1958-02-04 — Page 9

THE CHINA MAIL, TUESDAY, FEBRUARY 4, 1958.

TRADE and COMMERCE SECTION

The Word On Everyone's Lips Is

ZETA-Answer To Fuel Problem?

PHILOSOPHER'S STONE

OF

THE

20TH CENTURY

By RONALD BOXALL

London, Feb. 3.

"ZETA" is the word on everyone's lips. And no wonder. It is the Philosopher's Stone of the 20th Century, the means to the ultimate in cheap fuel.

Gone will be

on

this Island's dependence dwindling reserves of coal and expensive imports of oil. Our fuel will be as limitless and accessible as the sea itself.

HONGKONG The New York NEW YORK

STOCK EXCHANGE

La

Stock Market

New York, Feb. 3.

The stock market climbed through the recent staunch resistance area in the industrial shares with breadth and vigour today.

الأن

Our Own Correspondent Business done on the Hong-

Industrial shares moved National Cash Reg. "A" kong Slack Exchange

this

ahead under the leadership of National Dairy Prod. op the sicel, amourled morning

and chemical proximately $554,000. Noon

sections. quotations and the morning's

Eorller in the day the issues transactions were:

Irs iny чуљзи connected with missiles r up small amounts in active trading 10 37 Launching of the nation's

space satellite.

Buyers Sellers Balen

Share

BANKS FC Bank

120 INSURANCES Unlem.. 70 71

Waterboat neo Wheelnek 0.00 6.40 DOCKS, ETC.

140 120 60 31

In perhaps 20 years' time, the energy latent in sea SPPING

water-energy that can generate heat many times more intense than on the sun's surface -will be a power source for British industry.

will probably be the sole source. One day

ure

And not only for Britain., could use them? The new bill tries to answer these questions, Other countries

just heavily dependent on imported fuel to drive their generators. For these too, an industrial revolution is in sight,

con

K WILT!

15%

4%

COTTON MARKET

Japan's Trade With Canada

Toronto, Feb. 3.

Final figures will show that Canada's exports to Japan in 1957 rose to a record of about US$140 million, or 10 per cent above 1956, the Japan Trade Centre here announced today.

It estimated that Canada's purchases from Japan remained at about the 73$60 million level of 1950,

Canadian exports registering an increase included pig iron, strel Ingots, barley, fitx seed, mustard aced, woodpulp sulphatë and aluminium.

Increases

Japan to

in

exports

SINGAPORE STOCKS

Singapore, Feb. 4. Brokura today quoted the by following stock pejorat New York, Fab. 3:

Opening Canada included and photographic Bu Lintang Rubber Co. Cotton futures today re- cancras

sumed the reactionary accessories, radios and radlo Bertin Borneo Petroleum

clectrical precision tendencies under way at apparatus,

Instruments and a variety of the close of last wook. Slowing just above the day's tools. levels the list showed

THIRD PLACE?

The Trade Centre comment- ed that In 1890 Japan was Canada's fourth largest

that final and tamer

gures may place her in third pince,

14

20%

Mallonal Lead

101

National Sleed Corp.

lowest

New York Central

Norfolk & Western Ry.

15

Olin Mathieson

Oils Elevator

5011

Owen-Ilinois Class

aj

net losses of 27 to 45 points. The market opened unchanged to off 10 points. New Orleans closed off 20 to 30 points.

Syzdicate

419 Consolidated Tin Smeltere

Ori.

209 74 Fraser & Neave Ltd Ord.... $3.00 Fraser Neave 1 cum.

pref

$4.03 Gammons (Molaya) Lid.

Hongkong k

Shanghal

Banking Corp.

$430

Hongkong Tin Ltd.

on

the

Oxford Paper Co.

2042

In

the

Pacino Casa Eloc.

50%

first

Han American Airways

Paramount Pictures

Parke Davis Co.

007

Penny J. C, Co. Penn. Balt Co.

