TRANSPORTATION
A NEW JET-PROP AIRLINER
FOR HONGKONG
By STAFF REPORTER
RECENTLY three Hongkong pilots and two
flight engineers left
to
for Californin undergo training in order to bring back the Colony's first Lockheed Electra aircraft.
They
arc Captain David Smith, Flight Superintendent; | Captain hp Blown. Chief Illot; Captain A.B. Armstrong. Senior Check Pilot; Mr Robert J. Smith, Chief Flight Engineer;
THE CHINA MAIL, WEDNESDAY, JANUARY 28, 1959.
UK BUDGET SPECULATION
Enlivened By Possibility Of Elections
From RONALD BOXALL
January 27.
The season of budget spoculation is open and this year the sport is enlivened by the possibility of a general election afterwards.
Us to a few days ago, March whs favoured as the election month and It was thought like- ly that 10 factitate Chia the budget would be brought. for-
Pat Dinghy Splits In Two ward from its usual date early
Leonard 15. Weston, Flight Engineer, all of Cathay weine Airways E4CE.
In mid-April, the nirman, carl of whom has had ahove two million miles of flying ex- perience, will add another par to Hongkong's history aviation by tying home olit fret Electr
What is the Electra like? How does it differ frem other types of aircraft? Captain David Emith explained:
ל
prop-jet,
THE SAFEST Essentially
the Electr is about one of the safest alreroft to the world.
For Easy Storage
in April. But the evidence of the recent public opinion poll that the Socialists are going popularity at the expense of the Conservatives is said to have
| decided the entinet against
Murch ballol.
Political pundits are
now
DINGHY, designed for usp oboard yachts where there is not sufficient storage accommodation for + more forecasting an election either in orthodox boat, is now being My or October-with the latter mado available for export by likely. There is a possibility Falmouth firm of boat-that the budget may In any case builders.
be advanced but so far there is Dille sign of this.
The dinghy, which is named "The Falmouth Patent Nesting Praum," is claimed to be the only one of is type Jactured! in Britain.
manu-
It can take off fast and tnad
The Proam is capable of within as short a distance us carrying up to six men, and,
મ 1,000 feet-ne-eighth
the therefore, maices an ident yacht length of our new runway, at tender able to transport several Kai Tak-without the use of people and their rear ashore in reverse thrust under conditions choppy water. It is 8 ft. Jung, of reduced vigability cellings.
and low and has a beam of 4, weighing approximately 90 lbs. R Is
months considered the
Unemployment
mora
According to the pollsters, the question most worrying to the public is unemployment. And, the recession that has caused this unemployment will majur factor In deciding the shape and form of the budget,
b
For economic reasons it will
bu
be a set of budget that is des Its hort-landing performance trade ol mahogany rusin- eribed as "popular." It is coin- enables it
Bly bonniet plywood, and is bunk in videner that it will also
16-politically popular. Perhaps this on short, wil or ley Nayı.. two sections which - clamp.
It has a sharp turnin: vadius gether with bronze elongs to anullier of those "little bits of
Krot', wile wheek maika #1=- tread and large pope that take | Buch hig bites of air rubbing
On The
1108. the pound suffers ind foreigners lose confidence in it.
in
HONGKONG
STOCK EXCHANGE
Business done on the Hong- korg $1ock Exchangs this morning amounted to approxi
mately $125,000 Noon quota-
one were:
tions and the morning's transac-
Shares
BANKS MK Bank..
Duyers Bellers
INSURANCES Untun
Lambard, SHIPPING
010
3 003
S
4
003
DOTES
72 71.50
Welcrboat .Wheelocks
DOCKS, ETC. Duck
···· 3.78
1
23
01% 5.45
45%
1500
45
500 43 1CX) + 43'4
Reasons are not lacking for a sizable gut being made income tax. It would create more purchasing power and so help to take up some of the Black in industry; it would lea to better business methods and harder effort and so combat any vestige of inflation that remalust
. 11.90 (2.10 Ju
would Provident cronom); and it strengthen foreign confidence in LAND, ETC. sterling on which all economie | UK Hotel – 21.50 £9.00 success must altimately depend. Lond.. 3015 The Gel that it would also help the Government's election chances is, as I have said, purely coincidental.
