Page
SHIPPING)
INSURANCE FOR
ATOMIC SHIPS
Copenhagen.
{CLEANING OIL
CARGO TANKS
Now York.
be
At the meeting of the In-A system has been de-
ternational Union of Marine Insurance in Copenhagen recently, cover for atom ships was one of tho subjects discussed.
veloped in the United States whereby tanka in all cargo vessels can chemically cleaned by the pumps already installed in the ship.
A detergent called Planisol in
It ta trua that the first! nuclear powered merchant dissolved in hot water and in
vessel may not come into com- said to clean mission
until 1900, for most projects arU not even in drawng-board stage At moment.
the
the
and deodorise cargo tanks which have carried nearly every known type of oll and grease Including crude and residual oils,
Immediately
after clowning,
Nevertheless, in some markets
no
It is felt that by reason of the the tanks can be realled with overseas transport of radio-lighter oils, edible oils or even active elements, which bas grain. There is, therefore, already commenced and in anti- loss of cargo-carrying space, cipated to develop on a large
The cleaning is done by cir- scale, the present time is ripe
containing consideration for a
of the slating hot water
the detergent through the underwriting issues involved.
existing ship's tanks, tising
dirty pumps. The dregs and water are then returned to the
DIFFERENCES
In this regard, major dif- solution tank and disposed of. ferences of approach have
British market regards this as
more
already emerged. Aa far as damage from radio- material activity
the Ja concerned,
Bille
"another than hazard."
Such concern as is felt is in respect of third party liabilities. Present British practice in re gard to liability insurance for marine risks is to impose a Hall on the policy-indemnity
When the solution tanit 18 not in use for cleaning, it can
to carry
cargo. To be used install the cleaning system in completed ship would cost be- tween 20,000 and 30,000 dollars, but less in a ship under con struction.
AN OIL-DRILLING
of each accident equivalent to MOBILE BARGE
the insured value.
London
retention Subject to the
of such a limit the British market
A huge moving oil-drilling in effect sees no problem in the
barge has been constructed by coverage of atomic risks.
the German company dutchoff However, it is conceded that {nungshutte for Abu Dhabi Marine areas, a Join: Franco-British oil "contamination" may becomo a problem, Last year, the Unionsubsidiary. It is the first such set up a study group to report barge to be built in Europe. on the issues involved.
BRITAIN BUILDS
The bull rests on four steel columns, each over three metres in diameter. When in use, these columns
hydraulically lowered, raising the barge itself some elghteen metres above the
are
NEW-TYPE TRAWLER Furface of the water.
London.
A British company of trawler owners are building a new typ af vessel which will be faster and cheaper than extating types. The new trawler will have a
transom stern-a fal surface running vertically down into the water-instead of the conven- tional cruiser Ktern, which is sharply rounded,
Drilling is then possible to a depth of about 30 metres. The usa of a derrick on the platform allows drilling to depths of 6,000 metres.
The barge carries drilling for mud basin equipment,
cleaning the drill hole, and silos holding the cement for fixing the holes after a strike,
to
There is also a two-storeyed deck house for the crow The transom stern is used by live in, and top platform pro
faster viding space for a helicopter to acveral navies for its vessels and tank tests in Britain land, show that Il yields an extra knots when applied to two trawler design.
-NORWEGIAN SHIP
LAID UP
Oslo
The new 30,000-ton tanker
The whole barge is over 00 and nearly 50 metres long
The wide.
seven netres 12-cylinder diesel engines which power the barge and the others which drive the drill are made by Davey Paxman, of Colches- ter, England. Blueprints for the barge were supplied by the De Long Corporation, of New York
Inger Knutsen hus been laid up BRITISH HELICOPTER
owner,
at Haugesund, four days after
Her delivery.
Knut Knutsen, has been unable to ob- tuin a charter for her.
on
The tanker was delivered by the Gerteverken yard
(Sweden), Gothenburg September 5 and was lald up on September 9.
Other Norweigion tankers laid up are the Mury Stove of 10,800 tons, built in 1927, and the Pet- ter of 14,750 tons, built in 1935.
NEW SOVIET
TOWS SHIP
London, A "Whirlwind" helicopter, ying about 30 feet above the sea, has successfully towed consial minesweeper of 450 tons at the end of a tow line 160 yards behind,
THE CHINA MAIL, THURSDAY, OCTOBER 24, 1957.
