1960-08-17 — Page 2

Page Z

THE CHÌNĂ MAHL, WEDNESDAY, AUGUST 17, 1960,

HONGKONG GETTING TO GRIPS WITH

STOCK EXCHANGE

Dur Don Correspondent

Business done at the Hong- kong Stock Exchange this morn- ing amounted to approximately $1,340,000. Noon quotations and the morning's transaction:

Buyer Sellers

Shares HK`Bmk 1180 1105 Bk. E Asia 202

Union Ins

What Co

Wateout Wheelock

HK Deck ..

Baler

40

*

730 758

1000 ut

3000 of 1

300 101 200 107

400 100

2300 à 57

90 #1

.

FA 23.20

7.55 700

103

107

C. Provident 13.90

20

5020

HK Hal..

HK Land..

5014 57

600 20

100

57

Yaumall

180

Star Ferry 160 Marzo Elec. 11.40 Tram

172

314%

Ch. Light.. 21.80

Electric ...

23.10 28.30

500 G 32 1500 4 31% 180 6 32 22 1000 21.30

500 22 .

BOO 846

22 23.20 1600 2820 1500 7812

3000 or 32

53 54

200 2300

84

2

25.20 26

400

2.00

Allied Inv.

5.80 6.90

Texille

B

Я.6

Textile

(Mights)

123 3.45

Nanyang

A.

Rubber

5.10

Telephone 384 3834

G.I. Cement

Dairy Form 23.40 2900 Watson

R. Trust..

རྩྭ་

HK Gas

Metal Lane, Craw. ED.

Taikon Dack

Int'l Inv.

10 820

2970 4 820 1000 €

10000 80

10000 16.35

200 for 6.15

1000 0.20

1000 ur 6.30

3000 6.10 6902 820 1000 8.15 1000 150

1000 815

143 14.00 4000

1400

100

4.00

Ind.

1 19

1000

120

382

39 2003

3

53 54 9.15

GOO ST

3.20

1000

9.10

3000

* 8.19

10000

9.15

Gilman

1.90 195 1000

1.95

>HK Rupe

24.80 24.70 500

24.50

Realty

1.775 1.80

Sungala

5.20

Exchange rates

Business was done in the

BRITAIN'S London Stocks resume

FINANCES stocks

05

BY ALEXANDER THOMSON

London, Aug. 16.

Foreign

oversea

After four and half years of grappling

Secretary with Mr.

ather Khrushchev and notabilities Mr Selwyn Lloyd has to switch his attention to problems of plain John citizen for a change.

In his big airy room ooking | sideways towards

In June the last month for Parliament which figures are available the increase amounted to only £3 million.

Mr Selwyn Lloyd has since been spending much of his dine in getting to grips with Bri- tain's finances.

Already he must have given them a pretty good going-over, Facts and figures will be clear. to him.

This is a big difference from the rise of £29 million reported only two months previously for what Britons owe on "never- never,”

decline

Stocks

London, Aug. 16. receded ocross broad front today in moskate umsitled by dis- appolerking quarsens trade figuren für - July and Hurry of profit-taking. The pause came after a broad upewing spread across 13 days. Selling was never heavy but we sufficient to depress xarket Imperial Chemical leaders like Industries, Bowaters, Unilever Courtaulds, Fords and Rolls Royce.

uptrend in Wall Street

New York, Aug. 16.

Stocks resumed the uptrend today with electronics, drugs, steels, autos, cameras and scattered specials dominating the play.

Blue chip industrials eked out a small rise on the day as buyers concentrated mainly on slocks outside of the averages. "Among these, cameras, enterain-

ments and drugs were most in demand.

