THE CHINA MAIL,
WEDNESDAY, JUNE 1, 1960,
CREDIT SQUEEZE REACTION
How Britain HONGKONG London has coped with situation
011
William Davis, the city editor of London's Evening Standard and one of Briluia's Hoellest. commentatorg jinancial airs, looks at the way the city" has reacted 10 the recent re-imposition of the credit squeeze:
"Overdraft?" my bank manager smiled
encouragingly.
"We still
STOCK EXCHANGE
1.
Our Own Torroxpondent
Business done at the Hong- kong Stock Exchange this morni Ing amounted to approximately $2,280,000. Neon quotations and the morning's transactions:
Shares Buyer Sellers BANKS IK Bank.. 1215 1295
with INSURANCES request
But tell
treat every sympathetic consideration. me: what is it for?"
anzlysis of the full oversea April trade returns.
Borrowing mungy 10 shares, 1 leamed, is out. But if you need the cash for a holiday or for Laying a car thière is no that mahogany need to pass deur in
Walk High Street.
right in.
The underlying trend of ex- paris, it observe seems to be definitely upwards."
Against this background the stock markets have staged a Mid monthly statements, useful recovery; Baying has published by London's 11 clear-beet tar trom brisk but with ing banks, last week show how
Jobbtrs, often short of stock,
the square mile" has coped parks have been quick 10 with Mr Amory's squeeze,
respond.
Advances Increased by an- Investers certainly have been other £26.2 million Estel taking more notice of good com- is very considerably less than the £98 million rise seen in the Dany and business news than has
possible for sume UGUN
previous month.
Kind and gentle
past.
So bankers have been gentle Lobitos have all
with their
time
Linton
Lombard XD
Sales
40 @ 2216 -13 1215
04
SKIPPING
Waterboat
92 4431
29
Wheelock
7.00
7.30 10000 @ 710
DOCKS, ETC.
113
114
200 @ 114 80013
800 113
20.40
Wharf .. Dock o
Provident .. 22080 Talkco Dock 5815
1 Hotel..
HK Land..
The results, like those from IK Land Dustering, edivy Pulps BEA beed well
different from the state of things a few months ago. Then good news had usually
the This is very
customers-2nd at received. the same time pleased Chancellor,
ส 8
20.00
07
200 @ 68%
1200 @ 55
closes firm
London, May 31.
Strength in many industrials gave the market a firm tone today although muth of the buying was based on "special situation"
issues.
Wall Street
closes with modest gains
New York, May 31.
Stocks closed with modest gains today after slip-
wezic
ping from their highs on late profit-taking,
a 1 Paramount Pictures Reporting tokers
Pepsi Cola Some leaders falled to hold minute late around the close Pennsylvania RA
frequently below Pfizer, Charles on to early small gains while with stocks
Phelps Dodge hers and there blue chip the day's best levels.
Philip Morris shaded.
Electronics, strong all day, Phillips Petrel
Pure O showed IBM up around eight Quaker Oats,
Breweries found favour but textiles and stores turned
Raytheon Corupany quitte. Unilever and Beechams at the Bnish but well below Radio Corporation
the 13 points, it was up earlier Republic Steel.. were strong.
Reynolds Metall Reynolde Touneco
Git-edged continued to drift in the session. Motorola drop- with lores running up to 3/8ths ped from a rise of nearly six of a pound in face of possible to a gain of around two, com_JBtion from new issues. In
Steel issues lost ground in to another expected response sharp decline in the steel opcrat- ing rate this week. Yungstown
a neglected foreign bord section Greek raven per cents lost £4. mixed but Delar stocks were Canadian's improved.
and
Royal Dutch Petrol St Regis Paper Sears Roebuck
Shell Oil.... Sinclair Od
Shell Transport
Socany Mobil Oll
South Am Gold & Plaf
South Calliomia Edison Southern Company Gold mining shares locked fell around a point, U.S. Strel
Bethlehem, fractions, Sperry Rand steadier at the close after earlier motors moved narrowly
Standard "Brands Stand Off California drifting. While coppers stayed either side of the previous Stand Oil Indians... dull, ins maintained their ad-
Closing Prices
Gilledged Bonds
British 12. 1975.83— £62-15/10.
close.
