STRANSPORTATION
Yugoslavia Launches Large Scale Shipbuilding
YUG
Plan
Rijeka. UGOSLAVIA has launched a large scale pro- gramme of shipbuilding under which 75 ships will be built for shipowners from 14 countries at a cost of $140,000,000 (about £50,000,000).
Yukodinvia' five shipyards, trumps of 12,800 tons and twe iour of then on te Adriatic tunkers
tons each. of 19.500 coast and river shipyard in The Kraljevlen shipyard, in the
Advistic, the Belgrade, well build
flest toll of northern
Yugoslavie which 420.000 tons in the next few shipyard. In
was founded in 1729, will hald years.
three ships of 400 tons each and Ten ships will be constructed
ling of 1,500 tons, whhe the for Burma, eight for tritain Belgrade river shipyard
will eight for Poland, five for thbuild a cargo ship of 3,200 fous United States, five for Denmark, and three small vessels. reven for Switzerland, four for
Yugoslavia started her ship- Panama, Three for Wesl
Gebulka programme for foreign many, three for Liberia,
three weth
1954. 'Thar
for Indiu, two for Swede, two Government later made ment for Norway, two for Rumani,efforts to win expart orders ns and one for Pakistan,Further important source of foreign orders have been treeived from currency badly needed by the Egypt and Indonesia,
Yunoslav economy, China Mail Special,
TWO TRAMPS
The shipyards delivered two
10,000-ton traps to Britain and DINGHIES MADE
four to Switzerland last year.
Another ramp of 12,800-tau-
was built for a Creek shipowner, OF URETHANE
Two 400-ton
Vessels for Den-
anark, are 1,800-ton river tu
UNS
for Bulgaria and a feating erann TNSINKABLE, Hight- for Turkey.
Yugoslavia's main shipyards
THE CHINA MAIL, TUESDAY, MAY 20, 1958.
Glimmer Of Light On Industrial Front
ALL IS NOT AS
GREY AS
IT WOULD SEEM
BY AN ECONOMIC CORRESPONDENT
London, May 19,
HONGKONG STOCK EXCHANGE
Our Own Correspondent
Business done on the Ho
SPECIAL ISSUES IN DEMAND ON WALL ST
By ELMER WALZER
New York, May 19.
Traders in stocks veered away from the leading issues today
kong Stock Exchange this morn The net result was an irregularly lower market is the *********
and bought the special issues and group.
ing amounted to approximately
the mumleg's transactions were;
Khare
Buyers Beer DANKS
100 TIG 270
$17,000. Noon quotation and
Mr Frank Cousins, General Secretary of the giant Transport and General Workers Union has just said this about London's fortnight-old bus strike: "The dispute is a special and particular Bark one in which the busmen are fighting a struggle for the policy of the whole
In
trade union movement."
other words, they see the whole business as a
showdown.
East Ada
Umon XD
WHIPPING Wareturk DOCKS, FIL. K. Wher!
INSURANCES
Estra
10.4 243
כל 4 100
70
TU
71
BU
น 003 3200
120
104
100 41
100 41
PAND. ETA und
11.60
The Government, on the other hand, has hotly 150 16.70 1500 27 18 5
denied that this is 30. And doubtless they had no intention of foreing a showdown.
The
Water Ass, Oil
Union Out of Cal.
with trading lighter. Low-priced autos were Tenue Camury Fox Films relatively active but had much less turnover Union Carbide than in the last few sessions when they los Freife Hallway dominated the market.
National Steel Corp. New York Central One Mathiesen
There were selected issues of National Lead. the aircraft section favoured with enough buying to carry nwre than a point. them up Gold Mining issues ren up to new highs,
Parke
Oil Elevators
Owen-illmots Glam
Oxford Paper Cn.
Pane Gai & Fire.
