1958-08-20 — Page 9

ANSPORTATION

DRIVE TO REPLACE OLD U.S. SHIPS WITH N-POWERED ONES

By GRANT DILLMAN

Washington.

HE Government is launching a drive to get THE

American fleet owners to replace some of their obsolete merchant ships with nuclear- a defence measure, powered vessels, partially as it was disclosed recently. Touching off the compain will

be a special one-day symposium

here on August 21 which whip

ring officials will be given on nside look at what has been

THE CHINA MAIL,

WEDNESDAY, AUGUST 20, 1958.

British Bankers' Marriage

Of Convenience

Four of the largest banks in Britain have announced plans to enter the hire- purchase finance business. What this means for both sides, and for the borrowing public in explained by GEORGE PULAY

1

London, Aug. 19. STRIKING changes are taking place in Britain's banking system. At one fell swoop the joint stock banks have broken with tradition and at the same time have placed the stamp of "respec-

on hire-purchase finance. tability"

Following so quickly on Jast last resort, the “special deposit" month's relaxation of the credit system erented last month, they squveze, the rush to enter bire- | should be in a much better pock- purchase suggests a fundamental | tlon, if they so wish, to control change in official thinking.

UK-MOST POPULAR pecially in the Bank of England

eshire-purchase credit.

accomplished so far in making TOURIST CENTRE

nuclear power competitive with conventiolly-propelled 'ships

....

The Mariing Administrator. Morse, who on- Clarence G.

The meeting, said the 1.ounced aim would he "to explore operational problems of nuclear- powered merchant ships," obtain the views of industry leaders the autook for clear propulsion," WOULD CONVINCE

ned "dacuss

was

Ollier officials, questioned

$1 about the matter, loped that data made available to the feat owners would""""""con- vince them that they should in-

dest lude 11

one atomic- powered Vessel in their chip teplacement programines,

feel that Officials currently 19g oil tankets or ore carriers offer the most promising pros- prets for nuclear-powered ship. They said this was particularly 1 of lankers which consune

a lauge part of their cargo long voyages,

ut

RITAIN has

BR

London.

now super-i seded Fronce OS the most popular European tour- ist centre for Americans, Mr Glen J. Cradon, Trans-World Airlines salos chief, reports. He adds that flights by Ameri- can tourists to London here i5- creased in the first seven months of this year by more than 39 per cent compared with figures for the same period last

year. which was in Nself a record year for Britain's tourist โถ-

dimlry.

Mr Craden sald that T. W.A expected the urease for the whole year to be in the region of 50 per cent. Laudon was 110w more popular ihan Paris. FOUR REASONS

all-time

The American exécutive cording for T. W: A.'s hoom in trans-Atlantic travel,

listed

four main reasons

survey. Be

Tur

said.

| Britain's popularity.

An urine route

showed that American: thought Britain:

I was sad that big tanker plying the Persian Gulf from the Middle East mil fields to Europe or the United States may burn up as much as 110,000

-barrels of oil.

Officials also said the cargo of on of or or carrier could be used a shielding from the ship's nuclear reactor, thereby re- Carring the weight problem.

They conceded, however, that This would assume that cargoes would be available—i—bolli) directions.

MILITARY USE

Turning to the militars leatums of nucleur power, Leals Boted that this country. had to

produce process and

itself, for there is little doubt that the big banks would not lave taken the plunge without the "Old Lady's" blessing.

Beneficial

Some of the banks have been anxious to extend their interest into this feid for some time, especially since the Commercial Bank of Scotland blazed the frail four years ago

and Australian Imnka were seen to have taken bene- the plunge with highly feial results. Moreover, it must have been increasingly irksome to the banket And themselves their traditional vestricted Logmalions by the credit squeeze, while the hire-purchase finance companies, by various means, went on their way of ampid ex- pansion,

Since they were able to borrow less and less from the banks, the hire-purchase companies came to rely more and more deposits. To attract had to offer more

on public these they favourable

rates. Not only were the banks Their traditional kampered, in lending function, but, along with the buildi sectel:es, they were meeting Inerrasing competition The in attracting deposits frmM

Lest expensive and giving public. hriller value for money than most other European countries.

Has now an increasing re putation for providing ex- cellent food, both traditionni ind Europeon. Gives n

welcome

wormer

10 Americans than any other European country. Provides top attractions in Loon's theatreland. China Mail Special.

ueliver fuel for a fleet of some SECOND GIANT

5,000 vessels during World War!

I. They said sinne nulitary ex-)

peits bebevel elimination of this TANKER FOR

work might be a decisive factor

in any future war.

