TRANSPORTATION.
TO SLASH AIR FARES
IF ALLOWED ON
COLONIAL ROUTES
London, Dec. 16.
EAGLE Aviation, a privately owned airline, an-
THE CHINA MAIL, WEDNESDAY, DECEMBER 17, 1958.
World Markets HONGKONG
Digest The Good News
By SYDNEY S. CAMPELL
London, Dec. 16.
STOCK EXCHANGE
Our Own Correspondent
Business done on the Hong- kong Stock Exchange this mon
Neon quotations and the morning's transactions were:
Shares Buyer Sellers Botan
BANKS HK Hank East Asia
The markets have been digesting a remark-$200,000ounted to approximately
able amount of good news. Worries about what is to happen in Europe when the Common Market starts in January and when Berlin's six months' grace expires in May have been pushed right into the back- | INSURANCES. ground.
Wall
Slotit railled
Street and London business. Between the autumn Exchange have both of 1967 and the spring of this previous year, they abstracted about ten 1 year off de-
Towards the
nounced last night that it would slash air highs. On one good index Wall billion dollars fares if permitted by the British Government fly on ten colonial routes.
Street has surpassed
the pre-mand.
to
WEB
In both countries the rise in 1 November employment
Than is reasonably much less than
Mr Harold Bamburu, Chan making a CONE pant wor mun of the company, sakt that its applications were being o in most cONEN the
the Air
Carafes ed by Tw
proposed by his company would; port Advisory Counen- be less than
fara.
The current
# gred that his company were taking the uhusu step of
U.S. Willing To
Mr Hamber
し
The proposed survlees would rest materially criveri
existing servies,
The fres
11
TheW
proposed wen
that they would creat
traveller
volume of business
Join Sea Conferences
Washington, Dec. 16. THE State Department said THE
today that the United States would be glad to join Maritime with Europoon countries in a conference on shipping problems including "Flags of Convenience."
Tenmurk was understood to- Buitars, have Jolie day 10 Ni wary at the Netherlands in banding over notes to the State Department proposing such a meeting. France, Italy and Belgium were expected to make sindiar moves.
The State Department spokız- man, Mr Lincoln White, told u press conference that "thu United States will be pleased to exchange Informatior: und views with the other guvern-
f
He could not forecast United States
the would
what altitude be tu a discussion on "Flag of Convenience."
The conference is expected to be held In Wasington next February or possibly in March, diplomatic sources said.
Early this month the interna Locat Transport Workers' Federation conducted a four-
J
1
ון:
He Ravn as one of the ex.
of the proposed reti Capes froian London £199 EU Shoppre
-
>
A DOAC spokesman said was unable yet to say whether abjections would be raised
A DEA spokesman said they would have to consider what effect the proposed faris and schedules would have on their
traffle and make representations accordingly
An Eagle Aviation spokesman Fater gave the routes for which permission had been sought.
They included: London-Aden- Singapore Reuter
exted had been feared.
Laventories 170
exerting strong upward pull an American
Tokyo Stock
Price
Inflation
now
Tokyo, Dec. 16. Finance Minister Mr Sate
said government is considering to
take stif measures I stop stock Friday price inflation on
In the past nine months they hove put it back. Massive liquidation of laventories has progressively been replaced by modest accumulation, which is expected to continue.
Merely becouse the liquidation was so sharp there is the less renson to fear the secondary bout of inventory liquidation which braked previous Ameri- can recoveries..
American cor
output is at Last being allowed to go ahead. It could provide the required stimulus to retail trade.
Union
Lombard
27 100
Stocks Continue To Gain In New York
New York, Dec. 16.
Stocks continued to move ahead at a modest, pace today with the usual list of specialities gaining sharply.
Wilson-Jones yas m upside bighlight gaining 2% points to $19 as Swingline, îné, neked for tenders of 100,000 Wilgon-Jones shares at $20 a share.
Zenith scored another 11 points to $201. American Mo tora, another strong spot in re cent vreaks, gained to $40
There were gains of a point to two in Penn-Dixie Cement, Burroughs, Reichbold Chemical, Calument and Mecla, Baytheon, Firestone Tyre, General Tyre, American Viscose.
