ANSPORTATION
Bus-Type Service With Reconditioned Piston Airliners
SIR
Washington.
THE CHINA MAIL, TUÉSDAY, OCTOBER 21, 1958.
RECESSION IN BRITAIN
"Golden Summer Giving Way To
Long
Winter'
By RONALD BOXALL
London, Oct. 20. The British Government has óvery reason to feel proud of itself. Little over a year ago confidence in storling was so low that foreignors were falling over themselves to get rid of it. Inflation was rife; the future looked grim.
invest less in Today it can look back on aplaming to
In bulidings, plant and machinery the firel six months Britain over the next 12 months than
in the past year, carned a bigger balance of pay-had ments surplus then any than a quarter were thinking achieved in a completo year of stepping up investment.
Did Littlo since records have been kept. For the first time she sold more merchandise to other countries than she bought from them.
QIR Archibald Hope, Director of the British of Napiers, said that engineering firm converted United States piston airliners using British turbo-prop engines could operate a "buser of solid achievement type service" with extra passengers at cut fares.
"The aircraft should be oper-
nted over a route, say every 20
minutes, and more frequently at SAS To Inaugurate
busy times," he told airline ex
cutives at a business luncheon.
"With this sort of frequenes. Europe-Alaska Route
many of
advance booking of coats is un- necessary and so are the other formalities and piace- dures to which the air passen- ger is now subject,
WEIGHBRIDGE
"The aurer should be handed not from a large terminal but from a bus stap standing on a Bult-in weighbridge wideh will prevent overloading. Passengers can pay their fures as they bond carrying their own bung- rpe. The est savings to the air- line would be considerable," Sir Archibald said.
THE
THE first direct air route between Europe ond
bo
| Alaska-non-stop over the
top of the world-will Inaugurated by Scandina vian Airlines Systom on October 21.
SAS made the announcentent on October 10, and said it has begun neopting passenger and cargo reservations for the new service,
Less
But despite this exidence of
Arens declining business many
are optimistic. A third of them
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
GENERAL DECLINE ON WALL STREET
Stocks declined through most of
some support on a late ticker Low-priced nutomobile issues Family Finance Corp. Business done on the Hong-ruled strong all
day with Firestone Tyre & Hubber
Ford Moto...... kong Stock Exchange Ulita
American Motors the strongest. Geners Dynamics amounted ta morning
op- Other
motors held steady to General Electrie proximately $89,000. Noon rm. quotations and the mornings
Steels ruled lower, So did den. Tyre & Rubber transaction were:
most of the rails, chemicals, | Getty Oil ..... these with Du Pont of more than two points, and oils:
SNATTA
HANKA HK Book
Buyers Bellery
70711
Belmo
~8074713 20 700
SHIPPING Wheelock ..
J00
DOCKS, ETC.
13
300 7 04
45
K. Wharf..
Boek... Provident 1.10
LAND, ETC.
HK Hout
were
Land.. nUBBER Alz Truth A Tawah Sungala
20.70 21.30 30. 20
1.425
In the same ex months, the gold reserve grow by £287 low took a more cheerful view general situation than million
And Britain Invested of the
dia four months £114 million overseas,
In the they
the sixth who 12 months up to mid-1958-the against year that Included the period more pessimistic.
Generi Foods
General Motors
Gen. Hub. URI
liddes Cu.....
(B. F. Ca.
Grumenen Alreráti off C
The dip in prices was seen as roficclulg the resumption Bombarding in Quemoy,
Losses where they occurred held to small amounts but they
tho down pulled
leading averages. A long list of issues managed to move higher.
Low-Priced
Ingersoll-Rand
Int'l Dvalnem
Machines
New York, Oct. 20. today's session and met near closing time.
29Pacific Gas & Elec. ....
Pan American Airways
Reynolds Motel
Bears, Roebuck & Co.
Shell Ol Co.....
Sinclair OI........
