SHIPPING & AVIATION
THE CHINA MAIL. TUESDAY, JANUARY 13, 1959.
HONGKONG UK RECESSION AT BOTTOM
STOCK EXCHANGE
Our Own Correspondent Business dune on the Hong- Exchange this
Fuel Saving On
Marine Engine
keng
A
Stock
morning amounted to proxi- mately $214,000. Noon quota-
FUEL-SAVING attach-ons and the morning's trans
actions were:
mont for marino Shares Buyers Sellers engines is to be produced by BANKS
Autotomp Control Company
(Maring Section), formed by East Aria the head of a refrigeration INSURANCES firm.
Union
SHIPPING Watertont,
He is Mr E. L. Etherington Wheelock. and his invention, which has been provisionally patented, is
i autematic valve for tem- pe:alure
of marine control
when
eng nes, which
existing engines
effects subin
in fuel and
stantial economies
reducis wear
and tear.
The
Bairs
10:2.50 104 92.50
21 (62)
INDUSTRIALS
STRONG IN LONDON
London, Jan. 12.
The stock markot closed higher today with indus- trials featuring the day's strong showing.
securities CDG- inued firm although trading lo pre-
Industrials advanced on all
Steel
scored fronts.
stocks mits of up to one shilling on election
Electrical optimism
motors also กาง 30quipments
were features. Other leaders, 15.70 including Tube. Investments and 150 British Aluminium were firm,
1.50
HK Dunk
810 (20
30 & Bĺ2.56
300
.72
73
200 - 7214
Gill-edged
455 200
5.00
1400
5.30
DOCKS, ETC.
was less ective than vious sessions.
Whert
wha
100
rovident,
101
LAND, ETC.
fixed tu
UK Rutel
12 1250
22.20 22.30
500
12.20
300 g 22.09 SKU A 22.10
land. N1 2919 301, 1000
139 a 2005, 270
Rumphreys
PARKER
Hungata. LTHLIFIFA Tram....
star for Yaunat!
taght (...
14.20 16.30
200-1
Electric
(0)
Marcus
970 To wake 25.47 20,60 INDUSTRIALS
25.00
101
valve has been scevessfully tried East and tested off the North
the coast of
srimer.
England during
"It cuts fuck consumption by half, wys Mr Etherington. " have been
bont mnator enthusiast for over 30 years, and as an engineer I have always felt that the fuel costs for marine engines could be greatly cut by temperature control."
He points out that it is only cemes up when a motor boat aking strong lides or curr.nis that fuel consumption is reaily noticed.
11.523 0000 --
1.875 1.1 2004 A
2
MARKED UP
16
Dollar stocks were marked 21.30 27 10 271 000 w
with Wall Street's 200 27:30 up in ne
performance last Friday. 200
时
Gold stocks Were
Three Indicators
Of Prosperity Around Corner
By RONALD BOXALL
London, Jan. 12. The New Year has begun auspiciously. First the pound became, for most practical purposes, convertible. Now comes the first indication that the industrial recession at home may have touched the bottom.
is loo Though it
soon to speak of recovery, three of the Indicators of prosperity main
for the -have taken a turn
better.
Unemployment fell by 4,000 in the month of mid-December ngainst the
trend as scasonal well against expectations, The estimate of industrial pro- auction in October has now been revised upward. If the improvement is sustained, this means that the low point of pro- duction was reached In Septem
was then five per cent Oil Issues were mostly lower below the level of the previous 3062420 except for Anglo-Egyption "B" year. In October It was only which went ahead on optimism one to two per cent lower than surrounding the Calro financial in 1887.
10.30
firm, 120 unappers reached after a Brm 40 10.30 opening. 300 25.50 20.30 20.70
LOG
23.50
125.001
talks.
373
13.30
UPTONS
Textiles...
3.95
Breugh bond market.
