THE CHINA MAIL,
WEDNESDAY, JUNE 11, 1958.
TRANSPORTATION
UNITED KINGDOM'S BID FOR RICHEST
A
AIRCRAFT MARKET
GROUP of British aircraft manufacturers is preparing to build a new jet airliner to sweep
the world's biggest plane market.
Il plans a twin-jet, 600-milen-
att-hour short-haul arcraft ar
replacuicut for the ageing REGULARITY OF
Americos;
DC3-4 the most
widely used passenger plone In
the world.
VISCOUNT PLANES
LATE MINUTE RUSH TO
BUY COPPERS IN NY
New York, June 10.
A late minute rush to buy copper shares featured, the stock
market today.
HONGKONG STOCK EXCHANGE
Our Own Correspondent
Business done on the long-
Stock konk
Exchange this morning snmted to approd- nitely Hems and the morning's trumsne- lions werC
Sharps
The new design, to early to passengers over a rouge, of 600-7ȚBE turbo-prop relinbility ↑ HANKS 300 males, has been produced by record on the Viscount Hunting Aircraft of Luton. After extensive work on the drawing is little beard, wooden mock-up ha bern bull.
monal
short
Ford Motor
Gains In the coppers ran to Firestone Tyre & Bubber ... more than two points in Magie. General Electric Kenneroli ruse nearly two General Foods points, Cerro De Passo gained General Matur
Gen. Puo. V. A point and Anaconda morden. Tyre k flubber than a point.
Celty Oil
:
Copier mejal has been rug stendly recently and the Lon- don tukel has reftceled the simply mereased demand for the neful.
Elsewhere the lock market today displayed some strong - dividual issues, while the moin body of stocks moved narrowly with the averages down slightly.
Lorrillard
of strength $310,000, Noon queta-
Sales
oll
Lorrillard had another burst Uut Ifted it to a new high Amerada. In the olls, Coca Cola in the soft-drinks, J. Itay McDermott In the equipments, Chance Vought In the aircraft and Paramount in 237026 the movies were among
stringer issues, oils, steels, motors and chemicals eased.
Or a total 1,184 Issues traded, lower, 309 higher, with a at new lows, 67 AL
548
were
Buyers Sellers
770.39
DE plieno. INSURANCES
That Lur hunt
-SOBNING
Wheelock
A 72.00
A50 ... 72
it
GIA
highs,
DOUKS. ETC
#
1:4
500 41.50
12 4 12 40
110) 12.40
200... 12.40
NEW Yo: Stock volumu wa 2,300,000 stures,
New York Stock
LAND, ETC.
airline piston
JOS STOP.. HK L..
20141
Recent sister complied b Americ's CAA's Omer of Filan
Now the project, the P107, 25 being considered by the Alteraf Operations and Airworthine Manufacturing Conmeny. This
(at a no-day period shea - thank
Is the de Haviland-Hunting | the Dart hel down 44,652 hous Fairey group which was formed
to bih D.E.A.'s new jot, the medium-baul DH 121.
POTENTIAL
It is believed the company will announce its decision to go nhead, with the short-haul p jeet as well is the nene future, It will be a private venture.
J'ower for the PI will be provided by Bristol's "nighty 21fe1" Orpheus
engine, jel aireny selected for 16 different alveraft.
The potential, market: Seven hundred IKIS †ነ 1 * currently flying with the airlines of the world. No other inaki bf plang 10ps 200.
With the F107 Bellaba ale- will be offerin! craft Justry Jet aiveraft for every branch of
operation PREHRET
· joD's.
In
the production Coming off
es at the same tane will the medium-range Dif 121 (and, perhaps, the rival Bristol 2001. The Comet, and the long-range Vickers VC 10.
DRY FREIGHTS
BUSINESS
failure, at least doust time mentand By
an
Can the most modern verine,
SOLE CAUSE
KOOMADDI
Kamal Tros!
Since coming into Tokyo, Bragkong Airways EBBEN he achieved #9.26 per cen! regularity of arrivals si take. off at Rauda, weuther being of delays arst the sole easier diversions on a very few ovens rious.
