1960-10-11 — Page 2

THE CHINA MAIL, TUESDAY, OCTOBER 11, 1960.

Wall Street gains Business methods in

London slightly

stock firm

New York, Opt. 10.

The stock market advanced slightly in light trad-

ing today, it was the market's fourth conséeu- tive rise.

Most gains ranged from a few cents to around two dollars share, but thore

wider guing, and losses, among more Volatile stocks.

were

London, Oct. 10. Industrial stocks remained

Some of the aircrafts, on high ground today but tobaccos and selected 169yas there was little rest formade good galna along with the buying.

big three autos, some chemicals, electronles and rails declined.

Stores alid textiles met donan. Salt lavestmeal buy- ing brought gains to gilt-eigen. Greek bonds inched were up.

South African gold mines fell back. Ditunond Ripped a small fraction and coppars receded, but stendfed in late dealings. Tins generally improved. Oils declined after moving erratical Jy. Tens ensed and rubbers were neglected,~~~UP!.

Closing prices

1

Toitish Government Securities

Pigs, Comaalidated - £45-1/10,

3 Convertone.

32 Savings 1903/66-250-7/10.

3. Having 1060/70-£7

1. Bavings 1965/76-27116.

"Enake & Insurance Barclays Ord=85% 30. Charjerid Bank-57a." singkong Bank-483,

Dd.

11214

084444

Ou Butinah Oil-415_N. Hoyal Dutch – £129.

Rtrels Engineering Babepek & Wilqux Ord -33% 40.

rafted, Sicel-84 3, Vlekara Ord-die 70.

Industriale Astou. Elég, Industrien-dde 51, Assoc. Portland Cemoni-71s 3d. Boar diman, Marden Ond-ta 70. BusAmer. Tob, Ord—02). British Mutar Ord—16 Dd. (a) & P Ord~AR GU Courtaulds Ord-57 40. De La Rue Ord-4ck 34, Dunlap Rubber Ord-zim 10. Five 4 Mus. Isuitairies--dės od. Ford Mator Dril-968 74. General Electric Ord-30uad. Gillman (Holdingni Ordmas 3, Grent Universal Ord=53% 60, Hawker Bidieloy Orbis dt. Imperial Chemical. Ord-10% 10d. Imperial Tobacco Ord-007. Marks & Spencer "A"

Rolls-Royce---la.

Standard-Triumph- 3d, Unilever Ord—184x &c. Wolwarth Or Blə 1d.

Miam

De Beers Dec-150.74. Petaling Tin-7 id, Union Corporation 438 78.

Miscellancou

Hownjaker. Ord-281 70. Canadian Pacifis Ord-43015. Trongkong & China Ggantin, Inda-Chia Def. Ord-žja 90, P. &. O. Steam Nav. Dof- 14. -iteutor.

Rubber

review

New York, Oct. 10. Rex rubber futures today closed six to 30 points higher on soles of 65 contracts.

back

Futures ware cut Ground 燙 cent below the

of 1,174 Jamies traded, 475 advanced, 407 declined and 232 closed unchanged.

Standard and Poor's 500 stock rosa 11 cènts to 54.14

index dollars.

The Associated Pres averagy of 60 stocks was unchanged at 208.00.

The Dow Jones 30 Industrials were up .89 to 567,81, while tho composite was up .19 to 195.91.

Volume shures compared with 2,530,000 shares truded on Friday.

totalled

FAVOURABLE

The US. business

0,090,000

news was

|

Ford Motor Co

General Dynamics

HONGKONG STOCK EXCHANGE

by

Que Own Com spont al

Southeast Asia

come under fire

}.

Tokyo, Oct, 10. An American businessman who writes a financial column in the English language Japan Times reported from Saigon today the "amazing trend" of putting the world's business in the hands of bureaucrats.

