1957-10-29 — Page 9

Page

SHIPPING:

USED-SHIP PRICES OUTLOOK FOR

MAY FALL FURTHER SUPERTANKERS

London.

A recent British statistical

THE CHINA MAIL, TUESDAY, OCTOBER 29, 1957.

TRADE and

COMMERCE SECTION

Slump Talk Is Premature

survey predicts that there SITUATION ON THE

may be difficulty in fuxling employment for the new supertankers now being built.

It suggests that the super- tankers may be used to meet

US & BRITISH

the growth in all transport and ECONOMIC FRONTS

will not compete with smaller tankers for existing traffic,

Assuming an annual increase

in world all trute over the

arc

Despite the big fall in accondhand ship prices sune shipping circles be Hove that present values for war-built steamers are still too high. Even a normal scosonal im. provement in freight rates may not prevent prices from falling by another 10 per cent or so before the end of this year.

Since the end of July, values Zur war-bullt Llberty and next nve years of 45 million Empire type dry cargo ships tops, tanker requirements have fallen by more than one estimated to be an additional third. In July, several of these 4.5 million to 0.5 million dead- vessels were

weight tons per annum. sold for £350,000 to £300,000 each.

Deliveries of supertankers -Prices

deadweight 20,000 for prompt delivery (of over ships are now

down to be- tons) are expected to exceed tween £218,000 and £230,000. 4.5 million tors in the years THE PEAK

1058 to 1981, and Will ex- These prices compare with ceed 5.5 million tots in 1959, the peak of £670,000 pald 1000 and 1081. during the

lost The maximum cumulative Sucz crisis

surplus of supertankers for the year,

Falling oll freight rates have year 1957 to 1961 could be as also reduced

of much as 53 million tons price

500,0vu lenkers A War-line built T-2 ar minimum surplus vessel which' would have

Bold tons.

the

about

at about £900,000 at the end of June may now and it dim- cult to obtain more than about

£500,000,

SUEZ

and

"The present tanker building programmes can' be Austified

by the need only

to furnis sumcient capacity lo by-pass Whe the Suez Canal," deriures survey,

Intensi in new construe- tion of shipping hus fallen off to the point where only incr companies or owners with de "Only It supertankers oper- Anite trades Are consideringute in the conditions ruling in placing orders for further the grst half of 1957 is all the tummage.

new tonnage likely lo be needed."

and

London, Oct. 28.

HONGKONG

STOCK EXCHANGE

Stock

Exchange

New York Stock Market -

GENERALLY EASIER TONE

ON REDUCED ACTIVITY

New York, Oct. 28. Stocks displayed a generally easier tone on

duced activity today. Coppers came in for buying | Reynolds Metal

It is just about a month since the bank rate was

Our Own Correspondent raised by two per cent as a counter inflation- ary measure; but this week the London Business done on the Hong- "Times" headed a leading article, "Slump kong

morning amounted to approxl-on Indientions that demand is Sears, Roebuck & Co. Talk," and spoke of factors in the world mately $428,000. economy that "in combination provide the tions and the morning's transae- classical setting for an international trade recession."

That day the Wall Street stock exchonge slump reached bottom with prices at the lowest level for 2 years.

tions were:

Noon quota-

Sharks Buyer Wollato BÁNHS BIC Bank, 8271% 6321⁄2 20

at Arla 270

INSURANCES Union .... sePING Lombard Wheelock DOCKS, ETC. Dock ..... Provident,

The next day a London newspaper appeared with the word "ÉOOM” in letters an inch and a half high at the top of its front page. Underneath it told of a Wall Street rally which gave stock prices their blg gest single day's boost since the prodepression hey-.. day on November 14, 1929.

Behind "The Times" concern i public spending In both

are

three

NEW YORK

Bales

pleking up in the Industry.

Ford moved up nearly a point on its nine-month report show ing not income up 58 per cent.

Bell Aircraft responded with o

to gain of more than a point to an 12. 10 Air Force announcement of the 50 Buccessful testing of a new long range guided missile made by Zell.

7036

€25

0,50 2,000

400

CAS 1.85

43

15

UK Hotel 14.00 14.50

300 14.00

HK Land 331% 24%

1000 14.00 104 19 33.755 1000

1840

6,000

RUBBER

NEW MISSILE

Raytheon gained a point lale in the day as the Army an- nounced development of a new 090_110 defence meile that will knock 500 @ 14.00 down aircraft at tree-top level.