Bocony Mobile!t
Southern Co. (THD)
Southern National Gas Bouthern Railway
and Brands
102
48
Paramount Pictures i
DAT
Parke Davis Co.
Penn. J. C, Co.
Tenn. Bolt Co.
4925
Phillip Morris
Procter & Gamble Co.
201
Pittsburgh Piste Glass
Publicker Industries
EBL
Pure O.........
Radio Corporation
201
Republle Steel
Radio Corp, Prat,
Heyden Newport Corp. Homesuke Mining Co.
118
Inland Steel Co.
94
Saint eu. Paper
433
PL14
South Puerto Rico Bugar
1156
48
Com.
16
1014
Standart Oil of Cal,
100
Standard O at Ind.
ท
223
CD1%
161
Swift & Co.
49
Texas Co.
(Am.
Textron irc.
31%
Mexal Iron Corp.
30
Time Inc.
dipped
Minnesota Mining
74
Miasto Development
23
Hanto Chemical Co.
Harvester... International Nickel International! l'aper
int) Tel & Tel
John-rivilio Co.
Kaiser Industry Kansas C. Power & Light
Low-priced automobile issues continued active.
notably Kennerolt Copper Studebaker Packard which Lockheed Aircraft
and
જ
50,000 shares BOSO 1.875 upened on
continued to top the market all day. American Motors also set
Trum
24 24.80
LigTit
17.10 17.30
24.00
(Rta
4 (Rta..
12.00 400 134
when foreigners were gambling The Government in inclined UTILITIES on the pound being devalued to side with the nptimlats. Most Yawrot XD and the Brish Bank Rale was people saw the recession coming:
did little Electric hoisted 16
to prevent It. Its policy has boen Ti to take advantage of a turn it
economic affairs to rid STORES. ETC. world Britain of
and Inflation
ila Daity
Wotion actions have been confined to
certain relaxing
restrictions Craw
the dis- during imposed inflationary regime as the need for them d'minished,
them
23.40 23.00
COTTONS Textile Kanyang INVESTMENTS
1 per caut but the Government (SAS)
Britain's account with the rest best of the world showed the ever surplus of £488 million. Not Bloodless Congratulations ore in order but make
brief. For this victory was not a bloodless The route linka Anchorage, ne. Britain had some casualties
One cannot blame the Govern- Alasica and the three Scandi-counted In foregone produe
the number tion and
of her ment for not taking risks with Allled The firm of D. Napler and Sonnavian capitals on SAS' regular
gains already nehieved but Limited announced plans for Far East-Europe service, stra glitcitizens who lost their jobs.
Moreover, she had massive some experts tre beginning 10 converting United States Con- over the North Pole.
whether it i et trade. Her wonder holp in terms voir twin-engined planes, wide-
Imports were sharply lower in perhaps in danger of becoming: ly used on dumustle Aight,
cost and down in volume, Her over-cautioun. turbo-prop power
exports declined only slightly.
The golden summer now gives way to what promises to be a
The Chancellor of The Ex- Exports are long cold winter.
during atatements chequer's falling at a time when we must the past week or two have all
more hinted paying
that active expect to begin
step will to stimulate consump- fer cur imports. At home there
of
by installing the Napier Bland engine 3,500 horsepswer.
SHORT-HAUL
- ננ!
Until now, Anchorage Iran beat only a refuelling stop on the 8,000 statute miles
"short cit." It is the only stop on the SAS route-frst and fastest directly over the Pale,
SPEEDLINERS
In making the announcement,
ereasing the plane's passenge? | SAS KARİ:
scals
+
Sir Archibald said that
the
added power would permit
capacity from its present
even passengera
on first-class flights to 50
on
haul "bus service" fights.
converted
ON
short-
Lo
be
The Convair turbo-prop engines would able to provide air services at rail fares.
The
Civil United State: Aeronautics Administration last tho certificated August fully Nepier Eland turbo-prop version of the Convair 340 airliners. The Royal Canadian Air Ferce has already placed an order for the
Military transport version of this
atrera fi-Router.
