RANSPORTATION
CARGO-CARRYING
NEW FREEDOM FOR
ATOM SUBMARINES BRITISH SHIPPING
TEW freedom, for
tho
CAUNDERS-ROE, the Isle British shipping indus-
THE CHINA MAIL, TUESDAY, SEPTEMBER 23, 1958.
FREE DOLLAR IMPORTS
Reaction To Decision Was
‘Very Cautious'
of Wight company, har♫ been awarded a new con- try to transfer or mortgage tract to undertako a dotsilod ships abroad and also to toll "feasibility study" of atomic them abroad for scrap has A
boon announced by tho
submarine cargo vossola.
Heat Saunders-Roe would com-
London, Sept. 22.
CHATTER ON WALL STREET
New York, Sept. 22.
Stocks Drop
During Most Of Day On Wall Street
New York, Sept. 22.
Interruptions in the market's Stocks declined through most of today's session and then
met support just before closing time.
General Fleettie
General Food
Fine Motors Gen, Pub. Ul.
Gen. Tyre & itübber
Getty bil ...
|
Gruden Co.,
Goodrich 1, FIJˆC6. Goodyear Tyre
forward progress must be expected from time to time, but in our opinion
The support ifted the leaders denen Dynamies the upward trend line is certain African tribe will never admit to
but the up from their lows unlikely to be broken-close way Irregularly Tower being well when asked. They believe it Van Alstyne, Noel & Co. with gainers in special issues, Stock yields are likely to prove some of the rails, chemicals and would be tempting providence to do so.reasingly scraitive to change metals.
interest general The same sort of weariness has been infused into in the
rate structure, Low-priced nutos dominated with
British economists by years of Governmentest, of course, present in the trading throughout the day. Grumman Alterati
tion fears should conte to be a Studebaker - Packard Was at controls and restrictions. They greet every grim reality-Value Line.
closing Ume, strong spot near Dond prices have finally star!- American Motors held steady, relaxation of Government stringency like
stabilising. Now is a good General Motors firm and Ford suspicious mongrels unexpectedly thrown a time, we think, to take advan- and Chrysler casier. A 10,000-inst Harvester
tage of record yield offered by share block of Studebaker- rare steak.
this form of investment-Green, Packard appeared nent closing
time.
Mr F. G. Mitchell, chairman British Transport Minister. Mitchell Engineering, who The Ministor said ho had awarded the contract, Indicated decided to give a
the economies of mub sanction permitting,
atomic- cortain exceptions, the frac Turface vessel
of varying transfor or mortgage izca, speeds and payloads; de-ships to all countries termine the best possible shape abroad.
ro
marino and powered
f hull report on methods of
handling and docking; estimate
of
Exceptions would relate to the
custs and assemble sufficientle of certain categories of ships detailed information to enable to exuntries in the Soviet bloc atid China, and also to the sale of former naval craft to any foreign country,
a marine architect to prepare In design for much Vessel.
This work would take about 3 months. Once the Ja- formation had been obtained, and a design produred from the next step would be 10 dieenss the design with chip- Builders, who
It ha
discontinue the procedure whereby the sale of ships abroad permitted
for rent would te would estimate construction coste. Thereafter, only
if the Brita
Iron
the project could be submitted | Sleet Corporallon (Salvage) was to partles likely to be in- not prepared to match the terested, such as all companies foreign price.
and or transporting cont
panie
M Mitchell sald
tlant con-
siderábio interest had been
HO
Small Amounts
Gulf Oli
Bi
Penn. Salt Co. 0% Fup Morris
Bag, Proçies & Gamble Co. 45ttsburgh Plate Clas
Pabsticker Industries
22% on CHI
Ratio Crporation
Herunderet,
Heynaitis Metal
Sears, Rootuelt a cổ,
Shell Gil Co.
244
1.3
S
A
Beyden Newport Corp,
14
Salut Hen. Paper
juancake Mining Cồ.
Sinclair Oil
Ingersoll-Rand
130
Svenny Mobilon
B3
Inti Businerw Machines
South Puerto Alen Sugar
Southem Co. (T
Southem National Ga
Da
Southern Railway
Co
45
Standard Brands
4434
Kisan C. Power & Light Konecott Copper
Standard! O
of God
Inland Steel Co
International Nickol int'l Tel & Tel International Paper
John-Manville Co.
