1955-06-29 — Page 9

Australian

Scientists

TRADE

THE CHINA MAIL, WEDNESDAY, JUNE 29, 1955.

and

COMMERCE

SECTION

Get More Pay NEW YORK RAIL STRIKE ONLY CAUSED HONGKONG

Melbourne, June 28.

In national research STOCK

laboratories, where white- coated scientists are making discoveries which bring hundreds of millions of pounds to Australia, fatter pay envelopes are promising a new deal,

Six months ago many of these men measured their earnings in hundreds. Today, young quali- fed research workers are com- manding a starting pay of about £A1200 (£960 sterling) year with a prospect of earning about £A,800 (£1,440 sterling) affér ten years.

Top men now earn salaries of round EA4.000 (£3,200 sterling) a year. Further Increases are under official consideration.

Oficials of the Commonwealth Scientific and Industrial Research Organisation say that Australian scientists

cre much happler since getting higher rates.

they have been.

BASIC WAGE

MARKET

New York, June 28, Sharply higher prices for one or two chemicals stood out in a lower, less active stock market today.

Du Pont, which ran up 4 points to $123 ond Allied Chemica), up 34 to $119. highlighted last minute trading.

There were a few sharply lower issues, too Bethlehem Steel and Jersey Standard; each vf more than 2 points: Geveral ¦ Motors, Goodyear Tyre, Inter- national Harvester, off more than a point.

For the main list, however, prices were mostly fractionally Jower. Out of 1.194 issues traded 582 were

lower, 352

A few months ago, when the higher and 280 unchanged.

basic wage was nearly CAIZ

(9.12s sterling) £A20 (£18

was

a week, and sterling) a week common carning of tradesmen, many of the scientists were getting only £413 to

(£14.85-19.4%)

pay

£A24 bracket.

To earn a salary more in keeping with their skill and training, many- scientists were forced to seek better paid jobs In private indüstry, or to go overseas.

But the Increases have averted the drift and, according to some officials, may even reverse it.

The CSIRO, Commonwealth Sefentifc and Industrial Research Organisation.

is at present one of the taxpayers' best vest- ments. The organisation now costs about A5,000,000 (about £4,000,000 sterling) a year to run and its batat cast, since its inception. has been about £ A30,000,000 (£40.000.000.

sterling

Its value to the country can be measured only in hundreds of millions.

Officials of the organisation And it difficult to estimate exact figures because, as scientific discoveries.

applied Dre

industry and agriculture, their beneficial effect is multiplied as commerce prospers

standard of living rises.

•

Trading dipped to the

slowest pace since May 31 with turnover of only 3,180,000

shares compared with 2,250,000

yesterday.

decline at

the

The market's 450 level in the averages, com- was to be "ex- mentators said, pected as a normal development After a prolonged rise. Of the major groupe, steels were the poorest performers and this was seen as reflection of uneasiness ever the possibility of a strike in the industry,

Re:ls

down were utililles of 0.01.

1.12 and

Ralls had losses of a point to

1 points in Atlantic Coast Line, among others,

STOCK

SLIGHT CHECK Lancashire Heading EXCHANGE

Industry

Worried

Over Reasons

For

Latest Unrest

London, June 28.

The British railway strike ended after 17 days. The damage done to the country's economy has not been as great as had been feared.

In the first place the stoppage on the railways was not complete and in the second it proved possible to move a greater quantity of heavy goods

by road than had been expected.

The result was that the heavy industries, in which an interrup- tion of output had seemed most

with only a slight check.

World Rubber probable were able to carry: on

Markets

Singapore, June 28,

were

This was particularly im- portant for coal and steel, both of which were in critically short supply.

The rubber market opered Unfortunately, there still are

the docks New York Dock and Evans steady, but eased later on proftetrices on

and Products, both strong perform- | taking and hedging against among the employees of the ers yesterday, moved up 7 points physical, Otterings

well Cunard Liner Company and the and 314 points respectively, absorbed and the market-closed wave of labour- unrest among the individual features.

has struck Britain this year could not yet be said to have been successfully surmounted.

