Page
ANSPORTATION
HOTEL-AIR TERMINAL BEING BUILT
IN COPENHAGEN
A 22-FLOOR "skyscraper" hotel and air terminal
-first of its kind in Europe--is being built in Copenhagen by Scandinavian Airlines System for the age of jet travel;
It is scheduled to open in dresstre, a nursery, and related by housef 041 1900, when SAS will be serving | fucilities wil the European "Gay Gateway the floor. city with
audium-range Caravelle und lóng-range DC-8 jet airliners.
A separate jet-nge passenger and freight terminal ale
being built for 1980 at Copen-
hagen's Kastrup Airport,
TH
Danish capital-eds, exported to
On top of the foundation, but
|
6 back from the sides, will be the hotel teeth-rising 8 floors above Copenhagen.
GIANT MIRROR
The foundation floors will be SAS hotel-terutinal-- dominating the centre of the plated with a dark grey-green mammet. The hotel storeys will enst 30 million Damsh crownschade of grey-green--D
be dominantly loss, 'In a Fighter (U.S.$1,364.000). It will be the mirror to reflect sky and Jargest hotel in Scandinavia..
the drifting clouds, ULTRA-MODERN
The ultra-modern scraper" will consts! of three major, interrate 1. uni sz
giant
THE CHINA MAIL, WEDNESDAY, JULY 16, 1958. L
Pato
Britain's Anti-Recession Drive
Another Cut In
Bank Rate
HONGKONG
STOCK
Expected Soon EXCHANGE
By SYDNEY.CAMPELL
Our Own Correspondent Business done on the Hons-
ing amounted to approximately
London, July 15. Britain's week has been enlivened by a Gallup kong Stock Exchange this mom- poll indicating that if there were an $135,000. Noon quilations and immediate general election the Conservative e merning's transactions were Government would probably win it com- fortably,
Shares Buyer Sellers Sales
20762!
-
the same
BANKA JIK Bank Past As
INSURANCES
.. 77235
..
24
75%
4.95 0.00 400
3,00 1,000 3
41
101 12.10
This transformation in the comparison than was Government's popularity may rate a year ago, Even if the new prove transient, but all strike weapon is never used, it can threats tend to enhance
it and work by being discussed or SIPPING meanwhile it has galvanised brandished: any pressure that it Wheelock std shares-wome of which | exeris reileves the pressure would intrinsically worth the other two weapons and
be about double their present prices the odds are that both of them it the se-nationalisation threat] will be`relaxod. disappeared.
נום
of
DOCKS, ETC.
Wart!.. Dock..... Provident
LAND, ETC. The Minister of Stale for In the United States, by con-
HK Land Foreign Affaire has now plainly trust, the Treasury has added to flute). stated to a United Natɛns con- the existing huge
Inflationary Humphreys pressures thef Realty.. fcreme kay Geneva-that the soul and credit British Govornument advocated] new
gimmick inflationary
BLUNDER controlled expansion,
buying up its own bonds. It salg.....
the of bought $500 million Switched
nillion $7,350
of seven-year bands that it lagued hardly a monin
object was ago. technical, to stop the rot which was caused by the initial over stagering of the bonds.
Tru-L UTILITIES Tram Star Ferry
C. Light
Electric
But the world's dollars supply should remain ample, not be-
of an early American up-| Macao F
Amertean Telephony but because
and debt forces budgetary, monetary
STONES, ETC. Dairy management policies inspire little conflderice in the dollar. China Mall Special.
Over recent weeks the British The SAS "Royal Hotel" wili Authorities have switched to have 275 rooms, with a total of evenhalting recession as well as ky-475 betts. Each verm will have inflation that was the meaning f private bath, telephone, ridio. of the measures of July 3 and and television cutlet. The on- is new Ministerial statement
puts anti-recession policy before, The holes, Hoof, which dre Buliding wi' be airstes de ★
any nation polley. be
eolied Will
the linned.
