1958-07-03 — Page 9

RANSPORTATION

SAS ORDERS SIX MORE CARAVELLES TO ADD TO FLEET SCANDINAVIAN Airlines System has ordered

six more Caravelle jet airliners at a total cost including spare parts and related equipment— of approximately 100,000,000 Swedish crowns (US$20,000,000).

The new purchase brings the total number of Caravel|ng|

~

dered by SAS to twolen The Swedish Remote

Airline has

люге.

option on

ckitional

The order for the Caravelles was signes In Paris

on June 19 by SAS Presiden! Ake Rusek, and Georges Heret, President manufacturer of the jetliner,

گروه

Control Torpedo

Stockholm.

NOVEL Swedish-

Sud-Aviation, A designad electronically

They

The first six of the medium-moto-controlled torpedo, range Jet frunsports were order claimed to have consider

ably md by SAS a year ago, will be delivered starting early in 1059.

DELIVERY

higher spccd and longer rongo thon previous torpedo types, is at prosent boing introduced as standard equipment On board the Swedish Navy's torpedo carrying vessels.

The new

Caravelles ordered The six last week are scheduled for ite- livery at the best of 100: They will be powered by twhs weapon, which is believed to

Holls-Royce R.A. 29 Avon jet have no engines, each developing up 11.700 pounds of thrust.

to where in

This will give the Caravelle a

speed of approximately

miles-un-hʊur.

$10

re-

The new Caravell order presenta another major step in

counterpart

clso-

the world, was demonstratod to the Pross at a Nory manoeuvre in the Baltic recently.

Reported To have been under

SAS programme for the frí age. | development during the past ten SAS already hus purchased years, this underwater minile is its target by seven long-range Douglas DC-8 directed towards jet transports für euely 1900 de-means of guiding impalars based Hvery,

it careful photting of the course. movements of the SAS President Rusek said that's speed and

the

is

the purchase of the editional target vessel and those of Caravelles reflects "our con-aflockinut ship. The torpedo viction that this jet transport said to be characterised by grent even if the target will mark the start of a new era | accuracy

should make rapid avoidance

it airline transportation.

PROPELLANT or:

"With its unusual power plant [ manoeuvres. estion the engines mainte behind the passenger cabin either side of the fuselage-the Caravelle will erally fly away

rom noise

UNIQUE STANDARD

"I will offer SAS passengers a unique standard of comfort.

"We plan to introduce the Caravelle on aur roules in Europe and the Near and Midilie The SAS Enst early in 1949. Caravellos wil probably carry 10 pasangers in combined est,

They class and tourist service. will have a maximum range of

2.000 Approximately

The speed has been increased

i by means of new offelent pro- i pellunta, witile the long range of

the torpedo will make it possible.

for the firing ship to launch ils

| attacks outside the reach of the

| enemy's artillery.

THE CHINA MAIL, THURSDAY, JULY. 3, 1958.

Fage W

Overvaluation Of U.S. Dollar

HONGKONG

The Cause Of

STOCK Gold Outflow

COMMODITY PRICES

EXCHANGE From America RUBBER

Our Own Correspondent

Business done on the Hong- icong Stock Exchange ปร

mately 3212,000. Noun quvin- tions and the morning's. trans- actigne were)

Shar

By SYDNEY CAMPELL

London, July 2.

NEW YORK

Rex rubber "fulnes Today closed 20 points lower to Ave 13

contracts,

July

morning amounted to approx Developments in the dollar are the best augury points higher with sales

that Britain will have scope to make things easier for herself and the world. After only one week's respite the outflow of gold from the US. resumed in a big way in the week to June 18, with a figure of $138 million, the biggest yet. Moreover, unlike some previous weeks, this was

HANKS

HK Bank.. INSURANCES

talon

SHIPPING Wheel.eks.

DOCKS, ETC.

Duck

Provident

LAND, KTO Ik Hotel

BK Land

Reuity

20 23

Sept

20.50

Nov.

26.53

Jan.

20 50

Mar.

