1957-10-08 — Page 9

DECLINE IN TRAMP SHIPPING-

A

QUEEN MARY GETS

STABILISERS

London. SHORTAGE of foreign

Passengers travelling on the currency in many uner Queen Mary next son countries, leading to a dewill enjoy ingresand comfort na cline in trade, has brought a result of the anti-roll sabi- about a big reduction in the lates which are to be fitted to demand for tramp shipping. The wealmess of the market is reflected in the low level to which freight rates have fallen.

In July figures

for trump shipping freights showed

Intensification

of the slumo

in this section of the shipping

her.

The project to equip the Queen with Denny Brown Mary stabilisors, at a probable cost of over £230,000, was announced by the chairman of the· Cunard- Steamship Company Colonel Dennis H. Bates, at the annual meeting in May last year,

Preliminary work on fitting

THE CHINA MAIL, TUESDAY, OCTOBER

TRADE ***ed

COMMERCE

VOLLIS

THOSE DEPRESSING FIGURES

September Gold

Loss

Came As A Shock

By Ronald Boxall

London, Oct. 7.

market. The Index for both equipment for the stabilisers Any doubts that drastic measures även

voyage charter and time char was carried out during the

ter rates has reached ita low-liner's

est level since October, 1034.

Since operating costs have)

winter.

major

overhaul

last

The installation on the Queen risen considerably over the past Mary will be similar to that are fitted in 1955 to her sister ship, three years, present rates considerably

profitable the Queen Elizabeth. This con- than in 1964. Growing numbers sists of two pairs of stabilising

for

of war-time built Liberty dryins instead of the single pair

sufices the which normally thips until now cargo "backbone" of the world tramp amoller ships.

be- feel are being laid up caure they cannot eam a pront at the present depressed levels of tramp freight rates. LOSS: £150 A DAY

war-time Liberty shipi operating the transatlantic coal

The decision to fit stabilisers to the 20-year old Queen Mary

was taken to indicate that it is Intended to operate her for several years beyond the accepted normal economic life of about 25 years,

route might be losing about TANKERS TO BE

£160 a day at current rates:

even the most modern cargo

verrel would only just manage BUILT BY BHP? to make an operating profit, not necessarily enough to cover depreciation,

Most of tho main British

temp owners are less affected

Canberra.

A proposal by the Broken Hill

prewry Co. Ltd., and Ampol

Petroleum Ltd., to build tankers by the drop in the single at Whyalla, South Australia, hes than their heen auhenitted to the Australien age freight rates

Government. Future activity is more speculative competitors.

In the past, British owners likely to be contingent upon a subsidy being paid by the have preferred to hire "the

Commonwealth. majority of their ships on long- term contracts, which provide them with moderately profitable regular employment regardless of short-lived rises and falls in the "spot" treight markets.

An indication of the severity of present conditions is the news that

London-controlled some Greek shipping companies have i un, ten. Llberts-izno yelse because it does not par to run them at prevailing rates.

At least two of these owner say that it is only a matter of Ume before

The tankers planned will each cost £A2,000,000, and will be in the 24,000-ton class. The ship- yards at Whyalla are the largest in Australia and are capable of constructing the vessels.

Including a two`per cent rise in bank rate-were needed three weeks ago to. protect the pound should have been dispelled by the September gold and dollar loss revealed this week.

The Agures made depressing, not to say alarming, reading. of US$202 The month's loes million added to the August fall of US$225 million brought the

reserves down to their lowest

palies of protecting its manu- Lacturing industries by tarif

But, given time, ihtão dificul- ties could probably be aur- mounted.

Halfway House

NEW YORK MARKET

Satellite Scare Sparks Big -Selling Spree-

New York, Oct. 7.

to

72

8244

Market

Turnover New York Cotton

Down In London

London, Dok,- 7.

All New York, Oct. 7. Qulot

mixed

and

cotton trading today featured evening- up In October while other Tho tlay Ruskin "atson" traders awaited the government fying over the Stock Ex-crop report torporrow, United change at the "rata' of~18,000 miles an hour plus the floy 7 per sent bank rate, seemed to make the stock \svchango peevith today.

