ANSPORTATION
TON
International Boycott Action Against Convenience Fleets?
London.
THE international trade union movement is planning to take action against the enormous shipping fleets operating under "flags of venience.
These Beets, created lu (T- able their owners to escape
con.
crushing taxation in the (ridi- NEW COVERING FOR
tional maritime nations, Britain
In particular. are registered
mainly in Panama, Liberal,
Honduras and Costa-Ilica where taxation is at its lowest.
This state of affairs, 13 detrimental fo
WEATHERDECKS
A
THE CHINA MAIL, TUESDAY, NOVEMBER 4, 1958.
EFFECT ON UK'S ECONOMY OF END OF THE CREDIT SQUEEZE
RECESSION FEARS NOW
Easier Credit But No Extra Cash
HONGKONG PRE-ELECTION DAY
STOCK EXCHANGE
Our Own Correspondent Business done on the Hangkong Stock Exchange this morning hmounted to approximately Noen quotations and the morning's transactions were:
Buyers Mellors – Balea
745 760 30 @ 14734
Abarca
INSURANCES Union, XD 7! Lombard 2040
XD
Docks, arc. Dock
K. Whert Provident.
[0]
BET 714
3.50 B%
1000 2000
12
70
11.40 41.50
From RONALD BOXALL
London, Nov. 3. With the lifting of all the remaining $500,000
controls on hire-purchase, the British economy is finally free of what has become known as the credit squeeze. This does not sound awfully exciting, yet in a way SIPPING
it is the most important thing that has happened in our internal economic affairs since the war. For it marks the first real success in a long struggle against inflation.
LAND, ETC. HK Hotel. 21.40 23.00 To understand the significance The stage we are at now can
the midway K Lond has been developed by Sem- of this, one must rid one's mind be deserted
the outdated iden
the operation that througya
re-Humphreys tox, the Dunlop subsidiary of
car on expansion Since the beginning | BUBBER Known as Gripdey and only an economy is like ugamst
scenie niway on which dizzy of the year the Bonk Rate has Amaig.... 1/16 inch thick, it is claim-scents are followed inevitably come down from 7 to 4% per cent The limit bank ad- of not always complying with od by the makers to repro- ny breathtaking dives,
international
senmen'a sont an important advance
Capital issues Trust Nowadays, thanks to greater vances has gone.
A Tawah #3ll welfare.code, was discussed
over a purely anti-corrosive understanding of economic laws control has been eased.
Sunkata unlons the British
UTILITES their
kin covering, and at the and development of what are allowances have been increased. purchase controls have the Hire called built-in stabilisers,
Tram .... 26.40 20:3 three months ago.
some time to be neither as extremes of the old-fashioned been abolished. Public invest
start rising avoided. British unten spokesman thea vulnorable to damage nor as trade
ment is dục Lo cycle can be suggested that seamen
expansive g heavier types instead as the Chancellor of the again. boycott the
Exchequer told the institule of "convenience fects."
last week. Now it is believed in of composition.
directors Gripdec, o produci shipping circles that the
technology,
either expanding or blend of chemical expansion to avoid inflation.
NEW deck covering for financial exposed woutherdocks The affairs of the tonner ship own ing countrica
TAX-EVADING
Trade union acilon
the tax-evading fleets, accused
the
menutzer
trude
carly
congress
made by one
organisations, British Transport and
Workers Union.
ghe
of
largest Inbour unles
Oy
the
al
at
nearly
is learned in London that committee will meet In burg three weeks from now, EXPECTED
It
is expected that
at the
to
un
end of this meeting, the com- mittee will propose a month Ing experimental boycott of the convenience fing fleets."
From
November 13 December 15, seamen controlled by the International Federation Would refuse to sign on con- venlence flag ships, and deckers would refuse to load and lead them.
if it came a boycott. Such
many into force, would rais practical and ethical problems. small The flags of severul countries have undoubtedly be- come a refuge for tax-evading ship owners, but who can say what proportion of these fleets Is "conveniences“ and proportion
Д
but
owners
of high
14 А
Culminated
of
world
We are checking
AS
The question is: has enough
Aerious been done to avoid recession? After all, all that has happened is that certalu restrle- lluns have been abolished. Credit is caster and cheaper to get, but no more actual
cash has been made available.
the Inherent Inflation
CAUTION IN NY.
