1958-05-22 — Page 9

THE CHINA MAIL, THURSDAY, MAY 22, 1958.

THEME OF MONTREAL MEETING

TRANSPORTATION HONGKONG

FRENCH CARAVELLES TO GO THROUGH

THE first

FATIGUE TESTS

jet

three Caravelle

airliners Scandinavian Airlines System will put into service in 1959 have reached advance production stages at Sud-Aviation's Toulouse factories, the airline announced,

At the same time, the French

aircraft builder has

completed

the preliminary phase of

three-month fatigue test uring a

prototype Caravelle and a glant,

INDONESIANS

TO

rcially-constructed water tank BUY KPM SHIPS

SAS sak that, on

the pro- duction lipe, a portion of the wing structure aiready has been

joined to the completed fuselage or SAS Caravelle Number One -Finn Viking.

Finn Viking will be ready for Alight later this

Best tem

ita year. THE FUSELAGE

SAS The tuselages Caravelles Two and Three also have been completed and moved Inle forward construction stages,

Six

of the 500-mile-hOUT France transports-world's first medium-range Jetimur-will be dollvered to SAS in 1959.

The airline has an option on 10 more.

will The Caravelle By SAS routes in Europe and the Near and Middle East.

Djakarta, May 21,

STOCK EXCHANGE

Our Own Correspondent

Business done on the Hong- i

Stock Long

Exchange this morning amounted to approx!- my $356,000. Noon quotations

and the morning's transactions:

Buyers Sellers

Hiires

RANKS YIK Bank ..

East Anda..

INGVRANCES

Valon Lombard XD

Bales

700 7075

40703 111105

122

i

71 70

Auto Nav... 1.23%

SRIPPING

Wherlocke

0%

2301276 0001.275 15 3.500 2.10

TICKS, ETC Provideni

101% 11.50 1

TEZ (1,50

.....

3215 921,

15 10 40 1.425 1.375

RUBBER Amate

N Indonesian firm might Dock A A buy ships from the h.P.M. (Royal Dutch Steam-LAND, ETC.

1k Hotel packet Company)

WIS

Expansion Of Commonwealth Trade

London, May 21.

The Earl of Home, British Commonwealth Relo-

tions Secretary, sald here today that the forth coming Commonwealth Economic Conference in Montreal would have three main themes.

These would be:

*

N

interest and A common purpose in expansion; Common missmertn whleh could be exchanged to inutual benefi;

مرغ

The sirengthening of the sterling area (greatly in the interest of the dollar areu). af inter- The expansion

A general goodwill which Commonwealth trade.

converted to could the emphasis Because

advantage into the old and the great both in

joint on evonamle endeavour. IN 'new Commonwaith

Lord Home described the Idea development, the provision of

the to hold the Montreal Economie additionn)

And capital,

Conference uexi September ne i machinery through which it may

Cana- to the maximum "Canadian initiative- Le employed advantage of the Commonwealth.dian Inspiration."

He was addressing a lunchron niveting of the Candian Cham- ber of Commerce here.

Antara jjiż Land .. The 2003 & 2 responsibilities of empire alone,

news agency said today.

startsulateye KPM. which used to opettele - Really

In the land costal services

banished from republic, Indonesia during the "regain West Trian" campaign last year. The company has announced that I plans to sell some of its

older glips.

Pusaka Antara sold Itata Limited of Surabaya, East Java, were considering buying some f these. Å spokesman for The in touch company said it wus with KPM, the agency said.— Reuter,

Sud-Aviation's extensive test Train Ship Makes

programme-tarted

ir. May.

1085-meanwhile moved

un schedule.

abead

A prototype of the Caravelle peelically built for the test serles--was wheeled through

the narrow, winding streets of Toulouse and into a huge water tank structure. WATER TANK

t

Maiden Voyage

A

NEW type of vessel has maiden made her voyage from Heysham to Belfast, carrying railway containers of various types.

