SEA HAWKS ON PATROL DUTY
THE CHINA MAIL, MONDAY, MAY 3, 1954.
A new photograph from London showing three Hawker Sea Hawks on patrol over
the North Sea.
Latest Round-Up of Aviation News From Britain
He Claims His
Invention
Will Solve
Comet Disaster Mystery
This week's round-up of aviation news fells you the effect the recent Cotnet crank and
Britain's khe paspension of
Jetliners have had upon the makers. De Havilland and Hew the operators. B.O.A.C. De Havilland experie have gone to Paris in rxamine apparatus developed by a French Inventor which the designer claims will pierce
11
new
mystery
of the Comet disasters; there is another item on an "elecirte blanket" developed by British experts to prevent leing ou aircraft and also extracts from the recent Government White Paper on defence announcing new policy for air warfare. The "Bound-up" comes to you from London weekly-an exclusive Ching Mail feature.
An
claimed 14 be
causing
is now
Deliveries
apparatus recently; alfiners taken off the secret list and anety.
capable of planes to the British Auways Corporation piercing the mystery of the, have begun shortly. Comet disaster has been! perfected by a team of French engineers,
a
some parts of the aircraft, such as jet CH these onvite intakes, wing Jend: Eng Overseas edges, cobin henter intakes and were to rudio aerials. It is attached directly to the metal surfaces ol the aircraft and, the designers claim. tits so closely that there is no low in aerodynamic effetency.
Bre
The first Bristul Britannia pre-peller-turuine airliners unlikely to go into service with 'The de Havilland Company, the British Oversous Airways it is reported in Paris, has asked | Corporation until 1953. If the vt m representatives output of Comet Baskowen Frome see the inventors, ! down, the Corporation will be whose lender is M. Jean Turck, i seriously short of airliners in the
43-year-old research engineer. Immediate future. The device is described as complex of instruments recort
Die working of various flight. parts of an aircraft an Details are transmitted by radio machite on the to a recording ground.
Uncertainty ubriut the future production rate of Comet 11 jet
il
which i
Record Number
Of Tourists Expected In Europe
The current which hoats it is supplied by the aircraft's normal electrical system.
or
The wattage can be verlod lee can be prevented from form- The possibility that furthering altogether, or it can be re- modifications to Come;s will be movod periodically before a found necessary, after the in- dangerous amount accumidates vestigation recent accidents This is done by heating the
continuously
in which is now being made, must blanket naturally affect the production cycles, or by a combination of
both. rate of Comet is.
provention
become fully automatic
by connecting an ice detector to the blanket's control system.
Meanwhile, the B.O.A.C. flest of airliners has been seriously depleted by the withdrawal of alrworthine certificates Iruin the Corporation's remaining six Comet Is, and by the decision to sell He 18 Handley Page Hermes piston-engined airliners.
43 Airliners
Belfast,
Ice
effort.
can
and
White
we have
TRADE and
COMMERCE SECTION
'FREE STERLING'
MOMENTUM
Wider Limits For
Exchange Rates Imminent
From Our Own Correspondent
London, May 2.
Although only a month has passed since the Treasury
extension announced the
the of transferable account system for Sterling and the reopening of the London gold market, yet another
Page D
MOVE GATHERS
Revolver In
A Jam Tin
Bydney, May 2. Police stopped prisoners Bydney's Long Bay from receiving parcels from relatives and friends, following the discovery of * revolver in a sealed tin of jam.
They also found a back- 315 W In a book and drug tablets In parcels for women prisoners,
Visitors must now leave money for goode for pri- soners to be bought by the smol staff, New rules for. bid visitors eves from kissing
women prisoners. -China Mall Special.
move towards complete freedom for the pound is Why
believed to be imminent.
The process of "setting the pound free" will,
we now know, be a gradual one and the advantage
of this mode of advance over the more dramatic "dash for freedom" is that it gives the authorities opportunity to test the
hefore ground ahead making the next step forward.
And if convertibility is linked with 蠱 floating exchange rate as many authorities on the subject belleve it must be the next logical stage in the process should be the widening of the limits within which sterling is allowed to fluctuate on either side of the official rate of US$2.80 to the pound.
of
and
la
but
this
this
one
|
London
J
Setback, Then Recovery
By London Market
From Our Own Correspondent
London, May 2.
