1961-02-21 — Page 2

Pago 2

THE CHINA MAIL,

TUESDAY, FEBRUARY 21, 1961.

Wall Street stocks show Rubber

record advance

New York, Feb. 20.

The stock market rose to another historic high today, based on Standard and Poor's 500 stock index which represents more than 90 per cent of all the actual

the trading

New York, stock exchange. Trading was very active.

on

The Index gained 22 cents at Its $62.32, two cents above previotts record which was set

and equaled!

on February 2

again last Thursday.

and

Steels, cars, chemicals many selected issues advanced.

rails,

building

Sune coppers. materials and drugs also moved abend.

Brunswick topped the list of heavily-traded

Sssues, rising 31% to 51 on 10.608 shares, secund was American Motors up at 18 on 73,300 shares. third was servet, up 1% at 1574 on 59,400 shares,

Next came Ceneral Electric, Airlines and electrical off a 45, and Sperry Rand,

up at 24 31.

- equipments declined,

The Assolated Pres 60-stor average also rese to a new all-i time high. I gained 50 at 230.80, just topping its previous

reached peaks of 236.70 February 2

M

The Dow Jones 30 industrials were up 1.98 at 653.65.

Volture

BETTER NEWS

tolaited 4.€89,000 chares, making the 28th fou

in the 25 Talition-plus sessicu trading days so far this year. It compared with 4,640,000 shares traded on Friday,

The busiems news was better, Strel It included light US. production, strength in the world mice of copper, and additonal anti-recession steps laken by the

administration Kemzdy Washington.

LONDON STOCKS GAIN

London, Feb. 20.

(:1

The stock exchange went

firmly ahead today on

HONGKONG U.S. expects to

STOCK EXCHANGE

(Our Own Carrosounds

sell more goods

Malaya

to

Kuala Lumpur, Feb, 20.

Business done at the Hop The United States expects to sell more of its pro-

trung

Stock Exchange this morning amounted to approxi- mately $4,820,000. Noon quota- tions and the morning's sactions:

ALLSTOR

B Bank

Buyers Sellers

1EGO 1865

1 CAR...

Lon. Reg) 1280 Ania 200 B. E Whart Co. Talkoo Dick 731

10.00

Also actively traded, Chrysler ¦ Wheelock ross 2%, Alleghany Corp. Dubois Chemien 15%. and Celunese 1.

132

tran-

20 1070 10 nas

160 GO

The Lutz,

market

review

New York, Feb. 20.

Rex rubber futures today closed unchanged to 10 points higher with ples of three contracts. Traders

generally marked

time awalling some new in- centives.

Dealers said shipment offer. while too high, ings wire factory buyers indicated hardly any curlority. Locally, current month No. 1 RSS was

281⁄2 cents nominal.

quoted

Commodity Research Burcant today commented: "If iron cur- tain country buying develops in the Far East, rubber prices are Ekely to work higher, although

encounter they might temporary resistance as a result of a resumption of stockplie sales.

Some

ducts to Malaya in the near future, the head of an American trade mission said today.

mission leader. Rene While on. the Mainya

the next conference Peninsula for

three told a press Salos

many American products were weeks the American mission (not sufficiently ktown la will visit Penang, 1poh, Malaer: Malnyan importers. He said he and Singapore. 5870 felt his five-man, mission would 1001000

40 1960 help to overcome this.

Last year, Malayn sold more

In London, the rubber market 130 co in the

Lutz, than US$100 million worth past," Bald

United States was very quiet with spot quoted 250 1000U.S. products

were not com- goods to the

abortat 24% pence, U.S. Bold petitive on the Malayan aurket (while the

to Malaya.- | In Amsterdam, the market due to several restrictive trade US$30 million regulations

was quiet today-UPI. exchange UPI. difficulties"

These

30 1500 18.90

4000 19

118074

1500 6 10.00

500 1.00

100 10

2500 4 18.00

1000 12.44 2000 12

12.30 12.40

HK Dock

C. Provident

0000 e 12.40 134 1000 * 134 271

it

HK Hetet Land

3

American Machine & Foundry TO B. Magna Copper 244. Anaconda

Johns Manville 12. Disney

Jones & 1. Laughlin 14. Goodrich 1, Afr Yaumatt Reduction 1 and Duport 1.

