1957-10-15 — Page 9

Page

THE CHINA MAIL, TUESDAY, OCTOBER 15, 1957.

SHIPPING

TRADE and

COMMERCE SECTION

FALL IN GERMAN DEVELOPMENTS IN THE POUND'S QUICK COME-BACK

SHIP ORDERS

For the first time in three years, output of German ship yards-running at an amual rate of 1.2 million gross tons in excess of fresh orders booked.

The flood of orders which

• caffim at-a monthly averago | of 100,000 gross tons last spring dwindled to a trickle of 30,000 tons per month this summer.

The backlog of orders for the first time since 1951 shows a anali decline, fron 6.082 million gross tons on July 1 to about 4.950 million to o September 1.

30

Even the backlog still exceeds by two million tone the comparable gure of last year, which at the time represented

y al-time penk.

at

pre-

MARINE RADAR

It is estimated that nearly of all merchant two-thirds shipping in equipped with radar. One of the drawbacks of marine radar as a means of navigation has been that the observer"s

ship is OWD

shown s stationary object in the centre of the screen.

A

Due to the confusing number

echoen of

produced in R crowded shipping lane, it is often difficult to plot the speed and course of other ships.

Decca Radar Company have now designed a new radar in- tallation, True Motor Radar, which shows the ship of the observer travelling across the face of the screen, so that other vessels will be seen moving ac- cording to their true course and speed. Buoya and other fixed echoes remain stationary.

This now impenved

rador

Cancellations of orders have not been reported as yet, but there have been attempts reselling: rontracts, Blus on berth reservation had already been fitted into more than 50 ships and many shipowners plan to Instal it during the coming year,

are no longer paid,

NOT WORRIED

The equipment can also be added to existing radar sets. Several other manufacturers of designs incorporating radar equipment are presenting

principles,

With shipyards still fully for nearly five years 1.ooked shead, German shipbuilders are not worried and price coners- sions, if any, are microscopic. Down payments have occasion= | LOW COST elly been reduced in 10 per cont for regular customers, but The Bve equal instalment

pay- ment system is being main- Pricus per deadweight ton are still of the order of $250 for a 15,000 deadweight tons, 11 knots dry cargo ship and up in $300 for 17-18 icts cutgo Ilnera.

"Our main concern is still to build faster and work off some of

the backlog." says Herr Scholz, Germany's lending shipbuilder. His Deutsche Werfi ard is introguring O mumber of technical improvements, the most conspicuous being the pre- assembly of sections of 300 to 500 tons weight,

Another

reason is cited by German shipbuilder for thetr confidence despite the tempor- ary setbuck in bookings. The being Arst defence orders now placed are entirely sufficient to Lake up any slack that might arisc.

similar

In relation to the value of

the

cost of providing ship,

Senndinavia, radar Is low. In for example, two sets are often Installed

for muximum

1- the

liability und safely. In case of trawlers, dual installa- tions are increasing as the suc- cess of fishing expeditions de- pends on the use of the best equipment.

The cost of modern radar varies from approximately £1,000, in comparatively small vessels, to £4,000 for the latest equipment with true motion presentation.

Filting costs vary according to the kind of equipment, class of vessel and amount of medi-

fication necessary. In a modern cargo vessel of 8,000 tons gross, the cost would be around £300- £500, contracting included.

Many ownOJE prefer to il

"vessein on The Sluicken

a rental/ shipyards, thirr

basis. Again the Hamburg-one of the few non mainternnee varies cost

securding to the captive shipyarda in Germany

chosen, but £400- have recently booked a £17.5 equipment million order for three des- £600 is a typical figure. troyers, Nine more orders may be placed,

of БОТНО

them

A

Although the cost of Tadar may seem high, it is only possibly with Blohen and Voes. fraction of the cost of long de

lays and accidents prevented by the use of radar.

JAPANESE SHIP ENDS MAIDEN VOYAGE

Los Angeles.

The third of Daido Line's new "Super Clipper Fleet," the m/s Kaset Maru, arrived recently at Los Angeles Harbor on her maiden voyage from Japan.

The long sleek motorship to importers of brought Southem California nearly 800 tons of dishes, earthenware,

and lumber, fertiliser

general This varied curgo was cargo

Japanese taken aboard at the ports of Osaku, Kobe, Nagoya, Shimizu and Yokohama.

