JAPAN AND GERMANY IN CREDIT WAR OVER SHIPBUILDING
IE Japanese shipbuilding industry-now the THE
world's biggest-is becoming worried about the growth of the German shipbuilding industry, which it regards as a far more serious competitor than the British industry.
Wall Rise
THE CHINA MAIL, TUESDAY, MARCH 10, 1959.
Stocks HONGKONG New York RED BANK
Street To New Highs
New York, March 9. Stocks rose to new highs today in moderate träding.
The market responded, to a Bond volume amounted to 1 Gin Tyre & Rubber number of favourable corporütő | $7,970,000.
Glidden Co. developments ond generally Dow Jones closing averages Goodrich (D. P.) Co. Ignored the tense Berlin altun wer tion. The revolt in Iraq drove down the oils.
50 industrials
10 rail.....
The widest gattis appeared its stocks Issues outside the group ured in compiling the averages. Du Pont yaa an exception, elsing more
Closing Prices
than ning points in the chemi- | Aiden Inc. Ady, cals. At one time it was up 14 Allied Chemicals
points on rumours of a lock Allied Mills Inc.
split
Polaroid and Philadelphia and Reeding rose more than six
polits ench and gains of three points or more appeared in a
number of irues.
A special sub-committee of for reparations brough! the total the Japanese Shipbuilding Asso- received during the period to clition has been meeting to 1,070,020 (ons. During the same foreign period, the country's 24 prinel- effects of study the ecmpetition and qverall prós-į pal
111 big. shipyards produced peels for the 1050 fiscal year, vessels ictalling 1,332,000 tons. April-March.
Orders on hand at the begin The conclusions of the sub- committee were that Germanying of February amounted to
had the technical ability to compute against both Japan and Britain and was placed in better position because of its ability to offer long-term pay- inent deals.
COMPETITIVE
At present, Japanese silp- bullders feel that they are still competitive with Germany as far as price is concerned.
However, Japanese yarda have recently been worried by Ger-
man
207 vessels totalling 3,445,000
tona, a drop of B per cent from the back-log at the end of March, 1938.
During the April-December period, orders were received for 37 freighter totalling 202,000 tons, 24 tankers totaling 710,000 tons and reven
miscellaneous
vessels totalling 24,000 tons. In other words, 60 per cent of orders received by Japanese yards during the period were for tankers.
more
offers of eary payment The dominant position occup!- deals which, they claim, exed by tankers in Japanese ex- tend far beyond anything which ports is illustrated even the Japanese can offer. It
vividly by the fact that of ex- felt that such deals are directed port orders amounting specifically at opening up new 2,000,000 tons, 2,511,000 tons are markcls in under developed made up of large tankers, The countries an area which had expected Japanese
deminate,
to GRIM PROSPECTS
According to the latest statis-
10
last year
According to the Association, ties released by the Japanese the industry began Shipbuilding Association, the with a serious lack of orders. industry did unexpectedly well and grim. prospects for the during 1058.
Iuture. During the first half of
that the year, the Transportation
The Assoclation said Japanese yards received foreign orders for 37 vessels totailing 700,000 tons between April and December, 1990. This was 50 per cent more than the target figure of 500,000 tons in export orders set by the Association at the beginning of the fiscal 1958-
addition, orders from domestic shipping concerns and
1959.
8 p.c. Of World Fleet Laid Up
17ITH about eight cent
Ministry authorised the export
only 220,000 tons.
However, in November, the Ministry was flooded by appli- cations for experts. Driers contracted during July, August and September were all sub- mitted at the same time and, na result, the November experi Bure
alone was 300,000 tons. It is now estimated that export erders received during the full 1958-60 scal year 'will amount 19 about 800,000 tons.
Japanese yards were natural- ly gratified by the flood of foreign orders, bui remained rather puzzled.