Pat American Airways
In Ken-Paramount Pictures
Parke Davis Co. Penny J.C. Qu Perm. Ball Co. Philip Morrie
Strength appeared 1000 18.50 pecolt In the coppers, .. 324 32.00
Davis
the drugs, Great Humphreys 19.10 15 40 HUBDER
Northern in the ralis, Address- Amalg
125 1315 tonno 4 1 315 ¦ graph in the office equipments. polet UTILITIES
Macy in the stores, and Litton Trains
24.70 Industries in te Electronics. 2400 Freeport Sulphur stood out in the specials with a loss of more
Yuunati
But regardless of the Inten- way because of ilter latter's trom, the be strike has become - position of strength. a tried of strengih.
This of course is not so, More important, tha: is how rullen accepted the meet-Bar Ferry.. the unins regard t
you-half-way offer, the bussen ) . Liga It 14
the two to make a rejected, what was virtually the Electile quarrel. But it needs only one skine sort of offer when they to make a walkuvIN","
Turned dogi" "the" Arb{{;jU«W "Tel. Court's award.
13
And the Governmital fans the danger of its anti-inflation podicity being destroyed if the cvetrare holy war, under the bismeta as their Justy
an |wvlable posiitun. 11 is com- mited to a polley of disinflation. Essentially. This includes a eurb un Wages,
The Governmetik
London's bus rystem is,
what
arbitration
So the Goverment has so far refused to step in and do any thing to upset the rounds award which the busne believe went nowhere nest
neeling their wage claim,
I ran only make this effective weight, double - hulled | in, the nationalized industries, at Rijeka hope during the textinghies and floating docks, fa rventually that is four years to build 20 trains of using urethane foam as a belwren 10,500 tons and 12800 buoynut material, are now tons each, as well as a yacht and being, manufactured in the five tankers ench of capacity United States. They have of 25,000 tons to 32,000 tons,
polyester The shipyard at Pula, which, glass reinforced like Rijeka, belonged to Hay halls, require almost TH) If the matter rested there. before Work War I will maintenance, and can be the Government would be in at three trumps of 10,500 tons to transported easily on Brerast a morally strong positie, 12,800 fans each, five tankers of fop of a car... 19,500 tons each, and 10 all vessels of 350 tons each.
tirliver
to foreign shinwners
The 53-paid dinghy, which
The shipyard at Split, la con even be carried by hand, 1. Dalmatia, will construe deven-laven al a-half feet long and
'Dual Rate System
145 three sente inqulded Inte Timer hall. The two mill are automatically bonded to.
by Peter
urethane xiring fah Tate the sparen: between Them. The semi-rigid form
Ruled Against In U.S. Provides ditional compressive
Washington, May 19,
HE Supreme Court by
16-3 decision today ruled
and structual strength, en weil a nyanty. OUTER HULL
Even if the pat's outer hull
would
SU
remain
against the use of a “dual were fameword, the urethane rate" system of transparta | tam tien charges used by several | Lay, the manufacturer suys. intoyancy makos the steamship groups.
edingly extremely munovtlvrable
T
21
.75
24 50 2400
כנן
1.50
10000
200 560
32
12.10 17.30
FIL
70.50 20.10 4342
20 60
160 d 21.70
223 20.00
x5000 20
300 245
2230
13.00
37
STORES. ETC
Dairy
15 90 10.10 2300 1 16 JV.70
INDUSTRIALS
Cement Hope
Amoy Can..
Nevertheless there little doubt that the unions, an a whole, will throw their weight behind the busmen's fight and at the first sign of weakening of Watson
1. Crow offichuldom, other workers will INVESTMENT)
their own put forward
Waste Allied Idemands.
Obviously
The
I than two points.
Preferred
Wall Street preferred to await
Peter & Gamble Co. Purgh Plate Gla Publieker Enchantmen Pure O
Itadlo Corporation
Corp. Pret patike Bleed
United Aireraft United Gas Corp. U.S. Full "D" 87.A. Gypsum 601. Line Co.
