RANSPORTATION
KLM TO OPEN NEW AIR SERVICE
TO MOSCOW IN JULY
AS
S a result of the air negotiations between government delegations of the Netherlands and the Soviet Union, KLM will be able to inaugurate a weekly service between Amsterdam and Moscow on July 21, 1958.
KLM hour
reached full NEW DRY DOCK
The representatives of the Rustion tv, airline Acrollot and Ogreement concerning the operatio on the new air route.
<T)-
Commencing on July 21, both companies wifi- operate their werkly servlers Amaterdam
and
between
Marcow
Broughout this summer amul the coming winter. The
intention
FOR TANKERS
THE CHINA MAIL, TUESDAY, JUNE 24, 1958.
FOOT OFF THE
BRAKE, BUT NOT
YET ON THE ACCELERATOR
Bank Rate Cut Caused Little Stir In London
London, June 23.
The decision to cut Britain's Bank Rate by a half per cent to five per cent has caused no flurry here.
It
HONGKONG
STOCK EXCHANGE
Our Own Correspondent Business done on the Hong- kong Stock Exchange
to appro- > hnately $774,000, Noon quota-
This
had been expected and in the market, allowancerning nounted
had been made for it. The immediate effect ions and the morning's trans-
apart from heavy buying of short-dated actions were:
Bhared Buyats Rollers gilt-edged-was barely perceptible.
is to raise the frequency to iwa | Armstrang nights weetly from the 1950 Limited, claim will be the
KLM WH BUSTHILF scheduled. operate the service via Warrawlargest on the British cast while Arent coast, is to be built on the with DC-3,
with Tupolev Tyne, the firm announcedunce neilber will fly direct
today. 104 A.
TO ESTABLISH
BANKS
ilk Bank INSURANCES
the public
po
Waterbunt
Lombard. 20.00 SHIPPING
20
130 BOO
70%
Wheelock
0.20
6.30
10)
LAND, ETC. Inc Hotel. 2180
རྒྱམ རྣཐ
Wales
703
RAILROAD SHARES
LOSE GROUND ON WALL STREET
By ELMER WALZER
New York, June 23.
Railroad shares lost nearly two points on the stock market to- day, while the main body of stocks held within those ex- tremes in a quieter, irregular market.
moved
Tobacco as a group 150 a 20.20 higher ́and so did the drugs. There were isolated Issues In
(15
the uility, paper and electronic groups that gained more
with
Oxford Paper Co. Pacific Gas & Elec.
Pan American Airways Paramount Pictures
Publieker industries
group Radio Corp. Piel.
Republic and 110yulun Melal
Sears, Hoohick & Co.
3414, Textron Inc.
B7 Tide Water Ass, Dit
16% Time Inc.
30% Tri-Cont. Warran
12 Twentieth Century Fox Fum
93 Union Carbide..
Bzą: 1inion Out of Cal
534 Union Pacific Railway
United Aircraft
United Cne Corp.
Parke Davis Co.
than
Penny J. CT to."
Penn. Salt Co.
12.30 12.00
500 12.50 point along
strong special issues.
several
Philip Margin
27 3900) 23.90
Procter & Gamble Ca Pituturghi Plate Glam
Fa
2000 is 21.00
Prospect of
1000 n
700
$3.75
1045 4
3.75
for auto companies to change to Radio Corporation new models left that without much incentive the leaders dipped slightly,
early shutdowns Pure Oll
UR. Foll
37
U.S. Gypsu
vë, Rubber
US Smelling
Steel
4320
US. Steel ...
41
2016
Softened
Eastman
and
Du
the
Land. Humphreya 15.00
Heally
1,025
RUBBER
What was significant was the weeks. Strikes in fact that i had come in the transport, the automobile in- same week un announcement | dustry, the docks and meat dis-
trade, served
to of the Ex-tribulve by the Chancellor
of the DocIA, ETC. chequer, of notably increased intensify the Chancellor
K. Whart Dock Initial allowances on new plast Exchequer's natural caution.
There is an all-round lighten-Frodem. Nowcastle-on-Tync. and machinery and the un- In ship-værens ing of tension on this front; not NEW dry dock which it suckling of
Britain from the Cap. Insnes that all paralon has been spent. constructors, Vickers: Committee so
strikes have been that they might Some of the
lifted on promise of negotiajjons (Shipbuilders) | go to other sources for capital.
which could conceivably break No Admonition
down. But strikers have found There was another significant la both Government and CR1- greater and fact or rather an amission. For players, firmness
resistance 10 capitulation than of the Bank of England issued their
recent years and this has doubt- admonition | less led to the hope that resson- Usual dampening which goes with the Bank Raicableness will prevail ard to the cut-that It merka no change of belief that the prospects of more
Jabuur conditions settled policy.
