1958-11-25 — Page 9

TRANSPORTATION

OKINAWA BUILDING

JET-AGE

AIR TERMINAL

CIVIL AIR

FOR world travellers in this jet age, Naha,

Okinawa will soon have the most modern passenger air terminal second to none in design in the Far East.

Ar

THE CHINA MAIL, TUESDAY, NOVEMBER 25, 1958.

INFLATION WORRIES IN UK

Reasons For Unexpected Cut

Bank Rate

In

By RONALD BOXALL

London, Nov. 24.

Last week's cut in the bank rate from 41/2 to four per cent was the fifth reduction this year-and the only one that caused any surprise.

Given the fact of an Delive policy, predicting manetary changes in the Bank Rate is not too dicunt. Most of the informm- 12thin on which such deelstons ave 8 made is available to the public and conclusions that cnti be drawn from 1, seldom, if ever, those from

Re- vary signißcantly reached by the authorities.

Bank murt cently, therefore.

anti- Rate changes have been cipated, and only the timing of an actual change has sometimes cased any "surprise."

This is the opinion of North-¡ fremmal is heated on some

acres of reclaimed land Manager west Airlines Station

speaking the northern tip of Naha Gordon T. Granlund,

U.S. 12

Air Force Schurina Bus In his capacity the rombined Airlines Operating installation with one 9,000-foot echerete runway and a 0,00u-tol whel: (AOC) Commutter.

In addition Inter cutarrete tax strip. four

making aviation defence needs us the utlines

Furce and the US stops here US. Alr

the U5 Governmetal and the dozen carriers making NavY,

provides full use of the runwa Conical

1711 Connreizl Die to

vising Okinawa.

Lepresents

national

regularly-scheduled

#110,000

Ryukyus

serslau shops Fesidenta

the

Front view of Okinawa's

now passenger air world's terminal expected to start catering to the

air travellers next February.—(USCAR Photo).

bril

"We're get Ling The possible building" to erve the

world's air travellers, sd Mr JAPAN SWAMPED

Granlund.

The

bull's

owners, the Naha Air Terminal

Company, a Ryukyun organisa-WITH SHIP ORDERS

tion, went along with quite a few ideas of ours in the actual

planning and construction of the tamina)," he said.

MANY IDEAS

TAPANESE

JAP been

Caught Out

But this tune the pundits were caught out. True, the gilt-edged market which usually discounts a Bank tale change well in ad- vance, has been falling for the But this had past few weeks. nothing to do with en expected the On Bank Rate reduction. contrary, it has been falling be- euse Investors teur that recent anti-recession moves will lead to So new inflation next year. they have been switching

from ell-edged investments stocks, which carry a fixed rate of interest, into industrial shores, which have a bußt-la protection against inflation.

their

down to a "realistic" level, ready for the upward move that may be necessary later on,

Puzzle Key

So we have a curious situa- tion in which a short-term policy expan- willo is directed towards the Fion of consumption, longer-range thinking is turning towards the problem of death with a new lanation

The key to the puzzle is con-

any sumption-economic activity that has for more effect than other on the level of a nation's output. The inflationary bubble burst In 1956, when consump tion rose much less than in the previous boom year-nainly, R seems, because of a sharp rise in relalt prices. Industrial pro- but it duction stepped rising.

months, until recent was not when production actually began to fail, that the problem stopped being one of inflation, and be came instead, a problem of re- And the means chosen cession. to deal with it was the abolition of all credit restrictions previous-

CITY LIGHTS

11

Having Called to predict however, experts have conceded that the latest Bank Rate re- duction has a certain logic be bind it. It would be expecting too much to hope that it will enable industry to put more MEN to work this winter.

OS.

алу

likely benefit must be looked for

on the negative side. And it is

not too difficult to find.

