RÄNSPORTATION
BOAC To Retain DC-7C Fleet
THE
British
France Curbs Orders
For Foreign Ships
AN Indication that
London. government
Thas agrees that the British nippingssion for French Overscos Airways Corpora- abroad is being restricted the Fronch tion should retain its float was given by of American DC-7C airliners Minister for Public Works at until the delivery of Ameri-a Press conference. can Boeing 707 jet airlinors.
#
M. Buron suld that "a brake In reply to a question in the had been put" on purchases of House of Canon Mr Harold upplag abrend, and that Watkinson, Brillat Minister of recent purchase of eight trawlers this was from Fallsh shipyards had only Transport, sold that
DC-7C air-been authorised conditional on the
as a counter-
when part of a Polish order for marine liners being re-exported the delivery of the Boeings tock engines.
The Minister spoke reassic- place.
government authorised ingly about the state of activity BOAC in 1955 to buy 10 DC-7CIn French shipyards atrerait provided they were soidlation of
The
e available.
Mr
ת!
Салеві
THE CHINA MAIL, TUESDAY, DECEMBER 30, 1958.
FULL
CONVERTIBILITY
Currency Reforms Mainly Of
Technical Nature
By RONALD BOXALL
London, Dec. 29.
Page
NEXT
HONGKONG HEAVY BUSINESS ON NEW YORK MARKET
STOCK EXCHANGE
Our Own Correspondent Business done on the long- kong Stock Exchunga this
mately $454,000. Noon quota-
actions wCTO:
New York, Dec, 29.
Stocks carried the year-end rally ahead on heavy volume
early today after the four-day Christmas holiday.
The first thing that should be said about the Christmastide currency reforms is that they are mainly of a technical character. tions and the morning's trous-before Christmas.
cun-
Sterling is So far as cerned the unofficial system by of holder foreign which
pounds could convert them into dollars at a currently earned
discount ол slight very
rate which ometri
Use
morning amounts to approxi-
Buyera Bolera
Defen
010
127 (0.
three years ago in anticipation of the events of the past week- BANKS end Under
this agreement, Bank B021
201 a central fund of $800,000,000 Flat Aalo will be set up from which debtor INSURANCES
Union 7011 countries will be able to draw Lombard the
credit.
Underwriters has bee
SHIPPING But this credit will not be la Nav. Wheelock as in extended automatically
DOCKS, ETC. system. I will be Doek..... given at the discretion of the Provident, the EP.U.
O.E.E.C.. for
(0) maximum period of two years. Settle-HK Hel 1 21.80
LAND, ETC. will be made monthly, i Land mento
replaced by a system whereby be same pounds may
int the full mic.
converted as a matter of right,
years
orders, which pres The second thing that should when long-range Briannas be- rented a serious problem in some be said is that this change marks forward along the countries, had been held withing step "reasonable units"
France road to freer
trade and pay EXPECTED
thanks to the co-operative - ments which began --13
Woods. It is Watkinsori Bul,
said titude of the shipping lines and
ago at Brettons the by FITNESUVA taken
that the move for this reason BOAC expected that as a result thr
North growth in the
bus been welcomed all over the i world. Trahe they would be able to employ the DC-7C air- craft as well to the Britannias unt the extra capacily provided by the 15 Boeings
Atlantic
Government.
IMPROVEMENT
Among the steps which the i
on order be-Government was now consider.
carne available in 1959 or 1960,
of
mg, according to
the Minister, The BOAC placed an order were an increase in State aid to make their shipyards to for the Boeings to fill a gap until
prices more competitive, and the ahiliber capable artisti making non-stop scheduled unprovement of long-term credit flights between London and New facilities for the industry. Y1ik In both heen develope:t--China Spectal.
Buren sald French slip
M directions had
British Laid-Up Shipping Drops
Exception
Until now the pound (like all European cur- the other main reueles) has been inconvertible. That is to say, pounds earned ordinary by foreigners in the rourse of trade could not be ex- For ob- changed for dollars
Mail yards buil maintained their sharevious repaons an exception was
in the case made
of sterling trade at around 4 of world
earned by North Americans.
