1960-09-07 — Page 2

Page-2

THE CHINA MAIL, IN WEDNESDAY, SEPTEMBER – 7, VIDEL |

SMALL MAN vs THE BEAR Buyer's retreat HONGKONG Share prices New York prices drop

STOCK better than

EXCHANGE

។

Cur Own Corrrgrundent

Business done at the Hong- Slock Exchange

this

morning amounted Lo 51- proximately $2,800,000. Noun quotations and the morning's transactions;

31A

Buyers Sellers Hales NK BAK 1170 1173 200 2170

Dk. E. Asia Lombard bls.

Union In.

Wharf Co.

Waterboat Wheelock

202

301175

10 1170 101175

23.20 7.03

7.70

200 of 770

2008 11

HK Dock

100 100 40

1300 107

2400

107

500

100

C. Provident 20.00

21

702

20

500 20,00

HK Hotel..

41 414

500 $112

11004132 1000 413

GU 20%

ik Land..

Хишти

101

182

2004 109

50 183

300 181

HK Them

Ex. Bly. at

000 15

50 182

32

100 32

Ch. Light, 225 23.60

HX Electric

200 32

1600 @ 212

600422.00

4200 220

1000 4 22.00

Ex. DIV. 29.20 28.30-2221

20.20

prices suggest under selling pressure

London, Sept. 6,

Recent ups and downs have left many wandering about the true state of health of the London Stock Market. Our Financial-Correspondent takes an objective view of it.

What

a scratching of heads there is up First small and down the country. investors rush back from their holi- days and without waiting to unpack their cars grab their pens and write off to their stockbrokers.

"Buy, buy," they order.

For before he hos a time everything moved their change his mind. way and share prices rose to bil fresh peaks.

Then

n

New York, Sept. 6.

Stocks started the post-holiday week on a dismal note today with all but

values.

volume (International Nickel

a few issues beating a quick retreat. The loss set the market back | American exchange nearly $1.6 billion in paper was 1,120,000 shares,

Ponds volume amounted Eléctronics were hardest hit | $4,000,000. along with dils, drugs, vending machines, rails and other pec- on of the list which got the

biggest play in recent rallies,

White most. instieg worked Inwer under steady pressure from the opening, the greatest chance to amount of selling was concen- trated in the last half hour when downside many of the day's features were driven even lower.

'There are just not enough shares to go round, That can reared mean only one thing-apart ngly doubts as Whitefall handed out news from short term selbacks the Pundits trend of piices. must be up- of declining exports,

warda. Bears will grow mumbled that but for a lot of

money louder as they grow Scraggier, Foreign By-by-night

15ri But don't listen-it would be rushing into the entry, tain would be in a sorry state, kinder to send for the RSPCA

So bears pupped out unce more from their dark doorways and roared "false rise, false rise. Markets must go down."

Not enough

UTILITIES GÀIN

Utliitics stood out in the 1st with a small gain on average. Losses ranged to more than six

the electronics points in around four in the machines and drugs,

to vending

Dow Jones closing averagen: 30 Industrials 20 Rolla

1 uites 85 Stocks 40 Bande

Comm., future price index

Closing prices

Alden Inc. Acy. Allied Chemicals Ailled Mills inc.

Ally Chalmers ... Am. Brake Shoe American Airline .... American Cyanamid Cu. A. Cable & Radio Corp. Amer. Foign. Power

Am. Heine Prod. At..dan & Electric A. Mael. Fary. American Metal Amerlean Smelting Am. Sugar

Today's volume was 2,580,000 American Tei & shares.

Of a total 1,217 shares traded,

You can safely back the 295 were higher and 730 lower. future with stures like ICI,

The snail man grounedistillers, and United Stee at the top again" and markets moved this way and that.

Who is right? I bacle the

amall 3000 20 22

man against the grizzly professional bear.

100

300

28.20

100 381,

Telephone

384

34

500 # 39

0.1

Cerment 645 501

Dairy Farm 29.30 29.48

Watson Allied Textile

Nanyang

2014 25,0

0.84 8.35

13 13.00

A. Rubber 5.70

R. Trast Taikos Dock 5

Realty

0.10

100 20

BOO 17 343)

10 10 54

1500 a 88

1500 29

100 a 2015

Outlook better

For one thing I think trading, outlook is better than recent The check in Jigures suggest. exports is due tuinly to the drop in molurear spies to North 1802060 America, Car apart we are not

debig bully.

