1960-09-13 — Page 2

Pago. Z

THE CHINA MAIL, TUESDAY, SEPTEMBER 13, 1910.

REVALUING THE MARK

Germany faced Japan forced to Business drops

with problems of exchange

London, Sept. 12.

Outside -Germany there are fairly frequent remarks that the attempt to hold both the internal and external values of the Mark and at the

to same time

good pursue creditor policies seems doomed to failure.

HONGKONG

STOCK EXCHANGE

by

Our Own Correspondant

Bustness done at the Hong- kunk Stock Exchange this morning amounted to approxi- mately $1,860,000. Noon quota- tions and the morning's tran-

sactions:

Shares HK Bunk

E. Asia Lombard Union

Wharf

Buyers Sellers 1180 1195

202

30

S

25.10

►

1.70

Waterboat.

Wheelock

Duck

304

103

Provident, 20.70 20.00

K ulet..

49.

HK Land

24

翅

00

Yaumali

179

160

Tram Ex.

Div.

C. Light

Electric Telephone Cement

Snica 130 MM 1180 1185

Eventually, barring a strin- geat and probably self-defenting

ngime <f

control. exchange Germany will have to choose between revaluing and allowing some rise in her internal pices,

import more foreign goods

Tokyo, Sept. 12.

Growing pressure has been brought to bear upon Japan to persuade her to import more foreign goods and capital in view of a spectacular growth of her national economy based on an Intensive export drive.

officials

and

say

thut

they

must apen

Заропове businessmen realise that Jupan

her

markets If she

more of wants to get a larger share of free world trade. They fear, however, that a drastic depor- ture from the present protectionist polley might Imperit many local Industries.

For instance, Japanese fectioners claim that they would go bankrupt It 10w- priced foreign sweets and bars

con-

In the last resort that tà moi her compete list of alternatives. By changing her gold policy the could throws the onus of ex- change editment back on the dollar. Just g she insisted in 1037 that if there were to be any change in the sterling/ oj chocolate were imported merk exchange rate it world | freely. The leen aluminium love to be by sterling going smelters assert that a reduction down and not by the mark in Japanese interest rates and going up.

an increase in import duties on aluminium would be required

Rocking the boat

She does not want to reck the dollar's boat any more that she wanted to rock sierling's. She has strained hard to refrain from ring it.

But if there ever had to be a change in her exchange rates, there is not the slightest ques- lion of which side the Germans will want to be

The 10572precedents

for revaluation are few and inauspicious. There is no lack of precedents for devoluation.

2007.0

Bono da 74% 50*75 2007

500 100

411042036 2004 107 GO0 a 20.30 500120

100 45%

500 415.

20041

400 @ 60

1500

1900 50

AU 1 03

200 179

160 6 180

100 100

100 *180

22 32% 3300 | 32

គ

2# 28.40

3815 3924

Dairy

Faro Qu,80

1000 G

560 23

13021.90

100 B 200 to $6

30 2247 30 1500 30

1060 2. EDU30

100 v 20,30

no

cri

By far the strongest point in her current thesis is that her embarrass gains

longer Britol

and her other Euro- peal! trading partners by drain- ing money from them. On the contrary,

they now share her embarrassment of unwanted in- flow. The situation has become a general flow out of the dollar rather than specific inflow into the mark.

London

closes

easier

London, Sept. 12.

to prepare for the lixralisation After opening quiet stock of aluminium imports:

NEW PROGRAMME

Officials

years.

markets turned easier in the afternoon.

Industrials drifted

lower after a quietly study opening and falls were well in majority at the close.

Banking conditions prevailed in the kaffir market and prices were a little changed but West African golds turned dull.

off on

Wall

Street

New York, Sept. 12.

Stocks were blown off course today by hurricane

Donna.

to

The storm hold trading down | Natkus) LOM

National Steel Corp. snall's paco as volumi New York Central dropped to its slowest in nearly Noranda Mines Ltd,

six weeks.