Volume, running at a dally Averago

4,000,000 exceeding shares last week, fell off to 341,000,000 shares.

Industrials were down 3.01 to 1432.14; rails down 1.18 to 11.23

05 the

stock generul 22.80 120 150 6 22,80 | average down .70 to 147.12. 1,000 22.00 Uulities alone managed a riso→

200

End

43 point to 04.42.

Of a total 1,169 issues traded, 571 were lower, 338 higher, 200 unchanged. There wero Dow highs vet, 60 new lows.

TTAMA

Star Yaumeti... C. Light

18.00 10.00 300 @ 1915 Thetric .. 27.30

100 740 Telephone 27 27.30 310 47 500 1,300 270

New York Stock Exchange 23.0 bond volume was $4,372,000.

Amerlan Stock Exchange 23.20

|-volume-was-000,000-shares.—— STORES, 16.0 18.50 2,700 @ 1640

Dow-Jones closing averages

INDUSTRIALS

Cement.

13

toun- factors that could tries will bolster their respec- develop into a dangerous situative economies during any tion. After remaining more or short-term industria!

recession, Humphreys less static for months American both have large backlogs of Amalg. ..... 125. industrial production has falled public works that could be put Trata 4.36 1.25 Except in the cast of Japan,

to show the expected Autumn in hand if recession showed

UTILITIES the weakness of the new con-

Demand The operating fleet of super-upturn.

for raw signs of deepening into a clump struction market is reflected tankers rose from 103 ships of materials has declined and, as a -Express Service. more in the number

In result, of con- 3,310,000 deadweight tons

primary commodity tracts for resale than In early January-June, 1050 10 158 prices have fullen away, And lower commodity prices incan berths being offered by ship-vessels of 5,314,000 tons in the yards, This is because there first half of this year, of this smaller incomes for the pro- have been comparatively few total, 100 tankers were owned duelag countries. cancellations but a considerable

by independent operators number of owners with un-is by oil companies. inanced tonnage on order who Prompt delivery of vespeis to pass on their contracts, launched so for this year and Wish to

This reduces their capacity to DELIVERY

scheduled

from for completion this

manufacturing Although no cancellations year would bring the super- countries and adds to their dif- have been reported from Bri-Lanker fleet by the end of 1957 culties at a time when many tish shipyards, one or twa to 273 ships, of 8,555,000 tons of them, having embarked on

not—an increase af 80 per cent, ambitious shipbuilding options have

development been taken up. This would NEW ORDERS

grammes are finding it hard to allow the

to yards Involved

New tanker orders during supplement their own inadequate offer considerably eariler de- the first half of this

Tracrves with foreign loans, livery in special cases.

Continental yards are able to amounted to 10.8 million dead-

tons, of which offer about a year earlier de million tons represented super-

British livery than

builders tankers. This brought the total

weight

year

03

for new ships of over 10,000 rupertanker tonnage on order

tankers

Lons.

com-

ail

deadweight tons. This does not up to 20.8 million tons,

and include France

Italy, pared with orders for which, being 10 to 15 per cent

of about 35 million always have more expensive, had fewer orders than Scan- dinavia, Germany und Holland.

have Japanese yards

been more affected by the decilne in freight rates han European have received They yards.

both many cancellations from domestic and

foreign owners and, in on cffort to attract new orders, have cut their prices by

Supertanker deliveries on the basis of the present order book ure expected to rise from 4.2 milion tons this year to a peak of 7.1 million tons 1900, and then to tail off

tons during 3.2 million afle: 1962,

buy

Capacity

Dro

output has paused

COTTON MARKET

Now York, Oct. 28. Cotton futures today turned casiar after ¤ buoyant start, faltering in face of

1000 BOG 300

23

were;

30

Dairy

600 10.20

Watson

Lane, C...

14

COTTONY

Textiles

430

INVESTMENTS

Yangtze

5.30

1,000 0 45 | 150:09.

XD Allled

increased hedge selling New York Rubber

and realising on technical

reasons.