Baginess done at the Hong- kort Stock Exchange this murn- | ing amounted to approximately $2,530,000. Noon quotations and nam the morning's transactions:

10 @ 1190

"I am even moro amazed at į For the quipe of ach possible the mess they made of it," said savings and because the local Joseph 2. Roday in a dispatch bureaucrats. do not dare to make

dv from the ospital of South Viet.decisions, the operation is

layed for

costing months, everyone vastly more than any saving inade possible by the wisdom of Washington.

DELAY

"Businessmen do not pay for the added costs of doing bysl ness," he said. "They pass the cos; on the consumer who pays btcause he has no choice,

Curb Produce Ca

Crane Company"

Crown Zellerbach

Curica Wright

1032

Dixtil! Corpistogramin' `***

Douglas Alerati

Dow Chemigal

DuPont de Nemours

1841

Eastern Air Lines

Eastman Kodak

100

Food Machinary & Chem

Bily

Bhates HK Bank ..

Hales Buyers Fallarg 1190 1195

301163

General Electric

27

20 $195

General Malors

13 1195

{

20

Giorgia Pacific Corp

Lambard Unlun

301

101 100

200 100

Celty Oil

Gillette Co

101 B015

34 F KO

Whart

232

235

Goodrich, B.F. Co

83% Walerbuat

27

1000 @ 21.10

Goodyear Tyre & Rub

grace. W.R. & Co

20** SOL

Gulf Oli

Wheelock

Dock

7.90

# 17000 735

devised."

2500 B

100

107 000 ₫ 100

Ingersoll Ratuj

int Business Mach

315

1000 200 400 0

EU!!!

Provident HK Hotel..

General Milla

Denpivi Telephons

Indi finvester

int Nickel

in Paper

thi Tel & Tel

Jones & Laughin

Kalsir Aluminum Kemerott Copper Libby Owne

& Myers Lockheet Alt. Lone Star Cement Lorillary). P. Co. Martin Co.......

Merck & Company... Metro Goldwyn Mayer Minneapolis Honeywell Minnesota Mining & Mig. Monsanto Chemical Montgomery Word Moure McCormack Lines

National Biscuit

slightly more favourable. It In-Motorola Inu, pake eluded a rise this week in the steel operathig rule to 64.0 per

| cent of capacity from 58.4 per cent last week, and an Improve- moat in employment last month,

Brunswick

wis

the

National Cash Register National Dairy Prod. Natoond Distillers National Gypsum

National Lead

New York Central Northwest Airlines

most owo Ou

Paramount Picture

selive stock, up 2 at 70 on 10th Mathieson Chenti. 30,500 shares, Secondi was Packie Gas & Elec. ...................

Pan Am World Airways Ampex, off at 21 on 33.000 hares. Third was Standard oil (New Jersey), off %% at 40% of 30,700 shares.

Next came Oliver Corp. off

at 19%, and American fee, 1% to 2012.

Puylvania RR

Repel Cola

15

truo

his

bureau-

The victims, of course, are! "Since it is likely the delay the people for whose benefit the will be repeated every line the bureaucracy allegedly moulder needs material.

busings will degenerate into the so com- Reday cited an example in stop-and-co-operation

Inmon in countries where industry South Vietnam-also the Philippines, Indonesia and is controlled by the 2155 21.70 1800 21.70 other Southeast Asian nations cracy," Reday said.

He also scored, the system of where

· 200 * 421%

the governments had devised methods tp guet Chinose having three rates of foreign ex- businessmen from their importchange the ICA rate 35 pias- export operations, which they ters to US$1 In South Vietnam, the offelal Vietnam rate (73—1) had dominated for decades,

and the market rate (90-1).

