1961-03-23 — Page 2

THE CHINA MAIL THURSDAY, MARCH 23, 1961.

Wall Street closes on

New York, Mar. 22.

Stocks finished on a firm noto in active dealings today, with rails still pacing

the market.

Forecasts of substantially C. I. T. Financial Corp. provod Industry salts in

The

Chrysler Motors

stcond quarter by Chrysler's chief executive helped cars to fractional gains but sill were generally mixed,

Steel off point.

Chemicals were

with U.S.

muslly firm

although Du Pont fell 24. North American dropped over two in the aircraft while

United and Lockheed posted roughly

Cluett Peabody Colgate-Palmolive Ca Calunshlen Carbon Co. Commercial Credit Cory Glass Works

firm

Pure O*****

Rodlo Corporation

Radio Corp. Pref.

aytheon

474 Roynolds Tobacco

note

10% (Sunshine Mining

D0%

Texas Co.

22% U.S. Gypsum

HONGKONG STOCK EXCHANGE

لويات

Business done at the long-

tols

morning amounted to approxi-

Noor quota- the morning's

Switt & Co.

73

70

Our Own Correspondant

30)|

Textion Inc.

28

44% Hapublic Steel

Tokol Chem

114

Tide Water Gil

2511

Royal Dutch

20% Royal Bank of Canada 383

2014

Time *****

40%

Traders Finance

4134

kung Stock

Exchange

B01 | Kheer Mitg.

10%

Travelers Ine....

1919

Sears, Roebuck & Co.

60

Tri-Cont. Warrania

30%

Consolidated Ebon

705| Shell ou Co.

123

Twetilieth Century Fox Film

mately $4,000,000.

Consolidated Paper

4431

Safeway Blores

4015

Union Carbiile

132

tions and

Contental Can

17

Saint Reg. Paper

372

nion Oll of Cal.

transactions;

Continental Oll of Del.

50

Schenley Inc.

209

Union Packie, Railway

Crente Pel......

Crown Zellerðacki

Bo

30%

Scutt Paper

10314

United Aircraft

4235

Shares

Duyers Sallera

Rates

Cuban Amer, Sugar

17

Sincinir

lezier Corp.

United Frušt

2312

United Gas Corp.

334%

11K Dank.

5 440

o

Delaware & Hurison Co.

1

Smith, Kitne & French

109

50 14 400

point pois.

Diamond Alkal

Socny Mobi Ou

4314

US. Line Co.

3314

Patures in the strong sector were Norfolk and West

rall

Diamond Nal'!

45% South Purrio Hico Super

109

U.S. Rubber

30 440

Distiller-Sengtrans

37

Southern Co. (The)

U.S. Smelting,

35 454

Dominion Stores

B1

Southern Natural Gas

4214

U.S. Steel

crti Southern, Louisvill

und

2519 Southen: Prejile Co............. 70% Southern Railway (Com

2435

U.S. Steel 7 P.C. PE

Warner Bros.

1107%

44

3104 Sperry Rand

Warkentin Motors

279,|| Standard Brands

$71%

Westinghouse Air Brake

2342

115

Standard Oll of Cal

31

Westinghouse Electric

Standard Oil of Ind.

100 or 432

4074

302%

Western Union Tel. Co. West V. Pulp & Paper

200 of 430

7432

Winn-Dixie Biores

E. Asta Leanbard

220

D

10

137% Stone de Webster

Studebaker-Packard Corp.

Zenith Radio

Wharf

370

200

374

aş

70 09%

300

77

4015 60%

IX Ga... 20.00 20.70

400 765 600 20.10 £200 20.00 400. 20,80 230 A 20,00

Douglas Aircraft

Dow Chemisal

Nashville, Balting at Chio Dupont de Nemuurs

all with jumps of well over a point.

IBM featured the electronics a 10 point dip with around while Raytheom gained 2. Myers added a Laggett and

the cigarette

point

maisers.

nmony

Dis

were

mixed,

highlights including drop

Kostera Air Line

Eastman Kodak

El Paso Natural Gas

Ferro

Firestone Tyre & Hubber First Nat. City Bank

Ford Motor Co. of Cissa. Georgia heille

General Dynamics

General Electric

General Poors

the

General Motors

Gen. Tel & Elec.

a 2-point Kern County and a

point gain in Shamrock follow,

Gen. Pad. Ut.