Prices generally were buffeted almoet from the start, but re- covered some grounds in the Anal hour of tracing.

Apart from Donna's impact activity, rentment C4 mmikul for the most part was de pressed by

reports that the aleel outlook was anything but encouraging.

Steel production this werkt hna been projected-a1 52.7 per cent of capacity, but there suli was 'le evidence to back up hopen that a post Labour Day, acceleration would develop in- to a solid upturn.

Today's volume was 2,180,000 shares.

Of a total 1183 issues traded 300 were higher and 660 lower.

American

exchange

Norfolk & Western, Ry.

North Arter. Aviation

Northwest Airlinea (Com,j Ökiehama Nat. Gos

|

Olle Bevators

Din Mathieson

owerlinols Class

Oxford

Paclic GE 2 40.

Pan American Airways

Pletures Parke

Penny J. C. Co.

Penn. Salt Cu Pitney Bowes Philip Morris

Procter & Gamble Co. Pittsburgh Plane Glass Portland Gen. Elec. Publicker Ischiastries Pullman Pure Oil

Radio Coportion Radio Corp. Pred. Raytheon

Repubild Steel Reynolds Meta)

Reynolda Tobacco

Hoyal Bank of Canada Royal Dutch

therm Mig.

Sears, Rantruck & Co. Shell Oil Co. ....

volume Saleway Store

Saint Hes. Paper Schenley Ine,"

Siegler Corp.

Sinclair Ou

was 1,110,000 shares,

Bonds volumu $3,000,000.

amounted

to Scott Paper

30 Industrial

509.35

20 Ra..

133.70

Soins Abramatt ....

16 Ulities

Stacks

35.92

Dow-Jonas closing averages:

40 Bands

Coins. future price index ..

Closing prices

Abitibi Pwr. & Paper Oils Alden Inc. Acy. awaiting Algoma Steel Corp.

Coppers wero firm. trended lower while the outcome of the Bagdad Con. ference of oil producing coun tries. Rabbers were quiet dult but toas held steady. UPI.

and

Foreign bonds were neglected agree that the new liberalisation programme call-but dollar stocks were better. ing for the freeing of 80 per cent of the import trade within three

by announced

the Japanese Government at the end of June, represents a retreat a previous plan, which from

the liberalisation provided for of 90 per cent of imports in the same period. But they de- clare that this is the most that Japan cor do in the present cir- cumstances, because she has to problems solve many special

to her. For example, peculiar Japan is handicapped by rela-i tively wide fluctuations la busl- ness cyclus. A chronic slump in j

mining industry and the coal

under-employment permanent are present features of the situa- tlon,

also Oficials

assert that diberalisation of Japan's foreign trade and exchange is being impeded by the continued dis- criminatory treatment accorded

in many to Japanese goods foreign countries. Unless other nations open their

markets to Japanuse goods, Japan. cannot Neiprocate, they say,

In a survey made by the Japanese Ministry of Trade, it

Closing prices

Britta

Gitedged Bonds

Transport 3, 1978/8s Console £4994. Consols 407

Conversion Luan 3%, £58-11/16,

Funding

'LOAD

£60-7/14,

Funding Stock

£05%.

др

Allied Chemicalk Alled Mills Inc. Allis Chaimmers

Am. Mach. & F dey American Metal American Stoelting Am. Sugar Ref. American Tel & Tel fuez-American Tob.

1859/00

3. 1999/2001

Funding Igan 41%. 1960/90

co8-3/16

Savings 3, 1905/05-68-1/16. Savings 3%. 1060/70-£18-5/15. Savings 3 1008/78—271-0/15,

Banki

Ampex'

Aucunda Copper Armed Steel

Sirath, Kline di French Saenny Mobil O

South Puerto Rico Sugar 203.92 Southern Co (The

80.07 Southern Natural Gas -143.JE

Southern Pacific Co. Southern Railway (Com) Sperry Rand

4016

Standard Brands

Standard Oil of Osi,

Standard Ol of

Standard Oll of NJ.

