INSPORTATION
BIG AIRLINES ARE WORRIED ABOUT
HOTEL SHORTAGE
TACK of hotel accommodation in all parts of the world
Le seen by the airlines as a threat to their expansion.
Recently a Pan-American Boeing 707 jet-liner was forced to stay overnight at Shannon ficcause of fog In London. The passengers were spread over a wide area of Western Ireland.
A London businessman
וואjsk th
THE CHINA MAIL, THURSDAY, DECEMBER 4, 1958.
CHATTER STOCKS RALLY ON
ON WALL STREET
New York, Dec. 8. There is no runaway In- Nation in the offing that would justify A heavily invested position in com- mon stocks, or a minimum of bond holdings-Inter
Statistical national
Bureau.
A study of third quarter re- 36 electronics CON- ports of
that profits arc
and upward,
fourth
panies shows muyinx
quis ter proits should be evch better-Electronics, published by McGrawhill.
Food Replaces
Food has replaced both steel and automobiles as the nation's lending industry and the baro- well- meter of
economi its
Hamilto being Alexander
stitute. The HI
at breakfast
13 home to
American
Just don Airport told me I went Ameris "It was ast kupossible taj been un it a room in New York
In Britain
of near-r
There Ni
Mamertine 132
A thuusands of tourists
From Americn
A RESTRICTION?
S BOAU oficial seething which is
should have arettist
* י ת
2 at that ther of the thy"
Communist China's
business recovery, Brly established. 1.
Two
WALL STREET
New York, Dec. 3.
Stocks rallied today after another mild, quiet decline in
the early trading.
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong-
Stock kong
Exchange Chris morning amounted to proximately $370,000. Noon quotations and this morning's transactions were:
Share
DANES 10:5 25
tho
Volume Increased on the re covery as investors returned to sections the buying side. All were helped upward by change, although muny Issues closed lower. Mást of the cop- pera had losses although they than earlier analer were
the
in the
session Even rails met
after some support wide lossen. Late in the day, Western Maryland wes up more and nunois than two points Central up more than a point.
Better Tone
American Motors moved up and a better tone come into the other isauca of the group. late Chemicals registered strength. Steels were supported. International Paper ran up two points. Sperlats had вости: strong spots, notably Siegler,
Sealright-Oswego Janies iss.
Tolls. and
Polarold, Lorillard at its best was up more than
Техая Three
Instru- points. ments recovered most of a loss
Paramint Picturer Parica Davin Co. Denne 3. C. C. Penn. Salt Co Philo Morile
107M
Procter & Gamble Co
70
7571
| Pittmurgh Plate Glass Publicker Industries Pure Oil....... Radio Corporation Radio Corp. Pref. Republie Steri Reynalda Mintal sears, Roebuck & Co. shell Oil Co.
Saint Reg. Paper
Sinclair 1
Bocony Mobil Du Solar Aircraft
South Puerto Rico Sugar Houthem Co. (The) Southern National Gas Southem Ballway (Con Statidard Brande Standard Oil of Cal. Stander Oil of Ind
Sunshine Mining Swift #_Co. (xd) Texas Co
Textron inc
7019 xd
す
44Th
19
22-16
407%
38
Russia's Draft Seven-Year Plan Needs Inspection
London, Dec. 3.
Russia's draft Soven-Year Plan, presented in mid-November in a 30,000-word document, provides Westem axporters with some food for thought about the future. The plan re-asserts that "deal-
ings with the capitalist world will and can be expanded."
The average annual rate of increase in industrial production from 1959 to 1965 is planned at 8.6 per cent (compared with recent figures of two to three per cent for Britain and the United States). This, in itself, is an ambitious goal. But the Plan also shows that the gap between heavy and light industry is to be further widened in the next seven years.
The annual increase for duction would belag in 11,000 heavy industry is scheduled at million roubles in 1959). while 0.3 per cent
In the West, about 75 per cent annually. that for light industry is put of the annual increase in gross at 7.3 per cent. This Burggests ne tional product is taken. by
massive Investment gramme and underlines cariler Russia would therefore be able
4711
Stondan ul of N.2
Stoep noch (Torento Expe
11
Sterling Din Co.
40%
Stokely-Van Chino.
