י
Wall Street
THE CHINA MAIL,..... WEDNESDAY, OCTOBER 26, 1980.
decline US textile industry
continues U.S. endorses new
New York, Oct. 25.
Stocks backed down under heavy pressure again today after an early attempt to reverse the decline had failed.
The loss was the seventh in, Norfolk & Western By.
us many Rossiona, but brokers
who had looted for the st to
do some hither base-buliding! すき not especially distressed
over the day's setback,
Leading sleet, auto and eleo
. tronte shares, among the first
the
to benet frum the market's early strength, also were first to lend prices lower when sellers grew restive going into the noon hour.
WEAKNESS.
Nor Amer." Aviation:
Northwen Attides (Com).
Oklahana Nat. Cas
On Mathieson
Oils Elevators
Owen-Illinois Olus
Oxford Papur Co.
Partile & Elec.
Pan American Always Paramount Pictures Parke Davis Co.
Jenny C. Che
p Marria
Pitney Bowes
Procter & Gamble Cv. Pittsburgh Plate Glas Portland Gen. Plec. Pubilcker Industries
t Puitman
International Business Machi-: Pure Oil
13675,
up shoonet 8
its besi, finished
points at
with a los
of around 2 ns directors failed:
lo vote a dividend boost. Also weak were
texas Instruments,
down more than a point, and Zenith off around 3.
Weakness sprend from the electronics and pivotal steels and autos, to other sections of the st. Youngstown lot more than n point. U.S. vel a lorge fraction and Jones and Laughlin around a half.
Of a total 1,235 shares traded, 280, were higher and 704 fower.
Exchange American
volume
was 1,090,000 shares. Bonds volume amounted to $6,720,00W. Dow Jones closing:
30 industrials
20 rolls
15 utili
65 stocks
40 bonds
Comin
index
Closing prices
Abitibi Pwr, & Paper
Alden Ke Ary.
Algoma Steel Curp.
Allied Chemicals
All Chalmers
At Brake Sho
American Airline
Radio Corporation Rad Cup Pref. Hayden AS Hepublic Steel
Reynolds Metal Reynolds Tobacco
Royal Bank of Conada
Royal Duter Rheem Mig. Wear. Roetak Shell 01 C gewuy Stores Saint Hteg, Paper Schenley Inc. Bout Paper slegter Corp. Sinclair Oil
Sofi, Kline, & French Sucony Mobil D Sul Puerto Rico sugar Southern Co. The
Sothern Natural Gas Southern Pacile Co. Southern Railway Com. Sperry Rand
506.05 123,51
01.17 Steel Co. of Canada
Sterling Drug Co. 189.84 Stokely-Van Camp. 84.41 Stone & Webster
i Swift & Ca
Texas Co
Textron
Thloko!
"ine ini
Tide Water Oll
Time Inc. ANA
209
South Korean
exchange rate
Washington, Oct. 25, The United States today endorsed and agreed to support a new 1,000-hwan-to-one-dollar (US) exchange rate for the Korean currency, effec- tive from January 1.
HONGKONG
STOCK EXCHANGE
by
Our Own Correspondent
44proximately
+
Higher rates will be per mitted, however. in foreign exchange aucilons conducted by
Korean the
tor Rovernment authorised Import transections, Including U.Sald shipments, if was announced.
4
Korean Finance Minister Rim Yung Sun announced the agres- ment attas concluding what he called
"very fruitful and satisfactory series of talks here with Under-Secretary of State Douglas Dillon and other U.S. officials.
Dillon handed Kim a letter for Prime Minister John M. Chang, answering Korea's re- of long- quests for asykrunce this term
US. und Increased ap economie ald and help in put- Nocn
more realistic
$1,480,000. and the morning's in effect
currency value.
Buyers Selera Shares
7.10 7. 1000 kg 7.30
165 100
2000 324
200
B00 @ 100 300 108
200 106
200 100
105
500 21.30
•
complains about Government policy
At Fresno, Calit Oct. 25. birectors of the American, Cotton, Manufacturers Institute, meeting here yesterday, called for establishment of federal policies to case, pre- sent conditions facing U.S. textile manufac- turers.