The advance enabled the market to push ahead for its ghth advance in nine sessions. Polaroich stood out with a ghim of nearly 9 points in the Counter showing the better cameras, followed by gains of On the other side of the economic fence of course is the gains over the past week proved more than 4 in Underwood in vulnerable while banks, insur- the office equipments, more fact that the bank loans dastances and finance bolises joined than 2 in. Carter Products in the month went up by a further

(marefacturing industries in the drugs, nearly 3 in Universal £90 million.

decline. Selected steels moved Pictures in the entertaiments, But this was

distorted 3

were a point in automatic canteen in against the trend bul figure.

14 included a large generally dull with engineerings. the rending machines, and amount for interest payments

ruled in more than in Texas Instru added on to outstanding over- Quiet conditions rider how soon he can ease the drafts at the end of the half-gilt-edged and the governmentments in the electronics,

On holkay he will be able to re ax-and think.

leisure

What thoughts should be re- volving in his lawyer-trained mind as he enjoys His on some sunny beach?

Undoubtedly he should con-

credit restrictions clamped on

by is predecessor,

There is

Nearly every day evidence that Mr Selwyn Lloyd can now afford to be a te more gentle where Mr Amory was tough.

Gold reserves

A few days ago for example the Treasury was able to an- nource a £37 million rise in Britain's reserves of gold and convertible currencies,

This was the Largest in- crease since April 1950. Allow ing for special payments during July the true increase in re.. serves was neater £57 million. Then we had the news that 1236 mushrooming growth of Bri-

2.65

tain's hire-purchase debt had 181 been dramatically halted.

kcal

unoMcial exchange

merket

this

morning at the following rates:

U.S. dellar (per $1) ......

Sterling notes (per 2)

KES!

Australian notes (per

1)

Indonesian rupiah (per 100)

Siam tioale (per 100)

26.00

Singapore (Strauts

2012

2217

12101

1141101

134

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HONG MENTS, OVER

KONG'S SOUNDEST ENTERPRISES

For informative foltaver, Appliculloh Form and full details on FIRST HONG KONG FUND. Send this coupon with your same and address to

HONGKONG UNIT FUNDS LTD.

P.O. Box 690 Hongkong.

NAME (MR./MRS/MISS) ADDRESS

TRUSTEES:

Hong Kong & Shangby Bank, Hong Kong, (Tristes) Xyl). NOTE: FIRST, HONGKONG FUND UNITS.COM.

TINUE AVAILABLE AT THE CURRENT MARKET PRICE.

CM

year.

Oxford Paper Co. Paelle Gas & Elec. Pan Amerless Aways

Paramount Pictures Purice Davis Co. Penny J. C. Co. Phillp Morris Pitney Bowes Procter & Gamble Co. Pittsburgh Plate Glas Portland Gen. Elee. Publicker Industries Pullman

Pure Oil

Radio Corporation.

Raytheon

Radio Corp. Pref. Reputile Steel Reynolds Metal Reynolds Tobacco

Royal Bank of Canada Royal Dutch Safeway Stores

Saint Reg. Paper Schenley Inc.

Scott Paper

Sinclair Off

Smith, Kline & French

Socony Molf! Ol

Today's volume was 2710,000 South Puerto Rico Sugar securities turned easier with

Southern Pacific Co. influences falls up 1/16th sterling.shares. Of a total 1,219 shares Southern Natural Gas Other seasonal

stocks shaded, with traded, 594 ere higher Southern Railway (Com) wore also al work. The real Ddflar

Standard Brands increase could have been Chryaber an excepto 14 point 393 lower.

Standard Of of Cal nothing like as large.

better.

Standard Oil of N,J. Steel Co. of Canada Stering Drug Co.

Was

Mr Amory when he Chancellor brought back con- trols

and on hire-purchase forms of credit because other he feared that Britain's boom lustra was getting out of hard

Home buyers

on

09

Home buyers were snapping up goods that should have been swell ex- shipped abroad to ports.

Certainly some check was needed

such buying of television: things washing-machines, Vacuum cleaners and motor cars at looked liked They home, gobbling up too large a pro portion of available resources and putting a strain on the

economy.

