1958-08-05 — Page 9

IF

THE CHINA MAIL,

TUESDAY, AUGUST 5, 1958.7

COMMONWEALTH

RANSPORTATION HONGKONG

Curtain Of Bubbles Under The Ocean

Tames Heavy Sea

By CEORGE HOGAN

STOCK EXCHANGE

Our Own Correspondent

Scheme For

Common Market

Within

Area

From RONALD BOXALL

London, Aug. 4.

Business done on the Hong A plan was published last week which could have as

kong Stock Exchange this week amounted lo approximately $320,000, Noon quotations and the morning's transaellons were;

Buyers Selters

8-re-

DANKS

JC Bank

XD

tinken

an experiment being tried out at Dover is successful the need to provide huge and expensive Mulberry Harbours for large scale landings in war will

be almost completely sURANCES eliminated. The name for the new kind of port Lombard could easily be Bubble Haven for the "walls" of SHIPPING the refuge are merely curtains of bubbles rising from pipelines under the sea.

the

Wheelock

pots, re

Dork

LAND. ETC.

Provident

Balco

77%

700 20 1700

much importance in the next 25 years of Com- monwealth trade as the Ottawa agreements of 1932 have had over the past quarter of a cen- tury.

Para g

TRADE

COPPERS SOAR TO NEW HIGHS ON WALL STREET

New York, Aug. 4.

Copper stocks soared today when Kennecott Copper Corpora- tion announced that it was increasing its work week to five days from four days at its four mines in Utah, Nevada, Arizona and New Mexico.

Quit on

Heydon Newport Corp. fomentake Mining Co. Ingersoll-and

Thin Steel Co. Interchemical Corp.

International Paper Int'l Tel Tel...

111 Pittsburgh Plate Glass

134 Publickor Industries

404 Pure ONL

300

Radio Corporation

0115 Radio Corp. Pref.

Republic Steel

Reynuids Metal

30% Sean Hoebuck & Co.

Sol Oll 'Co.

Heint log. 1'oper

451

Int'l Business Machines Int Harvester .... Intealinnal Nickst

570

24

2041

3051 Sinclair Ou

45

Bocony Moultoll

Kolar | Aircraft

South Puerto Rico Sugar

Pa

72

Kennecolt ran up more than four points, Olher coppers ruse two to more than three points, from foreign

Aluminium Issues galood sharp- The plan envisages the switch her importa of £300 miltion of Volted Commonwealth countries. Thely, und steel shares were strong.

out detailed

haye pro All these metals

been 150 Kingito Imports to Common- report rets

Malo wealth sources, b scheme to posals for doing this.

raised in price, a factor in the stabilise commodity prices and lems in the list of commodities markol for their stocks. now institutions for Common- that could be "swiched" are: foreisn veal (from

Top-ranking industrials John-Manville Co. wealth development and econo- beet and

Kaiser Industry ... industrial Kannas C. Power & Light ll he mie co-operation.

sources to Australia and New spurted lo The men behind the plan are Zealand); butter (to Austruiin average to a new high for more

year. American Tele-Laget Meyers Tob. Co. and New Zealand) £20 million: then a handful of influential back wheat (to Canada and Austra-phono, Chrysler, Union Carbide, Du bench Conservative MP: who in) £46 million; sugar (to the call themselves the Expanding West Indies, Australia, Commonwealth Group Their South Africa) £30 million; wood West proposals have been sent

(to Canada, and cork Prime Ministers of all countries Africa, And

38 Malaya) Commonwealth attending the

million. economie conference at Montreal

00024

045 0.10

42

4J

I Hotel. RC Land Realty X All

Amali

11.90 12.10

21.0

32 1.43

1.55 1,470 1b00n 1

15000

155 155

5000 6135752

1050 155

A. Tawah..

1.00 1.075

115

261 26 70

RUBHER OF THE

RETURN hardly ARGOSY IN UK

and

Compressed air feeds tough plastic piper and special) distributors anchored to

and swift ensure seabed ecomunicaf di-versal of air. The of bubbler is eurlain discible on the surluce yet is sufficiently reduce the height of waves by one-half ani their destructive striking power by one-quarter, The result in to reduce a heavy sea to light and dangerous one.

