1957-10-09 — Page 9

SHIPPING

ATOMIC SHIPS

P&O TO CALL AT

STILL UNECONOMIC LOS ANGELES

THE United States la still

THE

STÓNEY.

are

In August next year, linera of a long way from an the Orient Line and P. & O, on economically feasible mer the Paclic service between chant ship powered by Sydney, Auckland, Vancouver atomic energy. This is the ard San Francisco will includo Los Angeles as a regular port consensus of shipbuilding of call. circles, following the recent symposium in Washington at which various aspects of the project were reviewed. The vessel is scheduled to be in operation by 1960.

Attending the symposium were representatives of shipping and the shipbuilding companies, Atomic Energy Conumlsalon, the Maritima Administrations, and

firma working on the ship and

its propulsion unit. A number of the papers presented discounted

the idea that atomle power

would prove a cure-all for the problems of the shipping in- dustry.

One point brought out WAS that nuclear powered merchant ships would have to operate on long voyages and at relatively high speeds to provide any over ships economic advantage powered conventionally.

On voyages

of 4,000 miles, with two ports of call and four for example, cargo handlings, nuclear ships would cost at least $1 per ton of carga more operate than conventional mer- chant vessels, it was estimated. SLIGHTLY MORE

to

On voyages of 20,000 miles, with the same number of ports and cargo handlings, the cost of operating the nuclear

powered

These P. & Ö. voyages which may be repeated in 1989, preparatory to the build-up of The Joint Orient-P. & O. Paci de service which eventually will be maintained mainly by the two fast super-liners bolng built by the companies for sorelco in 1000. Each will make the Pack fe round voyago in 31 days, 7 days less than at present,

CUT PRICE FARES

ACROSS ATLANTIC

*

NEW YORK. Amerleen Banner Lines, new company that plans to offer low-cost transatlantic fares, has at 32 opened headquarters Broadway, in New York City, to take bookings for its first pas- senger ship, the Atlantic. This will consist primarily at tourist class accommodation.

of the

THE CHINA "MAIL, WEDNESDAY, OCTOBER 9, 1957.

TRADE

and COMMERCE SECTION

CANADA-UK FREE TRADE AREA

Envisaged As A Long-term Project

Mont Tremblant, Quo.

HONGKONG

STOCK EXCHANGE

Our Own Correspondent

The Stock market was steady but dull during the half day

ton. The few transactions ported

amounted to proximately $369,000,60.

Noon quotations and

morning'a transactions:

The proposed Canada-United Kingdom free-trado aroa, already characterised by Finance Minister Donald Fleming as "raising very serious difficulties," would be a long-term project, probably spread over 15 years, British sources INSURANCES here revealed today.

told

nows

sharen Buyers Sellers BANKS

East Ala

Union ** SHOPPING

ank 130 84714

Ana Nav... Whoolocka

ap.

the

Bilez

270

01

7.55

1,000 # 1373 300 7640

151

500 ( 34

1000 11.00 LAND, ETC. HK Hotel 14.00 18.10 1,000 y 19 HK Lami 5434 635

2434 M

N.Y. Stock Market NEWYORK

Has Most Active

Session Of Year

New York, Oct. 8.

COTTON

MARKET

New York, Oct. 8.

upward after 4 mixed start when the Govern-. ment

showed да reduction.

estimate unexpected

The stock market was at its most volatilo Colton futures today edged

today, with heavy selling driving prices down two or three points or more and a subsequent sharp rally lifting closings well from the lows--all on volume that made the session the most active of the year.

Ou Elevator

Oxford Paper Co. .... Pocito a ar leo. Pan American Airways Pararoount Pictures

C. Co. ....

Penn. Sait Co. Philip Morro

Wall Street's explanation for Norfolk Western Ry, the fireworks was a technical On Mathieson action. The market was nervous Owen-linols Glass corres- But

from Monday's sharp break They

none of the foregoing pondents covering the Cora features appeared to affect the DOCKS, ETC.

man launching of the Russian 633% Ministers' Canadian delegation's estimate K Wharf .. Dock ...... monwealth Finance

made satellite, but selling was the prospective damage to Pvident (0) 1105 11.00 1000 11.0 overdue and the usual bargainBaika Davis Co, ... conference at this Laurentian of resort that the full development domestic industry latent in the

hunters appeared to lift prices pit the lows. of the plan would be spread scheme. Industries viewed as Included interval UV LT an

roughly especially vulnerable

Woolen texilies, bazle steel, free- paralleling the 12-yeur trade time-table of the European electrical appliances of various

types, a wide range of common market. all round

Shal Land. goods including men's sumers'

Fealty and women's wearing apparel, RUBBER heavy machinery, especially Amaig. electric generators and similar r

UTILITIES equipment United Press.

