TRANSPORTATION
ANOTHER AMERICAN
AIRLINE
BUYS VISCOUNTS
VICKERS-ARMSTRONG
રી
(Aircraft) Ltd: announces the sale of nine Viscount type 7451 jet-prop airliners to Northeast Airlines of Boston, U.S.A. The airline has an option on tenth Viscount and this option, if taken up, brings the sales of Vickers Viscounts to 400-an appro- priate celebration of the tenth anniversary of the maiden flight of the original little Viscount V.630 prototype which first flew on July 16, 1948.
Northeast Airlines becomes tha
40th airline to operate or to order
Viscounts some 327 of which are NO RECOVERY IN
afrendy in service an 10outes all
over the world.
Northend Airlines making the
the of announcement
through George E.
zale Gardner,
FREIGHT RATES
THE CHINA MAIL, THURSDAY, JULY 31, 1958.
STERLING STANDS UP WELL
Bank's Little Psychological Bet Paid Off
By SYDNEY CAMPELL
London, July 30.
Given the time of year and the way people exaggerate Britain's dependence on the Middle East in general and on Kuwait in particular, sterling has stood up well.
HONGKONG Steels Advance To New
STOCK EXCHANGE
Our Own Comespondent
Busincus done on the Hon
kong. Slock Exchange This
morning unqunted to appro
ximately $170,duu. Noor! qudine tion and the morning's trans-
clons were:
Яhater duyers Selle dales
BANKS
INSURANCES
One minor reason is that so has the British X 775
parliamentary system, much better than it did over Suez, Another Is the strength of Pound notes which have gone to premium abroad. The Bank of England has wen is little psychologien bet in freeing its notes: I was always elupid to It sterling be traduced in the piling market for notes.
SHIPPING ALECOCKS Fed. formally announces that it
DOCKS, ETC. K. Whort.. is on the job loo.
Right or wrong, Continentalick bankers regard it as decidedly Previent
work. Having achieved thirty
LAND, ETC. virtually no funding, U:S. - Hotel thorities are now deliberately atk Land.. unfunding.
Humphrey technical Realty X.Ail But the main reason, in fact of the disruptive new strength move to hall out the sulfering RUBBER
Treasury's June Amalg of the D-mark, is the weakness slags of the
-
If It By purely
of the dollar. Given the sub-issues, it is using a sledge-ham- stantial bear position In sterling, mer to crack a nut. and the huge latent bear positien
Chairman of the striine's direc-RAMP shipping freight tors, stated that the new fleet of rotos, in the continued mining from the Viscounts plus spare engines and other spares, represents #1- vestment of nearly $15 million
(£5.35 million).
QUICK DELIVERY
ot
absence of any major rovival in demand for grain or coal the transport, remain
which unprofitablo
levels have been ruling so far this year.
Shipowners see no prospect of any real recovery in trade for al least the next 12 months and, as
tay up thek vessels in increasing numbers.
half-lozin
years in Wich Britain's TCJCRYES- got none of the billions of dol- Jas that were
them, due
suffices weakness of the dollar to keep sterling on an even keet against almost any Continental pressure, if only because the dollar is a bigger currency than the D-mork and the other Con- tentals put together.
→ So Bullish
These tw
1951
Inflationary
T:ID=
73 18
4 ,to
€1.78
101
11.30 12.20
1
21,80
32 3214
2003 10031%
1820 13.60
2.40 1.80
1.65 1.875
Highs In New York
New York, July 30. Steel price advances churned up activity and strength in the stock market today, carrying the list into new highs for the year.
Steel and Westin holing ElectriE,
Owen- Olass
Steel sharer, sparted one for leaders, no General Motors, US. [rd Hang eb. more that fout points to How higive, Other sections rose with then until the whole market ro- gistered gains,
Utilities failed to join the rise largely because of a decline in panhandle Eastern pipeline.
Earlier in the day the list ran of a total. 1,205 (sues trided Into further reallsing selling and 589 were higher with 146 nt new volutie fell off with briets. On His and 308 lower with live the recovery truding picked up touching new lows. bgain with the greatest vigour
York Stock Exchange New lete in the day when Republic volume 3,660,000 shares.
