1961-02-28 — Page 2

J

THE CHINA MAIL TUESDAY, FEBRUARY 28, 1961.

Wall Street

HONGKONG in

STOCK

EXCHANGE

Our Own Correspondunt:zg

Business

done at the Hong- kong Stuck Exchange this morn- to approximately Ing amounted $3,530,000. Noon quotations and the morning's transnetions:

Bilares Boyare Kellers

Bales

1850 031940 BO 1040

JK Bank

XD

JB35 1040

Dk. E. Asia

210

Lombard I25.

40

Talkoo Bock 72 73%

JIK Gas .. 10.00

19

1300 10.00

500 # 10.90

500 10,00

1000

18.00

Wheelock. 1210

23

1408

12.40

1000

12,00

2440 12.00

15000 12.70

20000

12.70

3000 12.5

10500

12.30

9000

2500

IIK Dock.. 133 133

C. Provident

IK Hotel ..

HK Land..

104

26.20 $74

2023

475

03 0311⁄2

450 83% 4900 or 03 1400 3

Yaumat!... 133 135

Younall

(New) Trem

rises

London LONDON

CLOSES FIRM

money

heavy NEW YORK market trading

New York, Feb. 27.

The stock market moved to its fifth con- secutive all-time high in heavy trading today.

The market was slightly higher and active at the opening. It moved ahead substantially in the first hour and continued to improve going into the final half hour.

Prices were sharply higher at

the close with most stocks

Pressure on around their best for the day.

sterling predicted

Washington, Feb. 27. "Crisis of the British pound -not the U.S. dollars

Most gains ranged from a fex cents to around $2 a share.

It was a very broad marleet in which 1,301 Issues crossed the tape. Of these, 719 od vanced, 300 declined and 183 were unchanged. There were 114 new 1000-01 highs and no new lows.

Standard and Poor's 600 stock index rose 40 cents to its new oll-time high of $03.30, The expected to dominato hos & 474 4734 1000

P 423 Industrials also 1961," the U.S. reached another historie high, up year Nows and World Report 52 cents to $66.90. Based on the said today.

600, the quoted value of all

the New York "Return of confidence in the stocks listed on dollar will reduce the amount stock exchange gained abou. of foreign-owned short-term $2,800 million. funds in Britain," according to a magazine Ataff member in Frankfurt.

"The outflow of funds and the basic weakness

of the British balance of payments will bring pressure on the pound. Funda-

125

C. Light 49.00 20.70

100 6 120 300 34 300 34 100 345 5700 x 29.80 2900 29.60

Electric X.D.

33 34

100

34

Telephone

441

2100 2000 4 334 100034

100444

2314

New 4211

Cement X.D. Daly

Farm

Wation

43

ADS DA

COTTON

MARKET

London, Feb. 27, Money over the past week ruled firm at 4% pot cent, although softening in the latter part of the week. On Monday

Tuesday money was in short supply and 4% and 44% percent was readily

נות

London, Feb. 27: Industrial stocks held firm but fucked Friday's steam and prices won't just bo- law the ddy's best by the final bell. Several blue chips such as Courtaulds, New York, Fol. 27.

Dunlop, Imperial Chemi- cal, Rolls Royce and Cotton futures toddy see conceded by the market for

Woolworth shaded sawad narrowly on either lines of money. However, the

but side of the previous close Authorities not wishing to put many good features show-

the market into the Central in a quiet sussion.

ed elsewhare. Bank providevi A sufflelent Closinic prices ruled unamount of assistance on each

Steels stayed on high ground changed to 11 points lower. The day to see the market through, and engineering equities intved Disbursements on Wednesday ahead with electricals. Bower- market opened 8 higher to t and Thursday brought about anes were strong and leading

New Orleans

nts Improvement in conditions, tobaccos met demand but both

points

lower. closed unchanged to 11 lower.

the supply of funds was only just about adequate on each of stores and motors ensød,

there Gill-edged ran back through the remaining days and

Britain's gold was little casing of the rate for weerlulty over

"ranged between) and dollar reserves. War loan money which

3% Tr cent lost 15 point to £57-7/18015.