Haveg Enchistries dropped 3, Allied Chemical 14, Westing- house Eletrie 1, Baltimore & Ohio 1%, Eastem Air Line9 1 and American Airlines 4. AP.

Closing prices

!Abubi Pwr. & Puper

Alden B. Aey,

Alguma Steel Corp.

American Aldine

Aner & Faign. Power

Am. Stuch. Pats

Am. Natural Gas

Am. Sugar Ref

Alla Cons

Bazik of Moirs

Bank of Nova Scotia

Beech Life Savery

BC. Tel. Co.

Bell Telephone

Hrish Amer, out

British Columbia Elet.

Cana. Bk. et Comin.

Cana, HiewEDŁ

Cal. petur

Crjatiese Carp

Commercial Credit

Corning Glam Works

carbonate] કૃત

Comuners G2N

Create Pel

Craise Co.

Diamond Alkali

steady investment buying. Distillers Seagrains

Many kalns were marked Elf

and

in the Industrial section British govemment bonds show vd continued improvement, al- not fully though gains were held due to profit taking.

Duilar stocks were irregular, reflecting Friday's

on Wall Stree..

Som

Indecision

Domkinn Stores Dow Chemical Easter Air Line Family Finance Corp. Ferro Corp.

First Nat. Cly Bank Georgia Pacific Gen. Pub, ut. Gen. Tel. & Bec. Getty Onl.......... Gat Northern Railway GWE OF............ Heyden Newpant Corp.

Gold share finished lower on

Continental selling and: Hiram Walker

coppers were unsettled by breakdown

|| Imperial 911

the Imperial Tolecu

constifinional · Kimberly Clark talks in Londen on Northern Rhodesia's future.

castem

Tins advanced buying, ods were quiet.-AP'.

Closing prices

Irish Government Becuriles

21 Contolidated-&-1/in.

31 Conversion £58-1/10.

Je Savings 1955/6390-3//32.

35 Savings 1960/70-E10-1/15.

3

Savings 1965/75-£71-1/10.

Oversean Bonds

6% German (Dawes 1001

Japanese.

Raksirantes Barclays Ord-70s 30. Chartered Banks 3d. Gundian Avance--132 14. LongRoar Eark-£1 xã. Lloyds Bank-Gas 3d.

Lombard Banking Ord-19 7d.

olla

British Petroleum-525. Dina Of1–434.

Royal Dutch~£13-17/i4.

Ateel & Engineering

Babcock & Wilbox Ord Tube Investments-765 Oct. United Steel-Tos Dd. Vickers Ord--20 78431.

Electric Assoc. Fire. Industries-41. Elte. Mue. Industries—448. English Electric Ord-330 3d xd, General Electric On-3ix 3d x.

Industriale

Boardman, Marden Ord-31 Kl.

Borax (oldings)-21 716.

Dunlop Stubice Ord-241.

Glinan toldings; Ord-e lid xd.

Turtor & tipwall Ord-dis 10d.

Unilever Ord-103

.

Westland Airerafl-10 740.

De La Rue Ori-601 14.

Faber

Bowater Paper Ord-34s 6d. Wiggin's Trape Ord-66% 1.

Tobaccos

Brithis-Amer. Tub. Ord-675

dx.

Carreras "B" Ord-s dict

Imperial Tabarco Oid-cês $1 xd.

Motors

British Motor On-178 4tjd. Hawker Siddeley Ord-In za. Jaguar Cars Orü-1. Rolls-Royce Ord--435 7350. Standard-Triumph-105 45d.

