SHIPPING
P & O ESCAPES DEPRESSION
London, Mar. 12, The P and O Line has so far escaped the effects of the depressed state of the freight market, it was an- nounced today.
Sir Willam Crawford Currie, Chairman and Managing Direc- tor of the Peninsular ond Oriental Steam Navigation Company, said that the company had not yet had to lay up any tonnage.
HOT-MOULDED
BOATS
London.
Big efforts are to be made this year by the British firm Fairey Marine, subsidiary of the Fairey Aviation Company, to in- crease its exports of "hot- moulded" boats.
The company has converted a large part of its aircraft factory at Hamble, near Southampton, to the production of these boats which range from 7 foot 6 inch 10 20 foot sailing
Je was asked at a press col-ingles the Company cruisers. ference whether or British chip owners generally
I produced 1,000 of all classes
would co-operate with a lay-up last year, compared with 100 in scheme devised by Greek ship the whole
of 1947 when pro-
owners. "The Greeks, as far auction first started. Plans are I know, are working on their ready to step this up to 2,000 if own." Sir William replied.
demand warrants it.
Sir Donald Anderson, deputy chairman, said he did not think the United Kingdom Chamber of Shipping's tranp committee laying-up Ind considered scheme. They believed such a be premature and use- ful only to owners of tonnage
lready laid up. ANNUAL REPORT
{novc
At present over a third of all bonts constructed at Hamble are the United Exported, mainly States, Canada, South America and New Zealand,
"Hot-moulded" boats are built on almost solid wooden moulds made from timbers which are glued and pegged together and then carefully "faired" to the interior shape of the hull.
fashioned and
THE CHINA MAIL, WEDNESDAY, MARCH 12, 1958.
TRADE and
and
COMMERCE SECTION
Wall Street Advances Mildly After Ike's Announcement
The US Recession: A Tax Cut?
Hopes For Quick
End To The
Slump
By JULIAN BATES
New York, Mar. 11.
HONGKONG The New York
STOCK EXCHANGE
New York's stock exchanges advanced morning amounted to approxi-
Our Own Correspondant Business done on the Hong- kong Stock Exchance this
mately $327,000,
'actions were:
RANKS
Noon quota-
mildly today immediately after Pre-tions and the morning's trans- sidont Eisenhower told Republican re Congressional leaders that he had in Bank mind a tax cut to put a quicker and NSURANCES to the six-month-old ́aconomic reces-Wheelock sion in the United States.
Bayers Belfers Balou
010
Union SHIPPING DOCKS, ETC. Dock Provident
70
A prototype bout is then built The February unemployment figure of nearly
5,200,000-an increase of 700,000 in a month Provident had been widely expected and the market had LAND, ETC. discounted it in advance.
Sir William, presenting the Company's annual report and
£89 million up on the mould using wood accounts, Bald
15 new veneers of just over inch would be spent on tankers to be acquired in the thickness and 6 inches wide. "planks" re next five years,
These veneers or Further expenditure on coin-ured as templates, from which
planks are cut pleting ships being built would further
and account for £45 million while stapled to the mould to form the £44 million was for new ton- first skin. nage ordered but not laid down. He said the company was a further three committed to tankers but could not allow for them financially until work was under way.
It was hoped that two of the new tankers would be launched about this time next year and
two more 1050.
towards the end of
The second and subsequent skins are glued on one side only, the staples holding the first skin being removed as the second is applied.
The mould around which the hull has been formed la envelop ed in a rubber bag which is clamped down around the edges lo secure an airtight fitting. A vacuum is applied until the bag is stretched skin-tight over every part of the top surface of the mould,
The whole unit is then wheel- ed into an oven where sicuin 100 degrees
He added that there was no Improvement in delivery dates and continental shipyards did not deliver chips any quicker than United Kingdom builders.
