SHIPPING
WORLD MERCHANT SERIOUS TANKER FLEET EXPANDS
KTOKS
London.
tona to a new 110.2 record level of million tons during the year ended July, 1957. Apart
SURPLUS
London.
The world's merchant fleot | Although more business rose sharply by 5,046,000 was transacted in the oil tanker churter market last week, the current surplus of tankers is so great that rates showed littlo war
change. Vessels seeking employment are still competing with relet ships being offered major chartercra.
from the
years, for which figures are not available, this is the largest annual in- crease in world tonnage since 1920.
It reprosents an addition of about 42 per cent, to the exist- ing tonnage and it appears that a comparable rate of increuse is continuing
Once again, though this ex- pansion was distributed widely among the main maritime couni- tries, the Liberian "Aag of con- venience Beet led the world with an increase of 1,882,000 gross tons, or 33.7 per cent.
The Liberinn fleet is a wholly Since post-war development. 1950, it has grown from 245,457 tons, representing only 22 stilps, to 743 vessels, aggregating
next
7,460,120 tone this year.
Norway comes 4$3,000 tons to 8,480,000 (os:
more
1
Cup
by
THE CHINA MAIL, WEDNESDAY, DECEMBER 18, 1957.
TRADE and
THE NEW YORK
STOCK MART
New York, Dec. 17.
Bear market looks for steels and some of the autos, wide declines in metals and new selling in railroads marked a more wide and lower session on the stock market today.
Tax sciling increased as the time drew short for that of trading. Blecks lost up
Rates will continue at virtual NEW YORK Melis
ly the same level, said one broker last week, "unt there is a great increase In company inquiry."
major
The brightest spot in the markel last week was a revival in business in the American const-wise market. If this de mand is maintained it could absorb some of the surplus tonnage available and so help to bring about a better balance between supply and demand.
INDICATIVE
It is indicative that charter- ers siill find that, degile Jast week's increased business, they usually receive several offers at low rates from lanke: ow
nu
then Germany tup 309,000 tensers for each inquiry.
tons); Italy with to 3.400,000 355,000 tons more nt 4.552,000 tone: Japan, with 339,000 tons 4.415,000 tons the Notherineds, with an increase of 329,000 tons to 4.333,000 luns: and Britain, up 312,000 tons to 10,857,000 gross tons. LARGEST
Kingdom
has
The United will by for the largest active merchant teet In the world. While the United States us # feet of 25 911,000 tons, about 12 million tons of this total la
in the "mothball" reserve.
Since 103, the world neet has leen by 41 million tons. Apart from the United Stateswhose tons Increase of 14% million over the period includes the in- azlive "mothball" reserve, The main contributer was Liberia, with 7 million tons.
Norway and Panaina follow with expansions of 34 million tous cach, and the United King- dom with a rise of 2 million tona.
Lloyd's Register
2.
So long an owners are will- g to continue on these lines, hey have
reasonable hope of raising freight rates.
In the west last week, single the Carib- voyate rates from beans to U.K. or Continent stood about Seule minus 50 per walle Caribbeans to U.S.N.I rates showed a sight,
nbout ni
21⁄2 Improvement
50 to U.S.M.C. minus points per cent,
Rates from the Persian Gulf to the U.K. or Continent were unchanged over the week around Scale minus 524 per cent.
at
In the period market, several charterers Are
seeking lonnage in the 16-18,000 Lans tunge for short period employ- ment and for six months' Ume-
are charter. Charterers iden about $2.50 per ton per month.
of Shipping DEPRESSION IN
returns show that all tankers
accounted for 1,727,000 gross FREIGHTS
tons, or over 34 per cent of the overall rise in the world fleet during the year.
The tanker fleet at the end of July totalled 25,937,882 tons, representing 27.2 per cent of the world merchont fleet, compared with 20.8 per cent a year be fore, and only 18.9 per cent in 1999,
the
The more recent trend to still larger tankers is shown by a considerable increase over year, to almost 4 million tons of vessels of over 20,000 gross tons and under five years of agr.
