1958-07-02 — Page 9

THE CHINA MAIL.

WEDNESDAY, JULY 2, 1958.

Page

FRANSPORTATION

LITTLE CHANCE OF COUNTERING FREIGHT RATES' DEPRESSION

London.

The shipping correspondent of the Financial Times said there is little hope now of any successful international action by tramp ship- owners to counter the effects of the present depression in freight rates.

"Only eight of the 19 members originated from Green tramp of the International Chamber of owners-most of whom operate Shipping will be represented under flags of convenience-and on the commitee up last British sipowners, with their month to investigate the posat-leading position in the world } bility of preparing an interna- maritime industry, fell that they themselves stabilisation etuki not exclušle tional tonnage

cheme #kely to secure adequate from any international discus-

the correspondent son of the subject.".P.1. suppuri," wrote,

The committee's first meeting

in scheduled to be held in London THE LUXURY

July

The eight marile nations re-

presented are Begium, Franer, TRAMP SHIP

Germany, Grevce, Haly, Japan, the Netherlands and Brittin.

Most important absentees ate Norway, Sweden and Dentuarit.

London Turns Reflective

Uncertainties Now Re-Appear After Carefree Spell

By SYDNEY CAMPELL

London, July 1.

The markets in the week ended June 28 have been Jess buoyant and much more reflective. Various which were uncertainties and problems overlooked during the recent carefree spell have obtruded themselves again.

The London Stock Exchange The oll companies regard this was damaged by a trend from suggestion on decidedly the Federation of British Indus- mature.

CHATTER ON WALL STREET

dis-

COMMODITY PRICES

RUBBER

|

Rex

NEW YORK rubber futures

closed 10

today

COTTON

NEW YORK

Prices of cotton futures closed

Spot: 30:80: July: 36.24: Oct: 30: Dee: 30.73, Mar: 30.03: Max: 30.02: July: 35.89; Det: 34.24: Dec: 24.23. Nov:

to, 81 points lawer today as follows: with sales of 17 contracts, Closing prices:

20.00: July: 20.45; Bepl: 20, 40-50; Jan 25.60 Mar: 26.40; May: 20.35: July: 26.35.

AMSTERDAM

New York, July 1. Joseph E. Granville, analyst for E. F. Hutton & Co. points out that if Du Pont is compelled to dispose of ils General Motors stock, the effect on the market may be far greater than most people realise. Even over a 10-year pre position period, the enormous There is no queillon | Du Pont holdings are equivalent

The rubber markel was quiet. tries which showed that both that fraq is entitled to a better to sales of GM slock totalling prices closed today in guilders the industrin prospect and busts If and when any neigh-120,600 shates every week for

135 ful- per kliogram, clt July The the full fem business rentiment are not sɔbouring country gets one.

years, that

lows: optimistic as they were.

open question is whether any equivalent to more than double

the Considering what has hap-| neighbouring country will.

Average Current Weekly No. 1. rubber Persia is hardly likely to da volume of trading in General No. 2 rubber pened in the United States and

sc from her falau arrange | Motors slock and could create the primary producing countries this should hardly have been a ments-which increasingly ap an overhanging supply of un-

in itself, it merely pear to have been a smarter deal told proportions. surprise.

The

This is a good time to think demonstrated that the Cavern- fer Italy than for Perala. ment's

10 butcomes of the other arrange- relaxations which

In terms of individual Issues- Stock Exchangements remain to be seen and such as oils and rails to avoid benrtened the

week

even were

assuming in the previous

that all of

Une blue chips and the defensive needed and came none too soon: them are going to produce oll-issues, to have buying power if there were no threats of re-not soon.

Joseph & Co. cession the Government would fint have moved to counter them.

Reminder

THE 8,665-ton merchant But the survey was an THE

wrote, "No International scheme one of the smartest

Oil Companies

So the oll

companies mildly suggest that it would be welt to wal until one of these three un-dents netually produces at least une km of all and then see who Meanwhile, gels what from it. with the great glut of ait and of tankers, some people are praying for more pipeline stop- Syria is likely to pages than vouchsafe,

PRESSURE

2.14 nom.

No. 3 Fubher No. 1 crepe

2.14 nom. 1.07 m.

2.40 nom.

