1961-07-20 — Page 2

MAN

Page

A picture that tells the success story of the Colombo Plan. On the right; Dr Mya Han, a student of opthalmology from Burma, who was the 3000th Trainee to za lo Britain under the auspices of the Columbo Plan. On the left, Mr J. F. Ponnambalam, a United Kingdom qualified solicitor from Cevien now studying company legislation, who is the 4,000th. They are seen with Lord Bridges. Chairman of the British Council, ní tea party given by the British Gayerninent ut Lancaster Happy, London, to mark the tenth Colombu Plan.

anniversary of the

A RECOVERY IN LONDON SHARES MAY BE NEAR

(Over the past few weeks the London Stock Exchangé hus presented a picture of unrelieved gloom. With Britain experiencing an economic crisis the future looks- blacker still. What is in store? Alexander Thomson investigates.)

By Alexander Thomson

London, July 19.

THE CHINA MAIL, THURSDAY, JULY "20, 1961,

Wall Street stocks HONGKONG

advance

New York, July 19.

Stocks rallied decisively behind" quality feadership in the final hour today.

London stocks rise again

The rise in prices was accompanied by stepped-up

volume as trading exceeded that of yesterday Stocks overcame a shotp maming setback today to score

by roughly a quarter-million shares...

Gains of "better than a point | Motorola Inc.

National Cam tex. “A National Dairy Prod. National Lead

in Allied Chanical, American National Biacul Cu. Tobacco, Du Pont American Telephuse, General Foods and International Nickel gave the Dow Jones 3d Industriais a hefty gain by closing time.

Steels and motors showed mus.ly good fractional gains, aturing a rise of well over a point in Ford. Chemicals re- covered Imost of their early Joses,

Natten Steel Corp. New York Central Noranda Mines Ltd.

Norfolk & Western ny. North Amer. Aviation Narinwest Airlines (Com, Oktahams Not. Gav Clin Mathiesen Oils Elevators

| Owen-Illinois Glass

Oxford Paper Co.

8794

100

London, July 19.

another broad sweep of gains, but ended the `session slightly below their best loval of the day.

Dealers had marked prizes down at the outset on yester- 15day's hints in Parliament of a 40 dividend freeze to come as part of the government medteine for the economy. They found few 3011⁄2 sellors and when buyers moved in equities staged J smur! response, often out of line with actual derband.

End-becount

30

Pacific Gulce

7545

the lost

Pan Americaty /

n" Airways.

17

Paramount Pictures

Parke Davis Co.

Penny. J. C. Co

Penn Brit Co.

Munn nute sharply in cappers but Reynolds around a point in the tobaccos despite record eamings,

Philip Morris

Pitney Bowes

Procter & Gamble Co. Pittsburgh Plate Glas Pertland Gen, Elec Publicher Industries

FINANCE SHARES Finance shares were strong! featuring sizable gains in Great Western, but drugs

continued soft.

mixed Palman Most of

Drience

issues were with moderate losses. the aireraft shares fractionally.

Radis Corporation Radio Corp. Pref.

Thate oil

Improved

Haythran

Today's volume was 2,040,000 shures. Of a total, 1,250 issues traded, 507 were higher and 503 lower,

American

Exchange

wis 1,040,000 shares, Bunds volume amounted 4 $8,030,000. Dow-Jones closing averages:

40 Bonds

Closing prices

Ablubi Pwr, & Paper

Algema Steel Corp.

Alden Inc., Acy.

Allied Chemicals

Allied Milla Inc.

Allis Chalmers

4214

Republic Stevl

Reynolds Metal

24%

bear covering helped today's

rise.

Stores ran ahead, steel stocks and engineering leaders took to

64% higher ground. Electricals im- proved but Hoovers slid on poor Shalf-year results and just 5/6 fo 03 $6/0. 403b

0412

Textiles and papers firmed,

BLUE CHIPS Most blue chips climbed higher led by a 5/6 leap by British Unilever to 135/3. Motors shook off their recent malalse:

Government bonds met senad Investment demand and showed guins up to £4th. Dollar stucks cased in tune with Wall Street.

Gold mining Gnance houses led a finner market in golds, copper framed and tins returned to favour.