The number f passenger the period
the
new
Glidden Ch. .... Goodrich B.F) Co. Goodyear Tyre Gruzinan Aircraft Gulf Oil
Heyden Newport Cory. Hamoniake Mining Co.
gersoll-Rand
and Steel Co. Interchemical Corp, Int'l Business Machiner In larvester..... Intertiational, Nickel International "l'aper Inti Tel à ̧¢ì”. John-Manillo Co....... Kannar. Power & Light Kennecoll Copper .... Liggott Meyešť Tob. Co | Lockheed Airernit
Loews Incorp...... Long Star Cement Co. Lowenstein & Sons. McDonnell Aircraft
Block Exge.) **.......... Mesabi Iron Corp. Miccola Mining Mission Development Monsanto Chemical Co. Montgomery Ward Motorola ine.
National Biscuit Co.
National Cani Rex. "A" National Dairy Prod. National Lead
National Steel Corp. New York Central Olin Mathieson Exchange Otis Elevatats...
Oxford Paper Co. Pacific Gas & Elec. Exchange Pan American Airways
bond volume was $5,049,000. | Paramount Pictures American Sloete Exchange Park Bavla Co.
337 volume was 090,000 shares.
1900 152
Penny 3. C. Co.
Penn, Salt Co.
Dow Jones closing averages Procter & Gamble_Co.
Closing Prices
Pitsburgh Plate Glass Publicker Industries
......
240983.75
103.75
were:
Junghay
alty
13:40 15 50
1
1.05 28401
20 Industriala
401.19
20 rails
135.42
Pure on
2500
1.63
15 ulĢes
Radio Corporation
operation
da sucks
101.04
Radio Corp. Pret.
40 bonds
Republic Steel
1 443
1.45
1950
133
Comm. future price index..
157.78
Reynolds Metal
40
20 на 1.35.
Scars, foebuck & Co
291
She:1 UE Co.....
13
330 ** 13.25
Hair Reg.
Poort
Sinclair O
A Tawal Sengala UTILITIES Tran
1.87
Alden Ine. Acy.
Bocony Mobilo 1
4912
14]
Allied Mills Inc.
Soir" "Adreraft ...
Allis Chalmer
South Puerto Rico Sugar
271%
21 10 26.10
2007620
Aun, Drake Shoe
Southern Co. (The)
F
Southern National Con
Star Ferry
Southem itaway
Com
10 CHAGA
100
TAL
4467
Standard Brand
bernar
1780 17.30
7.00
Amer. & Furgn, Power
145
Standard Ou of Cat
4512 | Standard Dil of Ind.
501 x
Electri
YH
34
33
10923 80
ዏ 1.
DT. WENT GO
10
27 ta
American Snelling
27.
20
27.50
INDUSTRIALS.
American Tol. "U"
A 60 20 BUGE
500 22.50
50 14 22.09 5001
Amaronda Copper Armes Steel
STORES, ETC Daily
19 400 17 00 Walkin ... 19.0 11:0 & Cra
200 N
1720
COPTONS
STU.
Narts ang
XU
4073
7.3
1000
4.60 | Benguet Cons.
Bethlehem Steel
1900
1000
A to
545
4.50 4.3325
miles Bown during April 1957 to Morel 1958 totaled An averages 45 34 23.055,520, services were operated monthly and close on 24,000 passengers cried.
miles The event load tom amounted to 2,003,040, The t2:1 miles vitably
capacity totalled 4,306,541, giving a load Letor of 58.24 per cent for the first vehr of operation.
Comet Jets For
Atlantic Service?
THE
London.
British Oversens Airways Corporation
THERE s born on has announced the possibi
dry freight business
though rates gewendly
unchanged. In
ality of a Comet
Four jet rethane
airliner service to New York No. 1 Amerinen grain sgelion, batamesstarting in December.
developed slowly after a guret
start, River
Plate
Suppets
A BOAC slatentent declared: showed slightl more newest | "Phe corporation is studying the (e
and quoted besty
to possibility of using the
Comets on the luxury frans- Atlantic Monarch Servind 10
Antwerp-Hamburg range at 357-
a ton for fune Loading.
