1958-11-18 — Page 9

TRANSPORTATION

Viscount's Success

SHIPBUILDING

In United States IN POLAND

to

а

REMARKABLE testimon-industry has reached

Polish shipbuilding A lot has been given the new Vickers Viscount turning point according to a 810 airliner by Me Robert F. report published in Warsaw. Six, President of Continental

The report sabil: “Only

Air Lines, Denver, Colorado. year ago we sold vessels to two Continental is the first mat customers, the Soviet : operator of the 365 m.p.b. Union and People's China and a very small number to Binzi. which is Viscount

810,

"But daring the last twelve known

in America as the Viscount II,

... the or

Heporting on the first thres operations with the new aircraft, Mr Six notd, "Per Humance, pansenger appeal and Viscount 11 echomics of the have exceeded expectations 01 Experience in the the company. Three months of service

"in the Chicago-Lon

highly

the

with

THE CHINA MAIL, TUESDAY, NOVEMBER 18, 1958,

Pago

INFLATION vs

vs DEFLATION

Britons Will Have To Choose

By RONALD BOXALL

London, Nov. 17.

Street HONGKONG Wall

STOCK EXCHANGE

Moves New High Ground

New York, Nov. 17.

To

The science of economics has a lot to answer for. According to it, when production, employment and all the other, baro- meters of material prosperity begin to fall, prices should fall along with them.tong and the morning's trans-and Sears Roebuck, and a 21⁄2 Ford Motor nice

A long list of favourable corporate developments helped lift

stocks into new high ground today.

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

mately $310,000.

morning amounted

actions were;

We of the postwar generation, ground at many points. Instead who have been brought up in of inflation we had what look- neaths we have received an

rusy haze of inflation, knowed suspiciously like the begin- BANKS better. How dues economics ning of deflation. Intant orders from Earpt France, Indonesia, Switzerland, explain the fact that in

Dur

Brazil, Turkey d Albania, Recent experience of recessions

to

This is

with be confused no longer д 11 mal (tever to development, but a big

pumps, which were things that

happened

our fathers) prices enn retually rise while production and employment are falling?

forward.

NOW IN LEAD

Plast

N!

TaL:M

22 1

us

The question should properly be pol to a psychologist. Hv would tell us that people have AOWAL no used to a state of affairs in which prices go rising your in and

year out, that they need time to adjust themselves to the idea that they can also full, Feople make prices, and

they believe Driers will go up, they will go

up.

Re-Grouping

the new aircraft has shwa thuong ni pa exporting countries. Fiune

be 147

of the amber of quietest, respect

;. ។។ which, alline orders. received zoothest and fastest

alluwang for the planned expane lying in the United States

50

a shilpytrils, o ver day."

our production capacity for six competitor to seven years, Angels market",

"'On the whole, our x:p Mr Six continued, "where new. lding industry has received

VIS. ileage was added with

order for 2,095,000 tons, which without 11 equipment

Famounts to 4.1 jr cent of all replacing any of the company's

the world orders and give operatie ten place in the DC-7B Club Couch Continental was able to develop

as this respect. sufficient additional Grafite to

by is "The progress made

These thoughts are prompted boost 1ts Ravenue passenger shipbuilding industry is and by what is happening in Bri- mles over the roule by 45 per pa Work

nctually tat Wat

ziow According the

to ported In vent over the same

started only in 1952 with 42.00 politicians

we are re-groupings 1957.

tos bes avise the three preves-

Que vconomie resvurves for ing yours must be considered as

new advance. Later on, when it a premiary period in which is all over, they will tell us wo less than 10,41 Lons ANATO bullt a

1057, But your

13 147,000 tons were bull; while In 1600 262,000 Ions will been

and In 1965 expenses reached,

By way of com- 380,000 tons.