The recent steady advance of prices came to an abrupt end last week when the London Stock market reacted sharply to news of a 'setback in Indo-China and the opening of the Geneva con- ference.
By Wednesday's close the Financial Times Industrial Ordinary index which had reached an all-time record high of 147.1 at the end of the
Copper Prices previous week was back to 144.2.
High
Keep
London, May 2.
But the next day glit-edged stocks which had led the de- cline were again on the upgrade and industrials were following In their wake. This confirmed Under-cover sales of the belief that the fall of prices Western-held copper stocks hatt been accentuated by behind the Iron Curtain to technical factors which did not Soviet Russla and her affect the underlying strength of satellites are keeping up the the market. price of copper on the Lon- dou market, metal truders alleged today.
uscra
The immediate cause of the recovery was the strength of sterling in the foreign exchange market Now that the Ri
will
NEW YORK
STOCK
MARKET
on
Now York, May 2. The stock market closed last week a note of strength with the industrial average at its highest level. since October 22, 1929.
for the first four months of 1954 The net gain in this average amounted to 30.43 points the biggest rise in industrial shares in the history of the stock
market
The
"average closed at 219.83 up 6.96 points for the week and
15.62 points for Aptil. Of even more significance to
by
up
reschoo
At present limits are fixed at may be used to buy gold two cents alther way. That is London. Since the market re- to say, dealings in sterling are opened the rate for spot ster-
The sumulus given to metal permitien to the London foreign ting has risen from $2.81-7/18 prices earlier inst week by the uxchange market within the io $2.81-31/32 and it would no disturbed international situation being held at its upper limit of price range of $2.78 and $2.82 doubt be higher but for official resulting from affairs
in Indo-$2.82 only by official interven to the pound. British
au-intervention.
China proved brief and metal tion in the market the belief thorities keep a close watch on
Lesz cosily measurable, prices have fallen again with has become prevalent that the the that market and Intervene no less Important. je the the exception of copper.
authorlifes whenever
effect
shortly necessary 10
an keep paychological
Despite the foot that Indo- prices within those limits. greater freedom. Foreign China 14
not of much direct nounce a further relaxation of What gives strength to current businessmen are now more will importance to the copper market exchange restriellons. rumours that the widening of ing to hold sterling
the price of the metal continues the margins is being contem confidence in the pound is
The sharp turn-round in gilt to harden, plated is the fact that offcial of the reasons, perhaps the The demand for copper, on edged prices is illustrated intervention han
chief recently
the reason why
present
the London markol by the Con- the movement of 2% p.c. Con- necessary to keep sterling from recession In the United States|tinental buyers in koeping up sels. In the first Three days rising above the upper limit of has not affected us to anything
fell they
from the market was a sharp rise in
which $2.82.
had boon If the authorities wish like the extent that might have the price since United Kingdons of the week
have been
10 405 purchasing £67-3/18
but by railroads to see how sterling will behave been expected.
The rolls this week the sparingly during the past fort Friday's close they were back lagging for some time. under
of conditions
Hreater Indeed
reopening of
night. The general demand and to £00. freedom for
the
their best levels of the year and London gold market was such foreign
Continental consumption in change market now is clearly an unqualified success that "The
Europe since
lost autumn nas DE HAVILLAND'S REACTION closed in their average at 104.31,. time good
up 2.22 points on the week and the Enconomist' was recently able exceeded expectations
in Lon- experiment
to comment: "After a fortnight
don
The turn-round in Industrial up 2.89 points on the month. This could
The utilities rose only 15 cents be dove un
the market can aj of freedom
French demand for the share prices has been similarly modest scale
even under
the
fairly claim to have became far
Unilover the pronounced.
shares ch the week and were up a half metal has been good und present International Mentem international market
and away the most important
finished the previous dollar for the month, rate of consumption in France which Fund rule which forbids mem-
In gold.
STEELS ACTIVE at be week at 08/3 lost 3/3 in the in at presont running ber countries to permit exchange Mo
соп-
AD Most of the dealings
sections
of the market drat two days of the week but tween 12,000 and 13,000 tohs » rate of their
markets currency
been w
joined the rise which was at its lotinental
eliminated and fluctuate by more than one per
business that month, German demand is also recovered to close at 87/-.
best in the Thursday session. cent on either side of the official used
be transacted
in particularly strong.