Gen. Tyre & Rubber Getty Ou

ing the declaration of a stock Gidden Ch divider).

foodrich B, P., Co. Golycar Tyre

Dow-Jones closing averages Can Airerats

wered

30 Industrials

20 Rafls

15

Utes

GAD OR

Hammond Organ

Heyden Newport Corp.

Standard Oil of N.J.

39% Steel Co. of Canada

闆 Steep Rock

070.31 m Walker

150.01 Himneske Mining Co.

229.90 Idaho Power

112,67 Musaman Retrig.

201

531

A

13

15

ฟ฿1

05 Stocks

40 Bonds

Comm. future prices

index

Closing prices

Abitibi Pwr. & Paper

Algoma Steel Corp.

Allied Chemicals

Allied MIS IRC.

All Chalmers

Am. Broke Shne

American Cable & Radio Corp

Amrican Cyanamid Co. ...

Amer, & Forgn. Power

Am. Home Prod,

Ain. Mack, dry

American Metal

Am. Natural Oas

American Smelting

American Tel & Tel

76.34print Oil

Imperial Tobacco Ingersoll-Iland

143.51 Intand Stee! Co.

Inter hendes Curi.

Int Business Machines

Int Harvester

International Nickel

Am. Ga E Electric

Am. Sugar flet.

American Teb.

Ampex

Anaconda Copper

Armed Steel

Armou

Asbestos Corji. Balwin-Lina-Ham,

Baltimore & Ohio

Bank of Montreal

Bank of Nova Scotia

Beech Life Savets

B. C. Tel. Ca.

KOL

LONDON

London, Mor. 22.

The following are today's quotations on the London Stock Exchange:

Closing prices

British Government Securities

2 Consolidated-T

5 Conversion-55-13/16.

3, Savings 195/65-207-31/32. 3. Savings 1970/70--18-13/16.

Savings 1985/7571-1/16.

Overseas sonds

5. German (Dawes)--EMI 56. Japanese, Aprented-£125

Banks & Insurances

Barclays Drei-749 111⁄2d,

Chartered Bank-59% ki.

Guardian Assurance-1394 34.

Hongkong Bank-

Lloyds Bank—668 1011⁄2å .

Lombard Banking Ord-234 Tijd",

500

6714

$ 40%

Int! Tel & Te

37.

Kaiser Industries

11

00

Kemett Comper

455 Kimberly Clark

127

Liggett & Myers Tob. Co.

12

4414

Lily Tulip ET

kherd Aircraft

413)

47 Low Incorp..... 10%%%

Line Star Cement Co. Card P.

502

ATM

1991

Lowenstein & Sons.

17!

Dite

110

McDermott J. Ray

392

British Petroleum-57s 3d.

211

McDonnell Aircraft

30+

12

Merck

Shell Transport Ord-150s 30.

€2

Mesabi Iron Corp.

11796

Royal Dutch-m£157%

Mangarto Chemical Co.

47

111

Monteentini

27

Babcock & Wiloox Ords .

7815

Montgomery Ward

37

Tube Investments-Bia 30.

Motorola Inc.

United Steel- 34.

01%

33'

National Bolt Co.

#324

63

141

รูปร

47

National Cash Reg. “A”

National Dairy Prod. National Lead

National Steel Corp- New York Central Noranin Mines Ltd.

Norfolk & Western Ry.

Att North Auner, Aviation

Northwest Airlines (Com.)

Oktahama Nal. Gas

Olin Mathieson

Olis Elevators

Owen-linols Glass

Oxford Paper Co.

46% Pacific Gas & Elec.

Pan American Airwayn

Parantiatint Pictures

404 Parke Davis Co.

342

Penny J. C. Ca.

4624 Penn. Salt Co.

52 Philip Morris

Pitney Bowes

21 Procter & Gamble Co. "Portland Cen: -lec.

34

Publieker Industries Pullman...!

Bell Telephone

4

Beneficial Finance

44

Bendix Aviation Corp.

432%

Benguet Cons.

Bechem Strel

45%

Tering Airplane

Borden The Co.

Britt Amer.

011

Cháť. Packing Corp.

