1960-06-07 — Page 2

Page

THE CHINA MAIL TUESDAY, JUNE 3, 1960.

STOCKS SHOW BIG GAINS

Steels, chemicals, Sugar export Half a million

oils, in the vanguard

New York, June 6.

Stocks rallied to their highest level on average since early February today, restoring more than $3,500,000,000 to market evaluations.

the British Columbia Pwr.

Cana. Bk. of Comm, Calli. Packing Corp. Campbell Soup Co.

Busts concentrated on blue chips from the opening but support spread from these to other sections of the Ust. Steels were in the vanguard with the chemicals, is and autos.

Inteunat bal business machines spinted web over 10 points to A new high, Beckman ments added around Cleveita more than 2.

STEEL PICK UP

ineu

Canadian Pacific R.

Cat. Tractor

Celanese Cosis. C.I.T. Financial Corp. Charo Manhat. Bank Chrysler Meters

Cluett Peabody

Colgate-Palmolive Co.

3292

3 and

Colombian Carbon Co.

Commercial Credit

4

Consolidated Edison

Continental Can

Continental Oil of Del.

1912

Strein benefited from an ex- nted pkk up in steel opera- tions this week with Youngs- town up nearly 6 and National ahead more than 4. Youngs- tean mut strong support on the qar that operations In the Youngstown district were ex- rise to 40 per cent pected to the week before, U.S. Steel added mound 3, and Universal Cyclops, Granite City, around 1

or more.

Chrysler stood out in the

gain of more than cars with

3. The company reported that its sales in lite final third or more

were the best for any month

since August, 1957.

Crane Co. ....... Crown Zellerbach Cuban Amer, Sugar Delaware & Hudson Darotid Alkali Diamond Gard Distillers-Seagrains Douglas Aircraft

Dow Chemical ·

Eastern Air Line Family Finance Carp,

El Paso Natural Gas

Firestone Tyre & Rubber First Nat. City Bank Ford Motor Georgia Pacific

General Dynamics General Motors Gen Pub. Util,

334%

29%

082

to Hongkong

Djakaria, June 7..

Indonesia will shartly export 11,000 tons of sugar to Burm. and 1000 tons to Hongkong, Antara Nowe Agency mid today.

The Burma shipments will do in August, the Hongkong shipments this, thohin.

Antara said Burma, which had already taken 18,000 tons, was expected to be the biggest consumer of Indonesian sugar this year-Rester..

HONGKONG STOCK EXCHANGE

Ly

Our Own Correspondent

Business dome at the Hong- kong Stock Exchange this morn- ing amounted to approximately $752,000. Noon quotations the morning's transactions:

and

vacant

jobs but no one

shouts about it

By ALEXANDER THOMPSON

Hoechst, June 6.

This small town, now a suburb of Frankfort, is one of the big centres of the chemical industries in modern and streamlined Western Ger-

many.

The Fatwerke Hoechst A.G., once part of the ali I. G. Farben Industrie, has a large industrial estate here,

not apply to chemical making. which is favourably placed for press button processes.

British manufac- Even so,

As we sped through its enturers should take note of these trance gates, my taxi driver points.

factories polated to the huge

They could present them with standing shoulder to shoulder now opportunities to add to their along flower-bordered road-competitive power in overseas markets if they play their cards

London Express Service).

way.

This street. Is nearly four properly, kilometres (two and a half miles) lang." he said proudly. "Crossways, from obe bountary to another the distance is about two kilometres."

of

I have driven aut here to meet Dr Alexander Menne, as of the executive directors Farbwerke Hoechst,

He is a jovial and stocky 55- 20 1210 year-old who is obviously quite a personality in German blg 10 1210 301210 business

Balea

25

Gen, Tyre & Rubber Getty Glidden Co

034

Shares Buyers Sellers BANKS

14

HK Eank..

1200 1210

472

INSURANCES

Union

01

SHIPPING

Wheelock

6.90

7 20007.05

Goodrich B. P.) Co.

