1958-03-20 — Page 9

Page

SHIPPING

OIL FREIGHT RATES FALL

London.

USE OF FLAGS OF CONVENIENCE

London.

Powers have been urged

in a report published re- rently in Paris to fight the growing use of flags of convenience by ship- bing companies.

The recent recovery in oil Britain and other naval

tanker freight rates has been short-lived. Demand by charterers last week was not strong enough to Качер

Gulf-to- Persian Continent. rates at. the British Ministry of Trans- port Scale minus 40 per cent level achieved during the previous week.

With fewer cargoes available, rates closed at around Seale

50-45 minus

Ad per cont charterers are now suggesting an even lowel level of about

minus 55 per cent

According to one broker, "we can see slightly lower rates, fewer cargoes

on the market, and quite a number of tankers

for looking

employment in March,

"If these tankers, of course,

right employ do not get the

ment, or a rate which will enable them to trade, there is

no doubt that there will be further sålps going into Iny-up), thu odeling to the total of about 225 presently lak-up,

deadweight tonnage which is nearly 3.5 mllion deadweight tons,"

the

of

or

The term refers to the flags

THE CHINA MAIL, THURSDAY, MARCH 20, 1958.

TRADE and

COMMERCE SECTION

The World Cotton NEW YORK The New

Surplus

Washington, Mar. 19.

COTTON MARKET.

The International Advisory Committee predicted Cotton futuros today opened

today further progress this season toward liquidation of the world cotton surplus.

WIN

The prediction was made in the committee's February Re- view,

which

relensed facilities of the United States Agriculture De- of partment, The Secretariat

Panda, Liberia, Hor uras rough the d Costa Rien--countries

T-

at

ing easy shipping registrati low rates of tax to shipping com- perles,

The report, published by the Maritime Transport Committee for Euro- of the Organisailon

Fronvink pean

Co-operation, Britain, uryes

the United Japan States, Norway,

make other naval powers to it more attractive for shipping companies to register shipping in their own countries,

Shipowners operating under lug of convenience had the ad- vantage of negligible pronta tax jevled by the countries concern- in and cheaper crews, said the report,

They could plough back into their Beets a larger proportion of the profits, and therefore

pond more rapidly.

The report said it could not,

Once again the market recognat present, recommend any In- ises the baste fact that enly the ternational action against the use re-entry of such major charierers of tags of covenlence, but added as B.P., Shell and Beso seeking a fut it did not follow that indivi- considerable volume at tonnage deal countries should not take can produce a fairly permanera appropriate mensures. recovery in freight rates alve their current depressed levels.

The Western loading market

wes again fairly inactive last GREEK TALKS

week and rates from the Carib. beans to Heltuin or Continent of

Europe remained at about Scale POSTPONED

mini 55 per

Cent. In the

American coastwise trade, rates ended the week at around United States Maritime Commission Scale minus 57% per cent.

There has been little business in the perlod market. A Swedish tonker of 14,500 tons was char- tered from the East Mediter- ranean to River Elbe, Germany. at Scale minus 45 per cent in early March.

IMPRESSIVE SHOW

London, Mar. 19.

A proposed joint meeting hore of Greek shipowners of London and New York to discuss a scheme for the controlled lay-up of tramp shipping has been postponed, it was learned today.

of

Mr Z. Pappas, secrtiary the Greek Shipowners Corpora- tion comialttes, mid today he had out been told of the arrival

OF SHIPS' FENDERS date of the New York delegates,

London

who were Week,

expected here last

The Greek plan, drawn up to night falling freight rates and a lack of cargoes that has left

many tramp ships operating al

a loss, provides for a controlled

Lloyd List shows that an average of seven ships a day collide with the quay side and jetties some-y-up of unprofitable trainage where in the world, and with compensation. though in many cases damage is slight, the total cost runs iuto many thousands of pounds.

The United Kingdom Cham- ber of Shipping is meanwhile sounding the opinions of tramp operators. Many British owners hove stated they do not favour

Peter Manhall reported re- any collective measures at the cently in the BBC programine moment,--Reuter,

"Radio Newsreel" on a new in-

vention he had watched the

Hoyal Navy testing at

Ports-

mouth Dockyard, which is de-

signed to protect bota ships and DRY FREIGHT

Jetties from damage during berthing operation

cum-

"I saw 22-thousand tons of aircraft carrier (the 'Albion') compress the fenders by two u three feel and bring the ship gently to resh"

UNCHANGED

London.

