Page
TRANSPORTATION
SHOT-IN-THE-ARM FOR BRITAIN'S AIRCRAFT INDUSTRY
From PETER WOON
Vancouver.
THE CHINA MAIL, TUESDAY, JUNE 3, 1958.
Page -9
ROOTS OF MODERN STRIKES
Workers Wish To
Maintain Living Standard
From RONALD BOXALL
London, June 2.
HONGKONG
STOCK EXCHANGE
Our Own Correspondent Events moved rapidly on the British Labour front'
Business done on the Hong last week. As I write attempts to end the king Stock Exchange this morn- four-week-old London bus strike seem less ine amounted to approximately | $628,000, .' Noon quotallone and likely to succeed than attempts to spread it to the morning's transactions were:
and the London's petrol-carrying Rects capital's underground railway power stations.
CANADA is preparing to order £25,000,000-worth of British airliners in the next two years, and another £25,000,000-worth in the early 1960's. 10,000
"As for the Britannia, we are very happy.
Man behind the dent the fur biggest shol-m-the-UTTA Britain's aircraft industry since
"You know, the British air the Viscount broke Into the
craft industry is all too often American market six years tuto
the planes It - Mr Grant McConachle, 62-cracified. But
nuperb and the year-old former bush pilot who produces is president of Canadian Pacifle after-sales service excellent." Alfilnes,
THREE-STAGES
He told me in his Vancouver
are
Asian Boatbuilders oMec Can Contribute
that the Airport
order will be placed Parts:
ונ1
three
THIS AUTUMN. Dve Bri tannia turbo-praies to add to the 9x already being delivered.
NEXT AUTUMN. ten Come! jeta.
LATER. in the early another 15 Cuniets.
1980's,
The Comets would be for Cross-Canada routes which uni now have been the monopoly of the State-owned Trans-Canada
Airlines.
Mr McConachle does un éx
pect other Jets will come alung
to beat the Comels for these
routes.
"We shall closely watch the American Jels when they came into service, but they are going
roses,
To World Congress FISHING boat
de-
signers and builders in Asia and the Far East are expected to make important contributions
Amonk
means
BANKS
Steels Lift Stocks In NY To New Highs
By ELMER WALZER
New York, June 2. Strength in steel, oil, chemical and special issues lifted the stock market to new 1958 highs today with volume on the increase.
The lat encountered some profit-taking Th the early after- hoon dealings. Prices came down from the highs but closing tovets showed gains running from one to more than two points.
Gains In the steels ran to
Eastman Kodak
El Paso Nallonal Des...... Family Finance Corp,...
|
Firestone Tyre & Rüüder Zord Motor
General Electric
Cesiană Motors
Gen. Fub, Uti
Gen. Tyre & Rubber Getty bil
71 more than a point for the thy
with most of the leading issues Goodach .F.) Co.
Shares Buyer Sellers
BAICS
1K nank . 20216 East Asia. 274
INSURANCES Unit...... Lombard..
SHIPPING
71 **\*
100
0,15 0.20 1000
40%
11.70
41 1500 67
12
41
324 32.95
As Londoners faced the threat labour force at full strength. of even longer walies this week, But they will do this only sa on the dockers stopped work long as they can pass and some 60 ships stood idle in increase in costs to consumers asporadic of their products. Thus, says M. dispute that began atrike in sympathy with ment de Jouvenal, strong bargaining Wheelook.
by employers, DOCKS, ETC. market porters who had been power enjoyed
vis-a-vis the public, are logic-Dock declared redundant.
Provident, ally bound up with one another.
(0 Remedies for this situation he asserts
die by nu
US LAND. ETC. simple as is suggested when the HK in 23.70 1500 term "inflation is used as con- nothing an excersive issue αξ money which ought 10 be stopped.