New York Stock Exchange Sicel and Jones & Laughlin boosted prices, Artnco drinounced bond veluine $5,100,000,
American price advance last night, Other sicet companies are expected to voluine 940,000 shares. follow.
in
Developed
demand
Steel scrap pitees rose sharply
Pittsburgh developed for that ingredient of new sieci.
Other factor's favourable for ad- the market included DA 300 e 20ministration
estimate of 1 $12,000 million budget denent, record June constriction, good
1.00 1.40
A. Townli Sungalo
UTILITIES Train
1.95 1.85
20.40 20.70
600 * 2014
500 or 2015
Younast
ታጋ
T2 or 3
1200 or 14?>
The
the
300 844-
C. Light
Fleetrle.... Telephone
+
17: 17.00
27.01
100 £25.00
500 25.70
110 25.70
If it is anything more than that and remembering the Star Frity Shocking Inflationary conditions that were cured only by
show accord, It may magnificent disregard for bears of the dollar but i In Wall Street them in Zurich or suredly causes more enthusiasm
Frankfurt
INDUSTRIALS South of the Canadian border (Coment ... 22%
STORES, ETC. there is suspected to be rome- inbationary roots thing in the climate of the
Daby Watson that seems [42 be Many of these unemployed that are so bull for Wall Americas ips particularly those of pre- Street are far from construelive inimicul to any lengthy period 1. craw
budgeting or vintage-have for the dollar or for its prestige.of sound
Northeast Airlines, the third USA domelle airline to erder British bullt Viscounts (Capital and Continental are the other operations two) plans to start next mouth and will receive result, are further new aircraft as fast as they can be Integrated into the flect during the next four months, The Brat Viscount will
war or wartime arrive in Boston in about reelle hope of further useful em- Weekline and by the red-of
The longer the pre ployment, Algas, Diree aircraft will have rent freight rate depressions been delivered,
likelihood that losta, the more Initial operation will be on the they will be sent to the serop airline's heavily travelled East
yards. Coust routes through Boston, New
In
York, Phlindelphiu, SCRAPPED Washington and Montres).
shipowners There are many the autumn Viscount services will be extended in Portland (Maine) who are in favour of these end south to Jacksonville, elderly vessels being scrapped as Tampa and Miami. An intensive son as possible. They see the Viscount training progestane has continued existence of a huge been under way for several volume of war-bullt lald-up toni- weeks and many of Northeast'snage as a deterrent to any re- rates. The Bght and ground crews are al-covery in freigh! rendy qualified to handle the air beneficial effects of a revival ki craft.
demand for shipping they point Northeast sinted that a du-out. would be offset almost im- factor in its decisionmediately by the re-entry of malinting
the charter WAK Viscounts
the these Ships inte to buy tremendous passenger appeal of market. the aircraft everywhere I has
The airline's It is for this reason that ben introduced, press release speaks of the Vis- mumber of owners, particularly count's "bration-free confort," in the traditional burime coun- its four-engined reliability, the tries, are opposed to any inter- simpilcily and dependablity of national co-operation for a con- The Rolls-Royce Dart engines, trolled lay-up of shipping in nnid 41319 Viscount's
famous order to raise freights from their
present uneconomic levels. 'Panorama windows."
The total value of
Vickers Viscounts ordered to date is some
Estimates of the volume £150 milion, of which nearly world shipping laid-up vary, the £120 million is accounted for by only point of agreement being oversens orders. The value with that the total is still growing. A by the Westinform 143 Viscount Survey spares of the
North
American Statisileal Service suggests that ordered by
deadweight operators is nearly £38 million. eurly 5.9 million
tons, or 25 per cent of the world's tramp fleet, was unem- ployed and uld-up at the begin- hing of June. BREAKDOWN
VISCOUNT 745D
Viscount The
745D's for Northeast Airlines are 44 seaters with the latest and are fitted radar, radio and electronic equip-
A breakdown of the Agures ment. They have built-in re-
that tromp operaters tractable air-steps and adequate shows
carry-on under the "tax-tree" logs of Kur arrangements
conveulence of Panama, Liberia luggage.