Ja
Today's volume was 3,850,000 shares. Of the total is 1,325 issues traded 459 were higher end $51 lower.
LAND, ETC.
4214 6214
400 @ 12 500 421
GOD 4234
50
59
00067
2200 67%
700 58
1800 5814
(RLS)
Humphreyr Realty
37.00 3235
384324
vance. Oils were idle.
Rubbers and teas held quiet but fun.-UPI.
25.10
120 24.70
1.873
1.90 2000
1.90
5000
1.90
15000
1,875
6000 € 1.00
15000 of 1.00
7 7.60 2060 @ 7.40
1000740
3000 € 140
In
2.90 1.80
Funding Loan
1959/09-
£82-5/18.
31 12
1000
314
Funding
Stock 3% 1999/2004
Allied Chemical Corp.
2004.
400
31
300
Funding
Loan
186270
Alta Chaliners
31
Aluminium Ltd
3
1503 31:2
Aluminium Company
Yawnati
170
173
150 170
Amerad Petroleum
to
1006 170
American Airlines
18
American
C: Light Electric
.. 2240 22
American Cyanamdd
For the market, a hopeful factor was that only two of "the been. so far discounted that the RUBBER
reaction 10 cach
Amaly. big Five" and two of the six market's minor clearing banks reported preliminary statement was to further cuts in their investment jower the price of stares con Trust
cerned.
> Kelantan portfullos.
The
selling Today it is again possible for UTILITIES
Trom might continue to meet Mr dealers to be "pleasantly su
for special de prised. had kept gill-edged
knuckled under
thought that
Amory's call
posits"
market
some time.
for
Crystal gazing
Javesters may therefore nud a little worthwhile to try The Agures published last Thursday showed that some £15 Judicious crystal-gazing
Here are some of the more million has now been deposited
results due in the interesting with the Bank of England.
Another £55 million is to next two months: De La Rue come by 15 June. The rate, approximate date June 11 yield of payment therefore will have 2.8%, Allied Iron June 19, 3.1%, to be speeded up.
British Glues, June 28, 3.6%, Courtaulds, June 9, 3.0%, Fine 5.0%. Jtate 19, Spinners
July 2, 3.3%. "Gussies"
For those who prefer the facts :
The banks however have im- proved their liquidity rations in preparation for the oid day (an
an average they are now 14%
above traditional minimum! to hope, I suggest a look t
And the general feeling is that calls can be met without
ne
:
28.10 28.30
Telephone Macao E
12.20
Coalite- and Chemical. The results and bigger dividend an- weck have been nounced last
bros-
INDUSTRIALS is ot
possible unjustly ignored. The
remein
promising and Cement that the Chancellor may get berts 1ougher still. But most city men with the dividend over 24
difficulty.
St
Course
I talked to felt that for the time-times covered. 44% looks rea- sonable. A share bonus is on bring least this is unlikely.
The bank figures are une rea- the way. - London Expres
is the optimistic Service. son. Anuther
NOTICE
We wish to advise our customers
that, with effect from 1st June 1960,
the selling unit of our products which
have hitherto been
marketed
in
American Gallons
(A.C.) or English
Tons, has been changed to Imperial
Callons (1.G.).
THE SHELL COMPANY ÓF HONG KONG LTD.
P.O
R.M.S. "CANTON"
EMBARKATION NOTICE.
13
100171 100 to 22.40
Consols 2-£48%
Co2013 4% £19-11718. Conversion Loah 34. 3660
£89
Savings 3%. 1955/05-£91-1/16 Savings 3. 19/70-220-3/16.