TRADE
and
COMMERCE SECTION
THE NEW YORK STOCK MARKET
Page
A SPECTACULAR BUYING SPREE
Wall Street Bulls NEW YORK
Lash Back
After Severe
Beating
New York, Oct. 23.
The bulls of Wall Street, who have suffered a severe beating.
since July 12, lashed back today with a buying spree that gave the market its best advance since the hectic 1920's.
Wall Street quarters said the big mutual funds were in the market on the buying side. There were plenty of bargain hunters following the market's decline to new lows since December 2, 1954.
Other factors sparking this market-the best bull market in 8 years included President Eisenhower's warning against too much pessimism, the successful firing of a Jupiter missile, development of an atomic depth charge, the maintenance of business at a high plateau, and a series of good earnings reports.
So strong was the advance that the market in one session regained more than 17 per cent of the
1065 $47,700,000,000 suffered from July 12 to the close on Tuesday.
Market men said the Kain was the biggest for any single session 8,225,000 in history of the stock market, which dated back to May 17, 1792.
the
Benguet Cora.
Betlehem Bleel Boeing Airplane Borden (7he Ca. Burroughs Add Machine Campbell Soup Co. Canadian Pacife It. Case (J. I.) Co. Cat Tractor
Celanese Carp, ***
CT Financial Corp. Chase Matthat. Bank Chrysler Motore.... Climax Molybdenum Cluett Peabody
Credit
it was the second beat, as Colgate-Paimolive Co. measured by the Dow-Jones Colombian Carbois Co.
industrial, Corcovated efforts averages, for which elosed up 17.34 points, Continental Off of Dei. The only one better was the Crown Zellerbach
Cuban Ainer, Sugar 18.00-point rise on November Diamond Alkal
in
progress
14, 1920, when a wide rally was Diamond Match, Co.
three Douglas Aircraft following
Dow Chemicals declines
which Dupont de Nemour months heralded the now-famous crash,
Gains
Eastern Airtime Erkan Kodak
El Paw
National Gas
Family Finance Comp
Firestone Tyre & Rubber Ford Motor
stearal Electric
Individual gains in the were spectacular. Lukens Steel Jumped 2011⁄2 points and Inter. national Business Machines tacked on 10 points.
General Fooda
General Motors Gen. Pub. Uti. Gelly Ol
Glidden Co. Goodrich (BF) Co. Goodyear Trie Gulf Ou Heyden Newport Corp. fomestake Miting Co.
Du Pont soared 8, National Lead 7%, American Telephone 5%, Gulf 5%, Lockheed, 4, and a long list of other favourites ingersoll-Rand of more each.
were
Inland Steel Co. Interchemical Corp.
inti Business Machines .... Ini Harvester International Nickel International Paper Inti Tel & Tel John-Manville Co. Kansas C. Power & Light Rennecott Copper Liggett Meyein Tub, Co Lockheed Aircraft Loews Incorp. Lone Star Cement Co. Lowersteln & Son, MeDonnell Aircraft and Stock Exge,)
The decline which took place
July 12-when between
the hil and year's highs
close was a recard Tuesday's
exceeding for its speed, even the September 9, 1929 crash in dollar value. Today's rally also snacked of a record, although sales ran a bit below the pace set in the previous sersion.
Very good earnings by Gulf Oil and Republic Steel, expectations of more to come from other leaders in these key industries, gave the market a shot in the arm at a time when most of the economic forecasts are for from optimistic.
A Tonic
Mesabi Don Corp.
Minnesota Mining Miss Develupiment Monsanto Chemical Co. Montgomery Wart Motorola the. National Cash files. National Dairy Prod. National Leed
National Steel Corp. New York Central
Norfolk & Western Ry,
Olin Mathieson
Ou Elevator Owen-filinch Gjamm
The rally was just the tonic Woll Street needed after the Oxford Paper, Ca
mashing declines of the past Pale Gr & Plec.