Kalmer Industry
Liggott Meyers Tob, Co. Lockheed Alveraft Lower IngerD
Lone Star Cenial Co. Lowenstela & Sons, McDermott 2. Ray
cDonnell Aircraft (Am. Stuck Exe... [Minnesota Mister
Mion Development tesanto Chemical Co.
Motorola .
Their reaction to Govero-won't be riding ground in Cogit-Ellis, & Anderson.
Houston Lighting & Power ment's decision t free dollares-not yet while, angway.
cornings are expected to surpass hats has been cautious there
Net losses helf 10 smull fore, rather than Jubilant. So There is even suspicion that the 2.75 a share of 1957 and the
tri most instances. Br, for instance, no one seems the decision to free dailor im-current dividend could he boosted amounts
wide losers than metited the next year - Harris, Upham There were a few
Co. also been decided to to have yielded to the temptation ports, less
including Addressograph whint holler "Hurrah, converflate initial fanfare which greeted ul.
STORES
fell three points and Zenith Is just around the corner,"
If this seems ungrateful it is
Federated Department Stores | which WDS oft nearly three What is more, they all soon) worth remembering that for some estimated la carn 2.40 this year points after an early rise to Meat Iron Corp.
nearly half
fagulust 3,24 in 107: Gimbel, new high for the year. be agreed that in rainin, we years now,
Britain's dollar Imports have 345 against 3.68: S. 9. Kresge,
Offs, metals, somu of heen free from controls.
250 galast
2.62; R. H. Macy, chemicals, some of the motors, Montiomery Ward 3.10 against 3.36: Marshal old, steels, and 11e issues recedod. Naoral c What difference has the new
3.35 againal 3.60; J. C. Penney, Rails ran up for a time but National Cash Rest. "A" decision mode? Although
Naliomni Dhary Prol. offcial figure has yet been 3.05 against 2.15;
Roebuck iter fell on profi-taking. 5.60 against 6; Sears
National Lend Montgomery Decline in the oils ranged to
badloupi sieci Cor. leted, the agreed estimato
points in Cities New York Centre! that something like 75 per cent Ward, 2.00 against 2.10 and F. W. nearly two 61 Britain's trade with the dollar Woolworth 3.40 agafort 3.44 Service. Steels slipped frac-infulk & Western Re
North Amer. Aviatio Reynolds & Co.
Liona to more than a point in Neu-west Airlines Com.) area is now free.
Amertean Bosch Arma not Lukens. International Paper Din Mathieson
Join Elevatora lost a point in its section.
Owen-Hinata Gines New York Stock Exchange | Oxford Paper Co.
Paa Amerærn. Al ways Americon Stuck Exchange Parasount Pictures volume was 1,190,000 shares, Parke Davin Co. New York Stock Exchange Penny J. C. Co. volume was 3,400,000 shares.
Of a total 1,200 issues traded,
Dow Jones closing
shown in his company's pana ADJUSTABLE PROPS
for atom-powered submarine
oli
companies and others, He FOR CANADIAN SHIP
vessels, by shipbuilders,
thought that oft and ore cargoes
ufered the best scope Tor such
THEA
THE biggest ocean-going
transport.
dry-cargo vessel to be
built in Canada and prob-
LONDON
FORGES
AHEAD
London, Sept. 22.
military
The laimed lately
to re in 1998 as a effective expected changes remove
increased restriction on result the import of industrial, agricul-business-Palne, Webber, Jack-bend volume wro $6,440,000, Pazine Grá de Fier. tutal and office machinery (with zon, & Curtis.
few specialised exceptions yel
Cas Electric to be identifed), the freeing of 1958 earnings may not exceed imports of canned salmon excepi 2.85 but net of 3.25 to 3.50 are n Central these behind the Iron Curtain, possibilty by 1900
Iowa-linols
'THINKING" DREDGER ably the largest constructed The stock market forged and the lifting of import controls and Southwest Corp. dividend 598 declined. $10 advanced,
for both ocean and Great
OF WEST GERMANY Lake traffic, the 20.000-ton
0
d-
No Effect
ahead on a wide front as on newsprint. investors, auf speculators m.s. Alexander T. Wood, EMAG of Duisburg, has been provided with
were out in force.
