1954-11-15 — Page 9

THE CHINA MAIL,

MONDAY,, NOVEMBER 15, 1954.

Bitumen Wouldn't Surprise A Babylon Monarch

If Queen Shub Ad, ancient monarch of Babylonia, could visit a modern city and see a gang of men on a road repairing job, her attention would probably be attracted by a thick black liquid being poured on the road and she might well exclaim with a start of recognition "Why, that's bitumen! I used to use it on my harp back in 3,000 BC, it made a very good glue for the inlay work."

Now her listeners would be very surprised to hear this, for everybody knows bitumen is a product of crude oil and surely the first oil well was drilled in the U.S.A. only just under a hundred years ago. How is it that Queen Shub Ad could be familiar with the bitumen that is so important a part of modern industrial development?

To find the answer. we have! The natural crud, ok, m the heat and blast from the exhaust, to bok a Let it the other hand, had bile peretent The hot gases at the exhaust seilee may have a temperature sources and compzasilaon (terude use and, because of its inflammu-

l.

crude bil.ty, was considered dangerous Generally speakirat.

as high as 1,450 *F. and a velocity m undeysand; But, in Greeks did find an in-

(1,230 Fume 1800 ft/se or necuDAMIČEN Reservoir, and it a perfectly true, portant application for

Shell lentistes cantand 11. } inely-divided uut much resarch work on this

muxture

problem and, as a result, the je moisture

asphalt surface

that the first thesale attendin

to top theme subiraravan some

C je was made

ז ty*!

Pennsylvan hy 1859

to ay

}

#1 with

When expect to WON

spontaneously

and, But that grated

Greck kivan

fire, it became

FIF

Polo sat in 1272 AD

feel

annika van bef are that ↑ one Head; am suprotant naval and milder; what that famous traveller Maren wen

weapon. example, it viabled

af

the

"To the tenth of Aleti hes Pujematu D inflet a tesounding FebruURY I, 1933.

Zorzaniu near the confines of defeat upon the Arabian Fleet which thrie is a fountain of a. Kystko A D

decharge 100 great a Lading for

which

as to furnish quan'iy as maty camels burning.

ore

Wen

TH

the

pe sple of those times could find? plenty of uses for bitumen but

not for oil.

world

878

*

TRADE and COMMERCE SECTION

Pago 9

Agricultural Import LONDON MARKET

Quotas The Headache

GATT CONFERENCE

From Ronald Boxall

London, Nov. 14.

One thing emerges from the general minis- terial debate preceding the detailed review and rewriting of GATT. The main tussle in the coming months will be the question of import quotas, especially those on agricultural products.

As expected Mr Peter Thorneycroft, President of the Board of Trade, outlined the British case, for the abolition of these quotas. The only exception in the British view should be those! retained for balance of payments reasons. even they should be subject to close scrutiny by other members.

And

Mr Thorneycroft left no doubt why Britain wants! this: "The talk of making currencies convertible is meaningless and dangerous unless you can conduct the trade with which to back the currency. Wider payments must be backed by wider trade. That is true of all currencies but most of all it is true of a worldwide currency like sterling."

minor

Quest restrictions maintained and played more than a by members of GATT are those role in achieving first victory agricultural products and and then the rehabilitation of herein lies the problem.

Allled countries.

side

Bend

But

as

SHOWED A

Cultured Pearl STEADY DECLINE

Sales In U.S.

New York, Nov. 14. Salts of cultured pearls In the B. 8. will prob- ably reach new peak levels this year, according to Mr David Goldstone, Vice- Prendent of Imperial Poari Syndicate.

Hs own firm's sales Guting the ten months of 1984 are about 20 per cent ahead of The comparable period last year. October Rates top- ped all previous months, be said.

35T NOME-

Prices of good quality cultured pearls what higher now than they wore a fear ago,

He en- visioned serious shortage

are now Ja

in the near future of 3 to 8 millimetro graduated neck- lace, which tight supply.

Nine-milimetre and large pearls are Very and very high in added.-United

cultured

acarec price, Pres.

HONGKONG STOCK EXCHANGE

INSURANCES

the

BANKS

HK Bank

1633 .

