SHIPPING
ITALY'S MERCHANT PACT RELAXED FLEET RETURNS FOR HK-JAPAN
Rome.
The Italian Merchant The Executive
Marine, almost wiped out
by Allied ships and
Lombers in world
war
two, today is back at full on all the
strength
ผมเ
war When Italy mistered the in 1940, she had merchant
1,200 marine totalling
ships, prsstugers and cargo, for a total of 3,400,000 tons; t the begin ning of 1910, the strength of the Italian merchant Beet was down to 226 ships for
WAY.
n
total of
London,
Council of
the Hongkong Japan Freight Agreement has decided to permit its members to quote rates freely on shipments of more than 30 tons..
This move fullows the thren- clxht withdrawal of tence European lines from the con- fetelice in protest against re- paid! to slippers by lates
faponese member-companies,
A rate
"war" is
now pre- 350,000 -ne-tenth of predicted in some shipping cirets, but this in denied by Mr George Puncheon
uf the Indo-China Steant Navigation Company, Scerctury of the Asteement,
16
Today,
after cleven years
ships for more than 4,000 lot: 1 of about 5,000,000 tons are
а! вся.
It was a very bad blow for the Inna to see their < chan feel go down ship by ship during the war They had been proud of their Merchons Marize, Love all of their line." one of which, the world janin Rex, captured the "blue ribbon" in her maiden trip in 1933.
YOUNGEST
f'renier
The Merchant Marlie Mine- try JA the youngest of nil Ilian ministries. It founded by the late Alcide De Gasperi, in 1946. when it became clear that it Win nece sary to create a new department to carry out the Im- mense work of reorganising the Ilio merchant fleet.
The new Ministry went im- mediately to work: 1 Marind by buying in the United States Da Liberty ships for a total 728,000 tons and 20 cl tanker. for a total of 200,000 tons,
IFI
With these ships and the which the the war had paid Italy took care of her mediate needs of transporta,
Then she
re-
Other experts Fear the Iaxation will affect other can- ference Agreements because competition & world-wide. They forecast
decline in ส shorp rates and cut-throat competition in the next few months. This went berome even more revere when new vessels were put to sea next spring.
A spokerman for the Dutch- mwned Royal Interocenn Line, which officially withdrew from the Agreement. sald his Coin- pany would be reducing is chitht to 10 to 15 per cent below the conference rate.
A smilar siliestiren in the Trampurifie Freight Conference is reported by A spokesman for the Nippon Yusen Kalshu Line.
THE CHINA MAIL, THURSDAY, JANUARY 23, 1958.
TRADE and
COMMERCE
STERLING SHRUGS OFF
THE SHOCK
London, Jan. 22.
The financial markets have proved responsive to favourable
developments in the week to January 18, which included* the success of the British Treasury's £500 million loan, the cut in Wall Street margin requirements and Gor- many's bank rate cut.
Helped by excellent trade figures, sterling shrugged off the shock of the Treasury resignations and rose to a new high since 1954, but was later affected by Japanese sales of transferable sterling,
NEW YORK
COTTON
MARKET
י,
Now York, Jan. 22. Cotton futures today ruled
alternately
and steady unsettled, swaying over a bale to range of $1 a show a net loss most of the time.
The Japancée banks naturally made some une of their new Incidity
other (which most countries have enjoyed for four yours) of selling transferable
'erling for dollars.
Unfortunately for thom, Control'a Taphore Exchange relaxation came just too late to
etch the narnia). monthly emnul for transterable for SP settlements
NEW YORK RUBBER MARKET
New York, Jan. 22.
The cut in Wall Street margin |The rex rubber futures to- quirements showed again that
day closed 15 points lower
Walton was willing to use
reflationary weapons revive business and confidence. MANY MORE
10
Inty more cld be deployed Including further From a tant start, pricus if needel,
bale. A mid-cuts In the New York bante rato sagged, $1.15
banke In the session recovery getting to near and the previous close was lowes requirements. with another spurt of hedge selling and 'quidation
reserve
The unprecedently rapid rise
In the New York bond market since the November cut in the ank ale probably anticipated anothre cut,
at the close the t showed nel loss of 9 to 17 points. The market optael tip 2 10 O
However, there were many points, New Orleans, closed off 8 to 10 points.
