1951-01-16 — Page 11

Budget's American Steel New

Effect On Wall St.

New York, Jan. 16.

Stock prices closed at or near the peak of an afternoon rally today after a spell of weakness In the forenton.

Principal factor in the advance was President Truman's budget message to Congress which blue- printed $71,594,000,000 spend- ing programme for the next fiscal year, starting July 1.

Trading was at the rate of about 2,000,000 shares.

Steels, motors, rubbers, air- crafts, distillers, rails and alls higher, Scrambled

were

Output Record

`New York, Jan, '15. America's annual steel making capacity 'on Jan. 1, 1951, wis a record 104,- 229,000 tons, oro than 4,500,000 tonk gresier tun the 10,302,805 --tone 'capacity on Jan. 1, 1950, the American Iron Steel Institute has 16.3]-

nounced,

and

The new capacity ficure is an increase of 22,600,- 000 tons.

nearly 28

percent since 1940,

t

a gain of 13 milion lona since 1947.-Reuter.

Too

VALKEANER

21AKKASJ JUDOVANA, JAAVAADA 10,

350K+

A Record

Wonder Metal Is In BIF Expecting Short Supply To Be

Put On To The Market

Pittsburgh, Jan. 15.

Metal users say titanium, the new wonder metal, has one big draw- back it is too scarce.

The strong, lightweight material would be known in every household, instead of being prac- tically a military monopoly, if there were enough It is in short supply because industry

to go round. ERRATIC

were utiles, chemicals, air- TENDENCY

fines and motion picture shares.

Higher prices were paid for Bethlehem Steel, B.F. Goodrich.

U.S. Rubber, Douglas Aircraft IN COTTON

Lockheed, International Paper, Standard Oil of New Jersey and Texas Company,

Down were Du Pont, Ensimon Kodak, Union Pacife and U.S. Gypsum.

Dow Jones averages 20 Indus-

is still learning how to make it.

Titanium is stronger than steel, and also lighter. In addition, it resists corrosion better and can be worked into finished products casily.

Its disadvantages are high cost and scarcity, Practically all the present production of around n

ton a day is going into military Consumption.

New York, Jan, 15, Prices of cotton futures moved up and down the ladder, covering a range of 40 points,

Traders remained puzzled ever trials 245.02; 15 Rails 82.40; 10; what to expect next in the nets the price. Utilities 42.11.-Associated Press. control picture and apparently had decided to maintain a quid position until the picture is clarified, After a lower opening, ing, the market to maximum

dipped of 17 10 34 points. In the but that goal is not likely to be on, the market rebounded achieved in the near future,

aircraft. The present cost of about $15 pound is not a factor to the Armed Forces because the

Of Silver weight saving more than ser Of

Grain Price In Chicago

Chicago, Jan. 15. Prices in the grain futures market here closed today follows:-

Wheat-price per bushel.

as

Technological gains are likely. to bring the price down as metallurgists learn more about making and using titanium. The military would like to see pro- duction boosted to 25 tons a day

As

In America

COT

HONGKONG

SHARE MARKET

The volume of business trans- acted on the Stock Exchange this morning

was valued at $204,704. Mie half day'a busi- ness and noon closing prices were as follow:- SHARES BUYERS BELLERS BALLS

20,000 @ 07

GOVT. LOANG

DIS

BANKS

(104)

HK Bank INSURANCES

Unlop

DOCKS. ETC,

K. Wharf... Provident ... Wheelock.**

HK Hotel

New York, Jan. 15. bullion dealers, estimated that LAND, ETC.

Handy and Harman, leading

sumed 120,000,000 Ounces of silver last year-highest

sinco World War Two

and one-third more than in 1949,

previous close, but in the last was only as 1940, titanium U.S. arts and Industries

and earried prices above the five minutes, selling pushed the market 5 to 12 points below the previous close.

Prices

closed today follows:-

March (1052) May

QS

42.05-42.06

39.85

30.47

30.34

29.05

-United Prest.