JA
Studebaker-Packaid Cury
83 1
anw
Buyers Kellers
Males
RST
far from
1135%
Tide Water Asm Of
-14-1
ap
which would
over the stock
any stage of overproduction in Inventuries
other armize VANCETT market's busie Advisory
22%
EXCURSES
Fast Ana
7180 *
1100
70 / 793
Time br
GU
Tri-Cont Warrants
MIPPING Wheelocks
DOCKS, ETC Dock
Twentieth Century Fox Film
371%
31
7000 5.00
42.20
500 v
Provident
11
놀고 싶어요
200
€2.75 $2
Of a jota! Pearing, 516
of more than live points.
1,237 issues were higher, 488
Union Carbide
120
Union Oil of Cal
434
ap-
Union Facile Railway
34
United Aircraft
03
tower.
37
LAND, ETC.
Exchange
43
3th Jutel
2120 2123)
BT
pro- "income from employment."
> 1815 Land
FLUGINITYs
30.21 350
14.30
32 + 30.23
50
U.S. fubber
*This taving world!
20
133 1.375
U.S. Emolling
RUBBER Amrik
Exchange
6315
43% forecasts that Russia will con- 3415 tinue to be in the market for
14h
23450
1.173
243
capital equipment from Wes for some time to come.
the
A
:) ult be a
restriction on .
Tawan
K
UTILITIES
2,472
1000
2.35
2014
3.03
Westinghouse Elevate
40
were:
" Is important
Frank
.... 25.80 24.00
1130 29.00
556,02
Western Union Tel. Cn. West V. Pulp & Paper {x} Woolworth
if we equip ourselves
furists c. nnot
this
find
#214 way
in Jokes,
RACOSTE -- hotel they might
They builders,"
monthly
the journal
of
Director, the
Star Ferry.
Waga:
104
53 up 100
104.05
20.00
12 93.50
194.22
06.73
said
UT
aly fratead of Brilata,"
today.
Speeching 1.3
Atlantic
ser
Nation
.1
man who flew home is 3
# estimated that China
ships in te is likely to aggravate the chartered more than 100
exceeding time million tons the past But it said the coun-
not be curateni try would
Lon-
Fas
1958 earnings Revlon estimated at 3.75 against 4.25 in 1937
...... American Power earnings will exceed 1857 record of 2.23 a shore.
Excetrie
Tricone
2018
24.50 24.00 120 13 4
24 24 20 7.15 1.30 259Z1.20
49 bonda Cmm
future price Undx.
281.50
Electric
INDUSTRIALS
Cement
24.70 24
Putr
200 24.10 100 ve 24
10
STORES, ETC Dutty Watson
15 70 15.90 18 13 201
37
:!arlines all over th
supports Investors Institute
Combustion Engineering, one largest domestic of steam generating
of the makers
Maritime Aspirations equipment, is relevied as a stock
London, Doc. 3.
Chino's ~OMMUNIST
Maritime aspirations to us. for could be
"heaven-Lent
to bring
Q
nunters of American opportunity for British ship-
decide Institute of Directors,
to go to France, Germany
for action Standard & Poors.
Detroit Edison earnings with Detroit area conditions improv- ing should rise from the recent decline-W. E. Hitton & Co.
Shell net not expected to exceed $2
this year, against 2.01 in 1987-Light XD 16.30 16.30 Reynolds & Co.
200 g 100
10091
50 91.00 1000 16.40 51 24.50 2121320)
17024
Now York Stock volume was 3,160,000 shares.
New York Stock Exchange bond volume was $6,000,000.
American Stock volume was 1,810,000 shares.
Don-Jones closing averages
30 industriais
20 calls 18 Elities 135 bocks
United Gas Corp
U.E. Fell
U.S. Gypsum
"
U S. Line Co.
U.S. Steel
S. Steel 7 F.C. PF Warner Bros.
Westinghouse Air Brake
We are verned
James
Comel Maid: "There was no res on chartered foreign time to sleep in the airplanehage for long
thie
when we landed at L-
Hamburg May Get
Big Russian Order
Hnburg. Dec. 3.
COMPLICATED
For the
complicated
Burt-
Fut com-
Aspar tonnage in the Ching trade. British shipyarus still hold thei Jest Director said petition from Germany. Japan aru! italy will be keen.
