THE CHINA MAIL, TUESDAY, JULY 15, 1958.
POLITICS Vs ECONOMICS
RANSPORTATION HONGKONG
Europoort Plan Will Make Rotterdam
Gateway To Europe
STOCK EXCHANGE
Our Own Correspondent
Compromise Needed Between
The Two
From RONALD BOXALL
London, July 18.
Business duae on the Hong- If economies is the gloomy science, then politics is
kong Stock Exchange this morn- ing amountcl to approximately $405,000 Noon quotations and
ARLY in June, the first sod was cut for the the morning's transactions were:
DAR
Europoort project in the presence of Mr W. Drees, the Prime Minister of Holland. The Europoort plan has been drawn up by the city of Rotterdam, and will be largely financed by that eity. It provided for a big expansion of Rotterdam's harbour facilities, the construction | of shipyards, pipelines, an iron and steel industry, canals and locks.
Europoort is gituated at the head of the island of Itozenbury Until now a bird sanctuary - en the New Waterway, app
to the Hook of Holland.. PatenUalities fegarding
Lønsport of all, ruil and ore fod to preparation of the scherne, which is to be completed in tive) yers and will cost me Pis. 165 million (£15,6 2. belading buildings and plouts.
**X*
NO SIGN OF TANKER
Noeren Buyers keer Hales BANKS Frs Book
700 13:00 INSURANCES SHIPPING Waterin
73
5
Wheelock 0.10 0.15 1000 € ¦ K. Wh
LAND, ETC.
DOCKS. EC.
20 12 Ik
$15 4214
AR Hote
2235 Humphrey 1300 15.0 1000
2000..
the art of survival. And since voters are eternal optimists no party politician would dream of going into an electoral battle armed with nothing better than an abstract economic theory,
(though
Stock Prices Fall Under
Selling Pressure
On New York Market-
New York, July 14.
Selling drove stocks down in the last part of today's session aftor the general list had resisted pressure earlier an tha pro-Nasser coup in Iraq.
McDonnell
Binck Exge.
Aircraft
On the basis of this admitted this is the course that appeals to
Jalemational oils were weak | Liggett Meyers Tab. Cə, 6.15 over-simplification, I predict many economists. Some further all day, but other departments Locked Aircraft
Loews Incorp. that advocates of bakiness will unemployment
at of the list had moved narrowly, Lone Star Cement Coj triumph over the counsellors off within their meaning of the teren especially 11:0 rails. Finally, Lowenstein & Bons. caution in deciding the next "full employment") and less de- however, the whole
marke: plays. Inv. Trust Co.
McDermott J. Ray cconemfe moves in Britain. mand at home, they point out, aftened with ralls joining the
would bring about the required decline. I will go further and
suggest towering of British crests which, that since the recent relaxations essential If Britain have all been aimed at increasing remain competitive in investment, the next no wifiafationary world. conre:a Hell with the ex- panding consumption. An ex-
Land
2200
21
13
200
iconlty....
13.70 1.723
RUBBER
Analg.
1.20 1:625
10000
1.10 1.70
Trust
FREIGHT RECOVERY.
1000 a 20.30 | perimental cushig of hire pur- chase restrictions would be, trum
A. Bawah
1.00 1.76
vriatus
T
20.7 20.30
131
EU
was
C. Light
(0)
28 18:30 44NG CA Electric
27. 2il 2101 1 Teletstone 20.20) 26 40 XXX0 INDUSTRIALS
to attractive starting point.
A
20.30
TAVEN loss business
transacted in the gil tanker charter market tost week and now demand for
It is expected that the imper-tonnage is at a very law ehb. truce of the port of Hottere:in-
The most Interesting
market Was the
which already holds up crtinent of the place in the transhipment of bulk hords for Western_"Europe-will
main gateway to an Integrated Europe.
