1960-11-01 — Page 2

THE CHINA MAIL TUESDAY, NOVEMBER 1, 1960.

WALL STREET CLOSES MIXED, LONDON

U.S. told to remove HONGKONG AIRCRAFT

obstacles to

economic progress

Washington, Oct. 30.

The United States can increase its rate of eco-

STOCK EXCHANGE

by

Our Own Correspondent

Business done at the Hong- kong Stock Exchange this morn- $1,450.000. Noon quotations and the morning's transactions:

nomic growth by perhaps as much as 6 pering amounted to approximately cent annually, a business expert said today.

Butler,

Vice jobs without slowing down its Man- | economic progress.

WIRam F. President of the Chase hatten Bank of New York, told the nation's Business Magazine in an interview that 4 per cent

in an adequate rate of growth

for the United States.

But he said the 6 per cent figure was possible It certain Hobstacles to growth" were re- as: moved. He listed them Repressive taxation, tariffs, restrictive business regulations, featherbedding practices and inefficient business management. Butler said the business out- Jook should improve in the final half of 1901 and enlled for a sense of national purpose "to accelerate our rate of economic advance...."

ADJUSTMENTS

"Crisis aljustments now un- derway in the economy will tend

In the to encourage growth future," he said. "Greater em- phasis in business on cost-cut- now Ling, on greater efficiency, products, the greater pressure

to sell, to encourage progress— all of these things should work. to give us a higher rate of growth in the years ahend."

Butler warned that the nation cannot resort to practices such as "shorter hours" and "restric tions on the introduction of new equipment merely

P.O

He said the United States

was "too willing to go along Waterboat with measures that positively impede growth, such

work restrictive

rules, featherbedding...and that bas polley 4 farm definitely blocked growth."

called for Butler

1:0 moderate reduction in the eor- Income inx, cunsider- pornte able liberalisation in the treat ment of depreciation and some reduction in upper-level income tax rates-UP!.

Exchange rates

Existners

INCREASE

TA

New York, Oct. 31.

STOCKS FIRM

London, Oct. 31.

| The Lahdon stock márkat showed a firm tone today with gains dominating the industrial sector dcapito dull spots. Textiles

advanced

and

Stocks ended in a thoroughly mixed up

condition today thanks to a late rally property shares moved sharply

which bolstered a sagging market.

Aircraft Issues recorded | Bendix Aviation Corp. mujor advances in response

with traction.

although 200 100

Smalt

Motors Anished mostly easler

added Chrysler 1ruction. 21

lost well over a point as stock- the pureliuse holders approved of Oliver Corporation's form

102

43 1200 6211⁄2

upward. Stores were frm but electricals were marked down,

British govertiment bonds were quiet and irregular. Dollar Blocks reflected last Friday's mixed trading on Wall Street,

Gold shares were Arm, while shares were most base metal

and oil shares 27 mainly lower

eased.-AP.

Closing prices

British Government Securities 246% Consolidated-£40,

Conversion£60-5/10. 3. Baying 1056/65-£8934

Savings 1560/70-£7á-0/16. 3%, Savings 1005/75--ÆTAL.

Banks & Insurance Barclays Or~-508_64.

Chartered Bank-50% Sch.

Kongkong Bank-C

Lloyds Bank--72x dd,

88%

Denguet Con...

1

Shares Buyers Bellers

1310 1315 11K Bank

41 Lombard

300 er 41

27.20

300 € 27

100.4 27

J

100 27

Unton v. WHOFT CO. Wheelock

Duck

147

100 120

Balen a Pentagon announcement that

funds would additional 35 1313 450 41

into a revivedt poured bomber

programme. Martin and Boeing, North Americm Douglas rose around 14% each n lores

Bethlehem Steel

40

be

Boeing Altplans

3242

B-70

Unlted ahead

0.03

0.10

4000 13.0%

2000.05

108

100 2000 150

Borden (Ties Co. Burroughs Add Mociilne British Amer. Dit British Columbia Elec. British Columbia Pwr. Calif. Packing Corp. Cana, alt. of Comut. Cana. Brewers ...... Campbell Soup Co. Canadian Pacife R.

51

201

7016

3

800 à 108

#

21

Provident

21.00 300 or 21.00

While Motor

CA. (J. 1.) Co. Cat. Tractor ... Calatiese Corp.

