1958-07-30 — Page 9

TRANSPORTATION

British-Made Lifeboat

1

Has Best

Best Features Of Self-Righting Boat

A

NEW Perkins-powered lifeboat now on a tour of lifeboat stations on Britain's East Coast is the result of five years design work by the National Life-boat Institution,

The 37. Etcboat han just | After capsizing both cockpit aro been completed by

William completely drained of water in

10 seconds.

The

THE CHINA MAIL, WEDNESDAY, JULY 30, 1958. ''

Pago 9

One-Third Cut In Embargo List?

THE OIL SHARE-OUT

KUWAIT

Oil Producers HONGKONG

Expected To

Weather Storm

New York, July 29.

STOCK EXCHANGE

Our Own Correspondent,

Business dono ́ on the Hook- kong Stock

Exchang this morning amounted proximately $410,000. Noon quotations and the morning's transactions were:

up-

Shares Buyers Beller Bajcz

A Harvard University study of the Middle Eastern oil industry disclosed confidence today that Western oil producers have shown enough adaptability in the past to weather Bank XD 76715 troubles still in store for them in that area.

British

USA

PERSIASE

50% 50%

Brilish

40% British/Dutch 14%

French U.S.A.

6%

41%

IRAQ ASEA

British 23-75% British/Dutch 23-75%

drains

soon as the boat, la

Franch

USA.

23-75% 23.75%

The study, by David Finnie, its determination lawyer, was published by the Jarred again." Harvard University Pross In book form as "Desert Enter

release originally in prise," for August, but was put on the nurket right away in view of the Middle Eastern crisis,

|

Private Interest 11%

ESAUDI ARABIA

tank, the Perkins

Osborne Lid.. at Littlefumpion and is the first of a new type in.

ballast Water tended for use at 10 slutions where bonte are launched after placed beneath being transported over a beach. engines, filin automatically in There are larger types of life-bou! 20 seconds and

boat the service of the Royal Nalical Life-bemt Institution,

but these are normally launched

down slipways ou lie afloat in tharbours.

INCORPORATING

away an ashore,

Japan To Send Ship

Costing approximately £23- Officers To Indonesia

400 the mess febt weighs 9.12 toas and is a self-righting bout incorporating the best features of existing self-righting and non-self-righting types. Shel is driven by twin Perkins Pi (M) marine diesel engines, ench 2000 at developing 43 Wilp. rpm, with 2:1 reduction gears, giving a speed of eight knots and a range of 110 nautical miles.

Terla

Kobe, July 29. JAPAN is preparing to send 81 ship officers to Indo-

under nexia

the Japan- Indonesia reparations agree- ment, it was reported today

A Japanese shipping offcial......... Geozo Kitamura, director of the Kyosei Shipping Company of Kobe, New from Tokyo on Mon- day for Indonesia to discuss the plan.

With a beam of 11.6 feet and carrying 1 tous of walur ballast

the new lifeboat is claimed to have greater stability than previous types. showed that the new des NINE VESSELS could not be capsized when a 13 ft. wave broke on the beam, - wheroos the model of a Liver- pool type boat capsized eleven times in twenty tests.

The ship officers and nine vessels are to be sent to Indonesia under the reparations agreement. One captains, three offlers, three en- gineers and two wireless oper- tors would rail aboard each of the nine vessels,

Further tests revealed that the Wieboat

right can

herself quickly after capsizing. The self-

The first of the salps To be of the now righting quality design is caused by the speedy tumed over to Indonesia-the taunster of most of the 14 tons 2,541-ion Selho Maru-is che- a righting duled to be completed in Sep- of water ballast into

vessels ure tank on the port ckle. The water tember, Ali nine

two trunks in expected to be delivered to in- passes through

which donesia by the end of November. the lifeboat is --U.P.I.

which there are valves

operate when

heeled over at an angle of about

110 degrees.

SIX SECONDS

When the boat is capsized to starboard it normally takes six seconds for her to reach the up- right posion from the encerent when who has Leen bottom up.

If the bont alaris to turn over to port, the hunsfer of water be- gin just before the point when she would otherwise capsize and prevents her turning completely

over.

The new lifeboat is fitted with two cockpils with side cases.

|

| AIR RESUMPTION

The

Singapore, July 20.

Emplro JANTAS

Airwaye QANEA

British Overseas i Airways Corporation annoiicca today that they would their-live-day a work services to Djukiria from July 31.

Fesune

The two comjanies stopped Dying Djakārta when the Inceston Government restrict. ed når se over the capitat at the height of Alu! recent rebellion-Reuter,

U.S.A. 100%

BAHRAIN

U.S.A.

