1958-11-19 — Page 9

THE CHINA MAIL, WEDNESDAY, NOVEMBER 19, 1958.

4

Measures To Combat HONGKONG Inflationary Sentiment

RANSPORTATION Not Needed At Present

WHAT THE COMET WILL MEAN

TO THE TRAVELLER

IN

N the early autumn skies above London, a new shape can be seen sweeping quietly overhead, the whistle of its jets contrasting with the familiar roar of piston engines.

Scon, I will be an everyday, not be limited to the passengers sight in many parts of the globe, on BOAC's Atlantic service, of Including Hongkong. The slenter course. blue and silver aircraft sym- bolises the advent of a revolu- Tin l world travel--the jet

BUZTAN

The aircraft G BOAC's new Comet 4. Already, Its graceful fights around Lidia Airport have made it a familiar sight to travellers, res well Hundreds DỶ as to the thousands of air crew who worked and technicians Brond the clock to prepare 11 BOAC's for operations service to New York, where it is Bestablished tenture et bury-Alantic jet-speed travel Now, travellers throughout U world soon to By in the Comet 4 (not only across the Atlantic but next

BOACs Eastern ruutus) eun leurn the aswer to their question: What will jet flying be like for me the ordinary passenger?

BLOW

year

DRAWING ROOM

į

When the Comet takus over BOAC's express services to the For East in the first half of 1959

will be equipped to carry not nly frat ciuss passengers, bat us well-bringlug tourist clas

reach of the travel within

who tus to consider traveller

That comfort

cust besides means more working time for the businesman hurrying to an appointment on the other side of the world and more time for

By SYDNEY GAMPELL

London, Nov. 18.

STOCK EXCHANGE

Our Own Correspondent Business done on the Hong- trong Block Exchange this morn- A pause in equities and a steadier tone in ing amounted to approximately $372,000. Noon quotations and bonds has Government

probably the morning's transactions were. obviated for the time being the pos

Boyer Beiers

·sibility of a higher bank rate or others Back

INSURANCES monetary measures aiming to curb Union inflationary sentiment in the financial Wheelocks markots.

If the

Sbares

SHIPPING

Bates

746

72

01023

0.30 5.36 1800 320

680 6.30

that

for

illicit

also

{DOCKS, ETC. IX. When..

Dock Provideat LAND, ETC.

11.00

But the montiment has equally 1 shares because it feared

be used they could ousted the recent hopes of a lower bank rato.

exports of capital)

The financial Inflationism reviews, while industry remains under-employed, some monetary with compatible restruint on the financial sector budgetary Further physical or

might

reinion.

bo

Symptoms

has Treasury sanctioned arrangements for not reducing tax on dividends from full tax. employees who are not liable to

Hitherto, ft had to be deducted end then the cnt- ployees had to reclaim it, which was much too complicated for them.

**

YKK Hotel V 21.20 25.80 ilk Land.. Humphrey 14.40 really RUBBER Amalg.

*Trent

A. Tawan Sungaba ... UTILITIES Fram

Star Ferry Younat!

C. 4g2

Electic....

STOCKS LOSE ON WALL STREET

New York, Nov. 18.

Stocks lost ground after rising to new record highs în two

previous sessions.

Uditjes alone of the major | Am. Home Prod

A. Mach. Si t'iy groups managed to move up in Am. Sugar Hel. their average which set a new Armes Stee

high for 20 years,

displaying

Rastroacia wara strength near closing time and around their high for than a year.

more

Strength developed in several top-raking Industrials, notably National Distillers and Procter & Gamble. In het more

Allas Cosa. Minang Baldwin-ma-Hon. Beneficial pan

Bendix Aviation Corp. Benguel COOL .. Boeing Alpine Dorden (T) Co.

Brough Ack dre Calif. Packing Corp.

Sample Soup Co. Case (13) 0. of Cat. Traelar

Cetateœp.

4A

the industrials in the average | čir. Financial Cup Est rose or held steady than Chase Mahal, Bank declined.

insett Peabody ........... But weakness

Colombian Carbon Co Eastman Kodak, and a Commvarelal Creat

dip in International Commonwealth Elea.

Continental Oll of Del, the In- Paper, pulled down

Grown Zelleruach dustrial average.

