TRANSPORTATION
Israel Shipping New Class Of Demands English Trawler State Premium
THE
new
AN urgent request to the for distant-water fishing
THE CHINA MAIL, WEDNESDAY, MAY 21, 1958.
Page
LABOUR OUTLOOK NOT SO GRIM
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
Il intess done on the Hong-
Northella-first of a class of trawler
Israel Government for and the first trawler to be
Song Stock Exchange this morn an export premium similar propelled by a 10-cylinder d to approximately
Noon
quotations und to that granted to indus-Holmes Werkspoor diesel suenos.
the murning's trangrellort trial exporters has been engine has been launched
Barer Nayers Bellez Bales Beverley,
Yorkshire, GOVT. LOANS voiced by lenders of the ut
(12
$13,000 2 Israell Chamber of Shipping, from the yard of Cook | DANKS
700 70 304 305 Unless they were granted Welton and Gemmell Ltd,
The owners have perpetuated the Government export pre- mium, they said, merchant trawlers operated by then, The mume of several curler shippers would encounter last trawler of the same name. serious difficultles,
| an oil-fired sivam trawler, made
Five Turaolt ships, repiment history for her speed and set-
about $5 per cent or worthy capabilities and was ni
Ing?
I can' merchand Shipping erntly sold.. mapority, were already Lid up.
We Want no
otely enmuperation to make up for a gap between the real tests at the National Physical value of this I muda pobed and Labamatory, Teddington, The official exchange rate Mirthe upper works
گرده
farachi ereve pubs are alwat beradik 32 & 6 Ins
UK Bank..
Past Au
INSURANCES
Union XIA
SHIPPING
nocks, ETC.
1. Whart.. 102
25 per cen higher than thine, warks *werp 14: from Amalg
Briksh shopp .. է thedeekhouse to the eurlosed turtle nelal rate, Mojcowire det back forecastle, chippers repaithne their verzets. Avonulation for 20
Bank Rate
Cut
Can Hardly Wait Longer
By SYDNEY GAMPELL
London, May 20.
COMMODITY PRICES
METALS
NEW YORK
Prices of melul futures closej
Lead May
COPUST MAY | rin
July MINY July
July May July
10.371
2.120
6.1212
23.380
23.301
4.121
03 02ý b
Barring sheer bad luck, Britain's labour outlook today in cents per ib. as follows:
is not so grim. The stabilisation of the economy sadly lacks zest but, at a bitter price in growth forgone to Germany's advantage, it has been made robust enough to throw off hålf baked London bus and meat strikes and to put up adequate resistance against anything follows:
worse.
Unless some prima donna o, Treasury bill tender trum
side miserads the abnur
the London discount market which swore the adds are against any had misrend the signs. Despite at the strength of the D-mark. thing much worse being tempted, and pretty heavily money may well continue to against it succeeding.
come to London, negatively re- Some of the Inflow of cover-pelled from the dollar if not arbitrage anoncy went outsitively attracted by sterling.
Benk rate could not be cul again early in the week 10 May to
(techniently entailing zulu a wrek like that to May 10, purchase of some of the pre-but a cut is badly overilag avi Vlous sales of forward sterling) can hardly wait much longer, on the thenry that stering has unles
Jabour situation 201 u 1 knife edge. very turns much sourer 1111 13 vulnerable to any surrender probably.
uffalienary wage demands and
242
70 71 100 70
Lombard XD
20
Wherlock
裁
10,000 0.03
1,430 0.03
The form and propeller k
the new subsidy, Lat! design of
Pvident (0) 115 11% have been based
LAND, ETË ik af 18.00 10 0
100 # 102 30 46 102
401
11
Northusia model
the vessel
UK Land.. 5 Adler, the rhander's ebuit, que streamlined. The registered man, stated.
length is 18D it 9 ins, and the †1tumphreys
High - alty .1.53 1.571 5,000
RUBBER
1:35 £375
321 3274
15 15.40
1.00
600 18.80 1.000.70 4.00 19.70
500
18.7
et
321
1.59
►
....