New Orleans Market

Closing rate

Spot

December

2.44 2.44

July

Ocjaber

March (1051)

May

2.44-2.447 2.377

December

Carn

Sp

1.7752

Dermber

March (1951)

REAS

1.36-1 1.7715- 1.77-24

Spot

July

1.75%

March

(1851)

Iye

1.70

1.70

October

December

De bid

0574-24

March (10521 May

30.03 bid United Pres.

December

Cate

May (1963)

December

March (1031)

New York Bour-per 200 1 sack. $13.15.-Uulled Press.

Record Motor

France

Output

Paris, Jan. 15. produced a record

360,000 motor vehicles in 1950, it was announced today, which 115,000 went for export.

Production in 1049 was 285,-

605. Associated Press.

Mny

July

43.05 43.00 43.44 42.07-42,85 30.80-39.63

39.30

39.22 bl

a laboratory project although as an element, titanium has been known for more than a century,

won't work.

"DOUBLE BATCH"

was 10-

Train ......

1200

15 430 50 020 30 ( 620

13

1034

17 a 200 g 174

0.40.0.70 4000 @ 0.40

1500015 2004 32

IIK Land....... S'hal Land.. UTILITIES

Star Ferry..

C. Light (N) 316

C. Light (D)

C. Light

(Bonus) Electric

ོ༔-འ་ཙམ༔

The previous peacetime high Only recently has selence been able to separate the metal was in 1948, but it was 10,000,-

000 from the ore practically, Cou-

Ounces below last year's ventional smelting methods figure, the company said,

Probably about 60 per cent of last yea

year's total counted for during the second half of the year, break of the Korean hostilities Telephone (N] 8.0

sald that while the increase INDUSTRIALS

Coment was general with all products,

Rope the major portion resulted from

*STORES, ETC. expansion of silverware produc-

Daley tion.

Dairy (N) Watson

Crawford

Steel magazine describes the titanium refining process as double batch system. In that method, Ulanium oxide is con- verted into n

tetrachloride by the action of chloride gas under beat. The tetrachloride is fed reactor in which into an iron molten

12

3000 @ 11

1000 @ 1114

6 1500 @ 0.10

0.10 200 5.00

84 21 200214

40

London, Jan. 15. A corps of nearly interpreters is being e rolled for this year's Bri- ilch Industries Fale at Earls Court, Olympia, and In Birmingham. They will be in great demand, for a record number of overseas visitors is expected. This year's show will be the biggest in the falra 30- year history. Display

space in national "shop window" will total 1,000,000 square feet.

This figure has been rachel through the open- air exhibition space

дв Blrminglum being increas- cd by 20,000 square feet.

Listo

RUBBER IN

LONDON

Lond Jan, 15. Prices in the. rubber futures market here closed today as follows:

No. 1 rubber (in conte

per Ib.)

April/June

July/Beptember

October/December

0175-0735

6714-4

63 .53%

II naminl

United Press.

NEW YORK MARKET Crude rubber No. 1 futures closed 200 to 300 higher. Sales four contracts,

March

May July

70.00 asked 04.00 bid 50,00 bid

Spot No. 1 smoked sheets 72 nominal-Associated Press.

S'PORE MARKET

Singapore, Jan. 15. Prices in the rubber futures market here closed today as follows:-

Number 1 rubber, per lb.

11

RIL

ROYAL

INTEROCEAN LINES

• SINGAPORE JAVA PORTS and

MACASSAR

"NIEUW.HOLLAND"‡,

"VAN HEUTSZ"

"TJSADANE”***

"TASMAN"

"TJIWANGI"

***

lo Singapore, & Java,

SAILINGS 25th Jan,

ARRIVALS

In Port

18th Jan.

.22nd Jan.

27th Jan

.21st

Jan.

28th Jan,

28th Feb.

only lo Singapore, Penang & B. Dell,

only to Singapore,

not calling at Singapore.

• MANILA, EAST & SOUTH AFRICA and SOUTH AMERICA "RUYS" "BOISSEVAIN” "TJIPANAS"

SAILINGS 17th Mar. 17th Mar 15th Feb.

