SHIPPING
SHIPS FLY FLAGS
OF CONVENIENCE
Of the
company concerned is registor- ed. Even their crews seldom have any territorial nilitation with the country of registratio
Thus the ships may sail the high seas dying a log which for practical purposes in modning- London-less and of no account. 105 million gross
Again, shipowners
who com-
tons of shipping in the operate under flars of world. 10 per cent is re-venience are not bound by the gistered under flags of strict provisions to be found in convenience. If the pre-tradional maritime countries on wage scales and other em- sent rate of growth
conditions, these registrations con-insurance and crew necommoi-
ployment
social
tinues, in a short time ation. Liberia may
win first
of
place among the effective merchant fleets..
It is not suggested that woges and conditions are necessarily inferior to those in Europe, but The advantages to be obtained the International Transport from registering in Panama, | Workers' Federallon has had in Liberia, Honduras сг Caste the past to take up individual iticu are essentially financial.cases directly with the owners Shipowners heavy burden of taxation inr what is in fact, no burden of alt.
exchange Con
The result is that shipowners who are free to do have a most convenient and profitable method of solving their repince ment problems, and of increas- ng the size of their feels much feater than their competitora.
Avoidance of axallon 1s therefore nimost certainly the principal motive. Another luwer operating costs, which in some costs JIT 60 High that only state subsidy ran ensure a continuance of the ships in service.
Where na subsidy is avaliable. the alternative to the Reel ceas- Ing to operate is to transfer it to dag of convenience.
This accounts for the tremendous growth of lanker tonnage, much of it of United Sistes ownership, registered such flags, since only Americon liner tonnage qualifies for subsidy. GROWTH
of con- The growth of flag venience tonnage since the war has been phenomenal, In 1939 the combined Beets of the four countries which Gre the principal places of registration totalled ime 150,000 gross 1989. So small was the tonnage of Liberia and Costa Rica that il was not even included in the alatistical lables of world tonnage. By December 1935, however, the total tonnage registered under the flags of those
countries had increased
to 0,250,000 tons, of which nearly 5 million was tanker lonnage,
By the middle of 1050 the Agure had increased to million gross tons
10.4
The Increase in the Liberian was particularly te- tonnago markable. It went up from 4 milion in the middle of 1935 to over 1 million tons by the mulddle of last year. this last addition being rather more then the increase in the whole United Kingdom fleet over the port £ive years.
CONDITIONS
The conditions for registration in a flag of convenience country are simple. Under the Libertar maritime code of 1954 any ser. built. going vessel, wherever owned by a citizen or national of Liberia, or of any foreign country, is eligible for registra tion, in Liberla,
This includes corporations, partnerships and associations of Individuals. This means that anyone of any nationality muy register a Liberian flag.
The
concerned,
All these advantages suggest that more shipping may migrate to Joga of convenience,
that now
pron! especially
tankers and dry margins
freights are to narrow.
TANKER MARKET
STILL DEPRESSED
THE CHINA MAIL,
WEDNESDAY, NOVEMBER 27, 1957.
and
TRADE
COMMERCE SECTION
Wall Street Stocks Are
IKE SPARKS A
NEW YORK
COTTON
MARKET
Now York, Nov. 26. Cotton futures remained on a downgrado today, suf- fering losses up to $1 a bate as traders anticipated heavy safes out of the government surplus stock. At the close the Hat ruled off 0 to 27 points with the spot delivery relatively
December weak. The market opened off 8 to 20 points. New Orleans closed off 3 to 97 points.
On
The Commodity Credit Car- Paris. poration announcement Activity in the oil tanker sales against bids opened yes-
charter market has
Estimates relerday,
suggested mained at the low level possible roles of around 1,000,-
000 bales out of which has
the govern- been ruling, ment supply.
for several weeks with Markei analysts felt the cur- little change in rates. The rent shortage of higher grade number of charterers' would be relieved and that the cotton in the "free" supply orders quoting on the government sales
might lead market for single
Intressed offerings voy-to has been reduced futures. ages
sharply.
