The Business Times, 23 May 1977
1977-05-23
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10
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The Business Times
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Title Section10 1977-05-23 1 BUSINESS TIMES M.C.(P) 300/1/77 MONDAY, MAY 23, 1977 50 CENTS10 words
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NEWS IN BRIEF
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Article59 1977-05-23 1 STOCKS worth more than $5 million went up In flames yesterday as fire gutted a paint factory In Jurong Town. The factory Is Thlam Joo, a private company with Mr. Chew Ban Joo as Its proprietor. The cause of the fire Is unknown. Some firemen were hurt59 words
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Article98 1977-05-23 1 AP. TOKYO, Sun. There Is little confidence In the future among International bankers and Investors, International Monetary Conference president A.W. Clausen told the world's top bankers today. "This negative attitude may not be surprising, in view of recent history, but In my Judgment It Is wholly unjustified,"AP. - 98 words
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Article71 1977-05-23 1 Reuter WASHINGTON, Sun. The US Army's Chief of Staff in South Korea, Major General John K. Slnglaub, was told after a meeting with President Carter that he was to be "reassigned." Mr. Carter had summoned the General back to Washington to explain an interview this week in whichReuter - 71 words
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Article66 1977-05-23 1 MANILA, Sun. Ninety-two top officials and key members of the Philippine communist movement will be tried by a military court In the biggest rebellion trial in more than four years of martial rule. Of the total, 42, including Communist Party chairman Jose Maria Slson and his66 words
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Article60 1977-05-23 1 AP HAMBURG, Sun. The chairman of the West German Federation of Police Detectives has been detained as a suspected spy, Hamburg police said over the weekend. Chief inspector Rolf Grunert, 51, of the Hamburg police force, was taken into custody on orders of the Federal prosecutor, onAP - 60 words
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Article88 1977-05-23 1 Reuter MAIDSTONE, (England), Sun. Common Market foreign ministers reached broad agreement today on the need to tighten the European Community's Internal workings before accepting new members. Greece, Portugal and Spain are expected to be the next mepibers. French Foreign MlnisterTouls de Oulrlngaud said "Tl'e Community had not workedReuter - 88 words
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Article84 1977-05-23 1 KUALA LUMPUR, Sun. Datuk Hussein Onn announced that a petroleum supply base will be set up in Cukal. Kama man, to meet the needs of oil exploration activities In the east coast of Peninsular Malaysia. The Prime Minister, in a statement issued here over the weekend, said84 words
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Article122 1977-05-23 1 Reuter WASHINGTON, Sun. Following discussions with the British Prime Minister, James Callaghan, yesterday on prospects for a Middle East settlement Crown Prince Fahd Ibn Abdulazlz of Saudi Arabia, First Deputy Prime Minister and right-hand man to his brother, King Khalld, is due In Washington today forReuter - 122 words
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Article114 1977-05-23 1 THE following list of stocks gives the 10 most traded in on the Stock Exchange of Singapore last week. It gives the turnover in thousands of units, closing prices on Friday and (he high and low for 1977. Company Turnover Prices High Low UOO May 20 1977114 words
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LOCAL STOCK INDICES
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Article71 1977-05-23 1 May IS May 17 May 18 May 19 May 20 B.T. Index: 270.57 271.87 273.57 276.36 275.84 Industrials: 242.76 242.53 242.64 243.76 244 JO Finance: 427.11 425.82 425.62 427.02 436 46 Hotels: 158.58 158.58 156.18 150.14 159.54 Propertles: 151 JO 151.26 151.69 152.11 151J7 Tlns: 105.81 105.81 106.81 106.0671 words
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Article80 1977-05-23 1 May 1« May 17 May 18 May 19 May 28 ++rf.T. Index: 224.44 228.53 230.75 228.17 231.32 •Industrials: 269.41 289.18 289.82 270.50 271.07 ©Finance: 387.39 387.18 388.97 389.28 388.95 ••Hotels: 172.07 172.14 172.14 172.14 172.14 •Properties: 139.02 137.98 138.08 138.87 138.82 +Tlns: 109.50 109.50 110.28 110.37 ***** +8 rubbers:80 words
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Article, Illustration1165 1977-05-23 1 COLIN CHEE - $450 m TIED-UP IN UNSOLD UNITS By COLIN CHEE DEVELOPERS Of private residential properties In Singapore these days have trouble lust keeping their heads above water. With $450 million tied up in 3,500 units of unsold houses and apartments it is not difficult1,165 words
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268 1977-05-23 1 LOAN demand to buy residential and commercial properties still remains low in Singapore. Finance company managers attribute this weak loan demand to the lethargic housing market here. However, they feel that demand may pick up If the nation's general economic recovery gains momentum. The268 words
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Article220 1977-05-23 1 TWO new Joint ventures between Japanese and Singapore Industrialists may be set up here as a result of the visit of a Japanese Industrial mission. One is a plant for canning fish, fresh fruits and other foodstuffs while the other Is an Industrial training facility In220 words
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206 1977-05-23 1 A SECOND Singapore Airlines (SIA) top level executive has tendered hit resignation, following close iy the departure of Mr. Lye Khay Feng, the airline's deputy managing director. He is Mr. Tea Lin Hup. the airline's treasurer, a director level function which includes responsibility over minimisation206 words
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Article110 1977-05-23 1 THE Poet Office Savinga Bank has established itself more or lees in the local money market, and last week dealers reported that the national savings institution had vontnred into the weekend counter. It cum into the market at first as a placer of funds in110 words
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342 1977-05-23 1 SINGAPORE'S exports grew much faster than Imports in the first four months of this year. From January to April, exports rose to $6.31 billion, up 27 per cent from the same period last year. Imports amounted to $8 billion, up 10.9 per cent.342 words
