1958-07-23 — Page 9

ANSPORTATION

VICKERS BECOMES 50 YEARS OLD NAVY GAVE THÊM

THEIR FIRST

By GEORGE HOGAN

JOB

ESSRS Vickers Ltd, who recently completed

ME

50 years in the comparatively young aviation industry, were the producers of Britain's first rigid airship.

In 1908 a stall band of Naval

officers foresaw the possibilities

of airships in co-operation with COMPLETE SCHEME

the Flect and receinmended that £35,000 should be included in

the Navy Extimates For

purpose.

Vickers, leading contractors to

FOR

N-TANKER

TN a fully documented arti-

THE CHINA' MAIL, WEDNESDAY, JULY 28, 1958.IN

Large Scale Selling

On Wall Street: Prices Change Little

New York, July 2 Chemical stocks made the market today. They ran up one to two points to new highs while other sections were affected

somewhat by profit-taking.

HONGKONG

STOCK

EXCHANGE

Our Own Correspondent

COMMODITY

METALS

LONDON

Prices př, metals, closed today In sterling per long ton lows:

RUBBER

After

SINGAPURE

opening

Page

PRICES

AMSTERDAM,

The rubber market was quiet. Prices cloned today in guilders per kilogram elf August as fol- lows:

100 som

No. 1 rubber

No.

Mo.

what

Crepe No. 1

5.59 nom.

as fol- lower, the inarket ruled fairly

Buyera deilersins.

quiet, Auctuating within narrow

No. 1 rubber per ib. Aug. 0535-01)

Sept. 81-8

No. 2 rubber pet it. "Aug 70-80 No. 3.

TA

t

Tin

Spot 3-montli

7301 201 15314 734

topper

7433-1531:

Spot

RO, 4

70-701

month

104

not rubber ustalets

13-1

Lead and alt

July Oct.

Blanket crepe ...........

01-05

7156 7.3

E

No. pale crepa.....

9315-931

73%

LONDON

July Ott.

The general list managed to absorb vast amounts zinc and hatt

of realising selling without much price change. Late in the day the chemicals which are well represented in the industrial average managed to lift that figure to its best level of the year. Demand for the chemicals | Paired Alderaft centred on

of 1.5. Gypsu anticipation greater produetion statistics for Hubper

belter the group and hence earntilgn.

Allied, which 'is moving ahead iri an expansión programme, ran up two points. Hooker and Dow also tose two, Heavy trading Business done on the Hong-cate into commercial solvents, kung: Stock Exchange this Monsanto and Olle Mathieson, morning

Several of the drugs joined the amounted to up- proximately $313,000. Noon rise, notably Pfizer, Sterling and quotationa and the morning's Schering.

Bhare

IIK. Bank

Tinion

Buyers Sellers Balta

700

270

34

G 0.10 2000 G

$ 102

the Adintraity, received Instruc- cle with a wealth of blue-transactions were: tons to an ahead with the projeci

print illustrations the latest under Admiralty supervision. and construction of Naval Air-issue of the Swedish Ship-BANICS ship No. 1 was begun at their ping Gazette, presents the East Asla Barrow-in-Furness shipyard plans drawn up of the Got- INSURANCES However, the first airship, the

henburg Gotaverken ship-SHIPPING Maydy, never became alrborne. I bad been out on the water at yard for a 65,000-ton atom- Cavendish Dock but was wrecked powered tanker. at day when emerging from the large shed constructed or it, NOT DISCOURAGED

The scheme is the flest of its kind to have brem completed in dglah in Sweden, but, according

Wheelock DOCKS, ETC. K. WHATE Dock

409 419

Moderate Dip- -

Steels met support after a moderale diy. Oils also came back from fictr lows. Goodyear higher rosa nenrly a point on tyre prices,

Addressograph-Multigraph ran 1105 115 1000 1100 UP 2 points to a new high at 2002. After the close the

ident LAND. ETC. HK Hotel 21.70 21.50

the Gotaverken stesigners, there are no plans at present of This setback did not discourage materialising Die scheme, as the the company and between 1909 question of an econcente utilisa-Humphreys and 1921 Burrow produced 18 len of atomie propulsie is by no Really birships and five seaplanes. Asurans solved. early as 1911 Vickers had built the world's first un-earrying Hghter aeroplane, the F.B. which, developed through various stages into the F.B. 5 Gun Bus, was in action on the Westerni Front during the First World War.

