Page
SHIPPING
PIONEER OF THE SUPERTANKER
Sintes Steel for carrying its ore Lom is Cetro Bolivar project
Venezuela (which meist negotiating tile Orinoco Kiver), he lunched turea 50,000-dead- weight on ora carlius, closely tulluwed by the Carricista 4,000-doidweight 16616, together with a 30,000-wooner.
Daniel K. Ludwig has just placed the largest private
During the sla, years that the shipping order in mari time history with hisure slupyard has been opera-
Junched Bus
Ling i
708,000 company's Kure Shipyard deadweight tons. Division in Japan. The Ludwig puys an little on he
1ut equipment urder is for five oil super-can tankers of 104,500 dend-chatery. He has a reputation |for buying his turbines, 10r
and
weight tous each, and the example, (rom surplus Navy total cost is estimated at stores kir a fraction of the pure that he would pay in the mürket about £45 million,
and then aituring them to suil h.s needs.
the order
What makes usually interesting is that it
Futhermore,
the oll
panies themselves
While his wage and deprecia- ! emes at a time of tanker sur-ion costs are still low by cum- plus, when shipping and tanker parison with other countries, he building his freights generdly re depressed. is not, however,
often as is com- lunkers as cheaply toreenst y | Utop #ed substantial tanker surplus by 1953, which they expect to in- STEEL
1- crease throughout 1901. A
of the tatistical survey cent
states world's tenker situation that the surplus of supertanker: (29,000) and over) for the years 1937 to 1981 could be much a 5.5 million tons.
LONG-TERM
moru
He pays substantially
United States for steel then shipbuilders. and the United
www.d equip States machinery sent that he imporis cosis hum something like an extra £14 per tom in freight charges.
As
the
THE CHINA MAIL, THURSDAY, OCTOBER 31, 1957.
TRADE and COMMERCE SECTION
Page
BRITAIN TO REDUCE STEEL TARIFF
Six European
Countries To Benefit
Luxembourg, Oct. 30.
Britain has announced that she will reduce her customs tariff on steal imports from 20 per cent to 10 per cent, an offical spokesman said.
Mr Reginald Maudling, Bri- tnine Paymaster-General, who In leading a British delegation at a meeting of the Council ut Association between Britain and the six-nation Europeon Coal and Steel Pool here. announced the decision to the Pool's gover- ing body, the High Authority.
DE IC-
A High Authority spokesman stocl and machinery said the agreement was evidence represent about 80 per cent at Britain's intention to push
the Daniel Ludwig, along with his building costs at Kure. Lud-towards
of " creation tanker wig is probably paying about un
trade European Free
area in ther big. Independent
On and extra £18 per ton.
will be NI' rehos like opptag
which tariff barriers
removed Chia, is clearly stalkg his other hand, he does control his progressively
future own yard, which tes nothing duced." chantes m long-term
and un the but prefabricating thethods, and for superlancere view that the oil companies are he is able to realise a very quick
turnover in building. being to pessimistic.
the Kure ycar
yard res1 interesting fact started
building the Universe Sex the hirst order ol over Lender (85.500 deadweight tens} 500.000 tens is that Ludwig has a January and had her ready for
away from his normal | her trial runs by September. broken
r policy
cll/ore building carriers.
The
When the present batch tankers is delivered he will probably have the largest in-
tleet in dependent tanker
world. Now he has, 1.3 million 1.2 million tons in operation,
tons under construction, cod another £32,000 tons planned.
Last
BAHREIN'S NEW
HARBOUR READY
Bahrein, Oct. 30. Oct. 80,
It is not known whether the Bahrein begins putting the
thir
of Is part present order schedule. By 1962, however, bis fleet should total à minimum of 3.4 million tons,
PERSONALLY OWNED
Ludwig is now 59. All his companies they include Na- tional Bulk Carriers, Universe Tankships and Seatankers Inc. are 100 per cont personally owned. The American-Hawaiian Steamship Company, in which he acquired a 59 per cent in terest in 1955, to the one excep- Is interest in bouts started ut the age of nine, when he bought n 20 foot (9 metres) boat with $79. By the time he was 19 and after he had qualifted as o marine engineer by going to night clnases-te started on his first shipping venture.
tion.
