SIX
TRANSPORTATION
SIX PILOTS TEST NEW VANGUARD
'She's a beauty to fly,' they say
Weybridge. NIX test pilots have now flown the new Vickers Vanguard, Britain's newest airliner. They are some of the Vickers flight staff who are taking part in the exhaustive test programme facing the big turbo-prop airliner before it goes into Bea and Trans-Canada Airlines service.
Five Vanguard; will be moved
in these for Betwee
!
they will penal 3.500 hours in The air.
The team is headed by 37-
Airlines Deadlocked
year-old Softiss-bors On Jet Flight Fares
drek") Brye, one-time phot
th
in the RAF's Royal Fight, ami 1.W Thief te plot at Virkis andeld at Wiley, Su:-
THE
Paris, Feb. 11, world's 16
mejor airlines international deadlocked bitterly tonight Aun, on the burning question of D
fores for trans-Atlantic jet former
Harris and flight.
*he others who have already let th: Vanguard are Brian Tavurbow,
Dicke Apiter
skipper
W.D. Jarvis.
THE BEHAVIOUR
Joc
Virket Alc
Laugh, Bigld-test manager and seven have studd other ch erven de harina of the new pir- liner In Might
'Ti
th
THE CHINA MAIL, THURSDAY, FEBRUARY 12, 1959.
Weekly Survey On The American Economy
Industrial Production Up
Two
To
Bugbears Continue HONGKONG Worry Economists
New York, Feb. 11. Industrial production in the United States, buoyed by an in- creasing flow of orders to the stoel business, was running as high or higher this past week than in the latter part of 1958.
Businessmen also had enuse lo ronin, while
STOCK EXCHANGE
by
Our Own Correrandent
Business dene in the Hong-
The morning's transactions wernj
new living for one decline, adding that Stock Exchange this mor-
ing amounted to approxima some drop could occur merely $355,000. Noon quotations ressivers the weather in farm areas more favoLIT~ turns nut to be
when able this year than last. widespread frost sharply re- duced fruit and vegetable crops.
Widespread
Caution
Sharen Buyers Sellers Sales
BANKS ink Bank
1
MAS
15
INSURANCES
Dron Lenbord... Whericks SHIPPING
DOCKS. ETC.
is wklespread in financial circles at the moment. following a sharp drop in the stock market on Wednesday of last week and a recovery nearly as rapid. No particular jiern of news touched off the, monetary strong selling pressure. supply,
for encouragement from retall quarters are priced beyond the trade statistics in the Arst reach low-income werk of 1959, and reports fran beruse families need adequate Detroit have tended 10 het'ng." strengthen
that Dougite fears of the wraken- expectation 1950 will
BC0 Substantial.ying dollars and talk of tigater be u better year for that industry money, however, there were in- than was 1958,
dicating this past week thin foreign governments are caning Increasingly to the United States Denmark is market for funds.
aikeng 20 million on Wall Street this week, and Japan has its Arst post-war registered
totolling 30 issue.
milton. Bonds have also recently been effires here by Rhodest, the Zealand Belgian Congo, New
la and Jamaica. Istori
also necking 30 million in US, bank foar13.
Mid-January sales ot new cura shot 9.0 per cent above the Best 10 days of the month, sparking prospects for a 15 per cent gain over January 1958, according to Ward's Automotive Dealer' inventories Reports, at the end of January were estimated an compared with 56 days at the same time last year.
40 days
Discordant
The only discordant nate, The lay-off of about 2,000 works at Chryster, was attribute to a
Leading delegates said deadlock might well result in shortage or windshields because the breakdown of the COTE- of a lengthy strike in the gas
tils- ference tomow.
than 10 induntry, rather auportment
sales CX- perience
The showdown developed as The 16 airlines delegate of were debating the critical early No 1 Vanguard Male stages of the eventual switch- nine days. Tart over from pisten-engined flight
Three separate to Jets.
eight tight. J slied week fights in or day.
