1958-09-24 — Page 9

1

RANSPORTATION

THE JET-AGE BATTLE OF THE ATLANTIC

IN FULL

FULL SWING

By BERT MARSH

London, Sept. 23.

BRITAIN and the United States squared off to- day for a key round in the race to get the

first jet airliner into service between New York | and London.

of

The Comet 4 Britain's en- fry in the jel-ge "ittle the Albantic, US. hopes at planed on the Buting 707 det liner. Pat Ameriezis Work Airways plans to part a 707 Pari on October view from

Boeing 707s

In

Receive Certificates

Washington, Sept. 23.

Washington,

the U.3.

Government today pro. nounced the Boeing 707 Jet transport airworthy and ready to carry pas- Bengers.

I was the firal American. bul Jet airitner to re- ceived official approval from the Civil Аего- neutics Administration. Boeing President, William M. Allen accepted certificate of Airworthi

the

from Commerce Secretary Sinclair Weeks. Weeks sald the 707 "Introduces the American people to a new era characterised by unle, fast and eMielent

uttilainy transportation, tremendous Jet power." V.P.I.

air

26. The British hope to beat that by a work.

So far, neither plane has been approved by the New York Port Authority as quiet enough to be permitted to opente Fran Idlewild Airpurt. And either 1as bean given fall Govipmyal crifideation, although bolli ex- pect it this wrch.

Lave

The De Havilland Aircraft builders of the Compsiny, Canet, ordered a production speedap in a bid to ensure that the state-owned British Over- sex Airways Corpanation luas | enough planes to sturt 4 cam- titive service, BOAC nye ordered 19 Comets.

THE CHINA MAIL,

WEDNESDAY, SEPTEMBER 24, 1958.

MORE AID FOR COMMONWEALTH AND COLONIES

BUYERS CAUTIOUS

IN LONDON

London, Sept. 23. Yesterday's setback on Wall Street put a damper on London stock markets to. day. Buyers became

STOCKS CLIMB TO NEW

HIGH ON WALL STREET

New York, Sept. 23.

more callous as the day Stocks climbed to a new record high today then backed progressed unl prices

By RICHARD J. GWYN

Montreal, Sept. 23. Loss developed Commonwealth countries and colonies will be able to borrow capital at special low interest rates by

turned lower. using Britain's credit rating under a new

However, loans

there was Tittle Commonwealth system of

selling i evidence. The day's American Telephone & Tele-C 1. 7, Financial Corp.

Chaso Maniat. Bank Chrysler Motors announced today by the Chancellor of dealings totalled 11,800 compar- graph turned the tide after an

of small propor-Clusti Peabody... ed with yesterday's 14,329. carly decline the Exchequer, Derick Heathcoat

tions. It soured to a new high Coente-Paimelve Co

Cukumulog Carbon Co. Gil-odgod moved erratically

and at its best Commisretal Credit for the year at first but later some of the level of 193.75 a share was Commonweal Amory.

Condated Fallon small tolls were partially re-s a share un the day. That

Contental Oil of Del. ginest.

Crown Zelberich Cuban Ames, Super Diamond Alkal Dinoc Matel Co. Doughs Aircraft Dow Chemicals Let de Nunours Estem Airhaar

HONGKONG

STOCK EXCHANGE

A De Havilland !poke: man was quoted by Loudon news- papers as nying an "ull-on hustle"

had been orderis! to get the Comet in arvice | $153,000. #hend of the 707. The

Our Own Correspondent Bit inca dure on the Hong- kong Stock Exchange this mora- ing amounted to approximately Non quotations and new the moming's transactions were:

Buyers Hellers lik Tank .. 143 750 SHOPPING:

5.95

Come, and the 707 have been making noble tests recent

In weeks at International airports,

A BOAC

spokesinin zaid Harve Comets should be trady to start full-wale service by the | third werd in Octubre - one work ahead of the planned in- nuguration of

707 regular

| fighte

The British are confident of winning the race.-U.P.I.

WORLD'S TANKER

FLEET EXPANDS

THE

Shares BANKS

Tually RUBBER Amalk

Sca

The programine of Common wealth economie resistance loans anunced by Mr Armory to the Commonwealth ennference here will provide detna to be used for purchasing British exports of micrest rates ranging from 44 to six per cont depending on the length of the re-payment terms.

New Legislation

The louns will be made under the Export Credit Guarantees Act to Commonwealth countries and to exlondes under new legis. lation to be introduced by the British Government.