This Is the Tweddell pression fender, named after Captain Tweddell, the retired Naval officer who Invented iL.

Once again, chartering has Three fenders were used in the

which Marshall been extremely limited in the demonstration, described as impressive.

dry freights market with rates generally unchanged. Heavy grain at the end of the week was fixed from the North Pacifle const at 02/0 per ton, April- May, and from the North Pacie to Pusan at $6.75, free February-March. charge, The old type of solid wooden fender often caused more dam-Vessel was fixed for two voyages age than i saved, Marshall for coal frem Hampton Roads to or Ant- pointed out, but the new type Antwerp, Rotterdam

ton, com- fender, which it was planned to sterdain at 23/0d a put into production soon, might mencing March, while a contract solve the problem and turn out vas arranged for coal voyages West to be a very valuable invention. from Hompton Roads lo

Italy at $1.15 per ton from April to December,

PLASTIC TANKERS

Hamburg.

A new company, the Deutsche Nevo Tank Gam..., has been formed in Hamburg to produco plastle containers for long-haul all transport, originally a British idea. The containers are madu

The

the 32-nation Inter-Governmen- tal Committee is located here

"Offinke will exceed produc- by # much wider Hon and

i 1950-57," margin than

"The defeit in Committee said.

roughly 2,500,000 estimated at bales and stocks will decline to their lowest level in five years, expressed in terms of couUTIP- Do, slurks will represent less that six months supply, whien' historically can be considered as fnet approaching normal. In there is a longer an surplus of and the surplus good grades

extrn ton! the situation in stables has been relieved some- what by the abnormally small crop in Sudan.

PRODUCTION

for

New York, Mar. 19.

steady and closed firm. Finishing at top levels the session the list was up 18 to 37 points. The market open- ed up 4 to 9 points, New Orleans closed up 10 to 35

NEW YORK Dons

RUBBER MARKET

ча

York

Stock Market

New York, Mar. 19.

Stocks advanced today after five sessions of de-

cline in the industrials and four declines in the rails.

The advance, accompanied by increased volume, embraced the major departments. It was triggered by a cut in reserve A persistent gradual climb requirements for banks, US$300 carried all 1969 deliveries million in defence contracts for seasonal highs with gains rang-

teme of the automobile com Ing up to around $1.50 a bole.

panies, an urging by President Price-lifting power was gen- Eisenhower for speed in publle orated, traders said, by pros-works projects and passing of a New York, Mar. 19.

pects for a higher government housing bill of nearly US$2 Rex rubber futures todayloan rate this year, plus back- billion for government backing

wardness of new crop preparar for mortgages.

implications tons, Infintionary drawn from the further reduc- tic in the discount rate.

closed 15 to 28 points lower with sales of 16 contracts.

Mar.

20.25

May

20.00

July

26.65

Sept

Nov.

Fan

36.62 26.03 23.82

Mar

May

Standard contract closed up 18 to 28 points.

Mar

May

Jaly

Sept

Nor.

Jun. Mar.

Is

production now "World estimated

at 39,400,000 bales, down 1,700,000 balts from last Reason. Acreage restriction in the United States by 2,000,000. balca.

Elsewhere the free

a

Jast

world, nerrage was IT: the aggregate only fractionally less than in 1950-57 but, with higher yields in several countries, total production is expreted to be million bales about half

Than higher

reason's 15.000.000 bales,

"Shadflcant se crops in Mexico and Egypt more than offst the decline in production in Sudan, Turkey and Brazil, Production in the Soviet Union Is down slightly from inst 5035011.

|

|

20.14

of

row

Southern Hallway (Com.) Standard Brambi Standard Oil of Cal

ol of Imut,

B all of NJ,

Sleep Itock (Toronto Beyling Drug Co. Stokely Van Chin Sludebaker-Packard Corp,

Sunshine Mining

Bwift & Co.

Texas Co.

Textron Ine.

Tide Water Ank.

Twentieth Century Fox Film

Tino Ise,

Union Oil of Cat.

