TRANSPORTATION
Communist Officials Invited To Farnborough Show
Farnborough, Aug. 27.
AIRLINE officials from Communist countries
have been invited to see the Farnborough air show - meeting place for world aviation — which opens here next Monday.
ANOTHER ADDITION TO INDIAN NAVY
More than 70 invitations were kowed after certain restrictions of
were removed on the sale
aircraft to Communist countries.
✨" THE CHINA MAIL, THURSDAY, AUGUST 28, 1958.
The Crash In
U.S. Treasury Bonds Market
By SYDNEY GAMPELL
London, Aug. 27.
When they go in for Daltonism or anything else, the Americans do things in a big way and fast, As previously written, from last October, when in-
ventories alone were requiring $800 million
less money a month, the Federal Reserve was
creating about $11 billion more bank money
a month.
vise lo do | US, Treasury issues) jumped by
Having nothing with al the banka put every penny later investments in U.S. Treasury securities futo leans for carrying such securi-
ties.
OF
They added billions of dollars to their investments even dur- of the The The early months
il when
Kermally
Js
it is understood that obser- Your sers from Poland and Czecho- unprecedented for them Islovakia which are both can-
to be buying instead of realis- ing investments, sidering orders for British air-
N anti-submarine frigate craft, will attend with air ex-
I.N.S. Talwar, was launched at the shipyard of Mosirs Cammell Laird & Company (Shipbuilders & Engineers) Limited, Birkenhead."
INS. Talwar wil be the second frigate of her type to be Dequired by the Indinat Navy.
The ship in 370 71. in extreme length (380 ft. between pupon- diculars) and has a beam of 41 feel.
NEW FRIGATES
These new frigates, beity: prl- marily designed for the location and detection of the most modern, type submarines,
willi
INSISTENCE
last
Two years at Rusulan ex- perts were invited to the week- font show on the British Gov- ernment's infistence ullhough year the organisers the Society of British Aircraft Construction-did nol repent the offer. This year the Society decided against Inviting eb- servers from Egypt and Syria.
گاهم
Overcas
Communist airline offlefals ate expected to be among a re- cotri number visitors who will see Britain's guided missile armoury and her latest milltary jet plattes. -- Reuter,
be Bitted with the Tuted under NEW ADVANCE IN
waler detection equipment and
anli-submarine weapons.
special design of geared SHIP'S PROPELLER
of
A Steam turbine machinery high power will give them the for the work. Speed necessary
Good sen-keeping qualities will emble the ship to maintain high speed in rough seas. Living ac- commodation has been sớ de-
THE
Washington, Aug. 27. THE United States Naval Rosoarch Burcau today revealed the invention of a signed that the ship will be able new type of ship's propellor to operate in tropical waters which, one of its authoritics without discomfort to the crew.
SPECIAL AIR PUMPS TRANSFER COPRA
on the subject sald, was as important an advance as the jat angino,
The
From last April, the U.S. au Oerities could think nothing! better than
to double This Bakastie rate of credit infla-
B: bank deposits soared by $10 billion or more in recund quarter, and the banks Jrchases of government ceritjes senched levels beyond puy peacetime preevdent.
The Climax
the
nearly $2 billion in the year to June 18, to the highest level since 140 when, with bond prices pegged by the Fed, stugs of U.S. gilts were on a guarani- teed prollt.
|
MOTOR SHARES FALL HONGKONG BECAUSE OF STRIKES
New York, Aug. 27.
Automobile shares declined today to mar an attempt of the
industrial stocks to break through their new high.
CHATTER ON WALL
STREET
in
are
New York, Aug. 27. Summer rallies in Wall
Street usually end August and often followed by setbacks in September. Long term purchases will be better made after such a renc- Lion-Prentice-Hall.
General Molarz turned soft | Procter & Gambia_Co. near closing time. Is deseen! Publicker Industries
Pittsburgh Plate Glam Par Dit Racho
brought declines into other issues of the group. A rash of alrikes in The automobile dustry has been a factor selling in the group for several days,
in
Rulourin
Pref. - Republie Steel
Bynoki Metal Shelf of C
With the attles under pressure sleeks slipped off from thric best levels after
Sears, Roebuck &
Salot Reg. Proper Sinetar OLL Sony Mobi
Solar Avrati Boulders Co. (The)
arise under | Southern Nation.
the leadership of U.S. Steel. At their best gains in the group ranged to two points.
