1958-08-06 — Page 9

(

THE CHINA MAIL, WEDNESDAY, AUGUST 6, 1958

Pago

Will Recession Hit Europe?

SPORTATION HONGKONG

NEW ORIENT LINER WILL BE ABLE TO MOVE SIDEWAYS

CAPTAINS of the Orient Line have always been

morc

STOCK

EXCHANGE

Our Own Correspondent

Business done on the Hong- kong Stock Exchange this morn-

$321,000,

Noon quotations and

ing amounted to approximately

proud of their commands. Not only have the morning's transactions were: they had lovelier ships than their rivals they have had faster ships. And few things are satisfying to a senior seadog than to instruct the engine room "full speed ahead" but there are. times when manoeuvring in harbours for example when the Captain wishes his ship would go sideways like a crab.“

Orlana

31014

liner

the 40,000-ton building Ki Barrow-in-

Funnies will have just that TAX CONCESSIONS

power, One problem, however,

Jmains to be solved what shali

the Captain order?

sideways?

sanx

.....700

Ahares Buyers Sellers

DANKS

D

Bales

780

10

375

10 or 100

204

74

100

34

110 G 74

28

*Tast Asia

INSURANCES

Union

Lombard

་་

SHIPPING Wheelock

DOCKS, ETC. K. Whart Prevident

LAND, ETC.

Full pesed FOR GERMAN SHIPS in Hotel

At the request of the Orient Steam Navigation Company, Ltd.,

(Ship Vickers Armstungs builders) Limited have devised a system-of-transverse-ptapultico whieh will be uttalled in the now liner Oriana.

EQUIPMENT

The equitumist will facilitate the motor vrhut of the vessel is confined waters, and by virtue of Instan'atiebos aprútion under direct control of the bridge, will greatly minimise the danger of Hammage to the yesel under these editions.

TAX

0 0.06 1000 0.05 |

100

11.00 12.10

JIK Land..

21.70 21,90

321

13,00

Belly X AD

1AX concessions for Gor-Humphrey 1.40 1.50

man shipping companies

373 12

1500 & 21.70 150609214 300 + 3

200 v 12

1.55 1.575 30000 @ 1.65

1.05

Analg Trent A. Tawar

Suruçala

"

1.00

have been decided upon by RUBBER the Faderal Government.. The tax Bill, now awolting the approval of the German

bafore Lower House

the signmor rocess, is seen by officials in Bonn os

a first step in a fight against flags

of convenience,

In Nature, 50 per cent, of the The system consists of cireuter tenue derived from lych-sen steel casings arranged across and tipplug will be taxed at a Delails have not through the vesse at the bow reduces rate.

been worked મા bul and" stern at at: appropriate sel depth below the waterine, und recording to a recent statement within these casings are fitted by Herr Hartman, Permanent the propeller asemblies, which Steretary in the Ministry of Finance, revenue oflers of the provide the propulsion effort.

individual Staten w!li experience The tong Vickers-Armstronga (Engineers) powered to grant such Limited in the fallation of lone. their well-known Gill Pumps on land projects has been employed an the propulsion units, and the C Pump principle is the bast: of this design,

of

be-em-

UTILITIES Tram ... Hlar Feity Voumati * Light Bertrie

Yrk

24.20 20.00

17.40

500 4 22.10 600 251

113 113

17 20

200,

1711⁄2

17 27.40

100 271 500 27.50

231 23.00

1500 1 25.00

300 25%

INDUSTRIALA Coment

Amy Can.. STORES, ETC. Datry Waton COTTONS Ninyong

221 22.34

37

... 1720 17

16.30

7.20 0000 7

14.00

3.14

MISCELLANEOUS

Vibro educ-INVESTMENTS

Yangisze...

Another wenplatat - in- reasingly voiced by German supplir interests-refers to the

1:

els- ever-lengthening

of Insurts acepted Both the bow and stern instal criminatory lations consist of two units which felally by 12 countries to date. in the may be operated singly or L- Gennum representatives

of the Commilter rether, and all units are re-Maritimo

European for The Organisatkm mately contrulled bridge, where control pedestals Economic Co-operating, are 1ry- are arranged in the centre of the Ine to arrive at a concerted bridge and also on either wing. approach to the matter.

from

SCOTTISH DREDGER

MORE ATTENTION

Germany in future will pay

attention to dizermination in shipping wher

more

FOR NEW ZEALAND trade agreements come up

renewdi.