There are about available for loading
20 vessels
In the
Persian Gulf In November but only two definite orders present being quoted,
Traders Ignore
Pago
Dumped At Random SELLING SPREE
HONGKONG New York Rubber LONDON STOCK
STOCK
Optimism In Medical Reports EXCHANGE
New York, Nov. 26.
President Eisenhower's latest illness brought wild selling into the stock market in the last half-hour of trading today. Tickers ran nearly 10 minutes behind actual floor transactions, recalling the wide heart attack break of September 26, 1955, and the lighter drop in the ileitis attack of June 8, 1956. But time was in favour of the market today. There was actually only 20 minutes after the news was announced from the White House until the final closing gong ended trading at 3.30 p.m. EST (0430 Wednesday HKT).
Our Own Combipondent
on
Business done on the Hong- Stock Exchange this
ximately $295,000. Noon quota- tran- sactions were:
Bhares
morning amounted to appro- tions and the morning's
BANKS
·Buyers Be120m Keira
055 14% 3200
16 855 270
70
0.53
ik Bank..
East Asia INSURANCES Union
Wheclock
Market
New York, Nov, 28. Rex rubber futures today closed 5 to 20 points higher. Sales totalled 87 lots. Closing prices:
Nov. 27.65: Ja, 21.05; Mar.. 25.20; May. 2016; July, 29.20; Sept., 20; Nov, 20.50,
The current November expired
at noon
Standard contract closed 5 to 20 points higher with no sales reported.
Nov. 2735: Jan, 20:30: Mar, 2nd: May, 20.18: July, 23.10; Sept. 28.20; Nov, 23.28.
May
buying,
MARKET
and
London, Nov. 20. Stocke ruled irregular in moderate dealings on the London Stock Exchange today.
were down a shilling or so in the
Rolls-Royce
Bowaters
Industrial group, Otis were se- dye, and strong with Royal Dutch up, 2/0 and Shell Trans- phrt more than shlillag higher.
British Government bonds ware quiet but both Old Con- sole and War Loan managed to Improve about £1/16.
Ger-
Japanese bonds continued to enjoy selcelive demand. mans were. Idle and rarely visible on the tape.
Commission house more or less concentrated in the delivery, along
with BG 1000, 6.55 dealer buying imparted an over-
tone of sleadiness most of Qie | copper day.
SHIPPING DOCKS, ETC. Dock Provident 1536 11.80 1000 1100 LAND, ETC. HK Hotel 14.00 14.80 4000 a 14.0 IK Land..
23 395 1050 2 334
K. What .. 117 $10
Bezity RUBBER
Amala
1.353
1.23 1.39
1.193
1.206
UTILITIES
XTROL Star Ferry..
13.80
Yaunat!
xD 1750 17.00
Electric ....
That coding of deals turned California $40, off 1%; Sperry oales to the Pacific Coast $17, of ; U.S. Steel 300
It off, and Vanadium $27, st market in San Francisco, gave time for traders to recon-off .
News sider if they want to leave their
of the President orders seli
In the brokers stroke
shortly Came
after The government weekly crop band to be executed at the noon (PST) and traders hurried summery was unfavourable.
opening tomorrow. If so, that back from lunch to join in the Rains and mow
on the Ban continued to opening could be a tremendous frenzied activity hamper harvesting operations. one with specialists hard put Francisco floor. About seven per cent remained to try to and buyers for the Dow-Jouts
closing averages be picked in eastern bell offerings at prices far below In New York were: sections. But between 35 and tonight's closing levels.
cent was still harvested in Arkansas,
at
to
is not
40 per
+X-
near
The situation pected to change in the future as independent dealers are only chartering to tain their of stocks current low rates.
main- at the
consump❤
Britain-Con-
un-
The cerificated stock rose 3592: to 7,581 bales. The open post- tion in December totalled 71,000
Much Wider
These closings were down
50 industrials
20 ralis
18 tilities
(3 stocks
40 bonda
Commodity tires indest
Tal.
