1955-04-28 — Page 9

Putting A Killer

To Good Use

Brussels, Apr. 27.

Fire damp, the deadly killer that miners dread above all other hazards,

and the cause of innumer

TRADE

CHINA MAIL, THURSDAY, APRIL 28, 1955.

and

COMMERCE

Page

SECTION

International STERLING RISES TO PAR $2.80

Chambers

able disastrous explosions Of Commerce

in coal mines throughout

the world, has been tamed

and put to productive use by Belgian industry,

cubic

Tens of thousands feet of this highly explosive gas are being collected daily in pits throughout Belgium and piped out to replace ordinary coal gas Supplies

busy, industrial plants and the kitchens of quiet

in

suburban homes.

Three pits in the highly in- dustrialised Hainaut province, in Southern Belgium, are producing fre 165,000 cubic metres of damp between them. This alone

12

of per cent represents Belgium's Industrial and comics- tie consumption of coal gas.

TREATED

Pumped out of workings to the plt heads, the gas is piped to a local gas works » and treated before being sent out to consumers,

*

Meeting

¿

London, Apr. 27. Representatives of 16 major shipping countries took part in a "briefing"" conference here today for their delegates to the forth- coming International Cham- bers

in Tokyo next month.

of Commerce meeting

NEW YORK

, י

STOCK

MARKET

New York, Apr. 27. Realising shook the stock] market today, just about erasing yesterday's $1.000,- 000,000 gain in the listed value of stocks.

There was

The conference was held by the International Chamber of Shipping and the Chairman, Sir Colin Anderson," said they re-

no real pressure garded the forthcoming Tokyo behind the trend, however, and conference as "a valuable forumit brought out some new de- where we can put our point of mand which lifted prices from view to traders and users of their lows, shipping. Shipping lines own- ing 60 million gross tons of mer- chant shipping were represented at the conference.

The shippers delegates, will In Belgium's Limbourg pro- present a two-year, case history

discrimination of fag

to the Tokyo conference 10

support that discrimina- its allegations tion "has shown no sign of flackening."

CO-ORDINATION

vince, near the Dutch border. mines are feeding the gás directly to foundries in the regior

Belgian engineers have worked doggedly for six years to lame the terror gas. Now they are planning a nation-wide pipe-line to carry treated fire damp to distributing centres throughout the country.

According to the experts, the calorific value of fire damp is considerable. They put it at 8,300 calories per cubic metre nearly twice the calorific value of coal gas normally

produred

for industrial and domestic use.

At the close, industrials averaged 2.54 points lower, rail 1.19 lower and utilities 0.14 lower. Of a total 1,232 issues there were 844 lower traded.

332 higher!"

tor- 10

Tuesday 2,560.000

Turnover mounted only shares compared with 2,720,000 yesterday.

Another topic to be aired at

There was selling in most the Tokyo conference will be an attempt to get better co-ordina-groups but a few stood out on land the upside, notably the cement between sea and tion

of transport

through

improved stocks, helped by tales.

highway COD methsis of stowing cargoes, such pending new

structions. as "palletisation."

The conference passed a re-

ENTITLED TO SETBACK solution urging that cheet and indirect subsides for air services

the The selling

analysts should be published and kept arribed to, proftaking. They under constant review by" gov-noted the list was called to a crnment.

selback after its recent rise to

Already the amount of tre overning sovereignty over the rails.

10

A second resolution pressing al-time highs in Industrials to review considera- and quarter-century peaks in tions damp coming cut of Belgiah

territorial waters "with a view raines daily is equal to half a

to resolving present conflicting million cubic metres of manu

(luims" was passes unanimous factured coal gas or 90,000 tons cf coal-two-thirds the annual-Reuter, output from a small sized coal minc..

PROSPECTION "

Now Belgian mining en- gineers are specialising in Bre camp prospection. Technical institutes and pņi- versities throughout the country have introduced COUTECS Incorporating fire damp collection and distri- bution methods.