3 1030

Fast Asla

200

205

#1

8.10

70

Uruon XD Lombard... Underwritera

DOCKH, ETC

K. Whart Dock

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morning umounied to $830,097.10, Some of the countries which Hence, says Prof. Brandt, when

Noon quotations and I to

quotas see the fall the pertinent shotce nut between the free trade given due consideration, it upsHARES BUYERS HELLERS SALES

are morning's transactions: Items and protection. but between pours that as a war and postwar restriction and economic survival.

val emergency Course the policy of Not surprisingly they are on the Axed ligh level price supports

estrictions

But jusifted itself, by attaining the suntetes like Britain which de- destred goal. and on

industrini

and exports

result of its great unport. he bulk

of their bot burst of sattput during and after can afford t

moral the war U.S. agriculture today manded, Indeed in conditions has nct only nti exorbitant of convertibility they could not reserve capselly but can make. afford to be otherwise.

adjustment m production from There would be no problein, che crop to however. If farmers could still pop to another faster than

perhaps

other

body of very pound of their produce farmors. And well sel every

this makes IL LAND, ETC at highly 1. murative prices in difficult to attack the problam

IIK Tolel practically any

they of the overall

surplus for res-

Not nly has the lead to an merase in output of recently.

fer farm pro- unofter duets been replaced by a buyers

ellers murket

The only market but the whole question that is extremely hard to achieve, UTILITIES

sort of adjustment [of marketing bus been

over= |Pays Prof Brundt. is the redue- Trot!! shadowed in event maths by tion of the intal output, "Turn- the existence of tryge stocks of ing on the top is no problem: surplus farm products in the aring it off is at best a fortunts

experiment."

market

Choses they could until triction on one con noiity only

Wes

United States,

BACKGROUND

This is the real background of

"PRODUCTS SOLD

the talks now going on in Geneve of their burdensome

In an effort to rid themselves surplusta

on the question of agricultural the U.S. Government have sold

quotas.

of Cha

sur-

and

... 20.00

200 a 20 Irovident (0). 15 15.20 1000 15.20 150 15.20 Wheelock

XD

-710 720 2000 gi

3000

1000

71%

7.20

13.30 13.00 800

13.00

500 ** 13.00

2000 13,0

FIK Lond Humphreys Realty

做

23 231 233 44 22

་

From Our Own Correspondent

London, Nov. 13.

Profit-taking and "greater choosiness" on the párt of investors combined to cause a moderate but steady decline of industrial share prices on the London Stock Exchange this week,

By Thursday's close the Financial Times industrial share index had fallen more than four points below its all-time peak of 182.3 reached a week earlier.

At the beginning of the week markets were unsettled by the possibility of renewed Tabour trouble in the docks but the disappearance of this threat did not help mig Index.t, pries continued 10 drifi ⚫lower i throughout the week as sales became more and more evident and purchases fell away.

110 doubt

big!

The immence of several new issues has had its effect. Some of the week's selling was

donc

by investors wanting ready cash to pay for, new scrip. Doubtless, too, some of the new money that would otherwise have found way into the market is being withheld in readiness for forth- coming issues.

be

Next week investors will invited to subscribe to an issue of £15 million worth of stock In Dorman Long, the next steel",

NEW YORK

STOCK MARKET

REVIEW

By

Elmer Walzer

New York, Nov. 14. Industrial shares all but scaled the peaks of 1929 in booming stock market during the past week.

company to be suld buck 10 At the chase on Friday the private enterprise after a spell Industrial average was at a znny

nationalisation. And the high since Sept. 0. City of Bristal is coming

1829

to just about eno per cent under

the London morkel for £3 he all-time peak cd 381,170 million of tean money.

KHOULD ADVANCE

fouened on Sept. 3. 1920.

But most observers Are Trading

present

Daily week

OVETURY trading this amounted

3,231,321

Railrond issues reached their best average level since 1931. agreed that after tho

increased sharply pouse the market will continue until the Friday total of 3,722,- 180 shares net a new high since its advance.

Jan. 17, 1951. The number or bargains marked no far this year has already pussc the previous highest gure recorded in 1946.. pgainst 2,640,193 shares And with company earnings and last week.

The post-election dividends on the upgrade

spurt in market has some way to go yet share prices has lifted values

stocks on of all isted

the big board by around $8,000,000,000. Along with stocks business has set off a boom of its own.