MUCH TOO FAST TAILWINDS
Consumption
he taken
not
ore no signs of a rise in proflon-but not until the budget duction arid wemployment of next Spring. This shows that it has corried approximate, which has now passed the half-ho is thinking in terms of lower
is expected Jy $1,000 passengers and million mark about three-quarters of u mil-row. Tiran
the punds of cargo un North Pole route since it open-than ed in February, 1957.
7.30
101% 10.70
a new high in aclive trading
Americon Telephone rose
at 198 a new high
up 14 points and the issue
100 / 2100 from the high.
Liggett Meyers Tou. Co.
Loews Incorp.
one las Cement Co.
Lowenstein & Sons.
McDermott 3. Hay
McDonnell Aircraft
Stock Exge.
Montgomery Ward
Motorain Inc. Natural Biscuit Cu National Cash Iteg. "A"
Others to make new highs in eluded ACF Industries, Bruns wick Balke, Philip Carey Mfg, Continental Can, Consolidated National Dairy Prod, Electro-Dynamics,
Nalineal Steel Corp. New York Central Norfolk & Western Ry. North Amer. Aviation North-west Airlines (Com.) Olin ailleson Ol Elevators Owen-inois Glass Oxford Paper Co.
Continental National Lead Mators, Ideal Cement, Inter- national Telephone, Kroger, Penn Dixie Cement and Frizer. Marquette Cement hit a new high on a rise of two points.
United Electric Cool ran up nearly three points, Metals caped hs much as 1% points in
United Aircraft lost a point in its section,
Chicago Grain Anacondo, Steele ellopet back.
Market
Chicago, Oct. 20.
New York Stock Exchango volume was 4,500,000 shares,
New York Stock Exchange bond volume was $5,880,000.
Stock Exchange
American
volume was 1,180,000 shares.
Dow-Jones closing averages
were:
Closing Prices
Wheat No. 2, red
Spot
Dec.
19015(1) 1955 (1) 15-1
103% no
Mar.
Max
1990-
108
July
105
30 Industriala
044.19
10
1
taxatlon which is by far most effective us well as
The
Sept.
1871
20 rails
140.44
I tes
82.83
A recession is upon us.
three-quemers of
*
its Global Express DC-7C week said they were operating Speedliners" regularly fly below capacity.
Mare 510 Orma questioned by the Federa
Last tion of British Industrie
most popular way to stimulate Corn, No. 2, yellow
the
Ús locks
107.68
Hout
TEST
40 bonds
50.33
business.
Dec.
The Government's intentions
Met.
1105 114
Comm. future price index
25126
are admirable, but its not.
luck is
Dee. New Mar.
110-
115
Alden 1st. Acy,
I will not take steps to stimulate
now consumption
May
118
Allied Chemicals
July
120
Atled Mili
Ing.
the
Byc
Bec
1206.7%
Mar.
130-
Amer. Forgn. Power
0412
Am. Home Prod
051
A Mach, & Fdry.
22143
2171
entre Par Eust-Europe Smaller Profit while it is declining, because il route in 27 hours-about 14 hours between Copenhagen and Anchorage, and 12 hours tween Anchorage and Japan.
Roughly tulf the firms
simliar be- experiencing
conditions to those months
ago.
were tears a resurgence of inflation. 10 apparently intends business But it
them next four lake
spring, by time consumption is Oats firena which
but expected to begin rising of its the non-stop route from reported an improvement Copenhagen to Anchorage-meet of those whose experience own accord.
of complained
some 4,400 statute miles is one had changed,
Some
Dac.
Mer
Spat
This attitude has been likened Soybeans, No. 2, yellow of the longest In commerelal Inwer deliveries to and orders to that of a cyclist who pedals
from their home aviation today.
