1
11
AUSTRALIAN
EL DORADO EXPEDITION
Sydney, June 21,
A middle-aged accoun-
tant, who pins his faith to science and four-wheeled trucks, intends to take up
THE CHINA MAIL, WEDNESDAY, JUNE 22, 1955
TRADE
and
COMMERCE SECTION
Page
RAW WOOL CONSUMPTION Big Future Ahead
the quest of Lasseter's lot NEW YORK
.
reef, the near-legendary
El Dorado of the great Australian desert.
-
Fitty-year-old Mr John Cam- Sell-MeChegor is forming an ex- pedition And the gold of Henry Lasseter. which this faled prospegler found 500 miles wast of Alice Springs, in the burning heart of Australia.
Lasseler claimed * have visited the reef three times. The Arst two visits nearly killed him. The third did. Without Pod, alone in the desert with no camels
companions... pogged out a claim to hus reel, according
to papers which he
M...
cr
POINTED THE BONE
the
But the starving
prospectur, why found succous with a tribe of comedic
aborigines roaming Arum walevhale to wäderbolt, died when they "pointed the "Wing" at him and abandoned him in a cave.
Only the scraps of letters ani
STOCK
MARKET
New York, June 21. Inalustrial stocks pushed steadily ahead to further new high ground today without benefit of rail sup-
port.
Industrial ran up more than 2 points on average to a new all-time high. Rails were a bit lowes un average and utilities a bit higher."
The lack of enthusiasm for rails acted as a brake
on the market, however, and even in ihë industrials most gains were. Small
Wide
gains in a [ew automotive, oil and mail erler issues lifted the average.
General Motors climbed neat.
a diary which he buried underly 3 points and Chrysler a point
a campfire, were "left to tell his story.
.*
Lasseter's papers and the statements which he made be- fore he returned to the desert to seek his gold, showed his as secking han 4 man Tubulous wealth,
They told the story of a dreamer who saw the gold as the means of bringing
more than
a new civilisation to the hounts
of nomadic aborigines.
חיובוט
in the inetofs. Goed gainers in the oils included Texas Co., Standard Oil of California and Jersey, Gulf Oil and
Standard
Oil of Indiana, all up around a and Lion Dil, nearly point,
points higher.
RAILS NARROW
Four Per Cent Lower Suspension Of
Than Previous Year
By Laurence Meredith
London, June 21.
World consumption of raw wool was four per cent lower in 1954 than in the previous year, according to figures published by the Commonwealth Economic Committee and the International Wool Textile Organisation.
Wool textile activity in 1954 was at a somewhat lower level than in 1953 due principally to the sharp recession in the United States industry where wool consumption fell by 23 per cent and reached its lowest level since the war.
World Cotton
Markets
New York, June 21.
Cotton trading: tedy was out
Rail movemen; was narrow. to the pat.em of overul pre- Trading was at a faster pareceding sessions.
tutalling 2,720,000 shares com-
ic
The activity in the res of and tolalled 4,450,000,000 lbs or the world, however, showed a greasy basis compared with small improvement compared the revised total of 4,420,000,000 with the previous year.
Ibs in 1953-54. Although world consumption World production last year of raw wool at 2,508,000.000 lbs on a clean basis amounted was lower in 1954 compared 2,555,000,000 lbs against 2.440.- with 1933 and the 1950 peak, it000,000 be in the previous sea-
still higher than in any son.
postwar year and exceed- ed the prewar average by
cort.
was other
use of ather
Tow
Copper Duty
Washington, June 21. President Eisenhower signed tion
today the resolu- passed by Congress to continge suspension of the Import duty on cop- per.
For Canadian
Oil Industry
Calgary, Alberta, June 21.
A leading oil executive forecast an era of continuous growth and development of Canada's booming petroleum industry over the next 20 years. thus
This action makes the resolution law and assures that imported cop- per will continue- to be duty free of this special under normal circums- tances for another
three years. The old law would have expired on June 30 of this year. United Press.
HONGKONG
STOCK EXCHANGE
11
Mr H. R. McCreman, Executive Vice- President and Director of Socony Vacuum Oil Co. of Canada, Ltd; said the Canadian oil industry is still in its infancy with a tremendous future ahead."
