1960-09-20 — Page 2

THE. CHINA" MAIL, STUESDAY, SEPTEMBER 20, 1960,

BRITAIN'S TRADE GAP

Wait-and-see

stand

in

Too wide despite Wall Street suffers London market increase in exports from heavy

By Sydney Gampell

London, Sept. 18.

Reduced from £104 million in July to £74 million in August (almost wholly by a gratifying and unscasonal riso in ex- ports) Britain's external trade gap is still too wide.

The new Chancellor, follow-

ing his fealer the Prime Minis- ter, is very expert niinded und will want much firmer evidence of improvEMENIL

cheaper.

selling

New York, Sept. 19.

A virtually demoralised stock list finished out the session today worth

́about $7 billion less than at the start. ·

No group

was spared in the than sweep that had the tapo minute lote at the close with prices fila falling.

Losses of up to live points

while COITUTION

call. Pucking Corp.

British Columbia Pwr.

Cana. Bk, of Comen. Cana. Brewers Campbell Soup Co.- Canadian Pachhe H. Inter-Cut. Tractor much were

Celanese Corp, Machines CT, Financial Corp. Business zutional dropped around 17 points, Only Chase Manhat. Banke a tew utilities and scattered Chrysler Mutom

Cueti Peabody issues managed to slay even or Colgate-Palmolive Co. higher,

Colombian Carbon Co.

never looked less likely) they | the implied depreciation of the may be well into the winter dollar and the more pointless and the Bank of England will for European Central Banks to Jurve been accumulating the buy in London when they are in external | end-year North American debt ¦ enilled (but loo sensitive) 10

York so trade and waning of internal payments instead of having tʊ | buy In New other explain them away. and Inflationary woye pressures before he feels able!

Perhaps most important, the to use the unik rate and other

London technique keeps the restraints.

money market tight by putting of the day when the Banic of England has pay out sterling against its purchases of dollars. The gain of gold and currencies that It reports at the end of this month may well be much less than it will netually have bought during the month in cluding its net forward pur- chases.

be

Britain's economy probably Ceds only marginal adjust- ments but they have to made, and a high bonk rate is a tested way of getting them mude.

Reasons

For well-known reasons the payments for trade

are doing

far better than the trade itself.

of England's new deliberately of

receipts of

The Bank technique postponing some

dollars by buying them for forward instead of spot de- Hvery, has multiple advantages.

11 keeps sterling strong. keops some

|

Shied away

Gold shied away from its peak of $35.28 but the European Central Bank which has9 led The upward move. came heavily again today and some of the other must be worried about the possibility of missing the boat.

|

lenders in the UN

The essence of the market is that European Central Banks, unprecedentedly flush with do!- lars, want to exchange more of Blame for the decline Was Conimere.ni Credit them Into gold as

when and largely placed on the arrival of Corning Glam Works where they can without offend- Coraniunim

Coated Paper Ing Washington.

Even Get-scetic dric on months of inany, who is reluctant to buy discouraging even la London as well as in developments. New York, has lately taken a third of her gaits in gold, and ns her gains remain phenomen aily high that might give food for thought in Washington and elsewhere.

Not high

Edi

Consumer Cas... Continental Chan business newe

Continental Of of Del. Crane Co.**** Analysts noted the selling Crown Zellerbach pra sure was further aggravated

Cuban Amer. Sugar by the industrial plunge through the 800 resistance level, which had encouraged apparently chart-watchers to keep prices Holling downhill.

Delaware & Hudson Co.

amond Alkali,. Dirt Bers-Sexgruns Dominion Blores Douglas Aircraft Dow Chemical... Dupont de Nemours Eastern Air Love Eastman Kodak

Pop Natural Gas Family Finance Corp Firestone Tyre & Rubbm

Ferro Corp

With the celebrated 800 level shaltered, one analyst said that Dow-theorists now will contend It is not a high proportion their prediction of a new bear by Brilish and other standards, market has been confirmed in

