1960-06-08 — Page 2

Page Z

THE CHINA MAIL WEDNESDAY, JUNE 8, 1960.

Necessary restrictions NEW YORK STOCKS London. should be welcomed REGISTER ANOTHER

in Britain

SHARP GAIN

New York, June 7,

Tis stock market made a sharp gain on Tuesday for, the second consecutive day with space age issues taking over the leadership from steels.

London, June 7.

With the economy booming and the labour market getting tight, the London Stock Market Exchange has been jittery about further restric-

to

tions.

need for further braking should be regarded as unlucky.

willing to allow the economy to get out of hand and crash, presumably all that would be luckier.

Cins ranged from fractions Republie Steel

3 dellars a share in most Barnokls Metals

Reynolda Tobacco casca. Some of the fast moving: Royal Dutch Petrol conies did better, including St. Regla, Paper

Sears Roebuck Shell Oude me rola up 5%.

Shelt Transport Shaclair Ol

They are not yet certain. The hire-purchase restrictions are beginning to bite.on the used car market, the surge in bank cd- vances is slowing down, and need for there

other spontaneous restraints.

passes com-

missile-rocket issues higher. What prehension is why the possible

are

If the economy, were stagnant Instead of booming or if the restraint

were ob- viated by an American slump or some dire international develop ment, or if the Government were

HONGKONG DROPS A

PLACE IN MALAYAN INVESTMENTS

By GORDON HUNG

Kuala Lumpur (By Airmail). Hongkong has fallen to third place in the overall placings of foreign countries investing in Malaya.

a

She

applications, 35 industries and 190 products had been given pioneer status and 36 pioneer certificates issued.

has been ousted from second place by the Bahamas with a total paid up capital of M$8,500,000. Hongkong now has

total paid up

Or the 38 pioneer Arms, 22 capital of M$2,090,000 in Malaya. Britain were now in production. The kads the list with investments, others would begin operations totalling M$9,263,000.

The companies had establish Foreign capital totalling ed factories in Petaling Jaya, $23,400,250 for industrial deve-20; Johore Batiru, 8; Kuala Jopment projects was invested Lumpur, 8; and one each in in Malaya in the first three Penang and Kelantan. months of this year, according

SDUNI.

In Germany where the authorities have been taking coe measure after apother to try to stop cyclical over-hesting, senti- ment has remained strongly bullish and the measures do more to advertise the boom than to

it. stop

Something similar could happen in Britain.

even

Germany has again raised her bank rele. Britain's shortage of reserves compared with Ger- many's unwanted plethora of mean that them does at least Britain

be сал

less inhibited then Germany about interest rates or such. If dearer money-even a higher bank rate -were needed internally, It would be sulted to Britain's ex- ternal position while it is grossly unsuited to Germany's.

MORE EFFECTIVE

A Senate Committee move tha could lead to bigger dance

electronic spending sent the

Soceny Mcbl) Ol South Ans, Gold & Flat South Califomia Edson Southern Company Sperry Rand Standard Brands stand. Of California Stand. of Indiana Stand. Oll New Jersey at the same time there were stand. Oil Chie instances of proft taking in in-Sterling, Drug dividual issues.-

Studebaker Packard Texãdo Iño. Thcampeon Ramo W. Tidewater O

A number of reading steels, motors, oils, chemicals, rails and nonferrous metals did well. But

The Associated Press average of ED stocks rose 2.00 to 220.80.

The Dow Jones industriais war up 8.08 to 645.58. This was interpreted as a bullish factor because it was a breakout above the trading range that he prevalled since February,

SENATE COMMITTEE The market's upward surge was aided by news that a Senate Committee had added more than 800 milion dollars to the de fence Money Bill with a hint of more to come.

been

Against the special deposits cr

This revived the languishing hire-purchase restrictions and other roundabout devices, doar space age issues which have overshadowed by their money also has the great ad- tary and probably much more San Diego Imperial, a sav. vantage of being non-discrimina-prosale brothers recently. effective.

ings and loan company, again headed the most active list, pla- ing 4 to 10. Second Studebaker-Packard, up at 10. Third was American Motors, off at 24.

