SPORTATION
THE CHINA MAIL"
TUESDAY, FEBRUARY 24, 1959.
Japan Borrows Cheaper HONGKONG
Money From Outside
By SYDNEY S. GAMPELL
London, Feb. 23.
"Caravelle Jetliner This has built up into a big week (end February 21) for re-
After Ready Six Years Of Tests
SIX years of severe flight, fatigue and static tests on the Caravelle Jetliner-one of the most exhaustive programmes in commercial aviation history-are nearing completion.
the
Rolls-Royce The
powered, ment test nure-let Caravelles wi stort for flying
Airlines Scandinavian System route to 24 cities in 17 countries on three continents an May 15.
The glant test programme has beon ccndurted by the govern-
Airliners. Given
Boost In Power
laboratories—EAT-
Caravelle's manufag- reer, Sud-Aviation. It has em- ployed thousands of standard and special testing techniques, FROGMEN
These range
from "under water light" and "ircgmen" inspecte, to efectele "brain" and talen, powder.
The
Involved The pregemme has tests on the ground and in pre-production
THE power of the Rolls-r using special prototype and
Caravelles--two j Conway by
for Bight testing. the others for statle and fatigue test on the ground.
Here are seme
storing the international financial system.
New
Japan has issued in York her first foreign bond
in more than 30 years, coupled
with another $10 million from
the World Bank and the pro-
speet of more.
The World Bank in turn is to JERIC
long-term
An loan
趄
D-marks, adultional to its pre-
vious short-term borrowings of dollars and D-marks Cerman authorities.
Germany calling-for UK goods
2m.
150
Trom the
100
Announced
Two Internation: unii trusts (Mutual Funds) comprising
shares of companies in several West European countries have been announced.
The
-50
borrowing about
money on more
O
1951 1932
1953 1954
1955
1936
1957
International Finance Corporation has openly Invited moro private firms in more countries to come and see more often niore of s attractive terms.
As is risk capital for private enterprise is naturally dearer parent World Bank's loans to basic industries under government' guaranted, the international Fhunce Corpora- tion has found far 100 few
than its
Royce pass" jet engine goes up and up. Conways are to be used In the U.S.-built
Lakers for its money. of the high-
Continuing Thr Hoodwork, for British lights of the programme-onder- Boeing 707's
one of the two restrictions Overseas Airways Corporn-way since 1953)
clamped on the London bill in tion, the American DC-8's
As a resull of static tests | the crisis af September, 1057
has been removed, -torture tests which 10-
for Trans-Canada Airlines,
and in both types for produce and then far experd
several European airlines.
For the they have. Been Riven a main power rating "Of 18,50VIS. Iärust,
Doll the British Air Ite- gistration Board and the U.S. Federal Aviation Agency have approved the Conway working at 17,0001b. thrust.
that the Now comes news Ar Registration Board has
approveti
10,00016,
The engine
al
the pressuici on the Wink dusting! Bight-the take-off
weight of the SAS Caravelle bas teen picased from 41 to 45 metric tons,
The stabiliser of a pre- producilon Caravelle wa subjected to stresses up to more than twice lis derlined loads- without breaking,
The wing tips were pull- ed up more than cight Conways are lo be used feet from their normal position. also in the Vickers VC-10 air-The eight-foot deflection liners for Boas.
Opening Portholes
Are Disappearing
IR-CONDITIONING will
A be applied to all pass
ger
linors on an
over
five feet more than the testers had planned on-and for more than the wings would ever be subjected to during fight.
..
Zero
The fuselage of the same test Caravella was pret- sumised up to 200 per cent of 10 mal without incident.
Two flying prototypes "Zero One" and increasing scale, with the ro- | Two-have been tested in de- Arctic temperatures, sult that opening portholes sort and and windows will fargely dis-and together have amassed more appear, says a paper on The than 2,280 Blying hours. "Zero Two" will fly to Scandinavia in Development of Air Condi- | February for SAS' training pro- tioning in Ships,
The paper was presented to a joint meeting in London of of Marine En- the Institute gineers and the Institution of Naval Architects.
The paper declares that the now been reached stage has where to build a tropical-going ship without lull air condition Ang "would mean that she would be out of date before she makes her maiden voyage."
It added: "From the point of view of passenger requirements the trend in first class accom- modation at any date is to give within each Individual control
room.
gramme.
Component parts of the Caravelle have been tested in special stress-and-strain de- vices the equivalent of hundreds of thousands of flying hours equal to 100 years and more of regular daily service.
Usance Credits
London banks may again. grant usance credits to finance trade between third countries, though the restriction on te- financing of trann-shipments from the United Kingdom itself still lagleally remains. all With
these promising Nerns
being chalked on the slate, its last old blot may also be cleansed.