Market

Nov: 27.83; Jan: 20.00: Mar: 2400: May: 28.03; July: 2005: Sept: 2808; Nov: 2800.

This chain reaction starts with the stagnation of Ameri- can production, and it is here of the that any examination

And situation should begla, the first thing to notice is that Live

Light but persistent liquido- of growth

American Industrial

on in the final minutes of trading found a temporary

New York, Oct. 28. at a very high level in fact

absence of support in new crop

today Rex rubber futures at the last count it was only

months, Prices alumped two per

as closed 40 to 50 polets lower with cent under the

much as $3.50 a bale from the sales of 85 contracts. December 1956 peak.

highs to close net 16 to 60 points The trend of total production, lower. Opening prices were up however, obscures what has 8 to 21 points. New Orleans been happening to its various closed off-32 to 67 points. components, For within the

Scoring gains beyond $1 a tolal, the output of durable con-

bale most current crop deliveries Dec: 2135: Jan: 23.00: Mar: 25.10: Assuming prompt delivery, sumer goods has been declining, achieved new setaonal highs May: 28.08; July: 28.05 Sept: 20.00: 15 to 20 per cent from those therefore, the supertanker feet | while the output of other goods and the best level since early Nov: 200

has continued to rise. to rise from 0.0

Spot No. 1 Rss was quoted at Is expected

Lovel July. Above the 35% cent million tons at the end of

28 cerris. This "sideways" movement of

and prices

SINGAPORE 1937 to 33.4 million tons by the industrial activity has coincided the demand ebbed

gave ground under hedging and

The market opened lower in with aminer boom in the

Aresti quidation, some of it prompted sympathy with shops. Retail sales rising, the recent Increase being by the decline in securities.

ruled quially steady at lower The certificated stock today level with equal to roughly

а $2,500

minor luptations. totalled 8,404 of 344 boles Apart million boost in the annual rate

from some interest for of sales.

from the previous posting a No. 2 Ras, lower sheets

were wrek ago United Press.

at the beginning of this year,

Jupanese shipbuliding

are now about 10 per cent be- Jow average European prices.

prices

end of 1981.

U.S. NUCLEAR CARGO SHIP

STRIKE JAPAN'S PORTS

PARALYSES

Tokyo, Oct. 29.

in

10

and

New York. More details of the proposed Almost complete paralysis

nuclear powered moved back into all major American Japanese ports again tossenger-cargo ship were dis-

closed in Genoa

Similarities

There are marked similarities lietween the American situation and the British

New York Cotton

Prices

New York, Oct. 20. Prices of cotton futures closed today as follows:

Standard contract closed 40 to 52 polnia lower with no sales reported.

mostly neglected.

Fuluros:

Overseas

No. 1 Rubber per ib. Nov.

Dec. No. 2 Hubber per ib. Nov. Nn. 3 No. 4

Spot rubber unbated Blanket crepe

No. 1 pale crepe

LONDON

and

01-012

industrials: 432.14; 20 ralls; 111.23; 15 utlilties: 84.41; 05 stocks: 147.12; 40 bonds: 84.06; Com, future price index;

Closing Prices

Alden Inc. Acy. Allied Chemicals Allied Mille Inc.

Allis Chalmer

Am. Brake Shoe American Airilac

undunted

American Caula & Radio Corp. American Cyanamid Co. ...****

Amer. & Yeegn. Power Am. Gas & Elecirle Am. Mach.de Fdry. American Metal American Smelling A. Sugar Red American Tel & Tri Americon Tob. "E' Anaoood Copper Armco Sieël....

Allka Cook, Mwing Baldwin-Luna-Ham, Baltimore & Ohio Beneficial Finance Bendix Aviation Corp. Benguel Cora. Bethlehem Steel

Booing Airplans Borden (The) Co. Burrouge Add Machine

Co. Campbell Pacile fi Canadian

Caso 13. 1) Co. Cut. Tractor

Colatiere Corp.

C. I. T. Financial Corp, Clave Monkat, ank

Chrysler Motors.... Climax Molybdenum 811-81's Cluelt Peabody

704-7IRA

Colgate-Palmolive Co.

712-777% | Colombian Carton Co. 74-76

705-721

80-89

Commercial Credit

2112-81% Commonwealth Eles.