"In present conditions." he writes, "a mild "Turning of the market brings not a decline in RUBIER prices and costs, but falling
and off in volume of activity employment, one result of which is a squeeze in profits which will have to be made good when things plek up. Thus nothing will have been gained as far us In the
There was resliveness the coal miners too. Their claim increase for 10s n week wage war turned down by arbitration tritammal. As soon as they learn- od this, the miners' leaders de- elded to put in new claim for 1 least 13 week. An extra 3s is to cover the rise in the cost of living since their original
Fubmitted れも was
the beginning of the year.
elnim
Familiar Pattern
20 course of a short cycle of re-
This is the familiar pattern of modern labour disputes. The amount of ingonvenience and prices are concerned hardship caused by strikes longer bears any rotation to the importance of the issues in- The great majority of volved. London busmen ate striking for to the World Fishing mere 25 a week more than been offered-price Boat Congress, accord- they have
of ten cigarettes. ing to Jan-Olof Traung, Chief Naval Architect
Is it really worth ? Of Lordon busmen courae Central
their
for
Glidden Co.
of the group setting new tops Goodyear Tyre... 4.20 early in the session. Olle showerGrumman Alforaft
advances running to more than Gulf Ou
Herden Newport Corp. point.
1047xden. Salt Co.
Philip Morni 2544Frocter & Gamble Co. BAP Pittsburgh Plate Oluas
Publickve Industries
Pure Oil
Itadio Corporation
44% dio. Corp. Pref.
Repubile Steel
Beer Hoebuck & Co.
Reynolds Metal
2136
Shell Oll Co....
1121
Bain! Reg. Paper
Sinclair Ci
Bany Moklioll
South Puerto Rico Bugar
43%. { Bauthem Co. (The)
861k | Sothern National Gas 15% | Southern Railway (Cont.)
Standard Branda
Homesta
viining Co.
Statistics
Ingersoll-Rand
Inlen Steel Co.
Practically
steel interchemical Corp, ****
irst Dusias, Machine
34%
9915
alt the 20.40 The tyres run up a point two shares reached new 1955 higha,
Inti Harvester
International Nickel
200 of 2011⁄2 en higher demand for replace-International Paper
201 20.66ment tyres,
Some
bullding Int'l Tel. & Tel.
John-Manville Co. 30.00 sluzes Improved on higher con- Kenana C. Power & Light
100struction statistics.
2000
700
Humphreys Really....
600 10 1012 100 1024 70000 1/
D,DUO
1,023
1.373 AMIK.... TruntAR A. Tawal Sungata UTILITI
120
1.60
im
25.00 $25.74
צונםTr
stor Ferry Yaumal!
9316
2
lectric..
1.40
20.30 23.00
Telephone 20 20.70
Kennacott Copper
Lockheed Aircraft
Exchange
New York Stock Exchange | Liggett Meyers Tob, Co. volume $5,290,009.
Stock American volume was 820,000 shares.
New York Stock Exchange
000 a $3.00 volume was 2.770,000 shares.
of 1.106 ismes traded, 570 3000 4, 25.50 1000 Le 25,00 were higher, 147 at new popks,
500 20.70
17055.70 while 312 declined.
Dow-Jones closing
100
90 were
37.40 30 Juustrial.
13 utiles
500+
BTT U
21.40 20 Tails
500
27.40
1000 a
T 05 locks
1 ԵՐ
2006
100
21.30 40 bonds
cessions and 'revival, This should C. Light 17 17.to 3100 17.40 be logically obvious to people who advocate restrictive policies. but who at the same time are concerned that the mass of sont incomes should not decline: for this clearly implies that more personal income is to be distributed per unit declining production which is ary!"
Evolution
indation-
of Fisheries Division, are supposed to be striking to
increase win pay Food and Agriculture suburban colleagues who have
The great evolution Organisation (FAO),been offered nothing. The dock- Rome, Italy.
Speaking
Rome
before
to be hard pul to it to better leaving mi an extensive tour of the British plane for our pur-Pakistan, ladlu, Thalland, Ceylon, the Philippines, Japani and Hawaii, Mr Traung sald:
"Apart from Investigating the
ers would have us believe they ere striking for equally unsolici ends.
