Page
THE CHINA MAIL, WEDNESDAY, AUGUST 5, 1959.
Philippine Omnibus Claims'
London
U.S. AGREES TO
HONGKONG
PAY FOR LOSSES
Generally Higher
ON REVALUATION
STOCK EXCHANGE
London, Aug. 4.
tuday in PGSTODIST ta the Eisenhower Khrushchev
By RUTHERFORD POATS
Washington, Aug. 4.
Out Owis
Exchange this Hypro- $1,503,000. Noon morning's
"Stocks closet mosly higher The Government today paid one Philippine Business done on the Hong-
"omnibus claim,” endorsed payment of kong Stock another, agreed to consider furthering amounted to ovidence on two others and rejected 15 quotations and the in the $900,000,000 claims package.
change and in spite of The ression being the lost of three week account,
the
P
transactions;
KORTER Buyrts sellers Sales RK BRAK
East Atla..
ather Under-Secretary of State, Mr Douglas Dillon BANK
handed the U.S. reply to Ambassador Carlos
Government bonds, neverthe- Jens, were fractionally lower because of Friday's Treasury bill rate, Greek bonda were dull but picked up a bit toward the end, Dollar storks held frm redecting Wall Street,
Industrials hind
many good
XD
P. Romulo in a brief meeting at the StateNSURANCES Department.
features led by a strong demandeule
for steels.
Stures,
At the same time, he gave Mr $23.802.751 cheque property
paying the 25-year-old Philip~~ the blue lipsa da, ir los
SUST Borax, LCL Phillips' Lamp, Turnover, New when the United States revalgel
shares ind
ved ahead,
all and Howater were the star
the cellar.
The State Department later
performers. Olly and rubberanunced that the US, governs
continued Dirle advance.
TheH;
The kale market was gener- War Damage aily quiet bit slip maintained snill gains; denends also went shend bu base metals Passt somewhat-UPL
Closing Prices
filtedged stunda
Brit Trampart
Como 2 - 157..
200-3/11
Chiral 4-£*_
£07-1/16
Conversing konu 1.
Funding! Laun vi."
£91-15/16.
1970z
1
12459 60
Funding Stuck 297, 1999/2011
£13.
Funding Lan
ГУ1-1/10.
3d
47. 103100
Bavings 31, 123 B £9
Savings
Banks
Savings * 10/25-70% Barclays Bank "A" Ltd 5t
Chartered Bank -14.
Hongkong-ESSAL.
Insurance
Union Inmarmzer Fançon -- EDAS
Alterafe and lolurs
British Motor Batu. Did-144 Faid Motor Co-BAR fl
[Series
Distillers Contra
Nailding
34.
Aravelator "Portland Cement 67:
Pinchlo Jalur Associates Ord 221 41ad
PAL, Sterl and Engineering Babruck Wileux Lill -50% vor Vickers d -30 ad
Food and Taherto British American Tok, Cu, - friperial
jck
3d.
Tubacen Co., Ltd-50s
[CITY LIGHTSI
ATERFLIES
"And hear that steel is
fairly steady. properly JELMIS title shaky
howrner....
Q
London Arpias Servien,
Merilanc Boardman Marden 4,4-3; British Oxyg 1. Didix
Canadian Pacile Riy--$52.
top Rubin Co- 23 414. Hongkong & China Gas-15: 34. Enperial Censten -37% 1950. Lyons & Co -609 64.
td.
Unilever Ltd-103s.
Paper
Bowater Paper
Com
Ord-St
Radio and Electrical Asortuted Elrellen1-864. Electrient & feat-G English Eleritic Co-
14
。 Will ask congresn authorise payment of $73,000,000 to the Philippines to settle the ang balances due on war damage claims already approved by The US.-Philippine damage pumpuission.
Will negotiate
war
pussie
the
Lombards Open New
Malayan
Branch
London, Aug. 1.
new
065
In
Wide Declines
Moderate Wall Street Trading
New York, Aug. 4.
Industriais décljhëd today aftör rising tö now record highs in the six proceding sessions.