Speaking of port delays and heat up to about holdups, the Chairman said the Centigrade is appiled for about position in Australia had Im- | half-an-hour, proved lately, the worst port for When baking has been com- Colombo-pleted the hull is left to stand week to "cure" and for about is then trimmed before the fit- ting of deck, buoyancy tanks,
ment.
delays Reuter.
was
now
REPLY TO DANGER centreboard and other equip-
FROM LIBERIA
London, Mar. 11. Seven super tankers, being built in the United King- dom, are to be registered in Bermuda to avoid heavy British taxation. They will be controlled by the vast P. and 0. groups comprising 800 merchant ships.
The tankers will fly the Bri- tish fig and will be managed by a recently formed subsidiary
company called The Board
of
GREEK PLAN FOR LAYING-UP
New York.
A draft plan of Groek ship
owners in London for of controlled laying-up freight without compensa. tion to meet falling rates was received by the New York Greek Shipowners Committee today.
In advance the New York Charter Shipping Company. owners about 20 companies --
This
HK Hotel
KIX
Even so, brokers here noted, this figure was not
released until after the subjects of the Presi-X dent's meeting with Republican Congressional leaders had been made known.
Many shares showed trac- tional gains after statements by attending the Congressmen white House conference that Me Elsenhower discussing a tox cul.
7
Wag
One broker described it as
"mlid bombshell,"
but others
statements noted favouring tax réduction in the last 24 hours by Vice-Pres- dent Richard Nixon and Mr Percival Brundage, the direo- lor of the budget,
Specific
Mr Joseph Martin, Republican
leader. In the House of Repre- sentatives, sald after the meet- ing that the Administration was deferring for a month considera- tion of a specific tax cut.
the and
Stock
Market
New York, Mar. 11.
Industrial shares advanced on volume today and
It
all but hit the year's high set on Feb. 4. was the eighth successive session of advance
the industrial department. Chemicals and drugs led the parade with gains running more than 2 points.
Lakens again starred in the Paramount Pictures stoels with a gain of more than Parke Davis Co. Fenny J. C. Co. The whole steel de- Penn Bait Co. a points. partment improved. Higher Philip Morris
Procter & Gamble Co. 10 @ 70.30 copper prices in London Pittburgh Plate Crims
flected by the market here where | Puhileker, Industries corper sharea moved up. Alumi. nlum Limited featured
volume and
than
508.10
Pure Of
the
0.14
13 154
12 12.20 200 @ 11.20
1000 12.10 Alcon ran
points. Reynolds Metals also rose more than 2.
2000 15.90
aluminiums
up more
Radio Corporation
Radio Corp. Pred. Republic Steel
2 Heyrolde Metal
Oll Insies rose fractiona to 2
300 15.00 points in Skelly Oil, and oil 3000 15.00 Squipments improved with them. Strong spots featured in the 33 5123 2000@3225 tobaccos,
Sulphurs, plywood issues, papers, airerafts, glass 14.00
issues, and gold mines. 1.25 -1.275 16009 @ 1.25 | 1.50
11
15.70 15.90
JK Land Humphreys
XD RUBBER Amalg Trum UTILITIES
23
Star Ferry
Li6
Yaumait
C. Light
17 1750
300 12.30 100 w 1735
1000 * 17.20
500 € 17.20
500 1720
24.40 – 2000 dt 26,20
This would have an in-Tram XD
in putting a stantaneous effect substantial windfull into wage- curners pockets Instcod of spreading thinly over the year. For instance a married man with two children would benent by $51.80 month if he earned $0,000 a year, or $107.80 if he
earned $10,000 a year.
Electric XD
Tel. XD
Of a total 1,137 issues traded. 664 were higher, 252 lower.
New York Stock Exchange volume was 2,040,000 shares.
New York Stock Exchange bond volume was $4,070,000.
American Stock Exchange
volume was 600,000 shares,
Dow Jones dosing averages
300 6 10.30 200 20 20 were: 24.50 28.10 1000 24.00 30 industrials
20 rall 200 F 21.10 16 titles
stocks
INDUSTRIALS Cement
30.50 two Amoy Can If the equivalent of
"STORES, ETC. months tax reliat were spread Dairy 18.00 16.00 2000 (16.70
11.30 11.00 over an entire year, the $0,000 Watson
a bonus of Kwony s. i man would have $0.03 a month, and the $10,000 INVESTMENTS
Yangiske man $17.03 a month-Reuter.
