THE CHINA MAIL, TUESDAY, NOVEMBER 11, 1958.
Page
THE CONVERTIBLE POUND
RANSPORTATION
ON HONGKONG
50,000 SHIPS PASS
THROUGH
LONDON EACH YEAR
THE Port of London is one of the most extensive harbours in the world, with 36
STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong- kong Stock Exchange thto mornin amounted to proximately $534,000. Noon
transactions were:
Gharex
BANKS
Buybr {\©z=
Fis
ap-
Gold & Dollar
Reserves Make Amazing Gains
By RONALD BOXALL
London, Nov. 10,
quotations and this morning's The biggest balance of payments surplus in history and the longest unbroken run of monthly gold and dollar goins since the war. They are the facts that 1958. will be remembered by. And with ordinary luck, 1959, will be the year that sterling finally became convertible.
INSURANCES
miles of deep-water quays, hundreds of acres of k 743 sheds and warehouses, and an annual traffic of 55 million tons of goods and 50,000 ships.
A programme broadcast
re-
cently in the BBC General Over-1
acas Service series of MODERNISING UK
Tromle Bar" gave Listeners a
glampse of the responsibilities of
ine vast organisation Delund the RAILWAY FLEET
Dorks the Port of London
Authority, a paille body set up
1908 to petale London's dive Rrent grups of Docks and to Control 89 miles ol
the River Rotterdam run Thames self, from Teddington Railways Eastern Rogion's Docks has is Continental frolight services Each ginip et
launched at the petal character. Landon Ducks, has been
Lock to the sea.
Uniors XD
Lombard
Liverwriter 15
SHIPPING
30 at 147.50
..
The October gold gain was the harden. But far from being best since May and the 13th bact thing, this is welcomed by Britain for it wit help over- successive monthly rise. The re-
$3,174 BERS at noy stand
countries
earn more milan-$1.324 million higher dollars. than at the ent of last year's disastrous September.
343 1040 server
Wheelock.
5.30 1000
4.40
1540 0
3.40
DOCKS, EN:
Dock
Providend,
(0)
42 73 43 30
11 40
LAND, ET,
SECOND new vessel for Harwich-Antwerp/ 5 the
of British
HK Hotel HK Lond
2120 21.40 100 21.30 30 30.50 DUO 30.23 12:00 30.20
KLUBBER Amala
17715
Test
A 304 3
Suszam
1 F 120 20
10000 10
Re-
AMO PRES
25.24 25 40 1000
200 1000
20.40
H
Yan.tut.. Electra
00
00.30
24.00 24.199 200 20
4.20
Ki
15.40 13.00
17 h
1340
L
$300.
23.00
730 735
23.20
the smallest, kleat and one ul Goole, Yorkshire, yard of the
Ce most interesting, has in the Goole Shipbuilding and
of Tower Bridge. 21 chadly
fondles gaoils.
rom pairing Co. Ltd.
kurope and the Mediterranean but 198 warehousing
man
་་་
funtlet kanila
is 1 of all kids that come up river from the larger docks either for sale through the Landemer
4.1
brokers
To long perioda ef storage.
COMMODITIES
Wool, tek, rubber, essratul
drkel
s.
funds, cigars and ves. ivy lusks from Africa, um and tortoiseshell- these were only some of the commU - uitles mentioned
Lu Bro- the #amine that are kept in
ncient warehouses, which have
facilities prel staruge Xpert stuff. London Docks one of the main points of en- unce into Britain of wines and irits. They are kept under- ground in bonded vaults, which
und
:*
house ve million gallons of wine in easks. On the top floor I the warehouse are the Port 11 London Authority's vul howfluors, where buyers come see the wool that has arrived
New um Australia, and South Africa.
DV
See the my Colchester stater
Che 1sr
Iste af ElS which was benched last July.
