TRANSPORTATION
OKINAWA BUILDING
JET-AGE
AIR TERMINAL
CIVIL AIR
FOR world travellers in this jet age, Naha,
Okinawa will soon have the most modern passenger air terminal second to none in design in the Far East.
Ar
THE CHINA MAIL, TUESDAY, NOVEMBER 25, 1958.
INFLATION WORRIES IN UK
Reasons For Unexpected Cut
Bank Rate
In
By RONALD BOXALL
London, Nov. 24.
Last week's cut in the bank rate from 41/2 to four per cent was the fifth reduction this year-and the only one that caused any surprise.
Given the fact of an Delive policy, predicting manetary changes in the Bank Rate is not too dicunt. Most of the informm- 12thin on which such deelstons ave 8 made is available to the public and conclusions that cnti be drawn from 1, seldom, if ever, those from
Re- vary signißcantly reached by the authorities.
Bank murt cently, therefore.
anti- Rate changes have been cipated, and only the timing of an actual change has sometimes cased any "surprise."
This is the opinion of North-¡ fremmal is heated on some
acres of reclaimed land Manager west Airlines Station
speaking the northern tip of Naha Gordon T. Granlund,
U.S. 12
Air Force Schurina Bus In his capacity the rombined Airlines Operating installation with one 9,000-foot echerete runway and a 0,00u-tol whel: (AOC) Commutter.
In addition Inter cutarrete tax strip. four
making aviation defence needs us the utlines
Furce and the US stops here US. Alr
the U5 Governmetal and the dozen carriers making NavY,
provides full use of the runwa Conical
1711 Connreizl Die to
vising Okinawa.
Lepresents
national
regularly-scheduled
#110,000
Ryukyus
serslau shops Fesidenta
the
Front view of Okinawa's
now passenger air world's terminal expected to start catering to the
air travellers next February.—(USCAR Photo).
bril
"We're get Ling The possible building" to erve the
world's air travellers, sd Mr JAPAN SWAMPED
Granlund.
The
bull's
owners, the Naha Air Terminal
Company, a Ryukyun organisa-WITH SHIP ORDERS
tion, went along with quite a few ideas of ours in the actual
planning and construction of the tamina)," he said.
MANY IDEAS
TAPANESE
JAP been
Caught Out
But this tune the pundits were caught out. True, the gilt-edged market which usually discounts a Bank tale change well in ad- vance, has been falling for the But this had past few weeks. nothing to do with en expected the On Bank Rate reduction. contrary, it has been falling be- euse Investors teur that recent anti-recession moves will lead to So new inflation next year. they have been switching
from ell-edged investments stocks, which carry a fixed rate of interest, into industrial shores, which have a bußt-la protection against inflation.
their
down to a "realistic" level, ready for the upward move that may be necessary later on,
Puzzle Key
So we have a curious situa- tion in which a short-term policy expan- willo is directed towards the Fion of consumption, longer-range thinking is turning towards the problem of death with a new lanation
The key to the puzzle is con-
any sumption-economic activity that has for more effect than other on the level of a nation's output. The inflationary bubble burst In 1956, when consump tion rose much less than in the previous boom year-nainly, R seems, because of a sharp rise in relalt prices. Industrial pro- but it duction stepped rising.
months, until recent was not when production actually began to fail, that the problem stopped being one of inflation, and be came instead, a problem of re- And the means chosen cession. to deal with it was the abolition of all credit restrictions previous-
CITY LIGHTS
11
Having Called to predict however, experts have conceded that the latest Bank Rate re- duction has a certain logic be bind it. It would be expecting too much to hope that it will enable industry to put more MEN to work this winter.
OS.
алу
likely benefit must be looked for
on the negative side. And it is
not too difficult to find.
