THE CHINA MAIL, MONDAY, MARCH 8, 1954,
The Swifts Begin Squadron Service®
TRADE and
COMMERCE SECTION
This is a picture of the Vicker-Supermarine Swift Mark IV piloted on this pccasion by Supermarine's chief test pilot, Mr Michael Lithgow.
Latest Round-Up of British Aviation News
Speeding Up Testing Of New Jets
For Squadron
This week's round-up of Aviation news
Service
Iron London tells you about the Ministry of Supply's new policy for texting new planes, about a new short lake-off transport aircraft developed by J Scottish firin, and gives you detalis of the British Government's new defence plan for the air force, as well as other interesting items from the British aviation world.
Authoritative This material is supplied to the China Mail by
experts on Aviation-the Society of British Alteraft Manufacturers, and is sent by airmail from London each week,
The Ministry of Supply has evolved a new policy for test new planes it involves oniter. ang nhon 20 va mure protoligion at a time in tead twice thave and the idea is to cut down the development teal per truch as a L.
DECLINE IN DOLLAR EARNINGS
FEARED Effects Of US Recession
Seen In Returns
From Our Correspondent
London, Mar. 7.
The February movement in the gold and dollar reserves shows the Sterling Area is begin- ning to be affected by the recession in the United States.
No firm conclusions can be drawn from a study of gold movements in any one month but taken in conjunction with the recent per- formances the February return underlines the deterioration that has taken place in that part of the reserves which reflects for the most part the Sterling Area's trading balance with North' America.
Excluding gold received in pari settlement of the area's surplus with the European Payments Union in January and receipts of American defence ald, the "genuine" gold and dollar surphts for February was only $2 million.
+
Why Britain Is Losing Orders
London, Mar. 7.
A Conservative member of Paellament, Mr William Shepherd, mid today Bri- tial Jocomolire · builders had lost foreign orders be- cause they had been forcert 10 also prices lo Gover Forsible future WASS increases in the engineer- Ing industry.
"Recently British loco- motive
builders have lost orders from India for over 400 locomotives because of These price competition. orders have gone to Ger- many, Japan and Austria... Everyday new orders are being lost because of the need to add on contingency percentages,"
Bald. China Mall Sporlat.
HONGKONG STOCK EXCHANGE
(From Our Correspondent) This compares with a genuk son to believe they will not.j Business done
Stock on the surplus of $14 million in January) For e thing the American Exchange this morning amount- average surpluses of $54) necession. with its attendant ed to $317:280. Noon quotations nillion in the fourth quarter coincided with the beginning of
decline In American
Imports and the morning's dealings:--
in the
third
BANKS
Most UK Shares
Dull But
Oils
Brighter
From Our Correspondent
London, Mar. 7.
Despite an increase in the recorded amount of business on the London Stock Exchange last week the market was still hesitant and no firm trend appeared.
Re-investment
of the £72 million which became available on Monday's repayment of un- assented war bonds stimulated demand for gilt- edged stock. Some notable gains were made in the first half of the week with interest broadening from medium dated issues to dated stocks and dominion, corporation and colonial issues.
Prices began to recede later however on rumours of a forth- coning esi poration Ipsile and
the morkel when these tha terl by
remained unsettled
tumours were con- the announcement that the Glasgow City Cospora- tion was to raise a loan of £5 mills by the effer of 3 pel cent stock 1871-73 t
£98.
inte רונן
the new neecunt
features
a price of
were dull
CS-
Jodustiiol atrasos
on the first day of when Bevarai good
developed
stores section. But demand remained very selective with Interes! centred on shares affected by company statements.
and $31 million quarter of 1953. In February the season when exports of SHARES DUYERS SELLERA SALEspecially in the last year the reqdual balance, many Sterling Area commodi- was $74 million.
ties are at their highest. But for this the recession would have had a much more severe
HK Bank XD
offect on the Sterling Area's' sitäFING
rezerves.
The true measure
آن
1040
East Asia INSURANCES
Fedon
Asta Nav DOCKS, ETC. the
K. Whart Dock Area's trade
167
. 855
000
115 1.20
70
20 BI 21 150
300
In the six months since July 1953
industrial production the United States declined by eight
per ceni. IT - both
and surprising
eucouraging decline in the Sterling therefore that the Sterling Area dellar carnings from its merical transports now
ukle.
bas not run into development could be used for
mure serious th North America can be seen trouble. Its gold and dollar | K triping service.
by compering the average Bitain's Defence Estunates for
are rising much more residual balance for the first two 1954-55 movide for an expendi-
slowly than in the early months i months of
this year and the £491m.
of last year-bu! be the AN
the in! I'm first quarter of 1953. In January mains they are still rising.
