RANSPORTATION
IS THE ATOMIC SUBMARINE REALLY SAFE?
New York.
HE U.S. Atomic Energy Commission has THE
ordered a complete investigation into what would happen if u major collision tore open the an atomic submarine engine compartment of while in port.
The
Commission has asked
1
for a rush report on the BRITAIN ACCEPTS1
result of the investigations.
It wanty
pleted before
the report
COM-
America's Art PAA PROPOSALS
atomic-powered nurchant ship is launched in the near future.
MAJOR PROBLEMS
--THE CHINA MAIL, TUESDAY, OCTOBER 14, 1958.
STERLING CONVERTIBILITY
Expected To Be In Force
Next Year
By RONALD BOXALL
London, Oct. 13. Events at the International Monetary Fund meeting in New Delhi last week, have raised strong hopes that sterling may soon "go convertible."
The British Government. I believe, is only waiting for the Arst sign of an upswing in home production before it-täkes the All being well; pounds plunge. will be freely exchangeable for dollars by the middle of next
усаг.
brought us still nearer the con- vertibility of the pound sterling which is our objective."
I cannot believe that the Bri- tish Government whose declared polley la to make the strength of sterling their first concern, would I base this prediction on pay-allow ito hopes to be raised once London, Oct. 13. chological as well ne
it was confident technical gain unless
ofarm that this time the plan would Another false THE Ministry of Transport faclots.
would do immensy harm w go through, sterling's prestige.
and Civil Aviation fo- night announced its pro- visionat approval of Pan- American Airways proposata for the commercial operation
A Fiasco
It is realized that major proù- Істи may Arise after the Inerchant ship sails
for in bours England and Europe The ship may be prevented fran sailing into some ports, of Booing 707 jet airliners in lity after the war was made uncertainties are dispelled." But
junt as U.S. atom submarines Britain. were prevented
dolog from recently.
The Commission, it is under- slood.
following wants questions answered:
the
Would there be sufficient radiation from the engine
to
of an atomle ship, lying badly damaged under the water, pollule the entire waters of a harbour, and become a danger to human beings
★ Even
the answer to this question is "No," would there be sufficient red tion to destroy or husm fish for many miles around?
How long
radiation dangers last”
This follows noise tests re- cently carried out at London
the plane, with
the airport Ministry suid,
The Ministry said: "A take nfl technique acceptable to The
Administra Civil Actonoutles
the U.S.
be will tion of adopted which will reduce noise disturbance on the ground to a minimum." FLIGHT PATH
This would also "enable the veraf to achieve a height of not less than 1,000 feet over the nearest built-up area along the fight path.
below
*
Another New High In NY
Despite Profit-Taking
By Elmer C. Walzer
New York, Oct. 13.
The stock market rose to a new record high today despite
a rush of profit-taking near the close. Volume crossed the four, than two a share, led in turn, epubile Steel
Reynokin Metal million share mark with a late over. The other actives - Scam, Roebuck & Co. ticker at the opening and again cluded such stocks as Bethlehem shell Oil Co...... at the close of the session-the Steel, Royal Dutch, Rhodesian Salut Reg. Paper former on a rising market the Selection Trust, and American inclair Oil lutter on a decline froin the Motors, best levels of the day.
The move to realise profits came of the Industrial average approached the 548 level in the Dow-Jones calculation,
At the day's best the average was up more than four points on the day and up nearly 120 points or 30 per cont froin the 1957 low made Just about year ago.
Business Curve
the
At their best levels steels showed gains running to moro than two points. Metals were up one more than three points, including the Aluminiums. Gains in the drug section ran to more than four points. Specials TOND one to more than four. American Motors proved the best gainer in a firm auto section.
Socony Mobilo
Bolot Aircraft........... South Perto Rico Sugar Southern Co. (nie) Santher National Gr Southern Railway (Com) Standard Brands Standard Oll of Cal standard Oil of Ind.
