THE CHINA MAIL, THURSDAY, JUNE 26, 1958,
LONDON MARKET FORGES AHEAD
Relaxation Of
TRANSPORTATION ‘Initial Allowances "
JET AGE BUILDING And The Bank Rate
AT IDLEWILD AIRPORT Hangar And Offices
WITHOUT affecting the progress of a single WI
flight, Pan American Airways recently moved its trans-Atlantic operations and maintenance into -a nèw $15,000,000 jet nge building at New York International Airport.
Involved in the transfer from the old building at Idlewild to the now installation two miles across the field were 1,200 employees, office equipment, and 150 tons of spart parts and supplies, in addition to alreraft engines and tools. work propellers, shop stand, power units and rolling atock. in alf, about 150 truck loads of equipment were shifted.
By late July, all operations will be consolidated in the new building, the largest hanger in- stallation at Idlewild end the buce on the only airline main airport. FLOATING ROOF
The hangos
for
is designed maintenance of the jet fleel, which will begin operations late this year. Eight jets will be
parked on the hangar floor, and
another 14 can be positioned en the ramp outside. In front of
they are affected by temperature changes, snow and wind.
On each side of the honrar are eight electrically operated deurs, cach 80 feet long and 40 feet high and hinged near the top to allow for the un and down movement of the roof. To open, the duors telescope, riding on tracks containing snow melt- ing colls. The hangar flour radiant heated.
Offices are in the front and centre of the T-shaped building Across and are air-conditioned. the front are window with aluminum frames anal separa- The ted by concrete columns.
15
over-all width of the structure 950 feet and the depth 800 feet.
AMERICAN SHIPPING
the buliding, which is made of POLICY CRITICISED
reinforced concrete, is porting | spare for 850 automobile!.
By SYDNEY S. GAMPELL
COMMODITY PRICES
Spot rubber inhaled
FOREIGN EXCHANGE
No.
NEW YORK Closing rates were: Engana oficiaT
Londen, June 25. While the booinlet in Wall Street and Frankfurt and some other Continental bourses was having a slight check, the London market Canad has continued to forge ahead, thanks to the relaxation of "Initial -allowances" on capital equipment and to the cut in the Bank Rate to five per cent, the third such cut in three months.
HONGKONG
STOCK
EXCHANGE
Our Own Correspondent
Business done on the Hong-
THE Managing Owner of PPING
BOS
Bales
Tew
In themselves, these are two swallows that do not make a summer,
Intrinsically, they do more to advertise the spreait of recession than to cure it.
Unlike the so-called "Invest- ment allowances" the initiall allowances
"
Austrati
30-day
90-days
New Zealand
Others sinchanged
Bout files
LONDON
Closing rates were:
New York Montreal
Copenhagra
Bructs
Frankfurt
Oale
Paris
Vienna
Zanich
Otherz
#04-03
Dec./Jan. MIRZADT,
1622-7744 May/June
Blanket crepe, $735-0035 Smo Paulo cotion prices were No. 1 pale crepe ................. 84-80 available.-U.P.1.
LONDON
The rubber market was steady with spot rubber quoted at 227%
pence per lb. Prices:
No. 1 x apot
.... 2035-23 Bettlement house term:""
204-8/23 July
Aug.
2.7946/16 Sept.
341-1997 July Aug.
274-9/10" } Oct/Dec.
2.794% 201
280-0/10-2304
2.69-5/18-209/10
139.326-13033
19.331-1.393)
5-43-11.00
#17A3-1175 72.33-72.35 12.2236-12 20
rfranked.--U.p.1.
are not a tax cut, RUBBER
They are merely a postponement of some taxation-none, in this financial year and only £10 million next year
and
£23 million in a full year.
The Effect
Pow
AMSTERDAM
The rubber market was steady, Prices closed today in guliders per kilogram, cit July as follows:
| Jun/Max.
Apr/June
➢་་་་ ༑
General marocia, cil basis, ports: June, July and Aug.
Estale crepɑ thin Jul
thick
COTTON
NEW YORK
today as follows:
SUGAR
New York, June 25. World No. 4 sugar closed today unchanged to three polits higher with sales or 119 contracts.
To domestic No. 5 Bugar closed unchanged to one point lower with sales of 57 contracts.
