Pazé
THE CHINA MAIL, THURSDAY, JULY 21, 1960,
COTTON
London market NEW YORK
improves on better buying
London, July 20.
Leading industrial stocks went ahead on selective
demand from the outset today.
HONGKONG STOCK EXCHANGE
Our Own Cure my print
Business done at the Hong- kong Stock Exchange this morn- ing amounted to approximately $805,000. Noon quotations and the maing's transactions;
THE
20
101210
Shares Buyers Sellers Bales
1908 1245 HK Bank Unton Ins.. Whart Wherlock 7.35 1.00 1000 7.55 2000 ir 7.35 107 100
400 108 23.10 20% 1500 40 *#11⁄2
400 g 109
3K Dock
Provident HK Hotel
AK Land. 57
300 500
414
58.
B7
Ch. Light 22.10 22.30
Удила
178
580
HK Tram
217
32
100
200
130 (
20.40
532
907 & 283%
M
Electro
Telephone
28 33%
330 25.83
Coment
6311⁄2 Dairy Farm 2328.70 25034 28.10 Watcon
23.43 24.20 6.03 6.10 Inve Textile ... 114 11.40 5930
MILI Rubber Trist
Dock
Humphrey
Rezik.... HK Gas
Glimin
Macao Elec.
Trading volume slayed low but dealers reported a better public sentiment, signs appeared against a long jist of blue chips.
MARKET
New York, July 20, New York option futures mored over a restricted range today in some of the dullest dealings the market has seen in some time.
WALL STREET AGAIN DECLINES AT CLOSE
New-York, July 20.
The stock market tried hard again today to halt its recent slide but late selling won out and the list finished in lower ground for the eighth consecutive session.
16% | Olin Mathieson
Olle Elevator
37% | Owen-Illicis Glass 29% Pacific Gile de Thea”, 571% Pan American Airways
'3012 | Paramount. Plettres
Parks Devly Co.
Phip Moeria
Pitney Bowes
Procter & Gamble Co.
Pittsburgh Plate Glass
291 Publicker Industries
631% Pure O
83
190
25
113
bullish
Paso Natural Gas Family Finance Corp. Ford Motor
29
Georgia Pacific
56
Radio Corporation
General Dynamics
Radio Corp. Pref.
General Foods
General Electric
8324 Raytheori
131
Republic Bleel
General MOLOTE
49
Reynalds Metal
Gen. Pub. Util.
26%
Reynolds Tob#aco
42
133
Trader cautiousness cattinued Cuban Amer. Sugar Diamond Gard..... although any of the experts Delaware & Hudsort Co. believe that most of the well-Distillers Seagras known unfavourable factors Dominion Store
Douggina Aircraft At the close the list ruled five over-hanging the market have w Chemical
quite The plus points higher to 13 points lower boen
thoroughly dis- Dupont de Nemours
Eastern Air ne after opening five points higher counted price-wise.
Eastman Kodak to five lower this morning. New:
They add that a Orleans futures also finished five change in the news still is necessary to restore some of the points higher to 13 lower.
Commission houses were on lost confidence.
Aircrafts reacted favourably both sides of the far month,
some good news-the Deliveries in a small way and to new selling by interests with successful fring of a Polaris connections in these missile from a submarine and doreign positions was iso noted. "B" the belief that more detence cotton for 1959 amounted to spending is 334,948 bales in the week ended Marquardt and Martin jumped July 15, unchanged from a week about two and Boeing mos carter. Withdrawals to date amounted to 385,505 bales.
Steels and Engineerings firm.co.
and General Fords Motor Corporation advanced in improved motors, Courtsalde led top textiles into higher ground.
Selected stocks moved back on the upside, Dollar stock mixed but showed a sprinkling of fractional gains. Germans turned 'dull in a subdued, foreign bonds market.
GOLD WEAK
African gold shares made weak start but in the absence of sellers staged a rally to end with some gains on balance.
Coppers opened harder but were unsettled by reports of in southern demonstrations Rhodesia. They steadied in later dealings with most leaders arm. Tins were often belter on the higher price for the metal.
