1958-10-22 — Page 9

FRANSPORTATION

Forecast Of Serious Unemployment In UK Shipping Industry

London, Oct. 22.

THE CHINA MAIL, WEDNESDAY, OCTOBER 22, 1958.

Page. 9

SPASMS OF STRENGTH HONGKONG Change In World

ON NEW YORK MARKET

New York, Opt. 21.

Oil shares had one of their sporadic spells of strength in

an irregular stock market today.

New York Cotton

Market

New York, Oci, 21.

Demand for the oils came in Culgate-Palmolive Co.

Colombian Carbon C. the last half hour of trading Commercial Credit and It surred up activity} Commonwealih Elec. throughout the list which had Cunalidaird Zion

Continents. Oil of Dei. been down on balance most of

Crown Zellechneri the day. Prices came back from their lows.

Oll issues register gains ranging to more than two points with both domestle and inter-

Caban Airer. Bugar

Diamond Alkali

Hamond Match Co. Douglas Aircraft

Dow Chemicals.... Dupont de Nemours Eastern Airline .... Eastman Kocrk

national all groups participating Pass Natural Gas Kerr McGee led the domestics Family Finance Corp. with a gain of more than two Firestone Tyre & Rubber points. Standard Oil of Call-Ford Motor...... General Dynamics

THE Shipbuilding Conference today forecast Cotton futures today held for Royal Dutch and Texas (ieneral Blectric

serious unemployment in the British industry unless new orders come in before existing con- tracts are completed within the next six months.

The conference noted how- ever that many recent contracta for

larger ships had beer Marine Insurance

being offered.

The full effect of the ship-

ping recession on the Bow of Move Unsuccessful

new contrnets to Britain could

be measured from statisties.

NEW CONTRACTS

EF

In the year ended September (surance conditions through-

General Motors

物 one of the

national group.

Blowest trading sessions of the year.

Co. were strong in the inter- Foods

Socony Mobil Gen. Pub, Util DR1

on declaration of Gen. Tyre & Rubber ground unly the usual divlend and no Getty "oh" / extra.

The market opened sightly higher and maintained small galns most of the day,

Closing at the best levels the list

10 to was up

19 points. Opening prices were unchanged to up three points.

13

Met Support Automobile issues met support did steels. Selected rails moved ahead 09 much 09: point In Kansas City Southern. General Tyre was an outstand- ing strong spot in its depart- ment.

Of the 1,211 issues traderl, 533

LOAN ENTRIES Anticipating of continued TAFFORTS to create uni-heavy tonn entries in the gov

formity in marine in-cranient report tomorrow neted

to curb selling pressure Con-declined. 433 advanced and 225 versely, new buying interest | held unchanged. New highs 30 orders were received for out the world markets have was chilled by the favourable were set by 75 Issues and new 167 ships totalling 638,684 tons

Kovernment weekly crop sum- lows by 2, Brass compared with 350 shipa

mary and an anticipated de- (2,708,147 tons) placed as new

In the October parity contracts during the year end ed September, 1951. This was a

Interests dverensa of 183 ships totalling 1,000,403 ms.

been totally unsuccessful,

The Conference said the in-of part of the reduced intale of

contracts a**

fron

Other

Jouston

This was stated In a report cline to the International Union

of index. Marme Insuranoo at its meeting

speculative in Salzburg. The report was

were apparently more interested preporod by M. Jean Jaubert, in the stock market and faster-

Inris, chninnan of

moving commodities e cop- coramlive appointed by fust faw work had bre esterable year's conterence to Investigate P, coffee and grains. minimised by the inclusion in the possibility of uniform in indicated buyers of nearby March spot interests werd these stutistics of the tonnage surance clauses.

around the 30 cents Bne and vt several large tankers, af

He wild only preliminary En-

that last April, a sellers of new October around which nouncement had been mide by approach was made to the mem-32 cents a pound.