2101 February
the
ין
Spaltish Aviation, whose Pioneer,
matien single-engines in sport with excellent short take- of etiara desties, is being used, b the Brit Service. * Malaya. His powered by TWO All Leonides piston-engines Force out of a total delence nageerstul, budget €1,040m; alteraft development of the Tau Poncer for the largest single Rem in the Minuity of Supply is giving expen iture ca production, ne-
as teet
technical Jirach Inancial
156. anting 4.
To hasten
At present fun of new plants together with subsequent medi- fleabon, which are made result in a delay of about three years between
anitazo
- Work as Fiage and as eventum, ita bukae prototype.
tion in the far foret
operators ftur Another reason to undering
unc
conu
number of prototypes at is understo. Is to byt, - it
testing 111 any hold-up resulting from a trash
Ministry
offends of Supply believe the increased expendi-
་ ་་
1119.25
The
of
bombers.
the
ture at the development stage Conventional Design.contruction are expected to be
would largely offset by savings
111
10
KOALIDROJ
The question
is whether the reserves will continue to rise months.
coaning
Th21
NEW YORK
STOCK
MARKET
N
averaged $8 million; if Januar to March 1953 it was nearly $40 million.
NOT LIKE 1840
:
--
But although
the indications balance
are that the residual
Provident
Old1 Wheelock LAND. ETC.
20.69 20.00
13.40 13 80 300 → 130
7.70 7.00
011
The Financial Times Index of Industrial ordinary shaves feli to 135
Wednesday against 1863 at the end of the previous week but picked up slightly to! 135.4 at Thursday's close.
US Buyers Have
Started
Xmas Shopping
New, York, Mar. 7. Early reports Indicate that US purchases of goods abroad for the 1954 Christ- mas season may equat if not aurpare the 1953 levels, according to the Journal of Commerce.
American and merchandise are already in buying of Koods
the fickt scanning foreign markets, although the Christ- mas season is some months away, the Journal said.
Buyers, according B per dividend-gainst last year's 10 Journal of Commerce, will be per cent-out sub dantially particularly price-minded this 1274 223 2,000 220higher profits was followed by year, and will be searching for
ul 2/9 to 36/3 in the quality and distinctiveBESK
what the appetites of American Oils were a bright spot later shoppers,
HK Hotel XD 9.10
IX Land..
INTEREST IN GOLD
77 74
50 21
40 77
The announcement
Bradenord Пустя Association
are paying
that
cent
דל 8 90
S'hai Land 1,821, Humphrys
XD
UTILINES
20.10
Thom
29,10 2014
Star Ferry
133 133
100 7
C. Light To 15.00 15.70 1.008
{i tipe
134
shares.
18.0 Cit (N) 12.50 12.70 000 or 12,70 Electric XD 303%
in the week and some big gainsį were recorded 18.40 leaders.
100 10
Tel. XO INDUSTRIALS
20.00
2,000 or 28.00
500
13.00
27 30
P
400 or 27.89
500 a 27.35
100 or 27850
Watson X A#
114
100 * 101.
20
70
COTTONS
Textiles
will again show a minus figure rince the favourable season for
Cement the Sterling Arca
exports is
Hope past there
are equally HOOD STORES, ETC. signs that reserves will
Dairy 1201 suffer to anything like the ex- tent they did during the last American recession in 1949.
The 1949 crisis was intensi fled by a number of factors that New York, Mar. 7.
not fortunately
present The stock market all buf | today. The Jast American achieved the magic 300-level
recession
occurred Al
time when many row materials were in the industrial average
in world markets; overpriced during the past week, a
when American manu- leval touched in only 10 fact
Inclurers
down cul
thoir months of stock market his- purchases, prices had
u long to fall. But way tory back in 1929,
today raw, maturial prices are much less vulnerable
decline
are
Ayselfance the construc
Over feat -#1hs of this money will be spent en je mireradi, zad well-advanced on the
ond commercial, over half of it on jet bombers
where end sweet wing fighters.
There geographic of ecopure 291- will be large deliveries of Swift tions it the size of the land- and Hunter fighters during the 1g gounds are alreads showing coming year, and deliverles cl
Best V-clus great Interest.
