THE CHINA MAIL, TUESDAY, JUNE 21, 1960.
BANK RATE London Downturn in closes British light lower industry helps
London, June 20.
across a Stocks fell back
· broad front under small selling and fears of fur-
credit squeeze ther
agolrust the trend
moves.
Standouts
weru
Unilever
Lamps
scored which
Landon, June 20.
RESTRAINT
HONGKONG New York market
STOCK EXCHANGE
Our Own Care
Business done at the Hong- kong Stock Exchange this morn- ing amounted to approximately $3,728,000. Noon quotations and the morning's transactions:
Shares
Tries 10 @ 1225 100024
Buyers Bellera HK Bank.. 1220 1230
Ins. 04
Wharf Co.
Union
The downturn in British_light industry is trifling enough and the upturn in Sterling is none too robust, but together they have probably sufficed to postpone a higher bank rate or other restraints. When all the talk was off Meanwhile, the sacrifice rises on continental buying how continued boom would external to internal objectives Elsewhere the blue chips moved unfuckily
require
further does not even revive the internal pock lower and Fords paced down a restraints
one had to ask bond market. The Treasury's dull mutor section in company whether
slump ་ ་
which latest bond offer was an even would worse flop than its April one. obviated the restraints with Jaguars,
for $1,500 million.
and Philips
good
Waterboat Wheelock...
ot
250
down despite
active trading.
New York, June 20,
The stock market declined in very active trading
today.
Prices were near their lows for the day at the close.
Goodyear Tyre & Rub
Intl Paper
Int Tel & Tel
Jones & Laughlin
Kendecott Copper Libby Owens Ford Liggett & Myers
Kaiser Aluminum
500 or 94
3
7.15
1:20 1000 # 7.20
10000 #7.20
2000 7.20
4000 € 7,15
114
134
100 4 115
The market was mixed and | Goodrich, B.F. OR active at the opening R tured lower in the first hour and continued lower close. The ticker tape late
soon for a time the opening and again at the close
Grace, W.R & Co
Gulf o
to
the
Ingersoll Rand
was
Intl Business Mach
Int Harvester
after
all Nickel
400 115
1200 @ 115
700 118
200 115
200 à 115
500 2180
2573 @
500
500
HK Hotel
423 424
59 6914
-4000
1700 @ 00
200 of 50%
60
Continued talk of high be regarded as luckier and Both were interest put gill-edged under the question has now received April raised $370 million and C. Provident 21% 21.89
dipped they
pressure and heavily, with
of the two yurities hitting now lows.
Coppers stayed dull
ins turned irregular,
a slightly cusly answer.
before the credit Even while squeeze there were signs of a downturn in consumer durables.
Oils favoured the downtrack The other consumer boom, the
although
dealers felt today's
price cut in
was a factor.
Rubbers easier,-UPI.
world boom in textiles, shows
of coming to some signs
domestic petiul similor slightly sticky end,
and teas
Lended
Closing Prices
Brstigli
007
Glitedged Bonada Transport 3,
Distortion
д
and
think The rate
If existing restrictions conditions appear to be crest- block the sufficium jing
authorities
well may
tightening 1978/04-twire about
screw-leaving the bank in abeyance until whatever the bring about may 1061-- autumn Loan 3417
developments, world currency 1059/00 particularly about the distor
and the dollar 37. 19/2001--tion between
Consuls 2-£41.
Consols 45-£687μ-
Conversion
£0.
Funding
-£81-7/10.
£55.
Funding
Loa 3%
FLading Stock
Luan
£88
Edi
Savines 3. 1960/45-2993;
130/90-
Bavines 3, GUTO-£%. Savings 3, 1905/75-C72-7/16.
Banks
Barclay's Bank "A" Lid ord-54-
Chartered Bunk--51 8d.
this one $321 million-China Mail Special.
Anglo-Soviet trade
agreement
London, June 20, Britain and the Soviet Union are to. increase their mutual trade under agreements reached at talks which ended here toda..