ancertainties. Reflationary moves Fenture: included the sale often the danger of advertising
by spot in the recession without coring it. arun 3,000 bales 'mouths'
the There was no scope for teret in the Marchi achivery
Ex cuts which cured the 1949 against equivalent purchases o
Two United States member. companies had served the con-
wit two ference
notice of their intention to withdraw from it, but Japanese companies were discussing measures which might cause competitors 10 their foreign change their situde,
These included agreements to from Paying rebates central and the adoption of a booking systern for the Japanese lince.
cleared away wrecks in thr harbours, swept the mines still lying in the ports and storied laying the heels of new ships.
The
provided retrain Rovernment special franciat help to private shipbuilding yards and cla:equence of all that, in 1952 the Italan Merchon! Macin was back at its prew: Louna... REPLACEMENTS
Modern ships have stendily replacing
Dece: CONTINUED LOW
the aleli
Liberty ships bought in the firs TRAMP RATES
postwar
years. During 15 10- on the Merchant cent debate Marine in the Chamber of J- puties, suggestions were made to the Cuvemment to keep in
for the
mind aterale energy ships which will be launched in the near future.
Gennaro Cassiani, the Minis- ter for Merchant Marine, told the deputies that the
Itation shipyards ure working at full capacity for a totrl 300,000 tons of new ships. Some of them ara destined to foreign tries, but a good portion is going to increase the tonange of the
Italian Merchant Marine.
Also the Italian harbours are back in full service, During the first six months of this year goods londed and unloaded in
the Itation ports totalled 38,000,000 tons. The movement
London.
The depression in the world tramp shipping industry
to five points, higher on sales of 87 contracts.
Jan:
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
SECTION
The New York
Stock Market
New York, Jan. 22,
Stocks moved irregularly today in the face of a broad easing of money by the Federal Reserve and commercial banks, Traders bought tobaccos and Lockheed Alterat Business done on the Hong-sold defence issues. Weakness Lone Star Crinani Ca. kong Stock Exchange this in
brought the latter morning amounted to approxi- realising elsewhere late in the mately $301,000. Noon quota- day. tons and the morning's trans- actions were:
BK Bank..
INSURANCES Union SHIPPING Mais Nay Whreineks DOCKS, ETC.
K Whart Duck
Provident
somt
Loews Incorp.
Lowenstein de Bona.
Makonnell Aircraft (Ani))
Stock Exze.)... Mesabi Iron Corp. Maossola Mining
There Was no apparent Medan Development
Monsanto Chemical Co. reason for sales of the aircrafts Montgomery Ward
where, Douglas lost 2 points Motorola Inc.
where National Cash Reg. "A" and the shipbuildern
National Dalry Prod. declines ranged to more than a
National Lezu point in Newport News and Bath Iron Works,
Dividend cuts
Issuce but
National Bigs Corp. New York Central
Norfolk & Western Ry. Olla Mathieson
hurt several s Elevators
dividend
defer- Owen-UlinoisGlas
Oxford Paper Co.
ment by Persisylvania Railroad Pacine Gas & Lice.
hurt that issue only
1,000 1,33Line.
slightly. Pan American Airways
firm Paramount Pictures
Parke David Co.
Publicker Industries
Shares Buvers Sellers
BANKS
Rates
142.00 20 2 849
74
6.45 0.50
IDI
12,30
IN
1130
LAND. ETC. IIK lefol
14.30 10.40
5001620 Western
2304420 Rails produced
spots, including
P few
No:folk
&
Penny J. C. Co.
and
Atlantic
Coast
Finn, Bait Co.
Philip Morris
Procter & Gamble Co.
1,000
10.30
9.000 10 30
33 34.50
wido
1,273 1375 2,000 * 1,30
1.20 124
Trnm..... 24.10 24.40 120 Youmali 14.50
10.70 19.00
..
1.400 10.03
20.00
27
204 20.00
600 20.50
10.00
20.10 2030
INDUSTRIALS
BK Lond 20.30: Mor: 20.05; Mey: | RUBBER 27 00: July: 27.23; Sopt: 21.23; Nov: | Amalg. 27.23; Ja: 27.25
Standard contract closed 15 UTILITIES points lower to 5 points higher sin: Ferry with no sales reported.