SINGAPORE

NEW ORLEANS Prices of cotton futures closed today as follows:

Bpot: 35.10; July: 56.17; Oct: 26.40 Dec: 3.0: Mar: 30.00 May: 35.10 July: 39.88; Oct: 34.20; Dec: **20.

LIVERPOOL

Cotion. future closings, In pence per tb, were as follows:

American Contract

July/Aug: 17: Oct/Nov: 50.17; Dec/Jan: 25.03; Mar/Apr: May/uwe: 20.35.

20.25; Mixed Contract July/Aug: 23,12; Oct/Now: 25.60: Dec/Jan 20, 42 The market opened lower on

Mar/Apr: 20.42: disappointing overseas nivices | May/June: 20.05.

Sao Paulo collon prices were pront and cased further

up country unavailable.-U.P.I. taking and come Lodown liquidelian.

LONDON

on

The rubber market was easier with spot quoted at 22-13/16 pence per 1b. Prices;

spot...

221-221

No. 1 rubber per the July 770-7719

Aug. 17-7 No. 2 ter per 36. July 741-751 Pressure of investment funds | No. 3 rumber per ib. July 6-9

Sant rubber umonied 7722-771 is an important factor in the rubber per 16. July 65-65

GR-004 market's rise and there are no Blanket crepe

No. 1 pale èrepe

24.00 sans at present of any sincken- Ing in demand for equities- ship Tideerest is classi-welcome reminder that some

Van Alstyne, Noel & Co. "Without their support," the

The prezure of rising popula- Financial Times correpondent fied as a tramp but she is considerable relaxatans will be year and eded in Britain thin

tion is now asserting Uself again merely to avoid a downturn.

severa fronts. Housing 10 control the ging-up and most luxurious tromp ships Event West Germany's rapturous

darts are running now 18 per breaking-up of tramp shipping ever to sail into London, ham has levelled off: Industrial

cent above a

and year ago, could be successful.

awards in She is air-conditioned and Cutput there in May was below

Aug. OPPOSITION

the year-earler level for the Steel shares modestly reflect heavy construction

the most recent period are 30 Sept. has a tiled swimming pool for

ed the British Government's new At me in years. Every min has

above last year, it July/sept.

Oel/Dec. Middle Eastern uncertaintiesfind popularity as a result of per cent

Jan./Mur. ab to himself and each de

bove Jaen highlighted generally the recent half-baked strikeseems, therefore, only a question

of time unul cammings in certalu | AiJitne by Lebanon's rebellion (it re- Mells have taut bien so good. parimem has its oven revation coon! 1140 Krange. The fur

Copper hus noticed the limitadastries will follow turmoil) and enlernantly

tions of American stockpiling. trends-Sliearson, Hamill & Co. As a trader, we prefer proil!- the surplus of

producing specifically by fraq's desire for

buying around this toking to improvement in the 50-50 oil capacity and the America over

Ick plot sharing basis in the light of the new Japanese arrange-gadgets.

n withi

The International Tin Agree- Saudi Arabia and

The Italian and meat has decided to go cop tu Kuwait, and North Angrican arrangements bund to Russia as an exporter end to the United States, Ger- with Persin.

the crew.

n

The correspondent said the right of the 10 members who will meet "will undoubtedly meet in der to carry out their terms of fernce but in view of the wishing woult asike s house-bellion is the right word for su

opposition by many shipowners to any sebeme for co-wife postou and the galley

lardening

Hanty modern than most Katerham".

hotel

Just completed in France, she arrived in Fautions before sail-

1+1

eperation, their labouts can be Ittle more than nendemic."

The correspondent added: "Opposition le such a scheme by Scandinavian shipowners has on her maiden voyage hardenest recently, When the formation of the committee was 1st suggested they were willing -although opposed in principle en arly co-operalien-to have the subject heussed and s Teamsport.

sted that Norway, Sweden and Denmark might have one com- mom observer present." "Now they have decided to hoyroll the fvestigation completely.

Christmun tained with equip- ment for the British maclear test texni there fler mwners, the Newserra Shipping Company. registered at Nassau, has char- wred her to the Ministry of

A THREAT

Apart from the new comforts most remarkable feature is we derricks which Jift 40 and so tons respectively A German invention they can be used to handle cargo in two ad-

This opposition, norcover, is joining hatches instead of just not confined to Scandinavia.bne as with normal derricks.