LONDON STOCKS
EASE
London Oct. 25 15 motor exports Stumping
overshadowed industrials, where noll falls spread through the list. Į
The demand for gold minings abbed, bringing modest lossc 10 recently buoyant counters..
Electricals and steels tended harder and in textiles merger plans hatsted Coutes and Paton and Baldwin. Stores reeded.
Gilt-edged moved against the frond, scoring gains on the
K-benk optimistic view that rate cut is coming on Thursday,
Dollar
maiked slocks were down but U.5. steel was an bet- exception at a half-point ter:
Basiness in Germans featured foreign bonds,
a provide Agreed to
fund to help "stabilisation cushion the shock of adjusting the Korean economy to the The devalauxilion. ourroicy amount of the fund was not disclosed,
Business done at the Hong- Stock Exchange kong morning mounted
to
quotations
41
Transactions:
18+
Sales
FUND
Standard Brandy
43%
HX Bank
1305 1310
1310
Standard Oil of Cal. Standar Oil of Ind.. Standard Oil of NJ.
nari
E. Asia
200
Kim said,
3014
Lombard
37%
ung Union
125 120
2300 371 200 125
details of Dillon's
without revealing letter, that
5812
Wharf
20
the United States;
145 Waterboat
27.70
4214Wheelock
future
price
Studebaker Packs Corp. Sunshine Mining
Dork
144.02
421%
778
191
1815
400
5822
Provident. 21.10 21.30
$ Jiti
17
Traders Finace
314
Travelces Inc.
HK Hotel
12
48
Tri-Cont. Warrante
2014
JK Land
เช
22
wenlleth Century Fox Film
1052
Union Carbide
100%
100 j
economic
16
Unson of Cal
4014
100 5111⁄2
Kovernment
American Cable & Radio Corp
Union Pacific Raliway
Yaumau
American Lyanamid Lu.
3412
This old-
Youmu
104
Art. Gas & Electric
100 d05
Am. Mach. ♬ dry.
230 # 03
315%
BMS
C. Light
..
23 20 23.30
2000 23.30
2714
..
2006 23.30
41%
500 22
200 23.30
70%
Electric
28.10 28.40
500 20.40
500 23.30
3719 Telephone
2515
300 301
3:00 305
300 3345
11
533
617%
000
Art
»የ
Telephone
(Light)
American Metal
An Natural Cas
AnTican melting
Am. Super tek
American Tel & Tel
American Tob
Armes Sleel'... Armour Arbenton Corp, Alios Cons. Mining Biniwin-Limb-lari. Batimore & Ohio Bank of Montres! Innk of Nova Scotia.
Beech Life Savers
B. C. Tel. Co.
Bell Teleplume
Benelial Finance
Dendix. Aviation Corp.
Benguet Cons
Bethlehem Steel
Boeing Airplane Barden (The) Cn.
Burroughs Add Machine Call. Pucking Corp. Cata. Bk. of Conna. Campbell Soup Co Canadian Pacific A. Care J. 1.) Co. Cat. Tractor
Celanese Corp!
CLT Financla Corp Chee Monhut. Bank Chrysler Molon
Chelt
Colgate-Cl
Carbon Ca
Cell Credit
Coming Glass Works
Edit
Can
Con Paper
Consшuners Gos
Continental Car
Continental Cif of Del.
Create PH
Crane Co.
Crown Zellersch
Cuban Amer. Sugar
Delaware
• & Hudson Cu. Dlagd Gard
Distillers-SexConna
Dessinian Storey
Distenical
Alteraft
Dow
Dupont de Nemours Eastern Air Line Ensinan Kodek
El Pa Natural Gas
Family Finance Corp.
Кенто Согр.
Firestone Tyre & Rubber
Ford Motor Co. of Cana.
Ford Motor
Georgia Pacific
General Dynmnles
General Electric
General Foods ...
General Moto Gen. Pub.
Gen. Tel. Elec. Gen. Tyre & Kuliber Getty Oil....
Gildden, Co.