But it has since become ap perent that the medicine which Mr Amory gave was undectas- arily strong

Not until Britairs faces 113- other clump should it go back to the old free for all in "never

never" in which you could buy

new car for as

2

little as a fiver down with the rest spread over as long as you like.

In today's circumstances, Mr Amory's twenty per cent down- payment for most things seems pretty reasonable.

But the maximum repayment period of two years which be also imposed is unduly tough. A three-year limit would be Safe enough.

FOREIGN BONDS Foreign bonds were a tack- lans aftale, Greek losing a fraction after yesler- day's vault on debt settlement hopes..

American exchange volume Standard Ou of Ind. was 1,220,000 shares,

Bonds volume amounted $4,770,000.

to Stokely Van Comp

"Stone & Webster

Studebaker-Packard Corp.

Dow-Jones closing averages

were:

40 Bonds

30 Industrial 20 Rails Politics overshadowed. Africans Unies mining shares to send gold 63 Stocks and coppers downside, the fats ranging up to two shillings.

Nins also lost ground.

The side in dls continued, Royal-Dutch. toshig the ser- pounds, Shell 2 ling to 12% shillings and 3 proce lower and British Petroleum 6 penge off.

L

Rubbers and was were quiet ty firm.-UPI,

Comme. future price index..

Closing prices

Abitibi_Pwr. & Paper

Alden Inc. Asy. Algoma Steel Corp. Allied Chemicals Allied Mills Ing.

Allis Chalmers

Sunshine Mining

Swift & Co.

Texal Co.

875.43 Textron Inc.

138.99

Thickol Chem.

94.76 Tide Water Oil

207.61 Travelers Inc.

84.72 Tri-Cont. Warrants

143.22 Twentieth Century Fox Flim

Union Carbide

Union Oll of Cal

Union Partie Railway

United Aircraft

UnRed Fruit

Warner Bro

Waukesha Motors

Westinghouse Air Brake

561% Westinghouse Electric

West Va. Pulp & Paper

• 38%

United Gas Corp.

U.S. Foli "B"

321

U.S. Gypsum

5314

US. Rubber.

3415

U.S. Smelting

2732

U.S. Steel...

Am. Brake Shoe

391%

American Airline

25045

Am. Cable & Radio Corp.

03

American Cyanaald Co.

Am. Hama Prod.

183

Am. Mach. & Fdry.

American Metal

243%

Woolworth (K..W.)

66%

Zenith Radio

American Smelting

65

Am. Sugar Rel.... American Tel & Tel

201

American Tob

1931-

1950/60-

Ampex

Anaconda Copper

Armco Steel

Armour

Closing prices

1978/86-

Giltedged Bonda British Transport 9%, £03-3/16.

Consols 21. Commate 4%-20-11/14 Conversion Lean 3.

Loan

3. Flinding 281-11/16.

Finding Stock 3%, 1999/2004- 28-1/16.

25%

runding Loan 4% 1968 90 RBL

Savings 2%, 1065/85-£87-29/32. Savings 3% 1930/70-2781 Savings 3%. 1905/75-£7.

Banks

Barclay's Bank "A" 3d ord-s. Chartered Bank-55 9d. Bongkang 26.

Lloyd's B-672 Bd. National & Grindlaya Bank 379

Westminster Bank "A"-124%. Non-Cumulative 3d.

The trouble with so many of Britain's Chancellors since that they have been frightened of prosperity.

3d.

is

100

The

Britain is prosperous, pound stands in high regard again in the Anancial centres of the world.

The country does not need to be tied down quite so tightly as when Mr Amory left t Surely Mr Selwyn Lloyd, you can now afford to untie some of knots?--London Express

the

Service.

Rubber

market review

New York, Aug. 16, Rex robber futures" today closed 10 to 25 points lower with sales of 45 contracts.

September

Closing prices: 36.45 bid; November 15.10 tred ed; Jamary 34.00 traded; Mirch 34.00 bid: May 3300 bid: July 33.55 bid: September (1861) 39,30 bid.

