1960-11-15 — Page 2

Page 2.

THE CHINA MAIL, TUESDAY, NOVEMBER 15, 1960.

Wall Street declines, Now's the Ten most moderate LONDON time for

active stocks

New York, Nov. 14. Ten most active, stocks troded on the New York stock exchange, sales, closing prices, and net chonge,, respectively: 34,900 Univ Oil pro 254 up

32,300 Maying 34% 70%. 31,400 Std Oil NJ 40% off 28.200 Autom Canteen 32%

up .

14.

26,000 Korvelle 20% up 1% 22,000 Boeing Airp 35% of

22,500 Ford Motor 61 of 1%. 21,000 Gen Motors X-D 27%

trading STOCKS boldness, Airline ends long

New York, Nov. 14.

The stock market drifted lower in moderate deal-

ings today,

Amerteat Sugar re-Amerleon Tel & Tel

Losses were limited mostly to Ainerison Cyananitd less than one dollar, Building American Smoli & en material shares displayed .sistance to selling, and utilities

were mixed.

off

19,900 Gen Inegum 37% up 13.

The tenth position was held by both Ameriean. Molors and Bethlehem Steel-both showed of 10,100 shares, Д volume

American Tobacco Anaconda Company Annco Steel...

Just about everywhere else, Associated Dry Good declines were posted.

Armour & Company, Atlantic Refining Bendix Aviation Steel Ethlehem Bowling

Airplane verden Cu, Borg Wamer Bridgeport Irak Burroughs_Corp.

1. Co. be Case Pacific Railway Celanean Corp. Am. Corre De Paseo Chrysler Corp.

The slump didn't cause too much excitement among market analysts, who noted that prices advance have scored a sharp over the past three weeks. Thus n' technical setback could expected.

With the steel picture con-Cities Service.. tinuing gloomy, US Steel lost Coca Cola Corp 1 while Republic and Bethle- Colgate Palmolive

American motors cloud at 204hem were down fractions: Jones off and Bethlehem steel 40

& Laughlin made an Indepen o! UPI,

dent gain,

Agreed merchant

rates

Swiss Francs

selling 75%.

maximum W. German Deutschemarks maximum selling 72-11/16.

Exchange rates

morning at the following ratest-

3.30

Settlement of the Chile strike Against Anaconda brought no demand into that slock. It Just 4. Other coppers dipped as the prospect is now for greater sep- ply of the red metal.

Commonwenith Edison

Consolidated Edikn Continental Di

Products Co. Crane Company Crown Zellerbach Curtiss Wright Dill Corp Seagrams Dougins Aircraft Dow Chemical .... Dupont De Nemours Eastern Air Lines Eastman Kodak... Food Machinery & Chem Ford Motor Co.... building General Dynamics material shares was based on a deseral Electric private forecast that construc- General Mills... Lion contract awards will increase General Motors about 1 per cent next year.-AP. General Telephone

Georgia Pacife Corp. Getty Oll

Firmness In the

Closing prices

12.30 Aluminium Company

Ainerada Petroleum

24.25 | American Airlines

1.00 American Can

Binone Was

done in

unutmetal exchange

the locat market

thly

US dollar (per 81).

Allied Chemical Corp

4.GE

Sterting noles (per £1)

A

Allis Chalmers

10.83

Aluminium Ltd.

Australian mites (per 21)...

Indonesian rupiah (per 100

..

Siaticals (per 1

Singapore Straits)

P.O

ORIENT

15215

LINES

EMBARKATION NOTICE

R.M.S. "CANTON"

Gillette Co.

Goodrich, B. F. Co." Goodyear Tyre & tub Ingersoll Rand

2436 tril Business Mach 25 In Harvester 691nil Nickel 60int Paper 1875

for UNITED KINGDOM via SINGAPORE, PENANG, COLOMBO, BOMBAY, ADEN, SUEZ-PORT SAID. EMBARKATION:

SAILS:

The ship will be berthed at No. 1

Wharf. Pier, Kowloon

Passengers should embark between 4.00 p.m. and 6.00 p.m. on Friday, 18th November, 1960.

