Page
SHIPPING
ACCIDENTS TO TANKERS
World Splendour, 25,000
owned ross tona,
Ly the Niarchos group, is the latest to the list of tanker addition casualles. She caught Are and ennk of Gibraltar on August 21.
There have been thirteen im porlant casualties anonk tankers during the past six months. As the rize of tankers Increases,
must the KO machinery capacity. And pro- elling machinery is a major problem.
Difculties with the turbines
on some of the bigger tankers
in the past year or 20 have re-
The size of the has also created problem.
new tankerS
an inzurance
new
Supertankers involve considerations in underwriting. They represent Individually very large values necessitating exploitation of international market capacity to absorb the requisite timurances.
are cn- Mammoth tankers couraged by economies enjoyed by the owners in operating them but they introduce in- creased marine lasurance hazartis arising from Dovel structural problems and from the availability or lack of ป -of facilities for repair,
NEW STOWAWAYS
sulted in fallures or breakdowns CONVENTION -due mainly to trouble .with gears, rotor blades and bearings. American and 10
German-built
ships seem
have suffered chiefly in this respect, though machinery built elsewhere has
Brussels, Oct. 0. Shipowners may soon be able
to land stowaways at the first convenient port of call, instead
also been responsible for costly of only
In those countries
delays. Such faults are held in where they are legally accept- be teething troubles, which areable, under a convention adopt- being overcome with service ex-ed tonight perience.
STEP INTO UNKNOWN
The diplomatic conference on maritime law accepted -- against British and Dutch op.. position-the new stowaways convention which still must be reused.
The Niarchos 108,500-tonner, for instance, will have a twin- harse- scrow plant of 43,000 power. The high-powered diesel
The new convention enables engine is making progress, and
slates three 85,000-tonners bullding in hipowners of ratifying France
will have 22,000-h.p. to land stowaways at the first motor stable port of call of another Jurgest diesels the
ratifying state. The authorities tankers over built.
Us-there would return the stowa- But for the present, regarding the gas turbine and way to the state whose nation- nuclear plant for tanker pro-ality he claimed.. pulsion, both some way of the really big tankers must rely on steam turbines. Generally, there le no serious apprehension about propelling machinery.
in
The hull of the big tanker, on the other hand, is a step into the unknown. There have been considerable Improvements the structural efficiency of tankets in the past ten years Welding techniques have, im- proved, the quality of steel is higher, and prefabrication und brought new inachines Auer workmanship,
The
have
of
The convention will not apply to political refugees.
Letal observers here pointed out that Britain-which has 0 considerable stowaway. problem in the form of West Indian im migrants--would not be helped by
the convention since the West Indians were British sub- Jeets and could not in any case be refused entry.
WRECK LIABILITY
convention The stowaways will be signed tomorrow along with another on shipowners flabilty,
fixed franc
American Bureau Shipping, which will class the world's first 100,000-tonners, This establishes has now approved the
basic structural design plans for the Niarchos and Quassis ships, and ig investigating thoroughly the minumum standard of proper
requiresi strength
for such giants, COLLISION RISK
Supertankers are not easy to manoeuvre. Higher speeds add to the collision risk. A specă of 14 knots is now
ability of 1,000 gold units per ships ton for damage lo property or wreck liability. The Ilablilty for loss of life and personal injury will be 3,100 gold franc units per ships ton.
common
for tunker, compared with
Britain and France voted la favour of the convention. The United States and the Soviet Union abstained.
If ratined, the convention will All a notable gap in the inter- national law of the sen,
A 33-year-old conventiof ou
11 laots pre-war, while some go the same subject was not rali-
as high as 17 knots and 18-10 fed by the major seagoing knots is proposed for the 100,- | powers-Reuter.
000-tonners
Thus, the 100,000-tonner-
equal in dimensions but greater INDIA TO BUILD
in draught and depth than any
passenger liner-travelling at 18
knots requires all of two miles BIG SHIPS
to "pull up."
Every ship requires an annual
dry docking and a survey every
ما
casualties.
