1954-09-07 — Page 9

THE CHINA MAIL, TUESDAY, SEPTEMBER

OUR WEEKLY AVIATION NEWS

1954,

Pago

The Auster Ambalsnes/Freighter (180 hp Cirrus-Bombaråler 70% engine) flying without

the rear door in portilon-Auster Photo,

UNITED STATES STOCKS

First Monthly Decline

Of

The Year

By, John Morka

New York, Sept. 5. Stocks experienced their first monthly decline of the year in August.

In a broad setback on Monday, prices déclined as much as two points as traders caution

Aircraft Industry Show: developed in the face of sustained market rise.

Points From Programme

One of the most in- teresting entries

this year is the Folland Midge, 1 for which an individual the demonstration in

flying programme has been planned. The Midge. although it first flew as recently as August 11, has already completed its preliminary flight trials. It is the prototype રા new lightweight

of

jet fighter now under

RECORD EXPORT

ORDERS

A single fighter. the Hawker Hunter, has achieved

orders worth £120,000,000 apart from direct orders for the RAF.

A single

merchant air- liner, the Vickers Viscount. orders for has achloved

Amounting Overseas

£32,000,000.

The Vickers Viscount

this year will

colours be flying in the

Farnborough

shown

of

Before being attached to the Air Minister, Squadron Leader H communtied a Canberra jet brimalar resul r11,

new

OWNERCE

Coffee Exchange Will Reopen

Paris, Sept. 0.

exchange The coffee markel in Le Havre will reopen, on November 10, li was announced today

This important market which handles ́irguisactions for future deliveries had been closed- singo "the" be- kning ofs the „Ševopi World War-Unlled Press.

SECTION

Egypt Determined To Take Advantage

Of Suez Settlement

London, Sept. 6,

“Lombard,” banking and finance columnist for London's Financial Times, said today in a

HONGKONG colunin entitled "Sterling finance for Egypt?":"

STOCK EXCHANGE

"It seems that Egypt is deter- minded to take full advantage for economic purposes of the improvement in Anglo-Egyptian relations that has followed the settlement of the Suez Canal zone dispute. Within

1cw weeks of the settlement it has been disclosed that the Egyptian Finance Minister, Dr Hamid | Sherif, is coming to London for Business done on the Hong-discussions with British minis- kong Stock Exchange this ters about financial matters, and morning amounted to $343,024.20. more particularly possible Bri Noon quotations and the mora- tish help in financing major de- Ing's transactions:

velopment schemes in Egypt.

(From Our Correspondent)

The drop on Tuesday was even more pronounced. The Dar-Jones industrial average fell 1.60 per cent on the day, eliminating all of the gains of the past two months. There was some resultant pressure on commodity prices as coffee and cocoa dipped near or to permissible limits. Elsewhere there were no wide, LAUK BUYER SELLERS SALES price changes.

since

Waterboat

53 1720

BANKS

.:

HK Eank. 1710

has

INSURANCES

Union Underwritern

905 015 6.45

SHIPPING

20

DOCKS, ETC.

und

23 23.30 70623

141420 000 1 J*

1000 7.70

sencing its biggest wave of Auction and 45 per cent of

good divider

dividends, and plentiful

money the American public hig been

Felling

the resultant

Dock... Providen (Old)

S'hai Dook Wheelock

LAND, DTC.

ZIK Butel IK Land

'Hot Land Humphreys steally...... UTILITIES

TTAM

2001420

Frankfurt

Int'l Fair Opened

Frankfurt, Sept. ..

The Frankfurt International Fail Fair opened here today SOURCE OF CAPITAL with 3,127 exhibitors from 30 natione participating. The only "For many decades this "Iron Curtain" country present country was the main source

was Hungary with 10 exhibi- from which Egypt drew Its

tions. supplies of foreign capital. But

Federal Economics Minister the departure of Egypt from the Ludwig Erhard, in an opening sterling area shortly after

address took the occasion to end of the war and the

report

that West Germany's still

the

sub-

sequent deterioration in political and economic relations between the two countries put, a com-

Kroat

oconomy had

plete stop to the movement of 000,000 Deutschmarks,

is not difficult to see why the Egyptian authorities

11.30 11.50 300 ₫ 15 | would like to secure a revival DO! 01 1043 0015 of British investment interest in

their country.