Pan American Airways declines which Poromount Pictures few months. slashed more than 100 points Parke Davis Co.
up
ca
Penny J. C. Co. off the Industrial average. A
Penn. Sali Co. The Dow-Jones averages Philip Morris most of them closing at or near procter & Gamble Co. Pittsburgh Plate Glass ghs for the day their
Publicker Industries showed Industrials
17.34 Pure Oil The Admiralty confirmed that
points to 497.13; rails up 6.81dio Corporation it was the first time that such
to 133.12; the sharpest guin in Radio Corp. Pref.
Republie Steel an experiment had been carried this group since September 22, Reynalds Metal
waters with a 193); utilities up 1.45 to 63.55 Beers, Horback & Co. out in British
The ship the best since vrasel of this site,
October 29, Shell 011 .... Faper was towed for two miles at a 1991; and 06 stocks up 5.89 to
149,32,
Rocony Mobṭiou speed of Ave imots,
Solar Aircraft The latest experiment is con- sidered to open
up a lot of to possibilities going to the aid of
craft,
and yachts amall
and auxiliaries, broken down
tow A new Russian liner is now drifting, taking them in being built in East Germany before they run on to rocks or to go into service next year the shore. between Leningrad and London, the Russian travel Intourist, organisation announced today.
The preacht Russian operating the service, Baltica
LINER BUILDING
London, Oct. 10.
Liber
JOINT OWNERS OF
(3,989 tons) cannot cope with HAIFA SHIPYARD
the
increased tourist traffic
between the two countries, it
odded Chinn Mall Special..
SUPER TRAWLER
Plans for the construction of a shipyard in Half have been approved by the executive of Hevrat
the bolding of campany
Israeli the Federation of Labour.
The shipyard would be jointly owned by the Israeli Cover-
The 800-ion Cape Trafalgar|ment, the Federation of Labour
LONDON STOCK MARKET
London, Oct. 23. Markots turned their back on Wall Street today and looked around for pro- and mising Investment speculative openings. Turnover, at 7,341 bargains lowest thus
close to the
COTTON
MARKET
New York, Oct. 23. Thirty-five cont_cotton/came back on the futures board today for the first time in three months.
HONGKONG
New Zealand's
Concern Over
Europe's Free
STOCK EXCHANGE
Our Own Correspondent Business done on the long- kong Stock Exchango
this
morning amounted to sp proximately $910,000. Noon quotations and the morning's transactions:
shares Buyers Balleru Sater
Early 1958 deliveries bettered that mark in the third session of slowly ascending prices.
Closu
within
striking distance of the day's best levels GOVT. LOANS the 1st ruled up 20 to 22 points, (1934 &
1040) The market opened up to 4 points. New Orleans also BANKS closed up 20 to 22 points
Persistent mul lot buying INSURANCES through commission and ware Lombard
the sisterING Wheelocks con-
stock market recovery houses, plus local and linued to find a limited supply
of hedge offerings.
FIVE FACTORS Seller cautiousness stemmed from five main factors;
Lateness of the crop with the
K. Wharf P'vident (0) LAND, ETC.
K Hotel Ink Lands
$1,000 @ 90 $1,000 90
20 4 140
300 (30.70 100 m 635 LOUD & 0.75
IK Bank.. East Asia
840
270
32
1.70
nocks, ETC.
120
112
14.40 14.20 3314 33%
33.50
Humplares
irreparablo damage lo grade of unpicked bolls; possibilites that
Alat
15.00 14.10
1.50 1.0!
150
11000 of 1,623
4100 44 1.50
1.175 123
will
22.70
23
150 22.20
131
07
18.50 10.40 1800 18.40
500 18:30
27.40
20070 650 27,30
slow-down in ginning; with attendant worries over a fur- ther 1033 in production and RUBBER
a preponderance of low grade Trist
cotton this year
mean UTILITLES heavier impoundings; Prospects | Tram for a substantial reduction in Star Ferry .. the noxt government
November estimate-due ilkelihood for continued pro- duction
controls
1958 crop year.
crop | Yaurasa ka
B: Light
Electric
through the
Macho E .. 10.40 At Liverpool, the old contract Telephone 28.70 20.00 1.000 @ 28.10
INDUSTRIALS to 10 points Rope closed unchanged
14.00 lower while the now contract STORES, ETC. was unchanged to off 15 points. Dalry
Volume Open interest
291
53
was
29
Do
far in October but dealers liked the atmosphere and tended
Munun Dec.
to
Mar.