He told a group of touring Americans and Canadians news- men that the expected growth of the industry would spur the construction QI, NOW pipelines. petro-chemicals plants and other allied industries at the same time creating new jobs for thousands of Canadians."
"There is a good chance," he said, "that the number of new jobs resulting from this new activity in oil will more than double in the near future.”
New York Sugar Market
New York, June 21, World No. 4 sugar futures today closed unchanged to 5 points lower with sales of 42 contracts.
Domestic No. 6 sugar futures closed I point higher to 1.point lower with no sales reported.
Both markets were dull and devoid of a special feature.
Futures: Contract No. 4 (world)
May
the
Spot-tcents per b. fob Cibal Contract NO $
(From Our Correspondent) Chile's
MAJOR ROLE of production 20 wool Last season was estimated Business done on the Hong-
this Although US, British, French July Stock at..39,000,000 Tbs compared with | kong
Sept. Exchange per
Discussing the 1954 decline in 40,000,000 lbs in the previous morning amounted to $824,031.70. and Belgian companies, are play-oct. wool consumption.
Chilean production has Noon quotations and the moming a major role in the Canadian atar. the report season.
oil industry their policy generally than yesterday with turnover Slow dealings with narrowly said it was accompanied by an been similarly declining since ing's transactions.
was to hire as many Carian Sept. fluctuations typified increase in the textile industry's the 1960-51 peak of 430,000,000 irregular
esti- SHARES BUYERS SELLERS SALES citizens as possible, he said,” materials, lbs. Last season it was raw re-processed wool, mated at 385,000,000 lbs Com-RANKS" the trade as dester anticipated
Mr McCreman
Aug cation. pared with the 1953-54 previous first July mulier das en Friday
Canadian vil industry still Nov. season of 397.000.000 lbs.
suffered from On the other hand, Brazilian INSURANCES
a lack of skilled Mar st by personnel. This problem. he spot-teents per theif NV added, was not unsurmountable. wool production has been creasing since the war and this past season amounted to 55,- 600,000 lbs a rise of 2,000,000 lbs over the previous seasone
lower.
His dream is not dead, accord-pared with 2,490,000, ing to Mr Campbell-McGregor.
Or the tota: 1,228 issues Scottish- This quietly-spoken
traded, 529 were higher, 422 professional man, who came ftum Elderslie and hiki lived in Australia for 30 years, intends 15
tako lurries from "Alice Springs, in the centre of Australia, and make far the Petermann Ranges 500 miles to the west.
Somewhere in these barren hills in the place where Lasseler said his secret lay. Mr Campbell- McGregor, who has made a study all existing material Lassoler, said: "I am confident can get the reef without much trouble. The only way to get
أنا
it is.
בום
it is to know exactly where
I have found that out" He said that his information had come partly from overseas, but would not reveal his secret.
RICH ROCKS
to
the time
The story of this El Dorado Es back ore than 30 years, when prospector Lasseter was combing the barren country ong the border of looking for He said thai
tern Australia, Western precious stones. he. found rich gold-bearing rocks which he believed to be a con- tinuation of the reef on which the Western Australian gold "fields have built
a big up Industry at Kalgoorlie.
But he ran out of water and
a State Government surveyor found him raving in the wilder ress near death, but still clutch- The ing a specimen of gold. surveyor and Lassete organised
3
another expedition and again claimed to have reached the reef. But when they get back, after t perilous and eventful journey, they found their watches were half an hour slow, making their estimate of the reef's position inaccurate.
when the surveyor In 1930, was dead, Lasseter interested a Sydney syndicate in his story. After
had checked and they found that Western · Australian Gevernement records supported him.
they fitted him out with one of the best-equipped desert ver felt for expeditions which the centre. There were an air- craft, lorries and radio. Lasseter's luck dogged the party. The acroplane crashed, the radios failed and the lorries could not get through.
that it is
Afifr swaying within eight-point range the list closed unchanger to points. The marker opened us to off 3 points. New Orleans closed up
such'
and man-made abres Consumption of these materials rose by about four per cent and roughly equalled the 1951 peak
was in the The main increase use of man-made fibres which rose from nine per cent of total materials
. Childr responded 10 news
entering the hole business with a Va point rise to a new high at $6.