Goodyear, Tyre

Great Northern Railway

Grumman Aircraft

Gulf Cl

Hammond Organ

Ralls also improved. Aircrfis, Heyden Newport Corp. tyres, metals and office equip-Hiram Walker

Homestike Mining Co. Bussman Refrig. 035.82 141.93 Imperial Oil.

men firmed.

Dow-Jones closing averages were! Idaho Power

30 Industrials

20 Rails

15 Ulties

5 Stocks

40 Bonds

Comm. future price index..

Closing Prices

Imperial Tobacco Ingersoll-Rand

824 interchemical Corp.

int1 Business Machines

100 @ 911 100 912

3000 € 7.05

5000 7

500 7,05

DOCKS, ETC.

K. Whart

Dock

163

100

100

For 11 years, he was prest- reat of the Association of Chemical Industries. Now, he is deputy chairman of the Federa- tion of German Industries, body that corresponds to out own F.B.I.

WELL PLACED

So, one way at another, he 20.80 is well placed to talk about the 20.80 state of trade here and the shape

of things to come.

5715

39.54

209.23

Inland Steel Đỏ.

20

316

145.9%

524

Provident. 20.40

200

Int'l Harvester

43

Inti Tel & Tel

4312

Talkco Dock

50 59

Jahns-Manville Co.

81

Kaiser Industries

21

LAND, ETC.

Abitibi Pur. & Faper

$ $07/

Kansas C. Power & Light

45%

Hotel

1 41%

Alden lue. Acy.

But

Kennecoll Copper

7514

HK Land..

571 5815

Allied Chemicals

53

Kimberly Clark

79

Allied Mills Inc.

Liggett & Myers Tob. Co.

81%

Allis Chalmers

291

Lily Tulip

Am. Brake Shoe

Lition Ind.

Humphreys

American Airline

30

Lockheed Aircraft

Realty

213%

American Cable & Radio Corp

9

Loews Incorp.

2312

-American Cyanamid Co.

50

Lone Star Cement Co.

Amer & Furgn, Power

B

263% RUBBER

17米

Am. Gas & Electric

504 Merck

Amalg.

7.45

8.03

Am. Home Prou.

183 Mesabi Iron Corp.

71

72%

27

Minnesota Mining

1210

603

Mission Development

11

31

500 3124

Br

Monsanto Chemical Co.

435

Ferry

180

253 Montecatini

21%

Youmati

109

Jon @ 170

NI

Motorola Inc.

172

C. Light

35 National Biscuit Co.

81%

51

National Dairy Prod.

03

National Lead

Lowerstein & Sons.

38 National Cash Reg. "A

st

133

Noranda Mines Ltd.

Norfolk & Western Ry

83% Trust

UTILITIES Tram Stor

53

Electric

Am. Mach, & Fury. Anterican Melal Am. Natural Gas Anierican Smelting Am. Sugar Reg

American Tel & Tel American Tob

Ampex

Anaconda Copper Armed Steel

Amour

Asbestos Corp.

Atlas Cons. Mining Belwin-Lima-Ham, Baltimore & Ohio Bank of Montreal Bank of Nova Scotia Beech Life Savers

Beneficial Finance

Bendix Aviation Corp. Benguet Cons.

355 | National Steel Corp.

2514 New York Central

33 North Amer. Aviation

526 Northwest Airlines (Com.)

629 Oklahoma Nat. Gas

340th Mathieson

4814

Otis Elevators Owen-linols Glass

69% Oxford Paper Co.

Pacific Gas & Elec.

4724 Pan American Airways

Paramoun Pictures

Penny J. C. Co.

28% Penn. Salt Co.

Philip Morris

Pitney Bowes

Procter & Gamble Co.

Pittsburgh Plate Glass

130 STORES, ETC.

28% Dairy

39

Bethlehem Steel

Boeing Airplane

26

Burrough Adds Machine

33

British Amer. Oil

UK markets

closed

London

markets

were

closed yesterday because

of the bank holiday,

Declines

in grain market

Chicago, June 6. Corn futures held steady in an otherwise lower

grain market today on

Publicker Industries

Pullman

Pure Dil

Radio Corporation

Radio Corp. Pref.