The maiden voyage Atlantic has been ret for March 29, 1958. It will be from New York to Zeebrugge, Belgium, and Amsterdam, Holland. The cross- ing will take seven days, service will continue the year,

LIBERTIES LIKELY

ship would be only slightly more FOR AUSTRIA

than for conventional aliips, at speeds of under 20 knots, Above that speed, the balance would shift in favour of the nuclear ship.

ת

and

VIENNA.

Liberty will

It is believed that ships bought in America be the first ships in the new Austrian merchant Best, which is to come into being before the end of the year.

Another series of statistics in dicated that tor 38,000-ton a 17,000- tanker operating on mile trade route, only one type Italy is interested in the pro- of nuclear reactor would result ject because of the part on will be based in operating costs lower then which the fleet with a conventional tanker, and the nationality of the crews,

the Germany while the capital costs of

is offering very would be much favourable conditions nuclear vessel

Austrians to persuade them higher.

Adiniral Lowis Strauss, chair-base the Acet on Hamburg, man of the Atomic Energy Com- rather than Trieste, The choled

of Trieste

tho mission, told the gathering the

would be at cost of the $42 million vesselgreatest importance for the city, conditions of economic was of no significance, since it the

to

the 10

would be met by the Govern-which are far from flourishing. ment. When the time came to build a second ship, cost would be a vital factor.

JAPANESE SERVICE FROM HK TO U.S.

Commencing with the arrival of the m/v Kosoh Maru on October

will 22, Daldo Linu Inaugurate regular monthly sailings from Hongkong to ports on the East Coast of the United Slates vin Japan, San Francisco, Los Angeles and Cristobal, C.Z. Cargo will also be accepted, for and certain ports in Central South America, with transship- ment at the Panama Canal, or New York. C. F. Sharp & Company, the local Agents for Daldo Line, also advise that the m/v Kosch Maru is expected to sail from Hongkong on October 3 for this Inaugural voyaga of the new service. The

second

vesaci will be announced at a later date.

TANKERS

old & new

The largent tanker aflost under the British flag is the 38,000- tan Zaphon, at right, but 50

years ago sail ansistod tankees

flying the Netherlands were still operating.

flax

An artist's impression of one is seen below, together with a photograph of the Volute, an early Shell tanker.

NO DECISION YET ON EMPRESS SHIP

LONDON.

Commenting on reports that the Canadian-Pacific Uner Em- press of Scotland is up for sale, company a spolensman for the has arounced that its future employment is under considera-

tion.

have Although several offers been received for the vessel, no dafinite decision has yet been made, he added.

сол-

Industry To Have

Consideration of the interests of United Kingdom monu- facturers, no less than of the problems of Canadian menu- in the way of facturers, stood the imposition of any sudden or drastic plan, the Britteh sources cold.

despite attempts But United Kingdom delegates paint the tree-trade picture in re-assuring terms, the Canadian reaction to it continued to be cold and aloof. A top source in the Canadian delegation ex- Canadian typical pressed a

by

to

A Greater Say In American Tariffs

Washington, Oct, 8.