Leading Groups
Leading groups were stendy 200 h 94.50 to fire. The motors, steels, olla, 500 44.50 rolls all showed mostly small 750 11.00
gains.
70-310
300 71
SHIPPING
Wheelock
3.00
5.30
DOCKS, ETC.
K. Whart
D3,50 44.50
LAND, ETC. UK Hotel.. HK Land
21.30
30 25 30 50
2000 a 214
10 6 30.50
400 30.25 45 30.50
19.20 15 60
1,40
...
Dock Provident
Humphreys Rculty
RUBBER Amalg....
1.05 1.75
20000 120
A. Tatvah.. 2.278
UTILITIES
Tram... 20,30 23,00
Yaurati
C. Light
Electric
Macao E.
踏 24,00 9.15
total 1,247 issues traded, 512 were higher, 479 lower.
Now York Stock Exchange volume was 3,780,000 shares.
Exchange New York Stock bond volume was $8,880,000.
American Stuck volume was 1,380,000 shares.
Dow-Jones closing averages
were:
30 Industrials
Exchange
{
Am. Mach. dry.
Aniaticon Matą).
Am. 1
Sinctling American Tei & Tel American Tob. "B" Anaconda Copper Almeʊ Steel Armour
All Cons, Mining Baldwin-Lama-Har Baltimore & Ohio Beneficial Financo... Bendix Aviation Corp. Longuet Cotte, Bethlehem Bidef Boring Airplane Burroughs Add Machine Bordon (The) Co, CHUL Packing Corp. Canadian Pacific Camo (J. L.) Co.
Cat. Tractor
Celance Corp.
C. I. T. Financial Corp. Cluett Peobody Colgate-Palmolive Cu Columbian Carbon Co, Commercial Credi Commonwealth Elec. Consoldtarted Extin Cometal Off‚of Del, Crown Zellerbach Cuban Amer. Suggar Diamond Allcata Dlantond Match Co. Douglas Abrerafi Dow Chemicals Dupont de Nemnoun
Eastern Airline. Kaptenna Kudak
041
US. Line Co. 21% UB. Rubber
21019 40%
344 U.S. Bleet
U.S. Steel 7 P.C. PF
19
Warner Bros.
2014
60
Westinghouse Aly Brake
27
ந
Western Unkm Tel, Co. West Va. Pulp & Paper Woolworth
3414
41%
421
Irregular Market
In London
London, Dec. 16. The general appearance On London stock markets to- day was irregular but 11 satisfactory undertone was maintained helped by I selective demand. Apart from the overnight advance on Wall Street there
was very little to stimulate in- terest or affect sentiment.
The gilt-edged
market was
15 subdued and prices showed
very little change on balante.
74
2001
D65.19
Star Ferry.
12.60 10 50
zo ralle
First Not City Bank Ford Motor ........ General Dynnanács
Pro National Ons Family Finantes Corp.
323
LEFT
is niЯtics
MTDR
General Electric
12
16.30 10.10
100 10.10
300 10.20
14 stocks
190.40
General Foods
77
10 bonda
66.72
General Motor
Comm. future pike index
145.74
Gen Pub. ULI
Gen. Tyre & stubber
40
Closing Prices
Getly Qu
2016
*456
10.10 10.20
Allied Chemicals
$ 9334
110
13 13.30 143
Allied Mür Inc.
10 144
All Chalmers
Am. Brake Shoe
could
COTTONG Textile Nanyang XD 4.40
American Airline
3.473
1500 3.00
American Cyanamid Co.
Amer. & Foren. Power
Am. Cim & Fleetris
tal
Invest.
5.20
Retailing tends to lag in any American recovery phase. In 1934 the decisive upturn came only when the new cars cntight the public fancy at the end of Lo year.
Something
similar
happen this time, to things going
Telephone. 24.40 24.00
STORES, ETC. Datry
Watson RWOOK S. H.
keep until the capital | INVESTMENTS goods cycle turns upward.
