Page
SHIPPING
OIL FREIGHT RATES FALL
London.
USE OF FLAGS OF CONVENIENCE
London.
Powers have been urged
in a report published re- rently in Paris to fight the growing use of flags of convenience by ship- bing companies.
The recent recovery in oil Britain and other naval
tanker freight rates has been short-lived. Demand by charterers last week was not strong enough to Качер
Gulf-to- Persian Continent. rates at. the British Ministry of Trans- port Scale minus 40 per cent level achieved during the previous week.
With fewer cargoes available, rates closed at around Seale
50-45 minus
Ad per cont charterers are now suggesting an even lowel level of about
minus 55 per cent
According to one broker, "we can see slightly lower rates, fewer cargoes
on the market, and quite a number of tankers
for looking
employment in March,
"If these tankers, of course,
right employ do not get the
ment, or a rate which will enable them to trade, there is
no doubt that there will be further sålps going into Iny-up), thu odeling to the total of about 225 presently lak-up,
deadweight tonnage which is nearly 3.5 mllion deadweight tons,"
the
of
or
The term refers to the flags
THE CHINA MAIL, THURSDAY, MARCH 20, 1958.
TRADE and
COMMERCE SECTION
The World Cotton NEW YORK The New
Surplus
Washington, Mar. 19.
COTTON MARKET.
The International Advisory Committee predicted Cotton futuros today opened
today further progress this season toward liquidation of the world cotton surplus.
WIN
The prediction was made in the committee's February Re- view,
which
relensed facilities of the United States Agriculture De- of partment, The Secretariat
Panda, Liberia, Hor uras rough the d Costa Rien--countries
T-
at
ing easy shipping registrati low rates of tax to shipping com- perles,
The report, published by the Maritime Transport Committee for Euro- of the Organisailon
Fronvink pean
Co-operation, Britain, uryes
the United Japan States, Norway,
make other naval powers to it more attractive for shipping companies to register shipping in their own countries,
Shipowners operating under lug of convenience had the ad- vantage of negligible pronta tax jevled by the countries concern- in and cheaper crews, said the report,
They could plough back into their Beets a larger proportion of the profits, and therefore
pond more rapidly.
The report said it could not,
Once again the market recognat present, recommend any In- ises the baste fact that enly the ternational action against the use re-entry of such major charierers of tags of covenlence, but added as B.P., Shell and Beso seeking a fut it did not follow that indivi- considerable volume at tonnage deal countries should not take can produce a fairly permanera appropriate mensures. recovery in freight rates alve their current depressed levels.
The Western loading market
wes again fairly inactive last GREEK TALKS
week and rates from the Carib. beans to Heltuin or Continent of
Europe remained at about Scale POSTPONED
mini 55 per
Cent. In the
American coastwise trade, rates ended the week at around United States Maritime Commission Scale minus 57% per cent.
There has been little business in the perlod market. A Swedish tonker of 14,500 tons was char- tered from the East Mediter- ranean to River Elbe, Germany. at Scale minus 45 per cent in early March.
IMPRESSIVE SHOW
London, Mar. 19.
A proposed joint meeting hore of Greek shipowners of London and New York to discuss a scheme for the controlled lay-up of tramp shipping has been postponed, it was learned today.
of
Mr Z. Pappas, secrtiary the Greek Shipowners Corpora- tion comialttes, mid today he had out been told of the arrival
OF SHIPS' FENDERS date of the New York delegates,
London
who were Week,
expected here last
The Greek plan, drawn up to night falling freight rates and a lack of cargoes that has left
many tramp ships operating al
a loss, provides for a controlled
Lloyd List shows that an average of seven ships a day collide with the quay side and jetties some-y-up of unprofitable trainage where in the world, and with compensation. though in many cases damage is slight, the total cost runs iuto many thousands of pounds.
The United Kingdom Cham- ber of Shipping is meanwhile sounding the opinions of tramp operators. Many British owners hove stated they do not favour
Peter Manhall reported re- any collective measures at the cently in the BBC programine moment,--Reuter,
"Radio Newsreel" on a new in-
vention he had watched the
Hoyal Navy testing at
Ports-
mouth Dockyard, which is de-
signed to protect bota ships and DRY FREIGHT
Jetties from damage during berthing operation
cum-
"I saw 22-thousand tons of aircraft carrier (the 'Albion') compress the fenders by two u three feel and bring the ship gently to resh"
UNCHANGED
London.
