RANSPORTATION
SAS ORDERS SIX MORE CARAVELLES TO ADD TO FLEET SCANDINAVIAN Airlines System has ordered
six more Caravelle jet airliners at a total cost including spare parts and related equipment— of approximately 100,000,000 Swedish crowns (US$20,000,000).
The new purchase brings the total number of Caravel|ng|
~
dered by SAS to twolen The Swedish Remote
Airline has
люге.
option on
ckitional
The order for the Caravelles was signes In Paris
on June 19 by SAS Presiden! Ake Rusek, and Georges Heret, President manufacturer of the jetliner,
گروه
Control Torpedo
Stockholm.
NOVEL Swedish-
Sud-Aviation, A designad electronically
They
The first six of the medium-moto-controlled torpedo, range Jet frunsports were order claimed to have consider
ably md by SAS a year ago, will be delivered starting early in 1059.
DELIVERY
higher spccd and longer rongo thon previous torpedo types, is at prosent boing introduced as standard equipment On board the Swedish Navy's torpedo carrying vessels.
The new
Caravelles ordered The six last week are scheduled for ite- livery at the best of 100: They will be powered by twhs weapon, which is believed to
Holls-Royce R.A. 29 Avon jet have no engines, each developing up 11.700 pounds of thrust.
to where in
This will give the Caravelle a
speed of approximately
miles-un-hʊur.
$10
re-
The new Caravell order presenta another major step in
counterpart
clso-
the world, was demonstratod to the Pross at a Nory manoeuvre in the Baltic recently.
Reported To have been under
SAS programme for the frí age. | development during the past ten SAS already hus purchased years, this underwater minile is its target by seven long-range Douglas DC-8 directed towards jet transports für euely 1900 de-means of guiding impalars based Hvery,
it careful photting of the course. movements of the SAS President Rusek said that's speed and
the
is
the purchase of the editional target vessel and those of Caravelles reflects "our con-aflockinut ship. The torpedo viction that this jet transport said to be characterised by grent even if the target will mark the start of a new era | accuracy
should make rapid avoidance
it airline transportation.
PROPELLANT or:
"With its unusual power plant [ manoeuvres. estion the engines mainte behind the passenger cabin either side of the fuselage-the Caravelle will erally fly away
rom noise
UNIQUE STANDARD
"I will offer SAS passengers a unique standard of comfort.
"We plan to introduce the Caravelle on aur roules in Europe and the Near and Midilie The SAS Enst early in 1949. Caravellos wil probably carry 10 pasangers in combined est,
They class and tourist service. will have a maximum range of
2.000 Approximately
The speed has been increased
i by means of new offelent pro- i pellunta, witile the long range of
the torpedo will make it possible.
for the firing ship to launch ils
| attacks outside the reach of the
| enemy's artillery.
THE CHINA MAIL, THURSDAY, JULY. 3, 1958.
Fage W
Overvaluation Of U.S. Dollar
HONGKONG
The Cause Of
STOCK Gold Outflow
COMMODITY PRICES
EXCHANGE From America RUBBER
Our Own Correspondent
Business done on the Hong- icong Stock Exchange ปร
mately 3212,000. Noun quvin- tions and the morning's. trans- actigne were)
Shar
By SYDNEY CAMPELL
London, July 2.
NEW YORK
Rex rubber "fulnes Today closed 20 points lower to Ave 13
contracts,
July
morning amounted to approx Developments in the dollar are the best augury points higher with sales
that Britain will have scope to make things easier for herself and the world. After only one week's respite the outflow of gold from the US. resumed in a big way in the week to June 18, with a figure of $138 million, the biggest yet. Moreover, unlike some previous weeks, this was
HANKS
HK Bank.. INSURANCES
talon
SHIPPING Wheel.eks.
DOCKS, ETC.
Duck
Provident
LAND, KTO Ik Hotel
BK Land
Reuity
20 23
Sept
20.50
Nov.
26.53
Jan.
20 50
Mar.
