SHIPPING
LAID-UP BRITISH SHIPPING
London,
The volume of British ship- ping laid up for reasons other than repair is now at its highest level for more than 10 years. At the beginning of Decem-
vessels bur, 71
ag- gregating 321,802 gross tons were idle because of
of luck
employment,
awaiting sale or the sen Bonal nature of usual oc-
"FLAGS OF
CONVENIENCE”
Paris, Feb. 4.
An O.E.E.C report today called On the United States, Britain, Japan, Norway and other maritime powers to fight the growing use of "flags of convenience" by making it more attractive' for their own nationals to register shipping under their own flag.
Ilut the Maritime Transport Committee of the Organisation cupation, according to re-for European Econotale Co- cently Issued British operation which drew up the Chamber of Shipping report--was unable statistics.
more
These totale were nine
and 08.573 tons greater ships than in November, There has
bean
an almost four-fold in- crease in volume since July 1, when less than 82,000 tons of British shipping were laid up for these reasons.
Foreign shipping laid up ot British ports for other than repair
to recom- international action mend any at prosent
use of against the flags of convenience.
Aogs as described these IL being those of Panama, Liberia, 'Flea, all Honduras, and Costa
of which offer easy registration at low rates of tax to foreign shipping countries. REPORT
The Report said that in 1915. and Costa Ricu
reasons almost doubled Liberia, during the month. The Docem-Honduras claimed no slip sail- ber 1 total of 17 ships oggregat- ying under
their flags, while ing 90,651 tons compared with Panamanian registrations to nino vessels of 54,781 tonstalled ittle more than 700,000
tons. By gross
mid-1957, tons of the world's 12,500,000
foot Was Balling merchant under these four flags.
November 1.
Thus, the total volume of shipping idle in Britain on this account is now 412,353 tons, month against 277,000 tons a a month earlier, and only 32,160 tons at the beginning of 1957.
SHARP RISE
This Intest sharp rise refléels the continued uneconomic level of tramp and oil tanker freight rates.
The most recent estimate of the number of oll tankom (uid, up throughout the world now totals 102 vessels-some 36 more than a month ago. Total aggregate the laid-up tankets is reckoned to be 2,219,480 dood- weight tons. This is more than 400,000 tons higher than the prelous figure.
of
10
the
With reports of further efforts
eut oil imports into United States and with a large build-up of stocks in Britain, it that is thought
even more tankers will be compelled to Jay up.
Charter rates for tankers have been at low levels for some time pant and tankers have been uneconomic levels. operating at
most ship- In the opinion of brokers the volume of tonnage arcking employment precludes any possibility of ar. Increase in charter rates in the near future,
JAPANESE SHIP CREATES STIR
Los Angeles.
A new Japanese-built ship, its aluminium superstruc- ture gleaming in the sun- light, created a consider- she able stir when steamed into Los Angeles harbour recently from Japan. Saguenay
Shipping Line's and shining
Last Autumn, 18 per cent of all ships being built (and 25 per cent of all tankers) were being registered under "flags of convenience."
More tonnage I now being built for Liberia and Panama than for uny other country ex- cept Great Britain and Norway. -Reuter.
JAPANESE SHIP'S
VALUABLE CARGO.
Los Angeles. OSK Line's Brazil Maru sailed out of the Port of Los Angeles recently with and Important cargo passengers for the Brazil- lan economy,
this Among cargo loaded at
32 tons of oil well port 'were tools destined for Belem.
There the tools will be tranz- shipped inland via the Amuzon River to Manaus. Their ultimate the steamy jungle destination:
where
for exploration orea petroleum is being Intensilled.
Also put aboard the Maru were 200 tons of infusoriai earth to enrich Brazilian farm- lands. This certh, favoured as 4 fertiliser by agriculturists around the world, is the sixth Important commodity most shipped ovCIBCOR
Los through
for Angeles Harbour. Brazil, example, imported 700 tons Inst year.
THE CHINA MAIL, WEDNESDAY, FEBRUARY 5, 1958.
TRADE
and
COMMERCE
The Satellite Market
Gathers Momentum
New Yorn, Feb. 4.
The market of the satellite 'Explorer,' gathered momentum today. Prices rose in all sections, led by steels, chemicals, metals, and special issues.
The satellite issues, dormant for a time, returned to life and moved ahead. Many special stocks re- Some of the motors and tyres moved up.
turned to power with gains running to 2 points or more.
International Business Ma- maker of office chines, machinery and electronie brains, tore than points to odded yesterday's sharp rise.
Galna in the sicels ranged to more than 2 voluts. The same happened in the chemicals.