The
India's second big ship-
fuur years, apart from any yard la to be capable of pairs due giunt tankers and ore carriers building vessels of 60,000 have completely outstripped gross registered tons, and
facilities. maintenance
New later of 80,000 gross tons, dry docks are being built or are ship-repair planned for many areas throughout Europe and in
America;
there, has a length
entrance an
Com- The Inter-Ministerial mitice appointed to study the question of the second ship yard-the first is being cor-
of Visagopalam structed recommends that the berths should not be less than 550 feet
in length.
In Britain the principal ex- tensions have been made on the Tyne. The largest of three new or enlarged dry docks opened recently, of 715 feet and width of 105 feel big enough to take 45,000-ton tankers..
Altogether, there are seven dry docks in Britain able to only but take such tankers, two capable of handling 65,000- lonners.
The 100,000-ton class tanker will have a length of some 940 feet and a breadth of 135 feet; ut present there are only about a dozen docks
in the
to accommodate
world such
The Committee suggests that
re-
this is because for many years to come the preponderant quirement will be for vessels of 9,000 to 12,000 dw!.
The demand for Finaller vessels of 3,000 to 8,000 tons is the to be beyond not likely
Visszapatam capacity of the shipyard.
One or two berths of 600 to 025' foot length are desirable, of which one should be capable of in length to being increased 750 feet and breadth to 130 feet for the construction of large ATC rather con- merchant ships, tankers, etc. towage and sal-
ablo ships.
POWERFUL TUGS
Shipowners
cerned about
vage facilities, for many more SKILLED LABOUR
powerful tugs will be needed,
As
with the tankers, them-
naval
of The construction selves, the initial cost of new ships requires special equipment tugs is high.
and highly skilled labour.
in
THE CHINA MAIL, THURSDAY, OCTOBER 10, 1957.
TRADE and COMMERCE SECTION
STERLING FORGES AHEAD
Now It's Strongest Since Last July
'SPECS' ON THE RUN
By Sydney Gampell
London, Oct. 9. today, showing more Sterling continued to forge ahead
strength than at any time since the nationalisation of the Suez Canal in July last year.
With speculators running for cover, there were indications that the Bank
N.Y. STOCK MARKET NEWYORK
Technical
Factors
Rule Activity
In All
All Groups
New York, Oct. 9.
The stock market gave further evidence that it is being ruled chiefly by technical factors as it first pushed values up more than $1,500,000,000 and then virtually erased the gain in late realising.
The early rise came on good Montgomery Ward
Motorola Ing volume-which pul roporting National Cah Rez
of England is regaining some of the money it lost during the flight tickers behind from sterling in August and September.
Against the United States dollar and the German mark, as well as most other currencies, the Pound today rose above its par value. Only three weeks ago it was down on the floor, and Britain was losing dollars and marks at a ruinous rate.
Forward deliveries today were even stronger than the spot rates. During the run on sterling the specu- lators tried to sell forward, not spot, so as to have more time to take their expected killing.
Spot Strong
Now that they are having to cut their losses instead of taking their hoped-for profits, it is forward deliveries that they mainly have to buy back.
Spot delivery is also strong, because of maturing forward sales and because oversens' traders, who sold out of sterling, have to buy it from hand to mouth to meet their routine commercial payments to Britain and the Sterling Area.
HONGKONG STOCK EXCHANGE
Our Own Correspondent
for
brief National Unity Prod.
period after the opening-and National Lead .......
National Steel Corp. took in all groups, the aircrafts, New York Central sicels, olls, chemicals, rubber Norfolk & Western stocks, the ralls and numerous On Mathieson
Oils Elevators miscellaneous issues.
Owen-liinale Glass Öxined Paper Co. Paciãe Cas & Elec. Pan American Always Paramount Pictures Parke Davis Co. Penny J. L. Co.
at the
It was
na extension rally under way at the close yesterday after the heavy sell ing which had dropped prices to new lows for two years. held unili virtually the anal minutes of trading when sotien- Ing in alrerafis developed and spread throughout the list.
Industrials
It Ponn. Balt Co. Philip Morr Procter & Gamble Cu. Pittsburgh Plate Glass Publicker Industries Pure Oi!
new
Radio Corporation Radlo Corp. Pret Republic Hi Reynaidə Metal
Bears. Roebuck & Co.
