A
RANSPORTATION
AIR FARES LIKELY TO HAVE
MAJOR REVISION
London.
the STATE-OWNED British airline set stage for what was expected to be major slashing of international air fares within less than two years.
buy jel airliners are expected to start United
At the same time, however, i sive race fo
that which 1 raised The passibility people crossing the Atlantle on operating between the
the first Jetiners would have, lo States and Britain late this year pay more Thun
o8or early in 1959. propeller-driven planes,
thene
Sir William P.
Hildred, of lata, 19 Douglas of Kirtleside, Director-General Lord -Chairman of the nationailsed known to back Dougins' price- airlines British European Airways which cutting plan. But some operates mainly between Britaia are opposed to charging more for and cities in continental Europe, travel on the big Jets. proposed the lower farea. said he would press the them in Cinnes, France, at a traffic con- ference of world airlines.
He
"We find that passengers will a slightly be happy
fo accept lower standard of comfort if we reduce the fares," he said, "We have to consider aircraft in the future ca short-haul routes more in terms of a bús.
NOT READY
Lord Douglas airline could not out fare independently of the other members of Inta, which includes about 00 who operate In regularly-scheduled services all parts of the world. The air- lines, in turn, could not change their fares without their govern- ments' approval. But the governm ments usually go along with them.-U.P.I.
"We are not quite ready yet to Shipping Ordinance
implement that polley. During
next year
we shall probably
maintous our fares at about the To Be Repealed
prevent level, although we shall
introduce a number of cheaper
special rate: to create new traffe
THE CHINA MAIL,
TUESDAY, SEPTEMBER 16, 1958.
A Look At The Commonwealth's Economic Future
J
MONTREAL CONFERENCE Positive Plans Industrials Rise LONDON
For Action
STOCK
Not Expected To A Record High MARKET
By RONALD ROXALL
London, Sept. 15. The Commonwealth Economic Conference at Montreal does not now seem likely to produce the positive plans for action that were at one time expected of it.
recent
krea mean
no
Liquidity
Problems
New York, Sept. 15. Industrial shares rose today to a new average high for all
in
Met Demand
Ulities also met demand and rove to a new high since Sept, 24, 1930,
The average for 05 stocks--
Net gains in the general list extended to more than ree best points. Steels performed
Soine Aircraft Bouth Puerto Rico Sugar
London, Sapt. 15. The stock market was ir- regularly higher today as tradors generally discount- ed the government de- cision to ozio up on cro- dit controls.
Gilt-edged necurities coa- tinued to advance on expecta tion of cut In the bank rale and the Increasing strength of sterlings
411
107
Bouthern Co. (The)
Southern National Clos
2013
J
Scuthern Railway (Com.
Standard Branda
Standard Cl of Cal
524%
Standard Ol of Ind.
48%
Foreign boneta were and dollar stocks Irregular,
mixed
1
Standard Olt of NJ.
58%
sleep Rock (Toronto Exge I
$2
The Industrial section rallied
&
lightly after a dull opening on
Etudebaker-Packard Corp.
7%
peloc:ive
demarki. Store and
75%
tobreco issues sparked the
fractional improvement.
72
14
Gold
and tin shares
were
Late in the sonson a block of of Aluminium 11,000 shares Limited sold at $20% up point. Commonwealth
Edison TO 1% 3h the utilities,
New York Stock Exchange
American Slock
Exchange
volume was 830,000 shares.
New York Stock Exchange
volume was 3,040,900 shares.
Stering Drug Co.
Stokely-Van Camp.
Sunshine Mining
Swift & Co.
Text Co.
Textron Inc.
Tide Water Axen. Da Time Inc.
Tri-Conf Warrants
Century Fox Flim Corhide Univ of Cal. Union Pacific Railway Untied Aircraft United Gas Corp. U.S. Fell "p"
US. GypouITI U.S. Line Co. U.S. Rubber
Steel
US. Steel 7 PC. PF
Wamer coa
Of the 1,190 issues traded 882 | Westinghouse Air Brake
Westinghouse Electrie advanced, 329 declined.
Dow-Jones closing overagea
as the steel rale moved to a new WCIC:
30 Industrials high for the year. Coppers run 20 rolle up one to three points on higher 15 utilities prices in London. Ofis picked 60 stocks up and some gained a point or better.
Ford spurted two points and ат point on Chrysier gained
40 bonda
Comin. future price Index
40!
111
slipped
fm but coppers were neglected.
Olla
hold failed to
early gains and cloved, mostly easter.
Dutch
Two Royal shillings.-UP.1.