Countries con-

ENGLAND in the city

upplying

mcazies States and

for

dis- include Chile.

dredger for the New Ply-e United

with 50-50 eargu lows. and

mouth Harbour Board of Turkey, which makus full use

from exemption

the New Zealand, is the Scot-of the tish shipbuilding firm of fiberalisation classes to ensure Fleming and Ferguson Ltd, priorities for goods corried

Turkish vessels. of Paisley.

In

•

$90 or 17.30 110 10.00

INCREASED

Preparation Difficulty Faces Britain

The

By SYDNEY GAMPELL

London, Aug. 4. warning given by Sir David Eccles, the Presi- dent of the Board of Trade, to the OEEC Council of the possibilities of a deepening European economic depression in the autumn has caused industrial and economic leaders in the United Kingdom to reassess the situation which they had earlier appeared to regard with some amount of satisfaction.

With the recent growth of over the American optimlam outlook the dark clouds seemed to have by-passed the econo- mies of Western Europe with no more than an occasional gust of wind.

Badly Hit

·

could ара

Higher Margins Result In Selling

On New York Market

New York, Aug. 5.

Belling into the Higher margins brought considerable

Stock Market today. Buyers also were on hand in large numbers and the offerings were easily absorbed. Net losses of a point or more came into a moderate-Monts Chemical Co.

sized group but most changes held to frac Motorola he. tions.

Amarican Metal American Smelting Ain. Bugar Nef..... American Tei & Toi American Tob. 1 Andorida Copper Anne Beat Armour ........... Atlas Cons. dining Baldwin-Lima-Ham.

Montgomery Ward

National Blacuit Co National Cash Bag. "A"" National Dairy Prod. National Ind.... National Steel Corp. 30%%xa | New York Central

17 Norfolk & Western ly North Amer. Aviation

10

103

30xd North-west Airlines (Com.)

Clin Mathlemon

635

87

Ots Elevators

18

Owen-lilindin Glam

11

Oxford Paper Co. ..

13

Pacific Gas & Elec

ro

Balttare & Ohio Beneficial Finger

Pan American Airways

234

Paramount Pictures

Bendix Aviation Corp. Вереке! Соля,

17

Parke Davis Co.

letlehem Steel

way measures either prove detrimental if the

Initial trades Included many posite of the expected occurred, blocks of 1,000 shares or more.

It is still possible that this

The 70 per cent margin in im- may Aaneriean econolay

effect today was taken more as in- prove quickly criough to

an excuse to realize profits than futrice that of other countries to get out of the market, the

a recession in and to avoid

experts suid. They anticipated Western Europe

the decline would be a tem- The month of August is, how- pecary one followed by Admittedly. shipping indus- trien ind been badly hl

over, the traditional · holiday|sumption of the uptrend.

to the The answer several countries. The steel in month.

stops should Stocks opener and closed on dustry in this country, together questions whether coal were and

be taken now and in which lower Sendency today with with textiles propared to face some leavy direction or whether decisions volume heavy. A rise in margins

be left weather, and the general post-should

over until a from 50 per cent to 70 per cent, clearer picture emerges towards effective today, unsettled tlon pointed towards less chsy

of September market most of the day. without, however, the middle conditions

(Britain's traditional "difficult" chasing severe worrien.

period) has Now, Sir David's slatement in Parin has brought about a re- assessment of the situation, Al-Industry has sol Laken any

the decisive action on its own when the very monient

Four measures

announced by American economy appears to be braced for an improvement In the autumn, the signs that the backwash. of the re- eession may have a harsh effect on the nations who depend so much on the prosperity of the Dollar Area.

clearly not been Elven by the Government and

Four Measures arc

this which The dimeully country facts at the moment is one of preparation, Corrective

USE OF

STERLING FOR-

PAYMENTS NOTED

London, Aug. 5.

tho

during thu Government

erided

have, August 2 week

a pointer for however, given further action. Everyone was designed to liberalise tradio and 10 Mant

Kreater freedom of movement.

