1960-06-29 — Page 2

Page

THE CHINA MAIL, WEDNESDAY, JUNE 19, 1960.

NEW BANK RATE DECISION

HONGKONG Reflects lack London Wall

Wall Street STOCK of confidence closes

in UK economy hesitant

EXCHANGE

by

Our Own Correspondent

Business done at the Hong- Exchange this

kong Stock

'morning mounted to appro-

ximately

quotations

transactions:

$1,040,000. Noon

Shares Buyers Sellers BANKS

Rates

JIK Bank... 1193 1205 50 1300

Union

SHIPPING

By AN ECONOMIC CORRESPONDENT

London, June 27.

and the inorning's The Chancellor's decision to raise the bank rate for the second time this year is a depressing sign of the Government's inner lack of confidence in the strength of the

economy controls.

201200

INSURANCES

04 400 93

Wi..cluck.. 7 33

7.10 1000 2.10

29007.10

DOCKS, ETC.

K. VI.

243

Dock

114 115

200113

109 114

Provident. 21.23 21.40

200 430 1800

21.40 21.30 21.20

was

Taiko

Deck 601% 50%

LAND ETC.

HK Hotal.

41%

42

1500 413

50 42

Ind

Rele RUBBER

turte Tru

UTILITIES

:

TIDE..

Ylár Ferry

Ypumatt

C. Light

Elettric Macau E. Telephone

5712

5J

3

500 + 4134 500413 2000 4124

500 41

55 ST 3005**

a

The January increase to 5%. the first upward stup since 1957 reasonable cautionary measure to prevent the move- mert ol funds from London.

Cheneeilor But

Lie

closes

London, June 28,

Industrial stocks falled to

it!

set a definite trend after

pace.

hit by late Boac to get new selling spell

New York, June 28.

lemn. Scat Co. Philip Morris Pitney Bowes Procter & Gamble Co. Pittsburgh Plate Glasa Publicker Industries were Pure Of ......

29

Stocks experienced another of their late selling

spells today. Bellers concentrated on the Pacific Gas & Elec.

| Pan Amerieza Airways again-steels, Paramount Pictutes a day of small irregular hevyweights movements but mining motors, chemicals and metals, Parke Davis Co.

the vending machines, issues advanced with while

electronics and some specials coppers displaying new

up their fast-moving strength.

Blue chip industrials

Raytheon Lotes here man to more than Radio Corp. Pres. two points in Sears, Rochuck Repatic Steel Eastman Reyards Metal

Reynolds Tobacco and a point or more

| Havar Bunk of Canada Kodak, General Electric, United Alfert, and Du Pont. The Royal Dutch

Saare: Roebuck & Co. Shiu Oll Co. points at its lop.

Today's volume was 3,120,000 Satway Stores

Sent Reg. Paper shares.

Septt Paper Slegter Corp. Sinclair Of

back of investment will lead to firm on the government's state hit herd in the late selling. Radio Corporation Industrial stagnation.

Stecis see-sawed after opening ment it would not yet sell com- mon stock of the last steel com- any waiting to be de-national- threesed. Mators turned dull.

scomed prepared to wait and which time she lost so much downside in quiet conditions last was up more than two Rheem Mfg. ...

Stuly its long-term effects. He has never allowed anyone think he would stop there.

Repeatedly he has talked of

economic

was

GII-edged securities drifted Japanese bonds held firm, while 5% percents Tokyo assented gained six points lo close of £185.

поп-

It was only two years ago that emerged from Britain years of such stagnation during ground in the world production race that she almost out of the running,

The crux of the trouble at the moment is that Britain's gopds are not competitive enough to capture the world market's Ine measures if necessary meal demning condemnation of Street's overnight trend with

M: Amury's new moves is that steels the chief sufferers. they do

alleviate nothing to Service. this position.-London Express

40079

572 keeping his hands on the con

trols; of not hesitating to take

3 18 X 18

705

7.15 1900 7.35 B20 g

31

32

171

130

181

26.40 28.70 1270

381 382

HK Gas... 145 14.60

INDUSTRIALS Cemm ....5313

40 M 229 1000 S 224 1000 i 2212 2000 225 1000 (231)

500 12.80

400 383%

500 30

200 a 14.60 1000 11.60

100 $4 54

1600 53%

further

His mumblings have had the inevitable restit: with every chang

the oconomic weather, fears of new restrie

The tions have been volued.

In

markets have been unsefte cml each week as Thursday approached, gveculation ut a further rise has been renewed.

