1961-01-03 — Page 2

! Pagă 2

Diamonds no longer a girl's best friend,

says currency expert

New York, Jan. 2. Diamonds are no longer a girl's best friend, as the way it goes. Neither are stocks and bonds, gold and any of the other precious metals, says Franz Pick, a leading international currency expert.

In his year-end review of market price movements, he finds that the best hedge against currency depreciation in 1960 were such items as tapes- tries, French rugs, historie manuscripts, 18th century furniture, paint- ings, sculpture and drawings of modern masters.

Prices for these items increnged- from 26 10 160 per cent in 1960, compared with a rise of 2 to 15 per cent in diamonds and a 10 per cent in stock market prices of leading issues.

Fick, who bases his findings on results of pubilk suctions in New York, London. Parts and Zurloh, notas "that uneo murg chrewd buyers of art and rare editions of bocks fared augh

better than collectors of print- ed paper in the form of stocks, not to speak of bonds."

On the top of the list of best hedges for 1960 Avere;'

of

★ Tapestries

Flemish And French origin, dating from the 15th and 18th centuries, which ilsted about 100-per cent higher 1853.

Malaya plans to

expand rubber

programme

Washington, Jan. 2.

Spanish, The president of the Natural Rubber Bureau said today that Malaya's natural rubber industry is starting the New Year with an expanded re- planting and research programme.

137 in

und 18th 17th

century French rugs, products of of the

the Inmous looma cavonnerie and of Aubuson, rose about the manu proportion in French markela,

Manuscripts of the 12th

to 14th centuries rose at

least 15 per cent.

Rare boolus (elchori almost unbelievable prices. A Shakes- commanded pente first Jatio

$87,200. Audubon's 19th century St Albans Apocalypse, bought at $102,000 by a New Yuk dealer, fetched the highest price

pald for such volume.

over

a

Sevres ccatury 18th porcelain were offered at

15 to 100 per cent higher than

a year ago.

Russians

get new roubles

Moscow, Jon, 2.

H.C. Bugbee, who heads the Burcau which represents Malayon growers in the United Stutes, snid that during last few years natural rubber has done very well-selling Di a good price more rubber than we were producing,"

"During past years alsu we have been gutting ourselves in the position to keep selling our fall production in the future," he added.

we have

THE CHINA MAIL, TUESDAY, JANUARY 3, 1961.

Markets closed

The New York and London stock markets wero cloned yesterday be. cause of the New Year holiday, They will reopen today.

HONGKONG STOCK EXCHANGE

by

Our Own Correspondent

Business done at the Hongkong Stock Exchange this morning amounted to Approximately $2,300,000. Noon quotations and the morning's transactions:

Buyafu Seller Shares XK Bank

E. Ala...

Whark

Wheelock

Dock

Provident

HK Hotel..

Bairs

1430 1440

50' 1440

40 1435

200

230

9.83

50 1450

33 1430

1000 12.05 113 110 1500 15

110 23.70 23.90 108 91-2

14 415 4DOU sr 415

HK Land 1419 752%

Yaumati

"

(New)

Tram

33 3344

2. Light 26.00 26.00

Electric

Telephona Cement

་

GDOG 41

300 4315

200

200 73%

200 i 75 1300 7435 609 144 1100 175

7115 300 & 741⁄2

Assurance for West

German investors

in

Malaya

By Gordon Hung

Kuala Lumpur (By Airmail).

West Germany, which hitherto has been enjoying

a thriving trado with Malaya, will now be able to set up industries and commercial firms here with an assurance that their investment will be protected by the Federation Govern- ment.

Increase in

Soviet-

W. German trade

Bonn, Jan. 2. Total trade between West Germany and Russia will be increased by about 425,000,000 marke £35,400,000) (about under the trada agros- ment signed by the two countries last week, the West German economie V.W.D., agoncy, reported today. 500 20,00

West Germany 15 to export

marks 1,800,000,000

(abou 157,500,000) worth of goods to Russia and Impart from her 1,895,000,000 marks £152,000,000) worth.