Jan: 26.80; Mar: 30.65; May: C. Light 27.00 July: 23.25; Sept: 27.25; Nov; 27.23 Jan: 27.25.
Electric
Futures locally followed the London trend, backing down after a firm start. The lack of follow-through buying alsa Marzo K, was due to continued scarsity of tyre factory buyers in the domestic market.
Spot No. 1 Rss was quoted at 26% cents.
AMSTERDAM
The rubber market was dull
Telephone
THE
1450
Cement 24.50 24.00 Rons STORES, ETC. Dalry
Watson
Craw Kun.
lay, un extra differences of 10ind 1934 recessions. Anyway, today. Prices closed in guilders COTTONS
22 points.
શ financial the trouble is not Blost of the Lines was of market but in physical business, follows:
the particularly profession. origin, New cut- side intere.. was curbed pond-quidation
per kilogram, cif Feb.
Inventory No. 1 rubber by caused
falling No. 2 rubber No. 3 rubber
it 111 Washington developments sales, falling commodity prices No. 1 crepe in farms legislation, Cloth market ind in many countries dear and
Ught mancy. duljiness ulsc curbed market Interest in futures,
ex-
The Gorman bank rate cut The povertinen gling re-war essentially an adjustment to part is scheduled for tomorrow, the casy money market caused- Some quarter thought the Ein- by the plethora of foreign uing Aure might run substan- change which has risen second tially below the government's only to América's. Deermber
estimate for erop 11,000.000 bales,
Tac certificated stock remain- ed at 25,173 bales. Afestill
Volume
Mor
20,200
Open Interesi
103,000
May
47,400
250,000
July
21,000
Out
15,000
107.00
Dee
11.003
77,700
Mar
un
14.200
July
5200 1.33
3,90
Total
fl
$35,000 1,150,400 baits NEW YORK Prices of colton futures closed today as follows: 321-22 Jul 30 20: Out: 3135: Des
is expected to continue stay throughout the rest of this winter. Even severe winter in the main coal and grain importing countries is not expected to raise freight rates con- siderably above their pre- seat levels, which are un economic for many of the ships in the world tramp fleet.
Int Europe, supplies of coal and rain. the two "back-
with trade, are
for the whole 1957 was estimated bone" commodities of the trump
78,000,000 tons, compared
71,000,000 ast year.
Caslani sid that by 1860. the movement
of goods in Italian
ports was expected 10 reach 90,000,000 tons.--United Press.
EXPENSIVE REFIT
ON MAURETANIA
Liverpool.
sufficient to meet demond. Modern post-war bulk carriers are Ending business: either too hard to obtain, "hyroẞtable when they obtain
Et
30.16: Mar: Mny:
36: Mar: 34.15; May: 34.03; July
NEW ORLEANS
Priete uf colion futures closed today us follows:
Spot: 34.50 Mar: 34.8; May: 25.23: July: 33 : OL; 24.33; Dec 3130; Mar: 34.17; May: 34.36: July: 33.30.
LIVERPOOL
Cotton
future
closings, in ponce pur lb. were as follows: Ok contract
July/Aug
Mar/Apr.
May/June
Oct/Nov.
23.70
26.30 20.80
23.95-20.00
Dec/Jan.
20.50
or
New contract
MariAPT
26.03
May/June
21.13
July/Aug
27.42
Det/Nov.
27.62
Dec/Jan.
27.00
For some months now. singh voyage freight rates have been oo low for the huge war-built
leo! to Liberty-type
operate economically, and increasing wmbers are being lata up throughout the world.
One of the most expensive mali scale,
Char'ering lust week was on included and eavy grain from the Gulf of to Antwerp-Homburg
annual overhauls carries cu
SAO PAULO
All prices unquoted tothy,
In the United States, the average price of une inch cot-
at 14 101
designated markels was 34.84 cents,
FALLING
Falling notey rates in Ge- many and New York helped to attract short money to Britain and Japan, which maintained high money rales.