They
concluded
time
effects of a
W the bold Borchert feet the eventually placing fald up, a reduction in the newet so many orders at o shipbuilding programme and, a when the shipping industry was abarp fall in the value of ships, still feeling the marino underwriters are likely severe recession was a combing-
faced to be
with reduced tion of optimism about the
sald premium incomes,
Mr future and current low prices. Harold Hopwood, chairman of the Institute of London Under- | RECOVERY Writers, in London.
The
extent of thi reduction, however, might not be seen in underwriters 1058 accounts, added Mr Hopwood, who was addressing the annual meeting of the Institute,
full
"But
Most shipping lines-particu- larly Greek operators-apparent- ly believe that by 1961 there will have been a full-scale re- covery in the shipping business.
To cope with this, the opera- are letting orders now It is
what VE hope for most fors fervently is a stabilisation and when prices are low. even reduction in the cost of pointed out that Japanese yards repairs," he said.
are quoting between $140° and $145 per tenfor denkers In Comparison with the $220 per ton quoted a few years ago.
Want Congress Bar
ated THE-Now-York Times reports that some American owners of ships flying flage of convent ence, were trying to get Cut- gress to bar certain. European vessels from carrying cargoes. paid for with American fund.
Isnic that these owners
At the same time, Japanese tractive terms to shipping con- cerns, and it is only recently that Germany has begun to compete effectively in this field.
!.
**Coppers
►
pil
Allis Chalmers
An. Draka Bipo
American Airline
Am. Cable & Radio Corp. American Cyznamid. Co. Amer, & Forgn. Power Am. Gas & Electrļa Am. Home Prod. Am. Mach. Ai F'dry. American Metal Amerkan Smelting Am. Buger ef, American Tel & Tel American Tob, "3" Anaconda Copper
Atmeo Steel... Annour
Atiss. Cons. Mining Baldwin-Lima-Harn. Baltimore & Ohio Beneficial Finance:
Coppers, chemicals, eles- tronics aleela and tyres combined to boost the Indus- trial average to a new all-time "Thiokol which has received a 377 million contract connected with the Minuteman mille zoared more than nine points at its high. Continental steel ran Rendix Aviation Corp. up more than three as that in- dustry continued to break pro duction records. Litton spurted more than five in a strong elec- trenlis group.
into
The oils ran
selling because of the new crisis in the Middle East. The Iraqi sikuu- tion brought losses of a point more In Amcradu, Gulf, Royal Dutch, Sinclair and Standard
Oll of California.
Increase
An increase in copper prices from 30 to 31 cents a pound brought strong demand for lending copper lesues. Gains run to around three points In Antconda and Magma, more than two In Kennecolt and Inspiration and more than one in Phelps Dodge,
stares.
Today's volume was 3,530,000
Of a total 1,217 shares traded, 520 were higher and 607 lower.
Goodyear Tyro
Grumman Aircraft Gult of
MeDonnell Aircraft
Minnesota Mining
STOCK EXCHANGE
Es
Our Owl Correspinnadəni
Business, date on the Höng-
the Hong Stock Exchange 11 morning amounted to appro- ximately $352,000, Noon quota- tions and the morning's trans actions were:
INSURANCES Union Lombard
SHIPPING Walerboat Wheelock
ره
מא
Buyer Seller
5.45
14.10 12.30
Rick
1.55
4.10 4.13
Cotton Market
New York, March 9. Colton futures staged
smart bui short-lived rally after the opening today then lapsed back into a quiet pattern.
A splurge of buying, led by New Orleans Interests, railed the old crop months almost $1 a bole after the market started a few points higher."
New crop months were re- latively neglected while traders
WANTS TO STAY OPEN
LONGER
“Kuala Lumpur, March 9. The Bank of China, ordered to alone by a Molayan Government order, útil! hds-dbout M$6,000,000 outstanding, in overdrafte, Banking sources said to- aby.
The bank must close under an order prohibiting any bank con- trolled by a foreign country from operating in Malaya.
The bank has announced that waited Washington develop-will ccaso, operations in mienta on farm legislation.
Malaya on March 16. Final prices ruled 14 higher Lumpur said today it was pos
Banking circles in Kuala to eight points lower.
