1958-09-30 — Page 9

TRANSPORTATION

DUTCH TO START

TRANS-POLAR

AIR SERVICE NOW

Anchorage.

THE KLM Royal Dutch Airlines are to begin

on

scheduled service on their new trans-polar route between Amsterdam and Tokyo November 1, it has been announced here.

کامر؟

Thund

THE CHINA MAIL, TUESDAY, SEPTEMBER 30, 1958.

THE TORY'S TRUMP CARD

Expansionist Budget In Six Months

By RONALD BOXALL

London, Sept. 29.

HONGKONG INDUSTRIALS SET UP

STOCK EXCHANGE

Our Own Correspondent

Business done on the Hong- kong Stock Exchange this morn-

$190,000. Noon quotations and

shares

Buyers Bollars #ales

Failing accidents, the Conservatives look like mounted to approximately doing what six months ago seemed impossible the morning's transactions were -winning a third term of office. While Mr Hugh Gaitskell waves a beer mug to rally his disgruntled Socialists in Lancashire, Mr Mac- Bank, 7475 75211⁄2 millan is quietly putting it around that Britons are living better than ever before.

And none enn dispute t

Mr Franz Kleven, one of fine | craft la approximately 30 hours. 1 Company's representatives from Several Hond, ou arrived to takeove OVER mtangentest Archery

station, M ascistant Ising.

||ralperichon- dent of flight operaions for the airline, who has been here mak- In preparation for starting the

pa..

A general election next May ezdy mod over the

ertain as anything Pole since the inauguration of it as near the

Afrean be in polities. It is only The original Scandinavian

lers certain thai ways service in February 1957, slightly

the Conservatives will win it. China Mall Special.

service, raid that a

over the rude will be made this math,

On a femillarivation trip, the

newly delivered DC-7C aliett will leave Los Angeles for Cold Ry Alsha. travel arguss the Pacile to Tukyn dd return to

Tnirbanks. It will then come here

for a brief stop-over leaving for Amsterdam. TWICE WEEKLY

before

BIG EXPANSION

IN TANKER · FLEET

THE

HE world oil tanker fleet grew during the first half of this your by almost 3 million deadweight tons to a record size of 3,129 ships totalling $2.6 million

tons.

in some respects the recent rise of Conservative popularity Socialists has been fortuitous. have committed a number of Enftes, both verbal rod aclive, The Conservatives"

couse has beneto from things that have tappened or falled to

happen without their intervention,

It is to Government's credit tint wok full advantage of the breather. It did not waver when American economy went into a rovession and the alarm went out that deflation around the corner,

For yours industry had been putting every penny It could lay its hands on into new plant and machinery. Now it couldn't zeli all the good it was able to pro- duce. Output feil; unemploy- meni roz

The Government refused to be pandeksed. Skep by step it re- cuced the Bank Rate from the crisis level of last Autumn. But the credit queere stayed on.

BANKS

INSURANCE Union

SHIPPING

73

Waterboat. 20.10 AKA Nav. . 1.200 Wheelock 5.00 6.90 DocCKS, ETC. Wharf.

Lock

Provident,

#3

10) 11.10 1140 LAND, ETC.

•

20.00 21.20

tik otel HK Land Humphreys 14.50

teady....

JEU DIVERS Amnig... 'Trust....

A. Tawah. Sungaia UTILITIES Trak

Yaumati C. Umi

Electric..

ANOTHER RECORD HIGH

New York, Sept. 29.

Stocks rose today with industrials setting a new record : high and rails a new high for more than a year.

extended to mare

than two points, drugs, coppers,

Nel gains

olls, aircrafts, rails, selected sicels, and special lastes per- formed best.

Goodyear Tyre Grumman Alteraft Gulf ou

Heyden Newport Corp. Homestake Mining Co Ingersoll-Rand Interchemical Corp. Int Business Machine Int'l Harvester ... International Nickel ÎNGENTENTIONSi Paper

03

Publicker Industries 21% | Are Oll ................... Radio Corporation radio cum peer.