The V 7450 Is the latest and and londuras luve suffered con- most highly developed of the siderably more than shipowners Viscount 700 serles aircraft and in most of the traditional mari- Just over 1 has a cruising speed of 325 me countries. m.p.h. The aircraft has an all per cent of the Liberian tramp a range fleet, 42 per cent of Panomlan up weight of 64,500 lbs.
of (with pay-load
over tonnage and 62 per cent of Hon- 10,000 lbs. and reserves) at duron, is lying idle. 1,300 st miles. It is powered by Dart 610 four Rolls-Royce engines at 1,000 s.hp. cach
UNSINKABLE BOAT
Operatore under these fags- mally Greek or United States Interests, mndo very large profita on single voyage transactions during the Suez crisis, whito
most British and Scandinavian
Another
sound CUTTONS
to
At the moment, the outflow of money. U.S. Holliks""abated:1-the
supposed danger week to July 10 it was only $24 area, West Germany, scenes millon and in the week before be in danger only of sitting foo there was a trifling gain of $1 pretty. million.
Eventually, no doubt, nothing But the outflow of U.S. refnis ke succes, but I somg- serves that are convertible into times takes a long Ume and, in rolt has intensified. In the week the present, almost everything to July 16 it reached $180 ml-done or suffered by the U.S.. Britnin and. -France pleys straight into Germany's hands.
Hou.
In addition to taking the $24 million of U.S. gold, foreign central banks neded $04 million Lo their holdings of Tremury shorts.
U.S.
non-
It would of course be sensical to project a single week Into an annual rate, but it does not happen to be quite the only even such recent week and not
;
by several including such
100 17.50 curvings reports 1,500 17. companies,
300 v 21.00
331 de 10.90
1740 17.00 10.519
1.000
13.00 13.0
7.30-
4.35
Nanyang INVESTMENTS Allied Star Ferry
Int. Divd. $3.50 for 19 Payable 29-9-1960
PEERS' DEMAND TURNED DOWN
The British
London, July 30.
Government fo-
night turned down a demand by seme Conservative Peers that Britain should leave the General Agreement on Tariffs and Trade.
Lord Home, Secretary for Commonwealth Relations, told DECIMAL COINAGE the House of Lords:
FOR AUSTRALIA?
Stock
Exchange
Closing Prices
Aiden Ing. Acy. Allieનાં Leteni Allied Mills inc.
Ally Chains
Am. Brake Shoe
American Airline
# 181
Pan American Airways Paramount Pres Parks Davis Co. Penny 3. C. Co.
Belt Co
Phillip Morci
Procter & Gamble Co, Pittsburgh Plate diss Publicker Industries Pure Of Radio Corporation Badio Corp. Pret Repibile Beet
arnolds. Metal Bems, Roebuck & Co Shell Oil Co. Hint Reg. Paper Sinclair Of Socony Mobilit Solar Aircraft South Preto (The) Souther
Rico Buar
Southern National Cas
609 Southern Rasway (Cam.)
Blandard Brandi Standard Oil of Cal.
Standard Di of Ind.
21% Standani Dil of NJ,
Bleep
314
40
American Cable & itadiu
Corp
51%
American
Cu.
50
Auer, & FOR
16
Sunahing Mining
Am. Gag & Becirle
43%
Swit & Co,
100
A. Home Prod. Am. Meets de Fdry. Amerivmi Metal American Smelling Ant. Rugar Ret. Amurtean Tel de 'Tel Amerleen Tou. "B" Aseconda Copper Armen Bizel
Alia Cons Miping Baldwin-Line-Ilam. Baltimore & Ol
Benedictal Finover Bendix Aviation Corp.
Rork (Toronto Exge.) Berling Unik Co.
Bludebaker Tackard
Texas Co.
Textron Inc,
243 Tide Water Arsh. O
401%
Inc.
Curp.
3314 Century Fox Flim
100
Union Carbide
Valon
Cal.