Goodrich (B. F.) Co.
Goodyear
Railway
Great Northern Grumman Aireract
Organ
Hamelske Mining Co
Husahan Reirig. Idaho Power
Imperial 01
Ingersoll-Rand
Inland Steel Do
Interchemical Corp.
Int'l Business Machines
Ind Harvester
Internation
International
Int'l T & POL
Johns Manville Ca.
Kaiser Industries ..............
Kansas Co. Power & Light Konnect Cupper .. Klinberly Clark Liggell & Myers Lily Tully
Tob. Co.
Lilian Indon Loblaw druvstatins Lockheed Aircraft Lowe Incate, even Lone Star Cement Co. Lorinard P. 5......... Lowenstein & Sons, McDermott J. Esy McDonnell Aircraft Merek......... Mesabi Iron Corp. Minnenata Mining
Minion Development Monsanto Chemical Co. Montecatini
Montgomery Ward
k
Motorola Ine,
National Birdli· Ce,
National Cash; Zagor “A”*
National Dairy Prod.
Watkinaistest/Cory.
404 United Aircrafi
United Fruit
60% United Gas Cary,
21
US. Foll "E"
US, Gypam
49 · US. Line Co.
284 US Bubber
90. 10.S. Smelting
41% 15. Steel
Warner Bros.
507
Winkesho Motor
Westinghouse Alt Broke
21S. Steet 7 P.C. PP
in
Weringhouse Electric
Western Union Tel. Co.
Wert VA, Pulp & Paper
Winn-Dixie Storm
Woolworth (K. W
Zenith Radio
NEW YORK
COTTON MARKET
:
(Rights)
HK Tra..
ུ སྒྱུ
2
314
• Promised "Adequate re- 20021.10 sources to enable the Korean out the to carry government
administrative and of kind
the reforms which
necessary."
200514%
1865 01
09
102 000 W 100
3512
G.1. Dement 55 M
Dairy Farmı
Walson
Allied Invest.
500 28,30
BUD or 30%
325 1015
200
31 312
2000
312
500314%
2000
28.00 28,70
0.10
300 ft 29.30
2500 20.70
Textile ... 8.05 8,80
Nanyang
A. Rubber
Fix Div.
Rubber T. Tatkoo Dock
Realty
Now York, Oct. 25... Cotton futures moved on an
even keel in a becalmed sine market today.
14, 2000 de 241⁄2
0.70 5.30
02 02!4 200 621
900 8215 1.825
1.65 20000 1.875
boob G-1.85
5000 1.05
Ferry 373
136 100 175
100 173
...
15 14.00
49 *.70
1700 1000
14,00
14.0
Invest.
| Gas At the close the list ranged:
Lane, Craw. 10: 103nt. from four points lower points higher after opening two points lower to 15 higher this morning. New Orleans futures to Bye closed 10 points lower higher.
Only &
Exchange rates
In the fogal Busines was done
exchanke market
balesial few hundred 00% changed hands during the morn-morning at the following rates
201
U.S. dollar (pe: $1}
ing but in the afternoon com Sterling notes (per misalon houses raised their bids Astraian dotes (per £1 for the new crop deliveries a Indonesian Rupials (per 10
blt und slightly more businessStein cul per 100
was
'done
Singapore (Sfrafts)
Armer si mostly
prices,
According to the weekly bulletin, Californin wenther escaped unwanted rains but harvesting continued to lag on weather 11ccount of the poor
conditions in other parts of the bolt.-UPI.
Unit trust
First Hong Kong Fund; Buyer Price: $0.99. Seller Price: $1.05.
London gold
scramble goës on
London, Oct, 25.
feels assurance, he plained, was in terzos of
of
ex-
medlete noods anticipated in and not a plans for next year
specific any uarantee amount of U.S. old for the pro- economic posed five-year development scheme, for which the Chiang government asked $420 million over the Bve-year period-UPI.
Rise in U.S.
foreign investments
Washington, Oct. 25. American firms will invest about US$3.85.billion in foreign countries this year, slightly more than in 1959, the Commerce Department said today. "Investments in Europe, over Bre 40 per cent of the total,
the rising sharply. both in Common Market countries, and the in the United Kingdom." Department reported.
this
The report was made on the basis of study just completed.