2011
7011
"B"
101
04
Trading was moderate, Am. Sugar Ret.
above although
yesterday's American Tel & Tel
American Tob. mall volume. Prices registered
A. Coppti wide declines in some of the
Armco Steel specials and in the electronics. Moal of the aircrafts-Cessna a strong exception-declined i point or more, Steels were lower and the motors softenext before the close.
... CS 53340
Unliti Lombard
83%
13
2018
SHIPPING
Ada Nav
1.175
19501.175
Wherlock
4 13
1.43
6600 633
1033 0.63
DOCKS, ETC.
100
101 300 102
aren.
K. Whart Lock
Provident
Talk
LAND, ETC.
32
thanza
General Tyre lost more than three and Goodrich more two in the tyre department. Rails were mixed in narrow TORC
Western Maryland
347 120 three on a stock split proposal And then fell four points from the high. Oils held.well.
13051293
34 13
21
JK tel. 20.10 25 20
HK LINDA
37 3714
30 - 20.00 2021 240037
100 i 37 2
50 36.75
Hanbireys Realty
Vic.cu
....
13 1.470 3300
1.65
20000
1073
NUROF Altit
2.65 2.475 5000
12000
3000 2.073
2.05 2.63
2000 1.673
Trust A. Tawat..
3.825 390
3.10
214
UTILITIES
M 301%
justments of the Philippine! Lombard banking announce Suursla et to the United States under
the opening of an im- the Humulo-Snyder' greco.c.3
office portant
by Tran of Nav. B. 1950.
Lombard Acceptance (Malaya) Limited, one of Star Ferry the bank's credit finance Yonaft subsidiaries in the Far Light East.
office is in Kuala The Launpur and
The secord office to be
the opened in Poderation, the other being in Lombard BDR- Johore Bahru.
• WEI consider detailed addikant evidence which Philippines may submit in supe port of its claim for reimburse men of expenses of the re covered personnel division in
Philippine sculing
veterans Jains
::
133 137
111 114 18.40 10/2
2:00... 30
400 30.25 510
300 $35 401136 2001
300 10.40
in-
Several strong specials helped fustain the general list, eluding motor products, Glass, and Polarold.
Armoon Minin
Allas
-Baldwin-Lima-Ham.
Baltinere &
Bank of Montreal Beneficial Finance
Bendix Aviation Corp.
Benguel Cone.
Batlehem Steel
Boeing Airplane
Burden (Tan) Co.
Burroughs Add Machine Britin Amer, Oli
Call!. Packing Corp. Cant. Ek of Comm.
Campbell Soup Co. Canadian Pacife R. Case 13. 1 Co. Cat. Tractor
Celanese Corp.
C.J.T. Financial Corp. Chase Manhat. Bank Etirysler MalDYN.. Lotus Peabody....
Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credi Calisted Fdigest Continental Oll of Del. Crane Ca
Hooker Chemical declined when the corporation announced nn issue of debentures,
Today's volume was 2,530,000 shares.
Or a total 1.229 Issues traded 417 were higher and 574 lower.
American
Exchange volume
was 1,010,000 shares.
Crown Kellerbach Cuban Amer. Sugar Diamond Alkali Diamond Card Domlaton Stores Douglas Alektsel Dew Chemicals Dupont de Nemosre Fastert Airline
Fastmon
El Paso National Car Fainly Finamer Corp. Firestone Tyre & Rubber First Nat. Chy Bank Ford Motor Co. of Cana.
Bonds volume amour:ted to Ford totor
Georgie Pacing
General Dynamics General Electric
feneral Materi
$30 181,
Electric
7 29.20
1100 20.40
500 20.10
$5,570,000.
1100 / 20.10
Maçao E.
..
9.10
Dow-Jones closing
3000
211,
average | Ceneral Foods
were:
100 21
1001
241
1500 20.50
30 industrials
$78.00
Gen Tyre & Rubber
20 rails
107.17
34 24%
2004
15 utilities
00 G
250 34
221.01
63.40
151.7
0 Rejects ally the bulk of the other ombies elhas a invalid and not a legal obliga-ng (Fur East) Limited was esta-INDUSTRIALS tims of the United States.
in Singapore in April Cement thi Bank's Manozing
blished
Claims Rejected Director being Mr H. Alas
The rejected elaims include;
1954.