Norway parison: in 1957

239,500 tons, it Denmark 71,000 tong "

OPERATING PROFIT

"Viscount operating," Mr Six added, "showed a net operating proft of $392.353 for the three months period, after a full Blication of indirect

In addition to direct dying costs. Direct

planc mile cost per during the month of August etrusted was 15.69 cents below forecast." he continued, "and avainbie scal mile coats 30 conis below

نا قادر أري

nur budget, demonstrating the Ghana-Israel Venture

Outstanding BOTOMY Viscount I operation."

of the

Mr Six said that with the new Viscount the airline had ex- perienced "a marked depend- ablity of operation:" the com- nearly pany had amused 1.200.000 plane miles of servien the three months since schedules were inaugurated on May 28

[

-

DLACKSTAR Shipping Lite,

s polit Ghutta-Israci ven- ture la to acquire two freighters in tition to s slugle vessel, 8.000-101 Volia River. wideh, together with finer sel en charter, has maintained ane betwren West Africa and West Europe.

VUN

This follows a favourable re-

Eleven of Continental's feel port on of Afteen Visenunts hav

delivered! Lo been Operation of the Viseout

now Denver.

810

is now about to be extended to several ether counities. £f- thens already have the test of in this Vis. ounts IMV series and deliveries were made

South

AT11 ferently Airways and V.A.S.P, Brazil.

ol

had a recession,

series of Then there come u measures designed to prevent a crisis of a very different kind, I started in July with the un- loans and of book freezing reached a climax three weeks

when ali hire-purchase! NEU controls were abolished,

Humphreya 14.20 RUBBER Amalg

that There is little doubl these measures will succeed in doing what they are meant to do. Land Demand will increase, produc- Realty

on will rise and most of the men who are now out of work will find jobs and Industry will build new factories and equip them with modera planta.

The Habit

Favourable dividend actions, Eastman Kodak to approxi- by Du Pont, Florida Power & El Paso National Gas Family Finance Corp. Noon quota-Light, Coca Cola International Firestone Tyre & Rubber

General Dynamics General Electric General Foods

Otis Elevators Owen-less Gla

Oxford Paper Co.

123

23

20

491.

Pocke Davin Co. Penny JC, Co.

Pean. Sall Co.

70

Phulip Morris

Procter & Gambla Ca.

744 Pittburgh Plato Cam

401k Publickor ledustries

41

45

Pure Oil

Radio Corp. Prof.

Republic tees

7344 Reynolds Metal

11014 Seara, Horbyck & Co.

sent Goodyear Tyre

2231

124

19

Haydon Newport Corp. Homcelako Mining Co.

126

41

Ingersoll-Itand

124

A7

Late in the day United Fruit

that received a joit

abwn more than three points when directors reduced dividend.

Trading for the market Da whole rose over the previous 150 11.00 session. The tape run late from

time to time during the session and was behind near closing with the market mixed,

| Glidden Co.

| Goodrich (8. Fa Co.

Grumman Aircraft

Inland Steel Co

Interchemfest Corp.

Inen Business Machines Int'l Harvertor International Nickol International Paper Int'l Tel Tel".

John-žanville Co.

W

20

Share

Buyers Beljern

[C#

1 Bank INSUITANCES Unsion. SHITTING

Wheelock DOCKS, ETC. K. Wharf. Dock Provident,

(0)

740

73

1.50

745

Jolinson for one split by Johnson helped those issues und sustained the generol mar- ket.

General Motor

Gen. Pub, Ul.

Gen. Tyre & Rubber

0.40

500 4

5.35

DJ

...

11.62

213 or

100

LOD 11.50 11,20 13,40

43

+44

LAND, ETC.

HK Hotel 3:20 21.40 food or

500 30 30.23

14

21.2

120

30%

10 1 350

30 14.10

31

Kaiser Industry

14

A. Towels Sunuais UTILITIES Truth

1.025

2.270

1.40

10 10 000 e 1.425

Konms C. Power & Light

46

Stock Split

Kennecott Copper....

101

2000 3

1.200

Liggett Meyers Tob. Ou. Locktreed Alacroft

opti

2

Loews Jaceng....... more thanne Star Cement Co.

USA

23.10 25 30

2:30.

203.20

40

1500

Alecraft

ANI

| Star

Kerry Yours!.. 50

101

Stock Expo.