20.50

MAY

20/40

July

AMSTERDAM

The rubber market was quiet Prices closed today in guilders

an outright loss and not merely a switch by per kilogram, eif July foreign central banks out of dollar balances follows: and short-term dollar securities into gold.

and

As both these tenis rose end, and both Americanis 10033.50 during the week, by an

foreigners take them away 1003360 greygate of $70 milion, the total from the U.S. at the other end. Sensor 15 To loss of $200 million must have

This kind of thing 300 15.70) been the worst week in recent { going on, people in 200 15.30 history for the U.S. reserves. (North America and other con-

Buyers Sellers

900

Halen

75 70

11.13

220 m 0.20

4244 437

100 431 300 » 4314

12.30 12.40

t

281

22.10 1,500 na 22 –

30 23

200 33.50

Hurjazy

15.70 15 10

1.700 1.5%

RAILER

Amats

1.55 1.00

150

A. Tawah..

1.50

Sungate

170

ETILITIES Tearn

20.30

100 20.0

CHA

400 09

18.30 1850 202.1

700 1024

1 patter

27 07.1 INDUSTRIALS Cement ... 21.10 23.40 200 G 20.20 Antay Can 374 STORES, ETC. Dolty

Serve

Wat

1. UVW

17 NO 17 NE 1,000 » 17.70 ... 11.40 19.70 10.00

203 13.20

B005.83

4.00

10.50

Vammati

Livet: je

Macau X

MISCELLANEOUS

Entert..

Vitr

INVESTMENTS

Yangtze... Anim

HK & PE

Inst

was

With

Europe.

No, ribber No. 2 rubber No. 3 rubber i No. 1 czupe

SINGAPORE

AK

2.10 nom.

COTTON

NEW YORK Prices of cotton futures closed today as follows:

Sput: 30.5mm; July: 20.00-10; Out: 30.43-54: Deg: 56.76 Mar 31.06; May: 3.80 July: 35.80; Oct: 3122;

100: 3422.

NEW ORLEANS Prices of cotton futures closed today as follows:

Spot: 5,10; July: 30.07; Oct: 3.81; Dee: 3475; Mar: 30.09: May: $3.00: July: 3.50; Oct: 34.22; Dee: 3422, LIVERPOOL

Cotton future closings were sanvailable 10day, Opening prices in conts per 1b. were: Ota contract

July/Aug.

SAO PAULO

......

Others unquoted.

2.14 not.

Cotton future closings, cruzého, per, kilb ere;

July

43:30

44.00

Deg

40.00

2.14 DOM. 203 buyers

METALS

NEW YORK

Prices of metal futures closed today in cents per lb. as follows:

Lead

July

Brpt,

Zinc

July

Бері

Copper

July

Sept.

Tin

July

Sept.

LONDON

10.

10,43b

a.sch

25.32b

93.07%

93.750

Prices of metals closed today in stering per long lon as fol- 25.10 lows;

સ Mar. at May imquoied In the United States, the

The market was downy at the

average price of one-inch cotton opening la sympatty with ovat 14 designated spot markets seas and meadieet during the was 34.87 cents. Tinents arc ceasing to regard morning on some short cover- This rather surprising the

Total sales were 0,583 bales. - the dollar as the best store offing and trade buying.

U.P.I. weelt in which sterling

value, or even a good one. on the rasy side, It seems pas-

As the short-term sible that the gure may really holdings of

dollar relate to the past fertight, esure larger than the surplus U.S. foreigners alone the ustensible respite in the gold stock: as foreigners lo guld losses In the previous hold long-term dotr week may have been phoney

which could repillly be reporting by the Federal Reverted into short-term 92) 1939-49.10

ou the gold stock;

20,4 ... או

Confidence

In Future

Of British

Economy

London, July 2. Strong confidence in the

The

Falling Fast

I

gold

Futures:

nssels

Con

++

N. rubber per 1, July

Aug. No. 2 rubber per b. July NO. 3 No. 4 Spant rubber wahinled Blanket cree No, pale crepe

703-77

30-701

642-0912

581-001

LONDON

stock

clalms Аптегі- cans. if they got windy, could expatriate huge sums at the expense of the gold slock; and vi so appreciable fraction even the surplus could be lost without some surious psychological repercus- skas-1 there is any vurency crisis this buttons it will hard- It has fallen in all but twey be in sterling. of the past 17 weeks, and by n total of $1,320 million.