Riding High
Externally. Britain's economic position has never
reserves
been better
-Actually
ts
พบ
have gone on
rising
favourite picture-
Landre presi 247PICT
Tokyo. shipbuilders since the war. Guld and dollar swamped throughout the seasonal period with orders for 300,000 gross of strain on sterling, the pound on world tons of ships from foreign itself is riding high
the balance of into the firms since the beginning of markets, and pileus Linsed ant this month, the Transporta-payments is running strongly in known aupers such as Hanedation Ministry reported.
The airlines "threw
TEL
E11 experiences
Iri
; nd
London on parts.
risk was turned
nstruction
regularly
They
well-
New
از
in the seven months
ents
our favour.
J
ly imposed to courage con- dumption.
is nut But consumption But hiternally, the position is thing that can be regulated like a Laja. Industrial | the flow of water from cause of anxiety.
un Fine adjustments are impossible. production is ragging and
A reduced rate of growth in ten- employment is rising and is ex- Plus cun-
industrial sumption farled the pected to rise more.
stagnation that led to the pre- Juncture alone may not be suff-
for reducing
sent recession and only a sinal
to is needed Increase
rnati Hunk Hate, but added to the
meustry to bring its tw idle feet that when the present res cession is over-us it is expected capacity into full production. to be in a few months' time. inẞation pay reappear as
reduction danger and main
elent rear 1913
the
150
UD 10 Toky lewd in
Brussu York, and the Shannon, Ireland tætober 31, only 222,000
Not
vas ut ships for export had at the Naha been ordered.
that sile 11451 the he Muistry predicted scheduive Airlines the late flood of orrters winald send Jupun's total of sulp ex- satielled were representatives with the Anal building plans
unnage above the 800,000 endorned oncli separute Fuse lou mark for the current
your, which Thus, the buildings al
March 31, 1959. sting $250,000, half of it leted by the Ryukyu Heron-
an SURPASSED struction Finance Fund Bank of Ryukyus, is an amalgam
The totul now stands 1 After the tour previous ideals and
As pul of reality
522,000 gross tons, and already duetions of the Bank Rate, the together by
Airlines, the
hus surpassed the Ministry's was still regarded as high given bolding owners, contractor and the architect, Mr Runeo Miya-original gont of 500,000 for the the facts of external strength and
A interul recession. hira of Naha. Completion is ex-
that reduction to four per cent could pected around February.
widers were taken a cat-rate | safely be made. But the fact that
that
general was made ugainst prices, but did appear
probably means expectation places were low.
lar- that the airthorities too, are be-
The 37,000 square feet two- rtorey building is a solid mass
of steel and reinforced concrete. and thermopane
(double- thickness Insulation) glass designed throughout. specially
withstand
blasts typhoon from the East Chine St.
to
The
cotire fiscal year.
denied The Ministry
nakes sense,
ru-
!
further
The Ministry's original gets were 500.000 gross tons ginning to get worried about the in receipts passibility of renewed inflation and $145,000,000 But with 522,000 gross tons al-once the present ready ordered. The receipts total over, and have taken the pre- coulion of getting the Bank State nly $133,006,000 --11 321
recession is
COMMODITY PRICES
RUBBER
NEW YORK
The rubber futures
market
today closed 40 points higher
to 16 points lower with plus
ol 52 contracts.
Cloning prices:
Nov.
Jan.
Mar.
My
Mily
Sepi
Nov.
Dec.
Jan/Mur. April/June
23.201
General markets, elf hanta, ports:
Dee. d Jan
Esinte crepe thin
Dec.
Entate crop thick
Dr.
AMSTERDAM
New York 2014-2025 Montreal
Amsterdam) 2014-2019
Brumela Copeshangw
Milen
Parim Stockholm
2014-20 Frankfurt
27
271';
The rubber market was dull toxify. Prices cloned, today In zuliders per kilogram, c.i.f. December us follows:
33.40
No. 1 rubber
31.40
No, z ruliber
+1.25
No. 5 ruliber
21.10
No. 1 repe
31/0
31.00
2.33 ner.
2.30 nom.
2,4 110.
13 menu.
-V.P.J.
SINGAPORE
The market opened sightly higher in sympathy with over- sens advices but eased on a very quiet market under trade and Federation selling.