May
2016 mark prices up,
July
24
Woolworths and Marks
and Oct.
Spencer gained 2/-.
Hudsons
Dec
Mor
Bay jumped 11/-. Rolls Royes. ended with a rise 3490/3, some 8/- above its 53% low.
Total
of 1/3 to 1957
0194
Debeers fell 0/3 on the New General Eloc- York report of 113 tries
in making progress synthetic industrial diamonds by the chose this fall was reduced to 4/5.
33 542
Os were strong with Royal 50% Dutch up £1, Shell up 0/- and
British Petroleum
Potash German
than 5.
23
391
043
1234
Am
Sales for the session cam South Puerto Rico Sugar
4,000,000 shares, against Southern Co. (The)
Southern National Gas 6,090,000 shares yesterday.
Southern Railway (Com) Of the 1,236 issues traded,
Standard Brandy 868 advanced, 137 declined and standard hit of Cal 131 held unchanged. Now lowe Standard Oli of Ind. Standart out of NJ, were set by 89 stocks and now
Steep Rock (Toronto Exge.) highs by 2 issues.
Sterling Drug Co. New York Stock Exchange Stokely-Van Camp bond volume
$7,190,000 Btudebaker-Packard Corp. shares.
TUDES
Sunshine Mining Swift & Co.
Exchange Torus Co....
American Stock volume was 1,830,000 shares.
Dow-Jones closing averages 30 industrials
were:
20 raila
Ja muities
63 stocks ..
40 bon
"Closing Prices
Aldan Ine. Aey, Alijed Chemicals Alled Mills Ine. Allis Chalmers, a Aim. Brko Shoë American Airline
American Cabl
Amer. Forgs. Power Alt. Gas Elegizio Aani, Mich. Akay.
is the second of the Britishthrough its industrial sub-
Industry's fahling
Addiaries and the Zim shipping trawlers. The first, the Portio ownet by Hellyer Brothers, has company.
·110 ́ ́mitilovi Over
(RI been fishing from Hull since last million), 16, to be invested in the October.
Dret stages of construptiosi. A of a third diesel- delegation representing the pro-American Metal The kwel electric, trawler will be lake at sprotive partners la to go to the Beverley Shipyard later the Europe shortly to study Bhip
yatt working methods
It is uncficially understood Highly manoeuvrabla, these that the Escompry: equipment in powerful. diesel-electric super. Mals to be bought from Wast trawlers are capable of putting Osmany within the framework 24 or more hours on EL ATORES OF INNE Kärnu West German fishing voysES,
Reparations Agreement.
year.
American Welling Augie (94),
American Tou! #15 Anaconda Copper Armeo Stel Armour,
Banda. Andaijan Chep).
Jadio
Textron Int...... Tide Water Assn. Time Inc.
1
venty Century Fox Film 437.13 imion Carbide'
Union Oll of Cal.
43.00 Uniors Imeife Pallway 148.
United Araft
187.25 Utilted Go
•
U.B. Foll
U.8. Gypsutu
8. Lane Co.
U.S. Rubber
U.S. Smelling
10.3. Steel...
7744 Wamer Bron
27% Westinghouse Electric
4154
20Western Union Tei, Co. Wext Va. Pulp & Paper 144 Woolworth
up
more
bonds fell
£1 with the 6 per cent assent- ed down £2. Japanese 1930s, both arsented and non-assented, fell £2 and several others eased 1/2--United Press,
New York Rubber Market
New York, Oct. 23.
19,500 $39,700
10.100
212,400
17/200
211,000
110,300
12,400
101,400
3,200
$3,000
3200
** 71,400
ដង្កូវវត
10 10.10 100 16
100 10.
1000
Watson
12.00 13.10 1000 1
200
COTTONS Textile
Yangtzte W
1430 Dates VESTMENTS
NEW YORK Prices of cotton futures closed today as follows:
Spot: 3838; Dee: 3480: Mar: 23.03-04: May: 25.07; Juty: 34.74: Oct: 3389: Dec: 33.82; Mar: 3981. NEW ORLEANS Prices of cotion futures closed today as follows:
Spot: 31.36 Dee: 3488; Mar: 3503; May: 38,09; July) 54,73: Oct: 2321) Dee: 3380: Mar: ZAKE,
LIVERPOOL
Colton
futuro closings, in pence per Ib, were as follows:
Old contract Oct/Nov: 28.10; Dec/Jan: 25.10 Mar/Apr 2885: May/Tuner 33.78; July/Aug: 25.03.
