1960-05-31 — Page 2

Page

THE CHINA MAIL, TUESDAY, MAY 31, 1960.

IDEAL MONETARY GROUP

U.S. MARKETS Common market

CLOSED

All markets / werd closed throughout the United States because of the Memorial Day holiday.-UP!.

HONGKONG

STOCK EXCHANGE

by

Our Own Correspondent

members

improve reserves

London, May 30.

Keep cool and calm to reach the top

From ALEXANDER THOMPSON

Never be flurried or flustered if you want to get to the top. Cultivate an

air of calm and efficient ease.

excern.

at the

com- at

Most of the big men I have spoken to while I have been roaming around in the

the last few months have appeared quiet and unhurried.

example,1,Like all the Lyons bosses, be summer I had to be content to "the Rently, for

talked to Mr Is'dore Gluckstein, had to work his way up from watch other people play."

During the week, Isidore the who heads the J. Lyons catering the kitchens.

For a spell, he managed the Gluckstein lives. Long Room restaurant in Throg-pany's Cumberland Hotel

opposite the Marble Arch. At weekends he morton Street,

goes to his country home near Stock Exchange.

After that he went to the old Godalming, Surrey,

Soon he will be reporting on Popular in Piccadilly. Then to the Strand Palace and Regent the J. Lyons results for the trad- Palace hotels. And so o up the ing year to last March 31. I ask ladder.

ed if the firm had shared in the His toughest job? "Looking boom in company profits. sipping after the catering at the Wen-

When an Assistant Secretary of the

United States Treasury says Common Market is today strongest monetary grouping in world" it is time to take notice.

Lyons claims to be the official biggest catering establishment A Federal Reserve the The American drive at

Ameri-in the world. IMF meeting last September to thinks the growing

realisation of the in- get other countries, particularly can

w!! danger Germany and Italy, to take a flationary larger share of the burden of able the United States to

ranges from the capital exports has got less than main competitive with Europe formality of Buckingham Palace Other speakers at the same New York conference of industrial-to the informality of City and

West End typists Ists were not nearly so sure.

morning coffee and discussing bicy Exhibition in 1924," he One of them thought this their previous. night's "dates." ustensibly.

How much all this adds un up would be the decade of intensi-

ned competition because of the to in yearly sales to the 400,000 renaissance abroad. ally customers has never been economic Another, a banking economist.

revcated.

nowhere. Business done at the Hong- Last year, up to the IMF kong Stock Exchange this morn-meeting was the only period in ing amounted to approximately which Germany's reserves were

however $1,911,000. Noon quotations and falling.

Now they are in a new the morning's transactions:

surge.

Shares

BANKS

HK Banks

Buyers Sellers Sales

1210 1220 1220

INSURANCES

Union

Lombard

SHIPPING

20.00

45

Waterbost

26

ALL Nav.

95C

Wheelock

715

DOCKS, ETC.

Dock

110

114

Provident

20.40

20.80

Talkuo Dock

57

LAND, ETC.

HK Hotel ...

41

41

40%

41

JK Land

57

56

57

Gold and dollars Over the past ten years, while the United States has had an outflow of about $16 billion of gold and dollars, the Common Market countries have enlarged their reserves from twu and a half to nearly $13 billion.

The United States Treasury 20.70 claims that beyond a certain point this accumulation reflects

2012

36 574%

57 their failure to carry their share uf the burden, It hopes they will do more, despite Germany's capital marke: problem 5715

Italy's short-term problem.

HK Land (Rts)

32

Humphreys

Jay

Really

1.875

195

1.95

RUBBER

*J69

22.20

53

1.925 1.90

and

Washington seems to be be- coming a little less partisan for the "Six." Now there are re- the marks that investments in Common Market are not an un- mixed blessing for the United Sintes balance of payments, that the Common Market pases can- mercial policy and agricultural problems. and that its pre- ferences for French Africa 22.20 an additional burden on

Amalg

7.0

Trust

8,90

S. Kelantan

3.80

UTILITIES

Train!

Star Ferry

180

Yaumati

171

170

C. Light

22.40

Electric

27.80

F8

Macan E.

12,20

13

Telephone

37La

28

HK Gas

13.10

12.80

INDUSTRIALS

Cement

KINK

Slik

51 50%

50

492

STORES, ETC.