Buyers In London Hold Off
London, Juno 25. The stock markets were
quiet today with interna tional uncertainties pre. venting any seiling move- ment while buyers held off. Dealings, totalled 8,615 compared with yesterday's 9,493.
In gilt-edged stocks a little support after mid-day pared by falls leaving 1/10 the caller most issues down on the day. Contract No. 4 (world)
The foreign bond market was July: 3.40; Sept: 241: Oct: 3.43; quiet and featureless. Mar: 3.34; May 3.30; July: 3.37
Losses of several peneò were Sept: 33 Spl-cents per in. tob
Industrial Cuba): 3.40; Open interest: 2,141 con-widespread In the tracts.
imarket but it was not without firm spals.
Contract No, & (domestio) Sept 5.72 Nov: 376: Mar: 6.53: Prices of cotton futures elesed spot-teens per b. eit NY ex-dity): B15: Open Interest: 1310 contracli. -V.P.I.
Spot
RESENHAGE
Sep 18
METALS
LONDON
Prices of metals closed today
7+
July
Oct.
NEW YORK
Dcc.
Mor
Rex closed 43 to 48 points higher with sales of 18 contracts.
rubber futures
today
Blay
July
Oct.
Dec.
July
Sept.
Nov.
NEW ORLEANS
Jan.
20.10
Mar.
20.03
May
Prices of collon futures closed today as follows:
July
26.60
In sterling Der follows:
long ton
Spet
July
Buyers Sellers
Oct.
30.47
Tin Spot
1:20 23032
Dec.
38.01
3-mmmoth
732.ja
Mar.
Copper spot
1001
2003
Mas
-munth
107
July
36.08
Lead 2nd Half June
25
2.14 nom,
OM.
Séph
10.
20%
1.93 T
Dec.
34.22
Zinc 2nd half June
631)
0514
249 nom.
Sept.
0912
B54
NEW YORK
today in cents per lb. as follows:
Lead July
10.pob
2023
Bep!.
10.000
25 80
Dec/Jan.
20.h
Zing July
0 vot
0.008
Mar/Apr May/June
203%
20.55
24.045 24.241
Mixed Contract
Time July
25.07
20.23
No. 1 rubber No. 3 rubber No. 3 rubbor
118 nom.
But the psychological effect of kong Stock Exchange this morn-toth moves is profound, tot amounted to approximately have created the impresion that | $341,000, Noon quotations and official policy has become more the morning's transactions were: flexible, moro concerned with
the dangers of recessian as well! shares Buyers Sellers
and anxious to us of inflation, BANKS
re-expand the economy as soon IIK Bank
as it safely can, INSURANCES Union
Ostensibly the Bank Rate cut successfully completes the chap- No. 1 crepe, 2350820ter which started last September. As the economile climate bas 400 et 4315 changed since the Bank Rate was then put up from five to seven 2100 per cent, the authorities wanted 10 get. It back to Avo as soon as they reasonably could, it only to was steady
listing taking prices in high of have more room for manoeuvre.7734 cents, Firtutes:
There is some official satisfac- tion that it has proved possible No. 1 rubber per lb. July 16-77 before the third quarter strala en No. 2 nibber per it. "July 741-7433 Out/Nov.
"A "floating" cantilever roof Maersk Line, Mr A. P.Wheelock
180,000 square feet of hangar area and eliminates Moller,
covers the
100
THE
the
Avi Naw
DOCKS, ETC. R. Whart
2415
1.273
4.18 428
100 104
12.50
1100
criticised
the necessity for supporting American shipping policy Book
Tagvident
roof
pillars. The two
he spans, when
dedicated the | LAND, ETC
1 Hotel.. 21.00 the which slope upward from
opening of the
new and
331 1000 3349 of the building. centre section
15.70 15.90 are supported by 170 ecbles Maersk Line terminal in umpires"
1.07 in dia New York recently. two-and-a-half inche moter and are designed to rise and fall about seven inches as
Mr Moller sold that it was the vpinion of many Europeans that America was not doing the
Indonesia To Boycott right thing by competing on the
Former KPM Ships?
Singapore, June 25. CHINESE shipping circles
hore are worried over reports that the Indonesian authorities in Djakarta have decided to boycott former K.P.M. ships.