Wangh who is well
known
A request for $173,000,000 to fhrutighout Malaya and Strign-STORES, ETC reimburse, the Philippines for apore. tax haped on processing Philippine coconut United States.
"
Dit in
Daley This expansioni confrins the Chair's
cir. Watson statement. culated with the 1958 accounts,
bushiess
3 stucks
te bats.........
||150 - 34,33 || Commi, futures price Index ..
Closing Prices
$0.20 Allied Chemicals
Allied Milia ine.
Allis Chalmera
Ca. Tub, UN
Getty Di
Glidden Co. ... Goodrich (F.) Co.
Goodyear Tyre
Guir Of
0412
2312
401%
Grumman Ainorun
1000: 34
1000 34.2
Hammond Organ
Heyders Newport Corn.
17.30 17 1530
17 29
Homerlake Mining Co,
1237 400
17.3
Kussman Retely.
130
Kiaho Power
1719
200 11:30 Caw XD 19.20 1745
50 4 1820 1500
Abitibi Pwr. & Paper Alden Inc. Aey, Algoinn Steri Corp.
$ 31
Imperial Oi
Ingersoll-Rand
Inland Steel Co.
Kwon S. 11.
143
izu'a i Interolemical Corp
Int' Bulmers Machines
3034 43015
73
l Harvester.
37
5.117 31.15 105
inferiationa? Nickel
1953
.
201
2000 D009 14 3000
Interntot Paper
230
American
Radis
It' Tel. Tel.
3010
010
UT
Juha-Marwise Co
67
nt
Katrer Anwisetry ..
18!
35
At
Kansas C. Power & Light
4913
13.30
JoKennecolt Copper
105*
13.30 | Am. MsCD,
Pa
Kimberly Clark
2014
Liggett Meyers Tob.
Co.
DIEL
€3
Lily Tulip
45x1
Litton Ind.
(232
Lockheed Aircraft
29%
3112
Tone Star Leinen: Co
Textile
A $75,000,000 request south in which he referred to the in- to refund US. excise taxes alienne of the Bank's
ལམ་་ leeted on the side of Phillpunte in the Far East in 1958, coupled COTTONS sugar in the United States,
with expectations of a "success- $345.500,-100 Approximately
ful and profitable 1958" for the claimed as unpaid salary
Fer Barlown, bank. Philippine Army men and at-
the of rillas during World War 11.
A $100,000,000 claim for back pay of Filipino members of the U.S. forces during World War 11. com- Eleven smaller military pensation cladus.- UPI.
Continued Strength Of N.Y.
Stocks
The afdies
ofter 1s; Lombard Acceptanc? (Malaya) Limited, 40 Ampant į Road, Kuala Lumpur, Selangor. | Malaya.—Heuter.
Yesterday's Closing
Nanyang
Vilio
MISCELLANEOUS
Aas. Brake Slne 6.19 | Amerleon Alritte 0.10
Cable
10.00 10.80 2000 1 10.80
17 1144 1000 250
INVESTMENTS
invest 0.00
Allied
41.00 1000
临
Corp. American Cyanamid Co. Amer. & Forgn. Power Ami, Gas & Beefrie Ain. Home Prod.
American Metal 0.05 Am. Natural Gaj
American Swelling
COMMODITY PRICES
SUGAR
NEW YORK
cen.s all in Closing prices per b
Oct.
COTTON
NEW YORK
SINGAPORE
3703
Low Incorp,
Euwenstein & Sons.
MeDermott J. y McDonnell Aircraft
Metabi Tron Corp,
Minnesota Mining Miralon Developmant Monsanto Chemical Co. Montgomery Ward
Motorola ine.
National scult Co.
National Cash Hex.
National Dalry Prod, National Lead
National Steal Corp.
30.20-22 New York Central 35.50
Closing pricer all in
cents per 1. f.o.b. Mulayan ports:
307-107%
No. 4 Aug, ...
Spot rubiler timbaled...
Sept.
Nov.
Jan.
March
May
July
Seit.
Closing prices all in echts per
Contract No. 4 (world)
18.