New York, Nov. 3.
Stocks advanced in the first session of November today
with volume contracted.
The day started off with the malrich (B., F.3 Ca, usual pro-Election Day caution, Goodyear Tyre... Grumman Alretail That accounted in part for the tou lighter trading which plso was leyden Newport Corp affected by absince of innbylomatake Mining Cu. traders for extended weekend and Steel Co
·100, ... Interclveratcal Corp, vacation through election,
American Motors continued to burvester
Business Machinea
International Papor Int'l Tel &.Thel John-Manville Co. Katser Industry
Jend the market in a turnover.ernational Nickel It rose more than is point. Studebaker-Packard, also active, Barmed.
Small gains appeared in the leading auto stures. White Motors rose more than a
Kansas C. Power & Light Kennecott Copper
Eiggest Moyers Top.
743 11.40 point to a new high in the truck | Lockheed, Aircraft
Group.
Strong Spot
Leown Incorp..
McDonnell Aircrati
Montgomery Ward
Publicker Industries Pure Oil
itepubile Steel
71
20%
Radio Corporation
21
123
Hadio Corp. Pret.
121
Reynolds pletel
#%
Bears, toebuck & Co.
2115
Shell Oil CD......
342
Bin steg. Paper
44:
300
827
46
131
*9
973
73%
341
Southern National Gas
Standard Drends
3033
1179
2112
201
Binclair Ol
Socony Mobiloji
Solar Aircraft
| Mouth Puerto Fico Super
Southern Co. (The)
Southern Railway Com.)
Standard Oll of Coi. Standard Oll of Ind.
Standard Oll of NJ,
Step Rock (Toronto Exɣe: Sterling Drag Co
1342 Stokely-Yan Comp.
Studebaker-Packard Corp.
Sunshine Mining
Swift Co.
Texas Co.
Tide Water Assn. Oji
olon Carbide
30 201
500 NDO G 21.50 200 or 30% 1300 00 30%
60
141
Amerada rose more than two Lowenstein da Buns.
Long Slag Cement Co. points in the textiles. It set a McDermott J. Tury new high on did American Vis. cose, the lust 'on a rise
4715
(Am
of
1.70 1.775 15000 5/ 1.05 3000 10.78
early two points.
Stock Exge.) Merabl Iron Corp.
3225
Minnesota Mingg
197
10000
1.30
Marion Development Monsanto Chemical Co.
Textra Ing
302:
3000
1.TO
301
Tumo me.****
1.073 230
125
Tri-Cant. Warrenta
3000 * 2.30 4000
411.
Twentieth Century Fox Film
72%
48
Union Oil of Cal
100%
Union Pacific Railway
United Aircraft
United Gas Corp.
UB. Full "3"
20%%%
(Comi
U.S. Gypsum
2015
08. En Co.
333
Motorola Inc...
Texas Co., strong spot in the National Hircuit Co
up more than two National Cesh Red. "A"
23 oils, ra
points and held most
of its National Dairy Prod.
a strong Nalonal Lead
450 7500 rise. Gulf also was 1700 10 issue and also set a new top.
500 (20.40 1: the tobaccos, Philip Morris
roses point to a new high and 23.0
into Rey 23.50 Binaller gains came 100 nolds, and Lorillard.
DO
Coppers to rise more than a point Included Cerro de Fasco D01,
and Consolidated Copper Mine 17.70 17.00 1004 a 17M) Steels Armed.
1000 1789 24.70
108 13.40 13.60 2321
0 9.20 23.00 24.20
730 740 129 67
115
5500
20
Star Ferry Yaumati
100 G
По DI
h
100
c. Light
(0) Electric Macao E... Tefeptione
[rt
INDUSTRIALS Cement 23.10 STORES, ETC. Dalry
16.40 15.00
Watson ... 11.20 1115
and Craw. 1200 COTTONS
Textiles
MISCELLANEOUS
Enter 17.30
INVESTMENTS Int. Inv. H.K. & F.E.
