RANSPORTATION
JET PASSENGERS TO TRAVEL
IN REAL COMFORT
THE CHINA MAIL, WEDNESDAY, SEPTEMBER 10, 1958.
CHATTER
ON WALL
STREET
mo-
New Sign On Road WALL STREET NEARLY
To American Economic Recovery
By MERRIMAN SMITH
Washington, Sept. 9.
The Government today posted a new sign on the road to economic recovery. It said the decline in business spending for new plants and equip- ment has stopped and increased investments are expected this autumn,
New York, Eept. 9. The dilemma at the
ment is that with Im- portant Treasury refund- ing ahead there is a greater likelihood that short term securities will he used and thus credit restrictions are equally
Quarterly estimates on caplial- The only increase over Inst likely to be rather light expenditures are among the na-year was reported by the and of short duration on's prime
economic indies-ullllly industry--an anlielputed E. F. Hutton & Co.
tors. Today's Agures support her ease of one per cent this TRANS-ATLANTIC jet flights operating from
the year over lasi. New production Any reonomie pressure whield niher evidence that New York to London in 61⁄2 hours will set
would tend to bring about adelpated upward movement facilities for durable goods, one new standards not only in speed but in comfort.
"I diversible.
the economy, were slowed ap- when Pan American Airways opens the Jet Age dwindling supply of securities
Businen extrutivos. across veinbly, The drop in new this autumn.
was 26 per the country during the lust two plant investmen
the Combent-from $8,022,000,000- months filed with merge Department and the 1957 to an expected $5,779,000,- Securities Exchange Com- |000 this year.-U.P.I. mission plans for plant and equipment spending in the last
lf of this year,
Engineers and desiduess have built into the Jet Clippers new jmprenger ennvenienres but two of the major advantages of this new ng of travel are inherent in jut fight-monthiess lek of vibration.
of
completely
balance
between
and the volume of funds seck-
ng investment
could mean Διομ I Baunilton Institute.
prices Alexander
Background
of the economy
soon may
Moderate Rise
יונז
J
En
The Jet Cippers will operate As a result of years of re-1 search started as the end of at altitudes of up to 10,000 feet World War II passengers will where there seldom are thin-;
The lumproving economic and have the advarilnge of smooth, | derheads and ather clouds which
should background flight almx. eight in the past have taken some of busines. relaxing
the cath while the niles above
velvet ou
velocity. I provide a measure of stimulus travelling at 575 miles per Occasional clouds do rre to Junghatiged -- Van Alstyne, Noel hour.
these altitudes in "pillars," but & Co.
Bread!k-of-the-market action The Government report the "pillers" are easily des arted by ratiar avoided, jon voltare does not appear these saict: "Businessmen eliminating
the particularly ominous-Walston & anticipated capital outlays in "ban"sometimes encountered Co.
the third quarter at the same Five stoets with prospects of seasonally adjusted rate as in paston-engine flight.
rate of the second Tratroluctiona
a faster than average of jet aircraft
quarter-$30,320,- will on mean the elimination | recovery oner their respective | 000,000 and expect a moderate or the vibration caused by the austries turn the corner, in- rise to $3 billion in the Anal propellers on even the most ad- clude Baltimore & Oho, Phileo, three months of this year." Waseed piston-engined airliners Allied Laboratories, and Square Federal experts, however, ar which has left passengers Shearson-flammil & Co.
held some reservations. Toward Columbia Broadcasting net for the climates. Since the Fatigued at the end of a long
IT- 1958 calimsted to mate favour-cession started about a year
ble showing 2.82 last year...
quarterly ago,
anteipation8 Harris, Upham & Co.
generally have run somewhat Commitments higher than actual expenditures. Another bride on their over- optimism was the small size of the anticipated fourth quarter
BOAC'S COMET 2E
ENDS PROGRAMME
and
commitments-- in Carefully selected
The strongest factor in the
of the hardest hit regments of
American Unemployment Figure
REACHES NEW RECORD
New York, Sept. 9.