Spat
Nu. 1 AUR.
33.55 0.
Sept
No. 2 Aug.
2.08-CJ Skot.
Dec 2.08
Marchi
3220
No. 3 Aug.
34.07
2.AG
May
32,74
July
Blanket e PE
Dct.
30.21
No. 1 nale repe
Dec.
LONDON
2.011
2.05
Total Sales: 210 contracts. Open interest; 7.079 contracts.
Contract No. (domestic)
1b.:
Spol
The general business pleture Nev.
Sept.
Del
look Merch
Dee.
March
Hay
Jul
Oct.
DEC.
May
New York, Aug. 4. Edmund W. Tabell, analyst
for Walston & Co. expects Sept. continued strength in selected Issues, but a con- March tinued consolidation phuse Juty
Sept. in the averages, followed Oct.
Sput(.b. Cuba) by upward penetra-
an tion in the not too far distant future.
ns a whole continues to
General Klertyp=341 kl.
Shipping Indo-China Strión Nav. ord-20 34.
P&D Swan Navigation det ord fhall improvement in earnings of -30% 1100:
Co. det fvery solid, and the vigorous first Scotte... NY. ex-duy ch
$10rs
Great Universal Stujes "A" 13%. Marks & Spencer 1971-675 È vt eor Woolworth r. W. & Co-32
412d.
Texture Conta 3,4 12 100-200 10. Courtaulds 140-43 41df
Mike Anglo-American Cont South
most corporations promises Lo resume in the fourth quarter of This year after a third quarter nd interruption due to strikes vacations, Recording, to Shearton, Hammill & Co.
of
Total Salon: II contract.
Open intercal: 1,475 contract
METALS
NEW YORK
Noraida Mines Ltd. Nortelk & Western Ny. North Amer. Aviation
Airlines Northwest
Olin Mathieson
100%-100
101-10435 Philip Morris
107-1071%
24
ANSPORTATION
New Techniques In British
·Shipbuilding...
on
Work is now very well advancou all-welded the largest aluminium superstructure yes Bulit into a Britlah whip, the 40,000-ton
Tinor, Orient
under Orlana, at prenant construction in the vast yorda
of the famous ship-buildors. Vickers Armstrongs, Barrow. In Furness. She is due to be and launched this autumn when completed will take up service on the Australia and Pacifio run in conjunction with the P&O liner Canberra, ales of 40,000, which is to be launched a few months after the Orlanm.
of
aluminium has been used to any great degrea, steal utlf- fonere have boon essential for the Integral rigidity required In the construction of a large ship in present day standards. superstructure The aluminium
weighing just over 1,000 tons, 1wo fiva decks, compriso bridge decks, and all upper
The total works. Bulkhead and deck plating of this material a nearly 350,000 #q ft.
of
About 90 per cent of the super. structure has been assembled In prefabricated form shops entirely Independent of the main yardı.
it le claimed that there is more aluminium being used in the construction of the Orlane than
pride WEE usod In the America's shipping world and flag ship of the United State's Line, the 53,000 tonner United States. The reason for this la that
where previously
The cost of this glant new ship, the largest passenger vessel to bo constructed In Britain *Inco the zil-lima record breaker, Queen
Elizabeth, 83,678 tons, to £121⁄2 million,
-Central Pros Photo,
The Tanker Surplus: Japanese
Firm's Survey Of Industry
TAVEN under the most favourable conditions there is likely to be a substantial world surplus of oil tankors for the next two and a half years at least.
This forecast develops from, af compared with the second-hand 45 detailed statistical survey of the value of such ships and bearing 1115 tanker industry, preputed by line in mind their unprofitable carn
It can be safely Kalum Kalsha (1.K.K.), a leading ing prospeels,
assumed, therefore, that many Japanese shipping company.
23.10
33.00
Dla Elevators
Owen-anyi Glas
Strails
Oxford Paper Co.
10015
Pacle Car & Rec. Pan American Airways
2701
Paramount Pictures
1051-1031%
Parke Davis Co.
100-3001
Penny J. C. Co.
Penn. Sall Co.
GO
Pitney Bowes
103-104
113-114.