TuSE
PTILITIES Trata
241 240 1,000
24.07
T
also 400 0 24.00
1,000 # 24.50
110 113
1770 17.40 7,000
17.30
20.00 20.70 500
25.70
2,000
120,15
300
20.70
Tepli
. 24 10
500
30.10
1.300 20.10
509
26.10
33.60
374.
10 14.30 10.70 24.03 TUA
75 23
26537.50
200
200
18.50
10.30
COTTONS
Textile. 4475 Nabyan
0.50 8.03
14.30
4.30
is proved! midships
In Malta ve 10 at 54 per cent more than foriden vestits, and aft, the after deekhouse since local uair bons receive being extradied on the port se export premiums for handing shnod to aroidships. The ves- foreign ships, which
reel is fitted up are
for starboarit garded as "experts" whereas site fishigur only. in such payment is made in unter shroom, with a capoelty respect of dual ships.
of 8,170 cu. ft., is lined on thi ship's side, and bulkheads aud under deck with Bruwbright aluminium.
Turbo-Electric Passenger Liner
N anBouncement 'has
made by
- נויז*
Ship Designed For
St Lawrence Seaway
Saar Sete Yaumati Light
lectric
INDUSTRIALS Criment
Ive... Any t'an STORES, ETC.
Wal
.....
MISCELLANEOUS
INVESTMENTS
A been
Sir A SHIP designed to use ver Donald Anderson, Deputy the new St Lawrence | Atird Chairman of the P&O seaway to the Great Lakes Stena Navigation Co., that has just been ordered from his Company's new 15,000- Hall, Russell and Co. of ton turbo-electric passenger Aberdeen by the Donaldson Jiner, No. 1621 being built Line Shipping Co.
by Harland & Wolff Ltd at! AL 5.000 tong dead weight Belfast, has been named she will be smaller than the Canberra.
Laverage_Donaldson ship_and.
she is due for delivery early in,
ant Diesel engines speed of
It
In this vezal British T- 1980,
-utuston are supplying two Her length is 300 32,200-kVA angle-cylinder probreadth pastors turbo-alternators which will give a service
el nemly supply indepen about 15 knots. dently w doble-unit 43,500 #h.p. propeller ΠΟΙΟΥΣ each driving one of the Two screws. Develops d frost Intel machines, a number of which huve been, rudˇare beling, built for power mation purposes, the turbines ane deed for inlet steam
Hall, Roll and Co. have
just completed successful trials
somewhat valterable
strikes.
Razor's Edge
ไป
the
The US business outlook is
100 240 any ruch resistance to those devery grim, I should continue mands as threatens to provoke bullish for Wall Street, but in the musi unhealthy fashinas imaginable
Wall Street goes up becnum the
becoine US has
ina fionary in recession as well as boom, and because the mass of bank money ereaica by the recession and the Federal Re- serve goes wholly into securt- Bes as business needs low than none of it.
300 7 15
As this is not a razor's edge, sterling can probably stay or it At the
In worst of the week question or this year it never fell out of the super quarter of
trading permitted
range against the dollar,
The Best half-year is the good half, but in the first half of last it never rose out of the lower half of the trading range By May 0. ey was coming beck fast enough to overbid the
JAPAN REPLACES
UK IN MAKING
MAN-MADE FIBRE
London, May 20.
> the cargo mutar-ship Sugar | Japan replaced Britain as second largest manufacturer of
Transporter. the fourth bulk laugar carrier built by them the past four years for Silver- lown Services Shipping Co. einlitions of 700 st. 950 and 28 ( ders, carrying a This ship Is 370 ft long, 33 ft
thegrees F.
el weight uf 41,550 tons. In As propeller erversals will be
the propelling obladed electrically. The tur-
inachinery consies of a Clark. bines nry uni-directional and, Consequently, no Bitation of Sulzer diesel engine, lastalled by
stam conditions Is necessary. ciuring manoeuvring;
nor Js
the bulklers.
theve any limitation to the astern, SHAW SAVILL
power available.
In the Canberra advantage
has been taken of the exity CENTENARY YEAR
offered by the electric drive in
1 arrangement of the pro-
* Hing inschinery, by placing¦
London.
man-made fibres in 1956 - test year with full figures available — according to a review on Indus- trint fibres published today, The United States con-
tinued as largest single producer.