Cana. 3k, of Commi

Cumpbail Scup Ca

101

Canadian Pacific 11.

Burroughs Add Machine

Cat. Trhetor

Celanese Corp.

78

3Ë æ Å ð g¢ Ã Ã Â Â Ý á Ž è ñ ÿ ÿ Å Å g € ÿ ÿ

Burmah O-45 d.

Steels & Engineering

Vickers Ord.-32,

Asoc. Elec. Industries 459 cil. Elec. & Mus. Industries—sta BJ, English Electric Ord—DR. General Electric On-35% Gd.

IndustrialR Aroc.

Poriland Cement-Bix

Aoardman. Marden Ord-u 2d.

Borax (Holdings)-19

d.

Dunlop Rubber Ord.-23 Ctl. Forestal Lanid=135,

Ciman tolding) Ord-ba ad. Hudson's Bay—CÓ3⁄4.

RedTusion Ord-44 415d. Tumer & Newall Ord-70s 100. Unilever Ord-181a 11⁄2d, Westland Aircraft—17% 49%d, De La Rue Ord-023 3d.

Chemicals Imperial Chemical Ord-A Monsanto Chemicals

Paper Bowater Paper Ord-35s Bd. Wiggin's Tenpe Ort!-52_400.

Tubacco

Ord-340

Bruh-Amer. Tub. Ord-609 9. Carreras." Ordemás 411⁄2d.

Selling Price: 8th August, 1960-$1

FIRST HONG KONG FUND

Selling Prico: 16th March, 1961 - $1.45

SECOND HONGKONG FUND

IMPORTANT

Applications

000

The offer opens on 20th March, 1961, and closes not later than 28th March, 1901. must be received at the offices of the Managers, Hongkong Unit Funds Limited, P.U, Box Hong Kong, or 7th floor, Alexandra Houpe or at The Hong Kong & Shanghai Banking Corporation, The Chartered Bank or Mercantile Bank Ltd., during that period.

OFFER OF 1,000,000 UNITS AT $1.00 PER UNIT

PAYABLE IN FULL ON APPLICATION

All shares currently included in the Trust Fund are shares quoted on the Hong Kong Stock Exchange

---FORM OF APPLICATION ---

APPLICATIONS MUST DE FOR A MINIMUM OF 500 UNITE AND THEREAFTER.

IN MULTIPLES OF 100 UNITS

To: HONG KONG UNIT FUNDS LIMITED

No....

We hereby apply for......units in the Second Hong Kong Fund at the advertised price of $1.00 per unit, in accordance with the conditions contained in the offer and subject to the terms of the Trust Deed dated 18th March, 2002,

I/We enclose cheque/money order/cash for 9........being payment in full for the number of units applied for. I/We understand that the money will be returned to me/us in full it no Units are alloited.

RJOUM ZAKERGO

I/We declare that I/We umfare over 21 years of age.

SURNAME(S) (In Pingal)

(Please state

MT., MT, or Milkay

OTHER NAME(S) IN FULL.

ADDRESS.

Woolworth (K. W.)

STOCK MARKET

Imperial Tobacco Ord-69% 9.

Motore British Motor Ord-17 71d. Hawker Siddeley Ord-2018 Jaguar Care Ord-025 Gd. Roll-Royce Ord--433 03. Standard-Trumph-ils .

Textiles

Calico Prinlem' Ord--14$ AUG. Coats & P.) Ord 449 d. Courtaulds Ord--is ed. Fine Spiners Ord-29 ad. *Lancashire Collon Ord--675.

Breweries

Greal Universal Ord-5tr dd. Marks & Spencer "A" Ord-1025

Tale & Lyle Ord-83»,

Valted Drapery Ord-60s 4d, Woolworth (FW.) Ord-50% 1011⁄2d.

Miscellaneous

Bawmaker Ord-238 150. Canadian Paclite Ord-$159). Hongkong & China Cás ---13:1,

Det. Ord-24% d Becarities Ord-27a hd.

Land

P. O. Steam Nav. Def. 724.

Stol Theatres--10 4,

Mines

De Beers Def-1401, Petaling Tim-12, 19;d.

Blo Tate Bearer1-2-3/ Roan Antelope Copper-B 6d, Union Corporation as 30. Welkom Gold kilning-13 Gd. Western Holdings-1335

Rubbers & Teas

d.

