1960-06-10 — Page 2

THE CHINA MAIL, FRIDAY, JUNE 10, 1960.

The fantastic success London

of the

Volkswagen concern

One of the most extraordinary phenomena of West European trade since the war

has been the fantastic success of the Volkswagen concern.

Alexander Thomson has visited

Volkswagen headquarters on the eve of a fresh development in its unique history:)

BY ALEXANDER THOMPSON

Wolfsburg, June 9.

Five miles from the Iron Curtain I watched Volkswagen cars rolling off

the assembly line at the rate of one car every 18 seconds.

And every second car they tok me as I tramped round part of the 7,700,000 square feet of the factory space was for selling outside Germany,

I came .here because the shares in the Volkswagen con- cern, still state-owned are to be sold to investors some time in the caming year.

*

will have One price I heard mentioned year every one three-week holiday on full pay. was 300 marks (roughly £25)

the What

coeninga timme. about Volkswagen share offer?

Only the broad outlines have been settled so far,

The idea I gathered from my talks is to have about 8 million shares of 100 marks each.

They will be called "people's It is reckoned that the pre-shares" and 60% of then will sent day value of this remark- be offered by the West German able business is at least £150 Government in the first place only to Germans in the lower income groups.

million.

Hitler, you will remember had the people's car idea In the late nineteen thirties but it never came off.

went

The original factory straight into war work instead. And in the bombing, two thirds

of it was destroyed,

SUCCESS STORY

The present "Mr Volkswagen" is a 61-year-old engineer named Professor Heinz Nordhoft who trained with, America's General Motors.

He came here 12 years ago and has built up the firm's from dazzling success

rubble and ashes.

story

Today the plant extends over 1535 acres. Two huge produc-

tion shops each a mile long are

set amid spacious

trim flower beds.

lawns and

The output is running at a

After the "small folk" hart had the first plek any shares left over will be offered to richer Germans,

But no one will be allotted more than 10,000 marks (£850) worth in this big flotation

All the money", raised from the deal will go into a founda- tion for scientific development in Western Germany.-London Express Service.

Many problems

face

Malaya, Singapore

common market talks

By GORDON HUNG

Kuala Lumpur (By Airmail).

rate of 3,200 cars a day. By There will always be a Causeway and more than

the end

the year it will

be raised to 4,000, Alongside the sparkling fac- lory has sprung up the township of Wolfsburg. taking its name from an old castle.

Some 60,000 people now live

them

in this little bit of modern lower Saxony and 25,000 of have jobs in the Volkswagen factory, Another 12,000 mule each day iron surround- ing villages.

com.

Under Professor Nordhoff's leadership the plant here has already more than doubled its size. Now it is being enlarged still further.

Women in blue jeans work alongside men on the production Lincs.

They do two shifts a day- from 5.30 in the moming until 2 o'clock in the afternoon and from 2.00 pm. lo 10.30 p.m.

Each shit has one 30-minute break-und that is the lot,

But

likely there will always be customs checkpoints at the Federation side, but the common market talks which are due to start in Singapore this month may make it more of an open road and less of a barrier.

