TRANSPORTATION
BRITISH DEVICE BEATS FOG ON THE RUNWAY Automatic Landings
By PETER WOON
London.
FOG, the plane pilot's greatest handicap, has
been beaten by Farnborough scientists.
They
have produced
work's first nutomalle landing i system which entirely removes | the hazards of touch-downs In poor visibility REVEALED
Dr Grunge Gardner, Director of Farnborough's Royal Aircraft Establishment, reseater in Log- don that 450 automatie. landings
Cargo Ship Built
For St Lawrence
NEW British motor cargo ship buift to have been made by the system meet trading conditions in
Not once dia the pilot have to touch the entrol, not are was the St Lawrence Seaway when it is oponed in 1959
ajdans damaged.
Said De Gardner: This is a has sailed on her maiden
most important achievedHost. voyage to Canada, Sho is
"It is hoped that our British the 10,350
operators will be the Orst in the
tons (dood-
world to adopt and fernstrate weight) Gloxinia which com-
it in bath civil and military airpleted her sea trials in the craft,"
MAGNETIC
North Sco recently.
Aboard her was Mr Nicholas
The device guide, the plane | Robinson, managing director of down by means of a magnethethe owners, Slat Line Limits! system attached to a rado sit of North Shlebt, Edland, make- in his third vidt to Canada In
Daveter
Twi regate World-wide
et NAT,
grool malitions to be of fSPECIAL DESIGN
::30
Bat BOAU and BKA keeping a cloy nye on 11 anel the RAF expestrat, to make
Use of I.
CHANNEL TUNNEL
SURVEY SPEEDED
LEQ D'ERLANGER,
of
Mchairman
1.
told (shareholders
the
The Glovila, developed trom Capriturned experience of such ships in bis deet as the any
Camellia and the Pvdaria, de ispeðlátverend qunt for quick and
easy basiling of all holk | goes partividariy · groin and
sugar,
car-
While in keeping with other ships in the feet, she has been built for world trade. Mr Robin- son considers she will be of in- ferent to North American Eusí- ness men for use on the new He intends to see a awny. number of them, probably start- Channel Tunnel Companying at Cleveland, Ohto.
at the He said before leaving that recent annual meeting in the Gloxinia and three other London, that it was hoped in his feet would be avall- able for bringing cargoes of economic and goophysical ante ermmodities in bulk to the surveys to
the Great Lakes from many parts of practicability of a Channel the world. The Gloxínis funnel would be finished by self-trimming holds with hopper late next year. --
sitles, and without obstructions, and spectul steel hutch covers.
510$3
"We shall then be able f) arrive at an informe opinion regarding the feasibility of our tunnel."
Itas
THE CHINA MAIL THURSDAY, JULY 10, 1958.
Inflationary Investment Boom
U.S. Recession Did Not Produce Dollar Famine
Thoro
By SYDNEY GAMPELL
London, July 9. aro several reasons why a
U.S. recession which was expected to pro- duce a dollar famine has instead pro- duced enough dollars to enable a run on the U.S. gold stock. Perhaps most important, Europe's present in- dependent need to retrench, instead of repeat- ing the independent buoyancy which pulled both Europe and the U.S. out of the 1953-54 recession, was wrongly diagnosed last year.
side the US, were.$17 bilion. At the beginning of 1957 they were $23 billion.
It is due to the peaking of a Inflationary investment boom, and not to lower gold and dollar reserve,
At the beginning of 1953 the gold and dollar reserves of non-Communist countries out-
HONGKONG
STOCK EXCHANGE
Our Own Correspondont
Lion's Share
Germany had got the lion's share of the increase, but she had not got the lot:'n vreful part had gone elsewhere,
پر
COMMODITY PRICES
FOREIGN EXCHANGE
NEW YORK
-A
New Zealand South Africa
Brazi
Challe
No. 1 No,
Spot rubber unbaled Danket crepe No. 1 pale crepe
LONDON
094-7037
78.7015 081-0014
The rubber market was quiet with a little lower at 22-15/10 pence.