30

2:00

up more

17 17.10 24.34 22443 1. 13.10 13 50 1400

000 47

17.10 Points-

| Minnesota' Mining

TIWRMINWelspricat

Monsanto Onemical Co.

24.50

42

13.20

13.20 GOG

Telephone

23.00 23.00

1200

23.70

HER 7,033

7.10 moved

1700

7.10 labour

15:30 15.40 2000

12

1.10 1000 w 1900

7

7.30 2000 @

B 3.20

9.00

(01

But these things-will-not-have (o-Light - - happened just because govern- ment planned that way. They eins will happen because the people have not thrown off the habit of Indation.

IT

were convinced proph that prices would fall, no credil would be cheap enough to make But the man in the streat

them buy an expensive luxury. doesn't think of the situation in They would just wait for it to Qiese terms. If he is one of the become cheuper. That is what infortunatu half-million whound to happen in the old days pre out of work, he no doubt fall of 25 years ago). Only then, has strong feelings in the sub-

ject.

But if he is one of The 20- thon who have a job, what

he sees is a situation in which many of the things he has always wanted are with- In his grip.

This is no parciex. It is the working of a mid-20th Century industrial econozny,

was

11 ROUS something the tale we had un inflation thing getting out of hand. Something had to be done about it, in fact several things were done but they all added up to wie thing: scareer and dearer

the company's opera-credit, Tirns siner its formation in De- szobar last year. Blockstar was Jouneking with

pital # 1500,000. The Ghana Govern ment holds 60 per cent of the

The remainder Ju

Leing held by Zitm Israel Navigation, was intacte::i The Miteprise Bulys Israeli tehnical aid

Glena.

Combination

By a ecmbination of Tactors -some intentional, others not - the risks was beaten. But along the way the impetus ut original

instead of advance was lost.

we found our Lug forwar??

and Insing selves

going back

COMMODITY PRICES

TORCIGN EXCHANGE

NEW YORK

Closing rutes were:

Canada

Enginted official

Buday

Switzerland

Uruguay

Other's unchanged

LONDON

Closing rates were:

New York

Montreal

Amsterdam:

Firussels

Copeshanta

Frankfurt

Lisbon

Oslo

Stockholm

Zurich

May/June

July/Aug

Det/Nov.

21.70

Dec/Jan

Mixed Contract

21BU

Mar/April

23.40

July/Aug

22.00

Oct/Nuv

22N

Dec/Jan

1.03 1/400

200 23/12

230

2301

1000

2.8-2.00 11/10

2.71 15/10-2.72 1/19

10:302-10501 150.32-115.875

11.701.704 10.00-80.20

20.02-20.011 14,0 -14 3

12.21-12.2

Other unchanged-U.P.I.

COTTON

NEW YORK

SAO PAULO

Closing futures, in eruzeiros per kilo were as follows:

Dec., Mar. mnd May uniquoted

July

Out

6430 DUGO

In the United States, the aver age price of one-inch cotton at 14 designated spot markets was 34.75 cents.

Total rales at these markets were 188,005 bales-UPI.

RUBBER

SINGAPORE

Prices of cotton futures closed with nome interest

In spite of healthy New York advices the Singapore market moved a shade lower. Business was confined mainly to switches in Icwer rcdes. Futures. Ma. 1 rubber per 10. Dee, mo!S-DOT'a Jan. 0014-901% No. 2 rubber per 1b. Ter, RL-ANIS

today as follows:

Spot

Linc.

Mar.

MAY

July

Oct.

D

Mor.

May

76.30 now.

38. Go

30.25

34.34

31.00

Blanket crepe

SUCAR

New York, Nov. 11, World No. 4 sugar futures to

cked unchanged lo ore dry

with sales of 10 point lower Contracts.

Domestle No. 0 sugar futures closed unchanged to two points lower with

202 con- sales of lracts.

Contract No. 4 (world).

May: 30: Jan: 3.40; Mor: 3.40; July: 3.39; Sept: : : 3.30; Spot-teenia fob Cuba): 3.40.