Procter & Gamble Co.
Purgh Hate Glass
Publicker Industries Pure Oll
12
}b.:
Radio Cur. Pref.
311-311
Raytheon
Settlement house term;
Republic Steel
Oct./Dec.
30-07
Reynolds Meta!
Jan/March
2014-30
Royal Bank of Canada
April/June
July/Aug.
Oct/Dec.
29-30 2016-2018/
291-2914 Shell Oil Co,....
NEW ORLEANS
Closing prices all in pence per Radio Corporation
Closing prices all in cents per No. 1 Thus spot
LIVERPOOL
1.05
32.25
32.27 32.13
i. Closing prices all-in pence per | າຍ.
American Contract
July/Aug
Oct/Nov.
Desam
Marely Apri
May/
Closing prices, all in cents per July Aut
Considering the strength underlying forces, we would ex- peel no more than a temporary weakness in the production in- dexes to result from the steel strike, says investors advisory Justt:ute, Any stock market effect this way may have in Lead specific areas probably will be Cons Lid-offset by price strength in other
Afric-10 D
Cons Goldßleida of South Africa Bon Blu cer. Cons Zine Corp. Ord-65 0. De Beers def-1734 154. Free State Development & Invest- met 4th
Hongkong Tin-in 4'id." Pelaitng Tince 0.
Sauthern Kuta
Rand-d
7:00.
Union Carpus d.
143 bor.
lb.:.
Sept.
Zinc
groups.
Standard & Poor's selects
Sept.
Oxi.
Copper
Sept
Oct.
Th
Scot.
Oci.
-West Driefontein Goldmining Cominercial Credit as the stock Wort Rand C 31.
of the month. This finance com- British Bernenetroleum Byadi.pany, specialising in auto paper.
cate-50% 7iyik. :
British Petroleum
3d.
Burman-dis Od car.
Mixed Contract
July/Au
Oct/Nov.
31 55 Dec./Jen.
11.4 Match/April
MAY/JUN
SAO PAULO
11.in July/Aug.
11.50
20.02
20.90
101.1A
per kilo). All unquoted,
101.5
is expected to earn $5.50 a share Co., Ltd-520 this year against $5.20 in 1998,
LONDON Standard also antlelpates it will Petroleum show Dutch
antisfactory a
gain in
Closing prices, all in sterling arnings in 190b and 1001. per long ton. Shell Transport & Trading--i45x pd.-Reuter,
RIL1/0.
Exchange Rates
White some
normal
tions in the remaining months
Tin
of 1050 cannot be ruled out,
Spot Fitch Survey looks for a con- 3-month tinued manifestation of strength Copper
Spot 5 month by the Dow Jones Industrial avenge, based on a concurrence Lend lat half 4.71 of a favourable business clanaté AUR. Nov. 1201 with an eventual non-inflation - ¦ zihe ist' ball" 13.60 |ary bettlement of tho steel LAURE Nov. 2strite-UPL
In the local Butress was done enumetal exchange tharket this morning at the following rater: U.B. dollar (per: $13 pon*** Biering, notos per £1. Australian holes (per 411 Indonesian rupiahi (por 100) Bam Siepie, (pår 150) Singapore (strate)
Buyers Sellers
Sears. Roetrick & Co.
Safeway Stores ...
Saint Reg. Paper Schenley Inc.
Centers markets, odf, boat, poria: 053-31 30%-30% Scott Paper
Aug. M
Fatale repe:
Thin Aug
Thick Aug
AMSTERDAM
The survey examines the out-of these ships will be scrapped look up to and Including 1983 during the period 1959-1061.
estimates The Burvey
that and, assuming an average on-
deliveries, of Now nual Increuse of 8 per cent in scheduled world demand for all over that tankers during
the next few
it estimates that the years will total: 7 million dead- fanker surplus will reach its weight tons this year; 64 milion After 1960, ittons in 1080; 5 million tons in
be 1001; 4% million tons in 1002;
following year and wil: decline and 4 million tons in 1983.
existing
SEL
perlod,
70%
∙11392
$3
Deak next year.
