ANSPORTATION
PENANG TO REDUCE SHIPPING TONNAGE
HER PIER RATES UP FOR UK PORTS
Chairman
Punang.
}
of
A London. of the TOTAL net tonnage THE Chart Commis-shipping in the foreign sion, Mr H. J. Shallos, said trade entering and clearing the Commission would re-U.K. ports with cargo in the duce its pier rates during the first quarter was about four naxt six months, in order to per cent more than in the attract
fast marc ocean-going corresponding period Yousels.
year, the Board of Trado journal reported.
"We propose to reduce the charges for ships"working along- side the pier for an experimental perlod up to the end of the year" Mr Shalles said.
ENCOURAGE
"We are reducing the rates
to cheourage more ships to come
are
here," he told. At the same time we
nol IncreasiKAST charges to traders latvil shipping goxis,“
Mr Shailes said the new mass AMERICAN AIRLINES
were expected to result in raving of ten per evný or unore for shippers.
GETS FIRST 707
THE CHINA MAIL, THURSDAY, JULY 17, 1958. *??
REFORM OF UK MONEY SUPPLY
Relaxation Of Credit Squeeze Analysed
By SYDNEY GAMPELL..
London, July 16. Britain's now monetary measures wore foresecablo and every one of them had been foreshadowed in recent wooks in the X-ray, and other places; but they are fully as big as could have been foreseen the biggest thing of their kind in years or perhaps a century.
They are not merely a major relaxation of the credit squeeze but also a far-reaching reform, amounting almost to a transformation, of the permanent control of the money supply as well as of the presumably less permanent control of borrowing.
As an
Now Note
,
in
The new note, in the Chan- cller's words, is to encourage such, sound, development as 15 Judged to be within the national capacity
Shares Rise-Then Soviet
Threat Brings Prices Down
New York, July 16.
Stocks surgod forward on good business news and apparent general approval of the U.S. stand in Lebanon and held a good. part of the gains in the face of Russian warnings concerning that stand.
come,
best
11
Volume of New York bonds today amounted to $5,540,000 against $0,010,000 yesterday."
Textron Ine,
. S. Line Co.
U.S. Rubber
2.9. Бешик ..lee}_
US. Steel 7 P.C. PP warner Bros.
Westinghouse Air Brake Westinghouse Electric Western Union Tel, Co. West Va. Pulp & Paper Wootworin
Alle best around noon, the Steep lock (Toronto Exge:) market was at now highs for seng Drug Ca
Stockely.Van Camp with Industriala up Studebaker-Packard Corp. The total of 20,035,000 pet
better than 6 points on average, Sunshine Minink tons compares with 28,414,000
Helping sentiment were reports swift Co. fet tona in the first quarter of
ની
of a higher than anticipated Tex Co 1957, when the Suez Canal was
anti-recession device quarter of this year the British This is a refreshing change rise in June Industrial produc Tide Water Asm. Oll Mr Shafter safd 40 to 50 ÞÆT rked.
the measures recognise that de- monetary authorities would not from the days when the Coveni ilón, a sharp gain in national Time Inc.
Tri-Cont. Warrants Broken cent of the capacity of the Port
down. It shows Gatton has become as big a can be covering before a stown but ment gave the impression of income and a rise in farm Twentieth Century Fox Filmi
the net ger as inflation but no. get a would fastead Swettenhum Pier was now being three per cent rise in
have scope to having no policy at all (and a
houding Piston Carbide gain of tonnage of Commonwealth ship-bigger one and not anything to ured by ocean going vessel to.
take constructive initiatives, as diametrle change from the four-starts since 1056, firming prices Union Oil of Cal. load bulic coconut Dil, or ping entering and leaving-10,- anie about,
cccurred in 1953 and 1054. They elter Anglo-Saxon word by for gasoline and for exper and Union Pacing Hallway
United Gas Corp. Their form
eaming re-nited Aircraft discharge and pick up pasen-173,000 against 16,320,000-and
is designed to have done so with a bang, on the which Mr Amory, on the first some favourable
U.À, Foll "D" ja six per cent, increase in for show the world that the Lender third day of this third quarter. day of bla Chancellorship, pri- porta, kers.
el shipping-'2,760,000 wadinst authoritier aro il mindful of The reflationary Intitude ivately aid he expected to be
Then came a Russian threat.. Gypsum 1,084,000.
