ORTATION
Slash All Air Fares!
Boac Chief's Reply To
Half-Price Threat
Of Private Airlines
By PETER WOON
THE CHINA MAIL, TUESDAY, MAY 19, 1959.
IRREGULAR MARKET HONGKONG Little Change
ON WALL STREET
New York, May 18.
Strength in gold mining shares and weakness in tobaccos
featured an irregular stock market today.
Trading quieted from the re- cent pace.
Gold issues met speculative buying lured on by higher prices for the metal in London, and rumours, denounced as pensense In responsible quarters, that the US may raise His gold price. Gainz in the group ronged to
thurs Wort points.
four
in
What the bullish element Bked nust
about the market WBs the sloudy decline volume which indicated no rush to rel! un the money Volume was down from Friday
news
|
Colombian Catbon Co. Commerclit Cred! Corolldated Elton
Continental Oil of Del
Crown Zalleyback
Cuban Amer, Bugar
Dibland Alkali
Diamond Gard
Douglar Alterpfl Dow Chemical
hipont de Nemonter Eastern Airline Exaiman Kodak .... El Paso National Gas Tamly Finance Corp. Firestone Tyre & Rubber First Nat. City Bank turd Motor ...... General Dynamics General Electria General Foodi General Motors Gen. Tyre & lubber Gen. Pub. 131.
In each hour except the second | Georgia Pec.
when i resc. The day's total Getty Off
well below
was
volume.
Doterrent
Glidden Ca
Friday's nodrich B. 7 Co.
Grumman Alterati Quit Qui
Hammond Organ
Heyden Newport
Corp,
| Homesiske Mining Co.
Husman Refrig Idaho Power
~HEAPER air services throughout the world will be proposed by the British Overseas Air- ways Corporation at the annual fare-fixing meet-ruled higher. Chemicals Armed Imperial Oil ing of the International Air Transport Association in Honolulu in September.
Panam Leads Jet
Race Across Pacific
PAN
New York, May 18.
Chairman Sir Gerard d'Erlanger revented this when answering crallelsin of the corporation's airlines opposition to private
fares t who want to halve Colonial routes,
He admitted: "We now have the equipment
have and we The
Introduce capacity to
willing and able to do so.
"But
have Wo
been frus truled by our inability to secure the requisite International agreement."
DAN American World Air chomper fares and we are both
ways today soomed to be winning the race for the first pura jet service across the Pacific to Tokyo accord- ing to latest information.
A Pan American spokesman A TURN-DOWN here confind earlier
reporta
from Japan that the airline pian-
14
was known
that Bouc's
ned to start a jet service from { attempt to get the cheaper, the US west coast to Tokyo egonemy service extended from sometime in August using Boeing the Actantle to certain other 320 jetliners, a larger and longer, f routes was turned down by the range version of the Boeing 7074"} majority of IATA airlines at now an use over the Atlantic and meetings in Cannes and Paris across the US continent.
this winter. NORTHWEST
A Northwest Orient Airlines Epokesman said the airline plan ned to start a jet service not only across the Pacife but across the US continent as well-something the Pan American, as a strictly foreign carrier, cannot match- by late 1959 of early 1960, des pending on drivery dates of the Dougles DC-8 jets they will be using
Now it
plain that Bond wants reonamy travel through- out the world and will con- tinue to fight for it. The cor- poration has not always be- Heved so strongly in the virtues of cheap flying.
But Sir Gerard would still fight
warned
he
the plan for
aft-rice Colonial air fares ---which corne outside IATA's Juristletion for two
The spokesman said it was the airline's Impression that reasons. the DC-8 'might be even
FIRST Boat believes such
faster than the Boring 320, services will undermine which-Fanam said would whote
provide a 12-hour service ber structure-In other tween the 1.6. west coast IATA system.
and the Japanese capital.
(imo, it would start a fast TXC-B
J1
C
45 (0.8. Bing Cr
Rubber
GAS. Smelting
Kleel
SE
Steel 7P.C. F
14492
257
Warner Brtis,
A22%
Wa: kerlis Molot
31
Wasiligomir Air Brake
Westinghouse Rlectric
Westen Urich Tel
Winn-Dixie. Stores
431%
5413
amUPI.
