TRANSPORTATION
Common Market Nations
May
Monopolise Air
Traffic In Their Area
U.S.
Washington, Feb. 4.
officials warned today that airlines of the Common Market nations would face retaliation if they try to monopolise air traffic in their area.
The officials soli any such naisjeet the nonopoly would
Cominen Makel airlinca to me- mediate retaliation
trans-Atlantic runs.
likes of the
T
their
The Meals noter that air
Common Maricel
Brussels fo counties et in discus their problems, IL understood here some of these
New Air Traffic Plans
For Southeast Asia
THE
Rome, Feb. 4. International
Aviation
Civil Organisation
now
has drown
Gir up traffic plans for the Middle East and Southeast Asia in a move to pave the way for the safe operation of jet airliners there.
¡
detailed
airlines favour getting most of the air pastenger traille In the Common Market area.
MULTILATERAL
decision in traile diverting passenger the Commen Market Are
airlines must away from US Inevitably lead to restrictions on the trans-Atlantic routes of tia Dirliner benesting from atch a decision, they sold.
Any multilateral
Art
THE CHINA MAIL, THURSDAY, FEBRUARY 5, 1959,
Inflationist HONGKONG
Sentiment
Waning
By SYDNEY S. GAMPELL
London, Feb. 4.
STOCK
EXCHANGE
Our Own Cof
Exchange
this
DECLINE STARTED
ON WALL
STREET
New York, Feb. 4.
Justice Department shafts aimed at the steel and automo-
bile industries set off a decline on the stock market
today.
Clit Peabody Colgate-Palmultor Co
Businem done on the Hong- Kong Stock
to mounted morning
при Prices receded in major see-1 Chrysler Stat proximately $405,000. Noontlons. Trading piekted up on quotations and the morning's the decline. Earlier the market transactions were;
had moved narrowly back and Bhatea Buyers Sellers Sales forth without much" demans ur¦ FLANICS
celling developing. BO соз
2120 15551
INSURANCES
Union Lambar
Inflationist sentiment is probably still IPPING
waning. changes
Wolerbest EX-Wherlock somewhat DOCKS. ETC.
Most European stock
have turned
Dek..
22 27
73
21
5.70
100 27 8.75 4000 ce 4.75 800 48 5.73
2005.16
4415
45
12.10 13.30
200 13.20
LAND, ETC.
technical Hutel.
23 23.0
2000
21.30
1000 1000
e 23.50 23.20
The Land
(rta)
1119 32
11.20
4.825
104,45
Th
and carller
KUDDER Att. Trust
reactionary and even Wall Street had Providers another of setbacks.
its onc-day
Humphrey 1.50 1425
In the New
tiralty Year, Loncon, but there thinga s melines work equities have lest bout a sixth cut orically well as happened
riss!temently with of last year's spectacular
supper some and G. verament bonds have previously with
Unked Sites steel strikes. regined a little prestige,
In New York, equities are #11 very near their pok, which was i ruch higher than London's and the United States Treasury ean- not is another bond.
Best Hope
Perhaps its best hope is that equition will to en boiling up until they boil over.
Re-Expansion
H-expansion of outpal of cars Ger. aluminion in the UnBed Stales seems to have ne far; enough for the Lene being.
Sterling has developed seasonal strength. The Band Egmd is niemraging slightly lower long-term for the sake euphal investment.
money
22.035
2.025 2.10
30402.10
A. Tauni. 2.75 UTILITIES from
Lukens Sleel got a jolt from to management and fell Sve points. Universal Cyclops Steel [dropped more than two, had been Baked In rumours.
Softened
Steeis softened
These merger
Colombian Carbon Ca. Commercial Credit Commonwealth Eler. Censolideled Patlsun Continvaatel Q of D
grown zeichnen Cuban Amer. Sugar Damood Alkali Dustund vald, Douglas Aircraft Day Cheniçalı
Durant de Nemoute Eastern Abling Kalman Kodal
Él Porn National Qui Findly Finance Corp. Keton, Tyre & Rubber | Fox Nat. Buy Bank
generally Ford Motor
So did the motors, especially | General Dynamica
American. Eastman fell more Genersi Electric
than two in an easier chemient
rosc section. Anerada and Richfeld
three nearly points while Gulf O fell three points in a highly irregular oli section. Coppers held part
of Goodyear Tyte.
27.10 17.35 700 27.39 early gains that ran well above
Star Ferry. Yuumati
Light..