+

A Vickers aircraft, the Viny, made the first direet crossing

the North Atlantic Ocean when

by

its

The projected vessel is characterised

having entire superstructure placed aft and the reactor midships, 300 ft distant from the crew, which

700 or 21.00 Company announced plans to 1000 61 23.70 split the stock 3-for-1_and_to

100 2150 145 7 21.50 raise dividends an

0021 80 shares, 200 $2

--

the

new

Of a tofa) 1,202 issues traded 170 the broadest market since 1.075 June 19-480 were higher, 400 lower. There were 113 now highs set, only one were 113 new Westinghouse Electric Pre-

KK Land

*Trust

21% 30.10 1.075 1.725. 7000 5000 1000 1.10

32

A Tawah..

1.20

Sungpla

1.00

UTILITIES

* 2000

20

2000 20

DOH 20 1800 20

112

07

100 DO

1 Tran

is considered sufe if radio-pclive Star Ferry ..

the gases should escape from: reactor roomi inspite of al!

tretive measures.

THE TURBINES

The turbines in the

Yaumati

+ Light

Electric

Macan E

21.00

371 27 200 r 27.10

600 m 25.60

11.40 17.00) 300 1745 2400 27.20

920 25.00 23.23 INDUSTRIALS the Coin 125 22.50 77 17.25

rector

Alevek and Brown flew from room are connected with Newfoundla

ti

Ireland

June 1918 in 16 hours 12 minutes. 1 was also in a Vimy that the Unthers Sir Keith and Sir Ross Smith pioneered foutes to South Africa and Australia.

|

trans-

Dalry

10 80

11

14.30

4.00

propeller engines in the aft engine ream by electrie mission, permitting complete

radiation wasp segregation of the

1. Crine produeing parts from the crew's

INVESTMENTS quarks and working space. All

Yangiste inachery in the reactor room is, Allied remote-controlled Tom the aft parts of the ship. The turbine system is severely simplined_in order to be operuled from a

Other famous Vickers aircraft Include the Supermurine S. 50 senplane which established a world reed speed of 407 miles per hour as early as 1901 audetistanee won the Schneider Trophy out- It is characteristic of the pro- | Right for Britain; the Splitre. Jest that diesol machinery is be- famous and foremost single ing used for generating auxillary seater fighter of Work War H;

for the entire vessel. andi the equally renowned | Diesels will also be installed as Wellesley and Wellington bom-stand-by engine for use in bers,

RECOGNISED -

perwer

parts or canals whe.e it may not be puemitted to enter with the reactor at work. The total output of the auxiliary engines is about 3.000 h.. and the malpat of those for use in canals and ports is about 5,000 h.p., whereas the alode mvhinery is designed

Today Vickers is recognised as che of the largest and best equipped aircraft companies in Europe, while the Vickers group fif componics employs 91,000 workers Since the war Vickers for output of 30.000 h.p.

scheduled to give the vessel have built the world's first pro-speed of 18 knots, peller-'urbine airliner, which has cuptured a substantial share of the civil aireraft imarket against all competition.

It is intended to extinue to work at and develop the pro- Ject, as hitherto in closed collo- boration with the Babcock and There arc now over 350 Wilcox companies in England furbine-powered airliners in air- and the U.S. line service in the Western world and every one is British--

318 of them are Vickers Vis-

egunts, and they are still rolling off the production line at the rate

of one every Uree days.

BOAC Joins Shipping Co To Form Airline THE

17.to

ferred.

New York Stock Exchange volume 3,420,000 shares.

New York Stock Exchange Bond volume 4,912,000,

American Stock Exchange volume 800,000 shares.

Closing Prices

500 a 1718 Aldon Inc. Reg. 500 co 17.10 Allied Chemicals 200 ** 19.15 Ames MIUM Irm

100 11 Alla Chaźniors..