Production in non-cellulosic an-made libres Increased by 16 per cent with nylon still in greatest production, a newer produe sterylene, orlon and Perilon -
developing popularity.
were
The review, by the Com- inbawealth Economic Committee, said the Industry's capacity was being expanded In a major producing countries, and by the end of 1958 was expected to be at least 1,400 million pounds- was founded In 1859 by | wire as grant as in 1950. Itober! Edward Shaw Arthur Savitt when they droid-
The Shaw Savill Tre volt,
the gbe well aft to rave the brates its centenary this your.
omidsblps clear for passenger accommutation.
THE SS
ATLANTIC
New York.
It
nna
el to establish a regular ship- to New Zealand. ping service
Siren the end of the last war, The Shaw Savill and
Record Level
fibres,
World production of ali chier industrial
except cotton, rese
record
to a new Albion
sevel during 1956-7.
Argicgate Albre production
In the free world was slightly
Line has been almost entirely American Bunner Lines has rebuilt. Only seven ships of fla nopuneed that its new liner, į present-day Beel were Ütült be- The 18,100-lon Atjantie -- the fore 1947, while since then 23 | higher than in the previous Tatted Slates' first tourist-class ¦ new vessels totaling 271,651 trans-Allante passenger vessel i gross tons have been "actics ar --will make Its maken voyage ordered. The fire's latest pas from New York to Zeebrugge | senger ship is the 20,000-ton
Southern Cross, At Amsterdam on May 22.
The Seskar, East of the 20 Arctic trawlers built in, Britain for the USSR under at £6,000,000 contract, glides down thò alipway at the Brooke Marine Ship. yard, Lowestoft, England.-Times Photo.
man-
season, and the estimated total of 28,300 million pounds was the largest ever recorded.
Total fibre production in the Commonwealth
to continued rise, with appreciable increases In wool, colton, sisal,, made Obres and jute being re- corded, compared with the pre- vitus reason, although Rox cul- put continued to fail.
World consumption the mali appar fibres iperensed auring the year by four per cent overali, "but stocks fell.
Cotton stocks fall for the first
ત
Singapore Stocks
Brokers
Singapore, May 21.
today quoted the following stock prices;
Gammons (Malayal Limited $2.0
Bald Liniar Rubber Co.
LIU. Brit turns Petroleum
Syndicate Connolichted To Setter
Dr. Fraser Neave Lul Ord. $3.50 Fraser & Neave Hate cim,
Dref.
Opening
$1,57%
47/-
$4.05
Hongkong & Segal
Banking Corp.
$120
Hongkong Ti`LAD.
4/91
Rusipan Ltd.
$1.50
Kuala Kambar Tin
27/4
Lunas Itubber Estates Ltd.
$.01
Malayan Breweries New Serandah Rubber Co.
$3.501
Hames Hold Storage Singapore
$2.57:51
SH
20.7215
30.921
20.90 $3.07
Petaling i Lld
Sleats Trading
Straft Steamship United Engineves Ord. Wearne, Bris Special.
Lick Honey
Wall Street can continue to lick honey of thorus, but that is what it is doing.
Investment The upshot Es mode easy. Strikes strikes, Book Itale cut or no, slogging or Sucking of
or ຕາຕາ
S
particular now Irsuc, capital and
credit
are Inexorably moving to the phase where typ much money will be chasing. ton few barrowers, 50 that burrowers will be calling more of the turn.
Where capital and credit are moving frum lender? 1) borrowers' markets, gentlemen cun safely prefer bonds.--- China Mail Special.
in
LONDON Prices of metals closed today
sterling per long ton as
Tin
προτ
-
Copper spot
3-moniis
Lead 2nd half May
Lead 2nd half Aux.
Zine Zad hal?
Zine Ind
half Aux
Cution future prices were unavailable from Sao Paulo,
10
the United States, the (average price of one-inch collon ni 14 designated spint markela vrax 34.80 cents.
Total sales were 19,937 bales. United Press.
FOREIGN EXCHANGE
NEW YORK
Closing rates were
Chada
Buyer Seller
England offelul
720
100%
Australia
72314 134
New ratetiri
177+,
177
Smith Alrea
179
13
720
Frogtay
זנו
*
United Pre
COTTON
NEW YORK Prices of colien closed today as follows:
Spat: 16.30 July: 38.22; Oct: 30.16: Dre: 36.87; Mar: 37.21; May:
37.22-24: July: 38. 15: Def: 15.