Decontrol of imports of a

wide range of chemicals from Dollar Area: Easing of foreign Invest- metita in this country; Liberalisation of sales of ships to foreign countries; Tho promise of the tratte **abolition of many

the with Embargoes Eastern bloc countries.

Prices Fell

the

Prices fell at the opening. rallied ind held firm until late in the session, and turned down again just before the final song. Oil issues outperformed ollær groups for no reason other than trese slocks had not participated widely in the re- cent advances.

more

Demand

SOTH special for issues rose to new highs. Cater- pillar and U.S. Freight held strong in the specials on galos of more than two points. Some of the aluminiums held substantial Kains. Coppers were driven down but held well above their lows of the session,

Several of yesterday's strong loaders last ground by one to two 11

points. Du Post led chemicals lower, U.S. Steel saflened in Its section.

Of

total

1ste 41.208 traded, 663 finished lower, 205 Obviously, Sir David made

higher. There were 111 new own prescrio-highs set, no now lows, the most of his tions within limited range. New York Stock Exchange within a limited range Britain volume was 4,410,000 shares. has taken the fist pieps for any

New York Stock Exchange autumn bond volume was $0,610,000. eventuality In the

American Stock Exchange volume was 1,120,000 shares.

Financial experts today noted new developments China Ma Special.

in Britain's overseas investments and the increased use of sterling in international pay- ments, following the publication of the Bank of England's annual report for the year ended February 28.

Egypt controls traffe through MARGIN MOVE

CRITICISED

BY EXCHANGES

no

on the

The report, which came out virtually on Saturday, makes

current comment financial situation, But it does pramlie "more detalled annual review of the monetary situa lon" in the future years.

TRANSACTIONS

The

With a capacity for 800 tons the Comite General Peur le of silt in the hopper section, Transport Maritime; Argentina this steam propelled vessel has jaid down that goods will be self-contained as she ordered by State agencies must operater fr Now Zealand be carried in Argentine ships; waters, with no need of Ai- Brazil has passed three regula-

Harbou tendant barges. The

ties to the effect that unders Bard itself has decided to sall placed by State agencies must her to New Zealand, instead of be quoted Free On Board, and ontrusting the task to the that foreign shipping space specialist firm of ship de should not be used unless there Jiverem,

is evidence that Brazilian ship-The Presidents of the coun-million in 1957.

BIRTHPLACE

not available. A lower ing is

rate is granted for The voyage through the Pana-currency

Canal

three traight In Brazilian Vessels. will Luke

Other measures range months, The dredger, to launched late this year, will the 20 per cent, customs reduc

mu

after tion to Angola,

$10

set out early next year, undergoing trials

birthplace.

Invin

s

17 freight her carried by Portuguese ships, la lower consular fees (eundor), Fleming and Ferguson Ltd, and from licensing regulations the tug (France and Spain) to outright the Auckland authoritarian control In the case

recen ily completed Aucklander for

Harbour Board and among other of Poland. craft known in southern waters one of the firm's latest products

John Biscoe-i

especially ISRAEL TO BUILD

famous for her part in Antare-

tie work.

reporl revealed that United Kingium merchant between non- tmnsactions sterling area countries on a This compared try's two biggest Stock with £206 million in 1956 and Exchanges have criticised £173 million in 1955.

New York, Aug. 5. sterling basis amounted to £264

Federal

The report sold the value of Reserve the

sold to countries Board for raising stock commodities

the commodity market schemes margin requirements, but outside the sterling area under tu increase. The Wall Street economists continued agreed the move should total of £519 million for 1957 on 1056 put the damper on specu- was £95 million up

and £178 million over 1955. lation in the market.

The President of the Now

York Stock Exchange, sald be did not believe the market was over-using crodit.

Me

never an easy task to SUEZ ALTERNATIVE President of the Airierican Stock half of 1957".

It is take a small craft, often with little provision voyages,

techs

for long sca

Exchange Rates

Busintes

unvericial

WAL done 13 the market exchange morning at the following rater U.S. dollar (per $13. Sterling notes iper 211 Australian notes (per El Indonesian igal (per 1003 Siarn tical (per 100) Singapore (Straits)

2

Closing Prices

Boeing Airplane

Borden (The) Co.

Burroughs Add Machine Call! Packlog Corp. Campbell Soup Co. Canadian Pacine L Cana (3.1. Co. Cal Tractor

| Celanese_Corp.

