TRANSPORTATION
DUTCH TO START
TRANS-POLAR
AIR SERVICE NOW
Anchorage.
THE KLM Royal Dutch Airlines are to begin
on
scheduled service on their new trans-polar route between Amsterdam and Tokyo November 1, it has been announced here.
کامر؟
Thund
THE CHINA MAIL, TUESDAY, SEPTEMBER 30, 1958.
THE TORY'S TRUMP CARD
Expansionist Budget In Six Months
By RONALD BOXALL
London, Sept. 29.
HONGKONG INDUSTRIALS SET UP
STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong- kong Stock Exchange this morn-
$190,000. Noon quotations and
shares
Buyers Bollars #ales
Failing accidents, the Conservatives look like mounted to approximately doing what six months ago seemed impossible the morning's transactions were -winning a third term of office. While Mr Hugh Gaitskell waves a beer mug to rally his disgruntled Socialists in Lancashire, Mr Mac- Bank, 7475 75211⁄2 millan is quietly putting it around that Britons are living better than ever before.
And none enn dispute t
Mr Franz Kleven, one of fine | craft la approximately 30 hours. 1 Company's representatives from Several Hond, ou arrived to takeove OVER mtangentest Archery
station, M ascistant Ising.
||ralperichon- dent of flight operaions for the airline, who has been here mak- In preparation for starting the
pa..
A general election next May ezdy mod over the
ertain as anything Pole since the inauguration of it as near the
Afrean be in polities. It is only The original Scandinavian
lers certain thai ways service in February 1957, slightly
the Conservatives will win it. China Mall Special.
service, raid that a
over the rude will be made this math,
On a femillarivation trip, the
newly delivered DC-7C aliett will leave Los Angeles for Cold Ry Alsha. travel arguss the Pacile to Tukyn dd return to
Tnirbanks. It will then come here
for a brief stop-over leaving for Amsterdam. TWICE WEEKLY
before
BIG EXPANSION
IN TANKER · FLEET
THE
HE world oil tanker fleet grew during the first half of this your by almost 3 million deadweight tons to a record size of 3,129 ships totalling $2.6 million
tons.
in some respects the recent rise of Conservative popularity Socialists has been fortuitous. have committed a number of Enftes, both verbal rod aclive, The Conservatives"
couse has beneto from things that have tappened or falled to
happen without their intervention,
It is to Government's credit tint wok full advantage of the breather. It did not waver when American economy went into a rovession and the alarm went out that deflation around the corner,
For yours industry had been putting every penny It could lay its hands on into new plant and machinery. Now it couldn't zeli all the good it was able to pro- duce. Output feil; unemploy- meni roz
The Government refused to be pandeksed. Skep by step it re- cuced the Bank Rate from the crisis level of last Autumn. But the credit queere stayed on.
BANKS
INSURANCE Union
SHIPPING
73
Waterboat. 20.10 AKA Nav. . 1.200 Wheelock 5.00 6.90 DocCKS, ETC. Wharf.
Lock
Provident,
#3
10) 11.10 1140 LAND, ETC.
•
20.00 21.20
tik otel HK Land Humphreys 14.50
teady....
JEU DIVERS Amnig... 'Trust....
A. Tawah. Sungaia UTILITIES Trak
Yaumati C. Umi
Electric..
ANOTHER RECORD HIGH
New York, Sept. 29.
Stocks rose today with industrials setting a new record : high and rails a new high for more than a year.
extended to mare
than two points, drugs, coppers,
Nel gains
olls, aircrafts, rails, selected sicels, and special lastes per- formed best.
Goodyear Tyre Grumman Alteraft Gulf ou
Heyden Newport Corp. Homestake Mining Co Ingersoll-Rand Interchemical Corp. Int Business Machine Int'l Harvester ... International Nickel ÎNGENTENTIONSi Paper
03
Publicker Industries 21% | Are Oll ................... Radio Corporation radio cum peer.