Textiles

Calico Printers' Ord-14# 1011⁄2d. Coala (J. A 15.) Ord-6 9.

Courtaulda Ord-43a_19590. Fine Spinners Ord--ca 250. Lancashire Cotton Ord-608 411⁄2d.

KLOTES

Great Universal Ord-15.30. Lyon (3) "A" Ord-858 1015. Marks & Spencer "A" Urd-Vos GJ, Woolworth FAW)) Ord~~37s Bal.

Miscellaneo

Bovinsker. Ord-tis 7110,

Hongkong & China Cap-159.

Indo-China Det. Drd-244,

P. & D. Steam Nav, Def-its 201617.

Boll Theatres--Bu öd.

Mines

De ficers Def÷100% 31%d.

Petaljjyt Tin-08 ANT.

no Tinto 10pater)—@3-tyna.

Toan Anilelepé Geppet-ës 1750.

Welkom Gold Mining--10v,

Western Folding - 135.

Rubarze & Tens

Anglo Indonesian Bians—da 4%0.

Ceylon Tea Ord—als,"

Imperial Tes Orda 34.

Kuala Lumpur-Keponge 1d. Læribak nubber-die fiad.

Sepfialisation.

Lily Tulip Lofillard P.

Lowenstein & Sons, Mesaba Iron Durg, Minnesla Mining Mission Development Motorgia Inc. ...... Notions! Dairy Prod. Nuranda Mines Ltd. On Mathieson

Owen-Väinola Glass

Pren. Salt Co.

Philip Nordis

Pitney Bowes

Pittsburgh Plate Glas Portland Gen. Elec. Publicker Industries

PuRinan

Pure Di

Raytheon

Reynolds Metal

Royal Bank of Canada Saint Reg. Paper Schenley Inc.

South Puerto Rico Sugar Southern Natural Gas Southern Pacific Co. Steel Co. of Canada

Sterre Drug Co.

Stokely-Van Camp.

Stano & Webster

Tide Woler O!!

Twentieth Century Fox Fila

United Fruit

US Fou "B"

40%

وجوان

135 130

L

Yaumall (New) Tram

321

25 3314

20 2014

c. Light

Electric

342%

1000 61 462

200 BJ 1300031%

500

1835

400 3 500137 200 136 300 130

$1127 1500 35

400 33% 3000 un 30% 1300

1800 33%,

400 30

2000 F 30%

3500 30

3500 61 30

300 3014

$500 & 301 3000 30

35 787 6351

500 354% 500 25%

Telephone.

45% 45%

1120 351

703 56

DOO 35%

1000 35

200 334 644335

200 tir 35% 170035

10004514 300 4514 1200 453 1000 431

200 or 455 10045

and

restrictions have now

been removed.

Laitz and his mission were to call on a wide range of business and government officials during their stay here.

98 PROPOSALS

Lutz said that the mission, had brought 98 duTerent business proposals from American manu- facturers, most of whom were keen to have agents and distr)- butors In Malaya.

He also snið St niany Americans were not aware of the market potential of Malaya, which ho said was Impressive. There are nearly seven million persons living in Malaya and another 1,600,- In nearby Singapore, which 1 nol part of the

000

Federation.

that

his Lutz said

when mission winds up its tour of various Far East countries It will

with meet

American manufacturers und business-

men in San Francisco. He said the mission would attempt to give a clear pleture of business cpportunities in the Far East,

Price rise

CLIMBING–BRITAIN'S TRADE WITH RUSSIA

BRITISH EXPORTS

TO RUSSIA

BRITISH IMPORTS FROM RUSSIA

1960

37

75

1959

27

63

195K

New York, Feb. 20. U.S. custom smelters today raised their buying price for scrap copper one-quarter cent a pound. This brought No. 2 cop- per wire wrap up to 20% conts

pound.

