1958-03-12 — Page 9

SHIPPING

P & O ESCAPES DEPRESSION

London, Mar. 12, The P and O Line has so far escaped the effects of the depressed state of the freight market, it was an- nounced today.

Sir Willam Crawford Currie, Chairman and Managing Direc- tor of the Peninsular ond Oriental Steam Navigation Company, said that the company had not yet had to lay up any tonnage.

HOT-MOULDED

BOATS

London.

Big efforts are to be made this year by the British firm Fairey Marine, subsidiary of the Fairey Aviation Company, to in- crease its exports of "hot- moulded" boats.

The company has converted a large part of its aircraft factory at Hamble, near Southampton, to the production of these boats which range from 7 foot 6 inch 10 20 foot sailing

Je was asked at a press col-ingles the Company cruisers. ference whether or British chip owners generally

I produced 1,000 of all classes

would co-operate with a lay-up last year, compared with 100 in scheme devised by Greek ship the whole

of 1947 when pro-

owners. "The Greeks, as far auction first started. Plans are I know, are working on their ready to step this up to 2,000 if own." Sir William replied.

demand warrants it.

Sir Donald Anderson, deputy chairman, said he did not think the United Kingdom Chamber of Shipping's tranp committee laying-up Ind considered scheme. They believed such a be premature and use- ful only to owners of tonnage

lready laid up. ANNUAL REPORT

{novc

At present over a third of all bonts constructed at Hamble are the United Exported, mainly States, Canada, South America and New Zealand,

"Hot-moulded" boats are built on almost solid wooden moulds made from timbers which are glued and pegged together and then carefully "faired" to the interior shape of the hull.

fashioned and

THE CHINA MAIL, WEDNESDAY, MARCH 12, 1958.

TRADE and

and

COMMERCE SECTION

Wall Street Advances Mildly After Ike's Announcement

The US Recession: A Tax Cut?

Hopes For Quick

End To The

Slump

By JULIAN BATES

New York, Mar. 11.

HONGKONG The New York

STOCK EXCHANGE

New York's stock exchanges advanced morning amounted to approxi-

Our Own Correspondant Business done on the Hong- kong Stock Exchance this

mately $327,000,

'actions were:

RANKS

Noon quota-

mildly today immediately after Pre-tions and the morning's trans- sidont Eisenhower told Republican re Congressional leaders that he had in Bank mind a tax cut to put a quicker and NSURANCES to the six-month-old ́aconomic reces-Wheelock sion in the United States.

Bayers Belfers Balou

010

Union SHIPPING DOCKS, ETC. Dock Provident

70

A prototype bout is then built The February unemployment figure of nearly

5,200,000-an increase of 700,000 in a month Provident had been widely expected and the market had LAND, ETC. discounted it in advance.

Sir William, presenting the Company's annual report and

£89 million up on the mould using wood accounts, Bald

15 new veneers of just over inch would be spent on tankers to be acquired in the thickness and 6 inches wide. "planks" re next five years,

These veneers or Further expenditure on coin-ured as templates, from which

planks are cut pleting ships being built would further

and account for £45 million while stapled to the mould to form the £44 million was for new ton- first skin. nage ordered but not laid down. He said the company was a further three committed to tankers but could not allow for them financially until work was under way.

It was hoped that two of the new tankers would be launched about this time next year and

two more 1050.

towards the end of

The second and subsequent skins are glued on one side only, the staples holding the first skin being removed as the second is applied.

The mould around which the hull has been formed la envelop ed in a rubber bag which is clamped down around the edges lo secure an airtight fitting. A vacuum is applied until the bag is stretched skin-tight over every part of the top surface of the mould,

The whole unit is then wheel- ed into an oven where sicuin 100 degrees

He added that there was no Improvement in delivery dates and continental shipyards did not deliver chips any quicker than United Kingdom builders.