Union Insurance Canton- £5-11/16.

Albert and · Motors British Motor Corp. Ord-17$ 90, Ford Motor Co-98 8d.

Hawker Siddeley Group Ord-29

d

Rolls Royce Id Ord-42% 1150. Rootes Ltd -105 d.

Standard Triumph International- Sullad.

Breweries

Distillers Co-2 1015d. South African Breweries-254.

Belting & Materials Associated

Portland Cement-71

"Goodlaw Wall & Lead Ont-3% 6d.

Coal, Steel Engineering Babcock & Wilcox id- K. United Steel- 91. Vickers Ltd 1011⁄2d

Pool & Tobaceo.

Am. Natural Gas

Asbestos Corp. Atlas Cans, Mining Baltimore & Ohio Bank of Monteni Bank of Nova Scotia Beech Life Savers Bell Telephone Benguet Cons... Bethlehem Steel Borden ('The Co Burroughs Add Machine British Amer, O

Callt. Packing Corp. Cann. Bic. of Comm.

Cana Brewers

Canadian Pacte R

Cat. Tractor ..

Celanese Cory.

C. I. T. Financial Corp. Chrysler "Motors Cluett Peabody Colgate-Palve Co. Commercial Credit Consolidated Edison Consolidated Paper Consumers Gu

Continental Can

Continental Oll of Del,

Creole Pet

Crane Co

Crown Zellerbach

Delaware & Hudson Co,

Diamond Gard

Distillers-Beagrams Dodation Stores Dow Chemical Dupont de Nemours Eastern Air Line

Eastman Kodak

El Paso Natural Gas Flox Nat, Cly Bank

Ford Motor Co. of Can. Ford Motor

Georgia Paclite General Dynamica

British American Tob. Co., Ltd- General Electric

55% 96.

Imperial Tobacco

10

Co., Lid-654

-Miscellaneous Boardman Marden Ltd5.13d. British Oxygsa Ltd. Ord-261 80. Canadian Pacifle Rly

De La Bus Co. Dls kl. Dunlop Babber Ca-284 7. Gilan Holding Ltd--28 444. Hongkong & China Gas--156, Imperiat Chemical--86 440, Lyone & Cook 111⁄2d. Ulaver 11-12 1244.

Paper

Bowter Paper Corp Ords Bd.

Radio and Electrical Aranciated Electrical-50% 0. Inglish Mectrià Co--40% 34. General Electric -17% 91.

Shipping Indo-China Sexin ori-496 2.

19. & D. Staam Navigation det ord— 4spd.

Generel Foods

General Motors Gen. Pub. Ull

Gen. Tel & Elec,

Gen. Tyre & Rubber

Glider Co..

Goodyear Tyre

Great Northem Railway Grumman Aircraft

Gulf Oil

Hammond Organ Hiram Walker Husman Retrig. Idaho Power Imperial Ci Imperial Tobacco Ingersoll-Rand

Inland Steel Co.

Interchemical Corp.

Inft Business Machines

Great Universal" "Blores “A”-47% | Lasgalt &« Myers Tob. Co.

313

Winn-Duele Stores

201

Holland's bid

to solve trade deadlock

The Hague, Aug. 16. Holland will make a major effort at solving the trade deadlock between the European Eco- nomic Community and the "Outer Seven” countries, led by Britain, sources come to the Foreign Ministry said.

The sources

sali Foreigra

Minister Joseph Luns, who will travel to Venice today, will discuse with

Minister tentative

Europears

Italian Foreign Glupe Segni

B

горова for 13 customs union, in. cluding the six Common Market countries and Great Britain with some of the "Outer, Seven,"

The sources said this pro- peut, which they believed was also discussed at the, recent De Gaulle Macmillan Adenauer the most taks, might well be

Important item of the Lung-

123

61

322

10%

អ

Segal discussions,

73

ONLY COUNTRY

63/

47?2

It

that

recalled hero was Holland so far has been the 584

to give 35 only E.E.C. country

most unqualified support to efforts at merging the "six" and "even" economic groups.