נג

1st

Republle Steel

isteynold Metal

54 Senti, Rowbuck & Öó,

ani

ña

133

badní Reg. Paper

| Sinclair Ott

Soceny Mobiol

10

43 214 7/12

760

kaler Industry

14

for

Kennecott Copper

Kansas C. Power & Light

445

90

Southern Badway (Con)

Gain to the druga ranged to more than two polnis with moat of the pop reaching new highs, Steels

one to more than three points on outlook

rosc

6000 126 fourth quarter gains and a rtae of 20 to 30 per cent. in steel operations next year.

100 e

2015 1000

1.325 1.37%

1.00

120

1.90

1.89 3000 @ 1425

Linde Coppers profited by group predictions that prices nf the red metal will be raised further in the near future. Oils, connidered the market laggards. were up a point or more,

Anticipation

at Tel & Tel John-Manville Co.

Lareti Meyers Tob. Co.

Lekheed Aircraft

Loews Incorp..... Lone Star Cement C Lowenbein & Sons. MeDormalt J. Kay 3fcDonnell Aircraft

Block EXT.)

Meraht Iron Corp. Minnensta Mining Mietin Developrvetit

Moumanto Chemical Co. Montgomery Ward Motorola ina.

National Steel Corp. New York Central Norfolk & Westem Ry. North Amer. Aviation Narth-west Airlinea (C Ollu Mathieson our Flovators... Owin-Illinois Glass.

4.

Salar Atrerat

South Puerto Rico Sugar

Southern Co. (Tha)

Southern National ga

14% Standard Brands

4-333

2245

32

90%

ユニアル

Standard Oil of Cal,

Standard Oil of Ind.

Standard Oil of NJ.

Sleep lock (Toronto Exgv.) Sterling Drug Co.

Stokely-Van Comp

Studebaker-Packard Corp.

Sunshine Mining

Swift & Co.

Texas Co.

Textron et

Tide Water Assn. Olt

Tri-Cont. Warrant

Twentieth Century Fox Film

2315

3012

40

Time Inc. ......................

National Biscuit Co. National Coan Reg. A National Dairy Prod. Nation Lead

VAL

70%

45

1950

Union Carbido

Union Oil af Cal

2316

Union Pacific Hallway

7492

Untbed Aircraft

1032

U.S. Fell "B

5913

7284

in

Cixtora Paper Co. Pucitis Ond & tee, Pan American Altway's

210

Puremount Pictures

Perke Bayla Co.

1055

Penny . C. Co.

M22

Fent Salt Co.

Philip Morris Procter & Gamibie Co. Pistol Plate Class

510

GA

Anticipation of a further rise in use of cigarettes helped the 24% 24.70 1000 2400 tobaccos. Now highs come into

1000 2.70 100000 Liggelt & Meyers, and Ameri-

40 T

Scan Tobacco. Reynolds gained

a point at its best,

Chrysler gained a point 200 24.76 (plm.) 13.30 13.50 nî00 a 13.30 the motors which

generally mixed, Loews TYTLA Telephone 23.30 23.00 Coment.10 INDUSTRIALA

acuve and at a new high for the year.

Their Success But in the field that matters comes to elec-

Goods piled up in alops, older ost, when tion, home commonle affairs, books were shortened, workers On the scheduled trips start-

the Conservatives deserve their were laid off. But hire pur-

Macao E.. mueces. A piar ago thințer look- | chans restrictions mayed mi, ing in Noveraber, there will be The Liberian tanker fleel-thic awdee weekly service in each largest in the world-again jed birck for Mr Macmillar's Cleetun between Hedland and ¦ Showed the biggest expansion.overnment and most observers Japan. Flights will start in tish by over 13 million tons wouldn't have given it a chance Ams'erdam, pas ove the t

to 9.7 million tons, mally as a if there had been an election of the world" though An- result of transfers from other then. eburage to Tokyo, and ko bom i fags. these to New Guze..

deleted

tonnage was on order for tramp tanker owners.

