1960-08-03 — Page 2

Page

THE CHINA MAIL, WEDNESDAY, AUGUST 3, 1960.

Has the zip gone out NEW YORK of UK's export drive?

BY ALEXANDER THOMSON

London, Aug. 2.

We were discussing exports in the plushy red and white

boardroom of the

London

closes

quiet

London, Aug. 2.

Hambros Bank in the city.

"Why." I asked “has the zip gone out of Britain's export -drive? What can be done to The selbock tone It up again? for cars is one explanation. But there must be others."

Four of us were there; Mr Jocelyn Hambro, one of the managing directors of the bart, Mr Emil Steffenburg and Mr Jeremy Pym.

Of all the great merchant bunkers of the city. Hambros do more than any in export Inancing.

So here, I thought, was a pin- nacle from which to pick up a few clues on why our showing in this important matter has been so disappointing recently.

Prices were fairly buoyant in

Mr Hambro, $1, leaned back in a quiet session of the Lon.his chair and thoughinally fitted

a cigarette into a holder.

don stock exchange on Tuesday,

Star performers, were indus trial blue chips which forged ahead on a wide front on the strength

demand, of selectivo Oils also marked up through | widespread modest gains.

British government bonds at- tracted Biffe attention and closed without a defintle trend.

Gold miring shares ground in a thin market. pars were irregular,-AP.

Closing Prices

Olitséged Bonds British Transport 30%, £59-15/16.

Consols 215 £447).

Comaule 40-£ 50-8/10. Conversion Loan 31⁄2,

lost Cop-

1978/08-

He said: "Most of our big companies like KI. Associated Electrical. English Electric and Corporation are British Motor doing splendidly.

Efficient

HONGKONG

STOCK

EXCHANGE

Business done at the Hong- kong Stock Exchange this morn- ing amounted to approximately $1,040,000. Noon quotations and the morning's transactions:

Bayers Sellers

3% Loan 1948 81 Hk Bank ** C. Und.

Shares

non

Sales

1:100 1:505 11.00 001% 03

Whart Co.. Wheelock

240

HK Dock

740 7.45-1400

107 109

7.40

C. Provident 1920 10.90

"English Electric is probably HK Land ..

most efficient ex- one of the porters in the world. You could rot point a finger at any of them.

"It is among the smaller con- cerns that export effort is not all

Ik Hotel ..

40%

6T

58

2:30

1199

111

Yatimati

180

181

100 180

100 @ 181

32 500 $17

500 50

165 170

21.70 21.90

200 € 21.80

300

28 29.20

38 3814

200 335

100 GF 3652

that it might be. The buoyant Tram home market has been too Star Ferry

Ch. Light. templing for them.

HK Electric Telephone.

"That is the real nigger in the woodpile. That is why the new 1881-credit squeeze is so necessary."

Funding Loan 33, 1358/0-81%. Funding Stock 34% 1900/2004 Manding Luan 48.

1960/50 297-5/16.

64

Savings 3. 1985/058711/16. Savings 3%, 1990/70-£73.

Savinge %, 1985/75-270-9/18.

Banks Barclay's Bank "A" Lid ord-578

Chartered Bank-51s.

Hongkong-200.

Lloyds Bank As T National & Grindlays Bank-33.

INMIYAACO

Union Insurance Canton--23-13/16,

Aimeran and Motors

British Motor Corp. Ord-16# 1148. Ford Motor Co-la ed.

Hawker Siddeley Group Ord-28# 3.

Rolls Royce Ltd Orda 7td.

Roote Ltd "A"-09 34

Standard Triumph Internationas

84 71%d.

Breweries

Pullers Co-406 64.

South Africar. Breworles-268.

Buliding and Materials

Associated Portland Cement-47 !!.

ed.

Goodtass Wall & Lead Ord-

Coal, steel and Engineering Babcock & Wilcox Ltd -24 7144. United Steel-785 d. Vickers 124–318 6

Food gad Tobacco.................... British American Tob. Co., Ltd Imperial Tobacco Co., Ltd- tes Det.

Miscellaneo

Boardman Marden Lids.

But Germany, I pointed out has a buoyant home market too. Yet the Germans still seem to be doing well in exporting.

