1960-06-23 — Page 2

London hesitant over possible

bank rate change

London, June 22.

Stocks moved irregularly in quiet markets today when buyers mainly preferred the sidelines awaiting tomorrow's bank rate, announcement.

Decline in

cigarette output in U.S.

Industrials with an inter- national following made 3 strong showing. Several blue chips which often meet American buying teeked on small gains."

THE CHINA MAIL, THURSDAY, JUNE 23, 1960.

HONGKONG Wall Street advances

STOCK EXCHANGE

Our Own Correspondent

Business done at the Hong- kong Stock Exchange this

morning amounted to

-da

in

active trading

New York, June 22,

proximately $2,937,000. Noon The stock market advanced in active trading today. It was the

quotations and the morning's Linnsactions:

Shares

Bank.. Le

Union Ina

Waterboat Wheelock.. HK Dock Frovident

Buyers Sellers

Sales

1210 1220 201213

2250

H

112

28

7.10 30007.04

113

21.10 21.00

HK Hotel.. 411%

were

Government securities undecided and showed little movement in the day, Japanese Londs staged an syance to make the feature pd foreign honds. Dollar stocks were mixed with oils a firm spot.

Further cape buying gove golds

glitter. Coppers sonie were firm and tins made head- way..

New York, June 22.

and Cigarette production

shipments in the United States fell in April from the record levels for the month last year, accord- ing to figures issued here market. by the Tobacco Mer. chants Association.

Output

and deliveries cigars als declined in

of

April

compared with April last year. However, trade circles

said

there were fower producing and shipping days in April this year than

1959, a difference sufficient to explain the statis- tical decline.

Cigarette production fell 4.1% to 39,700 million. in April while to 30,900 shipments slipped 3.1

million. Munthly shipments had shown a gain fran 3 year; earlier in every month since July last year.

WORKING DAYS Commenting on the April fall, the Toxicro Merchants i

these declines Association said

to the could be attributed difference in "working days." These were 22 week-days m April, 1859 and only 21 in April this year.

Such a difference by itself! might account for, a drop of about 4.5%. The Association

also remarked that "on a sta- sonally adjusted annual basis, April totals continued well above last year's 12-month total."

Royal Dutch and Shell were the standouts in a liveller oil

400113

500 € 21.80 500 © 2 1500 @ 11.40

700 21.40

500 + 21!

42 3000 4 452

6004214

2000 42 2500 15 42 300 6 12 50004131

300 € 12 50 2308 @ 1

ปล

HK Land..

5012

(HL) -

58 @ 30

Yousai

174

180

800 178

IK Tram..

900 or 170 500 al 32

g

C Light 2270 22.90 IIK Electric 28.50 26.00

market's first rise in the past seven sessions,

The market was mixed and active at the opening. It turned lower around noon. But it advanced in the final two hours with prices around their best at the close.

Ralis, steels and selected Shell O Issues led the rise. They were joined by rappers, airlines and The motors, rubbers, tobaccos. chemicals, aircrafts and petro leums closed mixed,

'Gains for the most part ranged

from a few cents to around one dollar a share, but some special issues gained more than four dollars.

Coppers advanced on news of

a rise in the world price of the metal. Merger talk helped the rails. Steels apparently 800.80 some institutional buying.

|

Shell Transport Sinclair Ol... Sony Mobil Oil South Am Gold' à Plat South California Edison Southern Company Sperry Rand Stand Oll California Standard Brands

stand of Indiana

Stand Oil New Jersey

Stand Oll Ohio

Sterling Drug Studebaker Packard Texaco Int........ Thompson Ramo W Tidewater Off

want. Century Fox met Trans. World Airlines

Union Carbide

Union Of California

100 28.70 Of 1,210 issues traded, 580 Union Paciño

0260 advanced, 433 declined, and 238 United Aircraft Corp.

50 23.50

500-3914

2000291/

The Dow Jones 30 industrials were up 43 to 645.86.