This Is the Tweddell pression fender, named after Captain Tweddell, the retired Naval officer who Invented iL.
Once again, chartering has Three fenders were used in the
which Marshall been extremely limited in the demonstration, described as impressive.
dry freights market with rates generally unchanged. Heavy grain at the end of the week was fixed from the North Pacifle const at 02/0 per ton, April- May, and from the North Pacie to Pusan at $6.75, free February-March. charge, The old type of solid wooden fender often caused more dam-Vessel was fixed for two voyages age than i saved, Marshall for coal frem Hampton Roads to or Ant- pointed out, but the new type Antwerp, Rotterdam
ton, com- fender, which it was planned to sterdain at 23/0d a put into production soon, might mencing March, while a contract solve the problem and turn out vas arranged for coal voyages West to be a very valuable invention. from Hompton Roads lo
Italy at $1.15 per ton from April to December,
PLASTIC TANKERS
Hamburg.
A new company, the Deutsche Nevo Tank Gam..., has been formed in Hamburg to produco plastle containers for long-haul all transport, originally a British idea. The containers are madu
The
the 32-nation Inter-Governmen- tal Committee is located here
"Offinke will exceed produc- by # much wider Hon and
i 1950-57," margin than
"The defeit in Committee said.
roughly 2,500,000 estimated at bales and stocks will decline to their lowest level in five years, expressed in terms of couUTIP- Do, slurks will represent less that six months supply, whien' historically can be considered as fnet approaching normal. In there is a longer an surplus of and the surplus good grades
extrn ton! the situation in stables has been relieved some- what by the abnormally small crop in Sudan.
PRODUCTION
for
New York, Mar. 19.
steady and closed firm. Finishing at top levels the session the list was up 18 to 37 points. The market open- ed up 4 to 9 points, New Orleans closed up 10 to 35
NEW YORK Dons
RUBBER MARKET
ча
York
Stock Market
New York, Mar. 19.
Stocks advanced today after five sessions of de-
cline in the industrials and four declines in the rails.
The advance, accompanied by increased volume, embraced the major departments. It was triggered by a cut in reserve A persistent gradual climb requirements for banks, US$300 carried all 1969 deliveries million in defence contracts for seasonal highs with gains rang-
teme of the automobile com Ing up to around $1.50 a bole.
panies, an urging by President Price-lifting power was gen- Eisenhower for speed in publle orated, traders said, by pros-works projects and passing of a New York, Mar. 19.
pects for a higher government housing bill of nearly US$2 Rex rubber futures todayloan rate this year, plus back- billion for government backing
wardness of new crop preparar for mortgages.
implications tons, Infintionary drawn from the further reduc- tic in the discount rate.
closed 15 to 28 points lower with sales of 16 contracts.
Mar.
20.25
May
20.00
July
26.65
Sept
Nov.
Fan
36.62 26.03 23.82
Mar
May
Standard contract closed up 18 to 28 points.
Mar
May
Jaly
Sept
Nor.
Jun. Mar.
Is
production now "World estimated
at 39,400,000 bales, down 1,700,000 balts from last Reason. Acreage restriction in the United States by 2,000,000. balca.
Elsewhere the free
a
Jast
world, nerrage was IT: the aggregate only fractionally less than in 1950-57 but, with higher yields in several countries, total production is expreted to be million bales about half
Than higher
reason's 15.000.000 bales,
"Shadflcant se crops in Mexico and Egypt more than offst the decline in production in Sudan, Turkey and Brazil, Production in the Soviet Union Is down slightly from inst 5035011.
|
|
20.14
of
row
Southern Hallway (Com.) Standard Brambi Standard Oil of Cal
ol of Imut,
B all of NJ,
Sleep Itock (Toronto Beyling Drug Co. Stokely Van Chin Sludebaker-Packard Corp,
Sunshine Mining
Bwift & Co.
Texas Co.
Textron Ine.
Tide Water Ank.
Twentieth Century Fox Film
Tino Ise,
Union Oil of Cat.
Union Carbida
Union Parian Railway
United Gas Corp.