243

found

epurls of activity. mirket opened lower and con- 3344 tinued to give ground gradually for the rest of the session.

Mr T. Ijima, executive direc Accumulated weekend hedge tor of the Centre, Lald: selling plus liquidation by dis- increase in Japanese purchases 65 couraged longs

trade from Canada is gratifying, 'and

SUD- 1957

Kumpas Lid........

$1.00

Kuala Kampar Tin ....

276 64

Luna Rubber Estalen Lid. 31.03

New Berandah Rubber Ch.

Malayan Breweries

62.15

Ltd.

$3.3736

"The

Petaling Tin

d.

13.10

Hamles Hotel ........

12.00

Singapore Cold Storage

10.00

Stratis Trading

$1.7251

Strait Steamship

$10.00

buying

Cins late in the day tonged to more than 2 polats in the steels and oils. Special Issues had some wide gainers, too,

Chrysler ran more than a point to lead its section higher.

Chryster is a number UIC missile producer as well as the third Jurgest auto company. 200 of 10% Allled Chemien, up nearly 2000 10 points, featured the chemicals. Railroad issues firmed to confirm

in industrials.

DGB

200

Provident,

101

IN

LAND, ETC.

X Hotel

12.50 12:0

11.50 1150

16.40 19.50

500 k

500: 12.30

100

500

105 1534

200

33.75

the rise in

International

chines spurted

rose more than 2.

130

Up to now, the CDC could-

IK Land 33.50 continue with existing projects, but it was not allowed to start

Humphreys, 16.30 14.20

135 new ones in colonies after they Healty...

21.80 Chin E. Now it Cheap electric

Independent, power is the become

RUBBER

1.30 Angle... 1275 1,525 1100 40 factor of economie development. embark on projects tha!

15000 12.75 And the prime factor of were approved before independ-

2000 develop- electrical power is capital. Put

cncc, 11

can mansge ment the two together, and you have

projects for the newly- the Colonial Development independent countries and it con

modity

extend schemes or Corporation,

originally approved before in- dependence.

It

that

The Bill

therefore, that detalls of "Zela" the House of Commons despatched a hill providing more capital to the CDC,

la significant,

in the samo week

Harwell released

build

Phillp Morr

Procter & Gamble Co. Pittsburgh Plate lam Publicker Industries Pure O...... Radio Corporation Radio Corp.

Pref. Republic Steel Reynolds Metal

Sinclair Oil"

Bocony Mobiloil

Bolar Aircraft

00

4516

buye to more reserved in face | we hope it will prove

dulinces in the stimulus to increased 31 of continued

textile market, plus loan and by Canada from Japan. legislative uncertainties. Some "We are concerned for the 38 traders had expected the govern- future because, in addition to

ment's minimum 102n an- nouncement over the week-end. Volvine Open interest

46.700

an existing and large imbalance, Canadian purchases in Japan are not keeping pace with the increased demand' in our try for Canadian products

2

Sears, Roebuck Co.

Saint Reg. l'aper

30%

3014

Month

Mar

17,500

May.

22,000 350,900

July

23,300

217,200

24,700

100,900

Dep.

20,100

1,500

Mar

13.700

ert 000

21,700

July

2,400

11.200

Total

159.200

1,168.100 bales

*

Business Ma- more than 7

points late the day. Zenith

South Puerin Rico Sugar Southern Co. (The) Sauthent National Gas Standard randa

Standard at of Cal Standard Oil of Ind.

standard Oil of NJ

the market.

Vast amounts of new buying orders came into

24.40 There was an almost equally lurge amount of orders to sell 0.00

stock. Hence net changes hold

a narrow range with most of them on the upside.

Trust

120

125

UTILITIES Tears

2400 BLAN

Star Ferry Yauusti C. Ligtit

(0)

100 123 120

97.50 200

17.50 17.00 1040 171, 10000171/0 000 11.00 17.50

to

Electric

27.30

that

20 500 27.40

500 MOUR 1000 27.50

27.50

Macao E...

