THE CHINA MAIL, WEDNESDAY, NOVEMBER 18, 1957.
Pare
}
SHIPPING
END OF THE LIBERTY SHIP?
Does the prosent slump in shipping freights herald the end of the Liberty
This type cargo ship? question la being ponder- ed by shipowner every
for in depressed where, times such as now the ulder, slower ships
a profit make not break even on operating
costs.
this year 162 shipu had been
-DI
handed over to private com- panies and Government agencies in the United States, but many of these have now been turned to mothballs with the swing of the freight pendulum. UNSEAWORTHY
Many experts bollere, the this reserve`ilicet majority of
to be unseaworthy, and this leaves apan to question the United States policy of retain- can-ing the ships. Even in the last
acknow~ war the Liberty was
edged as a marginal type, the
best that could be mass produced in a time of critical need.
+
re-
Since the end of the war, the
This problem of obsolescence Liberty has been the workhorse
has been worrying the United of the oceans, willing to carry
States and has
Marillme Administra- anything anywhere,
L'on, To meet further require made fortunes for many ship-
ments the Administration as the trend of But owners.
built for larger, faster ships apccifle trades has developed it has become increasingly obvious block of large the that
ships will standard war-built have to be retired before long.
The Liberty
competitive;
ently drafind & programme for the construction of 300 new
д
slips over a 15-year period on the general basis of 20 ships a year, which will be handed over to subsidised lines.
The Administration is engag- to see if the longer Ing in research la no
fucl its
reserve fleet could be of any heavy
all in
futuro an ad- usc わし consumption alone 1s
Three
Laberties verse facter, owing to the con-emergency.
taken out of moth- have been tinual increase in bunker costs.
balls and equipped with a new The traditional shipowner Genumental about
his ships, and different type of power
plant. In
a gleam onu ship
been sub. turbine unit has stituted for the reciprocating plant.
is
though probably he would not admit it, and many will see the as the passing of the Liberty end of an era in sea transport
albeit a profitable one.
WARTIME INSPIRATION
The Allies' urgent need for cargo ships in the last war design and mass inspired the production of the Liberty type Oceans, and its variants--the Parks and Forts.
The second ship was leng- thened, provided with a new bow and atted with diesel machinery. The bull and bow of the third chip were altered in
similar fashion, but for propulston there was installed an open-cycle gas turbine unit. A fourth ship has been atted with free piston gas genera for turbine.
more
M
There have been teething The generic type on which
troubles in all four ships, but these chips were based was a
It is
is reported that none have cargo ship designed by Joseph
been
serious
than ex- L. Thompson and Sons at their
pected, while operating North Shields shipyard, and the
perience has shown
the con- hugo
American programme
Successful sprang from this design. The versions table below shows the
ships built, the ber of these salient characteristics of the Liberty being: Gross 7,200;
deadweight
גום
to ba
Initially.
tonnage, MOTOR VESSEL FOR
tonnage, 10,400-10,800 tons; machinery,
single-screw steam reciprocat AUSTRALIA ROUTE
ing engines, providing a speed of 9-10 knots. In addition, there were the Oceans,
the
Forta (Canadian-bullt Liber ties), all based on the Liberty,
STANDARD WAR-BUILT SIIPS No. Bulli (PP. Type
Liberty
Ocean
Fort
Park
Victory
2,036
60
200
110
430
The motor
London. vessel Koolama, has been launched from the Leven yard of William Denny. and Brothers Ltd. It has been bullt for the State Shipping Service of the Government of Western Australia.
TRADE
and
COMMERCE
SECTION
A BUSINESSMAN SPEAKS OUT
46
Sound Monetary
Discipline
Must Be Restored”
[By Philip Cortney, President, Coty, Inc. Chairman, United States Council of the International Chamber of Commerce.]
New York, Nov. 12.
NEW YORK STOCK EXCHANGE
HONGKONG
STOCK EXCHANGE
Railroads Set New
Average Low
New York, Nov. 12.
Stocks drifted lower through most of today's ses- sion, and then suffered a sharp break on in- creased volume just before closing.