Cloding rates were:
Canada England oficia
3-day's
1,04%
No. 1 I spot
200
2.70!
Aug.
Settlement house term: 27-23
221-2316
2.78-11/10
Sept.
2.2012
Oct./Dec.
2.00
Jan/Mar.
007
April/June
0010
July/Sept.
.1300
211-2119 unquoted General marketa, cit baxia, porta:
July
Aug.
LONDON
grpt.
2234-221
Estate crepe
thin July
thick July
228-15/10-2.00-1/10
Colombia
Other unchinged,
2-7/10
Closing rates were: New York Montreal Amsterdam Frankfurt Sulino
Paris Stockholm
10.30-18-10561
11.78-13.78
1730-17:30
20 DO 6-20 06: 11733-14739% 14.45-14.4014
Others incuipaged.-U.P.1.
RUBBER
NEW YORK
rubber futures.
ورات الحال
10 closed 20 to 27 points lower,
Closing prices:
A specific problem je dint Britain's reserves, which are Shore of the International REX system and cut normally have got the lion's share, not lew th none. This, however, may be the real beer position. that now keeps sterling going.
Regardless of who got then, the free worki outside the US.
this recession entered
with $7 billion more reserves than It entered the last one.
Even assuming that a US. recession would suck reserved back to the U.S., one would not
Business done on the Hong-expect famine in the Arst Jean kong Stock Exchange this year-after so many fat ye moning unwanted to np-accumulation. proximately $135,000. Noon
quotations and the máming's Present Tide Transactions were:
Shaer
Buyers Selleta
Kales
BLANKN 173 Base
700
20 790 10793
INSURANCES Cnion
..... 7324
SUPPING
vheeleck
DOCKS, ETVA K. Wharf Provident
LAND, ETC.
4.10 0.15
400 7
ן
12.40
12.75 37
itx stel.. 22 22.10 Fin Humphreys 151 15.00 500
RUBBER
Amais
Tru
A. Tawan. Hungals UTILITIES Tram
She was built by John Read- head and Sons Limited. South Shields, who also built for the and „Mr d'Erlanger said the study Stag Line the Camellia
Cydonia together with four group set up st year to other ships of the same type for Star Fer Vestigate the 'mtactleability and
deep sen trading. profitability of a tunnel had decided that I could accelerate the project by making a physi- cal survey which whe start this summer.
HIGH-QUALIFIED
Three high-qualified French, Amerlern and English organisa tions had agreed to undertake n traffle survey and assessments
of the tunnel's economic pros-
Britain's Largest Tanker Launched· THE C
British Petroleum Company's newest
pects. Their work was to de- toaker, the 42,000 doud-
termine
how inuch tradic weight tons British Duchess,
of all kinds the tumet was like has been launched from
ly to attract and at what price.
John
Brown's
1.00
In fact, the the restaves is U.S.
Despite the costs of
reserves
present tide of
away from the
heavy dollar
Suez the non-U.S.
at the end of 1057
were still about $25
billion,
were
no lower than at the beginning 6.15 of the year and still $7
billion more than in 1953. The Sucz spendinga made good by drawings on the International Monetary Fund. That happens to be what tho
MF is for
15.00
The last couple of years ure the 1.85 10000 & 1, the only ones in which 1975 1.00 5000 1.70 IMF system has done anything appreciable, lu no year hay it done as much for the whole world as the sterling system has 503 2000 lately done for India alone.
But with about $8 billion of hard and soft reserves the IMF is not to be snèczed at. doubi ought to be larger and Inore patent; but it is not im- polceit.
300 / 19
1,000
1.75
20.70 -20.80
#13
Yougat
Light
Alac Tel.
*.
17.00 10.10
201 0.50
20.20 26.40
INDUSTRIALS
Cement
23 23.20
STORES, ETC.