$ 10

134

002

201

American Chile Se Radio Corp. Americas Cyanamid Co.

100 1030] Ars. Brake Shoe

U.S. Recession Has Little

Effect

On Asia

By LEROY HANSEN

American Airline ..

Amar. & Forgn, Power

Am. Horne Prod. Am. Natu, & Fry American Metal American Smodny Am. Sugar Bef. --- American Tel. & Tel. Aznarican Tob. "' Anaconda Dopper Armour

All Cóna. Mitning Buklwin-Lima-Itam, Haltire & Ohio sa Bendix Avallon Corp. Benguet Cora

Bethlehem Steet

Boeing Airplane

Borden (The) Co.

Burroughs Add Machine Calli. Packing, Oopp. Canadian Pacific R.

C 131) Co.

Co. Trector Celmem, Corp.

C1.). Financial Corp. Cryer Nok Chet Peabody

Commerc

Tokyo, July 22. The United States business recession had surprisingly little effect on the nations of Asin, a survey of Asian

Commonwealth. capitals disclosed today. Consolidated Edison

Capthaial Oil. of Del. But fear wos expressed in Cubon Ather, Sugar some nations that there

Diamond AlKÄN Diamond Match Co. intent effects which will become Dow Chemicals..... appercut in coming months when | Dupont de NerAGUIT

Eastman Kodak the recession is noticed more by

El Paso National Gas Family Finance Corp. Ford Motor

TESTS FOR VICKERS ordinary públic. VANGUARD SOON

I'

HARDEST

are

General Electric

General Fhods General Motors

The recession so far, how Gen. b. Un ever, as had practically no Gen, Tyre & Rubber effect in such lens as Thal- Goodrichs (B. F.) Co.

airliner, the Vickers land, Cambodia, Korea, Telwin Grumman Astratt

TT will not be long before Britain's now prop-jat

guard, gats off the ground. Tost flights are scheduled to begin in o fow weóks.

First of these big four-

THE Elder Dempster Group engined airliders 15 well of shipping companies advanced on the assembly line is joining with British Over- at Weybridge. Fleets of Van- guards are on order for British Icas Airways Corporation to Huropean Airways and for Trans- help finance a new airtino Canada Airlines. They are ex- For Nigeria, operating bo-pected to be in service in 1080. tween Lagos and London, A now "thrift-close" Von- with aircraft chartered Front and has been designed by the Weybridge drawing office staff. B.Q.A.C.

Outwardly it will be the same Chief S. L. Akinjole, Nigerian Frimlane, but it could seat 139 Federal Minister of Conuntini-passenger. Vickers say it has

sald and Aviation, cutions

been planned to meet future during a recent visit to London

requirements for low-cost mRes that negotiations were in an ad air transport. vanced stage for the formation of a company registered in Nigeria to succeed West African Airways Corporation, which will cense to exist on September 30.

Plans are also being foallied for an all-freight version of tho Vonguard.

and Vietnam.

Heyden Newport Corp. Interchemical Corp....

It was felt hardest in the int1 Buses Machines Philippines whose . dollar Int'l Harvester ..... International Nicket economy is. fied closely with International Paper Amerien. Next hardest hit was int'l Tel & Tel

Indonesin where oil Cxports John-Manville Co. suffered,

It was begoing to be felt in Malaya, India and Pakistan but on the whole Asla escaped full Inmediate effects,-U.P.I.

National - Food Reserves

Geneva, July 22, The United Nations Economic and Social Council has adopted a resolution for the establish- ment of national food reserves through the disposal of surplus

The Elder Dempster Group ROYAL MAIL SHIP stocks.

of shipping companies is within

Kennecott Copper Lockheed Alterakt Loews Incorp. ..... Lone Star Cement Co. Lowthstein & Sons. Mesabi ron Corp. Mission Development Monsanto Chemical Co. Montgomery Ward Motorola, Inc. National Blacuit Co. National Cash Reg. "A National Dairy

Prod.

National

Nanni Steel Corp. New York Central Norfolk & Western hy.

