SHIPPING
APL PLANS FOR FOUR FREIGHTERS
San Francisco.
NEW TANKER LAUNCHED
Plans by American The
President Lines for the conversion of four nd- ditional Mariner-type freighters into ultra- modern cargoliners with accommodations for 12 passengers each, were an- nounced today by George Killion, APL's President.
This conversion would bring to alght the total of these specially-adapted deluxe cargo- liners in the President Lines' fleet. The first four, now oper- ating in the Company's popular Round-the-World servion' are the Presidents Adams, Cooildge, Hayes and Jackson.
version
The call for bids for the' con- of the S.S. President Taylor, 5.5. Magnolla Mariner, S.5. Lone Star Mariner uni 5.S Hoosier Marlher, was sued by American President Lines recent- ly,
THE COST
London.
31,400-ton oil tanker
"San Gerarlo," built to the order of the Eagle Tanker Co. Ltd., has been launched from the Bir- kenhead Yard of Cam- mell Laird and Co. Ltd. She has a length of 685 feet, a moulded breadth of 84 feet three inches and a moulded depth of 46 feet.
of raked
The vessel, constructed steel throughout, has a stem, cruiser stern, poop centre- castle and forecastle.
Above the poop, is a largo boat deck on which deckhouses deckhouse, surmounted by are built for accommodation and
largo laundry. Similarly B deckhouse is bullt on the bridga carries deck amidships, which an upper bridge deck, navigating bridge and wheelhouse.
Accommodation is provided in the poop for sonmen and engine | room ralings. la addition the poor space houses refrigerated chambers and sundry store rooms. The senior engineers are accommodated in the deck- house the boat deck.
Bids will be opened on January 10 In Washington, DC. in the office of the Sceretury. Federal Maritime Board. The cost has
The deckhouse on the ami- been estimated at a figure in ex- ships bridge deek provides ac- cess of $1,000,000 per vessel. commanfatican for the officers,
Two of the four ships, which pilot and the captain. will have all of the outstanding features of the first tour Marin- ers converted by the
Company CUBA IN SHIPPING
except an elevator and upper lounge, will remain in. 'Hound-
the-World service. The other BUSINESS
two will be assigned to the At- lantle-Straits service.
London,
THE CHINA MAIL, THURSDAY, DECEMBER 19, 1957.
TRADE and
Historic
COMMERCE SECTION
Expansion-Or Major Downturn?
US RECESSION AFFECTS JAPAN
Gloomy Account Is
Given By Bank
HONGKONG STOCK
Of Japan Officials EXCHANGE
By SYDNEY S. GAMPELL
London, Dec. 18.
Our Own Correspondent
The world has been waking up to the kong Stock
THE NEW YORK LONDON STOCK STOCK MARKET
New York, Dec. 18.
Profit-taking reduced gains on the stock market today after the list had regained half of the previous session's decline,
A long Hst of issues held/ Business done on the Hong-gains ranging to more than a
Exchange
Earlier ndvances this point.
had
15 amounted
ap- been up to more than 2 points. $227,000. proximately
Noua Zenith which had risen 3%
transactions were:
Shares
DANKS
Buyers BellBr
Bajes
645
035
10 # 030 465 000
slightly disquioting fact that, as morning measured by stool output and many quotations and the morning's points lost half its gain. other physical indicators, the United Statos is in its most pronounced recession since 1954, and that is K Bank affecting many other countries, notably INSURANCES Japan and to a lesser extent Britain. More reassuring are that neither the 1954 nor the present setback qualifies as anything very serious by any previous standards of setback or slumps.
Overall, this one could still be dismissed as likely to be little more than a pause in a great his- toric worldwide expansion rather than major downturn.
Nevertheless, New York
it is uncom- ule ominous fortable, and fur Buch countries as Japon; Fritain and
George G. Sharp, ship designer, prepared the bidding plans and specifications. Ashen and Allen, San FrancLeo architectural firm, has been selected to undertake the Interior design for the ships, and to net us consultants for the passenger and crew quarters design.