INDUSTRIALS Cement.... 24.20, Amoy Can STONES, ETC.
433.34 Dairy ..... 10.10 16.43
19.93
00.00 Watson
145.67) COTTONS
Closing Prices
4.39 Textile 101.29; INVESTM
Allied
1845
bales. No delivery notices ap- US$4 or US$5 a share from peared in New York, but the yesterday's dat prices. The lenders
were Issued at New losses would have been much Alden Inc. Acy. wider. If the news had Aied Cemicals AIDUO MIts ine. broken carlier, the experts Allis Chalmers
Orleans.
Am. Drako SIG American Airline
Some of the big stocks-this. Am Cable-de Radio Corp.
wido Ameriran Cranemid Co.
Am. & Foren Power-
real lenders-had drolines.
Math
Volume
Open Interest said.
Dec
5,400
21,430
Star
37.000
232,100
14.300
308,400
July
19,300
166.000
Oct.
16.300
123.900
Dec.
7,000
£1,000
1300
10,500
May
Total
2,300
5,900
200
$83,000 bales
Any increase in tion of healing fuels brought about by particularly cold weather could well be offset by la drop in Industrial demand.
Caribbeans to tinent of Europe rates remain nominally at British Bourd of Mar. Trade Scale minus 50 per cent. while Persian Gulf to Britain- Continent of Europe rates were at B.B.O.T. -Scale minus per cent or lower,
50
the
Their losses from their early highs were very wide since the market had been holding high of the session through most
Am. Gas & Eléctric
Am. Mucit. &. Váry, American Meisj
New York Cotton with traders convinced Decem-Amerienn Tob. "B"
Prices
Prices of cotton futures closed today in cents per lb, as 101-
American coastwisg Tales stood at Unlied States Mari- time Commission minus 55 per
of 6,325 tons lows: cent. A tanker was arranged by ESSO. Cuba, for two years time
Spot: 20.40n; Dec: 31.35; Mar: character 34.11; May: 36.06; July: $5.50; Det: in lubricating oil transport, 33 6p; Dee: 35.83; Mar: 55,53; May:| commenting January, 1958, at $0.75 per ton per month,
248
In the timecharter market there has been some Interest in contracts for 1058-50 de livery, even at current rates. A Scandinavian 28,000-tonner was taken for five years timecher- Iter, delivery mid-1958, at
Da per ton per month, by the ship under the Italian charters Aquila. About eight vessels are being offered registration bas not to Caltex, New Yorks,
for necessarily to be carried out in clean and dirty trading
time- Liberia; it can be effected in
delivery. to. $3.75, is 1.20 dollar
but the company has nol yet committed ilselt,
New York.
The
charge
per net lon. The annual tax
is 10 cents per net ton, with
a guarantee that this will not
be increased for 20 years.
The Panamanian
low- on the subject is drafted similarly wide terms. Registèn- tion costs one dollar (U.S.) per net ton and, as in the car of Liberia, there is afterward an anual tax of 10 cents per net ton.
As an example of the dues payable, let us consider ship
of 5,000 net tons, which might well represent a cargo liner of 7,000 8.000 grows tons. In Liberia the registration fed would be 6.000 dollars-a one- for-all payment. The annual tax at 10 cents a net for would be 100 dollars,
ngo
of
charter contract, 1959, at rates down
CLIMATE CONTROL
а
33.46.
NEW ORLEANS
Prices of cotton futures closed today in cents per lb, as tol- laws
Bpat: 5.29: Dec:-30.35: Mor: 30.13: May: 36.06; July: 30/3: Det: 33.71; Dec: 3.07; 14: 33.57; Mas! 33.64
Cotton
LIVERPOOL
Baltimore & Ohio
American Smelling Amerienti Tel & Tri Am. Sugar Bet,
ber would see the usual year- Anaconda Copper
Armco Steel end rally.
