THE CHINA MAIL, THURSDAY, APRIL 9, 1959.
TRADE AND NEED FOR STRONG POUND New York
TRANSPORT
CAB Ruling May Affect PAA Flights To HK
Washington, April 8. The Civil Aeronautics Board
ruled today that a foreig airline may carry intor national passengers be- twean two U.S. points only if they are continuing their trips on the Lame fine.
The Ave-man board Xave this unanimous opinion la es ponse to a request for a ruling Empire Always by Qantas Limited of Austrailo. boord sold
nok
The
#1
In effect that fo:ign carrier connecting twe United States clics or more may
Curry plasengers making purely domestic Nghts. A ÇAB-spokesanan and foreign carriera ve adhered to this standard "d on their own interpretation" of their operat Ing permits.
asked the
However, Qantas board for a formal interpreto- tion on the point. It
wanted
to carry domestic passengers between New York and San Francisco, which aro inter- mediate polute on 19 roule from London to Melbourne,
Supporting Qanies' position were the Australian and Bri- tish embassits, British Oversent Airways
Corps, and Japan Alt Lines.
Several U.S. corriers and the air transport association asked The Board to rule ngainst Qantas,
officials suit the
Price Stability Must Be Maintained
By RONALD BOXALL
London, April 8.
In the first three-quarters of his budget speech, the Chancellor, Mr Heathcoat- Amory, discoursed at length on the need
CITY LIGHTS.
FINANCE CORPORATI
*For you, Rockefeller!"
Loaded Ezperan Karnich.
ST SINKING WALL
SPELL NEAR CLOSE
for a stable pound, a strong balance of London Stocks
payments, higher production associated with steady costs and maintenance of price stability.
At
the
icmain as they were,
The alm of the
The effect of this is to knock budget, he Improvement in about 250 of the price of p said, was an competitiveness of the economy.! £850 car, £3 of a £00 radio- He then sald that conditions Egram, about £2 off the cost of and. were right for
washing machine "Himile bula C00
half a crown of a £5 electric effective
pro- stimulusan'}
very wide night fron. But in ceeded to wield his axt
uf consumption goods range tax- and left Irr the biggest cutting spree any chancellor has charged af five per cent prices And since belove the war.
Heductions In price thus fall the end of 1, British taxpayers
pattern de early £370,000,000 a poturn -
signed not simply to encourage to stimulate spending but demand for a particular class of Good.. if he had wanted to en- courage consumption for the sake of consumption the Chan- cellor
could have cut the Iniquitous pelrot tax.
were richer.
Puzzled
more
Economists and the serious Press, were, to say the least, puzzled. A budget to combat the recession could further," sen reely have Robe
And. said the Financial Times. the Matichester Guardian with
upen astonishment, wondered why the Chancellor "used much time insisting on the don- gera which foo big a push might Involve when he was ready to as hard ns the push
almost most ardent advocates of expan- , have dared to pro-
ונסנס
Trimmed At
Last Minute
London, April 8. Industrial stocks. parti-
cularly autoe, breweries and department stores - surged ahead on the stock market today on the Gov- ernment'a tax содеев- alone, but last minute profit-taking trimmed the top off most prices. Brewery issues paced the ed In economie terms the budgetvarice reflecting the cul in the should have the desired re-
in sales Baionary effort. If it can be beer tax. Reduction erittelsed it is because it goes taxes also fired a rise in stores, nutus and electrical equipment rather too far in this direction, shores.
Diplomatic British and Australian govern- ments are likely to carry out seprisals against U.S. airlines In view of the CAB ruling.
Before tax changes there was un Retaliatory action by the Bri-
ordinary budget Kurplus of Strength was also displayed
Tak tish
Government would affect
£307 million in prospect.
2102 by engineering and steel stocks, reliefs reduced the Pun American route between
this tu
Motion pleture house and ship- London and longisang. Officials
million, sald Pan Amerlens might not be
on capital ping stock eased on lack of tax The expenditure
relief. allowed to
pose." carry intentional
items below the line" is ex- between passengers
100 by
The Chancellor has 110- peeled to exceed receipts by doubledly taken a gamble, with over £800 million leaving on In very good chance of it com-overnil deelt of £721 milion Ing off.
to be met by borrowing which What
ain a prolly ferge order even a Was needed war boost to consumption, the present high level of saving. in injection of demand, power-
Welcomed ful enough to enable industry
who can to put
But a Chancellor Komo of its spareį
а Ludget
purely capacity to use, and to resume plan
pulnis on British territory along That route.-U.P.1.
