1
RANSPORTATION
THE JET-AGE BATTLE OF THE ATLANTIC
IN FULL
FULL SWING
By BERT MARSH
London, Sept. 23.
BRITAIN and the United States squared off to- day for a key round in the race to get the
first jet airliner into service between New York | and London.
of
The Comet 4 Britain's en- fry in the jel-ge "ittle the Albantic, US. hopes at planed on the Buting 707 det liner. Pat Ameriezis Work Airways plans to part a 707 Pari on October view from
Boeing 707s
In
Receive Certificates
Washington, Sept. 23.
Washington,
the U.3.
Government today pro. nounced the Boeing 707 Jet transport airworthy and ready to carry pas- Bengers.
I was the firal American. bul Jet airitner to re- ceived official approval from the Civil Аего- neutics Administration. Boeing President, William M. Allen accepted certificate of Airworthi
the
from Commerce Secretary Sinclair Weeks. Weeks sald the 707 "Introduces the American people to a new era characterised by unle, fast and eMielent
uttilainy transportation, tremendous Jet power." V.P.I.
air
26. The British hope to beat that by a work.
So far, neither plane has been approved by the New York Port Authority as quiet enough to be permitted to opente Fran Idlewild Airpurt. And either 1as bean given fall Govipmyal crifideation, although bolli ex- pect it this wrch.
Lave
The De Havilland Aircraft builders of the Compsiny, Canet, ordered a production speedap in a bid to ensure that the state-owned British Over- sex Airways Corpanation luas | enough planes to sturt 4 cam- titive service, BOAC nye ordered 19 Comets.
THE CHINA MAIL,
WEDNESDAY, SEPTEMBER 24, 1958.
MORE AID FOR COMMONWEALTH AND COLONIES
BUYERS CAUTIOUS
IN LONDON
London, Sept. 23. Yesterday's setback on Wall Street put a damper on London stock markets to. day. Buyers became
STOCKS CLIMB TO NEW
HIGH ON WALL STREET
New York, Sept. 23.
more callous as the day Stocks climbed to a new record high today then backed progressed unl prices
By RICHARD J. GWYN
Montreal, Sept. 23. Loss developed Commonwealth countries and colonies will be able to borrow capital at special low interest rates by
turned lower. using Britain's credit rating under a new
However, loans
there was Tittle Commonwealth system of
selling i evidence. The day's American Telephone & Tele-C 1. 7, Financial Corp.
Chaso Maniat. Bank Chrysler Motors announced today by the Chancellor of dealings totalled 11,800 compar- graph turned the tide after an
of small propor-Clusti Peabody... ed with yesterday's 14,329. carly decline the Exchequer, Derick Heathcoat
tions. It soured to a new high Coente-Paimelve Co
Cukumulog Carbon Co. Gil-odgod moved erratically
and at its best Commisretal Credit for the year at first but later some of the level of 193.75 a share was Commonweal Amory.
Condated Fallon small tolls were partially re-s a share un the day. That
Contental Oil of Del. ginest.
Crown Zelberich Cuban Ames, Super Diamond Alkal Dinoc Matel Co. Doughs Aircraft Dow Chemicals Let de Nunours Estem Airhaar
HONGKONG
STOCK EXCHANGE
A De Havilland !poke: man was quoted by Loudon news- papers as nying an "ull-on hustle"
had been orderis! to get the Comet in arvice | $153,000. #hend of the 707. The
Our Own Correspondent Bit inca dure on the Hong- kong Stock Exchange this mora- ing amounted to approximately Non quotations and new the moming's transactions were:
Buyers Hellers lik Tank .. 143 750 SHOPPING:
5.95
Come, and the 707 have been making noble tests recent
In weeks at International airports,
A BOAC
spokesinin zaid Harve Comets should be trady to start full-wale service by the | third werd in Octubre - one work ahead of the planned in- nuguration of
707 regular
| fighte
The British are confident of winning the race.-U.P.I.
WORLD'S TANKER
FLEET EXPANDS
THE
Shares BANKS
Tually RUBBER Amalk
Sca
The programine of Common wealth economie resistance loans anunced by Mr Armory to the Commonwealth ennference here will provide detna to be used for purchasing British exports of micrest rates ranging from 44 to six per cont depending on the length of the re-payment terms.
New Legislation
The louns will be made under the Export Credit Guarantees Act to Commonwealth countries and to exlondes under new legis. lation to be introduced by the British Government.