The ship is expected to sail at 8.00 p.m. on Friday, 18th November, 1960.

BAGGAGE:

Should be sent to the Hongkong & Kowloon Wharf Co.'s Godown (No. 2 Gate), Navy Street, by 5.00 p.m, on 17th November, 1960.

SUBJECT TO CHANGE Agents:

MACKINNON, MACKENZIE & CO,

́OF H.K. LTD., Telephone 35211-9.

Now! FamoUS Sensimatic versatility plus high-speed typing!

The New Burroughs Typing Sensimatic!

Now Typing Sensimatic com bines the limitless job flexibil. ity of the Sensimatie with the speed and accuracy of Burroughs' new electric type- writer...to offer the simplest, most direct approach to ac counting automation.

1

Its Sensing Panel automat- ically guidos it through each fob. And four separate ac counting jobs can be pro- grammed on one panel. The now 84-character typewriter bringe n'now rango and paco to descriptive accounting.

There's a Typing Senti. matic for your accounting noeds.

Call your Burroughs man

Ini Tei & fel Jonts & Loughlin Kaiser Alumlitlum Kennett Copper Libby Owens Ford IKACLL & Myors Lockheed Alre Lone Star Cement Lolliard. P. Co

Mariki Co

DECLINE

London, Nov. 14, Stocks drifted lower today after release of October trado figures showed # widor trado.gap.

Textiles and motors met some demand but steels, stores, to- baccos and breweries ensed.

Government bands

continued

63% to advance with gains running 401 to 4 sterling.

Foreign bonds

were quiet while dollar stocks tended lower.

251

2631

Gold mining Anniy

108

B12

2112

30%

Merck & Company

Bocany Mobil Oil

South Am. Gold de Plat

South California Edison

Southern Company

45%

Sperry Rarad

10%

Siandand Brenda

404

Standard Oil California

437

Standard Of Indiana......

4315

Standard Oil New Jersey

4019

Atandard Of Ohio

Sterling Drug

1

Studebaker Peckord Texaco InE. ...............

Thompson Rame W.

Tidewater O

Twenty Century Fox

United Air Lines United Fruit

US. Industries

U.S. Lines

U.S. Hubber

U.S. Smelt & Ren

U.S. Steel.........

Warner Bros Pictures Western Union Tel....

Westinghouse Elec

Yale&Towne

Youngeinwn Sheel & Tel... Zenith Radio

HONGKONG STOCK EXCHANGE

by

Nur Own Correspondent

201

Business done at the Hong- kong Stock Exchange this mor- ning amounted to approximately $1,240,000. Noon quotations and the morning's transactions:

Buyers Sellers 1328 1540

Bharat

KK Bank...

Lombard.

Whart Wheelock

Ex. Div..

Dock

Provident HK Hotel HK Land

Yeumati

Yaumall

Bonu

7

50 1340

101328

1330

42 43

400 0 4235

240

BSS

8.00 2000

BAO

1000

2000

100

103 104

#7

1000 89

4000 8.55 3000 8.00 7000 € 8.00 11009. 9.55 2000 4.50

200

300

2:00

shares noved

under selective buying

and las improved but coppers turned dull.

Oila lost fractions after a firm start. Rubbers and teas held steady-UPI,

3

Closing prices.

British Government Securitien

Consolidated 240-7/10,

3. Converzio0-200-13/10, 2. Savings 1000/00-200.

1960/702787%.

36B 1003/75-2714

Banks Insurance

Barclaya Ord-674_34. Chartered Bank-da sd. Hongkong Bank-27214 Lloydsa

1

Lombo Ord-20 744,

Union Insurance=#7-29/32.

01

Durmah Oil-30# xd. floyal Dutchs~£12.

Steels Engineering Babcock & Wilcox Ord—34a,

United Steel-1350.