The
market opened unchanged to upsible that the bank, controlled six points. New Orleans closed by Communist China, might asic net unchanged.
the Malayan Government to ollow it to remain
open to Analleolis business-Reuter.
ABSORPTION Prompt absorption of four March
delivery nollers, and
500 12.20 buying of May contracts, credit- ed to mill accounts, pointed up reports of an increased mill de- mand for spot cotton and a broadening interest in textiles.
Evening-up in March con- ilnued before the contract ex- pires on Thursday. Open March contracta totalled 44,000 bates. The certificated stock totalled 93.880 bales, plus 4,014 baled 150 231 hwaiting inspection.-J.P.I.
100
2.03 2.125 3000 1 23.78 56 0.75 2000 $ 20.74
2.223
23.40 2012
Chicago Grain
Chicago, March 9,
Wheat No. 2, red
Spot
Mar. 209% (H) 200()...
Mny
July
Sept.
Corn, No. 2, yellow
200,94
15 untities
03.02
Hammand Oreen
210.2
Heyden Newport Corp.
48 bonds
64.03
Homestake Mining Co.
Comin, fujure, price index ..
147.01
Idaho Power
419
Shares BANKS
Ingersoll-on
191
Inland Steel Co.
339%
EUX Bonk,
XD .....
77.0
2
10
Interchenlegi Corp.
Int'l Business Machines
323
អ៊ ៥រ 10 78.75
302%
Iné Harvester (ven
5014
Interrisuonal Mickal
Cath
Informational Paper
1224
1010
12 72%
10%
Int'l Tel: Tel (new)
04th
John-Manville Co.....
671
17
Kaiter, Industry
15
DOCKS, ETC.
30%
Kat C. Power & Light
51%
X Whart
178
Kennecoit Copper
119
Dock
Kimberly Clark
62
Provident,
50%
Liggest Morera Tob. Co,
Lockheed Aircraft
LAND, ETC.
Loewe Incorp: .....
Hotel 23.10 23.20
240**
Lotte Star Cement Co.
IV Lend.
Lowenstein
XD ... 25.20
74
McDermott J. Tay
17
(R) 4.20 4.20
71%
Realty
17P
Stock Exgo,) ... Mamabi Iron Corp,
AmaLE...
RUBBER 1475 * 1.50-
43
Mission Development
Moligomery Ward
Truel
Motorola Ine.
UTILITIES
perigunt Cona, Bethlehem Strei
National Discult Co.
Tram
National Cain Reg. "A"
National Dairy Prod.
Cachine
70%
National Lead
National Steel Corp.
New York Central
Tamail..
8014
Norfolk & Wastern Ry.
C. Light
(0) 19.40 10,30
219
North Amer. Aviation
North-west Airlines (Com)
3014
100 10.DE
3110
Cijn Matliteson
3040
- 10W
頭
Or Elevator
712
Electric,
Owen-Blinois Glass
XD-2.1 23.40 – 21:00
500 ?
1016 STIC
Macao E. 0.40 Telephone,
XD 23.70 23.50 $700 9 23.00
whisky will soon be available
500 23.90
¡INDUSTRIALS
for the British publle
Spot
because
Mar.
nt n
acneral Improvement in
MRS
stocka, the ballers Company
July
201
助
STORES, ETC,
017
Dairy. 10.10 10.20
300
10.10
hunounced tonight.
Sout
554
Publicker Industries
Watson
Pune Ol
S
4241
BOT
Rua Corporation
XD!
33.40 13.00 1000
13:40
Include James Buchanan, Joha
The company's subsidierier Barley.
Nov.
531/
Lma, Craw. 14.30 14.30
24616
Redio Corp. Pref.
74
COTTONS
Dewar,
401
Republic Stoci
0012
182
Reyna Mat
Textiles..
Walker, and White forsc.-
John Halg, Johnny New Yerk flour
Spot
120-135n.
BBC
1
331
Oll Co.
