THE CHINA MAIL, THURSDAY, DECEMBER 1, 1960.
Wall Street shows Big reduction in
decline
New York, Nov. 30..
Stocks were sold for their biggest loss in around a month today but the soles were accomplished in rather calm fashion.
LONDON
CLOSES FIRM
London, Nov. 30,
Stocks were barely firm at the close today after a 'nervous opening gave way to some selective demand
in the industrial list. There was no real follow through
to
brisk climb.
Stures dipped
yesterday's
up the early frading and then staged are
overy later while engineering and steels made a mixed show- Ing. Textiles etiged higher.
Government bonds showed a spread of small losses ramming
up to
ensed I the foreign where Greeks Ormed.
stacks were lower.
Germans
sector
Rail stocks, farm equipments,
a low department stores and scattered speciuls), wre able resist the trend that pulled the Dow Jones Industrial average well below the vaunted 000 resistance level.
Losses in the motor group ran to around one point in Ford with American Molors ahead around me. Most steels dropped around and electronle lost as inuch as four In Texas Instruments. Union Carbide and Dupont fell over one point in Like chemicals
Jersey Standard 1 to a new low in the
ull.
Closing prices
3672
201
4D7%
234
7548
Altile Pr. & Paper Algoma Steel Corgi, Allied Chemicula Allis Chalmers
American Metal
Am. Natural Gas American Simeting
HOW WEAK IS
THE DOLLAR?
by William Davis
London, Nov. 30.
Is the once mighty dollar tottering on its feet? That is the question inevitably raised by America's
current "economy drive."
What diMculties
Canada's adverse
trade balance
Ottawa, Nov, 30. Canada's adverse trade balance during the first 10 months of the year was cut to $79,100,000. from $427,400,000 a year earlier as a result of increased exports and decreased imports, the Bureau of Statistics reported on Tuesday.
Exports during the January- October period. Totalled $4,478,- 100,000, up 1.6 per cent from the comparable 1959 total of $4,160,900,000. At the same time, Imporis declined 0.7 per
$4,588,300,000 cent
from
HONGKONG
SPORTATION
REFRIGERATED
CARGO LINER LAUNCHED
to
STOCK EXCHANGE
The
by
the U.S.A. Yes, say currency speculators and investors all
its $4,577,200,000 the has had are largely due to Over
Exports
limports abroad. So It
outpaced world, Certainly not, say the high spending
fourth should during October for the authorities. "That is "natural that the axe American
straight month, but the surplus there should be any dispute at fall there first.
overcome was not enough to all is the fault of the Americans themselves. They have botched
the Imbalance built up during the first six months. up their public relations.
the
It must be hoped that current measures long over due-will reverse or at least halt the trend.
cial centres.
The "hot"
use
too the
Our Own Correspondent
Business done at the Hong- kong Stock: Exchange this morning amounted 10 ap- proximately $5 million.
Noon
Unsactions:
shipbuilding
firm
of
Glasgow Alexander Stephen and Sons Ltd., Linthouse, have launched the single- screw refrigerated motor cargo vessel Iberic
Shaw for the Albion Co. Ltd.
Or just over 11,000 tons gross.
TRADE WITH U.S. It was the London gold rush
Britain could help by reduc- a few weeks ago which broad-ing fis Bank rate. Interest rates cast the issue to the world. And in London are still much
with The traile Imbalance
United States, Canada's that rush need never have tugh compared with other anan No. 1 customer, rose during the happened.
10 month period, even though money they pull both imports and exports were The dollar-not tong BI fin Is no more than window-cut. Exports fell from $2,590,- the world's most Bought dressing. It is of lite practicut | 000,000 a year ago to $2,500. quotations and the morning's the vessel will have a 13,300 after currency had been
us and embarrasses the 700,000 and imports fell from under pressure for some time. Americans to an extent which 13,107,700,000 to $3,088,000,000.
Shazes Buyers Bellers But talk of a devaluation had might provoke further retalia- This
Imbalance of HK Bank. 1370 1380 an not been taken very soriously.
Express $527,000,000 steps-London
with compared The gold boom, started by
$510,800,000 Inst year.