2017

K frote.. HK Land Yousti Yaumat

Rights)

421

42

143

Cluolt Panbody...

CIT. Financial Corp. Chnee Marthat. Bank Chrysler Motors

AT

Ba

4294

Union insurance-79 29/32.

37

$7.19

Tra

REA 23.70 23.80

10才

Burmah Oil-39% 30.

64

Royal Dutch-£11-2/16,

21.40 28.58

000 * 28,00 118 2004 20.00 200 28.00

40

Babrock Wilcox Drd-334.

15:4

504%

132

Assoc. Eler. Indiantries-473 0

30

2011

Telephone

4412

1 19.00 19.90

3515 Cement

13

Amoc. Portland Cement-2

soardman, Marden Ord-4,

21

0015

2037

7215

182

22

1029

31

C. Light Electric

Telephone .33

3.68 Dairy Pana 15.07

In the local WAN done exchange market unllelal

raft at the lullowing rates:- U.S. lar iper $11 surling notes iper El Australian notes (per £). Ixionestus rupials per 100).. Sian tents per 100)

(Stratis) Singapore

Unit trust

First Hongkong Fund: Buyer Price

to provide Seller Price

ORIENT

12.50 Walson

3.70 Allied Invest. 20.20 Textile

1.00

Nanyang

A. Rubber,

32 100 31. machinery divisor,

2500 23.80

Colombian Carbon Cu. Commercial Credi

Consulated Edison Corning Glass Works

Steels cased small fractions with Bethlehem up around Consolkinted Paper

point, Molors were down around

a point in the early dealings but on the announcement firmed 203 30

thai operations last week ratt 1870 point ahead of forecasts.

50 1000 50

2300 to 551% 32 32 0000 † 33 -500- 32

20 291

0.15 1.90 3.00 2000 1.85 HOM IN 0.80 7419 14.00 1000 14.00

0.70 5000 5.55 5.00

4000 5.05 6000 5.00 3000 a 5.00 20000 on 8.05 150 5,00 1000 5.05

$0.99

Hubber T Taikoo Dock

uphreys

1.00

1000041

24.20 24.40

1.05 Realty

1.05 1.87

900 24.50 10000 1.873

HK GAR

LINES

EMBARKATION NOTICE

s.s. "ORONSAY"

for SINGAPORE and SYDNEY

EMBARKATION:

SAILS:

The ship will be berthed at No. 5 Passengers Plor, Kowloon Wharf. should embark between 2.30 p.m. und 4.00 p.m. on Tuesday, 1st November, 1960.

The ship is expected to sail at 5.00 p.m. on 1st November, 1960.

BAGGAGE:

Should be sent to the Hongkong & Kowloon Wharf Co.'s Godown (No. 0 Gate) Navy Street, between 8.00 a.m. and 5.00 p.m. on 31st October, or between 8.00 a.m. and Noon on 1st November, 1960.

SUBJECT TO CHANGE

Agenta:

MACKINNON, MACKENZIE & CO.

OF H.K. LTD.,

P.O

ORIENT

LINES

s.s. "CHUSAN”

EMBARKATION NOTICE

for UNITED KINGDOM via Singapore, Penang, Colombo, Bombay, Aden, Suez-Port Said & Gibraltar.

EMBARKATION:

SAILS:

Passengers should embark between' 9.m. and 10 a.m. on Wednesday, 2nd November, 1900. The ship will be berthed at Plar No. 1.

The ship is expected to sail at 11 a.m. on Wednesday, 2nd November, 1900.

BAGGAGE.

Should be sent to the Hongkong & Kowloon Wharf Co.'s Godown (No. 2 Gate) by 6.00 p.m. on 1st November, 1900,

SUBJECT TO CHANGE Agents:

MACKINNON, MACKENZIE & CO.

OF H.K. LTD., Telephone 36211-9:

1000 or 1.875

1500 20 .. 14.00 15.10

Metal Indust,

175 5.10

1000

15

100 15

500 à 15

1000 14

Gliman... 2.10 2.123 2000 2.10

It's Invest,

1., & F.E. 1380

Stor

123 Ferry

Muco Elec

Lane, Craw.

177

12 12.40

Entertainment 21.50

2000 m 2.19

Agreed merchant

Belgian Setting, 804,

rates

Consumers Gas

Continental Can

Continental Osi of Del. Compos Imperial Mills Create Pet

| Crane Co. -...

