1958-02-26 — Page 9

1

SHIPPING

FALL IN NEW SHIP ORDERS

London.

The flow of new ordera to British shipyards has been reduced sharply during the past few months. This fall in business, however, is not confined to Britain; the world shipbuilding in- dustry generally has had! the same experience.

British yards, in fact, have suffered less than many of their] overseas competitors, particular- ly where cancellations of orders are concerned.

Very low freight rates since

with early 1957, together

JAPANESE PLANS

THE CHINA MAIL, WEDNESDAY, FEBRUARY 26, 1958.

TRADE and

COMMERCE SECTION

FIERCE ARGUMENT OVER WAY TO DEAL WITH SITUATION

| NEW YORK

RUBBER

FOR ATOM-TANKERS RECESSION POLICY SPLITS US MARKET

A

Tokyo. Japanese Government agency has now received four comprehensive sets of plans for atomic tankera from Japanese The plans have

groups. been submitted at tho request of the Atomic Ship Study Council, A Kovernment organ set up to encourage the design- ing of atomic merchant vessels.

At present. the counell fav-

subishi Heavy Industries for an a80,000-clemdweight tons tanker,

"ight money" situation, have The blueprints were drawn up to under the direction of Dr made shipowners reluctant expand their capital commit-Hamada-chief of the Mitsubi- ments.

sht Heavy Industries' Yokohama design scellon-who was Cancellations of orders with sponsible for the design of the British shipyard

have giant no for

future

70,000 - ton Japanese

Future Of American Economy Lies With Decision

By HENRY BRANDON

Washington, Feb. 25.

HONGKONG

STOCK EXCHANGE

Our Own Correspondant Business done on the Hong-

morning amounted to ap-

$703,000.

tong Stock Exchange this

transactions were:

Shares BANKS FIK Bank

SHOPPING Wheelock

Waterboat

Noon

Bales

Buyers Beller

..032.50 040 20 9 35

The New York Stock Market

New York, Feb. 25. Steel shares assumed market leadership near closing time today and rose fractions to a point.

Their strength gave the remainder of the market some support. It too had been steadying and rising from the lows after setting its lows for the session around mid-day.

Gold mining Issues ruled (Gen. Pub, Uni

Getty Oll strong all day with some wide Güden Cn. gains in the various issues.

Tho steels gat a lift from 6.20 6.30 2000 das tradera convinced the industry

eurs a plan submitted by MA fierce argument over how to deal with

the deepening economic recession is proximately now in progress between the Eisenhower quotation and the morning's Administration on the one hand and business, labour and most politicians on the other. The future of the American economy will depend on its outcome.

that the Eisenhower is still convinced Government, by holding to its present line, can ride out the recession without big spending (N) or tax cuts. But labour leaders, politicians LAND, EIC -Republicans and Democrats alike-and business and industry favour more energetick Land,, economic pump-priming.

been negligible. The prospect battleship Musashi-one of the for the nimediate

Last battleships built in Japan. more likely to be a dearth of

Pluus for atomic tankers have new business rather than spate of cancellations of exist-also been submitted by a group ing contracts.

FORECAST

J

This forecast, however, can

to the Immediate upply only future. If the present slump in tramps and truker freight rates continues for much longer, even soundly-established shipowners to consider cuts investment capital

will have in

thel programmes.

composed of the Ishikawajimi Shipyard, the Hitach! Shipyard, the Mitsul Shipyard, the Japan Steel Tube Company and the Maritime Safely Agency.

Plang have also been offerci

another group made up of the Harima Dockyard and Tokyo

iversity, and a fourth scheme has been prepared by Kawasaki Heavy Industries.

All of these designs call for smaller ships than the Mitsubi- shi project and they all use a prepurised water type of of actor.

*The

Mr

DOCKS, ETC. K. Whart.. Deck

Provident

110 122 63 64.50

wus

at is low with prospetta of a recovery from now on be came steel users have depleted (0) ..... 12.00 12.00 2000 12.50 Inventories, US. Steel, the best

2000 13.00

performer, was up Provident

11.00 11.00 4000 o 11.40 | | palut.

2000 6 11.65

HK Hotel

10 10.10 2000 úr 10

1000 G 18

Goodrich (B. F.) Co. Goodyear Tyro Gulf Oil****** Heyden Newport Corp.

lamesake haining Co. Ingersoll-Rand

Inland Steel Co. interchemical Corp.

i Business Machines International Nickel

around aInternational

Copper issues dipped because copper of another cut in the price by a custom shelter and lower prices for the metal 1000 1900 33.25 London, Some ralls, tobaccos, 33.50 motors, oils and chemicals met

support.

