1955-05-19 — Page 9

BRIDGE OVER

AUCKLAND

THE CHINA MAIL, THURSDAY, MAY 19, 1955.

TRADE and

COMMERCE

HARBOUR Brazilian Cotton Presents

Auckland, May 18. Preliminary work for the construction of the £5,000,000 Auckland' Har bridge has been

bour

* speeded up.

Trial pits have been dug to explore the strata for the 2,000- ton concrete foundations of the northern anchorage. irteel for the caissons

being pre- fabricated In Britain and con- tracts for supplies materials have been arranged.

of local

BRITISH PETROLEUM

SALES UP

Co., crude

London, May 18. British Petroleum Construction camps and build-Ltd, reported record ings have to be erected and oil sales and higher earnings

supplies of building materials assembled before

the contrac-

tors can begin actual construc-

tion

·

.

The 3,480 feet long structure will be the culmination of, a of a bridge century of dreams linking Auckland city with its beautiful north shore suburbs. were First plans for a bridge

. drawn up 95 years ago and are

still in existence.

The bridge soon to rise over the Waitemata (sparkling waters) was designed by the Jate Sir Ralph Freemen.

Buik

the

six piers, on cantilever-type bridge will carry "Your traffic lanes. There will be There will be a no footways. clearance of 148 feet at high spring tide and 154 feet at low spring tide.

JOINT CONTRACTORS

are

The joint contractors. Dorman Long and Company and the Cleveland Bridge and Engineering Company. Dorman Long built the Sydney harbour bridge.

giant

oil.company

for 1954.

Consolidated net income of the swelled to £24,349,873, from £23,589,434 in 1953.

Sales of crude oil and refined products last

averaged year 820,000 barrels a day, an increase of 80,000 barrels daily or 10.5

cent over 1953. The 1954 salas figure marked a gain of 20,000 barrels daily the previous high set in 1950, the last full year of opera- tions in Iran.

The Company

formerly was known as the Anglo-Iranian Oil, Com Ltd.

The report, signed by Lard Strathalmond, Chairman of the Board, noted that total world consumption rose some five per cent last year.

over

NEW YORK A Problem

STOCK

MARKET

New York, May 18.

A strong demand for aircraft shares today put up a general market rise which restored around $1,000,000,- 000 to market valuations re- duced in the recent series of declines.

Sicel shares shipbuilding issues, chemicals, motors and a special host of shares were all up a point or more,

Trading was stepped up a bit with turnover totalling 2,010,000. Demand for aircrafts was on

that heels of news

the the Senate Armed Services Com- mittee is planning an inquiry into the strength of United

States air power in the light of Russia's capabilities.

apparently significant rise in

*ALL UP

Douglas and General Dynamics canh climbed more than 1 polus,

Aircraft United

and Boeing nearly each; North American the Chair 2 points and Lockheed 26

points.

This figure would have been greater but for

the slight business recession in the USA where the increase was limited to two per cent," man said.

He said consumption in the Eastern hemisphere, where the bulk of B-Ps interest are located, TOSE 11 per cent.-United Press.

Shipbuilding shares moved up ns Sen Henry M. Ack sald the Navy is on the threshold of

MAY BECOME

2ND EXPORTER

TO

AMERICA

Washington, May 18:

The potential of Brazil as a producer and exporter of cotton has again become a major theme of comment and analysis among all students of the international cotton trade.

The immediate attention arises from the possible influence that United States cotton export policies in the coming cot- ton year not decided-might have upon cotton production and marketing in other countries, including Brazil.

Policy-makers here must keep been "complementary," in world in mind that Mexico, Brazil and cotton trade they are competi Paru and Egypt are among the tors.

The expert interest in great cotton-exporting countries.

the

SECTION

Precious Metal

Imports

Frankfurt, May 15.

West German importa of precious metais amounics to 143 milion marks last Year, slightly more than #pent twice the amount

for importa in 1953, ac- cording to the Frecious Metal

Industry Association, Imports of gold **

rosa

from 4.6 tons in 1853 to nearly 16 tons last year, those of silver from 294 tons to $38 fans and thos of platinum

from 231 kilogrammes to 592 kila-

The sharp increase in gold importa is due to the freeing of imports for in- dustrial nac last year and

the lifting of certain other. restrictions sa the precious metal

year.

