1958-07-22 — Page 9

ISPORTATION

THE CHINA MAIL, TUESDAY, JULY 22, 1958.

Labour's 'Plan For Progress'

Contradictions Appear In

MARINE TURBINE BRITAIN'S AIRCRAFT Economic Policy

ENGINE DEVELOPED INDUSTRY BOOMS

now

NEW, more powerful BRITAIN'S sitcraft indux- version of the Marine D try is today earning. Protous, giving 300 hp more £1,000,000 in Gyorsens cur than the present engine, is rency ovary 56 hours, xdys being developed by the Society of British Air- Bristol Aora-Engines Limited. craft Constructor. This is nearly £18,000 every-hour of The Marine Protein 1260, 32

"every day and night, or The engine le entled, has Half-heir waling of 3,60 hp-almost £5 each second. comparty! with the 3,500 ho of the

current version, the 1250 which is the power is of the now Brave class of Fag Patrol Boats now being bulk for the Royal Navy.

the

the

TOTAL aviallon exports have

risen 134 per cent past three years. Since 1946 their value has Increased' by 1,000

From RONALD BOXALL

London, July 21. The Labour Party's economie policy statement is an example of what happens when politicians of radically differing opinions try to build an argument on common ground that exists: between them. The result at best lacks conviction-at

it worst

is downright contradictory.

Moderate Vlow

Rp.

The Socialists will have to do |ald underdeveloped Common- per cent, while nero-engine sales a lot better than tila If they wealth countries by devoting inve Improved by 2,500 per cent.hope to convines the electorate one per cent of Britain'e n

The de Havilland organien- that they would do a better jou tional income to this purpose Continuous rating of the new engines. I 3,066 hp as

earned £100,- of managing the nation's econo» and setting up a "Colombo Plan" ausaluston, which the 2.800 h of Marine 600,000 in overacts orders since mie Ule than the Tories.

for West Indies and Africa. the

completed U The authors of the "Plan For war. has Proteus 1250.

Socialist policy makers Increase in power has bee £9,000,000 deal with Aerolineas Progress-the Labour Party'spear to have overlooked the fact were in- economic that "tax holldays" 1:34 193

slightly Argenins for six of the latest poller for Britain's using a nodified compressor which pay- | Camet airliners, the Comet IV. expatision" represent both wingstituted by the West Indian and

the the The cruising speed of the Comet, of An inertase dra

porly-"Socialism or African colonies for the express engine's air ass dow. This in-310 mlies per hour, will enable bust" school as well as the purpose of encouraging invest- ment In their territories and proved compressor, which has the company's rehedules to be "Buiskelilee,"

That Indbcriminate tax concer- been evolved as the result of halved-a typieni example icing York

slons" they complain of were development enrried out on the the Buenos Aires-New

needed to make these measures cut Proteus aircraft engine, will be flight time which will be

led to all fukare production from 30-31 hours to 14-15 hours.

On the whole a moderate view effective. BOAC hug ordered engines.

of has prevailed. There is no talk these isnts, capable of corrying of further nationalisation. Steel 60 Brat eluss or 70 tourist class and road haulage Industries passengers on intercontinental | would be restored to public In addition, the modifestions flights, while a Romerange ownership have resulted in a sinall resti | version ordered by British for national ownership is on its -Ilons-in-the-endue's medlike ful) | Purogrun-Alzways will bring merits overwhelming.

consumption without any 1 all Europe within an hour or crease of severity in the operat

two of London. Nice will ing conditons of tho ening. reached in, 141⁄2 hours, Rome in Heliability and overkuul periods two hours, and even Moscow in ore thus unaffectesi.

less than 3 hours Rying time.

MODIFICATIONS

pro-

Past experiener with duellan engines has shown that the average weight is 2,085 b

as comparett with, the de

flure if -2.000 b.

With the 300 hp lerea

the „alf-hour rating the Marine Tiroleus 1200 has 3 better power/weight ratio than the earlier model-1.33 hp per 1b/bare dry weight

specific dry weight of 0.73 per hp

Proposed Tolls For

1

TUG'S JOURNEY

TO AUSTRALIA

13

the “BECAUSE

case

Again

1150

pro-

Labour would building Heences as "ats Im- portant instrument for control of Investment. These would apply mainly to "major jeet' but might also be used to "safegused local authority hour- But no new adventures in na- programmes against rival betlonalisation are proposed. Nor claims af speculative builders.”

is there any mention of a capital gains 10%.