There was business for grainį New York.
from the St Lawrence 16 main
at 41/3d, and bulk wheat
with one Right
"If this operation is praetic- Arranged from British Columbiable the pin may be, to start werks De- increasing fer Kaily ixed Trun the Northern Horge Frequency the following month."
to Nakhodky thay at 52791 a'tum. Four Cages, ut
who wore tomber,
to West Crust India il 70/- per
The corporation has complete!
tan, free discharge, June loading programme of training g
North Amrican cual inquiries with the Comel 2- to Beirut were mains For Mediterranean and on the Atlantic. destinations uni! business de- į
to
veloped fra Hampton Beads to Cometa are also intended wesi Italy at $4.29, o Trieste ali provite un express service Du $1.00 and to Venice at $4 65
other world-
Lon.
Coal
The corporation's sed tropominj: routes. the statement lumpton Roads 10 Poland al said. 20/Gd, ond tour conserative voyages were reported arranged
fo Allworp ur Rotterdam
24,- lon.
In other trades,
fixed from Cubo to Ireland
was
Senior BOAC executives
The chairman inetdin?
Sir Gerard D'Erlanger, went on fest dight us the Comet-4. commented: ut Gerard later
Str
"11
Mail Special.
7/64, mil to Rotterdam at $5.25 was most impressive-Chinn
a ton.
New Giant Tanker
The Duchess of Gloucester launched the new 42,000-ton tanker British Duchess for the B.P. Tanker Company at the Clydebank shipyard of John Brown, Ltd. It will be the biggest tanker in the B.P. fleet, and she is one of seven vessels of similar tonnuge being built for the company. 65,000 tonners are on order. Photo shows the British Duchess in the water after the launching-Central Press,
INVESTMENTS
Allied
IN E PE Invest
10,00
4502020 American Arte
CON 1ST SO
200 v11.90
50928.33
Amonesa Cable & Radio Corp. American Cyunamid Co.
Am. Gas & Electric
Am. Hrane rod.
500 A. Nach, dry
American Metal
Am, Sur Itet. Americas T. & Tel.
Health Cost
Armour ........
Atlas Cons. Mixing Bakwan-Luna-Hami, Baltimore & Ohio
Beneficial France
Bendix Aviation Comp
Standard C of N.J
Sloep Rock Toronto Exec)
Sterling Drug Co.
Stokely-Van Camp.
Skrælebakter-Packart Comi.
Sunahine Mining
Swift & CU
Twentieth Century Fox Filin
Union Carinde
Union Pacific Railway
177
B5-72
057
Texas Co...
47%
Textron Inc.
4#1
Tide Water Assn. Dii
106
Time Inc.
1
201
231
Union Oil of Cal
53!
| United Alremit
United Gas Corn
43% U.S. FO "B"
6114
U.S. Gen
Burroughs Add Machine
3312 U.S. Läne Co
417
UB. Rubber
272.5. Smelling
10%
Cal Tractor
0111
15
C.L.. Financial Corp.
5312
190 Boring Airplane
7.90 | Burden (The) Co.
London, June 10, The ecst of Iritain's social health, sovvlers including education and Issurance - Jeapt Thy
million lust over £200 final year. GoverancaIL statisties diselused today,
Ituring cost of the services will during the current year Four
about £215 again by emillion to £2,724 millon, it was estimated.China Mofi Special.
Campbell Soup Co.
Canadian Paclite 21.
Case (J.) CV,
Celanese Corp.
Cun Manhat. Bank
Chrysler Makarn
Cluett Peally
| Colgate-Palinolher Co.
Colombian Carbon Ca. Commercial Credit Commonwealth Elee. Consolidated Edison Continental Oil of Del. Crown Zellerbach Cuban Ainer. Sugar Diamond Alkali Diamond Matels Co. Douglas Aircraft Dow Chemicals, Dupont de Nemours
Eastern Airline Eastman Kodak
El Paso National Gas
Family Finance Corp.
American Motors
Employ Idle
Car Workers
Milwaukee, June 10.
Hundreds of idle automobile workers lined up here today to apply for jobs with the expand- ing American Motors Corporation.
U.9. Steel....
Warner Bros.
