1960-05-25 — Page 2

·

Pagë Z

THE CHINA MAIL,

WEDNESDAY, MAY 25, 1960,

EUROPE'S TRADE BLOCS

Dangers exist Strong buying

for two rival factions

London, May 24,

in

The failure of the Summit Conference revealed harshly the dangers existence of two Western Europe.

London

closes brisk

Strong buying Volkswagen now

develops in Wall Street

New York, May 24.

rival trade blocs in Stocks met some strong buying toward the close with International Business Machines in the spotlight.

and the

Buying centred on stocks Union Pacific Railway

United Fruit outside those used to complie United Aircraft. the averages. Electronics, drugs United Gas Corp

allled inte in the day. scattered aircrafts and chemicals US. Gypsum

US. Line Co.

Mr Khrushchev must already have noted and taken heart from the recently widening gap be- tween the Six (West Germany, France, Italy, Holland, Belgium and

IBM up nearly 20 at its best, Luxembourg) Seven (Britain, Sweden, Nor finished with a gain of around way, Denmark, Switzerland, 1 or more. The company an Austria and Portugal).

nounced a new one-punch card system to control manufactur. ing operations from the raw material stage through to the finished product.

He must have noted with satisfaction that the economic split cut right across the NATO Alliance. All of the Six are NATO members and of the Seven, Britain. Norway, Den- mark and Portugal belong.

Electronics met continued strong support after yesterday's sharp run-up. Gains here ran Perhaps he chuckled over to nearly nine in Texas Instru Britain's dilemma; nnxiely nol ments, more than four in Zenith to be left out in the economic and more than two in Beckman, cold by the Six and yet un-Varian and General Instruments. willing to pay the price of London, May 24. Industrials went ahead in a sacrificed sovereignty and sub- brisk trading session on scription to policies which might the London Stock Ex-cut across her family ties with change today.

There was also a steady selce- tive demand for gold shares which gained several shillings on some issues.

Industrials suffered in their average on losses of nearly three in Texaco and a point in Jersey Standard. The oils declined ap- the Commonwealth.

parently on a move of the Cuban Astute 出 he

MrGovernment to break what it is,

as the

"American Khrushchey must have seen the describes

inevitable conse-monopoly" in Cuba's oli mar- virtually quences of Britain's "rubound" kel,

Today's volume was 3,240,- action in inspiring and leading

1000 shares of a total 1,208 the rival Seven.

¡issues traced, 483 were higher and 496 lower: American Wy- volume was 1,210,000 shares.--UPI.

A wedge

The recent downward drift in British Government stocks was balled and several securities

When on the heels of a bit charge But there showed smali gains. were mainly lower prices for to reach a working compromise dollar stocks following the over- (earlier this year in Paris) the Six let it be known that they night fall on Wall Street.

Coppers closed quietly steady interded

at slightly lower levels brought plan for

to

a

accelerate their common external

about by earlier profit taking.ariff, the Russian leader must Oll shares reigned quiet and have narrowly irregulor-AP.

Closing Prices

Gutedged Bonds British Transport %, LOW-5/15.

Consols 241%LAAM, Consols 4-RTOT.. Conversion

Funding

beamed approvingly

Here was a wedge calculated

the Six

to widen the existing breach.

And in American support for

and their plan as opposed to the Seven, Khrush- 1018/83-chev must have seen tremendous

opportunities for Soviet pagenda,

Loall 35, 1909-

Loan

1959/07→→ 34

282342

Funding stock J, 1999/200s--

www

Funding Zoan

£69-8/16/

200-10/20

Savings 3

1985/05-90%.

1060/90

Savings 3% 1980/10-£30%.

Sayings 2%. 1963/13-13-15/15. Barclay's Bank "A" Ltd ord-S31 adi

Chartered Bank--538 64.

Thoyd's

HODE 0234.

↑ it

Union Insurance: Canion-ek

Aircraft and Motors

British Motor Carn. On-1s

Ford Motor Chell 4

pro-

It is doubtful though that he the leak" of the welcomed

to Mr warning attributed Harold Macmillan while he was

Washington, that once fore in history the existence of a continental bloc (Napoleon's Europe) had driven Britain into an alliance with Russia,

Be

letl

That one must have Nikita wondering,

Perhaps he noted that despite reaction In, West anti-British Germany there was neverthe luss-ond It may have been no more than coincidence an eas-

Hawker Siddeley Grove Ord-1sing of pressure by the Six.

