1960-07-26 — Page 2

THE CHINA MAIL, TUESDAY, JULY 26, 1960.

HAS OVER-VALUATION Wall Street Malaya's ban

OF THE U.S. DOLLAR PUSHED STERLING UP?

The malaise in Wall Street and

continuès:

London, July 25. Amèficäh busiñäšs. ififli

Steel reports are becoming increasingly gloomy and one may still believe that the over-valuation of the dollar is at the root of sterling edging up to its highest levels in three months.

The London stock market has acted more steadily that either Wall Street or the Con-

tinental bourses, several of which ran into air pockets.

HONGKONG

STOCK EXCHANGE

by

Our Own Correspond int

10

Business done. at the Hong-

Stock kong

Exchange this morning amounted

ap- Noun proximately $470,000. quotations and the morning's transactions:

Shares UK Bank..

Lombard Ins.

"

Against the seasonal trend and also dainst the violent pull of the D-mark, this remains extraordinary.

No doubt if the next monthly figures show a record July gain in the reserves we shall all be lectured about the structurii dif- ficulties and the inadequate trend of exports, but in fact the contrast with the D-mark's last rampage, in 1957, Is about the most astonishing thing in post- war financial history. Again. the over-valuation of the dollar is probably at the root of it.

THE D-MARK

The re-valuation of the D- mark can be variously described as a speculative canard, or as the logical conclusion of almost Sales Buyers Sellers

15 @ 1210 everything that the Germans 1205 1320

and the other people concerned are doing.

41

101205 10@1210

Wheelock 7.30 -7.40 108bd 06 7.15 400 107 300 6 106

Dock

Provident

HK Hotel

HK Land

Tram

C. Light

Electric

::

100 108

20.20

561%

40% 41% 57

311 312%

100 100 100 @@ 106

not Logical conclusions are always reached and the odds are against this one being reached the next few months. during But one may increasingly feel that something will have to give. 20041à

The likelies; giver may be the #157

casier money United States *37 57

2004 107

200 107

560 3112 polley.

London

closes

firm

London, July 25, Industrial stock notched some small gains today and gold mining shares got back on the uptrack.- Trading voltime stayed light, becalmed by. Wall Street's decline and the peak holiday season.

many

Buying proved selective and deals were outside the blue chips Engineerings, tex- tiles, sicres and brewérles met demand.

continues to move down

New York, July 25.

The stock market made one of its worst showings of the year today with industrials closing at a Eritical level on average and rails finishing at their lowest point in nearly two years.

All for golpe got their lumps in selling that started slow but finished in a gallop.

The decline was the 11th in & now and wipet more than $3,300,000,000 from market Valuations. The it met some downside resistance at the close ta that enabled many stocks finish above their low for the day.

Industrials closed at 801.88 on sverdge, their lowest slice May 2, on a docline of 8.19 which was the widest slabe March, 3. At this level the industrials have come within touching distance of the crucial 599 level,

Same brokers feel that fallure of this level to hold under further pressure could precipitate a new and sustained down slide

RAILS DROP

their

triberly Cirk

kett & Myers Tob. Co. Lily Tulip Litton Ind. Lockheed Alterati Loews IncoITA Lone Star Cement Co. Lorand P

steDonnell Aircraft Lowenstein & Sou Merck

Mesabi Iron Corp. Minnesota Mining Mission Development Moisons Brewery Bonants Chemical Co. Montecatini Montgomery Ward National Biscuit, Co. Motorola Inc. National Cash. Reg. “A” National Dairy Prod. National Lead National Steel Corp. New York Central Noranda Mines. Lid. Norfolk & Western Ry. North Amer. Aviation Northwest Airlines (Com)

Oklahama Nat Gas

Olin Mathieson Otis Elevators Owen-linols Glass Oxford Paper Co.. Pacific Gas & Else. Pan American Airways Penny J. C, Co. Phillip Morris Pitney Bowes Procter & Gamble Co. Pittsburgh Plate Glass since Portland Gen. Elec. Publicker Industries Pure Dil

Pulimen

Radio Corp. Pref.