NEW YORK
RUBBER MARKET
3.45
LONDON STOCK
MARKET
London, Mar. 11. Shares of the anclent Hud- sons Bay Company Incor- porated in 1670 furnished the only feature today in super-cautious stock
exchange.
This may provide time to see whether the Administration's other anti-recession dovices, such as the further lowering of the discount (bank) rate to 21⁄4
New York, Mar. 11. per cent last Thursday-to
Rubber futures today closed send more
into money
28 to 83 pointa higher market will take hold reverse the downtrend,
with sales of 80 contracts. Dolk
Ad- the Republiena
Mar: 20.70; May: 2085: July: 2701:
highly respectable ministration And Democrat Sept: 27.10: Nov: 21.10: Jan: 27.15;
shares jumped 10/- to 157/- on Party leadership
of Congress Mar: 27.16.
Standard contract closed 28 a handsome-but unexpecled have been cautious about mak-
to 33 points higher' with no rise in their dividend ing a tax it, though it is
sales reported.
But elsewhere things were widely agreed that this is the
Mart 2010 May: 20.03: July: 2101: pretty quiet. quickest
There was rela- way, in theory, to Sept: 27.10; Nov: 37.13; Jan: 275ively little selling. Ford Motors Pump new purchasing power Mar: 27.38.
ls expected to announce its into the sagging economy,
But against this advantage of
is the British ship | rejected the
a cut in personal taxes experts London plan. in owners* answer to the "Flag principle as inadequate, accord-set these possible disadvantages: on of Convenience" Bents, More|ing to a spokesman. than 8.5 million tons of Ameri- The London
can
proposal called
*
SINGAPORE
These
dividend tomorrow
and thig opened steadier Lact caused buying which lifted The market
shilling. Half-a- the shares o worsening news from In-
The unemployed are help-donesia, but at higher levels dozen of the lesser known con-
there was sore proẞt-taking which stemmed initial advance.
March shipment was freely
and Greek owned tankers for laying-up of about 50 per ed very little if at all since they
cent of the 5.5 million gross are already registered under the tax-free Liberian fing.
tons of the Greek tramp fleet. With registration in Bermuda, profits cannot be touched by COUNTER-PLAN the Treasury unless dividends are remitted to this country London Express Service.
TWO DESTROYERS tes
COLLIDE
cheerful reports ccans issued and their shares rose 8d or 1a. But the prevailing Lone Was cautious,
40 bonds
Comm. nature price index
Closing Prices
Alden Inc. Acy. Allied Chemicals Allied M Inc. Allia Choliners..
Am. Brake Shoe American Airline
Am. Cable & Radio Cor American Cyanamid Co.
Am. & Form. Power Am. Gas & Escotrio Am Mach. & dry. American Metal American smelting Am Supar Het
American Tel & Tel Anwrlean Tob. "B" Anaconda Copper Arco Steel
Armour
Atles Cons. Mirung
Baldwin-Lima-Jiam,
Hatimore & Ohio
Beneficial Finance Bendix Aviation Corp. Benguet Coas Bethlehem Steal Boeing Airplane Borden (The) Co.
Burroughs Add Machine
Campbell Soup Co.. Canadian Pacific R Caso (J. I,) Co. Cat, Tractor ...
Celanese Corp
C. I. T. Financial Corp.
Chase Manhat. Bank Chrysler Motors Cluett Peabody
Colgate-Palmolive Co.
Columbian Carbon Co Commercial Credit
manamwealth Elec. Consolidated Edison Continental Oa of Del Crown Zever back Cuban Amer. Sugar Diamond AKIH
Diamond Match Co.
Douglas Aircraft Dow Chemicals.... British Dupont de Nemour
Eastern Alttina
Olly saw a lot of bear cover-
Future closings were:
Ing which lifted the Canadian bearer shares 3/- and No. 1 rubber per lb. Mar. 7746-774% Eagle Shell, Apr. 2235-28
Burmah and No.-* rubber per Ib. Mar. „7316-74% Petroleum about 2/-.