20.50
MAY
20/40
July
AMSTERDAM
The rubber market was quiet Prices closed today in guilders
an outright loss and not merely a switch by per kilogram, eif July foreign central banks out of dollar balances follows: and short-term dollar securities into gold.
and
As both these tenis rose end, and both Americanis 10033.50 during the week, by an
foreigners take them away 1003360 greygate of $70 milion, the total from the U.S. at the other end. Sensor 15 To loss of $200 million must have
This kind of thing 300 15.70) been the worst week in recent { going on, people in 200 15.30 history for the U.S. reserves. (North America and other con-
Buyers Sellers
900
Halen
75 70
11.13
220 m 0.20
4244 437
100 431 300 » 4314
12.30 12.40
t
281
22.10 1,500 na 22 –
30 23
200 33.50
Hurjazy
15.70 15 10
1.700 1.5%
RAILER
Amats
1.55 1.00
150
A. Tawah..
1.50
Sungate
170
ETILITIES Tearn
20.30
100 20.0
CHA
400 09
18.30 1850 202.1
700 1024
1 patter
27 07.1 INDUSTRIALS Cement ... 21.10 23.40 200 G 20.20 Antay Can 374 STORES, ETC. Dolty
Serve
Wat
1. UVW
17 NO 17 NE 1,000 » 17.70 ... 11.40 19.70 10.00
203 13.20
B005.83
4.00
10.50
Vammati
Livet: je
Macau X
MISCELLANEOUS
Entert..
Vitr
INVESTMENTS
Yangtze... Anim
HK & PE
Inst
was
With
Europe.
No, ribber No. 2 rubber No. 3 rubber i No. 1 czupe
SINGAPORE
AK
2.10 nom.
COTTON
NEW YORK Prices of cotton futures closed today as follows:
Sput: 30.5mm; July: 20.00-10; Out: 30.43-54: Deg: 56.76 Mar 31.06; May: 3.80 July: 35.80; Oct: 3122;
100: 3422.
NEW ORLEANS Prices of cotton futures closed today as follows:
Spot: 5,10; July: 30.07; Oct: 3.81; Dee: 3475; Mar: 30.09: May: $3.00: July: 3.50; Oct: 34.22; Dee: 3422, LIVERPOOL
Cotton future closings were sanvailable 10day, Opening prices in conts per 1b. were: Ota contract
July/Aug.
SAO PAULO
......
Others unquoted.
2.14 not.
Cotton future closings, cruzého, per, kilb ere;
July
43:30
44.00
Deg
40.00
2.14 DOM. 203 buyers
METALS
NEW YORK
Prices of metal futures closed today in cents per lb. as follows:
Lead
July
Brpt,
Zinc
July
Бері
Copper
July
Sept.
Tin
July
Sept.
LONDON
10.
10,43b
a.sch
25.32b
93.07%
93.750
Prices of metals closed today in stering per long lon as fol- 25.10 lows;
સ Mar. at May imquoied In the United States, the
The market was downy at the
average price of one-inch cotton opening la sympatty with ovat 14 designated spot markets seas and meadieet during the was 34.87 cents. Tinents arc ceasing to regard morning on some short cover- This rather surprising the
Total sales were 0,583 bales. - the dollar as the best store offing and trade buying.
U.P.I. weelt in which sterling
value, or even a good one. on the rasy side, It seems pas-
As the short-term sible that the gure may really holdings of
dollar relate to the past fertight, esure larger than the surplus U.S. foreigners alone the ustensible respite in the gold stock: as foreigners lo guld losses In the previous hold long-term dotr week may have been phoney
which could repillly be reporting by the Federal Reverted into short-term 92) 1939-49.10
ou the gold stock;
20,4 ... או
Confidence
In Future
Of British
Economy
London, July 2. Strong confidence in the
The
Falling Fast
I
gold
Futures:
nssels
Con
++
N. rubber per 1, July
Aug. No. 2 rubber per b. July NO. 3 No. 4 Spant rubber wahinled Blanket cree No, pale crepe
703-77
30-701
642-0912
581-001
LONDON
stock
clalms Аптегі- cans. if they got windy, could expatriate huge sums at the expense of the gold slock; and vi so appreciable fraction even the surplus could be lost without some surious psychological repercus- skas-1 there is any vurency crisis this buttons it will hard- It has fallen in all but twey be in sterling. of the past 17 weeks, and by n total of $1,320 million.