0.16 sterling
Realty RUBBER Am
1.523 1.55
Trum
A Tawal Sunda ConFolldaled UTILITIES TNM
1.I
1,70
010
2000
20.70 26.00
500 20 30
1000
600 ir 20.80
200 114
1000
18.10
sens by artificial means, as most ships under European flags were being run without any Government assisiance whalso. Star Ferry
ever and without any cargo pre-ment
ferences,
Great harm, he said, was un- other necessarily being done to nations, and he submitted that Amerien's attitude in this mat-
ter should be reconsidered.
113
90 100 18 18.20 Ejecute
25.00 29.00 Matto E XD
27.70 2700 INDUSTRIALS Coment
... 23.00 23 M
if this in the end of the
great inflation. further moves
20.70 will be in order.
500 26.70
Credit Squëëze
The broader question of the 100 @ 27.90 croult squeers in the light of the 100 27.90 end of the Investirat board and of the danger of recession is in
220 260 clai
500 3.50 100 105 minds,
1 1.00
2000
37 And that American exporis | Amoy Can..
STONES, ETC.
д well Qg unofficial
To some extent, the credit squeeze is relaxing itself. But 17.70 200 17.60 the official stutude towards any 17.40 11.00
further sweeping relaxation is cautious, The Infationary threat was great and whe only narrow- by averlod
4.00
MISCELLANEOUS
Of the 18 KP.M. freighters to the European nations were Dairy which were put up for sale for 1937 about 33.4 billion, waton were sold two of which were
from tho50 14 raw imports against for
COTTONS The ships WUTS STOP.
countries of about $2 billion, those which were seized at the height of tha anti-Dutch THESE FIGURES campaign last year and released
•These
Agures should be early this year,
Unconfirmed reports reaching taken into account when USA's here
salt thir Indonesian shipping and eronomie policy in authorities in Djakarto have relations to other hatloris is con-
to all Indonéskal Į videred, Isrued orders
former to handle Dor not
The following may perlans
K.P.M. ships even though theyustrate what I mean:
fly new colours and are under I "About 50 years ago I wrote completely new ownership. WHITE ELEPHANTS
Chinese businessmen who paid nearly two million Malayan dollars (US$670,000) for the the eleven ships purchase of Bald if the reports were correct they
to my old father, a former nes- experience and 1 of work! world outlook, that I had be-
engaged to marry come Kentucky girl. He wrote back:
You Cengratulations, son. marrying a Elri from the
10.30
4.20 760 1000 7.70
Textile XD Nadyang
Exstart INVESTMENT Yangtze IN & FE
Invest
4.33
..
в
10.00
300 ** 18.30
Premature/or excessive re- laxation would be an ill service to the whole world..
Exchange Rates would be the best basis for re-
EXT
uneЛicial
Re-building of confidence in sterling and a good trend of the reserves (seasonally considered) expanding world trade.
Despite the D-mark's strength easier tone the and sterling's reserves are shaping on the right side this month, though not on 1008 the recent scale. 12.50
wad done In the incal
market exchange morning at the
dollar per owing rates:
#
US
Sterling notes (per £1
Australian noter (per
uro one
l)... Indonesian rupiah (per 200)
Slam ten (per 100) Singapore (Stralis)
would be enddied with country in the world that has "white elephants. They said no enemy.
they bought the vessels in the
hope that they could be
11
5.79
At five per cent the Bank Rate 8.03 is fexibly poised for whatever 23.70
10 may be the colizne of the autumn strain, the American &casonal recession and the slump in the
Today the same could hard- Business Failure primary producing countries.
usedly be truly sald, but recon-
for inter-island service In the sideration of USA's policy might
the
Indonesian orchipelago.
Information officer of Indonesian consulate here Abdul Rahman Gunadirdja said he had received no such report from the authorities in Djakarta-
U.P.J.
go far to cause acquisition of not only political Allies as now, Eut of frie friends.
wisc "Churchill's
saying, Trade, not aid, is perhaps not being herded as much as would be wise," he concluded,
Ottawa, June 25.
commercinl More than 2,000 businesses, 60 per cent of them in Quebec, failed in 1957, the Canadian Bureau of Statistics sild today.-U.P.I.