נג
1st
Republle Steel
isteynold Metal
54 Senti, Rowbuck & Öó,
ani
ña
133
badní Reg. Paper
| Sinclair Ott
Soceny Mobiol
10
43 214 7/12
760
kaler Industry
14
for
Kennecott Copper
Kansas C. Power & Light
445
90
Southern Badway (Con)
Gain to the druga ranged to more than two polnis with moat of the pop reaching new highs, Steels
one to more than three points on outlook
rosc
6000 126 fourth quarter gains and a rtae of 20 to 30 per cent. in steel operations next year.
100 e
2015 1000
1.325 1.37%
1.00
120
1.90
1.89 3000 @ 1425
Linde Coppers profited by group predictions that prices nf the red metal will be raised further in the near future. Oils, connidered the market laggards. were up a point or more,
Anticipation
at Tel & Tel John-Manville Co.
Lareti Meyers Tob. Co.
Lekheed Aircraft
Loews Incorp..... Lone Star Cement C Lowenbein & Sons. MeDormalt J. Kay 3fcDonnell Aircraft
Block EXT.)
Meraht Iron Corp. Minnensta Mining Mietin Developrvetit
Moumanto Chemical Co. Montgomery Ward Motorola ina.
National Steel Corp. New York Central Norfolk & Westem Ry. North Amer. Aviation Narth-west Airlinea (C Ollu Mathieson our Flovators... Owin-Illinois Glass.
4.
Salar Atrerat
South Puerto Rico Sugar
Southern Co. (Tha)
Southern National ga
14% Standard Brands
4-333
2245
32
90%
ユニアル
Standard Oil of Cal,
Standard Oil of Ind.
Standard Oil of NJ.
Sleep lock (Toronto Exgv.) Sterling Drug Co.
Stokely-Van Comp
Studebaker-Packard Corp.
Sunshine Mining
Swift & Co.
Texas Co.
Textron et
Tide Water Assn. Olt
Tri-Cont. Warrant
Twentieth Century Fox Film
2315
3012
40
Time Inc. ......................
National Biscuit Co. National Coan Reg. A National Dairy Prod. Nation Lead
VAL
70%
45
1950
Union Carbido
Union Oil af Cal
2316
Union Pacific Hallway
7492
Untbed Aircraft
1032
U.S. Fell "B
5913
7284
in
Cixtora Paper Co. Pucitis Ond & tee, Pan American Altway's
210
Puremount Pictures
Perke Bayla Co.
1055
Penny . C. Co.
M22
Fent Salt Co.
Philip Morris Procter & Gamibie Co. Pistol Plate Class
510
GA
Anticipation of a further rise in use of cigarettes helped the 24% 24.70 1000 2400 tobaccos. Now highs come into
1000 2.70 100000 Liggelt & Meyers, and Ameri-
40 T
Scan Tobacco. Reynolds gained
a point at its best,
Chrysler gained a point 200 24.76 (plm.) 13.30 13.50 nî00 a 13.30 the motors which
generally mixed, Loews TYTLA Telephone 23.30 23.00 Coment.10 INDUSTRIALA
acuve and at a new high for the year.
Their Success But in the field that matters comes to elec-
Goods piled up in alops, older ost, when tion, home commonle affairs, books were shortened, workers On the scheduled trips start-
the Conservatives deserve their were laid off. But hire pur-
Macao E.. mueces. A piar ago thințer look- | chans restrictions mayed mi, ing in Noveraber, there will be The Liberian tanker fleel-thic awdee weekly service in each largest in the world-again jed birck for Mr Macmillar's Cleetun between Hedland and ¦ Showed the biggest expansion.overnment and most observers Japan. Flights will start in tish by over 13 million tons wouldn't have given it a chance Ams'erdam, pas ove the t
to 9.7 million tons, mally as a if there had been an election of the world" though An- result of transfers from other then. eburage to Tokyo, and ko bom i fags. these to New Guze..
deleted
tonnage was on order for tramp tanker owners.
