1954-04-26 — Page 9

THE CHINA MAIL, MONDAY, APRIL 26, 1954.

This diagram, drawn by an Aviation expert in London, shows you how the new Folland Goat lightweiglit jei fighter the alluded plane) will compare with a conventional day Nighter The Ona, Bow beinJE weighing 16.500 lbs like the Superinarme wit or the lawker Hunter. built as a prototype for NATO Dls in Britain was designed by Mr W. E. W. Petter who gave air Petter Kays the R.A.F. and many Commonwealth ale forces the famous Canberra bomber. that 1 000 nhi bghters Hike the final could be tulit in the time it would take to build 200 jarzer machines of the conventional size and li would be a very much cheaper proposition.

Latest Round-Up of Aviation News From London

If You're Doing A Lot Of Flying, Then

Buy A "Season Ticket"

London overseas airlines are This week's "Round-up" drogi Laudan tells you how

a unique "season Beket" service for the world's businessmen who have to travel operating from country la country by ale; there is also an Item telling you thout the development by a

which could navixation ul new

span the world's British

long-range company

designer draws o aircrafi

comparison Finally, a prominent Briti longest air routes, between the art of the famous sculptor, Henry Moore, and the art of aircraft engineering. The "Round-up" comes to you weekly from the headquarters of the British aviation industry, the Suciety of British Aircraft Constructors, London.

The world's airlines have nearly 600,000 "season le- ket holders.

Not quite season

Disadvantages

It

TRADE fund COMMERCE SECTION

Extension Of E.P.U.

Almost Certain

From Our Own Correspondent

London, Apr. 25.

It is now virtually certain the European Payments' Union will be given a new lease of life for a further 12 months from June 30 next, its present expiry date.

This will be regarded in most European capitals as good news for the E.P.U. has been the most successful of post-war monetary institutions. But it has not been without its controversial aspects, as discussions behind the scene over the past few months have shown.

Before the Union was officially created in September payments European countries settled 1950 the West between themselves on a bilateral basis, a system which in the absence of convertibility did nothing to bring about the desired and necessary expansion of intra-European trade.

k

from at

The E 1 U prites the performa ili tnost useful function. missing element in this trade by Members undertake in any case

West

curto remove restrictions European rencies mutually convertible, 11 least 73 per cent of their imports thus enables member countries from all other members, There to increase trade between them is a

therefore moral obligation selves unhampered by shortage of particular currencies.

In effect, meinters who are in defert

Union with

are ttse

Harold Wilson Invited To Take Bevan's Place

London, Apr. 25.

Mr Harold Wilson, one of left-winger Aneurin Beyan's chiot lleutenants, wald today he had been Invited to fight for Mr Bevan's place

the Labour Party Shadow Cabinet

Mr Bevan resigned from the Shadow Cabinet earlier this month because ho disagreed with his colleagues on foreign polloy.

Mr WIlson, former Labour

the president of Board of Trado. did not Baby

whether

would he Accept

the invitation Join the body from which Cabinet Ministers

would be drawn if Labour regain power.

Chinn Special.

Mail

HONGKONG STOCK EXCHANGE

Another Cheerful

Week On

The London Market

From Our Own Correspondent

London, Apr. 25.

It has been another cheerful week on the London Stock Exchange. Both industrial ordinary and gilt-edged prices continued their stendy advance.

Markets owe their strength to the confidence felt by the investor not only in this country but abroad that the British economy will continue for some time in its present healthy state,

in

IL

At home both private in jahore market and the Financial dividuals and Institution aroTimes Index rose a further 2.0 now more willing to be fully points to Thursday's clase invested and their demand has establish new record high, benelted industriai

market ordinary In the foreign bond

Gorman issues have been strong and gilt-edged securities alike,

There is also evidence that on hopes that Germany's EP.U. Turuls аго Allowing

Irom surplus will be used to neveler - abrond to swell the demand forale the redemption of pre-war Government securities debts but Japanese issues were ¡certain

particularly those which uru down on the news of Japan's tax-free to foreign residents. deepening economie crials,

In the industrial share market The chief

to invest- sumulus ment has been the steady flow of good company statements, Honkong The must important of those morning published last week were from

Chemical Noon Imperial

Industries morning's and Unilever.