Aeronautics Congress quick Opens In US On Sunday
Lar Vogas, April 8.
5,000 dolegates COME
from 47 countries will attend the first world Auro- nautics Congross, opening here next Sunday,
Last
The Congress. due to eight days, will undertake a Thorough study of the whole question of air and space flight, It will stage air demonstrations and provide information
recent aircraft and the most missiles as well as space ships
future.
of
on
fer
10
д
Gilt-edged securities moved only slightly higher despite reduction in the income tax.
Gold stocks cased as investors switched to industrials. Copper and other metals held steady. Olls were easy and quiel Dollar stocks were mixed.
Closing Prices
its interrupted expansion, but economic ground to the exelu- not a powerful as to cause slon of moral or political con- prices to rise and create considerations is less than humon.
Thus the decision lo speed) £55-31/16. ditions for a new inflation,
of The payment
sl-
What Mr Heathcoat - Amory up has dots — and very cleverly war credils-cxcess income tax
is to give economy the neces-puld by individuals during sary stimulus in much a way as
war with a promise
the
Gittedged Bonda
Brush Transport 1970/00 Conca 24-BIT. Corola -£75-1/16 Conversion Loan, 34%. 1969 0012 runding Loart, 5. 1050/09-
of repay-a33-13/10.
to create a psychological back-ment has been welcomed for grind for expansion, without other than economic reasons. giving very much in
the way
of direct encouraginent to con- sumption. If he had wanted to stimulate consumption regard- less, he would have distributed the same amount of tax reliefs in a much different way.
Take income tax for example. By knocking ninepence off the standard rate of Income tax (at 7/94 in the pound it is now the lowest for 28 years) and six- each of the lower rates, the Chancellor has en- sured that a large part of the £112,000,000 of extre money in the thus made available current year will be saved.
Ament exhibits laid on the Congress will be an Ameri- can Atlas Intermediate range ballistie alssile,
Intest the American Convair 880 jet trans- port plane. French Akouette pence off und Djinn jet helicopters und the British Vulcan Jel Lomber.
North Allantie n The Southeast Asia Treaty Organl sations are sending ambassa- dors or military attaches from their member countries to the from the Congress. Delegates
Soviet Union, Yugoslavia, Po
will ulso land, Czechoslovakia atlent.
The uveent of the congress is unk a great on yil aviation
London Express Service).
HONGKONG STOCK EXCHANGE
Our Own Correspondent
Funding Stock, 3%, 1990/2004- 273%
Funding Loan, %. 1980/90-RY. Savings . 1933/00-262-3/10, Baving 3, 1500/70-EUT. Bavinas 2 To5/15-£79
Barclays Bank "A" Ltd. € 64, car,
Chartered Dark--57′′ bd. Hongkong-4.
Insurance
New York, April 8.
Cotton Market
rea
New York, April 8. Colton futures today
gained stability, after an opening bell-off drove press down as much as 76 tents a bale on ticw crop months.
The subsequent recovery car- rled the market above the pros vious close but trading turned | on" the upswing. -
Closing with
а mild rally
Industrial stocks suffered a sinking spell near the close which brought under way the ilat pished net
losses into the main list of two points or more.
talls and utilities eased from | Pan American Airway
the highs but managed to close
higher on balance.
Dow Jonea
WETE:
49 industrials
20 rall
14 utilities
To
da stocks
40 bonds....
Paramount Pictures
Peany J. C. Co.
Penn Ball Co. Pallip Morris
closing averages Precler & Gamble Co.
Comin. future price" Index":"
Closing Prices
Alden Ine. Any. Allled Chemicals Filed. Mills Ine.
| 500 Choliner
Am. Brake Shoe
American Airline American Cable
American Cyramid Co, Am, Gas & Electris
Amer. A Forga. Power
An.. Home Prod. Am act Faly.