20.16: contrucs Oct Nov: New
28.36: Mar/Apr: 2030: Dec/Jan: May/June: 20,40; July/Aug: 20.45.
SAO PAULO Cotton future closings, in cruzeiros per kilo were as fol- lows:
4.35 4.40
Market Plan
Mr
Saigon, Oct. 21. Thomas MacDonald,
New Zealand's External Affairs Minister, sold today if the European common market schemje made it harder for New Zealand to sell her pre- ducts in Europe, it would be a "matter of grøgt concern to us.**
.was He said New Zealand concerned because sa her, pro- duction increased. and became greater than the normal met in Britain could handle, New Zealand would naturally look to Europe to abscat surplus.
He said there were increasing amounts of New Zealand pro.. European duce being sold in countries now.
They included wheat, wopDi
and dairy produce.
TOO EARLY
But it was too early yet la give any detailed answer on The European
common market question" because so many de- faila on operation of the sellerne have not yet been worked out, ho sald.
"I think it would be sufficient for me to say New Zealand in watching the situation very
1.90 dlosely. We are in close con-
Canada's Surplus Wheat For
Peking?
tact with Britain so we may be kept fully up to date with all available information." SACRIFICE
Mr MacDonald, who la New Zealand delegate to the Colombo Plan Minister manting, mid a press conference that "In pÕRA capes New Zealand's Offenĝo Plen aid involved certain sportfie berme of his country's development needs.
This was especially the case whore sending of exports were involved, he said. "ta New
Zealand, as in most countries,
London, Oct. 28. there were never enough tach- Canada is exploring the nically
qualified
possibility of disposingperienced people to meet all fa- of a large portion of her quirements for their skille Burplus wheat stocks to
China, the Financial
Times reported yester. day.
Mor: 39.10; Mlay: 40.39; July: 4053; Oct: 40.45.
In
States, the United
the average price of one-inch cat- ton at 14 designated spet "It is understood that
the markets was 33.80 cents.
Canadian Government would bu Total sies at these markets prepared in negotiate a deal of
Press.
10
Rex rubber today closed were 53,112 bales.-United | a long-term credit basis, similar
23 to 30 points higher with sales of 80 contracts, Closing prices)
Nov: 20.00 Jan 28.91-95; Mar: 25.03: May: 20.03; July: 28.13: Sent: 20.03; Nov: 2.3
Standard contract closed 28 io 30 points higher with no sales reported.
Nov: 29.90; Jan: 28.83; Mar: 29.93; May: 28.93: July: 20.03; Sept: 28.03; Nov: 23.81.
The above prices were nominal.
all
Prices recovered with London after a lower start. The on- sational stock market recovery
New York Sugar Market
arrangement The "recent under which Canadian whoat was sold to Poland," the re- port sid,
British trade quarters show-
ed interest in the repert because the impending visit of
of
ก
.Neuter.
AUSTRALIA'S NEW PROCESS
FOR WOOL
Melbourne, Oct. 23.
Canadian. trade mission here to Australian wool manufac
discurs related plans for the the Canadian distribution wheat surplus throughout the Commonwealth.
an
New York, Oct. 23. World No. 4 sugar futures
closed 1 point higher to The Financial Times report Canadian 1 point lower with sales suggested that the of 566 contracts,
mission would in effect provide
cover for The domestic No. B sugar a "respectable" and evidence of an improved futures closed 1 point to 1 point open approach to Peking at a B1 demand from domestic factories
lower with sales all neled to change the trend, tracts. shipment offerings quantity wise were on the lighï side and price
in the orders predominated above local buyer idons, Spot world contract, with the lower No. 1 He was quoted nt 29 raw situation a depressing fac
BOT
cents, nomite).
SINGAPORE
of 10 con- later date.-Unlted Press.
turera yesterday
帮
nounced a new progess, of
treating wool so that it creases. In
will keep trougars
and plaats in sklets aven after repeated wetting.
The process, known as "BI- ro-del," "was doycloped by the
Liquidation and hedge selling New York Foreign Commonwealth Selentifle indus
tor.