Business on the Stuck Exchange this on a country to raise the level amounted to $284,993,50. of its unrestricted imports as its quotations und the position in the Union Improves, dealings:- And a country

An

153

West Ger-

granted credit by that more many's position is expected to BUARES BUYERS SELLERS SALES

of reducing fortunate neighbours who are seek other means

TIK Hank But byusly there is a surplus II import liberation- surplus.

limit to the amount of credit: hon is not enough. whch a country can he ex- At the moment France is the to another only important member whose pected to extend Somer or Inter it will demand Imports are not "liberalised" up at least partial repayment.

to the specified minimum.

FUTURE OF UNION

The E. P. U. systern ensures that this credit is kept with la reasonable Gounds and incident- This the background against ally that surplus and detell which West European Govern- countries alike play their parliments have recently been dis- in bringing about an expansion | cussing the future of the Union. of trade which is the primary object at the Union,

gold,

The

principal

West countries

INSURANCES

BANKS

1640

East Asia

1

150

60 71%

17 10

Vruba

DỌCKY, ETC. K. Whart Dock Providend r

Both showed substantial in- provements in proẞls and both took opportunity to hoist their dividend.

came t

ut

There was a brisk turnover in the ol market and prices generally Bnished at higher levels. Trinidad Centrals which had gained a shilling to 34/9 on Thursday on the news of a higher dividend went up again by a similar amount on Friday.

NEW YORK

STOCK

MARKET

1.C.'s profil £36,938,000 against £20,017,000 last year. Nel prot after tax and depreciation charges was £19,759,900 a rise of almost £4 million. The dividend for the yeur was 15 per cent against 1000 - 17:00 | last year's 13 per cent.

UNILEVER's PROFIT

Unilever

group nounced B trading profit of

New York. Apr. 25. £81,852,000 compared with the The Stock Market did a

232 10

15X12 (8)

nn-

1952 figure of £38,921,000 but little house cleaning early the net profli was up rother

£21-in the past week and then

lem spectacularly

Wielock

745

763 1000 M 7.33

The

LAND. ETC.

UK Hotel

81, 33 500 g 0%

1000 0.00

creditor Germany.

1000

B

10001

JIK Land

Shal Land Really

301, Bl

20K). U

100

00

170

100

27 40

500

27 70

2004

27.20

200 27.70

Troi

Star Ferry

131

500 27, 100 130

C. Ligi (0)

10 18.20 500

B4

1000

200 16.20 200 or 10.33 200 10.10 10 13.21 300

from

but shareholders did well too. Their dividend was lifted from 12 to 14 per sent.

the

While other sections of the 100 27.10 market have shared in the ad- vance of prices to which these 1833 and other good company state-

have given rinc, 0.20ments 10.21 shipping section remains under a cloud. Just as the market appeared to be recovering from last week's disappointing P & O 1000 statement other depressing an- nouncements put prices down again. Union Castle shores fell 2/3 to 27/0

on Thursday the unchanged dividend and the shares next day. Royal Mall followed them down-again on disappointment with the pay-

054,000 to £25,024,000. The tax resumed its rise with vigour. collector was the biggest gainer inspired by much hetter

corporation reports,

started this Douglas Aircraft

It closed on Monday at trend, $111 on a loss of more than 2 points. Next

It soured day

sported the

company when earnings for the Brst

alitter of a year nearly double those ago. The stock closed the week at $129%, a gain of nearly le points from d

a week ago, Other aircrafts joined in the rizo. Traders looked for simi- larly good income accounts. The electrical

section cquipment went into action when General Electric

reported a rise in its Arst quarter carnings of 42 per cent to new record

high. Several other

companies had similar good news, thanks to an end of the excess

C.

13 13 20 Light (N)

At the outset, each member Belgium, Holland and Switzer- country was given a quota in land were in favour of affend- the Union corresponding to its ing the rules in such a way as relative

trading impurtance.

to put more pressure on chronic UTILITIES Members who have subsequently debtors, This should be done, fallen into a deflcn with other they sand, by increasing the could be used by both aireraft|could give world coverage.

members as a whole

are per propertion of gold that has to be Low Frequrney und ships, and a network of 12 s a Very

mitted to draw credit from the paid us part sotilament of cur- pairs of ground stations could system working on transmissions

for Waton

a proportion of the rently accruing deficits, by re- three, ur possibly four, *141 cover the world.

the remainder current deficits,

der quiring deficit countries to repay frequencies from stations work- Hekels 15

being settled by a payment of some of their longest-established the railway

Ing in Master-Slave patrs. Rense; they aro

Creditor countries re accumulations of debt in gold credit cards cuatting the passen-