Wemen Unis tel. Co. West V. Pulp & Paper Woodwork
CHICAGO GRAIN MARKET
Chicago, June 10.
COMMODITY PRICES
FOREIGN EXCHANGE
NEW YORK Closing rates were: England meal
Australle
Jo-Jaya De-dayn
New Zealand South Africa
West Cerruany
India
Pakhan
Other unchanged.
LONDON
Closing rates were:
New York Montreal
Amsterdam
Copenhagen Frankfurt Milan
Chio Paris
Stockholin
Vienna Zurich
Na, 1 rubber per ja. Jime 2435-744%
No. 4
No. 1 rubber oer B, June 12{}{2}}
No, à
5814-033]
0115-0215
Spot rubber unboled
74-75
Blanket crepe .......
B3-20
12-14
No. 1 prie crepe
LONDON
The rúbber market was steady
with spot quoted at 1/10 higher.
nt 22-3/10 benee.
2214-222
221-2231
No. 1 spot ..
22-2212
2.01-45/10
Settlement house term:
280411/10 2.70-3/16
July
Ask.
Sept.
July/Bept.
Det Deo.
Jun/Mar
Apri/June
2.35% 2.60-3
28.11/10
200
3111
2111
760/10-201
2.70-0/10-4.10-1}/10
10 601-10.003
1304-130.42%
30544-19.344
11.7016-11.70 174216-174312 29.NT+20,011
$17776-107836
14.40-14 41
72 47-72.46 1223-17 23
Olliers unchanged.--U.II.
Nex
RUBBER
NEW YORK rubber futures
closed today 20 to 25 points higher with sales of 14 contracts, Closing prices:
July 2001 Sept: 25.81: Nov: 29.AD; Jas: 25.74 Mar: 23.10; May: 25.70; July 25.70.
AMSTERDAMI
The rubber market was stently. Prices closed today in guliders per kilogram, elf June as follows: No 1 rubber: 1.14 boyria; No. 2 rubber: 2.00 buyers: No. 3 rubber: 100 buyere No. 1 crepe: 2.37 buyers,
SINGAPORE
The market opened slightly higher and ruled quiet with war To cluations.
Futures:
.... 221.
SUGAR
New York, June 10 World No. 4 rogar futures ciretd today one point lower to one point higher with moles of 150 contracts.
Domezile No, & sugar closed
Z today unchanged to one polat 2211-22
higher
with Bales of 12
221-223
Certirken, el basis, portars
June, July
22-221
Estale erepe in "Jily ..
thick united —£.1.1.
COTTON
NEW YORK
Prices of cotton futures closed today as follows:
May
Spot: 36.30; July: 36.13; Oct: 3002: Dec: 30: Mar: 27.02 38.03 July: 34.20 Oct: 34,31,
-NEW ORLEANS
Prices of cotton futures closed
today as follows:
Spot: 35.10. July: 36.13; Del an Dec 30.02; Mar: 37.01: Mo
July: 3022; Gel: 3030.
LIVERPOOL Cotton future closings, pete per ib. were as follows:
American Contract
contracta.
Contracts No. 4 (world). 29: 3.42: Sept: 3,42; Oct: 3.42; 337; May: 37: July: 337 Sept: 3.37 Bpot cents per . fou Cuba): 5.43,
Open interest: 7,747 contruçla.
Contract No. 0 (domenie). July: 8.18: Sept: 0.79; Nov: 370: Mar: 3.30; Spot (centa per ib. cl NY ux-dutyl 5.15.
Open inerenti z,kas
U. F. 1.
contracte.
METALS
NEW YORK
Prices of mictul futures closed today in cents per Tb. as fol- lown:
39.90
Lead July
In
Sept.
Zine
July
Бері.
July/Aug: 23.15; Det/Nov: 35.80: Dection! 20.13; Mar/Apr: 20.45; | Tin May/June: 20.03.
Copper July
Sept.
Mixed Contract July/Aug: 25.83; Oct/Nov: 20- Dec/fan: 20.00; Mar/Apr: May/June: 27.