The market
1.2001633
400 39
Several special issues scored Psburgh Plate Glass
gains and held them. Pure Utilities and aicels were firm as Redio Corporation
Issues
groups with a few ensler. Mofors lost smali fruc- tions. 500 21 33
2013
DEA 14.5"
900 † 18.00
Of total 1,181 issues traded, 466 were higher, 480 lower, 235
300 1693 unchanged.
200+ 20 DO
13 @ 20.10
44 26.20 2.000 64 29.10
14.20 10.80, .150 44 1840 12.10 12.40
14
1.30
16.50
0.59
Nanyang MISCELLANEOUS Vibro 2.23 nom.
INVESTMENTS. 2.21 nom,
Yangtzza I 2.30 buys Un. W. 2.42 nom
SINGAPORE
opened slightly
es but held eacy uz that lower in sympathy with over- 'evel throughout the day with
There wh email fugluations. some enquiry for lower sheet በ፡ off-rrados was mot
Futures: No. 1 rubber per it. Feb.
Mar.
No. 2 rubber per ib. Feb. No. 3 No. 4
7784-7714
739-70 72-7216 704-7014 73!1-773%
Soot rubber unbaled Blanket CrEDE Nu.pate crepe...
LONDON
The rubber market
6615-7011⁄2 02-04
was dull with spot quoted at 22-15/16 pence per lb. Prices; No. 1 Ron not .....
Srtement house term: Feb. Mar. Auri/June July/Sent
But Germany's low bank rate could not do much to relieve the D-Mark's fearsome external problem. Her balance of pay- ments surplus has mushroomed is nearly
dollars two billion annually.
As the D-Mark gop Was aggravated by the renewe i dollar gap, it was not clear that firm world business has any basis and the outlook for inter- national liquidity could hardly be grimmer, China Special,
#21-23
*21-23 212312 23112311
23-237 233-24 inet markets, ef busts, purts: * buyer
2344-1 2212-231%
JAN. Feb. Mar
Estile crepe thin
Feb. thick Feb. 24
-United Press
LONDON STOCK
MARKET
London, Jan. 22.
SINGAPORE
STOCKS
Brokers
Gilt-edged securities jump-following stock prizes:
spot
Total sales were $1,191 balca United Press.
in
out on any Cunard Liner 55, free discharge, Jumar New York Sugar
since the war has been an from Beltish Columbia to completed on the 35,874, Trieste at $7.25, free discharge,
ton Mauretania at Liver- pool.
She sailed from Southamp- tan to New York on January 17 to begin á soles of Ave cruises to the West Indies.
February.
Cool shippers booked 50,000 Hampton Roads to 'ona from
dis- West Italy at $4.25, free charges for shitment over In the sugar Juruary to May, trader, business developed from Lattatcin- lo Tripoll,
On completion, the liner'a "uba 15-week refit will include the Beirut at 50
installation of a complete air January
conditioning nystem,
costing
about £200,000 as well as a
major "spring clean."
tion is believed to be about
ten per
Market
ed as much as 15/- in a
Singapore, Jon, 23.
today quoted the
Opening
01.05
41/-
28/34
generally firm stock marty Lintang Rubber Co.
Lid
ket today.
Government securities Yes- ponded sharply to the strong position of sterling and
official Andings clearing the govern- and the financial com- ment munity of any taint of scandal
that recent bank rate in Creases. There short covering. Industrials
Were'
In selective trading.
Borico
Patroleum
Brih
Syndicate
Tin Smelters Consolidated
Ord.
12.02 Frater & Neava Lid Ord... Traser Neuvo 71% cwn.
$4.03 pret... Gammons (Malaya) Limited 22215
Hongkong
60 4 34.20 35 v 108
08.40
2,000 @ 1.5$
500 18.00
PRICE OF
TYRES GOES UP
Akron, Jan. 22. The Goodyear Tyre & Rubber
Company has increased prices of some of its lines of medium and heary duty nylon truck tyros by three per cont to five per cont, oftective February 1.
on
The company said all 7.50 size and larger traction "El- Miler" nylon truck tyres are being increased approximate
ly five per cent. All 15.00 and 18.00 cross section hard rock lug tyres are being raised threu per cent.
Goodyear raid its complete line of earthmover, sure grip, ere gris lug, all weather and hard rock lug tyres would not be raised.
Nylon passenger tyres are also unaffected.