།。

steady. Futures:

CLOSING PRICES

No. 1 rubber per 'b.

July

Alden The Acy.

$ 2416 $194

Ne 2 rubber per ib.

July

11572-118 1114-111 unquated

20892-10014

་་

ib.

Allied Chemicals Allied Mills Inc.

Alis Chalmera

American Airline American, Cyanamide Co. Am. Minch. & F dry, American Metal American Smelting Am. Sugar Ref. American Tel & Tel American Too. "3".

Anaconda Copper Armon Steel

Armour

Baldwin-Lima-Ham,

the

Baltimore & Ohio

Bendix Aviation Corp.

Benguet Cons.

Beichem Steel

1401

Boeing Altplane

80%

Borden (The) Co.

Burroughs Add Machine

SOME ACHIEVEMENTS

are some of the organi- Here sation's motable achievements:

1. The introduction of the cactoblastis, insect which cleared thousands of square miles of New South Wales and Queensland from prickly

and pear

reopened large areas for farming. 2. The ..introduction myxomatosis disease among rabbits which has allowed thousands mor sheep and cattle to graze on feed the, rabbits were devouring.

2.

of

3. The discovery of a means of extracting lanoline-wool grease-from wool-securing liquid

"which has the potential of establishing in- dustries worth £A70,000,000 0 year 4. The

discovery

recunt

that the drug reserpine, used in the treatment of heart diseases, could be extracted from trees found in Australia. 1954 market for pre- "parations from the drug in the United States alone was estimated

*34,000,000 at

Tha

dollars.

Canadian Pacific R.

Case J. I.)

Co.

C. Iur. Financial Corp. Cat, Tractor

Celanese Corp. Case Manhat. Bank Chrysler Motors Colgate-Palmolive · Co. Commercial Credit Consolidated Edison Continental Oil of Del. Conuipental Steel

Cam Products Crane Co.

Crown Zellerbach Cuban Amer. Suzar Curtis Wright

Diamond Alkali Dow Chemicals Dupont de Nemours

Eastman Kodale

No. 3 mk.

July

No. 4 rubber per lb.

July

Spot rubber unbaled

Barket crepe

No pale èrepe

NEW YORK

102-1021

9915-100 11824-11824 9816-0715 1175-110

Futures today closed 55 to 110 points lower with sales of, 105 contracts,

more

markets reserved

|

which

BASIC CAUSES? Financial quarters were won- dering how this unrest should be interrupted and what were Its basic causes.

There were on this question two schools, "DI thought. The more orthodox and traditionally minded blamed inflation is the cause.

of

Labour was out of hand, they said, because the discipline unemployment was lacking.

Realising on "technical reasons and lower

primary found buyers

The conclusion would be that pending new developments.

demand'should be choked off by The spot maricet ruled quiet monetary restrictions until the and dealers puzzled by the labour positich was easier. widening differential between

There were others, standards and fair average who txk

a" more quality rubber, brought about view. by tendency of one sheets to 'pull away from the rest of the market."

factories reportedly were small buyers of tour sheets for cents Sept, delivery at 33 with one sheets for the same delivery at 364 cents. Spot No. 1 Rss were quoted ut 284 cents. Futures:

EL Pato National Ga Erie Ballroad

Family Finance Corp.

July

General Electric

Sept.

Gerent Foods

Dec

General Metars

10772

Kar.

Gen. Pub. Ut).

MAY

Gillette Safety Razor Glidden Co.

70

July

41

Goodrich (B. F. Co.

Goodyear Tire

Heyden Chemical

16

Hamslake Mining Co.

304L

Ingersoll-Rand

Inland Steel Cc.

LONDON

easy with market, was 54% spot closing unchanged

פד

however, optimistic

New US Bank

In London

London June 28..

City circles announced

here today the creation of a new American bank for financing overseas trade. The new bank which is called the "American Over- seas Finance Corporation" will begin to function in a few days.

This bank will be an im→ portant source of average. term credit for American exporters-France-Presse.