10,200
10.24
6.45b
C.dob
24.8TU
24,676
04.000
93.035
LONDON
Prices of metals closed today in sterting per long ton as fol- In laws:
Tin spot
SAO PAULO Cotton future closings, cruzeltos per kilo were as fol- lows:
July: 42.20: Oct: 43: Mar: 44.201 May: 44.30.
In the United States, the average price of one-inch cotton at 14 dealgnated spot markels was 34.80 cents.
Total sales were 7,846 bales. -U.P.I.
3-most
Copper spot 3 month
Lead 1 h
June
Sept.
Zine Ist half
Jutte
Sept.
Buyers Sellers 73014
734 7351 190 10314 1991
021
World Markets Dominated
By
Sheer Weight
Of American Money
By SYDNEY GAMPELL
London, June 10.
In the face of all political, industrial and labour uncertainties
in so many countries, the markets remain dominated by the sheer weight of American money caused by the. unprecedented inflation of American bank credit.
banks
Liquidity of American and businesses now verges on diopsy, and must be intensifled rather than reduced so as to en- ble the banks to Anonce the bage budget defelt that is in pspret for all the rest of this
yeal.
.
A tash of plant shutdowns, Inventory cuts and lay-offs
in
Grain futures prices closed the United States this summer will probably make this re- than twice ha mixed but mostly steady | cession more
to easy on the Chicago Board of Trade today. Wheat futures rallied some what from low prices due to local ying apparently in- fluenced by some unfavourblo crop reports from the southwest. Sume moisture was reported in western Canada where tcm- have dropped con- peratures siderably.
Soybean prices dipped due to
a commercial selling of nature, but a rally took place when Lome Industries started buying. wheat No. 2 red
Bol
July 196
Sept.
Dec.
Mor
May
02 nem
202 n
189UL) 1834-12 10022-35 1919-1
100%
135-13312
103
The arm, whileb manufactures, nounced jesterday it was hiring Corn, No. 2 yellow the comparatively small and 1,200 more workers. record-selling Rambler,
un-
LONDON
STOCK MARKET
London, Juna 10.
July
Bepl
ent-
Thee.
Mar
May
July
While American Motors ployment Agures were expected to rise some 34 per cent above those of i
year age, troubles Bre continued to beset members of Sept. the Amerleun "Blg Three" Oats automobile companies Chrysler, Ford and General Motors,
Sent Home
12634-5)
ניבן
12015
13334
12016-
July
$1
Soybeans, No. 2, yellow.
Spel
T
July
Sept.
Nov.
Jan.
Some 1,400 AFL-CIO United
Marity. Auto Workers were sent home Brot today from the Warren Dodge New York flour lorry plant near Detroit ther
The stock market closed the firm had said 400 final os-
narrowly mixed today, on ecmbly workers refused to
hour.
-30
d breakdown in the Lon-turn to their jobs after the junch don dock strike talks and other labour uncertaintias. The union immediately called on the men to report for duly tomoismy morning.
gift-edged securities drifted and closed traellonally lower lower,
Industrials were firm in ourly Beilings but closed iniked with only Brattered gains;
Oli Jagues declined on news of U.S. price cuts.
Dollar.stocks were mixed aid gold shares Irregularly lower.
German and Chinese Rens featured the foreign bond see- tlan.-U.P.I.
Like their counterparts In other plants, the Dodge lorry workers have been working without a contract for two weeka follow the failure of inton lenders aid employers to reach agreement on a new confrael.
200 ID, A
1
120-138
* $13.40
UP. International.
Exchange Rates
Burners was done in the tucet
exete marka! ele morning at the following tatex:~, U.S. dollar, (ver Bi Sleting sits iper AL Arias rupials per 100 Indonesian (per. stent lent per loff" (Singapore (Stralia)
1093 19.05
severe as those of 1954 or 1049. Thal song such rash will occur virtually certain, that it w mark the boltom of the cession is only in hope,
Outflow
To-
pre-
The present outflow of gold from the United States is the fastest on record. As it only started in February it is, so far, the smallest of the three vious outflows, but it is by far the fastest, fuster than any equal perlod, or even the great outlow after the devaluation of Septem-
War ber 1949 and the Korean outbreak of mid-1950. The past three months have been worse for the United States gold stock than were the wild exeltements of the first three months of 1931, the previous worst.
