THE CHINA MAIL, THURSDAY, OCTOBER 30, 1958.
Reactionary Week HONGKONG Stocks Rise Sharply On
Stops The
FRANSPORTATION
ORTATION Inflation Chatter
LOCKHEED'S TURBO-PROP ELECTRA MAKES FIRST EUROPEAN APPEARANCE
A NEW and remarkable transport plane
recently made its first appearance at a European airport: the Electra, a brand-new four- engined propeller turbine airliner built by the Lockheed Aircraft Corporation, which also produced the well-known Constellation series.
wecks.
on
be
in
By SYDNEY S. CAMPELL
London, Oct. 28. With Wall Street at last having a reactionary wack (ending October 25) there has a salutary chock to inflation
been chattor. Unquestionably, the upswing in markets has
attracted some speculative froth. The previous week-end (October 18) had some of the most disruptive type of inflationary talk, including recommendations to switch indis- criminately from bonds to equities,
gives
One
STOCK EXCHANGE
Our Own Correspondent Budrions done on the Hong- kong Stock Exchange this
amatinted to Ap
morning's
morning proximately $280,000. Noon quotations and the transactions were:
Shares Buyete SellPES
BANKS
HK Bank.. 745 INSURANCES
UND
Lombardi
SHIPPING Wheelock.
DOCKS, ETC. K. Whart.. Dock
Amalg
20.73
5.05 5.90 2300
1030
1320
1.423
XD 1.875 1.025
10 1.570
23 25.30
must respect these opinions and yet the upswing could equally be ascribed 10 constructive dynamism - the condence bred by the way in has which the United States suddenly salled out of its thir!
UTILITIES the and worst post-war threat of a such slump and the dynamtam
feeled in un engendered by the remarkably high birth rate, The Inter should eventually countries reflects an under-clear the present surpluses of lying inflationary sentiment in Industrial capacity, commodities the mense that people reen and freights.
The maricots
ht would healthier for a technical shake- out of speculatore, but it is not After this visit to Arnster- onwards the 12 Electro easy to procure. Even on bad
will be
Wall Street still Bendered by this airline will be days, dam, il
nown to other cities in
the delivered lo Schiphol Airport ground very grudgingly. Europe,
of about four Near East and the Middle East, at intervals
An equity yield below In 1960 they will The nex Electra-or officially used
Government bond yield routes KLAT the L-188A--has been
tested Europe and the Near and ns has already occurred in the United States and Germany and Involved Middle East. since 1955. The easts
May be
other coming in smounted to approximately $50 The testing pezzud ended on August 26. when the aircraft was granted an worthiness certificate U.S. Department Aviation. The tests which must
million.
of
311-
by the U.S. BANS SHIPS
Civil
be undergone in order to obtain NORTH VIETNAM
such a
cerLocate
very
severe. In the period from July 31 until August 15, four Electros spent 150 hours in the air and 665 flights were made. On one
ccasion the aircraft even flexi 15 hours and 21 minutes on a single day.
FIFTEEN AIRLINES
Fifteen
A
airlines including Cathay Pacific Airways, Hongkong have now placui or vers for a total o. 161 Klectr-2 More than forty of these planes are already nearing completion and at present the usembly line has a capacity or over ten air- craft per month.
The Electra is the first transport peller turbine
pro-
That was developed and brought into Production іл the United States.
The propeller turoine
engine is con turboprop ст sidered as the transition phase between the piston engine. which most of the present air- traft are powered and the jel engine of the Boeing 707 the DC-8
bui
of the
by
and
Crane
|
nam
on
TO
Washington, Oct. 29. THE United States today Extended to North Vict- a ban stops by and | American-flag ships
planes that has applied to Communist China and North Korea since December, 1950.
Officials said the order would have little effect on American shipping because there has been virtually no
North traffic, to Vietnam since It was shelved out in 1954 part of the settlement of the war in what was then Indo-China.
0.5
on
suddenly to have become more
aware that the Intrinsic value of money how been secularly failing for most of the pasi thousand years or so,
Lower Equity
In
But out many people invest en a thousand-year view.