Yet

Encourage

The statement tries to prove that Britain's recent economic

elsewhere in the state- troubles have all been due to the ment, policy makers say they Tory Government polley which would encourage personal eay- has deliberately caused producings "by making home owner- tion to sognate and unemploy-ship easier." macht to Increase in mistaken belief that this was the way to stop the continual rise of prices

A 220-TON gross motor and to protect the pound.

tug Woorce, has left

on its 13,000-mile journey from the River Tyno to Aus- tralia.

Just completed by T. tehl- Son Ltd., Gateshead, for the

| Waratah_=__Tug__and] Salvage Company Pty Ltd., Sydney, the

St Lawrence Seaway We will take about ten

PROPOSED

Labour claims that will "take to the high road of aus- and expansion, planning to achieve higher investment and full employment along with more stable prices and a strong: balance of payments."

Partnership

These contradiellons are what comes of trying to reconcile con- Beting views within the party.

Socialists agree on the need for higher rate of industrial in- veatment. But their suspicion of "capitalista" forces them to adopt a policy that would make

hare difcult to atlain.

for They agree on the need more overseas development. But they are not prepared to make it worthwhile for private In vestors to undertake special risks involved in this kind of venture.

The air are unexceptionabie. But the statement will convince no one that Socialists have

They agree that home owner- policy capable of attaining them. Much of what is needed they state ship should be made easier. But сля be achieved by consent Lord help the builder who dares compete with municipal alone. "A partnership between to

tor about State and both sides of industry fiuuitorils

material and is essential to democratic plan- labour. ning."

weeks in do the trip. She will cross the Annule oner ko by SED tolle have been the Panama Conal to nvold announced for ships |the Indian Ocean,

In command will be Captain using the St Lawrence Sea-

which will be opened A. A. Baxter, a ship delivery way,

It will specialist, who during the past formally next year.

10 years han delivered be the first time tolls have to ships of all sizes to all parts boon charged on any of the of the world. canals on the St Lawrence- Great Lakes 'system.

The announcement was inode jointly by the St Lawrence

The Two years ago he took

from 245-ton Sydney Devon to Sydney, Australia,

Again sentiment is beyond re- roach. Cove

how do But

the Socialiste propose to make this partnership effective?

Seaway Abitorily of Canada No Trade. Recession and the Seaway Development Corporation

States.

For

the United

passage through

the

entire Spaway from Montreal

10 Lake Erie

at vessel would

be based 5 cents per gumss registered ton, 12 conts per

ton on its bulk eure and 23

In Air Traffic.

Singapore, July 21.

Director of Civil Aviation, Mr W. F. cents per the on general cargo, Nicot, sald today the present world trade recession did not EACH PASSAGE

appear to be having any effect on dir traffic through Singapore.

Between Montreat and Lake Ontario, the toll would be 4 cents per gross, registered ton,

Partly it seems througha the strength of their own persen- ality. There is little reason to doubt,"

Al Saudi

Kuwait | Arabia | Persia

-41,000,000 tons | 18,000,000 tons $1,000,000 Lans

sources

Iraq

33,000,000 fans

7,000,000 fans

! Keutral

Zone

1

1,304,800 tod

Qatar

81%

Bahraih

1,000,000 14:

of Britain's oil is, from Iraq

This graph shows where Iơng rahlin among Britain's Middle East oll which altogether supply two-thirds of her needs. The Neutral Zone

Is disputed territory between Saudi Arabia and Kuwait,

STOCKS RESUME ADVANCE IN NY

New York, July 21,

Stocks resumed their advance today with gains ranging to a

point or more in the oils, steels, chemicals and rails.

HONGKONG

STOCK EXCHANGE

Trading was brisk with Arsh, Twentieth Century Fox Film

Union Carbide | hour volutne totalling 830,000 Union Pactile Railway

shares compared with 620,000 united Aircraft Frtelny

Closing Prices

1

Allied Chemirals

Allis Chalmiera

Am. Mach, & Fury American Metal American Shelting Am. Sugar ter American T Anaconda Copper Arukiut

akiwin-La) (KNI Baltimore Blo

Corp. Our Own Correspondent Bradix Aviation Bethlehem Bleet Business done on the Hong-Canadian Luettle li.

Alplaw Stock Exchange this kong morning amounted to proximately $714,000. Noon quotations at the morning's transactions were:

Bhates Buyers Heliers

BANKS

FK Entk. a Thet INSURANCES

Union ......