Ruila Rayce Lid Ort-48 44

Runtes Lid"

Blandadhumph International-

Brewerier

Distillers Co-351 ed.

South African Breweries 28

Buliding and Materials

Asscouted

10 d.

34.

Poruang Cerint

Goodlass Wall & Lead' Ord

40

Coal, Steel and Eazineering

Aggravation

The plan to rush through a

commin external tariff scheme ahead of the original schedule

Closing Prices

Abitibi Pwr, & "Paper

Alden Inc. Acy.

Allis Chalmers

Am. Brake Shoe

American Airline

American Cable & Radio Corp Amer, & Forgn. Power Ain, Mach, & F dry American Melal

Am. Natural Gas American Smelting Am. Sugar Rel. Arno Steel Armour

Asbestos Corp. Atlas Cons. Mining Baldwin Lima Ham

Baltimore & Ohio Bank of Montrezi Banks of Nova Scotia Beech Life Savers B. C. Tel Co. Bel Telephone Beneficial Finance Bendix Aviation Corp. Benguet Cons. Bethlehem Steel

Boeing Airplane Borden (The) Co.

B. Troughs Add Maclune British Amer. Oll British Columbia Pwr Calif. Packing Corp. Cana. Bk. of Comm. Cana. Brewers Campbell Soup Co. Canadian Pacifle R. Caco (J. 1.) Co. Cat. Tractor Celanese Corp.

| CIT. Financial Corp.

Cluett Peabody

Colgate-Palmolive Co. Consolidated Edison Douglas Aircraft

Dow Chemical

suddenly seemed to the Six to be pupont de Nemours

d.

Gas

21 unnecessary aggravation of

Babcock & Wilcox Lid-7s 16d

United Steel- 3d,

Vickers Lid-348 3.

Food and Tobacco

British Aerican Tob. Co, Ltd. €05 90.

Imperial Tobacco `Co. Ltd-065. Miscellaneous

Boardman Marden Lids Bct. British Oxygen Ltd, Ord-12. Canadian Pacific Rly-48

Eastern Air o

the situation and there were Eastman Kodak .... suggestions of a breathing Space

Mr

Paso Natural Gas

Farelly Fanes· Corp. Firat Nat. City Bank Geargla Paclic

General Electric General Foods

to seele tugain a working com- promise between the two groups.

time the same At Khrushchev must have guessed that this thew in relations be- Gen. Pub, Util. tween the Six and the Seven Gen. Tel. & Elec.

Ganeres Motors

Gen. Tyre & Rubber

could be only temporary If, as Getty Oll seemed obvious, it stemmed | Goodrich (B.F.) Co.

Goodyear Tyre

from the British attitude areat Northern Railway plied by the Washington "leak. Cult Clio album But before there was time Imperial Tobacco for his guess to be proved Inland Steel Co.

Intertheunicui«Corp;*** od-correct the Summit Conference Int'l Business Machines

collapsed.

Int'l Harvester fyl....

De La Rue Co. Ltd. Ordbog cd. Dunlop Rubber Co-278-1010. Chiman Holding ind-28 d. Hongkong & China Gets Imperial Chemical-59 114d. Lyons & Co75.

Unilever Lid-147s 100,

Paper

Mr Khrushchev left Puris still International Paper saying that another Summitt el. & Tel.

Johnny Manville Co.

Bowater Paper Corp Ord-70s Bd. Conference would be possible in Kaiser Industries

Radio & Electrical

Associated Electrical-555 ch. Electrical & Musicals 3d. English Electric Co-39 Cd, General Electric-38 3d.

Shipping

Indo-China Steam

ord 248 30.

six or eight months. But West- Kam C Power & Light ern leaders,

anders, particularly those Kennecott Copper

Kimberly Clark

of Britain and America made Liggeit & Myers Tob, Co. plam their expectation of a re- Lily Tulip sumption of cold war.

