THE CHINA MAIL, WEDNESDAY, NOVEMBER 2, 1960.
Wall Street gains after Anglo-Chinese
early wave of buying
New York, Nov. 1. Stocks met an carly wave of buying today that carried electronics, cameras, steels, chemicals and many specials into higher ground.
London stocks quiet
London, Nav, 1.
The stock exchange
quiet and irregular today,
with investors in tious mood.
JAPAN'S ALL-OUT EFFORT TO ATTRACT
AMERICAN CAPITAL
New York, Nov. 1.
The Japanese have invaded Wall Street in an all-
out effort to attract American capital Japan.
The Japanese securities in Steel Isaurs attracted the dustry has grown by Wraps and bargain hunters. to show' gains bounds along with the island's ca half or more in Republic, economy the past 10 years and US. Steel, trading ex-dividend there is no end in sight More National and more corporations will be and Youngstown. Steel stood out in this depart-turning to equity financing to ment with a gain of more than meet their needs and foreign
capital will be sorely needed,
2.
International Busines Mn- chines pacer the! electronics with a gain of more thna. 5, followed by Lition which tacked
Japan's "Big Four securities dealers and underwriters. Nikko Securities Co., Ltd., Yamajchi | Scurities Co., Ltd., Nomura
on more than 2. RCA picked up | Securities Co. Ltd., and Daiwa around a half.
In the nutos, Ford T around a paint, whlie Amerienn Motors, Chrysler und General Motors added small fractions.
American tobacco
Was
stipped point in the to- mure then a
Texas Instruments baccos_and lost around 1/1⁄2.
a cau-
Securities Co., are out to woo both individual and institutional investors here,
HONGKONG STOCK EXCHANGE
by
Our Own Correspondent
trade meets difficulties
London, Nov. 1.
In spite of the present "big leap forward” in the Sino-British trade, fears are currently being expressed in British trading circles regarding future short-term prospects.
Trade has expanded consider- { This might explain why ex- to ably both ways during the first ports of eation and silk textiles nine months of this year. Bri- appear to be holding up well tain's exporis to China have cifre these are manufactured renched £26.2 million against principally in the main port £15.7 million during the cor- nteas and are thus less likely to responding perlod last year and be affected by transport diffcul- her imports of Chinese produce į ties.
have risen similarly to 10.3 from But it is feared the difficulties 12.2 millions.
might be more serious: Le. 0
Development of
1,500 mph airliner is suggested
London, Nov. 1.
These figures certainly drop in the agricultural output Sir George Edwards, head of the Vickers
satisfactory.
аге
But
the break on which the whole economy is down showed that there was still largely base Latest re- charp downturn in both August ports Flate that 140 million and September yet this is only
ne of the factors giving causeres and affected by adverse weather condillows, This (4 for anxiety.
more than one half of the total cultivated areas, In this case The effect un foreign trade woul.. probably be more last-
E-AFP.
As the "China Association" of British businessmen dealing
with China reports in its latest monthly bulletin, the main one Is the evidence of a shortage of Business done at the Hong-supplies of wood? for exports in China. This, it is felt, must be reflected in reduction of buying interest by the Chinese abroad since they always like to balance their trade.
Their efforts are being aided | kong Stock Exchange this by the recent liberalisation of morning amounted to approxi- Japan's foreign investment laws mately $1,720,000. Noon quota- which permit easter repatria- tions and the morning's tran- tion of capital and earnings sactions: than previously possible.
1319 1315
Shares Buyers Bellern In addition, these arms anxi- ; HK Donk .. Combining to dampen buyer : Polaroid aparted more than 3 pusly are awaiting action by the enthusiam were an uninspiring in the cantorns, Merck a point Japanese Finance Ministry in
United in government report on
The rings and homesake i approving issuance of Ameri- Kingdom industrial production.mining around 119 in the golds. | gan depository receipts for and the imminence of now-UPI.
stricks l leading Japanese Agures 011 Britain's
Arms.
treasury
gold and hard
currency huld-
18gs, due tomorrow.
Some fndustrial leaders
marked up minor gains.
Gold shares,
the medium of j
much speculation fately, Buc-j tuglei
"considerably,
the close.
coppers
opened irm but wilted toward i
oils were Arun
throughout,
British
guveramení
were dull.-AP.
Closing prices
RUBBER
MARKET
Singapore, Nov. 1,
bonds The market ruled quiet and
British tavernei Recurities
Consolidated--246.