Diamond Alkal Douglas Aircraft Dow Chemienla

1000 11.70 1000 of 11.70

point 40 21.20 30 30.28 1421030

1323 1376 100 10

1.020

12 20000 @ 1.825

157 41.023

1,924

380 4.82J 10001021

265

23.10 2540 701

83.30 13.50

8027 17.10 1100

κα defla- then where change

It will take time for the schemes to get working and to

21.40

13 13.20 Telephone 23.60 23.90

It could actually conduce them.

Inflationary and tionary symptoms would bo tacked concurrently they live, a refreshing from the post-war alternation between blowing hot and cold Indiscrimately.

money.

дл

not

cl ex-

Easy money absolute pre-requisite pleasure for the holiday tourist, ngon. The great German ex-

year sucking to pack na many new X-

pansion of the post ten pertences as possible into his

was accomplished on very dear vacation. Buth hard-earned

that Lediness executive and holiday

If the Authorille feel will find another

gilt-edged maker alike advantage In Comet travel, for they must help the

market they can only use such ty will reach their destination

weapons as they have.

Since the ending of the ot only faster, but fresher, too. smooth, trying in the

credit squeeze on July 3 N vibration-frer quiet at the

England's moved the Bank of Comet's cabin.

use of money BOAC already has taken de-control over the

be more there

may have to iew of an livery or the first

of resort to changes in its price. IV first

The restraining induce 10 {1) be equities would remain

Step through the dear of the Comet 4's shining fuselage into eventual the well it Interior-und you | nineteen And yourself in a setting which

would

du

credit to a contem

Comet

porary drawing room. The art Bristol To Benefit

the de From Italian Jets

decor eve

vf the interior designer and the skil of the craftsman huve been

create matched to example of modern offered to the air traveller,

lere, withlu the compass of metal cabin, Industrial the

'signer Mrs Goby Schreiber has created an interior as strikingly Jeru

Bonn.

THE Bristol Acroplanc benefit Company will

West Germany's de- cision to buy 200 Italien Fiat G-91 fighters.

as the 'met 4 and as from quietly relaxing as jel travel

11-1

The colour scheine in a skilful Lend of the colourful and the retul--the glowing Tiber bius of the existing contrasting with the light grey of the cabin wil and the soothing oyster beige of all set against the yellow of the

the centig Zay ripe-wheal

bulkheads Together, thuy from

Scen

Advertised it

TOW

CITY LIGHTS!

"Here comes that fellow again from

the

slot machine arcade"

London #pervize

in America, the higher bank

To some extent they will other MCOSUTUS rate ond

to aggravate designed to curb Wall Street's themselves tend Inflatary sentiment have done the bochnical scarcity value of shares because the insofar equities, more to advertise it.

is have to be bought on the Stock the boor in equitics RN

can be atributable to mich sounder Exchange betoro they

mn.d to employees expectations, anything that gavo distributed equltica a pause would do them they may be taken off the Stock

Exchange for keeps. good.

equities Mure sedateness in would be socially desirable. The problem for such pinces as the City of London and the United Staten Treasury is how to pro- cure it--China Mall Special.

both volitical Semi-Continuous

Rolling Mill

The present gradient of their

Buriou a potentially Bristol make the Oroheus fet rise

to the Sully current engines which power this light threat

schemes for wider share owner- ground-support aircraft.

rity of the fighters will be ship.

In London, ot present such while the

and made in Italy

Ger- schemes are coming thick muinder are produced in

of neglecting under ilcence. The lust. After years

of many

popularising ex-lite question hre pisu Bristol engines

since those ownership pleasing setting for what is Pected to he made here

Are Anaccial quarters have suddenly palat of the manufacturing rights

turned all in favour of it. Frie by the Federal govern-

In the week beginning of maral.

November 10, the Treasury has approved two principles which should make it much easier for employees to buy shares. It han ganctioned the issue of bearer chosen 03-91 was The

shares provided that they are in

denominations NATO's ground support fighter anal!

competition quoted on the stock exchanges, following a design

had Mail (Titherto the Treasury care this year-China

banned all Lasucs Df bearer

from the passengers" view, the most important part

the furnishings the seats

are the last word These

richly upholstered comfort them, passengers

In

revue or settle down to sterp away the brief hours betwe

ay Wal and departure

PLEASE THE EYE

And here again, the theme is

A British Embassy Apokes- not confirm today that reports Janss

total

man could British

engine llence fees would

£48.000.

colour subtly mixed to please Special.

the eye.