A few utilides and scattered First Nat. City Bank higher gold

Motor Co. of Cana Ford but it is a much

issues managed to buck the Ford Motor ..... proportion than Germany used prevailing rout but they were General Electric

few and for between. Houston General Foods

General Motors over a point Gen. Pub. Lighting gained and Ohio Edison a large frac-Gen. Tyre & Rubber

Getly O Today's volume Was 3,790,-

reserves in hand against a raing day, By the time people stop talking about sterling's coming auturaa The higher the London prive sensonul wenkness (which rises above $35.0876, the greater

P.O

ORIENT

LINES

R.M.S. "CORFU” EMBARKATION NOTICE

for United Kingdom via Singapore, Penang, Colombo, Bombay, Aden, Suez-Port Sald.

EMBARKATION:

Passengers should embark between 2.30 and 4.00 p.m. on Friday, 23rd September. The ship is expected to sail at 5.00 p.m. on 23rd September, 1960.

BAGGAGE:

BAILS:

13

Passengers are requested to send all baggage for Hold and Baggage Room and much Cabin Baggage possible to the Hongkong & Kowloon Wharf Co.'s Godown Entrance at No. 2 Gute, Canton Road, by 5.00 p.m. on Thursday, 22nd September, 1960.

The ship is expected to sail at 5.00 p.m. on Friday, 23rd September, 1960.

SUBJECT TO CHANGE

Agents.

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

INVESTMENT OPPORTUNITIES IN CANADA

Canada's dynamic industrial growth during and since. World War II has led to the considerable expansion of the nation's finance industry. The largest Canadium installment firance company is

INDUSTRIAL ACCEPTANCE

CORP.

Handles over 30% of the national volume. Has 113 branch offices across the country. Operates subsidiosies in the small- Joan and inrurance fields. In the last ten years averago -1c. ceivables have risen from 578 million to $469 million, Net profits per shers have grown at a better ikan average rate for the industry. With every prospect of an expansion in hulnes next year without any serious increase in interest rates, the stock is attractive for meillem to long term growth combined with ₫ better than average return. Our Research Department lisis cómpiled an Investment Review which Ulsouses the growih and earning potential of this company and evaluates the merits" of the stock at current market prices. Write or cable for your copy today,

Pemberton Securities

LIMITED

BUSINESS, ESTABLISHED 1887

Memeber tutmalari Perlezt Association, of Canada

bo, sedikitler Association; Vetrouver diese idenkdyt Pombaston Building, 744 West Hastings Štrest

Vancouver 1, C., Canada

„Čašlé: “Fembersula Vadestinor-

To take.

tion.

Since buying of gold forgoes per ounce more than a deliur

annum, some of interest per Central

little worry about over-paying a few cents 900 shares.

an ounce,

Banks

23

or

total traded, 138 were

SMAL

Pullman

Pure Cl

6812 | Hadio Corporation

车

03/

Radio Corp. Prof. Rayiton

Republic Sleet

Reynald Melal

25 Reynolds Tobacco

N}

Royal Bank of Canada

Royal Dulch

Ihrem Mfg.

114

London, Sept. 19.

| Stocks drifted lower in an uncertain market today with buyers taking a wait-and-see stand on economic conditions at home and interna- tional developments at the United Nations. Oils relieved the general | dullness with a morning spurt

but the leaders failed to hold their gaitis.

Industrials

slipped

back.

30 Fulls in steels ranged to two

shillings dhd electrical require arments lost ground with textiles 53% and stores, 4115

Gilt-edged

were neglected 77% and lost frnelions while 'foreign bonds were idle. Dollar stocks 9171

392

Coppers

made a

20 stayed on the downtrack. Gold 50mining shares faded.

and tina showing but diamonds up a small fraction. 54 Rubbers and teas stayed quiet.

2119 mixed

8217

30 Inched

Closing prices

от

50%

13

Sears, Roebuck. & Co.

514

Baine Reg. Paper

sais

Schenley Inc.

Day

Sout! Poper

160

Siegler Corp,

Sinclair Ou

301

Smith, Kline French

129UPI.

13

Socony Mobil Oll....