A joint communique issued by
HK Land
Yaumeti Tram C. 'Light
HK Elec.
:
176
ឆន
a Lockheed Aire
Lone Star Content twoordlard. P. Co
Most losses ranged from few
Lo cents
around dollars a share, but there were
umong 42% wider
speculativu issues.
1100 e 5011⁄2
200 @ 5945
177
500 3214
100
23.20
2500€ 23.20 1200 23.10 20023.20 500 ir 23.10 2.90 29.10 500 28.80
820 @ 28.90 2000 29 1000 @ 29.10
500 do 29.10
1000 .20.20
568 20!
200 ( 29
500 6 3024
moves
more
Martin C.....
Merck & Company Metro Goldwyn Mayer Minneapol Honeywell Minnesota Mining & Mig Steels, moters, coppers, air-Mogante Chemical
Montgomery Ward and rubbers Moore McCormack Lines crafts, chemicals declined Airlines and some Motorola Ine selected issues rose against the trend. The airliners, respond-
ing to news of a fare increase in the United States, gained up to two dollars
Qf 1,226 issues traded, 592 declined, 403 advanced, and 231 were unchanged.
Volume totalled 3,060,000 shares compared with 3,820,000 shares traded on Friday.
seven
Eight of the 15 most active
and stocks declined advanced.-AP.
Closing Prices
Allied Chemical Corp ....
Aluminum Ltd.
2400 @ 3835
53 631
650 405335
2300 £54
Allis Chalmers
29 29.20
1000 $64
200 44 5346
'30 op 29
Amerada Petroleum
1000 20.30
American Airlines
1300
29.20
the D-mark.
Germany's Walence of pay- from nents and reserves go strungth to strength while for British and Soviet trade delega- HKC Tel. 394 3911⁄2 5100 or 39 this stage of the trade eyeletion which have been meeting
American since June 7. tonight said they Cement the news of the balance of payments is almost had reaffirmed the view of their governments that there Incredibly bed. With the inter-
scope and desire for a Dairy Farm national cyclical factors strongly was
increase this year it is further
at trade in its favour
than last between the two countries." doing
better
The talks were held to re- chocking perfomance, year's
rises most serious view the Anglo-Soviet five-year vist That
signed in agreement question of what is to happen trede Standard Triumphi International when the international cyclical Moxow in May last year.
factors reverse,
Hongkong-40%
Lluy's Bank "A"-s ki
Insurance
Union Insurance Conton-£5-29/32.
Aircraft and Motors
British Matur Corp. Ord-17 3d.
Ford Motor Co-106 d.
Hawker Siddeley Group Ord-29.
Rolls Royce Lid Ord-45 10d. Ruotes Lid "A"-11 7ď.
9s 10.
Browarlen
Distillers Co-363.
Bouth African Breweries--24s (ld.
Building and Materials Associated 10d.
34.
Goodlass
Portland Cement-04s
Wall & Lead Ord-51
pal, Stor! and Engineering Baboock & Wileux Lid-38: 10lad. Usted Bleck-778 04. Vicker: Lid-33% 66.
Food and Tobacco British American Tob. Co. Ltd- 5% Od.
Imperial Tebaero Co., Ltd--65.
Miscellaneo
Boardman Manden Ltd is 459. British Oxygen Ltd. Ord--933 d. Canadian Pacile Rly-$450l. De la Rue Co. Ltd, Ord-74s 3d. Dunlop Rubber Co-24s 9. Cikman Holding Ltd-2s 4d. Hongkong China Gax-16 G n. Imperial Chumical-B kl. Lyons & Co-798 7d. Unilever Lid-107, d cor.
Paper Bowater Paper Corp Ord-60s. Radio and Electrical Associated Electrical-648 61. Electrical & Musical-43% 47ad. English Electric Co-is d. General Electric-37s.
Shipping
ord-23 d.
Indo-China Steam Nav. Ce, def P&O Steam Navigation def and 40s 41d.
Stores Debenham, Ord. L2-46 194 Creat Universal Stores "A17s Marks & Spencer Ltd-144 30. Woolworth F. W & Co-435 714d. Textiles
9d.
d.