Turnover, at 8,407 bargains recorded, was the smallest for a Monday for several weeks.

Even the strength of sterling fbusiness was dond at $2.80 to the pound for the first time aleco February) "left British Government stocks -- mostly un-

War Loan alone gained 10/-

change to 20%.

The weakness of all shares was the chief feature of mar-

kets. Investors were dismayed at

the announcements by · Royal

Dutch, Shell Transport and Bri

Presk

NEW YORK PRICES

New York, Oct. 7. Prices of cotton futures closed today as follows:

Spot: 5435 Get SLET: Dea: 340: MEE: 34,15; Mday:: 2413; July: 122: Get: 13.87; Dee: 12pted Press.

NEW ORLEANS PRICES “

New Orleans, Oct. 7. Prices of caiton futures closed today as follows:

Spot: 335) Oct: 3431: Dee: 3401; Oct: 12377, Deg1, 32/93 @klar: 2243, inDallad Prea. LIVERPOOL, PRICES

Liverpool, Oct. 7.: Cotton future closings, in

tah Petroleum that they must pence per th, wore as follow early next year raise colossal OL contract GEL/NOV: sums from shareholders in order/June: 2830 July/AUST 353

to carry out their respective expansions,

Mer/Apt 2308

Now contract Oct/Nov: 221f; Deo/ "SAYAPY:" 20 20:

Shell Trinidad suffered the May/Juna:"27,01; July/KUK: 29/10-- heaviest celling, closing down United Pr 325) 11/- to 117/8. Eritish Petroleum,

Uncertainties rising in the wake of the "sputnik" satellite slashed stock mar ket valuas close to $3 billion in a selling drive which pushed prices now low levels for the year. Through most of the session Radio Corporation

Radio Cory, Prat. If they can be, the concept of the market was aptit into two rublis an

cognacted | kaynolds MstAL Commonwealth free trade need camps the stocks

Britain stop with

andwith, missilon, all nharply higher | Ass, Boabuck & Co. not

renewed hall Oll Co..... Australia Canada,

and New in anticipation of a

Saint Eng. Paper Zealand have problems similar drive" be U.S. minile develop Binclair Oil to. Canada's, and Britɛla wants ment; and the rest of the mar-Saar-Airerati to sell more to these countries ket, off sharply under leadership 100. As matters stand, however, of the steel, oils, chemicals, even imperini preference which metals and miscellaneous issues. Late in the day selling was is a sort of buliway house to free trade-is breaking down because stepped up and spread to the Dominions, lasile group where early gaina) Australusitin ather tho

one to four Inunding they cannot sell all the had ranged from

bilateral Britain, are making trade pacts with other countries. on macu- Under these, tariffs

have been re- factured goods duced in return for markets for agricultural product. and this bas weakened the preference that British goods enjoy in these Dominioną,

level for almost five years. In those two months quarter of the total reserves disappeared a sum greater than the entire

bankc import-export

loon negotiated at the time of the Buoz crisia and not you drawn.

These Agures are bath better and worse then they appear. Better because the September losa took placo in the first three weeks of the month before the

end bank rate increase mesures were announced.

the next 10 days or so the re- farm produce they would wish to polats on heavy turnover.

servea actually regained a little ground."

But the figures are worse than they appear because Germany repaid £75 million of debt to Britain during

the two crials months. Otherwise Britain's de- European Pay- acit with the

In August and ments Union September would have been £75. million greater--and three quotTM tors of these deficits have to be settled in gold.

As it is, the October account minus item of starts with According to the Ampol Com-

the million which is any a final decision on the US$130 maiter rests on a number of Amount that has to be paid in

gold this month-in part settle factors, including whether the Government will subsidies the ment of last month's payments difference between Australian deficit with Western Europe. and oversens shipbuilding costs,

At present Ampol Petroleum

25,000-ton al Ltd. is having" a they lay up

their Liberty tonnage, MAY BE SCRAPPED

United States shipowners aro to make largo- also expected acalo withdrawals of Liberty ships from their fleets if there is no early recovery in treight rates, Scme of the vessels may while good even be scrapped prices can be obtained for high- grado serap.

