1958-07-16 — Page 9

Page

ANSPORTATION

HOTEL-AIR TERMINAL BEING BUILT

IN COPENHAGEN

A 22-FLOOR "skyscraper" hotel and air terminal

-first of its kind in Europe--is being built in Copenhagen by Scandinavian Airlines System for the age of jet travel;

It is scheduled to open in dresstre, a nursery, and related by housef 041 1900, when SAS will be serving | fucilities wil the European "Gay Gateway the floor. city with

audium-range Caravelle und lóng-range DC-8 jet airliners.

A separate jet-nge passenger and freight terminal ale

being built for 1980 at Copen-

hagen's Kastrup Airport,

TH

Danish capital-eds, exported to

On top of the foundation, but

|

6 back from the sides, will be the hotel teeth-rising 8 floors above Copenhagen.

GIANT MIRROR

The foundation floors will be SAS hotel-terutinal-- dominating the centre of the plated with a dark grey-green mammet. The hotel storeys will enst 30 million Damsh crownschade of grey-green--D

be dominantly loss, 'In a Fighter (U.S.$1,364.000). It will be the mirror to reflect sky and Jargest hotel in Scandinavia..

the drifting clouds, ULTRA-MODERN

The ultra-modern scraper" will consts! of three major, interrate 1. uni sz

giant

THE CHINA MAIL, WEDNESDAY, JULY 16, 1958. L

Pato

Britain's Anti-Recession Drive

Another Cut In

Bank Rate

HONGKONG

STOCK

Expected Soon EXCHANGE

By SYDNEY.CAMPELL

Our Own Correspondent Business done on the Hons-

ing amounted to approximately

London, July 15. Britain's week has been enlivened by a Gallup kong Stock Exchange this mom- poll indicating that if there were an $135,000. Noon quilations and immediate general election the Conservative e merning's transactions were Government would probably win it com- fortably,

Shares Buyer Sellers Sales

20762!

-

the same

BANKA JIK Bank Past As

INSURANCES

.. 77235

..

24

75%

4.95 0.00 400

3,00 1,000 3

41

101 12.10

This transformation in the comparison than was Government's popularity may rate a year ago, Even if the new prove transient, but all strike weapon is never used, it can threats tend to enhance

it and work by being discussed or SIPPING meanwhile it has galvanised brandished: any pressure that it Wheelock std shares-wome of which | exeris reileves the pressure would intrinsically worth the other two weapons and

be about double their present prices the odds are that both of them it the se-nationalisation threat] will be`relaxod. disappeared.

נום

of

DOCKS, ETC.

Wart!.. Dock..... Provident

LAND, ETC. The Minister of Stale for In the United States, by con-

HK Land Foreign Affaire has now plainly trust, the Treasury has added to flute). stated to a United Natɛns con- the existing huge

Inflationary Humphreys pressures thef Realty.. fcreme kay Geneva-that the soul and credit British Govornument advocated] new

gimmick inflationary

BLUNDER controlled expansion,

buying up its own bonds. It salg.....

the of bought $500 million Switched

nillion $7,350

of seven-year bands that it lagued hardly a monin

object was ago. technical, to stop the rot which was caused by the initial over stagering of the bonds.

Tru-L UTILITIES Tram Star Ferry

C. Light

Electric

But the world's dollars supply should remain ample, not be-

of an early American up-| Macao F

Amertean Telephony but because

and debt forces budgetary, monetary

STONES, ETC. Dairy management policies inspire little conflderice in the dollar. China Mall Special.

Over recent weeks the British The SAS "Royal Hotel" wili Authorities have switched to have 275 rooms, with a total of evenhalting recession as well as ky-475 betts. Each verm will have inflation that was the meaning f private bath, telephone, ridio. of the measures of July 3 and and television cutlet. The on- is new Ministerial statement

puts anti-recession policy before, The holes, Hoof, which dre Buliding wi' be airstes de ★

any nation polley. be

eolied Will

the linned.