ANGLO-CUBAN SHIPYARDS
Four
British
Cuba is ordering ships from both Germany and Britain, and is continuing negotiations for a local British shipyard with a consortium.
Cuba is placing with Brush companies an $83 million order for 25 ships of 5,000 d.w. Lons cach, and a shipyard designed for vessels of up to 12,003 d.w. tuts, The British group is 10 finance a
the major part of deal.
Two Cuban Ministers and' a Loudon, member of the Sugar Institute of Cuba have arrived in Lon- companies
have formed a consortium dom for talks in corection with
the Anglo-Cuban project, which plans to build n The contract is expected to be shipyard and 25 ships in signed Cuba, in collaboration months.
Holland which NEW YORK
being very dependent on world ruch trade, are susceptible to minor fluctuations in world are involved in prosperity
of the American setback present minor dimensions,
the Bank Officials of
ጨት
of
Jepan have been giving a rather gloomy account of the near- term economic prospects.
REACTIONS
Britain's exports begin to re- world Hister that although
bad, are not economic affairs they could be better.
within the next two
reactions. the £2.0 million Anglo- of the share capital with Cuban interests. The Cuban organisation, 60 per cent cost of the project is will be raised by the Cuban estimated at £30 millions. partners and the remainder by the British consortium. Arrange- etill to be made, No detalls of the fionare for ments have the project have yet been settled. however, for the raising of the except for an agreement that 60 remaining £27.4 million in loun
cent
ነር
of the share capital capital.
Cuban should be raised by
partners and the remaining 49
per cent by the British partici: MILFORD HAVEN:
phils. It has also been agreed
to raise further capital as re- quired.
The Jocution of the shipyard į has yet to be settled but it will be somewhere
near Havana.
The shipyard will be the first in
Cubit and will
3.500 workers.
employ
FUTURE PORT
London, to be the Milford Haven is itst British port equipped to about berth atomic ships, supertank- big vessels era, and the other
the built now and in being
The Brush Group, one of the future. As deepwater port, consortium partners, said yes Milford Haven, in West Wales, terday that the 25 ships would is outstandingly suitable. probably be about 5,000 dead-
dovelop- A number of new weight tons each, with propul-ments are starting in the town slon machinery of about 4,000 to modernise it and prepare t for for its future role. The Milford hp. They would be built
a project and for repairing major ships, and have im- three large concerns portant industrial plans. the Two of these are oil coni-
the carringte of sugar, Iron-ore, Docks Company has
other bulk commodities
general cargo.
The other members of consortium are James
Burness parles, Esso and British
and Sons, Higgs and Hill, Brian Colquintin and Pariners,
FLOATING DOCK IN MARSEILLES
tanker
and Petroleum. Esso is to build a re- finery on the north shore of the Haven, and British Petroleum is to have E deepwater terminal at Popton Point, the southern shore. The termin- al, which will cost £5 millions,
Paris
་
The dry docking of the tank-
DD
is to be linked to the B.P. re- finery at Landarey by a 60 mile pipeline.
er, "Prairial from the Mari- NEW SHIPYARD
time Oll Transportation. Com- pany, served as a test of the capucities of the new 40,000 tons floating dock recently installed at Marseilles.
New Delhi.
A five-man British mission, led by Sir James Lenaghan, of Fairfeld Shipbuilding and The new dock was pul into Engineering, Jus arrived in service on October 18, but was Delhi to recommend a site for not officially inaugurated unill a new Indian shipyard. October 24 with the repairing of the 39,000-ton Liberian tanker.in
is
RUBBER MARKET
Unton
2055 20 GA 75
Wheelock .. 1,40 6.50
SHIPPING pocks, ETC. Dock
K. Whart
118
BIRG Provident.. 11.50 11.70 LAND. Etc.