C.1.7. Financial Corp. Chrysler Motors Cluett Peabody Colgate-Palmolive Ca Coloriblan Carbon Co, Commercial Credit

Commonwealth Elec. Consolidated Failsan Continental all of Del. Crown Zellerbach Cuban Amer. Sugar Diamond Alkali Diamond Match Ca

Douglas Airesaft Dow Chemicals Dupont de Nemours Eastern Airline Eastman Kodak...

Paso National Gas Family Financa Corp.

Ford Motor

Penny ..Co.

40% Penn. Bait Co

4111 Philip MoTTLE

711 Prociar & Gamble Co. Pittsburgh Plate Glane

403 Publicker Industries 43% Pure Oil

20% Madia Corporation

2011 Radio Corp. Pref.

Republic Boo!

79

54

53

1796 | Reynolds Mintal

Bears, Roebuck & Co.

Shell Oll Co. *** 40% Saint Reg. Paper 6412

Sinclair Oil

424 Bocony Mobiloll

Soler Aircraft

South Puerto Rico Sug

Standard Oil et NJ.

Steep Rock (Toronto Exge.)

Steding Drig_Co.

Stokely-Van "Camp.

Studebaker-Packard Corp.

Tide Water Asan. Oil

Tri-Cont. Warrants

Twentieth Century Fox Flu

Union Pacllic failway

3014

Bouthern Co. (The)

50-

Southern National Gen

5193

Southern Baliway (Com)

2414 Standard and

wił

Standard of Cal.

mon

Standard Olt af ind.

2012

10472

11722

334

Swift & Co.

373

Texas Co.

Firestone Tyre & Rubber ...

Textron Inc.

AX

General Dynanues

GO

Time Inc.

General Electric

4312

60%xd

43%

Union Carbide

43:4

Union Cl of Cal.

25

27

United Aircraft

United Gas Corp.

Glidden Co., .......

Goodrich B. F. La

BA

U.S. Foll

01

U.S. Gypsum

23

U.S. Line Co.

11222

1.9. Rubber

13

U.S. Smelting

40%

U.B. Be go

100

80

U.B. Riel P.C. P Warner Bros.

4814

367

3014

83

General Foc

General M

Can. Pub.

Gen. Tyre & Rubber Geity b

Goodyear Tyre

Alistalt

Gro

Cull

Heyden Newport Corp. Homestake Mining Co. Ingersoll-Rand... Laland Steel Co. Interchemical Corp..... Int Business Machines Int'l HarvesLAT AN International Nickel

Jatenational 7°aper

**

Westrighouse Mr Brake Westinghouse Electric Western Union Tel. Co. West Va. Pulp & Paper 10054 | Woolworth

.P.I.

Int'l Tel & Tel ...

39

Jahn-Manville Co.

44

Kansas, Power & Light

Alten Ing. Acy.

$ 19

Allied Chemicals

OALS

Kennecott Copper..

Allied Mile.Ine.

37

Liggett Meyers Tob. Ca.

local

Allis Chalmers....

2014

Lockheed Aircraft

the

Am. Brake Shoe

4015

Loews Incorp......

American Airline

Lone Star Cement Co.

211

5.81

10.00

Am. Cable & Redio Corp American Cyanamid Co.

Lowenstein & Bone,

147

McDonnell Aircraft

[Am.

60

[!

44

104

7890

3014

17.59 A. & Forga. Power

7.05

Am. Gas & Electric 20.85 A. Home Prod...

1.80 Am. Mach. & Fry,

Stock Exga.]

Mesbl Iron Corp Minnesota Mining

Mission Development

COMMODITY PRICES

FOREIGN EXCHANGE

LONDON

Closing rates were: New York.... Montreal Copenhagen Frankfurt Milan

2,60-11/10 280-13/10 270-1/3 2.70-3/16 10.33-1/4 19.13-1/2 11.00-1/8 1737 10.00-1/0 Harir

1174-1/2 VICT

72.20 12.10-3 Zurich ...........

