1958-08-28 — Page 9

TRANSPORTATION

Communist Officials Invited To Farnborough Show

Farnborough, Aug. 27.

AIRLINE officials from Communist countries

have been invited to see the Farnborough air show - meeting place for world aviation — which opens here next Monday.

ANOTHER ADDITION TO INDIAN NAVY

More than 70 invitations were kowed after certain restrictions of

were removed on the sale

aircraft to Communist countries.

✨" THE CHINA MAIL, THURSDAY, AUGUST 28, 1958.

The Crash In

U.S. Treasury Bonds Market

By SYDNEY GAMPELL

London, Aug. 27.

When they go in for Daltonism or anything else, the Americans do things in a big way and fast, As previously written, from last October, when in-

ventories alone were requiring $800 million

less money a month, the Federal Reserve was

creating about $11 billion more bank money

a month.

vise lo do | US, Treasury issues) jumped by

Having nothing with al the banka put every penny later investments in U.S. Treasury securities futo leans for carrying such securi-

ties.

OF

They added billions of dollars to their investments even dur- of the The The early months

il when

Kermally

Js

it is understood that obser- Your sers from Poland and Czecho- unprecedented for them Islovakia which are both can-

to be buying instead of realis- ing investments, sidering orders for British air-

N anti-submarine frigate craft, will attend with air ex-

I.N.S. Talwar, was launched at the shipyard of Mosirs Cammell Laird & Company (Shipbuilders & Engineers) Limited, Birkenhead."

INS. Talwar wil be the second frigate of her type to be Dequired by the Indinat Navy.

The ship in 370 71. in extreme length (380 ft. between pupon- diculars) and has a beam of 41 feel.

NEW FRIGATES

These new frigates, beity: prl- marily designed for the location and detection of the most modern, type submarines,

willi

INSISTENCE

last

Two years at Rusulan ex- perts were invited to the week- font show on the British Gov- ernment's infistence ullhough year the organisers the Society of British Aircraft Construction-did nol repent the offer. This year the Society decided against Inviting eb- servers from Egypt and Syria.

گاهم

Overcas

Communist airline offlefals ate expected to be among a re- cotri number visitors who will see Britain's guided missile armoury and her latest milltary jet plattes. -- Reuter,

be Bitted with the Tuted under NEW ADVANCE IN

waler detection equipment and

anli-submarine weapons.

special design of geared SHIP'S PROPELLER

of

A Steam turbine machinery high power will give them the for the work. Speed necessary

Good sen-keeping qualities will emble the ship to maintain high speed in rough seas. Living ac- commodation has been sớ de-

THE

Washington, Aug. 27. THE United States Naval Rosoarch Burcau today revealed the invention of a signed that the ship will be able new type of ship's propellor to operate in tropical waters which, one of its authoritics without discomfort to the crew.

SPECIAL AIR PUMPS TRANSFER COPRA

on the subject sald, was as important an advance as the jat angino,

The

From last April, the U.S. au Oerities could think nothing! better than

to double This Bakastie rate of credit infla-

B: bank deposits soared by $10 billion or more in recund quarter, and the banks Jrchases of government ceritjes senched levels beyond puy peacetime preevdent.

The Climax

the

nearly $2 billion in the year to June 18, to the highest level since 140 when, with bond prices pegged by the Fed, stugs of U.S. gilts were on a guarani- teed prollt.

|

MOTOR SHARES FALL HONGKONG BECAUSE OF STRIKES

New York, Aug. 27.

Automobile shares declined today to mar an attempt of the

industrial stocks to break through their new high.

CHATTER ON WALL

STREET

in

are

New York, Aug. 27. Summer rallies in Wall

Street usually end August and often followed by setbacks in September. Long term purchases will be better made after such a renc- Lion-Prentice-Hall.

General Molarz turned soft | Procter & Gambia_Co. near closing time. Is deseen! Publicker Industries

Pittsburgh Plate Glam Par Dit Racho

brought declines into other issues of the group. A rash of alrikes in The automobile dustry has been a factor selling in the group for several days,

in

Rulourin

Pref. - Republie Steel

Bynoki Metal Shelf of C

With the attles under pressure sleeks slipped off from thric best levels after

Sears, Roebuck &

Salot Reg. Proper Sinetar OLL Sony Mobi

Solar Avrati Boulders Co. (The)

arise under | Southern Nation.

the leadership of U.S. Steel. At their best gains in the group ranged to two points.