ARRIVALS

..23rd Jan.

.30th Jan,

“TJIBADAK”

Ist Feb,

§ via Japan.

Q JAPAN

ARRIVALS

..16th Jan,

15th Feb,

....16th Mar.

25th Jan

"RUYS"

**TJIPANAS" "BOISSEVAIN””

"TNBADAK"

SAILINGS

5th Feb.

Agents: HOLLAND EAST ASIA LINE

EUROPE via MANILA

and MALAYA

"MELISKERK” "AAGTEKERK”

“TJIWANGI"

Through. 'Bs/L

→ JAPAN

to

issued

Mediterranean and Northern

European Ports,

“MELJSKERK” †

Telephone 0.30

after out-

1000 @ D. 1250 60 9. 150 B.

January (1951). Number 1 rubber, February

207-201

"AAGTEKENK" +

200-201 Number 2 rubber, January 202-203 Number 3 rubber, January 10-197 Number 4 rubber, January Spot rubber, unbaled .....

+

via Manila,

187-104

KINCSERUILDINGE

210-211

$500 11

Black crepe ....

101-100

No. 1 pale crepe

218.223

11

500 1135

0 10.30

10

2.00

chloride Industrial consumption

briac

ot

co

Ewo

silver in other countries combines with

also magnesium chloride. Free increased last year, but not so titanium is released in the sharply as in the US. the com-

Karnak Cotton form of a sponge which is about pany said.-Associated Press.

Sets Record

Alexandria, Jan. 15. Egyptian long staple cotton of the Karnak variety soared to a new post-war record of 102.90 U.S. cents

pound per futures

Alexandria's

today.

It closed at 95.29 cents per Jast Friday-Associated

Free Rice Sale May pound

Be Permitted

Tokyo, Jan. 15.

Press.

US Curb On New

Building

to conserve

WOOL MARKET FIRMNESS

08.5 per cent pure. The sponge. is then melted in an inert blan- ket of either helium or argon.

Industria!

like giants

Du Pont and Allegheny Ludlum Steel Corporation, which

Sydney, Jan. 15. pioneered in

od production

The wool market continues Washington, Jan. 15. to hold firm. sponge titanium, are now busy

The Government today im-

There was no quotable ad.. market learning how to roll and pro-

cess titanium into finished pro- posed a 30-day ban

vance In on non-

at today's ducts.

Top lines wore essential construction of hotels, sales, however. Lo National Lead Company and stores, banks and other com- taken by Yorkshire and cou- Allegheny Ludlum formed the mercial buildings

tinental buyers with American Titanium Metals Corportion of materials for

ropresentatives defence.

also bidding The America, a jointly owned sub

National Production freely. The highest

price for sidiary, to develop, market, and Authority said that after Feb. superne Marino fleece wan 292 Australian pence a pound. curbs will be im- and related

products.

which posed under

new pro-Associated Press. Titanium is classed as a light jects will be permitted only it metal, weighing 0.16 pand per they will help further the de- cubic inch. It is 60 percent fence programme,

they are heavier than aluminium but essential to public health, wel-

Its or prevent hardship. - United alloys are stronger than most Press. alloy steels,

The Japanese Government is Abaca For Norway distribute the metal, its alloys 16, strict considering permitting

the

free sale of rice after farmers

Washington, Jan. 15. have completed the delivery of The Economic their rice

Co-operation quota, the Agricul- Administration on Monday ap tural Minister, Mr Kozen proved Hirokawa, said here yesterday, of

a Norwegian purchase $250,000 worth

Quiet Day In Stocks

according to Japanese Press re-obre from Philippines United as heavy as alloy steel.

of abuch stronger, and is only 60 percent fare or safety or will alleviate London

ports-Reuter.

Press.

South Africa

World's

Is

Largest

Gold Producer

Washington, Jan. 15.

HIGH RESISTANCE

The

Steel magazine says its "cor New York Sugar British Government

rosion resistance in exceptional, much more than that of aluminium alloys and consider- ably better than many specialty steels, particularly in salt water and marine atmospheres."