Not justified

28.80 2.90 1500 28.00f them. claw.

43 43%

Many people in the elty, con- ditioned by Mr Amory's fore- bodings have come to expect Lew last week's decision Bul

consider justified л limorous They brand measure taken at the very lime when restrictions

in imposed 17.10 April on hire purchase have begun to slow down trade

1130 4:4 4512 2003.

STONES, ETC.

Dairy Land.

1000 431

COTTONS

13.) 400 ET3 10.89

Textiles Nanyang

INVESTMENTS

.Int.

Allied HK & FE Invest.

17 17.10 2000

345

2000

17

8.70 1000 8.70 208.65

6.05 6,20

14.60

Only last week, Hoover's were forced by falling sales in 1000 810 dismiss a tenth of their labour force. Most other firms making electrical goods and household that orders appliances report have declined and will decline further. Both the British Motor and Vauxhalls Corporation have had to cut production. The fact that exports

Rubber

market

review

New York, June 28. Rex rubber Futures today closed 40 to 96 points lower with sales of 89 contracts.

have

not increased this year and that

the gap in overscas trade widened slightly during May

treasury pressure to

Mac wants a common market

partnership

Dollar stocks moved into lower ground following Wall

Gold mining shares responded to Cape and London buying t10 continue yesterday's advance and cerrie diamonds with

them. Coppers made the standout section on nows the Rockefeller group were taking a bigger interest in the Congo. Continental selling' produced a setback, but this was more than recovered by the close,

Oils were easier and lost factions on the day.

Or a total 1,235 issues traded, 331 ware higher an 690 lower. Amorican exchange volume was 1,380,000 shares.

Bonde volume Lopunted $5,380,000.

Smith, Kine & French speeny Mobi Ol

Solar Aircraft

Super VC-10 jet airliners

BOAC signed a contract with the British Aircraft Corporation for the purchase of ten Vickers' Super VC.10 jet airliners, for delivery beginning early in 1965. The value of the contract is some £25 million without spares. This order is additional to the existing Boac order for 35 standard VC.10s. Sir Gerard d'Erlanger, Chair-, ly designed for eastern routes man of Boac, said:-

and developed for Allantle The Super VC.10, which will capability. With a length of carry in the Bone version up to 186 feel; the fuselage of the 187 passengers, is intended for Super VCID is 28 feet longer 38, the Corporation's North Atlantic than that of the standard VC.10 (20 feet of this is forward of S routes between Britain and the

United States and Canada, on the leading edge). The Super which the constantly mounting VC.10 engines will be the Rolls- tourist traffic between North Royce Conway Co $2/2. America and Europe offers im- The fuel capacity is creased mense dollar earning opportuni- | from 17,000 to 18,750 Imperial tier. We shall employ this new gallons by the addition of two 344 fleet of British aircraft, combin-wing-lip tanks, which increase

39 201

to.

South Puerta Rao Sugar

101

Stuthern Natural Gas

48

Southern Railway (Com) Sperry Rand

i

Dow Jones closing averages were:

30 Industrials 20 Rails

15 Ulities US Stocks 10 Bonds Comm. future price index

Closing Prices Abitibi Pvr Paper ....

Alden Inc. Acy, Algoms Steel Corp. Allied Chemicals Allbed Mills Inc.

6374Ŭ

Standard Brands

Standard Oli of Cal.

142.62 Standard Oil of Ind.

$3.28 Standard Oil of NJ.

Strep Rock

210.32 Stokely-Van Camp.

82.83 Stane & Webster

145.32 Studebaker-Packard Corp.

Sunetthe Mining

Swift & Co.

Tide Water Oll

37

Texas Co,

50

Textron Ine

31

Thiokol Cheng,

544

35

Time Inc..

Alis Chalmers

294

Traders Finance

Am. Brake Shoe

42

Tri-Cont Warrants

American Airline

2036

Twentieth Century Fox

Film

Am. Cable & Radio Corp

8

Union Carbide

Union of Cal.

58

Ainer. Forgn. Power

Union Pace Railway

United Aircraft

539 United Fruit

189:

United Gas Corp.

Am. Mach, Fdry.

53

181 US. Gypsum

US. Foll "B"

84% US. Line Co.

524 US. Rubber

89

Rubbers and teas were quiet. American Cyanami Co. -UPI.

Closing Prices

-Giltedred Bonda

Transport 3%, 1978/88--

Consola 21-£44. Consols 45-200-13/16, Convenion Loan. 315%, 219-15/16.