Union Carbida

Union Parian Railway

United Gas Corp.

Senator Byrd warned that United Aircraft there could be a federal deficit.S. Foil "D" of as much as US$15 billion and a federal debt of US$300 billion, two inflationary iteris.

The outside gains ranged to 0 points in Zenith Radio A long list rose more than a point, most of them in issues outside.

Che making up Lendel the

The main list slipped

group

of a

the

New Orleans, -commission houses and local professional traders were the leading buyers, absorbing a limited volume of scale-up hedge

and Belling realiaing,

The advance came in face of the discouragingly slow In textiles and the smaller than averages. expected February consumption off from its best levels before time. Coru Products cotton The Census closing

ruse on a dividend rise. Columbia Bureau reported consumption

of

Th bales. 030,035

wan Pictures sagged on news

in commission under ex-dividend SUITIO 15,000 balts pectations and compared with offering.

Selccled autos featured for a 687,905 bates used in Feb, 1057.

Buyers also stressed the in- time on the defence orders, ternational cotton advisory renort were committe sumer here was lacking. A small toomage was reported done on one sheets, | March/April but of Indonesia at 20% cents a pound, coat and freight. This was considered res latively cheap when compared Oct. with the May price on the ter- minal market.

201 Between the indonesian com

absence of pleations and the domestle consumer interest, ter- minal market traders genérally. deciderl mark time and wait

The situation out.

Shipment offerings moderate but

In the local deliveries market, denters paid 20% cents for ene sheets, with further quantities avullable at that level. Spot No. 1 Rss was quoted at 20% cents. SINGAPORE "Curtailed textle production in the United Slates and Japans

The market ruled quiet and expected to call a temporary featureless throughout the day halt to the continuous expansion with

some

May

Of a total 1,110 Issues traded, indicating 609 were higher, 205 lower.

world cotton supplies this season to the lowest will be reduced level in five years.

Valume Month

May July

Mar.

Open interent

2,600

New York Stock Exchango volume was 2,410,000 shares.

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

American Stock Exchange volume was 330,000 shares.

Dow-Jones closing averages

were;

20 calls

Closing Prices

Allts Chalmers

A. Brake Shoe American Airline

Corp

449 M

104.02 73.02 132,00

8. Gypsum

U, B. Line Co.

U.S. Hubber U.S. Smelting

U.S. Steel...

Warner Bros. Westinghouse Electric Western Union Tel. Co. Woolworth West Va Pubs & Paper

יכ1

HONGKONG

STOCK EXCHANGE

Our Own Correspondent Business done on the Hong- this kong Stock Exuluinge morning Amounted to op- proximately $200,000. Noon quotations and the

Onasietlons WETE:

Buyers Sellers

morning's

Staten

703 13700

.... 21.80 1:1

11AM

Sharci

72

BANKS

341%

BIL Bank

INSURANCES

0172

Union

#211

2015

242%

93

20%

Loinbart SHIPPING Wheelock ..

DOCKS, ETC.

561 K. WHATE

201

2074

Ikk

714 Provident

23.23

0 6.03

120

.... 03.30 24.50

... 11.00 12.10

10.00

13.00 14.80

2015

191 Procident

3132

LAND, ETC.

101

JIK live!..

0215

17 HK Land

54

621

lically

United Press.

LONDON STOCK MARKET

London, Mar. 19.

tura

100

76

400 0 400 05 10000

200

1000 N

360 or 15.00

BU 13.00

3) 31.30 XD.....

[4.40 $4.70

Humphreys

RUDBER

Amalk Trim UTILITIES

Yaumati C. Light

Train KD

་་

200 31.25

1375 2.40 5000 1.475

22.70 2.00

DJ.BQ 171

17 17.10

Eletric

Tel. XD

26.50 24.00

INDUSTRIALS

for Cement

Dalry

Markets took a

the bottor today but the STORES, ETC. buying looked strictly pro-Watson fessional without much COTTONS

5000 1.40

BEFCORNE

*****

8 35 8

21

10.00

11 250 10.00

XD 1000 10.00 1. Craw .. 13.10

offect upon the prevailing Texille cautiousnot3.

Turnover, al 7,004 bargulns, was distantly low for the mid- dle of the week.

