1960-05-26 — Page 2

Fare

THE CHINA MAIL, THURSDAY, MAY 26 1960.

BMC GETS A FOOT IN ITALY

Gains on Modest London to beat

market

London, May 25.

Plus signs spouted in all sections of the Stock Ex- change today.

Buyers stimulated by good company earning reports found blue chip industrials in short were especially supply. Steels strong.

coppers

bid

the tariffs

By ALEXANDER THOMPSON Luigi Innocenti, small neat and

HONGKONG Rocket issues

STOCK EXCHANGE

Our O... Co spetent

A

Business done at the Hong- kong Stock Exchange

this morning amounted to approxi- 35,mately $2,433,000. Noon quota-

actions

Bans and the morning's Trans-

bowed gracefully as we shook hands. "I do not speak English very well,“ he said in a perfectly worded phrase. S "Do you mind if I talk in Italian?”

I drove to the Innocenti works the outskirts of Milan British government

bunds on attracted a good deal of Invest-10 see modern Industrial Italy ments demand. Cold minings and at its best.

The huge workshops, spacious were Arm, oils quietly set out among green lawns and broad boulevards, sparkled in the bright sunshine. There are none of the usual signs of heavy Industry there. Everything is so clean and tidy,

and irregular-AP.

Closing Prices

altedged Bonds British Transport 3.

£63-5/10 xd.

Consols 1-£4815/10. Canrols 4-71-1/16.

Loun Conversion

JL. Loan

1978/83--

Funding

Funding Stock 3!

31, 1969 1859/00 1900/2004

£68-11/16.

4%.

1960/90-

3d.

מבנג

Fundiag Savings 35, 1953/05-90-13/10. Savings . 1900/70-80-5/16. Savings 3%, 1905/75-871

Bank

Barclay's Bank "A" Lid ard-538

Chartered Bank-53. 53. Hongkong-51, Lloyd's Bank "A"-02 34.

Insurance

Union Insurance Canton- Alretuft and Motors

British Motor Corp. Ord-19 3d. Ford Motor C-114s a cor.

Hawker Siddeley Group Ord-90s

1011⁄2d.

111.

Rolls Royce Ltd Ord-47s.

Boote Ltd "A"-10 d.

Standard Triumph International-

Breweries

Distiller Co-30s.

South African Breweries-28J.

Building and Materials

Apoclated Portland

7150.

Cement-71

Ord-s

Goodies Wall & Lead

Coal, Steel and Engineering Babeack & Wilcox Lid-37s 10d. United Steel 80%.

Vickers Ltd-358.

Food and Tobacco

Like a club

courts, football And tennis

a swimming pool pitches and almost give the whole place clublike atmosphere.

a

cent of the parts of the Austin and Morris cars we build. And BMC will have an important footing inside the new European Common Market."

I would say that Sir, Leonard Land, the BMC chief, with gain another distinct advantage as well.

Having men like the thrusting Innocentis on his side in Europe should sweep away many of the tariff problems that the com- mon market idea will inevitably bring.

It is said here that another of Britain's big car Arms may make similar arrangements in Italy.

One name I have heard men- is the Rootes Group

It is at the Innocenti works that the British Motor Corporationed tion is to have its Austin and making Humber, Hillman Morris

cars built for several | Sunbeam cars, European markets.

I wanted to ask Luigi Inno- centi about his production plans, "In June or July" he said, "we shall start assembling Austin A40s. We shall begin by turning cut 1,500 a month.

"By the end of the year, we

Encouraging

soar in Wall Street

New York, May 25. The Stock Market declined slightly for the third

consecutive time today. Trading was active,

British Amer. Oil

The merket was moderately | Thirroughs Add Machine Shares Buyers Sellers Sales lower and active at the opening Calif. Packing Corp.

it continued on that throughout Ure session

above their 1240 prices modestly 1245

lows for the day at the close

GOVT. LOANS 39 (1948)..

HK Pank INSURANCES Union, XD Underwriters Waterboat Wheelock DOCKS, ETC. Whart

Dock

Talkoo

Provident LAND, ETC. HK Hotel

85

patétra with

Cana, Bk. of Comen, Campbell Soup Co.