#7.40 179
100
11.49
117 GT1BU
1600
2000 t 18
0.90
+
Craw Emporium
MISCELLANEOUS
***** 14.00
Vibro
INVESTMENTS Yankki
Clydebank Allied Meanwhile, a physical survey shipyard, Named by the would be getting under way. 11 was intended to clear the shaft Duchess of Gloucester, tho ond galleries constructed more ship is the largest tanker so than 75 years ago.et Sangatle, for built in near Calais.
A geophysieni survey of the British owners.
technique from
€
which it was hoped that the depth of the various strata could be deter- mined. The nature
the of underlying rock would
be fur-Ga ther elucidated by seismic in- vestigations en shore
on both sides of the Channel,
Britain for
Channel bed would then be 'This record for size, however, undertakes. using
gh-will soon be broken. "There are frequency sound wave reflection other larger ships on the way of 50,000 and 63,000 tons, of which John Brown are to bulle four for us, as well
another 12,000-tonner," said Sir Neville -chairman of British Petroleum, after the launchlug.
Sir Neville added that the oll Industry was passing through | harder times, which had slowed progress. There were sonie In the industry, however, who were not inclined to allow the difficulties of the present
YUGOSLAVIA TO BUILD SHIPS FOR UAR
Brioni Island, July 9. ▼YUGOSLAVIA may build
Yu
to
shake their faith in the future. Aqua Trailer for
ships for the United The Arab Republic as part of an expected agreement for ex
Enthusiast
›
TUST available
on
panded economic, cultural is the "Agua
120023 20 500023.10
10 11.20
-459 + 0.10
163 16
A
4.571
LONDON
STAYS
FIRM
It Could Do
No
It
SINGAPORE
UP..
SUGAR
World
New York, July 9. No. 4 sugar futurès closed unchanged to one point lower with sales of 206 contracts.
Domeslie No. 6 sugar closed one point higher on sales of one contract.
COTTON
NEW YORK
Prices of colton closed today as follows:
fulares
Dee: 36.92; Mar: 37.17: MAY: LOG July: 30.17 Det, 34.40: Dee: 14.30. NEW ORLEANS Prieet of culton closed today as follows:
futures
CHATTER
ON WALL STREET
New York, July 9.
Spol: 340; Joly: 36 23 Oet: 25.04; Nearly everybody concedes the market la ali mixed up. An intermediate cor. rection from around current levels could add to the general mixup Auchincloss, Parker & Redpath.
Spot: 03.10 July: 30.10; Oct. art,na; Dec: 30.42: Mar: 37.16; May: 37.08 July 34.10; Oct: 24.42_Dec; 31.12. SAO PAULO
Prices all unquoted.
States,
the
103
In the United average price of one-inch ton at 14 designated markets, was not available.
Total sales were 9,440 bales, Liverpool collon prices were unavailable today.-U.P.I.
METALS
NEW YORK
Wryrhoruser Timber should spul be able to capitalise on the anti- elpated long term uptrend in demand for lumber products and on the company's growing Integraties.. Ave stores now under construction could even- tually add 15 per cent to sales and earnings of food mart - Shearson, Hammill & Co
Prices of metal futures closed
July
today in cents per b. as follows:
Sept.
Lead
Zuc
Contract No. 4 (world)
Copper July
3.8
Sep.
Τίπ
July
*6.00
3,30
Sept,
20.3
Min.
3.32
20.73
Stay
4.03
LONDON
20.74
Ju
3.20
20.03
Sept.
3.30
26.00
per. b. fol
20.00
Cuba)
Open interest: 4,971 contracts. Contract No. a domestic)
Tin Apot
3-inosili
730
Sepi
5.79
Comer mot
Nov.
1
Mar
5 20
Spot-teents per the eff NY
ex-dity)
trad I in July
Tent 121 hald Oct
231
5.73
Zinc 1st if July
Open interest: 1077 continets.