Shell Off Co
Salt Reg. Paper Sindair Ol
Socony Mobilat Solar Aircran
Industrials hold a gain of 04 Business this morning amount-point at 451.40 in their average
Southem Co. (The) ___ ed to $298,000. Noon quotations and rails a rise of 85 at 122.27. South Puerto Rico Sugar"
The unity average, however,
Southern National Cas to dipped .03
60.20, a
Southern Railway (Com.) and the morning's dealings:
low for the year as most Standard Branda issues showed small lostes, Of Standard Oll of Cal.
Stankland 0 of Ind. a total 1,137 issues traded 537 Standard Out of NJ were higher, 344 lower,
shares
Buyers Bellers
BANKS
НК Палк
850-
East Asia
270
$1
INSURANCES
Union SHIPPING
When the speculators started to cut their losses after the
measures taken in London on September 19 and the wheelock speeches made in Washington on September 24, the Bank of England initially allowed the benefit to show. as a rise in the rate.
Up In New York
New York, Oct. 9.
Sterling showed another slight increase at the open- ing of Wall Street today, the spot rate being 2.80% bid, 2.80% offered.
The forward rate was also up.-Reuter.
DOCKS. ETC. K. Whart Dock Provident
LAND, ETC. HK Hotel HR Land Realty
RUBBER Amalg
Trust
A. Tewal.. 9. Katan
UTILITIES Tram
Star Ferry.. Youmali Light
..
Balsa
Strep Rock (Toronto Exge.A Sterling Drug Co. Stokely-Von Camp.
Studebaker-Packard Corp,
Trading slipped off to 2,120,000 shares for the session compared Sihine Mining
Swift & Co. of the year,
7.49 7.00 300 € 7.50 with 3,100,000 on. Tuesday, the
most active day with at least part of the decline 200 63% attributable to competition from World Series baseball,
122
11.30 11.90
14.00 18.10 3411
1.33 1.428
North
Avlation,
American
General Bethlehem Steel and Motors were the most actively
2004 Jersey Standard, Martin Co.,
125 130 12000 € 1.15 traded issues. Of the ave only U468 V 1275 Jersey was lower. It dipped 2000 1.275 36. 19000 136 200 6 ĐỌC
1.00
29.30 2120
1
101 103
13.70 13.00 21.00 28
Electric
10.10 Macao E...
$1.30 27.30
Ceraent
This week, as the rate has risen above par, it is also taking Tel.
the opportunity to recoup some of its previous-losses INDUSTRIALS of dollars and marks. It does this by selling some Hope starling, for dollars and marks, to the loss-taking. STORES, ETC. speculators and other would-be buyers. It still exacta Pairy rising rate for any sterling it sells.
Both Types Of Spoil
Having scored a victory, it is taking both types of
spoil.
After some very sick weeks, London and most other world Sterling's stock exchanges looked happier today. comeback has averted one of the two threats of a world slump.
A United States defence programme, to match Russia's prowess in missiles and moons, would give a stimulua to Wall Street and American business and so help to avert the other threat-China Mall Special.
LONDON
STOCK MARKET
London, Oct. 9. In The stock market closed most-
New York Sugar Market
New York, Oct. 9.
World No. 4 sugar futures 10- day closed unchanged to three
contracla,
Watson
100 @ 100
1625 @ 20,
27.40
New York Stock Exchange bond volume was $4,500,000. Ameri- can Stock Exchange volume was 880,000 shares.
Closing Prices
-Aiden-Inc-ANY.
Allie CheELAJA
*230
14.00
Allled . Inc.
500 g 10.10
in Brake Shoe
700 10.20 Anviloan Airline
..... 10.30 10.50
13.10 13.50 13.80
L. CYRW COTTONS Textile INVESTMENTS
Allleti HK & FE
Invert ...
4.373 4.423
4.15
130
New York Metal
Futures
New York, Oct. B. Prices of metal futures closed
ام العادة السلطانية الة المقبلة
A. Cable & ladiɔ Corp. American Cyanamid Co., Am. & Porn. Power Am Gabe klectric Am. blach, & Edry. American Mull American Smelting Am. Sugar Hai...... American Tel & Tel Amercian Tob. "B" Anaconda Copper Arnec Steel
Armour Atlas Cone. Mining Baldwins-Lima-Itam, Baltimore & Dijo Seretical Finance Bendik Aviation Corp. Benguet Cons.