"First," The hotel will feature sporiti "Royal Hole".
the Minister said, couse "we must succeed in the urgent turn, Arket and passenger drawing rooms and fennges for
task of distinctive
eversing the terminal, equipped with private parties, a Europe's
bar. large restams at, which are at present pushing us Jet-speed snack
towards a world recession. That "elgefronte brain" erinand two cocktail brus.
roust be our immediate aim." system. The terminat may be tw have a stall of 300,
Only secondly did be completed by Ocluber of this under the supervision of ford
hoteller Alberto Kippenberger,
But renewed expansion must not inflation be allowed to onew The SAS parvites
"skyropyr" hos
pointedly added that parking been destined by architra Ame
European recession coming [41 Professor duben,
the Dĺ
top of the existing recession in Academy of Arts, Copenhagen, the United States and in the
year.
and
wam
A complete s-ation, with space for 300 ears
The square shaped tarihi tion of the building will const ย! four
above
would mean for the first floors-twe
tinc ground, two bekw The lobby
since the war something like a world-wide slump..
It is owned by an SAS sub-primary producing runtries sidiary company --SAS Invest, Inr, headed by Viggo J. Ras-
of the hotel, The air, terraina), mussen, executive Vice-Prosi- Indles al ntlemen's hair-dent of the airline,
An artist's conception of the SAS Hotel-Air terminal 22-floor skyscraper, being built in the heari of Copenhagen for the jet age.
New Dry Dock For TELEVISION IN Supertankers
SHIPS A SUCCESS
A
NEW large dry dock for supertankers
VER 500 vessels have
to
up
80,000 deadweight tons is to
now made use of the Marconi Marino television be constructed by Vickers sorvica for shipping. Many Armstrongs
(Shipbuildors) shipowners have placed block Ltd, near their existing dry contracts for the fitting of dock at the Palmers Heb-television receivers in all burn ship repairing works their vessels while they aro on the Tyne.
in British ports or coasting The dimensions of the new within range deck will be 850 ft x 145 ft at Kingdom television stations. entrance * 35 ft over the sll.
Equipment is provided, on flon me anged so that exten- | short term, seasonal or per- slons can later be made leng- | mement busts and the fitting, and thening the deck up to 1,000 t, dismantling together wih any thus catering for the projected maintenance required, is under- still Inrger tankers up to 120,000 taken by the Marconi Marine derdweight lons.
service organisation in all major: ports in Great Britain.
Location, design and construc-
FIRST STAGE
The new dock in its first stage
planned to be open and readyTHE RECEIVERS
for use by 1901
Messrs T. F. Burus & Partners
of
United
A
The receivers show a 17-Inch
are the consulting engineers: the picture and have been specially contractors are Marples Ridg- modified for use at sea. Ship- way & Partners.
owners have Indicated that liby
Good reception of Kingdom transmissions has been reported from
several
tinental ports.
COX-
The new dock, which will be ere pleased with the perform- the largest on the east side
ofance of the receivers and with Britain. will be an Important the prompt service provided by addition to the facilities of the the Marceni Marine depots. North East Cerat aren which is
United recognised the principal ship repairing district of the British Jales.
Vickers have already acquired additional land adjoining the Discussions are now takling Palmers Hebburn Works plus a place between Marconi Marine further 000 ft of jetty muée and and their Australian associates, construction work one dock Amalgamated Wireless (Aus- will be coupled wih a closely tralasia), Limited, with a view integrated programmo for theto extending the scheme to modernisation and extension of cover eertäin vesoola
plant, buildings and inyout, 'Australian coast,
on
the
Growing Belief
Australia's Surplus
SU
Canberra, July 15. The Australian Treasurer, Sir Tonight said Arthur Fadden. that the Government ended the 1057/58 Bnancial year with
Watson
COTTONS Textile
21% 21.00 500 a 22 200 32 15 1540 1.200
1.435 2,306 1.60 3,000+1.00
⚫ 1.70
1. SO
20.33 1.000 0 26.10 17.20 17.00 800 @ 17.20
Some Gains Reported
On New York Market
New York, July 15. Favourable business nows moro than offset whatever the uncertainties the Middle East may hold and traders re- sumed buying stocks.
Their purchases brought gains over a broad list after an early decline
accompanied further weakness in international oils.
from their lowest levels,
Domestic oils outperformed | Membi Iron Corp.