U.S. gold lock is still nearly $21 billion, which is binger than that of all the rest of the world, but it has falling fast.
licen
"This remain a faster Jo cate than in any equal period of even the great outflow in the wild markets after the Korean War outbreak tú mii-1950.
The explanation increasing- ly appears to be the simplest possible--the overvaluation D! the dollar
at its present ex- 'change rate. Over a very wide
range of capital goods, sumer goods and services 2.80 dollars simply do not buy much as a pound or i170 marks.
Aggravation
con-
45
Du
As an example, one aggrava-
difficulties
ton of India's followed only some
The disclosure about the new torpedo weeks after the Navy announced that it had eartlett out success- with its Swedish- al trials developed 315 sea-10-stu missile, which ean be used for Isoth offensive ant defensive poses. These twn weapon medium-range Jet | trms will form an integral part transport, which has flown In
"light-weight of Sweden's new reccessful prototype operation navy," which it based on the use of heavy and hard-hitting for nure than three years, will sharply reduce travel time on | Weupons on minor, speedy wen-
pon carriers.
nitus.
our routes.
statute
"For example, flying time be- tween Copenhagen and Paris. and between Copenhagen
London will be reduced
(rom
nearly three hours to less then INDIA-AMERICA
two hours. Between Copenhagen
and Rome, the Caravelle
will
cut the time from nearly Tour SHIPPING RUN
hours to two hours and 45
mlauka."
Tesis
and
demonstration
fights with the two prototype TNDIA'S
now exeted 2,100 flying hours
and more than 700,000
niles.
pur- sys-
statute
first America passenger servico by augurated by the
Calcutta.
India- freight-with-
WOS
in- Scindia
this week.
The Caravelle purchased
SAS cruises at altitude of e-Steam Navigation Comany
tween 25,000 to 40,000 feel,
Designed to lamb on today's runways, the SAS Caravelle can take off or and in only 5,600 feet with 95,000 pounds tomm) gross weight,
FREIGHT MARKET
(43
Is
that her $150 million credit future of the British
from the Export-Import Bank economy buoyed frm is led to U.S. capital goods, stock market today and which now cost 20 or 30 per dropped the premium ineen more than British or Ge
man gorls.
vestors must pay to buy scarce dollar stocks to a mere one per cent.,
-
Against the Pound of the D- mark, the dollar is thus serlous- Iy overvalued, perhaps seriously as the French fenic.
S
The premium has been as high tes 25 per cent resteuting investors 10 pureliage dollar edgerness
wobbly currency.
SUCAR
Spot in
Buyers Soliers
70
7:30
3-muntil
730
731
Cupper spot
10314
1043%
3-monili
19344
Lead ist half July 10%
13
Zinc lat half July
"Boi. y. r.
|_ FOREIGN
EXCHANGED
בל
731
NEW YORK
Closing rates were: England official
unquated
to
30-da
2.75-11/10
Australia Argentina Uruguay
22445 AZUL
New York. July 2, World No. 4 sugar futures closed today unchanged one point lower with sales of
The rubber market was dull with spot quoted at 22 11/16170 contracts. pence per lu.
Prices:
No. 1 Rxpo! ......... 221-223%
"seillement josse lenn!
Sept.
22-22)
724-2241
continues
July/Sept Oel/Dec.
22-221
241-221
31
Jer/Mar.
223.211
Apr.June
While the dollar lon is present course, even
Jeftwing
in
Labour Government General marketa, cit basis, portag Britain might not Ded it AR Sept.
222-2215 easy to have a sterling crisis.
Faiale crupe thin July **** China Mail Special,
thick July
Domestic No. 0 sugue closci unchanged to one point higher wlih sates of 63 contracts,
Others unchanged.
LONDON
Closing rates were;
Contract No. 4 (World). Bept: 3.40; Oct 341 Mar: 334; May 2.4; July: 9.37; Sept: 5.37: New York Spot (centa per lb. fob Cubaj: 341. | Montesal
Open Interest: 0907 contracts,
Contract No. 6 (Domestic)
Amsterdain Brus
Sept: 5.7: Nov: 9.30; Mar: 5,50; | Copenhagen May unquoted: July unquoted; Apol (cents per ih, ci NY ex-duty):] Mitan
Open interest: 1,887 contracts--
6.19.
