclay's Tank "A" 101 ard-15%

Chartered Bank-

Hongkong-£4.

Lloyd's Bunk "A"

t

National & Grindlaye

fasurance

Union Insurance Canton-£54. Aircraft and Motors

Brit Motor Cor. Ord-tbs !5. Ford Motor Co-112s 6d vor. Hawker Siddeley Group Ord-291 101d.

Rolls Royce La Ord-445 20 Rootes Ltd "A"-10 1:40. Standard Trumph International- 15 d.

Breweries

Distillers Com344 Ad.

mectric

23.70

23

Macao E. Telephone

12.30

13

39

39:4

Watson

35

5115

8.90

Earlier, the collapse of the

323 Paris conference and Premier

Khrushchev's

missile-rattling

gave Wall Street a mild case of war jihers. This brought a run en the defence stocks,

Stock sales CA the "biz bead" today totalled 5,240,000 120 shares, up sharply from a turn-

Goodrich, B.F. Co Goodyear Tyre & Rub

Grace, W. R. & Ca Gul Of

Inger Bond

In Business Mach

Inti Harvester

Int! Nickel

Inti Paper Ini Te

&

Jones & Laughin Kaiser Aluminan Kennecott Copper Libby Owen Fond Liggett & Myers" Lockheed Airc Loew's inc ....

Lone Star Cement Lorillard. P Co. Marshall Field Martin Co

May Dept Stores

Merck & Company Minneapolis Honeywell Monsanto Chemical

over of 4,080,000 shares yester-Montgomery Ward

39 day. 3011⁄2

20.30

Today's, volume was 5,240,000 shares. Of a total 1,207 shares traded 414 were higher, and

$54 lower,

Motorola Ine.

National Distillers

30! Tidewater Oil

48

Twenty Century. Fox

38 Trans World Airlines

Union Carbide

Union Ou California

Union Pacinė

United Aircraft Corp

36-3

United Fruit

US Industries

81

US Lines

48

US Rubber

405

US Smelt

Reân

5512

US Steel

36

57

53

Warner Bros Picture Western Union Tel Westinghouse Electric Woolworth, P. W. Co Youngstown Sheet & T

47% Zenith Radto

100%

99%

Sterling suffers setback

British success

in exporting jet aircraft engines

HE British industry has had its export suc THE

cesses with pure jet engines for commercial aircraft. The de Havilland Comet 4 which British Overseas Airways Corporation is using on its newly re-opened routes to South America is among them.

Rolls-Royce has taken orders work of Rolls-Royce since 1980, from airlines in 13 overseas when their Conway engine wha countries for Avon engines in first proposed. It was with this Rolls-Royce sue- de Havilland Comet and Sud- engine that Aviation Caravelle airliners, ceeded In breaking into "the Aerolineas market of American-built air- among them being Argentinas, operating Comets, craft, Seven airlines, including pad the Brazilian operators, Varig, have chosen it for their Varg, with Caravelles.

Boeing 707 and Douglas DC-8 jet liners

London, May 18. British sterling has been one of the first victims of the collapse of the East West summit conference.

The pure jet, however, is not Since Mr Nikita Khrushchev

the US. the ideal engine for transport publicly denounced plane incident on May 5, the aircraft flying at the speeds The by-pass British pound has slipped on the envisaged today. international money market..

jet offers far greater economy The U.S. dollar is also exposed and is,

fact, now generally to the pressure of world events. recognised as the correct formu- But the pound has dropped offla for subsonice jet transport in relation to the dollar.

aircraft, ever to the extent that

The leadership of the British acro engine idustry in civil turbine engines is underlined by the fact that Britain is the only country to export large. turbine engines for installation in foreign-buil' civil aircraft sales being made for American,

It has also slipped in com- certain pure jet engines are to Canadian, Dutch and French parison to all the currencies of

be modified by the addition of machines which in turn are sold West Europe especially com- "fans" to take partial advantage in many other countries, pared with the French franc, theof the by-pass principle. This 5814 Swiss franc and the West Ger- type of engine was a British

There are many factors for development. Bringing it

operational status has been the this. One is that sterling is ac- cumulated by foreign nations as

40%

4512

173

National Biscuit National Cash Register National Dairy Prod

52

man mark,

5415

9415

40

an

exchange

1815

313

Olin Mathieson Chim. Pacific Gas & Elec.

15%

4724

National Gypsum National Lead

New York Central North Pacific Ry.

