Page
+
THE CHINA MAIL, THURSDAY, NOVEMBER 5, 1959.
UK's Decontrol Of Imports
London Commonwealth
Closes
Lower
London, Nov. 4.
The stock market closed
lower today on the gov-
Suppliers Are Protected
By SYDNEY GAMPELL
London, Nov. 4.
ernment's statements that Britain's romoval of import controls is a sweeping relaxation on her imports as
retail prices must be cut and that it plans to Hift dollar import restrictions,
Industrials fell back on a broad front with lowes ranging Stores to a shlling or more.
strongly reacted
the with lenders tumbling two or three shillings. The blue-chipa were also mostly canitt.
Gold stocks driftedi Tower and coppers lost further ground. Olla were lower and rubbers mixed,
Gilt-edged government bonds continued to sag.
Greeks bounded ahead on hopes of a debt sellement in a
market. bond quiet forelan
lower.-- Dollar stocks were UPI,
Closing Prices
altedged Bond Bellish Transport 32, 1974/BA--
Conials 24-C51-13/18. Canal 4- £76-17/18. Conversion Loan 31 1DCA £67-7/10.
Funding Loan 3%, 1959/09~~£ BA* * - Funding Stock 34 1099/2004.... €74-3/10.
34.
Funding Loan 45, 1963-90-£ 12?; - Savings 1900/65-3/10. Saving * 1000/70-283-9/18. Savings 3, 1983/75£T-11/10.
Manka
Barclays Bank "A" Ltd ord-60s Chartered Bank-ble cor.
longkong 38% ·
Insurate
Union nurance Canton—£3-9/10,
Alreraft and Motors
Britis Motor
mcd
Corp.
Ford Motor Co-98.
Rootes LAG "A"-10 7 d.
O14-211
Standard Triumph Jatemalona!-
11.
Brewerien
Distillers Co- 3 14.
Building and Materials
Associated Portland Cement-8&s
pinctiin Johnson Associater Old-
11.
Coal, Steel & Engineering Babcock & Wilcox Ltd-440 754. Vickers Limble 4!jd.
Food and Tobacro
Lid Co. Brillah American Teb. Imperial Tobacco Co., Ltd-37% hi. Miscellaneoita
Boardman Marden Ltd-a lotźd Dritish Oxygen Lad. Ord-186. Canadian Pacife Rly-448 Dunlop Rubber Co- Tach.
Hongkong & Chica
Imperial Chemical -13+.
Lyons & Cod. Unilever Lid120s 70
Paper
4140.
Bowater Paper Corp Ord-08 94.
Radio and Electrical Electrical & Musical-59s 7d-cor. Associated Electrical English Electric Cott
General Electric.
1.
a whole but its effect in removing nearly all the remaining dollar discriminations is only incidental.
They had been overdue for removal ever since sterling be came externally convertible last beneft December but the main
of the concessions rany well go to Europe rather thon the United States.
The United States was not fing the small token. geota already granted to car, for ex- ample, because American were the wrong style or the wrong pries market.
Today's opens the
сага
Russia's Industrial
British for the
measure
equally
10 British market
many
continental cark and
more of them may come in.
Welcomed
Claims Must
Be Respected
As there are
long delivery delays for most makes of Bri-Sir
SAIC
HONGKONG New York Market
STOCK EXCHANGE
Our Own Correspondent
Businrar dose at the Hong- kong Stock Exchange this merning amounted to appro
imately $094,000. Neon quota- ons and the morning's trann
Sharez DANKS
K Bank
Bayers Bellers .2010 3035
INSURANCES Von XL SHUFFING
When to
DOCKS, ETC.
Alex
4710370 1023
50 1000 20 1045
ณ 25
4,00
K. Whart. 121
G.70
Ë
52
Dork
•Provident.
1470 1400
LAND, ETC.
31
BK Hotel..
UK Land. 30.73 374
200,63
100
100121 100122
200 122 400 BES
202 14.30
20314.30
12
200
Bumphrey L000 10.00
Realty RUBBER Amalga
Trust. XD. A. Tawah Sungala UTILITIES
בורג זT
206 31.70 100 37.20 20057.25
300 18.6)
2000 1.16
1000 3,73
Moves Widely
On Good Trading
New York, Nov. 4.