Cuban Amer, Sugar

Diamond Alkn

Delaware & Hudson, Co.

Electronles regained points in IBM and Texas Instruments, Distillers-Seagrains Around 3 sach with the others enly slightly lower. Homestoke finished down around 1 in the golds after being ahead mitre than a point at one time. Bonie mines picked up a fraction.

Today's volume was 2,400,000 shares.

Closing prices

Ablibi Pwr. & Paper Alden Inc. Acy, ... Algoma Steel Corp. Allest Chemtents

Allied Mills inc.

$ 34

47

Domition Stores Douglas Aircraft Dow Chemical... Dupont de Nemour Eastern Air ne Eastman Kodak

First Nat. City Tank

General Dynamles

General Foods

General Motors

Gen. Pub. VI.

GO Tel. & Elec

Gen. Tyre & Rubber

3155 Getty

Goodrich (B. F.) Co.

Goodyear Tyre

4092

70%

Family Finance Corp.

Ford Motor Co. of Cand.

113

Ford Motor

Georgia Pacille

47%

3740

General Electric

42

2416

CREA

5012

336

301%

Allis Chalmers

221

Creat Northern Railway

443

Am. Brake Shoe

20

Grumman Aircraft

American Airline

101

Gulf II

Am. Cable & Radia Curp

Hammond Organ

Aner. & Forgn. Pawer

American Cyshould Co.

42

Heyden Newport Corp.

7%

Hiram Walker..

An. Gas Electric

Himneslake Mining Co.

[0234

-672

Idaho Power

24

Imperial Gu

Imperial Tobacen

50%

Inland Steel Co.

2B

Taterchemical Corp.

12

Int'l Harvester

219

Anseonda Copper

429)

32

25

Kaiser Industries

Jatina-Manville Ce

Allas Cons, Mining Baldwin-Lim-ig.

11

Kontas Power & Liabi

Baltimore & Onlo

261

A. Tome Prod.

A. Much. & F dry.

American Metal

Am. Natural Gas

American melting

Am. Sugar of.... American Tel & Tel American Tob.

Ampex

Anot com

Francs, Maximum Bank of Montresi

W. German Dealschemarks, Maximum Selling 72-13/16.

Bank of Nova Scotia

Beech Life Savers

B.C. Tel. Co.

Dell Telephone

Beлhelal Fmance

SMALL RISE IN

U.S. EXPORTS

Washington, Oct. 31.

Husman Refrig

9214 Int Business blackines

International Nickel

onal Paper

& Tel

Kennent Copper

Kimberly Clark

5424) | Liggest & Myers Tob, Co,

503

43

40

Lily Tulip

Litton Ind,

Lockheed Alreral

4056 | 1.Dews Incora.

30 Lone Star Cement Co

Lorillard P.

Lowenstern &

McDermott J. Hay

Merck

Miaston De

McDonnell Aircraft

Minnesota

14

Molons Brewery

Monsanto Chemical Co.

Montecatini

24

Momery Ward

2014

National Bacuit Co.

National Cash Res. "A"

National Dales Prod. National Lead

Inc,

Nanak Steel Corp

York Centra

The Commerce Department reported today that

U.S. exports totalled $1,628 million in Septem-Noranda Mines Lid. ber, up 1 per cent from August and 10 per cent higher than a year ago.

Counting only non-military year, some of which exceeded salomeats to countries, experis 20 oer cent, totalled $1,574 million. This was a rise of 2 per cent since August and 13 per cent from year ago.

The Agurcs on non-military exports are watched closely by government officials because they

indicate how American business is doing in competition with foreign drms. The 13 per cent improvement in September

For the first nine months of 1980,

commercial

exports totaled $14,431 million, an in- crease of 20 per cent from the same months of 1950,

Government hopeful

officials exports

AND

wil

Norfolk & Western Ry.

Northwest Airlines (Com.) Oklahoma Nat. Gus Olin Mathieson Oils Elevators Owen-fools Glass Oxford Paper Co. Pielie Gas & Elec. Pan American Airways Paramount Pictures Parke Davis Co. Penny J. C. čo.

North Amer. Aviation

Pitney Bowes

Mittagh Plate Class

Penn, Salt Co.

Php Morris

Procter & Gamble Co.

