1958-07-09 — Page 9

TRANSPORTATION

NEW BRITISH RADAR WILL MAKE

AL

THE SKIES SAFER

By PETER WOON

LL aircraft flying along the airways over Britain are to be kept under constant watch by four new long-range radar stations,

This is the major feature of a Control facilities at major ajṛë £5,000,000 five-year planı to ports like London, Gatwick, make the country's crowded air Prestwick, and Ringway (Mon- taler.

chester) will be improved

by The top-priority plan, the introduction of semi-auto nounced in the Commons, is malle control equipment, melus aimed at beating three growing ing electronte computer.

hazards:

Alroraft

the

Cauko

Polliatorin,

t or a number

Beeldents in the US.

Faster flying, now

already

GERMAN YARDS

entering

the evil field with the new jet GET BIG ORDERS

alrilners.

Aircraft

Course.

оп reing The Winter Hill crash Inquiry

brought home the

risks

Hamburg, July 8. WEST German shipyards

has a run by much airplanes, W are at present building

The aliea for the four radar

Stations that will sweep thear have received orders for #les have all to be decided, ships totalling 1,300,000

THE CHINA MAIL, WEDNESDAY, JULY 9, 1958.

Page

ANTI-RECESSION MEASURES

UK's Monetary System Has Big Week

HONGKONG

STOCK EXCHANGE

By SYDNEY CAMPELL

$611,000. London, July 8.

Our Own Correspondent Business done on the long- kong Stock Exchange this morn- ing, amounted to approximately Noon quotations and the morning's transactions were: Abazea Buyers Sellers Balen BANKS INSURANCES

Underwriters

Waterboat

DOCKA, ETC K. Whart Dock

· The week ended July 5 has been the biggest week

in many years for Britain's monetary system. mok -It has had not merely a major relaxation of Under the credit squeeze, but a general reform and SHIPPING transformation of the controls on money and k on 'borrowing.

device, As an anti-recession the measures announced - on Thursday evening (July 3) re- comise that deflation has come sa a blg danger ná infla- | Lion-but not yet a bigger one and not anything to panie about.

be-

pw

They are durdgned to

British the world that the authorities are still maintiful of the inflationng danger, bir equally it the authorities are

trols In panic fear of a slanp.

no dismantling all their con-

Key Phrase

One key phrase in the mass

but they will be in South-East tons for the country's mer- England, in the West Country, chant fleet, the West Ger of announcements near Manchester, and 15፤r Prestwick.

Israeli Shipping Talks With Germans

R W. Scholz, chairman

Dof the Deutsche Werft,

has announced that talks with Israeli shipping in- terasts for orders totalling 185,000 doodweight tons are in an advanced stage,

weng

the

which determines the amount |

KEL

75%

W

700 $0 700

400 0.50

INDUSTRIALS SAG ON REALISING IN NEW YORK

New York, July 8.

The stock market rise that ran for eight sessions brought

some realising into industrial shares today. Industriala and utilities shares from 910,000 shares yes- sagged but railroad issues roso [terday.

to n now high for the year.

Some of the Industrial Issues

Borx volume

was $4,810,000

200 2040 fell a point or more including against $4,100,000 yesterday.

londors as American Telephone, classed an in- 4214 | dustrial for the averages, East- man Kodaic and Union Carbido.

**

6.10 4.13 DU30 0.13 stich

412 4212

2200 42

LAND, ETC.

Amalg

Quantitatively, the credit Kiueeze is not merely relaxed Provident but ended. The celling on the Hotel... amount the basics can lend HK Land. replaced by the "specia d posits" scheme, which is o stand-Humphreya by control. on their liquidity, Ushen" they have available for Jending. TUR

In principle, this is not a re- inxation but a tightening.

The celling on bank advances was start, inoperativo from the

new device could turn oul to have sharp teeth,

whereas the

Two Controls

12.40

23.10 1000 ** 23.10

12.73 13

1914 10.30

1.00 1.73 10000

0032.70

200 00054 11ES 46210.23

1,03

A. Tawith.. Bungein spintr UTILITIES TIAT Star Ferry. Vathinati

1.00

1.70.

0.00

C. Light

Electrie

Macão E...

1000 49 0.05

20.30 2000 2000 200

113

قه

Retreated

Closing Prices

Alden Inc. Acy.