A lower
bond and equity than yield euld prevail oven periods when money is not losing value and is not expected
Bigger Array
re-
Ex-
ve-
Britain there is evch
of constructive a bigger array non-inflationary factors-falling money rates, hopes of an early business upswing. а much clearer political prospect. sterling's vastly improved basin, Intrinsie the preylous cheapness of British equitles.
The Chancellor of the choquer himself forcensis coveries in production, employ. It has become normal in Germent, exports and world trade Germany before long. many, even though has had less cost and price in- years flation in the past ten than almost any other country. The high bond yield there (and more recently in Britain) has been a major instrument for curbing the Inflation,
to do so.
to Export of all US. goods North Vietnam,
Communi country, has bean prohibited
Traditionally, the equity yield since 1954. The embargo
Communist carried a premium for business all shipments to
Government China
and Communist North Fisk foran which
bards were immune, Korea - dates back to 1950- U.P.I.
Discharged Rates Up
ME Port of London Authority has raised its rates for dis-
Bond Yield
The new normal could be for the Government bond yield to for the in- carry a premium flationary risk, while the equi!" yield carries n discount for growth and
Even the present sourness of relations with the Continental Cominon Market is enforcing some constructive re-thinking of Britain's and Europe's respon- albilities to the whole Froc World, especially Asia-China Mall Special.
Final Dividend
London, Oct. 28. Harrison and Crosfield Lu! has announced a final dividend of 10 per cent, making 15 per cent for the year ended June 30. 1958, 1ogether with a special jubilee bonus 2 per cent to fiscal and other arrangements, mark the fiftieth year since the which sivo scarcity countries
for the various
equities
In value
SQL many
It is a dumcult conumdrum.
very
responsible
A propeller turbine is in principle practically the same as a jet engine. A marke difference is that the energy of the gases is not used for jet pro- pulsion (as is the case with the charging cargoes from ships.
largely pure jet cnuto).
The charges have been raised for
propeller. driving The krportance of the pro- (by 4 per cent by increusing the peller in
with existing surcharge on the tariff combination
eent. is that rates from to 30 per turbine
or jet engine this is still the most economie This is stated to be due to the Some form of propulsion, for aircraft higher wages for dockworkers.servers think that Wall Street's discharging upswing referis and engenders which relatively short stages The new rate for a moderate speeds.
tonan inflation psychology, which instead of 8s 6% and for paper unless cheeked could trie also
that It is
important
the rate rises 3d to Ga Gd. thanks to modern technique tha power of the propeller turbike engines
be stepped up much more than that of piston CHID The Latest piston
LUIDO engine namely the compound of the, DC-7C---cau produce 3,500 horre
posret. the
The engine with which Electra is equipped, namely the Allison 501, a General Motors 3,750 product. alreay develops horse power and this in spite of the fact that the engine weighs only half that of the DC-7C.
The single tail fin is a strik- ing difference from the present",
Another Lockheed aircraft
special feature is the short, i broad wing. In which the four propeller turbines are mounted
1cm at rather large distances each other.
NEW SYSTEM
The Electra has another type of electrical system than used in the present airwan. It is based on a 280-120 volt, three-phase piternalisz
virtually only
CUITCA
differs
which
1 (203)
normal house Enstallation in the
number of cycles
(400); An
tea will be 8s, 10
ย
collapse,
a
was
company both less tox.
incorporated,
The company had a Anal dividend of 15 per cent in the same period last year.
year
The group net profit for the 2547,403 against £684.109 perviously, - China Mail Special.
COMMODITY PRICES
SUGAR
during the morning on fair trade interest and covering for shipment to Odessa.
No. 1 rubber per Th. Nov, 20%-90
Пес. No. 2 rubber per b. Nov. 875-873 No. 3 rubber per ib. Nar. 12-804 New York, Oct. 29.
No. 4 rubber per 10. Nov. 2
031-801% World No. 4 sugar futures Spot rubber unbaled .....
77-79 closed unchanged to one pointiket crepe......