Open interet: 1.500 contracia.

Contract No. G (domestle)

Mar: 3.72: May: 8.70; Bept: 6.3 pot-icents NV ex-duty): 6.80,

Open T.FI.

Interest

July: 6.80; per th. elf

i

725

CITY LIGHTS!

الرحمة

"Money's less tight but I don't see much improve- ment in Marmaduke 1"

London Exprdan Beroice

too long - the people waited and then it was too late.

crement STORES, EAC Dairy .... WALION

COTTONS Textiles Nanyang

23.90

INVESTIMENTS Yangtare

HK & FE.

invest.

The main list was irregular. Goodyear soured

six points to a new high on a Lowenalis & Sons 23.20 stock split rumour. A stock McDermott J. Bay

McDonnell aplit-2 for 1 sent Johnson & "Johnaun

than

Metals spurted on a report Montgomery Ward

of a big reduction inventories Motorola Inc.

National Escult Co 13,10 of the red motal.

Autos National Cash Reg. "A" ZD ahead on end of National Dairy PriŮ. difficulties

several National Lead...

plants. Olts profited 16.40 | vestment trust buying.

Unsettled Mood

3 536

Demand for

by in-

tyres paralleled

National Steel Corp. New York Central Norfolk & Western Ety. North Amer. Aviation Nurth-west Airlines (Com. İ

the rise in Goodyear. Demand On Mathieson

and in In general

193 developed

In London

a

Firestone.

General Portland Cement ran

of

*

•

up three points and gains two points or more appeared in several other issues.

Steel issues moved Up เป gains ranging to more than two points. Advances in

the cop-

pers can to more than a point. Du Pont moved up on favour. able dividend action.

Now York Stock Exchange bond volume was $7,820,000,

American

Exchange Stock volume was 1,500,000 shares.

New York Stock Exchange volume was 4,540,000.

London, Nov, 17. The stock market opened in buoyant mood today

report but the

of the of the

Of the 1,270 issues traded/602 toppling

pro- Pre- advanced, 454 declined, 233 un-

changed. most the

mier

Closing Prices

Western Sudunese

unsettled

issues, particularly

oils.

Alders Inc. Asy

Gill-edged securities ran toto renowed selling pressure most closed easier.

Allied Citical

Allled Mids Inc.

and

Allis Chalmers.

Am. Brake Shoe

American Airline

Qlls were all lower, British

but

Petroleum manuged to finish with only a fractional

Psychology of inflation is the simple psychology of depression loss in reverse, The difference ་་ that un inflution is far easter to live with than a depression.

are

The American public recently emerged from a recession which badly frightened them and they not impressed with their government's warning that the

•danger is tow Inflation. They have recent memories of both

and they know which they pre- fer. And when the time comes, Britons will make the same cholec.

They Prefer

-

Indeed, they nro atrendy making it Why else would they be mortgaging their future come for immediate possession of anything from curs to pedigree povilles? Who, if theli chotee was not a foregone conclusion, would they be offered hire pur- chase facilities for the purchase of ordinary shares in industrial companies?

INDUSTRIAL

The industrial section Was mixed, store, motor and aircraft stocks were Irregular while tobaccos were lower. However, blue-chip

stocks such 24 Courtaulds and Bowaters were higher.

Gold stocks

American Cable & Radio Con Cynnale Co American

Amer & Förgn. Power Am. Gas & Electric Am. Home Prud, An. Mach. & Fdry Aintrican Metal Am. Sugar Ref

American Tel & Tel American Tot, "" Anaconda Copper Armco Steca

Armour

Atlas

Baldw

alma

Baltovce & Ohio Beneficial Finance cased, and Bondx Aviation Corp.

Bengurt Cons. coppers were quietly firm.

Bethlehem Stee! German and Japanese Hers Boeing Airplane

In the Borden (The) Co. scored senttered gains foreign bond market, while Burcughs Add Machine

Calif. Packing Corp. dollar stock rose on last Friday's Campbell Soup Co.

on Wall Street.-U.P.I. Canadian Pecine R.