"Talking together four factors- | worth taking a chance on.
incrensed lower Bank Rate,
Can Afford con-pilowances; more freedom for shipping men; and the absener
Anger-wagging British businessinen concludes tut grim economic chapter bad endech a chapter which angers in the crunonite crisis Inst autora.
་
dock
Dimensions of the now will be 850 feet by 145 by 35. The Dutch airline will be able
11 will commednie of tankers to stablish an offler and a com-
of up to 80,000 deadweight tons.) mercial organisation in Moscow,
24724 Location, designs Mr F W. In this connection
struction are arranged su that Telders has been temporarily extensions cun later be made of cautionary appointed os representative of
lengthen the duck up to 1,000 KLM in the Russian capital.
feel, catering for the projectil 1! KLM DC-GRs larger tonkers of up a proving fight on 128,000 deadweight tona, the new route with a number of
On July 1 will make
The dock in its first stage la
by 1961-China Ma'l¦
techuleni, operational ad-pinned to be open and rendy ministrative and commerelt for USC experts in order to perpme for Special. the
rif operation
Bervice.
Bet as
the
new
general U.S. Army's One Man
Acrolled will ngent of KLM in the Sovket Union, and in the same capacity KLM will Interests of Asraflol Netherlands,
after
TORSIONMETERS
the The LA
FOR FRENCH SHIPS
CHA
Flying
Platform
Washington, Juno 23: THE army is on the verge" of breakthroughs in de velopment of vertico! and short take-off aircraft, in-
cluding an "oorial jeep," its deputy chief of research and development said today.
the Treasury u
Of course there me pessimists who insist that the Bank Hate has been brought down in order that it may go up again to meet the expeeled sersonal strains of
The
here. Betleyal Powever, is that the w rate is
10 From wick
mnes can be tade really in either direction, and that all-round easing a designed to permil the taking up of the slick which has ap- as a result the restrictive motelary Deared in every policy.
any
A Stimulus It should certainly serve the purpose of preventing signicant drop in production over the remainder of the year. Maj. Gen. Robert J. Wood, in
And there inve been signs tuney before a Senate Ap- Increasing of late, of the sterd propriations Submitice, sald for some such sort of stimulus.
The world-wide droo the aircraft which the, Army
prices and the secks to perfect will permit commodity and 5.5. bring up plomie weapons on American treession have had a effect un British rt notice and "provide vastly depressing
Heavy industry bas Inerensext mobility for reserve | veoNOMY.
felt the effect of the end of the Generale cumbat forces."
markels hav capital equipment boom. Ex-
new
HANTIERS de l'Atlanti- que of Saint-Nazaire have ordered four torsion- meters from Siemens Edison
for Swan Ltd
the 66,000-ton moi! passenger liner France, under construction for Compagnic Transatlantique, familiarly known as the French Line.
Torsionmeters -376
already in operation on four of their other Vossris.
The elvetric torsionmeter was Introduced in 1925 as "The ordy practical method of measuring the power being transmitted by a revolving shati." The con- any claim that I still remai
50.
THE DEVICE
The device, which clamps on i
to an Latermediate length of
Word said one of the projects poing forward was development et the "nerin jeep." which will bo bull: on the concept of the one-man "fying platforms" already tested by the Army.
The aircraft is being designed to carry a 1,000-pound payload over a 50-mile radius ok will have agility comparable
U.P.I. Felicopters."
دا
port
breaks
hve the
tougher. There have been out- of unemployment here and there and in some trades the state of the neder books has been diseraraging.
2
RADAR EQUIPMENT to adjust them promptly when-
London.
air control centres to more traile,
handle
Amalk
3.50 1,525
Trend
130
A. Tawan.
Someada!
1.00
UTILITIES
Tram
20.03
is
So as the prospects are belter, the Government plainly feels that it can afford to release the screw just a bit. But it would be very wrong to interpret this
uffiel as any abandoning caution or as an exhortation for full economie steam ahead.
گر راج
This interpretation is, however, unlikely to be made. And credit for this "must go to Govern- ment's readiness to employ the of the much-maligned weapon Bank Rate, drastically and un- hesitatingly.
Pe Tram
(0)
C. Light
10)
Sa
+
chemicals. 27 1200 2120 softened
100019 Coppers slipped back on a cut
Sinclair Oi
وارا
Sbeli Oll Co.......
