1958-07-08 — Page 9

4

RANSPORTATION

THE CHINA MAIL, TUESDAY, JULY 8, 1958.

Pago B

THE RECESSION & BRITAIN

Two Schools Of Thought On How To Deal With It

FLY OVER Thought

AIRLINERS FLY OVER PACIFIC WHILE PILOTS HOME IN BED

Vancouver.

London, July 7. After two decades of inflation and an odour of sanctity attaching to disinflationary measures, it is hard to adjust oneself to thoughts of recession and the means to combat it.

THE largest and fastest airliners in the world

are flying over the vast Pacific between here word, and Tokyo without ever turning a propeller, while their pilots and navigators are at home in bed.

Embarked

But Britain I having to But Mr Heathcoat-Amory is a teorientate itself. So far the politician

well pa "recetam has been economist. The feeling is that He heard outside economie ( he will try a bit or both the circles. The rate of Word above, theories; that is to ease demands is evidence of this, controls, and at the same time

however, try to get prices down. Among economists, feel and Is the

tow would The pilotless Bristol Britannia Meanwhile, the chine

in- describe it any more strongly-n flights are all part of a million rolling up many hours of doller geart of make-belove | flight" knowledge of the route. grows, that Britain and Western to taste Europe may be about now being played by Canadian ned the "back room" plots and

been Pacifle Airlines that crew.navigators are contributing a,the recession which has It's a gown-up potne, a serious substantial bonus of know-how affecting the United States.

the childhood without burning up a drop of version pastime, "el's pretend"". the costly kerosene fuel which consists of a series of hypotheti-powers the Britannia's mighty

the 4,70-mile engines. cal light over airway linking Canada and the Orient,

These daily ream"

Might

are an important feature of the DJAKARTA CLOSES

Intensive aircraft

and roule

familiarisation progromnie underway

In

214:43*

paration JAVA WATERS

DE Bri-

the

for the najagoration lannia pag-jet service on North Pacile route, commenting on August 21.

SUPPLEMENT

This parame

Djakarta, July 7.

HE Indonesian Navy Chief- THE

of-Staff today declared

alf territorial waters around the southern part of West is designed to supplement the practical ex-Java closed to "unspecified perience gained in a sequence of shipping" as from July 3, betual training: flights, CPA the Antara news agency julle will log twice the legally-said. acquired Hyis furs over routo prac in the inaugural,

the

The captains prefer the real thing to the hypothetical "paper nights", but they value the op-

*

rtunity of this raining TOY hours of extra experience. Only three to four hours of chart time is logged on 13-hour Imaginary flight, but it's a wel come change in su heme to bed. while the aeroplane ie itselt tu Tul.so.

Site the cost of operating a Ba frota Vanilver to Tokyo is approximately 54.00 a mile, each paper fight" uver Le 4,700-mile route night be compared to a higetuke poker game, with $20,000 in the pot.

The antemtemment fairi

Thatt

HONGKONG

STOCK EXCHANGE

Our Own Correspondent

Business done on the Hong- kong Stock Exchange this mom- ing amounted to approximately $504,000, Noon quotations and

were:

the morning's transactions

| K. Whirt

Dock

Tales

STOCKS RISE TO NEW HIGHS

ON WALL STREET

By ELMER WALZER.

New York, July 7.

Stocks rose to new 1958 highs today in their eighth consecu-

IOS4

Kalter Industry

4.

Kansas C. Power & Light .. Kennecolt Copper

Lizett Meyers Tob. Co,

Lockheed Airerall

Loews Incorp.....

tive advance. Net gains in the point. for the most part. Some specialties and isolated, International Paper 200 latues in groups outside the Int'l Tel & Tel

alocks

ured to calculate the Jolin-Manville Co. averages

two or three points.

Among leading groups, gains as generally held to a point or less but selected specialities, moved aldely.

York Stock Exchange bond volume was $4,880,000, 603 12.30

American Stock

Exchange 00064 1230 volume was 910,000 shares.

New York Stock Exchango volume was 2,510,000 shares.

Of a total 1,192 issues traded, 542 were higher, 382 Tower.