Publicker Industries Pulman

million

|

Pure Oil ..

Radio Corporation

Radin Corp. Pref.

Raytheon

that total more than $19,000 million this year. They totalled a dis- appointing $10,300

last year.

The pick-up has helped to

from a year ago was consider-roduce the flow of gold and ably below gains carlier this dollars into foreign hands-UPI.

Dealers in

TELEPHONE COMPANY

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MUTUAL FUNDS

Information and Suggestions

Specialists in

OVER-THE-COUNTER SECURITIES

FREE PORTFOLIO ANALYSIS

For further details and list of curtens ›

attractive recommendations, write

Morris COHON & CO.

Membersz Pacife Court Stock Exchange

Hiw York Kizurity Dealero Aam.

19 RECTOR STREET 4: NEW YORK 4, IL Y..

Repubile Steel

Reynolds Melal

Reynokia Tobanacti Royal Bank of

Royal Dutch

fheem Mfg.

Sears, Roebuck & Co. Shell Ol Co... Sateway Stores Saint neg- Paper Schenley Inc.

Foull Paper

Siegler Corp,

Sinclair Oil

Smith. Kiine & French

Roceny Mobil Ou

South Puerto Rico Sugar

Southern Co. mel

Southern Nrictal

as

Routhern Pacific Co. Southern Railway (Com.) Eporry and

Ftandard Bands

Standard Oil of Standard Ond

Standard Oil of N.J. Steel Co. of Caneda Steep Rock

Sterling Drug Co.

Stokely Van Camp. Studebaker-Packard Corp

Bumshine Mining

Rwill & Co.

Texas Co Textron ino. Toket Chern....... Tide Water Oil ride Ino............. Tri-Cont. Warrants Twentieth Century Yox Film

Union Carbide .............

Tinion of Cal

Union Prèfle Raitway United Afrerat!

United Fruit

United Dan Corp. U.B. Foll

8. Gypau

U.S. Line Co.

V.A. Tubber

11.9. Anelling UB Slee

A. P.C. PF Warner Bros. WASHINDA Motors E Workingowe Air Brake Westinghouse Lectrio Weiern Union Tel, Co. West Va. Palo, & Paper ... Woolworth, că Wij Zamih Radi

Bieels Engineering

United Steel-IEN D

Vickers Ord-30s 111⁄2d.

Industrials

Thitin - Motor Ord-158_30. Coats -58 101,

P.) Ord-67% 1011⁄2d. Courtaulds

De La Rue Orúmöin 307 Dunlop Rubber Ord-28 sd, Elec. & Industries=43% 90 xú.

Ford Motor Old34

General Electric

2014

Gilman (Holdings) Ord-En 4369.

Great Universal Id.

Hawker Biddeley

Imperial Chemical Ord-Tia 11, Marks & Spencer "A", Ord-100

Standard-Telympli-Ba Du,

Unilever Ord-49% 4.

Rolls-Royce-13% xd,

Woolworth Ord-154 9.

Mines

De Beers Def-1801 Tigzi. Petaling T-1010. Union Corporation-Ola 716.

"Miscellaneous

Bowmaker Ord-27s 115d, Canadian Pactile Ord-13034 Hongkong & China Gas-is. P. & D. Steam Nav. Def-35s t

Reuter

Rubber market

New York, Oct. 31.

Rex rubber futures today

closed 30 to 49 points lower sales of 179 contracts.

on

New

Futures were down following easter foreign markels and Inék of any buying interest in New York, American manufacturers were not buying today, York dealers disinclined to operate. The month for Nu. 1 Rss was quoted at 32 cents, There was

business done today in the physical market.

To

In London, the rubber

market was steady with spot

General Motors

plans big

outlay for 1961

New York, Oct. 31.

The world's largest manufacturing cor

poration, General Motors, plans to spend $1,250 million

(about £450

million) on plant, machinery, equip. ment and tooling in this country and overseas next year.

This was announced by General Motors chairman, Mr Frederic Donner. In

speech delivery at a prepared for luncheon here attended by about 000 leading businessmen, in- dustrialists and financiers.

FAITH

Mr Donner said the corpora- tlon's plans were a testimony to the continued "our faith in economic progress of this coun- try and the free world,"

The plans were based on ex- pectations that sales of demestic and foreign-bulll cars In the United States next year would reach seven million units * consumer incomes continue to rise and consumer confidence is sustained." and on the prospect that the number of cars in use would grow by 40. per cent in the next decade.—Reuter..