Standard O! of NJ Sterling Drug Co. Stokely-Van Comp Studebaker-Packs Corp. Sunshine Mining Swift&Co. Texas Co. Taxtron Inc
Tide Water Asus, Oll
im Ind
Of course the conditions must be right before the pound is freed. Commentators have wise-
During the session, now high ly pointed out the nerd for cau-
came into a frm nuts section The first attempt at converti-
tion, for welling until "present
issues as did Alcea, Anseonde, I Tri-Cont. Warrants A rising business curve, in 1947 in accordance with
Union Carbide In economies nothing can be featured by the highest steel Bethlehem Steel, Dow Chemical, Twentieth Century Fox Film
International Har-Union Oil of Cal Du Pont, condition thai Was zet in an certain. If we #ult for operations fa 11 months, declin-
İnternational vester,
Nickel, Union Pacife Railway American loan to Britain two "normale" we will walt for Ing unemployment, higher metal years earlier. It was a complete ever, The best that can be prices, and inspiration from the International Paper, Kennecott United Aircraft
Copper, Newport News Ship- United Can Corp. acco, After six weeks the ex- hoped in that favourable condi- thrilling attempt at a moon-
US. Feil "D" periment was abandoned to prestions
Royals. Gepaum the building, Plzer, RCA, give outweigh unfavourable shot combined to vent the complete bankruptcy of conditions sufficiently to mini-market impetus to drive fur-Dutch, Standard O(NJ), Texas U.S. Line Co. gold and dollar reserve
Co., U. S. Steel, and Youngstown ther into uncharted territory, Little more was heard about mise inherent risks.
Steels and non-iron metals Sheet & Tube.
Now York Stocic Exchange convertibility for the next
featured the rise, which
five
Te freer
Expansion
or six years. Then the Common- wealth Finance Ministers solved to work towards
On this basis, sterling is at- trade and payments. The British most ready for convertibility; down three atmos! but not quite. This one Cement laid conditions for convertibility: the condition that is lacking, is ex- absence of inflation; stability of panding home production, Whert world trade; and adequate re-we have this perhaps by
spring of 1959-conditions
servca,
the will
In 1953 and 1954 sterling wan be as "right" as we cor over The plot "when approaching expected to be declared conver-expect them to be. to land aircraft, will maintain ble at any moment. In those gained would then approach path not
two years the reserves for approaches 590 million. In 1955 they fell that prescribed when using The strument
by $12 million. landing system
precision
The opportunity had been lost radar fochitles for approach
end the convertibility plan was the runway concerned,
quietly burled in the Treasury "The effects of smoke pro- pigeon-hole. duced by the alreraft on take
thr atomic of will be carefully watched."
OVERCOMING FEARS
locumented
The Commission is already ceriah it knows the answers, but i wants from report
top scientists that could be shown to other nations to Overcome
any fears that may be felt about visiting atomie ships.
Router.
от
OIL DRILLING
Crews of atomic submarines BARGE LAUNCHED
meanwhile, are undergoing con-
tinual Lesis
to determing
whether they are being sub-
jected to radiation over a long
period.
London, Oct. 13. MILLION pound oil drill-
ing
barge, capable
of the
There has been no indica-drilling 15,000 fee! below tion so far that they have been sea bed, was launched today,
The barge, built for the exposed to any more than
amount of radiation normally in Shell Oll
Nothing else was heard about "until
recent Montreal Conference. Then the Com- monwealth Finance Ministers
re-affirmed
There is one Important differ- ence between the present debate on convertibility and that of a few years ago. In 1953, even the most optimistle observer did not believe that the right to convert pounds into dollars would be ex- tended to residents In the sterl- ing area. Now it is commonly expected that it will.
The declaration of converti- that their policy sterling should be made fully billity for steeling, held by non- convertible, "as Boon ng the residents would be a mere form necessary conditions have been mailty and a fairly meaningless achieved."
one at that. It could be done by announcing that henceforth the rate dne transferable sterling would be merged with the official rate.
