-
Italian Shipbuilding Industry To Challenge Europe
By MICHAEL WEIGALL
Rome.
THE Italian shipbuilding industry is ready for the challenge of the European Common Market in spite of setbacks in the world shipping recession, according to officials here,
Figures of output for last year,
ns well, as a plan to build in Iuly
the world's first atomic-powered
tanker, are cited as proof that Ilion shipbuilding yards can
American-German
hold their own in the ambitious Marine Engine
programme to knock down trade
barriers between
the states of
INTE
ro-
a INTERATOM and Western Europe.
search company in Ham- Fifty ships, amounting to
burg have signed a contract 447,000 tons, were completed in Italian yards last year. More for the joint development of than half this tonnage 24 ships a nuclear marino engine. totalling 242,000 long - waa
Interatom is owned by the built on foreign order,
North and Demag concern The tonnage of completed American Aviation Inc. It's vessels remained at the 1057 partner is a research company, level when 63 ships, totalling backed by the North Gerninn 450,000 town, were produced, States, which was set up spe- Sixty-one ships, making upelically to work on nuclear pro- 272,000 tons were completed in pulston at sea. 1950.
COMPETITORS
to
†
The nuclear engine to be de- veloped will be installed on dry conditions Land but under simulating those
alsoard met ship. will be of an
It
or- gorically coolrd and moderated (OMR) typo developed by North American Aviation,
Of Italy's lending competitors in the European economile coni- Inuity only West Germany last year improved on her 1957 figure, One million two hundred "Bity thousand tons of shipping
delivered was
customers In this type of reactor the compared with 1,230,000 tons fuel elements are surrounded the year before. Figures for by hydro carbon liquid. It is France and Holland were $20,000 | claimed that the fact that the fons (457,000 tons in 1057) and reactor is hydrogen-moderated 300,000 tons (535,000 tons in results in compact cone sizes 1957) respectively.
and, thus low weight, The shipping depression, took HYDRO-CARBON Its to in Italy last year and only 30 men orders, total 285,070 tons, were placed in the Brai six months compared with 53, totalling 415,595 tons, in the same period of 1957. But, in spite of this trend, begun in the second half of 1957, officials By that Italian shipyards have enough orders to keep them busy until 1963 or 1904,
The hydro-carbon liquid, which la frented by the reactor, is pumped through separate heat exchange equipment to generate steam for the ship's
engine. It is claimed that the hydro-carbon liquid, only ae- quires a low degree of radio activity, thus facilitating re- pairs.
The thermal output envisaged for the reactor to be developed at Hamburg is understood to be 40-megawaits.
The work of Italian shipyards, which employ a total of 42,000 workers, was highlighted last year by the launching of Italy's The Debussa Company, of biggest post-war liner, the 32,000 Frankfurt announces an agree- ton Leonardo Da Vincl. The ment for technical co-operation liner, expected to be completed
with Mallinckrodt Chemical in 1980, replaces the ill-fated Works of St Louis Debussa Andrea Dorla,
pride of the state-subsidised
will also become the sole sales Itallo Line,
ugent for Continental Europe of which sank after a collision
the United Stales company, with a Swedish vessel off the
which produces uranium in North American coast in 1930.
various degrees of enrichment. CHRISTENED
Debussa has also concluded an agreement will sell
under which it "know-howth production of pure uranium to In the the Japanese Sundtomo concern.
The new ship, which was christened in Genoa by Signoro Carla Gronchi, wife of the Italian President, is 232 metres (728 feet) long and will carry 1,300 passengers in 321 cabins at a speed of about 23 knots.
The Leonardo Da Vinci is Skipjack Fastest
belleved to have cost about £11,500,000.
The loss of the Andrea Doria, the worst post-war shipping disaster on the North Atlantic
American Sub
THE CHINA MAIL, WEDNESDAY, MARCH 11, 1959.
Page
BRITAIN'S 1959 BUDGET
Speculation Over Tax Concessions
By RONALD BOXALL
London, March' 10.