BRITAIN'S BIGGEST HELICOPTER FLIES
· BRITAIN'S Blogbat hellcop- tar, the "Flying Crans” var. alon of the Westland West. minster Helloopter, mada fia biuidem, flight at Yaövit, HOMWENS, TECently." The balioester weighi
: ।
tons, and in its utility forma can be uãòd as an aorist brane,' barrying toute from £ strong-point, built into, tim
could transport missiles Kña "öthli hogay military aqulp-
ment suspended, bandath it. In thì tren port irelani. will, that 40, paséenttere:- The helicopter has a Pango of 400 miles, and.... a orulsing
160 speed of
m.p.htm Reuterphoto.
Stood Up Well
are
SINGAPORE The market opened around the previous levels and steadied further during the morning on trade buying.
I the afternoon the market
And active with
LIVERPOOL
Cotton
closings, In future pence per lb. were as follows; American Contruct
Aug. 701-1011⁄2 | July/Aug.
Prices of metal futures closed
Sept. Copper July
Sept.
U.P.1.
WALL STREET HAS
FIRST ··
RISE IN A
WEEK
New York, June 25.
Stocks advanced on increased voltime today, their first rise this
week.
Profi-taking in come issues cut the astresne Bains-fang Uat ranged to five points in Richfield Of and one or two points in a kang list of others,
Of a total 1,162 Issues traded, 537 were higher with 59 at new highs and 952 lower with only seven touching new low.
New York Stock Exchange volume was 2,720,000 shares.
New York Exchange bond volumo was $5,200,000.
American Stock Exchange volume was 900,000 shares,
Closing Prices
So far, sterling has stood up Alled Chemicals Allied Mills Inc. duficulties well. India's self-evideak, but scare-monger- All Cho
Am. Brake Shoe American Airline ing about them is deprecated.
Some of the autumn seasonal American Cabin & Radio Corp. pressure on sterling has already Arnericen Cyanid Co been taken and still leaves ster? Aher & Forms Flower
Am. Gas & Electric Am Home Prod. ing well above par.
com-Am. Mach. & dry.
American Melat
internationat
On the parison, the present five per cent American Amelung Bank Rata is relatively so much am, Sugar Fief. higher than was the same rate American Tel & Tel a year ago that It meats some of Armeo Steel Armour ann the third quarter strain in BAUse Cons, Mising
akwin-LSA-EST
vance.
The D-mock's renewed Balikpore & Ohio Beneficial Finance strength is not at present being Bendix Aviations Corp. aggravated by weakness of the Berguet Cona franc.
Bethlehem Steel
Banders (TO) CZ .... It has not been reacting on ng Airline sterling and the present prospect Burroughs Add Machine has no resemblance to the condi-Calif. Packing Corp,
tions of Inst autumn,China Carpbell Balls Co
Mail Special.
EXPORT SALE
OF US.
GOVT COTTON
Canadian Pacile It,
Chao (J. I.) 0.
Cat Tractor
| Celanese Comp
CIT. Financial Corp. Chan Manhot, Dank Chrysler Motors Cluct Peabody Colgate-Painollyd Co. Colombian Carbon, Cal Cormed Credit Commonwealth ice. Consolidated FALLSON Continentai Oli, of De Crown Leikerbach Cuban Amer. Butter Diamond Alkali New Orleans, June 25. Diamond Malch Co.
Alrerait.... The Agriculture Department Dougin today announced
cxport Dow Chemicals
Dupont de Nemours cale of 119,483 bales of United Eaters Atring States Government-owned col-Eiman Kodak .........
Paso National O tan at 26.50 cents per lb, basis nuddling inch colton.
tho
It was the fourth sale made
Fundly Finance Corp
Firesluno Tyre & Hubber
on loc General Dynkerties General Electric
by the Department under its two-part 1958-69 disposal pro- granime. Competitive bida for Cen
Generet Food Gener MOLITO
the cotton were received here) can. Tyre & Rubber
Giken Co, On June 23. Tals cotton cannot get out
be exported until next August 1. (E, F) CO.
At the previous sale of costor strear tyre. under this programme on June
Grfuman Aircraft
12, the Department gold 91,6971den. Newport Cord bales at 28.70 tente per kan | Homelaka "laint co, Router......
International Corp. Int'l Buscas Micliinos Int'l Harvester International Nickel International Paper Int John & Tel
Cu
Rainer Dudustry Kennecots Copper Liggett Nievors Tob. Co.
Lockheed Alstraft
Loews Incorps.. Lone Star Cement Co. Lowenstein &. Bans. Task. IV. Trust Co. AleDernul 3 Stay McDonnel Alsaft Stock Exga...) i......... Mesabi Iron Corp. 24innesota Mining Mieston Development Bionano Chemical Co.