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239 1977-05-23 1 Reuter HIROSHIMA. Sun. Prime Minister Takeo Fukuda said here today that the Japanese economy would show a recovery trend in a month or two and that economic growth without Inflation could be attained. Mr. Fukuda made these remarks in a press conference In this western JapanReuter - 239 words
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Article45 1977-05-23 1 Reuter ROME. Sun. Italy's industrial production growth is likely to slow sharply this year, chairman of the Italian Industry Federation. Guldo Carll, said. In the first quarter 1977 output was 8.2 per cent above the same 1976 period, Mr Carll said on television.Reuter - 45 words
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Page 1 Advertisements
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Advertisement66 1977-05-23 1 Wayfoong Mortgage jvli IICCU and Finance (Singapore) Limited It IIK)Sv Shaw House. Ground Floor. 354 Orchard Road. Singa:iOre 9. Tel: *****7. Wtyfbong MAF A lending hand when you need it most SEE PAGE 4 Leieure/TV Kadi*/ Local Co Nowa/ Share Crosswords P2 Information PC PS Market# P7 Feature* P4 Co66 words
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Advertisement133 1977-05-23 1 Bank with (hose and give vaurself the Chase advantages. There are so many banks operating in Singapore. And most of them offer the same or similar facilities. So you may well ask, why should 1 bank with Chase? The answer is service. The Chase commitment to service is very real.133 words
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Advertisement30 1977-05-23 1 < VTT American Express Bank hard to make r money work for you American Express International Banking Corporation Sfting K*an House *S*e»i»onWay Singapore 1 Tel 220 2311 Tete» R*****4 Cabte AMEXBANK `:(,~^`-+>%];\[*&){.'[]{+%%:%~~30 words
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Article465 1977-05-23 2 LOCAL banks have often been criticised for being afraid to take advantage of opportunities in overseas markets. Their slower growth vis-a-vis leading foreign banks is nearly always blamed on their conservative and cautious policies, which in their context have become a vice, not a virtue. These banks'465 words
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REVIEWS
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Article, Illustration1478 1977-05-23 2 SYLVANA FOA - The curious hunt for a long-lost Leonardo masterpiece ART By SYLVANA FOA UPI IT WAS an obscure little clue but it was enough to convince an American oil magnate to back "no matter what the cost" the curious search for a longlost Leonardo da VinciUPI - 1,478 words
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1081 1977-05-23 3 HAROLD SCHONBERG - I MUSIC By HAROLD SCHONBERG NYT EARLY pianos and their role In the music of Haydn, Mozart and Beethoven is a problem very much on the minds of literate musicians. For those three composers wrote piano music for an instrument that was aNYT - 1,081 words
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Article96 1977-05-23 3 THE Singapore University Madrigal Singers (SUMS) will feature in two concerts at the Development Bank of Singapore auditorium at 8 p.m. on May 26 and 28. Founded by Dr. Bernard Tan, SUMS has a repertoire that includes sacred and secular music from many ages and countries besides madrigals96 words
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Article2394 1977-05-23 3 A LAWYER - By A LAWYER The author is a prominent Singapore lawyer who prefer* to remain anonymous. MONDAY: The Editor of Business Times personally rang up to ask when was I ever going to deliver my "One-man's week" to her. She made me swear by my diary that I2,394 words
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Article, Illustration948 1977-05-23 3 r BOOKS C.L.H. Inside Lu Vegu. By Mario Puao. Phstoptpbi by John Lauaois, HNCF Son and Sutan Fowler-Gallagher. Grosset and Dunlap. U 911.55. The Big Player. How a team of blackjack players Ede a million dollars. By n Us tea, with Roger Rapoport 217 pages. Holt, Rlnehart andC.L.H. - 948 words
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Page 2 Advertisements
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Advertisement150 1977-05-23 2 The All-American i Desk-Top Plain Paper Copiers NOW AVAILABLE IN SINGAPORE Saxon is for those who want the latest in plain paper copiers for convenience of operation, versatility and economy. Saxon comes to you from the fourth largest plain paper copier manufacturer in U.S.A. Saxon makes models to suit your150 words
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Page 2 Miscellaneous
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Miscellaneous930 1977-05-23 2 TWO-IN-ONE CROSSWORD f.tm r. CRYPTIC PUZZLE ACROSS I Make love In a golf club (5) 6 Boy having a day out (5) 9 Wouldn't accept the referee employed (7) 10 Keep up aloft somehow (5) II It's in Africa, ironically enough (5) 12 Drop a car number (5) 13 Managed930 words
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Page 3 Advertisements
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Advertisement166 1977-05-23 3 RENTOKIL guards your property i if t. Li EXPERT EXTERMINATION OF TERMITES, RODENTS, HORNETS, COCKROACHES, OTHER TIMBER PESTS, ETC. SOIL TREATMENT AGAINST WHITE ANTS AND ADVICE ON ALL PEST PROBLEMS FUMIGATION OF SHIPS, PRODUCE, FURNITURE, PIANOS AND PERSONAL EFFECTS REGULAR INSPECTION, CLEANING AND MAINTENANCE OF WASHROOM AND TOILET FACILITIES. REMOVAL166 words
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Article, Illustration1337 1977-05-23 4 WILLIAM MANN - By WILLIAM MANN AP THE woman inside the fence was a political detainee who said she'd been tortured. The women on the outside were two friends, listening to her complaints. An armed guard approached. "Please go away," the Philippine constabulary soldier almostAP - 1,337 words
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1016 1977-05-23 4 BARRY MAY - By BARRY MAY Reuter. UNITED STATES diplomats talking to Fidel Castro's government, American tourists taking the yankee dollar to Cuba by the boatload, businessmen Jockeying for trade and a procession of American politicians, sportsmen, Jazz musicians and Journalists making the short hopReuter. - 1,016 words
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998 1977-05-23 4 ANDREW MALCOLM - By ANDREW MALCOLM AP "I'll tell you the secret," said the saleswoman. "First, you give the woman a compliment. That slows her down. Then right away you point out something wrong with her face. That worries her. Then you say: but wait, IAP - 998 words
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Page 4 Advertisements