The inflationary · danger but sensibly being given by a, slí-| known as a die-hard defender that it reserved the right 10 The mast marked increase equally that they are not
mulus to investment which will of sterling).
lake "necessary encreures" this section was for vessels fly-ny such dread of world slump net quicker than the initial One highly important result is U.S. troops were not removed ing the Norwegian and Liberians to dismantle all their controlu.llowances. In themselves, the that British politics con again be at once from Lebanon. This Bags,-Rouler.
two things do not amount to aj about something tangible. prompted sure, price paring row of beans.
It does not matter whether the which cut gains about in half. Fary money and casy depre-two dogs are given good or bad Sales on the American Stock Ex- claffen do not bring expansion frames whether the Chancellor's change today dropped to 870,000 unless industrialists foresee an alley is dubbed flexible or time-hares from 940,000 shares trad- expanded market. At the mo- serving and Labour's doctrinaire
ed yesterday. do not or principled. inent most of them foresee it, and neither thing is easy, merely leas In principle this means all the being made
tight.
Dow-Jones closing averages word:
4u1.00 development that can physically HE first Boeing 707 jet-be achieved without nationary much to advertise the reces
Intrinsically, both moves do
What does matter is that 30 industriels
20 rails
122,00 once again they are discernibly | 15 ufilter
78.95 actice it means
slon prospect as to cure it. The two different dogs, and the elec 65 seks orange and aluminum mark. | all that the reserves can stand,
market may
well aligmale be- | torate ean back its fancy.
An 40 bonds To this end, it iNtcciderity en- ings of American Airlines
lanes the Cup. future price index that a month,tween recognition of the dubious seme Acating veter conragh! was rolled out recently at
economie outlook and recogni- | less rigid enë, the Gove unent's despie
daptive
Closing Prices The
tion that something is being 1-opularfly stock is ælt rishng, strongah of the D-mark, the
The rife could turn out to be 400-mile-an-hour
sta vez were again cu 707,
done about it;
ophomerul but some of the cut- of the 30-plane Reet with site.
rent straw vetes, pubifshed and The Psychology 1 TEW equipment has been which American wit introduce
a très-a was only by }} TheLervice
unpublished, strike the Conser- even so much as the ostensible designed to ensure
But the psychology-which is valves as too good to be true. dosdiate routes, was saluted in $37 million-but my gehr abett *ndequate and continuous a simple ceremony attended is remarkable for a month when far more
importants thas- They may prove supply of domestic water on Boeln Amertean Airlines money was streaming into Get formed, The Chancellor gives novelty, and My Cousin's unlan'
enter service muy and every Tom, Dick and the impression of having a pro-militancy, wear off; but that is board ships. It incorporates ometals. It will idens which are likely top between New York and Harry was trying to forestall agressive, flexible and empirice the form at the moment.
California before the end of the
The Government having me- supporvelly Inevitable third-policy which is developing a meet the requirements of
yeur,
thmentum of its own and "op-ually given the impression that quarter strain on sterling. different owners.
Prior to going into operation
Months ago, with the prosecteurs capable lending at lows what is doing, there Designed
water for American, this first jetliner (which has duly materialised) momentum to the economy and is hardly any limit to what may to keep the supply at a constant
that follow-will that the U.S. would be lost the hatkets and of being kept come, politically ant pressure, and being made in undergo intensive fight tests no old heavily and continuously, in ge
of so revolutionary a with the developing cally, the form of "pressure rets" part of the Civil Aeronautics it appeared that in the third situation.
change-China Mall Special, which, with their pumps,
ceruncation prog umme. First flight scheduled next month, with de-
The range of gehandel at Penang des May dispel to 175,000 from a monthly average D 200.000,--Reiter,
Pressurised Water
Renton, Wash.