The rails, which last week punctured the tower Emile of their six-month trading range, took another tumble today.

They closed at 134.02 on

lowee average, September 12, 1958, on a loss of 1.82. Chiefly responsible for the decline here were losses Rallo Corporation of 25% in Great Northern and Raytheon! point or more in Baltimore and Ohio, New York Cential and Louisville and Nashville, test was in continued reaction to a dividend cut announced Last week.

Electronics featured a loss of nearly ive in Varian and more than four, in Beckman. In the

Youngstown

The

dropped

Giit-edged

ended unchanged despite the appearance of a steele, £14 milllon cash and convermere then two, Laikens a point Bundesbank's sion stock issue. In foreign and U.S. Steel 1. Bethlehem

Germans and Chinese eased. 500 & 21.80 present policy worries that bank bont's

the Probably

200 K 28 even more than it worrles other were dull Dollar, stocks were 50027.90 people because the Bundesbank | generally iftarked down;

400 28

300 3114

500 in 311

21.00 2.90

1000 21.50

27.80 28.30

Telephone

374 374

100438

200 38

500 à 3774

Cémcat

521 531% 200525

500 5212 100 12%

Dairy

28.40

Watson

20.10

Allied Invest.

ச

Textie.

Nanyang

A. Rubber

Ex, All..

R. Trus..

Lane, Craw

1.30

knows best that such policy has always defeated self.

Cape buying started a rally in golds following Friday's firmness. Coppers felt the im- It knows better than its foreign critics that insulating the inter-pacs of further Rhodesian dis- Dia. 500 60 5254 al credit position from the na-urbances and receded.

tural effects of an exchange in imonds kept firm but selling flow-let alone its present pro- brought losses in fins. cedure of trying to make water run uphill by striving for the reverse internal effect — merely aggravates: the conditions cous- ing the inflow.

81 30 1000 0.30

Int'l Invest. 8.00

Gumen

1.85 2.05

Taikoo Desk 50 5215

Humphreys 22.00 21.1

Realty

170 1.80

13

Macao Elec. 13.20

HK GDS 14.10 141 Ropes

Vibro

24.10 15.30

100426

NY sugar market

New York, July 25,

GADGETS

It has not run out of gadgets for sterilising the Inflow. There is renewed talk of doing it by requiring the German banks to take up securities for a definite period. This technique, which even Britain has not used since 1951, comes strangely, from the protagonists of the free-market economy. It is not the thin end of the wedge because that has already been inserted.

Some of the German banks

World No. 4 sugar fatores today 1cbk the money-repelling mea- sures which accompanied the

closed unchanged to eight

points higher on sales of 420 German bank rate rise of June contracts.

2 as self-evidently a re-introduc-

·

Domestic No. 6 sugar futures tion of exchange control.

Anished unchanged to two points higher on a turnover contracts,

Trading dropped somewhat on the decine to 2,840,000

2,850,000 shares shares from

A told 1,198 on Friday. Issues crossed the tape, and of these 807 declined, 140 to new lors and 180 advanced, eight to new highs....

Bonds volume amounted $5,320,000,

Dow-Jones closing average

were:

Olla moved erratically with Shell and Royal Dutch lower on the day.

The Ceylon "no nationalisa-30 Industrials

20 Rails tion" statement

helped the 15 Ulities iskind's teus and rubbers, but 45 Stocki ethere showed little change, 40 Bonds UPI.

Closing Prices

Gliedged Bonds Brttum Transport 35. 200-115

Consols 2-£44-7/16. Consola 45-£6-13/16. Conversion Loan 35% 254-15/16.

1978/68–

1981-

1900/90--

Loan 31/cr 1950/c Funding £812

Funding Stock 35%. 1999/2004~ £642

Funding

* Loan 287.

-Savings 3%. 1955/05-287-11/16.