Riding High

Externally. Britain's economic position has never

reserves

been better

-Actually

ts

พบ

have gone on

rising

favourite picture-

Landre presi 247PICT

Tokyo. shipbuilders since the war. Guld and dollar swamped throughout the seasonal period with orders for 300,000 gross of strain on sterling, the pound on world tons of ships from foreign itself is riding high

the balance of into the firms since the beginning of markets, and pileus Linsed ant this month, the Transporta-payments is running strongly in known aupers such as Hanedation Ministry reported.

The airlines "threw

TEL

E11 experiences

Iri

; nd

London on parts.

risk was turned

nstruction

regularly

They

well-

New

از

in the seven months

ents

our favour.

J

ly imposed to courage con- dumption.

is nut But consumption But hiternally, the position is thing that can be regulated like a Laja. Industrial | the flow of water from cause of anxiety.

un Fine adjustments are impossible. production is ragging and

A reduced rate of growth in ten- employment is rising and is ex- Plus cun-

industrial sumption farled the pected to rise more.

stagnation that led to the pre- Juncture alone may not be suff-

for reducing

sent recession and only a sinal

to is needed Increase

rnati Hunk Hate, but added to the

meustry to bring its tw idle feet that when the present res cession is over-us it is expected capacity into full production. to be in a few months' time. inẞation pay reappear as

reduction danger and main

elent rear 1913

the

150

UD 10 Toky lewd in

Brussu York, and the Shannon, Ireland tætober 31, only 222,000

Not

vas ut ships for export had at the Naha been ordered.

that sile 11451 the he Muistry predicted scheduive Airlines the late flood of orrters winald send Jupun's total of sulp ex- satielled were representatives with the Anal building plans

unnage above the 800,000 endorned oncli separute Fuse lou mark for the current

your, which Thus, the buildings al

March 31, 1959. sting $250,000, half of it leted by the Ryukyu Heron-

an SURPASSED struction Finance Fund Bank of Ryukyus, is an amalgam

The totul now stands 1 After the tour previous ideals and

As pul of reality

522,000 gross tons, and already duetions of the Bank Rate, the together by

Airlines, the

hus surpassed the Ministry's was still regarded as high given bolding owners, contractor and the architect, Mr Runeo Miya-original gont of 500,000 for the the facts of external strength and

A interul recession. hira of Naha. Completion is ex-

that reduction to four per cent could pected around February.

widers were taken a cat-rate | safely be made. But the fact that

that

general was made ugainst prices, but did appear

probably means expectation places were low.

lar- that the airthorities too, are be-

The 37,000 square feet two- rtorey building is a solid mass

of steel and reinforced concrete. and thermopane

(double- thickness Insulation) glass designed throughout. specially

withstand

blasts typhoon from the East Chine St.

to

The

cotire fiscal year.

denied The Ministry

nakes sense,

ru-

!

further

The Ministry's original gets were 500.000 gross tons ginning to get worried about the in receipts passibility of renewed inflation and $145,000,000 But with 522,000 gross tons al-once the present ready ordered. The receipts total over, and have taken the pre- coulion of getting the Bank State nly $133,006,000 --11 321

recession is

COMMODITY PRICES

RUBBER

NEW YORK

The rubber futures

market

today closed 40 points higher

to 16 points lower with plus

ol 52 contracts.

Cloning prices:

Nov.

Jan.

Mar.

My

Mily

Sepi

Nov.

Dec.

Jan/Mur. April/June

23.201

General markets, elf hanta, ports:

Dee. d Jan

Esinte crepe thin

Dec.

Entate crop thick

Dr.

AMSTERDAM

New York 2014-2025 Montreal

Amsterdam) 2014-2019

Brumela Copeshangw

Milen

Parim Stockholm

2014-20 Frankfurt

27

271';

The rubber market was dull toxify. Prices cloned, today In zuliders per kilogram, c.i.f. December us follows:

33.40

No. 1 rubber

31.40

No, z ruliber

+1.25

No. 5 ruliber

21.10

No. 1 repe

31/0

31.00

2.33 ner.

2.30 nom.

2,4 110.

13 menu.

-V.P.J.

