TRANSPORTATION
ANOTHER STAGE IN THE ST LAWRENCE SEAWAY AND POWER PROJECT
This Canada Day, (today), will witness a dramatic moment in the development of a project daring in conception, vast in scope, and ingenious in design, one which has attracted the attention of nearly the entire world-The St Lawrence Seaway and Power Project,
همزما
and
and foreign
ocean ships, Inad- est to as much as 8.500 tons bur- den, where before their smaller islers she carefully through the ke ganals with carides of no more than 1.700 tor
THE CHINA MAIL,
TUESDAY, JULY 1, 1958.
Puro
Fight Against Wage Inflation
Tough Govt Fiscal Policy
Still Remains
London, June 30.
It is a psychological cliche that if you consistently act tough any relenting of this attitude is magnified out of all proportion. On the diplomatic front the Russians are masters of this manoeuvre.
vlcction
Stringency
been
LONDON STOCK MARKET
London, June 30, Stock markets were idle today with operators generally unwilling to ex- tend commitments with the international
and general business outlook so uncertain. Gilt-edgar were quiet follow- Ing the appearance of Jamaican Toan, but small invest- ment buying was seen inter and price hardened
a new
COMMODITY PRICES
FOREIGN EXCHANGE
NEW YORK Closing rates were: Canada England officia.
90-dayn
New Zealand
Bouls Africa
Diland
Jaudin
Pakistan
Other unchanged.
LONDON
Claing rates were:
RUBBER
1.04-0/31 2.60-7/10
2.709 2.76 2.19-7/18
2.00-13/18
204A
2104
2104
per
follows:
Nov!
SUGAR
contracta,
2001-200
4.681-2.08 18-334-1933%
11.07-11.071 1139-17401A 26,0014-20.00 (1741-1375 14.40 -14,687 72.264/201
11-2013
Others unchanged-U.P.I
COTTON
NEW YORK
New York, June 30, Rex rubber futures today World No. 4 sugar futures closed 50 to 15 points higher today closed unchanged to two with sales of 32 contracts.polnim lower, with walca of 74 Closing prices:
July: 28.34; Sept: 20.81. 24.50; Jan: 7.75; Mar: 20.65; May: 26.03 July 20,
AMSTERDAM
The rubber market was quiet,
cloerd unchanged with sales of Domenilo Na 6 sugar futures
two contracts.
Contract No. 4 (world)
July: 3.40; Sept: 9.41; Oct: $.43;
Prices closed, today in guilders Mar: 3.33%, May 3rd pas lb. sob
kilogram, cit July.
No. 1 rubber
2.00 nom.
SINGAPORE After being slightly lower at the
opening, the market alcaded on short covering induced by fears of possible estate workers strike. Fu'„res;
No. 1 rubber per lb. July 703-7814
Aug. 27%-70
No, 3 rubber per 1b. July 1-TAY
Bøpt!
Cuba): 3.1
per
Open interest: 7,010 contracts.
Contract No. 6 (domesito) Bept: 3.1 Nov; 0.00 Sar: 3,38: Spot-teents par 15. elf NY ex-duty)!
Open Interest: 1.700 contracte.
B.TS
U.P.L
New York
Tontreui
Copenhagen
Frankfurt
Milan
predominates
Onio
but business the downtrend was to lack of suppori
WAR
Parts Stockholm
Vienna Zurich
Budness circles here are in- These, facts demand attention ercashigly convinced that in the and action. But what action? economie feld the British
Foreign bonds and rails incized Today one thousamt
Government have been Indulg-
It is not nearly Next your, between the pre-
enough to
a trend seventy mliek
the St sent houd of ocean navigationing in the same tactics. For say that the door must be open- Lawrence Rivet from the and the Great Lakes to the West, | what a week ago
to ed seemed
for Increased Investment.
Losyen Allantic Ocean.
there will soil bulk carriers with many to be new magnanimity in
Once before the Brilish Govern- Industrials Ontark elly of Cornwall, The (24,000 tons 8; their holds, where their fiscal policy his after Dis
ment was faced with a similar small and pates of a control than will be before plodited stull canallers, a
interval for
problem. That was in 1933. Then due more partly closed, a cnter-dum will freant 3.000 tons aboard. Through | whiffled down to size,
the economy was speeded up. rather than to selling. Leading be blasted and walers of one of the new St Lawrence Senway
Dut in the wrong direction, motors 'cased, and Rolls Royce. the world's gut rivers will will y the dogs of Canandai
Production and consumption of closes nearly one shilling tower start to back up Enundation
what economists call "consumer wille General Aller months of stringericy, durables" rocketed. So did Im-outstanding in a dull electrienl Electric were wil sprend over the sites of e was und villages, railroads and
the reduction of the Bunk Rate ports; but too many of these increased initial allowaters on
group. The Bood will cover
new plant and machinery, an! Not for Investment or export. highways.