PROGRESS ber. associations of the Union. Vas

Sixteen associations

14 Picking

progressed rapidly countries replied, and of these, over central and eastern SUC- 13 replies frean 11 countries aris

ileal 15

harvesting were megalive in their attitude weather prevailed, the govern towards the taking of positive men weekly noted. Harvesting steps towards

compictet uniformity and is virtually the

flagrant southern Georgia and Alabama anomalies. These

included antf well advanced In northern Belgium, Denmark,

Tr states. the three parla of Linge Brilia

Holland Oklahoma, associations,

weather p01 associations Invoured harvesting with 40 to and Sweden. Six

cent reserved Judgment Germany, 70 per

picked in the Columbia, the United States, southwest, The Conference said hud it¦ Finland, Norway and Switzer- not been for the inclusion of lone. Buse larger tankers tonnag- cancellations in the year to September 1058 would have new tonnage orders exc-cred during the same period.

the owners before, there evidency of a slump.

"Figures relating to cancel- lations of carller even more disquieting." the conference added. "In the 12 months to the end of Septem- ber last the industry suffered the loss in this way of order for 37 ships of 405,38} tons compared with contracts enn- celled in the previous year of

1 ships of 77,693 tons.

NEW TONNAGE

11 declared: "In addition, number of shipowners have de

the building of elded to defer new tonnage already on order for which berths had been reserved,

elimination

یاری

Only three nerectations, said M. Jaubert, from France, Italy and Spain, declared themselves armly In favour of action kwords unification of insurance elauses.

Other associations did not reply to the inquiry at all.

The cum-

York Stock Exchange New volume was 4,010,000 shares.

New York Stock Exchange bond volume was $4,920,000.

Stock Exchange American volume was 1,140,000 shares.

Dow-Jones

were:

industrials 20 ruils Is ubities

da stocks

311 on

closing averages

kura. folure price ratex

Closing Prices

Alden Inc. Any

Corp.

Gliden Co Goodrich (D. P.) Cʊ. Goodyear Tyre

Gruman Aircraft Gulf Oll

leyden Newport Carp, Homestake Blaing Co. Ingersoll-tand

Inland Steel Co Interchemical Corp.

Int Business Machines Int Harvester Intemational Nickel International Paper Int'l Tel & Tel Juhn-Manville Co. Calder Industry

Kansas C. Power & Light Kengecati Copper .. Liggell Meyers Tob. Ca Lockheed Aircraft Low Incorp..... Lone Star Cement Cu Lowenstein & Son, McDermett J. Ray McDonnell Aircraft

Stock Exge.) Mesabt Iron Corp. Minnesota Mining

on Development Monsanto Chemical Co. Montgomery Ward Motorola Inc.

National Discult Co. National Caslı Reg. "A" 143,12 National Dairy Prod. 148,02 National Lead ....

National Steel Corp. 82.41

New York Comral 182.37

88.40 Norfolk & Western Ry. 132.54 North Amer. AvisTIO

North-west Airlines Olin Mathieson Olts Elevators Owen-Illinois Glass Oxford Paper Ch... Pacife Gas & Elec.

+U

(Com.)

4014

כוזב

STOCK EXCHANGE

This

Our Own Correspondant Business done on the Hong- kong Stock Exchange morning amounted to approxi- mately $212,000. Noon quota.. tions and the morning's trans- nctions were:

Bhared Buyers Bellgra Galas

HANKS

Hit Bank. 7$71% 150

Aut

30%

1291

INSURANCES Union...

71

73

SHIPPING

Wheelocks

0.90 100 5.00

DOCKS, ETC. Dock....

45%%%

1004415 DOG 45 200 v 11.30 20911.30

Provident ..11.20 1140 3000 11,20

30%

|LAND, ETC

2014

TIK Hotel .. 20.70 21.30

UK Land.. 30 331

1.575

ca

| RUBBER

Amaig. XD

Sungala

Tram.................... 24.50 24.0a

400 6 $7.10 17.10 1.3 24.00 24.70 1000 24.00 Ft) 13.30 13.40 420 12,03 1.034 13.30

#177

13

4. Tawab

..

2000 € 230

1.05

117

UTRITIES

500 24.00

03

Star Ferry 100 109

SPOIL

Yaunati

C. Light

30%

Electric

17426

465

Telephone

27.40 23.00 (a) 7.65 735 2005 # 720 INDUSTRIALS Cement 100 STORES, ETC.