SINGAPORE

The market opened sightly higher in sympathy with over- sens advices but eased on a very quiet market under trade and Federation selling.

No. 1 rubber per 11, Dec. 0913-0015

Jan.

No. 2 rubber per Th. Dec. 13-07

No. 4

Apoi rubber unhaled

Dianket crepa

No. 1 pale crepe

LONDON

FOREIGN EXCHANGE

NEW YORK ·

Closing rates were: 89-91 Campás

England Gerelat 76-74

Do-day 53-03

Australia New Zealand Smith Africa Beigh

The rabber markel was idle

with spot quatéð al 25%1⁄2 pesco

per # Prices:

No. Nespol 'managers Mellement house teczna?

Mentina

trügilay

Other unclubed.****

LONDUR Closing rates were:

2.312

202 vie

No.

+

"

BAB

2014-20

Vieman

Zurich

Others

28014-202

2,70 9/10-2.70 11/10

10.5714-10.5745

139.45-339.50 1034-1934) 11.00-11.09 11447-1745

20,004%-20,007: 1704-1377

14.45-14.487% T2.12-12.45 12.23-12.23% unchanged V.PI.

METALS

LONDON

The tin market was quiet and coiler. Lead, copper and zic were also easier today,

At the end of the unofficial

May Be Tipped

HONGKONG

STOCK EXCHANGE

Our Own Correspondent Businces dobe on the Hong- kong Stock Exchange this morn- ing amounted to approximately the morning's transactions were BANKS

$282,000. Noon quotations and

Sharks Bayera Neliers

Union

SHIPPING

Wherinek DOCES, HIC.

K. Whart Dock

Provident

10)

LAND, ETC HK Hotel fik Land Humphreys Renty.

Balel

LARGE SELLING ON

WALL STREET

New York, Nov. 24.

Selling hit the stock market in volume today, slashing prices from a point to three points or more and forcing tickers as much as eight minutes behind floor transactions.

Tickers rin late through the, Cat. Tractor first hour handling the volume Financial Corp.

23 a 243 which increased siendily as the

decline gained momentum.

740

170

5.20

BG

24

12.40

21.40

30 2012 14.40 16 1.35 1.3715

73

300 M

30

500 na

2000 8

5700

1.30

Artois.

1.05

1,00

100 M

10 15

1000

1000

1&13

1413

Trum

2.03 3,15

A. Tawak

Sungla

2.48 2.03

UTILITIES

TinGL

.... 23.39 25.70

103

25.00

1000 A

M DO

1,00

TO

16.00

7

1300 <1 500 4

24.20 244

1000 $1

Star Ferry Vaimenti

P. Light

(0)

Electric

+

1Rt. 13.10 1.30

21.70 23.90 R) 7.00 7.16 INDUSTRIALS

Telephone

Cement 241 24.90

STOLESA EIC. Dairy

The market, already consider-

ed in a vulnerable position be

of recent wide gains, had

two things working against it-

Colonesa Cep.

ysler bloturs

Douglas Aircrali

Dow Chemkals

Paramount Pictures

Co. Penny

Procter & Gamble Co.

Publicker Industries

Pure 01

Redion

Blader

Prof.

Stop blic Sicel

Bears, Roebuck & Co.

E?

2014

M

Pena Sali Co

50

Philip Morria .............

Cluett Peabody.

cukmiblan Carbon Çə, Contineath Oil of Del Dansand Aikait

415

42

Dumond Match Co

32

17

701

10015

Shell Oil Co.

Sauit Rex. Paper

*

3015

9chair Oil

624

Sorony Mobil Oil

Solar Aireraft

47

19

Stuth Puerto Rico Sugar

71

National Ons

117

31

the President's move to cut bud-Dupont de Nemours

2 Pako National Gan

get figures and the Thanksgiving Family Finance Corp.

Day holiday on Thursday which many traders will extend to a long week-end.