43 4315

3500 kr 422% 1000 43

1000 434

*300 up 43

500 + 43

76

HK Land Yquinali Serty Ex. All.. Tram

01 61 200 @L

90 THE

93.20 23.50

C. Light

ald

New

cargo liner launched, sea

trials planned

turbines,

The ss President Lincoln, first of two Seg cargoliners being built for American President Lines"ot Bethlehem Steel Company's San Francisco shipyard, was launched last month, 100 years almost to the day that Abraham Lincoln was elected sixteenth Presi-

The

dent of the United States, rule

Viet- said only

The US. ICA foreign namese could

Import gel 1425 @ 32

the mission in South Vietnam last In the process

The traditional bottle of ¡necting propulsion 400 2320 llcenses.

month announced it no longer champagne was emashed against gears and propeller and line would give assistance in

the bow of the 29,000 ton per shafting will be made, cargo

will be porting most consumer goods. It

by Mrs Ralph Wilson, wife gour

erred, arid elted the advancement in the of the Chairman of the Federal electrical and ventilation duct

as the Libe Vjetnamese economy

Maritime Board.

Although this Admiral work petailed. reason for suspending consumer wi

Wilson

principal ship carries only 12 passengers, speaker

launching. the air conditioned accommoda The immediate result was others who participated in the

tions, rivaling those, of the that importers who previously ceremonies

latest passenger liners, will be included T C. foreign

exchange Ingersoll purchased

complcted. Селета Manager. K. Ralph collars at the extremely favour Belichem-Pacific

for Davies,

Chairman, and George able rate of 35 piasters US$1, now have to pay 13 Kallion, President, of American platters for U.S.41 of foreign President Lines.

Official stari of construction found most imported commodof the ship was December 18, tira had doubled in price.-UPI 1959, when the feel was lald.

500 LA 23.30

2002320 country acquired several thou- 800 93.30 sand new importers whose only

was citizenship, 100d 23.20 qualification 1200 20.30 Reday said. He described them

10023.30 as "brokers."

.. 28.40 28 4385 20.40 5000 2340

Iny

SIT BACK

སྙི་ང

uld.

"A 'qualified' importer no tonger needs to import anything and peddle his Jor to get out

products. He can sit bacic and 25019% peddle his right to get licences. "A garment cutler who im- porle his raw materials....at competivo world prices....has the to pay 100 per cent of value of his Imported materials 1o obtain the right to use lence since he is not qualified importer. On top, he pays an import duty of 100 per cent.

exchange. .. 0019 0754 300 3 57

1575 18.00 1000 Op 10.00

1000+ 4715 2200057

30 30 3000 » 30 1200 » M 28.80 27.40 900 27

5.00 $36 8.55 8.70 3500 4 835 2000 8.65 14.00 14.70 200 14.40

1200 11.00 100034.0 2000 14.74. 1000 14.79 1000 de 6.20 2000 0.20 1500 $36.15 3900 6.10 2000 in 20

Electric

3000 29

B0028

5310

Telephone 35% 30

CO 35

300 30

2000 ## 30 200 30

Telephone

K18.

10.00

10

Coment

101

Dairy Fami

Ex. Div.

PAzer, Charles

Phelps Dodge

40%

WALIGH

Philip Morris

2015 Allied

up

Pure Oll

Phillips Petrol

4A

Texte

$576 | Nanyang

Quaker Oats

59

Radio Corporation

5371

Ruyihaun Company

frouble Steel

542%

in

38A. Rubber,

6.15 0.20

Rubber T

181 Talkoo Dook

7.70

Hungary 241

HH Gas.... 14.80

1.90

200 @ 0434

24.00

1000 145

14.99

1000 u 24.00 100 14.85

2800

10%

41

points on hopeful talk

of

stock apilt continued.

Stand Cl New Jersey Stand Dll Ohio

10% Cald. Macg

+234

101

favour

Lapio, JAW. 400 HK & FE.

Inv.

(Ord). Underwriters 11.30 Jat Invent 0.30

Realty

13.00

1.875

5031 Star Ferry

132

1145

Union Of California

United Afteraft Corp

Talk of the expanding market Iar bowling equipment foreign countries accompanied the rise of Bramawick and the continued advance of American Machine & Foundry, which was 11th most active and up.1%.