494 Steep Rock

33

Sterling Drug Co.

Stokely Von Camp.

Stone & Webring

Studebaker-Packard Corp

Sunshine Mining

Swift & Co.

Teccors Co.

Textron Inc.

Thokol · Chent

Union Pacific Railway

Unated ant

'Task force' to help speed up

airport handling

Copenhagen, Sept. 12.

THE International airlines today created a special "task force" to find ways to speed the pro- cessing of passengers and cargo through the main airports in the world route notwork.

The measure was taken here

by the first plenary session of Supersonic air

the 18th annuint general meeting

of the International Air Trans-

travel is near

London. commercial

experts of 12 airlies from UPERSONIC Europe, North America, Aus air travel is now a cer-

27

2011 | port Association (IATA).

DEAT

JA

The new group will comprise

30

tralia and the Far East.

31

443%

332

tainty and probably no more

They will study all aspects of than a decade away, accord- the problem and recommending to Mr Peter' Masefield. practical solutions for joini uir-

past president of the Royal line action.

Aeronautical Society.

Priority will be given to ne celerating passenger check-in- methods and baggage handling, particularly on arrival when do- lays can be especially irritating to passengers, and to the de- velopment of an integrated air cargo handling system-AFP.

'Castle' liner sold to Japanese

TAPANESE

London, shipbreakers

Ja

the

told the European Con- press of Aviation Medicine in

that. London

aircraft times of threa capable

good of sound instead of one capable of only twice the speed was the right objective,

Speeds of around 2,000 miles an hour would not in them- selves present any special physiological problems to pas- sengers,

but would demand much more of technicians In to achieve fight safely,

order

he said.

"A supersonic aircraft will be very much less forgiving than the present day jet when things go wrong.

"But there is no reason why

have bought the 20,100-supersonic flying should achieve ton British liner, "Winches-as been built up already in any loss standard of safety than 23xd❘ fer Castle," it was an- airline operations ali over the

nounced recently, she will | world."

8014

be sailed to the Far East Mr Masefield thought the 231 aftor returning to Southamp-alm should be a vehicle capable of travelling anywhere in the ton on September 23.

world with one stop during

35

25

Am Brake Shoe

403

American Airline

19

Am. Cable & Radio Corp.

Di

Amer. Forgn. Power

Am. Gas & Electric

Am. Home Prod.

18535

Tb Waber Oll

60

Traders Finance

211

534

Travelers Inc.

T-Com. Warrants

28

Twentieth Century Fox Fum

94'5

Union Carbide

1.3412

00134

Union Oil of Dal.

20

2612

4811

Unded Aircraft

4013

0112

33

United Gas Corp.

254

US Fall "3**

016

US Gyum

1232 US Line Co

US Bubber

时间

US Smeiting

Bank of Nova Scotla

0212

115 Steel

4034

US Steel 7 PC PF

14074

4737

Warner Bros.

Benciicial Finance

2842

Waukesha Motory

Bendix, Aviation Corp.

057

Westinghouse Air Brake

Benguet Cons... Bethlehem Steel

Westinghouse Electric

-4274

Western Union Tel. Co,

45%

West Va. Pulp & Paper

Winn-Dixle ROTEN

Weddworth (K. W.)

Armour

Asbestos Cury.

Atlas Cons. Mining

Baldwin-Lima-Ham,

Baltimore & Ofilo

Tank of Montreal

B. C. Tei. Cu.

Barclay's Bank Ltd ord-Bell Telephone

136.

pd.

Chartered Bank-00 Od

Hongkong-2019

Lloyds Bank “A”—059 Dd. National & Grindlays

Bank-20s Boeing Airplane

If Germany had to defend herself against révaluation she bos (thanks partly to her own 200 23.16 Dast forbearance), unique means 203 23.in of aggravating the United States 500 22.00 outflow at its crucial point, gold

Some American observers re- main

tbout the concerned United States balance of pay- !ments, even though they may be underestimating the over all defeit, and overrating what 106425 Europe could do to believe it.

