THE CHINA MAIL, WEDNESDAY, FEBRUARY 11, 1959.
PS INFLATION FEARS IN UK
TRANSPORTATION
BRITISH SHIPYARDS
LAG BEHIND IN EXPORT RACE
London.
IX countries, headed by Japan, have passed SIX
Japan is Britain in the ship export race, building three times more tonnage for sale to foreign customers than we are.
The
Germans
than twice aur tansinets
1914t
have anore
"outside"
Sweden, The Turbo-let Future
103 d Stave Italy and
Helland are all wel
U
ahead of
. While we Rr 10W building!
In The Balance
nly on-twentieth of the ships
THE
THE future of Britain's cirliners,
That 1/- Cut In HONGKONG
Income Tax Fades Away
STOCK EXCHANGE
Our Own Corius, andch
Business done on the long-
umounted to ep
on Stack Exchange this meining |proximately $354,000. Nuch quotations, and the morning's
By RONALD BOXALL
London, Fob. 10. Has the old-fashioned slump disappeared from the economic scene? This question is prompted by two recent reports: one is an American post-mortem on the slump that nover was and the other Bank.. was an appraisal by the Chancellor of the Exchequer on the prospects for SHIPPING recovery from Britain's own "'downturn."
In the
of
The
transactions were:
Shares Boyer SelETA
100 603
BANKS
INSURANCES
Lumbard
00
Wheelocks 0.00 DOCKS, ETC. K. Wit.. Docks Provident LAND, ETC.
olet
4475 - 45
212.30
Salcu
30003
20 Et
30020
23.39 231, 1520 23.40
20:00
Stocks Regain Some Of Sharp Losses
New York, Feb. 10.
Stocks today regained three-fourths of a sharp decline of the previous session without benefit of increased volume.
Trading B off more than j Dow-Jones closing averages 300,000 shares from yesterday's were; total in the first part of the scesion and regained some the last dealings later.
01
45 industrials 20 ra
362.05
100.01 20.02
83 stuchs
202 B2
40 bond
10.31
Com, future price index
144.20
AD end of selling plus in- grean di voltime uf Trading
rise tadily. permitted stocks to The not gains ran from one to wer peints in the main list and several suca scored advances of three to more than five points.
Sloel isues met good support. Se <id some of the
31 321, 10.201
L
1.50 1.523 10000 7 1.50
1.01 .075 20000 2.03 2.07
2.70
{CITY"{LIGHTS)
The American recession never; of hire purchase controls but foo, easier loan terms Justifled fears of the pessimists | partly (who were In the majority) | now offered by banks, because consumer demand re-end
121 credit squeeze UK Land.. mained high in spile of un- has benefited industries other Humphreys
Really. employment and falling pro- than there producing durable sunnan duction. In fact the remarkable consumer goods, For example i Amalg. required by buys out-ide Bri turbo- prop
thing
American ex-private
Trunk husebuilding will be
A. Tewall ain, latest figures issued by
perience was that prices con- hipher this year than 15st. And
Suegala Lloyd's
at of Shipping which are among our biggest tinued to rise even Register
the the still-depressed capital goods how
Industries should be helped by yurda havo dellar carnars, is likely to be bottom of the recession. that foreign ratared 400,000 tons of bulk-decisively affected by the
the Government's latest sure in the credi neid virtual ing business from British ship-forthcoming
International
bolition of control on raising Electric Air Transport Association
of new pubile loans hy indus- trial companies. conference in Paris.
Downers.
CANCELLED
fur In
raftindal ALL
spuke-min hy balding industry Aoid London: 1st your we pleted 290 thips, and only got 245 new ned.rs. Ta addition, 37
orders for ships were conceited,"
Some airlines hold the view t fores CJET The higit- jet should par en getsinpuelty
have
CIK- the
jel surcharge" forced. Others feel that current fares should remain the same the big jet, tuy point
worked at high
"There has been a big fallag | out, are so expensive that they off in ship-pair work Brave ti tish yards. His affecting the cmployment of at least 10,000 workur."
DT Denig bruk, deputy managing director of Harland and Wolir, said that in Gerinatly be saw a syster of centralised of output electronic recording
at work in a shipyard,
prenotare in take them pay, and a special charge for jet travel would be unfale.