33.25 33.73 Humphreys 16.20 10.00 RUBBER

200

Amalg XD 1.225 1.25

The struggle between the two sides will become Res. 1.33 1.49 sharper in the next few weeks as more t 120 unfavourable news about the state of the economy develops.

But the President has agreed re-to follow

Mitsubishi proposed

be 204 mutres the tanker would have lonx. 38 metres wide and would the have a draught of 13.0 metres. Ite 40,000 horsepower engines speed of 19 would give it a knots.

With the "erit squeeze" still shipping in operation, British companies must pay most their new vessels out of realn ed earnings, and profits in tramp nn tanker trades declinex considerably over past year.

Shipbuilding conferences' sta- tistles, published recently, show that 51 vessels, aggregating only 100.000 gross tons, were order- ed from British yards during the fourth quarter of last year.

This was considerably below the level of 308,000 tons ordered in the previous quarter and, fer the first time in some years, was much less than the output by British shinruilders during the same period.

DESIGNERS

the predominani ad-| vice he is receiving, which is to watt for another two months or so when it will be clearer whe- ther

is likely on upturn develop or not.

ما

His ndvisers still believe that this is primarily a classical "In- ventory recession" due lo tem- porary overstocking of goods.

Some Independent economists believe that it is also a "capitni foods reccasion," meaning a productive capacity of goods be

absorb it, at least

The designers estimate that the use of atomic fuel and the consequent saving of fuel stor-yond the pubille's willingness to age space would allow the tank-

or to carry 8,000 additional tons prices, of oil on every trip.

15

ut present

Cuts Opposed

NEW YORK

COTTON MARKET

Now York, Feb. 25. Cotton futures trading today sco-sawad irregularly But was on the defensive most of the time.

NEW YORK Prices of cotton futures closed

Frol: 35 230; Mar: 35.20; May: 15.41; 35.30 Oct: 10.75: Dec: 53.727 Bur: 25.75 May: 33.05; July: 34.65. NEW ORLEANS Prices of cotton fulures closed today as follows:

Spot: 34.00; Mat: 35.40; May: 35,40: Jely: 350 Oct: 35.73 Dec: 33.08: blur: 55.24 May 15.04: Juls: 34.75, LIVERPOOL Cotton

future closings, iri pence per lb, were as follows;

25.35 old contract Mar. Apr.

Actual operating costs, it

Vic

What puzzles and. annoys the today as follows: estimated, would be about

Administration is that industryJuly: same as those for a convention-

so far hus refused to cut prices, ally-powered tanker. As protec- During the whole of 1937, 251 ton

theeven though raw-material prices radiation, against

have fallen. The automobile In- ships,

1.079,000 Japanese blueprints call for aggregating

dustry C0 centimetres

In Detroit, the "bell- shell Fross tons, were ordered from concrete

the of wether"

American the reactor. to enclose British yards. Of this total, thick

economy, stubbornly refuses be would 1,100,000 Lous were ordered in All grew quarters

reduce prices even though the first half of the year und amidshipgaeme 100 metres

profits, Government experts be- only 488,000 tons in the second

leve, would permit this. Instead the manufacturers advocate that the Government should first cut taxes.

half.

The tutal order book of Bri- Ush yards at the end of 1957

away from the reactor.

The Japanese Government is

the plans sub- There is no indication new studying mitled. was 812 ships of 6.828,000 Tus yet that it plans to allow a suit- tens. Despite the low level of able atomic reactor to be im-

the last new contracts during quarter and the effects of can- ported in the immediate future.affair with the consumer,

cellations, this total

only Is

The

180,000 ans smaller than record order book of mid-1052.

ESTIMATE

11 is estimated that the order

about book is worth

$1,000 million. About 20 per cent of

Lloyd's Register of Shipping illustrate the statistics also

Japanese enormous growth in ship output over the past two years. Launchings by Japan have jumped from 820,000 tons in 1955 to 2.424,000 tons last year, UVET while British launchings the same period have deellood from 1,475,000 tons to 1,407,000 tong.

US ATOM PLANT FOR SHIPS

Detroit is certainly

to

worried

by the realisation that is love New contract Mar. Apr.

May/June

July/Aug.

Oct./Nov.

Dec./Jan.

who

May/June

July/Aug.

10

Oct/Nov.

Dec Jan.