200 w 23

Dairy 15.50 18.09 20000 10,80

1000

15.04

22354

1. Craw 12.70 13 COTTONS

400

12.00

Texule

4.10

MISCELLANEOUS

1030

K Const.

31NVESTMENTS

Altled.......

901 HK. & TE

Enveal...

00 + 9.30

Z14

111

Allied Chemicals

54:

Alhed Mills ne

4112Nd

Allis Chalmers

201

Pan American Airways

2015xd

A. Brake Shoe

Paramount Pictures

***

Amerie Airitle

24

Parke Davis Co.

100

American Cable & Rio

Peny J. C. Ek

7

Penn. Sal Co

American artand Cu,

Philip tornis

Ater, & Foren. Power

71% Procter & Gamble Cu.

A. Cine Electric Ain. Home Prod. Ain. Mach. & Fury. American Metal

Pittsburgh Plute Glas

To be perfectly frank.

74%

Publicker Industries

46% Pure Od

112 405-

20

Radto Corporation

old man, business is a little quiet at the moment.”

Radio Corp. Pref.

331

Republic Steel,

Reynolds Metal

1101

Sears, Roebuck & Co.

023

Shell Oil Co......

201

Saint Heg. Pager

Sinclair Ull

California picking activity is near a peak with yields and quality good. In Texas, ratno curbed harvest in westem and northwestern sections.

The Liverpool market closed 30 to 45 English points lower and 791 to 876 American points under New York futures. These are about the widest discounts in years, statisticians reported.

Agreed Merchant

As a result of the enquiry, he said, the realities of tho posi--U.P.I.

on were accepted. mittee recorded the view that, although the assimilation of the "Unfortunatly. the outlook) clauses mus a necessity and vi1n} remains uncertain and the pros seemed to become more

work is far from every day, this opinion was not peet of new

and general

therefore bright

world-wide putting into effect of uniformity expericace, many of the recent on the international plane was Seiling

having not yet possible. unounced rontructs

3

Leen for the larger types of ships, which have been placed lergely in Japan, where excep- tional creditt facilities are being offered."-Router.

EGYPTIAN SUCCESS ON SUEZ CANAL

New York, Oct. 21.

IN the first two

yours of

3

their operation of the Suez Cana! the Egyptians cholkod "have

up achievement," creditable Time magazine told today, "Good operation of the ditch is now taken for granted even by those who predicted zo darkly back In 1956 that they would make a mess of it," the magazine saki in a special re- the port on the anniversary of Egyptian take-over,

The thing you

hear from most slipping people to that the

old company

was con-

sistently arrogant, the Egyp-

consistently

tians

courteous

and helpful." The magazino DIEO quoted 40-year-old Mahmoud

Younis, Managing

Director of the Canal Authorl- ty, as saying

"I am trying to give, my cua- tomers the best. I realise they bave to copy to o bocause there is only one canal, but I also want them to come because they know they will be served." Quoting Younis, the article stated that the Canal Company look in about $110 milion last year and paid $15 million into i the Egyptian Treasury us AU.P.I. and Reutor.

SHIPS LAID-UP

A

pra-

TOTAL of 54 ships with a

carrying capacity of 243,575

tons are laid-up in West Ger-

man poets, the West German Shipowners Associatlon sald,

the

Rates

Canadian Dollars Maximum 16-17/18, Minimun Buying 10-15/10 TVT; 17 O/D

Smelting

Amertean Tel & Tel American R. "E" Anaconda Copper Armeo Sue}

Atlas Cone. Miring

falo-Lima-Han,

Anto Beneficial Finance Bendix Aviation Corp. COLLY Benguet Bethlehem Steel

Boeing Aeroplane Borden (The) Co. Burroughs Add Machine Calf Packing Corp. Campbell Soup Cu

Canadian Pacific H Came (J. 1. Ct.

Cat. TrackMT

Celanese

C.LT. Fmancial Corp.

Chase Manhat. Bank

Cyster Motors

cluett Peabody

COMMODITY PRICES

FOREIGN LACHANGL

NEW YORK

Closing rates were: Салака England often!