Invest.
3.05
0.50
30
1000 of 23.10
1036
Firestone rose three points to 13% feature an otherwise narrow moving tyre section," A block 730 of Penn-Texas involving 47,100 7.30 shares sold near closing time at
a small decline.
New York Stock Exchange bond volume was 50,200,000.
American Stock Exchange volume was 1,320,000 shares,
New York Stock Exchange voline was 3,240,000 shares.
Of total 1,214 issues traded, 486 were higher, 503 lower.
Dow-Junes clusing
Averages
50 17 10.6 1500. 16.50 500 11.30
500 #
0.10
LONDON
CLOSES
were:
30 Industrials
قائد
045,16
20
140,01
IS uto
83.13
65 stocks
188,70
10 bonds
B0.14
Comin. future price index
163.43
Closing Prices
Aiden Inc. Ary,
20%
Allied Chemicals
Allied Mils Inc.
idea has been taken up by the Inter-lyiner national Federation of Trans-balanced
based on Пеоргеле Workers. port
following ap-rulber
ostex and resinous compounds proaches
containing
berd non-slip Consider what has been hap- the General mineral filer. It has a tenacious; pening recently in Britain. Years
culminated to steel
last the hand
retains of inflation
This too is part of Gavern- n the sufficien Bexibility to with autumpu in as severe a crisis of
ment's carefully consideród plan, and movemen world, boasting nearly one and sturd
deck confidence in the sterling as any tremous withoul half million members.
becoming we have had. The time had The object of the exercise is to back on the A commitee
luter-detached. It is also hard enough come stop talking about put the economy national Federation has been to remain unaffected by rough, checking inflation; It was some- road to expansion.
thing we could no longer avold But D the Chancellor sel up to discuss the matter. It treatment.
the ADVANTAGES
Decision to take action coin-luded his audience of top cided with the general slowing business Ham-
executives last week, Other advantages are that Is Jihmune
down to the effects of
economic
activity we must not overdo it. solvents, grease and oil: its throughout the Western workt
1301
whether it is doubtful dimensional stability does
Government's Anti- deteriorate as a result of rapid Brilish
would measures changes of temperature; and inflationary
Modern industrial economics there ia no tendency towards have succeeded so rapidly and so beltlicness OT
oxydiging in completely against the less de-operate against a background of Inherent inflation. This explains background; service.
flationary It is expected that the new but it is certain that they would hy even at the lowest point of the American recession, retail préparation win particularly have falled i Government had prices did not fall and why appeal to ship
faced not courageously stuck to its during Britolf's less severe re- with the cnerous task of main purpose.
ression, business confidence has It is for politicians to argue never taining exposed decics, where
shown mich sign of chipping and scraping make whether victory Dyer nation weakening. ecristani repainting
Allis Chalmera Kocessary was won by good generatship
Am. Brake Shoe and where use of a high grade pure luck; but the fact is it was
American Atrine Ammi Cable & Radio Corp. fexible composition in inadvia- able on
But our economic cur cannot) cycle was shown fast week when account of the high
American Cyafamid Co. stand still on the gently undulat- | Eire and midal cost of installation
controls were
Amer. Forgn. Power gurchase
London, Nov. 3.
Am. Gas & Electric damage ing track any more than it can lifted. There was a rush to buy susceptibility to
Arn. Hand Prod. from congo handling and the
violently the
fluctuating ears on the new "casler terms. The stock market closed with
Âm, Bách, là nông a deck switchback.
each Dealers competed with
a firm tone today, reflect- righ treatment which
American Metal American Emelting Lid., what rivelves in port. Semtex
other to see who could offer cars ing the brighter business
Am. Sugar Ret. (Marine legitimate?