SHIPBUILDING

IN SWEDEN

Swedish

re- shipbuilders

of orders the rush leve has probably reached its penk for the time beling. A total of 3.6 million gross tons are now on order and employment is several years safeguarded for ahead,

nuw

of flow Though the orders has been satisfactory so for this year, Inquiries for new tonnage, with the possible ex- ception

Tankers and of lurge bulk freighters, Bre not 45

Like her two sister clipper numerous as before. ships, Kochu Maru and Kooli

Maru,

In its mid-year report, the serve the Japan-California-New Association of Swedish Ship-

will the Kosel Maru

York trade route.

member of this fleet,

Maru, will enter the later this year.

now

orders in tho

A fourth yards says

Kohoh Arst half of 1957 totalled some 40 vessels aggregating 730,000 service

gross tons. This comparas wild 78 vessels totalling 750,000 gross tons in the first six month of

All vessels in this fleet aro 490 feet in length with a cargo dead weight of 11,500

tons.

Each la propelled by the Mitsu- bishi UEC diesel engine and has a maximum spood of 154 knots.

NO SHORT-CUT ON

ROAD TO AN HONEST CURRENCY

London, Oct. 14.

"In the year ahead it will be harder to earn profits. It will be harder to get wage increases. They will need to be earned. But the profits and the wages will be paid in honest pounds."

So said Chancellor of the Exchequer Peter Thorneycroft in yet another major speech since he shocked the financial world with his seven per cent bank rate just over three weeks ago.

4.

before Mr within days of the bank

the move.

to

A

days fimw Thorneycroft spoke bankers and merchants of the City of Londoa, au American bank applauded the Chancellor's efforts to make the Pound an honest currency.

The decision to deny the extra casis to feed inflation, said the monthly review of The First National City Bank New York. Is "a radical change

of

rate against the Pound are running

low.

The second objective was to put it beyond doubt that the British Government Intended to maintahs the existing Sterling dollar exchange rate. This tout but alle longer to achieve, the Pound is now safely back at its parity level of $2.80, and the crisis is behind us.

The third objective is already

It estimates that foreigners' holdings of Sterling have fallen to hot much over £450,000,000 much of which represents es- santial working balances and 14, therefore, speculation.

not available for

Lower Price

NEW YORK STOCK MARKET

STRONG DEMAND FOR MISSILE STOCKS SPARKS ACTIVITY

New York, Oct. 14.

London Stock Market Steadies

London, Oct. 14.

The stock market steadied today but trading was small for a Monday. Modest buying of British

or £2 above its recent all-time

A strong demand for missile stocks helped governments lifted Old Consols and War Loan fractionally. to lift the stock market into higher Hallway Nationalisation Wes ground today. Trading lagged behind active and climbed £% to £01 the pace set on Friday, when the market righ experienced its most active session in There was modest buying of two years.

The market came up sharp New York Foreign Royce gained and held Ad and

dealings,

in the fast hour of which saw losses in many issues sharply reduced or even con- verted into gains,

The aircrafta, which have the contracts for missile re- prime search and development, spark- ed the market all day. Demand ton of the buying which began on Friday when the U.S. succent- fully launched a Thor missile.

Exchange

New York, Oct. 14. Closing rates were: Coneda: 153 17/12; England offieinl: 2 307 30-days: 19 9/10; De-days: 2.77 19/10: Australia: 2315/18: New Zealand:

In British policy which su lost i In sight. We will have schleved "then it is no longer the Pound for these issues was a connu Bouh Africa: 2.002;

pul fall employment ahead any consideration, and would let the Pound fall to winates or level might be needed.

First Consideration

"Now." It went un, as in gold standard days that preces ed 1931. the Chancellor would make the value of the Poisid of the the first consideration policy."

The seven per cent bank rate of the -the main instrument

ils first polluy-has achieved iwo objectives. The inurmusdiate elm was to bat: the fidu of

this when, instead of talding

out of Londot, their Pounds foreign businessmen begin to send them back.

not be enough But it will that they simply rise to the jure of the crisis" bank rate; they must hold Sterling because they are convinced that it is wise and safe to do so,

Sterling's Side

ant only

"If this is the case," it said, that is being squeezed-but the bears who have sold Pounds int the expectation of buying them knek later at a lower price. Once this fact is realised, would It mean a halt in the fight from Sterling, but it could mean a tremendous flight back to Sterling and a restoration of Britain's reserves at a level close to their all-time high."

