1961-05-30 — Page 2

Page Z

Paper not surprised 'ceiling price' of tin was not raised

London, May 29,

The Financial Times said today it was not surprised that the Interna- tional Tin Council, at its meeting last week, ignored suggestions that the "celling price" of £880 to the ton should be raised.

THE CHINA MAIL, TUESDAY, MAY 30, 1961.

HEAVY SELLING OF RUSSIAN GOLD

AIDS

U.S. POSITION

New York, May 29.

Wall Street banking circles believe that recent heavy selling of gold by the Soviet Union has materially aided the US, gold position.

has

has

U.S. The

stockplic

the largur In actually grown

olinost lust three months after An editorial said the existing | days before the changeover The market may be kept onto

of years

continuous agreement has only a month to from the current agreement to

tenterhooks for another month, reduction. that but bis 11 and in any came pushing the

will mot necessarily HEW one, suggests the price of relleť stocks upwards inction is to be taken between

prevent the price of in rising.

Un the estimated that recent market tow and then, it said. There is consumers require is Fittle romely for a which belleves in a shuiloste of

for some revision price must be pushed up. stone cust

the could happen soon, particularly jis the price structure In the

If customers have delayed their Inew agrement since the buffer buying until the result of the The newspaper 14. Ֆ lite

stock: monager Is severely Council meeting was known, appointed that nothing was unid about a possible release of the tilted by the price brackets in by the United States. But the which he is allowed to operate,

"

ON TENTERHOOKS

Sate Departinent may we pres its Indepen- to preserve dence by nuking an annotative- "I negotiations are going on tiu, week's for the sale of American ment itself, but fast mweting would still have been should be possible for them to be concluded by the end of a good opportunity," it said.

| June.

The bulls in the tin market are inclined on this occasion to take no news as good news, The

•ditorial said.

The fuel the Connell has or- ranged an extra meeting in mouth's time and only three

|

"Meanwhile, the counell, must assume that the neurity sy rounding its intentions wurks in its favour. Uncertainly should disvourite excentive slúckpiling and speculation," the editorial said.

P.O

ORIENT

LINES

s.s. "CATHAY"

for UNITED KINGDOM via SINGAPORE, PENANG, BOMBAY, ADEN, SUEZ-PORT SAID

EMBARKATION NOTICE

EMBARKATION: The ship will be berthed at No. 1

SAILS:

BAGGAGE:

Pior, Kowloon

Wharf. Passengers should embark between 2.30 p.m. and 4.00 p.m. on Wednesday, 31st May, 1961.

The ship is expected to sail at 5.00 p.m. on Wednesday, 31st May, 1961. Should be sent to the Hongkong & Kowloon Wharf Co.'s Godown (No. 2 Gate), Canton Road, between 8.00 a.m. and 5.00 p.m. on Tuesday, 30th May, 1961.

SUBJECT TO CHANGE

Agents:

MACKINNON, MACKENZIE & CO. OF HONG KONG LTD.

Telephone: 35211/9

For every home

"But what is remarkable is thin 11 hen nui happened already.

be

Kussian production of gold Is an unknown quaallly

bot

it has been estimated on second only to South African produc tion, South Africa mined $750 Intition worth of gold last your.

The U.S. buys and sells fold brough the Federal Reserve System but the bank maintains a strict polley of never talking about such transactions. Weekly reports the size of actual U.S. reserves.

Onlе foreign source

Russian to $250 This sales have amounted

million after about eight months werk none at in which there

too "That wouldn't

may surprising but the Agures be a bit on the high side," one New

Lantrer York

Up until fast Wednesday night There's actually nu

US. guld stocks had fallen $304 Judging."

that in recent million since January 1 pars Sovick sales of gold, made level of $17,400 million.

Most ilussio's deneit in trade and transactions with the world. live non-Communist ranged from $200 to $300 million

con-

the

"If production is running ni a rale 16,000 tons below sumption (and this is considered

conservative estimate) shortage of metal should now be making itself felt." The newspaper sald,-UPI.

Merger

postponed

tu

U estimated

cover

a year.

sold. basis for

NEEDS OF BUYERS

The recent Russian leg of New York, May 29.

gold would help the U.S. pxi- the needs of for by ling The proposed merger between

who therwise would : buyers Universal Mutch and Universal indefinitely Controls has been

likely turn to the United Stalin. The purchases have been postponed.

mainly European central banks. Changed conditions and con-

The Soviet Union has been out ht templated acquisitions

of the gold market umil recent- to con- ensed the companies clude that now was περι thely, apparently in the hope that

time to complete

the dollar would be devaluatel right

the

and the gold price increaseů. merger-China Mall Special.