1000 GB 20.00

2000 A 2049

GOD 2.50 500 e 241,40

1000 0.45 2000 8.40 5000 8.40 190013 0

1000 B 1000 de

13.00

7.80 1000 7.70

58 204 58

3500 us $

100 ar 58

400 58

Ex. Blv. 1.735 1,825 32000 1.00

3000 41.00

2000 300

23.90

300 g 23.40 100 or 2335

My city merchant friends are st too busy to sit down and majic. They also report a splendid response to the new inquiries export drive-mostly but some of these should show up in an extra push hi raonths ahead.

The world is a bubbling ex. panding place and s trade will

There grow and grow. splendid opportunities

are

ahead and 1 am sure there are enough

men with inlilative and energy De er 23.40 in British industry to luke nd

1700 2315 vantage of them.

Humphreys

14.70 14.80

L. Craw

++

36 30%

1000 G 38

Macao Else.

Int. Investi 9.66

H.K. & F.E

Invest. .. 13.80 14.10

Vibro

Gilman

1.03

14.70

200 504 14.00 030 14.70

100 30

Exchange rates

Business was done unofficial exchange

the arket

morning at the following rates! V.9. editar iper, 813 Sterling notes (per El Australian notes (per £13... Indonesian rupiah (er 100) .. Siam ticals (per 100) Singapore (Straits)

Of course, there will be tem- setbacks, But Britain puitury will continue to show Obviously prosperity. tinentals and Amerleaus think

old faithfuls with big followings und law yields. But there ure some good ones that have been

pushed aside in the rush,

The £383 million British American Tobacco glint is one. f1 exports Players, Senior Ser vice, Woodbine and other ledd- ing brands all over the world. It also owns 100 factories in 50 countries and runka as the

tobacco manum. World's largest

facturer,

Chicago

grain market

In fact you can safely dub Soybeans, the chairman Sir Duncan Op- penheim as "Sr Smokes."

Str Duneun has already re- ferred to increasing sales. My guess is that wil rising standards of living future sales will make smoke rings around past figures. ·

Chicago, Sept. G.

meal and oil futures advanced sharply today in aft otherwise slow and narrowly mixed grain market.

and Reports that soybeans corn were damaged by extreme heat in some areas touched off buying In those grains. Con- tinued hot and dry weather is

"Yet shares can be bought forecast. for 03/-d. to

cancer

yield

Ame:lean Tob.

Amper

Armed Steel

Anaconda Cupper

Armour

International_Paper Int'l Tel & Tel John-Marville Co. to Kaiser Jndustries

Kennecott Copper Kimberly Clark

Likgett & Myers Tob. Co. Liiton lad 62.65 Lockheed Aircraft

Loews Incorp

136

00.45: 2000 Star Cement Co. 206.42

Lowensiela & Boris.

16 MeDennott, Ray 143.18 McDonnell Aircraft

Merck

Mesabi Iron Corp Minnesota Mining Mission Developmen

$401|xd| Monaanto Chemical Co.

Montecatini

Montgomery Ward

40 National Cash Reg. A

in London

stock market

boridon, Sept. 6.

Buyers retreated in the stock exchange today and with few sellers appearing Jobbers soon lower-

ed prices.

Sentiment came under the

Influenco of press comment

concerning the

prices over the apito

topid rise in

past week In

of adverse

83% factors and this

981% buyers

economic

dampened

élititusion with the

result the advance was halted,

Fords were marked down one

to 988 1920 shilling 794xd Imperial Chemicals od caster

78

04

at 701 0d.

241

and

Stores were duli with most

ad

38 leading shares around

QUIET DAYww.

art edged securities had a

Stoel

I quiet day but prices were bet-

ter where changed.

shares were generally dull but Firth and Brown were a fnm exception Engineering

Unemployment

in U.S.

caused by rising imports

+1

Cleveland, Sept. 6. Rising imports and lagging exports have forced 700,- 000-American workers-out- of jobs since 1950, Steel magazine said yesterday,

The weekly, in a special issue, marked said '& shift in foreign trade

Ві

15

2015 | Motorola Ine,

1915 Naitonal Lead,

1016

National Steel. Corp,

shares cased under the lead of Guest Koen

lost electricals and

some

503

New York Central

Nurfolk & Western Rỳ.

