1958-06-17 — Page 9

י

TRANSPORTATION

Far East Fishermen Break Through The Engine Barrier'

Bangkok.

THE CHINA MAIL. TUESDAY, JUNE 17, 1958.

AMERICAN GOLD & STERLING

NEW SPUR TO HONGKONG

NEW YORK STOCK MARKET

By DOROTHEA, BROOKS

New York, June 16, Stocks made further progress into new high; ground as the market advance received added impetus from favourable business news.

An improvement in strei pro-Firestone Tyre & Rubber

Ford Motor.... duction futes to the best leve) | General Dynamica

FISHERMEN and fisheries officials in the Far of the year, anteipated good

"engine

are

East have broken through the barrier" in the past few years and now anxious to mechanise their fishing boats, a naval architect of the Food and Agriculture Organisa- tion (FAO) reports.

Jan-Olaf Taung, Chief FAO

Naval Architect, sald Rshermen

to the less-developer entries Moulded Plastic

Pre now convinced of the value

of mechanisntich, which enables

them to catch three to four times

nure fish, Mr Traung recently returned from an 80-day trip during

whle Je discursed government and private particl- pation In the second World Fishing Tout Congress, to be held here next April.

Lifeboats

SHIP'S Jifeboat

which

1 may be a prototype of all such boats of the future,

|

demand for new unito model rcheduled to come out carlier than

usual this year, and }

number of predictions that the

reanonile upturn

אן

in sight

helped the market generally,

Speclat issues, however had the widest gang-ranging to two or three points.

Blue Chips

Tobaccon

were in

demand.

US. Tobacco rose 17% to $307; or the day's heaviest turnover despite comment by u company spok cammi that he knew of no revon fer special strength In the issue ox rewed dental of plans for the the day, vrchanged was achong the top five nettve Isrues.

has successfully completed cha Lorillard, official tests and will prob ably go into general pro- duction soon.

merger Lntier, Also

General Electric General Neuria

General Malaty Gea. Pub, Un

den Tyre & Rubber

Getty O

Glidden Co.

Goodriet (0. F) Co. Colycar tyre... Gruan Kircenti Cult of

Heyden ''COMP.

Newpart

Hoisestake Mining Co.

gersoll-Rand

Int'l Harvester,

Internasional Paper

B01

41

60

BO

0732

STOCK EXCHANGE

Our Own Correspondent Business done on the long- kong Stock Excinnge this

More Even Distribution Of World's Gold Reserve Needed

From RONALD BOXALL

London, June 16.

Mr Harold Macmillan's mission to Washington was not an easy one. He had to convince the Americans to part with some of their huge stock of gold without making it appear that Britain was looking for a handout.

The success

morning amounted to approxi-Prime Minister's mission

of the British their note and deposit liabilities,, nationalistic, we sought to Im- was the United States still has well prove our trading position at the mately $441,000. Noon quota- partly a personal triumph and over $8,000,000,000, worth of expense of other nations an tions and the morning's trusts-partly the result of a great deal surplus gold which can be used incidentally, threw the

actions were:

Hinte TANKS

HK Bank. INSURANCES

244 SIEPPIÄ"

Waterbout Wheelock

DOCKS, ETC. K. Wharf.

22 Prevident,

101

אנד

Buyers Sellers

STUD

72

13.24

20 *M

00 101

that to rodom

But tral Banks,

"Obviously,"

dollars held

First

world

by currency system Into a turmell ot painstaking negotiablen has been going on behind the foreign Goverments and Cen-from which-with war-it never fully recoveted. Now we have 70cenes for several weeks.

high respect fur International responsibilities."

This reference to the inter- national co-operation In econo- theme fairs points

Js solution that

10 M

2004 72.50

210 64

UN

41 41.50 200

$2.20 17.30

Qu'i

saya the National City Bank, "there is no question of any practical need to consider either raising The

-or suspending

it was also due to the Ameri- Ces' own awareness of the 19.00 problem that has to be solved.

Gold (or dollars with which It can be bought) is ultimately pot price

1770

41 the only acceptable means of United States Treasury sales at 12.20 Exchange for

sterling

the last

a way to the ΠΟΥ being and Amerlei reached an agreement on and will shortly to work out ways and

their new economic objectives.

