RANSPORTATION
Shipping -- Cinderella Of West Germany's Economic Boom
HERR
Baden Baden.
[ERR Richard Bertram, a member of the board of the Norddeutsche Lloyd Shipping Company of Bremen and an Executive Member of the West German Shipowners Association said here today that West German shipping was the Cinderella of the country's economic boom.
Speaking
nt a meeting ef
busine-stad here he said the
THE CHINA MAIL, WEDNESDAY, MARCH 25, 1959.
Unemployment
HONGKONG
Solution Of Both At Same Time Seems Impossible EXCHANGE
STOCK
by
Our Own Correspondent
Business done on the Hong- kong Stock Exchange this mom- ising amounted to approximately $500,000. Noon quotations and the morning's transactions were:
From RONALD BOXALL
London, March, 24. What is a tolerable level of unemploy mont in an economy that reasonably free of inflation? No one And for a simple reason. The problem has never been DANKS put to test.
it never will be, a level Indeed it sometimes looks as
has the answer.
of unemployment that is toter- able from a political point of view has in the past been in- compatible with freedom from seems you caa have one or the other but not both at once.
prosent edds in international Things Were Getting Inflation. It
Thipping was mad by an in-
1steil amount of tonnage avail-
able and a small demand Too Easy For Britons
shipping spare,
There were my jeasons for l this uation, A ntimber
of tonnage undes
+
"chap i was stantly the
etcasing.
London, March 24. coumfries which a few yenn: ÞAR Í CUR Nicholas Cayzer, had, ezelent feet of thris BAD were now building an yay President of the British ing their own bizipe the mount Chamber of Shipping, said allex there tonight that the kind of order book British shipbuild- ers had enjoyed since the Second World War had made it too easy for them.
He told
Institution of the
this had led Noval Architects to steeply rising prices and Jack of discipline In the yarda with a crop of strikes, many
THE DEMAND
on
1
Shares Buyers Bellets Bales
& Inflation
Stocks Move Irregularly
On New York Market
New York, March 24.
Stocks moved irregularly today with a long list showing
net gains that ranged to two points or more.
Chiot Prabody
Cuban Amer. Sugar
Blasond Alkali
Individual strength was dis-Chrysler Motors played by many issues. Zenith colgate-Panolive Co at one time up 13 points held Colombian Carbon Co. half the rise. Motorola at its Commercial Credit
Cornmonwealth Eine. best was up three. Allied Consolidated Bron Chemical gained more that Continental Oil of Del. two. Relchhold Chemicals run Crown Zellerbach up several points after stock holdera voted in favour of 783 10705 split in the issue,
American Motors in its de- partment, Kalver in the alumi- niums, Thokol in the rocket fuels, Polaroid in the cameras, and Brunswick Balke in the amusement group, ruled strong.
HK Bank. 7824
30
unemployment dustrial capacity and a level of INSUMÁNCES
that politicians Union
are finding anything but toler- | Lombard ... able.
130 € 77
72
72
20%
3.70 3.00 2000 25.10
The Government made the SHIPPING chaice and deserves con- Wheelocks gratulations for sticking to 11
DOCKS, ETC. when the going was rough. But now
comes the diMcult Dock XD pari-lo keep the pound Provident
XD ...... healthy white allowing
to resum
LAND, ETC its natural and very necessary expansion, There is a way of k Hotel. 21.00 23.0 doing this, and it is not new.
-
38 38!
11.40 S
400
2519 300 2.00
23 21.62 1780 » JEM
314 8.
100 6.10
(rta)
10.48
1.523
1300 - 144 1000 135
2.20
2.075
2.00
20.20.26.40
It is simply to raise the level 1K Land.. 51 3116 of experts. Dritain's export record over fiumphreys the past few years has beca XÁLL frankly disappointing. While Realty the world trade has been stea-RUBBER dily expanding, Britain's share Amola. Xp has been steadily falling, And Trust XU much of its leat opportunities A. Tawan
of some
Its existing | UTILITIES
Tran going to marketshave been Westem Germany.