"First," The hotel will feature sporiti "Royal Hole".

the Minister said, couse "we must succeed in the urgent turn, Arket and passenger drawing rooms and fennges for

task of distinctive

eversing the terminal, equipped with private parties, a Europe's

bar. large restams at, which are at present pushing us Jet-speed snack

towards a world recession. That "elgefronte brain" erinand two cocktail brus.

roust be our immediate aim." system. The terminat may be tw have a stall of 300,

Only secondly did be completed by Ocluber of this under the supervision of ford

hoteller Alberto Kippenberger,

But renewed expansion must not inflation be allowed to onew The SAS parvites

"skyropyr" hos

pointedly added that parking been destined by architra Ame

European recession coming [41 Professor duben,

the Dĺ

top of the existing recession in Academy of Arts, Copenhagen, the United States and in the

year.

and

wam

A complete s-ation, with space for 300 ears

The square shaped tarihi tion of the building will const ย! four

above

would mean for the first floors-twe

tinc ground, two bekw The lobby

since the war something like a world-wide slump..

It is owned by an SAS sub-primary producing runtries sidiary company --SAS Invest, Inr, headed by Viggo J. Ras-

of the hotel, The air, terraina), mussen, executive Vice-Prosi- Indles al ntlemen's hair-dent of the airline,

An artist's conception of the SAS Hotel-Air terminal 22-floor skyscraper, being built in the heari of Copenhagen for the jet age.

New Dry Dock For TELEVISION IN Supertankers

SHIPS A SUCCESS

A

NEW large dry dock for supertankers

VER 500 vessels have

to

up

80,000 deadweight tons is to

now made use of the Marconi Marino television be constructed by Vickers sorvica for shipping. Many Armstrongs

(Shipbuildors) shipowners have placed block Ltd, near their existing dry contracts for the fitting of dock at the Palmers Heb-television receivers in all burn ship repairing works their vessels while they aro on the Tyne.

in British ports or coasting The dimensions of the new within range deck will be 850 ft x 145 ft at Kingdom television stations. entrance * 35 ft over the sll.

Equipment is provided, on flon me anged so that exten- | short term, seasonal or per- slons can later be made leng- | mement busts and the fitting, and thening the deck up to 1,000 t, dismantling together wih any thus catering for the projected maintenance required, is under- still Inrger tankers up to 120,000 taken by the Marconi Marine derdweight lons.

service organisation in all major: ports in Great Britain.

Location, design and construc-

FIRST STAGE

The new dock in its first stage

planned to be open and readyTHE RECEIVERS

for use by 1901

Messrs T. F. Burus & Partners

of

United

A

The receivers show a 17-Inch

are the consulting engineers: the picture and have been specially contractors are Marples Ridg- modified for use at sea. Ship- way & Partners.

owners have Indicated that liby

Good reception of Kingdom transmissions has been reported from

several

tinental ports.

COX-

The new dock, which will be ere pleased with the perform- the largest on the east side

ofance of the receivers and with Britain. will be an Important the prompt service provided by addition to the facilities of the the Marceni Marine depots. North East Cerat aren which is

United recognised the principal ship repairing district of the British Jales.

Vickers have already acquired additional land adjoining the Discussions are now takling Palmers Hebburn Works plus a place between Marconi Marine further 000 ft of jetty muée and and their Australian associates, construction work one dock Amalgamated Wireless (Aus- will be coupled wih a closely tralasia), Limited, with a view integrated programmo for theto extending the scheme to modernisation and extension of cover eertäin vesoola

plant, buildings and inyout, 'Australian coast,

on

the

Growing Belief

Australia's Surplus

SU

Canberra, July 15. The Australian Treasurer, Sir Tonight said Arthur Fadden. that the Government ended the 1057/58 Bnancial year with

Watson

COTTONS Textile

21% 21.00 500 a 22 200 32 15 1540 1.200

1.435 2,306 1.60 3,000+1.00

⚫ 1.70

1. SO

20.33 1.000 0 26.10 17.20 17.00 800 @ 17.20

Some Gains Reported

On New York Market

New York, July 15. Favourable business nows moro than offset whatever the uncertainties the Middle East may hold and traders re- sumed buying stocks.

Their purchases brought gains over a broad list after an early decline

accompanied further weakness in international oils.

from their lowest levels,

Domestic oils outperformed | Membi Iron Corp.