Mr Hambro, who began loor- ing banking as a schoolboy in tripe round the Continent with his father had a ready answer.

"The German industry by and

into much large is organised bigger groops than we are," he i said.

"That. I would say, is one of

30%

G. Cement 63 5314 Dairy Farm 23.10 28.30

Watson Allied Inv. 6.86

Ex. All .. 6.60

Textile

14 016 6.40 BA

94 27.90

2000 à 3834 1000 384

700 53

2013 6 28.00 6:00

20

1000 @ 3.80

6000 1,63 1000 @ 6.63

200 14.10

470 @ 8.40 2000 @ 6.45 25.40

Nanyang Ex.

Bonus Issue A. Rubber R. Trust..

Talkoo Dock

53 531

BOO

53

100

531

100

53

the reasons for its phenomenal HK Gas 15 14.70 3000 145

success in foreign markets."

Does thi mean, British industry is not well enough equipped for the modern Int? Inv. harly-burly of competitive sell- ing overseas?

asked that Lane, Crew.

"Not at all," said Mr Hembro..

Bigger units

"But I believe our position would be greatly improved IL more smaller businesses got to- gether to form bigger units."

He added: "You get a meall concern going out say to New York and securing its ärst pilot order.

"The Americans like its pro- duct. They offer a contract for that might equal the firm's whole output for a year.

British Oxygen Lid. Ord-192s 4. perhaps 25,000 of them. But

Canadian Pacific Rly-44244.

De La Rue Co, Ord-8ls 6d.

Dunlop Rubber Co-2

Od.

Gliman Holding Lids 41d.

Hongkong China G Imperial Chemicals Lyons & Co-- 1940. : Unilever Ltd-100% 30.

Paper Bowater Paper Corp Ord-5ặc șd.

Radio and actrical Associated Electrica. Electrical & Musical-47 30. English Electric Coss Bd.. General Electric-348.

Shipping Indo-Chine Stam” Nay. Co., det

PO Steam Navigation def ord---

ord-234

Debenhams, Ltd. Ord-435 716d. Great Universal Storea "474. Marks & Spencer Lid-801 3d.. Woolworth F. W. & Co-31 £4. Textiles

Coats J&P L4-61s 30. Courtaulda 34-636 1154.

Mines

Goldfelds of South Africa-

Cons. Zine

Ord-be 90.

De Beers det-1406. Hongkong Tin-11a 4d. Petang T-78 715ck- Hand-12 Bd. Southern Kinta Cons Zid-zex Ba.

Unton Corp-50s.

West Driefontein Gokmming- 3d.

Oi

British Bomo Petroleum Byndi cas: 6

British Bema Petroleum-Is

Petroleum Co., Ltd British

6d.

-

"It" lakes fright. It wonders about its other customers. So it may turn down this chance of doing business in the U.S.A."

Small rms, he explained. were also up against the pro- blem of selling up welling agencies in other countries.

"They find it adds heavily to their overheads. Naturally some of them become anxious. They begin to pull back."

in

Are high money rates Britain our six per cent bank rate is now the highest in Europe and North America - impeding exports?

Mr Steffenburg, one of Harp- broa' managers thinks not, The reason it would not have had time to take effect,

Bank rate effect But he and Mr Hambre both consider that a six per cent bank rate might act as a brake on future exports at a time when so much has to be sold on 'tick'

""Our firms,” they cald, have now to pay more for credit they give to customers than any of their European rivals,”

Both of them believe the new .

hire purchase, restrictions would Murals have been enough to check the Burmah-40 40.

excesive consumer spending ́at Boyal Dutch Potrawę 1994, Shell Transport & Trading-ass home..

-Reuter,

Mr Jeremy Pyr who looks after Hambros Banks acceptance credits ta exporters mentioned another problem.

Top aten, he said, “we ate asked to extend these credits.

