I
ANSPORTATION
UK Shipbuilding Industry In Big Export Drive
THE British shipbuilding industry
is
coupling its exhibition at the British Trade Fair at Lisbon (May 29-June 14) with the launching of a big export, drive.
This is the frst time the in- destry has exhibited at a trade fair abrand and the desisi na lu du so has been influenzend by the tag and friendly trading connection through the yuzas between British shipynes and Portugal.
Some five hundred, exhibitors including the Shipbuilding con- ference which is warditu of the Industry's interests, the British i Shipbuilding Research Angela- tion and Parsons and Marine Engineering Turbine Research and Development
Association,
will show Brilain's progress in designing more client ships and propelling machinery and the latest developments in seek- ing the economic application of nuclear power to ship proaut-
alon.
. REPAIRS
The exhibit
aist Wi demonstrate how the UK ship- building Industry unnadiy completes 1.4 million tons gross of new merchant shipping with estraled value of £200 rillion
other things, underlakes repair con- with & further £80 tructs million ika well
os feliileg į Aubstantial naval contracts.
Visitors will also be able to study in detall how this work has been maintained stendily year after year as the result of large scade reconstruction pri grammes mamitting the dividual firms in an expenditure of same £120 million.
...
-
It is apt that Britain's ship- building industry should choose Portugal for their first everseas exhibition participatch. In the post-war period Portugal has relied on British shipyards for 38 merchant ships of 105,000 tona and representing orers worth are £12 million. At the moment a Tyneside Arm is fulting an order for ≈ 20,000 tans guess liner to carry 1.110 thousand passengers and which ropresents a contract worth 13 mililon.
Uru
CONTRACTS IN HAND
The exhibits will show that contracts are in hand building. Ave iniltica
IL
tons of
INDUSTRIALS
BEST IN
LONDON
London, May 13.
closed
The stock market
mixed today with the industrial list providing most of the good fea- tures.
THE CHINA MAIL, THURSDAY, MAY 14, 1959.
BRITISH ELECTION HONGKONG NEW WALL STREET
COULD RESCUE
THE U.S. DOLLAR
By SYDNEY S. GAMPELL
London, May 13, The British election or some other accident might come to the rescue of the dollar-as the German election of mid-Septembar 1957 conspicuously failed to come to the
roscuo of storling.
STOCK EXCHANGE
by
Our Own Correspondent
Business done on the Hong. kong Stock Exchange this mor- ning amounted to approximately $1,150,000. Noon quotations and the morning's transactions:
Shared Buyers Seers BANKS
dnies
123
20
74
31
..
FK flare INSURANCES
Unlun XD Lubard
Wheelock
Otherwise, the Americans themselves will have to rescue the dollar, by jstUPPING
tackling the inflationary over valuation where it lives, instead of messing about with its symptoms. Neither Washington nor the steel- workers' union is giving them much of a lead.
Labour ward way that the by-and more people want polis are widely thought to in- people want to sell
way that they almost certainly a gallon out of a pint pot
HIGH FOR INDUSTRIAL ISSUES
New York, May 13.
The stock market today returned to the old- fashioned loadership of automobile and steel shares to lift industrial issuas into new record territory.
Chrysler ran up more than 2 Gen. Pub. Vulg points to
CHOU. Tyre. Rubber a new high. Furt eorgia Pacific and General Motors gained Getty_Dil
point or mare ori the others lidden Ca, followed with fractional golos. Steels pl galie running to 4 points with | Hammond Orga
Jule Oil the top-ranking favourites —
Goodrich (B. F.j.co.
Tyse
their best showed metroratt
Newport Corp.