Exchange Rates
421
3416
70
Budners
145)
222
VIE dono in the los unofficial exchange market thim morning at the following rates:-
33.8. color (per #1)
3.00
04
Blertag note, (per £1) 20
1001
Western Union Tel. Co.
Whelworl
Australian noits (per 43
12.6B
Wed Va. Pulp & Paper
4015
Indonesian rupialt (per 100) ..
3.30
Som cal (per 100
FB.09
423.49
Singapore (Straits)
2.80
135.24
01.12
179.07
37.31
131,50
time in a moderately active stock market. Trading was very light for aj hopen an auto strike will be1 Socony Mobil time as the Jewish new year's nverted. Drugs showed going slepleted attendance
the | ranging to more than two points Arianeint district. It picked up in Merck. Final decisions will have to does not mean that their enn- he postponed on three of the ference will hive an entirely late in the day as the market
Set Advances Cre
On certain moved into new Ught ground, major topics slated for negalve autcome. discusssion by the Finance toples that are purely Common- While the industrials stood
Railroad issues set advances Ministers. There
The wealth concerns are:
there is Doul by virtue
of making a of one to more than two points Commonwealth's allude to strong possibility of positive record top, the ralls were the in the main list. Texas wards Europen Free Trade netlon.
real leaders. Tut group set a Pacific soared five points. moves, plans for increasing The question of Commoo-
new high since Sept. 4, 1057, | Uillities were up fractions international
liquidit, and wealth development and greater but far below the all time high ) more than a point. schemes for stabilising
co-operation in economic affairs of 189.11 touched COM-
International on Sept. 3.
Business Mo- generally modity prices.
been have already
1020.
chines ran up more then reven points at its high. Delays in agreeing on the widely discussed in public. It i form of the European Frees in these two flelds that the the Montreal conference could make thint Trade Commonwealth ministers wB1 Its mark in history.
preciso basis for have discussion of its possible effect
The two problems are closely own trade prospecte.unked. In the past, Britain has the lauca in the three Dow-tond volume was $5,310,000. on their Nevertheless the opportunity been the mala supplier of capi- Jones averages-rose to Στην taken to sound out tax for Commonwealth develops | high since July, 16, 1957. - This will be Commonwealth opinion on the ment. But Britain is no longer average was held down by the
suggestions for a re-
able to supply capital on the lig tren their previous peak in
The problem is the railroad department," vision of Imperial Preferences als needed. to obviate Brimin's "unfair" purticularly
acute for under- advantage in the European developed Colonies which have set-up.
no direct access to International whose agencies, and relative political or economicul On the question of increas- instability means that they have ing world liquidity, President
to pay dearly for loans from Eisenhower has
the stolen
the London capital market. Initiative with his proposal fog
of mobilising The problem enlarging the International
the necessary additional reserves Monetary Fund. The Common- wealth Ministers will naturally of development capital really Singapore, Sept. 15.
Government
today want to talk this over anong solves itself into a problem of instituting new machinery_for themselves but the main forum
The economic co-operation. published a bill to repeal will be thousands of milles away three sections of the Mer-
IMF. annual meeting pattern for future Common- wealth development is set by the chant Shipping ordinance, next month in New Delhi,
of Colombo Plan which is not de- The third question, that which it says have been
source of proventing British sub-stabilising Commonwealth com-pendent on a single
nance or based on an oklier- What in relationship. alded joets getting jobs as sea-modity prices is really a non-
needed and what has been sug- men on foreign ships in main market for these com-
plan gested is a Colombo-type modities has Singapore.
no liking
190 for the Commonwealth sho mear that schemes which
whole, might have to pay more than
Much of the thinking along the work price for food and raw material. The answer to these lines has been done by a small but influential body of the problem Df commodity prices will therefore be souscht Tory MP's who call themselves Commonwealth If the Expanding in international agreements,
published recently though not these have the effect of raising Group. Their views have been necessarily endorsed by their The group admits that the party's central organisation. case for a Commonwealth benk is not universally accepted but clating that the idea has gained round in the past six months. The arguments against it aro they it would not bring into dion any previously untapped of Commonwealth reserves capital (meaning; British caydital) and that it would merely do. Its effectively, the work which is now being done by the World Bank,
n routes where conditions are Tho
• most favourable.
"In short, It is a mark-timo policy for next year. We hope That the following year
wel shall be able to start getting fares down, but that is a question to be decided internationally."
The Cannes Conference has Leve called by the Internatiommi Air Transport Associnan uf
The sections require British which Douglas
former subjects in sigu two sets of President. It is a preliminary to articles, one with the Consul of kata's annual general meeting a the foreign nation, and one with few weeks later in New Delhi. the Singapore Shipping Marter.