In the

the aircraft

two recompensed partly in gold, the and by enforcing ure

rule that gers to book their tickets and

The great majority of tran decometers or small meters and remainder of their current members should free 75 per cent say "charge it to my account

static strVATOR BEC How

rendings from these are used to surpluses being seltled by un of their intra-European imports. Mostly they are businessmen night

and al preseti,

a-tro-

position determine its

on u extension of credit. who

are constantly flying. Highly

skil a standard

Opposition special chart, which la over- edure. Although there are per cent of these senson ticket navigation

printed with position lines. holders Bve

in the

covering both ticks avigation Canada and the Central Ameri- North and South Atlantic routes, However, aircraft flying Axed

suffer from a number of routes between terminals republics.

Universal Air Truvel

disadvantages.

fitted with be

the standard Plan Is sponsored Jointly by the

However.

the cost of setting Flight Log which displays this International Air Transport up a new

ground information network of

for automatically Association and the Air Traps- stations to cover these enormous the pilot, so that he can see ut port Association of America, areas would be prohibitive far glarfee where he has been, Sixty-nine of the world's

where he is, and his estimated The honour the credit cards.

rcule.

con

The

U.S.A..

One For Germany

31 15

ntrary

one company or airline. It would have to be done on

Reale with. national hoped, international agreement so that there would be st00- North durclsed ground rud uirborne Amerien; for worldwide Inter- equipment. national travel; "controlled"

Is

Four kinds of the cards are Issued for use

What operators wont cards for countries with limits system which has on the amount that

be range for the world's may

сал

A comparison has been drawn by British airerati designer

a between the art of Henry sufficient Moore, the famous British longest sculptor, and the art of alreraft speal on foreign travel, and astage-lengths, une whileh has engineering. special card for use in Germany. intrinsie necuracy which will

And for the ordinary man in not decrease in areas where wir Pointing to Henry Moore's the street in the US. who wants trafie is heavy, and a system well-known "Recumbent agure".

Europe which will show to make a journey to

plat his a large figure carved from one

[3

or practically anywhere else in position at a glance-preferably piece of stone, the aircraft de-

world, Pan-American Air- on a map similar to the Deech signet, the

Keith Legg, says that ways are starting on May 1 on Flight Log as fitted to British the sculptor has taken integral construction for granted, where- easy payment scheme.

European Airways Viscounts. "Ten per cent down and the A system which can be used as "aircraft designers are only journey's

they yours"

Bay by shipping as well as aircraft just beginning to wonder," "When you have made the trip is also desirable, because it will you may pay over 20 months." cut costs.

This scheme oppher only to Americans,

Says Mr Harold Gray, a Pon- American vice-president: "More than any single influence, credit

enabled ឆន

Ainericans

all

Decen's Proposals take these requirements into account.

Dectra Described

to this plan came When its quota is exhausted, chiefly from the United King- Scandinavian member who remains in deck dom

the und

On the first point- countries.

STRONGEST MEASURES'

France.

1000 de 13.10

1000

13.10

1300

13.10

Electric

3010 31

50

31

200

30%

100

30

Telephone

INDUSTRIALS

Coment

27 CO

800

2715

17.00 300 x 17,40

STONES. ETC. Dalry XD Watson

Rt

24.00 23.30

17.770

0.33

COTTONS

Texile Corp

7.35

› Co

140 143

.3.021

4

MISCELLANEOUS

Yanglaze Youinali

Allied

Investais

600 43.02%

France On

Verge Of Oil Find

out,

the

on

But rises easily outnumbered Industrial

kosses

in the

Cotton Prices Swing Erratically

New York, Apr. 25.

Pront

taxed which helped make up and aften more than made up for a dip in sales caused by somo loss of defence business,

Predictions were ings for the year in the rom- panies that had been paying high excess profit taxes

that carn-

would

favourably and prob- exceed the glowing 1953

Agures.

About the best tonic tho market could get came late int the week when the railroad

were

has to seille its monthly accounts entirely in guld-a heavy in-stiffening of the gold rule they ducement for it to uchleye à sur-argued this would simply In- plus and get once again within crease the Incentive to creditors ita quota.

larger sur- to build up sil

Rather they felt creditor plusca But the onus for keeping trade

countries themselves should more or less

balanced shoulder more responsibility for evenly does not fall on deficit countries balancing trade by adopting alone. Surplus countries, too, "good tredikor policies" Including have every

lo laka incentive

LORD the lowering of tariffs. For as a corrcellve measures,

second country's surplus grows it is re- Оп

point the the quiri to extent on increasing United Kingdom announced its proportion of credit to the Union willingness to mast its creditors until the point is reached, when half-way. It has agreed to pay its quota is exhausted, where £30 milion in gold immediately is extending 100 per cent credit to four major creditors sub- and receiving no gold paymentsject to satisfactory arrangements at all.

about the settlement of remain- ing debt.

