1
VISCOUNTS FLY FOR LUFTHANSA
London, Oct. 6.
RTATION
BEER CHRISTENING
FOR CARGO LINER
A
N unusual naming core- A BRITISH-BUILT airliner money took place on flow from London to September 25 when the Dri- Hamburg for the first time fish India Steam Nagivation today under the colours of a Company's Gorman allino,
Bulimba
was
THE CHINA MAIL, TUESDAY, OCTOBER 7, 1958;
INTERNATIONAL LIQUIDITY
Main Topic At New Delhi
IMF Meeting
By RONALD BOXALL
London, Oct. 6.
Profit-Taking Hits Wall Street Gains
New York, Oct. 6. Stocks finished higher today but late profit-taking chopped
down the early gains all along the line. Despite the late realidng, in-¦in at a faster pace helped all Radio Corporation dividună gains in the main list sections of the market. Tuo Republic Steel ran to four points in Magma non-ferrous melais Lid the ad- Reynokia L Copper and United Carbon and dillonal stimulus of a
Arming Sears, Boobuck & ̈Ãò,
Sholl Oli Ca....
launched at Harland and The problem of world liquidity, which will be the It was Vickers Viscount Wolff's Govan Yard, for sho
main topic at the New Delhi meeting of the 8814 turbo-prop being delivered) was christened with Beer
International Monetary Fund, is not a to Lufthansa, the German na-instead of the usual Chom- tional airline, and the fest of
one, nor is it particularly difficult to under-around three points in Ameri-price structure for such metals stand.
nino to be deliverûd to the air- Ine during the moniha.
A Linnaa
pagne.
of the
That is not the end nexi Ava
it story, for was Australian Bulimba Beer; a present from spokesman authe Queensland Brewery t London Airport today. that, Limited, in Brisbane who made the Viscounts would be in the Beer available when they golar passengers wavice during heard that the ship was to bear next year's summer schedule,
knut ship
Aut they will operate to al Tram Lonklun airport before
the same name,
Bulimba is a 10
new
Radio Co
Prof.
Talos Reg. Paper
In-
Sinclair Ou
USCTA ATC
Chemical, as lead, zinc and copper. Transporta- | dications that steels
Johnson, rebuilding inventories helped Sealright that group.
En Agricultural General American tion Johnson Intersoll-Rand
J and
the
The advance carried trial stocks
would | two-thirds of all the official gold reserves rest with two countries which together account for only 25 per cent of total world Imports.
But says the Political
the most
A siralar
problem arisc the amount of money and credit in country wus nebiteurily limited. As trade within the country grew, DI constant amount of money would have to Anasce mare
for some reason the country's trade began to decline, the money shortage would magnify
Then they are not needed for about 7.500 tons deadweight and more purchases. if
Faining purposes,
for the British Judia Steam Navigation Company's services Three British Farropean Air-between Australia, Asia and the Whys captains have been leaned
Persion Gulf eu prirates many how
16 Larfthansa for three
for
month
Lupesc-China tr trist
Mail Spectat
BOAC To Resume S. American Flights
London, Oct. 6.
BRITISH Overseas Airways
Corporation will resume flights to South America on October 16 for the first time since their suspension in 1954, it was announced to- day.
Britannio turbo-prop arerati
will thy on return service Lafon week to Caracas, capital of
via Venezuela,
Beranda and
Trinidad,
services
Le South
she in- and HA-
Slag 1. be the
CHERO
an
of her type bolt in Bri
1.
Ju Me A. C. CONG
trouble andi, lammper to deal with it.
On
the
measures
The Problem
International tovel.
serves
Omega Falls Crop,
Ladus-
A new all-time hlab and rails to a new top in and more than a yew.