30-days

D0-days

Australia New Zealand South Africa,

Others unchanged.

LONDON

Closing rates were:

New York Montreal

Amsterdams

Tarls

Viens

2.00-5/10

Na. 1 rubber per 1. Nov. 1-01 Dec. 5-03 No. 2 rubber per lb. Nov. 80-9014

No.

No.

1

Spot rubber unbated

Blanket crepe

No. 1 pale erepe

LONDON

90-177

0034-9113

20-81

1435-0575

The rubber market was steady with spat unchanged at 26 5/10

Dec.

2.34-11/10 Jan/Mar.

2.10.13/10 2,51-3/10

METALS

NEW YORK

50

Hoenny Mobil

Solar Aircraft

South Puerto Rico Sugar

Bouthern Co. (The) ...

Southern National Gam Bouthern alway (Com.)

Blandard Brinda

Standard Oil of Cal.

33

7312

Standard Oil of Ind

Standard Oil of NJ

Sloep Rock (Toronto Exge. I

Sterling Drug Co.

Stokely Van Camp...

Studebaker-Packard Corp.

Sunshine Mining

Swift & Co.

Texas Co.

Textron 14.

London Express Seriou

CHATTER

ON WALL STREET

5014

Tide Water' Arm. Oll

Life

Ti Inc.

Tri-Cont. Warrants

Twentieth Century Fox Film

Union Carbide

Vajon qui pe Cal

Union Pacte Railway

Prices of metal futures closed today in cents per lb. as

follows:

Copper Oct.

1.03-11/3

unce per lb. Prices:

2.80-13/18

2.80.0/20 Nov.

He. Has spot

Settlement kuuse term

•

2012-2531

2014-20-4% 2016-20

Lead

Linc

០៥. Dec.

Oct.

Σε

26-45-2017 209-2015 2011-204 2011-20

Tin

2015 buyer

2017-201

2011-2012

2711

2,00-11/10-2,0031 2:11-9/16-3.71ding 10.30-10.50% 17-y

Stockholm..... 14.4015-20.40%

72.31-72.39

Others unchanged.-U.P..

|_ RUBBER

NEW YORK

April/June

July/Sept.

Oct/Dec.

Oct. Nov.

General markels, cit basis, ports:

state crepe thin Nov.

Uhick Nov.

-V.P.I.

COTTON

NEW YORK

Ikc.

Oct.

Dec.

LONDON

13.39

12.481

11.10

11.200

30.036

30.2D

$4.000

DEBOD

Prices of metals closed today In sterling per long ton as fol lows:

Buyer Sellera

Tin

Spot J-month

74156 742

73712 750

Copper Spot J-mouth

240

240

23011⁄2 541

Lead 2nd hit

Oct. Jan

ገባ

11.

Prices of cotton futures closed zine za half today follows: .

Oct.. Bpot: 30.20m; Bee: 36.11: Mar: Jan 36.67, May: 3831: July: 3133: Oel:

Rcx rubber futures today 33.03 Dec: 3130; Mar: closed unchanged to off 10 points with. tracts...

aules of 53 con-

Closing prices:

Nov: 31.951, Jan:

31.55:

Mar:

201

NEW ORLEANS

Prices of cotton futures closed today as follows:

Spot: 21.15; Dec: 30.10; Mar: 36.58;

Dev: 31.60; Mar: 32.06.

31.40-50: May: 31.40: July 31.40: May: 30.32 July: 3464; Det: 32.03

Sept: 01.40; Nov: 31.05.

AMSTERDAM

LIVERPOOL Cotton future

The rubber market was pence per lb. were as follows: stondy. Prices closed today In guilders per kilogram, clt Nov,

as follows:

No. 1 rubbas

No. 2 rubber

No.

rubber

No. 1 crepe

SINGAPORE

SUGAR

United Atrernit

STUN Gos Corp.

U.S. Foll "****

US. Gypsu

US. Tins Co.

US. Rubber

US. Smelling

U.3. Strol

US. stent 7 P.C FF Wamer Brod. ..... Westinghouse Ale Broke Westinghour Electric Western Union Tel. Co. West Va. Pulp & Paper Woolworth

4595

9022

44

up

New York, Oct. 21. insurance companies are slowly stepping their buying in common stocks Business Week. We look for further heavy commitments in securities both and trading of on Investment nature which should extend the upward channel to even greater heights-Van Alstyne, Nool Re Co.