1

ground

50th

North Amer. Aviation

423

Gold shares

wymie

117

Northwest Airlines (Com)

13

17

Oklahaina N1. 03

291

Zait

St Helena

494

75s, ed.

Owen-linois Glam

Dlls moved

2712

rubbers press again favoured,

legs.

100

Olin Mathieson

Our Elevators

Oxford Paper Co,

Pacific Gas & Elee.

Pan American Airways

Paramount Pictures

Parke Davis Co.

334 Fenny J, C. Cb.

Penn Fall Co

Tel

29

94%

61.

291

50

03

Alles Cons, Mining

Baldwin-Lina-Ham.

Baltimore & Ohio

Bencheiat Finance

Bendix Aviation Corp.

Benguet Cons.

Battlehem Steal

Beeg Airplane

Borden (The) Ca..

Burroughs Add Machine Calli. Packing Corp. Cana, Brewers Campbell Soup Co. Canadian Pacific R. Case 13, 1.) Co Cat. Tractar

Celanese Corp. Chake, Manhat. Bank Chrysler Molars Cluett Peabody Colgate-Palmolive Cu Colombian Carbon Co. Commercial Credit Convalidated Edison Continental Can Continental Oil of Del. Crane Co......

Crown Zellerbach Cuban Amer. Sugar Delaware & Studson Co. Diamond Alkoll Diamond Gard Douglas Aircraft Dow Chemleal, Dupont de Nemours Eastern Air Line Eastman Kodak

El Paso Natural Can Family. Finance Cury, Firestone Tyre & Rubber

£3/ Soybeans ran into speculative 4/-d. per cent. This high buying and short covering soon return may be due to fears of after the opening bell. Some

on stop loss Farm Nuls City Bunk But In spite of traders bought scares

Ford Motor ... several of these profits over the orders.

General Dynamics dull. General Electric were Wheat futures past 10 yours have doubled and

held steady, General Foods dividend has iseh tram eqital Nearby contracts

ad-General Motors while deferred! months

Ga. Pub. UN. to 7 per cent tax free,

vanced, commission houses sold den. Tyre & Rubber An industry in which Britain early. A strike by grain eleva- Getty Olt exert is making drugs and for workers restricted sales of gliden Co other medical supplies. This cash wheat in Chiengo.

Corn was mostly casy. Several year it is one of the country's ¦ healthiest exporters and month cats futures eased. Rye closed

mixed,

Export dealings were slow, The Continent reportedly bought Outside markets were mostly

Con-by

month shows handsome

rises over a year ago.

They buy shares in Britain's leading companies whenever It will continue to be a win-soybeans. they get the chance.

markets

nor

iti

expanding

ahead. But it is a highly cont | steady.—UPI.

Britain's own petlive field and most efficient Obviously too

investors such really big

na companies will do well while companies think so. others may fall or be gobbled nearance this They have now decided it is a op. sagwaste of time to sell blue chips,

investment 15.86 11 опе

manager 12.71 tries to shuffle round his port

2.60 follo

and thinks of selling ICI 20.20

LAI another snatches them from him

THE NEW BURROUGHS F-5000 DUAL PRINTER

THE ONLY AUTOMATIC ACCOUNTING MACHINE THAT PRINTS TWO ORIGINAL RECORDS SIMULTANEOUSLY

Burrows few Barton -5000 with two printing heads is the only fully automatic "comming machine, designed to handle Recounting jobs, requiring simultaneous, original print mi wo records. Heads can an be feed sipaly; whan desired. For a demonstration of his unique now Burroughs

gausite machine... decorating

Mid Vallim bizirano) kuin

CALL YOUR Burrouglim Han

DORNKO SUMATRA TRADING

(00, (I.K.) LTD. 23, Balm Mushings Department

B

Fine record

Mr Ian Fergusson who heads £5 million Evans Medical Comi- pony bus worked and spent hard to make his group one of the most competitive,

Evans has a fine record ot increasing proftis and dividends,

Shares are now 17/-d, at which they yield around £3/8/-d. per cent on last year's well-covered dividend,

Have you ever thought, hori much development anywhere 'In the world depends on hum- drum thing's of lie? Wire-nails and springs for instance.