Case (J. I. Co. Cat. Tractor Celanese Corp.

issues Cluett Peabody

The space age electronics, missiles, and rockets -continued to anar against the trend, and their gains ranged to

13 dollars

share.

118 around

21.70 Most losses ranged to around

01 one dollar a share,

C. I. T. Financial Corp Colombian Carbon Co Consumers Gas Continental Chec Continental Oil of Del Cosmos Impecial Mills Delaware & Hudson Co Diamond Alkali

Diamond Gard

36

324

244%

Britain continues with plans

for nuclear ships

MR

London, May 25.

Ernest Marples, the Minister of Transport, said in the House of Commons that he had invited tenders for two types of nuclear reactor suitable for installation în á tänker.

He was answering a question the Government was going to by Mr E. L. Mailalieu, a Labour build this ship, or whether it member, who wanted to know was going to be built by private 461 what steps he was taking to have enterprise.

merchant Mr Marples: · "Those consi- B nuclear-powered ship at sea at the earliest pos-derations will come later. 31sible moment.

1235

0

12.20

20.40

77.50

714

140

115

114

116

21.60

21.30

Dock

1

43

423/

Distillers-Seagrams

Most of the steels, rubbers, rails and

motors,

Dorginion Stores

Cuppers

Douglas Aircraft Dow Chemical

First Nat. City Bank

541

Georgia Pac

Gen. Pub. Uul.

Gin. Tyre & Rubber

8,440,000

Goodrich 18. r.) Co. Great Northern Railway Grummzo Aircraft

23

891

203%

KK Land

K Land (ts) Humphreys Realty RUBBER Amalg Trust

sit closed lower. Chemicals, drugs

and petroleums were mixed.

Firestone Tyre & Rubber

Gatineau Power

declined, #54 advanced, and 229 General Dynamics

Volume shares compared with 3,240,000 shares traded yesterday,

WIDE GAINS

Wide gains included 13 points for Polaroid, 7% for Universal Watch, and seven for Minnesota Mining.

35

24.70

2.073

2.125

2.10

Of 1,224 isaites traded,

7.80

7.83 were unchanged.

9.05

S. Kelantan.. Java-Consol, UTILITIES Tram

3.65

3.80

tolalled

85c

.......

5314

324

3244

12212

Star Ferry

160

and

Yaumati

125

C. Light

22.90 23.10

23.10

23.39

Sedrie

28.70

28.90

28,90

23,80

Macio E.

12.20

13

Telephone

39%

391

K Gas

13.00

14

13.90

14

Cement

54

18.00

10.20

29.30

291

Ал

Lane. Craw,

41

A

COTTONS

Textiles

10.90

11

11

16.80 16.20

15.90

2.15

2.20

280 6.90

6.00

16.80

The other day I went to 3 Luncheon

the given by British Chamber of Commerce INDUSTRIALS in Milan,

There was a record turnout

Roya

hope to begin work on the newt United Kingdom businessmen. STORES, ZIC.

Str Ashley Clarke, our ambas-Dairy Austin 7 Mini-Car, also doing 1,500 a month.

sador in Rome, was delighted.

The aim

Six months after that, about

1961, we June

aim to add Morris A55s and. Austin Oxfords to our production line.

"Our plans are in build up to an output of around 40,000 Austin and Morris cars a year.” For all his 5ft 2in. Luigi Innocenti is one of the industrial giants of Northern Italy.

'He trained as an engineer and

Brith American Tub. Ca., Ltd--is now vice-president of the firm

Big Dd.

Imperial Tobacco 7:44.

CD.. Lid-cos

his 08-year-old

father dinando, started in make steel tubes.

Fer- 1933 lo

Miscellaneous Boardman Marden Lids Pt. British Oxygen Ltd. Ord-94 34. Canadian Paciße Rly-84032

De Lake Co. Lid. Ord-gas.

Dunlop Rubber Co-285.

Gilman Hoking Ltd--2s 6d.

Hongkong & China G-16s ou n Imperial Chenkal-60. Lyons & Co-75% 10144. Unilever Lid-150s 10tad.