Brokers explain that election expected

of the results-better than

before reaching 115 peak. In the meantime a little more select 120vity in buying will do no harm.

It proof were nced:d of the underlying strength market it was provided on Fri-Republican showing gave the day when E3 mililon of pre-market its big start, The boom- ference

shares in Standard Ing business picture has helped 210 2,1 20000 ! 2.10 Motors were snapped up within carry the rise along since then,

minuter the opening of the they add. subscription Hats.

In the two weeks past, the Applications 19:30 150 19:20 covered the amount more than industrial average

rosc 13.30 200 19.20 three times.

points and 11.10 points respec- 200 19.20

fively for a total of 24.06 points lower or 7.08 per cent. The two-week market has rise in rails amounted to

features. points or 8.40 per cent and in

Star Ferry 130 130 Yaumall

For

0000

1000

2.10

2.10

Despite its generally trend the equity

600

19.30 300 SA 19.30

10 19.30

Ion

19.30 not tacked

bright

0.00

500 130 Road and building shares went utilities to 2.75 points or 4.83 500 19.30 smartly ahead on the abolition per cent,

300 19.30

100 10.30 of building licences and the belief that a major road building scheme cannot be delayed much longer.

157 160 100 2003

100 157 100 147 147 200187

148 100+ 151

PLASTIC INDUSTRY

shares

were

•

also

Plantic strong in response to the news E. URI (0) 18,50

Light (N 13.70 13.09 1000 ₫ 13.00 that the industry is more pros- Elcetrie

... 3914

30 180 352

203 of 3524

300 30

200 33%

1000 6 33

600

perous than ever.

In the stores section United Drapery shares went ahead on

announcement

353: the

that the

100 354% company had entered a bid for 500 or 20.70 | Alexandre, the tallɔring

Telephone

20.00 29.70

100 * 29.70

800 20.70

1000 29,70

600 20.70

200 30

100 » 36

17

27.10 27.30 200 a 20.80

5,00

27.10

20

27.20

Cement

Rope

cern whose proved.

cont

shares also

Im-

of

the

Gains ranged from $4 to $8 a share. Some high-priced issues and some preferred in a boiling session that involved anrly teker lateness. Several other sessions witnessed n Jagging tape, reminiscent of the 1929 boom, and bust-United Press.

Bowaters rose on. hopes benefits 10 como from company's

in plant Tennessee, but they closed be

new

SINGAPORE

RUBBER

MARKET

restant developed

Again, how muny people today. the floods that emember

Western Europe on devastatyd Constantine the

night uf January 317

If the problem of the U.S.hundreds

abroat tor 1ocal currencles One place in

of millions dollars fatin surpluses could be solved worth of exc the world that won't forget

that of the

farm products, Goeter Over-

excess Is the island

agricultural quotas And although 31 finkkee,

overy in Southwest Holland, would be far less Intractable.

clTort is Today, bitumen serves us

Itt

the made 12 prevent these sales in which relies on dykers countless ways. The fuel

of Lo protect Some understanding I is good for

berfering with normal marketing American dilemina is therefor the neighbourhood two 15,000-ton bitumen tankers from its old enemy the sea.

fateful

arrangements full appreciation night. The essential to

of American a no othe, is uod in their lamps the largest bulk bitumen carriers in that ene

other farmers these operations 500 maple, of questions now under discussion have been coting nearly sea drowned over and people e mé from distant, in the

deeply resented. £1,000,000 each-have just been almost completely destroyed 16 GATT.

Professor Karl Brandt, Asso-restricts the impout of certain parts to procum it

Meanwhile,

cf course. America built for the Shell Group is niles of outer dyke and damaged One often unes

RCTOSS 1*-| 9

40

clate Director H miles rences to oil in ancient writings, good Indatiem of the importance or destroyed over

Feud foreign farm products and this Inter

dyke.

