1954-10-29 — Page 9

This queer looking object is a steel "island" erected in the Persian

serves as a platform for heavy oil drilling machinery.

THE CHINA MAIL, FRIDAY, OCTOBER 29, 1964.

Gulf. IL

Steel Oil Island

In Persian Gulf

A 1,200-ton steel "island," costing £500,000, has just been set up five miles out to sea in the burning hot Porsian Gulf.

It

T

M dependent drilling rig can reach a depth pleted, herkclum f Qualne, where of 7,000-8,000 feet. Bri

interests have been There is accommodation on seeking ud The purpose is to the "island" for two complete provide แ strong platform for crews, and also storage Wi

bulky the

drilling refrigeration facilities and pond in the fare of the storme conditioning plant. Which often lush the coast.

The steelwork was fabricated the Netherlands, then shipped to Dolar. where

the platform was erected on top of 10 1,000-ton barges.

At times, the sun but so Bercely. that the ateel hud to be dipped into the sea before nen could handle it, Air-cooling had to be provided in enclosed Part

that 343

they could endure the oven-like tempera- ture

Then it

was towed to the drilling rite. 35 miles north of Dahur.

There, right heavy stoel legs jpcorporated in the structure were lowerent In the aca bed. WILL the 14 of powerful hydraulic jacks, the platform self was lifted onto the legs, were with

RINCE

drawn,

the pontoons

The main deck of the drilling

14 140

platform

feet long by 90 feet wide, and about forly feel above water level.

The

TRADE CAN

-

When the first well

Is com-

TRADE and COMMERCE SECTION

GATT MEETING

Japan's Application U.K. Exports

Will Be

Considered Today

From Our Own Correspondent

Geneva, Oct. 28.

The 34 countries of GATT will be asked to- morrow to approve Japan's application to hold tariff negotiations with a view to becoming a full member.

"Go ahead" signals are expected to be given without a vote. In fact, GATT officials are treat- ing the matter as a bare formality.

the erection operation I will be

repented In reverse. And the platform will be tow- ed away to a new site. If of ischa struck, a smaller platform will be constructed at the site give acceZS and protection The well-head fittings.

Typists Giggled

And Mr Uris Was Distressed

Art.

New York, Oct. 29.

to

to

New Yorkers, it seems, don't like Modern

"King and Queen," a controversial work by British sculptor Henry Moore, has been taken from its stand in a Manhattan office block and put under dust covers because too many New Yorkers laughed at it.

The Lwy figures, an over-lite- size statuo of thin bodies and abstract heads, now sit w

121 a warehouse, their future uncertain.

Their shroud makes them look kmeller than ever.

They have been in the busy

WIN BATTLE lobby of a 24-storey office build-

ing in Madison Avenue's business section. Originally commissioned

IN ASIA, SAYS

SAYS by the city of Amsterdam, the

BALFOUR

London, Oct. 28.

statue was cast again for a Now York art dealer who brought it la America for Mr Percy. Uris, the President of a occupying the offices.

company

Ils striking and sombre out-

shocked

office many

Lord Balfour of Burleigh, lines Chairman of Lloyd's Bank, workers. But it got most atter- said here today that the tion from crowds of girls and hattle for freedom may well typists who would circle it and be "lost or won in Asia." #iggle during Junch hour.

"Someone hit their heads with

£200

An

RABBIT

exhibitor

Johannesburg, Oct. 28.

at the Show At was offered refused~~£ 200 for a

Spring

Rand Jobannesburg

and

rabbit.

The four - month - old rabbit, owned by Mr R. N. Barker, game first among the record entry of 258 rabbits,

The best price paid for any rabbit at the show was only £0.10.

But rabbits have become a thriving local industry. With the shortage of ureal, there is a greater demand for rabbit---China Ball Special.

Loudspeakers

"Armaments are our weapons an axe was the favourite joke. At 440 Yards

Our

of defence

nod trade weapons of offence," he told a

There also came other scathing

luncheon party of the American comments and there were alories Chamber of Commerce.

of threats by certain office

"Only by trade can the battle tenants to leave if the King and be won and can we secure for Queen did not go.

our side the under-developed and backward nations,

Hamilton, N.Z., Oct. 28. New Zealand's political leaders are to stage a dúel in the main street of Hamilton.

gists These counities

'ત

in

now

To

Russia

London, Oct, 28.