U. S. Steel and Bethlehem — Homestake Mining Co prominent in the upturn.
1.03
43000 4395
2000 **
DOCKS, ETC
1. Whart Back
17
31
300
300
Provident Talkoo
11.00 11.70
01343207034
Pent 3300 M 341
Even
If the British election goes the out the world, tre making mote į
is at present running after fashionable British to buy
equilles elections und public-opinion equities and fewer and fewer whose names its owners can barely spell would doubileu e issue dicate. Instead of the Tory-word | them, it would be trying to get get out faster than the devil
LAND, ETC. zot out of Connemara, da Indicate, it could boost the This reasoning may mat obvi- After that shock, dispositions HK Hotel .. dollar vgainst the pound and it fate a sporn In the London raight well be made in the pro- could also shake equities; market en the announcement of |spect that Brithe equities could | iK Tand might conceivably give Wall the general election of a ma Ive (stand_much higher when the Street worse Jitters than London, shock If Labour won it.
next Labour Government left lumpareys If anty because Wall Street In that event, some of the loffee than when it took Mec- knows less about British politics. Hierate foreign money that 'China Mail Special.
Even so, it might bring 110 more than a very temporary halt to the revolution in investment.
Unlikely
If a Labour Government tried and could afford to be Inflationary (which 1 un- Ilkely) I would eventually accelerate the revolution. There is a qulle serious pros- pect that it would lead buying of shares by an outst blazer even than the U.S. insurance companies, namely the British Government,
The Secretary of the Labour Party has readfirmed that it is in earnest about buying equities for National Superannuation Fund and about taking them in pay ment of death duties-in both eases, he swears, for the equity Foreign bonds were dull and ownership and not for national- dollar stocks mixel.
isation or control, bul anyway for getting the ownership.
Call-edged securites snapped ut of thi
to long decline anish firm.
Store, auto and engineering shares were generally firm.
Hownters improved OAL 115 quarterly report.
Guld shares tende tu case. Coppers were listless but ins Improved. Olls reacted after a trim opening to cluse easier un Lalance.-UPI,
E
Closing Prices
Wilfedged Bends Beltinh Tranport . 07-13/16.
Conals 24%%~~£$£-8/15 Commals **—-£74-13/10. Conversion
ا المردار
Funding
Fridang St00%
37.
INTERR
ار کیا کر جمال کا
$99/2001 -
1500/---
FURMING LAHI 44.
1055/65- Savings 3%. Savan TKU. Savings 2) 1905/75- £70.
ilanka
Boray' Bank "A" 1. G
Chartered Bank 46 Gl. Hongkong 450) A
Isurance Union
arance Canion-£44. and Motors firitish Motor Corp. Ord-17. Fun Mutor Lu-s bel,
Breweries tiliters C 278.
Tang nd Materials Apsociated Purtland Cement-631 anche John Associates Ord- 1994
Cual, steel and Ruggering. Babcock & Wirex Lid-7 3d. Vickers Liu-ste v
nhipping, including Hners up w 45,000 tons to carry more than 2,000 passengers, s.per tunkers 1d. with capacities of 70,000 tony. wide fast carg ships, and variety of small crust. The in- dustry's orders ate to be in- creused by the inclusion of two Iners 10 replace the Queen Mary and the Queen Elizabeth, than £20 ench ecaling million.
mere
1.
1
of the Nova! held
The summer meeting
Artmeds is diso Bob
ut Lisbon from June 8 1 12 and Admiral Temes, President td Portugal, who is to open the Fair, will be presented with the Institution's diploma opening session of the meeting.
it!
Canada-Hongkong Air Link
Ottawa, May 13,
•316
Food and Tubacro British Amerlan Tob. Co., Ltd-
od. Imperiul Tobacco Ce.. Lid-60s od.
Mierliansqua
ritish Oxygen Lid
Orl--30#.
Cangutan setile 10y--#$%%% Mahlagyiitalateral – MB de
-Holigkong "C" Chilba" C
Imperial CON
Lyon #
Unuever Lid=1019 454.
Paper Bowater Paper Cup Ord-ids td, italy and Electrical
Aanroclated Electrical-G01 3
Electrical & Musical-ins. Eglin Electric Ca (h. General Electric - 3d,
Rhipping Indo-Chaltiu Ben Nay, Cu, dat
33.
3 79.
Steam Navigation det urd
Stores
Stores "A"—Kar
Marks & Spencer Ltd 415d Woulworth F. W. & Co-535 4,50.
Textiles
Crest Universal tyd.
Coats J&P Lid=231 Dd. Courtaulda Ltu-358 Od.