Tolorable
domestle economy Moreover, less of what is tolerable unemployment vary according to the value placed "full employment by In Britain where politicians, both mula parties are pledged to maintenance of full employ- ment the recent level of 2.0 per cent unemployment-a postwar
rogarded as "high" was serious master and even the present 2.5 per cent is con- sidered 100 high.
When Britain bad full em- ployment-defined as a level of between one sud one muit a haff per cent anemployment
Trade Increase It also had inilation, When it had 2.8 per cent unem- ployment "Our share of world tonnoge
had no inflation. Between 1950, and 1957 world If the lower, taval
trade. increased volume of unem-
by Electric freight markets that foreige has fallen in the last 10 years
Dloyment туля incompatible which from 22.1 per cent 10 17.2 per
Britain's exports 54 per cent. shipping
with an Inflation-fren econ-
increased by
and 14 per cent omy And the higher level Germany's by 236 per cent. This unacceptable for
when political covers a period
He smil tal demand for shipping spere had decreased u
lwer import eti Rule of raw materials by the indust: 51 countries and the balance of
eultis <+{ payments
tie developing counties.
The West German merchant | without reason. flect is more heavily affected lay
world!
the pre-ent
Concerns
a Jar are extensive rent. capital reseve," he said,
Feld that poissonger stalpa. In spite of the growing capacity. of iteraft and the
**The immediate future there- fore, does not look too bright," increasing the safe-Reuter,
demand for this type of travel, | would alwzys, take
their place
on the North Alante route Task Force For
Heuter.
Progress Details On
Kai Tak Airport
DETA
St Lawrence
Washington, March 24.
will THE United States Navy
tend a tusle force of 28 ships down the St Lawrence krawny to nurk is formal opening by Queen Elizabeth and President Elsenhower in June,
as
reasons the tolerable level of unemployment must be some- where between the two—127 two per cent. But with unemployment with most other things what constitutes a tolerable dose de- penda on what one is used to. in America "full employment" is not the political touchstone It has become in Britain, Never- theless in the present six per is a cent unemployment there political headache. Americans think of a tolerable level of un- rt nearet three
employment
per cent.
not
even
Star Ferry → 105 Yauniati .. £1.50 £2.50
Tyre Shares
Д
Tyre shores perked up late in the day under the lead of Fire stone. Du Pont ruled strong in Its department, Kerr McGee managed to rise a point Irregular oil, department. Motors were steady to firm. Steels were Atlantic Coast Line rose mixed.
an
a point in the walls and Lockheed rose more than a point in the alrcrafts.
There was a recovery from the lows but it called to generate volume.
Today's volume was 3,000,000
5032.073 shares.
Of a total 1227 shares traded 543 were higher and 471 lower.
American 100 20.30
Exchange volume 200 20.30 was 2,870,000 shares. 1800 28.33
Diamond Gard
Douglas Aircraft Dow Chemicals...... Dupont de Nemours Eastern Airline Batman Kodak
z Paso National Cas Family Finance Comp Firestone Tyre & Rubber First Nat. City Dank
Ford Motor General Dynainles Generi Electrie
General Foods General Motors
Gen. Pub, Dul.
Gen. Tyre & Hubber Getty Ul
Glidden Co.
Goodrich D. FJ Co Goodyear Tyre Grammes Alterat Gulf Od
ammond Organ
lieyten Newport Corp.
lomenake Niling Có,
Idaho Power.
Ingersoll-Rand
inland Steel Co.
interchemical Corn,
In Business Machines
International Nickel International Paper Int'l Tet & Tel Johns Manville Co. Kairer Indumlay Kanes C. Power & Light Kennecott Copper
Inti Harvester
Ligg Meyore Tob, Co. Lockheed Átretort
Bonds volume amounted to Kimberly Clark $5,100,000. 90002
Dow-Jones closing
100 #2
C. Light... 17.70 17.50 1390 17.70 were:
2094 yr $7.80
30 industrials ... 27.00 27.70 1300 27.40 20 Talls
170 27.40-15 utica 500 27.50 as stacks
1,00 Telephone 23.10 24.20
Britain Macao E... whe constantly beggared by in- flation and Germany hnd British eyes) quité intolerable unemployment.