In 1925 he formed American Tankers Corporation and bought
tanker, (Seventeen years later he sold it to Niarchos," who was just starting up in busl- ness).
A year or so later he bought another tanker which, at 14,000- deadweight tons, was at that
finishing touches on
first deep-water harbour early next month.
All Others
HONGKONG
STOCK EXCHANGE
NEW YORK STOCK MARKET
Copper Shares Soar To Lead Advance
New York, Oct. 30.
Copper shares, long depressed by declining prices for the metal, soared to lead a stock market advance today. Copper metal is said by indus Lowensteln & Sons,
McDonnel Aircraft (Am try leaders to be getting back
Stock Exge. to normal in Inventories. These Minnesutaining leaders look for new buying and Grmer prices in the near future, Copper firmed today on the
Metal Exchange. A London domestic
fabricator boonted prices,
copper
داد
12
211.
episent Monsanto Chemical Co. Goodgameja Wau Motorola Inc. National Ches to "A" National Dairy Prod. National Desig
32
424-
35
National Steel Corp. New York
10%
ny
ot Elevators
wen-inois Glasa Oxford Paper Co. Pacifle Gas & Elec. Pan American Airways
5314
Paramount Pictures
Parke Davis Co.
Penny J. C. Co. Peru Salt Co.
Our Own Correspondent
Gaing in the coppers range Norfolk & Wal Business done on the Huge more than four points, They Din Nathan
this kong Stock Exchange
helped
TIE along a general to ap- morning
amounted
the defento Noon which started in proximately $300,000.
suppliers which included the otations and the morning's
coppers, Jackians:
Shater MARKS
ik Bank INSURANCES Union Lombard..
Buyers Sellers
47 030
Bales
160 77
A cenference source said: "This latest Britaan gesture will beneth not only those in the six te but all other Europe countries. steet exporting countries. It is well in keeping with Britain's insistance that non-discrimina- tlon in trade should be a funda mental principle of the proposal European free trade area.'
Britain's offer to bring down
Provident 11.70 12.30 tea: 11 Its steel import duties was made
LAND, ETC. during
the HK Hotel the meeting of
earller IK Land.. Council of Association
Jeet lo conditions.
SING
Wheelock
DOCKS, ETC.
Dock
Britain it Itealty
Amalg
this year. The offer was sub- Humphreys... itssisted that the import duly RUBBER
level of the six Pool countries T -France, Wost Germany, Italy, Belgium, Holland and Luxcin- hour should cover all charges Yaunat! similar to customs tariffs, such "concealed duties."
Tram
C". Light
The new common steel tariff of the Pool countries due to curs into effect on February 10 in fram eight to nine per cent.
The Hith Authority inform-Cement
22.35
0.05
A Starter
WAS
rep Morris
Publieker industries Pure Ol
44
Radio Corporation Hadio Corp. Pret. Republle Steel
The Government ported to be ready to spend an Procter & Gamble Co. additional $400 million on deburgh Plato Glas
It was belleved. 6.93 3300 4.00 Forice which,
on would be only a starter new spending programme.
Aircrafts moyed up since this group is expected to be sustain- by outlays in the missile Programine of which it is the major part.
123 or 1180 14.00-14.30 1500 14.70
33
54
10.10
TUO 34
200
176
1425 1.525 1.125
1.25
22.00
330
22.06
120
18% 18.70 1500
97
Ma
Reynolds Metal
Bears, Hoebuck & Co. Shell Oil Co..... saint Heg. Paper Sinclair O
Sacony-Mob}}---Oil
Solar Aircraft Kennecot with a gain of more South Perio Rico Sugar than four points and Phelps Southern Co. (The
more than three Southern National Gam Dodge up
Southern Railway (Com.5 featured the coppers. Du Pont Standard Brands
18.70 lood out in the chemicals with
rise of more than 500 10.70 200 19.70 Western Paciße gained 1000 18.70 DG 27.45
Electri Macan S .. Tel INDUSTRIALS
Rope
7,40 10.43
27 27.20
23.40 14.00
1400 @ 27.20
Cun
30
When the work is completed, the Port of Manoma will be able to provide six deep-water berths. The first two phases this harbour-construction of programme have been completed and a channel redging of
construction of д basin and
the edge of The causeway to water.
ture of this British Protec-
Early next month, as a fea-raments had finally agreed
to the British condition,
"Development Arst torate's
construction of 11 Week,'
reintorced con- plethead on crete cylinders commences,
Eventually, according to pre-
will be sent plans, there short line railway connecting
berths the deep-water
ma craft harbour for trate- shipment of goods. PROJECT
ed Mr Maudling that the STORES, ETC.
