Page
RANSPORTATION
BIG INCREASE IN WORLD'S TRAMP STEAMERS
WHILE more
year.
of
Ships of over 4,000 tons now total more than 23,250,000 tons.
the world's shipping,
THE CHINA MAIL, TUESDAY, JUNE 10, 1958.
MONTREAL: A TEST OF LOYALTY
Economic Meeting Next Autumn Three Main Topics
From RONALD BOXALL
HONGKONG
STOCK EXCHANGE
Stock
this
MODERATELY ACTIVE
MARKET IN NY.
New York, Júne 9.
chemicals
A late spurt in aircrafts and selected oils and
featured a mixed, moderately active stock market today.
London, June 9.
Our Own Correspondent Three topics will dominate the Commonwealth |
economic conference at Montreal next outumn Business done on the Hong-
Exchango
The market ran- Into profit | General DynamÍOM
General Electric and each will provide a severe test of kong
trading General cods cuutious morulng mounted to up-taking and loyalty.
proximately $957,000. Noon following last week's sharp rise, General Mature quotations and the morning's which curried all major groups Gen. Pub. tranunctions were:
to new average highs for the
Abarea Buyers Seller"
HK Bank. 702
INSURANCES
Commonwealth Finance Mini-Amerlea not only has the anal plan to increase particularly tramp vessels, is being laid upsters must decife: 1. whether and say in any because of the depression in the freight market, what extent they are prepared world reserve; it is also the only
to accept some form of central source of large-scale capitat for BANKS
development purposes. the tramp fleet has grown enormously in the past discipline over their use of steri-
log balances,
Opinion in hardening in Lon- capital don, that what is needed is not | Urton 211 721 2. Where to obtain for development purposes and
new agencies but new money. SHIPPING
Wheelock TC- whether a new agency is Agencies already exist in abun-
DOCKS, ETC. into pro- dance; the dimculty is that they K. Wharf quired to channel it jeets that are likely to beneft, haven't enough money to finance Commonwealth and the sterling all the plans that are put for- revident,
ward. It these circumstances area as a whole.
new central authority to guide Commonwealth
development plans would, as The Banker ob- Eerved this week, "be more cen- cerned with a pruning of in- vestment projects than with their proliferation."
An extra 2,351,000 tons have been delivered from yards in the high rate 54 last year. This
to be expected through 1956.
frock Slight Increase
maintained In Tanker Freights
An Bralysis by the West- infurm Report, issued by British firm
the
Western Informa
leads the world with
5,101,1X00
The
A SLIGHT increase in
demand has led to a
3. What attitude the Com monwealth should adopt towards the European Common Markol
Recession
of
3
50
200 @
year.
Bocing,
triu,
Gen. Tyre & Rubbor Geity Oft. N
50
Ponny J. C. Do, 803 Penn, Sait Co. 8044 Philip Morris
3112 Proefer & Cambio Co. Pituborghi Piala Glapq Publicker Indies Pure Old
Gladen Co.
30%
Goodrich (B. r.) Co.
United and Chance
Goodyear Tyre
77
Gulf Oiladanga
Gruza Alcroti
700 Vought all inished with gaina 703 of a point or more in the air-Hoyden Newport Corp.
לי
€20
104
а
100 (0) 207. 1130 1215 2518 4 12.40 300 f 12.30 LAND, WTC.
Hotel.
4114
•
21 21.10
1000 G
If a new agency is needed it is to attract and dispense capital, :
developmen!in available
American capital.
carlier gala, t-tand
crafts. Richfeld Oil, after los- ilomextake Mining Co. ing most of his
Steel Co. came back to close more than a interchemical Corp. poin! higher.
Endicott-Johnson last around four points on a dividend cut to feature the downside.
21 New York Stock Exchange 200 de 21.10 volume was 2,300,000 shares, 1000 100
400 23.70 boud volume was $1,430,000,
Stock
16.40 16.00 2006 velume was 740,000 shares.
total 174 fasues traded,
so years in one important way: that might not otherwise be Realty 1.021
for Commonwealth olher Several wit be held in the shadow of have
world trade recession. Commonwealth countries
already been affected and the solutions they seek may not al- ways cult others.
tion Service, shows that Liberia rise in tanker freight rates'
The forthcoming.meeting
Ministers differs the Finance tuns of tramp ships, Britain from the Persian Gulf. In hug 4,068,000 tons, Italy is third view of the huge volume of from those of the past dozen or
Jaid up and Panama tanker tonnage with 2,776,000,
with 2,234,400. fourth
convenience" throughout the world and uther "Klag
Costa
and the case with which muny countries.