Steels were active and rose to dropped Certain
IC.I. shares which Anished of types other
week's | new highs on the quarterly In the case of sterling Amsterdam, Zurich and
provious Farity
re- 00/3 at the previously this means the permitted "gell- centres is now being
copper which in
tu close to 69/44 on Tuesday | reports of the leading companies, quired a licence to export Ing" price against the dollar London."
will Onished only 11⁄2d down on the Bethlehem raised its dividend
axid could
What better encouragement the Soviet bloc countries
its stocks rose to its best $2.824
could the British authoriules require no leonce on and after week.
price ance 1917.
General Motors But it may not be long before have for another move towards May 3, according to the Boore Another notable price move-
1001 announcement the 1.M.F. relaxes its restriction a completely free pound? up the movement of exchange
But a apokesman stressed rules. This hope has been on-
that these copper products couraged by a statement In the
certain wire and drip Copper on the Comet jet airliner was report of the Randall Com-
being temporarily mission which recently reviewed the foreign economie policies of
to
initiate
be
raised alightiy La
statement has beeni
mean
taken
to
in
have
donc
HONGKONG STOCK EXCHANGE
on
BK Bank Eart Asta
INSURANCES
Union
... 1650
... 170
300 800
K. Whart Dock..... Provident
100 00
10.00 17.40
................ 12.00 18.00 800 12.00 1000 12.30 200 & 1215
of Trade wook.
been
never
Nowe
reported mont Was in de Havillanda sharply higher earrings The which lost 1/a to 23/0 on Standard Oil Company" (Tow Wednesday's
that work fersey) had its best first quarter and earnings report in suspended. it also raised ita dividend,
Aircraft shares made further advances on higher
or copper alloys--were included in the scheduled list But by Friday's close they were of
goods and back to 24/0. copper strategie
and licensed had previously
Oll shares weakened in line only because of short domestic with the reat of the market supply. In the past when sup early in the week but prices plies were good licences were turned sharply upwards before granted.
Singapore Rubber Market
the close.
BULL MARKET
..
dividends. The
earnings
and improved oils
responded
to
Improved
earnings all round,
The whole
these
market followed
groups higher... Some
special issues made wide gains. Even the gold mining stocks joined the rise
the
with
to almost three
gains
11 was Lasues
This is the most extram New York Cotton
The
British recent Paper on defence says I will be some years yet before there are enough new weapons to bring The fleet available for operat~ | about uiny very rudleaf modifica- ¦ing B.O.A.C.
the U.S. services through-tion in the pattern of Britain's
RULES MODIFIED out the world now consists of defence
Although the
Dealing only 43 airliners. These are 10 Ume may come when, for certain
with
convertibility American Stratocruisers, 11 purposes at any rate, manned
and the port 1.M.F. could play American Constellations and 22ntrer
in achieving this objective aircraft will be superseded by
the Canadairs, known in Britain as guided
the Govern
it Commission said weapons,
favoured
Another indication
the of New York, May 2,
Argonauts.
ment cannot yet say when that "any reasonable relaxation by the fund that might be required.
urgent need of Soviet Russia for may be and It cannot ignore the Tourist agencies in New A progressive transfer
need to don!
such with
relaxation
copper is inflented by a report hostile
of York reported today_tha' employees from the production
(From Our Correspondent)
in last week's provision for maintaining fixed
fasue of the Metal
London, May 2 at the number of
of American
flying Conela and restriction of bombers capable of
of revival parities,
Following the Business
Week toll was taken nt
the Stock Ex-Bulletin, the chief organ of the working wore on-great heights and overtime
speeda travelling to Europe th
however, This somewhat vaguely wordeel change this morning amounted
trade in Britain
It cald the stocks on Thursday and Friday, found
that more nounced the other day by Short approaching that of sound.
