1958-10-30 — Page 9

THE CHINA MAIL, THURSDAY, OCTOBER 30, 1958.

Reactionary Week HONGKONG Stocks Rise Sharply On

Stops The

FRANSPORTATION

ORTATION Inflation Chatter

LOCKHEED'S TURBO-PROP ELECTRA MAKES FIRST EUROPEAN APPEARANCE

A NEW and remarkable transport plane

recently made its first appearance at a European airport: the Electra, a brand-new four- engined propeller turbine airliner built by the Lockheed Aircraft Corporation, which also produced the well-known Constellation series.

wecks.

on

be

in

By SYDNEY S. CAMPELL

London, Oct. 28. With Wall Street at last having a reactionary wack (ending October 25) there has a salutary chock to inflation

been chattor. Unquestionably, the upswing in markets has

attracted some speculative froth. The previous week-end (October 18) had some of the most disruptive type of inflationary talk, including recommendations to switch indis- criminately from bonds to equities,

gives

One

STOCK EXCHANGE

Our Own Correspondent Budrions done on the Hong- kong Stock Exchange this

amatinted to Ap

morning's

morning proximately $280,000. Noon quotations and the transactions were:

Shares Buyete SellPES

BANKS

HK Bank.. 745 INSURANCES

UND

Lombardi

SHIPPING Wheelock.

DOCKS, ETC. K. Whart.. Dock

Amalg

20.73

5.05 5.90 2300

1030

1320

1.423

XD 1.875 1.025

10 1.570

23 25.30

must respect these opinions and yet the upswing could equally be ascribed 10 constructive dynamism - the condence bred by the way in has which the United States suddenly salled out of its thir!

UTILITIES the and worst post-war threat of a such slump and the dynamtam

feeled in un engendered by the remarkably high birth rate, The Inter should eventually countries reflects an under-clear the present surpluses of lying inflationary sentiment in Industrial capacity, commodities the mense that people reen and freights.

The maricots

ht would healthier for a technical shake- out of speculatore, but it is not After this visit to Arnster- onwards the 12 Electro easy to procure. Even on bad

will be

Wall Street still Bendered by this airline will be days, dam, il

nown to other cities in

the delivered lo Schiphol Airport ground very grudgingly. Europe,

of about four Near East and the Middle East, at intervals

An equity yield below In 1960 they will The nex Electra-or officially used

Government bond yield routes KLAT the L-188A--has been

tested Europe and the Near and ns has already occurred in the United States and Germany and Involved Middle East. since 1955. The easts

May be

other coming in smounted to approximately $50 The testing pezzud ended on August 26. when the aircraft was granted an worthiness certificate U.S. Department Aviation. The tests which must

million.

of

311-

by the U.S. BANS SHIPS

Civil

be undergone in order to obtain NORTH VIETNAM

such a

cerLocate

very

severe. In the period from July 31 until August 15, four Electros spent 150 hours in the air and 665 flights were made. On one

ccasion the aircraft even flexi 15 hours and 21 minutes on a single day.

FIFTEEN AIRLINES

Fifteen

A

airlines including Cathay Pacific Airways, Hongkong have now placui or vers for a total o. 161 Klectr-2 More than forty of these planes are already nearing completion and at present the usembly line has a capacity or over ten air- craft per month.

The Electra is the first transport peller turbine

pro-

That was developed and brought into Production іл the United States.

The propeller turoine

engine is con turboprop ст sidered as the transition phase between the piston engine. which most of the present air- traft are powered and the jel engine of the Boeing 707 the DC-8

bui

of the

by

and

Crane

|

nam

on

TO

Washington, Oct. 29. THE United States today Extended to North Vict- a ban stops by and | American-flag ships

planes that has applied to Communist China and North Korea since December, 1950.

Officials said the order would have little effect on American shipping because there has been virtually no

North traffic, to Vietnam since It was shelved out in 1954 part of the settlement of the war in what was then Indo-China.

0.5

on

suddenly to have become more

aware that the Intrinsic value of money how been secularly failing for most of the pasi thousand years or so,

Lower Equity

In

But out many people invest en a thousand-year view.

