1958-07-24 — Page 9

TRANSPORTATION

THE CHINA MAIL, THURSDAY, JULY 24, 1958.

Pago 9

World's Need For $ Supply Credit Inflation Helps LARGE GAINERS AND

DRYDOCK & MAJOR Maintain U.S. Imports

SUPERTANKER TERMINAL FOR UK

PLANS

NS for two new British docks have been announced recently. The first is for a large dry dock on the Tyne to take initially super- tankers of up to 30,000 deadweight tons, and later still larger vessels.

The dock is to be constructed; minat will be able to handle up by Vickers-Armstrongs (Ship-million tons of crude oil builders) and will be sited near per year for the Slantow re- that company's existing dry dock fuery. al the Palmers Hebbia ship- repairing works.

The foaling stages, timber decks iupporled by steelwork, each of which will be 302 feet long and 60 feet wide, will be adjacent Cammell Lalrifs shipbuilding yards. To allow superlankers of 700 feet or more be moored safely, Location, design and construe-length to

It will be 850 feet long, lay 115 feet wide at the entrance, with a depth of 35 feet over the sill.

EXTENSIONS

10

These dolphins

By "SYDNEY GAMPELL

London, July 22.

Various authorities, from Mr Macmillan and Mr Diefenbaker downwards, continue to harangue the U.S. on the need to keep up the world's supply of dollars.

If the prospects depended on an early upturn in U.S. business, they would

be none too rosy.

HONGKONG

STOCK EXCHANGE

Our Own Correspondent Business done on the Hong

Exchange Stock

tion are arranged so lital ex-specint outing mooring dolphins tensions can katër be made leng-will he provided shend and astern thening the dock up to 1,000 feet, of cach, stage. ,us catering for the projected | incorporate some new and n-kung

still larger tankers up 16-120.000 enlos dendweight tons,

The new dock will be the largest on the east side of Britain and will be an important addi- dion

of the the facilities North-East Coast. art one of te muin ship-repairing districts of the British Isles. It should le completed by 1981.

fentures: they were designed by Shell engineers and will resul! in a considerable saving in construction costs compared with one long continu. mus stage,

It is not yet known how much the project will cont nor hav hung before it is completed. The major expense, however, wii be

Vickers has already acquirebate by the Mersey Docks and additional and adjoining the Harbour Board, which will yn All the oil lines Palmers Hebburn works, plus the oil stage. further 600 feet of jetty space. will be owned by Shell. Construction work on the dock will be coupled with a closely

integrated programme for the Russia Imposes Toll

modernisation and extension of plant, buildings and layout,

On Elbe Shipping

this

to пр-

monog mmounted proximately $458,000. Noon quokatlone" and the morning's transaction. Were;

Share BANKS

RK Hank

XD

Erect Asia SHIPPING Wiweluck DOCKS, FITN K. Wharf Dock Providcat. LAND, ETI HK Hotel

it Lasil.

Realty

(X AB. RUBBER Amala

Buyers Sellers

7021

270

G

613

152

404 42

31931 15.20 13.60

1970

107011

17025

11.00

Output of cars is having rotten quarter; more cuta in in- ventories and in business capital spending tre still to come, if at in slower tempo. Credit Inflation has rame Hmitations for the securities markets and far more for physical business.

For better or worse, the dollar prospect duce not depend on that The recession is not prov- ing good for the U.S. balance of trade.

Handicapped

Credit Inflation does something to malinin U.S. imports. Its exports are

handicapped By slump ark shortage of reserves In the primary producing coun- tries and, in the Industrial coun- tries, by disinflation and tho dellar's overvaluation.

As the U.S. Department of Commerce has pointed out, Jurger U.S. exports to European industrial countries cannot exported merely from largement of their dollar

-13

held a key role atmost indepen- dently of the policies followed at home cannot be expected to last Indefinitely.

"The international standing of the dollar is becoming more sensitive to our fiscal and eredit

and policies

our competitive capacities in world markéta, Even neste fiscal emergencies are avoided...the rise in pro- duction costs in the United States may eventually price more and more of our exporta out of world markets."

HUGE VOLUME ON WALL STREET

New York, July 23.

Huge volume and a few wide movers gave the stock market its

features today.

CAUTION

IN LONDON

London, July 23.

McDonnell Aircraft

(Am.

Sales crossed three million | John-Manvile Co....... shares before 3 pm Heavy Kennecoti Copper ........