Government year is likely to set u
The White Paper new Brothers and Harland,
DYE "TO
10 to $420.822. Noon
Argentine quotations
to be bidding for short was a fairer ist nung clined than gained and only rumoured
short of World War II can op 281 set new highs for the year, the Commission would and the morning's dealings:- record. They estimated that The Belfast works were building deal with this threat the Sghter
minerals in South this bull market. Some people against 108 lows. Out of the to Bee
metals and the rules of the the number would be be about 18 Comets Is, of which demands a. proper Aghting like
America, particularly about 50,- argue that the bull market has 2,448 issues traded, there were whose speed
Fund modified to permit deal-SHARES DUYERS SELLENS SALES due for delivery machine
well tween five and 10 per cent. the first we
000 tons of Chilean copper on such a strong basis that it might cio ri 883 10s and 197 excoeds that of sound. We have ings
In members currencies DANKS this summer.
behalf of Russia-United Press. persist until 1987 which would higher than the 800,000
beyond the present ilmily of one on similar lines in fact made good progress in
inues losing A statement
the weak un- Americans who crossed the has
cent either side of official per
take it past, the next goŋeral also been made by the this direction
changed United Prem election. Atlantic last year.
Havilland Aircraft Co., designers reasonable hops that a research parity,
aircraft will fly within the next States Government is ready to poCKS. ETC..
Tho The beller that the United of the Comet. conducted by an This said that problems set by 12 mont
12 months. The new fighters
back this modification of the travel agency in 14 accidents to
Is had now being introduced into the Comet
due RAF. will in course be Funds rules coupled with the cities
that entailed adjustments in the pro-
fact that the sterling-dollar rate advance booitings for ессом- gramme of work in de Havilland equipped with powerfid air-to-
(0) within recently been modation by Americans are factorles, There would be less air guided weapons which will has
kept running much
Ita upper limit only by higher than at overtime in cortain departments, increase their lethality by or intervention in the
official market pro-
1.00 S'hat Dock for the time being, and other hops four times. The develop-
Wheelock .. 745 7.03 production ment
of surface-to-air guided video the Inspiration for the Paris is the greatest attruc- rearrangements of
regarding the LAND, EXC weapons
is also making good current rumour and Rome might be necessary. London tion, with
sterling exchange margins, next.
British
If the LM.F. rule is relaxed Government has It is expected
concluded that a gradual change
the British authorities might will go
encouraged to should be brought about is the well be
take 210,000 to Rome. Many Amorl- Japan Air Lines said recently direction and balance of the de- advantage of it by the success cons will visit all three cilles. in Tokyo that it had asked the
Lence effort.
of their recent, moves towards a freer pound. Many travellers have already de Havilland company to delay
This is the change that will be If till booked passIGCS
Cor Marian delivery of two Comot
Lorca Your pilgrimages to
1957 owing to Inancial difeul-made to European shrines.
tles. The planes were to have plans-
The new policy for the R.A.F. Thore have also been very been delivered in March, 1955.
of the airline will be made to conform more A apokesman heavy inquiries by Americans
the "air-atomic" policy that this was not to wanting to go to Stratford-on-emphasised
upon for the recently decided Comet Avon for
rocent Shakespeare due
This wili | American air force. the
mean that still greater emphasis the before
will be placed on the RAJ. Bold.
up to use because of the need to build
a strategie bomber force and because of the importance of guided missiles.
A survey
American
Europoon
shows
the same time last year,
about 350,000
to London and about
the
Japanese Decision
to
the
10T
Festival, the Edinburgh Festival accidents. "Wo mado and Wimbledon; to fairs at decision
and accidents occurred." Paris, Seville, Pamplona Madrid, and to Copenhagen for Japan all intended
Comets and was merely putting the Royal Ballet Week.
off buying them for the time being.
More Ships In Berviss
"
air
defence
Singapore, May 2. The rubber market opened 500 715 steady last Saturday but later cased on lack of support. Prices: HK Hotel... 8.00 0.00 300 @ 8,60 3 No. 1 rubber per ib. May 634-0331
June 69-84° 1000.00
July 636-64)) 900.6 1.00 300 v6 8.00 No. 2 rubber, per, 15. May 031-8245
No. 1900 0.00
༩
KU
36
1.70
10
1.00
H
9000 8.00 No. 4
1000 0.00 Spot rubber unbaled ....