London.
THE gross tonnage of Bri-
Th
shipping laid-up
for reasons other than repair
per cent, and that only 2 per cent of French-owned shipping wws now laid up, compared with a world average of 10 pr Chat.
But the share of supping under the French fog, passing lo or from French parts had fallen from 50 per cent to 45.0 per cent in recent years, and must be increased.
dropped last month bolow Boeing-707s Claim
the million mark for the first
tima in over
five months,
according to figures publish New Speed Record
ed hore by the United Kingdom Chamber of Ship-
ping.
Now York, Dec. 29.
PAN American Airways to-
it
but entirely in gold or dollars
Humphreye and at rates of exchange that
Realty -will-- fizctunte-between — pre--|-RUBBER- -
determincef Umits,
No Reprisal
Another
announced
end is the the
important
Armate.
WAL
A Tawah
Sungaia.. UTILITIES Tram
Volume for the first hour Am. Cable & stadio Corp... totalled 010,000 shares contrast~| American_Cynhamid Co. ed with only 380,000 shares in Amer. & Forgo, Power...
Am. Gas & Electrie itay perlod on the
Am. Home Prod.
International
same
High-priced Business Machines was a feature with its gain of 17 points to $535 Anaconda Copper
Armeo Bleol on a belated 1,400-share open-aldwin-Lima-Ham. ing
Individual spectallics gained a 1.30 point to three points while the generat list showed fractional improvement,
20.20
1.175
3.55 5.00
40 40
12.10 13.30
600 #
300 6 1.150 1000
sts 12.10
200 g 21.70
30 30
200 30.
1000 @ 30
1,40 1.50
1.70
15D
1,020
1.06
100 change
Yauma...
20.50
Star Fary
during the week- exchang value of French frane. This has been devalued by 17% per cent Light
101 tc. correct ovy-valuation
Electric
152
13
200 ₫
30
04
Yatınall
P3
French expOTIA
at which woul
***.10.20
20 10.20
10 24.06
(N) 23+
25
1000 24.90
2000 A 2.00
have put France at a serious dis- advantage when the Commonsação E. 0.12 Market bugins to operato on Telephone January 1.
It has been suggested that Bri- tain decided to make Sterling
But convertiblity the back door" nas always been possible and for the past yeurs. the las necepted by Free Those using this method has been practically negilgible
come
INDUSTRIALS
Cement ... 2340 STORES. ETC Dairy...
2000 & 24.10
3193 *
TR10 10,30 3200 7 10.20
12.00 13.20
"through convertible as a reprisal against watson
Lane, Craw. 14 France for causing the break-
Kwor four down of Britain's plan for "
3. H. Trade Alca Lo operate cÖTTONS lungstde the Common Market. Textiles This is simply not truu. The INVESTMENTS
fully discussed it. y. WDS proposal with Britain's European part H.K. & F.B.
Invest,
Sterling earned in trade by other than North foreigners Americans
Latin- (and some Americus) automatically be- transferable. In other words it could be used by a foreign bolder to finance trade with any other country in the world except those n the dollar area.
mar. But through unofficial kets in New York and Zurich, it could be exchanged into sterl- dollurs at "transterable
Atlantic speed record by one been
A tota of 198 ship of day claimed a new trans-ing rate. And as this rate has 957,836 tons were idle in porta In Great Braun) and Ireland incluating 38 tankers of 317,246
This
with compares
0 211 previous men h's ngure ships and ping 1,036 203
tons.
tons.
The
Seventy-two foren ships -
totalling cluding live tankers, 488,220 tons, were also die la British parts, the picture for July bus farekin vessels been mish the same, the Chain-
of Shipping reported ber Chinu Mall Special.
simer
China Building Up Airline Network
ונה
ners and the fact that the move was a concerted one, is proot that European Co-operation in economic affairs is still highly valued.
cu-
come
Nanyang
..
143
3.55 0140
0.20
0.00
1000
3.02
160 @
6.20
LONDON
CLOSES HIGHER
Some of the chemicals were alrong.