UK tramp shipowners Many

these

of electrical goods and level-Reynolds & Co.-U.P.1.

11000

1000

GOLD AND DOLLAR RESERVES

1,000

YOD

The Tidecrest is also

Book

/itled

at radar and

electric

agree with them that early co with

esther might serve only tosooling devlee.

keep in existence the bite Blocht

of aged and uneconomic vessels

at present ipid-up. Both most i

of these ships are sent by the WHALE FACTORY

depression to the scrapyards,

they argue, they are a threat to SHIPS FOR USSR any permanent recovery

hight rates.

In

UK membership of the comm-

London,

miter, therefore, vannot be RS Barbara Castle, fardeal in any way as support for

Labour Member of

@co-perative scheme. Pressure

MR

for a controlled lay-up plan Parliament, today claimed

Steps To Expand

Malayan Airways

Singapore, July 1.

that Corman state shipyards

and

at Kiel had, in the last few constructed years, shipped 24 whale factory ships to Russia and that their trado in embargoed with Russia and

【ALAYAN Airways to-goods

M

day announced pluus China was growing.

to start apprentice training

She asked In the House

of

rthemes for local youthu, as Commons if Briush shipyards

a irst step towards expand-should not get a "look in on

ing the company's services this trade.

In South-east Asia.

#vil Sir

Erules replied,

You

The Chairman of the Board The Information which of Directors. Datu Sir Mahmud have given me is new. I shall Bln Mat, tolld a press con at once look into it, because ference the second slep towards the West German Government

observed Expansion would be the Initia have

embargo

Mr Harold Wilson, Labour

tion of a world-wide publicly very well so far." campaign,

the

At present, the company has Party spokesman an

In-affairs. only to foreign services

600

1957

900

|000

£MILLION

700

600

1936

Britain is preparing to swing over to a policy of re- expansion with more in its treasure chest than for nearly seven years. With Bank rate down to 8 per cent this chart, tencing the recovery of the gold and dollar reserves, show how well the crisis rate of 7 per cent did fis work.

HONGKONG STOCK

EXCHANGE

Our Own Correspondent

Business done on the Hong- kong Stock Exchange this morл- ng amounted to approximately Noon quotations and s232,000. the morning's transactions were:

Kar

Bales Luyers Bellery DANKS economie Bank..

3700 the SHIPPING und British West German Government may Wheelocks,

DOCKS, ETC. manufac Duck say, West German furers are beaking this embargo Provident 12.40 12.50 J. A. Vick, elaborated on day after day and this is well-

schemes for

known to the Russians and most manufacturers United Kingdom.-Reuter,

denesla, Thailand

Borneo.

The Managing Director.

training youths.

Mr

Incul

He sald apprenticeships would mantly be offered in the en- gineering trades,

Engineering apprentices would

said, "Whatever

Jan

be trained over a fear or Familiar Lightship

year

perlud, starting in the Singapore Workshops, and pro-

bably Reuter.

Anishing

overseas.

GARUDA TO FLY

TO MALAYA

Singapore, July 1. {FFICIALS of Gufudo In-

To Be Removed In UK

Humphreys

really RUDDER Apuig.

800

0.15 1.25 1,000 15

13

500 a 12.30

900 († 12.50 200 41 12.5 375

12.40

many and Japan as Importers-- with somewhat dubious pros- pects in each case.

Some observers have doubted from the start whether that agreement was really wise for the Un producers...China Mali Special.

U.S. Auto Lowest Since 1952

Detroli, July 1. Automotive News, a lend- Ing trade paper, reported yesterday US. auto sales In the first six months of the year at 2,371,736,

first-half poorest

since

tlement house ferm:

22-221

2223221

Aug.

2294-227 2731-2372 General markets, etf basis, ports: July

|

Sept.

Binte crepe Run July

Fate crepe thick July

UP.1.

DEALERS SELL

SUGAR

New York July 1. World No. 4 sugar fintures closet today one polat lower to our point higher with sales of | 201 contracts,

Domestic No. sugar closed unchumged to two points lower with sales of 170 contracts.