The last of these is likely to to be the first Swedish
Gitt-edged securities KaMeWa adjust-vanced as much as 7/8 on the newspapers have all the news- have no perceptible effect, British German company to build ablo-pitch propeller, raports heels or Friday's dredgers with torque conthe
f the print they
can afford. Price, Shipping Treasury rate. vorters.
tot availability, is the determin- Industrials Wero
strouring factor here.
Gazette.
Swedish
A new toodel nicknamed "the thinking dredger" automatically The vessel was built by though many closed below their .dapts its operations to the Ceiadian Vickers Lid. Montreal, } best levels of the day. material on which it is working for Weat river Ore Transports Whenever hard ground calls | Lid, the same city. She will
Q
FAVOURITES
Nor is it expected that relaxa- tion, so far as machinery imports ore concerned, will mean any big boost in imports. Already mochhery can be imported under special licence if it is not made in Britain or where pet Govern- dollar ment projects are involved it
the
Gold shares drifted lower, but thus rebounded as a result
ог
for special pulling power, the serve as an e-carrier during torque converter puts that power the summer and as an ocean
TT- Atlantic favourites at the dredger's disposal. In soft freighter during the winter. were mixed tutiecting ground the power is converted
general apathy toward Into higher operational speed,
The KaMeWn propeller was stocks.
delivery would take too long. In that the chosen as the most suitable pro- Demag also claims
addition, long years of dollar converter protects the engine peller
Olls met prost-taking but restrictions have encouraged pru- type after careful and gears from shocks normal in investigation into the technical{ finished firm,
duction in Britain, of machinery dredging. thus reducing the and economic aspects of the
from bought
the previously wear and and tour of the equlje | ship's operation. The propeller nient.
ha our bladen of stainless steel
dollar area. Comparimas with conventional and is probably the first of its
of the recovery of the price
Much of the special leence dredgers of equal size are said | kind ever to be installed in on the metal 01: the London imports of dollar inochines have to her shown that the torque ore carrier and in a vessel of this Metal Exchange,
been coming in duty free to converted inereused the palling size. The pitch of the blades can
Creek and Perevion issues Britain. Now the Importers, ophelty by up to 50 per cent and be adjusted direct from the provided the upside features of buying similar machines under the operational speed by up 10 operation ponci either in the the foreign bond market.-open general licence, will have 14 per cent.
machine room or on the bridge. V.P.I.
to pay duties of 13-17 per cent U.S. the majority machines, half that rate on Canadain machines, in addition 10 dollar country prices and freight costs.
COMMODITY PRICES
FOREIGN DXCHANGI
NEW YORK
Closing rates were!
Canada...............
England offi
בו
30-days
10-6878
New Zealand South Africa
Belgium..........
West Germany
LONDON
Closing rates wero:
Montreal
New York Amsterdam Brusela
Cupeniagan Funkfurt
Atlan
J'eria
Vica Zurich
1.03-11/10 2.833; 2,00-7/16 2.00$ 2.291%
2.UK
„020034
2100
- 2,73-1/16-273-3/16
2003-8003
10.00-10.5011
139.20-130.25
· 19,53-||-10-3 11.00-17.8914 174322-174434 13761-417641
72.37-72.40 12.2016-11-1024
Olkera inchanged--U.P.I.
COTTON
NEW YORK
Prices of cotton futures closed 1odny as follows:
35.30
35.74
30.AL
36.08
30-34
Prices of collon futures closed
NEW ORLEANS
today as follows:
July/Aug; 25.00.
от
Bearing these facts in mind economists here are not acknow- Jedging the immediate conees-
has been increased practically every year since 1951 and con-
wete: thued increases seem probable 36 industrials with another rise seen in a year (26 ralla or two-A. G. Becker & Co.- 15 utiles U.P.I.
HONGKONG
STOCK EXCHANGE
63 locks 40 bonds
Cont. Kutura, pelee index
averages
Closing Prices
Allen Inc. Aey.