Expectations

In Past Months

Wall

By SYDNEY CAMPELL

London, Oct. 21. Street's rally

of in the faco Washington's raising of margin require- monts to 90 per cent looks highly significant.

In effect, the New York Federal Reserve has succeeded in drawing Washington's fire away from real monetary tightening, which could have restrained business and the market and towards a superficial anti-speculative move which probably cannot restrain anything and which Wall Street accordingly took as bullish.

were

the

さて countries under heaviest pres- sure have now so Improved that the countries are able and to their willing to re-expand, own beneilt and to that of the whole free world, including the United States,

For

weeks. the even many Washington Fed has been very concerned about the Indalionory symptoms in the bond and stock markets. The New York Fed, as the operative body in the business

centre, urged that policy should also have regard to the needs of the Treasury, the banks and the money market and above, to the still Berlous unemployment

of men and of capacity.

Upshot

Waslington alleged In

to

In the upshot, hag acted against the inflationary speculation Wall Street--and so far valaly. even though its move caught the market in reaction from a great and prolonged upswing. Ascribing the upswing

and speculation

mny, psychosis demonology.

The continued advance in the cost of living und in industrial costs

recession, during the which ao painfully impressed the Washington Fed, were large- ly optieal.

inflationary j bu grecr

Costs are certainly falling in the recovery. The general recovery emuld be ascribed not to but 14 infationism, dynamism, fortlined by the way United States Jn which the economy sailed out of the third and most serious

threat of stump.

Upswing

post-wur

Considering the transforma.

The Government of the Brak of England runarks that profis be harder to earn than wil during Ure post-war Inflation but they will be better worth earning-Clano Mail Special.

£8m Trade

Done

At Canton

Parls, Oct. 21. Transactions 10talling more than £8,000,000 have been made since the opening of the autumn export com- fair in Canton modities

an October 15, Radio Pe- king reported.

Compared with the autumnI last year, dally transac- tens were two and a halt times

fair

as great, the rudio sald.

anxi

Merchants from 25 countries and areas Including Indonesia, tion of expectations in the past Cambodia, Iraq, Denmark, Cey- Canada, few months--the thorough re-lon, France, Italy, placement of glowm expecta-Singapore and Great Britain took part in the transactions lions by boom expectations in to some and North America

which covered local products, sund In Europe extent also

minerals, silk, metals sundries. Japan-and considering also the the artificial scarcity of equities created by the tax system, Wail Street's upswing, sharp as it has

The merchants showed special been, could revertheless, be

interest in various kinds of rafed or muterate and sedále.

So far as it goes, the initial nuchines and motor cars inade response to the higher margin Chine, the radio added.

requirements strengthens

this

ان

INTEREST

Many of the new products produced in China have already

musical

canned

Instruments,

constructive interpretation the market's behaviour.

The British Chancellor's been exported, the radio sald, of re-expansion adding that such commodities

dis- include announcement

foods of public investment, the

and closure that British industry is exillis, feeling more optimistic and the alcohol.

Up to October 10, the radio eut in the French bank rate are

uf previous concluded, over 1,000 mer- recognitions

new chants from 32 countries In a new study on petroleum developments rather thu

arcus have visited the Canton developmenÊN.

When 07 shares it is noted that oil stocks

and gold

dollar Fair-France-Presse. have not generally participated

reserves are pouring out of the in recent market sessions. This

at an States 49% suggests that the present time United

4012

M14

145

207

2516

--U.I*.E.

Chicago Grain Market

Chicago, Oct. 21. Grain futures prices closed mostly weak to easy to- day on tho Board of Trado.

A general

[251-

end

Exchange Rates

An appraisal of the present mentally, situation appears to call for o conservative-pot pessimistic - investment approach. Adequate losing reserves.