No. 1 rubber per 11, Dec. 0913-0015
Jan.
No. 2 rubber per Th. Dec. 13-07
No. 4
Apoi rubber unhaled
Dianket crepa
No. 1 pale crepe
LONDON
FOREIGN EXCHANGE
NEW YORK ·
Closing rates were: 89-91 Campás
England Gerelat 76-74
Do-day 53-03
Australia New Zealand Smith Africa Beigh
The rabber markel was idle
with spot quatéð al 25%1⁄2 pesco
per # Prices:
No. Nespol 'managers Mellement house teczna?
Mentina
trügilay
Other unclubed.****
LONDUR Closing rates were:
2.312
202 vie
No.
+
"
BAB
2014-20
Vieman
Zurich
Others
28014-202
2,70 9/10-2.70 11/10
10.5714-10.5745
139.45-339.50 1034-1934) 11.00-11.09 11447-1745
20,004%-20,007: 1704-1377
14.45-14.487% T2.12-12.45 12.23-12.23% unchanged V.PI.
METALS
LONDON
The tin market was quiet and coiler. Lead, copper and zic were also easier today,
At the end of the unofficial
May Be Tipped
HONGKONG
STOCK EXCHANGE
Our Own Correspondent Businces dobe on the Hong- kong Stock Exchange this morn- ing amounted to approximately the morning's transactions were BANKS
$282,000. Noon quotations and
Sharks Bayera Neliers
Union
SHIPPING
Wherinek DOCES, HIC.
K. Whart Dock
Provident
10)
LAND, ETC HK Hotel fik Land Humphreys Renty.
Balel
LARGE SELLING ON
WALL STREET
New York, Nov. 24.
Selling hit the stock market in volume today, slashing prices from a point to three points or more and forcing tickers as much as eight minutes behind floor transactions.
Tickers rin late through the, Cat. Tractor first hour handling the volume Financial Corp.
23 a 243 which increased siendily as the
decline gained momentum.
740
170
5.20
BG
24
12.40
21.40
30 2012 14.40 16 1.35 1.3715
73
300 M
30
500 na
2000 8
5700
1.30
Artois.
1.05
1,00
100 M
10 15
1000
1000
1&13
1413
Trum
2.03 3,15
A. Tawak
Sungla
2.48 2.03
UTILITIES
TinGL
.... 23.39 25.70
103
25.00
1000 A
M DO
1,00
TO
16.00
7
1300 <1 500 4
24.20 244
1000 $1
Star Ferry Vaimenti
P. Light
(0)
Electric
+
1Rt. 13.10 1.30
21.70 23.90 R) 7.00 7.16 INDUSTRIALS
Telephone
Cement 241 24.90
STOLESA EIC. Dairy
The market, already consider-
ed in a vulnerable position be
of recent wide gains, had
two things working against it-
Colonesa Cep.
ysler bloturs
Douglas Aircrali
Dow Chemkals
Paramount Pictures
Co. Penny
Procter & Gamble Co.
Publicker Industries
Pure 01
Redion
Blader
Prof.
Stop blic Sicel
Bears, Roebuck & Co.
E?
2014
M
Pena Sali Co
50
Philip Morria .............
Cluett Peabody.
cukmiblan Carbon Çə, Contineath Oil of Del Dansand Aikait
415
42
Dumond Match Co
32
17
701
10015
Shell Oil Co.
Sauit Rex. Paper
*
3015
9chair Oil
624
Sorony Mobil Oil
Solar Aireraft
47
19
Stuth Puerto Rico Sugar
71
National Ons
117
31
the President's move to cut bud-Dupont de Nemours
2 Pako National Gan
get figures and the Thanksgiving Family Finance Corp.
Day holiday on Thursday which many traders will extend to a long week-end.