United Air Lines

00%

48

ག་

4170

500 28.70

were unchanged.

United Fruit

HK Tel.

++

30 391

715 29.70 400 @ 39%

US. Industries

US, Lines

U.S. Rubber

3435

1000 30

500 430

100 30%

Volume totalled shares compared with shares traded yesterday.

3,600,000

1.5. Smelt. & Refin.

2912

U.S. Steel...

81

3,860,000

Warner Bros. Pictures

Western Union Tel.

48

60%

300 394 108

3011

O. I. Cement

54 54 3000 631

2750 @ 24 2050 Fr. 54

117

-UPI.

19/8/12-

Rubbers and teas driftNG ---- UPI.

Closing Prices

Giltedged Bonds

British Tranport 3

Gua

Consals 245-£44+1/18

Consols 4-1:09.

£60-1/18.

Convenion Loan 3. 1901-

Funding Loan 37, 1959/00-£N Funding Stock

£0471.

Funding 88-7/18

3d.

395, 1999/200—

Loan

4

1960/00--

Savings 3%. 1955 05-£90-3/16. Savings 33. 1900/70-£101. Savings 3. 1905/75-£7235.

Banks

Barclay's Bank “A” Lid urd-356. Chartered Bank-1

longkong-£10%.

Lloyd's Bark "A"-5x 3ď.

Insurance

Usion Insurance Canton --£57%.

Aircraft & Motors British Motor Corp. Ord-17% 34. Ford Motor Co-1039 8d.

Hawker Eiddeley Group Ord-20s

Rolls Royce Ltd, Ord-43s Vlad. Rootes Lid "A"-11 7. Standard Triumph International- Pa_1.

Breweries Distillers Co-30 14. South African Breweries24.

Building and Materials Associated Fortland Cument-60s

d.

Goodless Wall & Lead 450.

Ord-bls

Coal, Steel and Engineering. Babcock & Wilcox Lid-06 €1. United Sleel-7737 Vickers Lid-3.

Food and Tobacco Bh American Tuk. Cv. Lld-

April Despile the

decline, shipments of cigarettes for the first four months of this year were 3.8% ahead of the similar period last year. March des 3d. liveries

had jumped 13.4 China Mail Special.

Blone

Rubber

market

Singapore, June 22.

Imperial

Bl

Ltd---Bis

Tobacco Co.,

Mhcellaneous Buardman Harden Ltd--s 450. British Oxygen Lid. Ord-94 Canadian Pacific Rly $497

d.

De La Rue Co. Ltd. Ord-15s 3d.

Dunlop Rubber Co-20s 11⁄2d.

Gilan Holding Lid-26 41d. Hongkong & China Gas-10% od n Imperial Chemical-59 4%d, Lyons & Co-78 94.

Unilever La-1725 Gd cor.

Paper

Bowater Paper Corp Ord-60; 34.

Radio and Electriesi.

Associated Electrical 54s 3d.

Dairy Farn

29 29.10

Stocks of some Puerto Rican and United States sugar com- panies rose as U.S. Secretary of State Christian A. Hetter won important support in Cón- gress for a new sugar act which would give the President 455 28.00 authority lo cut Cuba's sales to

the United States.

500 G 54 300.64 100 @ 14% 500454

500 29

500 28

1280 29.10

300 € 29

76.00 26.50

53 28.30

1000

20.20

Watson

Allied Inv..

€ 6.10 Textile .. 10.10 10.80 3000

Nanyang

10.90 3000 10.00 2000 6 10.81 10.90 1720 3003 10.80 500 16.9 7300 17 4000 f 17

Rubber Trust Talkoo

7.10

8.70 5016 571

1.875

800 # 57 200 @ 87 500 Realty

-1.90 5000 1.875 Star Ferry 10 17 100 173 HK Gaz...

14.20 14.30 10270 « 14.20 2330 14.20 500 14.33 350 4 14.50 3000 14.20 300 14.30 4001420

Lane Craw. 4311⁄2 43 2000 4314

Int. Inv. H.K&F.E.