100%

This table gives a break- down of the ownership of Mid-East oil.

Adaptability

"The (Western) oil companies have been

kung In the ITCH enough to became acquainted with its

incrcurial proud and spirit.so tor they have suc etcded well in meeting the chal- lenges of conilnuing change. In a sense the keystone of their success has been their adapt- ubility and it would be a dour prophet, indeed, who assumed that they would suddenly be come less adaptable than they

past," have been in the eluded the survey.

con-

"The Industry has been badly Jarred once at Abadan, Perhaps the best omen for the future is

MIDDLE EAST

OIL HAS

KEPT FLOW

By SYDNEY CAMPELL

London, July 29.

The markets have been hailing the easing of international tension. Instead of exploding, the Middle East has been minding its business of selling oil.

..

not to be so

Finnie's book Hals in detail the various companies and con. cesklons and their histories. In conclusion he ists the following possible future developments:

BANGS

East Asia INSURANCES

200

2771

Unton 31 75 200 74

Lombarc

SHIPPING

Wheelocks

д 6.05 3,000 0.30 3,000 0.03

DOCKA, ETC. Dock .... 41.78 Provident 11.30 11.20 LAND, ETC.

Hotel

Quantitative List May Be Scrapped

By ROBERT BELLAMY

London,, July 29, A reduction of about 30 per cent in the Western embargo on exports to Communist countries is expected to be announced by the British Government tomorrow on Wednesday in both Houses of the Commons and the Lords, it is learned from reliable sources.

no

are

This means that the number of Bul British industrialisis emy on the banned Ust will be known to have strongly pressed brought down from 450 to 300, the Government against the Ban,

However,

detailed an- This is because electronics pro nouncement will be made on the on top of China's purchasing 21.90 Various items to be freed from programme from Western coun-

the embargo before another two | tries.

21.80 22.10 500 a 22

1,000

13216

1.40 1.00

K Land Humphreys

10.30 15.00

Realty X.A NUBUER

Trust

Oil may be discovered in large quantities in areas closer to the major consuming marketa,

notably in North Amalg. Africa, This would elimingio (A. Tawah .. the costly Suez Canal trandiSungula and hazardous pipelines, Buch UTILITIES

Tram... a development could “remalt fu

[Star Ferry a lessening demand for Middle Youmall East crude, Government re- venues would decline: political consequences are ablo."

1.45 1.67 0.000 1.475

wooks at least. This is because

of last minuto bitches within To Be Freed

Nato consultative group

the

better known as "Cocom" where

Other important items to be American representatives bave freed completely or partially in- been opposing the freeing of a clude: certain number of goods propos

other

1.03 1.70 1.000 or 1.05

1.00

1.85

1,200 150

2040 20.70

12

500 a 26.10

110

121

200941

ed

1000

hi

100 138

50 01:05

by France and

European countries after several

c. Light ... 17.40 17.10 3,400 62 17.70 months of discussion in Paris,

Mectric 27.40 27.00 2,000 17,50

unpredict

★

In the Middle East itse][ there are already signs of chinks in the 50-50 profi-

Telephone

Dairy

Banned List

300 $7,00

1,300 27.0

500

27.50

500 til 27.00

- 23.30 23.00

100 or 23.90 G00

25.50

the

24

17.40 17.70 1,000 17 10.80 11.20 1,400 7 11 500 11

countries is permitted

imited qualities

with the banned li

sharing system. "A frend such | INDUSTRIALS as this would have at least one Cement 2200 predictable result; the oil of STORES, ETC. ine Middle East is desirable in

Waterart world markets to the extent that it is unusually inexpen- sive; higher government taxes would make li lema ko."

There are bound to bo

*

further political changes in the Middle East. "The foll companies have thrived ander * Gaterally nurtured vialus quo the trend i whether toward increasing nationalism or Communist domination-or both the oil companies are going to have new (and pro- ably more difficult) poitles) conditions to live with,"

In the long run there is the possibility That

oil encounter **STLAY

competition alternative sources of power" such as atomie energy which may some day put oil

from

ba a position

of coal, today."

similar to that

Determined

The survey concludes, however, that despite there possibilities the Middle East Is far from finished es the focus of the world's oil industry. "American and other Western companies are determined to protect a very bad economic Ind political considerable stake in (1 pro news, will do better or vetable enterprise." he well-op

any good news,

the

It remains to be seen whether Sfar as is known, violent political uplicavat in some markets, notably Wall Iraq did not stop the flow of Street, which have stood up to Iraq oli, kt alone of all Middie Eastern nil, by an hour or barrel.

a

Sterling and the stock changes stood up well to the initial shook, swud have done better in its sequel,

COMMODITY PRICES

FOREIGN DXCHANGI

LONDON

Closing rates were:

New York

Montreal Amsterdam

Brussels Copenhagen Frankfurt

Linbon

Aritan

Part Blockhol

Zurich

Oslo

and

U.P.I.