Raytheon

Republic Steel

Reynolds Metal

Reynolds Tobacco

Royal Bank of Canada

Royal Dutch

Rheem Mig.

Sears Roebuck & Co.

Safeway Stores

Saint Rag. Paper

Schenley Inc.

Scott Paper

Siegler Corp.

Sinclair Oli

Smith, Kline & French

Bocony Mobil 01

Solar Aireraft

| South Puerta Ried Sugar

Southern Co. (The)

Southern Natural Gas

Sperry, HanG .... JA Standard Brands Standard Oil of Cal. Standard Oll at ind. Steel Co. of Crisada Sterling Drug Co. Stokely-Van Camp. Stone & Webster Surahine Mining

gwint & Co. fexes Co

Textron Inc.

lokal Chem. Tide Water Oil

the Chicago Board of time use. Trade,

Tri-Cont. Warrania

Twentieth Century Fox Film Wheat futunts declined at the | Union Carbide start ns favourable reports were Unton Oil of Cal.

} ́Union, Paciñe Railway. received in the harvest. Export United Aircraft markets were inactive due to United Fret

United Gas Corp. holidays in many countries.

US. Fol "B" US. Gypsum Some cash houses bought July US, Line Co wheat, Commercial houses US. Ribber Ja with southwest qonnection.sold US. Smelting the December. Some tradera US, steel.1 P.C. PF. bought wheat and sold corta, "

Soybeans were also esky, Ab eastern Itse bought Novem-

US. Steel

Warner BroO. Waukesha Motors Westinghouer Air Brake Westinghouse Electric Western Union Tel. Co.

ber, and local bought because West Vs. Pulp & Paper of better meal juices. A large Wing-Due stores export business was gild to be Woolworth (K. W.)

Zenith Radio pending in vegatable, bils, UPI,

Qale GRENTAKERS

MARINE DIESELS PO Box 899 RENECO

Deliveries

Tal., 24491

"How is the chemical business?" I asked if we sipped coffee in his specicus office and smoked cigarettes.

Rubber

market

review

NEW YORK

COTTON MARKET

KISPORTATDA

Japan shipyards face prospect of

serious

slump

Tokyo, June 6. THE Japanese shipbuilding industry, which has maintained the position of world's top ship- builder since 1956, is now facing the possibility of

a serious slump because of a heavy decline in orders for export.

A report published by the The standard deterred payment Japanese Ministry of Transport terms authorised by the gives warning that a disastrous | Japanese Government · for the

comi situation may ensue in a year ( loans supplied by the or two unless steps are taken oficial banks for this purpose immediately to avert a reces-call for the payment of 10 per sion.

ctat the comract pricé m In the early part of the five six years. Stricter terms are year period, Japanese dockyards applied to the export of ships enjoyod

unprecedented to Central and South Angerica, boom, the report says. Their the Middle East, and more than low building prices and short ten countries in Asia.

In contrast, foreign shipyards delivery terms attracted a rush

Relaxation

New York, June 6. Liquidation In the nearby July delivery at the close dominated an otherwise

of orders, particularly from are offering better terms, allow- slaw and mixed trade in

cverseas owners, and moder-ing repayment of at least 80 per cotton futures today, nisatior carried out in the cent of the contract price over Final prices ruled 10 lower to | previous five years was show-eight years.

the marked results in 3 points higher. The marketing

of the deferred to of technical fleld.

payment opened unchanged

terms will be the factor in Orders received from both do- erucial

allowing and foreign owners Japanese shipyards to compete mestie amounted to 2,600,000 gross tons effectively with Western ship- in 1955 2,800,000 tons in 1958 yards. and 1,800,000 tons in 1957. Be-

Reduction in the price of drastic change in the Japanese steel for ship- cause of

to the world freight market situation, building

however, the total orders drop level. ped to 1,200,000 tons in 1958 and 890,000 tons in 1859.