Loan Funding

London, June 28. British Prime Minister Harold Macmillan today told the House of Com- mons that the British200 Government would like to see the establishment of a "partnership" between the common market countries and those of the European Free Trade Association (EFTA) "in a commen of European system trade."

has probably increased the Answering questions regarding which the the possiblity of Britain's join- Chancellor has succumbed, Buting the common market, Mr the size of exports de ends on trength of maintaining the home markets,

Mr Amory's decision may defended as evidence of a wise

nt home resolution, Bul

brend it will be taken

and

Macmillan sold that negotiations were

now going on in Paris through the trade committee of "Twenty-one" and that it would be best to await results of these meetings.

He said he would do all he as could to see that a European

vacillation. Ts is high time the trade partnership between the Lower foreign maritets, and Chancellor began to show the two groups could be set up "con the shrinkage in consumer confidence in Britain's reonomy sistent with the general agree interest to near vanishing. point, that it is his duty to promotement on tarifs and trade." weighed វរព the terminal failing this he should make market,

with along

July way for someone else. liquidation before first notice

A hope

day tomorrow

Current month No. 1 Rss was quoted nominally at 481⁄2

a pound.

in

London, the

cents It is reported that Mr Amory is anxious to leave the post of rubber Chancellor the Exchequer. I

spot is to be hoped that his succes- sar is a man of broader vision.

market was quiet with quoted at 374 pence.-UPI,

Exchange rates

For while it can be said that there is some justification for raising the Bank Rate to strengthen the position of sler-

in the international this monetary market, nothing can Justify the decision to freeze 10.02 public expenditure next year. 12.03 The only result will be to im-

Business was done in the calling unofficial exchange

market

morning at the following rates: U.S. dollars (per $1) Sterling netes (per £1) Australian notes (ner £11 Indonesian rupiah (per 100) Stem feels per 100 Singapore (Siraita)

6,72

2.30

26.00 pase further strain on essential

To publie services. And the culling

P.O

R.M.S. "CORFU"

EMBARKATION NOTICE

For United Kingdom via Singapore, Penang, Colombo,

Bombay, Aden & Suez-Port Said.

EMBARKATION: Passengers should embark between 2.30 and 4.00 p.m. on Friday, 1st July, 1960.

BAILS:

BAGGAGE:

£50

Am Gas & Electric

Am. Rome Padd,

American Metal

Am. Natural Gas

American Smelting Amp Sugar Het

American Tel Tel

American Tob.

Anaconda Copper

Ampex

1861-

!Axmop Steel

Armour

1859/G0

Funding Stock 21%, 1999/2004-

A

1500/90

Funding Loan 4%

Savings 3%, 1855/65-28915. Savings 35, 1050/70-784. Bavings 37, 1ÚB2/75–27.

Banks Barclay's Bank "A" Ltd ord-

Chartered Bank--50s 6d. Hongkong-sdv.

Lloyd's Bank "A"-595 kt.

Ingizance

Union insurance Canton-£5?.

Aircraft and Motors Brikh Motor Carp, Ord-17% 30. Ford Motor Co-ids 150.

Atlas Cons. Mining Baldwin-Lima-Ham.

Baltimore & Ohio Bank of Montreal Bank of Nova Scotia Beech Life Savers

1.B. C. Tel Co.

Bell Telephone

Beneficial Finance Bendix Aviation Corp.

543 Benguet Cons.

Hawker Siddeley Group Ord-5B3

d

Rolls Royce Lid Ord-15am 1790. Rootes Lld "A"¬IES 90:

Standard Trumpli International sadr

Breweries

.

Bethlehem Steel

Boeingi Airplane Borden (The) "Co. Burroughs Add Machine British Amer. Of BH Columbia Pur. Calif. Packing Corp. Cano. Bk. of Camm. Campbell Soup cả Canadian Pacific R. Case (J. I.) Co.

Cat. Tractor

Celanese Corp.

C. 1. T. Fluarietal Corp. Chaac Manhet. Bank

Chrysler Mctors

Chick Peabody

"Colgate-Pamolive Co. Colombian Carbon Co. Commercial Credit Consolidated Edison AsCondinental Can

Continental Oil of Del. Crane Co... Crown Zellerbach Cuban Amer. "Bugne Delaware & Hudson Co.

Distillers Co-37s 71%d. South African Browerle-245 34.