Closing prices

British Government Securities 29, Cansolidated - £3016.

Conversion--A 52-13/18,

31

3, Bavings 3053/03901,

1000/70-17-15/20. Sayings 1003/236832.

4340

19

1012

364

70

12

3

852%

Reyacid Tobacco

12947

Royal Bank of Canada

TOT

Royal Dutch"....

volume

Rheem Mig.

31% 10%

Sears, Roebuck & Co.

Shell Oil Co....

Sateway Stores

401

Salt Reg. Paper

30. Industrials

082,74

Schenley Inc.

Scott Paper

110

20 Rails

133.49

Slegter Corp.

27

15 Utilities

113.21 Binclair Oil...

40T

45 Stocks.

225.04 Smith, Kine & French

2:5

Sony Mobil Oil....

45

Commodity Futures In-

-dex

83.60 South Puerto Rico Sugar

Southien Go, (The)

34

14835

Southern Natural Gas

42%

Southern Paele Co.

231

Soulitern allway (Corn.)

Leading cils worked higher and were fractions better at the bell Shell being particularly active counter.

Tea and rubbers often shad- cxL~~UPI,

0

Sperry Rand...

261

Standard Brande

70

4 Standard Oil of Cal

Standard Oul of Ind.

435%

Standard Oil of N

4312

Sleet d. of Canada

Steep Rock

25

Sterling Drug Co.

46% Stokely-Van Camp.

Stone & Webmar

10

Studebaker-Packard Corp.

TA

2

Sunshine Maing

1914

103

Swift & Co.

4312

Texas Co.

218%

Textrons Inc.

27th

45

Thlukol Chem.

391

34

Tide Water Dil

403

Time Inc.

Traders Finance

12014

Travelers Inc.

142356

DO11

147450

in

Tri-Cont. Warrant

A

Twentieth Century Fox Film

70%

Union Cerlude

130

Union Oil of Cal

54%

29

Union Pacifle Railway

331

Allar Cons. Mining

6

United Aircraft

18!

United Frull

2012

Batumore & Olu

5

United Gas Corp.

341

Bank of Montreal

ABA U.S. Gypsum

Coivfiles Ordöda Dr.

Berth Life Savers

Dorman. Long-203 90.

Guest. Keen Oyd-88a @d.

Harland & Weill Ord-10

d.

U.S. Steel

50%

at

U.S. Sleg 7 PC. PET

1453

Warner Bros....

40

03

Bethlehem Steel

put

Boeing Airplane Barden (The) Co.

4D

Waukesha Motor

Stewards & Linyıl Ord–456. Sunners & Sons Ord-60s 10ast. Tibe Investment-68 Unlied Bleg)=62a 34.

3d.

4350

Burroughs Add Machine

3011

British Amer.

2014

Westinghouse Air Brake Westinghouse Electric Western Union Tel. Co.

2512

4:35

British Columbia Elec.

201

West Va. Pulp & Paper Winn-Dixie Stures...

Wentworth (K, W.;

Zenith Radio

15

I picked up my telephone and spoke to half a dozen firms of

stockbrokers about the present state of the stock market. As we discussed the heavy fall in share prices of the last few weeks

these are the hints they made:

1The theobe of more than 10 fhus berm to lay in us cheaply : Look around a little further. per cent, is out of all proportionne posalble the stock they solt | Shares of Shell, glost in oil. to the volume of selling by in- when this boom was an undyield £5-16% per cent after a

which they could not always de- | 20s fall. vesturs,

In English Electric you can 2. It is the jublers who have, liver, accentuated the nose-dive. They 3. The tumble in prices by ket £6-85 per cent and in Unit- have been, pushing, prices down new allow for much of the imm-ed Steel £6-25 per cent which → at every opportunity, Theie nimpact from econmile "medicine"unsiderably boosts the 'blue-

www.the Chancellor is preparing.

CAMERICAN STOCKS & 'COMMODITIES 2

To

WHEN TO

SELL

PROTECT PROFIT

&

CONSERVE

PRINCIPAL

Research Dept.

PERENNIAL TRADING CORP.