Agreed merchant Timat sen only mean that our

rates

exporters have not kept to their promised delivery dates. We must be losing quite a bit of business that way, we manag

One last word from them?

ney said Too many selling 10-31/32 Minimum buy Britists managing directors

1000145

1000 14.00

2500 @ 41

1500@41

9.06 1000 80

7000 8.00 1000

8.90

Realty

HK & FE

Inv (N) Humphreys Metal Sungala

Vibro Gilmans

1.775

13.70 14.30

500 @ 14

22,60

1.10

8.20

15.40

19% 20%

COTTON

MARKET

New York, Aug. 2. Colton futures today ruled mixed in another slow trading session.

offerings.

Wall Street

suffers slight setback

New York, Aug. 2.

The stock market suffered its first reversal in four

sessions today.

| Dupont de Netours

Now crop July and October de iverles showed relative The upward momentum, gin-, Douglas Aircrati firmness as traders anticipated erated in the last two sessions Dow Chemical... 3. drive for higher parity of last week and to a cseren A Kine support of legislation when extent yesterday, anally retman Kodak

out of steam today. The loss El Paso_Natural_G Congress reCONVENES,

wiped more than $3 billion Family Finance Corp

Firestone Tyre & Rübber Otherwise, dealings were from market valuations.

| Pust Nat, City Bank featureless. Routine mill and Selling was well scattered Ford Motor Co. of Cana clher trade buying In nearby throughout the Kat and brought Fort Mor

Georgia Palac months was emply supplied individual decline into the General Dynamica through hedge selling and local [main body of stocks running to Generd ectric

around four points. Gainers General Fooda were few and far between..

Stocks of the basic industry groups- sides, motore and chemicals were among the hardest hit. The recently favoured electronics where under heavy pressure as Were some of the building materials, dear.ex vending machines, Tequipments and tyrer.

Today's volume was 2,090,000 shares, Or a total 1,189 shares traded 297 were higher and 677 lower.

U

Closing prices ruled off 10 to 12 points. The market opened off 10 to up 23 points. New Orleans closed at one to 10 points,

Some traders continued to mark time pending the government's first crop estimate of the stason on Monday.

The government weekly crop summary, while mixed was considered mostly favourable, The plant made rapid devepp- to the ment from California Mississippi valley and eastward from there was mostly good- UPI.

Current

monetary

outlook

'gloomy'

New. York, Aug. 2. Currency specialist Mr

Franz

Pick yesterday described the world

American exchange was 760,000 shares,

Bonds volume $5,020,000.....

General Motors Gen. Pub. Uul Gen. Tel. & Elec. Gen. Tyre & Rubber Getty Oil Glidden Co. Goodrich (B. F.) Co, Goodyear Tyre Great Northern Eadway Grumman Alteraft Guir ou Hammond Organ Heyden Newport Corp. Stran Walker Homestske_Mining Ch. Idaho POWET Imperial ol

Human Refrig.

Imperial Tobacco

Potumell-Rand

mland Steel O

Interchemical Carpy

amounted to Int'l Business Machines

Dow-Jones closing woreges

were:

30 Industrial

20 Rails

15 Utilities

85 Stocks

40 Bonds

Comm. future price index..

Closing Prices

Abitibi Pwr. & Paper Alden Inc. Am. Algoma Steel Corp. Allied Chemicals

Allied Mills Inc.

Allis Chalmers

Am. Brake Shoe

American Airline

Am. Cable & Badio Corp.

Amer. Forn. Power

Int Harvester

Internationa), Nickel

International Paper

in Tel. # Tel

Johns Manville Co.

613.68 Kam C. Power & Light.

133 88 Kennecats Copper

92.33 Kimberly Clark

Liggett Myers Tob. Co. 202.67 Tullp

24.25 ckheed Aircraft 144.32 Zoews Incorp.

* 3811

Lone Star Cement Co. Lorillard F.

Lowerustein & Bons

McDermott J, Ray

McDonnell Aircraft

Merck

Minnesota Mining

Latest helicopters

to be shown

at Farnborough

The flying display at this year's Farnborough Show will include the largest range of turbine- powered helicopters ever to appear together anywhere in the world.