Miles
TRANSPORT Minister George Hees said today Britain has given Canada
for permission
Toronto- Hongkong and
Anglo-American western
Corp of South Airic-100 THEO: Conada-UK aircraft flights
Cum Goldreida' of South Africa... ond for service batween
Cobe. Zine
Ord-03, d. London and Drussols, Dussel- dorf, Zurich and Vienna.
In return, Canada
the UK rights in Toronto and
the North Atlantic service.
Hees told the House of Com- will be mens both countries able to exercise the new rights on March 1, 1900.
New York Cotton
Market Drifts After Opening
New York, May 13,
Final evening-up operations in the May delivery proved the overshadowing feature in cotton futures today.
Aller stendy opening, the market drifted lower for the rest of the session, closing with nei ing prices were unchanged to up losser of 12 to 19 points. Open-
2 points. New Orleans closed of 12 points.
The spot month went off the ile wants to know why, when changed at 35.91 cents a pound, board in mid-noon hour un- insurance companies, pension funds.
and loval But at New Orleans, May ex- unit trusts muthoritles con all buy equity pired at 35 01 cents, off 97 points, shares with the official blessing or $4.85 a bále from the previous
Eksc. of the Conservative Party, any- body should object to the Gov- ernment doing so,
Unless the buying by the Nu- Ilonal
Fund Superannuation wholly repliced an equal amount of buying by the insured and fwhich frusteed pension funds would be very unitkely) it would mean some nett addition to the demand for equities.
Outstanding
Really
RIDER
Antle
A. Tawali.. Hirin
མི འཐ
200 26,80
14057 20.00
2:00 v 20.10 1000+
73
20.70
3224
10 13:30
1.00
1.03 20000 * 1.625
30 * 223,
Power |Imperial QIL Chemicals enjoyed another and Steel Ca.
Interchemical Cam day of soaring prices with Du inti Besiness Machines
Ruliroad Int'l Harvester
International Paper
the lender. issuça joined the recovery. International Nickel
the olls displayed a Bait Tala Te stronger tone. Spme metals, communications,
of
theJohn-Manville Co.
Kaiser Industry
glass
Kennecott Copper
1, storks involved in road Ken C. Power & Light building, some electronics and Kimberly Clark drugs, and many special issues Mayers Tob. Co. registered wide gains.
2.49 2.33
3.15
2.40
Few Soft Spots
9. Kelantan
1.10
1.19 5330 1.124
23 23 20
1300-14 20.40
300 M 20.30
UTILITIES
Trail
Star Ferry Yauratl C. Lipi
Circle
114
103 100
20.20 18 ม
4000 8.
400 1303 500 10.30 1000 à 18.30.
300 283
300 + 15.30
3000 18 20 1300 21.89
Ly Tulip... Lockheed' ALISTAết
Loews Incorp......... Lone Star Ciners Co.
J. Ray McDonnell ARCHALL
Stock Exgn.)
There were few wolteshi Tron Corgi, spots, American Telephone, ono
Developerert
of these, tempered the in-downto Chemical Co dustrial rise
somewhat, Montgomery Ward
Motorola Ira ....... Philadelphia & Reading tell from Fett Co
nearly 5 pointa, Pilzer was | Harkonst Cash Reg. "A noti In
the
drugu
Natural Dairy Prot and Hoffman declined in the elec- tronics.
Strength in the industrials
100 24.40 helped it other sections of the
21.30 27.00
Tel.
20.20 24,40
500 20.30
INDUSTRIALS Cement
... 29.00
30
000 41 20.29
1000
2048
-500
29.83
100
20.00
1500 e 29,79
800 - 22.00
STORES, ETC.
Dairy
Watson
20 104 1815 1000 1049
600 a 14.46
100 | JR.40
14.50 318
17.30 17
200 17.20
3000 17.30
2000 49 17.40
2.45
2000 215
7800 67 4.80
69,300 bales. The earth- fleated stock declined 1,875-to 30,780 baler with ar ad- 2 CYAW ditional 1,033 bales awaiting inspection.