Trading was on blocks rang

14,000 share in Bethle- ing hem, 10,000 Studebaker-Packard and Schik 7,000 Royal Dutch, 4,000 each in Jersey

eneral Dynamics

Gen Pub,

Ges. Tvie Rubber

Goodrien

¡A FI CO Gunman Abereti Gur ou

Heyden Newport Cory Boine Lake Mining Co intend Sweet Co..... Standinterchemical Corp.

nd US Steel, 6,500 American Telephone, all at lower prices. Full groups were hit

Blue Chips

Blue

American Tele- chip docfined phone

34 pointa There were drops of three more in Dugies Air- points or craft. Youngstown Sheet and

Tube, Minneapolls, Honeywell, 300 470 Merck, Eastman Kodak, Allied

7201 01

24.00

500 12.70

Chemical, Du Pont.

Zenith slumped dry points

lost more

iban

15.00 Rethlehem and U.S. Steel each ในท points. a point General

Genera!

Motors feit

2015 15.70

200 41

500

Walsum

12.30 12.70

000 1000

13.40 13.80

3.00

13.00 Magma

down 1wo

Synamics

and

Bouing

2000 61

500/

Lane. Craw, COTTONS Textilen... Nangang

MISCELLANEOUS

Fest

INVESTMENTS

but Inv

18 18.20

A

5.15

500 2 Rao Coppers were off sharply with 1800

2000 7

853 788839-

feit

around two in the aircrafts,

Later in the day the market

:00 | closed

CHATTER ON WALL STREET

There

New York, Nov. 24.

is a considerable amount of profit-taking in ovidence, but this type of selling is being absorbod ahead and pricos move again. The market has a here strong background and Further advancing tendencies are looked for -Van Alstyne, Noel & Co. Pan American Sulphur Co carnings are running moderately ahead of Bl yeur's spits, whereas the earnings of 19

a11 Bre

down- competitors Amott, Baker & Co.

carnings Mack Truck

at $3 1958 estimate d

VIDE

for shiney

The fear is that the measures may stimulate already taken, too much consumption. In other words the seale may have been with a sharp recovery to 30- tipped too much the other way. $3.00 expected Many observers believe that once cormings of New York Centeod the new measures take effect, all have shown

in prevent macul this the old inftationary forces now

to continue

than

mod

dormant leal nut deed wll_se Trend $% revived in a particular tendency | despite an eight-cent buil for wage to rise faster

wage increase to employers on productivity.

November -Paine, Webbur Jackson & Curtis,

Can a new inflation be pre- vented by use of the Bank Rate? It is too koon to say. But by their recent performance the authori- ties have shown that Bank Rate action is no longer too little and too late, last week's reduction shows that

looking they are ahead-end probably means that the next change will be upward. -London Express Service.

STOCKS IN LONDON IRREGULAR

London, Nov..24.

Subsidising

Con ese wil mak: subsidis ng of the buliders one of nom

first orders

of business

chases when it convenes will probably authorise mort-

purchases

with a total of 1,267

1,042 declined and only 126 Improved, New York Stock Exchange bond volume was $8,550,000.

American

Stock Exchange volume was 1,000,000 shares.

New York Stock Exchange

issues out of which

volume was 4,770,000 shares.

Dow Jones closing were:

30 industrinin

20 rati

16 utilitem

(5 stocks

40

bonds

Comm. future price index

Closing Prices

Allied Cheraients

Allied Mille Inc.

Allis Chalmeta

Anz. Brake Shoe

American Cable & Radie Corp America Cyamanid Co. Amer. Forga. Power Aur. Qas & Blectric A Home Prod Am. Mach. & Fdry American Mutal Am Sugar Ret Bridwin-Lima-on

Beneficial Finance...

Itendix Aviation Corp

Bethlehem Biocl.. Boeing Airplane

Buiden (The Colos

Burroughs Auti Callf. Packing Corp Campbell Soup Co. Canadian Pacific R Case (J. L) Co.

H.89

130A1

0531

100.13

002

153.17

ELECTIONS

BOOST FRANC

Paris, Nov. 24.

The election results boosted the "free" market value of the French frane two paints today.