The stock market came within a shade of setting a new record high today with the leadership centring on the highest
grade stocks in the nation.
HONGKONG
STOCK EXCHANGE
When the market got into Stokely-Van Comp. Lie rpreted.
Studebaker-Packard Corp. atmosphere of
wilt & Co. considerable Texas Co.
early 1045 д amount
de-
of profit-taking
brought prices
veloped which
down from the top most levels, But the close wat higher all around.
Union Carbide
Union Facile Railway
United Alrernit
s. Gypsum
US. Rubber
US. Smelting
U.S. Steel
Warner Bros.
At the peaks the net gains Weighole ectri
ranged 10 more than
Our Own Correspondent
Burness done on the Hong- kong Stock Exchange
amounted morning
to ximately $304,000. Noon quota- tion and the morning's trans-had one of their
Union SHIPPING
Whelnick
DOCKS. ETC.
Whare..
Dock
Washington, Sept. 9. The Government reported today that unemployment declined to 4,699,000 in August, but still was
level Lanel the highest season since the end of World War II.
hit
It said August
for
three Woolworth
the main la!, The points In
office equipments blth-priced
·were up about eight points in Internaitonal Business Machines and Adressograph-Multigraph.
The Strongest Stoel shares proved
the this strongeal group even after appro-realising net In The motors best days in recent sessions. Chemicals ron Up charply. Buying lifted metals, liquem,, drugs, tobaccUS, some of the tyres, letovisions, cut special Issues, Rails en- A Joyel a good market and so did the oils. The Latter, however, were along
the first to turn irregular on realising.
Bales
મરવું
20014
MONTREAL
TRADE
MEETING
London, Sept. 9. possible outcome of the Commonwealth trade and oconomic conference. opening at Montreal on Monday. was the estab- lishment of a more forma!
for organisation commonwealth
actions were:
Knares
Buyers Belleza
BANKS
JK Bank.. 740
70
INSURANCES
Bemban
20
74
3.75 0.03
100
Dow-Jones closing
averujes
200 42%
Wel
36 indietrials
513.04
20.10
20 mily
1JZ.04
20.30
In litten
intar- consulta-
20.00
1000 301
1020 30.15
to socks
177.29
tions on economic quos-
Healty RUAR
135
87.34
Canon. Juture price index..
151.97
tions, usually
well-
employment
A Trut
1.524
Informed
1.325
2170
150
24.63 23.80
150
24.70 30 24.00
Allied Chemicals
110 93% 97 17.00 17.40
at
- 422 4234 Provident 1155 1140 LAND, ETC. HK Hotel 20.30 20 30 1000
200 30%
UTILITIES
fights Duing demonstration of the Jet Cilpers it has become | WITH the return to Lon-mini practice to balonce YY don-Airport of the run an edge on the arm of a seat
a season I high 05,400,000 A Ta B.O.A.C. Camot 2E on Wed-in show the lack of viunition in :-Moderate
inw-.raced the passenger cabin,
the year but was about sungaia nasday, July 23, the Cor- The combination of jet engines skaper warranted-Spear in rease.
advancedi poration ended its program | ard
sundproofing Newletter.
2,000,000 below the August rate am Modernisation and expansion
of a year ago. new estimates appeared to be me of
methods have also prochiced is development
should selected
The figures were. When the Jet of facilities
compiled Star Ferry.
Yaniell tha! the harp slide in new
Commerce and 2, Light... operating results training flights with this gulet altline.
Clippers reach cruising altitude, lurks better
plant and equipment investment Jolly by the the forward passenger compart-for Detroit Steel-Investors Ad- had been arrested and the gov aircraft.