Iniy. Gilman Масля

8.00 8.75

14.70

2.025 2.15 ... 12.40 12.80

Humphreys 2412

Rop ..... 1930 19

1800 13 1000 43

10043)

200 až 4375

225 6 8.60

100 $14.80 1000 ₫ 2.19. 320 12.50

Chicago

19.30

Wide gains among selected Issues included Polaroid, up 91⁄2 to 243, and Otts Elevator, up 4% to 544.

Seven of the 15 most active stocks advanced, seven declined, and one-General Telephone & Electronics--was unchanged.

Emerson Radio and Commer- cial Solvents dropped 1 cach in further profi taking, Univer-

sal Match gained 15% and Oliver Corp. a point in brisk buying.

American Shipbuilding rose three points.

Among the rails, Baltimore & Ohio gained 1% and Delaware & Hudson 14-AP.

Closing Prices

Allied Chemical Corp Allis Chairme 2% Aluminum Ltd

Aluminum Company

Amerada Petroleum

Westinghouse Electric Vale & Towne ... Youngstown Sheet & T Zenith Radio

Home appliance business `in doldrums'

UK bank

loans smaller

London, June 22: The increase in bank loans between mid-May and

· mid-June Was only £3,100,000, compared with # rise of £26 million in the previous period and a jump of nearly £100 mil. lion in the period between mid-March to mid-April this year. This

Details of new

British

super jetliner

London, June 24,

DETAILS were released today of a new British super jetliner which will be capable of flying up to 212 passengers between London and New York at nearly 10 miles a minute,

The aircraft. is the Vickers Super-V.C.10, a development of the Standard airliner. 35 of which have been ordered by the British Overseas Airways Corporation at a cost go on strike of £00 million sterling.

Vickers V.C.10 Liverpool dockers

Powered, like the Standard by four Rolls Royce version, Conway by-pass gas turbines et the tail end of the fuselage, in us it will be 28 feet longer than Issued today by the 11 London the Standard V.C. 10 and carry clearing banks.

It is

is revealed

service

in

Liverpool, June 22. FORE than 8,000 men:

MORE

were idle and 61 šhips unmanned in a dock strike here today,

Two big liners the Empresa

of France (20,448 Lons) from Canada, and the Reina Del Mar (20,234 tons) from South

the smallest monthly up to 32 more passengers. change in the level of advances The Super V.C. 10 will have since August 1958 when there a cruising speed of about 575 was a fall of over £3 million.miles an hour and should come America-were among the ves- This was near the end of the into

1986. The sels hit. credit squeeze which had start-Standard V.C. 10 files next year cd in September 1957,

and will be in service by 1983. Today's figures show that the China Mall Special Chancellor's "special deposit?"* measures enforced two months ago with the aim of curbing the expansion of banks' lending has

had a striking effect, arcing

Chicago, June 22. Sales and profits of the this scheme, the banks have had to financial quarters here. Under

major

home appliance to pay with the Bank of business are "in the dol- land one percent of their total drums," according to Mr deposits and this money-near. Robert H. Quayle, pre-ly £74 million is in effect

"trozen," these sources said. Bident

of the Norge China Mail Special. Division of Borg-Warner Corporation. "

Mr Quayle told the press at the international home furnish- ings market that refrigerators unit shipments from the factory on an industry-wide basis were five per cent less in the first 37%ve months of this year than in the same period last year. He added that ́automatic washer shipments were seven per cent

55!

Manufacturers had been faced with the necessity for reducing schedules with the production 49 resultant reduction in employ- Pment and liquidation of inven-

tories, he said.

1000

60

600 @ 18.30

American Airlines

21

American Can

39%

off.