Minnesota Mining other kroups with galns ranging Minion Development to two points in Richfield, Many Monsanto Chemical Co.
Steels rose 100 sel new hug.
subalpitical and railroads made gnins
Other strong sports included Individunt irsen of the aircrafts, tobacco, automobile, metal and chemical groups.
Motorola Inc. National Biscuit Co. National Can Arg. "A" National Dairy Prod. National Land National Steel Corp. New York Central Norfolk & Western Ry. North Amer. Aviation North-wed Airlines (Com.)
Highlights in the news pic-Olin Mahon ture included rise for the second month for June stood at 130 per cent of the 1047-40 average, against.. 128 for. May the year's low ot
und
120
in April. Housing zaru made a goo gain in June to the best rate since August, 1066.
Oils Depressed
The rise came In the after-
Oils evators Owen-inois Glare Oxford Paper Co., Pacle Gas & Lite. Par Angkan Always Paramount Pløtures". Parke Day's Co.
Penny J. C. O
Pep Salt Co.
Philip Morr
Procter & Gamble Co. Pittsburgh Plate Glaw Tublaker Industries Fum Oil
Radio Corporation
Radio Corp. Pret.
Republic Steel
Reynold Metal
after selling. apparently run its hod
course in inter-me, Rowbuck & Co. national oils which had been
500 of 17.20 1,000 17.30
5) 17.34 GOO 17.30
noun
27.10
6.00
* 23.10
10.00 17.10
21.40
4.025
Shell Oil Co..... Baint Bag Paper
depressed sharply by the coup Binclair Dil
in iraq.
Bocony Mobil
Trading stocks picked up Solar Alterat with the biggest volume early In the session. Sales to poon set a new high for the peria since Jan. 10.
Again
on the
the
volume eentred Interstational cils with
LONDON STOCK Royal Duich in top place tol-
MARKET
on
London, July 15. Stocks untinued to slide
Exchange today in the wake of the deepening crisis in the Middle East,
the
11
Siner charity begins al hune, there is a growing hellef that the next step in Britain's own anti-cash surplus of £ ̧ (A) 10,498,000. recession drive will be another cut in the baník rate, purbops this month.
12.
Developments in the oil-rich are devit a heavy blow to all Jesus. Oil prices in the past two
Total revenue of £ (A) 131,- 400,000 was £ (A) 10,900,000 less Were it not for the threat of than the budget estimate...
Sir Arthur said the main rea-days fell a total of £75 million. dock strike it might have
Gitt-edged securities also felt the international the brunt of happened in the week cided July son for the fall in revenue was that income tax returns were The sweeping changes of July(A) 24,000,000 less than the crisis. Despite a mild rally at
Cxilmail 3 gave the Bank of England i
because of the fall in the close of trading government bonds were down as much as expenditure third weapon, ⚫he special form incoine
Industriais receded deposits scheme, to supplement was held down to caly £ (A)
than ditional 4,700,000 more replace its wo
bread front, but steadied weapons of bank rate and opustimated at £ (A) 1,207,700,000.
-Reuter. market tracing.
буде
Any work done by the new weapon means less work for the old ones. Both have been doing heavy work.
The gilt-edged market has been so repressed by funding Liverpool sales that the recent and Jamalca issues were faliüres, despite their
interest high Coupons.
Five per cent bank rate much higher
but
was Cs-
Exchange Rates
12/6.
lowed by Jersey Standard,
Shell Transport, Getty Texas Co. These issues re- Kained e large part of loesca more than 3 that ranged to points in Gulf.
Steel Issuer moved higher 19
a group with Allegheny Ludlum
up more than a point and gains of a point in Crucible and Eastern Stainless.
Volume soarÇİ to 3,090,000 shares from 2.5-10,000 on Monday. of a total 1,174 issues trade, 483 were lower, 433 higher,
On the American Stock Ex- change sales rose to 040,000 from 650,000 shares shares yesterday,
Dond volume amounted to 56,010,000 against $4,300,000 Dow-Jones closing in yesterday. late trading. Sivels, tobaccos, Everages were: textiles, motors, aircrafts, and 30 Industrials clextricul issues ali cased. However, shipping rtures a?- vanced again today on the pay- sibility of a renewed oll from the U.S.
a
Foreign bonds were mostly Dollar stocks were unchanged.