The Bottom
It seems to be off the batton: and the record is that once it
as the Dow-Jones average begins to rise it gathers strength
for a goodly tine. of 225
shares listed
on
consumer
One thing which tends to the Tokyo Exchange bring forward the demand for soared past the 650-yen } both" capital and mark for the first time. goods is the extraordinary fall In the marriage ags. American girls now get married younger
Alter a conference with Bank Masamichi v Japan Governor, Yamagiwa, Salo told the government
Japan's Shipbuilding ing bella to check the spiraling
Programme For 1959
Tokyo, Dec. 8,
THE Council on Rationalisation of Shipping and Shipbuild- ing (an advisory body), today that construction recommended for next year's official shipbuild ing programme should remain at 250,000 tons, the same tenange approved for this year.
The 1959 pina meludes 100,000 sofiners, 65,000 tons of lampers and 85.000 tons of uit trokers. The Council also asket
day boycott of vessels operate Government to supply addi- ing under so-called flags of con- Bol nssistance to the shipping venience-registered in Liberia, ndustry to increase IL compet
and Costanice power in world marketsem
Honduras
Panama, Rica.-Reuter.
Reuter
shores prices.
study-
|IGITY LI
LIT
Some newspapers speculated that the promised clamp would cone sexi woek.
Wild Day
Sato issued his atalement at the close of another wild day on the Tokyo Stock Exchange
a
synthetic
the The
أن
which saw spinning, Ilbrey and paper and puper shares--all suffering from ression--lead <fects of
record average list to 650.88 yen.
"Shares prices have surged to a tevel not in keeping with the actual trend of the economy" Sale warned. "This destrable situation. Ignore it."-UP.I.
an
--
We cannot
COMMODITY PRICES
FOREIGN DXCHANGE
NEW YORK Closing rates were:
Catundi
England omeist
Aa ventina
Uruguay
DU-days
....
Others unchanged.
LONDON
Closing rates were
New York
Morreal
Amsterdam
Ban
Okto
Stockholm
Zuttah
unquoted unquoted 2.00 0/10
0100
.0160
SAO PAULO
Prices all unquoted today.
the United States, the
average price of one-inch cotton
at 14 designnled spot markets was 34.30 cents.
Total Bals were 60,841 bales, -U.P.I.
RUBBER
METALS
NEW YORK Prices of metal futures closed fol- today in cents per 1. aa
11.03b
11.055
19.006
10.806
27.90b
27.nab
$7,24
lows:
Lead
Dec Jan.
Zinc Dec
Jan
Cepper Dec.
Jan
NEW YORK
продать
Rex rubber futures closed to 16 points higher with
today
Dtc Jau
sales of a contracts.
LONDON Prices of metals
10).271-130.32
Closing prices:
closed day in sterting per long ton
to-
20.00-20.00A 3pn: 20.03. 12.30-13.1015
Dayers Sellers
75014 7AD 75012 760
1.0034-200
2.7017-270-1
10.00-10.37
174332-74014
Other unchanged.-U.P.I.
COTTON
NEW YORK
Price of cotton futures closed today as follows:
Spot
Miner
May
July
Oct.
Deo.
Mar.
May
NEW ORLEANS
33.30
M34
33.29
31.3
$1.10
31.37
31.98
Prices of colion futures closed today nt follows:
Upst
May
July
OM.
Mar.
LIVERPOOL
33.00
Ja: 29.00: Mar: 28.09: May 28 30 follows: July: 20.25; Sept: 29.25; Nav:
AMSTERDAM
The rubber market wan dull today. Prices closed in guilders per kilogram, clf January un tot. dows:
rubber
No. 2 rubber
No. a rubber
No 1 crepe
sir---this
TM Yes,
ta LiLe highest block in the City
To fart"
London #baks Serbied
than
customary
pensant countries.
term's
even
in
Expectations of early in- Antiquary pressure pre now generally conceded
have been Kreatly exaggerated. Longer
Informary fears still persist and American business
increasingly leader's express concern about the way in which high United States
American Cable & Radio Corp.
