FRANSPORTATION
THE CHINA MAIL, WEDNESDAY, NOVEMBER 26, 1958.
Fresh Selling Hits New York Market
New York, Nov. 25.
A new selling drive struck the stock market today in the
last few minutes of trading.
INCREASES New York
WORLD MERCHANT SHIPPING INCREASES TO POST-WAR HIGH
London, Nov. 26.
WORLD merchant shipping increased this year WOR
by 7,788,000 tons to a post-war record of 118,034,000 tons, according to figures issued here! today by Lloyd's Register of Shipping.
The
Agures were
based on
tonnages entered in the register |
by June 30 and compared with SUCCESS FOR
those of a year earlier.
They showed that the United
States remained the malu mer HYDROCONICA
cunt shipping nation with 2,-
500,000 tons though this wi decrease a 321,000
1037
Second
raine
ties:
Brt
11
T
THE
Commonwealth with 24.656,000 tors, on percase of 623,000 19 compared with last yeat BRITAIN SECOND
Byltin
British shipbuilding company Seawork,
the
Cotton Market
The market had tried parly today to rally. I did manage to show a smpli gain at noon but this wON eraard later and Annlly just before the closing gong sounded the trend turned down in nil sections with volume swamping the tickem.
Trading for the session as a whole
Tell below yesterday's 4,770,000 sharca.
Late Interests centred on the leading steels, metals, chemicals, drugs and special issues. Outperformed
New York, Nov. 25. Cotton futures today see- sawed narrowly in quiet dealings, responding to
Railroad shares outperformed small orders either way. Prompt absorption of chat the industriels all day but they December delivery nollers Join-teo, were meeting selling as the ciose approaches. Utilities were ed with a let-up in hedgu sell-
throughout the the sick group ing and a scattered trade de serion. Losses running to more mand in nearby months in stabilising the sifuntion,
Renewed December liquida- tion at the close and local sell- ing closed the market around the day's lowest levels with the lat off two to 10 points. Open-
பற
ing prices were off four to
wo points. New Orleans closed of four to eight points,
SPECULATIVE
turned Speculative Traders MOTC attention to the stock market while others awalted Gutcome of the corn producer
which Introduced "Hydroconic" system of hull is design fira years ago, achioring notable success in orders at o winning new
whon other time
British preferendum today. builders of small commercial Lafueria, while vessels caltie
finding ars provides flag of convenien
business elusive. twhich savest owners
T
accounted Of this for 20,286,000 tons, an increase
Į 428,000 luna.
Third
laxation
Ind operating COSLS) wilh 10,070,000 tons with the biggrol increase of all-2,812,000 tons,
Lloyd Register commented:
i
now
7.
burie Idea of "Hydroconly" system is that one and money could be saved by replacing the double curvature
í!
of Shipping steel plates used for conve
record in-
Conal ship mill forms with post-war expat design needing curvature in ly son of world tonnage is with y
ribuind
174 BARAN
crease in the
-
agud maritime natio(14. Trail 1. main impettis again comes from the Iberian ng of convenience witch has usted Norway from third position in spfle of Nor- way's continued advancement.
JAPAN'S FLEET
"A large increase in
Case direction
انه
of double cur- The removal vature both cuts the cost
And, It has ruction found, contribule; towards bet-
Ship: ter operating efficiency
14.1lt the "Hydreconic" systr yield 30 per cent more in power, engine without increasing Japaneejay.
has brought her fleet almost p
to the pre-war Jovel
+(
The 1958 Agure for
Norway 9,385,000 tons, an faerense
A97,000 tons,
Shoun 5,465,000
צון
27 Trat of
tons,
ase of 1,050,000 tons.
2682
I
Of ships built since the
far the largest amount
WHI
of
tonnage fell into the size group
tona, 74 per 1 of which were oil tankers. Ove In the age group under vars, it was added, oil tankers formed er rent of the dysi over 15,000 tone and 90 per cent of those over 20,000 tons, while,
suill the more recent trend to Larger tankers was shown by a considerable increase int ships over 25,000 tons since i your. OIL TANKERS
10,000 to 18,000
Lloyds Register of Ship
showed that the British monwealth came Arst in old tanker fleet
with tonnage 0,200,000 tons, an increase 346,000 tons compared with Jast year.