44 כני
23014
41
Angersult-fand Interche
int Jet's Tarvester International Nickel International Paper JOLI Tel & Tel
Corp***
201
Machines
547
441
Kalmer Industry
Motors, steels, and metals
after darly Irregularity.
The innin deterrent to the industrial accter was sharp drop in American Tobacco which at its low was of 34 points. There was slight irregularity in the dolin-Manville Go. olle and electrical equipments,
Kansas C. Power Caterpillar Tractor was
Kenneenit Copper Kimberly Claik............ outstanding strong apot. It ross
Liggeit Meyers Tob. Cri up 30 points to a new high at y Tullp........... $10811⁄2 on plans for a 3-for-1 | Lockheed Aircraft stock split and a higher divi-Lews Incorp, dend,
the
All the tobaccos fell with American on further attention focussed on cancer and smoking by a magazine article,
Several special issues had wide declines, notably Zenith which was off 71⁄21⁄2 points. Merck Jell nearly Ave In the phar- aceuticals where Warner Lam- berl yielded three.
Dow-Jones closing averages
Closing Prices
Alden ine. ACT. Allied Chemical Allied Mills Inc. aui Chaimers
Am. Drake Shoe American Airline American Cable
Corp. American Cyanamid Co.
Amer, a Foran, Power
Amer. Nat Gns
A. Gas & Electric
Am. Home Prod.
w
*ight
14%
114
Ine Star Cement Co. Lowenstein & Suria. McDermott J. Ray McDonnell Aircraft
Stuck Exgen.
Minnesota Mining Mtion Development Monsanto Chemles) Co. Montgomery Ward Motorola Inc. National Bigull Co. National Cath Reg. National Dairy Prod. National end we National Steel Corp. New York Central .. Norfolk & Western Ry North Amer. Aviation North-west Airlines Olin Mathieson
Owen-finals Glass
Penny J. C. Co.
(Com.)
Woolworth K W.
Zenith Radio
New York Cotton Market
New York. May 18.
STOCK EXCHANGE
hy
Our Own Correspondent
In London Investment
London, May 18.
Busintes done on the Hong With equities and the London dollar price of gold
kong Stock
Exchange this
morning amounted to approxi mately $545,000. Noon quola- tions and the morning's iron- actions;
Shares
Buyer Sellars
Balea
BANKS
UK Bank East Ala.
0531 -D60
INSURANCES
Union Lombard,
Xp .....
SJUPPING
2016
Waterbout 27.70 Wheelock
DOCKS. ETC. K. Whard. Dock ..... Provident,
(0) ....
LAND, ETC.
3.21
**
D
09 0112
I
100
13
at new highs, and with American Treasury bonds at new lows (not to mention the black market dollar at a discount in Paris), there is no reversal of the mover out of dollars and money, stocks into moro real values,
the underlying
probably permanently.
Memories are
Investment i sormally be settled by further balance between creditorship takings of United Biales gold, Dec ownership has shifted, which might coincido awk- wardly with the further draw- that ownerings on the United States gold und borrowers have scored off slick for lenders and creditors who have Monetary
continuon September. deprvelation of money, which in the worst type of governinental c'efault.
1900 19
100
been balked
200
follo
11.00-11.80 1000 11.70
Cotton futures started the K Holei 215 now week on a atendier | UK Land, 334 33
1000 21.30 个 27.20
note, although trading Humphroys 15.40 15, 2014 15.40 moved along with a slow Really D 105 pace on the rallies,
Abatement of last week's persistent liquidation in the July delivery, and on unterly- aying, but small, trade denmand for new crop months combined
225
21
to reverse the trend.
Cinsing around the day's best j7, levels the list was up eight to 15 points. The market opened
one to four points. up
Orleans closed not unchanged.
