FRANSPORTATION
ONE OF WORLD'S LONGEST SUPPLY LINES FEEDS
THE CHINA MAIL,
TUESDAY, JULY 29, 1958.
TARIFF WAR OR FREE TRADE?
Outlook For FTA In Europe Looks Better
CARAVELLE PRODUCTION The tariff war or Free Trade?
ONE of the world's longest supply lines--feeding into Toulouse, France from half a dozen countries-plays a vital role in the production of Scandinavian Airlines System's new Caravelle jet airliners.
Its
London, July 28.
That was the choice confronting the Maudling Committee of the Free Trade ministers when it met in Paris last week.
task; to find a formula for linking the 11 European countries led by Britain, with the Common Market of France, Germany, Italy, Belgium, Holland and Luxemberg.
SAS has ordered 12 of the One of two Caravelle proto- 510-milo-an-hour, medium-range types bullt for tests will undergo
Most observers were inclined In addition to the old prob- jels for delivery In 1939 and complete series of fatigue tesis: 1930. The airlie has an option in this tank later this year. to write of committee's efforia }lems—such as proof of righ
Other
incluits towards advance. The progresjot goods traded with the FTA, equipament on 13 more.
harmonisation of external Sud-Aviation, makers of the machines to lext brake efficiency, towards Free Trade Aren had the
Inari md en on-there is now Caravalle, plan to tura four of structural resistance and landing beer halted by the French
a country that the Jetliners off their Toulouse Rents under normni and emer-transigence. For
believe in from prute and fo asserably line a month. The Kerey cortillons.
France had been be Bratle number is expected to rise to!
ORGANISED
having in an ody protectionist soyen a month in two years, SPECIALISTS
Lines of supply from Sud-manner. Aviation factoring cisewhere in France, from other French Some 40 per cent of the manufacturers and from factories Curavelle's more than 5,000 in Italy, England,
the United separate parts are manufactured States, Switzerland, Sweden and
other countries
in Toulouse,
Tho factories cover an area of Toulouse. more than 90,000 square yards and employ 5,800 persons. Near-in" ly pall of these are engineers and technicians, Most of the workers
to
on
In the confusion of the past few months, any hope that the outstanding problems would be solved in time for a Free Trade
work begin in Area nierge
January 4 1050, when the Common Market countries are dia to make their first mutual por een taff reduetion, leur singo disappeared,
Lanufacture of Caravelle parts Gain of the Sud-Aviation factories has been organised v that each plant concentrates on had
are specialists with an average one speciality. of 13 years' experience.
in
the
Saint-Elot, which products_F wide assortment of parts. The
Bajni-Nazaire
Bouguenais Ressemdes
machinery includes more than centrs wing spay, 100 lathes, 72 ating inachines,
contractors:
20 grinders and 30 mechanical į SUB-CONTRACTORS
Tersed, Largest among the There are three principal sub- machine tools is an American Hufford 40 hydratilie preus, with special adjustable teeth. It is able to form sheets with a five- yard span.
Periously Real
become
n how one.
All along, the fear has been Marke: that the Common countries made their first mutual ariff reduction while the FTA was still struggling for birth, other Organisation for Euopean Economie Co-operation (OFEC) countries would be faced with
a serious situation,
Ori, t
Take Britain for instance.. One-seventh of all her exports go to the six countries in the Common Market, It these six raluced their tariff on imports from each other-forming in The Marignane plant, Bear
offeet, a new preferential trad- Biggest oireraf, manufacturer | Marseille, builds the five section
ing area-British exports to the Europe, Sud-Aviation has and forward part of the cylindri- Just before the Paris meeting, counties
would concerned plants in three major
ent fuselage, Some 200 workers economist Grahain Hulton overnight become uncompell- Toulouse nres, equipped with are engaged in this operation. Winner: The threat of Barotive and a large part of this more than 5.500 machine tools.
constructs The pean economic fission. arising valuable trade would be lost to They pre:
lending and trailing edges at the from the prior futon of the Franco and Germany, Hence
Jas ix, wing structure.
perticusly Britain's
impatience for an thereal."