The Iow Continental speculators,
exporta surplus In 28 changed
La dramatic
frade with Britain rose from
ak. E. Aría $152 million to $281,400,000 Loinburd Ins. fashion. It sowed the seeds of
as exports climbed to $704.- Union Ins.. doubt like a spendthrift farmer a bumper
200,000 from $837,300,000 and Whart Co.
Waterhout imports fell slightly from
Wheelock $485,300,000 to $487,100.000.
American Tel & Tel
|
60 4371⁄2
American Tab.
Anaconda Copper
Armour
Asbestos Corp.
Baltimore & Ohla Bank Montreal
Bank of Nova Scotia
Fleet Life Savern
B. C. Tel. Co. Hell Telephone Bethlene Steet
ish Amer. O
Beth Columbla Pwr. Cana. 2k, of Coinin. Dollarsler Motors....
Corning Gloss Works Funtolidated Edinon
South African golds drifter. Colidated_Paper
Cappers hardened after opening dill.
Oils were mixed Tea and rubbers were neglected,—
UPI.
Closing prices
British Government Securities 2. Consolidated-£43.
Conversion £6)-1/16. 3. Savings 1995/65-200.
Saving 1960)/TU—27}}1,. Savings 105/75—£TIM. Banks & Insuranes
Bursays One DẪN HƯ
Chartered Bank-40% RL.
Jongkang Bank-
Lloyd's Batske-70% d
Lombard Banking Ord-17,, MI.
Union Matrace 79..
Burmat: O-39
011
3.
Royal Dutch-ZIP.
Steel Engineering
Babcock & Wileux ord--35; 41;a. United Steel-629_34. Vickers Ond-2N 150.
Industrial
Astre. Elec. Industricais nc, Amoc. Poriland Cement-001 3d.
Boardinin, Marden Orthod, British Motor Ord-15) 4220. Dunlop Stubber Ord-Zix 30. Bier, & Mus. Industries—41a od. Ford Motor Ord-1371 101e, Gilmen foldinge Ord-21 10157. Great Universul Ord-Sis 30.
Marks & Spencer "A"
34.
edition pr he 10th
Rolls-Royce-441.
Standard-Triumpli 04. Undiever Ord-40 30. Wanlworth Ord-Sás 740. |
Mines
De Beers Def–1806, Petaling fin-76 kl.
Miscelaneou
Bawmaker Ord-23s 1d.
Ord-Ole
Indo-China Def, Orl--2in W3.
P. & O. Stram Nav, nef-349 gd.
Reuter
Agreed merchant
rates
Swiss Franes Maximum Sell- Ing, 75-1/18.
Belgian Franes. Maximaux Selling: 884.
West German Deutschmarks, Maximum Selling: 72-11/16.
Comauters Gas
Criple Pet
Cuhur Amer. Sugar
} Distillern-Sengram
Dominion Stores
this
45 hopeful of reaping
度
crop.
DISDAIN
Almost overnight the whole
psychological atitude changed. Speculators
were joined
by
them- selves against currency losses.
al
TH
033
302
others trying to insure
27!
4721
621)
Dupont de Nemours
Eastern Air Line
20
Ferrs Corp.
314
Ford Motor Co. of Cana.
13132
Gurg Pacif
Genrial Fonds
Gin. Tel. & Elec
Goodyear Tyre
Gulf Old....
Hirim Walker
Russian Refele. Imperial Oil
Lily Tulip
199%
The American authorities could have prevented all this but didn't.
have
The rise in price owed much 40% to ♫ shortage of gold. By making additional gold avail- able, The upsurge could been kept within bounds.
Instead, the Americans treat- 10ed the whole business with They content- haughty disdain.
with a
simple 441% announcement that devaluatien was not being considered "ta any way, shape, or form."
Imperial Tubsero
12
tol Buress Machines
502
cd themselves
Int'l Harvester ....
International Nickel
0
479%
Lockheed Aircraft
2001
Forlard P.
National Cash Reg. "A"
06
National Le
Bolá
New York Central
Noranda Mkies Ltd.
On Elevators
Pale Gas & Eles.
Pan American Airways
Paramount Pictures
Portland Cen, Eee. Pullin
Radio Contration Hadio Corp. Prot. Raytheon
By Ban N
of Schenley Inc.