NEW ORLEANS
Prices of cottan futures closed i today as follows:
tinued interest in nearby ship-
ment.
u. 1 rubber per l, June 223-13
July 17 No. 2 rubber per il, June 7022-704 Min. A rubber per lb. June 04-24ly Nu, rubber per 10 June oladi? Sput ribber unbaled Blanket crede
No. 1 palu repo
LONDON
732-34% 55-57! 7716-7014
The rubber market was steady. Prices in pence per ib, ziosed as follows:
No. 1 Ras pot
Ju.....
Oct./Dec.
Jan./Mar.
2111-22
Settlement fic term:
July/Sept.
2036-2176
21-23
217-2216
2:11-22
ApriTune
unquoted
General market, if basis,
May
1.03 15/02
211-2134
3.01 73/10
2.23
2314-2010
2.80 13/16
7:02 3/10
.0073
.1013
Tirazit
Others unchanged.
LONDON
2.01 11-23 13/10
2.72 7/16-272 0/10
10 597-10.ML
130.45-120.50
closing rates were:
New York Montreal
islan
Arla Frankfori
11.78-13.71
Milan
174715-5708
Storkhai
1223-19.24
14.47-144714
Others unchanged.-United Press.
Zurich
RUBBER
NEW YORK
Spot: 33. Juty: 30. get:! 14.15: Dee: 36.901 Mart 37 Myrd unchanged to 25 points Rex rubber futures, todny 37.26: July: 36.44: Det: 31.07.
LIVERPOOL
higher with sales of 61 cutArnels. Siny: 25 30 July: 23.70: Sept: 28, Nav: 23.00: Jun 23.30: Mar: 2520 Alay: 26.50
June
July
Pate p
thin June
thick June
231%
United Press.
SUGAR
New York, May 20.
futures World No. 4 sugar today closed unchanged to one polat higher with sales of 71 contracts.
Domestic No. O sugar futures closed one point higher to one point lower with sales of 13 contracts.
Contract No. 4 (world)
یوانه
Sept.
Oel.
1.40 3.40 3.48
Mar
July
May
3.45
Spot-tools ner i fob Cuba
Open Interest: 7243 contracte. Contract No. 6 (domesfle }
All prices
AMSTERDAM
were unchanged
| Nov.
July Sent
today,
Mar.
Mixed Contract; May:June: 25.65;
Ort:Nov: July/Aust: 20.10;
24.50;
SINGAPORE
The
May/June:"20.
'main fendure to market today has been the cʊn-
the
Spoi-temats per lb. rử NY
ex-city......
580
Ope bilerest: 2.318 contract, United Prem.
Cotton future closings, in pence per lb. were as follows:
American Contract: May/June: 20 36: July/Aug: 23.00: Oct/Nov! 20.33: Dec Jan; 25.033 Star/Apr: 28.63) May/June: 26.03.
DeeJan 26.96: Mor/ADE: 77.20
Top
Stocks Strengthen
As Buying Switches
ADVANCE ON BROAD FRONT
New York, May 20.
Stocks advanced over a broad front today with leadership
switching to the higher-grade groups.
Auto Plants The recent speculative favourites the low-priced
To Shut Down
Detroit. May 20.
Words Automotive Reports
Acid
autos quieted but ruled firm. The high priced auto leaders strengthened with Chrysler
up nearly a point.
QU
C.LT. Financial Corp. Chrystor Muters Cut Pestody oil issues. Top-ranking chemi-Colgate-Palmolive Co. cala, communications,
Real lendership rentred the steel, railroad, aircraft and
6114
Standard Du of Col
Standard Oil of Ind. Steep Rock Toronto Exp.) Sterling Drug Co.
Stokely Van Camp
Hidebaker-Packard Cup, Sunahing Mining Swit& Co.
Taxas Co.
extron Inc.
The Water A. Ou
Time Inc.
02% Tuentieth Century Fox Fi
and tobacco strong,
groups
ruled Commercial Credi
metals, Cullinblon Carbon Cd.