Rica ilunduros, have ·618,000 and ships can re-enter service, 112,000 tons respectively.
this is regarded as no more LARGE ORDERS
than a short-term recovery. The number of active tankers Liberia tl usta Ikea between them now available for voyages from
cent. have 34.5 per
of the the main loading areas it
demand world's trump ship fleet of more small and an unusual
temporarily, Ban eight million tons. This is for tonnage can,
as much of raise freight rates disproportion- thereasing rapidly
on order oralely. In any case. this the tramp tonnage under construction is for Liberiaprovement in rates is doing er Panama and both are buying httle more than reducing the net loss on the voyages performed,” many second-hand vessels.
commented one broker.
Panama,
Honduras.
Greeks control 36.1 per cent. of the world's tramp feet, Bri- tain 10 per cent., Scandinavia 9.7, the United States 6.9, Japan ily
very
In-
According to another broker,
04 tankers
agregating
6.3 und the remainder of 1,160.000 tons carrying capacity Europe 23.3. Only reven perare free for charter during the (excluding cent of the Greek vessels dy next three months the national flag, the rest being United States Ang tonnage). mainly underdags 12001-
ROSE 10 POINTS venience,' although some ars registered in Britain and the United States.
The world tramp fleet is saki to be at a critical stage, with the situation worsening rupidly. The 1,300,000 tons of shipping old up in April a. expected to increase.
New building outweighs the scrapping of old vessels. The report prediets that owners will forced to sell more oid ships to compete successfully with newer, larger and foster vessels.
Shipping Company Takes Over New N.Y. Pier
0
N June 4, the Danish
shipping
company
Maersk Line inaugurated its.
Rates from the Persian Gull to Britain or the Continen! of Europe last week rose by about 10 points to British Ministry of Transport Scale minus 50-52% per cent. In the west, however, rates were unchanged at 11.M.T. Sculo mhits 00 per cent from Caribbeans to Britain or Con- tinent of Europe, and at United States Maritime Commission grinus 60 per cent from Carib- beans to United States Northern Jinsbours.
A London charterer entered the market last week for a 30,000- 45,000-ton vessel for five years' time-charter from 1H00. The company has received several offers #21 rates ranging from |1876d up to 21/bd per ton.
Three charterers are open for 28,000-tonners for May loading in the Persian Gulf, but only ship is there at present, As a result, rates have risen slightly.
new pler in New York Profits Drop As
is the newesi,
This has been seen already in demands of those industries which have been hurt by the dissp pearance of a sellers' market in products and some primary manufactured goods.
Whatever righta and wrongs of upposing arguments the Bri- tish Government obviously feels Zealand from Europe as New unable to ban "dumped butter dairy producers have usked.
Now ly in the best interests think trade of Commonwealth
restrict votion British should
and Hongkong Graports from Ind. Lancashire manufsc- turers have demanded.
Not Always
Of
Int'l Business Machines Int'l farvestor International Nickel International l'apar Int'l Tel & Tel·
Jolin-Manville Co.
Kaiser Industry
Kenneenti Copper
| Liggott Meyers Tob. Co.
Lockheed Alrera
Loewe incorp.
Lone Star Cement Co. Lowenstein & Sons, Mary. Inv, Trust Co
Alterall MeDonnel
1146
Tadio Corporation
Radio Corp. Pret. Republic Steel
Ileynolds Meinl
Bears, Roebuck & Co.
12: Sheil Ol Co. .....
7415
Saint Reg. Paper
Sindhir Onl
Bucony Mohilol
Solar Airernit
40 South Puerto Rica Sugar Southern Co. the)
National Gas
251
7712
Youthem
pal
Southern Railway Standar Brands Standard Ou of Cal,
(Con)
Standard Oil of Ind,
Standard Oli of N. Sleep Rock (Toronto Expa
Bierling Drug Co.
Hokey Van Camp.
Studebaker-Packard Corp.