Hellenem Ster!
today in cents per lb, as follows: Bong Alpiens
Zine, Delif: Nov: Doub Copper Gel: 24206; Nov: 21.b.
Burden (Thet Co. Burroughs Add Machine Ti Det: 91.50; Nov: 910-Campbell Soup Co.
United Pres.
LONDON PRICES
London, Oct. 9. Prices of anotals closed today in sterling per long ton follows:
BE
Te spot £730 buyers, 2731 sellers: 3-moeili 12312794s: Copper 3-Gath spot
102156, 1026 Lead ist half Oct: CBTIS, 07343; Jan; 2816, 258)ar Zino Ist half Oct: £700, R Jari: 2700, £70) United Press.
points lower with sales of 125 New York Foreign
The domestic no. 6 contract
To build a large, modern tur vlow of the high cost of equip-ly Armer today after a shaky closed two points higher to one
the con- opening as confidence was re- point
lower with sales of 34
the 1,000/1.500 b.p. range ping a shipyard for today costs 2140,000, or more struction of naval vessels, only stored by the strong showing of contracts.
and
Gonnel
purpose,
On
easy
Closing
Exchange
Canadian Pacific R
Case (4) Co. Cal. Tractor Celtic Corp.
C.LT. Financial Corp. Chase Manhat. Bask Chrysler Motors..... CHIBAX Molybdenum Chest Pobody...... Colgate Palmolive Co. Colombian Carbon Co. Commercial Credit Commonwealth Clec. Consolidated Edison Continental Oul of Del Crown Zellerbach Cuban Amer. Sugar Diamond Alkali san Diamond Halch Co. Douglas Altcraft Dow Chemical Dupont de Nemours Eastern Airline Farinan Kodak
Paso National Ges Family Finance Corp. New York, Oct. D.
Firestone Zyx & Rubber rates were:
Canada Ford Motor 1.03: England official 2.60-3/10: General Electric 3-days. 239-7/18: 90-days, 3.77% General Foods
Australia, #224; New Zealand, General Motors
1.80-9/10: Gen. Pub. Util.
2.79-3/16; South, Pakistani,
Holland. 2835; India, 2103-United Press.
LONDON EXCHANGE
London, Oct. D. Closing rates were: New York,
Galty Oil
for a steam tug, and £175,000, one of the two shipyards should sterling.
World contracts favoured the or even £200,000, for a dieselbe equipped for this
side under liquidation issues featuring Shell with the caster raw situation tug. Equipment such as radar, says the Committee. radio, fire and salvage pumps,
Transport and Shell-Trinidad
Conversely, domestle con-
Gilde Co This should be the proposed led the
which
Goodrich (B.) €5. echo sounders, cic.,
late recovery add cac
raws tracts were steady with since special scored moderate gains. second shipyard,
Other
Goodyear Tyro another £20,000 or more.
and the cutback announced
Guir Of Industrials which pushed to
Heyden Hawport Corp. overnight in the import quota. The 180,000-ton tanker, de-equipment and facilities are not
higher ground were Hudsona
Contract No. 4 (world), Jan: 3.70;
Homsestake Mining Cẹ. pending upon where she is available at Visagapatam and
Ingersoll-Rand built, represents a building cost sufficient time is needed to pro-
for per- Bay, Borax, Dunlop Rubber and Mas: 366: Blay: 168 July: 3.65 280-3/10-18034; Montreal, 2.71-0/20 vido special training
Inland Steal Co. Oct: 5.65; Nav: 3.60; Blart 5.40. 2.71-7/10; Amsterdam, '10.8x=Já~10,8393}: of between £68 million
Unilever.
Spot-treats per lb. fch Cuba) 4.12, Brussels 140.80-14085; Copenhagens, Intarchemical Corp. Open interet: £8 million at present, and
4300 contracta. 1937-19.3736 *Trankfurt, 11,7694- | ZA!! Business Machines Bargain hunters lifted gilt-Contract No.6 (domestic).
Noy!
12,TUS: MIAMI, 1230752; Oslo, Int's RAKYRYLAT building and repair costa are
Internationa fickel edge securities in quiet trading. p.: Mar: 5.41: Jay: ord: July 19.30 (6-10.981x360 Prem
International Paper still rising.