QUA Elevato Owen-Ilois ind Pacific Gar & Fire. Pan American Airways Paramount Pictures

Penn, Balt Co. ... Philip Morris .. Pittating Plate Gland Publicker Industries Puro Ou

Corporation

rudio Corp. Pref. Reynolds Ne!

the Liner Holdings Group. 32-years-old Royal Mail

THE

The resolution "recommenda Temible Steel Amonk its varied operations, ilner, Alcanteen, is to be that Individual governments in Elder Dempster Lines runs mail, handed over to her Japanese need of, and desirous of,

Saint Fleg. Paper paschger und cargo services be- [buyers, Okadagumi Ltd., ofsistance in establishing or en Sinclair Dil waa tween Deltiin and West Africa, Tokyo. A Japanese crew will larging national reserves preparó Bucony Mable!!

South Puerto Rico Bugur and also operates West African (sall the 22,690 pross tons Hner specific plans for discussion with Southem National Gas conatul services,

from Southampton to Japan, other interested governments." Bouthern Hallway (Com.) Other big British shipping (where she will be broken up

Standard Dražda groups which in the past few for scrap.

Introducing the resolution, Mirandard Of of Cal

Atandard On bland. years have taken financiat in- The scrap price paid for the Yamin Qureshi, Pakistani dole-standard, DIE forests in aviation Includo. Pen-vessel was about £230,000. In rate, emphasised that the guest loop fidck Toronto Fago infuld.. and Oriental Steam his annual statement to lock- ton or establishing food resoryba merling Drü Navigation (the British Avia-holders last month, this chair- hed been on the agenda of to: Andabaker-Packard Corp tion Services Group Including man of Royal Mall Lines paid Lyfted Nations for more than 10 suppling king de Silver City Airways and Aquila | the liner had reached the stege years, but, thanks to the FAR, ET AL. Airways); Clan Ilma and the where it won no longer possible the time had at last coffe für Bike co Hunting Group (Hunde-Clan to operate her domamically, the preparaba dokow Whid Awn: 61" Air Transport): Hbby Line Her value, he anld, had already of concrete plans to help, the Twentieth Century Fox Tilin (Skywayn) and Turners Withy been written down to a nominal under-developed and Blue Star Line (Airwork). sum In the balaico-shout, China Mall Special.

countries --

Union Carbidi Linion Oll of Cpl. Union Pacido Ballway

4411

2745

V.9. Fòn "*33**

V.8. Bine ting U.S. Stebi

V.B. Sieel 7 P.C. PP Warner Bros,

Westinghouse Dectric" West Va. Philp & Paper Woolworth

LONDON

STOCK MARKET

0731

London, July 22. Prices on the Stock Exchange moved erratically today in response to a flurry of re- ports and rumours from the tenso Middle East. but closed on a generally firm

note.

Prices of oil issues plunged on the report that the oil-rich Shelkdom of Kuwait was pre- pired to cast is lot with the United Arab Republic, but re- cuvered most of their losses at the close.

Glit-edged securities, after an undecided opening, ended the day with many fractional gains.

Industrials were mostly firm with blue chips adding a few

pence.

Gold shares were irregularly higher, rubbers and teas eased

Gerhin bonds continued to advance and Japanese Hens ro versed their easier trend of the past week.-U.F.L

Exchange Rates

10icia exchante

SUGAR

LID DOM,

COTTON

The rubber market wàs very steady with spot at 29% pence per b. Prices;

No. 1 RSS spat...... 231-24 Settlement House tetine!**

Sept.

Oct/Dec.

....

LIVERPOOL

Cottun future closings,

pence per lb, were as follows:

Kiserican Contradi

Julyása.

Oct/Nov.

DebJom

LAVE

KORVADE

Nov Dea/J

Mar/Apr

Biny/Auto

20.30

Mixed Contract

237-24

July/Aug.

Jani/Mar. Apri/June

251-243%

General market, eit barla, porte:

Sept.

ANZ. Sed

Estate crepe thick

Aile Sept.

New York, July 22. World Namigar futures today cloved unchanged to nine i Tuule crepe thin points lower in sales of 775 éontraidis.