British

4.00 4.05 2000 @ 4,825

MISCELLANEOUS SIC CALL

0.75

Exchange Rates

Busine Governments had an 30.00 excellent day with the long and 15.23 medlum dales gained several shillings. War Loans was quite active and gained £5/18 while Old Consuls rose 3/10.

77

Imperial Chemicals rose 1/3. 303 Tobarco shares were firm, up a 234a shilling,

Chain

stares also 102, showed rises of a shilling.

5,800

245,200

4300

215,000

8,500

200,400

Dec

13.00

140,000

Mar

1,300

100,600

30 Industrials

May

7.000

113.300

July

6,500

10,500

15 utilities

Total

53.800 *1,093.300 balco

03 teks

40 burkis

NEW YORK

Coman. future price index.

Prices of cotton futures closed

ilit

today as follows:

30.05

May

Aldea inc. Acy,

little interest by

July

30.10

Allied Chenticala

Oci.

30.56

Ailled Mille Inc.

7721-779

Duc.

7734-772

Mar

38.30-1

031-73

May

5.80.87

70-254

Juty

360

Ainertean Cabin & Radio

411

67-0749

70-34-7734

American Cyanaid Co.

14

the

Amer. & Foren. Power

B0-02

Pricus of cotton futures foxlay as follows:

closed

Ath. Gas & Electric Ain. Mach. & Fdry.

431

up

20+

was idle.

34.06

22 13/10

May

33 OK

27

July

2011

rênce per 16. Prices „No. 1 Tử społ

Oct.

30.34

2236-237

Dec

30.54

Seltement house terin:

Mar.

36.80

Anaconda Copper

Apr.

2216-23

May

30.70

Armco Steel

May

June

Jan/Mnr.

Mas.

Ape May

223-23 2217-234 23-0314 General markets, et basis, porta

227% buyer

anti-221/

$$.06

of cotton.consumption of recent Edenters. Futures: years, and world consumption No. rubber per ill. April Inny be somewhat lower than

No. 2 rubber ver lv. April last season's record 42,000,000 No

Nu. 4 Spot rabber unbaled Blanket crepe .....

No. 1 nale crepe

LONDON

bales...

the

"Salon to date under U.S. special export programme total 5,300,000 bales and ex- ports for the full season should 'ખી 5,500,000 hales com- pared to 7,700,000 In 1956-57, -United Press

W. German

Tyre Production

Frankfurt, Mar, 19. West Gorman tyre produc- tion rose to 184,378 tons last year compared with 176,479 tons, in 1956, according to statistics issued by the Rubber Pro- duct Manufacturers Asso- ciation today.

ས

14-08

NEW ORLEANS

Spot The rubber market Spol was quoted at

Estate erepe thin Apr.

thick Apr... AMSTERDAM

The rubber market was quiet, Prices closed today in guilders Der kilogram, eit April as follows

No. 1 rubber No. 2 rubber No. 3 rubber No. I crepe

2.20 ron.

2.12 buyers 20 nom. 2.31 Boni. United Prem

Singapore Stocks

Singapore, Mar. 20. Brokers today quoted the Although the development of following stock prices: production was favourable In general, It indiented that the Balu Lintang Rubber Co.

Lil. rate of expansion continued to

Dritish słow

Association

Syndicate Consolidated saic,

Opening

Iterion Petroleum

$1.77!

38/-

Tin Susteru Ori.

27/04 Fraser & Neave Lid Ord. $485 Fraser & Nease 734 cute.

the down,

One of the reasons was certain saturation of the home

pref market, which also explained why

most rubber goods pro-amona (Malaya) Limited 2.36

Hosigkun & Shanghal

Hanking Cor disducers had extended their out-

rubber put of technical

pro- Hongkong Tin Ltd. A

Kumpas Litch, ducts.

Kuala Lumpur Tin Lugos Rubber Estalos id. 1.03 New Serandall Rubber Malayan Breweries...

Petaling Tit Lid,* Singapore Cold Storage Raffien Hotel Strais Trading

Steamap United Engineers Ord Weame Bros.