Railroad issucă set a new average low since May 3, 1954. The 1030
recently strong missile Issues encountered realising in
Our Own Correspondent Business done on the Hong- kong Stock Exchange this morn Ing_amounted to approximately $370,000. Noon quotations and this morning's transactions were:
Shares Buyers kölietu
HK Bank
INSURANCES Union XD
Wheelocks
K. Whort
'vident_10) LAND, ETC.
..
A25 270
74
10070
0.70 1,000 @ B.TO
119
31
11.70
14 14.20 200 14.40 1000120 2313314 2040 60 339%
133 10,000 1,3235
2,030 1.325
If the non-Communist world is to meet DANKS
the threat of Soviet missiles and other technical achievements, it must SHIPPING ba prepared to use every means! DOCKS, ETC. available to it. One area in which Dock
is the tel .. time waste restoration of sound monetary dis- Lend cipline ultimately leading to convermag. XD
stableILITIES of currencies tibility
we
must
oxchange rates.
no
and
RUBEJ
Tram .... Star Ferry.. Yaumati
22 22.50 600 8 27.20
most instances,
Sunshine Mining Sur & Cu.
Texas Co.
Textron Inc. .... Tide Water Asin. Oli
Twenty Century Fax Film Union Carbide",
Unton Oil of Cal.
Union Paclic Railway United Aircraft US. You D
1.5. Сурди
Chemicals turned weak with losses running to two ponds. Qils iell more than two in some instances. Tyres were of true-U.S. Lng Co. tions to two points. Metals US Rubber
US. Emelting joined the declined with a fow U.S. Stee exceptions which recorded miner gains.
Long List
Wer orde
Wratinghouse Electric
West Va. Pulp & Paper Woolworth
nited Pres
2716
EL
NEW YORK
COTTON MARKET
Now York, Nov. 12.
Cotton futuros movod higher
today with the nearby 1956 deliveries the best galners. Trading was "activa.
At the close, the lat ruled 22 dɔly points higher to three points 301% lower with the nearby Decem- 221 ber, Match, May end July deli- 50% veries at nëw highs for the sea-
New son.
Orleans futures Ginished 18 to 23 points higher,
Prices advanced
the outset
on accumulated overnight buy- 34g orders which were credited mill accounts.
334 mostly to texile mil
Serie-up
selling and recent buyers sup- realision by 38% piled the contracts,
Trade and commission house buying extended gains, but new
crop
Point LONDON STOCK Egged on the upturn
A long list of specials feil one to more than two points. Steels fell with U.S. Steel off -Losses in the 1300 1
rails ranged to) around two points in Atlantic Coast line.
Without monetary discipline, there can be no ex- c. Light (0) 17.00-10.30 200 30.10
Without in-c. Light (N) pansion of international trade.
ternational trade, the non-Communist world Electric cannot mobilise its industrial strength to meet Mac z... this Soviet challenge. This danger affects the Telephon United States as well as nations in Europe, Asia, Latin America and Africa.
INDUSTRIALS Cement ...
127
1
17.30 18311.20 20,70 100 20.00 25.40
20.00
10.40
25 25.20
*.70
23.10
1,000 25.10
We had better make up our minds what kind of STORES, ETC.
world we want. The very existence of a free Dalry 5.50 world depends on the kind of money and Watson monetary system it has.
INVESTMENTS
COTTONS Texilie Nanyang Many obstacles to trade and, of international trade policy. MISCELLANEOUR investment aro the result of This is a serious matter for all HK Coas unstable exchange rates and it nations but it is especially Allled 3.7 3.00. is impractical and absurd to portant to the world's greatest nation, tho United rote trading think of using exchange variations continuously and States.
systematically to correct mal- adjustinguts in balances of pay- ments.
Sound domestic
1
policies are the essential kyestone to price and exchange rate stability. is important therefore that cuses of balance of payments
ilcullies:
Exchange
in
1., Government spending he reduced.
cover
B004 22,70 200 i 22.88
Of 1,154 lastes traded, 637 were lower while 273 advanced and 244 held unchanged.