Oils secred early rises but last some of their advance be- fore the Anal bell.
Rubbers met renewed buying but teas were dull.-UPI.
Closing Prices
Giltedged Bondr
British Transport · 95% 195/55- £301
Conile 2-RWIS.
Concols 42667)
Converslor. Leon 3, 1961-£60. Funding
Loan
1956/00
£BI12.
Funding Stock E04 11.20 Funding Loan
£67 2009 11.30 1000130
18.40 18.20
8.8 7.15 3000 8.95 8.55 8.00 349 8
251 81%
2000 M8.60
54 543% 133 1 549%
24.30 23.80 1109 23.00 : 1.825 1.85 5000 # 1805 14.43 14.00 200 10
-
2000 14
1215
103 to 2
1000 € 12.50
603
23
33
100
1211⁄2
Rupe .... 2312
Lane,
Int'l Invest. 8.80 8.85
Invest
11.90
Ent
25
Star Ferry
LT1
15.30
Vibre
CHICAGO
GRAIN
MARKET
3d:
3. 1999/2004-
1960/90-
Savings 3%, 1953/05-ESTRA. Savings 3 1960/70-£795. Sayings 3. 1965/75-70%.
Banke
Barclay's Bank "A" Ltd
Chartered Bank-Sis 64. Hongkong-al.
Lloyds Bank "A"-01s 3d,
Insurance
Cotton exports for July 16 totalled 1,883 bales. Port receipts totaled 1,981 bales and port bales 1,313,815 stocks were against 1,092,234 a year ago
UPI.
Rubber
market
review
Singapore, July 20.
After a quiet opening the market was stagnant in the early part of the morning session, but liquidation caused some easiness later.
There were some enquiry for nearby No. 1 Rss. Small factories were quiet, and the market closed easy.
than one,
the
Gen. Tyre & Rubber Getty Oil Glidden Co. card". Goodrich (B. F.) Co.
Goodyear Tys duif ou
Today's volume was 2,370,000 shares.
Of a total 1,200 issues traded 481 were higher and 479 lower. American exchange volume was 770,000 shares.
Bonds volume amounted to $4,230,000.
Dow-Jones citsing averages:
30 industrial
824.13
Grumman Aircraft
Hammond Organ
Heyden Newport Corp. Hiram Walker
Homestake Mining Co. Husman Refrig Idaho Power Imperial O Imperial TobaccD Ingersoll-Rand
Inland Steel Co.
Int'l Tel & Tel
42
3712
40
Royal Bank of Canada
Royal Dutch
Sears, Roebuck & Ch, Shell Oil Co. Befoway Stores
35% Saint Res Paper
30% Scott Faper
27.
Sinclair Oil
3615 Socony Mobil Of
974 Studebaker Packard Corp.
Pooling of spares
saves the airlines money
INTO common usage in the aircraft industry of
recent years has come a word which has con- siderably affected the industry's structure and saved countless thousands of pounds. The word: POOL.
In the last few months, for|applications for membership example, Boar has completed are considered. (It is
anti- 444% ngreement under which it cipated that Pakistan Inter- 4411⁄2 : pools services with Air Inrila | national Airlines will join the 415 International
and Trans- | pool at the beginning "of next 35%
Canada Air Lines. Operators season.) 7% of the Boeing 707, Douglas DC- 568 and Sud Aviation Caravelle
16
AV
23% South Puerto Rico Sugar
Southern Co. (THE)
40
Southern Natural Ges
18
Southern Railway (Com)
50
Standard Brands
32
Standard Oil of Cal.
11
Standard Oil of Ind
43
Standard Oil of N.J.
731
Step Rock.
Int'l Business Machines
30014 Sterling Drug Co.
Int'l Harvester
44
Stokely-Van Camp.
International Nickel
55
Stone & Webster
International Paper
3924 Sunshine Mining
9127 Kaiser Industries
13635 Johns Manville Co.
58!