Savings 3%, 1960/10-2703. Savings 3%, 1985/75-70

Banks Barclay's Bank

"A" Ltd ord-58

36.

Chartered Bank-519. Hongkong-2B)..

Boy's Bank "A"---625, National & Grindlays

Bank-34s

ed.

Like the many more familie of four exchange controls designed to Rumours again loose in trade keep money in, it instantly ag- circles that Cuba will raise teravated the condition that it

almed to cute. minimum, export price cent a pound, were reflected in the As exchange control is advance for world futures which anathema to the German authori- came on fairly large volume.

ties, they might conceivably.

Domestics advanced cuutious-choose re-valuation if they ever ly, mainly working on fears that became convinced that the al- traders may have a rough time ternatives are worse or non Alling out their August and existent. Their trouble is that September requirements even they genuinely believe after last Friday's heavy buying. market forces, China Mail -UPI.

Special.

PO

R.M.S. "CARTHAGE"

EMBARKATION NOTICE

For United Kingdom vlá Singapore, Penang, Colombo, Bombay, Aden, Suez-Part Bald.

in

EMBARKATION: Passengers should embark between 2.30 and 4.00 p.m. on Friday, 29th July, 1960,

SAILS:

BAGGAGE:

The ship is expected to sail at 5,00 p.m. on Friday, 29th July, 1960,

Should be sent to the Hongkong & Kowloon Wharf Co.'s. Godown (No. 2 "Gate) by 6,00 pm on Thursday,"

28th July, 1960.

SUBJECT TO CHANGE

Insurance

Union Insurance Canton-29-13/10,

Aircraft and Motors

British Motor Corp. Ord-1e: 411⁄2d.

Ford Motor Co-1000 Sd,

Comm. future price index..

Closing Prices

ADHIBI PT. & Piper Alden Inc. Acy. Algoma Steel Corp. Allied Chemicals Allis Chalmers Am. Brake Shoe American Airline Am. Cable, Radio Corp. American Cyanamid Co. Am. Gas Electric Am. Home Prod,

Am. Mach. &F dry. American Meta! Am. Natural Gas American Smelting Am. Sugar Ret. American Tel & Tel American Tob.

Ampax

Anaconda Copper Amour

Asbestos Corp. Atlas Cons. Mining Baldwin-Lima-Kam. Baltimore & Ohio Bank of Nova Scolla Beech Elfe Savers B. C. Tel. Co.

Beneficial Finance

Hawker Siddeley Group Ord-288 | Bell Telephone

4100,

Rolls Royce Lid Ord--iä, Rootes Lid "A"-96 10140.

Beneficial Finance

Bendixx Aviation Corp. Benguet Cons.

Standard Triumph International-Bethlehem Steel

1.

Breweries Distillers Co-40s South African Breweries-23s

Building and Materials Associated Portland Cement- 668 74,

Goodies Wall & Lead Ord-389 64d.

Coil; steel, and Engineering

Baboock & Wicom 1d35s 10d.

United Steel 80s 3d.

Vickers Lig 325,

Food and Tobacco British American Toh. Co., Ltd- 588, 14d

Imperial Tobacco Co. Lids 14.

Miscellaneous Boardman Harden lid-ds, Etish Oxygen Ltd. Ord100s 94, Canadian Pacific, Bly—#42!%d." De La Rue Co,” Ord-34. Dunlop Rebber Co--256 101d. Gilman Holding 18–23 49d. Hongkong China Gas-lbs. Imperial Chemical 4. Lyons & Co 80m, 4%d. Unilever Lid=1645:

Piper

Bowater Raper, Corp. Drd–589 30.

Radio & Electrical

Amodite Electrical 500. ed

Electrical & Musical—47%_BG.

English Electric Co379 General Electric +358.

d.

Bhipping Indo-China Steam Nav. Co., déi ord-231

FO Steam Navigation det ord-

Debeshams, Ltd. Ord-437′ 30. Great Universal Storks "A"-19 Marks & Spencer flotzkod Woolworth F. W: Co-678.