Britain cannot be satished,

One Influential Leader of however, with a currency that foreign opinion is already sois merely technically strong. To convinced. The New York Times play its traditional role in inter- commerce, came out strongly on the Steri- national trade and

speculation against the Pounding's side this week, and ex-Sterling must also be a currency pounded two excellent argu- that its users can trust to hold temporary ments in favour of holding the its value, whatever

pressures may be exerted against currency.

that was sweeping away the gold and dollar reserves at ม rate of nearly $400,000,000 a month in the drst three weeks of September.

The tidal wave was stopped almost in its tracks and some of the dollars that had previously been lost began to trickle back

HONGKONG STOCK EXCHANGE

Our Own Correspondent

First as far as speculation is it.

out that It would be asking too much concerned-it pointed

of Britain's reserves, actual and to expect foreign holders

the British potential, are still very large Sterling to take while the resources. of those Government's word for this.

been

As Mr Thorneycroft reminded speculating who have

his audience of London bankery and merchants: "If the Chancellor speaks the blunt truth, he may

New York Cotton cause alarm; if he stands silently

Prices

Closing Prices

Alden Ine. Ary. Allied Chemicals Allled! Mills Inc.

Allis Chalmers ANI. Brako Shoe American Airline 4mertean Cable & Redlo Corp American Cyattamid Co.

Au, Gas & Electric

Xm. Mich, & P'dry American Metal

American smejting Am. Sugar Ret

American To "g"

Americon

Anaconda Copper

Arinco Steel"

Armour

Atlas Cons. Mining Baldwin-Lime-Ham. Baltimore & Ohio Benefcial Finance Bendix Aviation Corp. Benguet Cons.

Bethlehem Steel Boeing Airplane Burden (The), Ou.

Burroughs Add Machine Campbell Soup Co. Canadian Pacific R. Cape (3.1) Co. Cat. Tractor Celanese Corp.

C.LT, Financial Corp. Chrysler Mosore cluest Peabody .. Colgate-Palmolive Co. Colombian Carbon Cu. Commercial Credit

he allowe The drift downl wards to continue; if he states that there is a crisis, he is, ac- cused of spreading despondency: if he says there is no crisis, he is accused of being complacent,"

The Answer? Commonwealth Elec What is the foreigner-re-Continental Oil of Del. Det: 32.31: Dee: 3286: Mar: 3287.membering that in the past cur-Crown Zellerbach

New York, Oct. 14, Prices of cotton futures closed today as follows:

Spot: 35: Oct: 31.91; Der: 34.30; Mar: 59,40; May: 34.46; July: 33.56;

United Pres.

NEW ORLEANS PRICES

New Orleans, Oct. 14. Prices of cotton futures closed today as follows:

Spot: 3925; Oct: 34.00; Dee: 4.28; Mar 30 May: 34.3: July: 3300; Oct: 34011 Dec: 32.86; Mar: 32.88

LIVERPOOL PRICES

Business done on the Hong- kong $lock Exchange this United Presk morning amounted to approxi- mately $250,000. Noon quota- tions and the morning's trans- actio

Shares

BANKS

11K Bank

East Asia INSURANCES Union ..... Lombard.. 1

S4IPPING

Wheelock DOCKS, ETC. K. Whart Duck Provident,

(0) LAND, ETC. HK Hotel HK Land

RUBBER Amalg.... Trust UTILITIES Tram .....

Yours,

XD

C. Light Electric Macao E. Telephone

Liverpool, Oct. 14. Cotton future closings, in pence per lb. were as follows:

OK

24 SIG contract:-Oct/Nov: Dec/Jan 2011; Mar/Apr 3385: May/June: 25.04: July/Aug: 20.04.

New contract: Oct/Nov: 25.80; 2323; .94: Mar/Apr: DeeJan: May/June: 26.37; July/Aug: 20,43,- United Press.

