1954-07-16 — Page 9

Salute

For Norman Wisdom

like the ex-solder 11. -alute, even when his "ritle" in

mrdlan Norman Wisdom knows how to give a smart butt broom, Returning his salute at Pluewood film sindive are from right-Jona Rice, Thora litrd and Shirley Ablealt, who ure appearing with Nurma

One Geot Tura"-lik second bim comedy-produced at Pinewood by the

Work

Organmation-Reuterphoto.

A GEOLOGIST BOASTED

'Would Drink Any

Found On

The

J Arthur

THE CHINA MAIL, FRIDAY, JULY 16, 1954.

Oil

Arabian Peninsula'

Ahmadi, Kuwait, July 15.

The story of Kuwait's fabulous oil fortune is one which almost never began.

Soon after World War I, an eminent geologist made a the Middle East for oil and other minerals, and survey in declared his conviction that there was "not a drop of oil" to be found in Arabia,

"If

trace oil anywhere on the Arabian peninsula," he can anyone challenged, "I will drink it.”

perhaps for- lunately for him--is now

The Reologist --

To The Company's main office j

compensato fear these dead. Low

estabilsket

Ahmadi, | Inesespable discomforts of desert His error, possibly the biggest

miles some 23

from Kuwait life, every house is air con of the century.

rectilled port, ekse tu was

the Burgaus oil- | ditioned; so are public buildings unel the teld.

the Surrounding

main like clubs, restaurants and

House very spot here in Kuwait, whereoflegs building, a series of hous well-run Guest

his

zume 18 years later;

he once stood pronouncing

anch

Venet

challenge. today patropinesta this world's biggest

ingle odield,

where

ing estates and at Industrial the Company's guests are pro-

were itrea

built within the victed with every modern period of 3+x years, keeping comfort.

the swift pare with

develop- ment of the industry.

Ahmadi Is Model Town

Known as Burgan, this ollheld ovetiples un area of 120 square wells mte. It comprises 132 working 24 hours a day 365 days a year which in less than ten years have sent Kuwait rocket-

Ahmadt is now a model town. Ingun to the front ronk of the

miles of muny

tarmac world's of producing countries, roads, wireless and automate instaliations, water.

with

telephone

conditioning systems.

A new oilfield, covering some drainage and purifying, and alr 34 square aules, is now being fapped by the Kuwait Ol Com-

In addition to houses and fints pany, the sole coneissionaire of

an area of 1,500 square miles in for some 300 British and Ameri- Kuwah.

cume

of

The real development Kuwalt's oll industry the close of World War II, even

can staff employed at Ahmadi, the model town la now expand- Ing to provide housing or 2,000

oil workers. native oil

An

entirely

new town

of

Clubs have swimming pools, there is plenty of sea bathing and there are organised sports activities. Two rival theatrical

TRADE and COMMERCE SECTION

# Page 9

HK UTILITIES BEST SINCE APRIL

Banks Reach A New High:

Confident Market

Waits For Geneva Decision

By A Special Correspondent

After another good week on the Hongkong Stock Exchange, utilities closed yesterday afternoon at about their highest levels since April. Earlier this week, Banks touched their highest point for many years--if not their highest point ever.

Generally the market feels optimistic about the chances of a Geneva settlement and Chinese newspaper headlines predicting an agree- ment on Indo-China by Monday had an encouraging effect on the market, yesterday.

Turnovers on the whole have been light this week. The trading pattern moment because before was roughly this: there are no anxious buyers at the placing their orders they would rather wait until next week when the Geneva Sellers are at higher prices. outcome is known even if it does mean buying naturally hopeful of a settlement and are also waiting until next week to get what they hope will be better prices for their stock.

The money supply int 1 don't pretend to know the Colony at the moment

answer but the market is appointed for two reasons: is fairly easy and brokers

is the Allied Investmenin ven- expect that if M. Mendes-ture and (2) is the passing of France and his British and the Wheelock interim dividend. American partners make

This week saw a new 11 deal with the

the share lists--Amoy Communistsny on

Buyers Carining.

Arst bid was by Monday, this should wet 520

Tuesday but $20 on

although off a lively buying sending prices up.

The 15- (1)

World Cotton

com-

Markets

New York, July 15. Cotton prices today softened

a higher spree these bids have since been raised after

opening with trading turning rather slow to $20 no sellers have appeared.

the setback.