SHIPPING

Wheelock

5.00

Balck

-

Cake 1. 1.) Co. Cat Tractor Celanese Corp, Chrysler Molon Consolidated, Einst Cuban Amer. Sugar Dow Ciemionlu

Dupont de Nemesis Bamunan Kontak Folly Finance Cerp... 700 General Electric

8

General Food

Generul Mularn Ora, Pub. VI.

Goodrich (B. F.) Co.

Goodyear Tyre

mestake ining Co.

Co. Intand

100 41% | Ing Busine action

#

@ 1000

DOCKS. ETC.

Dock .....

12

Provident

10) 14,80

500

11.70

4250

11.80

LAND, ETC.

21.60

TDC Hote! 21.0 23.10 2500

The net result is a policy that nation dearly. would cost the No wonder there is no mention anywhere in the statement of possible tax reduelions.—Ex- | BK Land. 31 3119 press Service.

Ilumphreys 18.10 15% Reply

the statement claims, Amount Of

Money Drops

Singapore, July 22.

11.20 Int Harvester..... International Nicket

International Paper

Int'l Tel Tel ́

John-Mahville C.

Rett Meyers Tob, Cu 300 21.00 Lockheed Alteraft X... 400 $1,50 Low Incorp. 120131,50 Lone Star Cinent Co

1.03 1.70 2300

1025 1.075 0000

ده از

ΑΝΤΙΔΙΚ | Tru A. Tuwah 1SAY 1130 Singain UTILITIES

Train

100.00 20.10 1000

Sthe Ferry 141 Younau

C. Light

(01.....

3000

1.70 Lowenstein Bona,

Mexibl Iron Corp. Dtorante Chemical Co

1,075 Montgomery Ward

Motorola Inc.

니까

Sational Cash Reg. "A"

National Dairy Prod,

New York Central

Ots Elevators ..................

20

Owet-Illinois Class

Pacific Gas &. Elec.

Pan American Airway

17.50

Art Floures

730

27.40

Publicker Industries

Philip Morris ......

23

Puro Dil........

Ruthio Comerion

25.0k)

1000 w 23.00

"that the return to power of a Labour Government pursuing full policles of expansion and

will in itself do Employment much to create an expansionist mood in British industry."

And what of people whose The Straits Times sald today

17.40 17.70 2840 4000 savinge provide funds for higher the amount of money in circula-

... 20.00 27.20 100 rate of investment that Labour tion in Singapore, Malaya and Electric

2030 territories Macer : 915 9.40 considers assertini to is plans? the British Borneo

"A Labour government whil was contracting sharply in the Telephone 35.40 5.700 000 pursue a polley of encounting trade recession. company saying and discGUTAGE dividend handouts. Labour is in favour of taxing profils more heavily when they are distribut- ware retained within the fren for

He said traffle along the 40 cents per vo on bulk cargo Singapore mute was increasing and 90 cents tui general cargo, all the time.

For

cach pasige through Mr Nicol sold about 250,000ed as dividends-than when they the Welland

thepaosengers, 13 million

Canal only,

toll would be 2 seats per, gross freight and five milion pounds re-investment." registered lon, 2 cents pton jot mait was handled at Sint-

on bulk cargo and 5 cents on pore airport last year. general,

He

confident од

these

For 3 Journey part of the figures would be surpassed this

Montreal way between

and year-Router.

Late Ontario, which will in-

clude seven boeks. The · üzer

would be charged for each lock SHIP LAID UP

14 per cent of the folt.for the

Restricted

INDUSTRIALS

Since May lat i had dropped Ceme 22.00 by 24.7 million Straits dollars

Dairy 1000 1720 1600 or to 088.7 milion dollars.

Watson 10.70 The Times said some

mer Lane, Craw. chants reported a 20 per cent Divid

COTTONS drop in relai) trade, with

Tex slackening off in sales in such

INVESTMENTS- Allied.... Hers BB

table wines, other

Slikelantan bleycles, textiles, and European canned goods.-Rouler,

That settles shareholders' bashquore,

Socialists conskier them best expendable anyway.

Of course there would still be investment through capital mar-

ket but this would be restricted to "essential" Industries by ap-

full trip. For a trip part way TOIE Shamrock Shipping Cost-propriate controls. Nevertheless through the Welland Cana), a pang of Larne Is Having to vessel would be assessed 50-up the 0,770

some firms would escape these controls 'because they have suf- deadweight cient

internal reserves

10

per cent of the full toll regard tons vessel Inver, bought from finance their expansion without let af the number of Tocks Denholm Line Sterimers In recourse to capital market. used.