Dow Jones closing averages

New

Khater BANKS 11 Bank. INSURANCES

Buyers Sellers

nas

250 790

Ta

70

000 €

75

SHIPPING

Waterboat

Wheelbek

7000 (

DOCKS, ETC.

103

Provideni,

(0)

49%

13.30 15.40

LAND. ETC.

of an

21.00 22.10 2000 fr 22 HK Hotel IFIC Land

DOD

73 Humphrey 10% 16.00 1000

15.70

RUBBER

Amaig. ... 1.00 1.05 16000

16.70

30

25.75 were;

GOODO

Trust

·4.0

4.70 10000

LES 20 Talle

10000

1.50 1.70

..

He has embarked on the fret of these. The second is a great cical trickler, "Full employ- ment," has bectmo a sacred cow Liberalisation of politicians. Few political would give tup- They offer this in explanation commentators

the chances the latest Iberaliention pence for moves in the British Govern-dministration who were known

to have nent's fiscal policy.

"let unemployment

uf

to

By letting unemployment rise in Lancashire the cost of living could be lowered by reason of the fact that cotton goods from Hongkong, Pakistan and Indu are cheaper than the Lancashire products.

in recent weeks this column rise," even a little and des- and eventual a laudable itself with

those pite hts aligned who felt that the Chancellor of intention.

conces- ile Exchequer's June

lower bank rate, in- siona

Initial allowances for creased new plant and machinery etc.--- would by

themselves do Ritle the inject

life into new economy.

Miserable ingrates though we the Government ore, it seems

But the concern this week of shared our feelings. For now the House of Commona Over plight was fair the Chancellor ratolished Lancashire's the celling on bank advances

evidence that strictly on and relaxed the rules under

political level, full employment which the controversial

capital

falling betes committee has to work, still has priority uver

prices which involve redundancy Now everyone is being

of labour.

ban was fuerary in the tremely engey in talking about

fertas

the recession. At the same time

is that

A. Tawati Sungala

UTILITIES

1.00 30 indusætrinla

1.07315unties

500 20.00

*#7

DF

Fram 2083 30 Star Ferry. Yaumati... C. Light

221 18.20

05 stocks...

40 bonds

Comm. future price Index

Closing Prices

Alden Ing. Acy,

Allied Cheinients

Allis Chalmers

2010 230 200 e 20.20 An. Brake Shor

American Airline

20.40 Am. Ca Crepeni Co.

Flectric**** Macro E. Telephone

9.20

25.20 23.40 200 2500

205 American

1000

Electric

20.20 Meet & Fory.

INDUSTRIALS

American Metal

Ain.

Home Prod....

Cement .. 23,15 23.10 1900 23.2 American Smelting STONES, ETC. Dairy

of Indonesia's security there is no shortage of theorica somehow the Chancellor' shule Wat

afety,

on how it should be dealt with if If sold the ban does not apply it crossed the Atlantle.

"paysage shipping". Ushery Nol J few

hard boiled ecratucted by the lead popula-economists are saying that the lon and ships of the Intlo recession need not necessarily neh Navy."

be

Und thing. Handiert correctly, they orgón, It could procile an opportunity to

Pul the nation's economic house in order.

The barter area Included He territorial waters off the rtfire coast of southwest Java,

· farm Besiegtrveis, 45 minutes lati- the south, 10 degrees, 13

Taxation

Another suggestion

inject money into the invest- ment end of the scale without letting it reach the consumer end.

The Investor

of

Here of course is another political problem. For the unious would see this as a buttressing of that shadowy villain, the

at the expense their members.