Faper

Bowaler Paper Corp Ord-72s 6.

Bad & Electrical

Aglated Electrical-563 3.

Electrical & Musical-31s 101⁄2d. English Electric Ch 405.

General Electric-3s.

Shipping

Indo-China Sicam Nev. Co. del on-24 30.

"It is a most encouraging sign,' he said,

Indonesia

protests

against tin control

Today, the Innocenti enter- prise with a £35 million turn- over, is an unusual mixture of light and heavy engineering?

It invented Lambretta United Nations, May 25: motor secoler and turning The international tin con- them out at the rate of 700 a day.

the

is

Around 70 per cent are ex- ported.

Logical

ference today had further criticisms of the export controls imposed on major tin producing countries by the international tin

Nanyang-

MISCELLANEOUS

Gilmang

INVESTMENTS

Int.

Allied H.K. & F.E

Invest.

Twelve of the 15 most active stocks advanced, two declined 54% 5 and one was unchanged, First

Charter Financial Corp.

Rubber

market

review

For the second straight session General Telephone

tronics. wes the most active stock. It rose 25% to 31%

159,300

Gulf Ci

Hammond Organ

Heyden Newport Corp Hiram Welker Homestake Mining Co. Husman Refrig. Idaho Power

Imperial Qu

imperini Tobacco Inlind Strel Co. Interchemical Corp. Internetinal Paper Jolms-Manville Co. Kaiser Industrica Kimberly Clark

Liggett & Myers Tob. Co. Lily Tulp

409%

90

354

Mr Marples replied: "I have 1916 invited tenders from five firms for two types of reactor suitable for installation in a tanker of 85,000 tons deadweight.

The closing date for the re- 45 celpt of tenders is July 29. The decision whether to build

When aied for an assurante that the Government would not carry this operation through to the stage when it became pro-

Mr table, and then hand it over

enterprise, tg private Marples said this ought to o

profitable and

economic

# ship. The Arst stage was to fing

tanker and which type of reac- out what sort of reactor was for it should have will be made suitable and how much it was 311xd in the Hght of what the tenders golog to cast-China

30% disclose and the progress with Special.

other types of reactor

which

show promise of application to shipping."

48 COMPETITORS

10%

流

Lowenstein & Sons

McDermott J. Kay

& Elec-

McDonnell Aircraft Merck

ca

Mesabi Iron Corp

Molsons Brewery

22%

was

Monsanto Chemical Co Montecatini

41

287

Third

Motorola Ine

1861

Coll Products,

National Dairy Prod

5122

Naranda Mines Lad

shares. Second American Motors, off at

24% on 86,600 shares. was Standard

up 1% 21 18% on 58,400 shares.

Next

came

Norfolk & Western Hy North Amer. Aviation

Standard Northwest Airlines (Com.)

Oklahama Mst. Gas

Olin Mathieson.

1

Owen-Illinois Glass

Penny J. C. Co.

(New Jersey), off s at 41, and International Telephone, up at 484%.

Penn, Salt Co Philip Morris

Procter & Gamble Co. U.S. Publicker Industries

Putman

Pure all

Radio Corp, Pret. Raytheon

Among active gainers was Pitney Bowes General Instrument, up two,

one, Ou, Monterey Industries, 1%, General Time, two, Collins Radio,3%. Universal Watch (when-issued), 2%, and

Royal Bank of Canada Royal Dutch Elgin National Watch 1%.

Rheem Mtg. International Business Sears, Roebuck & Co. Machines lost nine of yesterday's Shell Oil Co...

Safeway Stores 19-point gain, closing at 485. Saint Reg. Paper Montgomery Ward recouped Schenley c Harvester Scott Paper while International

Siegler Corp.

Singapore, May 25. The morning session opened

'slightly lower but some profit-taking and short-lost 14-AP, covering brought prices up to last night's levels. Interest in lower sheets was

council, the industry's re-slight but differentials narrow- gulatory body.

Says Luigi: Moving into the production of molor cars

At the same time, there were P&O Steam Navigation def ord is a logical development after

being the father and mother of more expressions of regret over 290 10120.

the scooter."