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Advertisement230 1977-05-23 4 The answers to all complicated calculations are at your fingertip When unnecessary calculations bore you down and your business comes to a standstill because you mis-calculated, it's time you consult the Professionals. SHARP CALCULATORS are 'Professors of N, calculations', Be it simplified or complicated,\ the answers are given QUICK and230 words
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INTERNATIONAL COMPANY NEWS
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177 1977-05-23 5 NYT LOS ANOELEB, Sun. An investment group financed by money from New York, Detroit, Los Angeles, San Francisco and Virginia has outbid Mobil for the landrich Irvine Company. Taubman Allen Irvine won the company with an offer of U5537.4 million, or $40.10 a share,NYT - 177 words
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Article42 1977-05-23 5 Reuter LONDON, Sun. The Province of Manitoba is making a five-year HK$l5O million bond issue due 1982, Wardley (Vila) said as manager. The coupon is expected to be 6% per cent with initial subscription for the bonds in Canadian dollars.Reuter - 42 words
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Article421 1977-05-23 5 NYT NEW YORK, Sun. Shareholders of four mutual funds operated by Investors Overseas Services, the once-gigantic financial complex, have been awarded almost US$l24 million frozen by securities regulators in Canada. The Judgement on Flrday followed charges made Sears earlier that lfr. obert L. Vesco, theNYT - 421 words
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231 1977-05-23 5 Reuter TOKYO. Sun. Sumitomo Bank will probably sell part of its stockholdings to raise between 20 billion and 30 billion yen to cover some of its bad loans to flnancial-ly-troubled Ataka, which is due to merge with C. Itoh on October 1, a bankReuter - 231 words
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152 1977-05-23 5 Reuter ZURICH, Sun. Earnings and sales of Gulf Oil are expected to improve In second quarter 1977 and the whole year, treasurer lir. Paul Weyrauch forecast at a press conference on the forthcoming quotation of the company's shares on the Zurich, Basle and GenevaReuter - 152 words
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Article66 1977-05-23 5 Reuter LOS ANOELES, Sun. Union oil of California has signed a definitive agreement for the previously-an-nounced acquisition of Molycorp. The company said under the terms It would exchange 1.035 common shares for each Molycoro share and Molycorp will call all Its outstanding preferred stock. The merger IsReuter - 66 words
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656 1977-05-23 5 Reuter MONTREUX, Sun. Swiss National Bank president Fritz Leutwiler said he expects an agreement with Swiss commercial banks covering aspects of bank secrecy to be concluded within the next two weeks. Speaking to Reuters at the International Forex Club meeting, Mr. LeutwilerReuter - 656 words
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267 1977-05-23 5 Reuter MONTREUX, Sun. -Multinational companies are no longer the principal source of instability In world foreign exchange markets or the international payments process, Bank for International Settlements economic adviser Alexandre Lamfalussy said. He told a forex club conference here he does not believeReuter - 267 words
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302 1977-05-23 5 AP BEIRUT, Sun. Banks that once made Beirut the Arab world's financial capital are showing further signs of recuperation after a 19-month civil war that left the economy in shambtot. The Central Bank reported today that deposits totalled 6.3 billion Lebanese poundsAP - 302 words
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85 1977-05-23 5 Reuter PARIS, Sun. French Parliament approved the creation of a committee of enquiry Into dumping Activities. The committee will examine the orlgtavbf maverick Imports so that public authorities can take steps to protect the moot threatened areas, notably textiles. Mr. Jacques Llmouzy, the Parliamentary memberReuter - 85 words
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280 1977-05-23 5 Reuter PARIS, Sun. Menachem Begin, leader of Israel's Likud Party, said in an interview published today, that the West Bank of Jordan was liberated territory belonging to the Jewish people. Mr. Begin told the weekly news magazine, L'Exprees, there would no longer beReuter - 280 words
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336 1977-05-23 5 KEY decisions relating to the five Asean Industrial cooperative projects will be taken In a series of meetings to be held next month by relevant working committees of the organisation. These meetings will culminate in the Asean economic ministers conference to be336 words
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Article207 1977-05-23 5 Reuter LONDON, Sun. Debenhams said It plans to raise £21.9 million through a one-for-three rights Issue at 68 pence per share. The company made a pretax profit of £20.45 million on sales of £386.2 million for the year ended Jan 29, 1977 compared with £13.51 millionReuter - 207 words
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Article112 1977-05-23 5 Reuter DETROIT, Sun. United Brands hopes to be able to start paying dividend arrears on its preferred and preference stocks by the end of the year. The company has not {•aid dividends since Ocober 1974, because of restrictions in the Indenture covering Its 6* per cent debentures.Reuter - 112 words
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302 1977-05-23 5 Reuter HONGKONG. Sun. Wing Tal development has reached agreement with Slu Wo Development on a scheme for Slu Wo to become Its wholly-owned subsidiary, Sun Hung Kal International said as advisers to Wing Tal. Under the scheme, holders of 3,950 HK$lOO shares InReuter - 302 words
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Article36 1977-05-23 5 Reuter LONDON. Sun. The British Municipal Authority of Sunderland Is floating a corporation issue, £15 million of 12 1/4 pes cent stock dated 1984, market sources said. Issue price is 99 1/4 per cent. Reuter.Reuter - 36 words
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474 1977-05-23 5 Reuter LOB ANOELES, Sun. Occidental Petroleum's earnings for the second quarter will be very good compared with last year's 84 US cents a share, chairman Mr. Armand Hammer told Reuters after the annual meeting. He made no specific forecast. However, ne said that earnings may accelerateReuter - 474 words
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Briefly