Engineers say results have gone far beyond all their ex- pectations.

What rescrVES of fire damp exist? How long will they last? . Said one engineer: That is a mystery. Of course, our original object in collecting the killer gas and pumping it out of the plis

was a question of security."

He added: "We achieved that, and now we can go on exploit- ing workings we would other wise have had to close. It just so happened that in getting rid of the gas we tell upon a new profitable industry.

If one day there is no more fire damp in the mines, miners and mine owners will be the last to complain. It is comfort- ing to know that a gas which hourly constituted a menace 19

miner

is now

now used to heat

the

his home and cook his food."

The Are damp collection scheme

trom is quite distinct the scheme for the subterranean gasification of coal. The latter system, investigated in Belgium, Involves settlag fire to a coal resulting vein and forcing the gases to the surface-London Express Service.

LONDON

STOCK

MARKET

London, Apr, 27. Renewed telling of British Government bonds and the an- nouncement that Brazilian Trac- tion had passed its dividend hacked the London Stock market today.

It opened higher but the gains were wiped out and, in many instances, turned into Josses.

HK REPRESENTATIVES It was learned here this morning that Hongkong will send to representatives to the forthcoming Tokyo conference as observers. The representa Lives will be Mr M. Durutti, Manager of. Ralli Brothers Ltd, Mr E. L. L Wheen. and Secretary of Imperial Chemical Industries.

World Cotton

Markets

New York, Apr. 27, Cotton futures trading today became less active and more two-sided.

While nearby deliveries held steady on evening-up operations In the May delivery, new crop months worked irregularly

lower.

interests,

Among the steels, Bethlehem, whose directors meet tomorrow to repert on first quarter opera- tonis and take dividend action, fell 2 to $143.

First Time Since Standard Oil Co. France To Build

Last November

In N.Y.&London

By Sydney Gampell

London, Apr. 27.-

In London and New York sterling today rose to its par value of $2.80 for the first time since last November.

As recently as February, the Bank of England, was supporting it to prevent its falling through its lower limit of $2.78.

Earnings

New York, Apr. 28. Standard Oll Co. (New Jersey) said today estimated consolidated net earnings in the March- quarter rose to $177,000,000 equal to $2.20. a common. share highest first quarter in its history.

The world's biggest oil company carned $148,000,- 400 or $2.44 per share in the same quarter last year. -United Press,

HONGKONG

The drastic rise in the Bank sterling" and have stopped the | STOCK

Rate on February 24 and other measures taken then and since have

revived the demand for

FRANCO-BRITISH

INVESTMENTS

Inadequate

In Some

Territories

some

Paris, Apr. 27.

rot.

Many experts had expected sterling to remain rather weak. They thought that bankers would be reluctant to hold it in advance of a fateful

OVETSCAS

general election of uncertain outcome,

RAN TOO SHORT

EXCHANGE

(From Our Correspondent)

Business done on the Hons It turns out that bankers and kong Stock Exchange this morn- amounted 10 $796,953.20. other people overseas let them-Noon quotations and the mort- selves too short of sterling ing's-transactions;

and so had to buy it. They

may

ing

have exaggerated Britain's eco- SHARES BUYERS SELLERS SALES nomic difficulties and the uncer-

BANKS tainties of the general election.

be Russia

was reported to buying transferable sterling for dollars in Continental marke Doday

Transferable sterling is the kind that can be used anywhere outside the dollar area. For Russia's payments in the sterl Private investment in ing area and other non-dollar, British and French countries, transferable sterling is just as good bs the official territories re-brand overseas

and comes about one pir mained inadequate, the cent cheaper. Organisation for European The dollars with which Russia

buying the Economic

transferable Co-operation

sterling are believed to be those (OEEC) has stated in a re-she get for a recent sale ut gold. After being out of the A survey by the Organisation gold market for nearly a year, found substantial local capital Russia turned up agala as a had been forthcoming in the seller about a month ago and most rapidly developing terri sold about $14 million worth to tories, *such

the Belgian Continental central banics, Canga

Central

BEING DELIVERED

Some sharp decline in airport. crafts where United fell 2, Beeing nearly three.