Dairy

26.10 221

27.33

Watson

Lane, Стим

COTTONS

Textile

10.40

11

Nanyang

155

15.80

MISCELLANEOUS

Vibre

15

INVESTMENTS

Allied KK. & FE

Invest

6

15.70

Exchange rates

are the

22.30 United States as well as on the under-developed countries. War-

37% hington pins its hopes on the 13.60 forthcoming GATT negotiations.

U.S. seilers

13.80

5715 funds

Į turni 28 28.40

As was seen after the Sum- debacle, Americans cam

sellers

of "Continental shares. Their investment in the 20.60 Cummon Market involves more American 28.30 talk than money.

net Investments in European manufacturing have never million reached one hundred dollars a year and are regularly Inbout a third less than net camings of American, capital already invested therein.

Business was done in the local un- official exchange market the morn ing at the following rates:

US, dallar per $11

Sterling notes (per £1)

1)

Australian notes (per Indonesian rupiah (per 100) .. Sam ticals (per 100)

Singapore (Straits)

10.01

The problem is not the way United States morley is moving in. It is the mergers and other arrangements that are being

EFFORTLESS

Il business

thought the balance of compell- But bearing in mind Lyons's fon shops, Lan- ve advantage between the United States and other coun-string of 200

fries would be decided by which don Caner Houses and hotels, country would have the best and wide distribution network, monetary, debt and price poll-I would say it can hardly be cies, and the most incentive tax less than £75 million.

Yet Mr Gluckstein sits quietly policy. On all those counts Germany seems far ahead of in his plainly furnished office the United States. China Mall at Cadby Hall controlling it

all in an effortless way, Special,

Malaya's

big boom

in rubber

money.

NO FIREWORKS

1. called on him there to talk about food. For after ell, this to most dear is a subject people's hearts,

What are the prospeels of further expansion in J. Lyons and Co.? I asked as he gave me a cigarette.

"It should be slow but satd. steady," Mr Gluckstein

"We do not go in for fireworks here. your directors have for the future?

says,

No agreement

with U.S. in bilateral talks

HE talks between the British and the United

THE

States Governments on the revision of the route schedules to the Bermuda Air Services Agreement, which were begun in Barbados earlier in the year and were resumed in Washington at the end of April, have been adjourned, the

"You must wait until we an- nounce our profits and dividend to the shareholders," Mr Gluck-Ministry of Aviation has announced. stein parried.

"You are smiling happily." I observed,

"I always do that." replied Mr Isidore Gluckstein breaking out into a broad and mischievous smile.

"Even If I don't always meau

"Once and possibly twice a day, six days a week, I had to walk four miles, round the ex- hibition apart from having our office work there to look after.

"By the time Sunday came I felt more dead than I used to like playing to." round, alive. tennis on my day off. But that

(London Express Service).

London market improves on

modest trading

London, May 30.

What new ideas do you and Industrial shares took spotlight today and scored gains in modest trading. Buying stayed selec- tive with company news and expectations the chief incentive.

a new

Kuala Lumpur, May 30. "We are, to try out Malaya's planters are re-and smaller type of Corner House. The first is being built planting rubber almost as

in Notting Hill Gate, It should fast as they are making open in October.

a Grill and "I will have

Bacon and Egg, and Cheese,

Wimpy bar. If the idea is

shall open, others success, we later."

How about the holels side of Do you the Lyons business? see expansion chances there" Britain needs more good hotels. Besides the new Ariel near London Airport, we are also to mild a hotel in Birmingham. Work starts in July.

With rubber prices zooming to post Korean War high levels, big estates are continuing to press their elaborate. replanting pro- grammes, replacing older trees with young ones of much higher yield."

But industry officials say some of the most encouraging news centres around figures for re- Ap- planting by smallholders. plications for replanting grants from the Government this year involve more than twice the acreage applied for in 1953 when the replanting. programme was started.

Pushed on by this programme

"The name has not been decided yet. But it will have 13 doors, and 300 bedrooms.

