THE CHINA MAIL, TUESDAY, AUGUST 24, 1954.
Our Weekly Aviation News
TRADA
COMMERCE
The Folland Midge, a prototype of the Gnat, the world's first light jel fighter. The Midge is Blica with an Armstrong Siddeley Viper turbojet ergine of 1,640 b thrust; the Gnot will have a Bristol Orpheus of three times that power. The Felland Midge had is first trials at the Ministry of Supply Airfield, at Boscombe Down, the makers Folland Alterati Ltd.-statel that they were a sucerns. The firm plant to have, the Midge in the flying pro- gramme at the annual Farnborough display. The makers efaim that the Gnat will have, a lap speed of more than 600 mph, and will rench supersonte «need in a dive-Express Photo.
Two Gnats & Crews Will Fit Into A Blackburn
Beverley
Folland's Cnut which will be the production model of the Midge is expected to exceed the speed of sound to level flight. Two of these remarkable little fighters can be earried with Their pilots and ground crews in one Blackburn Beverleg.
Capital Airlines' purchase of more Vickers Viscount has boosted Britain's dollar income. With ordern still coming in for the turbo-prop plaue the company is unable to keep up with the demand.
There will be
number of novel features at the Farnborough Air Display this year, including the Judicik which is an up-to-date version of the famous "Grorge."
Folland The
Midge, which made a successful first flight a week ago, breaks new ground. It is
Britain's Great
first light-weight jet fighter. It is a private venture in which Folland Aircraft have staked their faith.
Folland's faith is based on the reasoning that there is a need for a fighter which is of muca analler size than standard type a con be prodnerd In very much larger quantifler.
Viper ASV5
At the has pinced
three already_ordered.
me tinie, Capital anounced at it had obtained an option
.I
I
its The
on a further 20 Viscounts, with
view to standardising entire fleet with GO universally populue Vickers alr- liver.
it this
tenance
14
The
order for an
the
quantity production of Jindivik pilotless alreraft will lead added interest to the stand of Elliott's, of Lewisham, where the auto- pilot of a Jiudirik will be dis- played. This up-to-the edilign®* pt George' can control a high- full nirernft, provide spred nunoeuvrability and co-ordinate Jurna over a wide range
and altitudes. 'George' speeds even selects Cautomntleally) the right attitude for landing. He is obviously a promising recruit.
Brakes
the since
standardisation nchieved, Copital will have to stock only one range of spares for all its aircraft and its ruin- and repair problems will be greatly simplified with resulting ceostomy in operation.
This sale 19 Capital ім largest single sale ever made of any British airliner. It is also far and away the largest can- mercial dollar arder for
mny export which has been placed with a British company the war. It brings the total of Viscounts now ordered to 148, The Midge is a protoype from but the manufacturers foresce a which
model, itkelihood the production
of further orders The Grat is to be developed. befer
Ty
are deter The Midge is powered by
mince!
delivery times Armstrong Siddeley Viper ASV5 down
if under two years but the Gnut will have the possible, and ure stepping Bristol Orpivua jet engine, with output at Burn (where the Viscounts are built) so that it will be possible to build 100-a year. This rate may prove in- suflicient to cope with the de-, mund, and it is possible that a secured Viscount production line will have be established elsewhere.
aft
three times the power.
will have a high The Guat
speed in level fight, Subsonle but will be capable of tronsole speeds in a dive. The Midge is to have a top speed designed of more than 800 mph, and the performance of the Gait, with its much more powerful engine. will therefore be impressive,
la keep
to
10
up
ment of the full circle
rele brake
GIANT MERGERS Lead And Zinc
Opposition From Congressmen
By John Motka
New York, Aug. 21.