An excellent, report helped Birt Zenith 4 points and Philco On the other climbed a point. hand, Hilton Hotels slumped 3 as the Government filed an anti- trust against it.

and

as

Africa. But British

го

there was influx Kreat

of American capital or parent-nation

This Russian gold is now can being delivered and paid for The survey said the obstacle and for the time being Russia

Chemicals were mixed actions. in the way of more rapid ex is not offering any riore.

York Stock Expansion was not merely financial

The New change bond volume was $3,850,4 000.

The American Stock Exchange volume was 860,000 shares.

ብኔ

YESTERDAY'S PRICES

Alden Inc. Acy.

Allis Chalmers American Airline American Metal American Smelung American Tel & Tel American Tobacco "B" Anaconda Copper Armeo Steel

Armour Baldwin-Lima-Hamilton" Baltimore & Ohio Banguel Cens.

4 Bendix Aviation Corp

Bethlehem Steci Boeing Airplane

Issuance of only one delivery | potice here, and further buying in old crops by southern mill's

readily absorbed reduced volume of spot month liquidation and Liverpool sell. ing.

Canadian Pacific Railway The question

of price sup- Case (J. 1.) Co. Mctors controls, and port, production export subsidies remained con- Canmonwealth Elec. fused and traders were not*in- Consolidated Edison

Chystal Cred

Corn Products

Cuban American Sugar

clined to draw conclusions Continental Steel pending congressional awvelop-Crane Co. ments.

While May delivery notices at Curtis Wright

Dupont de Nemours Orleans Eastman Kodak New York and New were at the irreducible mini-General. Electric

for 3,300 bales General Foods mum, tenders

General Motors appeared

fu-Chene Safety Razr against Chicago tures.

Trading volumes and apen interests in the Exchange today wert:

Month

May

July

Ост

Dec.

Mar

• May

July

Total

Volane Open interest

25,500 195,600

42,400 883 200 15,1:00 438,800 20.000

198,700 3,100 234,000

0,700 204,100 4,300

85,100

114,300 2,372.900 bades NEW YORK

Prices of futures closed today

as follows:

July

May Fuly

NEW ORLEANS

34.40 33.63

33.78-79

33.88

33.00

34.04

34.14

33.24

Goodrich (B. F.) . Goodyear Tire & Rubber Homstake Mining Co. international Busines

Machines

$ 2124

78

in character.

SETBACKS

For

convenience the Con-

tinental central banks keep the Russian gold in the Bank of Some attempts to speed up England's vaults. It belongs to had en them, not la Britain. But it economic development countered setbacks because helps sterling in several ways. sufficient allowance was not When Russia spends dollars to made for natural, technical or buy transferable sterling, as she sociological difficulties.

was doing today, the Bank of

2734 the overseas territories had England does not have to spend

54 respect of increasing food pro- February

own difficulties to face, in dollars to support it. Since

24

of the Bank or England has been committed t

end their depen-supporting transferable sterling, dik cence on demand for one or which It previously ignored, To-

1817

71%

attempts to ena

duction. industrialisation

3

13

two export products,

a day, Russia was doing the chore

"In many cases these are instead. China Mail Special."" 416 considerable and not amendable

5816 to modern technology.

1437- The survey

said that indus-

trialisation was especially urgent

304 in

172

BUS

40

40

31

4176

174

211

187

MK Bank East Asia INSURANCES

1540 60-71334

"Underwriters..

212

-10

DOCKS ETC. K. What

Dock

23.00 24.20 1500 1 24

Provident (0) 11.80

Wheelock

LAND, ETC.