The US Government is cons

reaction in the following considering ways of giving industry

cise terms:

"Inconceivable” ·

a greater valce in the tarlít cutting procedures, Mr Henry Kearns, Assistant Secretary

of Commerce, said yesterday. "The late Liberal Govern-

He told

the a meeting of blas ment, with its traditional

Manufacturing Chemists As- towarst lower tariffs, always

sociation hero that industry, British refused to entertain

spokesman may be represented free-trade as a practical Dro- posal That makes it all the on United States bargaining

inconceivable that the delegations. present Conservative Govern-

MOTO

Meanwhile, the Tarift Com-

ment, with its traditional polley mission set November 19 to open

of the development of Canadian's hearing on the lead indus-

industry, should adopt (t"

try's proposal for a protective increase in tariffs. The hearing

ro-

Yet despite lack of Canadian enthusiasm for the project, the expected to result in a

commendation for such on St British delegates appeared to

be persistent in their deter-crease under the escape clause mination to press it with possible persuasiveness

bi-Interal

talks with

Diefenbaker Government,

ali of the trade agreement's acham

China Mail Special at the

the

It was clear from their in- C. H. Bailey Ltd

Tram Yaumati

The main action took place in the final hour and a half of trad. 2000 Ming when reporting tickers ran as much as 5 minutes behind 5000 € 720.

transactions the door period of 20 minutes.

1375 1.423

1.425 1.55 4040 1.825 125 135 1214 & 1.275 23 23.20 2400 ( 23.50 101 100 C. Light (0) 20.70 18.00 Elect

27.40 MACRO X... 1040

300 SF 19.00

INDUSTRIALS

Telephone 230 27.50 1000 240

B00 to 27.30 2000 27.AU

Cement

STORES,

Dairy

27.40

700 @ 16.10

..... 10.10 14.20

Watson eset 29.10

Craw...

COTTONS

1300

4,370 4425

MISCELLANEOUS Anoy Can. 365 China Ent. INVESTMENTS Yangtze 4.

20.00

Allied

6.45 4.15

K. & P.E invest

0,00

LOG. É 9,80

LONDON

STOCKS FIRM

London, Oct. 8. The stock market was quiet today with prices finishing on a firm noto,

Procter & Gamble Co. Pittsburgh Plate Glass Publiener Industries Pure Cl

Radio Corporation

Small Initial losses wore con-

verted inte gains of 11 a bale, before the market levelled off again under realising and Lodging

Closing nour the day's best

Jeyola the list was up 18 to 21

2 points. The market opened off

$210 to up two points, New Grisans closed 21 points higher.

The official Ost i grop in

价

Bai dication for 13,401,000 balen

bales under the

previous estimate, Most private

18

came 312,000

estimates had

substantial

64

Indicated

病

Increase. Aytrazo

9 of New York Cotton Exchango members had been for 13,084,- bales. Last year's crop tolalled 13,310,000 hales.

3015

Republic Stoel

000

for a

neynolda Metal

Baars, Rottruck & Co.

Shell On Co.

Saint Reg. Paper

Sinclair Oil ....

shares,

Bocony Mobiloil

Solar Aircraft

Mon-

since

Bouth Puerto Rico Sugar" Southern Co (The

This date volume, together with a heavy first hour, boosted turnover to 3,100,000 700,000 shares ahead at day, and biggest session inst December 31.

Whilo tho recovery Vigorous enough to love some issues higher on the day-180 were higher, 808 lower out of

Southern National Que

Railway Southern was | standard Brands

Standar Oll of Cal. Standard Oil of Ind standard Oil et N3 Bleep Rock (Toronto Exge.) Blokely-Van Camp, Studebaker-Packard Corp. Banshina kining Swift & Co. Texas Co, Textron tro,

a total 1,201 traded all lending groups were lower on average,

Industrials were

their at lowest level since October 18, 1955, ralls at their lowest since November 3, 1054, and utilities

at a new low since 20, 1056.

November

The average losses, however, were in sharp contrast with the 9.28 point drop in industrials, and 3.85 point laes in rails on Monday.

Indurtziala

were down 1.89

at 450.56, rails 1.30 at 121.43. utilities 25 at 60.23, and the 85 stocks were off 87 at 154.1Q,

There was a spread of more than a pointa between the day's highs and lows and final prices were 3.74 points above the lows.

Tide Water A. Öll Twenty Century Fox Tim

Union Carbide

Union Oil of Cal., Union Pacific Railway United Alterati

finited as Corp.

U.9. Jail "B" U.B. Gypsum

8. Le Ch. ÚA, Ruther U.B. Smelling Ub. Steel

Warner Bros.