Bukins was done in the lovet uneticil exchange market that morning at the following rates; US dollar (per $15 sterling notes (per Cli Australian notes per £11... Indonesian ruplab (per 1099 Sa tical per
5 no 1803 12 52
lower.
26 10
on International | Singapore (Viralta)
COMMODITY
FOREIGN EXCHANGE
LONDON
Closing rates were:.
4.864-2.00 *2.40-11/30-2.02-13/16
New York
Montreal
Brunet
Copenhagen Frankfurt
Milan
0:10
park
Stockhol
10.00-10.009 ...10.33- 19,332
Vienna 2.urtek Others unchanged
Canada England oficial
30-days
DO-days
11.07-11.07 1737-173741 18.0034-20 00 11734 1735 14.41% -18,42 72.20-122 13.103-11.20
NEW YORK Closing rates were:
1041
2,7049/18 2.70-5/10
Australia.
2.24.15
2.79
South Africa
2301
India
2102
Pakiinn
2103
Others unchanged.---1).P.1.
New Zealand
RUBBER
NEW YORK
Rex Tubber futures
today closed 80 to 85 points higher. Closing prices:
July: 27.00: Sept: 28.07: Nov: 28.03 Jan 20.; Mar: 27.00: NERY: 21.00: July: 27.04.
Gold shares declined further while
dull.-- coppers were: U.P.I.
PRICES
No. 2 rubber per 1b. Aug. 1632-19 al 14 designated spot markels
No. 1
No. 4
Spot rubber unbated
Blanket Breps
No. 1 pale crepe
LONDON
732-731
4814-001
801-311
ep.31
was 34.90 cents.
20 rails 15 utiles 65 stocks 41 bands
Comm. future prise 'fiilex ..
Closing Prices
Alden Inc. Ary. Allied Chemicala Allied Mills Inc.
All Chalme
Am. Brake Ehoe.
American Airline
These rallied
leo Bugar
Southern Co. (The)
301, South Puerto
734
217
Si
Bouthern National Gas
Southern Railway (Com.)
80) || Standard Brandi
40 | Blandand Oll of Cal.
| Standard Oft of Ind,
455 Blandard Oil of N..
0124 Bleep Rack Toronto Exge.) se | Sterling trug Co.
Stokely VanCamp
Studebakar-Packard .Corp.
Sunwine Mining
10
213
18
33
Texas Co.
sut
Textron Ingeni
Bwift & Co,
Tide Water As, Di
Time Inc.
asy, Ben-Cont. Warrants
1839 Twentieth Century Fox Filin
Union Carbide
791% Union Out of Cal 00%
Union Pacide Hallway United Aircraft
dat, | United Gas Corp.
t.8. Fol "D" V.6. Gypsu
US. Line Co. 273... Rubber 54.8. Smoking TU.S. Steel...
123
U.S. Biel 7 P.C. Pr Warner Bros.
Be Wortinghouse Air Drake
Westinghouse Electric Western Union Tel. Co. West Va. Puju & Paper
Woolworth
66%
4812
Japanese Cars To Hit American
Market In Autumn
Los Angeles, July 15. Detroit-trained Japanese auto executives and engineers are due to return this autumn to enter the U.S. car market with low-priced Japanese automobiles.
91 retooling
100.42
that Japan’M
He explained Top auto officials and designers,
industry is many of whom were schooled by burgeoning auto
im practice 478.82 General Motors Corp. In Japan veering away from
car designs. directing of copying foreign. 122.88 and in the U.S. are
operations aimed at However, he said the kidustry the American auto still follows the European tradi- 99.50 crashing 183.cs market late this year, Robert E. tion of sticking with the Petersen, a leading automotive ¦ car style each year. publishing executive, toki United Press International,
7B%
.Inspection
Changeovers
BOTTO
But he sold the industry will returned have to adopt a policy of yearly
inspection tour
of model changeovers if it is to
% Japan's auto plants, said several compete in the American market.
Petersen, recently,
American pilotadio Cos,
from an
American Cyanamid Co.