Among industrials Rayonlerits 5 points. responded to a stock split with
in again of more than a point.
PARTIALLY OFFSET The Now York
Stock size of contract tenders' brought
This The eight per cent fall in bend volume was spo month liquidation.
amonest 20 was absorbed by spot interest wool consumption against salts of later positions, countries of the Western world to transfer hedge was partially ofset by an in- supposedly
The Soviet Union.. Positions forward,
Uncertainty as to the possible per cent 195in 1933 to 1015
Exchange
$4.810,000
The American Stock Ex change volume was
1,100,000 shares.
Dow Jones closing averages
were:
30 industrials
20 rails
15 tiles
Comm. future price index
in crease China,
United Press.
IK Bank... IGAS ·
in-
9:00
51
IKE SIGNS
and Eastern Europe. TRADE
New speculative interest re. which rose in 1954 by 17 per mained stalled pending Wash-cent over 1953. This was chiefly ington developments on the ex-Increased by Soviet Union con- port subsidy question and farmsumption. 162.80 legislation.
63
Miccks
40 bonds
CLOSING PRICES
Alden Ice. ACY.
Allied Chemicals
113
Allied Mills Inc,
36
American Airline Americus Cyanamide
Co
Allis Chalmers...
American Metal. American Smelting American Tel & Tel American Tob. "B" Anaconda Copper Armco Steel Arnour
Baldwin-Lima-Ham. Baltimore & Ohio Bendix Aviation Corp.
thehem Steel Benquet Cons,
Bocing Airplane Borden (The) Co. Burroughs
The
Union Lombard DOCKS. ETC.
K. Wharf... Dock Provident (0) Wheelock...
10 78
36 20.20 1000 4.28.20 13.50 125 13.60 0.10 8.20 4000 8.00
LAND, ETC.
HK Hotel... 14.90 Land ... 724
Humphreys
BILL Ry
Washington, Jure 21.
today President Eisenhower that signed into law the Reciprocal The report estimated
numbers increased
Trade sheep
by
Agreements Extension Open July contracts
Chilean Bill. at the about two per cent. start or tracing today totalled sheep production in 1953-54 yaş He said it would materially 408,700 balca,
certified stimated at 6,000,000 compared, strengthen the defence of the stock rose 731 bales to 57,386 | with 6,500,000 in previous year, free world. bales, a notable departure from In Argentina it was 53,500,000 The Bill extended for three the recent declining trend. compared with 54,700,000 in the
President's authority years" the
to cut tariffs on goods from The Government weekly crop previous period. In Brazil, how
But not ever there was an increase of countries which make similar summary was mixed. considered
market factor. 500,000 to 18,800,000.
concessions, RAW PRODUCTION for the second
He was empowered to make Cool weather
of ***** World production week in a row slowed growth
reductions of up to five per cent by just under in each of the three years, in middle and castern portions wool increased
one per cent in 1954-55 com-
these reductions although. of the main belt,
pared with the previous season
generally would not apply to which received other Japan. concessions in # recent tarift ugreement
said
3
Trading volumes and open 142:2 interests in the Exchange, today
601,000 242.600 203.000
114
were:
33
Monday
Volume Open interest
Canadian Pacific R.
2424
July
38.200 408,700
Case 3. 1.) Co...
101%
OuL
23.2(K)
197,000
C. I.. Financial Corp.
40%
Dec.
17,400
Chase Nat, & Man.
Mar.
May
0,300 8.100
July
1.100 154,800
Colgate-Palmolive Co.
Oct.
2,200
50,500
Commercial "Credit
Dec
300
Commonwealth Elec.
Consolidated Edison
Continental Oil of“Del
Continental Steel
Chile Copper
Chrysler Motors
Comm Products
Crane Co......
Crown Zellerbocla
Cuban Amer. Sugar
Curtis Wright
91,800 2,230,100 bales NEW YORK
*
Prices cf futures closed today
in cents per lh, as follows:
Брусов
July
Diamond Alkali
Oct.
Dupont de Nemours
2003%
Dec.
Eastman Kodak
80%
MET.