One may doubt whether, as stated that only five per cent has been asserted in Washing of 1,224 firma covered by the ton, the polletes of the various survey were in favour of early European countries are still liberalisation of the imports of based on the fallacious assump-

the same kind of goods as they tion that thekr reserves azıl

were producing. Some of the payments are still precarious. firms sald that it would be 600 $35 Whatever they may not know, 2000 $30

before they could eight years do 13.00 they lenow what their develop power fully to com- 1000 13,20 reserves are. Their policies, 1000 13,70 monetary as well

Tells Boyes Ltd Ord- pete with imported goods. In as economic,

Rooter ! "A"- 100, the domestic markets. are based

Standard Trump International- their own over-

According to the strains (internal in Germany 1400 01 and Holland. external in Bel- Ministry oficials, the freeing of soybean Imports, originally set 18olum, and both internal and ex-

be 1.775 100 10000 1.80 ternal in Britain) and, to be for October this year may

delayed,

no suitable 1 G... 14.70 14.80 500 14.80 blunt, on what they can get

1000 14.8U!

70 6 14.70 away with-China Malt Special. formula had been found to pro- tect. Japanese farmers against competition from low priced im-

Watson Allied Invest.

27.10 3.00

3000

bu

30)

AND

2000 5.05

Textile

B

133

1000 * 8.00

500 125

Nanvarg

13.00 13.00 1000

Atithubber :

$90

4 3000 6

Talkoo Dock

7.70 B ID co!

510 3720 v4 012

Humphreys

Really

2.40 Ex. Div.

300 01

1000 6,40

Int1 Invest.

H. K. & F..

13.80 14,10 3000 14

Inv.

Gilman

Caki, Mocs.

(Ord:) ...

2,13 250 5000 or 2.225

1000

100 $7

4.00

Humphreys 23.10 2312

Hoped..

Lae, Craw, Vibr

18.10

P.O

Exchange rates

Busines WAS dane in the incal upaintcisi exchange trarket U biopsing at the following rates:— U.S. dollar (per i)

Sterling noter (per £ly....... Australian notes per l Indonesian ruplah per 100) Siam cals (per 100) Singapore (stralia)

ORIENT

►

LINES

s.s. "ORSOVA"

EMBARKATION, NOTICE

EMBARKATION:

The ship will be berthed at No. 1 Pier, Kowloon Wharf. Passengers should embark between 1.00 p.m. and 8.00 p.m. on Thursday, 16th September. The ship is expected to all at 4:00 p.m. on 15th September, 1969.

BAGGAGE:

Passangors are requested to send all baggage for Hold and Baggage Room and as much Cabin Baggago as possible to the Hongkong & Kowloon Wharf Co's Godown → Entrance at No. 2 Gate, Canton Road, between 8.00 a.m. knd 5.00 p.m. on 13th and 14th September, 1989.

Agents.

because

| ported soybeans.

Westminster Bank MAN Non-Cumulative 42 34.

Insurance Unton Insurance Canton-5

Alteraft and Motors British Motor Corp, Ord-17s. Fard Matur C-984 14. Hawker Siddeley Group On-31a

ไป

Finances 3d,

COTTON AND WOOL

imports

5.87 raw wool

of raw collon and are scheduled to be

10 BG froed from April 1, 1981, but

12.64 Japanese wool

2.70

spinners declare

2018 that the present slump in their 180 Lrade may be aggravated by the liberalisallon of raw wool im- ports.

MACKINNON, MACKENZIE & CO. OF HONG KONG LTD..

Japan's foreign exchange re- serve has steadily increased in the past (wo years and la now belleved to be over 1,500,000,000 United States dollars, or more than 40 per cent of her total payments in 1950. This considered by some economista here to be sufflelent to justify extensive 1lberalisation, Reuter.

