Page Z
London
closes lower
London, June 15. Prices declined for the second day in a tow on the stock exchange on Wednesday. Buyers ap. parently shied off be
catise of fears of a new government credit squeeze to check inflation, Household appliance shares were particularly hard hit.
Luwding industrials also were unsettled, although a steadier tendency developed late in the day after a fairly general mark- down.
British government bonds lost ground early but made a partial recovery before the close.
The mining market was dull and further losses were record, ed among oil leaders.--AP.
Closing Prices
Giltedzed Bands
Enlish Transport
1976/88-
£61
Consols ~~~ £45-1/10.
THE CHINA MAIL, THURSDAY, JUNE 16, 1960.
Wall Street affected by riots in Japan
New York, June 15.
The stock market suffered a late sinking spell today after an irregular day. A few specialties held earlier gains but losses from fractions to about two dollars a share depressed the popular averages.
The
behind floor, Eastern Ake Lines tape WILS
Eastman Kodak transactions at the close due to
Food Machinery & Chem accumulation ht selling Ford Motor Co
order.
Steels were hurt, with some
Youngstown, June 15. - Youngstown Sheet and Tube Company sees a possibility that an up-turn in steel production will begin in July rather than in August as most other steel makers have predicted, according to the president, Mr A. S. Gloss-trenics, vulties, metals, oils and brettner.
Mr Glussbrenner based his montha would not prediction on the rate of orders much. and on arder books.
te
very
M Symes said that the third He disclosed that most of the quarter did not kuk very pro-
W09 coming buying up-turn
and sing
fourth quarter from the auto industry and re volume would probably be be-
carly presented
of ordering
low 1959 levels. He declined steel for 1961 mudel production to predict earnings for this He added, however, that his year, because of prevailing un- of a July pick-up certainties-China Mall Special. prediction could be invalidated too many steel fabricators closed their
plants for company-wide vaca- tions that
month and tem-
Akron, June 15.
porarily cut off their steel in Firestone Tyre and Rubber Company reported record net sales and net income for the six months ended April
Convension
Consols 40-13/16.
Loan
200
Finding Zwan
£31.
Funding Stock
1001- 3.2%,
1959/00 take. 3. 315%. 1999/2001m
£15-13/18.
Funding Loan 474, 1960/90-R
Savings 3, 1935/65C902.
Saving 3, 100/10-£75.
Savings 3. 1905/15--273
Banks
the said Mr Glossbrenner company's second quarter carn- ipes would be below the $3.70 per share of the first quarter but would cover the $1.25 dividend and "we hope to do better than
Barclay's Bank "A" Lui ord-Gas that." In the second quarter last
Chartered Bank-is d. Ifonekong-2011⁄2
Lloyd's Bank “A”—is Gl.
insurance
Union Insurance Canton-£5-15/16,
Aircraft & Motors
Brit Motor Corp. Ord-18s.
Ford Motar Co-1124 115d cor.
year earnings were $4.94 per sharc.
30.
Net
sales
leaders off more than a dollar. Some of the chemicals lost more
than two dollars a share. Elec
drugs finished mixed, but othe major groups were lower,
The Dow Jones average of 39 Industrials closed 5.40 lower to €40.42.
VOLUME UP
General Dynamics General Electric General Mills General Motors Central Telephone
Getty Ou Gillette Cu
Georgia Pacific Corp
Goodrich, B. F. Co Goodyear Tyre & Rub Grace, W. R. & Co Gulf 01... Ingersoll Rand in Business Mach Int Harvester
Ind Nickel
Int Paper
Kaiser Aluminum
Volume rose to 3,530,000 from Kennerelt Copper 3,430,000 yesterday.
Pepsi Cola
1304 Przer, Charles 3312, Pncips Dodge 114 Philip Morris 49330illips Petrol 134 Pure Ou 20 | Quaker Oats
Radio Corporation
Sith Raytheon Company
Republic Steel
Restolde Metsis
Shell Transport
Standard Brands
Stand Oil Indiana
794 Stand Oil New Jersey
1915 Stand Oll Ohio
Sterling Drug
35 Studebaker Packard
4546
61
43% Texaco Ins
1312
193242
Thompson Ramo W 25% Tidewater Oil
64%
Bid to alleviate sound nuisance of jet aircraft
London.