The Labour Departments,
sad the decline in Elee. X.A 2430 meat is almost silent end the Visory Service
Inition psychology is stirnment looked
10 unemployment from July noise level in the rear of the
meement the late autum August--a total of 600,000-was a ke aircraft is no higher than current pant in the minds of inves-
and carly winter, tors and hence in the securities
primarily 10 students Telephone 23.30 231 piston-engined airplanes.
markets but is not particularly elated for the rest of the your withdrawing from the
If the programmes now anti-tue evident in other sectors of the
But to operation, ex- & nomy--Reynolds
said Government penditures for new plants and
the INDUSTRIAIS Equipment for the full calendar adjusted rate of unemployment at yeur will run about $1 billlan | for August was 7.5 per cent |
sharp. ression-preduced of the total available working, STORES, ETC.
force. With itro exception off Dairy drop of it per cent from tạc
the record of $37 billion in 1957.
se-called "treak perioci during a coal strike in 1949,
Avon VIBRATIONLESS
will
A pro-
10
into
12
The aircraft has been used for devlopment work preparatory for the Comet 4, which is likely to tater commercal service with HOAC, later this year, as two of
is four jet engines are 32-4s, of the type which
Given quiet, vibrationless! U.P.I. power the Conet 4,
ramme of 3,500 hours on this anera, Pan American engineers Cngine was successfully com- and designers went to work to
IL
hundrou- picted on schedule m Junie."
The Cornet 2E began the first windowed, Jel-propelled ving decorated phase of its work with BOAC., room, equipped and
hights between for passteger comfort and con- by series of Lendor: and Belut on Septem-venience."
This huge living room ber 16 1957. The round trip of
a lensing eye- 4,500 miles was completed in decorated in 12 hours, including one hour resting colour scheme of
and dry pastels and equipped on the ground at. Beirut, with the help of a Ministry of with chairs designed for com- Supply Comet 2E, Lisa operates plete relaxation whether in the by the Corporate, a total of 11tprisht position or reclining. were made on, with more than adequate elbow Nubia a Wack this rule. Towards the end of room.
Is
blue
that phaze ne flights were Som det Clippers will be flown made to Nairobi. The Ministry in dual service of Supply aircraft was returned this passengers to the Ministry on June 3. SECOND PHASE
Co.-
Undertone Firm
In London
London, Sept. 9.
are
il
TO
Was Lower
upward Leport
market.
The
labour
this wrs the highest seasonally indjusted unemployment
אלרון
Watoon
per-
If the projected total for 1958 | centage since the end of the
AUSTRALIAN
is realised, it will be about one | war.—UPI, billion dollars under the figure anticipated in the regulur anual survey last March. The resuon for this is that spend- Industries hut by most major. was lower than originally ex- petled.
per
WOOL MARKET
Crow. Kwong S. II.
COTTONS
21.
17 10 17.30
1019 10 00
Pulse... 3.60 3.00 Nagyong .. 4,80 INVESTMENTS
Yangize XD 5.15 8.30 Allied
4.10
Closing Prices
Alden Ine. Acy.
Alle Chalmers ...
American Airline
Amor, & Evryn. Power Anierten Metal
100 17.20 1200 M 17.20 | American Smelting 1,030 17:30
American Tel & Tel
00) + 24.30
Altea Tob. 1
142 24.30
Anaconda Copper
200 22.34
10025.1 1,240 2025.40 300 $3,40
152119 250 211
2017.10 130 17.5% 500 + 17.10 2002 17.19
104 10
London Silver
Prices
It was account day on the stock exchange today and with Juxury
The downward trend of plant markets seated in the
were somewhat expenditures from aclunt gures
Newcastle, Sept. 0. terward section where a com- restricted but the under for 1937
The wool to the 12-months
market ruled par cent tortable lounge
estimate for 1958 occupies space. tone was firm,
showed up to two and a half per In the raltroxellsher in merino wools on the
London, Sept. 9. The Far Eastern
situationore sharply The arcond phase, involving just aft of the flight dock.