1951

37

1956

55

New

43 43%

Cement

50 or 434 500 42 43

AT! 0112 1050 48 1500 m Ga

to

1955

23

63

2000 4 B8

500 6 0815

10000

200 60

1954

10

42

200

08

500 38

200 38

41

1953)

3

40

Form

12 43 7304515

80 2

Dairy

Watson Allied Iny 945 D 1000 - 11/2 3000 914 3000 9 B20 1000 120

0.15

13.10 1312

175 or 0.10

1000 M 0.15

2.10 110007.10 €20 8.49 2005

44 17 ปี

91.

447% 17

Rubber A. 791 Bub. Trust

Texille

Naeyang

D

City Hotel

(it)

11.04

42!*

40

1212

Really

MK & TE

1/

2.075

2.10 15000

15030 2.075

Inveil

17.40 17!

Gilman

-UPI.

AU 4 C.20

10

2.10

500 174 250027S

3.25 3375 2000 3.40 10000 3.35

40003173

S00033725

Underwriters 12.00

Int' v.

Humphrey% Macan Tr¢ Cold Macg (Ord!.!

23000 13.3

13.NG 27.202

1430

եր

Unit trust

First Hongkong fund: Buyer price: $1.22. Seller price: $1.30.

COMMODITY PRICES

RUBBER

July

Oct.

Dec.

Mar.

Moy

LIVERPOOL

53.70

31.76

34.03

Closing prices all in pence

American Dontract

The price is equivalent about 28% cents a pound for re- Aned copper processed from the material and avaliable for ship- ment in threo months.---AP.

Agreed merchant

rates

Canadian $: Maximum Selling

17 3/10; Minimum

Buying

17 7/18 TVT., 171⁄2 OD.

West German Deutschemarks: Maximum Selling 721.

JAUNTY SIR

London Express Bervice.

JOHN

CHASES EXPORT

ORDERS

Our own correspondent

Thornaby-On-Tees, Feb. 20.

This is my first stopping-off place in a round-Britain quiz to find out what some of our big industrialists far away

from London are saying about business prospects.

Here, a chilly wind is blow-, For the new atomle power ing along the banks of the station at Dungeness it is bulid River Tees. But the mood ofing massive heat exchangers Sir John Wrightson Is warin modern form of boiler. and enthusiastic,

at has also been given the task

of providing a dozen 84ft steel

piles on which part of the plant

Wearing a heavy blue over coat and brown soft hat set at a jaunty angle, he told will stand. Both jobs will be me: "Our business is buoyant engineering triumphs. in mil sections, except

success."

NEW YORK Rex rubber futures closing prices, all in cents per b.:

Mar.

20.33

per lb.:

Mar.

23.40

May

20.30

223 M

July

23.10

Justy

26 22

Fept.

200,00

Oct.

14.00

heavy engineering

Nov.

28.00

nico. Mer.

24,75

28.75

LONDON Closing prices

Mixed Contract

23.75

Ju Oct.

2000

Dec.

246-2434

23.00 23.15 -UPL

all in pence per ib.:

No. 1 Rss spot. 2475 Bettlement house tenn:

Mar.

Apc./June

July/Sept.

Nov./Dec.

Jest/Feb,

General markeit, c.lt. boris, ports: bar. Dette erge Byla Pel, unquoted ‚¦

thick Mar. 27,

-uri

COTTON

nearly 100 years ago.

In heavy industry an average of 21⁄2 years is required for orders to be translated

Into profits.

ANSPORTATION

A ray of sunshine for Britain's biggest car group

By Alexander Thomson

(At a time when Britain's motor industry is making sober headlines, Alexander Thomson talks to one of its top men).

London, Feb. 20. Sitting beside a big log fire, George Harriman smiled the other day and said: "A little bit of sunshine has at last come up from behind our cloud.“

Haruman, 51, 19 managing i director of the British Motor Corporation £150 millon Austin Morris combine Chat tops up with Riley.and Wolseley

cors.

He told me: "Recovery may still be a slow process unless the purchase. (ax is cut.