Economical Planning (F. E. P.) Economic news helped
obvious fashion the advance, the eighth survey, example of inadequacy of re- in the past 10 sessions and In relation to trading sixth In the past seven sessions. operations occurs in case of the The casing of Far Eastern ten sterling area. The area accounts
contributed to the for 24 per cent of world's in- rise. parts yet Its
central
for reserve i Reports that new orders disposes of othy a per cent of industrial products ore coming the world's official | gold
Burgmans including the kies; the problem was encounters foreign exchange (full)
whney, the st To over an De early 1930's At thats, The United States which
tessbutton openinat rod eling, time The reserves $10 mot at her turlehre, alte dast de lavede untries were held in sold, or
Why haven's or over towght of
this before
fo
the
BOAC America-then operating 30 fluorescent lighting in her cargo
Buenos Aires huldis and she is certainly tween London, and Santiago were withdrawn Orst cargo liner of her size buill
Britain
muny years when Comets were grounded in in 1954, and the aircraft operating to rely mainly on cranes Instead and winches for them replaced Comets on other of derricks rules-China Mail Sperial, cargo handling.
Dulimba will be a diesel ship and some idea of the degree of efficiency expected
.
accounts for under 14 per cent world's Deports, dis- of the
ultimately of 30 per cent of allicia!
holdings. became that was the only - ternationally acceptable ma of payment. The sektion
the simple: to abandon standard which placed a
Remembering that the price was of gold has not been changed in
of a century dquarter rita though commodity prices have
-
Umit on the growth of liquid-ly trebled in that me, an
Ity,
obvious solution has presented ro.itself to many experts,
Nowadays, international serves are expressed in terms But of both gold and dolors, gold, at $35 an ounce, is worth no more than it was in 1934. the Today's world's stock metal and its carefully harded large dollar recurves are not enough for the job they have
BC-
to do.
The problem has suddenly the became acute because of threat of a world recession. A shortage of internationally ceptable means of payment may not cause a recession in trade, but many experts belleve can intensify any decline once
New Type Of Stern from modern machinery, can be it is underway.
For UK Trawler
Ek
Hull Oct. 1. first Humber
T have a transom stern
of the cruisers the stern-has left Hull on speed Is the Kelvin, a middle and neur water fishing ship, for Grimsby. The transom
flat stern lastcod conventional rounded
trials.
Sho
new
raise Why not simply price of gold?
the
that the
Kinna also
HONGKONG
STOCK
EXCHANGE
The answer Americans will not hear of 11.
It says the P.E.P. For good
of gold survey, the adjustment prices is in American memory of the 1030's associated with in-kung flationary Gnancing, probably not be
Outlook
Railroad alocien met support
on the better economic outlook. Rising industrial activity means increased freight business for Fractional grind the railroads. predominated in this group with
Secony Kobikoli
Bolar Aircraft
South Puerto Rico Sugar
804
131
#3%
Southern (x. (The)
Southern National Cas
Southern Railway (Coms.)
50%
Standard Brande Standerd Dii of Cal
8535
4815
80%
13
Stander i et Ind. Starutard Oil of M.J. Steep Rock (Toronto Exgel. Sterling Drug Co Stokely-Van Camp. Sunshine Muning Studebaker-Packard Corp. Swift & Co.
a number of the leaders at new Texas Co
Texiron Inc. Alpha, including Baltimore & Tide Water Assn. Oli
and Loula-Time Inc,
Union Oll of Cal Union Packie Railway United Aircraft United Can Corp. Foil "D"
Nickel Plate Oblo ville & Nashville. The issue was up more than 1.
Leading steel issues net nàw tops for the year with gains running past a point at the highs, Landing alls improved fractional-US. ly for the must part, with a few up a paint or more and at new Some of high for the year. the chernieals were strong.
Today's sales totalled 3,570,000 shares. Of the 1,217 issues traded 630 advanced, 308 de.
US. Gypaum U.S. Ling Co. U.S. Rubber
Chatter On Wall Street
New York, Oct. 4. The ability which the market has demonstrated in ro- cent sessions to absorb selling without giving too much" ground suggests that corrective phases will continue to be of relatively modest propostiana —— Bache & Co.
The best guessing indiestes the expectation that it is still too early for the Federal Ita- serve to make any free moves.
also in- Jaformed guessing dicated that the market is not ready to make any sustained de- clineE. F. Hutton & Co.
A F. Wrigley sales ex-
mated rising to rate of 450 million annually in 1959 with a further possibility of share
| earnings reaching the 2 level-
Iro Haupt & Co.
NYLON SALES
Strong rayon and nylon sales put American Enka in the black for the third quarter-Chemical Week.