14.00 14.00 33.70
1.33 1.40
BK Hotel
eaty
HK Land
UBER
a
Amalg Trust
UTILITIES Train Youmati
1.30 135
22.30 23.00
22:40
New York, Dec. 18, Rex rubber futures today closed 25 to 40 points higher with sales of 18| contracts.
150
23.00
FR88858
8883228
Jou.
There are some minor chain
In 1954 Ettropen hoom American recession.
For Japan and
Mar
May
Weat
July
offset
па
Sept
Nov.
Jan.
other
soas suppliers, a better
over- Euro-
Standard contract closed 25 to
Dean
American market and
market offset a poorer nobody
reported.
came to much harm.
This time, the external
Mar
May
pact
July
isept
Nov.
JAZL
a
im- recession of American
where many falls on a world countries--Totably France and India, but also Britain, Holland 21.11 others-caunot afford
boom, but on the contrary have independent need to draw in their homs.
The
HEARTENING
heartening
C. Light Electric
Tel.
INDUSTRIALS Cement
10.10
100 04
25 23.30 2000
20.00
STORES, ETC. Dairy ... 16.00 24.00
1. Craw INVESTMENTS 10 & FE Invest
14021.80
200+ 10
Lycir Olis fell back
from
gains highs which had shown running to more than a point Chemicals held gains of more than a point in several instances and Ex did coppers. Rails turned irregular, Steels slipped back after moderato Motors lost carly gains that had run to more than a point In Chrysler,
rise.
Many special issues retained advances of a point or more.
NEW YORK COTTON MARKET
New York, Doc. 18. Cotton futuros today ruled and altornately stoady unsettled around the pro- vious close in one of the quiotast sessions in wooks.
Of the 1,212 stock's traded, 842 At the close the list ruled up declined, 392 advanced and 270 3 to off 10 points. The market held unchanged New lows opened up 7 to 10 points. New were set by 150 issues and none Orleans closed off 10 points. hit new highs.
New York Stock Exchange bond volume was $5,110,000,
American Stock Exchange volume was 790,000 shares,
Dew-Jones closing averages
were:
30 industrials 500 de 18.000 rails 300 15.80 16 uulities
100 u 13.00
1000 1.80
500 G 1630
9.00
700 69 0.70
New York Sugar Market
points
New York, Dec. 18.. World No. 4 sugar futures
B today closed 40 points higher with no sales
higher to 3 points lower with sales of 364 con- -tracts. Domestic No. 6 closed 1 point sugar higher to 2 points lower with sales of 10 contracts.
28.03
29.73
28,78 20.70
Slow terminal market in- terest reflected commencement of the year-end holiday spirit, traders thought, But while ac- tivity there was at a minimum,
tonnage a "good-sizØKİ”
the ship- reported worked in development market.
Ameri-
Was
was
ment is thint the
Most of the business can monetary authorities have noticed the situation and are done direct with factorica, Con- moving to roeify it. They have fired sales in shipment market intimated {significantly from included one sheets from 27% New York rather Chan from to 20% cents; three shorts 263% Washington) that the Federal to 27% cents and four sheets Rearvu is expanding tho at 28 cents, all freight and R$9 Was money supply by more than cost. Spot No. 1 the seammally normal amount. quoted na 28% cents.
Wall Street holds fairly steady and the New York bond
markel s booming, in a way
SINGAPORE
which registers not only the The market woo down alight- business setback, but also y at the opening and ductu-
ated narrowly operates to reverse it.
In
ย
05 stocks
40 bondis
Comin. future price index..
Alden Inc. May. Allied Chemienta Allis Chalmer's
420.30
13.00
67.65
Commencement of the year-
MARKET
London, Dec. 18.
Stocks retreated in most sections today. The biggest retreats came in oil Issues with Royal Dutch losing more than 7/-, and Shell, British Petroleum and Canadian Eagle down 2/- each. Gilt-edged accurllies were hit by some selling, dropping Old Consols and War Loans .