This is not to say that London's bank rate is going to be raised, With the dollar so uncompetitive there is no real danger of an autumn sterling crisis. By being misinterpreted as a crisis mea- sure, a six per cent bank rate only thing that might be the

Anyway, if could bring one. measures to prevent a runway Sources cl foreign capital become necessary, they should pald up for development be welcomed rather than feared, and the least discriminatory schemes were:

The United States $1,955,500; measures will probably do the Australia $413,000; Bahamas most good.

to the Ministry of Commerce DEVELOPMENT SCHEMES and Industry's quarterly re- port.

The report said that 38 ap- plications under the Pioneer Industries (Relief from Income Tax) Ordinance wore received | $8,500,000; Denmark $250,000;

Big gains of reserves by Ger- in the same pediod.

Germany $250,000 Holland

many, France and several other $90,000 Hongkong $2,090,000; Indonesia $175,000;

Continental countries no longer Japan

meen big losses for Britain --- $412,350 and Britain $8,285,000 st

month Britain actually This boom has not only been

The explana- confined to industry but to the gained a trife.

be the transfer tion may

This made a total of 148 ap- plications received under the

As a result of these ordinanec,

HONGKONG STOCK EXCHANGE

Bay

Our Own Correspondent

Total business on the Stock change this morning $1,018,000. Transactions cluded:

Shares BANKS

Buyers Sellera

Landon register 202.

INSURANCES

Union....

Lombard on SHIPPING Asha Nay... Wheelock

DOCKS, ETC.

Dock .......

92 031 300

98

Ex-

WŁA

Sales

of

Wi

Thlokel, which produces rocket fuel, was up 2% on heavy trading. The company announced today that it is moving into the auclear propulsion field.

Active gainers included U.S. teel 144, Bethlehem 1%, Chrys ler 1, Texas Instruments 3, Kennecott 12, Texaco 2%.

Responding to investment do mand, Eastman Kodak gained 444, Dupant 31⁄2, International Paper 2% American Tobacco 1% and Goodrich 1.

included Losers

Universal Match, down 4; Lukens Steel, 3,710,000 shares from Monday's 3,220,000.-AP.

Federation's two main primary dynamism from the United Stafes down ; Volume swelled 1

exports-rubber and țin.

The good

prices now being to Europe. While the focus is fetched by rubber and tin has Western Europe's pcstible resulted in a building boom in divisions and discriminations, Western Europe as a whole fe in the Federal capital,

Excluding

Government pro-danger of forging ahead only too jects, a record total of $22 tast while United States ro- million worth of buildings, in-ports are far from enthusiastic,

cluding banks, office blocks and

homes,

will go up in Kuala

Lumpur this year.

This total also covers the mushrooming development of the University of Malaya campus.

EUROPE'S DIVISION

Closing Prices

Allied Chemical Corp. Allis Chalmers Aluminum Ltd. Aluminuni Company Amerada Petroleum. American Airlines American Con.... American Cyanamid American Smelt & Rein.

Borg Warner ... Bridgeport Brass Burroughs Corp. Canadian Pariño Rwy, Dee, I. 1. Co.

As 10 Europe's divisions, American Sugar General de Gaulle's conciliatory Ameriose Tel & Tai speech looks like the biggest Anaconda Company

American Tobacco

thing in years. Immediately it | Armco Steel A leading architect said the may make litte practical dif- Armour & Keneral level of prosperity ference but it does seem to mark

Associated Dry Goods Atlantic Refiting caused by favourable rubber and a change in mentality and that Bendix Aviation intin prices meant that many peo-is all-important. -

Bethlehem Steel ple were now able to afford a

Boeing Altplane Borden Co. home of their own.