Uusually well-informed ship- KLM is ..e third airline to y

ping circles estimate that, the increasingly popular toute bulbly as a result of the depres. beneath 1:0 hothern lights on in freight rate, 1.2 million Plonecred by Scandinavian Air- | tons of tankers on order lave Hnes System, this "short-cut“ | bein cancelled, and other deduc- route is riso wird by Air Pruner, turns brom the order book total whose fights Hok Paris atal amounted to a further 1.2 ani- Toktya.

lion tons. Except for about 270,- officials have ss000 tons on order for oil com- KLM that the new trafic on the trans-panies, nearly all this polar route means, in effert, t dly service between Japan antl Europe, since by November the There was, however, a SUT- two other girlies will be after-prising volume of new orders Ing

five weekly placed during the half year, illhts.

totalling 1.76 million tons: The At present the nee Bum great part of this tonnage is for pem airlines have re-fuelling all companies or will go under and maintenance services at the the flags of countries with Anchorage-International Aupidestre to have a national feet. terminal, When the Seaming- vian Airways tenille right's are finalised, this Ergest city in the northland will becting key t

origin terminal for passenger and termination of flights be-

Of this tonnage on order, 10,2 tween Alaska and Europe.

million long will go unter Unit The light ne between ed States, Liberlin or Europe and Arka in the DC-7Cmonian flags.

lot:1 a

of

As a result the volume

|

of the tide came The turn when Mr

Peler Thorneyeroft resignori aa Ciuncellor of the Exchequer. It

was ho

who convinced the Government that they could not defeat infintion by closing their eyes and hoping it would go away, resignation over budget estimates was a greater shock than the Torics cartd adinis.

From that moment on, the Government's eyes were open.

Government were waiting for three things: to see whether the would rocession American seriously affect Britain; to judge The effect of their efforta lo hold prices stendy; and to see the re- suit of the annual round of wage elains.

Ignored Them

While they awaited develop- ments, demands became Ever more insistent for actos 10 the "threatened forestall

Government Ignorest to slump."

them.

If inflation was to be defeated they had to have a polley and

the stick to it. The polley followed was Mr Thorneycroft's, One should not put too much circles on the fact that after dealing it a cruel blow at the of end of last summer, world con-

慑

tankers on order is still formid-ditions have favoured British able at 29 million tons, or shout 55 per cent of the present world !icet.

Pana

economy. Britain benefited by the fall in import prices and the timelag before these led to Impert restrictions in her over- scas markets, gove her the breathing space she so badly nocted.

COMMODITY PRICES

TORLIGN EXCHANGE

NEW YORK

Closing ratey were;

Canada

England villelai

Audientia

Meday

10-days

New Zealanki

Bouth Africa

Belgium

Argüsünn

Others unchanged.

LONDON

Closing rates were:

New York

Montreal

Am

Boussola

Frankirt Luton Milan Stockholm

Zurlet -Vienna

1.02-13,22

Mixed Contract

24.40;

Oct/Nov: 13485: Dec/Jan; 24.03; Mar/Apr: 24,50) May/June: July/Aug: 23.07.

SAO PAULO

Prices were all unquated to- clay.

In the United States, the average price of one inch cotton

230-11/16 at 14 designated spot markets

was 34.72 cênis.

U

2.804% 224-9/10

2.79-11/10 281-1/18

.0000

1000

2.0075-2 BOP!

273419/10

10.36% 10.061

130.15-150.15

METALS

NEW YORK

Now York, Sept. 29. Prices of metal futures closed

in today

cents per follows;

Total sales were 14,610 bales. -U.P.I.

Lavad

Oct. Nov

Zine Oct.

Nov.

RUBBER

܀

NEW YORK

Rex rubber futures today

closed 10 to 25 points

with sales of 28 contracts.

00,50-00.0 17433-17430

1448-14455

Closing prices;

12,2074-12.2073

Nov.

72.35-72 38

Jan.

Copenhagen -U.P.I.

and others unchanged.