Swt & Ca
97
Texas Co
83.50 Kennecott Copper
20.09 Kansas C. Power & Light
551
Textron, Inc.
9134
Thickol Chem.
3
Comm. future price index
12
Liggett & Myers Tob. Co.
81% Tide Weber Q
1095
Lily Tulip
5234 Time Inc.
Litton InGa
8146T
Cont. Warrants
Lockheed Aircraft
Twentieth Century Fox Filmn
Loews Incorp.
Abitibi Par & Paper ...... $ 391
Lone Star Cement Co.
244 Union Carbide
b
497%
Lowenstein & Sore
16
Undon CHỈ ĐỀ Cot
Alden Ing. Acy
Algoma Stect Corp.
31
McDonne
Aircraft
Union Pacific Railway
United Aircraft
Monck
Allied Chemicals
Allied Mills Inc.
34
2
Mission Development
20 rails
15 tulles
6 stocks
40 bonds
Closing Prices
Allis Chalmers
Am. Brake Shoe American Airline
Am. Cable & Radio Corp. American Cyanamid Co. Am. & Farga. Power Am. Gas & Electric Am, Home Prod. Am. Mach. & F'dry. American Metal
Am. Natural Gas American Smelting Am. Sugar Ref Ameriam Tel & Tel America Tob.
Ampex.
Aasconds. Copper
Armco Steri
Asbestre Corp.
In the afternoon, liquidation, Armour particularly from
Federation | Atlas Cons. Mining
ord-centres, depressed prices by Baldwin-Flag-Ham.
Union Insurance Canton-£3-13/16.
Aircraft and Motors Brillch Mowr Corp, Ord-149 711⁄2d.
Ford Motor Co-102 60.
Hawker Siddeley Group Ord-233 34.
Rolls Royce Ltd "Ord-43 30.
Rootes Ltd "A"-10s 1128.
Standard Triumph International
€9.
Breweries
Disers Co-39% 31 South African Breweries-23; Va.
Building and Materials Associated Portland. Otment--673. Goodiess Wall & Lead Ord-36
712d.
Coul, Steel and Engineering Babcock & Willcox Lid-368 30.
United Steel-79% 9d. Vickers Ltd-32 412.
Food and Tobacco British American Tob. Co., Ltd Imperial Tobacco Co., Ltd-
Miscellaneous
Boardman Marden Lid—is. Brillsh Oxygen Ltd, Ord- 3d. Canadian Picine Aly-843.
De La Rue Cu: Ord-83 6d. Dunlop Rubber Co-273 4150 Giman Holding, Lid-28 d.
Chicago, July 20. Grain
widely futures closed Irregular on the last day of 578 9. trading in July contracts to- | 3d. day on the Chicago Board of Trade. Soybeans,
which had the Jargest remaining open Interest, fluctuated by a cent or more,
Nearby wheat positions rose more than a cent early, in the day. Mills, local traders and commission. houses bought, Hedging was light. Overnight soft chases were the largest of the season. Some chain bakers winter wheat bought hard for 10 cover their Augusi needs.
flour
pur-
Exporters said. Japan bought a cargo of hard wheat, while Korea took 373,000 bushels of western wheat.
Hongkong & China Gas--10 od 1.
Imperial Chemical-64 34. Lyons & Co-198_41j0. Unilever Lid-1645 9.
Paper
Bowater Paper Corp Ord-364 Bc.
Radio & Electrical
about two and one-kait cents
from noon. Lower sheets were neglected.
Baltimore & Ohio
Bank of Montreal Bank of Nova Scotia
Beech Life Savery
| B. G. Tej, Co.
Bell Telephone
to 75
of 77
in New York, Rex rubber futures closed today 10 points lower with sales contracts.
The decline in futures here followed sult with the lower trend in the Singapore market as well as a softer close at Lon- don. Dealers sald the spot position
still remains under considerable pressure. No new shipment offerings were report- ed.
The spot
price for No. 1 smoked ribbed sheets was quot- ed a1_414 cents a pound.
