THE CHINA MAIL, TUESDAY, OCTOBER 12, - - 1954,
OUR WEEKLY "AVIATION NEWS
TRADE and COMMERCE SECTION
Page
The Gloster Jone in all-weather, supersonio delta Bghter which has been ordered
quantity by the United States for the Royal Air Force,
Shows
United States
Confidence
In
The Javelin
First confirmation of able puptly to
to
SURGE OF OPTIMISM IN U.S.
Noticeable Pick Up HONGKONG
In Steel
Steel And
Auto
Production
By John Morka
New York, Oct.- 10.
The steady surge of business optimism in the United States showed no signs of abating this week.
Backgrounding the week's developments were the following:
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- kong Stock Exchange this morning amounted to $107,790. Noon' quolations and the morning's transactions:
AKARES BUYERS SILLENS SALES
BANKS
1K Bank .. 1780 1000 18 120
INSUIANCES
Vdor Underwrtico
Provident
(0 Wheelock
A noticeable pick up in steel and auto produc- tion; prospects of record dividend payments this DOCKS, ETC year; a steady cut in the nation's inventory balance which was blamed by President Eisenhower as underlying the business recession; improved bank earnings and relative price steadiness.
Despite this generally confident tenor, businessmen looked forward with some concern to what appeared
in
to be a growing competition for world markets as Western Europe and the Far East continued to step up their competitive efforts on the heels of a generally oxpanding production and improved dollar position.
Steel mills reported a pick up | Bank said, "hon been the in- rench In high total kngth of the muffler is
orders this week, with crense In competition." In gun- about 45 ft. standard of efficiency
It consists of a
at 70.1 per the high opinion held by nery, bombing and rocket Arin. me' tube of increasing diameter operations stated
cent
"This has appeared not of capacity, unchanged
only number of
from the previous week.
within the domestic economies the United States Air On the flying side, the aircraft Ed with a large
eon provide both a safe frat | baßte plates.
of many countrics, especially the Gloster solo un jet Force of
aircraft Find
side walls of the pen ac The An
some, auto companies the industrial ones, but also in With
10
commodate shelters in which the moving into higher frans - sobie
gear this the world markets for food, in- Javelin all-weather delta-introduction
flight.
maintenance crews can watch
week in production of the 1055- įdustrial raw materials and winged fighter is the
test while models, more Further evidence
aircraft under of the the
steel companies manufacturers. sheltered from the weather. Havilland
expect a gradual
in build-up new pularity of de announcement of a
An additional advantage products in Asla is provided by
of
businta. One crders In new order worth $103 mil-he news that the Indian Air- the pen, a by-product of its main Arm, Pittsburgh Steel Co.,
104 lines Corporation lions for Jocelins and
purpose as silencer, is that mator
measures and Ascal changes and cent D.H. Heron tour-enged because of the high walls only major producer, will step up its Hawker Hunters. They passenger transport ain
miteraft.
chean air can be drawn into the ↑ "Perations to 100 per
considerable progress in relaxing from The Herons ordered by LA.C. engine intake. When running
capacity, next week.
Internal and external govern 81.5 per cent. tals of MUTTEVIL will be flown by are Series 2 fourteen-passenger up on an airfield in the open, A top officer of the glant U.S. ment metal controls and two
aircraft with a retractable undir- | Dhere is always
These are, Royal Air Force.
a danger that Stect Company, saw the industry other sets of factors. carelog and
the Bank said: น Fangr
of stones or dirt may be drawn mo ahead this
moving nearly 700 miles. They will be
Into the engine and damage the efforts of consumer in reducing "First, on the external side, used to do pioneering work, tarbine blades.
Inventories were made. There opening up routes ip towns which
was a good possibility that steel nir have not previously bud
operations in 1956 would better fight in daylight or darkness, transport facilities.