Elggati Meyers Tob. Co. dealings come into chemicals and Lovided Aircraft

news Incoro special Issues,

Lone Star Cement Co. Lowermeļn & Sons. *** Addressograph-Multigraph, up 11⁄2 points, and Allegheny Corp 5% per cent preferred up 30. featured the guiners. The former rose on a 3-for-1 stock split and the latter on a dividend of near- ly $160 on arrears.

Cancer Cure

American Cyenamid ran

ap

the "cure"

The dolls is becoming acute-Growing optimism regard-six reports of a cancer cure and later yielded only a portion y suspect under of these heads, ing the outcome of efforts or that rise when

the mismanage- and also one meat of the U.S. national debt. Onlyfth of that debt has n maturity of more than ave years. Nearly a half of it in due or payable within one year.

Inventories

Sinco the war the V.S. be Treasury has issued (apart from Treasury bills) $100 billion of remurketable securities and only $8 billion of them-including last, month's cofebrated $1 MI Xon-at an original moturity of ten years or more,

serves but only from an upswing 12.00 11.9 157 11.49 in their business activity and

tends to be since the U.S. 21.00 21.00 3000 21.50

margtrint and high-cost supplier only in the later phases, of such an upswing, if and when It comes,

Meanwhile the industrial coun- 1.34 1.00 5000 1575 tries are enlarging their dollar reserves by cutting their inven- tories largely at the expense of the volume and price of their Imports, from the U.S. not least. Even more important are the B00 27.10 U.S. budgetary, monetary and 1502210 debt management policies which 2007.10 inspire so little

confidence $1 20 2720 500-2:30 the dollar.

ཚོ, ཨོཾ ཚཙྪནྟཱི

+1

1.425

A. Tawn

1K

UTILITIES

25.00

24 1750

26

112

21

100

113

123

Taumati

멧

in-

C. Light Electric

15 40 17.00 3200

17

27.20 21.30

The second plan was announc ed by the Mersey Docks and Harbour Board and Shell Re-

Union him Star Ferry. fining Company. They are to THE Soviet

resumed develop jointly a major super-

aggressive Inker terminal al Tranmere ou

policies against economic the Cheshire side of the River Mersey, miles north-west of West Germany after an Stanlow of refinery, one of the terval of several years. most comprehensive oil refineries

This

the in Europe. The scheme, on which

is

interpretation on the Soviet work has already begun, includes placed in Bonn

Government's announce. of two large zone the construction Nuating stages, each capable of ment that all river craft passing areominodating a fully-londed oil (through the Soviel zone to West tanker of up to 65,000 dead-Berlin and back must pay a toll per lon. weight tons, and inrger vessels verging 5 shillings

The annual

involved is on a restricted draft.

estimmted at £3 million. FORKED APPROACH

suni

Macho F.. Tel.

.23.00 24 ho

INDUSTRIALS Cement

22.00 22.00 STONES, ETC. Dairy

1.10 17.30

,་ Watson L. Craw

COTTONS Textile INVESTMENTS Allied

+

4.57%

500

$.10

1000 25,00 2017 23.79 300 92.70

Scarcity

to settle the Middle East angle of the report was denied. Smelting furnished question pushed the mar-American kets up a bit today but de weak feature-a loss of more than four points at the buyers continued to tread jew on a cut dividend. cautiously and limited their commitments. There was a sizable turnover in the KU-edged market and prices stendilly advanced to close at the top with gains extending to 5/10. Foreign bonda very quiet Irregular.

wett and doliar stocks

WIDESPREAD

|

Block Excel) ***** Mestis iron Corp. MIRIVOLA Mining Mission Development Monsanto Chemical Co. Montgomery Ward Motorola Inc.

National Biot Cr National Canli Reg. "A" Nitem

National Lear Prod.

National Steel Corp. New York Certral

Norfolk & Western By

Norih-west Airlines (Cem.)

Olie Mathieson

Our Figynters

Owns t

Japer Co.

Pacifle Gas & Elée.

Pan American Airways Paramount Pictures Penn. Balt Co Phillip Mortia... Picchure Plate Gine So it went-wide changes Publicker Industries here and there, lots of activity, Pure Oil........

Radio Corporation of profit-taking nadia Corp, Pret. vast amounts absorbed in the main, and a Repubilo Biol

Reynolds Metal rise in ralls to a new high for Sears, Roebuck & Co.