Export orders placed with Japanese shipyards in the past

points. New Orleans closed off New York, June 6. Rex rubber futures today 11 to up 3 points Selling in July came at the time when closed unchanged to 78 trade buying interest was lack points higher with sales of ing, and polated up Memphis 63 contracts.

trade reports that textile mill Covering in the July delivery, buying of spot cotton in and intra-dealer switching of past week has been small. the spot month for September

FAVOURABLE and November, dominated the

Crop

W3S mostly market. The sales were .com Layoumble. A Houston spol sidered better than moderate

good to excellent tons, worth more than 1,700 mil. in view of the Whitsun Holidays vey said the Rio Grande five years amounted to $,200,000

crop mede overseas and the fact that most

the past week.lon United States dollars, the

But and Progress in of the

the orders local dealers

Generally, plants were bloor-report adds. brokers were absent today anti-

part of the period, those re- lactorily.

Corpus Christi area also received in 1958 and ported excellent progress with only 760,000 tons and Optimistic reports from the many plants beginning to bloom, tons respectively.

The East Texas crop is pro- ANOTHER YEAR automobile trade, and stock

other gressing satisfactorily, with ap- market strength were

proximately 20 per cent be background

ginning to square. Arizona and sales for May approximated California reported considerably 577,000 units

improved weather conditions Locally, current month No. 1 for cotton growth progress, Rss Was quoted 44 cents.

market The Liverpool nominal.

closed today for the Whitsun holidays.-UPL

world market

Encouragement of the development of new ship- building techniques.

Fostering of smaller in- dustries related to ship-

the

building.

Standardisation of quality and specifications

shipbuilding-Reuter. -

the tending the annual outing ofg freely and fruiting satis- were concentrated in the early of goods and materials used for

2

Menne had the facto at his 24.80

fingertips. "Turnover of 1.85 1.875 11090 1,90

firms as 25000 1925 German chemical

5000 1.30 whole," he said, "was 20 per Gaddia cent up in the first quarter of this year compared with the first three months of 1959."

What about Farbwerks Hoechst? I enquired, Dr Menne smiled. "I think I can safely say we are doing a little better than that," he said.

31

22.20 22:5

100 2214 300 @ 221⁄2 100 vr 2715 1000 22.20 200 er 21.30 25 28.30 1000 28.10

1008 28 500 & 28 100 m 28 200 3814

This makes you wonder how our own Imperial Chemical In- dustries is doing this year. As the biggest in Europe it can hardly be lagging behind

Alexander Menne who calls himself "a plain businessmian,”

the Rubber Trade Association.

QUIET

influences.

Саг

In Singapore, the market ruled dull throughout the morn ing with business restricted to No. 1 Rss, Factories were quiet.

With most tipcountry centres closed in the afternoon the

was shown in three

has had an adventurous career. market continued quiet, Seme

During the war, he is said to interest 200 @ 13.70 have

was

1959 being $30,000

The backlog of orders at the Japanese shipyards at the end still of March this year was 2,300,000 tons, or enough to en- able the leading dockyards to keep going for another year. But, in view

the poor prospects

export ship-

for

اخ

Licence to make: helicopters

Stratford, Conn., June 6.

LICENCE to manufac- ture and sell the twirl-

A

building, many slipways are ex-turbiñe S-61 helicopter has pected to become idle in or been granted to Mitsubishi.

Heavy Industries, Ltd., of..... According to the report, out Japan, by Sikorsky Aircraft, of the total labour force of

a division of United Aircraft 108,000 workers employed by 24 Icading Japanese shipyards Corporation, it

Agreed merchant after 1901.

rates

been arrested by the shee. Factories stayed out Canadian Dollars Maximum 170 @ 13.50 Gestapo, and sentenced to be UPI.