Am. Home Prod.
Gilddon Co.
Goodrich (BF) C. Goodyear Tyre...
397) : Grumman. Airesatis
Gulf Ou
28%
471%
0
51%
17%
$41
1284
CHINA'S COTTON
EXPORTS AFFECT
UK INDIRECTLY
Manchester, Dec. 16.
The emergence of China as a big-scale cotton ex- porter has had a considerable impact on the industry in the Far East and Southeast Asia and, indirectly, in Britain, Mr A. L. Hughes, President of the Manchester Cotton Associa- tion, said here today.
D
event, has
CHATTER
ON WALL
Giving the presidential ditress af the
annual Association's
**In mecting, Mr Hughes said: oversens markets the emergents uf China as an exporter on considerable scale is an the importance of which not you been fully realised.
"The impact of tria new com- petition his already had serious efects in Japan, and ChineSO goods ure being sold in South- east Asin at prices below those for Hongkong textiles
DEVELOPMENT
*This development means that the industry in Hongkong will value счет моте highly the outlet which it has for its eloth in the United Kingdom."
The Lancashire cotton Indus-
costs are becoming uncompeti-try, he went on, would long
live with other countries.
remember 1958 for its hard- to Jimi imports fought battle ba-
frum Commonwealth countries.
There
was, however, little point in commenting on tho struggle at the present stage, Mr Hughes said.
However, the American lance of payments still seems to be important only for its con- verse. When it is bad it bene- Is the world's dollar reserves the without really worrying United States. The outflow of American gold has dwindled lately,
Trade Figures
Britales and France have good published extraordinarily trade figures for November.
Official cominent on Britain's trend has is that export turned
from up
September, that the decline in world trade and in European Industry is bottoming out, and that the de- eline in the export earnings of
"It is sufficient to say that competition in the home market from
and Indian Hongkong imports has brought about the closing of more mills and that short-time working has become commonplace throughout Lar cashire."
He appealed for co-operation, "both as joint action and as the friendly interchange of vlowa," between all sections of the Lancashire cotton Industry, Reuter.
STREET
New York, Dec. 16.
It seems now that a serious
fo
Hayden Newport Oxp. Honestako Minang Co. Ingersoll-land
In Business MochineM Ent Harvester....
Inna Nickel Enternational Paper Int'l Tel & Tel.
John-Masryille Co.
Kater Tradustry
Katun C. Power & Light
Kennett Copper
Greek bonds extended their recent gains on debt settlement hopes while Feruvian stocks 29%, improved but other fortiga 127 bonds and rails were feature-
less.
เป
€14
90
401
MAINLY HIGHER Dollar stocles were mainly higher in response to the over- 113 night advance in trans-Atighte
values.
Industrials generally presèni -
eð án irregular apearance but BUS there were several small im-
01:5
824
13
40 377%
Liggett Meyers Tab. Co
afi, provements as a result
201
3415
L1
531 steady
Lockheed Aircraft
Loews Incorp.
Lone Star Cement Co. Cowchalen & Sons. MeDermott J. Ray McDonnell Aircraft
STOCK Ege.)
Membi Iron Corp Minnesota Mining Mission Development Manzanto Cherilent Co. Montgomery Ward Motorola Inc.
National Cost Rog. "A" National Dairy Prod.
National Lead
National Steel Corp. New York Central
Norton & Western By
{AM.
North Amer. Aviation North-west Affies (Com. On Mathieson ...
Owen-Illinois Glass
Os Elevators
Oxford Paper Co.
Pacine Gas & Elec. Pan American Airways Paramount Pictures
Penny J. C. Co. Penn. Saft Co. Phulp Morris
Procter & Gamble Co. Pittsburgh Plate Clas Publicker Industries Pure Oll
Radio Corporation Hadlo Cury. Pret. Republic Steel
iteynolds Metal
Sears Hoebuck & Co.
Shell Out Co.
Salat Heg, Paper
Sinclair Oil
Sorony Mob!! Oll
Boldr Aircraft .............