Coats JP Laddle 420. Courtauld Lig718 7150.

¿Cổng Goldfields of solih Atrică-

Boeing Airplane

Borden (The) Co. Burroughs Add Machine British Amer. Oil British Columbia Bec. Brilia Columbia Fwr. Calli. Parking Corp. Cana. Bk. of Comin. Campbell Soup Co. Canadian Pacific R. Cage (J. 1.) Co. Cat. Tractor Celanese Corp.

C.LT. Financial Corp. Chrysler Molors Cluett Peabody Colombian Carbon Co. Commercial Credit

Consolidated. Edison Cprimodated Faper continental Cần Continental Of of Del. Creole Pel

Crane Co.,

Cuban Amer. Sugar

Delaware & Hudson Co. Diamond, Gård, DistAlers-Seagrams Dominion Stores

Dow Chemical

Republic Steel Beynolds Metal Besokis Tobacco Royal Bank of Canada Royal Dutch Rheem g

Sears, Roebuck & Co, Safeway Stores Shell Oil Co. Salat Res Paper Schenley Inc.

Scott Paper Stegier Corp.

Sinclair Qil

smith, Kline & Socony Mobil Oll Solar Aircraft

French

South Puerto Rico Sugar Southern Co. (The) Southern Natural Gas Southem Pacific Co. Southem Railway (Com.) Standard Brands standard Oil of Cal. Standard Q of Ind, Standard O of NJ, Steel Co. of Canada Sterling Drug Ca.

1934

73

on doth from China

By GORDON HUNG

Kuala Lumpur, July 25, Many of the 500 workers at the weaving mill in Johore the only one in Malaya would have been Jaid off work if the Government had not. Banned Red China' textiles comfg into the country.

At

the beginning of the week, the Government imposed nanbort ban on Red China- nude dysa, bltached or priteg [dral, poplin, -- harord, Kabi

drill; tussores and serge.

The Government starement said local Industry was threa- tened by competitive "dumping" from China,

The new brn is in addi.icn to a similar order made in

Czech airline not

likely to get

rights in S'pore

From GORDON HUNG

Singapore, July 25.

THE British and Singapore Governments are un likely to give landing rights to Czechoslovakian October, 1958 prohibiting the Airlines to operate Russian jets to Djakarta via

import of bichched and dyod Jeans, shirtings and sheetings.

The effect of the new ban will be that the $6 million annual 30% traže in textiles between the 100 Federation and Chine will be

5432 | reduced to a very low level,

5345

Singapore airport.

Big expansion of

Informed sourets here at U.S. airline service

today that the local industry

3614 had been uncble to dempete in

118

1

314%

price with the six typhs of textiles from China, which were subsidised.

One source said: "Although 2012 the Chinese roth was selling at only a few cenie a yard 28% cheaper than

local cloth in view of the big consumption It made a lot of difference,

591

1

54

たぶ

"The mill in Johore has about 500 workers, A considerable portion of them would have

3614

been laid oft work and produc-

A

This is the conschsus vi ogion of several interna Tonal alibes in Singapore.

They were commenting on a report that, the Pregib cirline may use Sihgëporë as a sop betwech Rangoon and Djalarte. Sold an offline offlctpl: “There is no Washington, July 25.

reason why the British CIVIL Aeronautics and Singapore Governments should want a Prague airline to examiner today recom- operate through Singapore Any applied from U.S. piline service across the Prague Government a cerisin Pacific, with Pan American to meet with difficulties.”

The Czech dirline's Russlare World Airways to get a west-wide. TU-104 Jeter, ded bound frans:Päcific route at Singapore Airport on Šatür- starting on the U.S. East day morning, Coast.

mended a big expansion of

352tion out down but for the Mr William 30 Government ban."

