SHIPPING
THE CHINA MAIL, WEDNESDAY, FEBRUARY 12, 1988.
TRADE
and
TANKERS FILL BULK NEW YORK The New
OF ORDER BOOKS
London.
New orders for ships have dwindled to a trickle in all the leading ship-building countries in the last few months. Some leading yarde have not had one new order for the past six months.
position la To help yards get
gross
to
COTTON
MARKET
New York, Feb. 11, Now
crop cotton fatures rallied brinkly after a slow start today when buyors saw fading chances for enactment of foghlation
in time to increase the
1958 crop acreage. Old crop deliveries It gged in fnce of the continued slow it- tion in the texille maitret where Ary-dealers reported stiffening com-
export The general
the British orders, the Japanese Govern roughly as follows: order book tolale 0.8 milltonment has allowed that up
tons, enough to provide 60 per cent can be paid ever six work for about four years; Went years for tankers, and 50 per
for Germany has three to four cent over five years yours' work in hand; Norway, cargo ships.
Italy, two years; three years
years; France, Sweden, three to four years; Donmats, two years; and Japan, two years. Japan, Germany and Sweden are building mainly for export, In each case about 75 per cent of their total output.
three
bulk
Orleans
on
COMMERCE SECTION
New York Stock Market
New York, Feb. 11.
Stocks suffered their fifth decline in a row --- a loss of some 2 billion in value of all listed shares- when an early attempt at advance failed to generate any demand.
The
HONGKONG
STOCK EXCHANGE
Page
Two Queries Puzzle The Tin Industry
London, Feb, 11.
Two questions now puzzling the tin industry are
discussed in the February tin market review fasued by A. Strauss and Company, the London metal merchants.
Our Own Correspondent
The Arst is why, as export Businais done on the Hong- quotas now operating only per- king 'Stock Dxchange this mit in to come on the market chief item behind early firmness-indications
consumption that there may be a tax cut in the offing-was morning amounted to approxi at below current
nately $302,600, Noon quota-retes, has the market failed to outweighed by later unfavourable news deticns and the morning's trans-respond to this situation, velopments:
• An increase in unemploy-1 Norfolk & Western Ry. ment to the highest level sinceous laystor February, 1950;
Heaviest dealer stocks of autos in two years;
New copper price cuts and declines in the metal on the London markol;
Cuts in crude oil runs and crude oil prices;
At the close the list ruled off Although Britain will almost rtition with synthetic fibres.
37 points. Opening certainly absorb the lion's share
10 to up orders for the ΜΠΟΤΕ of
Now
closed up 15 to specialised types of shipping, prices were up 3 to off 2 points.
depend 24 points. future prosperity will
the "super" upon output of
March
contract quinting tankers,
carriers and
first notice day-Fcb. 24-also tramus.
months. nearby Here, competition from the weighed
Open contracts in March at the
Some dividend cuts and Owners and builders are te Japanese yards will clearly in-
start of trading tony totalled
poor earnings: postponement of Juctant to disclose information tensify. By investing in
The cert!Acated 130,000 bales, on cancellations. It is believed, proved welding and new
Selling hit in the fifth hour however, that the cancellation fabrication methods, Japan has stock remained at 22,364 bales. expansion plans and layoffs.
Until mid-afternoon trading with enough force to put totals about placed of Tun orders
quiet pace; moved along at a. 100,000 tons gross. Fallure to speed
while traders awaited new in-porting tickers behind,
Oils, chemicals, ralls metals led stocks lower on in- ereened volume,
im-
pre-
on Importance
other ship
great than any toke up berth options probably building nation. brings the total up
200,000 gross tons.
to
about
A time-charters Aged TANKER RATES
when conditions favoured ship-
owners terminate, i
more
ships will be laid up or scrap FALL SHARPLY
ped. Ship valuca have plunged,
and owners
must now
higher depreciation
aliow
allowances
Lonnage, in Tanker for their modern addition to the high initial costs and interest on capital charges involved.