NY sugar market

js

New York, Sept. 12, World No. 4 sugar futures today closed four to 10 points lower

a turnover of 140. co-

оп

Breweries

Borden (The) Co.

12 Burrougs Add Machine

British Amer, Oil. British Columbia Pwr. Calif. Packing_Carp. Cana. Bk. of Comin Campbell Soup Co. Canadian Pacific R. Case (J. 1.) Co. Cal. Tractor Celanese Corp. CIT. Financial Corp. Chrysler Motors Cluelt Peabody Colgate-Palmolive Co. Consolidated Elson Consolidated Paper Continental-Can Continentai Gif of Del. Creolo Pet

Distillers Cola 30. South African Breweries-23 Bd.

Buliding & Materiala Associated Portland Goodloss Wall & Lead

4260 15..

Cement--725

Coal, Steel 30

Babcock & Wilcox

United Steel-Ben

Vickers Ltd J 101.

62 d.

sd.

Food and Tobacco

Ord-410

British American Tob, Co., Ltd- Imperial Tobacco Co. Ltd-

Miscellaneous

Boardman Marden Lid–41. Brkish Oxygen Lld. Ord-30s 91. Canadian Pacifle fly-££%. De La ftue Co. Ord-770. Duntop Rubber Co-20s 100. Glimon Holding Ltd-21 B. Hongkong & Ching Gas–191. Imperial Chemical-08s d Lycha & Co=830__ 135d, Unilever Ltd 14P 9d cor:

Paper

Crane Co.

Crown Zellerbach Cuban Amer. Sugar Delaware & Hudson Co. Diamond Alkal Diamond Gard

Distillers-Beagrains Douglas Alreraft Dow Chemient... Dupont de Nemours Eastern Air Line

Eastman Kodak

El Paso Natural Gas Family Finance Corp., Firstone Tyre & Natter Ford Motor Co. of Cana Ford Motor

Georgia Pacifie

General Pynamles

Electric

Gene

Foods

Bowater Paper Cony Ond-60s 3d. Henem Motor

Radio and Eléctrical

Gen. Puty Vill.

Gen. Tel. Elce

Gen. Tyre & Rubber

Geity Oll

Glickton Co.

Associated Electrical 40 94.

Electrical & Musical-405. English Electric Co-3da 9d.

General Electrice.

Shipping Indo-Chnia Sidam Nav, Co, ord-228.

Goodrich (B.3'

deź

Goodyear Tyre

Great Northern Railway

Navigation

det

P&O Bteam ord-404.

Storen Debenhams, Lid. Ord-478 00. Great Universal Bloresta

Marka & Spencer Lid-8, Woolworth F. W. & Co 7B lisa..

Textiles Code J&P Ltd-54 3d. Courtauld Lad-50% loyd.

Cane GoldЛiekde of South Africa- 07 A

Con Zine Corp. or 77%

De Beers def-1901.

Hongkong Tin—ies 4150,

Pelating Tin-6 10

Randeniza od

Unia Com 50% QU

Hammond Organ

Heyden Newport Corp,

| Hiram - Walker ........... Home take Mining Co. Idaho Power

Imperial 011 Imperial Tobaven Ingeroli-Rand

Inland Steel Co.

Interchemical Corp. *** Init Thuthem Machuurs Int'l Harvester IrArnational Miokel

International_Paper

DIFF TWL & TA

John Mayville

Kalmer Injkutrien

Kanale Co Power & Light Kentwopli Copper

West, Driatontein Goldmining-006 | Kimberly Clark

11.

Läggel á Myers Tob. Co. EY TUUP, and

Donostic No. 8 sugar futures finished four points higher to unchanged on sales of 20 con- | - British Borneo Patroleum Byndt-on Ind. tracts

cate=40,

Betish Barmah · Petroleum-İN Dİ Britis

World futures wore quilated on news that Brazil Has pilered 20,000 tons of sugar to the world market, at a lower prloo.) 9. then it tendered 20,000 tons läst

Tarly firmness in the tomts- tle fawe market pushed the nčar, mopah abrad in the domestle contract, but more distent positions were jinktected

Royal Dutch Petroleum--C119). Shell Transport & Tradingizde

-Reuter,

HK UNIT FUNDS

Buyer $0.97.