London The share market at

shows gains

#K Bank Lombard Union Wheelock

May 12

1295

47148

June &

a glance ⭑

Dividend * Bouns

$3.40

May 10 May 26

June 2

1280

1835

· 1915

1210a

4 x

44x4*

424

91

sib

90b

90b

92b

7.30

7.10

7,20

7.05

8.90

HK Whart

248

258n

244

238m

2320

HK Docks

126

114

115

113

105

Talkoo Docks

6554

60

39

58a

$2.80

Provident

29.40

21.20

21.60

20.00

20.20

100

$1.10

HK Hotels

4434

40

42

4234

4034

-1.75

$2.75

UK Lands

6434

60

59

5814

-2.50

HK Bealty

1.95

2.075

1.875

1.85

023

HK Tramu

34

གན་་

3214

3134

Blar Ferry

182

1826

180

1806

172

$154

Blondy

$2.05

Yaumalis

138

178

174

171

168

$8.50

Ch Light

24.10

2214

22.80

2214

21.80

Electrics

3014

28.30

28.70

28.30

27.60

$1.90

HK Telephone

40

JB

39

384

37%

$1.15

G. I. Cement

50%

51

54

52

50

$4

Dairy Farm

314

2814

29.20

28.40

27.90

--500

29

28.20

250

2015

26.89%

+10

Lane, Crawford

4216

41

41

101%

4500

Int'l Investment

9.20

8.80

8.80

8.75

8.70%

-50

Allied

6.851

6.65%

6.55%

1,401

6.403

steady

HK FK Inv

16.10

15,909

15.80

15.20

15.30%

+100

Do

most

Textile Corn Nanyang

11.20

10.70

10.90

10.30

1034

300

15.80

15.60

15.90

15.00

15.991

+-30€

$1.10

London, June 9. Plus signs returned to stock markets today helped by Wall Street's advance and some cheering company reports.

of

Industrials scored a long st gains and international favourites tacked on rises after yesterday's falls.

Steels falled to share the gorovni, tendency and shippings had weak spots, but otherwise demand spread across sections

Gilt-edged firmed, Japanese bonds were a duli market in the foreign sector and Grock Issues shaded, Dollar stocks were mixed. Gold look to the uptrack on modest rise. Gold mares lost support and turned irregular,

Coppers were unwanted but tine maintained their steady advance. Diamonds shaded. Rubber closed irregular while icas were quiet,-UPI.

Closing Prices

Gilledged. Bonda

Britle; Transport 30%, 187d/kom

Cursols 131-45-7/18. Consola 4%-£70!4.

Conversion

2611.

Loan 3,

1001-**

A. S. WatsOES

HONGKONG

STOCK EXCHANGE

by

Our Own Correspondent

this

Business done on the Hong-

Exchange kong Stock morning amounted to approxi- Funding Loan J. 139&6 | mately $1,120,000. Ngon quota £81.

tions and the morning's trans. Funding Stock 35%, 1989/2004—–

Funding Loan_4%. 1963/90–1 8914 Savings 3%, 1955/65-£90%. Savings 3%, 1960/70-278-17/18, Savings 39: _1965/75-£73-7/16. Barclay'a Bank "A" Ltd ard-583

Jd,

Banks

Chartered Bank—-62% 3d. Hongkong-£ 63% 967. Lloyd's Bank “A”-638.

Insurance

Union Insurance Canton-£3-27/32,

Aircraft & Motors

Britis Motor Corp, Ort-188

actions:

sbaret HK Bark.

Bales Buyers Bellers

1200 120 62 f 1:5 401215

83 1210

| Unton

... 824 Waterboat. Wheelock 0.85

28

6.95 1000

€95

5:00 6.00

-105

110

HK Dock.

200 Gr 110 200 for 109 107

300

200 106

20.00 30.00 1313 63%

1000 2010

New York

mixed after

r

Yield (%)

4.8

Iomr9.82924363

market turns

recent gains

New York, June 9. ~

The stock market faltered and turned mixed today after three consecutive

days of big gains this week.

Some of them posted wide gains

Getty Oli

The best performers were Heavily traded losers Included/General Telephone high quality Issues which Wall Zenith, down 1%, Chrystler 1% Georgia Pasic Corp. Streeters call "blue chips." Bethlehem 144. General Dyna- Gillette Co.

mies 1%, General Electric 1%, Goodrich, B.J. Co. and as they are heavily weight- New York Central and General Goodyear Tyre & Rubber ed in some of the market Motors 4.

Dow Jones stock overages: averages these averages looked better than! the market whole.

as $ 30 Indi.

20 Rs. 15 Utle.

Silos

The Associated Press average of 60 stocks rose 1.00 to 224.00. The Dow Jones 30 Industrials average was up 8.07 to 856.42,

As an example of what the "blue chips" did, Corning Glass was up, Dupont up 6% and Eastman Kodak 5%.

In the list as

whole, though, different story, and was a there were many losers.