They would clamour for the some restriction on dividends that applied to wages. I for one, a | would not relish the job of ex- that dis- plaining to them another couragement of the investor hool of thought, a real attempt when a recession is in the pir, might be made to bring down the can mean in the long run, less cost of living by letting the de-work for union men, mant fell and unemployment

minutes longitude cast, to 7 A recession : domestic de-investor," degrees 45 minutes, 30. secondsmand, as they see it, would be letitude south, 108 degrees 10 choner reduce Laxation, minutės, 30 seconds longitude high interest rates and various carl.

other unpopular controls, as means to boost demand reasonable level again. Alternatively, says

Euch detail of an actual fight

Included in this ares Sre entery into the geare, although

water between Klapper Island the "pretended Trouwers Island.--France- the sernery in cabin

mostly curts Presse. features and computers, with not even u # Blet stewardess or pretty mignon to enliven the outlook,

DEPARTURE

A typical "ground training"

PROTEST OVER U.S.

flipit is scheduled for departure SHIPPING POLICY

fin Tokyo at 17.80 hours,

Several hour beforehand, the!

weatherman has started

os-

ambling the gw of inter- THE Governments of Britain, estnental, weather flashes inta!

up-to-date

The Hague, July 7.

Holland, Norway, Sweden, Belgium,

West and accurate Denmark,

other countries

picture et wind, cloud and visi-Germany and ility conditions along the have protested to the United Males against American ship- route. Just as if preparing for actual take the fight crew ping policy measures reserving

with report tur briefing, taik

certain goods the shipment of weatherman and dispatcher, and to vessels flying the American develop a complete flight plan. fag, It was announced here

today. A typient westbound "paper operation" is upped to span In an ide memoire to the the 3.000 miles from Tokyo to State Department, these govern- Cold Bay, In the Aleutian Ia-ments expressed the hope that lends, in a single leap, (seven the United States Government hours) with Anchorage, Alaska, would revise "some aspects of stop Second its shipping polley," the Royal as an alternate stage of the paper journey is Netherlands Shipowners Asso- the 1,700-mile leg from Cold ciation maid..

Hay to Vancouver, to be covered

in on estimated four-and-one-

Americwn measures reserve

half hours, With full tanits and for the American flag at least favourable winds, however, the 50 per cent

of goods shipped

niremft will vault the Pacific in under the Mutual Security Pro-

a angle bouncă,

Numerous other

gramme

and 100 per cent for shipments based on loans, eredits gyuranlees of American calculations and

are necessary to make the night Goverment bodies, such as the

possible. The Export-Import Bank.-Reuter,

as realistic as

imaginary aircraft will be louded with 08,000 pounds of fuel. The average ground speed (with 36-mile-an-hour fall wind) calculated al

430 miles per hour. Finally all plans are ready for take-off right down to such precise details

WATER TERMINAL

Bagdad, July 7.

es the altimeter PHE Basrah Petroleum Com- Bettings and the poundage of pany announced today that water deep champagne and roast turkey to it will build

the

be loaded into the galley. Now terminal at the end of comes the Arst departure from Persian Gulf in southern Iraq reality. The crew goes home to at on cstimated cost of £10 bed. allowing the mythical million. fight to pursue, i's. Imaginary course alone.

PAPER FLIGHT

The teriminual

would provide two tanker berths and it was

| estimated that tankers could

load up to 4,000 tons of oil.

at each berth,

China

Some 24 hours later, however. per hour the paper flight project comes company said,

to life agam, 10 yield portiment Special

answers to questions concerning

the performance of the Bri

tannia in the light of such

the

Mall

variables an distance, speed NEW SHIPPING RUN

wind and weather.

rise slightly.

to

But if the recession loans any

Either by itself might be nearer, union leaders may well ffective in a community un-discover that this course is less trammelled by political distasteful than Its clternatives.

Express Service, siderations.

con-

COMMODITY

· FOREIGN EXCHANGE.

NEW YORK Closing rates were; England öffelal

Australia

30-days

DV-a)'s

New Zealand

South Africa

Urugury

India

'kistan

Others unchanged.

No. Z rubber per tb. July 713-75. No. 1

No.

Spot rubber unhalert

Blanket crepe......

No. 1 pale crepa

LONDON

03-00:4 5416-5

58+00 85-87

7.40 17

500

Am. Sugar Ref. American Tel & Tel ST) American 2000 & 110 Anaconda Copper

17.40 Arneo Steel 11.20) Arenour ang

100 21 2.10

MISCELLANEOUS

a.....

10

Vibro

500

Reserve Decline

Arias Core Mindog Edwin.1Jmn-ila. Baltimore & Olu Beneficial Fi

13 Bendix Aviation Corp.

Benguet Cor Bethlehem Steel Boeing Airplane Borden (The)

Co.