HONGKONG SPECIAL ISSUES BANK RATE
STOCK
EXCHANGE
hy
Our Own Cape. Atradicend
Business done on the Hong- Exchange this kong Stock morning amounted to approxi-
mately $695,000, Noon quota- Lions and the morning's 'trans- war. actions were:
shares Buyers Beliers BANKS thek Bank
хо
INSURANCES
It is just a month to go to what every
one is convinced will be the biggest giveaway budget sinco the Guesses at the size of possible tax concessions vary according to guessers' estimate of the seriousness of the current industrial recession, Lombard and the date of the general election.
And that, as any student of economies can tell you, is the way that reaf slumps begin.
On either basis, the case for, have no back-log of orders-to really big tax cuts has been work on weakened by recent develop- ments. The recession does not look as serious as many people predicted it would by this time;; indeed there are sms that the
An worst of it may be over. netively expansionist budget this stage may therefore do more harm than good.
Unlo
Mater
770
4770- 10772%
72 7215
.. 2011
KIUPPING
Wheelocka 0.55 5.03 $700 5.00 DOCKS, ETC. K. Wharf.. 00 Dock
Waterboat 28.70
Provident
IK Hotel
Is unflappability still a virtue in these circumstances? Editors of the London and Cambridge Humphrey
Bulletin al Econcent
"As yet, think not. wrote last week, "the ment seans to have been so im- As for a general election, the pressed with the danger of al- that Lempting too much, thất chances frankly cynient argument government would takefan axe) havo Tot been fully exploited.... to. Iaxes and then cock-a-posive measures .. to stimu- hoop to the country, does not late investment (both
directly square either with the fnels or and indirectly) seem to create personalities involved.
less Borious risks than the ones which they avoid."
Betting
In the space of a month, bet- Ling on the main budget news has gone from a shilling off the income tax ond a. swipe purchase lax, to sixpence income tax and "something for industry."
01:
PROMINENT ON RISE IN
WALL STREET
New York, March 10,
Changes of a point or so in a handful of special
issues highlighted an irregular stock market today. Trading increased on the advance.
•
Idaho Power
The main list was studded Getty Du .. with numerous gains of one, adden Co
Goodyear Tyre two, and three points. Glass Grumman Aircrait stocks stood out in the upside, quit Online as did most of the tyres and Hayden Newport Corp. electronics. Sharp declines in
Inland Steel Co. Du Pont and Goodyear helped Interchemical Corp. to keep the industrial average int'l Buzinem Machines
International Nieket near its previous close.
Thlokol Chemical, an upside star yesterday, rose another 21⁄4 polnis in continued responke to news of a contract award in connection with the Minuteman Missile Progranime.
Int'l Tel Tel
Kalor Industry
| Kansas C. Power & Light
Kennecott Copper
Liggolt Meyers Tob, Co. amickheed Aircraft
Laws Incorp...
Lane Star Cement Ca Lowenstein & Sons,
Some of the drug stocks were in demand. American Home Mesall Iron Corp. ducts gained nearly two points, Abbolt Laboratories,
U.S. nearly point and 100 14.10 Vitamin, which declined yester
day in its first session of "Big Board" trading, recovered over a point.
7
243%
120
2016 1103
172
401
971
30
נן
21016
Ad
MeDermait J. Ray
4742
Minnesols afining
132
gained
Minion Development
234
Montgomery Ward
447
Motorola Ine.
Nations Blacuit Co.
સા
National Coal Reg. "A"
National Dairy Prod.
30
National Lead
114
National Steel Corp.
Du Pont, up sharply yeater-Now York Central
12,20 12.20 500 g 12.20 23.20 23.40 2260 23.10 3300 23.20
|
K Land
D
20.30
400 * 59.40
R
$432
XALL 40
Really they
RUBBER Govern~| Amalx.
Trust....
2.023
34.15
1.35 £5000 21⁄2 1.470
2.10 2.15 5000 A 2.10
120
A. POWEŃ UTILITIES
Tram XD.
23.70
500 23,50
day, fell
1000 25.6%
300 15,72
1000 23.80
104.