It was not possible to reach cute already being operated by agreement. The date of re- Pan American Airways from the sumption is under consideration. U.S. to Honolulu, Tokyo and Mr Ross Stainton, General Hongkong, Britain is belleved Manager, Western Routes, was to have offered an alternative at the talks. He said that the route which would still have British delegation, with full given North West the terminal Bond support, proposed that rights which they have long a separate agreement for the sought in Hongkong. Caribbean area should be signed

in the meantime, leaving the

global questions to be settled at a later date. The Caribbean

"package" would have allowed Big take-off queue ments in the interest of tourism at Idlewild airport

for substantial route develop-

to the West Indies and Barbados. However, the American delega- tion was unwilling to accept this proposal to deal with the 'Carib- bean separately. Boac will con- tinue its efforts to assist in

reaching agreement as soon as possible for the expansion of British services between the U.S. and the British Caribbean.

So far as global routes are concerned, it is reported that Britain sought permission for Boac to operate a South Pacific West Coast to Sydney (this

"NOW

OW planes are caught in the traffic jams", Airliners queue for take-

aff", "Traffic jams hit the airlines".

Headlines like these appear- ed in newspapers recently, They were stories by journalists who had been held up at Idlewild for while waiting to take off

London on the return part of a Boac 707 proving flight.

route from the United States

route had been operated by They reported that the 707 British Commonwealth Pacific

was on the ground for an hour Ave Airlines until a few years ago), and a quarter with its engines This would have linked with the running and that during this trans-Atlantic route from Lon-time it used up about two tons don to New York and San of the 60-odd tons of fuel taken Francisco or with a Polar route on board. It was number between the UK and the US.

in

Take-over prospects in bre-tinental celling brought weries attracted buyers while shillings fall to De Beers Jaguars made the landourt spot diamonds. in motors

for on their bid Daimlers. Fords lost ground.

Steels moved upside in early

but

later reaccedi business Engineerings, textiles and stores and Sacked on met demand rises. By the closing bell many blue chips showed fractional gains.

Coppers, were-dul but ins continued on the uptrack.

Lack of Interest caused gilt- edged to sip and the gover- ment securities unded up

ths of a pound lower. There

to

was little movement in foreign Dollers stocks receded "If these hotels do well. we bonds, shall consider opening one or with Bethlehem Steel, U.S. two more. The problem, how- Steel and General Motors each ever, is to And the right sites." 1% points lower.

As such large caterers, can Gold mining issues drifted in

made between European indus---which has the slogan "replant Lyons give a lead in Jowering a lack-lustre market while con-

trials, which Washington : plands in Europe though it would start trust-busting them at home.

Chase Manhattan Bank asserts! 5.5 that the United States cannot afford to take sides, neither be- 12.65 tween the "Six" and the "Seven" 2387nor between Europe and the

180 rest of the Free World,

1.75

P&O

R.M.S. "CANTON"

EMBARKATION NOTICE

For United Kingdom via Singapore, Penang, Colombo, Bombay, Aden, Suez-Port Sald.

EMBARKATION: Passengers should embark between 2.30 and 4.00 p.m. on Friday, 3rd June, 1960,

BAILS:

BAGGAGE:

or die"-Malaya last year passed Indonesia as the world's largest rubber producer.

prices?

PRICE CUTS Traditionally, we have always been slow in putting our prices! Smalinolder replanting appli- up. So much so, that in thei

shareholders have cations this year involve more past some than 100,000 acres, oficials said. complained that our profits were

too small.

—AP.

"We are in favour of reducing prices whenever possible. We always do better when they arc

Agreed merchant w

rates

West. German Deutschemarks Maximum selling 727/16.

Yesterday's Closing

Are

"But

rents and rates increasing all the time. That does not help to make price cuts possible.".

Mr Lidore Gluckstein is a neat grey-haired man

Stock markets

show record

trade figures

London, May 30.

оп

of 09.The total market value of

ali securities quoted the London Stock Ex- change in the last finan cial year jumped by £6,000 million to a record figure of more than £45,000 million according to official statistics.

COMMODITY PRICES

RUBBER

LONDON Closing prices all in pence

per lb.: No. 3 u pot..... 38-3816

Settlement house term: July/Sept.

The ship is expected to sail at 5.00 Apr/May p.m. on Friday, 3rd June, 1960.

METALS

LONDON Closing prices, all in sterling per lang ton:

Buyers Sellers

781 782 78214 783

238 23731 23516 239

Oct/Dec. Jan Mar

36%-17: 357%-38 3412-35

Tin

Sport 3-month

*

General markets, a.lf. basis, ports: July Aug.