RUDEN
A Tasah 3.19 Sungate
C. Light
by
The International Fund quotes In
Handicaps
However, even without for- Exprelations are that people bearance the deficit would not do expect long-term growth lo all be taken in gold. Last year, favour equities and do nut ex-70 per cent of it was taken in pret long-term price stability that form and that was abnor- to favour hands. If people arg mally high. Before the outflow playing with fire, it is the on- became seriously embarrassing, thorities, not the people, that the thited States would pre- lit the inflationary fire.
sumably take mensurės to re- dress is deftelt on current от capital arccunt.
One mny wonder how they can now put out the fire in equilles other than deliberately encouraging them to spark sky | Federal Reserve in doing Itr high and courting a crash.
Forbearance
Unemployment handicaps the
dity, but the tolerance of thin degree of unemployment gives America some disinflationary by Central advantage over Britain.
more In car-making
The U.S. Treasury is in sorte American gold for re-sale in comical dilemmos, which London helps the dollar by have been taken too partentous- restraining the American goldly, Current
2.09
TITIFS
115
Tram 23.00 23.10 1050 r 28.60 Stor Perry Yauma..
100
100
101
Forbearance
100
107
Banks
101 ***
is ism
18.10
2703
In
retrie Telephone
27.00 27.00
*0.80 120 M 20.30 €700 20.10
losses,
1415
New
INDUSTRIALS
27.
321
The
Whitsun holiday
: 10 Liverpool helped 41%; maket activity
at
fo curb
to a degree,
ES
Cernem 302 3112 1000 p STORES, ETC. Dalry... 16:20 10% 400 100 200 16.30 Waten
$14
as also
London
gold
arbitrage parily.
14.00
Lane. Law, 17.43 17.30
AGI ม
500
12.by 17.0
122
COTTONS
Texilles Nanyang.. 2.10
+60 4.50
weather
while other traders studied the
and crop
news and awaited congressional ron- sideration on farm legislation.
24 textile
*C
Optimistic
Optimiste cenunts. from the murkel, where con- sumers have been buying a well variety of constructions
into 1000, again pointed up reports of a broadening mill demand for spot cotton in the south.
INVESTMENTS int. Invest 3.00 Allect H.K.FE.
Invest...
4%%%
Exchange Rates
the local Jone in Business wo* Memphis
accounts said mil
unofficial
ekellonge market this buying continued good Just morning at the following raton: week
booked for U.S. dollars (per 11) p with sales June-September. An Increased Sterling notes per £1
Australian notes (per E interest also was shown in
Indonesian rupiah (per 100).. October/July shipments
Stam icals (per 100) MA
mills continued to sell forward cloth production. Popular quall-
ties in the "free"
slocks are
scarce, resulting in these grades
from Topossessed
Were:
an industrials
633.53
20 rall
(06 22
14 ullies
91.95
Ota Elevators
Ga stucks
218.51
40 band
04.20
Comm. future price index
251.04
Oxford Paper Co. Pacific Gas & Elec. ... Pan American Airways
31
Paramount Pictures
Parke Davis Co.
4122
# 32%
Pena. Balt Co.
89
Philip Morris
42
Pitney Bowes
(new1
SRI
30
Procter & Gamble Co.
314
Pittsburgh Plate Glass
Publicker Industries
11%
Radi
Pure O......
Radio Corporation
BOU
Goth
Radin Curg, Pret.
17
194
Raytheon
คา
83%
Republic Steel
11
Reynolds Metal
E
American Smelting
Am. Mach. Fury. American
Males
152
Bears, Roebuck & Co.
です
2714x
814 Shell Oil Co.
40%
Safeway Stores
International
the rate words, the
Am. Sugar Tet.
3514
Baint Heg. Paper
American Tol & Tel
2441
Beherley
23
American Toh.
""
Scott Paper
2015
being
Anaranda Copper
OF
Sinclair Oi
02.
government loan.
Arco Strel
Smith, Cline & French.
JEEP
Armour
1214
Sopony Mobil Oil
442
13
Solar Astall
Baltimore & Ohlo
4419
Southern Co. The
Bouth Puerto Rico Sugar
(generally
infrequent
once
Benefizial Finance
2312
Southern National Gua
*
Bendix Avtalion Corp.
87
Standard Brands
Benguet Cons.