0032-7234 ++
British Governments -671 64-08 £1/16. 70.81
LONDON
Wero
Eastman Kodak
El Paso National Gas of Family Finance Corp.
Firestone Tyre & Rubber Ford Motor
Germans, and Japanese show- ed rises of E-United Presa,
do not pay taxes,
In an uncertain economic effered and buyers became in- situation a family is more like-
ereusingly scarce. ly to put any bonus from a fax The New York group felt this cut into its savings account than would not meet the situation go out and buy a new television
a counter ect. and plans to make
A major tax cut might No proposal in the next two weeks catling for a combination of lay-stop the recession but also might spot rubber unbuled 771-77% steady and maintained rises
and minimum shipping very quickly lead the country Blanket crepe.....
back to an unhealthy state of No. 1 pale crepo The Wall Street Journal re- inflation.
Greek shipowners • Government revenues ported that would probably take the ease would be reduced again at for controlled lay-ups and mini-time when the economic selback Norfolk, Mar, 11.
mum rates to owners of other has already reduced them, lead-
ing to a large budget deficit, Two Turkish destroyers nations.
A spokesman for the New collided in Hampton York Committee of Creek Ship- Roads today, but neither owners Association mid ship. was aerlously damaged. owners in Great Britain, Ger- The Gelibolu adeswiped the many and Italy will be Giromus with her bow about proached soon for their views on the possibility of establishing dawn and suffered a scrape on her side two feet above the worldwide scheme on paper, waterline. She was taken to the the spokcaman rald, China Norfolk Naval and for repairs, Mall Special.
The Gliesus' anchored off
Norfolk Naval Hase.
Both ships took part in an SPECIALLY BUILT
international naval review here
Just Summer and had been
undergoing repairs and in FOR ICE TRIPS
provements at Norfolk, Narvell Yard since then.--Unitert Prese,
NEW BLUE STAR ROUTE
Singapore.
The agents for the Bloo Star Shipping Line announced here reconily that the company would in three months time start on
Bp-
Another Way
The other way in which the Covertiment can turn the 500- momy around-by large-scale and building--Ja public works argued by somd economists to be more effective in the long rup, though its impact would not be nearly so quick.
The unemployed, it is argu- ed, will have Jobs available, and the nation will benefit from having more schools, roads, hospitals.
President Eisenhower, however,
The rubber market was quietly steady with spot quoted
22 15/10 pence per 16. Fulces:
|
No. 1 Tu spot najema Settlement bouse term:
April
May
Apri/June
October/December
January/March
Jurie...
July/September
2214-23
at
23-23 231-2316 2314-233
General markets, cif inde, ports:
Starch
April May
2214-83
22-231 United PreÁS.
London Foreign Exchange
Amsterdam
Loudon, Moz. 11.
***
281 0/16-2814%
19 3933-192534
•170312-174736
Singapore Stocks
Singapore, Mar. 12. Brokers
today
quoted following stock prices:
Batu Lustang Rubber
Ltd.
Co
General Electric
General Foods General Motors Gen. Pub. Util. Gelty Oli
Co
Gurich (R. F.) Co. Goodyear Tyre
Hoyden Newport Corp.
Homestake Mining Co. Ingersoll-Rend
Inano Steel Co. Interchemical Corp. Int Business Machines Int Harvester the internations) Nickel
International Paper
Inti Tei & TI Opening John-Manville Co.
British Bordeo J'etroleum
Syndicate ............un 30/- Consoliated Tin Smeltors
Ord... ***** 27/04 Frauer & Nóave Hich, Ord, 1.65 Fraser & Neuve, 15% cum.
$4.00 Cammon
mom (Malaya) Limited $7.45 Hongkong Se Shanghat Bank-
ing Chip.www Hongkong Tin Ltd.
Kumpes Lid,
Kuala Kampar 75
Kam C. Power & Light" 10345 Kennecott Copper ...
Liggott Meyers Tob. Co. Lockheed Aircraft Loews Incorp, Lone Star Cement Co. Lowenstein & Sons, McDonnell Alterat
Stock Exge.) Mesabi Iron Corp. Minnesota Mining Mission Development Morisanto Chemical Co Montgomery Ward Motorola Inc.