People are dynamic and co-

when operative

feel they and co-operative. dynamic Changes in institutional arzunge- ments are much less important. Celanese Corp. Am.

Cerro de Paseo Laken her Britain has

Chrysler Corp... initiative towards ferit cuts at

City Service Coen Cola Company duties from the next GATT conference,

Ccgate Palmotive If the United States is to out- Commanrealth Edison compared with the floure of fer from European customз

Consolidated Edison Continental Oil $32,500,000 estimated for the.

union, Washington naturally Corn Products Co wants it to be as small a union Crane Company

Crown Zellerbach possible. Similarly for Curt Wright

A contractor said the current flourishing building conditions had been facilitated by no rise In the cost of materials.

BOOM NOTE: The Govern ment collected $70,900,000 in rubber export

January to April this year,

92

500 ir 9215

42 175

40

8.80

7.95 3000 600

105

109

400 107

200 105

800 105

1000 20.00

500 2020 period,

58

41 1000

1200

HK Land

584

57

Providend 20,20

Talkno Dock

LAND, ETC.

HK Hotel.. 4014

341

* *888*** 5 2 635.

HK Land (RU)

Humphreys Really

RUBBER

Amalz.

Trust AL

UTILITIES

Tram

Sur Ferry

10:24 4.875 20000 @ 1.65

7.30

8,50

500@3114

172

Yaumati

163

160

100 168

100 168

C. Light

2115

Electric

27.00

Macza E.

Telephone.

12/20 37%

1500 3744

200 3724

1000 21.80

100037

500 3724

own

Tin, the main export item as after rubber, yielded $17.100,000 Britain low tariffs leave less Distal Comp-Seagrams million in the same period-room for discrimination.-China | Douglas Aircraft $2,100,000 more than expected. Mait Special.

Dow Chemical

Yesterday's Closing

COMMODITY PRICES

LONDON

Dupont de Nemours

Eastern Air, firms Eastman Kodak

Food Machinery & Chem

Ford Motor Co General Dyzmerica General Electric

General M11

General / BioŁOTE

General Telephone

Georgis Piclfie Corp

Getty Du

Gillette Co

Goodrich, B.F. Co

Goodyear Tyre & Rub Grace. WR. &c Co

Closing prices all in pence per Gulf où

No. 1 Rasput

.... 3835-30

METALS

Ib:

Bettlement house term:

July/Sept.

Oct/Das.

LONDON

Jan./Mar.

Apr May

76B

Buyers Sellers

786!

500 3794 Closing prices, all in sterling

300 13.70 per long ton:

21 @ 50 Copper

1000035

HK Gas .. 13.00 13.70

200 & 15.70

2500 23.60 Ti

1350 @ 13.60

Spot

INDUSTRIALS Cement

KA

51

ponth Sust

500 50

1-month

500 @ 15044

STORES. ETC. Dairy

273 27.00

300 @ 28

June Sept.

500

June

20.00

Bept

41

Watson Lane, Craw Emporium 8.30 Ewing B. H. 230 COTTONS

Textile

Nanyang

MISCELL

Vibro

Zine 1st hall

21.90 Lead ist halt

200 út 28

30040%

1016 1000 @ 10%

10% 10.03 1000

15.90

ELLANEOUS

355 @ 13.30

Agreed merchant rates

D0%

RUBBER

·BINGAPORE

Closing prices. all in Straits centa per lb. fo.b.Malayan. POLE: [No. 1 June July No, Jude

Canadian Dollars, Miximum No. Selling 7-3/32; Minimum Buy N

ubber. 17-11/32 T/T, 17-18/82 Blanket crepe. O/D.