A spokesman for the British delegation here explainert that the legislatam to provide these luana has existed for some time but has never been used for lack
whreck
5:00
DOCKS, ter
Buck Pu
+1406437
10 40 13:30
LAND. ER
1 Bolet
ย. 20.00
100 29.00
JIK T
GEXERAL (MANAGER
1.05 1.37
125
1.05 1.000 14 1.03
Scunt
1.53
A. Tawah
220
Bungala
1 1
21.60 24.0
tou
110
100 m $15.
17 17.30
300 17.10
500 13.13
304 14 17.00
UTILITIES:
Tran
Star Ferry
Valenti
P. Light
fleet Electric (Ft)
THE world tanker
expanded during the first half of this year by deadweight tons 3,355,000
to 54.3 million tons---the biggest half-yearly increase rocorded. During the six
נו
100 27.10
13 13.20
440
Mação E.... Telephone
$1.10
ZAL.30 231,
INDUSTRIALS.
months there was a reduc-Cement 21.g tion of about 4,750,000 tons TURES, ETC,
Dalty to under 29.6 million tons in varan
COTTONS the total of tankers under Crus
and on order Textile construction
INVESTMENTS Alllett throughout the world.
Con-
It is believed that there are considerable number of Lets still appearing in the total which are eiher cancelled but Spokesmen for Boeing and
not annoticed, or which will be insisted Pan American
Cancelled by the near future. That there was BƯ actual racu
Liberia now has the largest the Atlantic To be Brs RCTOSS
eker Reet in the world, having milion with Jets as for as the Ameri-expended by over 1.3 cans were concenter.
But this during the half-year to 10.6 Briksh do not see it that way. million tons.
13.20
13.20 Ki 13 10 1,000 13.10 220 13:00
200 23! 100 23.50
SO 23.40 21.40
TOU # 21.00
16.20 10.70 10.50 10.20
200 10
3.00
Exchange Rates
Business
"Glad you enjoyed your holiday, Smith. but unfortunately while you pero away, we discovered thc cause of the inefficiency in our organi- tationTM
EASIER
canler
Norfolk & Western "ity.
away from their best levels on profit-taking.
MI
New York Central
SOL 401
North Amer. Aviation
Nurth-west
Airlines (Com
BULA
Olin Mathieson
Otis Elevatora,
50%
313
$71.
up
meant an enhancement in value of all the shares listed in Vila estie of more than 350 million. Foreign bonds were
Low-priced ,motors and except Greeks which were firm.
an aluminium starca wure pro~ Dollar stocks encountered ali round recession in reflec-minent on the lepe. The former tiin ot Wall Street and the were active and the later strong two groups premium declined further to . and active. These
fitted well together since there generally is Industrials were
talk of
greater of the aluminium irregular with many leaders showing small falls. The some larger ones. market was not without its Arm spots, however.
Gold shores fell away at the uutset under the influence of a
nervous Johannesburg market
forth but mild support was coming, coppers eased on idle trading while tead-zine weaken- ed on the U.S. Import quota im- position and following a severe out in the broken hill dividend.
south
moved erratically but Oils later recovered lost ground. U.P.I.
New York Cotton Market
New York, Sept. 23.
| Cotton futures today turned irregular after a gradual three-day advance carried the market up almost $2 a bale from last week's low, levels.
Paso National Ga
ליפ
Owen-lila Glass
Oxford Paper Co.
Facille Gas & Elec.... Pan American Airways Paramount Pictures
Co.
Park C. Co.
Penny
Penn Gall Co.
Philip Morris .....
Procter & Gamble Co.
Pittsburgh Plate Glas
Publicker Industries
Pure Oll.......
100
Easton Kodak
30
125
32
Family Fanice Corp.
28
Radlo Corporation
Ford Motor.
Firestone Tyre & Rubber
fiepublic Steel
40
Reynolds Metal
of
General Dyitanies
000
Sear, toebuck & Co.
General Electric
Shell Oil Co......
General Foods
641
Saust teg. Paper
General Motore
4732
Gen. Fu, Lu
Sinclair Oil
use on small cars and
Turned Up
Trading picked up in volume when the marfect turned up. Tickem run late shortly after the opening and
again just before the close..
Railroad issues perked up with their average showing the the best percentage gain of
Steels swung major sections, forward on outlook for a rise to a new high for the year in Chemicals steel production. strengthened. Zenith Kained nearly three in the televisione and Kroger rose that amount In the stores.
two
A long list of special Issues rove one lo
more thur. points. Some of the papers were strong. Drugs had some wide
Can, Tyre & Rubber
Gelty Ou
Gildren Co
Goodrich (D. F. C. Goodyear Tyre
Grugian Alterati Gulf o
teyden Newport Corp. karroll-Rand
Innad Steel Ca Interhemical Corp.
