+
TRANSPORTATION
Building ships for export
1800
THOUSANDS OF 700
TOKS GROSS
600
|500
1400
300
200
100
JAZAR
SWEDEN WETHERLANDS WEST CERMANY.. ITALY
UNITED STATES
G. BRITAIN
Britain's lipyards are getting few orders from abroad, This chart shows the export position in the leading ship- Buliding countries with the tumage they are building for foreign buyers. Germany and Jaban are well in the lead.
NO NEW ORDERS FOR
BRITISH SHIPYARDS
THE spate of order cancellations which British
shipyards experienced last year has now be- come only a trickle, but there is still an almost com- plete absence of new business for the yards.
With the exception of Japan,
which has been able to stint-
late a brief flow of spredative UK Scientists Prepare
orders by slashing prices and,
effering exceptionally attructive
delivery and credit tens, the For Supersonic Airliner
experience of the British ship-
building industry is being shared
to
greater or lesser extent by
the rest of the world's yards.
ROCKET test vehicle, which hos provided
← THE CHINA MAIL.
WEDNESDAY, MAY 27, 1959.
Pago 9
A NEW BOOST TO HP SALES Britons Will Get HONGKONG Profit-Taking Makes £20m Windfall In A Fortnight
By RONALD BOXALL
London, May 26.
STOCK EXCHANGE
by
Our Own Corrispondent
Busintas done on the Hong- kong Stock Exchange this morning amounted approxi- mately $910,000. Noen quota uns ant the morning's trans
Bhates
BANKS
Hayers Sellers
In about a fortnight's time, Britons will
come in for a £20,000,000 windfallctions were: from the Chancellor of the Exchequer -rebate on excess income tax paid Barsk since the rates were lowered in INSURANCES April's budget.
And this is expected to give, a further boost to hire purchase sales which have been booming since the end of the credit squeeze last Autumn,
The nation's hire-purchase six debt Increased over the months to the end of March by $58,000,000 to an astronomicul £071,000,000. The debt was incurred for a wide range of durable eorisumer Foods-fur washing machines and refrigera- lurs, television sets and curs.
The debt
The hire-purchase debt per head of population is £13-and that does not include the amount standing for clothing, shoes and other perishables, which more and more being. bought on credit.
ht
But though this indebtedness is far greater than it has ever been before, no one believes it bas reneised its limit yet,
"Obviously,"
Barclays Kays Bank Review of last week, “we are only on the fringe of this development,"
mard of consumers' Intent on raising their standard of living.
This may be no more than a return to "normal" after a period of inflation that has lasted so long that many people take But it holds it for granted. important lessons for politicians ay well as economists,
Barclays Bank Review says the best way of stimulating the economy is by creation of cun- fidence which dues not rest on of Government the injections expenditure but on a widespread appreciation of the country's ility to compete. It goes on: "Therefore we may be at the rosarouds in economic develop- ment, at a point where we can see the possibility of expansion based on bigher level of interest rates than had heretofore seemed possible, and it may well be that four per cent will come to be regarded as a new cheap money level.
It may also be that the country, irrespective of party, will be forced for time to accept a rather lower measure of full employment than has be the case since the war. This is Ukely to be one of the
A hire-purchase boom how-most difficult problems we shall ever, is not the best
way to have to face during the 1930s,” ensure steady economic growth
While the depression in ship-valuable aerodynamic data-though as we have seen it is zing continues and perhaps for and may be used in the de-
Some time afterwards in view of sign of Britain's first super- the huge
of over-sonic obtiner, was one of the volume ordering which preceded the de exhibits at the pression-the Industry can ex- jeet no major renewal of de- tornational mand for new ships.
FIXED PRICES
more
recent la- Transistor Ex- hibition in London.
tour
Visitors were able to see for the Brot time how British sclen- tists are preparing for the supersonic airliner of the future and how the translator is the involved flight making all testing possible.
British yards, as a whole, with of 1.4 million an output level gross tons have three years or work in hand. During this "period of grave" they will take the oppertunity of con tinuing 10 modernise streamline their production techniques flat, when ship- owners once again want new STRAIN GAUGES vessels, they will be able to compete confidently for the con- tracts.