Lockheed, Aircraft

The West would have to draw Loews Incorp

Montgomery. Ward

de together. But within the ranks Motorola Inc.

Kav. Co.

ord

20 Steam Navigation des 30 74.

Stores

Great Universal Stores "A"-40s $15.

Marks & Spencer Ltd-71e 111⁄2d. Woolworth F. W. & Co-

Textiles

Coats J&P Ltd-43-444. Courtaulds Ltd- 34.

Mines

Cons Colmelds of South Africa

63 6d.

Con Zine Corp.. Ord-15s 3d.

De Beers did=1936 · 1/98.

Hongkong Tins 1d.

d.

of the West itself there persisted National Biscuit Co... only an uneasy truce. A need to National Cash Reg. "A" find a lasting effective modus National Dairy Prod. vivendi was merellessly spot-National Lead lighted.

National Steel Corp. New York Central Doubtless sincere efforts will Noranda Mines Ltd. be made to find it.

Norfolk & Western Ry. North Amer; Aviation Conviction

Northwest Airlines (Com,) Oklahama Natan

Otis Elevator

Owen:21linois Gines Oxford. Paper Co.

Pacific Gas jk-Men,

But sheer necessity of reolin Matheon solving differences between the two blocs in no way lessens them or alters by one whit the con- viction of either party that it Pan American Airways is in the right.

Paramount Pictures The Six have made it clear Penny J. C: On. that they see the necessity for Penn. Salt Co.

Philip Morris. of squabbling. Procter & Gamble. Co. talking instead The Seven in a communique Pittsburgh Plate Glass British Barnes Petroleum Syndi-issued after their Lisbon talks Publicker Industries.

Petaling

Rand-21 Bd.

Southern Kinta Cons Lid--28. Union Corp 10d.

West Driefontein Goldmining

Ou

caté 501.

British Burmah Petroleum-2.

Petroleum Co., Ltd-528 Briti

Burmah-451 64. Royal Dutch Peiroleum-13-19/.

Transport & Trading is Shell

--Router.

Exchange rates

Bostad was done to the local in- ofbeat exchange market this morn-

sor at the following rates:

Dls, dithe (par 31);

doerting noten (per £1)

Australia, notes [per 1}; Blith Hamis (per 100)

Pullman

have reciprocated by intimating Pure Ou

| that they will be at least less in- Radlo Corporation flexible in any future negotia-Radio Corp., Frei. tions.

Raytheon It is highly unlikely however Republic Steel

Reynolds Tobacco that Britain will show any Royal Bank of Canada flexibility where Common Royal Dutch:

Rheem Mig.

Shell Ou: Constan

wealth ties and sovereignty are Sears, Roebuck & Co concerned.

That stiffness will for vory Socony MALCU ing reasons infect Britain's Southern Natural Gas

Sperry Rand .... partners of the Seven, So there Standard Brands can be dismissed any possibility Standard Oil et Cal. of absorption of the Seven by Blandand Ou of Ind Standard Of OE NAJ the Six.

Trilokol: Cham, Ladie ride Water Ol

The likellest solution seems to

I be a clore trading partnership Traders inante"

11.66 and even that will take some

achleving. ---- London

Service,

2-Cont. Warrenta

Expreneumon

US. Rubber US steel

US. Smelting

US. Steel 7 F.C. PF. Warner Bros.... Waukesha Motors Westinghouse Air Brake Westinghouse Electric West V. Pulp & Paper Winn-Dixie Stores Woolworth (K. W) Zenith Radio.

20%

240%

38

2732

425

Bt

67

ordinary joint stock company

Bonn, May 24.

The world's largest motor plant, the glant Volks wagen factory near Brunswick on the Soviet zone border of Germany, last week began a new phase in its chequered career.

By becoming an ordinary elections next year which may joint stock company for the first be Dr Adenauer's last,

Borini

time since it was built by tier officials hope the idea of the 22 years ago it has thus been "Poople's Shares" with their

vinod

Lockheed-Kaiser

to build plane

in South America

Los Angeles, May 23.

forced to give up its curious personal and financia partic-IRST aircraft manufacturing venture in South

!

run

America by US industry was launched re- cently with the establishment of a new plane manu- facturing company in Argentina by Lockheed and Kaiser interests.

be

5715 semi-independent status which pation in the "People's Car 291 has mebled its dynamic which to many Germans is an managing director, Professor achievement as great as the

the plant Sputhile will help the govern 441 Nordhoff, to

virtually as he led for 14 ment's election chances wexxt years with staggering succesSS year.