COMMODITY PRICES

RUBBER

SINGAPORE

Closing prices

all in Strails Malayan

rents per 15. fo.b. porter

No. 1 June

No. 1 July

No. 2 June

No. 3 June

No. June bated Spot rubber Blaaks Perepe

No

Intu

8715-8736 A1772-177 87-8714

8714-8776 7415-7514 13-45

LONDON Closing prices all'in pence per No. 1 as pot

Na, 2 rubber No. rubber No. егере

2.30 hier 2.34 buyera 2.50 moni

-UPI.

FORLIGN.

NEW YORK Cloring rates.

Cavida

England,

rilicio

30-days

Australia

New Zealand

South Africa

Other changed.

LONDON

Belgium

2514-26

Settlement hour torn:

June

ASTA-ZA

July/Sept.

Closing rates:

Oct/Dec.

1576-26

New York

Jan/Mar.

2515-26

Montreal

Apr/June

2012-20

Alsterdam

June

July

2515-251% 2512-25

Estate crepe in June

Brussels Capelingen Frankfurt Ishon

Duo

guilera

I per kilogram, ei.f. June:

No. 1 rubber

Stockholm Milan Vienna Zurich

4.37 buyers

General markets, c.i.f, basis, parts:

flex July.. * AMSTERDAM Closing prices all in

1.31 5/10

2.701

1,710

22330

1.7810

1.3925

0200

2.39 1/16-2.70 3/10 2.754-2.759

10.02-10621

130.520-139.57

10.331-19.34

11.073-11.00! 09.15-30.25 10.991-20.0012 13.0792-13.67OL 14.40-14.40 073154-173014 72.00-72.0234 19.0926-1200**

-UPI.

been

a

01

various

of the purchases. Russian gold is believed to have

accomplished in ways outsitte the London gold market. Some direct sales were believed to have taken place in Parls. Zurich and Frankfurt.-

AP.

Laboratories to

study problems of N-power

London, May 29. Laboratorios, especially de- signed to study new pro- blems of nuclear power, and equipped at a cost of £2,000,000 wero opened at Berkeley, Gloucester- 'shire, today.

They cover 100,000 square feet and the official opening by Lord Fleck, Chairman of the Ministry of Power's Advisory Council on Research and Development. means the "go ahead" for a team of 250 scientists and technicians to tackle vital work never fully undertaken before.

Questions to be probed include: How will the materials used in power station reactors stand up is intense nuclear radiation?

Can materials now being used be improved, and what radia- tion damage can be expected to the uranium fuel elements?

of

Dr C. P. Halgo, director the laboratories, said today this was the sort of vital work the central

generating

electricity

board had to carry out for itself. -Reuter,

RONSON for every office

Varaflame

BUTANE TABLE LIGHTERS

THE TABLE LIGHTER YOU FILL ONCE A YEAR!

SUNRISE

HKS 0459

NORDIC (HK$9799-

INTERNATIONAL STANDARD OF EXCELLENCE ·

Elegant styling, fuels instantly with clean-burning Butane You can adjust the flame to the height you desire!

RONDO

HK$7299

CROWN HK$9099

FANTASY HK$9399

ENCORE S

HK$10399

Sea Again Ed: A, Kalise & Ch, kid

Holiday

Now York, May 20. Major

securities and camthodity exchanges ob- servo four-day Memoriat Holiday over the weekend. The New York Stock Exchange,

ille American Stock Exchange and WAI- wext Stock Exchange and most commodity futures arkets observed an exira hollday today-UFI,

London

RANSPORTATION

New telephonic

stocks development for

s.s. Canberra

buoyant

London, May 29, The Stock Exchange opened the new trading work on a buoyant note today. In- dustrials were in especial- and domand ly good moved upward on a broad front.

Gold mining shares were very Arm on the strength of huylag attributed to Johannesburg in- turests. Diamonds also forged ahend

Coppers were quiet, oils irre- gulor. Tins eased in desultory conditions.

British

bondla government drifted lower under light selling pressure..

U.S. dollar stock were irro- gular-AP.

3

3

Closing prices

British Government Securities Consolidated-£419%.

Conversion-6-5/18.

3. Savings 1935/09-6.02-6/34. Savlags 1960/70-70 34, Savings 1903/15—–£111.

Overseas Bendr 5. Germans (Dawei-£HIS. B. Japanese, Asented-C150.

Banks & Insurance

Barclays Ord-928.

Chartered Bank Bis Ed. Guardian Assurance-107 9. Hongkong Bank£10. Lloyds Bank—-748 Ud.