Institute Goerce suffered Reseach

of Stanford too loaves them open to strong but, intrestingly though, thee this product now bus in the world

mene dyke damage than any of University, gives an idea of the references toi economy.

criticism. the other devastated areas.

extent of American furt bitumen, chiefly because

Although

Internal politics may prevent pluses in an article in the cur- t par Emergency

U.S. from rent issue of Lloyds Bank Re- the work was able to alleviate some

opening vast market to view. the

foreign Jamm of the immediate hardship, Bitumen does not obtrude imhabitants were faced with the

lie describes wheat surpluses products importers while the¦ INDUSTRIALS So there are two questions 15 self to

that some the extent

| main obicetive of making the as "appalling." Excess stocks of surplus exista but the American "How is it that oil wat

products do.

al-population

growing and with It's not like peiral island safe from storms before this known in these far-off days, andar wheat beve whoty ebrence the onset of the next win trade in wheat in 1953. The 000

most as large

It demand for mero food. This STORES, ETC. if bitumen 15 darivative of

natural would be madiately noticed.

solution" to form Dairy crude oil how could it have aer makes its contribution

would take many years existed before the advent of vill

million bushels carryove: alontechieve however. In to human welfare in

morevolving, amongst other

would surfice to satisfy the de- to refining techniques?"

the complete renewal of 15 subtle and enduring way,

account of of dyke, that at first it was mand for wheat as a food for case

technological Watson 10.40 18.00 500 na 18 20 Just consider how often you feared it could not possibly be of the whole American popula- possible further

2000 18.40 come into contact with bitumen achieved. The traditional method tien for 20 months; and the new advances in agricultural methods.

1. Crawford 20 But outside America there are

one of 2s 6d by de Havillands high for the year at 844 without being conscious of the of dyke construction with clay, crop will probably add another

Kwent Bang of people who must Hong

148

100 140

on reports that the company cents for November ship- fact. Whenever you travel on a stone and turf would have taken 300 million bushels by the middle millions madcup read the odds are it has too long and the

Men of next year.

wonder

may have to accept a loss of ment. at all this talk about COTTONS

Textile Corps. 7 7.00 But bltumen

The market report by Holiday surface--not a hard, not even readily

wheat is not the only food surpluses. Their immediate Then

Nanyang 10.20 10.40 1500 ir 10.30 Stocks held by the worry is not that they have loo

2000 48 10.30

Cutler Bath and Company Limit- to eat. Commodity Credit much, but too little ent. If] MISCELLANEOUS

improved Glit-edged

ed says that the Singapore mar- Yangişti... B.50 be found to pries support the mems could

Alled" 4.2732 5000 4.30 Thursday when the market continued its upward trend of the

available: to Federal make more food

turned caster patly it seems this werk without any noticeable June

1 Insleso hungy: millions not only

the i tion of

reaction taking place, Anticipa- a lower production In October owing to heavy rainfall the poutical Batien London, Nov. 14. In the foreign bond market and

of The Bank of England state- Japanese tasues went hheed at specially the shooting down

American B-29 caused mont for the week ended Bret but later became depressed Nov. 10/reads as follows:

by the political crisis in Japan.peculators to buy. The price

Ahot up

from B14 cents on Called to O Sterling Gerynarzs

holet 1.847.01-100 cerlter gains.

Saturday to 83 0/16 on Tuesday

Tnswer:

Crude

pil

and bitunton.

what refining does

is to

there components by distilation

-first the

light products likel

+

ECA,

for

it rust

rosk

WOR

k

were

this commodity alone arc

as the total world

ly

it takes TTO

any

Statement

In the house you When used for road building wide variety of miscellaneous and means to bring this about. Note in cleutation....

bitumen ml bltumen above and purposa,

Bome

low their best. A good deal of

Singapore, Nov. 14.

the demand was said to have London acceptances of come from American Investors rubber offers on the basis who are expecting the shares of 83% conta R Bound to get a Wall Street quotation. helped it to move to a new

Among the week's lossen wos

22. million on its Comet, air- liners.

drawn in proportion Dorman Long issue.

for

until

20,400,00 300,448,733

34.LES 200 7.8

strorig

Elsewhere Kaffen had a week and at this lovel honvy prot

took speculators ира and downs,

but West taking by

place. African gok sharca became

THE

--United Press,

Anglo-Iranian reached a new

The reason why all has been known for many thousands of year is caure, although it unyielding surface but one with bitumen came to the rescue and Wor accumulates underground from a bit of "give" so that It lasts the modern method with

sond Corporation-the decomposed arganle deposits, 11 longer and gives a more comies and bitumens was cmployed. Al- winetimes Let not very far able journty. Leak of the toe together 22,000 tons of bitumen ng agency underground and escapes to the uppers of your shots and you may were used and, when the winter Gevemen Furface

through

ericks and and the Internal stiffening her of 1953/54 arrived, Gotree was consisted of 100 million bushals would it solve the problem of The Bank Of England because money was being with fissures in the form of a seepage, been achieved by a bluminised ence again protected from the of feed train, 1,400 million surpluses but it would open up

oll consists of various board.