There are good hopes that
a Cyprus seltlement may lead to a debt settlement by Greece,
the last nen-Communist defnui-
1950
WEST GERMANY is Britain's biggest rival In overseas markets. But she is a good customer, too. British exports to her last year rose by 20 per cent, although West German imports from all countries were 2 per cent down. This chart shows the rapid growth in Britain's, exports there since 1951. The further current year is expected to produce a substantial increase in trade-London, Express Service.
GREATER STABILITY
ter in Europe and cno theThe
few in the world.
The very arduous settlements. of pre-war debis a few years were designed to restore international credit.
ngo
Japan's settlement In 1982 odhered closer to the origina1 contractuel terms than that of any other country, including Germany..
►
Defaults
But the defaults were endod and the international system is at last getting back into stride,
Reintegration of finance helps world. towards an integrated International good faith is the basis of world peace, as well as of world prosperity and of foreign bonds,
Japan's and other bond is
the sues in New York, and various United States measures to enlarge the world's Dollar supply, may soom curious at e time when Jrpan's dollar re- and serves are strongly rising when the OEEC can announce
A spectacular water tank fatigue test-using water to simulate air pressure Inside the jetliner at various altitudes has completed the equivalent of more than 5,000 "underwater nights."
equals Tik 15,000 actual flying hour that Europe's dollar problem about five. years of
reheduled dally operation. This test will ccriitnue Indefinitely,
Gomo
has disappeared.
In effect, Japan is not bor- rowing foreign exchango ог 2 Hind currency, the douard
not harder than some others.
The Hery of Caravelle fatigue – In the morning the tank lé theting sing, platures: “Frogmen!! | aniptlad (and "the" deore amunt Inspeŭtoja: stand by during the spin (upper right)? Every Vita). nightly pressure fakta in the tank, part de minutely shocked during whien: halde 1,500 tane of water: ihatidally inspection, period (upbar 14ft),
(Jowar (det) "with" special. AMPERSANDS Condtions at attention to the many, khqueants high altindan, the water inside. of, rivets. (lower (right);;he
Than the andic is rabited and tha pestëm küsind:gyar main
Good Idea
Japan. Is simply borrowing money as such, because it is chepper than her internal money and because it is always good idea to borrow money when you can.
At present Japan and other countries can float bonds in New York while the United Stater Treasury could not.
FOR AMERICAN
TRADE POLICY
New York, Feb. 23,
U.S. can look forward to greater Etability in
its trade policy thanks to the four-year exten-
STOCK EXCHANGE
by
Our Own Cernisgummodo ag
Business done oh the Hong- kong Stock Exchange this morn- hug amounted to approximately $672,000. Noon quotations and the morning's transactions were:
Bharos BANKS
Buyers Sellers
ILK Denk. 67234
INSURANCES Unica
Low Maril
PARK
72
20
75 Gr
300
13
22
500 qr
SHIPPING
Indo-Chine
Insterboat
Wheelcek
27.10 1.70
DOCKS, ETC.
K. Whart
Dock .....
Provident.
10
L
100
* 12.20 12.40 2000 @ 12.23
LAND, ETC.
HK Hotel 21.50 13
Ik Lend. 316 11.70
(r.)
Really
RUBBER**
ཨཱུ ་ * དྷཱུ དྡྷནྡྷབྷརྔ བྷིཀྑཱི
200 on 13
337
120 1.825 1500 or
Ama... 2133 2.33 0000 7
Trual ....2.223 2.270
A. Tawah.
sungalo
UTILITIES
1000 40
073 KE
2.30
2.00
20.80
Blar Ferry
110
..
Dr
200
Tim
Youmani
££â**** **
UO
26 20.00 3850 a
2015
200
20,00
(N)
15.10 23.40
H
Marzo E. . 9.30 Telephone
(0). 21.00 INDUSTRIAL
20.00 020
STORES, ETC. Dairy
Curent... 20.00 3000 1000 6 20.00 100 20.70 500 20,00 300F 16,50 1000 14.20
Walion
Lane, Crew.
Page
Instant Money In The United States
New York, Feb. 23. The land of instant coffee, instant tea and instant soup has a new product— "instant money.
"Instant money" doesn't come | restaurants, holdis. travel from mixing boiling water with agencies, retailers, automobile a powder, but its production, is | rontal agencies, florists, theatres almost that simple. The in- and even hire clerical help. gredients are a credit card and without the aid of cash,
a bank teller. Used according
The Diners Club bills its'
to directions, they produce a members at the; end of each bundle of cash up to $500 | month. The average tab is $20. The club collects fees "within seconds."