Of this Britain accounted for 5,920,000 tons, an increase 343,000 tons.
of
Second won Liberia with 5,619,000 ton an increase 01 1,470,000 tons, and third Nor- way with 6,354,000 tons,
create
ter.
of 607,000
Americans
tons.--Reu-
To Sell
Out To Europeans
A
New York, Nov. 25.
CONSIDERATIONS
These considerations are acted t. the experience of Seu- work, which has received orders tur eight vessi during the pusi 1w weeks and hins a total order book 01 18 vessels valued at over £2 million.
✡
Corn growers have a chalee between the existing programine of acreage allotments, or
controls. new one eliminating Traders thought outcome of the vole would Be influential when the cotton referèndumi is belt next month and when the new congress considers farm legisla- tion.
Activity In the December contract
today. tapered off The open interest was down to 20,200 tiles. The certicated
stock totalled 19,854 bules.
A point.
Overall
The market's 1053
brought the general average to
Lockheed Aircraft Low Incorp,
Pago 0
HONGKONG Britain Improves
Position To Fight Inflation
STOCK EXCHANGE
Dur Own Correspondent Business done on the Hong, Long Stock Exchange this morn- 21ing amounted to approximately $362,000. Noan quotations and เช 511 the morning's transactions were
shares Buyers Bellers
BB
***
INSURANCES
LAM
1175
DANKS
So k
21
thison
30
SUIPPING
330
73
$.40
B01.
поска, те
70%
K. Wharf
Dook
Lone Star Cement Co Lowenstein & Rons. McDermott J. Hay
Aircraft McDonnell
Block Exge.) .... Mesabi Iron Corp. Minesota Mining Mission Development Monsanto Chemical Co. Motorola live. National Biscuit Co. National Dalry Pedů. National Steel Corp. New York Centrul Norfolk & Western By. North Amer. Avtellon North-Wert Alfiner (Com) Olin Mathieson Ons Elevators Owen-nuin (lar
Wheelock..
BLAND, ETC.
HK Hate!
Shiva
3.40
2000 330
2000
200 ST 201
* 1.05
By SYDNEY S. CAMPELL
London, Nov. 25. Hats off to the Bank of England. Faced with @ deflationary slack in the
infla economy accompanied by an tionary hallucination, which was spoil- ing the gilt-edged market, it has cut the Bank Rate to help the economy and has thereby helped the gilt-edged market, too.
Simultaneously, it has proved 1ts position to де
actual or an Imaginary inflation if and when dominant the they become
21.20 21.40
2555 | HR La 301
штуя
41
14.40 15 135379
512
12
Amnig
Pache Gas & Elec
CE
Truk
Pan American Airways Paraison etures
21
A Tawala 2.47
45
Tarke Davis Co
19
CALITIES
*Tran
5 20.70
Penny J. C. Co
10M
Pen. Sali Co Philip Morris
73
1000 e 25.00 2000 25.80 1300 25.50
ngainst either an
67%
Sur FeetV
Procter & Gamble Co
MAU
Yaunesty
Pittsburgh Plate Class Publicker dutie
7:31
C Ligh
In 10
100
114
13
044
a new low for about a month | Radio Corp. Pret. with all of the post-election Republic Steet gain and more wiped out.
Before the
issues wide gains
mony
Dow-Innes
were:
30 Industrials
20 JAA
18 Cities
22
BLOCKS
to
bondba
خدا
Jak
INDUSTRIALS Cement STORES, ET
15.30 15:00
300 or 103
21
300 10.40 $900 at 13 40 1500 1640 5901040
problems.
tho
The alternative against nous 24.40 raiding
112 24 40
213 60023
1 10 07.03
im-
acting
business were expecting any curly Indation of prices, they would not have been run- ning down their stocks,
The Strength
This is where the strength of sterling comes in. bv
Up to this
of hallucination the Bank Rate would hove hurt the economy without (if recent American experience is anything to go by) helping akalust the inflationary genti-
1000 2470 ment.