ANTIQUE... The President's itness At Cans. Mining changed
that, without apparent thought of the Beneficiat Finance
Traders, Baldwin-Lima-Ham.
doctors' statements that the at Bendix Aviation Corp tack was not too
severo and Benguet Cor that "the outlook for complete rettilehem Steel
Borden (The Co. recovery within reasonable Burroughs, Add Machine period of time in excellent," Campbel Soup Co,
Canadian Praca R dumped stocks at random,
Camo (3, 1) Co. The trading built-up and final cat. Tractor Lekar lateness amounted to Celanese Corp. more than 15 minutes before Chree Manhat. Bank
C. I. 7. Fmancial Corp. the last quotallon appeared on Chrysler Motots the tape.
Chmax Molybdenum Cluett Pobody
Ive Co. Colgate-Paimolive Colombian Carbon Co Commercial Credit Commonwealth Elec.
Average
It was recalled that the
In-Consolidated Edison
Zellerbach
future closings, industrial average broke 31.89 Cuban Amer. Sugar pence per lb. were as follows: Old contract
Doc/Juth
Bear/Apr.
May/June July/Aug Del/Nov. New contract
Doc/Jan
Mar/Apr.
May/June
July/Aug.
Del/Nov.
SAO PAULO
Diamond Alloa.. Diamond Match Co. Douglas Afremft
Chemdeals...
points on September 20, 1955, the second widest break in bis- 20-60 tory. The widest was on Octo-Dow
23.23
28.82
20.00
21.70
21.15
27.43
ber 28, 1020 when the average fell 38.33. polnis,
On June 8, 1950, the in dustrial average fell 7,70 points, mild reaction to the leftis at- tock. It has fallen much wider in recent markets on less sen- suUbnti causes,
came a recovery
Digiant de Nemours Eastern Airline
Eastman Kodak
El Paro National Gan Family Finance Corp Firestone Tyre & Rubber Ford Motor... General Elecule General Fonds
General Motors Gen. Pub, UNI. The market opened irregular- Getty Cli New York. Cotton future closings, in lower with prices lilellaro Co
cruzeiros, per kilo were as fol-changed on the whole.
Goodrien (..) CA Then Goodyear Tyta Air-conditioning, or "climate
lows:
followed by Gulf of... control," has become a May: 3.60; July: Oct: 39.30. another decline when the an-Heyden Newport Corp, basic design feature In
In the Unlled States, the new passenger and cargo average price of one-inch cotnouncement on the Fresident's lillness was delayed. Finally the ton al 14 designated spot raar- ships and accounts for kets was 34.66 cents.
wide drop on a late ticker came between 8 and 12 per Total sales at these markets in the last 20 minutes of trad- cent of the total cost of were 102,674 bales-United construction,
according Press.
to a recent United States Aurvey.
With this enormous advant- Planning for air-conditioning near-freedom from at the design state is much less taxation, a Liberlan owner is costly than converting existing
Ister. Instaliation position of
competitive vessels Ruperiority against compeitions ducts and outlots throughout a who may have to pay os mucha ship that is converted
in a
of
as half of his so-called pronts air-conditioning is an extreme-
to the tax gatherer
ANOTHER SIDE
There is another
ly expensive business,
Important ISRAELI
LINE
side to the question. The re- quirements of registration de manded by the old-established
Halin. markime powers enablo the It has been announced that country concerned to exercías the Black Star Line. Jolatty proper control and effective owned by Zlm of Israel and Jurladiction ory t the ihios | the Ghana Government, wil Balling tider lå fing.
start operations next
However, domestic factory buying interest remained on the slow side. Some early buying was coupled with October IC
of
115 port showing total consumption new rubber during the Period.
In the U.S. tona compared
at 138,295 long with 120.928
17 Jong tons In September.
600 a 20.30
No. 1 Rag WES cents.
Say
2011
400
38
10.20
Spet
quoted at 27H
SINGAPORE
The market risled quiet and 500 14.20 featurless throughout the day with most dealers disinclined to trade.
12 15.30
4.00 4.78 1000 @ 4.05 NTS
0.39
4.50 1080 @ 3.33 JAS
London Foreign Exchange
Moni.