Copper

Spot 3-month

Estate crepe unin

June thick June

Lead 2nd half May

Zinc 2nd half May

150$

76 774

DI

Should be sent to the Hongkong & Kowloon Wharf Co.'s Godown (No. 2 gate) by 6.00 p.m. on Thursday, 2nd June, 1960.

SUBJECT TO ALTERATION

PLENTY

SON.Led

Suitable for all liquids and pastes

G.P.O. Box 896 RENECO T. 24491

COTTON

LIVERPOOL

Closing prices all in pence

...

May/June JULYZAME. Oct/Nov. Dec/Jan. Mar/April

Aug.

FOREIGN EXCHANGE

LONDON Closing rates: New York Montreal

Amsterdam

Brunet's.

per lb.

American Contract

Marine & Industrial

PUMPS - FILTERS IMPELATORS

210

22.25 24,40

- May/June,

Copenhagen

Mixed Contract

May/June

Chlo

Paria

Stockholm

Milan

Zurich

JURZANK. Oct/Nov. Dec/Jen Mat/Armi May/Jun;

Frankfurt

total This compares with a market valus of securities quoted on the New York Stock Exchange of just over £50,000 million.

The Toronto Exchange, one of the most up to date in North America, deals in about 1,000 securities with a total quoted market value of about £17,000 million (excluding Government bonds),

BARGAINS

for which Boac has the rights que and there were Small gaina marked into all, but which we are not yet flying further 14 aircraft behind it. shares, Rubbers ran into profit-The American authorities are This particular happening taking to surmain small losses understood to have suggested commos swiftly after on occasion limitations which would have that did not get such big head. while teas, were mixed.—UPI.

made a commercial service in-lines but which nevertheles practicable.

had a direct bearing on this problem. This was the 13th to

Annual Technical Conterence

Closing Prices

Giltedged Honda

Belush 233-1/10.

Consols 24-£48. Consols 4%-2707

Transport 3%, 1975/88—

Conversion

226236.

Loun 31.

Funding Loon 3%

£22.

1939-

Funding, Stock 31 1999/2004→→

Funding Loan £69-13/10.

3d

The United States wished have North West Airlines desig nated as a second carrier on a

US. planning big

1900/00-car production

Saving 3%, 1955/85-~£911). Savings 3% 1933/TO-280-5/18. Savings 3, 1935/75-£74-1/16.

Banks

Barclay's Bank "A" Ltd.ord—34: Chartered Bank-639 0. Hongkong 201

Lloyd's Bank_“A”—$43.

Insuration

Union Insurance Canton-25%.

Aircraft and Motors British Motor Corp. Ord-19s Bd. Ford Motor Codes 7

Detroit, May 30. THE U.S. motor Industry,

of the International Air Trans- port Association at Lucerne,

At the conclusion, the confer- chte chairman commented: "The high speed of the jets, their higher operating altitudes and their greater complexity are straining other parts of the air transport system the aids, devices and supports which they require. ..

discontinuities in these phases are throttling Deficiencies and

with one day's produc- back the capacity of the jet lo tion to go in a month in produce transport at a lower which it already has built 586,817 passenger cars, is scheduling a June output of more than 600,000 units.

THE

cost."

Under the chairmanship of Mr E. Smith, Flight Services Manager of Boac, the problems encountered in jet operations in Such a June output would respect of Air Tratic Control Hawker Siddeley Group Ord 31s," Rolls Royce Lid Ord-18 44.. bring production

for the frst and associated services were Rootes Lis "A”—115 91.

reviewed by the Committee.. вруто- Standard Triumph International-half of the year to 116 Id.

imately 3,800,000 umits, This, As a result of this review the said Ward's automotive reports technical committee of IATA over the weekend, would Dem | has set up an Air Traffic Control a solid base for an estimated Services Study Group and the 1980 production of 61⁄2 million frst item on its work pin- gramme is to facilitate standard pre-departure procedures,

Brewerits Dialillers Co-308.

South African. Breweries-27% öd

Buliding and Materials Annelated Portland Cement-693

Goodings Wall & Lead

Ord-47%

Coal, steel and Engineering Babcock & Wilcox Lid-384 101d. United Stee)-78s 6d. Vickers Ltd.-045 20.

70.

ad

Food and Tobacco

Ltd-07s

British American Tob. Co. Ltd-52 Imperial Tobacco Co.