Po Converture- £GH,
%%% Savings 1975/15--
4. Suvings 19000770–1789..
Savings 63/75-£71
Banks & Insurance
Barclays Or!--CRA
Chartered Bank-506 at. Hongkong Bank- -£699. Lloyds Bunk-724 30.
Union Insurance-7=29/32,
-ol
Burmah Oil-1
Royal Dutch-£71-19/32.
sels Engineering Babcock & Weizox Ord-326 .
United Steel-365 D Vickers Ord-20 14.
Industrials Asoc. Elve. Industriel Chal Ut! Assoc. Portland Cement-Tis Tijd. Tontdman, Marden Ord-la 00) Britinli Motor Ord-13% 10146. Costs & Ord-67% fit. Courtki Ond-bu-Gel. Due. Orla 34.
Dunlop inbber Ord-221 04. Fire, le Mita_Inthistries-41 30. Ford Muine Ord-084 Od). General Electrle Ord-341. Glinan (Juldings; On-2* $150.
Ord-684.
Siddeley Drd-30; 100 ker Imperial Chemical Ord-20, 101.9. Marks & Spencer “A” Ord--1--0
I
Rolls-Royce—46 10tyd. Standard-Triumph-Hy Dd. Unlever Ort--)501 Su. Woolworth Q-89 m.
Mines De Beers Def¬180+ 7!4d, Pelling Th—as 1050. Union Corneion-634 1150.
Miscellaneous
Bownaker Ord-20s 3d. Canadian Pacific Ord-63894. Hongkong & Chuna Ga5–39. P.&O. Steam Nay. Del-334 74d.
Agreed merchant
rates
Malayan $ maximum selling 53-3/16. Minimum buying 63- 11/18 T/T; 53% 0/D; 54% 30 | days; 54% 80 days
Swiss
Froncs maximum
selling 75-3/10,
Belgian Froncs
selling 805.
市
!
MAJOR BANKS
Such a move opens the door for millions of American dotings
|
124 127
Lombard ins. 41 Uning Ina. Ex. Div. Wharf Co,. Wheeluck.
1316
10 3310 1315
1. 41000 41 0.03
1000 or 33 150 100 or 108 100 208
HK Dovic..
*107
C. Provident
HK Hotel..
Land
013 63%
Yaumat!
125 or 21.40
200 500
1807 64 63
TRADE FAIR
In this connection, the trade fair which is now held in Canton has not so far been en- Di The number couraging. representatives from Hongkong, continent Is Britain and the
considerably less than usual and
is some cases firms who have attended regularly In the past had difficulty in obtaining entry permits. Yet the autumn fair, falling at the Ume of the year when the main harvests have been gathered or can at least be usually closely estimated, produce a much larger volume of trade than those held in the 300 22 23,39 | spring.
XOD
250 7 019 102
10% 103
30 109
#13;
12
200 312
to go into Japanese securities.
Four major New York banks,
Co., Trust Irving
Morgan Guarunty Trust Co., Chemical HK Team. Bank New York Trust Co., and York, have taken the lead to First National City Bank of New! Ch. Light 21.00 word the
fairly steady throughout the morning with better
Issuance of ADR's interest in lower sheet and | (American Depository
cetpls). off-grades for continent. Afternoon
out sollers care and prices declined one scat in light trading with buyers re- served.
Further selling in the after – noon lowered prices to 9714 cenly ht close after which the market rolled in sum fate trade buying
In London, the rubber mar- kel was steady with spot quoted n1 284 pencë:
in Amsterdam, the rubber market was ready today-UPI.
BERYLLIUM
MONITORS
Lundon, Nov. 1.
The United States, France and Japan have ordered Brigh- made beryllium monitors for detecting and recording danger- ous beryllium dust in workshops where the metal and its alitys ure worked.
Winston Electronics Ltd., makers of the detectors, sald the equipment was developed by The British atomie energy authority.
fle-
Electric
28.30 28
Am rican depository receipts. are a method of which Ameri-
355,
N
can investors can invest funds, Telephone in foreign securities via regis- Telephone tered receipts Issued in Ühin (Rights. 13.43 19.50
"The country.
receipts backed most often by deposit
are
of the original share certificates G.I.. Cement 3512 in designated banks abroad.
500 23,80 23.90
1500
380 24
1500 r 21.00
This year's spring fair gave!
but the results satisfactory Association remarks the present one appears to have been some- thing of an embarrassment to 100 28.49 the Chinese themselves. Reports
200 20%
28 a 28.40
200 28
1000 * 28,40
W 19.00
12!