* No. 1 pada crepe

Ingersoll Rand

Intl Pipe Mach

Int Harvester

Inti Nickel

3746-371 Paper

2016-2016

Inti Tel & Tel

35-35% Jones & Laughi

Kaiser Aluminum

General markets, cit. bada, porte: Kennecott Copper

June July Aug Erlate crepe "the "June thick Jun

381-366 Libby Owens Tond

| Liggett & Myers

32-333% Loocheed. Aircraft

COTTON

LIVERPOOL

Lone Star Cement Lorillard, P. Co. Martin Caz Kaidyna Merck & Company Metro Goldwyn Mayer Minneapolis Honeywell

Minnesota Mining &-Mig

Monsanto Chemical Montgomery Ward

Moore McCormack Lines 147 Motorola Ing"

National B

National Cash Register p

National Dairy Product

National Distillery

Closing prices all in peace per rellanal Gypsum

American Contract

May/Junie

Disky/Aug

Det/Nov.

Dec/Jan

Mar/April

·May/Jom

May

National Lead

New York Central-

Northwest Airlines

Ohio Dil

Twenty Century Fox Trans World Airlines Union Carbide Union Oll California Union Pacific united Aircraft Corp United Air Lines united Fruit

US Industries US Lines

US Rubber US Smelt & Refin US Steel

85%

09

457

23

429%

413

stocks gain

London, June 7:

Wall Street's sharp upswing helped spread gains across the industrial market to- day with internaHonel stocks pacing the rises. Volume of business payid small but stock snorlage con- tributed to many better indus- trial share prices.

Gilt-edged mgged on fears

of further selling by the banks

39% to meet their June 15 commit- 42%

ment for "special deposit" pay-1

NEW BRITISH LORRIES

MAY REVOLUTIONISE

U.S. INDUSTRY

New York, June 7.

A NEW line of British compact lorries was intro-

duced to the United States today with a fore-

sments to the Bank of England. east that they could revolutionise the US. lorry industry, just as the small British car had changed the U.S. scene in the passenger field.

64%

18%

Losses ranged to £%.

FIRM

Greck issues were strong in foreign bonds, both the 7 ser 251 cent and 6 per cents of 1928 3742 jumping £21.

Togos

11

27

Dollar stocks boomed in tune with Wall Street, Gold stures took things quietly and turned 68% duff but losses stayed small. 31%

Coppers were narrowly mixed

83

44 and diamonds firmed. Tins con- 49% tinued to improve while ipad- 41zines moved upside.

3112

1087 1132

Warner Bros Pictures Western Union Tei Westinghouse Electric Yale & Towne .......... Youngstown Sheet & Tel Zenith Radio ..............

Total Stock Sales: $3,710,000.

BANK STOCKS Bank of America 42 bld 44% ask Chase Manbatian e bid 60, ask First Nat Boston 0914 bid 23 ask 77 bid 80% ask First Nat Chy Morgan Guaranty 99% bid 1025 ack

UPI.

Rubber

market

The

review

Singapore, June 7.

market ruled idle throughout the morning, although there was some interest in No. 3 Rss June but in other lower sheets, though quoted, business | was very small.

Afternoon started quict until shortly before the close. Lick

Oils followed the American lead upward. The market ended

firm.

Several gains went to rubbers and teas.--UPI.

Closing Prices

British Each

Consola

Como

Gutedged Bonda

Transport by law.

Conversion 201-7/18.

-£43quxd.

- Regnby 19.

LOBU 话说

Funding

Loan

£81-lt/10

Funding Stock

£68-7/16 x

Funding Loan

£30-7/14.

The

are

compact lorries Rootes Motors' car-over-engine Hillman Commer line, which a spokesman said were an average two to three feet shorter than the conventional three-quarter-

ton-capacity American lorries.

BENEFITS

Mass transfer of Greek ships

London, June 7.

of THE "repatriation"

In a statement released with Greek-owned ships from the introduction of the truck flags of convenience to the

Chairman

of

Lord Rootes. Hooles Motors, said that wide- Greek register reached ...a scale use of compact lorries in peak last month when 58 place of the larger conventional vessels of some 665,158 tons models would have the same filed applications for trans- benefits as the addition of more ter, the Athens News Agency traffic lanes in business districts in most U.S. cities.

reported.