El P130 National Gas
May
General Blocbnie
July
General Foods
Oct.
Dec.
General Motors
Gillette Sadety Razer' Glidden Co.
30.00
World Rubber President
Markets
Singapore, June 21,
The rubber market was firmer
on orders from the United King
and Continent
covering. Futures:
Eisenhower enactment of the legislation was an important
development of
milestone in the
foreign economic
United States
policies.
He added: "Supplemented by
UTILITIES
Tram
15.00
8.10
3000
8.13
He
anticipated increasingly stronger competition for avail-
Sept.
ex-dity!
3.32
-United Primer.
able oil leases es freign interests London Foreign
become more active in the prairie i 5000
provinces, particularly in Alberta.
With
the discovery of the famous Leduc field in 1947 ber
73%tween 73 1100
RTS 6.20
2.10 2.121⁄2
500
17 8.20
23.10 21.30 1.3000 Star Ferry ...
148 150
118 120 100 119 Y'mati Ferry C. Light (0) 20.30 20% 4000 20.40 C. Light (N) 16.10 16.30 1000 18.20 Electric .....
300 # 104 Macao Eles, 13.50 11 Telephone. 331 332 22043
500 33
40 40 1150 # 40
INDUSTIALS
Cement
1014 30% 2230 4. 30%
2730-30%
STORES, ETC.
Dairy
1082140
Watson
27.20 213% 14.20 "E. Crawford 20% 22 200 #2035
300 31
COTTONS
Textile Corp 3.66 5.20 2000 3.70 Nanyang 7.70 79% 300 1.70 MISCELLANEOUS
Yangtse...
8.57 1000 # 024
Singapore
early approval of the United Stock Market
Exchange
Edmonter and Calgary New York
bidding on leases has been in Amsterdam creasingly spirited and more Ansels costly. Real estate prices have Copenhagen alac bocmed. A parcel of 150 Paris Hores in the oil area recently sold Stockholm for $25,000 dollars, he noted. Were Mark United Press.
EVERETT
Zurich
London Steve. 21.
2.7814-3.78 14/18 -279-271 1/16 10.5P-10.637 120 8776-130.00
20.0022-20.01 9771-97122
14.432-14.48 11.7023 1.70% 13.23-12.2 -United Press.
LINES.
EVERETT ORIENT LINE
Fäst Regular Freight Refrigerator Passenger Service
Loading for Singapore, Penang, Kangoon, Calentta and
*NOHEVEKETT"
"BRADEVERETT
"LENEVERETT
"KEBEVERETT“
Chittagong.
Arr. July
1
July 10
Sails July -July
2
10
July 31 --ALLY. Aug. 29
A.
30
Loading for Kubo, Osaka, Nagoya, Tokohama,
Arr. July * Sails July
*LENEVERETT"
"REBEVERETT“
“NOREVERETT"
**BLADEYERLIT"
-- Aug.
1
-- Aug
-- Aug. 22
-- ABL.
Sept. 3
Sept.
LIMITED FASSENGER ACCOMMODATION. All the above subject to alteration without notice.
EVERETT
STAR LINE
FAST REGULAR FREIGHT REFRIGERATOR SERVICE Leading for Singapore, Part Swettenham, Madras, Colombo, Bombay, Karachi & Persian Quit PUL
July 18 Salls July
m
and short
35.000 34-24-25 34.22
No. 1 rubber per lb.
July
100-110
Aug
34.35-20
Sept.
unqusted
34.43
Ho. 2 rubber per lb.
34.28
July
105-106ally
37.63
No. 3 rubber per lbs
the strengthen capabilities of
our
States membership and parti-
the in cipation Organisation
proposed
Singapore, June. 22. Co- for Tride
Brokers today quoted the fol- Art can com- operation, the
-་་ tribute significantly to econo-lowing stock prices:
and
economic mie
growth 1973-10724 wellbeing throughout the world. Batu Lintang Rubber
Lid. "In this way it will materi
defence British
Syndicale
June 2 Opening Co.
$1.52
Petroleum
July
32.908
No. 4 rubber per Ib...
July
Spot rubber unbaled.
