THE CHINA MAIL, WEDNESDAY, OCTOBER 8, 1958.
BOOM MARKS HONGKONG
PASSING OF
TRANSPORTATION SLUMP FEAR
WARSHIP THAT
THE
HAS
IT
COST SO MUCH TO BUILD
London.
T cost. £4,000,000 to build HMS Victorious as a
warship between 1937 and 1941.
So for has cont another arrangements have been altered. £56,000,000 to
rebuild the For six years or more over- time has been worked every day for seven days a week.
Work
same warship between 1950 and 1958 into the world's most modern aircraft corner,"
About 45 per cent of the privato
money has gone in wages. Apart from the cost of materials, much of the rest has gone
OR Con-
tinual changes in design over
eight years.
The basle layout of the ship has been changed four times so that work already done has had to be ripped out and started afresh.
6 CHANGES
has been put out to contractors, and the
some werk has been overlapped by dockyard workmen.
Even now, a month after she was due to join the fleet, work is going on nt cull pressure in the Victorious.
77 arrester gear. the lifts, and the ventilation system are not satisfactory,
IT FAILED
out The arrester gear, tried The aircraft arrester gear lus on land six years ago,
should been changed six times: gunnery | have been foolproof when it control geur has been changed was installed in the ship. But six times, 100.
when it was tried it foiled.
The radar Inglaitution has been changed twice. The must
the The Victoricus has been
Portsmouth means of keeping dockyard fully unplayed.
Men were assured of six years work. With continuous over-
curs, and TV sets.
By SYDNEY GAMPELL
London, Oct. 7. Wall Street's boom and the activity on London and other European stock exchanges mark the passing of slump foars.
STOCK EXCHANGE
Our Own Correspondent
Page
STOCKS IRREGULAR ON WALL STREET
New York, Oct. 7.
Stocks turned higher in the last half hour of trading to
day after bumping along an irregular course most of
the session,
Business done on the Hong- kous
The late spurt varried Indus | 20 industrial Stock Exchange this
trial stocks to morning amounted to approxi-high and lifted rails to
new all-timo 13 uitles mately $244,000. Noon quota best level in the averages since
lors and the momlag's transac-
August 7, 1957.
tlons were:
Abares Buyers Sellers
MANKS
1 Bank 7001 734 INSURANCES
Britain's highly unseasonal bonds, They could turn out to ↑ Union" 713% gains of gold and doliary should be too facile.
allay tears of an international The United Sintes has a great ilquidity crisis. If such gain deni
could of dynamism and continue,
and other have more Britain
expansion than in countries will be able to afford fiation
SHIPPING
Wheelock?
Baler
10 753
FI
2007 12
4.13 3.00
DOCKS, ETC. Dock.. Provideni 11.20 11.40
65
1900 6 3.50
the economic re-expansion Moreover, until the current
LAND, ETC. which is highly desirable for Treasury operation is success BR Hotel - 21.10 31.30 · Europe and would also tend to fully absorbed the Washington Land. 30.75 31 100 31 reuet favourably on the United money managers will hardly phreys 14.00 States.
resori to more restriction,
den, the
Ampl
onesia
UTILITIES
*Tram
Youmuti
Providing I was not the Bud There are some pretty good [RUBBE United States would reasons for supposing that the welcome Sonic such re-only present way for the Ameri- Trust... distribution of monetary re- can and world economy is up.-] A. Tawah ..
The pace of the United Chinn Mall Special. nerves. States gold losses this year may have had rather more effect on Washington's monetary policy. than would readily be ndritted, but the gold outflow itself, as distinct from its tempo, has long been an agreed objective.
Foreign Aid
can
United States policy afford to be mainly conditioned by Internal considerations. America's balance of payments works mainly inversely, by its The effect on other countries, Americans reckon that if I got too
always bad they could reduce their foreign ald but
about it
15 Per Cent Decline une they bough, their houses, really they do not bother much In Japanese Building
Experts are saying that there has never been a ship requiring so many alterations and adul RDERS booked with 24 tons after her initial completion,
ORDERing bed, we ship And they add that there has
yards at the end of Juna British Navy which has cost so were 3.4 million gross tons, much to build.