Sunshine Minima
Tri-Cont. Warrants
Tuentieth Century Fox Fim
90
60%
4715
10
3324
1000 4 21.00
HC Land
331
New York Stock Exchange
15
100 v 24
209
Swift & Co.....
Texas Co.
500 +
200 33.70
American
Exchange
300 33.75
3,05 30,000 4
RUBBER
words
Ainal,
Tyrist..
149
1133 A Tawah 1825 1.00
Suck Exgo.) ... Mesual tron Corp. Minneola Muning Mission Developaient Monsonto Chernien! Cu. Montgomery Ward
203
Textron In
34
Tide Waler Arma. Oll
70%
Time Inc.
212
342
Dow-Jones closing
.... 20.10 20.20
500 m 2020 2000 23.10 100 20220 400 210 000
National Biscul Co. National Cats Reg. "A" National Dairy Prod, Averages National Lesi
Motorola Ine.
47
were:
30 Industrials
||
1715
400 001
Bob'
Trum
Star Farry Toumali
Whether this in practicable Sungala or not remains to be seen. But | UrILITIES the
emphasises tho
·problem dimeuity of reconciling common aims with individual needs. Brtinin is the traditional supplier of capital to the Commonwealth, But it also bears the main re sponsibility for the protection of sterling. And since thig quires credit squeeze and ligh Comment- interest rates, the wealth countries have recently found ft
both diffealt pandi
their 10 obinin expensive capital requirements from La Electrio den. Hae the recent Tapid drawing down of sterling ba lances.
10-
C. Light
145 25,000 6 1.425409 were lower, 437 higher and
39,000 1,400
106 setting new highs and unly 1370 5000 k 1.30
4 new lows.
30
20.0 20 ro14....
15 tiles
DE
05 sucks.
40 bond.
A
STS Comin. future price index
07
(0) 17.90
10
500
-27.90
2000 41
14
300 17.00
100
1000 ₪ 17
1000
8.44 50 60
300 262
Closing Prices
Taj Alden fne. Ary.
| Allied Chemicals
Ad Mine
2001 2014 | Allis Chalmers
DOO 281
Am. Brake Shoe American Alline
1000 vr 2017, Am.¿Cable & Hadlo Corp.
1000 or 2824
100 S
Auxiican Cyanamid C. Am. & Furgn. Power 27.40 27.00 300 « 2700 Ain, Öse & Flectric
1000 @ 27.00 | Ani. Home Prod.
Am. Machi. F'dry, American Metal
Telephone. INDUSTRIALS Cement 22 22.70 STOKES, ETC.
The third important tem 1221 the Ministers' agenda-the effect ut European Free Trade on the Commonwealth-wilt be the subject of a later article.--Ex- Dairy 1950 17.00 al-press Service.
But goveraments are not ways able to do what they know is best. Now Zealand's economy may be too precariously depen- dont upon one or two export commodities; Lancashire may be
But these uncompetitive,
ero
not the things that politicians care to stress too strongly.
LONDON CLOSES FIRM
POTIONS
1800
American Smelling
17.00 Am. Hugar ef.
126 ( 17.1 American Tel & Tel 300 17.00 American Dob. "B"
Anacos Copper
Watki
11 11.20
1. Craw
130 4 17.20
37
7.09
Textiles. 405 Nanyang
Yangtzo
0.00 0.80
3,400 2
43 4. 2000 a
Armco Steel
Allan Cena, Mining Baldwin-ga-Timur. Baithacre & Ohio .... Geneticist-Fineneo y
4.40 Bendix Aviation Corp. Benguet Cons....
Exchange Rates
Bethlehem Steel
Boeing Airplane
Hunden (22) Co.
Burroughs Add Machine Call. Packing Corp. Campbell Soup Co.
is Canadian Pace I
Come (J. 1) Co.
So the British Government. the new champions free trade are compelled to yield to the pressure. Reluctantly they have
London, June 9.
Business was done in the local agreed to restrict butter Imports
exchange market closed unofficial
Jorning at the following rater:- from Europe for New Zealand's The stock markot sake. And they
firm today with the un-1.9. dollar per $13 have asked
Sterling notes (per 1) ...... to devise Hongkong and India
settled labour situation Australian notes (per Ell.. voluntary schemes la restrict
putting a check on invest-Indonesian rupiati per 100)
6ame tical (per 100) their exports of ection goods to
mont buying. Gilt-odged Singapore (Strafts) Britain for Lancashire's sake.
securities drifted fraction- ally lower..