imporka were for consumption. forever some 28,000 acres of
ICI were en petive market in C'onadlan territory, Thousands
wider scope for rapitat-hunting The very meogrenega of the their cx-capitalisation. Jogin shipowners smuckert of the re- settier of acres less
Government's will be
conversions of and closed at 28/4 or formod Scrooge In Honded on the United States side
last week is a strong Indiention shilling lower on balance. The Of the millions of tow wi
"Christmas Carol."
that it does not intend to
be new shares are, expected t
were quoted at Last week this column jolt-ezught the same way again, move through the St Lawrence
20/715. Staway in 1959, well over 95% doubting that this new "ng- cognize the
el a hatuful of Jeremiatas b But it is one thing to 140-
Gold shares. were danger. 1 is quite commodities, most notable beinmity" was sufficient to keep another to know how to cope but coppers were dull and else-
the tronomy forging ahead and with it.
where consolidatest wheat downtuung to the occup
suggested that it might do more ports from the Westers wheat-than chock the rate of decekra-
weakened 00 U.S. la not to Tunda; and iron ore upbound to tlion. the steel-rookhu; centres of the
and zinc.
Olix fnited Great Lakes from the great ore, fields of Northern Quebec and
gains.---U‚P.I. Labrador. Other bulk modifies will account for much of the remainder and there will be the movement of North American general cargo.
of the river too, for the Inter- į trufle which national boundary follows the river channel here. SEAWAY LAKE
miles lutut.
So will be formed a lake, 35 from one to four miles wide and averaging in depth some 40 feet The forma
Seaway tion of this
Lake or Power Pool will take but four or five days and then, when the waters stand at 238 feet above sea level behind the dams, the S Lawrence, flowing at the rate of 240,000 cuble feel per second, will be freed again, But this
|
will be in
the form
of bulk
com-
The first ship to pass through the first completed lock
on the St Lawrence Seaway Project.
Ume entirely under man's con-
trol, to run the turbines in a
giant international powerhouse. America To Build &
yielding over 2,000,000 horso power, of electrical energy. Flowing slowly arki
new
gens Two Superliners
giant now
"
super-
Dlekete
Our sceming ingratitude has fed by the report issued by the been in a large mesure justi-
after a survey of the nation's Federation of Brilish Industries
industry.
Inclu
Govern maintain
In effect what the ment has to do is to the exports drive, keep in dustrial investment high, and consumption. somehow at the same time check
these three is inextricably up with wage inflatfor
The last and vital point
Counteract
of
fled
In hard, indisputable And igures the report made ploin that there is no excuse for tacile optimism about the
- But the more sanguine Bre meciiate ronomie future,
that already
saying that this very shoals He ahead, and that the slackness industry, the fall in Government is going to have to working bra employment, that enough way is kept an and overtime. will be sumetent to steer clear of then.
Four Points
Four main points emerged from the FBI survey. First that 70 per cent of the firms que- Lone were working below capacity, Second that business- mên nég less optimistic than they were three months ago and that new orders have been de- clining. Third more than half the firms reported that their profit margins were_being_cut..
onc
Irregular
No. 2 rubber
No. 1 rubber No. 1 crepe
Nu. 3
No. 4
Spot rubber unbeled
titankel crepe
2.20 nom.
2,10 nom.
Nn, pale crepe .......
LONDON
The rubber
market was quietly steady with spot quoted
at 233/10 pence per lb. Prices;
No, spot
Setterment outer:
METALS
NEW YORK
September
LONDON
Prices of metals closed today
001-70
M3-85%
75-7825 Ka-0025
-10%
July
Prices of motal futures closed today in cents per lb, na follows: Lent
10.50b
NEW YORK
September
10.600
Prices
a! collon closed today as follows:
fultures
Zine
July
8.556
Copper July.......
September
B.03
20.4079
Spot
Jaly
30.00
33 24-25)
20.000
Oct.
-221-23170
July
DH DO
September
23.03
174e.
Mar
231-23/4
May
Sept.
July Sept.
23/E-2312
Zinc
Oct; Dec.
2015-2012
in sterling per long Lon
#
UPWE
nockpile
that the
Oct.
Jan/Mar
follows:
lead
NEW ORLEANS Prices of Colton to hold earlier closed today as follows:
Dec.