Giant mergers-the successful Studebaker- Packard venture and the proposed Bethlehem Steel and Youngstown Sheet and Tubé merger-were u major feature of the week in business in America, The Youngstown-Bethlehem proposed merger may eventually turn out to be the most important of all, because it was the one which finally drew the long-feared criticism from Congress. Wall
BRITAIN WINS
BURMA CONTRACTS
Lonash, Aug. 93. Hurmele Govertimenti tahirnets, folkifika £4,000. 000 wilt lake two British building firms to Bangoon to construct a pharmacRUL- tical factory, ait engineer- Ing college and other educational establishmefits, it was songunced here toś day.
The cotiftacts wetè ini- úalled today at the Bur- Einbandy by tepro- sentatives of the Government/~Reuter,
In Danger Of U.S. Inflation
London, Aug. 23.
Outside the US lead and zinc are in danger of getting the rough side of the US inflation. The recent US stockpiling programme and other US political moves which were construed as bullish may turn out to be bearish.
President Eisenhower has stalled any decision about raising the US tariffs on lead and zine. His action in raising the tariff on watches is unsus- picious but not conclusive. As a military man hẹ regarded watches as a special case, on the ground that the US needs a watch-making industry as a nucleus for expanding the precision industries in
Street long has expected some Congress of HONGKONG wartime. Many American observers didegret,
reaction to the continuing series of mergers major companies, some successful and some so successful.
Rep. Emanuel Celler
not
(New seasonal factors, which indiente Yuk City, Demorial) this w:ek that unemployment in Americen asked the Justice Department was alarming.
17
black
The
and
the Swiss disagree violently; but the President is
entitled to his own opinion. STOCK
EXCHANGE
(From Our Correspondent)
franactions
.. 1 ind
SHANES BUYERS SEİLERB Sales BANKS
ilk Bank
200 @ 1710 Sat Arlo
100
입는다
90
931
7:30
B
70
INSURANCES
Union Underwriter
DOCKS, ETC.
Dock ..... 21,00 Ident
JOKİ) ........ 12.00
Most ominous
the north, available for whenever it is what Tarif Commission recorhmended becomes worth while to open on the lead and zing tariffs. All them up. Even at that degree of but one of its members want inaccessibility по comparable the President to raise them to source of copper is yet known.
and China Mali Special. respectively 240 per cent 300 per cent of present levels; the odd one thinks that raising them to 200 per cent and 250 per cent would suffice!
LESSER EVIL
hon
The President in known to be that looking for some solution would
lesser evil for foreign suppliers, but these will not be cheap recommendations to buy off.
Merely by formal declnra- 2317002170tion that the 1930-45 war is
proposed In July, about 34 million Bethlehem-Youngstown merger, people were looking for Jobs, charging that i would tend to unemployment has declined ward monopoly
about 500.000 from May. would result in gargantuan i Newsweek magazine predicted Business done on the Hong- with assets
of $2,300,000,000 President Eisenhower's 1955 pro- kong Stock Exchange this morn and would resul in injurious
gramme will include a requesting amounted to $718,045. Non e me entration af production...
to extend White Hause authority quotations and the morning's with a deadly effect upon com
ព
10 make trade creuse Plus within
Excezment. petition
the steel selective, cutting on tariff
cent Industry. Celler said. "It does rates by about 5 per hart is the steel industry and narm
year.
a request for tor tax would
be against the national concessions to stimulate private interest H
invertiments in Europe, Latin Studebaker and Packard America and the Far East. stockholdefs overwhelmingly ap- Petrol prices rate at both proved their merger, us each wholesale and retail on the East their last, best Coast from 90 to 09 cent ger agreed it was chance in business competition gallon, as big companies anally
Gineral Motors, and worked
excessive stocks. Chuysier. The Diy Three.. The The computiles had cut retinery runs sharply months ago. Retail merger wiped out the 1st two independents among the former prte ta the motorials now and present auto-making firms.
from 23 or 24 cents a Now there
are just six auto all
calton. manufacturess-the
The stock market continted und the "Little Three," which is steady advance this week, is made of Studebaker-Packard, and in the first two days of the Kaiser-Willys, and Amerieri weck regained the final one- Motots (Nak and Hudson J. Baird of the lossés suffered in The proft-taklog, sie téh, daya
whea value of stacit *2, question arises dropped some
three billion dollars. All segments of the
part in the new
Three"
MERGER QUESTIONED "Now the
Advatyzo.