The supersonic uirliner fest vehicle goes under the none of
The Flutter Durt."
By the time the British urder book has been worked down to more manageable level, the yards hope be able to offer!
of ships quicker construction together with fixed prices.
Any offer of Dixed prices, however, will have to depend,
the en-operation of the hundreds of sub-contractors and with the cuppliers contented chipbuilding lustry.
upon
Reckel-propelled, the Dart carries strain gouges, transistor amplifiers and
ather equipment for mensuring movements of the wing and control surfaces.
As the model bursts through the sound barrier and hurtles on ut speeds well over 1,000 mph, details of the effect of supersonie its performance BkC light on
to the ground. dived bark From such tests the design trend
On
for the full-scale aiveraft can be deduced--the sel on show was one that had actually been re- These suppliers na must covered intact after a fight
an artillery range. Armstrong quote fixed prices and some builders sagger lower prices Whitworth Aircraft Ltd.. Bagin- than many do at present, if they ton, Nr. Coventry, Warwickshire, ure to retain the traditional England:]___
custom of British shipyards.
Shipbuilding Conference Ma="
tisties show that
were
during the Qantas To Open
this year new received for 53
Arst quarter of orders smi vessels, aggregating 55,- 000
tons. During the oss same perled existing contracts for Ave ships, totalling 62,000 gross uns, were cancelled.
CANCELLATIONS
new orders
Big Rome Office
a most effective shot in the arm for stagnant economy, It
will only bring lasting beneft if its stimulus is spread right back through the chain of pro- duction-and so for there is no positive sign that this is hap- pening,
Recovery
Doctrine
This is by no means the harsh doctrine that it may seem. Iv'e not a policy of defiation but on argument for learning to live with our present Imnowledge of the working of a modern Indus- trial economy
Union XD..
SHIPPING
Waterbost Wheelock-
DOCKS, ETC.
050 102.50
בזי
13
Balea
Market Irregular
New York, May 26.
Profit-taking brought irregularity into the stock market
today. Trading was moderate.
The realising af proit pared gains in a number of pivotal issues. The main Het was a
scramble of gains and lonace
American Exchange volume was 1,340,000 shares.
Bond's volume amounted $5,790,000.
Dow-Jones closing averages
were:
running to two points or more. The market attempted to rally a couple times but there
30 Industrials was no follow through support 20 roll
out. 15 wtfties 20 57.70) and the rallies pelered
The raila came down from 40 bunda
The economie news Was
65 klocka
-
B**
100.42
Amer. & Torgn. Powar Am. Qax & Electric
Azn. Home Prod. Am. Magli, kľ ́dry. American Motal Am. Natural Gas American Boetting Am. Bugac Itef.....
American Tel
Ti
American · Tub, "D" Anaconda Capper
Allar Cons. Mining Baldwin-in-14am, Baltimore & Ohio Bank of Montreal Beneficial Finance Medix Aviation Corp. Mengup Cons Bethlehem Steel
sa.1
211,20
63.83
Anne Steel
their highs and some of the Conifay future price index leaders finished lower 'day,
150,38
Armour
on the
Closing Prices
but in- cautious
Abitibi Pwr. & Paper
Alden Inc. Acy.
Algoma Steel Corp.
30
Allied Chemicals ... Ailled Mills Inc.
1104
421
Allis Chalmers
Am. Drake. Shoo
American Airline
281
American Cable & Radio
Corp.
11.
American Cyananild Cu
5.00 5.05 4000 4 8.06 Kenerally favourable
0000 5.93 Vestors appeared in
1000d, especially in view of yes. terday's late sell-of,
Today's volume was 2,910,-
K. Wint.. Dock
451% Provide 11,70 £5.00 2003 4 11.70 600 11.10 Taikoo XD 23.50 14.79 B00 33.75
LAND, ETC.
JK Hotel $7.00 27 90 HK Land... Humphreya salty
RUBDER
Analy Trai
15.40 15.70
1300 Do 216.33.25
1.00 1.25 1430 or 1.00
2.75 230
1.33 A. Tuwah.. 3.10
UTILITIES
Tram
10000 1.023
1000 2475
100 shares.