Pont Dru
rose twu three, points, Thickol nearly Relchfeld over a point. Good- yeur rose 1 points, Firestone Motors were
1 in the tyres,
firm and active.
214-to
́U.S." Steel ellmbed fenture a good steel svetion. Bethlehem zained nearly + point. Lakkens 1%, and Repiblie 1 and National Steel nearly two points. Antwng non-ferrous
"Thirty years ago today you took an optiin on me --remember ? **
Landon Exppers Service
metals, Anaconda and Reynolds rose around a point.
There can be no deuy lug, how- ever, that this spirit o! operation has
recently under a great strain. When the Common Market of France, Ger-
Polaroid picked up over three many, Holland, Italy and Bel-
points and there were gains of glum and Luxembourg begins to
two points or more, in Ameri- Standard Telephone, operate next Thursday, the other
can London, Dec. 29. 11 countries or O.EE.C., includ-
closed Packaging, Pactile Telephone. ing Britain, fuce new dangers. The stock market
higher
Daw-Jones on a broad front
closing averages traders wel- were: today дн comed
of the decision convertibility of the 20 rails
the 13 utalities
Gb stocka pound sterling by
4 bonds British Government.
Comm. future price index.. Brliish Governments Jumped as much as eight shillings and the Consols leapt as much as 10
Without a Free Trade Arca, one bine of countries will begin to discriminate against the exporta results of another blue-with that may be extremely serious.
Objection
supported by British 10 within otte per of their Boeing-707 jot authorities
rate since planes on a flight From cent of the ometal
February, 1955, the cost to the London to New York.
seller of sterling has been very sold the plare, small Indeed. The airline which left London earlier to-1
W unt
happened now 12 transferable day, was light 101, entrying 80
1hat offelad (TW
been and ten PRSSEJZCTS
rules of exchange have de the fight
in non-stop
merged into one, and the con- seven hours, 40 minutes, beating vertibility
inte pounds 27 minutes the
chillings. previous delines is now the right of any
this earlier claimed record,
holder outside the sterling area. month
the another 707, by atria etaimed.
End Of EPU According to the flight log the giant plane flew at on average height of 39,000 feet, and at an average speed of 490 nipli against an 18 mph head- wind.
BOAC have claimed no west- bound Sight record for their Comet Jets because they do not fly non-stop to New York.
Takyo. Dec. 29. CHINA is building a net-Reuter.
work of domestic civilian
airlines alongside with tho
nationwide oxtension of rail- Heat Protection ways and highways, it was re-
ported today.
ان
of
own goods the
was Britain's main objection en the grounds that Frunice was raising certain Import quotas to
her cent three per
After the initial furry gilt- of national production
edged securities quieted down and concerned
limiting
all-time but closed car the benent to her partners in the highs.
Industrials were high as they Common Market.
This was considered a serious were strengthened by the invest- uct of discrimination against ment demand.
steet Lavourites, Britain and was all the more
and engineering issues i resented because it
was only shares πούρ possible by the abnor- paced the higher section.
The foreign bond market was mally low level of France's
quiet but dollar stucks closed higher-U.P.L
External convertibility for the muin European currencies means the end of the European Under this Payments Union.
between all payments system the 17 countries of the Orgont- Nation for European Economic Co-operation Were settlederalised" trade.
on
multi-laterai
American
39 industriala
Koinoy Toontry
Itennemit Copper
Liggott Meyers To Co Lowenstein Sons McDermott J. Hay
McDonnell Alruit
National Biscuit Co
8
tornational Nikol 6112 Internallunal Paper
17
Jolin-Manville Co.
127
Am. Mach. de Finy. Am. Sugar Hef.
American Tob. "D"
American Tel & Tul
231% 224
(Am
902
61
Stock Exge.) ....
Mesabi Iron Corp
6534
13°
Monsanto Chemical Co.
Donefleist Finance
20%
inc...
Bendix Aviation Corp.
71%
Benguet Cons
Bethlehem Steel
0314
National Ficel
019
Borden (The) Co.