The Industry continued and chiefly on in- to depend ports; but domestic produc ion also showed a 25- markable increase last Gold output FOST from 582 kilogrammes 1953 to 1,236 last year. Production of silver re mained almost unchanged at 193 tons. Dutpek of platinum was insignificant, though it increased from 13.3 to 21.8 kilogrammes.

china Mall Special.

HONGKONG STOCK EXCHANGE

Any policy here that might long-term Brazilian cotton out- a "big pull-through" into the lead to "dumping" or a "two-look rests, however, upon geo- in international graphical and historical factors atomie power for surface ships price" system

strious rein the Brazilian economy which as well as submarines. Bath frade might have

the expert IT the

sustained cotton-have exporting world. Iron Works ran up almost percussions

opinion that Brazil eventually may become second only to the United States in the international Hongkong sale of cotton.

The Auckland Harbour Bridge LONDON STOCK American ship building

Authority is building the bridge

the

as a local undertaking, but the New Zealand Government stands guarantor of a £5,000,000 loan approved by

Local Gov- Loans Board. The ernment bridge will be paid for out" of tolls.

The contractors have speeded up their completion date from early 1959 to July 1958. Their contract provides that the bridge must be handed over to the Authority within 44 months of the signature of the contract in November 1954,

-

The Authority, which was set in 1951 to up by Parliament

the bridge, build and operate estimates that by 1970, 1,700 vehicles will be using the bridge each day.

The present link between the city and its north shore suburbs is a passenger and vehicular derry service.

to.

MARKET

and Newport 2 points or more. Gains in the steels ranged 3 points in the Bethlehem, Metals were stronger. Motors

well. Chrysler did improved 1%. General Motors

ני

In coffee trade Brazilien - terests as producer and United States needs as consumer have

"Of a total 1,161 issues traded, World Cotton 704 were higher, 124 lower.

Stock Ex-

The New York change bond volume was $3,- 233,000.

The American Stock Ex-. volume was 680,000

London, May 18. Buying picked up notice- ably on the London Stock 1. Exchange today on specula- tion the Tories might chalk up a majority of 80 seats over the Labour Party..

A Labour Party victory at the polls would

more change nationalization of industry, ac shares. cording to that Party's own manifesto. Investors were there- fore heartened by the growing

Conservatives feeling the gaining strength.

mean

Markets

New York, May 18.

Cotton futures see-sawed 'over

معاد

Page

European Securities On N.Y. Exchange

New York, May 18.

Mr G. Keith Funston, President of the New York Stock Exchange, said today whether more European securities are listed on the American. market will still depend on the willingness of European companies to reveal their earnings.

He said European Arms were countries have done to uncourage. still reluctant

to make their capital formation and invest- quarterly reports public, as re-mont He also said in Germany quired by the New York Stock the holding period for capital Exchange, and this was the main gains has been reduced from one stumbling block to having their year to three months. He called for a reduction of the present securities listed here.

six-month holding period in the M: Funston arrived aboard United States to three months. the Queen Elizabeth after a

He safd the Germans have three-week trip to Europe which included visits to stock ex-also reduced the double tax. charges in Italy, Germany and from dividends--United Press. Holland.

He said he was impressed with how much more some European

Silver Price Boosted

RUBBER

OUTPUT

London, May 19.

According to the latest provi sional figures released by the

Rubber Internationa

Study

In New York Group world consumption of

Batural rubber in March reached 160,000 tons New York, May 18.

against 142,500 Handy and Harman, bullion tone in February and 157,300 dealers, today raised the price of tons in January. silver in New York by 0.41 cent to 90.16 cents

Work consumption of synthe- a fine cubed, a level touched only once before tie rubber reached 87,500 tons.

35 years.

against 77,500 tons in Jazmiary This rise, the third in a week, and February, brings the price to the level of the summer of 1951, when it was the highest since the $1.37 in 1920.

in

Production Agures were not increase yet available but on was noted in Malaya 54,500 tons in March against 49.000 tons in and 57,000 tons in February January.

Production in Indonesian plan- tations was estimated at 23.048 tons giving a total production of 70,888 tons for the first quarter of the year against 70,882 tons during the corresponding period in 1954.

(From Our Correspondent)

The record high was set on Business done on the November 25, 1919, at $1.374. Stock Exchange. The record low was touched on

amounted this morning.

to December 29, 1932, at 244 cents Noon quotations an ounce

Dealers said the beast reflected a continued increase in domestic demand in the face of insufficient supplies.