In London, the rubber market barely steady with spot
was
quoted at 30% pence.
In Amsterdam,
|
Beneficial" Finance
Eendly Aviation Corp. Benguet Cona. Bethlehem Steel Boeing Airplane Borden (The) Co. Burroughs Add Machine
|British Amer. Oil
Calif. Picking Corp. Cana. Bk. of Comm. Campbell Soup Co. Canadian Pacific R. Case 1 1) Co. Cat Tractor
Celanese Corp.
CT. Fascial Corp. Chrysler Motors
Cruet Peabody
Colgate-Palmolive Co.
Commercial Credit
Colombian Carbon Co.
Consolidated Edison
Continental Can
the rubber Continental Oil of Dei.
Crane Co.
market was steady today-UPI.crown Zellerbach
Yesterday's Closing
Mesabi Iron Corp.
Minnesota Mining
100% Maisons Brewery
Monsanto Chemical Co.
United Fruit
70% United Cus Corp.
Kati US. Foll "B"
U.S. Gyprum
404 U.S. Line Co.
5.
Bontgomery Ward
40%
US. Rubber
National Hisult Co.
U.S. Steel
5811
National Cash Reg "A"
1775
National Dairy Prod.
58
National Lead
D14
231
National Steel Corp
740
New York Central
எ
Noranda "Mines Ltd,
51% Norfolk & Western Ry.
North Amer. Aviation Northwest Airlines (Com)
Oklabama Nat. Gas
6734
C.S. Steel 7 PA. PT Warner Bros...... Westinghouse Air Brice Westinghbrune Electric Werter Union Tel. Co. West Va. Pulp & Paper 673 | Www-Dixie Stores
Woolworth (X. W.) Zenith Radio
379%
International Sugar
Council
expected
to fix new quotas
London, July 20,
have drawn up pooling agree ments covering their spares, while operators of the de Havil land Comet 4 are now regolat- ing an agreement to cover that aircraft's sparcs,
As far as spares pools are concerned, the base idea is to relieve individual airlines of that highly-expensive busines of keeping allocations of com- at their monly used spares
a route Blations. Under the pool
10:
system, the cost of these apares
at any one pooled station
Of the eight pool members, the 707s operated by All, Boac and Lufthansa are powered by Conways, the others using Pratt and Whitney engines. Separate arrangements have been made to cover the varying engine re- quirements.
All-purpose cargo
ship arriving today
THE ss James Lykes-
spread over several operators. T first all-purpose co
143 ESTIMATED COSTS
60
ship in the Lykes Brothers
Take the 707 spares pool as Steamship Company's" mas- sive replacement programme arrives today from Manija
i an example:—
Boac, if not a pool member.
4 would have to position parts at 214 15 stations. The estimated
116
The international sugar council's executive commit- tee was hammering out an agenda today for the full sessions of the council now set to open Thursday (today).
"
Delegates from some 35 and hear demands from Cuban member countries, including the Commerce Minister Dr Raul Soviet Union, were expected to Ceptaro Bontila that her per- 48 tackle the fixing of new quotas mitted export quota be raised
48
45
COMMODITY PRICES
COTTON
NEW YORK
SINAPORE Closing prices all in censt per lb. f.o.b.
porte:
No. 1 July
Aug.
No. 2 July
No. 3 July
Closing prices all in cents per No. July
Arociuled Electrical-60 Electrical & Musical-is 9d. English Electric Co-388. General Electric-364 Bd.
Bd.
Ib.;
Shipping
Spot
Oct.
Indo-China Steam Nav. Co, def
P&O Steam Navigation def urd-
Dec.
Mar,
May
July
Oct.
Store1
Dec,
Mar,
Deferred soybean contructs ord-23 were firmer. Spreaders bought, 376 64. July: and sold November
Meals and oils were slightly lower, Japan reportedly bought about 314,000 bushels of beans,
UPI.
Agreed merchant rates
32.18
METALS
NEW YORK
cost: US$910,000.
on her maiden voyage to the Far East.