Mr Peter Thorneycroft. President of the British Board of Trade, sald bere Loday that within the last six months, British rang- facturers had been

рег ruited to export machine tool worth a total of 11 million

to sterling

tho Soviet Union

Answering a question In

House of Common

tho

Mr Thorneycroft pointed out, however, that fo the same period, the Govern ment

had refused

grant Hornoes for the ex- port to Rusula of £3,000,- 000 worth of machine tools and for the export of complete

rolling

mill and Sin plating more

mil together valged at more than £10 million. Other applications to export machine tools worth a total of £8,000,000 had been withdrawn, he added-Reuter,

cx-

Tho

we maln outr

and

|

NEW YORK

STOCK MARKET

New York, Oct. 28. Stucks gave ground at tho

close today under the Influence of a disappointing dividend fer

same

HONGKONG STOCK EXCHANGE

Ice House Street

Surprised Dairy Farm

By News

By A Special Correspondent

The announcement of Dairy Farm's new issue came like a bolt from the blue yesterday. Brokers got an inkling of the news in the morning and the shares quoted at $24.80 at Wednesday's close, started off at $25,20 and rose to $25.40 before lunch. In the afternoon call, interest livened and the shares moved up steadily to $261⁄2 before edging back to $26.30, possibly on profit-taking.

Under the terms of the new week) and Nanyangs (up ten issue the company are to offer cents were stronger. shareholders one new share ut In the Lands par (which is $7.50) for every were your held.

group, thera Improvements in Hotels, Lands, Humphreys and Realties. Rubber prices in Singapore have remained

steady on the the week and both Amalgamated and

Rubber Trust

are holding at Last week's rules.

Bonks closed the woek unchanged at $1,850 and Unions have remained quietly steady,

I understand that the purpose of this issue is to expand leo-making section of the com- pany and possibly of sume

Later stute to increase cold storage copacity, Apparently also Government is turning over the Importatka of frozen meat private enterprise and this another reason behind the company's decision to Issue new shares.

Presumably

to

ig

this means that

Government's present sucks of

meat will be enterprise.

eblu

soki to private Inpuussible

to take

to

say as yet how much of his supply the Dairy Farm will be

over but

extru capital will be needed to finance any such purchases

Also, in the past, the Dairy Farm. which stores a large pro- portion of

TODAY'S

SHARE PRICES

The Japanese delegation ut to that although ti morrow's plenary session will be than two years since diplomatic led by the London Ambassador, relations between Japan and the Mr Shunchi Matsumoto, who is West were re-established their due to arrive

here by air from commercial relations have still London only an hour or

not been "normalised." fore the conference

The consider

GATT pession opened to- Japan's application. Mr Toru day with a speech by the {***

Hagutwora, the Japanese Minister Chairman, Mr 1. Dano Wellgress, Berne wha is hending the of Canada Referring to survey, told inc delegation until Mr Matsumoto forthcoming review of the

today that 10 MITIVES,

10 Agreement" he said: "If countries have accupied Japan's cannot succeed in invitation to negotiate for

the objectives of reinforcing GATT tariff concessions. exchange of

the result might very well be Others are expected

world I uecept anarchy

irate shortly. That Britain. Australia economic nationalism and one or two other countries become rampant,"

U.S. VIEWB bark. Japan, said are bolding

The United States has already Mr Haguiwara, is preparing re-

for tarift reductions

circulated its views on the ful of GATT to member countries. Will be submitted

It has given notice that it who have agreed to negotiate and they in turn will will be asking for the abolition present lists of goods for which | of all quota restrictions on im- They wish to secure

Bethlehem Steel and the tarlit con- porla. It wants GATT to have a ressions from Japan.

permanent organisation which Mr Hogulwara is confident would be closely linked with the at Japon will become u