Polaroid tell 7% in a spate of profit-taking. Clevite advanced 24 on a published report it has

Roynolds Metals Reynolds Tobacco Royal Dutch Petral St Regis Paper Bears Roebuck Shell Oll****** Shell Transport Sinclair On Socony Mobil South Am Gold a Plat South Callfornia Edison Southern Company Sperry Rand

1

developed a "spark pump," said Standard Brands... pro-Start Oll California

to simplify the Ignition

cess. Procter & Gamble added 2 Stand Indiana

American news found

in some Wall Street circles and

the stook rose 3.--AP.

Closing prices

Allied Chemical Corp. Allis Chalmers Annnteum Lt...

Aluminum Company

Kamerada Petroleum American Airlines Arican Can

American Cyantamid... American Smelt & Relin ... American Sugar American Tel & Tei American Tobacco Astaconda Company

Friday price in early dealings | Armee Steel....

with buyers still apparently

Armour Co Associated Dry Cauda Bendix Avintian

reluctant to contract for any Atlantic Refining real business, However, there

of

was no pressure to sell either, Euthlehem Steel and the lock

· offerings ¦ Boding Airplane apparently was responsible for Borg Warner

Horden Ca

a Late lift which brought a smewhat better ton at the

close.

In shipment rubber, offeringes included No. Ave ribs from Siam at 31 cents and No. 2 crepe from Indonesia at 32. respectively. The current month for No. 1 Rs was quoted at 34,-UPI.

Bridgeport Bran Burrough

Coro

Canadian Pacifle Rwy Caet, J. I. Co... Celancer Corp Am Cetro, de Praco Myler Cord Bervice

Coma Cola Company Colgate Palmolive Dammonwealth Filimon Consolidated Elison Continental OLJ

Dealers in

TELEPHONE COMPANY"

PUBLIC UTILITY & INDUSTRIAL-

* SECURITIES

MUTUAL FUNDS

Information and Suggestione.

Specialists in

OVER-THE-COUNTER SECURITIES

FREE PORTFOLIO ANALYSIS

For further details and lut of current aftractive recommendations, write

Morris COHON & CO.

Hiqmbers: Pacific Coast Stack Bucheizy

New York Security Dealsti Azmi

-19 RECTOR STREET. - NEW YORK 6, NYUU

48

翌4時

29

fut

Sterling Drug ...

Studebaker Packard Texsen Inc_... Tidewater O Thompson flame W

Twenty Century Fox Trans World Airlines

Union Carbide

Union Pacific

United Air Lines

United Fruit!

US. Indzistries

U.S. Lines

65% U.S. Rubber

18US. Smen

34

Rein

U.S. Steal more

4431 | Warner Bros Pictures

Western Union Tel Westinghouse Electric

29

2015 Yale & Towne

11

Youngstown Sheet &

Zenith Hadlo

Market Tone

Tubal Stock Salco

On visit to

Britain

London, Oct. 10.

The chairman of the Union

of Burma Shipping Board, i

Macao Eječ. 14,80 Entertainment 277.220 Vibro

10.40

2 a

"The finished garment thus carries material costs totalling abcut 310 per cent of the CIF price, (cost, insurance and freight) of which more than two-thirds 14 caused by bureaucracy, The consumer

pays nearly three times much for a pair of pants as he would in 4 free economy."

Reday said. 800 14.80

3004011

14 1000-11.00

的

Agreed merchant

rates

all

The columnist said not was the fault of U.S. foreign aid officials who are continual- ly harassed" by congressional investigationis.

(o

"The ICA people in Vietnam everywhere elso 46 4 matter of Cact) are now trozen with fear of waste and cor- ruption," he said. As a result a Vietnaraca: plastics products manufacturer

unable to operate his plant between June and October because

was

The consumer thus

London

money

market

London, Oct. 10. The main feature in the London money market in the past week wat on alteration of the day on which banks make their weekly main tax transfers to the Revenue by on

Was the

at the

The President Lincoln iB being built simultaneously with asiatership, the SS President

mition Tylos, in a $32

con struction project to give American President Lines we glant ship that will

tank among the largest, fastest and mast mådern cargoliners Dail- Tog under any dag..