SALES PROSPECTS
It is thought, ao, that fares will and their own levels when the novelty of jet travel wears
Much the same Fort of thing has been happening in Britain, in the first half of 1958, retail
ales were about the same II year earlier, in the third quarter. there was a light in- And in the vemini in 1937,
there was fourth quarter "marked rise" in the Chan- reilor's words).
Prices Rise
11
So while industrial protic- tion was ragging and unemploy- ment rising, prices continued to Only in durable house- 10 p hold goods and clothing unet footwear, was there any rerior- tion in retail prices in 1958. Every other major category in the cost of living index ruse, but the two per cent increase overall retail prices was Whatever decision the IATA counted for mainly by higher conference reaches wil verrants and fond prices. from which production was conftainly affect sales prospects for trolled by wireless telephone,
Over the sime period, wages British turbo-prop airlinets,
They rose by went
up too. Their position may well be
about three and a half per cent, endangered if the decision
compared with
nnual whe fares conference favours
averate increase of just over six the big Jets, and minkes prac-
haul services.
There was a recording station
31
Lockheed Electras Toler to in mind it per cent in the years 1954-57.
Change Altimeters
New York, Feb. 10.
THE Eastern Airlines com-
Marine Paint
Charter
pany, which uses Lock-Trading
hood Electra planes, an- nounced today that it would. replaco two of the
TRADING charter, form- three ing tho Transocean
now-type altimeters in the Marine Point Association, planes by old-type olti-has been signed at Rotter dam by one paint manufac+
West turer in cach of ton European countries.
moters.
divided research
A company spokesman said the Civil Apronautics Adminis- tration had thus authorized the
have The members normal use of the Electras and the area of technical exempled them from the recent restrictions placed on landings and have pouled their results. In poor visibility.
the East River while preparing
¡As from January 1, 1959, they will supply only one quality uf The CAA restrictions were marine paint a standard blue Imposed after ren American Alr-nd white pack bearing the
brand name Transocean. hines Electra crashed into The Each manufacturer will pro- the ports "I 10 and at New York's Evide this paint Guardia airport, killing 85 per- its own country, the idea being pink supplies uf sons aboard. A misreading utensi
fresh paint of good standard the new altimeters bad been advanced as a possible cause of quality. the accident.
The countries concerned
fre
vrILITIES Tram 20.00 27.10 2300 * 27
Star Ferry. 103 211 Ycurati 11
INI
#J 500 2 15
10.0 10.70
20:30 20:50
503 26.30
(N) Mucho E. Telephone
10).....
24.90 23.10
0.20
100 24.990
23.93 20 10
5.2.3
24.59
5:00
24
INDUSTRIALS
Cement STORES, ETC. Daky Wat
23.10 24.10 1000
225.CD 26
24
140100
1
14 300
1360
1000
13.
1430 14 20
4
በሮ።
(0.70
Government spending was planned to raise by L25 to £150 million during the nest financial year beginning in April. In fact sakd the Chan- cellor it looks like being rather more. This spend. ing by the Goverment ! L. Craw
expital projects will!CO TONS
Textile help to offunt the decline in evang private industrial investment MISCELLANEOUS
now expected to fall this Vibr
INVESTMENTS year only one-tenth below last int. Invest. year's level compared with an carller estimate of a one- sixth drop.
On
Once the British recovery is ne-underway, the problem may be one of another kind, In America no one now talks about the re- Economies are more cession. concerned with the problem of inflation.
"Fina! demand held ยม well during the recession
so well indeed that there was
To Worry
In Britain though the policy le still actively expansionist, the Chancellor is already beginning to get worried about future in- no serious downward pressure
That nation. Last year on wages and prices."
with wage rising and productivity could describe the British cx rates регіслее. In fact it is stalle, labour costs per unk of quotation from a report look-output were about six per cent ing back on the American re-higher than in 1957. The fact
cession.
There Arc other points of similarity in the two situations, The American report says un-
employment stayed high in the early stages of recovery because business found that the only way to cut the cost of labour was to use less of it.
Unemployment
that this did not lead to an even greater rise in pricen was due to fulling import costs.
Dj
רו!.*
لتذا
5.15
Aller
213
1.K. & F.E
9.40
Invest. Sen. Ltu.
3200
Chicago Grain Market
Chicago, Feb. 10. Grains were steady to Brm day on the Board of Trade. Wheat No. 2, red
Spol
2011-20234 Mar. 19KU6 1999(E) 2004-
10034-1 May
10914-2
191-
July
Scat Dec.