U.S. gold lock is still nearly $21 billion, which is binger than that of all the rest of the world, but it has falling fast.

licen

"This remain a faster Jo cate than in any equal period of even the great outflow in the wild markets after the Korean War outbreak tú mii-1950.

The explanation increasing- ly appears to be the simplest possible--the overvaluation D! the dollar

at its present ex- 'change rate. Over a very wide

range of capital goods, sumer goods and services 2.80 dollars simply do not buy much as a pound or i170 marks.

Aggravation

con-

45

Du

As an example, one aggrava-

difficulties

ton of India's followed only some

The disclosure about the new torpedo weeks after the Navy announced that it had eartlett out success- with its Swedish- al trials developed 315 sea-10-stu missile, which ean be used for Isoth offensive ant defensive poses. These twn weapon medium-range Jet | trms will form an integral part transport, which has flown In

"light-weight of Sweden's new reccessful prototype operation navy," which it based on the use of heavy and hard-hitting for nure than three years, will sharply reduce travel time on | Weupons on minor, speedy wen-

pon carriers.

nitus.

our routes.

statute

"For example, flying time be- tween Copenhagen and Paris. and between Copenhagen

London will be reduced

(rom

nearly three hours to less then INDIA-AMERICA

two hours. Between Copenhagen

and Rome, the Caravelle

will

cut the time from nearly Tour SHIPPING RUN

hours to two hours and 45

mlauka."

Tesis

and

demonstration

fights with the two prototype TNDIA'S

now exeted 2,100 flying hours

and more than 700,000

niles.

pur- sys-

statute

first America passenger servico by augurated by the

Calcutta.

India- freight-with-

WOS

in- Scindia

this week.

The Caravelle purchased

SAS cruises at altitude of e-Steam Navigation Comany

tween 25,000 to 40,000 feel,

Designed to lamb on today's runways, the SAS Caravelle can take off or and in only 5,600 feet with 95,000 pounds tomm) gross weight,

FREIGHT MARKET

(43

Is

that her $150 million credit future of the British

from the Export-Import Bank economy buoyed frm is led to U.S. capital goods, stock market today and which now cost 20 or 30 per dropped the premium ineen more than British or Ge

man gorls.

vestors must pay to buy scarce dollar stocks to a mere one per cent.,

-

Against the Pound of the D- mark, the dollar is thus serlous- Iy overvalued, perhaps seriously as the French fenic.

S

The premium has been as high tes 25 per cent resteuting investors 10 pureliage dollar edgerness

wobbly currency.

SUCAR

Spot in

Buyers Soliers

70

7:30

3-muntil

730

731

Cupper spot

10314

1043%

3-monili

19344

Lead ist half July 10%

13

Zinc lat half July

"Boi. y. r.

|_ FOREIGN

EXCHANGED

בל

731

NEW YORK

Closing rates were: England official

unquated

to

30-da

2.75-11/10

Australia Argentina Uruguay

22445 AZUL

New York. July 2, World No. 4 sugar futures closed today unchanged one point lower with sales of

The rubber market was dull with spot quoted at 22 11/16170 contracts. pence per lu.

Prices:

No. 1 Rxpo! ......... 221-223%

"seillement josse lenn!

Sept.

22-22)

724-2241

continues

July/Sept Oel/Dec.

22-221

241-221

31

Jer/Mar.

223.211

Apr.June

While the dollar lon is present course, even

Jeftwing

in

Labour Government General marketa, cit basis, portag Britain might not Ded it AR Sept.

222-2215 easy to have a sterling crisis.

Faiale crupe thin July **** China Mail Special,

thick July

Domestic No. 0 sugue closci unchanged to one point higher wlih sates of 63 contracts,

Others unchanged.

LONDON

Closing rates were;

Contract No. 4 (World). Bept: 3.40; Oct 341 Mar: 334; May 2.4; July: 9.37; Sept: 5.37: New York Spot (centa per lb. fob Cubaj: 341. | Montesal

Open Interest: 0907 contracts,

Contract No. 6 (Domestic)

Amsterdain Brus

Sept: 5.7: Nov: 9.30; Mar: 5,50; | Copenhagen May unquoted: July unquoted; Apol (cents per ih, ci NY ex-duty):] Mitan

Open interest: 1,887 contracts--

6.19.