THE first vong the blue, distortions.
Supplies For Shipscing's Ronton Plant,
NEW
the equipment
an
com-
trol gear and other accessories,
are pre-assembles on sterl
those
Administration's
on
framework together with inter-very to the airline ret for some
connerling piping and wiring.
REQUIREMENTS
lime in the autumn. Seven other American 7079 are currently on the final assembly line at Boeing's
Division Transport
These pressure sets meet the plant. requirements of Lloyd's Regis-
fer. They are each delivered «5 SEVEN CITIES
single assembly, requiring
mly connection to suction and
!!! W
right
Two Dogs
ao, when the
econdi.
COMMODITY PRICES
O. M. Mosier, American's || FOREIGN
di livery pipes and the electrical Executive Vice-President, Opera-
Pressure supply:
tanks
arellons,
that
disclosed today supplied separately, and can be American Airlines plans to ex- wherever Spe is tend its jet services as rapidly as possible and expects to be serving at least seven cities be-
installed avaliable.
Pumps incorporated in the nets are said to be interchange able with those used for many other shipboard services,
Each
as a capacity of up to six lars per hour.
Various groupings
13
DXCHANGE
NEW YORK
fore April 1, 1959. He identi- Closly rates were;
New Canais Bd the communities York, Los Angeles, San
Fran-England of
disco, Chicago, Dallas, Washing- ton, D. C. and Baltimore,
OF
30-Jays 00-dosa The Austalla.......
New Zealand.... South Africa Other unchanged
of main latter two cities are to be served through Baltimore's Friendship Airport.
und standby pumpi for fresh bad seawater are provided and all starters, switches, pressure muu vieuum gauges are mount -ed on a single control panel.
Initial service, said Mr Mosler, will be offered non-stop Eween New York and Los Angeles. He added that non-stop Alghts between New York and
POWERFUL DREDGER San Francisco will start about
the sune time" if routy approval from
Aeronautics the Civi
LOBNITZ and Company Board later vert it An
Future closings were:
No. 1 rubber per 1b. Aug. 31-637
Sept. 1-834 No rubber per lb. Aug. 11-02 No. 3 rubber per 1. Aug. 7034-103. No. 4 rubber per 16. Au 14524 Spot, rubber, unpaled .... Blanker Crepe
No. 1 pale erept
0312-6314 01-13
LONDON
Tho rubber
market
was
emier will spot quoted at 237% pence per tb. Prices:
spot
ht 14 dosinated markets was 3491 cents,
Total sales at these markets were 8,949 bal.-U.P.I.
SUCAR
Alden Inc. Aey. Allied Chemicals Allied -Muls me. Allis Channers Am. Brake Shoe Anterton Altline American Cable & Radio
Corp.......
American Cyanamid Co. Amer. & Furgn. Puwer Am. Gas & Electric Am. iloine Prod. Win.. Mack, de Fúry, American Metal American, Smelting Am. Sugar fur American Tel & To American Tub. "1" Anadia Copper Anico Steel Armöne
Baldwin-Lainatiam, Baltimore & Ohio... Belief Financ Bendix Aviation Corp.
Berquet Cons
Bethlehem Steel
103.13 .90.36
J50.21
107%
2512
0036
56
201
J.P.I.
HONGKONG
STOCK EXCHANGE
Our Own Conospondent
NEW YORK COTTON
MARKET
Now York, July 16. Cotton futuras wore higher in light moderate trading today.
Closing prices ruled six points lower to 28 points higher.
The
market opened two to
| four points higher, New Orleans closed live points lower to 23 Higher,
The steady opening was atiri- buted
to commission house covering and some foreign 'pur-
chases. The market turned Irregular at midday on liquidn- tion and local and New Oricans selling.
Futures turned upwards in Die afternoon with commissioni houses again leading the way on a statement by Senator of an cmnibus farm bill.