A lower

bond and equity than yield euld prevail oven periods when money is not losing value and is not expected

Bigger Array

re-

Ex-

ve-

Britain there is evch

of constructive a bigger array non-inflationary factors-falling money rates, hopes of an early business upswing. а much clearer political prospect. sterling's vastly improved basin, Intrinsie the preylous cheapness of British equitles.

The Chancellor of the choquer himself forcensis coveries in production, employ. It has become normal in Germent, exports and world trade Germany before long. many, even though has had less cost and price in- years flation in the past ten than almost any other country. The high bond yield there (and more recently in Britain) has been a major instrument for curbing the Inflation,

to do so.

to Export of all US. goods North Vietnam,

Communi country, has bean prohibited

Traditionally, the equity yield since 1954. The embargo

Communist carried a premium for business all shipments to

Government China

and Communist North Fisk foran which

bards were immune, Korea - dates back to 1950- U.P.I.

Discharged Rates Up

ME Port of London Authority has raised its rates for dis-

Bond Yield

The new normal could be for the Government bond yield to for the in- carry a premium flationary risk, while the equi!" yield carries n discount for growth and

Even the present sourness of relations with the Continental Cominon Market is enforcing some constructive re-thinking of Britain's and Europe's respon- albilities to the whole Froc World, especially Asia-China Mall Special.

Final Dividend

London, Oct. 28. Harrison and Crosfield Lu! has announced a final dividend of 10 per cent, making 15 per cent for the year ended June 30. 1958, 1ogether with a special jubilee bonus 2 per cent to fiscal and other arrangements, mark the fiftieth year since the which sivo scarcity countries

for the various

equities

In value

SQL many

It is a dumcult conumdrum.

very

responsible

A propeller turbine is in principle practically the same as a jet engine. A marke difference is that the energy of the gases is not used for jet pro- pulsion (as is the case with the charging cargoes from ships.

largely pure jet cnuto).

The charges have been raised for

propeller. driving The krportance of the pro- (by 4 per cent by increusing the peller in

with existing surcharge on the tariff combination

eent. is that rates from to 30 per turbine

or jet engine this is still the most economie This is stated to be due to the Some form of propulsion, for aircraft higher wages for dockworkers.servers think that Wall Street's discharging upswing referis and engenders which relatively short stages The new rate for a moderate speeds.

tonan inflation psychology, which instead of 8s 6% and for paper unless cheeked could trie also

that It is

important

the rate rises 3d to Ga Gd. thanks to modern technique tha power of the propeller turbike engines

be stepped up much more than that of piston CHID The Latest piston

LUIDO engine namely the compound of the, DC-7C---cau produce 3,500 horre

posret. the

The engine with which Electra is equipped, namely the Allison 501, a General Motors 3,750 product. alreay develops horse power and this in spite of the fact that the engine weighs only half that of the DC-7C.

The single tail fin is a strik- ing difference from the present",

Another Lockheed aircraft

special feature is the short, i broad wing. In which the four propeller turbines are mounted

1cm at rather large distances each other.

NEW SYSTEM

The Electra has another type of electrical system than used in the present airwan. It is based on a 280-120 volt, three-phase piternalisz

virtually only

CUITCA

differs

which

1 (203)

normal house Enstallation in the

number of cycles

(400); An

tea will be 8s, 10

ย

collapse,

a

was

company both less tox.

incorporated,

The company had a Anal dividend of 15 per cent in the same period last year.

year

The group net profit for the 2547,403 against £684.109 perviously, - China Mail Special.

COMMODITY PRICES

SUGAR

during the morning on fair trade interest and covering for shipment to Odessa.

No. 1 rubber per Th. Nov, 20%-90

Пес. No. 2 rubber per b. Nov. 875-873 No. 3 rubber per ib. Nar. 12-804 New York, Oct. 29.

No. 4 rubber per 10. Nov. 2

031-801% World No. 4 sugar futures Spot rubber unbaled .....

77-79 closed unchanged to one pointiket crepe......