THE Sovich Merchant Harga And Poland, now
19
vurrently negotiating!
with the Blohun und Voss ship- - for the construction of sa iners with a total value of 268 503.5 tultlt --ilfi murka Julition). It was earned tow.
Negutinout? REASO
<
2: Itare fear the line being by d Egreement on the conditions ut
and
Tisdrank
1 Vers
proposed
Buds
Finner ProsNE
it de-
livering large numbers of excel- Je standard-type ships. also 1 to be considered seriously D is competitor.
"All these countries, onckest
tu
h their governments, can offer long term credits If our build- es are to compete for Chinese orders they must be able assure buyers that our govern.
will afford equivalent
៥ ៤៥ Journal the Caclities," UP3.
by Hi Ni
Shment
unfavourable
I' wha
Shell Transport
& Trading
Od net mby drop to $3 this year compared with 4.13 in 1957-- Pale, Webber, Jackson & Curtis.
Mutin Company should show around ft 3.38 shure earned fr 1957-Green, Ellis, & Ander-
-- U.P.I.
sun
Djakarta To Buy Rice
Djakarta, Dec. 3. The Indonesian Trade Minis- ter, Mr Rachmat Mujomiseno, Surabaya yesterday said in
planned that the government
700,000 ions of mo Dr buy next year, Antura News Agency reported.
He said 250,000 umms of this from Elurma, come would 250,000
from tons
Russla, 100,000 tons from Communist
a21d
100,000 possibly China, tons from the United States.- Kuler.
COMMODITY PRICES
July/Aug Det/Nav
A-823 EU!-D0% 841-84 72-2435 07-
May June
22.20
21 25 20 55
Dee AA
20.3%
SAO PAULO
FORLIGN EXCHANGE
No. 1
No. 4
Soul reiber unbaled
Maaikel grepe
No 1 pale crepe
The rubber inarket teady with spot quoted at 2 penice per lb. Prices:
NEW YORK
Closing rates were:
Canada
Argentina
Indin
Pakistan
Other unchanged
LONDON
LONDON
0160
Nei
Ha
2100
Settlement Ana
2102
JAD
Mur
Abtu/June
July/Aug.
Oct/Dec.
Dre./.
Estate Crepe
Tin Deo
thick Dee
Closing roles were:
New York
Montreal
Amsterdam Copermagen
Frankfurt
Milan
Stockholm
2.0 5/10-2004
2.7036-2.70 10/19
10.00-10.60% 19.30-10.34
11.05794-31.02% 1740–1740%
14.40-14.4015 12.23-12.23%
Ouern unchanged.-U.P.,
Paris
Zurich
11704-117832
RUBBER
Rex
NEW YORK
rubber futures
closed five to 40 points higher with sales of 08 contracts,
Closing prices;
Jan; 3030; Mar:
July: 27.70 Bept: 20.20; 5ty: 20.00;
AMSTERDAM
Jan: 20.30.
The rubber market WID steadier today. Prlets in gull@era per kilogram, clf Dec. cloard no follow:
No. 1 rubbor
for 2 rubber
No, rubber
No, 7 cres
SINGAPORE
waa
2416-2434
243-243% 248-241.
25-291
Gebered farkets, elf dails, parts
23%-40% 20-231%
24-343%
20
UPI
All prices were unquoted. In the United States, the average price of one-inch cotton at 14 designated spot markets was 34.04 cents.
Total sales were 70,113 bules. -U.P.I.
| METALS
NEW YORK
Prices of metal futures closed 1oday in cents per lb. os follows:
Lead
COTTON
NEW YORK
Prices of cotton futures closed Th today an follows:
Dec Jan.
| Zine Des
Jan.
Copper Dev.
Jam Dec
Jan.
LONDON
Wing Da K 松 COTTONS Nanyang
7119
New York
Cotton Market
New York. Dec. 3. Reactionary tendencies
returned today cotton after Tuesday's show resistance.
Closing Prices
Alden Inc. ACT, Allied Chemicals Alla Chulmores American Airline Amer & Foti, Power Am. Gas & Electric Am. Mach. Fury Alcrican Metal
American Smelting A Sugar Hef American Tel & Tel American Tob Anaconds Copper Armco Sterl Armour
Allus Cona, Mining Baldwin-Lina-jam
Baltimore & Ohio
$ 24
483
13
074
1441
13
20%
04%
영화
Beneicial Finance
Bendix Aviation Corp.