Services the first are also known to be following four-jes Valant.
Three is development closely.
of the Royal Navy s new witcraft carriers DOW under
completed
the coming year. They will be fitted with the Although the Twin Pioneer ui production cost: laber The
her ho now pehe. bus
angled deck the stear FJ1-metai alterat.
steam catapult many
and improved app.red
eret new jet features of its design are rarely
arresting gear. was revealed found in the jet age, it has it. About £25m, is being spent on fighter which,
a us This werk.
break
Br long wing of high aspect ratio. sound-barner in level fight A
nuch Pato as last year. provided with flaps) Generousl and lots to gee it its special development and introduction of for naval work 19 character ties take-off and helicopters proceeding. Landang.
The Government's The wing is mounted high en,
defence new lighter but the fuselage
at. utted, policy, which foresees a gradual there is no confirmation whether Because the plane is designed to charge in "the direction and As the market closed the the RAF's "secret jet" is the operate from rough, unprepared balance af Britain's detence
week with the industrial aver- | Am
Americon buying. urface it as a axed untier-i effort,
wli
that menn
age al a new high since Oct, 25. In any case AL Jol the
carriage with twin wheels and
1020, cld-bunc greater emphasis will be placed Jeining The R.A.F NAVA
tail wheel.
the Ho.al Air Force because said frem Landon just
Maximum
is cl the cruising speed
need to build
up D RAT the
complete 174 mob-- first
beinber stalling speed strategic
force
ราย Swift fighter squadron had been with flaps down and engine off, becaure of the importance of formed. Bunters would join the form
47.5 !
guided missiles in air defence. mph.
new omphasis. plane can be adapted for This
says the use as a freighter, or as an air Government, will Lake
suine
stil on the secret list but even its name can be divulged Vickers Supermarur. naker of the SA ft. are known la working k
-
same one.
F.'s
Swats
week
service later this year
il
44
In aviation circles these days
The
-The
CA
The
it is accepted that all new jets ambulance, holding nine stretcher time to reveal itself as increased are obsolescent, sometimes even cases, four walking casualties or chlocations of funds to the Air before ther 1. so rapidly do medical attendants. new designs
Among supersede them.
design which
The
and developments,
One wonders
is Electric Canberra
use qu
to
leave
part of which
The
Ministry.
Atomic
{1
of
a further sharp
13% 3,00 1000 12
MISCELLANEOUS
Your!
130 141 Aled TAV. 4.17
traders recalled fall in American row maker. Beet Sugar
that in the last few minutes f trading on Dec. 31, 1928, Stocks hit 300 for the first time and clowed the year at that Agure.
witnessed a 1020
The
year
when
purchases is not to be expected. The reduction in American im
of sterling commoditics ports preceded the onset of the cession and buying has since been on a hand to mouth boais.
יד
10
the
10
to the Journal,
According market Hmong Anglo-Imaan shares here's the reaction of American passed the £10 mark for the buyers at this enris dalk;
rst time since 1948 and on
Germany; purchases of Gur- Friday were quoted at £10-8-9
- rise of 10/7 on the week. man goods this year Burmah were up 7/3.so 74/0. pected
1953.
There was a fair demand for 1000 of 100 gold shares after the start of 3000 50 7.80 the new account, 1000 7.00 1900 w 700 2000 7.00
30304.22
B03 420 530 ut 4.20 410 240 41
2000
4.20
2000 4221 2000
120
Japanese Trade
Mission
Coming To HK
At
should
*C CX-
to be greater than in One buyer was said t De optimistic about the market for German goods, commenting favourably on the new ideas of design
favourable prices which
nitract volume WBS group Improused by Getminy's' nullity to produce Items suitable for American lastes and standards, reflecting at the same time an emphasis of novelty.
business. Another
TOO HIGH-PRICED
Great Belinin; Reports on Bri- Lish goods were varied.
insist cashmeres buyers
Cust
Some And
goods
arc
too high-
In the
Case
of cash-
Singapore, Mar. 8. A seven-man Japanese trade
left mission
for leather Singapore Hongkong yesterday after
priced. of Melaya's i.needs
was noted that arlun palent moros, it
Items are expected to medicines.
