TRANSPORTATION
MAGIC EYE SEARCHES FOR THE 'BUMPS'
By DAVID T, K. WONG
London.
THE CHINA MAIL,
TUESDAY, AUGUST 19, 1958.
WHY BANK RATE WAS CUT
Two Ways Of Looking At Reduction
By RONALD BOXALL
London, Aug. 18.
STEEL SHARES RALLY IN NEW YORK
New York, Aug. 18.
Steel shares developed a flurry of strength in the last hour of trading on the stock market today, led by U.S. Steel which ran up a point net at its high. Volume lightened.
Metals were If you are one of those people whose stomach doen | There are two ways of looking at last week's re-
The whole steel section snap-1 in the chemicals. the rock 'n' roll every time you fly, your duction in the Bank Rate from five to fourped up with the leader, helped off a point to nearly two points aiut the lows from which they worries are over. A magic eye has been
and a half per cent. The first is to say that the authorities simply did what they had to devised to waltz you around the "bumps." Its name is Search Radar and it marks one of
do. The second is to regard it as another the greatest advances in civil flying in recent
carefully planned step in the management of years.
The Search Rudar seder installed in the time of hirerast and it hog two major funelin -to prosu sky ahead for bad weather ani to help the navigator pingudat his beserings. In searching for bad weather, the radar bera shoots out as far 120 ller ahrar, one when it the water droplets encounter: that constitute the core of
back comes at storm cloud. "echo" to the aircraft's "Night dock to give the pilot a com plete picture on the radar serven Df the t weather in store,
|
neer
the
the
the economy.
water. Around February it is in Most experts subscribe to j This does not mean that Brl- been affected by view without riding thin hos not the latifucks of the Djakarta-the Best Darwin area and in July it is out the end. They point out the American recession or thot
vel with the Karachi and that the Treasury Bill Rate
it has weathered the storm. In- Hongkong reglona. Over
what the money market charges dustrial production has fallen Government for its short-term and unemployment has risen. Paclite it remains Equater throughout the year.
torrowinit had already drop Spare capacity has appeared in pe so far as to leave the Bank industry and the rate of invest When the Search Radar Is re- Įkate bleh and dry. A reduction murat in quired for map painting and in the Bank Inte merely brings position Axing functions, the de-i înck Inin touch with reality. vice is tilted earthwards. Then a picture of the terrain below is shown to the navigator, giving him the position of ny minent
pro-
landmark within 120
miles even on the dirtiest and clondiest of nights,
HOW SEARCH RADAR WORKS
These storm elds, which that con- cause the "us" 'stitute the most unpleasant fen-
then fare of y, can invoice.
be
It Is faceinating for the visitar to the fight deck, particularly
of light revolving on the radar
Lowest Level
The rate is now two and bait per cent below the crise level of lust Autumn when the | pound Sterling was neder ex- Since March f! ceptional strabi.
has been redticed on four e- casions and now stands at its lowest level for three and a half years,
This is a measure of Sterling's recovery from near disaster in less than a vent.
11111 inos galdrantly. the latest reduction comes muldway through this season of heaviest when tulos strain on Sterling, of Sterling area raw materials are falling off and Dollar pay- In fact this ments are rising.
is the Arst reduction ie in marle
IOW plant and machinery has dropped sharply, On the other hand, retail sales which were rising up to the time of the intest figures and prices have recently shown a slight, but welcome fendency to drop. A further fall in the crest of living is expected when the tower cost of imported raw
works through materials
to shop prices,
The recession has been main- ly confined to expital goods in- dustries, which explains the relaxallons in recent modest controls on capital investment.
Dec. 10. Al-
by the seventh weekly rise i row in steel production to u now ralfied slightly. high since last most as test as these issues rese they slipped back again from firm spot in
with
Pure Of
Hudia CorporatİR
Radio Corp. Peel,
gubite Sterl
Reynold Metal
Sears, Roebuck & Co. Shell C1 Co. .... #Saint Rea. Paper
Kinetair Oil
Studebaker-Packard
the motors, rising much dz
volume with the aid of a which 15,000-share sale. Lorlilard ran up more than a point in the tobacco, American Telephone | met some demond which lifted
a major fraction.
thelr best levels without
INL nid to the Honorai recorded a moderate deelbe in all major coctiona.