Ballers $ 1.02.

Lockheed Alkornes Low DoorDA YUTE 1008 Star Cement Co. anda. Lavillonā "2.

Lowerately de Bonit.

EX

Merck. LYSATOR

Atom Cor

Mindon DeveloperTENA Molsone Brav Monsanto Cher

Makrols Ing.

| Nationaỹ '23E

National

2016

Zom Rodio

Her owners, the Union Castle Lino, anounced severn) weeks ago that she was being with drawn from the Cape route, which she has served for most of her 30 years.

Immediately after the War, the Winchester Castle carried craigrants to South Africa,

space of eight hours,

Three

and a half hours is just about the longest time the human posterior can be sented comfortably,"

Jaughter.

he sald

The objective must be to design an aircraft which could cover the major routes of the world in three and a half hours, or less,

Such an

her Before selling the ship,

aircraft was the cwners insisted on a guarantee mach 3 (three times the speed aid that she would not be re-sold of sound) and I must be of for operation elsewhere.-China | all-steel construction, China Mall Speelal.

Yesterday's Closing

COMMODITY

SUGAR

NEW YORK

Closing prices alt im cents per

lb.:

Contract No. 4 (world)

110

Oct.

Jan

Mar,

እሱን

July

Spot-(TAB, Cubel

Total sales: 140 contracts.

Open Interest: 3,023 contracts.

Contrapt No. d (domestic)

•NOV,

Ign.

Mar

Spot (Cit

NY ex-duty) 0.12 Total Sales! 20 eontrdots.

Open interest: 820 pontracts/-UPL

RUBBER

NEW YORK

General markets, c.l.f. basis, ports:

Bepl

Oct.

Nov

284-20

Estate crept thin Sept. 310

thick Sept. 20% AMSTERDAM

Closing prices all in guilders per kilogram, e.l.f. Sept.:

No. 1 rubber

No. 2 rubber

No. 3 rubber

No.

crepe

Mall Special.

S

PRICES

METALS

NEW YORK

Closing prices, all în cents per

ib.:

2.80 buyers

Lead Sept.

buyers

Nov,

buyers Zine

Sept.

buyers

Nov,

Copper Sept.

Nov.

LONDON

COTTON

NEW YORK Closing prices all in

per ib.:

Spot

May July

10.30

12,00

11.00

29.44

28.40

Closing prices, all in sterling

per long ton:

Tin

Bpat..

3-month Copper

Spot

manu

cents

Zine ist half Bept.

MERCER

Rex rubber futures prices, all in 'cents per Ib

closing

Repl

Nov.

Jan.

14.90 33.40 20.00

NEW ORLEANS Closing prices all in cents per lb.

May

Spot

Judy

Sept.

Mar

Closing prices all in Strate cents per lb. fo.b. Malayan

Juw

ports:

No. 1 Sept.

No. 1 Oct.

1001-10016 10011001

SINGAPORE

No. 3 Sept.

No. Supt.

Spot "milver unbajet

Flanket' osupe

No. I pulp crepe

LONDON

Tnd 2-16014 par 15:

Cloring prices all in ponce per

Statement House terms:

88829903ES

LIVERPOOL Closing prices all in pence

Ameriosa Conirket

22.75

$2.70

| Lead ist half Sept

Buyers 'Bollers

11

800

FOREIGN EXCHANGE:

NEW YORK

Closing rater:

England omelet

ja 20-days 20-days Australi New Zasiend Soul frien

Disar unchanges).

LONDON Closing ratos: New York N Montreal Amerdam

Artis Copenhagen Frankfur

Zib

Paris

Milan

Partie