Chemicals

gulben

andar Bearuls

Standard Oil of Ca),

Chemicals held well avith Stokely-V

to two

several

galpa running

points. Sunthe Muting Oila

produced

Folt Swirl & Co. spots, notably Richfield, Kern Texas Cn. County, and Ohio which

lost Textron Inc.

Tide Water Amt. Dil Time Inc.

STOCK EXCHANGE

Our Own Correspondent

Business done on the Hong- kung Stock

This Exchange morning amoisited 10 approxl- mately $331,000, Noon quola- tions and the morning's trans- bellons were:

Hhark 11yer Nellers པཱ:

701 DANKS

כזי

HK DEOK... INSURANCES

100

70-744,

כאן }

السلام او لار

35835

GUD AU 42 13

SHIPPING Wheelock

MJA

W

TRY

DOCKS, ETC.

17

50TL

Dock Provident

321

Standard of Ind.

471

LAND, ETC.

Standard Oil of N.J.

IK Hotel.

21.30

Sterp Rock (Toronto Exte Sterling Dry Co

12

11 Land..

200 L 3314

4

Corp

10

Realty RUBBER Amalg.

1370

1.525

1.35 10,000

truel

10,000 1.53

1.375

A. Tawan..

2.10

Bungale

UTILITIES

Tram

100*

Electri

43

31

351

Macão E.

JJ20

sa

Telephone

234 23.70 3,600 25.49

301

500 ## 28.50

75

INDUSTRIALS Cement

27.20

146) | STORES. Erc.

Pu Daliy .... 1723 17:0

2001 17.30

2016

400 12.30

100 1750

24T

Walion

10.70

41

1. Craw.

471;

COTTONS

-v.P.I

point or more. Oxford paper fell more then two on a halved Tri-Cont. Warrants dividend. West Kentucky Cout Twentieth Century Fox Film ran up more than two points, on Carbide It is true that the market International Nickel gained two

| shows some hesitancy from meat Ils best.

Union Face Failway

Dilled Airentl Unlled Gas Corp,

to time in its forward progress, Of a total 1,177 issue traded US FOR " but it must be remembered | 534⋅ were higher, 307 lower.

U.S. Gyp

US Le Co.

that there is a two-year barrier New York Stock Exchanges Robber

ESTIMATES

If this was serious enough, fur more serious was the top-heavy clure of mucgulated, unre- ported and unmargined or week- ly murgined security loans (or, į more corectly, discounts) "creal» ed by non-bank lenders who were gutted directly or indirect- y from the Fed's viewed money. Here is the First National City Hank of New York's version:

"The situation was reminiscent of the problem of 'brokers' loans for the account of others in the of overhead supply so that the heyday of the 1929 stock market upward climb is not an easy and

in that boom. As

case, the-Van Alstyne, Noel & Co. lenders most commonly were business corporations though the collateral this time was U.S. The climax came in the week beads (exempt from margin re- la June it when, to finance the gulation) and the borrowings stagging of the Treasury's mid- were handled in the legal form June issue, the banks loans of 'buy-back' or 'repurchase' and investiments soured $244) agreement. The lender bought million) in U.S. bonds subject to the bor. billion (sy £900 the sbgle week an inflation rower's agreement to take them of bank money such os no coun-back nt a price that provided n try has ever allowed before stipulated rate of interest for a off from the 3,00 of last year

in outright

Mück Trucks wil net about sometimes In- currency short (though (except collapses such as that of

When 33 a share.. the deaniel period of time.

Diveo-Wyne 1957 German mark after the first the bond market weakened, the net forecast at 1.8 and 1950 lender demanded that the bar-

could reach 2.30 thus warrant- war) and 10 country la likely to

dividend allow again in a hurry.

rower elther put up murgin.or | ing an increase in take back the securities. The overextended speculator had no Co. choice but to sell the securities."