Lombard Banking Ord.--21s 101⁄2J. Prudential Assur. "A"-20-13/16. loyal Bank of Canada £ £?? q Toyal Insurance Ord-177a9d

DIL

British Petroleum-60% Off. Burmah Di-30 d. Shell Transport Ord-1224. Royal Dutch-13-1/1m. Litramar Company-33 454d.

Steels Enginearing. Babcock & Wileox Ord-32s Od. Dormon, Long-354 9d. Quest. Keen Ord-104 34. Harland & Wolf Ord-174 3. Steel Co. of Wales-12s 4d. Stewarts & Lloyds ord-Bas J.

Ord-58 7. Summers Tube Investments-75s 41. United Stool-03# 00, Vickers Ord-304 4:54.

Electric

Assoc. Elec. Industries-42 Gd. Elec. & Mus, industries-45s. English Electric Ord--34a da. General Electric. Ord- Plulips Lamp Works-11-7/33. Rediffusion Ort 424 440.

Industriais

Amor. Poriland Comment-92, 1954. Boardman Marden Ord.--On 101. Horax (Holding)—Wa Dd. Dunlop Rubber Ord-27. Finans Ord-32a 3d.

Gilman (Holdings) Ord-On 144, International Computers-ix bd. Turnor & Newall Ord-dis 7 d. Unlever Ord--7478 1048. Wiggins Teape Ord-0

Chemicals

34.

Imperial Chemical Ord-783_41df. Monsente Chemicals Ord-294,"

Cinema & Televison

Moss Empires Ords 3d. Itank Organisation Ord-339 00. Stall Theatrem—304,

Paper

Bowater Paper Ord-630 BU.

De La Rue Ord-60% 94, Spicers Ord30% 20.

Tobaccos

British-Amer. Tob. Ord-71s 34. Carreras "3" Ozd—4 75 Imperial Tobacco Ord-60s ad.

Motors

10.

British Mctor Ord-169 455, Hawker Siddeley Ord Jaguar Care Ord101 Rolls-Royce Ord-152 xd, Westland Aircraft-1&s 3d.

Textiles

Bradford Dyer-10 30. Calico Printers Ord-140 G4, Courtaulds Ord-428 08. Fing Spinnera Ord-77s 30. Laneschtre Cotton Crd-**UPB+

Browerles Distillers Co. Ordox 13. Guinness (Arts Ed.

- 3d. Jnd Coupe

Stores

Great Universal Ord- #34, House of Fraser Ord--708. Lyona (3) "A" Ord-191# 5d. Marks & Spencer "A" Ord--110 1d xd.

Tate & Lyle Ord-401 250d xd. United Drapery Ord-80s 7340 xd. Woolworth_(#%;} Ord.—BRE 201521.

Bowmaker Ord 276.

Miscellaneou

Canadian Pacine Ord-$47?£ Cunard Steamship Ord-16# od xd. Forestal Land & Timber12s od

xd.

Furness Withy Ord-40 94. Hongkong & China Ose-2 50.

Hudson Bay Co.-10.

Indo-China Del. Ori-231.

hand Securities Ord-20s ad.

P. & O. Stoshi Nav. Unt/m40s Dd.

De Beers Def=1Xia 03.

London The Corp-1h 336d. Mouni 11--020 d. Petaling Tin--Ita. Ithodesian

Anglo-Amer, Ord-57

Rio Tinto (Dourer)—401 71⁄2d, Heat Antelog Copper-da dit, Union Corporation—10a 6d, Welkom Gold Mining-1 Wasun Höjdings=11's id.

Rubber & Tası

Anglo Indonesian Plant Ceylon Tea Ord-173 34. Imperis Tea Ordemlña Dil, Kuala Lumpur-Kepwik- Lämbak kubber-835 9d,

d.

101,

---Router.

UNIT TRUSTS

Fite Hongkong Fahd: (buyer); 01.43 (seller),

"Second Hongkong Tund: (buyer), $1.00 (sullar).

First-class passengers aboard the

now

P. and O. linor s.s. Canberra will be able to get telephone calls in their cabins through the ship's exchango wherever they may be.

HONGKONG

STOCK EXCHANGE

BourOwn; Correspondunt.

And when the ship is within 300 miles of the United Kingdom they will get their radiotele- phone calls with the came easy as they get trunk calls ashore,

The most up-to-date radio equipment will enable passeng- ers to take advantage of all the ahip-shore communications pro- vided by the U.K. Post Office. In fact, a passenger with be able to get most of the telegraph and available In felephone servicea his home or oMec.

Up to 30 calls an hour can be handled.

During the sea trials of the new ship which started on May Business done at the Hong-10, the Past Office were testing a kong Stock Exchange this new development-single side- band telephony in medium

morning amounted to approxi- mately $2,370,000. Noon quota-range ship shore radiotelephone, If successful, the new system tions and the morning's

will use only half the radio transactions:

bandwidth required at present. This means that in the over- crowded medium waveband, double the number of channels will be available for ship-shore calis.