Int'l Busintax Machines Int Harvester
International Nickel
international Per Int Tel & Tet John Maille Co.
Kaiser Industry
Kansas C Power de Light Kennecott Copper Liggett Meyers Tol. Cu. Lockheed Alveraft
Low Incor
Lone Star Cement Co. enste Boy
S
BleDonnet! Aircraft Suck Expe....
Menki Irost Corp. Mile Min
| Mission Development
Motanto Chretient Co.
gainers. Shiplars, shipbuilders, | Montgomery Ward
wide Motorin Inc.
and galnors.
alruralts
provided
Of a total 1,230 issues traded, 610 were higher, 370 lower.
New York Stock Exchange volume was 3,050,000 shures.
New York Stock
Exchange
bond volume was $0,440,000.
American
Stock
Exchange
Evening-up in the October volume was 1,180,000 shares. delivery beforce first nolice day tomorrow joined with technical Dow-Jones closing averages realising and scale-up hedge
of available capital on the selling in applying a brake on
rallying tendencies. London market.
Described by Mr Heathcost Amory B a "step of very con- siderable importance", the pro- will allow Common- gramme wealth countries and colonies to was one in the local raise capital at low interest rates unoiliciał exchange market this on the basis of the credit rating morning at the following rates:- V.S. dolar (per $11 Sterling notes (per E1) Australian nules (per £1 Fredonesian rupiah (per 300) .. 5.20 Sun teals per 1001
26.73 Singapore (Sirals)
COMMODITY PRICES
EXCHANGE
NEW YORK
Closing rates were:
Caneca England ollicini
Australia
90-days
New Zealand
'South Africa
Argenti
Colombla
India
Pekiston
30-Jays
LONDON
Closing rates were:
New York
Montreal
Amsterdam
Bruzels Copeniasten Frankfurt Milan
Osio Parla
Stackhulin Zurich
No. Z rubber per Jb. Od.
No. 1 rubber per 1. Oct.
Nov.
701-7301 775-77: 62-13
60-68
do-ny
No. 3
No. 4
Sput rubber unbaled
Hanket crepe
No. 1 pale crope
LONDON
The rubber market was quiet with spot quoted af 24-3/18 pence per lb. Prices:
Settlement house term:
1.02%
2.80
1.30-0/10
No. Has spot
.80-3/10 2.2491 2.79-11/10
Oct
Nov.
Dec,
2.01%
.0200
Oct/Dec.
.1300
Jan/Mar
.2101
Apri/June
3101
July/SepL
General markets, eit puis, ports:
the British Government, 6.00 ar 10.03 instead of, as previously, on 12.00 their own individual rating.
1.EU
at 14 designated spol markets was 34.67 centa
Total sales were 7,885 bules,............ U.P.I.
METALS
NEW YORK
Prices of metals futures closed today in cents per lb. as follows!
2421-24
2415-247- 24-24 2471-24+
2471-25
Load Sept.
Zine Sepi
Oct. Copper Sept.
Sept,
Oct. Nav Stale crepe thi
24 Luver 240-243 2412-241
12
Oct. Sept Oct,
LONDON
2.8011-2.00%
Det
2.7396-2.7434
Estala erepe flick
105632-10.50% Oct.
201
203
139.15-139,20
-U.FI.
19.33-19.3312
11-604-11.003% 174137-174214 20.00-20.0014
125-175 G 14.4735-34.47 (2.2014-12.2011
U.I.I.
RUBBER
NEW YORK
Rex rubber futures tday closed 10 to 20 points lower with sales
of 70 contracts.
Closing prices)
Bept: 30.30 Nov: 29.05: Jan: 20.40; Mar: 29.12: May: 29.37-23; Jdy; 29.20; Sept: 29.16.
ASISTERDAM
The rubber markel was quiet Prices closed today in guilders per ilogram, elf Oet, as follows:
Kp. 1 rubber
No. 2 rubber
No. 3 rubber
Ng. 1 crepo
3.34 bayerS 2.32 buyer 2.25 0.
2.54 nom,
SINGAPORE The market opened slightly lower and ruled very quiet with volume smalt,
COTTON
NEW YORK
Prices of cotton futures closed fedays follows:
Spat: 33.00: Oet: 35'75; Dec: 36.18: Mar: 36.00; May: 34.66; July: 3.45; Oct: 37.26: Doc: 32.25; Mar: 1.25.