Yesterday's Closing

Goodyear Tyre

Grummary Aircraf

ammond Orgin

Gulf off

lieyden Newport Corp. Homestake Mining Co.

dal Power ingersoll-Rand

Inland Steel Co. Interchemical Corp.

In!' Business Machines int'l Harvester

20% Pittsburgh Plate Claw

35% Pure 01 ............

ilepublic Steet

higher and among free states caused a lour of $4 billion closed 35 6d up ut in sales for US Industry, dis-

--

location of workers with 1,900,- narrowly and 6600 dependents, and the loss of

were inclined to base

3

but millions of tax dollars.

As arxample, the weekly

Foreign bonds were feature-estimated that the increase i

Teas wero dull.UPI.

Closing prices

ailtedged honda

Transport 3 19/88...

Conele 216%-71.

Comola 4206–16/10. Conversion

car imports since 1850, coupled with the decline in auto exports, of 39,400 US coot 'the jobs workers.

Foreign competition explalas in part, said the magazine, why US business "is limping along at a disappointing pace, while Loan 3%, 1941-steel mille, car plants and other Loan

3% 1958/00 metalworking establishments in Western Europe and Japan ure 3. 1000/2004- operating at, near capacity."

4%

30

131 Procter & Gamble Co,

Morris

127

1

Radio Corporation

011

Raulo Corp. Prel.

Brille

3114

£00%.

50

Reynolds Metal

351 Royal Dutch

光

38. Rheem Mig.

.17%

4134 Sears, Roebuck & Co.

844 Shell-pil Co.

23

Baleway Stores

PER

Finding 21-11/id.

"Funding Stock

371%

£04

Balk

ZA

Punding Loan 407-15/16.

681b Sindal ON

421 Smith, Hine & French

574 Boceny Motal

57

South Puerto Rico Sugar 404 Southern Co. (The) ....

Southern Natural Gas 044Southern Raliway (Com.)

Banks

2015

Chartered Bank-60% Od...

Hongkong02

10% Saint Reg. Paper

201 Butt Paper

Siegler. Co79,

30% Standard Brands

53% Sunndard Oll of Ca 44% Standard Oil of us! 494 Standard Oll of NJ,

Steet Hock

10

2214 Sterling Drug

413

*Co.

Stokely-Van Camp.

30% Studebaker-Packard Carp.. 2011

umahine Mining

6235 Swt & Co.

1993 Temas Co.

2516 Textron Inc.

15431 | Thiokol Chem.

33 Tile Water Onl

31% Time Inc. ......

365 Twentieth Century Fox Film

17 Union Carbide

44 | Unton Dil of Cal

41

817%

on Pacific Nailway

| United Aångraft

United Fruft

1800/90-

Savings 3%, 1905/65-03-1/16, Savings 3, 1960/70-218-4/19. Savings 3% 1905/75-£71.

BIG SHAKE

"The U.S. has a tremendous stake in world trade, is the big- trader and Barclay's Bank "A" Lid ord-gest international

investor of all time," said the weekly, "but last year reached a postwar low world trade superiority when only $1.1 bil- on separated us from an un- favourable trade balance."

Lloyds Bank "A"-89% 6, National & Grindlays

Westminater Bank "A" Non-Cumulative.

Insurance

Bank-3

1214%

Union Insurance, Canton-£6.

Alterast and Mator British Motor Corp. Ord-17h 15. Ford Motor Co-ex 1011⁄2d.

Ord--Jis Hawker Biddeley Group

10120

Dm.

Rails Royce Ltd Ord-43 1014. nootes Ltd "A"-10s 3d

Standard Triumph International

Breweries

Distillers Co-454-0d.

South African Breweries-23) 01.

Building & Materials Asociated Portland

Cement-784

Coal, Steel & Engineering Babcock & Wilcox Ltd-504

Vickan 14-338 Set..