Senator Byrd warned that United Aircraft there could be a federal deficit.S. Foil "D" of as much as US$15 billion and a federal debt of US$300 billion, two inflationary iteris.
The outside gains ranged to 0 points in Zenith Radio A long list rose more than a point, most of them in issues outside.
Che making up Lendel the
The main list slipped
group
of a
the
New Orleans, -commission houses and local professional traders were the leading buyers, absorbing a limited volume of scale-up hedge
and Belling realiaing,
The advance came in face of the discouragingly slow In textiles and the smaller than averages. expected February consumption off from its best levels before time. Coru Products cotton The Census closing
ruse on a dividend rise. Columbia Bureau reported consumption
of
Th bales. 030,035
wan Pictures sagged on news
in commission under ex-dividend SUITIO 15,000 balts pectations and compared with offering.
Selccled autos featured for a 687,905 bates used in Feb, 1057.
Buyers also stressed the in- time on the defence orders, ternational cotton advisory renort were committe sumer here was lacking. A small toomage was reported done on one sheets, | March/April but of Indonesia at 20% cents a pound, coat and freight. This was considered res latively cheap when compared Oct. with the May price on the ter- minal market.
201 Between the indonesian com
absence of pleations and the domestle consumer interest, ter- minal market traders genérally. deciderl mark time and wait
The situation out.
Shipment offerings moderate but
In the local deliveries market, denters paid 20% cents for ene sheets, with further quantities avullable at that level. Spot No. 1 Rss was quoted at 20% cents. SINGAPORE "Curtailed textle production in the United Slates and Japans
The market ruled quiet and expected to call a temporary featureless throughout the day halt to the continuous expansion with
some
May
Of a total 1,110 Issues traded, indicating 609 were higher, 205 lower.
world cotton supplies this season to the lowest will be reduced level in five years.
Valume Month
May July
Mar.
Open interent
2,600
New York Stock Exchango volume was 2,410,000 shares.
New York Stock Exchange bond volume was $4,000,000.
American Stock Exchange volume was 330,000 shares.
Dow-Jones closing averages
were;
20 calls
Closing Prices
Allts Chalmers
A. Brake Shoe American Airline
Corp
449 M
104.02 73.02 132,00
8. Gypsum
U, B. Line Co.
U.S. Hubber U.S. Smelting
U.S. Steel...
Warner Bros. Westinghouse Electric Western Union Tel. Co. Woolworth West Va Pubs & Paper
יכ1
HONGKONG
STOCK EXCHANGE
Our Own Correspondent Business done on the Hong- this kong Stock Exuluinge morning Amounted to op- proximately $200,000. Noon quotations and the
Onasietlons WETE:
Buyers Sellers
morning's
Staten
703 13700
.... 21.80 1:1
11AM
Sharci
72
BANKS
341%
BIL Bank
INSURANCES
0172
Union
#211
2015
242%
93
20%
Loinbart SHIPPING Wheelock ..
DOCKS, ETC.
561 K. WHATE
201
2074
Ikk
714 Provident
23.23
0 6.03
120
.... 03.30 24.50
... 11.00 12.10
10.00
13.00 14.80
2015
191 Procident
3132
LAND, ETC.
101
JIK live!..
0215
17 HK Land
54
621
lically
United Press.
LONDON STOCK MARKET
London, Mar. 19.
tura
100
76
400 0 400 05 10000
200
1000 N
360 or 15.00
BU 13.00
3) 31.30 XD.....
[4.40 $4.70
Humphreys
RUDBER
Amalk Trim UTILITIES
Yaumati C. Light
Train KD
་་
200 31.25
1375 2.40 5000 1.475
22.70 2.00
DJ.BQ 171
17 17.10
Eletric
Tel. XD
26.50 24.00
INDUSTRIALS
for Cement
Dalry
Markets took a
the bottor today but the STORES, ETC. buying looked strictly pro-Watson fessional without much COTTONS
5000 1.40
BEFCORNE
*****
8 35 8
21
10.00
11 250 10.00
XD 1000 10.00 1. Craw .. 13.10
offect upon the prevailing Texille cautiousnot3.
Turnover, al 7,004 bargulns, was distantly low for the mid- dle of the week.