She

the expands

daxr- for service

traders, t-door

been developed by which has

The water tank is located RAT-the. French government ronautical testing laboratory, The actual test will not begin the railways for more than 20

years. When it бълг several weeks

The ship tank and prototype dres, the

will belled with weight tons Juselage 43.000 eulile feet of water, then pelse, the first

vessels ordered by British Rall-

Amplied, then-refiled.

al

UTILITIES

Train .... Stor Ferry.. Yaurnati

vzta 263 9 20%

1343 375 10,000 1.35

1.25

24.00 24.50

140

04 034%

C. Light, 1720 17.40

Certrie

2400 24.10 Tekutione. 26.10 2030

2006 17.46 630 17:40 10

8317 21 GO 21126.50 Sod 20.10

INDUSTRIALS Cement

Tope

22.20

13

Aloy Can.

STORES, ETC.

37%

16.10 10.20 10.70 10.00 107

5 19.10

4.43

Nanyang ... INVESTMENTS

8.30

Allied

1.30

Dairy Watross

Craw.

LOITONS Textile

He said that for many genera tons Britoit had carried their

"Now

and vigorous young partners are seting for them selves the manning of the new and are ac- Commonwealth

responsibility of ecpting the making it a going concern.”

Greater Tonic

no greater "There has been tonic thinn Canada's proclama tion to the world of her faith In the Commonwealth conception 311 the Commonwealth is

the reality-and in political economic prizes of Common- wealth co-operation and unity," Lord Home declared..

Speaking about the challenge

in-

100 1030 to the new independent coun- Irics of the Commonwealth,

Ukit Lord Home sald dependence did not by itself secure prospertly in a highly competitive world,

After analysing statistically

Statistically

the notable progress miude in liberalising Canada's Insporti into the United Kingdom.

COMMODITY PRICES

METALS

NEW YORK Prices of metal futures closed July

today in cents per lb. as follows: Lead May July

Zina May

July

Copper May

July

Fin

May

July

LONDON

ton

10.36h

מב 10

2. ib

230

23849

D4.000

D.352

Prices of metals closed lodpy

Buyers Bellers

730 730

734 721

170 171

28388623

お

Brot R No. 1.

22-222

Spot

Balenient hottro torn:

July

JUHO

Coi.

July/Sept.

Dec.

Oct/Dec.

Mer

Jan/Mar.

21-22

May

July

Apr/June

General markets, elt bnzje, ports:

Oct,

May

▷ Duyer

June

Fatale crepe thin Jung.. thick June....

+229 211-2216 237.

LIVERPOOL

closings, in

25.70

20.27

20.70

27.06

Mar/Apr.

May/June

27.48

American Contraci

May/June

25,00

July/Aug

25.53

Dec/Jan.

Mar/Apr.

20.03

May/June

BAO PAULO

--Viies Prem,

Cotton future

penco per lb. were as follows:

Mixed Contract

Atay/June

July/Aug.

Oct/Nov Dec/Jan

FOREIGN EXCHANGE

in sterling per long follows:

NEW YORK

in mod

Closing rutes were:

I-carth

Copper spot

Canada

1.03-17/33

invata

Argentine

,0230

1

Brazi

0014

Lend 2nd Half May AUL Zinc d ind? May Aug

7134

72 01% 63

Uruguay

1050

Otters unchanged.

Canadian doline raten;

United Fre

Apot clos

Futures 30 days

no days

d+nxonish

RUBBER

Lord' Hüme wild. "We greally | welcome" the clear call by tur

Rex Minister, Mr Canadian Prime John Diefenbaker, for more capital and more importa from the United Kingdom.

The United Kingdom would respond with enthusiasm.

He concluded by saying that In building a strong structure of trade between

them, Britain and Canada could take their places with "confidence in the vanguord of Commonwealth expansion."--Reuter,

Quiet Day

"The ecotumle aims of these are huge Increases I agrThe

and the cultural output

de Industries velopment of heavy

Exchange Rates bad on natural resources.

of two

Bulness was done to the

market 000 dead-nofficial exchange is the

murning at the following rates: Container Enter- U.S. dollar per #1)

sucti Sterling notes (per £3)

Australian natos per Ell ..