Uusually well-informed ship- KLM is ..e third airline to y
ping circles estimate that, the increasingly popular toute bulbly as a result of the depres. beneath 1:0 hothern lights on in freight rate, 1.2 million Plonecred by Scandinavian Air- | tons of tankers on order lave Hnes System, this "short-cut“ | bein cancelled, and other deduc- route is riso wird by Air Pruner, turns brom the order book total whose fights Hok Paris atal amounted to a further 1.2 ani- Toktya.
lion tons. Except for about 270,- officials have ss000 tons on order for oil com- KLM that the new trafic on the trans-panies, nearly all this polar route means, in effert, t dly service between Japan antl Europe, since by November the There was, however, a SUT- two other girlies will be after-prising volume of new orders Ing
five weekly placed during the half year, illhts.
totalling 1.76 million tons: The At present the nee Bum great part of this tonnage is for pem airlines have re-fuelling all companies or will go under and maintenance services at the the flags of countries with Anchorage-International Aupidestre to have a national feet. terminal, When the Seaming- vian Airways tenille right's are finalised, this Ergest city in the northland will becting key t
origin terminal for passenger and termination of flights be-
Of this tonnage on order, 10,2 tween Alaska and Europe.
million long will go unter Unit The light ne between ed States, Liberlin or Europe and Arka in the DC-7Cmonian flags.
lot:1 a
of
As a result the volume
|
of the tide came The turn when Mr
Peler Thorneyeroft resignori aa Ciuncellor of the Exchequer. It
was ho
who convinced the Government that they could not defeat infintion by closing their eyes and hoping it would go away, resignation over budget estimates was a greater shock than the Torics cartd adinis.
From that moment on, the Government's eyes were open.
Government were waiting for three things: to see whether the would rocession American seriously affect Britain; to judge The effect of their efforta lo hold prices stendy; and to see the re- suit of the annual round of wage elains.
Ignored Them
While they awaited develop- ments, demands became Ever more insistent for actos 10 the "threatened forestall
Government Ignorest to slump."
them.
If inflation was to be defeated they had to have a polley and
the stick to it. The polley followed was Mr Thorneycroft's, One should not put too much circles on the fact that after dealing it a cruel blow at the of end of last summer, world con-
慑
tankers on order is still formid-ditions have favoured British able at 29 million tons, or shout 55 per cent of the present world !icet.
Pana
economy. Britain benefited by the fall in import prices and the timelag before these led to Impert restrictions in her over- scas markets, gove her the breathing space she so badly nocted.
COMMODITY PRICES
TORLIGN EXCHANGE
NEW YORK
Closing ratey were;
Canada
England villelai
Audientia
Meday
10-days
New Zealanki
Bouth Africa
Belgium
Argüsünn
Others unchanged.
LONDON
Closing rates were:
New York
Montreal
Am
Boussola
Frankirt Luton Milan Stockholm
Zurlet -Vienna
1.02-13,22
Mixed Contract
24.40;
Oct/Nov: 13485: Dec/Jan; 24.03; Mar/Apr: 24,50) May/June: July/Aug: 23.07.
SAO PAULO
Prices were all unquated to- clay.
In the United States, the average price of one inch cotton
230-11/16 at 14 designated spot markets
was 34.72 cênis.
U
2.804% 224-9/10
2.79-11/10 281-1/18
.0000
1000
2.0075-2 BOP!
273419/10
10.36% 10.061
130.15-150.15
METALS
NEW YORK
Now York, Sept. 29. Prices of metal futures closed
in today
cents per follows;
Total sales were 14,610 bales. -U.P.I.
Lavad
Oct. Nov
Zine Oct.
Nov.
RUBBER
܀
NEW YORK
Rex rubber futures today
closed 10 to 25 points
with sales of 28 contracts.
00,50-00.0 17433-17430
1448-14455
Closing prices;
12,2074-12.2073
Nov.
72.35-72 38
Jan.
Copenhagen -U.P.I.
and others unchanged.
Mar.
May
July
Sept.