20.70

4000 20.00 1000 21.60 1600 28.20

2040 2015 4000 29.09 2300 29.40 100 or 201

1000 20.40

3915

0411

65 6500 21 0475

200 .63

Dairy Farm 32% Watson Ailled Invesf.. Texilio

"By replanting extensively

lowered production Nony.** costs. By consistently Incrcas-

Russian citizens yesterday ing both our replanting efforts A. Rubber

old and research

A

T 7.05 1000 7.00 4000 67.85

expenditures, we Talkoo Dpek 711

273 13.00

2500) 7.85

13:00

500 13.70

3.70 7215 1100 073

DOO 73

600 692515

1000 ( 251

Realty

1.00 1.020 Star Ferry 192 HK Co. 10.10 10.20 Int'l Invest 10.70 10.00 H.K. & F.E.

Iny.

5000 1.00

100 6 184

000 * 18.50

2000 49 10.20

159 15.70 1000 15.40

500 15 500 7 1514

375 13.20

12.83

began exchanging

are working towards bringing Humphreys 23.40 255 roubles for crisp now ones out costs lower still." under a currency reform CONSUMPTION

Bugbee exld it was estimated change-ovor that will last

3,780,000 fons cf for the next three months, that about

all types of new rubber had The exchange of ten old been consumed during 1900,

la Industry

cconomists forecast French 18th century fur-roubles for one new one

increase to ap- carried

nearly that this will out at miture by such masters as being

4,500,000 tons by and thirty thousand exchange points proximately Roentgen, Martin, Migeon

The 1005. Leban, rose about 40 per cent or throughout the country.

statement sold The Bureau notes more in value.

QCW

aro smaller and

that in 1980 a total of some 18th century silver show-neater than the old.

A visit to cho of Moscow's 2,205,000 tons of neutral rub- ed a general price in

cent, 2000 exchanges, which are open crease of 25 to 30 per Louis XV eliver sel made by an average of four hours each Jacques and Roettier, was cold day, found business brisk but nt $500,000.

not heavy.

Paintings made art news although

their sunsa-

price

lionai post-war

booms

ber was produced by the entire growing industry. By 1970, ac- cording to estimates, the indus try will produce about 2,010,000 tons.

IT

1980 Malaya accounted for the largest share of the with some year's production

715,000 tons, Malaya's contri- builon in 1970 la forecast at approximately 1,200,009 tons

SIMPLE PROCEDURE

The procedure WITH simple word halted. Sales featured El

Rubens, with Muscovites handing over Greco, Gainsborough, Candletto. The overall price in-old roubles to a clark and re- crease in this class of canvasses ceiving new ones in their place.

Der cent. No documents wITC required, AP, was about 35 to 40

Legrand oriy the amount handed in French cubists, Braque, and Pleasso, rose by about 30 was written down.

20

per cent in auction sales, with Queues averaging about sume works by the contempor-people formed at some places

school ery American abstract

but they were mainly youths showing gains of over 50 per and children eager to sue the cent over previous levels.

OTHER SIDE

the other side of the On pleture, 1 carat diamonds rose about 2.4 per cent, with dia- monds of 4 carats and larger increasing about 14 to 15 per Platinum rose priec.

vent

abrat 5 per cent: gold in bar form, roso in leading European markers by unly 1% to 2 per cent; coins gained an average of 3 per cent.

Metals, along with Wall Street, ware no hodge against monetary debasement, necord- the Prices for ing to Pick. Dow-Jones list of "industrials" dropped nearly 10 per cent, compared with a rise of about 18 per cent in 1059. Tails de- elined 17 per cent; public utilition gained 94 per cent.