Selling in nearby July was Astmzled because of its wide premium over new erop norths. months met a reserved demand Scattered selling In new crop
+++
Binetre COTTONS Textile
4.775 0.858 Nanyang 0.20 8.30 INVESTMENTS Int. Inves. 6:30 Allied HK & FE invest
412
11.10
Exchange Rates
us buyers awaited further Crop developments and a new ap pralmal of the market following i-xpiration of the May contract, The Liverpool märket today closed off 5 to up 50 English points and 674 to 834 American points under New York futures.
Raw colton exports for the reusan totaled 2,197,211 bales up by spotnguinst 4,486,137 bales shipped
Australian noted iper #1) in the same period last season,
Indonesian nipah Outstanding commitments according to the New York
(per 1003 Siam ticala (per 100) in May at the opening tutalled Cotton Exahange.—UPI.
Singapore (Bill)
Technicians said the break In the southern ce tre probably reflected a narrow market there. Delivery notices here for 3,400 bales were taken interests.
dc- the
Yesterday's Closing
Acceptance of them for deeth duites would certainly reduce their supply: selling from ceased estates is probably most important source of supply the market, and certainly the most regular one.
Capital Gains Tax
Given that a capital gains tax (which would be mueb Ikelter than dividend) would doubtless have the same effect as it has in the U.S., of lock- ing people into their existing holdings. the massive
ad-
lionel buying for the National Fund would coincide with less selling for both the living and the dead.
Business was done in the local tznofficial exchange market this mortiing at the following roles:
U.S. dollars (per $1) ................. Starling notes (per 1)
COMMODITY PRICES
RUBBER
COTTON
July
May
July
12.30
market
CITY LIGHTS
"On, Johnson, will you tell your wife that my töffe has conatdered your wife's sup. gestions and advises against YOU having
0.40
1.01
London Expreet Setvica.
31.735
a
National Leat! ...
Nation Steel Corp.
New York Central Noranda Mines Ltd.
Norfolk & Western By.
[Arts,
North Amer. Aviation North-west Airings (Com.)
Un Mathiesen Oil Elevators Owen-Illinois Giara Oxford Paper Co. Pucife Gad Elec. Pan American Altway Paramount Pictures Parke Davis Co. Penn, Sall Co. nattpa Norris
Procter & Gamble Cu. Piney Bowes
Pittsburgh Plete Ginas Publicker Industries Pute Oll
Radio Corporation Ridlo Corp. Pref. itaytheon
Republic Steel Reynolds Metal Royal Bank of Canada Bere, Hoctuck & Co. Bhell C Co.
Safeway Boras Saint Steg Paper
Brotter
Sinclair Onl
Smith, Cing & French Socony Mobil Qu
Solar Aircraft
Fouth Puerto Rico Buzar Bouthern Co. (The
Bouthern National das Bouthern Railway (Com..
Biandard Brands
Standard of at Cal. Standard Oil of Indi
Standard Oil of N..
Steep Rock Toronto Exge.) Sterling Druk Cu.
Stokely-Van Camp.
Stone & Webtier
Riudebaker - Packard Corp." Sunshine Mining
Today's volume was 3,340.000 Swift & Co. shares.
Of a total 1,225 Issues traded,
339 were higher and 490 tower, American Exchange volume
was 1,860,000 shares.
Bonds volume $6,040,000.
40 bonds
amounted to
Teza Co.
Textron Inc.
Thokol Cham.... Tide Water Assn." "Oil". Time Inc.
Tri-Cont. Warrants
wentieth Century Fox Film Union Carbide Union Oil et Cal.... Union Peelfie Raliway United Aircraft
United Fruit United Gas Corp.
averages U., Fell B
Comm. future price index ..
Closing Prices
Dow-Jones closing
LONDON
were:
Closing prices were:
50 Industrials
NEW YORK
Tin
NEW YORK
Closing prices were:
Spot
-month
134 728
Buyers Sellers
705
20 rall
13 utiles
05 stocks
70514
Rex rubber futures today
Spat
38.3 nom.
Copper
closed 50 to 75 points lower with
May
35.07.
Spot
sules of 188 contracts.