American Metal
American Smelting American Tal & TEI American Tob. "" Auconda Copper Amicur
Am Hugar Refae
Atlas Cops. dining Baldwin-Limul-Ham. Baltimore & Ohio
Beneficisi Finance
Bend Aviation Corp. Benguet Cor Belitetrem Beel Boeing Airplane Borden (The Co Calit. Packing Corp. Campbell Soup Co. Canadian Pacie R.
Burrought Add Machine
Care (J. 1) Co. Cat Tractor
Celanese Corg
| C. I. T. Iincipi Corp.
Chase Manhet. Bank Chrysler Mblore Cluett Peabody Colombian Carben Co. Commercial Credit Commonwealth Elec.
Consolidated Ediagn Continental On of Del.
Cuban Amer, Bugar Diamond Alką!! Diamond Gard
Douglas Areraft Dow Chemicala ..... Dupont de Nemour Eastern Airline,
Fastman Kodak
El Paso National Ca Fantly Finance Corp. Firestone Tire & Rubber First Nat. City Bank Fard Motor.... General Dynamites General Electric General Foods General Motors Gen. Pub. Vul
Chen Tyre & Rubber Getty Oll
Goodrien . F. urd-codyear Tyre
inlon insurance Cantgomēts, Aircraft and Motor
British Motor Curp, Orple Xd. Ford Motor Comte Uya.
Breweries
Diller Co.-25 34.
puliding and Materials Associated Portland Cement
Grumman Airerati
Gult 04.
Idaho Power...
Ingermall-land Inserchemical Corp.
Machines
Int'l Harvester .... Internationa) Nickel International Paper Int'l Tei & Tel
Pinchin Johnson Associates Ord-chin-Manville Co.
19% 0.
Colt, klkg) and Engideëring Babcock Wilcox Ls 30. Vickers Lid-33# 135.
Food and Tobacco Brun American Tab, Co. L-
Kaber Industry
Loewa Incorp. Lone Star Cement i Lowenstein & Boni.
J. Ray
Pittsburgh Plate Clas
Publicker Industries
102.63 hudo Corp. Pres.
800.44
Badio Corporation
23.04
Republic teet
Reysolde Metal
50.54 Beats, Roebuck & Co.
101.85 Bhell on ....
33, Stokely-Van Camp.
Studebaker-Packard Corp.
12M
3 to 12 poitida higher," Opening prices were off 1 to 8 points. New
Orleans closed off four
points.
Techniciana
sald the market Ipcked "thin" and was respon- 7314 give to email orders either way.
The trial selling furry ap prared to be a carryover from the guidating movement under way
close, at the previous
was associated with government assurances that tha
Pressure
SEN marketing programme for the 61959 erop would be ready at Mi | opening of the season—August
1.
4
เว Bungbing Mining ...
8425
Son Inc.
Thiokol Clien,
124
de Water Aim. Ci
த
Timing.........
04
Tri-Cont. Warrabis
721
Twentieth Century Fox Fin
Unus Catuide
12212
TA
Union Öll of cat,
401
Union Facile Raway
24
43
254
"Enfoway Storex
30
uled Fruit
United Aircraft
United das Ceip.
Beint Reg. Paper
427
Scott Paper
Binclair bit
கோல்
Bath, Cline & French
120
1. 5. Line Co.
US. Rubber
Brony Mobil Oil
10%
V.B. Belting
Solar Alteraft.
23
U.S. Steel.
.B. Steel 7 F.C. F
131
31%
Warner Bros.
201
43
Wertughoure Air Brake
as
Southern Railway (Com.) Standard Brands
Westinghouse Electric
Enty
Western Union Tel. Co,
3711
Blandard Ol of Cal
5335
West Va. Pulp & Paper ...
Standard Oil of Ind.
49%
Winn-Dixie Stores
Standard Olt (1 85.
Woolworth (. W.)
Steep lock (Turonto Ex.)
Zenith Redid
15414
String Drug Co.
82
1013) South Puerto Rico Sugar
Co. (The
450 Best Rational
49
1504
Yesterday's Closing
U.S. Fall "D"
Gypsum
DAIL
д
Recentir, traders feared 341, prolonged delay would tighten up supplies of "free" colton, 3811 possibly into the Intler part of
the year.
The Liverpool market today closed unchanged to of 3 Eng- 42sh points and 857 to 952 points under New {American
Tolk futures.—U.P.I.