Blue chip Industriale dropped lower,
Dollar stocks closed lower
yesterday's reflecting
poor showing on Wall Street. Foreign bonds casod.-rilled Press.
London Metal Prices
London, Dug. 16, Prices of motala closed today in sterling per long ton as follows:
TIE ipat
3-month
3-month
Copper pot
end holiday spirit, and cautious- ness pending news on outcome of bids opened on Monday for sales out of the government Lead 2nd half Dec. surplus stocks, combined to Zine 2nd half Dec, hold down market participa- Zine and half Mar. tion.
Most of the business was of professional origin, including in-
Loud And Half Mar.
Buyer Sellers
7301
7005
1633
160
161
-United Press.
Ire-market operations with New Agreed Merchant Rates 143.03 Oricans and routine evening-up
130.410 accounts
by mill interests,
Canadian #: maximum selling
spot and other trade accounts. 16-13/10, intnimom buying
The certificated stock over- | 17-3/16 T/T, 174 O/D.
night rosa 1,748 bales to 19,533
bales, the highest
mid-October 1958.
Crop and wenther
Closing Prices
$ 1416
714%
2134
textilé
American Airline
10
Amer. & Torgn. Power
American Metal
American Smelling
American Tel & Tel
American Tob. "3"
Anaconda Copper Armco Beel Armour Baltimore & Ohio Bethlehem Steel Canadian Pacific R Chase Manhat, Bank Cigyaler Motor..... Climax Molybdenum colgate-Palmolive Co. Commercial Credit
Alias Cona. Mining
Henguet Cons,
Consolidated Edilson Crown Zelerbach Cuban Amer. Sugar Diamond Allca Dupont de Nemours Eastern Altline Eastman Kodek
Relative strength in nearby deliveries pointed up reports of a broader demand for raws und refined sugar, mostly for
Ford Motor deliveries over the near term.
General Electric General Foods Morocco will be in the maribet General Motors
tons for 37,000
of rows and | Getty Oil
5.000 Colombin inquired for tons of refined sugar,
Denters
also credited Red with buying at least China four cargoes of Brazilian raws
a further recently, with terest indicated.
Contact No. 4. (world: Jan: 3.00; Mar: 30z; May: 382; July: 382; Mar: 3.85; May: 3.55; 3pot centi per lb. feb Cuba): 345,
Open interest: 5.02 contracts, Contract No. 8 idomentler: Mar 5.68; May: 5.75: July: 004 Sept. 507: Nuv: 582: Spot (canta por ib. quletett NY ex-duly): 6.00,
Open interest: 1004 contracts. Unied Press.
It steadied during the after-
noon but at higher levels pro- London Foreign.
At-taking wiped out gains.
In London, the record Bri- market. tish Petroleum capital issue nt- tracked a record over-subscrip- tion. As the issue was under- who gets an priced anybody allotment of It is reasonably
There was a fair interest for assured of being able to snatch lower sheet and a
good a quick pront. More people and quiry for remilled grades. money ihan ever before hove triod to gei Special,
11.-China Mail
SINGAPORE
STOCKS
'The mission, which will be
Singapore, Dec. 19. India for three weeks,
Brokers today quoted "Liberty Bell", which comes going there under the joint following stock prices close to the uriing limit of this auspices of the Colombo Plan dock (40,000 tons).
and the United Kingdom Ship-
Batu Lintat Stubber Co. Conference.
Ltd. It will building
British make a national survey of altca and recommend "one sultable. for building ocean-going vessels,
The results were satisfactory,
PLANS CHANGED.
Athens. Owing to the accident to the Neptunia last week, the Greek Line's programine of cruising
DRY FREIGHTS
London.