Saint Reg. Paper
342
Soury Mob!leil
Pant
Solar Aterafl
EBAR
South Puerto Rico Sugar
20%
Southern Co. (The)
Southern away Com.)
Southern National das .....
Standard Brands
Standard Oil of Cal.
strongest
Standard Oil of fnd.
491%
Standard Out of NJ,
the price of copper metal by custom smelter,
Italtrond
issues,
113 group last week, receded on be-
Sleep Rock (Toranis Exgej
lief the Senate's fax old to the Sterling Doug Co.
300 27.30
in the
B00
i
ས
1000
72
Star Ferry Yemat
113
100
108
18.10 18.20
3000
1500
1000
10 20
Fretrie
23.70 20.00
2000
1000 2010
2300 - 213,500
107 48.70
27.00
23
Telephone
1830 railroads will be carved down Stokely-Van Camus. 18. by the House In conference
20.0 on the latest tax bill.
Studebaker-Packard Corp.
Sunshine Mining
Swift & Cu,
Texna Co
of
.Oll issues were narrowly mix- cel
Union except
Foints,
37
Oil
28 California which at its high 500 300 21.09 new high-was up more than 2 INDUSTRIALS Cement 23.30 13.80 2000 Amoy Can 31 STORES, ETC. Dalry... 27.70 1700 Watson 11% 41.70 Lane Craw
The metaphor being used to describe the new conditions Textiles, "Font. off the brake, but not yei on the accelerator.
Nanyang
IT
New York Stock Exchange: bond volume was $3,730,000. 1000+ 17,00
New York Stock Exchange 300 @ 40.20 volume was 910,000 shares,
Stock American
Exchange vultume was 2,340,000 shares,
Of a total 1,100 issues traded, 555 were lower, 337 higher.
Dow-Jones closing
**
156
4.20 $20
1000 vi
7.80
MISCELLANEOUS
Viura 4.00
8.00
4.20
Welcome, though the measures are, there is a feeling. INVESTMENTS abroad that the foot may still Yangtze..
Allied have to touch the accelerator. fik de F For has yet to be demonstra-
Invest. that these measures аге
wound up and not just a means of clowing the unwinding pro- eess.-Express Service,
30 industriais
were:
Ko valla
La utilities
stucks
550 @ 10.000 bunda
Suffielent to keep conomy Agreed Merchant Rates
West German Deutschemarks. Maximum Selling, 71 13/10.
COMMODITY PRICES
COTTON
NEW YORK
Prices of colton futures closed today as follows:
Aug. 7416-742%
23-319
No. 2 rubber per 1b, July
No. 2
No. 4
Soul Tubber unbales!
Danket crepe
No. 1 pale crepe, mak
LONDON
003-067% 021-63 74-789
502-575 02-44
The rubber market was quiet and steady with spol quoted at 221⁄2 pence per lb. Prices: 33.10
No. 1 Has pat
...... 2231-22% Selticment house term:
That in itself would have been sumelent for
Spot legitimate demand thal the Chancellor his budget should implement half-bromise that, "while our objectives are fundaments and are determined unchanging, we
July
36.00
Oct
30.04
Dec.
30.0
July
Mar
37.10
AUR.
May
34.07
Sep!.
July
36.97
July/Sept.
Qol.
30-13
Ocf/Dec.
24.30
Jun/Mar.
NEW ORLEANS Prices of cotton futures closed today us follows:
Apri/June
Estate ergue
Sput
36.30
July
36.75
Flick July
Ock
30.80
Mh1
32.13
May
July
35.15
Oct.
31.63
Dec-
to keep our policies flexible and
assessment of the ever our situation suggests the need for that,"
Improvement
shaft, measures the angle of lot-HITAIN is to spend £3,000,- gion in the shaft by means of D000 on, Dew radar equip-
But there and also to be con- an air gap in a canall differentiad
men in the next five years to
notable improve- transformer. This angle, shown
Increase air safely and enable sidered that
Britain's in ment
Overseas on an indicator, is used in-em-
position. that firmness of Ster- junction with the known stiff-
Beg and the influx of gold and ness of the material and rpm. to compute the horsepower in a Mr Harold Watkinson, Mials- dollars to the Central reserves.
Taken together these two sets and Civil simple way.
ter of Transport Torslenmeters by Siemens Aviation, told the flouse of Com-of factors made liberalisation Edison Swan Ltd are £fted en a mons that under this plan, air moves inevitable, large number of turbine versets craft using the airways would
continuous
LIVERPOOL 32
Cution future closings, in pence per 1. were as follows:
American Contract July/Aug: 25.25; Oct/Nov: 25.38; Mar/Apr: 20.45 Dec/Jnn: 28.15;
Mixed Contract May/June: 29.03.