COMMODITY PRICES
FOREIGN EXCHANGE
NEW YORK
New York, April 0.
Closing rates were:
Conada
England (ontclai
Switzerland
Da
E
Other unchanged.
No. 1 rubber per ib. April 021-3)
Atas
No. Z rubber per . April 91-92 No. 3 rubber per lb, Ajelt No. 4 rubber per ib. April 205-90 Spot rubber unbeird
Blanket crepe
No, pa crepe AL
The
LONDON
09.07
market was frm with
METALS
NEW YORK
Prices of metal futures closed
spot quoted at 27-5/10 pence today in centu per 1b, as follows:
per lb. Prices:
1.03-23/32
2.81-0/31
2117
No. Rasagot.*** Seittement lause term:
29:627% | Lead
May
2,04
J...
May 27?¿-2711 July
Zinc
July/Sept.
May
Oct/Dec
LONDON
Jes/Marit basis. parts:
27-272 271-27
July
Copper
hay
Closing rates were;
Estate crepe
July
2.B1-0/16-2-814%
Thin Apri
212
Tin
Montreal
thick April
Moy
suzejs
140.539-140.53
-0.2.1.
Ju
New York
Copenhagen
Frankfurt
19.37-4-1937%
11,77-11.772
TATY-1748
20.022-20.03
13.00-13.00%
48
Paris
Oslo Blockholm Vienna Zurich
Others unchanged.-U.1.1.
M
RI
07
133
72.02-72.85 32,1814-12,1015
General markets, cit
LONDON
10.33b
10.706
9,700
109.50b
107 801
Prices of metals closed today En sterling per follows:
Tin
Spot
long ton
Buyers Sellers
701
182
Hits
782
240
20032
3-month
24034
SAPP
Leat at halt
April
July
RUBBER
COTTON
NEW YORK
Frices of cotton futures closed
today as follows:
• Spol: 30,00; May: 35.60; July: 32.08; Oct: 32.40: Dee: 32.54; Mar! 32.50;
May: 32.38: July: 31.93.
NEW ORLEANS
3-month
Copper
Prices of collon futures clas- no Iet half
ed today as follows:
April
July
Spot: 3.40 May: 35.83 July: 33.39; act. Dec: 32 13. Mar: 22.
NEW YORK
Rex rubber tulures closed today 5 to 30 points higher
Alay: 3.30: July: 31.95.
LIVERPOOL
Future closings, in pence per
SUGAR
NEW YORK
Hammond Orpin
Heyden Newport Corp.
Homesake Mining Co.
40%
100%
201
110%
with sales of 67 contracts,
Closing prices:
May
33.bo
July
31.90
Sept.
27.70
Ib. were as follows:
Keanceat Copper
Nov
American Contract
Kimberly Clark .........
约
Jan.
May/June
22.10
Liggest Meyers Tob. Co.
B01L
Mar:
July/AGE.
21.70
Lockheed Alterati
May
Oct/Nov,
30.18
Dec/Jap.
10.93
235%
Mar/April
10.53
10M
Mixed Coalract
Contract No. € (world)
DOU
Bay/June
27.00
May
July/Aug
21.03
July
ond
the
*Block Exge.) ... Mesabi Iron Corp. Minnesota Mining Mission Development Stonsanto Cheinlents Co
Oct/Nov.
20.50
*.93 1.98.99
4235
Dec/Jan
10.24
Mar/April
15.50
Oct.
24
4012
Montgomery Ward.
Sharea
Balee
Paper
Motorola Inc.
741
DANKS
HK bank
10815
Bowater Paper Corp. Ord-470 d trenndu Baška zid. Electrical
Associated Electrical
National Escult Ca..
5436
Nu, i auther
SAO PAULO Closing prices were: April Disy
JAN
Mar
May
tinqusted 54,80
July
Bept
s
National Casa Beg
.ே
as
East Awa INSURANCES Union
200
340
Electrical & Musical-s
d
Nasional Dairy Prod.
No. Tubber
4234
No. 3 rubber
2.00 buyers'
English Elecide Co.-
.
National Lead
No. 1 creme
2.50 buyers
National Steel Corp.
78
73
300 0 78%
General Electric 354.34.
BINGAPORE
New York Fanual
All prices per kilo.
in cruzeiros
Indo-Chris Steam" "Nay.”“”, COT
North Ant. Aviation
21
North-west Airlines (Com.)