Of a total 1,222 issues traded
301 were higher 822 lower.
Bosing Airplane Borden The Co,
JIB Ada Machine
G31.
Amper. Ou
Hellish Cohanbia Pwr. Calif. Packing Corp. Cam. Bk. of Conin.
2011 | Campbell Boup Co, Canadian Pactile A.
London Market
Closes Mixed
London, May 26.
Camo (7. 1) Co.
cat Tractor
Celanese Corp.
C: 1. T. Financial Corp.
Chase Manhat. Bank Chrysler Motors Cllets Periody
COZZERAve Co. (new)
• Carbon Co Commercial Credit Curtolidated Eduar Contuuptal Ol of Del. Crown Zollerbach
Cuban Amer. Suifht Blainend Alkoil Diamond Qaru Dominion Biores
2002.co The stock market closed mixed today with traders Douglas Aircraft
+
Star Ferry Vonnali
23.10 28 to
115
500 47 25.50 i
100
1900 10
200 18.10 18.20 3700 18.10 1000 18.10 27.70 27.00 1800 úr 29.80
1200 235
26,50 70.80
£00 26.83
BRN + 20.70
C. Light
Electric
Tel.
INDUSTRIALS
Cement
STORES, ETC. Chairy
Watson
2.18 + כזו -
324% 33 2030 32.73
18.28 10.30 1000 15.30 500 or 10.30 500 10.20
L.. CMW 17.70 COTTONS
Textil Nany MISCELLANEOUS Ch. Ent. Vibro
155
19.70 15.30
INVESTMENTS
Indeed in another article the Review contrasis the condition wblch gave rise to the Woll Street erash and triggered a Int. Inv. world-wide depression 30 years
HK & FE ago, and concludes, "It can't troppen again in anything like the cartier form."
In a survey of current trends In expital goods und industries, the Industrial Editor of the Financial 'Times writes: "A generalisation holding good In "The self-propagating elements most cases is that the recovery is working its way slowly back from the consumer and durable industries via the light engineer ing to the benvy industries."
this generalisation qualified in three ways:
The
Is
Plekup
heavy 'Industry is not expected unu 1900.
Nobody anticipates a roturn
af the boom conditions of decade. the first postwar Few of the firms questioned contemplating any were major now extensions to capacity other than projects already under way.
Most firms bellove that they can meet the Increase in de- which they anticipate
D
on the basis of their extul- ing plant and-except mar- Finallyxining labour
ferct.
Invest
14.80
5.00 5.05 700 8.23
11.00
Exchange Rates
要。
of an economic recessiori,” says, "ave now achadow of what
Busines was done in the local they were, and a large share
unonleta exchange market thie of credit for this improvement
morning at the following rates: must go to the effectiveness of 0.5. dollars (per 81) a wide range of counter-mes-Sterling notes (per C
Australian notes (per £1) sures that can be and are applied
Indonesian rupiah (per 100) .. by authorities."-London Ex-Stana tieais (per 1001 press Service.
Singapore (3ítails)
Yesterday's Closing
6.73
12.01 5.35 Zu.50
1.82
closing out their accounts.
Sharp activity developed In the 1971- brewery stocks on nouncement of a take-over bid
for the giant Watney Mann. After wide fluctuations Watney closed 17/-higher. Other bre
Issues added wery
several shillings.
Funding Loun I 1909/-
Funding Stock 344 1900/2004- @7276.
Funding
£004.
Loan
FRANKR
1960/90-
Saving 74. 1955/60-91. Savings 1900/70-E1. Saving 3%, 1905/75-7STA Barclays Bank "A" Ltd ord-87. Chartered End.
Insurance
Hongkong-19%. were
Elsewhere industrials mixed. Engineering and tex- file shares were generally im- proved. Stores were dull.
Renewed weakness developed in gilt-edged securities where prices los around holi point.
Gold stocks were mixed and coppers listless,
Union Insurance Canton-241⁄2
Miolets Aircral Corp. Ord-18. British Motor Ford Motor Cu-65%.