The Timing
on
in
The timing of the operation was to be left to Britain, the meantime Britain relaxed the
certain restrictions bo company, will
Imports. lowed 14,000 miles to Borr.co being varly next year.
Weighing this ntroversial question can tons, 1
reassure hellcapter
the earth's atomsphere.
But the check is continued so that a report on
also be issued people both
elsewhere.
to
than 3,000 more will have its own and air platform
in America and conditioned accommodation for
a crew of 30-Reuter.
COMMODITY
FOREIGN EXCHANGE
LONDON
Closing rates were:
New York ...
Montreal
Amsterdant
Copenhagen
Frankfurt
Milan
Vienna,
Zurich
3.00-11/10-2,80-13/10
2,1391-2.1215
10.5011-10.539
19.3214-10.33
11.0036-11.087 1742-1744 12.40-72.4035 12.20-12.20
Others unchanged.--¿Ï.PI.
METALS
LONDON TIN
London, Oct. 13.
sprend
to all sections of the market, bond volume was $5,120,000. including the ois,
The
American Stock
Exchange
tonyly Benguet Con-volume was 1,370,000 shares.
New York Stock Exclunge solidated Mining, selling at less
volume was 4,550,000 shares.
HONGKONG
STOCK EXCHANGE
trans-
Qur Own Correspondent
Business done on the Hong- kong Stock
Exchange this morning amounted to approxi- mately $134,000 Noon quote- tions and the morning's actions were:
Hayers Seli HFC Bank 700 75736 INSURANCES
73
15.90 2000 u
45
BANKS
Union 7115 SIMPPING
3.15
DOCKS, ETC.
Once, this would have been a
but now dollar major step forward,
that the British authorities sup- Port
to à transferable
of Lite
Dock 44:5 within one per cent
Provident,
....11.2011.40 official rate, it would have only to
Last week-end | LAND, ETC. a minor effect.
30% 30.70 the official rate for the pound in HK Lard
Humphreya 1400 New York was $2.80 11/10ths. RE The transfemble rate was $2.70. | Amalg
Tot The differences: about half of
A. Towah. 225 one per cent.
Sungla UTILITIES
This brings us up to last week when Britain's Chancellor of the Exchequer, Mr Heathcot Amory, told the IMF meeting that the strengthening of ster!- "has the yast year ing over
PRICES
the afternoon, prices closed in at 25-7/16 pence per lb, Prices: sterling
No. 1 B follows:
Copper spot 13-mith
Lead Ist half Out.
Zine 1st half Oct.
www.
23114 23144
2576-2511⁄2
2516-2304 23-252
Sales
29 75215
375 1.37
Of a total 1,223 issues traded, 583 were higher, 400 lower, Dow Jones closing averages WCTO;
3 industrials 20 Talle
18 utilities
05 Flucks
40 bonds
Comm. future price index
Closing Prices
Alden Inc. Acy.
Ailled Chornies)s Allied Mhis me.
All Chaliners Am. Brake Bhoo Ascerican Airline Am. Cable & Radio Corp. American Cyanamid Co. Anu Gas & Electric Am. Home Prod... Am. Mach, & dry, American Metal American Sniciting Am. Sugar Hef, ......... American Tel & Tel Armco Steel
Arthour
Atlas Cons. Mining Baldwin-Lama-lam,
600 Baltimore & Ohio
Beneficial Finance Bentax Aviation Corp. Benguet Cons Bethlehem Steel Boeing Airplane Borden (Tha) Co. Burroughs Add Machine Calif. Packing Corp. Campbell Soup Co. Canadian Pacife 11. Cabe (J. I.) Co. Cat. Tractor
1.03 1.06 6500 ₪ 1.679 1,000
1.95
Tram 24001 05:29 al-Star Ferry 100
Yourant,
therefore "non- In effect resident convertibility" is ready a fact, Any sterling earn- ed by foreignors can be convert- ed into dullars at a discount of less than one per cent. And the very fact that he is able to do this, means that he is less like- 1y to want to.