Contract No. (world) July: 3.27: Sept: 3.40: OCL: 3.42; Mar: 3.31: May: 9.35; July: 3.35 Sept: 3.37; Spot-icenti per . ful Cuba: 3,41.

METALS

NEW YORK

Prices of metal fulurès closed today in cenis per lb, as follows:

Lead July Zine July

Sept

Sept.

Copper July

Sept.

Bepl

Tín July

LONDON

10.23b

10.45

8.475 8.89%

21.216

28.450

93.00b

Prices of metals closed today.

in sterling per long ton as fol- lows:

Buyers Sellers

2

Spot _ainonta

730

75016

730

730

Copper

put

300

19016

3-month

190

190

Lend 2nd half

June

7234

Sept.

Zing 2nd l

June

Seal,

FOREIGN EXCHANGE

NEW YORK

Closing rates were: Canada: 1.06-5/10;

clianged,

LONDON

Closing rates were:

New York

Opra interest: 6.971 contracts:

Montreal Contract No. 6 (domestlo) Sent: 5.79: Nov: 5.72; Mar: 8.68; Bruevels Spotfcents per ib, of New York ex. Frankfurt

Milon duty 5.75.

1,950 contracts Zurich...... Open interest:

U..I.

STOCK

AS HIGHS REACHED ON WALL STREET

New York, July 1.

Stocks all but achieved new highs in a moderately active session

today.

The leading groups poked into the highs of the year but at those levels many people who had been waiting for just those prices elected to sell their holdings. The result was that the market backed away. from its best levels.

When prices were pared down from the top levels, trading dropped off sharply.

Closing Prices

Akten Inc. Aeg, Allied Chemicals Allied Mils inc.

Am. Broke Shoo American Airline

In addition to the overhead | Allis Chalmers supply of stock at current priers, the market had against, Am. Calite Radio Corp. it the long week-end holiday. American Cyshond Cr Forgn. lower Many traders were getting their Amer.

Am. Gen & Electric to like un accounts in order

Am. Home Prod. extended vacation over the Am. Mach. & F'dry. fourth this adversely in American Melat

American Smelting fuenced the trading

A. Sugar jet, American Tel & fel Many top-ranking issues, In-American Toh. 1" cluding some UI the alls, Anaconda Cupper

Armco Steel chemicals, and special uCI

Armour finished with gains of a point or Ailsa Cons, Mining better. Rails held weti with Baldwin-Linz-fam

Baltimore Ohio their average

year's Beneficial Finance best.

near the

Large Volume

Dils provided a large volume The so- of the totul trading. called Ohio oll group got a lift discovery when it announced well in Libya, Africa, Amerada. it was, the first time since Oil and Oblo Oil set new highs 1983 that auto sales fell below

in that group, Its other mem-

1962.

three million and sales for the ber, Continental Oll, haned a first six months have topped 2.0 Fraction. million in every year since 1950 except for 1032.

Last year, sales in six months totalled 3,670,875.

Loews Incorp. Lowenstein & Sons,

Lone Star Cement Co. ass, Inv. Trust Co. McDermott. Ray

Merrell Aircraft Stock Exge.....

Mesest Iron Corp.

Packle Gas & Elde.

Paramount Pictures

CO.

Others

-

2.5072-2ADIL 2.001 2.00 139,25-139.30 1107-11.08% 1739-1732 13.23-12211⁄2

Others unchanged.— U.P.I.

New York Cotton Irregular

New York, July 1. Cottin futures today bob- bed up and down over à narrow range in СОП tinued quiet denlings.

Most trader clung to the side.. lines awaiting Senato action on the farm bill and furièrer crop developments. The impending 1710 long

is

11

38!

(Am.

29%

weekend Independence holday abo curbed market in- terest.

Closing prices ruled unchanged The market

to off four pointe.

opened unchanged to of two points. New Orleans closed off three points.

CROP SUMMARY

The government weekly crop summary

mixed Avas A generally less favourable

is

£514

expected.

and then Unseasonably cool

324 temperatures retarded growth in 13enster and

sections. central Heavy ruins In southern parts of 30 the gulf coastal slates damaged 3zá. cotton and made Insect control 50% dumcuit,

The Callfornia crop continued

a satisfactory development and in

93 New Mexico rapid growth was

reported. Arizona

324

of mostly excellent

cotton

Minnesota Mining Miston Devetupient Monsanto Chemical Co.