230 15:40 400 12 15 00
ileynokis Metal
Eletre
24 30 2414
lato deadline, had registered
Salt Rex l'aper
Sears, Roebuck & Co shell Oil C
30
(2214)
12 332
Tel
Sinclair U
CHIA
23.40 2793 700 7 15
100
elosing averages
Nacoby Mumi on
Solar Altersfi
100%
540.63
South Puerto Rice Sujar Southern Co. (The
20
2415
4052
Dairy
50
Watso
3033
165.
5745
Craw COTTONS
710
$7
Steep Rock (Toronto Exge)
11%
Ch. Fai
10.10 18.20
Sterling Drug Co
44
11
INVESTMENTS
Stokely-Van Camp.
1426
5
314
DI
Comm. future price index
Closing Prices
Alden Inc, hey
Abled Chemica
Allied Mills Inc.
Allis Chalmers
Ain. Brake Shoe
Ameriom Alrine
Am Cable & Rodia Corp.
American Cyan mid Wa.
Amorin. Power
Am. Gas & Electri An. Mach. & Tdry American Metal
American Smelting Am. Suger ef American Tel & Tri American Tob. "D" Anaconda Copper Armco Steel
160.19 Southern National Ginn 4.30 Southern Rallway Cam
Standard Brand
B071 Standard Oil of Cal
103.77 Standard Oll of Ind. Standard Ou of N.J.
68% | Studebaker-Packund Corp.
Sunshine Mining
Swie A Co
Texas Co.
Textron Ine.
Tide Water Asm. Ol
31
3016
2024
43
7
51%
Tak Joe.
10
Twentieth Century Fox Fiho
40%
Union Carbide
*J
Union Oil of Cal.
28
Union Facile Railway
4034
United Aircraft
13
United Cas Curp.
103
US Foll "*"
U.S.
D0%
37
US Rubber
US. Line En
UB. Smelling
194
Steel
Allo Cuna, Mining
T
US. Steel 7 F.C. P
Baldwin-Lima-lim
13
14
Baltimore & Ohio
Warner Bros. .....
23F
Westinghound Air Brake
28
Dentical Finanov
24a
Pendix Aviation Corp
Benguel Cona
Bethlehem Slee
Porting hoc Electric Western Union Tel. Co. West VB. Pulp & Paper Woolworth
83
J
43
VS
Boning Alspikpo
485
Calit. Packing Corp.
Campbell Soup Co.
Close (J.) Co
The Liverpool market closed | Armour unchanged Lo 10 English prints lower and 858 to 013 under New American points York futures.
Raw cotton exports today totalled 247,880 bales
1,509,030 bales shipped to the some time last year, according to the New York Cotton Ex- change. Monti
Open interest
Valumne
7.100
10,300
Mer
Ande
228,100
May
1,700
200,100
July
5,000
178,200
Ort
June
202,000
3,000
147 000
MIT
20.101
30.670
The most micresting order is one worth about £250,000 from Poland to build two harbour and | My voastal towing tugs, with hulls Total
rungthawed for ice conditions These
machinery tugs, with
980 horse Ceveloping bout power, will be compleiod within The next three or four months
The Polish orders were woo in the face of severe Con- petition from German and Dutch shipbuildeza and were facilitated
by financing by two Britian
banks, which permit the pay- ment for the vessels to be ex- tented over three years Reports ggest that Hambrus Bank und Lloyds Bank are involved in the Anancing.
Delivery offered for the Polish tugs is believed to be the fastest are before the war for a com- merical order.
Seawork recently received its 40th order for a tug
No Big Change In
Handling A-Ships
throughout
the
2.100 1,100,900 boles
-UP...
Prices Tumble In London
London, Nov. 25.
Cal. Trostor
Celanese Corp.
C. 1. T. Financial Corp. Case Manhos Bank Chrysler Motora Colgate-Palmalive Co. Colombian Carbon Co Commercial Credit Commonwealth Elec. Conwitdated Edison Continental Onl of Del
Crown Zelterbach Cuban Ather Sugar Barond Athall Diamond Match Ce Douglas Aircraft Dow Chemicals Dupont de Nemours
Eastern Alum
General Dynamics
General Meeti
195
J
Paso NaLPOTEN GAT
Family Sharice Corp.