British
4.00 4.05 2000 @ 4,825
MISCELLANEOUS SIC CALL
0.75
Exchange Rates
Busine Governments had an 30.00 excellent day with the long and 15.23 medlum dales gained several shillings. War Loans was quite active and gained £5/18 while Old Consuls rose 3/10.
77
Imperial Chemicals rose 1/3. 303 Tobarco shares were firm, up a 234a shilling,
Chain
stares also 102, showed rises of a shilling.
5,800
245,200
4300
215,000
8,500
200,400
Dec
13.00
140,000
Mar
1,300
100,600
30 Industrials
May
7.000
113.300
July
6,500
10,500
15 utilities
Total
53.800 *1,093.300 balco
03 teks
40 burkis
NEW YORK
Coman. future price index.
Prices of cotton futures closed
ilit
today as follows:
30.05
May
Aldea inc. Acy,
little interest by
July
30.10
Allied Chenticala
Oci.
30.56
Ailled Mille Inc.
7721-779
Duc.
7734-772
Mar
38.30-1
031-73
May
5.80.87
70-254
Juty
360
Ainertean Cabin & Radio
411
67-0749
70-34-7734
American Cyanaid Co.
14
the
Amer. & Foren. Power
B0-02
Pricus of cotton futures foxlay as follows:
closed
Ath. Gas & Electric Ain. Mach. & Fdry.
431
up
20+
was idle.
34.06
22 13/10
May
33 OK
27
July
2011
rênce per 16. Prices „No. 1 Tử społ
Oct.
30.34
2236-237
Dec
30.54
Seltement house terin:
Mar.
36.80
Anaconda Copper
Apr.
2216-23
May
30.70
Armco Steel
May
June
Jan/Mnr.
Mas.
Ape May
223-23 2217-234 23-0314 General markets, et basis, porta
227% buyer
anti-221/
$$.06
of cotton.consumption of recent Edenters. Futures: years, and world consumption No. rubber per ill. April Inny be somewhat lower than
No. 2 rubber ver lv. April last season's record 42,000,000 No
Nu. 4 Spot rabber unbaled Blanket crepe .....
No. 1 nale crepe
LONDON
bales...
the
"Salon to date under U.S. special export programme total 5,300,000 bales and ex- ports for the full season should 'ખી 5,500,000 hales com- pared to 7,700,000 In 1956-57, -United Press
W. German
Tyre Production
Frankfurt, Mar, 19. West Gorman tyre produc- tion rose to 184,378 tons last year compared with 176,479 tons, in 1956, according to statistics issued by the Rubber Pro- duct Manufacturers Asso- ciation today.
ས
14-08
NEW ORLEANS
Spot The rubber market Spol was quoted at
Estate erepe thin Apr.
thick Apr... AMSTERDAM
The rubber market was quiet, Prices closed today in guilders Der kilogram, eit April as follows
No. 1 rubber No. 2 rubber No. 3 rubber No. I crepe
2.20 ron.
2.12 buyers 20 nom. 2.31 Boni. United Prem
Singapore Stocks
Singapore, Mar. 20. Brokers today quoted the Although the development of following stock prices: production was favourable In general, It indiented that the Balu Lintang Rubber Co.
Lil. rate of expansion continued to
Dritish słow
Association
Syndicate Consolidated saic,
Opening
Iterion Petroleum
$1.77!
38/-
Tin Susteru Ori.
27/04 Fraser & Neave Lid Ord. $485 Fraser & Nease 734 cute.
the down,
One of the reasons was certain saturation of the home
pref market, which also explained why
most rubber goods pro-amona (Malaya) Limited 2.36
Hosigkun & Shanghal
Hanking Cor disducers had extended their out-
rubber put of technical
pro- Hongkong Tin Ltd. A
Kumpas Litch, ducts.
Kuala Lumpur Tin Lugos Rubber Estalos id. 1.03 New Serandall Rubber Malayan Breweries...
Petaling Tit Lid,* Singapore Cold Storage Raffien Hotel Strais Trading
Steamap United Engineers Ord Weame Bros.