д

The President Lincoln is 65 per cent complete and presents

completed appearance with midship deck house, mast- houses,

CCXT- and principal ponents of her machinery in place.

TRIALS

Prior to the Lincoln's delivery to APL for active service in April, 1901, she will undergo

trials. two cxtensive

First, cach piece of equipment will be meticulously tested both at the dock and in deep water, This will be followed by final sta trials in which the APL offices assigned to the new ship will participate for indoctrination and familiarisation,

In the ships there will be one hold used as a container hatch and another designed and con- #trusted for easy conversion in a container hatch in the future. A large gantry crane, with 瘫 capacity of 28 tons, will ride above the container hatch for of easy loading, and discharge containers and sen vans.

The new type cargo gear be- ing used on the two Sed Racers Following the launching, the is also a feature of the U.S. President Lincoln was moved nuclear ship, Savannah. The into drydock for port launching electrohydraulic gear 1s the work. The intricate task of con- must modern cargo equipment

agreed arrangement with SAS introduces

the Treasury. These trans- fars are being made on Tuesdays Instead of Thurs- days as hitherto,

As a result, difficult credit ICA ICA conditions abounded on Tues- day, which also followed a tight

officiels had to refer a foreign exchange request for plastics Monday and consequently for

the first three days of the week

new jetliner

service

devised to date. Its principai characteristic will be the com-. plète power positioning of all 10-ton booms and the gear will be supported by novel tubular or fruss Biructures in lieu of the conventional masts and king- posts.

The President Lincoln will bơ powered by 17,500 normal horsepower CROSS - Compound. double-reduction-geared turbine. It will drive .n propeller at

not money was in keen demand, The first DC-BC jetliner approximately 100 revolutions

business is highly competitive," Swiss Francs, Maximum seil- he said, "world prices do ing 75-1/10.

vary more than a few cents.

Yesterday's Closing

COMMODITY PRICES

METALS

LONDON

Closing price, all in sterling

AMSTERDAM

Closing prices all in gullders per, kilogram, c.lf, Oct;

No. 1 rubber

No. rubber

No. 0 rubber

No. 1 crepe

Mr U Tin Maung Maung, per long ton. has come to Brityin for a Tin spot fivo-wook visit under the 3-month auspices of the Colombo Coper spot Plan to make a study of Zine 2nd half Oct. the practical shipping | Lead 2nd hall Det administration of

Вчуття Зенетя

B0776 B001

2201

22494

-mon

2271

22724

ea

676

this

~~UPI,

ib.:

country..

The Board's

blush

alm is to esta={ efficient services round the coast of Burma and in the short sea trade.

Apart from two tramps of 7,000 torn, it operates a small fect of small ships.

Mr U Tin Maung Maung, whe Is accompanied by his wife, will return to Burma November 14-AFP.

HK UNIT FUND

RUBBER

NEW YORK

Rex rubber futures closing prices, all in cents per fb.:

Nov 14.30 Zan: 12.00; Mars 32.37: May: 20.15; July!" 48.05; sapli 31.03.

SINGAPORE

with borrowers paying between 6% and 5% percent for their needs.

As

banks on Thursday the had free maturities conditions took a change for the better, but the supply of funds Was never more than only just about adequate,

service directly over the par minute and will be capable

of continues operation North Pole-the world's 10,250 shp. The propeller fastest routo between made from 1 new nickel Europa and the For East aluminium-bronze alloy, known wa inaugurated today as nialile, rather than the con- by Scandinavian Airlines ventional mangancas-bronze pro-

peller,

Dorignated as C4-3-1 System.

the propelling machinery will be

The BAS DC-8C-the world's able to generate a continuous, adyanted extra-long sustained crusing speed of 20 jetwas scheduled to knots at load draft. Eist-West travel "Umo to

During the week there was most no penal borrowing. There was Fange a fair turnover in bills with Bish

10 flying hours on "short- top-of-the-world.