30%
Firestone Tyre & Rubber
11445
Ford Motor.....
16
AZAL
47!
ী
23
71
100
General Foods
General Motors
Gen. Pub. Ut
Gen. Tyre de Rutber Goodrich 18. P.) Co Goodyear Tyre
Heyden Newport Corp
Prices tumbled in all sec-drummer. Alteraft
tions of the stock market today in reaction to yes- terday's sharp break Wall Street.
int. v. HK & FE
1312 20
NEOUS
Invest..
As always, the change in the 200 120 Bank Rate shows the direction in which the Authorities arc
It currently leaning.
the strength of sterling that enables them to not in accordance with present economic and political requirements of expansion In- stead of having to act against the current exaggeration of the long-term, or latent threat of inflation.
World Steel Production
Washington, Nov. 23. World steel producilon totalled
301 210,000,000 net tons in the first nine months of 1968, a drop of 28,000,000 tons from the same period of 1957, the U.S. Com- merce today.
Department reported
To Restrain
year, the British Government always had to try to hold stocks down because the gold and dol- lar reserves could not afford them Kobrin
Whenever stocks did rise, the reserves feli too low.
consvet-
Now, after thirteen tive mouthly rises in the re- nerves (and the Bank Rate's in- dication that this month may make it 14 a broader view can be afforded.
The Bank England can afford some leniency on the price of money because 11 has been so of bank supply glit on the
money.
Expansion
As the banks have granted mote consumer ertilt and other expansions they have had to In October, the Government
Bind the money themselves (os of the Bank of England opined
the authorities did not find it that over the next ten years or
for thein by selling Govern- so the monetary authorities
ment bonds. would have
rather to restrain
The impact on the gilt-edged than to force the pace, but that
market, steuning from a dis- the short-term task was to pre-inflationary credit policy, con-
vent down.
the economy running
Production for the nine inonths. Wad at an annual rate of Inventories are a key. Bank 280.000,000 ton: the lowest rate is always more relevant to world output since 1954 and 10 inventories than to long-term per evnt under the record 1957 cupltat investiment.
1959-GOOD level of 322.000,000 tons.
YEAR FOR CAR SALES
New York, Nov. 25. Chase Manhattan Bank oconomists seo 1959 as a good but not a record your for automobile sales, according to the Bank's bi-monthly bulletin, Buki-
ness in Brief.
The bulletin quotes various forecasts of sales volume, rang- ing from 3% to 6% million passenger
that cars. Noting
no one could predict how the pubile would react to the new 2135 models, the Bank rated consumer Income and auto prices as the most important of current eco- nomic factors affecting auto de- mand.
121
Inlant Steet Co
Homestake Mining Co.
9122
оп
pierchenical Corner
5027
431
Speculative lasues and Trans- Atlantic favourites such as oils electricals, and entertainment stocks suffered the hardest hit.
Gill-edged securities was no exception to the general decline. Industrials issues suffered the widest losses. Motors were weak and there was a general decline in engineering shares.
Among the vils, Shell fell
at the close. British Petroleum showed the
PORTS Will not have to more than four shillings but res
change operating procedures covered slightly
significantly in order to most resistance to the weak
MERICAN shipowner handle
merchants*
ships | trend, losing only fractions,
five points.
All sections of the mining market closed lower-U.P.I.
flying so-called flags of using atomic power. Neither Dollar socks closed with convenience probably would will special equipment be louses rangleg up to more than have to sell out to European necessary. Interests it a threatened sea- mon's boycott is completely successful, o spokesman for these shippers said today,
Mr Erling Nares,
Chairman
opinion of the Ad-
will
that at satis-
Agreed Merchant Rates
Int'l Busin
Dat Harvester International Nické! International Paper in Tel Tel Jahn-Merville Co. Kaper Idustry Kansas C. Power & Light Kennec Copper
perit Meyero Tub, Co.
401,
0412
12
51%
4816
breat
Sales of six million or more cars would support a vigorous exparision of the entire economy under 3 million sales would be a drog on the general 071 recovery, the bulletin concluded.
Reuter
7812
COMMODITY
METALS
The tin with spot while unchanged.
