SHOPING
DECLINE IN SHIP ORDERS
New York. Shipyards in every major shipbuilding country have been affected by the low lovel of freight rates in the tramp and oil tanker tradea,
EXPANSION OF BEIRA PORT
London.
Boira, the second largest
port of the Portuguese province of Mozambique, is heading for a record in the handling of sea- borne freight this year. Total tonnage inward And For the first time since last
outward in the Orst eight March, for instance, the Ship-
months builders'
Wan 2,149,474 (against Council of America has reported no few ship-1,800,005 in 1950 and 2,010,001 ing a rising monthly rate into its 1955), with advlees indicat-
buliding contracts placed during the month of September.
However, the United States industry has a substantial back- log of orders, almost none of which
Government recount. Total orders at the end of last month wore more
are on
than three times these of a year earlier.
Although Japan leads the world in the rate of output, it is believed that Japanese ship-
number yarda have received a
of cancellation and a good deal of price-cutting has been 01- 'forced.
Bul for the Brat nine months of this year, Jupan increased the tonnage of ships completed over the Rume period of 1956 from 1,18 million tons to 1.73 million.
Japan's rate of output currently not far short of three times the Briksh rate.
OUTPUT
Tonnage completed by West Germany in the third quarter of 1957, 306,000 tons, is higher thon in any of the preceding four quarter, but the amount under construction la down to the level of the third quarter of 1958,
Although Italy's shipping out- put is far smaller than that of Germany, Japan, Great Britain or the United States, her record of 130,000 tons completed in the third quarter of this more than three times the figure for the previous year.
There has been only a Very small decline in the Sgure for tonnage under construction:
Dext year.
Efforts in working the ships night and day have succeeded in turning them round with much less delay than might have been expected.
Two new cargo wharves are
THE CHINA MAIL, THURSDAY, NOVEMBER 21, 1957.
TRADE and
COMMERCE
Part 9
SECTION
RAILROADS RALLY IN WALL ST.
LONDON STOCK Proposals
MARKET
London, Nov. 20. Caution was the watchword of traders today despite the continued strong showing of starling as the stock market closed irregularly higher in light trading.
Goverment securities were melly unchanged.
Industrials lesues moved into higher ground. Rolls Royce and Unilever led the list with gains while other
to be constructed to bring theore shilling
total to eight. It is hoped that this expansion will bring the har- hour's handling capabilities to the maximum which the 200 miles single-track railway Umtali in Southern Rhodesia can absorb. HESITATION
to
But the present rale of development in the Federation indicates that double the number of berths and con-
favourites improved fractioonily. Olla were generally firm and nelive, British Petroleum paced the
with a riso group
of shilling
however, was Royal Dutch, fractionally lower in an other- wise higher list.
Foreign bonds were lower-United Press.
For
Higher Freight Rates
New York, Nov. 20.
Stocks made an irregular advance on
HONGKONG
STOCK EXCHANGE
Our Own Correspondant
Business done on the Hong- kong Stook Exchange this morning mounted to approxi-
mately 1259,009. Noon quota-
actions were!
NEW YORK COTTON MARKET
Unsettled
Flurry In
Cotton Futures
New York, Nov. 20.
Cotton futures ruled alternately steady and an. settled today in the wake of recurring flurries of trade buying and hedge selling orders.
Rallying above last night's |
market softened again later New York Sugar
under renewed hedging and commission heuse offerings.
increased volume today with the rail- and the morning's trans-close after an easy start, the road issues the best performers. The railroads are preparing proposals for higher
freight rates.
Kansas City Southern rose 21⁄21⁄2 points and gains of
Mharte BANKS
lik Bank INSURANCES
East Asia
Lombard****
Wheelook
a point or more appeared in Great Northern, HING Baltimore & Ohio and Southern Pacific,
The carrier mostly
advance lifted, Goodrich (2. r.) Co. the rall averige by 3.00 points Goodyear Tyza
sequently a doubling of the SECURITIES AT
railway track-will be required by about 1982.
There has been an under- standable hesilaiton on the part of the Mozambique administra- tion aboul rushing into expenditure on expanding Belra, since the port is almost entirely dependent upon inward and outward tramc from the Federation for its existence.
