1958-10-29 — Page 9

SPORTATION

UNIFIED FLIGHT CONTROL NEEDED

Now Dathi, Oct. 28.

MORE SHIP ORDERS FOR JAPAN

A

SUDDEN upswing in

TNIFIED flight control of, firm orders for ship-

UNIF

all civil and military ping, and in the number of aircraft was urgently needed inquiries reaching Japanese to prevent accidents like yards over the past month last wook's collision bo- or 10, have oncouragod tween a British European major Japanose shipbuilders an to believe that the worst of Airways Viscount and Italian jet fighter, BEA the shipping recession may

official said hore today.

Captain J, W. G. James, BEA Director of Flight Operation and Communications, tald * press conference that Jast week's crasti khowed that the "ee het be seen" ruk was Inadequate.

be over,

A-

THE CHINA MAIL, WEDNESDAY, OCTOBER 29, 1958.

ECONOMIC THREAT TO UK

Europe's Common

Market & Free

Trade Area

From RONALD BOXALL

On January 1, 1959, six

London, Oct. 28. European countries to

whom Britain sells one-seventh of all her exports will cut their tariff on imports from each other by ten per cent, The European Common Market will be in business.

This means that unless some- | Common Merkel countries and There nothing to give similer

han, however, been thug is done in litle over two 11 West European countries who

outside. months from now, British ex- remained

Internal couragement to smaller Japanese ports will have to face mucharitis would be lowered by all yards, Negotiations FC at stiffer competition in France, 17 simultaneously. Bui unilke present being carried on be- West Germany, Belgium, Hol- the Common Market countries,

Greekt tween

owners and land, Italy and Luxembourg.

would the 11

continue to Japanese yards for the Co

Take the case of care, For arrange their external tariff's He was speaking as Choir-

struction of about 300,000 gross lone reason or another Britain's | Independently man of the Intrnational Ale

share of the car marketa in

Les! weekend's talks оп Transport Asscelation's techul-kms of tankers.

the six countries is already establishment of a Free Trade falling

Area renched a crucial stage, After months of delay the Com: moh Market alx presented their views on the Irfen. They hoped there would be "agreement in pluriple" before The January deadline,

en

committer,

whore report The Israeli Government is was accepted by the annual frensidering ordering one 40,000. ¦ Kvneral meeting today,

RECOMMENDED

The

fon tanker from the Uraga Competition

Dockyard Company, Yugoslav Shipping

and the Corpora-

Dockyards the

Competition comes from So

tient in currently discussing with French and German cars. the Hakodate murchase <if EWO 14,000-ton that difficult to see what it

freighters.

LOW RATES

will mean for Brilish enr mallu- facturers if the six Communi ! Market countries reduce, their

tor on French

and German cars by 10 per cent and leove their tariff on British cars un changed.

Objecting

The report zieminenced in all high-speed high-flying vir craft should comply with in- strement flight rules regarúle.s of weather conditions and that The "right of way ruins should

The trouble is that France This ke amendet so that both nực-

sudden increase In

does not like the Iden. It is craft in proximity to each other orders is regarded in Tokyo at

still on the record as objecting bad to give way,

heling primarily the result of

to any agreemł in principle report suld the bow-the belief that the world tanker Take another instance, LA- until à Free Trade Aren plan in Clavien of fight Information | recession will have finished by ashire's cotton Industry is thrushed out in Its minutest

should

based on M

1000 and the desire to take having its own well publicised | detail-a completely impossible Its oversens markets conditon if a Free Trade Aren Falle configuration and not on advantage of low construction, feubles. national boundaries,

rates prevailing al presentare drying un as more and is to come into effect at the Other points in the report Whereas in the boom ship- | more of the counteles whom ame lime

Commo: building

1050, | 19 used to seit vast quantities Maritet. period Japanese yards were quoting as ut tralies are producing all

In view of the French at- much as $210

per lon, sune then own requirements and be titude, few observers now ex- Japanese

ginning to develop their own quoting $140 per ton,

export trade

operating by January 1,

were:

In a few years aircraft would be truding s matter of course on the foggiest nights without touching the controls.