S41
D3 210 0414 10% 10.70 178) 1015 4800 16.6
3070 200
29.70
25.70
WETO:
000 e 15.09
2000 + 20
35 Inducirials
20 calls
Macco Eas Telephone
2.4A
XD... 2300
15
05 Bucke
23.80
One Voice
д
A little over a year ago, when Inflation was rife, Mr Peter Thorneycroft, then the Chơn- acellor of the Exchequer, and his two Junior Ministers at the Treasury resigned OVLT maiter of an extra £50,000,000 of the Government's expend ture. Today the Government is proposing to spend £230,000,000 more la the coming financial year then it reckoned on spend- ing at the time of the resigna tions. And hardly a veloe was raised in grotest.
What is certain, Is that there will be tax concessions totalling anything from £200,000,000 to £300,000,000. But how they will be apportioned between the various claimants remains one
of those perennial mysteries that make the budget such an ex- citing prospect.
in
star Ferry
XD
Youmatt
C. Light
Electric XD 20.00 23.10
INDUSTRIALS Cement XD 13.40 STORES, ETC. Waton XD 13.40 10.00 Fairy
10.10 18.20
1 Craw...
neares Kweng S, H. COTTONS Texille Nanyang
MISCEL Vibre
One that is, is that of Mr Enoch Powell, former Financial INVESTME Secretary 10 the Treasury
Int. Inv. until he walked
oul with Mr Allled Thorneycroft.
מi . .
Disagreement on what ought to be done is shorpest at expert level. (The layman is inclined to be indulgent wishful thinking and rationalise the result.) So this week we have as one who does not wish to Last week, in terms as strong Sir Orear Hobson, one eminent embarrass his leaders can cm- cconomist, expressing horror at plos, he wrote: "In the absence a plea by Sir Roy Harrod, an- of any compelling reason to be- other eminent economist, for love that an increase such a slashing of taxation as the total of Government CX- would unbalance the ordinary penditure is Indispensable for budget. "I indientes," writes taking up whatever "slack' there Sir Oscar, "that he has no may be in economy the oblic thought but to end unemploy- tiona to such an increase appear however temporarily belief ment,
and to be serious." whatever capt
in the doctrine to which I hold all different, though not neces- that slumps are caused by the aarily Incompatible and all ex- booms which went before them, | pressed by people who
know and that to set up a new boom what they is inevitably to sow the reeds of a new slump.
So there we have three views.
are talking about. The fourth view is that of the ordinary taxpayer who doesn't Except that booms are popu- understand much of what it is lor and slumps are not, and all about, but would very much people who have to approve like to have a little more of budget proposals. If not those his own money to spend.—Lan- who design them, are politicians; don Express Service. to whom the maximization of popularity is itself a pretty im- portant doctrine,
Will Expand
Sir Oscar (of whom it must be said that he is much more often right than many of his Industry will expond of own colleagues) takes the view that
record if left alone to do so, and that any action designed to likely lead to a new inflation- accelerate the process will very. stuboom preceding the next
n
"What is needed most of all,”
and
Yesterday's Closing
1041
400 24 1000 23.90 3300 # 23.05
25
: 140
CITY LIGHTS
Norfolk & Western Ity. North Amer. Aviation
North-west Airlines (Com. Olin Mathieson
a point to $333% as the company President cald he could supply no reason for the risc. Goodyear Tyre. Phila- driphia and Reading, Boeing | Owen-Plinois Glam
and Anaconda sch dropped
ecund a point
Otis Elevators
Oxford Paper Ca.
Inciße Gas & Elce.
Pas American Airways
Dow Jones closing averages Paramount Pictures
40 bond
Parke Davis Co.
011.14
Penny J. C. Co
10) to Penn, Ball Ca.
33.36 Philip Morris
210.3 Procter & Gamble Co.
* 88,535 | 24sburgh Plate Glass
Comm. future price index 14749 Publicker industries
Closing Prices
Armeo Steel
"Arinour
Allas Cons. Mining Baltimore & Ohio Benguet Cons.
30
Tadio Corporation
Ratio Corp. Prof.
Republic Steol
Reynolds. Melal
Asteway Storm
AMERICA
TECHNICAL
By SYDNEY S. GAMPELL
London, March 10. The American Bank Rate rise is largely technical but it shows that both Washington and the New York Federal Reserve are even more alarmed about Inflation and the dollar than about nearly five million unemployed.