#

Halted

has

However, since the drain on tanker built overseas, at a cont | the resOZVOS was halted and of £A2,000,000. As an Australian aven slightly reversed after the company it would prefer to bank reta Gombshell, it is safe place its orders in Australia. to say that the immediate crisis

is passed. But all that been done so far is in the nature of a rescue operation. Yet an- ather attack on the $2.80 been beaten off. The opposing forces so-called "specula tors have withdrawn but they are not in retreat.

NEW £6M.

PLAN

FOR CLYDE DOCK

Plans are being studied by a group of Clyde shipbuilding end ship-repairing Arms to proceed with the building of a £6 million graving dock in the

Greenock

The effect on the sire and competition of the world tramp feet will bo considerable if re- tirement of Liberty ships bo-

These vessels | area. comes general.

Action is being taken by the have been estimated to comprise nearly 60 per cent of the world group because the Government has declined to finance a project The continuing depression Is and the larger types of vessel neod new world tramp shipping freight now being bullt rates is accelerating the laying-facilities which do not exist on up or scrapping of vessels built the Clyde. during and before the last war. CONTRACTS OFF

·*30017

The graving dock, és planned, is designed to provide Atting-out facilities for the larger typo of ships now on order on the Clyde Moreover, a number of tramp for the overhaul and repair of or engaged in ocean trading, and ordered the hipowners who

the large tankers now discharging building of new vessels Jast year-particularly during theat the oil port of Finnart in Loch boom in rates which followed Leag

the Suez crisis--are now con-

sidering whether it is possible

has

The next step-including por haps the painful consequences" that the Chancellor spoke of in yet to bo Washington-has taken. This will involve pushing the new monetary mensures to the extent that employers, in- cluding the nationalised indus- tries, are forced to say "no" to new wage claims.

175 Higher

of 1,163 ieues traded, only 176 managed to clone higher while 010 declined. There were no new highs set, 182 now lows. Volume picked up to 2,400,- 000 shares, most since Sept. 25, from 1,620,000 on Friday.

New York Stock in

bond volume was $5,000,000.

American Stock Exchange volume was 749,000 shares.

Dow Jones closing, averages were

The political difficulties the way of Commonwealth free trade would be immense, but the ultimate local described by "The Economist" as the provision of "the economic conditions that would obtain if the Common wealth consisted of one country,

market and one

people, should be a spur to action.

ONLO

Unrealistic

20- Mails (ke

20 Industriale

10 fe

85-Mockwor

40 bonds

Comm. future price index

Bouthern Co, Tinala

South Puerto Rico Sugar Bouthern National Cas Southern Railway (Com)

tandani Brands Standard Olt of Ind. standard oil of N.J. Broep Rock (Toronto Expe Starling Drug Co.

Stokely Van__Camp, Studebaker Packard Corp. Sunshine Mining

Swift & Co. Texas Co Textron the

Tid Water Asta. Oli Twenty Century Fox Filen Union Carbide

Union i at Cal. Union Pacião Railway Valted - Aircraft

Dan Corp.

Exchange Un

Closing Prices

Perhaps it is unrealistic while | Aldin The. Acy, sterling is still reeling from the blows of the past two months to look ahead as far as this. But it would do no harm and may do a lot of good if the Com

Ministers monwealth Finance started planning at Oltawa next year for a brave new world for sterling 10 or 15 years

Alled Chemical

Allled Bipis fur, Allis Chalmers Am. Drake Ehre American Alatina American Cable & Radio Corp. American Cyanamid Co.

now.

from

without en-

Amer. & Forge Power

Am. Gu & Electio

Am Mich, & Fory American Motal American Braising Am. Hugar Rat.

Asperican Tal. & Tel. American Tob. "B"

They could do that slackening their efforts to sure a place for it in the world Anaconda Copper as it is today.

New York Rubber Market

New York, Oct. 7. Rex rubber futures today closed unchanged to 5 points If the Government, which has higher with sales of seven con- already displayed greater courage | tracts.

Ad- than any postwar British

"Nov; 2008; Jan: 29.60; Mar: 20.88 ministration In tackling the May: 20.00; July: 20.65; Sept: 20.58: problem

inflation Nov: #45 of chronio

Standard contract closed un (though admittedly not until it had become acute), stands firm changed to five points higher

with no sales reported.