Speaking of port delays and heat up to about holdups, the Chairman said the Centigrade is appiled for about position in Australia had Im- | half-an-hour, proved lately, the worst port for When baking has been com- Colombo-pleted the hull is left to stand week to "cure" and for about is then trimmed before the fit- ting of deck, buoyancy tanks,

ment.

delays Reuter.

was

now

REPLY TO DANGER centreboard and other equip-

FROM LIBERIA

London, Mar. 11. Seven super tankers, being built in the United King- dom, are to be registered in Bermuda to avoid heavy British taxation. They will be controlled by the vast P. and 0. groups comprising 800 merchant ships.

The tankers will fly the Bri- tish fig and will be managed by a recently formed subsidiary

company called The Board

of

GREEK PLAN FOR LAYING-UP

New York.

A draft plan of Groek ship

owners in London for of controlled laying-up freight without compensa. tion to meet falling rates was received by the New York Greek Shipowners Committee today.

In advance the New York Charter Shipping Company. owners about 20 companies --

This

HK Hotel

KIX

Even so, brokers here noted, this figure was not

released until after the subjects of the Presi-X dent's meeting with Republican Congressional leaders had been made known.

Many shares showed trac- tional gains after statements by attending the Congressmen white House conference that Me Elsenhower discussing a tox cul.

7

Wag

One broker described it as

"mlid bombshell,"

but others

statements noted favouring tax réduction in the last 24 hours by Vice-Pres- dent Richard Nixon and Mr Percival Brundage, the direo- lor of the budget,

Specific

Mr Joseph Martin, Republican

leader. In the House of Repre- sentatives, sald after the meet- ing that the Administration was deferring for a month considera- tion of a specific tax cut.

the and

Stock

Market

New York, Mar. 11.

Industrial shares advanced on volume today and

It

all but hit the year's high set on Feb. 4. was the eighth successive session of advance

the industrial department. Chemicals and drugs led the parade with gains running more than 2 points.

Lakens again starred in the Paramount Pictures stoels with a gain of more than Parke Davis Co. Fenny J. C. Co. The whole steel de- Penn Bait Co. a points. partment improved. Higher Philip Morris

Procter & Gamble Co. 10 @ 70.30 copper prices in London Pittburgh Plate Crims

flected by the market here where | Puhileker, Industries corper sharea moved up. Alumi. nlum Limited featured

volume and

than

508.10

Pure Of

the

0.14

13 154

12 12.20 200 @ 11.20

1000 12.10 Alcon ran

points. Reynolds Metals also rose more than 2.

2000 15.90

aluminiums

up more

Radio Corporation

Radio Corp. Pred. Republic Steel

2 Heyrolde Metal

Oll Insies rose fractiona to 2

300 15.00 points in Skelly Oil, and oil 3000 15.00 Squipments improved with them. Strong spots featured in the 33 5123 2000@3225 tobaccos,

Sulphurs, plywood issues, papers, airerafts, glass 14.00

issues, and gold mines. 1.25 -1.275 16009 @ 1.25 | 1.50

11

15.70 15.90

JK Land Humphreys

XD RUBBER Amalg Trum UTILITIES

23

Star Ferry

Li6

Yaumait

C. Light

17 1750

300 12.30 100 w 1735

1000 * 17.20

500 € 17.20

500 1720

24.40 – 2000 dt 26,20

This would have an in-Tram XD

in putting a stantaneous effect substantial windfull into wage- curners pockets Instcod of spreading thinly over the year. For instance a married man with two children would benent by $51.80 month if he earned $0,000 a year, or $107.80 if he

earned $10,000 a year.

Electric XD

Tel. XD

Of a total 1,137 issues traded. 664 were higher, 252 lower.

New York Stock Exchange volume was 2,040,000 shares.

New York Stock Exchange bond volume was $4,070,000.

American Stock Exchange

volume was 600,000 shares,

Dow Jones dosing averages

300 6 10.30 200 20 20 were: 24.50 28.10 1000 24.00 30 industrials

20 rall 200 F 21.10 16 titles

stocks

INDUSTRIALS Cement

30.50 two Amoy Can If the equivalent of

"STORES, ETC. months tax reliat were spread Dairy 18.00 16.00 2000 (16.70

11.30 11.00 over an entire year, the $0,000 Watson

a bonus of Kwony s. i man would have $0.03 a month, and the $10,000 INVESTMENTS

Yangiske man $17.03 a month-Reuter.