Trading was on blocks rang
14,000 share in Bethle- ing hem, 10,000 Studebaker-Packard and Schik 7,000 Royal Dutch, 4,000 each in Jersey
eneral Dynamics
Gen Pub,
Ges. Tvie Rubber
Goodrien
¡A FI CO Gunman Abereti Gur ou
Heyden Newport Cory Boine Lake Mining Co intend Sweet Co..... Standinterchemical Corp.
nd US Steel, 6,500 American Telephone, all at lower prices. Full groups were hit
Blue Chips
Blue
American Tele- chip docfined phone
34 pointa There were drops of three more in Dugies Air- points or craft. Youngstown Sheet and
Tube, Minneapolls, Honeywell, 300 470 Merck, Eastman Kodak, Allied
7201 01
24.00
500 12.70
Chemical, Du Pont.
Zenith slumped dry points
lost more
iban
15.00 Rethlehem and U.S. Steel each ในท points. a point General
Genera!
Motors feit
2015 15.70
200 41
500
Walsum
12.30 12.70
000 1000
13.40 13.80
3.00
13.00 Magma
down 1wo
Synamics
and
Bouing
2000 61
500/
Lane. Craw, COTTONS Textilen... Nangang
MISCELLANEOUS
Fest
INVESTMENTS
but Inv
18 18.20
A
5.15
500 2 Rao Coppers were off sharply with 1800
2000 7
853 788839-
feit
around two in the aircrafts,
Later in the day the market
:00 | closed
CHATTER ON WALL STREET
There
New York, Nov. 24.
is a considerable amount of profit-taking in ovidence, but this type of selling is being absorbod ahead and pricos move again. The market has a here strong background and Further advancing tendencies are looked for -Van Alstyne, Noel & Co. Pan American Sulphur Co carnings are running moderately ahead of Bl yeur's spits, whereas the earnings of 19
a11 Bre
down- competitors Amott, Baker & Co.
carnings Mack Truck
at $3 1958 estimate d
VIDE
for shiney
The fear is that the measures may stimulate already taken, too much consumption. In other words the seale may have been with a sharp recovery to 30- tipped too much the other way. $3.00 expected Many observers believe that once cormings of New York Centeod the new measures take effect, all have shown
in prevent macul this the old inftationary forces now
to continue
than
mod
dormant leal nut deed wll_se Trend $% revived in a particular tendency | despite an eight-cent buil for wage to rise faster
wage increase to employers on productivity.
November -Paine, Webbur Jackson & Curtis,
Can a new inflation be pre- vented by use of the Bank Rate? It is too koon to say. But by their recent performance the authori- ties have shown that Bank Rate action is no longer too little and too late, last week's reduction shows that
looking they are ahead-end probably means that the next change will be upward. -London Express Service.
STOCKS IN LONDON IRREGULAR
London, Nov..24.
Subsidising
Con ese wil mak: subsidis ng of the buliders one of nom
first orders
of business
chases when it convenes will probably authorise mort-
purchases
with a total of 1,267
1,042 declined and only 126 Improved, New York Stock Exchange bond volume was $8,550,000.
American
Stock Exchange volume was 1,000,000 shares.
New York Stock Exchange
issues out of which
volume was 4,770,000 shares.
Dow Jones closing were:
30 industrinin
20 rati
16 utilitem
(5 stocks
40
bonds
Comm. future price index
Closing Prices
Allied Cheraients
Allied Mille Inc.
Allis Chalmeta
Anz. Brake Shoe
American Cable & Radie Corp America Cyamanid Co. Amer. Forga. Power Aur. Qas & Blectric A Home Prod Am. Mach. & Fdry American Mutal Am Sugar Ret Bridwin-Lima-on
Beneficial Finance...
Itendix Aviation Corp
Bethlehem Biocl.. Boeing Airplane
Buiden (The Colos
Burroughs Auti Callf. Packing Corp Campbell Soup Co. Canadian Pacific R Case (J. L) Co.
H.89
130A1
0531
100.13
002
153.17
ELECTIONS
BOOST FRANC
Paris, Nov. 24.
The election results boosted the "free" market value of the French frane two paints today.