Q
docline of 15 por cent
from the first half of 1957
which
was a peak poriod, BEA TO PURCHASE
according to the Japan Ship-
builders Association. Export DH-121 JETLINERS
orders accounted for 2.8 million tons.
THE
0
British Government racently approved contract by British European Airways with the Aircraft
Co. Manufacturing
Ltd.
The sociation said that the backlog of orders at the end of June was enough to lust 23 years at the optimun zate of operation. But the concentra· tun of orders in large slipyards, (AIRCO) for 24 D.H. 121 particularly for tanker construc-aircraft costing about £29
There are hopes of another cul in the Brilish Bank Rate,
naw
"Don't talk to me about Chancellor's the measures to aid expan-
ston
some million. tion of which there was 2.8 million tons, has alrendy anede 19 slipways idle. By the The D.li. 121 is the short-haul even though it would reduce end of September, the number of and medium-haul jet airliner the London bill rate to about to follow level with the present New idle slipways will have increased which BEA require
the Comet York bil rate. to 39.
and to complement
leet of
The 24 shipyards In Japan 433 airliners of which employed 79,900 regular en-six it being built for introdue- mute network in ployees, 18,400 temporary hands on on their and 20,000 outsady workers at 1960. line wad of June. Compared
Manufacturing
Aircraft
Co.
de
with the previous six months the Ltd. is the company formed muner of regular employees arly in 1958.
In which
was almost unchanged, that of Havilland, Hunting Aircraft and outside workers had deciled by Fairey Aviation are participat- 14,000 while the number of lem-ing. pornry hands decreased by 4,000.
Further workers were ikely to LONGER STAGES be dismissed as more slipways i became idle, the eccled.
Association
BOAC To Resume
South American Flights
London.
Only a few months ago the cate! was about five London times as high as New York's. Since the Bank of England mus! state of the know the present
New York bondl an money markets It will hardly cut its bank rate until these New York markets regain more slability.
They could regain faster than some New York interests seem to expecteri.
The D. 121 will have a
In the fl week of Septem- maximum cruising speed of
ber the Washington authorities It is re- more than 600 mph.
hud something like the some quired to carry up to 100 passen trick as the British authorities Kers on stage lengths of abuust
with the be performed earller, miles, 1,000
must and
deliberately over- able to operate from atr-Treasury pori runways only 0,000 feet paying for short-term money to in length: From longer runway as to get the market in shorts it will operate considerably down to a basis from which it
longer stayes.
Great emphasis is placed upon
can go up.
BRITISH Ovencas Airways moins of operation. The Dil
Corporation will resume 121 must be competitive with flights to South America in improved propellor-turbine air- mid-October for the first cut that could be visualised for more
sipco thoy
time suspended in 1954.
word
Perplexity
BUSINESS RESTRAINED
IN LONDON
1.33 1.40
1.63 1.075 28009 1.33
1.65 5000 1.575 BG 1.575
2.20
1.00
23.30 2514
IN Light 17.30 17.40
Electile
21.00 35
++
(R) 13.70 13.00
24.10
||
(RU) 1.25 7.40
Telephone.
INDUSTRIALS
STORES, ETC.
666 or 17.30
500 12.30
their
The market ran late near the eloce with prices rising. Du Pont was up around two at the close in the chemicals. Roila turned higher along with a number of major groups.
Proft-triding ban the heels of
the
50 tel ....
65 stocks 10 bunds
Comm folure price index. Closing Prices
Alden Inc. Acy
Allied Chemiesli Allied 55 c All Chalmers
Am. Brake Shoe American Airline American Cable & Raciu Corp. American Cyanamid Co. Amer. & Forgn. Power
markets recent upswing Am: Glectric brought firegularity into the ist durim most of the session. But the weight of facourable, corporate and economie develop-| ments made itself felt near the close.
Youngstown
Youngstown
jumped more than two in the steels Union Carbide more than one in the chemicais. Pitsion was up almost three points ut its best
rumours that Ex Standard Oll was seeking to of a subsidiaries. Pittston denied the rumour late ip the day.