40%
will contract slightly in
9714
63!4
even further in 1982;
851
Sinclair O
0133
3312
Smith, Cine & French
Socony Mobil Oil.....
40
Soler Alterart
50%
South Puerto Rico Sugar Southern ca. (The)
+7
DEFTK
BOLL
pected to
47X
12)
Closing prices all in guilders Southern National Can
21.40 per kilogram. cit. August:
21.14
No. 1 rubber
20.08 | No. 2 pulber
11 28 No. 3 rubber
No. 1 erens
21.45 21.48
(Closing prices all in cruzeiro
Average price in U.S. at 14 designated spol markets: 32.20 cents.
Total sales: 461,000 bales.
-UPI.
RUBBER
NEW YORK
Soulbern Railway (Com) 100 buyer Standard Brands
1.00 uyer Standard Oil of Cal. 4.06 buyers Standart Ol of Ind. 1.20 buyers Standard Oll of NJ
UJL Steep Nock
FORLICA EXCHANGE
NEW YORK Closing rates: Courda England official
33-day's
w
pg-day
New Zealand
South. Atclea
Otliers unchanged.
LONDON
Closing rates
How York
Montreal
Bruger
Frankfurt
Man
Rit rubber tulures, closing FATIK prices, all in cents por 18:
Sterling Drug Co.
Stokoly-Van Camp,
Stono & Webster......
Studebaker-Packard Corp. Scrine Mining
4534
Swift & Co, ...
745x4
TEAZINE
201
Co..
Tide Water A. O
The Inc.
Tri-Cont.
Warrants
Twentieth Century Fox Film Union Carbide
Gelom Oll of Cat.
Pacle Raliway
Und Aircraft
United Fruit United Gas
21-11. Gypsum 2.01.1.8. Line Co. zai-9/10 1.5. Rubber
U.B. Smelting
F.B. Steel
U.B. Steel 7.C. PF Warner Bros.
Waukesha Motorw
Westinghouse Air Brako
| Westinetvxe Elentric
Vi6-20-716 western Union Tel. 06.
WUPL
West Va. Pulp & Paper
Winn-Dixie Biores
| Woolworth 10K. W.)
Zenith Radio.
$4630
Cancellations
ordery during the next 434 years,
is suggested, 1,659,000 toris by the end of 1963.
will
total
This is on the basis of a can- cellation or conversion to dry-
In fact, expanding By: 1003, world of consumption com- bined with scrapping of ngo. ing vessels, and some cancella tions of existing shipbuilding corgo vessels of 20 per cent of expected to balance the orders placed by independent with the size of the world fleet. tanier owners.
orders-is
Taking all these factors into "Even a certain shortage is ex-
emerge in 1963 or, consideration, J.K.K. estimates that the world tanker fleet will possibly sooner," says the survey.
This estimate is based on the grow by/13 million tons over the
that all oil tankers next 4
years to 71.3 million assumption of 25 years' age or over will be tons by the end of 1903. scrapped and that, In addition, This can be expressed other- about 30 per cent of the 10% wise as on expansion from million tons deadweight of war 8,001 to 4,881 in the number of be-T-2 equivalents." The T-2 built tonnage constructed tween 1943 and 1945 will also was a general-purpose size war- be scrapped during the next 44 bullt ankor ol 10,000 dead- years. This would account for weight tons
The following table gives the nearly 7% million tons or 1214 per cent of the existing world survey's esumate of the supply Coot.
CLASSIFICATION
and demand outlook for oil taníc. ere up to the end of 1052. Al It is polated
expressed in out that most the figures are kydr-built tankers are due for terms of "T-2 equivalent ond their fourth classification surveys are based on the premise thot all In about two years.
tankara after 25 years of service
The goal of these surveys will be scrapped together with 109 would be excessively expensive, 30 per cent of war-bulit tonnago,
TANKER EMPLOYMENT
Supply Demand
11014
-UPL
(Ocean-going tankern) Coastal tankers) Burplus or deßeft
1950
1001 1000
1962 1003 3,084 3,918 4,132 4,398 4.501 3,313 3500 3,910 4,205 4,713 2.630 2079 9:120 9430 3770 £50 042 003 720 782 +201310 +222 +43 -107