Roebuck & Co.
Nanyang 0,05
1000
0.75
Reuter.
-UPI.
430
MISCELLANEOUS
BO
140*
Sateway Blores
30
Saime Paper
Scott Paper
Sinclair Oil
Bain, Cline & French
B014
oceny Mobil Oil
01
Sotor Alreraft...
4914
Southem Co. (The)
Cas
Harden (
Calif. Packing Comp. Campbell Boup Co. Canadian Pacific H. Caso (J. 1.) Co. cat. Tractor
Celanese Corp. CI. T. Vinancial Corp. Chrysler Motors Cluett Peabody Colgate-Palmolive Co.
Colonbian' Carbon Co. Commercial Credit Comunionwealth Elec. Consolidated Extin Continental Oil of Dei. Crew Zellerbach
Cuban Amer. Sugat Diamond Alkali Diamond Gard Ivelas Aircraft
Dow Chemienia Duobni de Nemours Eastern Airline Eastman Kodak
El Paso National Oas
Tumbly Finance Corp. Firestone Tyre & tubiser First Nat, City Bank Ford Motor
Gental Dynamica
General Electric
General Foods
American Exchange volume and folers was 2,000,000 shares,
Gort. Pub, ULIT.
Commodity Prices
COTTON
-',
NEW YORK
Prices of cotton futures closed today as follows:
Spot: 3565: Mar: 3534; May: 30.N; July: 3221: Oct: 3190;' Dec: 31.0); Mar: 31.92: May: 31.02: Ja 30.02.
NEW ORLEANS
Prices of cotton futures closed today as follows:
Spol: 34.05: Mar: 3935: May: 33.34; July: 24.08: Oct: 22.19: Dec: 31.07 Mar: 31.90; May: 2190; July: 3000.
LIVERPOOL ··
Cutton future closings, In pence per lb, werd as follows:
METALS
LONDON
Oxford Piper Co.
Facific Gas & Elec.
Pan American Airways Paramount Pictures 384 - Parke Davis Do. 6343 Penny J. C. Co.
Salt Co.
Prices of metals closed today
in sterling per long ton as fol- lows:
Buyers Seller
Philp Morle
Procter & Gamble Co.
Pittburgh Plate Glass
South Puerto No Sugar
Southern Nations
Southern Raliway (Com.)
Standard Brands
Standart ol of Cal
Standard Oil of Ind
Standard Oil of NJ,
Steep Rock (Toronto Exas.
Drug Co.
Rokely-Van, Camp, Studebaker-Packard Corp. Bunshina, Mihing
Swift & Co.
Toss Go
Textron inc.
Th/publ CHI
Star Ferry,
XD
100
0314 041%
Cement,
XD ............. 23.10 23.30
Entert...- 10,00 Vibro
10:00
40 INVESTMENTS
Can IV...
1112
Tile Waler Aşın, Ol!-
Tine lite.........................
Tri-Cont: Warenla
Twenlleth Cootury Fox Film
Union Carbide
12810
Union Oil of Cal.””
40
Union Park Railway
30%
4412
471%
1001
United Alteraft
United FruB_
United Das Corp.
U.S. "3"
U.S. Gypsum
Us. Ling Co,
Tin
Spot
3-month
7703% 7774% 379 380
Copper
Byot
218
019
17.8. Rubber
Lead let ball
U.S. Snestin
Mat.
2481 248*%
U.9. Sienk
713
12
Zine 1st half
· Mar.
June
70% 70
عطية
NEW YORK Prices of metal futures closed today
per 15, follows:
cents
Warner Bros. Waukesha Motors Westinghouse Air Brake Westinghour Electric Western Union Tal, Co. West Va. Pulp & Paper Winn-Dixie Blörda Woolworth (K. W.J
as | Zenih Radio
+
30
Allied.....
B.15
100 18.50 $30 BA 20.00
·
London Becomes Easier
London, March 9. Sidek markets "drified enster, today on the un- settled situation in the Middle East, but oils dis- played an utiéxpected strong undertone despite developments in oil-rich Iraq.