Much of the

information to

be made available at the August | 21 symposium will be based on

GREEK COMPANY

THE

the Government's experience L

Savannah

Danushima, Aug. 19. Hitachi Shipbuilding Company delivered 10

a

1

Until recently, however, the Bank of England frowned on any hire-purchase Fariation with Baarer houses. Some of the commercial inore conservative

also stood banking interests atuof: Mr Anthony Tuke, chair- for instance. Inch of Bares, nald only six onths ago-that- hire-purchase was not banking

business.

Barclays

As it happens, it was Barclays which last month stole a march on the rest by announcing that it

I was to acquire a 25 per cent stake in the United Dominions Trust, largest of all the credit france houses fund, incideritally, the the one which long before wen enjoyed not only the bitese- Sug but the active participation of the the privately-owned Bank of England when

Lurd That

Norman was Governor). Barclays should now have taken

a pair of

the

ever

built

is

the lead demonstrates

with the only, nuclear-powered Greek shipping company today, merchant ship now under one rond of struction in this country, the largest lankers

Jajati, But officials said progressi itt

The Panama-Flag Line, a the field had been so rapid that

subsidiary of the Greek-owned the Savonnan already was out-

Orion Shipping Company of clated in some respects

York, look over from though it was not expected to be Hitachi at ils dockyards Inunched until some time next the 47,200 deadweight Lou

Andres Tumped,

year.

even Now

"We're prepared to show that

here,

it is now theoretically, possible! Violunda, is already

The vessel's sister-ship, the in opern-

to produce a gas-cooled reactor U.P.I. capable of turning out

shaft horsepower, the

20,000

sume 45

the Savannah's, with only one-

third the weight," one spokes- ATOM-POWERED

man said.

He added

that atomic on-

gineers had the practical know- SUB TRANSPORTS

ledge to turn out an engine half the weight of the Savannah's reactor--U.P.1.

American Licence

For Fairey Rotodyne

perhaps

For the public, hire-purchase facilities should eventually be greatly improved, and, it is 10 be hoped, at lower cost, The bank's hecking, let nione their full co-operation an branch level, should tend to overcome the last bastions of prejudice to instalment buying.

Although it has grown apklly the in the post-war era under stimulus of full employment and the redistribution of

Today hire-purchase in Britain is still lagging far behind the "new" countries.

income.

Hire-Purchase

NEW YORK STOCKS CLOSE FIRM

New York, Aug. 19.

Stocks closed today on a firm note with prices higher but

under their best levels of the session.

Po National Cas Family Finance Corp.

| Firestone Tyru de Rubber

General Electric

Steela raled strong as a group. 1 mon stock to provide funds for Eastman Kodak Rully produces me gairu mang divenifcation. Ing to nearly 1wo points In Oll issues ruled steudy to firm Katy Preferred which responded | with Barber up more than a Ford Motor....... la agreement to amend the roll- point. A long ist of special General Dynamics Ipads preferred strek moulden- issues rose a point or belier General Foods flon plan.

with Pet Mi

and General Motorw Studebaker-Packard, most Addrostgatph-Multigraph up agen. Pub. Util.

Gen. Tyto da Rubber active issue, slippert back on aus similar amount, Chemicals were detty bi nouncement of the company's irregular. American Telephone Glidden Co.

rer up a point.

financing programmu involves duelon of bank lane through authorisation of additional com-

Issuance of preferred stock and

HONGKONG

STOCK EXCHANGE

Our Own Correspondent Business done on the Hong- kong Stock

this Exchange morning amounted 10 24

$525,000.

Noon proximately quotations and the morning's

Bales

up

Momentum

G

Goodrich (B. F.) Co. Goodyear Tyre .... |Grumman Älveraft ........

Gulf of

Heyden Newport Corp. Homestake Minitrench. Am.Ingersoll-Rand

The market started generated a bit of momentum at Inland Steel Co. mid-session and sankt back into Interchemical Corp

Int'l Business Machines lethargy again late in the day, Int'l Harvester

iraded, 542 International Nickel

Of 1,136 issues advanced, 370 declined and 224 International Paper

Int'l Tel & Tel' New highs John-Manville Co. held unchanged. were set by 45 stocks and new Kaiser Industry lows by 8,

Konso C. Power & Light

New York Stock Exchange Kennecott Copper... Liggett Meyers Toli, Co. Lockheed Air volume was 2,250,000 shares.

Now York Stock Exchange Loews Incorp.....

Lone Star Cement Co. Lowenstein & Base

Exchange McDermott J. Hay.

bond volume was $5,200,000.

American Stock volume was 700,000 shares.