ወነ

The stags and bulls of the Treasury bones took it for grant ed that the Fed would go pumping money into the banks which in turn would use it to go on bidding up for Treasury bonds so as to earn something

on it

On

volume was 3,250,0000 hores.

US Smelting New York Stode Exchango 1.6 Bfeel bond volume : $1,000,000, 18. Steel 7 PC. PF

Stock Exchange Westinghouse Air Hrnke

Worningtown

American volume was 1,110,000 Mares,

30 industriale

Warner Bros.

Western Union Tel. En

re

Dow-Jones closing averages

were:

310,30

Wet Va. Pulo & Paper Woolworth

An

rells

133.12

13 for

원소 및 활동 및 빛을 함에서

78.17

65 stocks

176.00

40 bondg

27.18

Comm. Tature price Index.

162.13

Our current estimato Revlon earnings may have been toe conservative. Some aro esti- mating 3.75 to $4 a share 1958 against 3.37 in 1957W E. Hulton & Co.

White Motor earnings are estimated between 5 năg 540

...

from 80 cents to $1-Walsion &

National Cash Register con- tinues to shape up as one of the So the world's biggest mur- ket-not a market in supposed-best appreciation media in the market Investors Research Co. ly speculative gambling coun- ters but the market in US.

SOUND BASE Treasury bonds of all things→→ built up a speculative portion such as a responsible New York bank can compare in the

As the New York Fed doll- cately puts it, in discussing last month's

turbulence"

U.S. gilt-edged market and the Captain E. A. Wright, "difficult decisions" in the area. burenu spokesman, Lold

of monetary policy, "temporary Les Loday that the new pro-holders" bought the Treasury peller offered unlimited pos- issues "on unduly thin margins, sibillies of speed for ships. in the hope of speculative gain

Conceived by America naval derived from further oydii- AIDO Line's Kaiku Maru

engineer, Marshall Tulin. it ensing moves by the Federal at Las eliminated the barrier hitherto Reserve System." Angeles harbour where a formed by the fact that when it

Over and above their huge

The banks' purchases, spacial system of pipe lines ship's propeller

high speed, an ale pocket

security loans to enable dealers la hold larger "Inventories" of

Da Barth 187

revolves

and air pumps is speedily formed found it and acts as a

transferring 2,500

copra from the new

to dockside hoppars.

of brake. tons

Yessel

The trin vessel, built ut

Captain Wright added the invention would have phration for boll merchant and naval shpratee-

Dat

op-

Braga Be Day of Tokyu byt Presses

the Urugu Duck Compux, Lat,

completed her maides ye! Coastal Minesweeper

here recently. She picked p

her single commodily cargu fram |

the Philippine purls of Tacloban, A

Zambuanga and Surigao,

NEW coal minesweeper, S.A.A. Mosselbaai, build-

Copri is Los Angeles ing for Me Government of the Harbour's leading import, ex- Union of South Africa, has been

the Belfast Ship-| cluding petroleum and pelicum launched art

products. Harton Departamentyard of Mesars, Harland and officials estimate timat more tha¦ Wolt Limited. 100,000 for was shipped to this; ,port during wat '

The ship will be fitted with (ending Deltic machinery by 13, Napier June 30), compared with 14,710; and Sons Ltd., Acton, who are ions in discul '57. In both years, this year celebrating their 150th the Philippines exported the jonniversary,

lion's share (92,600 tong in '57) Of 152 feet in length and with with lesser amounts shipped by j a beam of 28 feet inches, she Japan, British Malaya and the will be armed with three snail islands of Oceania.

UNIQUE SYSTEM

Funs Hor construction incor- porates the use of aluminium for the framing and structural

ouler tho

bottom castings,

only with

the raclet, in equities before The 1020 crash, and very few people bothered to notice what was happening until the crash coinc.

As mentioned last week, one would be happier to be sure that no similar weaknesses are developing in any of the things, }

Closing Prices

Alden Ine. Aey.

Allied Chemilgaus

Allied Müts Inc.

All Chalmers (xd) Ain, Brake Shoe American Airline American

Corp.

Cable

dry.