Corn, No. 2. yellow
Spot Mar.
Nar. new
May
July
Sept.
Because the British econo- mie situtation is responding 50 well to the treatment many observers are now be Rye glaning to reviso earlier forecasts of the gri action. A shilling income tax is beginning look wildly optimistic. The budget will suli be good Unemployment in Britain bus not reached such serious pro- news but Chancellor Derick portions as it did in America Heathcoat-Amory's doctrine- There was a rather "more than "the prevention of a return of seasonal" increase in figures be-Inflationary price increases must tween December and January, always remain one our basle but the Government is still background_alms"—will prevent confident that the unemploy-it fiểm being too good to last meal peak will not be higher-London Express Service. than 2.8 per cent.
Unemployment is still rising evch though production is beginning to show signs of plek- | Belgium, Denmark, France, Hol- Ing up. The index of output The
altimeters has
Norway, aland. Italy.
Spain, showed a fall of about one per Germany and single hand which indicates the Sweden. West
cent, betwcen
and the second altitude in hundreds of feet, Britain.
third quarters of 1957, but in November and December it im-
while
now
beginning of the year.
Indicator gives the In order to collate informa- allude in thousands of feet intion on shipowners now bulld-proved by about two per cent figures. The old-type altimeters ing programmes, docking back to where it was at the have three hands, the small une schedules and ship movements, giving the altitude in 10,000 feet, a central oflce will be opened being the medium one in 1,008 feet in Rotterdam, this port
chosen owing to its geographical and the large one in 100 feet. -France-Presse,
importance to the shipping world. A technical meeting will be held yearly to consider formulae.
Jets Cheaper To Fly Than Piston-Engines
PAN
Paris, Feb. 10, American Airways today that
Britain To Dispose Of Old Warships
BR
A rise in output, warned the Chancellor, may well not be accompanied at first by a proportionate rise in numbers at work. But that, he said, will follow. How soon he did not say.
207
11715-112 115 115
1143%
110
11512
13624
1033
their
Mor.
May
bunt-
off
Oats
Mat.
Miny
COAL
Soybeans, No. 2, yellow
Spot Mar. Mus
223 nom,
2209-14
Jals
Sejit. Nev.
Barley, S**
Yesterday's Closing
2006-2
221
2011
Closing Prices
Allied Malin
cha Mantin Bank
American & Fire Power Diamond Alkali
Heyden-Newport Chem
PER Sail M
Gils.
Ola Mathieson Chen
Strap Rick
A Brake Shure
Ant. Cite & Rad
Am mai
401
Am me d
17!
02
31
Dagurt Co
Ithe de
13h
UPT Pugavat Corp.
C64. Parking Comp
Cara Pematy
Comme, od Creatit
Cat OL
1-mend Gand
1 Pirs Ntural Gas
Barr: Dynstufes
General Firs
Cream Ammatt Gu!! 0.4
treat Corp. Home Q10:1
Bobo fawET
International Paper
Maleta Chem
3711
197
32.
407.
52*
11022
- 1 1 +
130
192
d. By MeDenalt
National Wacu!
Wet & Western Rys
turbine
North Am Avation
11
01:
Radio Cep P
71
Safeway Sierra
34
St. Cine & Frisch
Southern Radwaya
"Gcorge - Our tender was refused
security ground-who are the to question compatriots of George Washington M
London press sets for
D
Chemicals included rome strong favourites with: Du Pont regain-
ing nearly all of the previous sessions Sharp decline.
Big Gainers
Drugy Included som> bit
So gainers.
clid coppers. In electronics, and tyre issues. the intter General Tyre roc, sharply, Zenith, Maytag, Ameri can Home Products, and Lukens Steol were Among the big gniners.
The market's resurence came on the heels of a sharp sell-o yesterday which was attributed to technical reasons.
Individual gains in the list ran four points in some of the lever-knowns and
Cuve the whole market a bright lock.
Other
|
Sunne Mining
Textron le
Thi Caen
United Gra
Lalon Q of cul
US Steel of
Waukesha Mithra
West Wat Poda
We flaginu e. Airbrake Winn-Dixle Storen
auth adi
New York Cotton Market
New York, Feb. 10. Colton. futures today con- tinued to see-saw indeci- sively over narrow limits in quiet dealings.