30%

PHIL

Souln Puerto Rico Sugar

Ti

2011

Southern Co. (The)

48

42

Southern Natural Gas

301

Standard Brands

4036

Gledged Boxida

4315

Briksh Transport 3%, 1975/88-

209 5815

4014

58

Consola 201

Convoca Loan 3%

14%

Funding Loali Yo

400-1/16.

12

Funding Block $1,

612

065/10.

Funding

10

£88-8/10.

Savings 2, 1935/85-2303%.

Savings 3 3900/70-1304.

Standard Off of Cal Standard Oil of Ind.

Standard OH DI NJ, Steel Co. of Countin Sleep Bock....... 291 Sterling Drug Co.

Stokely Van Camp.

Stone & Webster

241 Studebaker-Packard Corp.

то

1NE

43

Consols 21—404..

509%.

Loan

1961---

1959/00-

MONEY MARKET

STILL

TIGHT

London, Sept. 19. The authorities have left the London money market in no doubt during the past week of their inten ilon to maintain the credit squeeze. In the strictest serise.

Discount houses have been hard pressed every day end on two occasions the usual assis. 1999/2004-tance was not forthcoming and a number of houses were com- 1900/80-pelled to borrow direct at the bank rate of alx per penal Dent.

Bavings 3. 1905/18--27378

Blanks

There has been heavy and calling by the banka at times and most days they have been reluctant lend- ers of fresh credit.

Barclay's Bank Lid ord-widespread Chartered Barik-50s d xd. Hongkong-2004 Bd.

Lloyds Bank

National Grindlays

Bank "A"

Non-Cumilaanes

Bank-35

12:550.

Sunshine Mining

113

Swif✯ Cu.

3.31

Do

Texas Co.

4812

Textron In

Thickal Chem.

703

Tide Water Oll

125

Time Inc. ..............

614,

Tel-Cont. Warrants

TRAL

Twentieth Century Fox Film

081

Union Carbide

Union Oil of Cal.

Union Pacile Railway

Uniled Aircraft

Bd.

10

Waited Fruit

1075

Westminster

Glidden Co

United Gas Corp.

Goodyear Type

344

US. o "3"

291

Grumns Aircraft

26th

U.S. Gypsum

2015

Gulf of

271

U.9. Rubber

442

Hammond Orgne.

3150

Heyden Newport Corp.

US. Smelting

27

10%

U.9. Steel.....

734

Hiram Walker

U.S. Steel 7 P., RE,

245

1738

Warner Bros.

...

4814

4935

Waukesha Motors

39

10

Westinghouse Air Brake

Westinghouse. Electrie

48

409%

Us Tid.

Inland Steel Co. Interchemical Corp.

401

Western Union Tel. Co.

44

30

West Va. Pulp & Paper

37

684.70

Inti Business Machines 129.04. Int'l Harvester

BOL

Winn-Dixie Stores

BIEL

Woolworth K. W)

6524

94.02 Internårtioped Nickel

40!?

Zenith Radio

11416

Building & Materials Associated Portland Cement---GUS

5742

-UPI.

okt.

Goodlaws Wall St Lond

Ord-400

1320,

1,253 Issues higher and The particular price of $33.25 $75 lower. American exchange would be important only if, as volume was 1,240,000 it has been so widely played Bonds volume amounted to

the shipping perity, 56,030,000. Lip 10S it were Jakten

more

respectable level for buying American gold. It is not the shipping party. There is none. --China Mail Special.

HONGKONG

STOCK EXCHANGE

Our Ows. Correspondient

Business, done at the kong

Stock Excharige morning amounted to ximately $1,090,000. quotations and transactions:

Sharex

HK Bank.

Lumbard

ekarca,

Dow-Jones closing averages; 30 Industrial 20 reils

18 utultis

63 stocks

10 borde

Comun. future price index

Closing prices

Abitibi Pwr. & Paper Alden Inc. Arry. Algona Steel Corp. Allied Chemicals Allied Mils ane.

Am. Home Prod.

fumman Reftig.

aha. Power

Imperial Di

Imperial Tobacco Ingersoll-Rand

191.12 ft Tel de Tot

B4.82 Kaiser Industries

143.84 Kansas C Power & Light

Kermocoil Copper

Kimberly Clark

Liggett & Myers Tob. Co.