Vlekurs

Industrials

Asoc. Elec. Industriesy 3d. Assoc. Portland Cement-07 Dd. Boardman, Marden Ordusu 435. British Motor Ord-148 60. Comin (J. & P.) Ord-69s 4α. Courtaulde Ord47s 30 xd. De La Rent Orl--DB

160.

Dunlop Rubber Ord-l English Elecsic Ord 33 Ford Motor Or-01s 104, Gilman (Holdings) Ord d Grent Ord-50% Dd.

Ord-200 90. Hawker

Imperial Chemical Ord-11s 11. Marks & Spencer "A" Ord-foss xd,

BOYS Dd.

Triumph-a, 10ld.

Unilever Ord-148s 154.

Woolworlk Ord.-31.

De Beers Def-1830-194d.

Petaling Tin-7 1.

Miscellaneou

Bowmaker Ord-29

Canadian Pacific Ord-$39!

Hongkong China Gai-155

P. 0.3Steam Nav Dot-330° 1018-Reuter.

New foreign exchange rate for

rouble

Moscow, Nov. 14. Russia tonight announced a new foreign exchange rate for the, rouble. ·

1.

Effective from January 1061, it will be 80 kopeeks to one Americon dollar. There are 100 kopecks to the rouble.

The current official rato is four roubles to the dollar, with a tourist rate of ten to the dollar.

But introduction of a new "beavy rouble" worth ten times the

one--announced present

inst May and also effective from January 1-would have given an

Mr Lloyd association with

By WILLIAM DAVIS

London, Nov. 14.

THE recent cut in Bank rates, from six

per cent to five and a half per cent, is the first green light move since the credit squeeze began last April. . At first glance, therefore, it looks like a turn round in official economic policy. correct?

How far is this

The Chancellor of the Exchequer, Mr Selwyn Lloyd, has repeatedly stress- in the last few weeks ed that he would ease controls As soon as he thought it safe to do so. The problems, namonths have gone off the boll, he sees them, are this:

business remains very of Government active and demand for credit Main target

brisk." policy, as initiated by Lord was Chan- Amory when he

cellor, has been to get a good surplus on our balance of pay- ments this year.

but

New Guinea

Australian overseas airline Qantas ended a unique chopter in its own and qvia- tion history in September 1960 when it withdrew from operations, in the Territory of Papua and New Guinea after some 20 years association with those parts.

Qantas handed over its New | DH86 aircraft, led by Captain sent to Guinea Internal network to Ore. Denny, woo "Investment domaná," he Trans Australia Airlines who, evacuate civilian refugees who ul- had gathered of. M. Hegen sald, "is too heavy and, though with Ansett-AN.A., were

consumer ready sharing operation of the Mission, 2000ft, above sea level there are soft spots,

Of in the Now Gulnen Highlands. Qantas Bird former demand as a whole is at least

It is s Qantas legend now how Paradise Servlee linking the maintained.

organised û

at. Bing-Sing "The rising boom of the early Territory with the Australian Captain Denny monster native the upsurge of mainland, summer and

for the past 18 bank credi

There is nothing quite like which the feet of two thousand New Guinea aying elsewhere in dancing natives pounded the soft flies in groas, airstrip into a hard level the world. Everybody

There is seldoin surface from which the heavily- laden DH80s were able to talen New Guinea. any alternative,

off micly. For the people who make up

Through the war years Qantre the thin and widely scattered

with New Guineà the Territory. Hinka. population of aviation is as much part of strengthened of the company's daily life as the 8.18 bus or the armed aircraft took part in baker's delivery cart to the city "Bully Beef Bombings," carried

to troopy

battle stations, | dweller,

operated The Territory is widely rug-ovacuated casualties, ged country with the north courier services from Australia divided from the south through to New Guinea forwardİ BAUTE, by

out its length by the massive and few special flying bou? cordillera of the Central High chariers to island outposts.

As the war noored an end and and civil authorities prepared lands where individual peaks Lower beyond 18,000ft.

and resume administration of the dozens

Territory, Qantux Introduced 12,0001L

move

The Bank rate suggests that manufactur ers have had some measure of success.