With only 10 hours achieved A PRELUDE
1,500, the six men out of the who have flown the Vangaard report that "he's a beauty
remarkably quiel By an a
There will be no aeroplane. noise problems at any airport.
Clyde's Plans
Giant Tankers
For
11)
th
The 10 airlines were
regular in directly engaged frans-Atlantic operations. They me to try to reach agreenval among themselves as a prelude. the to the full meeting; ví
International Air Transport
Association (IATA) in Paris on Sunday.
over
This new surge in popularity
foreign
debi of
governmeni ismues which are sued for dullars and are repayable in U.S. currency indicates that talk of the dollars weakness should not be exaggerated,
Overflow
#
Bed
K. Wharf Dock
vident.
LAND, ETC", TR Hotel Many analysts believe a fur-k Land ther
correction may occur shortly. The investor, In R situation of rising excitement," Ands himself further and fur- ther from any real interest in what is kappening within the Instead, he relies companies. increasingly nu the prices which UTILITIES he believes the stocks of these companies will bring.
RUBBER Amag Trust .....
A LAND
5.03 5.75
DO 4412
40
12 12 20
23.30 2329
12 32
17.15
1:30 1.125
Wall Street Continues Recovery
New York, Feb. 11.
Stocks continued their recovery move on
moderato turnover today.
A handful ; sperial jessa stood out with abarp Uni while the general tist showed
tractional improvement.
On the whole the list yester tlay spurted ahead and regain-
rise
Puexmount fietures
Preke avis ( Deany J. Q. D.
Penn. Holt Co. Philip Morris
Put burgh Pale Glac Publcker Innistrica Pure Ch
Radio Corperation ed mort thas all of Monday's Hepublic Stres
This
Reynolds Metal lossta.
generalers, floebuck & Cu jonough Biorenfiti 13 Curzy Shett Cal Ca.
ever into today's market. The Steway Sures price level rose steadily in the Seat Reg. Paper
Scott Paper 1000 2310 |arly trading and then wand somewhat later on with a small dip from the highs noted.
1502 2.07',
2.10 2.20
2.7.i 22 1 1993 2 40 25J 2.70
Stank
20.30 27.10
N63 27 200 u 24 590 27
stat Feny
108
11
mait
10093
C. Light
16.50 194
100 12
(0)
(N)
261 20.70 820026,
25.10 25 30 13.
10GD 45.in TUC
Macau E. Telephone
(0)
D.20
20 23.0)
23 24,20
Z0
As the sense of excitement mounts, stocks turn into num- hers and the question of the Steel makers were stopping up
Many economists believe that
hotir becomes, not what a par- their production markedly, due the huge overflow of gold which ticular stock is worth, or what 1 a heavy flow of crders stem-
has dropped the U.S.ork to a
Its future as an enterprise might | Klectrie ming from increased demand 12-year low was not caused by
be, but what it will sell for. in steel wees ond ales hede- dargestic infiction Bul by
Where this situation will leach, ing against a passible steel strike, number of special thelots offen-
and whether it is er is not a The American from and Sterling the U.S. balance of payments.
result of well-grounded up- Institute estimated this week's
Latest Treasury gures show
timism
hard stemming from
At the facts remains to be seen. that on January 24 the United States lost another 40 million
moment, most brokers are urg gold to foreign accounts, reducing their customers to make in the lutal stoeic to $20,470,-
careful selections before jump- 000,000. This is an aggregate
which is market ing into loss <if $2,304,000,000 - since
hovering at near-record highs. December 31, 1957.
operating rate as 78.9 per cent of capacity,
Despite these optimistic signs, to give two bugbears continue
and are rise to worrying s drawing the scrutiny of conc- mists in the United States.