"Instant money" the latest in | ranging from 7 to 10 per centi? a series of schemes to make it from merchants patronised and railer for Americans to "buy || $3 a year in dues from members. now, pay later," is the brain- | This Year's net profit is expected child of the Citizens & Southern | to reach $4 million, National
Atlanta, Gcorgin,
of Bank
On The Wane Consunser credit hub come a long way in the US. since Henry Ford simulated sales of his mass-produced Model-T Cars with easy terms of "a little down, a little each month."
Except at the automat and the telephone booth, money per
Banks Now
Even banke and hotels aro entering the one-card Bold,
ก
Now York's leading lending Institution, the Chase Manhattan Bank, larf month launched retail customer credit plan in- volving more than 4,800 mer-
and. chants
200,000 card- carriers. The morchants bill the bank, which in turn allows the purchaser up to five months to setile his account in month-
1.8.
throughout
the operating similar plans,
аго
A New Yorker can even get.
GOO or 0015 C. Light
se appbars to be on the wane. .... 10.0 10.70 2300 @ 15.10 Electric,
With credit clubs mushroom-ly installations. About 70-banks Ing since World War II, it is now possible to enjoy life with 'out bothering with currency.
without the possible exceptions a checking account on credit. at a few coins for such The First National City Bank incidentals ав newspapers, has just announced its "eltibank cigarettes and telephone calls. „rendy-cred!!! plan, A customer, The Diners Club, which after assuring the bank that he pioneered the one-card credit is a good risk, can walk out of plan nine years ago with 200 the bank and immediately start members, now has 800,000 card writing cheques totalling up to
expected to $3,000. He has up carriers who are
12 months charge $140 million worth of to pay off-in monthly instal- goods and services this year. ments, of course.
Armed
card, with his
No one has yet come up with Dinezakan Club. member cana credit system which eliminates travel, in the US. and 70 other | the monthly instalments, — countries, patronising leading U.P.I.
COTTONA
10.10 10.30 14 14.20
14.20
Tuxlites 3000 4.025 Nanyang.. 0.70 INVESTMENTS
Int. Inv... 5.16 Allied
H.K. & F.E.
Inveel...
3.05 4.00
10
100
10
LONDON
CLOSES MIXED
London, Feb. 23.
mixed today dealings.
sion in 1958 of the trade agreements act, the The stock market closed United States Council said today.
In a 64-page booklet enlilled "United States: trade policy in
economy' changing world the Council Bald that despite HBIITOW escupes and setbacks the act has survived for nearly
and A quarter-century,
"remarkable" tributed to tho
trade since growth in world World War II,
EXTENSION
con-
The 1858 extension continues the central policy of gradually barriers and lowering tarift
with providing the president a edtional grant of authority for this purpose.
But it also increases the President's tariff raising authors. ty by providing that tariffs could be increased up to 80 per eent above the 1934 level and authorises him for the first time to Impose a tarif or up to 50 per cent on Items which now Bie, duty-free,
Yesterday's Closing
on qulet
The Council, which is the Gulledgal stcurities, cascj American branch of the Inter- at the opening on Friday's national Chamber of Commerce, unexpected rise in the Treasury said "the act today bears the bill rate, but recovered most scars of the violent storms lost ground by the close.
Industriais Wero irregular. which have raged about it."
selcetive However,
buying electrical, lifted some
steel, angincering and store stocks.
Gold stocks were dull. Dollar stocks were higher.
Asserting that no other plece of major federal legislation has been fought over so long and hard, the booklet said many of the strange and involved fro
In the foreign stelion Greek the product of bands lost cedures are
ground, but other delicato compromisus worked lens and rall were steady. out in the heat of legislative Oil were
caster. ninetly Banking and insurance stacks were mostly unchanged-UP.I.
battles.
The booklet said that with all the debate, there is "con-
alderable evidence that the Exchange Rates -
American public increasingly understands the significance of the trade agreements act.
Furthermore, it said, ecano- mic trends are inevitably link- ing the American ecopomy with more and more closely the world economy.--U.P.I.
Business was dono in the local
market thi metal exchange morning at the following rates:- US dollars (per (1) DY Rterling notes (per #1] ..... Australian notes (per 21).. Indonesian rupiah per 100).. Slam tleats (per 100) Bingapore (Stralis)
COMMODITY PRICES
FOREIGN EXCHANGE
LONDON
Closing rates were:
Tho. World Bank's line was that of Japan's credit is good enough for her to borIO directly in the market she had better do so, caving the World. Bank to borrow for re-lending to countries with weaker credit.
The OEEC has remarked that New York
Montreal export, earnings of the primary Copenhagen
may producing countcles
not Frankfurt have reached their trough;"
However, platinum has shown how primary products can be- come oversold, After two years of slump, platinum has been transformed from a bearish to a bullish market almost over», night-China Mail Special.