Miscellaneous Boardman Marden Lid=ds 10754. British Oxygen Lüd. Ord-83% 7ład. Canadian Pacific Bly-#45%) De La Rue Co. Ltd. Óró-710. Dunlop Rubber Co. 278 10yd. Gülman Holding Ltd-da öd.. Hongkong & China Gas-16% od n. Imperial Chemical-601 90. Lyons & Co.

Unilever Ltd--162: 715d.

+

Paper

paksenger cars.

The object of such pre- departure procedures is to avoid engine starting when, delays are apparent.

The industry hasn't topped 6% million care since 1955, when it but 7,920,000.

Reports estimated last week's production at 143,427 passenger

In addition the group will be cars, 37,500 of them compact looking into the application of The previous week's assemblies ground surveillance radar, horl- numbered 154,904 and the same zontal separation criteria and week's a year ago 117,539,

Only the Rambler at Ameri-automation in air trafe control can motors and the Lark of Studebaker-Packard were in the ocenpact field a year ago.

It is also estimated that 1980 production up to May 28 totalled

compared 3,174,516, 2,728,680 through the same

Bowater Paper Corp Ord-73s 3d.patic in 1959.

Radio and Electeleri

Arsociated Electrical-58s 6d. Electrical & Muries)-808 d. English Electric Co-fis 3. General Electric 406 6d.

Shipping

Indo-China ord-231, d.

30

10. Stores

Items wanted

with from inventors

In trucks, the U.S. industry's production for this year totals

SOURCE of daylight capable of duplicating

3,777,269 units, against 3,254,901 exactly the sun's rays is on

for 1959.

Chrysler's Valiant.

The military appeal was made" Falcon's 11,290 units brought today

through the National

Chevrolet continued fie run a list of 60 requirements the During the financial year: 14 there were more than four mil-.

Steam Nay. Co. def away over Ford last week, but U.S. armed forces are seek-

Ford's lion marking of "bargains"

Falcon again was for in ing from inventors. (dealbs) by brokers on the PO Bleam Navigation def ordfront of Chevrolet's Corvair or London Exchange, another re- oord.

number The

of securities quoted here was down a little- 9,591 against 9,800 in the previous year... This was attribuited, to mergers and

and amalgamation»,

28014-2.80% 27634 2.763% 30.5834-10.57 139.75-139 13 (1932-19,37

#1180118

Great Univeral Storey "A"-491. Marks&Spencer Lid-13 d... Woolworth F. W. & Comber Bd.

I Textiles Costa J&P Ltd--45 30. Courlaulda Ltd-07a Bt.

Cens Goldfields of South Africa-~ Cons, Zine Corp. Ord-74 9d. De Beers det-181 36.

The statistics also revealed as 10164. fall of £400 million or just over.

market shoes per oant lo the value

of gilt-edged securities (Government stocks) during the financial year.

Hongkong Tin-

Petaling Tin-&-

Hand-13 $0.

lid.

Eauthem Kinta Cons Lid-27 Union Corp-bis 111⁄2d,

00

d.

Other Wanted items

it to 216,874 for the year, Cor-Inventors Council, which nego vair produced 4,100 last week to flated between the Pentagon bring its year's total to 131,009. and inventors, Valiant figures were 7,500 and 122,196, respectively.

A fragmentation shell capable Rambler, however, continued of killing more efficiently than to pace the compact field for the shell in current use, pot the year,

Goggles to protect one from with 228,914, of which B,600 were turned blindneis at the first instant of out last week. Studebaker-3 nuclear explosión:

A soap for Beld Shundries to Packard, closed practically the

eficiently in water entire week, was credited with operate only 40 units.

three degrees above freezing: The value of gilts declined. West Driefontein Goldmining-ps. Last week's Ford production and

was 18,100 units for a year's Away to eliminate of clea million ta

Beth

Patrolsut Co.. Lid-820.

total of 448,052. There were guise the bed favours socne- 14ABY:14ABAN £11,861 million. In the pre- tẢNH

$8,000 Chevrolete and this lives evident in meate pay 177217 vious year there was a rise of Buryab-554 3d.

Transport & Trading-itis brought the year to 806,007 served thzolighi radi

Reuter.

12,933-13.73% from £12,257

Mac Spicill