The position I quickly being retched when it is doubtful li new ships will be able to earn to cover oli umelent profits this, even 1 full cargoos avaliable.
imponder- Faced with these ables, la understandable that small owners-particularly the
and speculative companies
out of operators are backing пеку teenage commitments, or shelving immediate plans.
This is 10 points lower than a was conceded A number of building con- week before and tracts are changing hands at because there is a considerable discounts. In one case a stan-block of unemployed tonnage dard 11,000-ton deadweight dry- avaliable for cargo ship, priced at £1,105,000 for delivery within
early loading In he east, including #number
centives.
With the preliminary loan rate for the rew crop decided over the weekend by the de partment of Agriculture, traders concentrated attention on farm legislation possibilities.
Menth Mar,
Volume Open interest
110,000 357,750
Prices of cotton futures closed today as follows:
in the ou
Owen-Illinois Gi
Co.
Pain & Hire.
Gai
Pan American Airways Paramount Pictures Parke Davis Co.
Ferry J. C. Co. Penn, Salt Co. Philip Morris
Procter & Gamble Co. Pituburgh Plate Glas Publlcker Industries Pure O
Radio Corporation Republic Steel Reynolds Metal
- 8, Roebuck & Co.
shall ou co.
Baint Reg. Paper
and
Binclair oil
Bocony Mobilell
Volume increased to $80,000 shares in the fifth hour when heaviest selling emerged.
This lifted the day's total well above the full volume ‘of yesterday.
For a few minutes shortly after 1000 GMT, the selling at- tained enough volume to bring ticker lateness.
Earlier the considerably trading had been lighter than yesterday's dull Sussion.
The day started with two things la
the market's favour And it made advance.
ค
Irregular
Of 1,127 issues traded, 022 were lower, 273 higher.
New York Stock Exchange volume was 2,110,000 sheros.
Now York Stock Exchange bond volume was $3,7000,000.
American Stock Exchange volume was 410,000 shares.
Dow-Jones closing averages
were:
2,300
London.
May
10,300
ownera
Buffered
July
14,000
220.000
Oct.
22,000
380,000
another setback last week
Dec.
9,100
104.000
Mark
22.000
00,000
when single. voyage freight rates from tho Persian Gulf fell sharply to a new all-time low.
Bay
20,300
318,400
July
1000
24,400
Total
....... 108.COM
1,318.100 bale
NEW YORK
arc
French CFR. have fixed a re-let T-2 from the Persian Gulf Stales to France at United Maritime Commission Scale minus B per cent, equivalent to about British Ministry of Tran- spori Scale minus $2 per cent.
Spot
33.05
Pix.
33 42
May
24.70
July
35.33-36
Det
16.20
Dec.
30 17
MAE
35.20
May
35.77
July
31.46
NEW ORLEANS Prices of cotton futures closed today as follows:
Spot
34.50
Mar
24.05
May
35.17
Sc industrial
44234
Jury
25.30
20 rails
04.43
Oct
35 15
19 utilities
72,12
35.08
65 stocks
181.17
Mor.
23.TE
40 bonds
B361
Mny
53.15
Comm. future price index
104.77
July
34.91
Closing Prices
1476
TUT
20
10"
Jerican Cable
Curp
Radio
+36
Amer a Forgn. Power
2296
404%
35TA
1934
394
2044
17
104
421
1.12
動
101
235
few
of supertankere.
Almost all the major charter- months, can be bought for about
out ers remain
of the market £50,000 less.