★The nelse made by Jet airliners at take-off and Janding would

be soon greater than that tie piston-engined theraft--Reuter

no by

Jeday yards

are

as

THE END OF THE RECESSION

FFICE

Jan.

Teh Ma.

May June July Aug. Sept.

5,400,000

A Plunging

Line Ends

The Slump

4,494,000

4,111,000

ning of the end of the U.8. | ● Steel production in the U.5. recession are beginning to show. is starting to rive, and our sales

men are getting into gear again. Experia believe the economy will now move towards ita ex-Theo trends all give sah; pected upturn,

to Unemployment, stantial backing the slock as Michael Rand graph abows, market boom of recent weeks. ¦ has fallen dramatically to its President Eisenhower expects

the recovery to contime.

• Startling signs of the begin-l lowest level for the year.

Railroads Lead Rise On New York Market

New York, Oct. 28.

peet to see a Free Trade Area Railroad shares led a rise in the stock market today with

gains in the group ranging to more than a point.

The Shipbuilders Association Lancashire has a way out s Besi that is hoped for is a the Prime Minister recently re-standby" arrangement to prc- 1 technical know-vent discrimination by the six minded it.

Market countries how is unrivalled. It can make Comman

Allgalost imports from outside. the world's best textiles.

This could be done by ex- tending a 10 per cent tariff cut from all West to imports European countries.

of Japan has infonned the Indian Governmeal that it is prepared to send a technical local team to india in study ecndities and other details and to examine ways and means of poss.ble

collaboration in the i construction of a second ship

NO CONTRACTS FOR building card."

SHIPBUILDERS

Walker-on-Tyne, Oct. 28.

THE massivo Vickers- Armstrong shipbuilding firm here has not booked one

The Association is prepared to provide the rquivalent n £15 million towards the cape tal cost of the project, which will build amnil passenger chips and other craft.

CZECH CHARTERING

how to do is concentrate on producing and selling them.

In other words it must resign itselt to a loss of markets for elemper textiles and sell more to those where the demand is for high quality products,

The Prime Minister suggested Western Europe-where in two months' time six of the richest countries will reduce their tariff on each other's textiles by 10 per erat. But not on Britain's.

A Formula

|

Regularised

HONGKONG STOCK EXCHANGE

Our Own Correspondent Business done on the Hong- Stock Exchange kong

this

But this is obviously not A very salisfactory arrangement. Sooner or later the position will have to be regularised—and this epens up discouraging prospect of many

more months of wrangling between Britain and France, the chief antagonists.

France's objection to a Fr Other examples could be Trade Ares currently revolves Managing Director

ATEGOTIATIONS are wearing mentioned, but I believe the round the question of defining

complction for the chapter-paint made.

And It explains the origin of the goods entering es) Limitet, Mr 6. 11. Moulder

ing by Czechoslovakia of lair- why the British Government the area. revented this way at

has tried so hard over the past The French tear that the louin hing of the new blue Up Greck shipping to carry

eight toteling about 7 million two years to find a formula for goods might be imported by Mcommun funzari art

tens in year,

finking Britain with a Common Free Trade Area country at Sharen Bayern-Hellers Sales Market.

cheaper tariff rates than those 3 (19481. The answer it come up with fixed by a Common Market

contract this year.

The

Vicker-Armstrong Chipbuild

tmos)

of

the

110.000

N

He is phulders would The freight will be Czech - Pustrial exports. and raw nord help from steel makers and ate suppliers if they were to materials imported by Czuchus

America. be able to quote firm prices-lovakia from South Henter.

זי

Chinn and North Korea,

was

The demand for rails helped Gen. Tyre & Rubber

Getty Oil bring same buyers into indus-chaden Co.

trials which bad their Brat average rise in seven sessions,

Many issues outside the group moking up the averages re- #lateret gains running to more than Lwo points. These in- cluded Polaroid, Revlon, Geor- gia Pacife Corp., Sheller Manu- Cerro de facturing, Alcoa, Pasco, Richfield O. Chicage Yellow Cab, Checker Motors, Parmelee Transportation, and Stauffer Chemical,

20

274

39

Goodrich (B. F.) Co.