In metais, copper prices, cheapened by 24 per cent in Now York and aluininium cased 11 per cent. Steel bars drop- ped 42 per cent, steel plate 30 per cent and cold rolled sheets lost 63 per cent value.

now notes Reuter.

for the first time

Unit trust

First Hongkong Fund:

Buyer Prico

Seller Price

Macao Elec. Glimon Caid, Macg.

2.415 2.525

Pakistani group

off to Moscow

news

CRUDE OIL

(about

This is the oulecme of recent folks between the West German und Federation Governments hore. A trade pact was signed after the talks Malaya's third trade agreement since Indepen- donce. The first was in 1958 with Australia and the second (was with Jepan in May last

year.

RANSON

2 phantom' liners will complete fast fleet

London, Jan. 2.

Two "phantom” liners, worth about £20 million if they ever become real, are intriguing British shipping circles.

They are the two vessels nord- The signing of the third trade |ed by the Union Castle to com- pact was described as "one of plele the fleet of seven fast ships, some considerable significance, the minimuma On which a re- marking the beginning of a perlod | gular 111⁄2-day service to the of new and closer ties between | Cape can be maintained. | Malaya and West Germany, y

Under the agreement both governments undertake in:

Safeguard

cach other's nationals and companies from discriminatory treatment ng re- gards their investments and ac- tivities in connection with such investments.

★ Permit transfer of capital and its return between their territories.

Not to expropriale, without

fair and prompt compensa- tion, investments in their terri- |tories made by each other's

nationals and compantes.

APPROVED PROJECTS

15

A voyage across the Atlantie thrown in for those British passengers who decide to make "a thousand dollar cruise" in

the Cunard Macr Caronia this year.

Most of the passengers on the

Tus month the Transvaal 52-day cruise from New York

Castle will be launched at John will be Americans. But luxury Brown's yard en Clydeside. cruises are no longer all-dollar She will be ready Join the affairs. British passengers will Pretoria, Edinburgh, Pendennia vicea to New York to join the four other fast Castle chlos- he taken by normal Cunard Ber-

and Windsor in a year.

ship. Sir Nicholas Cayzer, chairman Americans will pay a mini- of the giant British and Commum of 1,100 dollars. British monwealth Shipping Company fares start at £303.

now controls Union The Russian parts of Yalta which Castle, has spoken of a planned ond Odessa are programme of replacement programme. London Express which looks forward to 1965, Service.

FOR BRITONS

think

血群

the nexi

Shipping men pppropriate moment for

of Announcement

tho Union Castle Rect replacement be when the Transvaal

The agreement will cover in would the Federation those German in Castic enters the water. vestments which have been

classified on application as "ap- proved projects" and in West

Germany those Malayan invest Aluminium bulk grain

Of this amount, between ments which have been made in 650,000,000 (about £54,160,000) | accordance with Germán legisla- and 700,000,000 marks (about ton

£58,300,000) worth are to be It will run for an initial period purchased in the first three of five years and wBI continue in months of this year.

force thereafter unless either Among the increased ore government gives notice in writ- Russian sales to West Germany | ing of ila intention to terminato of crude oil, which amounted the agreement. to 1,500,000 lons so far. They

It is also provided that after will be raised to 1,700,000 tons the termination of the agree- this year, to 1,300,000 tons nextment, investments existing ot year and to 1,000,000 tona in that time will continue to be 1903.--Reuter,

protected for a further period of

London most

Karachi, Jan. 3,

and Talks between Pakistan the Soviet Union in Moscow on assistance in oil and Soviet

completion and a formal agree- mineral exploration are nearing

ment may be initialled in a day in or two, according to Ruslan sourers in Karachi.

A Pakistani delegation head- ed by the Minister for mineral resources, fuel and power, Z. A. Bhutto, left for Moscow on De- $1.15cember 13.-AP.

$1,08

Forecast: the U.S. will go

on investing in

By ALEXANDER

Europe

THOMSON

London, Jan. 2.

everywhere. In the Every time I go round Europe, I meet Americans

bars and restaurants of the big hotels as much English now seems to be spoken as French, German or Italian.

active gold market

London, Jan. 3.