7416
Burroughs Add Machine Call. Packing Corp. Campbell Soup Co.
4911
437
Case (J. I.) Co. Catctor Celanese Corp.
209
3041
60
614
40
Boeing Airplano
Financial Cor Chrysler Motors Cluett Peabody... Colombian Carbon Co. Consolidated Edison Continental-Oll-of «De}, Diamond Alkali Douglas Alrevoft Dow Chemicals
Dupont de Nemour Eastman Kodak
FI Pang National Gas Family Finance Corp. Firestone Tyre & Rubber First Nat. City Bank Furd Motor
General Dynamies General Electric Generni Motera Gen, Pub. Uul ... Gen. Tyre & Rubber Goodrich (B. F.) Co, Goodyear Tyre ....
Grumman Aberaft Gulf of
Heyden Nowport Corp. Homestoke Mining Co. Ingersoll-Band
Interchemical Corp.
Int'l Harvester
03
Norfolk & Weater Ry, North Amer. Aylation North-west Airlines Olin Mathieson Owen-ikinola Glass Oxford Paper Co.
תם!
Penny J
Peun. Salt Co.
Morris
Airways
Procter & Gamble Co.
Pubicker Industries Pure Oll
Radio Corp. Pref.
134 Hears Hochuck Co.
Shell Oll Co......
Set Beg, Paper
7551 Sorony Mohll Ol
Solar AircraÍT
205
(Com.)
1423 | South Puerto Rico Bigar
3 Bouthern Co. (The)......
Southern Nation
20
134
G
Southern Railway (Co.
T| Steep Rock (Toronto Exge.
Sumahine Mining
ADAL
64% Textron tr
Tide Water Åsm. 09
1 Time Inc........
70-
Il-Cont. Warente
Twendeth Century Fox Fum
40 Oil of Cal.
sik United Fruit
120
2
United Gas Corp. US. Line Co.
129.9. Sterl
44
10% | US. Stel ↑ P.C. PF
Westinghouse Efsetzle Wertian Union Tel. Or West Va. Pulp & Paper
POBIE.A
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO,
Leaver B.E "COROMANDEL"Balled 19/11
Outwarda
Due Hangkong
377.21
100.30
14th Jan/
06.26
"SURAT""
200.69
68.22
"CANTON"
156.60
Closing Prices
394
30%
"CHUSAN"
"SOMALI" "CORFU" "SALSETTE"
Salled 8/12
Salled 12/12
Sailed 23/12
10th January
11th January
19th January
0th JanuaZY
13th February
Dth January
1 FebruRTY
2nd February
Homewarda *"SOUDAN"
Allied Chemicals Allied Mills Inc. Am. Brake Shoo
Singapore Market
Temoved by Agreed Merchanting stock prices:
with the
monthly bisin. The country whose The grounds for this objection monthly account was In debit have
now been quid three-quarters of ite du France's decision to link thu Bell in gubt or dollars and was
reform of the franc grunted credit for the reinaining quarter.
That system cannot be worked currencies. convertible fighters, with
For a country that ran a deficit I could obtain cheap dollar
The Now China News Agency THE Republic concern, builders
said
there
are
Jocally run airlines Mongolia,
Shensi,
already
in
Loner
Anhwel and Shingalust
ما
removal from quota restriction of 90 per cent of her trade with Western Europe.
1
But the basle difference of opinion remains and there
nuch hard bargaining ahead on the method of linking the Com- mon market with 11 countries that remain outside.
Rates
45
Singapore, Dec. 30. Brokers today quoted the foi-
Opening Batu Lintang Rubber Co.
$2.12 Ltd. Brilish Borneo Petrolem
406 Syndicate Maximum Canadian Dollars;
Smelters Consolidated Tin
2the Ort. Selling 16-9/16, Minimum Buy-
Fraser Neave Ltd Ord. $1.00 Ing 16-13/10 T/T; 16% 0/D.
Swiss
Maximum Fraser & Heave Ltd Ord. Francs:
7% cum. pret Selling 74.
Franes: Belgian Selling 855.