Metals made advances run- ning to nearly 2 points, The Ralls joined the rise with the exception
Sears, Roebuck & Co.
Shell Oil Co....... saint Iteg. Exper ginctair"
Bocony Mobloll Bolar Aircraft
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong-
Stock kong
Exchange this morning amounted to up proximately $720,000. Noon 233 quotations and the morning's
transactions were:
600 @ 70
Tide Water Asan. Oil
Twentieth Cesstory Fax Film
2414
Union Carbide
30%
Union Ou of Cal
Union Pacino Hallway
44 XIN HK Hank
Bhares BANKS
T
Buyers Belleza sales
130 833
Southern Co, The
United Aircraft
45
INSURANCES
Southern National Goa
United Gas Corp.
p
Southern Railway (Com.)
24
Lombard
32+
andard Brands
72
SHIPPING
Standard Oil of Còi,
473%
1.8. Line Co.
21
| Waterboat,
18.90
Standard Oll of in,
STM
34
Wherlock XD
0.40
Standard Oil of NJ.
Steep Rock Toronto Excs.) Surling Drug Co. Stokely-Van
04
U.S. Smelting
DOCKS, ETC.
33
U.S. Steol
07
24
K. Whert
1la 121
+
Warner Bros.
Dock
50
51
Westinghouse Electric
Provident
Western Union Tel, Co.
18
00% ad
12%
West Va. Pulp & Paper Woolworth
K Hotel
12.20 12.40 1000 4 13.30 1000 of 12.30
18.40 180 1900 24 15:50
United Press.
sidebaker Pacurd L'Or Sunshine Mining
of New Haven pre-swift & Co. ferred which fell more than' 2
Tai Co. points when the management Textron Inc. announced it would fight a proxy war proposed by a dis- eldent stockholder group.
The market as a whole rose to new highs since early October,
Or 1,151 Issues traded, 382 were higher, 341 lower, 228 un- changed.
New York Stock Exchange volume was 2,970,000 shares,
New York Stock Exchange volume (bond) was $5,160,000,
American Slock Exchange volume was 580,000 shares.
Dow-Jones closing
were:
30 industrinis
20 rails...
13 de
fi storks
40 bonis
Comm. future price index
Allied Chemicals
Allied Mulu Fay.
Allis Chalmer 1
Am. Brake Shoe
V.B. Foll
.8. Gypsu
B. Rubber
GLAND ETC.
NEW YORK| NEW YORK
COTTON MARKET
New York, Feb. 4,
the
RUBBER MARKET
New York, Feb. 4.
K Land
Humphrey Realty RUBBER
SECTION
S'pore Will Fight Japanese Competition
Singapore, Feb. 4, Japanese businessmen were warned today that if they attempted to dump their goods on the Singapore market at undercut rates, Singa- pore merchants would enlist government help to meet the situation.
A-
The Werning was issued by David Lee, President of the Singapore Manufacturers' sociation and Chairman of the Promotion Board, Industrial
who said that business elretes in the Colous would welcome Japanese capital investment and icchnical assistance in building would up local Industries, but resist "unfair competition."
Referring to the forthcoming
BRITAIN'S DOLLAR RESERVES
London, Fab. 4.
34 34.50 3710 6 33.18 Japanese trade and industrial Britain's gold and dollar
10.80 1.35
10
1.378 1.325
UTILITIES TEAH!
21.20 24.40
Star Ferry.. Yaumati
Electric
C. Light
Cotton futuros steadied in
dult dealings today. Closing sightly below day's best levels, the list ruled The averages six to 15 poin's higher.
Dairy three points 460.63 lewer to 12 points higher, New
Standard contract rinsed 35 11116 Orleans clood four to 12 points 150 higher on bid prices.
Rex rubber futures today Tel
closed 35 to 45 points
lower with sales of 210 INDUSTRIALS contracts.
22.49
market
opened
Mar: 25.60; May: 0.60; July: 28.00: Sept: 2006; Nov: 20.95; Ja: 20.05.
Mar: 20.93.
00034
2524.40 24.40
fair to be held in Singapore, Lee declared this was an "all-out bid" by Japan to beat other countries and win the Singapore and Malayan markets.
He warned that the danger 500 24.39 Was particularly acute in view
-24.30 of the fact that Singapore was 200 + 24.40 500 24.30
.
