1958-10-02 — Page 9

'OPERATION PAPERJET

MAKES

GOOD PROGRESS

IN 1960 the K.L.M. DC-8 jet airliner will fly IN

in seven and a half hours from Amsterdam to New York and in six and a half hours from New York to Amsterdam. These data have been obtained after making 408 flights on paper in the past eighteen months.

This "Operation Paperjet" maximum payload and strong yielded many useful data and head winds, passtagers or suppo I is intended to organise scant will have to be left behind. Fur- thing similar-but still more lunately the strangest wintis realistle-by asing radar ete. ocear in the of-reason the

"Operation paperjel" was winter months), originally started in order to

prepare both the K.L.M. Rying The temperature appeared to personnel and the technical de-have little effect upon the execu

However, it partments on the ground for the ton of the fight.

to know the tem future jet services. The "flights" is important

31 the level of the took place at Schiphol Airport, peratures

at the airfield Amsterdam. They were carried enging-intake out by

wumber of cupinine who before the take-off, as well as North the temperature which will be regularly fly Di

felt fter the climb to cruising This is because the

Atlantle route.

de-

fire aft

•

THE CHINA MAIL,

THURSDAY, OCTOBER 2, 1958.

MOOD

CANADA IS IN BUOYANT SAME BOAT AS AMERICA

BY SYONLY CAMPELL

Montreal, Oct. 1.

Canada and the United States seem to be

in the

same position

IN LONDON

London, Oct. 1.

The stock market remained in a buoyant mood today despite the overnight an-

nouncement of a further fall in Industrial produc- tion.

GIR-edged securities reached

for the new high

year sparked by firmness in sterling

and expectations of lower in

thoroughly" dangerous and unsound but probably

bullish. alright and var

It is not the same nationary sentiment as it was in the first half of last year. It seems to be much more the seer weight of money.

of

19

of

The money that ought tons in the US, the Canadian going into the New Your union are capable 2 is adding some of their own. edged market, actually

coming out that;

In Britain, when cool or any market, has to go Bonether,

other market Canada is one of the scarcity to glut, even the mili- changes from into which it presses

Lant tions tend to chan their tune.

In

Curasia the

A common viewin is that the prematum in Canadian dollar ought t down because its mijn panty support the Canadian Issues in New Yor

were converted into (dian dollars has gone; for sent, the whole New Yeni market has Kone wil wind.

The Odds

But the odds are the

terest rates.

Os led the general advance

a traders were heartened by uneasy

withdrawal of troops from the Middle East. British Petrofeum jumped 6/- and Burmale 4/..

INDUSTRIALS Other Indu/tricia moved

with kibet

Trans-Atlantic favourites pacing the rise,

on Wall Street, flecting the bullish sentiment

Coppers were mixed but gold shares responded to local and overseas demand.

Wall Street Declines Then Rallies Again

New York, Oct. 1.

Stocks declined to mid-session today and then rallied with

prices regaining

HONGKONG

STOCK EXCHANGE

Our Own Correspondent

about half of their losses.

Trading quieted late in the Owen-Illinois Qisse

Oxford Paper Co.. day with the total for the Pacify Gea & Eleo. session below the 4,180,000| Pan American Airwasn

Parmosini Piątures shares of yesterday.

Parko Davis Co, La

There were several irm spola Penny 3. C. Co...... throughout the list late in the Philip Morri

Fenn, Bolt Co. day-Universal Cyclops Steel, Procter & Gorable Co. Simmons Saw & Stool in the putting Plate Glam stees; Allied Chemical Dis Radio Corporation Pont, and Union Carbide in de Corp. Pret.. the chemicals; General Electric rubllo Siret

Roynak Metal In the ficctrical equipments: Haars, Roebuck & Co. Ealon Manufacturing In the shell Oil Co..... auto equipment; Deore in the Hains stog. Paver farm implements, Chesapeake Sinclair 013

Bocony Mobil1! & Chlo and Great Northern in

Solar Aircraft the rails; and Vick Chemical in the drugs. Oils ruind higher.