"Of the world tanker total of
London.
There is little prospect of a chunge in the Atlantic freight trade which could take freight rates out of their present rut, apart from a prolonged period of bad weather.
and Coal stocks in Europe Britain are high; the harvest
been
has been good; the demand for Industrial materials has damped down by high interest
RUBBER
MARKET
New York, Dec. 17. Rex rubber futures today closed 15 to 30 points higher with sales of 102
contracts.
May:
Jan: 24.50: Mar: 20.00; 23.50; July: 24.51; Sept: 28.85; Nov: 23:30: Jan 28.45.
time
the same.
COMMERCE SECTION
HONGKONG STOCK EXCHANGE
Our Own Correspondent
The
N.Y. Cotton COTTON Market
New York, Dec. 17.
- PRICE CUTTING
Manchester, Dec. 17.
Cotton futures today finished with minor net | Price cutting in raw cotton
A
changes after see-sawing erratically over range of $1.30 a bale,
few
'The ressions. Sagging suddenly after steady | the last Business done on the Hong-
enlivened because al this opening, the market thon staged market Stock Exchange kong
consideration and morning amounted to approxl- an irregular comeback as selling technical
and trade buying partly due to buying of saw- mately $133,000. Noon quota- cubisidest
gins of a large firm. There was tions and the morning's trans- orders predominated.. actions were:
The post-opening drop. 19- a report saying that about 17,000 Accted an overnight accumula- bales have been entered for co- tion of hedge selling, plus con-port to China. sumption estimate in November
Douglas, declined more than 4, Jed the aircrafts lower. Merr McGeo Of poil 3 and severaů other olls were down 1 to mora than 2 points.
Chemicals sagged with their outside losses running to more thon' 2 points. Declines niso feu into building issues, form implements, office equipments, Docks, ETC. shipbuildings and miscellaneous K. Whart issuco.
Goodrich ran counter to he trend in its
and section gained a few points.
Štires Bayare Kalinen INSURANCES Unton ...... SHIPPING Wheelocks
Of the 1,200 19sues traded, 142 declined, 158 advanced and 208 held unchanged. New lows were set by 191 issues and new highs by 2
and buyer cautiousness pending
by the American Govern- ment helped to boost U.S. cotton; exports to Britain in the past year to more than one million bales
with comparod
only in the 195,000 balos previous year.
A La Hughs, President of the Manchester. Cotton Association
Prices closed today in rupees told the annual meeting today
news on outcome of bids open- per mound as follows: ed yesterday for purchases out and alter in
Sales
10%
50 a 79 20 7815
8.40
4.30 1,000
1,40
70/40
120
6.45
500
$5
roller gin
RO/2
100
1.45
At the close the list ruled off
114
vident (0) 11.40 11 m
LAND, ETC.
9 to up 2 points. Opening prices were off 1 to 5 points.
2005, Punjab
New
roller a Baw Rin
23,10 01/0
United Press,
IK Hotel 14.50 14.00 UK Land. RUBBER Amaig.
507 3214
1.30
1.35 10,000
323
1,000 61225
5,000 1.323
125
1.30
200 40 1.2.1
TILITIES Peak Tram
(0) Yaurati
22.30 22.00
1412
Trust
New York Stock Exchange bond volume was $8,550,000.
American Stack Exchange volume was 260,000 shares.
#7 closing averages Light TO 1680 Dow-Jones
Feric
20.30 20.00 Telephone 2490 20.10 were
30 industrie
20 rails
10 titles
83 klocka 40 Goods
Standard contract closed 18 to 30 polata higher with no sales reported Jan: 29.co; Mar: 28.50; May: 2 B July: 29.00: Sept: 20.50; Nev:
Jan 20.43. Steadiness
terminal en the market was associated with the London
and pro- market fessional evening up operations pending developments in Indo nesla or other incentives.
interest, at a low Consumer ebb for sometime, Wits even dealers quieter today, which believed to be a forerunner of the year-end holiday spirit.