An Iraq Petroleum Co offelal here sald the revolt has not interrupted the deliveries of oil
to shipping terminals.
Both Shell and British Petro- 327 leum were off only fractions.
The weakest section was gilt- 77" edged securities which closed as 365 much a lower,
49
SZT
45
in
233
American Contract
UP.I.
Mar/April
22.30
Lead Mar
10.9%
May/June
21.78
MAY
July/Aug.
20.50
Zinc
Mar
11.155 10.150
Oct/Nov.
10.70
Dec./Jan,
28.50
Copper Mar
10.100 12.30-121
FRB Boost
Mar/April
19.45
May
00-828
Bank Rate
Mixed Contract
Tin Mar
Mar/Aprit
May
101.co
20.15
May/June
20.45
July/Aut. Oct/Nov.
10,45
19.34
-19.55
1933
Das Lan TART":7AXTE
BAO PAULO
Prices unquoted.
SUGAR
arts have been of unites States the World No. 1 sugar, luures 18- average price of one-inch cot-day closed unchanged to four ton at 14 designated spot points higher with sales of 280 markets was 34.89.
Total sales, at these markets
Generally speaking, Japanese
were 26,128 boles-UP.I. aid financial circles are more hope- ful about the future of the ship- building industry than the yards were seeking o kw forbidding nie themselves. Economic .ex- such cargoes to ships of nations pests regard the shipbuilding China Industry is being subject to the that permit trade with
other Iron Curtain sune expeeding trend which
is now affecting Japan's and ear industries.
And countries.
Down the slipway to third place
2.5
SHIPPING LAUNCHED.
2.0
$1.5
1.0
0:5
sleri
ter many years in h1st place, Britain's ship.
The How the an Nó Bin the "Alour"
his charl of tonpare launched by the wor
know how fasan overtlok Britain Ini 195/2 Germany Aisled her down diftkér þér
contracts.
Domestic No. d sugar closed unchanged to four points higher with sales. of 8h contracts.
Contract No. 4 (world)
RUBBER
Mry
July
Fept.
Oct
Ney
Epát (cents her lb. 10h Cuba). Dora Interest: 6,400 contracts.
Contract No. 6 (domestic)
NEW YORK Itex rubber futures today closed 40 to 54 points higher May with sales of 79. contracts.
Closing prices:
Mr.
May
July
Sept
Nov.
JML
Star. (1960)
SINGAPORE
Jub Sept. Nov. Spot-cents per lb. tif NY
31,40 bíð
Jig tid 31.85 traded
*x-duty)
Open Interest:
3
81.05 traded
31,00 bid
ulas traded i
After opening higher on Im
and
přoved, overseas advices good buying interest the tharkot
ruled steady but quiet.
...The market AWILD
steady
throughout the afternoon with
---U.FL
FOREIGN ENCHANGI
Washington, March 9.
The Federal Reserve Board
INDUSTRIALS
Industrials declined over a brand front. However, selected issues improved. The Beechom group was up over is on news of a new type of penicillin. Steel, engineering, motors electrical equipment
were lower
and
stacles
Gold stocks were lower and epppers, ensed.
German and Japanese bonds
today authorised the Federal improved in the foreign market, Roverve Bank of Boston tal-tollar, stocks-vers—mizede boost its charge on loans to U.P.I.
commercial banks from 2% to
3 per cent.-U.P.I.
Exchange Rates
reed Merchante por don
Rates
West German Deutschemarks Maximum Selling 72 5/10.
MORE SCOTCH FOR PUBLIC
+
Spot Mar. old
Mar, new
May
July
Sept.
Dec
Ryo
1
Mar.
May
Oats
Mar.
MAY
London, March, D. Larger supplies of Scotch Boybeans, No. 2 yellow
200 lb, sack
1190
110 1150.
