1961-02-08 — Page 2

THE CHINA MAIL,

WEDNESDAY, FEBRUARY 8, 1961.

Wall Street closes LONDON STOCKS

with minor loss after late rally

New York, Feb. 7.

CLOSE MIXED

London, Feb. 7. Stocks found no follow-through to yesterday's run- up while Wall Street's casiness slowed the trading pace after yesterday's turnover had hit the highest spot for ten months. But selective buying boosted engineering equities, textiles and some motors and the list closed mixed.

Steels receded on news of more short-time working, lead- ing tobaccos fell back on dis- appointment with Imperial's and again" dividend

"same

Stocks closed with a minor loss today after a late buying spurt

cut many losses and put some issues in the plus column. Trading was fairly active es- Allied Chemical, Union Carbide, Carter products, and defence stores ensed.

! Teelally near the final bell when ¦ United Airerant, Johnepaman-jistues fost as much as 1% price were on the rise.

ville and General Electric. General Dynamics.

The Dow-Jones Industrial <lown by was held average Jorses of a polut Gir more 121

1:1

Steels and motor stocks Today's volume was 4,020,000 Of a total 1,295 shares moved in a narrow range, drugs shares. were down as much as 14 in traded 351 were higher and 483

lower,

P.O

ORIENT

LINES

EMBARKATION NOTICE

R.M.S. "CANTON"

EMBARKATION: The ship will be berthed at No. 1

SAILS:

BAGGAGE;

Pier, Kowloon Wharf. Passengers should embark between 2.30 p.m. and 4.00 p.m. on Wednesday, 8th Febru ary, 1961.

The ship is expected to sail at 5.00 p.m. on Wednesday, 8th February,

1961.

Should be sent to the Hongkong & -Kowloon Wharf Co.'s Godown (No. 2 Gate), Canton Road, by 5.00 p.m. on Tuesday, 7th February, 1961.

SUBJECT TO CHANGE

Agents:

MACKINNON, MACKENZIE & CO.

OF HONG KONG LTD.

Telephone: 35211/9.

American WRs 1,330,000 shares.

Bonde volume minounted to $8,700,000.-UFI.

exchange volume

New York

cotton market

Cotton

New York, Feb. 7.

aturat today passed an unusually quiet session ostradors awaited some now incentives.

on the

defensive

Operating from the opening, the market closed net 2 to 11 points tower, Opening prices were off 1 to 7 points. New Orleans also closed utto il points.

Important operations appear- ed to be held in abeyance

deurlop pending Washington

ments, and especially the long- awnited government announce- ment on the loan rate for the 1961 стор.

G.

Representative Thomas Abernethy (D.. Miss) urgea the Agriculture Secretary to use his to boost price-propping powers

the income of cotton growers. He said the 1901 support should be raised for cotton seed, while the cotton rate should be set at im less than last year's level. UPI,

THE UNION OF

SOUTH AFRICA

同

FROM

BOUTH

|

Several blue chips managed

penec.

Kains.

Olla

quiet and Flayed trendiess with Anglo-Egyptian the exception, I sling 8 pence higher a 24 shillings

President

Kennedy's renewed pledge on the dollar price of gold sent South African mining issues buck- tracking. but the counters started a sharp cnd-session rally. Ghana's take-over bid for five

West British owned African mines sparked a flurry In what the house calls its "Jungle market," bringing a list of good gains.

Coppers shrugged of a dull start but tins were mixed.

Presistent sqiling produced minus marks for gitt-edged and with some of the sales sald to be on American account prices War loan 3 per gave ground.

to another new cents dropped low

at £57-1/10th, a fall of £9-/16th. Dollar Stocks edged downwards.

Foreign bonds attracted te interest

Rubbers Ing. Teas UPI,

met selective buy-j were neglected, -

Closing prices

elisa Government Recurities Consolidated 24244. a. Conversion-456-15/16,

Savings 1555/85-200-21/32. Savings 1950/70-277-13/10. 3. Saving (903/7-270-5/40.

Oversea Bend.

54. German (Dawes)-&£12. $ Japanese, Amentes-£1507. Tanks & Insurances

Barclays Ord-0.

Chailered Bank-30s 9d. Gubistall Asurance - 1204 34. Hongkong Bank-C935 cor. Lloyds Bank-30.

Lannbard Banking Drd-15 d.

ots

British Petroleum-Sia Od. Urmal Oil-12 d. Shell Transport Ord-1433 Ed. Royal Dusch–£13%. Ultramar Company-20. Od.

Steels & Engineering

Wilcox Ord-ady 24.

Babcock

EXPORTS TO THE VALUE OF £700,000,000 ́ ̄U.S. $2,000,000,000

Vulled Steri-01s A, Vickers Oid–254.