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Article70 1977-05-23 5 Reuter WASHINGTON, Sun. The Federal National Mortgage Association said it will sell a total of US$l.l billion of debentures on May 25 to refund maturing issues and raise $200 million of new cash. The offering will comprise $400 million of three year debentures, $400 million five year debenturesReuter - 70 words
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Article28 1977-05-23 5 FRANKFURT, Sun. The Proylnce of Quebec's 150 million mark 10-year 7 1/4 per cent Eurobond was priced at par, primary market sources said. Lead manager Is Commerzbank.28 words
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Article89 1977-05-23 5 LONDON, Sun. BOC International has won Its appeal against a US Federal Trade Commission ruling to divest Its 35 per cent holding In Airco. The US Federal Circuit Court of Appeal set aside the order but as a footnote required the FTC to look again at the89 words
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Article70 1977-05-23 5 NEW YORK, Sun. Ontario Hydro plans to borrow US$5OO million during the balance of this year, but the Ontario Province plans no further borrowing this year, Ontario Premier Hr. William Davis told a press conference here. Ontario Hydro treasurer Mr. Jim Fullertlon said there is a good possibility70 words
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Article54 1977-05-23 5 MILAN, Sun. Pirelli said 17.74 million shares remained unsubscribed under its recent five-for-eight rights Issue and these will be offered publicly on the bourse between May 23 and May 27. Shares taken up totalled 26.96 million at par value 1,000 lire. A consortium headed by Mediobanca has undertaken to54 words
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Article26 1977-05-23 5 LONDON, Sun. The Chrvsler Credit Canada Cs2s million 9 1/4 per cent Issue due 1982 was priced at Ear, lead manager First oston (Europe) said.26 words
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Article85 1977-05-23 5 Reuter LONDON,Sun— The Korea Iran Petroleum has been granted a 7Vt per cent US$l3.5 million 10-year loan guaranteed by the Export Credit Guarantee Department, Grlndlay Brandts said. Proceeds will be used towards a contract awarded to the Foster Wheeler group of companies for supplying UK goods andReuter - 85 words
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Article71 1977-05-23 5 ROSEMEAD, Calif, Sun. Southern California Edison plans to sell two Issues of first and refunding mortgage bonds totalling US$2OO million. Socal Edison said each of the issues, one maturing In 25 years and the other in seven years, will be scheduled for bidding on July 12. The longer71 words
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Page 5 Advertisements
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Advertisement354 1977-05-23 5 Corporate Banking Services in the Far East htni ()/ithj t>id\k fri'in the /'<•< *»<( l>\nij\r /> y ///M u <ys </ izuhlt r i uu i IT Wardley Limited carries out merchant banking activities in the Far East. Based in Hong Kong, Wardley provides banking, advisory and financial services to354 words
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COMPANY NEWS
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Article870 1977-05-23 6 DESPITE the uncertain conditions In the engineering and shipbuilding industries in 1970, the Promet group had a record year which enabled parent com- i pany, Jardlne Matheson (South East Asia) to substantially offset depressed earnings from Its oil-related activities. "The Promet group through diversification of870 words
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Article636 1977-05-23 6 Current Ex Date Total for Total for payment Date payable the year previous year Kuchai 10% Apr 26 May 23 10% 10% Sel. Properties 8% Apr 28 May 24 16% 16% National Iron 5%TE May 6 May 26 12.5%TE 12.5TE Dunlop Ind. 21.5% Apr 20 May 27 27.5%636 words
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COMPANY MEETINGS
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Article30 1977-05-23 6 THE following company meetings are due: May 25. 10.30 a.m.. Registered Office, at Messrs Tan Toh Hua Partners. Penthouse Wisma Mirama. Jalan Wisma Patra. Kuala Lumpur.30 words
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16 1977-05-23 6 National Iron Steel Mills Ltd.: May 26. 2.30 p.m., DBS Building. 6 Shenton Way, Singapore 1.16 words
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18 1977-05-23 6 May 27. 10.30 a.m.. Registered Office. No. 31, Shipyard Road. Jurong Town. Singapore 22.18 words
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Article15 1977-05-23 6 May 31. 12 noon at Ist Floor Maritime Building, Collyer Quay. Singapore.15 words
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Article15 1977-05-23 6 May 31, 12 noon, at DBS Theatrette. DBS Building. Shenton Way. Singapore 1.15 words
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Article18 1977-05-23 6 June 2, 11.30 a.m.. Room 404. ENE-PLAZA (4th Floor). 128 Jalan Pudu, Kuala Lumpur.18 words
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Article18 1977-05-23 6 June 3. 10.30 a.m., 4th Floor, U. 0.8. Building. 1 Bonham Street. Singapore 1.18 words
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Article18 1977-05-23 6 June 3. 10.45 a.m., 4th Floor, U. 0.8. Building, 1 Bonham Street, Singapore 1.18 words
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Article15 1977-05-23 6 June 3. 12 noon. 14 Jalan 223. Section 20 A. Petaling Jaya.15 words
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Article15 1977-05-23 6 June 3, 12 noon, 310 Registered Office, 310 Orchard Road, Singapore 9.15 words
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21 1977-05-23 6 Jardine Matheson Co. (South East Asia) Ltd.: June 3, 12.30 p.m., 16th Floor, Shing Kwan House. 4 Shenton Way. Singapore 1.21 words
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Article18 1977-05-23 6 June 4. 10 a.m., 6th Floor. Tat Lee Building. 63 Market Street. Singapore 1.18 words
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Article14 1977-05-23 6 Highland Lowland Bhd.: June 28. 12 noon, at Anggerek Room, Hotel Equatorial, Kuala Lumpur.14 words
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18 1977-05-23 6 June 29. 3 p.m.. Registered Office, No. 50 Jalan Ampang. Kuala Lumpur.18 words
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Article2396 1977-05-23 6 Gr'» O'I Net Week It77 La at Week Div Div Y'ld P/E Vol CM0) Week High Low Ctapuy Safe +«r- Crr High Low SECTION ONE INDUSTRIALS 146 136 Acma 144 +2' 12.ON 1.1 8.3 7 2 1 144 144 133 127 Acma A 129 +12,396 words
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Page 6 Advertisements