Another section of the firm's the lack of participation in the International Tin' Agreement by

consumer countries,

34.

Stores

Great Universal Store: "A-47

ed a little.

Later the market was gener- ally deadier with rather better interest in lowers.

June and July 134-cents.

narrowed to Forwards came into

Woulworth F. W. & Cu-s Plant builds huge machine tools many of the major industrial rather mare interest

Marks & Spencer L1d-70s ad, Textiles

Coats & PL:d-445 30. Courtaulds Lid-C£9.

Mines

Caps Goldfields of South Africa 04 $50.

Cocs. Zine Corp. Ord-75 30. Crown Lid-24s 6d.

De Beers def-153s 111⁄2d cor.

Hongkong Tin-to $46.

Petaling Tin-B 11d.

Rand-749 d.

Southern Kinta Con Lip 28. Union Corp 4 fid.

Wert Eriefontein Goldimming--835 10:20.

01

British Borneo Petroleum Syndi cates fli

British Burmah Petroleum-23. British Petroleum Co., Ltd-1s Bd..

ed.

Burma-15 34.

Roval Pitch Petroleum-E13.

cflen rooftop high.

A third makes rolling mills and other equipment for Iron and steel works,

The market closed steadier. In London, the rubber Mr Sukarjo Wirjopranoto of Indonesia led criticism of export market was very steady with

spot quoted at 89% pence.

the rubber In Amsterdam, controls as the conference en-

was steady today, tered its third day today, say- ing that his country had been market forced to make "unjustifiable UPI,

Biggest job on hand at the moment is building a complete steel works for Venezuela. The price for the finished job will be around 400 million dollars sacrifices." or £140 million.

He accused "powerful groups" Father and son rule bis among the signatories to the huge concera

absolutely, International Tin Agreement of There are no outside share-imposing their views on weaker holders.

members and suggested that

I asked Lolgi ́Innocenti what member countries might revise their voting procedures when determining the extent of con- trols.

was the value of the business.

"Nobody has ever suggested making a take-over bid for us,"

Shell Transport & Trading-146she joked. "So I don't know how

-Reuter.

U.S. living

costs up

Washington, May 26, Living costs in the U.S. rose. four-tenths of one per cent April to another record high.

The rise was the largest for anty month since last Junie.

In reporting the increase to- day, the Goverment's Labour Department delɗ it was instgely due to a rise in food prices. Poor spring growing oralitions were a factor in the upward movement of food costsAP.

Quick

to answer you."

He paused, pencil in hand.

CO-OPERATION

The Indonesian delegate said Then he wrote down 203 million his government's attitude toward dollars (£70 million) on a jolthe agreement has been one of ting paid.

"wholehearted co-operation" and He pushed the pad across his it had never Laken any act on big black table.

He said, "I suppose that would be a reasonable estimate."

No royalties Looking out of the windows Ct the great workshops glisten-

ng in the sunlight, chuded that Luigi Innocenti was a very modest man

Coli

detrimental to the agreement.

But Indonesia's export quota had been reduced gradually from more than 21 per cent of Its production to only 19 per cent.

Mr Wirjopratisto mid he was forced to protest because Indo- nesia depended my heavily on

I brought our talk round toits in exports for its supply of motor cats again.

Isked: "What royalties will the BMC collect from you?"

Luig said: "We have a very friendly arrangement. There will be no royalties."

"But we shall buy from BMC, to start with anyway, 40 per

GLENIFFER

7.2.0. Box 899

Deliveries

“MAKINE DIESELS-

RENECO Tel. 24451

foreign exchange-Reuter.

Exchange rates

Business was done in the local unofficial exchange market this morning at the following rater: U.B. doller (per-91) Sterling notes (per £1)

Australian noles (per

11....