04
112 10.00 10.80 1000
2000
100
1000 27.30 27.30
300 4 20.30
Electric (0) (N)
20.20 1011
24.75
Macao B... 0.20
rates INDUSTRIALS
.......
a point.
Homestake Minleg Cis Lingel & Myers strengthened Idale Power
Lorillard in the Ingermil-Hand 16.30 along with
tobaccos, where Universal leaf Inland Steel Co... fell three points. Zenith rose Int Harvester..... two in the televisions. Utili-International Nickel ties made an irregular decline.
Int'l Business Machines
42
4932
64%
Olin Mailileon
Owen-Illinois Clara Oxford Peper Co. Phelle Gas & EMC, Pan Americait Airwayn
Paramount Pictures
Parke Davis Co,
Benny J. C. Ch.
Penn, Bali Co Pidlip Merel
Procter & Gamble Co. Pittsburgh Plate Clasa Publickar Induricies Pure Ull
Radio Corporation 1303010 Corp. Pret.
Repable Steel
Reynolds Motat
Bears, Roebuck & Ca.
Shell Oil Co.
Fafeway Stores ...
olar Aberafs
Bouth Puerto Ricɔ Sugar
Bouthern Cơ, (The) G
Southern National C
Southern Railway (Com,
Sterling Drug Co.
Stokely Van Camp.
Alicebaker-Packard Corp.
Sunhing Mining..
2014
Ala
771
2094
271
20
549%
Baint fteg. Paper
General Food-
774
Brott Paper
Sinclair OIL
General Motors
four
zen, Pub. Util,
10
Smith, Cline & French
Gen. Tyre & Rubber
472
Bacony Madи Oй
Gelty .... |Gidden Ca
01.
Goodrich . F. Co.
13
Grumman Aircraft Cuit Oit
Standard Brands
123
Hamina Organ
-409,
Standard Qul of Cal
Herden Newport
Corp
Standard Oli of loc.
141
Standard Of of NJ.
451
sleep lock (Toronto Ex.)
BY
1421
010
4
Bwitt & Co.
121
Texas Cǝ.....
11719
Textron Ine..
BOEP
Thiokol Chem
50%
Tide Water Arɛn, Oll
132
Time Inc.
Kanvas C. Power & Light
20
Kemurcott Copper
Twentieth Century Fox Filmt
|
Kimberly Clark
Union Carbide
Liggett Meyers Tab. Co
21
Union Ol of Cni.
201
United Foult
Lone 9: Cement Co.
237
United Gas Corp.
157
US, Foll "B"
Metering J. Lay Melomanit Aircraft (AUE
Block ExĽe.}
55 iz
U.S. GYDAUTH
tes. Line Co.
354%
U.S. Rubber
afesi Iren Carp.
0.8. Smelung
Minnesota Mining
117
tion Development Monante Chemical Ce
2014
U.S. Steel
42%
US. Steel 1 PC. HE
National Cal
National Breuit Co ́"
Ha
ER "A"
761
Narsenal Dairy Prod.
4
380,8
Nations Lead
1100
161.50
National Steel Corp.
5.57
New York Central
971
Norfolk & Western ity.
05.21
North Amer. Aviation
41
14421
Nerth-west Airlines (Com)
328%
International Paper
Int'l Tel & Tel
So did the rails. Special Jan-Manville Co.
wide Kaler Industry
issues moved through
Teleuke
(0) ....
25.00 23.10
200 25.00
2016 25.90
(N)
2:3.J
24
www.
20
300 m 15,00
200 20
1300
3000 25.00
9.79
500 10.00
of re-expanding Cement 23.80
Metal
-
They pointed otit also that an inter-American civil aviation
ended in conference
Etlo Inst week at which it was proposed Revent successful corporate that 75 per cent of the passen- and foreign bend Issues are
Ter Japan's prae traffle between any two¦ good augury
As the Chancellor of the Ex-STOUES, ETC. Latin American countries should Jerted dallar loan. But Ameri-
by the bg cordul
cams probibly alelines of
not will
buy chequer has indicated that any Dairy... United States Trecury bad tax cuts will be reserved for the Cms. those countries.
have huured their April budret, the Bank may soon until they They said the
cut a short money rate again. United States fingers in equities. delegation had been invited to the enference to direng rates
Leunion
rate. The casiness in the
London's Treasury bill but withdrew
against which leas than a year ago was when
militatca It
old market wng
sive tienes as high as New York's, passen
would then be about level with New York's--and might go be- low it as leading New York bankers expect dearer meney there.
decided in discuss
American countries,
A three-week conference at-ger rapacity between tender by 200 delegates from 20 countries which ended here yesterday made amendments to aviation rules in corporated Ira two regional "master plans" drawn up eight years ago before the advent of the "let age."