Benguet Cons
Bethlehem Steel
Boeing Airplane
Borden (he) to.
Burroughs Add Machine
Campbell Soup Cu
Canedlou Pacific R
Case . 1. Co.
Cal, Tractor ...
Celanese Corp.
C. I. T. Financial Corp.
Chrysler Motors
Colombian Carbon CD
40%
int
Clucit Prabody Culgato-Palmolive Co
Commercial Credi
of
Commonwealth Elee.
Consolidated Edbom
Continentot Qll of Dei
43
Crown Zellerbach
Diamond Alkali
Diamond Match
Douglas Aircraf
December Liquidation, follow-Cuban Amer. Sugar ing circulation of three delivary with further notices, Joined trade hedging in March and May. In putting prices back on the defensi V1.
MAXIMUM LOSS
Afr at 145m loss of 20 points, The market steadied slightly at the close
but stil: showed net losses of 10 to 15 points. The market opened on one to five points. New Orleans chsed of nine to 19 points.
Some of Tuesday's buyers Iquidated when the rally failed to develop more follow-through. Technicians thought the market was entitled to wider recovery after a recent decline of around $5 bale.
Nearby
December
Dow Chemicals
Dupont de Nemours
Ersten Antine
Enstein Kodak
El Puro National Gas
Family Finaer Corp
Firestone Tyre & Rubber Ford Mater
General Dynamies
General Electric Genral Foods General Motors
Uu Gen. Pub
Gen. Tyre & Rubber Getty Oil
Glidden Co. Goodrich B. F. Co. Goodyear Tyre Gruminan Aircraft Gulf OSRAM Heyden Newport Corp Homemake Mining Co. Ingersoll-Rand
...
Inland Steel Int'l Budness Machines Int'l Harvesteryea International Nickol international Paper Int'l Tel Tel
today touched the lowest price for that month since early February John-Manville Co and was approximately $12.50 Kaiser Industry
Kansas C. Power & Light
to pay a handsome return capital by Westem standards. She may well sock this equip- ment to a growing extent in the if, at some West-particularly There is further evidence to
time in the future, it is deemed 301
back up this belief. In the advisable to ease the strain of 51% next seven years Russia will be
advance by diverting resources U.P.L feeling the effects of the greally
to additional consumer goods. Jast reduced birthrate in the
Most of the Premier Khrush- war period. chev is evidently aware of this. Hts plans to reduce school- leaving uges and to
Incrceau spare-time working among stu- dents show some anxiety ove the size of the working popula- Lion.
MARKET
SAGS IN
LONDON
Production
In order to Increase produc- tion with a falling role ut in- crease in the labour fores, fe will need more horsepower at London, Dec. 3.
A1 cach worker's elbow.
the Markets sagged again to-
same time, plans have been put day. There were no big forward to reduce the working falls in prices in general week in key industries like the industry, and to increase but the end of the year is pil
of "un- | housing-two and the productive invest in stap- drawing near market is in a somewhat pler working relations.
Some Western observers have overbought position.
that Russia ran ble Gill-edged suffered most and claimed there were widespread falls of capital equipment problems to
wards the end of her last five- up to seven shillings sixpence.
farted lo Forelga bonds were mixed Year Plan and was
as a result, with Germians Arm and rails lower her sights
rool- The present 8.8 per cent Idle.
pares with earlier forecasts of
INDUSTRIALS
Industriuls
were mixed with losses of a few pence registered on a broad front.
pending
STA
British Alma!mium, 3116
the Treasury's decison on the 312 Alcoa Inkeover bid, feil
to 30/06. sixpence 723 wkened
37
109
1
112
bavk Starcla
a 10 per cent increase in pro- years duelion for the opening of the new Flan.