Shipment Terings were mo derate. Reported sales includ-Alden Inc. Acs,
one sheets at 27% cenis: Alled Chemicals three sheets at 20 cents and All Chalet Jour sheets at 25 cents; alt Aut. Brake Shoe American Altine
ધર્મ
Comum, future prise Index
$24.05
10.65 INDUSTRIALS
6730 Cement 142,04
www
1831 STORES, ETC.. 158,40
Dalry
Closing Prices
KE
Allied Mill
cost and freight, Dec./Jan, ship-Arn. Labic & Radio Cory. ment out of Thalland, Spot American Cymamad Cv.
quoted at 28%
No. 1 Rsa was cents.
SINGAPORE
The market opened lower in sympathy with overscas advices and ruled qulet until receipt of news of further deterioration in Indonesian situation which caused sharp upswing in values,
At higher levels Lacre was some profit-laking which was well absorbed. Future closings were:
H
No, rubber per ib. Jan. 8135-823%
Feb. 8135-02% No. 2 rubber per lb. Jan. 80-801
TB-7814 No. 3 No. 4
7532-7032 Spot rubber untaked
net crepe No, i pale crepe
LONDON
024-374
11-24
84-83
at
Am Forga, Power Aft, fins a Mecirk A. Mach. & dry. Amerkan telaj.. American Smelting Aan. Sugar Mef. Ali Tel & Tei American 1cb. "n Anaconce Copper Armco Steel
Armour
Atlas Cons. Mining Baldwin-Line=FIRM, Ballimore & Ohio Beneficial Flanne Bendix Aviation Corp. Denguet Cons. Bothichem Steel Boeing Airplane Garden Tho Cao Burroughs Add Machine Campbell Soup Co.....
Canadian Pacile R
Cat, Tractor
Celana Corp.
C. I. T. Financial Corp., Chrysler Motors
Cilmax Matybdenum Clutt Peabody Colgate-Palmolive Co. Calombian Carbon Co. Commercial Credit Consolidated Edison Continental Où of Del. Crown Zellerbach Cuban Amer, Sugar M}6-293% | Diamond Alkali 242-24 Diamond Match Co. 2412-2436 | Douglas Aircraft
The rubber market was barely steady with
quoted spoi 24 3/10 pence per lb. Prices:
2414-244 No, 1 Rus spit Settlement house term:
Jan.
Feb.
Mat.
Jan./Mar.
Apr/June
July/5. Oct/Dec.
Dec.
Jan,
2432-2435 3446-2133
542-2411
2476-23
£376-261
231-23
2515 -United Prem
23.0 million tons, nearly 11.3| ralcs, which make It expensive
to hold stocks, All these factors General markets, elf bols, portat 2.0 Only
together have reduced demand
million tons were built within the last five years. emillion tons of tanker tonnage, is more than 20 years old. OUTLOOK
for freight space, and for the goods carried in ships.
Unfortunately this output has All the same, there is not u come on to the market ut
great surplus of active uncm- time when the growth of world ployed tonnage in the world, in de- trade has come to a standstill. and a small incrguse
the As a result of
general mand can bring about a sub-
special stautial rise in rates. economie situation and factors, such as the high level
the DEPRESSION of European coal stocks, large number of new ships now
On the other hand, are beginning being delivered
during world current depresston
1
lot of uneconomic longed,
especially Liberty
be scrapped Lordships, will "they US, Maritime Administration
their careeTR
freight slump).
As the president of the British tonnage, Chamber of
Shipping.
Simon, has pointed out,
Further ahead the
Д
19
ir the pro-
The
to serup
Estate crepe thin Jan.