53%
are
Dairy Farm 31% 32 350K Watson
20.20 201 Allied Inv. Textile
Some of the attractive fea- ture of the, ADR system that investors have the con ventence of easter, quicker and Nanyang
A. Rubber than less expensive transfer
be enjoyed Would
through holding the actual shares. And, R. Trust
Ex. Div. important, the Talkoo Dock even more
bank
issuing
#150 Handled dividend payments, changing them into dollars from foreign currency if necessary.
..
350 M 2840 reaching London states that no 1400 M 30
Car as Chinese produce is con 2000 ve 36
cerned there has been Tale 125 -10.45 offering in Canton, No sizeable deals are reported and business appears to have been restricted to sino quantities of father bristles, groundnuts, soyu. Scan end flax waste.
Continental representatives, it appears are
concerned with trying to obtain setile ment of claims on past cargoes (particularly Western Germany In the case of egg products) than with new business.
NOT PURCHASING As the Chinese 000 24.40 oře not tana
Rise in German
crude steel
output estimated
Armstrong Aircraft Company, said in London he thought 1,500-mile-an-hour should be the speed limit for any super- sonic airliner.
Although this was twice the speed of sound, such aircraft could still be built of light alloys similar to those in today's planes but higher speeds would mem. the use of steel or titanium or they would melt.
He suggested the British and United States
Covernments A should agree to x a 1,500- miles-an-hour cruising speed (or modern aircraft while the manufacturers should CG- operate in designing the plan!) and the airlines should agree to introduce it early in the 1970's.
in London.
Twin-turbine helicopter
now
erd
Morton, Pa..
in helicoptor transportation was usher- ed in recently with the first flight of the Boeing- Vertol 107. This marked the entrance of the first twin-turbine helicopter
into the flight portion of o Federal Aviation Agency commercial certification
Dusseldorf, Nov. 1. West Germany is likely to
The British just about knew produce 36,500,000 tons how to make the plane and he of crude steel in 1965 thought they had every Inten- and 44,500,000 tons in tion of doing so, he told a big
programme. 1970 compared with just conference of industrial leaders
The result of a completely over 34 million tons in
10 YEARS
now concept in helicopter design, the current year, accord-
But neither the British nor the 107 is said to be the fastest, survey by the the Americans knew yet how to smoothest and most ing to a
versatlie West German Iron and make 11 $2,000-mlics-en-hour helicopter dying today. The one Steel Manufacturers! As- plane "and do not he misled which few here was convertert sociation and the trade by anyone who say he does," Sir recently from an Army YHC-1A
George Edwards added.
'for the FAA programme, magazine "Steel and
Development of a supersonic Iron."
airliner would cost between £50 million and £100 million. He Crude
did not think one would ready for another 10 years,
1
iron consumption in 1970 ought to be 36 million tons production 29 and rolled steel million tons.
The conversion has resulted in an uprating of the dynamle system from 2700 to 2300 horse- power. A new transmission and a enmplete new rator system A supersonic airliner would have been installed to severino“ get a person Australia in 10 date the increased power of the The survey presumed that the hours, he added.
GE-1158-8 engines. Other con- Dealing with suggestions that version changes include a re- use of steel in domestic Invest- ment goods was likely to de- if the Russians, produced super-designed control system to pro crease in the next 10 years be- sonte transport the Americana ride a higher degree of fight to do something control, additions to the electri- cause of structural reasons and would have
better and sooner, Sir George cal system for improved ·rell- rationalisation.
Increasing demand by private Edwards said: "This terrifles abhity, and modifications to the consumers for articles using me."
aleframe to permit quick con- steel, such as motor cars, and If the Russians decided to version from airliner to utility.
The Boeing-Vertol 107 is the tumers were, however, likely to economy end substance of the offset that drap, The survey airline and aircraft manufac- culmination of a four-year pro- added.
turing industries of the West, gramme to produce the best Crude iron ore production in the cheapest way they could configuration for
medium In the to both transport helicopter 1970 was expected to be 15 mil really bring chaos
of the 1960's, lion tons against 13,200,000 tons would be to produce a so-called turbine themselves in 1865 and 12,800,000 tons in supersonic transport flying at Powered by two General Elec- foreign 1958, while ore imports were an alleged 2,000 mlies an hour.trie T58-8 shaft turbines, It can 21.40 goods shown at the fair. They estimated at 45 million tons in "If we fell for this and got carry 26 to 30 passengers cr 1.873 are confining themselves to ca- 1970 and at 46,600,000 tons in quercives Int what I
troops and cruises in excess of might quiries as to prices for certain | 1865.-China Mall Speela),
155 mph. cribe a sputnik panic, we heavy machinery
The 107 is the first helicopter and
should deserve everything that metals but only junior ofelalsi
designed to meet the require- " happened to us," he added.