Income Tax
A shilling of the income tax
the --bringing
standard rate down to Trad to the pound with corresponding cuts in the lower cost about Tales would
£250,000,000 this year and £280,000,000 in a full year.
That leaves about £50,000,000 avathable for redticing othe: taxes. In deciding how best to
use It, the Chancellor of the Ex-Mario 24.10 4,30
12-
chequer will give full weight to the argument that once expansion is under way, ful management will be re- quired to ensure that it does not become dissipated complete dinghy.
In another completely
section
Ja
to watertigat, and when Stowell one rortion is pinged inside the other, and the total length 1s give then only 4 ft. whability. | with four
Text fast.
accelerate
fast and
elinh fast,
Its oversize windshield
extra 10
pilota Thougil
equipped
Auck" that the Prime Minister recently said the Government was enliled to.
Luck or not, the fact is that for the first time since the war, the budget will be designed to dumpen down demand.
On
inflation.
10
Individual Issues Show
Strength In New York
"ו
New York, Jan. 27. Strength in individual issues such as Eastman, Du Pont, Goodyear, U.S. Steel, and General Foods sustained the industrial average at a level more than a point above yesterday's close in an irregular stock market today.
It was a session featured by Colgate-Palmolive Co wide movements in a handful ol stocks and arrow move- ment elsewhere. The melors
Columbian Carbon Co. Commercial Creelt Coinnichwealth Eles, Consolidated Elson
Continental. O at Del continued to hover arodid the Crown Zellerbach
previous close with American Cubia Amer. Super and Studebaker Arm on torge Diamond Allcall
Dimond Card volume and the others barely Douglas Aircraft steady.
A two-for-one split proper tent Eastern Stainless Steet up more than three at its best. A higher dividend failed to move Ago Ol. Cerro de Pasco was ane of the few coppers to respond to higher London prices for the metal, Specials like Free- port Sulphur, Koppers, U.S. Gypsum, und American Stores rese two or more. Zenith tell more than three, Steels - proved near closing time.
Of a total 1,231 Esues traded, 526 were lower, 400 higher.
New York Stock Exchange volume was 3,430,000 shares.
Now York Stock Exchange 049 1 1.93 bond volume was $7,000,000.
Stock American
Exchange was 1,490,000 shares.
Dow-Jones closing
50 16.40 100 10 30 5000 10.40 203.30
500 +5.0 1383.50
100 3.60
30 1 291 2
6 stocks
Cuman. future price indox..
Closing Prices
Dow :emicals Easters Afrine Dupont de Nemours
a Kozak
El Paso National Gas Family Finance Corp.
Firestone Tyre & Rubber First Nat. City Bank Ford Motor General Dynudes. Genera; Fiestric Geceni Fonds General Motor, Grn. Pub. Getty di Gen. Tyre & Rubber
Glidden Co.
Goodrich [8.
Goodyear Tyre
Grumman Afteraft Colt Cl Hainment
Orgas
tieyden Newport Corp.
Homeslake Mining Co. Idaho Power Ingersoll-stand
Internetiani Nickel International Paper
Cat Shell Ou Co...
49%
Safeway Stones
50
Nam eg. Paper
Scott Taper
Sinclair QU
GR
Sinth. Cline & French
J1
Sorony Mcb
Solar Airoreft.
On
.......
South Pueri Meo Sugar Bouthern Co. (They Southern National Gu Southern Rallway (kləm Standart-Brazels Standard Off of Cw
| Standard On of Ind.
Standart OỤ it NJ
Sleep Rock (Turonto Exge.
Sterling Drug Co.
Stakely Vin Caab.
Stalker-Packard Co.
Sun-hine Mining
Swrite & Co.
Texas Co.
Textron Inc.
Trickol Chem.
Tide Water Akun, 01
Tri-Cost. Warrante
Westinghouse Air Brake Westinghouse Elcetrie Western Union Tel Co. West Va. Pulp & Paper Winn-Dixle res
625 Woolworth (K. W.)
Zentili tort
3413
77
1942
611
40
0
47
49
434
37
The Ine......