Anglo Indonesian Plant.—is 15d. Ceylon Tea Ord-30s 3d. Imperial Ten Ord-164. Kuala Lumpur-Kepong-31 11. Lambak Rubber-35s.

-Reuter.

New York

cotton

New York, Mar. 22. Activity was light in the cotton textile market to- day.

Converters bought small quantities of print cloths, mostly on spot, with the popular 80

struction

square

τυπο

selling un- changed at 171⁄2 cents a yard for average makes.

The wool goods market was quiet. Prices

at Australian

Talkoo

Wheelock

150 & 434

160

431

23 434

20 430

40 of 430

2240 .20.00 4300 620,70 1440 1415 2000 24.50 2000 74.70

HC Dock

Provident

хо

20.20

630 14.60 120 34.70

1200 14.00

4030 141

1000 14.10

0000 61 14

1300 133

500 133

500 # 132

1500 4+ 29.00 1000 20.70 500 ur 20.70 1800 29.00

B00+ 20 300 20.30 1000 or 29.20 300 23.10

Ifate!

402 4715

300 AT 1000 47

10044

JIK Land

Ex. All

7435

75 210075 100 75

Youmati XD

137

Inc Tram

XD

100 or 7415 800 75

450134 100 or 135 2006 134

323% 3314 100063314

100033

200 33! 20 334

3500

33

1000

Ch. Light

33%

34

33 100 342 2000344

1220 364 1000 W 34

200 344 500 m 34

4000 34

2000 6 PA

I Elec.

30 10.

200 37

1500 / 305 100 35

1000 301

B00 301

HK Tele

XD

13

GI Cement

1000 # 30!

44 3370 64 MAIS

1500 442 503 44

504414 500 44 4334 14D 44 203 2 0715

300 67 55 C -200-(CT

100 67

1500 OF CO

Daly Farm

4032

£1

Wat:un Allied Invest.

Textile

Nanyang A. Itubber":

475

500 41 1000 1 1000-403

100441

3000 40

500 40%

19

100 g 40

$

1000 or 40

2000 1.8E 8.13 8% 1000 8.20 1280 13.30 10096 12.00

7.15 300 7.15 2000 7.05 110007,10

7.10

Rubber T..

Realty

7.375

wool auctions were unchanged Sior to higher, with eastern Europe, & the continent and Japan leading buyers.

0.20 6000 8.20

20 6 B

3000 12 0.20 1000B.15 2.00 20000 3623

Ferry Craw

208

48

the

Invest. Gliman

70.00

4.63

HK Hope

Kwong Sang

30 30

200

Underwriters 15.40

14.00

100

21.70

Conditions were dull in the synthetic goods market.-AP.

Metal market

The

was

London, Mar. 22. copper marke caster in the morning while tin was quiet. The lead and zinc were easier today.

The tin market

was firmer

In the afternoon. Spot tin lifted 24 points to £822 and three-months three points to

£684.

at

Copper spot was quoted £277% and businesa was done at £220, while lead was at £67 per long ton, zinc was at £83.--UPI,

AHERICAN

STOCKS & COMMODITIES.

WHEN

SELL

Int'l inv..

Penk Tram

Fully Prid Amony

VIDIO

2000 e 2.8%

30000 4,00

4000 or 2,00

6000 or 2,625)

50 A 204 2004 40

300 13.00

4000 4.5

200 20

10 204

Rubber

market

Singapore, Mar. 22, Opening indications were immediately met by heavy liquidation which continued with minor re- actions till 852 contr was reached,

April No. 1 r was offered

which freely

caused this position to drop to parity with May.

He has stirred up investment interest in this mighty firm

(Shares rise or fall and investors speculate with words and with money. But what of the men who control vast enterprises. To find out what takes place on the other side of the investment fence, Alexander Thomson interviews Mr. Arnold Lindley, new bois of the

mighty General Electric Company empire.)

By Alexander Thomson

London, Mar. 22.

"I wish," said Mr Arnold Lindley, “that I could hide under the

table for the next twolve months.

"Investment people seem to look on you as if you can wave a magic wand

and perform quick miracles.