The market has been sensitive to Gentra developments all the work but then most of the news has been fairly optimistic, Dulces have risen tructionally to show

Ju

| Obviously shareholders are waiting for the bids to And £ level before offering.

GOOD RECORD I hear the company

last

record #dod

has

£

year's $3

on

P.I.-FRANCE TRADE

Manija, July 10.

The Philippines has con- sistently enjoyed a favoGP- able balance of imde in commercial exchanges with France except for 1963, #1 WRI Indicated i Agures released by the Commerce Department yesterday.

Trade with France, au- cording to these ATCs. reached

in 1047 * peak when the value of exports amounted to 18.250,801 pesos while imports from France amounted to 1.815, 080 penos, leaving a favour- able balance of 33,441,801 pesos for the f'blippines.

116

The next largest volume of trade was registered in 1948 when exports stood

30,744,311

pesos with Imports ni 7,751,233,

to Philippine exports France

largely and of coconut,

coconut producta while her Im- ports were made up largely and of beverages, wines Liquors and paper-France- I'Tesne,

consisted

World Rubber

Markets

At the close the list ruled net 2 points to 6 points lower. The market opened unchanged to up New Orlens closed 4 points.

Singapore, July 15. The market opened lower en off 2 to 4 points.

Traders were more towand disappointing overseas advies

pending further Washington tiews un Carm crop develop- other

In- new

# overall improvement proft was in the nature of

week. the

Yesterday the inillion. Their distribution last the sidelines market was slow to react to new

about yeur was not exciting predictions of a cease-fire, but buyers raised their bids fater in

call morning prices advanced over

the

Banks fell back from their

after which it stradiel slightly on short cave, ing.

NEW YORK STOCK

MARKET

New York, July 15. The stock market extend- ed Rs advance through an- other session today and in the process chalked up its first 3,000,000-share day since April 6, 1953.

Aircraft shares, responding to announcement that the Air Force will sign contracts for $1,000,000,000 worth of new aircraft, ran up around a point in most Issues, spacking in- dustriale,

Rails had quins ranging " 19% point in Santa Fe, nearly a point in Atlantic Coast Line, Utilities

fractionally higher, featured by a point rise in Houston Light,

were

Profit-taking just before the closo pared guina and indus- trial missed by a few cents setting a new top since Oct. 17, 1029,

Trading was at a fast pace throughout the session with furnover for each of the first two houTS exceeding 600,000 shores and the day's ful volume reaching 3,000,000 hares, compared with 2,020,000 shares yesterday.

Goodal-Sanford continued la heavy demand following Bur- Milis offer to buy con- lington trol of the company at $20

share.

Volume in the issue totalled 05,000 shares, including a large number of cush transactions.

Trade end fustery interest was poor but towards the close The issue rose 1/2 to $17 3/4,

Gains in the aircrafts rangea alling from some there was

which to 1 3/4 points in Douglas, centres

There were strongpots in the ΟΠ

sightly.

motola, with Aluminium Com-

of Amika up 2

up July 19-6324 pany

points. General Motors featured with Aux. 6913-00 July 69-631 004-000}\

n

share wide

the basis

д

Home lust year.

Thurs- $530,783,

Tuesday MRY

WCTC: Mith

July October

three lakhs, amounting to about legislation, plus

ments or any Si share, but then they made

ofcentives. a new issue on

Truding volumes and open In- one new for every five heid.

terests in the Exchange today The company

has

brought good

prices Future closings: market, I hear and I remember

Oper Volume at seeing their tinned products

interent No. i Jubber per lb

10,000

Federation

3,700

I

29,700

201,400

Decembar March

34,800

404,400

3

No 3 rubber per to. Nu

20.000

No

..

20,000

--12,200.

October December

8,300

8,300

4,200

140,000

in

Turnover last week; day $378,143, Friday, Monday

$659,253, $427,020 and Wednesday, $247,- | July Usa. an- And here is how share prices Total

tured:

July #

2 falige.

$1,710 pork but are holding up and Unions are well at $1.700

In the Docks stendy at $85. group, there has been a hearten- ing improvement this weak both Hongkong

Wharves and Hongkong Docks.

the Wharves reacted to nouncement yesterday that Colony's trade in June was the highest monthly total this year

***Banks and the buying quota showed

the an improvement of $2 on

Uniun week. Docks were helped by

Wher locos market rumours of a lind sale

Ch Prov by the company and after buy- Inglis opened at $16.80

rates week, closing were $18.40

the

last yesterday

LANDS STEADY

In the lands group. Hongkong Lands held stendy, while Hotels continued

H2/

4 300.000 314,000 po rubber unbaled

Blanket crepe 238,800

42,000 Nu. pale eripu

19,800

1,000,400

bales

NEW YORK PRICES

New York, July 15.