Goodyear Tyre

Grumman Alterati Gulf Ou Heyden Newport Homeriske Mining Co. Ingerroll-Hand Inland Steel Co. Interchemical Cory, Int'l urines Machines Int'l Harvester International Niekd International_Paper Int'l Tel & Tel John-Manville Co. Kaiser Industry

201

I'

12.

421

15%

41

475

13';

Karta C. Power & Light

Kennecott Copper

Liggett Meyers Tob, Co.

7312

Lockheed Aircraft

Loews Morp. ...

Late Star Cement Co. Lowenstein & Sonu McDermott J. Ras McDonnell Aircraft

Stock Expe Mesabi Iron Corp.

Oil Issues

Chemicals which had been morning amounted to app-buyers lo rise from their lows. alling all day found enough xinately $400,000. Naon quota Oil issues picked up. Steels Minnesota Mining tions and the morning's trans-firmed as the time approached Stitch Development actions were:

for the U.S. Steel meeting Monsanto Chemical Co. which resulted in the usual totozola Inc.

Monizomery Ward dividend of 75 cents a share for the stock Dig Steel had

DANKS

a European Free Trade which would give it an - Bank 74742

This would bring to- vantage Arca

when the goods were

INSURANCÉS getiker into one organisation six re-exported to other countries Union

COMMODITY PRICES

30-4

Jan/Mar.

0746-CO 70-78

FOREIGN EXCHANGE

NEW YORK Closing rates were: Canada

England uelut

DO-day

New Zealand

South Africa

Switzerlan

Artentina

Others unchanged

LONDON

Closing rates were:

New York Montreal

Brussels

Copenhagen Frankfurt

LAG

1.03 0/32

2.80 11/1 2.60 77/10 2.00 1/10 2.70 11/18

Spot rubber babated

Blanket greje

No. 1 pale crepe

LONDON

10-03

The rubber market was quiet-

Fy steady with spot at 26-9/10

pence per 16. Prices;

No 1 Rei spot --

Milan

Stockhoun

Vimana

Curteh

METALS

LONDON

This is clearly a matter for SIUPPING legitimate concern and Britain

in the arta,

is prepared

realistically

750

1000 83

#

National Cash Reg. “A”

National Biscuit Cr

National Dairy Prod.

with

National Steel Corp.

300 small gain in carnings in the

third quarter compared The second.

Of a total 1,212 Issues tracted, 3000 5.00 570 were higher, 387 lower.

New York Exchange bond volume was $0,390,000.

New York Exchange volume was 3,070,000 shares.

71 72

kook at It

Wivelock DOCKS, ETC. K. Wharf Bock

5.85

*$.5

UN USA) ERIA 11.30 11.40 2004

11.50

LAND, ETC.

300 21.20

600 M 21.30 200 21.20

But French Insistence that the Providen

problem

should be studied industry by industry increases k od 24.10 21.40 Suspicion that France does not want a Free Trade Area planime Land

to succeed and so is trying to

bury it under a meiningless detull.

Prices of metals closed today deeper.

mountain of

Real Trouble

The real trouble les much

France went into the In sterling per long. ton as fol- Coinmon Market

with much lows:

trepidation.

It does not feel itself strong!

yet to enough 740

campale with

RO1%-25%

Selitement house terin:

Nov.

Dec

2321-356

14-20

Buyer Sellers

April/June

20-215

July/Sept.

OSL/DEC.

27-291

General markets, eit basis, ports:

131 1/10

.2321

Nov. Dec.

Jan.

.0100

-2318

Spot simontli Copper

Bpot

-month

740

745

240

2001 237

Estate crepe thin Nov

Lead 2d haii

Estate crepe thick Nay.

Jan.

Zine and half

Oct.

Jan.

NEW YORK

8.00-2.50-74

2.32-2.72}1.