1094)

this

5.79 18.01 economic future." 12.43

"If they are to succeed they must attract capital from outside. Their prosperity

depends on their ability to establish conTM political and Adence in their

Indonesian rupiahs (per 1007-

8:00

He said that a rough sketch 20.43 proved that all Commonwealth

countries hid:

In

London

NEW YORK rubber futures today elosed 30 to 40 points higher with wales of 60 contract, Prices; May: 25.00: July: 26.10: Sepi: 20 10: Nov: 20.00: Jan: 2539; Mar: 23.00; May: 25.90.

AMSTERDAM

Markel forse

OLL/NGV.

Prices were all unquoted to.

day from Sao Paulo,

โร

the United States, the

1:03-17/32-1.03-9/15 пverage price of ono-inch cotton 1.05-37/12-101-9/10 of 14′′ designated spot markets

1.03-12/22-103-7/18 1.03-27/04-1.072-23/04

1.03-1/65-1.00-31/51|| 1.03-1/2-1.03-3/32

ng-United Prem,

LONDON

Closing rates were:

New York Montrest

Amsterdam

| Brussels

Copenhagen Frankfurt Milan

Sineklik

Zurich

2.01-11/16-4.41-13/ig 8.725-2.723

IN-10 Bula 130,4744-130 50

19 3518-19,3014

11.712-11.71

114012-1747

14.478; - 24,47%

was 34.7 cents.

Total sales were 15,703 hales,

-Unlled Press,

SUGAR

New York, May 21.

World No. 4 sugar futures to- day closed unchanged to three

201. Osin Paris. Vienne un paints lower, with sales of 97 changed United Preau. market

The rubber

war stendy. Prices closed today in guilders per kilogram, clf June -au follows:

No. 1 rubber

No. 2 rubber

No Mubber

Nu.

crepe

2.15 nom. 2.10

SINGAPORE Futures, in straits per b., fol Baluyan ports, were:

Nu, rubber Juns .......

No. 2 rubber June No. 2

Spot rubber unbated Blankel Crepi

No. 1 palo crepe

COTTON

30.00

contracts.

Donostic No. 6 sugar futures closed unchanged to one point higher with sules of 74 con- tracts.

Contract No. 4 (world)

348-40

July

Sept.

NEW YORK

Dri.

Mar

Prices of callon futures closed

Blay

July 733-26

74-741%

1oday as follows:

Ju

11-92

Spot

30.20 noin.

Hept.

03-035

July

Oct.

.30.38

Spot-teente per i fob Cuba) 47 Open interest: 7,201 contracts

02.03

7436-747%

13

36.70

Contract No. § (domestic)

Mar

31.01

July

5.10

561-53

May

31.05

Sept

5.80

16.00

July

Nov

Out

Mar

market

was

NEW ORLEANS

Plices of cotton futures closed |

Spot-tcents per 1b. ct NY

ex-duty]

5.20

| Open inter-1: 2,312

contract.

today as follows:

LONDON

The ruber

stendy witbot quoted at 22

London, May 21. penco. Prizes: international situation

was less alarming and the local trade union impasse beginning to yield but buyers refused to come into the stock market. Turnover on a very quiet day. compared was 8,170 bargains with 13,351 at this time a year

nctive sector The only ron! was that of gold shares. Financial Times gold Index. which stood al 65 » year ago, was 16 today. Some of the bal ter known rose another 2/- to- Joy.

ago. into the way for the Northern Ireland

The water pumped

will Service. With a capacity for t fuselage under pressure

ronditions in alet 65 large containers, she duplicate

different will improve the service be- Bessurised cabin

Heysham tween

and Belfast Eltitudes.

Frogen divers will check the which has grown from a total fuselage for signs of fatigue of 17,243 containers in 1953 to

der water pressure. The tank 25.225 in 1957. and fuselage will be omptiert esch night, and the pruletype checked again.

1

This process will go on day LAID OFF TANKERS

пл-

after dry until the test Caravelle 1:|:༢ "uged"-equalling sume

T flying hours 30,000 proximately ten years

perating ifetime of a cummer- cial airliner.