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Advertisement13 1977-05-23 6 found only in the best company... i» IPENGUN run i m 1 V13 words
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WALL STREET AND OTHER OVERSEAS MARKETS
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Article269 1977-05-23 7 AMSTERDAM: Market eased In general In quiet trading on Friday. but Dutch Internationals were steady, except UaitovMwhich firmed 2.10 guilders. Elsewhere Insurances advanced led up by Enaia. Most banks, shippings, trading shares and industrials declined with the exception of KLM. State loans were lower MAY Fla Ahold 85.50 unch269 words
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Article325 1977-05-23 7 FRANKFURT: Shares closed mixed to weaker on Friday, on dampened pre-weekend activity following Thursday's public holiday, dealers said. Amone banks Deutsche fell 4.50 marks. Comaienbaak three and Dreadner Hunk 2.50 marks. Utilities fell up to 1.50, led by Vebn. Stores and engineerings generally rose, with Karstadt gaining three, Kaufhof325 words
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Article160 1977-05-23 7 MILAN: The stock market closed mixed to lower with an easier bias in quiet dealings, on Friday, dealers said In narrowly mixed leading Industrials Fiat, Anic, Snia Viscosa Olivetti privileged ruled steadier while both Pirelli, Montedison and Olivetti ordinary eased. Insurances closed slightly lower as did banks and flnanclals.160 words
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Article341 1977-05-23 7 PARIS: Prices eased slightly on Friday in a market dominated by technical adjustments of professional operators following Thursday's close, dealers said. Foods were weaker while printings were well down with smaller losses In motors, engineerings, metals and oils and a sharply-mixed tendency in banks. Among foreign stocks, Americans, Germans,341 words
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Article264 1977-05-23 7 ZURICH: The market closed narrowly mixed with an easier bias in quiet dealings on Friday, dealers said. Special market factors were lacking. Among barely changed leading banks. KrediUnsUh and Leu bearer edged higher. Financials and insurance fluctuated slightly. Industrials generally eased slightly, led by Hero, Sandoc registered and Almiiimi264 words
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Article376 1977-05-23 7 JOHANNESBURG: Gold shares .were narrowly mixed In quiet trade on Friday ahead of the weekend and despite higher European bullion indications, dealers said. Financial minings were easier as Anglo* lost 10 cents to 385 and Amcoal five cents to 830. In diamonds. De Been maintained an early gain of376 words
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Article291 1977-05-23 7 TORONTO: Opening gains were steadily eroded and the market closed around its lowest level of the day on Friday. The composite index closed more than a point lower and declines outnumbered advances 232 to 169. Dome Petroleum lost IVi to 40, Ashland Canada rose one to 12, Husky Oil291 words
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Article1150 1977-05-23 7 NEW YORK: Stock prices turned broadly lower In moderate trading on Friday, amid continuing apprehension over inflation and higher Interest rates. After opening on a mixed tone, the market began losing ground shortly after the bell when the US Government reported a 0.8 per cent rise In Its1,150 words
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Article1487 1977-05-23 7 On May 20 TRADING in options on the Chicago Board Option Exchange came to 84,908 contracts on Friday compared with 80.660 contracts on Thursday. OPTION JLY OCT JAN STOCK Alcoa SO 8 5/8 UNTRD UNTRD 58 7/8 Alcoa 80 1 5/8 21/2 3 5/8 58 7/8 Am1,487 words
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Article62 1977-05-23 7 FINANCIAL TIMES INDUSTRIALS Friday Thursday 8 Week ago 467.8 DOW JONES AVERAGE INDUSTRIALS Friday 930.46 Thursday 936 48 Week ago 928.34 LONDON DOLLAR PREMIUM Friday 110% to 111V4 Thursday 113* to 113H H.K. HANG SENG Friday 443.97 Thursday 445.96 Week ago 451.29 SYDNEY INDUSTRIALS Friday 379.83 Thursday 378.52 Week62 words
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127 1977-05-23 7 BUSINESS TIMES INDUSTRIAL GROUP INDICES (BASE YEAR: JAN 4, 1971 100) 1*77 Week Ended High Low Industrial Group w» wEbSS.. 210.59 145.90 Automotive 184.82 184.84 -f0.02 496.57 362 92 Banks, Insurance, Finance and Trustees 306.46 371.46 +5.00 164.62 135.80 Chemicals, Rubber Products, M1 Refining and Smelting 140.20 142.09 1.89 228.39127 words
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Article347 1977-05-23 7 NYT. THE New York stock market closed slightly higher last week after selling pressure on Thursday ana Friday wiped out most of the gains achieved earlier In the week. The Dow Jones industrial average ended the week up 2.12 points at 930.46. During the first three tradingNYT. - 347 words
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Article169 1977-05-23 7 Reuter NEW YORK, Sun. The New York Stock Exchange's board of directors has requested a thorough review of the question of proposed consolidation of the NYSE and American Stock Exchange. The board's action was prompted by concern raised by NYSE listed companies, particularly withReuter - 169 words
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512 1977-05-23 7 Reuter NEW YORK, Sun. US financial firms are taking an increasing share of London business in nonBritish stocks, London Stock Exchange chairman Mr. Nicholas Goodison said in an interview during a visit here. Mr. Goodison said the marked US trend towards off-the-floorReuter - 512 words
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Page 7 Advertisements
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Advertisement351 1977-05-23 7 JTFi zjpst Yes, Penguin books are not to be found in any ordinary shop. Not in little road-side stalls. Heavens, certainly not in the pasar ma/am! Because Penguin books are rather |-4k special. They are mind-stimulating, deeply researched, entertaining in a wholesome way, highly educational ijlffl quite unlike the type351 words
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COMMODITY REPORTS AND PRICES
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Article238 1977-05-23 8 LONDON, Sun Weekend short-covering In a basically thin market on Friday helped lift terminal rubber In late dealings and the market closed quiet, with reduced losses from Thursday night of 0.40 pence (near July at 51.35 pence bid) to 0.15 pence per kilo. Lots traded totalled 122af 15238 words