New York Sugar Market
New York, Dec. 17. World No. 4
sugar futures
today closed points lower to 11 points higher with sales of 613 contracts,
Domestic No. 0 sugar futures closed 2 to 9 points higher with sales of 221 contracts.
Daw Chemicala
Dupont de Nemours
Eastman Kodak
El Paso National Gas Family Finance Corp
Firestone Tyre & Rubber
Ford Motor
General Electric
General Foods
General Motor
Gen. Pub, ULU.
Glidden Co.
Goodrich (D. P. Co. Goodyear Tyro
Gulf Ou
Heyden Newport Corp.
Homestake Mining Ca
Ingersoll-Rand
Inland Steel Cn.
international Nickel
International Paper
A routine business between reflocrs and other trade intesabl iron Corp.
featured
tercata
in
both Minnesota Mining,
WATAON
20.00
500 T 03
300 10.00
105 i 201
15.00 10.10 1,000 10
11.00
INVESTMENTS 1.K. & FL.
Invert,
0.00
LONDON STOCK
MARKET
of the government's raw calton | for Blud surplus.
Orleans. closed 1 to 5 points down.
RESULTS
Results of the sale are ex-
pected to be made known later
NAMESAKES
In the week. Meantime hedge Answers: I Frederic,
selling developed anticipating Orchesten,
awards.
The New York Collon Ex-Polonaise,
change estimate domestic con-
sumption of all
Faw cotton in
the five-week
pariod ended November 30 at 050,000 bɛles, This compared with 820,000 balca used in the preceding ave-week perlod and 870,000 bales used in five-wock the correspondirut perlod last season.
weeks
Consumption for the first 17
the season Was O Umated at 2,790,000 bales against 3,106,000 bales used in! approximately the same time last season.
Poland, 5
Chopin.
The Govemment weekly Crop summary was favourable. Fair and sunny condition permitted completion of harvesting opera- Į SAILS: tions in the north central and northwestern portions of the main belt. Tals colton, however,
3 Pianoforto,
Composing.
2
that imports of Commonwealth cotton into Britain bod suffered 23 a result
Arrivals of Nigerian cotton had slumped from 182,000 - bales to 57,000 and imports from the Sudon fell by over 100,000 bales,
"The intest development that Lancashire is faced with alarmingly increased imports of cloth from China.
will
"Surely the government see the danger to the trade and Buch Impose restriction goods," he said.-Valled Press.
P&O
R.M.S. "CORFU"
NOTICE TO PASSENGERS
London, Dec. 17. Trading started briskly to showed adverse effect of pre- vious wel weather. Picking day in the new British neared completion in most of BAGGAGE: Petroleum bond issue California,
311,200
4035
10%
23
10%
an
341
with the offering closing stonin Volume Open interest £6 above the issue price Mar. in otherwise lower May market.
Dec.
*,000 7
237,500
10,400
333,803
July
10,000
199,200
Oct
22.600
145.100
Dec
3,600
22.200
Other oil issues cased led by Royal Dutch which lost Ave shilling.
Mar.
6,000
19,000
May
1,400
Tatel
NEW YORK
At the close of trading Shell
כן!
63,200 1,04,100 bales
Prices of cotton futures closed
Transport and Trading Co today as follows, announced it will disclose the
Spot, 30.00 Mar. 30.27) May. 25.41: terms of its new issue of com-July, 30.13; Oct. 34.81-82; Dec. 34.44: ince shares about the middle of Mar. 34.30: Mar. 4.34. January.
Gilt-edged securiUex Were istless and drifted lower.
Industrial favourities fractionally lower.
NEW ORLEANS
Prices of cotton futures closed today as follows:
closed
Foreign bonds were mostly unchanged and quiet.United Press.
SINGAPORE
STOCKS
Singapore, Dec. 18.
Brokers today quoted the following stock prieca:
Co.
Petrolewu Burtico
Consolidated Tin Smelters
Ord.