American Cyananid Co Amor & Furgn. Power Am. Gas & Eletric Am. Home Prod. Am. Mach. American Metal Amerien Ametting Am. Sugar Rei. Ansorican Tei & Tel American Tub. "B Sterling Drug appears to be | Anacendo Copper building a sound base for future Armco Steel

the Anneur expansion... Sunboam current fiscal year may approach Atlas Cons. Mising last year's figures despite poor Ballinare & Ohio showing to date...General Con. trol's Jar 1953 may net 1.20 o

1.20 share 3guinst

1957. In United Fruit 1958 nel prospects

20

38

2045%

2112

105

415%

207,

Yournal!

23.70 Fo

Du

2052413

27357 20 1,378 6 27də

42127.00

B00 27.90

0027.JK)

5$ 27.00

00025.00

Activity Slackens In London

London, Aug. 27.

Textile Nanyang.. INVESTMENTS

Yangtze

Allied

3.80 13.5% 1.15

5.08 20

4.025

UK Support

For Ike's Plan -

There was a further reduc-

tion in activity in stock British markets today and no de- cided trend was establish- ed. G-

Movements either

way were usually small. Banking and hire purchase finance shares continued to attract a good deal of attention. The former lost some of Yes- lerday's falna while the latter which receded further in early dealings rallied but later again declined t close ot 11 neur

London, Aug. 27. Chancellor of the Exchequer Derick Heath- coat- Amory today wal- comed President Eleon- hower's proposal for in- creasing subscriptions to the World Bank and the International Monetary Fund.

speech tonight at Dawitch cald,

Mr Heathcoat Amory, 14

"One of the most effective steps

Gilt-edged recurities harden- | 10)

towards expansion that can be ed slightly in very, nulet con- taken in the prevision of larger ditions and closed with scatter- funds that can, if needed, bo to support world trade, 59 od gains while among foreigners used

1033

201

ang

104

Bahiwin_Lkna-Kam.

273

Beneficial Finance

21

Berdix Aviation Corp.

Avl

Benquet Cona.

Bethlehem Steri

971

Doulag Airplane

442%

71

Burrougle Add Marline

38

the days lowest,

10

4276

10 exceed 1957' 3.59 a share Dorden (The) Co. iteynolds & Co.

World wide helicopters for

in the US, and abroad, thathiscal year ending Jan. 91, 1959 have been getting the overspill

het ypproximate 70 cents a share of the created money.-China against 51 cents in the previous Mall Special,

your-Balair & Co.---U.P.1,

COMMODITY PRICES

RUBBER

NEW YORK Rex Tubber futures today closed 15 to 30 paints higher

closed unchanged with no sales. reported,

3.47 Zurfchi

11.04-11.00% 1130-17:00. 1172-1172

14 43-144aga 74.30-13.30 122024-1220%

Other unchanged-U.P.T.

COTTON

Frankfurt Mulai Ролн

Contract No. 4 (world)

Stockholm

Seni

3.47 Vionna

Jen.

3.57

Mar.

3.43

May

1.43

July

3.43

Sept

3.5

3.45

Sputteraly perth, fub ("uba)

2.49

Dara Interest: Diva culturis

Contract No. 8 (domezile)

Nov

612

Mar

5.01

Juty

5.00

Sept

5.73

21.45

Spot-cents per

elf NY

joday as follows:

exeduty)

55.45

Bout

Den.

Doc.

BERT.

May

July

Oct

Dee

with sales of 24 Contrugts.

Cloring prices:

Sept.

Nov.

Jun.

Mar.

May

July

Sept.

AMSTERDAM

The rubber markel was qule.

Los Angeles Harbour's uncing wood planked. The hut. Prices closed today in guildera í system

unloading copra works in this fashion: The copra therefore, will

for

be largely of

No. 1 rubber

per kilogram, cil Sept. as follows:

2. Map.

No. 2 rubber

is discharged from the holds of a non-magnetic material.

versed by airstream suction mid

is blown into portable up Lay-Ups By Japanese

"where It is weighed. TIN hoppers are then transported to

No. 3 rubber

No, fcrepe

Open Interest: 643 contracta,UPI

METALS

NEW YORK

Prices of metal futures cixed today In cents per 1b, as follows: Loui AUR.

Sept Zing AUR.

Copper Aug. Sept Aug Sept.