GUIDANCE
The conference. {:nuvcl new
They said this suggestion ap- arely will not be acted upon for another year but they fear- ed it might prove precedent for the airlines of the Cuiriron Markel countries should it ever be adopted.-U.P.I.
guidance to member states Pilots Job In.
01:
the length and strength of run-
ways and drew up a programine
Jur
better weather control Jet Aircrafts
system. This includes a provision annual toin of over halloon-borne radio
an
tor 60,000 transmitters.
Delegates also drew up a new telecommunications plan which will unabje
Bijght gatety Inessage to be delivered within ten minutes at any airfeld in
the two areas.
1
Discussing the effect of mil- Cory wir traffic on flight safety, delegates called for extremely close cooperation and coordin tion between the civil and mi- tary authorities of all states." --Router,
British Aero Engine Sales Rise Double
London, Feb. 4 TOREIGN sales of British
Fer engines have rearts
for.
sloubled in the past two years Ince World War II have earned £210.000,010, the Society of British Aircraft Constructors raid today.
recond year in, 1950, aviation exports, engines e counted for 32 per cent of the in sales bringing. oversens
£50,000,000. This was 22 per the year be- cent more than fere.
Leading exporter was Rolls- About half Royce who made the overseas sales-China Mall Special
Now York, Feb. 4. DAN American Airways reached agreement with the Air Line Pilots' Associa- tion tonight ending a long dispute following the advent of jet airliners.
Under the captain Tecnive
مرده
the
CITY
GHTS
CHAIRMAN
"Keep out I've just got cvening sit months' classes for faulty maths i
London Express Forsten,
new
resumption of blat American quld ses. But the aftermath past ulation has been goed enough Kor
aided Fold chures,
by agreement
spectacular development results jet aircraft will on
of South Africa's mere than $29,000 gold mines, £10,340) year for w Other Atrican newsic m month of 80 hours Aysag. Cur-Algeria and the Congo has rent rate for piston engine göre 'been less hofplul to the French craft, captains is $28,000 dollars, and Belgian (obotit £57909 a year
(aberl
Jet airlines will also carry a thit pitol to act us navigator. The status of flight
engine
mains unchanged.-Reuter,
Turn-Round
This dramalic
turn-round
registers the relative softening
of the dollar-and may suffice to
remedy it.
The latent
dollar and
dearness of the et American engineering products show up now that other countries cun deliver more promptly.
0.71
10' 10.70 Walron
13.00 14 14.30 14.00 COTTONS Textile.. 3.60 Nanyang
4,70 MISCELLANEOUS Vibro... 16.20 INVESTMENTS int. Invest. Allied TE A FE
invest
Of a total 1,227 lesies traded, 686 were lower,-200 higher.
New York Stock Exchange volume was 3,170,000 shares.
Stock Exchange
Exchange
New York bond volume was $6,119,000.
American Stock volume was 1,800,000 shares,
Dow Jones closing averages were:
20
3.976
4.05
30 industriel
0.40
23
Talle
12 vullues
London Closes Higher
65 teks
#
bonda
Comm. future price index
Closing Prices
Allied Chemical
Allied Matta Inc. Allis Chalmers.. Am. Brake Shoe
Airline
Min. Catile & Radio Corp.
American Cyanam
Ans. & Forga. Power Am. Gas & Electric
London, Feb. 4. The stock market picked up An amo Prod.
its pace
in
American Metal
in late trading Am. Mach. & F'dry. today and prices finished American Smelting fractionally higher As one result, Japan's exports 1 steel
auch-like have
must sections, than been doing much better America's.
απε
Japan's enlargement import programme is world trade.
of her help to
Ct-edged securities reacted favourable to the news of higher gold and dollar reserves and on speculation of a lowering of the bank rate tomorrow.
Industrials were very firm Another expansion may come
two with gains ronging up to egreemin
shillings. Steel issues were good from Britain's trade with East Germany, made at the engineering stocks advanced Industrial level as the Brillsh
ted by tube investments. Textiles, electrical equipment and store stocks alco clused higher.
Oils were quietly firm while
were mixed.- foreign bands
Government does not recognise
East Germany.
West Germany's restriction of shares concerned, coal leiperts works in the other Londen shares have Come direction-China Mail Special. U.PL under the inducme of General Flestion uncertainties.
Uncertain
The Labour
Party and the stret shareholders seem
equally uncertain of the practical im-
Tanker Order For Japan of Labur's commit-
have
acnt to e-nationalise teel.