UNDERGOING

In the

Another patatype Caravelle, water rimilar to that in the tank. Is undergoing an extensive series of static tests.

New York, May 21.

list of laid-off tankers all

over the world has reached

charter

363 vessel totalling 5,8524,018 tons, deadwright broker today.

n

of B4 tankers since April 1.

Wus macie The report

by Weber Company Charles I. whleh said that 98 tonkers had been deactivated since April 1 und 32 telurned lu service.

Stum ea) per 100)

Singapore (Straits)

1.00

STEEL PRICES

EXPECTED TO GO UP

New York, May 21.

WERE STRONG

The

British Government were all very quiet and mostly unchang- ed. War Loan rose 1/3.

Olla were strong with Royal Dutch up Shell up 3/0 and British Petroleum up 1/8.

Blue culp Industrials were steady but ilses of as much a 1/- were rare.

Trench was heavy

United Press.

Railroad Shares Active

On Irregular Market

Клини

WALL STREET PRICES

New York, May 21. Strength in railroad shares and special issues stood out in an

irregular, active stock market today.

Gains in the rails ranged to more than two points.

..

Publieker Industries The sperial had advances running to three dio Corporation points.

ker reported on aeroase Steel price increases on July 1 are a definite possi-buying of Suez Canal shares Steels turned irregular with Case (3, 1) CA

bility, according to steel market opinion. This which jumped £1.15.0 to £54, the exception of a few streng Col. Tracur prospect, however, has failed to attract any idle. Only noteworthy change in lost part of their rise. Most of ‡ Chase Mantul. Hook ( significant new buying. While kleel ordering, "nided sheets and timplate are moving Press,

well, due by seasonal considerations, hus quite

and are past factors, improved slightly in the

Huge, heavy lend strips are hung from various parts of the

to simulate the effect The total number of Ameri fuselage of wind and other forces on the enn-fog tankers tak up is 49, bidy of the airliner.

totaling 776,451 tons, the report Sud-Aviation's 10 aying added. United Press.

One" otid prototypes "Zero "Zoro Two"--also are complel-

scheduled portions of the Y

demonstration and

ing

trs!

gramme.

"TO

One"--the

Laboratory-h

prow

Flying

Assembly Kit Yard

logged more DEUTSCHE

of

f

The

Werlt. forerunner in Hamburg, a than 1,600 flight hours since itssembly kit yard technique. maiden Right in May, 1935. It

Just launched the forepart of a Hilted / th equipment for

34,200-Idw ore carrier ordered instruments, terling

electrical

by thu Disto company capacity, zral other related parts Guerissen & Klaveness, of the Jetliner,

"Zero Two" has just finished section will now be welded to the carrier's rear part which left "Opiration

White"-a Snowy

the slip fast December. month Ot grotund and cold

When assembled and equipped weziber tests In

northern with a 0,000 h.p. AEG turbine, the vessel will reach n 13.5 khot cruising speed.

Sweden.

"Zero Two" has flown more than 200 nights, logging in

excess of 500 lying 'bourse,

Finn Viking with the wings joined to the fuselage.

to seasonal

helping tu w weeks, little of it is as Inaintain sheet operations.

strip Automotive sheet and elated by steel companies with customer anticipation of further buying has practically dried up, prlee rises. At the sama time, it is reported, although there a slight furry during the these Increases are expected to was fall considerably short

from one manufac- of the past week estimated 20 cents hourly rie turer. Sleelmen say they expect no substantial automobile steel flabour costs provided uy eristing contrucis.

orders until buying starts for 1939 models, but they feel this

Are Likely

could show up as early as July. Steel production has continued

One trade quarter, in a poll of the industry, sald steel prices to edge higher. It is scheduled nt 1,400,000 tons in the week to would probably rise by four to six dollars per net ton, But May 15-an estimated $1.8 per this would cover only about half cent of capacity-against 1,334, the increase in wages and other 000 tons in the previous week and 1,288,000 tons a month ago. Pick-Up

costs.