Many trades were standing off today awaiting further deve- lopments in the Middle East Business done on the Hong-tuation, thus restraining sell-
Stock Exchange kong
thising. morning amounted to approxi- The cotton goods market was mately $700,000. Noon quota-qulet but Anu, Liverpool closed jons and the morning's trans-ve to 15 English points higher. The Agriculture Department
that Announced
Commodity Credit Corp, will start drawing drafts, accepting payments and delivering warehouse receipts on cotton sold under the 1058- 50 export sales programme on July 23 instead of Aug.
SHIPPING
05
4 700 24 103
330005
previously scheduled.
1 ny
It noted, however, that the
the
| stop-up will not affect
Aug. 1 "earlfest date for ac-
2235
*
17984
Buctions were:
pati
181
Share
BANKS
Buyers Sellers
1K Bank
700
10
5054 East Asia
234
42
Boeing Airplane
Borden (The) Co.
Wheelocks
Burroughs Add Machina
Calit. Packing Corp.
46
DOCKS, ETC.
Compbell Soup Co.
K.Wheet
27
Dork
41
102 43
193
Provident
12 14.40
200 12.30
LAND, ETC. HK Hotel.
July
1,000
2,000
22 23.20
000 7 22
Oct
10,300
238.100
1,000 24.20
Dec.
20,100
200,000
3,000 4 22.30
Mar
8.200
108.600
100 ₫ 22
-May
14.100
217,000
July
17.500
17,000
1.000 22.10
Oct.
2G.100
124,300
500 g 11.20
Dec.
7,900
160.000
JK Lond
121,000
1,000,100 bales
32 02:5
U.P.I.
Surplus
Canadian Pacife R.
Case (J. 1.) Ca.
Cat Tractor ... Celanese Corp, man
Corp. C. 1. T. Financial Chrysler Motors Chett Peabody Colgate-Palmolive Co. Columbian Carbon Co. Commercial Credit Commonwealth Elec. Consolidated Edison Continental Oll Deli Crown Zellarbach Cuban Amer. Sugar Diamond Alkali Diamond Match Co. Douglas Alremit Dow Chemicals Dupont de Nemours
New York, July 10. World No. 4 sugar closed to-Eastern Airline 2394-231 day one to three points higherPass National Gas
1.0% 11/32
22.10 1/8
2.11 1/2
2.19 5/6
2.24 1/4
No. 1 spot
2014-24
Settlement house term:
2.10 1/4
Aug.
2.00 5/B
Sept.
204-244
Det/Des
21.24%
Jun./Mar.
Re-3670
April/June
24-24
2.00 3/18-2.tos -
2.00 1/16-2.68a/i1/18. 30.50 to 50%
„Getteral markets, elf tondi, porte:
July, Aug, and Sept. ... 2011-23% Flate crepo
iracts.
thin Ang.
2812
thick Aug
Amsterdam
rubber
, LONDON- Closing rates were: New York Sightreat Amsterdam Bશ્વસન Спрецака Frinkfir
Millan
135.00-13.005
10.331-10.33 11.07%-11.674 1737-17324 10.00-10.001 11729-11721
Chlo
ΣΠΙΤΙ
Stockholm
13.45-14.4034
12.18-12.1025
Others unchanged.-U.PL.
Zurich Mr Mosler said that Ameri- can's model 707-120% will seat
of Renfrew have launched 。 powerful more than 100 passengers und dredger for Belgian owners. will have considerable The dredger designed
capacity. The to carrying work in any part of the planes are expected to trim the
world is named Dender.
cargo- TL-W
RUBBER
const-to-coast fight time from y the current eight or nine hours
She is capable of dredging 69 to around five hours, depending fect below water line and her on prevailing winds, hopper has a capacity of 1,040
craft al
The American Airlines official
were unavailable.-U.P.I,
Eartman Kodak
ר
1,000 22.10
tual export of the colton.