2012 in Train Railway
sof United Aircraft
10 United G Comp.
00.3. roll "g"
12
Benguet Cotta.
Retter Steel
401
Doing Aeroplano
Pollen (The) Co,
Haugh Aid Machine
|
Calif. Peckling Corp.
Cabell Soup Co.
€315
Canuda Paclite R.
cave (L) Co. Cal
Chness Corp.
C. L. Financial Corp.
Chrysler Motors Chett Peabody
olgate Palmolive Co, Colombian Carbon Co, "If Gutt is found to be harm-Commercial Credit ful on balance to the Com-Commonwealth let.
Consolated scion monwealth, then the Cominen- Continental Off of Del. wealth can take netlon.
"But no Commonwealth cout
loc."--Reuter,
Crown Zellerbach Cuban Amer. Sugar
Diamond Match Co.
Dow Chemicals ...... Dupont de Nemours Eastern Alruna
Eastman Kodak
Canberra, July 30.
try wants to form the Common-Disinond Alkall 1er Inflow of money has re- The Australian Prime Minis-wealth foto a discriminatory Douglas Alterati gained the crisis rate of Instter, Mr R, G. Menzies, will take July-August. This time, Ger part in talks on the conversion muny'a golos are mainly at the fof Australlun currency to deci- expense of the dollar which can mal coinage. st afford them and nol
would discuss the matter with sterling which could not.
But he gains are of course the Vice-Chancellor of the Aus- straws pre-tralian National University. Pru- additional to the
the camel's (essor Sir Leslie Melville artdi viously piled on
ارم
Mr Menzies said today he Exchange Rates
19 may have taken the D-mark T'here has been strong pressure sizable step towards its from business interests and lead- eventual rate of devaluing the Ing economists for the change.- dollar-Chine Mall Special. China Mail Special.
the U.S. can afford to lose re-back, and the week ending July other sponsors of the scheme." serves at an annual rate of neur
ly $914 billion for very many n
weeks.
Monetising
So the Federal Reserve pleks this of all junctures to go buck
on the ants-inflationary "accord" of February 1951,
From then up to the beginning in of last month, nobody was the business of directly monetis- ing the U.5. national debt by official purchases of Treasury other bouls (though there are ways of monetising it and some of them were occasionally used). the Up to the beginning of week to July 19 the Fed, left the Treasury to do its own dirty
Now work in that line.
Buddies was done in the local Cholelai exchase nurket this moming at the following rates:- U.5, doitur (ver $1)
Sterling notes [pre ess Austrailar. Botes (per 21) Indonesian rupiah (per 100) Siam tical (per 100) Engapore (Straits)
COMMODITY PRICES
FOREIGN EXCHANGE
LONDON
Closing rates were:
the
New York
Montreal
Austerdam
Depressed State
In London
London, July 30.
Brussels Copenhagen
Franfurt
Lisbon Forla
Stockholm
Zurich
No. 1 RSS aput 2315 Betliament House terms:
134%
METALS
LONDON
El Paso National Gas Family Finance Corp. Frontone Tyre & Rubber Ford Motor...... General Electric General Fonds
General Molpra
4.81
Gen. Pub. Util.
18.00
Gen. Tyre & scabber 12.33 Gelly Dil
6.85 Glidden Co.
1.00
L
The Un market closed steady.
metals cloned Prices of 29 2015 sterling per long ton as follows: 20% eller
Buyers Sellers Tin
Sept,
Del/Dec.
Jan/Mar.
Apr/June
2431
July/Bept
240
General markets, it has ports:
Auk.
231 230
Sept.
Det.
234%
25%
2.80%
Erfale repe hin Aug. 2.80.0/16 Bit.
2.501
10.50
20.04%
130.00
Aug. Sept.
10.3219 10.3221
11.07 11.07
BU.30
A0.40
1,173
1.17504
14.4191
14419
No. 1
12.10 12.19%
No. 2
No. 3
Crepe No.
139.00
2.60-0/1 Estate crept thick
Milon, Oslu nad Vlemia unchanged.