This is the United States Maritime ministration, which says nuclear ships factorily into present methods of operating ports without the of the Americon Commitice for need for special considerayon flags of necessity, told a presa
In the design of the Savahınah, Canadian Dollars, Maximum conference that if this occurred
nuclear-powered merchani | Selling, 10-11/16, a
Minimum Tia the United States would beship now under construction, Buying, 10-15/16 T/T; 17 o/b. entirely dependent on foreign everything possible baa beer
Swist Francs. Maximum owned carriers for transport of dono to reduce radlopetive selling, 75%. vital materiali such as crude hazards to a' minkenurg, b ell iron ore, bauxite and coal.cluding the disposal
of radio-
A four-day boycoli, called by active waste and changes in the the International Transport fuel stockpile, Workers Federation, is due to
However, the Maritime
Ad-
LONDON
market was
steady 4 lower al 27063% three-month retained
Buyers Sellers
700
Dec
Mar.
May
Mixed Contract Dec/Jan: 21.05. Mar/April: 23.05; May/June: 23.10; July/Aug: 22.20; Oct/Nov: 21.00:
The decline was attributed largely 16 reduced production, in the United States but the outpuś also dropped in Canada, the United Kingdon and Japan U.P.I.
[CITY LIGHTSTM||
"What's this, young Per- king sending a holiday postcard from the South of Prance? Wilkinson, bring the day ledger and the profit and loss account into my office immedi-
ately i "
PRICES
SINGAPORE
but
in
offers
Afler opening Lower LIVERPOOL
aympathy with oversens market closings, In prices etsed further on fairly Cotton future pence per lb. were as follows: heavy Federation and state buil liquidation. Lower sheets were American Contract pec./Jap? 23.00; $tati/April: 23.40; in good demand May/June 22.235: July/Aug: 2120 scarce and high-priced. Det/Nov;21.co.
No. 1 rubber per 16. Dec. 874-071
Jan. BT"$-6775 No. 2 rubber per lb. Dec. 03-05 No. 3 rubber per . Dec. 83-691 No. 4 rubber per ib. Dec. 3-4 Spet rubber unbaled. Blanket crepe No. 1 palo crepe
LONDON 701 *
The rubber barely steady with spot qualéd 2311 223?
Don: 6990; Mar: 09.20: May: 57.40 at 25% pence per lb. Prices: 22315 2233 Jet 54.30.
2311-33
23-201
253-201
West German Deutschemarks. Maximum Selling, 71-15/10.
Spot 3-month Copper
Spot
Thonch
Lead 2nd Sate
Nov.
74
Feb.
Zinc and half
Nov.
-74%
7543
15
Teb.
Exchange Rates
market
begin on Monday against ships ministration tools it is desirable
ying the Ang or anamn, that an agreement: be reached Business was done in the local Honduras, Liberia and Costa with port nuthorities throughout unonielsi exclarige
this US Seamen's Uniona the world on what are accept-U.B. dollar, (per #!)
morning at the following robes: agreed at a meeting hero yesler-able ground rules for the safety sterling notes (per £3) day to participate the world- features corporated into ships | Australing notes iper: £1 ..... wide boycott and, if necessary, and to determine the level of indonesian rupiah (per 1001
Biam ticals (per 100) A set up picket loca-Reutor. safely required.
*Singapore, (stralia)
The Ellora, frst of three 37,000-tun, dendweight tankers building for the Hritish India Stram Navigation Co. Ltd. by Swan, Hunter & Wighâm” Richard- kon Lid, Newcastle, wad Muriched on 'September 29, 1958,
5.77 15.04
9.13
20.03
1.00
COTTON
NEW YORK
BAO CAULO Cotton future' closings, in cruzeiros per kilo wene as fol- lows;
In
the
States,
Day-0015
market W20
United
the No. 1 T spot ...........
Sattlernent house term: 1% uverige price of one-inch cotton pee. ut. 14 designated spot markets Jan. was. 34.74 cents,
U.P.I.
Prices of cotion futures closes | today as follows; i
Spot
MAY.
MAY
39.10 nam,
MAS
NEW ORLEANS'
July/Au
General
Total sales were 93,617 bates. Oct/Dee, markets, eli basts, ports.