6.78 Cat. Tractor 16.03 Celanoso cry.
12.53 C. L. T. Finencial Corp.
Chrysler Motors
China Deal
London, June 9. Leyland Motors of
Auto shares featured a firm Höln-Royce industrial section: advanced 2/- Store, Brewery and building issues also were la Britain has received an
.China good demand.
Oils and dollar stocks were Transport Machinery
Corporation for mixed.
Super
Clue Peabody
1.80 | Catgate-Palmolive Co.
Colombian Carbon Co. Commercial Credit Commonwealth. Elec. Consolidated Edison_ Continental O of Del. Crown Zellerbach ... Cuban Amer, Stigar Plamond Alkall
Great
order
Nallonel
Diamond Batch Co. Douglas Aircraft
Import Dow Chemicals....
Leyland Dupont de Nemburs
from the
of
Coppers were mostly but gold chares were firm. German and Japanese closed higher.-U.P.I.
casler
Beaver: heavy-duty tipping truck
bonds
These are aansil matters com- pared with the issues that will occupy the Finance Ministers of Montreal, but they show that what is right and proper for the Commonwealth as a whole, does not necessarily suit the indivi- dual countries with their differ- Big economic setups. And this must Influence the outcome the Montrea: Conference,
However, there is one thing
the that all
Commonwealth countries do have in common well-being of the pound sterling. It is in the interests of all of them, Canada no less than the Fort Au-THE unsatisfactory finan-
sterling should be ciul position of United est, that States airlines, despite the strong enough to play its pre
in world trade. dominant role growth in air traffe, is not Britain's position An the shown in the annual report | sterling area's banken can only
clients exercise restraint.
The pier Largest and on the New York water. front and is built by the New York thority al cost of ap-
ກ proximately US$8,250,000.
most modern More Go By Air
The
"Plet
terminal is known
II Brooklyn" and issued by the Air Transport be maintained so loser as
located at Atlantic Basin and
will offer Mocrsk Line 'exporters
Association of America.
and importers the qulekest, Revenue passengers carrled Need Money
most emelent handling of cargo
by United States scheduled air-
to and from Far Eastern ports. lines numbered 49,339,000 in
The length of the wharf Is) 1057,
In 1952. and 27,560,DOO 2,050 feet with entire pier But the profit margin fur paralleling shore nac four domestic trunk airlines was only ocean-going vessels may be ac- 1.9 por cent in 1967, compared rommedated at ane time. The with seven per cent in 1052. dimensions of the transit shed aro 1,800 x 150 feet thus RELENTLESS
fect of offering 270,000 5q. covered space all beneath one
single root. Ample uncovered spite of
space adjoins,
THE STRUCTURE
4
"In
The report explains that
the relentless upward trend of prices," the, airlinės hoci held fares to about, the 1938 level. for 20 years. Almost every trunk airline has now The structure is a steel framefiled requests for fare increases with corrugated aluminum walls, ranging from 12 to 17 per cent.
Yet the United States Civil aluminum rooling and asphal-
Board granted, tie concrete flooring. The shed Aeronautics has 20 cargo doors on apron early in 1958, only a four per The cent increase with a $1 (7× 2d) elde, 27 on inshore side. truck
loading and unloading service charge per ticket. With platform extends the full length this increase, it is estimated that feel the 1858 profit margin will be of the building and is 20 wide with overhanging roof for only 2.61 per cent.
all weather protection.
144
trucks with tallgate delivery can
Its
11 le easier, however, to ob- serve this principle when world trade is booming, than when It is tending to contract as it is at
Countries the
moment. Irxiin with huge development plans, nood money to finance them. Countries, like Auswulia, whose exports have been hit by the recession need money to maintain essential Importa.