West German Deutschcmarks: Maximum Selling 71%.
of many famous 18 has been assigned by the United to make a States Air Force Shanststudy of protective coatings for finance between one settlement Hopel, Sinklang, Kensu, Chlug- | advanced aircraft, missiles day and the next at the expense hal, Hellung. Yuman, Kwangsi, and “spacecraft”
guard of other countries dollar re-
it Szechwan,
heat of the enorHOUS
serves. Moreover,
could
Returning to the subject of high speed flight.
obtain convertible currencies on convertibility, 25 per cent credit terms again sterling is now a freer currency It said these 18 airlines cover
To start with. they xre miles. Most of experimenting with over, 3,000
tempera- at the other countries cxpense--and therefore more desirable
been re-will these airlines were opened dur- tores of up to 2,400 degree! So E.P.U., has now
bring only Indirect at placed by a European Monetary benefits to Britons and other unofficial ing the latter half of this year. the sort of heat found -U.FI.
speeds around 3,300 m.ph.......... Agreement which was drawn up
rezidents in the Sterling area.
tung
COMMODITY PRICES
RUBBER
NEW YORK
Nex
rubber futures today closed 8 to 22 points lower with sales of one contract.
Closing prices:
¡No. 4 rubber per ib, Jan. 2035-0015
Spat rubber unbaled
Blanket crepe ke
No. 1 pale crepe
LONDON
27 spot
76-78 03-54
'The rubber market was mix- ed with spot quoted at 24-7/10 ponce per I. Price:
3-month Copper spot
Lead rid half Dec Lead 2nd half Mar
the fact that
Difference
But they should not have long to walt before they too feel the difference. Now that converted of will by non-residents all imports
Sterling can be
Buyer Sellers into the Sterling Aren whi bo
7767
203
paid for in the equivalent
ON
223
13
dollars. There is no longer eny reason to restrict imports from North America on the grounds
70%
Zine 2nd half Mar.
79%
v.P.I.
Zine and asit Dac
COTTON
Exchange Rates
Hongkong Tin Lid.
"ÇANTON"
"CHUSAN"
"CORFU"
"CARTHAGE"
17th Match.
Lauren Gongkong, Jan Londen
Cla January
14th JanziNTE
2nd February
13th
February
19th March
19th February
14th February
4th March
16th March 13th April
Via B'Dore, Penang, Coletabo, Bombay, Adan & Pt. BAIQ.
• "SOUDAN" extends to Bamburg, Rotterdaos & ArtwRTY,
and omit Colombo & Bombay
+ "CHUBAN" alen enils at Naples, Marsellies & Gibraltor.
BRITISH INDIA S.N. CO., LTD.
dne int Jan, from Calcutta, Rangoon,
Penang & Bingapore Balts 3rd Jan, Jor Japan
Trox Japan
Rangoon. Chittagong
6th Jan, 8th Jan
for Singaporelcutta
Peak.
P. & O./B. I. JOINT SERVICE
"OLINDA"
due 2nd Jan. sails 4th Jan.
"SANTHIA"
14.15
Maximum
Gammons (Malaya) Ald.
$1.71
Hongkong
Shanghai &
"PADANA"
ne
Banking Corp. ...
$420
Kumpas Lid.
$1.00
Kuala Kampar Tin
Lunas Rubber Estates Ltd.
Malayan Breweries..... Now Serandah Rubber Co.
$3.00
Ltd.
Fetaling Tin Lid.
Names Hotel
Sunits Steamchlo....
Singapore Cold Storage Sirali TraCON TRAYA 5.73 15.00
#3.10 $1.83
10.85%
*
$1.00
$0.70
12.70 5.50
Wolled Engineers Ord. ****
$0.05
*
"UMARIA"
***
Wearme Bros. Any
$1.43
candiv; ↑ ex-all. — China Mail
112 Special.
"OZARDA"
+
"OBRA"
Bun: was done in the local #tris excling marked morning at the following oto- 11.3. dollinen (per $12, aroma Sterling nolre iper £1) ....... Australian motes (per £1)... Indonesian rupials (per 100)..
on Heals (per 100) Singapore (traita)
*
from Japan
for Singapore. Penang,
Madras, Cochin, Bom
bay. Bhavnagar Pore- binder Kandia & Karr- chi
ård Jan,- from Japan
517. Jan. for Singapore, Dubai,
Bara, Khorramshahr
Karacht
dae tot Jan: from Karachi, Bombay
A Chahin walls 20th Jen, for Japan
dne 14th Jen. safts 10 Jan.