Minnesota Mining other kroups with galns ranging Minion Development to two points in Richfield, Many Monsanto Chemical Co.

Steels rose 100 sel new hug.

subalpitical and railroads made gnins

Other strong sports included Individunt irsen of the aircrafts, tobacco, automobile, metal and chemical groups.

Motorola Inc. National Biscuit Co. National Can Arg. "A" National Dairy Prod. National Land National Steel Corp. New York Central Norfolk & Western Ry. North Amer. Aviation North-wed Airlines (Com.)

Highlights in the news pic-Olin Mahon ture included rise for the second month for June stood at 130 per cent of the 1047-40 average, against.. 128 for. May the year's low ot

und

120

in April. Housing zaru made a goo gain in June to the best rate since August, 1066.

Oils Depressed

The rise came In the after-

Oils evators Owen-inois Glare Oxford Paper Co., Pacle Gas & Lite. Par Angkan Always Paramount Pløtures". Parke Day's Co.

Penny J. C. O

Pep Salt Co.

Philip Morr

Procter & Gamble Co. Pittsburgh Plate Glaw Tublaker Industries Fum Oil

Radio Corporation

Radio Corp. Pret.

Republic Steel

Reynold Metal

after selling. apparently run its hod

course in inter-me, Rowbuck & Co. national oils which had been

500 of 17.20 1,000 17.30

5) 17.34 GOO 17.30

noun

27.10

6.00

* 23.10

10.00 17.10

21.40

4.025

Shell Oil Co..... Baint Bag Paper

depressed sharply by the coup Binclair Dil

in iraq.

Bocony Mobil

Trading stocks picked up Solar Alterat with the biggest volume early In the session. Sales to poon set a new high for the peria since Jan. 10.

Again

on the

the

volume eentred Interstational cils with

LONDON STOCK Royal Duich in top place tol-

MARKET

on

London, July 15. Stocks untinued to slide

Exchange today in the wake of the deepening crisis in the Middle East,

the

11

Siner charity begins al hune, there is a growing hellef that the next step in Britain's own anti-cash surplus of £ ̧ (A) 10,498,000. recession drive will be another cut in the baník rate, purbops this month.

12.

Developments in the oil-rich are devit a heavy blow to all Jesus. Oil prices in the past two

Total revenue of £ (A) 131,- 400,000 was £ (A) 10,900,000 less Were it not for the threat of than the budget estimate...

Sir Arthur said the main rea-days fell a total of £75 million. dock strike it might have

Gitt-edged securities also felt the international the brunt of happened in the week cided July son for the fall in revenue was that income tax returns were The sweeping changes of July(A) 24,000,000 less than the crisis. Despite a mild rally at

Cxilmail 3 gave the Bank of England i

because of the fall in the close of trading government bonds were down as much as expenditure third weapon, ⚫he special form incoine

Industriais receded deposits scheme, to supplement was held down to caly £ (A)

than ditional 4,700,000 more replace its wo

bread front, but steadied weapons of bank rate and opustimated at £ (A) 1,207,700,000.

-Reuter. market tracing.

буде

Any work done by the new weapon means less work for the old ones. Both have been doing heavy work.

The gilt-edged market has been so repressed by funding Liverpool sales that the recent and Jamalca issues were faliüres, despite their

interest high Coupons.

Five per cent bank rate much higher

but

was Cs-

Exchange Rates

12/6.

lowed by Jersey Standard,

Shell Transport, Getty Texas Co. These issues re- Kained e large part of loesca more than 3 that ranged to points in Gulf.

Steel Issuer moved higher 19

a group with Allegheny Ludlum

up more than a point and gains of a point in Crucible and Eastern Stainless.

Volume soarÇİ to 3,090,000 shares from 2.5-10,000 on Monday. of a total 1,174 issues trade, 483 were lower, 433 higher,

On the American Stock Ex- change sales rose to 040,000 from 650,000 shares shares yesterday,

Dond volume amounted to 56,010,000 against $4,300,000 Dow-Jones closing in yesterday. late trading. Sivels, tobaccos, Everages were: textiles, motors, aircrafts, and 30 Industrials clextricul issues ali cased. However, shipping rtures a?- vanced again today on the pay- sibility of a renewed oll from the U.S.

a

Foreign bonds were mostly Dollar stocks were unchanged.