120 17.30 buy one
300 M 23 100 or 13.50
BU 13.80 199 24.16 524 203% 7.45 107.35 700 + 7.30
Aan. Toma Prod. Am Mani & Pary. American Miola) Am. Sugar Res. American Revelling' Amencan Tei & Tel Anaconda Copper American Tob
Azmo Steel Amour
Alias Cons. Ming Baldwin-Ln-am
Ontgard & Cla
Campbell Goup Co.
Canacion
1) Co.
Cat Tractor
Celanese Corp,
C. I. T. Financial Corp.
639.40 Narth-west Alelirien (Com) 147.5
in 'MatÕJeson",\
31.30) Other SkyWord) 134.42 Owen-lilinois Othe
06.32 Oxford Paper Co.
Pacing Guk & Elec.
150.57
27
201
Fin American Airways Paramount Pictures ..
Parke Davik Co.
Penny I. C. Co.
Penn Belt Co.
i Philip Morris
1214 Brocter & Gamble Cur
BI
a
Publickar Industries
Pure D...
Republie Steel
Reyzbión BretK)
hellohuck & Co.
Oil Co.
Pittsburgh Pluto
2012
Radio Corporation
4544
1124
34
1021
Bucony Mobile
10%
Golay AlterATI'
B04
00
Ipi
Bain Reg. Paper
Sinclair Sy
South Puerto Rico Sugar Sathem CV. (The) (5
Bouthern National Gas
Southern Railway (Com.)
15% standalu Brándo
Standard Oll of Cal.
30% Studelmaker-Packard Corp.
145 | Sunaline Mining
Swift & Co. 1
Texas Co.....
Tri-Cont
1
| Beneficial Finance
Bendik Aviation Corp.
Standard Dil or uw.
2034
Benguet Cons...
12
Standard Oil of NJ.
Bethlehem Stool
40
Sleep Rock (Toronto Expe)
fleeing Airplane Baruch (in) Co.
45+
Sterling Drug Co.
739
Aloke Van Canip.
Burroughs Add Machine
allt, Packing Larp.
Case
Petille R.
41
30%
20%
Textron Inc.
Tide Waler Assn. Oll
2222
Tuta Ine.
Chart Males. Bak
Warrants
Chrysler Motorr
Twentieth Century Fox Film
Clurt Peabody
Linion Carbide
43%
Colnic-Palmolive Co.
70
Union Out of Cal,
Colombings Carbon Co.
44
United
United Gas Corp.
3714
US. Gypsum
AS
US. Line Co.
20
U.4. Rubber
13
U.S. Smeling
3015
1.S. Slee
20
The rally carried nul major groups up from their lows with some issues recovering losses canning to almost a point.
traded,
Of the 1,244 shures 500 advanced, 461 declined and
Commercial Credit Commonwealth Fles Corsoldated Edison
2:3.00277 held unchanged. New highstmental O of DN.
2037 7.33
L'erment ... 23.49 29,30
300
500
2314
100
23.00 were set by 132 and new.lows
Crown Zeilerbach
2500 201
by eight,
Culan Anser. Sugz
Dancs Alkaži ...
Dairy Xi .. 15.00 34 500
10
DOD
10
11.30 119:
12.09 13.18
Duport de Nemours
TATA
3.075
7.20 1009
7.10 1500 +7.15
bond volume was $5,140,000.
American Stock volume was 1,320,000
Dow-Jones closing
Exitem Airbe
2014
Exchange
shares, averages
125
El Paso National Cas
Family Finance Corp.
2012
werd:
Ford 610tor.
Dynamics
Firestone Tyre & Rubber
10415
477%
AT?
London, Oct. 7. Stock markets were flrm
again today but business Wat
restrained. Unem. Crow ployment in Britain rose Textile by 30,000 in September, the highest since the war.
Was
This cut down the volume of business particularly in the in- dustrial market. In addition it was settlement day for the last account, which always checks
trading.
COTTONB
Nanyang
VESTMENTS
int. the... Ailled ......