There was a fair interest for lower sheets but sellersE were reserve,
Future closings were:
Gold shares were Armer and shares eased.-United
Press.
New York Sugar
Market
New York, Nov. 26. World No. 4 sugar futures
today closed 1
point
higher to 5 points lower with sales of 240 con- tracts.
Domestic No.
a sugat closed unchanged to 2 points higher with sales of 64 contracts.
World contract activity was curbed pending the meeting of the International Sugar Coun- ell in London on Nov. 28. The domestic contract
reż
No. 1 rubber per lb. Dee: Th aceted the higher rulinga of 76%; Jan; 78-79 No. 1 rubber per { rawn.
30 Dec: 70-71 No. 3 rubber per
ib. Dec: 24-Tet: No. 4 rubber par
1b Dee: 71-7211; Spot rubbar in- taled:
747-701) Hlanket, crepe 0746-22361-N®, 1 pale wrapw: Rist-Colke
LONDON
to
Contract No 4 (woria)
Jatt.
Max.
July Sept
Spot (cents par 18. tob Cuba)
Opan interest: 5,700 coutra
Contract No. 6 (domestic)
London, Nov. 26. Closing rates were: New Yorki 2.80%-2,0538:
The rubber market real:
8.70-9/16-2.10-11/10; Amster- Not: dem: 10.63-10.8312 Brussels: stendy with spot up 5/10
140.2234-140.35; Copenhagen: 19.3123% pence. 1003| | 19.837%) Frankfurt: · 22.3715-21.774: No. 1 a spoi: 234-221).
Man: 178134-175214; One. 20,00 Bettlement house term: Deo: SMA- TAN 124 20.00%: Paris: 1183-11031s: Stock: 31 Jan/Mart 24-2414 Apr/June: 444 | holm: 14.0035-14.00ça: Vienna: 25: July/Sat: 1424: Oet/ Juis 121172.85-72.90; Zurich: 137711-12.2734; | Dea: "2355-2415.
Olkers unchanged--Valted Press,
New York Foreign
Exchange
New York, Nov. 20. Closing rateś were:
England offelaly 2.80-19/10; Eng- Jand unafelai; 2.01-2.66; Cansul: 1.06-11/13; Other unclanged,—United
Prem
New York Metal Futures
New York, Nov. 201
Prices of metal futures closed Today in cents per lb, as follows: Lead
مصلح
Dec.
Jazk
Dep
Jan.
Copper Deč.
Jan.
Tlm
Jan
12.10b
12.100
2011
9.400
لاهري
Rest
General market, elf baxir, portat Nov: deleted; Dent 233-984; Jas. Spoi-cents per in. cif NY" |22%-2333;. Fob: 231-3333 Estate crepe this Dec: 2434; thick D46: 20.
tarost:
AMSTERDAM
The rubber market was steady. Prices closed toddy, in guilders per kilogram, cit Dec. as follows:
No. 1 rubber
120 buyer
2.23 buyers
2.14 hocep
No. 2 rubbe No. 3 rubber
No. I crope
Unil
ZAI buy ch
Press,
oxicity) United PreOR
8
contrect
NAMESAKES
4.70
Abswerk-1 West, 2 Cowboys, Arizona; 4, Tombstone, 5 Gunfighter, d. Sicers, 7 Law, B Marshal, Pilinder.
Wyatt Earp.
• Strait-United Press,
13.88b 23.03b B4.0235* .60.02! b
London Metal
Prices
London, Nov. 28.. Prices of metals closed today
in sterling per long ton tal
follows:
SHIP
BENOLINE
As approved by the
Postmaster General, Hong Kong
AIR MAIL ENVELOPES
Ingersoll-Rand Homeaske Mining co.
7
25
Tin pat
4-month
Ini? Burners, Machines in Härverter International Nickel Internal Paper Int'l Tel. de Tel. There were 1,209 Issues trad-John-Manville Co. od, with 883 lower, 170 higher, 178 unchanged.