20.90 500 @ 20.90 1.05 2.1215

19

Ymali Ferry 154 157 C. Light (0) 18.00 16.70 1040 15,0

2300 er 15.70

12.00

C. Light (N) 5 12.70 800 12.70 Electric XD 111⁄2 321⁄2 100 #529. 2600 4 3213 Telephone 77.20 27.40 2200 27.30

A host of

reasons were ad- and newspaper opérators vanced for, the market 11-off. j attracted the interest of the Mentioned

was the failure US Department of. Justice. the French Assembly to ratity Bethichem Steel Corporation has the plan for the European beza asked for "more Informa- Lockherd's Director of Com-

Defence Community

with tion" on its proposed merger President Eisenhower's comment with Youngstown Tube merelal Sales talking about the 1049G Super Model

that the road ahead was still Sheet Company. recently: Constcitation

difficult and that much still re-

Strikes which tled un-opera- malined to be done. But market tions in US rubber, copper and "With a 7,750-gain total fuel Super Constellations capacity.

experts leaned more to the idea lumber Industries were settled will gain up to 50 miles more that the market was just too this week. Kennecot Copper] runge, for a maximum distance

strong for its own good and and Corporation, hit by a strike with

that it was due for a technieulgo. capability of 4,020 miles

August 16, reached a correction, Despite the tem-settioment This was the first reserves, or 5,840 miles absolute,

porary setback. Tiptanks will be optional. The

Wall Stress 1 breaks

in the work stoppage runge bonus will cust no pay.

spread across the copper and in the new shups because

prosperity in years.

Attracted by high earnings. Chilean they have been built to take

operations. Striking 137.300 pounds maxi- off with

lumber workers оп the West up from from mum gross weight, 135,400 pounds at present.

investing Coast-about 28,000 went back Im- เme construction called the Trans-Australia Airlines, which

buying and to werk panding new attempts

Lasmat rettlement! Meanwhile, the Gnat. Like the D.H. owl be the first company out-provement of landing gear and

sid: Europe to take delivery of possible.

engines make the higher weigh: de stocks with enthusiasm. ett

The Model G with

ying US Rubber Company signed an which will also be shown, of Viscounts,

this week Only

wave, slocks advanced monthly tiptanks will be able to shorten

INDUSTRIALS agreement this week, following until the August break. For Canadian counterpart, travel ITAA's the Ghat will have

B. F. time on long-range ait-

Goodrich and Goodyear STORIS, ETC. example, at the close of trading. Tire. There was a good chance placed Trans-Canada Airlines,

routes by eliminating some fuel Wednesday, the Dow-Jones in-also that the Firestone Tire Co. а a repeat order for 7 Viscounts

stop. Top speed is more than a British com- 370 mph.

sing dustrial average stood at 338.13, Maximum cruising

major producer whose workers working model of it will and Airwork,

TCA

compared to 263.00 a year carlier. have been out since August 12, MISCELLANEOUS pany, ordered 3. The

The speed is around 335 mph. exhibited on be

MORE SELECTIVE theder

second Is the

will be repeat extra range potential

|might naach an early settlement. ta According by received

Vickers- Folland stand in

particularly valuuble west-bound the order

specialists, investors Armstrongs from a dollur pur-

scross the Atlantic against head- Static Exhibition. The chaser.

winds, Against average 55-mph

healthyment. pre headwinds, had already increased a

for

anything, it tends to keep in example, ៤ stand will also feature a

vious order for three to unit of

3,400-mils

be

check any incination for over nonstop-routo fully-equipped frontforty nircraft,

comes the same as a 4,160-mile speculation and also helps keep trip in still air. That's when 850 fuselage of a Midge, and

miles more range pays off. For a new lightweight fully-

these new planes, the headwinds will be a breeze." automatic ejector

seat which has been develop- for delivery to BOAC ed with

view to keeping the weight of Gnar to the minimum, in order to

save cost and production time.

flying tailplane, and

new eru

ว

it

deemed Capital Airlines, USA,

Bristol will this year agains

the Britannic dumorstrate which has now emerged into the production stage. Four are dur

before i

the end of the year.

Finally the Camet 3 will give the public a glimpse of the jet transport of the future. It is a

aircraft of LIT swept-wing deniable beauty, and yet cap- uble of carrying seventy-five passengers at 500 mph over the

Atlantic.

These

other and numercats developments will indieate some of the progress made in British aviation during the year. Once again the outlines of the future decade of flying for the nexi will be discernible at the SRAC September Show.

to

A fighter which heralds

in naval aviation The Supermarine 525. This will be seen in the Display lying with iwo Rolls-Royce Avon engines. It is

Britnin a swept-wing

is being urged development of the 508, and ratify an agreement drown up by 20 represents the second stage in nearly two years ago the production of a new naval notions to define liablity for fighter for which a substantini

damage caused by an acroplane order has been placed.

crashing in a country not of its crigin.