Trading rose sharply today in a stock market of
widely moving features.
Inte Kourt in American Motors and American Home Products and a sharp decline in Revlon featured. The latter at Its low of $54 was off 5 points. It made but little covery at closing.
The no-called Independent mators soared while the lead- ing motors tell sharply with Chryster off two pointi atli low. Some of the electronics met realising but most of them came back from their lowe be. fore the close. Specialty steels moved widely with Simoncis
Saw off more than four and Continental up nearly a point. Goodyear and Firestone met de- mand in the lyris.
1.00 1.029
3.70 3.75 4.70
2.10
31
32%
300
31.
ve
163 31
35 133
200 or 123
100
C. Light
20.30 20.40
4150
Nottingham, Nov. 4. Miles Thomas, indus
Star Ferry trialist and Chairman of Yaurati the British Productivity Council, said here that there
"not the slightest the
doubt about Russia's ability and in- tention to wage indus- trial war in the
world's Ma markets,
io
tish curs, the British manufne turers can stand the extra com- petition and the customers should welcome 1.
Much the
upplies imany of the other goodis on Hist. Dollar goods will get ex- tra businOSS only when they are cheaper or better than gooik
from other sources.
Overall, the addition to Bri- tain's total import bill is not ex- pected to be substantial. The advantage to the dollar area or
U.S. Welcomes Decontrol
Washington, Nov. 4. The United Sales in a formal statement described today's British announDC- ment of a major caring controls as "a of impart welcome move toward multilateral trade,
But a Joint ataiement by the Department of Slate, Treasury, and Com- merce said; The United Kingdom will Bull apply discriminatory restrictions dellar number of commodities including some Important agricultural pro- ducts.
"The U.S. Government
that hopes
the United with Kingdom
continue
a
making
rapid progress until complete liberalisa- tion is achieved, "Reuter.
[any other single supplying area will evidently be less substantial. American calculations that the measures will bring the United States $500 million more busi- ness are likely to prove very Indo-Chink Bleam Nay. Co det,exaggerated indeed. PO Steam Navigation del ord
38410144.
010--321.
Shipping
Stores
Great Universal Stores "A"----L31
34.
Marks & Spencer Lid-738 30. Woolworth F. W. & Co-K's id. Textiles
Coats J&P Lid-3a lijd. Courtaulds Lid-67 215d.
Dines
Anglo-AmerİCRIL Africa196 155d.
Corp of
South
Con Couriers of South Africa
Do d.
Cons Zine Corp. Ord-13, ed. De Reems def--16 101d cur Free State Development & Invert-
ment to
Hongkong":
find.
Petaling Tin-B 133. Rand-107 d.
Southern Kinta Cotis Ltd-20 d.
155
Union Corp=80# 45%d,
Wext Driefontein
Goldmining
West Rand Cons-23 3d,
Qu
Brita Borteo Petrolown Byndi. cale-81 101jd.
Unaffected
Primarily today's measure is
a removal of quota restrictions, The Import tariff, including Commonwealth
preference, is
unaffected and gives substantia! protection to many British and Commonwealth suppliers to the British Inarket.
Several of the remaining res- trictions, notably on fruit, are Gesigned to give transitional shelter to Commonwealth sup- llers who fcel unable to stand the full blast of dollar compet}- Lon forthwith.
Japan's exclusion from any benefit of the relaxations should not last too long.
than Japan Ands 11 harder Europe or the United States to make an international living. As she is a poorer country, she is entitled to consideration by all other Ilberal minded coun-
British Petroleum Cǝ.. Li-43 | tries.
Burman--tās 3d.
Where her goods are the
Itural Dutch Petroleum-£15-3/10, cheapest their admission would
Shell Transport Trading-147
CHICAGO GRAIN
MARKET
Chicago, Nov. 4.
Grains were mixed today on the
Board of Trade.
Cotti, onla and
do inget to further the British govestment's alm of getting prices down.