Silal Ot1 Hocony Mobil Oit
Southern Pacic Co. Standard O of Cal Standard Os of Ind. Stone & Webster Studebaker-Packard Corp. Texas Co.
Yesterday's Closing
Unjan Paelfie Railway Warner Bros. Westinghouse Electric Woolworth: (36. W.)
12
tory
Service.
The
Provisional change in
sugar quotas
Mexico City, Nov. 30.
International Sugar Council today provisionally cut basic export quotas 15 per cent for largo sugar producing nations and 10 per cent for smaller coun trics. But it emphasised this figure might stand.
the year
especially with a new admini-amounted to 8,380,000
TOUGH TALK
It wasn't nearly
enough....
1645
$415
071%
stration coming up. The Americans
27
now recognise
not
* The Counell, winding up its 'conference in Mexico City to- day, sald free market require. ahead for ments
metric bave site tons, or about a million tons realised their mistake. They less than growers offer.
Ralph E. Stedman of London, President of the permanent of pay- Council, said final export figures menta and gold reserves may will be set some time in March,
that, however
strong the balance
be, the prestige of a currency and that changing conditions can be shattered by a change could and almost certainly
52
07
直额
|
In the January-October
perlod exports to the rest of the
Sales 120 1245
40 350
101353
40
1360
10 ur 1370
11315
200
43
204
2712
1,00 7000 $1,60
Commonwealth rose from $225,- 1 Dock. 113 600,000 10 527 million and
100 / 200
5000 5.05 3000 - $1.00 14000 BU
S000 or 1.60 -
400 x 22.00
1000 22.00
114
Imports from
$200,500,000
500 1122 3700113
to
Provident . 23.10 23.30
$271,500,000.
Exports to all other countries increased from $701,700,000 to $881,700,000 while imports de 1 creased
from $794,700,000 to HK-Hotel. $700,100,000.--UPI.
'Cautious' budget
Copenhagen, Nov. 30.
The Danish Finance Minis- ter, Professor - Kjeld Philip, today presented in the Folkeling
(parlin-
23.10
2000 1
1500 tre 1800 23.25 500 23.20
500 43
43 434
1000 43
400 43
BOU 4333.
I Land C5%
70
200 14 89
400 09
000 89%)
2640 1 594
Taumati
110
113
...
Полиа 101 100
HK Tram Ch. Light
3314
28.20
ment) a "cautions" budget for 1961-62 because of the Electric uncertainty of the world market.
He budgeted for an expected government surplus of 878 mil- Bon kroner (about £50,600,000) against 886 million kroner (about 48 milion) last year -- on an expected Income of 7,621 million kroner (about £396 such circumstances. Notified by the Associated | million)-Reutor.
the
almosphere. Under
psychological would change the present
estimates,
10 feeble denials, and benevolent Press that Red China today hut! amusement at the antics of a signed an agreement to buy a
44
44% Lunch
of foreign speculators, million tons of Cuban sugar in are foolish and naive.
2001. Stedman sold that this
24
Dividend
Now the Americans are tak-could alter the council's figures.
London, Nov. 30. ing hasty steps to make up for He eald if the council had known Great Universal Stores de- Government abou. it in advance, it wouldclared an interin dividend_of
their carelessness.
200 ft 109 100 110
300 110 703
100 u 103
200 ( 250 @ 94 22003314
300 21.40 200 or 27.30
100 or 27.60
7600 23 1000 27.90
3400
10000 66
600 6 28.10
1000 or 28.20
31 31 40 vr 2015
1000 e 28.20
250028.10
500 G 30
6903 31
2000 31
Telephone
38
39
400 38
500 L 301
100 +
Ria, 21.20
178 20.30
100
204
100 21
1900 21.30
G.. Cement 63
2000 w
13.19
200
Dairy Farm 3311
Watson Alled Inv.
9.55
cay policies are being dramatically have changed the quotas re- 12% per cent es forecast. The Textile
-UPI.
Exchange rates
Business Was lone the local anometal
Exchange market Bus
Defence
revised.
Department leased today.-AP. cut-back, and cuts in foreign spending abroad, are expected
to save 1,000 million dollars a year.