Vietna

ZURICH

2.00-7/10 2.00

2.00-2.09-7/10

10.35%-10.00T 139.0246-139.03

19.394-103251 11.07-11.07

50.35-80.50 17304-1737 117496-237425 14.4136-14419 12.1911-13.103

unchanged. --

Closing rates in trans:

Doltara

Egyptian pounda

4.283 3.60

New York Foreign Exchange rates were not received today.-- U.P.I.

RUBBER

NEW YORK

rubbor futures

today Rex closed 20 to 30 points higher on sales of four lots. Prices eloved

as follows:

July

Bert

Nov.

Mar.

May

Ju

SINGAPORE

Closing rubber prices:

No. 1 rubber per lb.

Aug.

DIAL

Sept.

111 E

No. 2 rubber per

Avg.

AUK

0016

No. 3 rubber per 1b.

157

7812

per

70

21

014

€

મા

222!

No. 4 rubber per

Aug.

Spot unbeled

Blanket crepe

No.1 pale crepɑ ...... 90

AMSTERDAM

METALS

LONDON

The study offers this parting above all any news of aneas advice to oil companies destrous ex-ing or ending; of the cold war of rehleving political harmony Sone such developments with any goverment of a Middle may be indicated by Moscow's Eastern country: advocacy of a prosperity instead of a suicide pact and by the Communist cump's stated desire and evident need for dollar credits.

The tin markat was idle today. Prices of metajs closed in sterling

follows: per long ton

pact-

the

The

"Constant emphasis on company's political independence of its mother

country. study recognises that such a course "would doubtless ba grecicd with scepticism or hosti-

In itself, an cusing of the lty born of long Acquaintance

cold.

the

alliance

between

J. Cra... 15.09 20 COTTONS Kanyang INVESTMENTS

Allied ... ... ... -

7 1,000 7.40

4.53

Exchange Rates-

DX-

Ships of a greater speed than hitherio allowed. Most metals In- cluding copper with the excop- tion of rare metals Guch La titanium, molydenum and uranium. Machinery of all kinds with the exception of very heavy plant.

be

It is believed that the 50- called "quantitative list" that is

list

Copper could of goods the

exported port of which to Communist hitherto only in wire form. But only in there is now a glut of the metal in the West where since 1050 the whil pletely disappear and be merged price has tumbled by more then half, Russin is known to be in- terested in copper ingots Ard rude.

com-

There is no indilention as to what will happen to the "watch

Ilst'

there

The ban of these goods al- (Free exports which have ways puzzled Western Indus- to be watched) detalls of which | triilists as they have only have never been published, very remote bearing on strategie -It-is-almost certain that trial circles

considerations. In Brillsh_indus.

are already machine tools of all kinds will signs that the relaxation to be be completey freed. - There is a

announced Will not be question mark about electronle consisacred as sumelent and that 5.32 foods.

Within Cocom, British the campaign to obtain the 14,00 Government representatives were abolition of the whole embargo 12.53 not very kven to obtain the re-to the exclusion of arms and

4.00

moval of these goods from the ammunition will go on unabaled, 180 banned list,

fil

Bunizem was done in the local unofficial exchange market morning at the following rates:- U.. doliar (per $1) ... Sterling notes (per 1 Australian notes (per 21 Bidonein Tupial: (per 10 Blani tea! (per 100) Singapore (Stralis)

20.05

-France-Presse.

PROFIT-TAKING OF

FAVOURITES

ON WALL STREET

New York, July 29.

Traders in stocks today sold some of the recent favourities to take their profits and bought into such issues as the camera stocks, selected chemicals, and drugs. The overall result was a small decline in the leading groups which yester-

day had been carried to new highs for about a year.

Volume declined

although a

Sperry Rand the

we would be the thout with heartening And constructiveWestern, and especially British, long 1st produced sizable sales thing imaginable peace is the political and business interests la totals with

the Middle East."-U.P.I. foundation of prosperity.

UNTHINKABLE

But in the short run It would

for not necessarily be bullikl thaso Wall Street and other markets that have been boosfel by

and defence

At the least there might be awkward transition or re-

War

pares

spending.

Buyers Sellers |

Тип прав

7304

· 731 |

The rubber markel was Prices were as follows:

quiet.

J-moath

73415

735

An

Copper sp

20515

20535

3-month

and

No. I

224

71

No,

231

açi... 723

No.