But as a pool member the Corporation his had to position The Lykes' programme calls speres at only eight stations. first American dry-cargo vessel The estimated cost: US$530,000. to be built for private owner- The Corporation's capital in ship and operation since World vestment saving: US$380,000. War II. It also represents the And, incidentally, as a pool, first step in the owner's pro- member, Boag has access to gramme for the replacement of parts o 17 stations--including its dry cargo fleet. two additional alternates -40 the value of US$1.288,000.
Even
The Lykes' progamme' calis Pooling-of services, facilities for the eventual construction of or equipment isn't new to the 53 vessels at a cost of approxi Industry.
pre-war mately half-a-billion American
dollars. years, some European operators had pooling arrangements in force for certain spares. Ad of a contract of Ave being bullt The James Lykes is the first for several years, of course,
by The Ingalls Shipbuilding the Kangaroo Route partners,
Corp., of Pascagoula, Missisippi.
Boac, and Qunius, had spares It will be followed by e second pool agreements in force.
on
It was in May, 1959, that Eve contract of four now under con- operators (or potential opern-struption at Bethlehem Steel Co. tors) of the 707-Boar, TWA, Shipbuliding Division, Sparrows
Point Maryland. PAA, Qaritus and Air France in held their first discussions
All of the vessels will be the subject. On 1st November practically identical with the that year a pool agreement was exception of a small number of signed.
different vendors in the two
: shipyards.
"This class of "vessel was
to compensate her for her loss Today, joined by AII, Sabena of the rich American market and Lathons, the pool men - following the break-up of the bers have 43 pool stations specifically designed as the all-
U.S.-Cuba Bugar agreement in world-wide (including alter various trade
purpose ship for the owner'a
the wake of strained political | mates),
routes, The relations between the two The pool members agreed carriage of quantities of bulk countries.
initially to provide specified dry and liquid cargo and their Dr Boolika few to London on parts and facilities at selected sequence in loading and dis- Sunday to reinforce Cuba's per- stations to each of the other charging operations played a big manent delegate to the coun-pool airlines operating to and part to the general design of the
ell, Dr Miguel Tarrab, spoilight ing the Importance with which the Havana government regards the coming sessions.
THREAT
ac vessels, from these stations, Boac
DIÓ. The design of the vessel was cepting responsibility for viding spaces at Goose Bay, developed by Globs at Grac Hongkong, Keflavik, London, Inc.,
studieng Montreal preliminary sketches: submlit Prestwick, Shannon, and Idlewild (where, however, by the owner Before delegations assembled we cover only All and Qantas corporate the resu
The for the expected two-day de-me is to provide, when Steamship Co., La
chief object of the experience of bate apprehension. spread that needed, any part covered by the of their present fleet
the council talled to cents concede much
scheme required to get an air wide trade router. of the Cuban craft back to its home base,
Since such Saray case then
the International Once back home, the part has lubricating oils may be lost; agreement and its council was to be removed and returned to at a petroleum cokúpany's b Threatened with collapse.
Straits Malayanı
304-301
107-108
20576-208
106-108
Spot rubber uobaled Blanket crepe
No 1 pale crepe
2005-05
10624-206% 100-102 117-109
Closing prices, all in
per lb.:
31.18
Lead
July
31.27
LONDON
Sept.
31.95
Closing prices all in per lb.:
penwa
Zinc
Jusly
11.35
32.18
No. 1 Rapot 3014-30 Settlement house term:
Sept
Copper
*.35
Aug
July
July/Sept
Sept.
31.70 30.96
Jan/Mist.
lb.:
hor/May
General markets, c.lf, basis,
Spot
31.30
Aug.
LONDON Closing prices, all in sterling per long ton,
Coats J&P Lid-30s 111⁄2d. Courtaulds Ltd-70s 03.
Oct.
21.24
Sept,
Dec.
31.50
Estate crepe
Buyer Seller
Ti
41.94
thin Aug
Mines
May
33.13
thick July
spot 3-moth
-618
BLA
B18
July
22.10
Copper,
Cona Goldfields of South Africa
32.10
Dec.