On May 13; the price was 20 1560 raised 14 cents end on May 11

The 31695 was boosted 14 cents.

increase on May 11 was the first boost since March 15 and wiped in the

made out a 12 cení, cut April 4-United Press:

Official reports here have in-$490,229:30. dicated that the Brazilian cotton and the morning's transactions: harvest this year may be slightly SHARES BUYERS SELLERS SALES below that in 1954. But they show

that Brazilian BANKS xchange cotton planter, and that Brazilian cotton can compete effectively in all of the large consuming countries

the worldUnited Press,

of

a range of $1 a bals responding World Rubber

In the nearby July delivery.

as

YESTERDAY'S PRICES... ·

Allied Chemicals

$1063%

to small orders either way

Alled Mils Inc.

37

аге

traders adjusted.

commitments

Allis Chalm.Crm

ran

American Cyonamide Co. American Meta

American Smelting American Tel & Tei Anaconda Copper Artisco Steel

14ゴム

Leading industrial stocks up sharply paced by the blue chips. Rolls-Royce added more than seven shillings, rising to a new peak of 90 shillings six pence. Vickers added more than 2 shillings.

Armour...

Baldwin-Lara-Ham, Baltimore & Ohio

Benguet Cons Bethlehem Steel

Gold shares turned higher or Boeing Arulane "The bridge has been planned demand from the Continent, Burroughs

in Canadian Pacific R. mainly centred New Zealand's Buying withstand

Case (1) Co. Free States issues. periodical earthquakes, although Orange

C. I. T. Finane al Corp. Burmah and Chase Nat. & Man Auckland is not normally par- Cappers firmed. ticularly affected by these. British Petroleum both added Chrysler Motors

Colgate-Palmolive Co. to pace consolidated Edison around four shillings China Mall Special.

is higher. oiks

Continental O at Del. Front-taking and interest in Catimental Steel stocks combined to depress Bri-Con Products tish Government bands, The Crown Zellerbach

Cuban Amper. Sugar Gilts were off as much as seven shillings. Foreign bonds were higher, particularly Germans. United Press.

SEGREGATION

ISSUE

RULING EXPECTED SHORTLY

New York Sugar Market

New York, May 18. World No. 4 sugar futures closed today unchanged to 4 of 51 points lower with sales contracts.

Domestic No. 6 sugar futures 2 points closed unchanged to Washington, May 18.

Warren lower with sales of 40 contracts. Chief Justice Earl Indicated

that the.

Future dosings were: Joday

will sue an

Contracts No. 4 (world) Supreme Court onder before it recesses for the summer on how states should carry out its ruling abolishing school segregation.

"As has been the practice fog many years, action in all argued cases is expected to be an nounced prior to adjournment." Mr Warren said in a speech pre- before the pared for delivery 32al annual meeting of the American Law Institute.

The County beard' argarments last month on how its historic decision should be carried out.

3TY ex-duty)

Curtis Wright Dupont de Nemours ixd) Fastman Kodak

El Paso National Cas

General Electric

General Foods

General Motors

Gillette Safety Razor

Goodrich (B. F) Co. Goodyear Tyre Inland Steel Co. Interchenleni

Corp.

Int'l Business Machines Int'l Harvester” International Nickal International Paper

Intl Tel & Tel

Kansas 0. Power & Light Kennecott Cooper,...

Opening prices were UTI- changed to up 3 points. New to 18 60%Orleans closed of. 2

paints.

Markets

Singapore, May 18. The rubber market was steady with *enquiries on overseas Traders supposed lightening moderate turnover. There was

IIK Bank ..1080

East As.. 214 INSURANCES

Union X All 9WIS'..

700

SHIPPING

Asia Nav.

DOCKS, ETC. K. Whart Dock Provident

(Old) Wheelock

LAND, ETC.

HK Hotel IIK Land Humphrys

Rt

Realty

3.10

30 1053

1214 12:10 3750 6* 12.80 27.20 74 4000 g 7

.. 17.30 17.40 1500-

17.40

47 67 400 6 0735 180 26.70

. 14.80

... $.70

400 10.90

149 5,70

22.07

Tram

24.80 22.50

100 Star Ferry I'mat Ferry 130 112 400

134

300

of July contracts reflected the same proft-taiding at present || UTELITIES

the levels. Futures: uncertainties relating to volume of cotton to be sold

1 rubber per lb. out of the government stocks, No,

June possibility 1615 plus the

July August

49

4046

4915

7814

78

of

tenders of cotton stopped on the recently expired May de- Livery.