Tulip

Litton lid,

Loblow Grocaleria

Loews Incorp,

$ 50

43

Lockheed Aircraft

324%

想

Lone Star Cement Co.

30

2516

4014

Lowenstein & Stone.

Dermott J, Rag

Allis Chalmers

Am. Brake Shoe

American Airline

10

Menobi Iron Corp.

Atherical Calle de Radio Corp,

01

Minnesold Mining

American Cyanemid Cv,

4711

Nision Development

Amer. & Forgn, Power

0%

Molsona Dewery

Am. Can & Metrie

BEA

Monsanto Chemical Co.

1TB1

Montgomery Ward

GO

Mutarelo Inc,

21/1

National Bingult Ca.

National Cash Reg. "A”

50

National Dairy Prod.

National Lead

National Steel Corp.

BI

Am Mach. & Fday

Auverlamm Metal

-Aan.- Natural-Gas

Amerienas Smelting

Hong-Am. Sugar Ited....

American Tel, & Tel.. this American Tob. appro- Ampex

Noon Anda Copper

Armeo Steel

the morning's Armour

Bayers Sellers

Sales 1170 1100 403180

24 11883 101175 30 44 1170 20 ¿ 1173

Uniun Waterboat 23.20 Wiscebook

7.00

Dock

101 102

Provident 2015 20.70 HK Hotel..

405 4032 HK Land

Ex Div. 0 72

Yatısuali

Train

C. Light

HK Electric

Asbestos Corp

| Atlas Cara, Nöping Dimore & Ohio

Bank of Montreal Bank of Nova Scotia

Beech Life Savers

3. C. Tel, C.

Bell Telephone ... Benedicial Finance

Benguet Cons;

New York Central

Noranda Minzen Låd,

Norfolk & Western Ry

44 North Amer. Aviation

Northwest Airlines (Com.) 317% Oklaamd Nat. Ge

Olin Matheson

Oil Wevalors Owerriols Glazy

Co.

Bob Oxford

40

4612

Party Gas & Elec.

Pan American Airways

Paramount Pictures

Parke Davis Co.

Penny J., C. Co.

Penn. Salt Co.

Bethlehem Steel

41

Philip

Barden (The) Co.

40%

Burroughs Add Machine

31

British Amer. Oll

2015 | Pittsburgh Plate Glass

Publicker Industries

1060754

3500 7.70 1000 724

4000 -73

600 101

British Columbia Elec.

Morris

Pitney Bowes

Procter & Gamble Co

100 102

100 102 800 20.70 1003 40%

400 071+

Yesterday's Closing

170 170

400 178

500

2000

1000

500

2212

500 G 22.60

Ex Div. 21.40 27.99 2000 @ 27.20

HK Telephune

Dairy Farm 2011⁄2 29,70

Watson

Textile

207

Demand slow

on cotton textile market

New York, Sept. 19. Demand for cloth was slow in the

cotton textile market today.

-Prices-were--easter-In the-l print cloth section, with most mills Inclined to meet prices quoted by second hand sellers.

Wool goods were quiet, Prices were higher at the Australien wool auctions with Japan, the Continent arid Russian bloc coun- tries buying, freely,

In the man-made fibre markot dealers oportea a belter dc.

4814

40%

27

mand continued dacron blends -

for

cotion-

12013

6014

fabrics improved for spel and fourth aquarter delivery.—-AP.

3712 Sales of some rayon

COMMODITY PRICES

METALS

NEW YORK

Closing prices, all in cents per

Ex. Bis.. 234 34

100: 34

100 6 34

100 34

Censent....

54 5415

500 14

100 541)

1000 54

509 29,00

500 6 29.60

100029.00

27.00

lb.:

0.20 0.30

13.00 334 13.00

Amal.

. Rubber

Rubber

Trust

0,00 0,30 1000 Fr 8.20

7.70

Lead

Sept. Nov.

Zinc,

Taikou Dock

7.90 2000 7,00

00

Sept.

