TRANSPORTATION
BRITAIN RACES TO CONSTRUCT FIRST ATOM TANKER
THE Government has agreed to provide up to £10,000,000 to develop and build an atom- driven tanker. It is hoped to make Britain the
first nation with a fleet of atomic merchant ships.
The tanker, NOT being design-
ed in partnership with the U.S. wil be operated
by the Ad AN ANSWER TO
milly to provide knowledge for
The shipbuilders lines.
and shipping
It is scheduled to begin its
OIL MENACE
nga-going trials in 1904 DRITISH scientists advance of any U.S.
BRITIS
** THE CHINA MAIL, WEDNESDAY, SEPTEMBER 3, 1958.
INDUSTRIALS NEARLY REVOLUTION NEW YORK
REACH 1958 HIGH
New York, Sept. 2.
Stocks rose today with the industrial section coming within
a point of its 1958 high.
Net gains the best of them in issues outside the group used to calculate
the major averages ranged to more than three points.
HONGKONG
STOCK EXCHANGE
Our Own Correspondent Business done on the long- kong Stock Exchange this morn- ing amounted to approximately $263.000. Soon quotations and the morning's transactions were be- BANKS
SHARPS
Buyers Setters
740 7529
His Flank
INSURANCES
My
he
oil to scamen who abandon bord their ships at sea.
27%
SURPING Witebeat.
merchant lieve they have found hip with any prospect of prov- ing that priquison by atomie an answer to the menace of
will energy
eventually cheaper than by oil or voil,-
PLANS BY APRIL
The
their
.......
Many men who have hnd | Wachek, tu mwi Be it foundi that oil 10CKS, ETC.
Dark Leading alot machiat and From the ship-often spread provalent ship designers, valleti in le pre-10 calen
waves - soaked | LAND, ETC.
A moter lifejackets duce plans for the tanker
by into
unet next April, decided months ago destroyed the buoyancy. thut the furnice in the
The Ministry するす Transport Navy's alomic submarine set up a womatitler of drives. Nautilus hus
commercial Figation Including ship-owners, future.
samen, fejacket makers and civil servants,
Do
U.S.
They are now far pdvanced with designs for an entirely new type of furnace with these qualities:-
It will be absolutely
in the worst storms and in
collisions.
It will be reasonably cheap to build;
Calder Hall, the Like pioneer at electricity stalion, it will be capable of stendy Improvement to a stage swhen it will be erenemie shipping lines.
TENDERS, PLEASE
for
Amola
A Tiwal
Nungale
Sales
579215
150 73
500 19 1915
200... 20 20
Three issues stood out in this Southern Co. (The)
Southern National Cas three-point gain group-Art Bouthern Railway (Com.) Icora, the most activo stock Standard Brand traded; Seagrave Corp. and Standar Oll of Cal Standard Out of Ind. Philadelphia & Reading,
Standard OIL OF NE Steep Beck (Toronto Exge. Sterling Drug Co.. Studebaker-Puckeri Corp. Stokely Van_Camp, Bunsling Mining Swift & Co. Texas Co.
Artloom was depressed from Is top leto in the seaston when it was learned the Securities and Exolange Commission was - quiring lato current heavy activity in the stock. The stock, closing at $17% a week ago, touched $274% up 5% today. Near closing it had cut its gain less than a point.
then
Textron Inc.
Tile Water Asen. On Time Inc.
Tri-Cont. Warranis
0312
Twentieth Century Fox Film
34 10072
Lion 1 of Cal.
Union Pacile Radway
Union Carbide...
United Aircraf
United Gen Corp.
U.S. Tal "p"
U.S. Gypsum
U.S. Smelting
5. Steel. U.S. Steel 7 P.C. PF Warner Bros, mengko Westinghouna Air Brake Westinilioure Electric Western Union Tel. Co. West Va. Pulp & Paper Woolworth
Raise Money Seagrave ron up more three on word the company is negotiating sales of Its are ap- U.S. Rubber paratus line to raise money to purchase shares of other coch-
with
"better panies
growth possibilites,"
Philadelphia & Reading maa A up more than four points. lung ist gained one 10 than two points. American Telephone was a Aron spot in the Investment group. Sude- Palcer-Packard uma Amerleta Motors turned active in the last few minutes of Irading.
more
Of total 1.107-issues traded, 000 were higher, and 325 were lower.