10
D
Bahrein hopes to complete the whole project In the next few years.
The object le to encourage use of Bahrein as a shipping time considered unusually largo.") omtre for this Persian coastal
A series of unfavourable char regions 2d, It is hoped,
ters in
declining
market almost brought the com-vicinity. pany to its knees.
CHARTER INCOME
into
the
brig immediate
tanker idustry
Launching of the final phase of the Manama development plan is to be only one of the
planned
Agreement
The Council
.....10.20
Dairy
Watson Emporium COITONS Textile
1. Craw
Association of
<if
the
5000 30
73.10 13 20
13.10
14
5.00
4.35
than two In the rails.
two.
more
Standard Oil of Cat
Starulard Oil of Tad.
Stamford Oil of N.3.
Sterp Rock Teranto Exa.) Sterling Drug Co. Stokely-Van Cami Studebaker-Packard Corp.
Airlines got to action fate in the day on unconfirmed re- porls the 'Civil Aeronautics Swift & Co.
Bunshine Minsng...
Board will agree to passenger Texas Co.
Gains in the
fare increases.
to nearly
16.30 group raugej 13.30 ponis in Pau American.
Strengthened
1Wo
Textron Inc.
Tide Water Ass. Oll Time the
Twenty Century Fox Film Photos Cathlee
Union Oll of cal.
Union Pacte Raliway
Oll issues generally moved up United Aircraft
United Gas Corp. than two
17.S, Fail "B" Oil. Motors Us. Gypsum
4091
401
231%
29
462%
3745
252
5142
COTTON FUTURES
ON DEFENSIVE IN NEW YORK
New York, Oct. 30. Cotton futures see-sawed narrowly today but were on the defensive most of the time as more favourable crop news brought some increase in hedge selling.
Prolonged dullness in the May/June
July/Aug textile muket, plus diminishing Middle East tension and tech-
SAO PAULO Colton future closings,
per klo
nicat realising after the recent cruzados rise to new high since early follows:
July, also
operated
to hold
railles in check.
the 1st ruled At the close three to 11 points lower. Th market opened up five to off one point. New Orlerns closed eight points lower,
Commodity Credit Corpora-
40
In
wefe
March May
30.10
40.10
July
40.20
'In
the United States,
the
average price of one-inch cot- ton at 14 designated spot mar- kets was 33.74 cents.
Total sales at these markets United
licn today reported lean entries were 90,141 bales, for week ended October 23 Press. totalled 133,030 bales against 100,000 bales In preceding
week. Apgregate loans on 1857 сгор
covered colton
647,288 balca VS 1,702,428 balos same time last season.
Incentives
Exchange Rates
to
Business was done in the local
mirket unometal schung morning at the fullraing riles:—_ V.S. dollar (per 31)
this
3.80
13.18
Australian notes (per 211. Indonesu naplah (per 1001
tendine 1003 sagapore (Breslin)
Now outside buying interest a traders availid was slow fresh incentives. Most of the trado
to be pro- appearel
In- spot
fessional Lending
NAMESAKES
Answer: 1
Broadcasts,
terests were fair-sized buyers Ttadlo, 3 Kidding, Comedy, 5
Fold Chivvy, 0 Vaudeville, 7 Vanity,
of December carly, but December and bought May 8 Cover. Volce, 10 Cavaller,
al 10 contracts later
points 11 Revoke.
difference
Elsewhere,
traders word
buyers of nearby months against
26 sales of new crop deliveries on
new straddle operations. Caro lina mill brokers wese moderate sellers on the calles, supposedly
operations 4214 for hedge
405
4914 unsold cloth inventories. 531% Tho mid-October
10
3 price report showed
Dgains!
parity
Colton ni
12% 37.00 cents a pound, unchanged 44 from September and compared 104 with 35.66 cents ✡
30%
633 mid-October last year.
121 Mouth
Mar.
pound in
Volume Open laterest
12.200 237,800
10.500
1,400
6,200
Tony Hancock.