Lord Douglas commented on They also require shipping swirline's enual agents to put down a $(M150 report. He said airlines should Į bond for each senman. make a surcharge of about 10 per cent to cover their outlay on expensive jetliners, but air for a Aneral fare out of about 15 per con ma ynar or two.
fares
at tha
slerto.. Britain, which is the
nt
for
lenst
prices, commodity Britain will not be among the have industrial countries having to
pay them.
unions Local scaten's complained that because these restrictions, foreiga com-. Mean-panies have been giving
The elimination of these na the which prc. questions
can
time, he said, airlines should ference to Indonesian sallore Commonwealth ministers agree to slow down their expen- in Singapore.--Renter.
COMMODITY
TOREIGN EXCHANGE
NEW YORK
Closing rates were, Canadia England official
Estate crepe Ün
Oc1.
Erate crepe thick
Oct.
NEW YORK
253%
2514
Rex rubber futures today closel 20 to 35 points higher with sales of 24 contracls.
Closing prices:
Nov.
Jan.
Hay
30-days
K-day
Australia
2.50/18 2.3032 221-3/18
July
Dept.
Bouth Africa ........
2.70% 23044
New Zealand
Argonura
Others unchanged.
LONDON
Closing rates were;
New York
Montreal
Copenhagen
Frankfurt
Mikr
Chlo
Blockholm
AMSTERDAM
20,35
22.15
28.3
20.00
20.70
26.00
28.00
The rubber market was steady.
Prices closed today in guilders
No. 1 rubber
2.31 buycis
answers supply cut and dried
PRICES
Maj July
unquoted
20
In the United States, the average price of one-inch culton at 14 designated spot markets was 34.07 cents.
Total sales were 7,200 bales,- U.P.I.
SUCAR
New York, Sept. 15. World No. 1 sugar Cutures per kilogram, cif Sept, as follows: closed today unchanged to two 220 buyers points lower with sales of 416 2.22 buyers contructs. 231 buyers --U.P.1.
No. 2 rubber
No.】 crope
No. 3 rubber
2003-2006) 2.7316-2.74
19.2334-10.33% 11.00-11.00 1737-1730
20.00-20.00
34673-1447a
12.19-12.20
Others unchangeck--U.P.I.
RUBBER
higher
SINGAPORE
COTTON
NEW YORK
Fricca of cotton futures closed
\
today as followe:
Spot: 36.03; Oct: 35.48 Des:
53; Oct: 333; bén: 3238; MAT: 300, NEW ORLEANS
Prices of cotton futures closed.
The market opened slightly today as follows;
and ruled quiet and Spot: 35.10; Det: 35.59; Dec: 38,00; steady. Lower sheet interest Mar: 0051; May: 50,40; July: 34.5 agala was, fair but offers wero Det: as 30; Dee; 23,10; Mari 32,00, scarce, Futures:
No. 1 rubber per ib, Sept. 82-831%
Oct. 834-825
No. 2 rubber per 16. Bept. 10-01 No. 3
No. 4
11-76
7414-75
Spot rubber unbated... IN-DIVE Blanket crepe
No, I palo crepa
LONDON
Dec/Jan,
Mixed Contract
sugar
The domestic No. 6 closed unchanged to three points higher with sales of 30 contracts. Contract No. 4 (world) Oct: 5.43; Jan: 3.40; March; 3.43; May: 3.43; July: 2.45; Sept: 3.40 Oct: 3.40: Spot (cents per 1b, fob
Cuba): 3.40.
Open folerost: 9,863 contracta,
Contract No. 6 (domestic) Nov: 5.93; March: 5.64: Mays 6.70; July: 8.28; Sept: 3.73; Spot-fcente per tb. cit NY ex-duty): 8.07.
Open interest: 1178 contracts
METALS
NEW TOLK
Prices of metal futures closed today in cento per lb. as follows:
Lead Sept.
Ook Bapt. Zine
Copper Dept.
10.200 10.230 9.58b
Answers 'The Expanding wendlih Group answers
Common- both
these points, On the question of Anding capital it rejects the nrgumout that this must come from Britain alone. It the Goverments Commonwealth
between them, it says, under- took to put up £30 milliora a year for 20 years they would be guaranteeing a capital sum of £600 million, available for Investment.
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
Closing Prices
Alden Inc. Acy.
Allied Chemicals
Allled M Inc.
304%
Allis Chalmers ..
272%
Am. Brake Bloe
American Airline.