Food & Tobacco

GU

20

SER

U.S. Foil ""

United Gas Corp.

103.

Goodlan Wall & Load Ord-4is

13%

U.S. Cypum

$154.

4944

U.S. Line Co.

37

US. Raber

403%

325xd

US. E ting

United Sto800 20,

203

U.S. Steck

U.S. Steel 7 PC. PF

1404

Warner Bros. ....

Waukesha Motore

532

Westinghouse Air Brake

37

Westinghouse Electric

4

Winn-Dixie Stones

Wonkworth (KW)

Zenith Radio

COMMODITY PRICES

COTTON

NEW YORK

Closing prices all in cents per 1b.;

Spatt 39.15; bet: 21.08: Dec: 31.24; Mar: 31.76; May: 31.10: July: 220; Det: 32.16 Dec: 22.17. Mari 32.40 May: 3256; July: 32.50

NEW ORLEANS

Closing prices all in cents per 1b.:

Lancashire Steel Corporation

Spot: 2015 Oct; 31.10: Dec: 31.29: makes ni! of these. It also Mar 31.05; May: $3.00: Futy: 32.13: makes rods for re-inforced con- Oct: 22.19 Dec 31,449 Mar: 32.44 crete and there can be no doubt May: 3144; July: $2.44.

Just

of the possibilities here. think of the soaring blocks of offices and flats in Britain and lb.:

Closing

per lb.:

LONDON prices ali in peste

No. 1 Rss spol ..........** 263-29

Settlement house term:

Sept.

SUGAR

NEW YORK:

-UPI.

Closing prices all in cents per

Contract No.

Oct./Dec.

Jan Mar.

053-to 2011-2017 2-281

Apr JJune July/Sept.

Sept.

Oct. Nov

Estate crept thin Bept.

General markets, ci.f. basis, ports:

21-23

Oct. 28-201

Jan. 2012-2014 Mar. 31

Mitey Ulek Sept. 3116, AMSTERDAM

J

Closing pricen all in guilders

por ellogram, c.1.1. Sept.

No. 1 rubber

No. 2 rubber

No. 3 rubber

No. 1 crepe

* LIVERPOOL Closing prices all in pence per

American Contract

the roads that have to be builtet: 12.03; Dec 22.05; Mar: 21,55;

here and abroad.

The company is now

buas

star: 22.001 July: 22.40.

Mixed Contrat Oct: 22.95: Dee: 21.88: Mar: 22.90:

with a £0 million pansion | May: 2135; July: 2295---UPT.

plan to be paid for, without any call for extre finance, Beenuse of this the Chairman, Sir John James may be unwilling empty money bags into Marc holders laps this year,

to

But I do not think there will be too long a wait before extra Hier. divi- output show in dends. The Directors are not

-Azimat od

RUBBER

moon by tabuito; they have | MATI 12.60; Mayi. 32,50; July: 3210: almost doubled payout in six Rept: 21.09, yebry.

July ijgarh 5001-7.A.B., Cubáj

(wbrid)

Total SAME; (111, pontere Open interest:-8,156 cont

Contract No. 8 (Coriesilo)

2.10 buyer Nov 2.76 buyers

6 buyers Mar.

Ser nem.

-UPI.

METALS

NEW YORK

Closing prices, all in conta

10.07

Hrlish American Tob. Co. La Ja Dd.

Imperial Tobacco Co.. Liu

1164.

Miscellaneou Boardman Marden Lid-ts 10) Belilah Oxygen Led. Ord-Ita Canadian Paelse My-42. De La Rue Co.

03...

Dunlop Rubber Co 785 30. Gliman Holding, Lid-2s 4350. Hongkong & Citna Capile Imperial Chemical--7000, Lyons & Co-$3,350. Unilever L150,

Paver

The magazine said the high cost of American labour was the main reason for a "ght to: survival" in world markets.

U.S. wiges is three and a half times that Paid In West Germany and five times that paid in Japan.

Industrial

Europe and

ja

also was

expansion Japan cited as a contributing factor in the trade struggle.

The

coní

nations of the European and steel community hnd a steel million Ingot capacity of 38.8

1934, 1 is 09,5 hot tons In million tons now and will be 87.7 million tons by: 1000.