1954 activity he said. in fair or fout weather,
the
The Javelin curries heavy armament, ample fuel for long Nights, anet advanced radar to By and
which enables
Powered by two
Siddeley
Sapphire
Armstrong
engines.
the Javelia is one of the most powerful fighters in the world. guided It can carry air-to-air
but the S.B.A.C. missiles, Display last month it was seen een armod
with four 30 millimetre cannon. It has a service ceiling of well over 60,000 ft. and an
fast extraordinarily
rate climb. Its production is ahead of schodule:
dellverles first
are expected RAF. squadrons to be made in 1955.
of
ordere 1
the
In India Just before monsoon perlod, temperatures are frequently as high as 115" Fahrenheit, so that the excellent take-off
characteristics of the Heron will be a great advantage, Iration Alylines Corporation has a fleet of, eighty-seven air- craft, including Vickers Vikings. The airline has two de Havil- and land Comet 3's ou order, recently announced its intention Mr to purchase а number of the Viscount
munt alrerafi for its main- Representatives | line, roules. of
10
In 1953, the US. Director of
Procurement, Off-Shore
Tracy S. Voorhees, told House
Foreign Affairs Committee that The pattern of the airline's the North American P-802, the re-equippinent programma best all-weather fighter in they becoming clear; Comet 3's long-range U.S. available for Europe, had for Its high-speed,
vt fly-away cost 500,000 inter-continental services, Vis- dollars. The Jurelin, he said, rem
trunk routes which is militarily superior be- where economy of operation is cause of its later design, cost, between 300,000 dollars.
and 420,000
more
the conints for
Herong the Important,
for feeder-lino Hervices within India, flying to the remote and diverse cllits of Arsam, the Drecan and Kashmir.
Although the R.A.F.'s roundels are no longer to be seen over Indla, now that she has gaine her independence, It is clear that the wings of British aircraft
It is not yet possible to re- duce economically the noise of aircraft in the air but it is clear that the new pen, well aq far to- wards making the huge modern aero-engines
on the quieter ground. This will be welcomed by the thousands of people who live near aerodromes, and also must work on by those who them.
Gaol Guards Seized By Prisoners
Sloux Falls, Dakota, Oct. 11. Prisoners rioted at the State Penitentiary on the outskirts of the city late today and took three guards as hostages as other guards threw tear gas at them.
The Institutions 450 10mates started throwing dishes after finishing a baked bean supper. Guards firing tear gas guna forced them into the East cell block,
The names of the guards taken were not known immediately, but was reported they were "okay," Threo inmates were taken from the prison in am- bulances, one of them suffering wound caused by flying glass.
than £120 milions worth of still be a familiar sight to It's a bad one," said a guard of
the
and
La
מש
Hawker works of aon research work to be undertaken. has been under attack by the
year as
AUTO INDUSTRY
of
the
the
This increased competition reflected the Bank raid, heavier
reliance upon indirect monetary
there
LAND, ETC.
IK ITotal..
FIX Land S'hal Land
Humphreys Realty
UTILITIES
Tram
11.00
7.40 7.35 1000 we
3000
11 11,10 1000
37 BA 1.33 10,80 20.30 3.10 2.10
10.00 1000 @ 11.19 2000 @ 14 500 11.10
500 1.40
10 18.20 100 in 18,20
Stur Fry 130
Y'ma Ferry 151 138 200 a C. Light (0) 10,40 10.60 800 C. Light (N) 1140 500 Kr 1315
intele Telophone
INDUSTRIALS
Rope STORES, ETC.
Dairy Watson
20 21
17.70
2L10 2013 17.30
17.30
1000 17.20
L
Crawford
12.00
COTTONS
0.00 10 800 4 DDO
Nanyang
MISCELLANEOUS
Yenglaze
...
0.85 1000 5.05
World Rubber
Markets
Big Tanker Launched
Kiel, Oct. 11.
tänker.
32.5004 World Guardfan, third of four ordered by Grečk ship owner, Stavore Niacchos, was launched here today.
Mr Niarchon is brother- In-law of Aristotle Onassis, Greek boin shipping magnate.
has the
A similar tanker been ordered
from namo yard by a Norwegian company.
The World Guardian will be powered by 16.500 h.p. stoam turbines i elve a service speed of 17% knots.
The vessel's two sister- ships, World Gratitude anıl World Grace, are already In commission serving on charter to a major British oll company-China Mali Special.
World Cotton
Markets
New York, Oct. 11. Cotton futures trading today resumed where it left off last week.
NEW YORK
·STOCK MARKET
New York, Oct. 11. Reallsing took a toll of stocks today in the absence of any new market stima- lus.
Recent leaders the indus- trials-stocks ruch as General Motor Allied Chemical, Du Pont, Rohr Aircraftfell sharply after early firmness failed to develop any now demant.