The days of a single colour scheme for all the pents

In the aircraft have gotte Utose

In the Comet 4 Bre

pinced in

colourf

"locks" of various

and sitt tweed aquantrine, with gay head real covers and pillows in tangerine, cyclamen,

Tiber Ume green), blue, wheat and aquamarine.

The same theme of colour and texture, is followed throughout the Comet 4.

Powder rooms and washrooms mingle shining white with lemon yellow and Tiber blue. And the master colour plsa is followed, down

smallest items the to aboard-curtains, trays, magazine covery and cigarette boxes are ell carefully Onished in toning colours.

But there's more to comfort in the air than meets the passen-

вестися

sera' eye. Behind the

4 is geared tu too, the Comet

of service provide a standard unmatched in civil aviation To give the cabin crew facilites lo match their traditional skill, the Come 4 is equipped with two up-to-date galleys from which meal, snacks and drinks will be served in flight.

THE SMOOTHNESS

not many of the Perhaps hundreds of thousands of passen. Comet 4 will Kers whom the

curry around the world will stop to think of the problems which jet travel bring to the cablu stuff n they give their, unob- trusive services throughout the the fight. And yet, while smoothnos of the jet airliner may make it easier to handle a

G5

London, Nov. 18.

rolling A scanf-continuous

being designed at the Movokromatorsk engineer- mill now Ing plant in the Ukraine will toms of rolled produce 70,000 and un-

metal for an Egyptian iron and Radio Moscow re- steel mill. ported today-U.P.I.

COMMODITY

COTTON

alesed today unchanged to twe polats higher with sales of 171 contracts.

Domestic No. 8 sugur futures closed unchanged to two points lower with suics of seven con-

NEW YORK Prices of cotton futures closed tracts, today as follows:

Boot: 3823 nom; Dee: 30.80; Mar: 35.56; May 20.11: July 24.121 et unqusted, Dee: 310: Mari

322: May: 31,28.

NEW ORLEANS

Prices of cotton futures closed today as follows:

Spot: 24.15; Dee: 16.30; Mar: 30.10: May: 34.10; July 31,34; Oct: 31.08 unquoted: May Ded: 31.70; Mar: 51.69.

LIVERPOOL

Colion future closings, In pence per lb. were as follows:

American Contract

Dec/Jon

23.06

23.10

22.00

Mare/April

May/June

JIYANK

22.00

Oct/Now

2160

Mixed Contract

Dec/Jan.

Mar/Apri

22.00

21.05

BAO PAULO

May/June July/Aug. Oct/Nov

Cotton future closings, in

Contract No. {world}

Jan: 3.41; Mar: 3.40; May: 341: Jaly: 3.40; Sept: 3.40; Del: 340: dpot-cents per ib. fob Cuba): 3.50.

Open interest: 0.980 contracts.

Contract No. 4 (domesilo) March; 571: May: 0.14: July: BEQ; Repl: 043; spot-(cents por 1. elf NY ex-duty): 8,00.

interest:

Open

vrd

$26

PRICES

METALS

NEW YORK

00

Prices of metal futures clos- ed today in vents per follows:

Lead Dec.

Jan.

Zluc

Dec.

Jan.

Copper Doc.

Jan.

TEN

Doc. JQm.

ib.

12.15b

12.200

11.35b 11.40b

(rta) 3 7.10

INDUSTRIALS Cement

STORES, ETC 24.00 Dalry 10.40 15.00 Watson 12.10 12.3 Lane, Crew. 13.20 133 INVESTMENTS

Yangtze

H.K. & P.E.

Invest.

A

6.20

0.50

Spurted

General Tyre issues were

Rubber

El Paso National Gas Jpmily Tisance Corp. strong while Goodyear yielded Fotona Tyre

General Dynamic some of the previous sessions Gan. Pub. Util.... wide gain in the tyres. General don. Tyre & Rubber Preferred spurted points.dden Co.........

20

todrich (B. T) Co. U.S. Rubber oct a new high. Grumman airerati to General Dynamics ruled strong

Homestaks Milding Co. Hayden Newport Corp.