Burroughs Add Machine Calli. Packing Corp. Campbell Soup Co. Canadum Padie R. Camo (3.X) Cn. Cat. Tractor Celanese Carp

Frankfurt, July 7. West Gerpany's foreign ex- change reserves showed a de- cline of about 14 million marks C1.7. Financial Corp.

Chase, Manhat. Bank on June 30, while gold holdings Chryster Motors increased by about 146 million | Civett marks, the Bundesbank said to- Colgate-Palmolive Co. day. China Mail Special.

Exchange Rates

Colombian Carbon Co. Commercial Credit Commonwealth Elec. Consolidated_Edison Continental Ou of Del. Crown Zellerbach Cuban Amer, Sugar Diamond Alkali Diamond Match Co. Dougins Aircraft Dow Chemicals.... Dupont de Nemours Eastern Airline Eastman Kodak 10.04 El Paso National Gai 12.03 Family Finance Comp.

7.40 Firestone Tyre & Rubber 26.71 Ford Motor .......

Business was done in the local tinofficial exchange market thly

morning at the following rates:- u.s. dollar (p1) sterling notes (per 1

- Australian notes (per £13

Indone repich" (pes 120) sim tle, the 1509 Singapore (Straits?

PRICES

Dec.

MRT.

MAY

B.70

1.10 General Dynamics

General Electric

General Foods

General MOLOT

Gen. Pub. U.

Gen. Tyro & Rubber

Getty Oll

Glidden Co,

Goodrich (B. 7.) Co. Goodyear Tyre ....

Grumman Aircraft

Gul ol

Heyden Newport Corp. Homestake Mining Co.

unquetad: Ingersoll-Rand 7,

Inland Steel Co. 43.30

Intefeltemical Corp. 43.70

Int'l Hualnes Maslines

7716-772% In the United States, the Int'l Harvester

The rubber market was steady with spot quoted at 221% pence

2,00-29/32 per lb. Prices;

Seps.

Oct/Dec.

General markets, elf hands, parte:

2:0012 2,70 224%

No. 1 He spot Settlement house term:

222-23

Aug.

2216-2716

221-23

July/Sept.

221-231

1500

23-2011

2107

Jan/Mar

23.234

2107.

Apr/June

July

Ang, and Bept.

23-2311

2235-2135 2241-2214

Estate crepe whils

July

Estate erepa thick

July

2015

243

132.15-13# 20

19.334-19,34

LONDON

Closing rates were:

New York ... 60-12/18-360-15/10

Montreal

Amsterdam

Brussela

L'openhagen Frankfurt

Odlo

Posta

Stockholm

Vienna

Zutick

10.562-10.56%

11.00-12.003 1740-174034 20.0014-20.003

117212-1173

74.4573-14,65 72.30472.31

123144-12.2334

· Others unchanged.-U.P.I.

RUBBER

NEW YORK

COTTON

NEW YORK

average price of one-inch cotton | International Nickel

at 14 designaled spot markets Was 34.80 cents. Toini eles

were 5,401 bales-U.P.I.

SUGAR

New York, July 7. World No. 4 sugar futures closed unchanged to three points lower with sales totalling 100 contracts

Domestic No. 6, sugar futures closed unchanged on' sales of six contracts.

Contract No. 4 (world) Seat: 238: Oct: 39; Mari 3.35; May! a July: 337: Sept: 3.37; Del: 130: Suol-fcents per lb. fob Cuba?; 3.30; Open interest: 0,700 co2- tracte.

Lone Hur Cement Co. Lowenstein

Bon

Masa, Inv. Trust Co McDermott J. Ray McDonnell Aleeratt __Block_Exge.) *** Mesabi Iron Corp. Minnesota Mining Mimon Development

main list held under a

100% Republic Steel

314) Keynolds Metal

おかちん

HET

לו

Н

20

Sears, Roebuck & Co.

Shell Ou Co.