U.
Parix Stockholm
Others unchanged.
.1450
2.8045-8.00-1/10
2.83-15/16-2,6836
10.07-10.57% 130.28-139271 19.3333-19.337
17334-3730
14,40%-14.40w
UK Aircraft Exports
HITS 1930 Shoot Up
UTILITY AVERAGE NEW TOP SINCE
ON WALL STREET
New York, July 2.
Strength in tyres, aircrafts, selected chemicals and special issues lifted industrial shares today while rails lagged in
a quiet stock market session. '
TO:C
35 1 43
7948 | Kansas C. Power & Light 105.31 Keangcult Copper
Tob. Co. |00.00 | Lingeli Meyers 157.05 Lockheed Alreraft
Loews_Incorp,
Comin future bitec index
Closing Prices
#77
37 P
ฟ
3512 20
Comero zues were given a ILS overvaluation 15 inten-whirl with gains ronging to a bunch
than Two points in stocks as a hedge against their led by the continuous Inflation more
of the budget denelt and the Polaroid and more than a point U.S. money supply, and fein Eastman and Bell & Howell. jlints of new Government apparent impossibility of stop- moves to bolster the economy ac-ping that inflation. i tea to boost prices of gilt-edged ntifies despite today's see. The saw behaviour of sterling. announcement of another In- en asing gold and dollar Te
arves Just month carne too late to affect the market,
HESITANT
The week ending June 21 had a foretaste of the dilemma that will face the Federal Reserve whenever it begins to do. Its duty of stopping the rot in the purchasing power of the dollur;
fteichhold Chemicals
Allied Chements
pariment, Steels firmed, Gales Am Brake Show more than two points in iis de-Alled Mills Inc. Aills Chaliners.. in the tyres runged to nearly American, Astiine
Three phils in Goodrich. Douglas American Cable & Radio Corp,
ed the aircrafts higher,
The advance was suffelent to
average to a
on n mere rumour that the Fed lift the industrial was about ready to level off on new high for the year and the
Inflation. its monetary
both utility average to a new tep Wall since 1930. and equities in After a helinat opening the bonds Industrial section Improved Street wobbled badly. with steel,
Engineering some Lanes and store stocks scoring gultas.
Worst Week
a
In the event, the Fed Gold shares continued their the reverse. advance. Copper issues were
quiet and mostly unchanged.
A compony spokesman said
Caleutia-lo-New York. that the run would be completed in record 27 days, Thé run started with elaborate ceremonios cli- maxing as Mrs Sumali Morakce, Director of the Scindia Co..
Irregularity
American Vyanainid Co. .... Amer. L Forgn. Power A. dos & Electric Am. Home Prod. Am. Mach, & dry. American MelaĮ
American smelting
43%
導
MA
27
44
281
Tel
170
91%
A. SERT liet. American Tel Amertean Tob, "35"
Anaconda Copper Atteo Steel
Armour **** Volume fell off as irregularity Atlas Con Mining kiwin-Lina-11am, did se in early in the day and it Baltimore & Ohio falled to pick tip when the in- Benetlela! Finance dustrial shares moved up under Benguet Cons.
Beunelem Steer
In the week to June 18
its the leadership of types, steels. purchases open-market
of aircrafts, olls and miscellaneous Olly backe.i down from, bilis (which enlarge the issues," yesterday's higher ground, Aa monetary bloat) were the big-
threw milk and enconut into the river Hooghly, in a symboliefirmed wish for smonth salling for the
an
IMPROVEMENT SEEN
Later, at inauguration London. party, S. N. Patil, Government N. Improvement in the Minister for Transport and market felne, "expected at the Baltic Ex-given India Inspiration for
chango as a result of char-
toring of vossch by China.