Monsanto Chemical for 1058 could carn about 1.50
shures
ngainat 2.20 last year with a
24%
last
Tri-Con, Warrants
272
Twentieth Century Fox Füm Lalen Carbide
$149
47
317.
ជីវ
34
123
&G
30
40%
pickup in 1959 above the 1958 results-Waltson & Co.
303
McKesson & Robbins net for
scal 1959 could
5.70.
144
maar gement
thinks.
This
25
0653
25
435
43% Groen,
U.P.I.
U.S. Smolting
U.S. Stel...
U. Steel 7 P.C. PF Warner Bros. Wert'nghouse Air Brake Westinghouse Electric
elined and 219 held unchanged. | Western Union Tel. Co. New highs
were
set by 168 issues and new lows by five.
American Stock Exchange sales today Ver!! 1,130,000 shares. Bond volume Wat 4,040,000.
Dow-Jones closing averages
were:
industriale
Our Own Correspondent Business done on the Hong- Stock Exchange this
amounted It would morning
to appro- 20 rulla. accepted byimately $334,000. Noon quota- ). 15 utilities the US. Authorities unless the tions and the morning's trans- 4 bonde internal recession showed signa|actions were:
out of of netting altogether
hard,
it
Non-Starter
530.29
147.04 80.51 £85,44
80.15
Cam. future price index.. 100.00
Closing Prices
Shares Buybrs Bellens
BANKS
Bales
X Bank. 79236
700
Aklen Ing. Acy.
Allied Chemicals
Afited Mitta Ine.
Allis Chalmers
But OVID L American INSURANCES
time..... casc por authorities conceded the
of
*D..
also от
galned from the fact that the According to the beat and energy from the fuel litical and economie planning for a higher gold price; it in not likely that an ultra-con- is used three times before what survey, each dollar's worth
servative congress would the is left is allowed to escape from gold held in reserves of
Sa Unt the funnel. The fuel is burnt in
world's central banks in 1937, prove of the change.
considered a dollar's "solution" must be trawler the main diesel engine and the sustained just over
exhaust passes through turbines worth of trade. Now against driving the superchargers where each dollar's worth of gold in
energy is used for the
nearly reserve. must be not second tune, Not content with three dollare' worth of trade. this, the exhaust is then passed Despite generous United States through boiler and the steam aid policles, the amount of generated is used to distill sea gollars in foreign exchange re- water so that
does serves has not developed by the Royal Navy have to entry her require-enough to all the gap. Nor are these reserves evenly distri- speed and the ments of fresh water with her. mercase
This is important because in buted according to the amount Kelvin la expected to have a this ship every Offeer will have of trade they have to back. top speed of up to 18 knots in
his own private toilet cœnpart- The United States holds 58 weather. She willment with a fresh water shower
mit ofcial favourable be one of the Insies! trawlers and she will often be trading holdings (outside the In the country.--China Mail
in the Persian Gulf where fresh bloe) and Germany holds a fur- Special.
water is notoriously scarce. ther 5% per cent. Thus nearly
tu
stero was
Bullmaba
COMMODITY
FOREIGN EXCHANGE
NEW YORK
Closing rates were!
Canada
England unofficial
Switzerland
West Germany
Uruguay
LONDON
Closing rates were:
New York
Montraal
Aratexden
Brussels
Copenhagen
MEERT...
ملين
Blockhol
Paria
Zurl
1.03-21/30 2.78.2.2015
2.001,-2.00-19/18
7.7314-2.73-8/10
10.5015-10.50;
1.30 227 -1.39.37
July/Auz
Oct/Nov.
SAO PAULO Closing prices were unquoted LOCAL
1101
In the United States, the average price of one-inch cot- at 14 designated spot markets was 34.75 cents.
Total sales were 20,881 bales. -U.P.I.
RUBBER
NEW YORK
Rex rubber futures today 1934-19.33 closed 17 points lower to 19 points higher with sales of 21 contracts.
17452-17409
19.00-10.901 437076+187036
14.45b-14.40% 17.2074-12.216
U.P.1.
COTTON
NEW YORK
Prices of eum futures elisid
today as follows:
Closing prices:
Nov; 30.23; Jan: 20.30; Mar: 29.95: May: 2003; July: 20.05 Sept: 20.75; Nov: 29.75.
