1958-02-12 — Page 9

SHIPPING

THE CHINA MAIL, WEDNESDAY, FEBRUARY 12, 1988.

TRADE

and

TANKERS FILL BULK NEW YORK The New

OF ORDER BOOKS

London.

New orders for ships have dwindled to a trickle in all the leading ship-building countries in the last few months. Some leading yarde have not had one new order for the past six months.

position la To help yards get

gross

to

COTTON

MARKET

New York, Feb. 11, Now

crop cotton fatures rallied brinkly after a slow start today when buyors saw fading chances for enactment of foghlation

in time to increase the

1958 crop acreage. Old crop deliveries It gged in fnce of the continued slow it- tion in the texille maitret where Ary-dealers reported stiffening com-

export The general

the British orders, the Japanese Govern roughly as follows: order book tolale 0.8 milltonment has allowed that up

tons, enough to provide 60 per cent can be paid ever six work for about four years; Went years for tankers, and 50 per

for Germany has three to four cent over five years yours' work in hand; Norway, cargo ships.

Italy, two years; three years

years; France, Sweden, three to four years; Donmats, two years; and Japan, two years. Japan, Germany and Sweden are building mainly for export, In each case about 75 per cent of their total output.

three

bulk

Orleans

on

COMMERCE SECTION

New York Stock Market

New York, Feb. 11.

Stocks suffered their fifth decline in a row --- a loss of some 2 billion in value of all listed shares- when an early attempt at advance failed to generate any demand.

The

HONGKONG

STOCK EXCHANGE

Page

Two Queries Puzzle The Tin Industry

London, Feb, 11.

Two questions now puzzling the tin industry are

discussed in the February tin market review fasued by A. Strauss and Company, the London metal merchants.

Our Own Correspondent

The Arst is why, as export Businais done on the Hong- quotas now operating only per- king 'Stock Dxchange this mit in to come on the market chief item behind early firmness-indications

consumption that there may be a tax cut in the offing-was morning amounted to approxi at below current

nately $302,600, Noon quota-retes, has the market failed to outweighed by later unfavourable news deticns and the morning's trans-respond to this situation, velopments:

• An increase in unemploy-1 Norfolk & Western Ry. ment to the highest level sinceous laystor February, 1950;

Heaviest dealer stocks of autos in two years;

New copper price cuts and declines in the metal on the London markol;

Cuts in crude oil runs and crude oil prices;

At the close the list ruled off Although Britain will almost rtition with synthetic fibres.

37 points. Opening certainly absorb the lion's share

10 to up orders for the ΜΠΟΤΕ of

Now

closed up 15 to specialised types of shipping, prices were up 3 to off 2 points.

depend 24 points. future prosperity will

the "super" upon output of

March

contract quinting tankers,

carriers and

first notice day-Fcb. 24-also tramus.

months. nearby Here, competition from the weighed

Open contracts in March at the

Some dividend cuts and Owners and builders are te Japanese yards will clearly in-

start of trading tony totalled

poor earnings: postponement of Juctant to disclose information tensify. By investing in

The cert!Acated 130,000 bales, on cancellations. It is believed, proved welding and new

Selling hit in the fifth hour however, that the cancellation fabrication methods, Japan has stock remained at 22,364 bales. expansion plans and layoffs.

Until mid-afternoon trading with enough force to put totals about placed of Tun orders

quiet pace; moved along at a. 100,000 tons gross. Fallure to speed

while traders awaited new in-porting tickers behind,

Oils, chemicals, ralls metals led stocks lower on in- ereened volume,

im-

pre-

on Importance

other ship

great than any toke up berth options probably building nation. brings the total up

200,000 gross tons.

to

about

A time-charters Aged TANKER RATES

when conditions favoured ship-

owners terminate, i

more

ships will be laid up or scrap FALL SHARPLY

ped. Ship valuca have plunged,

and owners

must now

higher depreciation

aliow

allowances

Lonnage, in Tanker for their modern addition to the high initial costs and interest on capital charges involved.