130.50-190,65

19.3334-1833}

11.59310 90,10-6020 $74432-17159 317812-11760 14.473-74.47%

73.39-72.62 1322312412

CLIP.1.

RUBBER

COTTON

:

American Stock Exchange

volume was 1,200,000 shares.

30 30 1000 2 301 Dow-Jones closing averages

300 or 304 were:

.30 industrials

1.03 5000 113732 ralle

National and

New York Centrál

Norfolk & Western

North Amer. Avtution

North-west Airlines (Com.) Olin Mathieso

Olis Elevators

Owen-nais Class Oxford Paper Co. Pacific Gan & Eice. Pan American Airways Paramount Pictures

Parke Davis Co.

Penn Salt Co. Penny J. C. Co. Philip Mamla

Procter & Gamble Ca. Pittsburgh Piate. Glaws

636 18 Publickey industries

Pure Oil........

Republic Steel

RUBBER Amale XD Trust

1.53

*

147.83

500

1.00 25 utHitles

Nadio Corporatior

82,30

Radio Corp. Pref.

A. Tawah

2216

B stocks

F00.44

Sungala UTILITIES Trauk

Yourmali C. Light Electric

10000 or 2

43 banca

06.30

Reynolds Meiul

Coram, future price Index

151.81 Seara, Hoebuck & Co

Closing Prices

Saini Je

t

21

Solar Altersfi

85

South Puerto Rico Bugar

4132

231

West Germany on exactly equal Tex

terms,

1

$2

400

..... 24.93 25.00 183367 23

11.30 17.40 1300 à 12,50 | Alden Ine. Acy,

BOU 17.20 Alled Chemicals

Allied Mills Inc.

400 1 13.50 (t) 13.30 13.49

25 30 34.10 2072-17 200 Allis Chalmers

Abi. & Fore_Power 1000 3.90 A. Brake Shoe 7.54 101030

American Airline

....

ut

It agreed to join the } INDUSTRIALS 783% Common Market

202

7.20

744

A

7213

its CemenL because desire to see Europe united into STORES, ETC.

single political bloc was Dury stronger than its Icars of Watson economic competition.

223

15

13.00

L. CIW COTTONS

12.00

រ។

4.0%

03

What France really wants is Texte

Prices of metal futures closed

to see Britain join the Comm011 INVESTMENTS today

ษ. per cents follows:

Market and play its full part in int. Inv. 12.056 the economic unindotion of Aljes

Invest.

NEW YORK Prices of colton futures closed Lead Oct,

today as followsi

Spot: 36:25; Dec: 39.33; Mar: 36.02; May: 36.36: July: 3480: Det: 3201 Ded: 01.47: Mar: 22.04.

NEW ORLEANS

Prices of cotton futures closed

today as follows:

Spot: 3475; Dee: 36:13: Mar: 36.03; May: 30.41: July: 3483; Oct: 3.01 Dee: 3187; r: 37.07.

LIVERPOOL

future closings, in closed 36 10 to points higher pence per tb, were as follows: with sales of 40 contracts,

American Contract

NEW YORK

Rex rubber

Closing prices:

Nov.

Jan.

Mar.

May

July

Hept.

Nuv

futures today

SINGAPORE

Zianc

Dec. Det, Dec. Copper Oct.

Tin

Oct.

Europe and in the political & Fr unian which it hopes will grow. 29,700 out of it.

30.655 10.POU

22.000

90.374b

MADON

-UPI.

SUGAR

Britain argues

ferent standpoint.

9.50

shell off on

T'aper

Steony Mobiloil

Southten Co. (The)

Bouthern Railway (Cont.)

: Standard Brands

Standard Oil of Cal.

24% Standard On of Ind

Am. Cable & Radio Corp. American Cyanamid ca.

48

Am. Gaa & Electric

53

Ain. Hoine Prod.

602 1011⁄2 Am. Mach, & dry.

