TRANSPORTATION WORLD BOYCOTT OF 'FLAGS OF CONVENIENCE' SHIPS SUCCESSFUL'
Rotterdam, Dec. 2.
THE CHINA MAIL, WEDNESDAY, DECEMBER 3, 1958.
Underlying Strength
Shown
On World Markets
By SYDNEY S. CAMPELL
London, Dec. 2. The markets have shrugged off Wall Street's worst day in three years, the Berlin problem and all other restraints. Only two days after Wall Street's break, the London Stock Exchange is if anything more cheerful than ever.
Even the Clermon stock ex- changes, where
Bern The
THE Secretary-General of the International develements touched off a smart
Transport Workers Federation said tonight a worldwide dock workers' boycott of "flags of con venience" ships was "generally successful.”
it was must successful in ther That fed
tla
revetion, all Moscow's promise of six months standstill in Ber- Lri. Unless people start worry- ing about what is to happen t the end of the six months, the cheerfulness is understandable.
The use with which markets very minor to snapped um
technical renetton---41
time when
appared underlying overdue augurs strength.
իր: -
NEKSTIMON Was per cally States and Canada, he great in the United States
Nacid "Some 5 ships are
American ports
Omer Beru, Belgian offedal of World Union, told Untied Press International alust to el of 150 she the boycott was antined
effectively hit at were
Aircraft Exchange To Open In January
A
The four-day boyratt, startest yesterday, was aimed at as
Parraina, HIL registered duras, Costa Rica and Liberta, Poutatiles whose tux laws t have afleted
WPŁY
formig shippers
from other Reports pirits Indicate? The buyruti's effectiveness varied from
world
hid
wwwess to at Talk:re,
Brea ac he was
Kri
skilled The
[LA will
sly put not affected was Jiull, where a competing trade union Jd the imajority, be sakl
New York, Dec. 2. NEW international or-
known ganisation
Exchange New
I will rewrits
Aircraft
York IN ROTTERDAM pen offices in And Londen on January fi But
Was bitterly
to begin its activities as an appointed by deckers in Rotter- information
agency
transaction market in
today.
the action itself, where and dam
The boycott here was air-con
called off last night after a dis learned here mal showing yesterday.
Becu said he would leave for
and Autwerp today
proceed from there to his union heud- quarters in Londen tomorrow.
craft, it was
The new
company.
President Is
will publish
newsletter
ol
whose
Robert Helllesen, its Arst weekly thi aircraft
RTOHN
market, particularly in transport planes of 20,000 pounds wright and over, on January 8. THE IMPORTANCE
The importance of the new mpany is underscored by the experts that the Faders t memorily of sane 4,000 piston wircraft belonging to sonte 300 companies, are stue to change hands
the Text Avo within
the jet age" begins. year as
Aircraft
יw iיין
wi Exchange bverters Throwgh-
The of
gative loat on and of averilt wanted
rred for sale or rent
Thu
ITF executive council will meet Louden in the mid- dle of this month, Boeu said, "to discuss further steps in the action against convenience flag shipping."
IN ATHENS
In
the Grech Ather::4 authorities have talten steps to ensure that all ships, including thore flying tags of convenience should be loaded and unloaded In Greek parts, an official com munique stated today.
1
was
disclosed that
LA
The company will also help furt shaps
The Fre world with agreement had in reached nutr
fween Greek shipowners and the Pan-Hellenic Federation al ¦ Sewana, whereby Greek erws at com. Aying gemence
the should enjoy an advantages with regard to Text urnace as the crews of Crech autogas... UP.I and France.
Presse.
Europe! La America and other areas ford es caressurs dallas
inyers and renters in
MEMBERS
10
the
412
regular pre-raises f Exchange - Butely
aircraft compuncti
companies, Invest-
transport construction
ment agents, and government aeronautical
Japan Leads World
Agencies will Shipbuilding
furnish information on planes for vent or purchase, und such information will be received up to 2000 curs GMT on
ench
days
Washington, Nov. 24. Tues- SHIPYARDS in Japan do-
morg
merchant
Ilvorad the when week, market will close. Then the | ships of greater total tonnage highest prices and lowest offers than any other country of the The world in the fiscal year and-
will be matched
and on
following dny the Interested
tact
parties will be placed in con- ed Juno 30, 1958, according |
to an international compila- On the following Thursday tion of estimatos by United
of each week, a market bulletin Statos Maritime Administra- will be published and sent intion statisticians. must cases by air mail to the FACTS.