Bath vessels will be equipped. Telephone to deal with the wide variety of import and export tralle fallow- ing this route, and will be cap able of carrying up to 40 orgy Containers. Extensive palletisa- tion of sulable freight is
such uids
R
about
Ls
The remarkable thing 17000 17,18 the recovery of the reserves
3000 R 17,15 that it has gone stendily on since Die turn of the tide in sterling's 10.25
fortunes Normally the three months from July to September is a bad me for Sterling
Cement
STORES EN Dairy 1040 1680 +X Watsun 1.40
131 Jane, UTAW, 13.30 INVESTMENTS
1.K. & you
Invert
to
CRO
3 Kelanta
11
saged and it is thought the employment handing wi fellitate a quick Turn-round of the strip.
The service to be offered by the new ships is three times week to Rotterdam and twice a
When they week to Antwerp.
the tame into service
New Year the Antwerp/Rotterdon
been -erviers will have
leicly re-equipped with modern
But only ships,
cae re-wat verseil will be left in the Har- wich flegt,
com-
Zound New 'K' Line Service
Down river At the Rayal Group of Dock -Victoria, bert and King George V -every- thing is on a larger scalu.
the largest area
#1
MESSIS
Kawasaic! Kisen Kaisha Lid, has annountend the inauguration of now
Cargo service from
of impounded | monthly
Town,
dock water in the world, with Hongkong to Durbau und Cape
mirs of quays, and can ac- ommodate fifty-four ocean Hung Baer at a time--in fact on occasion there have been us 2118 sixty. Liners Bally freighters from every entner of
Japan/West Africa Line vogels will operate on this new Korytar The ma Thigen Maru will launch the service and is
the world dock there bilgang due to leave Hongkong on De
The necessary foodstuffs to Bri-
cember 3. Subsequent loadings
tun, and there, in the largest and sailings will be monthly.
cold storage accommodation
slored
the Port of London.
Jamb much of the Canterbury
New from
Zealand; butter. cheese and eggs and other food- Muffs from Australia, New Zealand South America, bananas from the West Indies, and fruit from South Africa.
DOCKMASTER
The Bookmater, Captain Morrison, who is responsible for
the
morenient organising shipping in these docka,
of sald
barges which
that an average of 3,000 ships
year and 95,000
played a big part in
receiving
besides
and distributing cargo to ships on the Part of London-passed through the entrances, indverlivasous tuga, ollers and varlous other kinds of craft, The movement of ships had to be carefully planned ahead, In order to prevent damage and delay, and sometimes Bailings and arrivals were planned as far as a week ahead.
further still Tilbury Docks,
the centre of down river, la London's ocean passenger traffle, Since the war the Port of Lori-
Authority don
has Installed millions of pounds' worth of new equipment to speed up the load- int and unloading of ships; com- plete mechanisation of whole sections of dock has increased thu the spood of loading from quay by over 20 por went.
The Port of London Authority divides the stretch of the River Thames for which it is respon- alble into three sections, cach under
Horbour 112) Asistant Master, whose duty it la to on- aur, by means of continuous patrul, that tretic moves safely. All shipping on tha river la bound to obey his Instructions.
Cargo Liner Trials THE Elder
DO
Tendency
In these months we are 17.50 ng out more dollars than
take in and there is elrong
to
Strong Active Market
On Wall Street
New York, Nov. 10. American Telephone & Telegraph capital stock today soared more than a quarter million dollars in value to a new high since 1946 to feature a strong, fairly active stock market.
That risc
conflamed, that
telephone Grotonan Aireraft
Gulf Olt........... toyden Newport Corp Humentake Mining Co.
creal:-land
the American
paralleled reports, entrely un- Telephone Telegraph Co., biggest business
concern
In
that nation, would raise its 50 dividend sonte time in the not
distant future, The present $9 0 year dividend has been In effect since 1822.
Zenith
Radio
soared more
than eight points on rumotirs the stock which
spilt early in the year will be divided again.
The blue Bloods of the mar- ket joined American Telephone in spurting
to more than two points. Steels were strong, Du U.S. Steel.