2004 60 200# 59%

Nov. Copper,

1000

Sept. Nov.

11umphrey Realty

Nanyang

23.20 23 2900 23.50

1000 @ 2:30

1% 1.770 14000 1 1,770

30000 4 1,775

HK GRE.. 144.14.70 1000 or 14,00

Rope

Invest.

-

14.10

Rec. 112.30

15.10

Lane Craw. 50 Vibro

Exchange rates

Business was done in the locat unomictal exchange market

morning at the following rates:-

U.3. doler (per, #1)

Sterling Botes (per 21)*****

Thi

感

10,87

10.04

0.10

1.80

-Australian nates (per £1)

Indonesian rupiah (per 100) Ajamiesi :(per, 100) Bhigabote (Biralls) ****))

HK UNIT FUND

Pro $ 1.02

LONDON

Closing prices all fn pence per

1b.:

No. 1 Rabot....

„Settlement Katra fortri

Ape//dume

Grenora! marketa. e...

31-8116

Bept

Ja0/Mar

Judysept.

Į ports:

UM.

10.50

Non

30.50

10.50 11.01

Estate crept thin cel.

thick Oct, AMSTERDAM

Closing prices all, ini guilders per kilogram, e.l.f. Oct.: No, rubber

* rubber.

No; 3 PUBBEN

стора

LONDON Closing prices all in sterling || No per long ton.

Th

3-month

Copper.

spot

-month

Zing and heit,

Beri.

Dec.

Lend ist halt,

Bop

Deg.

de

Buyer Seller

BOT

01

108

237

20 Ayers

* Biyote

Buyer 3.16 buyer

UPL

TTON

Cibatng, prichs all ja cents per

18.

Spot:

MAFI Sİİ MON ELEMY: 1234

Doll; 22.40)

32.35:・ Mar! 32.07:

| FORTJAN ERIKEN ZEEEE, FIOD GONE?<jodg.

Union Insurance Canton-2B16.

Airetaft and Motors

British Motor Corp. Ord-151.

Ford Motor Co-153 1140.

Hawker Siddeley Oroup Ord--30

714..

d.

con

This has resulted in the dis- count houses paying high rates for short term accommodation and they have willingly coded 5% per cent and even 5 percent on most days. The money mode through help given at times by the author!-

Rootes id "A" 198 7162dtées han boen passed on to the

Rolls Royce

Standard Trip International-

Distiller Co

Breweries

South Africart Breweries- 6d.

Coal steel & Engineering Bairouck & Wilcox Ltd-30 04. United Steel-ais ad.. Vickers Lui-125 3 rd. ‚ ̈

Food and Tobacco British American Tob. Co., Ltd- Imporiol Tobacco Co., Ltd-04

Mu

Boardman Marden Ltd. Brillah Oxygen Lui. Ord-29 d. Canadian Pacife try-40%. De La Rue Co. Ord-54. Dunlop Rubber Co-2 103 Gilman Helding Lt4m2, 434. TODEKOR & China Geita.

Chemical--078. Lyons & Co-Ax 1. Unilever Lid-148 Od.

Paper

Bowater 101st.

Paper Corn

Ord-07*

Radio and Electrical Associated Electrical-tra Fid. Flectrical & Musical-47 58. Enga Electric Co--35, General Electric-39% ed.

Shipping

Indo-China Slezin Nav. Co, de! ord-228

PkO Steam Navigation det ord-38€ 100.

od

Stores

Debenhams, Lld, Ont-436 0

Great Universal Store "A"-493

Marks & Spencer Ltd 80 3d. Woolworth J. & Com73 #d. Textiles Coats J&P L 63 415d. Courtauk Ltd-50s 101%d.

Mines

Cons Goldfelds of South Africa 70% 30.

Come Zing Corp Ord-7% 9. De Beers def 450.

Hongkong 10 d.

Petaling in-71⁄2 140.

Xar--.

Southern Kinta Cons 144-23s.

West Driefontein

markot at 5.

Business in bllla has been

restricted with

end-November, and December

"hot" bits changing hands at 5-7/16 per- cent.