NEW YORK

RUBBER MARKET

3.45

LONDON STOCK

MARKET

London, Mar. 11. Shares of the anclent Hud- sons Bay Company Incor- porated in 1670 furnished the only feature today in super-cautious stock

exchange.

This may provide time to see whether the Administration's other anti-recession dovices, such as the further lowering of the discount (bank) rate to 21⁄4

New York, Mar. 11. per cent last Thursday-to

Rubber futures today closed send more

into money

28 to 83 pointa higher market will take hold reverse the downtrend,

with sales of 80 contracts. Dolk

Ad- the Republiena

Mar: 20.70; May: 2085: July: 2701:

highly respectable ministration And Democrat Sept: 27.10: Nov: 21.10: Jan: 27.15;

shares jumped 10/- to 157/- on Party leadership

of Congress Mar: 27.16.

Standard contract closed 28 a handsome-but unexpecled have been cautious about mak-

to 33 points higher' with no rise in their dividend ing a tax it, though it is

sales reported.

But elsewhere things were widely agreed that this is the

Mart 2010 May: 20.03: July: 2101: pretty quiet. quickest

There was rela- way, in theory, to Sept: 27.10; Nov: 37.13; Jan: 275ively little selling. Ford Motors Pump new purchasing power Mar: 27.38.

ls expected to announce its into the sagging economy,

But against this advantage of

is the British ship | rejected the

a cut in personal taxes experts London plan. in owners* answer to the "Flag principle as inadequate, accord-set these possible disadvantages: on of Convenience" Bents, More|ing to a spokesman. than 8.5 million tons of Ameri- The London

can

proposal called

*

SINGAPORE

These

dividend tomorrow

and thig opened steadier Lact caused buying which lifted The market

shilling. Half-a- the shares o worsening news from In-

The unemployed are help-donesia, but at higher levels dozen of the lesser known con-

there was sore proẞt-taking which stemmed initial advance.

March shipment was freely

and Greek owned tankers for laying-up of about 50 per ed very little if at all since they

cent of the 5.5 million gross are already registered under the tax-free Liberian fing.

tons of the Greek tramp fleet. With registration in Bermuda, profits cannot be touched by COUNTER-PLAN the Treasury unless dividends are remitted to this country London Express Service.

TWO DESTROYERS tes

COLLIDE

cheerful reports ccans issued and their shares rose 8d or 1a. But the prevailing Lone Was cautious,

40 bonds

Comm. nature price index

Closing Prices

Alden Inc. Acy. Allied Chemicals Allied M Inc. Allia Choliners..

Am. Brake Shoe American Airline

Am. Cable & Radio Cor American Cyanamid Co.

Am. & Form. Power Am. Gas & Escotrio Am Mach. & dry. American Metal American smelting Am Supar Het

American Tel & Tel Anwrlean Tob. "B" Anaconda Copper Arco Steel

Armour

Atles Cons. Mirung

Baldwin-Lima-Jiam,

Hatimore & Ohio

Beneficial Finance Bendix Aviation Corp. Benguet Coas Bethlehem Steal Boeing Airplane Borden (The) Co.

Burroughs Add Machine

Campbell Soup Co.. Canadian Pacific R Caso (J. I,) Co. Cat, Tractor ...

Celanese Corp

C. I. T. Financial Corp.

Chase Manhat. Bank Chrysler Motors Cluett Peabody

Colgate-Palmolive Co.

Columbian Carbon Co Commercial Credit

manamwealth Elec. Consolidated Edison Continental Oa of Del Crown Zever back Cuban Amer. Sugar Diamond AKIH

Diamond Match Co.

Douglas Aircraft Dow Chemicals.... British Dupont de Nemour

Eastern Alttina

Olly saw a lot of bear cover-

Future closings were:

Ing which lifted the Canadian bearer shares 3/- and No. 1 rubber per lb. Mar. 7746-774% Eagle Shell, Apr. 2235-28

Burmah and No.-* rubber per Ib. Mar. „7316-74% Petroleum about 2/-.