feature
STORUS. THE, alty$75 17.70
Wals
Jews
that the Soviet Union has |secured a contract for This sup-
ot
be further enhancel by the Can-ply of abut I mulbon tons of By providing the crude all to the Arpaling. This mun Markel, new Europoor facties, the
Rusda even How Rufferdam area could become the suggests that
are larger richtities of for expert and it a dat a useful volume of
#may be carteret for delivery of the nil, Several vessels, had already been Ased from the Black Sea to River Plate at rates around 40-41 shillings per ton for 'one
ACCOMMODATION
|
Europoort provides for the ac- commdation and repair of big rea-going vessels, the supply and storage of crude oil-le be taken to three voyages and it is be-
en by pipeline the establish- | Hoved that more ship, can be ment of a storage company for placed for this businesa,
coal and ore, and the building NO INCENTIVE of a large steshworks,
Eti
The initial project emprises ars of 3.875 acres and provides rentable sdies covering 2.223 es. New harbour basins w initially be licked up with then waterway opposite the Hook of Holland, so thel
they
With no inventive 143 rise above vir current depressed levels, single voyage rates from the niin loading areas were une j
From the changed last week.
Persian flair to Britain, Con-
à political point of view.
Repressive
2011
is lo
The industrial average, heavily
with pits, had 11 a non-weighted
widest decline since December 17.
Clash Head-On
are
then
in
New Highs
$3
hierul Iron Corp.
Minnesota Mining
Mission Development Monents Chemical Co.
| Montgomery Ward
Motorvia Inc.
Mataleon....
(AB),
7013
Shell Oll Co.. 47% Saint Jing. Paper
10% Sinclair Oil
Socony, Moblo11 Solar Aircraft
South Puerto Rico Supor 4 Bouthern Co. (The), ".
Southern National Gas Bouthem Rallway (Com.) Standard Brands
201
q1|| Standard oil or cal, Standard Oll of Ind. Standard Oil of NJ. Sleep Block Toronto Exge.) Sterling Drug Co.
api Stokely-Van Comp.
Studebaker-Parkant Corp. Sunshine Mining Swift & Co.
Texas Co. 03%
1
31
(Com.)
10
3314
National Discult Co, National Cah Neg. “A National Dalry Prod. National Lead....... National Steel Corp. New York Central Remembering hat we
Nortcik & Western 'Hy. all istet Naril: Amer, Aviation of The valuation talking about The situation inics declined by
nearly North-west Airlines which may still be some months billion after setting new highs #head
that by politlelans will be thinking
Inst Friday. In 1857, the market touched its high on July 12 Bod general Thanks to jepressive reonorniche terms of a coming
then declined unif 100 points election, cold-blooded economie measures at home, and reced.n interesia will clash head-on with
were lopped off the industrial business activity in the world
average by October 22. These of political survival.-- generally, Aation has been
Olis
with Josses opened bht under control in Britain. But already. new problem Politicians will therefore seck ranging to four points in Gulf. 5.03 loc-thai ef dealing with a
a third course. Gloominess has leavy sales took place in Royal possible recession.
no place on an election plat-Dutch which lost nearly three for but neither has irrespon- points; Standard Oil (N.) of It has not already done so, sibility. So the right politieal two points. the British troncoy will Mul
fomula will be one which com- arrive at point where Iwobines the best of both alter-
Texus Co. was a weak spot,Bears, Roebuck & Co. alternative courses. present natives. In other words a com- So was Standard Oil of Callior- theerselves. A mila recession | promise.
300 1714 200 1500 OF 17.1 2017.0
11.40 16.10
A
8.00
COTTONS vtiles INVESTMENTS
Yangton
4.03 5000 4.035
SENIO 1000
LONDON STOCK MARKET
London, July 14.
10
hit
twhich is all that is expected)
the stock exchange in the midriff today. sterling, deprossed gift edged and, by the after-e noon, cased prices in most ather acctions.
Both courses have
attractions-but for
nia. All the International oli broke sharply on largo voltime.
companies
Oris ElevatorN öwen-Illinois Clar Oxford Paner Co. Pacis Gas & Elec. Pan American Airways Paramount Picturew Parke Davis Co. Penny . C. Co. Penss. Salt Co.
orria Tilting Plate Glass Publieker Industries
Comparatio
Textron Inc.
Tide Water As, Oll
Tline Ine.