SAO PAULO PRICES

Buyers Sellers

8Rice

355 4 +234

2 82

pazi

200

10

7 7.10 400

122

*

11.00 1.00

14.00 14.30 332% 34

5034 3300 (

wore Press,

1,50 1,195 10.000 m 1979 1.22 1.30

13 14.30

Sao Paulo, Oct. 14. All prices were unquoted to day. In the United States, the average price of one-inch cotton at 14 designated spot markets was 33.47 cents,

Total sales at these markels 75,190 bales, United

rencies have been "talked up"

Consolidated Edison

Cuban Amer. Sugar Diamond Match Co by interested governments right Douglas Aircraft... up to the eve of their devalua-Dow Chemicals tion to believe?

On the evidence of Pound's striking recovery in foreign exchange markets, might

Dupont de Nemours Eastman Kudak

The answer is his own judg-El Paso National Gas ment backed by respected inde-Family Finance Corp.

Firestone Tyre & Rubber pendent opinion.

Ford Motor the General Electric the General Foods

General Motors ho

Gen, Pub, Util, Goodrich (D. F. 65. Co Goodyear Tyre... Homestake Mining Co. Ingersoll-Rand Inland Steel Co Interchemical Corp. Int'l Business Machines Int Harvester International Nickel H' Tel Tel

well concludo that

And crisis in Sterling is passed. And if he values the opinion of the New York Times, he might fur- ther agree on reflection, that It WDS a false crisis all along.

The recent British gold and doilar losses, said the New York Times, were not comparable to losses suffered through tinuing dellelt of payment trade accounts.

Kansas C. Power & Light a con-Kelinecott Copper....

orLiggett Meyers Tub. Co.

Lockheed Aireratt Loews Incorp,

Legitimate Risk

"They are losses that reflect the legitimate risk incurred by a bank which knows its posi- and that i com tion is sound place its hands on the necessary assets to meet prolonged

E

New York Rubber "single run by depositors.

260 or 23.10 500

100 2001 20

10220

27.90

300 € 21.70

10,40

Rex

27 27.20

200 ka

INDUSTRIALS Coment Hope STORES ETC. Dairy XD Watson

1056.

cur

Of the 3.5 million tons on

for order, tankers account per cent. The share tanker tonnage in overall orders has increased by 10 per cent over the past 10 months

To meet the demand for Textile bigger vessels, all major Allied

According to the General Steamship Ca., Los Angeles

the Daldo Lino agents,

rently operates a fleet of 27 Swedish shipyards are engaged ocean-going vcsscis totalling 248,154 dead weight tons.

ORDERS FOR

NEW SHIPS

London.

Orders for three ships cost-

in

large-scale

expansion

Market

New York, Oct. 14.

today rubber futures 100 G 27.303

270 closed & lower to 5 points higher 500 (1 27.10 with sales of 21 contracts.

"Is Britain's position one that and justed such confidence the assumption of such riska? We are now convinced that, on the evidence now avaliable, the answer to this question must be yes.

Lone Star Cement Co. Lowenstein & Sone,

McDonnell Alteraft

Stock Exge.)_

Meubl Tren Corp. Minnesota Mining Mission Development Monsanto Chemical Co. Montremmers Word Motorola Ine. National Cart Iteg. National De

Prod. National National Steel Corp. New York Contrai Norfolk & Western Ry.

Du Flevators...

Owen-linols Glass Oxford Paper Ch. Pacific Gas & Elec.

"Britain's greatest asset, per- | Pan American Airways haps, is its determination 100 271⁄2 May: 20,40, July: 2.40: Sept: 2.30: protect the Pound

27.20

14.00

16.30

10 19.20 13.70

100 € 13

B.03

4.45

4.15

Lane, C Emporium COTTONS INVESTMENTS

schemes. However, the shortage New York Sugar

of skilled labour still gives rise

to considerable concern.

£380,000 PORT PROJECTS

Dar-es-Salnam.

Market

New York, Oct. 14.

closed today 3 to 9 points higher

with soles of 407 contracts.

Nov: 29.54: Jan: 29.44: Mar: 20.45;

Nov 20,30.