250 Over half of its new

Many of the staff and con-

The new enterprise, Aviones to another. Seat provisions for million capital is to be issued to trollers of the "People's Car Lockheed Kaiser Argentina, will the passenger version may be the German public in the form plant are not looking forward

an equal partnership of stored and carried aboard while 119% of £8 "People's Share with y entusiasm to the

Industrias Kaiser Argentina, performing alternate missions. -UPI:

echo from the past for many change to a normal type of

It will be offered with floats largest manufacturing company Germans who remember the joint stock company with a

in the Republic, and Lockheed or sklis, sums they were allowed to board of directors "imposed" on

Aircraft International, a sub- Production versions of the "Invest" under the Nazis for them, because they fear inter-sidiary of the Lockheed Cor- ALKA 00 will be powered by a £100 "People's Car" which ferenced pressure froni

poration.

260-hp. Continental fuel-in- other "West German Car firms,

supercharged engine never materialised,

The Argentine Government jecljön, nt be aimed This is said to

has approved the new Lock-giving exceptional high-altitude First prototype LÉGAL BATTLE

reducing the competition of the

heed Kaiser venture. It is in performanceï Volkswagen inside Germany,

accord with a decree signed re- Ima a 250-hp, fuel Injections! Today 120,000 of these original and still more in export mar- "People's Car Depositors" all kets. Up to now, Prof. Nord-cently by Argenline President engine.

TOP SPEED over Germany are stil fighting off has succeeded in getting Frondizi to encourage Argentine a weary 12 year legal battle to his own way on every major industrial devolopment.

Indial duct will be the establish the principle that their issue affecting the future of the former savings-many of them curious-looking beetle-shaped light single engine utility, air "widows" mites" should now be

car, and he can point with plane (Lockheed Model 60) used to help provide them with pride at the result.

specifically developed by Lock moden Volkswagen at re- But from now on the repre-heed for-rse in. Latin América duced price. So far the courts sentatives of the "small share and also to be manufactured in Business done at the Hong have decided that the money kang Stock Exchange this

was paid to the Nazi Labour holders" as well as of the Bonn Mexico by Lockheed-Azcarele government will have a voice In (another Lockheed diabe) morning amounted to ap- Front organisation which built deciding the future of the Volks and in Italy by Aeronautica proximately $2 million Noon the plant and that the present wagen, and especially on the Macd in which Lockheed als quotations and the morning's Volkswagen firm has no heavily

issuc of has substantial interest, transactions:

HONGKONG

STOCK

EXCHANGE

;

0. Ben Cars, a dent

$ 30% 30

47%

191%

10

Sales Shares Buyers Bellers GOVT. LOANS

355% (1948)

05:

CUT

BANKS

22

HK Bank.. 1235 1250

60??

30

613

2076 | INSURANCES!

331 Lombard XD

90

45

1245

120

10 @ 1240

..

disputed

TURNING POINT

The Lockheed - Kaiser 60 production model will y' at a top speed of 145 mph. at 10,000. fost altitude, ⠀ Phú Hot6 DE

Industrias Khiger Argentina was formed only in 1855. Today

Its sales last it employs 8,506 at its modern Cordoba plant. year of $46,350,000 earned a pot of $4,300,000 of today's rate of exchange. -

IKA is one third owned by Willys Motors Ine, #Kaiser This new Kaiser Lockheed subsidiary:About 16 per cent programme agrees with and is owned by the Argentine supplements U.S. foreign policy Government and the remainder almed at bolstering the free by private investors langely world economy through expor Argentine. of private capital and industrial

liability.

The new "People's Shares" of whether a large version of the the "People's Car" plant will not con should be but, thus aban-U.S. POLICY be a transparent swindle like dening its traditional lines. the Nazis' "savings scheme" and will provide a regular B4240 dividend for their owners, each of whom is not allowed to possess more than a limited number to prevent any attempt at a "take over bid" for what has become West Germany's largest single export foreign currency earner,

Union XD

28 SHIFTING

5 Waterboat

131k Wheelock 7.25

(7,30 – 2000 @ T1⁄4

2000 @ 7!