"It is not like that at all. Reorganising a business of this size takes a

two ot .year or least."

The fierce glare of publicity has shone on. 58-year-old Arnold Lindley since he became boss of the £115 million General Electrly Company on January 1. His arrival at the top has stirred up stock market Interest in the firm's shares. They have risen from 20/0 to 30/3 he took over.

since

has not been its strong point in the past.

"Most large companies can only operate cffelently if they sub-divided with are properly the right men running each sec- tlon.

Not until that is done can you expect progress, The prob- lem is getting the right men the right jobs and to see that they are behind you."

He continued: "It Is also im- portant that we should have

For here is an enterprise with our programme cet well ahead huge resources and high tech-so that we are not caught un- nical ability that has not been awares by new idens. run as efficiently as it might We must make every effort bc.

to see that we are right up in But all this attention has front with all new develop-

ments. made him wince a little. For he is a shy, studious man who does not like the limelight.

However his manner is a determined sort of quiet in way he has very clear ideas of what he wants to do.

For example some observers have sald thai

is too GEC heavily involved in the domestle appliances business.

About one-third of its output Is in household goods.

A source of weakness? Cer- tainly not in Arnold Lindley's view. He has no intention of changing that pattern.

"Heavy electrical-engineering may be the glamour end of our business," he told me today, "but is domestic appliances that will be the big winners of the future."

LONG-TERM LOOK - And he explained: "If you take a long-term look at public

demand, it is commonsense to expect it to be aimed at getting rld of as many household chores as possible.

"All sorts of chore-saving devices will be wanted in 10 to 15 years time that are not even known now.

"One of the things we are going to do in the next few years is develop this side of our activities."-

What of heavy electrical- engineering? Two weaknesses will have to be ironed out to overcome the present difficulty of small profit margin.

First, export prices are low. And our big electrical concerns all sell about 30 per cent of their output overseas.

Secondly, most of their work- shops are on a single-shift basis. "It would be far more econo- nical" Lindley said "if we could get on to double shifts, particularly where expensive machine-tools are used."

MORE ORDERS Both problems would be cased

orders. by more

Lindley ex- pects an increased rote of ordering from home and abroad

in the next 12 months,

What of GEC itsell? With a payroll of 64.000 at home and another 6,000 abroad it is one of our biggest under- takings.

In his quiet and precise way Arnold Lindley said: "Having manageable units in this group

"Doing all this takes a good dent of time, however impatient' people may be for quick re- sults."

Some

bosses decorate their with pletures of their rooms horses and yachts or of big pro- Jects from the past.

UK concern over

stability of

prices

Birmingham, Mar. 22. Concern over the threat to the general stability of prices in Britain and ot the general upward move- ment in wage rates was Expressed today in the 1960 report to the Coun- cil of the British Eri- ployers Confederation. The report being presented to the Confederation's anmual "tro-mecting here today said indus- Arnold Lindley's only phy" is a memento of the 16 trial production

Index years he spent in South Africa measured by the official

per cent, in charge of GEC's extensive rose by about seven

but much of this increase was interests there,

Over his office replace is a

absorbed by the home market.

The outlook is a challenging large photograph of a lioness snapped in Kruger Park game one," the report declared. "This country is not maintaining even reserve,

its relative Lindley's strength? I would in the snortrun say it is his thorough knowledge position in the world's of big business "Jungle."-Lon-trade.- China Mall Special. don Express Service.

last year as

export

Decline in UK Improvement in

U.S. economy is forecast

man-made

.

fibres output

London, Mar. 23. Production of man-mode fibres in Britain Last month

43,130,000 pounds, the British-Man- Mada Fibres Federation -said today.

WOS

This compared with 48,010,000 pounds in Janmary and 50,280,- 000 pounds in February last year

"The known earing off in de- mand for rayon staple for car pets, blankets and woollen blends is still reflected in the production of staple in contrast to the heavy buying and dupli cation of orders in staple a year ago," the Federation added.

The total at 22,340,000 pounds was on a slightly lower dally rate than in January at 25,260," 000 pounds and compared with 28,040,000 pounds In February last year-Reuter.

Unit trust

First Hongkong Fund; Buyer Price: $1.36. Seller Price: $145.