BIG-310 Enburgh Hous

Hong Kong. Tal: ZAKA, 28384

chip' average.

Am. Brake Shoe

American Airline

Am. Cable & Radio Corp.

American Cyanamid Co.

Amer. & Forga. Power

Ain. Gas & Electric

AT, & dry American Metal Am. Natural Gas American Strelting Am: Sugar Refe

Am Mach.

American Tel &

American Tub. Ampex

Anaconda Cupper

Armed.Sibel

Armour

Asbestos Corp.

B. C. Tel. Co.

hell Telephone

4. Provided Mr Selwyn At the other end of the scale Baldwin-Lima-Hom. Lloyd's statement is firm and Ins. Guest, Keen, with its big Inter- netions are realistic the market ests in englacering, still gives only £3-12 per cent. While could improve.

5. On Friday the present trad-Brots and Marks and Spencer ing account of two weeks on the which have both come down ra

ther more than 10s even now Sick Exchange: ends.

Fafore then, "ears" anurig show little more than 2-45 per professional

operators 774

rent.

this is unlikely to

But want to take their profits by buying back shares they have them far behind the rest of the blue-chi feld in recovery sold.

when the starting gote

8. The yields on industrial stakes shares now average more than five per cent. On any long-

Cues up.

On

have a feeling that may term reckoning they look cheap. not be so very far away.

This of course is no more than present form we could he near- snap cross-section of sticking it now. Brokers view. It is impossible to say how widely they are bold,

THREE REASONS

There are three reasons for Bus the fact remains that

such wishes as we wait for Mr you can get a five per cent Selwyn Lloyd to show his hand: return on Rolls-Royce, best

1. A trustees will shortly be known name in British indus-empowered to invest up to half their funds in selected ordinary

try.

And Purely 110 chanceller shares. After the tumble in the would ever seek to restrain the stock market the attraction of work this fine company is doing; this alternativé must be a good Min bulding nero-engines for deal strunger than a couple of

world-wide use.

this auto.

THE EVENING NEWS

of

MANILA

is now on sale in

Hong Kong

Available at:

Kowloon Bookshop

Mirador Mansion, 64, Nathan Road,

Kowloon..

Swindon Book Co.

25, Nathan Road, Kowloon.

• South China Morning Post, Ltd.

1-3 Wyndham Street,

Hongkong. Tol. 26611/5.

and Salisbury Road, Kowloor, Tel. 64145

The USA has now well and trily shaken off its recession. Business there is near (ỏ"boom- ing again. This must consider- |ably brighten oup export chances

in the big dollar market.

3. The City, I am sure, will not mind tough measures from the Chancellor provided show the right kind of tough-

ncas,

they

His most welcune statement

so far following his weekend pilling ride is that "We cannot reward ourselves in advance of the actual achievement."

This is where we have been su very

for wrong in recent fyears. Waxes have been going

# and up. Productivity has lagged far behind.

What Britain needs more than anything else la a system by which wage. increases should mly come after improvements la productivity.

There are all sorts of woys In which this can be brought about. And all. manner of means by which the government can put pressure on industries to follow that rule.

If it aino menna restraint on profits and dividends we should not mind, They will be all better proßis in the end.-Lon- don Express Service.

Withdrawn

Pittsburgh, July 19. Crucible Steel Company of America has withdrawn it# recent increase of about two per cent in the price of nickel- bearing stainless steel.

The company gave no ax- planation for the move but trade sources #nid specialty steel-makers had been exprel ing the step aloze other landing #lalniem steel producers had not gone along with the price Increase-China Mail Specim1.

|

Benefleist Finance Bendix Aviation Corp. Dengurt Cons.

British Columbia Pwr. Calir. Packing Corp, Cans, E. of Comm Caha. Brewers Campbell Soup Co. Canadian Pacing n Cake 13. Co. Cat, Tractor

Celanese Corp.

US. Line Co.

49 US. Rubber

74%

Corp.

PD BRA

C.LT. FIBA Chase Manhal. Claryaler Motors Chea Cola Cluett Feabody Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credi Corning Glass Works Consolidated Edison Consolidated_Papor Consumers Ga Continental Can. Continental Oil of Del. Creole Pet,

Crane Co.