"Bul it is certainly encourag- ing that there has been a turn for the beller since hiro pur- chase restrictions were eased."

And further ahead is the prospect of now mass markets In developing countries where the motorcar is hardly within reach yet.

So ono way and another I reckon there is a lot more sun- thine to come out from behind George Harriman's cloud.

But we have to wait a fair time to enjoy 1.-London Ex- press Service,

I had drivers out to the huge £500,000 worth of

BMC plant on the outskirts of talk with Birmingham for a George Harriman after better news from the rotor industry.

He is a jovial and friendly

man who started in the motor 'Industry

15.

OS GT apprentice at

Now he is second In com mand to Sir Leonard Lord, BMC chief and has been at

at tling with the car slump home while Sir Leonard is chasing business abroad.

900 A WEEK

As we smoked cigarettes in bis larve study Uko office, I acleod Harriman about the out- put position in his factories.

"The BMC group as a whole is currently preducing about 930 vehicles a week," he replied.

"And what is your flat out rate of production?" I inquired. "About 15,000 a week," he sald

This means that the British Britain's Motor Corperation, biggest car group is at present operating at 80 per cent of capacity.

How much is that above or below break even point? Quite a question In view of Standard recently Triumph's admission that it is incurring "ubstantii losses."

But George Harriman would "That is some- not be drawn. thing 1 really cannot discuss," he said.

I noticed though that he did not seem unduly perturbed. Possibly this is because there is a good deal of clasticity in the way that BMC la organised,,

Under normal condition; works an 80-hour week with two shirts cách dạy. And this must help to keep overheads down

when the going gets tough.

to

Meantime the company stems bo avoiding an excessive building up of stocks of motor

cars.

SPENDING HEAVILY

Just before Christmas it had 9,000 vehicles on its hands, Harriman told me, Now it has 4,340.

ship's stabilisers

More than 2500,000 worth of ship's stabilling and steering gear has been exported for commerciot purposes in the past two years by the Scottish en- gineering firm of Brown Brothers and Co., Ltd.

Announcing

this recently, sales director Mr W. H. Wallace pointed out that his arm's stabiliser is also manufactured under licence In Italy, America and Germany,

Eleven of the world's navies also use the stabiliser and there in UK. war- are many ed

Recent orders for the chips. company's steering gear has come from Japan, Brazi) and Hongkong.

The basic principle used in the design of the (Denny- Brown) stabiliser is a means of imposing on the hull of a ship 1 moment equal and op- perite to that caused by wave retion prevalling. This moment is produced by the effect of the ship' speed on flas which during operation protrude from the sides of the ship and automatically Wited to suit

ble angular position. The fins react to the resistance of the watc Cousing an upward thru on the "descending alde cf the ship and a downwant thrust on the ascending side.-. LPS.

arc

;

British India liner on trials Harland and Wolff Ltd., of Glasgow, have run the trial of the 6,700 gross- ton cargo vossal, Bámora for the British India Steam Navigation Co., Ltd.

The vessel was launched last year and is the fourth of five 10-knot motorships for service between Australia and the Fer- "But that does not include sian Gulf. She has a Burmeister unsold stocks in dealers' show-and Wain diesel engine of 7,800 rooms," he said, "We have no h.p. Installed by the builders and Meantime profit margins are means of knowing what they a deadweight capacity of 7,300

tons, shrinking. But Sir John Wright- | ore."

SHRINKING

week.

A notable characteristic of

37 airplanes for Australia

Like other car glants BMC is son regards that as a challenge "Are you making profits on to management. We are In spending heavily on expansion, these fivo streamlined vessels is building coal mining equipment. your atomie work?" I asked, creasing our productivity all The total bill is £50 million. the facility too carto-handling.

"We are vigorously chasing remembering how unfortunate the time." he claims.