New York Stock Exchange volume was 2,050,000 shares.
New York Stock Exchange- volume was US$4,450,000,
American Stock Exchange volume Wis 000,000 Share Dow Jones closing averages were:
Klocks
Commodity futures index
MARKET
eive dealings.
the early
months
in less
Continued unfavourable wen- ther over ugharvested areas of· the Westem Central belt, and Tesultant consumer concern- London, Nov, 12.
over the availability of high season cor- Investment buying and fur-grade cotton this
ther base covering gave a imued to shape market senti. firm tone to Government's ment. and most industrials, in an otherwise mixed market today.
Dutch selling of by N.V. prompted
dividend 42.75 rumours the interim
Heavy Unllever
j08.03
NEW YORK PRICES Prices of cotton futures closed
today as follows:
Spot: 35.75n; Dec: 33.80; Mer: $5.67; May: 35.00; July: 35.25, Ot: *33-85-18; "Dee: 43.775 Mar: 33.775. NEW ORLEANS Prices of cotton futures closed
35.026: Mar:
Spot: 34.25: Dec; 35.58: May: 36,09;, July?
Deel
3 will be in stock instead of cash today as follows: 14337 depressed the issues two shill-
84.24 16207 lngs and six pence,
Most leading oil stocks gave Oct: 33.64b; ground with losses ranging to three shillings. The exception was Royal Dutch which closed unchanged.
16 1000
15.90
900 1.000
13.02
15.90
12.50 400
12.40
4.40
150 6 4.40
30 ndustriais
2.05
50 Ratis
14 Villes
000 1.00
bonds
Closing Prices
$ 1536
2733
37
10
4
New York Rubber Market
In light of the Soviet challenge, trade protectionism, has become a luxury which the United States can Do moro afford to indulgo than it can afford to permit inter-service disputes 10 hamper its missiles Red programme.
..
In its own interests and li the interests of the collectiyo strength of its allies, the Unitari States
extend must
and
since 1939 is in
|
3
New York, Nov. 12. rubber futures today closed. 17. to 45 points lower with aulos of 105 contracts.
Now! 230; Jam: 26.45; Mar: 28.55; May: 20.60; July and Sep:: 28 05: NOV: 20.60..
Standard contract closed 17
reported. to 45 points lower with no sales
vicals were
Alden te. Acy, Allied Chemical Allied Mills Inc. Allis Chalmers an, Brake Shoe American Airline American Cable Radio
Corp.
Aneriean Cyanamid Co
Juner, Foreign Power Am. Maen. & dry. American Metal American Smelting Am. Sugar Bel. ... American Tal & American Tob. "" Anaconda Copper
Armeo Steel
liberalise its trade agreements net and lend le full support to
Armour.****** The new vessel is to replace
2. No recourse be made to the proposed organisailon for
Allas Cons. Mining Koolinde, and wili operate
trade co-operation.
Nov: 20.30; Jan: 20.30; Mar: 2005; Baldwin-dans-Ham the banking system to along the 2,000 miles of coast deficits.
The United Stalca must May: 20.50; July and Sept: 2445: Ilimore & Onio After the war, when these ne between
flendix Aviation Corp. Fremantle and
that 8. The creation of bank credit reailse
дя 8 result of Nov: 20.0
Fuluics eased on a lack of Benguet Cana, .......... ships began to pass into private Darwin on the North West be restrained when savings arb economic progress, the rest of
Bethlehem Steel ownership, It was obvious that Coast of Australia. Ifer pre inadequate to meet investment the world, for the Arst time consumer buying Interest. PBY-
quiet and easier Being Airplane was not par-decessor of the same name was
Barden (The) Co. the machinery
a position to demand. and
the ticularly efficient for commst bombed
sink by
To use exchange rate varie say that if the United States following the trend at London. Burroughs Add Machine
Shipment offerings were about Canadian Pelle H. service, cial
while cargo- Japanese in February 1942. The
trade at that cent higher but there tions systematically to correct will not balance
Way, Case 13.1.) Co. of its exports, it may
Col. Tractor handling gear and other equip name Kootame conforms to the disturbed balance of payments level
volume pressing on the Celupeso Corp. improving. The owners' pelley of using Abori- misconceives the functions of have to do so of the level of market. ment needed
Spot No 1 Rss was LT. Financial Corp The differénco Imports. exchange rates which are to be Its
Curyaler Molera .... Liberty programme was follow-ginal names beginning with the
quoted nominally at 20% cents "Water stable and to provide a point of would be at least $5 billion. letter 'K', and means,
Climax Molybdenum Victories, ed by the
#more
Clucti Peabody a pound, an Fowl."