But it is important to To achieve this objective the credit

squeeze was launched, It was

cut down remember that the decision intended to Home

demand which in the has undoubtedly been very

influenced Treasury's view was diverting strongly too much of our production events overseas. from the alt-important export markets.

There is evidence that this policy is beginning to have some effect Exports are still disappointingly low, but at Beast imports have fallen off.

my

Failed

On the whole, however,

has

falled

fra

The its

..

At the beginning of the year, Bank rates in Britain, France,

the US.A Germany and stood at four per cent.

Changed

011

Before the change the post- tion had changed to this: London six per cent; Germany - five per cent; France three and a half por cent: USA. threo per cent.

10,000 exceed

Here ond

ranges aro

to

there, separating narly in 1946 a weekly Sydney- the complex system of mountain Lae service which was to de- magnificent broad, velop into the famous "Bird of ENGEDY, valleys, in which one Faradise" service. finds the groups of settlers for are a vital whom air services link with an otherwise almost inuecessible outside-world","

TRICKIEST

...

HUMBLE BEGINNING: Then, early in 1948 a. Qantas DH84 "Dragon" aircraft. was flown to Now" Guinen "at, the request of the Administration to assist in the work of post- and from Scattered through this im-war rehabilitation possible country, scratched out this humble beginning developed on mountainsider. are some of the Qontos New Guinea Inter- the strangest and trickiest air nal networic of services. strips in the world,

The New Guinea Internal net- *other

There are strips sloping up work which Qantas now has hill at grades of 13 per cent and handed over to TAA, includes 43 Britain.

more. Strips which begin ab- | porta" of call over some 6,500 This, apart from being expen-ruptly at the edge of a precipios route miles, employs more than

end sive for us, has caused consider and

abruptly 600 staff and is operated by equnily embarrassment to the against a sheer mountain face eight DCS aireraft and four De able

at the other ent Strips that Hayland Otters including one Americans, who are already in

alontz deep approached financial dimculties. By redue-

Against this background there has maturally been a consider able outflow of money from

Anancial

centres into

squeeza objective

Treasury officials, I find from to Whitehall, excursions niow think it unlikely that there will be any surplus on our balance of payments at all·

At the same time, and to the consternation of all concerned, it is clear that the squeeze has now be

In 1940 Qantes flow 585,102 gun to work against indus-ing our rate we shall help them. valloys and by ducking through amphibian float platie.

Cuina and At home, the Bank rate docí. į narrow gaps in the mountain mies in New

ramparts. One sirip at least

carried 5,260 passengers. In Bion really representa com- where it is possible to fly want promise.

the strip only a few score yards 1050 a total of 1,278,000 miles ΠΟΥΛ und 47,400 out from its edge, but two m three hundred feet below it. passengers carried. New Guinea Qantas experience of oper- Internal and Bird of Paradise ating from these bush strips services combined last year flew

carried the Pacife Wan in May, 1042 miles dates back to the early days of sine to two-and-a-half million when a Qanton party with two passengers,

try to an extent which gives cause for alarm.

Manufacturers have tried to The effect of a half comply with the Government's plea for more exports. But they per cent cut on industry have come up this year against is largely psychological. much tougher conditions, A small change like this especially in America.

does not, in itself, make Without the aid of a buoyant much difference to capital: home market, they have found plans. it hard to make much headway. Normally, 22 manufacturer

So the Chancellor achieves worls out an overall unit cost two objectives, at once. He re- of production. Lower costs at duces the inflow of "hot" money home mear that he can reduce ond gives manufacturers his prices abroad and still make souragement of the less dan-

gerous kind, fair overall prodt. The credit squeeze knocked

WIZY

and

81,500

COMMODITY PRICES

General markets, elit bails, ports: Nov.

en-

METALS

Der

Jan.

This leaves him time to con- this prop from under his feet sider further developments, such and upset his calculations. And as the trend of exports and

looks as if, os things are, business at home.