40
day today of the As in the past Pan American's
bent, opening
The price of sliver was again Investors
hesitate, industry-down North Atlantic peralions, started
Spotless used
Banufacturing
1958/59 wool sales series. In general was But the gilt-edged market after
strong today, with spot being on May 5 and initially 10 return Capers will be kept
An added
een-from netta Comebacks and erossbreds noted at 76 pence and forward tight
made between the jets have Were
of accomplishing this.stant start struggled up and of 25 per
firm with better 75% pence (against yesterday'a Lordan and Caner (Newfound vans
wools showing Ereatest 7544 and 75% respectively) land) uz gave experience in cem-Tite colored panels lining the as of 1/16 were held. This ding of $15,950,000,000 in remained
tppreciation.----U.P.I. for walls of the passenger cabin canrket gained some encourge 1957 to the full-year estimate of mand to play chosen
the news of a fal! 12,028,000,000 this year. The be easy removed, cleaned and rent from
in the United possible Atlantic services,
States Treasury but rate. round trip took a total of 123, replaced in a short time.
There was little movement In Zorelai bonds and Trans-
hours flying time and a stop INNOVATIONS was made at Keflavik (Iceland)
on the westbound journey.
Later there were more lights to Gander, which was then used as a base for lent flying to
One of the must striking in Atlantic, mouka reflected yes ovations of the Boeing 707 Jetterday's fresh rise on Well Clippers the installation of Street. There were slight gains passenger service pods situated in the industrial markets and possible alternate airports on the above each row of seats. Spot- several good features were North American Maritime Coast, lights in the pads supply the corell, including Munckton (New reet uineunt of reading light for
GREAT SHOCK (Nova each passenger. Individual signS Brunswick).
Shipping Scotia), Goose Bay (Labrador) show seat belt instructions and and Stephenville (Newfound-| amplifiers in each unit take the great shock
"publis" out of the conventional nounced lant),
sation out,
Sydney
style
U.P.1.
COMMODITY PRICES
88888888
Spot
30.15 nein.
11.
ផ
RUBBER
De.
Mar
May
July
Oct.
Dec.
NEW ORLEANS
shares received
when it was an- that the Reardon Latterly an airport funiliori-pblic address systems. The In Smuth Line, the blue chip of shipping companies, programme was carried invidual amplifiers will quietly the tramp
interim paying un instrument broadcast music played inter-was Including
first time in approaches and touch downs at millently from specially made dividend for the other Canadian and American tape recordings, as well as cap-23 years.
were
llvellest the airports, among them Idlewild. tuins' reports on flight progress,
altitude changes and local market today in the news New York.
that retell sales in July showed weather conditions on arrival.
Air conditioning and pressuri-their first significant increase of
have sation
achieved a new the year. simplicity and efficiency with the
air
1:
Stores
Cold shares cased and con-
but
On one occasion. akled by tad winds, the Comet 2E covered the 2,400 miles between Gonder and London in four hours, 22 minutes —an average speed of 537 mph. Jet Clippers. Before departure inued dull in the absence of For a short period the viseraft's time, quicmatic ecuirols are set support, ground spect reached
Coppers 750 and without any further adjust-
were neglected and m.ph., one of the highest speeds ment
tins were optimnuri temperature, le changed ever reached by a civil airliner. humidity and
atstinctly dull. pressure, During this programme, be simulating low altitudes, are
Oils were dyregular.-U.PL twem September 18, 1837 and July 23, 1938. the two Comel 2E aircraft New total of 3,725 hours. There was only one un scheduled engine change, made because a fault in a sub-
of gidinry unit. When the engines were stripped, down they were found to be free of trouble. Only one day's flying was lost because of font.
maintained
The years of planing have
produced an aircraft with which Exchange Rates
NEW YORK
Rex rubber Futures
today closed 25 to 33 points higher with sales of 38 contracts.
Closing prices:
Prices of cotton futures closed today as follows:
Stut
Dec.
Mat.
May
July
0.20:
Chel
DK's.