Chemicals
gulben
andar Bearuls
Standard Oil of Ca),
Chemicals held well avith Stokely-V
to two
several
galpa running
points. Sunthe Muting Oila
produced
Folt Swirl & Co. spots, notably Richfield, Kern Texas Cn. County, and Ohio which
lost Textron Inc.
Tide Water Amt. Dil Time Inc.
STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong- kung Stock
This Exchange morning amoisited 10 approxl- mately $331,000, Noon quola- tions and the morning's trans- bellons were:
Hhark 11yer Nellers པཱ:
701 DANKS
כזי
HK DEOK... INSURANCES
100
70-744,
כאן }
السلام او لار
35835
GUD AU 42 13
SHIPPING Wheelock
MJA
W
TRY
DOCKS, ETC.
17
50TL
Dock Provident
321
Standard of Ind.
471
LAND, ETC.
Standard Oil of N.J.
IK Hotel.
21.30
Sterp Rock (Toronto Exte Sterling Dry Co
12
11 Land..
200 L 3314
4
Corp
10
Realty RUBBER Amalg.
1370
1.525
1.35 10,000
truel
10,000 1.53
1.375
A. Tawan..
2.10
Bungale
UTILITIES
Tram
100*
Electri
43
31
351
Macão E.
JJ20
sa
Telephone
234 23.70 3,600 25.49
301
500 ## 28.50
75
INDUSTRIALS Cement
27.20
146) | STORES. Erc.
Pu Daliy .... 1723 17:0
2001 17.30
2016
400 12.30
100 1750
24T
Walion
10.70
41
1. Craw.
471;
COTTONS
-v.P.I
point or more. Oxford paper fell more then two on a halved Tri-Cont. Warrants dividend. West Kentucky Cout Twentieth Century Fox Film ran up more than two points, on Carbide It is true that the market International Nickel gained two
| shows some hesitancy from meat Ils best.
Union Face Failway
Dilled Airentl Unlled Gas Corp,
to time in its forward progress, Of a total 1,177 issue traded US FOR " but it must be remembered | 534⋅ were higher, 307 lower.
U.S. Gyp
US Le Co.
that there is a two-year barrier New York Stock Exchanges Robber
ESTIMATES
If this was serious enough, fur more serious was the top-heavy clure of mucgulated, unre- ported and unmargined or week- ly murgined security loans (or, į more corectly, discounts) "creal» ed by non-bank lenders who were gutted directly or indirect- y from the Fed's viewed money. Here is the First National City Hank of New York's version:
"The situation was reminiscent of the problem of 'brokers' loans for the account of others in the of overhead supply so that the heyday of the 1929 stock market upward climb is not an easy and
in that boom. As
case, the-Van Alstyne, Noel & Co. lenders most commonly were business corporations though the collateral this time was U.S. The climax came in the week beads (exempt from margin re- la June it when, to finance the gulation) and the borrowings stagging of the Treasury's mid- were handled in the legal form June issue, the banks loans of 'buy-back' or 'repurchase' and investiments soured $244) agreement. The lender bought million) in U.S. bonds subject to the bor. billion (sy £900 the sbgle week an inflation rower's agreement to take them of bank money such os no coun-back nt a price that provided n try has ever allowed before stipulated rate of interest for a off from the 3,00 of last year
in outright
Mück Trucks wil net about sometimes In- currency short (though (except collapses such as that of
When 33 a share.. the deaniel period of time.
Diveo-Wyne 1957 German mark after the first the bond market weakened, the net forecast at 1.8 and 1950 lender demanded that the bar-
could reach 2.30 thus warrant- war) and 10 country la likely to
dividend allow again in a hurry.
rower elther put up murgin.or | ing an increase in take back the securities. The overextended speculator had no Co. choice but to sell the securities."
ወነ
The stags and bulls of the Treasury bones took it for grant ed that the Fed would go pumping money into the banks which in turn would use it to go on bidding up for Treasury bonds so as to earn something
on it
On
volume was 3,250,0000 hores.