The rail gain realm Res. Paper nected agreement in a House Binelale og Senate conference ou il bill Sony Mobiteli

diving the railroads new assist- nincé.

OI ย Iraded,

the year.

Kiandard Fea

Soler Alrett Bouth Puerto Rico Super Southern Co. (The) total of 1,107 issues Southern Railway (Com) 542 were higher, 418 Blandard Oil of Cal. New York Stock Exchange steen lock (Toronto Ex

Sanam Ct of Ind Standard Oil of NJ.

Exchange Texan

2212 Closing Prices

for

Textron Inc. Time Ing.

Tri-Cont. Warrenda Union Cartride..... Union of Col

Eyebrows have been raised at the "Inflation of the U.5, money Gains were fairly widespread | Tower, supply throughout the recession I industriala and prices closed at a time when business has at the top. Bright star of this volume 3,550,000 shares.

Sterling Drug Co. boen needing less money. In

New York Stock Exchange|Bludebaker-Packard "Corp. market was the new six per April alone it was expanded by | cont

Bunshine Mining debentures of pressed bond volume 4,570,000. nearly $4 billion at a ime when steel. Dealings in them started American Stock

Swin & Co. Inventories alone needed $800 at 10 shillings premium over volume 850,000 shares. million less money.

the issue price of BB% sterling This excessive supply of money and quickly Jumped to (bank demand deposits and cur

The issue was shillings, rentes) of $135 billion is DR £3,500,000

applleations Alden Inc. Acy. nearly gravated by

nis much amounted to £9,000,000. Once Ailled Mus Inc. again of near-money-the $120 again the market showed there Allis Chalmers billon of U.S. Treasury debt is a big demand for high class Am. Brake S due or payable within a year fixed interest industrial stocks. American Airline not to mention the $500 million of supposedly long-term debt that the U.S. Treasury has

the past monetlsed in

month alone.

If this kind of thing is to go

dollar

cannot (generally on, the

ge

on

The U.S. sill has more than half of all the world's gold. If it had the lot, it is not easy to 1000 * 17.0

GOU 17.10 have a scarcity of an overvalued 300 1720

and distrusted currency, 10:30 11:20

Outside 15.6 15 2000 / 15.70

those 1000 or 1580 leftist)- national and Internation- being respected,

profes- al bodies which have a

First National City Bank re- sional Interest in foreseeing a calls a letter by May 1921 from dollar famine, one ventures to Montagu Norman to the then doubt whelber many intelligent President of the New York Fed, Benjamin Strong: "So long as a people torcsce it.

Government has directly or in- directly a large oating debt, I wonder if any system can leave the central bank of that country affairs really free to manage from a purely financial stand- point."-China Mail Special

Dividend

Access to the two-burth stage

The Soviet zonę statement will be by a forked approach seid that the "ruthless construc- Jelly, carrying roadway, fontway tion of the Elbe river storage and pipelines ranging in size

dam at Geethabt implies a from 1 to 30 inches diameter. danger of loods to Soviel zone The oil will be pumped by this territory using custly, building pumps through the pipelines into work estimated

50 TLDM balance tanks on nearby reclaim-4 million, which the Federal Re- ed land, and then by short public will have to pay?"

Stanlow pumps to

refinery, Simultaneous discharge of two "It is pointed out in Bonn, that

will be possible, | under ataformationol Inew supertankers

the allowing up to 150,000 tons of River Elbe is an internationalised previously. China Mall Special. oil to lie discharged daily. In river, which means that no tall¶ full operation, the Tranmere ter- may be levied.

Amphibious "Copter

Omas de sibbon mult

London, July 23. The Imperial Tobacco Com- pany has announced an Interim dividend of 8 per cent, less

, which

13 was the same

A survey of the US. gold out- flow by the Bankers Trust comes down heavily against taking it too seriously or expecting a rise in the dollar price of gold.

But it adds that the postwar

the position in which

dollar

COMMODITY PRICES

FOREIGN DACHLANGE

LONDON

Closing rates were:

New York Montrent

Antardam Dround

Copenhageit

Frankfurt

Parta

unchanged,

י

210-5.10-2.802%

2.88-16/10-2.60-1/16

133841-10.50%

139.00-189.10

10.34%

41.0734-11.67);

BU.30-10.50

10 90-10.90 11732-1374

Milan, Steckholm, Vientia, Zurich

NEW YORK

Foreign Exchange rates in U.S. dollars or cents per unit: 1

No. 1 rubber per ib Aug. 31%

Sept.

