1958-11-20 — Page 9

RANSPORTATION

Local Airline's 'Big Switch' To Jet-Props

CPA'S NEW ELECTRA,

THE CHINA MAIL, THURSDAY, NOVEMBER 20, 1958,

RAILROAD AVERAGE HONGKONG

SOARS IN NEW YORK

New York, Nov. 19.

Norfolk & Western Railway stock soared more than six ̧·

points today on reports the road is contemplating a mer- ger with another railroad probably Virginian Railway.

New York Cotton Market

New York, Nov. 19. Cotton futures see-sawed

narrowly In quiet deal ings.

Faltering after a firm opening, the market steadied again under covering by day Irado and a routine demand attracted an the setbacks.

This spurt carried the railroad avorage to a new high since Jan. 11, 1057. Industrials moved higher also but failed to make Utilities up yesterday's juss. were around their 28-year high

The market generally higher with come" of the

near closing advances made time. The included gains of five points in Sunbeam, Texas Pacife Railway, and Polarold.

Pet Milk, Texas Instruments and Wilcox Oll rose three or

A long Bat was un points or bother.

more.

two

Dupont de Nemours Lastem Airline Zandingan HaHEROK

Naljuriai sus Family Falange Corp. Fold Motor

General Dynamics

General Firetain

Gulf Out

STOCK EXCHANGE

Our Own Correspondent

Pago

China Competing

With West In

Latin America

London, Nov. 19.

Business done on the Hong-China is now emerging as a new competitor

kong Stock Exchange this morn- ing amounted to approximately 1833,000 Noon quotations and the morning's transactions were:

Share Jingers Sellers HANKS

2011

34

Sales

FK Bank.. 736 748

11 < 750

14 GP 740

7รม

Wheelocks

K. What ..

TX 770 2000 @ Ten

424 8.39 8500 1.9

12 4800 11.00 199 11.00

HK Hotel 21.20 21.40

was

General Food

General Motorn

best

Gen. Tyre & Rubber

INSURANCES

Gotty Ull

2203

Underwriters

Gildden Co

45

duudrich (F.) ÒL

SHIPPING

Goodyear Tyle

DOCKS, ETC.

Grumman Aireradi

Heyden Newport Corp.

13

Dock ....... 35 Provident

11.00

Homesake Mining Co.

424

Ingersoll-

LAND. ETC.

Brand Steel Co.

In! Bursisters Machines

13 Darvester

407

Really

11035 JUS 00

UK Land.. 130301% 100 @ 30%. Humphreys 14.20

1326 1.375 25000" 0 120

RUBBER

Amalg.

1.825

1034

Trust

1991

A. Tawah

2.670

14%

Sungala UTILITIES

2.10

5155

Tram

28.20 29.30

Stor Per Yaumati...

10T

C. Light

17 17.10

41

Late Trade Trading Increased on the rise. Late trades found the oils im- proving and strength in some of the meles Thempoen Products was a strong spot in the specials.

Cu.

International Nickel International Paper Inti Tel & Del Jolin-Manville ICater Industry Kennecott Copier Liggett Meyers Keb. Co. Lockheed Akcraft Laews Lacorp.

changed to oft three points. U.S. Steel with a gain of more Lane Bise Cement Cu

The day's net result showed a rise of one to a decine of three points. The market opened un-

of five

the

New Orleans closed points.

Evening-up operations in

Dezember delivery before first antice day on Friday accounter Korful portion of the trading

Lowenstein & Bon McDermott J. Hay - McDorinel Almoraft

Stock Srge.)

than a point sustained its group. Of the 1,251 issues traded, 600 advanced, 431 declined and 219 Hdd unchanged. New litgha were Meants from Corp. net by 146 while there were no new lows.

New York Stock Exchange

shares,

CATHAY Pacific Airways are preparing for the December Loday totaled 125,800 volume was 4,000,000

"Big Switch"--from their present fleet of bales, piston-engined Douglas Aircraft to the prop-jet Lockheed Electra.