Says
President Eisenhower: "It people other diations which tilip h the following tales; use dollars as well es gold in
UR. dollar (per $1)
Sterling nos iper £1) **! 13.82 their financial reserves-gui |
3.07
Australian notes (per £1) Indonesian rupiah per 100) -
12.68
fearful of the American dollar,
5.20
20.15
then there can be what you call a run on it."
Sameals per 100) Sing:pore (Straits)
COMMODITY PRICES
COTTON
NEW YORK Closing prices all in
per lb.
Dec.
July
Oct.
Mar.
May
NEW ORLEANS
JURY
RUBBER
SINGAPORE
conts
ports:
**103
No. 1 Dec.
No, Jan
33.80
No. Inc.
03.10
¡No, 3 Dec.
133.10
No. 4 Dez. ***
32:45
Closing prices all in cents
per lb.
Spot
Dec.
Dec.
METALS
LONDON
Further measures to restore confidence are on the way. Mr. Douglas Dillon, Assistant Secr tary of State, ond Transury Secretary,"Mr Robert Andersoni, were in Europe for some tough talking.
SURPLUS
They have already ordered US. forecs in Germany to re- duce their spending on German- made goods. They also tried to persuade the prosperous Ger mans to take on a greater share of the foreign aid burden.
Unit trust
First Hongkong Fund. Buyer Price: $1.04. Seller Price: $11.
**
500
500
633
210064
2000 34 3500 ve 34
100 ir 34
500 g 3316 8.10 3000 Gr 7.00
4000
1000 8,05 0.70 9000 9.70 2000 tee 2.70 BEL TODO GA 18.40 2500 18.40 Rub. 5.00 52 3000 v0.30
Rub. Trust 7.15
group net profit for the Aix
Nenyang months ended September 30, 1900 (after dedueling all charges Amal. Including estimated taxation), which is attributable to the of Mockholders
the Great Univorial Stores, is £5,382,201 ngainst £4,803,875 for the cor- icsponding period in the previ- ous scar-China Mil Special.
Diamond sales
approaching
all-time record
1+
Johannesburg, Nov. 30.
Consolidated Mines the South African diamond trust-says sales of gem diamonds and industrial stones this year are approach. ing the all time record set in 1959.
Talkoo Dock
8000 r 3.05 120 1000 7.10
2000 730
3000 R 71
1000+
4000 7.23 4000 7 7,20
5000 7.15
b.h.p. turbo-charged, opposed palon Harland-Burmeister and Wnin, diesel engine, to give a service of 17 knots. Her over-; al length is just over 510 feat and she has a moulded depth of 41 . 6 ins.
She has a raked stem, cruiser stern and a long bridge house with machinery space mkd- alips. Her cargo capacity in cludes four refrigerated holds and two general cargo holda anti corresponding 'tween decks.
There are a total of 23 spaces for the carriage of frozen
beef, fruit meat, chilled dairy produce,
and
w
Tun three-ton, six five-ton, two sevan-lon, four twelve-ton derricks and one each for to 25 and 50 ton loads are pro- vided for handling cargo.
four-ram Steering is by a electric hydraulic steering gear,
in
Savill
and
Far Eastern section quiet
London, Nov. 30.
in
Chartering
Eastern
the Far soction of tho Baltic Exchange has been fairly quiet today.
+
The unchanged rate of 18 and a half cents per bale foot was paid for a cargo of copra aboard a steamer of 600,000 bale from the Philippines to the Artwerp/Hamburg range from December 15/31 loading posi tion on FIO and stowed terms. Activity In the European sccifon
was mainly centred sround the grain markets, with In the freight kitle alteration rates.
wheat from
with two pumping units com- The Baltic exchange charter-
with trolled from the bridge
the entered committee ing gyro-hydraulic control through market taking the moler vessel
console, #Sperry/Brown
Pearl Haven with 12,000 tons of the Gult to the East Coast of India in January 2/25 position at 70/3. and with in the lond option to northern range # 73/B.
The slightly lower raiz
corporating a telemotor trans- mitter. The steering Bear 进 be oporated by cun, also
Techanical standard Rited
the docking bridge.