International Paper Jon-Manville Co Maker Industry Liggett Meyer Tob. Co. Lawn

the Star

Cement Co.

Lowenstein & Sons

McDermott J Ray

Alterati

40*4x4

Southern Co. *** |

Southern

Southern Railway (Corn)

Signend Brands Bandar

O Cal 17andard 00 of oral

A'

Standerd of NJ

1119 Sleep Nues (Tocanto Exe

$27

Studebaker-Packard Carp

Sunstiine Mining

Swin & Co

Texas Ci

704.

| Textron int,

مالان

Tide Water A95. ÓR

Tr the

Tri-Cont. Wahenta

32% wentieth Century Fox F

McDonnell

Ain

Stock Exgej ... Membi Iron Corp. Monsanic Chemical Co.

limon Carbide

Union Oil of Cat, ...

Mong

Ward

40%

Union Prune Railway

Motorola

finited Aircraft

National Bisvall Co.

United Gas Comp.

01

US. Gypsum

474

US. Lime Co.

101

7242

US Rubber

2016

US. Smetting

15. Strel

712

U.9. Sed 7 P.C. PF

Com

24

National Canting. National Dairy Prod National Lead .... National Steel Corp.

New York Central Norfolk & Westem Ry. North Amer. Aviation North-west Airlines Olin Mathieson

Elevators

Owen-linola Glaxa Oxford Paper Co. Pacific Gas & Elec

Pan American Airways

*

DALI~ and

»

The value of the trane on the

open market was quoted at 449 to the U.S. dollar compared with 451 last Friday.

•

at par- Kage Engineering News-Record

Increased emphasis on pre- mium-priced tyres and a grow- market in- ing replacement dicate that capacity during the Gret half of 1959 will be more utilised than in 1958--Journal of Commerce.

General Tyre 1938 prollt est- mated at 1.6 against 2,12 1957 with a prospect of 3.30 ht 1959-Ira Houpt & Co.

The machine tool Industry is still in the doldrums. New orders Stocks moved irregularly to have failed to improve in the

'day in cautious trading.

first nine months, but Industry Concern over the German has a great comeback potential-- crisis helped to keep the market | Value Line.

on edge.

British Government

California Electric earning. bunds closed mixed with wor rising from 04 cents a share in Loan 3% of 0/3.

1057 to 1.10 estimated for 1056.... German bonds declined again Tampa Electric net for 1853 In the forelim group. Other at 1.75 against 1.05 in 1957 with foreign lens moved whin

The official rate is 420 to the dollar.

At the same time, the Paris bourse reacted favourably to the marked awing to the right in yesterday'a nation-wide voting. Values of French shares, particularly petroleum and com- panica with North African hold- ings, rose in today's trading.---

U.P.I.

Singapore Stocks

Singapore, Nov. 25. Brokers today quoted the fol- further rise to 2.25 projected for lowing stock prices:

& Co... narrow range. Industrials open- 1000-Harris, Upham

cd on icsitant note and turned |UP.I. canler before the close,

South were

Qu

gold Issues African fractionally Jower, and rubber issues declined- U.P.L

London Silver Prices

Batu Lintang Rubber

Opening

ca. 18. $2.10 British Borrea Petro-

Jeum fyndente 50/ exdiv Colidated Thn Smelt-

era Ort, Praner & Neave Ld.

Ord.

20.

51.0115

Iternoon sesalun, prices closed Agreed Merchant The price of silver remains armors, 11:42

Rates

Swiss Franen, runximum grB- 7574Ing 76-3/10,

Fraser & Neuro Lld London, Nov. 24.

en_pref. unelinnged at 774 and 76% Hongkong Shanghai

Comp...... $305 pence respectively for spot and on th

mana....... forward-U.P.I.

MOTORE Kampar Th LAND RUNDer

Ltd.

Drewetion For $3,00 Molayan Nave Herardots Rubber

West German Deutschemarks Exchange Rates

in sterling per long ton an fol-

low*:.