5 bal Dock Wheelock
1,03
734 7.35 4000 18 7 55 LAND, ETC.
Ik Hotel, 11.40 1.00 14,200 & 11.40 10,000 11.00 ilk Lend
00 AL 100 ₫ 0015
Humphrey Realty UTILITIES
10.0 10.40
1.12, 17
100 Gr
1:14 157
NEW YORK STOCK MARKET
Now York. Aug. 23. Stock market valuations were pared nearly $1,000,000,000 to- day but the serion was a dull ono- slowest in weeks-er- livened mainly by heavy de mand for Moutgomery Ward.
on
over, the President would nuta- matically raise the lend and zine tarifs to 160 per cent and 280 per cent of present levels.
The new appropriation of $380 millon for stockpiling strategic pri- and critical materials is
Stocks of the huge mall order 10.50 250 10.50marily aimed at the US lead and house soared $14 points to 80
zine producers and Star Ferry
n 10,000-share delayed opening: voters, 100 mot Ferry 150 100
Even for them it will not go so Climbed to a new high at 80% 2006 150 far as some people have sup- and held five points of the rite. 400 109
About $292 million of with activity heaviest of the posted. 4200 10
it is merely
bookkeeping day. 500 12.00 transaction, enabling the stock- Demand reflected news that 33.33 1.0000 33
pile to acquire stocks already financier Louis E. Wolfson, noted held under the Defence Pro for acquiring control of several duction Act.
companies in recent years, 1 purchasing Montgomery Ward stock in the open market with an eye to unseating Chairman Sewell
Avery at the annual meeting in April.
E: Light (9) 12.30 15 1600 7 13
Electric
Telephone
INDUSTRIALS
27,50 Cement .... 23.00 29.90 500 # 23,00 300 of 25.70
Warlam COTTONS
Rope
17 17.00 STOKES, ETC,
Detry ....... 2315 25.00 500 25,00 500 of 2515 17.00 10.10
0.00 3 2000
6.98
, 4.1211⁄2 4.120
7
COPPER
Copper may get n smoother side of the US inflation. It has no producer lobby comparable to that of lead and zine, since the US has producer interests abroad
as well as at home. Wage inflation has forced small rise in the price
of
General Dynamics, the day's second most active issue, was another upside lender, rising 3 points to $734. Bendix Avia- tion, up nearly 2 points, Douglas. 1 higher, and Boeing and niso stood out.
World Cotton aluminium. So far as trimetals United, each up almost a point,
Markets
New York, Aug. 23. Cotton futures today favoured downside in quiet and mixed dealings.
whether these two companies by Joining forces cen and solutions to problems they were unable market took o!
to cope with as separate units."
Hendershot, rex wrote Ralph
STEEL SHARES pected Financial Editor of the
Textiller York New
World-Telegram. Steel shes shown nn ap-|
MISCELLANEOUS
Yangtze Their trouble seemed to arise precinble unturn in business. from inability to sell the cars Operations this
Allied week were at they were
82.0 per cent of rated capacity, able to produce.... pihaps an even bigger question deeling of two per cent from is whether the combined corn- last week. Advance ordera also Now that the Vickers 1000
pany will be able to provide were show. iren Age magazine has been urdered as the Arsl
that steel butter managerial abilities than i reported
operations aircraft for the
cach bird as separate units. ," would have been even lower jel transport Briush Aring.
Goodyear
Ainther expert" oben ver, the it were not for hard work by stond will be of considerable Business did lovestment Service pteck salesmen. Overall ato:1 interest, It will show a develup-
Inernational Statistical Business in August will be about Trans- Bureau, als questioned inergers the same as July's lotal.
es a turé-all.