1915
31
Humphreya Realty
3.20
40 3 123 DO 17 31.75 25.0 1470 1025 150003
Twentieth Century Fox Film
52000
Union Carbicle
23/
Trion Oll of Cal.
1201%
Union Pacile Raliway
421
United Aircraft
14T4
United Frukt
RUBBER
0723
Vnlod Gas Corp.
Amalg
Trust .....*
1.03 1.975 3000 to 1.975 1.05
481
US. Foll
A. Towali..
U.S. Cypsumm
2,041
Sungala
2.40
2,65
Inland Steel Co. Interchenical Corp
14416
U.. Line Co.
703
U.S. Rubber
100
3
...
UTILITIES Tiam
2000 24.00 28.00 1500 2 20.00 Star Ferry. Yauat
TIL' Burtness Machines averages anti Barventer .....
61102
U.S. Smelling
REP
V. Steel...........
were:
4917
U.S. Steel 1 P.C. PF
10%
Wamer Brus
C. Light
18.30 10.00
30 indentists
£94.80
..
Inti 1 Tel
61
20 ralla
103.85
Jabu-Manville Co.
15 utilitie
93.48
Kaler Industi”,
13
233,61
Electric (0)
40 bonds
***
10 25
Kansas Power & Light
60%
20% 3.00
145 85
Kennreult Copper
101%2
Kimberly Clark
Liggett Meyer Tol. To,
Lockheed Alterat
Low Incorp
202%
$2414
Lone Star Cement Co.
34
38
Lowenstein & Sons.
435
McDermott J. 13
$21,
2001,
McDonnell Aircraft
(Am.
10
Stock Expe
37
Mebl iron Corp.
13
Minnesota Mining
₤191
Mon Development
25
10
Monsento Chemlesi Co.
AITS
515
Montgomery Weed
4
Motorola Ine
17
Nailonul Blacklit Co,
$22
30
National Corli Reg. "A"
737i
401
National Dairy Před,
4726
$21
Nabobal Lead
113
mengo
22012
National Steel Corp.
107
Nerfolk & Western Ry.
C014
North Amer. Aviallon ...........
4122
North-west Airlines
Cum.
2716
Din Maliloson ....
3422
01,3
Ouatur
6312
Glass
43
Oxford Paper Co.
24P
Beneficiat Finance
233
Pacific Gas & Elec.
Rendix Aviation Corp.
Pan American Airways
14%
Paramount Pictures
40
531
Parke Davis L.
43 Penny J. C, Co.
7314
Penn. Sait Co.
705
4014
Philip Morri
Procter & Gamble Co.
5315 Putaburgh Plate Glora
TO
31
Publicfer Indusufe
237
PITE OLE
455
0.75
Cat. Tractor ...
AZ
Radio Corporation
43
14 B3
Celanese Corp.
wy?
Radio Corp. Pret,
70
Austration notes (per é]]
12.45
C. t. T. Financial Corp.
4010
Republic Breet
Indonesian rupiah (per 100)
0.10
Chrysler Motors
31
Heynolda Metal
73
Sian deals per 100)
20.75
Cruett Peabody
Sear. Rocbuck & Co.
Singapore (Siralty)
1.82
Telephone. 2550 $8.00
INDUSTRIALS Cement 29.00 STORES, ETC. Dalty
$500 26.30
Alden Inc. Acv.
1009 23.40 Allled Chemicals
Allis Chalmers
Allied Milla Ine
10:20 10% 2000 al 10.30.
726. B01610
Walson
Ja to
Textile
3.83
<
Nothing leads inflationcOTTONS more quickly or in so difficult to eradicate onos It has set in, than Nonya a wastes-prices
The MISCELLANEOUS spiral. Chinesilor will therefore be
Vibru ..... anxious to hold down the cost
INVESTMENT
The firm has also recently |rop-jet engines, ut can miiage produced the prototype of ca the contrary unless there is a
three-section on one engine in an emergency! now
of living so that trade unions do ini. vest. Flywodrantle fall in unemployment The Electron avery, Mar Pramm, which is 7 in length, in the next two or three months, noise level on take-off and and can be quickly separated further measures will be needed
is substantiaily quieter than into three cretions, which nestic expand consumption. best luxury liners, SHROUDS
one inside the other to enable; the boat to be "collapsed" into
Dins. Thip has been achieved by a length of only 2 ft
Ront Construction covering 50 sources of equips | Falmouth
Arena Ltd., 39, ligh Street, Falmouth, withi noise ment "shrouds" mounted with spring | Cornwall, England. and rubber shock absorbit.