World Cotton

Markets

of the

For The Graveyard

London, June 28.

[From Our Correspondent),

Business done on the Hong-.. kong Stock Exchange this mord- ing amounted to $1,165,926.95. Noon quotations and the morning's transactions: SHARES BUTERS · BELLERS SALES :. BANKS

1730-3740

HK Bank East Asia

In another five years Lancashire would be “a graveyard of cotton milla" unless an answer could INSURANCES be found to the present problems of Britain's cotton textile industry, an expert reported here waterboar today.

126

Union Lombard SHIPPING

Asia Nav DOCKS, ETC.

Whart Dock .....

20.30

24 75%

20. 400

500

He was Mr Lewis Wright, General-Secretary of the Weavers Amalgamation and a member of Provident (01 13.00 11.70. 3313 68 13.5 the General Council of the Trade Union Congress.

In a

report to the

Wheelock

1000 or 1000

B.15 8.20 700 à

1450 6 3.15

1250 12

17.

HK Land

71 71% 1400

500

Humphreys

K1y

Realty UTILITIES

17.50 6.80

2.15

18

7000

TUC11 totalled 16,220,000 lbs. com- published today he said the de-pared with 24,720,000 lbs. the LAND, ETC. tine in costor textiles continued week before and 17,170,000 lbs. HK Hotel at an increasing tempo within the corresponding week last exports falling and imports of year-China Mail Special. fie textiles rising

The two were rapidly be- coming equal and firms which had spent large sums on equipment found it impossible to compete low and. fiscal-aided producers from abroad, Mills had closed down and more were doing so.

DRIFTING AWAY

LONDON STOCK

MARKET

London, June 28. New York, June 28.

Stocks eased all along the New Стор

October cotton

Mr Wright said labour was line on the London Ex-. futures today ran away from fast drifting away from the mills change. today." the rest

market when and 10,000 workers had left a scared short interest all tried to cover at the same time.

October soared $2.25 a bale while other positions had gains of less than half that much as the highs for the day.

during the last year.

The losses were small, how-

Tram 23.70 24 400 gr 23, 20

Star Ferry.. Yaumati Ferry

140 121

100 ja 250

10 500

C. Light 10) 21 21.20 6600

C. Light (N)18.70 16.00 Electric 4

42 508

1580**

200 G 4139

Telephone .341, 3474

950 343%

32 1500 m 2

16.10

11.50

24 1550 1400

Cement

Rope

Daley

Wabsor COTTONS

L.Crawford 19 32 200

"How far can the Government ever, suggesting a strong under-INDUSTRIALS permit the industry to contract current of demand, and closing and what la the size of a prices generally were above the STORES, ETC. strategic cotton industry? Can day's lows. we afford to depend so heavily

Rolls-Royce actually closed on overseas supplies for our with a is 6d gain and Unilever strategic needs?" asked

Mr with me of Is 3d. The Gen- wright.

eral

Pattern, however, like the decline of 4d more In Ford Motors and Imperial

Realising at the close pared the extreme gains but the list still closed: net 4 to 25 points The Cotton Board announced higher. Opening prices. were today that yarn production

Lancashire spinning in unchanged to up 8 points. New the Orleans closed up 3 to 31dustry in the week ended June points.

The buying rush in October, coming through cutside сода mission houses, Liverpool and trade interests, was a continua. tion of the demand touched off outcome of the wheat farmer vote on Monday by the unexpected

favouring a continuation of pro. duction controls.

observers in cotton

by

New York Sugar

Market

Chemicals.

Textile Corp. 5.65, 574 3000

was Nanyang

Bonds

British Government were irregular with gains and

esses of £1/16 or £.

were

Oils were slow and virtually unchanged. Golds too quiet and

featureless. Con- tinental buying lifted Rio Tinto to a new peak but profit-taking subsequently left the shares unchanged. New York, Juic 29.

Foreign bonds idled.-United World No. 4 sugar futures

Press, closed today .to

}

4 points

tracts.

Ring thought much of the recent sell higher with sales of 138 con ing in the far forward. months had been encouraged by the pos.