Amer. Forn, Powers
151
45
59
30
to export cars to the U.S."start- Japanese Ing in September. Prices,
ho
A. Car Electric
Am. Home Prod.
Am. Mach Fdry. American Metal American Smelting Am. Sugar Isl. American Tel & Tal American Tob, "E" Anaconda Copper Arnico Steel
Annour
Tol sales were 9,703 bales, Baltimore-Ham.
5019-0215 | UPĒL
The rubber market was dr with spot quoted at 24% pence
IT lb. Prices:
No. 1. Be goot
Settlement houpa term;
AUR.
Sept
Oct./Dec. Jan Mar.
24-2444
544-2442
241-2012
2414-245
2412-341 244-244 markets, cig basis, ports: July, Aug, and Sept. 23-231 Fatale crepo in July.. ལས་ Estate crepe thick Julyung.
Amsterdam! rubber prices were
unavailableUPA.
COTTON
NEW YORK
Prices of cotton futures closed today as follows:
Spol: 3030n: July: 30.17 expired; Ocl: 30-83-61; |
37.00-01: Mari
37.38: May 5 July: 30.70;
Oct: #9.10; Dec: 39.24.
NEW ORLEANS
Prices of cotton futures closed today ng followm
Bpot: 38.10; July; expired; Oct: 3011 Dec: 37.01; Mar: 31.30: May: 34.42; July: "59,74; Get: 35.13; Dec:|| 35.18,
LIVERPOOL MARKET Cotton future closings, pence per lb. were as follows:
Arterioan Contract
SUGAR
New York, July 15. World No. 4 sugar futures closed today seven to 11 points higher on sales of 1,258 contracts. Domestic No, & sugar closed up three points on sales of 173 con- tracis.
Contract No. 4 (world) Sept: 3.56; Oct: 3.58; Mar: 3.45; May: 3.43, July: 3.42: Sept: 3.40; Oct 3.54 Spot-teents per ib. fob Cuba): 3.55.
Open interest: "6375_contracts. - Contract No. 6 (domestic) Sel: 0.01: Nov: 4.00; Mar: 5.61: Spot-(cents per ib, elf NY ex-duty) 430 contracts. - Open Interest: U.P.I.
METALS.
LONDON
1004; Lead ist half
Ohio. Benicial Financ
Bendix Aviation Corp. Benguet Cons
BeUilenem Stel
Boring Airplane
Borden (The) Co.
Burroughs Add Machine Caill, Packing Corp. Campbell Soup Co. Canadian Pacific R. Case (I.) Co. Cal. Tractor Celanese Corp.
T. Flunetal Corp. Chrysler Mutur
Peabody... Colgate-Palmo:lve Co. Colmblan Carbon Co. Commercial, Credit Comuonwealth Kitc Consolidated Edison Continental Oll of Del. Crown Zelierbach Cuban Amer, Sugar Diamond Alkali Olamond Match Co. Douglas Aircraft Dow Chemicals ...
Duport de Nemours
Eastern Airline
Eastman Kodak
of Japan's six big car firms plan Peter noied that the older
eata were
#closo coples' of De Sotos built shortly 23 mld will mange from $1,500 19 after World War II, while other
$2,000 for completely equipped
1783% models.
makes "scom to be the Japanese idea of what a small American
publisher car would be." executive
43
17
The auto magazine quoted one Japanese
STEM
everything we
European and now we are lears Ing from you Americans.
can
"General production methods 111 as saying "I feel we have learned com emide by comparison. to from the Detroit, he said. "They find it cheaper to have work done by hand that to buy a machine be
33
317
203
30
He said the "quality of their
cause the cost of machines te
cars is up with the best and too high in relation to wages of
few years Europe is going to have to look to its laurels in pro- duction of high quality economy cara."
Petersen predicted that "In 374 view of the progress of the Japanese aulo Industry in the 10 past 12 years, it will definitely be a major factor in the world auto market."
2015
•
the workers they would repinov.**
The average monthly wage for a production worker is $80, ho Aid, while executive malarica range from $250 to $800 a month.