Bethlehem Steel
02
Boeing Airplane
2012
Borden The Co
Ateel Co. of Can
Belt. Amer.
Ou
Burroughs Adit Machine
170
Sterling Brug Co.
Stokely-Van Camp.
17
Calif. Packing Corp.
13
Campbell Soup Co.
Flone & Webster
AR
30
Canada Pacille R.
29
Studebaker-Packard Curv
Sunshine Mining
ΠΙ
Cam (J. 3.) La,
221.
Swift & Co.
300
Cat. Tractor
113
Texas Co.
!"
Textes ine.
2332
CIT. Financial Corp.
AR
Thickpl Chem.
357
Chase Manhattan Bank
1810
Tide Waler Aun, Oll
261
Chrysler Motora
› Met
Time Ing.
59 Y
Tri-Coat, Warrants
20
11512
Twentieth Century Fox Film
Lion Childe
1442)
Unki O of Cai,
401%
Union Pacifle alway
33+
ans
1129
Northwest suld, in the mean- | A DOUBT
service between New York, SECOND the Anchorage, Alaska, and Tokyo Services
that would take SOME nine week or once a fortnight) pro- hours less than any other com- [posed by independent operators petitive servles at that time," Engle. Hunting-Clan, art Air- He said the west-bound flight work, enabled them to propose wild be some 25 hours, the much lower fares thun Boac
could now afford. east-bound about 23. BOAC
Says Sir Gerard: "WC whether they could in British Overseas Airways has doubt been hampered in its efforts to any Kaš be sustained for
length round-the-world com-any
time. hitution pore jet and prop-jet certainly could not survive the that would Include į coming af independence to the service Tokyo. Its application for a various Colonies, which would Britania prop-jet service frora bring them within the scope of New York via San Francisco, international
services subject Honolulu und Wake Island 16o entes agreed by the Tokyo has been hanging at the Palionai nirlines in member- Civi Aeronauties Bourt Inship of IATA.
start a
Washington.
At present. Boar
of
They
inter-
£ 150
nying Into Tokyo Vin the THE EXPENSE mid-east and Hongkong using "We are spending Cumat Jets.
million on British ulrcraft. We must justify this by
A spokesman for Boat hert
Its west-bound lights to Tokyo
—the medium range Comel on What Bose's chairman ignores because of the great distances is the private uirlines' argument Involved. In December, Baue that they will create a new closs will take delivery of its first of air traveller and not poach" Boeing 7078 powered by Rolls from Boac.
Royer jets. But these will be
used first on the Atlantic run,
sometime in March 1900.
JAL
As more Hoeing 7075 are
Build Cunard Ships
available, Banc wil! use them On Clyde Plea
on
Lie wist-bound
12:11
10
Atina Cook Mining
Baldwin-una-Flam.
Cetinere Corn.
Elitelt Peabody
Colgate-Palmolive
CHATTER ON WALL STREET
גיד
Southern Bellway (Com.t
Standard Ois et Cal
Etandard Oil of Ind.
Standard Ol) of N.J
United Altcraft
finite. Fraft
United Gas Corp.
UR. 71 "B" V.B. Cypnim
Yesterday's Closing
Singapore (Siraits)
the
CITY LIGHTS):
The certificated' stock today totalled 53,521 bales.-UPI.
GE In Japan
General
New York, May 18.
Electric Co's Inter- Unticnal Division today an- cuneed it has licensed Tokyo Shibaura Electrle Co Ltd to manufacture its transistor certain electronic radios and
under the GE
eemponents trademark.
W. R. Herod, Interna Uonal General Electric Co. President,
kald the arrangement will augment IGE's current produc- fun and give at 0 broader coverage of products. for mor kels oulade the U 3. and Canudu.--UPI.
6.32
15.0G
12.18
8.40
26.45
1.01
"What's this - another take-over bid
Zonden Express Stroke
COMMODITY PRICES
SUGAR
METALS
Quality stocks, particularly
in stuels continue to of tract substantial buying, Bache & Co. notes, adding that such leadership is likely to result in exten- alan of the forward drive. General Cable are estimated ut $3 to 93.15 share for 1959 and could Increase to 85 in 1900, according to IRA Zinup! & Co. The compuny earned 32.17 in 1950.