At the weekly Treasury bill totalling applications tender

were made for 2,417,505,000 £280 million worth of bills, but the Authorities Look the usual step million.

un-

alloting only £270

The market secured a quota of 80 per cent against B1 per cent the previous week and the average rate was virtually un

changed £ 10s 2.1d

per cent China Mall Special,

U.S. metal combine joins Greek interests

London, Sept. 19, Reynolds

giant Metals, Americant aluminium com-

bine, announced tonight It was joining with Greek and French interests in a multi-million project that will make Greece a major aluminium producer. Reynolds said the project in

Union Corp mining "the biggest thing in private industrial enterprise ever to hit Greece."

Tild.

Brisb

cat Petroleum Byndi

Briti

It includes d

$85 million

Petroleum-hydro-electric plant and station and plants costing $75 million

convert Baumitu

Patroleum Co., Lidusta | to

011

Burmah

Battali dx.

Burmah-e cd.

SUGAR

NEW YORK

Closing prices alt in cents per

jb.:

Contract No. 4 (world)

Oct: 2.90; Jan: 3.11; Mar; 3.12: May: 5.15: July: 3.24: Spol (F.A.8. Cuba): 3.25.

Total Sales: 137 contracts. Open interest: 2,819 contracts. Contract No. 6 (damestic) Nov:

NY. ox-duły): 0,18,' Total Sales: 101 contrac

Spolitan: 585) Mar: 5.93: Open intarest: B33 contracts-UPI.

FOREIGN EXCHANGE

NEW YORK!

Closing rates:

England

Official

30-days

2.3157 22.3099 2.1943

LONDON

Closing rates!

Montreal

ས་་

Argitardant Drikuele

Cicking prices au in Ponce per

Inten

RUBBER

NEW YORKNUNDAN

Rex rubbor future ofɑsing prices, all in 'cuite për.)b:

PUMA STOT BAO PAULO

cdeling priore il sa, crizeiro per pužviraké aften- tis Arad at la dés New York

afgmisted" "apok, marketa: 20,60: ORIE

0.07 Better

July

PASSERS

May 22.7

་་་་་་་་

Royal Dutch Feltvizum—£1194. Sholl

} aluminium.

The Greek Government

into

will

Tratisport & Tradings fiance the hydro plant, Rey-

----Flouter.

Rubber

market

review

New York, Sept. 19, ex rubber futures today closed five points higher to 35 points lower on sales of 54 contracts.

nolds Bald.

The rest of the project will be operated by en Internationaá consortium of which two French companies, Pochiney and Com

i will hold 50 per cent,

Stavron Greek shipowner Niarchos 21 per cent, Reynolda 17 paź dont ont a Greek gover ment corporation 12 per cent-- AP.

No changes

in airline

fures

z Čalines, Bépt. 19,, falernational Air Transpõhi Asseéìallati's milžitial conférence DEL DRAW farés opénéd Nera today ··WICH • Mifine exnia- tivi freely prestating

Future prices were sharply higher early in the day on the|The strength of primary markets. The advanco attracted profit-

tokiri which eliminated the advance and turned mort positions exaler by closing time.

No' consumer buying was te

The conferenew it being at- ported and dealers were dis- inclined to trado. Nothing war tended by top oficials trum 10 done in shipment rubber, and airlines, an IATA, „spokesman offerings ranged, from 3⁄41⁄2-to % said it would last from throw to elirront "market | five weeks, « depending on, how cent above

long it wok to reach dateemefit

· levels,

* Prho, current moulli for No. 1 en pasanger":"and freight rates IATA 'regulatioii – require; un-

se was quoted at 801⁄4%20ne

In London, the rubber market,

Was treeltant after firm", "with"

unknout devletona, conhe

· Oise hintson / put forward

in

spot quoted at al ponte." favour ut passenger fazes being when

“In Amsterdmen the riskber - matini Galised. Mt: Lismir: prešant taval "Triaricaś... "was...). dgieter Atodaju ja that striinies ... will! » Miroduke"

from October 51 to Maren S031

Kvaliabley@HASPI.