In commodities, the big story "Mergers are the order of the was the drop in coffee, due to "they have the new exchange rate of the day. It
At the close the list ruled off noted, the
4 to 11 points, Opening prices Brazilian cuzeire to the Ameri caught
imagination of the
New Bache and Com were off 2 to 6 points. Investment and to some exten: con dollar. the speciative fraternities. pany I New
York, a leading Orleans closed off 3 to 11 points. house, odviged Ko Tending volumes and upen Mergers are supposed to provide financial
that It bellesa the interest in the Exchange today the unsuccessful customers a panacea to and to make the successful even price will work much lower and were:
Volume Open interest Month them fold
phart maintain
207,000 more successful.
7,700 ight Oct. "Me:6:9
effected
For
four
straight Dec. for tax positions, economy days, the coffee futures market tar bencils or operating are understandable, but mergers dropped the all months to new
for the sake Just
of merging lows cn, the New York market. The textile market remained Congres- ure something else.
Bis
milla have carpet to Bional interest in
mergers un- slow" doubtedly will
been using their stacks of wool A develop. great deal of existing legislation and here not as yet re-ordered although their bustness is re- These affecting American business had
ported improving. An, easter genesis In merger develop-
Will 1954-55 be the bendency was repeated.-United
Pross. or the rule?" exception or
Rep. Streal, noting
blast, was afraid it
which
ased on the Australian Airways' Viscounti constructed from a single disc. The new brake has dual discs, but
the employs
full-cirek formula of its predecessor. It is intended for the Vickers 1000,
Kin
An indication of the power tained by British jet engines
will be
given on today stand of Heenan and Froude, a company which is exhibiting t the SBAC Display for the first time. Here the public will see ci test cradles capable The new purchase by Capital | Jet
the British dealing with thrusts of up brings more Airlines even
industry's order-book 15,000 lb, which can neverthe aircraft tor gas-turbine alriners--Via-less be easily moved from one
to counts, Comets and Britannias, nirfeld
another. to a
figure of 103 planes, cradles can be used for testing its valued at £71,495,000 for the almost any type of jet engine, ments.
excluding it attains much the same speed | atreraft alone,
Transistors are always in the news nowadays, and Mullard Cellers' Ltd, of London, showing
u contiplele intercom unit in which transisters have writing new laws on business, particularly It the Democratic been used throughout insiend Party, presumably less friendly of valves. Considerable savings
to big business, takes control ser" ¦ in space, weight and power con- Congress
November sumption result.
elections.
The clean design of the Midge from the fact can be judged that with only 1,640 ib of thrust
the
as the Meteor, which estab- continuous supplies of spares
of 600 which each sale brings. lished a world record
mph in 1948, using more than
times
four
(7,200 lb).
05
much power
For small countries which
can afford only limited sums
FIS
Big overseas orders for
Well
to
are this year would become the first move in New York Sugar
for air dofonce the Grot is vico aircraft of the new types likely to be particularly attrac are also in the line, taking up
The Council of the Society of tive. Follands claim that the the tally of the older types
whose exports have been talling ; British Aircraft Constructor's Gnat costs only one-third
the recomitiendo- much as a standard fighter, and off in recent months. Outstand- has accepted requires one-fifth of the man-ng among them is the Hawker lica of the Socisty's Safes and I ffunter for which Overseas Export Committee that a Flying hours needed for is construc-
totalling £ 120,000,000 Display and Exhibition be held tion. These economies have been orders
in 1930. ty by keeping have now been booked, achieved partly weight and dimensions to the
minimum, thereby giving
how bantam a high degree mobility.
will
In 1954, 282 companies the
of
01
Approval
Market
New York, Aug. 23. World No. 4 sugar futures 10- day closed 1 point higher to i sales of two point lower with
Bugur
futures
27,500
564,800
14,400
480,700
May
21,000
422,00
4,300
100.000
2,100
1,000
1700
$7,500
75,000 1,000,000 baten The New York cotton
Note: prices were not received.