Opening
$1.35
458
291 64
Frater & Neave Ltd Ord... 09.0735 Fraser & Neave 716% sum.
prot
Interchemical Corp.
2415
Int'l Business MachinÇA Ini Harvester
21 7714
It Tel & Tel
3431
Balu Lintang Rubber
Lid.
John-Manville Co,
Brille
Kansas C. Power & Light
3874
Syndicate
Ligel Meyers Tob. Co.
Loews Incorp...
Lockheed Aircraft
Lowenstein & Sons,
McDonnell Aircraft (Am.
Stock Exge.).
23
Honkane
Comunens (Malaya) Linuted Shanghai
To
Banking Corp...
19
Hongkong Tin Lid,
Kumpas Ltd: .....
$4.00 $2.27
$450
01.65
3917
Kuala Kamper Tin
Ja d
40%
Lutu Rubber Estates Ltd. Malayan Breweries Lay
1.05
$5.421
Now Serandah Rubber Co.
Lid..
$2.65
5036
Petallsg Tin Ltd.
23
Fes Hotel
$2.00
cx-
Penny JC, Cs.
Singapore Cold Storage
10.94
Penn, Ball Co. Philip Morri
Straits Trading.
31.7746
50%
Strails Steamship
$16.20
43xd
Procter & Gamble Co. Pititnirgh Plato Glam
United Engineers Ord.
$1.20
Wearna Bros.
$3.20
Pubiloker Industries Pure Oli...
4 exail; 1 endly,
China
Special.
2714
7114
will add to a supply of shipping has already decided already far in excess of present 100 Liberty ships in its reserve demend."
fleet next year. outlook
contracts. Rutes for coal and grain ata World may not be as gloomy.
poor, Coul is around 30 trade will eventually resume its bo h upward movement and o emoll lines a ton, Hampton Roads Rotterdam-Hamburg range, change in the demand for ship-to ping can exert a disproportion- and 38/-a ton for Poland. Heavy ate Influence on freight rates. grain is 8.25 dollars, US, Guit
Contract No. 0 (domestle) to the Continent of Europe, and Bul even in the long run, it is
May: 5.10: July: 8.83; Sept; still not clear whether
57/4, British Columbia e Bri
Bput-(cents per th. c NY duty):
Open interest; 1,020 contracts. - United Press.
or no!
the demand for shipping has toin. been overestimated.
The Eastern trades are a little
A great deal mry depend on more hopeful, India and Paki the rate at which old tonnage is stari, are expected to increase scrapped. Existing world feets groin imports, since the crop
Contract No. 4 (world) Jan: 3.06; Mar: 3.82-03 May: 3.1 July: 3.00; Bept: 3.81; Oct: | 2.88: MAT: 3.05; May: 3.59; Spate (conta per lb. fob Cuba): 3.00.
Open interest:
still include many war-time in those two countries will not New York Foreign
Liberty ships more expensive to be adequate for domestic needs. run then fast modern vessels,
Similarly, Australia has had
If the present slump in freight a crap fallure, and may have rates is prolonged, large pro- to import wheat from Canada. portion of Liberty vessels moy But all these countries will try be scrapped. In that event there
to limit their Imports as far as will be a reasonable prospect of eventually employing the whole possible, for balance of pay-
of the newly built tonnage
remunerative rates.
OIL TANKER FLEETS
at
iments reasons.
('000 gross tons. Figures In parenthesis show changes over
the year.)
United Kingdom
Total British
Commonwealth
Norway
Liberia
United States
Panarua
Italy
Franco Netherlande
Sweden
Удрал Denmark
Germany
4,500
(+237)
5,951 4,747
(+261) (+87) 4,143 (+939)
Exchange
Millen Davelopment Monsanto Chemical Co. Motorola Inc. National Dairy Prod. National Steel Carp .Norfolk & Western By.