Cathay Pacific's first

Plectra

will be in service in May next ORIENT PACIFIC

with

another

Electro

delivery SERVICE IN 1961

year, scheduled far delivery AuguN. These early dates put Cathay Paciile among the very first of fifteen airlines to be in service with this 400 mph Jet-and-propeller air- craft.

world

Planning the switch from a piston-engined present to a jet prop future, several of Cathay Paclid's top management have recently been in the US.A. fox discussions with Lockheeds These include Capt. Ken Steele Manager L Jack (Operations Gething (Chief Engineer) Duncan Bluck Manager)

and ¡Comnicelul

Adelaide.

NEW CROP

New York Stock Exchange bond volume was $0,030,000.

American Stock Exchange volume was 1,530.000 shares.

Dow Jones

New crop months were latively neglected a traders awaited some new Incentives in ¦ were: thai porikan of the list.

The Liverpool market today cloned 10 Engleh points lower

and 665 to 040 American points under New York futures,

Flatw cotton exports torlay totalled 12,830 bales, bringing THE P. & O. and the Orient Cotal for the sensor to 800,441 Thipping groups

will bales vs 1,490,003 boles shipped spend more

E(A)25 to the same tune last year, oc- million on shipping services cording to the New York cuttor

than

01

in the next three years to promote Australia capital of the Pacific play. ground, according to Mr C. W. Aston, a gonoral mona- ger of the P. & O. Lina.

TO PROMOTE

exchange.

the Mar

July

Month Volume Open Interest Dec

5,700

723,800 7,500

243,100

17.000

23,10)

12,100

100,900

Oct.

3.200

202,500

Der

4.400

146,900

Mar

t

100

Tutal

34,506

Mr Aston said it would not be hard to double Austraila's tourists' income from Ameriva

within the next few years. FAST EXPANDING

This would be dont by making Australia the centre of Cathay Pacile, a fast expand-

Asiar touris girline

plots the South-East with Beltish and maintenance engineers market hemo-based

Hongkong. on rovide regular services to all the maker cities in S.E. Asia. Singapore, Bangkok Manila. Salgem and Kuala Lumpur are served by Cathay Pacie's DC. GB-4 aircraft: other ruotes,

The new P. & . lner, Can- enverest by DC-4 services,

beres, had a new Orient liner. Vien-Me Draina, would begin opera- clude Kuching, Labu.n. tlane. Phnom Penh, Rangoon and tore some time in 1961, Calcutta

1 is then that we intend to branch out with a new service.

in

ia-

A new service, called the Orlent Pacifle Service, was be- ginning to expand to promote the Australian tourist industry, he said.

1.214.500 binles

-U.P.I.

Anglo-Egyptian Negotiations

London, Nov. 19. Britain is studying the possi- bility of resuming financial negotiations with Egypt, Foreign Secretary Selwyn Lloyd an- nounced in the House of Com- muns today.-France-Presse.

Agreed Merchant

Rates

Canadian Tailore maximum reiling 18-11/10, minimum buy- Ing 16-15/14_T/T; 17 0/11. said.-China Belgian Francs: maximum

seling 867.

Starting with a feel of DC-%enging Aenerlean turists 10 1984" Cathay Pateste har Austalia, vta Japan, Hongkong. grown s caddy, topping 50 millum and Manila," he passengers miles In 1957. On Mail Special.

July 1, with the arrival

new UC-6B airplane, CPA

creased their availability by 40

per rent the highlight

Their

new service being the Inle duction of daily flights between Hongkong, Bangkok and Slug- pore.

in-

30 industriais t callis

15 uitles 45 stock

4 bonda

105.97

Minnesota Mining Mission Developersent Monsanto Chemjoul Ou. Montgomery Ward Motorola Inu.

National Biscuit Co. Rational Cash Reg. "A" National LeMĮ National Steel Corp. New York Central Norfolic & Western Ry North Amer. Aviation

مارزاده

STORES, ETC.

J. Crow,..

1.00 2006 @ 1.85

202 @ 1.42

32500 60 1.35

30000 à 1.03

BODO 2

7130 5 1.9744

1000 215

for Western businessmen in the Latin American market,

in Argentina, particular, is clearing the ground for a sharp increase in the China trade. Government representatives told a round-table

of

US conference

investors potential recently that Argentina would be forced to boost trade with Sino-Soviet countries if she could not develop trade with the West to "the extent required by the national interest.”