Domestic No. 6 sugar futures sibility that support fcr 1956 closed unchanged to 1 point with allowed and produc-males of 63 contracts. might be tion controls liberalised,

Strength in world futures re- Trading volume and oper infected a belief in some quarters terests in the Exchange today

were:

They pointed out that employ-j ment in Britain has been at a Month

July corrlinuously high level since Oct. the end of the war, but that a Dec. number of important adaptations Mar. have nevertheless been made July in the economy.

SHIFTED TO ENGINEERING

Open i interest

$243,500-

490.000

172.100 02,200 1800 $4,700 168 300 bales

NEW YORK

Prices of futures closed today as follows:

34.83n 34.07

34.15-16

that

the International Sugar- Council; at its next scheduled meeting on July 5, would cut world export quotas because of rapat sagging prices.

The Foreign Operations Ad-

approved

ministration

$1,600,000 authorisation 10 Greece for the purchase of raw or raficed sugar from any place in the world. It listed the con- trict period as June 22 to Aug. 31.

Trading in the domestic con- tract Jacked a distant feature. Futures: Contract No. (world)

3424

July

34.35

Segt.

34.24-25 Cat

Mar.

23.75

May

July

33.55.

Sept.

Spot-(cepts per 1b.

fob Cuba)

Contract No. 5-

July

33.663

Volume

28.100

14.100

13,300

641.500

9.000

250.700/

May

9.000

281.800

0,700

Oct

·Dec.

12,100

000

Total

30.00

36.43

79.15

34.25

Labour, for example, has been shifted to the engineering in- dustries. showing that full employment does not slow the.

33.55

32.B0

mobility of labour.

Spot

July

Production has been

'Tising,

Oct.

The

despite a total force that was believed to be static and fully

Dec.

Mer.

May

at 37

perce per lb. Prices

481

engaged, showing that produc- tivity may be encouraged by a high level of employment.

July

Det

Dee.

Alg

Sept.

International Paper

1101

Oct/Dec.

3434-35

31331

Int'l Tel & Tel

2715

Jan/Mar.

-29

John-Kanville" Co.

2017

Apr/June

Kansas C. Power & Light

41

General markets, cif basis,

re-equipment, especially with

are

Kennecott Cepper...

118

July

electronic devices for automatić,

Spot

July

new

Liggett Meyers Tob. Co.

ALK.

642

control.

Det

Lockheed Aircraft

Sept

Dec.

48

Loews Incorp.

Lone Star Cement Co Louisville & Nashville R.

Kate crepe thick July

thit

Lowenstein & Sons.

45%

Minnesota Mining

112

easier.

Mission Development

102

Monsanto Chemical Co.

1414

Montgomery Ward

811

Motorla I

per kilogramme, cif July 19 follows:-

The pace of Industrial de- velopment. was quickening. People were talking about a second industrial revolution, based on atom power and elec ironic controls that would

Mar.

May

July

Oct. Dec

LIVERPOOL

be

more extensive than the first

Future

closings, - American

No. 1 rubber

No 3 rubger

No. 1 crepe

But apart from these dis- coveries which have gripped public imagination, the average run-of-the-mill research is also paying big dividends.

Every day, scientists showing how

to adapt techniques to Australian agricul- ture or industry. Few weeks pass without some investigation turning up material which will help fishermen, farmers, or per- haps Just the man-in-the- sircet

Interchemical Corp.

Int'l Business Machines

Int'l Harvester

International Nickel

Mesabi Iror. Corp.

National Cash Reg, "A" National Dairy Prod

2

National Distilleri

OTHER DISCOVERIES Discoveries have recently ranged from how to make meringue without eggs, to the perfection of a home hot-water Syystem, using heat from the sun's rays.

When, in the Federal House of Representatives, Mr Richard 'G. Casey, the Minister in charge of the Research Organisation, recently announced the dis- covery of reserpine, members from all sections of the House agreed that scientists in Aus- tralia had been ill-paid. explained

that

Mr Casey salaries of Government scientists had to be kept in line with other Government workers but added: "I think "our present rate of remuneration is some- thing very much more adequate than it was six months ago.