4
44li
8.15 5.00 2035 4.30 2000 6.16
Olin Mathieson
43
Different Class
Business done on the Hongkong: it otherwise Had he wanted
Stock Exchange this morning ingreased mounted would have
lo approximately allowances made before the tax Je charged on Incomes, and this $1,009,000.
Noom quotations altogether benefited from
471
morning's transactions: different class of
1axpayer:
Buyers Bellera
615 620507 10-07-13.50
part of the discussions will be, namely those who are likely to devoted to the Junusnec ut moepend fastend of 1032 dern aeronautics en werkt trade and of reaseg understanding treng 'netions---France-Presst.
Pl To Buy Twelve Japanese Freighters
Manila, April 8. THE Philippines Cabinet tonight approved the purchase of 12 ocean-going freighters from Japan on a seven-year deferred payment scheme.
wan
Tho payment plan
from a repent brought back visit to Tokyo by Jose Rod- Na- riguez, Chairman of the donal Development Corpora= ten. The Cabinet gave its ap- proval to the scheme after Re- Roces presentative Joaquin Chairman of tho Houses Good Government Committee, which was investigating alleged over- pricing in the deal, withdrew hia Broup's opposition and endorsed the plan.
It was learned that details of the contract were still under
iscussion by the Cabinet,
Under the deal negotiated by Rodriguez, the alps are to Cort a total of US$43,000,000, with 15 per cont down, low surance charges paid in ad- vance by cash, and the 'balance to be spread out over seven Yours...
com-
SHIPPING
Waterboat. Wheelocka
As Is, a mon must earn
£20 a about
week (half much again as average) before die—geta „mueḥ kenellt from income bombarde20,00
tax relier. Moreover, airge part --possibly as much as half
of relief will go 10 panies which will either save DOCKS, ETC.
K. Whart 11 or
additional 11- with the
bock ......
3812 391 302 30 ducement of the restored in-
Provident 11.30 12.0
11.30 vestment allowances, spend it LAND, ETC.
Hotel 243 24.70′ 3500 et 24.50 new plant machinery and
1900 or 24.00 and thus help the HK Land.. simu
660. | Shpal Land – (ries,
The part of the rellet that stumphreys 14% 14.70 Koce to the individuat lax- Really.
will give a vriumble BURNER payers,
Amsik.
ca
buildings depressed capital goods indus
1570 Ble.
500 14.00
2.00 1.625 5500 1.00
2,49 3000 47 23,70 23.79 1300 € 23.20
atimulus to danand. The Chan- cellor could have left matters
1.175 there, but he decided that there Trust
A. Tawin a 3.025 3.15 was enough "Black" in economy
Subgala 2.020 to give some more direct stimuli UTILITIES
Train
...... 27.30 27 to consumption.
The method he chose spread benefits to every section of the
without community
making Star Furry. Yamati... anyone feel that he must im-
C. Light mediately rush out and spent!
Twopence, a pint off beer, is clearly meant to beneft less well-off members of the com- munity. It will cost £1,500,000 this year. A bigger concession Electric by.fur, was the cut in higher levels of purchase will cost £59,000,000,
Purchase
But this concesalon has been
17.0
3800
500
27.03
Bnperial Tobacco Co., Ltd-dou sk.
Milera llanous Built Oxygen Lid. Ord-851 Bd. Canadian Piellie_Ny—40491. Dunion Rubber Co.-25 d. Hongkong▲ Daina Ga-12 60. Imperial Chemical--35s, Lyofie & Co-con só cor. Unilever Ltd 100% 2lid cor.
PAO Steam Navigation det, ordin 524 d. cor.
Store
+
Great Universal Stores "A"—30£ Marks & Spencer Lid-ste sd.
Woolworth FW, & Co-dat
Costa JA PL2-20 1944. Courtaula Lid=33 Od.""
Anglo-American
Africa=1150.
Corp. of South
Con Goldfields of Bouth Africż- Die 170.
"Conă." "Žino Corp. Ord-Gis öd.
De Beers des...1208 94.
Free Sala Development & Indundi mens--100.
Tit--Be 13.
1.
„Bouthern Kinta Cona, Etd-l Tyd.