NEW YORK Foreign exchange rates in U.S. dollars or cents per unit:
1.04-1/10 Canada England 30-day futuren .. 2.70-13/10
90-day futures.. 3.7816
Holland
Argentina Colombia trest
owners preferred at that time to The stock market today. C accopt fess immediate profit in
N Inexpensive little five-foot return for long-term employ- A heat made from expanded chent on a time-charter basis..
plastle and
moulded in
ono
solid piece, is being introduced,
According to the
turer the boot
manuta AMERICAN LOAN
possible to slak; even when
completely filled with water, and TO MALAYA
submerged to the waterline, it will support a 250-pound perron, Weighing 15 pounds, it can he propelled either with hands or
THE paddle and is being offered as a anfely raft or dinghy for camp- ing or boating trips,
to
Waigton, July 3o: TUIE United States today (in- nounced that it was lend- the Malaya $10 million assist in developing increased International seaport faciulles in the North Klang Strulje area, The loan was made from the Development United States Lori Fund arid provided for Weilsund-ort-Tytlt. July 30. The 33,0nd-18 shell' innkeepeement in dollars at 33% por Interest over 30-year Varicella was launched hera Today after what is bellaved it British record building time of aven.the.
BUILDING RECORD
cent
patiod.
MTM
continued depressed.
The Chancellor of the Ex- chequer. Mr Derick Heathcoat Antory, said the possiblilty of recession in Europe was a real
The
OEEC Ministerial Council broke up in Paris yes( terday on a note of caution.
one.
Others unchanged.
.2040
.0230
-1275
1550
AMSTERDAM
2512 main
23 nom
The rubber market was steady laday Prices were as follows:
Spot
130
73115
3-mont
7:30
70312
Copper
spot
200**
207
3-s
207
Lend 2 li
2.23 поп
July
2.28 rom
Det.
7211
Zine 2nd half
July
C
0414
45
NEW YORK
2.12 notr
2.50 kom
-U.P.I.
COTTON
Prices of metal futures closed
today in cents per lb. iś (dllows:
Lead
July
10.10
Sept.
10.21b
Zluc
NEW YORK
July
11.00b
ZURICH Closing rates in francs: Dollars Egyptian pounds
Prices of cotton futures closed
Bent.
today as follows:
Copper
20.15h
4.2835 9.00,
Spot: 3,45; det? 3420-21; Dec: 30.50.81 Bar: 201 U.P.I. July: 35.72-75; Oct:
114.
Sept.
20.100
May: 20 $0:
33.53 Beet
Tip (Standard)
uriquoted
Oct.
NEW ORLEANS,
T (Strait)
D5.000
Oot,
04.07556 -U.P.J.
RUBBER
In consequence prices on the Laidon Block Exchange today drifted lower. Git-edged where changed, were down as much as 2/0.. Foreign bonds
Rex rubber Suttire wodny and rails were featurefces and transatluhtle stocles were lower closed 25 to 40 points higher on easier sales of 40 iols. Prices closed In sympathy with the
NEW YORK
trend on Wall Street yesterday, as follows:
SELECTIVE
Repl
Nov.
Jan.
May Small selective buying helped to sustain a satisfactory under- tone for Industriais, although movements wore mixed but only
Mar.
July
Sept.
Prices of cotton futures closed Inday as follows:
Spot: 36.1: Oeti 3623 1001 39.48; Mat: 35.810 May: 3410b; 2013: 15.00b: Oct:
13 30,
pence per lb were as follows:
Cotton
future closings
Amertean Contract
July/Aug.
Oct/Nov,
Dec/Jan.
27.056
Mar/Apr.
*7.02
May/June
77.075
July/Au
22.87
Mixed Contract
July/Au
27.00
Oct/Nov.
Dec/Jan.
Mar/Apr,
July/Aug.
Sept.
No, z rubber per ib. Aug. vi
No
2012
Nh
41
BAO TÀULD Closing prices were:
睹
Spot unbated Banket erepti
LONDON
SINGAPORE Closing rubber prices, were,
6140 No. 1 rubber per lb. Aug. 81.
688266 X62585
in
Sept.
