J
THE CHINA MAIL, TUESDAY, MARCH 3, 1959.
UK Loans To HONGKONG Rocket And Missile Stocks
Send NY Market Up
Colonies
TRANSPORTATION Under Debate
'FLY BEDSTEAD' NO. 1 WILL TAKE ITS PLACE IN SCIENCE MUSEUM
By JAMES' STUART
HE original Rolls-Royce "Flying Bedstead" is THE
tp go to the Science Museum, South Kensington. Two of thege curious-looking. contraptions were built to test the theories of “jet'. lift" vertical take-off. The first was revealed on the eve of the Farnborough Show, 1954,
Both
"bedsteads" are now
In pieces, one at the Royal
Aircraft Establishment, Bed Dockyard Expansion
ford, the olher at the
Neyce Airfeld 1. Hucknall, Notis. Each was damaged during
trials, but net before lessons haut bren learned.
These have now bee?!
Into the Short BCT vertical fake-off experimental plane which has live Rolls- for RB.108 engines, Royce for lifting 1 of the grand and one for forward Hught. The SC.! i now being tested.
*MOST IMPORTANT'
ايه
Mr Philip
assist Summer, ant keeper
the acro- nautical section of the Science Museum, fold me that it was intended to have No. 1 "bed
slcad” --- now
At Cork Harbour
THE original plans for the THE
expansion of dockyard facilitias in Cork Harbour by Verolme United Shipyards of Rotterdam have now boen modified.
London, Mar. 2.
Mr Alan Lennox-Boyd, the Colonial Secretary, told the House of Commons tonight that the British Government's decision to make loans to British colonial territories was "a new and important departure in policy.”
New York Cotton Market
New York, Mar. 2. Cotton fatures today moved irregularly, with old crop months holding relatively steady in a continuation of the trading pattern existing at the weekend.
ruled close the list eight higher to 20 points lower. Opening prices were up four to off seven points. New Orleans closed unchnaged
At the
He was speaking on a bill to increase from £229 to £315 million, the amount which the Governincnt may spend on arkl colonial development wellure.
STOCK EXCHANGE
by
-Our Own Correspondent
Business done en the Hong- kong Stock Exchange this morn- lng arunted to approximately Noon quotations and $140,000. the moming's transactions were, Share Buyers Sellers Bales
DANKS
ILK. Dank.
XD
I
New York, Mar. 2.
Rocket and missile stocks pushed the stock market into new all-time high ground today despite the resistance of profit-taking,
The
Compentes urged in the Hafanan Electronie around four | Funl Motor
around three. General Fecitie missile-recket development pros and Sylvania
General Foods aircraft innufacturers-- | General Motors gramine enjoyed a banner day, with Individual Kauts ranglig most of which also malto Getty Ou......
Glidden Ca to 12 points in Thiskol, rocket mladies and rockets showed Goodyear Tyre (uel manufacturer.
numerous gains of a point or more.
+
7221}
INSURANCEA Unien ... Lumbari.. SHIPPING Wheelock
7215
3.30
8.55 cono M
7000 K
4,64 3.05
were
DOCKS, ETC.
K. Whett. Deek..... Provident.
Il
The bill alto authorises the of Jeans to colonial making
for government:
approved development programmes. impotes n eelling of £25 million en the mount that can approved in one year and limita the tatal amount lo, £100 million in the next five years.
Non-Research.
.....
41
12 12.30
LAND, ETC ho
EK Hótel. 73.10 74.19 x Land 31 312
Iris 4.170 175 Humohneya 19.40 10 Realy 1.475 1.515
RUBBER Amaly. Triat
Finally, the bili extends the period for non-research scheives from 1960, the date laid down in the 1955 Act, to 1904.
300
4.10
2.10 2.15 2000 K 3.123 2.175
A. Tawan 2.025 UTILITIES
XD
Tiam 20% 20.70 700 20.00 Star Ferry,
100% 107 sald the Yaunati ..
C. Light
10
Mr Lennox-Boyd part to be played by the Ex- of "a lender chequer wrs that of inst resort,"
no
the
Electric,
XD Mheas Teleprone
10.40 10.00
15 20.20
23.40 24.00
251 €
13
500# 23.40)
?