Deplers said most buyers and sellers appeared to be marking Ume depending on a new ap

The banks were not avid Preisal of the situation after 4% and 44 percent. last week's Increase to seasonal buyers of bills but their inquiry highs in active dealings follow was still good, although the ng the government announce-market was not always a will- ment of higher supports for the ing seller, upcoming crop.

STEADY

Maya and "hots" were dealt in at 4-11/32 percent to the cleating banks and at 4-5/16 the outside banks. There was a hardening in the Treasury bill de-rate during the week of a few pence to £4. 7s. 11.85d percent,

China Mail Special.

Despite ismuance of 12 livery notices against March, taken up by spot which were

the spot month held interests, steady, influenced partially by Memphis trade reports that the higher support prices spurred buying of spot cotton last week among mills and merchants.

Houston, Texas, trade reports said seed distribution in the Rio Grande valley was extremely Stecks, rolls, utilities, electrical heavy, indicating anxiety among equipments, coppers,

producers to complete planting as soon as possible. tobaccos, drugs and advanced.

The certificated stock today. The Associated Press 60-stock totalled 47,876 bales plus 5,702

rubbers, electronics

Metal market review

New York, Fob. 27. Copper Futures today closed 21 to 28 points lower with sales of 344 contracts. Some profit-taking after last

the

2000 e 44% mentally, it's felt, inflationary overage also reached another baies awaiting Inspection. Open week's advances kept the market |

2000 4432 1100644

pressures

in Britain have not been mastered despite credit re-

21344striction."UPI.

15004415

500+ 4+

2400 G

429

334

335 481

46 40 1000

1000

Allied Inv. 10.20

поро

0000

1000

5000 un

Textile

2.05

7000 9.05

Nanyung; *

1000

Ana. Rub.

7 1.03

1000 r 0.93

2003 Be 6.85

40000 7.00

Rub,

2000 6 0.03

3000 7.00

Trust 8.30 8.35 5600 e 8.30

City Hotel

(Right)..

Humphreys Giman

Rope 1211 Invest

Heally

SUG

*****

Ferry

Lane. Craw

Sincere

Kwang Sant

Hong XD Wing On Entertain

었다.

3.05

24 20

132.00

D5

.200

C

35

gross

Rise in

national product

New York, Feb. 27.

historic high, up $1.40 to $233.50.contracts in March totalled

27,700 bales.-UPI. Volume totalled

5,470,000 shares compared with 5,330,000 shares traded on Friday.

FIVE-MILLION-PLUS

It was the fourth straight five-

inillion-plus share day,

The Dow Jones 30 industrials

Says U.S. faces shortage of

were up 4.84 to 600.44, cxceding modern plants

the peak of their rally last

well below their historic 685.47 reached

but

A 00 per cent rise in the Unit-high of

ed States Gross National Pro- January 5, 1900. duct to $950,000 million by 1975, with some basic Industries more than doubling their present out- 1603 835 put and with richer consumers on pro- spending more money

5000 8.35 2000 9.40 1000 @ 1.33

2000 3,60

Department

on

Wide gains included Interna- tional Business Machines, up $19 at $869, Litton Industries, ahead $9.12 at $114.02, and American Machine & Foundry, up $0.25 at $122.75.

Boston, Feb. 27. U.S. industry faces a short-

on the defensive through session.

News of an increase in the Katanga quotation was offset by reports that dock workers in Chlic had returned to work at Valaraiso and Talcaguana after a weekend agreement to defer further strike action until March 7,

In London, the tin market was stendy while zine was quiet and lead was firm.

Last week's firmness was con- tinued in the copper

market this morning,-UPI.

age of the type of modem World sugar

plants and methods need- ed to make. its products more competitivo in for- cign markets, Commerce Secretary Luther H. Hodges said today. "Many people have been tell- oning us that It is lower

الله

Brunswick was the most ac-

to of tive, rising 23

60% 136,700 shares. Second was

up at 27

woge

market

New York, Feb. 27. World No. 8 sugar futures today closed 2 to 4 points highor with sales of six contracts.