Coals J&P Lid-47 kl. Courtaulds L59
Mines
Con Goldfields of South
67% 10134.
no
а
Deficit
IMPORT QUOTAS
Watson
1000 29.10
500 429.10
201
600 231
0.10
020
5500 (6
Textile
10,80
Nanyang...
The official communique said import quelas for the second year of the agreement had been A. Rubber. agiecd but did not give figures for these quotas.
on an ex-
11000 6.10
11 1000 @ 10.90 5000,10,91
..
Aluminum Company
American Can
American Cyanamid
American Smelt & Ret
American Sugar
American Tel & Tel
Armco Steel
National Biscuit National Cash Register National Dairy Prod National Drillers National Gypsum National Lead New York Central Northwest Airlines Ohio CI
Olin Mables Chem Profile Gia & Piep ... Pan Am World Airways Paramount Pictures Pennsylvania RR Pepsi Cola
PIEZT. Charles"
Phelps Dodge
Philip Morris
Phillips Petrol
Pure Oll
Quaker Oats
Radio Corporation
Raytheon Company Republic Sicel
Reynolds Metals
$5315 | Reynolds Tobacco
Royal Dutch Petrol
3094 || 51 Regis Paper
09
28
611
Sears Roebuck
Shell Oll
20% Shell Transport
38% Sinclair Oil....
501 Socotty Mobil Oll
50% South At Gold & Flat
261 South California Edison
Southern Company
Sperry Band ...
494 Standard Brands
89
American Tobacco
56
Anaconda Company
Associated Dry Goods
4500 4.10.10
Bendis: Aviation
Betlehem Steel
1000 10.90 16.10 18.20 11500 4 18°
7000 16
3000 16,10
a
7.35 7% 4000 7.40 35000 7.40 Rubber T 8.70 8.90 5000 8.89 Taikoo Dick 671⁄2 381⁄2
2006 58! 200 € 58 10059
A Board of Trade spokesman, however, later said the delega- i tions had agreed change of consumer goods be Humphreys 24.30 24.90 from tween
Britain and
1000 24.90 Russia
Realty 1.876 1.926 30000 1.90 worth £4 million each way,
10000 1.99
In the first quarter a notable upsurge of exports for Europe's boom, coupled with restraint of imports for America's relative stagnation, still left the overall dellcit at three billion dollars a year. Adjusting only for the ane billion dollars a year of cotton exports borrowed later in the year, the deficit of four billion was actually at a worse rate than last year's re- cord 3.8 billion which the Bank Settlements for International this week mildly describes as "a level at which it cannot remain without creating difficulties."
The US. Department of Cam- merce does not prophesy an im- provement. It says only that further improvement is needed a reasonable equili- 1u reach brium and that steps to this end being undertaken. The are
Bankers' Association American says the steps are mild and in- effective and that unless more
measures effective
are taken fear over the dollar's stability may once again mount,
Solution
The BIS says a lasting solu- tion is possible only if the Western countries all pursue policles which take account at Africa-the state of their balance of
Cons. Zine Corp. Ord-762 30.
Crown Lid- gold.
De Beers dif-140s,
115n kunyi-12 4
Pelulinx - $20.
hand-- Ed.
Southern Cata Cons Ltd- YRT Union Coro-499,
payments. The trouble, as typi- fied by the changes in the American and German bank rates, is that the Western coun- tries do the reverse.
The second quarter United West Delefonte Goldminine-2e5.figures should certainly be bet-
011
British Borneo Fetroleum Syndi cate 481 10148.
British Burmah Peiretucm-14 firf, British Petroleum Co., 7.4-19 Burmah-42: 4.
Royal Drteh Petroleum-LIVE. Shell Transport & Trading--1415
Neuter.
MALAYA'S PINEAPPLE INDUSTRY
ter and as they will be the last known before the IMF meeting. they may suffice.
From here on the rat could well set in again.