Nor does it seem unlikely that will the confidence in sterling again be shaken by an inflation- ery rise of costs at home. Al-featured though every effort will be made over the next few months to check the mil in production and expand, encourage industry to the process is not likely to lend
for to a further riso in wages outstripping productivity,
+
Lo
Unless there is an internu- paytonal political crisis, British
we authorities
should be able wark
their towards
main economic objective, which is to free sterling's remaling strictions and declare it a con- vertible currency.
7.20 tendency for the reserves to fall
during that period.
15.30
serves now
run
Bul this year.
rise! The
1109 and re- 114 gone or uninterrupted
have a clear aheut. Falling a totally unfore- seen setback, they should go on rising for the months.
1202 F
TO
Dividend
de
London. Nov. 10, Marks and Spencer bas clared an interim dividend of 12 per cent, less tax.
t; [ necuni
the year ending March 31, 1958.
נונן
This compares with 10 per cent in the previous year.
Turnover for the half-year to September was £64,700,000, against £63,300,000 in 1957 Dividend is payable on January 1, 1958-China Mail Special.
Exchange Rates
Busine was done 111 Vit: exchange uneficial
miket morning at the following rates
Jucal this
U.E. dollar iper Bla Sterling netos iper El Australian Wed 9
77
13.58
EU
12.94
Indonesian cuplah (per 1000). Sla tieni (per 1001 Singapore (Stralis)
6 21.00
גיוון
several
Abolition
by
Punt featured the chemicals. Kerr McGee ran up nearly four in the olls. Magma rosą more than two in the coppers. Ford gained more than a point in the autos, Heinz rose Ave the foods.
in
Exchange
land Steel Co. Interchemical Corp.
Tat Dualiers Machines Int'l Harvester International Nickel International
int? Teleper John-Magville Co
Pittsburgh Piste Glain ......
Publicker Industries
Pira Q
Badlo Culporation
2135
1241
13
Redly Corp, Prof.
130
104
30
tepublic Steel
Reynolds Metal
Beary, Rochuck & 65.
Shell Ou Co.
40 Saint steg Ppper
no
121
02436
491%
14
Kaleer Jaqustry
Kamas, Power & Light
Kennecol Copper.
100%
Liggett Meyers Tob. Co.
761 x
Lockheed Aircraft
300%
ZO
113%
Loewe incorn. Lana Star Cement Co. Lowerwin a 50. MeDermott J. Ray McDonnell Aircraft
Block ExuO.)
National Biscuit_Co.
National Lairy Prod. National Steel Carp New York Centr Norfolk & Western By.
10%
Sunelake
Bocony Mubl oil Solar Aircraft_
South Puerto Rica Sugar
Routhern Co. (The)
Bouthern National Gin
Bouthern Railway (Com.)
Blandard Branda
Standard Oil of Cat.
Standard Q at Ind.
Standard O of NJ.
Stoop Rock (Toronto Exge. Sterling Drug Co.
Stokely-Von Cop
Bildetakor Prokard Corp.
Sunshine Mining
Texas Co
491% í Tde Water Aas, Oil
Tune Inc.
Tri-Cont. Warrants
Twentieth Century Fox Film
51
Meapbt Iron Corja. Minnesota Mining Miamo Doverprint Montenuto Chemical Co.
tontgomery Ward Motorola Inc.
101
Swift & Co.
219
Textron The.
316
404%
473
LOT
Union Carbide
Union Oil of Cal.
ZTE
Union Pacific Railway
01
United Aircraft
24%
23 A. Gy Co.
Untied Clas Cutp.
03
314 UR. Smelting
33
0932
22%
401
1041
PO
57
North Amer. Aviation North-west Airlines (Com) Olin Mathieson
e finals Glas
Elevators
Oxford Paper Co.
American Stock volume was 1,200,000 shares.
New York Stock Exchange: Pan American Airways bond volume shares.
Padic Gas & Elec.
Philip Marrin
Procter & Gamble Co.
Was
$7,080,000
Parnincunt Pictures
Parke Dave Co
Penny J. C. Co
Perm, Salt Co.