HE Minister of Aviation, Mr Duncan Sandys, THE
recently called a meeting to give yet further consideration to the problem of aircraft noise,
58
23
705
Reynolds Tobacco
8
Royal Dutch Petrol
4
St Regis Paper
39
203
Shell Oll
Seara Roebuck
Sinclair G
45
53
Socony Mobil Oil
100
South Am Gold & Plat
Litl Tel & Tel
4911
South California Edison
Jones & Laughlin
-0841
Southern Company
26
Sperry Banki:
75
Stand 011 California
Libby Owens Ford
A
Liggett Myers
Lockheed Alre
Lone Star Cement
the
Larilard, P. Co Marin Co
the
visits
Metro Goldwyn Mayer Merck & Company Minneapolis Honeywell Minnesota Mining & Mfg Monsanto Chemical
14
44%
138
sound nuisance.
Montgomery Ward
39
Moore McCormack Link
Motorola Ine
1829
United Aircraft Corp
38
and
National Biscuit
30
WAS
National Cash Register
fact
National Dairy Prod
58% US Industries
National Distillers
28
US Lines
National Gypsan
National Lead
B012 US Smelt & feßn
30%
chart
New York Central
23
US Steel
8.3
Northwest Airlines
184
Warner Bros Fletures
44
Ohio Oll
Western Union Tel
Olin Mathieson Chem
40
62
18
Some brokers noted that early
weakness in afternoon market followed news of further riots in Japan, reflecting Wall Street's possibilities of trouble when
Eisenhower President Japan.
concern
over
Strength In space age other specially stocks atulbuted partly to the that most people holding these amounted to 3581,129,39% .tm. unwilling to sell and
favourable compared with $568,158,- | partly to 972 for the same period patterns. Idet year.
Estimated net income was $30,392,317 compared
with
GROWING FACTOR Commenting on the price out- $29,940,608 last year, Earnings look Mr Glossbrenner said when the common stock
equivalent to $1.15 per share,
were
Howker Siddeley Group Ord-/ther or not prices would go UP compared with* $1.13 per share.
Jatad.
îd.
Rulls Royce Ltd Ord-478 1d. Routes Ltd "A"-12a ed. Standard Triumph international-
Breweries
Db fillers Co-37s Bd. South African Breweries--245 .
Huilding and Materials
Associated Portland Cement-674
Goodisse Wall & Lead Ord-s
Coal, Steel and Engineering
Babcock & Wilcox Lid-398.
United Steel-De Gd.
depended on competition. He believed steel imports would be--China Mail Special,
"a growing factor" in this con- nection.
More mills were being built in the European Common Mar- ket area and "you can rest as sured that more of their pro- duction will be shipped here."
Mr Glossbrenner also took o pessimistic long-range view of steel export prospects and pre- dicted that United. States ex-i porters would find themselves Brilish, American Tob. Co., Ltd-out of the market except for
Vickers Ltd-34 Bd.
C15.
Food and Tobacco
Imperial Tobacco Co., Ltd-009.
Miscellaneous
Boardman Marden Ltd- és éd. British Oxygen Ltd. Ord-94s 90. Canadian Pacille Rly-$45
I La Rue Co. Ltd. Orawie 30. Dunlop Rubber Co-27s. Gilman Holding Lid-24 4d. ilungkung & China Cas-16s Gd n. Imperial Chemical-309 74d. Lyons & Co. 19
Unliever Ltd-1686 d.
Paper
d.
Bowater Paper Corp Ord-60 9. Hadio and Electrical Associated. Electrical-563 0. Electrical & Musical-485 d. English Electric Co-593 Bd. General Electric-s 3d.
Shipping Indo-China Steam Nav. Co. def Or-23s 3d.
P&O Steam Navigation det ord-- *l d.
stores
Debenhams, Ord. Lid-40 C. Great Universal Stori "A"-48s
Marks & Spencer 11d-73s 10td. Woolworth F. W. & Co-643 104
Textiler
Coats & P 14-499,
Courtaulds Lid-673 Gd.
Mines
specialties coming years, Right now American mills ship- ped cold-rolled sheet and other flat-rolled products to Europe, but "In two or three years
HONGKONG
STOCK
EXCHANGE
by
Our Own Correspondent
Business done at the Hong- kong Stock Exchange this morn- heling amounted to approximately $1,088,000, Noon quotations and the morning's transactions:
Europe will be able to take care of itself on flatrolled," added. Chine Mail Special.
of
Shares Buyers Sellers Sales Govt. 31% Laası
(1948)..