US Smelting New York Stode Exchango 1.6 Bfeel bond volume : $1,000,000, 18. Steel 7 PC. PF
Stock Exchange Westinghouse Air Hrnke
Worningtown
American volume was 1,110,000 Mares,
30 industriale
Warner Bros.
Western Union Tel. En
re
Dow-Jones closing averages
were:
310,30
Wet Va. Pulo & Paper Woolworth
An
rells
133.12
13 for
원소 및 활동 및 빛을 함에서
78.17
65 stocks
176.00
40 bondg
27.18
Comm. Tature price Index.
162.13
Our current estimato Revlon earnings may have been toe conservative. Some aro esti- mating 3.75 to $4 a share 1958 against 3.37 in 1957W E. Hulton & Co.
White Motor earnings are estimated between 5 năg 540
...
from 80 cents to $1-Walsion &
National Cash Register con- tinues to shape up as one of the So the world's biggest mur- ket-not a market in supposed-best appreciation media in the market Investors Research Co. ly speculative gambling coun- ters but the market in US.
SOUND BASE Treasury bonds of all things→→ built up a speculative portion such as a responsible New York bank can compare in the
As the New York Fed doll- cately puts it, in discussing last month's
turbulence"
U.S. gilt-edged market and the Captain E. A. Wright, "difficult decisions" in the area. burenu spokesman, Lold
of monetary policy, "temporary Les Loday that the new pro-holders" bought the Treasury peller offered unlimited pos- issues "on unduly thin margins, sibillies of speed for ships. in the hope of speculative gain
Conceived by America naval derived from further oydii- AIDO Line's Kaiku Maru
engineer, Marshall Tulin. it ensing moves by the Federal at Las eliminated the barrier hitherto Reserve System." Angeles harbour where a formed by the fact that when it
Over and above their huge
The banks' purchases, spacial system of pipe lines ship's propeller
high speed, an ale pocket
security loans to enable dealers la hold larger "Inventories" of
Da Barth 187
revolves
and air pumps is speedily formed found it and acts as a
transferring 2,500
copra from the new
to dockside hoppars.
of brake. tons
Yessel
The trin vessel, built ut
Captain Wright added the invention would have phration for boll merchant and naval shpratee-
Dat
op-
Braga Be Day of Tokyu byt Presses
the Urugu Duck Compux, Lat,
completed her maides ye! Coastal Minesweeper
here recently. She picked p
her single commodily cargu fram |
the Philippine purls of Tacloban, A
Zambuanga and Surigao,
NEW coal minesweeper, S.A.A. Mosselbaai, build-
Copri is Los Angeles ing for Me Government of the Harbour's leading import, ex- Union of South Africa, has been
the Belfast Ship-| cluding petroleum and pelicum launched art
products. Harton Departamentyard of Mesars, Harland and officials estimate timat more tha¦ Wolt Limited. 100,000 for was shipped to this; ,port during wat '
The ship will be fitted with (ending Deltic machinery by 13, Napier June 30), compared with 14,710; and Sons Ltd., Acton, who are ions in discul '57. In both years, this year celebrating their 150th the Philippines exported the jonniversary,
lion's share (92,600 tong in '57) Of 152 feet in length and with with lesser amounts shipped by j a beam of 28 feet inches, she Japan, British Malaya and the will be armed with three snail islands of Oceania.
UNIQUE SYSTEM
Funs Hor construction incor- porates the use of aluminium for the framing and structural
ouler tho
bottom castings,
only with
the raclet, in equities before The 1020 crash, and very few people bothered to notice what was happening until the crash coinc.
As mentioned last week, one would be happier to be sure that no similar weaknesses are developing in any of the things, }
Closing Prices
Alden Ine. Aey.
Allied Chemilgaus
Allied Müts Inc.
All Chalmers (xd) Ain, Brake Shoe American Airline American
Corp.
Cable
dry.