Nov: 29.63; Jan: 2002; Mar: 20.00, in the face of the opposition that

July: 1065; Bel: 235 this will inevitably arouse,

16

Armoo Steel Armour ANA Atian Cons. 2ining Baldwin-Lima-Ham,

Baltimore

Beneficial ce

Bendix Aviation Corp, Benguet Cons Bethlehem Steel Airplane

Borden (The) C Burroughs Aita Kachine Campbell Boup Co.

Canadian Pacific..

Ca. L.) Co.

CAL, Tractor

| Celanese Corp.

C. 1. T. Financial Corp. Chato Manher. Bank Chrysler Motors

Cunit Prabody Climax Malypeum Colgate-Patrollve Co. Cornblan Carbon Ca | Commercial Credit can fairly claim to have done Holidays In Singapore and Commonwealth Elec.

Consolabell Edinom its part in the defence of ster!- Indonesia, with the consequent

Conmental Oil of Deli scarcity shipment offerings, | Crown Zellerbach Now, as Mr Thorneycroft was held activity here down to a | Cuban Amor. Suger

Diamond Alkali justified in gaining out at the low ebb, Factory interest con- Diamond Kach Co. Mont Tremblant Conference, it tinued slow, Spot No. 1 Ras was is up to other

Commonwealth quoted at 2012 coats-United

Press.

ing

to reduce their commitments by BIG TANKERS FOR countries to play their part.

cancelling some contracts.

Both shipbuilders and ship-

owners, however, are unwilling FRENCH OIL COY

to confirm reports thai new

building orders have been can-

celled or that ownom aro failing

to take up options on building berth

Paris

the

| Douglas Aireraft Dow Chemiezis

Dupont de Nemours

Eastern Airline Eastern Kortak

LONDON MARKET

El Paso National Cas London, Oct. 7.

Family Fance Corp The rubber market Wils Precione Tyre & Rubbe steady but quiet with spot at 25 Fat Motor

General Electric pence per lb. Prices:

No. 1 Ree spot: 25-25%. Settle-Central Foods

General Motova ment house term: Nov: 15 Gen. Pub. Vul. Dec; 2334-35% Jan/Mar: 2514-23 City Oil Apr/June: 25-20; July/Eopt!" 2534- Grädden Co.

*25* Generd markets, cit basis, ports: Goodrich (

Goodyear Tyre It is to this aide of the prob

Oo: 341-5; Nov: 514-2011 Dec: 35-

Gulf all...... lem that we must look for the Estate crepe Uhin Get $75%;

Hayden Newport Corp. Hamastako Mining Co. phort-term results of the Com... | Thik: Det: 2031-United Press

Ministers

Ingersoll-Rand monwealth Finança

Short Term

This requires as much

individuni measures to balance

collective trade accounts some action to keep total development plans and investment demands within the limit set by avall. Like it Britiah counterpart,able capital resources. Sociste Maritime Shell, Many of the reported can-shipping subsidiary of Shell cellations have been with Scan- Francaise, is now engaged on a dinavian, German and Japanese big tanker building programme.

The company announced that yards. To date, most concern all-tankers, but it is likely that it had ordered three tankers of some owners will have second 73.000 d.w. tons cari frumn thoughts about taking up their Pouhost-Loire, These are the options

cure of the periodle economic ilis On bulk dry cargo | Inrgest tankers so far ordered in carriers.

of the sterling area, howOVCE, WE France and are likely. tako the same five years to complete.

must look to new measures. And The principal reason for

Mr WAS, Penhoot-Loire is to launch an- whatever else it present slump is the poor level

Ад of European demand for United other 31,500 d.w. ton tanker for Thorneycroft's proposal for Slates coal and grain, which Maritime Shell this month and Arda was certainly now.

Anglo-Canadian Free Trads has had reporeussions throughout began the freight market.

PESSIMISTIC

work on

a $1,000 dw. bon tankar for the game com- pany last month.

An additional influence in re- : GHANA'S NEW

rant weeks has been the foreign

exchange difficulties of several

countries, including India, Japan SHIPPING LINE

en Indonesia, which have hold

Accra..