2712-14
markets.
the pioneering Aluska- Europe Toute will operated twice weekly
The most
be
Tues
and export softly up a steep slope because it comes first and then pourda striking changes into action when he is over the experienced by firms over the top and gravity is pulling him in their down. as four months were
If this is a policy of caution, it selling plecs and profit margins.
lower is a very strange one-London Nearly a third reported selling prices
and over a half Express Service.
profit complanted of smaller
Now.
Jan.
Mor
MAY
July Barley
Spot
15-125
New York flour
200 16. jack
during Trans- sent
the winter. SAS DC-7Cs, will Allmile planes screaming across from Anierica to arrive leave Anchorage on Wednesday:
up to two hours early.
But, strangely enough, may
and Fridays, Europe un days and Sundays.
at
a plessed. Reason: they had to
wolling for sit around
rela-
of the passengers were not
ilves to come and meet them,
The new aerial link betweenmurgins, against three or four been per cent whose prices and mar- Alaska and Europe has
US "one of great gins were up.
About hall described
firms the ccunomic and social signiflennce
they were questioned for both arvan.'
COMMODITY
FOREIGN EXCHANGE
NEW YORK
Closing rates were:
Canada
England oficial
DO-Lay
New Zealand
South Africa
Argentina
Brezu
Others unchanged.
LONDON
Closing rates were:
New York
Montreal
Amsterdam Copenhagen
Man
Pari Stockholm
1.0312 2.00€
2002/16
2.7032
2.8112
0170
0070
2801--2.50% 2.713-2.72 10.30-20.50%
COTTON
Prices
NEW YORK
of cotton
closed today us follows:
said
PRICES
No. 3 rubber per lb. Nov. 10%-85%
No. 4 rubber per i. Nuw. 200 Spot rubber unhaled....
Flanket epe
No. 1 pale crepe
I
LONDON
9091-9311
001-001
The rubber market was very
futures steady
Spol: 30.50 Dec: Mut: Mar: 30.41; May: 39.18 July: 34.42: Oct: -31.98; Dec: $1.84; Mar: 31.07.
NEW ORLEANS Prices
cotton futures
of closed today as follows:
Spot: 34.78; Dec; 3359; Mar: 30.47: May: 36.22: July: 34.41 Oct: 31 Dec: 31.84, Mar: 100.
Sao Paulo cotton
quoted.
In the United
with spot quoted at
20-5/18 pence per b. Prices:
No. 1 bot
Sellement house teru
Nov
Dec.
Jon/Mar.
April/June
July/Sept
Oct./Dec.
2014-2016
General markela, cif batt, Oct.
· Nov.
Dec, prices un-
States, the
Erate crepe in Nov, Estate crepe thick Nov. bisyor-UP.L.
1938-10.3413 average price of one-inch cot-
20.00-80.25 174314-3744 1170-1177 14.4044-14.433
Other unchanged.-UP.I.
SUCAR
ton at 14 designated spot mar- i go soboterrada AK kela was 34.74 cents.
Total sales were 70,978 bales, -UP.I.
RUBBER
NEW YORK
METALS
Agreed Merchant |
Rates
Malayan Dollars Maximum Selling 52-13/10, Minimum Buying 63-5/18 TT; 53% O.D.; s3-11716 30 days: 53-15/10 00 days.
$12.BOU1
Exchange Rates
นคร
Allis Chalmers
Americna Airline
Am. Cable & Radio Corp.
American Cyanamid Co.
Am. Gas & Electric
American Metai
American Sket A. Sugar Ref..... American Tel & Fel American Teb. "0" Anaconda Copper Anace Steel Annour Allar Cons. Mintag Daldwin-The-Ham. Baltimore & Oblo
Beneficial inance.. Bendix Aviation Corp. Felgual Cas
Bethlehem Steel Boeing Airplane
Borden (The) Co.