The position I quickly being retched when it is doubtful li new ships will be able to earn to cover oli umelent profits this, even 1 full cargoos avaliable.

imponder- Faced with these ables, la understandable that small owners-particularly the

and speculative companies

out of operators are backing пеку teenage commitments, or shelving immediate plans.

This is 10 points lower than a was conceded A number of building con- week before and tracts are changing hands at because there is a considerable discounts. In one case a stan-block of unemployed tonnage dard 11,000-ton deadweight dry- avaliable for cargo ship, priced at £1,105,000 for delivery within

early loading In he east, including #number

centives.

With the preliminary loan rate for the rew crop decided over the weekend by the de partment of Agriculture, traders concentrated attention on farm legislation possibilities.

Menth Mar,

Volume Open interest

110,000 357,750

Prices of cotton futures closed today as follows:

in the ou

Owen-Illinois Gi

Co.

Pain & Hire.

Gai

Pan American Airways Paramount Pictures Parke Davis Co.

Ferry J. C. Co. Penn, Salt Co. Philip Morris

Procter & Gamble Co. Pituburgh Plate Glas Publlcker Industries Pure O

Radio Corporation Republic Steel Reynolds Metal

- 8, Roebuck & Co.

shall ou co.

Baint Reg. Paper

and

Binclair oil

Bocony Mobilell

Volume increased to $80,000 shares in the fifth hour when heaviest selling emerged.

This lifted the day's total well above the full volume ‘of yesterday.

For a few minutes shortly after 1000 GMT, the selling at- tained enough volume to bring ticker lateness.

Earlier the considerably trading had been lighter than yesterday's dull Sussion.

The day started with two things la

the market's favour And it made advance.

ค

Irregular

Of 1,127 issues traded, 022 were lower, 273 higher.

New York Stock Exchange volume was 2,110,000 sheros.

Now York Stock Exchange bond volume was $3,7000,000.

American Stock Exchange volume was 410,000 shares.

Dow-Jones closing averages

were:

2,300

London.

May

10,300

ownera

Buffered

July

14,000

220.000

Oct.

22,000

380,000

another setback last week

Dec.

9,100

104.000

Mark

22.000

00,000

when single. voyage freight rates from tho Persian Gulf fell sharply to a new all-time low.

Bay

20,300

318,400

July

1000

24,400

Total

....... 108.COM

1,318.100 bale

NEW YORK

arc

French CFR. have fixed a re-let T-2 from the Persian Gulf Stales to France at United Maritime Commission Scale minus B per cent, equivalent to about British Ministry of Tran- spori Scale minus $2 per cent.

Spot

33.05

Pix.

33 42

May

24.70

July

35.33-36

Det

16.20

Dec.

30 17

MAE

35.20

May

35.77

July

31.46

NEW ORLEANS Prices of cotton futures closed today as follows:

Spot

34.50

Mar

24.05

May

35.17

Sc industrial

44234

Jury

25.30

20 rails

04.43

Oct

35 15

19 utilities

72,12

35.08

65 stocks

181.17

Mor.

23.TE

40 bonds

B361

Mny

53.15

Comm. future price index

104.77

July

34.91

Closing Prices

1476

TUT

20

10"

Jerican Cable

Curp

Radio

+36

Amer a Forgn. Power

2296

404%

35TA

1934

394

2044

17

104

421

1.12

動

101

235

few

of supertankere.

Almost all the major charter- months, can be bought for about

out ers remain

of the market £50,000 less.

