Salute
For Norman Wisdom
like the ex-solder 11. -alute, even when his "ritle" in
mrdlan Norman Wisdom knows how to give a smart butt broom, Returning his salute at Pluewood film sindive are from right-Jona Rice, Thora litrd and Shirley Ablealt, who ure appearing with Nurma
One Geot Tura"-lik second bim comedy-produced at Pinewood by the
Work
Organmation-Reuterphoto.
A GEOLOGIST BOASTED
'Would Drink Any
Found On
The
J Arthur
THE CHINA MAIL, FRIDAY, JULY 16, 1954.
Oil
Arabian Peninsula'
Ahmadi, Kuwait, July 15.
The story of Kuwait's fabulous oil fortune is one which almost never began.
Soon after World War I, an eminent geologist made a the Middle East for oil and other minerals, and survey in declared his conviction that there was "not a drop of oil" to be found in Arabia,
"If
trace oil anywhere on the Arabian peninsula," he can anyone challenged, "I will drink it.”
perhaps for- lunately for him--is now
The Reologist --
To The Company's main office j
compensato fear these dead. Low
estabilsket
Ahmadi, | Inesespable discomforts of desert His error, possibly the biggest
miles some 23
from Kuwait life, every house is air con of the century.
rectilled port, ekse tu was
the Burgaus oil- | ditioned; so are public buildings unel the teld.
the Surrounding
main like clubs, restaurants and
House very spot here in Kuwait, whereoflegs building, a series of hous well-run Guest
his
zume 18 years later;
he once stood pronouncing
anch
Venet
challenge. today patropinesta this world's biggest
ingle odield,
where
ing estates and at Industrial the Company's guests are pro-
were itrea
built within the victed with every modern period of 3+x years, keeping comfort.
the swift pare with
develop- ment of the industry.
Ahmadi Is Model Town
Known as Burgan, this ollheld ovetiples un area of 120 square wells mte. It comprises 132 working 24 hours a day 365 days a year which in less than ten years have sent Kuwait rocket-
Ahmadt is now a model town. Ingun to the front ronk of the
miles of muny
tarmac world's of producing countries, roads, wireless and automate instaliations, water.
with
telephone
conditioning systems.
A new oilfield, covering some drainage and purifying, and alr 34 square aules, is now being fapped by the Kuwait Ol Com-
In addition to houses and fints pany, the sole coneissionaire of
an area of 1,500 square miles in for some 300 British and Ameri- Kuwah.
cume
of
The real development Kuwalt's oll industry the close of World War II, even
can staff employed at Ahmadi, the model town la now expand- Ing to provide housing or 2,000
oil workers. native oil
An
entirely
new town
of
Clubs have swimming pools, there is plenty of sea bathing and there are organised sports activities. Two rival theatrical
TRADE and COMMERCE SECTION
# Page 9
HK UTILITIES BEST SINCE APRIL
Banks Reach A New High:
Confident Market
Waits For Geneva Decision
By A Special Correspondent
After another good week on the Hongkong Stock Exchange, utilities closed yesterday afternoon at about their highest levels since April. Earlier this week, Banks touched their highest point for many years--if not their highest point ever.
Generally the market feels optimistic about the chances of a Geneva settlement and Chinese newspaper headlines predicting an agree- ment on Indo-China by Monday had an encouraging effect on the market, yesterday.
Turnovers on the whole have been light this week. The trading pattern moment because before was roughly this: there are no anxious buyers at the placing their orders they would rather wait until next week when the Geneva Sellers are at higher prices. outcome is known even if it does mean buying naturally hopeful of a settlement and are also waiting until next week to get what they hope will be better prices for their stock.
The money supply int 1 don't pretend to know the Colony at the moment
answer but the market is appointed for two reasons: is fairly easy and brokers
is the Allied Investmenin ven- expect that if M. Mendes-ture and (2) is the passing of France and his British and the Wheelock interim dividend. American partners make
This week saw a new 11 deal with the
the share lists--Amoy Communistsny on
Buyers Carining.
Arst bid was by Monday, this should wet 520
Tuesday but $20 on
although off a lively buying sending prices up.
The 15- (1)
World Cotton
com-
Markets
New York, July 15. Cotton prices today softened
a higher spree these bids have since been raised after
opening with trading turning rather slow to $20 no sellers have appeared.
the setback.