Di-03 lower with sales of 123 con- No. 1 pale crepe tracts.
Domestic No, Ú sugar futures closed two points lower to one point higher with sales of two contracts,
Contract No. 4 (world)
Jan: 240; Kar: 3.40; May: 322
Spøt treats per 1b rob Cuba): 350.
Open interest: 4,756 contracts.
July: 39: Sept: 338, Oct: 13-
Contract No. 6 (domestic)
Mar: 347-48; May: 5.70, July: 5.75; advantage, over the customary: Sept: 573: Spot teents per lb. cit
current NY ex-duty): 30. low
direct
tcasion system, is that more poster can
by means
Open
be transmitted
of U.P.1.
lighter wiring
The Electra is extremely
suitable for stretches
from 300 to 1,800
cruising
mph.
speed is
varying 19 miles. about 400
The many test
nights have clearly proved that the Electra only needs relatively short run-
The atmospheric pressure In the cabin wil never be more than the atmospheric prezzire
interesta: 414
contracts...
RUBBER
closed
New York, Oct. 29.
rabbér futures today
LONDON
The rubber market was quietly steady with spot quoted nt 25% pence per 1b. Prices:
No. 1 R pot ........................ Settlement house term:
Dec. /co/blar.
April/June July78ept.
Mar/Apr.
May/June
July/Aug. Oct/Nov.
METALS
NEW YORK
Prices of metal futures closed today in cents per lb. as follows: Lead Det
بداع
2572-257 2016-2014
2012-61
Oct. Doc.
Copper Oct.
Tin
Det
COTTON
NEW YORK
LONDON
200
Sales
ta sza
300 301
New York Market
New York, Oct. 29.
Stocks rose sharply today on the 29th anniversary of the big bust of 1929-the day when 16,000,000 shares traded
io set an all-time high.
New York Cotton Market
Today's volume was about one quarter that giant total to flye and prices roso ane points over a broad list. This was investment buying. The 1020 rush was helter-skelter pelling Many shoe-string traders were wiped out that day and they took their wrath by kicking stock tlckers
and
In some instances by jumping to their death out of windows into the canyons of the financial
district.
Worried
This was a joyous occasion for the bulls who had had a bit of worry recently when the market went down for six
Tho straight seasons.
broken by a small riso
Today's
WILS
chala
uplura
New York, Oct. 29. 4375 4479 300 Cotton futures today de- veloped a stendler tone Provident 11.30 1140 LAND, ETC. UK Hotel 21303112 500 4 305
although trading proceed ILK Land
ed at a slow pace for the
Resty
seventh session in a row. RUBBER
Anticipation of heavy pr ducer entries under the guvern- ment loan
programme this yesterday?
in added one to more than five 50010 week, and
contracting 300 8 28.40
points to prices and brought 150 or 25.10 hedge offerings, joined with a
values of all listed stocks up 104 100
small trade demand in keeping by three billion. 02
#prices just above the previous 17.40 17% 1980 68 1741
son 17.40 close most of the day. 24.00 23
Prices moved
ahrad 000 a 13.40
more spirit toward the close 200 13
when covering by professionals 1920 34
and the trade disclosed a sold 154 out market.
Trom
Star Ferry Taumau
C. light
Electric
Tel.
"
(B)
21.40 24.10
(isi..7. INDUSTRIALS Cemeni
22.30 STORES, ETC. Dairy
15% 13.00
TJA
Walcot ....11.2011.40 L. Craw 12.00
INVESTMENTS Inl. Jav.
Altted
1500 1.80
1000 15
300 13.00 200 et 15 so
1300 12.00
500 on 13
500 $
કર
TALKING POINT
BRITAJISH NULLAR EXPORTS
£496m
1329m
1340m
LONDON
CLOSES
HIGHER
London, Oct. 29.
The stock market closed
n
with
|
Norfolk & Wertem ty.
North Amer. Aviation Northwest Airtines (Cam.) | Olla Mathiesen Our Levators
Oven-illingla Cilase
| Oxturd Paper Co
Pardo Ois & Elec Fan American Alewaya Pros
ny CO... Penn Bell Co Philip Morris
Procter & Gamble Co.