Allied Chemicals Allis Chalmers

"B

American Airline Amer. Forgn. Towar Gulf Oil and Shell QU lost Amt. Das Jectric more than a point each In the American Metal oil section. Steels retreated American Tel & Tel

American Betting fractions to a point in Young- Ainotican Tob. town. Motors lost fractions, Anaconda Copper

Arnico Steci Mart

fell back. chemicals

Artaour Douglas lost two in Its sections. Drugs dipped with Merck down n point, Lorillard rose a point and U.S. Tobacco more than a point in their department,

Atlas Coni, Mining Baltimore & Oila Berofictal Finance

Benguet Conn. Bettilehem Bleek Campbell Soup Co. Canadian Pacific R. Case. Ce.

27 106 17.00 10.10 151, 10

$8 20.20

500 $1

The dip in Industrials reflected

| Col. Krketar 100028.10 casier steel issues, a decline run-{ Celandro Corp.

0.10 Tel. ...... 26.10 20.30 INDUSTRIALS For a couple of centuries the Bank of England has managed | Ceraint

23.10 21.3 man Shipowners Association | Chancellor's concluding words with two controls-Bank

Rate Dairy said here today.

clearly right to -

and open market operations. such sound develop-Now it has a third Completion of these orders courage 80 per cent of which are for

men: as we judge to be within more Than vessels of inory

our capacity"--no than 10,000 tons--will be

that but also no less.

spread over the

next three to four years.

The orders represent a tolal investment. of 1,000,000,000 marks (about £100 million) to marko (about £175 million), the association sald.

2.100.000.000

feet which totalled 3,605,687 tone West Germany's merchant

last year. is expected to grow by 200,000 to 400,000 tons an- nually, during the five years, The quekdog of orders, for according to the association's Deutsche Werft has declined estimates. from Of vessels totalling 1.67 The association pointed out, million tons at the end of, 1959 however, that due to the present to 48 vrisela nr. "well over unfavourable shipping market. million tons," he said. Never- theless, he was not pessimistle some orders for new ships might be cancelled or deferred-China the future and expected Mall Special.

usual 2.5 million gross registered ton annual rine in world mercantile tonnage would

nbout

that

continue, considering the steady FORTUNE SURVEY

long-terin Increase

in

world

that

in

Entert

2008.163ng to n point, and irregularity Cryers Motors 6000.14 in the oils, Motors did tile Commonwealth Elec

Colombian Carbon Co. 3403 « 20.20

more than hold their oWEL 1000 24.20

Consolidated Edison

Crown Zellerbach

Douglas Aircraf!

66

Cuban Amer, Suger Diamond Alkalt

34

se

1581

112 24

12

Dupont de Nemours

Now higlis appeared in such 1750 issues as best Wall Gypsum, 2031740 Coch Cole, Food Fair Stores,

1794 17.43 Halliburton On Well Cement 17.00 Ing, Garrete Corp., Internatinal 17.40 Salt,

Proctor & Gamble and Ford Motor

100

4TH

600

550

119

70.10 2624

There is no present Intention Watson of bringing the special deposit| MISCELLANEOUS system Into force. The odds are that it will never be used-be- cause the mere threat of using it will aufflee. -Massive reserve weapons best save their purpose by not being used:

1001020

Exchange Rates

Chi

4.79 10.04

*7.54

Another key stalement the official documents was that the time has come for the banks to resume full respons billy for the terms of bank ud

Business wa done in the local unoficial

market exchange vances." In a nutshell, on July

morning pt the following rates:- authorities 3, 1950 the British

Like the Bank Rate it would U.s, dollar (per $11 restored the competitive princi- be a Bank of England Initiative Sterling notes (per gui ple to British banking, after and would be

Australes notes (per £1 announced

Indonesian rupiah (per 100s .. many year of having stultified Thursday mornings. Unlike the Siam tical (per 100) It the grave detriment of Bank Rate there would be No Singapore Straits the nation and the world. breach of secrecy in discussing it with the bankers, in advance Henceforth, the banks are free and it is a good bet that to make their own mistakes and would

suffice, China Mall successes and run their business Special. on their own lines.

Credit Squeezo

Qualitatively, the credit the banks squeeze is still on:

Com- and the Capital Issues milles are all to discriminate

speculation and favour of export and of areas of exceptional unemployment.

trade of 5 to 8 per cent a year. SHOWS JAL THIRD st

An indication for future ternis for shipbuilding could be secu In the wish of

tanker some companies to .Diter their contracts for 45,000 dundweight

tang tankers to mits of $5,000

deadweight tons. ADVANTAGE

MORTUNE magazine's Juno

issue survey of inter- national air carriers, Japan Air. Lines is placed third in the table of utilisation with an average of 69 per cent of The gradual return

to sxe all available *cats being price quotations was an advant-

accupied. German shipbuilding was

Dgo.