Its inbin interior is lined with
sound absorptien panels.
The Electra the Eve terusan of
TRIUMPH FOR
Hongkong will bring back
have a pecanl elegant interlor -styled by the renounend
American Industrial designer UK EQUIPMENT
Henry Dreyfus,
The aircraft necommedates a total of 78 pausingers,
Fitted
with weather
radar. the Electra can fly up to 30,000 Icet,
U.K. company known
Reflationary
of the
So far, the emphasis Government's reflationary pro gramine has been on the re- moval
of restrictions imposed during the inflationary ern. Such things as lower interest ratus. and derestricted easter credit hire purchase have served their purpose well but their scope is Jimited.
What is needed now is a posi- tive fillip to consumption. From the budgetary point of view this risk of could be done without
A throughout the world Inflation. On the Keys.n
for its inflatable liferafts, budget strategy, the Chancellor Having a range op to 3.400 wore
the makers of the of the Exchequer will have about mikes, it cruises at 405 mph, 30 Small World' balloon. The 300 million to "give away" on to 35 per cent faster than the
Budget Day. firm, The R.F.D. Co., of present CPA fleet.
There is no doubt in the minds
board in September the Electra rost about 2,500,000.
USS-in
10
Ordered OIT The drawing Godalming, is also one of the of most experts hew this should
by CPA oldest balloon manufacturers be apportioned. The do's
the
the reduction of country and was munt go founded by the
direct taxatlon, lato R. P. Dagnall, a leading export in level appropriate to
The income tax is still at the
the dis- lighter-than-air craft during inflationary climate. Oddly World War One.
enough, though direct taxation is the favourite means of con- Inflation, above a cur-
Keel Of Canadian Liner Laid
Nowcastle-On-Tyne,
Jan. 27. THE keel of a 27,500-ton
Tince, largest ever-or
When they heard details of buting the projel the management tain point it begins to have a decided to make up the gasba reverte effect. for the
There are two
adventures free of ways of stopping too much charge, a task which occupied money chasing too few goods. You can ensure that people do six girls a total of five weeks.
not have too much money or i you can produce more goods,
The success of the venture
the Canadian Pacific Fleet, is also a triumph for Terylene. The latter method is effective
was laid today at Vickers Armstrongs yard at Walker, Nowcastic.
the British man-made
We
ibre until people become 30 trus- Jom which the fabric of the trated by "working for zusbay was made. Tus Wits Government" that they stop used in the form of a single trying.. ply fabric, neoprene proofed.
The liner, biggest passenger ship order for the River Tyne for
cost over 30 years, will £7,840,000.
be ready She should lounching early next year and make her malden voyage in the several spring of 1961.
for
Terleng
Conducive
not begin pressing for higher wages a soon as production begins to pick up.
The remaining £50,000,000 will probably be devoted to this purpose. And the means must widely envassed are 'cuin in purchase tax and in the petrol duty. Either от both would
im-
have on
immediate and portant impact on prices.---L- don Express Service,
33.20
20 3.10
Agreed Merchant Rates
An. Brake Shor
American Airline Am. Cable & Radio Cotp. American Cyanaid Co Amer. & Forga. Power ALL GER & Electric A. Home Prod Aan. Mach. J Fdry. American Metal American Sinetting Am. Sugar Ber. American Tel & Tel American Tub. "B" Anaconda Copper Armed Steel..... Armour
Alles Cons. Mining Naldwin Lima-fam
albinere & O
Benguet Cons.
Bethichem Sivel
Boeing Airplane Borden (The) Co. Burroughs Ado Machine Calif. Packing Corp.
Parife I
Swiss Franes: Maximum Sell- Cara (3, 1 Cu. ing 34-7/5.