Pitaburan Plate Giam Publieker industries Pure Vil
Radio
Radio Cor
Republie Steer Reynolds Melt
Bear. Roebuck & Co.
Shell Oil C
Saint Reg. Paper
Hinglair I
Bocony Mobile
Sote Alterati
South Puerto Rico Buga
Southern Co. (The)
Houtbers National Gas
Southern Railway (Com.) Samant Brande standard Oil of C standard Oll of Ind. Studsed on of NJ. Steep Rock Toronto Exge.) Sterling rig. Co. Blokoly Van Camp Budebaker-Packard Corp. Aircrafts Fasting Mining Coppers and Swift & Co.
of as Texas C
Tido Water Am. Oi Drugi, frost.
Chemicals, recent weak spots, rose a point or more. moved ahead. aluminium had golas ch as three points.
Finishing around | mercanules, televisions, airlines, Tri-Contury Fox Fil
the day's best levels, the list was up six to 23 points. New Orleans closed up six points.
LITTLE EFFECT
to
20
News that the Government had lowered the price of sur- plus cotton for expert, by erasing carrying chargea for the current marketing year, little market effect.
had
of
Technicians said effect of at tempts to step-up exports raw colion would be hampered because foreign prices' now aro 10 cents a pound cheaper than American grades.
The Liverpool market today closed off five to up five English points and 821 to 14 American points under New York tuturos. Raw calton exports for the season totalled 734,110 bales va 1,144,971 bales last year, accord- Ing to the New York Exchange.-U.P.I.
Colton
1958 Was
Poor Year For Steel
The
Industry
Union Carbide. on issues, electronics, tobaccos, Twentieth glass issues, and a long list of
Valen Dnf Cal. specialles were outstandingly Union Pacific Radway strong.
Ot 1,243 issues traded, 780 advanced, 250 declined and 207 held unchanged. Now highs were touched by 131 stocks and new lows by only 10m
United Alreft United One Corp, U.S. Gyprum
Line Co.
1.A. Rubber
6. Bmelting
1. Atre V.B. Steel 7 P.C. Pr Warner Bros.
Westinghouse Air Brake
WestinghousTM Electric
Western Union Tel Co West Va. Pulp & Paper
New York Stock Exchange volume was 4,790,000 shares,
New York Stock Exchange bond volume was $0,720,000. Woolworth
American Stock Exchange volume was 1,570,000 stures.
Dow Jones closing were:
industriala
24 rally 15 undies
5 stocks.... 40 bonar
Comas, future pries index
averages
Closing Prices
Allied Chemicals Allied Mull Ing. Allis Chalmers... Am. Brake Shoe American Airlino
American Cable
Cute.
Amerima Cyanamid Co. Amer- & Yorgn. Power Amt, Gas & Electric Am. Ime Prod, Am. Mach. & dry. American Motal American Smelling Am. Bugar, Net. American Tel & Tel American Tob. "B" Anaconda Copper Armies Steel Annour
Baldwin-Lime-Ham. Baltimore & Olíu Beneficial ince
Berdix Aviation Com.
542.32
140.18
18332
30.00
107.00
#501%
41
201
24
Radio
4031
18
110)
αι
Benquet Cons
Bethlehem Sivel
52
Boeing Airplane
worden The Co
uurrutis Ade Machine
Calif. Packing Corp
Campbell Soup Ca.
Case 1.) Co.
214
has
Cat. Tractor
Clunes Corp.
New York, Oct. 29,
steel industry written off 1955 as its
. I. T. Financial Corp.
Ciuell Peabody
poorest production year Chase Manhat. Bank in nearly a decade but colgate-Palmolive Co.
Commercial Crodj
looks forward to solid Colombian Carbon Co. improvement in 1959, Commonwealth Elec.
Consolidated d Iron Age said today.