Weak -Spots

the Ave- their

by

North America they change it only when

also depleted funds are some previous strike, coupled with the general effect of in flation in eroding all monetary nesets, strike funds included.

At the moment Canada has. in milder form, the hangover

the US. from rald- | Juno onward-the Indigestion of a

that hit

massive Government financing operation, groomed by

to massive Inflation of bank

money.

her

via

can money will conte stream into Canada channels, and probably Europe.

To n surprising resembles the flow Bush money to South Afro ?," 1948, by British peort vie were even more South African politics a their own.

It could seriously that Canada han er infintionary problem: US.. plus some of her

On the basks of actual weather; aftkite, forcensts for the high alfitudes disicnes which must be covered these airerait By, from the starting point to the I which Hight plan was drawn up in the cruising astule largely

This pends on the temperature. presence of an instructor. enabled the caplain to carry out |

When the his "fight"

present seated at his desk,: inaking due allowance for the wave to land at an alternate air- dato on actual weather condi-pert owing to bad weather can. him vinditions, they mostly do so when Ilons, which reached teleprinter messages. With the they have descended to a much help of these data and the per- lower altitude; plots of jet air formance of the aircraft itself, craft, however, must take their le could work out his position decision to and at an altitude on the big navigation chart ar sirport while they are at the North Atlantie, the amounting altitude. This is clearly

by the at fuel user and finally the de-illustrated

On coming down to lators which might to be taken. example:

10 11. after descending from ECONOMIC

36,000 it. to 10,000 16., and cis- ng read there for 15 The DC-8, which K.L.M. is minutes, the aircraft still has going to 380 in 1960, is most enough fuel to cover 630 militancy economie when flying at the miles after climbing bark to maximum height which can be cruising level. Immediate diver. attained in conjunction with its sion for an airport from cruistat payload and the temperature of altitude (1.. without descend- isidė With the ing) gives a diversión possibility payload this altitude of 900 miles.

the пг

Maximun

will be about 32,000, fi, while

America doenin

qued

e

the

Certainly she has more ond better Kovernment than the but that may not be U.S. saying very much. Her cut- rency stubbomly keeps an un- destřed premium over the U.S. dollar, which is itself certainly overvalued in International cost comparisons.

National Rate

Lead and zinc issues im proved on reports that US, is considering alternatives to its import curbs on the metals.

Dollar stocks were mostly mixed, wafle Greek and

... Japanese bords were higher-

Industrial

Production

In Britain

London, Oct. 1. Industrial production con.

Business done on the Hong- kong

this Stock Exchange morning amounted to approxi-

There were several weak mately $336,000. Noon quota-spots too, including

point loper, Lukens Steels: tions and the morning's trans-

Wamer; Lanibert, Zenith Radio, Philadelphia & Reading, and Pardee Transportation.

actions were!

Shater

TANICS

jik Bark

SHIPPING Wheekick.

DOCKS, ETC. K. Wharf Buck

Sales Buyer Sellers

720

.CHA 5.53

The Immediate excuse for the 765 50 730 selling early in the day was a report that the Federal Reserve plans to raise its discount rate again. This could not be con- firmed because the Fed. does not reveal is policy or moves in ad- 100 vance of making them. 500 11.30

PG

43 Provident.. #1.25 11.30

LAND, ETC.

Henlly

1.125 15000 1

5000

300

South Puerto Rico Sugar Southern Co. (The Southern National Gan Southern Railway (Com) Standard Brands Btandard Oil of Cal. Standard Of of Ind Standard Of of N Sleep Rock (Toronto Exge.) Sterling Drug Co. Stokoly-Van Camps, Studebaker-Packard Carp Sunshine Mining Swift & Co. Texas Co....

Teatrin Inc... Tide Water As, Ol Time Inc.

Tri-Cont, Warrenis Twentieth Century Fox Film Union Carbide Union Oil of Cal. Union Pacific Railway United Alterati United Gas Corp. U.S. Foil "Bu

At the low prices losses ran to more than a point. Trading U.S. Gypsum Was nelive and for a time this US Line Co. disconcerted the bullish ele- U.S. Rubber

135 men: which don't like 10 wliness active selling. But new 165 buying was attracted when the 103 market hac receded only

moderately.