American Cyananid Co Amor & Furgn. Power Am. Gas & Eletric Am. Home Prod. Am. Mach. American Metal Amerien Ametting Am. Sugar Rei. Ansorican Tei & Tel American Tub. "B Sterling Drug appears to be | Anacendo Copper building a sound base for future Armco Steel
the Anneur expansion... Sunboam current fiscal year may approach Atlas Cons. Mising last year's figures despite poor Ballinare & Ohio showing to date...General Con. trol's Jar 1953 may net 1.20 o
1.20 share 3guinst
1957. In United Fruit 1958 nel prospects
20
38
2045%
2112
105
415%
207,
Yournal!
23.70 Fo
Du
2052413
27357 20 1,378 6 27də
42127.00
B00 27.90
0027.JK)
5$ 27.00
00025.00
Activity Slackens In London
London, Aug. 27.
Textile Nanyang.. INVESTMENTS
Yangtze
Allied
3.80 13.5% 1.15
5.08 20
4.025
UK Support
For Ike's Plan -
There was a further reduc-
tion in activity in stock British markets today and no de- cided trend was establish- ed. G-
Movements either
way were usually small. Banking and hire purchase finance shares continued to attract a good deal of attention. The former lost some of Yes- lerday's falna while the latter which receded further in early dealings rallied but later again declined t close ot 11 neur
London, Aug. 27. Chancellor of the Exchequer Derick Heath- coat- Amory today wal- comed President Eleon- hower's proposal for in- creasing subscriptions to the World Bank and the International Monetary Fund.
speech tonight at Dawitch cald,
Mr Heathcoat Amory, 14
"One of the most effective steps
Gilt-edged recurities harden- | 10)
towards expansion that can be ed slightly in very, nulet con- taken in the prevision of larger ditions and closed with scatter- funds that can, if needed, bo to support world trade, 59 od gains while among foreigners used
1033
201
ang
104
Bahiwin_Lkna-Kam.
273
Beneficial Finance
21
Berdix Aviation Corp.
Avl
Benquet Cona.
Bethlehem Steri
971
Doulag Airplane
442%
71
Burrougle Add Marline
38
the days lowest,
10
4276
10 exceed 1957' 3.59 a share Dorden (The) Co. iteynolds & Co.
World wide helicopters for
in the US, and abroad, thathiscal year ending Jan. 91, 1959 have been getting the overspill
het ypproximate 70 cents a share of the created money.-China against 51 cents in the previous Mall Special,
your-Balair & Co.---U.P.1,
COMMODITY PRICES
RUBBER
NEW YORK Rex Tubber futures today closed 15 to 30 paints higher
closed unchanged with no sales. reported,
3.47 Zurfchi
11.04-11.00% 1130-17:00. 1172-1172
14 43-144aga 74.30-13.30 122024-1220%
Other unchanged-U.P.T.
COTTON
Frankfurt Mulai Ролн
Contract No. 4 (world)
Stockholm
Seni
3.47 Vionna
Jen.
3.57
Mar.
3.43
May
1.43
July
3.43
Sept
3.5
3.45
Sputteraly perth, fub ("uba)
2.49
Dara Interest: Diva culturis
Contract No. 8 (domezile)
Nov
612
Mar
5.01
Juty
5.00
Sept
5.73
21.45
Spot-cents per
elf NY
joday as follows:
exeduty)
55.45
Bout
Den.
Doc.
BERT.
May
July
Oct
Dee
with sales of 24 Contrugts.
Cloring prices:
Sept.
Nov.
Jun.
Mar.
May
July
Sept.
AMSTERDAM
The rubber markel was qule.
Los Angeles Harbour's uncing wood planked. The hut. Prices closed today in guildera í system
unloading copra works in this fashion: The copra therefore, will
for
be largely of
No. 1 rubber
per kilogram, cil Sept. as follows:
2. Map.
No. 2 rubber
is discharged from the holds of a non-magnetic material.
versed by airstream suction mid
is blown into portable up Lay-Ups By Japanese
"where It is weighed. TIN hoppers are then transported to
No. 3 rubber
No, fcrepe
Open Interest: 643 contracta,UPI
METALS
NEW YORK
Prices of metal futures cixed today In cents per 1b, as follows: Loui AUR.
Sept Zing AUR.
Copper Aug. Sept Aug Sept.