Wherover
you're golag...
EUROPE
USA
8,200 30,000
13,100 got,tos bales
NEW YORK
Prices of cotton futures closed
ORIENT
34% Dec.
04
www.go
22330
May
12,400 230,400
DT July
11,000 129,100
434 Oct.
13,500 200,900
2304 Dec.
Mer
3014 Total
2335
up
US. Line Co
274
today as follows:
Elecrie Wedern Union Tel. CD. Wert Va. Pulp & Paper Woolworthi
Spot
Mar
Moy
-United Press,
July
Oct.
Uer.
Mar
5000 4.35 1000 4370❘ fractions to more
points in Gulf strungthened with Chrysler more than a point at its best. 5. Rubber
Belting A Vig centred on General US Steel
Wistinghomee Generul Dynamics, Tex39 Bothe hem.
US Gul Sulphur, Guit Oil, Die and Stundard Ol (N. J.).
'Or a total 1,138 issues traded 028 closed higher, 270 lower and 240 unchanged.
WORLD RUBBER MARKETS
is now putting the finishing Nany-zung? louches to the text agreement, which will then be to the governments referred concerned. The Pool's Council of Ministers will
the then put NIX governments' seul on thei
meeting agreement at its next early in November. The farmal rit rature the agreement be- tween Britain and the Pool is expected to take place later in November.
A Board of Trade spokesman safd that customs rates at pre- scat vary from 13 per cent to 331/3 per cent 'different!
types of iron and steel ita- ports.
Ato. 5. Chrys.er.
New York Stock Exchange Lond volume was $4,870,QUQ.
American Stock Exchange vntume was 820,000 shares.
Closing Prices
New York, Oct. 30. Rex rubber futures today closed 32 to 40 points lower with sales of 63 contracts.
Alden Inc. Mey. Nov; 21.60; Jan: 27.05; Mar: 27 984 Allied Chemicals may: "2797: July: 2708 Sept: 27.98: ADHA MUGGJA “ine. Nov: 27.03.
All Clabo2%
Under the new agreement,
Standard contract elused 32 Am. Brake Shoo the rate would be ten per cent It was only in the middle tems on the agenda for "Deve
to 40 points lower with no sales American Airline ...
Am. Cable & Radio Corp. to or a certain specific rate, vary- thirties that Ludwig really be-lopment Week,"
with
America Cyanaid Co the import. For reported.
Nov: 27.00, Jan: 27.05: Mar: 23.62: Aun. & Forg, Powe He throw a spotlight on what little-jug gün to make large profits.
May: 27.07; July: 2120: Sept: 2184; Am, Gas di Elecule voured a loan from the New known oil-rich Bahrein is doing example, the turiff on pig tren
A. Stach, & dry. would be 100 per cent or £2 Nov: 27.43 York Chemical Bank and bought in the fields of public health,
Prices
ruled whichever was the
ensier with American Melal ... 10s a ton, several Government-owned dry education and commerce.
London and pressure of American Smelting During the
jugots 10 per cent or woek. Bahrein ther;
Sugar Jef. After that, Kutid- cargo vessels. weg began
tannce
all his will also open a new maternity 3 5s a fon; on bar and to November Equidation following Aerin Tel & Toi
Anus Teh, "U" Anscoda Copper operations by borrowing against hospital. a separate general-use 10 per cent or £4 10: a ton, the issuance and circulation of
are all
Shipment based on 48 delivery notices.
Ameo Stel future income; he secured loans hospital, a boy's school, an elec- These rates
municipal the existing prices of steel, business was reported negligible tric plant and two
Arnious the guaran.ce of a churter.
the prices altered much, they The charter income was paid buildings.-United Press.
would have to be reconsidered. -China Mail Special.
direct to the bank, which touk
Its pereitago and
then
de-
posited the rest to the owner's BUOYANT GLASS
credit.
Though this was not a new
method of financing, it was new i FIBRE LIFEBOATS
in oil tankers
and
S
now a
standard method of financing
tanker operations,
London.
Ludwig differs from his Greek J. Samuel White and Co., of bas London, Cross, competitors in two importat Charing respectar he is known to be developed an 18 feet glass Abre
scrupulously economie (especial-reinforced
plastic
lifeboat, be
to o specifically designed
trawlers and to be
ly on the design and build his ships) and, second, he has carried
STOCKS FIRM IN LONDON
London, Oct. 30.