New York Stock
Exchange
bond volume was $6,000,000. And
Germany
France Want Waiver
Genova, Nov. 26. France and West Germany bevo been granted a walver covering their trade relations with the Baur by countries party to the General Agreement on Tariffs and Trade, it was an- nounced here today,
Exchange
American Stock volume was 900,000 shinrer,
Pacific Coast
In San Francisco, the wave
Lockheed Aircraft Loews Incorp...... Lotte Star Cement Co. Lowenstein & Bons. McDonnell Airerait
Stock Ere.) Mesah Iron Corp. Minnesota Mining Ellen Development
Kennerott Copper
Montgomery Ward Matorola Ine.
Copper Knot
Lead
-hand halt Nov.
Feb.
Zine 2nd half Nov. Feb,
Buyor Baller
201
188
Unit Prem.,
Exchange Rates
Business was done tri, the fogli the Mcial Lerchan po
morning, at the following extens
UB. dolar (per (1) CATALYZ
National Cash Heg. “A” National Dairy Prod
Market**ghe
M
18.03
101
Sterling notes (per £1)
30.48
1512
Australian notes: (per 21)
12.03
Indonesian rupiah (per 100)
14.10
30%
Sam meal (per 100)
23.00
43
Singapore (štralia)
Sterling Drig_cd
BIL
|SIDORR}}=Vali Carip
Studebaker-Packard Corp.
Páramota. Pictures Parks Davinx Co Penn, Balt Co. Phily Morris Prociar & Gansile Co. Pittsburgh Plate Clas
Publicker Industries
of selling on the New York
National Load Stock Exchange following dia- New York. Central closure of the nature of Pre- | Norfolk & Western Ry, ........... sident Eisenhower's iness, Olin Mathieson Olla lavatore continued on the Pacific Coast Orford Paper Co. Stock Exchange today, with Pacino Gas & Elec.. prices bff 15 to one point from Pits American Airways the Now York close in certain issues.
Moro than 72,000 Pares ware sold here in the last two The two countries requested hours beginning at 12.30 pm. a waiver concerned with cus- month. toms teollowing leirange closed. During
the New (PST), whên
York | Jurs Oil Liberia and the other dog Negotiations for the purchase treaty on the Saar in October, normal market.
Radio Corporation of convenience
Radio Corp, PTI. dây countries, in of a 8,000-ton freighter ari al-
20.088 pablo atel -1940. the other hand, are often not most complete,
shares are sold in the last two olds Metal In a position to exercise such
Baeri, Jontrer à Co. Under tarme of the Treaty hours here. ontrol
In the first instance the Une the Bar continues to form a
Blocks on the downturni, vil bu y
Bar, Piper vessels walling. under their will operate between Ghada customs union with France from the New York close in-, || linalai)" ou fagi seldom, It aver, call at and British parts, 2 Cho thuring ko trudalforia perlai lo duded: Aluminkah ~820, of: 917 Hogan Hebill their portà.
Zum is planning' = regular and on Dabber 31, 1999, at Bethkham Steel 1861%, or can be Their owners whether as Far East service of its out as the latch.
· Caterpillar;: MASHON Individuala be, ki s company, well as exlanding its vection to
General Télsphine $40, of 1/1; Fou may bay; nèiller nationsä of, the Getát Lakes. At present The Sate will then bérome Phillips › Paitsieraad 3271, one nor resident in, the country this in run by, one ⠀⠀ American | part of tits cumpokea, textilurgy of 14; Pacino, Ger " and "Mectrio | Fandans. 21-25- where the vessel or shipping ship under charter, to Zim.
notora. Germany. -Reutor: SACK
atrectively,
HEATH MOIE
RA ALMAN
Huahoo Mintr
Tx Co.
Tectron Loc,
Tide Weber Anki, kril
Time, Ing.
Twentieth Century Fox Flim
Union Carbide.
South China Morning Post Ltd.
Job Printing Department
20002
Ghion Parina Rativ
Toom
Werter Union Tih üb. WULTWOLL