Allied Chemicals
Allied Mills Ing.
Allis Chalmers
-Am, Brake Shoe
American Airline, American Cable & Facilu
American Cynnamid Co. Amer. & Fang, Power Am. Gas & Electric Am. mne Prod. An Machi, & Fury. American Metal American Snelling Am. Sugar Ref. Amrican Tel & Tel American Tob. "E Anaconda Copper Armed Steel
Aznour..
Our Own Correspondent Atlas Cona, Mining Baldwin-Lina-flagi. Business done on the Hong-Balliste & Chin kong Slock Exchange
thie Beneficial Finance
Borzilx Aviatke Corn, morning amounted to approx- Begurt Cons mately $325,000. Noon queia-Bethlehem Sterf tions and the morning's trans-urden Thys actions were:
Blares
BANKS
Buyers Sellers
Hje
Boeling Availa
Burroughs Ad Machine | Conf. Packing Corp | Campbell Soup 19. transdian Pviše R
} Care 13. 10) €0.
HK Bana. 7471) 755 30 733,001, Tractor
East Asia
INSURANCES
UNIGA.....
| SHIPPING Wheelock
Mwe
*750) Celanese Corp.
그
73 74
3.74
#
DOCKS, FIC
K. Whirl
100
he
Dock LAND, ETT HK Hose
Land
43 49
201; 20.00 30, 30X
1300*1
30%
30
15 1.375
1.1993 Les 2600
402 ||8 1.50
300 ja
2.175 1.90
Mixed Contract
Prices closed today in guilders | slon are a certain hurbinger of De/NAY: 24.54; Dec/Jan: 24.43: per kilogram, clf Det. as fal- convertibility.
will They Mar/April: 24.21; May/June: 24.50: lows:
much more convinced of the No. 1 rubber SAO PAULO
No. 2 rubber Closing futures
No. 3 prices, in
rubber cruzeiros per kilo were as fol- lowr:
Dec: 10.; Mar: 60.00; May: Un. quoted,
In the United States, the col-
average price of onc-inch
on at 14 designated spot mar-
kets was 34.07 centy,
Sales at these markets were 10,131 holes.-U.P.I.
RUBBER
Rex
No.
Crepe
2.33 buyer
120 buyers
2.55 buyers
-U.P.J,
12.35 buyers nearness of convertibility if the
Kalay govemment can realise ita com-
RUBBER ritment to begin freeing imports
Amalg of dollar consumer goods and Trust"..... remaining foodstus, next year. A. Tawah This however, is contingent on Sunga "all being well" and that us UTILITIES
Trum
2470 2400 [been defined as a certainty that
Biar Ferry 100 110 "world trade is expanding and Yourett 131 14:5 that we are free from Inflatioa at home."
METALS
NEW YORK
Prices of metal futures closed today in cents per lb. as follows:
Lead Sept.
Cel.
Zine
Sept.
Cupper Sept.
Tin
today
NEW YORK rubber futures closed 40 to 50 points higher with sales of 16 contracta
Closing prices:
Sept
TruV.
Jeri
Stier
May
July
Sept
SINGAPORE
कभ
Od.
Sept.
Oct.
LONDON
10.756
10.70
7.123
24.01
*5.00
[4.00G
родов
Two
Comments
typical .commments
C.
....
Electric
It
Ore Tephone
PT. L. T. Kamuxial Crip
Chem Mannt. Bank
| Chayy'er. Motors
lett Peabrey
Colgate-Palosolive Co. Colombian Carbon Co. Commercial Credit Commonwratili Viler. Consolidated Edison Continental Olt of Del Crows Zetlering
an Aer Stupar
Diamond Alkalt ............. Diamond Malch Co. 1.020 Douglas Aircraft 155 Dow Chemicalk 1351 Dupont de Nemours Eastern Airline
100 F 24
50 D
400 $ 300 or
D4
17 17.30 200 € 17.20
13.30 13.70 1200 13
1650 13.40
100 63.70 ,23% 27.50
21.60 21.30 1000 21.co STORES, ETC.
those of The. Economist and The ALS.