According to the best In- formation Available last week- end, these Include plans to enlarge the Intrmational Mone- Fand (presumably by roun-

the purpose of 838 an ounce and permitting the Tought. Brisin

have different coun-price to rise in free markets." trade between 200trics.

The Bank rejects the argu-major ales At the moment there is į 20.30 | ****

not enough of it available in meat that the price of gold eglu Rome partn of the world and should be raised because the means of achieving

have trebled loo much in

others; one com- commodity prices

price gold frison will suffice to Blustrate since 1.476 1.60 5000 7 1.476 the problem.

Increase,

Britain, whone

Last Raised currency finances nearly half If the gold price were to be try the world trade, holds only related to commodity prices and increpaing ach member 312 throo and a half per cent of marked up every time con-try's subscription and America'a

In by for Hermodity prices rose, it says t reserver world's reserves, as Mr Adlai Stevenson would cease to

that 10 pointed out recently, are out meating as an omelul currency strengthen the World Bank. the

"Bretton

Woods 1000.in the same size as those of the standard. Use of any fixed gald

development Joans. 300 2010 Ford Foundation.

price is to check excessive credit provides expansion and rising commodity There will also be talls on prices.

commodity price stabilisation.

4

LAND. ETC. Hotel..

500

21 2140 3000

200 e

fund Steel Co

7412

2100 (

Interchiemiteal Corp.

in Land.

33 33,50

Int'l Busimas Machines

164th

Ihreys

35

nlty

4,05

International Nicke

BUSHER Amaly.

SOUD or 1.473)

256 | A. Tawah 2.Fr 711 Tram 471!

*

1.30 1825

2000 R156

Star Ferry

112

Youmali

1CD

10

100

2004+

C. Listi

Electric

17.70 ..$0.10 20.50

18

Min.

Macey E.. Telephone

30 CO

220 35

Just Tel & Tr Juha-Munville Co. Krimer henry Kernecott Copper. 1xreti Meyers Tub. Cu. Lockheed Al:eralt

erws inserp...... Lone Star Cinent Co. Inwettsicia de Soba Mas. Lov. Trust Co. McDermott J. Kay McDonnell Airtrati

Stock Exge)...

Mesa Corp. Minnesota Nicon Developement

Sales Today on the American Stock Exchange dropped to 900.000 shares from 1,010,000 Monsanta Chemical Co.

Then I was in India, Ceylon, Thailand, Indonesda and such countries In 1051," he said, "the

Construcled entirely of discussion was whether It was

monided plastle and without a good thing or not to install an

all in its shell, the boat claim-shores traded on Fitday. engine in the boal. Now I And

New York Stock Exelinge that there is no question raiseded to be unsinkable. It requires

volume today totalled $5.730,000

ne maintenance and is 10-

on that point, Lut there is u problem of Anding ways and affected by climate,

manufacturers.

means to supply the engines re-Industries quired by the Beheren."

EXTENSION SERVICE

One of the main current prob- lems was the lack of extension communi- services to Improve

cation of sucessful mechanisa-

tion operations to other fishing

villages.

as against S8,191,000 on Friday.

Fay the Plastics Jablo Ltd., Mill Lane, Wadden, Surrey, Even If !

into eut were several pieces cagh piece would float and be capable of emarying people, REGARDED

It is regarded as particularly suitable for use in tropical coun- tries because the material unsßeeled by heat and will not There had been a noticeable shrink or

The only crack. In governmental change

at wooden parts are

the edgingi titues towards #sherles. end the seats which pre Btted Fisheries departments, which to the hull by brits. It is o formerly were mainly concerned | propelled.

with introducing Using regula- Aseboat for general use tions, now were trying to stimu- on ocean going liners, It has

those late production through the in many advantages over treatuction of modern engines.constructed of wood or steel. I inchnised gear, synthetic breis Hight and manoeuvrable and als, and so on.

carrosion, not being able to requires no maintenance.

Government enthusiasm abo Bull to Ministry of Transport had increased for fisheries train-and ing contros, A joint Govern the ment/FAO

Admirally speciflcntions, bon is 24 t long, has a bonl-design centre beam of # 3 Inc. and will take

last year at Cochin, India, had 38 passengers. It weighs about resulted in good designa for 30-in ew.

font boats which

were now

being bullt. Another 100 hunts

Dow Jones closing averages were;

30 Industriala

20 Tajla

daries

40 bonds

Commies index

Closing Prices

Alden tac. Acy.