0032-7234 ++

British Governments -671 64-08 £1/16. 70.81

LONDON

Wero

Eastman Kodak

El Paso National Gas of Family Finance Corp.

Firestone Tyre & Rubber Ford Motor

Germans, and Japanese show- ed rises of E-United Presa,

do not pay taxes,

In an uncertain economic effered and buyers became in- situation a family is more like-

ereusingly scarce. ly to put any bonus from a fax The New York group felt this cut into its savings account than would not meet the situation go out and buy a new television

a counter ect. and plans to make

A major tax cut might No proposal in the next two weeks catling for a combination of lay-stop the recession but also might spot rubber unbuled 771-77% steady and maintained rises

and minimum shipping very quickly lead the country Blanket crepe.....

back to an unhealthy state of No. 1 pale crepo The Wall Street Journal re- inflation.

Greek shipowners • Government revenues ported that would probably take the ease would be reduced again at for controlled lay-ups and mini-time when the economic selback Norfolk, Mar, 11.

mum rates to owners of other has already reduced them, lead-

ing to a large budget deficit, Two Turkish destroyers nations.

A spokesman for the New collided in Hampton York Committee of Creek Ship- Roads today, but neither owners Association mid ship. was aerlously damaged. owners in Great Britain, Ger- The Gelibolu adeswiped the many and Italy will be Giromus with her bow about proached soon for their views on the possibility of establishing dawn and suffered a scrape on her side two feet above the worldwide scheme on paper, waterline. She was taken to the the spokcaman rald, China Norfolk Naval and for repairs, Mall Special.

The Gliesus' anchored off

Norfolk Naval Hase.

Both ships took part in an SPECIALLY BUILT

international naval review here

Just Summer and had been

undergoing repairs and in FOR ICE TRIPS

provements at Norfolk, Narvell Yard since then.--Unitert Prese,

NEW BLUE STAR ROUTE

Singapore.

The agents for the Bloo Star Shipping Line announced here reconily that the company would in three months time start on

Bp-

Another Way

The other way in which the Covertiment can turn the 500- momy around-by large-scale and building--Ja public works argued by somd economists to be more effective in the long rup, though its impact would not be nearly so quick.

The unemployed, it is argu- ed, will have Jobs available, and the nation will benefit from having more schools, roads, hospitals.

President Eisenhower, however,

The rubber market was quietly steady with spot quoted

22 15/10 pence per 16. Fulces:

|

No. 1 Tu spot najema Settlement bouse term:

April

May

Apri/June

October/December

January/March

Jurie...

July/September

2214-23

at

23-23 231-2316 2314-233

General markets, cif inde, ports:

Starch

April May

2214-83

22-231 United PreÁS.

London Foreign Exchange

Amsterdam

Loudon, Moz. 11.

***

281 0/16-2814%

19 3933-192534

•170312-174736

Singapore Stocks

Singapore, Mar. 12. Brokers

today

quoted following stock prices:

Batu Lustang Rubber

Ltd.

Co

General Electric

General Foods General Motors Gen. Pub. Util. Gelty Oli

Co

Gurich (R. F.) Co. Goodyear Tyre

Hoyden Newport Corp.

Homestake Mining Co. Ingersoll-Rend

Inano Steel Co. Interchemical Corp. Int Business Machines Int Harvester the internations) Nickel

International Paper

Inti Tei & TI Opening John-Manville Co.

British Bordeo J'etroleum

Syndicate ............un 30/- Consoliated Tin Smeltors

Ord... ***** 27/04 Frauer & Nóave Hich, Ord, 1.65 Fraser & Neuve, 15% cum.

$4.00 Cammon

mom (Malaya) Limited $7.45 Hongkong Se Shanghat Bank-

ing Chip.www Hongkong Tin Ltd.

Kumpes Lid,

Kuala Kampar 75

Kam C. Power & Light" 10345 Kennecott Copper ...

Liggott Meyers Tob. Co. Lockheed Aircraft Loews Incorp, Lone Star Cement Co. Lowenstein & Sons, McDonnell Alterat

Stock Exge.) Mesabi Iron Corp. Minnesota Mining Mission Development Morisanto Chemical Co Montgomery Ward Motorola Inc.