Amsterdam Brutale, Stockholm unchanged.

ain

11.68-1/4 1737-1/2

19.02-1/4

1174-3/4

71.30

12.20-1/0

Lisbon,

2.80-3/4 2.79-1/10 2.24-5/ 2.70-3/4

1500

The report credited "a large part of the Increase to sales of raw and refined sugar which were double the value of such sales in 1058 "und reflected the

NEW YORK Edward T. McCormick higher prices ruling in the first

Foreign exchange rates in U.S. dollars or cents per unit; further pro- "London made ¡Exchange, said he believed the

and gress

In re-establishing self England

Do-day future j present market activity

centre of the world's Amilla....... the stonny TSRAEL ir dotormined to

on the strength resulted from confld- wastes of the oceans, and it is build a large oil pipeline ence of the invertors and that copra tradie," the report went New Zealand

Uruguay unusual to find customers de from the Red Sea to

was "union. "Sales of cocoa and cotion Argentina the thy margin increase undertake the

Increased brut sales of most of Others-unclianged. iosk elding

David fortunato and uncalled for." Mediterranean, Mr themselves. Nerent plans

ZURICH Gurion, the

the Primo

lower, reflecting However, Dr Marcus Mabler, the other schema commodities that the deputy harbour master Ben

Closing rates in franes: will captain the dredger and Minister, has declared.

consulting economist for the were

CONGLINES demand: In Dollars that sea-going oficials will help

The Premier added we are Hanover Bank, said the Federal generally lower level of prices form the crew.

the only country in the Middle Reserve Board's action was an and Eust with an alternative to attempt to prevent too rapid a particular sales of rubber and rise in the market, Such a rec, copper were substantially less." the Suez Canal."

oll Is

flowing from it unchecked, might later cause Ellat

the to

Mediterranean a sharp decline that could up- through a small diameter pipe- get business, he said.-U.P.I. the laid down after the Sinal campaign.

TRAINER

VERSION

OF P.I. ELECTRIC

A

London.

are

HOW

Israel during-

The scheme for a bigger pipo. line was enumeraled in a list TRAINER version of the of tasks facing AP. 1 supersonic Jet fighter coming years, which, according has be ordered for the Itoyal to the Premier, also Air Force, English Electric, the the opening up of desert plane's makers announce.

includes tex-

Gold Rush Halted

INDICATION

Egyptian poriluis ..........

428-1/2 9,60 -U.P.I.

COTTON

NEW YORK

Prices at cotton futures closcil today as follows:

American Contract

Oct/Nov: 24.93;

Dec/Jan: 25 07: Mar/Apr: 25.25; hay/Jurse: 25 33:

July/Aug: 25.22.

Mixed Contract

Oct/Nov: 35.33; Dec/Jan: Mar/Apr 28.60; May/June: July/Aug: 25.13.

25.00 23.00;

SÃO PAULO Priess closed today as follows: Aug: unqueted; Ort: 47.20; Drg: 48 Mar: 49.50; May: 48.00: July

In the United States the aver- age price of one-inch cotton at 14 designated spol markets_was at These 34.84. Total sales markets; 13,042 bales.-U.P.I.

RUBBER

NEW YORK

rubber futures

METALS

NEW YORK Prices of metal futures closed today in cents per lb. as follows:

Lead

AUR.

19.300

Sept.

19.144

Ze

Aug.

9.000

Sept.

0.106

Copper

Al

Sept

Tin 14tandard)

Sept.

Oct.

Tit (trans

Sepl.

Oct.

20.331 20.445

unquoted unquoted

05.04b 24.75

LUNDON

The 1 market closed quie!,

today

Thi pol 2-run th

Rex Cosod 15 to 37 points higher with

saics of 34 contracts. Prices closed as follows:

Sept: 20.47; Nov: 23.25; Jen: 20.15; Mar 28.10: May: 28.10; July: 2010; Sepi: 20.10.

SINGAPORE

Closing rubber prices were: Nu, 1 rubber per lb, Aug.

1 KIA Sep. 01 0135 No. 2 rubber per lb. Aug. 00 1 No. 3 rubber per ih. Avs. 70 No rubber per sb. Aug. 10 Spot unsaled

slariket cropa

No. 1 pala creste

LONDON

701 81014

02

Buyers Sellers

23015 731 735 336

U.P.I.

SUCAR

BUOYANT MOOD IN LONDON

In

London, Aug. 5.