7.19
CLAXO'S FINAL
Today's highlight WOB the great interest shown by the public in options, which deal- ing resumed today after a lapse of nearly 20 years. ceived many inquiries and A fairly large volume of business, rounced resulted.
Daplers re-
Drugs Alterati
New York Stock Exchange Diamond Match Co. volume was 3,570,000 shares,
New York Stock Exchange
Dow Chesniusia
Eastman Kodak
TALKING POINT Production:
1957
General
General Electric
General Foods General Motors
Gen. Pub. UU.
Gen. Tyre & Hubber Gelly Oil
Glidden Ch
Goodrich 18.F.) Co. Goodyear Tyre.... Grumman Azerait Gulf Oil
Heyrien Newport Corp, Honestake Mining Co. Ingersoll-Rond
Tol;nd Birel Cu. interchemidal Corp.
Int'l Business Machines Int Harvester .... international Nickel Interrvilona! Paper Int'l Tel. & Tel John-Menyite Co.
Industry
509,845
London, Oct. 7. Glaxo Laboratories has an-
final dividend of. 11% per cent, making 171⁄2 per cent for the year to June 30,
agains! 1214 1058
per previously.
1958
680,749
cent
to
make a
for
every
Exporis
pront
$278,345-
336,031-
| Lowenstein & Sons. MeDermoli J. Ray
1957
quiet day Gh-edged had o and price movements were irre gular. In foreign bonds Greeks,
It is proposed Japanese, and Chinese all went nhead but German were dull. scrip sue of one Dellor stocks reflected the two held. further advance on Wall Street yesterday.-U.F.I.
group
The
nel
is £2,010.586 nguinst £ 1,830,030 previously, älter taxation of £3,148.000. against £2,332,000
Bristol Interim previously.
London, Oct. 7.
Bristol Aeroplane has de- clared an interim dividend of 3 per cent on the ordinary stock on account of the year 1958--China Mali Special.
condi- The difficult trading Llons were
referred to in an April 2, interim report dated 1056. The final dividend is
10. December On payable China Mall Special.
1958
ACHIEVEMENY IN THE MOTOR INDUSTRY FIRST EIGHT MONTHS OF EACH YEAR COMPAREM
COMMODITY PRICES
FOREIGN EXCHANGE
NEW YORK
Closing rates were:
1.03 27/32
2.00 15/10
213 1/2
Canada England omelal
30-days
"T
" HO-days Even in London, which has New Zealand experience than Now South Africa
Switzerland York of money market crises, Argentine service in 1984.
The aircraft will be powered it took some weeks before the Brazil by three Rolls-Royce RB. 141 markets realised that the trick Uruguay engines, which will be mounted had been done and that Gov-Pakistan Britannia turboprop aircraft at the rear end of the fuselage. ernment securities had reached will fly to Ceracas, capital of The RB. 141 is a by-pass type a buying level. Venczucia, via Bermuda,
developed from Bar-of jet engine bados and Trinidad
More extensive South thrust will be of the order
will services
Nadja
Montreal
Brussels
LONDON
2.70 15/13
2.01 5/10
2332 1/2
0170
.0000
1125
2109
2100
2.60 13/16-60 7/8
3.73 1/4-2.73 3/8
130.27 1/2-130 32 1/
11.50 -11.60 3/4 10.25-90.35
1745 1/2-1748
New York displays per- Closing rates were: the Conway but having a greater plexity, but will probably sort New York The service is an extension | by-pass ratio to give even better things out on the right side.
static Ita of BOAC's present Caribbean fuel consumption.
Meanwhile, the Americans Frankfurt of service.
seem to have developed, some Lubon be 12,000 lb. This type of engine is compulsive buying of equities, Men Amerlern
Oslo Introduced later, a corporation notable for economy and quiet- more widespread and
Pre- Zurich sumably more constructive Other unchange-UF.i. than compulsive alcoholism and sanilor addictions. With Treasury
bands
spokesman said.
71ess.