$25,000 82% HK Bank.. 1195 1210
Toronto, June 15.
sales Consolidated
Massey-Ferguson Limited, Lombard Ins. the world's largest manu-Unier Ins facturer of fractors and Waterboat .. combines, during the six Wheelock months ended April 30 x Dock .. totalled $221 million. This
Wharf Co...
was down two per cent from the record high of $225 million established Provident .. during the same period last year.
income Nel
921%
141205
however, to Enough sold, make Standard Coll Products the most active stock for the second straight day. It rose 11⁄2
to 22%. This firm makes tele- vision tuners and aircraft in- struments.
was Next most active stock American Motors, off at 23% followed by Universal Match, highly regarded for its vending machine interesis, up 5% at 725%
14.
Lower were Bethlehem Stee! 1%, Jones and Laughlin Dupont 24, U.S. Rubber 1, and American Telephone 1% Polaroid 9%.
man
¦ Pielfle Gas & Elec
Pan Am World Always Paramount Pictures Pennsylvania RR
Higher were Vick 14, Beck- Litton Instruments 12,
Minnesota 1. Pfizer and Mining 3.-AF.
Closing Prices
Allied Chemical Corp. Allis Chalmers Aluminum Ltd. Aluminum Company Amerada Petroleum American Airlines American Can
Amertean Smell & Refin
American Tel & Tel
American Tobacco
Anaconda Company
Armco Steel
American Cyanamid
120 1200
80 1200
American Sugar
40 1200
110 f 0211⁄2
Associated Dry Goods
6.00 0.95 1000 8.80 1000 8.55 107 109 100 109
Bendix Aviation Bethlehem Steel
500 110
Boeing Airplane Borden Co.
Borg Warner
9212
700 i 115
2006 111 200 110
Armour & Co.
Atlantic Refining
Bridgeport Brass Burroughs Corp.
Canadian Pacific Rwy.
Case, J., 1. C.
Celanese Corp. Am.
Cities Service
$55
4816
171% | Twent Century Fox
Trans World Airlines Union Carbide
41% | Union Oil California
11% Union Pacific,
82 United Air Lines
67% United Frutt
$45 | US Rubber
Westinghouse Electric
Yale & Towne
Youngstown Sheet & T
454 | Zenith Radio
14%
There are ways in which the The meeting was told that j
can be assisted. Ta nature operator reognising the serious
were give two examples-marken 17% of the problem airlines
30% doing their best to alleviate the beacons could be established to
sup- some! weer
to
Bote have fitted sound pressors to their jets at considerable cost in order 34% cut down on the tive
sources on the round and in 273%
553 the air.
Considerable
nuise
restraint
13 ground run- exertised during 494 ning when the engines are 311 being tested
In the air special take-off and approach pocedures have been
02
1072
119
-AP.
Staggering total
of cotton cloth
imported into UK
Manchester, June 15. Overseas countries sent the "staggering total" of 180 million square yards of cotton cloth to the Enited Kingdom in the first three months of 1960, Mr H. B. Harrison, Chairman of the Cotton and Rayon Merchants Association said at the annual meeting at Manchester today.
turt tell the pilot where to after take-off to avold flying housing arens; anti aproaches that are made with- out the help of ILS could clways be monitored by "talk" dove" radar to warn the pilot when he is below the specified glide path.
Restrictions associated with sound reduction affect us econo- mically. Noise limitations (par ticularly at night when lower noise levels are called for) can Introduced in line with the restrict the load as we connot restrictions imposed by the use all available engine power. authorities.
If we carry the payload in such Take-off techniques, which circumstances we would need to are designed to keep the sound restrict the fuel carried, thereby
to
However rigidly one adheres
techniques,
conditions
over
to, a minimum, involve tho ust necessitating a refuelling stop of power reduction which would on route that might have been
restric not normally
made. avoided but for noise be Attemptá are made also try totions. Such extra landings are follow special tracks to keep time-consuming and expensive. us clear of the built-up areas: EFFECT OF WEATHER
The restrictions associated with sound reduction clearly call for high skill and ability
take of on the part of the plot during
atmospheric the Important phase of take-off
which
control, We have 10 and approach and it is im-
26 such
changes jry the portant that every assistance
height of cloud base, amount should be given to the plot and disposition or changes in these times, in particular when the temperature of the various workload must not be 100 high air levels, affect the direction or too complicated.
Listening posts have been set and amount of noise, whether up by the Ministry of Aviation originated in the air or on the ground, and a technique which m the vicinity of built-up is acceptable in one set of atmos areas, in line with take-off run- ways, and in this way a close watch is maintained to ensure that and all operators do keep below the specified noise
levels.