July
34.90
3-month
Ücl
Land Tst half.'
Closing prives
Dre
32.64
May
709%
May
Mor
32.00
Aurust
Coming on top of all the exist ing Ascal and economie pollefes while, in Britain and through-
July
Miny
Zine at half
Sept.
35.70
Julv
33.93
77
Nov,
Auguti
799;
Jan,
Mar.
武
NEW ORLEANS
May
50.00
Closing prices Wer
Είμαι
Alay
factory interest in the spot market. Most of the terminal business
July
Det.
Dee.
M May July
tortrend greflected the
action of London-Singapore
Chicago Grain cables, plus a patise in domestic
Market
Was
Chicago, May 13. May ryc
heavy, and other grains were mixed today on the Board of Tracie.
The wheat trade was slow, May was little higher on some stop-loss buying orders, and Bew crop prices
niso were higher.
appeared to be of
speculative origin, with some Technicians saying the market "seemed to be consolidating its position" after last week's rise to the highest level in more Than two years. Spot No. 1 Rag was quoted at 364 cents.
AMBTERDAM
The rubber market was easy today. Prices closed in guilders per kilogram, eif June as follows: No. 1 rubbe
No. 2 rubber
for
No. 1 rubber
No. 1 crepe
Soybeans were weaker nearby and firmer for deferred contracts..
13612-14 125
SINGAPORE
388888
LIVERPOOL
$38+0$98
Closing prices were;
American Contract
May June JWYŻABE. Oct/Nov.
Dec/Jan
21.08
21.20
7155
Mar/April
22.00
21.70
750 nom.
Mixed Contract
287 вст.
May/June
1.94 nots, |_May/Juur
9.30 nomi
The market was up at, the opening on better overseas nd vices but ensed an heavy, liquí- dation on reports of expected increase in Indonesian arrivals. After opening hesitant in the afternoon
renewed selling coused sharp decline to 103 cents. Futures:
No. 1 rubber per 18. June 1091%-1037%
July 100-10312
No. 2 rubber per 15. June 102-102 He. 3 rubber per 1. June 10014-1032; No. 4 rubber per lb. June 2014-2010 Spot, rubber unbaled... MX3=101 Blanket crepe
7716-19
No. 1 pale credo
100-100
July/Aug
Oct/Nov. thec/Jan MAY/Apell
May/June
BAO PAULO Closing prices were unavail- able today because of holiday.
In the United States, average price of one-inch rot- ten at 14 designated spot mar- kets was $4.83 centa.
the
Total sales were 15,021 bales. --UPI.
May
SUGAR
NEW YORK
World No. 4 sugar, futures closed today 3. to 2 points higher with sales of 108 contracts.
Domestic No: 6 sugar futures closed one point higher with sales of 308 contracts.
Contract No. 4 (world) July: 1.D: Sept: 2.05; Oct: 2.00; Jan: 3.17: Mar: 3.06: July: 3.00 Sept: 3.13 Spot-(cents per in, fo Cuba): 2.90.
Open terest: 7,094 contracts, Contamot No, G, (domeglio) July: 5.03: Bept; 5.80; Nov: 5.88: Mar: 0.50; Book-(cente per lb. ext NY ex-duty): 5.30.
Uppen interest:
4,200 contracts...
TOREIGN ENCHANGE
Canada
NEW
.....
England officLAJ
YORK
Abitibi Power & Paper Aden Inc.AIR............
•Alles Clericula
1 Allied Mills Ines GEN
Am. Brake Shoe
American Airline
Amaricas Cable & Radio Corp.
American Cransmid Co.