Cotton traders this week Issues got into action.

The market as a whole was watched prices swing orra-elther unsettled or lower in the On the third point-enforcing rule-it At prosent a member receives of the "liberalisation"

tically while traders pre-first three sessions of the week. credit from the

was West Germany that finally 100 per cent

pared for the first May I lifted moderately on Thursday Union it is cumulative deficit is

and was very selve on Friday wishing to backed down, not

notice day on Monday. ten per cent or less of its quota. incur the political odium of ap-

Washington

uncertainties re- despite the fact that week-end Thereafter the

of proportion

advocating a to be

evening up operations lating to the farm price support often irregular in that sercion, credit falls and that of gold pearing

New York, Apr. 25. In fact, says Keith Legg (who payments

and rises until

plus finally tougher econorele regime for

crop

Buoyant strength in the air- is an assistant designer at Short when its quote is exhausted the

France seems to be on the legislation,

general business uncertainties,

crafte, rise in the rails and For the moment ut least Ger- vergo of an oil discovery OL | along with dullness in the spot strength in a long list of mla- Brothers) we are entering an

member is settling is current ers of aircraft design involving | deficits, antirely in gold.

fair ure satisfied with the rather mana

proportions, market kept buyers and sellers

cellaneous issues sustained the the use of Jarge single-piece

Inc., re- on the anxious scot, French undertaking to liberalise

the list total Instead of componenta

parts

At Friday's close

of 1,445 issues-ap- A country which finds itself up to us per cent of her imports / Dow-Jones & Co. fram M number of in this position built up

(as the United from other West European ported today.

Societe Anonyme Francaise, ruled 20 points higher to one peared. Of that number 627 to The Dectra system is intended different units riveted together, Kingdom did for the a period in countries before the end of the

an affiliate of Standard Oil Co, point lower, compared with the gained, 718 declined and 209 achlave and maintain a con- to operate between the two

1052) will obviously take the year.

previous week.

feld unchanged. There were 270 sistently high standard of living. terminals of a particular Air

(NJ) and Gulf Oil Corp, com- to get back strongest measures We

Nearby May crossed a few new highs set for 1064 against want to see International

route; Prestwick and Gander,

into credit. Likewise a country But. If the EP.U. is con- pleted a large oll well in the travol made a regular part of for example. It consists of one

The main advantages of which is recalving no payment tinued in substantially its pro- southern part of France about points beyond the 341 cent 60 new lows-United Press. that standard."

Bor-line, reaching the highest level high-powered Master'

105 miles southwest of all in settlement of its sont form for a further

Q month. Buoyancy camo giving continuous wave trans-integral construction, or large at

mechanism Es considered missions on a selected frequency one-piece' manufacture, are as monthly surpluses will soon tire months it will not be because deaux, Dow Jones said.

The No. 1 bare in the province with reports that lending mill New long-range navigation

Integrally-constructed of extending 100 per cent credit its

Gascogne but because members of

showed

were buying Cort Singapore Rubber good interests aldk which could span the at each end of the route, com- follows.

liberal import perfect world's longest

bined with transmissions, from parts have stability when they and adopt mora

Market to their policies to redress the balance. realise it still has a very useful volume, following 1,100 barrels ficated cotton from Memphis of oil daily through a email holders and planned to take up Including the

function to perforır.. icore nearby slave stations, Ranges are compressed-duo Atlanticore of 2,000 miles are possible with intrinsic colidity.

4-inch opening. The oil was deliveries

May against the being developed by a

As an illustration of how this

Singapore, Apr. 25, British

The EP.U. system will in described of "excellent" contract. this aid. Technical

The Singapore rubber market. Then, because of the consider-system works in pracilee, tho details company.

high par- reduction they Mounted in the pilot's cockpit able have been put forward to the

make United Kingdom which now has any case be superceded sooner quality containing, a

suffered from the elect during the past short weak, and International

Aviation Civil

would be a small box holding a possible in the number of parts, a cumulative deficit with the or later and maybe sooner than cantage of light products.