This new ban means that 10 types of Chinese closh

the

It made a sop Here, to leam the formates, in readiness for

A study by the examiner, Proge to Djakdiens service J. Madden also which the airlité is starting ta

that both Pan July 27. recommended American and Northwest Air

A Prague drine officer who the Russian jet are lines should be allowed to fly arrived in now banned,

to the Orient from any of four could not say whether the air- In Singapore, importers of US West Coast cities.

line interided to route die fights Chinese textiles said that the art now is limited to two regularly through Singapore of they would use only latest Federation Government West Colist ports,

whether

35 ban was a big blow.

Mr Chen Kim chơi 453% of the Singapore Piece

president

Goods Americ

Midden

Each

13.40.

An emana pcy Muding field sald Pari The TU-104 rppearance in should be allowed Sapore followed Russian 40% Tenders Guild, sild about half to start fights to the Far East Government announcement, to froin, ang, one of the following withdraw at TU-1045 from cities Boston, New

York, service after a series of crashes Folladelphia, Baltimore, Wash-which killed over 500, people. ingat Detroit, Chicago,

401%

66

of the Singapore impors from China went to the Federation, 4 while most of the rest went to

North Borneo,

ta

Stokely-Van Camp.

14%

Stone & Webster.

Studebaker Packard Corp.

8

Sunshine Mining

Swift & Co

01.68

Texa Co.

134.02

Textron c.

91.8

hiokol Chem

200.18 Tide, Water Oil

1.72 Time Inc...............

Tri-Cont.. Warrants

143.88 Twentieth Century Fox Film

Union On of Cal

Union Facile Ratiway

United Aircraft

Jay Baited Fruit

4815 United Gras Corp.

30 U.S. Foil "B"

33 U.S. Gypsum

2724

U.S. Le Co.

* U.S. Rubber

3914 U.S. Smelting

18+

54

U.S Steel

54U.S. Steel. 7 P.C. PF

55 Waukesha Motors

Westinghouse Air Brake

Agreed merchant rates

Canadian, Maximum Setting

why the first time that d Seattle, Portland, San Francisco Budas atroraft was slowed to and Los Angeles,

land in Singaporë.

Pan American now stifts and ends trans-Paclite flights, only at San Angeles.

Francisco and Los

Polyester cruisers

Northwest is now limited to with twin keels

17. Minimum Buying 17% T/T;Portland and Seattle. It also 17-5/16 Q/D.

Tokyo.

flies from Minneapolis Lo Anchorage, Alaska, en route to DY cutting down their pro- D auction costs to an Mr Madden also recommended absolute imminum ana Uving Trans-World Airlines dns-thelf own new design ở BH- Atlantic route from New York firm of bodt Builders was done in the local to Bangkok, Thailand, should be uroració) -exchange market this extended to Tokyo, via Hong- have been able to manufãc-' morning, at the following rates! kong.

tuta, a new, type of top

Exchange rates

Business

14219

Warner Bros.

STAL

175

58% Westinghiguse Electrie

US dollar (per 11)

17

Western Union Tel. Co,

121

Sterling notes. (per £1)

es

West Vd, Pulp & Paper

494 Winn-Dixie Stores

47

291% Woolworth (K. W.)

29

Zenith Radio

372 Australian notes (për '£1)

Indonesian rupiah per 100)

6415 Slam, ticals (per 100) tom

-UPL

Yesterday's Closing

Singapore (Stráits)

6.30

12.47

1.50

at

Service by Northwest to South quality cabin cruiser Korea, Ukinawa and Talwan almost half the price of 28.05 should be extended indefinitely, dihet Baipurdßlä Vätselì on

18 | Mr Madden said.-UPI.

COMMODITY PRICES

NEW ORLEANS

Closing prices all in cents

RUBBER

për b

Spo

Dec

MAN

Mey

Rex rubber futures, closing

NEW YORK

prices, all in cents per th

Nov

May

Jwy: 43,15; Sept: 36.105 597% 29.40; Jan: 35b; Mir: 34806; May:

31,006: July: 34,255,

SINGAPORE

SAO PAULO Closing prices all in cruzeiro per klio:

Average price in U.S. A

METALS

Closing prices all in Straitsd spot markets: not avali-Tin suspended."

the market.