3734

2112

3712

31

17

387

as

Luns,

chairman of the commission for a revision.of the OBE.C.

agreement (the so- 20% called "twenty-plus" commis 44% sion), spent the better part of the past six months negotiating 39 between the two trade blocks, 4HS the sources said.

47

4416

Textile

market

chaos

By GORDON HUNG

Singapore, Aug. 16. Chaotic conditions now pre- volt ол the Singapore textile market with several big textile im- parters turning retailers for the first time to con- vert stocks quickly into cash and to meet bank and overhead commit-

mats.

Other importers view the state with despondency. of affairs

They added that it Lams suc- This has also set off a chain weds in enlisting even cond-reaction' among traders that can-

onal Italian support for a nut be easily repaired. proposal to study a European

68%

3744

53

9

7

TENH

1931

come

37

19

115%

NY sugar market

New York, Aug. 16. World No. 4 sugar futures

customs union, this might be- the first step towards trade dead- solving Europe's lock.-UPL

Britain's trade gap

narrows

London, Aug. 16.

"There is," said one importer, "confusion in the textile market at the moment which is head- total If anywhere, toa ing, standstill."

The slump is not sudden. Gradual dwindling in trade has been heading towards a crucial point.

It was precipitated by Indone- sla-Singapore's main market not buying.

COMPLAIN

Even if she does; it was on a Britain's trade gap narrowed barter system-textiles for copra slightly in July to £96.1 or pepper complicating trading million against last for people' who understand only month's showing of £99.1 the textile trade, million, the widest for

three years.

Retailing by

wholesalers

began this month and it is hit- The Board of Trade today said ting regular reiallers in the July exports were worth $274.8 suburban and rural areas,

million. Imports were £381.B

million and re-exports £10.9 million.

Regular retallers complain

tinat wives are flocking to Exports in May, June and wholesalers for their require- July were five per cent lower ments how. than in the preceding three

cogne. ELTOSS 80 sorry state of affairs," said one retailer.

today closed 2 points months, after eliminating sta- "In my nine years in the tex- lower to 2 points higher sal variations. In the first tile trade, I have not with sales of 124 con-seven months of the year exports were 5 per cent above the tracts.

1959 average. Domestic No. 8 sugar closed Imports were 22 per cent

He described the situation as uncharged to one point higher greater in the May-July period

than in February to April, while "chaotic" and saw a "bleak with no sales reported.

Trading in world contracts the first seven month of this future for textile importers in was hardly broad enough to year showed a 13 per cent in- Singapore unless drastic steps develop a particular feature, crease on the overall average of were introduced at government

level. 1959.-UPI. 4zja dealers said.-UPI.

Yesterday's Closing

COMMODITY PRICES

METALS

NEW YORK Closbig prices, all in cents per

th.:

Lead,

11.07

Nov,

11,100

Sept

11.35b

Nov.

11.965

Copper

Sept.

30.20-20

Nov.

3110

Bept

suspended

LONDON

Closing prices, all in sterling

Tin

NEW ORLEANS

Closing prices all in cents per

Spot: 29.75; Del: 30.90b; Deci 31.11b; Mar:32.65b; May: 32,05%) 20% July: 22.146; Oct: 55b;

•Deci. 29% 2254; Mar: 32.35h; Hay: 32.95b.

LIVERPOOL

LONDON

Closing prices all in pence per

Jb.:

lb.:

No. 1 Rss spot ........

2596

Bettlement house term:

Sept.

Ost./Dec.

Jan./Mar. Apr./May

General markets, cid, basis,

Sept,

Oct.

Jb.:

Patate crept thin_Sept.

thick Sept.