In the tramp market, rates will now be carried out as far for grain have weakened a bit
in the past two weeks. A car- as possible by another of the company's ships, the 17,000-ton go of heavy grain was
New York.
Axed
from the Gulf of Mexico to Similar ports of call will be Liverpool at 05 shillings a ton, and from the same sours to arranged if the six cruises to bo
between December Antwerp/Hamburg
at undertaken
Tango Southampton. 6.85 dollars a ton, Two weeks and March from The Neptunia was holed when ago, 15 cents a ton more was sho
latter
Bruck a rocket entrance to Cobb harbour,
the being
voysge
the paid for
Future:
en-
No. 1 rubber per b. Jan. 03-32%
Feb.
0215-527
No. 2 rubber per b. Jan.
No. 3 rubber nor b. Jan.
Exchange
London, Dec. 18. Closing rates were!
New York
Montreal
Amsterdam
Brussels
Kran
7012-0812 7712-78
Paris 82427
Copenhagen
No. 4 rubber per ib. Jan. 7315-76
Spot rubber unbaled
Blanket erepo
No. i pate crepe
LONDON
72-74 0314-0315
The rubber market was quiet the with spot quoted at 24 3/10
pence per 16. Prices:
/nd
Jan./Mar.
2416-2491 246-241
2.00-7/10-2.10 2.10-1/10-2.78-5/18 10.804-10.00% 14000-140.03 19 3423-19.34% 1748-17484 11741-1370 1+ATY-144TH
Stockholm
Otters unchanged-United Press,
New York Foreign Exchange
New York, Dec. 18. Closing rates were:
England officiat
11
30-day
90-days
New Zealand
1.21 15/10
2.80 9/10
2.00 1/10
Opening No. 1 nu
Bomeo Petroleun Bradicate Consolidated Tin Smellor
Ord:.............**** Fraser, Neava Lid Ord. Fraser & NEATO 74% cum
prof
$1.65
45/-
Bettioment horice term:
Jan. Teb Mas
#434-241%
866-2496
2136-74 Canedo
Ape/June
243-2475
2.78 9/10
$2,07
July/Bept.
Out/Dec.
$4.03
2T-25 23-25% General markete,
vie, ale basis, porta:
2.78 9/13
South Afrien
2.40 10/10
Dalgium
0300
Cammona (Malaya) Limited $2.27%
Hongkong
Shanghai
Banking Corp.
Hongkong Tin Ltd.
Kumpan Ltd.
$400
$1.00
Doc. Jan Extate crope thin Jan. -buyer
.0070
23-24
253
Uruguay
.200
Olhem unchanged.—United Press,
Kunta Kampar Tin
Lunas Rubber Estates Lid. 71.00
Malayan Breweries ............. 13,4215
New Serandah Rubber Co.
Lid.
Petaling in Lid.
Iaffles Hotel "(«xal))
Singapore Cold
(xi)
30
AMSTERDAM
The rubber market was dull. Prices closed today, in guilders per kilogram, elf" "January 4 tolky.
Argentina
Exchange Rates
30
level since
accounts,
market news and the
usual run of price-shaping in- fluences had Uttle market
effect. Neglect in
crop months was coupled with
the now
uncertainties convenes
1054
7541
to farm legislation Mit; when Congress
in
2011
January.
Month Volume
Open Intertai
3314 Lee.
7,000
+4
MAT.
23,700
25-4,000
40
MAY
21,209
211,0x
65 July
23,000
204,200
4 Oct.
11.000
140,100
4012
110.
10.1910
44,000
Mar.
2,700
21,900
45%
May
1,100
12,400
Total
$5,200
1,064,100 balos
Goodyear Tyre Gull Ou
100)
Heyden Newport Corp. Ingersoll-Rand
110
203
271%
International Nickel
Int'l Business Machines Int Harvester
Ins Tel & Tel Kanans C. Power & Li Kemecsit Copper Lockheed Aircraft Loews Incorp..... Lone Star Cement Co. Minnesofa Mining Milan Development Montgomery Ward National Cash Reg. "A National Lead New York Central Olin Mathieson
Mevatore
Pacific Ging & Elec. Pan American Airways Paramount Pictures Parke Davis Co. Penn. Salt Co. Pittsburgh Plate Glas Radio Corporation
Steel
FEMELA!