Bukins was done in the lovet uneticil exchange market that morning at the following rates; US dollar (per $15 sterling notes (per Cli Australian notes per £11... Indonesian ruplab (per 1099 Sa tical per

5 no 1803 12 52

lower.

26 10

on International | Singapore (Viralta)

COMMODITY

FOREIGN EXCHANGE

LONDON

Closing rates were:.

4.864-2.00 *2.40-11/30-2.02-13/16

New York

Montreal

Brunet

Copenhagen Frankfurt

Milan

0:10

park

Stockhol

10.00-10.009 ...10.33- 19,332

Vienna 2.urtek Others unchanged

Canada England oficial

30-days

DO-days

11.07-11.07 1737-173741 18.0034-20 00 11734 1735 14.41% -18,42 72.20-122 13.103-11.20

NEW YORK Closing rates were:

1041

2,7049/18 2.70-5/10

Australia.

2.24.15

2.79

South Africa

2301

India

2102

Pakiinn

2103

Others unchanged.---1).P.1.

New Zealand

RUBBER

NEW YORK

Rex Tubber futures

today closed 80 to 85 points higher. Closing prices:

July: 27.00: Sept: 28.07: Nov: 28.03 Jan 20.; Mar: 27.00: NERY: 21.00: July: 27.04.

Gold shares declined further while

dull.-- coppers were: U.P.I.

PRICES

No. 2 rubber per 1b. Aug. 1632-19 al 14 designated spot markels

No. 1

No. 4

Spot rubber unbated

Blanket Breps

No. 1 pale crepe

LONDON

732-731

4814-001

801-311

ep.31

was 34.90 cents.

20 rails 15 utiles 65 stocks 41 bands

Comm. future prise 'fiilex ..

Closing Prices

Alden Inc. Ary. Allied Chemicala Allied Mills Inc.

All Chalme

Am. Brake Ehoe.

American Airline

These rallied

leo Bugar

Southern Co. (The)

301, South Puerto

734

217

Si

Bouthern National Gas

Southern Railway (Com.)

80) || Standard Brandi

40 | Blandand Oll of Cal.

| Standard Oft of Ind,

455 Blandard Oil of N..

0124 Bleep Rack Toronto Exge.) se | Sterling trug Co.

Stokely VanCamp

Studebakar-Packard .Corp.

Sunwine Mining

10

213

18

33

Texas Co.

sut

Textron Ingeni

Bwift & Co,

Tide Water As, Di

Time Inc.

asy, Ben-Cont. Warrants

1839 Twentieth Century Fox Filin

Union Carbide

791% Union Out of Cal 00%

Union Pacide Hallway United Aircraft

dat, | United Gas Corp.

t.8. Fol "D" V.6. Gypsu

US. Line Co. 273... Rubber 54.8. Smoking TU.S. Steel...

123

U.S. Biel 7 P.C. Pr Warner Bros.

Be Wortinghouse Air Drake

Westinghouse Electric Western Union Tel. Co. West Va. Puju & Paper

Woolworth

66%

4812

Japanese Cars To Hit American

Market In Autumn

Los Angeles, July 15. Detroit-trained Japanese auto executives and engineers are due to return this autumn to enter the U.S. car market with low-priced Japanese automobiles.

91 retooling

100.42

that Japan’M

He explained Top auto officials and designers,

industry is many of whom were schooled by burgeoning auto

im practice 478.82 General Motors Corp. In Japan veering away from

car designs. directing of copying foreign. 122.88 and in the U.S. are

operations aimed at However, he said the kidustry the American auto still follows the European tradi- 99.50 crashing 183.cs market late this year, Robert E. tion of sticking with the Petersen, a leading automotive ¦ car style each year. publishing executive, toki United Press International,

7B%

.Inspection

Changeovers

BOTTO

But he sold the industry will returned have to adopt a policy of yearly

inspection tour

of model changeovers if it is to

% Japan's auto plants, said several compete in the American market.

Petersen, recently,

American pilotadio Cos,

from an

American Cyanamid Co.