International Paper Jon-Manville Co Maker Industry Liggett Meyer Tob. Co. Lawn
the Star
Cement Co.
Lowenstein & Sons
McDermott J Ray
Alterati
40*4x4
Southern Co. *** |
Southern
Southern Railway (Corn)
Signend Brands Bandar
O Cal 17andard 00 of oral
A'
Standerd of NJ
1119 Sleep Nues (Tocanto Exe
$27
Studebaker-Packard Carp
Sunstiine Mining
Swin & Co
Texas Ci
704.
| Textron int,
مالان
Tide Water A95. ÓR
Tr the
Tri-Cont. Wahenta
32% wentieth Century Fox F
McDonnell
Ain
Stock Exgej ... Membi Iron Corp. Monsanic Chemical Co.
limon Carbide
Union Oil of Cat, ...
Mong
Ward
40%
Union Prune Railway
Motorola
finited Aircraft
National Bisvall Co.
United Gas Comp.
01
US. Gypsum
474
US. Lime Co.
101
7242
US Rubber
2016
US. Smetting
15. Strel
712
U.9. Sed 7 P.C. PF
Com
24
National Canting. National Dairy Prod National Lead .... National Steel Corp.
New York Central Norfolk & Westem Ry. North Amer. Aviation North-west Airlines Olin Mathieson
Elevators
Owen-linola Glaxa Oxford Paper Co. Pacific Gas & Elec
Pan American Airways
*
DALI~ and
»
The value of the trane on the
open market was quoted at 449 to the U.S. dollar compared with 451 last Friday.
•
at par- Kage Engineering News-Record
Increased emphasis on pre- mium-priced tyres and a grow- market in- ing replacement dicate that capacity during the Gret half of 1959 will be more utilised than in 1958--Journal of Commerce.
General Tyre 1938 prollt est- mated at 1.6 against 2,12 1957 with a prospect of 3.30 ht 1959-Ira Houpt & Co.
The machine tool Industry is still in the doldrums. New orders Stocks moved irregularly to have failed to improve in the
'day in cautious trading.
first nine months, but Industry Concern over the German has a great comeback potential-- crisis helped to keep the market | Value Line.
on edge.
British Government
California Electric earning. bunds closed mixed with wor rising from 04 cents a share in Loan 3% of 0/3.
1057 to 1.10 estimated for 1056.... German bonds declined again Tampa Electric net for 1853 In the forelim group. Other at 1.75 against 1.05 in 1957 with foreign lens moved whin
The official rate is 420 to the dollar.
At the same time, the Paris bourse reacted favourably to the marked awing to the right in yesterday'a nation-wide voting. Values of French shares, particularly petroleum and com- panica with North African hold- ings, rose in today's trading.---
U.P.I.
Singapore Stocks
Singapore, Nov. 25. Brokers today quoted the fol- further rise to 2.25 projected for lowing stock prices:
& Co... narrow range. Industrials open- 1000-Harris, Upham
cd on icsitant note and turned |UP.I. canler before the close,
South were
Qu
gold Issues African fractionally Jower, and rubber issues declined- U.P.L
London Silver Prices
Batu Lintang Rubber
Opening
ca. 18. $2.10 British Borrea Petro-
Jeum fyndente 50/ exdiv Colidated Thn Smelt-
era Ort, Praner & Neave Ld.
Ord.
20.
51.0115
Iternoon sesalun, prices closed Agreed Merchant The price of silver remains armors, 11:42
Rates
Swiss Franen, runximum grB- 7574Ing 76-3/10,
Fraser & Neuro Lld London, Nov. 24.
en_pref. unelinnged at 774 and 76% Hongkong Shanghai
Comp...... $305 pence respectively for spot and on th
mana....... forward-U.P.I.
MOTORE Kampar Th LAND RUNDer
Ltd.
Drewetion For $3,00 Molayan Nave Herardots Rubber
West German Deutschemarks Exchange Rates
in sterling per long ton an fol-
low*:.