Indonesian rugdah" (per 100) Slem ticals (per 1001 Slagore (Braite)

Yesterday's Closing

Closing Prices

Abibi Far & Fiper Algoma Steel Com

Am Brake Shoe..... Am. Cable & Radio Carp. American Cyanamid Co. Am, & Fongn. Power

Am G & Electric Am. Home Prod. Am. Mach. & Fry Am. Natural Gas Am. Sugar Rel. Ampex Baldwin-Lima - Haun- Bank of Montreal Bank of Nova Sealla Beech Life Savers

Bell Telephone Beneficial Finance Bendix Aylation Corp. Benguet Cone. Boeing Airplane Borden (The) Co.

Smith, Kine & French Solar Adspraft

South Puerto Rico Sugar

Sunshine Mining

Texiroh it.

17034 Thickof Chem.

Special cabling for Canberra

Mr Mellalleu asked if Mr that was satisfied Marples

Britain would be able to put

such a nuclear powered vessel

to sea as soon as "four or five

other competitors."

PECIALISTS have worked

out a new cabling

Mr Marples: "I think the system for the engines of

Americans will be first in the the P. and O. liner Canberra field, because they are already which was recently launched.

half-way in the construction of It is the first time that an

a nucleat ship"

operating vollege as high as 304 As far as Britain was co 8,000 volts has been used on a

thing to do was to invite these tenders.

cerned, he thought the

first

mendant ship

motors pyspulsion

while are to be installed

totalling

the

the

Mr Emanuel Shinwell, another largest ever

turbo-electric Socialist member, asked whether 85 po hup,

Plans to produce

all-Australian plane

VICTA Consolidated

units

These units compile two alictralors auch, capable of cof« tinuous maximum output of 82 megawatts, supplying the and

indfors

starboard 42,500 hp. respectively.

pari

The cables are required to operate at 6,000-volt on a three-

in-phase system and the to the

dustries plans to mass-load to be carried it is estimated that iwo single-core cables produce an all-Australian

operating in parallel per phase light dircraft.

will be required for the cabling

The plane will be a low-wing of each of the halt motors.

50% four-seater, powered by a 180-

This will involve two rung of

hp engine and with a retract-cable each comprising four

able tricycle landing gear.

I will cruse at 175 mph. alternator

23% and fly up to 25 miles on

Southern Co. (The)

Southern Nekural Gas

$40

Southern Raliway (Com)

3423

Sperry Rand...

42

Steel Co. of Canada

76

BT

Sleep Rock

ES

Stone & Webster

34

9

B

12

2014

61

Tide Waler Di

13

811 Time Inc.

28% Traders Flance

33

35

13

Twentieth Century Fox Film

372

30

211

COMMODITY PRICES

SUGAR

NEW YORK

Closing prices all in cents per

by:

Contract No. 4 (world)

Funty

1.05

Sept.

3.14

Cet,

3.16

May

3.200

Sept

Total Sales: 216 contracts.

Contract No. 6 (domestic)

July Sept

5.87:

6.06-98

Total Salon: 34 contracis--AP.

RUBBER

SINGAPORE

Closing prices all in Straits cents pr lb. fo.b. Malayan 5.75 ports: 13.97 No. 1 June 22.05

July 1.30 | No. 1' June 25.00 No. Jume 1.80 No 4 Jure

Agreed merchant

rates

an Dollars Maxixum

Spot rubber unblind 27.

No. 1 pala crepe

Closing pric

per lb.

No. 1 Km spot ... Bettlement, house". term:

buying Geral markatt, oif. DRE

June

July

Estate Crepe

thin June

**thick-June-

AMSTERDAM

Tri-Cort. Warrants

31b Union Oil of Cal.

6134 United Frut

34%

United Gas Comp.

44% U.S. Line Co.

US Sted 7 P.C. PP

67% Waukesha Motors

48

116 Westinghouse Air Brake 27% Western Union Tel Co. West Va. Pulp & Paper Winn-Distle Stores Zenith Radio

3012-3814

Closing prices all in guilders.

per kilogram, clf. June:

No. 1 rubber

No. & rubber

No. 3 rubber

No. 1 crepe

3.51 buyers.

3.50 Buyers

Take-over

bid by

18

gallons of fuel.

a

Victa experts to sell the plane, for £5,000.