Allied Chemicals Allied Milla De.

Allis Chalmers

Am Brake Shoe American Airline,

Am. Cable & Radio Corp Americas Cynnamid Co. Amér. & Form. Power Am. Gas & Electric

Ain. Haile Prod

Am Mach. & Fury. American Metal American Speting Am. Sugar Ret. American Telk Tel American Tob. "R" Anaconda Copper Armeo Steel Armadur

Baltimore & Ohin

Benix Aviation Corp.

Montgomery Ward Motorola Ine. National Busuit Co. National Cash leg "A" National Dalry Prod National Lead

INDUSTRIALS

39.50 the

2407 u 17.00 1800 7

VERKER

100 421 40

Exceeds

put

Gold stored away in America's Fort Knox, on the other hand, exceeds all the other countries' known

reserves gold together.

The problem is to achieve a 100 17.30 more even distribullon of these 17.40 reserves, Do that world trade up for lack of 10.00 Coty hat seizu

||| lubrication

460 1.4

46%

Cement... 2240 22.80

National Steel Corp.

Amoy Cal. 37,56 STORES, ETC

New York Central

Dairy 17.40 13.00

Sarfolk & Western Ry.

200

47850

North Amer. Aviation

500

119.37

North-West Airlines (Com.)..

Walsati

31 14.10

71 93

Olin Mathieson

000 M

10 Elevatess

01.01

Owen-finals Glas

500

1572

Oxford Paper Ca

Lane, Craw,

17.40

Pacile Gas & Elce,

5716

Emporiun

0.00

Pan American Airways

1013

Paramount Pictures

Sik

4.00

Parke Davis Co.

2826%

Nanyong.

20

Penny J.C. Co.

7.00

7.60

63

Penn Salt GO

MISCELLANEOUS

10 Const.

5415

2371 Procter & Gamble Co.

(D) ...! 0.00

3845 | Pittsburgh Pinte Glass

INVESTMENTS Yanptave Ailled

4.50 4.00

דר

2016 Philip Morris

101% } Publieker Industrica

4

Radio Corporation

142 | Badia Conj. Pref.

4314 | Republic Strel

puja Beynolds Metal

35

Sears, Boellick & Ca

231 Shell Oil Co......

451 Scint Reg. Paper

20% | Sinclair Öl

1704 Sorony Mobileti

ច Solar Alteraft ...............

4774 Aouth Puerto Rico Sugar

51k Southern Co. (The)

14's Southern National Gas

Standard Brands_

4.70

171

LONDON

STOCK MARKET

London, June 16..

11

10% The stock market closed

steady today as the explo siva situation in Lebanon forced traders to discount a batch of bullish develop

naldwin-Lima-am.

1231

Southern Railway (Com)

Beneficial Finance

24

Standard Oil of Col.

5434

Standard Of et ind,

Bennet Cone.

Standard Oil of N.J.

Production costs are abzut the same as those for a wooden boat

Bethielten Steel

414

Steep Rock (Toronto Exge.)

Boeing Airplane

43

Sterling Drug Co.

Borden (The) Co

8714 Stokely-Van Camp.

Burroughs Add Machine

301

Studebaker-Packard Corp,

47

Sunshine_Mining

21

45% Switt & Co.

134;

28 Texas Co.

181, Textron Ins.

$74 Tile Water, Ansh, Oli

17

521

had been built on the basis of for similar size and under service FAO drawings ut various pofals conditions a life of about ' 15 In India.

Improved Payload

Sears is expected,

Poland To

Ships

For Viscount V.810 Supply 24

TICKERS - ARMSTRONGS To Indonesia

(Aircraft) Ltd. have an-

nounced an additional

2,000 lbs of payload for

Indonesia

their V.810 840 sorios air-from Poland

Tokyo, June 14.

will buy 24 sha

lor delivery this

craft. This has been achieved rear, the Antorn News Agency by increasing the zero fuel said it Ind leurned today.

weight by 2,000 lbs to 57,500 lbs. The take off and fanding weights remain the samo.