International Monetary Fund and full member of GATT some time will ask for a branch office to be and next year. "But," he added, "I set up in Washington to facilitate decline in stocks already ander however, the company may have BHARES, BUYERS BELLEKS SALER

required. As on Importer morning's transactions: zon between the two organisa-way in the final hour after early

engage in long term bulk | buying which in America will also propose

turn may

BANKS in {1 Bethlehen Steel fell

volve an alteration of its present a point revision of Clause 28 which toys to $70. US. Steel, whose diree-ordering system. Without new down procedure for the tors action on Tuesday was the capital this unilateral

might cause some The Japanese delegation

withdrawa} of pre- same PLE Bethichtm's athil in the dark about the at- vlously negotiated tariff conces dipped % to $57%.

today, Anancial problems in the initial

stages. litude Britain will take towards sions and has intimated that it their accosson to the Agree will be prepared to negotiate on Standard Oil (NJ) dropped 11⁄2 BROKERS' CONCERN ment.

when a $1.25 hoping the vexed question of export points to $98% Premier

To what extent all this is going succeeded in subsidies on farm products. dividend was declared and failed to benefit the company's car- ment during his visit to London

to ineet the market expectations.tus, it is quite impossible to my, convincing the British Govern

Other groups went along with The main concern in Ice House GATT would that Japanese membership

the lower trent. Chryster fell, nol endanger

General Motors 2 point in the British trading interests. Mr

automotives, similar Hugulwara assurance to Mr Cyril Sanders, Board

of Trade Adviser on Board Commercial Relations and senlor ncomber of the

"I came to the conclusion there

Their weapons: loudspeakers wnɛ no use trying to force people at 440 yards. "Any division threatening the because I did," Me Uris sald. "an unforeseen clash

to Ilice contemporary art just

The

"challenge" arose from unity of the free world is dat had it hauled away to a ware-election Itineraries, bringing the In their gerous and such a division is house. What distressed me were Prime Minister, the division of the tree world the comments I heard. When land.

Mr S.. do and the leader of the into a dollar and a non-dollar stopped in the lobby, I had to Opposition. Mr Nash, to Hamilton

listen to the hilarity."

the same night.

world."

Lord Burleigh said it was easier for the United States than

In November

Mr Holland will speak at the the King and 1,000-st Embassy Theatre while for countries struggling with Queen may be seen

Valentin Mr Nash outlines Labour policy balance of payment difficulties an exhibit at the Curs Valentin

at the State Theatre a quarter of a mile away. Both will use wide- publie microphones and speaker networks booming

to follow liberal trade policies Gallery, New York. It was above all important that

the great creditor nation of all should do 50,

Reciprocal trade was a great thing but by itself it would not close the dollar gap.

ปี:

On recent visits to America,

What will happen after that no one knows.

LONDON WOOL TOP MARKET he had been encouraged to hear wholehearted + support for the

London, Oct 20. llberalisation of trade but in the Wool top futuro market closed light of them

steady, with sellers tending to expectations,

Tumover recent progress had been disp. lower their prices. pointing.

was substantial ort 10 lota: Closing prices wer

ring to be told

that

24. President Klown

liberal

range

ito The street,

10. The Hamiltoni double feature

the only time the two leaders' electoral bandwagons China Mail Special,

have no idea of the sort 0{ GATT I will be by then or ou what terms we will be admitted to it,"

P

ASSURANCES

Ida

Kuve

is

to

Brigh delega» tion to GATT, at private talics this morning.

tions.

World Cotton

off 2 to

Markets

New York, Oct, 28.

hesitancy in the face of elections, The Bethlehem Steel directors' late announcement of lower sales

earnings accelerated

Armness.

a

t

(From Our Correspondent); Bustness done on the Hong- the

Stock Government keng

Exchungo this reserves in its cold storage rooms,

morning amounted to $033,499.60. has been buying its meat supplies

Noon

quotations and the

Street yesterday efternoon was the future dividend polley of the company.

Lot's look at profís, Arst of all. In the last three years they have been $5,009,084, S5,180,000, $5,010,100.