ORTOCAEN!
Free Tie Arca this year. Hopes were not encouraged when the Mardling Committee,
However, though it is virtual- | archounced, even before it imposible for FTA to come talks had officially begun, that into effect simultaneously with of Toulouse, which it would meet again in Septem- the Common blarkel, the tariff Latecoere
to, section of the ber
"resolve the builds the rear
1st war now scenes unlikely. Hope qurtions of principle still under lies in the fact that no country fuselage
the member Western Europe wants it. La Boissiere, of Salal-Florent-discussion amon
Common which
countries."
the rotirnets the sur-Cher, rutldiers,
Market. Fiat of Turin,
So much for Mr builds the engine #nx. By special arrangement autumn deadline for an agree
But despite with the customs authorities of ment in principle. The goverrunent operated the two countries, trucks carrying this setback the outlook for an Etablissement Aeronautique deigs and machinery between the FTA now louka better than it The Toulouse (E.A.T.) supplements two factories are allowed to pass than for several monthe.
French, who had put forward the border without stopping. the Sud-Aviation Installations.
during proposals Testing equipment of this huge Other principal manufacturers Impossible
Caravelle parts include previous discussions and aerodynamic laboratory includes of several staff-designed machines Hispano-Suiza of France (land-caused all but the most optimis- that have no duplicate anywhere ing gear), Rolls-Royce of Eugte of a FTA to despair of ever
A. lund (R. 29 Avon Jet reaching an In the world,
Among the devices at E.A.T.engines), atid Lear, Bendix, appear to be more is an enormous water tank, one Research, Kollman and Sperry to the wider Free Trade con- that, for one reason or another, of four in existence (two ure in for the United States (instrument cept. Many problems still re-remained outside.
United the
in panel, navigation Instruments main, but these are now being
tackled realistically, and air codifieming).
Blagne, near the Toulouse Airport, which also manufactures
the Caravelle. parts for
The prototype shop is located here
LABORATORY
England).
Sintes,
one
Italy, which nacelles and
of
Maudling's
.
Logical Step
||
Motors And Coppers
Rise In New York
New York, July 28.
Paramount Pictuser
C. Co.
Fake Da Co
Automobile and copper shares lifted stocks to new highs for
nearly a year in reduced volume today. General Motors touched a new high on a fractional gain. Ford and Chrysler ran up more than o point each. American Motors was active but down slightly after last week's sharp rise. Fruehauf Trailer was active and firm.
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
two
Copper issues registered the running to TITU than points. Special issues put on a good show with galny ranging la three points.
Pan Balb Co. Philip Morris Procter & Gamble Co. Pittsburgh Pinto Glass Pubicker Industries Pure Oil. # Corporation Radio Corp. Prot. Republic Steel
eynolds Melal
Shell Oil Co... Salat Res. Paper Sinchir all
Borony Mapliaji.
South Prio tico Super Bauthern Hallonat Gas... Houthern Itallway (Com.) Biancore Pranses Standard Oil of Cal. Standard of Ind. In Standard Oil of N...
Lorillard picked up strength near the closo, Smith, Kline & French was song in the drugs.
Strong spots appeare'g kutting Isuca,
gold tyres, electronics,
والري
Sleep Hork Proronto Exgr. sulphurs, Sieting Drug Co.
салгаа auto parts, stockings Stokely-Van Camp. and specialities in the stee! Sunshine Mining
section.
. Best Gains
The best gains were achieved
by the coppers.
They advanced Noon than two points the moming's
Ande
Busincs done on the Hong- | icon
this Stock Exchange
amounted to ap- morning proximately $370,000, quotations and transactions were;
Shares Buyers Bellera BANKS
Ki
XD .....
703
017071% 300 70745
INSURANCES Unton Lombard
70
20
SHUFFING Wheelock. 0.10 0.10 200
DOCKS, ETC.
Dock ... 41.73 Provident,
10) .....
LAND, ETC. ink Hotel
Land Humphrey's Henlly,
1334
BOO G
one to more
10
as the House Interior Committee approved
minerals mitsky $100 millon programme dealgned courage tinmestic production and protect US miners lower cast imports.