Dalty. Walion......... 1015 COTTONS Textile
1.40 INVESTMENTS Allied
Times. The former notes: “im-| Cement
mediately the further liberlim tion of dollar imports....may be of greater format than financial While the latter Inumificance."
"The lifting of res- strictions on many dollar imports Buyers Sellers may do more to improve the speed and efficiency of British
Prices of metals closed, today comments: in sterling per. long lon fullows:
Industrial planning than to in-
15.50
Tin pot
65714
900
29.75
3-month
100
20,00
Сопрем про
213
2120
20.00
Load 2nd half Sept.
13
crease the actual amount of im
20.40
Doc.
70 ports,"
20.30
Zine 2nd half Sept.
713
720
$9.-15
Dic
-UP.I
The market opened higher on better New York advlees and Stoodled further
buying against orders and some covering Induced by worsenud 'FormILORG situation.
No. 1 rubber per 10. Del. 60%-089% Nov. 84-04%.
No. rubber per ib, Oct. 63-03 No. 3 rubber per b. Oct. 794-004, No. 4 rubber per ib. Oct. 17-18), Spot unbate
Blanket crop...
No. I pale crepe
LONDON
06+00
38.00
SUGAR
170 500 m
17
Discount Rate
Eastman Kodak
PJ Voss National Gas Family Fanes Corp.
Firestone Tyre & Rubber Ford Astor
p21.01
140.17
100
6%
יכמן
047
108
1953,
2014
NY Cotton
Market
New York, Sept. 22. Cotton futures today re- sumed the rallying ten- dencies underway Just week, scoring gains up to 1.50 a hale before the. market levelled off.
Closing Prices ruled up 15 to Washington, Sept. 22. 22 points, The market opened The Federal Reserve Board unchanged to up eight points..
the Fedoral New Orleans closed up eight to
of Boston 25 points,
serves
Bank
easy
DELIVERY
In other quarters, fear has been expressed that liberalisation today authorised or dollar imports might hit at Reserve
to Increase its discount rate Heavy weekend ruins ove: American companies which have, established themselves inride the from 1% to 2 per cent, effec-westen, harvest sections created concern over damage lo unpick- Commonwealth, to beat the im-ivo tomorrow.
The action means that all, 12ed cotton. Heavy producer Jomi port, barrier. This, however, has
have Impoundings and tension in the Leen countered by asserilon that Federal Reserve banks
the credit-tighten- Far East gave prices an added) American businessmen, assured now talen
Hire jof being able to bring in com- ing move, New York, Sept. 29.
Reveral of the Federal Re- |poñents mare.easily, will indeed World No. 4 mg nitures be amboldened to set up within money poller started with the ivory bature fest notice day on
anti-recession,
Covering in the Delober de- 8330316 closed today, one to four points the Commonwealth.
Announcement on August 185 con- higher with sales at
Wednesday co-factured the trade. San Francisco bank Hedge selling proved light until trneta.
Helland's experience on this that the
increasing Ita discount the December delivery rose to Domestic No. 1 sugar closed one has been clied to back this Was two points higher to one point argument. But all reaction to rate-UP.I.
near the 364 éent level, where- TO- Offerings lower with sales of 14 contracts: dollar import concessions han
upon kotihern tet been nigeling.
appeared on a sent-up barla
Allante reported a continued good ml demand for spol rot- fon in the past weekt. Lack of Duminer was done in the local | nusikum 'and low grades from exchange market All* now crop in the pinninga mjada cat
8.00 availaḥjë stöck In thi Tanga 10.49 vary desistols Higher "grades 12.01 were not seting withough prices 20.76 quoted were below the current
loan equivalent-U.P.I.
The rubber market was steady with spot quoted at 24% pence per lb. Prices:
30.10
10.10
16.53
34.50
Settlement hause term:
No, 1 Bez spot ********* 2434-243%
Oct.
(2/3
2174-94434
32.20
Nov.
Ber.
LIVERPOOL Collom fudure closings, gain por lb. were as follows:
Amaricdn Conítací, Dot/Nov: 23.10; Dec/Janız' 23.02; Mar/April: 23.08; May/June: 29.98; July/Aug: 25,00,"
Oct/Deo Jon/Mar.