Physion business continues to THE Mitsubishi Niopon Heavy-
Industries has won a £31 catch up with the recovery that million under to build it 05,000 k exchanges deadweight fons tanker for the ready scored. Olympus Shipping and Trading Corporation,
of Liberia. Olympus Shipping is affiliated to the Gulf Oil Company of the United States.
rst
In December, for the time rince March, Britain's - dustrial output exceeded that of
year earlier. Confident expectations mid-year steef strike
stiziale The tanker will be delivered | United States by the end of Augu?t, 1981, and ventory accumulation there. If it the shipyard sold the contractecnéinues it would presago... a price was Sxed at about $140 per mid-year dap, either through the Geadweight ton
strike or through de-stocking,
Yesterday's Closing
Am. Sugar Bet. American Tel & Tel. American Tob, "B Anacontin Copper Armco Steel Armour
can
Allan Cons. Mining Baldwin-2.ima-Ham Baltimore & Ohio Beneficial Finance fendix Avlution Corp
Benguet Cons. Bethlehem Steel Boeing Airplane
Borden (The) Co. Burroughs Add Mochinn Calif. Packing Corp. Campbell Soup Co. Canadian Pacific Care..) Co.
Cat. cior
Celanese Corp.
C. 1. T. Financial Corp.
COMMODITY PRICES
FOREIGN
LONDON
Closing rates were:
of a In
the
-
New York
Montreal
Amsterdam
ruwels Frankfurt Man
Five Caravelles, Franco's latest jet airliner, which is built en simallar } lines to that of Britain's Comet IV, except that the engines are placed at the rear of the fuselage intend of on the wings, take shape in a giant hangar. They enter service next May. Forty others will follow.Central Press Photo.
Paris
Stockhuim
Zurich
2.80 15/16-2.1 2.7314-2.7314 10.294-10, CU 140.35-140.40 11.73-1.73
174422-1745
14.334-14.63
12.11-12.11%
AMSTERDAM
The rubber market WAD Prices closed in steady today. guilders per
x.l.f. kilogram, Feb. as follows: No. 1 rubber No. Fubter
No. 3 rubber
No. crepe
LONDON
2.43 buyers 2.41 buyers 237 buyris
2.51 buyers
The rubber market
steady with
Wod at
spot quoted 25-3/16 pence per b. Prices: No. 1 Rss spot .............................
24-25! Selement house tern:
Mar
Apr/Jang
July/Spl.
Jan/Mar.
༤ ༡
1.50
401
Oct/Nov No./Jan.
33.65 20.03
Mixed Contruct
Mar/April
2353
May/June
July/Aug.
20.95
Oct/Nov.
20.00
U.P.).
Dec/Jan.
METALS
NEW YORK Prices of metal futures closed today in cents per lb, as follows:
11-25%
2316-2510
234-201
231-20
2516-201
Lend Mer
May Zine Mar
VOİC-233A 2314-231
2331 -U.P.I.
May
20.074-10,04
13.727-13.771 Oct/Der.
12 27/32
General markets, cll basis, Dorts: Feb.
Patate creps in March
thick March...
NEW YORK
others unchanged.
Closing enter were:
Engia oficial
313
Now Zerlend
Seth Africa
Morway
Caninda
2.00 18/19
2.00 15/18
2.50
2.6150
.:403
Othe uschanged.-U.FI,
RUBBER
Rior. Αντ.
COTTON
NEW YORK
of
collon
Prices closed today na follows:
Copper Mar
May
Μαζ
May LONDON
The tin market
Loews IncUTD.
Lowenstein & Sosta.
Moturida Ine
Tel-Cont. Woranis
Warner Bros....
Waukesha Motors
Westinghouse Air Brake
Westinghouse Elretrie Western Union Tel. Co. West Va. Pulp & Paper Winn-Dixie Stören Woolworth (K. W)
Zenith Radio
To
British Firm
Build Japanese
A-Power Station
London, Feb. 4.
The Japanese government are likely to decido within the next couple of weeks upon the choice of a British firm to build an atomic power plant at Tokaiur near Tokyo, it is learnt here from Japanese sources,
The
overnment and the
Japan Atomic Power Company had invited tenders from three British Arms the Associated Electrical Company: All three tenders have admitted their
which are
by Tokyo.
*t being studied
CHATTER ON WALL STREET
It was reported in a section of the British press today that bitch had arisen in these negotiations on cost of the pro- jeet and that the tenders sub- mitted by the three firms would cach cost £1,000,000 more than A the Japanese government in- tended to spend.