Saint Reg: Paper

Sinclair

30cony Mobilit

Solar Aircraft

South Puerto Rico Sugar

Scuthern Co. [Tua} Southara National Cas Southern Railway (Com.)

Brends

Standard

of Cal

Standard Oil of Ind. Ktandard Oil of N.J. Steep Rock (Toronto Exgo Sterkog Drug Co.

Stokaty-Van Camp.

Stichsker-Packard Corp.

Bunshine Mining ....

23

Monsanto Chemient Co. Montgomery Ward Motorola Inc.

12

4017

Swift & Co.

6714

Texas Co.

40

Textron Inc.

24%

National Biscuiĉo,

National Dalry Prod. National Cani Her. "A" National Lead ............ 48103 | National Steel Corp.

Tide Water Ann, Oil ... Tinie Inc.

10 Tri-Cant. Werrania

Twentieth Century Fox Film

Union Carbide

Union Oil of Cal

alon selfie Railway

United Aircraft

United Gas Corp.

119,53 New York Central

130413

Norfolk & Western ny". North Amer. Aviation

D0.07

North-West Alunes

Com.)

158.21

Diln

Que Elevato

Owen-unels Glam

$ 1015

Oxford Paper Co.

3311

V.B. Foil ""

70

Pacific Gas & Elec,

2415

Pan American AirwayE

103%

U.B. Line Co.

A

Paramount Pictures

U.3. Rubber

44

2011 Permy 3, C. Co.

Parka Davis Co.

な

Penn. Salt Co.

Do

37

42% Philip Morris

Proctor & Gamble Co.

Pittsburgh Plate Glast

23% Publicker Industries

29 Radio Corporation

179

Radio Com. Pref.

People Wait And See

London

In

London, July 7. Stock markets were steady today but few brokers could report any great upsurge in orders after a week-end In which in- vestors had had time to

the contemplate credit horizon. Most people were waiting to GOVETA- which way the ment's new credit expansion goes. However, the understone was satisfactory and thee wee a certain amount of selective buying.

irce

Contract No, 6 (Joriestla) Sapt: 8.70; Nov: 5.76: Mar: 6.35; Prices of cotton futures closed her the film ex policy

interest: 1,870 contracts

-U.P.L.

today as follows;

Spot: 33.10: July: 30.18: Op1: 30.00; Ber: 30.03: Mar: 37.11; May: 37,10: July: 38.01: Oct: 34.31: Dec:

NEW ORLEANS.

Prices of cotton futures closed

today today as follows:

Rex rubber futures closed 15 to 20 points higher on total sales of 12 Closing prices:

'ત:

July: 30.14_ Sp 30.000; contracts. 28.50-80) Dea: 38.80) Mar: 37.08-09

Oct: May: 17.03: July: 30.03-04; 34.93; Dec: 34.35.

LIVERPOOL

quiet. Prices closed today In fullders per kilogram, cit July Mixed Contract

Cp

METALS

NEW YORK

Prices of metal futures closed today in cents per lo. as follows: read July

1430

10,400 8.47b 6516

25.000

91.250

July

*26 B

Bent.

2:30

Nov.

20.75

Collon

future closings, in

Jan.

20.70

pence per lb. were as follows:

Zine July

Sept.

Mar.

2010

May

26.50

American Contraoi.

Hout

July

25.00

July/Aug

25.19 Copper July

OM/Nev.

2530

AMSTERDAM

Dot Alan

25.05

Ta July

ME/ADT.

ZIDJ

Sept.

Sept

The rubber market was very

May/June

20.00.

July/Aug

20.00

us' follows:

July/Au

25.35

Oct/Nov,

No.'1 rubper

810 buyers

Dec/Jan.

No, z rubber

2.10 buyers

No, 3 rubber v No 1 crepe

2.05 Биуми

Mar/Apr.

May/June

The ngenia wald two freighters

2,49 burers BINGAPORE The market openod around. the previous levels and ruled cruzeiros

follows: very quiet with volume amali, No. 1 rubber per 1. haly 721-70% July

Cel

July/Aug

Closing

LÀO TAULO

prices;

Zenonih

130

Copper spot

194

inmouth

per klo, weTD.