A spokesman for the British delegation here explainert that the legislatam to provide these luana has existed for some time but has never been used for lack

whreck

5:00

DOCKS, ter

Buck Pu

+1406437

10 40 13:30

LAND. ER

1 Bolet

ย. 20.00

100 29.00

JIK T

GEXERAL (MANAGER

1.05 1.37

125

1.05 1.000 14 1.03

Scunt

1.53

A. Tawah

220

Bungala

1 1

21.60 24.0

tou

110

100 m $15.

17 17.30

300 17.10

500 13.13

304 14 17.00

UTILITIES:

Tran

Star Ferry

Valenti

P. Light

fleet Electric (Ft)

THE world tanker

expanded during the first half of this year by deadweight tons 3,355,000

to 54.3 million tons---the biggest half-yearly increase rocorded. During the six

נו

100 27.10

13 13.20

440

Mação E.... Telephone

$1.10

ZAL.30 231,

INDUSTRIALS.

months there was a reduc-Cement 21.g tion of about 4,750,000 tons TURES, ETC,

Dalty to under 29.6 million tons in varan

COTTONS the total of tankers under Crus

and on order Textile construction

INVESTMENTS Alllett throughout the world.

Con-

It is believed that there are considerable number of Lets still appearing in the total which are eiher cancelled but Spokesmen for Boeing and

not annoticed, or which will be insisted Pan American

Cancelled by the near future. That there was BƯ actual racu

Liberia now has the largest the Atlantic To be Brs RCTOSS

eker Reet in the world, having milion with Jets as for as the Ameri-expended by over 1.3 cans were concenter.

But this during the half-year to 10.6 Briksh do not see it that way. million tons.

13.20

13.20 Ki 13 10 1,000 13.10 220 13:00

200 23! 100 23.50

SO 23.40 21.40

TOU # 21.00

16.20 10.70 10.50 10.20

200 10

3.00

Exchange Rates

Business

"Glad you enjoyed your holiday, Smith. but unfortunately while you pero away, we discovered thc cause of the inefficiency in our organi- tationTM

EASIER

canler

Norfolk & Western "ity.

away from their best levels on profit-taking.

MI

New York Central

SOL 401

North Amer. Aviation

Nurth-west

Airlines (Com

BULA

Olin Mathieson

Otis Elevatora,

50%

313

$71.

up

meant an enhancement in value of all the shares listed in Vila estie of more than 350 million. Foreign bonds were

Low-priced ,motors and except Greeks which were firm.

an aluminium starca wure pro~ Dollar stocks encountered ali round recession in reflec-minent on the lepe. The former tiin ot Wall Street and the were active and the later strong two groups premium declined further to . and active. These

fitted well together since there generally is Industrials were

talk of

greater of the aluminium irregular with many leaders showing small falls. The some larger ones. market was not without its Arm spots, however.

Gold shores fell away at the uutset under the influence of a

nervous Johannesburg market

forth but mild support was coming, coppers eased on idle trading while tead-zine weaken- ed on the U.S. Import quota im- position and following a severe out in the broken hill dividend.

south

moved erratically but Oils later recovered lost ground. U.P.I.

New York Cotton Market

New York, Sept. 23.

| Cotton futures today turned irregular after a gradual three-day advance carried the market up almost $2 a bale from last week's low, levels.

Paso National Ga

ליפ

Owen-lila Glass

Oxford Paper Co.

Facille Gas & Elec.... Pan American Airways Paramount Pictures

Co.

Park C. Co.

Penny

Penn Gall Co.

Philip Morris .....

Procter & Gamble Co.

Pittsburgh Plate Glas

Publicker Industries

Pure Oll.......

100

Easton Kodak

30

125

32

Family Fanice Corp.

28

Radlo Corporation

Ford Motor.

Firestone Tyre & Rubber

fiepublic Steel

40

Reynolds Metal

of

General Dyitanies

000

Sear, toebuck & Co.

General Electric

Shell Oil Co......

General Foods

641

Saust teg. Paper

General Motore

4732

Gen. Fu, Lu

Sinclair Oil

use on small cars and

Turned Up

Trading picked up in volume when the marfect turned up. Tickem run late shortly after the opening and

again just before the close..

Railroad issues perked up with their average showing the the best percentage gain of

Steels swung major sections, forward on outlook for a rise to a new high for the year in Chemicals steel production. strengthened. Zenith Kained nearly three in the televisione and Kroger rose that amount In the stores.

two

A long list of special Issues rove one lo

more thur. points. Some of the papers were strong. Drugs had some wide

Can, Tyre & Rubber

Gelty Ou

Gildren Co

Goodrich (D. F. C. Goodyear Tyre

Grugian Alterati Gulf o

teyden Newport Corp. karroll-Rand

Innad Steel Ca Interhemical Corp.