10.90 Telephone 20.30 27.10

200 14

27

214

27

200

#17

500 4

INDUSTRIALS

Another clause enables the CDC to act as managing agents 4dvisers on developmen* Independent

thr

to matters

country Commonwealth wants to call upon it,

uny

Last Word?

None of this capital of courze will be used to build "Zelas." Not all of it will be used to Clearly this is not the last conventional power word. The сос exists to stations. But the two events All the gap in economic develop at Harwell and Westminster-ment between the "social" pro- should be considered together. jects of the state and the profit

making enterprise of private

Soon it

Cement... Amex CarY.

20

23.40

100 3.60

10,30 16.30 16.40 4.000

1000 10.40 17.30

200 L 12.30

STORES ETC. Bary .... Watson

Ila a fact that the generation concerns. Its particular held is

COʻPTONS of heat from. sea water is now a that vital sector of a developing

Nanyang capital practical proposition.

MISCELLANEOUS Vibro ventures und state seldom will be possible to use that heat economy where private

Bnance is not available. Power Sungala... stations, for example.

«

to produce steam to drive turbine. Then the cost of other

being

fuel, being what It Is, (even when supplies are not neld up for political reasons) generallon of electricity from sea water will be a com mercial proposition too,

the

Accounts

Another fact is that the CDC

is in the power station business. When its last accounts were 'published over a third of all the capital approved for expenditure for by the Corporation was power projects. It amounted to inore than £27 million.

The Corporation has come far since the days when it brought scora upan itself for starting such projects as deep-sea fishing in water where there were no ish, and egg production where hens died of malnutrition and disease.

All that ly now behind it and the Corporation is tocking

financial

ahead. It is not satisfied either with the

present arrangembats or the scope of

ils activities.

It resents the burden of debi loll over by the previous man- resents the It also agemem. fact that its operations 1250 curtailed from the moment colony wins its independence.

Increase

of

The need for this kind development does not end when

a

0.50 8.00

10.50 1.00

5

0120

100 12.4

country becomes politically LONDON STOCK

independent.

In colonies thal remain dependent on Britain it

is as great as ever.

Even the

older dominions could benefit by the experience amassed over the past ten years by the Corporation's staff.

MARKET

London, Feb. 8.

I may be many years before The stock market closed higher and active today any of these countries have

buoyed power

by

stations running on sca

triumphant water. But when they do, it

may

well be the

Colonini

Development Corporation-under a new name appropriate to its greater responsibilities and with vastly expanded resources-ihat will help to finance the bringing of this revolutionary Express Service.

power

Singapore Will Lose Textile Business

Singapore, Feb. 3.

outer space.

America's entry into

Giftiged securities Jumped sharply with gains ranging from two to more than eight shillings. Blue-chip Industrials reacted favourably to the renewed con- Acence

the free world. of

| Unilever roce Swo shilings while most other issues posted nins of fretions to n shiling.

Royal Dutch led a strong all list, reaching a new

high at £15. Shell closed 3/- higher, while British Petroleum was up u shiling.

All the issuta connected in any way with the myriad mis- sile programmes moved higher. Some wore yory active.

Corp.

Steep Rock (Toronto Expe Sterling Drug Co. Stolcely-Van Camp. Studebaker-Packard Burning Mining Swift & Co. Texas Co.

Textron Ine. Tide Water Assn. Oli Time Inc.

Twentieth Century Fox Eun

Union Carbide

in progression Oil of Cal

Union, Pacific Hallway United Aircraft. Vaited Ga3 Corp. UB, Poll "B"

V.B. Gypsum

The heaviest traded issues included Royal Dutch, helped 10,000-share opening and in nos. Hubber way connected with missiles.

Railroad Issues Armed. Oils were higher in most instances although Gult lost more than a point. Royal Dutch and Skelly rose a point each.

New York Stock Exchange bond volume was $4,950,000.

New York Exchange volume was 2,490,000 shares.