Nutional Dalty Prod.
(Am
Republic Steel
Reynolds Metal
Bears, Roebuck & Co.
Babit Rest. Paper
On
DÉPRESSED
shares were depressed
may en the news that Tracj
of shortly demand a revisión Its 50-50 pront-sharing part with the internationally "owned Iraq petroleum company Bish Petroleum dropped 1/3 and Shell 12.
Gold shares were slectively
with Orange firm
issuca prominently
copper
Free State bright but were duli. Lead and zine were harder under the |induence of a
U.S. posible tockpiling plan for the metaln. -UP.I.
CHATTER ON WALL STREET
New York, Junë 25. A new industrial boom, re- quiring strong demand for capital goods and con- sumer durable goods, will take a considerable time to develop, and, mean- while many stocks have mado large allowance for probable limited Improve- ment in medium-term earning power...a mar- ket pause or degree or correction, could be justi fied here Poora vest- ment advisory survey.
Our advice is to proceed with stock investment on an unthur- ried bass, with your eyes kept upon the position and prospecta si Individual stocles Moody's
stock survey,
The market given ground
331 Very guigingly → Van Alstyne,
40% Noel & Co.
20%
41
Radio Corporation
THE
#71% Bhell Oil Co.....
37
314 Kinelate Gu
9
Socong Mobieli
871 Solar Airemit 76
***
18
10
135
South Puerto Ieg Sug 474 Southern Co. (The)
Bouthern National Giza Southern Railway (Coin. Standard Brand
1979 Standard Off of thi 334 Standard Oil of N.J.
20%
Steep Rock (Toronto Exge.) Sterling Drug Co.
Stakely-Ven Camp,
Studebaker-Packard Corp.
Bunshine Mintag
Swirt & Co.
301 Texas Co.
红
Textron Ine.
MAY SUBSIDE
Considering the speed, pitch
60 and extent of the recent riso with the Dow industrials re- covering 60 per cent of the 30 ground lost during the July. Rethark of last year, Gow investor interest may be somewhat expected to subside
summer
10
October
10% during the traditional
Montgomery Ward
T7
30
Motorola Ing. National Bizmit Co. National Cash Reg. "A
70
Tide Water Aust. Dl
21
451
BET-Cont. Warmnis
214%
B01
16
P Union Oil of Cal.
Untan Carbide
Twentieth Century Fox Film
1
Union Packle Railway
2912
IP | Mational Lead
47% National Steel Corp.
New York Centrul
4315
43
934
21
20%
North Amer. Aviation
Norfolk & Western By.
North-west Airlines (Com.)
On Mathieson
Qua Elevators.
Owen-Illinois Glass
Oxford Papor Co.
17732 | Pacitte Gas & Eice.
<aj% ) Pan American Airways
Paramount Pictures
10
Parke Davis Co.... 1994 Penny J. C.. Co,
30 Fem Batt ca.
Philip Marrie
Procter & Gamble, Co. Pilhastgh Plate Glasa Publicker Industries
401
4% Pure of
THREE
31
14 United Arat
23 United Cas Corp.
B01
S. Fell "B"
UB. Gypsum
US Line Co, 34 U.S. Rubber..
In
U.S. Emexing
304U.S. Steel
113
閃
AZ
US. Steel 7 PC. PE": Wamer Boir Brake Westinghouse Air
Werlinglipuno Electri
COT Western Union Tel, Co.
West Va. Pulp & Paper TPWoolworth
SILENT
vacation perlad ahead-Haydon, Stone & Co.
Texas Paelic Coal & Oil's re- cent strength reflected reports Slaclair Oll was taking steps to acquire the company of which It now holds 32 per cent Harshaw Chemical net for the fiscal year cading September 30 should approach 190 a share, against 2.51 in ascal 1957 Brlish Petroleum is one of the select oils expected to report Improved resulls in the Brot half of 1958 Co.----UPI.
. Reynolds &
Agreed Merchant Rates
10
Canadian Maximum Selling 9/16; Minimum Buying
10 13/16 T/T, 18% O/D.
SALESMEN
· Cafġest Morning
Lafgest Afternoon
Ciräulation
Ciroutation
Largest Bunday Circulation