·Savings 34, 1965/75-73-15/16,
Banks
Barclay's Bank "A" Lid ord-64
200229d...
1000 27 28
500-28.10
1000 28.10
500 6 28.20 500 29.20
3814 382 1000 e drža
2010 38
3600 ( 38
100 ur 38/
38
100 # 387%
Chartered Bank-is Bd. Hongkong-£604%.
Lloyd's Bank "A"-02 1.
Insurance
Union Insurance Canton-25%.
Aircraft and Motors British Motor Corp. Ord-19s
Ford Motor co-iisa 18.
WOR
American exclange volume 1,490,000 *shares. Bonds volume amounted to $5,890,000. -UPL
Closing Prices
American Smelt & Refin
American Sugar
American Tel 2 Tel
American Tobacco
Anaconda Company
Annco Steel
Armour
Нет со
Associated Dry Goods
Atlantic Relining
Bendix Aviation
Hawker Siddeley Group
Ord
Jis.
Boeing Airplane
Rolls Royce Lid Ords Bd. Routes Ltd -23_gd.
Bethlehem Steel
Burden Co
Borg Warner
Standard Triumph International-Eridgeport Brass
11 1.
Brewertes
Ders Co--30s.
South African Breweries 278,
Building and Materials Associated
200 g 30%
500 ur 38
1500 382
300 0 3815
... 5214
54
500 52
llad.
1000 # 5216
500 G 5215
2000 úr 53
100 g 5345 200 or $3
53
10003
Portland Cement-023
Goodlass Wall & Lead Ord-47%. Coal Steel and Engineering Babcock & Wilcox Ltd--38 74d.
United Steel-785.
Vickers Lid-34s 3d:
Food and Tobacco
British American Tob. Co., Ltd-- 62x 90.
Imperial Tobacco
STORES, ETC.
Dairy 28.40 28.20
230 12:28:20 1200.28,301.
Sun Co.
40
300 0 28 AÐ 10 @ 28.30 1000 28.40
Lo..
Lid-
Miscellaneous Boardmin Marden Lid-43 10d. British Oxygen Ltd. Ord-371d. Canadian Pacific Rly-24524
De La Rue Co, Ltd. Ord-70s Ed. Dunlop Rubber Co-27 Bd.
Hongkong & China Cas-1s od n
Burroughs Corp
Canadian Pacific Rwy Case, J 1. Co
Celanese Corp Am
Cerro de Pesco Chrysler Corp
Cities Service
Coca Cola Company Colgate Palmolive Commonwealth Edicon Consolidated Edison Continental Ou
Corn Products Co.
Crane Company Crown Zellerbach
Curtiss Wright
Dirt!!! Corp-Seagrams Douglas Aircraft Dow Chemical
DuPont de Nemours
General Electric
General Milla
General Motors
Stand Ol! New Jersey Stand Of On Sterling Drue Studebaker Packard Texaco Ine..... Thompson Ramo W Tidewater O
Twenty Century Fox Trang World Airlines' Union Carbide
Union Oil California Union Pacific Unlied Aircraft Corp. United Air Lines United Fruit
U.S. Industries
U.S. Lines
U.S. Rubber
$51 U.S. Smelt & Refin
U.S. Steel...... Warner Bros Pictures ama | Western Union Tel
AC
ا قالمة
80**
34%2
404
OL
63%
Westinghouse Electric
Yale & Towne Youngstown Sheet & T. Zenith Radio
g
Total Stock Sáles: 3,750,000.
Research aircraft
to investigate
low-speed flight
London, May 31.
A SMALL research aeroplane for livestigation
of low speeds while in flight is being built by Handley Page under a Ministry of Aviation con- tract.