300 is ducts unheard of or strictly in 4000 3,60 the luxury class today is pre- 4000 3.625 dicted in a study just prepared 10000 3.65 by the McGraw-Hill Publishing

2450 Company's Economics.

The rate of America's econo-Sperry Rand, nic growth is inked directly to 100,400 shares. Third was Elec- levels which have been permit- research and developments,trical & Musical Industries, up, ting foreign nations to compete

with us

world effectively in which is moving at a rapid pace at 7% on 88,400 shares."

The domestic No. 7 contract markets," Hodges said in

re- closed unchanged to one point: today. Total expenditures m

the Associated General In the raw marke!, trade Contractors of America.

sources reported the sale ofi

raws to 20,000 tons of Cuban In the same period, sales of Zenith rose 42. Metro- Although the United States Norway on રા barler basis. new products will triple, the re-Goldwyn-Mayer 3%. Lukens competes with lower wage scales, Dealers thought the sugar will port adds China Mail Speelal. Steel 3%, Houston Light & elsewhere, he said, "greater pro-be refined by a United King- Power 24. Merck 2, Jones & ductivity, superior research dom refiner for the account of Laughlin 1%, General Precision efforts and mere initiative have Norway. 23 and General Tyre 2%. enabled foreign

Ceylon is expected to be putdo us fm many areas of the world market tomorrow for Texas Instrument dropped legitimate business competition.” | 10,000 tons of raw sugar and 4-AP.

UPL

Iran for 20,000 tons.-UPI,

U.S. money market

this field will increase about 85up 11% at 65, and Standard Oil fore

Next came General Electric, marks prepared for delivery be-higher with no sales reported.

per cent from 1960 to 1970, the (New Jersey), off at 44.

report forecasts.

Textile market

Now York, Feb. 27. cotton textile market was quiet today.

New York, Feb. 27, Long-dated U.S. Government obligations held the trad- ing spotlight in the week ended February 23, with prices marked up about a full point and many sell- The ing at their best levels in over two years. This was marked by an announcement by the Federal Reserve

ve System of a new policy of purchasing Treasury Isstier with maturilles of more than five years.

Investment quality corporates also improved, with prices at highest for some their

with-

Some mills remained drawn so far as prices for for-

ward cloth were concerned, while others boosted quotations 1⁄2 cent a yard or more.

erop.

raise

producers to

COMMODITY

RUBBER

These actions stemmed from the higher government support price on the 1901 cotton Mills thought this would the cost of cotton substantially. Ume. Orders for wool goods were cents per b. f.o.b. Malayon with the Federal Reserve an-slow. Market attention focused ports:

on announcement by a leading Convertibles, generally scored producer of Raina, In a slow moving mar- a yard increase Jeet for foreign dollar bonds, practically

44 moved Republic of Cuba

nouncement a factor.

up 11⁄2 points, Japanese Gov-

ernments were mixed.

French Credit Foncier

西荻定

were firm, moving up over a

point to within 11⁄2 polnis of the 1080/01 high.

Grecks six per cepta were off a point, with Itallar and German Nationals showing

Hulle change. Chile three per cente held steady,--China Mall Special.

Exchange rates

Business was done in the tinonical bxonange tharket morning at the following rator: 1.8. dollar (per $1) Sterling notes (per £1) Australian notés (par. £1) .. Indonesian Rupiah (per 100)

sam tlcals (par, 100) - Bingapore (Stralis)

Unit

trust

First Hongkong Fund:

Fund;

Buyer Price: $1.23, Seller Price: $1.91.

F

23.20

average 10 cents

No. 1 Mar.

No

2

in prices in 3 Mor. all 1962 Dacron No. 4 Mar. worsted and all worsted fabrics.

Spot rubber unales The price Increase with levels Blanket erepe

prevailing a year ago.

Business In synthetic goods

was qulot.-AP.

Surplus balance

for Japan

Tokyo, Feb, 27.

Mr Hisatsune

NEW ORLEANS

PRICES

H

8414

0314 337%

SUGAR

UPI

P

July

33.54

31.03

Spot 3-month

3124

Mar.

34.72

May

34.00

Juls

34.83

SINGAPORE Closing prices all. In Struts

Closing prices all in

cents

per lb.:

Spot

30.00

Mar.

32.50

NEW YORK

No. 1 pale crepe

834-84 0.37-81

819-23

63%-03-

07-58

May

32.96

July

33,50

Oustry

prices, all In

cols

Ckt.