Breweries
Distillers Cu-27.
Tunding and Materiais Associates
43d.
Greek bonds raliled, while dollar stocks were lower.
Olls continued their decline led by British Petroleum-UPI.
Closing Prices
traged Bonds
Brittan Transport 0%. 1978/05- £64-7/10.
Console £51.
Cons—£741%-
Conversion Loun 3. 1000m £09-7/19.
COMMODITY PRICES
FOREIGN EXCHANCE
NEW YORK
But perhape the most interest- ing thing that emerges for the sovnymoustry testlas atitude to stock building.
of
Closing "ralca"" werdi
1.04!
Carada
England
vificial
During years
inflation industry had the greatest dif- ficulty in cbtaining a steady
90-days So flow of raw materials
New Zealand customary to place south Affies
different Other unchanged. suppliers and use material which
LONDON was delivered first, placing the remainder to stock as it came
QANTAS is to open a it become customary
The airline has secured
Joase on premisos in Via
Closing rates were:
to hand. This practice not only New York | Bissolati, which is known as
Cancellations, in effect, offset "Airling Avenue."
the order No that
this The Rone office will be the book at the beginning of year was reduced by ship com- main Qantas centre in Europe. pletions during the quarter to a The Sales Office will be on
level or 592 vessels of 5,103,000 grots tons, valued today at £750 million. Of this About
cent is for total, 17 per
foreign owners.
street level and the administra- live offices at the rear.
An Australian centre wil be set up en the lower ground floor,
telephone with.
accentuated pressure
on, sup-Montreal
Copenhagen pliers working to full capacity but resulted in accumulation of Frankfurt
Zurich enormous "hidden" stocks.
De-stocking
Naturally when the denuand began to slacker, firms holding theso stocks begin to dig into them and suppliers were first to
ot reading facilities, and 'a' film | feel the chill wind of recession.
and
The cancellation figure
02,000 1on's compares
with projection area. The new office It has been estimated that as
103.000 tons in the first three will be ready at the end months of 1958 and with 333,- August or early September. 000 tons in the 13 months to
March 31 last,
Although the total
PAA's
Pacific Jets
2.31-11/32 2.81-7/1 2.31-3/32 1.80-5/10 2.81-31/30
2012-2013 2350 15/10-2.30 1/10 140.15-140.20 19.314-19,37% ..... 11.75-11.76 12.141-12.13
COTTON
July/Aug.
Mixed Contrac!'
May/June
Oct/Nov.
Dec/Jan
Mar/Apr.
May/June
NAO PAULO
All prices unquoted 10day
In the
NASE
298829
21.10
the
United Stoles, average-price-of-ono-inch cottag
at 14 designated spot markets was 34.03 cents.
Tolpi sales were 11,232 bnies.
-UPL
RUBBER
Rex
NEW YORK rubber futures today closed unchanged to 20 points lower with sales of 49 contracts. May: 30.75: July: 30.83; Oct: 36.15: Nov: 38.75; Fan: 39.35; Mar: 34: kiny: 34.50.
AMSTERDAM
Jume cikk July
2014-30
Relate crope thin July ***
thick July..
METALS
NEW YORK Closing prices were: Lead May
July
Copper May
$3.45
11b
31.540
22.19
20.00
10.020 101.000 101.
Dow Chemicals .... Dupont de Nemours Favior Airline Eastman Kodak.
Paso National Gas Familly Finance Corp Firestone Tyre & Rubber First Nat. City Bank Ford Motor Co, of Cana Ford Motor .... Georgia Pacie General Dynamics
General Electric
General Foods
General Motor
Gen. Pub. UU. Gen. Tyre & Rubber Celty of
Gliden Co.
Goodrich (B, RS Goodyear Tyre
Grumman Airetary Gutt Oil
Hammond Org****
Portland Cement-teyden Newport Corp.
Homestake Mining Co.
Pinchin Johnson Associates Order Befris.
194 740.
Cial. Blee) and Engineering Babcock & Wilcox Lis-45 10.
Vicker Lad-33% 7ljed.
Food and Tobacco British American Tob. Co... Ltd -538
Pd.