There was no pressure on the decline, however, and trading Ughtened. Turnover amounted to 2.100.000 shares compared with 2,120,000 on Friday,
Out of 1,225 intus traded, 613 were lower, 333 higher.
Amerada Petroleum, van 'up 524 points, ex-dividend, to fenture vil stocks but elsewhere in the group prices were sharply lower.
Glenn Martin stood out in the, aircrafts with a
gain of 13% points. Rohr Aircraft, a recent favourite, however, backed down point,
STEELS DIPPED
Steels dipped fractionally-
point in Bethelhem.
National.
Among the
in
hon ferrous
In moderately active dealings, prices worked irregularly lower metals, American Smelting lost
Ds the market remained under, Kennereti 1%. the influence of Friday's expectedly
un-
Issues of Tung Sol Electric Jorge Government spared sharply on the weekend.
tip of a evmmentator. crop estimate,
suula
active The large supply prospect ap- Tung Sol, the day's peared to blunt the recent de Issue, climbed mero than 3 backed mand from mills, exporters and points initially then ether
Orders down when company official trade interests, from that direction were mostly issued a atutement deflating
some of the commentator's re of a scale-down nature,
port. It closed up 194 at $28. the preferred up 31⁄2 at $78
Lowly Benguet Consolidated
most active, was second changed at 31.
The New York Stock Ex- change
bond volume was $2,053,000.
The change volumu was shares.
Chart renders paid close heel to the market action around the recent resistance paint of 34% pound for the December delivery..
Trading volume and open in- terest.in the Exchange today
cents &
were:
has been a substantial growth in non-dollar sources of supply of certain food and other primary products, as well as the
Singapore, Oct. 11. The rubber market opened Month emergence of bolder challenges 10 United States producers by higher on trade buying and later c In the auto industry, dealers inished -
exporters
In with speculative interest showed countries appreciable advance. appear to be disposing of their other
stocks of 1954 especially Germany and Japan.
Sellera again reserved accumulated models
а in more orderly
Secondly, on the internal side: factories showed no manner, with less disposition to competiton has been stimulated Future closings were sell at discounts as in other by the growth of productivity No. 1 rubber per lb. Oct. years.
Auto makers estimate and the enlargement of indus-
331,000 that only about
1064 trint capacity, as well 19 by bo models still have to
sold, economies in production costs in compared to over 500,000 at the part from the post-Korca de start of the season,
dine in row material prices.”
WEST EUROPE
U11-
American Stock Ex-
$30,000
*. DOW-JÓNES AVERAGES
Dow-Jones closing averages un
Streut today were
Wall
follows
30 industrialy
15 utilities
65 stocks
Comm. future price index..
Volume Open intrest
$2,800
29,100
Dec.
14,700
$73,000
03,000
041,400
9,100
July
72,600
$30,500
and
Oct
26,200
303.200
interest.
Dec.
1800
$1,600
Mar.
1,200
Total
7736-7736
NEW YORK
777,000 2,400,000
Nov. 77-7745 Dec. unquoted
Prices of futures closed today
20 ralls
No. 2 rubber per lù. Out. No. 3 No Spot rubber unbaled M., Banket mepe
as follows:
Spot
35.30p
701-79 734-7434
Oct.
24.87-0340 bonds
Dec.
34.72-73
Mar
24.08
No. 1 pale szupe
May
33.17
July
35.15
NEW YORK
Oct.
34.75
Dec.
34,80
Mar
NEW ORLEANS'
Prices of futures closed today
as follows:
Spot
34.15
34.54,
Det
Mat.
34.00
May
33.18
July
35.13
Oct.
34.78
market ruled” dull
Dec.
with No. 1 Rss at 201⁄2 nominal.
Mar.
Studebaker recently merged with Packard — announced re- duction in prices on their 1955 Noting the growing pron- trucks, ranging from 30 to 100 perity in West Europe, the Bank Futures closed today 95 to 45 from 1054 levels.
had They commented on the relative price points higher with sales of 22 already announced reductions of stability there, which it said contracts, 37 to 287 on their passenger wOB attributable
Increased to But these price availability
Sirength reflected the rice at for 1955.
of goods und ser- drifts were more than offset by vices stemming from higher London and Singapore and a anncunced price rises by major production and enlarged Im-consequent move among local sharts to cover over the holiday television and auto, tyre manu- ports, and also to more comTM
tomorrow. facturers. General Tyre and pelative marktung efforts and
The apot to increased personal "savings. Co. raised its prices up per cent amidst trade predle- tions that the rise would be industry-wide room.
lo doling out profits to their shareholders. Bond retirements
Deci
Mar
May
July
Sept.