The Stock Market closed in a buoyant mood today response to bigher prices on Wall Street and rising hopes of an early cut in the Bank Rate,

Gilt-edged securities resumed their slow advance with all Issues up on the day;

Nearly all the blue-chip in- dustrials moved into higher ground, particularly transatlan- tic favourites, Textiles improved aircrafts and motors hardened.

and

UNCERTAINTY

Dollar stocks mixed redecting uncertainty over the effects of higher margin requirements on Wall Street.

Coppers wero a bright feature on the Exchange following a price rice by Kennecott Copper in the U.S. and the improved world market picturo."

stockp Gold

were quietly Irregular and lead and zine Issues firmed.

Oils ran into selling later in the day after a firm opening but closed mostly high-U.P.1,

Walkout

Chleazo, Aug. 6. New York, Aug. 5.

A brief walkout at the Ford World No. 4 sugor futures ta-

Chicago Motor Comparky's tay closed two to four points Heights plant ended yesterday higher with

salts of 223 con- 923 tracts.

Domestic No,

0 sugar closed The rubber market was idle unchanged to two points higher with spot quoted at 23% pence with sales of 28 contracts. por lb. Prices: u. 1 300 spot. Settlement au term Bopt.

in- found the Observera creased turnover an Indication that Industrial buyers at raw materials are making more use of London's market facilities and that the convertibility range of sterling is widening.

On avessoas investment, the

Spot: 30.48 num: Det: 26.200; report estimated Britain held

Dec: 38.60; Mar: 30.03: May: 30.72 New York, Aug. 3. ritory, which accounts for 00 The Journal of Commerce about 22,100 million worth at July: 34.50: Oct: 33.16: Dec: 31.08."

end of 1966. This com-

NEW ORLEANS The trainer version, the P. 11. per cent of Israel's ares, with raid today that the gold rush" the

to pared with £2114 million in Jordan rlyce out of the United States than its the aid of the has a wider fuselage

1936 and $2,182 million

July/Sept. Prices of ootton futures closed Apr June Europe had virtually stopped. prototype and takes two pilots walera; utilisation of the de-

1284.

tuday as follows: Bert's natural resources, deve-

Det: 30.23b; Dees Aug. 8pot: 25,10: But, it said, despite the drop, aldo by side.

36.00: Mar: 30.016: May: 38.71b1. dividends from overseas invest-

AX28.1 July: 38.53; Oct: 58.10; Deo: 23.07 O

LIVERPOOL mente com sharply.

closing, in Colion millen in 1955 and 187 mill-l million in 1950 from £101.0

Hon in 1954-UPL

pence per lb:

Botti verslona are powered by Iopment two Rolls-Royce Avon turbojets, provide

of atomle power to In the past seven months tho

in- Agriculture, ark

United States has Jost about The P.I. is expected to reach dustry with a battute for $1,000,000,000 in gold, but the per hour when expensive ofi-based electricity outflow dropped to $100 million 1,500, mica modifications aro completed now used; and development of China Mail Special.

the merchant floot.

in July. the Anancial

Bald.-U.FI.

paper

Oct./Dec. Jan/Mar,

224-23,

** 236-316

231-21

24-5410

24-2414 24-7430 deneral markets, cit bans poria:

Etate crepe thith,

and Sept. Estate crepe thick

Aug, and Sept.....

234-3

2016 #OLLATIE 251% eeltem

U.P.L.

Contract No. 8 (world). Sept: 3.43b: Det: 3.45; Jan: ung; Mar 3.30: May: 3.356: July: 3.376; Eept: 3.37b: Det: 8,40,

Spot price was 3.44 cents per 1... fub Cuba, unchanged.

Open Interest 8.706 contra

Contract No, G (dementia) Hept! 5.18b: Nov: 0.100 Mar: 5.08: May: 0.03b.

Spot price was 0.10 cents per ib..

CH NY wr-duty,

Open

V.F.I.

intereri 2.069

when 1,100 Union workers 12- turned to their jobs,

A Cumparty spokesman said he still mew of no reason for the sudden walkout on Saturday which, he sald, forced Ford to close the plant.-U.P.I.

Agreed Merchant Rates

Canadian, Pollers Maximum contracts Selling 16%; Minimum Buying

10% T, 20 16/18 O/D.

J