July/AuR: 25.92; Oct/Nov: 26.02;
Mar/Apr: 20.03 May/Jwie; 27.02.
SAO PAULO Colton future closings, in cruzeiros per kilo were as fol- lows:
have come They might well be under and diesel chips including units
radar even sooner but for the un- of many of the world's havies, surveillance throughout fights settled sole of labour relations
Dec/Jan 20.74 Mall in Brilain during the past few There are also
Britain. China many industrial over applications.
Special.
NEW AMERICAN ALL-JET DOUGLAS
View in Eight recently of the Douglas Aircraft Company's new aircraft the DC-8 a 600 m.p.h., 174 passerer machine. Three years of design and $250 million had proceded this mom it. Twenty-eight more of the machines are under production and 188 are ordered by 17 airlines. The machine la ex- pected to fly across the United States in 4 hours and the Atlantic in six hours,
*aixteen minutes.—Koystone.
FER-23
2275-2235
averages
471.00
178,43
73.Ji
153.13
00.00
150.12
Comi. future price index ..
Closing Prices
Alden Inc. Acy. Chemicals
Allie wils inc.
Allis Chalmers
An, Brake Snoo American Airline
Ainerican Cable & Radio Corp.
American Cyanami Co.
Amer. & Fogn. Power
Am. Can & Elective
Am. Home Prod. Am. Mach. Fary. Aitetican Airlai American Sinciting Am. Sugar Rot. American Tel & Tel American Tob. "B" Anaconda Cupper Armeo Steel Arbour A
Baldwin-Luna-Main Baitimore & Ohio enesetal Finance
Bendix Aviation Corp.
Benzet Cons.
Betlehem Steel
Booing Allplang Borden (The) Co. Burroughs Add Machine
... 223-217 Call, Faesung Corp.
233-2215
2276-22
2731-22-y
223-22
General markels, eif basit, ports:
June, July and Aug. ... 22 buyer
thin July
--U.J',I.
SUGAR
New York, June 23, World No. 4 sugar futures closed unchanged to two points lower with sales of 234 contracts, į
Domestic No. 6 sugar futures closed unchanged with sales of one contract.
July: 3.41; Sept: 342, Oel; 142: Mars 3.31 stay: 3.33: July 338 Sept: 327: Spot teents per fb. tos
Chilon): 3.43.
Open Interest: 7,187 contacts.
Julye unquoted: Oct: 44,10; Dec: Sept: 5,16: Nov: 5.18: Mar: 658; 15. Mar: 43.
Spot cents per b. cif NY ex-duty); In. The
Stales, the 500.
Open Interest: 1,803 contracts average price of one-inch colten &
United
at 14 designated spot markets was 30.83 cents.
Total sales were 13,004 bales. U.P.I.
RUBBER
NEW YORK
Hex rubber futures closed to-
day 16 to 27 points higher with als of 40 contracts.
prices:
July
Sept.
Nov.
Jan.
Mar
y
AMSTERDAM
FOREIGN EXCHANGE
NEW YORK Cloping rates were. Canades England omfat
14
30-day
10-day
Austraits" Closing New Zealand
Diners is clangeti.
LONDON
outh Africa
Holland
Thi
20,33
Itakar
26.733
20.30
78.10
26.10
20.10
New York. Montreal
Amsterdam
rus
The rubber markets was quiet Prices were unchanged today.
SINGAPORE
Closing rates were:
Copenhagen Funkfurt
The market opened around Oslo the previous levels and ruled Post extremely quiet with
small. Futuros: -
Trookholm
volume Ver
No. 1 rubber per lb. July 7412-75
Campbell Soup Co.
Canadian Pacifle R,
Case 13, 1.) Co.
Cat. Tractor
Celancto Corp.
C. 1. T. Financial Corp,
Chase Manhat. Bank Chrysler Motor Cuelt Peabody, ....... Colgate-Falmolive Do. Colombian Carbon Co. Commercial Credit Commonwealth Eire. Consolidated Edison Continental Oil of Del. Crown Zellerbach Cabau Ainer. Sugar Diamond Alkall Diamond Match Co, Douglas Aircraft Dow Chemicals ..........
Eastern Airline Eastman Kodak
Dunant de Nemours
El Paso National Gas Family Finance Corp. ........ Firestone Tyre & Rubber Ford Motar
General Dynamics General Elecule Geners Foode General Motors
Gen. Pub. Ull..