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Article132 1977-05-23 8 THE straits tin price in Penang on Saturday was down 95 to 91,455 on an official offering down 5 tonnes to 170 tonnes. In LONDON on Friday, tin standard on the day eased £7 for Cash and £12 for Three Months, with high grade £7 and £15 lower132 words
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Article300 1977-05-23 8 CHINESE PRODUCE EXCHANGE, SINGAPORE NOON CLOSING PRICES PER PICUL YESTERDAY. Coconut Oil: Bulk $97 W sellers, old drum $102 Vi sellers, new drum $107tt sellers Copra: Mixed (loose) UK/CAnt 962 buyers. Pepper Muntok AST A white f.o.b. 100% NLW *382 -1 sellers. Sarawak white f ob 98* NLW300 words
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Article122 1977-05-23 8 THE following palm oil prices were quoted In London on Friday The price* «re elf Rotterdam and are quoted In U8 dollar per ton unlets otherwise dated. rrUay Pfr. Malaysia 5% f fa bulk 870 sir Jly/Aug 965 sir Sumatra 5* May 875 sir 877 50 sir June122 words
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Article52 1977-05-23 8 LONDON, Sun. Lead gained £9.50 for Cash and £6.25 for Three Months on Friday. Values picked up during ring dealings on short-covering prompted by reports of physical activity on Eastern European account, dealers said. Three Months traded upto £374 and nearby demand widened the backwardation to £4. Sales were52 words
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Article57 1977-05-23 8 LONDON, Sun. Zinc closed £4.50 lower for Cash and Three Months on Friday. Values slipped back under stale bull liquidation which was accelerated by the decline in copper. Three Months traded down to £348 In the ring and to £343 on the kerb before final business at £344. Sales57 words
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Article397 1977-05-23 8 Source: Swiss Bank Corp IN the Singapore gold market on Saturday, the kllobar was traded in the range of 8911,700 to 911,720. Demand was moderate. The loco London gold hovered around U*****.60 to 9147.20 In quiet trading. Source: Singmas Retail prices per tael quoted by the Singapore Chinese GoldSource: Swiss Bank Corp - 397 words
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Article318 1977-05-23 8 LONDON, Sun. Copper wlrebars on the day showed gains of fully £2 for Cash and Three Months on Friday. At the outset, the market was steady on further covering Induced by the steadiness at New York but stale bull liquidation and profit-taking took Three Months down to £817 In318 words
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Article152 1977-05-23 8 LONDON, Sun. Silver rose by 0.1 to 1.0 pence per troy ounce on Friday. The market held steady in line with the trend at New York In featureless trading. Three Months finished with business at 280.2 pence. Sales of 136 lots were mainly carries. In NEW YORK on Friday,152 words
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Article224 1977-05-23 8 LONDON, Bun. Sugar futures on Friday continued the recent quiet spell which dealers attributed to the current low level of activity in the physical market. Prices moved In a very narrow range to close £0.45 to £1 up and sales totalled 969 lots. In NEW YORK on Friday, World224 words
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Article159 1977-05-23 8 CHICAGO, Sun. Wheat futures extended an early decline on Friday, reaching new season lows If) July ana September before finishing with losses of two to cents a bushel. An easy tone appeared in the light, mixed dealings, with selling prompted by the weakness In soybean futures and the reports159 words
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Article171 1977-05-23 8 CHICAGO, Sun. Soybean futures extended early losses on Friday to close off the 30-cent a bushel Umlt In old crop months and down 25 Vi to 12Vi cents In new crop months on a relatively light trade. Technical weakness and large deliverable bean stocks in Chicago set a negative171 words
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811 1977-05-23 8 SINGAPORE'S commodity dealers last week spent another dull period of trading for want of better price Indications from markets overseas. Business during the week was minimal and mainly written on consumer ac- count. Throughout the week, the world's commodity market was moving violently under speculative811 words
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Article330 1977-05-23 8 LONDON, Sun. Coffee futures on Friday closed barely steady, but with gains against Thursday night of £143 to £47 per tonne. Volume was 6,717 lots Including 69 options. July was the most actively traded position, closing at a premium to all other positions and with a gain of £143330 words
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Article237 1977-05-23 8 BANGKOK, Sun The market was quiet last week, with no significant business either in the government or private sectors, trade sources said. Nothing definite was known about reports that Malaysia was showing interest In buying 130,000 tonnes of Thai rice on a government-to-government basis, they said. Thai rice exports237 words
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MONEY AND EXCHANGES
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Article183 1977-05-23 8 THE US dollar displayed a firmer undertone last week. From opening 2.4628-35 level. It was well bid to the 2.4632-40 level largely ascribed to the generalrlse In US banks' primes to the 6Vi per cent level from 6K per cent. A slow in Industrial production growth to 0.8 per183 words
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Article313 1977-05-23 8 ZURICH. Sun. Exchange rate fluctuations were quite small last week. Trading was rather limited In the second half of the week as markets were closed In Europe on Thursday (Ascension Day). The US dollar Improved somewhat towards the end of last week. The Increase of real ONP In the313 words
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Article287 1977-05-23 8 NEW YORK, Sun. The dollar closed firmer on Friday amid expectations that US short term Interest rates may rise and some market forecasts that the Federal Reserve banks will shortly raise discount rates from 5 V 4 per cent, dealers said. However, Its rise was restrained by unfavourable287 words
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Article287 1977-05-23 8 Asian rates THE market last week experienced nervousness over Federal Reserve's recent non-interference when federal funds were traded up to high of 5H to close 59/16. Anticipation of further tightening of monetary growth, assisted by rollovers in Three and Six Months, caused rates to raise K per cent In these287 words