1302-101
991-994 11155-112 93-94
friends Consolidated Tin Smelters abroad and advance the mutual security of us all."Reuter,
35/9d
Ord.
32/60
Fraser & Neave Lid Ord....
$120
Fraser & Neave Ltd,
74% com. pret
$0.55
Hongkong & Shanghal Bank-
No.
pole crepe
114-115
ing Corp.
7/64
"Kempus Led.
Lunas, Rubber Malayan Breweries New Serandah
$1.40
19
Talates
L1d.
$2.10
"STAK BETELGIUSE"
Aug.
13
- Aug.
14
$3.40
"STAR ARCTURER"
Rubber
$1.45
Aug. 28 Sept. 18
Aug. -- Sept. 17
London, June 21. Stocks surged forward on the
Petaling Tin L4a. Race Hotel
54.32
"STAR ALCYONE"
- Sept. 28
-- Sept. 20
Singapore Cold Storage
South British Insurance Co.
$1.70
Ltd.:
$28.00
"STAR BETELGEÜBE"
Arr. "July
Straits Trading
Straits Steamship United Engineers Ord. Wearme. Bros.
$10.00
"STAR ARCTURUS" "THAI"
- Aug.
15
1
Sans July 16.
-- Aug.
$2.10
"STAR ALCYONE”
cd.China Mail Special.
- Aug. 20 -- Sept. -- Dct.:
Aug. 1 Sept.
~ Oct.
2 21
NEW ORLEANS
Prices of futures closed today
in cents per lb. as follows:-
Blanket crepe
NEW YORK
Futures today closed 20 to 25
LONDON STOCK Hongkong Tin Ltd.
MARKET
34.10
.34.19
.
34.21
1:
34.23
34.33
points lower with sales of 146 contracts.
34.23
21.63
*2.80
Goodrich (8.7.) Co. Heyden Chemical Homstake Mining Co.
But
Inland Steel Co.
Interchemical Corp.
Int'l Business Machines Kat Harvester,
420
Spot July
397
Doc
International Nicket
International Paper
Mar.
Int'l Tel & Tel..
May
Júly
John-Manville Co.
Kansas C. Power & Light
2017
ret
Dec.
220%
Future
as follows:
July-August
Lan April
31.48
33.42
May-June
SAO PAULO
LEFT ON OWN Eventually, Lasseter was left on his own with pack camels to make a last dash for his reet. Papers he left said that he reached it. But the camels he was using boited with his water on the way back to civilisation and ha was left alone in the wilderness.
Rennecott Copper Legat Meyers Tob. Co.
Lockheed Aforat Loews Incorp.... Lone Star Cement Co. Louis ille de Nashville R. Minnesota Miri. Monsanto Chendal Montgomery Ward National Cash Reg. National Distillers National Lead Hational Steel. Comp. New York Central
Months later, after life of Olm Mathieson terror with primitive aborigines Cus Mevatura
to whom he had attached hien-Pacific Gas & Elec.
Facific Westem. Oli
self with threats of white man's Fan American Airways, magic and promises of plenty
Paramount Pictures
Farke Davis Co,
Penn: Salt Co. Penny J. C. Ca. philpa Petroleum Procter & Gamble Co. Pittsburgh Plate Glass Radio Corporation Eco Motom Republie Steel Shell Qul Co.
of food, he was found dead. He took his secret with him..
Only the papers he left told his story. In recent years, Lasseter's story has become a and many people do not eve that the reer exists. Mr Campbell McGregor is Sinclair Old confident of success and will Bocany Vacuum
into the desert with all Southern Railway
Standard Brands the, alds which me
ecken Standard Oil of Cal modeen ques can give him. He is sure Standart ou of ind that his modern trucks will Standard Bit of NJ penetrate where Lasseter's Stockiry-Van Camp stalled, and that modern, radio sets wild work where the 1980 scis falled.
.
34.00 33.75
33.00
July
30.10
July
TER
Dotober
Sept.
4334
December
35.25
Dec.
5212
March May
Mor
33.73
May
773.
July
In the United States, the average price of 15/10 middling
LONDON
134 cotton at ten designated spot
The market was easy. Prices
32.50
AFL
Loading for Kobe, Osaka, Nagoya, Yokohama.