Provident

10150

ad

Ford Motor Co-1168 100. Hawker Siddley Group Ord

HC Hotel SK Lond

40%

41 1000

$1

1000494

. 581%

200 Gr 58

it

400 pr ST

Rolls Royce Lid Ord-498. Rootes Ltd, “A”—125.

118

Yaurati

13

+

Standard Triumph International

Breweries

Distillers Com 38.

South African Breweries-28% Bd.

Ballding & Materials Associated Portland Cement-72

It seems likely that the meet- But trying to guess the out- } come of the talks Is no easy ings will be on an official level.

has at the start and a ministerial The Federation matter.

the whole level after the spadework has 3. been reticent about

been done. affair.

The only official statement, given in the House of Repre sentatives last December, is that the Federation will go to the talks with an "open mind."

that

This may be another way of saying

the Federation needs convincing of the useful- iness of the Singapore scheme.

Ten senior officials from the Ministry of Commerce and In- dustry, the Ministry of Finance, automatic vending the Bank of Negara, the Cus- machines seiling soft drinks.tums Department and possibly from Penang, coffee and soup are dolled a representative around everywhere.

the only "free port" area in the The average wage rate for Federation, will attend the first common market men and women is just under talks on the

scheme. 5 shillings an hour and

this

MORE and MORE PEOPLE ARE OPENING

52%

BANK

DEPOSIT ACCOUNTS

with

LOMBARD BANKING

SAFETY SAFETY-NO Capital Depreciation-Your funds remain at your disposal.

✔INTEREST is calculated on a Dally Basis

le. your money is earning interest from the day you deposit” until the day you withdraw.

SECURITY - The Bank's Capital and

Reserves.

ASSETS EXCEED £100,000,000

Interest pald without deduction of United Kingdom income ken

Write today to the General Manager for your copy of

Hank Deposit Accoum" booklet No. AO,14

LOMBARD BANKING

LIMITED BANKERS

Fend Offer: LOMBARD HOUSE, CURZON STREET "PARK"LARE" "LORDOM:13

Associated Bank! LOMBARD BANKING (FÄN TAXY) LTD *P,0. BOX 2854; SELEND FEDOR "FINLAYBON HOUSE, RAFFLES CHAY EINGAPORE, Tolaskona; 3982)

A World-Wide Banking and Flatrice Organization

CUSTOMS DUTIES Off-the-record indications are want that the Federation will certain conditions agreed to on customs duties before diving too deeply into the common market.

In Singapore, there are cus- toms duties on tobacco, petrol and alcoholic drinks. In the Federation, there is an entirely different picture.

For example, import duties to the Federation in the first two months of this year totalled $58 million.

Remove malt liquor ($4.9 million), petrol ($10.7 million). spirits ($3.3 million), tobacco and cigars ($16.7 milion) and there is left about $24 million including the import duty from heavy and fuel cils, sugar, textiles and apparel and "other import duties" the last includ- ing the large number of extras Federation citizens must pay over a wide range, from rev frigerators to lipstick.

It is one of the reasons why the camera trade finds business difficult and diddling the Couse- way customs is almost a na- tlunal pastime.

Goodlous Wall & Load

HK Tram. 31% Ch. Light

Electric

2114

.5

27.00

કરæ ×n N

330 & 5314

450 ir 170

100 g 170

2106622

PROFIT TAKING

Open Close Changes

631.11 850.42 up 7.07 146.30 145.51 or 0.45 30334 90.73 up 0,44 212.80 113.64 up 126

Closing Prices

Allied Chemical Corp.

Arte Chalmers

Aluminum Lad. Aluminum Company

Amerada Petroleum

American Airlines American Con American Cyanamid

---AP.

Grace, WA. & Co. Gulf Oil

Ingersoll Rand

In

Business Mach Int' Harvester Int. Nickel Int. Paper Int. Tel & Tel Jones & Laughlin Kaiser Alurimum Kennecolt Copper, Libby Owens Ford Liggett & Myers Lockheed Adre 32% Lone Star Coment

Lorillard, P. Co.