PNEUMATIC

AL

effective to

Dover the preunatle like breakwater is positionel

En invisible gate across the en-

france 10 the inner barbour fem Admiralty Pier

to Prince

of Wales Pier, with a battery of air compre:zort set up on the former. It consists of two lines of distributors approximately 100 feet apart, each of which

TIN!

Sunguta

UTILITIES

Tram Star Ferry Youmall

THE namo Argosy is com- ing back into British civil aviation. Armstrong-c. Ligh Whitworth Aircraft has de-

Electric cided that is to be the name | Tel." for the A.W. 650 turbo-prop Freightercoach

113 114

17 37.70

27.40 27.00

25 300

**60

200 20.00 in September,

100 05 00017.GO 2000 v 17.GU 4100 or 27

100 25 50

200 25.80

Proportion

Lo

favour of the could be

and

America Smelting and Pont were the stars.

Aneta Mining Mission Development

Bothern Co. (The

Bouthern National Gra

Standard Brandy

Standard Oll of CA,

Standard Où of End, ...

To Steep Rock (Toronto Exg)

Sterling Drug Co. Stokely-Van Camp.

Keanecott Couper..

Lärktera Aircraft Loews Incorp, ............. Lone Star Cement Co. Lowenstein & Son,..

McDonnell Alterat

(Am.

Suck Exgo.)_ .................. Menalit ruiz Corp.

brought

360

Mornetto Chemical Co. Morizomery Ward Motoruln Ine.

利

40

National Cash Reg." "A"

672

101

JEL

1m

2013

National Biscuit Co

Dairy Prod.

framework of GATT under the top at 184 and at la best was Notices

up two points, Du

Pont rosc

Investment Invertment demand Fume

of the dorp gains into This diversion of trade in bluest of the

bloods. bluc Commonwealth American Telephone set a new

the achieved within

dealing with counter- The report of the group's section economie committee points out measures against subsidized ex- Reelprocal, mys the ex- ports. DOO 23.06 that Britain's Imports and

the Commonwealth ports to other Commonwealth report,

themselves reuntries as a proportion of her should

this section of total imports and exports have powers under 300 17% been steadily declining over the GATT for taking action against that are past few years. The Common- manufactured goods

Commonwealth at wealth's share in world trado exported has also been falling since the subaldised prices hi competition

food and with British goods. mainly because War. raw material exports have not as manufac- expanded as fest tured exports,

23

190 12-37

aeroplane INDUSTRIALS

Cement now being built at Coventry Amas Can 37

STORES, ETC. Airport,

Dalry ..... 17.40 171% Watu

.. 10.10

I has been chosen from mure than 400 suggestions.

روین

Argosy was the name pleked

Armstrong-Whitworth

Its first airliners

for 32 years ago.

COTTONS Nanyang MISCELLANEOUS

Flert

Vibru

1A 16.79 24.00

produces a barrier of bubbles Airways Suver Wing service FEWER STRIKES

about seven feet wide at The supace......

The Daver experiment cag-

but menis an existing harbour

also be the the system could

sul means of providing a haven In rough seas for troops landing

on a hostile shore, or fer sips discharging cargo whiiet moor-

The Argosy wog the airliner which first flew the Imperial

Croydon and Parks between Long before the war.

The new Argosy has tour Rolls-Royce Dart turbo-prop engines of the kind used in British European Airways Vir- count which ty the Landun Paris route.

ed off an Inceversible coa51. THIS PRIZE

could proviite cairn water

IS AMERICA

around area for which could British Oversea, Always Cof-the end of World War II

Inmedi-

Le turned on and off at will fo defensive purposes-or a zig, and even in the rie vicinity of salvage thus allowing reseus covery operations

fo

even in bad weather.

vesis. and те- continue

pucation employees, pn Laur ground and in the air, are en- couraged by prizes of free holl-theme days to get business for the cor- puzation.

the

ועלים

agreements.