30
Union Carbide
55
Union Out of Cat
Commonwealth Bre.
21
Union Pacific Naliway
Consolidated Edison Continentai Oil at Del
54
United Aircraf
SU
United Gas Corp.
Demand for steels
Crown Zeberkach
48
than
Cuban Amer. Suar
U.S. Fail "B"
Blamand AllON DIA Match L'a
Dow Chemical
sent the group up one to more last weak that two points. The rise was help- Detroit area auto plants | ed. lung by lour week9 of Daugian Alroraft will be shut down within risg production for the steel six
weeks and industry. Atrefalls or seven
to prospects for higher earnings the shut down will last with big government and pri until September.
The report made crystal clear why the aulo companies are not as fearful of a usilon strike this year's contract negotiations
in
vate orders mounting.
responded
Another Rise
Dupont de Nemours Eastern Airline Eastman Koünk
Et Paso National Cas Fully Finance Corp. Fitte Syre & Butaber Ford Molor
General Elvetile General FUN
General Motors Gen. Puh. UAH.
as they have been in previous After the close the stock: ex-
change announced another rise; četly Oll
years,
Wards declared "the factory in the short interest to a new unemployment gluein will be 27-year high,
quickly followed by a fourth-
Of 1,170 KAUNG traded, tas burst of quarter
production advanced, 227 declined, 238 held prosperity that may rival 1955."
unchanged. New highs were bli The Statistical Service Agency by 90 stocks and new laws by
and Publication sad its predie hon is based on Buccessful
12.
New York Stock Exebang
culty, hedl. exdiv.-China Mšilj summer clean-up of 1959 model volume was 2.500,000 shares
UK Warning To Butter Dumpers
called
to the
eurs to "clear the decks" for all-out 1959 model production. MODEL CHANGE
Gen Tyre & Rubber
fidden Co.
Chorztch 38. F.) Cu Goodyear Tyrr
tuner Alrerafi Cu all.........
lesden Newport Corp. Heineslake Mining Co. Ingerult-Hand
Inland Sirel Co. Interchemical Corp.
rat', Business Machinex Int Harvester
New York Slock Exchantemational Nickel
| bond volume was $5,420,000.
American Stock Exchang
; volume was 700,000 shares.
Dow-Jones closing averages
40 bonde
Inferintiola Pauer
Tart Tel & Tel John-Munville Cu
23'4 UA
V.B. ber
09 1.5 Siretung SUR Alert
177' Warner Bros.
als
Westinghouse Electric
10425 Western Union Tei. Co. Wert Va. Pulp & Papel Woolworth
971
420.81
14ggott Meyers Tob. Co.
kend. Atrerait
Kanne C. Power & Light Kemeralt Copper_
4711
101
3107
24
Loewa (Frenṛp. ....
ne Star Criment C.
136 BTwenstein & Sons
137.50
90 05 McDonnell Awcraft
Stack Expe.) .... Miesal Iron Corp. Minnesota Mining Mission Development Monsanto Chemical Co.
Prices
20
70
22
Wards sald General Moters were: will begin closing its Michigan 20 industrial ssembly plants for 1039 models es
23 TOILE changeover in July. It sakias Rincks London, May 20. time. since 1930-51, with Sir David Eccles, President of Chrysler Corp, will shut down sustained consumer demand and
The Board of Trøde, told then late July or early August and a future price index... American Alsporal of surplus House of Commons
Ford will halt 1958 model build-
Closing today that indings. Wool and Jule stocks the British
Government had on September.. aisa decilutá.