Allied Chemicals, Du Pont, and Ulion Carbides ruled weak
Unexpected Rise
ocony Mobilo
Belar Aurorast South Puerta ties Bogar Southem Ca. (The)
Southern National Gn Southrm Hallway (Com) Standard Brands
30%
LONDON
CLOSES FIRM
London, Aug. 18. Stocks closed firm in selec-
tive, quiet trading today.
Industrials led the advance. This group was helpet by a public opinion poll showing that 343 the man in the street would vote for the Conservative Party if an election were held today.
STEEL GROUP
31%
1222
367-
175%
This poll brought strengh Into the steel group, which has Labour boon dopressed by a
Party promise to nationaliso the steel industry when it next Comes to power.
451
475
Standard OB et Cal.
62% major
Blandant Oli of Ind.
Sinundand ] n N.J.
tasains.
Sleep Rock (Toronto Exge.) Sterling Drug Co.
112
277
Tho market still under the Stokely Van Camp. influctice of the unexpected rise Studebaker-Packard Corp. in the discount rate AL San Sumite lining
Swift & Co. steadied some-Texas Co. what
HONGKONG Francisco, waa
STOCK EXCHANGE
Our Own Correspondent Business done on the Hong- kong Stock Exchange this man ing amounted to approximately $419,000. Noos quotations and the morning's transactions were:
Shinres Nuxeon Sellers
Kalro
If n furthe: stimulus is need- Ed against inflationary cute, in Eovernment spending on things BANKS
10 Bank like
it transport.
4 be
Fat Asia restored,
INSURANCES But this stage, the danger Union of over-stimulation is at least Lumbar
SKUPING danger of not wheelock
DOCKS, ETC. Duck..... Provident,
as real as the
in Bank Rale August for doing enough.
33 years and only the second during the presem "century.
It would be wrong, howeve", to regard the change as merely a passive renetion to market True, the Bank Rate trends. had it out of touch with short- temu money rates and it
feave it where it pointless to
was
at night, lo see the thin-penell was, But if the money market pointed the way, it had good screen and leaving behind it a reason to do so. this device is a particular bless-pleture of the Malayan coast ap-
For people who have to fly between London and Hongkong
ang for much of the route bo- | preaching Singapore. tween the two places go through
Scare Hadar was
Relaxation
רס
A general relaxation at re- spending would strictions certainly be premature. Wages have risen much less this your than East, but price stability has hardly been attained, let alone consolidated. And the dunand in sill for semi-luxury goods rising.
In short, inflation has been British economy has stood up contained. but the battle is not A precarious balance evolved remarkably well to the business yet won.
across the Atlante. has been achieved between the the Inter-tropical Convergener from the radar apparatus fitted recession
to wartime Itoyal Air Force ale. Exports have not fallen to any opposing forces and the airn of Zonc.
Conver- craft. In 1948 the RAF Trans- thing #ke the extory that some the policy now ng inal week's This Inter-tropical
10:1 Command Ronce Zone, also known as the
made expert-optimists had predicted to the Bank Rate change indicates - Inter-tropical Front, is the fro
ments with a prototype and in United States, they had actually is to maintain this balance until
and the trade "gap" is the trend becomes clearer. 1949 BOAC few a Hythe flying- Frisen) pleal area where North-east and South-wast Trade Winds meet. Their meeting uses the air to rise and form great layers of tall cumulo-simbus xlorm clouds.
This Zane moves north and south with the fun, moving to a greater extent over land
than
hot to the Far East for tests well down on last year's. The What happens in America is from which the Intret equipment | balance resultext.
and
A
outcome.
of payments is very the key to the final sound, and this has been the There the recession has "bot- Search Radar is installed on chief factor in the strength of fomed out." Reevery has not
Trund
Testi thevel set in but already there is By new turbo-prrup Brilonly the
London
Washington and Now weaker position of the overens talkin lying between
inflationary L'W Yurk of Skorting area. Tongket.
surge.