500 G 17.16 Penick & Ford was sustained by | Ingersoll-tand

100 24.00 115 26.50 013.10 1030 23.70 1000 23.70

2507.10 150 7.00 05077

1000 24.50

750 10.40

ja higher dividend.

Of the 1,254 issues traded, 670 declined, 446 advanced and 232 held unchanged. New higha were set by 139 stocks and new lows by three.

New York Stock Exchange volume was 3,820,000 shares.

Now York Stock Exchange

700 19.30 bond volume was $0,210,000.

Exchange

volume was 1,300,000 shares.

|

Infund Steel Co.

interchemical Corp. International Paper John-Manyille Ca.

Katser Industry.

Kansos C. Power & Light

Liggott Bloyers "Tob,"

Lowenstein & Bora,

McDermott Ray McDonnell Aircraft

Stock Ex.) Mamatil Iron Corp. Minnesota Mining Monsanto Chemical Co. Motorola Inc.**.** National Biscuit. National Dairy Prod. National Steel Corp. Norfolk & Western Ry North Amer, Aviation

733

(Am

53TS

40 10714

American Stock

04

Dow-Jones averages wero;

4812 73%

30 industrial

26.00

20 vulie ....

166.11

North-west Airlines (Com.)

100.50

Ol Mathieson .....

03.00

Owen-nols a

165.38

Oxford Gine & Eder.

Exchange Rates

Bustress was done in the local umofficin

exchange morning at the following rates:- 16. doline (per #1)

1 ts

33 stock

40 banda......

Closing Prices

12.00 American Cable & Radio Corp.

Parke Davis Co.

Fanny J. C. Ca.

Peu Salt Co.

234 Philip Morris

Com, future price index

market

this

Alder Ind. Ady.

Allied Mills Inc.

0.70

Am. Brake Bhee

Sterling notes (per £1). Australian notes (per 21) Indonesian rupiah (per 100) Slamicals (per 100) Singapore (Siraits)

11.07 Arnercon Arling

8.3

Ameroon Cyonachid Co.

Auler & Forga. Tuwer

1 30

An, Ge&ectric

26.00

Britain Takes First

Step Towards Shareholder

State

London, Nov. 18.

43

Irocter & Gamble Co Fliteburgh Plate

la

#

Publieker Industries

Fure 011

40%

52

1 Reynolds Bietal

Radio Corp. Proz

72

AN important group of British companies last

week took a first step towards turning Britain into a shareholders democracy with the creation

of an organisation known as the "Aims of In-

dustry.”

as

more

first

industry was The organisation approved by but the alms of

to regarded the Government, plans

Wenly tr facilitate the buying of shares succeed because it is the

to enjoy government apprʊvul. by employees not only in their own company but from any other company in the group,,

Similar schemes have been launched in Britain in the past

LONDON

CLOSES MIXED

London, Nov. 18. The stock market closed mixed today with prices moving fractionally."

The Slogan

It was tother Conservative Premier Sir Anthony Eden who first launched the slogan shareholder" "Every Briton a

ngo

election as the as long campaign of 1951.

Each factory within the groOUD headed by the glant Tote and Lyle Sugar Company, will open a non-profit-making shop co- pany from which any empleyve of any company in the

group will be able to buy shares under favourable conditions.

Sours, loobuck & Co. Shell Oll Co.....

Saln: Reg. Paper

Solar Aircraft.....

South Puerto Rico Sugne Southern Co. (The)

Southern National Gas Southern Railway (Com.

Standard Oil of Cal.

Strep Rock (Toronto Exge.)

Sterling Drug Co.

Biokety-Van "Camp. Nonatine Mining

Textron lae.......

Tide Water Aga Qui Time Inc.

Til-Cont. Warrants

Twentieth Century Fox Film Union Dil of Cal United Gas Corp. UA. Tell "*"* *** U.S. Line Co...!!! U.S. Steel 7 P.C. FY Westloghouse Air Brake

West Va. Pulp & Paper

western Union Tel. Co.

CHATTER ON WALL

STREET

New York, Nov. 18. We would expect any com- Ing market correction to be somewhat stronger than the minor technical corrections which have occurred in the risp since Oct, 1957 - Investors Advisory Service,

More patience and discri mination are warranted et this

| stage of the cycle than any time

in

0

In more than a year-Interna- tional Statistical Bureau,

Thero is Little point arguing with this kind of |market even though one can be sure that the current specula- tivo excesses will be pald for eventually and handsomely. Clark, Dodge & Co.