Westinghouse Electrio

The

REDUCED

crop reporting board and after the first week in September frequent rains ma- terially reduced quality and. ezused considerable lo in yield in eastern and contral sections However, prospects continued "very favourable" in the for western states.

Ginning to Oct. 1 amounted le only 20 per cent of the erop. the smallest percentage on This year's indicated bala crop, plus an 11,400,000 18414 | Carryover, will get domestic

ter

Ba

record.

and foreign needs for two years.

October · actad· ·Indapandent of the rest of the list, covetingg La range of more than 20 points

as traders evened up before the delivery expires on Oct. 15. Open October contracts

today totalled 22,800 bales. -- United 101% Press.

Union Tel, Co. West VA. Pulp & Paper + Woolworth

soUjilted Press.

COL

Mouth October December March MAY

Volume Open interest

£300

18.100

7,300 197/700

6.700 187450

July

October December

200

55.000

March

100

Total

28,300 961,200 balzg

New York Stock Exchange New York Rubber

Band volume was $8,400,000. American

Exchang Stock volume was 1,050,000 shares.

Closing Prices

Allied Chemicals The alight improvement in Amed Mills Inc. formal discussion with confer-

the market was aided by short An Chalmers London Oct. 8. the that ence newsmen

American Airline The directors of C. H. Bailey covering and buying prompted: Am Brake Shoe Britishers attach major impor-

by the recent decline. The American Callo & Radio Corp. lanco to the policy in the deid Limited ennoutice that, in con

strength in sterling | American Cyanamid Co continued recent one

Amer. & Forgn, Power of British politics. It was renection with their

Am. Gas & Electric The majority of. industriai | Am. Mach. & Färy presented as their answer to for one righta issue, approxi-also helped sentiment.

the die-hard British Conserva- mately 04 per cent of the shares Issues were up a few pence, American Metal tives who have been opposing provisionally allotted have been United Kingdom association taken up by allotees. Applicabut Bowaters fell

with

were

1/0 and American Bmelting

Ain, Bugar Het, ... Woolworths 1/-.

American Tei, & Tel. British Government banda American Tou. ""

Anaconɖa Copper steady. Olis again meno

Arinco Blee! mixed. British Petroleum and The basis on which these #P-Burmah paced the advance, pileations have been dealt with while Royal Dutch and

by has been announced

the eased. company. China Mall Special

common tlons for excess shares totallod the European market on the grounds that it 23 per cent of the number In would sound the death-knell | issue. of Commonwealth trading pre- ferences and become a factor in Commonwealth dissolution.

No Comment

While both the British and Canadian delegations withheld official comment on the free- trade proposals until after their

Glaxo Dividend

London, Oct. 8. Glaxo Laboratories declared

1732

formal submission Ottawa, a daal dividend of 7 per cent,

plan lo. become

in

copper

metals

wero

Shell

Gold ahates

mixed, Issues and other bass caster, and rubber and

nivady. sharca

Foreign ware quiet and mostly unchanged.--United Press.

ten

bonds

New York Metal

Futures

New York, Oct. 4. Prices of mustal, futurus closed tow day in cents per ib. as follows: Kino Det: 0.45b; Nov; # Bộn, Copper Oct 24,20b: Nov; 24.256; in Det: 01.005.led Press,

dis- making members of both groups

сель per cussed them unomcially with less tax, for the year to June the 30, 1957 on capital increased by newsinen sufficiently for main features of the intended free scrip Issue of one for two reasonably This compared with is por cont

on smaller capital previously,

The group proft amounts to £1,838,000 ogainat £1,065,000 After all charges, including taxation of £2,382,000__com- paced with £1,141,000 in the previous year-Ching Mail Spe-

clear, The chief ones were:

It is a gradual proposal which would taste from 12 to 15 for its realisation.

years

The great quid pro quo which Canada would receive under the arrangement would be the re- moval of all existing quota re- strictions on Canadian exports to the British market. Whereas at the present time only wheat, base metals, and lumber are on open licence, unrestricted entry would be given to Canadian

clal.