U.B. Rubber 1.S. Smelting U.S. Steel
143
53%
Warner Bros,
Westinghouse Electris Western Union Tel. Co. Wert Va. Pulp & Paper .... Woolworth
-United Prena,
Short-Term Money
Washington, May 19. __The_price_the_US Treasury.
031 pays for short-term money
Reynolds Mietal
Beam, Roebuck & Co. Shell 011 Ca.
7214
Hunelair Oll...
Saint-Reg.Paper.
Batory Mobilo
Bolar Alterall......
The outcome of several delicate South Puerto Rico Sugar foreign situations before plung-Boulliers Co. (The...
ng into the market on the buy-Southern National Ges..
Bouthern Railway (Cena.) However, the bears Standard Brande ing side. 16,60 100 6 18 41 were equally retirent to make Blanden! Dil of Cal
new sales and the general price Standard Oil of Ind. held in a narrow area.
4.30
London Market Remains Dull Over France
Obviously hers than trade unionists saw the co- promise solution to the mil strike threat as a weakness.
Mr Peter Thorneycroft is re- ported lo
fellow Lave told Conservative MPs that Hals 3 the very thing he was warning about before s resignation from the post of Chancellor of tie Exchegarr last year. This was not just a three per cent rise to the rallmen good as a three per cent rise all
They could maintain as they harvethat they are not forting a showdown, but simply carrying out their avowed disinfationa: y policy.
But the matter does not enda
there.
Averted
Britain's railways are also a
And nationalised industry.
rallstrike nationwide
which would have brought the country to a stondtil has been only rarrowly overled--and that by a compromise pay offer.
First the railmen were ti there could be no increases al the
they mument. Thun threatened strike action, which other ensiderations apart,
Wan as
that meant renewed juftation, along the industriat fron. And
Where, in all this greynecos, is mer of light? The answer 1 in the willingness of the tall unio aders to accept a coin- promise, which will also mean Their the sacking of some
to citieve acrced own men economics.
E
17
declined today to the
lowest
2
level in almost four years as the
29
department sold an issue of 91-
30
day bills at an average price of
36
ΠΑΡ
0.931 per cent.
40
421%
Standard Oll of NJ
02
Sterling Drug Co. Studebaker-Packard Curp.
were
Bunshine Mining
Swift & Co. Texas Ce
03
Textron Die.
Among the new highs Hemestake Mining and Melatyre
Porcupine the gold; Macey in the the Mercantiles; Heinz in
Wall fooda,
Its Disney
the amusements; Lition Industries in the electronics; and Mengel in the containers,
Chemicals moved irregularly with Union Carbide down i London, May 19,
point. Aircrafts ruled flim for The stock market was
the most part with Bell and duil affair today, reflect United up a point or more. ing uncertainty over French crisis.
the
Prices favoured the downside although there wus tut much
tured industrials with a loze of selling. United Moloasses fea- 149, as r Chairman reported thot current earnings
seemed unlikely to cover the dividend. BLUE CHIPS
New York Stock Exchango bond volume was $4,000,000.
American Stock Exchangu volume was 700,000 shares.
Of
New York Stock Exchange volume was 1,910,000 shares,
traded the 1.116 Issues 367 advanced, 497 declined and 132 held unchanged,
Dow-Jones closing average).
were:
They might have made their
Most other blue chips slipped | 30. Industrials terms much tougher with a fair chance of success. Their reason-around 3d, with the exception ableness might be catching Rolls Royce and Great Uni- versal Stores which tell about Express Service.
New York Sugar
World
New York, May 18. No. 4 sugar (utures
The decision applied speci- wed ikkst for shalow streams. would have paralysed. London closed today three to five points
11
Al the eleventh hour the fiber with sales of 328 con-
fracts, is British Transport Commission
Domestic No, sugar futures offered an immediate three per
clused unchanged to one point cent incronse with the provishluwer with sales of 12 contracts. that the extra money must be Contract No. 4 (world) found from Ceonomles and in- creused etteloney.