It hopes to capture an ex- panding Australian market for

612 light aircraft which U.S. and British aviation firms are now

23 Invading in large numbers,

V.C.I. ts building

prototype

·

three-phase groups from each to its respective motor.

the two In addition, allernators are to be Inter- the necesitating connected running together of eight three- phage groups of cable, making 24 cables in this particular run. After giving full considération various types of cable, the contractors, a London Arm of

a cable makers, decided to re- alloy

of the plane commend 1.25 sq. in. single cure

at its Milperra factory and ex-paper

insulated lead

1404 pedis to have it in the air by sheathed and cotton braided

28 July. (See artist's drawing of cable finished with a fire re-

27 the prototype on this page.) sistant compound. The Insula

48

1214

51

tion is mass impregnated with VOI make and

market non-draining type compound rotary motor TUTVCTs, which will not flow at fld maxi-

plastic products.

11 fahr Unted steel buildings and mum operating temperatura of the cable thereby obylating An fahan-borns abronautical troubles, at the termination engineer, Mr L Pellarini, de arising from compound migra- signed the plane for V.C..

tion. The cables have a nominal Vela governing director, diameter overall of 2.08 in. Mr Mervyn V. Richardan says: Another feature of the Can- "Statistica show that there is Berra is an 800 h.p. molor Bor a growing market in Australia operating a bon propeller which amining businessmen, graziers andwal help on menoeuvring along- sportsmen for the type of air-side docks and jettles. Owing to craft we propose to manufac-the distance from the engine room to the forward end of the "Australians are now spend-ship it was decided that this Ing almost £1 million a year should be a 3,000-volt motor- with overseas companies for the first of this size that has beer aned on board á ship. such flänes. "Research indicates this sum-LPS. will grow considerably in the next few years.

S'pore firm

Singapore, May 25. 3.33 buyer Messrs Lewis and Peat

3.90 buyers

UPL

COTTON

NEW YORK

Closing prices all in cents

per lb.:

March

MERY

July

Oct.

Dec.

Mar.

MART

July

Ocl.

Dec.

LIVERPOOL

(Singapore Lld) rubber and produce brokers, to day announced that they

"If our opst study, shows that

we can compete economically Court injunction have purchased the whole in this market, we will begin

with overseas

of the issued capital of production later this year and W: H. Day and Company deliver the first planes early in Limited, another rubber 1981."

broking firm here.

The issued capital of WB Swissair cuts

Day and Company Limited is

million Malayan dollars,

but no further famcial detalls flight time

$1.756

$1,800***

22.95

опе

31.00

3-526

31.820

31785

31260

Closing prices all in perice

124% per ib

£34)2 C/Nor:

of " the take-over hays been

published

oh

ship picketing

New York, May 23: PERMANENT Minneton was issued today by New York Supreme Court. erloining by the s Maritime Workert Union from pikat- inh or interfering with the

Under terms of the purchase EARLIER W portion of the ships Nation

agreement, both compener will dir sireugural & Cara- and Victon continue to

operate in the valle jet-flight between Lon-Tha verbels belong to the Ita rubber broking business. Me den and Zurich chopped 95 an Incres Line. The court said W. H. Des, the founder and the minutes aff the flying time evidence showed the ships were foreign-owned and the Union managing director of W. H. tuken hy regular platon- did not have the right to cal Day, and Company Limited,

the engine aircraft.

strike or picket ships, He joining the Board of Lewis

The 400-milles an hour, twin-ta ah Intolerable; elfugtion” and Foot (Singapore) Linked rather carried a number of might be cydled were le to de-

mus journalists to London and elde otherwise; WH Dy and Ampang Feturned with 10 British

“American Contract

May/June

29.40

July/Aug.

22.20

Dec/Jan,

24.15

Mar/April

May/June

31.30

dy Mixed Contract

which became a Lentig.

May/June

-

› news- Justice Heizy Kireesiberź said:

Mar/April

papetier to Zurich.“

Company, was awesosh newspapermen will spend that the 1954. after dio re-organization four days in the Swiss city h

of the parent, groupų Lowie with Once in regular service the Zahlung pufposes to right to

hina | euravats whi make two nights call 2 strike

| Peet Lalmáback at London,

* dally between the two fidex picket the ships,