fixity to which prices, wages and complicated design with
Colgate-Palmolive Co. There tariffs can be adjusted,
Comineretai Cret appreciably higher speed.
Consolidated Edison can be no mechanism in inter-
continerisi Dil of Del. Crown Zalerbach Cuban Amer. Sugar Diamond Alkal
THE BLACK SHEEP
In January, 1949, the value of the Liberty was about £180,000 and 18 months later
£160,000. It was under
But in January, 1052, Liberties were fetching aver £600,000, due to the Korean War.
tho The Sucz crisis cause of a similar spiral, and towards the end of last year the Liberty was worth pearly
£700,000.
was
Prospect
It is expected that she will make her first northward voy-national prices without stable age in the Spring of next year,
cachanga relations between scem unlikely. calling at Geraldton, Carnarvon, Samson, Port Onslow, Point Hedland, Derby, Broome, Wynd-
ham and Darwin.
national currencies.
on a
needs
with
may
no
LONDON
Diamond Match Co. Dow Chemicala Dupont de Nemouck Eastern Airline
Fastman Kodak
The rubber markel was irre gular, with spot. quoted at 22- 3/10 pence per lb. Prices:
No, i Ra spot 2216-2214 with 2214 pald
Bettlement house terms: Dee: 2246-333
pald; with 224-22% Jan/Mar
221-222 2246-2234 Apr/Zune; 22-23, 221-23: July) Sept: 231-231 2316-231: Oct/Dec: 236-2736, 231, 2371%
General markets, cit basis, ports:
Dec: Nov: 22-2215: 221-223
SINGAPORE Despite better London advices the The effects on the United States
market opened economy of having to find a previous levels and with little overseas follow iquidation, domestle market for an ack-confidence in onal St. bilion of goods is a through eased
Initiated largely by Federation' frightening one.
If a cutback were to come at } centres.
AL Arst this prospect
The world still United States exports The question arises as to how Just as the United States needs the international liquidity of the foreign products to maintain its world can be put on a work-defences and standard of living. regionai trading It is true, as Mr Yet The new vessci is a single able basis.
Edward Bernstein, chief econo- groups being discussed all over with the Sovict screw molor ship, with a length
offensive unabated of 303 ft., a breadth moulded of mist of the International Mone the world, 40 ft. and a depth moulded to tary Fund has emphasised that economic
do- and with the prospect of U3. Main Deck of 21 f ins, She
convertibility "currency
fallering, of a deadweight
strong economic leadership pends primarily will
Carry
on a loaded payment position rather than this danger must be considered. about 1,000 tons draught of 17 ft.
any precise amount of reserves."
But # comparison of gold She has been specially
reserves and total world trade they a signed and To-day
constructed us a shows clearly that the present the black sheep of the shipping
passenger, cattle and · cargo
world gold reserves are too low world, realising as
Vessel. Including refrigerated
The needs. to meet today's £200,000.
cargo, In
with accordance
gold reserves of the tree world classification Unless un carly spell of Lloyd's highest
as a percentage of world trade are now about 19 per cent as bad winter weather in Europe and will also comply in all re- with the Australian injects some life into the coalavigation Act, the latest Mini- against 40 per cent in 1837. and grain trades, there is slimstry of Transport regulations
Monetary reserves in the form of dollar balances and sterling hope of any worthwhile revival and all requirements necessary
a sound sub- in freight markeu until next for
certificate of foreign-balances are not do- year. And the longer the pression lasis, the stronger the going. The speed in service will stitute for gold reserves.