The market has been sensitive to Gentra developments all the work but then most of the news has been fairly optimistic, Dulces have risen tructionally to show
Ju
| Obviously shareholders are waiting for the bids to And £ level before offering.
GOOD RECORD I hear the company
last
record #dod
has
£
year's $3
on
P.I.-FRANCE TRADE
Manija, July 10.
The Philippines has con- sistently enjoyed a favoGP- able balance of imde in commercial exchanges with France except for 1963, #1 WRI Indicated i Agures released by the Commerce Department yesterday.
Trade with France, au- cording to these ATCs. reached
in 1047 * peak when the value of exports amounted to 18.250,801 pesos while imports from France amounted to 1.815, 080 penos, leaving a favour- able balance of 33,441,801 pesos for the f'blippines.
116
The next largest volume of trade was registered in 1948 when exports stood
30,744,311
pesos with Imports ni 7,751,233,
to Philippine exports France
largely and of coconut,
coconut producta while her Im- ports were made up largely and of beverages, wines Liquors and paper-France- I'Tesne,
consisted
World Rubber
Markets
At the close the list ruled net 2 points to 6 points lower. The market opened unchanged to up New Orlens closed 4 points.
Singapore, July 15. The market opened lower en off 2 to 4 points.
Traders were more towand disappointing overseas advies
pending further Washington tiews un Carm crop develop- other
In- new
# overall improvement proft was in the nature of
week. the
Yesterday the inillion. Their distribution last the sidelines market was slow to react to new
about yeur was not exciting predictions of a cease-fire, but buyers raised their bids fater in
call morning prices advanced over
the
Banks fell back from their
after which it stradiel slightly on short cave, ing.
NEW YORK STOCK
MARKET
New York, July 15. The stock market extend- ed Rs advance through an- other session today and in the process chalked up its first 3,000,000-share day since April 6, 1953.
Aircraft shares, responding to announcement that the Air Force will sign contracts for $1,000,000,000 worth of new aircraft, ran up around a point in most Issues, spacking in- dustriale,
Rails had quins ranging " 19% point in Santa Fe, nearly a point in Atlantic Coast Line, Utilities
fractionally higher, featured by a point rise in Houston Light,
were
Profit-taking just before the closo pared guina and indus- trial missed by a few cents setting a new top since Oct. 17, 1029,
Trading was at a fast pace throughout the session with furnover for each of the first two houTS exceeding 600,000 shores and the day's ful volume reaching 3,000,000 hares, compared with 2,020,000 shares yesterday.
Goodal-Sanford continued la heavy demand following Bur- Milis offer to buy con- lington trol of the company at $20
share.
Volume in the issue totalled 05,000 shares, including a large number of cush transactions.
Trade end fustery interest was poor but towards the close The issue rose 1/2 to $17 3/4,
Gains in the aircrafts rangea alling from some there was
which to 1 3/4 points in Douglas, centres
There were strongpots in the ΟΠ
sightly.
motola, with Aluminium Com-
of Amika up 2
up July 19-6324 pany
points. General Motors featured with Aux. 6913-00 July 69-631 004-000}\
n
share wide
the basis
д
Home lust year.
Thurs- $530,783,
Tuesday MRY
WCTC: Mith
July October
three lakhs, amounting to about legislation, plus
ments or any Si share, but then they made
ofcentives. a new issue on
Truding volumes and open In- one new for every five heid.
terests in the Exchange today The company
has
brought good
prices Future closings: market, I hear and I remember
Oper Volume at seeing their tinned products
interent No. i Jubber per lb
10,000
Federation
3,700
I
29,700
201,400
Decembar March
34,800
404,400
3
No 3 rubber per to. Nu
20.000
No
..
20,000
--12,200.
October December
8,300
8,300
4,200
140,000
in
Turnover last week; day $378,143, Friday, Monday
$659,253, $427,020 and Wednesday, $247,- | July Usa. an- And here is how share prices Total
tured:
July #
2 falige.
$1,710 pork but are holding up and Unions are well at $1.700
In the Docks stendy at $85. group, there has been a hearten- ing improvement this weak both Hongkong
Wharves and Hongkong Docks.
the Wharves reacted to nouncement yesterday that Colony's trade in June was the highest monthly total this year
***Banks and the buying quota showed
the an improvement of $2 on
Uniun week. Docks were helped by
Wher locos market rumours of a lind sale
Ch Prov by the company and after buy- Inglis opened at $16.80
rates week, closing were $18.40
the
last yesterday
LANDS STEADY
In the lands group. Hongkong Lands held stendy, while Hotels continued
H2/
4 300.000 314,000 po rubber unbaled
Blanket crepe 238,800
42,000 Nu. pale eripu
19,800
1,000,400
bales
NEW YORK PRICES
New York, July 15.