American exchange volume Northwest Airlines

28.00 was 1,530,000 shares.

INDUSTRIALS

3d.

Cement

Bank-335

STORES, ETC. Dairy,

28.70

28.90

29

29.10

28.40

L. Craw Emporiumi

401%

415 41%

8.20

Sun Co.

1.30

1.30

Kwong S. H.

102

Bonds volume amounted $8,690,000.

COTTONS Textile

Dow Jones closing averages:

10.70

20.70

10,00

30 Industrials

120 Rails

Conent-47s

Nanyang

14.60

15.30

..

On)-48%

15.9040 Bortda

15.805 Stocks

16.69 15 Utilities

MISCELLANEOUS

Vibro

15%

INVESTMENTS

Int. Alled-

IN & FE Invest

8.04 0.90 6.65

15.00

6.80

South African Breweries 36. Building and Materials Associated Portland

144.

Goodlass Wall & Lead

Coal, Steel and Engineering Babcock & Wilcox 11d-37% 140. United Steel-s 3d Vickets Lid-32 74d.

Food and Tobacco British American Tob. Co. LiG- 693 Bd.

Co.. Imperial Tobacco

ود في مجھے

Miscellaneous Boardman Marden Lakes ürün Brilish Oxyren Ltd. Ord-18 6. Canadian Pacific Rly-$46.

De La Rue Co. Ltd. Ori-055 91. Dunlop Rubber Co-27 d.

Gilman Holding Lids 1d. Hongkong & China Gas-16 Bd n. Imperial Chemical--58s 715d. Lyons & Co-12s 114d. Unilever Lid-149% 744.

raper

Bowater Paper Corp Ord- 90. Radio and cirical Aysorlated Electricol-54s d. Electrical & Musical-49s H English Electric Co-399 d. General Electric-s 9d.

Shipping Indo-China Siam Nay. Co. del ord-243 30.

P&O Strom Navigation def ord-

*ús 34.

Great

Stores

Universal Stores "A"-105 7ed.

Marks & Spencer Ltd-71 4154. Woolworth F. W. & Co-04%,

Shipping

Cool J&P 14d-37 1014. Courtaulds Lid-635 7740

Minca

Cons Goldfields of South Africa- 61s.

Conr. 2ine Corp. Ord-759 Ed.

De Beers def-141 3d.

Honkong Th74 75.

Petaline Tin-88 3d.

Rand-70s gd,

Southern Kinta Cons Lid-20s Dd. Union Corp-3]¢ 144. West Driefonte Goldmining-1654,

00

British Bomeo Petroleum Byndi- ente...505.

Arili, Burmah Petroleum-2. British Petroleum Co., 14d-578. Burmalis d Paval

Dutch £13-21/32.

Shell Transport & Trading-1435.

New

Exchange rates

Ohio Cil

10 Pacific Lighting

Pan Am Airways Paramount Pictures Pennsylvania RR Pepsi Cola Pfizer, Charles 623.00 Phelps Dodge 240.64 Phup Morris

8915 Philips Petrol 24.06 Pune Ou

82.75 Quaker Oats

Commodity future price index 140.81

Closing Prices

Allied Chemical & Dye

Allis Chalmers

Aluminium Ltd

Aluminum Company

Amerada Petroleum

American Airlines

American Cam....

American Cyanid

American Smelt & Refin America Sugar

un-American Tel & Tei

American Tobacco

Business was done in the official exchange market this morn- ing at the following rales; US dollars (per $1). Sterling notes (per £1)

Australian moles (per

1)

Indonesian rupiah (per 100).. Siam tieals (per 100) Singapore Straits)

Anaconda Campany

5.76 Armour de Co...........

13.96 Associated Dry Goods

12 75 Adlantic Retning

1.70 Baltimore & Ohio 25,90

Bendix Aviation 1.80 Bethlehem Steel

Yesterday's Closing

$50+

30

Radio Corporation Raytheon Mg

Republic Sici Reynolda Metala Reynolds Tobacco B Royal Dutch Petrol St Regis Paper Sears Roebuck Shell Of

9w qxx Shell Transport

60 Sinclair O

184 Socony Mobil Qu

367% South Am Gold & Flat

South California Edison

Southern Company

Southern Pacific

27

48

reserve. When

world tension rises they tend to

unload.

OTHER FACTORS

Other factors are:

• During summer months currents of world trade unfavourable. to the sterling

zope.

are

The threat of a new crisis in the British balance of pay- ments.