Hawker Hunters of .soveral marks are due to fly to demon- strate

some

the Rome That agreement,' of the qualities Convention, was to come into which have already

brought effect when five nations hud

far their manufacturers such valu- ratified it,

only able overseas orders. The sales country, Egypt, has done so.

booked

of Hunters now

stitute the largest export

гоп-

Balc

ever made of any British air-

craft.

The

Gloster Javelin will again

but be shown,

avin-

the

So

this year on The Local Authorities Airport September 7 the world's

Committer, representing local tion experts will see for

around London first time

of councils £ formation Javelins

together. port, have been told that any In the air

claim for compensation could The Javelin is believed to

the most powerful all-weather

ro-

"American Avistian"

vertical beam of ports; "A light will be used by the CAA and the National Air Transport Co-ordinating Committee an attempt to reduce noise La Guardia Field. The bencon will be instatted in a park four

from the airport. niles from

Pilots fying toward the light will have climbed to an altitude of some 1,500 feet by the time they reach it and subsequent turns residential areas will not be objectionable.

nver

II

somo marke! was

the market more selective,

DOLLAR POSITION A round Lable conference predicted at Symposium this week that US exports would

Cement

27.30

24.90 29.10 2000 # 30,10

00025 17.70 Crawford 21.30

Dairy

Watson

Yangiaza

143

6.70 3.00

London Stock

Market

to

into

"For although during the past year or two the Egyptian Government has taken a num- ber of important steps encourage foreign money the country by promising patrintion facilities the country is still suffering from an acute shortage of finance.

NO INDICATIONS

гем

terest-war

in an increase of the national

product of 0.000,--

(US$2,- 142,857,100) over 1953.

He said goldi

and foreign exchange reserves were up 50 per cent. This year's inil fair Is the largest since the war, with 126 moro exhibitors that last year.

FOREIGN EXHIBITS

Foreign exhibita were up 133 to a total of 976. cluded 207 Spanish Arms-but These in- 200 of them were consolidated

ཐ

In a wine pavillion-Italy_with total of 196 exhibitors, Greece

109, Austria with 92, Yugo with Portugal

42, Japan with

51.

"In particular, there are still slavia with 63, France with no indications that will sums of 332, the United States with 31,

with to raise the substantial money needed for carrying but the

the Netherlands some of the Egyptian Govern- Hungary England, with.

long-term

ment's favourite

with 16, Switzerland 21. 12, capital, development projects. Luxembourg with 13, India 12.

Tho Egyptian

authorities Belgium with seven, Argentina have already had lengthy talks and Australia with five coch. with the leading Industrialists The West German Federal and bankers of a number

of Press bulletin described the fair European countries.

as one of tho "show

window" "But these discussions have of the Western world. demonstrated London, Sept. 6.

only too clearly Meanwhile, the Communist

of world's biggest display of in-. Although tension in the Far that ail possible sources East has caused operators to foreign capital, will have to bedustrial and consumer goods was proceed cautiously, the under tapped.

In progress at Leipzig, in the To some extent the British Soviet tone of stock market has been

zone of Germany authorities could make addition- | United Press...... satisfactory.

There has been a certain al supplies of sterling avaliable amount of ent account proit by speeding up the releases from talking in those shares where that country's blocked-account,' big gains have been established-United Presk from the US t new hic scale, and, dealers ·

business han ally been

show a 5 per cent gain this year, reversing the gradual decline of Elsewhere in the economy this the past two years. Improve week:

ment in the dollar position abroad. The trend towards consolida and an cosing of trade restric- tion has been most pronounced tions were cited as the principal In the chemical

auto in reasons for

the expected Im- dustries. But recent overtures

Amtri- in this direction by some hotel | Povement. Meanwhile,

can export circles looked forward forward to a graduat but perhaps slow boost

in with Russia and Eastern Europe on the heels of the US, action in lifting some

Hibbard, Lockheed Hali L

United States

Employment Situation

trade

660 commodities

restricted lists The revision,

ON n

in line with

ith similar netion by are looking for a busy day when World Rubber

other Western bloc nations alimed the now account Biaris ot at promoting trade.

with the Wednesday, proving the inter- Fast, will tend to encourage national situation dees not exporters In Rocking licence { deteriorato e permlis on goods which had no

•

chance of receiving Government / in store shares, Marks and authorisation Washington, Sept. 8. Secretary of Labour James P. Mitchell predicted today thai the job situation will improve this butumn.

radio Interviewed on,

panel programme, he said requisition

were outstanding being market up rearly 59: 10 00a fid. the highest this year. Great Universal Stores railed well after losing ground during the morning.

and ended the day Is. 3d. lower at 114s.