This substantial increase in payload will be built in to all new V810's--including the ones just ordered by Anzeli-ANA of

+

Details

the ship purchase,

the agency said, will be dis cussed during talks beginuing tonight between Indonesian ofll- Polish ctals and members of a trade delegation.

The Polish trade delegation earlier today, which arrived Antara sald, will also negotiate

Australia. It can also be obtain the renewal at an expired trade

ed for V.810 series aircraft whose fuselages are already constructed by a strengthening of part of the fuselage.

IMPROVEMENTS

agreement between Poland and Indonesia.-UP.J.

British Shipping

This can be done if required Service To USSR?

by airlines themselves but sever-

al purchasers of V.610's have al-

ready asked for the Improve- ment to be incorporated before delivery.

London, June 10,

A London shipping company today hope to resume its pre-

The payload increases will war service to Russian Ballic enable the V.810 to carry more ports,

freight and to increase passenger This would be the first

Celf. Packing Corp.

Campbell Soup Co.

Canadian Pacific R.

Case J. 7.) Co.

Cat Tractor

Celanese Corp,

C... Finoticial Corp

Co.

Chase Monhal. Bank Chrysler Motors Cluétt Peabody Colgate-Palmolive Colombian Carbon Co. Commercial Credit Commonwealth Glee. Consolidated Edison Continental Oll of Del. Crown Zellerbach

Sugar

Cuban Akal Elamond Tinmond Match Ca Douglas Alreraft

Dow Chemicals ...

Dupont de Nemou

Fastern Airlie

Easinan Kodak

El Paso Nationmi Gar

Family Fluance Corp.

Time Inc.

53% Tri-Con!. Warrants

Twentieth Century Fox Film

40 Union Carbide

40% Union Oll of Cal.

#214 Union Prethe Railway

30 United Airera

2015 | United Gun Corp.

304

no

09

Britain is especially affected because sterling is an Inter- national currency. This means that whenever foreign holders of sterling grow nervous, they do it British goli resETVEJ full sharply, they hurry to con- vert their pounce into doilara of (equivalent

thus gold) rccentuating the triginal fall in reserves, Increasing nervousness and so on

have a use or

the biggest); step up U.S. economie aid: and

twin,"

Exchange Rates

the The Bank recalls that price. of göki wis Inat raised-by | 85 per cent-In 1934 in an effort

Business was done in the local boost prices in the United

exchange market this tlic States during

depression. oficia

mording at the following rates:-- This would be an object of U.S. dollar, (per si

In the present Sterling notes (per £1) "dublous merii"

Australian notes, (per 21) instance.

Indonesian rupiah (par 100) Then.. our policy." says the Slam teal (per 100)

was selfish: and Singapoto (traits)

Bank,

*

»

ко

*

Britain's position is that of

14

So long as

any other banker,

But

there are suffelent reserves to to the buck deposits entrusted bank, nobody is worried. Immediately the reserve position is called into question, depodars rush to withdraw their money.

Sterling Crisis

Last autumn's sterling

*

*

Crisis

*

was a typical example of this. The flight of the pound was halted

tracke when in its Britain's reserves wore strong- thened by a loan from America the Inter- and drawing on notional Monetary Fund. But monts.

acidiftional dollars were nover However, persistent rumours | additi

Tho

of a cut in the bank rate actually brought into use. boosted

securities knowledge that they were there 49% fractionally,

were titered was if ever they

lo stop it, reassured generally enough

201

gill-edged

Industrials were

32 quiet except for selective de- ( foreign holders and stopped the 294 mand for shipping, engineering

*

*

*

E&A

P.OB.IE

COMPANIES

Dao Honkong

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N, CO.

Uutwards

"CARTHAGE"

"PERLM1" "BOUDAN" "CANTON" KHYBER" "SURAT"

Jinwards "SUNDA" *

Leaves London

Sabed 20/3 Salled 19/3 7th June

28th June

1st June

7th July

Leaves Hongkong -20th June 4th July “BINGAPORE” # 18th July

"CARTHAGR"

30th June

7th July 21st July

28th July

Cth August

18th Augart

Due London 2013 July

5th Augu

18th August

"CANTON"

1st Augurt "SOUDAN" * 13 August

1st September

25th September

7014

And

elve rica!

34

issues.

A

cr.