New
Svidebaker-Packard Corp.
Swift & Co.
Texas Co.
Textran the.
Tide Water A1n. Dil
Tel-Cont. Warrants
Twentieth Century Fox Film
Union Carbide
Union On of Cal.
Union Pacific Railway
United Atremft
U.S. Foll"
CHATTER ON WALL STREET
New York. July 28. Stocks have a tendency to gather an Increased fol. lowing as prices move ahead. This has been providing the power which has stimulated the upward trend and there seems little likelihood of It diminishing here --- Van Alstyne, Nocl & Co. Although there may be some proat-taking corrections ahead, there is still no clear-cut 53% evidence that any major pattern of distribution is taking place 201 20% at these levels, The marke; is 3 still in a good position to close
the suminer
on a strong and 314 hopeful note.
04/
כטר
NO
40
54
511
40
11
143
LIQUIDATION
A period of moderate Equida- 401 tion would not necessarily 40rndanger the technical pattorn
of the price structure, since the Dow-Junes industrial average is now some 17 points above the upward trend line which has boen forged by the forward 20moyment of the past four Bimonths. Thus there is enough
leoway to allow for periods of 2415 profit-taking without
reversing
the primary upward progression
71%
12
251,
– Baeho i củ
231%
The
Smith Barney &
Co.
31
Ethical Drug Index rose 3.9 per
100%
16%
J
07
per cent in June while general
£4
The
'cent and its chemical Index 3.1
34% cent.
market gained 2.7 per
Bank carnings and dividends are once more reasserting their 30% traditional slability durinn?
periods of considerabile mle dislocation... investment results of are and casualty in- Surplice companies are very encouraging Value Linc. -- U.P.I.
U.S. Gypsum
U.S. Line Co.
en-
U.B. Rubber
US. Smeling
from
15. Steel.......................
70
U.S. Stoel 7 P.C. VF Warner Bros.
153
20%
Westinghouse Air Brake
in Westinghouse, Electric
Wert Va, Pulp & Papor Woolworth
40
highs uppeared Anaconda, Kennecott, Cerro de Blo Pasco, Miłami, Hudson
Copper Range. 5.10 Magma Copper rose more than 6.10 two points, Aluminium Isten
held steady to firm.
Mining and
13 11,00 22 0 3000 3
32 22.10
321
1000 p
15.00
•
American Maters was. a. feature ol activity. It fell back slightly after a wide rise last week on a rise in ramnings, 321 General Moom reached a new high and Chrysler at its best was up
points. more than
Fruehauf orve. Foni rose Trailer, among the most active lasues, made a new high.
1.40 1,50 3000 + 145
was
RUDDEN Amnig
1.50 1.3731⁄2 32000 or 1.5735 50000 & 1.57}} 45 1000 se 13.004
Trust A. Tawah.
Sungata,
UTILITIES
Market The Common originally conceived us in logical step in post-war movement to- wards economic co-operation in Europe. Some countries could not go
.... 20.00 1000 the way and join the Train
Ferry 113 for Star Common Market. Britain
Yaung.. example has her Commonwealth C. Light
A (0) 171 17.00 responsibilities to consider.
Telephone Free Trade Area was proposed agreement. now by Britain to link the Common with those countries amenable Market
COMMODITY PRICES
SUCAR
New Yolk, July 20. World No. 4 sugar futures to- two day closed unchanged to
251 points lower on sales of contracts.
Domestic No 6 sugar futures finished off one point on sales of 15 contracts.
Contract No 4 (world)
:
Sept: 332 Oct: 1; Mar: May J3 July: 3.40; Sept: un- quoted; Des: unquoted.
Spot price 100 cents per pound fob Culki, off i poļāts. Open In- tert a contracts off 15 potats.
Contract No 6 (domestic)
Sept: 4,776: Nov: 177b; Mar: 5,386. Spot price per lb. cif NY ex-dyty 8.75 cents unchanged, Open, In- tearat 2,18 contracts us —UPI
COTTON
NEW YORK
Prices of collon fulures closed
today as follows:
Spal: 30.50ncan; Oct:, 30.09-201 Dai: 50:41.00 Mar: 36.0
33.70-.00;
30-70-D3; July:
3,40-21; Dec: 33.88.