Bept: 22.00; Nov: 20.00; dan: 20.00; Mar: 18.001 May: 28.40; July: Sept: 20.30.
SINGAPORE
The market opened sightly lower and ruled quiet and fea sureless throughout the morning. No. 1 rubber per 1b. Sept. 817-01
0142-02
LIVERPOOL
Cotton future closings, pence per lb, were as follows:
American Contract
No. a rubber per lb. Sept. Ban | July/ACE.
in
Spot 3-month
Lead ist hund
Sept
Dec.
Zure 1st half
Sept.
Dec
2001
2001
2001 200
709% 21
72
72
0515
*
SUGAR
New York, Supt. D. World No. 4 sugar futures closed today unchanged to two points higher with sales of 187 contracts.
Domestic No. 8 sugár futures)
Arreo Stor!
Amrnur
All Cores. Afini Baltimore & Ohio
Bengur (CRAS Betlehem Strel Canadian Pagile, R. Chrysler Motors Colgate Palinolve co Commercial Kredit Commonwealtḥ Bre. Conserlidated ben Crown Zellerhach Cuban Auer. Sugar Diamond Alkal Duson de Nemours. Eastern Airline Eastman Kodak
Ford Motor General Electric General Funds
General Motors Gerly O Glkkien Co
Goodyear Tyro
Gulf Out
Haydon Newport Corp.
Ingersoll-Rand
Infl Durinex Machen
I arvealer
International Nickel Int'l Tel & Tel Keidecat Copper Lockheed Alretatt Loews Incorp, Lone Star Cement Co. Mirala Mining Mission Development Munigry Ward National Curl Rep "A" Nitonal Lead
New York Central
Olla Mathieson
Otis Elevaima
Facile Gas & Elec. Par American Airways Paramount Pictures Parke Davis Co. Pern. Salt Co.
Pittsburgh Plate Glass
Radiu Corpomtion Tepublic Strel Reynolds Metal Sinclair On
Sony Mobilo!! Standard Bron
Standard Oil of Cal,
Standard Oil of Ind.
Standard Ott of NJ. Steep Rock Toronto Exge.) String Drug Co.
hore today.
sourcos said
The main purpose of the con- #1014 ference, however, would be to
13!
21 promote econom'e and Interna-
itional trade expansion which
was particular Importance the threat of a in view of
17 2416
07!1
31
''
*
443"
recession, the sources said.
Another talking point at the conference
would be whether
a Commonwealth bank rhould
be set up.
THE ASPECTS
The Montreat talks are ex- pected to cover these cecnomie, 24 Anuncial and trading aspects:
יד
23%
41
190
510
The significance for Commonwealth countrics of changes taking place in world trade.
2. Mourures to expand trade between Common- wealth countries.
ot
3. Progress towards the commen objective Iroer trade and paymer,
expansionTM 4. Economic in the industrially less developed Commonwealth and empire fonds..
5. Problems of agricul- ture and other forms of primary production.
6. The West European Free Trade Arca project and is possible effect on the Commonwealth.
7. Economie
tions.--Reuter.
consulta-
Indian Loan
Washington, Sept. 9.
The United States today announced that it would make 51a series of economic develop- to India tulaliing ment loons about $100 million during the next 10-months.-Reuter.
THE U.S. TREASURY FACES A DILEMMA
New York, Sept. 9.
The Wall Street Journal notes the dilemma to be faced by the U.S. Treasury in future efforts to cover the big national deficit and minimise inflation.
closed unchanged to one polat! .It sald that Mr.
Contract No. 4 (world)
Oct/Nov
Dec/Jan
Mar/Apr.
23,50
lower with sales of 48 contracts.
May/June
No. 3
23.13
Anderson, the Secretary, must
No.
+
Spot mliber untied
721-7312 BL-019
Axe Contract
Blanket crepe
03-04
Oct/Nov.
20.05
this No. 1 pale crepe
Doc Jan.