Telephone 372

53

1500w 23

300 $38

1000628

500 38

102

150

37%

27

HK Gas .. 13.00 13.70

014

19% INDUSTRIALS

Cement

51 52

2814

500 @ 51

COTTONS Textile Nanyang

1012 10.50

18

Int.

8.75

74 Allied

0.40

403

25

29

INVESTMENTS

H.K. & F.E

Invest.

.. 14.90 15.40

NOW ASIA'S

BUSIEST

PORT

shot.

I asked if the glory were true, "Yes, it is," he told me, "But I prefer not to talle about it. That painful chapter is finished ALOW."

So we switched to business topics again. Menne is clearly an optimist about the future of the world's chemical industry,

"With so many new products being formulated all the time, It should certainly continue to expand," he declared,

To illustrate his point, he necounted Farbwerke Hoechst's performance in the last few years,

Plastics and synthetic fibres have been among its star turns) just as they have been for ICT at home.

What about the rest of Ger- man industry? Menne believes further expansion depends on automation and mechanisation.

The reason is that booming

Germany is running into an

acute labour

In shortage, theory, there are stil mere

Singapore, June 6, This Southeast Asia trading Island has pätted Köbe, Japan, as Asia's busiest unemployed than jobs waiting port, Deputy Prime Minis- to be filled. But in practice, it ter: Dr Toh Chin Chye is the other way round,

sdid.

Some estimates say there are

as many as 500,000 vacancies,

Handicraft

Singapore, June 6.

Vietnam plans to send handi- craft goods to Malaya and Singapore in an effort to im- prove its overseas trade balance. Vietnamese Consul Tran Kim Phuong said the handicraft centre, in Saigon may set up showroom in Singapore to dis- play the products. Most Imports from Vietnam are rice, fresh vegetables and fishAP.

Yesterday's Closing

Quoting statistics for 1958 although industry does not

1b.: just released by the Rotterdam shout about t

Chamber.

of Commerce and

Industry, Dr Tob said that m UNEMPLOYMENT tonrage of shipping Singapore ranked fifth in

the world 11 behind New York, Rotterdam,

London and Antwerp.

In contrast, the unemployment total is only around 120,000. And a large proportion of the unemployed are either unfit, pr Comparative figures for 1959 too old for work. 84wtie not available. However, This scarcity of labour, how- Singapore in 1959 handled an ever big it may be, is naturally all-time record of 66.65 million being reflected in rising wage not tons of shipping-double rates, as industry scrambles for the Agure for 1950.

1410

40%

BOOMING

manpower,

Last year, wages rose by be- tween five per cent and six per cent. In the first four months Tears have been expressed in of this year, they were, showing salpping and business circles a ab and a half per cent ad- here that efforts of young vance on the same period of neighbour

to

Says De Menne "Increasing

nations, especially 1950, Indonesia and Maleya, devetop their own direct ship-- sales have so far made it possible ment facilites will hurt Sings for our industries to absorb these pore à traditional position as the rising costs. As a result, prices murketp

Asiy, have kept fairly stable.

But these

trade through

selling 17 1/16, Minimum Buy- ing 175/16 T/T, 17% 0/D.

Belgian Frames MaxiTum selling 864.

West German Deutschemarks Maximum seiling.72-7/16.

Exchange rates

was

at the end of 1959, ebout 70,800 nounced here today. permanent hands formed a core No date for the stert of pro- which must bo preserved duction has yet been set. even in a period of recession, It Under the terms of the agree- the Japanese shipbuilding in mont Mitsubishi will build dustry is to resume expansion helicopters similar to the HSS-2 at present under construction by Sikorsky for the US, navy. The Japanese are expected to use the S-61 in a variety of missions for their Self Defence Forces as well as in civilian rescue and emergency work.

later.