Continental Oil of Del. The authoritative trade maga- Crown Zellerbach zine forecast teel output this Cuban Amer, Sugar
higher today reflecting the year at 84 million tons,
since the 78 million tons continuing impact el 1949. yesterday's
Government But it seld
lcsat
in- because of
Ulamond Alkali Diamond Match Co. in Doug Aircroft
Dow Chemicade Dupont de Namoure Eastern line move lifting the last creases in capacity the operating Eastman Kodak
rate this year will average out El Pa National Gas curbs on instalment
Family Finance Corp. to only about 60 par cent of
Firestone Tyrn & Ribber buying.
capacity, against 81 per cent In Ford Motor
General Dyrmanden 1949.
General Electric
Gilt-edge securities advanced fron Age said that despite the General Foods... on renewed. investment buying possibility of a strike over new General Motor with gains ranging to
INDUSTRIAL
contract demands production in Gen. Fut. Uill. 1050 should hit 110 million tons. Gen. Tyre & ilubber That would make it the fifth Gatty Dul.... In the Industrial section best your in history
stocks sensllive
to consumer
FOUR REASONS purchases closed at their best The magazine ticked off four levels. Among the leaders were reason why mills look for ira-
televialons, home approvement: pliance auto and department
12.06
radio,
122126
10.74b
10.058
ulore lesues,
29,200
20.336 97.751
Oll stocks reversed their
trends Dollar good gains.
caster
05.12b
Prices of metals closed today
stocks Coppers
gold
Costed were quietly firm, while stocks were higher,
bands were quietly
Foreign Birregular-UP.I
Exchange Rates
in sterling per long toa follows:
Buyers Bellers
Spot tin
749
3-month
7
745
Bput copper
3-montit
21334
244
24814
2343%
Land 2nd half Jan.
74%
Zine 2nd halt Oct. Zine 2nd hall Jen..
7314
7576
7316
-V.P.I.
U.. doline (per 1);
Prices of cotton futures closed Load Zixd half Oc... today as follow:
Eput: 30.30; Dec: 3824; Mar: 20.33- May: 9 July: 34.91; Oct: 32.07-00; Dec: 31.00; Mar: 32.12.
NEW ORLEANB
at
Prices
cotton futures
15 to 33 points higher | closed today as follows: with sales of 29 contracts.
Closing prices;
Nov: 3135: Jan: 31.35; Mar: 1.10: Mar: 21.15: July: $1.10; Sept: 31.00
Now: $1.00.
AMSTERDAM
at an altitude of 8,000 ft. the the height of an alpine health resort), even when the aircraft files at an altitude of 20,000
The rubber market was very It is even possible to maintain the atmospheric pressure at sea quiet today. Prices level tự to a flying altitude of unchanged. 15,000 ft.
KLM
Were
Ori:
Spot: B.; Doc: 34.20; Mar: 2010; May: 30.01-03; July: 5481; 12.08; Des: 314; Mar; 22.11.
LIVERPOOL
Cotton fluro closings, int pence per in. were na followE;
*.80
FOREIGN EXCHANGE
LONDON
Closing rates were:
New York
Montreal Ammerdam
American Contract
all
Oct/Nav. Dec/Jah
29.17
Brummels Frankfurt
23.15
Parts
Zurich
SINGAPORE first be Turopean airline to receive the Despite. Improved new Pactra from the Lockbood advices the market
From October 1950' slightly lower facieties
but sadled
Mar/Apr. May/June
July/Aug.
Oct/Nov
OVECIOSE opened
Mixed Contract
Oct/Nov.
Shady Jan.
29.00
Lisbon
Others unchanged
2:0014-2,00%
the overall economy; A better automotive year thRD 1058;
in- Rebuilding of steel
customer
ventories plants;
ir}
A pick-up in the market for plates, Hinepipe, oll country casing and tubing and structurals, all of which have been lagging.
Oliddes Co.
Goodrich (B. F.) Co
Goodyear Tyre
Grumitan Aircraft Gulf Cl
Heyden Newport Comp, Homesake Mining Co. Ingersoll-Rand
International Nickel International Paper Inti Tel & I John-Manville Co Kaiser Industry
Kiunecutt Copper
BA
4031
NEWSPRINT PRICE RISE NEEDED
New York, Oct. 29. Sir Erle Bowater, Chairman of the Bowater Paper Corporation Limited, said today
a riae in the price of newsprint was needed because of Increasing costs.