Consolidated Exison Continental Ol of Dei, Crown Zollerbach Cuban Amer. Sugar Diamond Alkali

The rubber market was bare-

ly steady with spot quoted at Diamond Match Co.

23 15/18 pence per 15.

Prices: No. 1 Ras spot

In Britain too, industrial pro- duction has been jogging along at a recent Communications

et a more or less static level; day as the militant All-International

Union conferenre by Mr C. G. Morre. retail sales are buoyant; and the

Spot: 350 Dec: 39.32; Mar: 3488- Seamen's Japan

in industrial 80: May 30.00 July: 3457; Out: rale of increase chairman of U.S. Federal Meri- ordered its 84,000 mem-

investment is Board and maritime ad-

down: | 33.40-48; Des; 33.20; Mar: 33.25, slowing Ume

NEW ORLEANS bers to leave ships of

after a boom. ministrator at the De, 7 of

In Britain in America, 05

Prices of cotton futures closed Commerce, more than 2,000 tons.

spending by the Government today, as follows: has been cut back.

Spot: 31.70; Dec; 3430; Mar: 34.03; But both

Dec. May: M31: July: 34.50; Det: 3323- countries still see their

main2 Dec: 35.35; Mar: 23.13. 49 one of Inflation

LIVERPOOL problem rather than incipient depression.

future As a nation, Britons are still paying themselves too much for

Settlement house tenni

Nov.

Jan/Mar.

Apr/June July/Sept.

Oct/Dec.

2011-24

231-24

24-2414

2435-241

243-242

24-24 245-264 General markets, cit basis, porta

2016-buyers 231-20

Oct. Nov

The Union's order went into "At the present time we are with several effect at midnight (1500 GMTnctively working

10 соп- companies American Monday.)

About 000 vessels in additionstract privately-owned nuclear tankers ships within the next five to the 70 ocean-going and freighters which were tied years," Mr Morse declared,

The first nuclear merchant up yesterday are involved.

vessel, to be launched in the the goods they produce. Of the Jen: 2.10; Mar/Apr: 25.50; May! Estate crepe thin Nov. 20 NEW ORDER

Yesterday's stoppage involved spring of 1959, will be 687 feet only ocean-going scheduled long, with a bear of 70 feet, a freighters and tankers, but the full load displacement of 21,800 now order called for a walkout cas, a surface speed of 20 kriots, on all vessels, including coastai The ship will carry 60 passen- vessels, larger than the presters and a crew of 130. cribed tonnage.

for the The Initial designs new ship were completed in September. Mr Morse said: "It is anticipated that a single core will serve

as the heat source

The new directive to its mem- bers came today as the Union Intensified its elforts to back its demands for higher wages,

No immediate solution to the for approximately dispute between the Union and during which time

steam in could

the members of the Federation 100,000 miles," of Shipowners' Organisations was in sight-United Press.

SALVAGE OF

JAPANESE SHIP

two yours, the ship

exce

of

SHIPYARD MISSION FOR INDIA

London.

(£403 million) five per cent Increase in the gross domestic product in the first half of this year, two per cent was a “real” Increase and three per cent was due to higher costs per, unit of output.

U.S. Outlook

thick Nov. AMSTERDAM

Cotton

closings. In pence per lb. were as follows:

Old contract Oct/Nov: 28.23: Deos

June: 23.72; July/Aug; 24.80. _New_contract Del/Nov: 2620; Dec/ Jan: 28.10; Mar/Apr: 20.30;" May/ June: 25.46: July/Aug: 20.45.

SAO PAULO. Cotton future closings, cruzeiros

kilo were per followe:

No. 1 subber March: 30.00; May: 40.00: July: No. 2 rubber No. 3 rubber

40:20; Det: 40.00.

Douglas Aircraft

Dow Chemicals Dupont de Nemours

Bastidan

El Paso National_Qas Family Finance Corp. Fireglotte Tyre & Hubbe Ford Motor

General Electric General Foods General Motors Gen. Pub. U. Getty Oll Glidden Co.... Goodrich (B.F.) Co.

Goodyear Tyre

The rubber market was weak | Gulf oH today. Prices closed in guilders

Herden Newport Corp. Homestake Mining Co.