U.S. importing less chinaware
during the
This compared with a quota | Star Ferry, . of £3.4 million each way in the agreement's first year just end-HK Gas 14.20 14.30
1.--Reuter,
Exchange rates
Business was done in the local unofficial exchange market numing at the following rates: US dollars (per $1) Sterling nois (per £1) ..... Austrailer notes iper 2.. Indonesian rupiah (per 100 Siam dicas (per 100) Singapore (Strat
600 58 5052414
100172
Amour & Co.
Atlantly Retning
Boeing Airplane
Borden Co.
Borg Warner
Stand O California
324 Stand Oll Indiana
6819 Stand Oil New Jersey
32 Stand Oil Ohio
6611 Sterling Drug
4434 Studebaker Packard
27
374
Texaco Inc
49% Thompson Ramo W
Tidewater Ou
304 Twenty Century Fox
314 Trans World Airlines
2514 15012
Plans for new motorway
out of London
London, June 20. PLANS for a new 12-mile motorway leading westwards out of London, which would in- clude Britain's first double decker highway, were outlined at a public enquiry in Chiswick, West 'London.
Ministry's
Forty
the
to cbjectors The Transport schema envisages a new motor scheme, including private in- way leading from Chiswick to dividuals, industrial firms, and point on the main trunk road residents' organisations attende ed the publle enquiry.-China from London to Bristol,
Mall Special.
A Transport Ministry engineer 83 told the Inquiry that 38,000 units for this purpose light vehicles counted as one unit and heavy lorries as three-used road every day the gren wust
12
175
39
57
2031
53%
in 1958.
Huge traffic increases of the 22 nearby London airport would mean that during the next 20 years the pad would have to 63be able to take 78,000 units per
day.
The motorway would have three lanes in each direction,
New UK shipping advisers appointed
London, June 20.
THE Ministry of Transport here today announced the oppointment of Mr T. L Beagley as the new shipping adviser to the Commissioner
but the first section, starting at General for South East Asia
415
201
4014
Be Chiswick, would have a two- and to the United Kingdom
lane traffic system, and would High be carried above the existing Singapore
Commissioners
and
Kupja
Ba great west road on a mile-long Lumpur.
414% 25-foot high viaduct. There
would be a 50 mile an hour Mr G. R. W. Brigstocke has
Mr Beagley and Mr Brig- from the new road to London stocks, who take up their new
621
362
41
7015 speed limit on the viaduct.
A motorway offshoot mile long would branch off
boen appointed shipping attache
one in Washington,
*24
19% airport.
At
38
7572
one point the posts this month, have hitherto in the shipping route would pass through 40 been officials
Transport houses which would have to be division 60% demolished,
of the
Ministry.
41
41
Pan Am announce
new jet service
PAN
Manila, June 21.
American World Air-
ways announced today
A.. M. They
replace Mr Houghton from Singapore and Mr R. D Paland from Washing. ton-China Mall Special
134% plans to begin commercial ME
20 jet service to and from
21%
23/2
271
Manila on July 1.
An airline spokesman said: 10% initial plans include one jet 54fight a week between Manila and the U.S. West Coast Via Honolulu,
Arriving here Fridays, Flying lime is ex- 02% pected to be cut from 31 hours
Bridgeport BrASS
Burroughs Corp
400 5811⁄2
Canadian Pacific Rwy
25
Union Carbide
Case, J.
Co.
71
Union Oil California
Celanese Corp Am
24
Union Pacife
Cerro de Pasco
32
United Aircraft Corp
Chrysler Corp
481
United Air Lines
Cities Service
40%
United Fruit
170 174
Coca Cola Company
6011
U.S. Industriça
100 @ 173
Colgate Palmolive
3722
U.S. Lines
1000 414,30
Commonwealth Edison
BICK
US. Rubber
650 6 14.20
Consolidated Edison
0434
U.S. Smelt & Refp
29
4840 @ 14.20
Continental Ci
U.S. Steel
83
1000 14.20
Car Products Co
Warner Bros Pictures
45
Lane, Craw 43
Invest 8.70
44
140 @ 16.20 100 $375
1
Western Union Tel
45
160044
174:
31
8.90
2000 * 81⁄4 1000 > 82%
23
Youngstown Sheet & T
100
29
Zenith Radio
11414
3000 B
92
Dupont de Nemoure
209!