America As production in picks up, as it is expected to do ver the next few months, and American industries bellin to re-build their stock of raw inve which they materials,
Jun down, world rlsc
COMMODITY PRICES
FORLIGN EXCHANGE
NEW YORK
Closing rates were: Canadia
Yngland afteral
280-days
Pu-days
New Zealand
South, Africa
Other unchanged.
LONDON
Closing rates were:
New York
Alestred
Dru
Copenhagen
Frankfurt
Milan
Qalo Stockholm
No. 4
Spot rubber mchaled Hanket erope
No. 1 pale crepe per
LONDON
70-70%
201
+2+3+
5-$2
The rubber market was very
dull with spot quoted at 23-7/16
pence per ih. Prices:
No. 1 Ru społ
237-230
Setilen dieser term
Sept.
PER-231
Det /Dve
23-23
103-19/16
Jat:/Mor
April/Swe
£33.24 21-24
July/Sept.
2.801
2.00-33 2.79-11/33
4.70%
2.41
2145.00 2.70-5/10-2.70-7/10
138.02-130D0
1934-10.3434 $108-11.00
TRENATURA
20.00-20.001
1431-14.43
Zurich
Ollers
eluncured.—& F.I.
12:20%-12.201
RUBBER
NEW YORK
Kex rubler futures today clusyd 14 to 17 points lower with
sales of 28 contructs,
Cingly prices:
General snarketa, vif basin, povie
Aug. Repl.
Det
237-24
2016-23%2 23-p
23-2315 -U.P.I.
COTTON
NEW YORK
SUCAR
allowed to
prices should begin
10
a
Time Joe.........
Tri-Curs: Warrants
by several favourable Textras inc. news Items-higher reduction in Tide Water Ass. Oi! July for the third month row, a rise to new record July in mortgage insurance ap-
risc plications,
in outo soles
in the first 10 days of August,
und sone favourable corpora- ion report.
New York Stock Exchange volume was $4,050,000.
Twentieth Century Fox Fum Union Carbide
Inkoo On of Cal
Union Pacific Railway
United Alreraft
|
United Glam Corp.
15. Fou "D"
U.S. Gypstin
0.8, Line Cia.
.9. Rubber
Ü., Smelting U.S. Steel..
Exchange B. Steel 7 P.C. PF
American Stock volume was 710,000 shares.
New York Stock Exchange volane was 2,910,000 shares.
Of a total 1,171 issut traded, 880 were lower, 214 held 43- changed.
Dow-Jones closing averages
30 Industrial>
Falls...
13 wilities
Closing Prices
Warner Bros. ........ Westinghouse Air Brake Westinghouse Electric
| Westen Unton Tel. Co. West Vn. Pulp & Paper Woolworth
**0
200 30
705
2012 AUG
204 were:
7412
502.07
20
120.0
+
34.20
313 3000
.5,90 65 stocks
172.41
5.00
40 bands
80.61
Comm. future price index
153.00
421
500
*
12
21.4
Alden Inc. Acy
120
31% 32%
01374
15.40
Allied MUA Inu,
14
1.46
Allis Chalmers
201
1.525 157 2600KI F•
2.16
D
1.50
Am Brake Shoe
302
American Airline
Am. Cable & Radio Corp.
American Cvanamkit Co.
25 40 25.00
*80
23 RO
Auer. Forg, Powe
10
Am. Go Electric
437
100
no
Am. 1ore Prod.
1001
100
Electric
17.40 173% 27.10 27.00
100 10
17
300 ye
LAND, ETC. HK Hotel.
ik Land Humphreya Kelly... RUBIN Aurig A. Tuwali Sungain UTILITIES TELETE.... Sing Ferry.