Contract No. 4 (world): Jan: 3.80 103%
The market opened lower in Mar: 3.60: May: 2.37: July: 3.51: Canada, 113 sympathy' with overseas and Sept: 3.50; Mar: 3.35.
Spot-(cents
10% ruled mainly quiet.
轻
The market steadied slightly
In the afternoon. Futures:
114 | No. 1 rubber per lb. Nov, 0213-051- zi
Dec. 81-82
816) | No. 2 rubber per in. Nov, zij-30% 24 No. 3 rupper per ib. Nov. 75-75%2
No. 4 rubber per in. Nov. 21, nom. 44% Spot rubber unbaltd ....
161
214 Elanket crepe
*3 No. 1 pale crepe.
9.20.
Exchange
New York, Oct, 23. Closing rates were:
$1.005 England offici
unofficial 30-day DO-days
fob Cubat per th. Open Intoreal: 5,092 contracts. Contract No. 5 idoacetiṛ}: Bar: Australia 5.46: May: 6.52: July: 8.00: Sept: few Zealand South Afrien
8.05: Nov. 5.00.
Boot-fcenta per lb. elf NY ex- Beiflunt
Tin Det: $1,00b:
duty): 5.8.
United Press,
Nov: 91.5Gb.
Holand ! Ondim
Pakistan
New York Metal
Futures
New York, 23.
201943 27013 ENTAL/A 224-3/10 3.70-3/10
200-8/33
0199 2:542 210
United Pro
LONDON FOREIGN EXCHANGE
London, Oct. 23.
Closing rates were
2017
24
LONDON
001
The
was rubber maricot
steady with spot quoted at 2496 pence par ib: Prices:
New York
651 No. 1 as pot
2913-24
Bettlement house term: Nov.
Montreal Brumeis
181's Jan/Mar.
Doc.
Lead Det: Unquoted.
Nov:
Melan
July/Sept.
Out/Deg
FA-31 25-23
Zine Det: 8.95b; Nov: 9.00b.
Faria
Blockholm
391
Kimited Pres
NAMESAKES
Answer-1 Conquest. 2 Dis-
sover, 3 Virginia, Reward, &
Apr/June
General markala, elf busis, portti
Prices of metal futures closed Copenhagen today in cents per lb, as follows onkrui
umquoted;
| trial Research Organisation and Will be mede available 40 foreign wool producers.
CSINO director Sir Jari Clunies Ross sold the process will shortly be made available lo overseas manufactureTY.
··"The
process, patented by CSIRO to Australian manufac turers, is being Hernsed and is pirendy In use. We may exercise some contral over its use averseas, but we will not be restrictive," Sir Ich said.
TESTS
2.00-1/18-28015
Sir Ian sald sarituents treated 209-11/10-306-13/10 | with the now proculam, hidryk paised extensive tests. Razdy? thärp éréases in trousers still 'ón skirt bleats remained after #w peated welting with ralis, spexy- ing with hose, and even, jes United | quired, ng repleating after | deg
cleaning, he added,
19.99943000.
Copper Get: £1,35; Nov: unquoted. Others woro unchanged. THE MOST 91006: Nov: $1.000= | FROM.
LONDON METAL PRICES
Nov.
Dec."
要找
Prices of metals closed todaý
Estats crepe thin Nov. thich Nov, AMSTERDAM
Tin spat
in sterling per lorit tom pa follows:
Buyers Sellers
mot
182
301
$ Cloak, 7 Freet, rubber market was dull. Prices closed today in milders 10 9 Adventures, adron, 11 America, 12 Gals P kilogram, at Nov.
follows: lantry, 15 xocution, 14, Advko,
15 Fighting, 16 Milzabeth:
Sir Walter Raleigh,
Exchange Rates "l's test hope) yet is
Business, we dʊno in the locat
termed the now advance
„struggle against synthetica,”
pofficial exchange market. The treaung it wod mierning at the following taLÇA:—-*
.. dollar (per #1) juuni Bierling noips, (per: 413,
lodohvatar rupiatio spe, IDDY) ital Lical (per 1001 amgapore (skralta)
ments by "Alergiset" is simple, Bir Tan al,. The garinedl sprayed with F wenke obit