Gill-caged Aceurilles

moin- tained their bitial gains, and business has, been on an creased scale.

wa

Markets

Singapore, Sept. 0. The market opened higher and stendied on political nows, Sellers were reserved and there Jittle buying for spot covering and little trade support. Ng rubber per lb.

0036-0014 0834-08 unquoted No. 2 mbber per ib. Sept. 681-GATA No. 3 rubber per jb. Bapt. gra

Future closings; Aircraft Corp. vice president-pouring into Governnient em- moving at a rapid pace, as many

back from

he

COTTON TEXTILES Cotton textile traders reported ring tone in the price and dedate upturn Renerally await in business this month.

Mill shipments

are reported

ployment offices for September of the D

mille ineressed their engineering.

clearly Indicated working schedules to take on the two-month round-the-worki trip and October more convinced than ever,

more expected spurt. "we can look forward anid. of the need for a freight employment in the autumn. Meanwhile, the cotton market transport of the type of Lock-

said the US now hasį,

waiting the cotton crop report hood's forthcoming turboprop

persons employed, a

next Wednesday by the Depart C-130.

record, and about 3,300,000 ment of Agriculture, and this ing with employed. He noted that the caution has been reflected some number of jobless is about five what in the market, Cotton

of the 10tal Inbour per cent

prices have been force, compared to 7.3 per cent

the buyers Ar several weeks,ing upward in January, 1950.

probe the are coxious to pro "I don't believe the unemploy-furthes prices are

likely picture is the mont

serious stiren if the report shows less picture that it has beën painted," than 12 million bales, and will ho said

remain steady If the report

crpp Although he expects total un-shows a harvest of over 12

"be millions, according to industrial |

Everywhere he went in the Orlent and Middle East, he said, he was asked when an economi freight aeroplan: would beccma available. Carriers are removing the eight front seats in some of their alreraft to make room for | freight, he reported, and back- logs pile up at almost every airport.

Air-

Freight volumes are booming In Australia. Approximately 30 bo against the owner, or com- per cent of Australian National

pir

to employment figures reduced in the autumn Mitchell said there will continue to be "chronic situation" and "spots of unemployment" will United Press.

fighter in the world, and is dey operating the alfcraft. But Airways business now is continue to cause trouble. →

the committee have been warn-freight. The airlines in that part signed to carry air-to-aired by their honorary secretary, of the world would like an air

The fact that Mr. M. Coupe. guided missiles,

that there was | freighter having about the same the Gloster Meteor, designed by always a possibility that a capacity, as the DC-4, but de- the Jame Arm, has been in foreign aeroplahe might not be signed for air freight operational service for ten years, fully insured, River an Indication of development potential of the

Javelin,

the

Like the Javelin, the AvTO Vulcan will demonstrate the advantages.

with truck tording.

So the commitico are urging-| the Government to ratify the

Rome Convention,

But even if Britain were

in

of the delta wing become the second to ratify the while the H.P. Victor and the agreement. It would still need Vickers Valiant will display three other nations to sign, their respective design philoso- before It became effective. phies.

Are

servico

The Lockheed executive said that two questions wherever ́he went were: What happened to.

London Foreign Exchange

New York

Montreal Amsterdam

Copenhagen

Pacis

'Stockholm

Press, MAAR

London, Sept. 9.

sources.

to

OIL INDUSTRY A business research organisa- tion report that the oil Industry is making progress on two key

problems, excessive imports and

Service,

In-

September October November

Nu per

13736-08

78:4-79

4100-100

Foreign bonds drifted lower, German Dawes 5 per cents fell 14 points to £78.

Oll shares were disappoint-pot rubber unbaled

Blanket crepa Anglo-Iranian mark No. 1 palo crepe

LONDON ed down 4s 41⁄2d to 314s 42.

The market was steady with Burmah Oll lost 5s to £40%.

quoted at 20% Aircratts closed firm, with.de No. 1 Rss spot Havilland up 9d to 27s 104d, pence per lb. Prices United Press.

No. 1 (pot Res. Settlement howe form: pet.