AMSTERDAM
er cent
Crown
PRICES
Dec.
Estate crepe in Ost. Estate crepo thick Nov...
fast
Fold
Soviet
****
.P.I.
METALS
Lend Oct.
31
70
SHIPPING
Wheelock.
5.00
0.95
DOCKS, ETC.
•
200# 721) Am. Brake Shoe
American Airline
200 129% American Cabis de Badia Corp.
3 0208
1000 14
11.40 1155
K. Wharf Dock ...... 44% Pravident.
(0) LAND. ETC. HK Hotel. 21.30 1
(
as a non-starter,
Two other suggestions
American depend upon operation which will not be east to obtain. The first is the adoption by America of "good creditar" policies: second
Realty derwrite ber sterling which massive loan to Britala to un- RK Land Anances something like half the RUBBER world's trade, but it is subject Amalɛ.
pccole crises of confidence. Trust Neither offers much hope. Tawal "Good creditbr" policies do not
to those seem half so attractive to Con-
remen, as they do who would like to sell more to America. And as for the loan to underpin sterling conditions, which would almost inevitably mectric be attached to this, would unacceptable to Britain,
ba
even
If Congress was disposed to grant it.
Enlarge Resources
the resources
of
the
UTILITIES
American Cyanamid, LD
By Amer. &
Posi
-Am- Czz_♬ shade.
An Home Prod Am. Blach. &rary. American Metal American Smelting Am. Sumer Belakan American Tel & Tel American Tab. "B" 109 by $1,80) Anaconda Copper 1600 19 Armco Steel 2500 g 21,40 | Armour
300 21.30
31 1900 e
Altas Cons, Miging Boldwin-Lima-llam, 30:33 1.40 4900 * 135 Baltimore & Ohio
Wert Va. Pulp & Paper Woolworth
सन्द
would be an all-time high and would compare
fisen 1058 and 5.03 for 1857-
Ell
عام
with 5.28 for
Anderson.
P2O│B•I│EA
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Legyes London
Due Hongkong
September 20th October
17th Septersdur. 2012 October
4th October
411 November
Leaves Bongkang .......Due London
Outwards
**URERA*
"CANTON"
"CHUSAN"
1.00 1.70 3000 er 2000/4 1.45
1.675 1.025
Bendix Aviation Corp. Benguet Cons,
Bethlehem Steel
Boeing Airplane
Burden (The) Co.
Beneficial Finance
Burroughs Add Machine Train 25.20 25.40 1000 € 28.40 Cat. Packing Corp.
1600 20.30 Campbell Boup Co.
Carading Facile R. Yeumati...
Case (J. 1. Co. 17.00 123 1400 9 19.50 Cat. Tractor
1300 17,42 | Cotarioen Corv
C. Light
26.20 25.40
CIT. Fine Corp. .. (tx.). 13.00 13.90 2068 ur 13.30 Chrysler Motors
507 13.80 Cluett Prabody Telephone
Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit
Coremaxealth Elec.
Consolidated Edison Continental Oil of Dri. Crown Zellerbach
0.06 Cuban Aaper, Sugar
Diamond Afwall
10.10 Diamond Match Co.
24.1 24.40 100
500
55.10
500
34.20
+
frtm.)
INDUSTRIALS Cement
7.45 132
23
1943 or
་
.. 23.40 23.50 1000
23.40
7 1400
19 10.20
1000
500
100
10.10 Dow Chemiel
11.20 11.40
000
15.10
300
73
3.65
16
10 a
There remains the "banking Meta approad." This is a solution STORES, ETC. recently suggested by President Dairy. XD Eisenhower and endorsed by
finance Watson ... the Commonwealth ministers at their Montreal Lane, Craw. Conference,
Wing Ou (ROC) Briedy, the suggestion is that COTTONS"
Inter-Textiles NEW YORK
MISCELLANDOUS Prices of metal futures closed national Monetary Fund should
INVESTMENTS today in cents per lb. as follows be enlarged by extending their
of Int. Enront. * 12.006 drawing powers on funds
Alijed
4.00 izid Foreign Exchange- TOGETVES,
IK & TE 10.306
Invest. Since however, most of the 11.000 273379 Increase in the Fund's resources would be in inconvertible cur- 94.00b rencies, it is further suggested $3.70 that a quarter of the additional LONDON
quotas should be paid in gold. Prices of metals closed today Assuming the quotas were in- La sterling per long ton as fol- creased by half, this would give the Fund an extra $2,000 million lows:
in gold and dollars. Tin spot 3-monta Copper spot a-mwnth
Dec. Zinc Oct.