Montgomery Ward

38

Moferola Ing.

$ 104

National Cult Co.

75

Notional Cash Res

0712

304

National Dairy Prod.

National Lead...

31

National Steel Corp.

200

SK

Joh

New York Central Norfolk Western By. North Amer. Aviation North-west Airlined

(Cam

431

Olin Mathieson

CHis Elevators

VU

Owen-linols Class

37AL

Okter Upper Co.

44

20

Pan Aiserican Airways

17

170

4533

Penny . C.

Pathe a Co.

Pena. Salt Co.

Philip Morris

JUL

Procter & Gamûte Co.

131%

tsburgh Plate

314

Pubicker

Indunities

241

Pure Oil.........

Ben Aviation Corp Benguet Cons

551

Radio Corperation

134

Rolo Corp. Pref.

Belletin Steel

41%

Repable Steel

Boeing Airplane

431*

Heynolds Metal

Sehrs, Roebuck

Co

201

Month

Borden (The) Co.

34

Sket Oil Co......

432X

Sain Rep. Paper

33

Oct.

403

Sinclair öll

Dec.

3,700 187,300

Sociny Mablipil

BLY

4.600 179,400

Solar Aircraft....

May

4,300 200,000

South Puerto Rico Sugar ...

July

4500

117,000

Ju

Southern Co. (The).

Oct..

110,000

50

Southern National Ga* ...

Dec

Southern Railway (Com)

Total

4776

Standard Brands

Standar Oli of Cal

401%

Sterling Drug Cd,

61

235

Hurroughs Add Machine Calit. Pucking Corp.

Campbell Soup Co. Canadian Paciße H. Case (J. 1.) Co. Cat. Tractor

Celanese Corp.

C.1.T. Financial Corp, Chrysler Attar Colgate-Palmolive Co. Columbia Carbon Co Commercial Credit Commonwealth Elre. Consolidated_Edison___

Richfield with all in Alaston Continental Oil of Del.

Crown Zellerbach Alaska'enme i Cuban Amer. Sugar got a litt' when into, the news in its stalobcod Diamond Alkall

Diamond Match Co Douglas Aircraft victory.

Dow Chemicals Dupont de Nemours Eastman Kodak

to

the

LAND, ETC.

ilk Hotel. 21.00

UK Land

33 339

200 + 33

35.00 15.00

1.70

1.575 1.00

1.45

1,500 1.75

27

|

the US, this year, nearly twice as many 83,244 foreign sales ¡months, 1957, 18.2206% to 7 por

U.S. tales.

Automobile News projected

in slx It represents cent of the total

Volume moderate

shares Monday.

against

2,020,000

run. A. Tawah.. 1.00 Sungain

1.70 THE people in and Around UTILITIES

Cromer, Norfolk,

andrem 20.70 114 Star Ferry. Sheringham next month aro Yourali... DU 0034 200 @ 20 going to miss one of the most familiar sights along the coast the Cromer light-vessel. Trinity because House is removing 11,

OFFICIALS Aways aid for which it was put in position

today the company had

C. Light...

Electre

INDUSTRIAZD

13.10 18.30

2816 20.00

Cement 2320 23.30 Amay Cen. 374

it no longer serves the purposes relephone. 27.00 early in 1940 when it markod a swept channel through wartime obtained landing rights in minefields still remajaing. Malayo.

After the mine told has been The officiala Buid Caruda cleared the light hip remained would probably fly to Malnya to mark some wrecks mearby four times # wcek, starting Trinity House states that the

wrecks have now been disposed, One fight would go Djakarta, of, and Cromer light-vesel is to Singapore, Kuala Lumpur, longer necessary.

To make sure there will still Medan (north Sumatra) with return fight on the same route. (be complete navigational guid- Another wild go Djakarta,ance of night for shipping, the Singapore, Kualn

lightship is being Lumpur, Dudgeon

the Bangkok, and return the same moved five miles nearer to

Cromer ship's position, way-Router.

from next month,

گرو

While the sales of domestic cars have skidded, Auscemolive,

The auto stares gol nowhere Newe estimated 180,000 domestic cars have been sold in with. Chrysler oft, Ford up and Eastern Airlin

General Molors unchanged.El Paso National Ga

Tuts La

as the Inland Steel and Eastern stains Family Fance Corb

less rose to new tops in a drab Firestone Tyre & Rubber steel section.