Singapore reportedly offered a fair-sized tonnage of two and three cheels but at prices 100 high to buyark.
interest
local
Factury business remained less than routine in the local
buyers.
Factory
business
remained
less than routine In the locat delivered market. Spot No 1 Rss was quoted at 27% conta
SINGAPORE
Atlus Cuns. Mining Kaldwin-Limn={FRIT Baltimore & Ohio
tenencial aber Bendix Aviation Corp.
Benquet Cons.
Bethlehem rel
Buring Airplane Borden (It:c) Co.
Burroughs Add Kachine....
Campbell Soup Co.
Canadian Pacific R.
Case (1) Co.
C. 1. T. Financial Corn. Chase Manhat. Bank Chrysler Motors Climax Molybdenum Live Peabody Colgate-Palmolive Co.
his shipyard, at Kutended by a single-arm davit. Stocks firmed on the Lon-cased on atate bull liquidation. Colombian Carbon Cu Japan.
the new
Credit Consullunted Edipon Crown Zeberbach Cubu Amer, Sugar Blemond Alkali Damond Match Có, Douglas Aircraft Dow Chemicals Dupont de Nemours Farm Airline Eastman Kodak
The market opened slightly higher on overseas advice but
small but There www Eome don Exchange today' in
cautious buying on lower sheet, Futures: moderate trading.
No. 1 tubber per lb. Nov. 80-009 Dec. 84-8094 Chancellor the Exchequer
No, 2 rubber par lb. Nov. 74-20 Peter Thoracycroft's pledge to No. 3 rubber per 15. Nov. 75-7314 maintain the pound at $280 No. rubber per jb, Nav.
El Paso National Gas helped buoy market confidence Spot rubber unbaled
Blanket crepe
Frelly Ficates Corp. No. 1 pale crepe. somewhat.
LONDON
Firestone Tyre & Rubber Ford Motor The rubber market was quiet-General Electric ly steady with spot quoted at General Foods
General Motors showed 23% pence per o. Prices:
******** 23-23; Settlement hausa term:
INDUSTRIALS
Leading induziriala
sp-11 55-27
Gen. Pub. Ul Ority Off Gudien, Co.
Goodrich (. F.) Co.
Gulf of
being. This design is now After the war he emerged fitted on board a number of built by the with m up-to-date tanker flest. trawlers being Put off by high inbour cost, in compary.
The use of glass abre rein- the United States, and uncertain
hulls for ships! of Germany's political future, he forced plastic enol arcand for a suitable coun- lifeboats has now become ac-
acepted practice, but try which would give him
fenture which distinguishes this good shipbuilding base,
He found what he wanted in design is the building into the of plastic foam Japan and in 1951 signed a 10-hull structure year lease, with a five-your re-buoyancy
Each side bench is laminated newal option, for the Kure yard. Ludwig had to give certalt over a solid block of rigid light-a long 1st of small gains and No. 1 Ras spot guarantees,
weight foam and this forms losses. However, oil shares met Dec.
24-244 Among them, he had to use box girder which imparts good demand, psishing Royal Jan/Mar
ADJume
243-241 12. July/9ept.
24-241 more than labour exclusively, additional langitudinal strength Japanese
2462 || Hoydon Newport Corp Shell, Burmah and British | Oct/Dec.
Homemaks Mining Co. apart from a few supervisors; he to the boat...
General marketi, cf. beds, ports: is thus The bupancy
21-2303 Ingersoll-Rand An Petrolcum all were strong. had to build ships only for his
234- Inland Steel Co. own companies, and he had to integral part of the hull struc
Interchemical Corp. ............ Gold shares continand'tą zíne.
Int'l Businese MachinOAR quarkutee to use 7,000 tor of ture and the need for the usual
corination and Gains of between one and two kitata crepe thin Nov. porladicol
Tut' tarveter Japanese stoel each month.
Interior) Nickel maintenance of buoyancy tanks shillings were numerous in this
AMSTERDAM la eliminatedči
group.