Stated briefly, these two wor Ties are (1) the question of how long the American dollar will Delegates to the conference salt the majority was demand- deserve to be ranked among the world's hard currencies if the Jetliner ing a surcharge on
VS. eccnomy continues to be tights already in operation, an
char:cterized by the present in- LYDE shipyards have ariler to protect themselves
flationary process; and (2) wh:1 their plans well ad-frin jet competition during the
one investment firm this week vanced for the construction rucial years-long changeover.
called the "exalted the" in the of tankers of 50,000 and
minority led by Pan
stort market which has not been supported by corporation carn- 60,000 tons dead weight. Americen and the British Boac
ings. already have Those will be the biggest company which
Jet services
spanning cargo ships
Atlantic-was adamantly Scotland.
fusing to accept the surcharge One company whose plans are ¦ propos.-U.Þ.. well abend are Messrs Alexan-
ever built in
der Stephen and Sans of Lint-
house who have just completed Denmark's bigged tanker, the
Hawk. 34,50-ten Nordic
She has been built for Notdie
Tenkships, an asociate if the t
Twelve High-Speed
P. Tanker Company, She is 649 Freighters For P.I.
oil
feet long and be 28 cargo troles. Up to date crew facili- thes are provided with n blea room,
hub-
Takye, Feb. 11.
the
re-
wimming pool and THE Japonosc cabinet
single cabins throughout.
She is hatin driven and has a service speed of 15% knats.
'Fish Factory'
Launched In UK
most
secretoriate announced today a council of ministers had approved the export of 12 high-speed freighters to the Philippines on condition that the terms of the export should be on "a strictly commercial basis."
'The
secretariate sold
CLAIMED to be the Ministers of Finance,
portation,
the
Trans- Trace +21
would Contracts Japanse shipyards the Philippine National
world, the
hasxamine the export Fairtry 11 beon launched on the Clydo between From the Renfrew yard of and William Simons and Com- Development Corporation
pany Limited.
In
trspect before authorising
the construction of the freigh-
She is a 235 ft 4sh-faetery ters. trawler built for the Chr Salve
Sih Ch, Le
Real Wages
monetary
An Increase in real wages has historically been rited to u riam productivity, the publica tan netes, "When authorities TV, to combat the inflationary effeels et excessive wap increases and budgetary deficits, they Bod
themselves
art
has pered because workers sted continucus Juli employment The benefits of the technological revolution In agriculture withheld fryer, cocksumers, while surpluses of furie products reach gigantie
because proportions. Krners neva a predetermined level of income. Housing short.
ages occur because tenants need
London
Makes
Comeback
Summing Up
The New York Federal Re- serve Bark ld today in its
Sineming up its survey of monthly review that consuger resistance to higher prices may business conditions at the pre- play an important part incent time, the Guaranty Survey
keeping
for
NOUSTIUALS Cement STORES, ETC. 5.70 Dairy
Watson
1. Craw. COTTONS Texille
10.40 16.70 1030 6 1360
10:15 1300,"
Good Gains
Saw
Koo
Today's market galas i selceled steels, motors,
alls, farm implements, build- ang equipments, rafis, and elve- Ironic istics.
International oils were active slightly lower, ith prives The heaviest traded
were Royal Dutch and Standard Oli
New ni
Jersey. Freuhauf Trailer had large volume and moved higher.
Gains of a point or were held by a long list in-
better
chuling Texas
Consciklated
Instruments, Electronics. Northrop Alteraft and
Bath
tron Works.
Sinclair .... Smith, Clue & French Socony Mab
Solar Aircraft... South Puerto Rico Sugar So them Co. (The ...... Southern National Cas Southern Railway (Com.) Standard brands... Standam Oil of Cai. Stavand Un of Indi
Mandard Olf at NJ.
Sleep Rock Torunia ENZE Sterling Drug Co. Studenker-arkare Cor
Sunshine Mining.. Swift & Co. Texas Co.