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Article211 1977-05-23 8 Source: International Discount Co. INTEREST rates in the money market remained flat throughout last week. Except for the overnight funds, most term rates hardly moved by more than 1/8 per cent margin. Interbank money supply continued to be easy, satisfying most demands for funds. Discount houses faced UtileSource: International Discount Co. - 211 words
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Article68 1977-05-23 8 THE overnight market last week opened with some spur of activities. Funds were traded to the five per cent level before ctoeing at three per cent. However, it remained at this level for the rerft of the week. Term rates saw little movement. The One, Twos and Threes68 words
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Article204 1977-05-23 8 LONDON, Sun. Sterling edged lower In calm late trading here on Friday, to around $1.7175/77 from its mid-session level of $1.7178/80 and Its forward discount against the dollar widened, dealers said. They said the acceleration in the April UK retail price Index tended to depress sterling but actual selling204 words
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Article106 1977-05-23 8 Euro rates LONDON, Sun Eurodollar deposit rates closed basically steady on Friday around opening higher levels, dealers said. Overall trading was Ught. Time deposit rates turned irregular during the afternoon session having been at their highest during mldsesslon. OjJenlng firmness reflected the rise In the Fed fund rate to 5106 words
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Article59 1977-05-23 8 Minimum lending rates (in ACBC 8* 0*4 Algemene Bank 8*. Citibank Bangkok Bank 7 HSBC 7 Bank of America 6 J Indosuez 8*« Bank of China 7 Malayan Banking 6*« Bank of Tokyo Mitsui Bank 6»« Bank Negara OCBC 8»« Indonesia 7 OUB Chartered Bank 6*. UCB 7 Chase Manhattan59 words
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Article34 1977-05-23 8 FRANKFURT exchanges closing guotes on May 20: US 2.3585/95 Can 2.2480/90 UK 4 .050/054 Neth 95.98/96.03 I Swltz 93.85/70 Italy 2.655/865 France 47.55/60 Japan 0.8500/10 Belg comni 6.535/545 Belg fin 6.52/53 Norw 44.65/7034 words
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Article40 1977-05-23 8 FOR the week ended Friday May 20, the range of call rates recelvea from Short Deposits (M) Berhad was as follows: BANK FUND: 1% to 2*% GENERAL FUNDS: I*% to 4% Movements of funds totalled $318 million.40 words
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Page 8 Advertisements
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Advertisement272 1977-05-23 8 1 MP S. > d& fh while stocks last! THE TIMES ATLAS Of CHINA I The Timet Atlee of China is far more than a collection of detailed, up-to-date mape. It is an informative, general guide to modern China the land itself, and the economy and peoples it sustains. The272 words
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788 1977-05-23 9 JULIE WELCH - Public completely different outside the ring By JULIE WELCH The Observer AFTER an averagely fractious bout, Mick McManus will advance towards his booing audience, expression that of an Irritated bull, and favour them with the contents of a blue plastic bucker or soggy sponge bowledThe Observer - 788 words
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Article, Illustration1166 1977-05-23 9 TONY PAWSON - TONY GREIG HIS BREAD AND CIRCUSES .MdN^AY^SPQRTS* By TONY PAWSON The Observer NOTHING is ever quite new in cricket and even the Packer circus has its precedent. Back in the 1840s William Clarke was taking Ms All-England cricket team round the country for the personal profit of himself and, toThe Observer - 1,166 words
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Article821 1977-05-23 9 RONALD AITKIN - By RONALD AITKIN The Observer ARTHUR Roberts is an unlikely maker of champions. A small, stooped figure with Bing Crosby ears, anonymous in a droopy cardigan, he lights a fascinating and permanently losing battle to keep alight a pipe which appears to contain no tobacco, andThe Observer - 821 words
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Article, Illustration48 1977-05-23 9 Manchester United'* Lou Macari (centre) -scores United'a winning goal in their FA Cup Final match against Liverpool at Wembley on Saturday.Liverpool goalkeeper Ray C lenience makes a desperate effort to save the shot which was deflected by Manchester's Jimmy Grosnhoff (second from left). UPI rudigpk.48 words
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Article310 1977-05-23 9 WEMBLEY, Sun. Defeated English soccer Cup finalists Liverpool yesterday vowed to pick themselves off the floor and "get the result we want" in Wednesday's European Cup Final in Rome against Borusla Moenchen Glad bach. •'This result will motivate them for Wednesday," said a disappointed Liverpool manager310 words
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Article, Illustration625 1977-05-23 9 CHANGI Golf Club, enjoying one of their best seasons In the Singapore Golf Association League this year, caused a major upset when they beat Keppel Golf Club by three strokes at Buklt Chermln yesterday. It was a stunning victory. Which led one SICC official625 words
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Page 9 Advertisements
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Advertisement177 1977-05-23 9 ,1V USUAL PRICE -4950 NOW 5595 Plus one Sunday bag free Available at: Baiter Co. Ground Floor. Supreme House. Penang Road Tel: *****7 •eel Sports 71, Bras Basah Road Tel *****5 Chee Sin. 39. Transit Road. Nee Soon Tel: *****7 Malaya SMfc Store 17. Stamford Road Tel: *****9 Masters Sports177 words
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713 1977-05-23 10 CENTRAL Sugars' shares have recently attracted such a speculative following on stock markets on both sides of the Causeway that Its price has rocketted by nearly 200 per cent above Its year-ago level. Although the buying abated somewhat last week, the713 words
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307 1977-05-23 10 Reuter MUNICH, Sun. Adjustments within the European Joint float are bound to occur from time to time to enable the float to survive, Bundesbank directorate member Helnrich Irmler told the Association of Independent Businessmen here. He said the float must take account, when necessary,Reuter - 307 words
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Article81 1977-05-23 10 UPI CANBERRA, Sun. The ten-man goodwill trade mission from China will remain In Australia for 10 days, Mr. Neville Blyton, president of the AustraliaChina Business Cooperation Cdmmittee said. The visit could prove to be a significant milestone In the development of Chinese-Australian trade and cultural ties,UPI - 81 words