51126

DOCKS, ETC.

K. Whart

Dock

234 117

240

230

Provident 21.70 21.90

100 200 4 21.00

10

announcement: that

of

car

Meny Gumans bellove that the Volkswagen arm is at a crucial turning point in its career and

the American In 1958 IKA turned out that changes in the running of knowhow by

in the huge plant will be ace-enterprise system," Kaiser board sbout 28,000 automobiles, blerated by the switch to a nor-chairman, Mr Edgar F. Kaiser, cluding Jeep vehicles and the share-capital structure and Lockheed board chairman Carabella passenger cari: It is mal 500 7

who

recently Professor Nordhoff announced that the firm had Robert E. Gross stated in a joint now building the first units of Italian the

Bergantian 700,000 cars. last year A terrific, demand is expected

The establishment of this designed passenger cur, and the for the new "People's Shares" foreshadowed that the advent and stock exchange officials esti- the six-nation European Cum-important new air industry for Renault Dauphine - passenger 2150 21.80 mate that they are likely to be mon Market will seriously affect Argentina bears out our faith in 250 @ 21.30 dealt in at well over double the car's exports to the seven- the growing economy of that we believe points 400 @ 2180 their face value when they are nation Free Trade Area coun- country-and

put on the market. Of the Arm's tries at present well over the way toward further streng remaining new capital, 210 mil- double as many as those to the thening of Argentina's economk and industrial development," llon is to be taken up by the Common Market.

Keiser and Gross said. Bonn government and a

similar sum by the government

of Lower He has warned that although Saxony where the huge car Britain still exported 214,000 plant

is situated, less than eight cars to America last year com- "Do It Yourself" programme miles from the barbed wire pared with the 151,000 Volks that emphasises mutual benefits

the and stimulates fences and guarded watchlowers | wagens: which which mark the frontier of Com- States the proportions may growth of local private enter munist East Germany.

Talkoo Dock 81⁄2

62

300 ## 62

LAND, ETC.

HK Land..

Hotel. 424 421 2500 G# 43.

1000 421 2000 € 4214

BOD @ 60%

60 014 206660

г

50 @ 60

51 80

Humphreys

Realty

110 @ 60

2000035

went to

Pan

Am revenue

It is a workable, practicable, Suuna

increase

maximum

AN-American^^ Airways

Petal operating revende

rapidly change ether way. prise, they said. "The Argentine for the first quarter of 1960 The Bonn government plans Nordhoff wants an end to the Government's decision to wel-

25 25.40

2.10 2.125 15000 2.10

120 150

600 @ 2.10

9050 2.10 to 11000 2.10

6000 2.125

Shares" as a curt

issue the new People's battle between the eye come co-operative ventures of a was $85,558,000 as cons

of surprise the event because he fears Erivate character such as this pered to $71,755,000 in the 5000 @ 2.125 Christmas gift for West Ger- that it may lead to disister for should encourage similar moves corresponding period of 5000 2.125 mans next December, with an the German ear industry and by opier American industrial or 1959, it was announced to

eye on the important general the Volkswagen.

285 RUBBER

Amaig.

78

Trust 8. Kelanta

3.TO 7.90 1000 7.80 9.05 9.10 3.00

8.05

List Tran

2212 2214

Star Ferry Yeumati

174

23.10 24.20

C. Light

Electrie

29.80

23.20

23.10

100 $23.10

1500 @ 23.10. [email protected] 200+ 28.80 283 @ 25.80 248 28.80 500 @ 28.30

21.30

913 @ 25.80

Yesterday's Closing

COMMODITY PRICES

SUGAR

CARA

NEW YORK Closing prices all in centa

HK Goa ... 13.80 14 400 13.80 July

Contract No. 4. (world)

Macao E.

12.20

13

Telephone

39 391⁄2 300 @@ 30%

30% per lb -

300 0 301%

200 13.80 2000 # 13.00 1:500 # 13.00 210 @ 13.80

Sept, Oct, Jan.