In per kilogram, cif November as ingersoll-Rand

as follows:

In the United States. the No. 1 crepe average price of one-inch collea

The American outlook WEE at 14 designated spot markets transformed dramatically by a was 33.70 cents. Total mies at well-timed speech by President theso markets 72,076 bales.-- Eisenhower. Experts say that United Press.

Wall Street was in any carp

technically ripa for a rally, but |

the President's "Don't let's be New York Foreign

pessimistic"

made it speech

doubly certain."

Fighting specches may alter Exchange

paychological siflluder;

they

cannot alter the baslo facti Closing rates were: And these continue to sive

cause for conoczu. But Malone

talk" la almost certainly pre mature. Both Brilade

Works.

Canada

England officii

12

1

Par

30-day's A British shipyard mission is

do-cy London, Oel. 28. due to reach India on Novem-

Australia The owners of the Japanese ber 3 and stay until November

New Zealand and America South Africa steamer Elfuku Maru (5,400 23, the Commonwealth Relp-

báva recently cut back public Belguyn tons), which was abandoned tions Office has announced in

spending programmes: Amerion, Angelion going aground on the London.

in détence. Britain In defence Uruguay Australian Great Barrier Reet, The mission, which is under

and in public of the Colombo

While have decided to attempt salvage, the auspices according to Lloyds agents hero Plan and the British Stulpbuild- there is every tape that the res maining very Luzh level of Ing Conference, will miss on Inyout of a new A Japanese salvago vosmej the site, and

NAMESAKĖS New York shipyard expected to arrive off the Greet

Mr 3. Lonaghan, a director of ALLEYFIES: 1 Reasoning, R Barrier Reef on November 11.

Fairfeld Shipbuliding and in- || Dialoguta, '3 Oritisisma, The Eifuku Meru is owned vineering Company "and" of Grecks, 5 Toastilna, 5 PIKIO, by Shafuku Steamship Coingany | Elthgow's, will load the mise- Advice, & Wisdom.

Bocrister.

today

of Tokyá-Beuter,"

fon.

LONDON FOREIGN

Cising rates werd

stilan Zurich

EXOHANUR

New York

2.33 peld

2,29 pald 2.15 nom. 231 buyers Urilled Prods.

Sugar Market

Inland Bizel Co. Interchemical Corp, ............. Inti Business Mächinem intă Harvester, international Nickel International Paper 11 Tak & Tel John-Manville Co. Kanang C. Power & Light Kemmit. Copper... Liggett Mayers Tob, Co. Lockheed Airersit Low DIY.... Lone Bike Cement Co. Lowensieju & Bona McDonnell Alverart Stock Exg4.) .... Megady krop, Corp. Minnesota Mining

Kisslors Development Morisanto Chemical Co. Montgomery Ward Motorola 10. National Cash Arg. “A” PTAMOSVU DARlry Prod.

New York, Oct. 28. World No. 4 sugar futures today closed 6 points lower to #3 points higher with anies of 145 104-7/23 contracts. 2.00-1/2 The domestic No.. 6. sugar 2.7935

contract closed unchanged to National Lead....

2.191%

013

2300

1 point higher with males of two Natihhaj Steel Corp. contracts.

World contracts, moved.

New York Central

| Norfolk de Western Ry.

ir

Olin Kallador

Otis Bluvaton

regularly lower in company

with the easter situation fra Owen-linols Glas Oxford Paper Co. XQWS.

Papilio-Gas & Elec,, 1. Contract No, z.(world) 2 Paramount Par Jan13,79; Mar: 3.61) May: 3.00; | Parke Davis Co. Juty: $.49 (Blepti 2,02; Desi Mug Phony 3. C. Că, ||100: 3,42) Tipul-¿õsista par 1b. for Barn, Baik Co. (Cuba) (3.70,

Fully Morris

Contrgot Ne, dansertie). Mar: 5.50; May: 2:59;" CLA Sept: 8.06 Nov: Dish, Uputa teenis per 1. ctt NY ex-duty) :'[[80.

Open interest: : 201 Uplied Press,

............

jam.

Shell Co.... Saint leg. Paper

inclair Oil

Solar Airera!!

socony Mobil

South Puerto Rico Bugar Southern Co. (The)... Southera Nellonal Gas... Southern Railway (Com.) Standard Brands Standard Oll of Cal. Standard Oll of Ind, Standard Qu of NJ. Sterling Drug Co. Stakely-Van Camp Corp. Studebaker-Packard Surine Mining.. swift & Co.