30

B01

S. Stect 7'F.C. FF BTL Warner Bros.

15042

Westinghouse Air Brake

S

2212

Westinghouse Electric Western Union Tel. Co,

2016

Woolworth

-U.P.L

on British German liens scored scattered clon gals in a generally firm foreign includes bred market.-V.P.I.

But obviously it would equipment

for everyone Dollar stocks were high- much better white goul shares closed crises such as there could be thing, they avolded. For one cusier,

Oll rocks receded on renewed place a disproportionate strain Barcups in the Middle East.

bo

Via S'pore, Penins, Colombo, Hombay, Adrn & Pt. Bald.

if

economy, for

the

the pound to support

such debilitating menmures as a high bank rato and

50% U.B. Foil "B"

27

U.S. Gypsum

NY U.6. Line Co.

1.5. Rubber

10% U.S. Smelting

34 U.S. Steel

COMMODITY PRICES

RUBBER

Rex

NEW YORK ·

New York, June 16. rubber futures today closed on point higher to 5 points lower with sales of 22 contracts. Closing prices:

July: 26.15: Sept:: 50.05; Novs 20: - Jan: 20: Mar: 23.90: May: 23.80,

-V.F.J.

accommodation up to 75 In tish company to operate regu- ¦ July: 2s.ho.

Economy Class configuration.

Australia Buys

More Viscounts

COTTON SUGAR

New York, June 10. Prices of cotton futures closed today as follows:

Spot: 30.251: July: 3397: Oct: 30 36: Dec: 30.01: Mar 30.70 May 38 72 July: 3310; Oct: 14.32, Dec:

34.35.

NEW ORLEANS

New Orleang, June 16. Prices of cotton filures closed locity as follows:

Incly reheduled runs to Rusia Most British' trade.

SINGAPORE since 1039. with Russia is now cur:fe: by

Singapore, June 16. Soviet ships.

The market opened slightly Spot: 35.10 July: 33.05; Oct; 3637;

Dec: 30.03 Mar 20.70: May: 1,75 Britain's United, Bullie Cor- Higher and settled very quietly, July: 30 10: Oct: HS to: 'D." poration said the project was in the afternoon the market was

LIVERPOOL merely a. "hope" NOW, with again very quial with a tendency

Liverpool, June 18. success dependent on negotia-at prices to drift downward

Cotion future closings, in perce Hons with the USSR.

Futures: No. 1 rubber per M. July 31-746 per lb. were as follows:

AUK. 75-15}}

American Contract

VICKERS-Armstrongs. (Al- United Battle ships now run

that

announces

to non-Soviet Baltic ports, No. 2 rubber per 3. July 715-73% the Australian akrine UPI. Ansett-A.N.A. bes ordered four Viscount. 810s for delivery This

in the first part of 1950.

brings totul Viscount sales

383.

The Viscount 810 is the newest version of the Vickers family of prop-jet airlinera and is due to enter regular service with Con- inental Airlines of Denver, Colorado. The Ansell-A.N.A. Viscounts will have the type number 832.

Australlah airlines have now purchased a total of 20 Viscounts, of which 13 are in service. Vin- count B100 have also been ordered by airlings in America, Brazil, Cuba, Pakistan and South Afck.

→ You main me — Flying? Wish na prepsilers? You tan bail they sa K30

No, 3

No. 4

Spot rubber unbaled

Ilanket crepe

0144-

7484-7452

66-58 01-03 -U.P.I.

July/Aug.

Out./Nov, Dee/lan Mar/Apr. May/June....

Mixed Contract

July/Aug.

Od Nov.

Dec/Jatt.

Mar/Apr.

May/June

SAO PAULO

2235-22 14

No. 1 pale crepe.....

LONDON

London, June 16.

The rubber market was steady with spot quoted at 22-3/10

rece parth. Prices:

Serilement bouse tenn:

July

fept.

Fay/Bept.

No. 1 Ras apat......

Aur

Chei/Dww. Jan/Mar.

April/240m

General märkelä, git bash

Julie, July and Aug:

dies

BANE 229

Sao Paulo, Jupe is.