NEW ORLEANS
SAO PAULO
Priers of colton futures closed today as follows:
Ang guested; Del 11,20: 47.20; Muri sunquoted; May: 47.00: July: 47.90
had
steady. Prices of metals closed in sterling per long tons follows:
Syut a-n. In The
Slates the| Klepper United
Spat one-inch cot. average price of
3-mantly ton at 14 designated spot nur Lead and hair kels was not available.
July
Total sales at these 13 arar- keis: 10,059 bales.-U.P.I.
RUBBER
NEW YORK
Rex rubber futures today closed 18 to 30 points lower. Prices closed as follows:
July: 27.5ob: Sept: 21.430; Nov: 27.20b; 27.13: Jan: 2750 Mar: May: 21.106 Jely: 22.00.
BINGAPORE
Closing rubber prices:
No. 1 rubber per 16 Aug. BO!%-80
Sept, 80-801
No. 2 rubber per ib. Au 702-
No. 3
N... 4
Spot unbal
Blanket crepe
797-20 02-04
00-$2
LONDON
No. 1 pale crepe
May:
ཙྪཱ
OM:
Prices of cotton futures closed
today as follows:
The rubber market closed cany with spot quoted at 23 pence per
Prices:
Zine gad half
Buyers Sellers
73344 732 7:30 7:00
on
If it succeeds, the countries of Western Europe, will in time abolish all import duties goods traded between thein and zo the argument goes, enjoy the benefits of mass marketing specialition and so forth. But if it fails, all the carefully built up structure of economic co- have been Su operation would much wasled effort.
INDUSTRIALS
000
0.70
13
20$
New York Stock Exchange Bond Volume: $5,410,000
American Stock Exchange volume: 1,110,000 shareS
New York Sock Exchange
-05
15.00 volume: 3,040,000 shares Of a total of 1,227
300 G 200 * 17,70
izues
25 000 25.90 traded 610 were higher while
370 declined.
Cement 27.00 23 200 ₫ 22.00 STORES, ETC. Dalry
Closing Prices
12.40 173%
130 $7.00
431017
500
17
Alden Ine, Acy.
Waseca...
1300 11 Lane, Craw. 13.00 10 COTTONS Nanyang..
INVESTMENTS Allied
2,070
4.5715
Allied Chemicals
500 e 13.0f Allied Alle Inc.
Prices Back
Down
In London
Problems abound, but the will to solve them is there now that France has decided at best to tare up to the inevitable. The other Πνε Common Market countries have persuaded France to adupi a less obstructive of-
London, July 28. together they have The stock market eased at titude and 201 204 2041% now expressed their willingness
the close today as prices to discuss u "standby" arrange-
backed down from their 703% 71
mant to soiton the beginning of a 124 734
Common Market-probably by
early firm position.. 64% extending the ten per cent tari
Gilt-edged cocurities cut scheduled by the Common lower but losses Markel Treaty for January, 11/10 or 4. next to all members of OEFT.
65
Allis Chalmers
Am. Brake Shoe American Airline
Am. Cable & Radle Corp
American Cyunanld C. Amer. & Folgn. Power Am. Hans Proel. Am. Mach. & dry. American Metal American Smelting Am. Bugar Ref. American Tel American Tob, "1" Anaconda Copper Armen Slee Annour
Tel
Alloy Cang. Many Baldwin Lina-Ham. Baltimore DES Bendix Aviation Corp. Benguet Cons natlichem Steel
losing Airpione Borden (the) Co....... Burroughe Add Machine Call. Packing Corp. Canadian Pacie R. Cure (J. 1.1 Co drifted ca. Tractor ...... were held to Celanese Corp
C.I.T. Financist.Corp. Chrysler Motary Traders showed le or coluett Peabody
Meanwhile, the Free Trade nest in oils and prices de- Colgate-Paintolive Cu. will be Canadian Eagle. which met
clincl. Опе
July
Oc
NEW YORK
Prices of metal futures closed today in cents per lb as follows:
Lead
July
10.24b
Sept.