Buyers generally are expectand, according to eno broker, Ing discounts up to 10 per cent ore.quile unable to consider any Fresh chartering. Some, Indeed, for immediate purchase,
The British shipbuilding order are still having difficulty in book covers every type of sea-"nding discharging spaco for the But many tankers they have on char- going vessel and craft, tankers still account for the ter and there are no signa that extra tonnage bulk of work in hand (over 54 they will need
to
per cent), and this is the im-to cover the greater demand for mediate
builders. oil which is normal at this threat
Inid up total time of the year. World tankers
Little business was transacted over 2 million tons deadweight,
Britain then the Caribbeans to Tanker-bulding is now "bread and butter" work for Continent of Europe trade and remained nominally at many yards. If the demand for rates.
for nhout Scale minus 55 per cent. them is halted, even
coastwise trade limited period, shipbuilders will The American
have to think twice before risk-was reasonably active, however, United States flag vessels: expenditure for ing heavy capital
dock
and owners
elect Already one
for the bigger building berths rates from Caribbeans to United States Northern Harbours stood necessary for giant tankers.
The same problem faces dry- at U.S.M.C. Scale minus 60 per
repairers. cent.
it is Nevertheless,
reported of certain contrast and berth cancellations from New York that America have decided 18 that a supertanker, ordered major companies now, can be quoted for delivery upon an expanded lay-up pro- in 24-28 months' time by one origramme bringing their total up to 20 vessels by the end of this two major yards.
builders bave month.
In
Japan,
suffered from a spate of export
cancellations. These
output rate, mean
trading
The only time-charter fixture cancella- reported was of a Swedish tank- for Ave tions, coupled with a higher er, taken by Stanvac
at 23/6d that the years clean value of Japan's order book has per ion per month, with delivery August or September next year. declined.
The size of the tanker Consequently, Japanese ship-
In the builders have been seeking plus, however, depends
of fresh markets to Bil the gap, first instance on the course and are canvassing in the Near world demand for el. Most fore- America casters expect that consump- and Far East, South
Sur-
end delivery dates. In the last estimates, the volume increases
But even turbino
tanker has dropped from 23 generous forecast
LIVERPOOL Cotton future closings, pence per lb, were as follows:
Oki contract: Mar/Apr. 25.40; May/June, 23.30: July/Aug, 20.62 Oct/Nov. 30.40; Dec/Jan, 25.39.
New contract: Mer/Ape.. 20.40; May/June, 2002: July/Aug 20.94; Oct/Nov., 28.90; Dec/Jan, 27.23.
SAO PAULO
Prices all unquoted today.
the In the United States, average price of one-Inch cotton ai 14 designated spot markete was 30.63 cents.
Total sales were 67,332 bales. -United Press.
New York Sugar Market
New York, Feb. 11. World No. 4 sugar futures closed today unchanged to 3 points lower with sales of 016 contracts. Domestic No. sugar closed unchanged. to 2 points bgher with sales of 98 contracts.
Lower trend in the world contracta followed the decline In raws and reflected disap- pointment of failure of ex- pected Russian buying to ma- Terialise.
Forecasts for a larger world production also counted against prices.
Contrast No. 4 (world)
3.60
Alden Ino. Acy. Allied Chemicals Allled Mills Inc. Allis Chalmers An. Brake Shoe American Airline
Am. Gas & Electric Am. Machi, & dry, American Metal American Smelting Am. Bugar Ref. American Tel Tol American Tab. "B" Ameonda Copper Armco Stevi Armour
Atlas Coria Mining Baldwin-Lima-Ham. Amore & Ohio Beneficial Finance Bendix Aviation Corp. Benguet Cona. Bethlehem Steel Boeing Airplane Burden (The) Co. Burroughs Add Machine Canadian Pacific L
Campbell Soup Co. case (7. 1.) Co.
rector
Celanese Corp.
C. L T Fancial Corp. Chase lantaat. Ba Chrysler Mctors Chunit Peabody Colgate-Palmolive Co. Colombian Carbon Co. Commercial Creati Consolidated Edison Continental Oll of Del. Crows Zellerbach Cuban Amer. Bugar Diamond Alkali Diamond Match Co. Douglas Airprall Dow Chemicals Dupont de Nemours
Eastern Airline
Eastman Kodak
El Paso National Gas Family Dance Corp.
3.55-50 Firestone Tyre & Rubber
3.15
Ford Motor
Genend Electric
General Foods
General Motors
Gen. Pub. Util. Getty Ou
and behind the Iron Curtain.
tion will not rise as steeply But this is proving insuf- the next few years as it cient and tho Japanese are over the past decade, although, Lorma even on the most conservative again offering` attractive.