Futures

New York, Jan. 15, World sugar futures closed While the melting point of today 8 to 24 points lower, with Litaniurn is 3150 degrees, it loses sales totalling 17 contracts, strength and becomes brittle at Contract No, 6 closed today temperatures over 1,000. An-5 to 17 points lower, with sales other disadvantage is the me- totalling 65 contracts. tallurgist's failure,

Prices far at

closed today least, to weld the metal satis follows: factorily to other metals,

Contract No. 4 (world) Titanium has been used for jet January

The U.S. Bureau of Mines, in a world survey of precious metals production, reported today that the Union of South Africa was first, Soviet Russia probably second and Canada third in the output kin of gold during 1949.

March

July

January

engine forgings like compressor May discs, blades and rotors. It has

been fabricated Into the Spot

or outside

covering, of Contract No. 6 a great saving in aircraft at

March weight,

May The Air Force base at Dayton, July Canada, is working on two major spot

the complete wing of a super- titanium projecto

sonic missile and the other to

Mexico ranked first in silver production by a wide margin over the United States. stood third and Feru fourth. The Mexican silver output în 1949 was 49,447,840 ounces and the United States 34,944,554.

Colombia led South American

One in for

for a complete aft fuselage see-

tion of a. fot fighter-Assoclated Press,

countries in guld production with States production for 1950 sald New Wool Price

the mine output

A report covering the United the 1949 output of 359,474 ounces, compared with

of gold and an estimated silver in the continental United Brazlian production of 183,500; States in 1950 Increased abou! and Peruvian 20 per cent over 1949 and was!

at

the highest lovel sincs 1942,

Chilean 170,144

137,903.

Record

5.15

06

London, Jan. 15, Stock Exchange was generally quiet but firm today.

bonds were inactive, Japanese Govern- ment bonds, lively last week en Korean in

pozco

prospects, wero good demand, The 19078 1930s at 644, up 12. closed at 48, up 1%, and the

The Financial Times index was 118.4.-Associated Press,

Exchange Rates

Businer was done in the beal unofficial exchange market Halg biding at the following tea 6.14 bid US dollars (per #1)

Sterling note (per £)

10.47 5.14 bid Indomorka guiden (per 100) ..

B.DJ 5.14 Did Stam ticals per ido

3.40

Singapore (Straks)

640 bid

FIC, plastros (per 100)

0.47 bid

6.30 bid

27.00

1,00

12.07

B. Did NOTICE TO CONSIGNEES

5.50

-United Presa

Exchanges In New York

New York, Jan. 15.. Closing foreign exchange: Great Britain

$3.79 5/10 Canada

15.061 Belgium

2.0014 Holland

Capetown, Jan. 15. France A new South African recordaty The United States increase in price for wool was reached at Portugal"

Durban sale today when Sweden

Switzerland per pound

was paid Argentina South Africa, Mexico

The Philippines gold produc- tion, which practically ceased during World War II, has rapidly 1850 was attributed to the fact 1684d. recovered as follows: in 1947, that large quantities of gold and An cartier record was set up at Brazi 04,411; 1048, 209,225 and 1949, silver were produced as by- 207,844.

products of a number of other sale today when 10 bales sold Hong Kong Gold production in the Union metals favoured by of South Africa in

higher 1949 was prices.

for 1878. per pound. The roport mid, "Rising prices

As the nuctioneer's hammer commodities in general fell at the East London sale,

11,705,048 ouncer, compared with

11,584,840 produced in 1948 and for

Ounces

an East London,

to be adjourned for

the 1944 production of 12,279,628 worked to the disadvantage of pandemonium broite out. The

gold and silver pro- sale had

products com | tea/Router.

Price

straight The total world production of ducere, whose gold was estimated at 30,600.000 manded an unchanged ounces in 1949, compared with

The 20,700,000 in 1948 and 20,200,000 timated

in 1944.