10.316
Europe movement in discussed at the Commonwealth Economic Conference in
Zine
July
8.65
Sept.
6,87
Moni- real in October, One of the
support
Copper July
25.REL
Tin (standard)
Sept.
July
20.036
Sept.
Ti (status)
July Sept.
05.374 $5.002 --U.P.I.
exception
Waa Commercial Credit
Commonweath Elec. Consolidated Edison Continental Off of Del. Crown Zellerbach Cuban Amer. Sugar Diamond Alkat Diampre Match Co. Dupont de Nemon. Dow Chemicals Eastern Airline Kalman Kodak jugak
THE UNDERTONE Though the undertone of it things the ministers will have ustrials was satisfactory, husi- to consider 15 the growing
agitation in Europe for the ex-ness was stans and prices often unquoted tension of Imperial Preference cased after a firm opening. uinquoted
tà all FTA countries.
FOREIGN EXCHANGE
LONDON Closing rates were:
New York
Atintregi Amsterdans
No. 1 No apot mo. 521% 231% Copenhagen
Spot: 35.10: Oct: 30.15h; Dec: | Oct/Dec. 30.46: Mar: 36.03: May: 30.08) July: 35.99 Oct: 33.62.
LIVERPOOL
Coiton futuro clonings penco per ib. were as follows:
American Contract
July/Aug
OCVNDV.
Dpa/Jan. Mar/Apr. May/June -July/Aug. Mixed Contract
July/Aug DOVNOV: Dec/lan Mar/Apr. May/Juns July/Aug.
General markets, cit hools, ports:
ف اليون
2.00-7/10-200-9/10 2.001-2.00 10530-10.00 10,2034-1933 1107-1187%
040-00.00
Advantage
Some European
countries.
Foreign bonds and rafts were idle. Daliar stocks were higher Ein nagponse to the strong per-
formatice of Wall Stree: Friday. Gold
shares исто notably France-tem that Bri-coppern cased,——U.R.I,
Lain will have an unfato ad- vantage in a Free Trade Abed because of her special trading connections with the Common- wealth raw material producing Imperial countries. Under the Preference, Britain allows ali Commonwealth
materials duty-free entry. In return her exports of manufrelered goods enjoy preferential #tiff treat ment in Commonwealth markets.
raw
France points out that many- factures containing duty-fro¢ saw materials would compela and Vienna un fairly against similar domestle
12.19-1920
Settlement House terms:
Frankfurt
Auk. hight
Jan Mor Aprilume
221%
23
23
2011
23
23
£315
73
Liabott Dillan
stockholm Zurich
Brussels
AUG
22 23
changed,
Sept
23
in
Estate crepe thin
NEW YORK
Aug
geht
thick Aug.
Sent.
88395
20% pellere
Fellers
251% millera
quoted
U.P.I.
سئلة
products. In the Free Trade Area. So, to compensate for this
011
Paso National Gas Funty Finance Corp. Ford Motor ..... General Electric General Food
General Motors
firm but gen. Fud. Uig.
Exchange Rates
Gen. Tyre & fubber Getly Dr.
Gdden Co
Linoortel B. FI Co. Goodycar Тупа Grumman Airerat <list Cl
Heyden Newport Corp. Homestake Aining Co. Ingersoll-Rarid
Buinem was done In the local unofficial exchange marketi
Inland Rupel Co morning at the following rates:
Talershemical Cora.... 512 U.. dollar (per #1)***
16,00
Lot Business Machines sterling notes (per gi)
12.05 Int Harvester Australian notes (por £1 Indonesian rupian (per 100) 8.00 International Nickel Blantica (per 100) Singapore (Strattal
20.00
1.50
Market Insurance
International Paper
Tel 4 Tol Jahn-Manville Co. Hailer Industry Kansas C. Hower & Light Kennecots 'Copper Liggett Moyers Tob. Co. Lockheed Aircraft Loows incorp. London, July 201. Lone Star Cement Co.