Japan's recent bank rate cul reserves should be maintained-

was a sunflar portent-that the Investors Advisory Institute,

byments Bonds continue to offer better balance intrinisic values then stocks, but speculative enthusiasm for quick sourd Investment judg ment-Alexander Hamilton In- stitute.

may be one of important in- precedented rate of nearly $5 resiment opportunity distri- billion a year, the non-dpilar world, both physically and butors group.

the can get out of

to unofficlat storin cellar which it had construct when it was ruinously

Congressional elections HOW sway cannot selling movement only a fortnight pushes ail grains into lower fall to exert an influence an in- Political thinking. Iovels ng hedge

pressure and vestment liquidation increased by the commentators generally forecast olgnificant Democratie gains in hour in today's market.

the next month's balloting-

Wheat turned weak. A seat- U.P.1. mterval commission

house selling

774 and the absence of any export 711 activity punctuated the decline.

New York, Oct. 21, World No. 4 closings, in

sugar futures closed today unchanged to two American Contract

points higher with, sales of 208 Oct/Nov: 23.95; Dec/Jan: 23.05 contracta, Mar/April: 23.55; May/June: 2125 July/Aug: 22.53; Oct/Nov: 2.16.

Mixed Contrast B1 buyers

Oct/Nov: H.30: Dec/Jan: 3.07: 24 buyer 2.70 buyers Mar/April: 23.00: May/June: 23.30:

July/Aug: 27.70; Oct/Nov; 23.35.

203 buyer

The market opened higher on Improved overseas advices but

SAO PAULO

United States,

All prices unquoted.

the

thp:

Domestic No. 6 sugar futures closed one point lower to three points higher with sales of 23 contracts.

Contract No. 4 (world) Jan; 13;, Mar: 3.50; May: 328; July: 20 Bepi: 134; Oci: 33: Spot (cents per ib. feb Cuba): 5.41.

Open Interest: 0,470 contracts. Contract No. & (domacello) Nav: 199: 5.70; May: 0.11; July: 6.75 Sept: $.80: Bọol.(gents end of April 10p ships with a In the afternoon the market; was 34,75 cents. carrying capacity

Total sales were 75,041 bales, per 1. cif NY ex-duty): 6.90, of some was quiet with alight tendency

Open Interess: 200 contracts. -UPI. 400,000 tons were laid-up.

UP.I. of sagging. Futures were:

At the height of the recent prost-taking again pared nd-average price of one-inch cotton shipping recession towards the vance.

at 14 designated

spot markets

Dec.

SPIRITED TRADING IN LONDON

London, Oct. 21.

Stocks were mixed on the

London Stock Exchange

Wheat No. 2. red

Spat

nee. 195%(1) 19324120) 104-104).

star.

112

1034%

May

1001

July

163);

Sept

1876

Corn, No. 2, yellow

Spot

1142-11425

11055-32

Mar.

11531

Dec. new

1115

MAT.

11312

Blay

1101-1

July

12012

Bye

today in fairly spirited trading.

Dec

12345-4

Mar. Onta

Dec.

Маг.

Soybeans, No. 2, yellow

Jat.

MAT May July

1

07476-1 05%

2101 21311-213 SIT 3231-4

Brlilsh Government bonds suffered declines running to 8/0.

and

Barley,

Пров

119-195

New York for

'200 lb. mck

$12,500

UP.

Spot

Νέου,

Losses outnumbered

declines in the industrial list, although some investment demand help- ed selected

SAILS:

[

of

exchange TALEH

market

this

14.03

13.50

5.20

20.90

Busin was done in the local

morning at the Visk dollar (per $13. Sterling notes (per 1)... Australian noies (per £1) - nonian rupiah ter 100) Siam Sicals (per 100) Singapore (Straila)

P&O

R.M.S. "CANTON"

NOTICE TO PASSENGERS

BAGGAGE:

October, at 24th

12.00 Friday, Noon for the UNITED KINGDOM, vla 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, 23rd October. 1958,

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

groups. German EMBARKATION: American buying was re- ported in the gold group, where gains predominated.

Coppers generally ignored the latest improvemùnt in the price of the red mets. Oils were easier on balance.-U.P.1.

Fyenongers ghould embark between 9.80 and 11.00 am, on 24th October, 1958,

Subject to alteration with or without notice.