Olis Mathieson ...... Owen-linois Gloss Oxford Paper Co. Parke Davis Co.
Radio Corp. Pref. Reynolds Metal
Sears, Roebuck & Co. Shell Oil Co...... Splat Reg Paper Solar Aircraft. Senth Puerta NZDAAR Southern Co. (The) Southern National Gas Southern Ralkway (Com.)
Standard Brands
Suzar
Standard Oli of Cal.
Now York, Dec. 17. Clesing rates were: Carda
1.02 0733 England official
200
11
30-day
3.00
3.703%
Standard Oil of Ind.
Australia
Standard 00 of NJ.
New Zealand
South Africa
2.01
Stern Rock (Toronto Exge.)
Belgium Argenting
0200
1/16tokely-Van Camp.
Stering Drug Co. ....
Uruguay India
1105 Takistan
#107 Other unchanged.-United Pres.
110011
London Foreign Exchange
London, Dec. 17.
Closing rates were;
4.143
(03)
2,135 (+60)
1,842
(+40)
1.304
(+45)
3,117
(+34)
930
(+02)
248
(+60)
New York
308
(in 73)
302
40)
Amsterdam
Argentina
341
1)
Bpain
Soviet Russia
1)
Уелли
Greece
20)
Zurich
Montreal
Frankfurt
Walton
Stockholm
+
Studebaker Packard Corp. Kunstiina Mining
Swist de Oo Texas Co.... Textron Inc. Ou Tide Water Ason,
•Time Ing. Les Tes Twentieth Century Fox Film Union Carbide
Union Oil of Cal.
Union Pacide fullway
United Aircraft
United GR
Corp.
UF. Foll "***
UB. GypsuTTY)
Us. Line Co.
1.80 1/18-0.00%. Rubber
Others unchanged.—Unit
US. Bmetung
U.S. Atent .....
Werner Dre
Westinghouse Kietric
Breslerra Linion: Tei. Do West Va. Pula & Faye Woolworth
London Metal
Prices
London, Dec. 17. Prices of metala closed today
in sterling per long ton follows:
Tin spol.
31⁄2 -mouth
Copper pot
3-month
8135 Lead 2nd half Dec.
25
Mor
Zing and halt Deo.
03
Buyers Bailers
United Press.
Exchange Rates
Batam was done in the local
sxohange $11icial
Th
15 50
15 |zorning, nå the following rejestrow 18% 1.9. dollar (per 81) papieren mit sterling-notes (per 41),poin 14Med || Australian Botes, (8 41) xia
Indonesian rupiah (per 100) Simon tion (per 100) singapore (širalta)
Spat. 33.53; Mar.. 3423; May, 30.32;
Mar.. NA: May. 34.32,
LIVERPOOL
futuro Cotton
closings, in pence per lb. were as follows:
Old contract: Dec/Jan: 20.10; Mar/Apr: 20.37: May/June: 20.00; July/Aug: 20.61 Oct/Nov: 26.55
New contract: Dec/Jan: 2090: Mar/AFT: 2750; May/June: 20.70; July/Aug: 27.33; Oct/Nov: 2143.
KARACHI
The market was better today after suffering heavy slump for
on
Wednesday, 18th December, at 4 p.m. for the UNITED KINGDOM, vla Singapore, Penang, Colombo, Bombay, Adon and Port Said.
Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Cole Godown No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Tuesday, 17th December.
SPECIAL NOTE: With the exception of hand packages carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Company's Godown for loading on board by ship's slings only,
EMBARKATION: Passengers should embark between 1.80 and 8 p.m. on 18th December, 1957.
BUBJECT TO ALTERATION WITH OR WITHOUT NOTICE
SHIP
BEN LINE
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For your satisfaction, you can well rely on our
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CONFECTIONERY
CHRISTMAS CAKES & CANDIES, A SPECIALTY
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Bakery Tel, 63538. Tel. 55595.