$ 5414

634 Martin Co.

2016 Merck & Company

37% Metro Goldwyn Mayer

Bhes Minneapolis Honeywell ..

American Sment & Refin

52

301

American Sugar

There was some: brisk proft American Tel. & Tel. taking in

steels and

The rails backed away from an Anaconda Company 2750 attempt to make E penetration of 1000 27.80 recovery high.

500

Orifla

300 27.90

Coal, Steel and Engineering Babcock & Wilcox Lid-30s 11⁄2d. United Steel--788 9d.

Telephone

37%

39

500 63%

1000 Gr 27.0

200 38

Vickers Ltd 348 51,

100 38

Food and Tobacco

108

173%

5003774

British American Tob. Co., Ltd- 028 1d.

Imperial Tobacca 3d.

Co., Lid-678

Miscellanequa Boardman Marden Ltd-43 9d. British Oxygen Ltd. Ord--453. Canadian Pacific Ry-$47. Dunlop Rubber Co-18 720, Gilman Holding Ltd-s 4. Hongkong & China Gates 6d 7. Impériol Chemical-825 1d. Lyons & Co-R

Unilever Lid-173s 9d.

Paper

.

50

3794

SL 4030 SI

Coment Dairy Farm 27.90 27.20

Watson ... Allled Lavest.

Textile

Nanyang Mill

Amal. Rubber

Taikoo Duck 354

Really

Bowater Paper Corp Ord-03 Gd. HK Gas

Radio and Electrical

L... Crow..

Associated Electrical-678 90. Electrical & Musteal-60s Bd. English Electric Co-41s, General Electric--399 6d,

Shipping Indo-China Steam Nav. Co. def

ord-23% 3d.

P&O Steam Navigation def ord- 11s 42.

Stores

Great Universal Stores "A" 10%1⁄2d.

Marks & Spencer Lid-73s jord. Woolworth F. W. Co-606 100. Textiles

Cont J & P Ltd 609 114d. Courtaulds Ltd 70s 3d.

Mines

Cone Goldfields of South Africa-

Cons. Zine Corp. Ord-783. De Beers def 1455.

Hongkong Tin 10s ssd,

'Petsling Tin-es 3d.

Rand-73% 111⁄2d.

Southern Kinto Cons Ltd-283 6d. Union Corp-518.

West Driefontein Goldminlag-895

The common market would probably end some of this petty smuggling. Other advant- sd.

oil ages to the Federation would be

British Borneo Petroleum Syndi larger market for goods pro-eater 5d. duced in Malaya which, in Brush Burmah Petroleum-2s. turn, should develop industrial-

isation.

CAPITAL

It would also eliminate some

of the competition between the

Federation and Singapore in

EL

Bumah-x Od.

Royal Dutch Petroleum-E13-5/10. Shell Transport & Trading-150s

--Reuter.

vying for capital development Yesterday's Closing

Singapore would benefit in a like way.

The Federation has always told manufacturers that they are dealing with a small dome- stic market and that they should not be too sanguine, al Malayan wage rates, of export- Ing.

Inside this common market, a "modified customs union," it would be possible to give pan- Malayan manufacturers strong tariff protection.

HK & FE

Inv.

Int'l Inv....

26.00

their

motors. American Tobacco

decisive

Armco Steel Armour & Co,

March

Amorluted Dry Goods

Attends Refining

Bendix Aviation

Bethlehem Stee!

on

Boeing Airplane

Borden Co.

Volume was 3,820,000 shares compared with 3,800,000 Wednesday.

The list had 505 gainers to Borg Wamer 503 losers in a thoroughly mixed Bridgeport Brads

Burrough Corp market,

Canachon Parific Hwy. Some of the recent fast mov-Case, J. I. Co.