Sept
4070
NEW YORK
Cal. Packing Corp. Campbell Soup Co Canodion Porine n. Cake 13. I.) Co. Cat, Tractor Celanese,
C. I. Tel Corp. Chase Manhat. Bank Chrysler Mators Cluett Peabody.. Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit
10枚
5734
German and
Japanese bonds and to Bave countries which be facing temporary 62 were dull but Chinese recovered may
defielts from the need to Dit part of their revent losses.
eut
41%
$2
Commonwealth Elec Donshoated Ediso Cosinental Oil of Del
30
52%
Crown Zeuerbach
Cal Ator. Sugar Digmand Alkali Diamond Match Ca Dosigns Ahemait Dow Chemicals Dupont de Nernous Eastern Airline Paste Kodek
Papo National Gad Farntly Finance Cum
Rubber Favestone Tyre & Ford Motor
General Dynatio
General Electric
General Foods
Gener Motors
Gen. Pub. Va
Gen. Tyre Rubber Getty Oil
Prices of cotton futures closed Glidden Co.
NEW ORLEANS
Goodrich (3.F. Co.
Grumman Alcroft
651%
103
120
300
415
43
44%
201
నిరా
30.30n
Goodyear Tyre...
35.34
35.72
GUE OIL
30.03
Heyden Newport Corp.
15%
35.67
.10
Homestake Mining C Ingersoll-itand
104
31.83-00
Inland Steel Co.
31.03
Interphendoal Corp.
Int'l Business Machine
731
Int'l Harvestere...
International Nickel
107
Int'l Tel & Tel
43
John-Manville, Ch.
Kaiser ledustry
1259
35.00
Karva C. Power & Light
Kennecott Copper...........
LAERett Meyer Tab. Ci Lookheed Aircraft
Prices of cotton futures closed International_ Peper
today as follows:
Spot
Det
(100h
Dec
0.001
Max.
10.001
MAY
July
Oct
Dec.
LIVERPOOL
Cotton future
2.20 non. 2.10 pun. 2.00 uur. SINGAPORE The market opened lower on but steadied overseas advices
the previous slowly to about Inal level. Thereafter the nurket was extremely quiet with towers neglected. No. 1 rubber per 1b. Sept. 8146-8?
Oct., 8117-1 No. 3 rubber per lb. Sep. 00-1.
LONDON No. 3
7844-77 Prices of metal closed today No. 4
714-2 in sterling
11 long ton 219 02- follows; 025-0412
دارد
DUCE
34.07
AN
3160
SMALL FALLS
Puiking
thin
5.30 10.04
Kolku Maru unloading in Los Angeles.
26-24
-U.P.L.
SUGAR
New York, Aug. 27, World No.
* sugar futures closed today wichanged to three points lower with salon of 171 cpntracts,
Domestic No. 6 sugar futures
2
FOREIGN EXCHANGE
NEW YORK Closing rates were:
Canads Bigipint oficial
Sa-daya
Ja
A: Kirolin New Zealanil
Soul Afri
Bran
Theta
Pakistan
LONDON
All prices unquoted today.
In
the United States. the
average price of one-inch cotton
North Amer. Aviation North-west Airlines (Com.t
Olin Mathieson
Oils Elevator_,..
Owen-Illinois Gard Oxford Paper Co. Pacine da & Elec. Pan American Airway's at. 14 designated spot anarkets Parenosint, totures was 34.70 centa
Co,
Parke Davis DD.
Total sales were 0,140 bales. Pen Salt -U.P.J.-
1,03-3/33 3.80 2.70-13/10
drink
2300
2.00%
„ONITO
107
280+3716+20=4/10 2.7136-3.79
Closing rates wero: New York Montreal Brunei
Copenhagen
133 00-134.02! 1933-1933
Penny J.
Philip Morris
Sunkist Sunkis
ORANGE in bottles.
ORANGE
The Industrial section had down their trade to achieve pp another quiet day and closed early balance, with small losses predominating.
"Another of The world's great. needs is fur lequate engineering | *pital to finance the growth
developed countries, il is Os remains uncertain and therefore very good news that in often closed easier while teas resident Elsenhower has,
his letter to the Secretary of and rubber were subdued.
States Tins
Treasury, respondol 15 ged the United dividends but coppers were duli laken a vigorous step to have Bart other
were these matters discussed at the of the forthcoming meeting neglected.