provide considerable competition in the
Output Up ave-day probe
New York, Mar. 1. Western European beat sugar
produced
of Japanese
goods more. Scottish
It was
added, ayo fejl to be in a class by them- selves, and men's furnishings are especially attractive,
bull market until Sept. 3 when Some replenishment stocks
"We are confident of expand- US market. British mantifae- the Industrial average cloved at may therefore be due. Marc production for 1953-64, revised ing trade in this sphere," said turers, it was said, are in many 318.17. From then on it fell over if the rocession shows signs upward for the second time. Mr F. Inaba, a leader of the instances not restyling properly. and a bear market prevalid of deepening, the American now is expected to be 7,670,000 misilcn botore the left. "Regular Some suggest they "spice up" until mid-1932
their prices Administration will probably short dans, raw vilu, compared exports of drugs most needed!
with 8,100,000 tona were deflated as never before. restore some of the cuts in ita
at the moment can be expected cashmeres, defence
last year. programme und this
shortly," Prices declined from 300 be would
help maintain dollar
B. W. Dyer & Company, sugar from
The mission spent two months fore the end of Oct. 1929, and earnings
sterling raw economists and brokers, -today have
touched
that materials, never
anid the increase production In Squth-east Asia and India. Agure since.
But the most significant dif- will be reflected in a reduction The members were Messrs S.
T. Nakai, ference between 1849 situation of "world-free market require Hata, K. Naka, Reasons for the rise this
izawa und Mochita, K. in which
Andments from such normal sugar- We week contained nothing
New
Sakanuue-Reuter. Quracives today lies in the exporting countries as Cuba." except some glowing 1953 an-
strength of sterling itself. lls by F. O. Light. European Sugar The The latest estimate, prepared nual reports that had been
reopening of British commodity part anticipated too.
TAX RELIEF
nod
and
that
C.
Japan: One report said textile buying was slow, but there was Cu steady demand for toys and ceramics. Others said that there would be volumé · buying.
આ
markets and the wider and freer statistician showed an increase US Textile Market designed, well-constructed and use of sterling to which this of about 180,000 short tons since has led, together with the con- his previous report. — United
The hope of early tax relief centration of sterling balances PresË. under a bill now in production | In "friendly" hands, reduce the giving business and individual risk of speculation developing tax-payers more spendable in- en the scale that proved so sustained interest and costly for the Sterling Area in boosted averages.
1040.
NOT LIKELY ·
οι
the
Review
БОМС
усп
goods which were attractively grfeed (although not necessarily cheaper). There were some in- timations thal
buyers Now York, Mor. 7.
demand for might be delaying purchases in A broadening
vicw cl
devaluation print cloths and carded brond- 'cloths enlivened the
cotton nouEE,
Also mentioned favourably by
according American buyers, Buyer contracted for "very substantial" amount of quick the Journal, were fewery from: and nearby deliveries and were Austria, ceramics and glit items from 1inly, gloves and hand- apparently interested in con-
United Press, trneling for "millions" of yards bags from Germany and Italy. into the second
quaiter, brokers reported.
Singapore Rubber textile picture this week.
Market
the features of the The Major Deterrent
been have how near the Swift is to becom- developed to make this a rugged!
are in pro- Weapons ing obsolete with the announce-
in Britnin 'bush' transport which does not duction
now and ment of the new faster-than- necd elaborate
or delivery servicing
to the Air Force has sound-in-level-flight jet fighter ground
folding begun. facilities is o
The atomic bomb re- bember calun door-the lower mains the primary deterrent to lets down to aggression", riates the Minister atles in England and to be re-
Defence.
We intend as soon placed by the Vickers "Valiant." on a slært entrance gangway, of les that there Je no need for as
as possible to build up in the It was announced last year that
sleps.
Royal Att Force A force of Canberras would in future fu81
Alvis Leonides piston modern bombers capable of us- the role
Re-engines which have been chosen, ing the atomle weapon of Photographic
to the connaissance aircraft.
to power the Twin Pioneer have fullest effect. A strong and already accumulated thousands efficient farre ni medium Durity: the past year Britain's of hours experience in many bombers is of the greatest im- Aircraft Industry
with comportance to us, both for our own received imparts of the world
and for the defence mercial operators and with the security portant contracts under the
of Western
Europe....The Air through Services. off-shore programme
come. has the majar deterrent Force which the United States places for military equipment orders in Great
The ae-equipment and expan- Guided Britain Car j
misslies have
поц stake of of NATO forces. It isision of Coastal Command with reached an advanced the
"The past year hoped that as a result of current langerange patrol aircraft, which development. discussion, further orders will been taking place over the has seen the successful testing
past year, will be further ex- of experimental rockola with the Industry, placed
in the coming twelve Woomera. These trials fore- Good progress has been made tended
phattow
Important in the past year with new radar months.