The firm the Scott-Borett Marine Company of Preston Brook, Cheshire, England; pro- dube both the hulls and super- structures for their cruisers.from moulds of polyester-glass There are two bash moulds from which the two perth and four berth vessels are built, and fittings and cabin layout can be pro- cubed to individual require-

Each mould spec thickened at the most vulner dite, polite and twit reals, pre shoulder injo -tále hunt, makhurg A one-piece constructión and in- suring no possibility of leaks. The cruisers are 22 feet lour

8.

of nearly 7 feet cents and draught of teet Equ

11236 30.05 30,08

3122

SLE

31E2

32,136

NEW YORK Closing priced at

per by Load

Sept.

July

Sept.

Copper July

Sept

10334

1044

unquated

per 1b:

Total sale: 6068,

LONDON LIVERPOOL

Closing prices, all in sterling Closing prices all in pence per long ton

1032

10204

American Contract

Tinapot

S-month

103ly hom.

July/Aug.

Fortier pe

DO

OCEANOR.

3-mnbarth-

Dec/Jan.

2245

| Lead Sad hal. Foly

22.45

May/June.

22.00

Zine 2nd-

Mixed Contra

o cents per 15. io.b. Malayan | amiez

ports:

No. 1 July

44

281 No. 2 July

Aug.

43 No. 3 July

24% No. 4 July

21 Spot rubber unhaled

353% Blanket, crepe.

No. 1 pale crepe... 114

Closing prices all in ponbé por

20

554

Douglas Aircraft.

LONDON

200

80%

Dupont de Nemours

103:4

lb::

Eastern. Air Line

Eastman Kodak

|

El Paso Natural. Gár

Family Finance Corp. Premione. Tyre & Rubber

First Nat. City Bank. Ford Motor Co. of Cans, Ford Motor Gatineau Power Georgia Pacifte,

Dydamies General Brotrie Gustral Pooda. General Motors ·

Gen. Pub. Util.

Gen. Tel kieg

Goodrien (B. 7. Co

No, 1 Bee spot,

n. 293.

1103% Settlement, house term:

31% July:

July?Sept.

361% Oci/Dec.

2439 Jan./Mar.

3012

Apr/My

General markets, c.i.f. basis. ports. ANE Beph;

ا پیار

epe thin

thick Aug

Vers ellers

SUGAR

-UPI.

COTTON

FOREIGN MWACHANGE

NEW YORK rate

Gand Tire & Rubber

B

Getty Oll

Cons, 2the Cors Old 25 68.

De Beers def-Idig 10198.

Gdődyear Tyrk

Hongking Thrill 7423.

Great, Northere. Hidway

P Cifging, prices all incents Bweden.

# Contract No: À (Wheldy y

Others

LONDON

Fetaling Tin is 70

Sept

Rand-2 dd.

Gul

Southern. Kinis Com Ltd--27% BL.

HAM

Orgah

Union Camp Com EX,

•West-Briefcriveterin

Home Imperis

Mixing Co.

NEW-YORK-

OF

740.

caté 428 84.

British Bugnatą „Petrolejim British Petroleum Co..

Béla Dutch PETPL

Machiner

portable bike pang

ents and a galley pump. Ambr Dotional extras provided at low dost fire, chemical or flushing tollet, gas cooker, and sink and cabinet for the galley:

The stridded power unit an 18 h.p. Adzant outtert engine as operated by remote control from 66% the cabing ban the spectálly 250

braced and strengthéring aélfo draining, enire.wel

adapted for use

cane

types of, engine and cáo be made for an incoro

required.

provided with a folding and seats and there are seple epinparimetite for giley tom Windowa den or touré elf gisel niet is rubber moulding to ensure templete water.

Ample, stayed provided in the cabl

to Bermuda dad Norway did

jizin | orhichi 18, being butir vity in board diesel engthe and machy.

Tok