Copper Oct
Dec,
Tit
Oct. Dee.
Buyers Sellers
139
it
This would go some way lọ words an easing of the prob- lem of world quidity but would nol solve it Some and have economists believe
734'1
21D
210
2173
Lead 1st hal
Jan.
73
Gui
allow the Fund - to "ercate
The rubber market was very quiet today. Prices closed in Zine 1st halt Oct.
guilera per logras, cit.Oct.
as follows:
No 1 rubber
No. rubber,
No, 3 rubber
No. 1 repe
SINGAPORE
2.30 buyers
2.34 m.
226 Hom.
234 buyer
ས་
opened higher
The mariset Spot: 30.20me: Ort: 13.74: Dec:
31.66-97: Get!" 22,008;
36.15; Mnr: 98.571 3
147 July: 1: 313,
MRF 31.97.
NEW ORLEANS
and rufed quietly steady with Auctuations sinull,
No. 1 rubber per 1b. Det, 847-09
Nov. 1-USA
lb. Dit. #3-0334
נו
SUCAR
New York, Oct. 6. World No. 4 Sugar futures
suggested that the answer is to
180
500
London Closes
Firm
0.10 Douglas Alterat
Dupont de Nemours
Hastern Artis
1110 Eastman Kodak
London, Oct. 6. ·
El P National Gas
13 Wamily Winance Corp.
Arxiune Tyre & Rubber
Ford Motor
General Dynamica
General Electric General Foods
Ceceral Motors
Gen. Pub, UL
Gen. Tyre & Rubber
By StellỞI
credit" in excess of its gold and The stock market closed on
cash holdings: in other
1 make it 111 Central Bunt.
words Interantional
Something along these
Prices of collun futures closed; No. 2 rubber p. 812-22 today closed unchanged to live) liquidity "may well became
today as follows:
Spol: 34.73: Oct; 3.80; Dee: 38.13;
Mar: 94.91; May: 30.49; Juty: 3405
UEL: 2.07: Doc: 31.90; Mar: 31.96.
LIVERPOOL
Cotton future closings,
In
pente per Ib. were as follows: Amerleau Contract
Oct/Nus
Dec/Jan.
Mar/Apr.
May/June Fwy/Aug. Oct/Nov.
Blixed Centraet
Oct/Now Dec/Jan Mar/April
No. 3 rubber per
No rubber per ili, Oct. 103015
No. 1 pale trepe
Jincs
1
Gladen, Co
Goodrich (3. F. Co. Goodyear Tyre Drumman Alreaft
Out OL 44": Homeslake Mloing Co.
Newport Corp.
kogersoll-Rand
Inland steel Ca Interchemical Co. Int'l Business Machines Int Harvester International Nickel International Paper Int'l Tal & Tell
· John »Many Sle Co. Caiser Industry Kasasa C. Puwer & Light
cennecott Copper Level Movers Toh. Lockheed Aiteralt Loews Incorp. .....
Ca.
Lone Star Cement Co.
Lowribicon & Ferr.
a firm note today cheer-dellernatt d. kay
Stock ExION)
ed by China's halt of her Benne Alrevati Am bombardment of the off- | Mabi tros Corp.
shore islands.
Miten kolh Kriginat Min Dvelopatent Monsanto Chemical Ca beldentomers. Wile
Mourela inc.
National Steel C
is feasible, but the world, po- litically, is not ready for 11. In
Gilt-edged Ecturilles the meantime, suya PEP..
their ground despite the sub- the question of international
duine impact of last Friday's anal fiscuit La
National Cash Red. "A" National Day Prot insuc in the decades in the Treasury bit rate. central
Chinese bonds were firm' in National Le points tower with sales of 247 head."-London Express Ser-an otherwise du foreign bord Spot rubber unalou ... 16-2414 contraris,
New York Central Blanket erepe ....