NECESSARY
The increases are necessary, the company sald, to bring the selling price of the tyres more In line with costs. Other tyre companies are expected to raise comparable Unes. their prices
מלני
increase follows ani across-the-board of, three Der cent in tyre prices last August
the AFL-CIO United Rubber 3.3714 after the lustry settled with Union on six per cent pay increase,
Shanghai
Marking Corp.
$450
some
Hongkong Tin Lid. Lumpas Ltd.
Kuala Kampa: Tin
mostly
Lanes Rubber Estates Ltd.
5/4-340 $1.571 28/Bd $1.05
New Beranda
Maluyan Browerics...
L.10.
$2:40
Petaling Tin Ltd.
$7.20
Names Hotel
$2.00
Singapore Cold Storage
$0.01
$1.7714
BIG.75
11.20 $3.00
higher Hudson's Bay, Unilever and British Hoover paced the section.
Early losses among the oils were elther reduced or wiped sout.by a late buying spurt.
Gold shares closed slightly
14.74 lower.
3.75
Tin shares wero firmer. Fractional
re losses were
and in German Japanese bouds.
New York, Jan. 22. Contract No. 4 (world)
Mar. May July Sept.
Oct.
1.1.0.
Mar
3.81
May
3.80gistered
Tolat sales 297 contacts
Spat prices
3.78
Open interest; 0,195 contracts.
Contract No. G (domestic)
Mur
2.87
May
July
Sept.
0.77
Nov.
5.19
Tolal sairs 104 contract.
0-70
Open intorest: 2,111 contracli.
The toint cost of the opera NEW DRY DOCK
£600,000 the Barne cost
the stabiliser Installation refta
Newcastle.
of the Queen Mary and Queen A new dry dock initially for Elizabeth
oll tankers up to 85,000 dead-
Spot prices ....
All existing ventilating units weight tons and later to be Uisted Press,
were
taken out of
the ship. lengthened for vessels over 100,-
34 new units prefabricatext in 000 deadweight, tons is being
sections small enough to
beplanned by Vickers-Armøtionga
moved through the ship were (Shipbuilders) for its works on installed. Ventilation trunking | the Tyne, was also effectively insulated.
Mauretania's
Tenders for building the dry Although the
Buck wil be invited early next overhaul period longer la
othor Cunar- year and a final decision on its dars will be in port from three construction will be taken about
the longest,” 10
London Metal Prices
London, Jan. 22.
Prices of metals closed today
sterling
per long ton
Dollar stocks were mixed. Drilled Press.
New York Metal
Futures
New York, Jon. 22. Pricas of meint futures closed today in ceals per ib. as follows:
11.000 unquoted
BAND unquoted 22.000 unquoted 91.000
Lead Jan.
Tab.
Zino Jan
Feb.
Copper Jam
Tin Jan.
Jeb.
Feb.
• stralls—United Press.
So
胡图
follows:
the middle of the year,
Buyer Seller!
Spot in
2001
T2013
mual overhauls, Seven ships, The managing director #
185,000 totalling over
ross pounced this after the recent lons, are being dealt with at launching of the 30,000 dead- Liverpool and tour, aggregal weight ton ell tanker, Essa
3-menta
714"
Copper spot
1073% 100
E-month
30
Lid and tilf
Jan
#
Naval Yard.
to 12 weeks cach for their on-
ing 220,700 tons, ata belog Durbarn from Vickers' Walker Zine 2nd half Jon. overhauled at Southampton.
Pre
unquoted
NAMESAKES
Answer
719 Rambler, Grammer, 4 Club,
ay Idler, a Lexison, 7 Journal, 8
Dialibnery, 11 Cheshiro,
Derivation, 12 Definition,
Boswell,
Hebrides,
Samuel Johnson.
Straits Trading Smite Steamship
United Engineers Ord. Wearne Dros. .......
-China Mall Special.
London Foreign Exchange
Lonxion, Jan. 22.
301-7/18-2.61-0/e
Closing rates were:
New York ....... Montreal Bruges Frankfurt Osia Vienza Zurich
11
7707-11.2 12.25-201
Other unclianged,United Press.