DESIGN

Design agent for the two Sea

2.33 buyers second-halt Decembers and hot than 2.67 buyers malurities changings hands at the 2014 buyert 52 percent, with some sold at cut the airline plopeared in Racer de George C; Sharp, PT 3.02 buyers 5-33/04 percent. There

UP!.

COTTON

LIVERPOOL

Closing prices all in pence per

Amerloan Contract Oct: 250; Dee: 22.10: Mar: 2320; May: 233; July: 23.95.

Mixed Contract

Oct: 2335; Dec: 23.30; Mar: 23.58; May: 23.70; July: '83,76-UPI.

FOREIGN ENCHANGE

Closing prices all in Straits

NEW YORK cents per 1b, Lo.. Malayan Closing rates;

No. 1 Get. No. 1 Noy.

Unik Trust Fired Hongkong No rubber unbalad Fund.

Buyer Friend Seller Priest "1.00%

Exchange rates

Dusios

LONDON

Corrads 0545-0516 | Ringlerud omedel

30-d83% DO-LAYE

10 /

6100

SLINDO

241970)

03-9255 .: Australia D411-1$}} } #outh Africa 100-102

Mothers- uncharted.

Closing, raja

New York eithe

Amsterdam

Coperishgani

Cloning prices all in Defice per Mond

ib.?

No. 1-Ras upp!

Beillement house ferphi dons in the 'dost: Det/Det.

This Jan/Mar.

Apt./June July/seph.

M Viaona

was Fabrygrypy. virtually

the 110 change in Treasury bill rate-China Mail Special.

Strike is called off

Parls, Oct. 10, Stuff manning the regionai 'control centre and control tower

NewYork, The Interior desig 400-mile an and decor will be the creatiod The inaugural heur DC-8C wis to fly the of Eleonor LeMaire, also of New 4,400 statule miles between Vorks..

Anghar Copenhagen and Apake, in approximately 87% non-stop hours.

- Prinicipal characteristics show these additional sintistics: over- all length, 503 1 7% in;

70 bcom, ft., displacement, 22,640 tons; total deadweight, general cargo,

BOTH ROUTES. Anchorage is the one inter: | 18:500 mediate slop on the 8,000 $42950. . ., excluding con- slatule miles "Northwest vorilble deep tank and container. Paysage route between Europe capacity. The President Lincoln will have an officer and crew and Japan.

Applement of 80.

at girport today called of the

The inauguration marked trencktion to paze-jet

Designed to carry all types of Ancoln, and her sistership, BAS introduced” DC-AC Jets President, Tyler, an desi pt be

a flye-hour strike, set for to- netvice on both routes on the general cargoes, the President morrow which bad threatened SAS Polar System, serious disruption of air traffic,

on

the Polar route between launched in December, will be. **The trade unlops ald they Europe and the US West Coast feet leaders. In the cargoliner wanted to prepare more effective last June. The role history's Wille barely tip same action to air their grievances first commercial air service over a bull forth and dimensions as over pay and other questions, the high Arctic-was opened in the highly functional Mariners, the two Sea. Racers will in- 1034.

Nenrly 23,000 passangers have corporate many innovations in APL's, polity fawn the SAS North Polo Far

roviding the most modern equipment for service to shippers around the world.

Beuter:

Unemployment

decreases

Washington, Oct. 10, Unemployment. Feli by 400,000 JAZIERRE 320 | in September to 1,880,000, a Betler than normal improvement over August, the U.S. Labour |ha| Department reported today.,

American

The *number of

| Wahlbe dropped by BIK,000 from August tovel, kluk the Reptonitke!æmployment ipla) of

2 chả roun quiltyne k prosté fer

Eabi-Europe route since its in-nce with

Buguration.

An artial's drawing of the“ 89. Presidens"› Lincoln, Rea Racer, cargollner under cdriatruction for American," Pre