Texas Co.

Textron Inc.. ............. Tido Water Aam, Oil Time, TAR.

****** Twenty Century Fox Film Union Carbide Union Oil of Cal..

Union Paelle Raliway United Aircraft United Gas Comp.

U.S. Foll "II"

3 Gypsum

U.S. Line Co.

U.S. Rubber

VS. Brejting

U.S. Steel

Warner Bros. Wastinghoun

Electric Wester Union Tel. Co. West Va. Pulp & Paper Woolworth

*

*

re-

day

301%

LONDON STOCK

MARKET

London, Oct. 28.

The stock market was a dull

affair today as no traders apparently awaited to-

morrow's debate in the House of Commons on the Government's economic policy. Prices were gene- rally easier.

the most

Oils were

active section but price changes were small British Petrolmim added 27- and Shell t/-.

Electricals, engineering chain store shares mosity dropped around a pence,

and

Government bonds are-sawed up and down in line with the trend of aleriing and finished mostly unchanged.

Foreign bord, were dull. German Dawes non-ascented and cased £ hat others remained unchanged.

The premium för deller stocka fell 0.5 per cent to 8.5 per cent. -United Press

Exchange Rates

thie

Business was done in the local

market tromelal ekahang 1541% | morning, at the following rates——

རྟ།།་

| U.S. dolár (per (3)

64 Sterling zotes (per £1)

39%

nited Press

Australian notes (per £1)... 13.20

Indonesian rupiah" (per 100). Siam Uical ther 100) Singapore Straits)

15.20

27,50

101

P.OB•IE.A

*

COMPANIES

*

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO.

Outwards "CHUSAN” "CANTON"

"SUNDA "CORFU" "SALMARA" "SINGAPORE"

Jeniaws:da CHUSAN* "CANTON" "CORFU" "SUNDA"

"CARTHAGE" "SINGAPORE"

Leaves Lanson

Salled 30/0 failed

29th October

13th November

9th November

4th December

Leaves Hangkeng 3rd November

Dua Kongkan

10th October 19th November

vih December ... 15th December 21th December

12th January

Due London 10th November 2nd November 3rd December 18th December 12th JT

6th January Hih February

17th January

0th February

17th FebruaET 12th March

Via Bingapore, Punang, Colemba, Busabay & Adva.

"BUNDA" omite Colombo and Bombay, calls a Havre and extends to Hamburg, Notterdam and Antwerp,

BRITISH INDIA S.N, CO., LTD.

"BANTHIA" In Port

Calla 30th. Oct. "FULTALA" due 18th Nov. walls luth Nov.

"SANTHIA" due 21 Nov.

Balland Nov.

from Calcults, Hangoon & Stealt for Japan

from Japan

for singapore Penang, Itangoon Olimitie

from_Japan

for Singapore, Penang. Rangoon be Calculle

P. & 0./B. I. JOINT SERVICE

“OZABDA" due 29th Oct.

Fall 30th Oct. “UMARIA" due à Now.

mills 7th Nov.

from Karachi, Dombay, Cochid de Singapore for Jspec

"DELAHA" das 11th Nov. aažis 12th Nov.

“OZARDA” dus 3rd Dec.

paste 4th 10.

from JapenS

for Singapore, Borabay, Karachi, Kuwait, Entrai & Khortamıstımdır

for Japan

from Singapore, Bon- bay & Karachi

track, Japan

for Sincere, Hoiber

HDAYDREMO Barah KoTTEESSANT & Kuwait

EASTERN & AUSTRALIAN 5.S. CO., LTD.

*NELLORET 10ada 6/7th Nov.

· “"NANKIN"

Sails Bib NOT

londe 18/Li Nov. - muils With Nov.

for Labuse, Handakan, Taball Jernbane.. Byd-

Melbourne Adoxida

AI-VORINIS Kave thesky, to call at any ports on or off the tento às the priste à sulitský úrò süžject to change my windedinekā (with or withami · Motion.

For full postforulars quit, *. MACKINNON, MACKISZH & LI

F LONG KONG