Tri-Cont. Warrants
Twentieth Century Fox Film
Carbide
Conlon Ol' of Cal.
Unoircraft
336
Pacific Itaitway
2013 United Gas Corp. 181 US. Foll "B"
VÀ Cru
US, Lee Co.
US. Hubber
MUS, Smelling
123
93
01
Procter & Gamble Co.
DO
36
40
Undo Republic Steel Reynolds Metal
*
have
It
would not be entirely 1) bad Let it be said straight away Only two companies uro heavily thing. It would create conditions that there can be no compromise interested tu Iraq but traders which the polley of the repres- with the political notion of full anticipated the Iraq ineldon1 The sudden ravolt in Iraq hitam has filled to do, in which employment especially when might have repercussions in the
ofther some of the massive it is threatened. We have had entire
Middle East where burden of taxation could be evidence of ils recently in the American lilted sn as to raise the demand case of Hongkong's textile m-invested billions. to its recent uninflationary level, porta.
unemployment could be
Lukens Stoel broke late allowed to rise slightly and the
Secondly, electorales demand the day and other steels showed demand to full, go na to bring tangible benefits or promises losses ranging to more than a about A reduction in the cost of living.
leng sought-after of them. Quite apart from the point, Molora Sugged, Metals fet that there will be lo of lost small amounts. Chemicals obvious importance on the peliticul orshowed declines running to two different diplomatic fronts lo offer points in Du Pont and Allied. groups of people. And therein nothing would be better received lies the key to a probabic by somewhat apathetle but still answer. Lower taxation would hopeful voters of Britala than mainly benent the so-called a real prospect of a reduction in sufferers the cost of living. It would be middle class, the real from Inflation and its counter combined with an casing the measures. On the other side of tax-burden,
Now York Stock Exchango the same coin is higher demand, and that would appeal
So the prespect as I see it is volume was 2,540,000 shares. mass of workers whose jobg de- this: during the coming months Of a total 1,175 issues traded, pend upon it. On the otlier hand the Governmnt will take every 750 were lower while only 200
real reduction in the cost of opportunity continue the managest gains on the day, living would beneft everyone--| recent trend towards expansion. everyone that is except men who At last the moves will be un- Dow Jones closing
work to spectacular and seemingly in- were: make it poss.blo. Nevertheless, nocuous,
to
O shares bore the full brunt timent of Europe the rate slayed | of the shoekt. British Petroleum at British Ministry of Transport has a 23 per cent stake in the will be in open commumication Seale minus 55 per cent; from Ira area in the Middle East. It with the sea. The tiles will be Caribbeans to Britam/Continent shares fcl on the day 11/4
Seale 100 1/3-. necessible to ships of 65,000, of Europe at B.MT, deadweight tons drawing about 41 fert of water, Inland and sea. going shipping will be kept The inland calirely separate. graft can either snil vin Retter- dem or proceed in the River Oude Maas.
Harbours at
minus 6215 per cent; and from Shell with a similar Interest in Caribbeans to United States Iraq but with its interests spread Northern
about widely elsewhere in the world United States Maritime Com lost seven shillings to 130/-, and mirsion buss 57 per cent.
Hurmah Oil, a big share-owner Stanvac has received several
in both these giants dropped 6/9 affers, for their long-term time- charter inquiry for a tanker of Gilts were halted in their long 40-75,000 tuns, but no contract upward advance and falls ranged has yet been arranged.
10 12 1/2/-.
A British charterer, Regent Oil, and one or two
to 87/-.
A further extension of the harbour basins and industrial sites will only be possible after
Best spot in the house were the provisional connection with
American German and Japanese bonds The new water way has been re-
were thrown out of new harbour major companies are also rendy where investment buying was plured by a entrance direct from the sea. to consider timechorter business, i unabated.-U.P.I. When this completed, ships up to 100,000 tone will be able to With reach the harbour busin.
regard to this new communica- Hon with the sea, experiments are at present being made by the Hydmulles Laboratory at Delt.
arrangements
Financial
for
the execution of the plan are sit the subject of serious considera- Ton between the municipal
aiki The authorities
Dutch Government. It is possible that foreign capital will be asked to participate.