Wards said May aulo sales on Sweden and Finland
sinco January, Alden Ine. Any. Allied Chemicals World Prices
to stop dumping butter on the were the best
13,771 units Alled Mills End.. British market or to restrict with an average
daily in the Arst 10 dors of All Chalmers World prices of cotton, silk, the safes
agreed May, compared with 13,330 and Am. Brake Shoe flox, and asal were lower than
Bmlis
He said the Government had 3,500 in like periods of April America Afrins
Ain, Cable & Radio Corp American Cyanamid Co. in the previous season, white told the two countries that in und March,
Wardi said 1958 model Inven- Amer. & for. Power prices were notleenbly higher. the event of their failure 10 turies on next Sept 30 will be Am. Gas & Electric
This request, ot" level substantially below Am. Home Prod. The Commonwealth produced comply with
Linpose
them. Mach, & Fdry, anti-dumping the clean-up Inventory st
American Meis Inws on their butter,
kume dates in both 1957
and American melting and the newer man-made fibres The decision followed recmut in 1950." But the publication | American Tel
negotiations in London between said this will than in the previous sensei),
be achieved by American Tod, "D" and New Commonwealth produellon of Beltain
Zealand "slashed production and bleak Anaconda Copper THYON and hard hemp
unemployment." alsu France-Presse.
Words sail Ford and Chryster Atlas Cons. Mining Increased, but output elsewhere expanded oven more rapidly.
resumed operations at some BaldwinaLdma-Ham.
car Baltimore & Ohio The total cotton crop in the
Benedelai imanes |non-Communist world during 1956-7 was three per cent down
wool, Jute and
Manlia hemp
a larger proportion of the would world's output of cotton, wool
+
Exchange Rates plants last week and US
on the previous season, chiefly Bustnem was done in the local because acreage restrictions in | unođijelat
market cliangs
week
Armto Steel ... Armour
production rose to 80,738 com- Bendix Aviation Corp. pared with 70,500 last week and Benguet Cuna.
of Bethlenein Steel 127,390 in the same
Booing Altplane Dodge and De Soto in Detroit Barden (The) Co returned to work last week, but Burrougle Add Machine
Campbeli Boup Co. Chrysler in Detroit and Edsel Case (1. 1. Co. and Studebaker-Packard halted cit. Tractor 100 production-United Press.
the United States brought a fivetonitig at the dullowing råtes:--.
13. dellar (per {per çini cat in output, ..
titorling nates (par (1)
Wool production, on a clean | Alstralian nates (per 41), *** baalt, was six per cent greater Ham tical (ber 100)
Indonesian rupiah (per 100) than in 1955-8,--Reuter,
Singapore (Straško)
1957.
5.19
1
10.00
20,45
Celanese Corp.
Montgomery Ward
Motorola tne.
National Biscuit Co. National Cash Reg. "A"
National Dairy Prod.
341% National Lend
1799 || National Steel, Corp.
5%
New York Central
475 | tun, Mathieson ...
13
Owen-tilinola Clam
431 Oxford 'sper Co. Bon American Airways
Pararmint Pictures 344 Parke Davis Co. 214 Penny IC. Co.
177
Peno, Salt Co,
Phil Morris
601 Proter de Gamble Co. 4973 | Pittsburgh Plate Gla
455 | Pubilsker Industrien
14 Pure Ou................... Radio Corporation
0
1934 (Radio Corp. Pref.
2815xd | Haputlic Suel
2915 Reynolds Metal Lasers, Rueluck & Co.
1% Shell Oil Co.
40% Salt Rer. Paper
404 Sinclair D
Bocony Mobloll
0014
lar Aircraft! Fouth Porto Neo Bugar Bouthern Co. (1779);
19
0196 Burn Raliway (Com.
15% | Standard Branda
Routhern National Ga
(Am.
-United ProT.
London Has
Another Quiet Day
London, May 20. Markets had another quiet day, daunted by the obscurities in the French situation,
There
was fresh discussion of the possibility that economic developments might drive the United States to raise its buy- Ing price for gold,
As a result British buying of sjed | the well-known South African
$515 shares
was distinct fcature. Shares of finance house; gain- 419% | ed 3/- and those of some of the 4544 producing mines rose as much
us 2/-.
0173
244
INDUSTRIALS
Industrials" in general moved few pence. Tobaccos active and some of the
эта
761%
Only
wore
50% chain stores were
wanted. On
the other hand, steel shires
xd were inclined to weaken on re-
74 ports of falling orders.
Germana were inactive.
Only
49% movement in Japanem was a riso of 102 in the non-assenfada [of 1910. Dollar stocks tended easter wib their premium down 1/4 to 3 per cent.
British Govercmenta Where practically Immobile, bacing Occasional ráovements of, 1/8, ith United Press.
No comments yet.
Private notes are available after approval.