This was equal to more than Hongkong could do infinitely U.S.-Russian civil
half of Lancashire's own pro- more damage than greycloth duction. Indian mills supplied because the low labour cost
69 million yards and Pakistan element applies not only to the air pact talks
2 sent 16 million yards. As quotas werd filled under the voluntary agreement with Lancashire de- liveries by India and Pakistan would fall but it was
obvious
that new contacts were being made in many countries-Spain, 48' Yugoslavia, Bulgaria, Egypt, Portugal and the United States,
NO RESTRICTIONS
200 109
20 2020
500 620 500 29.50 1000 20
Cerro de Pañço
HK Hote.. 4015 4344 200 41
55 HK Land
Chrysler Comp.
1500 4115
40
57
after taxes
Coca Cola Company Colgate Palmolive Commonwealth Edison Consolidated Edison
007
65%
47 450
по
Cons Guldfields of South Africa-amounted to $7,372,000 against
الله ومرات
Cons. Zine Corp. Ord-778 ed.
De Beers det-1365 1011⁄2d cor. Hongkong T-28 15
Petaling in-8 3d.
754.
Rand-708.
Southern Kinta Cons Lid-28% 3d. Union Corp 47s Bd.
West Driefontein Goldmining-
Oil
Bills Borneo Petroleum Syndi cole-10% 1011⁄2d.
British Burmah
04
3.1
$12,606,000 In
1959-largely
reflecting reduced tax credits.
..(Rights)
20
10
Mr A. A. Thornbrough, the company president, said despite Yaumati the drop in net income an in- crease of $3,739,000 in deprecia- tion and in amortization of pro-Tram
Ch. Ligat.. duction tooling brought cash Arst half of flow during the 1900 close to that of the com-
200 36 400 08 1000 37 1800.57
22563 2000 57 122. 5614
20018
2006 169 100 6 169
200 fi 170
304 3194
22 22.10 5500
93
1500
.
700
200
.. 274 27.30
500 1800
Telephone
37
38
Petroleum-1s parable period last year and Electric
British Petroleum Co., Ltd- more than $10 million higher
Burmah-438 ad.
Royal Dutch Petroleum-£13-4/76. Shell Transport & Trading-1441,
-Reuter,
UK-Yugoslav trade talks
in
London, June 15. Trade talks between British and Yugoslav delegations were
concluded successfully London today, a British board of trade announcement said.
The two trade delegations noted that Anglo-Yugostav trade in 1959 reached a record level and that, on the basis of trade figures for the present year, a substantial increase was io be expected, Reuter..
Exchange rates
Business was done in the local us official exchange market this morn
ing at the following cater:
1.5. dollar per $1)
Sterling not (per £1)
5.73
than the 1958 period.
Overall for 1980 it was hoped to equal or perhaps improve somewhat on 1959 world-wide sales, Mr Thornbrough added. China Mail Special.
The Pennsylvania Railroad
Watson
Continental of
Corn Products Co
Crane Company
Crown Zellerbach
Curtis Wright
Distill Carp-Seagrams Douglas Aircraft
Dow Chemical
DuPont de Nemours
Mr Harrisori said there was restriction in Imports of 18 made-up goods from Hongkong and many other countries.
"The swamping of the home 211 market with garments from
Yesterday's Closing
COMMODITY PRICES
RUBBER
Dec/Jan. Mar/April May/Jume
LONDON
Closing prices all in pence
41.
SUGAR
NEW YORK Closing prices all in cents ib.:
cloth but also to the finishing and making up.
Washington, June 15.
THE United States and the
T
pheric conditions may exceed limits on another occasion.
On the ground the running-up of jet engines in our mainten ance area is made quieter by sound muffers which B.O.AĆ, has provided at a cost of over £40.000. These are already in- stalled for Comets and 7075 and a further set of mufflers for 1073 is soon to be ordered. Experi- ments with intake screens to reduce the high-pitch compressor noise have also been carried out.
The Hongkong cotton dustry had acknowledged the
Soviet Union will start TWO EARTH WALLS necessity for limitation to give formal talks on a commer- An earth wall has been built to some measure of protection to Lancashire,
cial air
in the south of the maintenance agreement
area and following the acquifsi Washington on July 18. it was
tion of land through negotiations essential that the danger of the present sitation
State Departinent officials in by the Ministry of Aviation and said the the Middlesex County Council, should be realised without delay reporting this today
by both the United Kingdom Soviet government has accepted construction of a second carth government and the Hongkong an Invitation in a note which will around the northern perl- meter of the maintenance area Fovernment. Earlier in
his speech Mr
the Harrison told
will soon be started. members that nothing should be done to proven the free entry into the United Kingdom of cloth from any part of the world provided it was destined for re- export.
REORGANISATION
Under the reorganisation of the Lancashire industry he said the £30 millions scheme would be finally judged by the prices at which Lancashire could produce and by its efficiency.