A Big Thing
While the cost to Britain and the vantage to the supplying countries should not be exag- rated the decontrol is a big
sweepe away nearly all the quote reteletion which were a rells of the war and of the post- war difficulties,
Was
"The world faces a new war. a war of economics with battles for the world's markets as flerce and deadly as any ever_fought," he said in a speech to the Local Productivity Association.
TRADE WAR
wor
"In this big new trade which has even now begun, no tho ite may be lost. But for vanquished, the very reasons
for living, may well cease to be."
***
125
than Polaroid ran up more
cameras points in the where Eastmon ruled strong. American Home Products Ied
4000 9.45 the drugs higher. Several lead- 2030 ing industrials helped boost the 500 a 20.30 industrial average.
439
3.3
500 20 43
500 23
200 25
100 25
Djalilera-Seagramo Dominion Mores Dupont de Nemours Exainian Kodak Family France Corp. First NAL Cily Dark Ford Motor Cs. of Canı. Ford Motor
Georgia Po
General Electric General Foods General Motors Gen. Pub. Util. Glidden Co.
Goodyear Tyze Heyden Newport Corp. Howman Beltl Imperis
Imperial
Ou..
Jet Harvester
Int'l Tel & Tel
142
38-0
15
4813
Inland Steel Co.
BOY
Int'l fluineen Machines
4061
491,
International Nickel
gay
Kaler Industries
3310
Kannur C. Power & Light
43%
Kennecol Coppar
Kimberly Clark
Lily Tulip
*
£ntion Ind.
1291
Lockhead Airereft
57
23
Loews Moorp. ....
Lone Star Cement Co. Minnewata Mining
Mision Development
Montgomery Ward
יזד
Page
Air Travel Has Diminished
The World's Size
EVER since man first wished to travel he has
striven to move ever more quickly, Flight has opened out new horizons of speed and we are today. on the threshold of an age in which the world will shrink to a tiny fraction of its previous size.
calme
Taking the average speed of the kinetle heating-to name the world's civil airlinera as u but one factor-would yard stick, it is salutary to note, temperatures for in Excess of That, whereas between 1920 oad janything of which present 1940 this increased from 00 to materials con handle.
Between 145 mlies per hour.
1940 and 1960 and between 1980
Even al 2,000 m.p.h., aircraft
and 1980 the corresponding structures have to be fabricated figures appear likely to be 143
In a
complex
the
and expensive load-carrying
being pro-
to rather store than 300 m.p.h., manner, and from 300 mi.ph, to some-primary structure
of 1,500lected by a shell of graphite or thing well in exCCES m.p.h. Already a large number metal Ules, or by a skin which
is refrigerated by of transport adreraft capable of 600 m.p.h. are in regular service and their successors are on the drawing boards,
WITHOUT WINDOWS
יו!
Electric
24.70
Dow Jones
closing averages
National Lend
Motorola Inc. ...... National Capy Prod.
Cash Reg. National Dairy
11202
312
were!
13.00 14.20
30 industrials
2.20
20 rall
vi. INDUSTRILS Cement
29.00
1000 30
15 utilities
151.51 Owen-inals Glass
New York Crestani Noranda Mines Lid, Olin Mathieson 450,74 5914 Ou Elevators..
48
BJ
82.79
Pacific Cue & Elec.
$1.45
384 38.75
250 500 / 3612
GODA 1.75 20.75
63 stocks
Pan American Airways
227
Comm. future price index
Bis
21.84
Paramount Pictures
45
Farke Davis Co.
STORES, ETC. Dairy Watron
Penny J. C. Co.
116
20 2015
Penn. Salt Co.
21
aireraft to reasonable and to Anding the
18.80 470 16 60
Стат COTTONS
24
33
necessary
for the
Textle Nanyang INVESTMENTS
Alie
IK & FE
Invest
GES
JUG
15.30
NEW YORK SUGAR MARKET
Russia had claimed that she would overlake the United
shortyorld States in a comparatively time and "we must not ignore the this plain warning from Kremlin," he added.
"Bussin's successes at many ields achieved in the face of Western scepticism compel us to respect her claims.
"The Russian leaders realised be long ago that output must increased all along the line-and then increased again and again like a recurring decimal that never works itself oul."-China Mall Special.