The City thinks it will not be there can be no "Blg forwardİ

Ib move overseas until a reason-long before he makes his next able home market is restoredimove. This should be a cut in "special deposits" giving the The Chancellor recognizes the

į banks more to land. Accumu-

offietat exchange rnte of 40 dangers, And he has lent lated deposits now exceed £140

kopecks to the dollar and a tourist rate of 100 kopecks.

GOLD CONTENT

No mention was mado in to- night's announcement by the ofn Council of Ministers- tourist rate.

sympathetic ear to all ploss.

million so this could be quite an effective measure,

Blagost and the most effective

Estate crepe this Decal

thick Dec AMSTERDAMİ

Closing prices all in guilders NEW YORK

per kilogram, c.lf. Nov; iNK Closing prices all in cents per No. 1 rubber

Lead.:

Dee

Copper, Dee.

No. rubber No. 3. rubber,

10.36

No.: 1-arepa,

But he and his advisors are not completely con boost to industry would, of

LONDON vinced that a relaxation equrse, be a relaxation in hira

Cicking prices, all In sterling now is the right cure. He purchase controls,

Television manufacturers, the per long ton."

Buyers feels manufacturers may furniture Industry, domestic sp hava been overstating their pliance fra, and the car glants,

-months. to all have a strong case for help. 107 (Sydney Gampell, Reuters difficuliles in order

It must be hoped that Mr a 21.70

Anancial editor, wrote tonight preis action upon him. “ that this might well be a unifica-

Selwyn Lloyd will soon take Los ist: half, 5614

tion of the Russian exchange This was indicated by the his courage into both hands

Governar of line Bank rates,

England, Mr Cameron Cobbold, and step boldly into the at the annual Mansion House future. dinner last month,

1700 65

100

100

100 104

Go e 173% 100 6 57

(Russia's trade with the West and even some balanced ba tween Communist countries, is 800 24.20 generally done in western eur- 62120 | roncios, particularly sterling,

24.20 Gampeil added),

(B)

Tram

C. Light

24.20 24.30

100

·300

24.30

Electric

Telephone.

20.30

Tonight's announcement also do 30% 2000 e 30 ·

sold that the gold content of 19.30 198) to es 19.60 the rouble would from January 25. 19.001 be axed a€ 0,087413 grária. 2200 5039 The current reto/I 0.322188 1000 m 5014 grams..

Telaphant

(Rtw) consent ....

30 0034

Dairy Farm 201 # Vition Texile

0.06 1000, #TU 19.00 18.40

Nanyang

A. Nubbar.

+

| Rubber T. XD

Taikoo Dook

Realty

· Information, whone or "wialis ĴUMATRA TRADING:00, (HK) LTD.

diers Machines Departinetit, plu

Ha àre diman

16.00 : 0.10

346 |

"heavy Institution of the rouble" was announced by Mr Khrushchev,

This move, similar to France's 'creation of the "now franc, but not as drastic, was belleved lo bormimed at simplifying 141 bookkeeping. It had boon oi» timates that fii fivo years Nym-' Bia azokala Mtrack would? bo

of trillion utroubles andit. was thought the time ha corsa to khook out a nongkiakeAZI.

££

of

tom(London Kupresi Service).

THE UPS AND DOWNS |

Bank vate changes in the last 10 years: November 1951 21 September 1957, March 1952 4% March 1958 September 1953 31% June, 1958 May 1958 41 May 1954

% August 1958. January 1955

31% November 1958 41% January 1960. 51% June 1950

4 February 1955 A February 1986 W February 195705

October, 1960

#pet Copper

Semonth

201

Nov

3-month

RUBBER

SINGAPORE

Closing prices all in Straits cente per b. fo.b., Malayan

porta:

No. 1. Nov.

No.:1 Dec

NO, NOV,

No... Nov,

No. 9 Nov #pot rubber ini Kenkeerdpe

No pale crepes

Closing prices all in pene

E51 buyers

340 buyers

3.44 buyers

2.30 Bbm

COTTON

· LIVERPOOL "Ciceing priecs all in pence per

American Con

July Dec.

Mixed Contra

FOREIGN ENCHANGE

-