SUGAR

Closing prices all in pence per

2238)

American Contract Oct/Not: 240: Dec/Jam Mar/April: 22 15; May/June: 22 m. Mixed Contract

Oct/Nov: 2.70; Deb/Tao: 22461) Mar/April: 22.50; May/June: 21.00.

prices all in cents

FOREIGN ENCHANGE

NEW YORK Closing rates:

Canada

England

NEW YORK

Int'l Harvester

International Nickel

Nav. Ca, def

International Paper

per long ton.!

Closing [per #b

m't Tel & Tel

42

Contract No. 4 (world).

Katser Indi:stries

799

Sept.

3.160

| Kansas C. Power & Light.

5322

Semianth

800

Oct.

Kennecott Copper

80%

Copper.

4.3in

Kimberly Clerk

7035

spot

244

Mar

S-mouth

243

May

2,2th

LET ID

Lead st halt.

July

“Jang.

7234

Spot-F.A.S. Cuba)

Nov.

73

Total Soles: $35, contracts,

Zinc 2nd half.

Open inferet: 4,906 of 161.

Aug.

88

Contract No. 8 (domestic)

3

No.

Sept.

UPL

Nov,

1.9%

Austral

4.00%

New Zealand

South Afric

¿CIL.. BY. ex-duty)

5.00

Belgium

Open, interest: 1,200 off 35-UPL

B

Marks & Spencer Ltd--831 id.

Woolworth F. W. & Co-676.

Textiles

of et

Co&P Lid--490 30. Doktatós Ltd 600 1019d

Prices drifted lower taking a cue from the Singapore market and reflecting the almost ear plete lack of factory or other consumer intercat in the spot market here. Terminal opera- tions mostly textured commnik- sion house witching out September into November around 40 to 45 points difference.

Shipment offerings out of In-ANAL donesia included one sheets at 34 cents and three thin crepe at 36% centa, August-September cost and freight. Buyer's ideam were to cent inder.

Locally, current month No. 1 Rss was quoted 36 cents, nominal.

Mixes

Come Goldfields of South Africa Cone. Elroy

Ord-76s, id. Du Sips, del-145 11. Hongkong Tin-10 d. Fetaling T-90. Southern Kite Cana: Lid-256. Union Cary 001 1052d. Van Driefontein "Goldenining-Bis

Litton Lex.

Lockheed Aircraft

Loew's Incorp

Lone Star Cepens Co.

Logard P.

Lowenstein, že Sop McDermott 5. Hwy Merck

from Corp.

Mamerota Mintag Madon Development Motions Brewery Monsanto Chemical Co. Montgomery Ward. Motorola Ing.

National Bult Co.

| Nations, Cab Reg. "A"

National Data Prod. National Lead

Brilla Barnes Patroleum Byndi Nestor Sted Corp.

New York Cecitira!" Birmah Petroleum-is ad. Nowutsche Bälɔee LAG.

Co., Lả | Norfolie de Werbera By.

Korth Amer Aviation North Alfines (Com).

In Amsterdam, the rubber als market was dull today. Al prices elf September Number | ji one 2.85 buyers, Number bio 2.84 by Honudite, farge 201 buyers, drene kranker ons 3.17 hominaL-UPL

Pete

RUBBER

SINGAPORE

Closing prices all in. Straits cents per th. toh. Malayan

Dorts:

No 1 Aug.

No 1 Sept.

ET No. Aug.

1912 No 2 Aug.

Bimbel grepE

No

Fan.

4.33

Others unchanged.

LONDON

Closing rates:

New York Montre

Amsterdam Brunede Copenhagen

281-28114

10.594-10.00 140:05-14 10.307

10.30-60.30

11777-13

Luboo

COTTON

NEW YORK Closing prices all in cents per he

Bpot: 220; Oct; 30; Ther 90% 21.185; Mu; na May 2009 JULY CLIFF 29: 3260 Dea: Zurich

100%

100%

SLUT: - VIROS