increased now
lines--foot-
envisaged for consumer gooda are in the "soft" wear, textiles and similar goods. The elve!-hungry
goods, such
DS motor CATB and other durables, come low down the
11.1
On the Assels side of the Plan 18 Russia's vast mineral
In all, bauxite, fron wealth. m and other
raw materials. Russin has a solid base of raw material supplies which could support a greatly enlarged in- dustrial output. This side
of
the account is shown in the present Plan by the shift of new industrial investment to Siberia and Central Asia,
In the European part of the Russian Federation major capi- tal Investments will be generally limited to the oil industry (East Volga fields and refineries), to the establishment of a steel and ancillary engineering Industry in the Kursk region where large Iron ore
been deposits have found and to the construction of an unspecified number chemical plants,
Engineering
Nevertheless, the proposed value of the increased output even in the initial stages of the Plan would
Russia's, in the cover
of
But in the Siberian region and Ural region, steel and production, engineering,
the dis-growing wages bill at least two iron following
to three times, and probably non-ferrous metal production, pointing proft announcement
more (Russia's labour force will oil wining and coal mining wili 134% by Conselts.
be lepped up to a considerable rise on average by 1,100,000 an-
Russian industrial extent. This will make Dig nually and
from demands mainly
on development capi- wages about 200 to 800 roubles weekly. tal as some Western civil
have already A one per cent increase in pro-engineers
12934
in the ulls Royal Dutch was down. Kaffies made a light on selective buying. showing 83% Coppers lost ground. Tins were 7026auli-UP.I.
10
7726
20%
1045
13115
96
450
4172
11435
JOT
1314
8015
Lowws incorp.
219%
to
Lone Star Cement Co Lowenstein & Bons
14Th
Am.
10€
a bale below the season's high Reneest Copper of 87.49 cents a pound made on Liggett Meyers Tob. Ca May . Open contructs in De- Louded Aircraft
WLTC
down cember today 13,000 bules at the opening.
3-YEAR HIGH
The certificated stock rose to
McDermott 3 Ray McDonnell
Alterati
Btock Exgo.)
Mesabi Irum Corp
Minnesota Mining
Mission Development
a new three-year high at 53,300 Morannte Chemical Co. bales. The
steady rise in the Montgomery Ward deliverable stock suggested the Alotorola Ine
National sult Co
pomibility of anders on March National Cash Ret. "A" bringing further selling Into National Dairy Prod,
11.zsb
11356
1044)
27 33b
0125b
carly 1950 deliveries.
07.12
New relatively
Prices of metals closed today in sterling per long ton as fol- lows:
crop months *were
National Lead ........
National Steel Corp. New York Central
neglected Tradera Norfolk & Western jiy Amer, Aviation were slow to take hold either North-west Airlines
Din Mathieson producerat ZAVITS pending way
the referendum on controls, sche-{Owen-limnin Gitans duled for
December 15 and Oxford Paper Co. possible congressional action of Pacte Dan & Elve farm legislation next year,
2014 The Liverpool market today
58.65 )
Spot
DOG
4th 2012
MAT.
today
May
25.30
13-0
July
01.
Oct
11.00
Doc. Mar
31.03
May
NEW ORLEANS
3-month Copper pol
-mont Lead 1st half Dec. Prices of cotton futures closed Load it half Mar Zino at halt Dec, today as follows:
31.00
Tin #pot
Buyers Sellere 743 703% 760% 207
417
21714
71
Zing ist hal Mar.
-UP.I.
Spat
Mar.
MAY
July
2.30 nom
Qpt
· Mar
2.00
May
Following the sharp drop in tverbaas markets, prices opened about one-half cents below fest sugh'a clone,
Bhort covering steadied pricen fariber until last night's leveln were reached. Futures:
No. 1 rubber per Dec.. No, a rubber per 4: 1240" clas
LIVERPOOL
Colton future stosings, in pence per ib. "were on Juliowa: American Contract
Dec/Jun. Marri May/June
SUGAR
7119
71 cloned off Ave to 10 English polnis and 770 to 040 American points under New York futures.
0814
New York, Dec. 3.
World No. 4 contruct
Ja: 750; Mar: 30 May: 3.82 July: She em: 3.64: Oct: 324. Spot Total wales: 900 contracts. 33990: 3.60 onnie a pound, tob Cuba, 17.00 Open interest: 7006 contract. 22.10
-July/Aug OL/NOV.
70,00 220.70
ntixed Contege
11.00
Contract No. 0 (damerilo) Mar; 80: May: 6.84; July: 4.00 seph 1.50 Total mies: 18 contracte, Opvt.price: 1.90 centa, a pound, pl WYKALULy, djmi inurres; 1/19 pontra.PY
Raw cotton exports today totalled 2,079 bales bringing total for the reason to 1,023,006 bales va 1,724,000 bales Incl year, according to the New York. Cotton Exchange.-U.P.I.