But whatever excuse is used in self-justification Inodern strikes all have their roots In common ground-the very na- tural desire of human beings to maintain their standard of living
in
QANTAS TO BRING made by various FAO and whatever possible to
experts engaged on fishery prove it. Money wage rates have projects in several countries, I little to do with 1 is the ELECTRAS ON THEIR shall be particularly interested reni income amount of desir- SYDNEY-HK RUN
Q
our
of times he goes on is full employ- ment and we have hardly start- ed to understand, its economics and its problems. We have to reconcile it with sound money, a reconciliation which cannot be achieved by choking off expon- sion from time to time.
al
M. de Jouvenal's concluding remark reems to be almed advocates of orthodox monetary polley-the "Banic Bate School" of which the British Govern- mont is a devotee.
"It is right," he says, "to alm
INDUSTRIALS Cement 21.00 STORES, ETC. Dairy
... 10.70
averages
20.00 Comm. future price index ..
20.70
10.70
Closing Prices
Alden Ine, key.
10.70 Allied Chemndents
16.80 Allied Mills Inc.
17
600,
300
1000
150 m
10.00
10.00 21.10
10.70 10.00
4.00
4.40
1000
9.45
500
4.45 4.55
Watson 1. Craw. COTTONS Textiles.. Nanyang INVESTMENTS Yangiern
Allied....
LONDON
CLOSES
FIRM
Allis Chalmers
Am. Brake Shoe
American Airline
Amerism Cyanamid Ce,
8.50 Amer, & Forgn. Power
Am Gas & Electric
5.40 A. Home Prod.
Ans. Mach. & Tory American Metal American Smelling Am. Sugar list. ... American Tel. & Tel. American Tob. "I" Autronia Cupper Amro Steel Annour
London, Juno 2.
market closed stock firm and quiet today, Gilt-edged securities mat modest demand and closed with a firm tone.
in discussing papers for the table things that wages will buy forthcoming World Fishing Boul—that matters. And the novel
at a sellable currency but Congress, which will take place element is that labour is now in
we have not yet found the right al FAQ's headquarters in Rome a position to press its demands
way to do it. The present pro- in April 1959.
to the limit,
cedure seems a consist in trip-The Bertrand de Jouvenal, well-ping up economy from time to time hoping that it will fall just known French political phlioso-
hard enough and not too hard. pher, analyses the new problem This can hardly claim to be a of full employment in the current scientific method."—Express Ser-
sue of the Westminster Bank
vice. Review, The trouble he says is that Westera governments still regard the problem as a "fight for stability" and go on trying to solve it by old methods.
ex-
ANTAS will operate the SHOULD STRESS
Lockheed Electra from
stress," he "I should Australia to Hongkong and plained, "that anyone interested other points In the Farmay altend this Congress, It
for Guinea Enst, New
undis not only
government loftcials and representatives of Noumea in 1960.
hout building, marine engineer- such orgenis- The Lockheed Electro is ning and other
aiso for individuals completely new commercial air-lons, but
with designing. liner, designed to 1 a speelal concerned
operating fishing place in airline requirements bullding and short to medium range opera-boats.' Полк.
He sald
hu expected 113
Bygone Times
"In bygone limes," writes M. flexible receive a number of important de Jouvenal, "the central banks It lo n particularly
were responsible Jor ensuring vehicle, having a high-effeiency,papers for the Congress from
a banknote of a given ecoвanical performance over naval architeets, boat designers the whole range of roules up to and builders, marine engineers denomination could at all times bearer 2,000 miles,
and others in Asia and the Far be converted by any EDEL.
isto a constant weight of gold. They are no langer in a position. particular," he added, | full that commitment. They "In
svant Dupers which are now called upon to achieve
OUTSTANDING
"we
di seribe the typical and very an entirely different and much
£
Among its outstanding char-teresting sinali nahing beats harder requirement in that acteristics are its capacity to use of China, Howal Indi, banknote of a given denomina- relatively small airtelde and its high rate of climb which quick-Indonesia and the Philippines," tion can at any time be turned irlo a constant collection of ly takes it to its cumontical
goods and services.
moping andar
Elect a equipment.
are
at bas Nor-
Traung While in India, Mr cruising altitudes, even on short will attend the Symposium on Journeys
Motor Surf Fishing Boats Automatte plot and weather- Quilon, The Symposium bren arranged by the starkland
cgian Indlafondet organisation. On his way back to Italy, he wili visit Canada and the USA with the World In connection Fishing Boat Congress, and discuss problems concerned with fishery research vessels.