Ititle as
argument for starting to scrap
the Liberty Bect, thereby casing to a considerablo extent the
worldwide tonnage surplus,
Many Liberties have already been laid up by their owners, especially the Greeks, while others are being considered for
be 13 knots.
LLOYDS REOPENS
IN POLAND
Gdynia, Poland, Nov. 12.
de-
This
El Paso National Gas Family Finanes Corp. Ford Motor 22-22501 | Jam: | General Electric
General Food General Motors Gen. Pub. Util. Getty Oll
80
around
143
a time when other elements in There was a fair interest for the United States economy were lower sheets mainly for Decem- weak, a serious recession would ber shipment. Closing prices: be almost inevitable.
No. 1 rubber per ib. Nov. 743 75x cession would spread through No. 1 rubber per ib. Nov. 1 out the non-Communist world No. 3 rubber par ib. Nov. 11 and would be the equivalent of No. rubber per 16. Nov. 878
Spot rubber umbaled .... a severe military defeat.
G6 G81) Blanket erEDE trade No. pale crepented Press. Thus, United States
to its ow policy is critical
to the strength of economy and the free world. To pretend that The low gold reserves number of countries have reach that there is any real altema ed a degree which constitutes a
Live to n bald and liberal United serious threat to foreign leade. States trade policy would be to This shortage of curzeNCY
that should 10= ignore everything serves brings nearer the danger have been learned in point at which "begger my months. United Press, Belghboure" policies may
Shortcoming
use as coal storage chips. The The Lloyda Register of Ship-resorted to by many
of o
be
part
break-even rate for a Libertyping office here-closed in 1930 as they did in the 1930s. New York Foreign
on the transatlantic coal trade as the height of the cold war-
is about 40 shillings a ton.
This rate Dow
slunda at
about 20 shillings, compared with a "high" of about 120 shillings in December, 1950, and
a "low" of about 25 shillings in
August, 1933, when the Korean boom burst.
has reopened.
countries
One of the best remedies to this lack of liquidity would be raising the price of gold.
coming of During its closure, classifica- The basic short
European tion and supervision of Polish the widely-heralded ships has been undertaken by common market treaty led in This Polish Ship Register and the scant attention pald to the
Exchange
New York, Nov. 12. Closing rates were; Canada
002001/14
Others unchangiect.—United Prms.
the Soviet Register, but severni problem of monetary police. I England
me Australia big ships of the Polish Ocean hope events will prove Lines remained under Lloyds wrong but I greatly fear that New Zealand Register rupervision, which was the present treaty will permit Bouth Africa The United States still has carried out mostly in German nations to continue policies of unjustified inflation with the The Lloyds Register repre- result that as their goods are international out of sentative in Gdynia skid today picked
they will sORK the Polish authorities made ap-markota proaches several months ago balance trade at their borders
2,000-odd ships, mostly Libor-:| ports. ties, in it National Defence
Reserve Fiest, and from time
to time some of Umno – are assigned for commercial opere-
to
NAMESAKES
Annvera)=)
Motament
New York Sugar
Market
Now York, Nov. 12.
Gidden Co.
Goodrich B. Y.) Co. Goodyear Tyre Gule Of Teyden Newport Corp. Homestand
Mining Co.
Infand Steel Co.
Interchemical Corp Int'l Business Machines Int'l Harvester International Nickel International Paper Int) Tel & Tel
John-Manville Co. Kanssa C. Power & Light Kennecott Copper
Liggett Meyers Tob. Ca. Lockheed Aircraft Loewa_Incorp.