12 126 10.00 29.40 17.20 1000 17.80 20.30 1000 G# 27.90 1000 20.10
20.00
Coment... Hope
24
STORES, ETC
Watson
to 45 points lower with no sales COTTONS reported Closing prices:
20.09
500 420.00 253 25.00 2500 40 17
14.00
10.30 16.50 12.20 12.30 500 12.30 400 or 12.30
45
10.50
B.45 1.60
8.00
Nonyang MISCELLANEOUS with The market opened
Mar: 28.06: May: 8.00; July: 20.30,
Vibro INVESTMENTS down a lille seg: 20.93; Nov: 3.05; Jan: 20.95. nearby months
was Yangtze The New York market slightly and tho new months improved. In a tout court all casier following the decline at Sungsia
and
Shipment offerings by London. prices pushed ahead
were in fair quantity and ran noon gains of 50 to 90 cents h
all 3016 balc
the about 4 cent above the market. showed
ANTOSS
Only small consumer busi- board.
80.00
134.18
Closing Prices
$ 80
JPA
American Airline
17
American Cyanomild Co.
American Cable & Radio
Corp.
432
Со
Ainer, & orga. Power
13
Am Gas & Electric
A Mach. & F'dry. American
2012
American Smelung
4x
American Tel & Tel
American Tub,
'B"
17294 B12
Anaconda Copper
Annes Steel Annour. Allas Cora. Mining Baldwin-Lina-Iasi, Baltimore & Ohio Beneficial Finance Bendix Aviation Corp. Benguet Cons.
Bethlehem Steel
Boeing Airplane
Celarie Corp.
C1, T. Financial Corp.
Chrysler Motors
Cluett Peabody Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Consolidated Edison Continental Oll of Del.
DULL
Allernoon trading was dull
levelling at with the market the midday level and failing off slightly toward the close.
ness
was reported. Otherwise, the market
was very quiet awalling developments,
was quoted Spot No. 1 Res at 28% cents.
SINGAPORE
Traders attributed off steadi-
The market opened lower on ness to widespread covering this
overseas advices 45 morning produced by a belief disappointing 12that prospects have dimmed for and lack of offinke case further
introduction of a new bill into under hedge selling,
boost 11 Congress
which would
Interest in lower grade was
with small
foctaries small Bertage allotments.
Buyers held off again today buyers. Futures: still waiting definite devolop-| No. 1 rubber per 1. Feb. 2596-7536 Mar. 70%+72\x ments in Washington on new No. 2 rubber per 1. Feb. 73-74
Dullness in No. 3 rubber per 1. Feb. 601-70%; farm leglaiation.
No. 4 rubber der ib. Feb. · 0735-1815 the texille trade and loan un Spot rubber unbaled 7544-76 certainties also contributed
22
at 2,050,531 bales. This com- stendier with apot quoted at pared with 3,790,409 bales in 225 pence per 1b.
New York Sugar Market
New York, Feb. 4. World No. 4 sugar futures closed unchanged today off one point with sales of 479 contracts. The domestic No, sugar
to
futures closed up one to off one point with sales of seven con- tracts.
Domestic futures were quiet still deliberating over the strike of Hawaiian sugar workers last weekend which could channel! more demand to other supply. ing areas ilke Cuba and Philippines.
a froo port and that it was dir- ficult to get protection against outside competition,
131
Tosorvas jumped million in January to $2,404,000,000 - the highest since July 1956, it was announced today, These reserves rosé 89 million In December,
The increase cheered the Bri-
fish anancial world. However, some experts cald the increado reflected in part a flow of dollars com into Brilain seeking high in-
terest rates.
A spokesman of the Japanese Connainte in Singapore, menting on Lee's statement to- night, said that Japan's exter nal trade was controlled and regulated by special committees and he was not aware of any attempt by Japanese business men to dump their goods overseas markets, France Pros.
The British raised interest Tales last autumn in an akost to curb bulation.
The Government also reported that it had a surplus of 29,400,- on000 with the European Payment
Union.-United Press.
London Foreign Exchange
London, Feb. 4. Closing rates were: New York Montreal Ansterdam Brussels Copenhagen Frankfurt
Man Stockholm
2.81-11/10-2013). 2.77-0/18-27TS 1081-1002 139.57-132.00 10.30-10.30% 11.771
174933-174934 13801|-1781) 14.407-14.80% 72.35-12.90
Paris
Vienna
Others unchanged-United Press.
New York Foreign Exchange
New York, Feb. 4. Closing rates were: Canada.
1.01 England unofficial
the Bratti
90-day
2.08-2,70
2.70
0106 0500
Others unchanged United Frees
Borden (They Cu.
Burroughs Ada Machine
Campbell Soup Co.
Canadian Pacific R.
to Blanket repe
Caro (2. 1.) Co.
104
Brazil
the general aloofness.