NO HITCH
A spokesman of the Japanese Embassy told the Agence
France-Pressr today
that it
has
New York, Feb. 4. period of significant market correction been overdue, says Moody's.
Caution, super-selectivity and the current timing of any new
would not be correct to sayurchases made thould continue
that there was a hitch in the negotiations with the British Arm Their tenders has been received
and were being
that
the
to be the primary ingredients for potential profit in this two- way, discriminating stock mar- ket, according to Hayden, Stone
& Co.
Cautions
studied and it was hoped to take a decision within the next two weeks or so.
understood It is tenders submitted by the three
United Business Service cau- жего substantially companies
tlony against the current pre- But the Japanese ference for volle, low-priced
10.49% the same:
clarifica- 10500 vide ght further 19.376 16.4b
the three firms on
205HU
29,17 9/9.GOL
00-091
was steady with spot and three months both quoted at the common price of 7084 sterling.
May
Buyer Selam
769
ના
Tin
Spot
750:4
3-month
70015 765
futures
Copper
Epot
21314 201
3-month
2319%
2+114
Spot
Mar
NEW YORK
May
23.70 com.
3.92 35.31-22
Lead ist halt
Teb.
70%
70%
Rex rubber futures
today
July
33.80
Zine let ball
}
with sales of 35 Contracts.
clored 10 to 25 points higher
Oct.
31.60
Feb.
Dec.
30.40
May
Mar: 3040; May: 30,47: July: 30.40; Sept: 30.45; Nov: 5043; J Mar: 30.35.
Mar.
21.44
-U.PL
31.34
30.40;
MAY
July
30.73
advices
· NEW ORLEANS Pelets
cotton futures of closed today as follows:
Opst
23.90
Mat.
25.10
MAY
73.12
July
23.70
Det.
Dec.
MAT.
31.07
at.43
MAY
SINGAPORE
SUGAR
New York, Feb. 4. World No. 4 sugar futures to- day closed unchanged to 1wo points higher with sales of 672 contracta
Improved over cas reflected in half-cent higher opening on market today, atia: which prices steadled further with good buying interest and ut sellers. Forwardn were in good demand. but
July offers were high in price.
Domestie No. 0 sugar futures No. 1 rubber per b. Feb. 85-909;
future closings, Inclosed unchanged to two points Cotton Mar. 294-672
102 con- penco per 1 were as follows: higiter with malen of No. a rubber per . Teht. 11 No.
Ameriena Contenal Ra, 4 Spot rubbey, unhalert
Blanket Gerjia"
No. 1 yale crepe
14
Marshall
0711-0936
May/Jun
WYZAME
LIVERPOOL,
tricia
92,30 2101
Trico UPI.
wore
tions from
the details of the tenders and the project. Experts from the Arms bad already flown to Tokyo to discuss these details. The Japanese Government is likely to decide on one of the three compuntes in the light of the clarificationg furnished by them.-France-Presse.
Tramway Dividend
Tko Directors
Hongkong
issues.
It the market is going to go higher this weck, it would ap- pear that the burden of proof lop with the rails, says Joseph Crunviji, unalyst for E., F. Hutton & Co.
James F. Hugez, analyst for Auchindless, Pariter & Red- path, holds that historical probabililies call for a cubstan- Hal Increase in the number of selling climaxes during 1959.
Maintained
If the 30-cent copper price Tramways Limited announce that
the forthcoming can be maintained, there is u Kennecott's dividend prospect Ordinary Yearly Meeting of
on will be catered to $0 a share, shareholders to be kelä
sy L. O. Hooper, analyst for Friday, March 29, 1959, they
W. E. Hutton & Co. will recotnarend the parment of Flust Dividend of READ Tampa Electrle net expected this per share for the year ended to rise to $2,25 a share
year aglungt $1.78 Indieuted for December 22, 1918.
1958, and dividend could be boosted to $1.40) next year, suys Harris. Uphaṁ & Co.
Gamble-Skogmo 1908 and * dividend rise in a distant pus-
Exchange Rates
Business was done in the local ability, taye Reynolds & Co.
matke this Union Oll of Califomia 1969 exchange unetictal morning at the following turnings expected to improve Un dollars iper $1)
over 1000 when net is estimated Sterling note (per 41), Austerian noies (per E1) **** Indoneelam nimiats (per 1003 unavailable- men sizga pa 149)
bingepota Miraite) ...
150 fto have dipped to about $3.20 »
20
BHET,
days Walston' &'” Çom,
U.P.I.