The radar enables
the pilot
to "se" the weather 150 miles ahead of his plane and steer course to avoid storm centres
Also contributing to passenger
are substantial sound- comfort proofing and the use of pro- pellors with low lip spoeds
Pressurisation keeps the cabin presurs near that of sea level
Glasgow Launching
"This is not the same problem nor is the setting the same and the resort to old methods may produce regrettable results as the American recession which they themselves have provoked testines.
on A
Exchange Rates
非
O issues were mixed. Shell Transport
rose more than two
aliillings.
The industrial section had Was few price changes and generally steady.
Foreign bonds and goki shares were mostly quiet and
3.70 changed,
18.03
Bualne was done in the tocal
INBIKEL unofficial exchange moming at the following rates; V.B. dollar per $1) *** Sterling notes (per 1) .... Australian bates (per £).. Indonesian rupiah (per 100) Siam teal (per 100) Singepare (Siralty)
un-
Dollar stock clusɗa slightly lower in the absence of a lend trom Wall Stree which was 1.59 closed on Friday-UP.I.
1242
0.77 20.53
Atlas Cons. Mining Baldwin-Lima-Hum. Baltimore & On!o Beneficial Finance
Bendix Aviation Corp. Benguet Curts.
Bethlehem Steel Boeing Airplane Dorden (The) Co. Burroughs Add Blachine Conipbell Soup Co.
Canadian Pacific R.
Core (J. 1.) Co. Cat. Tractor
Celanese Corp, C.1.T. Financial Corp. Chase Manhat. Bank Civett Peabody .. Chrysler Mutors Colgate-Palmolive Co. Coimubing Carben Co. Commercial Credit Commonwealth Eles.
Of of Del Crown Zelierbach .... Cuban Amer. Sugar 12amond Alkali blend Maleh Co Douglas Aircraft Dow Chemicals Dupont de Nemours Elstern Airline agerian
Citated Edison
COMMODITY PRICES
FOREIGN LACHANGE
NEW YORK, · Closing rates were Canada
England In an economy based on full
Australia New Zealand employment prices are
Benzil ..... one-way escalator that goes up South Atten but never comes down. The per-Chile
Other unchanged sistent postwar rise of prices has made people aware of them
LONDON in terms of buying power and
Closing rates were; this new awareness says M. de Jouvenal is of decisive impor-Montrent tance,
for most flights and at 30,000HARLES Connell and Co Lid fect the cabin pressure equivalent to the normal atmo-their sphere at 8,000 feet,
is of Glasgow launched from Every now riso in prices leads
TRAVELLING TIME
The Electra is the first com- mercial airliner to use no-draft ventilation and radiant heating, the cabin being heated by elec-
Scotstoun
shipbuilding
to wage claims to make good the yard the Cargo matorship loss of buying power and sub- Fernstate
dead acquent rise in costs is gradual- of 10,000 tons weight, which they are building |ly diffused throughout the na- for Fearnley and Eger, the tonal economy. But when prices Norwegian owners. This is the Inll people will not take cuts fourth ship built for Norway by in their nominal incomes, Connell's in recent years.
trie elements in the floor and performed by Lady Making,
walls.
The 400 mph. Electra
on these roules, as the following said that the association between comparative tables show,
Norwegi
Catching Up
New York
Trussela
Copenhagen Frankfurt Mi...
Parl stockholmi Vienna
Other
No. 1 rubber No..2 rubber No. 3 nither No. 1 ctpe
SINGAPORE
2.12 nom,
2.08 nom, 158 num.
232 nom.