200 or 23.40
500 25,40
INDUSTRIALS Cement 23.20 23.80 STORES, ETC
16 16.20 Datry.... WALNOTE XD
13.30
He went on: "But we must
terms make the
more favourable than those of mar- Irel loans, otherwise some Prompt absorption of
will reven governments
be paying March delivery notices joined more for their money on The prop,sal to extend and with mill and other trade puy-markets than those who are ren vath the ld naval dorkyarderin stabilising the nearby borrowing frons the Ex Lane, Craw. 14.30 14.79 *- on Hrubowline Island, which rates. Activity in the cloths afe helped. Sales on drills to turbance 15 the Halbowline work clothing manufacturers Steelworks, has been dropped were at the
active in for the count. But the newly several years. formetl dorised company, Von.me Cork Dockyard, still retains an option on the Haul- by wline $110, in case it is
would! have involved evene dia-
So can-
at Bedford-equired for future expansion. the new building that is to house
It has been decided the aeronautical section in 1961.
cenitale at present upon the Bushbrovice site, one mile north- west of Haurexline, Un Grent Island, where the existing 540-
Some minor
slamacted bits
will be replaced from the second, which is at Hucknall.
mast
מרים?
ABSENCE
Otherwise traders,
the absence of
lexislation developments, turned more al- tention to early new crop tes count
the developing Berlin situation.
"I regards the racet im-mented by the immediate gon-planted in the portant aeronautical reile in the struction of a new mark woolfeet British Isles because it is the long by 130 feet wide.
first piloted heavier-than-wir
machine to make a Tree and
Houston accounts reported fort-long dock is to be sipple about 15 per cent of the erop
Riu Grande : Audley, although some of it may have to be repinated because of cool temporblures und cessive rain,
sustained light without aero-ACCOMMODATE
dymmie alds," said Mr Sumner.
is
designed to
30
This "You had three and a half acccmmtdale-ships of ue to
fying " without 50,000 tens, with room for tons of metal uny supporting surfaces.
extension which would make it may weh prove to be the fore- pessible to acccommodate ships of runuer of vertical take-off sit- fup to 73,000 tenn
craft.
Development In
Ship Navigation
NEW development in
for
The present all jetly will also be extended immediately, and will be used not only htting out vessels that have con- pleted their overhaul in one of The decks, but also os the base a tanker-cleaning vessel,
I
which will service tankers un- loading at the oil refinery across the lay,
The srond stage of develop-
extension ships navigation equipment involves the ment is announced in Lon-the jetty for a distance of half a
mile authward, akucst prulici
don by Kelvin and Hughes with the const and the coastruc- (Marine).
#
tion, at the southern ead, of two shipyards capable of building 'The ships of up to 50.000 tons, Alter sea trials tovering period of nearly five years the tea behink the new jetty will will be company is reddy to introitier be reclaimat and Its new Transmitting Magnetic the sit Compar. In effect, this allows tilting out new information om a conventional launching.
andard magnetic compass ta
be relayed to "repeaters"
JIF
EMPLOYMENT
AnySpannot hesin Perent employment in die The development permits the dockyard after the new dock has standard compass to be placed bee
finished is estimate:t 400-500,........rising towards 1,000-. in the most-fivuurable"position: on board-having regard to all-2,000 when the second suge el
the project is completed and Found visibility
freedom from magnette influence--while the construction of repeaters can be fited in nay yards. convenient location without re- gard to surrounding magnetie influences.
choquer."
}
The Colonial Secretary sald help under the bill was confined to colonies. Whether assistance should be given to a territory after it became independent raised reparate polley issues.
"It would not be appropriate for use with independent
lories and
incofar as assis
tance is given to independent
countries, Commonwealthy
we have not to find other waya and means of giving this help." he sold.
Eligibility
and
For that reason,. the bill pro- vited that any territory which became independent would cense to be eligible for coluntal Los Angeles reports said it development
welfare as- there will appeared
be insistance. excess of 60 per cent of the California serenge planted under the "1" scheme and 75 per cent of the Arizona acreage ander plan "A". The "B" plan allows an increase
He also considered the con- cent per
DVLF the acreage ditions for the loans onerotis allotments with a lower sup-] The colunin1 governments could port base. The "A" plan pro- not allord to pay the bigh rates vides for supports on the rew
of interest on the London gular acreage allotment--UPI | market.
Mr James Callaghan, the Labour opposition's spokesman- on colonial aftales, asked why
there should be penally for Independence.