Amer. Forn, Powers

151

45

59

30

to export cars to the U.S."start- Japanese Ing in September. Prices,

ho

A. Car Electric

Am. Home Prod.

Am. Mach Fdry. American Metal American Smelting Am. Sugar Isl. American Tel & Tal American Tob, "E" Anaconda Copper Arnico Steel

Annour

Tol sales were 9,703 bales, Baltimore-Ham.

5019-0215 | UPĒL

The rubber market was dr with spot quoted at 24% pence

IT lb. Prices:

No. 1. Be goot

Settlement houpa term;

AUR.

Sept

Oct./Dec. Jan Mar.

24-2444

544-2442

241-2012

2414-245

2412-341 244-244 markets, cig basis, ports: July, Aug, and Sept. 23-231 Fatale crepo in July.. ལས་ Estate crepe thick Julyung.

Amsterdam! rubber prices were

unavailableUPA.

COTTON

NEW YORK

Prices of cotton futures closed today as follows:

Spol: 3030n: July: 30.17 expired; Ocl: 30-83-61; |

37.00-01: Mari

37.38: May 5 July: 30.70;

Oct: #9.10; Dec: 39.24.

NEW ORLEANS

Prices of cotton futures closed today ng followm

Bpot: 38.10; July; expired; Oct: 3011 Dec: 37.01; Mar: 31.30: May: 34.42; July: "59,74; Get: 35.13; Dec:|| 35.18,

LIVERPOOL MARKET Cotton future closings, pence per lb. were as follows:

Arterioan Contract

SUGAR

New York, July 15. World No. 4 sugar futures closed today seven to 11 points higher on sales of 1,258 contracts. Domestic No, & sugar closed up three points on sales of 173 con- tracis.

Contract No. 4 (world) Sept: 3.56; Oct: 3.58; Mar: 3.45; May: 3.43, July: 3.42: Sept: 3.40; Oct 3.54 Spot-teents per ib. fob Cuba): 3.55.

Open interest: "6375_contracts. - Contract No. 6 (domestic) Sel: 0.01: Nov: 4.00; Mar: 5.61: Spot-(cents per ib, elf NY ex-duty) 430 contracts. - Open Interest: U.P.I.

METALS.

LONDON

1004; Lead ist half

Ohio. Benicial Financ

Bendix Aviation Corp. Benguet Cons

BeUilenem Stel

Boring Airplane

Borden (The) Co.

Burroughs Add Machine Caill, Packing Corp. Campbell Soup Co. Canadian Pacific R. Case (I.) Co. Cal. Tractor Celanese Corp.

T. Flunetal Corp. Chrysler Mutur

Peabody... Colgate-Palmo:lve Co. Colmblan Carbon Co. Commercial, Credit Comuonwealth Kitc Consolidated Edison Continental Oll of Del. Crown Zelierbach Cuban Amer, Sugar Diamond Alkali Olamond Match Co. Douglas Aircraft Dow Chemicals ...

Duport de Nemours

Eastern Airline

Eastman Kodak

of Japan's six big car firms plan Peter noied that the older

eata were

#closo coples' of De Sotos built shortly 23 mld will mange from $1,500 19 after World War II, while other

$2,000 for completely equipped

1783% models.

makes "scom to be the Japanese idea of what a small American

publisher car would be." executive

43

17

The auto magazine quoted one Japanese

STEM

everything we

European and now we are lears Ing from you Americans.

can

"General production methods 111 as saying "I feel we have learned com emide by comparison. to from the Detroit, he said. "They find it cheaper to have work done by hand that to buy a machine be

33

317

203

30

He said the "quality of their

cause the cost of machines te

cars is up with the best and too high in relation to wages of

few years Europe is going to have to look to its laurels in pro- duction of high quality economy cara."

Petersen predicted that "In 374 view of the progress of the Japanese aulo Industry in the 10 past 12 years, it will definitely be a major factor in the world auto market."

2015

•

the workers they would repinov.**

The average monthly wage for a production worker is $80, ho Aid, while executive malarica range from $250 to $800 a month.