Baler

Shares Dayers Sellers

412 $10 20 $14 1K Bank

IDK Bank

E. Asia...

Lombard

XD

240

Lon. Reg.

312

324 175 310

50

302 394

71 TK

21.20 21.40

1000

Whart Talkoo Dock HK Gas

-

Four Post Office coast stations, Lands End, Niton, Anglesey and Foreland, bave been

140 @ 21.40 North

2002115uipped to work this new sys

21.40 tem and Britain will be the first 215%

200

770 4 21.40 try to use it for maritime pubile services.--LFS,

34

Wheeluck..

10.50 10.00

$500 10.20

1000 18.70

500

1000

10.80 10.65

1 Dock Provident ..

£14

100.0 34

200

200

1000

HK Hotel..

FIES Land ..

oto

Rta

4235

Yoursati

1.31

100

200

HK Tram

4014

40%

2000

2000 40

1 Land

Ch. Light

377%

3B

སྐྱ

2000 40 500 40

500

200+ @ 1

350003714 3500 374

100 @ 32 1000372

HK Elec.

37%

29 2300

2713722 600 34

2000317

HK Tele.

5212

63% 1000 # 3316

100053

12983

G.T. Cement CO COLL

D8%

600 66

BOU 333

500 L 3844

100 30

100 27 2017

בתDalry Fa

Watson Allied Inv Textile Nanyang Amni. Rub

Rub. Trust City Hotel.

45

12

BT 8.30

IN

500 и 30%

6.70 63% 3000 @ 034

Humphreys 23.70 26.30

Realty. 2.723

8000 0.70

1000

00 34

500 20.30

Dur 20.10

234 2000 2.725

K.M.D... 7010 00

Farry

Land Crow

H.K. & F.E. Invest...LA Gliman.......

DOOO 23 5000 234

20679 Bou 7015

40 670 1300 7915

400 24 0.15 0.0 6000 BLO

15.0

Int'l Invest. Kelanton Sungala... 3.80 Mario Liec. 145–15.20

Cargo Liner

Hall, Russell and Co, Ltd,

the

JAL bid for air

rights in New York

Washington, May 29. Negotiations opened here today on a Japanese re- quest for air traffic rights in New York.

Japan Air Lines, which ta cecking the rights, at present nits from Tokyo by way of Honolulu to Los Angeles, Ban Francisco and Beattle.

st

The Japanece delegation the State Department talics was by Mr Akira Nishiyama, Ministér of the Japanese Embassy in Washington. Mr Edward Bolster, director of the State Department's Once Transport and Communications, Jed the US team

of

Oficials said there Way ย good chance that the United

would

approve

States

the request providing American Airlines wAJŮ given new con- cestions оп their Japan.-Router,

routes

Portuguese liner

runs trials

to

The E6 million, 20,000 tons liner Portuguese gross Principo Porfolto left tho the River Tyne in North East England recently for her sea trials. Sho is ex- pected to be handed over by the builders, Swan, Hunter and Wigham Richardson's Neptuno Yard, on May 31 — a month ahead of schodulo and probably leave for her maiden trip to Lisbon on Juno 1.

of Aberdoen have com-

The new liner, the biggest, plated

6,300-ton most powerful and fastert built deadweight cargo motor of the Neptune Yard was iler ship Lotitia for the Don-launched last September.

order was won in the face of aldton Lino Ltd.

strong international competi Dealgned to navigate the St tion She Has been bullt for the de Nave- Lawrence Seaway

to Companhia Nacional and operate on the Great Lakes It gacno of Lisbon, and will be the necessary, Letitia carries 13 biggest and fastest ship in their passengers and prinelpally fleet, operating between Lisbon

Enat and porta in

and West for the transport of cargo at a service speed of 15 knots. The Africa-LPS, verse) is engined by a Sulzer- type diesel unit.

Exchange rates

For Great Lakes

of the After the launching 25,000-ton deadweight bulk careler Lecelifo Hall

froin q

Trusinama -Wan dons In the local lawow shipyard for the Hall

Corporation or Canada,

the Batho owners announced the or- dering of a further vessel for operation on the Great

official exchange

market - 12130

morning at the following caters

.fi

VB. dollar (por 31}

6.13

$1.03

Sterling notes (pár a

15,93

Australian names (per ku

15.04

Lakes

Iridolontari Ruple) ipwe" 109)

#1

·itikts" Clusia "[par"{od)"

MA

BingSROTH (fast)

1.01

and the Ati Lateshak Beaway.

LPS.

-mm); { a