Prices settled back after a $2.00-23.00 firm start only to rebound again
American
at the clase under July covering London Exchange today in the scattered trade most active session in eight and Operations and LIVERPOOL
demand. 30 lots of September & half years,
Stocks had to absorb a lot of contres were exchanged fox closings.
proft-taking. But buying was middling, in perice per lb, were physical rubber.
this burdle was The
spot market ruled, quiet, strong and
sales
included Septem- easily cleared,
Gains arpong the top
blue one sheels at 35. and later at 34% cents; Aug. four sheets chips ranged to around a shill- traded at 332 cents a pounding or more. Stocks meeting Dealers exchanged June Ave. American demand fared much sheets for Aug. Ives. Spot No. better.
Rss were quoted at 35% cents. Futures:
October-December
305ported.
Futures closings, in cruzeiros per kilo were as follows:
461% markets was 34:12 cents. Sales closed today in pence per lb. as
434 at these markets totalled 4,498 follows:
bales. United Press..
New York Foreign
Exchange
How York, June 21,
futures Db-day tubes :
Zealand
A-pc./June General markets, clf. July Estate crepe. Buck July
tbin
"AMSTERDAM
The market was quiet Prices closed day in guilders De
July
¡Ndr3 rubber.
LONDON METAL
PRICES
London, June 21, The tin market was steady
Imperial Chemical ran up 25 with both spot and three- 101⁄2d to a new peak of 59.30. months marked up 1 point. Lead Courtaulds Onished at a now high was idle while zinc and copper of 525 9d, up is 4140.
were quiet but steady. Prices. Oils were strong and active, closed today in sterling per long Boyal Dutch finished £4 ton as follows;
buyers sellers higher. British Petroleum was higher most of the day but Tin spot finished down 11⁄2d as a result copper spot of a late burst of selling.
Mining shares were mixed,
Foreign bands were mixed.
1-month
Lead and half Jung' 2nd Half Sept.
2nd-helf Sept.
⚫ end of today'
Japanese Eens were off around Zine 2nd half June
1⁄2 on protetaking. German beds favoured the upside, with Press. Young Lean up. £14-United Press
Exchange Rates
Bureau, was done, in the itarietal: ezohan je
morning at the following TAŞDA Tollows, US dollar (per $1)
Vek: 3,04 hora. | Alevlingt males (per £T 3.83 29M; Indonesian dapsint. (2.30 nomi, l'Siami tients (pes: 100) -8.15 nom: | Singapore: (Stratis) -United Press/ Indo-Chin plasizes (per 200);
NEW YORK METAL
New York June. 217-
LIMITED PASSENGER ACCOMMODATION.
All the above subject to alteration without notice.
· S/S "YOUNG SHIN"! Arr. 24th June Bails 26th June
from Japan for Pusan &- Kumsan
Chinese Department: Telephone 28293. Queen's Building, Telephone 37206.
MESSAGERIES MARITIMES
PO Box 53 Queen's Building Tel: 26632
FAST PASSENGER/FREIGHT SERVICE
Prices of metal futures closed."VIETNAM” in cents per 1b, as follows: "CAMBODGE
June Lead
sailing July 17th sailing. Aug. 18th
sailing June 24th. Balling July 7th
G9
Com.)
Studebaker-Packard Corp. Swift & Co.
Tezne: Co. Union Carbide Union Pacille Ballway Filled Aircraft U.S. GYD his 1.3: Line Co. Lasseter, he says,.. Rubber
as old US Smelting
U.B..Steel
Above all, he does not include
In the word "failure" vocabulary.
described the rest
holding the rocks together." "I Warner Bros.
cam going to find that reef o
stay
WestinghotIES
out there until 160 West Ya. Pulp
China Mall Special
Woolworth.
Press
Consc Englan
2003
3015
コ
·Prem
No. 1 BK SOOL' Settlement house term! Aug. Sept
#rubber
20-201
317-31 unquoted
quoted
1-month
FUTURES
June
Jul
10.56
Zind
13.00
24.90 Copper
14.345-
11.15b 9412b
$3.00
FAST FREIGHT SERVICE HA
11808
BIR HAKEIM”, "MEKONG":
„United Press. –
12,500