4. 07-0713
の
4635-07
35-80
NEW YORK MARKET
New York, July 15.
Rubber futures today closed
to 15 points lower with sales of
Prices of cotion futures today | 190 contracts. closed as follows:
Prices recovered partially at
the eles: under a spurt of dealer in the | covering against
sales
Spot No. 1 Ras were quoted
10
15
1310
1700
2
343
Spot
35 Lon
2731›
7 20
7.23
Oct.
3+25
Dec.
34.44
12.30
12.30
12:00
Mar
pat market.
May
34.73
Holek
Lands
90
#05
D15
July
34.47
Det.
33.0-
L
24 cents
$8+m
De
501
Dec.
223.71
elesings:
-Umted Prett
Sept
*Trome
18.00 (x)
NEW ORLEANS PRICES
Dec.
19
10
New Orleans, July 15.
Mnr.
Ch Light
new
12 Sum
13.70
12,90
Prices of cotton futures closed today as follows;
Muy
July
Sept
Spot
35.30
that the company
sell
the Pedder begin construction
Street
Plot
will either
old
13
15,70
15.90
Ocl.
34.20
Dee.
Jut +1-42
of the
or new
Mectrics
Ax
3125
32
Mur.
34.00
stay
20.00
26.00
July
34.42
Det.
13.1
there
23
25 10
2350
Dee,
331.07
United Preka.
LIVERPOOL MARKET
middling cotton, in
Ih, were as follows:
Oct/Nov
Dec/Jan.
Mar/Apr.
May/Juno
July/Aug
to react to rumours
hotel Boon. Undoubtedly iplines
is any sale it will give 2. Farma groups produce playa at regular he shares a considerably higher intervals, and the formation or
the what backing this is a musical society contem-] Duc
15
speculators have their eye on. plated.
To the best of my
knowledge Ahmadi also has its own shup- the company is going on with ping centres, market, a regular | its plans to build the hotel but I have not heard a starting date bus service arotid town, and
mentioned. cinema shows several times week.
In Ulitics, Trams have made a good goin over the last week, from $10.00 ex-bonus rising
Needless Issue to $19 today.
TODAY'S SHARE PRICES
(From Our Correspondent)
a point gains in the automotives. American Tobacco stood out the recently-laggard tobacco
in
group with
a rise of 11⁄2 points. Oils were mixed.
252
Of 1,197 issues traded, 830 were higher, 309 lower, unchanged.
The New York Stock Ex-
volumo change bond
WDS $4,420,000.
American Stock EX- The change was 570,000 shares.
DOW JONES AVERAGES
New York, July 15,
Dow Jones closing averages
S
a pound. Future
24.3
24.70
on: Wall Street today were
24:00
follows:
24.90
{30 Industriais
3410
24.00
20 rutie
24.01
13 utilities
30,50 121.07
181.56
LONDON MARKET
London, July 15. The rubber market was quiet 1 spot but steady with No. quoted at 20-13/18 penco per lb. Prices:
No. R spat ***** 202-201
Settlement house term: September pence per Del./Dec.
Liverpool, July 15. Closing prices. American Augint
2013-2015
204-203%
20%-20
2014-2014
2012-20%
20-7/18-2044
General market, elt basis, ports:
3337
Jan/Mar. Apr./Jung
31.01
July 31.90
31.80
14.02
August September
Estate Tepe,
Thin
Official prices for spot cottons late crepe, think all were unchanged except the following:
10.03 American middling 19/18 ch
7/8 inch 20.30 -United Preon. SAO PAULO PRICES
+
At night, huge fires of burn- waste way from the oilwells, glowing in the distance, form a
Bunsels ringe of
to say the bonus issue resolu- permanent though the first spurt of "black 4,000 houses is being built for around the oil town. From the tion was approved yesterday
and ali uir, Ahmadi with its encircling
shareholders registered A Company.
trail of flame looks like a large in the company's books rester-kong workers
jungle encampment with Ares day get the shares in the pro-morning amounted to $443,340. appear burning all round to keep wild portion of one for every two Noon quotailons and the morn-in cruzeiros
follows: beasts away.
ing's transactions: SHARES BUYERS SELLERS HALES Del DANKS
gold" Bowed in April 1938.