CITY LIGHTS
SPAGE "ARGLITROTS AND SI ANEYURS
2.40-18/18-381-1/10
273-11
12.7
11.74
Calo
ar Stockholm Zurich
22.131
Others unetianged.Ü.F,1,
RUBBER
The
LONDON
rubber market
Was
5.74
12.83 0.50 20.06
*
P&O B•I E&A
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N, CO.
QUIWARDS
LEAVES UM.
ΠΟΥ Ε.Ε.
- Vía Mor.......
10th Mar.
"CARTHAGE” „Salled - 24/1. "HALSETTE"
"SUNDA" "CANTON"
17th Mar.
Selled
4/2
Salled
2nd Mar.
1st Apr.
"SINGAPORE" 10th Mar,
17th Ast.
Cti Mar,
19th Apr.
3rd Apr.
4th May
11th May
"BALMARA”
"CORFU" "CHUSAN"
HOMEWARDS "CARTILAGE" "UANTON" -
."SUNDA”
"TIMALAYA” "CORFU
11th Apr.
LEAVES ILE.
Noon
Noom
13 Mar. ·· 10th Apt.
8 p.m. 19th Apr,
DUE LONDON
13th Apr.
17th May
2014 May
11 pm. 30th Apr. Хот
8th June
20th June
7th July
6th June
SINGAPOREZ 5 p.m. 14th: May ."CARTHAGE" Noon
"Via S'pore, Penang, Colombo, Bombay, Adén a PL Bad.
• "BUNDA" AND "BINDAPORE" omit Colombo Bombay, and extend, to Mamborg, Rotterdam 'and Antwerp.
BRITISH INDIA S.N. CO., LTD.
"GABBETA"
dus zath. J'eb. From Calcutia, Rangoo
Strait. 'gallo 27th Feb." for Japan
Qua
4th Mar, from Calcutts, Rangoon
& Strate mails 8th Mar,. For Japan
P. // 0./B, 1. JOINT SERVICE
"BANTHIA"
"
Na rutber par 1. Mar. BITL-851
No. 4
No. 1 rubber per lb. Mar. BOLL-0036
Apr.
NO. 1
"ORNA"
Spat rubber un bicc
Bankel crepa
· ས
D4-843% .... 45-85!
7311-805 89-00 No. 1 pate futon are
AMSTERDAM The rubber market was dull
steady with spot quoted at 25% today. Prices closed in guilders
pence per 1. Prices:
per kilo, elf March as follows:
No. 1 rubber
2.46 nom.
No. 1 rubber
No. 3 rubber
No. 1 eropa
2544-1
No. 1, pot ........ 254-2936 70-13/10 } settlement house term:
COTTON
LIVERPOOL
Cotton future closings, in peace portib, were as follows:
American Contract
Mar/April:"RI 70;" May/June: 213 July Aug 01; CEL/NOV10071 Dec/Jan:: 12.02.
July/Aug
Mixed: Calteset
PAPISAO PAULO:9
April/Fune
July/Bapt.
U.S. Markets Closed
Care
New York, Feb. 23.
All markets in the United States closed today, which is a holiday commemorat- ing George Washing. *ton's birthdáy ----U.P.I.
"General, markain, cit. bands,
thin
prices in SINGAPO
1923, Levolk, the
enchanged o
with only small inférés:
and rend
Säurentide 10: Zothera undanged
2.44 com. 2.01 пом. 2.50 ROM, U.P.I.
METALS
LONDON
The tia market was steady in the morning. Spot fell three poluta, and three-months 2 polata .10 771% and 774 sterling respectively.
In the... afternoon in prices wero Armer. Clositsjen at the end of the afternoon session, ini starling per long tea were:
Bpot
tin
1-montg
Buyer Sellers
773*. 77236 720572
The copper market was firm 34% = {5}} In the morning while tead was | very atsady, and zing firmier. Davi Dujero Bullère.
Red-half.
"ORMARA"
"ÖLINDA”
"ORIILA"
PODE
due 4th der. From Japan valla kth Kime.. far, singapore,
Cochas, Bombay, Kaza".
BATAN
Khorramshahr
Our th Mar. tiem Karachi, Kandia, Bombay, Coolita, Tuti“ carin "la Bingapore" skila til Mar. 10% "apar
Cochi,
dus 10th Mar from. Bombay
Tuticoris & Blogsporo anila 16 Mar, fær Japan
day 18th Mar. from Japan-de-d'pore salis 17th Mar. for Singapore, Bombay, Karachi, Dubai, Kuwait, Baaran & Khorramalang
EASTERN AUSTRALIAN 3.$. CO., LTD. "KAKMALA” Jonds, Brd Mar,
PEASTIAN"
9th Mar,ser: Labuan. Sand Brisbane,
"499" 8th SEAP, from Abitealin
fur full particular MALKINGIIN