McDonnell Aircraft Stock Exgo.)................

Dow-Jones closing averages Mesabi Iron Corp.

were:

30 IndustrNĀS

20 colla

18 utilities

03 socios

40 bondre price index

Comm. future

Closing Prices

10 705 AKKT Inc. ACY:

Allied Cherriton is

transactions were:

Share

Buyers Allers

BANKS

TU

130

*

200

434

Allied Ms Inc.

23

Alle Chalirsen.

3.03

G

Ino

421 425

180 6 479..

47-2

02

HK Bank Fas! Asta INSURANCES At present the nation's hire- Union purchase debt is near £500,

Lombard***** SHIPPING jess than a quarter of the funds

Wheelock (-owing-to-building-societies- arch-BOOKS,”

by outstand- similarly dwarfed

K. Wharf Dock ing bank loans. On this basis British hire-purchase indebted- nest works out at less than C10 per head of population per year, compared with £45 in the United States. £21 in Canada and £19 in Australia,

more clearly than anything else The complete change of attitude among the baniting community.

participa- So far, the banks'

lifferent forms. tion has taken Barclays are putting up £4m, of new money to buy a quarter of U.D.T.'n equity. Westminster and in Martins have joined forces

Mer- subscribing for shares in cantile Credit, the second largest |

will emerge inance house, and each holding 20 per cent of the

xqulty,

Third came the National Pro- vincial with on outright cash take-over bid for Nonth Central Wagon, third largest, involving £94m. The other big books will no doubt fellow nd the fever I has spread to the merchant banka, 4wo of which this week announced plans for a hire-pur- chase venture.

Profitable

03.18

Genoa, Aug. 19. PLAN for the construction Ek of an atom-powered trans- peri submarine in Haly Is now under consideration by the Italian Defence Ministry, groups of shipbulidez. and insurance

mpanies, and the Italian Na- These marriages should prove tical Electro-Nuclear Com-highly profitable to both sides. puny, it was letmed here to- For the hire-purchase houses, day.

powerful bank backing greater security and the immedi. nte freeing of funds, now held In reserve, for fresh financing. Improved credit standing should niso make it possible in future to attract deposits at a lower rate than hitherto and thereby in. Should the

branches-Barclays, tho Inngost, hoe 2,000-for over-the- counter hire-purchase transic- tione, the impact could be fur- midable.

London, Aug. 19. BRITAIN'S Fairey Com- Meanwhile, the research sec- pony, the designers of tion of the Ansaldo Company the vertical take-off Fairey and the nuclear soction of the Rotodyne aircraft, announced Fit Company are studying pro- construction of porals for the today the sale of a licence an atom-powered tanker. for the manufacture of the This vesacl would be of plane, to the American 20,000 tons, although this figure crease profitability. Kaman Aircraft Corporation might eventually be increased banks eventually mako ovellable

to 100,000 tons-France-Presse, their

of Bloomfield, Connecticut.

The Rotodyne is a plane that takes off vertically, bika

*

helicopter, and then converts BIG DROP IN NEW

Into forward flight, under the power of two turboprop en- gines, jetling Ita rotor turn free- ly under wind pressure, iflce co autogiro.

Rotodyne will be bulli milltary purposes,

SHIP-BUILDING

For Just three months.

There can be no doubt that, in hire- an expanding economy. purchase will grow. New outlets are continually coming into use, be it for the spreading of school fees over, say, eight instead of four years, for air travel or for investment buying. In the past five years, small Though it may be comparatively, the British hire-purchase debi has doubled. Given greater freedom and new backing thi figure may well grow to over £2,000m. over the next 10 yeaTI,

Exchange Rates

Business was done in the local unclal, exce market this morning at the fallowing rates: US dollar per $1 Sterling noten (per £15 Australian noles per CD Indonesian rupiah iper 100) Sam teal (per 100) Singapore, Straital

Provident LAND, ETC IK Hotel

10 Land Humphrey Heally RUDDER

Analg Triat A; Tawah- Bungalo UTILITIES Tram

Yatena!!

C. Light

Electric Mneau E Tel.

INDUSTRIALS

Comment

12

201 2000 1500 - 20.70

1002140

1000 20.0

Am. Brake Shoe American Airlin

ATTER_Cymamid Co

•& Forg. Forwar Am. Gas & Electe Am. Hose Prod.... Am. Mach. & F'dry

American Metal

American Being

Anaconda Copper

Arturo Sieci

500 20.04! Armour

32

Atlas Cone. Minlog Bak/win-Lim-lint.

Minnesota Mining

National Cash Re

National Lend

1103% 324

2014

421%