Mar.

May

July

Sept.

Nov.

COTTON

SINGAPORE

Copper Og.

Tin

Nov Oct

Mov.

LONDON

Img

کام

As it happened, the American recession bottomed out. A home prices stayed aleady; they were no higher in July than in

year December Inst

1. age claims were moderated; in four months to the end of August, the general level of wages by one per cent, compared with 3% per cent in the same period of last year when the wago in- creants covered a similar num- ber of workers.

Government's first action was to end the credit squeeze, Freed from restriction the big out schtices to banks brought lend private customers up to £500 without security and with two years to repay, for the purchase of major consumer Hoods. Hire purchase Junce houser replied by cutting their interest rates.

STORES, ETC. Dairy. 10.20 18 watsen... 10,70.1000

230 €1

236 18 222

400

10.47 1015

Lane, Craw, 12.00 13.20 1300 COTTONS Textiles... 3.00 Nanyang.. INVENTMENTS Inti Invest Ailled

6.05

5 1.00

1

+

Quiet Day

In

London

London, Sept. 29.

were

New York Stock Exchange 13 bond volume was $6,079,000.

American Stock Exchange volume was 1,120,000 shares.

New York Slock Exchange volume was 3,000,000 shares.

of the 1,231 Isues traded, 683 advanced, 335 declined.

Dow-Jones closing

were:

induslain

ii...

13 ute

3 stocks

40 bonds

£verages

625.04

143.00

80.13

102.75

to.co

Comm. future price index .. 150.01

Closing Prices

Ailled Chemicals Allled Mills Inc.

Although sentimont was help-Alden Inc. Act.

ed by Chancellor of the Exchequer Dorick Heath coat Amory's statement on

from his rotur

the Commonwealth conferença

All Chalmers.

Am. Brake Shoe American Airline Am. Cable & Radio Corp American Cyanamid Co,

Am. Gas & Electric Air. Home Prod.

in Montreal it was a quieter, Forgn. Power day in stock markets, Nevertheless, there

Was

Am. Mach, & 2′′ dry. American Metal

still selective buying going | American Emelling on and the undertone ro mained firm.

Brokers found plenty of small buying orders in their week-end post-bags. But with the fort- Government's plan bezan 19 night account ending tomorrow unfold. They announcetl the buyers were concentrating on abolition of import restrictions individual shares rather thinn 011 dollars machinery, tinned

on markets as a whole. solinon and newsprin'. This fell short of the full converid- There was quite bility of Sterling for which avestiment buying in fill-edged number of people had been but prices showed little altern-

Foreigners hoping, but the Impression left on

by

a good in-

Am. Sugar Bet. American Tela American Tob. "B" Anaconda Copper Armes Steel

Annour Atas Cune. Mining Baldwin-Lima-Ham.

Baltimore & Ohio Beneficial Finance

Bendix Avintian Corp. Benguet Conx. Bethlehem Steel Boring Airplane Borden (The) Co.

Burroughs Add Machine Calif. Packing Corp.

Campbell Soup Co. Canadian Pacific R.

were

quiet in re-

Case (J. 1.) Co.

INDUSTRIALS

by the Government's statemont although Greeks were was that this step was not far newed dehand,

least olt. At

next year British shops are expected to be selling American consumer goods and foodstuffs, most of them for the first time since before the war.

Restrictions

.

Industrials provided many 800 fostures particularly in the engineering section. also showed

Cat Tractor

Celanese Corp.

C.I.T. Financial Corp Chrysler Motors Cluett Peabody Colgate-Paimsitve Co. Colombian Carbon Co.