424
500 11.30
2030 2030
300 20.447
1 Land
30%
500
31.73
2001
JI 7
200
31.25
fumphrey Bendly RUBBER
13 20
1.33
3 605 1906
215 11KI
22
::
UTILITIES
Tuan XD
2010
Vuoda
+
143
17 16 17 40
500 17.30
17.0
30 Industriale
for
270 2714]
540 1000 21.30 15 million 211 23.70 | 15 stocka
17.30 30 rails...
40 bonds ....
Manue E I'l
25 10 10
500 21
343 25 201
10)
It has now sugested that the jackets be covered with kind of plastic coverag which can keep out oil. It advises that
to the The change-over
new year for
style be made in one
al lonker and two years other ships.
1,000 Hour Overhaul
Approval For Jet
INDUSTRUALS L'ement STORES ET Dairy Watson
www.
17 17 0
COITONS.
THE Air Registration Board | 5 Craw
To Great Britain
has Testi authorised a life of 1,000 MISCELLANEOUS
litt
Yangleze X13 5.13
—————Ãa Ginunilee, hearted by Mr hours between overhauls for INVESTMENTS
Thomas Galbraith, Civil Lord of the Rolls-Royce Avon RA.29 the Amiralty, will chonages the best of the designs. i will them of 10,500 lb. thrust, power of the de Havilland ask for tenders to put the chosen | unit Turnace in a tanker, which will¦ Comet, 4 and the Sud Avia- l:ct operating experience by tion Caravelle. (This will be refuelling naval ships.
confirmed in the case of the
The most promising furnace | first operator-British Over-
is one developed by an Atomic seas Airways Corporation— Energy Authority team led by Richard Moore, the George Crosby an examination of two wiraser who designed Calder engines at 800 hours and
Hall, A prototype of this two of 900 hours flying free is now being bulli
at timel. Windscale, Cumberland,
AIRLINER SEATS
TO FACE REAR?
A target of a 500-hour over haul life was sel when British | Overscir Airways Corporation
began an intensive
engine provine exercise in September 1967. Two Comet LE aircraft, powered by two 'RA.20's and two earlier Avons,
made daily scheduled flights Treen London le
€327.60
New York Stock Exchange volume was 2,930.000 shares.
New York Stock Exchange bond volume was $1.470,000.
Exchange American Stock volume was 970,000 shares.
Duw-Joys closing averages;
811.77 13.23 76 20
Comm. ture price Index
17560 67.30
'152.17
Closing Prices
Alien Inc. Any
$20
Alled MARS Ine.
30!
Am. Bike Shoe
American Alla
Autorisan Cabla & ftadio Corp
M
Auteron Cyanamed Cu.
Amer. & Forgu. Power
Am. Gas & Electric
500 22 23 24 300 23 20
Allied Chernietis
2017.10 Allia Choliness...
31k
400
H
LONDON KEEPS FIRM
London, Sept. 2.
There was little sign it was the last day of an account
on the stock exchange to. day and markets general- ly kept firm.
There was le cadavcount after a pause at eng and
industrial shares the opening,
THE Air Ministry is now Beirut and back at an iveraft started to move up all through
THE
expected to
facing xafor.
accept
the list. Most of the buying was being done by "sanall" investors who were chiefly concentrating
Featureless
| utilisation of elevent hours per "canclusive evidence" from flying time on the RA.29 cigines, | day, aceшnulating 7,000 hours of the RAF that backward-Only one RA.20 had to be on the "blue chip" issues,
seats make flying removed prematurely, due to the
| failure of an ancillary unit.
Engines were stripped and and BEA may have examined by the Air Registra to spend thousands of pounds tin Board at 250, 500, 760 and converting their airliners,
1,000 hour lives. The excellent condition of the two 1,000 hour Details of RAP crashes
engines enabled the Board to which lives were saved by rear- facing senia have been given to authorise the entry into service
BOAC
Harold Watkinson.
in
of
with
|
Aan Be Pro
Am. Mach, & F'dry
American Metal..