Exchange Rates
·· morning at the billowing rates:-
Pan American Airways
TOLED
Worst Of French
Cotton Recession
Reported Over
Paris Dec. 3
The worst of the recession affecting cotton spin- ners and weavers was now over, French cotton industry quarters reported here.
Бесп.
fore-
On the other side of the ac- count are the varying targets. which have been pubilsked the draft Pk. Russia has al- ready proved that among her Descis she can count on a fund of highly, Advanced technology. factories Automatic
by
computers, and the latest ad- vpnees in polymer chemistry and nuclear physics are avail- eble in her efforts to ruise labour productivity,
But Western traders will be those watching, in particular, products
has
which Russia
bought most heavily
Wert.
the
As expected, these are
among the top priority products
for development. But, the pace
of development is ambitious by
The continuous drop in orders. Large stocks were accumulated Western standards and
6% since the beginning of the year had now been halted. Somc manufacturers reported they had xdpicked up aghtly
BOIL
wecka
in
short-
A year ago in all industrial and falls have already become cp- commercial stages for fear of a parent in Rome of those fields chortage of raw cotton supplies in the past. China recent following the exhaustion of Special. French Foreign Exchange Re-
cotton quar- Representative 001
tera falt that output of yarns 是腦 and fabrics must be curtalick by
744 20 per
coming months to absorb accumulated stocks Last September werving
24
40
(Com.)
13
ati
the cent in
20% mills stocks amounted to 75,888 303%
tonn against 60,701 in September last year while order books fell
$25 to 33,805 tons against 48,370 a 21 your agO.
serves leading the Government
to ban imports in Juno 1857..
Although credits for the pur. chase of raw collon were small, supplies were suficient to meet industry reduced needs. Tho
would thus continue with about 60 thousand tons of raw colton stacks until January when large
Chicago Grain Prices
Chicago, Dec. 3.
American credits were expected Whest, No. 2,.rea to be made available.-Router.
UPENDANTUNENÄOULUTUPIDURD
Favourable Balance
China's Favourable
Colombo, Deo.
With Ceylon:
The balance of payment in
Deylon-China traile has turned. Esi Chetón' Envour for the first time aiztoe the two countries entered into trado relationship. In 1952.
Business was done in a leal Amerding' to official figures balance Ukiu Tavourable for 1957 was two mlilian With certaÈN GOR- TUDDEN, modities on order. from 'Chins In the current amor, PREMNÍLÍ to the value it nearly 29 mLE-
un inicial
market ekelange
Rivie
UB. doline (per)
8.20
Starling stolen (per £1) ..............
10.pd
Australian Notes (pre-R)....19.00
Indonesian Yupiah (per 160)
10.10
Dia ticals. (pute;06)
Bingapore (Bleuštu)
1.41
Lion . rupees la due from Ceylon,
16 be exchanged next your pro stiti Ja.prwNYGEN, -
Sppt
10739
Dec 190(1) 1933)
005-
Mer.
MOT
July
„Bapt.
Cari, No. Z. yellow
Doc.
Mor
Deo.. (New)
Max.
Max
July
Hartit.
·Dec
Mar.
Boybeans, No. 2. yello
The trade agreement betvetn An official Chinese Anleration 49 | Outs
the two countries provided for the axolistige wf, 50,000 Tons of Ceylon rabilire for 200,000 toma, of, Cisinese side. The favourable, balance ibat. to Deylon. had
aceruod bltberlabsa..born, soliică; în
texilog. Preliminary regvilatisam ufuriod se me ago on pelors, sha' quanüition of rios anil rubber
Der
MAT
B
Jan.
Mar
May
Tuy
Bapt.
exported here later, to finaler - arrangements. Anwording to official mourven terms will be Tinuilsoll only -aller›ike · Paluza nexi „mouth of Mr. G. Senanayaka, Minister of Commerce Mic Trade, who is now, an s vidit | Barley to Jodía vod je pohodslett to
Now York Rour proceed from there to Europe
2001. ack and London,--lteuter.
$ nem.
1304120 $12.70
No comments yet.
Private notes are available after approval.