Members outside the dollar zone will be able to settle ar accounts in Sterling-France- Presse.
Vickers Vanguard: The Fare-Slasher
Total Japanese deliveries were 184 ships of 3,384,000 dead- weight tona.
or
Germany ranked second in number of ships (1,000 tona aver) delivered in tizen rame year but thetr tonnage was sightly below that produced in United Kingdom shipyards,
Germany's deliveries were 104 ships of 1,700,000 deadweight
white Jong
Unlied (DWT). Kingdom buill 158 ships of DRITAIN'S latest airliner 1,032,000 DWT.
Bh turbo-prop Vic- MERCHANT SHIPS
kers Vanguard--could savp
Merchant cup deliveries in from airlines muny small
other'major shipbuilding nations bankruptcy, its mokors sold.in DWT were;
The Vanguard-starting 1,600
|
severe one
To Belinin, at least three big new unit trusts are about to be announced and will have to buy their portfolios of equttles before The units can be distributed.
*This
Exaggerated
prospective buying on the market, though real enough, can doubtless br exaggerated. Probably 1 will-but the exag- geration inagnified the bullish 1 eventually impact until
currected agħlui.
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong- kong Stock Exchange This morning amounted to appro- ximately $389,000 Noon quota- tions and the morning's trans- actions were.
Irregular Decline On New York Market
New York Dec. 2. Stocks declined irregularly in reduced volume today. Late selling brought declines of more than a point into the and leading steels, some of the chemicals and rails several aircrafts. Special issues produced both strong and weak spots.
The drop in steels came at a time that the schedule of opera- tions for the industry was raised und there was nothing in the Motors news to account for it. ensed!
instapocs, inos! although American Motors
suony and ran up turmect point. International Paper fell more than two pointa,
111
Metals
Cleveland Electric uniinat ing ran up nearly two points to sustain the utility average.
Magma led the coppers lower abd at its low was off thro0| points. Freepor: Sulphur fell more than two points. So did Zenith Radlo. There were soft spots in the tobaccos and elec-
ironies jasuta
Or a total 1,251 issues traded, 431 wore higher, 009 lower.
Stock New York
Exchange volume was 3,320,000 shores.
Colombiars Carbon Cur Commercial Credit Commonwealth Elec. Consolidated batson Continental Oll of Del. Crown Zellerbar Cuban Amor. Sugor Planond Alkali Dainost Match Ca. Bougler Alternti Dow Chemicals Dupont ith Nemours Eastern Airline Eastman Kodak
El Ja Nattunus Go Ferly Finance Curp.. Firestone Tyre & Hubber Pora Motor General Dynamics General Electro General Foods
General Motors Gen. Pi Duy.
Gen. Tyre & Rubber Getty Ou
Lilidden Co Quodrich 13Cu. Goodyear Tyre Crumitan Aircraft Gulf C
Heydon Newport Corp
47 Sterling Drug Co
di Stokely Vou Camp
201 dudeker-Packard Cori Sunshine Mining 5614
61
07
301%
Swift & Co.
Texas Co.
Dextron Lave.
Tide Watce Asan. Oil Time Inc.
31% Ct, Warrante
Twentieth Century Fox Fam 72nion Carbide.
107
336
Quion Qil of Cal
Union Pecite Railway
14x4nited Alreraft
3414
Waitert Gas Corp 1.3. Full "D"
10116 118. Gypsum
US. Line Co
0312.5. fubber
CHATTER ON WALL
STREET
New York, Dec. 2. After a more OT less straight line advanco since April, broad swings bo up and down are to expected. The market becomes overbought at Imes and sharp correc- tions' keep the market in healthy technical condi tion.
As yet, the market shows no 14] sim of forming a long term vulnerable top, although 16 is 3479
tu nush corrections similar to 10% those witnessed in the past two months. Until a much broader top is formed by the inability of the market to move above a 1101 former high there is not much scrise in trying to`guess a top- Edmund W. Tabell, Waiston & 201, Co.