Zine Int tilt Oei,
The runrket opened slow ang
further In the day. Futores:
No. 1 rabber pee . July 76-7814 Aug. 77-7719
No. 2 rubber per 18. July 1312-78
10.30h 10.450 8 40b
24001,
23 125 93.12
DOUBTFUL
American Steel Foundries is expected to declare the regular dividend at 60 cents a share at the July 22 meeting, but con- tinuation of the mid-year 60- cent extra seems doubtful
Chance Vought earnings 312 are in a pronounced uptrend, inrgely reflecting stepped up production of the Crusader Fighter models for the Navy- Reynolds & Co.
Prices of metals closed today in sterling per long ton as follows:
3-moniji
If the advance falters here Buyers Sellars |
730 73113 We can probably write an end 291 to the summer rally as another backing away from the 480 area 72" would not be encouraging. 73% However, this remains
CUT IN FORD MOTOR'S
DIVIDEND STARTS SELLING IN WALL ST
New York, July 9.
Industrial stocks fell sharply from their highs in late trad-
ing today on selling triggered by a cut in Ford Motor Com-
pany's dividend.
A. Bruke Shoe American Alt Buc American Cable
Corp.
At its highs, the markel had Allis Chukners ... regained almost all of yuster- day's losses. The advance was moving ahead without a hitch unlit the Ford announcement hit the financial conununity.
Ford toppled almost three points from its high and was off almost three points on the day Lorlard lost around a pot of its gain na tobaccos ran to late pressure.
Rails Bulshed on the upside
in the averages,
The
I could do a lot more. holds $2.3 billion in gold and | dollars atone.
Knocking off the contingent liability for stand-by credits t $1.4 billivo, comes down to
market attained which is still sizable, and_thej stand-by credits themselves highest point at 1. p.m. At that time the averages hud more servu a purpose.
wiped out yesterday's losses and all of them were at their best of the year.
If Briton draws on her stand- by credits of $731 million from the IMF and $250 million from the Ex-lm Bank, It will be only In connection with some refdem of the infernational system. to of its strait- get sterling out jucket.
Uban
Going
Lorillard
at the highs
it
Co. American Crepainted **** Amw. & Fuzegn, Power Am. Cas & Electric A Home Prad. Am. Mach & F'dry. American Melpl American Snelling Ain. Sugar Ref American Tel & tel American Tob. "0" Anneanda Copper Araico Bleet Armour
2416 | Ingeracu-land
30 Inland Steel Co.
mar-
rt of stocks and any number of individual issues will prob- ebly continue to go agalsi the rend both diræftons-W.E. flutton & Co.
American Distilling earnings for Avent
Year to end in September should
the bo in 3.70-$4.00 range and the cur (7 82,80
dividend could uc Increased some limo in the future-Walstam & Co.
International Telephone should on from $3.70 to $4 against 3.12 in 1957-Paine, Webber, Jackson & Curtia UPI,
Remittance
Singapore, July 9. Family remittances to China from Singapore and Malaya last month totalled 1,900,133 Straits dollare (£230,332.9.8) 2. Goo ernment statement sald—Reuter,
Exchange Rates
Business was done unmelal
in the treat
exchango market this
inorning at the following rates:-
IWA
74
Radio
Interchemical Corp.
Int'l Business Machines
42
Int'l Harvester
3545
International Nickel
74
431
International Paper
10112
125
Int'l, Tel & Tel.
38%
36% John-Menyüle Co.
30%
Kaler Industry
Wit Hanson C. Fower & Light
4574
251
Kennecott Copper
BOK
18
Liggett Meyer Tob. Co.
701%
HTP
Loyaleeu Airerati
Loews Incorp.
Lone Star Cement Co.
17
wenstein & Sans.
145
10
177 wott 4. No.
ΕΠΥ.
| U.S. dollar (per 31)
3315
2014
McDonnell Aircraft
Chan
Sterling notes (per £1)
10:03
24
Stuck Exp.)
2812
Austrailan notes' (per £3).
M
Mesabi Iron Corp.
3145
Bidonesian rupiak (per ́ 100}
Konesuta Mining
Stam tical (per, 100)"
4152
Mon Development
Singapore (Straßte)
433
Manrante Chenilcal Co.