No Dream Car

B

The country's biggest auto Co., company, Torola Motor headquartered in Koronino, "the Detroit of the Orient," produces People's Car

7,000 cars, trucks and buses month, he said. The Orm, which Japan's newest car a once was a part of a big lextile facturer, Fuji Precision. Mochin mill, plans to export over 200 105tery Co., formerly, the nation's care a munife to the US, by the

produced of Oghter end of this year, he added. bombers, is hard at work design-

201

·

Inrgest

El Paso National Gas

51

Family Finance Corp

Firestone. Tyrė & Rubber

93

Ford Motor ......

General Dynamics

General Fleetnie

General Foods

General Motors den. Pab. Ul. Gon. Tyre & Rubber. Getty Qu

Glidden Co. Goodrich B. F.) Co.

Comp

Prices of metals closed today Grumman Kerast In sterling per long ton, as fol- culf Oil ............

lieyden Newining Co.. Tin spel: 730 buyers, 231 wellers; Homestake

Ingersoll-Ilend in 3-month: 1306, 1319; Copperpot:

Inland Steel Co. kayb

3-month:

Ist half Imte malom MACHUON July/Au

23 Oct/Nov: 25.20; 99113 Oct: 72, 73, latarchemical Corp.

July: 0216, 05: Ock: 840, 0414 Inti Harvester ... Mar/Apr: 25.00 U.P.1. Dec/Jans: 95.40: May/June: 25.70; July/Au: 25.10. SINGAPORE

Mixed Contract the The

market was up at

July/Aug: 29.70; Oct/Nav: 25.16: Improved overseas pecs-an 23.90; opening on

Mar/Apr: advices and steadied further May/June: 10.00; July/Aug: 25.00,

BAD PAOLO Jater in the morning on disquiet-

NEW YORK

International- Nickel Infernational Paper Int'l Tel & THE VAU John-Manville Ch. Kaiser Industry ....... Kane C. Foover de Light" today in cents per lb. as follows: Kennecott Copper ...............

10,781) Ligreti díxygrs Tob. Co. 10.23b Lockheed Alrerafi CLADE | LOWWa_ Incorp, og

1000 Lone Star Cement. Do, 25,130 Lumenetala & Book, 35,706 || Maen, Irv

Prices of metal futures closed

ing Middle East developments. Cotton future closings, in lead July

Sept.

In the afternoon it steadied | cruzeiros per klio wore as fol- zine further until profi-taking lows: pared some of the gains. Future Chet: 44.00: Dao: 46,20: May: 44.so: Copper July closings were: No. 1 rubber per . Aug. 20-0014

Bept. 891004

July: 'unquoted.

the Tin In the United Bintes, average price of one-inch cotten!

Sept.

Sept

July

Sept.

Trunk 150,

10.300 McDermott T. May * 93,806. Mellonell Alterat U.P.L. 7 | Stock Exge.)

(AM.

294 Ing a Volkwagen-type "People's. The publisher sold Japanese

CAT," Petersen mid.

The project is stuvuded in secrecy, the auto expert said, and

40% company officials refused to dis

close ony details. However, Petersen sald, the fan expects

auto makers are not thinking in terms ot an American-typo dream ca." He declared that there is little womarch spent

an

automatie

proving methods."

time

power steering or but transmission,

production

to be able to sell the projected much effort is spent on im new car for "considerably less 21 than any simaller car now in pro 111duction.

Poteren predicted Japan will go alf-out in to drive to crack He observed that Japanese | the U.S. car market.:: He 'ex- cars are email by

American plained that the island country standards, Models which range has to buy nearly all the sow from four-paménger bedans to a materials from abroad; "chteily six-passenger station wegen, are the U.S., and thus hopes to fatten 101 | powered by four-cylinder its dollar eredit through sales of

engines with a máximum of 60 cars here.-U.P.I. horsepower, and have a manual

4 sopr-shift.

-

The Nisan Motor Co Agreed Merchant

441 Totohann, which produces

10

55); Austin care under a licensing

1394 agreement ' With "Austin

England, currently fins dive of its

Rates

Maximum Selling Swiss Franes

3414. 2ars undergoing safely-testa in 75; West Garmin, Deutscheinarka

201, ❘ this country, Petaryen said.