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Article123 1977-05-23 10 AT least six US electronic firms will be sending representatives to speak at a seminar here to be held as part of a four-day electronics industry production and test equipment exhibition starting on June 13. The seminar will cover environmental test chamber instrumentation, semi-conductor testing, modern123 words
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Article578 1977-05-23 10 ARRIVALS Service Local Operator N umber Time From CPA CX003 0145 HKG SAS SK097 0640 CPH/THR/BKK MAS MH682 0810 KCH CPA CX710 1000 HLP SIA SQ211 1015 HLP GIA GA980 1030 HLP THAI TG423 1035 BKK GIA GA908 1100 MES PAL PR501 1115 MNL SIA SQ240 1140578 words
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225 1977-05-23 10 Avon to begin door-to-door ops in KL AVON Products Inc will begin its door-to-door operations In Malaysia In August. The Malaysian company, Avon Cosmetics (M), has already advertised for "suitably qualified ladles" as zone managers. Their job will be to recruit, select, train and motivate Avon ladles towards running their225 words
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121 1977-05-23 10 Reuter GENEVA, Sun. Cuban Foreign Trade Minister Marcelo Fernandez Font arrived here over the weekend from Moscow after talks with Soviet leaders. The minister's visit, to attend the closing stages of a 72-natlon conference on a proposed new world sugar agreement, Is expectedReuter - 121 words
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270 1977-05-23 10 TWO laadlag stack market bareaoetere have k*«a cHtkM far aet adequately rofiactiag the laapertaace of the tia aad robber ooeters ia the Siagapere stack Tkis critfciem was made by steekkrakors Lyall aad Evatt ia the latest issae ef its270 words
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Article278 1977-05-23 10 FT ZURICH, Sun. The board of Credit Suisse announced that an Extraordinary General Meeting will be held on June 24. The aole item on the agenda is a report "on the incidents at the Chiasso branch." This refers to the misdirection of Swiss francs 2.17FT - 278 words
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Article178 1977-05-23 10 Reuter BERNE, Sun. The Swiss current account balance of payments surplus will remain considerable this year although it will not be as high as the estimated 8.5 billion francs (SSB.3 billion) in 1976, the government's Working Group for Economic Forecasting said. Economic activity will growReuter - 178 words
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Article101 1977-05-23 10 Reuter MANILA, Sun. The World Bank has approved a US$l5 million (SS37 million) loan for rural land settlement projects in the Philippines, the official Philippines News Agency reported. it said the loan, the first loan granted by the bank to support agrarian land reformReuter - 101 words
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150 1977-05-23 10 UPI MANILA, Sun. Coconut production In the Philippines is likely to fall by 12.5 to 14.5 per cent by the end of this year due to a prolonged dry spell and a major earthquake in the south last year, a private research group said InUPI - 150 words
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Article91 1977-05-23 10 Reuter WASHINGTON, Sun. U8 Secretary of State Cyrus Vance has returned home convinced that his talks with the Soviet Union on Strategic Arms Limitations (Salt) are on a sound footing, although difficult negotiations Tie ahead. Mr. Vance flew back from Geneva after announcing that he and SovietReuter - 91 words
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282 1977-05-23 10 UPI DACCA, Sun. Members of the President's advisory council appealed to foreign ambassadors and International aid agencies last week to release part of the nation's remaining US$2OO million (SSSI4 million) in commodity aid funds to help relieve Bangladesh's resource shortages, government officialsUPI - 282 words
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Article600 1977-05-23 10 The behaviour we won't have —Onn KUALA LUMPUR, Sun. Datuk Hussein Onn said last night that the government "will not condone bureaucracy, inefficiency, corruption or any other behaviour or conduct that will be detrimental to the national Interest and progress". However, he added, the government could not by Itself achieve600 words
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392 1977-05-23 10 KUALA LUMPUR, Sun. The Industrial Co-ordi-nation Act, like all new laws, has to be given a fair chance to be Implemented, Trade and industry Minister Datuk Hamzah Abu Samah said tonight. "Obviously, over a period of time, whatever imperfections there may be in392 words
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192 1977-05-23 10 UPI NEW DELHI. Sua. The government appointed over the weekend one-Ban commission to investigate alleged misuse of power hy the previous government under former Prime Minister Indira Qudhi to control the priss,y official The commiseion, which will be beaded bv Mr. K.K. Dass. aUPI - 192 words
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131 1977-05-23 10 Reuter KOTTAYAM (India), Sun. Indian rubber growers should have price supports for the first five years, according to Mr. M.M. Jacob, chairman of the stateowned Plantations Corporation of Kerala and the Kerala State Cooperative Rubber Marketing Federation. He told the Rubber Board meeting thatReuter - 131 words
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264 1977-05-23 10 Discord stalls SovietKL rubber talks LITTLE headway was made. at the talks between thefrelght committee of th# Rubber Industry of« Malaysia and Soviet shlpp-« lng representatives on theproposed Soviet container service to Europe because a misunderstanding by bottk. parties. The chairman of the* Malaysian Rubber Ex-' change and Licencing Board,264 words
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Article68 1977-05-23 10 Reuter BANGKOK, Sun. AT meeting Between Asean leaders and the heads of the Japanese. Australian and" New Zealand governments* Is expected to be held on" Aug 7 and 8 In Kuala LumBur, Thai Foreign Mlnlster* padlt Pacharlyangkurf said today. Mr. U pad It told reportersthat MalaysiaReuter - 68 words
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Advertisement482 1977-05-23 10 OFFSHORE INVESTMENT CONFERENCE Hong Kong 13-15 June, 1977 Asian Seminars Limited are pleased to present. In association with the University of Hong Kong, the first International conference devoted wholly to offshore Investment as related to the South East Asian and Pacific Region. The aim of the conference Is to provide482 words