16 14.80
500 14.90
Eastern Air Lines
Eastman Kodak
124
4
Food Machinery & Chem
543
6.40 1000
51⁄4
Ford Mour Co
3000
4
General Dynamics
2.075 2.075 18,00
General Electric
this HK. & FE
Inv. 5.73 I.K. & FE 15.00 Rights... 1265 Sungain.
2.40 25.90 | Gilman
180 Rope
Bid to subsidise
Crane Company
Crown Zellerbach
Cartisa Wright
Distill Corp-Seagrama Douglas Aircraft
Dow Chemical
General Mills
General Motors
General Telephone
Georgia Pace Corp Getty Oil
Gillette Co
Yesterday's Closing
Westinghouse Electric
Yale & owne
on
lo 15 hours and 50 minuts, the spokesman added.
Lengthening the runway
at
Manila's international airport
has held up jet service.
Agreed merchant he spokesman said other
rates
London, June 20.
The Jaguar Company paid
cash purchase price of £3,400,000 for the Daim- ler Company in its lake- over deal at the end of inst month, it was an- nounced today.
A joint statement said the plans by the airline call for contract had been signed and eventual extension of the new Jaguars would now be entering jet route from Manila to Hong-inta occupation of the Daimler Belgien Francs, Maximum | keng. Saigon,
and factory at Coventry. Singapore Jelling, 804.
Djakarla, but noted this is still West German Deutschemarks, subject to government-approval. Maximum selling, 72-7/26. -AP.
U.S.metal output COMMODITY PRICES
Washington, June 20.
Hopes for the passage of a bill at this session of Congress to subsidise small United States lead and zinc producers were revived here when the Rules Committee of the House of Repre- sentatives approved a motion_allowing two hours of general debate in the House.
1b.: The bill would be open 19¡ of zinc. Payments could be amendment during the floor des made on the iwo metals but bate.
when a company's output
On June 2 the Rules Commit-reached 2,000 tons-elther on tee rejected a petition to allow lead or on zine the subsidies the bill to be considered on the would be halted for that calen- House floor. On reconsideration] dar year,
COTTON
Blanket crepe
113%-115%
No. 1 pale crepe... 13036-13235 LONDON
Closing prices all in pence per
NEW YORK Closing prices all in cents per Oct./Dec.
SUGAR
NEW YORK Closing prices all in cents per lb.:
Contract No. 4 (world)
Ib.:
No 1 Ras spot
404.
Settlement house termi July/Sept.
31
15
July Oct.
$2,90%
Jan/Mur. Apt./June
24
33%
ALOS
General markets, c.1.2. basis, ports:
Dec.
31.013
July
July
2.900
Mar
31.456
Aug,
Estate crepe thin July
May
Oct
3.08 1.290
July
11.706
thick July
Mar.
Oct
May
Dec,
21.330
AMSTERDAM
July
3.20b
Mar
22.050
Closing prices all in guilders
LIVERPOOL- Closing prices all in pence per
per kilogram, cit. June
No. 1 rubber
848
Total Sales: 100 contracts. Contract No. 6 (domestic)
Sept:
No. 2 rubber
3.41
Nov.
4.04 6.07
lb.:
No. 3 rubber
Total Sales: 270 contracti
American Contract
No. 1 crept
3.32
UPL
July/Aug.
cents
The subsidies would have had to produce lead or zinc within the last seven years.
per
Det/Nov. Dec/Jan.
Mar/April May/June
Mixed Cantract
Washington, June 20. on June 16, a committee mem To be eligible for the subsidies The Department of Commutrueber switched his vote and this of the difference between the today reported a sharp drop was sufficient to allow the mear market price of lead-now about in U.S. hiports of household sure to go to the House.