U.

Parix Stockholm

Others unchanged.

.1450

2.8045-8.00-1/10

2.83-15/16-2,6836

10.07-10.57% 130.28-139271 19.3333-19.337

17334-3730

14,40%-14.40w

UK Aircraft Exports

HITS 1930 Shoot Up

UTILITY AVERAGE NEW TOP SINCE

ON WALL STREET

New York, July 2.

Strength in tyres, aircrafts, selected chemicals and special issues lifted industrial shares today while rails lagged in

a quiet stock market session. '

TO:C

35 1 43

7948 | Kansas C. Power & Light 105.31 Keangcult Copper

Tob. Co. |00.00 | Lingeli Meyers 157.05 Lockheed Alreraft

Loews_Incorp,

Comin future bitec index

Closing Prices

#77

37 P

ฟ

3512 20

Comero zues were given a ILS overvaluation 15 inten-whirl with gains ronging to a bunch

than Two points in stocks as a hedge against their led by the continuous Inflation more

of the budget denelt and the Polaroid and more than a point U.S. money supply, and fein Eastman and Bell & Howell. jlints of new Government apparent impossibility of stop- moves to bolster the economy ac-ping that inflation. i tea to boost prices of gilt-edged ntifies despite today's see. The saw behaviour of sterling. announcement of another In- en asing gold and dollar Te

arves Just month carne too late to affect the market,

HESITANT

The week ending June 21 had a foretaste of the dilemma that will face the Federal Reserve whenever it begins to do. Its duty of stopping the rot in the purchasing power of the dollur;

fteichhold Chemicals

Allied Chements

pariment, Steels firmed, Gales Am Brake Show more than two points in iis de-Alled Mills Inc. Aills Chaliners.. in the tyres runged to nearly American, Astiine

Three phils in Goodrich. Douglas American Cable & Radio Corp,

ed the aircrafts higher,

The advance was suffelent to

average to a

on n mere rumour that the Fed lift the industrial was about ready to level off on new high for the year and the

Inflation. its monetary

both utility average to a new tep Wall since 1930. and equities in After a helinat opening the bonds Industrial section Improved Street wobbled badly. with steel,

Engineering some Lanes and store stocks scoring gultas.

Worst Week

a

In the event, the Fed Gold shares continued their the reverse. advance. Copper issues were

quiet and mostly unchanged.

A compony spokesman said

Caleutia-lo-New York. that the run would be completed in record 27 days, Thé run started with elaborate ceremonios cli- maxing as Mrs Sumali Morakce, Director of the Scindia Co..

Irregularity

American Vyanainid Co. .... Amer. L Forgn. Power A. dos & Electric Am. Home Prod. Am. Mach, & dry. American MelaĮ

American smelting

43%

導

MA

27

44

281

Tel

170

91%

A. SERT liet. American Tel Amertean Tob, "35"

Anaconda Copper Atteo Steel

Armour **** Volume fell off as irregularity Atlas Con Mining kiwin-Lina-11am, did se in early in the day and it Baltimore & Ohio falled to pick tip when the in- Benetlela! Finance dustrial shares moved up under Benguet Cons.

Beunelem Steer

In the week to June 18

its the leadership of types, steels. purchases open-market

of aircrafts, olls and miscellaneous Olly backe.i down from, bilis (which enlarge the issues," yesterday's higher ground, Aa monetary bloat) were the big-

threw milk and enconut into the river Hooghly, in a symboliefirmed wish for smonth salling for the

an

IMPROVEMENT SEEN

Later, at inauguration London. party, S. N. Patil, Government N. Improvement in the Minister for Transport and market felne, "expected at the Baltic Ex-given India Inspiration for

chango as a result of char-

toring of vossch by China.