under the two-fold pressure of Only Trans Canada with 70,2 Government-subsidised Japanese per cent and British European bids, at present 15-25 per cent Airways

below recent quotations,

with 09.0 per cent and who operate shorter high-den-

the reluctance of German steel sly routes, are slightly obrad companies to reduce their prices of JAL in the table or 25 lend- for shipping plate. United States Ing airlines.

plate

the

The ullisation factor 1s ant Japanese shipping could be bad al a 10 per cent prime alm of all airline opera- lower price, and Dr Scholz additions. There is a figure for each IL operates we availed our airline at which ed, "naturally

without loss dr кліп. Above selves of Euch opportunities."

below Ships under construction at this there is proft and German yards totalled. 1.311, 1065

million gross tons on April 1,

"Japan Air Lines remarkable Icss os against 1.408 million at April uchievement after slightly

years' International

1, 1857, ond the peak figure of than four

1.535 milion reached on Seo-operation is seen as being even

tember 30 last year.

more astonishing when the

• long trans-Pucife hop cofie slutes 00 por cent of lis operations and that t caters

Niarchos Interests Build chiefly top class traffic.

Shipyard In Greece

AFTER

period

Now York.

NINE TENDERS FOR

2.000-year DEEPENING SUEZ

ង

of inactivity

Creoco is in for

a major NINE tenders have boon shipbuilding revival, Niarchos submitted by American, interests announced hera Dutch, Belgian, West Gor- man, Italian and Egyptian today.

for the work of

concerna

The announcement said con- widening and deepening the Suez Canal for chips of 37- foot draught (about 29,000 tons).

struction of a Nichos ship- yard was in its Artal singes with the yard scheduled to go into opcration this month.

The silo is Scarampoga near the island of Saimis.

Nearby

жа

Quotations range from £8 million to £12 million with exe- cution periods from two to four The Faryptid Cazal was Authority had earlier estimated the that the work could be .com- plated in two years at a cost of

£7 million. COMPRISES

is the Boy of Elouthis where some of history's most im- porlant nnyal battles fought in 400 BC between Greeks and the Parclans.

AGREEMENT

(The

in

Increase

On

London, July 8. Wages increases ranging from a ld to as 104_n_week were. agreed yesterday for 45,000 cm- ployees of Ford Motor Company, and its subsidiaries.

2 Committee being

single body can apply uniform

standards while the banks may have, varying standards of lax tty or strictness, but that kind of thing is unfavourable in this imperfect world).

The 22 trade unions, who

negotiated the increases which

will cost £1 million a year-- have requested a further meeting with the management to discuss working conditions.-China Mall Special.

Paramount.

Olts moved irregularly in a narrow area. Union Oil of Call- fornia was active with the prien JITTIL

Volume

dipped to 2,430,000 shares from 2,810,000 shares yesterday:

Of a total 1,180 issues traded,

Eastman Kodak ...........

Family Finance Corp. Firestone Tyre & Rubber

General Electric General Fuods ceneral Motors Glidden Co.

Goodrich m. r.) Ca. Goodyear Tyre Heyden Newport Corp. Homerak Ming Co. Ingersoll-Rand

Inland Steel Co. Int'l Business Machines

Int'l Harvestor

national Nickel

12.57 017 were lower and 207 higher.

On the American Stock Ex-Inti Tel # Tel :

1.00 change volume dipped to 840,000

RECESSION HITS STEEL

IN BRITAIN

By SYDNEY CAMPELL

London, July 8.

International- Paper

Joha-Manville Ca.

Kennecott Copper Lockheed Aircraft Low Incorp.

Loose Star Cement Co. McDonnell Arcraft (Am.

Stock RO

Mondamory Word National Canin Reg. "A" National Lead

New York Central Olin Matu

Quis Elevators Chven-linole Class

Pacific Gas de Elco. Pan American Airways Paramotal Pielures Parka Davis Co.- Pens. Bolt Co. Philip Morris

Pure Ou Kadia. CorpoTATION Republie les

Reynolds Metal Seats, Roebuck & Co.

Shell Oil Co. *****

Sinclair ou Bopony Mobilõií

neg. Paper

for Aircraft Southern National Ca

Steel in Britain is now definitely affected by the recession but steel shares benefit modestly

Co (Tan) from the Government's access of popularity

Bouthern Railway (Com as a result of the recent 'half-baked strikes.