7019-7212
nurkel. vicu. Domestie No. O sugar closed
Norfolk & Western fly. UO-BBY
Blue chip stocks led n general Merit Ainer, Aviation one polot lower to one point
North-Wo Airlines (CCH advance in the Industrial st. sales of 259 con-
Olla Mathieson The rubber market was quiet.higher with
Illar slocker were higher.
U Flevalpr ly steady with spot quoted, attracts.
hut the premium fell to only Owen-Illinois Close 24-13/10 pence per lb. Prices;
Oxiard Paper Co. por cent,
Pacifle Gog à Meg. Gold shares were higher Of Peil Aunerles Alwats selective demand, and coppers Paramount Pictures
of the metal. rose on a fresh, boost a price Parke Down Co.
LONDON
24.20
No,
24.30
and spot Setilament housu term
****
Nov.
Doc.
Jan/Mar.
24 AuriųJune
July/Sept
General markets, el Oct.
2 Nov.
Oct Dec
264-5#T
Exchange Rates
Contract No, é (warld). Jon: 14 Mar: 3.40: May: 3.40: July: 3.40 Sept 941; Oet: ung:
Burses was done in the legal Spol-trente per ib, Job Cuba); 3.5.
uttonicial exchange market Open Interest: 0.063 contracks, morning at the following rates
Contract No. 1 (domestic)
UN, doller (pe: $1) Nev: 13-03; Marchi, BAZ: 'Hay: Sterling salon (per 23), 8.72) DARKRaj Beat: 1.127. Spot | VUČENĚNO molan Apar€13) (penta pre th. elf, NY ex-duty): 375. Endonesian inplan (rat London
contracta/==| Hiam flesta (për 100) Open int: 1.120
Bloghbors. (Šteta)
U.PL
10.03
| Oil' stočić opoped mixed
12.51
closed geperally ceslar,
20.70
Still und Royal Dutch
ed fractional galna,--UPL
Pěnný“ J. C. Co.
Penn. Balt Ca and Philip Moerla"
Frosiation gamble Co. scor-Fitting Kits Litera
Publicker Industries Pure Dil
Пощатафа
"SOMALI” *
"CANTON"
"CHUBAN"
18th October
24th October
8th November
25th November
24th NovEŤAT
5th December
Via 'pore, Penang, Colombo, 'Benibay, Aden & Pt, Salé.
★ “SONALY naik S'pote, 7, 8'wet., Penang, Aden, P. Said, Havre, "ondon, Nemburg, Rotterdam & Antwerp.
"BANTHA"
“FULTALA"
de 15th Oct,
alls 7th Nov.
BRITISH INDIA S.N. CO., LTD.
due 22nd Oct. salis 23rd Oct.
Teens Cateulio, Rangoon, Penena de Singapore for Japan
from_Japo
&
for Bingapore, Penang.. Rangoon, Calcutta Chittagong
P. & 0./B. I. JOINT SERVICE
"PACHUMBA"due ¡0th Oct.
waii lith Oct.
from Karachi, Bombay, a Cochin, ·Tuticorin
Singapore
for Japan.
"OBRA"
due 28th Oct,
salis lith Oet.
"ORMARA” dus. 14th Oct.
All 15th Ock
(fom Japan
tor Singapore, Baalia-
gar, Karachi, Handla & Bebe
fron Karachi, Bombay,
Cochin.
Singapore
Sex Japan
Penang
EASTERN & AUSTRALIAN $.5, CO., LTD.
"NELLORE" dus 11th Oct.
salts 13th Oct
from Japan, & Shanghai for Labuan, Sandakazi,
Drabane, Bydney. Mel bourne, Bumlo
&
Adelaide
"NANKIN"
44p 17 Oct
salls 19th Oct
from Australia Mentio
&
for Japan
All vormis Lave libarty to call as any ports on ar off the route à the route a sailings kro subject to chaffe og amendment with or without notice.
For full periiculars apply to z MACKINNON, MACKENZIE & 00. OF HONG KONG LTD. Jelephone Nos. 277214,