Buyers generally are expectand, according to eno broker, Ing discounts up to 10 per cent ore.quile unable to consider any Fresh chartering. Some, Indeed, for immediate purchase,

The British shipbuilding order are still having difficulty in book covers every type of sea-"nding discharging spaco for the But many tankers they have on char- going vessel and craft, tankers still account for the ter and there are no signa that extra tonnage bulk of work in hand (over 54 they will need

to

per cent), and this is the im-to cover the greater demand for mediate

builders. oil which is normal at this threat

Inid up total time of the year. World tankers

Little business was transacted over 2 million tons deadweight,

Britain then the Caribbeans to Tanker-bulding is now "bread and butter" work for Continent of Europe trade and remained nominally at many yards. If the demand for rates.

for nhout Scale minus 55 per cent. them is halted, even

coastwise trade limited period, shipbuilders will The American

have to think twice before risk-was reasonably active, however, United States flag vessels: expenditure for ing heavy capital

dock

and owners

elect Already one

for the bigger building berths rates from Caribbeans to United States Northern Harbours stood necessary for giant tankers.

The same problem faces dry- at U.S.M.C. Scale minus 60 per

repairers. cent.

it is Nevertheless,

reported of certain contrast and berth cancellations from New York that America have decided 18 that a supertanker, ordered major companies now, can be quoted for delivery upon an expanded lay-up pro- in 24-28 months' time by one origramme bringing their total up to 20 vessels by the end of this two major yards.

builders bave month.

In

Japan,

suffered from a spate of export

cancellations. These

output rate, mean

trading

The only time-charter fixture cancella- reported was of a Swedish tank- for Ave tions, coupled with a higher er, taken by Stanvac

at 23/6d that the years clean value of Japan's order book has per ion per month, with delivery August or September next year. declined.

The size of the tanker Consequently, Japanese ship-

In the builders have been seeking plus, however, depends

of fresh markets to Bil the gap, first instance on the course and are canvassing in the Near world demand for el. Most fore- America casters expect that consump- and Far East, South

Sur-

end delivery dates. In the last estimates, the volume increases

But even turbino

tanker has dropped from 23 generous forecast

LIVERPOOL Cotton future closings, pence per lb, were as follows:

Oki contract: Mar/Apr. 25.40; May/June, 23.30: July/Aug, 20.62 Oct/Nov. 30.40; Dec/Jan, 25.39.

New contract: Mer/Ape.. 20.40; May/June, 2002: July/Aug 20.94; Oct/Nov., 28.90; Dec/Jan, 27.23.

SAO PAULO

Prices all unquoted today.

the In the United States, average price of one-Inch cotton ai 14 designated spot markete was 30.63 cents.

Total sales were 67,332 bales. -United Press.

New York Sugar Market

New York, Feb. 11. World No. 4 sugar futures closed today unchanged to 3 points lower with sales of 016 contracts. Domestic No. sugar closed unchanged. to 2 points bgher with sales of 98 contracts.

Lower trend in the world contracta followed the decline In raws and reflected disap- pointment of failure of ex- pected Russian buying to ma- Terialise.

Forecasts for a larger world production also counted against prices.

Contrast No. 4 (world)

3.60

Alden Ino. Acy. Allied Chemicals Allled Mills Inc. Allis Chalmers An. Brake Shoe American Airline

Am. Gas & Electric Am. Machi, & dry, American Metal American Smelting Am. Bugar Ref. American Tel Tol American Tab. "B" Ameonda Copper Armco Stevi Armour

Atlas Coria Mining Baldwin-Lima-Ham. Amore & Ohio Beneficial Finance Bendix Aviation Corp. Benguet Cona. Bethlehem Steel Boeing Airplane Burden (The) Co. Burroughs Add Machine Canadian Pacific L

Campbell Soup Co. case (7. 1.) Co.

rector

Celanese Corp.

C. L T Fancial Corp. Chase lantaat. Ba Chrysler Mctors Chunit Peabody Colgate-Palmolive Co. Colombian Carbon Co. Commercial Creati Consolidated Edison Continental Oll of Del. Crows Zellerbach Cuban Amer. Bugar Diamond Alkali Diamond Match Co. Douglas Airprall Dow Chemicals Dupont de Nemours

Eastern Airline

Eastman Kodak

El Paso National Gas Family Dance Corp.