Semi-holiday conditions pre- ailed. With the New Orleans Exchange closed for the Mardi missed the Gras, the market usunt arbitrage. activity with that centre.
Closing prices ruled one to
13 points Higher. The market up four 10 of four opened
points.
BEST PART
Best part of a light interest
old
months. entred in
crop SEX Evening-up of March accounts, notice day ancipating first on February 20, accounted for
the activity, Trader
73
rome of
46%
intermits werte
153%
on balance.
F
43
400% 10713
Depressed Prices In London
Lendon, Feb. 10.
buyers of Mny Transferring of
March and May contracts co- featured the routine deelings.
fore
crop
New
were months
Sccre- neglected. Agriculture tary Benson's appearance be- the House Agriculture Committee occupied attention. The Secretary urged approval of a plan for lower supports and relaxed production controls.
SUBSIDY
The New export subsidy pro- gramme for raw cotton, an- nounced last week, and to be-
with come effective
the new crop sensun on August, also oc- Yesterday's sharp falls un cupied attention. Some experts Wall Street cast gloom thought the eight cent subsidy. over the London markets was too large as it may force merchants carrying cutton to today and depressed write down their Inventories. prices.
fractions. Maytag also added in marketa
close. around four at its best on
good earnings report. Du Pont Was
four up almost
!31 the chemicals.
Another objection was that tho Lukens Steel paced its group
rate is subject to change with- with a gain running past four
However, by tile afternoon ajout notice. If a European buyer steudim note Wa In the Issues
cvidens were to contract for a large ¡ points,
added although falls were predominate cmount of cotten, and then the steel group generally
as a whole at the [subsidy rate changed, their in- of raw cotton also ventory would have to be revised, ex-
· DOUBTS
perts contender's
The Liverpool market today The market later closed with closed one to 10 English points only an occasionul small decline, lewer and 934 to 1,084 Ameri- Grecks reacted on profit-taking, Induced by doubts that a settle-an points under New York
futures.U.P.I. ment in Cyprus would be reach- et but closed above the worst. Germans and Japanese harden- cd.
American Motors, Ford, and General Motors all added a point or better. Non-ferrous enjoying a inetals,
stronger series structure, had a number of issues up a point or more, 120-135 nom, including Afcon, Anaconda, and
U.FI. Magma Copper.
COMMODITY PRICES
RUBBER
LONDON
The rubber market was casler
biay
lar.
Copper
Mior.
Mar
Tin
Mar
My
The tin with spot quoted at 25% penca
with spbt per lb. Prices:
COTTON
NEW YORK
Prices of cotton futures closed todiy as follows:
35.10 TL.
#7
were Bunks and insurance subdued. Industrials rallied in places following their early rel- back but even so falts were in The the majority at the close. outstanding exception was pro-
Agreed Merchant Rates
-Canadian Dollars Maximum Minimum Buying vitled by tobacco shares which Seling 1874.
dvanced in response to Im 17% T/T; 17-3/18 0/D. perial Tobacco's Increased dividend which year's one
restored
fast Swiss Francs Muximum per cent cut and Selling 74-7/10, the final 12 per cent dividend nair the year's total 21 per cent-UP.1.
May Zisc
$0.03
13.023)
25 <b>
20.83b
IFO.DOW .... DO.TED
No. 1 ss spot.
2316-251%
Salement house term:
LONDON
market was cleady and three-months sterling. unchanged at 771% Turnover was 35 lon3.
Spot
Mar.
Mery
July
2394-237
Oct.
Buyer Sellers
April/June
July/Sept.
-25% 253-451
Dec.
Tia
Mar,
Spot
Oct./Dec.
251-253
7715 712
May
3-nonth
77t
Jan/Mar.
253.20
July
Copper
Genovat mnrkets, clf beste, poris
Sput
2303
231
Feb.
Mai.
of itz
Apell
Esinte crepe thin
March Exlute creps thick
staich
2314-451 2511-23 2014-2015
2012
20
Semanth
231
LIVERPOOL Collon future
Lend lethali
Feb.
0034
May
7012
2012
Zine 1st halk
Mar/April
23.10
Feb.
73%
May/June
22.00
May
Dee/Jan.