ments for all anilitary and com- We should me anything merelal operations. Its twin en-
9.15 01.09 $.80
1280 0,85 14.0 14.70 1000 14.00 3.80 32 300 or 5.45 2000 6 5.65 1000 IN $.05
71 7.60
200 Q BA
200 0414
3400 6 BA?
2000 01
Rumphreys Really
24.30 2413
1.83 1.875 10000
/ 25
To say that Japan's "Bir GS ... Four" securities leaders are Relively campaigning American capital is putting It mildly. Requesis to these
for
firms for isterature Japanese securities will re- sult in an overwhelming pÜ*
of papers.
15' 13.10 350
Sugar surplus
Nikko, for example, hos undertaken a U.S. odvertising
London, Nov. 1. programme. publication of
A leading sugar brokerage in English house today forecast a further monthly newsletter compiled in New York, and weakening of the
commodity The monitors measure por-publicntion of
weekly because of a surplus in 1901. ticles of the toxie dust in the securities digest which is
and sald the position was ogprz- fatmosphere spectorgraphically at niemailed from Tokyo,
vated by the U.S. Department one-minule intervals-UPI.
Unit trust
First Hongkong Fund; maximum Buyer Price Seller Price
$0.90
$1.05
THE BANK OF
f. B
ARTIC
a
A spretul series of four-page of Agricultures decision to ze studies on 101 major Japanese restrict, beet sowing. Arms has been prepared by U.5. E. D. and F.. men in their security unalysts, and special monthly review said "with the booklets ол investment In possible exception of Cuba being Japan, tox advantages
able to sell all her production Jö Japanese securities and pro- Russia to rumour which lucks cedures for foreign investment much serious support) there is. Bisa re being distributed by picture of too much sugar the "Big Four."—UPI,
the world for 1900."-UPI.
of
more
purchasing
Look
of the import corporations hare | put in appearances.
All this is not of a good omen for the near future. It remains to see whether the Chinese diflculties are only a temporary nature. The delays in shipment of outstanding orders and the paucity of current offerings are nut by the Chinese themselves to dimeulties in transport,
Yesterday's Closing
rising demand by foreign cus- make an all-out attack on the configuration.
Exchange rates
Business was done in the local unofficial
exchange
market
or at the following rates:- U.9. dollar iper $1) starting notes (per £11. Australian nomi (per C
indonesien plats per 100)
Stani teak (per 100) Singapore (Straits)
COMMODITY PRICES
W
COTTON
December
Mixed Contract
December
March
May
لالوان
Deloher
22.80
AMSTERDAM
the Russian may do and pro.... exed with our own programme
蠱
gines provide greater reliability
has a unique rear-
en the basis of our own sounded permit all-weather opera- technical judgment." China Mail Special 1.04
15.05 1249
3.00
20.15
1.80
Closing prices all in gulkiers
per kilogram, cil. Nov; ·
No. 1 rubber
No. 2 rubber
No. 7 rubber
No. I crape
2.57 buyers
New tanker launched
tion. It landing ramp which gives the aircraft n fully useable cabin. Special safety features are the location of the fuel outside and of the two turbine engines aft of the passenger cabin, The 107 can land and take off from weler without special boat. huil design or flotation gear Charles Connell & Company added. It also has improved i
Ltd, of Glasgow, recently maintenance features which launched a new oil tanker result in lower service costs, of 37,000
In the tons dead-
past, one helicopter weight for the Charter has been called on to perform a particular mission but a Shipping
of
different helicopter has been Bermuda.
needed for adiforent intsafon. From keel Inylag to launch- By contrast. the 107 has been Ing
Look 40 weeks and com-designed to .perform many missions without
Company
260 buyers pletion is set at 52 weeks. types of
-UPI.
2.47 buyers | Named Forle, she is the largest | major changes to the basic 3.10 nom. ship ever bult at this Clyde airframe-in fact, it is com- yard and is the product of ex-pletely interchangeable among
tensive reconstruction and of the various military services. provision of new cranes.