But to obtain this money by indiscriminate drawings Dil
Eastern Airline
Fattinan Kodak
El Paso National Cas
Farolly Inance Carp
It will be used for trial puritestone Tyre & Rubber
poses.France-Presse,
COMMODITY
COTTON
NEW YORK
Prices of colton futures closed today as follows:
50301
30.20
Rex
RUBBER
NEW YORK rubber futures today closed 15 to 20 points lower with scles of 14 contracts. Closing prices:
Judy 25.00: Sept. 23.00; Nov, 23.50; Jan. 25,50: Mor.. 25.50; May, 23.00; July, 2450,
AMSTERDAM
Бров
July
Дей Doc.
30 62
30.70
Mor
30.94
May
July
36.15
34.21-25
NEW ORLEANS Prices of cotton futures closed
Spet
38,10
No. 2 rubber
Jiny
No. 3 rubber
Oct,
Mo, 1 enepe
Ded
38.76
Mar
Бяду
July
Oct.
stering balones held in Lon- don, would quickly place the today as follows: pound in jeopardy, especially during a period of declining world trade.
To put it brutally, the pound has insulfielent backing for all the tasks it is called upon 19
perform. And that in a nutshell, is the problem more tour uny
LIVERPOOL
Coilon future closings,
Prices closed in guilders per kilogram, cif June as follows:
No. 1 rubber
SINGAPOLE
243 nom. .203 nom. -1.82 nom. 2.30 m.
The market opened slightly lower on disappointing oversens advices and ruled very quiet, but the undertone was steady,
other that has recently worried pence per ib, were as follows: no, 1 rubber por Ib. Jung British economists,
The situation
may
have
bo ficcommodated ut one time Two New Superliners changed by the Umo the Con-
and walling time is eliminated.
virtually
There are temperature coù-
Washington, June 9. trolled cargo rooms at each end THE Scoute today passed a bill the Fedural authorising of the shed and special cargo
Board to build two enclosures for voluable cargo. Maritime
passenger The shed in further equipped, new US. superliner
than $200 with the most modern overhead ship worth more Ore estinguishing equipment,
One of the 'vessels would be was celebrated in New York at built as a replacement. for the
come U.S. Lines' America for Nor
Maersk about $180 million,
The Inauguration of the Pler
a foception nitended by
million.
1,400 friends of the Maersk Atlantic trade and would cost Line. The founder of
The other vessel, to be used Line, Mr A. P. Moller, Copen- hagen, who at an age of nearly in the Pacific as n replacement the for American President János", e2 all actively directs management of the Concerns, re-esident Hoover, has no set presented the Maersk Line al cost, but is expected to cost $80
billion or more.-U.P.I. the reception.
26,70
RSS RREES
GO-
*
Jul 754-13 No. a rubber per ib. June 1144-724 No. 3 No. 4 Spot rubber undated Blanket prepo
No. 1 pale crops....
LONDON
1
31-63
The rubber market was burc- ly steady with spot. quoted al 22% pence per lb. Prices:
No. 1 His spot
American Contraçâ
monwealth Ministers meet Montreal, for Prime Minister Macmillan is seeking American increase support for his plaus the world's reserves, either by revision of the international Monetary Fund or an increase in the price of gold.
at
Oct./Hey. Dec/Jan Mar/Apr. May/Ju
Mixed Contract
July/Aug.
Oct/Nov.
Dog./J.
251.70
Mar/Apr
T7.00
May/June
27.10
SAO PAULO
futuro eloringa,
Belliement house term:
per kilo, were
DS
Juby
AUK.
Sept.
$1,90.
July/Bent
$1.00
Dec
$150
Jan/Mar
In the United States, the average price of one-inch cotton at 14 derignated spot markola was 24.84 conta
April/June
In any event, thoughts are
Colton now turning to the possibility of setting up agencies to perform cruzeiros similar functions for the Cons-
Kollows:
July monwealth, as well as those how
Oct. performed on n' wider Interna- fonol male by the Thin sock tho World Bank
QuyDies.
General markete, cif bazin,
Juna
Jul
Aug
Discussion of this will cover the first two points mentioned above, Bus both sitimately de- Total suls were 18,419 bajes. Eetate ope pend on American support, dair ---Ų. P› 'International
23-2014
Ford Motor
PRICES
National Steel Corp. New York Central 469.40 Norfolk & Western Ry. 110.47 Noru Amer, Aviation 18.64 North-west Airlines
Olin Mathieson 103.21 Ole Klevators
10.14
137.04 Owen-linols alas
Oxford Paper Co.