'que
4th Jan. qih Jan,
from Japan de Shanghai for Bingapers, Bombay, Karachi, Buroi, Kuwait
Khortam BAITRAL
zahr
EASTERN & AUSTRALIAN S.S. CO., LTD.
"ARAFURA"
from Japan Ae Bhanghai for Labuan, Bandakan, Brisbane Byfney How
Melbourne
Adelaide
due 9 Jan, fram' Australia KAITS. TUS JAn. for Japan
All veusly have Uberly to cali et ́any ports on ar off the route & the route & saflings are rukjest to change or amendment with or without notice,
Jan.
May
Gaut
Nov,
Je,
AMSTERDAM
The rubber market was TASY today. Quotations were all un changed
SINGAPORE
The market openéй
Alghitiy
higher but with buyors dise
interested. It eased to around.
METALS
LONDON
quiet The Un market was
the previous level on extrerne while
Jy quiet market ater
day. Futures:
In
thormer brid
other metalo
steady. closed at the end of the
No. 1 rubber per 10. Jan. 8375-3414 omelat afternoon session, all in Te sterling per long ton, were as fol-
No. 9 rubber
Jan.
Cotton
13.30
22.30
that they have to be paid for in hard currency.
The next move will be the gradual, temovat
there of restrictions so that eventually— And perhaps in the not too
P&O
ROUND TRIP TO JAPAN
BY
R.M.S. "CHUSAN”
distant future-the pound will Dop: Hongkong bo just £15 convertible for
residents in the Sterling area as Arr: Yokohama
it is now for foreigners. Sterling Dep: Yokohama will then be just one step tway
from full convertibility when Arr: Shimizu holders are given the right to Dop: Shimizu
move capital freely between the Arr: Kobe. Sterilny area. and the rest of the world.London Express Service, Dep: Koba
Arr: Hongkong
Trade Pact
Bagdad, Deo, 29.
Ing and Indin tonight signed
n trade agreement aimed at
1st February
·ROUND TRIP FARES First Class: From £68.0.0.
Tourist Clona: £42.0.0 For further particulars apply to:
New York, New Orions and enlarging present trade between Mackinnon, Mackenzie & Co. of H.K, Ltd.
Sao Paulo cofton prices were unavailable today-UPI.
the two countries of Indien tea and Iraqi dates-Router.
P.&O. Building. Tel. 34469,
For full particulars upply to:
MACKINNON. MACKENZIE & CO.
OF HONG KONG LID. Telephone Nos: 27721 4.
Fau.
Mnr.
July/Sept.
30.04
Oct/Dea
20.00
20172
Jon, and Fel. ...
No. 1 He spot ........... 2416-2435
Aettlement house term:
24-241 2456-244 247-2437 2014-2093
341-21%
General markote, if basis, ports!
20.03
Fate crepe thin Jan,
24
20.40
Eutate ereje thick Jan...
20,30
201,20
LIVERPOOL
closings, futura pence per lb. were as follows:
American Contrast
Dos/Jath
22.3
MREŽA DELÍ
SRBO
May/June
21.07
July/Aug.
粉粉
Out/Nov.
30.20
Dec/Jan
10.30
Mixed Contract
Dec/Jen
Mar/Aprli
Were Pricer
May/June July/Aug O/or Dad/Jan
January 1959, 21st January 26th January 26th January 26th January 27th January
6.00 p.m.
‚ “'NELLORE”
28th January
29th January
10.00 a.m. 4.00 p.m. 12.00 mid-night
·4.00 p.m. 7.00 8.1. 9.00 a.m. 8.00 a.m.
•
*