New York Foreign Exchange

New York, Oct. 8. cheese and dairy products, to

Closing rates were: Canadian apples and canned Canada 13-2/3 England off. maiman, to Canadian newsprint, | cial: "V,80-5/32; 30-days) 3.19-5/10; to Canadian nylons and synthe 30-days: 91% Australia lle fabrics, and to Canadian New Zealand: 3.90 Bouth Africa!! 4.8015: Belgia.clbos: Argentina: motor cars,

Gradually

Since dollar scarcity would be a governing factor, the Bri-

0056.Unlod Prem

LONDON EXCHANGE

London, Oct. 8. Closing rales were:" Now York: 3.00-1/16-3,ED-3/161

antivalt 8.71/1991-13/10 Am stomiam: 10.95)-10.4215; 100.55160.60; Copenho

LONDON PRICES

London, Del, 4, Pricca of metals closed today in #ollars;

Armour .... Atles. Cona. Mining Baldws-Lana-Hani. Baltimore Ohio Bendix Aviation Corp. Benguet Cona

Bethlehem Steal Itooing Airplane Borden (Tho) CP. Burroughs Add Machine COR Soup Co.

Porine R

Case (J. 1) Co. Cat. Tractor Celanese Corp).

C. I. T, Financial Corp. Chase Manhat. Hank Chrysler Motors ... Climax Molybdenum Clusit Pobody ...... Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Commonwealth Elea, Consolidated Edlun Continental Oil of Dol,

Crown Zellethoch, Cuban Amer. Bugar Diamond Alkali steking per long in a follows: Douglas Aircenti

Diamond Matel Co. put: 2015 buyers, 4731

Dow Chemicala ........ three-month; erim, SUSTA spotEELMAD three-molit pupont de Nemours

Eastern Airline b. C199}{K_Load lgi hali Dut: atman Kodak

El National Clas Zino 141 RIMOGLE JUISD, 2704 Family Finance Corp, Jan: 2906, 147la-Uased Prest. Vireciono Tyre & Rubber

Ford Motor Coneral Electric General Foodi General Motors Gen, Pub, Bd. Gotty Oil Glidden Co Goodrich 19. 7.) Co. Goodyear Tyr

Foreign Exchange Shortage

Helsinki, Oct. 8. next spring if higher priced Homesiske sining Co.

Foreign loans may be necessary duf Off

Heyden Newport Corp iraporto deplete Finiand's foreign'i ingatwall-Rand exchango, the Bank of Finland Inland Bieel Co.

Interchanical Corp. said today,

Int? Itsiness Machines Hifi Haruoster. Internationa! Nickel

The Bank's September report, lasued today, said liberalisation of foreign trade which followod

tish restrictions could only be removed gradually, at the same 1087161 Frankfurt 13-154-13-3157467 | the 20 per coat devaluation Inst pace as the lowering of Cana-Milan; 1756-17401 or 1 month not expected to burden 10.97: Parti 1193-1163; og eight foreign exchange reserves "to dian tariis resulted in increased JACHT-10:00) Vienna: 92.48-72.18)

12.9344512.1965. ** United pay marked extent, United British sales in the Canadian | Zurich:

Press market.

The British authorities do not regard the suggestąd Canada- Unlled Kingdom free-isade sens as inconsistent in any sense with the European free trada area,

NAMESAKES

-Answers:-1- Bedtime, 2 Jokes,

Exchange Rates

Baiban wan :, dona in the logs.

-marke

Vil dilar. (E10)

I spread over term of years 3 Regering, « Panel, 1) Laughter who and with free-trade as its viti- | 6° Eastertaina. 7. Comedy,* mate goal, tho schenta is not a Brozdzasa, u Breakfast. 10 Acts violation of Gatt, but is speck-ing, 31 Canadian, If Palavision), fically permitted under Clait gro-] 15_decent. --

Bernard Braden.

Vislona,

Indonimwari ruplanotour, tóc) Kim Liesi (per 100). WINEADORS CHOPKINS)

International per Int'l Tol & Tei John-Anville, Co.

ansas C. Power a "Light" Kennecol Copper ... Lianeti. Kinyons, Tab. Co.

ockhong Aircraft Loews Incorp, ka Lone Star Cement Co. Lowenstein & Jons.