4. 07-0713

の

4635-07

35-80

NEW YORK MARKET

New York, July 15.

Rubber futures today closed

to 15 points lower with sales of

Prices of cotion futures today | 190 contracts. closed as follows:

Prices recovered partially at

the eles: under a spurt of dealer in the | covering against

sales

Spot No. 1 Ras were quoted

10

15

1310

1700

2

343

Spot

35 Lon

2731›

7 20

7.23

Oct.

3+25

Dec.

34.44

12.30

12.30

12:00

Mar

pat market.

May

34.73

Holek

Lands

90

#05

D15

July

34.47

Det.

33.0-

L

24 cents

$8+m

De

501

Dec.

223.71

elesings:

-Umted Prett

Sept

*Trome

18.00 (x)

NEW ORLEANS PRICES

Dec.

19

10

New Orleans, July 15.

Mnr.

Ch Light

new

12 Sum

13.70

12,90

Prices of cotton futures closed today as follows;

Muy

July

Sept

Spot

35.30

that the company

sell

the Pedder begin construction

Street

Plot

will either

old

13

15,70

15.90

Ocl.

34.20

Dee.

Jut +1-42

of the

or new

Mectrics

Ax

3125

32

Mur.

34.00

stay

20.00

26.00

July

34.42

Det.

13.1

there

23

25 10

2350

Dee,

331.07

United Preka.

LIVERPOOL MARKET

middling cotton, in

Ih, were as follows:

Oct/Nov

Dec/Jan.

Mar/Apr.

May/Juno

July/Aug

to react to rumours

hotel Boon. Undoubtedly iplines

is any sale it will give 2. Farma groups produce playa at regular he shares a considerably higher intervals, and the formation or

the what backing this is a musical society contem-] Duc

15

speculators have their eye on. plated.

To the best of my

knowledge Ahmadi also has its own shup- the company is going on with ping centres, market, a regular | its plans to build the hotel but I have not heard a starting date bus service arotid town, and

mentioned. cinema shows several times week.

In Ulitics, Trams have made a good goin over the last week, from $10.00 ex-bonus rising

Needless Issue to $19 today.

TODAY'S SHARE PRICES

(From Our Correspondent)

a point gains in the automotives. American Tobacco stood out the recently-laggard tobacco

in

group with

a rise of 11⁄2 points. Oils were mixed.

252

Of 1,197 issues traded, 830 were higher, 309 lower, unchanged.

The New York Stock Ex-

volumo change bond

WDS $4,420,000.

American Stock EX- The change was 570,000 shares.

DOW JONES AVERAGES

New York, July 15,

Dow Jones closing averages

S

a pound. Future

24.3

24.70

on: Wall Street today were

24:00

follows:

24.90

{30 Industriais

3410

24.00

20 rutie

24.01

13 utilities

30,50 121.07

181.56

LONDON MARKET

London, July 15. The rubber market was quiet 1 spot but steady with No. quoted at 20-13/18 penco per lb. Prices:

No. R spat ***** 202-201

Settlement house term: September pence per Del./Dec.

Liverpool, July 15. Closing prices. American Augint

2013-2015

204-203%

20%-20

2014-2014

2012-20%

20-7/18-2044

General market, elt basis, ports:

3337

Jan/Mar. Apr./Jung

31.01

July 31.90

31.80

14.02

August September

Estate Tepe,

Thin

Official prices for spot cottons late crepe, think all were unchanged except the following:

10.03 American middling 19/18 ch

7/8 inch 20.30 -United Preon. SAO PAULO PRICES

+

At night, huge fires of burn- waste way from the oilwells, glowing in the distance, form a

Bunsels ringe of

to say the bonus issue resolu- permanent though the first spurt of "black 4,000 houses is being built for around the oil town. From the tion was approved yesterday

and ali uir, Ahmadi with its encircling

shareholders registered A Company.

trail of flame looks like a large in the company's books rester-kong workers

jungle encampment with Ares day get the shares in the pro-morning amounted to $443,340. appear burning all round to keep wild portion of one for every two Noon quotailons and the morn-in cruzeiros

follows: beasts away.

ing's transactions: SHARES BUYERS SELLERS HALES Del DANKS

gold" Bowed in April 1938.