XD yaumati
C. Light
Mac
1,10 2240 25.30
TTHIALS
Crient STORES, ETC. Dairy
- 200 17
200
17.40
21.00
G27,
25 120
17.30 17:30
500
500
FOR 44
Allied Chemicals
Am. Mach. & dry. American-81010]===
American Smelting Am. Buyer Rel. Tel American T& American Tob. "13" Anaconda Copper Armo Bleel
25.40 Armour
Allos Cons, atins Baldwin-Lions-Haru, Baltimore & Olu
13.00 Beneficiat Finance
1120 Bendix Aviation Corp.
1340 Benguet Conr..
1720 Bethlehem Ster!
1750 Borg Airpin
500
73
Walon
12741 Lane, Craw. 10.20 73.40
Yangisze
.
00
1000 19.30
600 30
6.15 Divd. e. March 100 proposed change fute to:-Interasfimal Investment Co. Ltd.
DETROIT'S
sgain. In fart they have already BIG THREE
shown signs of doing so,
A Reversal
When this happens we can look forward to a reversal of world the recent pattern of
New York, Aug. 18.
trale. World No, 4 sugar futures of! the New York Exchange-today closi unchanged to three points lower with sales of 714 contracts,
Instead of de-stocking, American and European indus- tries will begin to re-stuck with raw materials, Producing coun- trles' carnings will rise and with them. 9eir demand for imports. in Britain, industries will uge to meet spare capacity
Domestic No. G sugar futures closed unchanged to four pointa higher with sales of 284 con- their tracts.
Contract No. 4 (world)
TO RECALL
WORKERS
Detroit, Aug. 18.
Borden (The C
Burris Add Michie Campbell Soup Co.
Canadin Pocille R.
Case 13. I. Co. Cat, Tractor
Celanese Corp.
C.I.T Flashelal Corp. Chrysler Motors Chett Peabody Colgate-Paintolive,Co Columbian Carbon Cy Commercial Credit Commonwealth Elec. Consolidated atten Continental O of Def Crown Zellerbach Cuban Anter. Bugn Diamond Alkalt Dlamer Match Co Douglas Aircraft
10 21 JenUTH Faera Airline.. Fastnat Kotik
Dupont de
El Para Nathenal Gra Fatally Finance Carp. Firestone Tyre & Rublier Ford Roter.....
General
were General El
General Foods Gen. Puli. Un, Gen. Tyre & Inter Getty Oil... Glidden Un
Genersi Molors
A total of 182,000 auto in-
dustry employees expected to be called back to work for production of 1959 model cars, it was reported today.
Goodrien (). F.) CH. Goodyear Tyre Buick Division of General Grumman Aircraft
Gulf OR Malon; and four Chrysler Corp. Heyden Newport Corn,
nemployed itomestake Mining Co, workers to begin production ingera-Band
1950 nodels. They
ex
lines
recalled
the demand for exports and once recovery is underway, firins Sept: 2.40-40; Del: 341; Jun: 9.52; wil reconsider plans for Mark 342 May: 5.42: _July: 3.40%
now in aber pansion that are Sept: 34 Orl: 3.4; Spor fronts
ance.
In the meantime, however, on Britain is feeling the back-lash the first companies to beginnt Business Machines of the American recession and work on the new models. experis expect that things, will
perb. fob Cuba: 345,
Elpen terest: 0,210 cuntracts,
Contract No, & (domestic) Sent: 31-03 Nov. 941; Mar: 3.02; Spot teens per ib. vit NŸ ex«c!uty) i
Prices of cotton futures closedjen sisterest: 1,150 contracts-pei a tie worse before they
today as follows:
Spot: 24.409; Oct: 25.55:
Dee:
33.02: Mar: 30.21; May: 30.19: July: 25.17: Oct: 32 61-70: D: 32.02..
NEW ORLEANS
Prices of rotlon futures closed leday as follows:
Spot: 35.20; 0:1: 33.02; Dee: 35.15: Mar: 3.1: May: 35.15: July: 33.101 Bet: 36; 1: 32.47,
LIVERPOOL
Colton future closings, in pence per lb. were as follows: American Contract
Bept: 20.30. Nov: 29.05; JnnOut./Mov. 20.01; Mar 28.; May: 27.90; July:
27.70 Sept: 27.70.
AMSTERDAM
U.P.I.