Crown Zaillerbagi

Delaware & Hudson Co.

Diamond Alkal

Diamond Nat'l

Bustiers-Seagrams

Douglas Alterat Dow Chemical

Dupont de Nemours Eastern Air Line Eastman Kodak

El Paso Natural Family Finance Cor

Тесто Согр. з Firestore Tyre & Rube First Nat, City Itank her Ford Motor Co. of Cana. Ford Motur Gatineau Power Georgia Pacific General Dynamics

| General Ficetrie

General Food

General Motors

Gen, Pub UMI, Gen Tet & Elec Gen. Tyre & Rubber Petty Oil

Glidden Co.

Goodrich (. ) Co. Goodyear Tyre ........... Grant Northern Hallway Grumman Alretaft Gulf 01......... Hammond Organ Heyden Newport Corp. Jimin Walker vs Homerlake Mining Co.

STURTURA trig Irtabo Power Imperial Gif ... Imperial Tolstro Ingersoll-ftand

02

US. Smelling

UNIT TRUSTS

First Hongkong

153%

Fund: $1.33

Fund: 99

(buyer) $1.40 (seller),

Second Hongkong cents (buyer) $1.05 (seller).

Overseas Bonds

German (Dow*)-CH!!

Assenter£158.

5. JapaneKN,

fake de Insuranen

Barclays Ord—718 04.

Brit. Merchants Azur.-328 Dei, Chartered Banki 0, Guardian. Asurance 68 d.. Hongkong Bank£10 Hoyds Hack-81 $d.

Lombard Banking Ord.-17. National Grindleys-319 1. Prudential Assur. "A"-£7/36. Royal Bank of Canada-g20. Royal Insurance Ord-102 84.

British, Petroleum--471 38.

Burmah Oll-30_0d.

Shell Transport Ord–110s, Royal Dutch-2 135;.

Ultraitar Company-300 47ad.

Steals Engineering

Babcock & Wilcox Ord-20s 111⁄2d.

Vickers Op-31

Electr Asoc. Elce. Industries-384. Brit. Electronic Ind--101 Ilpd. Elec. & Mus. Industrias--776. English Electric Ord-Ita 90. General Electric Ord-in 30, Philips Lamp Works-£10-9/17. Rediffgulon Ord=374 412d,

Industriais

Assoc. Portland Cement-768, Boardman Marden Ord—da id. Borax (Holding) snijd. Decca Records Ord-870 54. Dunlop Rubber Ord-5 30. Fisons Ord-431 450, Gilman (Holding Ord)8, International Computers-871 9d. Landan Brick Ord-90s id. Turner & Newell Ord.-638 456. Unilever Ord-135g 3d.

Wiggins' Tenpe Ord-57% Cử

Chemicals

Pajer

Imperial Chotileal" Ord-071 4. Monsanto Chemicals Ord-20s dk,

Cinemas Kolovini Mors Empires Drð-75 10lja. Bank Organisation Uca-24 d. Blot Theatres-də 103k«.

Bowater Paper. Ort=240 00. De La Rue Ord-a. Epipers, Ord-48% 9.

Tobaccon Britak-Amer, Tob. Ord-048. Carrera Ord—as 4950. Gallaher Orch+41 08. Imperial Tobacco Ord-40 Bd.

Masore

British Molor Ord—14 Wiid. Hawker Siddeley:Ond-2, AVAIL Jaguar Cara Ord-00s. 101⁄2d. Rolls-Royce. Ord-40 dd.. Westland Aircraft—171 04.

Textles

Bradford Dyers-115 414«. Calico Printers' Ord- 149. Coals (JP) Paton & Baldwins-ls 11.

"Courtaulda Ord-3?s 11⁄2d.

Fine Spinners Ord-26 it. Lancashire Cotton Ord-34 01- Breweries Dafillers Co. Ord-33a Gd. Guiness (Arthur) Ord-51. lad Coope Ord-13 190.

Biores

Great Universal Ord-523. Great Universal "A Ord-491

House of Freser. Ord--548_1160, Lyons (3) "A" Ord=735 Bell

Marks & Spencer “A” Ord-teas |,,

Tate & Lyle Ord_47814!%d, United Drapery. Ordwide. Woolworth (FWA) Oril-536 4tusi, Miscellaneous Bowmaker Ord-108.