Rolls Royce Agreement

British firm

wins contract

Tel Aviv, Oct. 31.

A British engineering firm

Edmund Nuttall Sons and Company (London) Limited and on Isracit firm have jointly been awarded a contract for preliminary work on Israel's project to build a £6 million shipyard: at Haifa, according to usually reliable

here.

sources

The cosi of the work ri-" volved to the early phase of the project totals about Israeli.

£3 million (about £000,000) the sources said.

FIRST PHASE

Eight European and Ove

Landon, Oct. 31. local firms Rolls Royce announced today contract

competed for the the which involves that, under a new agree-construction of the new ship- ment, it will manufacture yard's two plers for repairing. ships. It is understood that American light aircraft

the contract is due to be signed piston engines and spore shortly. parts, and have exclusive distribution rights Europe,

Australia

in

The Arst phase of the work is to be completed by the and due

of next year and, the middle New Zealand. The agre0- ment is with the Con- shipyard will then be able to all kinds. It will tinental Motors Corpora- repair ships

be able to bulid vessels of up tion of Michigan, U.S.A.

tons after the ship The American firm's engineer to 10,000

air-cooled four and six cylin way is completed.

quoted at 26. No. 1 Rop spot | der types — are Installed In a

26 27 with 27 pald.

wide variety of personal, tour-

When the whole project is

In Amsterdam, the rubbering and. business alrerat Incompleted the shipyard will be

Go market was quietly steady to many countries. They also have able

1432

day. UPI.

military applications-Router.

NEW ORLEANS

1

to build ships of up to

30,000 tons. China Mall Special

Yesterday's Closing

COMMODITY PRICES

Jb.:

SUGAR

NEW YORK

Closing prices all in cents per

Contract No 4⋅ (world) Jsemary

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

Nov: 32.10 Jan: 31.06: Mar: 30.90: May: 30.00; July: 30.05; Dept: 30.40.

SINGAPORE Closing prices all in cents per lb. Lab. ports;

Closing prices all in cents per

985088838

RUBBER

1b.:

Spot

Dec.

Mar.

May

NEW YORK

July

Det.

Dec.

Mor

Jur

LIVERPOOL

March

Closing prices all in penco

Straits Malayan

per lb.,

Dec.

May July

'American Contract

Juy

Oot

Bilxed Contraes

lb.:

Des

No. 1 spot...............

2016-27

Settlement hotse term:

May

Oct./DES.

2036-2611

Jan./Mar.

2011-2012

Apr/June

2015-2611

July/Sept.

2012-201

General marketa, c.if, bails, ports:

20-2015

thick Dee...

28

All unavailable.

LONDON

Closing prices all in pence per

Oct. Nov. Extate crept thin Dec,

AMSTERDAM

Closing prices all in guilders

per kilogram, c.lf, Nov.

No. 1 rubber

No. 2 rubber

No a rubber

No. 1 crepe

-UPI.

"2.1

3.50

.3.00

3.00-3.10 5.10

0.00

KER

01.015

METALS

NEW YORK'

Closing prices, sil in cents per

Spot(PAS. Cuba) » 3.20 Total Soles: 40 contricle. Open Interest; 1,918 contracts.

Contract No. 0 (domestic) Jirny

March

Spot (CAL. NY;#x-duty) Total Sales; none.

Open interest;, 102' contest ---UPL

FOREIGN EXCHANGE

NEW YORK

Closing ratos:

2.81 buyers

0.51 buyers ibi

2.40 buyers

2.72 buyere

Leed. DeG

Dec

Ján,

Choper,

Des

JAIL

2

耀

·

Ceanda

Zoland,

official

30-day

Australia

Haltom

24110

1.021/10

2.0163

10090

FLDOGS

2016

LONDON

COTTON

NEW YORK Closing prices all in cents per

Apot

LONDON Closing prices, all in sterilng Der long ton:

New Zealand

Bouth Africa

Gibers unchanged.

Closing rates;

New York

Buyers Bellers Montreal

- 790% | Amatorűfajri

20 Bris

219

lb.:

מני

Copenhagen

37.25 nom. Copper,

spot

3-mont

Zine, I bab.

45 Bekhabars

Milan

VEN