Int'l Busintax Machines Int Harvester

International Nickel

international Per Int Tel & Tet John Maille Co.

Kaiser Industry

Kansas C Power de Light Kennecott Copper Liggett Meyers Tol. Cu. Lockheed Alveraft

Low Incor

Lone Star Cement Co. enste Boy

S

BleDonnet! Aircraft Suck Expe....

Menki Irost Corp. Mile Min

| Mission Development

Motanto Chretient Co.

gainers. Shiplars, shipbuilders, | Montgomery Ward

wide Motorin Inc.

and galnors.

alruralts

provided

Of a total 1,230 issues traded, 610 were higher, 370 lower.

New York Stock Exchange volume was 3,050,000 shures.

New York Stock

Exchange

bond volume was $0,440,000.

American

Stock

Exchange

Evening-up in the October volume was 1,180,000 shares. delivery beforce first nolice day tomorrow joined with technical Dow-Jones closing averages realising and scale-up hedge

of available capital on the selling in applying a brake on

rallying tendencies. London market.

Described by Mr Heathcost Amory B a "step of very con- siderable importance", the pro- will allow Common- gramme wealth countries and colonies to was one in the local raise capital at low interest rates unoiliciał exchange market this on the basis of the credit rating morning at the following rates:- V.S. dolar (per $11 Sterling notes (per E1) Australian nules (per £1 Fredonesian rupiah (per 300) .. 5.20 Sun teals per 1001

26.73 Singapore (Sirals)

COMMODITY PRICES

EXCHANGE

NEW YORK

Closing rates were:

Caneca England ollicini

Australia

90-days

New Zealand

'South Africa

Argenti

Colombla

India

Pekiston

30-Jays

LONDON

Closing rates were:

New York

Montreal

Amsterdam

Bruzels Copeniasten Frankfurt Milan

Osio Parla

Stackhulin Zurich

No. Z rubber per Jb. Od.

No. 1 rubber per 1. Oct.

Nov.

701-7301 775-77: 62-13

60-68

do-ny

No. 3

No. 4

Sput rubber unbaled

Hanket crepe

No. 1 pale crope

LONDON

The rubber market was quiet with spot quoted af 24-3/18 pence per lb. Prices:

Settlement house term:

1.02%

2.80

1.30-0/10

No. Has spot

.80-3/10 2.2491 2.79-11/10

Oct

Nov.

Dec,

2.01%

.0200

Oct/Dec.

.1300

Jan/Mar

.2101

Apri/June

3101

July/SepL

General markets, eit puis, ports:

the British Government, 6.00 ar 10.03 instead of, as previously, on 12.00 their own individual rating.

1.EU

at 14 designated spol markets was 34.67 centa

Total sales were 7,885 bules,............ U.P.I.

METALS

NEW YORK

Prices of metals futures closed today in cents per lb. as follows!

2421-24

2415-247- 24-24 2471-24+

2471-25

Load Sept.

Zine Sepi

Oct. Copper Sept.

Sept,

Oct. Nav Stale crepe thi

24 Luver 240-243 2412-241

12

Oct. Sept Oct,

LONDON

2.8011-2.00%

Det

2.7396-2.7434

Estala erepe flick

105632-10.50% Oct.

201

203

139.15-139,20

-U.FI.

19.33-19.3312

11-604-11.003% 174137-174214 20.00-20.0014

125-175 G 14.4735-34.47 (2.2014-12.2011

U.I.I.

RUBBER

NEW YORK

Rex rubber futures tday closed 10 to 20 points lower with sales

of 70 contracts.

Closing prices)

Bept: 30.30 Nov: 29.05: Jan: 20.40; Mar: 29.12: May: 29.37-23; Jdy; 29.20; Sept: 29.16.

ASISTERDAM

The rubber markel was quiet Prices closed today in guilders per ilogram, elf Oet, as follows:

Kp. 1 rubber

No. 2 rubber

No. 3 rubber

Ng. 1 crepo

3.34 bayerS 2.32 buyer 2.25 0.

2.54 nom,

SINGAPORE The market opened slightly lower and ruled very quiet with volume smalt,

COTTON

NEW YORK

Prices of cotton futures closed fedays follows:

Spat: 33.00: Oet: 35'75; Dec: 36.18: Mar: 36.00; May: 34.66; July: 3.45; Oct: 37.26: Doc: 32.25; Mar: 1.25.