To maintain that core of labour force, the Japanese ship yards must continue to build at |least 1,200,000 tons a year,

Because of the diminution in world demand for new ship 5.75 building and also strong 15.37 petition from the shipyards of

Basins was done in the local moficial exchange market This morning at the following rates! US dollay ther $11

Sterling notes (per 21) Australian notes (per 1 Indonesian rupiah (per 100) Barn Deals (per 100) Singapore (Siršta)

COMMODITY PRICES

SUGAR

12.84

100 Britain, West Germany,

Com

RESCUE WORK After last year's

Typhoon

and Vera, which left thousands of

25.85 Sweden, export orders te Japanese homeless, U.S. mill- 180 Japanese shipyarde in the comary and Japanese self defence ing two or three years are helicopters played a major role likely, the report states, to re- in the rescue work.

The S-31 will be built at the main on the 1959 level of

Nagoya 330,000 tons a year..

Aircraft Works of On the other hord, construc- Mitsubishi, where the Sikorsky tion for domestic owners. Is S-55 helicopter has been pro- since expected to declire substantially duced wider licence trom 499,000 tons in 1959, January, 1958. As with the unless steps are taken to boost early menufacture of the 5-65 it. Even taking into account Mitsubishi will begin, S-51 brow Closing prices all in Straits construction for reparations and duction with major components cents per lb. Lob. Malayan the Japanese, self-detence naval provided by Sikorsky-Reuter. ports:

forces, the total building of No. 1 June

1251-125 ships in Japart. In the coming July No. 2 June No. 3

No. 4

ام

SINGAPORE

NEW YORK

Spat rubber umbaled Closing prices all in cents per Blanket repe

No. 1 pale crepe

Contract No. 4 (world)

Juty

Sept

Oct.

Jan.

MAY

May

Spot (F.A.5. Cube),

Talal Sales: 248 contracte

Open interest: 8,174 contracts

Contract No. 6 (domestic) July Sept.

535 Nov.

4.99 Spot-(C41, NY, ex-duty): 3.55 Total Sales: 85 contraclaus Open interest: 3,772 contracts

122-1247 years will be, about 800,000 tong a year which is far be- low the required minimum of 1,200,000 boris.

COTTON

NEW YORK

Closing prices all in cents per

ib.:

Spo: 31.15: July 22.77: Oct: 31; Deer 31.06 Mar 3141; May: 31.89 July: 3183; Oct:: 3145; Dec: 3195: Mar: 32.15

NEW ORLEANS

UPL Closing prices all in rents per

ib.:

KUBBER

NEW YORK Rex rubber futures, closing. "But in several industries they most flow be getting near prices, all in cents per lb the point where further increases.

in whites Tenlist lead to Higher

These are his personal viewsNZ of course, And I imagine they do

Spot: 31.80 July: 3273: Od: 30 Dec; 21.07% Mara 21,41; day: 1.11 July: 31.62: Det: 3141; Dees 21,48

-UFI,

FOREIGN ENCHA NGE

NEW YORK

MEASURES

The report urges the following

immediate measures:

New vehicle

factory

Birmingham, June 6. ---TRACTOR — and com- Amercial vehicle factory

A speeding up of the expansion and modernisa-A

tion of the Japanese merchant dect

Its total tonnage at the to be built in Scotland by end of 1959 stood at 5,800,000 the British Motor Corpora- tous, which was about the same tion will export at least half level as before World War IL

But the size of Japan's foreign if £50 million a year pro- trade at present is more than duction.

30 per cent larger than pre The corporation's malingam war, while the average distance

Press conference here: of export and import, transport director, Mr George Harritan has extended by more than 50 told a

per cent. Further expansion of that the factory was expected to the feet is required if Japanese start-production in 18 months. ships are to carry the same per full production of 3,000 centage of foreign trade as be heavy trucks and 700 tracuri a fore World War II.

the flow week would be reached in about In addition, the fleet has two years. ebout 710,000 tone of wartime The factory had been design... standard ships and 250,000 tons ed so that floor space and prov A vessels bought from foreign duction would be doubled with countries in the immed

war period. These ships should "The factory will; employ 6,500. be replaced under a scrap and workers at first

The Bricks

More abrictive deferred Riley,

shipbuilding." --China Ma