Electric

Anoe. Elec. Induriries-4ER BL. Flee. Mus, Industries-454 34. English Electele Ord-314 30. General Electric Ord-92 33.

Industrials

Ase. Portland Cement-754 112 Dunlop Rubber Ord--23 1 Turner & Newall Ord-011⁄2 44. Unilever Ord—357» 10lEd. International Computers—72. tit. Floardman, Marderi Ord--81 30. Borax 11öldingvi—–719. Catrerna "D" Öröm-48 #jet. Fine Epinners Crdal#.

Ord 11512.

Coman STANCADRE) 054-

7153.

Jagune Cars Teunion Ord-4 Standard-Triumph-10. Wiggins Teape Ord-34 4%. Forestal Land-131 3d. Hundson'e Bay--C#-7/10, Westland Aircraft-155 M.

INQUIRY IS TOLD:

HONGKONG

U.S.

STOCK EXCHANGE

Our Own Correspondent,

Busitica done at the Hong- Stock Exchange this

amounted to morning

appro-

kong xhnately $4,000,000. Noon quota-

tions and the morning's trans actions:

gbarea Buyer

Sellers

IK Bank..

1700 1500

HK Bank

Lon. Reg

Lombard Ins. Wharf Co... Talkoo Dock

ПК Cas

452

70 75

18.30 18.40

Rales

1700

0 34 1700

40 of 1890

1301003

10 1803 1:17 1090

5 1910

2007315

KK

70

100 w 25ky 500 181 300 18.40 200 38 1000 ut 1.40 1300 13.30

100 14U

500 i 10.30

Wheelock.

11.00 11.90

GA) 12

11.00 5000 12 7000 11.00

HK Dock..

127

129

100 #123

1000+ 128

Ord-264

C. Provident 20.00 27.10

600 27.10

1000 + 27

HK Hotel...

45

45!

1500 45%

2.00 - $5

I Log

Ex. ...

02

130 13:

423 782

Chemicals Monsanto Chemicals impartal Chemical Ord-31.

4d.

Paper Downter Paper Ord-145 71. De La Rue Ord-50% ad.

Tobaccos British-Amer. Tots. Ond»-08s 121μd, Imperial Tabacco Ord-60s 2.

Molora British Motor Ord-178 ft. Roll-Boyce Ord–43 rd, Hawker Siddeley Ord-29 41yd.

Textiles

Calico Printers On-151. Cal J. 2.) Ord-50% Courtaulds Ord-438 Bi Lancashire Cotton Ord—60%.

Stores

Great Universal Ord-325. Lyons (3) "A" OrG-BSN Marks & Spencer "A" Ord-st, 3. Woolworth (F.W.› Ord-37s 10lach,

Miscellaneour

Bowmaker Ord—24s 1144. Hongkong & China GA-151. Indo-China Def. Ord-23¢ 3. Land Securities Ord-24.

1. & O. Steam Nav. Def.-411. Stoll Thestrxo-01.

Kuiner

De Beers Def-145 49d. Petaling Tin-os 10d.* Rio Tinto Bearer)—-£24;.

Hona Aniclope Copper-da Du, Welkom Gold Mining-78. Western Holdings-1425 Okt.

Rubbers Tray Angle Indonesinis Plant-% 36,

Ceyle Ten Ort-20s." Jinperint Teu On-Ha Od. - Kuala Lumixer-Kepong—3% ed. Lanabak Rubber-131.

-Reuter.

GILT-EDGED DROP TO ALL-TIME LOW IN UK

London, Feb. 7.

Yaunati

(New)

1400 821L

14

100002

120

300 320 1400 128

GOD er 120

134 130 34 302

500 342%

1400 N 3424

100 35

Ch. Light

Yaumati (013) IK Tra

28.00 DOGO 129,20

programme of textile imports endangered

Washington, Fob. 7. Senator John O. Pastore (Democrat, Rhode Island) said here today that Japan felt it had put itself at a disadvantage in voluntarily agreeing to restrict its cotton textile exports to the United States be- cause of the rising valume of exports from Hongkong and other Far East countrics.

"This is very disturbing information," the Senator declared at the second day of public hearings on the domestic textile industry.

Senator Pastore is chairman exports but said it would not

Committee's work for of the Commerce

the American textile sub-committee on problems of industry. the textile industry.

le drew support for his position from Mr Barkin, who nald 337,000 jobs had bren lost in domestle textile plants because of the Increasing ika- poris,

Three years ago the sub- committee recommended heavier restrictions on imports of tex- tiles, but Congress und the Eisenhower Administration

the Ignored

recommendations.