American Cyanamid

582

American Smelt & Refin

86224

American Sugar

American Tel & Tel

Arnerican Tobacco

5815

Anaconda Company

Armeo Steel

Armour & Co

31

Associated Dry Goods

Atlantic Reßning

3211

I

HIGH COST

37

2071 Mr Quayle blamed the situa- 435tion facing the industry on "a

grain market

Chicago, June 22,

Electrical & Musicals ad cor. Soybeans and wheat declined

English Eectric Co-375. General Electric-36 6d.

The market ruled quiet through-

out the morning at around 124 i cents for July No. 1 Ras. After some early activity the:

Shipping market became stagnant 35 Indo-China Swam Nav. Co. def

increase ord- 225 30, not would

P&O Steam Navigation def ord- Some light buying for

40%. lower sheet found

Stores sellers reserved and differentials Great Universal Stores "A"-475

Marks & Spencer Ltd-756, Woolworth F. W. & Comßls 711⁄2d,

Textiles

buyors

prices. pearby

narrowed slightly.

Good lower grades demand kept prices steady through the afternoon.

The market closed steady. In London, the rubber markel was alesdy with spot quoted al 38% pence-UPI.

NY sugar market

New York, June 22.

futures broke

World sugar

rather sharply here today in fairly heavy liquidation. The future closed seven to 10

as much as down

9df.

Coals & Lids. Courtaulds Lut-666 4d.

Miner

Cons Goldskelds of South Africo-

50 426.

Od

Cons. Zine Corp. Ord-753 Gd.

De Beers def-1418 105d.

longkong Trum-12s4d.

Petaling Tin-16.

Rond739 131⁄2d.

Southern Kinta Cons Ltd-27% (d.

Union Corp-49% told.

West Driefontein Goldmining-18s

along with most other grains on the grain futures market on Wednesday. In the third setback of the week, numerous contracts reached or barely missed their lowest levels of the

season.

Bendix Aviation Bethlehem Steel Boeing Airplane Borden Co Burg Warner

Bridgeport Brasa

Case, 3, L. Co

Cerro de Pasco Chrysler Corp

U.S. rubber

workers want higher pay

The

Emergency travel

insurance scheme

Singapore, June 22. N emergency travel in- Aurance schone started

This afternoon, 5,000 dockers along the Mersey were still at work but it was feared they would also soon become in- valved,

The unofficial stoppage began yesterday when employers declined to stamp the attendance books of 600 dockers who refused to

work on Monday. night claiming this was over- time.

The dockers have banned

in London by the Navigators ing to rule, in support of and General Insurance Com- claim for a 25 shillings rise and

pany Ltd., and sponsored by a 40-hour week.-Reuter.

Bouc, is now available in

Singapore and the Federa

tion of Malaya,

This scheme will enable a person to make a top-priority

New version

"merry Bight" to a sick re- of Hovercraft

Live OF

have a close relative

flown to his bedside, if he is JIL

London, June 22.

Clevelard, June 22. United Rubber Workers Union nameunced it has ser- ved notions out twp more companies to reopen enb- tracts for pay rise negotia. will be given free transporta-70 knots, is under construc-

Under the scheme, a person who takes out a special policy

tion to the bedside of a relative

the world,

NEW version of the Hovercraft, capable of

or close friend anywhere in tin at Cowes, Isle of Wight, it was announced The scheme also covers the here today. cost of additional fares by taxis, trains and boats.

tions. The notices went to the Gen- cra Tyre and Rubber Company, and Richardson Company. Dates for the negotiations will be announced later.