Unisa Corp-831 $6.
West Dejafontein Goldmising—13$4, West Rand Cons Tyd.
Date-494
Bra Petroleum Byndi
Bellis Petroleilm Co. Ltd-aða Sd. Burmah-áta nd.
Royal Dutch Patroleum –218S. Buell Transport, à Trading--14 30.
~Ų PJ, and "Bevier.
Ou Elevators
Owen-inois Q'asa
Oxford Paper Co. Facula CAR & Elec.
WESTBOUND
1x3; Vatio.
4th Apr
24th Aug.
BASTIÍQUND
"HIMALAYA” (27.945, COW58) "BIMALAYA“.
124
Limited dealings featured a speculative commission house demand while dealers werd sellers on balance, Spot No. 1 Fiss was quoted at 321% cents.
AMSTERDAM
The market was quiet today. Prices closed in guilders per kilogram, cif April as follows:
2.05. bulvers
Total rales were 35,808, bales. -V.P.I.
Bapt.
Nay.
TNT d-dulk)
Open Intorest: 4,360 contr
3.12
The market opened higher In ite_United States, the on beller oversens advices and average price of one-inch colloa ruled qufetly steady of improved | of 14 designated spot markels SUTA level.
There was a talr interest for Ibwet sheets. Futures:
was 34.61 cents.
Orient & Pacific
LINES
Ispah/Pacific Service in 1959
Spot-lcents per Ib. Lob.
Open late pest:,3,400 contruota,
* Contract No. d' (domestic)
San Fran,
-0-9th Apr.
20-27th Aug.
Los Angeles 10th Apr.
28-29 Aug
Hobaldi
10th Apr,
2nd Sept.
Yokohama
23-24th Apr.
10-11th Sept:
Kobe
Yokohamin
10 May
Bonolulu
23rd May
19th Nov.
28-29th May
24-30th Nov.
dlát May
27th Nov.
keni kangkong “UHURAN* 12th binje (24,215 (one) "ORCADES 7th Nov. 10th Nov, 11-15th Nov,
Agreed Merchant (23.396)
Rates
Świas Fribes, Maximum Sell- Los 74-13/10; Belgian Maximin geling 802.
Vancouver arr: San Francisco
Japan/Australia Service, In 1959
17.00
300
- 20.20 3500
0.50 tax which Macao E...
Telepisane. £5.20 28.40 7250 INDUSNUALS Cement .1 27.30 2130
25.30
ROUTEIROUND
1000
..... 13.00
.... 131 13.00
Exchange Rates
́Lvé: Hongkong *HİMALATA? Itu Sept.
NORLUBOUND
Manika 19-20th Sept,
Arr: Sydney
25th Sept.
Lvés, Bydney
Mehlia
10.60
„Punibais - waż done in the p
*ORGADES"
77th Oct.
4th Nov.
air: Bangkok
6th Nov.
market
1000
16.00
Dairy
designed to help a particular STORES, ETC. sector of the economy-the metal-housing industries which have been affected mort, by, un- employment and general busi-
INTRA-TADÍKÁM.
Watson 1 CAW... l816 10.00 COTTONS Purchase tax is charged at Text The ships are not to exceed four Level: formerly 60 por 19,000 tons dowdweight euch. cent, 30 per cent, 15 per cent Nanying
cent, Tho top INVESTME
Rodriges is to Ay to Tokyo and five per
to: Man the final contract as three levels have been reduced JALKANE poder as be reculyes Cabinet to me-lgth nachị, the lowest | 1112" &TE Kastille tidám, Sarzanés P26554. level rühmales unchanged,
4.415
·Tarest..... 19.30
Koba
25-26th Apr.
12-1811 Sept
arr: Hongkon
20th Apr.
18th Sept.
+
Cruises-then leaves.S., 20th, June for U.K. via Panunis.) (Continues to Sydney via Now Zealand.)
(Learch Sydney 2nd Qel, for ÚR via Sumz)
(Continues Trans-Pac!do--see bbove.)
Route and Hallings are subject to change or cancellation with or wiibous notice. BAY Hồng Tour Burn Apr for U và Burt Coptures to Sentq*~-ne# #box#
For-full- particulais apply. tijela MACJELINON, MADEKMEIK A OD. OF HONG KONG LTD.