Farm legislation uncertainties, plus the question of whether or not the Government may 10th I decide on an export subsidy 1899 for next season kept traders on

the alerted anxiety.

79

47!1

502

2011

$5

Trading volumes and interests in the Exchange 632 day were:

Month

4234 May

July

37% October

December

Volushe

-

46.800

9.000

13.900

972 March

4.300

8,100

70%

July

3,000

105

Total, (bales)

£3,500)

ggett Meyers Tob. Co. Lockheed Aircraft

NEW YORK

Loews Incorp, Be

Lone Star Cement Co. Loulaville Nashville R. Monsanto Chemical Co. Montgomery Ward

37

237

as follows:

4144

Spot

203%

July

Oct

4752

Dec.

May

National Cash Reg. National Distillers

National Lesd

National Steel Corp.

open

No. 2 rubber per lb. June No. 3 rubber per Ib. June No. 4 rubber per Ib. June Spot rubber unbeled Blanket crepe... No. i pale crepe

+

NEW YORK

EVERETT

Production of synthetic rubber United States reached on 176,500 tons. In March,-)

Pressc.

LINES

EVERETT ORIENT LINE

Fast Regular Freight Refrigerator Passenger Service Loading for Singapore, Perang. Rangoon, Calenta and

9122-027% 01-01 unqubled

C. Light (0)

Light (N)

19 19.20

1515.20

15.10

*WORKVERETT""

Electric

"BRADEVERETT”

98-99

"LENKVERETT":

Futures today closed 10 to 25 points lower with sales of 12 contracts.

Prices sold off after a frm

to start. Exchanging of Dec.-July and Sept-Juir contracts ac- counted for some of the activi Open interest des The spot market was dull 23,800 No. 1 Spot Ras were quoted at 684700314 cents." Futures:

475,300

502,300 July

218,800 September

100 December

120,400 March

2,234,200 May July

Prices of futures closed today

NEW ORLEANS

LONDON

The market was easier. No. 1 spot Rss were quoted at 27% pence per lb. Prices:

No. 1. Rm spot

Bettlement house term:

34.80 33.05-07

34.21

34.34

34.23

June

34.34

July/Sept

Det. Dec.

Jan./Mar.

17.

General markets, pit basts Kay

Prices of futures closed today Jay

33.96-09 34.27 34.30

July

Sept.

3.24

MOJ.

3.24

New York Central

May

22.20

Otis Navators

July

Pociic Gas & Mec.

Sept.

Pacifle Wertem Oil ........

Spot (cents per th, tob

Pan American Airways

Cubs)

323

Faramount Pictures

Contract No. 6

Parke Davis Co...

July

6.53

Penny J. G. Co.

Gept.

Philips Petroleum

Es follows:

#.09

Nov.

Republic Steel

Mar

538

Sinclair Ol

Spot

May

Bocony Vacuum

Spot-icents per lb. cif

5.43

Southern Hallway (Com.)

Standard Brands

Dec.

United Press.

Standard Oil of Cel

Mar

Standard I of Ind

May

Standard Oil of N.J

July

Studebaker-Packard Corp.

Texas Co.

Union Carbide

Union Pacifio Kallway

Dalled Airersit

U.S., GypsumA

U.S. Rubber.

4514

as follows:

Us, Smelting

U.S. Steel De

Warner Bros.

30

181

May/June

July/Aug.

Det/Roy,

Westinghouse Electric

Woolworth

ified Prezi,

Dec/Jan. Mar/Apr.

3029 30.21

SAO PAULO

The justices will decide how and London Foreign

when the states should finally lower the racial bars in public schools...!!

PROBLEMS

There had been a possibility the Court might break with precedents and delay its ruling txt spring because of the importance of the degree and the vast sociological and (emb problems involved,"

But Mr Warren's statement

Exchange

New York

Mantreal Arosiórdam. Brussels Ligben Paris

London, May 18.

2.79 0/26-2.30 2.7574-2.73 23/10 10.823-10439 140.00-140.05 80.86-80 80% 9797-979 13/15. 14.513-14:51% 11754-11.75-3

Blockholm West Markı Zurich Others were unchanged

United Press.

Swift & Co.

LİVERPOOL

Fuhire closings, American middling, in pence per lb. were

2

Estate crepe Chiet

277%-20%

United Press.

New Sugar

Legislation

Washington, May 18.