2.05

Zine 2nd half July

..

Crope No. 2

2.50

없었어

.+

The London rubber market quotations were not received today.-UP.I.

COTTON

NEW YORK~.

Palcvs-ni vólton futures closed today as follows:

Spot: 3.45 nem! Oct: 30.23; Der: 34.00-8 Mar: 30.06: May: 30.01 July: 35.63; Oct: 33.40; Dec: 33.11.

NEW ORLEANS

Prices of cotton fatures closed; today as follows:

Deo

Spol: 35.10; Oct: 34.236: 30.63; Mar: 36.03; May: 50.70b; July: 38.63 Det: 33.41; Dee: 33,41.

SAO PAULO

Lead 2nd halt July

NEW YORK

215-1 conversion, which could not be 715 | greatly eased by any feasible 12xpansion of East-West trade.

6424

05

Prizes of metal futures closed today in cents per lb. as follows:

Lesd July

At a time when the United States budget is running a de- fcit of more than ten Don dollars and is expected to re- main in heavy deficit for years, It is unthinkable that Congress would aggravate the defcil by enlarging the defence expend!- baru meraly for make-work or

SLUMP IN LONDON MARKET

London, July 29.

lender.

Eastman Kodais stood out as R strong spot in the major in dustrial group. Another camera Issue to luke the buyers' fancy wag Bell, and Howel, which al By high was up more than two points.

Parke Davis

Anaconda Copper Arco Steel Annour

Atlas Cans, Mining. Baldwin-Lima-lam, Baltimore & Onio Demeltetal Finance. Bendix Aviation Corp. Benguet Cons Bethlehem Stoel Boeing Airplane Borden (The) Co

Burnugha Add Machine

Calit. Packing Corp. Campbell Boup Co. Canadian Paclio N. Cove (1. 1.3 Co. Cat. Fructor Celonese Corp.. Davis to more than CIT. Financial Corp. Parke three and Pilzer two points in Chrysler Motors

494 | Monsanta Chemical ĐỎ,

174% Montaumery Ward

17

10

Motorola Ine.

National Blaeuit Co.

14 National Cash Reg. "A"

35% National Doury Prod.

24

National tead...

57% National Steel Corp.

Now York Central

Norfolk & Western By

41 North Amer. Aviation ..

TO

North-west Airlines (Com.)

334 Olin Mathieson

47 Oil Elevator

432 Owen-Illaois Glass

2014 Oxford Paper Co.

20% Pacific das & Elec....

74

Pan American Airways

17% Paramount Pictures

53 Parke Davis Co.

40

0115 Penny J. C. Ca.

Pens. Galt Co.

03

Philip Morris

Colombian Carbon Co.

42

| Procter & Gamble Cv.

53

30

Pubitcker Industries

24

Stock markets slumped to- the drugs. Katy Railroad gain-Cluett Peabody

than five. North Calzata-Palmolive Co. day on hearing the warned more

American Aviation and Gen-commercial Credit ing given yesterday by Sir eral Dynamics were strong and Commonwealth Elec. David Eccles, the Prasid active in the aircrafts. Good Consolidated Bullkon ent of the Board of Trade, gains appeared in motor pro- Crown Zellerunch to the Deec Council of duets, possible imponding reper- dated Electrodynamics, Pennsall Plamond Alkall cussions of the United and Lily Tulip: States recession.

Kennecott lost more than two points in the coppers.

Enstera Prices were all marked lower, Stainless Steel veutened

in further uncertainties s section. by

unquoted | make-boom purposes If the too,

ungusled need for additional defence had about a summit conference and

Mall the approaching holiday

stricted interest and business.

Sept.

Zirc July

10.000 10,001 9431

Sept,

8.035

Copper July

25,930

Soph

20,076

Tin (Standard) July

Sept.

I'm

(Bali) July Sept.

.00

-U.P.I.

03.00 clearly passed.-China

Special.

TO RAISE VALUE

OF CURRENCY

SUGAR

New York, July 20.

World No. 4 sugar futures to-

lower on

SMALL SELLING

Glits receded again on small the morning but selling in rallied later. Nevertheless losses oth or so were general on the day.

Continental Oil of Del.

Interchemical, Consoli- Cuban Amer. Sugar

Diamond Match Co. Douglas Atreyalı Dow Chemiesla .... Dupont de Nemours Eastern Airline Bestinan Kodak

El Paso National, Gas Faially Finance Cory, Firestone Tyre & Rubber Ford Motor

Of a total 1,218. Issues traded,

General Elertrie 422 were higher, 537 lower, with General Foods 153 new highs, three new lows. General Motors

Gen. Pub. L. Now York Stock Exchange Catty oll

Den, Tyre & Rubber volume 3,310,000 shares.