No, 1 pale oršpe
81-83
Peru
Cat. Tractor
The New York Cotton Ex-| change reported US.
LONDON
Contract No. 4 (world)
exports
March
0.00
for the season through Jan. 30
The
rubber
market was
May
3.00
July
3.00
Sept.
3.07
Prices:
Oct.
3.47
No. I Has spot
Spot-teents per 1. feb Cuba 3.61
Settlement house term:
Mar.
Ape/June
July/Sept
Oct/Dec.
2924-22% 23-2014
2014-2015
Open interest: 6,438 contracts.
Contract No. 6 (domestic)
March
0.00 8,08
Jan./Mar
MAY July Nov.
229-2ETS
2414
Finally, and perhaps most im- vessel portant, the OSK Line carried 1,000 emigrants from Japan who were taking the long voyage to start a new life in the huge Republic of Brazil,
'Skilled agriculturists in their Sun-highly cultivated native walker is a combination bauxite these Japanese will turn
long, low
Crown Zellerbach
Cuban Amer, Sugur
Hamond Alkail
Diamond Batch Co.
Douging Aircraft Dow Chemicals
Dupont de Nemours Eastern Airline Elsiman Kodak
family Finance Corp Firestone, Tyre & Rubber,
El Paso National Gon
Ford Motor ....
General Electric
20
والغالي
115,800 1,100,100 baica
NEW YORK
Prices of cotton futures closed
General markety, rit basis, ports:
geli.
Mar
Apr
Estate Crepe
thin Feb.
thick Feb,
Sput-cents per lb. cif NY
ex-duty)
Open interest: 1,533
United Press.
London Metal Prices
London, Feb. 4. Prices of metals closed today 6.69 in sterling per long ton as fol- 6.60 lows:
Buyers BollETS
0.77
... contracts.
Exchange Rates
Tin spot
3-month
Copper spot, J+onth
723
잡았다.
16544
20574
107
Lead 1st half Feb.
May Zie ist half Feb.
73%
0476
2.10 nom.
2.30 Burn.
2,15 Hatn.
the local Business was done in unofficial exchange morkels anorning at the following rates:- U.S. doller (per $1) ess Sterling totes (per £1) Australian notes per £1 Indonesian rupiah (per 100).
May
thir
5.7
United Press.
12.63
2,35 nom.
Siam teal (per 100
11.00 20.30
United ProM.
Singapore (Straits).
AMSTERDAM
The rubber market was easy. Prices closed in guilders per kilogram, elf Feb. as follows:
the like period last year.
48x Mouth
Volume Open interest
Mar
12,000
14,400
May
20,500
349,000
15,400
*215,900
35%
Oct.
18,100
177.700
Doc
13,400
B0,000
Mar.
14.700
19,400
May
12,400
72,100
July
2000
11,000
Total
today as follows:
Spot
16n
General Foods
Mar.
35.11
land,
tieneral Motors
May
35.24
Gen. Pub, Vi
July
33.22
their
Getty Dil
Oct.
34.53
Gliden Co.
34
Der.
34.40
Goodrich (B. F.) Cn.
Mar
24.33
Na. I 'rubber
14.28
A. Tublier
77
May
Gull o
1002/
July
33.35
No. 3 rubber
Jeyden Newport Corp.
137
NEW ORLEANS
No. 1 crepe
Itccatake Monk Cô
Prices of cotton futures closed
used
carry bauxite NO CARGO FOR
Ingersoll-Rand
Inland Steel Co.
50 today as follows:
Interchemical Corp.
Spot
34.55
tati Bustress Machines
34040
Mar.
Int'l Harvester
317
May
International Nickel
7016
July.
Och
International Paper
03
Dec.
Tel_ni_
31
John Maryville Co.
Mar.
Kansan C. Power & Light
407%
Miny
July
Cotton
Carrier and tanker which Alu- talents to opening up new farm- minium Limited (Canada), will lands and thus increase the food Goodyear Tyre operate on the British Gulanca-output of their adopted country. Trinidad run, According to
Captain Henry Coles, master of
the ship, she will be
exclusively
and fuel.
to
The Sunwalker was built by
the Urag Ship Building Co. at NEW SHIP
Yokosuka, Japan. Her super-
atructure and MacGregor hat-
ches are
made entirely of
South Shields, Feb. 4.
aluminium, a metal that grows The new 13,000-ton cargo
steadily moro popular with shipbuilders because of Its light weight and durability.
FEATURE
Another unique feature of the Sunwalkers is her shallow draught 20 feet.