34,00

DAC

34.20

per Jb.:

Mor

34.60

MAJ

34.51

Contract No. 8 (world)

May

July

4.91 2.01

Sept.

LONDON Closing prices all in pence per

Oct

American Contract

lb.:

23.53

Tail Sales: six contracts. Open Interest; 3,000 cohlesets.

No. 1 Isa apot

29-3/18-25-3/18

May

24.00

Settlement house termit

July

24x0

Contract No. 7 (domestic)

Apr./June

July/Sep1.

2516-293% 25-253

Oct.

24.10

Mar.

Doc.

24.40

May

6.34

Nov./Dec.

Mar.

24.ta

July

Jan./Feli,

Mixed Contract

Mar./Apt.

23.00

Spot (Cf. NY, ex-duty) 4.53 Total Sales: nane.

General markets, c.l.f. basis, parias

24.40

"Open Interest; 2,704 contracts,

2492-24T

Juty

26.10

-UTI.

2441-2472

24.00

24.00

2:113

--UP'I

Saskomizu, Mar. Director of the Economic Plan- May {ning Agency,

reported to a Estato crepe thin Mat... 2015

Cabinet meeting today that he [did not believe a largé defcit in

thick Mar, 201 AMSTERDAM

Closing prices all in iuilders

the current account of Japan's per kilogram, e..t. Mar.... balance of international pay-

TC-

No. 1 rubber

Incalments for January foreshadowed No. 2 rubber thiin basic change in Japan's pay- No. 3 rubber 5.136 ments position, which had been No, crepo 15.04 developing satisfactorily for 12.70 more than two years. 20 According to statistics 101leased by the Battle of Japan to- day, the current necount tm- sactions in January had a de- Acil of U5399 million. This, how- ever, was more than covered by in surplus of $172 million in the capital account. The overall balance of payments thus per 1b,;

lyfolded a surplus of $78 million.

China Mail Special.

2.40 buyors

2.37 buyers

2.34 buyaty 2.67 buyors -UPI.

COTTON

LIVERPOOL Closing prices all in pence per ib.:.

METALS

LONDON

Spot-18.AS. Cuba)

FOREIGN EXCHANGE

LONDON

Closing enten Closing prices, all in sterlin New York

Moniren! Buyers Nellers | Amelerdas

per long fon:

tin

#ipot

moliti

60431

Copenfisgch

005 Prankfurt

NEW YORK

Copper

Lisbon

Closing prices all i

cents

Spot

2201

3-month

2014

Lead

Spot

Mar.

MAT 3-month

0517

May

14.99.

23041 | OND

2301 Parts

Stockholm Milan odlí (Vienna

Zutlet

ANSPORTATION

U.S. safety bid: Stronger seats

airlines

for

Washington, Feb. 27.

The government is considering the possi- bility of requiring airlines to install stronger scats to give their passengers

DOLLAR STOCKS

a better chance for survival in accidents. Dollar stocks mally moved

The Federal Aviation Agency into the plus column but Chrysler dipped 1% and U.S. has been urged by the Bureau sisel KSL 4. Geral Motors of Safety of the Civil Aeronau

tles Board to make such a study. The recommendation was Gutek bords tended to im-direct result of the crash of an azsented Enslern Airlines Electra at prove and Japanerr Armed.

were 1% point butter.

Boston last October 4.

+

Latest equipment

for cable ship

When Cable and Wireless Ltd.'s nowest and most modern cable repair ship,

the c.s. Retriever, is com- missioned in April. sho will be the first British merchant ship to bo fitted with α facsimila weather chart recorder.

Oils reacted after a Arm start

CAB investigaters said they and surrendered tiny fructions, with Ultramar the execption a believed at least some of the 50 shade harder,

passengers who died might have Gold mining stocks and cop-been saved it their seats had The dreline held. Only tura seat in the main pers moved lower.

African polical cabin and the six lounge seats helped by worries, free stale Geduld lost 5 remained in place. The rest were wrenched loose when the plane shillings to 100 shillings an Anglo-American Corp. were 2/0 hit the water. off at 146 shillings. Tlas con-

Fourleen seat belt allach- The safely thued their advance. Rubbersments also falled.