12.53
Copper
But opened dull rallied through Paris .buying. Tins were dull.and moved nar- rubbers and icns ravly, while were the changed.-UPI.
Closing prices
British Government Securities 215%, Consolidated £4:117/10, 34 Conversion--200-7/10; ** 3. Savings 1935 65RG/10. 30%, Savings
Sevinc 27015.
***Banks & Insurance Barclays Ord—600 $4 Chartered Bank-51s... Hongkong Bank---£674. Lloyds Bank-72, 3d,' Unlon Imurance .
Burmah 01) 401 4 Hoyal Dutch R14
Heels' Engüllecting Babcock & Wüpox Ord-dis 11. United Steel-aza Od. Vickers Ord--308 30.
Industrials
d
Ance. Eles, Industries Asxc. Portanu Cement-in 93. Boardman, Marden Ords 45d. British Motor Ordenia 4554.
Ord 60s
Coats (3&-2011.
Courtaulds
De La Rue Ord-844 4150 cor. Dunlop Itubber Ont
Elec. Mus. Industries-41 d. Ford Motor Ord--808 p. 14
General Electric Ord.
Gumun (Holdings) | Great Universal Ordes id. Hawker Siddeley Ord-30s 4 Imperial Chemical Ord-724 Marks & Spencer "A" 7350.
Holls-Royce-42 Bd. ' Standard-Tramph-- DC. Unilever Ord-151 Woolworth Brd4 10.
Mines
Ord--Dis
De Beers Def-151; 1011⁄2. Palading in-7 1d. Union Corporations 134.
"Miscellaneous
Bowmaker Ord-279 1014d, Canadian Pacific, Ord-439. Hongkong China G-198. P. & O. Steam Nav. Def.- $134.
-Reuter,
Agreed. merchant
rates
Belgian Francs;
Maximum
In Latin America, the De- partment sak!, investment by Selling. 807.
3.80 US. firme. will be down this 26.20 year because of completion of
several profects.
OUTLAYS
First ceiling of the pride this 23 thoming was in the "rante, of
$37% Co. $304.
Theis, at the morning "king" 1516 by zbaditu denlere, it Was
established at, dạo,
The scramble to buy gold continued on, the Lon
don hiarket today, keeping the price at around $8 above the official figure of $35 a fine ounce. During the afternoon, how
eased on re- over, the price ceipt of further offerings from Switzerland-daid to amount to million dollars, worth or
a
This was dracord for the "Axing, the homitial | official price for the day-although last werk the price h private deals rose to $41 at Dhe siago.
PEAK
2
more..
The worldwide Investment total expected for the year was from $150 million up nearly 1050 but nearly $1 billion be- law the record posted in 1067.
The department said "menu- facturing Brms. anticipate foreign outlays of $1.3 billion in 1980, about 15 per cent over the 1959 amount." An increase of more than 30 per cent in manufac- turing lovestment was reported Ja Europe.
the
Canada continued
药器
favourite foreign investment
outlet.
Outlays there are expected
to total $3,23 billion this year
* "gainst $11 billion for
boril Jeak
10
00101
Yesterday's Closing
Busolutions adopted at yes. terday's opening session of the board's, autumn meeting, called for
The Internalonu! Co- operationa Administration. ip purchase at “derst、 half of its textile procurements iront do- matic sources and for direc tion of industrial development ir underdeveloped nations away
from the lextile industry.
An ACMI spokesman said
Malaya may buy
more Canadian aircraft
#
1
Toronto, Oct. 25,
Minister
that about & to 12 per cont of Malaya may be in the market for more
ICA textile purchases in recent years have been from American mills. The resolution reaffirmed ACMP belief that as a matter of equity, at least one-half textile purchases with funds should be procured from domestle sources.
of
ICA
¿
•
Prime Canadian, aircraft.
24. Abdul Rahman's first hour,af hour visit here was occupied by tour of the Dehayilland aircraft plant arrival at after his
Downsview military air base.