No. 2 rubber per ib Aug.

No. <

No. 3

Spot unbated

Blanket crepe

LONDON

201

Anci

Allied Chemienis

American Cable & Radio Core, American Cyanamid Co Westem Hemisphere oils were amar, & Form. Power severely hit for a change tom. han de kleetris day following the news of them. Home and

Am. Mach. & Fdry. crisis in the military junta gov- American Metal crament of Venezuela. Shell American Smelting dipped 3d but recovered to Am Sugar Bet.

Anorton The Tel close threepence down, Ultra-American TOD. "B" mar was down ninepence. Anaconda Copper Middle East olis were firma and Amour ---- British Petroleum started the day firmly 1/6 up then weakened but closed 10 up, Burma rose threepence.-U.P.I.

Chicago Grain Prices

Chicago, July 29. Prices per bushel in eenta: Wheat No 2 red

KE

1347% nom

Spot

1891

Sep, 2008 1884(L) 1807-94 Dec.

1043

01%

SAO PAULO

Маг

May

1972

0015

Closing prices were:

Corn No 2 yellow

Oct.

46.00

Spol.

Dec.

47.20

Bep!

Mar

47.70

Dec.

1201 1233-1

8112

May

65

2215

July

In the United States the average price of one-inch collot

unquoted unquoted

Mar.

177-

Dec., new

1243

Mar.

120*

May

130-

No. 1 pale crepu

The rubber market was quiet at 14 designated spol markels Rye

Bept,

with spot at 234 pence per lb. was not available today. Prices:

Total sales_at_these" markets: No. 1 Rus, spat...

204,236 10,277 boles.-U.P.1.

Settlement House term:

Brot

SUCAR

231

General markets, cit dans, pork:

AUR

OR/Dec.

Jan./Mar.

Apr./Juke JYRK

Aur

Sept

Estale CVDO

Phin

Aug.

Sept.

thick

AUR

Sept.

120-14 $3316

12-2022

Dec.

Osta

Sept.

Dec.

0471-72 0311

Soybeans No 2 yellow

Spot

13172 $108)

Sept.

229-2287;

Μόν

Jurs,

Mar.

3304% ZAJT

MAY

2351

Barley,

spot

110-120 tum

200-lb rack

Alina Cona, Mining Baldwin-Lima«ttom. Baltimore Se Colo Beneicial Finance

Beadz Aviation Corp.

#enguet Corsai Bethlehem Steel Iking Airplane Harden The Co Burrougher Add Machine Calif, Packinut Corn.

| Caiapbell Soup Co.

Canadian Pariße R. Case (J, 1.) Co. Cal Tractor Celanene

$ 30% Union Paclite Radway

Undled Alrerant

395 United Gas Core).

US. Fall "*

US. Ospam

20

30

20% Us, Line Co

U.S. Rubber

60

UA. Smelung

139

UB. Steel...

443

2001

Warner Bros.

Westinghouse Air Broke

Westinghouse Electric Western Union Tel. Weal Va. Pulp & Paper 30 Woolworth

म

4635

Exchange Rates

Bushes WAR

done in the local this exchange market morning at the following Tales:-

unofficial

UR. dollar (per $1)

3 | Bterling notes (per 212.

4316

10-1

18

CIT. Financlas n

| Chrysler Motors Cluett Peabody Culemblers Carbon Co. Commercial Credit Commonwealth Elec. Consolidated Edison Continental Oll of Del. Cutan Amer. Sugar Diamond AIKA Dland Match Co. Doutins Aireraft Doy Cheinlætir Dupont de Nemours Eastman Kodak

El Paso National Ga Family Finance Corp.

Flesions Tyre & Rubber Ford Moler ..... General Circtric

General Foods

General Motors Gen. Pub, UNI. den. Tyre & Hubber Goodrich (1. r.) Co. Goodyear Tyre Grumman Aireran Gulf Ou

Heyden Newport Corp. Homestake Mining Co. Blend Steel Co. International Corp. Int Business MachineD Inil Harvester, pose Internationat Nickel International Paper 'Int'l Tel & Tel

**

Australian notes (per &U

Indonesian rupiai per inú Sism tical (par 100) Singapore (Sten(l)...