Van
匙 Co. Styne, Noal Scottish Trades analyzing
the
Ce. Marlin to start a jet service on its Union Congress hus asked estimates 1950 earnings at $4.50 Pacific route to the United for a firm decision that the share against $4,01 in 1958. Domestic No. sugar. rutures
catct plans have two new Cunard liners to re- States but
Chemical Week, in a survey closed one to two points higher Coppar not been formulated
on the fulphur industry, fore with sales of a contracts. yet.-UPI.
ploco tho ships, Queen casts over-supply at the year Elizabeth and Queen Mary, end, but holds prospects arc supply. will be built in the Clyde good for long-term shipyards.
demand balanco,
Tokyo - dependinit, of course,
on whether CAB ilyes its per-
mission to operate the roule vi
the United States,
Japan Air Lines also
Russians To Use British Air Aids?
plans
London, May 18. SPOKESMAN for the British Decca Navigator Company stated today that the Decca navigational Rid rystem was being fried out aboard two Soviet TU-104 jet airliners.
Dunoon.
THE Goneral Council of
the
IMPROVEMENT
No. 4. sugar futures
**NEW YORE
NEW YORK
World
Closing prices were:
closed today unchanged to three points lower with sales of 107 contracts.
Lead
May
11.636
July
11:00
Zine
MAY
10.301
July
10.620
May
July
·Contract No. 4 (world)
July: 2.01; Sept: 808; Oct: 2.08; Jan: 37: Mar: 3.07: May July: 3,00; Sept: 211; Spot-teents Dar ib. fob Cuba): 22.
July
308;
Open interest; 8,026 confracle.
Contract No. ́0 (domestic)
Standard & Poor's finds con- tinued strong improvement in demand for industrial chemicals
July: 5.83; Bept: 5.55; Nova 637; Mar: 8.00; Spot-ternts' per lb. elt J3 likely Over the coming NY ex-duty: 3,05, months, with 1050 rising some
volurna Open trilaren 4,237 contract.*- 10 to 12 per cen! (UPI. over 1958; further gains ex- pected in paper production in the coming months; capacity not output indented for rayon and
to aceiate yarn.
Value Line holds that after a Wago settlement is rouched, the
two
A statement issued hero after the council's annual General mcing said the
shipbuilding industry had been in tha Coldrum recently with the re- contion in order for new ships and "powerful competition from Germany and Japan."
"A firm decision to proceed with the bulding of the There were pood chances, he new Queens would give
the Russians would only a said, that
psychological boast adopt the system. "We hope Clydeside, but it impact оп to know definitely this week", the other shipyards of the in- ho sold,
dustry in Scotland should be steel companies may enjoy their British newspapers had re-immense," ported that the Soviet Union The statement pointed out describes the aluminium In had decided to equip its civil that almost one in 10 of the dustry in a paradoxical situa air feet with the Decea naviga working population of Beotland on-demand and output up tor and to inalal Deecu naviga- were employed in shipbuilding but companies unable to frana Sarzada fional aids at ita airports,...) and its ape!laries.-China Mail | laße įreir volume expostelgan its
Special
to higher earning)--UPT.
| best 10 months "in" "History";,
TOREIGN EXCHANGE
NEW YORK
חיד
440***
31.47
101.80b 101.000 -UPL
RUBBER
SINGAPORE
Blanket crepe **** 03-21
No. 1 pale "crepe
NEW YORK
103-105
Rex rubber futures today closed 50 points to 16 points lower with sales of 10 contracts)
May: 34.50: July: 35.90; Sept: 35.40 Del: 34,30; Jan: 24.50; Mar; 14.30; May: 3430.
-UPI.
COTTON
NEW YORK
Prices closed today as follows:
Spot: 38230; July: 2463; Oct: 32.00; Dee: 22.10; Mar: 3301; May: 33.18: July: 32.78: Oct: 3130.