1 Hotel.. 21 21.30

100 ml 21.00

FSK La

Z00%

21 5000

Rumplney?

14.C 1:25 1375 €300

RUBIER Amalit

... 1.623

1.636

រ.បករ

'UTILrries

Tran... 24.04 21.00

500

110

30

Youmati Light

14

17:20 17.30

Truxi

A Tawah Sungala

tinued to fall in Britain ́in August despite a re- covery in business con- For international staf move- fidence, it was reported Star Forts.

and similar

today. purposes following Canadian labour ma x mee tents

some leading Canadian Institu- The Financial Times Index of thelons (including some banks) Industrial production the use a national rate of $4 to the August was

at its lowest for pound.

two years and four to five However, none of this may points under the Index a year

Decisions go. matter very much. are based on the facts as they are believed to be, not on the facts as they are.

the most economical cruising During "Operation Puperje!“ altude topy run up to 40,000 11. diversions had to be made ut 15

as the weight of fuel decreases tates, of which in cases the

en route. The pilot must always weather of the place of destina try to fly at the most economication was the cause and in the other six cases the weather en :ltitude.

roule

Flying at a lower nititude is

practically always undeşimble.

it a part of the Wight were to

32 carried out at an akude The Airport Which Is

32,000 £1 Instead of the most rectoralcal altitude al that

snament (e.g. 36,000rt. }, there Below Sea Level

must be a more favourable wind.

af 12 miles per hour to make)

it worth while.

serious than America- tion of Caundian caps latter is selective labour side is pervat On top of import

from

much rent

New York Cotton Market

If it svere definitely estab. Ished that Canada is wore run than the US. (which is prob

It night not ably not true) matter a scrap.

The Canadian dollar benefits

Electrie 2480 (R) 13.00 27.60 Rim.. 1993

for Tel.

Based on n 1948 equivalent of 100, the lex stood at 133 to 134 135 in the preceding three months.

IMPROVEMENT

The Financlai Times added that September "does not seem

to have shown may improvement

in the came way as sterling on August," and "Indications are declines may be that the world is so they dis- that further

over jti recordeil Hiking the US. dollar that

hardly bothers to think about montha," any other

Poopi currency.

the next few

It noted the greatest decline in have made up the minds that output of crude steel, which rant Canada is better run than theus inuch as 10 per cent below un-US. Overall it is probably true, last year. But it said "almost despite Canada's terrible handt- all sections" of the stee! Indus- dimculties." Coal cap of being dependent on potry "are in

New York, t. I. Heavy loan enth

favourable crops and

jet

a broadening inpry for textiles, al cos lo- to keep colton day futures on an age for

tien US. markets in which output was also down, and Canadians have no votes. True motes car sales are "showing

Financial Timps

+

INDUSTMALS

2000 * 21, 2000 N 2

Middle East oils were strong spots on the moves to withdraw 21 0 U.S. troops from the area and 162 Irom what appeared to ben belier situation in the Far East. Royal 053 17.37

4317.30 Dutch led the Internatiorul 2007 2 vila higher in volume pod 1833 13.60

I made a new high along with Gulf Oll and Jersey Standard.

24 11602380 strength

Cerent... 2.10 22.00

TORES, LTC, Dairy XD. 13.90 Walau

.. Crew COTTONS Textile

... 10.00 11.30 13.20

3.00

MISCELLANEOUS

Ch. Fait...

INVESTMENTS

Int. Invest. Alllect

Exchange Rates

Burl was done In the

market vinofficial

exchange incrning at the following rates

Ừ.9. gäller (per $1)

Safes today on the American Stock Exchange dropped to 1,080,000 shares frem 1,220,000 shores traded yesterday,

Bord volume today amounted to $5,440,000 us against $0,200,- and yesterday.

Dow Jones closing averages

were:

30 industrials

$30.04

20 tails

143.30

15 uti

00.35

(6 stocks

40 bonda

189.28 80.03

Comm. future price index..