Margin Raised

Washington, Aug. 4. The Federal Reserve Board today raleod margin requirement

buying stocks from 50 per cont to 70

National Steel Corp New York Central

Norfolk & Western Ry. Natu-wart Alrines (Com.)

Olin Mathlemson Otis Elevators Owen-nofs lors

Oxford Paper Co. Pacle Gas & Elge. Pan American Airways

Paramount Pictures

Parke Davis Co.

Philip Morris

the

Penny 1. С. Со

Pesin Sult Co.

on

Procter & Gamble Co.

Increase is morrow. The

per cent. effective

The

to-

both to

move will apply purchases and to short alex of stocks by Individuals and broker

UP

21

Other methods of achieving

desired the

switch without breaking the rules of GATT Whatever the reason for this, would be to negotiate long term Commonwealth says the report, if the declinn contracts with continues I will weaken both producers or governments to the Commonwealth's Influencs be operated by private enter-| the umbroila.....of. In the world, and Britain's-owis-prise "under- Washington, Aug 4.

position.

grantees by British GovITH-

The

of parchase The Labour Department re-

British trade is geared for mont for ported today that there were fewer strikes and man days lost inyleg Commonwealth food and loimum quantities" or the

Disrupt those formation of a Common Market nearly three points, also to because of strikes in the first raw materials.

trades, says the report, and or Free Trade area within the new high. six months of this year than in though Britain muy get goods i Commonwealth.

Steel shares ran up under the y corresponding period, sinen elsewhere, she would have lost

I would however be wiser leadership of U.S. Steel, which But the Department said the invisible exports connected with and more honest to face the was up nearly two points.

then. Moreover "the decline in number of workers involved it.

Ol issues generally ruled position of non-industrial fact that such a major switch of trade should be carried out by work stoppages wng

Common- md semi-industrial

discriminatory measurce that higher with Standard all (New slightly higher this year than in

wealth countries must in timo 1957.

GATT nod number of most the most active issues. The record-low total of 1.525 affect all manufacturing indus- would require re-negotiation of Jersey) and Royal Dutch among

iries by impoverishing ter

York Captain strikes from January to June'

Stock Exchange Now Bond volume: $8,330,000. tickels surprised some Labour Depart-export markels and stimulate favoured nation treatics and old

Exchange Amerlenn Stock earned mert oleks. Labour Secretary trade recession and unemploy

Out Of Date

volume: 1,300,000 shares. him a free 10-day holiday any-James Mitchell and others had ment."

warned that the recession might where on the BOAC routes.

The report rejects the

recunimends that New York Sluck Exchange Tiny report iffen employers" resistance to rently popular argument that

specific volume: 4,000,000 shares. for wage in Britain must align her trade existing out of date" AL- creases and other benefits.- policies more closely with those Imperial Preferences should be

of Western Europe where 1eplaced by ad valorem pre-688 were higher, 237 declined. Irude is expanding thun

Commonwealth, in the

It also makes suggestions for Britain's exports to the Com-

£3,283 schemes to deal with commodity monwealth are worth

and chsure price million compared with £200 surpluses

and recommends Washington, Aug, 4. million of exports to The clx stability

Common Market Establishment of new financial The US. ERGUSON Brothers of Port

Export-Import European today loaned Glasgow have launched the Bank

Japan countries, it points out. Europe's and economic agencies to speed

few economic policies. THAT Mutors, of Turin, and the first vessel for the new slate of $00.000.000 to finance unport of exports to the Dominions have up development and co-ordinate

over the past the Mensah about 100,000 bales of U.S. raw increased com- Ghana. She is Genoa shipbuilding

India hos but only years

The Bank of England it says, pany, Ansaldo, are conside, ing| Sabah, a steam tug intended for collon,

The one-year cred!!

her is succorded in Lucreasing

should be encouraged to cul- American Smelting

Sugar Ref. building

nurtour-powered ure in the new pot of Tema,

the crop year exports to Europe. Moreover,

associa-

American Tel & Tel Ghana's second deep-water port, effective for

the Commonwealth is poten-ivate Commonwealth

Jons and a new Commonwealth American Tou Tema is 18 miles east of Ace, which began on August 1, but 1 are

tially a better market than

investment fund or bank should Anaconda Copper The two companies are work- and will not come into operation contracts since March

two years, but the eligible for financing.--UP.1.