411 10 دوفا
Chicago Grain
Market
Chicago, Mar, 2. Wheat No. 2, red
Spor Man, 2970201 205) 261-y May
202. July
[207-187
14092-
135
ot workshops for Vessels after
Sept.
Dee.
Corn, No. 2. yellow
Spot
1101-12074
Mar, 12
115
July
Srpi.
1196 117
at
Dec.
ye
with
Mar.
the ship-
May
Oats
1.
The project which is estimated to cost £5-5% million, will be Ananced as far as possible by Verolme United Shipyards, but the state-owned Industrial Credit Company has agreed to lend any sums that may be necessary on a short-term basis.
Mar. May
Soybeans, No. 2, yellow
Spot
Kar.
May
July
Sept
Nov.
Cost of the compass and one The second and more costly repeater, together with inter-stage, Involving the construction mediate equipment such as the of the shipyards, will proceed New York flour detector-transmitter unit is about when a demand for it is
Burley
Spat
120-135
2001. rock
$12.95
£830.
Lestablished.
The equipment is claimed have a high inherent reliability awing to simple electrical cir cuitry and few moving parts.
ร้าน
The bill tonight was discussed on the second reading--when the Government gaked for agreement in principle-Reuter.
Yesterday's Closing
03453.60
Exchange Rates
Busineon was done in the local umodelə!
this exchange market morning at the following ratre US dollars per $1)
0.25 Sterling notes per £11.
12.01 Australian mytes (per £1 Indonesian rupiah ter 100) Siam Uicals (per 1001 Singapore (Straits)
CITY LIGHTS:
Numerous
Leading chemicals were mix- ed. Union Carbide lost mone Gains of 2, 3 and 4 points
than two while Du Pont rose Investora numerota AS
more than two. Outside of the turned their buying attention to strength in Gulf, leading oils moved within a narrow range, as The best gain in the list op-investors marked time pending cared in stocks outside the further news on what action the TOUP used in compiling the administration will take regard-
Ing oil import restrictions.
outer space.
averages.
Steels tacked on small frac- tions despite the fact production this week is expected to climb to a new all-time high.
Closing Prices
Among the Thekret fuct manufacturers, Stauffer rose 5%, American Potash 31⁄2, Mole
Mineral more than one, Gulf, which has a subsidiory in the rocket fuel feld, added more than four points and other olis, after a slow start, closed with fains of a point or more for Standard Of (New Jersey) Amer. & Forgn. Power Texas Co. and Star.dard
American Metal... American Amelting of California.
American Tel & fel Eleetrenies issues also met | American Tob. "R"
Oll
Aiden ke day. Alited Chemicals Allis Chalmers
Aunorican Airito
strong support. Zenith rose six, Anaconda Copper
LONDON
STOCKS
MIXED
London, Mar. 2.
Stocks were mixed on the
London Exchange today.
5.77
50.00 187
The growing
"Yes. rather anfor- tunately, I'm the only ons in the department who hasn't managed to 30 down
three-day with
London Express, Nervios.
concern over
Berlin and the dousing of hopes
for anoller cut in the bank rate the brought some selling into market.
Selling was not heavy, but in the absence of any real support
bonds
It was enough to upset the market.
British Government liens lost Found 10/-. Gerroan
of the were weak with leaders off more than 10/- their lows.
Jome
Armes Steel
Armour
Alins Cone. Mining Bathore & Ohio
Gull dil...
Heyden Newport Corp.
inland Steel Co..
Int'l Business Machines Int'l Harvester International Nickni Int'l Tel Tel.... Kansas C. Power & Light Kennecott Copper Lockheed Aircraft Low Incorp..... Lone
Mining Minnesar Semel Co Mission Isevetozunení Montgomery Ward" National Cash Reg.
MAM National Lond New York Centraj Olin Matlesun Otis Elevatora
Pacific Gas & Elec. Pan American Alwaye Paramount Pictures ...! Parke Davis Co.
Fehn. Salt Co,...
Pittsburgh Plata Class
tadlo Corporation
hepublie Sterl
Heynote Metal
Stclair Oil
Socony, MobR QA
Standard Brands
Standuri Oll of eni
Standard Ol of Indi
Standard O1 st ..
Sleep Rock Turonto Exg)
$ 201
109
203
30
17
20%
547
243
100
1914
70%
201
Sterling Prir_ Co.
17
Stokely Van Canıp,
Studebaker-Packars Cury.