302,
10
We would be inclined to be 304 lemporarily cautious for prece- dent dictates a lest of the re- contly established
+452
14
תני
Mercantile Bank
Alstyne, Noel & Co.
lows Van
Auto Picture
picture Until the nuto sales Jacomes a mite clearer, 11 19 expected that the market will continue
to experience
and hesitancy could all change rapidly
Wavea
This
with
aulo
sound evidence of wide model acceptance-E. F. Hitton & Co.
SL
70
U
ફ
48%
8. Steef 7 PC PP
11715
Warner Bros.
**
WVeg] Khurd Air Brake
G
Westinghouse Mectric
Western Union T
Co
73xd
West Ya Pulp & Paper Woolwor
145'h
UPI
1
120.
of doubt
inhd Steel Ca Interchemical Corp
Hentake Mining Cu Ingersoll-Rand
130'
ET?
International Nichel international Paper
Im Business Machines Int Harvester
43
Final Dividend
132
shares.
John-Manville Co.
Kaimur industry
13)
overages
Kansas C Power & Light
4112.
90
Kennecol Copper
Liggett Meyers Tab. Cu.
Bul
001%
Lockheed Aircraf
20
558 A7
344
64 per
The Directors of the Mercantile Bank Limited. announced today that they will recommend Onal dividend for the rear end- Ing December 31, 1955, of cent less
A
Income
134.32
14%
LEX.
14:31
56
¡Am
1043%
New York Stock Exchange
j bond volume was $8,340,000.
Share Buyers Nellor Sales GOVT LDANN (0347% (1994);
TXO K RANKS
1 Bunk
705
1.CKI
4
21:0
Erni Amuu
which
storm
ENBURANCES Valon SHIPPING Wheelocks
72
630
150 1909 310
Dow-Jones
400 40503
355
30 industrials
*2
43
270 12
10 ud!!ley
The lower Bank rate belps the
market glit-edged threuters to become +
centre,
Both that market and equities
DOCKA, ETC nay be further helped by the
Tick Chancellor of the Exchequer's | Provident assertion that Inflation has been LAND, ETC
UK Hotel "pretty well eliminated" so that
** This club, Mr. Welber. OCT, is just s with upright City business men!"
JK Lane!
Runbarey% itensty AUBBER
A Assy Trust A1 BusRaks
UTILITIES
Trum.
star Ferty
Yausti
21 30 21 30
4 30 30
14 01
13A 1375
100 1.825
2
203
25.70 25.00
107
10
C. Elak KU 16.30
Electric
Telephone
Dairy...
Watson
Wing Of
ZA.40 2499
At 19.10 1120
24
RIK 7.20
Americon Stock Exchange in Tet Tel volume was 1,570,000
rlosing
1000 2135 50 30 23430.25 $799 M
03 Blocks
40 bonds
Joan. future price index
Closing Prices
Alter Inc Aci Alfted Chengala Allied Mills ne.
104.30
Bar Cement Co Lowenstein & Sunk
Airetatt 162.17 Buck Exgo.)... Mesab! Iron Corp Minnesota Mining Mission Development Monsanto Chemical Co.
80.41 McD J. Bay
Montgomery Ward
Matoruin the.
National Bispult Co
150 205
300 4 23.90
340 18,40 51244 3507 13.15 130324
129 7.20
1000 u 7,20
21.00
23
400 gr 21.00
.. 13.00 13 30
100
15.70
400 25.80
11 13.30
(IIK
305
NKOVADR INVESTMENTS
Int. Invest
National
$ 24
Alla Chalmers
27%
A. Brake She American Airline
4514
Natural Dairy Prod.
National Cash Reg. "A
American Cyanamid Co
American Cuble & lodiu
Cor
24%
Lead
31.
Amer. & Forgh. Power
Atc. & Electro
Am. Home hod.
Am Mach. & Fary American Met
Autorica Seling Am. Sugar Hel.
American Tel & Tel American Tob. "H" Anaconda Cepper Arno Stori Armour..
Atlas Cons. Mining
Bakeltrum Timer
Batilinar in Dentilelat Finance
Bendix Aviation Cor J>.
Denques Cors
3J
National Steel Corp.