Interim

London, July 23, The British Oxygen has an- nounced an interim dividend of four per cent, which was the came as previously.

2014

O

The dividend will be payable"

or after September 23,--

1195 China Mall Special,

1104

1934

3001

The U.8. “Navy's first, huļt- type amphibious hallcopter, called, the HUP-2 Beadopter, had a domonatestion 'tanding during hydrodynamic avalus- tion at the U‚5. Naval Air Test Centrs, Patuxent River, Mary- land.

A standard HUP-2 hellcop- ter was modified to become the first water-borne helicopter.. The amphibious exacopters will have added capabilities on water or land, and aṛe'oxpocted to Improve safety, factors In Em népects of at-sen opera. tions, including plane guarding

In carrier scori ́and' anti- submarino warfare.

Modifications features on the Beacopter include a reinforced hull bottom, all-metal, outrig ger ficate, and à re-ducted engine cooling air system.

Top picture shows the Ben- copter making a low.spood water landing during: the

demonstration.

(Bottom);, Rising from the water, the "Goxcoptar, hovers after completing a demonstras. tion of low-speed water land- Ing Kayakoria.

Canada

England!

"

30-day futures

90-day futures

2.8036 2.77-111/70 1,701

Australia

New Zealand

Bouth Africa

Holland

$2103

Pakistan

2103

Others unchanged.

-ZURICH

Closing rates in franes;

4.284

Jndia

Dollars

Egyptian pound

RUBBER

Rex

NEW YORK

rubber futures today closed 30 points higher to 15 points lower. Prices closedTMas fullows:

July

Begit

Nov.

Jan.

Mar.

May

July

י,

AMSTERDAM

26% sellers 2015 eller

2316 Nom

unquated

The rubber market was quiet with quotations unchanged since yesterday-U.B.I.

COTTON

NEW YORK

Prices of cotton future cipsed at:

Oct: 3082; Deo: 30.75; Mar: 37.11b: May: 38: July: 30.41: Oct; 2010; Dec: 36.79.

**NEW ORLEANS

Future prices closed at:

OCE 30.30 Dee: 3.71b; Mar; 2001 May: 73h: July: 30.47b; Oct 3481; Dec: 3400b.

LIVERPOOL

Cotton, future closings in pence por b were as follows:

American Contract

New York, July 23. World No 4 sugar futures to- day closed two to four points higher on sales of 459 contracts.

Domestic No G sugar futurco closed unchanged on no sales.

Contract No 4 (world)

New York flour,

The E-its better health

STERLING BALANCES

Sept.

3.50-81

Oot

9.00

Mar

38

May

3.30b

3600

July

3.41

Beyl

1500

Oct,

Spot (3.52 cents = pound fob Cuba)

-open Interest 0,98) contracta.

Contract No 6 (domestic)

3400

Sept.

6.600

|3300]

Nov.

3.700

Mar.

£Million

5.150

|3200

Total sales, none.

Spol price 6.50 cents per pound cit NY ex duty

Open interest 2,100 contracts-U.P.I.

900

800

700 600L

METALS

LONDON

The in market closed sitady today. Prices of metals closed in sterling per long ton as follows: Buyer Ballers

TUL-Qol

26.25

20.33

20.20

21.00

July/Aug.

24.00

27.03

Oct/Nov

25.35

$7,00

Dee/Jan.

23.30

27.70

Mar/Apr.

23.TO

May/June

26.12

July/Aug:

25.00

731

Mixed Contract

F-month

Copper

13.00

S-mon

204

734

30014

Ockle.

Lead and hair July.

Dao/Jan.

Mar/Apr.

Zine 2nd half July

May/June

26.30

July/Aug

SINGAPORE The market was higher at |opching" on baltor, overseas ad- vices and quiet until late morni ing when nows of possible agree-

ment on ouroft talks brought Ligaldation

|1000-GOLD and DOLLAR

RESERVES

DEC 1956 HAR 1997. JUN 1957 SEP 1957

DEC 1937

MAR 1958

We are now at the time of year.when the Paund feels seasonal strains. Buying of dollar raw materials Is at its highest point. This year, however, the Pound is strongly placed. Braides the rise in our gold reserves, the sterling balances have been falling. So overseas countries have fewer Pounds for switch.

ing into dollars to meet seasonal needs..

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to

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Hong Kang

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