32.10
Cond. Eine Corp. Ord-70s,
Mar.
84.
Petaing Tin-24"
LIVERPOOL Closing prices att in pene
Closing prices all in guilders per kilogram, c.lf. July:
spot 3-month
2584%
No. 1 rubber
No. rubber-
Rand/0
per lb.:
No, 3 rubber
Lead 2nd Hat,
July 2.00 buyers Det 238 buyers zine and hall,
TAK
2.98 Buyers
July
Great Universal Stores "A"---491. Marka & Spencer Ltd-80s 155d. Woolworth F. W. & Co-679 154.
Textilos
Do Beers def-42
Canadian Dollars Maximum 509 1150 Selling 17-1/32, Minimum Buy- ing 17-9/32 T/T; 17-11/32 Ó/D.
Belgian Francs Selling 848.
Maximum
Exchange rates
Business was done in the loca!
this
unofficial exchange
market
morning at the following rates:
US dollar (per $1)
.TD
12.56
Wendong Tin18 15.
Southern Kinta Cone LAG-Zie -30. Union Corp-489 135d.
West Driefontein
70% 740.
ሰብ
Goldmining-
British Barnto Petroleum Syndi
NEW ORLEANS
- Closing prices all in cents per
American Contract
July/Aug Oct/Nov Dec/Jan. Mar/April May/Juma
Mixed Contract.
cate-401.
July/Aug.
Bellich, Barmah Petroleum-li #4 Irish Petroleum Co., 146–309
Dec/Jan.
Burmah-41g (4,
$
Mar/April May/June
Berling riotes (per &1)
Australian notes (per €1)
Indonesian rupiah (per 100)
Blair'-sicals (ber 100)
Singapore (Stralia)
21.38 34.
2.10 Royal Dutch Petroletim-EIG. 26.00 shil) Transport & Trading--134s.
Reuter
TIRATE
NAIJA)
RUBBER
170, 2 crude
AMSTERDAM
3.30 BLUET
UPL
SUGAR
NEW YORK
Closing prices all in cents per
Contract No. 4 (world)
#
the
the owner within 14 days, } in a location, other Spares are not supplied for per-Dormal general, maneat use or for maktenance was desired that theen city
catild be taken abound dianging the rim of and hiriper, without
pla posiz
Sources said that 05 world's largest producer Cuba naturally wielded a major in- fluence on the International price for the commodity. - AVAILABILITY CHARGE Without her continued member-
After covering the costs of any general or bulk-
In this manner, ship they doubted the counell
the spares at the stations for could be completely could keep functiorang.
Some sources consider Cuba Which they are responsible, the
with the exceptio has intringed the spirit, it deemer airlines pay only an oil out the saf
availability charge worked the letter of the agreement out on a formule based on the loading docks and through her latest sele of some number of spares they wish to for further
was without. 258 100,000 tons to Huata, reported have made available at each loading
or Monday, This was the
pool station--acid /§-replace- 714 base scale of the quote she had many fee. Bepair costs to any 13 sacrificed Од the American
market
SUPE
FOREIGN EXCHANGE
NEW YORK rater:
"A further
the par having spare have to be met by the
enverad aparated from borrowing airline.. Argument was expected to
SBC, Is, the homily los Administration of the pool thetamise without awirl about this point, Cube agrement la carried out bra with pango louding can argue that the
Chairmen who is appointed The James Lykke piled in the past to the United to one of the member the lifes speed 717.4* States was not included in her sad who holds office for one statistics are: length, 495 quota under the agreement und., sexon. The airlines take it in breadth, 68 feet
thué quently therefore does not
concern the agreement, ve
She could claim she was -
122, alp
H
entitled to dispose of topoege ofoe holder pepresented by the quant
she memally Ripplied to the United States because this was #alon-quota Another
for calling
to provide faet. She has hold
2,500 tons of cargo.
dil capacity of 1,000 ton carries a crew of 45
PLENTY
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July
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