In
hus
March
six months, for example,
the will be virtually as great.
aday July Sept.
·Oct.
$.50
3.15
price of a 48,000-ton
Mer.
3.55
May
3.41
Bpot-(centa per lb. ful
Cubi
3.85
Open interest: 818 contracta.
Contract No. 6 (domestlo)
March
0.07
Mr J. Winterbottom of Stand-
Moy Jaly
01.09
Sept.
0.73
0.70
Inland Steel Co.
Nov.
0.70
Spot-cents per Ib, cit NY'
ex-duty)
3.81
million to £32 million
on the relatively of a @ per with cent rise in world demand (al- most as much as that achieved theoretical same since 1920) a large in roughly the price as could be obtained in surplus of tankers is established.
delivery within two years.
This
Britalt at present; but--and this
is Loportant the British price ard O (New Jersey) forecasts on this basta in the Oil and Gas is a baric onc.
It will be subject almost Journal that 10 per cent of the without exception to a materials available tonnage
and labour escalator clause.
Baale British prices are
rising, at on annual
will be sur plus to requirements this year: at 13 per cent in 1959; and 15 rate per cent in 1960.
This only allows for the pipe-
reckoned to be about & per cent.lines already armly planned, but The wages award last year, to not, on the other hand, for any gether with an average increase increase in traffic round the Cape of 8 per cent tri ship steel prices (following an 11 per cent large supertankers.
has implica- increase six months earlier) potential surplus
puched up the finished tions for all prices, since, with tongare freight rates low and
bave
'As ̃on' example of the
way
Tho
ship price still further; but freely available, continued easy there has been no compensating supply conditions are likely. increase in productivity.
However, there is a possibil prices spiral, London and Overity of the tanker surplus being anded by 1980 by cancellation seas Freighters took delivery of orders and earlier than noz- from a British yurd last year of
mal scrapping.
24,600-ton deadweight tanker. Cancellation of some of the Final cost was £1,315,388, but vast orders outstanding which she was contracted in Octobor, 1 October 1 last your totaled 1951 at
estimated £140 million deadweight tons, 31 million
million tons more kan, in mid-" Agines this, Japaneed yarda 3089has already begun. An are prepared to quote fixed other possibility, an unexpected- prices, with, generally, 50 par ly large upruge in demand: cant payment during construc- cannot, of course, be ruind out. tion, 10 per cent letter of Meanwhile, reports from the credit on delivery and 40. per United States suggest that the cent tende over three to five Thakor surplus will tak
the early 1960s.
Open interest: 2,119 contracts.~
United Press.
London Metal
Prices
London, Fob. 11. Prices of metals closed tothy
in sterling per long ton as fol- lows:
Tin soot ...
3-month Copper apol [5-morita. Lead lit batt
Zing at half
Gudden Co.
Goodrich (B.Sc.
Goodyear Tyre
Gulf Ou
Heyden Newport Corp.
Homeslako Mining Co.
Ingersoll-Rand
Toterchemical Corp.
Int'l Business Machines
Int'l Harvester Oper
| International Nickel
International Paper
Int'l Tel & Tot
John-Manville Cn.....
Kanser C. Power & Light
Kenacolt Copper
Liggett Mayers Tob, Co.
Lockheed Alrevaķi
Loews Incorp.
Lone Star Cement Co. Lowenstein de Flora
Alroent); (Ass
Moshi Iron Corp.
Minnesota Blining
Biagio Develodiment Monsanto Chromical Co.
Montaubery Ward-
Buyers Sellers
-72011
181
149
Motceola 100.
14
Nation Dry Prod.