Nany
ATO 6.00
MISCELLANEOUS INVESTMENTS
The strength of German bonds ot the provided the feature
The rise section even
The automatic valve wroORES, ETC.
cuts out fuel } park 2018. 16:30 he has invented wastage and says: on repeated Mr Etherington has ove:hauls. also devised an electric solenoid valve which gives switch-control change - over of paroitin-petral engines from ung fuel to another without having to use an under- Allied the-floor-boards two-way tap.
No Test Needed
recent
CANADIAN Preific Air Lines
Bristol
Britannia Jet-prop wirliners did not pedify for a let noise series of
The tests nt. Schiphol Airport. www-on: Municipal Airport au- thetic re felt that the Bri- tannia's neire level was too low to worry about.
The despre altliners have bren whispering their way from Vare-uver to the Dutch capital, via the Polar Route since June 1. 1958
Vibr
Oil Company Dividend
London, Jan. 12. The directors of the Mexican announced! Eagle Oll Company Bat the proposed capital re
of U.S.5%. cents per payment
and or- preference share to dinary shareholders will be payable on and after January 14 this year-China Mall Special.
Came before the
knew of the complete freeing of
ber,
The Demand
Wall Street Closes Slightly Irregular
New York, Jan. 12.
Stocks closed narrowly irregular in the leading groups and
some specials recorded wide gains.
The 1st bad risen carly in the prices which the day, after moved irregularly with prot- taking in progress. Trading foll off from Friday's pace but con tinued reintively high.
The steels were bolstered by Agures, favourable production The steels specinities made the with Inland up best showing. five and ACME up more than three points.
The
not be danger this year will
4 catastrophic rise in thot of unemployment, but of an un- comfortably high rate that may show no tendency to go down." There are two ways in which The Government can speed up
American Stock operate One Is to recovery.
on demand by lower- change had a feature in Aircraft which directly ing taxation. Experts agree that Donnel tax enncessions are not only picked by the government space possible, but desirable. Some agency to design, develop, and with the pre-build a manned space capsule. Are on record diction that the Chancellor the Exchequer in his
slash will next April,
of income standard rate
pound. by one, shilling, to 7/8 to the
of
International Nickel
Co.
011
Safeway Stores
International Imper
121
Saint Iteg. Paper
Int'l Tel & To Jolin-Manville
Scott Paper
83%
Sinclair Ou
155
5th, Cline & Frenck
Kansas C. Power & Light
Kennerot Cooper Kimberly Clark
4932
10234
Kalter Industry
Liggelt Meyers Tob. Co. Lockheed Aircraft Loews Inc ro.... Lone Star Cement Co.
& Sons, J. Hay
Altera!! Stock Expe.)
MeDonnell
National Dairy Prod. National Lead
National Stret Corn.
Now York Central
Norfolk & Western 1ty.
Socony Mobil Ou
Sulat Aircraft ***
(684 | South Perto Rico Suger
00% Southern Co. (1)
Southern National Gas
Southern Railway (Coin.) Standard Branče,
Standard On of Cal
Standart Oil of Ind
Standard Oll of NJ.
Steep Rock (Toronto Ex Sterling Drug Ca, Aitokely-Yan_Camp.
Studebaker-Packard Corp.
Sunshine Mining
Tide Water Assn. Oil
Time Inc.
Tri-Cont. Warrants
Twentieth Century Fox Film
Union Carbide
207-
30
(Ai
Mesabi Iron Corgi,
32
Minneola Mil
120
Ex-
Mission Development
Mc-
Slam-ante Chemical Co.
301%
Montgomery Ward
+212
Swift & Co.
was
Motorola Inc.
00:
Техда Со
National Cash Reg. "A" National Biscuit Co
Textron Inc.
50
742%
Thiokol Chem.
4034;
292
DIE
Union Oli of Cal.
33
Union Pace Hallway
KAZ
United Aircraft
87
United Fruit
201
Valted Goa Corp.
Joy
US Foil "D"
0414
U.S. Gyn
23
S. Line Co.
40%
U.S. Rubber
7129
S. Amelting
70
1.B. Steel..
031%
7012
13
43%
71
budget New York Stock Exchange the bond volume was $8,010,000, tax
Stock: American
Exchange volume was 2,200,000 shares.