Mor

500 @ 13.90

INDUSTRIALS Cement

54

55

500 5314

Sinceres

3,28

May

Soot-FAS. Cube)

Total Sales; 233 contracts.

Open oderent: -8,239 ·contan

Contract No. 8 (dunetko)

COTTON

ர

$1.24b

$120b

UPL

METALS

NEW YORK

July Copper May

July

14.40

30.00

ganisationis,"

A new factory will be ad- day by GJ. O'Donnell, jacent to the IKA automobile Regional Director, Migr plant in Cordoba, a city of 3,000 some 400 miles northwest of Buenos Aires:

Lockheed has found Kaiser

Passenger revenues amounted

to $67,147,000, a 28,4 increase over the $53,123,000 reported in the same period of the preceding

industrial experience and in- year. Freight revenues were terests in Argentine of invalu- $8,851,000, b 6.9 per cent Th-. able help in organising the new crease.

enterprise, according to J.

Kenbath

Hulk president of

Lockheed Aircraft interns-

tional, who said plans of the PAA to

company call for production of

carry US

at least 600 of the utility type Olympic team

transports, GE SNARE

Aviones Lockheed-Kaiser will

160 milions Pesos (12 million). United States Olympic

• Committee has “homed Contributed equally by IKA: "E

Airways, the

Closing prices, all in cents and Lockheed International in Pan Americon

cash, equipment, and fachilles, official US, team Der lb.:

Klympic the fortficoming Lead May

NEW FACTORY

Games in Boma. July Zine MAY

Construction of the new fac- The team, whiels will mum- tory at Cordoba will begin im- ber 377 athletes and coaches, mediately with production of the will be flown to Home In Mx: airplane scheduled to start this aircraft chartered from Paki

Am. The first fights will de MEN year,

ployees will be employed at the part from Lälewild airport, New new factory when production yek, August 13. The opening gets under way.

cate: for the 17th Olymplaɖ, to Argentina's new airplane be staged at several sites on whose prototype was test flown the outskirts of Rome,

LONI

Closing prices, all in sterling per long ton

Buyers Sellers

zinc and half. May

391

B00541

Juty

2011 Dairy

STORES, ETC.

...... 29.20 28.40·1500

Sept.

3.08

29.40

Now,

-0.00

1800 29,20

Spot-CAL. NY, ex-duty)

The spot

mi

45

29.30

Trend: Bakes: 115 cookraciä. ga

3-month

183

2012

29.20

Open Anterest: als contracts

Copper apot

21014

103)

+600 1500

· 10.30 | UPZ

2451

2020

Lend 2nd half May

Watson

173

Lane, Craw 41 4115 3000

3.80 3.70 1002 § 365

20

US

1000 @ 3.80

COTTONS

Textilek

Pris Emporium. B.00 Kwong “BR. 170

10.90

Nanyang

18.50 15.00

Spot July

21.076

31.16

Mar.

31.36b

30.80

port

81.20

Chimans

INVESTMENTS

/ 5500 @ 1.90

13.10 100 1776

Agreed merchant

wiss Francs Maximum seline

NEW YORK Closing prices all thy cents per

34.15 non

KURBER

SINGAPORE Closing prices all in Straits cents per lb. d.o.b. Malayan

No.1 June

No.

June

Na, 3 June.

| Spot gibber

pale

Bandent, Ere

NEW ORLEANS Closing price all in cente per No

Several hundred

at Lockheed's Georgia Division August 25.

last September and certificated

by the United States Govern-

ment last month, is an all metal

high wing monoplane that can Order for big

cany up to 1500 pounds untu load-with provisions for siz persons Alternatively it can be used as a 1,000-Ib, cargo carrier with two pilots, a two-patient aerial ambulance with atten÷ dant, or an agricultural sprayer or duster,

The Lockheed-Kaiser 50 la rugged, strus-braced transport, particularly

suited operations, in

•119 Argentina and other Latin American countries, -Combina- tion of supercharged engine and a high-11t wing with large Tow ler taps permits it to oper from high-altitude, hotstempera ture Bioporta

arts with little o NO loso restriction.

The airplane is monday co- vertible from one configuration

carro