Puiting

derrick up derrick in the pathicas desert as fust as they could, olinen pre- cseted a "brilliant oil future for the Uitle Sheikhdom Kuwait.

Living The Future

them by the

after Mosque

for Moslem has already made Its once, with its tall, graceful| minaret making an odd contrast in currounding oll tanks occasional derrick.

of

and

An entirely new oil pier WOS also built by the Company at u cost of £15,000,000

in a few years, Kuwait was of its kind in already living the riture,

First

Waste Gas Burned

held.

Yeumatis are holding firm at

issue $140 new

rumours to around and investors appear be quite patient. As I told you

make

Business done on the Hong-

Stock

this

HK Bank

East Asia

INSURANCES

taion

Exchange

063 987! Lombard GOLS Underwriters 6,70

Sao Paulo, July 15. Cotton futures closing prices,

ns per kilo were

23.10

4.Ju

24.30

23.90

(In the United States, the average price of 15/10 middling cotton a1 30 designated spot cants a lb. markets was 3445 Soles at these centres totalled: 8:230 bales,)

Dee.

1005 1700

102

1@1700

Mar May July

20 73 Bas

500

7

PING

Waterboat

10

on

Asla Nav.

DOCKS, ETC.

18.30

1214

9.25 0.15 1600 QI

9.15

7500

9.10

1,40

1030

3.0332.10

The gas from oil produced in recently á broker friend told

burned The pter, which is the biggest Kuwait which

here me. They're 盘 sure thing. the world, juts every day could keep a elty like They've just got to 4,140

feet into the sea east of Birmingham supplied for one

Issue," meets another year. and hed anticipated Ahmad!, plans

feat at right A British firm last year mooted the production of 30,000 barrels length of 3.882

ago. angles, making a

gos giant "T" a scheme whereby waste of all a day-nine years

from the Kuwait oilwells would The curent daily production rate formation of steel structure. is nearly 1,000,000 barrels,

There are

ba

Lights were reasonably active today and climbed to $16, their best figure since April, but they didn't hold at that price and lost 10 cents before the end of the afternoon call

What! Dook Provident (Old) Wholek LAND. ETC. Inc Hotel

IK Land Bhat Land Humphreya Roulty UTILITIES

Tram XH

! ་

730

-United Press.

New York Sugar

Market

20-7/10-20%

83 stocks

49 bonds..

Comin. future price index

-United Press.

ROYAL DUTCH CO. SHARES

Tho

New York, July 15. new 50-guider capital shares of

Royal Dutch Petroleum Company will begin

the

on the Board of the New York 20-7/10-20% Stock Exchange next Tuesday, unquoted

unquoted

-United Press,

It was learned here today.. United Press.

Convertibility Has Become A Distinct Possibility

Paris, July 16.

M. Robert Marjolin, Secretary General of the Organisation for European Economic Co- operation (EEC), has stated that convertibility,

has now become a “distinct possibility."

In a luncheon speech to the American Club, New York, July 14,

sugar futures however, he warned of the new problems that points convertibility would raise and said it would call for closer co-operation between the countries of Domestic No. 6. sugar futures the Western world than ever before. closed, unchanged, with sales of 759 contracts.

World No. 4

1. to. 4 today closed

· 19,40 19.50 2003. G2/19

JUN 295KM GE 1940 | higher with sales

CE 100 Star Ferry. 131 13

tracts. Y'mzah Ferry 148 140 200 149 C. M. (0) 15.00 15.30 300 10.70 2000 1.80 C. Light (N) 19,70 12.00 1065 42 12.50 Electric 3114

Telephone

It can load up to 12 tankers be piged ncross the desert to the few

in at the same time, at an average Mediterranean coast, and utilised things Kuwait

today, such as the coun- rate of 1,800 tons an hour. It for domestic and industrial use try's area and population, which has facilities to load as much throughout the Middle East and

BEST SINCE APRIL: are still calculated in thousands. as 4,000 tons an hour, but there even beyond.

Electrics at $32 are at their Almost everything

to The scheme has had else that are not many tankers which can matters -

abandoned becausa, of the high best level since April Turnover the production and receive oil at that speed.