Lowenstein & Bonl The Lloyds Insurance mariset Foreign exchange rates In they have demanded a share of has made corsiderably loss pront cab Iron Cup. Minnesota Mining preferentiat US Juilure or cento per unit:
treatment that the in its last three-year' accounting Minion Development 220-9/199
British exports enjoy hi Com-period, the Financial Times re-ansator Chemical: Cu
Mondamnery Warst ported today.
Megurola Inc. 110-1140 Wealth markots.
The Inquential fnpeytal news-aftedal Discut Co. પ 1714/10 If anything oun be certain in paper sald marine, aviation and Nano Coult a "A" Sod-10/10 - this confused altaation, it is that fransit
insurers suffered the Nous Dairy Prod. Na Corp. the Contmonwealth Finance biggest fail in proits ---U.P.I. National
England
ரம்
day futai 90-day futures
** 2.00
Autralia
Now Zaland Bouth Africa
Holland
Indila
Pakistan
Other unchanged,
ZURICH
METALS
tim
LONDON
London, July 24.
market cloped
Closing rator In franco;
Dollar
Egyptian pounds
The
2109
100
Milators will want to know a
lot more about the form Use
DAD
Free Trade Area will take be-Agreed Merchant Rates
fore they givo; their bleasing to
mach a revolutionary proposal.— Express Serviço.
Bwins
Selling 16.
New York Kental
petcils & Wottern Rv. Clin Mathicon Milk Clevelars Owen linowe Gloni Maximum Oxford Paper
Paglile Gas & loc. Pan American Airways
+
econo-
P2O B·IE&A
COMPANIES
PASSENGER/Freight servICE
PENINSULAR & ORIENTAL S.N. CO.
Outward *CANTON" *KUYBER"
101
"BUBAT"
"CORFU “KARMALA” "CARTHAGE”.
*Ifamewards "CANTON" "SOUDAN" *
"CORFU" "SURAT""* "CARTHAGE"
Loves London Saied 21/ Balled 20/0 Balked 7/7
341h Jury
15th July
20th
August
Due HongODE 131 Port
19th August 18th August 23th Aug.
3rd September
22nd September
1st September
Leaves Hongkong But London
1st August
16th August'
29th August
25 September 20th September
171 September 23n1 October 24th September 27th October
Via 'paro. Tenang, Colombo, Bombay, Aden & PL. Baio.
S'wel.
* "SOUDAN” 106 "SUBAT" ' call 'poir,
Penang. Aden, 1 Bald, nyre, London, Hamburk,
* Rotterdam & Antwerp,
2231
"ORDIA"
"OLINDA"
BRITISH INDIA S.N. CO., LTD.
due 4th Aug. Kallo 0th Aug.
"BANTHIA" due 10th Aug. falle 13th Aug.
due 12th Au
salls 13th Aug-
proza Japan
to Bingapore, Penang, FANEDOR. Cetcutia, Ch:}1* tagong & Chaina
from Calcutta, Rangoon, Penang & Singapore ¡or Japan
CUMLA- gong, Chaina, Rangoon & Singapore
from Calculin.
for Shanghai & Japan
P. & O./B. I. JOINT SERVICE
dus 40 Aug. "OZARDA"
Balls 3th Aug. dije. Pih Aug. alls 2001 Aug
from Karachi Bombay. Cochin, Tustourin Penang & Singapore for Jagri
from Japan for Singapore, Kuwait, Basrah, Khorramshahr, Dubai Karachi
4314
"UMABIA"
EASTERN & AUSTRALIAN 5.5. CO., LTD.
*EASTERN"
frem Japan & Changhai all 13th Aug. for, Labuan, Sandakan, Brisbane, Sydney, Mel- bourne Be Adelaida
from_ Actetražia "ARAFURA" due 2nd Aug.
Halle Hih Aug. (of Japan
aŭ vesagio bave Uberty to call at any parts on
up of the route & iin jogte & valiigas are syblock to change or amendment with or without notice.
Teu fali jinrticulars apply to a
MACKINNON. MACKENZIE, & CO. OF HONG KONG LTD Telephone Nos: 271914.
*