B.01; Sept: 0.61; Nov: 3.61.
pot(cents per 1b, CSI NY **- INSURANCE RISK
duty) 0.44; Open interes;. 005 200=
John-beville Co Karen C. Power & fight The same tanker would carry
tracte fitted about 99,000 tons of crude oil, excluding bunkers, basic value at today's prices of about £400,000,
with D
ca
The building of small craft is not to be provided for by the new shipyards. This work be done well by the smaller shipyarda which exist at present in Calcutta, Bambay and Cochin and may ho left to them in the privato sector.
The advance party of a Bri- tish technical mission to advise | On this basis the mammoth fodia on the site and layout of tanker of the future, will re- the new shipyard is returning to present a value comparable London after surveying
posal- with that of the farge Daiweniger ble sites. The main misalpu will ine
go to India Enter this yoST.
Dollar stocks rallied under infuence of the better tone on
Wall Street.
Copper issues, however, wer Agreed Merchant Rates
easier in idle dealings.
sharea gold African higher.
South closed
German. Londe slumped in nu otherwise quiet foreign bond market.inited Press,
Exchange Rates per
in the Buzkoase Wax Sənə unomical exchange market The Exchange Banks' Associating at the folowing rytas:
sollar" (per $1) tion arinounced today:
Sterling 'notes" "per #1) MAXIMUM BELLING: Swig! Austrálan horas (par)
Blam Licki Francs 75-8/18 Wext Deus desian rupian " per god 21
Singapore chomarks 7836,
Exckheed Alternét local |Loews, Ihoogg.
This | Lono Star Cement Co
Lowenasiz de Bona.
15.43
*
13.00 |Broxabi · Iron | Corp.
13.1912.
283
15%
15
1314
331
Texas Co. Textron Inc.
603%
2716
10432
211
27
COTTON MARKET.
New York, Oct. 9. Cotton futures today opened steady and kept pushing ahead persistently for the rest of the session. Shorts moving to cover in
government crop
face of Tuesday's lower-than- expected
imate found offering on the
light alde.
Closing just below the day's best levels the t showed net gains of 12 to 23 points. The market opened up two to seven poin's.
New Orleans closed 15 to 20 points higher,
Spot October reached 34.87 cents a pound, its highest level since July 22.
Buying credit to New Orleans commission accounts, and other trade interesia tended the rolls,, with October developing independent
houses
CX-
spot
sirength
in the absence celivery notices.
OL
crop
With Jatoness of the Decentuating fears of a possibla early frost, bearishly-inclined traders were extra
pending
further
279, weather news,
40
40
However,
cautious
crop and
Iserne quarters thought the official estimate had allowed
damage.
for possible frost Expectations for In- creased hedge selling whenever harvesting activities get back into full swing, and continued dullness in texilles, acted 12 handicap the demand in
directions-United Press,
to
some
Open Interest
137%
55 Munthi
Volume
Oct.
2,300
2,700
3014
Dec.
£0.100
200,000
936
Mar.
12.500
198,400
10% May
19,000
July
4,500
110,100
Oct.
Twenty Century Fox Film
1.500
Dec.
1300
MAS.
400
3,200
Total
04,900
-United FrEDE.
Tas Water Asso. Oll Time fro
Talon Carbide
Union Oil of Cal
Valon Pace Hallway
finited Aircraft
United Gas Comp.
US, Fall "B"
9.
US. Un co
19. Rubber
179, Smelting
U.S. Steel..
Warner Bene,
Westinghouse Electric
100,00
30,200
0.000 bales
NEW YORK PRICES
New York, Oct. 0.
Prices of cotton futures closed
15 today on follows:
Spot: 33 con: Oct: 4.78: Dec: 34.34) Mar: 3,43; May: 3463; July: 34.40: Oct: 33.90: Dec: 3296, Mari
United Press.
2016
18's
32.00
4035
United Prosa.
Wenden Tel. Co. West Va. Pulp & Paper ... (Unetworth
NEW ORLEANS' PRICES
New Orleans, Oct. 8. Prices of cotton futures closed
Singapore Rubber today as follows:
Market
Singapore, Oct. 9.