Glidden Co. Goodrich . .1 Co. New York Stock Exchange Goodyear Tyre bond volume $1,270,000.

Grumman Alroraft Cut Ou

American Stock Exchange Heydan Newport Corp. volume 910,000 shares,

Closing Prices

American Airline

Foreign bonds and ralls were Cairo, July 20,

Gains predominated The United Arab Republle an- neglected. day closed unchanged to four points lower on sales of 698 connounced today it is taking raca in transatlantle stocks following close tracts,

Alden Ino. Any, sures to raise the value pite Wall Street's Irregular

overnight.

Allied Chemicals Domestic No. 6 sugar futures currency abroad.

A communiqué

No decided trend developed in Alled Mille Inc. from (finished two points

the

which generally Allis Chalmers.... Ministry of Trade and Economy Industrials Bales of 43 conitacis, Prices of cotton futures élosed;

Contract No. 4 (world) uld the value of Egyption car-were very quiet. Most of the Amt. Drake Shoe today as follows:

Sopt: 349; Oct: 350; Mart 3309; reney han dropped in comparison miscellaneous leaders recorded. Am. Cable & Radio Com.

American Cyanamid Co. Aug: 14.80; Out: unquoted; Dre: Muy: dazu: Julyi Jadi Sent: 3306%, with its “real value" and off-small declines. 45.50; Mar: 47.80; May: 47.86; July | Oet: 3.38b.

Gold shares inclined easier Amen & Yorgn. Power requal,

Spot after 3.48 wato per th, fub clal currency exchange rates.

adopted measures, Cuba. Open Milonost 8,991 vontracts,

to and coppers hardened Other Am. Casa Eiretrie

Am. Heine Prod, take effect on August 1st, are in base metals were Uttic changed. A. Mach. & dry Sept: 3,7h: Nov, 5.376: Mart Bas: į tended to reduce the miñount of

Olls were down with invest» | American Metal

Am. Burghe Bet. 34.80. Total sales: 14,780 bales. NY -duty. Open

spot price 2.70 cents per 1. et Egyptian bank notes abroad by ment interent held in check by American Smelting

back here, the continued uncertainty in the American Tel & cl Intecost 2,155 funneling them -U.P.I.

contraste, ifEL.

Middle East, U.P.I.

American Tob. m

27.00

27,500

27.CO

27/036

21.306

In the United States the aver- agu price of one-inch cotton at 14 designated spol markets won May: 0.01.

· Contract No. 8 (domenile),

The

U.P.I.

60

Pittsburgh Plate Glam

Pure Olt ..***** Radio Corporation

Radio Corp. Pret. Republic Steel

Reynolds Metal

Bears, Roebuck & Co.

azy Bhall Ol Co.

115

61

Baint Reg. Paper

Sinclair O

Socory Mobile]

Sotar "Alteruit

South Puerto Iiteo Sugar Southern Co. (Tha) – Bouthern National Gar Bouthern Railway (Com.) Standard Brands

431 Standard Oil of Cat Standard Out of Ind. Blanderd O1 DENJ, Stoep Rock (Toronto Eg Sterilang Drug Co. glokety-Van_Camp Studebaker-Packard Corp.

102

Büngline Mining

Bwin & Co.

Texnt Co

Textron Live.

Tide Water Aƒ, Öll

2014

Homople Runlar cũ. Tregorooli-Hand Jeland Steel C Interchemical Corp.

Date

201

Time Inc

308

01

Pula Busines Mačilnen

mti prvestor..... 10 international Nickel International Exper

20k In12 Tel & Tel

Jolin-Manville Co.

er Industry

21% Canik C. Power & Light

Keanerett Copper

332

401 Exts Meyers Tou. Co

Lockheed Alteraft 1.5. 30

Loows Incorp.

1001 Lane Biar Cement Cu

34 Laweturtotes & Bonu,

eDonnell Alecraft

Block Exge.) 334) | MENDE Iron Corp. 210044 | Minnesota Minkig

Mumion Development

Twentieth Century

Unior Carbide

Tox Fila

Union Oil of Ch). Union Pacific Railway

1031 United Aircraft

3812 United das corp.

433 34.8. Pil "A"

aat | fra, Rubber

21h 18. Smelting

1978. Elesi

10US Bles 7 PE. PR

3511

IA

(Am.

Warner firos

Westinghouse, Air Brake-

| Westinghouse Kleotele

33 Western Union Tel. Co.

Wei Va, Puip de Paper Woolworth