TELEVISION, MUSIC
FOR AIR TRAVELLERS
COMMODITY PRICES
TOREIGN EXCHANGE
NEW YORK
Closing rates were: Cabads England finl
Ju-days
10-days
Australia New Zeelai
TASSENGERS flying Scan-South Africa dinavian Airlines Sys- Braza tem's jet airliners starting! Pakistan naxt year may have tolovi | sion and music
New York
LONDON
1.01-9/32
9803 2,707 2.781
2.243
2.7
2.00772
DOTA
210
2103
Bulklers per kilogram, elf July
follows:
2.24 buyers
2.12 huyeti
20 buyera
No. 1 rubber
Na, 2 rubber
No. 3 rubber
No, I crep
to the
American Contract July/Aug: 34.3; Oct/Nov: 25.10. Dec/Jan 25.30: Mar/Apr: May/June: 25.55; Juty/Aug: 25.03.
Mixed Contruci July/Aug 25.30 Oct/Nov: 25.53; Dec/Jon: 28.75; Mar/Ape:
25.837
SINGAPORE MARKET The market
opened slightly.. July/Aug: 28.45,-- higher in sympathy with over-
BAO PAULO
►
10
Seasonal Strains
New York Stock Exchange bond volume was $4,300,000.
Ameriena Stock Exchange volume was 850,000.
30 industrial 20 rails 15 utilities
*
*
averages
*
470.00
105.03
*
40 bonds
Comm. future price index
90,59 107.
U.P.I.
Closing Prices
US stocks
If, later in the year, sensorial strains on Sterling are taken without any grave effect on the gold reserves, and it signe are Alden Inc. Acy. still that the current Amerlean Allied Chemicals recession will only mildly affect Allied Mills ine. the rest of the world, the British Allis Chalmers... Government will begin to take ueiive reflationary steps.
Am. Blake Shoe American Airline
Ant. Calite & Radio Corp. American Cyanainid Cu. Amer. & Torgn. Power Obviously it will not wish to Ain. Gaelectric
at
the Am. Home Prod.
A Mach. AF Fdry, (1)-
American Metal American Smering
retain political power expense of creating a new flation, so nothing Like a clean
were sweep of the economic controls, | am. Sugar Ret. :-
Be advices and ruled very Collon falure closings, in quict. • There was fair interest cruzeiros per kilo for lower sheets but business lows: Was agahi restricted by the roserve of sellers.
The
In the afternoon,
nar- ket was very steady, and short- covering waS induced by. the
political news
Funes:
No. 1 rubber per 1. Aug. 18-70%
Sepi, 78-70% No, 2 rubber per 1. Aux. 71-7744 No. 3
70-7112 n. 4
67-001 2.50-3/18-80-7/18 Spot rubber unhaled
60-33/19~2,69-1/16
7814-7875 Basket crepe
30.61 10,50%G-10.50Nta No, i pale crepe
U-N 1991235-19 174
Closing rates were: ot 35,000 foot, according to the air-streak line's jet-age planners.
These new features are under consideration by SAS' pussenger | Külmik, SCTVice
11:
Alsterdan
Frankfurt
and technic depart. Party
Stockholm
ments, as part of the over-all Viena programma of streamlines jet-¦ Zurich liner service.
Othor possible innovations are expected to range from in-light radio-telephones-encruing the
passenger can make a 14lephone call right from his 40a1-40
rofreshing hot towels.
KITCHEN TECHNIQUE
14.4393414
12 21.12.21-a
-U.P.L
RUBBER
futures closed
NEW YORK MARKET -flex
rubber
Closing prices:
Juty Sept Nov.
Ina.
May.
May
SAS also plana large-scale jet- || today 35 to 40 points higher.
of its ago expansion
catering facilities on the ground, and the introduction of newly-developed kitchen techniques.
27.05
7.25
27.25
27.20
27.10
27.07
21.00
LONDON MARKET The rubber market was very steady with
spot quoted t 23-5/16 pence per ib. Prices:
No. 1 Dil
Settlement huite torn:
Oct/Sept.
Aur.
Hept.
Jan./Mar.