3420
futures
Apri/June
General markets, cif baRS,
Tin Spot
July
J-month
AUK.
Copper Spot
Buyers Selle 15014
103
Sept
22-23
Spot
33 10
July
2013
Estale crepe thin
July
20
Sept
Oct.
30.71
Estalo crepe thick
30.01
July
2503
30.70
July
Det
Dec.
Federal Tax On Freight Shipments
Washington, June 30,
LIVERPOOL
Colton future closinga,
pence per ib, won as follows;
to counteract an Inflationary President Eisenhower today fendency of current wage designed a bill repealing the threed Contract
cisions.
This
per cent Federal tax on freigh
in
25.014
26.20
20.47
American Contract
July/Aug.
Oct/Nov
Dec/Jan.
Mar/Apr.
Kinyume
July/Aug.
Dec/Jast
Mar/Apr.
May/June
Colton future prices closed today, in cruzeiros per kilo ng follows:
July
43.20
44.10
45.30
13.00
BAO PAULO
Oct/Nov. sound aendemte shipments at extending for may economics,→→ Politically it is one year all other curporate and dynamite. And any Government cxcise levies. which counted this ns a con. The repeal of the freight stant in determining an, ceono- levies will co into effect Aug. 1.
cost the -playing It will
Treasury on cotinate: 48 million dollars sign year.
mie course would be with Bre.
So far there is no clear of how Government will inekle
Dee.
Mar
Ocl. Without the extension of the this state of affairs. Whatever other taxes, corporate anj form the "cure" takes, it
have to be started soon,
will exclse rates would have been in the United States, the for automatically reduced at mid-average price of one-inch cotton And finally that nearly half of there is every sign of inermas-night tonight, the end of scant 14 designated spot markets them forecast that capital ingly acute competition between 1568. That would have cost the was not available, vestment would be less in 1938
mujor than it was in 1957.
Opposite Competition Between
Russia & U.S.
Industrial countries, Treasury about $2,600.000.000 a Total sales were also not London Express Sérvler
year in lost revenue.-UPI. available up.I.
OILS LEAD STOCKS
HIGHER
ON WALL STREET
New York, June 30.
Oil issues led stocks higher in reduced volume today. Steel issues rose fractions. Metals generally moved higher with
Miami Copper up a point.
Clucht Peabody
47
ส
Colgate Palmolive Cu. Colombian Carbon do.
A their best the trading | C. I. T. Financial Cors,
Chrysler Motors groups attained a level not for under the highest prices of 1959. The list had many things in its favour such as record high
15 utilities
lower
Comm. future price index..
manwenith Eire,
Cuesolidated Edison
Dlemond Alloh 33banon Malch Co.
General Electrio
General Foods
By SYDNEY GAMPELL
London, June 30. Hoppily for the world, the presont weakness of the U.S. economy does where once its waters rnged in
not weaken the International rapids, eddies and crus cur- rents, the flood will form a tran-
strategic balance to
any Tire to be built in quli basin for the passage of
such extent as it so easily ships.
could have done. Ships did puss here, have.tlone the U.S.. one for the North
The Immediate competitian be-construction contracts for May: Continental Oil of Del so for over a hundred years, but Atlantic run, the other for tween the USSR and the U.S. Is awards of 124 million in co-crown Zeberbach before by means of a system of the Pacific. The U.S. Sonate in the degree of opposite types tracts by the Defence Depart-Cuban Amer. Sugar canals on the Canadian side of has authorised
of strain and maladjustment, the ment; a further higher the river, to disappear forever Governmont
Toduction in Communist camp suffering from automobile Inventaries word that Douglas Aircraft beneath the risen waters.
subsidy than
shortages far more than the US. corporations were in n strong Dow Chemicals... Three
locks one ever previously allowed.
suffers from surpluses. Canadian and
condition will working capital Pune de Menors two United
Earlem Akce That being so, nothing could rising; and The subsidy now approved by States-to by-pass the power the Senate Bill is designed to
unemploy-Paswan Kodak be more heartening than Mrment.
EX Ta National Gas. works have been built in this
Khrushchev's constant insistence Increase the prestige of the U.S.
Family Firane Corp But with a holiday set for the part of the St Lawrence Seaway merchant marie and provide
un catching up with the U.5. week-end the tendency was to-
Firestone Tyre & Hubber called the International Rapids for fast movement of thousands
Ford Motor 11 dietary and other living ward caution. Section. These will be used far of troops in emergency.