SUGAR
New York, July 30. Work No. 4 sugar futures idday closed one to three points lower on sales of 872 contracts, Domistle No: 6 sugar futures
unchanged with
finlahed
་
по
Contract No. 4 (world) Sept: 344-4 Oct 34: Jan: 3351: Mar: 37: May: 137: July: 33: Bept: 1570 Qu21 3.400,
Totalics 073 contmetr. Spot 604% dise 201 Dot: 40.101 Dec: $1.39
18.20 May: 46.30; July: price 3,45 cents a bound to Cuba. 041% unquoted..
Contract No. & (domestla) In the United Statja, the
Sept: Bb: Noy 4.; Mor
A few penco either way... A glate Departmcht
Although not much changed, jouncement Bald that the new Kamrs were firm and tended to Mr Johu Hunter, Chairmati senport, when completed, would brighten In later dealings. Cop of Bwin Hunter and Witham pravidly Malash with three adpers tended to drift while other Richardson Ltd. said the com- diilorul deep sen bertho and base rucials were fentureicis. pany had employed prefabrica- nukliory facilities near Port Olli were affected by the over-
The rubber market, closed everare, price of one-incli cottonunquoted: May: 5.01.
otal salos, none. Open interest tion methods for the first time Sweltenham to handle increased night selback on Wall Street and autolly steady, after Arm, Epot at 14 deslimated pot purkets
Bpot price 8.0 cent à 16, el NO. under favourable colitions traffic and the growth of the eased Hostý
duling was higher 425-9/18x pence was 94.80, Total sales at these al contraeis..
ex-duty--U.P.I. Reyler,
country's economy-Reuter, UP.I.
markets: 13,758 bales-U.F.I.
per lb. Prker
Gooddler B. F. Co, Goodyear Tyre
Grum Alternfl
Gulf Oil (XD) .......... Heyde Newport Corp. Tmestoke Mining Co, Ingersoll-tand Ind Steel Co, Ki Interchemical Corp. Int'l Duine Machines Int'l Harvester International NICHTÍ international Paper Ini Tet Tel John-Manville Co. Heiner Indiary
Kennecott Copper
Liggott Meyers Tob. Co. 14ckticed Aircraf
Loews Incorp.
Lone Star Cement Dewenstein & Sanu Mepamet Alseratt (Am.
Stock Exam)
Mesabi Iron Corp. Minneret Mining Monsanto Chemilent Co. Muntenery Ward Atoturva Inc. National Biscuit. Co. National Cash Reg. "A" National Dairy Prod.
National Lead...
National Steel Curi
New York Centra
Norfolk & Western By
Din Mathieson
Ota levator
SAILS:
US. pnim
U.S. Lane Co.
UB. Rubber
1. nefting
UB. Steel
US, Steel 7.L." PF'
Warner BroN.
Wexistighouse Air Brake Westinghouse E
Western Union Tel. Co. West Va. Pulp & PapeE Woolworth
Wherever
you're going...
EUROPE
USA
ORIENT
ROUND
370
3616
THE
02
10412
3822
WORLD
443%
You can fly there on the world's most exporiented airline For reservations,
call your travel agent or Alexandra House, Phone 37031, Hồng Kong
PAN AMERICAN
Pan Amerion World Airways, Inc., fucorporavak in
sko Bunt of Nẫu Tork, 21, S.A., mük kimlied thabalip
P&O
R.M.S. "CANTON" NOTICE TO PASSENGERS
BAGGAGE:
Friday, 1st August, at 12.00 Noon for the UNITED, KINGDOM, via Singapore, Penang, Colombo, Bombay, Aden and Port Said.
Passengers are requested to sodu ALL BAGGAGE to the Hongkong & Kowloon Wharf Co.'s Godown No. 2 GATE, CANTON ROAD ENTRANCE, By Noon on Thursday, 31st July.
SPECIAL NOTE: With the exception of hand packages carried by passangers themselves, ALL BAGGAGE must pass through the Wharf Company's Godown for loading on board by ship's slings only.
EMBARKATION: Passengers should embark between
9.80 and 11,00 a.m. on 1st August,, 1958,
Subject to alteration with or without notice.