Benguet Cons. Bethlehem Steet Campbell Soup Ca.
11
Switi & Co.
53
Tuxes Co.,
51%
Unen Carbide
Chrysler Muton Colgate-Palmolive Co. Comercial Credit Commonwealth Ekę! Consolidated Edison Crowa Zellerbach Cuban Amer. Sugar Diamond Alkali Dupera de Newes Entier Airline
EBAL
Union Paride Nattway
104%
United Aircraft
$76
U.S. Poll "B"
U.S. Cyp
U.S. Rubber
034%
U.S. Starling
ILS. Sterl
12
Warner Bros.
216
4232
Eastman Kotak
*
*
*
*
at
*
Declines of ane to six shillings predominated In the main In- dustrial ist. Gold stocks cased, vils were steady and rubbers were firm.—UJI.
Agreed Merchant Rates
West German Deutschemarks Maximum Selling 724.
COMMODITY PRICES
apra/June
July/Sept
Je ho
TOREIGN EXCHANGE
NEW YORK
Closing rates were:
21.0281:
.0150
New York
England offelni
Argentina A
Others unchanged.
LONDON
Closing rates were:
Montreal
Amsterdam
Firuskis Frankfurt
281-2.011/16 2.757/18-0.73 2/10
30.01-10.11
140.42:5-140.43
11.74-11.74%2
30.20-60,10
174332-3744 20.043 20.0416
13-7011-14.7032
2151
At Man 0:
Stockholm Vicena
Cet/Dre
2017/Mar
General markets, eit Bauin, Mor...
201
Estate crepe thin far. 20% Estata crepe thiex Mar.. AMSTERDAM „The rubber market was dull today. Prices closed in guilders c.i.f. March as per kilogram,
follows:
No. 1 rubber
No. 3 rubber
No. 3 rubber
Na, I crepe
METALS
* SEPARATE NEW YORK
Prices er metal futures closed
가
today in cents pcr lb, as fot- lows:
*
Load Man
May
Zinc
Маг.
May
Copper Mar
May
2.43 nom.: 2.00.nom.
U.P.I.
Tin
Mar
Blay
LONDON
24" nom.
2,45 min.
18.196
10.001
10.750
11.81.
31.918
102.506
100.00b
Westinghouse. Efectele
Woolworth. {K.W.)
...P.1.
P2O B·I│E&A
COMPANIES
PASSENGER/FREICHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
OUTWARDE LEAVES UK
"CARTHAGE" Sailed 22/1 “BALSETTE"
DUE ILE.
9th Mar,
Salled 6/2 Salled 8/2 2nd Mar.
10th Mar. 17th Mar.
17th Apr.
"SUNDA"
"CANTON"
"SINGAPORE" 10th Mar.
"SALMARA" Gih Mar. "CORFU" "CHUSAN"
HUMEWARDA "CARTHAGE" "CANTON"
"SUNDA"
3rd Apr. 1th Apr.
LEAVES HX.
Noon 13th Mar. Noon 18th Apr. 4 pr. 101 Apr. “HIMALAYA" il p.m. 30th Apr. "CORFU"
Noon BU May "SINGAPORE" 8 pm, 14th May “CARTIIAGE" Noon Bib June
1st Apr.
19th Apr.
4th May
11th May
DER LONDON
13th Apr.
17th May
2302: May
24th May
Eth June 20th June 7th July
S'pore, Penang, Colombo, Bombay, Agen & Pt. Bald,
"BUNDA" and "SINGAPORE" omit Colombo &
Bombay, and extená Lo Hamburg, KolterdenA and Antwerp.
47
*
Prices of metals closed today
in sterilng per long ton as fol. lowd:
Buyers Sellers
BRITISH INDIA 5.N. CO., LTD.
"SANTHIA" dua 3rd Mar, from Caleutta,, Rangoon
“KUBE SUN MET, TOF JADE'
"HAVILDAN” dus 10th Mar. 1rom Japan
"OINA"
walls 21th Mac. for Ringapore, Penang,
Rangoon & Calcutts
P. & 0./B. 1. JOINT SERVICE
"ORMARA”
Tir
Spot
72
futures
3-monui Copper
Spot
3-month
705 70534
242 24254 241 241%
"OLINDA”
Lead 1st half
Mtor.
701
+
"OKHLATM
June
717
721
Zine lat half
Mar. June
733% 751.