Nov.
COTTON
SINGAPORE
Copper Og.
Tin
Nov Oct
Mov.
LONDON
Img
کام
As it happened, the American recession bottomed out. A home prices stayed aleady; they were no higher in July than in
year December Inst
1. age claims were moderated; in four months to the end of August, the general level of wages by one per cent, compared with 3% per cent in the same period of last year when the wago in- creants covered a similar num- ber of workers.
Government's first action was to end the credit squeeze, Freed from restriction the big out schtices to banks brought lend private customers up to £500 without security and with two years to repay, for the purchase of major consumer Hoods. Hire purchase Junce houser replied by cutting their interest rates.
STORES, ETC. Dairy. 10.20 18 watsen... 10,70.1000
230 €1
236 18 222
400
10.47 1015
Lane, Craw, 12.00 13.20 1300 COTTONS Textiles... 3.00 Nanyang.. INVENTMENTS Inti Invest Ailled
6.05
5 1.00
1
+
Quiet Day
In
London
London, Sept. 29.
were
New York Stock Exchange 13 bond volume was $6,079,000.
American Stock Exchange volume was 1,120,000 shares.
New York Slock Exchange volume was 3,000,000 shares.
of the 1,231 Isues traded, 683 advanced, 335 declined.
Dow-Jones closing
were:
induslain
ii...
13 ute
3 stocks
40 bonds
£verages
625.04
143.00
80.13
102.75
to.co
Comm. future price index .. 150.01
Closing Prices
Ailled Chemicals Allled Mills Inc.
Although sentimont was help-Alden Inc. Act.
ed by Chancellor of the Exchequer Dorick Heath coat Amory's statement on
from his rotur
the Commonwealth conferença
All Chalmers.
Am. Brake Shoe American Airline Am. Cable & Radio Corp American Cyanamid Co,
Am. Gas & Electric Air. Home Prod.
in Montreal it was a quieter, Forgn. Power day in stock markets, Nevertheless, there
Was
Am. Mach, & 2′′ dry. American Metal
still selective buying going | American Emelling on and the undertone ro mained firm.
Brokers found plenty of small buying orders in their week-end post-bags. But with the fort- Government's plan bezan 19 night account ending tomorrow unfold. They announcetl the buyers were concentrating on abolition of import restrictions individual shares rather thinn 011 dollars machinery, tinned
on markets as a whole. solinon and newsprin'. This fell short of the full converid- There was quite bility of Sterling for which avestiment buying in fill-edged number of people had been but prices showed little altern-
Foreigners hoping, but the Impression left on
by
a good in-
Am. Sugar Bet. American Tela American Tob. "B" Anaconda Copper Armes Steel
Annour Atas Cune. Mining Baldwin-Lima-Ham.
Baltimore & Ohio Beneficial Finance
Bendix Avintian Corp. Benguet Conx. Bethlehem Steel Boring Airplane Borden (The) Co.
Burroughs Add Machine Calif. Packing Corp.
Campbell Soup Co. Canadian Pacific R.
were
quiet in re-
Case (J. 1.) Co.
INDUSTRIALS
by the Government's statemont although Greeks were was that this step was not far newed dehand,
least olt. At
next year British shops are expected to be selling American consumer goods and foodstuffs, most of them for the first time since before the war.
Restrictions
.
Industrials provided many 800 fostures particularly in the engineering section. also showed
Cat Tractor
Celanese Corp.
C.I.T. Financial Corp Chrysler Motors Cluett Peabody Colgate-Paimsitve Co. Colombian Carbon Co.