Even though cigarettes cost costs export of oil, tanker tonnage,

the yesterday was 2,000. involved. Although

Comenta with their excellent annual income and expenditure 1/- for twenty and drinks are gas itself is almost free, about

cheap, iscounted or reckoned in very

Ahmadi is no100,000,000

output figures, were would probably monthly paradise for its British millions.

and have to be spent on pipes..

the pace-setlers of the market Kuwait had its big chance in American residents,

In addition, the constantly yesterday and climbed 50 cents on Hugging the 30th parallel at rising scale of pipeline Royalties a turnover of 7,500 shares to June 1951, when Abadan closed

At that

time, Kuwait the lop corner of the Feralan claimed by Arab countries along show an improvement of 12 on INDUSTRIALS down.

Ahmadi experiences was producing at the

rate of Gulf,

the route would also hinder the the week. wide range of temperatures. In

Forms at $2544 · have risen 370,000 barrels a day.

ing proposition.

be explanation brokers have for So the waste gas has to burned after

being separated their performanco is the fact from the crude oil at a number that they are yielding a healthy | COTTONS

de-gassing stations which 9.4 per cent. whine day and night like a squadron of jets revving up at

In fact that whole market. the same time, the Winter temperatures on

Kawalt's oil production scale, was buoyant today, except | fde The Kuwait Oll Company is other hand often fall below 30 which has been a phenomenally the Wheelack March Exchange Rates

down from me twin clerie fre""the" todat || steep one for the Just divo years, Wheelocks: exland Anglo-American enter degrees. Joint

which prise In

In addition to those climatic has now borun to ride the crest $7.30 to 25% Texiles have unonimat wentula

Allied Iranian Ou Combapy and the extremes Ahmadi suffers fre But experts believe that. I held steady at $7.35, Guit Oll Corporation are equal quent visitations of desert sand. will continue to increase, on have put on, savon and a 12 terston 'associatos enjoying 478-year larma, and fortunately not-so-less steep cures, to its peak in cents and Hemides, and vegan

concession of cíl exploration in frequent, vialtations of locust about three years,

Mall Special,"

exclling all this" wdok-

To achieve a production level the summer, abade temperatures} Pipo-plan from becoming a pay steadify this week and the only Dalry which could make

up

for go up to 125 degrees while sun loss of 700,000 barrels temperatures of 180 degrees a day seemed a formidable Lasic Fahrenheit are not unusual.

Abadan's

But It Was accomplished,

within less than

three years.

In March this year, Kuwait was

producing

the rate of over a inillion barrels a day.

Kuwait,

the

Anglo-

Temperature Extremes

SWAITRE.

of

MARDENS: WHIT

MISCELLANEDUL

"Yongtere

Albed' TITAN TAN

ccn-

tako place.

M. Marjolin would not pre- place without losing the “nd- A good part of the big trade dict when the transition from vintager of the first. The main in the dommalle contract

Was tha present European

had Pay- advantage

̈bten, '•' trade zepresented exchanges of monte Union to a more univer-iberalisation and he, considered "major disaNIOE payments system would it would be a 50021.08 September, contracts for astank wal

to return to bilateral trade la Europe's economic situation had Improved to such Europe."

con- extent, however, that

In a belet survey of the vertibility was today no longer European economic situation, "Th

realm tho

M. Marjolin sald the extent and fantasy OBEC talks on the subject had rapidity of the: Continent re

had been unexpected. suddenly assured reality. Covery

objective The

Ros, the mahall convertibility Plan has Been pre

practically reach

- Contraes No. 4 (worki

3.0

277.30 100 27.10

Quest

STORES, ETC.

WIREOTY Watson

W 25.3325.00 8000 @ 28-40

(N) 18,80 owford 33.30 23.8G

BURAY.

Future closingw:

Beplembur

October

Jonuers (1965)

Maria

May

July

Sudan)

September

Movember ke

March (1086)

hay

July

(per: idos ed

November

Buolis(cthis peri

Pros

Spot(cenia per lb, fol

NY **

Contrárt No.

3.05

"The kind of

of

we have in mind¿will' requiro | edi

ed," he said.. Thd. United States more day-to-day co-operation

than the old gold standard rocosalat, of which we were 60. Marjoun wald frightened, has had. proctienist

He stressed the view of the economy But snajor dilebilles: DEEC" members : that 'n fronsi-sült: pxisted, jus

effect on the European

tion from the EPU, toka ^:now(Pennge / brid

puymants system "should take! Special