215%
Am. Cable & Radio Corp. American Cyanami! Co
4325
Amer. & Forgn. Power Am. Gas & Electric Am. Home Prod. Am. Blacta de Pdry, American Motal American Smelting Ain. Sugar Raf. American Tel & American Tob. "I" Anaconda Copper Arno Steol
Armour ***.. Allas Cans Mining Baldwin-Lima-Ilam. Baltimore » GRO Bourßcial Finance
Benguet Cons.
Bethlehem Steel Boeing Airplane
Business done on the Hong- - Bendix Aviation Corp. kong Stock Exchange this morn- ing amounted to approximately $206,000. Noon quotations and the morning's transactions were:
Buyers Relzen»
Nharts
BANKS
K Bank INSURANCES
Valun...
SKIPTING Windock.
DOCKS. ETC. K Whart
Provident.
750 7000 50 67
物 20
5.45 596
100
42%
10) .....11.30 1150
LAND, ETC.
x Halel
20.00 21
Bried
100 va
Dorian (The). Co. Burroughs Add Machine Callt. Packing Corp. Campbell Soup Co. Canadian Pacifle R. Cure (d. 1.) C
3 Cat. Tractor
Celanese Corp.
C.I.T. Financial Corp.
Chrysler Motors
Clutt Peabody Suo Colgate-Palmolive Ca.
Culonblan Carton Co. Couanercial Credi Commemwaith Eire. Consolidated Edison Continental On of Del. Crown Zellerbach Cuban Amer. Bugar Dimond Alkal 100
Diamond Match Cvi 600 * 20:00 Douglas Aircraft
Dow Chemicals
de Nemou
20.00
Pun Airline 1.35 1.40 10000 - 1,375, Ensiman Kodak
Land,
XD
Di 31% Humphreys 14.80 Realty
RUBBER Asia Trun.....
400 et 21
1.025 1.875 1.1720 67
1.05
1.325
2.35
1.90
A. Tawah Sungala
UTILITIES Tram.
XD 23.10 25.40 Star Ferry M
Yaumall...
As for duplicating the work. Light
101 of existing agencies, the group podala out that the World Bank has a "predominately American
A Common Ma point of view." wealth bank would have a "Commonwealth standpoint."" i But perhaps clinching the argument for a Commonwealth, Investment Bank is that | would
Watson
9316 17.30 17.40
21:10 31.50
500
El Paro National day Findly Finance Corp
Firestone Tyre & Rubber Ford Motor ......
General Dynamics
General Electrie
General Foods
General Motors
Gen. Pub. Ul
412 Cen. Tyre & Rubber
Gelly Onl
670 67 1730 Clidden Co. 500 ** 17.30 Guodaich . F. Ca. 500 1740 Goodyear Tyre
230
10
40%
Grumunna Alecraft
Culf 011
Heyden Newport Corp. Homeriake Mining Cu. Ingersoll-Rand
Inlaod Bleel Cor
Interchemical Intery Machines 2495 Int Harvester
UGA. 10.10 01 er 20.70
International Nickel International Paper PP T & Tel John-Manville Co.
XAL Telephone 2100 23:00 INDUSTRIALS Cement Amoy Can. 40 STORES, ETC. AN help
Dalty ! Commonwealth
17.30 1715 10.00 countries who are in need of development capital as much as It helped the more highly and more politically stable sovereign Commonwealth countries. Be cause it would be free to
the anywhere' In raise loans
would glve world, it
the Colonies access to capital they Agreed Merchant Rates Expe could not expect to borrow On
Textiles
COTTON'S Nanyang INVESTMENTS Allied....
2000 a 605
100 2
3.005 3.70
4.90
4
4.10 1000
Katie Industry Kansas C. Power & Ligh Kentcelt Copper
0.00 Liggett Meyers Tod. Co. Lackhoed Alalt
4.05 Low Incorp.
Lone Star Cement Co. Lowenstein & Sona. McDermott J. Hay McDonnell Aircraft
Membi Iron COD Mon Developmbent
the basis of their own credit- Canadian Dollars Maximum Minnesota Mining worthiness.
Selling 10%. Minimum Buying Mantu Chemical "410
any case," the group 171⁄2 ÏT; 17-3/16 O/P. argues, "the participation, in the operation of such a bank would
Here is scopo with
A
Co.
Montgomery Motorola Live, National Blaquit Co. National Cash Reg. "A" National Dairy, Prod National Lead
National Steel Corp.
help make the under-developed full and regular consultation on countries of the Commonwealth these, conscious of the need to pinn
for an agency New York Central investment polices on
permancat secretarial Norfolk & Western Ry.