131.19

Closing Prices

Alden Inc. Key.

Allied Chemicos

Alled Milla krve,

'21

Gay

Allis Chalmers

5.79 Arn. Brake Shoe Alrtine

Sterling notes (per 23), po Australian notes iper £1)...

10.01 125)

Enid.

Simm tical (HOT 300) Singapure 18{ratis)

20.75 100

or false. It is taken for grandes signs of seasonal weakening." Indonesian rupiah (per 100)..

that is what counts, China the HONGKONG'S new

Most of the piperjet Nights airstrip stretches more were carried out along the than a mile and a half into "great circles route" he the shortest route as far as didance the sea, but only one airport

is concerned, víz via a point near in the world in below sea the south roast of Greenland. level.

The flights were made of erula-

is

Ing altitudes varying from about The airport with the minus 30.00 to 38,000 ft. The maximum altitude Schiphol, inter- altitude for the DC-8 (40,000 ft.) national airport of the Nether- was only reached in two of the lands. 408 cases, when the flying time was relatively long.

The average dying time of all the lights from Amsterdain

out in vac New York carried

year was about 71⁄2 hours. How- ever, very short journeys taking only 6 hours 56 minutes also occurred when there was no tail wind or head wind throughout

the flight, or longer journeys of

& hours 40 minules when there was a head wind of 90 miles per hour.

FLYING TIME

The prevailing westerly winds on this route

Airliners take off from Sch-

more than

12 Phol's runways feet below sea level.

A century ago Schiphol was part of the ocean where a naval battle was once fought.

But in 1852 Dutch engineers drained the area and surrouruled it with dykes. SOGGY SURFACE

Schiphol remained a suggy surface of grass until 1917 when the Government established military airfield there.

a

Later KLM Royal Dutch Air-

the third sext in IL

row.

At the close the aded up one to 13 points market opened up twp "to rg: points. New Orleans close two to nine points.

Achieving the novels in almost two month March delivery crossed 104-cent line,

since its highest vol August 8. before e market levelled off,

Unfavourable and rainy weather, and a ligange fore. east for freezing peratures, canned traders to zĺty recent optimistle crop expations.

SHAVED FF Statisticlans fral between 500,000 and 7600 bales have been shaved-off a crop pros- poet since the government estimate for a more then 12,000,000 bales.

October field atively m buyers of Marci wo delivery notices

the were and OT

Mail Special..

U.P.I.

COMMODITY PRICES

COTTON

NEW YORK

Prices of cotton futures closed today as follows:

Australia

New Zealand

South Africa Argentina

LONDON

Closing rates were:

New York

Muntiral

Amsterdam

Brunel Frankfurt Millan J'att Stockholm Vimina

30.101

34.99

Zuricia

30.74

36.83

31.09

7.10

apol Out.

Det. Mar Mar July

Dec. Mar

NEW ORLEANS Prices of cotton futures closed

30.00

30.70

35.24

account for the lines made the airfield its home October contre no each for today as follows:

fact that the average flying time:

base.

A vast network of drainage In the opposile direction was only 6 hours. The strongest pipes each year drain the air- West winds were encowitered port of 25 million cubic metres

in the months of November, of water which seeps in through

December and January. A re- markable feature was that the force of the wind in FebruOTY, A winter month, was considerably lower.

Thanks to the fuct, that KLM. ly to receive a heavier version of the DC-8, It will not occur very often that the case of a

the ground less than a yard be-

Spot kt. delivery at Hoa and Gal- veston. The opejctober Posi- tion today total: 35,700 bales. Certificas stock The

low the concrete runways.

up 20 to off stEnglish points discharge Pumps

the water and 690 to 8126erican points into o canal which circles the under New Ye futures. airport, nearly ten teet above