The rubber market was quiet.tational Baper
Tal Brilish As the foam constate of *
Government bonds
Prices in guliders per kilogram, John-Manville Co. In the first three years Ludwig multitude of separate tiny cell inched higher. Forelan bands cir November as follows
Hanana C. Power & Light Kaomecati, Copper Coppe were unchanged for the most. No, runner bullt four 30,000-deadweight it te Imposible for the amount tou tanks and onm of 46,000, of bacyamay to be reduced ervan. | part, although a few Juznego | No. 1 rubber.. tons. In 1934, and, 1860, after 15, she bull is plecood by colll-flens lost areund Ei de moram No. 3 rubber
No. 1 repa gaining a contract with waited, "zion.
FIRST YEARS
Dutch
up
Uplied Preen,
Nov. Deo. Jam.
Goodyear Tyre
New York Sugar Market
New York, Oct. 30.
* 10% World No. 4 sugar futures
unchanged
יצן
Easier tone in the world con-
39.30n
34.90
34.03
34.01
34.73
-0-
23.01
NEW ORIEANS
Prices of cotion futures closed
23.42
ROUND
THE
WORLD
You can fly thera on the world's most
experienced airline.
For reservation
call your travel agent or Alexandra House, Phome 37031,
Hong Kang
PAN
AMERICAN
Pan American World Airways, Inn, kunorporated in
the Siunt of me York, Utakua minh Mahal dahiliy
pressure of Brazilian competi-Dec/Jan,
LIVERPOOL
2 852
today as follows:
Spot
Dec.
34.03
Mar
25.04
Blay
33.00
Juj
31.30
Oct.
74
26%
closed
to
Dec.
33.52
Mar.
20
40%
39
139
19%
threo points lower with solos of 127 contracts. The domestic No. 6 contract closed unchanged to one point higher with antes of 20 con- tracts.
Cotton
future closings,
pence per ib. were as follows: Old contract
Oct, Nov.
Dec/Jan.
Mar/Apr
ATE
May/June
20%
103%
tract reflected quietness in the July/Aug. raw market and the continued Det/Nov.
New contract
47
48
Mar/Apr.
10
17
401
cents a pound
13%
406 Jor
3414
Mar.
May
30 Juls
Sent
20% Oct.
13
Mar.
4414
TUY
GB Mar
27 Mos
4830 July
Nov.
on whilo Cuban world raw held unchanged at 3.70 cents a
Brazilians pound, f.o.b.,
were
5 reported available at about 3.55
-231
1822
Contenot No. 4 (world)
Spot-lernis per t fon Cubaj
Open inte cot 5:35 controls.
Contract No, G (domestio)
Sput-test 15155 cir NY
-duty
3.57
5.72
Cipen Interest: 37B 3 contracts-United Preen.
New York Foreign
Exchange
New York, Oct. 30.
Closing rates were: Canade England ometal"
81.04-11/32 12.7071
30-days
21.70-5/10
days
ENTEM3
11% Bouth Atmos
2.0034
Australia
2.78%
019
9100-
00
New Zealand
1154% Belotura
121 Brazil
India ||16||| ||| Pakistan
TH
„Ünited ProSE. LONDON FOREIGN
EXCHANGE
Landan, Oct. 30.
Closing rates were: New York Montreal
Erumela
KIKUY
1.30 100
ETAS PERKnzet
330 most EXT
NO.
Lookheed Aircel
Peris
Loews Incorp.
TEL
Blocksolm
Lone Star Cement Co.
2012
279-15/183.M-10/14 207-3/19-2377-17/18
--United Proer,
SAILS:
PO
R.M.S. "CHUSAN”
NOTICE TO PASSENGERS
BAGGAGE:
Sunday, 3rd November, 1957, at 12.00 Noon for the UNITED KINGDOM, via Singapore, Penang, Colombo. Bombay, Aden and Part Said.
Passengers are requested to setid ALL BAGGAGE to the Hongkong & Kowloon Wharf Co.'s Godown No. 2 GATE, CANTON ROAD ENTRANCE, By Noon on Saturday, 2nd November.
!
SPECIAL NOTE: With the exception of hand packagus carried by passengers, thermalves, ALL BAGGAGE must pass through the Wharf Company's Godown for loading on board by ship's slings only.
EMBARKATION: Passengers should embark... botwyea 9.80 and 11,00 a.m. on 3rd November, 1957.
SUBJECT TO ALTERATION WITER ÄR WETHOUT NOTICE