3440*
...
31/-
Lune Rebber, Estates Lid 1101
Malayan Demarica,
National Cash Iteg. "A" National Hairy Prod. National Lead an
National Blesi Corp. New York Central
Norfolk Western Hy.
278 3/16-2734
10.02-10.0
New Berpantah Rubber Co..
Ltd
$2.404
Porating Tin Lit.
Ramer Ifotel
$284
Singapore Cold Storage
30.01
Strmits Tradient
1.75
Stratte Steamralty
$10.05
United Entreeti Ora.
$124
$37.JES | Oxford Paper 0,
*Chino Mail Special.
123451189) 14.533-14.53
Stockholm. sak in a letter to Republicati Closing rates were The 4,400-ton diesel-powered leaders in Congress on Saturday: New York
Acores, bullt "A anden upsurge of pump-Montrea freighter
priming schemes (of the public | Belusel" for the Portuguese ship works type)....evidences lack of odpenhagen
"Com-faith in the inherent vitality of talen ping company
Paste Atod Totem panhia de Navagacao Car- our bonomy."
In this letter be urged spend« | Vienna regadores Acoreanos" Whs ing US$180 million in reclaine Zurich launched at the Finnboda | tba programmes next your, but Note: New. YDER edchange rates Varf Shipyard on March his chief emphasis was on speed-were unavadable-United Press.
ing up Federal projects which have already been approved by
5.
The Acores was especially re- Congress and will not subject to
Australio-Singapore-Britain ser- | Inforced for passage through a long delays as now con
vice.
tracis.
Other uncharized.
12-14 20
Exchange Rates
Jocal
Bulbs. who đông là the
exchange market morning at the following ratantin Us. dollar (per 81) suposatie
The agents saich four fart paa-
The holds will be equipped There has been speculation in manger-tre/girters would oper to maintain a temperature of the past week tint if a personal ate the monthly service which 20 degrees below fers even in tax out is decked on, it coicial
come to drenatio form no a would take eight days from the tropical waters, Inst port in Queensland to Singapore, and fewer no 21 days from Singapore, to La- dora-Reuter.
The crew will have single holiday?? in which all line, močne. (DES-K1
withholding taxes (PAXE) | Australian nowe (per 41) ev
'Tudorsaak rupjien (parừ 1007 will be relleval for one or mOEN, HÁNY SONG THE 100)(qu
Kingapore. Forhita)
cabins and there are quarters for 13 bekrioters in six dou- ble cabins United Press.
months.
・
10.00
470
-xdby; 1-cdc.
Olin Mathleman
Ote Elevators
Owen-Illinoie. Otaeg
Pan American Always
SHIP
B. Hoebuck & Co,
Ou Co....
Baint Reg. Paper Burglade
Page U
NEW YORK COTTON MARKET
New York, Mar. 11. Sonate rejection of proposals to boost the cotton acro- age this year, and approval of additional funds for the soll bank, extended rallying tendencies In cotton futures today. Unfavourable weather for pre- Bminary new crop work, along with absence of March delivery the notices, and settlement of
dress workers strike, provided additional bullish #mmunition,
All new crop deliveries touch- od seasonal high scoring gaina
for
of $1.15 a bale before the ur- gent demand wor filled and
to
hedge, selling and realising ap-
penred,
Pressure increased toward the
51 Anal gong with the list finish- ing 15 higher to 3 points lower.
points, New Orleans closed off
The market opened up 3 to 23
Sof
.00%
DEP
0 to 7 points.
The Senate
33
33% (per
up
disapproved a
proposal for an emergency 30
increase in cent
cotton acreage, and at the same time approved an additional appro- priation of $250,000,000 In the has bank funds, which already been passed by the House,
07501!
714
3
27
301
40
16%
Houth Puerto Rico Sugar
ག
2
Southern Railway (Com.)
Socony Mebloli
Solar Aircraft .....
Southern Co. They
Southern National Clas
Standard Ande
Standard Od of Cal.