pounds

of butter, cheese and vast new markets for the benent If you have

dried milk. 7,300,000 bales of of agricultural expoftris all over components such as those which:

a car, bitumen we know as petrol, kerosine, fuel might well be

cotton, 010 million pounds of the world. present

tobacco, large quantifies of oll

он GATT Basically, example in the brake linings, in

may not be the proper soeds and vegetable oils and a forum for the discussion of ways separate the battery and station preventive."

15

The cost of storing But the torty of the state of pubila deposite usually products, petrol

and params, then the below you-abave in the rooling mixed with

form of these surpluses alone is costing affairs in which one half of the late deposits

Government securities heavier

gas oil and fuel oil frac- felt on the rafiers and below as aggregate

ilke stone, The the U.S. taxpayer 200 million; world is wrangling about, food diner seurues

surpluses while he other hair Receipts tions until. In the end, only bitu a damp course in the walls. If bitumen acts as a binder und dallars a year. men remains. Now what hap you drink a glass of wine or gives waterproof, hardwear-

DETERMINED.

remains himngry cannot escape ita pens with an all seepage is that cider, it has probably come from Ing, flexible surface. In some The American Government notice.

poration takes place; it is aja vat lined with bitumen. And, parts

of the world, however, have

inken. determined measures procena bút all the lighter to conclude on a slightly macabre there isn't any stone availabic. to prevent surpluses growing any products

radually evaporale note, coffes are often lined with Faced with this problem in larger by introducing a flexible away until eventually only bitumen.

British Borneo,

where Stall price support system in place of form of bitumen is lett. Tho None of this makes sensational operates the Seria

Figid supports and by resteleting ollfield, ancients found that by "drying reading. It spotlights dust in recurga was made to the bitu-serenge town to, pertain comTM and evaporating this

the hundred and one minous process known De

New York, Nov. 24. crude Row of

as wet modities. Yet till surpluses bitum still further in air, unharming jobs that bituinen is [muzick=mix."! This

Haw cotton · exporta by don fund

•procers parhops with gentle heating. btways doing. Occasionally, boon developed straigh

lost. Before criticises the U.S.stination is reported in bales colla bo "hickened" and then however, we open our papers and war for constructing runwaye on administration, however, it is by the New York: Cotton Ex und for building purposes, as a find that bitumen has hit the sandy to for the landing of well to bear in mind the armoru change for the 1864-55 boson to water-proofing medium, us a headlines. Let us just takes two bloc mitract. It has since why American farmers produce Nov 9 were be follows

We low camples since the Wars i cement and so on.

Aske proved a complete iskini zupla to much. With the depressihak Tyllain the savant war, the... jik anaone] } to the problem of road behind them but not forgotten

Brow

OLES

U.S. COTTON

EXPORTS

from the early Greck histoch

mine, Plzway zure bugging (dh kronat; whère end {wthéy nurtusod her ( nutnul (Cacid)

that bitumen from the center town of Hit was used in bulliding had to be able to withstand predominates and the climate is during the war to an extent Lanter for the walls of Babylon.

étis, most extreros (conditiomanti

Same period last; Waary Little-short" of miracsalons | "wroluding, Lowri

|

report anys there has also been

some "hewy selling peak of £18. 13s 98 before allp forward by first hand dealers The Bank Of France ping back to close at £18/ but, and estates both, here and In other oil shares tended to' drifi

London Statement a

lower under pressure of profit- Paris Nov. (14.) taldog. "The Bink of. France statomont for the 'wiek, ended Nov. 4, reads | but tens turned paster, allt, [as:fchłows

The United States whe report= bo buying mamin

Kubler shares held steady, in atomeain but this did not

Meet the Singaporo market.

Prices on the Singapore mariget on Saturday" were

"Mo.. £rubber per ib.

Nov.

Exchange Rates

was done. In the