Standard contract closed 5 may." polats lower to 5 points higher with no sales reported.

come what

Assurance

to Paramount Plytures Parke Davis Ca Pennor 3.0. Co. Phup Morris agjen Procter & Gamble Co. Pittsburgh Plate Glass Publoker Industries

If opinions like these are held

British

Nov: 30.54; Jan: 29.44: Mar: 29.45;

in responsible, foreign quarters, Pure Oil

Stadio Corporation May: 20.40: July: 29.40; Sept: 39.35;

that the we may rest assured

Radio Corp. Pref. Nov: 29.30.

Pound is over the worst of its Republic Steel Prices drifted almlessly in a low: and featureless trade, immediate trouble. But the long-Reynolds Metal Dealers were disinclined to term problem remains, und this Sears, Roebuck & Co.

Ehell 011 Co, trade either way and factories will not have been solved untilthy Reg Paper" were disinclined to bay. Ship-it can be shown that the in- Sinalois Ou

rise of Bri-Socony Mailbli moderuto exorable post-war

Solar Aircraft ment offerings were

and prices Bouth Puerto Rico Suger und held about 4 cent a pound tain's internal costs

has been stopped.

Southorn Co. (The) over buyer ideas here. Spot No.

This is the fourth--and ult-Southern National Ca

Southern Failway (Com) 1 liss was quoted at 20% centa

mate objective of

Standard Bracel World No. 4 sugar futures nominal-United Press,

policy.

Standard Oil of Before this can be achieved, Standard Oil of Ind

Standard Oil of NJ. however, the British public must Sterling Drug Co. accopt an unpleasant truth. Blakely-Van Camp. This is that no one can opt out

Studebaker-Packard Corp. Sunshine Brining of respons!tilly for inflation not swini & Co. claim "immunity from the harsh ex Co consequences of is suppression. Texhon Ine,

Ide Weter Al The ne The Squeeze

Twenly Chain AA HA

Fox Film The Economlit" put it this Unton Carbide way: "or course if increases in Union Oil of Cel.

Union Pacific Ballway In wages are slopped, Increases

United Aircraft salaries are almost bound

the squeeze will stop too; and also make profits harder to earn for the self-employed farma or in the professions in the board room."

Contract No. 4 (world); Jan: 3.83;

The

LONDON MARKET

London; Oct, 14. rubber market was Mar: 3.50-11 May: 3.71 July: 3.00: steady but quiet with spot Sept: 3.49; Oct; 5.87; Mor; 347.

Spot-teents per la, fob, Cubaj 4.02 quoted at 24 pence per lb. Open intercal: 4,889 contracts.

Prices: Contract No. 8 Idomenie): Nov; No. spot: 245-26. Bettle call-5. Mar: 5.43 May: 8.54; July:ment house term: Nov:

243-251 com-500 Sept: 5.01; Nov: 0.01

Dec: 2552-2012 Jan/Mar: 25-35 2036-25 Spot(Cents per tb. elf NY - Apr/June:

July/Bant: 254-04 contractener markets, el boses, poru:

Ort: 24-2414: Nov: 214-243: Dec 2416-251 Estate crops thin NOV: 2712, thick Nov: 20.-United Freud,

ing more than 3 million to Projects eosting about £300,- budd are announced by chip-000 are already under builders in Sunderland, County siruction or planned to Durham, England.

metice this year by the East African Railways and Harbours duty 5.01.

Open interest! DIG Joseph L. Thompson and Sona is to construct a 27,200-Administration at the port of Unllied Pre

Dar-es-Salaam, for Silver Ialo ton tanker Navigation (Dermadin). John

These Improvements to dock Crown and Sons has received workca consist of a siding link- an order for a 11,800-ton motoring the deep water bertha with ship for the Silver Line of la warehouse and Industrial A vessel of similar jorea, a new all jetty, the con- London. size will be built by Bartram struction of now port odices and Sons. The ships will be and the replacement of the old delivered between 1959 and show whart with a new atrizes 1901.

ture.

Exchange Rates

Burloem was done in the local this unofficial exchanged market morning at the following rates --- U.B. dollar (per (1) steing noise (par 21)

unter (Der All... Indonedan

(per 100)... Adam toel (per 100) Hingapore (ótente)

NAMESAKES

Answers:-1 Robecca, 2 Gilda, Pt 3 Photograph, 4 Actress, 8 Khan, 15720 America, 7 Yasmin, B Welles. 13.30 Divorce, 10 Marriage, 11 1900 Theatre 12. Kaymes.