most new training technique in developments in air far Copecially
actence equipment, Britain's radar chain. Soverall
the first time
The Orst of these weapons will now plots important new
launched wings on jet | be air-to-air laboratory will be in production short time, on a piston-engined be fitted to the Swifts
niregaft alter comparatively from piloted fablers; they will
Averages closings: Industrial, en todo son paychology No. rubber bar di Marsha
No rubber per 1. March 0131 trainer.
being Intrafod 299.46, up 4.91 points from last in the mind of American con- anket crepe
47-47 trooping is
wook; railroad, 102.99, up 0.79; sumers expanding.lo Alr Forte squadrons,
This has rightly been No. 1 pele e*** United Press. fight is expected The Secretary of State for Air replacing the standard alrerit illity, 54.92 up 0.25, and a new described as the great danger of The first later this year of a new British says that during the part year; connon ant making the lighter focus. 118.30, 3, 19, and the present situation
up 1.32 points. Ond twin engined beansport aircrnil approximately 50 per cent of pli Icthol
ng a
famous economist har Issues A total of 1436 described.
bad the present state of dosigned specifically for opera-roop movements to the Middle like four times as
small landing East were made by alt. In the Following tion from Nery
air-to-air || Jesues appeared on the tapes afferu i to theao
Americn
20 Faste :oon-j· the Air Ministry weapons will be surface-toədir | most shice, Feb. 19, 1989, when grounds. Carrying the full load com
coming year,
Secretary.of.
1.State for Alt-maker: wook's_group, das gained, "meat phobadiu
(that devolopments will sidstein) 13 regular ar troops it clear, however, that when, since Feb. 59407. lost, nico mapas i sladə option) klu, prædiation that morning at Ahe to the Far East Tho
U3. dollar"-cost nads that the Air the first ground-
Biurile mote Indonesiant grupla Ministry is examining in detall, woepen Andong Jaune per inco ab, Biend The field, ad
be
tho
types of radar for Introduced for pilots; and since the invention of radar.
and radio at present in the will gain their
in the next few years,"
of 10 passengern over ranges of s
Air
Huntzen
now
present in America were to
statis- Here are the market ties: Volume-10,140,070 shares,
If course most for any week since April recession
Singapore, Mar. 7. when the total was deepen into 11, 1903, ai
n slump nothing:
The rubber market was quiet 10,277,860 shares. Daily average could prevent a serious drain on on Saturday but reasonably
against our gold volume was 2,028:195,
But this steady at lower levels. Future 1,831,183 last week when the does not seem likely to happen. closings were market was cut to four days Exagerated
optimi
of No. 1 rubber per 1b. March 316-333
April the Washington birthday many United States
economists
531-84 and businessmen can no doubt No. 4 rubber per 1. Jaren 82-63 bo traced lest
weapon metenti
by holkday.
reserves.
Boss rubber unbated
33423
However. mill exccutives, uboid front fu maintaining prices. said buyers Ideas contract positions were too low
be enterlidirect,”
on
US COTTON, MARKET
to
Good news from that sector overshadowed an abatement in
Lixchange Rates fabilen.
will be able to take off to for the first time, to/ weavans. The statement by klip || thero wom 1,444, jazzles. Of this leveydew:"It: can only belt, businesség 3
tip to 000 miles the now alcraft
rough, imprepared felds about statement
the
200 fed longe poes, the ways in which home sol wpcomment, and not super highs old
kile now turbide-powered com- plant, the piloted aircraft?!
Film your
tera" "wl)) sorce probe fima in the fretion
FORESTI
217.7114
New York, Mär. 20 recent nativity in the cotton
by Raw cotton exporty sales yant anarket, and the dis destination as reported in balca souragingly slow demand for by the Now York _Cotlon, Ex-'' sheetings, and other industrial
mausities einge for the 1953-54
to March 4 i were qu, foliowate Degr Producers of
duck cloths, in the finest twils, Grills, and headlinings arizal mekek thus assalled the over-cautiousness Continent
Orient of buyers and warned industrial 1e1b: buyers, "are going to be sur-fold)" for
nelaod it they come in and pas lu lint