Standard Branuta Standard GPB of Cal. This popularity may be fleet-standerd oli of N.J. all of Ind. Ing but there is a more lasting Sterling Drug Co. possibility that Labour may be Switt & Co. drawing some lessons from re- cent political trends in Britain, New Zealand and elsewhere.

COMMODITY PRICES

FOREIGN EXCHANGE

NEW YORK

Closing rates were:

Canada England oficial,

1.04.0/32

Oct.

Dec. Mar.

May

In

مدا

$R888

43.80

Unlled Sintes, the average price of ono-inch cotton at 14 designated spot markets was not avaliable.

Total sales at these markets were niso not available

2.00-9/16 U.P.I.

5/70-15/10

H

30-dayi DO-days

2.78-1/15

2.3935

2.70-9/16

2,003

Australla New Zealand Bouli Afrien

Argentina

Venezuela

India

Pakistan

Other unchangeil

LONDON

Closing rates WETO- New York Montreal Amsterdam Irurocir Frankfurt

Calo Parla

[X/6-9020**

0234

,5000 2100

.2100

2.5414-2.80-6/10 2.00-7.00-1/30 103011-10,30% 139.176-108.20 1188-11.00 173-1740 20.00-20.0047 11729-1173

Others Unchanged-U.P.I.

COTTON

NEW YORK Prices of cotton futures closed 1oday in cents per lb. as fol-

ex-lows;

Under an ogreemení signed The work comprises wel two years_ogo delween Stavros | cavation, the removal of glu Niarchos, Greek multi-million- bollards"

and revelamenta ahd

RUBBER

NEW YORK

Rex rubber futures closed 20 to 35 points higher on sales of 82 contracts, Cloding prices:

July: 20.55; Gepl: 27.10: Nov: 27.10: Jan! 21.09 Mar: 20.83: May: 20.85 July: 20.00.

The apoi, rubber nas was quoted at 20% cerita,

SINGAPORE

The rubber market operied slightly higher on, beller over- sens advices and steadied further on lower import figures in Juna.

.

00-6015

SUCAR

New York, July 3. No 4 sugar closed today with

sales of 726 contracts.

were

no

No. 6 domestic sigar closed unchanged. There sales,

Contract No. 4 (world)

Sept.

Ock,

Ktor

May

July

Sept.

Spot-iconts

Cuba)

3.30

BRAKES &

rer is

3.30

5.70 $,70

Open interest: 6,706 contracta

Control No. 0 (domestic)

Sopt.

NOY.

Mor. May

ex-duty)

Open Intárest

Spot-rents per 1. et

U.F.I.

0,08 6.50

Y ...... 0.75 1,077 contract,

METALS

10.300 20.40

8.410

Texas Co

Tide Water As, Dil Time Ine

Twentieth Century Fox Film Union Carbide

Union of Cal.

Union Pacific Hallway

Base metals look nono, too good. Coppar has noticed the United Gas Corp. limitations of stockpng, the U.R. Gypnim Eurplus of prixlucing capacity.B. Rubber and the American overstock of 8. Steel

U.A. Smelung electrical goods and gadgo's.

Warner Bros. Westinghouse Electria

Western Union Tel, Co. Woolworth

Tin Agreement

The International Tin Com- mitteo has decided to go cap in hand to Russia as an exporter and to the U.S., Germany and Importers with prospecta in cach

Japan unenviable case.

...

From its start, the Tin Agree Įment seemed bighly unwise for

the tin producers.

Middle Eastern uncertainties have been highlighted generally by the rebellion In Lebanon (i rebellion is the right word for so gentlemanly a turmoil) and speclically by Iraq's desire for an improvement in the 00-50 oll profit-sharing boats in the light og the new Japanese arrange- ment with Saudi Arabia and Kawaft and the Italian, U.S. and Conedlan arrangements with Persia

The oli companies regard this Buggeilion as decidedly prema- ture.

Better Basis

NEW YORK Prices of metal futures closed No. 1 rubber perto, July today in cents

There is no question that Iraq per lb,

as folis entilled to a better basis. It Aug. 721-7759 No rubber per I, July 570 lows:

and when any neighbouring GOA 2014 Lead No. 2 No. 4

country "gets moro; tho

ореп | Spot rubber unbeltā ........ 76-7015 Zine

question is wholher any neigh- Blanket tre No. 1 pala crepe...

a.s2pbouring country will. 25.006 Persia, is hardly likely to do so from her Italian arrangement, which increasingly looks to have been a marter deal for Italion than for Persia,

LONDON

60-01

18-19

The rabber market was steady Bpot: 38.01; dy: 58.19; Oct: 36,00-00: Deo: 30.05; Mart 37.00 with spot quoted at 28% penco nice ship operator, and the their replacement. Envelopes May: 20.03; July: 38.081 Det: 36.34; per h Prices; Greek Government, Mr Niar-containing tenders were opened. Dec: 04.34. chas sald he would spend recently, and the offers are now

US$8,500,000 on the project, bely considered.