Europe because its birthrate is nuclear for about

rising at roughly twice the rate e set up on nes of Interna-Armco Steel

tional Monetary Fund. Com- largest port, when opened, will supple-

of Europe's.

monweath countries would pay lar. The ment

fund and have quetas into the generate about Talonradi.

voting DOWICE. proportionate

free The fund would be

Transatlantic pilol Bernard C. Prost sold There are many other poss-worth: £20.493, which bilities for the Bubble laven. which has obvious advantages for providing temporary ports rapidly and cheaply. It may also be that the rising resis of labour and materials will bring it wider favour when the build- struc- ing of large, permanent lures are being considered.

NUCLEAR TANKER

tanker,

ing on a project fer á mator for ene of the

built would

tinkers

motor

50

32,000 J.p-equivalent speed of 18 knots.

to

ไซ

4

The tanker would be of the a dis- type with Agrigentum placement of 60,800 tons. The atomic engine would utilise a water 74,000 fàchnic megawatt pressuriad reacter.

Captain Frost, 48, is one BOAC's most experienced

antic

lives skippers. He Sutton, Surrey.

of Union demands

at

C.P.I.

Steam Tug For Ghana Japanese Loans

purt the existing

of

Mr Oo Ashi-Adj Ye, wife of The

for Commissioner High Ghana, nimed the tug, which was the first of two crdered from

lhe Port Glasgow yard. The second is to bo named Sir Emmanuel Quist, after the First Speaker of the Ghane ment.

Exchange Rates

uriners

5.130

was on in the lost unmetal exchange market this man at the following sales:

Soltas (per $11 Sterling notes (per £1) Australian notes per Eli partandenesis zuplah (per 100)

Slam teal per 1001 Singapore Straits)

COMMODITY

RUBBER

NEW YORK

Rex rubber futures today closed five to 25 points higher

with sales of 11 contracts, │.. Prices closed us follows:

Sept: 2010: Nov: 20.00;

Jan!

27 2013: Mar, May, July and Sept: 37.555.-UP.I.

SUGAR

New York, Aug. 1. Work! No 4 sugar futures today closed unchanged to one point higher with sales of 139 contract?.

Domestle No

@sugar closed unchanged to one point lower with sales of 25 contracts,

Contract No. 4 (world)

Neptember October

Janimi'y B March

May

3.43

3.35h

3.37n

September

Spot price; 1,44 cenia per 1b, Lv.5. Cuba, ünchnaged.

Open Interest: 0.703 contracts up 19 from previous session.

Contract No. 4 (domestic)

Reptember

November March

201

כלן.

Spot price: 8.75 cents per lb, c.i.t. Ny ex-duty, unchanged.

Open Interest: 2.067 contracts, ¿ff.

-U.P,I.

ti feme previous sepulan,"

COTTON

PRICES

SAO PAULO

Possibility

cur-

faster ferences.

Dealing with the possibility borrow anywhere in the world.

of awitching trade from foreign But it would be obliged 1o.in- to Commonwealth sources, the vest at least 95

Of a total 1,187 issue traded,

Closing Prices Alden Inc. Acy.

$ 102

Allied Chemicals Allied M Inc. Alita Cisalmers

90%

Ain. Brake Shoe American Airline American Cable & Radio Corp. American Cyanamid Co. Am. Gas & Electric Ain. Home Prod. Am. Mach. F'dry. American Metal.

Announ Atlas Cons. Mining Baldwin-Limo-liom. Baillmore & Ohio Пenelelal Finance

*

*

*

*

*

*

Studebaker-Packard Corp.

Sunshine Mining ....

Swift & Co.

Texas Co

Textron Inc.

Tido Water Assn. Oil

4a6 | Tine, 19.......