The dock, tuo, is manoenera- ule and may be paddled about with a single paddle. The urethane foam filling here helps tu provide the compressive strength and buoyancy in font on 1.800-31. tond. Eight fret Jong four feet wide, with a total weight of only 125 lb. the dæk is covered Whils
ass reinforced polyester, which is sand conted to prevent slip perlness.
The ralimen accepted and the lion breathed its relief. But there can be Title doub! about how the unions generally have interpreted this
Beally to "dual rate" system [te unstkability allows it to be completely
by The Japan Altunti; used in borger badles of water Gilt Freight Conferener, with examplete safety, Lil The Conference is made up of
j cilimed. 17 shipping lis mamiy American. and
Japanese — erving the trade from Japan. Keen, and Okinaw. to [}. United States, Atlantic and Gulf ports. WAS APPROVED
The system was approved by Martine Bourd, the Federat
Its terms shippers and under who refused to shin an clusive patronage contract are subjret to rates nine and a half per cent higher than charges for shippers who enter such con- Travis
Another provision ut the for ystem calls
liquidation damages" of 50 per cent of the contract rate it a shipper breaks
an exclusive contract.
} a Shipper signs
ex-
Tu vile added stability. It lunks Ja self-niling bullast which are an integral part of the bull. The dock cay mate if-propelling with the use of
10
10 or a sall and units such as these are expected I areful for Ashung piers, swinuating
Hvals, and sinalt
clusive contract and then, shilps ges
by another time, he must pay
the Conference damages of halt
the usual charge for his ship-LIFE RAFT AWAY
mem.Reuter.
NEW DRY DOCK
ON
THE TYNE
IN 30 SECONDS
A DEMONSTRATION of the
Ello innatable life raft has been given aboord the Daniel MacBrayne vessel St DERMISSION has been rant Columbia. The exhibition was ed to Vickers-Armstrong arranged by Cory Brothers and
(Shipbuilders) Ltd, to bald a Co. Ltd, Great Tower St London. E.C.3, to show mainly
new #50 feet long dry dock on the Tyne at Hebburn, The plus se allow for it to be enlarged to 1,000 feet,
For ships using the deck ---
the Inuuching of the 25-mon rubber life raft, in 30 seconds.
Twenty-live men
the largest privately mwned comfortably in
Govern- As they zee It the ment has freed up to the bus- disruption 13:021 because the caused by their strike is in. vital, rather than convenient we have mel the railmen half.
July
Sept.
Oct.
Ingy
Bd.
British Government bonds were marked up 1/3 but trating was quiet.
Royal Dutch end Shell drop- ped 2/0, and most other vils were oft less than a shilling.
of
bonds'
There was some small selling with the German
£1 105. Young Lean down
were mostly Japanese issues unchanged.-United Press.
Exchange Rates
435.31
20.134 15 ullities
stocks
40 bonds
Cumi, future price tex
Closing Prices
#201%2
Alden ine. Acy, Allied Chemtesla Allied Mills Inc.
Allis Chalmers Ain. Brake Sour Ausrican Airline Americar Cable & Radio
Curp.
American Cyanamid Cv. Amur, & Fürgn. Power Anu Ças & Electric Am. Hos Prod Am. Mich, & dry. American 1.Setal American Smelting Ain. Sugar Ret. America Tel &
American Tok,
Anaconda Copper Arm.co Steel Armour
3.47
718-40
3403
2.45
May July
3.45
3.43
Spot-fits her 1b. ful Cuba)
Open Interest: 3,030 contracts. Contract No. 6 (domestic)
F047
Businow
July
5.20
und Betal
Sept. Nov. Mer. Spot-teents per lb. cif NY
5.20
18. dollar (per 1
morning at the following rates:_
1.79
1.60
Sterling noteś (per 21)
10.00
Autralian notes per EU
17 39
Betlich Steel
3 BC
Indonezdan rupiah ter 100)
8.45
Open Interesta United Pro
2,318
contracts.-
Mattel fuer, 100)
20.45
Doring Aeroplane
Eingapore (Stralis .....