Building and Materials Associated Portland Cement Goodlass Wall & Lead Ord-1s

Coal, Steel and Engineering Babcock & Wile Lid-36: 33.

The Prime Minister said, "we! are entering these negotiations with our partners, and we do not intend in any way to aban-19ad. don the partnership into which 1d. we have entered, namely, EFTA."-AFP.

UN to survey setting up of Singapore iron and steel mill

Singapore, June 28.

A United Nations official said. hers today that the first member of a UN Survey team to investigate the feasibility of setting up an from and steel mill In Singa- pore would arrive here at the beginning of "next "month. Sir Alexander MacFarquhar, Far East representative of the United Nations Technical Assistance Board. who is now on a visit to Singapore, said that the rest of the survey team would arrive at various Inter- vals during the next eight weeks.

The survey team, made up of international Experts, is one of two that the UN board" is sending here to help the Singapore government speed up is industrialisation programme,

-Reuter

The ship is expected to sail at 5.00 | NOTICE TO CONSIGNEES p.m. on Friday, 1st July; 1960.

Should be sent to the Hongkong & Kowloon Wharf Co's Godown (No. 2 Gate) by 5.00 p.m. on 30th June, 1960.

SUBJECT TO ALTERATION

"THESZUS"

**

Damaged cargo ex this vemel, will be surveyed by Memory Parisen & By Hd Holta Whart "from" te Môn. on July, 4 and 5, 1969 and consignees, are requeried to have....their-representatives--preset- during the survey.

BUZZRFIELD & SWIRE,

Agenta. Hongkong 29th June, 1960.

Untied Steel-776. Vickers Ltd-33s 1140.

Food and Tobacen British American - Toh, Co., Ltd. 509 410

Imperial Tobacco 41⁄2d.

Co.,

L12051

MiscellanToDA Boardman Marden Lid—a British Oxygen Lid. Ord-91. Canadian Pacific ly

De La Rue Co. Ltd. Ord-fis 34. Dunlop Rubber Co-25s' tijd. Gilman Holding Ltd-28 d. Hongkong & China Gas-10s od n Imperial Chemical-583 d. Lyons & Co-18: Bd. Wallever Ltd-1668 3d.

Paper

Bowater Paper Corp Ordu 293.

Radio and Electrical Amorlated Electrics)-5. Electrical & Mutical-50% Bd.

ngh Electric Com370 64. General Electric36s 6d. ́‚'

Diamond Alkall

Diamond Gard

Dominion Stores

Dougie Airegatt Dow Chemical

Dupont de Nemours Easters Air Line Eastman Kodak

El Paso Natural Gas Family Finance Corp. Firestone Tyre & Rubber First Nat. City Bank Ford Motor

Georgia Pacific General Dynamica General Electric General Foods

General Motors

Gen. Pub, Utll.

Gen. Tyre & Rubber Getty Oll

Glidden Co.

Goodrich (B.F) Co. Goodyear Tyre

Great Northern Railway Grumman Aircraft

Guif O

27% 0.9. Smelting

U.S. Stel

683 US. Steel 7 P.C. P.I.

Warner Bros.

46

Waukesha Motors

64% Weetinghouse Air Brake

Westinghouse Electric

48

6

Western Union Tel. Co.

141 West Ya. Pulp & Paper Wine-Dixie Stores

31

34gb Woolworth (K. W.)

3729

Zenith Radio

3744

431

44

30%

303%

Hamman Organ ....

Heyden Newport Corp.

def

Hiram Walker.....

Homestake Mining Co.

33

Husunen Refrig.

Idaho Power

Shippint Indo-China Steam Nav. Co. ord-22 30.

P&O Steam Navigation def ord 389 74d.

at

Biores

Debenkama, Ord. Lid-468.

Grest Universal Stores "A"-47s

Marks & Spencer Lid--743 10 d. Woolworth F. W. & Co-038

Textiles

Coats J & ♬ 248-478 64, Courtaulds Lid-80s od.

Mines Con Goldfields of South Africa Blis 20.

Cons. Zine Corp. Ord-165. De Beers def 1400 10 Hongkong T=17 10944. Petaling Thr4, A Hand-100.

Imperial Ou

į Ingersoll-Rand

ing advantages of vast capacity the wing span to 146 feet.

with the attractions of rear-

mounted Rolls-Royce Conway

40% engines, to capture an even

432

15

2014

greater share of this very im- portant business.