NEW ORLEANS
Prices of cotton futures closed today as follows:
Spot: 33.18: Oct: 35,74; Deet 30.10) Mar: 36.00; May: 30.51; July: 54.03; O: 12.47: Dec: 34.20: Mar: 3.23. LIVERPOOL Cotton future closings, in pence per lb. were as follows:
American Contruct Oct/Nov: 23.50 Dec/Jan: 23.56:
Star/April 23.30: May/J: 23.00; July/Aug: 23.45.
4
Mixed Contract OCUNON: MA Dec/Jan: Mar/April: 2431; May/June: 2133 July/Aug: 23.07.
BAO PHLO
10.07b
11.001
10.125
10.145
26.24
20.371
93.75b
Prices of metals closed today
in stering per long ton us fol- 3རྫ315ངྒྷ8?
Tin apot
3-met
- Clogspot essent
Buyers Sellera
POTEN
10
007
700
2313 213
3-month
Lend 2 hult Sept.
Dec
zake znd wolf Sept.
Det.
312 201 71% 7115
TO1%
U.PL
SUCAR
New York, Sept. 23. World No. 4 sugar futures closed today three points lower to three points higher with cales of 202 contracts,
Domestle No. 8 uger futures closed unchanged to one point. lower with no sales reported.
Contract No. 4 (world) Oct: 348: Jan: 331; Mar: 347: May: 348: July: 3.45 Sept: 3.49: Dei; 331: Spot (cents per l. fob Cuba): 340.
Open Interest: 0.415 contracts.
Contract No, 6 (domestic) Nov:13; Mat: 807; May: 578; July: 8.76: Bept: 8,17; 8pm fonata per ib. cft NV ex-duty): Tar
Open Internet: 9155 cont wo
Prices were unavailable today, In the United States, the Laverage price of one-inch cotton ly F.I.
Three Loans
Lip
Closing a brake off four 10 points. The market opened points. unchanged to off four New Orleans closed off four to up five points,
Failure of the market Lo advance in face of extend the a mostly unfavourable govern- ment weekly crop summary selling from brought scattered local traders.
Weather conditions were fav- ourable for harvest in mot
were:
30 industrial
19 utis
20 rails..
03 stocks
bonds Comm. future price index ..
Closing Prices
Aiden Inc. Acy, Allied Gerniçale Allled Mill Inc. Alls Chalmers
Am. Brake Shoe American Airline Am Cable & Radio Corp American Cyanamid Co. Ari. & Ford. Power Am. Gas & Electric An. Home Prod.... Am. Muci & Fdry, Americon Metal
Amerlon Setting American Tel & Tel Am. Sugar Rel. American Tub. "" Anaconda Cupper Armco Steel Armor...
Baldwin-Lima-lam.
Three loons, totalling US$150 Eestem parts but elsewhere wet milles, to India Pakistan and weather slowed picking and gin- Ceylon have already been madening and caused some crop dainage, the Government report reecartly in this form and Mr
noted. Arroy's specchi. In
effect. advised other Commenwealth
New Mexico reported con- countries that the way was now siderable wilt, Serious boll rottle Cons Mining open for them to take similor was reported in the Mississippi Baltimore & Ohio -advantage of low interest rates.
della distriels. East Texas pro- Beneficial Finance
Bendis Aviation Corp. rains Denguet Conr. krospects declined sharply as The interest rates will
and stopped Bethlehem Steel based on the male at which the delayed maturing
Boeing Airplane picking. Government United Kingdom
Banden (The) Co. itself borrows capital, plus u
Spot interests estimated open Burroughs Add Machine
Calif. Pecking Corp. Gf 1/4 management charge
per | Oglober contracts at the close Campbell Soup Cn.
today around CC-UP.I.
50,000 bales Canadian Pacille I.
Cao (J. 1 Co.
a Tractor
A TREATY
WITH JAPAN
London, Sept. 23.
The British Board of Trade
said today it hoped that
delivery notices were expected, but they also are expected to be taken up by
other trade Be-
slock
of available for
counts,
The
certificated deilvery cotton rose to 44,798 bales, plus 5,700 bales awaiting certification.
The Liverpool market closed four to 10 English lower and
American 706 to 818
under
U.P.I.
New York
points futures.
negotiations for a treaty 'China Will Beat
of Commerce and Navigu-
tion with Japan would
be opened in London be- UK's Coal Output
fore the end of this year.
A spokesman said. negolin- Hons, were actually started two years and following a statement of British polley towards Japan
gentami ir th
agreement on tariffs and trade.