When experts talk about con- vertibility today they are not uniften- thinking" merely of 251-251 ton of the two rates. They are
252-331)
2534-2011 thinking of freedom for residents
251-251 of the sterling area to import
per
long
Lon
spul Settlement house tecn
Nov.
Duyers Seller
Dec.
Jan.
April/Juce
Jan.
Jax
722 72%
SKEP 0012 0911 Bait
July Sept.
Oct/Doc.
10%
Oct.
2014-2015
Nov. Bec.
2432-2434 2416-241
Estale crepe thin
Oct.
Estate crepe Luck
Nov.
201
20%
RUBBER
SINGAPORE
The market was up at the opening on higher overseas advices and ruled quietly steady throughout. Once again demand for lower grades was good but offering meager.
In the afternoon prices rose
on good interest for all grades,
General markets, clf basis, portat dollar goods without restriction.
-UP.I.
COTTON
NEW YORK
market was closed The Columbus day.
NEW ORLEANS
Further Step
That was the promise held out by the British ministers at the Montreal conference.
True convertibility in the sense that residents of the steri- ing area will be able to move capital to a dollar area without restriction, is still some way off
In the meantime, one further stop has been taken towards nearer objective. The 124.F. for countries resolved last week to enlarge their quotas in the Fund, und to pay a quarter of the in- crease in gold. This expansion of
Prices of cotton futures clored the Fund's resources will pro-
The tin market was aleady today. In the morning, spot and three-months TOSC two polits to £133 and £720% respectively. Turnover WPH 60 tons.
At the end of
Manufacturers the omelet morning session, prices clawed buyers with factories interested. in sterling per long ton as Futures: follows:
but profit-taking checked rize today as follows: for Ras one cheet and all lowers Were in good demand with sellers reluctant..
Spri
buyers
sellors Business
3-month Huyer
smilers .business
sitterment
were
*133
No. 1 rubber per J. Oct.
Nov. No. 2 rubber per tu. Oct.
No.
3
кор
No. 4
Opal rubber unhaled ............. Blanket crepe
72319 734
In the afternoon, the market was gulet. Prices closed at the end of the utofficial session, al in stelling per long ton, as follows:
Spot 3-month
Nu, i pale crepe ...
The
AMSTERDAM
Iair
873-0771 B16-07 BJ-85 DA15-8475 02+00 20%-0154
23-70
rubber market
Wes
steady today. Prices closed in guilders per kilogram, elt Oet.. As follows:
Buyer Sellers
No. 1 rubber 734 735 No. Brubber *12016 730
Na, rubber LONDON LEAD
Ku. 1 crepe
LONDON
Lead, zinc and copper markets were steady today At tho
The
240 buyers 2.44 biryar
Spot: 34.75: Det: 33.75; Dee: 35.85: Mar: 30.01; May: 36.81; July: 34.00 Oct; 31.02; Dec: 31,38: Bar: 12,
LIVERPOOL
Cotton future closings, pence per lb; were as follows:
American Contract
vide further useful backing for sterling once it becomes conver- Ubic.
XD.....
110
03 041%
C. Light
(D)
11.30 17.40 Electric 24.00 25.20 Ertu.) 13.00 $3.00 Telephone 23.50
14
Celanom Corp.
CJ.T. Financial Corp.
Chrysler Motors Cluett Prabody Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit
500 2 13.10 CommonwealEls Eloo
(ru) 7.40 7.43 1031
3.43
Consolidated Edison
7.46 Continental Oil of Dei. 7.40 Chen Zellerbach
200
58
..
Coment
STORES, ETC. Dairy, XD 15.70, 15.00
23.70
300 # 33 34
F.E.
Walnon COTTONS Textiles
4.15 405 Nansang 24 7.45 1000 INVESTMENTS Attied 1.K. &
Invest
350 500 15.00 370 1120 11 2004 11.10
23.30
1000 41
430
1.40
4.00
0.70
Chicago Grain
Market
wheat No. 2, red
Spol
Cuban Arner, Sugar
Diamond Alkeif
Diannd Match Lu.