The target is an increase in| Electrio cranes are fitted at all overseas orders to fill the some engineering concerns have LAKO every modem indus-production potential from 750,- the cargo hatches and four of the there, and are meeting with beer in this direction

trialist he is an chithuslest for 000 to 1,000,000 vehicles a year Ave holds are situated forward

of the engine room. encouraging

Sir John replied carefully. research.

on 40 hour week reckoning.

Harland and Wolt have the Biggest step-up in output will Sir John, 49, is head of the "Since the concentration of the

What are his tong-term plans be in its new minicars which will fifth vessel, Bombola, under £8,000,000 Head

power Wrightson nuclear

groups into bared on some of these results go up from 4,000 to 8,000

a construction. -LPS, concern bigger units, and the aware-

the business of To get into founded by his grandfather nea that this is not a glamour cleaning up the polluted styczn

"Are you rephasing your ex- industry we now see an end to

of Britain and other countries.

Pansion programme?" I askari He is a considerable person- the continual drain on our

Also of tackling on a wider George Harriman. He was om- ality in these paris. He has a resources."

scale the problem of clean air phatle in his reply. and proudly payroll

Although not a boastful man, In badustrial areas. Both should of 4500,

"No we are not," he declared. declares: "They are all my he spoke with pride when wo

scope to firms with | "But I would not say that we triends."

got to the lead Wrightson iron offer big

the right "know-how",

John are chasing our contractors to Loundry.

And short-term? Sir

get a move on." **300 those castings?” hoWrighten us off to India Bonn ald. "They are part of an order to set up a wholly owned oft from an American Arm for its choot of the Head Wrightson rubidiary in Canada.”

"What are

they for?"

of Thornaby-on- Bir John declares: "Eritain's asked. "If I told you, our rivals Tees have gone into building vehteles of all types It will be beavy Industries are

the India's big new steel works sl going would soon pile on

Durgapur. through a fascinating period, wagon," he replied, There is a trainindztia rONE- Renon of few idean. "in our comsay, we are breaking through 10315

| barriera. We have problems ta told me,

FOREIGN EXCHANGE

NEW YORK Closing rates:

Canada Kogland,

mcfal

30-days

NEW YORK

Closing paleco

all in centā

90-0374

Der_th:

Australia

Spot

37,00

New Zantored.

2.1800

Oh unchanged.

May

35.70

WIDE RANGE

Head Wrightson produces wide range of capital goods for which there has been a distinct

revival in demand in months.

recent

to

1

Enterprise,

The skills

Now the new company will

aim to provide for the seconds ary Industries, in coal iron ore, and quietal engineering the will surely follow.

Brillah Motor Corporation's expansion seems to be largely hinged on its tiny minicars, For of 250,000 donal

able to produce each year when ita scheme in complete, Bome 200.000 will be these little rus-

abouts.

Washington, Fab. 20. The Cessna Aircraft Com- pany circulated here to- day On announcemENT that a shipment of 37 single-engine airplanes, valued at Impro theh $500,000, has been load-

ed on shipboard for deli- vary to Australia. - this was the largest single ship- Tire company sold it believed ment of alplants ever tant lo

th another workshop I saw pildold equipment being built,

And no doube two or three certainly, the oil companies are new beginning to buy again, too," he

new vertions of them will be

Auriralia. The and another available by then to widen all

Pinnes were LAND So one But would be a mistake,

further their appeat.

loaded on the ship Plonejr Burf in Head Wrightson) investors

thin t would say is the right at New Orleans and are sche- apparently, to expect the 'upi

shoutt hape plenty to tools purtomein tuin in the firm's business to be forward to with the saunty Sircar familico is bound to grow near the end of Februsy, the A number of two-duled to arrive "In Austenila emphasis. Jolin es bosk.

company said,UPI,

| Taby, of course, · But ́ I am an | óptimist,”!

Liis Orib's biggest

at present are the singl, chemical smfected in ita accounts, dus in |anā ciaotrichi iratustries.

June,

---(London Kaproco Berotzez? ! at home and abroad.