Buyers Sellers
Thu
29 7/10
1.09 19/32
100
760
2,72 7/10
+muti Compet
Sinot
100
700
inaximum selling 715%.
22312 2201
224
0 11/10 Lend 2nd half
NOY.
3439 7424
Belgiem ramen maximutan Felling A
3000
4
74
Zine and half
NAT.
73
Feb.
Petaling TID LA
Tlates Holef
1.77
Bundnew was done in the Untoiat ht market
thie morning at the following roles:- Mulayan Dollars: Maximum S., dojier (per $1) Selling, 44 13/16. Minimum Arling notes (per' £1100 Duying, 63 5/10 T/T: 53% OD; Aralin nudes (Der £11. Indonesian rupiah (per, 100) 160 110 30 days; 53 1/10 00 Glam Hosla jper 100)
Jayz..
Singapore (Balta)
more Cold Atorage 18.91 Straits Trading..................... 1199| |STUMÍCH. Stevenwhile, ku
0.10 Upнed Enganche ɑn. 20.70W+ame Bros.
Upd
$1.64
50
$0.0
$2.
Cling Mall Sproval,
*
如
201
Warner Bros
Westinghouse Air Brake
97
יוז
137%
224%
27
47
3491
0214
93xd
派
27xd
WEAKINGHOUse Electric
Western Union Tel. Co.
2015
West Va. Pulp & Paper Woolworth
19!
-V.P.I.
P.OB.I
COMPANIES
TNSKA ADURGARAGE DOO
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL $.N, CO.
"SOUDAN"
**PERIM"
Lever U.K.
Salled 1/11
Salled ASIA
Salled 14/11
Due Wongkong
9th December
Outwards
"CARTHAGE"
"COROMANDEL" 28th NavRIDOR
170 December 14th December
4214 Janunty.
10th Jane TY
12th January
"SUBAT" "CANTON" "CHUSAN"
Flomewards
"BALMAKA” † "CARTHAGE" **TERIM" *
"CANTON"
"CHESAN"
8th December
12th December
23rd Deceinber 21st January
Leaves Cangkang Due Landon
7th December 16th January
18th December 12th January
9th Janua
7th February
18th January 16th February
3rd February
3rd March
Via S'pore, Penang, Colombo, Bomh17, Aden a Pt. Sat.
↑ "KALMABA" forða for Sizálts Parts, Aden, Pt. Sald, Lom dota, Flamburg, Rotterdam & Antwerp.
* "CHEN" loads for London & N. Continant unity.
BRITISH INDIA S.N, CO., LTD.
from Calcutta, Rangoon, "BANGOLA” das 20th Nov.
Penang & Singapore sads 30th Nov. bar Japan
-PACHUMBA” due 17th Dec. from Japan
Balls 19th Dec. ft Slogapore Penang,
Rangoon, Calcutta Ludugong
P. & O./B. I. JOINT SERVICE
dus 30th Nov. from Carachi Klik Uen.
sta Doc.
LOT JADE
from Japa
Dubai,
for Bingapore, Penang. Cochin, Bombay, Kata- chi, Muscat, Kuwal Khorrainkh EHF
from Bombay for Jup
from Jaga
fur Bore,
erectil Dubai, Kuwait, Baguh
& Khorramahal
*
"PADANA"
"ORDIA"
dae And Dec. 4th Dec.
"UMARIA"
"URLANA”
dua
0th Dec.
dio
Em 1162 Jez.
Dia De
EASTERN & AUSTRALIAN 5.S, CO., LTD.
"EASTEIN"
#ARAFURA”
Apacs Iohn De
il 14th Dec. for Labum, Sandakan. Brisbane, wydney, Mal
vourner de Adelaide
from Australia
doe 11th Dec.
1 13 Dec, Trot Japan
All vessels have liberty to call at 'kty 'perta on or of the route & the route à sailings ära redjøet. to change or amendzient with 'ar without betles.
For full particulars apply ter
CU. MACKINNON. MACKENZIE
OF BONG KONG LID. Telephone Nos 27724-4.