Puiting
derrick up derrick in the pathicas desert as fust as they could, olinen pre- cseted a "brilliant oil future for the Uitle Sheikhdom Kuwait.
Living The Future
them by the
after Mosque
for Moslem has already made Its once, with its tall, graceful| minaret making an odd contrast in currounding oll tanks occasional derrick.
of
and
An entirely new oil pier WOS also built by the Company at u cost of £15,000,000
in a few years, Kuwait was of its kind in already living the riture,
First
Waste Gas Burned
held.
Yeumatis are holding firm at
issue $140 new
rumours to around and investors appear be quite patient. As I told you
make
Business done on the Hong-
Stock
this
HK Bank
East Asia
INSURANCES
taion
Exchange
063 987! Lombard GOLS Underwriters 6,70
Sao Paulo, July 15. Cotton futures closing prices,
ns per kilo were
23.10
4.Ju
24.30
23.90
(In the United States, the average price of 15/10 middling cotton a1 30 designated spot cants a lb. markets was 3445 Soles at these centres totalled: 8:230 bales,)
Dee.
1005 1700
102
1@1700
Mar May July
20 73 Bas
500
7
PING
Waterboat
10
on
Asla Nav.
DOCKS, ETC.
18.30
1214
9.25 0.15 1600 QI
9.15
7500
9.10
1,40
1030
3.0332.10
The gas from oil produced in recently á broker friend told
burned The pter, which is the biggest Kuwait which
here me. They're 盘 sure thing. the world, juts every day could keep a elty like They've just got to 4,140
feet into the sea east of Birmingham supplied for one
Issue," meets another year. and hed anticipated Ahmad!, plans
feat at right A British firm last year mooted the production of 30,000 barrels length of 3.882
ago. angles, making a
gos giant "T" a scheme whereby waste of all a day-nine years
from the Kuwait oilwells would The curent daily production rate formation of steel structure. is nearly 1,000,000 barrels,
There are
ba
Lights were reasonably active today and climbed to $16, their best figure since April, but they didn't hold at that price and lost 10 cents before the end of the afternoon call
What! Dook Provident (Old) Wholek LAND. ETC. Inc Hotel
IK Land Bhat Land Humphreya Roulty UTILITIES
Tram XH
! ་
730
-United Press.
New York Sugar
Market
20-7/10-20%
83 stocks
49 bonds..
Comin. future price index
-United Press.
ROYAL DUTCH CO. SHARES
Tho
New York, July 15. new 50-guider capital shares of
Royal Dutch Petroleum Company will begin
the
on the Board of the New York 20-7/10-20% Stock Exchange next Tuesday, unquoted
unquoted
-United Press,
It was learned here today.. United Press.
Convertibility Has Become A Distinct Possibility
Paris, July 16.
M. Robert Marjolin, Secretary General of the Organisation for European Economic Co- operation (EEC), has stated that convertibility,
has now become a “distinct possibility."
In a luncheon speech to the American Club, New York, July 14,
sugar futures however, he warned of the new problems that points convertibility would raise and said it would call for closer co-operation between the countries of Domestic No. 6. sugar futures the Western world than ever before. closed, unchanged, with sales of 759 contracts.
World No. 4
1. to. 4 today closed
· 19,40 19.50 2003. G2/19
JUN 295KM GE 1940 | higher with sales
CE 100 Star Ferry. 131 13
tracts. Y'mzah Ferry 148 140 200 149 C. M. (0) 15.00 15.30 300 10.70 2000 1.80 C. Light (N) 19,70 12.00 1065 42 12.50 Electric 3114
Telephone
It can load up to 12 tankers be piged ncross the desert to the few
in at the same time, at an average Mediterranean coast, and utilised things Kuwait
today, such as the coun- rate of 1,800 tons an hour. It for domestic and industrial use try's area and population, which has facilities to load as much throughout the Middle East and
BEST SINCE APRIL: are still calculated in thousands. as 4,000 tons an hour, but there even beyond.
Electrics at $32 are at their Almost everything
to The scheme has had else that are not many tankers which can matters -
abandoned becausa, of the high best level since April Turnover the production and receive oil at that speed.