10 years.

It is experied that with the now trade agreement the annual two-way trade between the two countries-cow it is over M$300 million-will inercase.

But the main advantage of the trade pact is that it paves the wy for German adstrialists tin open up

industries in Malaya,

new

TEXTILES WEEKLY REVIEW

hopper vehicle

is Aluminium

much favoured in the construc-

on the cruiso

New service port.

for shipping line

London, Jan. 2.

Ben Line Steamers, Ltd, dis- closed yesterday that it has plani "under active consideration" for making Immingham, on England's east coast, a regular ser- vico port for its vessels going to Manila and the Far East.

are

A Bop Lino spokesman told tion of bulk carriers be-United Press International that cause of the additional three departures (for December, pay loads made possible Jumary and February) already

have been scheduled. by its light weight.

THCSO arrangements A recent example of this

very tentative," the spokesman type of vehicle is a grain hop-said, but added that "this might per built on a 25-ft semi-wall develop." trailer by H. Woodward & Son

Henry Limited for

Shatt Limited, which has an interest ing and effective screw dis- charge system.

If the regular port service is established, one Ben Line vessel would leave Immingham on schedule for the Far East every month. The body their is 20 ft 8

Regular Servico out of in. long which includes n 1 ft Immlogham, which is about 10 in bowed front; is 71 miles southeast of H on the in. wide and as a capacity of Over 600 ca. It. The overall height is B ft in. A hopper ed floce slopes at approximate

ver Humber, would form

a

now lak between Aslan ports and England's cast Midland's Industrial areas,

ly 27% down to the longitu- dinal centre line of the trailer but. externally a neciangular appearance is 'nchloved by ex-plne embassy here bending the sides of the vehicle : Transport below the floor level,

"VERY GOOD' Ometals at both the Philip..

and the Bri-

Commission's leh Transport Docks, which The aluminum heat, see- runs the Immingham port, wal- lens and crustings uses in the comics the news. constructions were all supplied

1960 London consoli- dated its position as the most octive ond best- supplied gold market in

Raymundo I. Villanueva, com- the world, the annual

by Alcan Industries Limited mercial attache at the embassy, circular of Mocatta and

(previously Northam Alcaid "this is very good" when

boing Goldsmid, bullion brokers

Informed of the pintin minium Company Limited). and • subsidiory of

New York, Jan. 2. Noral 117 cast undertrame considered by the Ben Line,

cloth

resting on Hambros Bonk, disclosed Cotton print

prices pedestals

tim- "I will be happy to see this. ber packing aro attached It would be a great help, most today.

casod this past work as Lo the main chassis mem~ of our imports from England * rosult

of increased bern and support standard to the Philippines) como from offerings from second channel-section" cross-bearers, the Midland area,” added. hands.

These pierce the hoppered floor, "Our (Filipino) export dive Finished goods markets con- which, with the sides, la mado alro could be getting along"

from 13 SWG Noral Mä753⁄4K tinued quiet and

A spokesman for the British found it difcult to move heavy huminium sheet. The floor Transport Docks and that

to mako stocks. A number of cotton supported by angled aluminium Ben Line decided

sections which are bolted to Immingham a regular dock for sudden mills shut down for a work to the crust-bearers and to the Far East service departures "it activity in gold and the sharp 10 days in observance of the vertical side pillars; the latter would be quite a feather in increoso in price during holidays. October, the circular concluded Carded yarn buying improved and also bolted to the troso- that all gold, sold in London during the month with the re-

It said the structure of the market was found to be prout "against the exceptionally violent strain" to which it was subjected.

INTO HOARD

Dealing with tho

converters

bearers. The channel aract anglo ssellons used their books to alloy.

fr

our caps."

on this

root

He said It would be important, and other heavy cargo produced In the cast Midlands and in Yorkshire,

since October 19 "has gone into suit that mille have enough body are all of Noral B$18cially for heavy machinery hoard, sinco the central banks business DA are precluded by the rules of maintain operations through the . Six channel-section” the International Monetary first quarter.