Apr/June
Juls unqualed; Get: 44.80: Dee: 46.; Mar: 46.31: May 40.40.
In the United States, the average price of oue-inch colton
14 designated spot marke's was 34.00 cents.
Total sales were 11,000 bales.
-U.P.I.
METALS
NEW YORK.
Prices of metal futures closed
234-20% Today in cents per 15, as follows: Lead July: 206, Sapt: 10.10: Zinc 23-23 July: 0.70b. Sept: 0.71b; Copper
July; 25 jus. Sept; 23.008: Tin July: |23|(+299)
13.250, Sept: W.235.-U.1.1.
23-27% General market, it basis, porta
July, Aug and Sept. 231-231 tale erene thin
July
Estato crepe thick
July
COTTON
Nearly all SAS cabin attendantenow numberlog
July 750-have received training in
The New York market was tho jet-age galleys. This
bigher following foreign markets practical training will be supple-which, in turn, rose in response mented by rofresher coursce, to the situation in Iraq. scheduled to start this summer consumers were withdrawn on 30.66 Dec 30,97: Blar: 37.26, May!
Five la six cabin will be used en the DC-8, and three on the Cinavelle.
attendants
In spite of the sharp cuts in irayol time that will result from the introduction of the jet air liners, SAS continue to reve full-course meals In flight.
distinctive
The cuisine will remain inter- national with a Benodina vlan touch.
NEW YORK Prices of colton futures closed today as follows: Most
Spot: 30.0cn; July: 36.49; Oct 37,10: July: 36.39-41; Oct: 34.16; the advance. The market closed | Dee: 38.71.-U.P.I. with a slightly easler tone on a through by lack of follow
dealer Interests.
The spot price for No. 1 Rss
LONDON Prices of metals closed today in sterling per long ton as fol- lows:
or a marked reduction in taxa tion can be expected yet.
American Tol & Tel American Tob. "I" Anacantia Copper
Sicel
But I do expect the Goverdwin-na-Fain. inent to take the initiative soon topilmare & Ohio raise consumption, co to bring Benefetal France into operation the spare capacity Benguet Cons
Bendix Aviation Carp.
that has appeared in industry.) Bethishem Steel In the meantiine wage clains Belag Airplane
Burden (The) Co. will continue to be resisted by Burroughs-Achi Machine evely means at the Government's Calif. Packing Corp. command so that a higher out- Compbell Soup Co. put for home consumption and Canadian Pacifle R
Case (J. 1.) Co. exports is achieved without may Cat, Traster
Celanery Corp. increase in production costs,
C.I.T. Financial Corp.
Motors The next stage would
Peabody lower taxation and on presii Colgate-Pulmollys indications this should happen in Commercial Credit...
Colombian Carbon Co.
the next budget.
Corman onwealth tec. Consaliceled Edison Continental Gll of Dei. Crown talebach Cuban Amer. Exper
be to
By then expansion will be wall under way. It all goes well
Diamond Alkall incomes which would already
Dlamenul Match Co. have received some real beneilt Douglas Altcraft Tin pol: 4730 buyers, 223015 fiven lower prices could then Dow Chemicals an #ellers: "-month: £15lb.
rise
Dupont de Nemcura
Fartem Alfino ...
07319497 | zutely be allowed to Copper pot:
197 107adually in line with higher Fastman Kodak S-monin: A, CI90128: Lead Ist half July: 4551b,
71. 13: Zine Int 1
hap Oct: productivity.
July! 2016, 02);s; Oct: £65, £633EA -U..I.
SUCAR
NEW YORK
World No.
sugar futures
our-
Paso National das Family Finance Corp. Firestone Tyre & Rubber Ford Motor
Things may not tura out quilo
General Dynamics like this but I should be
General Electric prised if these oro not
the General Foota at by the General Motors Gen. Pub. Tek the next 12 Gen. Tyre & Rubber
objectives 4 ned Goverfamen; over months.--Express.
closed today eight points higher. Exchange Rates
NEW ORLEANS Prices of cotton futures closed Contract No. 4'(world)
Sept: 345: Oot: 349; Mar: 333; Today, as follows:
Spol: 33.10; July: 30.13; Oet: 30.08; Maxi
Spot-cents July J Juty: 34.30; Det: 34.75; Deo: 34.72. V.P.J.
was quoted at 274 cents Dec 17, 24 Mar: 37.10 May: 36.30 Open interest: poetracte
U.P.I.