Aircraft Am Iron Corp

Market

New York, Oct. 9. Rex rubber futures #241% closed

unchanged ta points higher with sales of 03 atis [contracts:

45

*United" Press,

NEW YORK PRICES

Prices of cotton futures closed

today

New York, Oct. 8.

three

today as follows:

Spot: 4.90 Oct

Deo: 24.19-20; Mar: 34.29; May! 34.33; July: 13.79; Oct: 12.73: Dec: 3240; Mar: Msi---United Prem.

3440

Nov, 2083; Jan, 2005-08; Mar, 20.00; 20.00; July, 20.51: Sept., 20.57; 13 Nov 20

20

16836 1435

40

13

Standard contract today closed unchanged to four points higher with no sales reported.

Nov, 29.03; Jan, 29.60; Mar, 29.00: May, 2980; July 2967; Sept. 22.57; Nov, 2013.

Steadler

sterilne 10xd undoing DI abritrares bere

against

vales Ln previous London, pha ndications of a 40% alightly improved demand from 31 domestic factories In the šč, deliveries market, shaped the 34% trend.

Intra-dealer switching of July-January contracts at seven difference co-featured

the forennan trade, Spot No, 1 Ras was quoted at 29% cents. United Press.

SINGAPORE MARKET

Singapore Oct 8. The market opened lower on disappointing overseas advices and cased during the day main- ly on October liquidation.

NEW ORLEANS PRICES

New Orleans, Oct. 8. Prices of cotton futures closed today as follows:

Spot: 33.25; Out: 34.38; Dad: 2420; May: 3428; May: 34.31; July: 3333; Del: 32.73; Deo: 22,00) MBTI SLU United Press.

LIVERPOOL PRICES

Liverpool, Oct. 8. Cotion future closings, in pence per lb, were as follows: 24.18; Old contract Oct/Nov: Ped/fan:" 25.46: Mar/Apr: 25.00-08% May/June: 20.23; July/Aug: 20,41,0

NOW

Det/Nov: 28.16;

226,tH MAY/Apr Dec/Jan: May/June 20.7: July/Aug: 25,91.

United Prem

SAO PAULO PRICES

Sao Paulo, Oct. 8. futura

In Cotton

closings, cruzeiros per dlo were as fol low:

Oct: unqualed: Doc: 34,10: Mar::

39.55,- 30,10; Mayi 29.45; July i United PresS..

The

KARACHI PRICES

Karachi, Oct. 8. market woo eagler owing to the increased crop movement and hedge selling. Prices closed today in rupces

The market steadied slightly per maund as follows:

towards cluse on short exvering ar sind roller gin 10/8; 807 Bind with fair Interest for lower roller gin 84; saw gin 10/3: 081F 2615 sheet, but sellers were reserved United Pret A 15; saw gin

4013

at lower level.

There was some better fuc-

30tary inquiry.

Futures!

No. 1 rubber per 1b; Ort: RNAL-ONILI

Nov: 5415-544: No. 1 rubber per th

7 Ook: 812-87; No. 3: 2014-1: No. :

116xd

1343

nom.

Spot rubber unbalad: 2-3

Blanket crepa: 7312-7759: No. 1 p

trope: 01-03-United Fres

LONDON, MARKET

London, Ock, B.

Punjab roller

New York Sugar Market

New York, Oct. 8. closed today

World No. 4 sugar futures.

two to 15 points lower with sales of 230 cons tracts,

Domestic No, e sumar futures eloped two points higher to two The rubber market was steady points lower with sales of 20 with spol quoted at 24-18/18 | contracts. |

pence per ib. Prices s

No, Ray spot: Miceted the easier

of Cuban. Tows- and reporta 30% most hours, term: Nav: 2614-2825

Doo: 2011-2314) Jayari Brazilian offers at a Apr/Juno; 239-2016

General marketa, bir bgale, Boris:

1360cc: crepe thin Ovl: 22:

Lower trend in world sugar situation of Lower

Domegile contracts were "stands, with the raw market.

„CONGUE No. 4 (world) Jin: 3301

Cuba) *Open Interest; fäft.omntracte

marget No.#:(Dungetich, Novi

Agreed Merchant Rates

Swiss Frans Máximum Ball! | berib, cd Mf Ing: 70