He said that The Census Bureau reported licles brace the oldes end, with Fund from buying at more than

at present. that consumption of apparel we longitudinal stringers, though many ships used im- $35.35.

The demanet for small bars wool in November was 12 per port the weather sheet which is mingham as an alterative part had been large enough to strain cent below the weekly average fastened to 27 Noral 350 cast during London's recent dock

alloy rope cleats. The body, troubles, and 10 per excluding the dischargo y still was "quite irregular," Sometimes in Zurich, Brussels ; pates another 30 per

cent get 54 per cent of the European the capacity of London roners of November 1959

and there had been a consider cent below that of the previous tem, weighs only 21 ewt. but i total. and Frankfurt it is almost like increase to $750 million.

Tep spenders in this way

able Increase in the demand for month. being on Broadway, New York.

flaw wool markets wore slow carries, on an average, 13 tons covereigns-Reuter.

of grain. Bartenders put ico in your during 10617 American manVAI –

except for pulled wools and

The discharge screw cari nolls which sold in good volume veyer runs the length of the Sootch as a matter of course. And facturers of electrical machinery Pick Ands that the U.S. dol- dollars head every receptionist's and man-made rubber, the bank

at Arm prices. Montevideo lat, now under beavy pros-1st of foreign exchange rates.

fruiter in. forecasts.

wosis were also active hut soat toned channel set at the apex a semi-circILINT-DOC-

offerings were stares.

Manila hemp prices were mixed Better grades were scarce and prices edged un- bearings for the strew are also

suspended from wards, Lower crados were in

On the curreNCY

market.

aure, lost about 1.5 per cent The reason for all this is the It reckons they will at least

Brazil, one

the Philippines, Humanla und Venezuela,

'COLONIALISM'

In 1960,

Top of the bill 19 West Germany. It is the magnet for more than half the millions of dollāta U.S.A. firms ore invest- ing on the Continent.

Bank of England

statement

Hawors

the

the

T

At

Immingham'a traffic

reront fairly regular monthly departures by the Peninsula and Oriental Blodm- make up the nearest thing to a ship Line (P &.0) for Australia

scheduled servico, the Docks

of lim value during the year, huzo minna American business-double the flow of dollars they Franco

of the floor and supported. from 9kzeman added, comes next with 20

The four S 24 VESSELS the cross-bearoju. Elgbt fall devaluations

took men are investing in now plants have charmelled towards Europe | per cent. Belgium, Holland and

The Ben Line ourrently his9 pisce notably in Gaines, Ice-on 4ho Continent,

Luxembourg share 10 per cent, land, Indonesia, South Korea,

CTORS-24 vestela averaging about 12,- Italy regelves nine per cent,

deadweight

ions tach Baudt Arabia, -Turkey.

CHANGING

London, Jan. 2. For the first time, the Chase

which

SCTEV operating to Far East porta, It Uruguay, and the U.8.8.3.

of big business The Bank of England state- ample supply imd priera de bearers. A SHP electric motor 000 Mohatian Bank

The_stream Other big menders? Makers of hns. drawn

USA.

clined.

is rends two to three vessois the

chats drive to ment for the week ended Dec.

through come partial There were

together the facts of this new-non-alcetrical machinery, up 31 capital from

Sial prices were unchanged situated beneath the hoppered monthly to the Orient out of devaluations in 1000; two in

DET SC. And chemical Arme, Europe is one reason for the 28, reads as follows:

Noter in circulation. ·EN,273,853,443) but trading was slow. weakness in the dollar,

floor and in neepsable through London and the Immingham cach in Indonesia, etic "Colonialism,

Thoy carry a sharp warning for up id per cent.

Public deposits...