Flow come from medlum

the May the prices reached they Log-across Joints, rivets, ato

may Union of almost

Its highest of solling against Organisation in Montreal, which chart-the Flight

£283 million most people expect by the re

depth by US Standard. storation of convertibility for

from purchases, plus hedging against which a pen would draw the is representative of some

result in a weight-saving which has been settling te recent went Europe's main currencies.

7,410 to 7,431 foot, track. alreratt's

chart can amount to two to four por monthly surpluses

the with

In the meantime it is essential

there. 'Boveral

in gold and by applying the rest operators are also already show at the terminal airfields, and 40

the American recession mlies to the Inch mid-route tion In all the paper work previously received from the to show signs of deepening. great interest.

where great accuracy is not which inevitably goes with a Unoin. But it all has a long required

multipllcity of parts, so again way to go before. It recovers all Normally one chart could reducing cost.

of the 288 million it`hàx' pald Another advantage of in- cover a complete route, and it Company will not be necessary to adjust tegrally-constructed units are out in gold to the Union.

the

equipment in the air.

their good resistance to fatigue, The most "parsisters" credlior The weight of Dectra would due to the lack of joints, seams in the Union la Wost Cormany opment fa sill in the

totol about 130 lb. A combined and so on.

and cérial recommendations They also make possible high have now boon

mado with paper-ut Dectra, which airborne receiver capable of

The Book of England sig Exchange Rates sunation as reported in: bales could cover ruch routes as Preat operating on the standard Decea surface finish without any of view to reducing to manageable

It prosent huge ment for the week ended Apr.

by the NY Cotton Exchange for March is estimated at 100,342 Chander or Dacca to system as well na Dectra, would the distortions in shape which proportions 10 Wick

can occur in a number of áir surplus These inclulle The 21, resche, bas" follows:

to the the season 1958-54 to April 20lond Reelte (the South Atlante route) weigh an extra 20 16,

craft of the same type produced adoption of a more libero! Im- could be put into, oçlior In

marcetins were as follows- 1 | Mote, si etreulation:

Brilh existing manufacturing port policy.

Cortinarit hom under a year.

techniques, cultur

zinaitre integrally-constructed

air

different member states, and

The

station

Main Advantages

12

В

with an

dellytely, the nearby July was considerably more active

the now aids are being studied would probably have a variable cent of the total weight of the Union by receiving 60 per cent to pityent og bakkaliding of Fadditional 100 feet of produc. the sale of 96,000 bales, bought)vel for six months, says tho

individual scale, about 2 miles to the inch airera is also a great reduc- to the reduction of the erelii | kind that could easily occur 17)tion sand outlined in further

The now long-range aids are called Destra and Deltae and are being developed by Decca

which has navigation

on

atr

the

and sett

In Europe,|

Delrac a longer-term- pro- poaltion-three or four years oft

Doirac System

Detrad could give more cóm

Thero

can make ideal fuel stent pressure... on

began

Bank Of England Statement

London, Apr. 28.

member Other vesuri

with such cothee that I. P." U.

but capable of much greater prehensive coverage than Deétis wings coverage

Like the European as already stated, it is estimated tanks, because there are no countries to expand their, trade ins Deocs Navigator Bywtsen, Deiras that 12 pairs of ground stations i seerni'de Jointer.

out of the Government's pooled weakly report of rubber broker

Arm Lewis and Poat stock of 1961 crop cotton and ing drilling to 7,531 foot

knowledge that the CCC was Singapore Limited. The French oil well is on n

further Genuine buying from con- and considering bids for the concern

suming centros was evident 'concession which has in the province. Standard's Oppn contracts In the May speculative interest: was of a Interest in the French fins delivery at the week closed econdary nature, the report

280,000 bales per cent with Gulfs, share (appr

approximated

The high prices, it anys, have The new The cerfläcated stock available Ground 18 per cent. mainder is sentierod

87,417 thcouraged a certain amount of amang for delivery" totalled

Bota profit taking but all offerings Bales, French holders-United Prom

have been well absorbed,

Business

US EXPORTS

Raw colton exports by He

Bame perio

A New York dispatch says tho

US rubber * consumption** in

tons, according to Rubber Manufacturers Associd 10,77 Tons Of this ? natural rubber 100709 oprimumption tolaited: 68,757 long font, synthetle taking the ros

00,388 loog tong

} maining'

"Srk United Prosessit