12 2000

7.15 23 2000

Crack Liner

Paris, Apr. 27.

France, worried by loss of passengers to British and American liners on the Transatlantic run, is to build a new crack luxury 50,000 ton ship costing £25-million.

The

Compagnie Generale Transatlantique say the леж liner, scheduled to make her malech voyage in 1960, will compare favourably

the with the United States and

the Queen

Elizabeth (agships of the

Brush Group

American and British Transat- Get Orders

lantic fleets) and will carry 2,000 first and tourist class passengers and will make about 30 knots.

The cmers of the new ship are believed to have their eye on the coveted Blue Riband,

From Russia

London, Apr. 27. Mr Syriney Lane, who. is. awarded internationally for the director of the Brush group, fastest crossing and won from which make electrical equip Britain by America with the ment, said on his arrival here. United States-London Express from Moscow today that his Service,

1:

Chicago Grain

Market

Chicago, Apr. 27. Most grain turned lower on 11.50 the Board of Trade with active 720 Liquidations of May grain con-

tracts a factor in the decline. 612

HK Hotel HK Land .. 841⁄2

1719

C5 600

100

65

1.03

....14.20 10.00

20.20

S'hai Land.. Humphreys

X AN UTILITIES

Tram

#

Friday is the first notice day for intentions to malte deliveries on May contracts..

Futures were bit by prospects of widely scattered showers over 20.80 the wheat belt and an Agricul 500 is 20.90 ture Department report that the Star Ferry

130 Yaumati Ferry 100 208 300 g 107

carryover of wheat on July 1 is C-Light (01

expected to be record of about 17.80 XD

1300 8.27.70 1000 or 17.800 bilion bushels. This is an C. Light (N)

increase of about 30 mikken 14 14.10 200 bushels above/the last estimate. XD

1000 14.10

Wheat closed of % to up 1 Electric... 361⁄44 3624 500 on 2614

cent Macao Electric

11.10 Telephone 32/321% 2000 @ 321⁄44

2530 32 INDUSTRIALS

Cement

20 1500 28.00

1:00 29

...-28.30

STOKES, ETC.

Dairy XD 20.50 20.50 2000 e 21

1000 + 23.90 Watson

13.30 1235 333 13.30 300 13.30. 4000 13.40

L. Crawford. 5515 COTTONS

Textile Cory.

ANFOUS

MISCE

fangtsze Allied

1

5.20

8.85

6.15 0.30 4.90 4.95

| 2500 @ -1.80.

Reciprocal

Trade

Extension

Washington, Apr. 27.

The Administration bill to extend the Reciprocal Trade

as where the population World Rubber Programme for three years and

areas

was growing too rapidly for all

the additional labour to be ab-

sorbed by agriculture,

It found prospects favourable for an expansion of exports from overscus territories in the immediate future, though in the case of certain products,

such as cotton and vegetable oils,

stocks held by the United States

93 could change this picture.

China Mail Special

65

50%

International Harveste

Interamonal Nickel

International Paper

International Tel & Tel

Jolm-Manville Co.

Kenneroit Copper

107

Lockheed Akcraft

Leows Incorp,

201

Lone Star Cement Co.

Montgomery Ward

National Cash Register "A" National Distillers

National Lead

New York: Central

Ous devators

Pacific Gas & Electric Pacing Western Ol Pan American Airways

Paramount Pictures Philips, Petroleum

Reo Motor C Republic Steel

Shell Oil Co.

Prices of futures closed today Sinclair Oil

as follows:

"My

Spot

July

Dec. Mar

New York Sugar Market

New York, Apr. 27.

futures World No. 4 sugar

Markets

permal a 15 per cent tariff cut has been approved by the Senate Finance Committee without majer changes, except for the George amendmer", and is likely to

pass the Senate.. The George amendment, The rubber market fuctuated tacked on to the bill at the within

with limita DATYOW

%

Singapore, Apr. 27.