NEW ORLEANS

Prices of cotton futures closed today as follows:

Spot: 33.18: Oct: 35,74; Deet 30.10) Mar: 36.00; May: 30.51; July: 54.03; O: 12.47: Dec: 34.20: Mar: 3.23. LIVERPOOL Cotton future closings, in pence per lb. were as follows:

American Contruct Oct/Nov: 23.50 Dec/Jan: 23.56:

Star/April 23.30: May/J: 23.00; July/Aug: 23.45.

4

Mixed Contract OCUNON: MA Dec/Jan: Mar/April: 2431; May/June: 2133 July/Aug: 23.07.

BAO PHLO

10.07b

11.001

10.125

10.145

26.24

20.371

93.75b

Prices of metals closed today

in stering per long ton us fol- 3རྫ315ངྒྷ8?

Tin apot

3-met

- Clogspot essent

Buyers Sellera

POTEN

10

007

700

2313 213

3-month

Lend 2 hult Sept.

Dec

zake znd wolf Sept.

Det.

312 201 71% 7115

TO1%

U.PL

SUCAR

New York, Sept. 23. World No. 4 sugar futures closed today three points lower to three points higher with cales of 202 contracts,

Domestle No. 8 uger futures closed unchanged to one point. lower with no sales reported.

Contract No. 4 (world) Oct: 348: Jan: 331; Mar: 347: May: 348: July: 3.45 Sept: 3.49: Dei; 331: Spot (cents per l. fob Cuba): 340.

Open Interest: 0.415 contracts.

Contract No, 6 (domestic) Nov:13; Mat: 807; May: 578; July: 8.76: Bept: 8,17; 8pm fonata per ib. cft NV ex-duty): Tar

Open Internet: 9155 cont wo

Prices were unavailable today, In the United States, the Laverage price of one-inch cotton ly F.I.

Three Loans

Lip

Closing a brake off four 10 points. The market opened points. unchanged to off four New Orleans closed off four to up five points,

Failure of the market Lo advance in face of extend the a mostly unfavourable govern- ment weekly crop summary selling from brought scattered local traders.

Weather conditions were fav- ourable for harvest in mot

were:

30 industrial

19 utis

20 rails..

03 stocks

bonds Comm. future price index ..

Closing Prices

Aiden Inc. Acy, Allied Gerniçale Allled Mill Inc. Alls Chalmers

Am. Brake Shoe American Airline Am Cable & Radio Corp American Cyanamid Co. Ari. & Ford. Power Am. Gas & Electric An. Home Prod.... Am. Muci & Fdry, Americon Metal

Amerlon Setting American Tel & Tel Am. Sugar Rel. American Tub. "" Anaconda Cupper Armco Steel Armor...

Baldwin-Lima-lam.

Three loons, totalling US$150 Eestem parts but elsewhere wet milles, to India Pakistan and weather slowed picking and gin- Ceylon have already been madening and caused some crop dainage, the Government report reecartly in this form and Mr

noted. Arroy's specchi. In

effect. advised other Commenwealth

New Mexico reported con- countries that the way was now siderable wilt, Serious boll rottle Cons Mining open for them to take similor was reported in the Mississippi Baltimore & Ohio -advantage of low interest rates.

della distriels. East Texas pro- Beneficial Finance

Bendis Aviation Corp. rains Denguet Conr. krospects declined sharply as The interest rates will

and stopped Bethlehem Steel based on the male at which the delayed maturing

Boeing Airplane picking. Government United Kingdom

Banden (The) Co. itself borrows capital, plus u

Spot interests estimated open Burroughs Add Machine

Calif. Pecking Corp. Gf 1/4 management charge

per | Oglober contracts at the close Campbell Soup Cn.

today around CC-UP.I.

50,000 bales Canadian Pacille I.

Cao (J. 1 Co.

a Tractor

A TREATY

WITH JAPAN

London, Sept. 23.

The British Board of Trade

said today it hoped that

delivery notices were expected, but they also are expected to be taken up by

other trade Be-

slock

of available for

counts,

The

certificated deilvery cotton rose to 44,798 bales, plus 5,700 bales awaiting certification.

The Liverpool market closed four to 10 English lower and

American 706 to 818

under

U.P.I.

New York

points futures.

negotiations for a treaty 'China Will Beat

of Commerce and Navigu-

tion with Japan would

be opened in London be- UK's Coal Output

fore the end of this year.

A spokesman said. negolin- Hons, were actually started two years and following a statement of British polley towards Japan

gentami ir th

agreement on tariffs and trade.

STIPULATED

Celanese Corp.

$25.69

142.42

90.20

101.71

80,70

National Biscuit Ca. National Cann flow. "A" National Dairy Prod. National Teat

Notional Steel Corp.