New York Stock Exchange volume was 4,320,000 shares.
The demand for their goods conditions fuldus one of the
industrialists necessary before will take steps to increase pro- But higher consumer duction. demand by itself does not con- tuto a healthy economic ex-
demard The
for durable goods rose after the consumer removal of all bire purchase
In November, the pansion. restrictions.
of consumer credit freedom, sales on Bire £40,000,000, purchase rose by
seven
the West German merk.-U.P.I., first full month
U.S. Has More
are
TV Sets
Agreed Merchant US population is estimated at
Belgion Selling 801.
Rates
Francs
an erease of between and eight per cent.
Additional cales were shored between household goods and motor cars. This is flmsy
which evidenco 011
10 base hopes that the worst of the recession is behind us, let alone that expansion
has already begun. But there is ground for cautious optimism.
has
stocks.
Slow Process
This will come once Industry is
Of a total 1,262 issues traded, 609 were higher. 440 lower.
Bow-Junes
closing
were:
30 Industrials ....
20 raita
15 uities
when 503-
to stocks 40 bonds
Comm. future price index
North Amer. Aviation North-west Airlines (Com.) oun Mathieson
01 Elevatora
Owen-ingla Glass Oxford Paper Co. Pacifle Gaek Eke. Pan American Airways Paramount Pletures Penny 3. C. Co. Penn, Salt Co.
lp Morr❘S Procter & Gamble Co. averages Pittsburgh Plate Glo
Publicker Industries Pure Oll
Closing Prices
American Meling
American
only again adent of its market and resumes a steady rate of investment in new plant and machinery. But recovery of confidence is a slow
meantime Alden Inc. Acy, process, and in the
Chemicals Washington, Jan. 12.
there is unnecessary hardship Alled bake Inc. The U.S. now has more
among workers in the affected Allis Chalmers broadenst receivers in radio and
industries as well as unnecesAm. Brake Shoe TV sets than it has people,
sary delay in resuming the American Airline ....
American Cable & Radio Corp. the In a your-end report,
modernisation programme, with- American Cyaramid C. Amer. & Fonin. Power Federal Communications Com-
said mission (FCC)
there The recession has not been out which British Industry will
remain Un competitive AM. Gas & Electric At itome Pro... 160 millon now
radio due to the lack of demand so not
terms with its foreign rivals.
An. Mach. & Fury and million TV receivers. The much as to the fact that industry
Always assuming that it is been running down its
Am. Sugar Ite mill on.
Once the industrialsts carefully managed so as to pre-
American Tele The FCC also
American Job. economic reported that take the view that it is safe to vent a recurrence of faflation-
Bry shortages,
Anaconda Copper the number of telephones in the
Blart re-building stocks, expon- ponston can be encouraged by
Anneo Steel U.S. is approaching 70 million sion will get under way.
moking
Armour tax concessions to in- stimulate Maximum and that 250 million calls are made dally over them.-U. P. I.
employmentdustry designed to will not rise in line with each investment. This is the course
The recession tollowed now being urged upon the Gov-Beneficial Finance
crament by responsible obser- an investment boom and as a
ezult, industry has a good deal vers. ol spare capacity. Steel produc- uen for instance, is running at ubout 75 per cent of the indus- y's total capacity. It was 19.5 million long last year, 10 per cent less than in the The domestic No.
sugar before, inrgely because stocks than futures closed four to nine were run down by more
The industry is ponts
sajes higher with
of 750,000 tons.
now producing at a rate of only 438 contracts.
18,000,000 tons a year, which is only about three-quarters of what it is capable of producing.
COMMODITY PRICES
FOREIGN EXCHANGE
NEW YORK
Closing rates were;
Cannul England ofic
■
30-days
Australa
10-403 s
New Zealand
South Africa
Jelgium
Argentin
India
Pakistan
LONDON
Closingt rates were:
New York Montreal Copenhagen Fränkturi Lisbon
itun
CHO
l'aris
Stockholm
Vienna
Zurich
1.03-13/32 2.70-9/16
2.801
2.00
22.2316
2.710-/15
2.00-05/10
02007
Dico
2107
.1107
July: 50.c0: Oct: 30.70: Dee: 57.
the United States, the avenge price of one-inch cotton at 11 desiguated spot markets was 34.31 cents.
at these markets Total sales were 38,016 bales.