Talks with General Tyre will Mr Gordon Davidson, sales cover some 3,500 workers in manager for South-East Asia. Waco, announcing the new emergency 20% lack of revolutionary production plants in Akron and 37% development, no solutions for Texas, while

with travel insurance scheme, seld

Burroughs Corp

Canadian Pacife Rwy

23

II

Celanese Corp Am

2434

46

Illinois,

new consumer demands, such Richardson will involve 1,500 that the plan had already re as longer lasting appliances, ex-workers in plants in New ceived quick response here- 331 cessively high service cost and Brunswick, New Jersty, In- | AFP. ||

"consumer

confusion" due to dianapolis, 40% stress on price.

talks

Melrose Park, Tyler, Texus, and

Earlier this month the union

notices on Firestone Rubber, Goodyear

and

cles Service Coca Cola Company Commonwealth Edison Consolidated Edison

Colgate Palmolive

Continental Oil

Corn Products Co. Crane Company Crown Zellerbach Curt Wright Dirtli Corp-Seagrams

Douglas Aircraft

Dow Chemical

DuPont de Nemours Eastern Air Lines

soybeans Eastman Kodak contracts Food Machinery & Chem. lows for the Ford Motor Co.

July maize and along with most rye 'sank to season

second consecutive

General Dynamics day. The General Electric

General Mills

decline took several new crop wheat, maize and soybean de- liveries to within a cent or so of their lows.

General Motors General Telephone

Georgia Pacific Corp. Galty Oil

Fillette Co

Goodrich, BF. Co.

Most losses were in minor fractions. Malze and soybeans, | Goodyear Tyre & Rub. which have been under pre-, W‚Ã. & Cơ,

Guff Ci sistent quidation for the past ingereal Rad British Bomeo Petroleum Syndi- | Ševaral days, posted some Inil. Business Mach.

cate-40s 1942.

90,

points lower. For a time they sd. were

11 points. Sales totalled 988 con- tracts.

Traders said the selling was Influenced partly by indication

the

U.S. Congress may vote

legislation giving the Elsen-

011

British Butinal Petroleum-1s 9d. British Fetroleum Co. Tad--Bla

Burmah-4.

Royal Dutch Petroleum-£13-13/16. Shell Transport & Trading-1445

---Reuter.

broader declines.

SMALL VOLUME

Trade volume continued small without showing any hint of a rally which usually follows sharp decline or a succession of

Agreed merchants.

rates

à

Inti. Harverter

Inti. Nickel

Inu, Paper Intl. Tel. & Tel. Jones & Daughlin Kaiser Aluminum Kennecott Copper

Libby Owens Ford Belt & Myers Loechend Ales Love Biar Cement Larillard. 2. Co Martin Co

Merck & Company Melzo Goldwyn Mayer Soybean trade appeared to Minneapolis Honeywell have been affected somewhat Minnesota Mining & Mfg hower administration discre-

by the monthly report showing rookgomery Ward

Moto Chemical tionary power to cut marketing Canadian $:

Maximum Sell-crushings for May at 33 million Moore McCormack lines quotas of sugar supplying coun- ing 17-3/32, Minimum Buying bushets, clown slightly from the Motorals The

low figure in April and off more National Biscuit

National Cash Register then 3% million from May last National Dairy Prod

Northwes National Gyneum Wheat closed - cent a Nation Fos West German Deutschemarke: bushet lower. Maze -1 cent New York Central

tries,

It was further influenced by s

17-11/32 T/T; 17-13/32 O/D.

statement by U.S. Secretary of Swiss Francs: Maximum Sell-year. State Christian Herter that the ing 74-5/10. United States should reduce its dependency on Cuba as a sugar source.-AP.

Maximum Selling 72-7/16,

Marine & Industrial

VICTOR-

Northwest Airlines

lower, cats lower, rye un-Ohio ou changed to 14 lower, and soy-in Mathieson Chem beans

- lower-AP.

Pacific, Gas & Fee

Pan Am Worká Airways

Paramount Pictures

Paponyani

Ri

to

He predicted that unit sales of Ogden, Utah.

home appliances sif major 46 dealers in 1900 would be about served 541 seven percent less than in 1959 U.S.

when appliance makers turned Goodrich-China Mail Special.

48

1732

out a record $4,800,000 retail

worth of refrigerators, freezers,

91

home laundry equipment and

2004 other "while goods."

The drop-off in dollar sales, Mr Quayle added, would probably be more than seven percent because of severe price competition in the industry. China Mall Special.