• A recent rise in bank rates which made the US. mpre attractive than London for short term capital.

⚫ Uncertainties about future ties between the British Com- monwealth and the Union of South Africa. Great Britain 571, risks losing the support of South 45% African gold production if poll- 19 tical ties with South Africa are 231 weakened.

50

491

87%

Sperry Rand

Standard Brands

5% Stand Oil California

4212 -4012

381

631 Stand Oil New Jersey

40%

323

10

46% Thompson Ramo W

3144 Stood Oll Indiana

(27) Stand 011 Chlo

Studebaker Facicard

Texas Company

COMMODITY PRICES

METALS

Spot rubber unbaled... 13834-130% Blanket crepe ................

No. 1'pals crepe

LONDON

116-117 137-139

Closing prices all in pence per

im-

Business circles in London were divided in their outlook after the collapse of the sum- mit talks. 67% Pessimists

much мете 644 pressed by the sudden rise in orms Industry shares on Wall Street. They predicted worsening tension and a now arms race be- tween East and West-AFP.

designated spot markets: 32.20

CNCTYLS.

Total sales: 9,800 bales.

LIVERPOOL

Closing prices all in pence per 16.:

Chicago grain market

Chicago, May 18. Grain futures were irregular in mixed dealings today on the Chicago Board of Trade.

Ib.:

No. 1 Rs pot

415-42

American Contract

Settlement house term:

NEW YORK Closing prices, all in

July/Sept.

cenis

Oct, Dec.

Jan/Mar

per lb.: Lead

384-3815 35-35% 3312-34

May/June

July/Aug

Oct/Nov.

General markets, elf. basis, porta:

Dec/Jan,

May/June

3816-3874

Mac/Apri

20.45 22.35 22.30 22.30

11AB

Petroleum~~ Zinc

--Reuter

May July

May July Copper May July

11.60

July.....

May/June

Ciale crepe

Mixed Contract

thin June

301

May/June

22.80

11.45

thick June

3912

July/hag.

22.05

11.53

Oct/Nov.

22,60

off % to up ; corn off to

Dec/Jan,

22.00

31.90 29.00

Mar/April

up Vi; Oats off 1 to up ;*

May/June

per kilogram, cf. June,

-UFI.-

No. 1 rubber

376 buyerË

No 2 rubber

3,63 buyer

No. 3 rubber

No. 1 crepe

York sugar market

New York, May 18.

York World No. 4 sugar futures fo-

LONDON Closing prices, all in sterling per long on,

Tin

Spot 3-month

Buyer Sellers

7651% TER

785); +785

Copper Spat

Dealers sald terminal trading

mostly among traders consoll-

was mixed and appeared to be

day closed unchanged to. 4 points lower with sales of 319 contracts.

3-month

244%

24314 245

May

The domestic No. 6 contract Zine 2nd half

Lead 2nd hall

„AUK,

May

778%

773

732

Aug.

221

dating market position after the closed unchanged to two points recent ascent to new high higher with sales of 97 con-

ground.

Speculative attention also was distracted to the wide-swinging and unusually active stock market.

tracts.

Hedge selling and quidating orders predominated in a mixed trade while operators awaited

Traders also were keeping araw marke, developments while watchful eye on the foreign keeping a political news and wondering interfictional

close watch on the political picture

what might happen in the Ber and the erratic stock market In situation.UPI.

action. UPI.

RUBBER

2930

AMSTERDAM

Closing prices all in guilders

3.44 buyerd 3.79 buyers

UPI.

COTTON

NEW YORK

SUGAR

NEW YORK

At the final bell, wheat was

U.S. credit

system not

helping trade

British domination of this market has been maintained in

the face of ferce American competition during the last hve yeers, despite this, 62 per cent of the airliners powered by the various types of gas turbine engine in service or on order in the Western world have British engines.

are

still certain

There applications where the piston engine is desirable, particularly in light aircraft, and the de Havilland Engine Company's engine Is In Gipsy Queen service in 30 countries in de Havilland Heirons, FUTURE PROSPECTS

Urbana, Ill., May 18. American firms trying to

The export, successes of the sell overseas are losing British industry have been made, orders because foreign particularly in the military field, companies can offer goods during a period of world-wide manned with better credit ar- re-equipment, with rangements, a New York Beraft and further re-equip

ment is now being supplemented banker said today.

by the introduction of guided Francis X. Scarturo, missiles. The British Industry Vice-President of the Bank of has not neglected this type of America spoke at a session of product. the seventh annual University The Illinois Institute

Mr

national trade.

inter- 00

pany the

Bristol-Siddeley.com-

has recently announced. sle of Is Thor ramjet "Although In its domestic power unit of the Bristol Blood- economy the United States has hound midle, to Sweden and

a credit system Australia. Nevertheless, it developed conceded to be the world's becoming increasingly apparent finest, in

export credit that the advent of the guided operation we have much to missile has not altogether put. learn from the other principal moded the manned alteritt for trading nations" he said. military purposes.