Dow-Jones closing
averages
were:
30 industrials
557.72
20 rails
162.71
be
15 utilities
H.70
mocks
103.00
40 bonds
00.42
Comm. future price index
*
103.16
Closing Prices
*
Alden Inc. Aey,
Alled Chemicals
9415
Allied Mülle Inc.
Allis Chalmers...
20%
Ain. Brake Shoe
4142
of dollar
American Airline
2414xd
Am Cable & Radio Corp.
B
American Cyanandd Cu.
50
base this belet chiefly
Amerleons ssatisfy the
On
Amer. 2 Baren. Power
17%
Am. Gas & Electri
50%
130
53%
te-
There will be a technical re- December verse however, in when Britain is due to pay on an instalment of $181 mil- llon on North American loans. the reserves Last year when
Belton were dangerously low, exercised her right to postpone At the end of 1950 payment when sterling was shaken by the Suez affair, the Interest portion of the payment was waived.
the
Just how far they will able to go towards this goal de- penda
that on circumstances cannot be foresoch. But I stick to my belief that the British Glav- ernment intends 1050 to be the that year of convertibility and by convertibility it means not the mere unification of two existing
but rates for sterling,
the abolition of virtually
FC- strictions on importa goods into Britain.
I
لام
But this year Britain will pay the fact that nothing less wil the instalment in full and
whose will undoubtedly cause the help is necessary to bring about serves to fall in December. But conditions under which sterling the fall will probably be smaller can safely "be convertible."
amount of payment than the
upward danoling a continuing trend of gold warnings.
Looking further ahead.
to further steady signs point
İns. in the past period of growth in reserves usually have In been followed by a crisis. 1951 1 was caused by a sudden Britain's adverse movement in terms of trade; in 1953 by an Inflationary boom at home.
No such crisly appears likely for 1999. After thele recent fall, 217 tending to 1.06 import prices
COMMODITY PRICES
FOREIGN EXCHANGE
NEW YORK
Closing rates were:
L'anada England unofficial Uruguay
103 6/33
1070
2 701-22.05.
LONDON
Others unchanged.
2.807, 290 11/14 2.72-2.12 3/10
19.10, 1950
Closing rates were; New York Montreal Antterdams Brussels Cupertingen
Frankfurt Lisbon Mhu Istin Zurich
130 5215-120.67 18.30-19.35 11.70-117014
30.10-00.20
174/1-1723
51102.23
No. 1 He put
Settirment nouke Veran
Jan/Mar
Dec.
April/Juns
Juty/Sept.
001/Dec.
20-10-2015
2014-20
201
General markets, cif hakla, port
NuV. Dec.
Estate crape in Dec.
-20
2012-201 204-201
thick Dre
20 #7%
COTTON
NEW YORK
Prices of cotton futures closed today as follows:
Spol
Dec.
Mar
MAJ
July
UP.I.
Dec.
Mor
RUBBER
NEW YORK
rubber futures
SUCAR
One of the main conditions is should that the world at large have suffelent liquid reserves to nance its trade. If it hasn't and stering is declared convertible, all that will happen is that other their will replenish countries own reserves at Britain's ex- pense. Convertibility would end in tallure us it did when an attempt was prematurely made in 1847.
Co-operation
To ensure that there shall be sumclent International reserves available when sterling is freed. իր: the British Government urged other countries in the tree world to treat the proposed 50 per cent increase in thely quotes in the International Morictary Fund as o matter of urgency.
American co-operation in this
Am. Home Prod.
An Mech. & dry. American Metal American Smelting Am. Sugar Ret American Tel & To American Tob, "B Anaconda Copper Ameo Steel
Armater ...... Atlas Cops MudR Baldwin-Lin-Man
Balunore
Benclicial Finance Bendix Aviallem Corp, Benguet Co.
Bethlehem Steel Boeing Airplane Borden (The), Co. Burroughs Add Machine
73
33 U.B.
721
U.B. Hubber
Us, Steel
US. Steel 1 PC PT
Warrier Bros.
Westinghouse Al: Brako Westinghouse Electri
Western Union Tel. Co. West Va. Pulp & Paper Woolworth
-V.P.I.