National Les:
64
National Steel Corp
National Cash Reg. "A"
New York Central
SHIP
Bolar Aircraft
South Puerto Rico Bugar Bouthern Co, (710)
Bouthern National Gas Southern Railway (Com.) Standard Branda standard all of Cal. Standard Oil of Ind. Standard Ol of NJ. Steep Rock (Toronto Exg.) Barling Drug Co. Stokely-Van Camp, Studebaker-Packard Corp. Sunshine Mining swift & Co. Texas Co.
Testron Inc.
Tide Water As, Oil": Time ina.
Twentieth Century Fox Fin Union Carbida
union Oil of Cal
Union Pacifle tallwaY
United Aircraft
United Gal_COD,
U.S. Fall "3"
B. Öyeur
UE Line Co.
UB Rubber
US. Emelting 11. St-et... Westinghouse Electric Western Union Tal Co, Woolworth
Buyers Balleru
Wales
137.50 1.40 10 @ 3.33
actions were:
Shares GOTS
203
BANKS
0432xd
HK Bank
2016
INSURANCES
BIG
Lombar
35
·
134
SUPTING
30
Waterbost
ALP
DOCKS, ETC.
120
491
Dock
1
Provident
32.10 12.30
Provident
11.80
LAND, ETC. HK Hotel
Wheelock XD 0.18 0.20
10.00 16.70 Ik Land. 33.75 34.23
The other query raised is why has the buffer stock had to buy | so much more metal than the surplus of production over con- sump.lon.
TIME LAG
In the Arst instance, the
NEW YORK RUBBER MARKET
New York, Feb. 11. Rox rubber, 'futures, today closed 25 to 40 points higher with sales of 68 contracts,
March 20
800 Sept 201
view states, a to log is 10-100 Mrch, 1930.99
|volved. Although the severe Ex-
Standard contract closed 25 to
500 16.70 port quotas have now been in | 40. points higher with no soles
24.20 24.40 1000 ✪ 24.30
123 120 DU.50 09.30
100981
50
100 G D
500 € 1720
600 ## 11.20
2000 31
Humphreys Jealty 40 RUBALL
Amalg
1,33
1.2770
2015 UTILITIES
4416 YOUmsti 44:4
4 C. Light
17.10 17.30
1000 1720
Electri
Tel.
... 21.30 28.50
21.30 27.40
1.10
1100
***** 10.00 38.00
1000
Watson
L.. Craw
Vibro
12.10 13.30 14 50
15.30
..
1.30 4.00
2914
40%
"United Press.
LONDON STOCK
MARKET
London, Feb. 11. The stock market drifted lower today with only gold shares resisting the weaker trond.
The feature of dealings was the opening in fair selective trading of the new Shell stock at a premium or £1%. Prof taking lowered the premium to 21 3/18 at the close.
Otherwise of issues register-
ed fractional losses,
Jed by
INDUSTRIALS Cement
Rope
****
STORIS, ETC.
Dalry
MISCELLANEOUS
INVESTMENTS Yangtze
2000 17.20 2009 200 500 ## 28.40 B002730
force
for many weeks, the reported.
*Karch, 28.25; May, 1950: July, ummount of metal still coming forward and available for the 2099; Kov., 290, sam
March," "190. Pro-boliday pre-restriction
covering joined |ra.ca and this will continue for with steadiness of London in
a little time yot.
imparting "a" steadier tone lò
market
La at
In the case of Malayan Unquiet scesion. Shipment offer
inga were reported moderato, shipments it is predicted that and while close to a workable not until mid-March will Straits basis, actual business was dif- ativals be below the level of cult to confirm CORsumption.
In
Dopier interests switched
of forward March/July: contracte at 60 the absence purchases by consumers and points.
The local market will be close these have been unusually light
Lincoln's for the for some time the amount of tomorrow unsold ovaliable metal reaching birthday boliday. Spot No. 1 To Rss was quoted at 2014 conta, consuming countries has 500
mained at the rate existing bo- nominal.
SINGAPORE 200 10.86 furo restriction and will con- 30012.10 tinue to do so until the begin-
ning of the second quarter.