-U.P.I.
RUBBER
NEW YORK
Itex rubber futures today closer! 15 to 20 points lower with sales of 20 contracts,
Closing prices!
Ja:
Ma?.
200-280-0/18 2.71-1/15-2.71-3/15
May
July
10.336-39.35?;
11.72-11,72%
Nov.
Jau
$0.15-80,25
374024-17494%
20.01%-20.0216
1379531-13.784%
14.312-14.312A
72.70-73.70
12.00-12.0915
Outer unchanged.-U.1.
COTTON
NEW YORK
Prices of cotton futures closed today as follows;
30.40
30,23
30.10
30,00
31.12
29,00
29.10
AMSTERDAM The rubber market was quiet today Prices closed in guilders per kilogram, cil January as follows:
Wa. 1 rubber
No. 2 rubber
No.
No. 3 rubber
cepe
SINGAPORE
Contract No. 4 (world) Mar: 327-28. Mny: 327: Jur: 330 Sept: 3.27: Det
Mar: 3.29 Sput-centi per 1. inb May: Cuba): $20.
Open Interest: 1,782 contracts.
Contract No. 8 (domestic) star: 5.35: May: 4.00 July: 5.24: Sept: 6.70-71: NOV
Scents ! NY ex-duty): 563. interest: 2.990 Contracts
U.P.1.
METALS
LONDON
market was
steady The tin while other metals were firm: per Prices closed in sterling
le ton as follows:
Production and
other
has
Economics
year
1
other
Externally, the outlook bright.
Atlas Cons. Mining Baldwin-Lima-Ham. Baltimore & Ohio
Bennix Aviation Corp.
Benguet Coria
is Bethither Steel Bosing Airplane Borden (The) Co. Burroughs Add Machine Callt. Packing Corp. Campbell Soup Co. Canadian Pacific R. Case (f. 1.) Co.
With exports doing better than was once expected, another substantial, balance of payments is in prospect for 1950, though it is expected to fall short of last year's recor surplus of about £500,000,000.
Sterling remains strong and should benefit by its new free- dom.
Economie forecasting, always a hazardous occupation, is made all the more difficult this year because 1959 will almost cer- tainly be an election year,
will Political considerations 11 is the same story in
therefore have an even greater industries. Modern machinery weight than usual in economic been installed, processes polleles. But unless there is a have been automated, but de- sudden swing of opinion, the mand has not risen propor Conservatives feel conident Lonately with the capacity
enough of a
term in produce, The first stage
vole-winning budget that would recovery therefore, will see this Power to resist the kind of
into spare copacity brought
upset the delicate balance be- production-with the inevitable tween controlled expansion and economies in manpower,
runaway inflation-London Ex- most press Service.
ΟΙ
This is as far ahead as experts care to look at present. Mr Iain MacLeod, Minister Labour sald last week, "I not expert any dramatic Buyers Sellers Covery in our production,
dramatic drop in the level employment, but the outlook fairly cheerful.”
TU1
"pot 3-month Copper pu
3-month
737
748
750
2291%
2.43 roin.
Lead 1st hoit Jan
1241
723
Ltou 1st half Apri Ziby Jet half Jan Zine at half Aptil
*28*
7012
73
73%
#42 nom. 27 I.
2.17 Bom,
The market opened about the
previous level and ruled quiet
with narrow
from
fluctuations aparı
for
Coverings same
Russian shipment,
No. 1 rubber par lb. Jan. 80%-40»L
Feb. 1-877
No. 2 rubber per tb. Jan. 84%-85
Spot rubber unbaled
8314-BE 0212-B2%
04-301
75-00
OP-DI
was dull
at 25 pence
Spot
35,10 nom.
No, 3
34.3
Mor,
No.