Di-03 lower with sales of 123 con- No. 1 pale crepe tracts.

Domestic No, Ú sugar futures closed two points lower to one point higher with sales of two contracts,

Contract No. 4 (world)

Jan: 240; Kar: 3.40; May: 322

Spøt treats per 1b rob Cuba): 350.

Open interest: 4,756 contracts.

July: 39: Sept: 338, Oct: 13-

Contract No. 6 (domestic)

Mar: 347-48; May: 5.70, July: 5.75; advantage, over the customary: Sept: 573: Spot teents per lb. cit

current NY ex-duty): 30. low

direct

tcasion system, is that more poster can

by means

Open

be transmitted

of U.P.1.

lighter wiring

The Electra is extremely

suitable for stretches

from 300 to 1,800

cruising

mph.

speed is

varying 19 miles. about 400

The many test

nights have clearly proved that the Electra only needs relatively short run-

The atmospheric pressure In the cabin wil never be more than the atmospheric prezzire

interesta: 414

contracts...

RUBBER

closed

New York, Oct. 29.

rabbér futures today

LONDON

The rubber market was quietly steady with spot quoted nt 25% pence per 1b. Prices:

No. 1 R pot ........................ Settlement house term:

Dec. /co/blar.

April/June July78ept.

Mar/Apr.

May/June

July/Aug. Oct/Nov.

METALS

NEW YORK

Prices of metal futures closed today in cents per lb. as follows: Lead Det

بداع

2572-257 2016-2014

2012-61

Oct. Doc.

Copper Oct.

Tin

Det

COTTON

NEW YORK

LONDON

200

Sales

ta sza

300 301

New York Market

New York, Oct. 29.

Stocks rose sharply today on the 29th anniversary of the big bust of 1929-the day when 16,000,000 shares traded

io set an all-time high.

New York Cotton Market

Today's volume was about one quarter that giant total to flye and prices roso ane points over a broad list. This was investment buying. The 1020 rush was helter-skelter pelling Many shoe-string traders were wiped out that day and they took their wrath by kicking stock tlckers

and

In some instances by jumping to their death out of windows into the canyons of the financial

district.

Worried

This was a joyous occasion for the bulls who had had a bit of worry recently when the market went down for six

Tho straight seasons.

broken by a small riso

Today's

WILS

chala

uplura

New York, Oct. 29. 4375 4479 300 Cotton futures today de- veloped a stendler tone Provident 11.30 1140 LAND, ETC. UK Hotel 21303112 500 4 305

although trading proceed ILK Land

ed at a slow pace for the

Resty

seventh session in a row. RUBBER

Anticipation of heavy pr ducer entries under the guvern- ment loan

programme this yesterday?

in added one to more than five 50010 week, and

contracting 300 8 28.40

points to prices and brought 150 or 25.10 hedge offerings, joined with a

values of all listed stocks up 104 100

small trade demand in keeping by three billion. 02

#prices just above the previous 17.40 17% 1980 68 1741

son 17.40 close most of the day. 24.00 23

Prices moved

ahrad 000 a 13.40

more spirit toward the close 200 13

when covering by professionals 1920 34

and the trade disclosed a sold 154 out market.

Trom

Star Ferry Taumau

C. light

Electric

Tel.

"

(B)

21.40 24.10

(isi..7. INDUSTRIALS Cemeni

22.30 STORES, ETC. Dairy

15% 13.00

TJA

Walcot ....11.2011.40 L. Craw 12.00

INVESTMENTS Inl. Jav.

Altted

1500 1.80

1000 15

300 13.00 200 et 15 so

1300 12.00

500 on 13

500 $

કર

TALKING POINT

BRITAJISH NULLAR EXPORTS

£496m

1329m

1340m

LONDON

CLOSES

HIGHER

London, Oct. 29.

The stock market closed

n

with

|

Norfolk & Wertem ty.

North Amer. Aviation Northwest Airtines (Cam.) | Olla Mathiesen Our Levators

Oven-illingla Cilase

| Oxturd Paper Co

Pardo Ois & Elec Fan American Alewaya Pros

ny CO... Penn Bell Co Philip Morris

Procter & Gamble Co.