March, without having obtained Commercial vessels carrying a voyage for it. passengers would be charged 50 cents per passenger for each where it underwent repairs for

lock between

Montreal

The Inva left the

Tyne

and the laying-up base in Ballachu Lake Erie, in addition to the listy lay on the West coast of other charges.

Scotland.

Freight slump and shipping

1500

THOUSANDS OF GRO38 TÓNS

| 7230) -

TOTAL UK. AMO

11000

FOREIGN VESSELS MĪTOTAL UK.

YESSEL

Labour will not stand for this. "i illogical," according to tho statcinent, "that there should be control over use of externally raised capital funds and no con- trol over internally tecumulated capital funds."

A

10.00

2.50

4.005

4.00

10

1900 #2

5000

17

Republic bleel

Shell On Co.

Botal Neg. Paper

Binclair

Encony Matlo

South Puerto Rico

Sugar

Southern National Gan

Southern Fallway (Com.) Standard St

Blandard of Cal

Btandard 'all of it.

Standard Oll of N.J. Studebaker-Packard Corp. Swift & Co.

Tezno Co... Tide Water Assn. Our

COMMODITY PRICES

METALS

LONDON Prices of meials closed today

Big firms who have a key role in sterling per long lon as fol- in investment and

Buence lows:

11300

plans of smaller units within the same industry will be answer-Tip able to Whitehall just everyone else.

like Bpd

1000

1957

July

Buyers Sellers

0471

MU.P.I.

BAD PAULO

Closing prices were:

Get: 45.00; Den: 47.10; Mar: 47.80) May: 47.80; JUy; 46.00,

1.S. Cyphus

0.5. Lme Co.

Rubber... Smelling

1.S. Steel Warner Bros. Westinghause Electric

Woolworth

25

99

Cautious Optimism In London

London, July 21. Cautious optimism over the ~MidMe East crists brought firm tone to the stock market-today. Hemisphere

Foll

Western shes featured a higher ail list. Petroleum Trinidog

jumped more than three shillings while

Trinidad Shelt

shillings.

steadied.

Ddued two Mlodlo East

INSTACY

Gitt-edged securities Improved fractionally.

INDUSTRIALS

Indusifuls had a wide spring- ling of fractional

advances. Steels, autos,.

engineering and store issues paced the etion.

Dollar stocks were higher.

Gold shares were

firm but

coppers and ins were easy and

quiet.

Detan bends were supported bu Júpanese

U.P.L.

"llenségek

Exchange Rates

#tils

Busiges at done in, the local unonicial exchange market morning, at the flowing rates:- 1.8. doline (per_61)

Sterling sølen tper £1)

Australian notes (per £11....

30 Indonesian rp 100)

(per 100)

041

2012

341

Statical

Agapore (Straits)

21.00

Agreed Merchant Rates

Swiss Francs, Maximum Sell-

ing 74-15/10.

P.OB.I

COMPANIES

PASSENGER/FREIGHT ŠERVİČE

PENINSULAR & ORIENTAL S.N, CO,

Outwards

"CANTON" *ENYBER" "BURAT""

"CORFU" "KARMALA"" "CARTHAGE"

tomewards "SINGAPORE "CANTON" "BOUDANY ❀ · "CORFU".

* "SURAT" **

Leave Lodos Das Hongkong

Salled 25/5 Salled 20/6

£ 2/7

24th July 18th July Both August

Сватом Позо

4th July 1 Aug 18th Augh 2010 August 17th Beptember

seth July

14th - August 183 AUGINT 75th Aut.

ard Septemster $2nd September

Dne London

Hd Replanbedi tri Béptember

15th September

9th Septembe

Bru October

Via Alpero, Ponany, Colombo, Hembay, Adén a Pt. Búts.

*"INGAPORE”, “SOUDAN" and "SUBAT" éall B'poze, P. 6'wet, Penang, hôèn, P. said, Havre, London, Hamburg, totterdain & Antwerp,

BRITISH INDIA S.N. CO., LTD.