WORLD SURPLUS Noting the possibility of ex- 1220- pansion of foreign aid grammes in Latin America and
the 'directors Africa,
calle government attention to "the fact that already there is a sur
and lake off range...onde nius of texule manufacturing
The Malayan government capacity in the world es a whole
industrial already has bought five smaller that and
LITYROH
Beaver Tacon- development In those areas behavilland directed
textile naissanco-aircraft for away from
tural inspection, ena manufacturing.
Mr Rahman spoke privately A board spokesman said that
to tie Canadian Institute of because of the sumplus of tex- tile capacity, Great Briton has Foreign Affairs at noon, visited "scrapped" half. Itu textile in-thdi Royal Ontrein Museum and enlled on Premier Frost this dustry, Japan has closed down
reduction afternoon and will speak to the its textile some of facilities and many U.S. mills Royal: Commonwealth Associa we operating only four days aien this evening, Mr Rahman leaves for Washington tomor- Tow.-AFP. week. UPI
A compenyomelal said the premier wanted to inspect the Caribou cargo plane which, de-
monstrated its short landing New executive
Rubber market
review
Jt."
New York, Oct. 2i«. Rex rubber futures today! closed Jo points :iowe to unchanged on sales of 31 contracts.
agricul-
Big dry dock för Scotland
Construction, is expected to start early next year on a $4million dry dock in stallation at Greenock on the 'River Clyde in Scot- will be 1,000 land. It feet long and there is a possibility that gnother 150 feet will be added. It will be 150 foot in breadth and 30 feet deep over the siil,
Mr
aircraft
the Hughie Greon, British Television per sonality and John Slade, former Wing
der
-Common-
RAF and
appointed
of the Battle of Britain pilot,
been have Vice-Presidents of the Atlantic Aviation, Export European Corporation's
offices in, London, it was announced recently.
been
The offices have just opened and will play on im- portant part in Britain's current export drive.
#
The export interest centred in the Atlantic Aviation's new Grumman Gulfstream executive high-speed pres- arcraft,
the airplane for surised). executive market. part.
Mr Green said that the new afterall, was 24 per cent British, It was powered by two Rolls Royce Dart R.Da 7/2 (mk. 020) engines and included a number components of other British among them Rotol propellers, the Rotol being regarded us
Mr Orcon
Rubber futures today reflected the almost complete standstill of
most experienced the actuals market. Shaumatot
world's offerings were...very scarce but
manufacturers of turbo-propel dealers were under 'Kitulé pres-
Those connected with this
lens
who, himself, has sure since factory interest falled project any that in addition to
trans- to develop once again. The the actual basin thoy will be mude more than 100 current month for No. 1 Rss was able to provide additional fagi-
Atlantic ferry crossings, sold cropped to 531⁄2 cents.
ties which will be unrivalled "that it was felt that the world's rubixer Amsterdam. 'The
and of great use to oil tankers best engines had been chosen." market was very quiet. today. and ore carriers trading to Scot- He also thought Rolls Royc
In London rubber, was barely land and.sto, the heavy tonnage provided the world's best ser-
vessels being built on the Clyde. vicing facilition steady with spot at 27%.
Despite lower, overgene advlees The dock will be able to has die He added that the new air- and disappointing, opening, oil tankers 140.000 tons craft which sold for between dollars 1,100,000 and 1,200,000 Singapore prices held steady deadweight.
and between Throughout the session in thinį
The Firth of Clyde Dry Dock in U.S.A.
£370,000. In trading.
Co. Ltd., who are to build the £300,000 and Interest was "focussed on dock have accepted the offer of sterling had because. it was 24 forward deliveries of both same... £2%
-million from the per cent British, already earned
some 15 million dollars for Bri-. December and January-March Belsh Government on loan and pommanding threefourth oout the remainder of the capital will thin-LPS. premium over November one RKL Lower sheet business small and reloclive with forentials. showing slight provement.. aas
of
con-
be in the form of shares, vertible loan stock and to con- was vertible loan. Eight Clyde ship- dif- building
steel- companies, a im- making company and firms conditioning specialising in alt
Good buying held prices and in marine engines have pui steady through afternoon UPI.
most of
the
up much of money to be added
to the government loan-LPS.