Pitaburan Plate Giam Publieker industries Pure Vil

Radio

Radio Cor

Republie Steer Reynolds Melt

Bear. Roebuck & Co.

Shell Oil C

Saint Reg. Paper

Hinglair I

Bocony Mobile

Sote Alterati

South Puerto Rico Buga

Southern Co. (The)

Houtbers National Gas

Southern Railway (Com.) Samant Brande standard Oil of C standard Oll of Ind. Studsed on of NJ. Steep Rock Toronto Exge.) Sterling rig. Co. Blokoly Van Camp Budebaker-Packard Corp. Aircrafts Fasting Mining Coppers and Swift & Co.

of as Texas C

Tido Water Am. Oi Drugi, frost.

Chemicals, recent weak spots, rose a point or more. moved ahead. aluminium had golas ch as three points.

Finishing around | mercanules, televisions, airlines, Tri-Contury Fox Fil

the day's best levels, the list was up six to 23 points. New Orleans closed up six points.

LITTLE EFFECT

to

20

News that the Government had lowered the price of sur- plus cotton for expert, by erasing carrying chargea for the current marketing year, little market effect.

had

of

Technicians said effect of at tempts to step-up exports raw colion would be hampered because foreign prices' now aro 10 cents a pound cheaper than American grades.

The Liverpool market today closed off five to up five English points and 821 to 14 American points under New York tuturos. Raw calton exports for the season totalled 734,110 bales va 1,144,971 bales last year, accord- Ing to the New York Exchange.-U.P.I.

Colton

1958 Was

Poor Year For Steel

The

Industry

Union Carbide. on issues, electronics, tobaccos, Twentieth glass issues, and a long list of

Valen Dnf Cal. specialles were outstandingly Union Pacific Radway strong.

Ot 1,243 issues traded, 780 advanced, 250 declined and 207 held unchanged. Now highs were touched by 131 stocks and new lows by only 10m

United Alreft United One Corp, U.S. Gyprum

Line Co.

1.A. Rubber

6. Bmelting

1. Atre V.B. Steel 7 P.C. Pr Warner Bros.

Westinghouse Air Brake

WestinghousTM Electric

Western Union Tel Co West Va. Pulp & Paper

New York Stock Exchange volume was 4,790,000 shares,

New York Stock Exchange bond volume was $0,720,000. Woolworth

American Stock Exchange volume was 1,570,000 stures.

Dow Jones closing were:

industriala

24 rally 15 undies

5 stocks.... 40 bonar

Comas, future pries index

averages

Closing Prices

Allied Chemicals Allied Mull Ing. Allis Chalmers... Am. Brake Shoe American Airlino

American Cable

Cute.

Amerima Cyanamid Co. Amer- & Yorgn. Power Amt, Gas & Electric Am. Ime Prod, Am. Mach. & dry. American Motal American Smelling Am. Bugar, Net. American Tel & Tel American Tob. "B" Anaconda Copper Armies Steel Annour

Baldwin-Lime-Ham. Baltimore & Olíu Beneficial ince

Berdix Aviation Com.

542.32

140.18

18332

30.00

107.00

#501%

41

201

24

Radio

4031

18

110)

αι

Benquet Cons

Bethlehem Sivel

52

Boeing Airplane

worden The Co

uurrutis Ade Machine

Calif. Packing Corp

Campbell Soup Ca.

Case 1.) Co.

214

has

Cat. Tractor

Clunes Corp.

New York, Oct. 29,

steel industry written off 1955 as its

. I. T. Financial Corp.

Ciuell Peabody

poorest production year Chase Manhat. Bank in nearly a decade but colgate-Palmolive Co.

Commercial Crodj

looks forward to solid Colombian Carbon Co. improvement in 1959, Commonwealth Elec.

Consolidated d Iron Age said today.