Imperial Tobacco Co., Lids
ON--02
Miscellaneous British
Oxygen Ltd. Canadien l'acine ly524. Dunlop Rubber Co2 440,
ARTIE...
"I suppose it's all part of ==thiɛdollar_trude boom !! —
London_Express Service.
Hongkong & China Gam—13r. Imperial Chemical-34 9. Lyons & Co-do# 11⁄2d. Unilever Lid=00" 190 ·
Paper
Idaho Power
Ou
Ingewoll-Rand
Inland Sel, Co Interchemical Corp....... in Business Machines Int Harvester international Nickel
International Paper Ini Tel Tel John-Marville Co, Kaler Industry Kansas C, Power & Light Kennecott Copper Kimberly Clark
Liggett Meyers Tob. Co. Lly Tuip
Lockheed Alterati Loews Incorp,
.....
Lone Star Cement Co. McDermott J, Ray McDonnell Aircraft (Am.
Block
Corp.
Minnesota Minin Mimion Development Monsanto Chemiles) Co. Montgomery Ward Motorale. National Blacuit Co. National Cash Theg. HAM National Dairy Prod. National Land National Slani Corp. New York Central
Noranda Mines Ltd.
Norfolk & Western By North Amer. Aviariunt North-west Airlines (Com.) Diin. Mainieson
Ollo Elevators
Owen Illinois Glass
Oxford Paper Co. Pric Gas & Elec. Pan American Airways Paramount Pictures Farke Davis Co. Panny 4 C Castee Penn, Salt Co. Phillp Marr
Pitney BowEN
| Pittsburgh Plate Glass
Publickar Industries Pure Oil............. Radio Corporation Radio Corp. Pref. Raytheon.... Republic Stoel Reynolds Metal Royal Bank of Canada Sears, Robuch & Co. cos. Bataway stores
BAR O Co.
Bowater Paper Corp. Ort-the od Badio and Electrical Associated Electrical-dip 95, Slectrical & Musicai-l English, Electrio Co-473_3d. General Electric-34 3.
.
Shipping Indo-China Steam Nov. Co. det archeaze öd
| Bajst Reg. Paper
Bchanley c
#C047 Feder
Binther Ol
PO team Navistation def 'ard STIELE Dil
July
Zinc May
July
Tim
May
July
LONDON
Closing prices were:
Buyers Sellers
Ti
Spot 3-month
706
7801
33.
784
785
Stores
*Copper.
Βρο
23856
3-month
237
Lesd 2nd half
May
Marks & Spen
n
711
70
201
7711
UTI.
The rubber market was casy Zine 2nd half today. Prices closed in guilders
No. 1 crepe
SINGAPORE
1.47 natn.
1.05 nom. 3.10 nom.
Despite lower stocks and pro- duction figures the market was marked down alightly at the opening and ruled quiet with fluctuations narrow.
SUCAR
NEW YORK
World No. 4 sugar
May
of much as a half of the fall in de-
NEW YORK Closing prices were:
per kilogram, cif June as fol-
Aug.
lows:
No. 1 rubber
7. nom.
mand for sieel was due to de- Blocking by consuiners.
Spot July
16.25 nom.
No. 1 rubber
No. 1 rubber
Det
Dee:
Mar.
May
July
#2.10
55.10 30.15-16
NEW ORLEANS
Closing prices were:
Spot July
Dec.
May
34.00
$4.84
Jur
Oct.
$2.00 30.12
LIVERPOOL Cloning prices were:
American Contract
May/June
even
of now
orders received during the past)
12 months, at 511,000 tons, ex-
reads cancellations by 178,000 PAN American World Airways may start jet ellpper service tho Pacific considerably number of In
antici-
tans, this apparent surplus is deceptive
151
Whatever else it has done, the recent interruption to postwar growth of production has chang- ed idens' about the right level of stocks. According to the Financial Times survey, there's littlo evidence that firms who run down their stocks are likely to go back to anything like the previous level
when business picks up. And this in flself means that then will be o bruke on the enle of expension of steel, cool and other basla materiais.
tanker contracts included in earlier than originally the year's statistics as Analised pated. Its fest Boeing 707-321 orders were actually announced International may be delivered by shipowners In
previous curly as July, and could begin scheduled service 45 days later. years.