Argentine amicials are now negotiating resumption of direct rade with China, which would | by-pass the previous commercial

Пош

I

.

through Britalo and Uraguay. They are reported to coneldering opening recipreeni eccdunt of $4,000,000 fe the China trade and are said to put no limit on the ultimate 100 g 25.30 patential exchanges.

2006 23.30

000 20

1400 17.10

200 ur 80

500 17

100 F 17

2000 6 17.14

0034 és 13.20

12.30 12.40 1000 12.30

10.40 2314

300 13.40

2000

17

1119

Electrte

4.30

655 28%

w

(18)

13 10

13 20

157 13.20

D

1000 13.20

D

1

closing averages

30%

Telephone

23.00 3.60

J000 à 23.00

North-west Airitner (Com.)

100 23 na

Olin Mathieson

187.81

Utis Elevetags

0036

irts) 7 710 INDUSTRIALS

0032 7

87,25

Oxford Paper

23

Cement

24.30

400 22

197.37

Pacific Gas & dec

00.00

Pan Americon Airways

Dairy .....

15.00

7501345

Comm. future price index

105.43

Paramount Picturce

Watson....

Parka Davis Co.

100%

1400 0 131

Closing Prices

Penny . C, Co.

Pents. Get Co.

75%

COTTONS

Alden Inc. Acy.

23

Philly MorTia

IPA

Nonyon

+ 7.10 1000705

Alled Chenucals

Procter & Gamble Cu

Allied Mills Ine.

Pittsburgh Plate Glum

2814 Publicker Industries

401

2

81fndro Corporation

17% Republic Steel

614

Restolda Metal

13142

Sears, Roebuck & Co.

55

Shell on Co....

273

Saint Reg. Paper

494% Sinclair Oil

34

T9D

01

Allis Chalinery

American Airline

American Cablu de stacio Corp.

American Cyananid Ca

Amer, & Forga. Power

Am, Gas & Electric

Am. Home Prod

Am. Mach, & dry.

American Metal American Smelting Al. Sugar Ret.

American Tol & Tel American Tot. ** Anaconda Copper Armeo Steel ..... Armour

Atina Cona. Mining Baldwin-Linn-Haru. Baltimore & Olalo Benefic trance Bendix Aviation Corp Benguet Com..... Bethlehem Stre! Boning Airplang Borden (The) GD.

Calif. Packing Corp. Burroughs Add Maching Campbell Soup Co. Cenadian Pacino FL Cano (1) Co. Cat Tractor Celanese Corp.

C. I. T. Financial Corp. Chrysler Motori Cluett Peabody.... Colgate-Palmolive Co. Colombian Carbon Co.

Commercial Credit Commonwealth Elec. Consolidated Edkon

Contimental On of Del.

Crown Zellerbach

Cuban Amer. Sugar Mamand AlĀR Dow Chemicaly

COMMODITY PRICES

FOREIGN

the EXCHANGE

Cathay Pacific also augurated R new non-stop service to Labuan (British N. Borneo) and the only service between Hongkong and Kuching (Capital of Sarawak), A

increused to they same time two flights weekly to Kuala Lumpur, fast growing capital of Malaya. Their DC-3 services to Vientiane and Phnom Penh have now been replaced by Douglas Skymaster.

Why

Cathey Pacific choose the Electro and what is so special about it anyway?

Lockheeds hung a propeller on the jet engine by choice. CONVINCED

Their decision to use

on a jet engine stemmed

props

NEW YORK

Closing rates Canada England official

་་

30 tuy [N)-days Australia South Africo Switzerland Argentina India

Fakistan Others unchanged

LONDON

Closing rates were:

from New York

Montreal Amsterdern

design studies which began na

far back az 1047. Research loftra the company convinced that, Copenhagen

was

Frankfurt whilò propalierless jeta are ex-

Mil cellent on

night Fri long-range airlines would be served belter Stockholm by having an effective vehicle Zurich

Other unchanged for short and medium routes.

A prop-jet power plant chosen because all logical oen-, sideration proved and stiil proves that only power of the jet genred to efficiency of the propeller provides the right combination of performance and for the Electin's Boonvin

specific misalon.

There, then, were the prin- cipal Electra design goals:

An airplane smaller than current four-engine trans- poris, but fastor Irid much quieter.

enorgh An airplane large to carry up to 80 paszur gora, yet able to show profile at

60 per cent phyloads.