Continental Oil of Del. The authoritative trade maga- Crown Zellerbach zine forecast teel output this Cuban Amer, Sugar

higher today reflecting the year at 84 million tons,

since the 78 million tons continuing impact el 1949. yesterday's

Government But it seld

lcsat

in- because of

Ulamond Alkali Diamond Match Co. in Doug Aircroft

Dow Chemicade Dupont de Namoure Eastern line move lifting the last creases in capacity the operating Eastman Kodak

rate this year will average out El Pa National Gas curbs on instalment

Family Finance Corp. to only about 60 par cent of

Firestone Tyrn & Ribber buying.

capacity, against 81 per cent In Ford Motor

General Dyrmanden 1949.

General Electric

Gilt-edge securities advanced fron Age said that despite the General Foods... on renewed. investment buying possibility of a strike over new General Motor with gains ranging to

INDUSTRIAL

contract demands production in Gen. Fut. Uill. 1050 should hit 110 million tons. Gen. Tyre & ilubber That would make it the fifth Gatty Dul.... In the Industrial section best your in history

stocks sensllive

to consumer

FOUR REASONS purchases closed at their best The magazine ticked off four levels. Among the leaders were reason why mills look for ira-

televialons, home approvement: pliance auto and department

12.06

radio,

122126

10.74b

10.058

ulore lesues,

29,200

20.336 97.751

Oll stocks reversed their

trends Dollar good gains.

caster

05.12b

Prices of metals closed today

stocks Coppers

gold

Costed were quietly firm, while stocks were higher,

bands were quietly

Foreign Birregular-UP.I

Exchange Rates

in sterling per long toa follows:

Buyers Bellers

Spot tin

749

3-month

7

745

Bput copper

3-montit

21334

244

24814

2343%

Land 2nd half Jan.

74%

Zine 2nd halt Oct. Zine 2nd hall Jen..

7314

7576

7316

-V.P.I.

U.. doline (per 1);

Prices of cotton futures closed Load Zixd half Oc... today as follow:

Eput: 30.30; Dec: 3824; Mar: 20.33- May: 9 July: 34.91; Oct: 32.07-00; Dec: 31.00; Mar: 32.12.

NEW ORLEANB

at

Prices

cotton futures

15 to 33 points higher | closed today as follows: with sales of 29 contracts.

Closing prices;

Nov: 3135: Jan: 31.35; Mar: 1.10: Mar: 21.15: July: $1.10; Sept: 31.00

Now: $1.00.

AMSTERDAM

at an altitude of 8,000 ft. the the height of an alpine health resort), even when the aircraft files at an altitude of 20,000

The rubber market was very It is even possible to maintain the atmospheric pressure at sea quiet today. Prices level tự to a flying altitude of unchanged. 15,000 ft.

KLM

Were

Ori:

Spot: B.; Doc: 34.20; Mar: 2010; May: 30.01-03; July: 5481; 12.08; Des: 314; Mar; 22.11.

LIVERPOOL

Cotton fluro closings, int pence per in. were na followE;

*.80

FOREIGN EXCHANGE

LONDON

Closing rates were:

New York

Montreal Ammerdam

American Contract

all

Oct/Nav. Dec/Jah

29.17

Brummels Frankfurt

23.15

Parts

Zurich

SINGAPORE first be Turopean airline to receive the Despite. Improved new Pactra from the Lockbood advices the market

From October 1950' slightly lower facieties

but sadled

Mar/Apr. May/June

July/Aug.

Oct/Nov

OVECIOSE opened

Mixed Contract

Oct/Nov.

Shady Jan.

29.00

Lisbon

Others unchanged

2:0014-2,00%

the overall economy; A better automotive year thRD 1058;

in- Rebuilding of steel

customer

ventories plants;

ir}

A pick-up in the market for plates, Hinepipe, oll country casing and tubing and structurals, all of which have been lagging.

Oliddes Co.

Goodrich (B. F.) Co

Goodyear Tyre

Grumitan Aircraft Gulf Cl

Heyden Newport Comp, Homesake Mining Co. Ingersoll-Rand

International Nickel International Paper Inti Tel & I John-Manville Co Kaiser Industry

Kiunecutt Copper

BA

4031

NEWSPRINT PRICE RISE NEEDED

New York, Oct. 29. Sir Erle Bowater, Chairman of the Bowater Paper Corporation Limited, said today

a riae in the price of newsprint was needed because of Increasing costs.