SAO PAULO

Prices in cruzelros were as follows:

March May

July

Oct,

La

until recently was willing buy year after year bigger and bigger monstrosities, hins end- ed, but at the same me they are not too unhappy because the recession puts them into n more favourable postilon to resist union demands In forthcoming woge negotiallons.

members of

nd

Most of the President's visers are confident that they could halt the recession effec- tively even if they were to walt for aetion until next May. A tax ut, which the Administration definitely opposes now, would then be the fist measure would consirter.

B

1.20

Int's Tei & Teper John-Manville Co. cansas C. Power & Light Kenneesti Copper

New York, Feb, 25. Rex rubber futures today closed five points higher to 15 points lower with sales of 57 contracts.

20.47

21.07

27.09 2700

Mee

May

July

Nov,

JIB.

97.00

MAT.

27.000

Standard contract closed

higher to 10 points lower with

Már

May

July

Sept.

Nov.

Геть

no sales reported.

Маг.

to

27.90

27.60

37.00

27.00

26.95

Increasing politicul tension, ka Indonesia neled to steady the terminal market, after an easy start. Closing steadiness at London, and reports of Russian buying in that market; also act-

stabilisa od

the local

Brokers enid the London market today, for the first time In a long spell, closed at dis- count under New York. They figured New York at a 10 points 97% discount when London closed.

34

it

00%

Io

me

40

61

30%

6011 30

cituation.

Recently London han ruled at a 30 to 40 point premium. Nor- 67mally, London ruled at around a 30-point discount. Domestic con- sumption of new rubber in the United Statco in January

Liggett Meyers Tab. Co.

in

Lockheed Aircraft

Loews Incorp.

1055

Lone Star Cement Co. Lowarstein & Sons

231

McDonnell Aircraft

(Am

amounted to 113,255 tons.

203.

The figures were about

xd

1034

Of a total 1,114 issues traded, 1090 554 were lower, 300 higher.

New

York Stock Exchange 129 bond volume was $3,000,000.

Stock Exchange Now York volume was 1,920,000 shares.

Stock American

Exchange volume was 780,000 shares.

UTILITIES Tram

24.40 24.50

500 24.40

Star Ferry

XD Yaumati C. Light

118

OST UG

63

17.20 17.40

་

Stock Exgo.) ...

Meralt Iron Corp. Minnesota Mining Kinain Development Monsanto Chemical Co.

Montgomery Ward Afotorola Ine.

National Lead

+0

30 expected. They compared with 103,567 tons usted December. Synthetic rubber use last month amounted to 71,389 lang tons vs 32 67,500 tons in December natural

National Cash Beg. "A" National Dairy Prod.

0436

40

100

Nallonel Blest Corp.

Fo

14

24%

New York Central

Norfolk & Western Ry.

Olin Mathieson

106 Oxford Paper Co.

140.24

Pacifio Ozé & Mec.

88.04 Pan American AWRY'S 130.28 Famount Pictures

Parke Davis Co.

17.20

Dow-Jones closing averages

17.20

wero:

30 industrials ...........

436.09

Ola Flevators

17.30

no rail

109.70

Cwen-linols Glay

17.30

15 uition

Electric

27.30 27.00

27.00

15 stocks

77.000

40 bonds

Comm. future price index

J

Tel

21.20 21.30

.... 10.00

14.10

4.63

0.70

3.65

STORES, ETC. Dairy

Wition COTTONS" Textie Nangang

MISCELLANEOUS INVESTMENTS

Alliri

LONDON STOCK

MARKET

Loudon, Feb. 29. Except for spotty strength in gilt-edged securities the stock market continued to weaken in light trading.

Closing Prices

Aklen Inc. Aez.

Allied Chemicals

Allis Chalmera Am. Brake Blou American Airline American Cable

Corp.

American Cyanamid Co. Amer. & Forgn. Power Am. Gas & Electric Am. Mach. & Jary. American Motal... American smaitieg Am. Sugar of... American Tel & Tel American Teb. "IT" Anaconda Copper Armco Steel Armour

Atina Cons, Mining Baldwin-Lima-tem Baltimore Obla

Ponny J. C cu

Perm. Salt Co.

Phillo Morris

Procter & Gambin Co.

* 1996 | Pittsburgh Pits GAIS

Publicker Industries

751

24x

35

Puro Oil

Radio Corporation

17 Radio Corp. Feel

Republic Strel

4tresnolds Metals

76% Sears, Rochuck & Co 12) Se on Co...