An airplane capable of Ðtled Laking off fully with fuel and passengera and mricing multiple-stop

flights|

wiitkut pause for refueling.

1.0375

10 12/10

2,001%

2.24%

2.011

.2332

0137

21.08

438

2.80%-2.00 11/16

10.6936-10.50%

Blanket crepe

No. 1 pale crepe...............

LONDON

70-76 001~2231

The rubber market was dull with spot down 1/4 to 25 11/10

pence per 1b. Prices:

No. 1 Ras spot

2344-284

Setement house tenn

Dec

Jan/Mar.

April/June

Jab/Aug.

Ost/Ded.

2346-2576 2014-2016 201-20 20-201 20-20%

SACE

Pure Ou

32 Radio Corp. Pre

Bocony Mobil Oli

Bolar Alraft

South Puerto Rico Sugar

Ga Southern có. (The

Bouthern Railway (Com.)

192 Standard Brands

Standard Oil of Cal Standard Oil of Ind. Standard O

NJ

Sleep Rock (Toronto Exge.

13%

21

54

Sterling Drug Co

50

BIE

741

J

30%

20

*4290

*

10-1

肉づきら

Stokely-Van Camp

Studebaker-Packard Corp.

Bunting Mining

Swift & Co.

Texus Ch

Textron Inc.

Time Inc.

Tri-Cont. Warrants

Twentieth Century Fox Fibm

Union Carbide

Union of Cal.

Union Pacific Railway

United Aircraft.

United Gas Corp.

U.S. Foll "B"

U.S. CypжITA

0.8. Le Co.

Rubber

US Smelling

US. Steel 7 P.C. P.F.

90

5761

US Ster)

3095

Warner Bros.

7571

Westhouse Air Brake

Westinghouzeo Electric

West Va Pulp & Paper Wow worth

at 14 designated spot markets was 34.75 cents,

Total sales were 89,028 bales. ---U.F.I.

General marketa, eil bozia, porte;

Nov. Dec. and Jan.

Estate drepe thin Dec. 27: thick un quoted-UP.I.

METALS

NEW YORK

Prices of metal futures eloced

today in cents per lb.

follows:

Lead Dec.

Jan

Zing Dec. Jan,

Copper Dec

COTTON

NEW YORK

Prices of cotton futures closed today as follows:

תן

-th

a-month

13

12.356

1.206

11.35

11,420 62.30%

ECONOMISTS REVISE ESTIMATES

Washington, Nov. 19. Government economists have revised downward slightly their carlier estimate of business activity in the third quarter of this year. But they are still confident recovery from the recession will continue strong and the economy will climb to record heighis next year.

Some economists have in fact 29,976 fattened their estimates of how businem is doing now in the fourth quarter of this year.

BIGOD

The roved third quarter measure of wial output of goods and services uross national product) to be released in a Box Bellers tow days will show a small dip

from the

preliminary estimate 10% of a 440-billion-dollar annpai 213 rate-UP.I.

JATL

Dec, Jan.

2.71 0/10-2.71 11/10

139.00-13.0215

19.3015-10.30 11.70- 303.

Spot

34.20 nom.

Dec.

24.88

LONDON Prices of metals closed today in sterling pår lang ton follows;

30.30

1746-171015 11786-137936 14.40-14. 12.24-12.243

Mar.

May

30.12

Tin spot

21tly

34.24

31.

Oct.

Copper spot

204 2301

31,60

2:30-15

233

Dec.

31.70

-U.P.I

MAT,

Lead Znik hali Nov.

31.M

Moy

Lead 2nd half Feb.

Zine and hate Nov

NEW ORLEANS

Zine 2nd halt Feb.

toring an follown;

Apot

Dec.

Маг.

May

July

Oct.

Dec.

Mar.

MAY

RUBBER

NEW YORK

Nex rubber futures iodny closed 45 points higher to 49 points lower with sales of 19 contracta.

Closing prices:

Nov: 25: Jam! 2150; Mar: 11.20; May: 3110, July: 31.03; Bøpt: 2030; Novi 30.

AMSTERDAM

The rubber market was dull today. Prices cloned in guilders For kilogram, cit

tflows:

No. 1 stubber

Prices of cotton futures closed

34,74

15.83

30.30

30.11

34.12

32.000

31.02

32.00

BLOT

LIVERPOOL

Cotton future closings, pence per b. were as follows: American Contract

Dec/fan.