Even the most optimistle of the Federation planners con" sidered that the new rail link between Lourenco Marques and Gwelo would be suficient to
handle the
estimated expanded
of
FAVOURABLE
to 100.83. Rails lost 4.16 points teyden Newport Comp on Tuesday to a new low since Homestske Bining Co. January 18, 1954 and were down Ingersoll-Rand 3.75 points on Monday
Industrials also moved higher though American Telephone was a weak spot, falling 2% polnia on announcement of an issue of US$720 million on con-
INTEREST RATE vertible debentures scheduled
for next year,
Washington, Nov. 20. The Treasury announced that it would seek to re-finance i rico in
This was more than offset in the leading Issues by a 3-point Du Pont, selling ex- gains of early dividend, and
cech in Allied and Westinghouse
points
nearly $10,000 million worth of maturing securities at a mort two favourable interest rate than it | Chemical bad bien able to get since last Electz 7. spring
In exchange for $0,071 mil- lion in four-month ctrificates of indebtednete, which carried per cent interest and matured on December 1, the Treasury sald It would offer a certificate Dne-year
carrying 3% per cent interest.
traffe for a few years to come.
But experience has shown that the new Lourenco Marques 3% -year is
railway will shortly be operat- ing noor to full capacity and the Federation prosent rate of the expansion seems to be assured for at least eight years.
The province
Bolala Manice, of which Beira is the principal town, 19 оп the mineral threshold of Intansiva exploitation which will inevit ably increase the port's traffic.
Beira now
be appears to destined to outstrip Lourenco Marques as the leading port of Mozambique.
081,000 for the third quarter of 1057 compared to #18,000 for the second,
In Britain, new orders during the third quarter of this year, amounting to 300,000 tons, ex- cceded the rate of outpul by British yards during the asme period.
As a result, the total order book of Shipbuilders rose sightly to 8,971,000 gross ton comprising 046 Vessels--only
C
38.000 Lous below the record of HUMBER PORTS'
7,009,000 tons reached in Juné, 1052.
ORDER BOOK
order book, This
valued at about £975 million, is sufficient fully to keep British yarda
five or occupied for the next six years.. Oll tanker account for 54 per cent of the trial.
Cancellations of contracts in
Britain up till, now have been few and have referred to dry cergo ships. The present tight money situation is believed to have been responsible for the small
withdrawals number of of British orders to date.
A lengthy depression in tramp and tanker freights could also load to cancellations.
INWARD TRAFFIC
HULL.
Inward trame at the Humber parts in the four weeks ended September 8 totalled 712,705 Lone, against 713,095 tons the same 1950 Period.
for
of
For the first 30 works 1957 the total le 5,771,200 tons (5,891,570).
Although this role was one third of one per cent highor, it was considered favoumble be cause the new socurity, had Д much lower maturity date.
Oil shores generally were better with Gulf up nearly two points and Barber Oil up more than three. Grumman Aircraft fell three on a reduced dividend. Steels closed steady to firm after an early decline.
Motors
Motors wore easier but above
A
Inland Steel Co. Interchemical Corp, .......... In Business Machines Int Harvester International Nickel International Paper
oil T & Tel John-Manvilla Co. Kana C Power & Light Kennerolt Copper ... Liggett Meyem Tob. Lockheed Aircraft ... Loews Incorp. .... Lone Star Cement Co. Lowenstein & Bons. Mesabi Iron Corp. Minnesota Mining, Mitalon Development Monunto Chemical Co. Montgomery Ward Motorola Ino. National Cash ifs, “A Nations Dairy Prod. Nailons Lead National Steel Corp. Norfolk weturn 15. Ole Mathieson
New York Central
Elevators
was-linols Glass Oxford Paper Co, Pacifio Gine & Elec. Pan American Aleways
Parambent Pictures
Parke Devis Co. Penny 3. C, Co, Feho, Balt Co, Philip Morris
Procter & Gambie
“üblcker Industries
dicar lows, Zenith Radio betted-initosurf Pi-te Glass 44 points. Uulties Aman gains ranging to more than
Duni in Panhandle
Eastern Pipe Line,
Tao Treasury also tald It planned to borrow about $3,800 million in new cash next week. This would be done by offering
The rhe was accompanied by $600 million in 17-year Treasury higher volume-2,400,000 shares bonds carrying 81% per cent against 2,240,000 share interest and. $1,000 million in Tuesday. It was largely techa five-year Treasury notes, carty- eal, aided somewhat by a long in: 3 per ernt interest-st of extra dividends. China Mall Speelal.
SINGAPORE
STOCKS
1
Radio Caporation Radia Carp. Pret. Republie Eteel
Reynolds Metal
Shell Oil Co.. saint les Paper Sinclair O... Borony Mobilbil Bouth Puerto Rico Sugar Bouthern National Gas .. Southern Railway (Com.) Standard 'Brands Standard Dil of Cal After
the the close.