Grain shippers have fixed a part cargo from North Pacle to California nt 02/01 BUT to April, while a cargo of lumber and general goods from British Columbia to Britain secured the improved rate of 03/0d per lon, for March.

from scoprene-covered material SUEZ SHIPPING

of 0.8 mm, duckness, surrounded

by a hot of Manila ropes, and

are divided into various cells

separated by plastic walls with

Suez, Mar, 10.

small holes in them. A special Mahmoud Younis, Chairman valve is used to fill and empty of the Board of Directors of the containern which, depending the Suez Canal Company, said on the weight of their contents, today that ships with a 35-foot are submerged 80 or BD per drought will be permitted -----cent

to

Output of bicycle, motorcycle antt motorscooter tyres fell 5.6 per cent and torry tyres 5.7 pực etni. Passenger car Lyre pro- duction increase more than 11

per cent,

war

the

The Association said West Gennan rubber Industry

generally not

worried about the effects of the Common European Market, but it also

$430

4/01

$1,00 31/08

$3.424

$250

$1.0310

$3.03

$0.91

1.736

4ยว

$1.10

33.1314

cumxliv, China Mail Special.

did not expert a marked in- MASS CHANGES

crease in sales within the market.

The strong position or some

big rubber companies In their

bo

BY CHRYSLER

Detroit Mar. 18.

LIVERPOOL

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

Old contract Mar/Apr: 25.40; MUN/ June: 25.70: July/Aug: 0.20; Oct/ Now! 1.35 Bec/Jan: 26.51; Mut/ Apc: 28.03.

New ztract Mar/Apr: 26.30; May/ June: 2003; July/Aug: 27.13 Oct Nav: 27.23; Dec/Jan: 27.41: May/ Apr: 27.41.

Cotton cruzeiros follows:

SAO PAULO

fulure

per

closings,

in

35 kile, were

10.03 Oct:

411,59: July: May: 41.50; Dee: inquoted,

In the United States, the average price of one-inch cot- ton

14 designated spat markets was 34.55 cents,

Total sales were 83.152 bales, -United Press.

New York Sugar Market

New York, Mar. 19. World No. 4 sugar futures cloved today 1 to 3 points higher with sales of 478 contracts.

American Metal

American Smelting

Am Sugar hf.

American Tei &

American "ob. "B"

Argsour

Atine Cons. Mining Baldwin-Lima-Ham.

Baltimore & Ohio Benettelal Flanne Bendix Aviaikan Corp. Benguel Car Bethlehem Steel Boeing Airplane Burden (30)

Burroughs Add Machine Chinpbell Step Do. Canadian Pacific I Case (3, 13 Co.

Chi, Tractor ...

Cetinere Corp.

C. I. T. Financial Corp

Chase Monhat,

Chrysler Motors

ank

Clues Peabody cvtgate-Palmolive Co. Calomblan Carbon Co Commercial Credit Commonwealth Elec. Consolidated Edmon Continental Oil ut Dei. Crown Zelterbach Cuban Amer. Sugar

laiend, Atkati Diamond Match Co Douglas Airest! Bow Cherticals .... Dupont de Nemours Eastern Airline Eastman Kodak

Paso National Gax Family Finance Corp. Firestone Tyre & Rubber Ford Motor

Ceral Electric

Foods General Molara Cen. Pub. Vil. Getty Dil Glidden Co. Goodrich [13. Goodyear TTC Cult Ou

Heyden Newport Corp. Homesiske Mining co.

Ingeril-Fond

Inland Steel Co.

It' Dustness ins The domealle No. sugar Int'l Harvester ..... futures closed 2 points higher International Nickel to 1 point lower with sales of

63 contracts.

World contracts reacted to the armer raw situation and grow Ing concern over rebel sellvily the possibility in Cuba with that sugar supplies later on may be_adversely affected.

Domestic

contracts WCTO

steady with a fair demand re

ported from refiners in the row market.

Contract No. 4 (world): May: 3.44; July! 348; Sept: 3.47: Oct 345; Mar 34 July: 2X3; Spot-centr per ib. rob Cuba): 3.43; Open inter- eat: 1,021 contracta.

natioqui markels would hardly affected by the gradual abolition of customs barriers Chrysler. Corporation is to Cantract No. 0 (domeriler: May: within the European economie make a mass change of its body BC2-03: July: 573; Sept: 5.70 Nov community-China Mall Spe- and engine building and assembly ex-duty: 54: Open Interest: 2.210 3.75 Spot-conta per lb. cir NY ciul..

operations within six plants in contracts-United ProM. the Detroit area.