B⋅I E&A
P.OB.I
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N, CO.
Outwards
"SALMARA”
*CORNU"
"SINGAPORE”
"CARTHAGE"
"BOUDAN" "FERIM"
Calit. Packing Corp. Campbell Soup Co. Canadian Pacile R. Cuse (J. 1, Co. Cat. Tractor Colon Corp.
2124
2014
234
3715
5041
021
C.I.T. Financial Curp. Chase Manhat. Bartk Chrysler Motors Chett Peabody Colgate-Palmoliva Co. Commercial Credit .. Connonvenith Elec. Conmildated Edliwa Continental Off of Del.
Crown Zelierbach Cuban Amer. Sugar Diamond Alkali
Diamond Match Co.
is essential. It has by far the Dow Chemicals .. largest quota in the IMF and Dupont de Neira would have to provide $1,376 Eastern Airline Eastman Kodak million of the proposed increase of $2,300 million in Fund's re-
SULITERS. New York, Nov. 10.
4 World No.
sugar futures cloned today unchanged to three points higher with spies of 75 ctatracta,
Domacalie No. 6 sugar futures closed unchanged to two points higher with males of 97 can- tracts.
Contract No. 4 (world) Jani 3.42: Mar: 342: May: 342: July: 341 Sept: 343: Det: 14 Spot-icent per lb. fob Cuba: 3.42.
Open interent: -0,820 contract.
Contract No. 6 (domnullo) March: 0.14; Mey: 373: July: 6.79: Sept: 6.83; Spol-fcents per lb. eir NY ex-duis): 3.85,
Interest: 450 Open
19.35
30.21
28,M
30.30
36.60
U.P.I.
32.00
31.91
32.01
NEW ORLEANS
Prices of cotton futures closed
today as follows:
Spot
Dec.
Mar.
May
July
today
fct.
De.
Mar,
nex closed 00 10 00 points higher with sales of 81 contracts,
Cloning prices;
Nov: 32 Jan: 32.30; Mar; 32,15: May: 31.10; Juty: 31.93; Sept: 3196; Nov: 31.85.
་
LIVERPOOL
Cotion future
closings, in pence per lb. were fe follows:
American Contract Dec/Jan: $2.80; Mar/April: 21.30; May/June: 21.00: July/Aug: 1.00
canlesets/m
METALS
NEW YORK
El Paso National Gas Firestone Tyre & Rubber Ford Malor
General Dynamics
Although America sponsored Genersi Fectitu
General Food" the resolution to increase IM General Motors quotas, the consent of Congress Gen. Pub. Util.
| Getty "Oli........ needed to give it effect. And 9 Tyre & Bubber
one In which adds Co Congress-even Democrats, who have a parental Goodrich (B..) Co. Interest in IMF, are in a strong Goodyear Tyre
hava Bome majority-may doubts.
Too Little
One of these, is that America docs too much giving and gets too little in return. Many Cón- gressmen share the view of the First National City Bank of New York, which wrole in its monthly Bank Letter this week:
"Congres and the American people will have to be convinced thai further large contributions to the World Fund and Bank
45%
STOCKS LOSE IN LONDON
London, Nov. 10,
will serve the national interest Stocks lost a good deal of ....in partioular, the American
Prices of metà! futures closed; bualness community will wont today, in cents per liù, as follows: assurances that a further sub-
JRO
stantial United States conrin-
12,15h
12.20
11,416
on to the Fund will go along
11.46
30.30b
with further moves meaningful
toward
convertibility
30.50%
34.76
31.21
30.50
10,33
34,50
32.07
Lead Dec.
31.00
Jan.
12.00
Zine Dee.
Jan Copper Dec
*Tin
Dec. Jan.
$7.501, 97,760 -UP.I..
LONDON Prices of metals closed today in sterling per long ton os fol- Mixed Contract
MAT/ADHI: 12.00; lows: Dee/Jani 22.051
Buyers deliv Spifflov, 21.00.