Prices are compared favour- ably with those quoted by other countries with a. similar standard of living of Britain.
He added "to pretend that any scheme of reorganisation could enable Lancashire to competè withi low wage per countries such as Japan, India and Hongking is in my view à cclusion unless some method of manufacture as yet undreamt is invented."-Reuter.
G. I. Cement 30 #1 200
500 200 100
Dairy Farm 27.10 2740 1000 @
Philadelphia, June 15.
1000
2700
1100
10
MIII
Amai
2015
10.30 19.09 1002 A G
sobo @ 15.70
5.90 1.40 5000 a 6,70 1000 8.70
per lb
AS, 1 flag spot ....
Settlement house term:
July/Sept.
Och/Dec,
Jan/Mar. Apr/May
Contract No. 4 (world)
B3 8.70
5000 @ 7
1009 (1
Trust
Talkoo
1000 8.208.10 $258 7 8.10
7
General markets, cif, bazie, porta: June July Aug.
Judy Sept
2.99
3.08
Oct.
38
Jan,
Estate crepe this June thick. June
MAY
UPI.
July
55
200 $575
Total Sales: 215 contracts.
(Contract No. 6 (domestic)
July
8.93
2314
Sept.
6.02
1.82% 1311⁄2 1380
1.85 20000
Nov.
0.01
RUBBER
Total Sales: 264 contracts,~~AP.
hopes to increase its Allied Inv. 8.15 freight rates sometime Textile within the next six Nan. months, Chairman James Rubber M. Symes announced to- day. The line would first have to agree on new industry-wide rates with other carriers, he said, but an increase was need-
Rubber
ed because of declining Humphrey freight, volume and inRealty HK G creasing labour costs,
3
0000820
400 58
193.23.70
1.85
800 13.0
200 13,00.
350 a 13.50
22.05 400) a 2,056
170
The dumpshy would show a mor
Kwon Sang
Hone 16.00 profit for May, Mr Symmes said,
the Lone Craw. 384 would wipe out 12.02 which
Int'l Iny 25 deftelt of the first four months HKTE v. 14.70 15.20
this year but net for the ye ...(Rita)
Star Ferry 172 Entertainment Macso
Australian nojes (per 41)
Indonesian rupiah; iper f00)
25.92
1.80
Slam teal (per 100)
Singapore (Sirait)
14 @ 125
200" @ 36P4
lb.
Juls
Dec.
2420
Mar
Electria.. 12.30 12.70
SINGAPORE
arrived here last week,
General E. F. Loginov, Chief of the Soviet Civil Air Fleet, will head the Soviet delegation, No U.S. delegation has been named thus far,
1
Restrictions are also imposed on the times of day in which jet engines can be 'run. Except in an energency, no jet enginer Officials said there is no in- may be run on the ground be- dication what route the Soviets tween 2 am and 5 am.
Ben will asit and offer in exchange tween 11 p.m. and 7 am. any Although officials retused to engine running must be with make predictions it seemed the aid of mufflers. During the nicely. U.S. authorities would be daytime hours low power satisfied with an initial agree running is permitted without ment opening the New York mufflers but all high power Moscow route.-AP.
test running has to be doną. through these silencers,
COTTON
NEW ORLEANS
Closing prices all in cents per
FOREIGN EXCHANGE
LONDON Closing rales:
New York Montreal Amsterdam
LIVERPOOL
Agreed merchant Closing prices all in penceret
Copenhagen. Frankfiet Liston
Oak Paris Stockholm
Quick CLENIFFER
Q.P.Ö. Box #99
Deliveries
por 16:
MARINE DIESELS RENECO
rates
American Contezel
Tel: 24491
Belgian Francs Maximian Jus/st selling 855,
July/Aug Oct/Nov.. Canadian Dollars Maximum Dec/Jan
Mar/Apri selling 17%; Minimuŋi buying 17% T/T, 17-7/16 0/D,
39/30
Milan
Contract
Zurich
Oct/Nov.
MARKET
Riligapore, Hide 35. The market opened stealy on
gobd 'overseas advicën änd chine“ soveplatices.
There was good ifiquity for lower sheet to continent and 2.80%-4.80% America but sellers did not 2.76 1/16-2.56 3/10 press. At higher levels profits-
taking pared these parly gains.
139.78-130.80
10-3335-19337,
11.00-11.08
There was a fair amount of selling in the affinoon which tended to detruit, but the lower level, good dying stopped the decline..
The market elovės – steady pin
UPL
The above
shows & Callum sound
being maved into position with a Booc:
!
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