Sept

4070

NEW YORK

Cal. Packing Corp. Campbell Soup Co Canodion Porine n. Cake 13. I.) Co. Cat, Tractor Celanese,

C. I. Tel Corp. Chase Manhat. Bank Chrysler Mators Cluett Peabody.. Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit

10枚

5734

German and

Japanese bonds and to Bave countries which be facing temporary 62 were dull but Chinese recovered may

defielts from the need to Dit part of their revent losses.

eut

41%

$2

Commonwealth Elec Donshoated Ediso Cosinental Oil of Del

30

52%

Crown Zeuerbach

Cal Ator. Sugar Digmand Alkali Diamond Match Ca Dosigns Ahemait Dow Chemicals Dupont de Nernous Eastern Airline Paste Kodek

Papo National Gad Farntly Finance Cum

Rubber Favestone Tyre & Ford Motor

General Dynatio

General Electric

General Foods

Gener Motors

Gen. Pub. Va

Gen. Tyre Rubber Getty Oil

Prices of cotton futures closed Glidden Co.

NEW ORLEANS

Goodrich (3.F. Co.

Grumman Alcroft

651%

103

120

300

415

43

44%

201

నిరా

30.30n

Goodyear Tyre...

35.34

35.72

GUE OIL

30.03

Heyden Newport Corp.

15%

35.67

.10

Homestake Mining C Ingersoll-itand

104

31.83-00

Inland Steel Co.

31.03

Interphendoal Corp.

Int'l Business Machine

731

Int'l Harvestere...

International Nickel

107

Int'l Tel & Tel

43

John-Manville, Ch.

Kaiser ledustry

1259

35.00

Karva C. Power & Light

Kennecott Copper...........

LAERett Meyer Tab. Ci Lookheed Aircraft

Prices of cotton futures closed International_ Peper

today as follows:

Spot

Det

(100h

Dec

0.001

Max.

10.001

MAY

July

Oct

Dec.

LIVERPOOL

Cotton future

2.20 non. 2.10 pun. 2.00 uur. SINGAPORE The market opened lower on but steadied overseas advices

the previous slowly to about Inal level. Thereafter the nurket was extremely quiet with towers neglected. No. 1 rubber per 1b. Sept. 8146-8?

Oct., 8117-1 No. 3 rubber per lb. Sep. 00-1.

LONDON No. 3

7844-77 Prices of metal closed today No. 4

714-2 in sterling

11 long ton 219 02- follows; 025-0412

دارد

DUCE

34.07

AN

3160

SMALL FALLS

Puiking

thin

5.30 10.04

Kolku Maru unloading in Los Angeles.

26-24

-U.P.L.

SUGAR

New York, Aug. 27, World No.

* sugar futures closed today wichanged to three points lower with salon of 171 cpntracts,

Domestic No. 6 sugar futures

2

FOREIGN EXCHANGE

NEW YORK Closing rates were:

Canads Bigipint oficial

Sa-daya

Ja

A: Kirolin New Zealanil

Soul Afri

Bran

Theta

Pakistan

LONDON

All prices unquoted today.

In

the United States. the

average price of one-inch cotton

North Amer. Aviation North-west Airlines (Com.t

Olin Mathieson

Oils Elevator_,..

Owen-Illinois Gard Oxford Paper Co. Pacine da & Elec. Pan American Airway's at. 14 designated spot anarkets Parenosint, totures was 34.70 centa

Co,

Parke Davis DD.

Total sales were 0,140 bales. Pen Salt -U.P.J.-

1,03-3/33 3.80 2.70-13/10

drink

2300

2.00%

„ONITO

107

280+3716+20=4/10 2.7136-3.79

Closing rates wero: New York Montreal Brunei

Copenhagen

133 00-134.02! 1933-1933

Penny J.

Philip Morris

Sunkist Sunkis

ORANGE in bottles.

ORANGE

The Industrial section had down their trade to achieve pp another quiet day and closed early balance, with small losses predominating.

"Another of The world's great. needs is fur lequate engineering | *pital to finance the growth

developed countries, il is Os remains uncertain and therefore very good news that in often closed easier while teas resident Elsenhower has,

his letter to the Secretary of and rubber were subdued.