Month
2006 31,75 Total
800 up 32
400 4933.25 200 + 35
2000 32%
31 Humphreys
Realty
16.20 1535
3.05
103*
RUBBER
Analg.
11234 2316
1.625 3.000 @ 1.025 2,000 i 1.025
Trust...
1.00
1.70
Family Finance Corp.
A Tawah. $1,00
Firestone Tyre & Rubber
13
Duguid ....
1.70
Ford Mot
40
28 UTILITIES
General Electric
20% TTA
General Fooda
General Motors
4015
Gen Pub. Vul. Gen. Tyre & Rubber Gelty Oll
Gilkien Co.
on sales of 1,807 contracty
Domestic No. 6 sugar losi unchanged on sales of 25 con- General Dynamies
Contract No. (world)
Sept 1: 3.44: Rept: 384 Oct: 300; or 3.46: May: 1.45; prices of 3.46) Spot-emils per ih. tob
COTTON
NEW YORK
Prices of cotton futures closed
NEW YORK
today as follows:
Spot
Rex
New York, July 16, rubber futures
Today
Mar.
closed 15 lower to three points higher. Closing prices;
May
July
Oct.
Des
July: 17:70, Sept: 25.10, Nov: 21.02; Jan: 27.00 Mar 27,65; May: 2130
July: 21,75. SINGAPORE
euble yards and can be loaded in pictured the advent of jet ser under an hour. A Holmes vice as "one of the most signi- "Werkspour" diesel engine ficunt advances in the history generates 1,000 b..p. and pro- of U.S. transportation."
10 knots.
passenger pela the
He forecast wide This engine also supplica pump neceptance of American's 707 ing and dredging power,
Flagship within a short time
The market was kifluenced en- The owners will be the after its introduction and hailed
tirely by the Middle Eas! situa- Societe Generale de Drágage of the Boeing product na the most
tion and movoi nervously and and Antwerp from whom Lobnitz | tested, most dependable secured an order in 1950.
most comfortable airliner ever erratically, built."
First of the 30 Boeing 707 Jetliders ordered by American Airlines was rolled out of the float nosembly at the Boejug Airplane Company Tránsport Diri- slon plant recently,
**NEW ORLEANS
Prices of cotton futures closed today as followe
Cu): 540.
Open interest: 0,478 contracts. Contract No. 6 (Domestic)
Sent: 51: Nov: 5.79; bat: 300: Spot cents per 1b, elf NY exity
0.01
Open interest: 1,073 contracts -- V.B.I.
METALS
LONDON
Goodrich IB.
F.) Co. Goodyear Tyre Grupinan Aircraft
feyde Newport Corp. Homestake Mining Co. Ingersoll-Rand
Interchacminelines
Jat'l Business
Int'l Harvester International Nickel Internations! Paper
Ini Tei & Tel
Jou Manville Co.
Kaiser Industry
Kansas C. Power & Light Kennecott Copper Ligeti Meyers Tob. Co. Lockheed Aircraft
Prices of metals closed today | Loews Incory,
In sterling рег long ton 25 follonys:
Lone Star Cement Co. Lowanstein & Sons.
Trust Co. Buyers Sellers McDermott. J. Tay
Aircraft Stock Exgo.) ;;
McDonnell
30.50
36.76
34.00
37.45
30.71-10
35.37-41
55.84
Tin sput
731
3-month
734
-month
Copper spot
.199.
Mesabi Iron Corp,
Lead and half
100%
230
Minnesota Mining
59.10
July
Det
36,75
3476
Zine 2nd halt“
Jaly
51.34
得名
37.
0015
34.73
25 41
NEW YORK
33.48
LIVERPOOL
Collon
put
Oct.
MAY.
July
Dut.
future closings. In panco per lb. were as follows..
American Contract
July/Aug.
Oct/Nov.
D:c/Jan.
Mar/Apr.
May/Juns
July/Aug
Mixed Contract
July/A
Oct/Nov.
Dec/Jan.
Mar/Apr.
May/Jus
July/Aug.