}

Asked if he was contempla ting a price rise, Sir Eric repiled: "It's not true to say I am contemplating it but & rise in price is needed.

"Somebody has 10 aboorb ever increasing costs of produc- tion and Londency ktop," he said.

distribution 4 that never seems to

Sir Eric left today In the liner Queen Mary for England pfter #pending two months

visiting the Corporation's plants in Canadia and the United States-Reuter.

Chicago Grain Market

Chicago, Oct. 29.

Grain futures prices closed higher on the Board of Trade today.

Best advatices 'were scored in soybeans. There was continued short covering and scattered commission house buying, Brokers with northwest connec- tions sold the January delivery. Wheat No. 2 red

Spot

110-1097% 21496-3 #1012-11

11446

115

(20%

131%

1914

17%

191 hom

1200. 1833 (11) 1934

1932-35

121 1

90xd

Har.

10016-11

Continued improvement in

inland Steel Co.

May

interchemical Corp.... Int'l Business Machines Int'l Harvester .....

42313

July

184

3014

Bopt.

160

Corn, No. 2, Jellow

11830

Spot

10014-10074

54

Dec.

401

Mor.

1416

Dec. New

Mar.

May

July

Bye

Dec.

Mor

Oats

Dec

AL

Spot

Nov.

Jan.

Motorola

Rational Biscuit Co.

ABL

Mar.

A

National Dairy Prod.

Natiot Cash Reg. "A"

73%

May

July

National Lead .....

1091%

Barlor,

ational dieet Corp.

115-125

Now York Central

New York flour

Zou 1. Back

$12,00m

Meanwhile, the magazine ro- ported the market has been moving ahead at a fair price on Business was done in the local the strength of demand for

unoficiai

excharge market

mothing at the following zuten:-

Sterling notem per £1) Australian Actes, (per 1) ..

this

sheets and strip and gulvanised 5.70 shoot, a plek-up in orders for 20.01 hot and cold-rolled bars, 12.00

Indonesian rupiah (per 1001 .. 0.20 otter tone in wire orders, and "mattering" of support In 1.50 heavier steel products—U.P.I.

siam ticals (per 1001

Singapore (Stralis)

37.00

THE BRITISH FAMILY'S

:

London, Oct. 30.

The average hire purchase debt for the British family is now about £25 the bulletin for Industry stated today.

10.00-19.00th

80-19-80.20

00

But,

New York rates were unavailü able today.-U.P.I.

14

it added, families Canada, and Australia owed more then thie-pocheps three times as much.

And, the bulletin aðdáő, families In the United States might;

Exoct

owe more than five times' as, mush,

were not comparisons

of differ. possible bepausa anges in the scope of, statistice, The bulletin wäld that at mid- debt on 1958 Britain's total

hire purchase and other forma

of Instalment predit for dur

ble goods was £503 million, about a quarter as much, auj

zirgait Meyer Tob. Co. Locknet Aircraft

Loews Incora. ... Lone Star Cement Co Lowenstein & Son

J. RAY McDonnelT "McDonnell Aircraft

Stock Erge.) Mosabi ron Corp. Minnesota Baining Mission Development Monsanto Chemical Co.

Ward

HP DEBT

the nation's haurà mortgage dabt.

More than one-third of the debt was on, private care and one- quarter In furniture.

Soybeans, No. 2, yellow

20616-207 2211-211

#181-10% 220

V.P.I.

Russia's Offer

Washington, Oct, 20. The State Department said today that it doubled whether Rusila's offer of $1,000,000 $9 Argentina for petroleum equide ment will in any way affect The debt owed by families for plans of us private companies durable gode was probably of | ló participate in· President theerder of 2400 million, Arturo Trondia's new ol alving in Vizig# of #25 per ObvelopinWIĘŤ:

UP.I. familyRouter;

progenitum.