The D.H. 121 will serve one of Buenos to BOAC services
the largest categories of Aires, and Santiago were SUG
have a world were traffle and will pended whenComels grounded in 1954, sind aircraft used to operating them were replace Comels our other routes
China Mall Special.
market. 11 wil virtually repre- moralised and stocks booming, sent the ultimate in sub-cont the facile explanations are in
or the weight speed combined with the best rationism
of
possible operating economy, and uncy displaced from Tremary will not be superseded for a-long peroid.
The De Havilland D.H. 121
10,90 1/0-19.00 3/8
12.10 3/4-12.20 7/8
COTTON
NEW YORK
Prices of cotton futures closed today as follows:
Spot
Mar
NEW ORLEANS
American Contract
Oct/Nov: 24.23: Dec/Jan: 24.30; Mar/April: 2420: May/June: 24; July/4g: 23.30; Oct/Nov: 22.95.
Mixed Contract
Oct/Nov: 24.07; Dec./an: 24.83; Mar/Apr: 24.00; May/June: 24.03: July/Aug: 23.73: Oct/Nov; 31.
SAO PAULO
All prices unquoted today.
SUCAR
New York, Oct. 7.
World No. 4 sugar futures
In the United States, the closed today unchanged to Ave average price of one-inch eat-points lower with sales of 228 ten at 14 designated spot mar-contraris.
kety was 34.75 cents.
Total sales were 20,575 bales -U.P.I.
RUBBER
NEW YORK
Domesile No. 8 sugar futures closed one point higher to one point lower With sales of 76 contracts.
Contract No. 4 (world)
3.41 3.
Union Pacific Railway
Aircraft
U.3. Fol "D"
41%
4012
US. Steel 7 P.C. TF Warner Bros.
Westinghouse Ale Brako Westinghouse Mertrie
Western Union Tel. Co. West Va. Pulp & Paper Woolworth
UPI
Chicago Grain
Market
Chicago, Oct. 7.
Grain futures prices snop- 'ped the downward trend of recent sessions and closed firm today on the Board of Trade.
Buying was the word in all the graine today,
Mills interest, with some scat- tered commission house interest, bought in wheat.
trade most vigor and higher trend. Hedge selling was a negligible factor, as strength in the pil market and weak hedging 10% volume encouraged buying.
Wheat No. 2, red
4325 Dec. 1994 (1073) -1083-14
301
11212
474
44
Kms
Kansas C. Power & Light
47
Kennicott Copper..
102
Unrell Movets Tob. Co.
100%
502,
2016
371
Am
TALL
Lockheed Aircraft
Loews Incorp.
Lone Star Cement Co.
McDonnell Alrecaft
Stock Exge.) Mexall Ten Corp. Minnesota Mining Mission Revelopment Monsanto Chemirat Co.
MMcrtRomery Ward
Motomia Inc.
*Soybean
showed the
192
1314
Apot
National Tut
Co
10
Mar
1893%
Nailosal Cimi Reg. "A"
7312 May
National Dairy Prod.
45%L July
190 10734-14
National Lead
112k
National Steel Corp.
TEL
New York Central
2014
Caru, No. 2, yellow
Norfolk & Western Hy. North Amer. Aviation
Spot
124
124
Dec.
134-28716
Маг.
118
May new
12041
July
1922234
Nye
Des
Mar.
1322-14
Oats
Dec.
014
Mar.
Got
Soybeans No. 2, yellow
Spot
21346
Nov.
2100-1
Jatt
2201-45
MAT.
May
226-22514
July
Barley,
Spot
115-125
New York Bour
$12.00
New York Cotton Market
New York, Oct. 7. Covering before the Govern-
ment crop
to- report morrow and less favour.
com- able crop accounts bined to
cotton put futures on an up-grade to
day.
3.30
3.30-10
Closing near the day's best
levels the list was up five to
3.30
10 points net. Opening prices
Jary.
Mar. May
July
Skept
Oct.
340
today
Spot-inerts per
Cuba1 Open Interest: 6,323 cantracts.
Contract No. 1 (domestla)
3.44
New Orleans
points higher,
Nov.
6.93
Mar.