13.101004

nf Fear ajute shortage a hinged door in the bowed service would be extru. Private depecutives

291,044278 our Arms. The competition The pattern of this investing When Mr Kennedy takes over

of burlap front. 403,402,5% prompted a frming

All three of the vetsola Itnyá Government facing them may become a lot by American industry is also an President, this month, he can other securities

43,020,732 prices, advances ranging fro

ing Immingham soon will ge to Finally, Pick reports, the free tercer got.

changing. More of it is now hardly cry "Hal." It would loceipts

#1305,94* | ilva to 15 points. Also directing Itallo market value of 10 currencies

At the end of 1050, direct going to the six countries in the hit too hard at American pride. tell to a historia low. The investments by American in- Common Maricát.

That is why he will almost

'; countries included: Ceylon, dustry in Europe avere valued

As a prsult of pasi solivi- | certainly looks to business boost- Congo, Cuba, Dominican Repub at $5,300 million (say £1,000 Una, mently 30. per veni of all ing at home as the best manns of lic, El Savador, Ethiopia, million).

1.3.A.-owned namets in Europe helping the doliar. And that Guinea, Haiti, Ireland, India,

are la'the UE, The Common of courte, should be good for Хапов, Kalanga,

Market sorgsats for about 49 | Wall Street, as I said corlier. Nicaragia, Bouth

per cepi,

Meantime, hóss about our own kis lae voor, 47 per cent of free? The American Inva- American _GUID

new clonot.. the. Continent.

Indontale,

Morocco

Korea, Tunlala, Venezuela,

Plooing together a jig-saw of evidence, the bank con aludes that last your the dele far flow will be 20 per comi up on 1959.

on

is

Pick is the publisher mot "Pick's World Curray By-

I estimates that fetal spond-plants in Puurope has been in obviously something they cannet pork" He la a former scoromle ing by UBA, frini en Eurepetih | the Blx, and 41 per cent in overlooks, adylacy to varioue European projects will be $500 million, | Dhritam,"

Which reminds me of that old central banks, and is ommaldered or 2200 million...

"This year, mootrding top | axiomi 4 you can't stop a an expert on world. currency And this year, mys "ina bank, | Metraw=1|1|| #avay gloted by deal, gat in on it.” trends and priem.—UPI.

| Il-will be tightë mili, Is anticl- the bank, the dix are slated to

London" Exprésa, Bervice),

TICL

Agreed merchant

rates

Canadian # maximátní setting. 17% Minimum bitying 17% T/T 17-11/16 0/D.

Dolglas de

France maximum

W. German maximians welling 72-9/10.

to reduce the working week from 45 to 4211⁄2 hours beginning Jamary 80-UPI.

Overloading of the motor

the market was the decision of prevented by taking the weightManila, Other ports of call for the load on pitched Ben Line vessels mit of both the Indian juta mills zssociatio

over panela

the screw. They London and Imminghaṁn are in have a 1 in. clearance Egypt, Matnya, Singapore, Ins from the floor for grain feed dunesis, Thaliani, Borneo, and are hungơi ta allow in---Ifongkong, Formosa and Japan,

During spection of the snow. A full

London's sleiko lond in discharged by this gps- | troubles, the Ben Line" pokos tem through a"rear" orifice, in man, sald, hia. Aryn was. 30 minutos. About 1⁄2 tons of which use Immingham an chy-be diverted | alløsnative" port. One of the through a alda-outlet, gravity | ships which left for Manila | during this a period inerpinda dlscherpe mano králier is finished in rod) | machinery, while, athew, outward. the lettering, being gold with | purgo included finished pripel

ang flan meul, he addsdem.Up) black shading."

Exchange rates

Byees was done is the best jus one exchiner market (his morning

days, 913)

17

Auktekkas nodes (pår 21I)

Indonesian Rupiah « (per" idő)-

antiesie (pwr, 103)"

Singapore (Measta)

*****

300

ona