Division), Semtex
on the lowest deposit. One firm
outlook both here and in American Tol & Tel House, London, NW. 9.)
claimed its business increas
American Tob the United States. ben-fold in a single day. An-
Anaconda Copper Industrials were the most Arneo Steel... Glher complained that Its switch - board was jammed with cails buoyant sector of the market. Armour
and Atlas Con Mining from would-be hire purchasers. Auto shares, TV, radio appliances issués
all Baldwin-Lima-lam.
Baltimore & Ohio So It may be that enough has home, plready beri done to avoid a scored advances.
Beneficial Finance Dallar slocks and oils, how- Bendix Aviation Corp. major recession that some ex-
bucked the generally Benguet Cons. perls have predicted for the ver
mixed fem trend, Oils were Coming winter. If however, Industrial production still shows with the leaders tending lower be sign of plecking up other men- Lures will have
Gilt-edged securities also had be taken. till now, we Up
have only a generally casier tone.
Gold locks were higher ta: scan the negative side of opera tion re-expansion abolition of coppers cased,
Geiman Issues were firm on But there restrictions on credit.
but the rest are still drastic restrictions on contintal buying
of the foreign bond maret consumption.
was quiet.-U.P.I.
15
France-Presse.
.15
won.
OTI
Checlding inflation is not an end in itself; I is simply pre requisite to further expansion.
COMMODITY PRICES
TORLICY EXCHANGE
NEW YORK Closing rates werg Canada
Enciendi omelal
Australio
30-day
New Zealand'
Bouth Africa
Argentina
U1uguay
india
Pakistan
1.03-9/39
No
rubber per tb. Nov, Dec.
No. 2 rubber per ib. Nov.
Na, 3 ribber per i Nov.
ton at 14 designated spot mar- kets was 34.75 cents. 901-807
Totel sales were 103,087 bales. ---V.P.I.
No. 4 rubber por b. Nov. 8412-5445
Spot rubber, unbaled
Blanket creps .....
No. 1 pala crepe
LONDON
9212-03
The rubber market was idle with spot quoted nt 25% pence per ib.
Prices:
200-23/32 N 1 Ben spot
Settlement house term.
General markets, el bota,
2014-233
2.001
2.264%
pec.
Jan/Mar
April/June
2.011
.0145
July/Sept.
26-20 20-201 261-201 20%-20
.1100
2100
23-1-231
2:00
Jan
25-12-20
Estate crepe thin Dee. Palato, crepe stuck Doc.
2.40-11/18-2.00%
2.71-13/16-2.71318/18
10.00-10.07
LONDON
Closing rites were:
New York
Montreal
Amsterdam Brussels Frankfurt
Lighti
MA
Parte
Stockholm
Zurich
139.50-130.88
11:60-23.00% $0.05430.13 174534-174034 11784-1171
·1447-14,40
12.22-1227
Other unchanged.-U.PI
RUBBER
NEW YORK
flex rubber market futures to- day closed up' 15 to 22 poliin with mnies of 23 gontigels,
Closing prices:
Nov...
The
May
Dep
How
AMSTERDAM
COTTON
NEW YORK
SUGAR
How easy it spark off another
would be ta inflationary
Heavily Taxed
His pay
the 18
FIRM
SECURITIES
SCOTTISH DEAL WITH
New York, Nov. 3.
A Briton is still the mort World No. 4 sugar futures closed today unchanged with heavily taxed citizen in
packet world, sales of 10 contracts.
line with the Domesti No. 0 sugar futures trimmed in closed one to seven points higher taxation policy that is still severely disinflationary. When with sales of 30 contracts.
he buys a car for five per cent Contract No. 4 (warld) down and the balance over 50 3.4 month 'ho is still paying half 2:40 as muen again as the basit cost 33 of the car in purchase tax. He The 3.30 is still owed £100 million for tnx which he overpaid during the war.
Mar.
May
Jury
Sept.
bel. spol-ferrits per ib. fob Cup) 3.10
Open Interest: 8,800 existracts.
Contract No. (domestic)
Mor. May
Prices of colton futures closed July
ns follows:
Today
Epot
Dep
Mar
May
July
Cho
Dec.