Le 1st half Jaly

10994

Zine lat tuli

49.00

93% 91

44.00

V.P.I

The experience so far in this

Singapore, July 7. chart-flying

Japanes programme THE agents for the borne out the conviction that Mitsui Line sald today that east-bound Britannia Ughts on from this month the company the North Faalfe route wil sef would open a new service from now speed records for commer-Singapore to Bombay, Sacz and cial airliners. On many beca- | West African poris, alore, the aircraft will ride lite Jet-paced upper, alt curreme to

attain speeds up to 810 miles would be employed on the new

'run-Houter.

per hour.

דלעת

LONDON

Prices of metals clored today in sterling per long ton as fol- Lows:

Buyers Sellers 150 70

Ta spot

9838

U.S. Smalting

U.8. Steel..

U.B. Steal 7 P.C. PT

Warner Bros.

Westinghouro Air Brako Westinghouse Electric, Western Union Tel, Co. West Va Pulp & Paper Woolworth

P.O BI EA

· COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N, CO,

Outwards "PERIM" *BOUDAN" "CANTON" “KHYDER”

"SURAT"

*CORPU"

Leaves Londen Salled 30/5 Seled 9/6 Salled 25/ Salled 20/4

7th July

23rd July

"KARMALA” 14th July

Homewards Leaves Hongkong WYNGAPOGE” GIUN đang "CANTON" "SOUDAN" *

"COR FU"

"BURAT"

Det August

18th AuguNS

29th Augurt 17th September

Due Bongwong In Part 22nd July 19th July

14th August 13th Augu

24th Aug.

4th September

Das London

25th August

tet September 1th Reptember 19th September

23rd October

Via S'pore, Penang. Colombo, Bombay, Adén a Pt, Saja. **SINGAPORE",""BOUDAN" and "BURAT" cati S'pore,

P. 1'wet, Penang, Aden, P. Suid,. Havre, London, Hamburg. Rotterdam & Antwerp.

BRITISH INDIA S.N, CO., LTD.

“FULTALA" duo 9th July

salis 18th July

“BANGOLA” dae 250 July All 26th July

"ORDIA"

tve 58th July Maite 20th July

from Japon

Tor Singapure, Penang. Bangoon. Calculia Callingong

from Japa

for Singapore. Penang, Rangoon & Calcutta

from Japa

for Singapore, Penang. Rangoon, Calcutta, Chit- tagong & Chaux

P. & O./B. I. JOINT SERVICE

**IKAUNA"

dus 7th July Falls th July

th July

new

=

*

*

*FACHUMBA" du eth July

is

*TMARIA"

"URLANA" kus 10th July

ails 17th July

dus 17th July

kaits 18th July

Gilt-edged closed will gains [up to 4.

from Japan

for Singapore, Kuwait BESTA Khorramshahr

March!

from Japan

jor Singapore, „Pegang, Madras, Bombay, Bhau sagar & Karachi

from Bksunagar. Kara- ef, Bombay, Cochin. Tuticoria & Singapore for Japars

from Karachi. Bombay. the

Cochin, Singapore Car Nicobar

tar Japan

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

with

"NANKIN"

German bonds wore best among the foreigners Japanese good second.

INDUSTRIALS Industrials outstanding featums

were provided by Cunard et

and 20% shillings Associated British Pictures, Standard Motors Improved and there was an ali roynd advance In stores under the head of Woolworths which rose Dae shilling in front of Wednesday Interim dividend. LCJ. were dull.

Gold shares were neglected and lower, though Ananko lassen were supperiod. Coppers were quick.

Olla moved narrowly but Improved Inter when Wali

Street

came in firin," Rubbis showed little change, but tons improved.---UP.I

"EASTERN"

due 13th July July

dat 2nd July - valla méth July

from Jepan for Labuan, Bandekın, Brisbane, Bydney, Mel- bourne de Acemide

from Austraila for Japan

A vessala have Uberty to, call at any ports on or of the route a tha zonte à sailings are rubjact to change or amendment with or without notice.

For fult particulars apply turn MACKINNON MACKENZIE & CO. OF HONG KONG (TO, Telephone Nos: 27791 4.

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