The US. textile industry claim

Mr Barkin sald Americon

manfacturera textile

were

It is being damaged by heavy handienpped by two factors;

1. Forclp manufacturers Imports of textiles.

could buy U.S. raw cotton at

prices

than could manufacturers

be

The Pastore group is renew-cheaper 4400 @ 23.30 ing the study of textiles this American

500 29.30 year, hoping that President cause of the subsidy paid by

who supported is the Agriculture Department on 2000 20.20 Kennedy,

100 19.30 recommendations when a seno- exports of raw cotton.

tor, will look more favourably 1000 20.00 on proposals to restrict linports,

000

20.10 £300 GT 20

DK Elec.

32 22

1000

0813, 633

4332 or 32

250 321

2495 32

ILK Tele

(New)

4411⁄2 4415 4000 45t today

G. I. Cement 71%

Dairy Farm 309

Allied inv. Textile

430 425

375 +421

1 TB

250 4214

375

424

1000

12

200 724

200 30

500 72

34

200 kr 35%

200 € 30

1800 3524

9 0.15

7.53

#

200 64

4000

0

5000 7.0J

Nanyang...

13

1000 133

1000 6 13.10

4400 13

A. Rubber.

7.10

7.15 10000 120

1000 7 7.50

2000 7.20

1000 7.18

I. Trust...

Realty

HK & FE

Inv.

Gihnan

Vibro

8.03 2000 de 1.05

2000 m

500 à 8,05

500 8.0G

1000 1

2.10 2.123 306503.10

$4000 2.125

10000

4000

2.15

DIFFICULT

the

2. Wage rates in the US. were higher than in foreign countries.

"Overall we

would not

تارا

Senator Pastore's comment able to expand in the world after Mr textile market if all restrictions Was made

Ameri- Soloman Barkin, an economist were removed against for the Textile Workers Union can texilles," Barkin declared.

Mr William Pollock, Presi- of America, testified that the increase in

number of dent of the Textile Union, told textile supplies frum abroad the sub-committee that while the had "made it difcult to enforce Eisenhower Administration had quota done nothing to help the textile the Japanese voluntary

industry, the new administra- tion has shown signs or grea- ter awareness of these

prob- lems."

syster and therefore dangered this programme.”

-

The Senator noted President Kennedy's aim to increase U.S.

Boom in UK Industry," he said.

retail sales

London, Feb. 7. 2.10 Retail soles in Britain boom- 12000 2.123

10000 € 2.123

17.70 17.00 1000 17.30 3,375

U. Waterboat 301 Nope.......

The three leading gilt-adged int? tav...

(government stock) securi-

tios toppled millions to an all-time low on the London

stock exchange today,

24

1319

3.48 0000 3.326

24000 or 3.375 10000 3.40 1437 23

15003015 1500 49 24 2004+ 24

2006 23.70 1000 13.50

Exchange rates

Thisiscan was done in the focal

at

ed through 1960 cnded the year highest level yot.

NEW APPROACHES "The Kennedy administra- tion has indicated a deep con- of the cern for the problems

"It is our hope that now approaches, bared upon suggestions which we will make today, may lead to a solu- tion of this problem of imports." Mr Pollock then presented number of suggestions, among thom:

*

1. The Ferieral Government should distribute free textile and products us well as food to the underdeveloped nations over- sons and to needy perpong In this country. American textiles should be included in U.S.

2. The U.S. armed services textile pro- should clockplie ducts and aword contracts for their manufacture densed arcas,

December's total les were 4 per cent higher that your earlier and the seasonally - Justed index Jump to 144

egains" November's 109.

Board of Trade figures show that food stores did well. and December sales of consumer durables climbed little from their depression,

The biggest British gover- ment stock-War Loan-with | unomelar exchange imarket thin

Clothing and footwear stores over £1,900 millione in issue, morning of the following raten:—

US dollar per 31)

an exceptionally 6.12 "ad

Ceed fell 7/6 to £57-1-3 per £100 sterling notes (per £1)......

15.43 year." Their total salci reare$ stock.

Altenian mute (per £1) .... 12608 per cent above 1959 levels Indonesian tostan (per 100) .. 2.75 This is the lowest it has ever | Siam ficals (pee 100),

against a rise of 4 per cont in 1950.-UPI. reached

since coming into Singapore itSiral19)

́M $6,000,000,000 H.K. $11,000,000,000 being in 1931 Its peak

C100-11-3 in 1935. YEARLY!