A switch into oils, a group that appears to be behind the market, should work out ad- vantageously

for intermediate term holdersEdgrund Tabell, Walston & Co.

EIGHT WELLS

Sunset International Petro- toum will drill eight wells on 4,907 acres in Juan county, New Mexico Walston & Co.

Becovery In freight traffle toreshadows

in upturn business for rail équipment makers-Hornblower & Weeks.

Ori

not

Minnesota Mining & Manu- facturing carnings may 814change much from the 2.34 of

last year but an acceleration

19

20 profit-wise is anticipated for 1959

Harris, Upham & Co.

35

5224

3274

12

4434

15

Axil

n

Stock

the month...

Indianapolls Power & Ligh! — Standard & Poors.

Hercules Power 1958 results will do well to match the 2.12 of last year-Alexander Hamilton Institute. Boasting proven crudo oll reserves of more than

642 250 million barrels and natural

37

four

45% des deposits of close to

trillion cubic foot, Pure Oll Co.

40

14014

la numbered bigh in the oil in- dustry from the standpoint of

28% underground wealthFrancia I 2014 Du Pont & Co.-U.P.I.

UPI

AMERICAN OFFICIALS DISTURBED

were

Washington, Nov. 18. American officials

deeply disturbed by the deadlock in the European Free Trado talks which throatons to split Europe into two hostile economic factions, informed sources said today.

New York Cotton Market

New York, Nov. 18. Cotton futures today drift. ed lower by easy stages in continued slow dealings. All of the day's action confined to the closing dealings and buyers temporarily

drew

was

with-

Part of a light interest centred in the nearby deliveries where Offeints themselves remained traders evened-up accounts be- silent to avold worsening. a fore first notice day on Friday. situation which already seemed Activity in the textile market Domestic consurap-

highly confused. They did not was dull.

Reason

va

to 2,370,000 bales

want to reduce the chances of ton had little market effect. a settlement by commenting on The New York Cotton Ex- on affair which interests pri- change Service Bureau esti- marily West European nations, mated last month used 850,000 The shop company will in fact the sources added.

bales against 800,000 bales con- American officials were per-sumed in the same period last the compilca- undertake all

because the tions and expense

deadlock year, of buying turbed

Stock threatened to split American

Consumption for the shares on the nominal Market and transforming them allies in Europe into two war- amounts Into bearer shares to a maximum ring economic camps, the six 2,145,000 balca in the corres- be nation common market and the ponding period last scason→→→ A lote rally in gilt-edged value of £5-which will

11 other members of the Or-Aug. 4 to Nov. 2. 20.976 27.00h securities reduced earlier losses. made available to employees of

for European Month 90.770 Government bonds have been the group at the current market į ganisation

company Economic Co-operation. dropping in price for the last quotation. The shop

provide

Americans reportedly hoped Mer. corresponding routh as small investors have will

any em- for a compromise solution.-Y tended to switch to stocks and facilities as soon

cashing their ployee decides to dispose of his France-Presse. banks have been holdings to provide liquid funds shares. for lending.

LONDON Prices of metals closed tuday contracts-in sterling

per long ton as follows:

RUBBER

SINGAPORE

The market opened around the previous levels and ruled quiet with fair turnover trans- acted in lower sheets.

Future closing were:

I

full gines or loaded plate, speedcruzeiros per kilo' were as fol- tio. 1 rubber per ib. Dec. 1914-891% -the greatest hoon which the lows: Comet 4 will offer-brings own "headaches" to the highly and women whe trained men

will serve the passengers as they fly at eight miles a minute some eight miles ligh.

Dec

MAZ. July

03 90 01.50

65.00

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

34.75 cents.

Total sales were 103,972 balen.

SUGAR

For matiy lights, orico talding many hours, will be slashed to a [~U.P.I. portion of their present length by the Comet 4, and that menta that incals, for Inatence, oner comparatively proffered feinurely fashion as "this hours rolled it, mount at linea by served in considerably less tins. The Incuraparable spend and comfort of Cornet 4 traydi. will'

New York, Nov. 18.