Initiative of committee chairman

moderate trade support. Futures: Mr Walter George, was accepted

No. 1 rubber per ID.

May

Jung

July

Nd. 2 rubber per lb. May. 239-00 No. 3 rubber per b. May 8744-86 No rubber per lb. May $34-38 Spot rubber timbaled Blanket crepe No. 1 pale erEDE

ty the Committee before the hill 90%-90%, 90%-90% Came

up yesterday for fal enquoted committee approval by a vote of

13 to two.

The amendment therefore re- mains part of the bill the Senate 9513-961

starts debating, Monday, Congressional sources predict it will survive the debate and be come part of the new law.

On the whole, the Committee's

NEW YORK Futures closed 12 to 15 points lower with sales of 121 con- tracts.

Dealer buying and covering

29 closed today two points higher brought partial recovery at the Up as a major legislative victory

with sales of 121 contracts.

an

action on the bill was chalked for the Eisenhower trade, pro- otherwise quiet gramme. Little

real trouble was foreseen for the bill on the Dealers reported a moderate four of the Senate or the House Ucited Refiners and dealers were re-business consummated to factory of Representatives, ported on both sides of each con- buyers in the spot market. Re-Press

4 4024 tract as they awaited further posted sales included May

cents a pound.

Spot No. 1 Rss were quoted at

1 point closed unchanged to lower with sales of 32 contracts.

Domestic No. 6 sugar futures close in

market.

475

19

73% aw

market

developments. sheets at 304; July 3 sheets at

18

July 5 sheets et 28% and

Futures:

60 Contract No. 4 (world} /

Sept 1 sheets at 30% and 30%

May

Somony Yacuum

July

33.05

Southin Rallway

(Com)

91

Sept

33.84-66

Standard Hands' ...

March

33.70

Standard Oll, of Californis

37.91

Standard Oll of Indiana

May July

July

Sept

23.97-99

Standard Oil of New Jersey

11335

Spot-cents per Ib. Inb

Dec.

34.10

Studebaker-Packard-

Comp-,

1232

Cubs)

$1.12

Mar.

34.12.

Swift & Co..

31%

Contract No. 6

34.55

Texas Co.,

SIT/

July

5.51

Union Carbide

Union Pacific Railway

178

Sept.

5.38-49

The marke

7024

Nov.

$.50

us. Gypsum

261

Mar

Spot-(cents per lb. cil

US, Bubber

NT ex-duty)...

1.25 -United - Press,

American United Gas, Ing

passed dividend of Brazilian midding, in poco per b. were

The big shocker was the

Future

LIVERPOOL closings,

Traction, a $850,000,000, holding as follows:

company, The Company blamed

May/June

foreign exchange difficulties for

July/Aug.

the action. Whatever the reasOTI,

Dec/Jan.

Mar/April

Oct/New

31.99

30.20

41

29.93 unquoted

UA. Line Co.

United States Smelting

US. Steel

Warner Bros.

Westinghous· Electric

Woolworth

30

985888-8

31% cents, Futures:

LONDON

31.03

31A5--18

3025

EAS

30.15

29.30

Singapore

Stock Market

Bingapore, Apr. 28

Brokers

today quoted the following stock prices,

was dull No. 1 British Borneo

at 26

spot Rsa/were quoted pence per 1b. Pricesti No. 1 Rot

Jude

Opening Petrolcum Byed

30/64 30/64 Coriol, Tha Smelters Ord - Fraser Noave Order $1.85 2876-264 France de Neave 75 po pref. 14.30

RAJA

sta, all basis, portat

soyabeans off 1 to 17% cents-United

Press.

EVERETT

&roup

had obtained from the USSR in the past seven" years.

orders

ders worth over £20,000,000. which £5,000,000, was cur- rent.

of

Before going to bioscow, Mr Lane had led a British trade mission to China. This mission, he said. dia a "satisfactory. amount of business”.