4C

47AL

043%

2015

51

used was 41,860 tons 28,050 tons

in December. Spot No. 1 Res was quoted at 20 cents.

SINGAPORE

Despite slightly better over- scas advices the market opened lower and thereafter. It rufed quietly steady with minor fluc- tuations during the day.

There was again some interest

$4 for nearby but sellera more in- clined to meet market. Futures: No. 1 rubber per I. M. 78-75% Apr. 7-18

No. 1 rubber per 1b., Mar. 2435-7435 ·

20%

No. 2

70-7011

No. 4

63-6834

41

Spot rubber unhaled

78-7814

3812

Blanket crupo -...

6715-0715

2011xd

No. 1 pale crape

01-19

301

LONDON

The rubber market WRA

10 quietly steady with spot quoted

at 22% penen per lb, Prices:

Settlement house term:

Oct/Dec.

JADYMAT.

Ganotal markets, eif basis,

414 Bant Reg. Paper

Sinclair On

19%

Socony Mobilali

40

Solar Aircraft ...

281

South Puerto Rico Sugar

201

1724

Southern Co. (The)

2x

No. 1 Ras spot ...

75

Southern National Gas

201

435 Bouthern Railway (Com.)

58

April

4911 Standard Brands

Jet May

12

Standard Off of Cal

43% June

Standard Off of Ind.

334 | Apri/June

101%

Standard Oil of N.J.

47-July/Sept.

Sleep Rock (Toronto Exge.)

Beneficial Fanco

Sterling Drug Co.

3214

tako

Bendix Aviation Corp. Benguel Cons Bethlehem Steol

4931

Nitokely Van Camp.

113%

Studebaker-Packard Corp.

334

Junshine Mining

Swift & Co.

4232

Teks Co.

3097

Textron Ine

124

Tine Water Asm. Dil

14%

Time Inc.

EDIS

Twentieth Century Fox Flim

13

Union On ot Cal

40

shave

Cluet: Peshody

Chrynier Motors

Union Pacle Ralway

30%

2014 United Gas Corp.

30

U.S. Foll "D"

Colgate-Palmolive Co.

LAU.S. Gypotom

Colombian Carbon Co.

33

US. Rubber

US Smelting

411

The oils continued to 25.30 the heaviest drubbing, Royal Boeing Airplang 25.50 Dutch sagged 3/-, Shell 1/6 and Borden (The) Co. 223.26

leaders last on the Burroughs Add Machine 26.36 the athor

Campbell Soup Cu. 20.10 average of a shliling.

Case (3, 1) Co. 20.33 Blue-chip Industrials declined Cal, Tractor

as much as 2/- In open trading Celanese Corp. 27.23

rallied to about one shilling. per kilo Dollar stocks were lower.

$1,00

40.19

40.10

many 27.28 but

Josres

txo

C. I. T. Financial

A few British governments Commercial Credit

| Consolidated Edison

firmed on bear covering..

Foreign bonds were unchang-Continental Oil of Del.

ed and quieti-United Press. 39.80.

the United States, the

markets United

New York Sugar Market

Now York, Feb. 25.

In trying to prevent what it average price of one-inch cot- New York. thinks would be a new india-ton at 14 designated spot moz- the orders are for foreign own-Contracts for the design and tionary spiral the Administra-ets was 34.50 cents. Total sales ut these ers and 54 per cent represents

development of a proto- tion le causing hardships which tanker tonnage,

were 37,949 bales, - type atomic power plant are bound to have deep emo-

tional impact. Therefore the Press. for merchant ship-tabour unions and propulsion have recently Congress are demanding strong been placed in the United anti-recession measures. States. The main contract, awarded to the General Dynamics Corporation, is for a gas-cooled reactor furnace unit of the closed cycle gas turbine type.

it World No. 4 sugar futuros today closed unchanged The General Dynamics

It is in this uncertain altya-

to five points lower with was selected from tion that the Administration'

sales of 152 contracts. perution among 18 companies which sub-will launch Its foreign-ald pro-

The domestic No. 6 contract gramme next week. To make it mitted proposals in response to requests by the United States more popular the Administra closed unchanged to one pot Alonile Energy Commission and tion will call representatives of lower with sales of The derenitence of the world the United States Maritime Ad- shipbuilding Industry on

altministration. innker urders for its current prosperity is shown by the fact that tankers account for almost 50 per cent of the ships under construction in the world.

Of the 7,002,560 tons under construction in other countries, 48.7 per cent is for export ac- count. Of the 1,589,280 tons building, in Japan, for example, 1,032,350 tons are for export.