Case (14) Co. Cat. Tractor ... Celarves, Cuтp.. C.I.T. Financial Corp. Chase Manhat. Dank Chrysler Motome Cluett Peabody Colgate-Palmolive Colombian Carbon Co. Commercial Credit Commonwealth Elec. Compilated Edison Continental Oil of Del. Crown Zallerbecti Hongkong's Asalsunt' Director | Cuban Amer. Sugar

SORBY IN

GUIANA

Georgetown Nov. 17.

of Commerce and Industry, Mr Diamond Alkali

the Diamond Match Co. T. Sorby, today discussed

Douglas Alterati expanding trade Dow Chemicals Obviously the people will prepossibility of contracta for indation if the only after- between Hongkong and British Dupont de Nemours

native is a depression. But is Gulana with Dr Cheddi Jagan, 117 1 prices could be held rea- Minister of Trade and Industry. sonably steady for long periods The meeting lasted three hours. nt a time, the old laws of econo- Sorby heads 12 Hongkong mies would come back into their Government-sponsored

METALS

NEW YORK

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

No. 3

*

No. 4

r+

Sput rubber unbated

$1.70

No, I polo crepe

#1!4-04% 16-10 DITS-011

Leed Dec.

Jan.

31.01

Zina

Der.

01.01

LONDON

Jan,

Copper Deo.

Jutt,

Tin Dec.

Jan.

NEW ORLEANS

The rubber markel was quiet with spot quoted at 20th pènce

Prices of cotton futures closed per lb. Prizes:

today as follows:

Fpot

Dro.

Маг

May July

May

LIVERPOOL

per lb. were en follows:

LONDON

18.250

11.301 31.546

11.545

30.166

Lon

עים

trado

Then when prices were mission now visiting various seen to be rising, people would Caribbean and Latin American

20016

BRITAIN'S

not rush out and buy because of countries. Ho sald that Hong: NATIONAL

delay meant paying more Inter. kong's trade with the Wind- And when prices fell, there ward Islands and Briush Guiana would be no hanging back, whit-walled approximately £1,100,- Ang for them to fall further. 000 annually.-France-Presse.

The treasury has its Economia Secretary and Financial Beer-

tary, to tell us why we should Exchange Rates

30.136 want this happy medium. Per- haps one day it will have a 97.71b PRychological Secretary to tell us how to get it-Latidon Exprued Servico,

Prices of metals closed today In sterling per long ton as tal- It won

Buyers Sellers Tin

in the

sparket

DEBT

London, Nov. 17. Britain's national debt during

the year ended March 31 lent local increased by about £226 mil- tion to £27,232,047,000, it wan oflelally announced today.

the debt stood at

In 1930 12.04

£7,130,752,040,

No. 1 Rm apo Bettlement house term!

20-2014

24,70

Dec

2014-201

10.11

Jan/Mer.

30.60

Apritzune

2016-20

3690

July/Sent.

2430

OM/Dec.

2012-2014 2014 2015-201

To Resume

Dustment was done

exchango unomcint morning at the following roless 13,8, dollar (per (1) Sterling noter (per 1) Australian notes (per #1) ... Indonesian rupiah (per 100. 0.40 Rians ticals (per 1001 Bingapore (strata)

0.70

15.04

20.00

1.80

31.07

1.07

General markets, më boots, ports:

Nov.

767 23714

rd.

2-month

Production

U.S. Loans

JD.

2012-2013

inte repe

Copper

Xpot

244 211

Detroit, Nov. 17.

Thin Dec.

-on Th

241 242

Thick Doc,

Land 2nd

Ποτ

2014

*7

Jan.

May.

743% 7012

UP.1.

strike at supplier plant,

United States loins to

company spokesman mid here.