The market opened higher on encouraging overseas advices
Spot: 3329; Oct: 3460: Dee: 34.35: -Mar: 34.45;
July 32.04
get: 3231 Dec 31
United Press.
12 15: MAY:-- 3250 mm
LIVERPOOL PRICES
Cotton future
In
Liverpool, Oct. 9.
closings. and reports of Russian buying, pence per lb. were as follows: Old svattack Oct/Novi 29.14; Dec/ to rule quietly Jan: 25: Mar/Apr: 24.93: May/ and continued steady throughout the morning June: 20.37; July/Aug: 2030; New- with good interest for lower contract Oct/Nov: 20.03: Dec/Jan: 20.21: Mar/Apr: 2650; May/June: sheel and some factory enquiry 20; July/Aug: 20.89United Press (or remills.
During the afternoon reports China orders steadied the of market together with
SAO PAULO PRICES
Sao Paulo, Oct. 9.
future closings, per kilo werc 03
Cotton shori
172 covering of October position.
Fulure closings were: No. 1 rub bor per lb. Oct. 15-157 Nov 419% } KOJA-BOP u. 1 rubber per b. Out! Kinom; No, 3 2 nem; No. 4 132 nom: Spot, runder unualed 852-514 Blanket crepo 16-70; No. 1 pale crepe 9215-9411⁄2-Valled Press.
591
37%
36
LONDON MARKET
9.
London, Oct. The rubber market was cosy with spot quoted at
25 perce
381 per 16.
Prices:
अं
No. 1 Raput 2431-2531-
Settlement house term: Nov: 25-
2: Dec: 231-254: Jan/Mar: 25!L-
42% 3591; Apt/June 254-2516 July/601:
251-2511)
ba
General markets, cif basts, ports:
Oct
1835 Oct: 2-251 Nov: 244-25; Dee: 243-251 Estates crepe tuin 304 271, Chick Oct. 26,-United Press.
DSEL
NEW YORK MARKET
Now York, Oct. 9. rubber futures today closed unchanged to 12 points lower with sales of 55 contracts.
Nov: 22.03: Jan; 2941: Mar: 1955; May: 20.55; July: 2050; Rept: 20 Nov: 20.10.
Standard contract clos:d un- SIC changed to 12 points lower with
no sales reported.
Bat
Nav: 20.05; Jen: 13.61; Mar: 2085; 1159 May: 2958; July: 2350; Sept: 29.45;
Nov: 20.40.
All but two of the contracts
cruzeiros follows;
in
Oct: 31.00: Dec: 38, 30 Mar: 29.20; May: 30.60; July: 30.50
in the United States, the Vernge pries of one-inch cotton at 14 designated spot markets was 33.45 cents.
Total sules were 47,200 bales, -United Press,
SINGAPORE
STOCKS
Singapore, Oct. 10. Brokers today quoted the following stock prices: Batu Lintang Rubber Co. British Bortico
Kid
Petroleum
Syndicats veneras consolidated Tin Smelters
Ord
Opening
$3.29
2.00 Fraser de Haavo Lld Ord... Truser & Neave 7-1% cu Gammon (Malaya) Limited $2,45
Shanghai Longkong
Banking Corp.
Hongkong Ti
Kampu
Ebd. Kuala Kampar Tin...
$160
$1.00 41/ed
Lainan itubber Estates Lad. 11.05 Malayan Breweries and $3.7246 New Berandan Rubber Co.
i dono were in the form of switch Palating Tin Lad.
ing operations. Exchanges, in- Rames Heiel cluded September-March
at 10 Singapore Cold Storage
Strata gleamana Falted Engineers Ord. ..........
gdplaqually,
763 points, plus exchanges,United Arts Trading
Pres.
AMSTERDAM MABEET
Amsterdam, Oct. 9.
The rubber market was very
23 1 quiet.
2446
Prices closed today in fullders par kilogram, cif Ock unfollowes
Wearne Bros
$1.00 $2.50
China Mall Special.
NAMESAKES
Answers:-1
Unigusy
Mozzi Caprera, 4 Italy,
No. 1 rubber, 242 noma: No, a rub- Itepublican, a Staten, 7 Calidics, ber, 2 nom: No. 1 rubber, Zał
nami No. 1 creph E39 gold Sardinia Sicly.
No comments yet.
Private notes are available after approval.