(to
INDUSTRIALS Cement .... 23,73 STORES, ETC. Dairy Watron
L. Crew.
Textile
10,20 10,00 13.00 1420 14.90
But the same pattern re- Deals itacit over later periods. Botween 1953 and 1957 when world trade Increased In volume by 31 per cent Bri- tain's exports grow by £1 per COTTONE cent and Germany's by 88 per cent Even during the world Nanyang recession to the second haf INVESTMENTS of 1958 Germany Increased Int. Invest.
Allied her exports by 14 per cent f. & F.F compared with the first half Invest. ... 10.20 of 1967 (s period of inflation) white Britain's exports by four per cent,
fell
4.20
6.1
6.35
5.45
4.40
3000 g 27.00 43 bonds
1750 or 27.00
5724 25
500 25.10 100 g 20.20
Canun. future price_index
averages Loews Incorp,
Closing Prices
Alden Inc. Acy.
Allied Chemicals
Allied Ms Inc. Allis Chalmers
503 20.00 Am. Brake Shoe
American Airline American Cable & Radio
Corp.
90910.20 200 14
1100 in 14.80 1000 15
¡ETAILS of progress made Kai Tak Airport havo been given in
Both countries have recently the
Admiral Jerauld Wright Com- been doing some seriaus think- House of Commons by Me:
the Atlantic Fleeting along these lines--and J. Amory,
An analysis of the export Exchange Rates Parliamentary mander of Under-Secretary of State for said the ships would leave Mon- surprisingly getting nowhere. recorde of the two countries in treal not the end of June and Or rather nowhere now, The the current lesue of the Three Commonwealth Relations.
aa Chicago Last is that no one has yet dis-, In reply to a question, he told stay there for the interns- covered a way to achieve full Mr du Conn that the new run- tional fair and exposition, The employment without inflation way was opened on September Queen wit be in Chicago nt or to get rid of inflation without
12 and that
און ליין
strith far
go-foot exten- the ste time.--China Mail unemployment.
sla bringing the total Kanth l Special,
8,330 feel, together with, ancillany
taxiway and dicraft punk ramps,
is to be empleted in June.
New navigaticaal aids are BOAC Brings Air
Ing PAlt (Precision Approach
Rada). VOR (Very high
In Britain the problem is felt more acutely then anywhere else because domestic inflation has an Iminediate adverse effect on the balance of payments. And sterling being Interna- tional and not virtually con-
associated with falling reserves and a weak pound.
frequency amui-directional radio Terminal Up To Dale vertible currency, Inflation is
range), 1.5 (strument Land-
Ing System). Approach Radar,
Overseas
Airways Long Range Rador and lighting PRITISH system will be installed between Corporation's London ter- May, 1959,
and April, 1960, ulnat in Buckingham Palace Completion of the new terminal | Hoad, built when Croydon was building is forecast for early London's No. 1 airport, is being 1901." he said.
brought up to jel-age standard.
・
Inescapable
·001
00
Towards the end of 1957, the Caploy- choice between full-
ment and a sound currency be-
the.
A serond. quitin came esentable....And. du Cann that the work was A ""How extensión" ts"Uning (British Government dia” thờ.
credit to all concerned opened next
The old only thing it could. It decided great
year. with the planning and execution building will be renovated
to that the currency came first.
-sad-desuwadven coperton I modern standards Cost About Disinflation-was-echleved-but--it.
TAMA,
1,000,000.
Thas left a legacy of spare in-
LONDON'S HELIPORT NEARLY READY
THE landing platform, julling out into the River Thames, of London's first helicopter landing station, is almost completed and work will start soon on the administrative buildings on the riverside. Situated between Batterson Rallway Bridge and Wandsworth Bridge, It is belog constructed by the Westland Aircraft
Ltd, at a cost of about £60,000-Central Press Photo.........