Sinclair O Secony Mubito!! Standard Brande Standard Oil of Cai. Standard Oi of Ind. Standard Oil of S.J. Step Rock (Toronto Exge.) Sterling Drug Co. Bickely-Van Camp. Fludebaker-Packard Curp. Swift & Co.
Texas Co.
Urton Carbide
Union Facific Railway
Ualled Airera!!
U.S. Falf "p"
U B. Gypman
US, Nubber... L.B. Smelting U.S. Steel.. Warner Bros. Westinghouse Electric
Woolworth
70%
70
41
NEW YORK
Prices of cotton futures closed
today as follows:
Spot: 30.com; Mar: 34.30: May: 30.54; July: 30.06-07 Oct: Dec; 334; Mar: 3450: May: 34.20,
NEW ORLEANS
Prices of cotton futures closed today as follows:
Spot: 24.55; Mar: 36.20; Bay: 3033: July: 2003; DAL: 34.50; Dec: 3432; Mar: 392; May: 34.30.
LIVERPOOL
Cotton future closings, in pence per lb. were as follows;
Old contruel Dec/Jan: 20.03; Mar/ Apr: 23.34; May/June: 24.00; | July)
Aug: 30.68: Oct/Nov: 20.03.
New contract Dec/Jun; 20,00; Mar/ Apr: 21,50; May/June 27.80; July? Aug: 27.00; Oct/Nov: 27.50,
-United Press.
NAMESAKES
2
Answers:-1 Suicide, Thomas. 3 Ballads, 4 Poverty, 5 Death, 6 Expression, 7 Rimc, 8 Talent, 0 Monoy, 10 Vigny.
Chatterton (The English poot).)
Fly PAN AMERICAN world's most
experienced airline
to
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POPULAR PUBLICATIONS
Chinese Croads. & Custorns Vol I Chinese Croods & Customa Vol, El Baby Book
$18.00
18.00
25.00.
This is Hong Kong
0.30
Hongkong Birds (Herklots)
35.00
Coronation Glory
7.50
King George VI
7.50
It's Fun Finding Out — 2nd sorias
United Press.
(Bernard Wickstood)
5.00
Express Annual (1956 & 1957)
10,00
Rupert Annual
4:30
1.00
[Rupert Magazines
New York Metal Collection Buildor Stamp Albums
Futures
New York, Doc. 18. Prices of metal futures today clorod in cents por lb, as followe:
Ded:
$4.00
12.
Blog
10.04
$1.22
Biraita Alcamasip
$14.26
United Engineeri Ördi
No. 1 rubber NO. I PUBDRF | rubber No. 1 crepa
1.33 nom.
∙13) nom
RES nom.
Business was done in the local Lead unofleat exchange market this morning at the following rates: U.B. dolar (per 33) Sub Alerting notón (per" £}} Australian not (per £1]) Indonesia rundah (per 100) Biam Lical (per 100)
Jan.
Eine
15.43 Copper Doo.
13.40 7
bec
—–—– China Mail Spečiai.
United Pawa
} Singapore (traits)
Straits Trading
Wearne Bros. makalion
"LEROLE DIN
21.21h
11.26
8.70b
8.786
29.49
Balmoral Stamp Albums- All Nations Stamp Albuma Tán Points About Pearla Points on judging jade Outline Rellef Map of China
Asla
3.E.. Asla
On Sale At
SOUTH CHINA MORNING-- BOST, BAD HONGKONG,
3.00
12.00
4:00
1:00
1,20
AD
LTD.
KOWLOON