12 cents per pound-and 17 cents chinaware
Observers sald the bill was the per pound, and the market price First four months this year com-last hope of Western State Con- for zinc-now about 13 cents per
to help what they
11% pared with the same period i gressmen
pound-and described as the "depressed" lead last year. The 'drop was mainly in and zinc producers in their con-pound, the companies receiving shipments from Japan. But stituencies. The programme Calls for the department reported also a streamlining operations of the substantial rise in imports of
Kuala Lumpur, June 20... The Malayan Government has announced a programme to get the nation's ailing pineapple iņ- dustry back on its feet,
REFUSED
The bill asked for a separate
pay the subsidies.
M$40 million industry, to meet earthenware table and kitchen- tion has refused to change the appropriation of $4,840,000 to
stlit competition from cvere.ware articles,
-UPI.
PLENTY
Japan÷UPI
largely
Marine & Industrial PUMPS - FILTERS IMPELATORS
Suitable for all liquids, and pastes G.P.O. Box 899 RENECO Tel. 24401 ́`
from
The Elsenhower Administra-
present United States quotas on) imports of lead and zint ores or to expand them to include lead and eine products. The Tarif Commission last March reject ed an appeal for additional re-
A committee spokesman said it was hoped the bill could be
eldered in the House week.
this
A similar measure is pending Senate Interior before the
striotions on imports of the two committee, but it has lain metals, A
Sponsored by Mr Edmundson dormant because of the Impasse
the
reached in the House prior to
July/Aug. Oct/Nov Dec Jan. Mar/April May/Juna
KOBBER
SINGAPORE Closing prices all in Straits
ports
proved by the House Interia the latest-action-by-the Rulescents per Committee Test May 10. It group, would authorise the Depart A quick House passoge would | No. 1 July ment of Interior to pay a spur the efforts of Senators to subsidy to miner or mining com get passage in that Chamber No. 2 July panies on annual output of 2,000 too, a Congressional spokesman Sty: tops or lead and 2,000 tons predicted. China Mail Epecial. Spor mayon
METALS
Closing prices, all in centa
NEW YORK
per lb.:
Leed July
Zinc Sil
Bezt
Copper Tudy
Sept
LONDON
per Jpng ton
3-month
FOREIGN EXCHANGE
NEW YORK Closing rates:
Canada
11.30
England sinofficial
11.456
20-days
11.25b
11.415
3181
*20.34*
Others lincheged.
LONDON Closing rates:
New York
Montreal
Closing prices, all in sterling materdam
Copper spot
-12% madth
Lead and
Buyers Sellers
200-28114 28005
1/16-230-6/36
The announcement also said Jaguar Cars Limited wish so deny unfounded rumours to the effect that sweeping changes, including even the extinction. of the Daimler Marque, are to be expected. -
"Whilst one of the minst ob- vious and impediate benefits acqruing to Jaguar as a result of their purchase le the availability of much needed #dditional pro- duction facilities for Jaguar ears, the company's long-term view envisages not merely the retention of the Daimler Marqua but the expansión of its markets at home and overspas,"
Jaguars are the makers of fast and sleek sports, mlocus and racing cars." "Daimlers are best- pwn for their elegant and comfortable limousines - Clip Mall Special.
*
*
New York, June-20. Aluminium Ltd and Enfield Rolling Mills Ltd of Eng. land announced the joint formation of a new com- pany to acquire the secondary lumielum Bradford, smelter at
Yorkshire at present operated by Enfield Roll- ing Mills Limited
Aluminium Ed
The new company to be known as Alcan Entein Alpys | Limbed," will have itxied capital of £600,000 owned 50 per cent by Aluminium Limited and 50 per cuit by Endelà Rolling Milk Lacplied, and will produce from scrap and primary aluminkan"a" large range of foundary alloys no normally produced at the primary aluminium smelters of Aluminium Company of Canada Limited, the prod of Aluminium
&secondary alumíniuka largely is a plant for "duction of relined. Bas allors largely front, ERD Alliminium: Ampán
alloys prograced
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