CITY LIGHTS:
*In spite of Mr. Marpiesa ilead, Gladys, we would attit prefer Good morning, air United Trusts,' to 'Hi'va,
Toots /
London Expresa Šarvion,
(
American Cyanamid Co
Amer. & Forgn. Power
Am. Gas & Electric
Am. Home Prod
Am. Mach. & Fdry. Anterican Metal American Smelting Am. Sugar Ret. American Tel & American Tob, "B" Anaconda Copper Armeo Sleei Armour Allas Cone, -Mining Baldwin-Lim-tar.
Bertatore & Ohio
Dereßcial Finance
Stock Expe.}
Aromafu
600.73
Lone Star Cement
westen & Budg
£00.84
McDerinott J. Any
04.00
MoDie
200.34
B6.07
Mesiti Iron Corp.
147.00
Minnesota Mining
Mignon Development
Monsanto Chemical Co
$550
Montgomery Ward
104
423
2911
Motorola Inc.
National Cash Reg. "AD National Delay Pro. 4819 National Lead .... 203 | National Steel Corp
New York Central
Am.
13/
2512
17
Norfolk & Western By. North Amer. Aviation .. North-west Atelines (Com.
Qin Mathie
10019
Olls Elevatnes.
GET
Owen Dilinola Glas
231
Oxford Paper Co.
50
Packic Gas & Elec.
30
Pan American Airways
Davis Co.
68%
7719
242 Paramount Pictures
2.
Penny J. C, Co.
Pena, Balt Co.
J'hip Morris.....
Procter & Gamble Co.
Jay Pittsburgh Plato Glasm
Radio Corp. Pret.
Republic Steel
Sears, Roebuck & Co
60%, South Puerto Deo Bugar 327 | Southern Co. (The)
1094 Southem National Cas
3134 Southern Railway (Com,)
Standard Brands
DUZ
Standard Qll of Cal. Strand Qui of Ind. Standard Où uf NJ, Strep Rock (Toronto Exge.i Sterling Drug Co. Stokely-Ven Comp.
Studebaker-Packard Corp.
Sumarine Mining
Swift & Co.
14
22231
Texas Co.
414 Textron inc.
1527
Thickol Chem.
Tide Water An Off
3072
Time Inc.
103
Tri-Cont. Warmets
84
Twentieth Century Fox Film
50
Union Carbide
013
Union Oil of Cal,
70%
Union Panic Railway
204
United Aircraft
United Fruit
United as Corp.
2015
U.S. Foll "D"
452
US. Gypsum
47.8, 1he Co
29
do 0.9. Rubber 102.0.9. Smelting
VS. Steel... US. Sted 7 P.C. PF 4435 | Warner Bros.... 2011 Waukesha Motors
114
40
fa
13021
09
1110
Westinghune Air Brake Westinghouse Electric Western Union Fri 60. West Va. Pulp & Paper Winn-Dixie Stores Woolworth 1K.W.) Zeml Radies
Listless Mood
In London
London, March 24. The stock market was in a listless mood today in ad- vance of the Easter hofl- day and prices clowd
On mostly lower, profit-taking gilt-edged issuas declined fractionally despito
lato Some
covery.
somo
ro-
Losses predominated in the industrial st, Steel stocks cased
281 and several engineering and
electrical
shares equipment drifled Bowar. Imperial Tobacco Botwas litile affected by the chair- man's forecast of lower proßts 67% in the current year,
Dollar
be lower
slocks were marked tollowing yesterday's 722 setback on Wall Street. Foreign
bonds were mixed.
42
4414
Publicker Industries
2014
Pure Oil
Bendix Aviation Corp.
13
Radio Corporation
Benguet Cons
Bethlehem Steel
014
431 Reynolds Metal
7
41% Shell Ost Co... 55)
Safeway Stores
Saint Reg. Paper
30
Benit Paper
241
Sinclair Oil
Suh, Cine
French
40%
Boeing Airplane Borden (The) Co. Buroughs Add Machine CANT. Parking Corp. Compbell Soup Co. Canadian Pacifle n. 12.70 | Cuse (343) Co.
6.70 Cat. Tractor
Bushes weg done in the ideal exchange market Un unofficial morning at the following raten:- U.S. dollar iper But............... 4.