Commercial Credit Tobaccos Commonwerth Elte.
up well with Consolidated Edison British American Tobacco Co. Continental Oil of Del. and Imperial Tolnecas both
11.026
11.195
10.000
10,27b
25 tah
24.101
02.000
of other
91.000
hire parchuse restriellons,
But this move was made cautiously, For goods like refrigerators and
tom 16
The next step was to relax better and breweries were good
while ย number leaders improved,
Property
Crows Zellerbuch Cubai Amer. Sugra Don Alkall
Diamond Match Co. Dougian Aircraft Dow Chemical
Dupont de Nemours shares presented a
Eastern Airline Eastman Prices of metals closed today sets, one-third down pay-neriested appearance and drifted National Clas
The lower ment is illi · required,
while по
noteworthy Family Finance Corp. In sterling per
credit squeeze ended at the movement took place, in coppets Ford Motor
Firestone Tyre Rubber follows:
close of July. In the accounting read-zincs eased and tins were General Dynamica Buyers Sellers Period between mid-August and Irregular.
General Electric mid-September, bank advances
General OGA shat up to £34,000,000,- In the Olts were inclined to case but General Motors Gen. Pub. Bul nn isolated strong feature was Gen. Tyre & Rubber sume period of last your they
the rise of 64 shillings to 8014/- Getty bi fell £5,000,000.
Ultramar has al- Glidden Co. woys been one
higher Timot
720
3-montis
717
Carper spet
20.85
3-month
212 21222
20.70
Lead and half Sept.
0015
20.10
Dec.
TOK
20.00
Zine and half Sept.
29.45
Dec.
20.10
70.33
The market opened higher on beller overseas adviges and was Active in earlier part of maming, No. 1 rubber per i. Det... B
Nov... 03-06
704-00 TID 03-691
3-03
No. 2 rubber per lb. Ocf... No. 5
- NEW YORK Prices of cotton futures closed today as follows:
No. Epos: 38n Oft 30.12: Dec: 30.13: Spot rubber unbaled + DKK22_200,422) May: 38.41) July; 3447
02.12: Dec:
juntaket crepe 48; Oct:
01.01: Mar: No. 1 pale crepa
51,80.
NEW ORLEANS Prices of collon futures closed today as follows:
Spot: 33.10 Gol: 35.64: Deu: 30.12: shui ah00 Hy: 25 July 2,1s Sekdement house lavini: OH!34.11; Dev: 31.59; Mar| 2199.
SUGAR
The effect of hire-purchase Ultramar. restrictions was even more im gambling "chips" for the pro inedinte. Within
week
number of retallers were report.fessional speculators and today's rise was due to speculation that
ing greally expanded business.
The next few months will be vital
ย the SUCCESS of the Government's plan. They want
of the great Goodrich (D. r.) “co,
Co
NICKEL WORKERS STILL ON STRIKE
Dr or
again the Texas might move in.
E
Rubbers were quietly timm→→
to be able to fell the electorate U,P.I. early next summer that ecu- nomic expansion is well under
sha
Agreed Merchant Rates
Canadian
The Northern Miner, com- menting on the Rhodesian and Company International Nickel
New York, Sept. 20.
Toronto Sept. 20. World No. 4 sugar futures way.
No further moves by Inbour closed unchanged to three point In
the the meantime they must
or management to halt strikte lower with sales of 231 |_ con= | proceed, with caution. Indus-
of the International tracts.
trial production is still flogging
Nickel Company workers have Bo far been reported, the situa- Domestie No. 6 sugar futures and unemployment is likely to
this winter. Exports or Selling 10%: Micimum Buying
Dollars Maximum tion remains deadlocked. cloood unchanged to one point te higher with sales of 220 con becoming harder to sell.
Futter relaxations In bito 17% FT, 17-3/15 0/D. purchase restiellons, possibly another one-half per 1 cent off the Bank rate fr
that can be expected this year
to lat" long long time." The Clovernment is cambsting ||
the Internatián) that, things will not get too bad Znastave de Open interert: 8,412 contructs.