COMMODITY

Washington, Mar. 22. Waltor W. "Hellor, President Konnedy's chief economic adviser, said today the nation can expect a rela- tively early pickup in the economy "but a relatively slow return to full employ- ment."

Heller also said "The odds are

not very strongly" in favour

of on anti-recession temporary tax cut now that the business slump is showing signs of being at or near the bottom, Heller, chairman of the Pre- sident's 'Council

of Economile Advisers, said "Gigns of an upturn are predominating" and it is possible the relatively mild" business recession which began last May hay vached, a turning point---UPI,

Reserves drop

Pretoria, Mar. 22. South Africa's gold Anand foreign reserves dropped by about £337,000 to £98,550,787 during the week ending March 17, according to the Reservé Bank weekly statement today--- Rouler.

PRICES

3-monui

3-month

8436-6516 53+053 $1-694

Copper spat

0731-64

Lead Spot

3-month

021-003

Zine Spot

3015-2016

10:00

COTTON

No. 1 April

No.

May April

No. 3 Ap! No. 4 April

Spot rubber unbaled

No. 1 pale crope

Closing prices all in pence per jb.:

3-month

389833 882248

Blanket crepe

LONDON

00-87

2312-251%

FOREIGN

Closing

LIVERPOOL

prices alt in pence

per 1b.:

American Contract

No. 1 apot

Mar

24.33

Settlement house term:

May

24.05

Apr/June

July

25.10

July/Sept

Oct.

24.35

Nov./Dec.

Dec.

24.03

Jun/Tob.

2531-251

MAT.

24.89

MorfADr.

Mixed Contract

Lawer sheet demand small and some grades wero trades

Mar.

General markets, c.f.f, basis, ports;

May

2598-1514 251-2514

May

Extate cropo

Jufy

WHEN

at marrow differentials on the decline.

thin Ape

Oct.

thick Apr.

201

Den

Canada

Маг.

30-days

Aflor cased sharply.

In market

alow start prices

2.30 buyers

London,

wat

the rubber uncertain with

NEW YORK Closing rates:

1.01 1/10

2.7030

RUBBER

NEW YORK

Rex rubber futures closing prices, all in cents per lb.: Mar.

300.00

20.90

29.50

29.45

29.40

morning, at the following rates; Un dollar (per (1)

0.022

Bept. Nov. Jani

30.04

cents per 1b. fo.b. Malayan

1.02

ports:

AMSTERDAM

Closing prices all in guilders England

per kilogram, c.lf. April:

No. 1 rubber

No. 3 rubber

No, a rubber

No. 1 crepe

1.24 buyers

2.20 buyers

METALS

LONDON Aftéritoon Bezalım

90-days

Australia

New Zealand Bouth Africa.

Others unchanged.

LONDON

Closing rates: Montreal

Amsterdam).

Brusela

Copenhagen

Frankfurt Liation

Oplo

Parta

MUL

Closing prices, all in sterling ockholm

Уилпа Göyera xətləri ↑ Zürian

SINGAPORE Closing prices all in Giraits † per long ton.

Tin spot

2.7030

3.0305 2.7800

1.4015

2.70 18/18-2.77 1/10 10.0538-10.00011⁄2

139.00-109.6D 10.42-10.393 11.103-31.134 79.90-80.00

11,100-11.50

13.7176-19.71

164155-144455

174132-1747

SIGNATURE(S).

Telephono Na

Balo

(In the case of joint applications all pormons mus algn. Corporations shoula complete under the tienu of an authorised officer whose designation "should be stated)

SPECIMEN SIGNATURE(S),

NOTE: The information booklets are obláinsbin from leading banky and members of the Hong Kong Stock Exchange or from Hong Kong Unit Funda Limited, à foor, Alexandra House, or P.Q. 1000 000, (TVS. 20190),

GM.

TECHNICAL

ANALYSIS

On Stock Trands;

Research DIOL PERENNIAL TRADING CORP. 416-8th Edinburäts House

Hoo Kong, TR RING, 30344

pot quoted at 25% pence.- UPI.

Exchange rates

Businer was done

July In the legal

nofficial exchangs, Inarkot

Boring nules (per 1}

Australian noter (per ED 327

Moravian Rupiah per 1001

Jums tiesia (per 100) Singapore (Sirasta)

OFE

220,301