18:
Yesterday's Closing
40 bonda
Closing Prices
Abitibi Pwt. & Paper
Alden Doe. Acy,
Am. Natural Gas American Smelting
Aanerican Tob. Anaconda Copper Armaco Steel Armour
Asbestos "Corp.
T'hilip Morris
Piney Bowes
Procter & Gamble CD.
Fittsburgh Pite Glass
Raytheon
flow of coolant carried with the aircraft overboard as the and dumped [kght progresses. It hna evén been suggested that such por. flons as the leading edges of the wings and tall, and the nose of the fuselage and powerplant intakts, might be permitted to erode is a result of the extreme temperature
abrasion and alr and replace in toto after each
this
could
The supersonie alrilner poses problema that have not already been solved in the milis tary field. Nevertheless answers must sult be found to the dimoutiles of designing a com- mission." fortable and psychologically cor-
like Techniques rect interior-possibly without window-ant to matching the hardly fall in have an inituence alfields on the price of a ticket for a journey. Nevertheless, vast sums given design, de- there will always be some who velopment and purchase of such will be prepared to pay to travel a Trans-faster, and it is to them that we machines. To bring
of owe the present pace of techno- Atlantic airliner capable cruising at three times the speed logical development in the Acid of sound to the point at which it of transport. 491enuld be granted Certifleate of
813.
Airworthiness could
not cost
This
than £120,000,000, immense sum would inevitably
have to be recovered from the UK Has More
aircraft, ale of relatively few 53rince one of these machines)
could do as much work in a
year as perhaps 20 of today's | 47lour-engined transports.
$2712
42
Publicker Industries
Pure Olt
Algoma Steel Corp. Allied Chemicala
37
Radio Corporation
All Chai1150TH
J!
Radio Corp. Pref.
12.00 12.00 800 12.63
American Airline
Am. & Foren. Power
Repubile Stevi
American Metal
24
Heynolds Metal
DO
591
Royal Bank of Canada
78
Saleway Stures
31
American Tel & Tet
78
Saint Reg. Paper
51%
10412
Schenley Inc.
37
tair Oil..
747%
Smith, Kine & French
3314
333
Socony Mobil 01
Standard Brande
70%
Allas Cons. Maine Baltimore & Oklo
10
Standard Oli or Cat.
4114
Standard Oil of Ind.
42
Bank of Montreal
30%
Standard Oft of N.J. (xd)
Bank rf Nova Scotia
12
Beech Life Savers
3324
Bell Telephone
steel Co. of Canada Steep Rock
121
40
19
107 Plant:
55xd
52
icchniques
3516
Irish Columbia Elec.
Cerp
2735
371%
43%
07.4
Texas Co
TU
2614
Textron Inc.
Thokol Chem.
JP
Tide Water Oil
30%
Traders Finance
61
Tri-Cent. Warrants
244
Bolon Carbide
Union Ou of Cal.
M
Unlled Fruit
184
US. Foll "g"
New York. Nov. 4. No, 4 sugar futures closed today unchanged in
higher three points
with sien of 91 contraels.
Demestic No. 6 sugar futures closed unchanged to one point higher with sales of two con- tracts.
Uncertainty over the Cuba political situation kept sellers futures reserved in world while speculative shorts drifted to
along with routine trade buying.-UFI,
cover
BOMC
Benguet Con
Bethlehem Steet British Amer, Oil
| British Columbia Pwr. Cana. Bk. of Comm. Canadian Pacife R Chase Manhat, Dank Chrysler Motors Colgate-Palmolive Co Commercial Credit Consolidated Edikost Consumere Ga Crane Ca... Crown Zellerbach Cuban Amer. Bugar Diamond Alkali
COMMODITY PRICES
SUGAR
NEW YORK
Closing prices all in cents per
Contract No. 4 (world)
Jan,
March
May
July
Gept.
Ort.
Ja
Mar.
apot-to.b, Cubal
Open interest:ntracts
Total Rales:
Jo.
contracts. Contract No. (domestlo)
March May
lb.:
COTTON.
NEW YORK
Closing prices all in cents per
Spot: 37.70 nom: Dee: 22.44: Mar: 32.40; Mag: 3.12; July: $2,77; Det: 30.58 Dec: 39.53: Mar: 30.70.