Colton future clesings,
SAO PAULO
cruzáros per klicgram, wero follows:
May
Mission Development Monsanto Chemical Co.
Ward Motorola
Montgomery for.
National Bleuit Co, National C FOR "A"""
National Deiry Prod.
Lead National Steel Corp.
National
Frices of metal futures closed New York Central
today in cents per lb. as Nortolk Western fiv
North Amer. Aviation North-West Airlines
Olin MathiswoN Dils Inovatora
0235
4522
Star Ferry. Yaumati
C. Light...
B00
Volume Open Interest
2,000 1.05
Bonn, July 10.
West Germany's foreign trade surplus totalled 2,000 million marks in the frot half of 1058 compared with 1,900 mililon marks in the same period last
the
Statistics year,
Federal $640. Office auld.
33.10 201 EDO @ 20.30
1.500
1,000
20.EU 20.30
1250 di 2010 600 i 20.30
23. 03
The Juno, surplus" this year
was 400 million marks com- pared with 377 millon marks in June last year-China Mali
17.09 Special,
600 25.00
Whoravor
you'ro galag...
EUROPE
T111
17.20 17.00 1,000
100 17.70
700 17.00
560 u 11.10
BOD 17.00
Electric
27.00 27.70
300 22.80
1,000 $27.00
4,000 + 27.50
Macao E.
0.16 Teleplice 25.70
INDUSTRIALS Amoy Con ATORES, ETC. 13% í Delry
2834 Watson 301% L. Draw.
COTTONS Textile
221
1,700 € 27.10
26 1,000 20
307
1750 1750
200 (37
500
1.000
11.20 1,000 14.00 203 16.30
4.53
LONDON STOCK
MARKET
London, July 16.
The stock markets steadied to-
day on news of a rebel cease- Are order ki Lebanoi,
follows: Leath July
10.30D
Bent Zinc July Nept
10.456
1.55%
Owen-itinais Glas
8.13
Oxford Paper Co.
23.05 Copper July
25.470
Parine Gas & Elec
Bept,
38.01.
Pan American Airways
Tin
Jury
Paramount Pictures
Sept.
93.456
Pat Davie Co.
9319
fod two days.
UPL
12
Exchange Rates
Business was dose in the socal Unofficial
exchange
market this
MONTIK DI the following enter:- 11.A. ASBAC (per $19.
Bierling neter (per £11
Australian notes (per RIES
in indoneren ruptan (par" fóbi
44.00
10.10
κατα
unituoted
Biam Ups (per, 100)
Singapore (Birette)
Penny J. C. Co.
Penn Ball Co.
Fhum MONO DO. Procter &
Pittsburgh Plate Glam Publicket Mdustries
Pure Oil Radio Corporation Radio Col. Pret. republie Bytel Reynolds Meta
tom Borony Mobil Osi
330 Molar Aufervit
Bouth Puerto-itjen buge wouthern Co. (T710) Bouthern National Can
|Agreed Merchant Rates
I the United States, the Swiss Francs Maximum Sell- avenge price of one-inal col-'ing 74 15/10.
or Railway (Cont.
Atandard Branda gumikki on 61"Cai, Standard Oil of Ind. Standard 01] et N.J
Oil issues recovered some
their worst
the rebound.
of
locres of the past Shell Transport led
Gilt-edged securities. closed with fractional gains on broad front
Bargain hunters boosted de- pressed industrial prices fruc- Lionully. Shipping issues coa- Atinued a Arm future on CX- pectation-the Middle East situa- 33 tion
Increase would
freight rates.
Gold sharca cast; bal cappors were higher.
Dollar stocks were higher re- flecting yesterday's rally on Wall
6 Street.
German bonds were, deprested by profit-taking--UP.I.
USA
ORIENT
ROUND THE
WORLD
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For reservations, call your travel ogent or Alexandra House, Phone 37031, Hong Kong
PAN AMERICAN
Pan American Field Airways, Inc., Imerparasta 1.
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