Commercial Credit Tobaccos Commonwerth Elte.

up well with Consolidated Edison British American Tobacco Co. Continental Oil of Del. and Imperial Tolnecas both

11.026

11.195

10.000

10,27b

25 tah

24.101

02.000

of other

91.000

hire parchuse restriellons,

But this move was made cautiously, For goods like refrigerators and

tom 16

The next step was to relax better and breweries were good

while ย number leaders improved,

Property

Crows Zellerbuch Cubai Amer. Sugra Don Alkall

Diamond Match Co. Dougian Aircraft Dow Chemical

Dupont de Nemours shares presented a

Eastern Airline Eastman Prices of metals closed today sets, one-third down pay-neriested appearance and drifted National Clas

The lower ment is illi · required,

while по

noteworthy Family Finance Corp. In sterling per

credit squeeze ended at the movement took place, in coppets Ford Motor

Firestone Tyre Rubber follows:

close of July. In the accounting read-zincs eased and tins were General Dynamica Buyers Sellers Period between mid-August and Irregular.

General Electric mid-September, bank advances

General OGA shat up to £34,000,000,- In the Olts were inclined to case but General Motors Gen. Pub. Bul nn isolated strong feature was Gen. Tyre & Rubber sume period of last your they

the rise of 64 shillings to 8014/- Getty bi fell £5,000,000.

Ultramar has al- Glidden Co. woys been one

higher Timot

720

3-montis

717

Carper spet

20.85

3-month

212 21222

20.70

Lead and half Sept.

0015

20.10

Dec.

TOK

20.00

Zine and half Sept.

29.45

Dec.

20.10

70.33

The market opened higher on beller overseas adviges and was Active in earlier part of maming, No. 1 rubber per i. Det... B

Nov... 03-06

704-00 TID 03-691

3-03

No. 2 rubber per lb. Ocf... No. 5

- NEW YORK Prices of cotton futures closed today as follows:

No. Epos: 38n Oft 30.12: Dec: 30.13: Spot rubber unbaled + DKK22_200,422) May: 38.41) July; 3447

02.12: Dec:

juntaket crepe 48; Oct:

01.01: Mar: No. 1 pale crepa

51,80.

NEW ORLEANS Prices of collon futures closed today as follows:

Spot: 33.10 Gol: 35.64: Deu: 30.12: shui ah00 Hy: 25 July 2,1s Sekdement house lavini: OH!34.11; Dev: 31.59; Mar| 2199.

SUGAR

The effect of hire-purchase Ultramar. restrictions was even more im gambling "chips" for the pro inedinte. Within

week

number of retallers were report.fessional speculators and today's rise was due to speculation that

ing greally expanded business.

The next few months will be vital

ย the SUCCESS of the Government's plan. They want

of the great Goodrich (D. r.) “co,

Co

NICKEL WORKERS STILL ON STRIKE

Dr or

again the Texas might move in.

E

Rubbers were quietly timm→→

to be able to fell the electorate U,P.I. early next summer that ecu- nomic expansion is well under

sha

Agreed Merchant Rates

Canadian

The Northern Miner, com- menting on the Rhodesian and Company International Nickel

New York, Sept. 20.

Toronto Sept. 20. World No. 4 sugar futures way.

No further moves by Inbour closed unchanged to three point In

the the meantime they must

or management to halt strikte lower with sales of 231 |_ con= | proceed, with caution. Indus-

of the International tracts.

trial production is still flogging

Nickel Company workers have Bo far been reported, the situa- Domestie No. 6 sugar futures and unemployment is likely to

this winter. Exports or Selling 10%: Micimum Buying

Dollars Maximum tion remains deadlocked. cloood unchanged to one point te higher with sales of 220 con becoming harder to sell.

Futter relaxations In bito 17% FT, 17-3/15 0/D. purchase restiellons, possibly another one-half per 1 cent off the Bank rate fr

that can be expected this year

to lat" long long time." The Clovernment is cambsting ||

the Internatián) that, things will not get too bad Znastave de Open interert: 8,412 contructs.