}
Asked if he was contempla ting a price rise, Sir Eric repiled: "It's not true to say I am contemplating it but & rise in price is needed.
"Somebody has 10 aboorb ever increasing costs of produc- tion and Londency ktop," he said.
distribution 4 that never seems to
Sir Eric left today In the liner Queen Mary for England pfter #pending two months
visiting the Corporation's plants in Canadia and the United States-Reuter.
Chicago Grain Market
Chicago, Oct. 29.
Grain futures prices closed higher on the Board of Trade today.
Best advatices 'were scored in soybeans. There was continued short covering and scattered commission house buying, Brokers with northwest connec- tions sold the January delivery. Wheat No. 2 red
Spot
110-1097% 21496-3 #1012-11
11446
115
(20%
131%
1914
17%
191 hom
1200. 1833 (11) 1934
1932-35
121 1
90xd
Har.
10016-11
Continued improvement in
inland Steel Co.
May
interchemical Corp.... Int'l Business Machines Int'l Harvester .....
42313
July
184
3014
Bopt.
160
Corn, No. 2, Jellow
11830
Spot
10014-10074
54
Dec.
401
Mor.
1416
Dec. New
Mar.
May
July
Bye
Dec.
Mor
Oats
Dec
AL
Spot
Nov.
Jan.
Motorola
Rational Biscuit Co.
ABL
Mar.
A
National Dairy Prod.
Natiot Cash Reg. "A"
73%
May
July
National Lead .....
1091%
Barlor,
ational dieet Corp.
115-125
Now York Central
New York flour
Zou 1. Back
$12,00m
Meanwhile, the magazine ro- ported the market has been moving ahead at a fair price on Business was done in the local the strength of demand for
unoficiai
excharge market
mothing at the following zuten:-
Sterling notem per £1) Australian Actes, (per 1) ..
this
sheets and strip and gulvanised 5.70 shoot, a plek-up in orders for 20.01 hot and cold-rolled bars, 12.00
Indonesian rupiah (per 1001 .. 0.20 otter tone in wire orders, and "mattering" of support In 1.50 heavier steel products—U.P.I.
siam ticals (per 1001
Singapore (Stralis)
37.00
THE BRITISH FAMILY'S
:
London, Oct. 30.
The average hire purchase debt for the British family is now about £25 the bulletin for Industry stated today.
10.00-19.00th
80-19-80.20
00
But,
New York rates were unavailü able today.-U.P.I.
14
it added, families Canada, and Australia owed more then thie-pocheps three times as much.
And, the bulletin aðdáő, families In the United States might;
Exoct
owe more than five times' as, mush,
were not comparisons
of differ. possible bepausa anges in the scope of, statistice, The bulletin wäld that at mid- debt on 1958 Britain's total
hire purchase and other forma
of Instalment predit for dur
ble goods was £503 million, about a quarter as much, auj
zirgait Meyer Tob. Co. Locknet Aircraft
Loews Incora. ... Lone Star Cement Co Lowenstein & Son
J. RAY McDonnelT "McDonnell Aircraft
Stock Erge.) Mosabi ron Corp. Minnesota Baining Mission Development Monsanto Chemical Co.
Ward
HP DEBT
the nation's haurà mortgage dabt.
More than one-third of the debt was on, private care and one- quarter In furniture.
Soybeans, No. 2, yellow
20616-207 2211-211
#181-10% 220
V.P.I.
Russia's Offer
Washington, Oct, 20. The State Department said today that it doubled whether Rusila's offer of $1,000,000 $9 Argentina for petroleum equide ment will in any way affect The debt owed by families for plans of us private companies durable gode was probably of | ló participate in· President theerder of 2400 million, Arturo Trondia's new ol alving in Vizig# of #25 per ObvelopinWIĘŤ:
UP.I. familyRouter;
progenitum.