NEW ORLEANS PRICES
New Orleans, Aug. 23. Prices of cotton futures closed today as follows:
Spot
33.90
Det.
34.03
34.31
MIT.
34.58
May
Dkt.
24.75
14.73
34.22
Dec/Jan.
competitive help to other
hugo
It is mainly to copper,
Looking further ahead, deposits of lead and zinc Are known to exist in the Canadian
LATE LOSES
Late Jarge losses in lending chemical shures and declines In electric equipment Issues Ten- tured on the downside,
Du Pont dropped 4% points, Allied Chemical
3. Unioni Genotal points.
points, and.
World Rubber Carbide
Markets
15%
Electric fell 1% Westinghouse Electric
the general run of stocks, however, losses generally werb amall.
low Despite the netivity in à Singapore, Aug. 23.
for the volume
elny The market opened lower on issues, reports of low United States totalled 2,020,000 shares com→ consumption for July but with pared with 2,110,000 on Friday, sellers reserved, prices gradually and lightest since July 2, advanced on trade cavering and little factory buying.
Future closings were:
Out of 1,150 issués traded, '591 wern lower while 849 advance
and 250 hold unchanged, No. 1 rubber per Ib. Sept. 072-02 Steels and motors generally
Oct. 0714-8715 Nov. unquoted were lower. No. 2 rubber per ib. Sept, day-1 Oll there were mostly lower No. 3 No. 4
1420s but high-priced Amerad lost 4 60%-m2 points.
The New York Stock Exchange bond volume was $2,550,sen.
The American Stock Exchange volume was 690,000 shares.
er untried
Spot subber unhaled
Blanket crepe
No. 1 gate crepe
NEW YORK MARKET
New York, Aug. 23. Rubber futures today closed
10 to 24 points lower with sales of 87 contracts.
A good part was represented
DOW JONES AVERAGES
New York, Aug. 28.
347.64
110.27
130.07
178,49
Dow Jones closing averages on in Intra-dealer switching opera-wall Strect were as follows: tions, including September-30 industrials December and December-July. 20rails
The spot market ruled dulluliter with no
factory Interest ap 40 bonds parent. A small business in- 31.08cluded some No. 1 Raa sheets, 3123 November, Janded at 28% cents 11.07 a pound, Spot No. 1 Ras wore
cenis a 31.83 quoted at 29
31.07
pound,
LIVERPOOL PRICES
Liverpool, Aug. 23. GENERAL BUSINESS
Frices of American middling Meanwhile, géneral budifitisa | contructs.
18/10 inch, li cotton futures, remains steady although Hill in Domestic No. 6 sugar futures a müd redésléh.
In general closed unchanged to one point pence per lb, closed today as
follows: retailing (outside autor) July higher with sales of 164
con Oct/Nov. sales were up 200-million dollars | tracts. over June, and were well ahead World
tuled | Mar/Apr. in Petrol séles of July 1933.
dull while inde awalled May/Jinu July/Aug. July totalled just over one billion developments on the Cuben Omdal prices for apot cattene were nominal. Future closings were: be exhibiting their products on
dollars, ten per cent better than gues Ihalitule proposal for all tachanged. stands at the Static Dispiny
in July of 1953, Food
"of tomo Cuban bekication equipment which is always one
totalled 3.7 billion dollars in world queta sugars. Omeldt hpproval has now been With their wings removed, of the most interesting features
India reportedly on Friday two Gndia can be carried com- of the SBAC Display.
This granted for an overhaul life of July, far more than expected.