Bight types will be presented testing, strain gauges and elec by Westland Aircraft -- Turmo troale equipment. “A diaplay Skeeter, P.431, Grome-engined case will house a range ời Wisp, Gnome Whirlwind, Wes- special non-ferrous castingy sex-1, Belvedere, Westminster produced by the Predistin

3 and Rotodyne. Detalls of these Castings Division of Fairey

machines are given at the end of Aviation Ltd. this release

510

9812

Westland were among the plusers in the application of turbine power to helicopters, the Wessex being the Bryt large

1415 turbine-powered machine to go

Improvements

into quantity production in the Manila airport

Western

world. The introduction

of turbine power hás, omong |

other things, opened the way

201

for multi-engloed belicopters

ence an important step forward

Washington, Aug. 2. -

Secretary, Mr Florencio

today a

with good engine-out perform PHILIPPINE Public Works towards true all-weather capa Moreno, musald blity, and regular efty-centre/ US$4,500,000 project for 84/city-contre operation.

38

6812

301

Birsabi Iron Cory.

Mission Development

ท

Monsanto Chemical Co.

194

Montecatin

10%

Montgomery Ward

Motorola Inc.

B

American Cyanamid Co.

5317

National Biscuit Co.

Natinas Cash Reg. "A"

50%

National Dairy Prod.

31

National Lead

1764 National Steel Corp.

Am. Mach. & Fdy.

415

New York Central

17

Noranda Miner Ltd.

053

Nortalk & Westein Ry.

51

North Amer. Aviation

314

Northwest Airlines (Com.)

175

573% Olalama Nat. Gas

38%

43% Otis Elevators

4312 Owen-Illinois Glass 31

Am. Gan & Electric Am Home Prod.

American Metal

Am. Natural Gu

American Smaking

American Tob.

monetary outlook as "ex-American Tel & Tel tremely gloomy.”

He said at a news conference hed in connection with the publication of "1960 Pick's Currency Yearbook" that the plight of the U.S. dollar is the chief cause of his pessimism. "The monetary outlook re- mains cloudy," his annual cur- rency report stated.. "Despite the most amazing achievements

of currency Europe and Japan, these ex- Vernally transferable units, re- main linked to the dollar.

LESS SOLID

convertibility

Ampex

Anaconda Copper

Armco Steel Аппонг

Asbestos Corp. Athes Cona. Kining Baldwin-Licon-Hami. Baltimore & Ohio Bank of Montreal Beech Life Saverz

B. C. Tel Co. Bell Telephone

Beneficial Finance

Oxford Paper Co.

22% Pacific Gas & Elec.

02

122

Pan American Airways

Paramount Pictures

Parke Davis Co.

7744

Already,

In this class, Westland have the improvement of Manila in- twin-Gnome Wessex and twin-ternational airport will be Gazelle Belvedere.

ADVANTAGES

signed here by the end of

| August with the U.S. Export-

Import Bank.

Mr Moreno made the state- ment after completing a round of consultations with export-Import bank and development loan fund officials He left by car at noon for New York (Plaza Hotel) on his way back to Manila.

Other important advantages of turbine power are greatly. improved performance in high 1 temperatures and at high alu- Studes, less noise and vibration, with correspondagly-improved 41%

engine and transmission and easier maintenance, Overall operating economy is also much

Morena described his mission improved, compared with piston here as successful. He said engined machines Important,

newly-signed agreements will tea, in military operations is the provide for procurement fact that turbines, unike piston equipment needed for the Philip

at engines, do not need to wann pine highway construction pro-

up'; a turbine-powered machine

can be in the air only 40 seconds after the starter button is press-

Peony J. C. Co.

Perm. Salt Co,

Philip Morris

4314

Planey Bowes

Procter & Gamble Co.

30

in

Bendix Aviation Corp. Benguet Cons.

86

Pittsbrgh Pinte Glass

1 ed.

雅性

14

Portland Gen. Elec.

Bethlehem Steel

Pulmon

Pure Ca

31%

29%

Borden (The) Co.

Radio Corporation

Burroughs Add Machine

Raytheon

33

62

Boeing Airplane

British Amer. Ou

British Columbia Elec. cəm. Bic of Comm. Cana. Brewers Campbell Soup Co. Canadian Pacis R

"The latter again is less solid 1.80 2000 er 1178 | than it was a year ago and

will certainly not improve The progress made so far in

Case (3. 1). Də, Europe and in other parts of Cat Tractor the world remains just 13 Celanese Corp.