MAJA SEN
JB
OFFICIAL NOTICE
Proposal to change a Ship's name
I, WONG FOO YUAN of Happy Broom Road, Valley, Hong Kong, hereby give notice that in can- sequence of change of owner- ship and transfer of Port of Registry from London to Hong Kong, I have applied to the Minister of Transport under Section 47 of the Mer- chant Shipping Act. 1894, in respect of the British ship KHSTANREALM.of LONDON
COMMODITY PRICES
BBER
RU
NEW YORK
Rex rubber futures closing
Europe, $874 million for Latin prices, all in cents per ib.:
America and $650 million for
all other countries---UPL
Indian export promotion
New Delhi, Oct. 25. India plans to start, an ax: port promotion...campaign almed. at the newly- Independent African, coun- tries, according to in- formed sources here.
Just before the normal closing
ly to be opened in the pros and time Gold was being called in. Several trade offices are liko- nimed, new trade agreements the range of $37 to 130.
The "gold, Fish", now week The Federation of India
Nov: 3329 Jan: 32.21;"Mar: "91; May: 31.75: July: 31.00; Bept: 3149.
SINGAPORE
No, I pale crepe
AMSTERDAM
Closing prices all in gulidera
per kilogram, e.l.f. Sept.:
No, 1 rubber
No. 2 rubber
No. 3 rubber
No. 1 crepe
2,00
2.84
2.01
UPI.
COTTON
**** NEW YORK ..... Closing prices all in cents per
Closing prices all in Straits cents per lb. 10.5. Malayan
ports:
No. 1 Nov.
lb.:
No. 1 Dec,
Spol
No, a Nuv.
Dec.
No, 3 Nav,
Mor
No. 4 Nov
002
May
Bpoi rubber unbaled
July
Blanket crepe
791%
Out.
De
Mar
LONDON
May
July
Closing prices all in pence per: 1b.
No. 1 Ras spot Settlement house term:
223
Nov. Dec, TAIL/MAN
27
Apr Jurse
old, began when Swiss bankers Chambers of Commerce, rand July/Bapt Later this morning the price advised. "Üstomers;?udo return ;) Industries is consklæring !<ROTIC»«
Folk rosa, to a peskiombe video, ot | American dollars into gold layingá, mission,to tour: £lu: Generki: markets, git. basis,
between $38 and $384, the lat-the-Bellef that the United African contigone to atudy | N67.
ter being feu per cent above the stated authorities would raise need of the fast-developing Zampen official Američan prios.
|the official price-Reuter.
market there,—Reuter,
Uhlolz Now,
NEW ORLEANS
21.500
32,00b
30.376
22.10
42.95b
23,000
METALS
J&
LONDON
der lot ton:
REGISTRY. Omelal Number 169904 Gross tonnage 7061.68 ~ tons Register tonnage 4941.38 tons, heretofore owned by Stanhope, Steamship Company Closing pelees; all in sterling rated of London, for; per- mission to change her, namo to "FORTUNE LORY" and to i have Ben,registered in the new name at the Port of HONG KONG, owned by LIBERTY Shipping Company, Limitou :{DILATA (20) Hong Kong.
3-month
Copper'spot
damontir
Zine 2nd bate Oct.
Lead Zod half Oct.
"
Jom
madhurch 31 marsel. Samst
FORLION ENCHANGE
LONDON
„Cloning rates. Closing prices all in cents per Mont Ib.:
30.76
Apak
Mar.
May
$142
23.00
33.800
#bandydamn!
2005
Any objection to, the pro- posed change of name must bon sent: boothe REGISTRAR OF SHIPPING: at... HONG BONG within SEVEN days from the appearance, of thia advertisement.
--Datad-af HONG KÒNG the 28th day of October 190
1900.
LIBERTY, SUPEING COMPANY, LIMITED.
KÁLATA BL200) EN WONG FOO YUAN,
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