Cotton future delorings, in pence

American Contract

Thea/Tath

May/June

AMSTERDAM The rubber market was quiet Zinc #nd half

Un-

MATZATI

13.06

13.19

**** $2.00

| charged---U.P.I.

lodiny. Quotations were

American Motors Corpora=

Washington, Nov. 17,

The latest rise of loss thou cent in the national one per detit was for smaller than the rise of the value of national outaut, because of higher out- put and high prices,

The Indonesian Foreign Minia- 50 in the year in Jast Maralı,

Hon is to resume production faster, Mr Bubandrio, aid today an in other recent years, the

214 morrow following the end of the outlook, was not bad" for real burden of the national

---Ileuter.

障

ald lebt has beer falling, though] }» Indonesian economle develop its monetary total has been chent---Fouter.

slightly riving-Router.

Shell Oil Co...

gant Reg. Paper

Secuny Mabli Ou

South Puerto Ales Bugar

Southern Co. (The)

Southern National Gas Beuthern Railway

Blandare iranda Standard Oil of Cal.

Blandard Oll of Ind.

Biondard Oil et NJ

(Com.]

Sleep Rock (Toronto Exge. Sterling Drug Co, Stokely-Van Comp Bludebaker-Packard Corp. Hunshine Mining

Switt & Co.

Toxing Inc...

Tido Water Ama. Dil

The Inc.

In Cont. Warrants

Twentieth Century Box P Union Carbide

Undan D of Cat.

401 Unten Padfle Rollway

United Alterati United-Gse-Corp.

15. Fol "D" US. Gypeuma

US, Line Ca

309U.S. Smelting

76.5. Steel....

41

201

13

VS. Steel 7 PC, PT Warner Bros.

Westinghouse Air Brake Westinghouse Electric Western Unten Tel, Co, 271% Wert Va. Pelp & Paper

Woolworth

24

201

PO B⋅I

E&A

COMPANIES

YA

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N, CO.

Outwarda

"CORFU"

"SINGAPORE"

"BOUDAN"

"TERİM”

"CARTHAGE”

Due Hongkong

Balted

Leaves U.K.

Sailed 10/19

Sailed 10/10

7/11

In Fort

Fort

13th December

Selled

1/11

17th December

Sailed 14/11

14th December

"COROMANDEL"26th November 12th January

Homewards

Leaves Hongkong Due London

"CORFU”

21st November

22nd December

"BALMANA” + 7th December

10th January

18th December

18th January

9th January

10th January

3rd February

7th February

10th February

3rd March

"CARTHAGE"

"PERIM"

"CANTON"

"CHUSAN"

Via S'pore, Penang, Colombo, Dombey, Aden & Pt, Bals;

† "BALMABA" loads for Birajla Poris, Aden, Pt. Said, London Hamburg, Rotterdam & Antwerp. "PERIM" fonds for Londyn & N. Contment only.

BRITISH INDIA S.N. CO., LTD.

due 19th Nov. From Japan salka 10th Nov.

"SANTIJA"

for Singapore, Pmang, Rangoon & Calmitta

"SANGOLA" das 20th Nov. from Caleutia. Rangoon,

Fenant & Singapore salls 30th Nov. for Japan

"PACHUMBA" due 15th Dec. from Japan.

Baile 17th Dec, far Singapore, Penang,

Ilagoon & Cafeuita

P. & 0./B. I. JOINT SERVICE "ORDIÄ"

dua 20th Nov, from Japan salie

et Dec. for Singapore, Penang. Cochin, day, Hara. Dubal, chi, Mus

"PADANA”

ane 3011 Nov.

· sails and Dea.

Barrah

From Karachi tore JapanL

EASTERN & AUSTRALIAN 5.S. CO., LTD.

**NANKIN"

匙

due 18th Nov, Erach Japan, N. China

ail 10th Nov, for Labuan. RandakAC). 1ribans, Sydney. Mal-

bourne.

"ARAFURA” dus 11th Dec. from Austrația

antin 13th deg. sor Japan

All vamata hava ilberly to call at any ports on ot off the pouta'de Usa route da gailings ate subject.

to change or amendment will or without notice.

For full particulars apply tor

MACKINNON, MACKENZIF & CO.

OF HONG KONG LID.

Telephone Nos: 277214.

*