Doulas Airern!! Dow Chemicals
Dipant de Nemours Fastern Auring Едкитим Кodak
Tao National Gas
Fandly Finance Co Pubber"
Firestone Tyre &
Ford Motor
General Dynomles
General Electric
General Foods
Garai hutors
Gen. Pub. Ut Gen. Tyre & Rubber Glades Co. L Goodrich (B. F.) Co. Goodyear Tyre Grumman Aircraft Gulf: Ou
Høyden Newport Corp. Homantake Mining Cu Ingersoll-Rand
Inland Bon) Co.
Interchismical Corp. Indi Business Machines Int'l ifarvester
International Nickel
International Paper
Inci Tel & Del
John Monville Co.
Kaiser Industry
Kanmes C. Power & Light
Kennecott Copper
McDermott J. Ilay ... Aircraft McDonnell
19355
Dec. 197(11) 100%(£)
10316-74
a
MET. July
May
108!
Best.
Corn, No. 2, yellow
Spot
Det Mar
12312
Dee. New
11:3
Liggett Meyers Tab. Co.
Lockherd Alterart
Louws Incorp
...
Any
July
19122
Lone Star Cement Co. Lowenstein & Sons.
Bye
in
And no one at the New Delhi conference missed the signi- Osta ficance of Mr Heathcoat Amoty urgent request that ' 'necessary legislation should be passed by all member countries early in 1959-London Express Servico.
Dee
13-12
MAS.
1314-15
Det
6334-4
Ματ. Soybeans, No. 2, yellow
Spot Nov,
Mar
July
Barloy
Apot
22316-9
110-120
New York four
200°, back
Oct/Nor; 24.50; Den/Jan: 24.75; Mar April: 24.43; May/June: 24.20; July/Aug: 1343; Oct/Nov: 23.00.
Mixed Contract
Oct/Nov 218; Dec/Jan: 24.00; Mar/April: $5.00; May/June: 24.56. July/Aug: 23,18) Oct/Nov: 23.50.1 BAO TAULO
An Increase
Corpus Christi, Texas, Oct. 10.
Motals Company Reynolds disclosed
-Incred plang to aluminium production at its ngarby San Patricio plant by two million pounds A month In the United States, the within the next 30 days.
Closing prices were all unquotid.
Black Exe.) ............ Mesabi Iron Corp. bintonate Minin
Minion Deválopment
| Monsanto ·Chemical Co.
Montgoratry
Motorola Inc. 220-19 Nations Biscuit Co.
National Carl Reg. "'A' National Dairy Prod. National Lead ...
Exchange Rates
Business WAS
National Stool Corp.
[Am.
New York Central Norfolk & Western Ity. North Amer, Aviation.... North-west Airlines (Com.) Oun Mathieson .
Owen-Illinale Qlam
10
Oti Elevator
Oxford: Faper Co, Pacifia Cas & Elec. Pan American Airways Paramount Pictures: Parka Davis Co.
done in the local venus 3. C. Co.
Salt Co.
unoftica) *** exchanger market meming at the following rales-
1)
* Buyers average price of one-inch collon The production step-up, which 3.00 buyers at 14 designate apot marketa will result in the reiting of US, dolins, (per (1)
was not available na the spo9100 of the 200 employees lald Sterling notes (per
Apstralian notos par 20 markets in the United States of tent April, reflects a retchindonesian rupiah (per 100)
market con- simm cloala (per 100) was were all close for holiday... | Improvement in
ditions Caian Mall Special. Singapore (Straits)
-rubber market and of the unofficial meation in quietly steady with spot quoted U.P.I.
..
Pillo Morris
1.60 Procter & Gamble Co. Aks
Pittsburgh Viste Glava 12.53 iubiicker Industries'
8.50 Pure OUNAA 20.73 Radio Corporation
1.50 | Radio Corp. Prek.