Buyers Sellers

Thu

29 7/10

1.09 19/32

100

760

2,72 7/10

+muti Compet

Sinot

100

700

inaximum selling 715%.

22312 2201

224

0 11/10 Lend 2nd half

NOY.

3439 7424

Belgiem ramen maximutan Felling A

3000

4

74

Zine and half

NAT.

73

Feb.

Petaling TID LA

Tlates Holef

1.77

Bundnew was done in the Untoiat ht market

thie morning at the following roles:- Mulayan Dollars: Maximum S., dojier (per $1) Selling, 44 13/16. Minimum Arling notes (per' £1100 Duying, 63 5/10 T/T: 53% OD; Aralin nudes (Der £11. Indonesian rupiah (per, 100) 160 110 30 days; 53 1/10 00 Glam Hosla jper 100)

Jayz..

Singapore (Balta)

more Cold Atorage 18.91 Straits Trading..................... 1199| |STUMÍCH. Stevenwhile, ku

0.10 Upнed Enganche ɑn. 20.70W+ame Bros.

Upd

$1.64

50

$0.0

$2.

Cling Mall Sproval,

*

如

201

Warner Bros

Westinghouse Air Brake

97

יוז

137%

224%

27

47

3491

0214

93xd

派

27xd

WEAKINGHOUse Electric

Western Union Tel. Co.

2015

West Va. Pulp & Paper Woolworth

19!

-V.P.I.

P.OB.I

COMPANIES

TNSKA ADURGARAGE DOO

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL $.N, CO.

"SOUDAN"

**PERIM"

Lever U.K.

Salled 1/11

Salled ASIA

Salled 14/11

Due Wongkong

9th December

Outwards

"CARTHAGE"

"COROMANDEL" 28th NavRIDOR

170 December 14th December

4214 Janunty.

10th Jane TY

12th January

"SUBAT" "CANTON" "CHUSAN"

Flomewards

"BALMAKA” † "CARTHAGE" **TERIM" *

"CANTON"

"CHESAN"

8th December

12th December

23rd Deceinber 21st January

Leaves Cangkang Due Landon

7th December 16th January

18th December 12th January

9th Janua

7th February

18th January 16th February

3rd February

3rd March

Via S'pore, Penang, Colombo, Bomh17, Aden a Pt. Sat.

↑ "KALMABA" forða for Sizálts Parts, Aden, Pt. Sald, Lom dota, Flamburg, Rotterdam & Antwerp.

* "CHEN" loads for London & N. Continant unity.

BRITISH INDIA S.N, CO., LTD.

from Calcutta, Rangoon, "BANGOLA” das 20th Nov.

Penang & Singapore sads 30th Nov. bar Japan

-PACHUMBA” due 17th Dec. from Japan

Balls 19th Dec. ft Slogapore Penang,

Rangoon, Calcutta Ludugong

P. & O./B. I. JOINT SERVICE

dus 30th Nov. from Carachi Klik Uen.

sta Doc.

LOT JADE

from Japa

Dubai,

for Bingapore, Penang. Cochin, Bombay, Kata- chi, Muscat, Kuwal Khorrainkh EHF

from Bombay for Jup

from Jaga

fur Bore,

erectil Dubai, Kuwait, Baguh

& Khorramahal

*

"PADANA"

"ORDIA"

dae And Dec. 4th Dec.

"UMARIA"

"URLANA”

dua

0th Dec.

dio

Em 1162 Jez.

Dia De

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

"EASTEIN"

#ARAFURA”

Apacs Iohn De

il 14th Dec. for Labum, Sandakan. Brisbane, wydney, Mal

vourner de Adelaide

from Australia

doe 11th Dec.

1 13 Dec, Trot Japan

All vessels have liberty to call at 'kty 'perta on or of the route & the route à sailings ära redjøet. to change or amendzient with 'ar without betles.

For full particulars apply ter

CU. MACKINNON. MACKENZIE

OF BONG KONG LID. Telephone Nos 27724-4.