Soom Puerto Rico Bugar Southern Co. (ko) Southern National Gask douthern AUSAY (Cont.) Standard Brands Standard Oil of Cal.
Standard Oil of tid.
Standard O of N.J.
Swift Co.
attempt will be made negotiate the old highs before the market reacts
Steep Rock (Toruntu Exge) again, says Martin Gil-Sterling Drug Co. Stokely Van Comp bert, analyst for Van studebaker-Packard Corp.
Sunshine Mining- Alstyne, Noel & Co. Securities continue under the Texas Co. influence of exaggerated Ideas Textron Ine.
Time Int. about general business, earnings, Tids Water Asm. Ou and dividend prospects, says Tri-Cout. Warrants
Twentieth Century Fox Film International Statistical Bureau.
believes the Union Carbide Fitch'o survey
Union Oli of Cál. move upward, Union Pacific Railway market will distributing its strength on the United Aircraft way to many so-called secondary United Frull...
United 4 `Corp. stocks,
UB. Fail "B" U.S. Gyyman
Master List
Standard & Poors has added Sinclair Oil to its master list, cstimates it will earn 3.40 a share this year against 5.18 in 1967 with a rise to 4.50 or more likely in 1950.
Dann Corp, may report, 1958- 50 net on the order of the 0.45 reported for freal 1956-57, ne- cording to Francia 1. Du Pom! &
220 2201 primary producing countries WANTS TO INCREASE C
Tin
Spot
3-month Copper Spot
3-month
21015 210
2.33 nom, 2:30 nanti. 250 nom. 2.50 nom.
Le 2nd half
Dec. Mar Zine 2nd half
71% 21
7145
113
7216
7074
-U.P.I.
70
73
SINGAPORE The market opened slightly higher on better Overseas advices but cased slowly on mall comminion houre selling on a very quiet market.
Lower grades were in good demand with rollern rather reluctant to smaller factory in-
Futurca; terest.
Feb. 1264
No. 2 rubber per 1. Jan. 10-00
No. 3 rubber ver 1. Jan. 0
Na, 4 rubber per
Spot rubber timbaled....
Blanket crepe gam
31.21
4.10
No.
aLM
i pale ørepČLANAKA
LONDON
-1
81-50 The rubber market was quiet with spot unchanged at 24-1/10 pance pur 1. Prices:
Cotton opening, in pence per Jan.
Ib., wern is follows:
biy-24
No. 1, 1141 spot ...... 28243% *Returnent house tonni
044-25 MAY
April/Jugo
24-031 eneral narkela, ele balls, port:
Jan. and Feb. Closing prices were unavalletate crepe in Jas... 2014
Katate crepe thick Jai
Gold Contract Deb./Jnn: 1. Opid unquoted. Mar
New Contract
All unquoted.
able today.
Mar.
SUGAR
New York, Dec. 18. World No. A sugar futures to- day closed unchanged to three points higher with sales of 302
may be nearing its end.
Both the performance and
the prospects of Britain's ba- Hunce payments are much better than was expected.
As Britain is well ahead of America into a new boom in consumer durables. (though be hind in the Inventory cycle) she too can afford to wait for the upturn of the capital goode cycle.
No Doubt
No doubl
FRUIT EXPORT
of
W. Tabell,
107
2
selective demand. Tuc mis- cellaneous leaders were maluly
21 Industries
Brewery shares were
again in demand and there was 3234 selective support for property 43 shares.
and malcol Electric
were prominent on 331% reported American buying. 414
Oil shares opened firm under but 7915xd Walt Street's influence
KEEP
40 later reacted owing to a lack of
business and gains on balance
ly herdor but tens were sub-
113
77%
43
41
20 were usually limited to a sal pence. Rubbers were occasional- 2014 dued.
Low
71"
A
Although South Africa W23 closed today, gold shares were 31% very Brm
G1
on selective local
221 demand. Coppers were selective- Bly better but other base metal 110 shares were quiet and feature-
01%
Bless-Reuter.