Lone Star Cement Co Lowenstein & Sobu. Mesak Iron Corp. Minnesota Mini Mission Development Monsanto Chemical Co. Montgomery Ward Motorola Ine, National Cash Reg. "A" National Dalry. Prod. National Leau
New York Central
World No. 4 sugar futures National Steel Corp.
today closed to eight Norfolk & Western By. points higher with sales Ol
Otis Elevat Owen-linols Glam Oztord Paper Co. Pacific Gas & Flee Pan American Airways Paramount Pictures Buying in world futures re-Paike Davis Co. flected = fairly good. demand Fenny J.C. Co. in the world market for de- Philp Marie
of 426 contracts. Domestic No. 6 sugar closed unchanged to one point higher with no silos reparted.
livery over the
Penn. Salt Co.
two Procter & Gamble Co.
Publieker Industries
months and belief that there Pittburgh Plate Clas la a small amount
of unsold Pure O old Cuba sugar for the market.
world Radio Corporation
Radio Corp Frel.
Reynolds Metal
Both the domestic futures Republla Steel and raws were quiet.
Contract No. 4 (world)
a.wib; July: Blabi, hegt: 8.04ha
for the reopening of the office through continued use of the Quickstep, 3. Dincing, 4 Tempo. | cants, pergiɔarch Clan). Öpas ins
The main purpose of Lloyds odious devices of quotas, ex-E Tango, + Orchestra, 7
tion
to
bly
Last year, for example, official will be to superintend change controle and the like Percumion, 8' Radio; # Ballroom, was found
ocean-going ships under Closely related to monetary: 10 Devolve 11 Partner, 12 sutheries "breakout" from the construction in Polish, yerda, polles En importance to the Lessons, 18 Waltz, 14 Number, Boet bocause of the tight both for Polish and fordiġu | economic strength of the note 15 Rhythm, tonnage situation. By MaŸ“.
China Mail Special. Communist world is the question Victor Ellvit.
Verasi: 3,686 poolectar
Contrnet No. 8 (domestio) Mar:3.8; May: 4.50b; -July-
#4pt;\; 9.000 -- Nov;
Basil Oil Pe... Bains Reg. Papa: Sinclair. Du
Bosqar Mobioti Bouthern National des Bouthern Railway (Com) Blandand Branda)
4012
23
liens scored sub- Japanese stanlal price increases on 16 porta from Japan that govern- ment plans to pay off a big its foreign debts portion of within a few years.
GRt-edged securities Improv- od fractionally,
down-
Dollar stocks turned 1831% ward-United Press.
731
London Foreign
Exchange
London, Nov. 12.
Closing rates were:
3314
59
New York
30% Montre
Ameterdam
18 Brussels
03
12
INJA
50
Copenhagen Frankfurt
Miam Paris
Stockholm
Vienna
280-3/16-2.00%
130.13-140.17 1930-1950 13.77ER-13.771; 1751-118111 11801-1181 14.40-14.50 71.83-72.30
Zurich *********** 12.264-12 2013
Ibon and Oslo were unchanged..... United Press.
$3.17, LIVERPOOL
Cotton futures closing, in pence per lb, were as follows: Dec/Jan: 14 But:- Old contract: Mar/Apr: 1597; May/June: 28 DI-100: July/ate: 20.0in; Oct/Nov: R007a
New contract: Deo/Jau: 28BON; Mar/Apr: 20 73; May/June: 29230; July/Aug: 23: 001/NOW: 8.69.
BẦU PAUL Cotton futures closing, 10
per kilo were cruzeiros follows:
Nov: 36.00; Dec; 16.20; Mar: 38:00, May: $5.00; Jul 28.30,
113
In the United States, the average price of one-inch cotton at 14 designated sport markets" was not available.
Total
sales ot these 11 markets were 80,678 bales,-*-**
United Press.
Exchange Rates
Hyginem was done in the local unofficial, exchange market this morning at the following rates;--- U.B. dellar (per $1)
Sterling noten (per £1). Australian notes (per (21) Indonesian rupiah (per 100) Hiam tical (per 100) Singapore (Btraite)
SHIP
0.03 18.00
BENOLINE
Just
Arrived
New
EXPRESS ANNUAL
EXPRESS
1957
The Super-colour Book for Boys Containing
Picture-strip stories Adventure stories
True-life Features
Colour Pages
and Humour
$10.
SOUTH CHINA Morning Post LTD. HONGKONG
KOWLOON
1