20,00
AMSTERDAM
Mixed Contract
Mar/April
BAGGAGE:
May/June
the
will probably be some timu before there is a sigolfcant drop íti the unemployment figures;
still before Jonger
vacancies outnumber job-seekers by the margin of infallenary years.
Newcomer in the field of serious ecounmle journalist, the London, Feb. 10.
Economale Review of claimed
DRITAIN is to dispose of National Institute of Economic trans-Atlantic jotliner (lights four more cruisors and
and Social Research, concluded cost less to operate than the six destroyers as part of its that the current margin piston-engine services.
plan to get rid of older ships spare capacity and labour
Britain should readily permit a Delegates of the US airline to make way for the now.
rise industrial production of Mr Ian Orr-Ewing, Parlia 10 to 15 per cent in about two pressed this point at the second
mentory Secretary to the
"And that estimate in day of u conference of 10 lend-
Admiralty, told the ing airlines which fly the trans
House of years," Atlantic route. The question of Common today, lo reply to generally accepted.
questions, that the disposal of whether Jet flights should be more expensive than ordinary the cruisers Kenya, (8,800 tons) nights is the thoralest lopie et Jamaica, (8,800 tons) and Eur- the scheduled two-week inect- yalus (3,770 tons) had been ap-
proved, Ing.
Sources close to the confer- ence said Pan American could
data produce
rom its trans- Atlantic jet service inauguratei Just Autumn to back its claim that Jetliner fares should not be higher then piston-engine
The Method
Yet another point of similarity between the American recessing Another eruifer, Superb, and the British "downturn" la used to combat (9,000 tons) was in reserve but the methods
In America easter credit the Admiralty was ready to them.
on higher Government spend- consider oftets for her.
Destroyers now for disposat ing was Instrumental in keeping Boriteur, demant at a high level even at Weto the St Kitts,
lowest point of the Comet. Chieftain, Consort and the
cession. In Brilain the name Coende, all between 2,020 ant 2.315 tons.
means appear to be achieving Mr Orr-Ewing said: "Within, similar resulta
Tho significant factor in the Some
companies the limits of the approved naval
these ships, Jetliner competi- plan,
because of rise of consumption towards the which feared
of 1958
traced and condition have end
enn be tion have been demanding that their age jot fights bo subject to a auf- had to give way to betler ships." directly to caster credit cont ditions -- mainly the shelton charge on fares-YPI.
flights.
European
rc-
March
The rubber market was dull Prices closed today in guliders per kilogrami, elf February an follows;
No. 1 rubber No. 2 rublær Na. 3 rubber No. 1 crepo
2.40 nom.
2,43 nont
2.40 nom. 2.55 nom.
--U.p.i.
METALS
NEW YORK Prices of incial futures closed today in cents per lb. as follows: L4-3
Star,
19.12b
SUCAR
NEW YORK
Sugar futures
an follows:
elesed today
Contract No. 4 (world)
March: 312; May: 3.10: July: 1.10: Rent: 32: det: 521; March: 3.21; May: 3.22
Tatel kales: 171 contracts. Bpot price: fob Cuba: 1.12, Open Interest: 6.455 contracts. Contrael No, G (domenilo) March 0.63; May: 6.50; July: 1.09: Arnt: 5.73; Now: 4.7.
Toini salus: 53 gontrarity N Buot price: elt NY ex-duty: A40, Open Interest: 2062 contrors UJI.
31.03
30.00
in
SAILS:
clesings, pence per lb. were as follows:
American Contract
West German Deutschemarks Maximum Selling 72.
FOREIGN EXCHANGE
NEW YORK Closing rates were:
R.M.S. "CORFU”.
NOTICE TO PASSENGERS
Friday, 13th February, at 6.00 p.m. for the UNITED KINGDOM, via Singapore, Penang, Colombo, Bombay, Aden and Port Said.
Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Co's Godown No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Thursday, 12th February. SPECIAL NOTE: With the exception of hand packages corried by passengers themselves, ALL BAGGAGE must pass through the Wharf Company's Godown for loading on board by ship's slings only. EMBARKATION: Passengers should embark between 2.80 and 4.00 p.m. on 13th February. 1959.
Subject to alteration with or without notice
July/Aug.
Oct/Nov
Dec Jan
Canade England vilcisi
33-
IT
New Zealan
South Africa
india
Pakistani"
Other hengel~~U.1.1.
21011