FAIR BUSINESS AT UNCHANGED RATES

Now, York.

ADVANTAGE

Cor-

A major advantage of using a gas-cooled closed type of gas turbine plant for propulsion of a merchant ship is that it seems to offer more promise than most other types of atomic- power plants from the point of view of overall weight and safety.

The initial phase of the pro- ject, which is to be known

from Boy Scouts to the League

208 con-

nearly all national organisations tracts.

World futures, reflecting, the of Women Voters to Washington lack of any significant demand and subject them to such per- for raws, favoured the downside suasive speakers as the Pro-in quiet dealings. sident, Mr Truman, Mr Dulles, Evening-up operations in the Mir Denn Acheson and others.

delivery included

March

ex-

But in Congress there is a changes of the spot month af feeling that the aid programmeona point under September, is rapidly losing publle support July was exchanged even with and will be cut heavily. It will October.

be dimeult, members my, to

Contract No. 4 (world); March

vote for foreign aid but refuse, 347: May, 349: July, 351; Sept. 1.42!

ald at home in a recession.

that Many people feel also tire growing antagonism to the Maritime Gas-cooled RC foreign aid reflects

some sort

Oct., 30 March, 3.30; 3ley, 3.39; Spat-(cents per the fob Cuba), 3.50.

Open errierest: 5,300 contracts.

Atract No. 6 (donesile):

Suby, B47; Sept. 3.89: Nov, 0.71; Spot-Loente per lb. el NY ex-duty),

actor (M.G.C.R.), will include of change in public "mind, 05.57.

even of the United Prem

the development of high tem-weariness of foreign commit- Onen__Interest: 1,300 contraçla

In the dry cargo market,perature fuel elements, reactorments, weariness moderate business was arranged controls and moderator materi- colossal defence burden at unchanged rates, including a ala

versel of 1,000 land for motor-

and

hence a greater willingness to Agreed Merchant Rates

essay the United States

www

Canadian dollars: maximum

ing 17-3/16 T/T, 17-% 0/D.

curs from North Europe the It is of interest in this con negotiating with Russia-Kem-welling 16-16/16; minimum buy- West Coast of America for anection that one of the leading aley. lump ruas of 300,000, followed experts on the British high tem- by lumber from the North perature gas-cooled reactor pro- Pacifle to South Africa at jet, Doctor M. Fortesque, who lump sum of $125,000.. is also part-owner of a patent covering its harnessing to a gus The grain and coal trades turbine, recently left

the Bri- were very quiet but in the grain tish Atomic Energy Research trude a large converted tanker Establishment at Harwell to join, was fixed from

Gulf of General Dynamics Mexico to Antwerp/Hemburg

fange at $4.75. · A xu-Int cargo

It is estimated by

General

of coal who fixed from Hampton Dynamics that it will take fron Roads to Antwerp or Rotterdam five to seven yearn to consituok

the complete platiką

at $4.20 per too.

SHIP

BENDLINE

Exchange Rates

Crown Zellerbach Cuban Amer. Sugar Diamond Alkali Diamond Match Ca. Douglas Alecraft Dow Chemicals Dupont de Nemours

this Eastman Kodak

El Paso National Gam 0.01 Family Finance Corp.

Business was done in the local Eastern Airline .... official exchange market morning at the following roles:- U.S. dollar (per (1) Sterling notes (per 21 Australian notes (per Indonesian rupiah (per 100) Stam tea (per 100) Singapore (Straits)

1)

15.53 Firestone Tyre & Rubber 19.53 Ford Motor

0.70 General Mectric

2030 Genees) · Foods

100 General Motors

U.S. Steel

40% Warner Bros.

Westinghouse Electric

Western Union Tel Co.

2394-23

93-23

Feb.

Txd Matcli

13 April

653% Estate erege thin March 24

thick March 2736

AMSTERDAM

The rubber market was dull. Prices were unchanged since yesterday-United Press,

.

London Foreign

Exchange

London, Feb. 23,

Closing rates were:

New York

Montreal

251-9/18-2414 2.70-0/16-2.75-7/13 10.3431-10.34% 11.704-11.77

1700-1740%

Others unchanged, Unite

410

44

0114

1072

West Va. Pulp & Paper 279 Woolworth

詢

United Press.

Copenhagen

2

Frankfurt

Milan

PATIO

Zurich

NAMESAKES

Answers:-1

Adventures,

Aeneid, 3 Home, 4 Carthage, 5 Epic, 6 Italy,

Virgil.

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