11 is reported that in the re-
America
economie developmeát.-U.P.I.
cent past, Chinese export trad-Remote-Controlled
Ing corporations have chartered
here about 2 ships mostly
for
one year's trading, preference Diesel Engines
being given 10
Scandinavian
owners, presumably because
ol
their traditional neutrality. Tais PRODUCTION of remote-con
Irolled diesel engines for is obraidered nual that China's export markcols are growships has started in the Soviet Union. It is claimed that the ing.
Lately the tanker freight remote-control Rystem is a new
benefited to market niso
one in this sphere. It starts and from Russian stops the engine, controls the certain degree chartering of tankers under 0 speed and reverses the engine. recent agreement with the Ar- The required number of revolu
and tamperature gentine to supply to this ecuntry tlana
coolants are automatically main- 1,000,000 tons of Soviet oil.
1
In normal times, ordiora of this ) talnod. magnitude would pass almost completely unnoticed, but at а
of
Automatic signals come Into
Alaska
Actives included
Seara Roebuck also at a new top. Sunshine Mining, Peabody Coal, and General Motors.
exception was Ultramar which get for any week of this year- Juneau which set a new high,
on the Chairman's optimistic report..
That the US. reserves simul- Tarequsly had their worst week German ens mude a fresti į la modern history is pretty and advance to feature a generally well a mutter of qulet foreign bond marketeef: 'he Fed pumps reserves U.P.I.
Into the banking system at one
No Devaluation
Mr
the
Calcutta, July 2 Morarji, Desal, India's Finance Minister, fold Bengal National Chamber of Commerce today that India "simply cannot afford to de- valus the rupen,"
Cause
UAW ADJOURN
NEGOTIATIONS
Detroit, July 2
Aviation Corp
Boeing Airplane Borden, 179) Co, Burroughs Add Machine Calle Facking Carp. Canadian Pacife R. Campbell Soup Co
Cae (J., Cu,
Cal. Tractor
Celanese Card.
C. 1. T. Financial Corp. Chrysler Motors Metals strengthened on firmer Clusit Prabody prices for copper. Goodrich rose Colate-Palmoliva Co. incre than Eve and Firestone Colombian Carbon Co.
Commercial Credit two points in the tyres. Douglas Commonwealth gained more than a point on a Consolidated Edison__. bls misslle contract to feature Conumental Oll of Dei,
Crown Zellerbach the aircrafts. Lorillard lost Coben Ahier. Sugor |fore than a point in the tobaccos. Diamond Alkali
Railroad issues, held down almond Match Co.
Douglas Aircraft rise in their average. Utilities Dow Chemienia rose enough to set a new high Dupont de Nemours since Oct. 3, 1030.
Eastern Atribe Eastman Kodak ............. El Paso National Gos Family Finance Corp.
During the session new high appeared in a long list of issues, Ford Motor Company and theIncluding Coca-Cola, Borg War- He said he had been painot 10 United Auto Workers have her, Brunswick Balke, Reich- hear some people-"not laymen, | agrood to adjourn contract hold Chemicals, (up 2), Zenith,
United Aircraft, and Florida Genersi Foods but economists and others"- negotiations for an extended talking in terms of devaluation. Fourth of July Interim period "I have never heard of a more ending on July 14, it was dis- dangerous line of thinking then closed today. this," he added.-Reuter,
Similar arrangements may be forthcoming at the General
Corporation.
Firestone Tyre & Rubber
und Motor Gener
Dynamics Electric
General Motors I'ower.
Volume dwindled to 2,370,000 Gen. Tub. E.
(ten, Tyre & Rubber shares from Tuesday's 2,000,000. Gelly Oil
Of a total 1,108 Issues traded. | Gudden Co.
| Goodrich (8. 7.) Ca. 487 were higher, 408 lower.
Goodyear Tyre On the American Etock Ex-
Aircraft
shares from 760,000 shares yes- terday.
Bond volume today amounted to $5,040,000 ageirut $3,400,000 yesterday.