It is a single-seat aircraft
known as the H. P. 115. It has British ship built
In slender, low-aspect-ratio della
wing and is powered by a shall
jet engine. It will fly this your in record time
441 study
London, May 31. THE 8,500-ton
Cargo
Vessel Lobito Palm has been launched from the
The plane will be used to stability, control and handling characteristics in order to assess the performance to be expected from acroplanes of this layout during take-off, approach and landing. The H. P. 115 Newcastle yard of Swan, will make possible for the first Hunter and Wighd m Ume practical flying experience Richardson 20 weeks after with a wing of this type and the laying of the keel--a 37% will provide invaluable data for record rate of construction
full-size design.
13
1337
204
far the yard.
Handley Page says that calcu-
will The verse)
be the lations and wind-tunnel tests, twenty-second in the Palm 32 important as they are, can fleet. With a speed of 10 knots, 244 never supply the final answer, she will be the fastest on the owing to their inherent limita-company's service to West
Consequently free-flight Affean ports. 281 testing is essential. Although
56 Lions.
18 results gained from flying the
4422
46%
a
Mr E. J. Hunter, chairimaa of the launching recently that in 1955
H.P. 115 will not comprise all the builders, said after
data required about 59% the
his firm built Bameira Palm a larger aircraft, they will be and she was 49 weeks on the 994 extremely valuable and
115
-UPI.
Yesterday's Closing
for
more significant than any in-building berth. "It shows that formation yet obtained. LPS. In the last five years actual building time has been more
COMMODITY PRICES
COTTON
NEW ORLEANS
METALS
NEW YORK
than
halved. It is also measure of fimprovement which resulted from our moder-
has
nisation schemes and improved methods Hupter said,
of production," Mr
WES
Confidence, in the future of British shipbuilding expressed at another lunching- at the north-eastern shipbuild- g centre of Sunderland-by Mr John Short, chairman of the
Short shipbuilding fim of Brothers Limited.
He said that his company had Spent hundreds of thousands of pounds sterling on modernisation
Closing prices, all in cents per during the past few years and
were now embarking upon für- 11.40ther large capital works. He 1155 thought this showed the fan's confidence in the future of the
$1.40
11 Industry-LFS.
30.07
22.07
LONDON Closing prices all in sterling
Closing prices all in cents per per long ton..
400 lb.:
NEW YORK Closing prices all in cents per
1b:
42
Lead
19
July
201
30.04
Sept.
30%
Dec.
31.13
Zine
PC
MAT.
July
ZOTY
Mury
31.71
Sept.
Fastern Air Lines
27
July
33.68
Copper
500 28,40 500 28%
Eastman Kodak
120
313$
July
Food Machinery & Chem
MABY
31.38
Sent
Dec.
2000 v 2015
Watson..... 26.10
Gliman Holding Ltd-
cd.
Ford Motor Co.
05%
MT.
31.02
500 ir 2015
General Dynamics
1344
Lane, Crawn.
41 1500 c 40 1.40
Wag On (HK) 834
Lyona & Co-78 d.
Imperial Chemical-80 d.
25
Unilever Lid-134 Bd.
43%
b.:
COTTONS Texules 10.70 10.90 Nanyang 15 15.70
Pipet
General Telephone
33%
Spot
1000 10.70 500 181⁄2 1000 @ 15.70
验
July
Radio and Electrical
Gelly Oll
Mar
Gillette Co..
70
May
2900 2 15.60
Electrical & Musical-318.
Goodrich, B.F. Co.
69%
July
1500 @ 15.00
Goodyear Tyre & Rubber
Oct.
Grace, WR. & Co.
39
Dec.
Gulf Ou
Mar.
79
501
64% per lb.:
100%
63
404
78
52
794
MISCELLANEOUS
Vibro Gilmans... INVESTMENTS
Int. Allied H.K. & FE
Lost....
2.20
8.65 8.80 $46
45 15.30
1009 14.33
Rubber
market
review
Singapore, May, 31.
The opening was steady and higher than yesterday's
close.
Selling bbm ty country centres caused a slight decline during He mbrhing but after this was absorbed buyers found difficulty in getting offers.