Eversit was done in the local
americat this Neste! Company strike lasted belace they begin to get disc
dorning at the following.rotenie Contract No. 6, (domestko) tinctly' better. But hero. la
Into 1800, Howayer, the availa 17.8. dollar (ver #1) Nov: 5.67 Mar: 3.06: Mag: 8:12:|nearty six months to go before sterling nose (Der 1)
1000 able supply of nickel appeared. nily: 5.75) Aeolith suit-teria thay need to play their trump Auximian NotenCorti £3}", 215.59 | adeguate to meet ... corientate. per 1 elf NY "«i»d\{%}): 1.00,
2015 head, the publication, added. Open interest: STD couliacts-card; an expansionist budget, Tuplab (per 100) U.P.I.
London Expiem Servico,
iso China Mail Special Singapore (Blenkta}"
LONDON
will spot quoted at 24-5/10 trucla.
The rubber market was steady pence per lb. Prices: No. 1 1 spot
Nov. Dec. Jan/Mar Aprly June Cotton futuro clodings, Itt July/Aır.
General Marketi Oct, Nov. Dec. Oct/Nov: 13.84; DegyJan: 26,061 | Zetate crepe thin Oct. Mar/Apr: 31.90; May/Jun 2390
LIVERPOOL
penco per fb, were as follows:
American Cointravi
Wy/Aug: 23.49. -
#%5-KETI
Contract No. 4 (world) Get: 3.44; Jan: 2.60; Map: 3.48; 544-344% May: 5.45) July: 4,46; Bephi 3.49
Det: 3.40:30)+(cmila
per lb. fo 2015-2016 | Cuba); 3,48, 2116-2011
cf basis, postaj
thick
Exchange Rates strikes, said that they promised
Biers scala (per 100)
United Gas Com
U.. Gypsu
09. Line Co.
5. Rubber
US, Smelling
UA, Steel
U.S. Steel 7 PC. FF
Warner Bros.
Westinghouse Air Brake Westinghoum Firetrie Western Union Tel. Co. West Ya, Pulp & Paper Woolworth
PO B•I
COMPANIES
PASSENGER/FREIGHT SERVICE
Outwards
"BALSKITE"
"SUNDA"
"CANTON"
"CHUBAN"
PENINSULAR & ORIENTAL S.N. CO.
Esaves Landon Dhe Hongkong
2nd Augurt
6th September
iTh September
1th October
7th October
2013 October
20th October
4th November
Geaves Hongkong Doe London
toth October
24th October
14th November
8th November
HIN November
Bili December
Homeward
"SOMALI" **
"OANTON"
"CHIUSAN"
Via 'pore, Penang, Colombo, Bambry, Aden a FL Bald.
• "SOMALI" calls K'pote, P. J'wat., Fenang, Aden, P. said,
Hayes, London, Hamburg, Bollerðara ́& Antwerp.
BRITISH INDIA S.N. CO., LTD.
*BANGOLA" SAI
dus 3rd Oct.
4th Oct.
"SANTHIA” due 18th Oct.
Balls 71 Nov.
From Japan for Singapore, Porane
Rangoon & Calcutta from Cakutia, Rangoon, Panang di Bingapore for japan
P. & O./B. 1. JOINT SERVICE
"PACHUMBA"due 7th Oct.
"OBRA"
tails 8th Oct.
dus 9th Oct. salis 11th Oct.
"ORMARA"
due 15th Oct.
All 14th Oct.
Trom Karachi, Bombay Cochin,
Tuticori
Gingapore
tox Japan
from Japan
tor Singaporo, Bhavno- gor. Kargohi, Kandla d Bombay
from Karachi, Bombay, Cochin, PehADE & Hingaporn for "Japan
EASTERN & AUSTRALIAN 5.5, CO., LTD.
"NELLORE" due 3rd Oct
**NANKIN"
from Javan de Shanghai for Labuan, Sandakan, Brisbane, Bydney, Mel- bourne
Burnle B Adelaide
troen Austrail & Marilla
due 17th Oct.
malis 19th Cer for Japan
All vessels have liberty to call at any "ports en de all the route à tha reute às sailings are subject
to change or amendment with or without notiem,
faz full potticulars apply to i MACKINNON, MACKENZIE & CO. OF. HONG KONG LTD Telephone Nos:
$29