RUBBER
NEW YORK
Deo. and Jan. 4** 25-20
Ealain crepe in no...
279 Estate crepe thick Dec. ..
U.P.1.
FOREIGN DXCHANGE
Itex rubber futurea today closed 06 16 80 points lower with sales of 112 Lontracte.
LONDON Closing pricesi
Closing rates were: Nov: 1940: Jan: 31.20, Mar: 30.70: New York May! "mbo," "July: 90.35; Bept: 30.30; Plantront By: 201
•
Amsterdam Arate AMSTERDAMI
Copenhagen The ribbet market was duit Frankfur Prices of colon futures closed | wday, Prices closed, in guillers | lambe today as follow:
per kilogrhin,. elf Dee. as fol Milan
Wild
No. 1 rubber
20. fublat
No. 3 rubber
No.
PATIN 3.80 pont, Stockholm
347 noms. Virkish
1:40 hom.
241-8/10-28249 107-10 120.6316-139571 12213/10.34 11.0956-11.50 09:13-60220 3743-1740 20.0015-20.00%. 1111-5/7-11794 1147-1447% 70.41-7140
6
to
tributed exaggeration.
to the inttationary
To the extent that the stock exchanges rufeel long-term memories and fears of infla- tion, it is not wholly bad that people should be too alert to that perit.
If and when it pre-emerges a
Bank Rale four per cent
In the United States as well as Britain, the reluctance enlarge stocks in the best lo- dication that inflationary fears are not dominating the respec- better thon 4 per cent os 11 tive economies as distinct per-base from which to do the haps from some sections of the necessary to scotch 11.--China stock exchanges.
Mali Special.
UK DOES £18M BUSINESS WITH CHINA
London, Nov. 25. British exports and re-exports to China during the first 10 months of this year amounted to £18,900,000, Mr John Rodgers, Parliamentary Secretary to the Board of Trade, said today. This, he told a questioner in the House of Commons, was 81 in 1957
per rent higher than DOLLAR CRISIS
and 110 per cent higher than in Lhe corresponding period of 1050.
In the same period this year,
Chinn imports from
werd valued at £10,200,000 ag in- crease of 23 per cent and 30 per cent respectively over 1957 and 1950.
Facilities
IS NOT IMMINENT SAYS EXPERT
New York, Nov, 25. Dr Franz Plck, currency ex- pert, and today a dollar crisis is not imminent: The US. dollar will not be devalued in the next nine to twelve months. Pick fold
New York University financial experta gathering that only a "radical dedation" can save the purchas Ing power of the dolor "but this procedure would be poil- tically unbearable' in the U.S. It would completely halt desired economic expansion."
Mr Rodgers said the normal Board of Trado facilities would continue to
to be available businessmen interested in de- veloping trade with this market The questioner, Mr Stophen Ewingier (Labour) welcomed the increase but said it only touched the fringe of potential trade developments between the
could two countries that
bo valuable
employment in Britain.
He asked whether the Board 20 of Trade could not take, further steps to expand the trade.
for
Mr Rodgers said they would all Le to see an expansion of Bade, and užsistance" had been given to individual firms. The Government was doing fa bent to foster and stimulat Angle Chinese trade.-Reuter,
Won't Abandon
Brilleh
Efforts
New York, Nov. 10. Commander Alfon Noble, Minister of State for Foreign Affairs, Rail ios day that Britain would not abandon its efforts to bring all of the Orgaůlka- 1 countries Lion for European Benonie
a
EROSION
of
The constant croaton" the dollars purchasing power will continue at least until crisis is at hand, Pick saith. A
doliar devaluation which would
all the automatically align other free world currencies to the new dollar love "would be of no real help whatsoever," to cald,
He gave these examples of Dis "Constant erosion" of the Jolint:
The
US balance of pagmenta wòyld show, à defelt of about 3. billion for 1958 and probaksty another two and half billion next year;
Gold withdrawal which have reached $2,123,000,000
Co-operation" (OBEC) initoa | so far this year are not at a
crilical point yet. This will be European Free Trade Aten.
We want to keep all Europe reached when the withdrawals moving toward the rent of plio up at a rate of another two | fregr_world trade," he added to two and a h
UPI.
Iteller.
י'