DETROIT'S BIG THREE
RUSHING TO BRING
OUT THEIR SMALL CARS
New York, Jan. 27. The big three American automobile manufac
turers are "deep in crash programmes to get into the market with small compact cars", Time magazine reported today.
LONDON
CLOSES
MIXED
London, Jan. 27, Tho stock markot closed mixed today on reduced
Allogether about our thousand yords supplied by 1.C.I were used to make the bag, and the "What," asked Sir Thomas Sanall World
carried Burlow, Chairman of the Dis- also thousande
trading. otrict Dank last week, "could be keet
rondola more conducive to extravagance rope. The The liner which has not yet elf in which the adventurers in business, to slipshod manege-
completed the journey was ment and to listless effort than better given a
name debelog coated with Terylene laminated penal taxation?" And 17,300,000 further improvement in sterling built on the berth from which fabric.
taxpayers reply: and prices closed up 3/9 higher, Canadian Pocific's Empress of
"Nothing."
In the aviation and
industrial Erenomics in business, newer
section losses outoumbered small were uho techniques in management and
been
ngo.
She marine instruments
Income
Gill-edged securities made
showing following a
Yesterday's Closing
No Merger
New York, Jan. 27. Two of America's biggest steel companies, the Bethlehem Steel Corporation and Youngs- town Sheet and Tube Company announced today they had nenndoned thefr
to plans
The Federal Government had opposed the merger since it wan Arst announced three years ago and later cbtzined a district ccart injunction against it under the all-irst low-Reuter.
Exchange Rates
Bucures was done in the locat rodicină exchange market this morning at the following rates;- U.S. dollars (per 31). Sterling notes (per Ri) .....
COMMODITY PRICES
TORLIGN EXCHANCL
NEW YORK Closing rates were: Carinda "The big three car makers can
England still change their minds about | Belgium bringing out small cars," Time Arentina anid. "But the chances of crop- ping them are small and the deadline for any major change closes,
new
invest- "Ey last week their ments in cagineering, designing, tools and ciles, and a thousand and one other things were facrmous. G. M. (General Motors) has already invested an estimated $200 million to- warda introducing its small car In August. Fort has laid out $150 million and hopes to comIC
out in October. Chrysler hina
spent $100 million after a slow start and is hustling to come out early in 1960,"
SCALED-DOWN
Į The magazine salt the new cars would not be the scaled- down or firipped-down versions net of Chevies, Ford or Plymouths,
designed automobiles.
England (25,505 (ons) Was Kelvin Hughes
launched two year will be 650 feet long and 15f currice m included an air- greater effort are needed more gains. Textiles were particular-but would be compleĺziy rt- being designed to Carry | Craft compara, and aircraft than ever now. Without them, ly. depressed. 200 rst class and 800 tourist sextant as well as a lightweight Britain cannot compete in passengern-Bruter.
marine sextant.
the
export markeis. And I exports
!
GOLD STOCKS
The new caty would be con- than present siderably shorter modelu, rounded and tucked in
In- the
Others unchanged. LONDON
Closing rates were:
New York Montreal
Brussels
Copenhagen Frankfurt
Ordo Paris
Blockholm Viena Zurich
3.036 2.80-15/16
02001
0150
720-15/16-281-1/16 2.71-13/16-2.75-15/16 140.45-140.50 10.383-19.304 11.73-11.737 20.024,-20,000K 10.779-11,777 14331-14.534
7103-72.00 12.11-12.1 Other unchanged-U.P..
COTTON
NEW YORK
May July
In
60.00
30.70 ungusted e United States, the average price of one-lach cotton at 14 designated spot markets was 34.33 cents.
Total sales were at these markets: 22,151 bales.-L.P.I.
RUBBER
Rex
NEW YORK
rubber futures today closed 23 to 50 points lower with sales of 117 controls.
Closing prices;
Jan.
Mer.
May
July
Sept
Nov
Jan.
SINGAPORE
No 1 rubber
No. 2 ubber
2.42 nom.
2.40 лот.
2.33 nom.
No. rubber No. 1
erepe
2.45 num.
--U.P.I.