Standard Out of Ind. York Stock Exchange anpotinced. Standaro Oil of N2, the outstanding short interest Sterling Drug Co
New
as of November 15. It totalled Stokely-Van Camp.
| Studebaker-Packard Dors Suare.. 1000,437
Up 747,242 Bunshine Mining the month and the rares in highest level in o
quartor
entury.
Singapore, Nov. 21.
There
issues in 177 Brokers today
wero quoted the
which a short position of 5,000 fellowing stock prices:
Opening shares or more existed or In Batu Lintang Rubber Co.
which n 2,000-share change Lui,
$1.00
occurred in the month.
Standard Oil Co. (N. J.) had 40/-
the biggest increase from 66, shares to 112,382 shares.
The Dow-Jones Industrial Averaga closed at 439,87 1.04; uitles 65.92 up 0.61; and 05 Stocks 145.18 up 1.11.
American
British Borneo Petroleum
Syndicate
Consolidated *in Smellers
Ord.
29/ht
Fraser & Neave Lid Ord... Franer & Neave 75% tum.
pred
$2.00
Pyrites and otlier ares which entered increased considerably, with smaller increases in chemicals and chemical fertill-
food sera,
and provisions,
$4.03 building and roadmaking' Gaminons (Malaya) Limited .30
Shanghai materials and grain. Lesa coal, Hongkong
$432 iron and steel, molasses, Wool and oil and spirit moved in.
$1.00
In outward movement, ship-
Despite the diaappolating output in the third. quarter, Briibh shipbuilders hope that they will be able to produce 1.3 ments of coal, coke and patent million tons of shipping in 1987 fuel fell, but Iron and steel
❞—
level only reached once goods,
since the war, in 1954.
year is generally high.
chemicals and chemical Output fertilisers increased slightly.
during the fourth quarter of a
LEADING BUILDERS
(000s of gross tons)
BRITAIN: Completions Buliding JAPAN! CompletionE Building
qtr.
1967
85
2,841 Jrd
qtr.
2.000 2,13
qtr.
4th
str.
1,480
31475
1,436
1,103
Hongkong
Kumpas Ltd.
Kuain Kampar Tin (eundiv) 30/
Lunas Rubber Estates Ltd. $1.06 Balayan Breweries ......
New Serendah Rubber Co.
Ltd.
Petaling Tɔn Ltd.
红花
Stock
Swift & Co.
exps Co.
Tesima Ine.
Tide Water Area. O Twenty Century Fox Film
'nion Carbin
Union Oil of Cal. Union Faelfle Railway
United Afteran
1.5. Foll′′
Bayern Bellota · Sales
800
B 870
$20
At the close the list ruled six potnis lower 40 higher to seven
following forenoon gains un' to 15 points. The market openvi off one
New to 11 points. Orleans closed up seven to off
Mill and export were leading early buyers, of December as the spot month crowded close to the season's 33.78 high of 30.60 cents pound
reached on Monday.
6.00 5.70 4000 @ 08 11 points.
118
14.50 14.70 $5K d 20 35
Heally
|X. Wharf.
Provideni
6100
12 LAND, ETC.
1147
oca
RUBBER
4
Ama X¤, 131|§ 12
10000 £30
3001
***.. 27.00
2
100 @ 13
850 9 2.50 500 G 22.90
2014
U.B. Gypsum U8. Line Co. 1018. Hubber
1.8. Smelting 1.S. Sterl Warder Brow, Westinghouse, Electric West Va. Pulp & Paper Wodlwrarth
United Press.
up
Mxchango sales dipped to 560,000 shares from 610,000 shores yesterday,
Bonds volume today rose to US$5,300,000 from US$4,530,000 yesterday.
Dow Jones closing averages:
43237; 20 Rails: 30 Industrials! 1003; 15 Utilities: 65.02; 65 Stocks: 149.38 40 Banda: 04.09; Commodity Futuros Lactum: 161,53.
12.45
$2.871
Rames Hotel
$8.5772
Sunsport
Cold Biorago
(cumdiv)
$0.50
Straits Trading.
Stralis Steamship
81.00 $10.24
13.131a
-China Mail Special.
Alden ins, ABS, versat
United Engineers Ord. ............. $1.20
Wearne Bron. 199
Closing Prices
London Metal Prices
London, Nov. 20. Prices of metals closed today in sterling per long ton as fol- lows: Copper
UTILITIES
Biar Terry... Yaymati
E. Light (B) C. 4ght (N)
Mectric
Tel.
STORES, ETC.