The

Brush group, however,

did not sign any firm contracts. in view of the embargo, Mr Inno stated that the Chinese

from

claim they are buying electricity

equipment generating

and Switzerland. Sweden France-Presse.

Exchange Rates

5.80

Business was done in the local market this unofficial exchange merning at the following rates:-- US dollar (per $1) Sterling nates (per £1). Indonesia rupia. (per 100) Siam teals (per 100) Singapore (Straila) · Indo-China plastrés (per 100)

LINES

EVERETT ORIENT LINE

Fast regular freight refrigerator passenger service to Korea, Japan, Philippines, Indo-China, Sjam, Malaya, Rangoon, Calcutta and Chittagong. "REBEVERETT”

Arrives Salla

May 4 May 5

for Kobe & Yokohama,

"NOREVERETT“

Arrives Sails

May 21 from Singapore, May 22 for Kobe & Yokohama,

(Accepting cargo. for transhipment Kobe/Pusan and Kobe/Okinawa)

EVERETT STAR LINE

to

Fast regular freight - refrigerator service Japan, Malaya, Colombo," Bambay, Karachi and Persian Gulf.

\{(fubject, to inducement for direst call Korea)

"STAR ALCYONE”.

Arrives May 3 from Singapore,

May 3 for Kobe & Yokohamia,

Salla

"THAI”

Arrives Sails

May 18

om Japan.

May 18 for Singapore, Port Swet-

tenham, Madras, Colombo Karachi Bashah, Kuwait & Bahrein,

(LIMITED PASSENGER' ACCOMMODATION) (Accepting" "cargo for transki griment Kobe/Pusan and: Robe/Okinawa) -

EVERETT STEAMSHIP CORPORATION

(Incorperated in the Republic of Pana

with Limited Laxbility)

Chinese Department: Telephone" 28293. Queen's Building," Telephone 31206.

MESSAGERIES

MARITIMES

P.O. Box 53 Queen's Building Tel: 25651

FAST PASSENGER/FREIGHT SERVICE

Settlement house term:

207-25

Hongkong & Shanghai Baat

July/Sept Det./Dec.

2814261 Malay Brewerles

257-215

Bates Hotel

Jan./Mar

234-251|| Singapore Cold Storage

$1.18

South British Insurance .... Stralis Trading

Blomita Steamship (37.

$26.00

$14.40

Túfy

217-23

United Engineers Ordi

Wear Bros.^»»* Hongkong ago back Fetaling Tip

7/63

“CAMBODGE”.

Prices

today in guilders.

CIP

Bars Luptang». Kübber, Kempes ...

4.10

$145

LAASIL

zunas Rubber Estates

May

New Berandah Rubber)

$11.30

280 nom

CORRECTION: The price gives for

127. nom.

Wearne Brow as $11.50 from Apell, 25

PEIHO”

ft completely upset the market,

Oil stocks, which often move in a world of their own, ran up one to two shillings and then managed to hold firm

in the Gold and face of the sellon, ~ copper shares Jost cartier frae- tional gains,

British Government bonds had

· losses ranging to more than 12 shilings; Woing out yesterday's recovery United Press,

SAO PAULO Future closings, in cruzeiras per kilo were as follows.

May July

23.45

31.60

32,35

New York Foreign Exchange

In the United States, thei average price of 15/16 middlingdj at ten designated spot markets was 33.67 centsy Sales at these centres totalled 14,159 bales:

United Press.

· 23-day, futures'

·B0-day "fumares

London Foreign Exchange

May! Jurie

-United No. 1 zrane

to April 27 was incorrect. The coBIR HAKEIM”

1.78 Kacs, rect quotation for that period was

•Prom

$2,80—Chiņa Mall:Special

ដ

sailing May 21st-

"sailing June 18th

FREIGHT SERVICES

sailing May 12th sailing June 25th