Tri-Cont. Warrante

Twentieth Century Fox Flim

Union Carbide

Cai

Union Pacific Railway

Unlun

701 United Aircraft

United Com Corp.

US. Foll "B"

US. Cypr

49. Line Co. 74% 1.9. Tubber

37

U.S. Smelting

BUS. Steel...

4112

U.S. Sice 7 PC. PP Warner M, 874% Woatinghouse Air Brake

Westinghouse Electric a Western Union Tel. Co. 619% Woolworth:

013

P.OB.I

COMPANIES

-PASSENGER/FREIGHT-SERVICE

PENINSULAR & ORIENTAL S.N, CO.

Outwarda

KUYRER"

"SUBAT" "CORFU“ "KARMALA" "CARTHAGE"

Diomwwards "SOUDAN" * "PATONGA"

"CORFU

“SERAT"" * "CARTHAGE"

Leaves London Dva Honghous

6alled 20/5

Balled 1

54th July 15th July 10th August

22nd August

10th Auguriį

13th Aug

Bed. Beplember

22nd September

Leaves ilongkong Dus Landon

16

August 22nd Augusi 20th AugusŹ 17th September

25th September

20th September

20th September

23rd October 24th September 21th October

Via S'pore, Fenang, Colombo, Bombay, Aden & Pt. Bald. "BOUDAN" and "SURAT call 'pore, P. S'wet.,

Petang, Ade, P. Bald, Unvre, London, Hamburg,

Rotterdam & Antwerp.

BRITISH INDIA S.N. CO., LTD.

"ONDIA"

"SANTHIA”

due 0th Aug. KaB- 7th Aug.

due 10th Aug.

Balls 21th Aug.

Bendix Aviation Corp.

to

Benguet Cons. Bethlehem Stes Boeing Airplane

"OLINDA"

due 12th Aug.

per cent of its

Borden (The) Co. ... Burrougtin Add Machine .... Calif. Packing Corp.

salia 13th Aug.

"SANTHIA”

Que Sim AuK, As at Bogt

14.00 expanding Commonwealth group rupital inside the Commonwealth 12.54 welcomes Diefenbaker's offer ad sterling area on a prodt Campbell Soup Ca

740 divert 15 per cent of Canada's making 180 imports front America

20.63

Closing futures prices today: Aug: $5.00; Oet: 40.78; Dee: 47,40: Mur: 40.40; May; 48.40; July: 48.20. In the US. the average price of one-inch cotton at designated spot markets wAB 34.DÜ. Total saico al these mar- kels: 14,770 boles.-U.P.I.

FOREIGN EXCHANGE

NEW YORK

Foren exulange rates

14.

ia

Its

Case (J. 1.) Co. Celanese Corp.

CIT. Financial Corp.

lending Canadian Pacino 1. basis. Britain. would be designed to promote The effect of this, it explains, international Commonwealth Cat. Trocior would only be to restore Bri-trade both in raw materials and tain's prewar share of Canada's capital goods. Import trade, leaving the United] Gtates with slightly higher shafaj than it had before the war.

The report finally recommends that machinery similar to that

up

M. Britain could regain the of Colombo Plan should be set

to co-ordinate Common 1933 pattern of trading. It says, wealth economic policies. Lake

dollar it would wipe out her

elicit with Cautda (£121 mit- the Colombo Pian it would con-

J of sist lion last year) and accumulate

to

Common balance in her favour of about ponsible

committee executive wealth £370 million.

annual consultaliye and hold

scerotariat res-

a

The creation of a Common conferences at ministerial level Market in Europe will Interfere! to reedvo will Commonwealth ·trado with directives.

reports and Issue Membership would

the six countries concerned, the bo open to all Commonwealth report goes on. It will there-1 sountries,

and colonies ap

given

Chrysler Motors Cinett Peabody Colgate-Palmolive Co. Calenshian Carbon Co. Commercial Credit Commonwealth Elec

Consolidated Edison Continental Oli of Del. Crown Zellerbach

Cuban Amer. Sugar Diamond Alkall Diamond Match Co. Douglas Aircraft Dow Chemicals Dupont de Nemour Fastern Alzine

El Paso National Gaz Family Finance Corp,

restone Tyre & Rubber Ford Motor General Electric General Foods General Motors

Eastman Kodak

associate Gen. Pub, Util

fore be necessary to find alte proaching self-governinent Bative markets" for Commonwealth

dlaplaced would

Gen. Tyre & Rubber Getty Oil

Glidden Co.

are Gostrich (B. T.) Co,

Goodyear Tyre...

bo (mainly membership.