Textron Inc. Test Chen,
Title Water Aa, 011 The fre....... Twint Cratury Fox Union Carbide
074
Uneur Pretão Ristəy dad Alterat United Frut Palted Gao Com.
is Line Ca
US. Jubber
15
Smelling
Steel
US Steel 7 16. Vr Warace By
Wrakanha Maas
Wertngan Air Brake
West'n how t
Dow-Jones closing averages Westem Uren Tel. Co.
20 buil
13.03
24936 193
33
14.40 14.70
were:
Weet Va. Puri & Paper Wollworth K.W.
311
3.025
Nanyang...
6.72
ladus ters
601.00
100 M
MISCELLANEOUS
15 lite
0 79
33
cek.....
203.03
46 DORO
40 30
Comm. futine price index
144.17
1330.93
Closing Prices
Alden the. Aes Allied Chemicals Allied Muli Inc.
421
Als Chalets
Am. Brake Sime
12'
tals
American Airline
Aus. Cable & Radio Corp.
1
5.74
Americx Cyanami
Co.
APPL
15.83
A. Farga. Power
Ato. Gar & Electric
12.70
Am. Homy Prn.
6.20
Am. Math. & Fury
20.60
1.12
Exchange Rates
Vibro
16.20 Infationary pressures says there is "sumelent forward | INVESTMENTS" In check thus year.
thrust in the economy to assure Int. Invest.. 5.15
Allied
3.01 This is suggested, the bank continuing improvement
.K. & F.E pointed out, by reductions put some time to coms.
Invest.... 0.40 lato effect by large mail order "The major element of can- Arms, reports thal some re-cern at the year's end was up- tallers plan to hold the price employment, which stood 14.1 line, and the relatively strong million in December, represent- cent of the labour showing of economy ears.
ing six per "Lower prices for at least force." some proctuets," the Bank said, The decline in the seasonally would stimulate increases In adjusted rale et unemployment the over-all volume of sales since its recession peak, the and hence in output employ-survey points out, has been very
similar to the ment and profits."
experience after The Bank said that food the recessions of 1049 and 1954. prices offer the best prospects-UP.I.
Yesterday's Closing
COMMODITY
METALS
May/June
American Contraci
Mau/April
20.00
JAIS Ang.
CA/N:v
Dec/J
Mixed Contrace
Mar/April
22.05
May/June
2.42
July/Aug
Oct/Nov.
10.00
12 ASS $2.005
Dec./Jon
19.03
NEW YORK
Prices of metal futures closed today in cents per lb. as follows:
17.00
32,338 20.576
L24 MEAT May Zine Mar May
Copper Mar.
May
Tin
Mar. May
20.00% 100 Ob
MITYb
London, Feb. 11.
made
LONDON
The contracts were concluded Stock markets
after -comeback today
Prices of metals closed today in sterling per lung ton us yesterday's setback.
follows: of figures The publication howing that unemployment Tus spot was mounting was shrugged-anthi
Copper spot oside and investors were mare
3-ota Impressed by yesterday's re- Lead ist half Feb. May covery on Wall Street.
Fairtry 11 will spettd several under the terms of the Japan- months at a time in northern | Philippine economic co-opera- distant water shing grounds. tion, which formed a part of PROCESSED
the reparations agreciment be- The catch will be procorned tween the two countries. It was immediately by the latest fish-not immediately, known whether Aileting muclifnery and deep- the Japanese Government was frozen at once to reach fand in suggesting revision of the con- aca-fresh condition no maller trect terms.-Heuter. how long the voyage. The pro-
cessing system
ensures
that
there is no waste, as all offel is converted into sh meal.
A valuable by-product is
extracted from the livers of the
caleb.
Buyers Air
760
eral
760 700!
23319 234
213 214
100%
70% 704
12
73
May
In the afternoon further en-Zinc ist half Feb.