10
Given a continuance of this, resets by about six per cent to the situation Britain may be able in their highest level since
Conservatives took office it 20 on re-building her reserves at an adequate rufe (subject October, 1951. more to the etretoral cycle than to the seasonal one) K only be- cause the dollur la a bigger cur- rency than the mark. Despite the eurrent outflow the United States still has more gold than all the rest of the world. put together.
Bimultaneously, she has paid! down her sterling liabilites, as India, New Zealand and other hard pressed countries have drawn on their sterling balances.
Cancellation of the remaining Yet one might reach n stage half per cent of September's wo where Britain felt rich with re- per cent jump in the bank rute
dollars, should occur fairly soon. serves of four billion
big while the United States
of 20
felt poor with reserves
It would be a gesture to the billion dollars, falling. The commodities. The Bank Råle is trend is always more important cupposed to affect commodity than the level.
stocks for more than it affects Since September, Britain has capital investment-China Mali enlarged her gold and dollar Special.
CUT IN
STEEL
CHATTER ON WALL
PRICES STREET
Dotroit, June 10,
Thanks to the super-aband-A cut of $2 a ton in the
#nce of money, markets could not care less. The Fedeml Re- serve provides enough bank Cash not only to neutralise all this gold outflow, but also to enable the banks to inflate the | nuncy supply unprecedentedly,
In the fore of the rapid gold Icases, which would normally contract the credit buses, and at slack business which has little 1ise for money, the United States money supply in April wus ex- panded by, no less than 88.5 billion, to a new oli-ilme record: 56.8 billion higher than a year DI carlier, this fabulous maks created money has to go some- where.
Difficult
While any fraction of it goes into such markets as Wall
price of its steel delivered to Detroit area customers was announced by the Great Lakes Steal Cor. potation, subsidiary of the
The
New York, June 10,
investment advisory services generally con .tinuo to. advise conserva- tion in view of what many feel has been over- discounting in the mar ket.
Alexander Hamilton' Instituto.
National Steel Corpora-rays it should be realised that tion. The cut is effective business continues today.
אנס
slow Inany sound
compaules Drdług It dificult to CAT
"pres
and
It was accomplished through the elimination,
of the $2.00 current dividende
scal over enthusiasm could differentint in base prices of the steel products manufac-urce for the first six months result in algablo setback when
fured by Great Lakes,
RECOGNITION
Mr Paul Comahan, chìirman of the company, sai the thangé was made in recognition of Ingal competitive conditionis,
automotivo
relensed international Skatollent Buredu Warns thật to "ndopt an attitude of uni- bridled optimism when securities are selling of current very high levels is unrealistic..
Investor Advisory Instituid says Food Glant Marieta carn- ings this yter eculd approxi
Great Lakes is a major pro-mate 2.25 per share, and by the ducer of cold rolled strip and beginning of 1959 be running ut. 270 Street, it la dificult for those heel and a lending supplies of a rate of 260-2.76... Minnea
polls-Honeywell should havd markets to go down, regardless steel is the
17- * considerable increase fia afə business tiews or any news. dustry.
Corning
1939....Phillp Ofields of various steel com Mortis cornings likely to migd Thanks to the resuliant weak- ness and distrust of the dollar, rantes outside the Detroit area between 5.26 and 8.50 this year. Brian coullues to rain dollars tld they would moet the new against 450 last year....
Horbliver & Weeks notes aa good tate. As a result of Great Lakes Steel Corporation
absorption | Newport News shilpkufiding the strength of the German D- price cut through
of nire freight cost on items) carvings for the your tiny obm- run isla mark, Britdin has substantial EPU denelt, but the lipped into the Detroit, uken.-- | pure favourably with the $4,8
China Moll Special
Ishare of 1981-UPI. gains on balance.
Bydney, June 10.
Wool Market Prieco firmed at the Bydney
· Union negoliating teams met wool austion today, with General Motors, Chrysler Main buyers were Japanese and for ometala today but no urd European Interests, with frötterà reports were issuedimisen support from British China Mall Special.
| agents.---U.P.I.
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