METALS
NEW YORK Prices of metal futures closed today in cents per lb, as follows:
24.00
Dec Jan.
21.ZI
Mar/Apr.
2430
Lead!
zinc Copper Sopt
Sopl
0.01
Del.
D. Bab
Jopt,
0.001
Oct.
1.83b
25.97b
May/June
2430
Oct.
201
July/Aug
"Mixed Contract
24.21
240 24.70
Tin
Sept. Oct.
D3.0CL 03.000
24 65
ZA
The rubber market was dull, Prices closed today in guildots | Oct/Nov. per kilogram, clf Sept, as fol- Dec/Jatt.
lows:
No. 1 rubber
No. 2 nibbar
No. a rubber
No. 1 crepe
2.34 buyer
ftut begin to get beller again, what the Government does in
the next few months before the companies, expected recovery is vitally im- Find an portant.
A TOTAL
were
Inland Steel Ca. Interebenilen Cosp
Int Harvester intensational Nickel International Paper Int'l Tel & Tel John-Manville Co.
Earlier, the "Big Three" auto Kaiser Industry
General Motors, Kareas C. Power, & Light
Kennreolt Copper Chrysler, announced Eggets Meyerr Tob, Cu
21 would recall they
total of Lockheed Aircraft .... workers to build the Loews Incorp. ...
Lone Star Cement Co. Lowenstela & So0% ........ Man, Inv. Trst C.
they continue the present 182,000 polley of holding the balance 1859 models. there is a good, chance that the
GM President Harlow the inflation Curtice, who of
said ly company last vestiges Will disappear and
Minesota Mining predicted the begin-Membi Iron Corp. covery, when it does come, wit alone would recall 700,000 idle get off to a sound start. Bul
that
TO-
workers,
H.
BeLoroit J, HAY
McDonnell Aircraft
Stock Exge.)
(Am.
if they yield to the temptation ning of production of the 1850 Milon Development to husten: tho
process, the in- odels would begin a regenera-Monanto Ehenks Co.
Motorola Ine. flution
in still lurking
thelon of prosperity in the United Montgomery Ward
in-Nation Bicult Co. Lake control States. He predicted the
sell 6,900,000 National Cash Reg. background will
would
almosi National Dairy Prod. 1959, and instead of a healthy econo-dustry
during
National Lead ..... be care LONDON
mic expansion there will
1.500.000 more than this year-National Steel Corp.
How York Central free-for-all Prices of metals closed today another frenzied
U.P.I.
Norfolk & Wenten Ry. North Amer. Avlatinei North-west Airlines (Com) Olin Mathiesof
In sterling por long lon na fol- Express Service. 4 | Iwa:
Mar/Apr. May/June 2.20 buyers July/Aaut.
AO PAULO SAO Cotton future closings, in Tu cruzeiroo per After opening alightly lower follows:
SINGAPORE
2.00 buyer
2.4 min...
Ocli
88
Recalling
Youngstown, Aug. 18,
United States Swel Corpora-
Ituyor Sellers
kilo
Spot 40.80; Dee: 80.10; May: 12-
were
11.2
Spot 3-montu Copper
3-month Lead 2nd half
Aug No.
7:30
73015
727
J
►
203
BOOK
200
NOM
Eine 2nd half
Aug.
63
Nov.
04
U.P.I.
the market experienced one ofquoted. the quietest mornings for some In the United States, the average price of one-inch cotton
weeks.
Futures were:
nt 14 designated spot markets
No. 1 rubber per 1b. Bept. 60-10% was 34.05 cents.
Oct. 80-00
No.7 rubber per 1. Sept. 10%-1013
No. 3
Total sales at these markets 20%-70% were 18,271 bales-U.F.I.