American Smeltuig Am. Sugar He
American Tel. & Tel.
Ameri
Tall ""
Ansourda Qopper
Anne Beel
Arinour
Allos Cons. Mindaug
Baldwin-ma-lam
Baltimore Ohi
Beneficial Finance
Banggut Cans.
103
Benxx Aviation Corp.
Bethlehem Sterl
404
Buring Airplore
71
Bark (The Co, Burroughs Aid Machine Calif. 'king Corp.
Campbell Soup Co.
Calian Pacific R.
Came (J.) C.
Cat Tractor
Cekinese Corp.
C.LT. Financial Cap. Chrysler, Muture Club Peabody Colgate-Palevalve Co.
Columbian Carbon Cu, Commercial Credit Commonwealth Elec. Consolidated Editon Continental O of Del Crown Zellerbach Cuban Amer. Sukar Diamond Alkali.... Danard Match Co. Dougina Aircraft Dow Chemicals Duport de Nemours Mister Airline Eastman Kodak
Paso National_Goe Family Finance Corp. Hestong Tyre & Rubber
Ford Motor
Gilts continue their modest improvement and closed further gans of 1/10 to 148. Foreign bonds,an rails were eatureless while dollar stocks recorded little
The change in of a lead Irum Wall absence Street which was closed yester day
the RA.29 at # 1,000 hour a Ministry of Transport Comte exactly double the target mlee set up to exumie the
After a slow start Industrials set last September. question after Parliamentary
Such a high initial overhaul about nine pence were general went ahead well and gains of pressure on the Minister, Mr life is unprecedented, and it is
www.k
the aders including The RAF installed these seats expected that further extensions via Tobacco, Dunlop, Ford 10 will follow when engines enter Alters, Turner and Newid, lin its transport aircraft years ago after lusta and prove acrylee shortly, British Oversens regular passenger carrying
Debenhang 'and' Woolworth.
Tins made further headway British Airway Corporation,
were craches when facing back European Airways and Aero- but other base reials
lineas will operate de Havilland subdurd.
Leading gils Comets, and the Sud Aviation Caravelles will be
used by shillings higher. Bubbers cased
that passengers
better WATE bracod ta
meet the impact of
words.
Airlines
have
that
argued their passengers would not like facing "the wrong way."
Air France, Scandinavian Air lines System, Finnale, Vorig of Brazil and Air Algerie.
'ROLLS-ROYCE
U.P.I.
"
AYON RA29 ENGINES AFTER 1000 HOURS BIRGI
„DE HAVILLAND COMET, ZI RING JEST BLOS OPERATED BY BOAL
closed 114
General Oynanles General Electrie General Foods General Metıra
Gen. Pub, Util. Get Tyre & Rubber
detty Oll
Goodyear Tyre den Co. Goodrich . F.) Co. Gruuminan Alivrais Cuit Oil
Herden Newport Corp.
inland Sleek Co...
Interchemical Corp.
100
3212
30
30%
رجهم
*
IN CONSUMER
CREDIT IN UK
By SYDNEY CAMPELL
London, Sept. 2.
COTTON MARKET
New York, Bept. 2. Collon futures today drift. ed irregularly lower in quiet post-holiday deal. ino.
At the close the list ruled off The four to 18 points lower,
The week ended August 30 has had a revolution-market opened off eight to up
in British consumer credit. The nation of sight,
closed off 14 polata. shopkeepers had ceased to be a nation of shoppers. For years, sellers and lenders on the one hand and buyers and borrowers on the other had given the appearance of ceasing to be Interested in price.
poluts. New Orlean
October contract quidation, kept & routine trade demand plus some scattered hedge sell oversupplied most of the day.
Speculative Interest proved rather slow, with some fradero transferring attention to The faster-moving commodities like coffee, cocon, and sugar, along with the stock market.