Dec.
LONDON
26.00L
Oct/Nov.
Dec/Jan.
20,75
Mac/ARE
20.70
May/Jihe
26.70-
July/Aug.
28.70
26.70,
-United Press.
New York Sugar Market
New York, Oct. 11.. No. 4' sugar futures today closed uncinged to 1 point higher with sales of four con tracts.
con
Domestic No. 6 sugar futures higher with sales of 332 closed unchanged to 2 points tracts holiday covering and 3252 scattered trade demand im- # firmer tone to tha 32.50 parted 32.68 domestle contract, Both markets
32.41
3500
Official values in ape cottone In will remain closed tomorrow for a hollony.Columbus Day, Future closings:
il pence per lbs start the weak
follows:
American middling 15/16th inch 3323
+
LIVERPOOL The Bank noted "some tem Reported small salas fäcluded
Future closing prices, American pering" of the pace of monetary some,, October one sheets at 20% middling. 18/10 inch, pence per Expansion among the primary-cents à pound, Future closings, were as followst Based on third quarter pay-producing countries in the last were: ments announced to date, year, despite an increase in the supply, ranging in many appears that U.S. companies mone may release a record volume ofenses to over 20 per cent in earnings in dividend payments Western Europe, bowever, the in 1954. With capital require increases in the money supply ments on the wane, many com- has been confined to a 5-10 per panies are diverting earnings range. The British Cam- countries reflected
The market was steady with memetery stability, rang No. 1 Rss spot at 23%, this is the In the year ended June No. 1 spot Ras ...... 2364-2372 1954. India, in the year ended Settlement house term),
1954, increased its money Amply by two per cent. Canada, On the international scene, South Africa and New Zealand American businessmen awaited showed no change, while Ceylon
of showed a one per the formul announcement
France lod Western detalls of programmes aimed at traction.
capital Europe with an 11 per cent
boost, followed by West Ger financing exports of
many and the Netherlands with goods.
10 per cent each.
be to induce mors literal dividend to an increase of five per | highest since. February 2, 1953.
by leading companies appear to
payments,
INTERNATIONAL SCENE
The Hawker Hunter, day In terceptor of the R.A.F., has now camed substantially
many Indians in the years to the riot foreign .orders, and will be
come.
"POLICE POISED going into service with the
With the
ever - increasing The prisoners broke, whatever Belgian, Dutch, Swedish
ower of aircraft engines, the they could get their hands on Danish Air Forces. It is being problem of the noise made by in the cell block. Guarde, elded 50 City and State built in Belgium and Holland engines undergoing test has be-by some as well as in Great Britain,
Inconvenience patrolmen, stood poised outside fighter come more acute, where
biggest
and disturbance to the public the cell block with riot guns and ope, the and to factory staffs have inade rifles.
Warden
Norton factory in Western
administration ** necessary for intensive Jameson, whoco now in large-scale Dellyeries of the first service A considerable degree of success Democratie candidate for Al- No. 43 Squadron has been achieved, and a British torney General, Fred Nichol, was Hunters to R.A.F., are now taking place.
Vickers-Armstrongs not as the prison when the riot Sixteen
countries scattered Ltd, hus
just revealed one of occurred He was intercepted at over the five continents have the results of this effort.
Huron en route to the State selected the de Havilland
It is in the form of a pon, with capital and was reported seeking Vampire Trainer for the
sound-proofed walls, into which plane to return to the Prisonment vancod flying training of their
the aircraft is inserted when United Press. Air Forces.
running-up the
The engine. The Burmese
Force, end of the jet efflux pipe of the engine is positioned in front of eight aircraft, is the latest pur chaser. Other Aslutie air forces muller like those used to equipped with Vampire Trainers silence the test beds of engine
Air
nd-
which has signed a contract for
are those of Coylon, India, Iraq
aa nnd Lebanon. Both Australian und the New Zoa- Jand
company,
Coffee & Sugar Exchange
Deny Charges
They have long complained at the failure of the U.S. Govern, Lo provide long-term credit facilities on capital goods exports to meet competitive pressure from.. foreign
countries who can offer more favourabla credit terme to
The
pros
cent
cent con-
The United Kingdom showed avo per cont Improvement, Switzerland, none.
a
WIDE MOVEMENTS
In contrast, South American countries showed wide
Nov
Dec.