Burden (The) Co. Burrougli Add_Machine Callt. Packing Corp. Campbell Soup Co
CO
Montgetnery Ward
3316
stotorola Ine.
301
40
National Biscuit Ca.
National Cart Reg. “A
National Dairy Prod
1032
Station Lend
241M
National Steel Corp
1543
New York Central
491
Norfolk & Westers Ry.
4 North Ainer. Aviation
Allas Cour, Mining Baldwin-Lima-fnm,
Baltimore & Ohio Benelleinl Fleance...
Bendix Aylation Corp.
Banquet Conc. Bethlehem Steel Boeing Airplane
Canadian Pacific R.
..) Co ranged Cat. Tractor te more than two points with Celanese Corp.
in both 1. T. Financlul Corp. the feature Lorillard
Chrysler Motors volume and gain.
Industrials, pre-
featured tobaccos and individual strong spots in the oils, building bates, cameras, electronics and specials, were moderately active.
K Britain does not need the money, because Internal Jubour and political obscurities clude the reform, it can be re- allocated to some of the primary producing countries that do need it, if world inuxle is to be kept going. Continental countries as
by
Goire of a point or better ap-
Clue Peabody Coute-Palmolive Co. Columba Carbon Cu.
Commercial Credit
| North-west Airlines (Com
On Mathieson
20 Olis Elevators
ロジ
a whole do not need it; some of peared in Sunray Midcentiment Dividend Down
Or
Jagger Machine, Alcoa, Gypsum, actually Borden, Best Wall
London, July 9,
them have been cancelling their Oi Worry over labour relations stand-by credits
kept the stock markets making repayments to the IMF. Gulf Oil, Corning Glass, East- on modest lines today. There strikes in the docks and mines
arc
Multiplying threats of
Detroit, July. 9, The Ford Motor Com pany today declared a com. mon stock dividend of 40 cents a share,
It was the first time éincé' the stock was listed on the New York Stock Exchange in March 1956 that the quarterly dividend bas been lass then 60 centa
thard Router.
Consolitest Edison
mon Kajak, Crane Co., Fres port Sulphur, Florida Power, Motorola Minnesota Mining, Moreover, the IMF has Ideas Paramount, Polarold Rekhhold of mutiplying the impact of its Chemicals, Reynolds Tobacco B. However, there is still plenty meney by using it in combined American Toabeco, Youngstown of underlying confidence and operatione, in much the same Sheet & Tube, U. S. Gypsum, the tone of the markets re-way as the World Bank makes and U. S. Tobacco.
Market nows favoured the mained quite firm throughout its loans go durther by securing
various side. Juno auto sales set a new the participation of tho the day.
HIGHLIGHT
banks, mainly US. banlos but not high for the year. Gasoline and other ties between tho
Highlight of the day was a wholly,
prices displayei a firmer tone. Trailer", a two-section fibre-sharp rise in steel shares follow- informed two countries,
The IMF's only such opera- | Home-building got a lift through opinion tion so far is that its $191 mil- Increased number of loan apCommonwealth Eine. sources said here tonight. glas boat that folds in the ing the latest public
poll which showed that the Bon to France spearheaded plentions. The sources said this was one middle and mounts on á likely result from the conversa whool to become a-
Volume rose to 2,850,000 from Continental Du of Dei. closed Conservatives would likely win total of 3086 millon to that
a general election. If it were country-n dive-fold multiplier. Tuesday's 2,130,000 shares. Crown Zeuerbar tlons here between President trailer that can bo pulled held at the moment. Fears that Is massive boldings of pounds,
Cuban Ames. Sugar Of 1,175 issues traded, 583 Dumond Alkall Tite and President NassÉT und bohind a cor.
the Socialists would win the D-marks and other European were lower, 344 higher.
Dainond Match Co. their Foreign Ministers during
A rubber seal between the general election and carry
American out currencies may come in very
Stock Exchange Douzles Aircraft the past few days.