Burroughs Add Machine Calif. Packing Corp. Campbell Soup Co. Canadian Pacille R. Case 1. 1.) Co Cat, Tractor Coinnics
Corp. C.LT. Financial Corp. Chase Manitat, Bank 0.90 10.01 Chrysler Malor 124 Clucts Peabody
Burress
done in the Jocal united exchange market morning the following rates: U.S. Göller (per $11 Sterling ojeň (për £1) Australian holes (per Swiss France Maximum Sell-Siam lesis (per 1001
Indonesian rupiahs (per 100) .. ing 75%-
Singapore (Straita)
6.60 Colgate-Palmolive Co 26.85 Colombian Carbon Co.
RUSSIAN CAMPAIGN
TO INCREASE
HER OIL
EXPORTS
Oct.
1.00
Cealth Elee.
Edon Continental Oll of De! Crown Zellerbachi Cuban Air, Bugar
AJK:ll
Match Co. Douglas Aircraft Dow Chantenla Dupont de Nemours Eastern Airline
Eastman Koyink
El Paso National Gas
MORE GAINS
Reports that the Soviet Union is to supply ON LONDON
Denmark with.. betweceen 1,000,000 and 2,000,000 tons of oil over, the next five years were described by oil experts in London as another example of the current campaign by Soviet Russin to increase her oil exports.
tons in Olt circles sald the Russians fand to some 7,200,000 had been negotiating Alfully1957. Of the 1987 total it is be- with the Danisli Government for lieved that about 6,000,000 tone the past five months for a now was from Russian sources and trade agreement to replace the the remainder, from Rumania.
Of this trade year about former one which expired last
the Russians 1,200.000 tons was destined for May. This left owing the Daues between 70,- Egypt, 400.000 tons for Yugo 12.450 000.000 and 60,000,000 kroner slavia and about 50,000 tapis for J2.5/ and it was understood that the Syria. The remaining three- 41.1002
ta. dis-quariers of this trade was des- 11.230 Rusians were anxious 30.000 charge this debt by oll shipments. tined for Western
NEW YORK Prices of metal futures closed today in cents per lb. as follows:
Lemi Oct.
Dec. Zind Del
20.2003
PS,TAD
04.386
New York, Oct. 20.
futures World No. 4 sugar
two closed unchanged to up points with sales of 190 con
Tracts,
Rex rubber futures today Copper closed 40 to 55 points higher with sales of 60 contracts,
Closing prices:
Dec Oct
Tin
Dec.
Domestic No. 6 sugar
elosed
seven
10 points higher
one
point lower,
Nov: 31.78; Jan: 21.00; Mar: 31.58: Nay: 11,50: July: 31.45; Sept: 31.19; NDY!
*
BINGAPORE
today
д In sterling per long ton The market opened allghtly follows:
LONDON Prices of metals closed
Butes Belliri
Contract No. 4. (world)
Jaat 137: Mar: 3.37-39: May: 338;
July: 3.37: Bept;
3.38: Det: 3.7 higher and steadied further on in spot Spot-(cents per lb. for Cubs): 3.37. quiet market. At higher levels month
Open tulerest: 0,370 contracts.
there was some profit-taking and Copper spet Contract -ND, 4 (domestic)
3-month
INT
| Lead and fall Oct. Nov: 0. Mar 6.571 May: 011;merket closed in the morning at Joy: 8.38 Spot-cents, par 15. elf around the opening levels, NY ex-duty): 296,
No. 1 rubber par 18. Nov. 2433-0336 | Zing and half. Opt ontract.
No, rubber per in. Nov, 09 3/9-0032
Стреп Interest: UPI
Drawn Up
MARKET
London, Del. 20. The stock market squeezed out additional gains today in trading despite some rather heavy profit-taking In International oil issues. Glit-edged securities fell frem favour apparently on advice from several financial UCWE- paper articles urging a shift from government's to equities. LEADERS
י
*
*
Standard Oil of NJ.
Bicep Rock (Toronto Exge.) Sterling Drug Co.
Stokely-Van Camp.
Surino Mining
Tide Water Ass. 0:1
Tri-Cont.
Twentieth Century Fox Fin
Union Carbide
2012 Union O of Cal.
United Ge Corp.