Conterence. For a permanent New York Foreign

Exchange

New York, Oct. 7. Closing rates were: Canada: 143%; England cholas 2.0-1/16; 30-daya: 270301-day: Australia: 250-1/14; Nove

South Africa

Co.

Inland Steal Co. Interchominel Corp. Taki Dusiness Machines Int'l Harvester, Taternational Nickel. International Paper 1011 Tel & Tri- John-Manville Co Kansas C. Tower & Light Kursboatt Copper Legatt Meyers Tob. Co. Lockhard Alrerate Loews incorp. ..... Lane Star Cement Co..

Zowenstein & Bont. BcDonnell Aircraft

Stock Ergo) adenial. Iron Corp. London, Oct. 7..

Minnesota Mining Closing rates were

Mission, Bevelopment New Yorker ID=18/16-180, Man- Normento Chemical Co. trek); 5,71392.73-13/14; Arealerdam! Montgomery Ward 10.02-10.0816; 25eszamolay 160-53-140.40:27otorals

that 2.27 279016;

Some of the confusion greeted this proposal had been-710; Balmi: 01911 Holland: cleared away and the whole 2830: India: 2151; Fakiran: 2103 matter has been passed to the United Press. Inevitable committee of oficiala

for detalod study, t

Even on a superficial appratani,

Pariši

LONDON EXCHANGE

Dido

Vienna:

1450-17504&1 | National Dairy Prod,

tho concept of an Anglo- Canadian Free Trade Area pro- sents seemingly impassible dim- | Copenhagons 1996-Lassig Millen National Cash 'Reg. "A" dori the volume of world trade.

culties The aim is to increase 1114-1170kg. Furthermore, so long as the

exports. In both directions of 19 basle trend is believed to be Black Star Shipping Line, the British manufactures to Canada – Zurich: 1495-1820-United Fiem. downwards, speculative forces galimal shipping line of Ghana, so us to intresse Britain's dollar sccelerate the decline.

has been infugurated with the earnings and of Canadian farme signing of an agreement between | products to Britain SO AS to the Government and Zim, the fàien Canada's agricultural national, shipping line of Israel. surplutos.

1260-72207 | Natioun Mient Cup,

New York Centri Norfolk & Wartem Olin Matiasca

Exchange Rates

Shipowners are persimistic about the prospects of au early recovery. The outlook for the European grain harvest is good, The company will start opera- To do this would mean hit and, no large glan, în Suropean time with one-ship is, about ting seek country where politie vakyendar Ephe demand, for seal is expected for three months. Autisorland capital | nily it would but mostzein Bil- Como time. Somo, shipownent is 6500,000--09 per cent de subw) 2107

of-proteciine

now fear that depressed tamil- Hors may azt tatil 1959.

torïded, by the Chaha Govern- | domestic tamera by subaidilla ment and 40 per meik by Zimn. "their owiznik" and "Es

Canada's

Mordeak (egalowing Tutos

Foll**** UB. ÜYPRESTI

Gina Co. A. Rubber US. Smaltin US Steel... Warner Bros.

Westinghoups Electrio

152.43 Western Union TW. Co. IZIET West Va. Pulp & Paper

sada Woolworthi

6300

134.14

Shell and Canadian Eagle alí

last between 4/- and 57-.

NAMESAKES

-$510 401

But the whola industrial sector last ground reaching the lowest levels this year.

Answers Energy, a Shy- locit, Nimble, 4 Audience,

5

HONGKONG STOCK EXCHANGE

Our Own Correspondent

·Business on tho Stock Ex- change this morning amounted $249,000. Noon quotations and the morning's dealinga:

Buyers Bollern

BALH

Japanese made headway but Garden, Partner, 7 Theatre, 8 Germans were down as much as Coppelia. Ballet, 10 Perform £3, Dawes - Loan. lost 10/ int 11 Modern, 12 Stage, 13 per cent Potnah fell 1 and the Covent, 14- Borodin.

814 per centa £2-United Press. Robert Helpmann.

PO BI EA

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO.