Steel Industry observers may that because of this gap, steel producers are likely to run the

However, this has not been risk of drawing criticism from relected in much, if any, pick-up Washington, puiting pressure on in steel mill buylog of scrap. customers prouts and the pos- Export interest is is quiet, sible lost of business to com- Scrap prices are holding steady peting metals and foreign mills, at most centres,

Germans WETE completely spots.

Oils moved higher but C. L. T. Finnücial Corp.

Chrysler Malere Japanese was a rise of £1 in the the uhrerafts held in a nar Cluelt Peabody 1930's non-assented. United Tow area. So did nutos and | Cute-Pabnolive Co

chemicals, Tobaccos were irregu. Colenban Carbon Co.

Commercial Credi lor. Motais had

severni good Commonwealth Elec.

Comunidated Exilann gainers.

Continental Dll of Dei. Crown Zellerbsen Cuban Amer. Bugar Diamond Alkali Diamond Maten Uu Douglas Atreraft Dow Chemicals Dupent de Namuti■

Airline

turned

Sales Of Super Low-Price Cars

National

Theatres

theatres petive Inte in the day with single sale of 300,000

shores

In America

Rise

Detroit, May 21.

now

1590.

and Trane had one of 10,000 Kedak chores, Shipbuilding ruled strong.

·Of 1,167 issues traded,

El Paso National Gan Family France Corp. 542 Firestone Tyre de Rabber

Ford, Matur

General Electie

Genera Foods

General Motors

Clen. Pub. Util

Gen. Tyre & Rubber Getty

Wards Automotive Reports advanced, 390 declined and 265 today in its annual year-held unchanged. A total of 140 highs for the book said American buy-issues hil new

year while only B touched now ers have created a

Jows. market for the "super low- New York Stock Exchange | Glidden Cu price" car, beneath the volume was 2,580,000 shares.

| Goodyear Tyra. New York Stock Exchange i grumman Alterati perennial low-price mar

bond volume was $5,740,000, ket.

American Stocks

Exchange volume was 780,000 shares.

Dow-Jones closing averages

The 20th edition of the Words Automotive year book said:

quantities steel market. While none of leasing

well- of

at sharp un granted open hearth screp them point to any Turn in demand or production. surrent price levels. They ure fortifying Industry Licensing of recap for export opinion that the steel recession during April was the lowest for speed up, Motore

General

1958 month to date,

any

lost month

totalled

the

1 uitee

"A spectacular rise of were: ported car sales during the 50 Industriais past three years has beatirred res Sellers admit S. auto manufacturere toward as ste

a new breed of 40 bonde.... Meanwhile, mildly' encourog- there Is plenty of tonnage coping with Ing things are happening in the around but they are not re-competition. Top-level decisions Comm. future price index

Closing Prices this year will bear importantly on the future,"

Alders Inc. Aky, SPEED-UP

Allied Egginteals Allied Mila ing. This evidently referred to

Alla Chalnone programmes #L Am. Brake ho

Chevrolet | American Auring may have at last bottomed out.

This has not affected various Institute of Scrap Iran and Bten get smalt car plans ready if Amer. Thren Power

Division, Ford and Chrylser to American Cable & hadlá Corp.

American Cyanamie Co, smaller producers, but among reported. Tonnage Kiceriae:

markel keeps growing. Am. Cue & Clectris the large steel producers, re-

259,033 10 ports are general that orders

American Meta] are up slightly that May will against 400,978 tons in March. Chevrolet and Ford reportedly Am. Home Fron the market by autuma, 1959, intricata Brnerling probably be a better production. This brought the four-months could put their light CATS

Am. Sugar fat, given the grćen light,

Tel & month than April and that Juns aggregate to 1,375,749 tons com-

Wards

#nationwide American Tou promises to be as scolar pored with 2,621,076 tons

corresponding 1957,

survoy shows close to 2.500 Anaconda Copper helter then May.