3.55-50 Firestone Tyre & Rubber

3.15

Ford Motor

Genend Electric

General Foods

General Motors

Gen. Pub. Util. Getty Ou

and behind the Iron Curtain.

tion will not rise as steeply But this is proving insuf- the next few years as it cient and tho Japanese are over the past decade, although, Lorma even on the most conservative again offering` attractive.

In

hus

March

six months, for example,

the will be virtually as great.

aday July Sept.

·Oct.

$.50

3.15

price of a 48,000-ton

Mer.

3.55

May

3.41

Bpot-(centa per lb. ful

Cubi

3.85

Open interest: 818 contracta.

Contract No. 6 (domestlo)

March

0.07

Mr J. Winterbottom of Stand-

Moy Jaly

01.09

Sept.

0.73

0.70

Inland Steel Co.

Nov.

0.70

Spot-cents per Ib, cit NY'

ex-duty)

3.81

million to £32 million

on the relatively of a @ per with cent rise in world demand (al- most as much as that achieved theoretical same since 1920) a large in roughly the price as could be obtained in surplus of tankers is established.

delivery within two years.

This

Britalt at present; but--and this

is Loportant the British price ard O (New Jersey) forecasts on this basta in the Oil and Gas is a baric onc.

It will be subject almost Journal that 10 per cent of the without exception to a materials available tonnage

and labour escalator clause.

Baale British prices are

rising, at on annual

will be sur plus to requirements this year: at 13 per cent in 1959; and 15 rate per cent in 1960.

This only allows for the pipe-

reckoned to be about & per cent.lines already armly planned, but The wages award last year, to not, on the other hand, for any gether with an average increase increase in traffic round the Cape of 8 per cent tri ship steel prices (following an 11 per cent large supertankers.

has implica- increase six months earlier) potential surplus

puched up the finished tions for all prices, since, with tongare freight rates low and

bave

'As ̃on' example of the

way

Tho

ship price still further; but freely available, continued easy there has been no compensating supply conditions are likely. increase in productivity.

However, there is a possibil prices spiral, London and Overity of the tanker surplus being anded by 1980 by cancellation seas Freighters took delivery of orders and earlier than noz- from a British yurd last year of

mal scrapping.

24,600-ton deadweight tanker. Cancellation of some of the Final cost was £1,315,388, but vast orders outstanding which she was contracted in Octobor, 1 October 1 last your totaled 1951 at

estimated £140 million deadweight tons, 31 million

million tons more kan, in mid-" Agines this, Japaneed yarda 3089has already begun. An are prepared to quote fixed other possibility, an unexpected- prices, with, generally, 50 par ly large upruge in demand: cant payment during construc- cannot, of course, be ruind out. tion, 10 per cent letter of Meanwhile, reports from the credit on delivery and 40. per United States suggest that the cent tende over three to five Thakor surplus will tak

the early 1960s.

Open interest: 2,119 contracts.~

United Press.

London Metal

Prices

London, Fob. 11. Prices of metals closed tothy

in sterling per long ton as fol- lows:

Tin soot ...

3-month Copper apol [5-morita. Lead lit batt

Zing at half

Gudden Co.

Goodrich (B.Sc.

Goodyear Tyre

Gulf Ou

Heyden Newport Corp.

Homeslako Mining Co.

Ingersoll-Rand

Toterchemical Corp.

Int'l Business Machines

Int'l Harvester Oper

| International Nickel

International Paper

Int'l Tel & Tot

John-Manville Cn.....

Kanser C. Power & Light

Kenacolt Copper

Liggett Mayers Tob, Co.

Lockheed Alrevaķi

Loews Incorp.

Lone Star Cement Co. Lowenstein de Flora

Alroent); (Ass

Moshi Iron Corp.

Minnesota Blining

Biagio Develodiment Monsanto Chromical Co.

Montaubery Ward-

Buyers Sellers

-72011

181

149

Motceola 100.

14

Nation Dry Prod.