Outwarda "CARTHAGE"

· “CHUSAN” "CANTON"

**CORFU”

·LARYER Kondos

Salted 10/9

Balled

18th October

13 November

Dua Hongkon

50th October

50th October

18th November

15th December

Via Southampton, Colomba,, Penang & Singapore.

Llomawarda "CARTHAGE"

-"OBUSAN”

"CANTON"

"CORFU”

Leaven Bengkung Dyp Landen

SEM October 24th November 3rd November 30th November Ind November. 21rd Recher 18th December 10th January

Via Singapore, Penang, Colombo, Bombay & Aden.

FREIGHT SERVICE

"SOUDAN"

loads 10th Oct valis ijih Oct.

to

404

23

shares

BANKS

UK Bank

150

ન

East Asia..

200

SHIPPING

*

Wheelock

140 7:50 1,000 7.30

DOCKS, ETC.

#SHILLONG"die 21st Nov.

13

Dock 03/

Pvident (0) 11.00 11.00 ·

LAND, ETC.

*

E-

1x Hotel 14.00 15 1000 1400 13K Land ..

342 243 2.100 4 9431⁄2

40% RUBBE

243

40

ATRIK

Itealty o

000001375

... 14.25 1.54

1.20

300 76

104

UTILLT12 Tram

-- 22.10

C. Light (0) JENO LEGO

Electric

Meco ...

Telephons

8780

10.40

120 27.40

INDUSTRIALS Comment ** 804000000_14.60 47 STORES, ETC.

Dalry 214) Watson

for Alloth Fort Said. Alexandria, Canon, Casablanca,

· Masellier, London, Hamburg, Hal terum & AnIWASD.

from U.K.

BRITISH INDIA S.N, CO., LTD.

1854 — A HUNDRED YEARS OF SERVICE -- 1954

**BANGOLA”duo iBin Chet

kalla tass OE

5

"PULTALA" ano 10th Nov. Bin Nov.

"BANTILA" due 31st Oct

kali 1st Now.

"TTḥLIA"

"OBRA"

frono "Japa

for Singapore, Dining Tangoon & Calcutta

from_Janan

for Blagapore, - Penang. Mangpors & Calcutta from Calcutta, Rangoon ze Blenito. fot Japan

P. & O./B. I. JOINT SERVICE

27.60

16.00 10

13.00

300 14.00 500.

500

100 15.00

"ITAURA"

COTTONS Textiles INVESTMENTS

Yankee

4.375 + 1500@4375

€45 0.30

620 B

New York Sugar Market

New York, Oct. 7. World No, 4 suger futures today closed unchanged to 5 points lower with sales of 301 contracta

Contract No. 4 (worts); Jan: 21:

3.76: Hari : May 1989 July Bept: 24 Oct: 1.74% Mar 24,

spot (oenix pde ib. fob Cuba): 4.20. Opan. Interakt “SALA, contracts:

Nov Contract No. 4 (povestio)

Juț T 141: May: 5.43) MAY! 8.43; 2.60;. Jept: 583): Nov: 041.

Agreed Merchant Rates

RA: Dollame 1734

L0%

due 1101 Oct. Mk 12th Oct.

Jue 22nd Dok. salli Bilh Oct,

du 27th Oct. salle 23 Oct

"OZARDA” que 25th Oct.

kalis 29th Oct..

from JADE

Far Bingapore, Panana Part Bweltenham), Madras & Kakinada

from Japan

(21 Bingapore, Penang. Colombo,

Lorabay

from Jaan

Karachi &

for Blad porn, Cochin, Bhavana, Karachi, Dubat, rain. "Kurwall, Bowrah de Khoromalar fram Karachi, Bombay, Cochin & Mingapore for Japen

́EASTERN ́ & AUSTRALIAN 53, CO., LTD. -“NELLORE” leads th/7th Now.

CLUB for, for Labuan,

Habatky- BejaSASA,

"NANKIN" loads tach/ish Nov,

As a Moy, beg Bagsdalen, Bydney

Al); vandals have liborly to câu nà apy: porte on ar off the route à the soula di, millimés ura Rubious to change of amendment with or withẹns motion,

MACKINNON MACKENZIE NEU

QUE MONG FINC TB

#