Blanket orega No. 1 pale cropę
K, Land... 893%
S'tai Land Humphrey Realty
UTILITIES
Trum ..............27.2015. 100 0 2TAD Bur Ferry 127–131 C. Light (0)
KD
c. Light (N)
XD Electrid
To a large extent the present strength of sterling can be traced to this grouter freedom. Before the extension
the account transferable
system, sterling" WHE "transferable quoted at $2.77. By last week- end it had risen to $2.79%.
DRAMATIC EFFECT The reopening of the London gold market after a lapse of 18 years has had an even dramátic effect. Last month, the gold and Jollar surplus was 1102 million of which only
Telephone 16 million dollars was attribut able to receipts of American INDUSTRIALE
the defence ald and gold from
Payments Union. Of the west an Important part was the result of gold London market. Apart from
There is one interesting para- | Airlines _and__shipping_com-
graph in the White Paper, not panies will be offering more ac
directly affecting the ala-force, but which "worth commodation then ever before.
gizoting New ships avaliable this your A new-type "electric blanket" however: "Because of the les include the Kungsholm, 25,000 has been developed By Britsis Immediate danger of a tank, of the Swedian American air experts to prevent scans of war, and becades af uite doren appreciation of the prob Line, and the Olympia, 22,079 aero tops of the Greek Line,
"sysleen consists of meetri mile, nekom, odmich HAM War, Lister this boson there will caf healing circuits andwiched rather emplume with be
the of synthalle placed on the fccumulation, of be the Bahia, 12,000 tons, of between layers
reservde of warlike pisarne ausd the Cunard Line, and the weather-proofed rubber, Cristoforo Colombo, 29,180 tons This rubber blanket is equipment for a prolonged period
fallored to Bt round the sensitive of hostilition, Of the Fallen Line,
more
15.Do 1000 @ 15.30
15.90 26 1000
12.30 13.10
Cement
11.20
***.17.40 31.90
WAS STORES, ETC.-
the
Delry
gold reserves the market | BES! Has a played therein. strengthing, of warling beamine pounder: atquired against "dollara
03-08
United PreOS.
Bank Of England
Statement
London, May: 2. Note in airejlakon *** Pubila depoRİLE KAYNAK Private devonlis
· Governant
Other curities
10/400.000
view advanced so far but there zeem to be plenty of investors who
to another look forward
12 months or more of rising. prices for British Government of the stocks and the shares leading industrials.
Although the closing prices on Friday were very firm, they were all below the all-time penka reached the
| Friday.
Market
New York, May 2. Cotton futures edged into higher ground last week in one of the sloweat sessions in many months.
At Friday's close the list ruled 3 to 18 points 10 to 80 cents a bale-higher than the preceding previous whnicians said
the market
was 2-thin affair and responsive
War Loan suffered the most to anall orders either way. In the shake-down, partly be On Thursday, sales dwindled cause it went ex-dividend in the to 40,500 balen. It is believed midst of it, it closed at £fi? this was the smallest total for a compared with 289%, the week, full session since July 8, 1943, bedore when it was "full" of when sales were 13,800 bales the dividend,
the
Main
pare
interest in the,c
Sarly May delivery. Prompt absorp blost of the Netive kits cicésar of the week centred in the notices dgabled week a good · 10, shillings|tion of daith to Crunch 8.00% Above the low touched on the spot Monday, Tuvadas or Wednesday penta a pound, lis highest level,
küll have some 110 | sisico mid-March, and establishm lension shillings me so (ó go before they were prentum af 17 polita" prer
reach their peaks of the week | July --Uni edi İYRE.
US COTTON IMPORTS
cotton - exports Cotton, recovered all the ground, by the New York: Cotton, ES Buriram was delia in the least 10th in the shake-out but the change for the season 1953/54 169
market this Imperial Tobacco and British Ag1 37, were: an follo
Thank failo
before.
A good maný "blue chips"
Exchange Rates like Courtside, and Lancashire destination de reportedikit band
14 Amorfoan Tobacco, closed with Bitela
Continent kha Motors and full-Hoyce with Canada ARREUR
loak of 1/6 and Vickers down me period last **) 1/1---United Premi
sirlibg peker
IntoChina piastres (per 100)
Total for SERBOTI
M
11