Auto sales were off 450 million bought 5,000 tons of Cuben for Gipsy Queen and guro compares with a total of 1,000 Moura, plate with their pilots
8.19 in ground crew in one Binckburn 227 stands at the 1983 Exhibi- 70-3 and 70-4 engines Installed dollars from June, and it was raws, Sept. shipment, at
poorest month since cont
a pound. France also was follows:
to Beverley transport aircraft. The lion. Below is a brief descrip in de Havilland Dove aircraft. the
sumplete its for advantage of this fenture when tion of some of the novel This extension of overhaul life February, as prospective buyers reported seeking
1955 scheduled purchase of thi from 800 hours follows: sails apparently walled It is desired to provide air cover features of the 1054 Display:--
factory fast runs of 1,000 Houck models, The July figures were from Cuba... of And
excellent record of some 500 million dollars under Domestic figures held quiet reliabilly which has been des July
July of a year ago. Sales for and steady in line with the raw Hamble, a company which has trained airline stuff for seventy- monstrated
setual service Jan-June,
Dodge Contract No. 4 (watiq} of countries throughout the amounting to set 000 wheat June, 1984 period, Nash market. Future closing werd:
nt short nailed for n cantpaign
in a distant overseas theatre of war reeds no emphasis,
it is hoped that the Midge
gill be exhibited at the SBAC Dirplay in September.
Great Day
Adiguit 11, 1684
Was
k
Air Service Training,
The
World, will be demonstrating a engine hours year. More than lost 49.8 per
cent; Studebaker geptember scale model of a high: 1,600 Gipsy Quech30 auxines 38 per cent, Flythouth 28.6 per ober prod
towed target. The target have bean bull, 1,300 of which cot: Pontiac ton per celit. Ford is entirely metal-covered, and are in word service in Dove was the big miner, at 46 pm MAR mainly of all-wing design," but aircraft
a fuselage has beets, incorpor-
ated to, house equipment and Currently with this develop mechanism, while facilitating ment plans pro-in hind, for a
čini, Merclitý škked.
cent Oldsmobile fu
great day for British aviation, allting at high altitudes, Tho similar exiqnsions in overhaul: 007290
It saw not only, the first fight farget, Id sill being developed, life for the dipay Queen
of the volilna Midge, but sted but leady moon interest in it. Mk, the power unk of the mandandument of the bits) la Being displayed,
THEREBY CABILI Ainine, USA
Heron, Bumelentu with Chiefwn Men announcement, thade been gained et 13 solemniti mirditors, in addition to the this week, that the Governmani | Mxtending up, to 31000 HOALES
of a further 37 Vickers ViscGENE
The
Komumla: Research,
吧
Mark
July
stocka Comm. future price index
United Prera.
CHICAGO GRAIN
PRICES
-Chicago, Aug. 23.
Closing prices per bushel
Wheat No. 2, red
Sept.
23.10
Dec.
20.000
'BAO PAULO PRICES
Sao Paulo. Aurs, 24, Colton futures eibsing prices. cruzeiro per kilo were 19
Mar.
24.00
May
July
23.70
Sept
23.70
cents:
LONDON MARKET
London, Aug. 23,
Spot
28.50
17,30 28.53 28.00
Och/Dec.
The rubber market was easier with No, Res spot quoted at 20 1/16 pence per 10. Prices. No. 1 na spot Fallen 20-2015 Bettlement house term:
Sp...
Sept. 212 it) alo3⁄4 (L)
Dec.
Mar.
May
Corn, No. 2; yellow
Spot
Sept
1016-20
MAT.
May
Ayo
Rept
1091-10 30/10
#ept.
thin
AMSTERDAM MARKET
Soybeans, No. 2, yellow
Boot
(in the United States, the average price of 15/16 middling. cotton at 10 designated spol sharkets was 34.03% cente polihu. Sales at 'The--centres iptalled 37,520 bájos. Uniteti Press, Cont
Exchange Rates
Apr/Juna
July/Sept
1032-103 General inrketo, tir, notif
Beste
Ost
Kalate oteps thick “
Amsterdam, Aug. 1987 The rubber market was steady, vincie "local Prices closed today in guildo
"this:
Bállówić
Barley.
Boot