#

Jan. 09- No. 2 rubber per 1h. Dec. 00-07 No. 3

00-07 84-00 No. 4 Boot rubber unbsted .... 904%-10% 76-5%-7712 01-63 Bankes crepe Nu. 1 pale crepe

AMSTERDAM The rubber market was quiet today. Prices, closed in guildera per kilogram, cit Dec, as fol- jows:

No. 1 rulitige

No. ibér

No, i rubber

No. 1 crepe

Tin sput

3-month

Соррет про

month Lead 2nd half Nov. Lead 2nd half irob. na 2nd half Nov. Teb. Eine 2nd Half

Buyers Seller

75734

3450

700K

23811

23312

FOREIGN EXCHANGE

NEW YORK

Closing zoted were: Canada 1,00%: Ragland omelak.

England 90-dwys. 2004; unquoted; Others changed.

LONDON Closing rates were: New York

Montrand A terdam Chentiangi 2.33 num. Frankfurt 2.59 nom. Lisbon 2.48 nom. Milan

2.80 1/2-200 12/10 3.71 7/8-2.73

10.30 1/4-10.54 3/5 19.30 1/2-19.30 3/4 11.79-1130 2/9 00.00+10,39 1740 1/4-1740 1A

BOOSTED PRICES Industrials closed on a firm note. Selective demand boosied prices of steels, autos and do. Rolla partment store issues. Royce, Borax and Courtauld were also strong individual

Issues.

Financial exports believed there were two possible weak- nesses in the plan as it stands at present:

Encroachment

Chicago Grain Prices

Wheat No. 2, rod

Spot

Dec. 1979 (1) 10874 (3) 1909-1

Mar.

May

July

100%

Bepf.

180

Com No. 2 yellow

Бров

118

Doc.

-11

Mar,

Dpc, new

Jan.

MAY

dis-RFO

Doc. Mar,

beo.

Professional, stock-brokeTË might resent any encroachment Olla steadied after a faltering on their preserves by the shop opening.

companies maxi bearer shares Gold stocks were flim with cannot be quoted on the Stock some issues reaching new penies Market for the year. Americans reported. ly are buying gold stocks in the expectation of an increase in the peleo of the metal on the dollar wepkens,

Couper issues wera higher, and doller stocks were mixed -U.P.I.

Ford Order

However, it was thought that the latter draw-back aimed at going preventing money from out of the country would

It the #overnment appear decided to re-establish the con- vertullity of Sterling.

the Moreover, the fact that Government, already approves Roybeans, No. 1, zellow

Прод the actione

that #uggested

Naw

Jan,

Mar

MAY

July

certain concessions such as a reduction of the tax on that London, Nov. 18. ' The Ford Motor Company of part of the employee's income Britales announced today it has used for buying shower or of the Barley, received

orders stamp duty on capital £250,000 from Turkey for trucks, Intus actions might be made in favour New York four

́empinyoo-sl1339- 1324 3/9-1836 1/8|trial engines and spare parts of the new drusels and otheja inchang,

holders, Fracon«PressO. UP.I.

Zurich

rubber

London and New York World No. 4 Mugne futţikes ! prices were sankwellable~܇Î!

*

trans-

Spot

2001, e

Det

Volume Open interest

6,600

120,300

$5,000

240,500

4,400

2000

50300

189,200

Oct,

3,800

145,000

Dec.

Total

2,300

19,800

100

24.000

1,214,200 bales

U.P.I.

Singapore

Stocks

Singapore, Nov. 15. Brokera

today quoted the following stock prices:

Ho

Lintang Rubber Co. British Borneo Patroleum.

syndicate Consolidated Tin Brokera Freeny

Opening

11.02

28/- Neave Lid. Ond, $100 & Neave Turz eum.

$4.10 Cammone (Malaya) Limited 1971

18115-36

TARCT

1371

Kingħat

sanking Corn Hongkong Thi Ladi

214 D

21744 2211-232

$1.00 11/10 Kus Kampar Tin Mpu

xinos Rubber Egintea Lid, S 25-2144 | Malayan Deweries

New Berandah Rubber C

Petaling Tin Ltd,

01.84

225.4

$2.40

110-120

Hingapore Cold slotsge ...

traits Trailing

Filesiba Almarhip

NEJE.

Filled Beginer Grá, ngi

* Gurdiy-ACTLITIK, DAT