Later, another vessel in the Bureau specifically has urged Company's fleet of cable repair and teas were Arm-UPI.

FAA to order stronger belt it ships, the c.s. Stanley Angwin tings and seat structures will have a similar Instrument Electras carrying the same type installed. It is Wely that even- of seaty.

'tually all the company's vessels

31

Closing prices

British Government Becurities 21, Consolidated--£42-15/16.

Conversion-65-15/10. Savings 1035/65-£9. 3. Savings 1900/70-70-3/10. Da Bayings 1085/75-£71-5/16.

Overseas Bondi

5. German (Dawes)-290. 6. Japanese. Agmented—£1603⁄41⁄2

Danks & insurances

Barclay Ord-709 01. Chartered Bank-605 (d, Guardian Assurance-1315 34. Hongkong Bank-92. Lloyds Bank-653a.

Lombard Banking Ord-21a.

Ol

British Petroleum-23.

Ben O-43,

Royal Dutch-437.

Steel & Engineering Babcock & Wilcox Ord-303 30. Tube Investments-731 D. United Steel-dia. Vickers Ord--290 pd.

Electric

Assoc. Elec, Industries-125 3d,

Elec. & Mus. Industries-405 kl. English Electric Ovi-373 KA, General Electric Ord-315 04.

Industrials

Assoc. Portland Cement-739 4540, Boardman, Maiden Ord-Ģs. Borax (Holdings) — 05 38. Dunlop Rubber Ord.--235 30. Forestal Land--138 4 Gilman (Holdings) OfJ-3, 105d. Hudson's Bay-EB-3/16.

Turner & Newall Ord-638 18, Unilever Ord-180s 11⁄41⁄2d. Westland Aircrafts 101. De La Fue Ord-621 Pe.

Chemicals

Imperial Chemical Ord-60% $190. Monsanto Chemicals Ord-23 6.

Paper

Bowaler Paper Ord-33+ Bil. Wigkin's Teape Ord-56; GU.

Tobaccos British-Amer Tol.

4xd.

But the bureau also suggested will be fitted with it as part of that FAA investigate whether their standard equipment, | government standards for air- liner Seats generally arc adequate.

DECLARATION

Ships without this equipment normally receive a weather fore- cast and analysis "bulletin” in morse issued by the responsible meteorological centre for the area in which the ship is sailing. This analysis has to be docoded and the Information plotted on a blanic chart.

FAA regulations now require a seal capable of withstanding a acceleration force nine times the force of gravity. Some seats, particularly those on certeln jet-

now system, however. liners, can resist as high as 15 eliminates all this and ensures 0's.

that the recipient la provided Bn exact copy of the

Thus there

involved in the Boston surpassed 0 G's.

The

is $15 arising coding. transmission,

It has not been determined with whether the deceleration force original.

crash possibility ef It probably through did, because an aircraft king decoding or plotting. water comes to a stop faster than one crashing on a flat land sur- face,

Tests, log, have shown that radio interference which would render morse or radio-teletype transmissions worthless for plot-

ne-

Also learned from the Bos- ton crash, a CAB ofcini sald, ting purposes does not provent was the potentiat danger from an inlelligent chart being bull-down metal food trnya | ceived by the facsimile system. located on the rear of most:

The equipment handles ans or document, as

ACJIS

In the Electra.

These

and

the

were responsible for most of kind of chart the skull fracturca suffered by well as printed text, figures or

drawings,

latest As their weather-map or sea conditions seals tore loose, they were chart starts to appear on the re-

45 of the

victims.

furled stainst

Ord-Ga

(rays.

The CAB

Carreras. "B" Ord-49 46. Imperial Tobacco Ord-660 11⁄2d. Motors

Birlish Motar, Ord-176 $150, Hawker Sidɗsley Old-28 3d. Jaguar Cars Ord-617 14. Rolls-Royce Ord-12s 75el. Standard-Triumph-is !.

Textles

Calico Printers' Orti-159. Coats 13. & P.) Ord-13 fel. Courtaulda Ord-429 d. Fine Splanera Ord--Jes Bt. Laneshire Cotton, Ord-70% 30.

Blotes

Great Universal Ord-43; 3d. Marka & Spencer "A" Ord-pic

Dd.