Dow Chemicala... and their declared policy to re-handy for some of the other 20sales dipped to 780,000 shares Dupont de Nemours They also predicted that the gunwales keeps out dust
Easter Alrite talk, in which the Greek moisture, making it useful as nationalise the steel industry Uncats; its $2.3 billion of gold from 840,000. yesterday-
carrier. had pushed steel shares cross-country luggage
down. and doliara would go far, and Bonds volume totalled $3,200,-Eatinan Kodak Foreign Minister, Mr Evangelos The back section of the boat for Prices moved
Paso National Gos up more than a still further as lend money in 000 against 84,850,000 yesterday. Family Finance Corp. Averoft, participated, would re-bottom section of the trailer) ahilling today. Engineering ad hoc syndicates: a lot of un- Dow-Jones closing sveriges Firestone Tyre & Rubber gult in closer political consulta could be used as a garden bar shares also went ahaad but umble money in the U.B. Ja were: Hons between Yugoslavia, row while, with its single swivel alectrical equhariënte Greece and the U.AR.
wheel removed, It could be set uncertain. President Tito and President on the ground to form a wading B. M. C. were again withstand- Nasser were reported today pool for children.
ing in matern and Bats and broad agreement in their of
Impa werd good in tobaccos, does, have them and they are Comun; future pelee Index pessment of present world in- be used acparately if desired; Stores were, out of favour: probably a beller, bet than: soma sion-particularly on problems toolted together, the two sections Gill-edged securities con- recent British ideas bow Closing Prices relating to the Middle East and form a single bont, 13 feet long, tinued to improve. Coppers Washington ought to come to the costern Mediterranean, capable of accommodating arere idle but ins improved, the gld et sterling's reptaven China Mall Special,
Adults,
Olla cased-UPI,
China Mall Special
In the walor, each section enn
X
were capable of looking for external 30 Industriais outlets under good auspices, 20all
However little or much may 15, uflities come from these ideas, the IMF
bonde
Ob
Alden Inc., Any
Auled chemicals ** Allied MUL Ing.
Ford Motor ... General Dymunlce 177.50 General Electric
119.04 Ceneral Face 700 General Alotors 181.74 Gen. Paz. U.
10.54 Can. Thy & Hubber Getty, OLE ....
183.0
Gudden Co.
Capdelch 8, F.) Co. Goodyear Tyr
Graminan Airezači
$ 1911 Gulf of
2114ayden Newport Corp. 574, Humowlaka Mining Coc
Owen-biols Gluza Oxford Paper Co. Pacing as & Elec.
Pan American Airways Perapiunt Pictures Parka Davis Co. Penty 1. G. Ko. Penn. Salt Co. Philip Morris Procter & Gamble Co. Pitsburgh Plate Glass Publicker Industries Pure OIL
Radio Corparsilan Republic Steel Reynolds Metal. Bears, Roebuck & Co. Shall O
Co.... Saint Reg. Paper Sinclair Oil
Socony Maliloli Solar Airezakt
South Puerto Rico Bugar Southern Co. ¡Thoj Southern National Gäs Southern Railway (Com.) Standard Branda ve
Randard Olf of Cal
Standard Oil of Im
Standard 011 SE NJ,
Sleep Rook (Tomato, Expe Stering Drug_Co. Blakely-Van, Camp
Studebaker-Packard Corp:
Himesine Mining
do Water Ain. 011
3d
4515
481
21
Swift & Co.
53
Texas Co.
60
Textron Inc.
1.4
LEA
1:20M
AG
92
20%
Time Inc.
4tle Conjury Fox Film
Union Carbide
Union of Cal, ...
Union Pacife alway
United Aircraft
United Gas Corp.
Fol$ "D"
DO US. Gypsum 09. Co.. 302.. adbër
137, Ateal
Smelting
25.8, Steel P.C. PF
Warner Bros
33
Ut Westinghouse Air. Dicka
WantingJinjio Electric
215 Wasters talon Telco, 110% Wol Va. Pulp & Paper
Woolworth
A
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