Mac/April May/June

3117. DE NOV

Dee. as Mixed Contrac

..280 buyer

No. 3 runber

SA bete

No, a rubber

2.41 buyers

2.00 byern

HINGAPORE

Deo/Jan.

Mar/April May/Jura

Octfit,

July/Aug.

BAO PHU

D

V.P.I.

Singapore Stocks

INVESTMENTS

Int. Inv.... + 5.20

|{CITY#LIGHTS:||

"Mis Jones Brenda mate darling--will you may

me

London Ergowan Keraton

CHATTER

ON WALL

STREET

New York, Nov. 19. Encouraging and profitable

Government sources in Buenos Atres

sala Argentina may export tannin, wheat, textiles and des in exchange for coal, į chemicals and heavy machinery.

The

Impressed

president Argentine Chamber

Promotion ot

was reported

of the

LONDON

BECOMES

FIRM

London, Nov. 19. The stock market firmed today on further Govern- ment moves to expand the economy.

Gült-edged

the For

securities CON-

Trade Exchange recently saying "We want trodo with China be-tinued to reverse a long down- ward trend dosing with Bational interests widespread gains of 3/16. Turn- demand it." He was particularly over, however, remained small. impressed with China's machine and tool industries.

CRUSC

our

Selective buying gave a strong tone to a sizeable list of indus- China has also made an offer trials. Steel, however, falled to

to Brazil to buy 600,000 bogs respond to the Government's of coffee for sterling, accords decision to build strip mills in to reports circulating widely in Wales and Scotland, Cominer-

The offer Rio de Janeiro.

is clal TV shares armed following

suld to have been made to the TV capital proposals and

firm, profits forecast. intermediary

Brazilian

which has forwarded it to the Foreign Ministry,

Oils drifted lower. Dollar stock receded on the overnight declined on Wall Street.

Brazil is facing problems of under agreements. In prices, she is withholding part headway, and

mounting coffee stocks international

Gold stocks

made while

further tíns and were mostly

of her crop from world markets | other base metals

is ex- neglected. and the Chinese coffee pected to tempt her.

Foreign bonds and rails were latest mostly quiet and unchanged.-

to the According statistica, she had nine million V.P.I.

earlier bags of coffee in stock

this year more than double the stocks on hand a year be dore.

Precedent

China is

In her coffep offer, following a precedent establish- ed by Russia. Huzain recently offered to exchange crude oil for Brazilian cocos, which is also piling up in Governmen! alocks in face of a falling world marlect.

The Brazilian, state petroleum monoply, Petrobras, has agreed to take experimental shipments of 00,000 tons of oil against

of coepa 30,000 bags

daring November. If both partica gre balance, which satisfied, the

as the upward surge incult take further 10,000 bags

eqully prices has been,

it is obvious that the risk factor mounts as the

cocoa off Brazilian hands, be exchanged.

will

The moves could herald an increase in the Soviet trade list extends its gains with Latin Amerter. Russia and

Ad-

from

a narrow

ar

example,

Poors

Eastern Europe, for Investment

In The Bro

buyers visory Survey.

hidos Argentine

market, Looked at

Argentina is now faced with the fact that East ExTopcon demands for this year have now been fully met.

the

point of view, and using timing precedents as a guide, market may not have much nearby risk. But from a funda- mental or basle viewpoint, its valuations are on an exaggerated scale, and this continues to be a reason for caution-Moody's stock survey.

Instructions

An Argentine economic dele- gation is now in Budapest with Instructions from ats Government "not to tur

home empty-handed". The head of the delegation stated in an interview qunted by the Hungarian news agency that they had come to conclude con- tracts and would stay a month if necessary.

America

is

The confidence index (ratio of primary to secondary bond yields) has been working a bit higher for the past two weeks but is still much below the September bigh. The index hás signalled some backtracking for the November 15 January 15 timo acgment and, on the basis

Another bountry, which is Latin of previous astonishing reliabili Jooking increasingly to ty, a lightening up on the most

Bulgaria. Unt!! speculativo boldlags would be | recently Bulgarian Trade with considered quite prudent-EF. Latin America developed mainly Hutton & Co.