Bril Commonweal Ship. Ord.-35% 10d.

Canadian Pacific Ord-43%, Cunard Steamship Ord-158 19ật, Forestal Land & Timber-1N Furnas Withy. Ord-30s 1led, Hongkong & China Cha-17. Hudson Bay Comcat Indo-China Det. Ord-21s Land Securities Ord-30 d P. & Q. Steam Nav. Def-96 Loyd.

British Tin Investment-39 Gu. De Beers Dot-12# Pd. London Tin Corp.-19. Mom-10 dd,

i Tan-301⁄2 da hokana Corp.-45 9.

3610e

Rio Tinto (Bearer)-30s 34. Roan Antelope Copper-31 30. Union Corporation=-45# VILA,

wwwcom Gold Mine-10 31.

Holdings 168 24. Southern Malayan Tin-30 Del.

Rubber &

. Id.

Anio Inclonezian Pa

Ceylon Tea Ord-231. Imperial Tea Ordis d. Kuala Lumpur-Kepang-3s 3d. Lambak Rubber-46 3d,

--Reuter.

Rubber review

Now York, July 19. Rox rubber futures today closed 15 to 28 points lower with sales of sevDN contracts.

Standard contracts closed 20

to 28 points lower with sales of two contracts.

The market was very quic today, No. 1 RSS today was,

unfold. quoted at 20 cents,

No. 1 RSS was at 30 cents.

In London, the rubber market was barely steady with spot quoted at 25 pence.

In Amsterdam, the market was alightly easier today.--UPI.

COMMODITY PRICES

SUGAR

NEW YORK

Closing prices, all in cents per

COTTON

NEW YORK

20.25

.20.20 20.20 20.30

LONDON

STOCK EXCHANGE

by

Our Own Correspondent

Business done in the Hong- kong Stock Exchange this morning amounted proximately $2,150,000. Neon quotations and the moming's transactions:

to

Bhaton Bayard -Belote S BK Bank..

1.embord

Invest.

Wheelock

W Rs...

HK Bork

sp-

10 G400.

400 23

1000

1000 12.00

1234 12.70 3000

2.33

111 112

8273 Provident 329% 33% 1000

Talkoo Dock

HK Hutel.

4514 4014

1000

Cad

44

73 7316

HK Realty

(014)

2.00

2.05. 2000 2.025

2.003

-400005 200002.026 00002.03

15000 de 2,623

2.573

Tram..

413% 200 (242

500

K.M.B

600

Youma!!

200

Ch Light

381 386 6:00

400 #

5:00 2012

200 g 384

500

1500

HH Viet.

20% 29% 2500

673 1000

2000

1000

320

300

500

3300

Telephone

51 6511

700

+400

100

HK, GRE

arizo 22.30

500

و.

500 29.40

100 29.00

100 @ 23.

1000 22.

180

.500

Glimah Jardine

G.t. Cament is

4.00

GOOD

20.10 20.00

45

Dairy Farm

40 40

Textile

Amal. Rub. Rub. Trust Humphreys

Int'l Inv. I Malal indusi. Construction ilope

Allied Inv. Union W'bout

HK Mine City Hotel

Macao Elec,

XD

#.00

4.70

734 7.50 2000

20

23.00 Lalie, Craw 4814

16.80

4136

288638

New York

sugar market

New York, July 19, World No. 8 sugar futures today closed' ano point to four points :·lowar with sales of 24 contracts. Domestic No. 7 sugar closed two points higher to two points Closing prices all in pence per lower with males of 271 con-

2475-2342

World

held 247-251% steady while trade buying held 23-8511

Mixed Contract

Jan.

July

24.50

Mar.

May

23,23

20.00

ib.:

25.00

No. 1 R apol

UFI.

Bettlement house term:

Aug.

July/Bapt.

Del./Dec.

Jan./Mar.

Apr./June

July/Sept.

METALS

NEW YORK Closing prices all in cents por

251-251.