3440*

...

31/-

Lune Rebber, Estates Lid 1101

Malayan Demarica,

National Cash Iteg. "A" National Hairy Prod. National Lead an

National Blesi Corp. New York Central

Norfolk Western Hy.

278 3/16-2734

10.02-10.0

New Berpantah Rubber Co..

Ltd

$2.404

Porating Tin Lit.

Ramer Ifotel

$284

Singapore Cold Storage

30.01

Strmits Tradient

1.75

Stratte Steamralty

$10.05

United Entreeti Ora.

$124

$37.JES | Oxford Paper 0,

*Chino Mail Special.

123451189) 14.533-14.53

Stockholm. sak in a letter to Republicati Closing rates were The 4,400-ton diesel-powered leaders in Congress on Saturday: New York

Acores, bullt "A anden upsurge of pump-Montrea freighter

priming schemes (of the public | Belusel" for the Portuguese ship works type)....evidences lack of odpenhagen

"Com-faith in the inherent vitality of talen ping company

Paste Atod Totem panhia de Navagacao Car- our bonomy."

In this letter be urged spend« | Vienna regadores Acoreanos" Whs ing US$180 million in reclaine Zurich launched at the Finnboda | tba programmes next your, but Note: New. YDER edchange rates Varf Shipyard on March his chief emphasis was on speed-were unavadable-United Press.

ing up Federal projects which have already been approved by

5.

The Acores was especially re- Congress and will not subject to

Australio-Singapore-Britain ser- | Inforced for passage through a long delays as now con

vice.

tracis.

Other uncharized.

12-14 20

Exchange Rates

Jocal

Bulbs. who đông là the

exchange market morning at the following ratantin Us. dollar (per 81) suposatie

The agents saich four fart paa-

The holds will be equipped There has been speculation in manger-tre/girters would oper to maintain a temperature of the past week tint if a personal ate the monthly service which 20 degrees below fers even in tax out is decked on, it coicial

come to drenatio form no a would take eight days from the tropical waters, Inst port in Queensland to Singapore, and fewer no 21 days from Singapore, to La- dora-Reuter.

The crew will have single holiday?? in which all line, močne. (DES-K1

withholding taxes (PAXE) | Australian nowe (per 41) ev

'Tudorsaak rupjien (parừ 1007 will be relleval for one or mOEN, HÁNY SONG THE 100)(qu

Kingapore. Forhita)

cabins and there are quarters for 13 bekrioters in six dou- ble cabins United Press.

months.

・

10.00

470

-xdby; 1-cdc.

Olin Mathleman

Ote Elevators

Owen-Illinoie. Otaeg

Pan American Always

SHIP

B. Hoebuck & Co,

Ou Co....

Baint Reg. Paper Burglade

Page U

NEW YORK COTTON MARKET

New York, Mar. 11. Sonate rejection of proposals to boost the cotton acro- age this year, and approval of additional funds for the soll bank, extended rallying tendencies In cotton futures today. Unfavourable weather for pre- Bminary new crop work, along with absence of March delivery the notices, and settlement of

dress workers strike, provided additional bullish #mmunition,

All new crop deliveries touch- od seasonal high scoring gaina

for

of $1.15 a bale before the ur- gent demand wor filled and

to

hedge, selling and realising ap-

penred,

Pressure increased toward the

51 Anal gong with the list finish- ing 15 higher to 3 points lower.

points, New Orleans closed off

The market opened up 3 to 23

Sof

.00%

DEP

0 to 7 points.

The Senate

33

33% (per

up

disapproved a

proposal for an emergency 30

increase in cent

cotton acreage, and at the same time approved an additional appro- priation of $250,000,000 In the has bank funds, which already been passed by the House,

07501!

714

3

27

301

40

16%

Houth Puerto Rico Sugar

ག

2

Southern Railway (Com.)

Socony Mebloli

Solar Aircraft .....

Southern Co. They

Southern National Clas

Standard Ande

Standard Od of Cal.