The afternoon was. erratic. Exchange was small while en- quiries for lowers were good, sellers were hard to come,
The market closed slightly
For United Kingdom via Singapore, Penang, Colombo, easier.
Bombay, Aden, Suez-Port Said.
SAILS:
Bowater Paper Corp On733 Bd. Georgie Pacific Corp.
Associated Electrical-is d.
English Electric Co-41.
General Electric-40 6d.
Shipping
Indo-China Steam Nay. Co, def
ord-d
Steam Navigation det brd
41 34 cor.
Stores Great Universal Stores "A"-4. Marks & Spencer Lids 7144 Woolworth F, W. & Co-685 7:14.
Textien
Coats J&P Ld-459 Courtaulds Ltd-60s 41d.
Minan
Cons Goldfields of South Africa 03 711⁄2d
Cona. Zine Comp. Ord-750. De Beers def--150s 715d.
Hongkong Tin–95 199
Petaling Th
Pend-74 4148."
Southern Kinta con Lid-275 94. Union Corp-34x 1440
West Driefontein Goldmining-Ba,
61
British Borneo Petroleum Synd!- cate-489 $4.
30.
British Burmah Petroleum-28, British Petroleum Co.. Lid-828
Burmah-45s 6d
Royal Dutch Petroleum-13. Shell Transport & Trading-145s
3.
-Reuter.
NY sugar market
New York, May 31,
World No. 4 sugar futures to- In New York, rex rubber day closed three lower to three futures today closed 20 to 45 points higher with sales of 227 points higher with sales of 24 contracts:
The domestle. No, è sugar contracts.
closed unchanged to one point lower.
FIRM NOTE
EMBARKATION: Passengers should embark between
Liquidation in the July deli- 2.80 and 4.00 p.m. on Friday, 3rd
Prices closed on a firm hotevery by commission houses and June, 1960,
after a steady cart, Improve-trade interests dominated the ment reflected seller cautions world contract. Trade Interests sides of the The ship is expected to sail at 5.00 in face of the steadier London were on both.
cables over our holiday Baldomestic contracts-UPL p.m. on Friday, 3rd June, 1960,
evidence of an improved factory demand in the local spot minket. Should be sent to the Hongkong &
Locally current maith No. 1 Kowloon Wharf Co.'s Godown (No. 2)
Ray wide qucted 45 öents; gate) by 5.00 pm; un-Thursday, 2nd-hexainal. June, 1960.
BAGGAGE:
SUBJECT TO ALTERATION
In London, the rubber market was very steady with apbt quoted at 3846 Bence,
In Amsterdam, the rubber market was gilety seaty to
Ingersoll Rand
Int. Business Mach
Int Harvester Int. Nickel
Int. Paper int, Tel
Tel.
Jones & Laughs in Kaiser, Aluminum Kennebott Cooper Libby Owens Ford Liggett & Myers Lockheed Aircraft Lume Biar Cement Lorillard, P. Co Martin Co
Merck & Company
Metro Goldwyn Mayıs Mitzipolls Honeywell Minnesota Mining & Mig Mionsanto Chemical
Montgomery Ward
Moore McCormack Lines Motorola Inc National Biscuit
National Cash Register National Dairy Prod National Distillers National Gypsum National Lead New York Central Northwest Airlines Ohio Of
Olin Kathleson_Chem Pacific Gas & Elec Pan Am World Airways
400
LIVERPOOL
7:2
Buyers Sellers
784 18312 7839%
2:39
Ta
31.00
22.02
Spot
31.45
3-menth
81.35
Copper
31,40
Spot
2354
31,80
3-month
2:37
31.40
Lead 2nd half
32.10
May
AS
764
Zinc 2nd half
May
B1% 90
91
Closing prices all in pence
American Contract
May/June
July/Aug.
Oct Nov
Det: an
Mar/April May/June
Mixed Contract
May/Jime
44
July/Aug
Oct/Nov.
Dec/JD.