North Amer. Aviation realistic apprrelation of the large the lines of the highly Nail-west Airlines (cm.) D.AKU prospect of outside investment
Muccessful Organisatio for Olin Mathieson ...
Otis Elevator hem" It adds that the concept European Economic Co-opera- ownlinks Glare
Commonwealth Bank of R
'The Expanding Co-Oxford Paper Co.
Pan American Airways DALTON Pictures the investment bank, but olarke Davis Co. acting as n forum for discus-Peny J. C. Co.
Pen Bait Co. But development is only one on on such matter as the philip Morris Belt in which co-operation | management of storing anittab Plate glam
24.176
2121
03.2015
LIVERPOOL
Colton future closings, in -vènce, per ib. were as follows:
American Contrací
Oct/Nov.
34.00
vel,
Mar/Apr.
Tini
Hept
May/Juno-
Oct.
July/Aug
23.13
LONDON
Prices of metals closed today
in sterling per long ton as fol- Jowa:
The spot
3-manth
in
Expper spoi
S-month
200
Lend a Half Seg
Zine 1st halt
Oct/Nov. THESENT quotestat
Mar/Apr
The rubber market was fully steady with .spot 23-16/10 pence per lb. Prlees;
No, 1 Ras spot ... E376-24 Settlement house term:
Oct.
24-2444
り
July
SAO PAULO Cotton future cinging,
815-26); } cruzeiros per kilo were na tol- 2435-236 | Jows:
Nov..
Det.Doc. Jan/Mar General marketa, cif basis, porta
Bapt.
Oct.
Oct.
Dec,
40.00
DELEO
10.30
"must overcome u mountain of perjudice and suspicion."
One Field
o
this not only talding chapte
monwealth Group envisages Pseille GA & Elec.
Procter & Gambin Do,
Buy Samong Commonwealth countries tariff policing. The trouble iPacker fruuntzioa,
700
mi har boon inadequate. Develop) that the agency would become | Pure Oil"ROATIA 3091 2001 ment
Republie Ateel,
200
policies
CRONOL be just another talking shop unions to Comparsilasi poparated from wider economie it was given the teeth. Some Bynas. No tal Lenuta
Chara
Do Cominonwealth 'countyghts would | Beat, Roebuck & Co. machinery in datenon at the stay avray' in cont 16 bit hall O Co.......
Baink Beg, Paper providen for London Express Service.
Binclair Oil
moment which
P.O
B.I
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Outwards
"CARTHAGE"
"SALSETTE"
"SUNDA"
"CANTON"
Lenvon Londen
Due Hongkong
24 Augus
22nd August
2nd September
Et October
1th September
2011 October
221
Biomewards
30%
"SURAT" *
"CARTHAGE"
"SOMALI** *
"SALSETTE"
24th November
17th December
"CANTON"
September 20th Ortaber
Leaves fongkeng Due fondan
20th September Bed October
24th September 27101 Oktober 2011 October
22nd October
24 October
24th November
Vis S'pore, Penang, Colinho, Bombay, Aden & Pl. 8aid.
"SUBAT" and "HOMALI“ exil „S'pore, P. Penang, Aden, 1. Haid. Havre, London, Hamburg, Rotterdam & Antwerp,
BRITISH INDIA S.N. CO., LTD.
* "OLINDA”
"BANGOLA"
due 20th Sept, from Japans sails 21st Sept. the Singapore,
dua 3rd Oct salle 501 Oct.
Rangoon,
• Chittagong
from Japan
Penang. Calcutta d
For Singapore, Penang Reagon & Calcutta
P. & O./B. 1. JOINT SERVICE
"OZARDA” due 17 Sept. from Japan
Dubal, rails 10th Sept for Slägapore,
Cockin, Kuwait, Barratt, Khorramshahr Bu Kara- chi
"PALIKONDA que 24th Sept. from Persian
Gulf, Karachi, Kandle, Bom my, Cochin & Sings- Dota salis With Sept. for Japan
́EASTERN' & AUSTRALIAN 5.5, CO., LTD.
“ARAFURA” due leth Beat.
Balls dist Sept.
from Japan Be Shanghai for Labuan, Bandakat, Telobane, Bydney, biel bourne & Adelaide
All vesaola have liberty to call at any poris. On
Or off the conte 2 the route & aliings mes enhjøet
to change or amendment with or without noticë,
"Tae full particulars onply to MACKINNON. MACKENZIE & CO. OF HONG KORG LTD. Tetephens Nos. 277914.
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