The price increase will put
"rylan tyres at a level of some
ten per cent above comparable tyres made of rayon tyre cord. -China Mail Special.
Bank Rate Cut
New York, Jan. 22. Commercial banks across the country today started following the Chan Manhattan Bank's lead in cutting the minimum rate
commercial charged to borrowers from 4% to 4 per cent.
The action is followed on the Federal Reservo heels of the Bank of Philidelphia's rut lalo
New York Foreign yesterday in the discount rate
Exchange
New York, Jan. 22, Closing rates word:
1.08 3.63.15/10 2.79-7/10
#10310/33
Canads
England officia”“”
30-dayə
Н
w-days
Australia
New Zealand
10
South Afri
12
Fil
India
Pakistan
110
Utilied Fres
10102
from three to 2% per cent. ---- United Pros3.
Exchange Rates
Business was done in the 100m morning at the following awr
U.B. adidas (per 339 90..... | Sperling noter (per #1)
Ausinian novel,per #11
Indonesian rupiah (per 100)".. pam tical (per 100)
Singapore (teta)
4dio Corp. Pref.
Rrpublie Steel Reynalds Metal
Sears, Roebuck & Co.
Bil Ou Co.....
Saint Reg. Paper
Sinclair On
Sanny Mohtoli
South Puerto Rico Gugar Southern Cv. (The) Anuthern National Ga
New York Stock Exchange fouthern failway (Com)
bond volume was $7,110,000.
American Stock Exchange
volume was 500,000 shares.
New York Stock Exchange volume was 2,300,000 shares,
Dow-Jones
were:
20 industrials
20 raile
16 utilities
15 stocks
40 bonus
Standard rad
Standard Oil of Col.
Standard Ol of Ind.
Standani Oil of NZ. Steep flock Toronto Ex) Stokely-Van Comp. Studebaker-Packard Corp. Sunshine_Mining Swift & Co. Техая Са
closing averages Textron Inc.
Cumu. future price index ..
Closing Prices
Aldan Ine, Azy,,
Allied Chemicals
Allied Mule Inc.
A Chamers.
Am. Brake S
American Airlino parma American Cable & Rodlu Corp. American Cyanamid Co. Amur. & Forga. Puwor Am. Gas & Electric Ain. Mach. & Fury, American Metal ... American Belling Am. Suger Ret, Anierican Toi & Tel American Tob, "H" Anaconda Cypper Armco Bleol Armour
Cons. Mining
Beneficial Finarice.
Baldwin Liraa-Ham. Balmore & Ohio Bendix Aviation Corp. Benguet Cons. Belehein Steci
Boeing Airplane
Borden (The) Co. Burroughs Add Machine Campbell Soup Co. Canadian Pacine A. Cand 13. ) Co.
Cat. Tractor
Calenes Corp.
C. I. T. Francial Corp. these, Manhat. Dank Chrysler otura Cluelt Peabody Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Consolidated Edison Continental 0:3 of Del. Crown Zetterbach Cuban Ainer, Sugar Demond Alkali Diamond Match Co. Douglas, Aircraft
Dupont de Nemours Eastern Airline Esatman Kodak,
Dow Chemdcol
El Paso National Gas Family Finance Corp.
Fitebor Tyre & Rubber Ford Motor.... General Electrio General Foods General Mintors
Pub, Uul.
Glidden Co. Goodrich (B. P.) Co. Goodyear Tyre stall Oll
Heyden Newport Corp. Homestake Mining Co. Ingersoll-Rand Inland Steel Co. Interchemical. Corp,
Intress Machines
Harvester International Nickel International Paper Inti Tel & Tal John Banville Co. Kansas C. Power & Light Hennecott Copper
Legett Meyor Tob. Co.
Tide Water ACE, OU Time Inc.*********
445.70 Twentieth Century Fox Fun 100.23 Union Carbide
71.84 Usion of Cas. 151. Union Paella Raluny
08.19 United Aircraft
165.61 | 624NT.
UB. Pall
US. Gyoran US. Line Co.
UB. Rubber
US. Amiting
$174 09 Beel
16 Warner Bros.
20% Westinghowe Electric
294 Western Union Tel. Co.
W.Va. Pulp & Paper
399
171 Woolworth
TET
Whorovor
United Press
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