Stock American volume was 640,000 shares.

Exchange

Of a total 1,150 issues fraded, 642 were higher, 281 lower, 233

Dow-Jones closing averages

were:

30 industrial

20 Falls

18 utilities

stocks

Comm. future price index:

Closing Prices

Allied Chemicals Alled M Inc. Allis Chalmers Ain. Brake Shue American Airline

American Cable

Corp

American Cynnamid C. Amer. & Furg Power Am. Gas & Electric Am. Mach. & F'dry American Metal

American Simelting Am. Bugar Hol American Tel. & Tel. American Tob. ""

Anzoonda Copper Armed Steel armour ang All Con. Mining Baltimore & Ohio

Beneficial Finance

Benguet Cons....

Foreign bonds were quiet and Bethlehem Sical mostly unchanged.

Dollar stocks were higher and

A Djakarta businoseman sold active-United Press,

here today that Singapore

will lose a major part of

a

its antreport textile trade with Indonesia

01

tho result of the elgning of the Japanese-Indonosta ropar- qtions agreement.

London Metal Prices

A beginning is being made to remove these resentments. The Government la revlewing the Corporallon's financial arrange-also a commercial lawyer, said today with spat unchanged and

the

Dr. W. Widjatmika, who is

London, Feb. 3. The in market was easier

three-months 1 points lower at 27284. menta. Many people, including about 80 per cent of Indonesia's purchases from Japan

Other metal markets were management or CDC, will textile

through Singapore barely steady. Prices closed at bo dimppointed if this does not were made result in permission for the but the treaty would enable the end of the unedictqi after- Corporation to write off the debt Indonesia to buy textile direct noon session, in sterling per urising from its early allures from Japan

Dr Widjatmika said details of long ton as follows:

At the moment, it is required

3-month

to make provision for these the reparations agreement have Tin pot

not yet been fully worked out-morth depts and sill pay its way.

but they would definitely bene-Copper #Dot Meanwhile, the House of at Indonesia, in that busines-Lood 1st half Feb. Commons has passed a bill in- |mon will be able to cut out the creasing from £100 million to import premium charged by ne ist half Feb.

£150 million the amount that Singapore "middlemen." the CDC can borrow trom the Dr Widjatmikais flying to Exchequer and elsewhere to Tokyo on finance its profesje.

and

Wednesday to idek Japanese advice for the Indo- nosla

May

Buy Sellers

723

7505 T2Bk

1031 108

103

73

May

United Pres

Ministry of Agriculture Exchange Rates on the development of deep sea FalingUnited Press.

Borden (The) Co

Burroughs Add Machine Campbell Soup Co.

Canadian Pacino R.

Cat Tractor ...

Celatione Corp.

KANDB

110.00 12.49

151.72

8144

154.12

2511⁄2

374

17%

Badiu

C. 1. T. Financial Corp.

Chrysler Motors

Cloett Peabody

Colgate-Paliolive Co. Colombian Catbun Co, Commercial Credit

·Consolidated Edison Continental Oll of Dei. Crown Zellerbach Cuban Amer. Sugar Hamond ADcall ... Bamond Match Co. Douglas Aircraft Dow Chemicals .... thupont de Nemours Eastman Kodak ... El Paso National Gas Family Finance Corp. trestone Tyre & limbber Ford Motor.... tieneral Electric General Motors Gen. Pub. Util Cildden Com ... Goodyear Tyre

Heyden Newport Corp. Ingersoll-Rand

Inland Stool Co.

Interchemical Corp. Int1 Bhimbers Machines Int'l Harvester

International Nick) Int'l 2014" Tel® Kennecott Copper

Lockheed Argraft....

Meyers Tob. G.

Loews “Incorp: Lone Star Cement Co. Lowenstein & Bone ....