Steep Rock (Toronto Enge.).. Sterling Drug Co. Stokely-Van Camp.

| Btudebaker-Packard Corp,

Sunshine Missi

Swift & Co.

Textron Inc.

Tide Water Assn. Time Ise.

The Government weekly crop report said cotton planting ad- vanced slowly in southwestern Texas with snow, rain and fox holding Red work to a standstill igj, elsewhere. A large portion of the co,con acreage will be re- Si planted, the report added.

No delivery notices expire on 324

Thursday. Open March contrast 123xd today totalled 18,400 bales,

2157

374

Twentieth Century Fox Fitm 2512xd

Union Carbide

Union Oll of Cal.

Unton Pacife Railway

450.92

United Aircraft

105.05

United Gas Corp.

13.10 U.S. Fail ""

U.9. Gypsum

184.21

23.97

U.B. Line Ca.

10.A. Rubber

U.B. Smelting

U.B. Steel....

NEW YORK

Prices of cotton futures closed today as follows:

43

20

Społ

Mar.

295

May

July

TDI

Oct

Ier.

344

May

July

30.100

30.12

30.41

NEW ORLEANS

Prices of cotton futures closed

Westinghoito Eletric

Western Union Tei. Co.

7015

West Va. Pulp & Paper Woolworth

302

United Preas.

today as follows:

2439

Spot

Mar.

May

July

Ocf

Deo.

Mar.

May

July

New York Sugar

Market

New York, Mar. 11.

LIVERPOOL

ARBERBERA

Cotton future closings,

4 World No. 4 sugar futures pence per lb. were as follows: today closed unchanged sur/Aug 25.37, Det/No:

in

Old contact: May/Jurié:

23.42

1134

to one point lower with

2311

15.07; Decian: 2020; Mar 07 A 26.12.

contriel: Mac/Apr: , May/June: 2.1 July/Aug: 26 52:

2716, Dec/Jan: Dei/Nevi

27.15; Mar/Apr 21.32.

BAO PAULO

tales of 225 contracts. Domestle No. O sugar futures closed unchanged to 2 points 409% lower with sales of 202 con- 1915 tracts.

8014

in

Cotton future closings, Prices remained on the defen-cruzeiros por kato were as fol- 3012 Dive reflecting weakness of lows:

241 London, plus a lower domestic May: ShJa July: 39.10; Cel: 40 00;

15%

21

гай

403%

market and reports that Deg: unauoled. 14% Brazil was a seller of petuals, al- In the United States, the 50though no sales were confirmed, averago price of one-inch cotton Contract No. (world May: al 14 designated spot markets 1416 3.37; July: 337; Sept: 329; Oct: was 34.64 cents.

3.30 MAT: 337; May: 3.35; Sput

Total sales were 17,102 bales, (centa per ib, tubs Cuba); 337.

-United Press,

42

09

284

Open Interest: 0,950 contracts, Contract No. 4 (domestic); May: 6.61: July: 0.69: Sept: 0.13: Nov: 0.1 4045 Spot (cents per ib. ait Ny ex-duty):

Open interest: 1,754 contracta- United Pre

10144

37

100

6.49.

Dividend

The Directors of the Hong- kong and Kowloon Whart and zons Godown Co. Ltd., announce that

28

1J at the forthcoming ordinary 414 yearly meeting of the members

30

of the Company they will re- commend the payment of

20% dividend of $9 per share in re- spect of the year ended Decem- ber 31, 1957.

BENDLINE

SAILS:

JAL

NEW TRANS PACIFIC

DC-7C

SERVICE FROM

APRIL 1ST 1958

JAPAN AIR LINES

P.O

S.S. "CORFU"

NOTICE TO PASSENGERS

BAGGAGE:

Friday, 14th March, 1958, at 12.00 Noon for the UNITED KINGDOM, via Bingapore, Penang, Colombo, Bombay, Aden and Port Said. Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Co's Godown No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Thursday; 18th March, 1958.

SPECIAL NOTE: With the exception of hand packages carried by passengers themselves, 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-n.m. on 14th March, 1988.

Subject to alterntion with or without notico