CIT: Financial Corp. dollar is. mortgaged as the

Chrysler Motors And that is not a status quo cluett Peabody

It will have to that can last.

Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Consolidated Edison

Exchange rates

Business was done in the local unofficial escchange market this morning at the following rates:

|

US dollar (per 1

Sterling moves (per (25) Australian notes (per £1) Indonesian rupiady (per 100)" Stam ticals (per 100) Singapore (Streita)

be cured."

Consolidated Paper Coomaknem Cas Continental Can Continental Oll of Del.

Mr Pick, a private currency consultant. sald legal reform the only remedy for "currency cancer.

"The only hope is, that increola Pet spite of all oficial assurances of Crane Co.......

Crown Zellerbath 5.68 contimed dollar stability, a far

Cuban. Amer. Sugar 15.88 reaching reform will take place in America and that its enact- 26.10 ment will not endanger the eco- Janomic system," he said.-UPI.

12.65

Yesterday's Closing

COMMODITY

RUBBER

NEW YORK Rex rubber futures closing prices, all in cents per lb.:

Sept: 37.71; Nov: 34.45; Jan: 35.206; Mar: 35,400; May: 35.156: July: 34,356.

SINGAPORE Closing prices all in Straits cents per lb. 2o.b. Malayan porta: No. 1 Aug, No. 1 sept. No. 2 Aug. No. 3 Aug. No, 4 Aug. Spot rubber unbaled Blanket crepe. No. 1 pale crepe

AMSTERDAM

NEW ORLEANS Closing prices all in cents per

Ib.:

Spot: 30.75; Oct: 41.91b; Dec: 31.136; Mar: 3148b; May: 31.29b; July 31.88b; Oct: 12.306; Dec: 37.300; Mar: 32.556; May: 32,716.

SAO PAULO

Delaware & Hudson Ca. Diamond Allali Diamond Gard Distillers-Seagrams Dominion Stores

PRICES

SUGAR

NEW TOEK

Republic Steet

25% Reynolds Metal

Reynolds Tobacco

50 Royal Bank of Canede

Royal Dutchy

Rheem Mfg.

23% SM, Roebuck & Ca

10% | SUNM OR CO.

*5

Safeway Stones

20% Saint Reg. Faper STA

Schenley Inc.

404% Scott Paper

55

Stegler Corp.

33% Binxhir Ou

4814 Smh. Ice & French 62 Soy Mobit Ou

634 Soler Akrosti

South, Plata Bino Bugar Southern Cox - (TDS)

Soubiro Natural Clas Sound Pods Độ Southern Railway (Com)

421 Sperry and

Closing prices all in cents per

Contract No. 4 (world)

3.316

(Closing prices all in cruzeiro per kilo):

Ib.:

Unquoted..

Average price in U.S. 'at 11 de- rignated spot markels: Not avail- able.

Total sales: 118,405 balem,

Mac

UPL

May July

3.296

106

100%

Spot-TAS. Cubs).. 3.40 Totoi-Sale: 218 contract Open interest; 4934 off Contract No. 48: (demagtle)

6.06.07

194

Now

100%

21723

Mar. Spol

6.1 6.10

Closing prices, all in cents per ib.:

TCL NY. ex-duty), Mih

Open interest: 1099- Off 110

Lead Sept.

11.10

Nov.

11.150

Zine

Sept.

11.300

11.9353 30.75*** 30.60

Closing prices all in guilders per kilogram, cil. Aug:

No. 1 Tubber

No. 1 rubber

No. 3 rubber

No. 1 crepe

COTTON

Closing all in cents per ips 17-9/32 1/1; 17-1/82 0/D: - are all not sounding - néaris“ 15.

Bwiss Francs, Maximum sell enough on airline tickets:

Spot: 23.10; Out: 20466; “They should see the way ALTINT LAKEEN MEDI; May: 31.000; Tribes Maximum Germans Pelting around." July: 21900: Os

(London: Express Har

METALS

.NEW YORK

ני

Now,

Copper Sept.

Now, Tin... tradingi mupended,

LONDON Closing prices, all in sterling

FOREIGN LACHANG'

per long lon:

1048.