Exchange Rates
market
123
Business was done in the local
exchange whometal tion announced it in recalling moming at the falling rates:
hundred furloughed.S. doliar (ver #1). 211 workers and relighting two Berling notes iper ¿1) ....
03% BOT Cral
69 open hearth furters here this Australian notox (per 1)*** woel because of an increase In Indonesian rupiahs (per 100) ordon-China Mall Special.
Blum Lies (per 100)
Singapore (Biralts)
Otin Elovalom Owen-Uhnols GR
ford Paper Co.
Pan American Airways Pacific Gas & Eice.". Paramount Pictures Parke Davis.co.
B.BI Penny J. C. Co. 10.00 Salt Co.
2204 Philip Morris
6.30 Procter & Gamble Co. 20.69 | Pittsburgii. Plate Glona 1.00 | Publieker Industries
Most other small
groups boasted
Galil shares Improved 151 tionally,
Gixd
312.
124
8010
3019
3412
70%
1447% 207
4371
frnc-.
Coppers firmer! but oils gave up small fractions. Dollar stocks were caster.
British Government bonds were generally arm but forelen Hous were mixed.-U.P.I.
Loan To Japan
Washington, Aug. 18.
The World Bank today mule a loon equivalent to $10,000 000 to nasist the Kobe Steel Works Lid, a private company, lo ex- is opera- and
and improvC
lons.
The loan in for a term of 15 years and bears interest 5% per cent,-France-Presse.
P.OBI EA
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
—istward¤—~~
"KHYBER"
"CORFU" "KARMALA” "SOMALI"' "CARTHAGÉ“ "HALSETTE" "SUNDA"
"CANTON"
Homewards
"SOUDAN" *
**Confu"
"SURAT" *
Leaves London
Dur Hongkolle
24th August
Balled 10/1 Suted 24/7
Salted 10/
201 August Fist August 2200 August
8th September
17th September
Rath August
4th September
19th September 2nd September 10th October
20th October 20th October
Leaves Hongkong Day London
22nd August
2914. August
23
Beptember
2014 September
17th September 23rd October
臺語語
"CARTHAGE"
"BOMALI"
"SALSETTE"
"CANTON"
20th September 37th October
181
October
22nd October
24th October
25th November
17th December
24th November
Vh Spore, Penang, Colombo, Bombay, Aden & PL. Sald,
* "SOUDAN", "SURAT" and "ROMALI" call S'pore,
P. S'wel, Penang, Aden, 1. Baid, Havre, London, Hamburg. Botterdam 4 Antwerp.
BRITISH INDIA S.N CO., LTD.
dee Jist Aug.
KAUN
1st Sept.
"SANTILLA"
"OLINDA"
dur
#th Sept.
alls
Sept.
from Japan
for Bingapore, Posang. Rangoon & Calculis
from Japan
fur Singapore Penang Flangoun, Calculta Chittagoz
"SANGOLA“ dar 12h Sept. from Calcutta. Rangoon,
Penang & Singapore
falls früh Sept. 1o Japan
P. & O./B. I. JOINT SERVICE
"URLANA"
due 21st Aug. alle 22nd Aug.
"OBRA"
dae 24th Au
"OZARDA"
enlis 25th Aug, due 10th Sept. walls 11th Sept.,
from Japan
for Singapore. Penang. Madras, Dombay Bhavnagar, Karachi & Kandia
from Bombay, Bhavna- gar, Karachi Kandia, Cochin, Tuticorin Singapore
for Japan
from Japan
B
for Blogupare, Cochin, Bombay Kandhe
Baarab. Khorma
* Karachi
EASTERN & AUSTRALIAN S.S. CO., LTD. “ARAFITLê” đạt 20th Ann. from Australia
for Japan "NELLORE" da 11th Sept. from Australin
salle 13th Sept. for Japan
All Yokale have líbárty ta onŭl at any perts on or of the verta & the route à shilings are ubject to change or amendment with or without notice.
For full particulars apply to i MACKINNON MACKENZIE & CO. OF HONG KONG LID, Telephone Nos: 27721-4,
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