75
24
YO
73%
74
37%
01:
404y
031%
WHY NOT BE AN
INVESTOR?
If you have enough life in- 471% surated and a good backlog of
20 cnah Livings why not be an
investor?
21
BANG
Through Mutual Investmeat
67 Comparty shures you can obtain By an ownership interest in up to 100 or more securities, under supervision by pro- Constant
investment manage-
47
1725
1231
GTA fessional
14 ment.
147
317
03
21
237a
01
20%
PEARL MUTUAL FUNDS
INVESTMENT LTD.
602, BANK OF EAST ASIA BUILDING, HONG KONG
Tel. 38321
45 Please kand me more informa.
tion about Mutual Funds.
30
Name
40%
29.
Address
P.O
R.M.S. "CARTHAGE"
Edmund
Analyst for Walston & Co, finds Now- Port News shipbuilding heading into better profit arca, estimates BAILS: net will be around 1957 figurée of $4 a share, says dividend
increased In
could be Tuture,
Prospects
near
Singapore, Dec, 16. A Singapore Government trade spokesman said today the colony was planning a world- wide market survey with a ylow increasing exporta to
Hornblower & Weeks Anda Malayan fruits,
Yesterday visiting Austra prospects brighter for the soft in 1960 with Hon businessman, Mr K. J. rink industry
for beat Colo heading Coen Easiaugh, export mannger of a
earnings
since Increased Melbourne food canning con
that Singapors dividend and possibility of
& Co.
the Government pony, upgested
will continue to do what it can Zould build up an important stock split..
ito
Shentson, Hommill
ព
NOTICE TO PASSENGERS
BAGGAGE:
Thursday, 18th December, at 12.00 NOON for the UNITED KINGDOM via Singaporo, Penang, Colombo, Bombay, Aden & Port Said.
Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Co.'s Godown. No. 2 GATE, CANTON ROAD ENTRANCE. by Noon on Wednesday, 17th Docem- ber, 1958.
contracts,
to bring the recovery forward new industry by shipping frut
to Australia, China Mail estimates Carpenter Steel when. SPECIAL NOTE: With the exception of hand packages Doinesite No: 0 mugne futures in line for the general, election. elored unchanged to up three
O shares were folled by Sheiet. 121 con- sogie, ternarita of Venezuela's pointa with mics of
President-pleet. tract
the
With their eyes glited un' Contract No. 4 (World)
Middle East, the oil companies Mar: 3.001 May: 0.04 July; 202: Sept: 3.81; Oct 30 Mar 3.50; ay have overlooked that they Spot (Cents per 1. zob Cuba): 305 may actually be pro vulner
nble to polliica In the Western Open interest: 0,711 commek,
Contract No. 6 (domestlo) Itenisphere: nationallem in
protectionismi March: 5.91 May: find, July: 8.01: Yeseructa, Sep1: 5.02: Now! 8.73; nonf4(eonts | Canada and hostility to the des per th. i NY ex«dity); d30.
Open Interat contracts plotion allowance, in the United
Tétales.—China Yail Spesial,
n
Exchange Rates
Bundfers Was done in lid toda unciat exchange market
mettitne tihe following in 1.. dollar (pee (1)
expansion programme. Is completed next spring should be able to generate profits of about $8 a sliare asunlug, a steel operating rate of 76-80 per
cent.
Philly Carey Manufacturing EMBARKATION: (complete line of asphalt, nabóka
bos, and Magnesla produgit Dieeting note (per stil... 15 used in construction) nay dip per kun 12.12 bolow the 300 escred-in 1987,
Australian Rutone on indoflowin
11.5
sant tiesas per 100 2.73 according to Alexander Hamii-
of Intuie, ZU,T.1; - Bingapore (Stenlin) XINLA
carried by paanongers themselves, ALL BAGGAGE mildt pass through the Wharf Company's Godity for loading on board by ship'a slinge only.
Passengers should embark between 9.30 and 11.00 a.m. on 18th Decém- ber, 1968;
Authject the alteration with or without notice.
No comments yet.
Private notes are available after approval.