600 $1

ing issues stumbled, including Celanese Corp. Am, 500 28

Cerro de Pasco 20077.0 International Business Machines Chrysler Corp. Cities Service 50 27.80 which lost 9, Polaroid off 54, Minneapolis Honeywell 3% and 10.70 1000 @ 10% Minnesota Mining. 15.90 7.30 57

040

On the other hand, Sears galned 2 for a new high this 200 67 5714

year, Woolworth was up 23% 40057 1.203 1.90 5000 1.25 and Procter & Gamble up 5%

13 13.70 500 13.00

105 1000 @ 401%

500 40

མ

1000 3915

15.30 1000 @ 15.30

Gilman

2

2.20

|

Asia Nav.

1

Humphreys

24,80

-

Star Ferry

174

Macao Mec.

12.30 12.90

Amoy Can.

9375

Cald. Mack.

細

China Expp, Kương 5. H Wing On

8.30

£70

93

23.80

Entertain

Exchange rates

Business was done in the local un- official exchange market this morn ing at the tallowing rates: US. dollars (per $1) Sterling notes (per £1) Australian notes (per 21) Indonesian rupiah (per 100) Siam ficals (per 100) Singapore (Straits)

COMMODITY PRICES

RUBBER

SINGAPORE

12244-123

Even if Singapore could agree

Closing prices all in Straits to tax Singapore'

вя citizens cents per lb. to.b. Malayan ports: heavily

1224-10- as in the Federation No. 1 June. July there are other problems, even No. 2 June with

"limited common No. 3 June which has been sug. No. 4 June gested as a compromise.

Spot rubber unbeled Blanket crepe

market"

а

The Federation Government No. 1 pale crepe considers the scheme a difficult

12112132 17744-118 115-116 122-123 112-113 12852-13015

LONDON Closing prices all in peace

one needing very careful

con-

sideration.

One of the other

difficulties per Ib.:

No. 1 Ray spot

was suggested by the Minister Bettlement nous term: of Commerce and Industry, Mr July/Sept.

Mohammed Khir Johari in his Oct/Dec.

Apr/May

3814-39%

30%-

December statement.

"Because six countries in

General maricets, c.1.f, basis,

Europe, have managed to form

June

July

not

AUG

necessarily follow that

these

stats, erepe

thick June

a common market it does

two countries (Malaya and thin June Singapore)

he said.

can do the same,"

·ÂMSTERDAM

COTTON

LIVERPOOL

3.35

15.07

12.53

1,90

24.0

DISCOUNT RATE.

in

Coca Cola Company Colgate Palmolive ........ Commonwealth Edison Consolidated Edison Continental Cl

Com Products Co. Crane Company' Crows Zetterbach Curtiss Wright

Distill Corp-Seagrams Douglas Aireratt

Dow Chemical

DuPont de Nemours

The big gains by selected quality issues left no doubt the minds of Wall Street' ob- servers that the institutional Eastem Air Lines

Eastman Kodak funds were buying.

Food Machinery & Chem After the market close, eight Ford Motor Ca.... more U.S. federal reserve banks General Dynamics

General Electric cut the discount rate to 31⁄2 per General 2011s cent from 4 per cent, including General Motors the big one in New York. This was seen as a development of major importance and one with bullish implications for stock prices.

No was the most active stock, off at 52%. Second was El Paso Natural Gas, unchanged at 34% and third was Hupp. up at 10.

OFFICIAL NOTICE

Proposal to change a Ship's name

of

Minnesota Mining & Mfg.

251% Morganto Chemical

Montgomery Ward

97% Moore McCormack Lines $125 Motorola Inc.

63% National Bisquit

353 National Cash Register

National Dairy Prod

35 National Distillers 度 National Gypsum

471% Nattoned Lead

274% New York Centra

Northwest AlinCE

Pacific Gas & Elec.

Paramount Pictures

40

317

Oila Mathieson_Chem.

ST

Pan Am World Airways

1214

211

Penney Manis R.A.

Papai Cole....