34,70
July
31.00
Blanket crepe
31.90
No. I pale crepe...
91.78
Dec
LONDON
3151
Mar
1,20
MAY
with spot quoted
NEW ORLEANS
per 1b. Prices:
No. 1 Ras apat
The rubber market
WESTBOUND
"HIMALAYA"
727955 tona} "HIMALAYA"
of do
XC-
or a
of
third
Exchange Rates
Cat. Tractor Celanese Corp. CIT. Financial Com. Chare Manhat. Bank Chrysler Motors Clucit Peabody
Colombian Carbon Co. Commercial Credit Commonwealth Elee. Coasalidated Edison Continental D of Del. Crown Zellerbach Cuban Amer. Sugar Diamond Alkoll Diamond Gard Douglas Aircraf
Daw Chemicals
Dupont de Nemours Eastern Airline Eastman Kodak
El Paro National Gos Family Finance Corp. Firestone Tyre & Rubber Fital Nat. City Bank Ford Motor Coneral Dynamics General Electric General Foods General Motors Gen. Pub, Ut den. Tyre & Hubber Getty Oll ................... Glidden Co.
Goodrich 13. F.) Co. Goodyear Tyre ...
Grumman Arerat
Hammond Organ
Gulf Ol
Heyden Newport Corp.
6.74 25.90 12.70
Idaho Power
Bran was done in the local this Isunomelal exchange market
morning at the following rates: US dollars (per $1) ...... Sterting notes (per 1 Autralian notes (per £1) ... Indonesian rupiah (per 100) 3.7 Slam teals (per 100) gingapore 18trolls)
The Financial Times, with an eye on the latest employment situation, commented, "Figures confirm the impression that the
20.05 1,81
ORIENT & PACIFIC LINES
6-9th Apr.
20-27th Aug.
Japan/Pacific Service In 1959
Honolulu
Homestak tining Co.
ingersoll-Rand
Interctiemical Corp.
Int'l Business Machiner Ini Karvester
502.64
Radio Corporation
133 67 Radio Corp. Pret.
1.2 Republic Steel 200.33 keynolds' Metal
PC-10 Sears, toebuck & 143.73 Shell Of Co
14725
33
120
42%
5. Steel 7 P.C. PF
Warner Bros.
Waukesha Motors Westinghouse Air Brake Westinghoumo Electric Western Union Tel, Co. West Va. Pulp & Paper | Winn-Dixie Stores
Woolworth K. W.)
49 Zenith Radio 3432
P&O BIE&
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Outwards
"CANTON"
Due Hongkong
Leave UK. Sailed 17/12
In Part
"COROMANDEL'Salled 20/1
16th January
Salted 9/12 Salled 20/12
Sailed 0/1
Sulled 10/1
10th January
19th JanuRFY
13th February
2nd February
"SUBAT" "CHUSAN” "SOMALT* "CORFU" "SALSETTE"
Homewards "CANTON"
"CHUSAN" "COBFU" "CARTHAGE" "CANTON"
9th February
17th March
Luayas Hongkong Due Londen
14th January
2nd February
15th February
4th March
13th February 10th March 13th March 13th April
171h May
10th April
Vix 5'pore, Penang, Colombo, Bombay, Ados & Pt. Baid. **BOUDAN" extends to Hamburg, Rotterdam & Antwerp and amlie Colembo & Bombay
'↑ "CHUSAN" aho calls at Naples, Marsellies & Albeiter.
BRITISH INDIA S.N, CO., LTD.
"SANTHIA"
"FULTALA"
"SANGOLA”
"OBRA"
due 20th Jon. from Japen
kalle 21st Jan,
due 24th Jon. il 2013 Jan
due st Jan,
Alli
for Calcuta, Rangoon, Penang Singapore Ягода Управ
for Singapore, Penang, Rangoon & Calcutta From Calcufta, Rangoon & Stralis
Int Feb. for Japan
P. & O./B. I.' JOINT SERVICE
In Port saila 15th Jan.
from Japan & Shanghai for Singapore, Bomůny, Karachi, Durai, Kuwait, Beersh & Khosrson- shahr
from Karachi, Bombay & Cochin sails 19th Jan, for Japan
due 5th Feb, from Kandis, Bombay,
Cocián Akigspora sala 7th Feb, tar Jupha
Due 13th Feb, trom Japan
Nalla 17th Feb, for Singapore, Penang, Bombay Karaoni. Dubai, Kowel, Barral & Khorramakale
EASTERN & AUSTRALIAN S.Ś. CO., LTD.