11 is reported that in the re-

America

economie developmeát.-U.P.I.

cent past, Chinese export trad-Remote-Controlled

Ing corporations have chartered

here about 2 ships mostly

for

one year's trading, preference Diesel Engines

being given 10

Scandinavian

owners, presumably because

ol

their traditional neutrality. Tais PRODUCTION of remote-con

Irolled diesel engines for is obraidered nual that China's export markcols are growships has started in the Soviet Union. It is claimed that the ing.

Lately the tanker freight remote-control Rystem is a new

benefited to market niso

one in this sphere. It starts and from Russian stops the engine, controls the certain degree chartering of tankers under 0 speed and reverses the engine. recent agreement with the Ar- The required number of revolu

and tamperature gentine to supply to this ecuntry tlana

coolants are automatically main- 1,000,000 tons of Soviet oil.

1

In normal times, ordiora of this ) talnod. magnitude would pass almost completely unnoticed, but at а

of

Automatic signals come Into

Alaska

Actives included

Seara Roebuck also at a new top. Sunshine Mining, Peabody Coal, and General Motors.

exception was Ultramar which get for any week of this year- Juneau which set a new high,

on the Chairman's optimistic report..

That the US. reserves simul- Tarequsly had their worst week German ens mude a fresti į la modern history is pretty and advance to feature a generally well a mutter of qulet foreign bond marketeef: 'he Fed pumps reserves U.P.I.

Into the banking system at one

No Devaluation

Mr

the

Calcutta, July 2 Morarji, Desal, India's Finance Minister, fold Bengal National Chamber of Commerce today that India "simply cannot afford to de- valus the rupen,"

Cause

UAW ADJOURN

NEGOTIATIONS

Detroit, July 2

Aviation Corp

Boeing Airplane Borden, 179) Co, Burroughs Add Machine Calle Facking Carp. Canadian Pacife R. Campbell Soup Co

Cae (J., Cu,

Cal. Tractor

Celanese Card.

C. 1. T. Financial Corp. Chrysler Motors Metals strengthened on firmer Clusit Prabody prices for copper. Goodrich rose Colate-Palmoliva Co. incre than Eve and Firestone Colombian Carbon Co.

Commercial Credit two points in the tyres. Douglas Commonwealth gained more than a point on a Consolidated Edison__. bls misslle contract to feature Conumental Oll of Dei,

Crown Zellerbach the aircrafts. Lorillard lost Coben Ahier. Sugor |fore than a point in the tobaccos. Diamond Alkali

Railroad issues, held down almond Match Co.

Douglas Aircraft rise in their average. Utilities Dow Chemienia rose enough to set a new high Dupont de Nemours since Oct. 3, 1030.

Eastern Atribe Eastman Kodak ............. El Paso National Gos Family Finance Corp.

During the session new high appeared in a long list of issues, Ford Motor Company and theIncluding Coca-Cola, Borg War- He said he had been painot 10 United Auto Workers have her, Brunswick Balke, Reich- hear some people-"not laymen, | agrood to adjourn contract hold Chemicals, (up 2), Zenith,

United Aircraft, and Florida Genersi Foods but economists and others"- negotiations for an extended talking in terms of devaluation. Fourth of July Interim period "I have never heard of a more ending on July 14, it was dis- dangerous line of thinking then closed today. this," he added.-Reuter,

Similar arrangements may be forthcoming at the General

Corporation.

Firestone Tyre & Rubber

und Motor Gener

Dynamics Electric

General Motors I'ower.

Volume dwindled to 2,370,000 Gen. Tub. E.

(ten, Tyre & Rubber shares from Tuesday's 2,000,000. Gelly Oil

Of a total 1,108 Issues traded. | Gudden Co.

| Goodrich (8. 7.) Ca. 487 were higher, 408 lower.

Goodyear Tyre On the American Etock Ex-

Aircraft

shares from 760,000 shares yes- terday.

Bond volume today amounted to $5,040,000 ageirut $3,400,000 yesterday.