We found that we had great difficulty

in recruiting people for the Organisation and our turnover of scientific and research workers was too great for comfort.

NOT AS MUCH

"Even

now." Bir Casey con- tinued, "Scientific workers are not receiving, as much as their counterparts in private industry because the Government

the

private

pay

industry"

National Lead

National Steel Corp. New York Central Olin. Mathieson Olis Elevators

Owen-Illinois Glass Parific Gas & Eler. Pan America Airways Paramount Pictures Parke Davis Co. Peany 3. C. Co. Penn Salt Co. Philip Morris Philps Petrobeurn.' Procter & Gamble Co. Pittburgh Plate Class Punlicker Industrien Pure OU Radio Corporation Reo Motors Republic Steel Reynolds Metal

Shell Oil Coper

Saint Red, Sinclair Ott socany Vacan South Porto Rico Sugar Southem National Gar Bouthern Railway (Com) Standert Brands

Standard Oil of Cat. Standard Oil of Ind. Standard Ol of N.J. Stokely-Van Camp, Studebake-Packard Corp. Swift de Co.

Co.

Texzy

Tide Water Amn' Ou Twenty Cestay Fox Fum "Union Carbide

Unies Partic Railway,

United Aircraft U.S. Cypeum!

same as U.S. Libe Co.

ja"?"The" old·

anomalies

3. Rabber U.S. Ameling

Steel Westinghouse

hover Bros.

magically passed away and the

scientist is coming into his own.”. China Mall Special.

West, Va. Fulp Woolworth

427 Seillement house term:

4010

AMSTERDAM

The market was

Prices closed today in guilders

No 3 rubber

NEW ORLEANS

Finally, the high wages that inevitably follow from full em- -Prices of futures closed today Sept. ployment were a stimulant toas follows;

ને.

Mar

Bay 33.blo

July 23.58-21

Sept.

34.29-30

33.00 33.57

332 buyers revolution based on steam in the middling. In pence per ib, were 335 buyers Nineteenth Century,

3,00 Buyers 3.20 buye United Press,

LONDON METAL FUTURES

With these points in mind the strikes could be evaluated part of the price that has to be | paid for a process of very rapid

change.

J

Spot-(cents per lb. eff NY

-duty!

5.52

United Fress

Singapore

Stock Market

Brokers

Singapore, Jure 23.

today quoted the following stock prices:

Balu Lintang Rubber Co.

Lid

Borneo Petroleum

as follows;

July/Aug.

31.74

Det/Nov.

21.00

Dec/Jan.

Mar/Apr.

May atte

30.38

SAO PAULO

Opening

Prices of futures closed today

follows:

Syndicate

Consolidated

July

31.20

34.30

TE Smelters Ord FIMAT & Neave Lid Ord.

Dee.

38.50

Fraser & Neave Ltd 7%

Mar

26.70

- "CAST -Draf

36/04

34/84 $1.67

·30.35

May

34.25

Hongkong&

Shanghal

Banking Corp.

7/00

Kempus Ltd:

$1.57

Inevitably some persons and classes of men got left behind Landa, June 28.

and found that their status was as The Un market was steady slipping relively to their fel- with spot marked up 1 point low. to 127 sterling. Other melai markets were quiet... Prices closed in sterling per long ton as follows.

Tia spot

3-month

Copper spot

3-month

Leid Snd half

2nd half.Sept.

Zhe 2nd halt Juñe

2nd naif Sept

*. COMMERCIAL LEVEL

~J

On the commercial level this was to be seen in the Lancashire buyecs effers textile industry,

127

340

1002

Rubber

In the United States, the Hongkong Tin Ltd." which was average price of 15/18 middling Lunat Rubber Estates Ltd. 1271⁄2 clearly losing ground to the cotton at ten designated spot Mayan Breweries

neighbouring engineering indus-markets was not available. Sales N Serandat

at nine of these markets totalled iries.