Oct./Dec.

Jan./Mar.

Apr/June

July/Sept.**.

Communist

Exhibits Outstanding

Landori, Sept., 6. out hone the rest of the world Four Iron Curtain countries with the abundance of their dis blay at Britain's first post- rationing food fair, which open- ed here today.

Ning other foreign countries hnd stands but Russin, Bulgaria, Hungary and Poland had much bigger stands,

more elaborata decoration and a more varied and exotic display of culinary delicacies almost forgotten

during

34 years

United States was not

ot the

display, represented which filled the five seres of the Olympia Hall In west London, invited and officials 2012-202 said they did not know why

there was no American repre 2020sentation, but guessed it was

2013-20 2014-2024

They

5017-2045

were

General markets, elf barls, porta matter of dollars."

20-3/16-20-3/16 Bulk of the stands displaying Sept. Cher.

20-1/16-20-3/16 overy Imaginable kind of food. unquoted 2014-2236

LONDON TIN MARKET

London, Sept. 6. The tin market was firmer in Nov. the official morning session with spot rising 14 points to £73134

In the unofficial afternoon market, the tin was steady with spot unchanged at 2731% and

Ratate crepe thick

thin

United Press.

trozen, canned, dried, moked and, the rest--wore.

Bri tish apart from the national pavilions of Australia, Argentina, Eire, Italy, Kenya, Denmark,

three-month down to 27319 World Cotton New Zealand; Northern Ireland

price weakness. The United

Tumover in the afternoon Bushes

business was 45 tons of which, none was analysta p:cdielts that net care for cash. Closing prices were: Inga of of companies will reach Spot buyers.

7815

732

a low point in the current 3-month buyers angusti 20

quarter, particularly

for small

who produce only a FCTMICT & 257-7/16-2.80-9/10 small part of their needs. Pros

2.72-1/18-2.72||||

10.014-10.0176"

` 18415-18,41%

9774-87754

14.601-100

allowabida

-United Press.

LONDON LEAD

AND ZINC-

pects are best, it added, for firins with important parnings frein foreign output the crude pro- ducers with now

London Sept." 0......... production Olivers were unchanged-United sufficient to offset reduced

Lead, zine and copper were all steady, in the afternoon markets. Meanwhile, a spokesman for Prices alosed today in Storling the independent Potroleum per long ton as follows: Association, opposed any stock-Copperpot 24 buyers. 248 sellers

"Lend" Dol., 100... pillig, programme, by the US amoruly analy Government and International Zing O

Deci

ZURICH FOREIGN A

EXOHANGE",

In practice, however, all air-the Comet, and what about an lines, normally operating ot US jet transport? Hibbard sald London

Now, York Airport

"fully ho felt confident the safety and

Lonlari insured against third party reliability of the Comet would

ba, re-established

Paria that the Cairo claims.

British jet transport, would go Argentipa Being the Air Minister's per-back on the line. As for US. In the light bomber class, sonal air secretary does not let transport, he called atten thero will be the new night" mean an armekali" job all the lion to the fact that Boeing's -intruder voralon of the Cone time in Whliehuil.

-7071⁄2 is now:fying and undoubt

borra, the B.3.: The Canborra

is the only British Jet

Fornimber

When Lord De L'Isle and

bomber at present available for export, Dudley went on a tour or BA

now flying stations a few days ago be flow But world is imej per a two-teatavampatan

racenity, trainer. In the pilot's pirata war

est country to obtin doll my mains. Thes

eilly: with 'ba- în service on the airlines in these, an four years.

st

"What about, a. Lackliona, int

.. Zurich, Bent

:11.01.

.19.00

[dil" sources, and. It bas been. clamouring for it has been

Exchange Rates Pantal

“United Prem

ETS

Markets

Liverpool, Sept. 0. Omeia! values for spot cottons, in pence per lb., started

the work as follows:

Amorisane, strict middling Tith

inch

Mexican middling, 1-1/32nd

and South Africa plus the four. Communist countries--Reuter.

Japanese Textile

Quotations

Omka, Sept. 8 Prices opened this week, In *** US cents as follows; “beris Indian and Pakistan, saw-ginned: 33.10|| Cotton Yarn, (ia UB cents vér [b.)

roller-ginsed 18. 50,30

50 einate 2 SAO PAULO

Pas doub Prices closed today, in cruzeiros, cotton textile, in Un cash bor per kilo za fallowe

Chop

Comunitna Pa

LONDON PEPPER

MARKET