Daity
Watson
COTTONS
Non
INVESTMENTS
Yangtze
Allied
HK & TE
Invest
•
Domestic
K
Interests
A higher domestic consump- tion esilmate for October joined with news of a further improve- @114ment in the textile markét, sud
17.50
in underlying demand from commission housts, in neting to 20.30 brake the setbacks.
News 200 @ 10:30 10 10.30
+44
9.60
A.30
3.00
on
of
some
that the government will hold the first talo out 1956 surplus stocks for domestic used
November 26, 03 10 4.39 scheduled, secounted for
liquidating flurries. Sales out of the surplus for export, how- MVCT, will be postponed to December 3 from the original date of November 21.
200935
New York Rubber
Market
New York, Nov. 20, Rex rubber futures today closed 10 to 85 points lower with sales of 94 contracts. Closing prices: Nov: 2750b: Janı 37,750; Bäär: 27.50 traded: May 21.556; July: 17.905; Bepit, ob; Nov, 1958: 21.06.
Standard contract closed 10 to 35 points lower with no sales reported.
The New York Cotton Ex- change Service Bureau estimated domestic
of all consumption aw collon in the five-week period unded November 2 at #10,000 bales,
This compared with 659,000 bles used in the preceding four-week period and 720,000 Geober last year,
10
Daily rate of use in October was
11
12,400 vula, Ya: 35,000 bales the previous month abi 6.800 baler in October Last year. Konin
Valuma Open interest
Les.
24,300 107,300
Mar
100
#41,000
Closing prices, wll
May
301,200
July
nominal:
160/400
Qet.
18.000
__Nov: 37.50; Jan: 27.701 Mer: #780: May: 21 July: 2150 Rapt: 27,90; Nov. 1950; 21.90,
117 200
Dec,
7.400
40000
Mar
2,500
14.400
May
200
Tofa
138,500 3,002.000 bales
NEW YORK PRICES
Prices of cotton futures closed today as follows!
Profit-faking by some of Tuesday's buyers, a pause in the consumer demand, plus re- ported offerings in the shipment market at cent below yester Spot: 30.630: Deo: 30.47: Mar: day's sales, put prices on the 36.03 May: 0.09: July: 33.53; Oct: defensive today in a less active M.; Dict Hish: Mar: $4.10. market. A fading out of re- ported Russian buying also put trades in a bearish frame of mind.
In addition to réalising sales, London was a reported seller here on balance, allegedly on arbitrage operations,
In the
shipment market, moderate sales out of Thailand were reported on three shcols ot 274 cents and fours at 25%
LIVERPOOL
Cotton Pence per lb. were as follows. Old contrnet: Dec/Jan: 29.75 Mar/Apr: 20.31m Moy/Jime! 20.49 July/Aug: 20.54; Oct/Nov: 26.04. New contract: Dec/Jan; 20.9in; Mar/Apr: 27.1on; May/June: 2750 July/Aug: 27.290; Ocf/Nev: 21.10.
SAO PAULO Cottor. futures closing In cruzeiros per klio follows
futures closing, in
were 78
Dad! 58.86 Mart 2000; May: cenis A pound, November. 39.00: July: 39.00: Oct: 39.30. December cost and treight. Five In the United States, the sheets also were done early at average price of one-inch cotton 23 cents but later offerings at 14 designated spot markels were reported around 23 cents ( was not available,
a round, with buyers indifferent. Teini sotes at these 13 markais
Spot No 1 Ras was quoted at were 88,203 bales.-United Press, i 275% nominal.
LONDON
The rubber market was enky after 'firm with spot quoted at:
1681828-7/10.
pet
100% 1049%
Lead
#1514
2nd half NO
*
712 17
2 bit Fula.
Zind
And belt Hov.
2nd hall
.pot
3-month
spot... ........ 237% 28{1 with 2376 pold No 1 Ra
Satbement house terms:
Dec
Jon/Mar
0014 0016
Apt/June
July/Bept
750
700
字
-United Press.
2314 2016
2334
2011 2446
24 2432
2431 2422
Market
New York, Nov. 20. World No. 4 might futures today closed unchanged
to 2
points higher with sales of 1o
contracta.
Domestic No. 6 sugar closed 1 point lower to 2 points higher with sales of six contracts,
Small operations were most. (ly routine while traders await- el Tow market developments or other new incentives.
Contract No 4 (World): Jan: 3.70b: Mar: 1620) May 133) July: 305 Sept: 4.665i Ora: 88thị Mar (1950); unquoted.
Spot price: 202 cents a pound for Cufs, úkonangMEK,
Opla insertasi” 3,480 contraite, off 33 from the previous day.