25-23

2914-233% 2314-2315 General markets, CA.f. basta, paris: Aug.

2427-243*

Яept.

Zale crepe in Aug.

thick Aug. ** AMSTERDAM

27!

Closing prices all in guliders per kilogram, c.lf. Augu

2.37 buyer

226 buyer

224 yer

2.00 buyer

ìb.:

943

15216

Contract No. $ (world)

Sapi, 12

3.00

UTKI

Oct.

ung

Mar.

2.93

50% May

2.05

July

DI

Best.

Tipat-World Average)

3.00

Total Sa: 24 contracts

Opel Interest: 30 contracta~~~UPI,

lb.:

Lend

July

10:00

Sept.

10.20

No. 1 rubber

Zine

No. » rubber

July

No. nober

Brpt,

· 11.10

No. 1 crepe

Cooper

July

30.18

Closing prices ali in cents per

Enpl

20.30

Oct,

30.25

fb.:

Let.

30.32

Apot

14.09 пот

Jon.

30.21

Mer

20.10

14

Dec

14.05

25.58

May

30130.

4104

25.70

per ing tan.

404

Oct.

$4.00

buyers andiera

Tin spat

RIS

NEW ORLEAN

11.00

Don

-month

Copper spot

010 22711

9195

NEW YORK

22812

Closing rater:

John Manville Co.

10.:

Kaiser Indduktion

Spot

RADAR C. Power & Light

Rondeggil Copper

2-month Lead Spat

3-monthr

231

2311

Canda

31 1/32

GEIL

Kogland

official

2.7885

2.7199

Do-days

2.7640

Kunberly Cark

Mar.

-UPI,

Australia

Legati & Myers Tot Co. Lily Tullp

MAY

New Fraland

1703

Jul

Bou Afriam

13908

Belgium

others unchanged

Dec.

LONDON

Feland' fiter Co.

Interetvemical Corp.

Int'l Thuaineen Machines Int'l invester International Nickel International Paper inil Tel & Ti

| Eckheed Alteract

Lowser Thongs. Lone Star Lemant Lotillard

Lowenemin à Hons. Medermatt . 'Hay Mellonnel Airerafi Matron Carp Merck

Minnesota Mining

LONDON

Closing prices, all in sterling.

Closing prices all in cenia per

32.30 unching Spot

30.20

LIVERPOOL.

Closing prices all in perre per

Co,

T.:

American Comiraol·

July

TH

Mar

July

Ocf.

Mission Development. Monsanto Chemical Co. Menteriny Sonigbenery Ward Jou

RUBBER

NEW YOR震

Bubber Kutures closing prices, sli in cents per 15.3

Jutr

Mapt.

Noy.

FOREIGN ENCHANGE

30-day

Closing rates:

How York

Montreal

Anitydam

Labon

tracta

sugar. Tulures

domestic sugar futures calm.

Liberal reofferings of Cuban sugar in the London markat caused a drop or 12 points in the London spot quotation for world raw sugar to 2.80 cents a pound fob..

It was estimated in London that up 80,000 tons of Cuban

raw sutar are available for·· resale of which about half is from West Germany and the balance from countries-UPI,

iroa

curtain

Exchange rates

Business was done in the local uhomols EXCHAN

this

mathent

morning at the following satps: US dollar (per $1} Sterling holes (per #1)

| Australian notes (per (4)

Japanese yen (per 156) ........ Cambodia' flet (per 100): Kronet post frang Epher it bec Intlonesian I

Bralian Curstro ipwy 100) Argentine peso, (per 108) J Delgian State (per 100)

Korean hwan (per 1,000) Zention tira Chinese

1003

joer }}] Jawa Juss (per_10) 2.780/10-£70 $1710 | Thaï baht (per, 100),

10.011-100156

1901–19.791

Parta

stockholm

日本

Bandara

MilNTT

1728-1729

22.00

Утепли Bartoli

B0

Hunnete kyis (pwe 10j

mirtan rupee (per 36).

Norwegian arede (per 10) Philippšia pADO (24F 3).

Singapore straite" "par" kj ́ Katharfandi ujider (par 1) front dermen di-mark (per 1}" Cuban peso (par 15 mi

*

་