741%
►
SUCAR
dre 4th Mar. from Japan
sally St Mar,
for Bingapore, Penang. Cochin, Bombay, Kar chi, Kuwait, Bagrali d. 2
dus Oths Mar, from Karachi, Kerdia,
Bombay, Cochla. Tuti corin Singapore anite 701 Mar. for Japan
due 13th Mar. from Bombay, Cochin, Tulicoria & Singapore calls 16th Mar. for Japan
dos 10th Max, from Japan & S'pore salis 19331 Mar, fer Singapure., Bombay, Karachi, Dubai, Kuwait, Baara & Khorratrabar
*
Britain's New Super Tanker
14,54-14,544 71203-72.03 12.1436-12.14%
Zurich
Others wachanged.-U.P.I
RUBBER
NEW YORK
Rex rubber futures today were 20 to 40 points higher with sales of 104 contracts.
March
May
July
September November
January
March
30.03 31.05-07
31.05-00 31,00
31,00
COTTON
Prices
NEW YORK
of cotton closed today as follows:
Spot; 35.750; Mar: 35.83; Max: 64.60-07: July 34.79; Oct: 32.19; Dee: 31.93; Mar: 31.94; May: 31.57; July: 30.02.
NEW ORLEANS Prices of Colton jutures closed today sa follows:
Spot: 34.40; Mar: 35.60 May: 33.03; July: 400; Oct: 32.17; Dee: 31.05; Mar 31.06: Amy; 31.40; July: 30.70.
LIVERPOOL
Cotton
closings, in future pence per lb, were as follows:
American Contract
Mar/April
21.65
May/June
31.75
July/Aug.
20.48
DowNov.
.1905
Dec/Jan
*19.00
Mixed Contract
Mar/Apri
May/June
22.05
July/Aug.
20.30
Oct/Nov.
Dec/Jon.
10.43 17.35
NEW YORK
World No. sugar futures to-
day closed two lower to
EASTERN & AUSTRALIAN 5.S. CO., LTD.
"KARMALA" 10801 42; Mor.
"EASTERN
Calls 5th atar, for Labuan, Bandakan,
Brisbane, Sydney. Alelbourne
29. 19th Mar.
from Australia Pails 1913 Mar. Zor Japan
All vemmals have Wherty to call at any ports o
or wE Che route ✯ the route de sailings are subject
two
points higher with sales of 127 contraels.
*
to change er smendarai with or without notice.
THE huge new B. P. tanker, British Ambassador (48,000 tona) pictured at Belfast, Northern Ireland. She was built at the Vickers Armstrong yard at Barrow, Lancashire, but was too large to be docked thero and, on completion, had de to go to Belfast for cleaning and painting-Routerphoto,
SINGAPORE
The market opened unchanged from the previous official closing levels and ruled quiet fuctunting within narrow limits.
No. 1 rubber per b Mar 07-001
April 874-07
No. 2 rubber per lb. Mar 5-83 No. 3 rubber per ib. Mar 84-05 No. 4 rubber per lb. Mar 634-14 | Bpot rubber unbaled... 8014-0344 Blanket cropo....
No. 1 pale crepo janar
LONDON
20-81
10-03
The rubber market was quiet
BAO PADLO
Closing prices in cruzeiroz DOC kilo wore an fellows:
March
Others unguoled.
бодо
In the United States, the
but sicady. Spot was quoted at į average price of one-inch eat- 28-9/10 pence per lb. Prices:
ton nt 14 designated spot"mar...
No. 1 pol.... 0 254-2015 | kêté wai 34.34 cents.
Me: Urinent bound terin
April
May
Total sales at thong markatz Hitsatt i warno 29,910 bales.-U.P.I.
Domestic No. Gugar closed unchanged to three paints lower with sales of 250 contracts,
Contract Nu. (workd) May: 312; July; 3.18; Bepti_318; Det: 3,19; Ján: 923; Mari 325; May! 310: Spoti-cents per ib, fub Cuba); 3.00.
Open interest: 6,12 contracts." Contract No. 6 (domesilo) May: BAB; July: a.ka; Sept: 6.28; Nov: 5.10: Spot-fcents per lb. etti NY ex-duty) :. 5.43, -
"Open "inferesi?" $20k contracts... |
*
For full particulars apply to i MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telophuje Nas: 27721-4.