Telephone

INDUSTRIALS

20 29.35 15.10

Cement..... Rope STORES, ETC.

·Dairy, 2014 20.80 200 22 2011⁄2 Watson,

13.10 13.43 L. Crawford 25.89 MISCELLA

Yenglaze Alled

€ 0.34

4.90 4.95

World Steel

Production

Washington, May 18.

The world's steel mills pro- duced 248,758,000 tons of steel last year, the Commerce Depart ment reported today.

Production was at 82 per cent of the mills capacity, and it was off more than 12,000,000 tons

1953. in from the record.set

Steel production in the Soviet bloc of countries increased in 1954 to an estimated 62,405,000 tons.

US production was down to 88,405,000 tons,

These figures were published new in the first issue of a quarterly called International Iron and Steel.

The drop in world steel pro duction last year was attributed entirely to the decreased cutput: of US and Canadian mills. The report said all other major steel-producing countries, and many minor ones, made

at

Secretary of Agriculture Mract as much steel in 1964 as 354 Ezra Taft Benson said at a Fress they did in 1933, and most

New York Foreign Future closings, in crazeros

Exchange

conference today that he hoped made more, United Press.

that Department recommenda tions

concerning new legislation will be "firmed up"

ما

sugar

by

the end of

per kilo were as follows.

views known

July

New York, May 19.

29.00 31.50

committees

Mir Benson said that

DEC

$31.50;

week The Department will ma

make Congressional that there have re have been additional discussions be

is

teen the Agriculture Depart

273..

the local

May

In

averture

apparently means the Coat Exchange Rates

terria to banki, down its order.

exdninge

within a few weeks. The high tribunal is now scheduled to unomcial recess on May $1. but the date morning at the following rates: may be postponed far-veral U8 dolar (per 1)

Stering notes (par. £1) 28.71 weeks if the fintices find they indimela DER (Der "100) cannot meet deadline.no (Stralay

Licata, (per 100)

United Fresa,

indosening/plastrés "UDET: 100)

nited Press!

MANGANESE DEPOSITS

“RESEVERETT”“

Chittagong.

Arr. Jus

1

***June -July

Sails June 2 -June 25

-- July 12

-- July 2

-- July 29

Loading for Kobe, Osaka, Nagoya, Yokohama.

"NOREVERETT""

BEADEYERETT~

"LENEVERESTVI**

*REBEVERETT”

Art. May 29 Salls May 30

- June 14

-- June -July

25

June 15

June 28

— July 24. LIMITED PASSENGER ACCOMMODATION, All the above subject to niteration withhat notice.

EVERETT STAR LINE

FAST REGULAR FEZİGHT REFRIGERATOR SERVICE Loading for singapore, Port Swettenham, Madras, Colombo, Bombay, Karachi & Persian Gulf Pusta

Safia May 25 *THAI" "STAR ALCYONE?

"KTAR BETELGEDSE“ “ETAR ARCTURUS”

Art. May 24,

Jume 4

June 23

ly10

21

July #

· July · 25 ~~— July (447

Aug 20 --Aug, Landing for Kobe, Omaka, Nagoya, Yokohama.

Ais. June --June. 24

"STAR BETELGEUSE" "STAR ARCTURUS" *THAI?

MSTAR ALCYONETM

а

• Aug. 2

Saila Jane." 9

-June 23

- July

-- Aug 28 - Aug. 29 LIMITED PASSENGER ACCOMMODATION, All the above subject to alteration without notice.

EVERETT STEAMSHIP CORPORATION S/A Chicorporated in the Republic of Fanama

A with Lixalted Liability) 2:

28293. Chingro Deportment: Telephone Queen's Building, Telephone 37206.

MARITIMES

MESSAGERIES

Tokyo, May 18. New high-grade manganese deposits have baza discovered

FAST PASSENGER/FREIGHT SERVICE a manganese mine in Human Province after more than a “CAMBODGE" Ge, geological prospecting #TASY

PO Box 33 Queen's Building Tel: 26831

ment and representatives of the New China News Agency

the domestic producers, and also Bald tought The agency sald

Gov-Indications of still more

Sing at ton among officials of various Go

markels was enment department deposits have been found with at these cen. He said that views are gete in a perimeter of 300 kr 128 bales United ting to be closer together in around the mine, France

both groupa United Press Presse.

BIR HAKEIM" MEKONG"

Balling May 21st Emiling, June 20th

FAST FREICHT SERVICE

sailing June 25th sailing July 9th