Grain shippers have fixed a part cargo from North Pacle to California nt 02/01 BUT to April, while a cargo of lumber and general goods from British Columbia to Britain secured the improved rate of 03/0d per lon, for March.
from scoprene-covered material SUEZ SHIPPING
of 0.8 mm, duckness, surrounded
by a hot of Manila ropes, and
are divided into various cells
separated by plastic walls with
Suez, Mar, 10.
small holes in them. A special Mahmoud Younis, Chairman valve is used to fill and empty of the Board of Directors of the containern which, depending the Suez Canal Company, said on the weight of their contents, today that ships with a 35-foot are submerged 80 or BD per drought will be permitted -----cent
to
Output of bicycle, motorcycle antt motorscooter tyres fell 5.6 per cent and torry tyres 5.7 pực etni. Passenger car Lyre pro- duction increase more than 11
per cent,
war
the
The Association said West Gennan rubber Industry
generally not
worried about the effects of the Common European Market, but it also
$430
4/01
$1,00 31/08
$3.424
$250
$1.0310
$3.03
$0.91
1.736
4ยว
$1.10
33.1314
cumxliv, China Mail Special.
did not expert a marked in- MASS CHANGES
crease in sales within the market.
The strong position or some
big rubber companies In their
bo
BY CHRYSLER
Detroit Mar. 18.
LIVERPOOL
Cution future closings, in pence per lb, were as follows:
Old contract Mar/Apr: 25.40; MUN/ June: 25.70: July/Aug: 0.20; Oct/ Now! 1.35 Bec/Jan: 26.51; Mut/ Apc: 28.03.
New ztract Mar/Apr: 26.30; May/ June: 2003; July/Aug: 27.13 Oct Nav: 27.23; Dec/Jan: 27.41: May/ Apr: 27.41.
Cotton cruzeiros follows:
SAO PAULO
fulure
per
closings,
in
35 kile, were
10.03 Oct:
411,59: July: May: 41.50; Dee: inquoted,
In the United States, the average price of one-inch cot- ton
14 designated spat markets was 34.55 cents,
Total sales were 83.152 bales, -United Press.
New York Sugar Market
New York, Mar. 19. World No. 4 sugar futures cloved today 1 to 3 points higher with sales of 478 contracts.
American Metal
American Smelting
Am Sugar hf.
American Tei &
American "ob. "B"
Argsour
Atine Cons. Mining Baldwin-Lima-Ham.
Baltimore & Ohio Benettelal Flanne Bendix Aviaikan Corp. Benguel Car Bethlehem Steel Boeing Airplane Burden (30)
Burroughs Add Machine Chinpbell Step Do. Canadian Pacific I Case (3, 13 Co.
Chi, Tractor ...
Cetinere Corp.
C. I. T. Financial Corp
Chase Monhat,
Chrysler Motors
ank
Clues Peabody cvtgate-Palmolive Co. Calomblan Carbon Co Commercial Credit Commonwealth Elec. Consolidated Edmon Continental Oil ut Dei. Crown Zelterbach Cuban Amer. Sugar
laiend, Atkati Diamond Match Co Douglas Airest! Bow Cherticals .... Dupont de Nemours Eastern Airline Eastman Kodak
Paso National Gax Family Finance Corp. Firestone Tyre & Rubber Ford Motor
Ceral Electric
Foods General Molara Cen. Pub. Vil. Getty Dil Glidden Co. Goodrich [13. Goodyear TTC Cult Ou
Heyden Newport Corp. Homesiske Mining co.
Ingeril-Fond
Inland Steel Co.
It' Dustness ins The domealle No. sugar Int'l Harvester ..... futures closed 2 points higher International Nickel to 1 point lower with sales of
63 contracts.
World contracts reacted to the armer raw situation and grow Ing concern over rebel sellvily the possibility in Cuba with that sugar supplies later on may be_adversely affected.
Domestic
contracts WCTO
steady with a fair demand re
ported from refiners in the row market.
Contract No. 4 (world): May: 3.44; July! 348; Sept: 3.47: Oct 345; Mar 34 July: 2X3; Spot-centr per ib. rob Cuba): 3.43; Open inter- eat: 1,021 contracta.
natioqui markels would hardly affected by the gradual abolition of customs barriers Chrysler. Corporation is to Cantract No. 0 (domeriler: May: within the European economie make a mass change of its body BC2-03: July: 573; Sept: 5.70 Nov community-China Mall Spe- and engine building and assembly ex-duty: 54: Open Interest: 2.210 3.75 Spot-conta per lb. cir NY ciul..
operations within six plants in contracts-United ProM. the Detroit area.