£15 F result

re-exporta Background through West European mms.

A new trado, agreement with, The

of tho background

the Argentins will increano market remains one of strength volume of direct .trade and and wo would look for at Bulgaria is hoping for sales of bigher price. Certainly at this

including investment goods, overhead resistance electric DOWER point no

ora stations, which bas yet developed

and ollier dreasing factorles the equipmont. would pose any threat to Singaporo, Nov. 20. Brokers today

advence Van Alstyne, Noel &

alfier iler quoted the

experience in Co.

countries has not been so good, following stock prices,

Any overdue correction would although conclusion of now World No. 4 sugar futures Batu Langtang Rubber Co.

be equally as selective as the deals with Uzunguny is expected in closed today unchanged to fojtr Ltd.

preceding recovery, with the shortly, according to reports pointe higher with rate of #brils Borneo Petroleum

main brunt of any sciling pres- | tram Soda. She may smelt Syndicate (exßlv) tezed contacta,

Consolidated ลด Smelters Domestic No, § sugar fulurės ora.... pitued one point higher to two | Fraser & Reave Låd Ord. ... 31.01 pointe lower with sales of fyn Fraser & Naive 79%% cuni,

pref

pl. $4.20 contracta.

Gammons (Malaya) Limited $1.71 Hongkong & Shanghal Danik

ing Corp 341 Hongkong. Tin Lid.

SUGAR

New York, Nov. 10.

tumpan tid, (exdly)"

442 Kunia KENDRE TIN

3.47

Jonas Rubber Kolates Ltd,

Opening

$1.39

20/-

1900 you 31.07

2/

10,11

Contract No. 4 (World)

Jm.

MAT

MAY

Judy

Dupe

closings,

99 Malayan Brewering van

12.07

Opris Intereat: 6,629 punjacta

Now, Berandah · Tibber

Lid.

13.78

01.20

Contenet No. 4 (dömentie)

Mar

handling characterisites;

May

00.00 6722

Mar

Petaling Tin, Lad. ........ Ramer Hotel*********

$1.87

12.40 30.50

May

Deo,

08.10

Retit,

Thaponiae; and 24-hour-a-day day-in-and-clay-out reliability.

No.

14

In the United States, the

pofcents per 15, "elf 'NY'

to $0.97

Apót rubber unbated Dise

Bol-90

average price of one-inch cotton

Tex-dity)

Upen In: une cont

41,51 actrina Mall Apecial.

After opening lower in syn- Cotton future pathy with oversens market the cruzeiros per kilo were oltrents per fú, fol) Luba) An pirplane with new con- inarket nteadled on short cover lows: cipta

comfort **?

for Ing and buying of lower shools. passengers and sow! superior | No. 1 rubber per in. Dec. 316-99

cant controllability and power No. 2 rublier phe

| Zinkspare Cold Monge

mrgite Skewerskisip United Engineers and, Werne Bron.

sure

of fron

in-

and being reeled, against | creasing experia that have recently com steel, basic chemicals, artificial manded the heaviest specula Lerisiteers and other products. five intereslayden, Bione & traditionally sold by Western Co

pountries in Latin Amerfen, it

Food machinery & Chemical wouki appear to be some- what chemper than the other chemicals and hended into a period of ring earnings-W. Đ, Hutton đi Đà

Is reported.--Chtner Mall Special.

Exchange Rates

American Can ing BPL- perienced a wrong upturn in derman for Ha'products and it seemned kely the full year's earnings will beller the 212 a. somralian nutes (per £10 chate reported

In 1957- Reynolds & Co-UP.I

FAST FREQUENT SERVICE

TO

EUROPE

and the USA

on Pan Am

World's Most Experienced Airline

For spéirvytles, call your travel aguai be

Phase 32001, Hong Kong

PAN

AMERICAN

Pat Ameline Wolk #emas. Int. Jagersted in the Moment New York, 47, 4. Au mich imati kabuko

Parasitic Mix disease, itching

Mitigal

mom was tone in the gent

avstänga

Market this

0.14 TIREME staring noter (pre All

*Baycs » LEVERKUSEN

12.07

GERMANY.

Indonesia rinkali" (per 1003 2

Plan Dente (per 100)

24.73

Hingspor (@l{u}