Colton
LIVERPOOL ·
future closings,
Loews Incorp._... Lowenstein & Sons. McDonnell
Alicraft
Block: "Exge.) Mesabi fron Corp. Manesota Mining Mission Development Monsanto Cheroical Co. Motorola Inc, Notional Biscuit
National Dairy Prod. New York Central
400.11 Maltiesos
115.83 Klevators
Czwer-Illinois Clam
28.30 Oxford Paper Co.
Pacific Gas & Elec. 0.52 Pan American Airways
JG1.29
15.45 Paramount Pictures
Penny J, C.
pence per ib, were as follows: American Contract
The market was down at the opening and eased sharply on unconfirmed report of possible. fercased exports from Indoneslu. Mixed Contract
No. 2 rubber per 1. June 704-713
Futures;
1.03 27/32
2.813%
225 7/10
No. 1 rubber per iu. Jund 7316-73%
July 73-7316
2.8116
No. 3
0003
No. 4
.0013
Na,
2.31 11/16-2813% 2015/162.773
130425-130475 10.347-10.33 11.705-11.702% 1745-
a 001-01
737-7414 00-18 pale crepe... 7814-8014
LONDON
Spot rubber unbaled Blanket crepe
The rubber market was very quiet with spot qualed "at 21- 15/10 pence per lb. Prices:
No. 1 s spot. 2136-23 Settlement house terms:
July/Aug.
July
Aug
24.409-14.40% 7247-72.50
Sept
122312-12 23:
July/Sept.
oct/Dec,
Jan/Mar.
Z changed-UP.I
RUBBER
Closing
The launching ceremony was
The habitual resort to wago wile of Sir Roger Makins, Joint
for the purpose of the incrasses Permanent Secretary to
NEW YORK Treasury. Mr. Nils Astrup, "catching up" lod automatically
Rex rubber futures today considerably cut travelling mo partner in the owning company.to this also being a method of
"eaching-in" on productivity closed 45 to 50 points lower with contracts. Closing sto dwncta and Rajas. But improvements in out-sales of 10
pro not rates were: 60 points lowrer with une put per man hour
throughout sales of 18 contracta. At present Qantas operates Sebttish shipbuilders was. Super Constellations to the For which would be continued and equally possible
Norwegian orders economy. So Increases in wages rates were: East and Singapore and Sky-that more
through higher productivity in masters to New Guinea and could be expected.
sections of industry whme R is Noumea.
most feasible tend wador con- Mitions of full employment to spread to other fetus and in- dustries which cannot afford thean, leading to further all- round increst in priser. ****
When labour. de is a mollera quick. Prices vlosed in guilders market ampicysts will pay high-par kilogram, cit June er wages to maintain their | follows:
Sydney to Hongkong
Super Constellation Lockhood Flocten.
21 him, 00.min. $17,46, mīņa. 20.00
'21.00 30.38
398.45
p
Tokyo Manila The Electra, volil supplement the Boeing - 707 arrvice, to Singapore.
Super Constallation. Lockheed Electra.
18.40 Bydney, 10. Kingspane
July
Bes!
Mar May hip
AMSTERDAM
มุ
· Tho`rubbor 'market" was, very
211-2216
22-22),
2231-2215
22-2211
22-2316
22-2333%
General markets, cit basis, porta:
Aus
June
July
#14-211
219-213
Estato crepe
thin July
anlek June
: 2016
UPJ.
COTTON
NEW ZOZK
Prices of cotton futures closed today as follows:
Dyok,-0.30 July, 2013; 26.50; "Moy, 31.471 July, 3026; Ook,
NEW ORLEANS Prices of cotton futures closed today se todows
|
July/Aug.
Oct/Nov.
Dec/Jars.
Mar/Apr.
May/June
July/Aug
July/Aug.
Oct/Nov.
Deo/ian
Mar/Apr May/June
Closlit cruzelnos
Futuro per
klo
follows:
July
Oct
1300
Mar.
BEBY
Parke Davis Ch
Standard Oil of Cal. Standard Oll of Ind. Standard Oil of N.J.
Steep Hock Terania Exgo.) Sterling Drug Co.
Stokoly-Van Camp,
Studebaker-Packard Corp.