MARKED TIME
Led by Midland Bank, they | Monetary Fund quelas and of 60 have been learning again how per cent in World Bank's capital; to stop. The shopkeepers (those subscriptions, effectively doubl- who keep money is well using the World Bank's borrowing who keep goods) have and lending power in each major 4 those
Other been enjoying H almost as much | currency.
traders, marked time, as the customers - except only The annual meeting of the focussing attention toward the
Governmen стор Lloyds Bank, which spoils the Bank and Furid at New Delhi in
report Is kely
week fun by asserting that it has been October
to remit scheduled for Just and doing this kind of thing all these proposals to a committeounce. Wth farm legislation 344 along, without anybody having of executive directors, in
uncertainties eliminated, traders 70%
noticed it.
proces which will take a year awaited some new leentives, $4675
but could bring benefits earlier, That is about all that the Delhi meeting is likely to do.-China Mail Special.
الد
07xú 41%
214
02
2432
30
It all stems from the sweeping changes in the money and credit regulations un July 3. On thuit day, as some people noticed at By the time, the Bank of England
restored the competitivo priti ciple to British-banking. after more than 20 years of abeyance.
TEA AUCTIONS
MAY STOP
IN COLOMBO
teg
Cohen Report
one
Cadillac Sales Up
The Liverpool market cloved 15 points higher to 12 English poirits, lower and (89 to 730 Amaricon points iuider York futures.
New
Allunin reports noted na in- ereased mill Interest In spot cottor 1 he past week with some sales made for nearby und forward deliveries.
How
the gamerab ten- On Monday morning (August
Detroit, Sept. 2. dency of mills was to resist 23) the diemilled Coheny Counell
ectron. Mr James M. Roche, general prices on high-grade glumly implied in its second manager of Cadilac Division of Memphis reported slightly less report Uni
reason why General Molors Corporation.milia Interest, partly because of prices stayed up was that hardly disclosed that Cadillac's per the lower futures market. anybody seemed interested in centage of domestic puto sales getting them down.
ruse trem 24 per cent to 3,1 per The pressures of publicity cent for the first half of the year. Mar. and advertising constitute strong
Cadillac also increased its forces playing in the consumer
dominance of the fine ear fleld whose general effect is certainly not to make film more conscious of price relations or better able to oppreciate the comparative Cadillac producu 121,780 importance of the price and the units in 1858 compared other aspects of the goods 126,030 last year.China
Colombo, Sopt. 2, Tea traders Colombo
In warned today that auctions may be halted unless a hugo backlog is cleared out of warehouses and shipped abroad. More than 16,800 tons of tea
off stips were kept
leaving Colombo during one 10-day period in August, a tea broker Bank sald, He added that expor warehouses are now overflowing with tea arid auetions may have to be halted.
offered.
by taking 59.4 per cent of the market as against 48.9 per cent
all of 1957.
Later that day, the Midland Special.
sturted a landslide, by personal initiating a system of
years later than loans, merely the Americans have had them.
durables On some consumer
One trailer said only 1,500 people who have been paying a fons of tea were moved out of net interest rate of 15 to 30 per Colombo during the first week of dent will in future pay 9 per August. This is less than what en gross and much less than 20mally would huve
ben hat melt. handled in ce day, -.P.I.
Exchange Rates
Busivoor wer done in the local unofficial Exchang maricet this morning al the following rates: US. dodar (axy #1) Sterling notes (pay £1) ................ Australian Tufter iper 21).... Indonesian rupiah (per 1001 Stam teal (per 100) Singapore (Skit)
Falling Over
Since August 25, the other banks and the stores have been falling over themselves Lo do even bettor for that long dur- gotten 1371, the customer- borrower.
The enlargement of world
aired money rescrYDS Prezident Eisenhower 19
6
10.04 1930
by
ex-
20.03
Footed to bo rises of 50 per 1.00 cent in most of the International
with
Mall
Month Det. Dec.
Volume Open interest
1,110
2,040
May
1.170
July
Twe Toll
2,502
744
12
342
#1 649 bales
U.P.I.
Agreed Merchant Rates Swiss Franes Maximum Sell- Ing 76 1/10.