STYLIN
NEW YORK
Fricct of metal futures closed today in cents per lb. as follows;
Lead Jak.
Mar.
Zine Jan.
Mar.
Copper Jan.
Mar.
Tin
Jan.
Mar.
10,786
10.05b
10.526
10.00%
2027
29,42
00.000
21,756
LONDON
Prices of metals closed today
long tons 09
Duyers Sellers
201
705
703, 7031
237
23714 23212 433
711%
29.80
30.05
30.00
20.90
in sterling per
20.63
Jollows:
294)
29.05
Boot
3.monil
Copper
Ciput
3-monu
JAIL April
Zine 2nd inư
Jan
7275
2:31
April
71% 72 UP.I
The announcement of bigb
production figures for Decern- ber brought up fairly heavy Lest 2nd half liquidation from most quarters. Prices of cotton futures closed No. 1 rubber per lb. Feb. 043-043% today as follows:
Mar. 04-85 Gpát: 35.76; Mar: 35.30; May: No. 2 rubber per ib. Feb. 03-83% 33.40-41: July: 2101: Ocl: 32.54; Deu; No, 3 32.00; May: 32.01; No. 4 32.15-10 Mar:
014-04 July: 31.36.
Bpet rubber unbeled ... 623 Blanket crepe
71-70 No. 1 pale crepa
0035-0015
NEW ORLEANB
SUCAR
NEW YORK
7146
LONDON rubber mariset WAL sterly at the declino with spot quoted at 21-13/10 pence per lb. Prices:
2474-247S
World No. 4 sugar
futures
one 0035-2555 closed today unchanged to
08 2-point lower with jeles of
-10
closed lower with sales of free contracts. Contract No, & (world)
Pricca ot cotton futures closed today as follows:
The Spot: 34.10; Mar: 35 27: May: 3537; July: 3364; Oct: 39.32) Dee: 32.10: Mar: 32.00. May: 11.90: July: 3131.
LIVERPOOL Cotton future
in No. 1 nos pat......... closings, pence per b. were as follows; Bettlement house term:
Feu American Cahirkot
Mar. Mar Jágr
22.74
April/Fune May/Jube
772.00 July/Sept.
Qol./Dec.
23-1-254 OM/NOV.
Genetal markets, ett basis, ports:
Fcb.
212-24% MAT.
2424-25 Fjalo
Kaguoted
Certain tree state gold stocks and pizo much Ughter, Time showed
marked sirength.Bald. |F. §. Geduld closed nearly 1/-
would General Motors higher on anticipation of the traduco a rest-engine car, favourable developmenta at the magazine predicted. The six- #nual meeting this Thursday, cylinder, pancake-design-engine
July/Aug would deliver 90 to 100 hơïje- Copper stocks were Arm and power and do 25 miles per epi- Hlas fractionaily higher.
ion better. Improvements in
Ford would bring out a
derman
.20.03
20.00
20.03
Dec/Jane Contract Aiixed Contract
gar
Mar/April May/Jane
27.05
July/Aug
20.0
Cat/Nov
20.70
Dec./Jsa.
10.20
·SAO PAULO
Colton niture closings,
and Greek Bonda gravkled the styled pewhat like its Eng- only feature in the foreign bondish makes, the Zephyr, Consul Bid Anglia. One Detroit tool and die maker was reported jas rubber describing it as "Wandsomely
market
Oils were mixed and
•
CPA's new Lotkheed Electra.
stpoke soet snowed
| taking.—U.P.I.
* 200
crepe
thick
Tho
enafer today. Prices closed
Domestic No. O sugar
corriratis,
vachtaged to one point
Mar: 125; May: 9.23; July: 320: Seob Cuba) 325, Open in- 9:27 Eper-ternts per t
AMSTERDAM
feren: 2408 contracts, rubber market war Centrast No, ♦ (dogęsilo)
ini Mar: 157: Buy: 5.00; IV: 10:
prent paperilooed and refreshingly cruzeiros per klip, were as guilders per kilogram, elf Feb. 6 Now: 4.1 ago (cente
unciartèred,Reiter.
TOTOWE:
A Toys:
par le city duty)4 340, Apen
.