Sunshine Mising
Swift Co.
76
477
101
Texas Co
Textron Ine
14
(Am
2
Tide Water Amen. Oll
Time Inc.
Twentieth Century Fox Film
Union Cartado
Union Off of Cal.
212 Union Preiße Hallway 30% United Aircraft
United Glam Corp.
491% U.6. Foll "n"
409% UR. Gypeum
15
US. Line Co.
34
U.S. Rubber
54
UA. Smelung
Ga
U.S. Steel
338
57
10%
33
Tat
Warner Bros.
Wesunghouse Betrie
Western Union Tel, Co, West Va. Pulp & Paper Woolworth
P2O B·IE&A
COMPANIES
. PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N, CO.
Outwards "CORFU"
"BAIMARA”
"EINGAPURE"
Leaves London
Dos Bogo In Fort
Balled 2074
Balled 15/6
4th June
Salted 6/3
17th June
"CARTHAGE" Ruth May
30th June
"BOUDAN"
"CANTON"
7th June
25th June
19th July
28th July
10th June
KHYBER"
Bemowards
"CORFU“
"BUNDA" *
"CARTHAGE"
8th Augut
Leave Tiongkong Due Lesdca
ath Jime
$th July
10th June
415 July
25th July
8th August
1st September
"BINGAPORE” » teth July "CANTON"
24th Augu
1st August
lath August
"BOUDAN" *
13th September
Via R'paru, Penang, Colombo, Bocobay, Adra à PL ANG.
* "SUNDA", "BINGAPORE" and *HOUDAN" exi) S'pore, 'wet. Penang, Aden, Pt. Bald, Bayre, London,
Hamburg, Rotterdam & Antwerp.
Pt.
In
“SANTHIA" due 10th June
#89222
SÃO PAULO
in prices,
word DO
(1.40
42.80
40.50
unguoted
43.00
In the United States, the
average price of one-inch cotton nt 14 designated spot markets was not avaliable.
Total sales wero 115,170 bales. ---UP.I, •
SUGAR
New York, June 2
World No. 4 sugar futures elomi today unchanged to two points lower with.miler of 184 contracts,
Domestic No. 6 mygar fülures closed unchauged with sales of two contrucis,
Contract No. 4 (world)
July, 165; Bopt: 347: Quli” 240; Mae: 342; May: 343: July: 341; Spot cette per ib. You tubm): 140, Opens toturvak: 7,842 pontenota,
Contract No. 6 (domestic) --- rulvy 6.76: Sept: 0.77: Now? £75; NY ex-duty); 8,191 Coast Intera:ti. 8.00 ponts, par lb. rii. od pret terzational.
Spot 10: July, 1934: Od 31: Deba da: tka: May, 19.013|131 July, 2000; Oct, HIL
*
"BANGOLA" dut
BRITISH INDIA S.N. CO., LTD.
'malls Iith June
"FULTALA” due 20th June
273) June
4th July
Late 6th July
from Calcutta, Hangosh, Penang & Singapore for Japart
from Japan for Bingepore, Penang, Stangoon, Calcutis Chittagong
from Calcutta, Rengoж Penang & Singapore tor Japan
P. & 0./B. I, JOINT SERVICE
ape Bih June
ails Gih June
from Bombay Cochis Tuticorin & Singapura For Japan
due 19th June from Bhainagar, Bora- bay, Cochin, Penang & Singapore for Japan
AI 2002 Juta
"IKAUNA"
"ITAURA"
EASTERN & AUSTRALIAN S.S. CO. 'LTD.
*NELLOBE* due 7th June
salin 13th June
*
"NANKIN"
from N. Chiria. for Labuan, Gandakan.. Belbane, Sydney, 'Mel- bourn or Adelaide
due 22nd June from Austeniin mails 14th Jang for Japan
All vooria-kaya kherty, tá 'call at kær þorts en or elf the rests a tha route'à sailings are subject la change or insendmans with or without hollen.
For Juli particulars apply too MACKINNON, MACKENZIE & CO OF HONG KONG LIB. Telephone Kos: 27721-4.
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