Genersi markets, elf bars, porta: 249) būror
Sept
Estale crepe thin Matale crepe thick Oct. 2017
AMSTERDAM
The rubber market was steady.
Contract No. 4 (world) OM: 3.18: Jah: 3.61: Mar: 345: May: July: 3.01: Sept: co Oct: 3.40; Spot-tcents per ib. fob
Cuba:) 3748.
Open interest: 8,400 controls.
It is widely
wie ExchangeTM Rates goodwill thua engendered will be well worth the extra dollars. And there in good reason to believe. that this Liberalisations will go
Contract No. 2 (daménilo) Lar in committing Britain Day at the fallowing ratem:—
15.1. dollar iper 811. Nov: 6.67; Mar: 4.97: Maxi 8.10;chologically to firm, even ́¡K. Sterling water ((per 41), duby: 1.30: denis: 1,77) spot-(conta cautious steps, next year, towards Australian noter (pec" E!! i per lb. elf NY ux-duty): 0.07,
Open interest: 1,200 contracte convertiblity, —— Landon Express sim tirols (per 100) 'U...
Service.
Indonesian saikh (per 100)
Singapore (Kūralis)
B20
Sotur Aircraft
1354 Standard Oli of Cal.
Standard Ol of N.J
Sterp Rock Taronin Expedi Sterling Drug Co.
Stokety-Vnu Cauj.
Sturbaker-Packard Corp.
Sunshine Mining
Swift & Co.
714
51
ID
144
27
Texas Co.....
12
Textron ire.
Tate Water Assn. Off
A
Time fac..
70%
43
Tri-Cant. Warrants
Twentieth Century Fox Films
Union Carbide
Union fill of Cal
Union Feelfie Radway
United Alternft
102!2
United Gas Corp.
US. To "13"
US, Gypsum
H
700
US, Line Co
US. Nabbrr
17 US. Smelling
NUS. Steel..
AUB, Steel 7 P.C. PF 131 Warner Bro
572%
Westinghoure Air Brake KOMPA Westinghouse. Electric
West Vn. Pulp & Paper Woolworth
U.P.I.
P.OBI EA
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Lenver London Due Hongkong
"CANTON"
Bomewards
Outwards
"SALSETTE"
"SUNDA"
22:1 August
8th September
17 September
7th October
2011 October
20th October
Leaves Hongkong Due London
25th Septenaber
24th September
1th October
10th October
4th October
*SURAT**
"CARTHAGE"
"SOMALI"
"BALSETTE"
"CANTON"
27th Octoller
9th October
25th November
33th December
4th November
經
Via 'pote, Penang, Colombo, Nombay, Aden ♣ VL, Bald.
cali
* "NURAT"
"ROMALI" and
S'pore. F. 8BWES.. Penang, 'Aden, P. Bald, Havre, Landou, Hamburg,
Rollerdam & Antwerp.
BRITISH INDIA S.N. CO., LTD.
"OLINDA"
In Port
from Japan) salls 4th Sept. for Singapore, Penang.
Rangoon, Calcutta Chittagong
"BANGOLA" du 3rd Oct.
Bil +) Oct
from Japan
for Singapore. Pedang
Robtoon & Calcutio
P. & 0./B. I. JOINT SERVICE
"PALIKONDA dao z5th Sept. from Persian Quar
salta la Sept.
"PACHUMBA'due 40; Del.
SAJES 6th Oct.
Karachi," Kandia, Dorn bay, Cochin & Biga. Pors
for Japan-
from Karacal, Bombay Cochin. Tutloorti Singapore for Jopen
EASTERN & AUSTRALIAN S.5. CO., LTD.
"ABAVURA” in Port
malla 23 Sept.
from Japan & bangha! for Labuan, Best cap, Hrabane. Bydney. Me bourne & Adelaide
All vessel have liberty to call at any porte on of off the roule à thỏ ropte je sailings are subject
to change or amendment with we wilkout aviles,
Te full puntitulors upuly fa.
MACKINNON, MACKENZIT & CA
OF HONG KONG LTD. - Telephone Nos: 27721 4.
*
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