201
SINGAPORE
STOCKS
The market opened lower to- clay but steadied later. Future elenings were; -
There are Additional reasons No. 1 rubber per Ib. Feb. 714-
why me buffer stock has had 10 No. # rubber per Ib. Feb. 145-185 buy so much tin in ao short a ito. a
time. Apart from the surplus No that has coveloped
H
H
there has Spot rubber unbeled ...
Blanket' crepe-
been a substantial de-stocking No. 1 pale chupe sapta
of metal by merchants; smelters and consumers,
Merchants and smelters have sold their spot metal to the buffer stock as they have hud
Singapore, Feb. 12. Brokers today quoted the fol-o incentive to hold on to it. lowing stock prices:
LONDON
学
The market was steady with
pot quoted at 22% pence per
Price":
No. 1 spot
h
arch
April/June
July/September
October/December Jomiary/March.
Taking all factors into con Opening sideration, it is not surprising General markets, cif basis,
Batu Lintang Rubber Co.
Lid.
... $1.021 Patroleum British Dornes
Byndicate consolidated Tin Smelters
Ord.
FTRO & Neave Lid
Fraser & Neave 73% cum.
pref
Gemmons (Malaya) Ltd.
Hongkong k
Banking Corp, Hongkong Tin Lid. Kempat d...
Bhangbal
Kuala Kampar Tio Lunas Rubber Estates Lid, Malayan Breweries
New Sarandan Rubber
that very large quantities of tin Pab have become free and absorbed | Mar. in the buffer stock.
Estate crepe this Mar.
This heavy and rapid c- $2.5735
cumulation does Indicate that
thick Mar.
United Pres
the stock hold by the trade are London Foreign
that
$4,00 02.2015
at an exceptionally low level and BEAD-
there will be no reserves to draw upon when CUTTED! supplies as a
of result restriction-begin to fall bein the consumption rate, the r view adds, China Mall Special
Br 3d
283 34
Exchange
London, Feb. 11.
2.815-2.81-18/16
Cloning rates were:
21.41 1.06
Montreal- $3.37
Lkl.
42.40
declines
Industrials suffered fractional
Petaling Tin Lid,
$1.99
Raffies Hotel
$2.60
steels and de-
singapore Cold Storage
$0.90
Stralis Trading
$1,70
Btraits Bidamship
sia.75
13
partment store issues.
Copper Based on a softening United Engineers Ord.
la world markets,
Gilt-edged securities were
mixed and quiet.
Dollar stocks were lower re- flecting lower prices yesterday on Wall Street.-United Press.
NAMESAKES
2
Answers-] Performing. Velce, 3 Entertaine, 4 Comedy, B 5214 Vital, Sabrina, 7 Variety, 8
Askey,
Theatrical, 10
49
Television. 4012 Norma Sykes (Sabrina).
BENDLINE
Wears Bro. *******
Cuina Mall Special,
Exchange Rates
Butines we done in the Inofficial exchange market morning at the following rates:- U.S. dollar (per 81)
1594 10.78 20.30
slering notes (per £1) ..... Australlen notes, per £1). Indonesian rupiah (per 1003 Som tical (per 100)
Bgapore (trmits)
New York Metal
Futures
New York, Feb. 11. Prices of metal futures closed today in cents per lb. sa follows
March
11.
1136
Двор
21.108
local Lead
13
May
Zino
March
11.33
May
Copper March
May
Tin Mares
May
United Press,
Now York
Amsterdam
Copenhagen Frankfurt Milan Paris Stockholm
Vienne
PATRIOS
2,4613/14-4.40=15/18 10.6234-10.02} 19.3544-19,301
1181-11813 1437-1.2%
13.5011-12.20 Others unchanged-United Press.
New York Foreign Exchange
New York, Feb. 11. Closing rates were:
Canada England oilani
30-day
Augirstin 25.000 Jelatum
91355
Pakistan
FROM BANGKOK TO PARIS
Fly
TWA
COLL
WORLD AIRLINES 32563
OR SEE YOUR TRAVEL AGENT
2000 3/18
2111 United Pres.