15.00 Sterling notes iper £11..... Australian notes per £1... indonesian rupiah tper 100).. | Siam tiezda (per 300)
Singapore (3řuite)
28-60 Cancial Corp.
18 C.LT.
Yesterday's Closing
Bocony Mabit 04
40 Bolor Alteraft
COMMODITY PRICES
FOREIGN EXCHANGE
NEW YORK Closing rates were:
20131-281 7,70 2.725-2.3214
140.0242-163.623,
31.7596-11.7536
'Canada
1,03 7/10 England official sorunun, 2013
Others unchanged.-U.PL Banka' Review shows that Gur-
LONDON advantage many's competitive over Britain derives moinly Closing rates' were: from her exports to continental New York
Montreal European countries and in par- | Brumos ticular from selling machinery, Prankfurt
Oda transport equipment ant other
Stockholm manufactured goods to them.Zurich.......... Britain neglected these
Amsterdam and others unchanged. -U.P.I. growing markets and concen- *trated on exporting to the sterling area and the dollar world. But even in the sterling Germany increased her area,
fosi
exports of many more goods than Britain did and in one instance that of textiles actually displaced British ports.
Priced Out
20.031-20.631
145576-14304|
12.15-12.134
RUBBER
K-
Rex
i
NEW YORK rubber, futures today 'elosed five to 35 points higher with sales of 76 contracts.
July
Closing prices:
March
May
Bept.
Nov.
Jan.
Mar
AMSTERDAM
12.35
32.30
33.30
22.10
Both countries expart much the same kind of goods yet one ; did very well and the other rather poorly. The reason for this seems to be that British exports were--and still are too expensive, whereas Ger- many studied her market and
The rubber market was steady priced her exports accordingly, bearing in mind also, the de- today. Prices closed in guilders mand for them. Brliain failed per kilogram, cif April.as fol-
lows: to take advantage of growing No. 1 rubber opportunities in Western Europe No. * Fulber à No. 5 rubber and priced her exports on simple cost-plus-profit basis.
The problem of exparts being
No. 1 crepe
SINGAPORE
Blanket grepe
No. 1 pale crepe
LONDON
The rubber market was gemer
with spot quoted at 207% pence
por 1b. Pricepe men
No. 1 Re·spot.
Settlement boven fr
253-27
201-27
#3-2714
27-2136
SUGAR
-NEW. YOBIL-
Most mining stocks were trace 001lonally lower. Olls were dull- 3x U.P.I.
701,
World No. 4 sugar · futures 27-2714 today closed one
higher 2014-2712 to two points lower with sales
et 192 coniraċts.
General markets, elf hosis, ports:
2011-201
281%
20
Domestic No. 6 sugar futures closed unchanged to two points lower with sales of 110 contracts. Contract No. 4 (world)
3.01
3.10
3.1A
Closing Prices
London, March 24. Closing prices on the London Stock today:
Gfledged Bonds
British Transport 3*., 1973/88– *GL
Conots 24-31-7/10. Contais £76-7/10,
Conversion Loon, 34% 06-2/18.
Funding Loan, D., 1959/00-£0%. anding Stuck, 36, 1999/2004-
1800-
Funding
£02-13/10,
LUIFL
Savings 3. 1833/03-92-3/10. Saving 30, 1900/70-£81-0/10. Savings 3. 1985/75 £7576
Lish arth
Har
Earclay's Bank "A"
30 34.
Curiered Danka Baklam. Hongkong £5 Verkamanna
Insurance Union Insurance Conton-241⁄2. Afterall & Motor British Motor Corp Out 140-10164
Breweries
Die Ca~25# 4)Sch
Building and materials Associated Portland Cement-
δεν θα
Pinchin Johnson Associates Ord-
10 115d.
Cost Steel & Engineering Babcock & Wilcox Lid-80s. Vickers Lid=912 pd.
Food & Tobacco
British American Tob. Co., Ltd- 52 Di.
Apel
Fun
April/June
July/Sept.
Oct/Dec.
April/May
Estate crepe thin
April
Estate crepe thick
April
U.PL
| May
July
Sept.
Jazz:
Mar.
3.17
May
3.18
Dunion Rubber Co
10.