States Tins

Treasury, respondol 15 ged the United dividends but coppers were duli laken a vigorous step to have Bart other

were these matters discussed at the of the forthcoming meeting neglected.

Gold shares drifted lower and World Bank and Internationa! stonel dull will the exception Monetary Fund in New Delhi Gat of one or

put forward two of Ve older and hus himself dividerul poyers which ihrden- zome Important and specifle

Ideas."--France-Presse, ed on loer) Lupport.--Reuler.

issues cared tod Bane wer and development of under- Amal alls eliswhere.

base melais

Franc Area

Paris, Aug. 27. Egypt today became a men→ ber of the transferable French trane area under an instruction the Once des Charges published in the Journal Offelel.

of

Exchange Rates

Dunes von done in BioMetal

the local marker exelauge morning at the following rates: US. dolar (per $11 Sterling notes (per £1), Australian netes per

1). 12.00 0.00 Indonesian rupiah (per 100) Stam leat iper 100) 20%

23.50 Singapore (Strata)...

1.80

China Mail Special.

P&O

R.M.S. "CORFU"

NOTICE TO PASSENGERS

BAGGAGE:

Friday, 29th August, ut 12.00 Noon for the UNITED KINGDOM, viù Singapore, Penang, Colombo, Bombay, Adon and Port Said.

Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Co.'s Godown No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Thursday, 28th August,

| SPECIAL NOTE: With the exception of hand packages curried by passengers themselves, ALL BAGGAGE nust pass through the Wharf Company's Godown for loading un board by ship's slings obly.

EMBARKATION: Passengers should embark between 9.30 and 11.00 a.m. on 29th August, 1968.

Bubject to alteration with or without notice..

terly

the nearby Vegetable Oil Fro- THE Nippon Yuser Kalsti, a ducts Company plant where the lending Jirpanese shipping copra is blown kitu huge storage line, has timounced that it will tanks that accommodate from 3ay-up two freighters uder its 1,000 to 3,000

of the control in view of the slump A versatile commodity.

the freight markets.

According the company, this According to General Steam-step is in line with an agreement ship Company,

Angeles agent for the Daldo Line, the concluded with two other lead-

ing Japanese shipping Arms Koiku Manu's deadweight 19 Osaka Shoco Kanha and the 12,030 tons, length 446 feel. Mitsui Line-le lay up

a: total breadthi 01 feet, cargo capacity

of 150,000 dendweight loss Her service among themselves.

Loc

003,000 cubic foot, -speed is 131⁄2 knots,

+

Spot rubber undraled

Blanket crepe...

י.

No, I pate cene udpers 39-01

LONDON

נווד

120%

23.4.20

14.000

DICO

in

closings, pence per lb, were as follows: American Contract

Loews Incorp,

Lone Star Cement Co. Lowenstein & Sons,

MCDEITUOL. J. Ray

McDonnell Airerati

Stock Exo, ... Mesabi Irosi-

Mirnesa Mining

CAM.

༣

Marion Developlitent

Oct/Nov.

23.43

Maranto Chienalen) Co.

Buyer Sellers

Dec/Jan.

23.73

Montgomery Ward

730 100%

Mar/Apr.

21.70

Motorale Inc,...

3-month

May/June

22.00

National Bicult Co.

The rubber marketi WDE sicody with spot quoted at 29 13/10 pence per 15. Prices: No. 1 is spot

Capper spot 3-month

2034

July/Aug.

23.00

National Coals Reg. "A

2001 2009

Mixed Contract

National Dairy Prod.

SAILS:

Settlement house term:

Oct.

Nov.

Lad 2nd half Avg. Nov, 23-231Zine 2nd half Avg.

Nor 24-241% 24-24

National Lesd

GO 0915

1375

Oct/Nov.

24.20

National Steel Corp.

7144 0315

Dec/Jan.

14.20

New York Central

Mar/Apr.

24.20

Norfolk & Westera Ry.

May/June

23.63

July/Aug.

20.03

Dec.

BAO FAULO

Oct/Dec.

Jau/Mar

Apt/Jutte

General markets, cif basis, ports:

Sept. Oct. Dec.

Eslate crepe tila Bept.

thlek Sopt.

26-2416 24.24% 24|8-223% 23-24 231-24 9312-26

2512