National Les:

64

National Steel Corp

National Cash Reg. "A"

New York Central

SHIP

Bolar Aircraft

South Puerto Rico Bugar Bouthern Co, (710)

Bouthern National Gas Southern Railway (Com.) Standard Branda standard all of Cal. Standard Oil of Ind. Standard Ol of NJ. Steep Rock (Toronto Exg.) Barling Drug Co. Stokely-Van Camp, Studebaker-Packard Corp. Sunshine Mining swift & Co. Texas Co.

Testron Inc.

Tide Water As, Oil": Time ina.

Twentieth Century Fox Fin Union Carbida

union Oil of Cal

Union Pacifle tallwaY

United Aircraft

United Gal_COD,

U.S. Fall "3"

B. Öyeur

UE Line Co.

UB Rubber

US. Emelting 11. St-et... Westinghouse Electric Western Union Tal Co, Woolworth

Buyers Balleru

Wales

137.50 1.40 10 @ 3.33

actions were:

Shares GOTS

203

BANKS

0432xd

HK Bank

2016

INSURANCES

BIG

Lombar

35

·

134

SUPTING

30

Waterbost

ALP

DOCKS, ETC.

120

491

Dock

1

Provident

32.10 12.30

Provident

11.80

LAND, ETC. HK Hotel

Wheelock XD 0.18 0.20

10.00 16.70 Ik Land. 33.75 34.23

The other query raised is why has the buffer stock had to buy | so much more metal than the surplus of production over con- sump.lon.

TIME LAG

In the Arst instance, the

NEW YORK RUBBER MARKET

New York, Feb. 11. Rox rubber, 'futures, today closed 25 to 40 points higher with sales of 68 contracts,

March 20

800 Sept 201

view states, a to log is 10-100 Mrch, 1930.99

|volved. Although the severe Ex-

Standard contract closed 25 to

500 16.70 port quotas have now been in | 40. points higher with no soles

24.20 24.40 1000 ✪ 24.30

123 120 DU.50 09.30

100981

50

100 G D

500 € 1720

600 ## 11.20

2000 31

Humphreys Jealty 40 RUBALL

Amalg

1,33

1.2770

2015 UTILITIES

4416 YOUmsti 44:4

4 C. Light

17.10 17.30

1000 1720

Electri

Tel.

... 21.30 28.50

21.30 27.40

1.10

1100

***** 10.00 38.00

1000

Watson

L.. Craw

Vibro

12.10 13.30 14 50

15.30

..

1.30 4.00

2914

40%

"United Press.

LONDON STOCK

MARKET

London, Feb. 11. The stock market drifted lower today with only gold shares resisting the weaker trond.

The feature of dealings was the opening in fair selective trading of the new Shell stock at a premium or £1%. Prof taking lowered the premium to 21 3/18 at the close.

Otherwise of issues register-

ed fractional losses,

Jed by

INDUSTRIALS Cement

Rope

****

STORIS, ETC.

Dalry

MISCELLANEOUS

INVESTMENTS Yangtze

2000 17.20 2009 200 500 ## 28.40 B002730

force

for many weeks, the reported.

*Karch, 28.25; May, 1950: July, ummount of metal still coming forward and available for the 2099; Kov., 290, sam

March," "190. Pro-boliday pre-restriction

covering joined |ra.ca and this will continue for with steadiness of London in

a little time yot.

imparting "a" steadier tone lò

market

La at

In the case of Malayan Unquiet scesion. Shipment offer

inga were reported moderato, shipments it is predicted that and while close to a workable not until mid-March will Straits basis, actual business was dif- ativals be below the level of cult to confirm CORsumption.

In

Dopier interests switched

of forward March/July: contracte at 60 the absence purchases by consumers and points.

The local market will be close these have been unusually light

Lincoln's for the for some time the amount of tomorrow unsold ovaliable metal reaching birthday boliday. Spot No. 1 To Rss was quoted at 2014 conta, consuming countries has 500

mained at the rate existing bo- nominal.

SINGAPORE 200 10.86 furo restriction and will con- 30012.10 tinue to do so until the begin-

ning of the second quarter.