Bureau of Mines es

Soviet Russia's gold

production in 1949 at 7,000,000

The

Russian

eliver

The world silver. production ounces, was estimated at 184,500,000 production was not estimated.

It mid the Australian

gold

ounces in 1049 compared with 172,000,000 in 1948; 135,000,000 production in 1940 was 600,872

compared with 090,805

Ingot Record Scheduled

ia 1046 and 184,000,000 in 1944. ounces,

of Minca sald in the previous your and 656-cheduled a record output of

The Bureau

the world gold output has been 587 ounces in 1044. increaring since 1040, but that

the 1940 total was considerably Republic, below the produced

Venezuela

0.22394

20.20**

0.101

3.30

10.37

23.35

7.23

8.50

11.57

30.00

-17.55

-Associated Press.

Black Pepper

Futures

CIE DES MESSAGERIES

MARITIMES

Consignees per Company's

m.v. "FELIX ROUSSEX

are hereby notified that their cargo is being discharged into the Hong- kong & Kowloon Wharf & Godown Co's godowns, where it will be at Consignees risk and subject to the Wharf's - torme

and conditions of storage, and where delivery may be obtained as soon as the goods are laridet. :

Damage

packages are to be left

in the Godowns for examination by Consignees and the Company's sur- veyors, Messrs, Goddard & Douglas

at 10 am on Baturday, 20th Janu- ary, 1951,

To comply with the Cleneral Donded Warehouse Regulations Consignees must have a Revenue Offfeer in attendation witser Gam aged dulable goods are examined.

No claims will be admitted attor the goods have left the steamer's godowns, and all goods remaining undelivered after 21st January, 1951, will be subject to rent.

New York, Jan. 15. Black popper futures closed today Imotive and nominally unchanged. The market ruled quiet and somewhat softer in toně. Dealers calimted that between 10 and 15 tons of immediate supplies had been fongkong, 16th January, 1931. worked around $1.75 a pound or

All claims against the steamer must be presented to the under signed on or before 9th January, 1951, or they will not be recognised. No Fire, Insurance will be effected.

CIE DES MESSAGERIES

MARITIMEB

New York, Jan. 15.' The nation's steel mills have

14891,000 tons of Ingola and Among the Central American stool castings this work.

3 cents lower thâh Friday's basis. Nicaragua maked Reporting thir production

Prices closed today as follows: NOTICE TO CONSIGNEES annual quantities first in gold production

estimate with

the American January today, World War II. exporta in 1040 of 218.159 Iron and Steel Instituto said I try sald, The

devaluation of ounces compared with 222,527 excreda

March the British Pound

the previous high of May other currencies in September,

and many in the previous year,

1,008,000 tons turned out in the Honduran was the first Cen-week ending Nov. 6 last year. 1049, should result in increated tral American republic in silver Associated Press. production ouloide the United [output with 3,481,614 in 1949, States"

It

before

Now York, Jan. 18.

compared with 3,170,011 Copra In New York The Bureau said, The world 1948 silver output dropped alightly The Bureau of Mines quoted

1940 owing largely to de-a geological survey-bulletla to Sellers offered copra for car olines la Mexico and the United the effect that gold produced in by shipment at $250 per short

·States that were not offoot by

1,40 nomina)

10 nominal

1.53 nominal United Press.

15. "MENTOR"

Damaged cargo ex this veel wat New York Metals 10. and Noon on January

New York, Jan. 10, Prices in the motal - market her closed today unchanged with the following exceptione

nitior) "New York, par Buck. "Up.

· BRIDE · In “ther silver producing / COPRIUCINA. since the Spanish) 491, CIE. the Faoffle Coats Ten. Onida A (29.10 percenk, or '

has totalled nearly. Buyer wo padifferent

be surveyed ab Holt's Wharf. bos

17 and 15, 1931, and consignees are requested to have their representa- ilves proes during, the survey.

BUTTERFIELD ANOWIRE, ASTOLS, Hongkong. Fimmancy, 14, 100%".

United Press.