The single-screw.ship has a cruising speed of 10 knots, i She is 450 feet long, has a 63- foot beam and carries a normal crew of 36. She is 8,917 death- weight tons and has a tanker capacity of 3,449 tons,
The Sunwalker Is under Liberian registry,
After ailing her bunkorra with fuel at Los Angeles hat- bour's Berth 108, the spanking now vessel proceeded directly to Georgetown (British Gulanca) to begin her normal run be tween the South American port and the island of Trinidad,
NEW FREIGHTER
The
Bremen, Fob. 4. 5,750-ton Freighter Akta Palm, built by the Bre.
vessel Atlas, which leaves the Tyne on trials today, has not obtained a cargo and her maiden voyage is in doubt because of a shipping recession.
The Atlas was bullt for the Anax Shipping Company, Satur of Panama, and will bo managed by the Farts Shipping Company of London.
A Faros spokesman said he hoped the vessel would not have to be lald up. The Atlas will return hero after trials for about a week of adjustments and stares, he said, and it was hoped to be able to do some- thing" for it then.
Faros and its associates al-
ready have six veszelt Inld up. -United Press.
ATOMIC CARRIER
Nowport News, Feb. 4. The keel of the first atomic- Powered aircraft carrier was laid then Vulkan Shipyard for Palm at the naval shipyards here
Was
to be
today. Line Ltd of London, launched here today.
The aircraft carrier, With a top speed of 14 Knots, ¦ called Enterprise, will have night the Akanu Paầm, will begit|reatiors allowing it të prijos bőt service for the British take on two yesin without refusiling, Dago ---United Prom.
| France-PrunSE.
Kennecott Conser
Liggett Meyers Tob. Co. Lockheed Aircraft Loews Incorp.
Lone Star Cement Co.
Lowenstein & Suns McDonnell Alterat
Stock Exp.)
Mosal Iron Corp.
3812
ឌ
LIVERPOOL
future pence per lb. were as follows:
July/Aug.
Old contract
Mar/Apr
(Am.
May/June
Minnesota Mining Mission Developinent " Manenato Chemifcet Co.
Oct/Now,
714
Dec/Jan.
New contrael
Montgomery Ward
Mar/Apr.
May/June
Motorola Ing.
4046
National Cash Reg. "A"
National Dairy Prod.
Oct/Nov.
Dec/Jan.
Nallonel Lead
1024
National Steel Corp.
03
New York Central
1014
Norfolk & Westem Ry,
40xd
Olin Malleson Olls Elevator
€31
Owen-ininos Olms
Oxford Paper Co. Pacific Ge de Dec. Pan American Airways Paramount Pictures
Parko Davis Co.
Pony J. C. Co, Penn. Ball Co. Philip Mor
Procter & Gamble Co. Pittsbagh Pinte Glass
Publicker Industries Pure. Oll
Radio Corporsien Radio Corp. Repubito Steel Reynolda Motal
July/Aug.
closings,
SAO PAULO
Prices unquoted today.
in
25.30
25.28-30
25.40
20.10
26.20
27.10
In the United States, the average price of one-inch cotton
at 14 designated spot markels was not available.
Total sales at these 13 markets wore 13,800 bales.-United Press.
3
NAMESAKES
Answers-1 Talking, 2 Quiz, Television, 4 Bradford, 5 "Entertains, 0 Inform, 7 Twenty, Microphone, 0 Education, 10 Broadensi 11 Discussion, 12 Questions, 18 Panel, 14 Games.
Gilbert Harding.
SHIP
BENDLINE
15.41 Agreed Merchant Rates Swiss Francs: Maximum Sell. 100 ing 75 7/16.
UK Imports Liquified Gas
London, Feb. 4. Britain, which imports all its gasoline and oil, today Jaunched plans to import liquifled natural gas from. the United States,
*
The Gas Council, govern- ment agency that administers the nationalised gas Industry, on- nounced it had signed a contract with Constock Liquid Methane Corporation of America for an experimental project that might provide cheaper gas than the kind now taken from cool.
The British agency said it was hoped the first shipment would arrive from Gulf Coast felda in rbout one year.
tats British govertiment have been trying for years to flud o way of getting gas from sources other than coal. The type of coal needed for carbonisation is in heavy demand for other usea and the supply is steadily run- ning out-United Press,
New York Metal
Futures
New York, Feb. 4. Prices of metal futures closet today in cents per lb. as follows
Lead: Feb quoted: Mar: 11.200. Zine: Feb: nqnoted: May: 5.000.
Mar: Feb: unquoted; Copport 22.336,
Tin: Feb: unquoted: Mar: 91.250,- United Prok..
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