2002

1,000 27,70

this year's new cars sales to 100 23. 400 7.00 4,077,057, on the basis that 50.71 300 à 21.30 per cent of the cary will be 800 27.70 bought in the first half of the year. The total estimated sales for 1958 would also be the 500 € 17.75 lowest since 1952.

STOKES, ETC. Dairy 17.00 27,00 1. Con.... COTTONS Textile XO MISCELLANEOUS Enter Vibro

10.90

4.35

**

1.000

503

INVESTMENTS Yeongtae Alliedka

.... L'. Invest

4.00

10,00

15.00

Ford Motor

Cenétal Dynamics

General Electric

2,600,000 General Tapes

On General Nolors

Gen. Pub. Util,

Gen. Tyre à Rubber

Cally Oil...

Of total 1,176 issues traded, gudden Co. F. Co. 480 were higher, 443 lowes,

Goodrien Goodyear Tyrs

In the American Stock Ex-Oruminan Aircraft change sales dropped to 700,000 Gyden Newport Corp. shares from 1,010,000 yesterday Homesinke Miming Co.

Ingersoll-Hand Bond volume was $6,400,000 inland teel Co. against $4,000,000 yesterday.

Interchemical Corp. Int'l Business Machines Int Harvestor...

Dow-Jones closing averages internations! Nickel

Automotive News i despite the pick-up of production last week, the 90,000 cars per week output will not be touched again because plants are going down were: – 15.20

for model changeover. Bulek

20 industriala 300 @ 18.30 closed down last week, De Solo 20 20 follows this week and others is utton

05 stoties by one and two each 40 bande follow wock.-U.F.r

Comm, future prios ffdex":

international l'oper

Int1 Tel & T

47843 Jolin-Maville Co. 110,35

Chiper Zidustry. ***

79.11 Kansas C. Power & Light 100 34 Keekolt. Copper.

40.13 ingéit Méyeri Tob. Co.

106.00 Zockheed Alreret?

Ba

1 of fad.

Oll of NJ

!sinkitkan Comp,

Packard Corp.

Sunbilla Mining .................

Swill & Co.

34 Text Co

34

Textron Inc.

Thin Waler As, Oll

55% The Inc.

108

Tri-Cont." Warrants

339 Twentieth Century Fox Fun

111 % Union Carbide ...........

321 Union Oil of Cal.

294 Union Pacific Hallway

18 United Aircraft

41% Unlied Gas Corp. DTU.S. Foi "D"

59117, ypsum 33178 Line Co. 391 UB

€33 US noting

US, Steel

264 US Sto? P.C. Pr

34

Westinghouse Air Brake Westinghouse Electric

3337 | Western Union Tel Co.

Welt Va. Pulp & Paper Woolworth

110

비

3746

was

Most of the "rading today was: of professional origin, Spot, in- terests evened up in the July delivery, although no delivery 47 notices appeared.

U.P.I.

Volume Open interest

2,400 81,100

1,000

600

234,000

6,000

545,700 1,000,000 bales

-V. P. L

UNSETTLED

MARKET

IN LONDON

London, July 1. Yesterday's statement by the Chancellor of the Ex- choquer that the Europaan. boom la aver and tumor- row's announcement of the June gold and dollar retorre Hgüres unistflod the stock nidrket today. Stocks closed mbted in Ught Gilt-edged sectiidius trading. were mostly unchanged. In-

Exchange Rates dustrials Weco med

Businem was

OIL featured the thiiket

done in the least with price Edvinces to re- uomelal exchange market this serve long tuinp.

Gold and copper abāzes wwe 47 higher

muting at the following tater:

3541 | ULEI ROLLAT (eg 333 p.)

45

Birling, notes (por 21) ..........

Australian notes (per 21)

naiz Kdonesian rupiah (per 100) ..

14 fleat par 200)

#773 Bingapore (siralia)

11.37

“Ispanost, and Climan Ba

439 ran up spain 31, 4 generally guil *396 foreign fatna zbarket.--13, Þ.1.