Steep Rock (Toronto Enge.).. Sterling Drug Co. Stokely-Van Camp.
| Btudebaker-Packard Corp,
Sunshine Missi
Swift & Co.
Textron Inc.
Tide Water Assn. Time Ise.
The Government weekly crop report said cotton planting ad- vanced slowly in southwestern Texas with snow, rain and fox holding Red work to a standstill igj, elsewhere. A large portion of the co,con acreage will be re- Si planted, the report added.
No delivery notices expire on 324
Thursday. Open March contrast 123xd today totalled 18,400 bales,
2157
374
Twentieth Century Fox Fitm 2512xd
Union Carbide
Union Oll of Cal.
Unton Pacife Railway
450.92
United Aircraft
105.05
United Gas Corp.
13.10 U.S. Fail ""
U.9. Gypsum
184.21
23.97
U.B. Line Ca.
10.A. Rubber
U.B. Smelting
U.B. Steel....
NEW YORK
Prices of cotton futures closed today as follows:
43
20
Społ
Mar.
295
May
July
TDI
Oct
Ier.
344
May
July
30.100
30.12
30.41
NEW ORLEANS
Prices of cotton futures closed
Westinghoito Eletric
Western Union Tei. Co.
7015
West Va. Pulp & Paper Woolworth
302
United Preas.
today as follows:
2439
Spot
Mar.
May
July
Ocf
Deo.
Mar.
May
July
New York Sugar
Market
New York, Mar. 11.
LIVERPOOL
ARBERBERA
Cotton future closings,
4 World No. 4 sugar futures pence per lb. were as follows: today closed unchanged sur/Aug 25.37, Det/No:
in
Old contact: May/Jurié:
23.42
1134
to one point lower with
2311
15.07; Decian: 2020; Mar 07 A 26.12.
contriel: Mac/Apr: , May/June: 2.1 July/Aug: 26 52:
2716, Dec/Jan: Dei/Nevi
27.15; Mar/Apr 21.32.
BAO PAULO
tales of 225 contracts. Domestle No. O sugar futures closed unchanged to 2 points 409% lower with sales of 202 con- 1915 tracts.
8014
in
Cotton future closings, Prices remained on the defen-cruzeiros por kato were as fol- 3012 Dive reflecting weakness of lows:
241 London, plus a lower domestic May: ShJa July: 39.10; Cel: 40 00;
15%
21
гай
403%
market and reports that Deg: unauoled. 14% Brazil was a seller of petuals, al- In the United States, the 50though no sales were confirmed, averago price of one-inch cotton Contract No. (world May: al 14 designated spot markets 1416 3.37; July: 337; Sept: 329; Oct: was 34.64 cents.
3.30 MAT: 337; May: 3.35; Sput
Total sales were 17,102 bales, (centa per ib, tubs Cuba); 337.
-United Press,
42
09
284
Open Interest: 0,950 contracts, Contract No. 4 (domestic); May: 6.61: July: 0.69: Sept: 0.13: Nov: 0.1 4045 Spot (cents per ib. ait Ny ex-duty):
Open interest: 1,754 contracta- United Pre
10144
37
100
6.49.
Dividend
The Directors of the Hong- kong and Kowloon Whart and zons Godown Co. Ltd., announce that
28
1J at the forthcoming ordinary 414 yearly meeting of the members
30
of the Company they will re- commend the payment of
20% dividend of $9 per share in re- spect of the year ended Decem- ber 31, 1957.
BENDLINE
SAILS:
JAL
NEW TRANS PACIFIC
DC-7C
SERVICE FROM
APRIL 1ST 1958
JAPAN AIR LINES
P.O
S.S. "CORFU"
NOTICE TO PASSENGERS
BAGGAGE:
Friday, 14th March, 1958, at 12.00 Noon for the UNITED KINGDOM, via Bingapore, Penang, Colombo, Bombay, Aden and Port Said. Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Co's Godown No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Thursday; 18th March, 1958.
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 9.80 and 11.00-n.m. on 14th March, 1988.
Subject to alterntion with or without notico