Dow Jones elosing averages

Exchange Rates Motor Corporation and Chrysler change sales rose to 800,000 En oll

Burner Unofficia exchange mening at the following catego- US dollar (port)

The adjournment was made WER done by the C to give out-of-town negotiates a chance to rejoin their families, The negotiators have been 1200 chained to the bargainitur tablo were

with little interruptions since so industriale In late March-Chian Mall Byerial, no rails

time when hundreds of ships operation when a defect occurs. totaling millions of tone ile idle The captain will have a control sterte nules per

Australian notes (per 21) ... are panel on the bridge of the ship in the world's ports, they warmly welcomed by Wastem and will be able to control the shipownofs-France-Praise.

engines from there.

Indonesian cuplay (per 1663

Blam Ubai [gre, 1001

Bingapore (Bizelis)

1000

leyden Newport Corp. Homestako Mining Co. Ingersoll-Ra in and Steel, Co.

rebemical Corp

1

Business Machines Harvester ........ International Nickel Relational_Pader

Int'l Tol & Tel John-Manylikt COLLARÓVEDA 16 Kaiser Industry

Lone Star Cement Co. Lowenstein & Sons, Mass, Inv. Trust Co.

| Mclément J. Hay

Motioneel Atterati (Ami.

Glock Exc

Mesabi Iran Corp

Alinnesota Mining

ission Development

Munsonio Chemical Co.

Montgomery Ward

Motorul Inc.

National Blæult Co.

National Cash Reg. "A"

National Dalry Prud.

National Leat

National Steel Corp.

New York Central

Norfolk & Western By.

458 | North Amer. Aviation

North-west Airlines (Com)

On Matteson

5026

172

19

Ou Elevatora

314

Pate

Owen-iiinola Glas

Oxford Paper Co

Pacille Gan de Elur.

65 'an Aire

Paramouni

Parke Davis Co.

Altways

IK

415

431

Γ

Pent. Salt Co.

Peany Co.

34 Philip Morris

485 Plate Cis

<21

20

& Gamble Co.

Puhilektr Arztuslespy

18Pure 01

34T

Id

301

Radio Corporation

Republic Steel Reynolds Metal

17 Sears, finebuck & Co.

Salil leg. Paper Sinclair O

Shielt On Co

0417

9gacony Mobff

O

2014 Bolar Airergit ........

at Kouth Puerto Rico Sugar

BEL Southern Co. (The

47

Southern Nellonal Ga

Bouthern Railway (Com.)

342 Standard Brande

Standard Oil of Cat,

Standart Ol of Ind

Bat Standard Oll of N,J,

Steep fock (Toronto Enge, Heting Drug Co. Stokely-Van Camp. Stadetipker-Packard Corp.

105

112

2016 Sunsins Aming

and swift Cu

41 Texas C.

Still Textion Inc.

094 Tide Water Aum, Oil Cat Tline Ing.

301

3

Tri-Con, Warrente

Twentieth Century Fox Filin

Union Carbine

Union Oil of Cal.

Union Paciile Railway

62 United Aircraft

United Gas Corp.

UB, F»!] "g"

1101 V.B. Gypsum

3235

12

U. 8. Line Co.

U.A. Rubber

741

4.5. Brelung

U.S. Blee

424 U8, Sicel 7 P.C. PF 2602 Warner Bros.AM Cast | Westinghouse Air Braice

Westinghouse Electrio

Wester's Union W). Co, Wert Va., Pulp & Papár Woolworth

-V. P.

London, July 2. Britain's aircraft exports for the first five months of this year topped the annual totals for any year prior to 1956, a re- port of the British Air- craft

Constructors Te- vealed today.

The £94.5 million total presenta a 50

per cent jump over last year's exports during

the suna flyo

45 report showed.

months, the

Con.. At that mate, British 4aiructor expect a recurd export Jibale this year of some 106 13 million compared to last year's

record of £110.5 millon

5142

Britain's best customers dur- last May were Canada, India and the United States, in that bræer.

The May

total of expart £14.23 million was more than one-third higher than

19 May, 1957-U.P.I.

Whorevor

that for

►

you're going...

EUROPE

USA

ORIENT

ROUND

THE

WORLD

You can fly there on the world's most experienced airlino

For servations,

call your travel agent or

· Alexandra House, Phoru 27031, Hoa Kend

PAN AMERICAN

Pak dietoon Weld iliwegs, Ink, Župarjurated in she lose of the Tork, K.Ed, wich hinted Maklikga

f