Now York Control
Norfolk & Wentem Ry
North Amer. Avistun
North-west Airlines (Ċimu
Olin Mathieson
Oils Elevators
Peru. Bait Co.
Procter & Gamble Ca
11% Pittsburgh Plate Glam
25 Radio Corporati
129
33.
25
Oxford Paper Co.
47
Pacific й & Elec.
34
Pan American Airways
199
Paramount Pluttes
144 Parke Davis Cu
15034
Penny J. C. Co.
0175
ન
131
Publicker Industries
13
4
Puro Oil...
4911
Republic Steel
08
Reynolds Metal
18+
€1
Sears, Roebuck & Co.
3041
Hoelna Airplane
6032
Shell Oil Co
2013
Saint Reg. Paper
Burroughs Add Machhre
Suchir bit
Calif. Parking Corp
Socony Mob
Campbell Soup to
487%
Seler Aircraft
chas
in the thehr!
local
| Canadian Pacie R.
28
South Porta Rien Sugar
2;
Southern Co. (Thel
C. Trager
Southern Nation
GMK
27
Southern Railway (Com)
CIT Financial Corp.
50
Standard Br
50
Stendam Oll of Col
Rendar On of Int
A
Standard Chef NJ
Steep pak (Toronto Exge. I
1126
Exchange Rates
Business wa the
exchange unofficia! moting n the foftowing talen D.9. dollar per
tetraan miter des En
notes per £!!
expansion can and must be re-
up with sumed to ecp "explosive" advance of science. A regular theme of both the Chancellor and the President of the Board of Trade is the need to help poverty-stricken coun- tries of Asia and Africa, particu-Singapore (Strait turly India, where income per head is only a 20th of Britain's.
Channelled
From expanded output, more sources can be channelled to Asia 10 as to keep up with
Soviet economie expansion and
penetration. This adds a wider boss 10 the international econumle and political grounds for expansionist policies.
It is taken very seriously. In Whitehall, the word "gap" used
to mean the dollar Kap.
Since the Montreal Conter- ence It means the gap between Western and Aslan vlug star- dards and it is used
In that sense throughout that confer- enco. AL
Com- all previous monwealth conferences it would have implied dollars.
Wall All that happened to Street and the other stock ex- changes wRE an overdue tech- nical correation.
Endonesian rupiah (per 100 Slam treats (per 1001
154
leben Steel
Doeden They Cơ.
Cuero J. 1.) Co
Cenne Cora
12,70 | Chase Mandat. Borik
Motors
220 Chrysler senty
20.75
ze
1.11 Colgate Palmolive Co.
COMMODITY
FOREIGN LXCHANGE
NEW YORK Closing rates were: England ochelai
30-days DO-day
New Zealand South AUR Argentinu Brazil
Australia
Other unchanged
LONDON Closing rates were:
New York
Montreal
Amalergan
Frankfuri Milan
si Paris
ockholm Zurich
the STL-
In London, it was neatly con- trived. At a time when the Bank of England could hardly
have stopped the Tunaway by putting the Bank Rate up, the trick was done by putting it down reminding Invertors that Immediate problem is not Baton but unemployment.
The Correction
For better or worse, the cor- rection stopped and revorrod United States, 15 shipa of before it got well athriod. How- hours tent Aying this month- 107,000; Sweden, 00 ships et ever, inflation may have been has been developed as a "faro, 802,000; the Netherlands, 40 corzested for a bit longer. alonher," It hog tho most altips of 635,000; Norway, 24
LOW COSTS
How
The United States has several spacious fuselage of any British ships of 200,000; Denmark, 21 trullish and constructive factors. airliner to go into service,
ships of 262,000; France, 39 ships
At the moment none of them of 000,000, Italy, 40 ships of
and inflation is 604,000; and in all other coun- are starting
not among them at all. tries, 77 ships of 027,000.
Even
the persistence of in- Together with a low Berat-
pentiment In Experts consulted by United Nationary ing costs, this is the Vanguard'a chief selling point, the manu-Press International said that doubtful
shipbuilding Industries in all In Bellain unemployment of countries were adversely affect- |2.3 per cent is regarded no so With, "thrift" clase scating the|ed by the world economic re- deflationary ne to require a cul Vanguard can carry 130 pulsdi- cession in the calendar year 1958 in the Banic rate, iters in its "double-bubble" which reduced the total volume
If anybody has railoual fuselage and a large amount of of work cargoes.
reason why the Now York bak freight in two lower-deck cargo
Pressure for new tankers de-rate ban twice been raised in compartimente.
facturers said.