10 the markets couragement was given by the pubileation of
Germany Building
ing
the Jumiary trade Agures show- trade the unfavourable balance down from £73,700,000
It is anticipated that Fairtry Its First Subs
I will bring home sea-fresh
filleted end equal to more than
twice the catch of a
पूood
modem, trawler cperating over Bremen
the same period.
Sailing Once Again
Peking, Feb. 11.
Bremen, Feb. 11. MIE Allas haval shipyards havo storted Arst three construction of the submarines to be built in Ger- many since the end af World War Two, it was learned here today.
The steamship Klang-Yah 1s . The vessels are kamall sub- again seting. In China coastal marines of 300 Lenk coch. waters, it was cfficially dis- which have been ordered by closed today.
the Federal Defence Ministry.
in December to £49,400,000.
OPTIMISM
of the on the latest Greco-Turkish talks on Cyprus
but they fell back later.
SAO PAULO Colon tuture closings were unquate today.
the
In the United States. average price of one-inch cotton at 14 designated spol markets was 3420 cents.
RUBBER
Business Metal
was done in the kval
market exchange moming at the following rates:- US dollars (per 1). Bearing notes per 2).... Australian notes sper Cl Indonesian rupiah (per 100, Blam teala (per 100) ... Singapore (Strolls)
PRICES
SUGAR
NEW YORK
futures
World No. 4 sugar loday closed unchanged to two points lower with sales of 207 contracts,
American Melal
| American Smelting
Am. Sugar Ret.
Ann Tel & TH American Tob. "I" Anaconda Copper Arnica Steet Armour
Edwin-Lima-in. Baltimore & Ohio
et Sinance Bendix Aviation Corp. Benguet Cone. Dethlehem Steel Boeing Airplane Borden (The) Co. Burroughs Add Machine Cali, Packtm Corp.
Canadian Freife It. Case . .
Cat. Tracier Celanese Corp.
Co.
C. 1. 7. Financial Corp. Cine Manbat. Bunk Chrysler Motors Clett Peabody Colgate-Palmolive Co. Colombian Carbon Co. Vam cromni Credit Confolidated Edison
| COOLAINEN 04 et Del.
Crown Zellerbach
| Cuban Amer. Sugar
Diamond Alkall
Domestic No. G sugar futures closed one point lower to two points higher with sales of 145ausad Gard "ontracts.
price Icents per l.
Job Cuba) ..................... 3.32
Douglas Aircraft
Dow Chemicals
Dupont de Nevnoure Erster Arling
Par National Cas
Family Planncs Corp.
Festone Tyre & lubber
General Dynamics
General Foods
Getty Of
Grumman Airers
1.2
Russian Deal
Colombo, Feb. 11 Rusia and Ceylon have sign- ed an agreement under which Busia will bulld a 30,00D-to- year steri-rolling mt here.
Ceylon will pay for the mill over a period c1 12 years, at 24 per cent interest.-U.P.I.
Total sales were 17,749 bales. -U.P.I.
Contract No. 4 (world)
Mar
3.11
May
310
July
3.10
Fat Nat. Clly Denk
Sept.
つせい
2.00
Mar
1.21
General Electric
Spot
Gen. Pub. Ulu,
Open interest: 4.431 contracts.
Goodrich (R. F.) Co.
Contract No. 0 (domestic)
Cult O*****
Mar
8.52
Hammond Organ
May
1.58
Heyder Newport Corp.
July
6.71
Homestakt Minor C5.
of 23
Sept. Now.
5 71
Idaho Power
5.75
Spot-fcents per lb. elf NY
ex-luty) Open interest: 3,118 contracts.
6.50
BE 1302
203
41.
02
1167
NEW YORK
COTTON
NEW YORK Pricea of cotton futures closed today as follows:
Rex rubber futures today closed unchanged to 10 points
with higher
sales contrncis.