But after, full development of

Meanwhile, about eight lodrl-

NEW ORLEANS

*

#par No. 1 Ray Area 23-33}% Bettlement house terms:

Prices of cottoni futurés closed

Aug. Bent. Oct/Doc.

the shipyard in the next ave contractors have about 2,000 today as follows; years I is expected $20 milion men working between Ismallia Bet: 310: July: $0.16 Ocí: 3636;· will bo spent.

and Port Sald on clearing and Dect 36.00; bir: 31:10: May: 37.07: General markais, of phale, The announcement said that lowering the Canal's cast bank July: ; Det: 3127) Diet, 34.37. од July, 18 strol fabrication preparatory to expanding

·would start on the yard's "first cross-section of the channel order-a 25,000-ton) pussel for | from... 1,950 to 1800-aqULTS the Niarchos group-U.II. metres.

JUX

the

. BÀO TAILO

Closing prick in bruinifta per obte erepe.iblek

"klo were an, follow#;'

July

Copper July

Tin

23.236

13.23

03.1244 LONDON Prices of metals closed today a sterilog per longton as fol- lows:

Buyers Sellers

Spot

Dehonin

Coppe

-month-

Fly bof

July

Oct.

The other orangements aro' a different kettle of fish but, thoir. outcomes still remain to be ackn 15019 and even asking that all of 10, 2014 them are going to producb vll- and not soon. So the all companies îätá 1945 | mildly, suggest that it would be as well to wait (until ond, ot

pese deals actually proddees a ton of oil and then see who gets Sis what, from It-China Moll

Special

LA

CHATTER

ON WALL STREET

New York, July 8. constructive attitude must continue to be ful- lowed here considering the excellent perform- ance of the market and it remains 011" contention that the upside is still the line of least resistance— Van Alstyne, Noel & Co.

year was

The increase In nat debit balance of customers bf New York Stock Exchange member Arms from the low of last December to the early May s approximately 450 million or 18 per gent." This raloes the important question of whether there has been an 4236 | extension of too much, credit for the purchase of securities→→→ 465 Francis I Du Pont & Co.

00

33

20

334%

12

DEK

70

309

27

100

Favourable

Tape action remains favour- able, Indicating that further selective strength is not to be ruled out. Yet the 480 level in the Dow appella to us as not

381 only enough for the time being 7514 | but moro of a telling than

RYCH for 401 buying

161 primarily interested

#73

23%

accounta

the

market's Intermediate swings. We my this without prejudice 1 the niitedly favourable long term outlook for equilien- Reynoldy & Co

Unless there is a sudden und unforeseen changa in the picture, the stock market would seem to 251% have a good floor' under it for

4the period in the summor

E. F. Hutton & Co.

Dayatrom is counting of sub- stantially increased volume in the third and fourth quarters of ta fscal year to achieve total sales approximating the 1857- 68 record of 82 milljow....Best- Wall Gypeum first half net estimated at above the 1.87 for 429 last year.

Interchemical. May Learnings of 80 cents for the June 46 quarter agalust 60 cents in the

previous three months

Homblower & Weeks.—UPI.

Interim Dividend

་

London, July 8. The Westminster Bank has declared an interim dividend of 64 per cent on "A" and 1/- per The share on "B", less tax. capitol was re-organised October Inst.-China

Special.

UNEMPLOYMENT IN THE U.K.

500

THOUSANDS

400

300

| 200|

1001

SEP OCT NOV DEC JAN FEB

1957

KAR

APP NEV

1958

1300

H400

in

Mall

Basuessmen are saying that labour is now nazier Lo obiala. This chari spotlights the unemploymetit atory of recent months. But the number of jóbléns lui, Britain during May was altii only 2.1 per cent of the working population. It was 1.2 per cent Imaš September.

FIGURES FALL

FOR JUNE

Loulou, July 9.

Britain's unchployment figures fell for the first time for a year during June, the Ministry of Labour annohood today.

The

.4

out-of-work total dropped by 18,000 to 420,000 bo- tween May 12 and June 16 — reflecting higher em- ployment in hotel, catering, building, food, drink and a tobacco businesses,

But

there was still increasing unemployment in heavy Industrien buch äë engineering, Textiles, clothing and * metal manufactures.-Reuter,

|