LONDON TIN

MARKET

London, Jan. 15, Tin prices continued to alump this morning. Turnover was 160 tons, including 10 tons for cash.

Prices closed today at the end of the ofdal morning session as follows:-

Spot tin, buyers

Spot úín, solleru

1.173 1.180 Business done at

1,100-1,160 Tuco-nonths tin, buyers 1,150 Three-months tin, cellore 1.185 Butines done at Setuement

1,205-1,108 .... 1.180 -United Press.

Copper Quiet

New York, Jan, 15, Copper futures closed quiet with no cales,-Associated Press.

ARRIVALS

In Port 4th Feb. 5th Feb.

SAILINGS

10th Fot.

Git Mar.

ARRIVALS

9th Feb,

4th Mar.

SAILINGS

17th Jan.

11th Feb,

EST 2006 TO2801155

AMERICAN PRESIDENT LINES

ST. GEORGE'S BLDG.

PHONE 28172/5.

PRESIDENT WILSON

TO HONOLULU AND SAN FRANCISCO via JAPAN PRESIDENT WILSON

Arr Fab.

Bulls Feb, A Arr. Mar. 23 Sale Mar. 24

TO SAN FRANCISCO AND LOS ANGELES ▼↳ɔ JAPAN

Arr. Jan. 31 Ɛulis Jan. 31

PRESIDENT TAFT

TO NEW YORK, BALTIMORE AND BOSTON via PACIFIC COAST AND PANAMA PRESIDENT FILLMORE

Art, Fab. 10

Balls Feb. 11

BOUND-THE-WORLD Via Manila, Singapore, Colombo, Cochin, Bombay, Karsohl, Suez, Port Bald, Alexandria, Naples, Marseilles, Genoa, New York & Boston, "PRESIDENT HARDING",

Art, Jan. 15 Salle #xm 16

The wars our generation has witnessed have brought what wars have always brought-disturbances, unrest and a eeling of general insecurity-that's the way of all wars. Industry and mutual trade-useful pursuits of peace-are the endeavours in the opposite direction. This concern has argued whenever it could, that free access, free intercourse and trade between peoples, contributes to peace and friendliness and security and takes the tension off where diplomats seem to fail. For, when all is said and done, people want the opportunity to work for a living. Trade and industry, free and untrammelled, not only con- tributes to that opportunity, but is a way of life. Vossels of our Line are plainly marked and can be recognized easily when they sail in and out of the principal ports of the world, and we like to feel that they are practical symbols of this philosophy: Isbrandtsen

INDEPENDENT

DEPENDABLE

Regular Sailings from Hongkong to New York, Baltimore

and Philadelphia vía San Francisco or Los Angeles

S.S. "FLYING TRADER"

S.S. “SIR JOHN FRANKLIN"

S.S. "FLYING CLOUD”

DUE FROM:

SAILS FOR:

(Uncalling Hongkong Hongkong Cargo transhipped to as “FLYING ULOUD" at Singapore.)

New York vin

Manila

Jan, 20th

New York vin Manila Feb. 1st

Pushan, Kobe, Nagoya, Yeko- hama, San Francisco, Las Angeles, New York, Baltimore, Philadelphia, Boston via Panama Canal Jan. 21st Kobe, Nagoya, Yokohama, Ban, Francisco, Los Angeles, New York, Baltimore, Philadelphie, Boston vin Panama Canal. Feb. 2nd

(Transhipment cargo accepted for Jamaica, Havana and other

Cuban Ports, also Venezuela.))

LIMITED PASSENGER ACCOMMODATION AVAILABLE

Above Dates Subject to Change

For Information Apply

y to:

A.P. PATTISON & CO., INC.

GENERAL AGENTS: CHINA, FORMOSA, KOREA, JAPAN AND HONGKONG.

12-14 Queen's Road Central 4th Floor,

Tel: 25846

OVERSEA CHINESE STEAMSHIP

CHINESE AGENTS:

48 Bonham Strand West, 1st Floor.

CO., LTD.

Tels: 28127 & 81119.