1.81
COMMODITY
COTTON
NEW YORK
Prices of cotton futures ciused today as follows:
Spot: 300; July: 36.00; Oct: 37.06; Dec. al.zo, Mart 29.50; May: 3154: July: 30.77 001: 23.03.
RUBBER
Rex closed
NEW YORK-
rubber futures
was done in Ute lorat exenang market this
PRICES
Del./Dec.
Jun, Mar Apell/June
Alias Conn. Mining Baldwin-Lima-llam. Baltimore & Ohio Benencial Finance. Fendix Aviation Coru.
Benguet Cona
Burden (The) Co.
Burroughs Add Machine
Campbell Soup Co.
Canadian Pacific R
Case 1. 13) Cu.
Cat. Tactur
Cchtere Corp.
CI. 1. Financial Corp. Chase Mathat. Bank Chrysler Mators
Clucit 1 Peabody
Colgate-Palmolive Eu.
Columbian Carbon Co. Commercial Credit
*
The same rate was last re-
corded on November 18, 1954. The previous low was 0.808 per cent on Augusi 19, 1954,
Today's issue was for $1,800 million (about £042 million).
10% cuter.
POBIRA
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
4th June
I
Outwards "SALMARA" "CORFU" *SINGAPORE” "CARTHAGE" "SOUDAN" "KHYBER" "CANTON"
Homewards "CORFU" "SUNDA" }
"CARTHAGE"
"SINGAPORE"?
"CANTON"
Leaves London Sallad 30/4
E 10/4 Balled 0/4 29th May Tth June
10th Juna 21th June
Due hongkong
2nd June
39th June 3011 June 10th July
8th August
2011 July
Leaves Hongkong fine London
8th June
Jat Augen
Via B'pore, Penang, Colombo, Dombay. Aden & PL BalÒ,
[ "SUNDA" and "SINGAPORE” cail S'pore, P. S'wet.,
Penang.
AGEN, P. Budan, P. Said, Havre, London,
famborg, Rotterdam & Antwerp.
* "SINGAPORE" otúlía P. Sudan,
10
June
4lb July
18th July
*th July
15th Jul
5th August
1th August
lal September
BRITISH INDIA 5.N, CO., LTD,
"FULTALA” dat 24th May
tails 25th May
from Calcutta, Chitta
Kong. Rangoon Singapore
for Japan
P.&O./B. I. JOINT SERVICE
"PACHUMBA"du® 22nd May
talled May
All 30th May
from Bombay. Cochin,
& Singapore
for Japan
from Japan
Tor Singapore. Karachi. Kuwait, Dairah, Khor- tambar & Inibal
Commonwealth Elec.
2035
2236-23 unquoted
Consolidated Edison.
0435
unquoted
Crown Zetterbach
Continebial Oll of Del,
Diamond Akpl
3211
"ISMAILA”
due 20th May
GUS
1751
General markets, cif basit, parts:
2134-22 Dernon Match Co. 311-214 Dougian Alternit 31-ow Chines
May
June
July
E-late crops
thin June
today
thick July
2011 23
-United Pres.
15 to 25 points higher with sales of 20 comtracts,
May
July
NEW ORLEANS
Sent
Nov
Pelees of colton futures closed today as follows:
Jon.
Mar.
Muy
Spot: 3325 July: 55 51; Oct: 57.02: De: 37.18; Mar: 37.40; May: 37.55; July: 36.00; Oct: 35 33.
LIVERPOOL.
sil can this rutt
Collon folure
closings, pence per lb, were as follows!
American Contrac
May/June
dock in the country a now protected from sea and weather 635 fect long fitting out quay it by a canopy which is brightly arranged in colour and easily
also to be constructed.
1
Mr J. N. Burrell, chaliman of recognisable from the air.
the
River Works Committee, said that the Vickers Armstrong plans would keep the Tyne in the lead as a ship repairing port,
The raft is non-copsizable and is packed into a container measuring 5 ft by 2 ft.