Standard Brands Standard Oll of Chi Standard Oil of Ind Standard 09 of NI Steel Co. of Canada Sterling Drug Ca Stockely Vary Camp Stone & Webster Studebaker-Packard Corp. Sunshine Mining Swift & Ch

Texse Co.

Dextron Inc. Thiokal Chem. Tide Water O

Trader Financa Travels Ind

Twentieth Century Fox Film Thaios Carties 2017 Union Oll of Cal Under Pacific Rabawy United Aistrati

United Gas Corp.

U.S. FOR "E" U.S. Gypem US. Line 0. US, Rubber U.S. Bmelting 13. Risel

DE SIN 7 F.C. Z. Warner Bros Westinghouse Air Brake Wesdaybouge Kaotrie Weglars Unions Tel. Varya Tulp & Paper Wices Disin or Woolworth (IV)). Zenith Badlo

In this the first Farnborough 34-1/5 Show since Westland completed

the consolidation of Britain's

ramme and for development of Manila barbour.

He noted that the projects will require the sale of Philippine dollar bonds on the American market.

helicopter industry by their ac- He suggested that if the World quisition of the Helicopter Divi-Bank would take 25 per cent of sion of Bristol Aircraft Ltd, and the bond fasue, perhaps the Fairey Aviation Ltd., they will market would be better for the have one main: Group stand in sale to American investors be- the indoor exhibition, only their cause they would be reassured

Normalair by World Bank participation. - subsidiary company

Ltd. will have a separate stand.

On the airport project be Models of all the helicopters said, action is being speeded for now in the Westland range will the signing. The agreement will be shown on the main stand, provide new air tradic controls, navigational aids and together with a model of the SR-air

Hovercraft, & 25-ton, 88 modemise the runways_to_sc- passenger craft now being built commodate jet aircraft-AP. at the Company's Cowes, Isle of

30% N2

Wight works by collaboration

with Hovercraft Development

Ltd., a subsidiary of the No-Swissair flying

tional Research Development Corporation. In addition, four

panoramic set-plece displays food to Congo

will featurò turbine-powered Westland machines in important roles.

Ong will, deplet an airborne

A Tthe request at the

assault at 10,000 m in arid air has put at UN's disposal nocky country, using by one DC6B aircraft for the Gnome Wessex helicopters. A transportation, of food sup- first wave of troops, complete alles within the troubled with anti-tanic weapons, will be

tent poellion.

20% seen deploying to cover a vital area of the Belgian Congo.. 1111x road, and to prevent a hostin

This air lift, whereas lood formation reaching, an impor-win be flown to alleviate the hardships of the Congo's pop- Another display will show a lation, commested yesterday P-631-2 reconciling jungle and will continue until August highlands at 6,000 and 908.

NY sugar market

Indicate the great value of this

high-performance machine for

This priority operation

stationed at

Ta madryfsining bir/ground - Hatson require two Swissair crews plus

with - **** barga beadquaters ground personnel, directing operation against a Leopoldavile, the Belgian Con- well-bidden enemy,

Aúr. 2:

IMPORTANT: PART

The important part played by helicopters in carlying equip

ing sites will be shown by a mode of n hydro-electric scheme” nearings, compilation i hilly: Jerrain, HA type tandem-rotor bélicopter, will þe show delivering a heavy dung

load.

Indicating both the layout and location of # possible Central London Helipoft,'s fourth model w['shift' € Húrge hälport buit World No. 4 sugar futures to over the River Thames between day clubed her later to vo Waterloo and Blackfriars pičala bliher with sales of bridges. The heliport would

Dombale No.

3-month

Boot

F-mouth

Zine ist halt Aug.

Nov.

Bodth

Lead ist hall Aug

201400,000

water close internal trade, as well as intere for food polits over Modeli cf the Rotodyne Wid be services, from Europe..

140

futage

city

encountered it is not intended to suggest that steady obeisa-futtire London: Hellcort must Hvity be: built over the Chimies, the

go capital.

All fights within the Congo by the Swimair Den will be carried out

acc

the". Instructiona United Nations. Te

Am employees strike in Manila

·Manila,