Gen. Tyronubber Getty Oil ....
den Co.
Goodrich (B. F.) Co. Goodyear Tyre... Grumman Arerast Qull it
Heyden Newport Corp. Homestako Mining Co. Ingersoll-Rand
Inland Sten! Co. Interchemical Corp. Inta Business Machines .... Int'l Harvester
Internaitanat Nickel Internationa)_Paper Int'l & Tel John-Manville Co. Kalier Industry Kansas C. Power & Light
Copp Tob
1.63 31/03 | Kennecoord
avi
EBOL
3.70 1/10
22432
2.00
20131
2044
2:00
zios
A
2.01-281 1/10
2.701-4.7015
10.50 -10.68 199,55-199.40 **
19.533-1054
1.Egoit Lockheed Asteratz Loews Incorg..... Lone Biar Cement Co Lowenstein & Sons. Mow, Inv. Trust Co. McDermott J. Ray... McDonnell Alterat Stock Eige,) ... Mesht Iron Corp. Minnesota Ring
Mission Development Monsanto Chemical Co. Montgomery Ward
National Biscuit Co. National Ch Reg. "A" National Dairy Prod. National Lend
11.08-13.0% National Steel Corp. 17714AYS. New York Central 20.019-20.015 [Norfolk & Westem Ry. 11733f11T
North Amer, Aviation
(Am.
14.443-14,403, North-west Airlines (Com)
2.37-73.40
arichi Others were unchangak---{} «Z^»Z.
Qin Mallue Pozi
| Owen-tilinois Glass
*
US. Steel TP.C. PP
Wamer Bros,
Westinghouse Air Brake
Westinghouse Electrie Western Union Tel, Co. West Va. Pulp & Paper Woolworth
Exchange Rates
Business was
65% unofficial
done in the local exchange market this of morning at the following rates:-- TU.S. dollar per $1)
14
1.70
Sterling notes (per 1}....... 10.00 56 | Australan noted (per 21) 2.
Indonesian rupiah (per 106)
3411 1 Stem liest (per 100)
70
Singapore Straits)
P.OB.I
E
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N, CO.
Uniwards "CARTHAGE"
"FERIN" *SOUDAN" "CANTON" “KHYDER" "SUKAT" "KARMALA” "CORFU"
Homewards "CARTHAGE" SINGAPORE” "CANTON" "HOUDAN" * “CORFU” "SURAT *
Leaves London Sailed 21/3 Sasted 100%
7th June
25th June
lat Jure
7th July
14th July 23rd July
Leaves Hongkong
4th July 1022 July
In August
18th August 29th Augu 17th September
12.00
8.00
1.00
*
Due Lahgkod 34th June
ard July
22nd July 28th July 15th August 18th August
3rd
*
September
*
25th Aug.
Dus London 5th Augus 14th August
1st September 25th September 29th September
23rd October
Via S'pore, Penang. Colombo, Bombay, Aden & PL. Sald.
* "SINGAPORE"", "BOUDAN" and "BURAT" call S'pore,
P. S'wel, l'enang, Aden, P.-Bald, Siavre, London, Hamburg, Rotterdam & Antwerp.
BRITISH INDIA S.N. CO., LTD.
"BANTHIA" due 20th June 11, 27th June
"TULTALA"dut 3rd July Ball 4th July
"SANGOLA" £u*
4th July
`salje 5th July
from Japa
for Singapore, Penang.
Rangoon & Calcutta
from Ippan
for Singapore Han Rangoon, Colmitta Chittagong
from Calculus, Rangoon, J'enang di Singapore
for Japan
P. & O./B. I. JOINT SERVICE "PACHUMBA"don 8th July
salis 7th July
"IKAUNA"
das
Cth July
OSTA
7th July
"UMARIA"
duv
7th July
Batta, 0th 31s
from Japan
for Singapore. Penang. Madras, Bombay, Bhau- angar & Karachi
from Japan
for Singapore. Kuwai Basrah, horremshahr
& Karachi
from Karachi, Bombay, Cochin, Singapore &" Car Nicobar
For Japan
EASTERN & AUSTRALIAN S.S. CO., LTD.
"NANKIN"
"EASTERN"
dua 26th June,
Sally 20th June
from Australia for Jupan
Ane rd July from Adatrulla malis 25th July for Japa
All vesicle have liberty to call at any ports by go all the route & the rania & nalikuga bře subject to chanse or amendment with or without notice,
Puc lull particulars apply to: MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos: 27721-4.
E
*
*
*
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