1011 Rita Hayworth.

*720

Uniteddon Corp.

U. Fall

V.S. Gypsum

V.B.. Lane, Co

on, Rubber er. U.R. Sinetting

There is no short-cut not pri- vileged passengers, it seems, on the road to an honest currency,

--Express Service,

|

V.B. Steel

Warner, Brow

Westinghouse' Klovirles

Western Union Tel. Co.

Va. Pulp & Paper

Woolworth-

2105:

Prem.

India: 2103; Pakistan! Others

unchanged-United LONDON FOREIGN

EXCHANGE

London, Oct. 14, Closing rates were: New York: 2.00 3/16-2304: Mon- 10% trezi:

Brussels 2.70 13/10-2.70; 27 $40.52-140.55 Copeninger: 1932

20 19.36; Frankfurt: 11.701-11.7094 20% Milan: 1750-1759: Oka: 10.00

19.00 Paris: 1181-118312; Stockholin! 1420 142412-14.4015: Zurich 12.2036-12.201

Other unchanged.--United Press.

*

high rado industrials but by the close the whole sector was irregular, Unilever and Rolls-

Woolworths was op 6,

and Royal Dutch

Brish Petroleum were unchanged, but Shell Transport opened down a loss of 5/-and closed with 6/6.

Germans were Inactive, but Loan non-assented the Daves improved £1/2 and the Young Loan assented tell £. In the

two Japanese section #Escotedy fell £4. In the

sectiun Japanese

two ossenters lost £1 and two others 1st & 2.

non-

Dollar stocks were marked up but the premium was unchanged at 9 per ceni.-United Press.

P.OBIE.A

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N, CO.

Outwarda

"CARTHAGE"

"OBUSAN" "SHILLONG"

"CANTON" "SUNDA"

"COKFU”

Leaves Londen Bailed 10/9 Salled 30/0 Salled B/10

Dua Kong*OBLE

20th October

10th October 21st November

10th October 2011 October

13th November

18th November

11 December

13th December

"BALMARA” 1001 November 3rd January

Leaves Hongkong Due London

Homewards "CARTHAGE”

24th October

"CHUSAN"

"CANTON" "CORFU

"SUNDA" * "CARTHAGE"

3rd November

24th November

20th November 22nd November 23rd December 18 December 10th January

6th January

37th January

11 February

17th February

Via Blogagore, Penang, Colombo, sombay & Aden.

* "SUNDA" omilla Colombo and Bombay, calle al Havre and extends to Hansburg. Hotterdam and Antwerp.

BRITISH INDIA 5.N, CO., LTD.

"BANGOLA"in l'ork

il 18th M.

"BANTHIA" de 30th Oct,

xalls 31 Oct. "FULTALA" dae 184. Nav.

"OSBA"

all 18th Nov.

from Japan

far Singapore., Penang, Rangoon & Calcutta

from Calcutta, Nangoun & Straits Tor Japan

from Japan

For Singapore, Penang, Rangoon & Calcutta

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

"OZARDA"

"UMARIA"

doo 24 Oct. salle 20th Oct.

due 28th Oct.

walls 29th Oct

сце 6th Nov. andis 7th Nov.

"OZARDA" dus 3rd Deo.

salis 4th Dec.

From Japan

Dr Singapore, Penang. Columbu

Karachi Bombay

from Karachi, Bombay, Cochin & Singapore for Japan

Trom Japan

for Singapore, Bombay, Karachi, Kuwait, Basrats & Khorramahekt

from Japan

for flingapore, Bombay Karachi, Bhavnagar, Bantah Khorramshahr A Kuwait

EASTERN & AUSTRALIAN 5.5, CO., LTD. "NELLORE" loads oth/7th Nov.

mus à Nov.

for Lebuan, Batakan, Rabati, Brisbane, sird-

Melbourne

"NANEIN" toads 19th/14th Nov.

ails 13 Nov.

fer Sandakan, Sydney

& Melbourne

A31 vonnais žava Uborky to cat) as Ány porte on or off the route & the route à estitugu are subject to change or amendsarns with oë withơnź keitio,

For full garliculars supply to MACKINNON MACKENZIE & CO OF HONG KONG LTD. Telophone Ros: 247HA.

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