Jan/Mar.
Apr./Juno
July/Sept.
*** 8/8-227 General maricals, cif. basis, ports:
Oct
210/10-22 11/10 Nov Dec.
Contract No. 4 (world) January
March Alay
34 inch 30,43 Mexicon.middling 1-1/32nd inch 34.50
Others, were wichanged, SÃO PAULO
closing prices, In July cruzeiros, per kilo were ps
Futures
follows:
October
December
March
July
Beptember
Spot (cents per ib, fob Cunn
Contract No. 0 November
20.00.
31,00 28.30 unquoted, July
March May
(In the United States, the September
November
22 0/16-21 11/10 average price of 15/10 middling 210/10-22 11/10 cotton at 10 designated spot Ente crepe thin. 2516-257 marketa, was 34.34 cents per
AMSTERDAM
The market was steady. Prices
closed today in guilders per kilo“ gram, CIF Nov. as follows:-
No. 1 rubber No. 2 rubber
No. 3 rubber No. crepe
*** buyers 2.31 buyer 2.19 buyers
---United PreOS,
A buyers
custom port-Import Bank is ments, topped by Bolivia, with New York Foreign
now studying plans to encourage a plus. 80 per cent, for the year. capital goods sales abroad, but ended February, 1954.
manufacturers.
the
up
In contrast to recent years, a Government spending appeared
the
*
New York, Oct, in this week there were reports ments, have bought | them.
Africa, the South
A spokesman for the New that the Chase National Bank
was behind a plan to
to set York Coffee and -- Sugar Ex- African Air Forco and Southern
a minor role, Rhodesia use them and in
Before the completion of the change denied today a Federal multi-million dollar co-operation to have played
the Rolls-Trade Commission charge that to finance rould take up Europe money supply
of capital with the increase in West Americas,
and new pen, whenever the Chilean
arising Venozucian Air Forces, In Royce Avon engine of n Swift the contract used by the Ex- goods. This
of the credit gap, it was mainly
ly from anlarged credit Europe, the RAF, the Royal Aghter was being run at full change
to regulato Portugal, Swe- throttle, using reheat, conversa futures trading restrictive" belleved The Journal of Com demands to underweile the rise don, And
all ustion was virtually Impossible in and was a basic factor behind merce said the proposed Chase in production and trade. Govern {{hlalecraft.
venture would provide interment deficits were redliced and Heporter enddilomi iware ifnanced, to a large : ex- Loon largel, dra, Vico! Freeldent
coffee
some
Navy Norwaymione. E the factury offices e quarter of a tho meant rise in concerte
be mile way. Now, with the pen
The Vampire Trainer, can be
used for weapons training" as in most of the office: staki) of the 471-year-ola Evchan, or within thres to joka
being, tested,
we deny.
the later charges of
denied other
Wollan für advanced · Dying | do nog i evan know whenannta tona pia wake, ho E.T.C. THE wetruction, and due to its sido en als of the poo are about a wor by-side layout, pupil pilots canThe
12 foot high, and they com- and make rapid progress
new trainers are the plately enclina The aircraft. on the
Arst Bat: aircraft to be bought fotton/
by the Burmese Air Force, do
three sides. The fourt
of two littelk
made of stool. Misinys, has acquired much with mind-proofing materiale
Sales at theso, contres pound fotalled. 65,895 bales.)-United
filled
Chicago Grain
Prices
8pnt (cents, por, ib. dlf NY
ex-duty)
6.40 -United Pram.
General Motors)
Expansion
Peris. Oct. 11. General Motors Corporation today announced a European Cafeago, Oct. 11, expansion programme: amount= ing to more than $182,000,000.
·Priçes pèr bushel in-confs:
Closing prices It said additional projects, also Whest, No. £, red:
were under consideration.
Exchange
Boot
Dec.
New York, got
Mar.
May
July
Corn, No. 2, yellow
The American firm operates subsidiaries in Britain, Belgium, Sweden, Denmark, (Germany) Switzerland and Franco, United Press,
London Foreign Exchange
+