Mar
NEW ORLEANS
SABORERE
Prices of coiton futures closed
RUSSIA
Glasgow, Nov. 3. Scottish Co-operative
Bethlehem Steel Boeing Airplane Borden (The) Co..... Burroughs Add Machine Campbell Soup Co. Canadian Pacifle R. Case (J. 1) Co.
Cat, Trastor Celages Corp. CIT. Financial Corp. Chase Manhat. Bank Chryslet Matars Clucit Peahody.. Colgate-Palmolive Co. Colombian Carbon Co Commercial Credit Commonwealth Eire. Consola Edison Continentai Olt of Del. Crawn Zelterbacks Cuban Amer. Sugar Plamond Match Co. Douglar Alterart
Chersienia
Dupont de Nemours Fastorn Airline Eastman Kodak
El Paso National Cine Family Finance Corp. Firestone Tyre & Rubber Ford Motor Ka
General Foods.. ceneral Motor
General Dynamics Whotcials Society signed a General Electric trade agreement horn to day with deputation Gen Pub. Vlll. from Centrosoyus, Russian Co-operative Orladon Ca. ganisation.
a
Gon. Tyre & Rubic the Gotty dil
Scottish Textiles, boclory and footwear will be exchanged on
Reduction in taxation from its 5. Prezent disinflationary level 576 would be excellent medicina 6.77 against any recension we are DT likely to meet in the next few 4 months. But it would do much more good if reduction could be made as part of the positive policy of expansion rather, than kind to be fixed by the two the negative means to prevent parties since 1955. recession-Landen Expices Ser.
| Gopit.
Spot-(cente por ih, cif NY
duty) T Open Intercal: 416 contracts-P.PL
METALS
NEW YORK
Now York, Nov. J.
Prices of midials closed today
in cents per 16, na follows;
Dec.
Leach
today as follows:
Apot
Ic.
31.27
I
MAT.
21.20-23
Jula
FAO
gri.to
Deo.
Mar
LIVERPOOL
Copper Des
Collon
No. 1 ruber
No. a maliber
Na ulibag
281 249 bom. 40 not.
future élosings, i
American Contract Oct/Noy: Me, Pačzzani 2281,
Tán
No. 1 HINGAPORE
lbwe:
The rubber market wós sterydy
toddy, Pelees closed in guilders
per knograin, cit Nov, na follows: pence' tier lb. were on follows:
1100 12.16b ILDU
14.116
39.791
PS 256
vice.
Production Figures
A
the
a barter bisls for Russian wiical. The agreement is ofth of its
The
valun of the trade in- volved wyne not disclosed by either side-Reuter,
Exchange Rates
Exchange
Business
the Joh was tono nagleta)
market น่าด sening at the following rates:
1.6. dollar per 11) * Sterling notes (per £11.............. Australian notes (per £1) ... Indonesian rupiahs (per 1boy Han rate (per 100) ingapore (ALU)
اليمين المقيبلة
GM Dividend
Discount Rates Raised In U.S.
Washington, Nov. 3.
to
The Federal Reserve Dourd today authorised Iti banks in Boston and Kansas City raise their discount rates from 2 Lo 2 per cent, effective on Tuesday.
The Board's action felt only the Now York and San Fran- 671 cison Reserve Banka charging 10.02 per cent of loans to com- $2.00
638 mercial banks. 27.00 The Board first authorised a
1.00 21 per cent discount "rate"
Out. 23, in qt. Increase that
Ricially described WAS
Detroit, Nov. 4. "Ford Motor Co. registered its
totle jest production
wine? dstuary During October, 916kpakenman said today.' LONDON
The spokesman jalu Erices of metale closed today company red Mar/April 3 Month sterling der long ton es fol-Rusel ond more
out mort DUYARI, 23;" (01/Nov; 41.00.