The changes will become effective this autumn with the
New York Metal start of production of 1839
Futures
models. A company spokesman said that a great majority of the 11,000 hourly-rated employees would not be affected by the changes.
the
London Metal Prices
09
Internationa! Paper
Inti Tel de Tel
John-Manville Co. Entire C. Power & Light Kennecott Copper
Liggett Meyers Tob. Co. Lockheed Aircraft Loews Incorp. Lone Star Cement En. Lowennels & Sona,, McDonnell Aircraft
Stock ExgE] Meanbi Iron Corp. Minnesota Mining Mission Development Monsanto Chemical Ca. Montgomery Ward Motorola Inc. National Cash Rog." Duli Prod.
National Steel Corp. New York Central";
Olina Matlilesun Norfolk & Western Ry. Ot Elevatora Own-Bimods Olaso Oxford Paper Co. Pacific Gas & leo. Pan Amerboom Alrwnyl Paramount Pictures Parke Davie Co. Penny J. C. Co. Pent. Sell Co. Phlip Morzi
Procter & Gamble Co. Pittsburgh Plate Glos Pudicker Industriew
Radio Corporation Republic Steel· Ingers sellers Reynolds Metal
7301 Bears, Roebuck & Co. -733 Bhell Oil Co.
London, Mar. 19. Prices of metals closed today The Corporation Fak
in sterling per long ton moves were part of a long range follows: programme to co-ordinate basle manufacturing and car osembly Tin spos operations for the fullest utilisa-S-month" tion of newly constructed and Copper spot
-rowth modernised engine and body | Lest and hair Mar. building
und
assembly facilities in the Detroit archzine 2nd half Mar
sall through
the canal before
the end of April.
New York, Mar. 10. Prices of metal futures closed today
in cents per lb.
na
While the model container of
follow
100 ft (33 metres) langth is to
A sea-going tug could tow two already been started such containers.
be used for river transport, the said the canal would #co-going units will be about navigable for ships with 200 feet (70 metres) long and foot drought within two years Copper Märch have a capacity of 8,000 tone, and that work to that end had at Port
In a speech in Suez, Younis Lead March
11,40b
be
Zino
a 37
Biny March May
11.45b
I.TON 5.77b
May
23.95b
Fin
March
May
93.60b
Sald-Franco-Presse,
United Pr
China Mali Special.
cdr
Jute
17013 Baint Heg. Paper
10037
171
Binclair Oil
7416 Bocany Mobitail
74
June
3
United PreN.
Bobar Alteraft
Bouth Puerto Rico Bugat
Southern Co. (The)
Bouthern National Glas
Qits were every eccentrle. At Was close Royal Dutch
23/10. Canadian Eagles
up 2/-, Shell Transport up 1/9 and the very active British Petroleum and Burma up be-
17150 tween 1 and 2 shillings,
7012 4451
14
111
24
22
non-
German Dawes Loan assented rose £1 and that of the Young Loan £ with the higher. assented fractionally
Japanese 1930s gained £, both 401% assented
non-assented.
not
Dollar stock were idle with the
22 premium unchanged at 04-per
cent.United Press.
3
2426
49
401
277
London Foreign
Exchange
London, Mar. 19. Closing rates were:
New York Montreal Amsterdam
Bra Copenhagen
Frankfurt
Milen
Stockholm
Vienna
17015 Zurich
1043% 273
2.83-0/10-2.8145 2.75-1/19-2.75-3/15 100-10.027 139.00-139.82 19.30-10.301
11.7834-11.7614
1740-747
£451-14,55211
72.00-72,63
12271-1227
Ousers unchanged-United Pres
New York Foreign
Exchange
New York, Mar, 18, Closing rates were:
1.02-11/32 unquoted
1703 Others unchanged.-United Press.
7456 1071
Canadia
30
England official Uruguay
7132
Was done in the luca! exchange market Lhis morning at the following rates: US dollar per $11 Sterling noton (per £11 Australian notes per Indonesian rupiah (per 1001 Slam Meal (per 100) Spora (Štralia)
1
D.OL
10.00
12,40
11.20
SHU JK)
1.80
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