U.S. Foll B
U.S. Cyprum
S. Tine Co.
47. Hübber
US. Smetting
U.S. See P 154 1.S. Strel 7 P.C. PF 1614 Warner Bros. *
Westinghouse Air Brake Westinghoure Electric Western Union Tel. Co. SA14 West Va. Pulp & Paper 20% Woolworth
U.P.I
$896
70
111
70
23
40
P.O BI EA
COMPANIES ·
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Outwards
"SUNDA"
"CANTON"
"CHUSAN"
"SALMARA"
Leaves London
Gallod
Salled
6th October
Sailed
"BINGAPORE”
18th October
10th October,
Leaves Hongkong
24th October
4th October
8th November
21st November
Homeward
"SOMALI" *
"CANTON"
"CHIUSAN"
"CORFO"
"SALMARA” † tis December
Due Hongkong
In Port
In Port
4th November 11th November
17th November
21st November
Due London
28th November
24th Novemboz
8th Decomber
2nd December
16th January
Via 'pore, Penang, Colombo, Bombay, Adan û FL 3410.
• "BOMAL!" calla S'pore, P. 5'wetų, Pozanz, Aderi, F. Saló,
Havre, London, Hamburg, Rotterdam & Antwerp.
1 BALMARA calla kejang, B'pore, Pt. Swollenham, Aden, ft. said, London, Hamburg, Rotterdam & Antwerp,
BRITISH INDIA S.N. CO., LTD.
"SANTHIA" in Port
alls 7th Nov.
"FULTALA" due 22nd Oct. sails 23rd Oct.
"ORDIA"
dua 20th Oct.
sille 29 Oct.
from Calcutta, Rangoon,' Penang 24 Bingapore cor Japan
from Japan
for Bingapore, Penang, Bangoon, Calcutt Chittagong
from Calcutta. Chitta gong, Penang & Spare Тог Зерка
P. & O./B. 1, JOINT SERVICE "PALIKONDA”dae 30th Oct. from Japan
sails at Qet. For ingroot, mang
Cochin, Karachi Bombay
"QUMARA"
des 7th Nov. Ball Bth Nov,
from Japan
ter Singapore, Bunder, Abbai, Kuwait, Beerah, Chorramshahr de Kozachi
EASTERN & AUSTRALIAN S.S, CO., LTD.
"NANKIN"
"NELLOBE"
#
Leaders in the industrial sec- were Trans-Ationlic Friday's
E
European tion
reflecting countries where it might either favourites have been consumed or trans- sharp rise on Wall Street, shipped The Netherlands con- Back sharTS were strong The Iussians are reported to ducts an entrepot trade in So- following the free stare Issue and a dividend forecast by have drawn up plans to expand Viet olls. their crude oli output from the This amount of oli-roughly | Lloyds,
Assorted non-ferrous - metals 98,000,000 metric tens produced 6,000,000 tons-is minute. last year to between 350,000,000 pared with Western Europe's prere up but coppers were migit- ind 400,000,000 metric tona by current imports of about 120,- unchanged. 1072.
1000,000 tops a year,
Foreign bonds moved narrow- but doilar stocks moved higher.
com-
The Soviet Union is in the The oil trade here has esti- moted that scostotine of exports process of a great spurt in pro- from the Black Sea ares have duction and where gaps occur i risen from dvout 4,500,000 tons anxious to import for itd In 1955 to 6,000,000 tons in 1958 needs-U. P. I.
Oils closed inxed after a firm opening and gold stocks were. fractional highite-U.P.L
To Port
Failed
In Port sally list Oct.
frons Australia & s Mandia
for Japan
from_Japan & Blangħal for Labuan, Bandekan. Brisbane, Sydney, Mol- bourne, Burnle Adalside
All veessio Dave liberty to call at any ports on ay of the roste & the route à sallides are subject to change or amendment with or without notice.
fer full purteotary apply to: MACKINNON. MACKENZIE & GO. OF HONG KONG LTD. Tofephons Nos: 277214.