NEW ORLEANS
Prices closed today as follows:
Spot: 24.60; Juty: 54 83; Ost: The market was down on 22.73; Dac: 11.09; Mar: 3100; Mayı
35.10) July: 12,78; Oct: 31.29) disappointing overseas advices and eased further on very quiet market.
Futures:
Closing rates were:
No. 1 rubber per: 1b.
June July No. 1 rubber per b.
June No. 3 rubber. per 15.
June No. 4 rubber per lb.
1009-101 3001-100
€9.99$$ 300-15-10035
England wette Pl
Boat rubber unbalad .......
100-101
BAO PAULO Closing futures prices: July
Mar May
04.70 1024 unquoted
In the United Biatas, the averato price of me-inch cotton at 14" designatad, spot markets was not availablo.
Total sales were 14,191 bries: --UPT:-**
may
ols- bond yields jeount as inuch monetary crosion The need for this forbenrance as may be coming-remember- Is a poor advertisement for the ing that rising productivity deliar,
Is the rise in should rationally menn falling
the prices. above
The current fashionable objective of stable prices and If the Americon external incomes rising with productivity. -deficit continues at any such is itself inflationary, but good rate as five bon dollars a enough for bonds-China Mal year,
U
parl
uf
would Special
PO B•I
B•I│E&A
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N, CO.
OUTWARDA
"CARTHAGE" "COROMANDEL"
LEAVES UK.
Salled 29/4
DEE JK,
1st June
2nd Junp
10th Jung
10th May
Ard Jyne
Sailed 14 Salled 12/3
"BUBAT" "PINJARKA" "CANTON" "SOUDAN"
"SOMALI"
TOMEWARDS
"CARTILAGE" "CANTON" "FINJARRA" ± "CORFU"
29th MAY
9th Jenn
LEAVES HH,
& pat, 6th Jane
5 p., 6th July
Spam test July
2016 June 3rd July 71 July 18th July
DUR LONDON
7th July ເປົ່າ Aug.
17th Aug
5 p.m. Mat. July · Jst Rest. Plat.dept.
1 p.m. 18 Aug.
"SOMALI" *
"CARTHAGE"
"SUNDA"
#
& p. 28th Aug.
28th Sept
3 p. 17th Sept.
21st Oct.
桕
Via S'pore, Finans. Colombo, Bombay, Aden #Pt. Bald. * "80MALI" emite Colombo and Bombay and extende to Hamburg, Rotterdain & Antwerp.
+ "PINJARRA" proceeds 'pora, Aten, Bald
London, thence to Hamburg, Helterdam # Antwarn.
BRITISH INDIA S.N. CO., LTD,
1944 que_unt Alty from Calcutta Chilla
"KON ."ITAN QUA de "Straita Walls 2411: May: for Japan
dre Ke June from Calcutta. Rangoon,
Pennak & dingspore salis tih June for Jup
P. GO./B. L. JOINT SERVICE "OZARDA" Que 20th May from Karachi, Bombay,
Corbin, Tulicerin Ring@pare
salis 27th May for Japa
due 7th June from_Japan katle pili June for Singapore, Bombay,
Karachi, Dubel,
"BANGOLA"
"OBRA"
"OZARDA”
"OLINDA"
*
*
*
*
+
&
*ર્ચ-
welt, Bozrah & Khor- ramshahr
dos 24th June from Japan
Kalle 25th June for Singapore, Penang,
Madrei. Cochin, Bom boy & Karachi
due with June from Karachi, Bombay.
Cochin & Singapore Bile 13th June for Japan
EASTERN & AUSTRALIAN 5.5, CO., LTD, "KAKMALA" fonds et May
"NELLORE"
sails Stud May for 5ymnay & Melbourne DIRECT
joada 21st May sxile 23rd May
for Labuan. Sandakan, Brlibane, Sydney, Mal- bourne and "Adalate
All vinela HAVE NBICIty to call at any parts ** or all the roule à the route à sailingw are subject to change or amyndgang with or without messes,
Fa full particular, npply du MACKINNON MACKENZIE & CO.
DE HUNG KUNI LEO,
Telopânăr lius. 766714.