NEW ORLEANS
Closing prices all in cents per
+
Spol: 31.14: Dec: #245; Mar: 1297: May: 33.11: July: 32.15: Oct: 3050; Dec: 30.49; Mar: 30.08.
SAO PAULO Unavailable.
0.81
8.04
UPI.
Ib.:
METALS
Closing prices, wit' in conte
NEW YORK
per b.: Lesd Dec. Jan, Zine
Dec.
Jan,
The reason this can be done Copper Dic. soyabeanels that Britaky's own goods have
Dec.
LONDON
návaticed to new high airly become much more competitive
today - before profit-taking cut |--ánothér off some of the gains,
Wiest prios turbed weak on selling by cominisalons - botates. There wed more commerical buying of December, but most trado was light.
way of saying that
the poutil hua bocorms stronger.
A few years ago evění a stari
địa-
2822-893
100.50
LIVERPOOL
Closing prices all in pence per
American Contract
Dec/Jan: 21:00: March/Apri: 21.05% May/June: 43; July/Aug:
Oc/Nuv: 21.10,
Mixed Contract
Dec/Jan: 22.20; March/April: 22,45; May/June: 21.90, Jul/Aug: 2125: Oct/Novi 215UPL
RUBBER
NEW YORK
All unavällskie,
SINGAPORE
Closing prices all in Straits cepte pera. Lob. Malayan sellers postä:
Cloding pelote, ali in stärling on the diamantling of the criminations would have flooded per long tận. the British maricet with dollar goods at well below the British prices.
Karunek, with audi živiva, boddhi,
społ tooth Copper pot
batts
a cargo
Japan purchanted
Today, in some of the decor trolled inow. If in doubthal who, fand lat bait Woy
Of soborz, while ther the dollar goods one come año let haar
northern pritve, mouth, to get any ingre, **** suzing' wheat;
Buyers
7 No: 1 Nov
1.1 Dea..
Nov.
No. No.
741% No. 3 + Now, ada Bootrubber unbeled.
9136 | Blankit grape
Iño.... 1 pale öcape
LONDON Closing prices all in per lb.;
No. Ras spot
Settlement house
Nov.
Dec.
Jan March Apri/June July/Sep1.
Oct./Dec.
General
parts:
Nov. Dec.
Sterling Drug Co. Stokely-Van Camp. Atone & Webster Studebaker-Packard Sumalaine Mining Swift & Co.
094) Twentieth Century Fox Film
0522
pence
term: 615-27
markets.
...
-30%
37%-J315 Estate crepe thin Nov.
thick Nov. 335
AMSTERDAM
Closing prices all in guilders per kilogram, c.lf. Nov.:
No. 1 liber
No. 2 rubber
No. 3 rubber
No. 1 crepe
3.45 nom.
3.4 лom.
3.70 hom.
_UPI
FOREIGN EXCHANGE
NEW YORK Closing rates; Canada **** England ovetai
30-day
DD-Gays
Australia: How Zealand South Africn Holland
Switzerland
Others unchanged.
LONDON
Closing rates: New York
Manirat Amsterdamn BYLLADOIR Copenhagen Frankfurt Paris Blockholm Mars Zarich
US.
U.S. Smalting
17.3. Ster!
US. Steel 7 P.C. Pr Warner Bros.
Waukesha Mutors
Westinghouse Air Bruk: Westinghouse Electric West Va. Pulp & Paper Winn-Dixie Stores Woolworth K. W.) Zenith Radio
Paradoxically, the design of a large supersunte aircraft is not particularly
difBeult;
power-
Jet Air Routes
Washington, Nov. 4.
United
THE
Kingdom boasts a more extensive
structural materials, network of jet air routes
ind accessory than any other country, the systems are already in being Civil Aeronautics Board re-
Much effort, however, will have
to be expended before such airported today.
craft
can be points close
operated from
to the centres of
length and Runway
will have to
The Board said a survey last
June showed the United States cities.
be in cond place," Aeroflot, tha strength
and the noise which Soviet Union's only jet plane adequate they create will possibly prove airline, third and Aerolineas the most troublesome factor of | Argentinus of Argentina fourth.
The survey, showed that U.S.