5.60-67
However,
trading
Jufty
Sept
Rex rubber futures close 20 to 30 points lower with sales of 48 contracte.
Closing prices:
Nov: 293; Jan; 20.70; Mar: 29.65: May: 20.05; July: 20.60 Sept: 20.55; Nuv: 25
*AMSTERDAM
Quotations
were
The rubber inarket was dull today. changed.
SINGAPORE The market opened around the previous levels and ruled quiet with arrow fluctuations. Lower grades interest was fair with sellers offering rather
5.70
8.03
METALS
200 lb, kack
-UP.I.
Option Dealings
Again In London
London, Oct. 7.
ruled off eight to up one point. After much discussion in the
closed not four London Stock Exchange for
Arst
several years, the Council has moved conarmed its new option deal- 6.32 along at a slower pace with the ing rules and dealings will lack of selling pressure prob- commence tomorrow, the Spot-cents per b. elf NY
sinco ably accounting for stability na
the facility was with- ex-luty
at the beginning of Open interea: 872 contracts....moet as anything else, murkel drawn LIT
| analysts felt,
World War Two. The government weekly crop But briefly option, dealing in a who summary was more unfavour method by which those, able than generally expected, consider a share is going up or While conditions in the West down over a perlod, can obtain. termed "deal" for maturing an option on such shares which ad harvest, allter notions will yield a proft if the fore- compinlied of boll rot, sprout cast is confirmed.
IL hus been demonstrated Prices of metal futures closed ing and delayed harvestings.
notices were that a thare standing at about Mino dolivery today in cents per lb. as fol-
Issued today agulost the October 258 will have to move about 45 contract. The open position in balore a profit is visible. The October today totalled 30,400 alm of the moves for option dealing facilities in avowedly Increase the volume of The Liverpool market closed to
and broaden the ot 12 English business unchanged points and 650 to 776 American market rather than to provide
more freely for November ship- meat
No. 1 rubber per 1. Oct. 41-44
Nov. Bas
No. 2 rubber per ju, Oct. 1ows: No. a rubber per ib. Oct. 319-
NEW YORK
₫ 201
35.70
30.70
30.57
30.
34.68
32.00
31.03
13.02
No. rubber per 1. Oct. 00-61 Epot rubber unbaled..... DECAIS Links crepa
Lend Oct.
12240
Ike,
12.40b
Zine
100
bales.
No. 1 pale crepo
л
Dec.
30.561
Copper Oct.
27.41b
LONDON
Dec
27.66b
Tin
Oct.
Dec.
80.00b 04.00b
LONDON
The rubber market was dull
Prices of cotton plures closed with spot quoted at 1/18 pepea
today as follows:
Spot
Dec.
Mar.
to
points under New York futures, speculation
Raw exporta for the season Mall Special lower at 3434 pence, Pricer
totalled 681,828 bales va 740,087 No. 1 Has E
2434-3477
Prices of metals closed today bales last year, according to the Bettlement house lesin: Nov.
2431-2431 in
sterling per longton as New York Cotton Exchange.
Volume Open interest
•2-281 follows:
34.730
30.14
30.58
30.49
Jan/Mace
34.06
Aprst/June
750
Buyers Sellers Dec.
Month
Oct.
741
21.00
733% blar.
· General markets, cit basis, Oct.
May
Copper apo
July
LIVERPOOL
Load it half Dol
7216
Det
Dec.
Zigo Lat bak! Öơi,
07 Mar,
date crepe
U.P.I.
Cotton future closings, in sick t pençe per Ib. were as follows:
Oct.
003% Total
1,400
31,600
4,200 190,100
0,100 220,200 12,000 160,100
1,000 200,100 4600 100,000 $2,000 1.100
· 200 2500
facilities China
Exchange Rates
Dumbers was done in the loun (LETRONISCAN) exchange
nioren at the following rate:— U.B, doline (per (43)
| Starting wolne : (par "RA)
· Australian roten (per(21) Indonesian ruplats (per 100). 37.500 1.194,300 bales | Mens 10, 35-40 190)
danmpore (Fruita)
J.P.L.
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