Double-decker

"Our order for Super VC.10 train carriages which completes Boac's current aircraft ficet requirements,

brings the value of our invest-

12 ment in products of the British

aircraft industry up to a total of

Faris, June 28. \QUBLE-DECKER stream-

Dined carriages were

reported.

'rail-

£214 million since 1949. This put into service on the represents the money spent, or ways on the putskirts of to be spent, on Britannias, Reking recently, radio Feking Comet 4s, Viscounts and other alrcraft (for our associated com- panies) and VC.10s. In addition we are spending some £9 mil. Rolls-Royce Conway engines for our fleet of Boeing

lion

7078."

on

The "East Wind" short- distance passenger train com- posed of these double-decker carriages will run twice daily between the Peking central Station and two industrial dis- The Super VC.10 is an en- 13115 larged version of the VC.19 tricts in the outskirts

This train drawn by a diesel (which will normally seat up to locomotive, is staffed exclusively 134 passengers in the Boac by women, including the engine

at driver. version), taking advantage

291

45

423/ 287

5624

the development of the power The new passenger carriages - and performance of the Rolls-were built by the rollway roll-

1 Royce Conway to carry

greater slock plant in Tsingtao.- greater dis pay-load over lance. The VC.10 was original-

An artists impression of the Super YC-10 of which Boge bave ordered ten,

Yesterday's Closing

COMMODITY PRICES

METALS

NEW YORK

Closing prices, all in cents per

3124

lb.:

Lead July

Imperial Tobacco

Inland Steel Co.

Sept.

7811

Interchanical Corp.

Zine

451

July

4

Int1 Business Maching

510

Int'l Harvester (679.

4512

Copper July

International brickel

Sept

LONDON

Southern Kinta Cons Lid-28 34 Union Corp-31e 43%d/ west Driefontein Goldmining:Als.

You Brith Bornes Betroleum Byns crta, 46% 101AADA

British Bumah Petroleum-ls Rd. Bolish Petroleum Con L-301

Royal Dutch Petroleum-ETH. Shell Transport & Ed.

Agreed merchant

rates

PERMANE

Swiss Francs Marimun ing 75-1/10.

feiterintfonak -Pipër

Inti Tel & Tel

Johne-Manville Co

Kater Industries

Kansas C. Power & Light

Kennecott Copper

Kimberly Clark

felmetz de Azern Job, Co. Lib ulg

Liitos" "Ind

|Lockheed "Aircraft

Loews Increp Lope. Bier Cement Co. Torslin & Sons, McDermott J. Kiy Motel Alterat

Merck Mesabi Iron Corp. Minesota MELISTING Zadors Development Molson Brewery Montecatini

Nations Steel

Jan./Mur, Apt/30%

33-334

Det:

Aug. Sept

General markets, e... basis, porta; 3515-359 July

341-34%

NEW ORLEANS

Estate crepe in July

Ib.

thick July

PL

22.30

SUGAR

11.8

31.09

30.48

Closing prices, all in sterling 674per long ton.:

43

10%

63

Tin spot

7471 | 3-month

7 Copper pot

3-month

Buyer Sellers

709

701

2561 2554

253M

TEA

90

一

Sept

Lead 201

2nd half June

Zinė 2nd-half/June

RUBBER

WEAPONEW YORK MASSA

Rex rubber futures" closing briers all la cents per lbs 1925, Janteigs.752) Mar; *08.25:41AS:

Closing priced alt in ponte per

Mo. Bot

"NEW YORK Closing prices all in cents per b.:

Contract No. 4 (world) July: CB4 Sept: 2.92; Oct: 294; Jari 3.04: Mar: 3: May 304: July 3.09 Boot-()AS, Cuba); -2.05.

Tajal Sales: 772 contracted th Open interest: 8,829, contracts.

Contract No. 6" (domestic). Sopt 622

Nov: "6.00" Spot

[CII, NY. ex-duty): 5,25) N

"colat Gales? az contracts.

Closing prices all in cents per

SAO PAULO (Cosing prices all in cruzeiro per Idjoy,

neted spot markets: $22 penis. *AVETICE price in US. -ai-14|dom

Fotel ́unten: 5,018 'bales--UPL",

FOREIGN ESCHANGI

Open Interest: 3233 contracts-AM UPL

COTTON

FORK Closing prices all in cents per

pm

NEW YORK Closing rates:

Canada Bighed mordaink vé thers unchanged

TONDON

* Closing rates:” New Tyork Montreal Ammerdam

Copenhagen

1