Since January the total of A spokesman said the first application for registration filed public display of the new line with the Greek Ministry of would be at the British exhibi-Merchant Marine covered 145 tion which opens here on Friday. vevels of 1,302,188 tons. Several body styles would be

the The report sad 1831-displayed including the Hillman-transfer resulted from the threat

محمية والامانة

مات

Commer caravan which, with its self-contained kitchen and

Moss

of the International Trasport Workers Federation to organise

315%, 9/2c4lounge-bedroom facilities, could a boycott of flag of convenience

Savings 3%. 1955/65£74. Savings 3%. 1. Savings 3%, 19/75-73-9/16.

Banks

Barclay's Bank "A" Lid ord-53%. Chartered Bank-dza. Hongkong-£60

Lloyd's Bank "A",

· Insurance

Union Insurance Canton- ₤2 Bmi7, 35.

Aircraft and Motors British Motor Corp. Ord~~LDS. Ford Motor Co-116s.

Hawker Siddeley Group Ord-301

Rolls Royce Ltd Ords 3d. Rootes Lid "A"—lls 10140.

Standard Triumph International~

118.

bd.

Breweries

Dillera Co-30%

be used as a mobil-Reuter.

Rise in Israeli shipping seen

DR

ships in the Great Lakes ports and in other United States and | Canadian ports.

Ministry of Merchant Marine figures showed the number of ships registered under the Greek flag, of for which ap plications for transfer to the Greek register have been re- ceived, stands at 1,019 repre- senting some 5,360,558 tons,

New York, June 7.

now rank seventh in N. Wydra, Managing Greece Director of the Zim terms of tonnage among world

merchant navics.-UPI. Israel Navigation Company,

predicted today that within

ten years Israeli shipping Largest

South African Breweries 26 d. would tatal a million tons.

Building and Materials Associated Portland Goodbass Wall & Lead Ord-4ts

of buyers caused prices to sag.

June and July narrowed to | 101d. one-half cent with seller over #54 for July.

Factories were quiet.

In London, the rubber market was quiet with spot quoted at 38% pence-UPI.

Light selling

in cottons

Cement-71#

Coal, Biel and Engineering Babcock & Wilcox Lid-303. United Steel-70s.

Vickers Ltd 33# 4!4d.

Food and Tobacco

Dr Wydra said at a pr259 conference that his arm planned to build a new luxury passeN- ger liner of about 23,000 tọns,

# was hoped to have the liner, operating by 1963.

The liner would carry about

tanker will be launched

Dunkirk, June 7.

THE largest tanker to bo

built in Europe, the

Brish American Top. Co, Lid 1,000 passengers and would 73,800-ton Jean Paul Getty,

$15 ed.

Imperial Tobacco Co., Lid-076.

Miscellaneous Buardman Marden Lid-4 9d. British Oxygen Ltd. Ord-948. Canadian Pacific Rly-346 De La Rue Co 21 or

Dunlop Rubber Co--27s 41d. Gilman Hoking Lid—is Pu. Hongkong & China Ga-16 Imperial Chemical-0 Bd. Leon & Co-80%. Unilever Lid-1748 411⁄2d. cor.

Paper

Bowater Paper Corp Ord-628,

Badio and Electrical Associated Electrical-dis K. Electrical & Musical- 10lád. Engilsh Electric Co-41s 3d. General Electrie-20 d.

Shipping

2

after the multi- millionaire head of the Tide- Dr Wydan said Israel's goal water Oil Company, is to be as a maritime nation was to launched here next Satur- carry a substantial portion of

have a cruising speed of about named 20 knots,

her foreign trade in her own day,

nships and to win a fair share of The wanker, the size of a trans-

Indo-China Steam Nav, Co. del onde B

P&O Steam Navigation det ord-

New York, June 7. Light selling predominated in the cotton textile market today. Converters bought cloth for spot and nearby position, involving resales and first hand offerings,|| 418 115 prices held about unchanged.