Only this week a Federal Reserve oficial sald unemploy ment militated against further credit restrictions. Yo now the New York Federal Reserve leads the Bank Nate rie, Morc- over, the Federal Reserve sys- tem has forced the banks into. nearly $180 million of net bor- rowings for the past week (and more than $350 million on Wed- nesday) wiferens last summer It allowed them free reserves of more than $400 million.
Main Flight
As the main flight. from th dollar is the internal switching out of money stocks Into indin- tionary hedges the Federal No- serve was presumably, actuated by this week's new highs on Wall
with Street coupled 2513 aoftening of money stocks, the metal |panicky re-stocking of
10 goods
115
4015
89
00
2412
3316
renewed
forestall mid-year
B strikes or price rises and perhaps 13% also by the Bank of England's 70% failure to cut the London Bank Rate last weak when New York
80
4812 money temporarily ensed,
Barik
affect rates mainly international money movements, Dearer
53 banks
money in New York alongside cheaper money abroad encourages foreign central to hold their accruing Collar reserves Instead of tak Ing American gold. The Ameri- have stopped con gold losses 154aince Christmas and this weeks 14 for the first time in six weeks the Federal Reserve had gained Enth
04 Instead of losing international 23x dollar reserves. The Bank Rate is belag used to defend the dollar just os It defended 3d sterling in September, 1907 497 when Britain's Bank Rate was boosted while Germany's Was cut-China Mail Special.
5:00 # 29.30
Alden Inc. Acy.
Atiled Chemicals
1041
100 14.20
Allied Mitis Inc.
Smint eg Piper
Am. Brake Bhoo
о
Scott Paper
14.30 14.70.
139
American Airline
Sinclair Ol
130
1.30
A. Cable & Radio Corp.
03
American Cyanamid Co.
Smith, Cline & French
113
01
Socony Mobil Ol
4507
Amer. Forgo. Power
175
South Puerto Rico Buga
27
Am. Home Prod.
133
Southern National Gas
American Matal
Standard Brands
American Smelting American Tel & Tel
Standard Oi! of Cal
Standard Oil of Ind.
American Tob. "B"
901
Standard Oil et NJ.
Anaconda Copper
731
Sleep Rock Toronto Exge.)
7234
Aterling Drug Co.
7614
273%
Stokely-Van_Camp.
Studebaker Packed Corp.
Sunshine Mining...
Swift & Co.
116
Bethlehem Steel
Texas Co.
Textron Inc.
Borden (The) Co. Calif. Packing Corp. Canadian Pacifc R
771/
Think Chem.
65-16
Tide Waler Ama, CU
Tri-Cont. Warren's
CIT. Financial Corp. Chinne Manhat. Bank Chryfier Motors Ciuet Peabody Colgate-Polmolive Commercial Credit
8134
คน
B3
90
Uni Arora
30:
United Frit
Commonwealth Elec.
30%
UB. Poll "
Consolidated Elion
US. GypeATE'
Continental Oll of Del.
00
UB. Rübber
Crown Zellerbach
13
US. Smelting
Cuban Amer. Sugar
20
UB. Steel
311
U.S. Since 7 PC. PF
354
M
Dupont de Nemours
23192
15212
West Va. Pulp & Paper Winn-Dixie Blores
LUNGUN EZpresa berajon.
Ulamond Alkali
Diamond Gart
Dow Chemicals
Eastern Airline
Fartman Kodak
El Paro National Gas Ford Motor
General Dynamics General Electric General Fooda... General Motors Gen. Tyre, & Rubber
COMMODITY PRICES
FOREIGN EXCHANGE
NEW YORK Closing rates were:
Others unchanged,
METALS
NEW YORK
Prices of metal futures closed today in cents per lb. as followBI
Land
Mar
1.93-6/32 2.31-3/10
May
Line Mar.
May
Copper Mar.
May
283-3/10-2.JU-3/10
.Tin Mar.