Soamen, greasers wards are
0
en
and
sic-
accommodated in
0:
35,500 two-berth cabins on the bridge $5.75 was paid for the motor deck, and petty officers in singie vessel Bjorghelm with barth rooms; but also on the funs of heavy grain from the Gulf to Antwerp-Rotterdam or bridge dock there is a large re- creation room furnished with, Amsterdam in December loading kmall tables and chairs, settees, position.
In time charter the 10,075-ton bookcase, games cupboard, dart- board and table tennis table mater versel Redgate. has been booked from one West African Other spaces on the bridge are
a hospital and dispensary, large round
Voyage
with delivery
burner Theopan 10,000
messroom ai dining saloon narrow in December 3/7 at 17/9,
The adjacent to the galley, bakery
tons (d.w.) and pantries.
the navigating $800 per
Cabins for
received a rate of day for a voyage
officers and cadets are situated up delivery Santos November on the boat deck in a deckhause 25/December 10 and redelivery at the forward end engineer Northern Rangs/Gulf via Chile
electrical UPI. refrigerating and
accommodated on ofcors are the boat dock in a deckhouse abreast the motor casing, while the Captain has a suite of rooms on the navigating bridge abafi the chari room.
Two laminated glass fibrei class "B" motor feboats made by the Renfrew arm of Hugh MeLean and Sons Ltd.,
Motor cargo ship
ship-
each have a capacity for 85 The latest launch at the persons, and are curried under Welln Maclachlan gravity davits,
overhead
The propelling machinery of Iberic consists of one eight- cylinder turbo charged, direct reversing, opposed piston mor- 300 ore diesel engine of Harland and 700 or 25.30, Wolff design and supply. The
700 a 50%
2 2.00 35300 ve 1.925 -
70000 42
15000 ár 2
engine
totally enclosed,
forced lubricated and arranged for pressure induction, and is designed to develop 13,300 b.h.p.
Wallsend-on-Tyna yard of
Swan, Hunter and Wigham Richardson Ltd, was that of the 9,000 tons (gross) motor cargo. ship Clon Fergusson, building for Steamers the Clan Lino Ltd.
She was named by Mrs H. S.
at 117 r.p.m..but under normal Cayzer, wife of a director of the service conditions will develop owning company British and 11,300 s.h.p.
Shipping Co. 110 p.sh. Commonlycalth
09 0915
B00 08 1030 0
Humphrey's
Realty
25.00
20
ic Gra
1615 10.00 1000 a 18.20
4000 16.40
3000 10,40
2000 G 1815
4000 ch 100
2000 1.45
3000 10.00 1000 10.00
BC04115 LPS,
& FE Cilwan
18.30 15.70 2,325 2.35
500 351S
2000 or 2325 5000 or 2.56
2000 g 2.523
Underwriters' 11 11.00 Star Ferry 180 107 Enter,
28.TD 21
on Oriana
Mebal Lane
Inv
Crow 432 Int'l Inv. 2015 10.70
Closing prices all in Siralts
How serious la the position Harry F. Oppenheimer, Chairman of De Beers Vo
Can devaluation be cents per Ib.
1.0.b. Malayan really?
avoked by these pleps, or is it 8535-85% too late in the day?
It would be useless to deny 40% that the dollar
is la somo B 801-8114 trouble. 2301-86 2011-7411 004-0114
-UPL
Spot rubber unhaled
Blanket crops
No. 1 pale crepa
FOREIGN EXCHANGE
Closing prices, all in sterling New York
per long ton:
Tus spot
- LIVERPOOL
Copper apot
3-month
Lead and had Nov.
Zine and had Nov.
Buyer
NEW YORK Closing rates: | Jongland official
90-day's Aumralia New Zealand South Africa
LONDON Cloning rates:
Montreal Amsterdamna Beumela Frankfurt Sellers Supenhagen a
Labo Caka Atockholm Vlaben
Pasak kala
19.50–193 31.7311,73 30.30-20.30
It has been losing ground ever since 1938 when it first became evident that the world dollar shortage was giving way to a surplus.