1101-
'117
713%
142-14176
158-197232
P&O B•I
B•I E.A
COMPANIES
PASSENGER/FREIGHT SERVICE
FENINSULAR & ORIENTAL S.N, CO.
OUTWARD
"CARTHAGE" “SÅLBETTE" *SUNDA" "CANTON" "SALMARA" "SINGAPORE"
"CONFU"
"CHUSAN"
HOMEWARDE
"CARTILAGE"
"CANTON" **BUNDA"
"HIMALAYA" "CORFU" ***SINGAPORE"
"CARTHAGE"
DUE II.K. In Port 15th Mar. 101
LEAVES UN.
Salled" 21/1. Salled 6/2 Salled 9/4 Sulfed R/3 6th Mar. 18th Mar. 3rd Apt. 11th Apr.
Mar. 1st Apr. 21xt. Apr.
Hnd Apr.
11th May
DUE LÖNDON
Neon tth Bo Nobs 18th Apr.
5 p.m. 10th Apr.
4th Apr.
13th Apr.
17 May
25th May
11 pm. 20th Apr. Noon 8th May p. 18th May Nuch 5th June
math May
8th June
2 June
1th July
via s'pore, Fabisk, colombo, Bombay, Ad & PL. 5810,
★ “SUNDA” and “SINGAPORE” emit Colombo i Bombay, kid extend to Hamknig.. Hotterdam.
und Antwerp:
the car SHINSON CONT
exchange market thie inoming at the following raten- US dollar per $11. Bierling notes, (por £1) Australian notes (per (21) Indonesian rupiah, (per 100) Siam Licain (per, 100) | Singapore (8{ralla)
P.O
R.M.S. "CARTHAGE"
SAILS:
NOTICE TO PASSENGERS
BAGGAGE:
NEW YORK Closing rates were: England official
buyers in almost öll grades, Canada. unsatisfied. Futures:
No.
rubber per 16 Mar day-bens a 30-days
No Zakland).
No. 3 rubber per H. Mar 05-084 South Africa Na, 3. rubber.
No, e rubber per lb, äter 1
Spot rubber, unbated (1.
Danket grepe
No.
The
pale crepo
AMSTERDAM
rubber, märket,
steady. Prices clom
ilders, por kibg
87) -HA} | Balgtum
Offers unchange
LONDUR Closing rates werei New Yorkuyo Marktrekking
Friday, 13th March, at Noon 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 Cold Godown No. GATE, CANTON ROAD ENTRANCE, by Noon on Thursday, 1211 March. SPECIAL NOTE: With the exception of hard packages
carried by passengers themsel ALL BAGGAGU must pass throu the Wharf Company's Godown loading on board by ship's slings only, EMBARKATION: Photos should embark betwem 0.30 and 11.00 m. on, 1816, March, 1950
Subject to alteration with or without notics;;
BRITISH INDIA 5.N. CO., LTD.
[4] "HAVILDAH” deo 18th Mar. from Japan
"SANTHIA"
Kalle. 13th Mar.
for Singapore, Penang. Mangoon & Calcutta
due 22nd Mar. from Japan Falls Bird Mar, for Cricutia, Hangoon
Strate
P. & Ö./B. 1. JOINT SERVICE
"OLINDA"
"OKULA"
"URLANA”
"ORMARÁ”
due 28th Mar.
Knits 10th hear. due seus far. sume 19121. Mar,
dus 23rd Mar, salts 24th Mur:
a. 3rd Apr 1994 th Apt.
trom Bombay, Cochin, Tuticoria & Singapore for Japan
from Japan & Spor tdr Singapore. Hombay, Karachi, Dubai Jõuwait. Basrah de Khorramaliehr
from Bombay, Comin
4. Sugapore for appen
from Japan for Bingapore, Penang. MHOFKA, Mangalore, Jonday, Karachi Ku watt Barrah de ho zamenahe
EASTERN & AUSTRALIAN 3.3. CO., LTD, “EASTERN"
dus 11th Mar. from Australis
SALLE ZISE MAY, the Japan
MACKINNON MACHINAD