AMSTERDAM MARKET The rubber market
was Collon
LIVERPOOL
future closings, steady. Prices closed today in I punce por lis, were an follows:
In
$40
59
Gelly Oil.......
Glidden
Goodrich
Goodyear Tyre
Co.
Grumman Airersit Guit Dll........ Hayden Newport Corp. fiomestaka Minling Co. Ingersoll-Rand
Inland Steel Co. Interchemical Corp.
Dualness was done in the local in Business Machines ... unametal -ID. Iob Cuba): 841; morning ai the following sites:
exchatigo market tulsi Harvester US dollar (per B4) Contenot No. 6 (domestle) Bterling noten (per 41). Sept: 3.78 Nov; 5.70 Mar: 8.00: Australian nolas (per #1) ... posicents per lb. elt Y ex-duty)i Indonesian rupiah (per 100) ** | 4,00; Open Interert: 1,001 contracts, Blai tiesi (per 100) ..
-U.P.I. Klagepore (stralia)
laternational Nicki'' 501 International Paper 10.01 MU TEKNI 1334 John-Manyills Co.
8.00 Kaiser industry 20.00 Kan C. Power & Light
2.00 Conecott Copper *****
*
*
U8. Siee!
44.9. Steel 7 FC. PF
Warner Bros.
0
2534
Westinghours Air Drake Weallachos Eletria Werlern, Union Tel. Co
Wast Va. Pulu & Paper Woolworth
B⋅I E.A
P.OB.I
COMPANIES
Outwards "SOUDAN" "CANTON" 'KHYBEN"
"SÜRAT"
"CONFU"
"KARMALA”
17th July
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N, CO.
Laaves London Sauled 8/
galled 25/ Salled 26/0
7th July
24th July
"CARTHAGE" 2012 August
Homewards Leurer Dongkong "SINGAPORE" ★ 2011 July "CANTON"
1 August "SOUDAN" *
18th Augint
29th August 17th Septembər
Due Hongkong
Both July 14th Augurk 1th Aug, 15th Aug
3rd September 22nd September
Due London 29th August
lat Sectember 24th September 19th September zard Delpher
Via B'pore, Penang, Colombo, Bombay, Adeu & Pt. Bald.
**RINGAYONE", "BOUDAN* *0# "RUBAT" tal] B*por#, „P. B'wet-, Padang, Aden, P. Bald, Havre, London, Hamburg,
Rotterdam & Antwerp,
#CORFU
"SURAT* *
19th July
BRITISH INDIA S.N, CO., LTD.
"BANGOLA" dus 25th July
Malia 2011: July
due 20th July
*ORDIA"
Ball 20th July
from Japan
for Singapor. Praeng, Rangoon de Calcutta
(rom Japan
for Bingapore, Penang, frangoon. Calcutta, Chite Lagong & Chada
P. & O./B. I. JOINT SERVICE
"URLANA" In Pott
Kalle 101) July
“UMARIA"
"ITAURA"
due 17th July
Kails 18th July
dus 2nd July salla Zard July
from Dhaunagar, Kafka
by: chi Tullcora Singapore
for Japan
from Karachi. Bombay, Cochin, Stigapore | Car Nicobar
from Japan
for Singapore, Penang, Bombay
Karachi, Kuwait, agroli, Khor- ramshahr de Händia
EASTERN & AUSTRALIAN S.S. CO., LTD.
*NANKIN"
"EASTERN"
In Part
ails 19th July
dos žind July salla 24th July
from Jape for Labuan, Sendekan. Brisbane, Bydney, Mel-, bourne & Advelde
from Australia for Japan
All vessels bare liberty to call at may pouku on of off the route & the route à sašijage non subject to change or amendpent with og withent potise.
For full porticatory apply to 2/
MACKINNON. MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos: 277214.
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