Colton future closings, In

NEW YORK'

New York, June 10.

restriction of credit in Britain. And periotic upheavals destroy the trust in afering on which so much of the world trude depends.

ever

ways have to overcome

been

the

Several Suggested problem of inadequate world reserves. One is an American Ion specifically for the under- pinning of sterling. But this would Increase Britain's de pendence on Amerlen und, would And little favour in London. br some chance Washington were 10 agoče. Second and by for the most World No. 4 sugar futures widely canvassed suggestion closed 1 point lower to 2 points that there should be an increase

Eula of 475 in the price of geld., higher with

America has always refused to contracts.

Contract No. 4 (word): July: 33: countenance a higher gold price very title Bikel- Sept: 341; Dei: 341 Mar 310 and there is May: 337: July: 5.01; Sept: 377

will change its spot: teenta per in, fob Cuba); 3.ood that It

Open Interest: 7.561 contracts,

mind now.) Contract No. & (damnestie): July! Nevertheless this will 5802 Sept; 0.80; NuY: 3.00; Mar: 5.50: Spot: teents per fo, if NY ex-duty): 5.00.

Open interval; V.P.I.

2.040 contraciə.--

FOREIGN ACHANCE

NEW YORK

New York, June 10. Closing miles were:

But

not

provent the matter being raisckl the Commonwoolch again at Economic Conference at Mon- treal in September, and at the Irtomational Monetary Fund meeting a

tow weeks, later. With this In mind the First National Clly Bank of New York has restated the Americans alde of the argument in its current bank letter.

Higher Price

Talk of the higher price of gold has been revived, it mys, bunada 31.03-10/10; Viñois 201-7/14; | Because of the recent outflow of 30-days 2.00 90-day's 2.7915; Aus-

tralia 2.25-3/19; New Zes and 2-50-7/10; gold from the United States, South Africa 20-19/16-V.R.I.

LONDON

cruzeiros per kilo were as fol- Closing rates were:

Montreal

New York .... Krušn

turt

lows:

July 12,20

In the Unitesi Slater, the aver: age price of one-inch cotton at tij | 14 designated spot markels was (Celo

Farbe

not available today.

Accoun

Bub despite the Juss. of $1,100,000,000 in gold since the middle of February the Amerl; London, June 16.

cun goith stock was still valued at 621,700,000,000, mote as the 1633-381-710 combined gold reserves of the 17081210-11/10 rest of he world. 130:40-130.45 11.7935-12-7795 20.0114-20.0115

Total sales were also not svall? (suran risickes

After allowing for the gold nomed to wallsfy the legal [requiremtist, that Federal Ro

hold the 1491ervo banks

gold

*PP); Læquivalent to 25 per cent of

*

★

*

t

* "SUNDA", "SINGAPORÈ" and "g#UDAN" call R'pare, Pt. S'wel.. reazar. Aden, l't. Said. Havre, London. Hamburg, Rotterdant & Antwerp.

BRITISH INDIA S.N. CO., LTD.

Aasta 2003 June

"SANTHIA” due 2001 June

"FULTALA" dur

1st July Balls 2nd July

"SANGOLA"' CHE 4th July at 5th July

from Japan

for Singapore, Penang, Rangoon & Calcutta

from Japan

for Sugapore, Penang,

Calcutta Rangoon, Chittagong

from Calcutta, Rangoon, Penang & Stigapore for Japan

P. & 0./B. I. JÓINT SERVICE

“ITAUKA” due 18th June

vadla 19th June PACHUMBA"40 8th July

sal 7th July

KUMIÁRIA”

due

7th July

Kalla

July

"IKAUNA"

dne

ette July salis 10th July

from Bhavnager, Rom- bay. Cochin, Penang

Singapore for Jupan

from Japan

for Singapore, Penang, Madras, Bombay, Bhau→ angar & Karafil

from Karacid. Bombay Cochin, Singapore Car Nicobar

Го зарад

from Japan

for Fingapore, Kuwali Hastalı, Khorraminalır de Koral

EASTERN & AUSTRALIAN S.S. CO., LTD. "NANKIN"

dus 20th Jun salls th June

Apt Australia

for Jupan

Alf verièls have liberty to cafi at any ports on or off thị roule & the routs & sällings are subject

to change or rabndment with or without notice,

for full partleglars apply to i

MACKINNON. MACKENZIE & CO. OF HONG KONG LID. Telephone Nos: 27721-4

5.77

12.02

He