Business in the wool goods 750 market w25 disappointingly

slow. Prices were higher at the Sydney wool auctions in Aus- tralia.

54%

45

187%

22

In synthetic goods, most in- terest centred on fill-in buying of rayon Alamont fabrics and some cotton synthetic blends AP.

4724

78

7912

224

·2434-

841

Rubber union serves notice

Cleveland, June 7. The United Rubber Workers Union AFL-CIO has served notice on the Fire- stone Tyre and Rubber Company to re-open the companywide contract for bargaining on wage creases, for some 18,000 workers.

in

Firestone's contract with the rubber workers runs until April 15, 1901 but provides for re- 26% opening on wages at any time. 174-

A starting date and site for the negotiations will be set by $45, mutual agreement.

22016

The United Rubber Workers 1546 International Policy Commities.

003%

set last month

adopted a 1960

534 cconomie programme which in-

!?

29

se

cluded & plan balling for "a general increase." China Mell

241% Special

19%

22.60.

12.56

Pan Am World Airways

· Poznavivable M&

£140.

ONG B chắc

con chim

Pacific que & Elec

Paramount Pictures

**Repid: "Cola

Contract Peter, Charles

Phelps Dodgs

Phillips Pairst PUT YOU Quaker Outs Radio Cor

Exchange rates

In-the

thin

upofficial exchange”......market

U.B. doller(per $1)

morning at the following

Blerting poler: (par 23)′′/

Australiah note (per

1

Indonesian rupiah (per: 100) -- .. Stem-Hauls per 100);

190

Stores

Great Universal Stores "A"-435 Marks & Spencer L4d-733 214, Woolworth F. W. & Co-685 id." Textiles Coats J & P Lt-501 11⁄2d. Courtaulds Ltd-08 94.

Hars 01s 31.

Cons Goldfields of South Africa--

33.

Cons, Zine Corp: Ord-178, 34. De Beers def-1978 od.

Hongkong an–38 74.

Petaling Ti

Rand-739-P.

Southern Kinta Cons Ltd--28. Union Cur B

Weat Driefontein Goldmining-81

British Borneo Petroleum Byndi cate46 3.

British Burmah Petroleum-25. British Petroleum Co Ltd-1s 9d.

Burmah-448,

general ocean commerce-Reu-Atlantic liner and the first tanker to be equipped with stabi- lisers, will have a capacity of 84,000 cubic metres

ter.

Conference on

<

safety at sea

London, June 7.

THE International confer-

Tence in London on the safety of life at sea will re- sume plenary sessions to- morrow.

The conference, attended by

than 13

cubic feet of all,

(320,604

Overall length is 256 metres (840 feet) and beam 38 metres (103 feet). She will carry crew of 58-Reuter.

British cycle sales in U.S.

London, June 7, Thoped to sell bicycles TIHE British cycle industry.

about 800 delegates from more and parts worth £3 million countries, has been in the United States this divided into eight technical year, Mr Hugh Palin, direc

tor of the British Cycle and committees since May 18.

of the Three

Motor Cycle Industries" As- sociation fold today,

Bars Palin was speaking be

for New York,

committees Ivave now completed their work.

The last conference was held

in 1948. This is the first to fore he lett

be convented by the Inter-where industry has a large Governmental Maritime Con- stand at the British exhibition iritative Organisation, a United opening on Friday--China Mali

Special Nations agency-Reuter. -Router.

Hasnl Dutch Petrolerm-£143%. Shell Transport & Trading--140s 34.

The Short B.C.1 Vertical Take-off aircraft rises from the ground during 's denian stration fight at the Royal Alteraft Establishment near Badlord, Hir: Matthew Chairman of Short Brothers and Harland; and his quest, Lond. Dodzina atletet Among the spectators as the, revolutionsty/mraft zone vertically from this: Marzona Sind #rust forward into level fight-Expenis photo.