The Institute pointed out, frutependent dealership and "an- | Armour" however, that the early part of other 7,500 dealerships handling Ates Contine

Ballimore w. Ohio' The steel market is receiving 1007 was marked by a strong U. S. care are now selling Im-Baldwin-Lima-lam Bestiola) Finance support from construction set deround for licenses, which in ported cars.

retrospect, was abnormal.

"Continued strength of foreign | Bendly Aviation Corp. vity, bolstering demand for such products as plate, structurals sold lack of British buying and car sales this year" Wards Hours Guid and reinforcing bars. Blandand the slow rule of purchases by ald, "could prompt a produs none Alpe

breakthrough for small pipe demand has also picked up, Japan were the principal factors on Felecting the spring uption in in this your'e oxport #crap plo- Ameriojn care is early as 1929.

United Press│ fhomme building. Galvanised turo-China Mall Special,

Construction

101

علة

Armed Steel

Bathisham Steel

ordna trágico,

mughang Machin Canadian Pelso

114,01

77.10

03.11

Goodrich (B. F. Co.

Gulf Oil

sden Newport Corp. Mining Co. Red-Rand Inland Steel Co... Laterekteintent Int'l Burtnieka Alechine

·Tati Barverlor

Cors.

International Nickel Zatestational l'aper

153 Das Tel & Tel

John-Manville Co.

157.09 Kansas C. Power & Light ..

Kennecult Copper,

Lipsti Movers Tob. Co.

2015

Lockheed Aircraft

45-14

Loows incorp.....

Lone Star Cement Cn,

Lowinment S

36% McDornell Aircraft

Stock Exge.)

Meszbi Bron Coro. Minnesota Mining

13% Milon, Development 43|| Manmanie Chemicol Cəl Montgomery Ward

Mefninia Mhe. National Biscuit Co. National Cards (eg, "A" National Dairy Prod. National Lend .... National Stesi Corp. New York Central Qin Mathieson Ofis evators.... Owen-Inola Glam Oxford Paper Ch Thelds Gas & Elec. Hon American Always Paramount Pictures

45 Pucke. Juvio Co. Peony J, C. Co. WT

Bali Co. 113 Philo Morela vagin

Procter de Gamble, Co. Pittburgh Flat Class

Badin Clip tret.

Republie Steel

Reynolds Mel:1

1% Bhell off tu.

Sears, Ruzbuck & Co.

10

Paint Reg. P'oper Sinclair

22

Plesny Mubiloll

SA

Sulor Alresf

40!

494 Southern Co. (The)

02-

Southern Hattway (Com)

21

Standard Brands

·BET:

Standard 011 of Cal.

DIE

Standard Ol of Ind.

474

Standard Oil of N.3.

مانگ

South Puerto Bleo Sugar

Southern Nailono! Cas

มี Sleep Rock (Toronto Exge.j

3316 sterling Drugs Co.

32

Biokely-Van Camp,

20% Studebaker-7'nckari Corp.

Runshine Mining

175x wift & Co.

31

1037

Texas Co.

32

Textron Ing.

usi

35

Tile Watar Ann. Oll

Tina Ine. (xd).......

Twentieth Century Fox Film

081: Valun Carbide

M

Upion Oil ợf Cal.

178 Union Paride Hallway

2015 United Alterait

24

United Gas Corp. 44.6. Fali "D"

311 0.9. Oypsum

1. B. Line Co. 231: 11.5. Rubber (xd) JER

112.

4

UB, Smelting

8. Sterl

Warner Bros.

Bos | Westinghouse Electrio 7204 Western Union Tel. Co. 2012 West VR-Pulp & Paper

Woolworth

(Am.

4415

-United Prong,

"U.S. Tariff

Programme

Washington, May 21. The House Way & Mean Compitte upproved today to Proklont Eleonhower's request for a five-year extension of the Haooiprocal Tariff-cutting pro- gramme.

This was considered a major advance for the proposal which is intended to provide the Pre- sident with power to negotiato 25. ver sent further cuts in Mây | United iStates tarifs on top of

50 to 75 per cent cuts already mode in the last 20 years.

the last 20 years.

The bill would give the Pre- aident this power for dve more

} years.—Unlied Props,