A complete range of Ellott including survival · equipment The dock, which will probably storage containero fitted withi coal £3,000,000, will be 300 feel quick release mechanism wat upstream from the present num- also exhibited with a miniature ber one dock at the company's radio boncon set which can be Hebburn, works," The ¦ fitted to inflatable rafiz. Also Palmers, entrance width will be 145 feet shown Was
hydro-static and the depth over the sill will mechanian which releases a life be 35 feet at high water. The raft from its storage lť a ship dock will be served by four should sink befote a raft can travelling cranes.
bo launched.
July/Aug. Det/Nov
AMSTERDAM
25.10
25.53
The rubber market was quiet, Prices were all unchanged since In last Friday,
SINGAPORE
FOREIGN EXCHANCE
New York, May 19. Closing rates wote: Conacha England official 30-day
10-day
The marloet ruled very quiet throughout the day with Inter-
Australia est in most grades very aporadic. West Germany
Argentina Future.
rubber par ib. June 133-136) Brit
July 13% | Uruguay
India No. 2 rubber port. Juno T
Pakistan
No.
Dec/Jan.
Mar/Apr.
May/June
Mixed Contract;
May/Jure
25.06
July/Aug
20.10
No. 3
Oct/Nov
26.00
No...4
Dec/Jan.
$25.00
Apot rubber unbajed
27.20
Blanket repo
37.40
No. 1 pale crepe
Mar/Apr. May/June.....
In Sao Paulo, closing prices were unavailable today.
In the United States, the average price of one-inch cotton at 14 designated spot markets was 34.83 cents.
Total sales at these marketa were 37,073 bales.---United Press.
ני
LONDON
61-84 0212-02
KO-ST 710-7015
New York Montreal
Amsterdam
rumels
2.11
Dupont de Nemours
Eastern Airline
Faxtinda Hodak
FPALO National One
Tesly Finance Corp, ...
Firestone Tyre & Hübber
Ford Motor .....
General Electric General Foods General Motor Gen, Pub. ÚR. Gen. Tyre Mulber Getty O... Glidden Co. Goodricht (B. 7.1 6. Goodyear Tyro
Gatr O..... Heyden Newport Corp. Homestako Mining Co. Ingersoll-Rand
Inland Steel Co. Interchemical Corp.
In Business Machine
143-1V3 3.01-13/
2.7916 2.25.7/10
23:00
.DIEB
.0773
.1080
John-Manville Co.
.2114
8114
Cena C. Power & Light Krovecois Couper
Liggett Meyers Tob, Co.
London, May 10. Closing rates were:
2.81-11/15-2.6185 8.72-7/10-2-78-0/16 ..... 10.501-19.00
190/85-194735.:
The rubber market woa steady with spot quoted at -21-13/10 Copentingan pence per lb. Prices
Brankfurt
No. 1 1 #poi... 214%-213% | Fang,
Stockholm Settlement house term:"
2143-2116 | Kurich
June
July/Bapt.
1 Harvester International Nickel International Paper
Lookheed Kitcraft Loowe Incorp Lowenstein & Boo McDonnell Aircra
Stock Exge.) Mesabi Iron Corp. Minnesota MSMIRE - Mission Development Monsento Chemical Co. Montgomery Ward Motorola ix, Nation) Jaloull Co.
20.3514-30.3016
41.2244-13.783 110012-132014.
14.87-1447IL
19.2214-12.23
United Press.
National Dairy Prod.
(An
EASTERN & AUSTRALIAN S.S. CO., LTD.
"ABAFURA" due 22nd May Falls 24th May
"NELLORE" due 1th June Balls 13th June
trom Japan for Labuan, Sandakan, Brisbane, Sydney, New- castle, Melbourne Adelaide
from N. China
&
for Labuan, Sandakan, Bristante, Bydney, Mol bourne & Adolalde
All versta baya liberty to call at any porté að or of the route a the route à sailinga ure subject
to change or amendment with or without notice.
For full particulars apply to t MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos: 27721-4.