Maryferli
UK's industrial output still on the upswing
*Kaly73linas
SSSSAR ANNNNNS
RUBBER
NEW YORK
Rex rubber futures closing prices, all in cents, per lb.:
July 12.45 Sept: 41.15; Nov: 40.20 Jan: 3069, Mar: 31; May: 37.20; Joly: TAL
SINGAPORE
Cloding prices all in Stralts-i cents per b. Lob. Malayan ports:
No. 1 June
迎
No. 1 June
No 3 June
No,, June
Spot rubber unbaled Elarikis crep No. 1 pale crepe
125-128
124-124%
118-118 115-116 128-1283%
121-12444
130-132
Aug.
SUGAR
NEW YORK
Closing prices all in cents per
1b.:
Contract No. 4 (World)
July
304
Sept:
1.13
3.15
3.14
3.24
May
July
Spot-FAS, Cuba)
Tolar Sales: 221 contracts.
Open interest: 8,388 contracta,
Contract No. 6 (domestic)
Judy Sept. Nov. Spot-Call No. ex-duty) Total Bales: 109 contesets
Australian airline executive leaves
IAPT. Stewart Middlemiss,
Caster Menager of
"Airlines" of New South Wales, left here yesterday, by Swissair for Takys after ipending a week here on a pleasure visit.
Airlines of New South Wales are a subsidiary of a large Aus- italian airline company, Ansett- ANA. He will spend three days in Tokyo before returning to Hongkong on his way back to Australia,
Comets
earned £2.5
J
million in six weeks
B
London, May 31. RITISH European Air- ways" new Comet 4B
jet airliners hava earned £2,500,000 since they came.
s.az into service on April 1.
9183
The 830 mph, Comets have flown more than 1,000 hours and 15,000,000 passenger mdles,
Open interest: 3,063 contracts-UPL as well as mail and freight.
FOREIGN EXCHANGE
England omchal 30-days
NEW YORK Lado Bay 11.
LONDON
Closing rates; Closing prices all in ponce per casada num Industrial production in B-
tain is still on the ubawing Ib.:
kröping - zöme 11 ber No. 1 Ras spot
Bettlement House term: beni ahead of last year.
April/June
TS-373% Ausirana”
New Zealand July/Sept.
38-32. Ometal estimates for April Oct/Dec.
3814-367 Bouth Africa
Others unchanged; 2513-3516 put the index figure for April Jan./Mar.
3142-35
LONDON 120-121 against 119 for Apr May
General triarke, CLE basis, ports:
Closing rates: 351⁄2-261⁄2 | New York July
36-201
Leontreal 301
Amsterded
at
Exchange rates
Morich
Ir Apel last year the index aus
was 110. The lowest pear was late crepe thin June thick Juna
#AMSTERDAM
Brummels Copertingers
THE” avelube inter for the Cising prizes all in guilders Beurt fest four months of 1969 Winner kläderan, chi. Jafé:
rubber 150 20 Wh as two per dib up ko.
Bustires was done in the cal 1054 at 100,
change 119KPCC moncia mondzig, at the following rates: US. Qules (per, 11 Storbo gotes (per (24)
all uke Uper, 211. Indonesian rupiah (per 108) Fam Boal (per 100 Singapore (Strett)
# dakit up of ons Jar | No. 3-rubber
CG
Paria 433 buyers stockho 348 buyet Min
2.75 buyers Zurich
101
2.7905
$5.3-425
2.0070
2.90 3/16-280 6/18
These results have been achieved: by intensive operation with a comparatively small fleet..
The sixth of the seven Comet. 4B jets ordered by British European Airways was delivered on May 10-LPS.
Greece,
Rumania
sign air pact
Athens, May 31. REECE and Rumania
G have alghed an air
haffic agreement for opera- of flights between Athens, ond Bucharest by airlines,öf the two countries, Olympic oirways and a arom. An official announcement said the Greek Government also in considering similar agreementi. With West Germany, Canada and -
No comments yet.
Private notes are available after approval.