44
2514
$41
all.
7826
9012
141**
Getting such a machine to airlines fly more jet planes and the air is rendered less difficult 10: работает miles than by the fact that tremendou (21 engine power will be available The Board said four U.S. jet air-
291%
carriers of any other country.
and advanced techniques, such lines accounted for 45 per cent of the world's total jet mileage.
974 as the use of ad hoc engines for
6025 | vertical lift (the scheme
110
-UPI.
Increase In
W. Germany's
Steel Output
Duesseldorf, Nov. 4, Crude steel production in West Germany during October at 2,476,000 fores was a record, the Federal Bureau of Statis- ties announced. This
gested by Rolls-Royce) and alt- and aero craft whose
shape dynamic configuration may be
Aeroflot logged 35 per cent of the total.
Varied (the brain-child of The bourd zaid, "it had every Vickers Armstrong) may even expectation that the United permit the employment of run Staten would increase its lead- ways shorter than those neededing share of world jet traffic."-
UPI,
by today's Boeing 707. On the other hand, quiètening the supersonic transport at take-off the deafening and preventing bangs from its shock waves in cruling fight from wreaking havoc on the ground beneath, Pan Am
ате problems of the firel magnitude and no complete solu tion to either in at herid. COST DIFFICULTIES
Moreover, not all the difficul- with supersonic les asociated transport are technical ories. Airline
Announce
Freight Cut
New York Nov. 4.
PAN American
World Airways announced
rote operators are already freight
reductions figure financially stretched to the averaging 50 per cent on compares with 2,315,000 tons utmost and the economic struc general cargo shipments be- September and about 1.9 ture of the world's air transportwean the United States and million tons October of industry could not support Q
ما
last year.
Production in the first 10 months of this year was 21,20);- |090, ions against 19,329,000 tons
major move into the supersonic the Orient, effective January realm for at least a decade | 18. unless something quite unfore»
scen occurs.
jin the comparable period last Many airlines have expressed schedule beginning on
The line planned to triple lis present trans-Paking cargo Novem→ |ber 14.-China Mall Special.
year.
Crude
an interest in supersonic aft=) iron production in October totalled 1,7169,000 tons
craft. Several of the largest have undertaken detailed against 1,653,000 tons in Septem-
studies of how such machines ber. In the first 10 months of
would behave on their routes, this year, production amounted to 15,024,000 tons
against largely a vicious circle in which 14,007,000 tons in the same
no operator can afford to 1938-China Mail. 1.06 23/❘ period of
even a small fraction 8030 Special.
development costs of ́a super- transport-efð, no matra facturer can afford to undertake
but at present the position British Ships
BOGZ
8082
0.2435
2,7930 BOTO
2.6070 2303
20.00% 2.0% 3.08.10/16-2.68.7/20 30.0031-10.
140.1734-140.6255
*10.25-19.5314
11.00-11.0834
12.751-13.78
37WT-17401
--UPL
Agreed Merchant Rates
↑ Swiss France, Maximum Sell- ing, 7544..
pay
of the Laid Up
a programme to build one with-] 7TIME out being istered of # large number of firm sales,
Exchange Rates ary aviation and, space ́ek-
London, Nov. 4; Government on- Inounced - today that... on Looking further shend and September 30 this your 1,939 enters the reain of hypersonics;| British ships of a grass which has already been entered tonnage of $17,000 tons by those concerned with mill were laid up in United Kings ploration. It is not too difficult dom waters for lack of am- Busines Way done in the local to av at 2,000 m.p.h. within the ployment, unslicia) - exchange market this | atracaphere, and it is an even inorning at the following calenda V.B. dollars- (per (3)
Berling notes (per23) Australian nolen (per £1) Indonesian rupien (per 100) .. Slam, ticals (per 100)
Lingapore -- (8) Lexata)
0.70
caler tank to fly at 20,000 mp,h.
Mr. John Hay, Parliamentary 13.7 outside, but it will be many, Secretary to the Ministry of 1155 | many years, bétagy; the Intler Transport" stiloqneed, this in speed can be achievea Witiin reply tơ à Tirumé ér Coifanions our earth's mantle of gas, since [ quartla
.70