Mar/Apr.
850
May/June
LONDON
119.95
July/Aug.
12.03
Pan American will bring the
Dunince was done in the weal United States into the Jet Age, unaletal exchange market
morning of the following rates:* Gn age which will not only seu the world abrunk by 40 per cent, Sterling notes (per Ell
UB. stollar (per #li but a result of this comfort-Australian noter iptz kly able, high-speed travel, may see Indonesita rupiah (per 100: great advance, in universal co-Hattie (per 100)
Singapra (Falta operalka and understanding.
PAA's new Boeing-707 Jet CUpper.—PAA Photo.
0.70 The rubber market was very 28.79 quiet with spot quoted at 231⁄2
1.80 pence per lb. Prices:
No. 1. Han spợt
... 231-24 Settlement house term:
Ocl
MAIL-20
Nov,
24~2436
Oct/Dec.
Apri/June
July/Seph
Dec.
Jan./Mar.
METALS
NEW YORK
29.03
2134
24-24||
2436-2415 Prices of metal futures closed 20%-20%||touay in cents per lb. as follows; General markets, eit baits, pertų), Lead Sept. Bept
234-201 Oct
231-24 Zinc Sept. Estate erepe this Oct.
Oct.
truck Ool...
COTTON
Oct.
Copper Sept.
Oct.
Sept. Oct.
10.106
10.241
0.440
25.200
3.970
03. 93.236
Oct: 3.47: Jan: 3.83; Mar: 3.45; in nee May: 3.40 Spot-tcents per 1b. fobred inte" Cuba): 3.49
fiscal year July 1.
Open Interest: 8.000 contracts,
Contract No. @ (domestic)
Nov: 3.83; Mar: 5.65: May: 5.06; July: 8.75 Sept: 8.73: Spat-(centa per Jb. et NY ex-duty): 5.05.
Interest; 057 contracts..
Open
U.P.L.
FOREIGN EXCHANGE.
NEW YORK
Closing. rates were:
2.01-9/2
3.6014
**
Canada Engiana oficial
30-daya Ko-days in sterling per long ton as fol-New Zealand lown:
Buyers Bellars Peru
LONDON Prices of metals closed today | Auftralia
Olberu voliangad, London
unavailable.—U.F.I.
NEW YORK Prices of cotton futures closed today as follows:
Spqt
3-month
Copper
130 -73016
7203% 1273
Bouth Adrien Brazil
Uruguay
.04.20
3275
exchange Jutan
wehe
Robert needed and did not obtain next
morth, Treasury raise money The Treasury's coming Anan- $12,000 million in choy moves scemod kely to ag- spending in the gravate the inflation threat, not last case it. The chief ecasta was which began
that is offerings seemed likely to consist chiefly of short-term securities.
The Journal added that in- With Tale cash batanen Bationory Investors probably dwindling, h would make a would not be willing to buy stort next month by borrowing or R1 least $3,000 million, and perhaps
5 much as $8,000 infilion of new money,
Dwindling
accept in exchange" for maturing securities - any size- of long-term lite amount bonds, except at interest rates higher than the Treasury was In December, $12.000 million į willing or able to pay.
of old debt mature. Next year, i
Mr Anderson would face the of re-financing, nearly
task
$15,000
Recurities in February,
A Ceiling
million of maturing The current law placed a 4
$1.800 per cent ceiling on interest rates The Teearury could pay on million in May, $18,500 maillon
than dive
in August, and mo later in sccurities of more the your
years maturing, but there Wat no tuch restriction on short-
A teid. the paper said,. ty term issuer. the end of 1059 he would have
The paper holed that heavy seturi-
to ref more than one-third | offerings of short-torin
of, the US Govrnement's total | ties tonded to encourago fúða- maiketable debf, and stendtime | tion, largely because they would hefore next Junie 20 he would go mostly to commercial banks. have to raise whatever caah he│China Mail Special.
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