May
LONDON Closing rates were: New York Montreal Copenhagen Frankfurt Paris
Groton, March 10, THE latest United States U as an especially-clevous. blow to the Italian merchant atomic submarine, The marino because this had to slurt Skipjack, returned to its almost from scratch in 1945 base here today after two after losing most of its ships in days of reo tosh, which BoWorld War Ilq
restore and surpass the pre-war of the American submarines, he wriica, la patience
After a decade of efforts to established it as the fastest level of of the Italian merchant the naval authorities here unflappablilty so that expan- marine, Italy today has more stated. than 3,000,000
sion of production may follow tos of ships
Outelals would not, however, its natural courses and not be under her Bag and maintains her position as the world's mori- submarine. As in the case of
indicate the speed ot the forced into artificial channels Canadia thne power.
and so inevitably lead to new England Twice as many private com-other atomic submarines, they trouble later on." panies as before World War II said only that its speed was
Unlappability is a virtue in a "more than 20 knots."
politician ar in operaiion, though the
as in an economist, Vice-Admiral H. G. Rickover, bulk of trame is carried by four who is often called the father
but there is always the danger slate subsidised
that less charitable people thon companies of U.S. atomic submarines, was
Sir Oscar will call it inertia, known as the Finmare group aboard the Skipjack during the
So for the Government have which accounts, with its 93 test with which he said he was taken very few petive steps to ships,
for more than 650,000 tans of the whole,
very satisfied.Franco-Presse, stimulate economy. What they has done is to remove the do- terrents to consumption and thus with the help of favour- able. torma of trade, encouraged the demand for industry's pro- ducts. The trouble is that this domand has not been avenly apread. It has grown for those
on a ship building pro- up demand was released oy gramma' which will enable the ending of hire-purchase re- her to cater to her Inter- on which the future production strictions, but fallon for those lond trade by 1961, a depends..
Industry already has enough
The largest carrier in the
group is the Italin Line, whose Indonesian Ship
nags ny on 20 of Italy's big-
Kest
occan-going China Mall Special.
vessels.****
No Sparking Switches
For Ship's Holds
Building Programme
Singapore, March 10.
INDONESIA has embarked products for which a big pent-
does
Other unchanged.-U.P.1.
RUBBER
· SINGAPORE, Closing rubber prices were; No. 1 rubber per ib. Mar. BB1;+88Ƒk Apr. 00-COC May unquoted No. 2 rubber per 16., Mat, 001-055% "No. 3 rubber per ib, Mar, · RE}}+DS No. & rubber per 15. Kür. 56110 Snet rublier unbaled 0030 Blanket crepe
No.... 1 palo grønemorata: 9015-6834 LONDON The rubber market was quiet per lb. Prices with spot quoted at 20% pence
Spot No. 1 Rør Battleman! house tern:
April
May July
ApriƒJune
A NEW range of spark-spokesman of the Indonesian
proof electric switches government-owned --Pelni capacity, installed during the specially designed for ship's | Shipping Llies which operate boom years, to produce is per holds where pollution from a service in Singapore, re- at present and it is showing no
cent more goods than it the atmosphere, fire and ex- vealed today here, gu
incination : 10-ad5;still. further plosion riska, zro›presentin
The spokesman kald, that a Being produced in Britain, total of 190.new.000-tal coustal
to its capdelity while machines and meri: stand idle. So capital The switchios
employ no ships were being built in Japan, goods industrian (10) those who springs. They are stable for Poland and West Germany and supply an industry's plant and 8amps, starting étærrent "and" 1'] that although only a few had equipment) have been living on smp running a current on 440-'already been delivered to lado- their order hookie bena valt supplies and can be up-nests the bulk of them would Some economista, consider this plied, in dustproot heavy-duty ba opornung în later-lilanų) | rather than junemployment, to boxes with phiell" and engraved | Grade by: 1903, 2005
"be" tha" nost, seriolia" nabret "of plater. Whers unich, our di0 volt He added that the Soviet the present situation. For uDA EMEKLA DIVER. Izg apples, they, are rated, aka Union had alto offered fo build less omething is dong to sthaus EDEN maximum of 15 amper ships for Indonesia, but that the lalo dansand or celal good
The switches are made by offer had been turned down bas ibi, other words, stogant” badustry. waldoni, 35, 20ulona, Auckland, eating the Kseniais Gaming noore | Investment-minded"again":"arina flow, Yorks Co. Durham, Englarid,
producing these woods. Will soon Epriors wars stay
Jar/Mar
Gheneral" markata, Paprit
11.000 11.00
30.200
10.55
ANG PA
33.400
100,00
102.000
LONDON Prices of metals closed today
July/Aug.