Alpert this Meddel

(Am

But it is the question of the ODO, future sphere of selfvilles that arouvon kernert, Interest,

Business was done in the Joen!

marketi unental excitange should "Ita kk11 Why

shorning at the moltewing raten:wine experience be denied to colonies Agreed Merchant Rates er (3) ones they become indépendent?

arung dotes","tiret 21 Why, Indised, "should they not Canadian : Maximum Sell- Astralian noves (per 211 .. be put

Indonesien-pipar 190.1126 Monsanto Cuemical Co. Blam ticel (per 100) Bingapore (Stem!)

at the diagonal" hd saying 17~1/18 Balmien Buying Commonwealth orantry that ¦ 17×5/10 T/T, 17% 0/D.

5.87 Mezani Iron, 15:57 amnespitining *39 40 | Idkrbel Developkilerit ·

20,00 fontgomery Ward

11 Motorola Ina.

V.B. Smelling Warner Bros. Westinghouse Electric Western Union Tol. Co. Wert Va. Pulo & Paper Woolworth

United Pre

NEW YORK

Prices of cotton futures closed today as follows:

Sput, 30.15n: Mar., 33.05; May. 11.10: July 35.08: Oct., 34.50; Dec..

3122: May. 34. JUŻY. 31.30; Mar,

29% 33.23.

2915

NEW YORK

RUBBER MARKET

New York, Feb. 3. Rex rubber futures closed

today 15 points lower to

6 points higher with sales of 35 contracts.

22.00: May, 27.08; July, 1125) Sept. 17:30. NO 130: Jax:

21,28;

27.30.

NEW ORLEANS

Prices of cotton futures closed today as follows:

Spot, 34.50; Mar., 35.00: Bay. 35.21: July, 33.07 Oct., 24.45: Dec.. 34.40; Mar. 2; May, 3421; July, 3324- Used Press.

Cotton

LIVER FOOL

Reuter

in future closings, pence per lb, were as follows:

Old citrac

Mar/Apr.

May/June

July/AuR.

OCV/Nov. Dec/Jan.

Mar/Apr.

*

United Engineers Ord. ... $1.20 Wear Bros.

* ccl. — China Mull Special.

NAMESAKES

Auswers-1 Glamour. 2 Parallel, 3 Scenery. 4 Miranda, 6 Volce, 6 Cameras, 7 Jest, B Comedy, 9 Husband, 10 Venus,

11 Entertains.

Glynis Johns.

P.OBI

E&A

COMPANIES

Bree (fongkong

PASSENGER/FREIGHT SERVICE -

PENINSULAR & ORIENTAL S.N, CO.

"CORFU" "KARMALA" "CARTIJAGE"

"OHUSAN"

Homewarde "CANTON"

Leaves London Balled 7/1

Sailed 11/1 Sailed 28/1

5th February

15th February

6th Mar.

15th March

Leaves Hongkong 11th February 14th March

4th February 23rd February 16th March

10th March

5th April

7th Apru 13th April

Due London 14th March

Chatwards

26.03

"CANTON" "SOUDAN" "SURAT"

*

Now contract

20.50

*

May/June

20.90

July/Aug

Oct/Nov.

27.40

Dec/Jan

SAO PAULO

Collon cruzeiros follows:

future per

closings,

In

klio were

as

"CORFD" "BOUDAN" &

14th Apri

19th March

25th April

"CARTHAGE"

Tith April

12th May

Blay

40.10

July

Det

49.50 ...unqueled

29th April

10th May

In the United

States, the

average price of one-inch cotton at 14 designated spot markels was 34.00 cents.

Total sales were 13,584 bales.

Standard contract closed of 15 | —United Press.

to up 5 points. Closing prices

were:

March. 20.60; May, 27.50; July, 2125 Sept, 271.30: Nov. 21.30: Jan. 21.30

The hollday at Singapore and

30 quietness of the London market curbed activity here. About the Funty feature of a small trade was

the intra-dealer exchanges May contracts for physical rub- ber. Spot No. 1 Rss was quoted at 264 cents.

LONDON

of

New York Sugar Market

New York, Feb. 3. Sugar futures closed today as follows:

Contract No. 4 (world)

Mar.