Ford Trucks Mixed Confirmat OM/NOV 223011/Jan 2009: The market opened lower in Mac 2 MerrJun 4 The port
Now, York, Nov. 3.' Busters Beliers Caring the month than at any attier time this year to record
General Mature Corp today. sympathy with oversean but suy/Aug: 22311-DetÁNOV: KLET.
feliil production of nil lines of declared in dividend, of 80 cents steadied on some short euvering
142,011, highest tulal produs: share, the soulb as bald in tion for the company dinco 11
previous quartets. The dividen. tomed out 180,022 venicios in pukably on Dec. 10 to al during the first hidrith "at yhd
holders of fecord "Nov. 1 |yeqr.UP.1;
EL.P.1.
and upcountry buying.
Onger spot,
nons
BAU PAULO Closing prices were all up,[1e40 106 mart
In the afternoon the market quated today.
was extremely dull with very | In its "Ualled Gintas, the ine is butt Hoy, little activity. Pupureer
average price ot' ops-incti eut.
on
technical adjustment."UP.1.
简洁
Agreed Merchant
Rates
wian Franc Maximum Bell-
ing `78-3/10:
National Steel Corp.
New York Central
Norfolk & Western Ry. Nonh amor. Aytotion North-west Airlines Olin ManiQWT Olevators
Owen-lines Glass Oxford Paper Co.
Elec, Pan American Airways
Pacifte Gas
Paramount Pictures
Parke Davis Co. Peony J. C. Co. Philly Morris Procter & Gamble Co. Fuisburgh Pista Glass
#
•
VS. Rubber
2 US Smelting
U.B. Steel
US. Steel 7 P.C, PF Warner Bros.
Westinghouse Air Brake Westinghouse Electric Western Union Tel Co. West Va. Pulp & Paper Woolworth
*
STI
20
40
my
P.OB.I
E&A
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL 5.N. CO.
Outwards
Learta Lopden
"CHUSAN"
Salted 8/20 "SALMARA"
Salled 31/0
"CORFU"
Beiled 18/10 "SINGAPORE” Selled 10/10
"PERIM*
"SOUDAN"
Dua Hongkong
4th November
11th November 17th November
~21st November
Sallent 20/20
1th November
12th December
12th December
14th Decembe
Leaves Hongkong Dar Landen
Bth November
21st November “SALMARA” † 192 December
8th Penber
"CARTHAGE" 12th November
1
Homewarda "CHUSAN”
"CORFU"
"CARTHAGE"
"PERIM""*
4+
sad perepber
10th January 18th December 18th January
Q1: Januply
7th February
Via S'pore, Penang, colombo, Bombay, Adra & Ye Bald
† "BALMARA" loads for Straits Ports, Aden, Pt. Said, London, Hamburg, Rotterdam & Antwary.
* "PERIM" Loads for London a N. Continent only
BRITISH INDIA S.N. CO., LTD. "SANTHIA" 1 Fort
Jail 7th Nov. "PACHUMBA"dus 27th Nay. 2 geile Záin Nov.
•
from Calcutta, Įtangoon, Penang & Singapore for p
from Japan
for Singapore, Prosng. Raagoen & Calenta
P. G 0./B. I. JOINT SERVICE "PALIKONDA" in Port
"ORMANA”
from Japan
Karachi
Falls 6th Now, for Singapore, Penang,
Bombez
due 12th Nov. # 14th Nov.
"URLANA" due 11th Nov,
** 10th Now.
from Japan for Bingapore, Bunder, Abbas, Kuwait, Baaran, Khorrampicar i Karachi from-Botzbay, Cochin
& Singapore
FOR JASO
EASTERN & AUSTRALIAN 5.5. CO., LTD.
"NANKIN"
'Âne 11th Nov. paliel Nov.
frons Japan, N, Chlɛa - For Latin. Sandakan Brisbane, Brdasy, Hai- Sopra
"EASTERN" dus am Now- from Australia
kaip 16th Nov. for Japan
All veeretz Bara liberly, to call at any ports an or off the contà ai the roule a satifoge new subject
to change or mixenḍment with or without noties,
For full particulars apply to:
MACKINNON. MACKENZIE & CO. OF HONG KONG LID. Telephone Nos: 27121-4.
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