"HANGOLA"

"ORNIA

due at July saila 20th July

flue 2nd Aug.

walls Bed Au

from Japan

for Singapore, Penting, Rangoon & Calcutta

from Jepan

for singapore, Penatis, Rangoon, Celeušta, Chi tagong & ensur

"SANTHIA" due 10th Aug. prém Caleuths. Rangoon,

Penang & Singapore

*alla 1:43 Aug. Ide Japan

··P. & 0./D. I. JOINT SERVICE "ITAURA"

dise and July salis 24th July

Brazil (free)

India

Pestan

Olhem unchanged U...

the

"OŽARDA”

Xpe 8th Aug.

"UMARIA” duo in Aut

spot

In the United States, average price of ono-inch col- ion at 14 designated markeis was 8180. Total sales at these markets: 8,972 balca--- UPL

FOREIGN "EXCHANGE

LONDON.

Closing tales werei

New York Montreal

Amsterda

Roundels Copenhagen Frankfurt

Lieben

Allian

Links

RUBBER

SINGAPORE` The market was down initially

with in sympathy

Overeens advices and thereafter fluctuited

limits on withit narrow

fairly active, anarket.

No. 1 rubber per ib. Aug. 2016-174

Bet No. 2 rubber per 18. Aug. Bly-83 No. rubber per in. Aug. 71-7 No rubber per ib. A. 714-12 2.03-13/10 Robi, rubber tinbated....

2.00-7/10

10.3034

139.0's 14.333

11.075

Manket crepe

No. 1 pale erepo

LONDON

ના ના

T

$2-94

Lip Ca

다

The tubber märket was easier with, spat quoted at 23% petica per lb. Prices:

*

9th Aur

from Japa

for Bingapore, Penang HOMBEY. Karachi. Kowalt Basah, Khurt Tahr & Kindla From Koracorin Bombay, Cochin,

Penen & Bingapore for Japan

front Japan

for Bingaporn, Kuwait, f

· 134arah, Khorramshahr, Dubai & Karachi

EASTERN & AUSTRALIAN 'ES. CO., LTD.

"EASTERN"

dar sind daty flöṁ Australla mulla 29th July · for Japan

from Austrália MAIN RATH AUF, for Jában

"ARAPURA de 22nd Aur

Ali Abdel have liberty to call of dây part in KË DET Bus route ← the rovir a dhilikīks are 'kubjeci to those or amendment With or without notice,

פים

아

ESHIPS IDLE IN UK PORTSE

JAN FEB MÅL APR MÁY JUN

que to the slutng-tit traight tales, more ships fre Isid up in Britain thas since this Bärly 1939's. Today, one Baltič Exchange fria consinența;that hope or a recovery. In freightä "girings eternal for the autumn,”

· But, wryly, 11, adds: “We kio tempted to inquire, "the

autumn of which year?"

-month Copper Ta ensure this in Labourat

Wormonin

July

Government wil require large tam fnd half frths to draw up and report

their investment plans in greater détail and o longer term basis

s that measures can be taken or accelerate them

to reinri

necording to ctariomic needs,"

How would help to "create an expansionist mood" is not explaineri.”

Undermining

There are other contradiciona

in 2nd half

2011 201

TTO!

1341-24

lain:

2321-34 27-24-

24-2416

231-2

239% buyera

Foreign exchange rates in U.B. Appund market, ele basis, porta; dollars or cents per

LIVERPOOL Dolor future chains, in mining of exchange controls." [diendo per 11, were as follows: An example of Conservativo

Alberican Centrici Arcochery: they have. been July/Au: 20.1: Oc/ov: 20.00%

Mar *imulating overcas invest-Rec/an; 12,70) ments with Indiscriminate taxy/Juries mou: July/Aug 19.10.

www moved Contract contcasions."

Jużyzna? £5 #1] DGL/NOW: #5.93: Audrails. At the me time Labour Debian) 30.0 Mar/Apr: makes much of its proposala to Skyfuno: 36.id; zuly/Augi 20175. Argentina

Canada

13,90;

*་ ་་

Estate erepe thin Aug. 20% sellers, thin Sept. Extale crepe thick Sept. 20 eller thick Aug. 20 soltera

→U.P.I.

For full gemtiesturs apply fo MACKINNON MACKENZIE & CO. OF HONG KONG LTD.

27721-4. Telephone Nos

wo

130

In the statement, Labour blames wealthess of sterling in Krecht

•

yours on Conservative "urkler".

Park

90,30

1787

10.99

Blockhol

Voig kurtch

72.23

NO. RSS

Settlement

192.10%

NEW YORK

bes/Dec. BAI/KERU.

General

t

July 1.470

AUR $10-9/10 Reply.

Day FULNES

35.3; Naw zealand

2.75%