4434 Bocony Mobiloll

27

Solar Aircraft

202: South Puerto Rico Sugar

Southern Co. (The)_

33 Southern National Gu

035 Bouthern Railway (Coin) 2129) Blanklard Brands

111

15

112

87

12

456

37

11214

40

A

ta

اهالی

Standard Oil of Cal.

NID:War Ol of Ind,

Blandard Oil of NJ.

Steep Hock Toronto Exge) sterling Drug Co.

Самър

910and Corp.

Sunshine Mining Swift & Co

Texma Gu

Textron Inc.

Tide Water Ami, Ol Tune Ine.

T-Coal. Warrants

Twentieth Century Fox Fum

Unit Olt or Cal

Z

632.

Union Carbide

AP

Unter Pacific Railway

147 United Aircraft

30

¡Ain.

12

Untlers Gran Coup

UN. FO "13""

US. Cyprum

VS. Line Co.

761 US. Nubber...

US. Smelting

VS. Steel 7 P.C. PP

US Steel******

24%

382,

40%

Wamer Brou,

Westinghouse Air Brake

45 | Westinghouse Electric

Western Unton Tel Co. 44% West Vn. Pulp & Paper

Woolworth

P&O

R.M.S. "CARTHAGE"

201.79 BAILS:

en

40

NOTICE TO PASSENGERS

201, BAGGAGE:

NZ's DAIRY PRODUCTS MARKET

Auckland, Sept. 23, "Holpful" trade agreement with Japan, possible re- opening of the Canadian, market, and projected ex- ports to Coylon and China were listed today among the "bright spots" of Now Zealand's dairy products situation.

Ladon, Sept. 23. By next year China will out- strip Britain and become the world's third largest coal pro- ducing country, Peking Radio Speaking about one of New ejlined today.

Zealand's major export indus- The radio sad tint Chin's try, P. B. Maryiral, generel coal output

1958 www manager of the Dairy Products estimated to reach 210 mlillos | Marketing Commission, listed

"It was also stipulated-in the tons, 80 million tons more than these developments auguring » Japanese' peace treaty that coun-last year's output, Aries signatory

China

favourable future for such ex- 30 ports:

produced only the treaty 10 old by and conclude, com-million tons of coal in the year navigation treaties before the present regimo ceme Japan," the spokeceman into being, it added. Heuter.

merce and with said.

Ho anid the negalations would concern shipping matters and rights of residence and

Заролезе trading for

and British nationala in Britain and Japan respectively.

Dumping

Berne, Sept. 23. Representativos of Swins tex- tilo milla today asked the gove

to take ernment

apocial Part of the negotialkons

measures to combat the dump- would conta moet "favoured ing of cut-rate Japanose and nation treatment for Japan. In Chinese textiles which witro return for

the [to] awamping safeguarde

imarses and protect British Indaries, the calising great damage to the spokesman wald-UPI.

home Industry-UPI.

General improvement in the world economie silua-

tion.

Decreased the U.S. surplus stocks.

purchased by government for

A pondble reopening of the Canadian market.

butter Increased sumption in Europa,

con-

„A. "hölpful" trade agree- between med miong Japan and New Zealand. - UPL

4816

Friday, 26th September, at 12.00 Noon for the UNITED KINGDOM, via Singapore, Penang, Colombo, Bombay, Aden & Port Said.

Passengers are requested to send ALL RAGGAGE to the Hongkong & Kowloon Wharf Co.'s Godown No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Thursday, 25th Septem- ber, 1968.

SPECIAL NOTE: With the exception of hand packages carried by passengers themselves, ALL BAGGAGE, must pass through the Wharf Company's Godown for loading on board by ship's slings only.

EMBARKATION: Passengers should embark between 9.30 and 11.00 a.m. on 26th Septem- ber, 1958.

Subject to alteration with or without notice,

MALAYAN AIRWAYS

ARE PROUD TO ANNOUNCE

THE INTRODUCTION OF SERVICES

TWICE WEEKLY BY 'SKYMASTER' HONG KORO NON-STOP TO

SINGAPORE

AND ONWARD OOKNEUTIONE TO

DJAKARTA

COMMUNCIE KAM OCTOBER 1000RR

SEARCH PENN ESERVETIONR WOW TIMROGENE

JARDINE. MATHESON & CO.,LTD.

GATEDWON YOUR weenAL TRAVEL VIERNE

ICHERMARKET ACTONIAPODASION & MIKALE NI STONE PROVIND BY DALLASMA AIRWAYS