70
21.10
Cet/Nov,
10.30
Dec/Jan.
100%
MATCApel!
10.03
Mixed Contrue
Mar/April
27.55
May/June
July/Aug.
20.13
OCL/NOV.
19,10
Dec/Jan.
10.00
Mar/April
10.00
SAO PAULO
Twentieth Century Fox Film Union Cartride
Union O of Cal.
Pacific Railway
Waukesha Motors
Westinghouse Air Besice
Westinghouse nectric
Woolworth (ICW)
Zamil Radio
· 1421
xx
471%
New York Cotton Market
New York, March-10.—— Cotton futures today drifted narrow aimlessly over
limits in dull dealings.
+
Buoyant
Mood
In London
London, March 10. The stock exchange cele- brated the 'final account day of its financial year today in a buoyant mood. shook Gilt-edged securities off their recent sluggishness and folshed
as much as tha
Olls opened lower but rallied to close with small net gains,
Industrials were uncertain at buying
At the close the list ruled up the start but selectiva dis to on four points. The sprang up to give the flat a market opened up dive to off very firm undertone. The out- two points.
standing feature was a jump of
New
crop déliveries were 15 shillings in Hudsons Bay Co relatively neglected in face of following the sharply thereased farm legislation uncertainties divident. Numerous other
on leaders improved and pending n'clearer idea
including what acreage farmers intend to I.C.I., British Oxygen, Borax. in plant this year.
and Unilevers.
Cotton Suturo closings, cruzeirca per kilo were as fol- lows:
MIT.
MAY
July
Oct.
Die.
65.00
65.02
50 00
50.00
67.55 in sterling per long ton ng fol
In the Unlied
the States, lows:
Sellersverage price of one-Inch cotton at 14 designated spot markets was 34.33 ceula.
עיני
Spot
613
Buyers
701
тва
mooth
753
70316
Copper
Spot
-240/
3-mort th
48
Lend 1st half
BAT.
June
Eine ist half
MRT.
751% 75%
June
74%
~ NEW YORK Prices of cotton futures closed |-today,, us follows:
Total sales were 45,698, bales. -UP.L
SUGAR
NEW YORK World No. 4 sugar figurer closed today one higher to inur points lower with spies of 100 contracla,
FAVOURED
Dollar stocks were generally Mississippi delta sections in lower. Rubber stocks were firm, dicated
some producers favour--U.FI. ed the "B" option in planting,. which allows up, to n 40 per cent in the allotted norcage but with lower price supports A final report on acreage inten- tions will be made by March 25. Twelve March delivery notices today were taken up by spot Interests, Open
position in
Chicago Grain Prices
Chicago, March 10,
March today totalled 32,100 Prices closed in cents bales. The certificated stock bushel as follows: remained at 83,686 bales,
The Liverpool market closed Wheat No. 2, red of 20 to 20 English points and 8P1 to 1,019 American points under New York futures.
Raw cotton exports for, the season totalled 1,803,024 balcs, according to the New York Col ́ton 'Exchange UPI.
Epot
MAR. 2079% (11) 200)
May
July
Sept.
Dec.
Coen, No. 2, Yellow
Mar., old
Mar, stow
May
Sept
Rates
Dec.
Hiyo
Mer.
516
· Canadian) · Dollars --Maximum Selling 16%. Minthiam Buying | Da
May
11⁄2
17 T/T; 17-1/18 0/D.
·Atar.
Domestic No. e sugar close Agreed Merchant
lower to one point higher with sales of 180 contracts.
Contract No. 4 {world},
apot: 39.70 nam; Mar; 38.45-43: May2-36.49; Jul 26631, Ost: La Dec: 32 #:16; BUT, 2009; MOL NEW DELEANS,
Prizes of cotton futures closed. today, as follows
May
July Sept
Jas. Mer Spot-teenus, „der.
Open biết
B Contract No: G (dom
pation spent 15 were ea sellows; ·
Exchange Rates
"Business" Was doně“, laˇtio) · Toca)· sanoficial: WEcbangsa markuð - this morning, st the following ratariwis -U.S. dolist, (per $1), kami Sterling holes (per 1 Australian notes (per 61) 77
Indonésian Jublaží: 500/2003:
July
per