Oslo's bond offering oversubscribed

New York, June 32,

Yesterday's Closing

Mr Terence Cleaver, Publis Relations Officer of Boac for the Far East, told the China Mall this morning that the emergency flight scheme has been in existence in Hong- kong for the last five years.

COMMODITY

METALS

LONDON Closing prices all la sterling per long ton.

Tin spot 3-month

Copper spot 3.month

lion bond offering received zinc and half

Oct/Dec.

Jan./Mar

Apr/May

General markets, cit. basi

July

Aug.

Estate crepe

thin Aus

thick July

AMSTERDAM

The new 28-ton craft, to be operational by autump next year, is a development venture of Westland aircraft limited and Hovercraft Development Limited,

with

It is an operationni prototype # covered passenger eabin.

Britain's Arst Hovercraft, of much smaller dimensions, first "new" just over a year ago.

saucer

The revolutionary shaped vehicle imvels on # cushion of air-Reuter,

PRICES

SUGAR

NEW YORK

Closing prices all in centa

Closing prices all in guliders per lb per kilogram, c.lf. July: 1976 No. 1 rubber

• Contract No. 4 (World),

3.40 buyers

July

2.45 buyers

Bept.

1.35 buyers

3.71 buyers

Oct. Jan.

UPI. Mac.

May

July

buyers sellera

TOT

70114.

2561

192 25712

No. 1 rubber

24734

Lead 2nd half

21 No.1 crepe

No. 3 rubber

The city of Oslo's $10 mil-

June

7214

Sept.

7016

17236

an excellent reception in the American market and it was quickly over- subscribed today,

June Sept

0211 BOJ

0146

B01G

The 15-year 5 per cent

fund 834 sinking

external loan bonda were offered at 99 per

to cent plus accrued interest yield 5.83 per cent.

RUBBER

b.:

NEW YORK

*July

31.666

Ded

31.616

1.71b

SINGAPORE

Sept

COTTON

Closing prices all in pents per

Tolai Baks: 60 Cunstracia,

Contrast No, & (domestic)

Nov.

Total Sales: 76 Contracta.

July

Dec.

12331-123)

Mar

1194 .1184

FOREIGA EXCHANGE

NEW ORLEANS

LONDON

Closing rates;

New York

Monirent

Amiterdam

Closing prices all in cents per Brimeois

COVENTRY

Engines

"Generating sets

G.P.Ó. Box Be R.EN ECO Tol. 24491

Exchange rates

Bic

Pepa Cola

Pilzer, Charles Phelps Dodge Philip Morris Phillips Petrol Pure ** w

done in the local Quaker Oats" tinofficial exchange market tha Madlo Corporation morning at the following paSOS:

Raytheon Company US dollar (per $1)

8.74 - Republic: Bleol® gterling notar (per (21)

16.09 Reynolds Metals Apsipalan notes, (per £1) 12.68 Reynolds Apparta Lodopesky, palla” (per 100) 233 Royal Dutch Petrol BUY Liene (p 100)

25.96 hi neris Páner Surig

130 Bears Hoebuck

The offering was made by a group of investment bankers Closing prices all in Straits headed by Kuhn, Loeb, & 09.

Aug

cents per Ib. Lob. Malayan peter Proceeds will be used for im- No. 1 July proving Oslo's electrical system, No. 1 July the harbour, and the municipal No. 3 July No & July “ma, tramway-companies.---

Spot rubber un

جم

It was Otto's second success-Etiket crepe pe

LONDON 4196 | ful offering within three years.

The previous odvring comp 70% prising $811' million in sinking

fund and serial bande, was mad

in 1958-AP;

Copenhagen Frankfurt

July

Det.

31.466

Odo

Doc

31.140

Parts

Closing prices all in pence per

Mar

31.486

Milan

15.

scoot 321j-3094 Battiment house term:

July/Segt.

July

1.7ob

Vienna

35%-383%