No Dream Car
B
The country's biggest auto Co., company, Torola Motor headquartered in Koronino, "the Detroit of the Orient," produces People's Car
7,000 cars, trucks and buses month, he said. The Orm, which Japan's newest car a once was a part of a big lextile facturer, Fuji Precision. Mochin mill, plans to export over 200 105tery Co., formerly, the nation's care a munife to the US, by the
produced of Oghter end of this year, he added. bombers, is hard at work design-
201
·
Inrgest
El Paso National Gas
51
Family Finance Corp
Firestone. Tyrė & Rubber
93
Ford Motor ......
General Dynamics
General Fleetnie
General Foods
General Motors den. Pab. Ul. Gon. Tyre & Rubber. Getty Qu
Glidden Co. Goodrich B. F.) Co.
Comp
Prices of metals closed today Grumman Kerast In sterling per long ton, as fol- culf Oil ............
lieyden Newining Co.. Tin spel: 730 buyers, 231 wellers; Homestake
Ingersoll-Ilend in 3-month: 1306, 1319; Copperpot:
Inland Steel Co. kayb
3-month:
Ist half Imte malom MACHUON July/Au
23 Oct/Nov: 25.20; 99113 Oct: 72, 73, latarchemical Corp.
July: 0216, 05: Ock: 840, 0414 Inti Harvester ... Mar/Apr: 25.00 U.P.1. Dec/Jans: 95.40: May/June: 25.70; July/Au: 25.10. SINGAPORE
Mixed Contract the The
market was up at
July/Aug: 29.70; Oct/Nav: 25.16: Improved overseas pecs-an 23.90; opening on
Mar/Apr: advices and steadied further May/June: 10.00; July/Aug: 25.00,
BAD PAOLO Jater in the morning on disquiet-
NEW YORK
International- Nickel Infernational Paper Int'l Tel & THE VAU John-Manville Ch. Kaiser Industry ....... Kane C. Foover de Light" today in cents per lb. as follows: Kennecott Copper ...............
10,781) Ligreti díxygrs Tob. Co. 10.23b Lockheed Alrerafi CLADE | LOWWa_ Incorp, og
1000 Lone Star Cement. Do, 25,130 Lumenetala & Book, 35,706 || Maen, Irv
Prices of metal futures closed
ing Middle East developments. Cotton future closings, in lead July
Sept.
In the afternoon it steadied | cruzeiros per klio wore as fol- zine further until profi-taking lows: pared some of the gains. Future Chet: 44.00: Dao: 46,20: May: 44.so: Copper July closings were: No. 1 rubber per . Aug. 20-0014
Bept. 891004
July: 'unquoted.
the Tin In the United Bintes, average price of one-inch cotten!
Sept.
Sept
July
Sept.
Trunk 150,
10.300 McDermott T. May * 93,806. Mellonell Alterat U.P.L. 7 | Stock Exge.)
(AM.
294 Ing a Volkwagen-type "People's. The publisher sold Japanese
CAT," Petersen mid.
The project is stuvuded in secrecy, the auto expert said, and
40% company officials refused to dis
close ony details. However, Petersen sald, the fan expects
auto makers are not thinking in terms ot an American-typo dream ca." He declared that there is little womarch spent
an
automatie
proving methods."
time
power steering or but transmission,
production
to be able to sell the projected much effort is spent on im new car for "considerably less 21 than any simaller car now in pro 111duction.
Poteren predicted Japan will go alf-out in to drive to crack He observed that Japanese | the U.S. car market.:: He 'ex- cars are email by
American plained that the island country standards, Models which range has to buy nearly all the sow from four-paménger bedans to a materials from abroad; "chteily six-passenger station wegen, are the U.S., and thus hopes to fatten 101 | powered by four-cylinder its dollar eredit through sales of
engines with a máximum of 60 cars here.-U.P.I. horsepower, and have a manual
4 sopr-shift.
-
The Nisan Motor Co Agreed Merchant
441 Totohann, which produces
10
55); Austin care under a licensing
1394 agreement ' With "Austin
England, currently fins dive of its
Rates
Maximum Selling Swiss Franes
3414. 2ars undergoing safely-testa in 75; West Garmin, Deutscheinarka
201, ❘ this country, Petaryen said.