Pelzing Thy Ltd. There will be no Hotel On the labour side, some of 8,081 bales.

prices the unions, particularly those United Press.

tomorrow, holiday Singpore Cold Storage

Both British Insurance Co. associated with old craft traditions that have been out- moded were struggling for

Os were The

Biothe symptoms one case delegations of business. men coming to London and

"the other

such us, the

ited Prest.

NEW YORK METAL existence

FUTURES

New York, June 28. clamouring" for protection and in Prices of metal futures closed one the footplitemen have Just 7014 today fn cents per, lb. as followi: Bene

Lead June

Tia

Fod Fune

Copper June

14.35b

London Foreign

Exchange

New York Montreal the | Amstertinen no doubt that the 11Mb Stock

Exchange took the more Brussels Copenha $3.406 opfamnistic viewer

65.0000.

Prices fase alizost-without-in-/ouo. Herruptio all through the period

of the strike,—Chiria v Special

West

Mail- Zurich

Condon; June ·28.-

$28.001

Siraits Trading

Suite Streamaliy

$24.25

United Engineers Ord.

$10.90

Waumz Bros.

$2,105

·Kelamdiv, frexdiv

Mati

Special...

New York Foreign

Exchange

EVERETT

5,69

7.70 7.90 1000 3

VASCE ANEOUS

Yangtze

Allied

-6.65 8.30

0.10

22503.10 5000 9.15-

Exchange Rates

Business was done in the local tiris exchange market unomical morning at the following rates:— US dollar (per 31)

6.19 Sterling notes (per £1) Australian sotes (per £3) Indonesian rupiah (per 100) Slama ticals (per 100) Singapore (Straits) Indo-China plastres (per 100)

LINES

EVERETT ORIENT LINE

Fast Regular Freight Refrigerator Pasteurer Service

Leading for Singapori, Penag, Rangoon,

"NOREVERETT"

"BRADEVERETT”

“IEN EVERETT" ?REBEVERETT”

Calentta and

Chittagong.

Arr. July 2

July ------ Aug. -- Sept.

13

1

3

Sails July 3 July 19 2 Aug. -Sept.

Loading for Kobe, Ozaka, Nagoya, Yokohama.

"LENEVERETT"

"REBEVERETTA

~NOKEYELETT""

"BRADEVERETT"

Art. July 4 - Aug. - Aug. 22 Sept. $

Salla July

6

Aug.

Aug.

*,, Sept.

LIMITED PASSENGER ACCOMMODATION,

All the above subject to alteration without notice.

EVERETT

STAR LINE

FAST REGULAË, FREIGHT REFRIGERATOR SERVICE'

Leading for Singapore,. Port Swettenham, Madras, Colombe, Bombay, Karachi & Persian Gulf Port.

A. July 15 Satin July

Aug 14

"STAR DETELGSÜSE”.

“STAR ARCTURUS"

"STAR ALCYONE"

18

Aug. 13

Sept. 1 Sept. 27

Sept

2

ath Sept 22

Oct. 5

- Oct.

B

"THAI

Loading for Hobo, Oniki, Nagoya, Yokohazam,

ATT July 18. Salis July 17

'"ETAR BETELORUSE“

· “BTAR "ARCTURUS“

"THAI"

Aug. 3

Aug.

Aug. 27 www.Sept.

Oct.

Aug.

Sept

-- Oct..

"STAI ALCTONE“

CÍMITED PASSENGER ACCOMMODATION.

All the above subject. to diteration without notice,

EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Republic of Panama 'with Limited LiabilJST). Chinese Department: Telephone 28293.

· Queen's Building, Telephone 31206,

MESSAGERIES MARITIMES

P.O. Box 53 Queen's Building Tel: 28857

SE FAST PASSENGER/FREIGHT SERVICE “VIETNAM "CAMBODGE"

sailing July 17th sailing Aug. 18th

FAST FREIGHT SERVICE

futisres

2618

“MEKONG”. "DONAT

alted Freas.

New York, Juse "28.

sailing July 7th Salling Aug. 17th