Even though cigarettes cost costs export of oil, tanker tonnage,
the yesterday was 2,000. involved. Although
Comenta with their excellent annual income and expenditure 1/- for twenty and drinks are gas itself is almost free, about
cheap, iscounted or reckoned in very
Ahmadi is no100,000,000
output figures, were would probably monthly paradise for its British millions.
and have to be spent on pipes..
the pace-setlers of the market Kuwait had its big chance in American residents,
In addition, the constantly yesterday and climbed 50 cents on Hugging the 30th parallel at rising scale of pipeline Royalties a turnover of 7,500 shares to June 1951, when Abadan closed
At that
time, Kuwait the lop corner of the Feralan claimed by Arab countries along show an improvement of 12 on INDUSTRIALS down.
Ahmadi experiences was producing at the
rate of Gulf,
the route would also hinder the the week. wide range of temperatures. In
Forms at $2544 · have risen 370,000 barrels a day.
ing proposition.
be explanation brokers have for So the waste gas has to burned after
being separated their performanco is the fact from the crude oil at a number that they are yielding a healthy | COTTONS
de-gassing stations which 9.4 per cent. whine day and night like a squadron of jets revving up at
In fact that whole market. the same time, the Winter temperatures on
Kawalt's oil production scale, was buoyant today, except | fde The Kuwait Oll Company is other hand often fall below 30 which has been a phenomenally the Wheelack March Exchange Rates
down from me twin clerie fre""the" todat || steep one for the Just divo years, Wheelocks: exland Anglo-American enter degrees. Joint
which prise In
In addition to those climatic has now borun to ride the crest $7.30 to 25% Texiles have unonimat wentula
Allied Iranian Ou Combapy and the extremes Ahmadi suffers fre But experts believe that. I held steady at $7.35, Guit Oll Corporation are equal quent visitations of desert sand. will continue to increase, on have put on, savon and a 12 terston 'associatos enjoying 478-year larma, and fortunately not-so-less steep cures, to its peak in cents and Hemides, and vegan
concession of cíl exploration in frequent, vialtations of locust about three years,
Mall Special,"
exclling all this" wdok-
To achieve a production level the summer, abade temperatures} Pipo-plan from becoming a pay steadify this week and the only Dalry which could make
up
for go up to 125 degrees while sun loss of 700,000 barrels temperatures of 180 degrees a day seemed a formidable Lasic Fahrenheit are not unusual.
Abadan's
But It Was accomplished,
within less than
three years.
In March this year, Kuwait was
producing
the rate of over a inillion barrels a day.
Kuwait,
the
Anglo-
Temperature Extremes
SWAITRE.
of
MARDENS: WHIT
MISCELLANEDUL
"Yongtere
Albed' TITAN TAN
ccn-
tako place.
M. Marjolin would not pre- place without losing the “nd- A good part of the big trade dict when the transition from vintager of the first. The main in the dommalle contract
Was tha present European
had Pay- advantage
̈bten, '•' trade zepresented exchanges of monte Union to a more univer-iberalisation and he, considered "major disaNIOE payments system would it would be a 50021.08 September, contracts for astank wal
to return to bilateral trade la Europe's economic situation had Improved to such Europe."
con- extent, however, that
In a belet survey of the vertibility was today no longer European economic situation, "Th
realm tho
M. Marjolin sald the extent and fantasy OBEC talks on the subject had rapidity of the: Continent re
had been unexpected. suddenly assured reality. Covery
objective The
Ros, the mahall convertibility Plan has Been pre
practically reach
- Contraes No. 4 (worki
3.0
277.30 100 27.10
Quest
STORES, ETC.
WIREOTY Watson
W 25.3325.00 8000 @ 28-40
(N) 18,80 owford 33.30 23.8G
BURAY.
Future closingw:
Beplembur
October
Jonuers (1965)
Maria
May
July
Sudan)
September
Movember ke
March (1086)
hay
July
(per: idos ed
November
Buolis(cthis peri
Pros
Spot(cenia per lb, fol
NY **
Contrárt No.
3.05
"The kind of
of
we have in mind¿will' requiro | edi
ed," he said.. Thd. United States more day-to-day co-operation
than the old gold standard rocosalat, of which we were 60. Marjoun wald frightened, has had. proctienist
He stressed the view of the economy But snajor dilebilles: DEEC" members : that 'n fronsi-sült: pxisted, jus
effect on the European
tion from the EPU, toka ^:now(Pennge / brid
puymants system "should take! Special