03- colonial) exports and to

These recommendations sider

Common- whether the wealth can afford to continue to now being studied by all Cam import on the present scale trom/ monwealth governments.

the meantime the expanding Common Market countries.

Commonwealth

Do-day future. 2.10.15/10 cocda.

"In German Aircraft

has

Pipe Plant

group Producis mainly affected by obtained backing of more than mollon it has US dollars or cants per uult the deflection of irade in favour 100 MPs for a closed as follows:

of overseas dependent territories tabled in the House of Come

Montreal, Aug. 4. England

the 2.00-11/18 01

Common Market mons pledging full support for Steel Company of Canada 80-day futures 2-80-3/10 would be coffee, hardwood, nad British Government action Limited has announced plans for along lines suggested in the the construction of a $10 million

Express Sar- If Britalh stopped Importing report-London 2.70-11/20 2.81-1/18these commodities from forel vice.

countries and imported then in- :stead from Common/ealth countries affected,

Sould It for three- compensate them quarters of the hardwood

NEW YORK Prices of collon futures closed | Austrália

New Zealan today as follows:

South Africa Argentina Indu Pakistan

Spet: .41 emi; Det: 30 pe: Dect 20,1: Bar: 20.EU; Alay: 20. ai Tuy: 33.07; Det: 37:70; Dec: 33:77,

NEW ORLEANS

Prices of colon, futures closed

• today as follows:

Others undranged.

ZURICH

2.24-9/10

0000

2100

.2100

parts endangered by the Com

mon Market exports.

Closing males in Aranch:

6.00

In addition to this

could awitch

Spot: 20.10; Chat! 20.08; 160: 3043: Dollars Mar: 20.666; May: 30.44: July: W:10;] Kgyptian pounds,

| Get: $2.70; Deel 37,830.

Bril

Agreed Merchant Rates

West German Deutscheinarka £300 million of Maximum Selling 71-13/10.

plpo plant at Contrecamur, 23 whare miles east of Montreal, the company bought an indus- trial site of several hundred | acres last year.

Mr H. G. Hilton, the Chair- man, seld the new mill wha scheduled to go into production during the summer of 1959.-- China Mali Special -

·

from JapanS tor Bingapore. Penang. Hangoon, Calcutta, Chiffo tagong & Chaina

·

from Calcutta. Rangoon, Penang de Singapore for Japer

from Calcutta, Chita- Hong, China, Hangpon A Bingapore

for Shanghai & Japan

trom Japan

for Suapore, Penang,

Rangoon & Calculta

P. & 0./B. I. JOINT SERVICE

"UMARIA"

que 19th Aut. sails 12th Aug

"URLANA"

due 20th Aug. saile zist Aug.

"OBRA"

dus 4th Aug.

sails 25th Aug.

from Japan for Bingeamshahr,

Kuwait,

Dubai & Karachi

from JayaS

for Singapore, Focang,

Madras,

Bhavnagar,

Kandia

Bombay,

Karachi di

from Bombay. Bhavna- gar, Karachi, Kandia, Cvekla,

Singapore

for Japan

Tuticorts

EASTERN & AUSTRALIAN S.S. CO.,

*EASTERN"

due 11th Aug..

"ARAFUÏLA” Cze zzad Aug.

Balls With Aug.

LTD.

from Japan & Shanghai for Labuan, Bandaka. Brisbane, Sydney,, Mal- bourne Adelaide

from_Auraglia Кот Герма

All versoia have Isherty to call at'any porta on

or off the goste à the routs & mitings are subject to change we aulandment with or withpat matics.

For full ponticulars upply to: MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos: 27721-4.

*

*

*