Pilzer, Charles

42

Phelps Dodge

SETS

Philip Morris

Phillips Petrol

Jith

Pure Oll

Quaker Oats

041 Radio Corporation Bayhteon Company

Republic Steel

49 Beynolds Melale

Beynolds Tobacco

Boyal Detch Pétroi

14

1814

294

St Regis Paper

50%

BJ

Shell Off

Bears Roebuck

215 Shell Transport

231

1344

Sinclair Oil

Socony

Motif Oil

50% South Am Gold & Plat

93

South California Edison Bouthern Company

Sperry Rand

2014 Standard Brands

CANADA'S LARGEST

LIFE ASSURANCE COMPANY

OFFERS YOU £4,315 AT AGE 55

Kien er women, under 45 by setting wide regular monthly, half-yearly or yearly amounts under the SUN LIFE ASSURANCE COMPANY OF CANADA plan can, for example, receive at age 13 a šumą sim 26315 for man or R4,A52 for women—or a private incorne for lite of £}}; year. Any accumulated dividends would be paid in addition, li you are somewhat older than 45 now, the fruits of your saving would dress at. way.. 50 or 65.

1, Sui-Loong Pao of 19 Java 180 Road, 2nd Floor, H.K. hereby con- give notice that in

of sequence

Change ownership I have applied to the Minister of Transport and Civil Aviation under Section 47 of the Merchant Shipping Act, 1894, in re- spect of the British Steam ship Cape St. David of HONG KONG REGISTRY Official Number 168939 Gross tonnage 6767.99 tons Register tonnage 4757,40 tons, hereto-| -----------------......... J. 2. Kaj - voskárruškāniska

£1,300 FOR YOUR FAMILY. If you do not live to centinila parmable regularly unli you are 13, your family would receive £2,300, INCOME TAX SAVED. While you are weřing for your later years in this way, you would be entitled to the proper amount of relies from. any Income Tax, you are now paying..

fore owned by The Saint] Closing prices all in pence per Line, Limited, London, for 1b.:

American Contract July/Aug: 2245 Oct/Nov: 22.25: Dec/2nd: 22.50:- Mar/April: 2205; May/June: 22.85.

: Mixed Contract July/Aug: 22,55)| Oct/Nov: 1200 Dec/Jan: 22.55; Mar/April: 22.83) May/June: 23.

-UPI.

METALS

permission to change ber name to Happy Seafarer and to have her registered in the new name at the Port of HONG KONG as owned by The Norman Shipping Com- pany, Limited.

14

Any objection to the pro- posed change of name must be sent to the REGISTRAR OF SHIPPING HONG KONG within SEVEN dayá from, the appearance of this Closing prices all in sterling advertisement. per long ton:

Tin.

1048.

LONDON

3-month

Copper

Spot .3-month

340 buyere Lead at half due Bept. 34 buyers 1,43 Bizyers Zing ist half June

"The six countries in Europe Closing prices all in guilders managed to do so, because their per kilogram, cif. Jumo: basic political, economic and No. 1 rubber social systems and environment o. aber No. 3 rubber are conducive to the formationdo, 1.re of'm cominỳn' markat.”

Buyers Sellers

101

792

780

21512

241

Dated at HONG KONG the 6th day of June 1960.

The Norman Shipping Company Limited.

S. L. PAO.

Director,

SAFEGUARDS FOR YOU. Guaranteed safeguards, promised by the Company would help you to overcome any financial duiculties you might meet on the way.

The size of the cash sun or private come depends upon your wlabse had the amount you regularly set aside. Adjpmamente can be made to suit your personal requirements — largy of itu. By filing in, and sending the enquiry form (portage 5 cents 12 unsealed) you, enn obtain full details suited to pou - personally.

You are under no obligation if you ask for information.

(Ag, Manager, Hong Kong)

́SUN LIFE OF CANADA

E17, Gloucester Huiding, Hong Kong.

I should like to know more about Your Plah ka bävertimä without incurring sky obligation,

NAME

ADDRESS

(Mr., Mrs., or

Decupation Paket dala në birth

PLENTY

& BON LIS)

CMIÓD

Marine & Industrial PUMPS - FILTERS IMPELATORS

Suitable for all liquids and pastes G.P.0, Box #19. RENEGO mi 24631.