Oppenheimer added addi- total raarketing agrotmenta
In a year end message to the Leone which has reduced illelt publication "The Diamond News trasto in diamonds. And South African Jeweller," Oppenheimer said today "signi-
Are USA Acant developments took place finished up with a big deficit on should inspire confidence in re in 1900 which we believed Ks balance of paymenia. Thero wasn't much improvement in future of
In
that year, ibe
1980, but the gold outßow, was much smaller.
dustry."
the diamond La-
STABILISE
Rubber market
being negotiated with other principal diamond pro- The duota which he said "ho hoped would further stabilire the world market. Oppenheimer's message added:
Beers' of Do
Di
TV receivers
+
Lil.
The ship is being built under special silvey to the latest rules and pidhato Class Lloyd's +100 A. I.. (yegetable oil and cargo bil of up. ld, 1.30 speeille gravity and a F..bove 150 doptees Fahrenhalt cartied in deop links forward),
de ship, will have Ave meln dook Passengers on board, the cargo Holds and tween:
for Keneral new 42,500-ton P. & 0, dog available
cargo and a special catro space Orlent liner Oriana. Vil jy No.1 upper; tween, decks to be experiencing televisionary 180 tens weight of danger- history for they will see du cargo petroleum or allled the first round-the-world substances in drums)-LPS. television systém dá
British ship.
Another big tanker
The receivers are Ecovision 523-line export models by EK, Singapore, Nov. 30. market was idle for fitted in the public rooms, Cole, Ltd. Some 60 epoelvers bre
most of the session with first-cluem cabina, sed cuiles, for but showing 625-line pictures when pricos fluctuating
rperiving Americas Program Gulf Scot, the second of Bittle business passing.
mes, or 625-Uno pictures from stations; using the onl system.
This year, oddly enough, "Oppenheimer cited as one of "The success USA trade with the outside the biggest developments this scientists in developing a process Just before the morning close world has undergone a drama- flo improvement. Exports have
15108
25000
200000
oil.
1.74 10/10
While
Ji
1 Ruid which
year the agreement reached by of making a type of synthetic there was some keen buying of
No,
A special standards coyote De Beers with the Soviet Union diamond grit that can be used December
Tire cervision hơn tho ve tel ren by more than quarter, whereby all Rusetan-produced for specific. Industrial purposes brought prices back to previous will permit reception of D-A and imports have been check diamonds for export to the has led to a decision to establis level.
is wih radko: bt., Belileri Western world would be pur-n factory in Bouth Africa to Buying resumed in the after-transmitter, the act chased by the Oppenheimer con- produce this synthetle material noon on rumours of China buy-oelvers la pagalba de di-ling TOO HIGH
trolled diamond corporation and on a
comercial scale. The continued loss of gold has sold through its central calling for a considerable time alcad been due almost entirely to the agency. This agreement has there would be sufficient stocks
Profit-taking pared gain for a undoubtedly, strengthened the of natural diamond grit for the while, but flow of "hot" money to other world diamond market," Option world market, the decision to offeint close and prices went to rise reversed after financial centres.
The improvement in trade cimer said..
engage in synthetic production day's high of 86% for Decem- He also praised "ihe orderly was en precautionary nieasure | ver. - may not be held. But it "cor= tainly suggests that the dollar la madaktion scheme: arrangda ba dictated by the uncertainty of hợt in as much dimmilie, an twin-bha Diamond corporation- events in the Congo republ indst "People" baleve.
and the goverment of Sierra ) —AP,
four 40-100-ton tankers Jaming @Bijli atb Tees- alio" khrul cof Furness Co. Ltd., SA building
Was FVerlon Hin, recently. Sho la the 173rd trinker to bo models #WHIT showing UK. constructed by the builders at programmes. Pansenkym will is the 11th vesel to be bult for also boule to enjoy Ekcovision the Gulf all Corporation and tla
Kasımorialad companies. viewing when the Oriana ivandreds of miles from land A sizler. ship of the Gulf via the strip's-own-ton The Jurgers ever launch cloco chcult cum tratákillsUBIH, | KAR - CAT® Bld River Tier-she las
The television sjulem
was an overall, longtis of 734 £t. 8
· Lowers were in silvelive de. I provided by Mamooni's, Vilaubens | jxz and a design speal of 17.
kinoia.-LPS. Telegraph Co. Ltd--LPB. | PARTICI,UPI.
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