Tate & Lyle Opt-50# fd.

the metal

corder at the touch of a switch once the radio receiver has beer has recommended! tuned to the frequency required. that FAA require trays made -LPS. of a "frangible" material-some- thing which gives or breaks easily on impact.—UPI.

Urges discussion of

U.S. shipping policy

London, Feb. 27.

Weblworth (W.) Orde 415.The new President of Bri-

Miscellaneou

Bowmaker Ord-25%,

Jongkang & China Gas-151.

Indo-China Dei. Oni-MS DI.

Land Securities Ord-292,

P. O. Steam Nav. Defi—~45× DU Boll Theatres-Ox 11.

Alinea

De Beers Def-14% 3.

·Potsting Tän=103.

His to (Bearer)-1-20/12, Ronn Antelope Copper-82% Bu, Union Corporation -50% fd. Welkom Gold Müning—126 94. Western Holdings-130s Tygd,

Rubbers Teos

Anglo Indonesien Plant-45 41⁄41⁄2. Ceylon Ten Ore Gd. Irimerial Tea Ord-15s Dd, Kuala Lump:r-Keponz-49 14d. Loenbak Rubber-47 63. Linggi Plantations Ord 63 1d.

-Reuter

Rubber

market

tain's Chamber of Ship- ping told members here that United Statos per- sistanco in certain inves- tigations which ware part of its shipping policy, would and

causo

Ferries for Turkey

Two further Ferries have been launched by the Fairfield Shipbuilding and Engineering Co., Ltd., of Denizcilik Glasgow for Bankasi T.A.O. of Tur- koy. They are the Pendik and A. Karagi.

1:0

They, Join the first 'confusion Idunched in December and they mis-¡will be followed in a few weeks

international understanding".

by the other five which go to malce up the total £32 million

The whole subject of the order. United States shipping policy

Powered by steam engines to was so urgent and important it called for discussions at the travel at is knots nerosa the highest level, said Mr W. Erring- Bosphorus, cach ferry will carry ton Keville, in his presidential over 2,000 passengers with seat- Ing for more than limit that num- speech at the annual meeting,

He told Abipowners that inber. The total fleet, esach vessel recent months there had been being 230 gross tons, will be de- growing

evidence that the Hvered this year LPS.

United States was determined to

exercise a rigid control of the

| Hinos serving trade to and from

that country.

0

This was being done through series af regulations ond Singapore, Feb. 27.

under the Shipping Act orders The_market opened steady of 1918, one of the objects be-

Submarine is commissioned.

with initial selling readilying to require the production of After less than 18 months absorbed and prices ad-documentary records going back over a great number of years. vanced by one cent during mmy of which, in the case of the morning.

non-American iftes, were Sentiment súil appeared to ļavailable only; in the countries be good but interest in lower laffected. sheet was miled at higher

levels,

Mr Keville said: "There is no doubt that tilb pursuit of these March No. 1 Jas was switch-Investigations must cause con- cd in fair quantity at even skderable alarm along bo American shipping, linen nga 2,76-7/16-3.70-97/18 fmoney to All No. 1 RS

2.7891-7-7034 1001-10419.

139.72)1-130,773 10.337-1909.33% 11.05-11.03

10.23-00.33 2001-2011 $3.997-10404

izin-Prot 72.01-7201 1501]-12.12

vinco hor launching HMS Walrus has boon · com- missioned as the latest submarino in the Por- poise class and has en- fered service with the Royal - Navy,

building brid

She was built by Scotts Ship-

Englicering

.

Lowers continued negleeleed in trades to and from the Lid of Greenoči, who are the and laying continued through United States, who endeavour my buliders of submarines in

84 to provide cheap and regular Scotland.

to the cents.

close at unofficial

In London, the rubber maricot was fully steady with spot quoted at 20-3/10 Dener:

In

in-

rvices to that givat country. "Peralatence in

With a displacement of ever vestigations can only lead to 2,000 tone and a complement of confusion and international mis-seven meers dhd Talles

Amsterdam, the..., market | understanding." - Ching Mail | Watruta-ekli venialis on coníintiOLLA

Special. was steady today-UPI,

pairði for several months-L