U.S. RECOVERY
EXPECTED
TO
SPEED UP
By SINCLAIR WEEKS, U.S. Secretary of Commørce
Washington, Sept. 2. Many time-tested signs indicate that the pace of recovery should speed up even faster now that Labour Day marks the end of the normal vacation slow down.
COMMODITY PRICES
TOREIGN
No. 4 rubber per 1b. Sept. 77-73
Spot rubber unbeled
Hankot crepe........
B1%
No, 1 pale LONDON B0-00
The rubber market was
EXCHANGE steady with spot quoted at 29
NEW YORK
Closing rates were: Canada England.official
4332
+
P
30-days bo-daya
Australia New Zealand
South Africa
Brazil
Uruguay
Indin
Jomesake Mining Co. Ingersoll-Rand
Pakistan
50%
38
New York
234
Mantral
AmsterdamTI
In Business Machinea Int Harvester
Jutracke
fat Tel & Tel... Joun-Manville Co.
In places Keiser industry
The two 1,000 hour Avon KA 20's displayed for inspection, Representa tives of more than 15 airlines have examined this display.
Kenneest. Copper
Liggett Merere Tob. Cu.
Lockheed Aircraft.
Loowa Incorp,
Lone Ste Cement Do.
As
Lowenstein &
McDermott J. Ray
McDonnell
Aucruit
Stock Exgað.... Mesabi Iron Corp.
Minnesota Mining
Mladon Development Monsanto Chemical Co.
Montgomery Ward
Aloinrola ina.... Natkal Biscuit Co. Notional Reg. “A
Notionsi Dory Prod
Notters! Load
Naliant Steel Corp. New York Central ..
Nofulk & Western Hy. North
· Amer. Avištion
Airliner (Com.)....
Nothin
Ol
Otis Elevatora Owen-line Glass
Oxford Paper Co. Praise Gas
200.
Pan American AirsVLYI
Paramount Poluros
Farion Davis Co.
Pony J.C. Co.
Fenn, Bert Co.
Sharp iori
Proler & Gamble Co. Pittsburgh Note Glase
Publicker Industries
Pure Oll
tark Corporation Media Corp. Ref. japuietiolotined
Bernalds Mistni
Bears, Roebuck & ∞.
Khell on c
Bait Reg. Paper
Sinclair Olt
D
Kopony - Mobijal
Bolar Afrorati 100 Fouth Puerto Rimo suger
13/10 pence per lb. Prices:
No. 1 Toe spot in 2314-2931
Settlement house teng:
241-20
METALS
NEW YORK
Prices of metal fatures closed
Oct.
24-2411
Nov.
Dec.
24-24
3.09-11/10
Out/Dec.
2.80-3/16 2.78-13/10 2.70-7/10 2.24% 2.79-5/10
Jan/Mar.
241%-247
Lead Sept.
today in cetita per lb. as fol lows:
0.05b
Det
10.
April/June
July/Sept
243-244
Zinc
Sept.
0.250
General markets, cit bar
Det
DEUTS
bala, pare:
Sept.
Copper Sept.
25.032
Oct,
24.370
Oci.
2.80.9/10
Tin
Sept
94.506
Estale crepe in Oei.
.0003 .3400
Estate crupu thick Oct.
Qet.
2108
LONDON
LONDON
Closing rates were:.
1933
Milan
Poris
Brussels
Copenhagen
Stockholm
Zurich
Others unchanged
COTTON
Prices of cotton futures eles-
2.00-3/18-2.8Q}}
1.72s-2.723
10.802-10.501%
118.07-139.02
10.339-19.359
NEW YORK
113822-173834
11721-11724
cd, today as follows:
14.441-23,443 12.20%-13.20%
Spot
Des
Dec.
U.P.I
Mer.
May
July
Oct
Doc.
RUBBER
lows:
Ever since late April, the economy has grown stronger month by month and the con- dence of the consumer 19 vigorously re-asserting itself.
Confidence in the Ingredient
Workers,
priceless progress. confident of
Job security, spend or invest their Wages, Housewives, confident of a steady family income, take hints from advertisements again. This procedure stimulates business, confident of sales, to order materials and produco new and better goods.