The changes will become effective this autumn with the

New York Metal start of production of 1839

Futures

models. A company spokesman said that a great majority of the 11,000 hourly-rated employees would not be affected by the changes.

the

London Metal Prices

09

Internationa! Paper

Inti Tel de Tel

John-Manville Co. Entire C. Power & Light Kennecott Copper

Liggett Meyers Tob. Co. Lockheed Aircraft Loews Incorp. Lone Star Cement En. Lowennels & Sona,, McDonnell Aircraft

Stock ExgE] Meanbi Iron Corp. Minnesota Mining Mission Development Monsanto Chemical Ca. Montgomery Ward Motorola Inc. National Cash Rog." Duli Prod.

National Steel Corp. New York Central";

Olina Matlilesun Norfolk & Western Ry. Ot Elevatora Own-Bimods Olaso Oxford Paper Co. Pacific Gas & leo. Pan Amerboom Alrwnyl Paramount Pictures Parke Davie Co. Penny J. C. Co. Pent. Sell Co. Phlip Morzi

Procter & Gamble Co. Pittsburgh Plate Glos Pudicker Industriew

Radio Corporation Republic Steel· Ingers sellers Reynolds Metal

7301 Bears, Roebuck & Co. -733 Bhell Oil Co.

London, Mar. 19. Prices of metals closed today The Corporation Fak

in sterling per long ton moves were part of a long range follows: programme to co-ordinate basle manufacturing and car osembly Tin spos operations for the fullest utilisa-S-month" tion of newly constructed and Copper spot

-rowth modernised engine and body | Lest and hair Mar. building

und

assembly facilities in the Detroit archzine 2nd half Mar

sall through

the canal before

the end of April.

New York, Mar. 10. Prices of metal futures closed today

in cents per lb.

na

While the model container of

follow

100 ft (33 metres) langth is to

A sea-going tug could tow two already been started such containers.

be used for river transport, the said the canal would #co-going units will be about navigable for ships with 200 feet (70 metres) long and foot drought within two years Copper Märch have a capacity of 8,000 tone, and that work to that end had at Port

In a speech in Suez, Younis Lead March

11,40b

be

Zino

a 37

Biny March May

11.45b

I.TON 5.77b

May

23.95b

Fin

March

May

93.60b

Sald-Franco-Presse,

United Pr

China Mali Special.

cdr

Jute

17013 Baint Heg. Paper

10037

171

Binclair Oil

7416 Bocany Mobitail

74

June

3

United PreN.

Bobar Alteraft

Bouth Puerto Rico Bugat

Southern Co. (The)

Bouthern National Glas

Qits were every eccentrle. At Was close Royal Dutch

23/10. Canadian Eagles

up 2/-, Shell Transport up 1/9 and the very active British Petroleum and Burma up be-

17150 tween 1 and 2 shillings,

7012 4451

14

111

24

22

non-

German Dawes Loan assented rose £1 and that of the Young Loan £ with the higher. assented fractionally

Japanese 1930s gained £, both 401% assented

non-assented.

not

Dollar stock were idle with the

22 premium unchanged at 04-per

cent.United Press.

3

2426

49

401

277

London Foreign

Exchange

London, Mar. 19. Closing rates were:

New York Montreal Amsterdam

Bra Copenhagen

Frankfurt

Milen

Stockholm

Vienna

17015 Zurich

1043% 273

2.83-0/10-2.8145 2.75-1/19-2.75-3/15 100-10.027 139.00-139.82 19.30-10.301

11.7834-11.7614

1740-747

£451-14,55211

72.00-72,63

12271-1227

Ousers unchanged-United Pres

New York Foreign

Exchange

New York, Mar, 18, Closing rates were:

1.02-11/32 unquoted

1703 Others unchanged.-United Press.

7456 1071

Canadia

30

England official Uruguay

7132

Was done in the luca! exchange market Lhis morning at the following rates: US dollar per $11 Sterling noton (per £11 Australian notes per Indonesian rupiah (per 1001 Slam Meal (per 100) Spora (Štralia)

1

D.OL

10.00

12,40

11.20

SHU JK)

1.80

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