·

HK Bank Fart rain INSURANCES

Union ...... Louard..

•

-1025 4045

201

30 1845

48

Underwritern 10 8.30 DOCKS, ETC.

K. Whart. 0875 Dock

Provident

nos

21.00 22.40 710 21.00

500

**** 16.10 14.30

LAND

HK Hotel...

11.30 1140 900 9 12.30 13000 11.40 JK Land B01G 0034 Humphreya, 30.70 21 000 @ 20.30 Really XD. 210 alo UTILITIES

Twin

JUS

...... 18.70 10 2000 @ 15.80

Zerry) 130–134 Y'inati Farly 103 160

100 @ HST

100 0

C. Light (0) 10.20 10.40 1600

C. Light (N) 43.10 13.30 -600 Bectriu

3311 381, 200

Telephone 253 20.00 INDUSTRIALS

Cament

331%

STORES, ETC.

Dairy

New York ship-buliding rose

A number of brokers said they 14 on news it has been awarded

Navy contract for four felt the company would, with the destroyer escorta. Favourable increased share issue, be unable Cotton prlees today opened copings helped lift National Cash to continue paying the $2.70 lower and remained on the de-Register almost a point.

dividend (less tax). This needs Airline In Geneva Me Matsumate will fensive for the rest of the day.

shares continued examination.

in Closing on the lows for the demand on their good earnings try to ensure that Japan's appli

and favourable outlook, Ameri- cation has the fullest support. day the list was down 15 to 17

members points net. The market opened.

Air added % to $10% in the He will impress оть

points.

New Orleans day's most active turnover. closed off 8 to 15 points.

Out of a more favou

total 1,100 issues view A

of traded,

367 wore higher, 569 with the crop

Volume increased slight- lower, slow develop- 10 2,190,000 shares from At present

ly ment of textile

the company bas! buying, and

1,406.070 shores issued and overhanging hedge pressure kept 2,030,000 yesterday.

The New York Stock Ex-distribution takes up $3,465,022. rallying tendencies

resulo change bond volume was $3,380,- | As a

of the new issue

COTTONG 000.

there will be an

Textiles extra 360,669

Nanyong The American Stock Exchange shores which will take up an idilling frost, стор students volume was 570,000 shares.

MISCELLANEOUS extra $865,338

At the t

Yantrate thought" "the plant is still making

Allied dividend rate. The total to cotton,' and that the Govern ment's estimate, scheduled for Nov. 8, is apt to show an in-

World Rubber

Markets

Singapore. Oct. 28. The rubber market opened slightly below yesterday and fluctuated narrowly. There was some factory buying and sume trade support for lower levels with no particular selling prés-

at

Future sure

time. any closings: No. 1 rubber per lb.

Nov. Dec.

Jan.

No, 2 rubber per lb.

Nov.

77-11/10-3-13/18 77-0/18-77-11/10 unqussed

7716-7715

7032-7015 No. 4 rubber per ib.

.... 7014-703%

No. 3 rubber per lb.

Nov.

Spot rubber

Nov.

unbaled

Blanket crepe.....

7736-273% 225-77

No. 1 pals crepe 3815-875

NEW YORK

disappointingi

any

smothered. With

crciso

"

"the absence

of any

DOW-JONES. AVERAGES

Dow-Jones closing averages

of the 12,185,000 bales on Wall Street, today were indicated four weeks ago. follows:

Producer entries under the loan 30 industrials

20 ralls programme for the week ended is utlities. Oct. 22 totalled 91,050 bales, the 65 stocks largest for

40 band any week this season.

Comm. futuro price index The net stock of 1954 crop cotton held by the Commodity Credit Corp. was 405,013 bales, plus 2,093,935 bales from the 1053

crop.

NEW YORK Prices of futures closed todas as follows:

35.051

08

DISTRIBUTION

paid out in distribution by the time the new shares qualify for

the full dividend will therefore

030 @ 1000-34

20.10 20.20 800-

100 4200

Watson

17.30 17.90 DOO

Crawford 23.70

600 800

500 @

1000

7.00 720 3000 G 730 10.2010.30 P730

6.25 0.26.3000 M 1.35 407 420

be $4,330,361 which fee House New York Sugar

314.56 Street men point out is a large

116.6

10.28

130 30

1002

tice out of the $5 million profit.