COMPETITORS

The magazine also said that foreign compelltors have quality goods to sell, modern factories in which to produce them and

"lean and hungry attitude."

Bowaler Paper Corp Otd-i od. ship, the magazine sald manage-

Radio and Electrical, s

Associated Electricadex Bd.

Electrical & Musical-400 C. English Electric Co-d

General Fleet Sy

Indo-China Steam Nav. Co. der

ord-220.

PO Steam. Navigation • det ord-300 1035d.

GREAL

Blores

Universal Stores "A"-80% Marks & Spencer Li-dom Ti6d,

Woolworth F. W. & Co-70s 754.

Textiles Cool J & P. Líd=dia 1540. Courtaulde Lfs-88« 4142.

Cons Goldfelde of South Africa-

Cons. Zine Corp.)Ord¬la Bd. Crown dentata.Ed.

De Beers defidem 1011⁄2d.

Hoàn toàn TH HE THO

Feiking

Bali,

Southern Kinta con Ltd- 34.

Union Corpālu, 411⁄2d, gi RYOEL

Drisfontein Goldmining--

"ou

Bella Borneo Petroleum syndi.

Búa.

5.00

Total Solent

contracta Opers Interest: 800 contraria-UPL

FOREIGN BACHANGA

NEW YORK

Closing rates; }, NA 1580 | Canada, viðkorozi

England del

114

Bad New Zealand

BOLAH ARTICK

per lb.:

Nov

Zine

Sept.

NEW YORK

Now,

Copper

Rox rubber-futures closing prices, all in cents per lb,:..

Sept: 2400; Nov: 1380: Jan: 2010;

Empt

No

LONDON Closing prices, all in storting

per long ton:

SINGAPORE

.1

:) Closing prices ali io Straite

Spot

-mont

Bugees Batters.

10%

Copper

2012-100 06-901

A501 damanth Zine jet ha££

Septari

18-10545

Lotonshire har hofd al the centa per lb. f.o.b. Malayan most garnwʊus dividend covers potte: of all the steel: companies-foura, Beh. and half head! therein No. 1 Gol; plenty

of scope for future 18 3 sept. generisátý At B9/-d, "kitari, ito, 'Bepte dining

Lions spot, rubbar, turbasasi ..

the yield isgá

Expres Servic.

No.

Manket crapé ces

Ha. & pele crepe

| 115,

other unchanged,

LONDON,

Closing rates:

New York

| Montrea|||

Amešetal

STUNG Copenhagen

Llibon

Zürich

Burman, Petroleum-

To maintain its trade tender-

ment would have to adopt a world concept, know its marketing: inarkels, sharpen strengthen tecinology and im- prove service.

The weeldy called on labour to become morb concerned with and on guvern. | productivity

meht to revise tax policies, especially depreciation rules. UPI.

Malaya removes tariffs on Japanese goods

Kuala Lumpur, Sept. 8. Patroleum Co., LidThe Malayan Government; has

estemal Bijd.

Brit

dBd.

HOFIEL

Hoyal Thite Petroleu 1150

Transport Trading—129

~Houter.

sugar märket

New York, hell", Wellä No. 4, surus, futures, joddy Biased, kwó polnite lower to a pólks higher on salew of | 111 döntendis,

ganounced the removal Herking requirements Japanese, Foods,

ין

of

This follow the entry inte force of ni agreement, on Comi mcted between the two cou tric Under Malaya has agrock. 1o withdraw the appli cation of article 35 od w General: Agreement on Tarifte and Tinds to, Japan,

Japan under the dgreement té given waimllariensing, treati ment to bountries of the sterling- dollar area.......

Only goods that are mutsject to locusing from these dojan tries will now be onced when they come, grom Jeodn

Domestic No, siger suttees closed unchanged to five points Higher en only three sile

Futures werd inorbund

Government statemehi quiet throughout the session. An expected offering of 50,000 tone pold think the new ordet came of Brazilian rawa hadap into effect on September à rind parently failed so malérialise by that the executive sectality bi bgtog lidt. Tiwers-way ittle the GATT had been informaci.

China Mail Special. alse to influence prices,—UPI.

}