Raw cotton ports for the the surface of the runways. season totalled,250 bales vs Schiphol is the only place in 714,279 bales aped last year, the world

where a

ship's accordingtoe New York passengers can look down on an

cotton exchanUPI. Bcroplane,

.0183

2.50-11/16-2.80-13/16 2.73-13/16-2,73-15/16 1056-10.50

13920-13025

1109-11001 1744/3-17443% 1136-11201, 14.45-14.40 7050-73.41 12.21-18.71

U.I'.I

SUGAR

Cable & Radio Corp. 0.05 American Cymunk C Amen & Forgn. Power Am. Gos & Electric Aan. Home Prod.... Am. Mach. & Fdry. American Metal ........ American Re American Tel & Del American Tab. ""

New York, Oct. 1. World No.

futures 4 sugar closed today unchanged to two points points lower with sales of 350 contracts,

The domestle No. 6 Bugar closed unchanged to two points bigher with sales of 112 con- tracta.

Contract No. 4 (world)

Oct.

Jan.

Mor.

May

closed

Sept

ост

Spot. (cents

RUBBER

NEW YORK

Hex rubber futures today 12 to 20 points lower with sales of 17 contracts.

Closing prices;

AMSTERDAM

July

3.40

3.17

3.4%

3.45

3.45

3.10

3.46

Cuba)

por ib. lob

Open interest: 0.250 contracts.

Contract No. 6 (domestic)

Azarovenzda Copper Armco Steel

Armour

Atlas Dones Mining Baiwire-Lêmwa-Ham. Baltimore & Ohio Beneficial Firodze Bendix Aviation Chap. Benguet Cora. Bekhem boed

·Boeing Aleplane Borden (They Co..... Burroughe Add Machine Callt. Pucking Corp. Campbell Soup Co. Canadian Preißle A.

(J. 1.) Ca

Cat. Tractor Celanese_Corp. CT Financial Corp. Chuett body **** Colgate-Palmolive Co. Calcenblan Carbon Co. Commercial Credit Commonwealth Elec Consolidated Edison Continental Dil of Del Crown Zellerbach Cuban Amer Sugar Diamood Alkali A Diamond Malch Co. Douglas Airerati Dow Chemicals Dupont de Nemours Eastern Airline....

Eastman Kodak

El Jao National Cas Family Finance Corp.

Firestone Tyre & Babber

Ford Motor .......

General Dynamic

General Eletric

General Fooda

General Motors

Gen. Pub, ww. Gen, Tyre & Rubber Glades Co.

U. 9metting Ua. Stoe! US

1 P.C. FF Werner Bros. Westinghouse Air Brake Westinghouse Electric Western Union Tal. Co. West Va, Pulp & Paper Wooiwarifi

STEEL USERS BECOMING EDGY NOW

New York, Pet. 1. Steel delivery promises are stretching out and stool usars are becoming edgy, says Iron Age. Stool users In many cases buvo startad to rebuild their stocks as a hodge against a further strotch-out in mill dali- very promises.

This is a switch 20 policy of inventory culbacka at prevailed earlier this year, 732 The reason, according to the 2publication, Is that the improve- inent has come from ta broad 1133 cross section of industry, while 40 automotive companies have

42

10

}

from

the

The

10 tended to drag their feet. 100% magazine pointed to the im

POS proved outlook

Lor

capital spending, a better tone in ap- Hpliances and more buying of equipment by the farmer,

1.347

431%

com-

Sheet products are tenia- tively predleting # steady increase in shipments to the end of October.

The auto panics have tuld, they will be back into the market for heavy tonnages in October and sinc been this tonggC booked

of

2014

70

The

bas

steel Industry in stil pretty far away from a really, There is plenty Ught market.

and only 42% of capacity avaliable

the sleel users who Jet their inventories fall, below able levels will be affected. China Mall Special.

4322

reason-

MORE VEHICLES ON THE ROADS

Washington, Oct. 1.

mator vehicles

The U.S. Commerce Départ- ruent estimated today

that registrations 204 in 1988 will show net in-

of 1.0 per cent, smallest in five years,

Doc.

May

rose

2,942 to 48,442 kg.

July

Oct

The Liverparket closed

Dec.

Ματ.

LIVERPOOL Collon future'. closings, in pence per th, were as follows:

American Contruct

Nov: 10.12: Jen: 2965: Mar: 2950 May: 2046; July: 20,40; Sept: Nev: 2030.