"OZAEDA"
due 17th Jan.
"ORNA"
"OZARDA"
Lve: Vane.
4th Apr.
24th Aug.
San Fran.
Los Angeles
10th Apr.
28-29 Aug
15th Apr,
2nd Sept
Yokohama
23-24th Apr.
10-11th Sept.
Kobe
25-28th Apr.
12-13th Sept
arr: Hongkong
20th Apr. #
10th Sept. +
FASTBOUND
Leve: Hongkong
Kobe
Yokohama
18th May
=*=231
(24.215 tona)
06-234
Fionolulu
23rd May
19th Nov.
20-11-25 unquoted
(28,000) tony
SOUTHBOUND
-U.PL.
"HIMALAYA"
Live: Hongkong
10th Sept.
Manila
Arr: Sydney
10-10th Sept:
Prices of cotton futures closed Seillement house term:
2416-2812
2654-291 251-25
today as follows;
Spot
·
Mar
May
July
Opl
Dec.
Mer.
May
LIVERPOOL
$3,05
Feb STAT.
34.03
April/Juno
34.79
July/dept.
33.00
Oct/Dec.
Jnd/Mar.
31.76
31.07
Jan. Feb. and March 2414-23
Estate prepe thin
Feb.
Estate crepe tuck
reb.
Colton--future closing, pence per lb. were as follows:
America Contract
Mar/Apri; 23.35; May/June: 21.85; July/Aug: 2013; Oct/Nov: 20.10. Dec/Jan: 2010,
Mixed Contract Mar/April: 232; May/June: 21.18; July/Aug: 30,45; Dei/Nov: 19.75; Dec/Jan: 19.79.
General markets, vil beila, poris:
2014
SUGAR
New York, Ján. 12. World No 4 mugar, futuros
to prices, in closed unchanged Cruzalón par kilo were as points tower with males of DER
1 Bollractà.
SAO PAULO Closing futures.
fol26/#!
there
"CHUSAND 12th May
"ORCADES" 7th Nov. 10th Nov. 11-13th Nov,
NORTHBOUND
"ORCADES"
Live: Sydney
27th Oct.
www.
31st May
27th Nov.
Vancouver arr: San Franc
28-20th May
24-25th Nov.
Japan/Australia Service in 1959.
(Cruises-then leaves S.F., 201 June for UK. via Panama.) (Continues to Sydney vin New Zealand.)
'27th Sept. ---(Leaves Bydney 2nd Col. for U.FC. via Surz.)
Manila ar Fongkong
4th Nov.
-6th Nov. (Continues Trans-Pacific-see above.)
Rocles and Sallings are subject to change or cancellation with or without police. Leaves Hong Kong 20th Apr. for UK. via Biez.
+ Continues to Bydney-see above.
For full particulari apply to:-
MACKINNON, - MACERIZIN & CO. OF HONG KONG LTD,
TELEPHONE ̈ÑOD: 27721/4; 34609,
"NELLORE"
*NANKIN"
due 27th Jan. from Japan/Shanghai. Bails 2nd Feb. for Labjan, Sandakan,
Brisbane, Sydney, Mal Doume & Admin
đại. anh nhật. alle Bus yeb
from Japa
for Bandakan, Deisbon, Sydney, Newcastl Melbourne
Alt võrssi, Mavs Uberty to mali as any półip- en ay off the sonte & the route & ablakgu aku rakjort to change or amendment with or without notice.
dan full pn-trendy grody 1-
MACKINNON MABE971 & CO OF HONG KONG TIN Telephone No.. HANNA.
1125
10015