Brokers therefore feel that it

111,47) earnings continue on, the present

-United Press.

Chicago Grain

Prices

Chicago, Oct. 28. Prices per bushel in cents:

Closing prices, Whost, No. 2, red Spot

210n

#2331

Spot

Futures today closed 23 to 40 points lower with sales of 104 contracts.

Dec

34.41-42

Mar

36.77-78

May

35,03

July

35.00

Commission house liquidation, reserved in both the terminal plus hedgo-selling found buyers

and spot markets,

Reported small sales included some one sheets for October and December delivery at 27 cents a pound.

Oct.

34.78

Dec. Маг

34.70

34.90

NEW ORLEANB Prices of futures closed today July as follows:

Dec, 223 (11) 221)1⁄2 (L) Mar, May

Bpot Dec.

34.43 Der.

Corn, No. 2, yellow 33.00 Boot

210),

10516

1834-1

Mar

Mar.

Spot No. 1 Ras were quoted at 2016 cents. Future closings

May

15.07

July

35.04

May

July

Oct.

24.73

Dee.

Dec.

34.70

Byo

Mar

3030

Mur.

34,04

Den,

May

July

20 до 20.45

Sept.

128.30

Deo,

20.20

LIVERPOOL Future

American Dec. closing's middling colton, 16/10 inch, in

Mar.

Mar.

Oct/Nov

23.12 apot

Dec/Jan.

Mar/Apr.

Nov, 32.50 ·Jan. 32,40 Mar

July/Aug.

OMORI "Values for spob

cotton

Frich : 31.01

mily Barley,

New York Hour

,200 lb. sack ****

LONDON

The markop was dull with No. 1 Ra spot quoted at 25% Prices:

pence per lb, were na follows: Boybeans, No. 2, yellow

No. 1 spot ..................*** '75-95}%

2912-2935 | Shududa:.

-Settlement house term December

Jan/Max.

NEW YORK WOOLE

TOP MARKET

New York, Oct. 28, Wool top futures closed 15 to For Closing prices:

2008b

101 T ITER nom.

Out./Dec.

General markets, oil basil Novenskés

loted

Thch

Amariowy mbating 10/10 Mézjean miääjúna 1×13

„Other worn Nembargad. USB BAO PAULO Futuron prices, por kilo were na" follows

Exchange

Market

New York, Oct. 28.

basis, the company may be forced closed today 1 point lower to No. 4 world. 'sugar futures

to reduce the dividend.

hus

So much for Dairy Farms:

Elsewhere on the market; there been steady support for utilities this week and there are some appreciable gains to be noted,

TRAMWAYS BETTER

1 point higher with sales of ten contruots.

Domestic No. 6 sugar futures closed 1 and 3 points "higher with sales of 54 contracts,

Scattered buying mostly for trodo nccount, and light hodging imparted a note of steadiness, to an otherwise featureless alttia- Lion.

Future alosings:

Contract No. 4 (World)

In the case of Tramways they are up' 80 cents on the wock- January unusual in view of the existing | March dispute. Brokers bellevo

that May July Investors were attracted by Last september

Inst weck's low rates when the share spot (cante per lb, fob Cuba)

Contract No.

was selling D. 2 about $18. arch

May

Ing the Tramway Board's to the Commissioner

Labour July yesterday. indicating that the September company is willing to submit the November dispute with the union to phy partial tribunal appointed by Government, this may restore a Title confidence in the share.

im

Spot (perita per 1b,

ex-duty)

Telephones, up about $1.10 on New York Foreign

-So, the weak and Lights up 40 centa, were two other good performeri In utilition.

130-180-

Uuutios was not the only group

"}) } to gain" ground this week,”- Tiere was an all-round intprovement In the market.i

- CEMENTS SLAT Comenta, Diter touching a new

Exchange

and that thin

tended to gla

tion fùe the däre

ProgrEINIG

of the