Domestic No, sugar closed with no bales."

Contract No. 4. (World) Sept: 181; Oct: 3.50 Mar: 1.23 MAY! 340, July: 30: 6ept: 3.40; Oct: unqualed: Spot, feels per 16 fob Cuba): unquoted

Open Hiterunt: Tiba contrnels, Contract No, è (domestle) Sept: 5.00; Nov: 582; Mar: 8.05; Foot (eente per lb. clf Ny ex-duty); Open interest: a,180 contracts... U.T.E

May/June

BAO PAULO

2634

Closing prices were:

tuna.

OKA

Deo

47.10

251

17.00

ung,

MAY

47.00

July

$1,00

NEW-YORK----

Rex. rubber futures today closed unchanged to 23 points higher. Prices closed os follows:

July

Sept

Nov.

Man

May

July

37.50

28.00

20.10

23,00

27.90 31.00

INDIA SEEKING

BRITISH

FINANCIAL AID

New Delhi, July 22.

Mr Morarji Desal, Indian Finance Minister, is

in the United States, the over-

age price of one-inch cotton at 14 designated spot markets was 34.03.

Total sales at these markels: 11,768 bales-U.P.I.

FOREIGN EXCHANGE

LONDON

Closing Tiles were: New York... Montre

Brussels Copenhagen

Lubon

Calo.....

Parla ..... Stockhol

2.00-7/16. 2.0.1/3 3.68-3/4 3.69-7/4

130,00-1/2 130.05 10.33-9/1 19.33-6/0 13.20

00.50

1174-1/4

19.09-7/0 1174

19.99

14.41-1/2 27.55

Milan and

1441-1/4

Vienna 27.29.

Amsterdam, Frankfurt

Zurich unchanged.

NEW YORK Foreign Exchange rates in

Canada

L04-6/10

flying to Britain next month to seek urgently US dollars or cents per unit: needed financial aid for India's second five- year plan.

Instead of Che

England

2.00-1/2

30-day futuTES

2.70-7/8

90-day Futures

2.78-5/0

New Zeand

2.20-1/2

South Africa

2.00-776

Argentina

Uruguay

2104

arut

Pakistan Others

2104

unchanged-UP.T.

a sizable Ansehean He is due to arrive in London hopes of on August 28 and to meet Mr loan materialise next year. Macmillan and Mr Heathcont Amory, Chancellor, of the Ex- chequer, during wedes stay, crodite for specific projects, Mr He will go on to the United Debat will try to secure a gen- States and Canada, where he cral Hng-of-credit- to Anande

essential will attend the Commonwealth Imports Trade and Economic Conference materials in Montréal.

ENCOURAGED

of

raw .fow in the next months, thus averting a further drain 00 India's sterling balances...

Car Production

Paris, July 21, French motor vehicle peo duction totalled 103,018 unita in June, compared with 04,988, imita In-May and 79,570 write in

announced June 1937, it was

here.

Encouraged by Britain's According to the fatest avail- Cuccess in strengthening sterling, able official figures ther have Business waą dörm in the local and by the sympathy shown to feilen by nearly £12,800,000 in marked éti | India in her present economic the furtnight ending July 4. inoming at the following ratesim dificulties, the Indian Govern-taying A balance of £150 at halt of 1956 to 689.503 1.S, doline (per #3) RSS Sterling noten eper, 21), TEL. Australian noten (per, 41)*** Indonesian bbah (per 100) Barn Meal (per, 100) Singapore (Straits)

.5.03

100ment. is optimistic about the of

This brings production in the which nually £04 units, including 179,939 bars £135 chance of securing nigh | millon, is required as the against 473,119 units including 300 early stop-gap" arcistance to matutory minimum backing for 365,497 cars in the first half of

1087-China Mall Special

77,00

1.80

Uridge the critical period before India's currency,

The Hongkong and Shanghai Banking Corporation

420%

AL

announce with much regret that,

1113

130

3574

密

due to the sudden illness of Mr. R.P. Moodie,

the reception arranged for Wednesday, 23rd July,

has been cancelled.