General Dynamics standards. Evidently he is bent Dow-Jones closing averagen were: the remainder of this naviga-
un-und deeply committed to 20 Talls..... 30 industrials
475.18 bon sess071 and subsequently
118.50 United States
Cone Moturs strength in removing the stigma that the
73.02 Can. Pub, Uut. four other new locks of size to luxury travel has been fading. Communist system can do every-05 stock
104.82 handle a ship over 700 feet long So with both peace and war in
Gen. Tyre & Rubber thing except deliver consumer 40 bonds
0.75 Gelly OR.... and over 70 feet wide are being mind the Government proposes yopds to the Communists.
Glidden Co. built by Canada along the St to spend. 200 million dollars Lawrence in the neighbouring | (£71,000,000) on the superlin- Province of Quebec.
ers, then sell them to two plan to supply consumer require-llled Chendeals
In propounding his ambitious Alden toe. Aey SEVEN LOCKS
shipping tinés
Chalmers ments of chemicals and plastics Am Brake Shoe Together these seven locks 80,000,000 dollars (£28,500,000). he put it: with joining canals and other
"We are starting an Ametteon Affline. offensive in
Amer. Cable & Radio Corp. consumer goods.
American Cyanemid Co. When we make war, we make Amer. & Forn. Power
more consumer goods."
As it is a Herculean task, the immense energy and resources that it will require will not be usable for other less inoffensive offensives.
Mr Khrushchev's desiro for Western trude vid and With the melling of the ice
teclinicians bespeaks the urgency and the opening of navigation la An agreement, which rovers and difficulty of his programae, April next year, the 5t Lawrence the period 1059-82, was signed and could mean the end of the Berlix Aviation Corp Senway will be open from Mon-today in Warsawy at the close of cald war.
Benguet Cons treal to Lake Eric, providing a falls between the Indonesian Both of the trends-Moscow's Boeing Aeroplane
Bethlehem Stort minimum depth of 37 feet for Trade delegation headed by the
huge need to rulan constuner | Borden (The) Co navigallon from the Atlantic to Minister of Navigation. M. standards, and for U.S. credit to Burroughs Ac Schne the heart of our continent. Nazina and Pollah representa help it out-have been emerging Campbell Boug Co.
Cafit. Parking Corp. Part of this work is being flyes Including Janusz Burakle for years. Now that they have Canadien Paule shared by the United States of wiez, Vice-Minister of Foreignbroken surface, much good, maY CU CALCU Amer
i trade.-France-Presse,
Cat Tractor result.-Ching Mall Special. Cefaneno Corp.
major worka will cost about $450
million. They will replace a
for some
AMBITIOUS PLAN
Closing Prices
77
systems of Canadian car and INDONESIAN SHIPS on this basis-an pifensive for An. Gas & Electro
21 locks between Montreal, .1,500 ndles from the sea, and usually
Worenw. recognised us head of ocean DOLAND will supply Indo- navigation, west
Lake I
nesla with 24 ocean-going Ontario, moxl easterly
ships, totalling 02,000 tons, a North America'a sis great inland Polisi ministry of foreign trade
conmunique said,
FLAE.
Am. Home Prod. Am. Mach. & Fary. Ameriem Metal American Smelling Ain Bugar fles American Tel & Tel Americon Tob. "B" Annonala Copper expressed Ameo Bieel Armour on atina Cons. Aliran Dalwin-Lina-Ham. eneicial Finance Baltimore & Ohio
Goodrich (BF) cá,
Gult Omiy
2. Homestake Mining Co.
Carvina C. Power &
National Steel Corp, Norfolk & Western Rty. North Amer, Aviation North-west Airlines Dun Mathieson ... Owen-tilaola Glom Oxford Paper Co. Poelie Gas & Elec. 524 Pal American Airways
400
43
2435
56
103
3264
11!
52%
Teramount Pictures
Parke Davis Co.
Penny J. C. Co.
Penn. Ball Co.
Phillip Morris
Procter & Gamble Co.
Publickety Glas
Industries
Badia Corporation Radio Corp. Pret: Gepublie Steel
41 Reynolds Metal
Sears, Roebuck & Co. Shell OJ Co.....
+4
644 Joint Reg. Paper Sinclair Ou
2414
3-month
Lead 2nd half
Zine 2nd half June
Sept.
B-I E&A
PO B·I
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N, CO.