1.00
2.00-5/16
20
2,242
2.721
200
0143
.0073
2,87-1/16-2.80%;
Doc: 70.20; Mar: July: 37 Out: 57.
70 01 May: 38.;
In the United States, the average price of ont-inch cotton spot markets
al 14 designated was 34.87 cents,
Total sales were 83,005 bales. -U.P.I.
RUBBER
NEW YORK Rex rubber futures closed 35 to 70 points with sales of 82 contracts,
3.70-0/16-2.70-11ng Closing prices:
10.9-10.00's
11.6914-11.10
1740-74014 20.00-20.01
117736-1178 14.43-14.40. 12231-13.2014
Other unclegged,—V.FT.”
COTTON
today
on: 30: Mar: 29.05: May: 29 00: July: 2030; Sept: 22.10; Nov; 29.00; Jun 28.00.
AMSTERDAM
PRICES
SUGAR
10
PRICES
EASE IN
LONDON
London, Dec. 2.
the stock ex- Prices on
change eased for lack of any real incentives.
a
Robertshaw - Fulton controls profits should experience rebound this year Walston & Co.
of the price A change it
alnce is possible atumialum much foreign competition has been coming on the producer level F. Hutton & Co.
Scattered signs of new freight brightened orders: have prospects for equipment manu- facturers. Gradual improvement In earnings in 1850 is antici- pated general steel castles management Hornblower & Weeks.-U.P.1.
car
American Pavilion At Moscow Fair
has ap
Washington, Dec. 2. The United States propriated $3,298,000
for
the
of the American construction pavilion at the Soviet National Gilt-edged securities
exposition which is to open in under selling pressure prices Moscow on July 4, 1959, it was
came
backed down under the lead of undated bonde.
announced today.
The money cumo out of the special fund placed at the dis- Losses predominated in most posal of President Eisenhower
697. nections of the industrial bul¦ under the Foreign Aid Pro-
actual selling was light. En- gramunk 20gineerlag, steel, electrical equip. ment, tobacco, browerles and 40%
molors all moved lower. Most
the 01% of
blue-chip stocks lost ground and British Aluminium 57" dropped two shillings to 00.
New York, Dec. 2, World No. 4 sugar futures closed three to Ave points higher, today.
Domestic No. 0 sugar futures closed one to two points higher whh sales of 328 contracts.
Cuba
Increased rebel activity in and conceTTI OVET the possibility that unrest will inter- lower fere with harvesting, and delay shipments from the island re- public, brought increased trade. the buying and covering in world contract.
Raw market roso sharply re- Cuban situation. flecting the Syria will be in the murkel on
Januar December 17 for 10,000 of raw for first-halt
(Prices today were shipment. unavailable)-UP.I.
The rubber market was easier today. Prices closed in guliders per kilogram, cif Doc. as follows; No. 1 rubber No. 2 rubber No. 3 rubber
No. 1 crop
SINGAPORE
£41 nom 2.30
2.31
**
METALS
Lons
The market opened slightly NEW YORK
lower against lower overscha Prices of cotton futures closed) advices and then enged sharply today as follows:
cn up country liquidation. Spot: 30 nom: Doe: 34.39: Mar: No. 1 rubber par ib. Dec. ·B61%-D4AL
NEW YORK Jan. 1-84% | 33.3: May: 38.44 July: 33.90: Od:
Prices of metal Cutures closed 1.03: Dec: 11.08: Mar. 3148: Mar: No. 1 rubber ner iv. Dec. Big-047% 31.74.
No, #
aat today as follows: (in cents per NEW ORLEANS
KG. 4
BO Prices of cation futures closed pot rubber unbalect
Blanket crepe today na follows:
No. 1 pale crepe
Spot: 24.75; Dec: 1447; Mar; 35.45; May: 5.45; July 3365 Chet: 31.0 Dee: 31.83; Mari 2177; May: 31.71.
LIVERPOOL
Cotton future cloning, in
41
LONDON
"
The rubber market was easy with spot quoted at 24-0/10 ponco per lb. Prices;
Apri/Jun Tuty/Aug.