Amer 'Natural Ga
Amer. & Forgn. Power Am. Gas & Electric Ar. Home Prod. Am Mach, & pʻdry: American Metal ... American Bmelting Am Bager Ret. ... American Tel & Tel Americon Tob, "1" Amcanda Copper Anca Biel ACTIONS ***
A Corps. Mining Bakiwic-Lima-Ham. Bakimore & Ohio Donk of Montresi Beneficial Firsece Bundix Aviation Corp. Bengrac& Cons Betrichen Steci Hong Airplane Borden (The) Co. Hellish Amer Oil Burroughs Add Machine Calf Packing Corp. Campbell Boup Co..... Canadian Bank or camn Canadian Pacific Jh CIL TruckPT
Celanese Corp. CAT, Financial Corp. Chrysler Motora Chat Peabody ©>g#4c-F*almolive Co, Cambio Carbon Co. Commercial Credi Chanted Entit Continental Cu of Del. Crown ZellarberA
Coban Amer, Bugar
Closing rates were:
100%
2.83
0130
Diamond A
Diamond Gard
Dominion #tor
Wheat No. 2, red
Apot
1905 nom.
saa l
May 1907) 1896 (L)
July
1905-1 187-100)
De Brem det-130g Ext."
Sept.
18016-16
Fire Stale Development & Invest- ment-11 1.
Dec.
"Hanhong Th
Mar.
10472-34 19715
granted
Pelling Tin-Ge 34.
Com. No. yellow
Hands Od.
Spot
Southiers Kirta Cunm £tch--22:
May
10
July
130-130 12824-170 120%-%
Union Corn--80% 3,
Sept.
1221
West Driefontein |129, 1034.
Goldmining~
Dre. Bar
West and Cons-23 71⁄4d.
Iya
Ou
May
Brillat Bornco Petroleum Byndi- cate-ple 71201.***
July
Onta
British Petroleum Co., Ltd-30
May July Soybeans, No. 2, yellow
Spol
May
July
Sap1
25 nom. 800!5-1 21736-12
Settlement house term:
Nov.
Oct/Dee
Jatt. Barley,
21935
297-2012 30-3013
2014-223%
· NEW YORK
Montreal
Closing prices were:
Amsterdam
Frankfurt
Gental_markets, cit base, paris:
Ma July
II.cob
Park
stay, June and July
upot
120-131
Wert Gurzann Deutschurmarks New York Heur
Betala grupa
May
10.30b
Blokholm
enne
thin Jurie
500 lb. ck
$12.7%
thick Jane
༢༣༤.
July
10.BETI
Zurich
Copper
Maximum Selling 12.
UPI.
UPI.
May
21.00
"I am very pleased with the outcome of the discussions with the United Kingdom and expect
· new services will that the greatly contribute to the con-
of the travelling venience public," he said..
Discussions wore held liere last week to update the 1940 air agreement between the two countries--UP1:
Butrgah-the. Royal Dutch Patroleum-RIBED 8ball Tentsport 9d-Reuter.
A Trading-13N
Agreed Merchant
Rates
LONDON
The rubber market was barely steady with spot down 0/18 pence to 20 7/8. penco per lb. Prices:
Rp. 1 Tu Trai
July/Sept.
METALS
Argentina
UFUGUAY
Other changed
LONDON
Closing rates were;
New York ....
2.01 91/10-3.01 11/16 4.7191-16-9.71 7/10
10.0216-10-0013
--
17
Other unchanged
11.771
14.5991⁄2-34.00ţă 12,81-12.00 12.3794-12.17%
VEL.
Douglas Aircraft
Dow Chemicals Dupont de Nemours
astern Arting
Rodale
El Paso National,„,„Ges Family Pirates Larp. Firestone Tyre & Hubber Virr Nat. City Bank... Ford Motor Co of Cans
Ford Motor
Osteral Pyramis Cheer) atria General Foods
General Motors
1.8. Gypsum
US. Line Co.
US. Rubber
633.01 US, Smelts of Com 1.14 Us Steel
02.03.B. Steel
Carta
212.12 1.8. Steel 4 RC. PE."
04.27 Warner Bros. ...... 131.30
331
Waukesha Motors du Weelinghouse Air Brake. Westinghou Electric West Va, Pulp & Paper Winn-Dixie Steres Woolworth K. W Zenith Racio
FAST
FREQUENT SERVICE
TO
EUROPE
and the USA
on Pan Am
World's Most Experienced Airline
for rentimis, cullyšet İneral agent or Andre Hum
Phone 27231, Bog Tong
AMERICAN
Encorporated in the Mom of Hong Yetk