Gold shares drifted lower and World Bank and Internationa! stonel dull will the exception Monetary Fund in New Delhi Gat of one or
put forward two of Ve older and hus himself dividerul poyers which ihrden- zome Important and specifle
Ideas."--France-Presse, ed on loer) Lupport.--Reuler.
issues cared tod Bane wer and development of under- Amal alls eliswhere.
base melais
Franc Area
Paris, Aug. 27. Egypt today became a men→ ber of the transferable French trane area under an instruction the Once des Charges published in the Journal Offelel.
of
Exchange Rates
Dunes von done in BioMetal
the local marker exelauge morning at the following rates: US. dolar (per $11 Sterling notes (per £1), Australian netes per
1). 12.00 0.00 Indonesian rupiah (per 100) Stam leat iper 100) 20%
23.50 Singapore (Strata)...
1.80
China Mail Special.
P&O
R.M.S. "CORFU"
NOTICE TO PASSENGERS
BAGGAGE:
Friday, 29th August, ut 12.00 Noon for the UNITED KINGDOM, viù Singapore, Penang, Colombo, Bombay, Adon and Port Said.
Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Co.'s Godown No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Thursday, 28th August,
| SPECIAL NOTE: With the exception of hand packages curried by passengers themselves, ALL BAGGAGE nust pass through the Wharf Company's Godown for loading un board by ship's slings obly.
EMBARKATION: Passengers should embark between 9.30 and 11.00 a.m. on 29th August, 1968.
Bubject to alteration with or without notice..
terly
the nearby Vegetable Oil Fro- THE Nippon Yuser Kalsti, a ducts Company plant where the lending Jirpanese shipping copra is blown kitu huge storage line, has timounced that it will tanks that accommodate from 3ay-up two freighters uder its 1,000 to 3,000
of the control in view of the slump A versatile commodity.
the freight markets.
According the company, this According to General Steam-step is in line with an agreement ship Company,
Angeles agent for the Daldo Line, the concluded with two other lead-
ing Japanese shipping Arms Koiku Manu's deadweight 19 Osaka Shoco Kanha and the 12,030 tons, length 446 feel. Mitsui Line-le lay up
a: total breadthi 01 feet, cargo capacity
of 150,000 dendweight loss Her service among themselves.
Loc
003,000 cubic foot, -speed is 131⁄2 knots,
+
Spot rubber undraled
Blanket crepe...
י.
No, I pate cene udpers 39-01
LONDON
נווד
120%
23.4.20
14.000
DICO
in
closings, pence per lb, were as follows: American Contract
Loews Incorp,
Lone Star Cement Co. Lowenstein & Sons,
MCDEITUOL. J. Ray
McDonnell Airerati
Stock Exo, ... Mesabi Irosi-
Mirnesa Mining
CAM.
༣
Marion Developlitent
Oct/Nov.
23.43
Maranto Chienalen) Co.
Buyer Sellers
Dec/Jan.
23.73
Montgomery Ward
730 100%
Mar/Apr.
21.70
Motorale Inc,...
3-month
May/June
22.00
National Bicult Co.
The rubber marketi WDE sicody with spot quoted at 29 13/10 pence per 15. Prices: No. 1 is spot
Capper spot 3-month
2034
July/Aug.
23.00
National Coals Reg. "A
2001 2009
Mixed Contract
National Dairy Prod.
SAILS:
Settlement house term:
Oct.
Nov.
Lad 2nd half Avg. Nov, 23-231Zine 2nd half Avg.
Nor 24-241% 24-24
National Lesd
GO 0915
1375
Oct/Nov.
24.20
National Steel Corp.
7144 0315
Dec/Jan.
14.20
New York Central
Mar/Apr.
24.20
Norfolk & Westera Ry.
May/June
23.63
July/Aug.
20.03
Dec.
BAO FAULO
Oct/Dec.
Jau/Mar
Apt/Jutte
General markets, cif basis, ports:
Sept. Oct. Dec.
Eslate crepe tila Bept.
thlek Sopt.
26-2416 24.24% 24|8-223% 23-24 231-24 9312-26
2512