May

The rubber market was very quiet with spot quoted ai 23% Fence per lb. Prices: 401, No. 1 Ras, spat......

July

Sept.

Oct.

Mar.

May

23-2354

Total le: 150 contracts.

2311-231

Spot price: 3.69 foh Cuba

centa,

pound.

Open interest: 6.41n contracts. Contract No. 6 (domestic)

unquoted

Mar. May.

G.0 5.65 5.70

3.70

Settlement house term: March

37% April/June

July/Sept.

Oct/Dec.

13 Jon/Mar.

473%

Feb.

July General markets, elt basia, ports:

29 Mar.

19

April

Estate crepa thin Feb.

thick rcb.

AMSTERDAM

The rubber market wea quiel. Prices closed. in guilders per kilogram, cif Feb. as follows: No. 1 rubber

No:

No. 1 crepe

1.24 not.

2.10 noni.

2.00 trení. 1.37 NOT. United Prem

AUSTRALIAN WOOL

PRICES

Melbourne, Feb. 3.

Sept.

Nov.

tics 156 contracts.

Total sales

Spot price: 3.05

eif NY Ex-Guly

ceata a pound.

Open interest: 1.005 contracts.

-United Press,

New York Foreign Exchange

New York, Feb. 8. Closing rates were; Canada England oficial

Australia

30-days

New Zealand

South Africa

Ecuador

India

Pakatan

101-19/17

2014

2120-5/18

Others unchanged-United Prou.

Prices were up 271⁄2 20 5 London Foreign

cent aliova last week's closing

when the serien eight wool bales of this season opened here today.

Exchange

London, Feb. 3,

Closing ratta were:

Competition for the 15,000 bales orered was keen with New York

Westinya, Montrent main support from European and Japanese blockers, Amslerdam

brussala followed by British and 100 m *boyvis.

The top price for the day was suck haulin 100 pepco United Press,

Others

*

*

"CHIUSAN"+

Via S'pore, Penang, Colonsbe, Bombay, Atten & PL. Bald.

* "SUBAT" omits Colomba & Bombay, calls Genoa

↑ "CHUSAN" also calla Marelles.

Mintselilow & extends to Hamburg, Rotterdam & Antwerp.

1 "SOUDAN" omits Colombo, Bombay, cális Davre and extende Hamburg, Rotterdam & Antwerp.

*

E

BRITISH INDIA S.N. CO., LTD.“

"OLINDA"

duo 10th Feb. Kalja 11th Feb.

"BANGOLA” due 145 Feb.

salla 15th Feb.

"FULTALA" due 9th Mar, Kali lith Mar.

from Japan for Singapore, Venang. Rangoon, Calcutta &

Chittagon

tom Calcutta, Rangoon, Pasang & Stigadore for Japan

from Japan

for Singapore, Penang, Rangoon & Calcutta

P. & O./B. I, JOINT SERVICE "IKAUNA" dae 13th Feb.

sails 28th Feb,

“UMARIA" dua 19th Feb.

Balls 21st Feb. "URLAŅA” #sül, 2nd Mar.

"OBRA"

its 4th Mar.

Aud 4th Mar, kajte (Mar.

trom Japan

Cuwait

for Blogppare. Penang. Cochin Bombay, KETA CH", Baarah Se Khorramshahr

From Karachi, Kombay, Cochie de Singapore for Japan

from Karachi, Madras, Penstig & Singapore for Japan

from Japan

for Singapore. Bombay, Costila de Banyolgar

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

"NELLORE" duo 5th

Tob.

from Australia from Australia for Japan

"MANKIN" da Ath Diaz. ills 70, Mar.

All vessels hayo liberty to call at any poria on or of the paula & ika.rostle ✯ callings are subject to change or amendment with or without moifes.

For Tulpantieulies apply tá;

MACKINNON, MACKENZIE & CO.

ĐI HONG KONG L Telephone Nos: 27721-4.