July
Bpol-(cents per . fob Cuba)
Opers Interest: 6.553 contrect.
Contract No. 6 (domestle)
Imperial Chemical-34
Lyons&Co 76.
T'aper
15.60
5.00
Bowater Paper Corp. Ord-478 3d.
Radio & Electrical
5.00
5.30
English Electric -
contracts.—
COTTON
NEW YORK
Prices ol cotton futures May. July closed today as follows;
Spot: 13.00 nom; May: 35.03: July: Sep!. Nov. 14.81: Oct; 20 July: 12.23.
Dec: 23: Mari
Spot-fonts per . ell NY WEZI MAY:
ex-duty)
Interesti 4020 Opera
NEW ORLEANS
Prices of cotton futures v.P.I.
closed today as follows:
Spots 3420 May: 35.63: July: 34.83; Oct: 1.40: Dec: 33:25; Mar: 32.21; May: 32.10; July: 31.7.
LIVERPOOL
Cotion
10
METALS
future closinga, pence per lh, were as follows:
American Contract
Mar/April
May/June
July/Aug.
Oct/Nov. Dec/Jan. Mar/Apri
Mar/April May/June
Mired Contract
2.00 paid 2.50 buyers 15 buyers 2.73 buyers
Dec/Jan. Mar/Apr||||
20.52
19.36
18.30
SCKRA 88YKES
1120
18.30
SAO PAULO Cotton future closings,
NEW YORK
3.10
Erices of metal futures closed today in cents per 1b, as follows:
March
Zinc March
Leadi
May
May
Copper March
DAY.
March
LONDON
Imperial Tobacco Co., Ltd-50 Dd.
Miscelaneou
Brita Oxygen Ltd. Ordmöta fù, Canadian PaciAc Riy-66474.
Hongkong & China Can-135 #d,
d
Unilever Ltd- 3.
Amoolated Electrical-ca
Electrical & A-57 Pd.
General Electstomata d
Butoping
Indo-China Gleam Nov. Co. def ord-34a 3d.
P&O Steam Navigation def. ord. 31 744
Stores
Great Universal Stores “A”mma Tk. Marks & Gurnors Lidia 90. Woolworth FW. & C-31 0.
Textiles
Conta 3 & P lad - N51⁄2d. Carlouds Lids Od.
Kiner Anglo-American Corp. of Africa-172 0.
Cone Goldfields of Bouth Africa...
10.351
67 10,150
DAND
10JTH
32,800
33.786
100.180
100.756
Prices of melats clored today
lowe:
Bouth
Coni Tin of Burma (Oka A Share!-d.
De Beers det-12 Cd.
Free Blate Development & Invest- ment10 41d.
Hongkong in-eń 1011⁄2d.
Petaling in-Sa
Tarad-80 old.
Bouthern Kila Cons Lid-21#
fel-Union-corp-024.714.
Buyers Bell
778
Me
priced out of their markets I The market opened higher on cruzeiros per kilo were as fol- in sterling per long ton as obo to which the British slightly better overseas advices lows: Government must give. Ita at- but ruled quietly steady July
.... $3.50
2050 | Tin -spot tention as the world emerges throughout the morning with from recession, And the solution exchange moderate.
In the United States, the hinges on its ability to achieve No. 1 rubber per 1 Apr. 81-91 average price of one-inch cot-menth a coat atability at horia without
Bentonth
West Driefontein Goldmining-110% | 7560,0
West Rand Cons 7340.
67HP may visit
án intolerable, Jevel ́of ubem- No. ruber der 1. ART. 21
pldyment, London Service,
No.-B rubber: per 17-2.pr. Express No. 4 rupore per 15, ADT. B
Spot rubber unbalad
ton at 14 designated spot mar Led 2nd her March 674 kets was 34.44 cents.
Total rates were 20,852 bales. Ziné do March -UP.I.
Jame
British Borneo Petroleum Syadi. Gent d
Bettis, Petroleum Co, Ltd---51. Travmanentia odi
Trading-13=
Raval Dutch Extroleum £136.
Transport &
1id—tailer.
مجی