Nov.

1.00

Mar

5.07

May

0.73

Oct/Nov,

23.28

per kilogram,

Dec/Jan.

24.05

Mar/Apr.

23.08

follows:

The rubber markei was easier today. Prices closed in guilders Oct. 43

July

6.74

Sept,

B.TI

cir

Spot (cents per

ib. cit

NY ex-duty)

5.05

Open Interest;

1:104

contracts.

May/June

23.83

No. 1 rubber

F.I.

nom.

July/Aug

23,35

Hap

Mixed Contract

Oct/Nov.

24,85

Dec/Jan.

24.03

Mar/Apr.

21.40

Gulf Oll Heyden Newport Corp. Homerlake Mining Co. Ingersoll-Rand

110

IB

11252

May/June

24,50

Inland Bioel Co.

001

July/ABE.

23.00

Intercher leal Corp.

B1E1

SAO PAULO

International Nickel

International Paper

The airport with the minus altitude.

All prices were unquoted to day.

No. 2 rubber

No. 3 rubber

No. 1 crepe.....****

SINGAPORE

PE

The market opened around the previous lovela and ruled very quiet with dealers dis- inclined to trade,

Lower sheet interest was fair but not as good as of late. No. 1 rubber per ib. Oct.

In the United States, average price of one-inch cat- ten at 14 designated spot mar-No. kets was 34.77 cents.

Total sales were 18,001 bales, -U.P.I.

FOREIGN EXCHANGE

NEW YORK Closing rates were: Carmicha England official

30+6#*#

10-days

044-047%

METALS

NEW YORK

Prices of metal futures closed today follows:

Goodrich D. V.) Co. Goodyear Tyre ...... Grumman Aircralt

Inti Tel & Tel

John-Mawilio Ce.

Kuler Industry

Kans C. Power & Light

Kerinocoli Copper

the

in ceuts per

Jb.

as

NOY,

No. 2 rubber per ib. Oct.

На 4

་

02- Load 009-021

Oct.

11.270

lanket crepe

pod ribber unbated

*

705-70% Zinc 0314-01

Get Dec

10.35

11.45h

Liggett Meyers

Lockheed Aircraft

10.500

Loewe Incorp

31-603 Copper Oct.

SE BED

2015-07

Dec

27,1ib

Tin ÜCL

1100,

$2,000

LONDON

No. 1 palo crepe ..........

LONDON

The rubber market was quiet with spot quoted at 24% pence per Ib. Prices:

No. 1 spot ......

Setteleend houto

Nov.

2435-2415

term:

Prices of metala closed today in sterling per long ton an follow!

לדי

Lone Star Cement Co.

Lowenstein & Sons McDermott J. Ray McDonnell Aircraft

Stock Ergen) Membi Iron Corp. Minnesota Mi Simson Development Monsanto Chemical Co.

Montgomery Ward

Motorola Inc.

National lacul Co. National Cash Reg. "A"

Nation) Dairy. Proq

NELional Load

Jory/Mar

Buyers Bellera

|

Ave./June

General marketa, cli basla 1.03-17/20 | Nov.

| Mulate crepe thin

apoj 3-mortis Copper spot

3-month Lead Juh light Dol... Zing tot half 06%

rehe 231

Sisi

| National Blaer Corp.

314

3112 221

} New York Thoseikoina

Nortpik Western (ty

North Acer, FAVÍKURI

(Am

||verit=mess" "Alrunas--(Com;)

00 Olin Mathieson MU.P.I. Cila Elevators

crcase

the

The 1033/67 range was three to 7.2 per cent,

The 1858 total of passenger

cars on the road was put at 541) 58,907,000 lorries and busos

were estimated at 11,431,000.

The increase in the number of vehicles over last year would be about 1,250,000.- China Mall Special.

Dividend

London, Oct. 1, Southem' Kinta Consolidated bas announced a final dividend of 522 per cent. lean tax. making 83 per cent for the reRU to Murah 81, 1958

The dividend will be payable

152 on Retober 80. This compared

wiki 198 per cent for the previous year--China MAN Special