143.05 147.31
2.423
100.19
10.31
150.33
.. Rubber...
U.S. Smelling U.S. Steel
US Steel 7 P.C. PF Warner BroR.
Westinghouse Air Brake Westinghouse Electric Western Union Tel. Cu. West Va. Pulp & Paper Woolworth
06
2014
03
491
00
1706
41 DEL B
DOT
10%
Stocks Higher In London
London, Oct. 13. Industrials led stocks higher
in active trading today. Demand In the Industrials centred on aila, coppers, tobaccos, autos raid ofrcrafts.
Gold shorts were quict' but Arm.
Lead, zinc and diamond sharen also firmed
Kukisons Bay. Unilever, Borax, and Electric & Musicai also were featured.
Dollar stocles were higher, with steel, issues strong, Ger- man bonds added fractions In otherwise steady foreign bond group.-U.P.t.
Possible Merger Talked About
The
New York, Oct. 13. Boston financier, Mr 003 A. M. Sonnabend, plans to dis
[cuss possibld mergers of "two call for three" companies with Studebaker-Packard Corp, at a meeting of directors of the auto company, scheduled
for Oclo-
2011
20
23
110
40%
abe 20.
01 He declined. to disclose the 395 names of the companies, noting 473% that only
conversations, not
301 merger negotiations, has taken 4116 place.
4015 The mergers. if successful,
83%
147
would be part of a programme 21% Mr Sonnabend expects to 2016 Studebaker-Packard
offer
over the
the
1059
Mall
next five years to utilise 4242 Arm's $134 million tax worry-forward, China U.P.I.Specigi.
POBIE
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL 5.N, CO,
Outwards
"BUNDA"
"CANTON"
"CHUSAN"
“SALMARA"
"CORFU**
Letes London
Salled
"SINGAPORE" 1003 October
Bus Hongkong
20th October
-
Salted
2014 October
8th October
Soled
Sailed
4th November
736 November
17th November
21st November
Leaves Hongkong uur Londen
22nd October
24th October
6th November
26th November
Hth November 4th December
"CONFC"
21st November
22nd December
"SALMARA” † 7th December
16th January
Homewards
"SOMALI" *
"CANTON"
"CHUSAN"
Via S'pore, Penser, Colombo, Bambay, Aden à Pt. Sala.
T
Antwerp.
"KOMALI" catis B'pore, P. B'wet., Penang, Aden, P. Bald.
London, ifambare, Rotterdam BALMARA calls Rajang, S'pore, PL Awettenham, Afet, PL Said, 1.ondon, Hamburg, Botterdam & antwerp.
BRITISH INDIA S.N. CO., LTD.
"SANTHIA" due 15th Oct. sail 7th Nov,
"FULTALA" dae 22nd Oct.
salli 23rd Oct.
from Calcutta, Rangoad, Penang & Bingapore 107. Japan
from Japan for Singapore, Tenang, namon, Calcutta
Chittagong
P. & 0./B. 'I, JOINT SERVICE
"UIMARA”
due 14th Oct.
frem Karachi Dombay, Cochin, Penang
Bia japore
calls. 15th Det.
for Japan
"PALIKONDA” das 25th Oct. from Japan
saile 2011 Oct. For Singapore. Penang
Coehlo, Bombay
Karachi
EASTERN & AUSTRALIAN 5.5, CO., LTD.
"NELLORE"
"NANKIN"
due 18th Oct. salis 18th OC
dus 18th Oct. sails 19th Oct.
from Japan &z Shanghai for Labuso, Sandakan,
Brisbane, Brook-
Adelaide
A
from Australia & Manila for Japa
All youreli have Uberty to' call at any porta en or off the route & the route de sailings are subject to change or amendñiekt 'Win de Without notice,
For full particulars apply to i MACKINNON. MACKENZIE & CO. OF HONG KONG LID. Telephone Mark 97721 4
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