Eversit was done in the local

americat this Neste! Company strike lasted belace they begin to get disc

dorning at the following.rotenie Contract No. 6, (domestko) tinctly' better. But hero. la

Into 1800, Howayer, the availa 17.8. dollar (ver #1) Nov: 5.67 Mar: 3.06: Mag: 8:12:|nearty six months to go before sterling nose (Der 1)

1000 able supply of nickel appeared. nily: 5.75) Aeolith suit-teria thay need to play their trump Auximian NotenCorti £3}", 215.59 | adeguate to meet ... corientate. per 1 elf NY "«i»d\{%}): 1.00,

2015 head, the publication, added. Open interest: STD couliacts-card; an expansionist budget, Tuplab (per 100) U.P.I.

London Expiem Servico,

iso China Mail Special Singapore (Blenkta}"

LONDON

will spot quoted at 24-5/10 trucla.

The rubber market was steady pence per lb. Prices: No. 1 1 spot

Nov. Dec. Jan/Mar Aprly June Cotton futuro clodings, Itt July/Aır.

General Marketi Oct, Nov. Dec. Oct/Nov: 13.84; DegyJan: 26,061 | Zetate crepe thin Oct. Mar/Apr: 31.90; May/Jun 2390

LIVERPOOL

penco per fb, were as follows:

American Cointravi

Wy/Aug: 23.49. -

#%5-KETI

Contract No. 4 (world) Get: 3.44; Jan: 2.60; Map: 3.48; 544-344% May: 5.45) July: 4,46; Bephi 3.49

Det: 3.40:30)+(cmila

per lb. fo 2015-2016 | Cuba); 3,48, 2116-2011

cf basis, postaj

thick

Exchange Rates strikes, said that they promised

Biers scala (per 100)

United Gas Com

U.. Gypsu

09. Line Co.

5. Rubber

US, Smelling

UA, Steel

U.S. Steel 7 PC. FF

Warner Bros.

Westinghouse Air Brake Westinghoum Firetrie Western Union Tel. Co. West Ya, Pulp & Paper Woolworth

PO B•I

COMPANIES

PASSENGER/FREIGHT SERVICE

Outwards

"BALSKITE"

"SUNDA"

"CANTON"

"CHUBAN"

PENINSULAR & ORIENTAL S.N. CO.

Esaves Landon Dhe Hongkong

2nd Augurt

6th September

iTh September

1th October

7th October

2013 October

20th October

4th November

Geaves Hongkong Doe London

toth October

24th October

14th November

8th November

HIN November

Bili December

Homeward

"SOMALI" **

"OANTON"

"CHIUSAN"

Via 'pore, Penang, Colombo, Bambry, Aden a FL Bald.

• "SOMALI" calls K'pote, P. J'wat., Fenang, Aden, P. said,

Hayes, London, Hamburg, Bollerðara ́& Antwerp.

BRITISH INDIA S.N. CO., LTD.

*BANGOLA" SAI

dus 3rd Oct.

4th Oct.

"SANTHIA” due 18th Oct.

Balls 71 Nov.

From Japan for Singapore, Porane

Rangoon & Calcutta from Cakutia, Rangoon, Panang di Bingapore for japan

P. & O./B. 1. JOINT SERVICE

"PACHUMBA"due 7th Oct.

"OBRA"

tails 8th Oct.

dus 9th Oct. salis 11th Oct.

"ORMARA"

due 15th Oct.

All 14th Oct.

Trom Karachi, Bombay Cochin,

Tuticori

Gingapore

tox Japan

from Japan

tor Singaporo, Bhavno- gor. Kargohi, Kandla d Bombay

from Karachi, Bombay, Cochin, PehADE & Hingaporn for "Japan

EASTERN & AUSTRALIAN 5.5, CO., LTD.

"NELLORE" due 3rd Oct

**NANKIN"

from Javan de Shanghai for Labuan, Sandakan, Brisbane, Bydney, Mel- bourne

Burnle B Adelaide

troen Austrail & Marilla

due 17th Oct.

malis 19th Cer for Japan

All vessels have liberty to call at any "ports en de all the route à tha reute às sailings are subject

to change or amendment with or without notiem,

faz full potticulars apply to i MACKINNON, MACKENZIE & CO. OF. HONG KONG LTD Telephone Nos:

$29