Dow Jones elosing averages
Exchange Rates Motor Corporation and Chrysler change sales rose to 800,000 En oll
Burner Unofficia exchange mening at the following catego- US dollar (port)
The adjournment was made WER done by the C to give out-of-town negotiates a chance to rejoin their families, The negotiators have been 1200 chained to the bargainitur tablo were
with little interruptions since so industriale In late March-Chian Mall Byerial, no rails
time when hundreds of ships operation when a defect occurs. totaling millions of tone ile idle The captain will have a control sterte nules per
Australian notes (per 21) ... are panel on the bridge of the ship in the world's ports, they warmly welcomed by Wastem and will be able to control the shipownofs-France-Praise.
engines from there.
Indonesian cuplay (per 1663
Blam Ubai [gre, 1001
Bingapore (Bizelis)
1000
leyden Newport Corp. Homestako Mining Co. Ingersoll-Ra in and Steel, Co.
rebemical Corp
1
Business Machines Harvester ........ International Nickel Relational_Pader
Int'l Tol & Tel John-Manylikt COLLARÓVEDA 16 Kaiser Industry
Lone Star Cement Co. Lowenstein & Sons, Mass, Inv. Trust Co.
| Mclément J. Hay
Motioneel Atterati (Ami.
Glock Exc
Mesabi Iran Corp
Alinnesota Mining
ission Development
Munsonio Chemical Co.
Montgomery Ward
Motorul Inc.
National Blæult Co.
National Cash Reg. "A"
National Dalry Prud.
National Leat
National Steel Corp.
New York Central
Norfolk & Western By.
458 | North Amer. Aviation
North-west Airlines (Com)
On Matteson
5026
172
19
Ou Elevatora
314
Pate
Owen-iiinola Glas
Oxford Paper Co
Pacille Gan de Elur.
65 'an Aire
Paramouni
Parke Davis Co.
Altways
IK
415
431
Γ
Pent. Salt Co.
Peany Co.
34 Philip Morris
485 Plate Cis
<21
20
& Gamble Co.
Puhilektr Arztuslespy
18Pure 01
34T
Id
301
Radio Corporation
Republic Steel Reynolds Metal
17 Sears, finebuck & Co.
Salil leg. Paper Sinclair O
Shielt On Co
0417
9gacony Mobff
O
2014 Bolar Airergit ........
at Kouth Puerto Rico Sugar
BEL Southern Co. (The
47
Southern Nellonal Ga
Bouthern Railway (Com.)
342 Standard Brande
Standard Oil of Cat,
Standart Ol of Ind
Bat Standard Oll of N,J,
Steep fock (Toronto Enge, Heting Drug Co. Stokely-Van Camp. Stadetipker-Packard Corp.
105
112
2016 Sunsins Aming
and swift Cu
41 Texas C.
Still Textion Inc.
094 Tide Water Aum, Oil Cat Tline Ing.
301
3
Tri-Con, Warrente
Twentieth Century Fox Filin
Union Carbine
Union Oil of Cal.
Union Paciile Railway
62 United Aircraft
United Gas Corp.
UB, F»!] "g"
1101 V.B. Gypsum
3235
12
U. 8. Line Co.
U.A. Rubber
741
4.5. Brelung
U.S. Blee
424 U8, Sicel 7 P.C. PF 2602 Warner Bros.AM Cast | Westinghouse Air Braice
Westinghouse Electrio
Wester's Union W). Co, Wert Va., Pulp & Papár Woolworth
-V. P.
London, July 2. Britain's aircraft exports for the first five months of this year topped the annual totals for any year prior to 1956, a re- port of the British Air- craft
Constructors Te- vealed today.
The £94.5 million total presenta a 50
per cent jump over last year's exports during
the suna flyo
45 report showed.
months, the
Con.. At that mate, British 4aiructor expect a recurd export Jibale this year of some 106 13 million compared to last year's
record of £110.5 millon
5142
Britain's best customers dur- last May were Canada, India and the United States, in that bræer.
The May
total of expart £14.23 million was more than one-third higher than
19 May, 1957-U.P.I.
Whorevor
that for
►
you're going...
EUROPE
USA
ORIENT
ROUND
THE
WORLD
You can fly there on the world's most experienced airlino
For servations,
call your travel agent or
· Alexandra House, Phoru 27031, Hoa Kend
PAN AMERICAN
Pak dietoon Weld iliwegs, Ink, Župarjurated in she lose of the Tork, K.Ed, wich hinted Maklikga
f