Amerless Metal

from a dif- GM's Earnings

It has Commonwealth tes

American melting

Am. Sugar Bel. American Tel & Tel American Tob, "g"

Anaconda Copper Armco Steel

Armour Atlas Cons. Mining Baldwin-Lima-Hari,

Battimore & Ohio Beneficial Finance Bendix Aviation Corp. Benguet COOL. Bethlehem Steel Floeing Airplane New York, Oct. 25. Borden (1) Co. Genert Motors Corporation's Burroughs Add Machine

Culli. Packing Corp. the first nine Campbell Coup Co. incomo in very strong Det economic reasons for not want months of this year dropped to Canadian Pacific R.

with Case 13, 1.) Co.

CAL. ITactor ing to be left out of the move- $300 million compared

$003 million for us carter- ment towards freer trade.

which prevent its full political participation

in the European

community -and

01% Btandard Oll of NJ,

Steep Rock

Sterling Drug' tö

11416 Stokely«Van_Comi

Bludebaker Pickard Cern Sunsidie Mining

27

40

Swift & Co,

13716

Text Co.

ID4

Textron IG,

Dais

004

Time Ine.

Tri-Cont. Warrants

Tide Water Asso. Os

Turatiety Century Fox Fil

19 inion Carbide

Union D1 of Cat.

Uulca Pacific Talway

FB

Tint Aircraft

231%

2100

United' Gas Corp.

1.5. F01 "B"

SHUS Ceplum

0121.9 ine Co.

LONDON

BECOMES

FIRM

London, Oct. 28. There was a return to firm

conditions In London stock markets today fol lowing the lifting of the remaining hire purchase restrictions.

F11

Although It was the last day or the account, buyers came for the shares of the com- panies that are likely to benent from higher sales and good Improvements were recorded In domestic sppilance, radilo and store shares. In the latter Great Universal wers pro- minent on the reported United States purchase of a large lau of the "A" shares. Hire purchase shittes were very firta.

Shipping shares again vided prices lower.

pro- a dull spot with most

Demand

There was renewed firmness in gill-edged securities on an Increased demand and many prices closed at the best levels of the day.

Dollar stocks were marked down at the opening following yesterday'a fresh setback on Wall Street, but there was some recovery later.

Oll chures were rather crralle and closed irregular.

Rubber shares were again in tea shares were demand and better where changed

South

were

African gold shares firm 011

selective Coppers and other

dermand. base

3

shares were

metal certain.Reuter.

un-

undertones

"Thers *TC

about this meeting that t don't altogether "like"

CHATTER ON WALL STREET

New York, Oct. 28. We would not anticipate any prolonged sell-off. As far as we are concern- ed, the market should soon turn upward again and head for new highs- Van Alstyne, Noel & Co. Our general view of the stock market is that it sull has strong basic supporta which 45 with tend to mit the extend

of ony reaction

which may develop Investors Advisory

694

43% Service.

24%

2012

37

HAS TURNED

The tide has turned for fex-

producers-Unfled.

ness Service.

Busi-

near-

For the time being, we dem lleve that a degree of term caution is strongly advis- able--the Spear Market and Group trend letter.

Regardless of shorter term gyrations, the major trend is upward-Edmund W. Tabcil of Walston & Co.

International Salt 1958 earn-

11 ings may dip to 8.60 a share

#

44 from the 8.11 of 1957 with

next year - Inter-

Becovery

ANIC

173

713

381 23

US Rubber

21.

1. Petting

3161 US Steel

44

18. Zieel 7 P.C. Pr Werder Bros.

28

Wet'notious Air Braki

betrie

2015 Wagian

Celance Corp.

24th

the CLT. Financial Corp.

Chase Manhat. Dark

So long as views of the two panding period last year,

widely Corporation said today. $0 remain

Uttle Income for the third quarter Chrysler Motors three chance of reaching a workable dropped by nearly half, totall-Colgate-Paimalive Co Free Trade Arcag $05 million compared with Colombian Carbon Co

New York, Oct. 28. powers World No.

4 sugar futures divergent closed unchanged to

Cotton

Oct/Nov.

23.33

31,10

Dec./Jan.