OUT

VITAL FACTOR

"Under the highly competi- five conditions, the credit and Financing facilities that an

The Bristol-Siddeley Orpheus engine has been selected by the North Atlantic Treaty Organisa- on for Its new Eshtweight fighter, the Fiat G. st.

overseas supplier can offer the customer are a most vital factor The Rolls-Royce Dart is fitted governing the placement of in the Bregilet

Az anti- orders.

submarine aircraft Being Built Zor the French and Indian "American products have won pavies; and it is generally re- universal acceptance and are cognised, that the re-equipment preferred in many countries, but of the transport branch of many in too many cases we lose air forces has lagged behind desirable business to foreign that of the Bighting arms, competitors because they hre

better able to meet the Justified For cly aviation the future credit needs of the Importing lies with the by-pass engine firm.

and with the high economy prop-jet. The unique experience "Our deteriorating world trade of the British Industry, which imchanged to off soybeans position and our persistent inter- today can claim more than 80 off 3/5 to up 4, and lards off national balance of payments per cent of the hours flown by 15 to 20 polits.

deficit clearly emphasise the all types of civil turbine en With one more session red for the prompt remedial gines in the Western world, will

be invaluable.-LPS maining before the May con- nakongol UPI.

tracta expire, most traders con- entrated of evening-up trans-

ections. But dealers also o

tinued to watch the Interna- Riceal situation and crop re

ports

Closing prices all in pentsay wheat rose to $2.02 on

Contract No. 4 (world)

West Berlin Little interest in

cers and decor stocks drop Baltic exchange

commision houses

per lb

buying from Judy: 3.11 Sept! als-19: Oct. 1overing Closing prices all in cents per Jun: 336; Harda: MAY; 310: Spol werp on both sides. World news —EAS, CUM«)^«aqoji Total sales; whe Refootor in deferted wheat 918 contract: Oper Loterest; 51 fulures, which closed fleady.

BbM

34.15

conft

$1.06

1.80

Spot

Total

31.90

NEW ORLEANS Closing prices on cents per,

21,90

22.77

3104

31.48

31.79

NEW YORK

Dec.

Rex rubber futures closing prices, all in cents per. Ib..

May

Judy

49.50 *.10 42.50

h

Sept,

44.50

Marine & Industrial

Nov.

Ocf

Jan

Dec.

38.50

PUMPS - FILTERS

Mar.

Blon

3150

May

May

porta

***Closing prices all in Straits cents per Jb fob. Malyan No. 1 June

BAD::PAULO (Closing prices.qll in cruzeiro

July

80.00

Jum

No.

price in

PLENTY

IMPELATORS

Suitable for all liquids and pastes

Q.P.. gox op RENECO Tel. 24491

SINGAPORE

FOREIG

58

Open

Soybeans marged from weak to Bin A higher all market and export purchases gaye sug- port to the market, Meals were Tower Alurge elevator sold July, soybeans.. Shótta CoverÉR. In the May-UPI.

Agreed merchant

rates

Carindina polare" Maximiam Belling 17 3/32 Minimum Baty Ing 17 11/32 T/T, 17 18/22 O/D

London, May 18. DALTIC exchange repo

Easter

Mike BALTIC F

The

Berlin, May 18 WER

bent

charterers took littlä Docs also ferest in chartering activity

because yesterday.

betbut

Japanese principals booked Saguenay steamer for 1,000 tons of coal com

Hampton

Roads to Japan at $8.75. fpr second half June loading, posle out on with free discharge. But com- otherwise it was left to UK and In Continental charterers to com-

Barmand the proceedings.

UK Charterets

Ty from Br London af 6/8

At that time, almdat all West Skaugan för 14,000

Berlin and West German |'grain from the Swie Trines Mädleton Sulle | Mocks" drobbed about 10 per London for

toos

the

rence to