Contract No. (Domestic): Mar (1958): 6.52by May: 6,500 July: 591b: Sept: 601b; Nov: db.
Spot price: tenia per in cit NY
quy, 100 ente, & porna, Open Interal: 605 contracte, up A from the previous day-United Press.
Fly PAN AMERICAN world's most experienced airline
to
EUROPE
and the
USA
For réservadans,
call your travel agent or Alexandra House, Phone 37031, Hàng Rong
PAN AMERICAN
Pas Amarina Waché Kirangs, Ion, Enteryarstad Là Shota tf Zam Tvek, V.Baks with Kartpot kaasteg
Like any other busy port to the world, Los Ángsios
koj' departure, 188-FORMDE-TIE
the latter for a vorige through
The US Cannot
Broaden
Wheat Exports
Allied Chemicals
Allled Mille Inc.
All Chalmers
Am. Brake Shoe
American Airline
Armariosts Cable & Radio Corp.
Amaricando po.
Amer, de
Am. Mach & dry. American Metal.... American Bmelling Am. Sugar Ref American Tol de Tel Colorado Springs, Nov. 20.
American Tob, "1" Secretary of Agriculture Ezra Anaconos Copper Taft Benson said today the Armeo Beet as United States cannot broaden Amour
Allas Cons, Mining
wheat export markets without | Baiwin-Lima-Ham. breaking worlā prices,
Baltimore & Ohio.
This would create serious Bendix Aviation Corp. international problems,
said.
Banquet Cond.
he Delhaham Steel
Blowing Airplane
Beton 'sald the United Borden (The) Co. States already is competitive in Burroughs Auld Machios.... price in the world wheat markot Case . 1.) Co. and has a good share of it. U.9. Cat. Tractor
1057 Colebene Corp,
Bacal
Canadian Pacific R.
OLY Financial Corp
wheat exports in were record-high.
Beason discussed the wheat alma Molybdenum eltuatión in a speech before the CUMIE PORUDLY EA 1st anhuai rašeling, of the | Cognts Primolive Co. National Grangé,
Commercial Credit ... otte of the consolidated malega major farm organisations Continental Oll of Bal United Pross.
Crowns Zaberbaga Laban, Amur. Bugte pamund Samond "
Exchange Ratesifi
Burineer was. Rome in. Aus 1099 | FEPAS Kallonal morant the, following entia)
issionerlari ·ruplab (per 100)) Many teal (park 00)7 Alagapore LISTAMM)
0.00
LOKTI
* 21⁄2
7301% | DoỪ Deg. KELL 24N
General markets, air basia porta!
Nov ...... 234 buyers Dee. .... 23 23
NEW YORK METAL MARKET Jan
Zatate grepe: thin November up-
New York, Nov. 20. quated December 24% nominá3. Prices of metal futures clock November unquoted December today in cents per lb as follows: 214 milere, 1 Len 4734
unquobed
12.200
0.100 P.15
unqucted.
21.10
Nov.
Doc.
10 Zino
2:04
Nov.
403%
4NC
Copper
Nov.
Dec.
#12
Nov.
Dec.
15
Tin (Straits),
Nov.
89.50%
gita Pres.
Dec.
Rinquoted
Linquoted
дотр
London Foreign Exchange
Landon, Nav, së. Foralga extbariga rates closed
follows:
Copetsia
TOIM
AMSTERDAM
The rubber market was steady BAILS: today with quotations changed-United Press.
LES-
PO
R.M.S. "CANTON"
NOTICE TO PASSENGERS
New York Foreign | BAGGAGE:
Exchange
New York, Nov. 20. Closing Palos wer British poland (upočatal)
30-day tu
Astral
Kaw, Lasting
South Africa
Othofe unchan Liévad
FUTSAL
2.1933
NAMESAKES
Speed. 8 Bluebird, : @ Jef, Ullswater, 11 Propeller.
· Dun Campbell,
Friday, 22nd November, 1957 at Noon for the UNITED KINGDOM, Colombo. vis Singapore, Penang, Bombay, Aden and Port Said..
Passengers to requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Co's Godówn No. 2. GATE, CANTON ROAD ENTRANCE, By Noon on Thursday, 21st Novem-
SPECIAL NOTE: With the exception of hand packagbo "carried" by "passengers thementras,
· ALL BAGGAGE must pass, through the Wharf Company's. Godown for loading on board by ship's slings only.
EMBARKATION: Passengers should embark between 9.80 and 11.00 sau, on 22nd-Novein. ber, 1957,
SUBJECT TO ALTERATION WITH or wrinÖUT NOTICE
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