And Is An Excellent Supplier Of Your Requirements Including :-

FOOD INDUSTRIES

Canned Fish & Abalone

Canned Fruit, Vegetables

and Jame

Fruit Juices & Squashes

Wines, Spirits & Malt

Dried Fruit & Vegetables

Edible Oils & Peanut Butter

Breakfast Cereals

Biscuits & Confectionery

Motze, Grain & Eggs

Animal Feedstuffs & Yeasts

Fisk & Vitamla Olle

CHEMICAL INDUSTRIES

Industrial Chemicals Adhesives & Glues Glucose & Starches Insecticides. Dips, Sprays. Weedkillers & Disinfectants Pharmaceuticals & Druge Methylated Spirits &

Alcabat. Solvents for Industry Wax & Tor

Carbide

Tanalug Extracts Explosives & Fuses

BUILDING MATERIALS

Hard & Soft Boards Steel Windows Steel Faraltare Office Equipment & Safer Asbestos-Cement Products

MINERALS & ORES

All Minerals & Ores Asbestos & Gypsum Refractory Materials

AND MANY OTHERS!

Was

About a year no it WAG valued at about £63.

Consols 21⁄2 per cent-the oldest Government slock, the last issue of which was in 1902 --dipped today by five shillings to £43-10-0 per £100 sleek.

Conversion 3% per cent-last issued in 1925-also fell five shillings to £30-11-9.

LOSING VALUE

The gilt-edged securities have been losing value on the ex change for some time, as a result of persistent selling.

Mary stock exchange dealers belleve this 1 because fixed interest Elocks, particularly there without n redemption date, have become more and more unpopular with Investors.

2620 1,50

foreign aid.

to milis iz

3. A permanent agency should be established to do research on textiles.

4. A double tariff rate, similar to that prevailing on woollens Bud worsteds, should be CX- tablished for all textile Imports. 5. The tariff on raw Woo! should be eliminated.

0. A one-price polley for U.S. cotton should be set up.-Bauter.

COMMODITY PRICES

Mar. 2325; May 23.85; July 23.90; Frankfuri

American Contract

Copenhagen

.10.341-19

11,091)-13,09

METALS

Oct. 24.30; Dec. 24.40.

Liban

80.20-10.30

Oslo

20.013-20

Mixed Contract

Paris

13.79-12.

Stockholm

18.4676-1.4.

Mar. 2305: May 23.90: July 2446: Me Oct. 21.03; Dec, 24.70-UPI.

Vitana

17411 **2.07-73.00

NEW YORK Closing prices per lb.:

Lead.

Mar. May

Zurich

UPL

all in

cents

10.13

10.25

Zine.

Mar.

10.98

May

10.03

Copper,

Mar.

MAY

LONDON

Closing prices, ail in sterling per long too.

Tin.

прав

They prefer to But their money 371 ordinary shares, which provide opportunities for 3-month capital appreciation in umes of Copper,

Tutation--Foruter,

Agreed merchant

rates

Foot 3-month Lend.

3-month Zinc,

Apot

-month

Buyers Sellers

707

707

200

0312

no

BO

-UPL

SUCAR

NEW YORK

Closing prices, all in cents per ib.:

Contract No. 8 (world)

Mar. 3.03: May 201; July 288; Sept 291; Nov, 2.00: Spot-(F.A.9. Cuba)

02.

Total Sales: 30 contenuta.

Open interent: 1,115 contracts—UPI

FOREIGN EXCHANGE

RUBBER

NEW YORK

Rex rubber futures closing prices, all in cents per l 50.80

Mar

May

July

Nov.

SINGAPORE Closing prices

27,85

all In Straits cents per lb. fo.b. Malayan ports:

No. 1 Feb.

Mar.

No. 2 Feb.

No. 5

tipol rubber unbated'

Blanket erope

No. 1 pale crepe

LONDON

Closing prices all in pence per

Settlement house term:

.... 2314-237

34-237

NEW YORK Closing rates:

1.00-29/33

2.0020

16:

2.7070

No. 1 Rt spok

3,7140

2,0000

Mer

Apr/fuse

July/sept.

LONDON

Nov/Dec.

Jan/Feb.

Closing rates; New York Montreal

Feb

2014-20

Hor

21-18

„General markati, vid. basin, ports:

Etata crepe this Feb.

thick Feb.

Kurusele

APRICA

CUT OUT THIS COUPON AND SIND TO

The Soular Trade Commissioner: for the Unión of Saulk Africa in East Asia.

1st Floor, KPM Building, Robinson Road, Singapore.

Předto send me the nomes and addresses

of South African Exporters of:---

The name and addrass of my firm is as follows-

ADDRESS:---

NAME

Belgian Francs:

Selling, 000.

Maximum

West German Deutschemarks: Maximum Balling, 72.

Unit trust

First Hongkong Fund: Buyer Price: $1.18, Seller Price; (1:20,

COTTON

NEW YORK

Closing prices oil in cents per

jb.:

Spot 33.25; or, 1906; 3ay 3200; July 2010; bet. 3376; Dec. DE; Mar. 31: May 344: July 1999.

ใน

LIVERPOOL

Canedo

Enga

onicles 30-days

_D=dzys

New Zealand South Africa Others unsonanged.

Closing prices q11 in cents per Amsterdam

23021

$37-52K.