Mar: 30.33; May: 30.37; July: 30.40: Sept: 3a4; Nov: 30.40: Jan: 30.45; Mar 30,43,
AMSTERDAM
rubbor market steady. Prices closed in guilders
cit Feb. kilogram, per
!follows:
No. 1 rubber
The
Wat
1.40 buyerk
*
PAN AMEFLIES TO
EUROPE
U.S.A
0000
ORIENT
ROUND THE
WORLD
Fly to ony of
79 lands with the world's most
experienced airling
For rent, tell yoos bural aguzi na Mazenden Heuve
rayas 17031, Bang Yang
PAN
AMERICAN
Yan American Wult times, bar
wich had ability
kasury sed in hem if Non Tul, U,KA..
No. 1 crepe
LONDON
The rubber cast was dull with spot quated at 25 5/16 pence per 16. Prices
FOREIGN EXCHANCE
*NEW YORK Closing rates were:
Cinado Englord plicial
Others-Unchanged.
LONDON
Closing rates were:
1.02-3/10
Ingersoll-Ran
Intanu Steel Co.... Interchemical Cord Int'l Business Machines Int' farventer..
International Nickol
International Paper (xd) Int'l Tel Tci
haiser Induntry Kenniceatt C Kimberly Clark
Lingott Meyers Tob. Co -Low Incorp. .....
Lone Star Cement Co Lowenstein & Bons. McDermott J. Kay McDani Aren
Stock Exge.)
Mesub run Corp. M.nota Mining Monato Cered Co. 2.00-13/14tgomery Weed
2.00-13/16-2.00-15/10
2.7419
Matsala Inc.
National culf Ca National Ch Reg. "A" National Daity Prod. Nutenal Lead
(Com)
National Steel Corp New York, Central North & Wester, Ry. North Amer, Avőlión.... North Astones Gun Mashladnes Dits Elevator Owen-Hilebis (hinna Oxford Paper Co. Partie Gas & Elec. Diy America AITWATS
#Bayer's « TONIC
Optimism regarding morrow's bank rate brought a
gilt general improvement in edged which closed up to 7/6 higher. In
bonds, foreign Greeks opened sharply higher
news
Lo
Spot
Mar.
May
July
JJ.30 35.43-44 334.30
Out,
It.DJ
No. 1 rubber
Bed.
31.70-70
No. 3 rubber
Mui. MAY
31.80
37,74
and de-
In
shallow
The Industrial market had a prices with very good day
a broad front, advancing on Gains at the close ranged from a few pence to 3/ or more.
Gold shares орстей under Johannesburg influence and when London followed the. whole market surged forward to close on a very firm nolo,
July
31.00
Prices
firm
NEW ORLEANS
of cotton closed today as follows:
Spat Mar.
Lutures
No. 1 Bm #pot
33.05
Bettlement house term:
16.20
Mer...de
2316-25%
Ape June
Maty
25.43
July Nept
July
Oct./Dec.
23-2518
Oct.
2011-20
Doc.
Gemersi marketa, cic basis, porur
New York Montreal
Mer.
Feti
Amsterdam
TUCK
May
July
11.70 20.97
Milan
Clo
Dils were generally better and rubbera qytetar nem. *** U.P.I.
Talita erepe
Parip
thin Mar.
@lockholm
Zurich
In 1948, the Kiang-Yah let They will be used for testing for carry- Shanghat for Ningpo and while
qui equipment and nent Woosung, a mysterious ex-ing out Interception
erkssions plosion caused the sinking the abip
of teclion
waters.
The explosion re- aulted in the death of
somo
9,000 persons, including many
The treaties of Parls, signed | Coppers reacted after a flrzm
1954, authorised | sigri. women and children. The 10- in October, fated ship was salvaged in 1850 West Germany to pores sub- and again made seaworthy.e-mezines pt was than 260 ign.-* France-Presso.
France PreSSO.
LIVERPOOL Colton future glosings, in pence per ib. were as follows:
Apr.
thick bar.
12.104
Others unchangeQmU.FL.