$1012
SUGAR
New York, June
futures 4 sugar World No. today closed unchanged to two points higher with sales of 373 contracts.
Donestle No. 0 sugar futures olte polni closed unchanged to lower with sales of 41 contracts,
Contract No. 4 (world) July 3.42; Sept: 3.44: Oct: 3.43; Mar: 3.37; May: 1.31 July: 2.37: Sept: 3.30: Spot-(rents per lb. feb Cube): 3.43..
Open Interest: 7,775 centraals.
Contract No. (domestla) July 8.77 Bept: B.70; Nov: 6.70; Mar: 2.74: Spot (cents per lb. cil NY ex-duty) 0.05
Open Interest: 2,237 contracts.-- บ.บ..
FOREIGN EXCHANGE
NEW YORK
Closing rates were:
Canada England officiat
3-day
De day
Now Zealan
Uruguay
"Okleju ynchanged.
LONDON
Closing rates were:
New York
Montreal
Amplerriam) Frankfurt
1.23-31/32 AMES 200-15/18
G
1650
Dibers uncl
➡U.P.L
Pacific Gas & Elec, Pan American Airways Faramount Potures Parko Davis Co.
(Com.)
30
Union Carbide_.....................
Union Olaf Col... .........
Union Paciile Failway
ted Airl
United Gas Corp.
0142 U.S. FD "B" 513 U.3. Gypsum
1412 8. Line Co. Ms. Hubber ... ZUM. Amoking
U.S. Steel..
U.S. Steel 7 PC. PF Warner Bros. ---- Westinghouse Air Benko
3 Wastinghouse Electric... Western Union Tel. Cu. West Va. Pulp & Paper 37Woolworth
P.O BI EA
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL 5.N. CO.
Outwards PRINGAPORE" "CARTHAGE"
*SOUDAN"
*CANTON"
KHYBER"
"BURAT"
Homewarde "SUNDA" *
Leaves London
Salled 6/5
Sailed 28/1
за популя
17th June
30th June
7th June
19th July
25th Jung
20th June
7th July
Lakver Hongkong
19th June 4th July "BINGAPORE” # 18th July "UANTON"
"CARTILAGE"
36th July
6th August 18th -August
Dug Londen 20th July
6th August
14th August
Ist August
11 September
25th September
"SOUDAN" * 18th August
Via 'pore, Fegeny, Colombe, Bembey, Aden a Pt, Bald.
• "BUNDA”, “AINGAPOKI” and “10UDAN" esi s'yare, Said, Havre, Landon, Hamborg, Rotterdam & Antwerp.
PC B'wet, Penang, Aden, Pt.
BRITISH INDIA S.N. CO., LTD.
"SANTHIA" In Port
* malis 13th June
"SANTHIA" due 20th June salis 27th June
"PULTALA” dur
*BANGDLA» du
1
1st July 2nd July
412 July
Amit Bih July
from Calcutta, Rangoon, Penang & skigapore for Japan
from Japan 187 Bingapore, Penang, Rangoon picuita
from_Japan
for Bingapore Penang. Rangoon, Calcutta & Chittagong
from Calçanta, Nangon, Penang & Singapure
tor Japan
.P. & Q./B. 1, JOINT SERVICE
"ITAURA”
“UMABIA"
gue 21st June
saili 23rd June que 3rd July
Kalla 3th July
'PACHUMBÁ"due 5th July
from Bhavnager, Dom- bay, Comm, Feneng & Slagapore
for "Japan.
from Karachi, Bombay. Cochin, Singapore Car Nicobar
от Зерап
from Japan
il th July & for Singapore. Tenant. Stadros, Bombay, khau- anger & Karachi
FASTERN & AUSTRALIAN 5.5. CO., LTD.
"NELLORE" in Fort
"NANKIN**
(due dang June
trom N. China
for bubo, Ganskan. Brisbane, Sages Mo irouring & Adelaide
from Australi
Al. vocavia have, liberty từ call at any parts om ...or of the regte à thị jante à maillass arq yaki¢EK to change ev`ammandment' wih or without notice.
Fave bal pattivadors apply to MACKINNON, MACKENZIE & CO.
OF HONG KONG LTD Telephone Mox: 27721 4.