Typical Army mlalons it can
METALS
She was launched with her perform include missile assault, two 80-ton bellere nirendy in-reconnaissance, cargo transport, stalled and ab
about 340 ton of medical evacuation, sky cavalry auxillaries in the engine room, and assault troop transport. For As the LONDON
river is
comparatively the Marines, the 107 Closing prices, all la sterling narrow at Connell's yard, even many advantages for amphibi- per long ton:
nssault operations Com- for the length of ship previous-ous Buyers Sellersly built there, the lurching of parative spotting exercises have
Tin
Spot
3-month
Copper Epot
3-month
307
offers
als tonicer tavolved the use of indicated that more 107's can be
100% about 1,000 tons of drag chairs operated from a carrier than
and
220
a. Berios of bame plates any other configuration of the 211 weidet.on to the ship to arrest same weight-payload category.
her progress.-LPS.
21034 135
Zine ist half Nay,
Lend ist halt Nov.
Feb,
Feb.
0912%
UFI
INDIA LTD,
andira Hong Kang,
This amount can be yours in 30 days...
$(10,737,418·23)
if you Sava Cent today, 2 Ceste to-morrow.
4 the third day, 8 the fourth day, and so on, double the amount every day for 30 days!
Mathematically correct—but not a practical proposition!! A simpler way to sare-though, of course, with a more modast objective—is to open a saYINGS BANK ACCOUNT with THE DANK OF INDIA LTD, and save a certain amount every pay day.
Savings bank accounts
Please send for our booklat “AT YOUR SERVICE"
SPECIAL FACILITIES....
YOU CAN WITHDRAW ANY AMOUNT AT ANY TIME BY CHEQUES WITH. OUT PREVIOUS NOTICE (SUBJECT ONLY TO 30 CHEQUES PER YEAR)
THE BANK OF INDIA LTD.
(locorporated in the Republic of India with Limited Liability)
NORG KONGSBANCH FERIT FLOON, CENTRAL ADILOINER, QUEEN'S ROAD, CENTRAL
LIVERPOOL
Closing prices all in pence per lb.:
March
May
July
October
American Contrasi
RUBBER
SINGAPORE
Closing prices ail. in Straits conis per 1b. 1.o.b. Maloyan
ports:
No,
No. 1 Dec.
Ho. 3 Nov,
No. 3 Nov
No. 4. Nov.
Spot rubber unbeled
No. 1 pale crepe
LONDON
10. 1, as spel........... 2016-28 Bru
Settlement house terint
Nov.
Manket crepe
FOREIGN EXCHANGE
6761-0711
8091-031%
unqualed
80-8714
834-9413
17.07
93-94
Oct/Dec.
Jart./Mat.
Apr/June
July/Best.
LONDON Closing rates; New York ..**** Closing prices all in pence per Montrent 1b.:
Amsterdam Copenhagen 2014-2654nkfurt 2013-201 Lib Oxto 2010-281 Peris
Bigckholms General markets, c.l.f. basis, porji:
B det.
Vienna Now
Zurich Estate arent thin, Dec.
2.81-0/10-201-11/10 2.7451-2.76% 10.42-10.08 139.70-330.70 10.30|3-19.3934 1677-1117445 130.20-30.25 49.237-29.04 13.10%-15.791
17479-17471% 73.59-73.17
Air traffic resumed
Air Forca misions. which the 107 con perform. Includa missle site support, drone re covery, fire fighting, rescue, and dianator control,
The airliner version of the 107 har an exclusive removable bag. goge unit which fits into the rear Ammon, Oct. 31. cabin area and rolls in and out like a drawer for rapid' baggage Air traffic between Amman hardling. The luxurious interior and Bagdad rosumed to of the cabin is the creation of day, after a halt of over Walter Derwin Teague Asso- two years, with the arrival ciales, designers of the Boeing here of an Iraqi airliner 707 jet transport interiors.
Already. Vertol in building a carrying sight
fleet of 10 Bosing-Vertol 107 pastengers.
airliners for New York airways, Iraqi Arti fights, which In addition, the Swedish govern have been suspended since the ment has signed an option Inui revolution in July, 1988, Arreement for 20 utlilty version be made once 307a for use by its Army and will" henceforth in week. Jordan airilites will Navy, and yuji Air Transport start a werkly service 10 Co., Ltd., Tokyo, har signed a Bagdad on November 2imilar agreement for two
Egelog Vertol 107 airliners.
Iraqi
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