201

SINGAPORE

STOCKS

The market opened lower to- clay but steadied later. Future elenings were; -

There are Additional reasons No. 1 rubber per Ib. Feb. 714-

why me buffer stock has had 10 No. # rubber per Ib. Feb. 145-185 buy so much tin in ao short a ito. a

time. Apart from the surplus No that has coveloped

H

H

there has Spot rubber unbeled ...

Blanket' crepe-

been a substantial de-stocking No. 1 pale chupe sapta

of metal by merchants; smelters and consumers,

Merchants and smelters have sold their spot metal to the buffer stock as they have hud

Singapore, Feb. 12. Brokers today quoted the fol-o incentive to hold on to it. lowing stock prices:

LONDON

学

The market was steady with

pot quoted at 22% pence per

Price":

No. 1 spot

h

arch

April/June

July/September

October/December Jomiary/March.

Taking all factors into con Opening sideration, it is not surprising General markets, cif basis,

Batu Lintang Rubber Co.

Lid.

... $1.021 Patroleum British Dornes

Byndicate consolidated Tin Smelters

Ord.

FTRO & Neave Lid

Fraser & Neave 73% cum.

pref

Gemmons (Malaya) Ltd.

Hongkong k

Banking Corp, Hongkong Tin Lid. Kempat d...

Bhangbal

Kuala Kampar Tio Lunas Rubber Estates Lid, Malayan Breweries

New Sarandan Rubber

that very large quantities of tin Pab have become free and absorbed | Mar. in the buffer stock.

Estate crepe this Mar.

This heavy and rapid c- $2.5735

cumulation does Indicate that

thick Mar.

United Pres

the stock hold by the trade are London Foreign

that

$4,00 02.2015

at an exceptionally low level and BEAD-

there will be no reserves to draw upon when CUTTED! supplies as a

of result restriction-begin to fall bein the consumption rate, the r view adds, China Mall Special

Br 3d

283 34

Exchange

London, Feb. 11.

2.815-2.81-18/16

Cloning rates were:

21.41 1.06

Montreal- $3.37

Lkl.

42.40

declines

Industrials suffered fractional

Petaling Tin Lid,

$1.99

Raffies Hotel

$2.60

steels and de-

singapore Cold Storage

$0.90

Stralis Trading

$1,70

Btraits Bidamship

sia.75

13

partment store issues.

Copper Based on a softening United Engineers Ord.

la world markets,

Gilt-edged securities were

mixed and quiet.

Dollar stocks were lower re- flecting lower prices yesterday on Wall Street.-United Press.

NAMESAKES

2

Answers-] Performing. Velce, 3 Entertaine, 4 Comedy, B 5214 Vital, Sabrina, 7 Variety, 8

Askey,

Theatrical, 10

49

Television. 4012 Norma Sykes (Sabrina).

BENDLINE

Wears Bro. *******

Cuina Mall Special,

Exchange Rates

Butines we done in the Inofficial exchange market morning at the following rates:- U.S. dollar (per 81)

1594 10.78 20.30

slering notes (per £1) ..... Australlen notes, per £1). Indonesian rupiah (per 1003 Som tical (per 100)

Bgapore (trmits)

New York Metal

Futures

New York, Feb. 11. Prices of metal futures closed today in cents per lb. sa follows

March

11.

1136

Двор

21.108

local Lead

13

May

Zino

March

11.33

May

Copper March

May

Tin Mares

May

United Press,

Now York

Amsterdam

Copenhagen Frankfurt Milan Paris Stockholm

Vienne

PATRIOS

2,4613/14-4.40=15/18 10.6234-10.02} 19.3544-19,301

1181-11813 1437-1.2%

13.5011-12.20 Others unchanged-United Press.

New York Foreign Exchange

New York, Feb. 11. Closing rates were:

Canada England oilani

30-day

Augirstin 25.000 Jelatum

91355

Pakistan

FROM BANGKOK TO PARIS

Fly

TWA

COLL

WORLD AIRLINES 32563

OR SEE YOUR TRAVEL AGENT

2000 3/18

2111 United Pres.