STIPULATED
Celanese Corp.
$25.69
142.42
90.20
101.71
80,70
National Biscuit Ca. National Cann flow. "A" National Dairy Prod. National Teat
Notional Steel Corp.
4434 Bocony Mobiloll
27
Solar Aircraft
202: South Puerto Rico Sugar
Southern Co. (The)_
33 Southern National Gu
035 Bouthern Railway (Coin) 2129) Blanklard Brands
111
15
112
87
12
456
37
11214
40
A
ta
اهالی
Standard Oil of Cal.
NID:War Ol of Ind,
Blandard Oil of NJ.
Steep Hock Toronto Exge) sterling Drug Co.
Самър
910and Corp.
Sunshine Mining Swift & Co
Texma Gu
Textron Inc.
Tide Water Ami, Ol Tune Ine.
T-Coal. Warrants
Twentieth Century Fox Fum
Unit Olt or Cal
Z
632.
Union Carbide
AP
Unter Pacific Railway
147 United Aircraft
30
¡Ain.
12
Untlers Gran Coup
UN. FO "13""
US. Cyprum
VS. Line Co.
761 US. Nubber...
US. Smelting
VS. Steel 7 P.C. PP
US Steel******
24%
382,
40%
Wamer Brou,
Westinghouse Air Brake
45 | Westinghouse Electric
Western Unton Tel Co. 44% West Vn. Pulp & Paper
Woolworth
P&O
R.M.S. "CARTHAGE"
201.79 BAILS:
en
40
NOTICE TO PASSENGERS
201, BAGGAGE:
NZ's DAIRY PRODUCTS MARKET
Auckland, Sept. 23, "Holpful" trade agreement with Japan, possible re- opening of the Canadian, market, and projected ex- ports to Coylon and China were listed today among the "bright spots" of Now Zealand's dairy products situation.
Ladon, Sept. 23. By next year China will out- strip Britain and become the world's third largest coal pro- ducing country, Peking Radio Speaking about one of New ejlined today.
Zealand's major export indus- The radio sad tint Chin's try, P. B. Maryiral, generel coal output
1958 www manager of the Dairy Products estimated to reach 210 mlillos | Marketing Commission, listed
"It was also stipulated-in the tons, 80 million tons more than these developments auguring » Japanese' peace treaty that coun-last year's output, Aries signatory
China
favourable future for such ex- 30 ports:
produced only the treaty 10 old by and conclude, com-million tons of coal in the year navigation treaties before the present regimo ceme Japan," the spokeceman into being, it added. Heuter.
merce and with said.
Ho anid the negalations would concern shipping matters and rights of residence and
Заролезе trading for
and British nationala in Britain and Japan respectively.
Dumping
Berne, Sept. 23. Representativos of Swins tex- tilo milla today asked the gove
to take ernment
apocial Part of the negotialkons
measures to combat the dump- would conta moet "favoured ing of cut-rate Japanose and nation treatment for Japan. In Chinese textiles which witro return for
the [to] awamping safeguarde
imarses and protect British Indaries, the calising great damage to the spokesman wald-UPI.
home Industry-UPI.
General improvement in the world economie silua-
tion.
Decreased the U.S. surplus stocks.
purchased by government for
A pondble reopening of the Canadian market.
butter Increased sumption in Europa,
con-
„A. "hölpful" trade agree- between med miong Japan and New Zealand. - UPL
4816
Friday, 26th September, at 12.00 Noon for the UNITED KINGDOM, via Singapore, Penang, Colombo, Bombay, Aden & Port Said.
Passengers are requested to send ALL RAGGAGE to the Hongkong & Kowloon Wharf Co.'s Godown No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Thursday, 25th Septem- ber, 1968.
SPECIAL NOTE: With the exception of hand packages carried by passengers 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 9.30 and 11.00 a.m. on 26th Septem- ber, 1958.
Subject to alteration with or without notice,
MALAYAN AIRWAYS
ARE PROUD TO ANNOUNCE
THE INTRODUCTION OF SERVICES
TWICE WEEKLY BY 'SKYMASTER' HONG KORO NON-STOP TO
SINGAPORE
AND ONWARD OOKNEUTIONE TO
DJAKARTA
COMMUNCIE KAM OCTOBER 1000RR
SEARCH PENN ESERVETIONR WOW TIMROGENE
JARDINE. MATHESON & CO.,LTD.
GATEDWON YOUR weenAL TRAVEL VIERNE
ICHERMARKET ACTONIAPODASION & MIKALE NI STONE PROVIND BY DALLASMA AIRWAYS