Leaves London Balled £45
kins Boogkong in Port
Outwarda *CARTHAGE"
"PERIM” "SOUDAN"
Satted 10/3
5th July
Balled 10/6
22nd July
*CANTON"
Salied 23/6
29th July
*KHYBER"
Salled 27/8
13th Augu
"SURAT
16th Auguri
*
ist September
"CORFU" “KARMALA"
flomewards "CARTHAGE" "SINGAPORE" "OANTON" "SOUDAN" # **CORFU** “SURAT »
7th July 23rd July 14th July Leaves Hongkong
4th July 18th July
1 August 18th August 2011: Augurt
25th Aug
3rd September
Due London 5th Autum 14th August
29th September
10 September
17 September 23rd October
Via B'pure, l'enang, Colombo, Bombay, Aden & PL, Bald.
A "AINGAPORE”, “BOUDAN" and "SURAT” call â'pore P. S'wel, Penang, Aden, P, Sald, Havre, London, Hanbury, Rolletdam & Antwerp.
BRITISH INDIA S.N, CO., LTD.
}*
"FULTALA” due
0th July 7th July
"BANGOLA” du*
¡Com.)
"ORDIA"
431
2176.
Bocony Mobfia!) Hier Aircraft
27
અમ
Bouth Puerto Rico Sugar Southern Co (4)
6012
Southern National Ons
025
Southern Hallway (Com.
Standard Brands
130
Alendari Oil of Cal
121
Blandard Oil of Ind.
42
Standard Ou of NJ.
Co.
Sleep Rock (Toronto Exge. 74Sterling Or
Blokely-Van Camp, Studebaker-Packard Corp.
Textron ine.
2011 Tide Water Amn. Oil
St Time Ind
#Jet-Cont. Won...
Goodyear Tyre
Grumman Aircraft":
Hesden Newport Corp.
30% Ingersoll-Rend
Inland Steel Co.
51%
Interchemical Corp....
Int'l Tahnee Machines
3.00
42
framester......
34% Sunning Mining
Betz
International Nickel
704
Bwin & Co.
pok
Interstion Paper
2034
29
Tel, & Tel.
Texas Co...
30%
John-Manville Ca
Koler Industry ....
170
Light
R
46
吃
TC
Jo
13%
Lowenstein & Song
31
Mas, Inv, Trum Co.
23
(AM
4
Bienal Iron Corp.
431
Minnesoin Mining
Bat
Masion Development Monte Cherilent Co
311
art
30
Kenhocott Copper ***.*
Liggett exerw Apt. *.
Lookbird Airersit
Loews Incarp
Lane Star Cement Co
McDermott 2. MAY
McDonnell Aircraft
Block Expe.)....
45 Montgomery Ward
4x14x4 | Motorola Ina.
37% National Biscuit Co.
High Heg. "A"
Dalry
National Kand
201
Twentieth Century Fax Film
11 Union Carbide
47
uzan
Union Oil of Cal...
125 Union Paciile Raliway
United Aircraft
13 United Clas Corp. 10xU.S. Full "1" 2018, Cypru
U.S. Life C
29.8. Rubber 33.8. Smelting 72.5. Bleel
23% U.9. Steel 7 PC
61
Warner Bros .............
Wertinghouse Air Brake Westinghouse Electric.
4976 | Läutem Union Tel Co.
West Va. Pulp & Paper Woolworth .....
43 July
valls 6th July
Tue 29th July szila 22k July
from Japen For Singapore Pesad Langoon Calcutta Chillegong
frems Calcutta, Rangoon, Penang & Singapore for Japan
From Japan
for Singapore, Penang. fangoon, Calcutta, Chil Lagoing & Chrup
P. &.0./B. I. JOINT SERVICE
'FACHUMBA"dur 4th July Lally 6th July
"IKAUNA".
"UMARIA"
Aue
5th July wall 7th July
dhe 13th July
salle Isti Jiny
"UKLANA". Ane' 10111 July
all 17th July
from Japan
for Singapore, Yenang, Madras, Bombe
SAKSE
from Janos
for Bingapore, Kuweit Bata. Khorramaiah & Karach
from Karachi, Bombay.
Singapore Car Nicobar for Japan
from Bhawnagar, Kara- chi, Bombay, Cochin, Tuileria A Singapore
For Japan
EASTERN & AUSTRALIAN S.S. CO., LTD,
"EASTERN"
"NANEIN"
due 22nd July Bails 24th July
dos 13th July sails 10th July
from Austraila fur Japan
from Japan
for Labuan, Sandakan, Brisbane, Sydney, Miel, bourne & Adelaide
All vesiple have liberty to call at any ports on or off the route & the route à sailings ats subject to change or amendment with or without notice.
For full-particulary apply to : MACKINNON, MACKENZIE & CO. OF HONG KONG LID. Telephone Nos: 27771-4.
..