Let's take
the a glance at current quarter, confidence today is reflected in Flourishing
the rise of the
product--the
gross antional total value of roods and services. More than 65 million
people have jobs, Improvements are shown in the factory work week, and the new anders received by manufac- 14.3715barery, Personal income, con- daer expenditures and the indox ore at high
Prices of metats closed today production in sterling per long ton, as fol- levels,
Buyere Beloru
730 710
741
Tin
#pot
3-month-
Copper
Sept:
739
IZ
20072
Inflation
Housing is on the up again, siimulating the construction in- dustry, and strengthening
hope
the
of accelerated business- 203% 2032 boom in home furnishings and
appliances, The inventory pic. 172ture is much better. And public funds for Defence and high- ways
are giving the economy a 15 nudge.
Spot
3-month
Lead 1st half
30.201
3323
Dec.
26.40
Zine ist half
30.00
Sept.
Dec.
041 35-1
03
34.11-12
31.42
31.60-70
33.77
NEW ORLEANS
Prices of cotton futures closed
today as follows:
Брок
Dat
NEW YORK
Dec.
Rex closed
rubber futures today
Mor.
1.CAN
with sales of throc Closing_prices:
20 to 55 points lower contracts,
Judy
Oct.
Doc,
LIVERPOOL
Cotton
Sept: 23.00; Nav: 20.50; Jan: 20.25; Mar: 20.15; May: 25.00; July; 20.00; Sapl: 27.90,
AMSTERDAM
The rubber market was dull. Prices closed today In guliders per kilogram, cit Sept. as follows:
No. 1 rubber
No. A rubber
No. 3 rubber
UTS No. I crepo
SINGAPORE
35.10
30.19
36,60
35.04
3408
31.01
31.72
-V.P.I
SUCAR
New York, Sopit, a. World No. 4 sugar futures to
Good on the picture looks, no Eensible man or woman can be complacent in face of certain Inflation signs that are cropping up. The wage-price_mqueeze, Federal deftelt, the political clamour for moro gni inare Government spending are matters which people cannot ignore.
Q
day closed two pointa lower to Business can price fireti put one point higher with sales of of the maricet when pensumera future
closings, in 205 contracta
rebel.
Wage boosts that run Domestie No. 6 sugar futures chead of productivity pence per b. were as follows: American Contruct
closed, unchanged to one polat boomerang. The worker must Out/Nev: 13.755; Dec/Jan; 33.38; higher with no sales reported. understand that it is not what
May/June: 3.70; Mar/Apr: 22.80:
you Contract No. 4 (world),
get in your
that July/Aug: 23.40.
counts, it is what your pay gets
Sept Mixed Conirsof Oct/Nov: 26.29;. Dec/Jan: 24,25: Jan. Mar/Apr 21.50; May/June: 26.30: Dr.
720
.
2:30 buyers | July/Aug: -23.55.
220
MAY
SAO PAULO
July
Coliom future closings, cruzeiros per kilo
in
were
The market opened slightly
| lower but stendled again to the
previous levels,
No. 1 rubber per lb.
Bops,
Oct.
follower
3.00
2.02
3.48-47
you.
3.49
as Spot-teenia per ib, fob Cuba)
Oper interoot; 4,000 contracts. Sept 1.60; Det: 54 30; Deo: 09.10; Conteret No. (domestió) Mar: 50.10: May 20,701 July: 50.50. Nov. In the United Baces, the | Mar.
average price of one inch cotton | May July w: 14 duslinated spot markets Sept. was $4.74 conts.
KOV,
Tolai sujce were 17,574 bales, Spot-teemis jer 15. ell NY ́ ́
URL
Open: Infect: SAL
And
If unwarranted wage increases apur Inflation, a valse is a 1935, not
again And infiallon ombolagus the fulurs by destroy- ing the value of fixed income, Insurance policies and pensions. It will be a tragedy if we lot this economie thief rob un of full, recovery. If we can keep The brake pedal" fammed dawa on inflallop, the pullook for the coming months is bright. UPI
!
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