23.03

Mar/April

25.00

May/June

20.00

July/Aug.

22.63

37.00

Oct/Nov.

27.10

30,76

Mixed Contract

30,10

Det./Nov.

24.30

Dec./Jers

23.00

lower with

closed unchanged to one polni

sales of two con- !

24,00

tracis.

22.30

22/0

Mary Apill The market opened alightly

May/June lower sympathy with over- July/Aug. ress advices and steadied later Oct/Nov

SAO PAULO quiet market with sellers

Cotton prices all unquoted ratlier reserved. Demand for lower sheets was tair but offer today.

United States, the ings were light and prices high.

In the Futures:

average price of one-inch cotton No. 1 rubber per 1b. Nov, BOY-89 at 14. designated spot markets

THE BU EU was 34.74 contak, No, * rubber per ih: Nov. 203-09%

Total sales 85-003

balez--UP.J.

No.

He.

1

were

103,980

there

points lower with sales of 54 agreement on

contracts.

seemg

in the next two months-Lon- $122 million last year.

Domestle No. 0 sugar futures don Express Service.

Contract No. 4 (world)

Jan: 2.40: Mar: 340; May: 9.39; July! 3.40; Bept: 3.40: Oct;

| Epal-icants' par lh, tob Cuba). SAME

Open Interest: 8,740 contracts.

Contract No. § (domestic) Morch: 5.08: MAN: 077; July: 6.75; Sept: 037: Spot (cents per lb. elf NY ex-duty); a.

Openi Interest: 434 V.PI.

contragia, -

China's Rubber Purchase

Cluett

Commercial Ceedli Commonwealth Fire. Dollar aðles were 52 per cent consolidated Edison of last year's nine-month total. Continental Old of Dei. →→→Reuter.

Exchange Rates

Crown Zellerbach Cuban Amer, Buxar Diamond Alkal In most inteli Có Douglas Aircraft Dow Chemicals Dupont de Nemoirs Ealam Airline Kesiman Kodak Business was come in the legal | El Paso National - Gas Kuala Lumpur, Oct. 20.

market this family Fitnes CUTP China's purchases of Malayan suorietal exchange

Firestone Tyre & Rubber rubber in the first eight months morning at the following rates:-

Us dollar per $2

5.73 Ford Motor 10.9 || Ganaraj Dyzemios of 1088 totalled 19,902 tons, an Bierling notes: (age 41),

22 AS CAeral Electri 85 per cent increase over the Australien nale (per £11.

651) Chenersi Epode Indonesian rupiali (per 100) corresponding period last year Siam flexis (per 100). 27.00 General Motors 183 Chen, Pub. Vill, it was announced today-U.P.I. ungapore (direita)

Western Union Tel, Co, Wiel Va. Pulp & Paper Woolworth

U.S. Steel's

ATTIL

U.P.I.

national Statistical Bureau.

Sylvania Electric Products sales this year expected to set_a record high at 350 million -- Alexander Hamilton Justituta.

ANNUAL RATE

a

Ilussmann Refrigerator sales currently running at an annual rate of 40 million with under- lying carning power 2.50

share. Earnings last year to- talled 2,04 against 202 a share for 1950-Ira Haupt & Co.

Western Maryland is an a- direct speculation on 'the 'strel industry particularly Bethlehens Steel, and should earn 49 thin your with prospects that 1993 U. S. Steel Corp., the world's will excred the 1932 rask of biggest atcol company, reported | 1220 ́a shore-Josephthàl & Co. today higher sales and earning American Potash & Chemical

Sales, Up

New York, Oct. 28.

In the September quarter than earnings expected to recover in the Juke quarter, but sharply 1959 after slipping to 2.00 this below a year ago.

year from 2.95 In" 1037-Harris, Upham' & Ca Director relained the 70- Aveo on a long-term 451cent quarterly, dividend on will benali from continued high common stock which has been level of defence programme pali sitice. March 9, 1987-farticularly in misalas-Bache UP.I.

& Co.--UPI.

basis