No. 1 Fun #pot rence per Ib. were as follows:
Settlement house terms American. Confrant
Jan. Dec/Jan: 22.01; Mst/April: 2240) May/June 27.30; July/Aug 21.46; | Mar. Get/Nav: 20.05; Det/Zán: 195,000.
Mixed Contract Der/Jani 23.093: MARADTH: 23.40; elthed, partly as an aftermath the face of three as much un-unet 2228 July/Aug: 21.25
Re-Del/Nov: 20.65; 190/Jem: 20.80. British European Airways the solution of the Suez canal employment, the Federal
Bank of New York
· HAO PAULO and Trans-Canada Airlines crisis, and to a lesser extent byserva
Colton future olorings, in
have each ordered a dust of the United States programmes of (which had to apply those two 20 with deliveries due to start voluntary restriction of oil imenises) might be gind to hear cruzeiros per kilo were as fol-
-China Mall Special. In early 1000-U.2.1.
|ports. - U.P.J.
towe:
Outlet.
1b.)
Labd
Zinc
Dec.
Jan.
Dee.
Jan.
Copper Dec
Jen.
win
The
Jan.
LONDON
Gold stocks were mixed and coppers were easier.
Japanese lens were firm Ini a quiet foreign bond market, oils wero duil and rubber Issues drifted lower. Trans-Atlantic stocks were generally lower despite the overnight rise on Wall Street.-UP.I.
Also The Soviet Union will
Ameri- have a pavilion at the can exhibition which will open next summer o the New York Coliseum-France-Preste,
Agreed Merchant Rates
Canadian Dollars, Maxim Belling, 10%. Minimum Buying, 18% T/T; 16-15/10 0/D.
West German Deutschemarks, Maximum Selling, 71-15/10,
PLANS TO STAVE OFF TRADE WAR'
IN WEST EUROPE
Brussels, Dec. 2.
Key ministers from the six Common Market coun- tries, meet here tomorrow to draw up a plan for staying off a "trude war" in Western Europe.
The importance of the meet-, recent meeting at Bad Kreut ing is stressed here by the fact nich, aim at avoiding or mitigat- that five Foreign Ministers, in- ing an economie ritt in Europo Couve De when the six countries begin to cluding M. Maurice Murville, French Foreign. remove Internal trade barriers Minister, will attend the tails, within their Common Market Italy will be represented by her four weeks from now. Foreign Trade Minister, Signor
Emilio Colombo.
These stops comprise a gen-
eral 10 per cent tarif eut and An Average 20 per cent quota
Bad
They will be attending a two- day meeting of the Council of increase. Ministera of the Blx-nation ·To avoid a split between the European Economic Community Common Market countries under the Chalimanship of Dria possible rival economic bloc non-Common laudwig Erhard, West German composed Vice-Chancellor and Economie Market members, the ministers will discuss the following pro- Jected 'moves:
11.000
10.400
Affairs Minister,
10.05h
20,500
27809
COUNTER PROPOSALS
27 005 97.129
of
stop-gob An emergency The French and Werl German
agreement whereby tarif Foreign Ministers, M. De cute would be unilaterally ex Murville and Herr Heinrich Von tended to all members of the Brentano,, will submit to their | General | Agreement on Tarifts the and Trade (GATT) and quota Prices of malkin' closed today colleagues of Italy and 2011-2015
Benclix cotintries. counter increams negotiated with the 11 241-864 in sterling per long ton as fol
proposals to
abortive other members of the Organisa- 244.87% lown:
Buyers Bellers Brit-sponsored plan for a 17-tion for European Economic Co-
70259 nation Buropean Free Trade operation (OREC).
RELATE
metal markets, eli bazie, purta,,
Dec Jan, and Feb.
Interep thin
Jofi
Katale reps thick
Jam
16-24 COFFET POR
Tity De
a-monu
100
700 ATER,
2012
Lead Im bole Zine half
סנן
Theto proposals, agreed by
De Gaulle and Dr|tion" Centrsi Konrad Adenauer, the West pilier derman Chancellor, during their 'ftouter.
A long-term agreement for a "mutilateral associa= between the six and the
11QFEC countries
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