103 104
SAO PAULO
70015
297
50715
All prices unquoted,
+
2401
AMSTERDAM - The rubber market was steady Def/Nov: 21.00. today. Pricen cloted in guilders| Dempster cargo finer Dazu of 7,000 tons will
lows: soch undarga Irinis on the Clyde,
She is intended for fim West No. 1 rubber African trade with a Cargo No. 1 rubber No, rubane Capacity of 10,000 tone including No. 1 CEPH tanka él palm all, glycerine and
per kilogram, aif Nov. es ful-une: 21.no, July/Aug: 188; Ti
ground nut oll. She
a
1
LONDON
2.54 110.
2.12 som
2.47 buyer
Rpol 5-month
Copper
Аро J-month 2.70 Unyera In the United States, the 11 tale
Kov. average price of one-inch cot-
780. ton at 14 designated spot mar-
Zine as if rubber markol waskets was 34.70 cents.
Nov. with spot quoted ati Total sales wero 87,047 stés, ---U.P.I.* 20 1/10 pencn pez 15. Prices:
specially arrangest fuel nystein which will enable her Beat The
Donford engine to run on heavy diar
oil.
their recent buoyancy to. day with profit-taking turning the market irre- gular.
Engineering shares, including Itootes im- firmed." currencies of principal trading Vickers,
proved in the auto section. nations."
Etores opened frm but became Olts moved The punch that that state- irregular later. mant packs Is in the word erratically and foll away later "meaningful."--London Express following reports of the air at- Service.
lack on King Husspin's pinne o it passed over Syria.
Gill-edgost
Cotton Crop
bonds remained nut ot favour and further Foto-f AC were recorded. bonds were dull and there was
ille change in the rate.
Gold sharet
werd quietly
Washington, Nov. 10. The Agricultura Dopartment 19xx comated the 1950 cotton cross at 11,764,000 bales, up 60.- 000 bales or ayout one per cent,firin, Coppers canad while tiny from last month's forecast | were firm. Hebber aliares dlso U.P.I.
were firm.-U.P.I.
Leaves UK.
Balled /
Salted 18/20
Salled 10/10
Balled /11
Balled 1/1
Due Hongkong
In Port
17th November 17th November
13th Dogunder
17th December
14th November
14th Dececider
4th January
"COROMANDEL 30th November
Homewards "CONFI?” "BALMARA" †
Leaves Mongkong Dus London
21st Novinkar
7th December
"CARTHAGE” 18th December
*PERIAT”*
6th January
Mad Deceinber
10th January
10th January
7th Febrášky
Vis S'pore, Pennax, Colombé, Bombay, Aden a PL sist † “BALMAKA“ LORda for sizalia Party, Aden, Pt. 'Baid, Londen, klemburg, Kötjerdam & Antwerp,
• "PERNS" Loads for London & N, Consment háfy.
BRITISH INDIA S.N, CÒ., LTD.
"SANTHIA”
400 19th Nov,
at 12 Nov.
"PACHUMBA"due 4th Dec.
skus Bth Dee.
from Japan for Ritgepora, Penang.
Rangoon & Calcutta
from_Jacen
L
for Singapore. Penang, Rangoon & Calcutta
P. & D./B. I. JOINT SERVICE
"URLANA"
"ORMARA”
due IRth Nov.
katie 19th Nov,
JA Port iella 13th Nov.
from Bomber. · Cochin d: Singapore for JADRO
from Japon
for Singapore, Bunder, Abbas, Kuwait, Faersḥ, Kaotsamahar & Carach
EASTERN & AUSTRALIAN 5.$. CO., "NANEIN"
due 13th Nov,
alls 14 Nov.
LTD,
from Japan., N. Chip Zor Labuan, Gandaken Brisbane, Sydney, Met- baline.
tram Australja das 18th Nay. "EASTERN" as th Now, to Japan
All Truls havi ülbarty' to, såll Ab any ports 'an ox off the roulé à Cica santo de nailļnge and subject to change or amendment with or withouę wytlen,
far fali pieticuloe: apply for. MACKINNON. MACKENZIT & CO,
OF HONG KONG PHD. Telephone No: 277014