Originally PAA had planned surpassed by
to walt for the delivery Japan. ond Western Ger- Douglas DC-8s before starting Clearly we are on the verge of many in rate of shipbuilding jet service in the Packic. Boeing a new industrial train the in output. In the last quarter, reports the first two 3218 me which Industry's.. incentive to Japan completed 890,402 tons of well along in the PAA type [ grow is not the frenotie demand (JulźUE. shipping and Germany -- 882,001 certification flight programme, (of a luxury-starved population, 1991/v Dec/lan tons,
but a much" mare "kulikby ang compared with Britain's | which is expected to be com-
{MAYLADT: 312,539 1005.
pleted by Jily.
urge to profit by selective da« 'stry/juns
Britain is sti
of
No. Irubber per lb June 10
July No, ribbre pee 16, June 10-160 Nu.
100 No. 4
Apot rubber unbaled...
flasket crope
No. pala emper
++
ра
102-1065
05-100 100-106
was
LONDON
The rubber market barely steady with spot quoted ot 29 11/10 pence per lb Prices:
23,00 | Na, | rubber spút før 220 2091-1954)
„Zalement hoan term:
21.16 ai,16 / Bapt.
ARE.
21.30
General roarkets, cl basis, portar
||
Bolar "Aircrati
Great Universal Store "A"-43% Bouth Puerto Rico Sugar
Bouthern Co. (The) & Co-dis 34. Lid 101d. Textiles
Woolworth
Costa 3 & P Ltdužka 1034$. Courtaulds Ltd--3da tijd.
Mine
Anglo-American "Corp af South
Africa--1879 50
Cone Goluncks of South Africa
108 1010.
Cons. Zine Corp.
Ord--6366.
De Beers det-Bix P54.
Free Btsiz Development & Imrest
7350.
Petallox Tin-da Dt:
Bouthern National Gas Bouldrors, Railway (Cons.) Stained Desca
Standard Oil of Cal. Standard 01 of ind Blandard Oil of NJ. Bleep Bock (Toronto Ragu.) Sterling Drug Co. Bokely-Van Cand.
Stone & Webrer
Bumbaker:Packard Corp. Bunting Mining
Bwitt & Co.
Patton
poko!
.
WaChem.
A. Öll"
-Cont. Warrants
wentiet
Cony Ltd Time Inc.
Century Driefontein Gokimininalon Carbide
Unión ou of thig
Randöd.
Bouthern Kinta
10350
hlon Corp eta kl.
W futures
West Rand Cons_251 751d.
012
closed today unchanged to two 135 74. points lower with sales of 242 contracto,
Nibo
Union. Facile tailway
United Frui
British Borneo Petroleum Sync-Unlied Alterate Domestic No. 4 sugar futures Petroleum Co. Ltd--816. cloned, unchanged with sales of
70 contracts,
Contract No. 4 (worid) Jubri 200: Bept: 3.96; Oct: IN Jans 9.17; Mari 3.07) May: 3.00 July: 3.09: Bept: 3.10: Oct: 331 Epot-(conte per Is fab Cuba): 3.90.
Open interest: 4,20% contracts.
Contract No, & (domestic) _July; 5.88; Sept: 4,81; Nov; 5.81; May: 0,00; Bpat-(cents per lb. ell NY ex-duty) 5,00.
Open Interest: 4,304 contracis.-- UPI.
Britis
Burmah- D
Joyal Dulch Petroleum—€18%;
tenlied as Corp.
1.5. GypsLETS
Shell Transport & Trading-iate. | TIR.: Line Co. -iteuter,
Agreed Merchant
Rates
Swiss France: Mexunum ing 74-11/16.
Un Rubber
12. Malting
11.8, Ster)
1.B. Steel TP.C. FF Warner Bro®,
Motor
WALOŽIOS.com Elegkrig ***** {Western Union Tel. Co.
Ya. Pulp
| WIN+DESH – Stoire
Sell-Woolworth (WA)