1958-12-18 — Page 9

SPACE SATELLITES IN JANE'S FOR FIRST TIME

London, Dec. 17.

"JANE'S All the World's Aircraft" included space satellites for the first time in its 1958-59 edition, published today, marking a year that saw "space flight develop from science fiction to scientific fact.”

Construction Subsidy Contract Signed

Washington, Dec. 17. A NEW 20-year operating

and construction sub- sidy contract between the American Mail Line, Ltd., and the United States Maritime - Administration was signed here today at a formal ceremoný.

Mr Ben C. Grosscup, Serre- tary, and Mr. Worth Fowler, Executive Vice-President, signed on behalf of the shipping com:- G. pany, while bir Clarence

the Mari- Morse,

Chairman

the time

Agency, signed for Federal Government, Mr Morse estimated the value of American Mail's ships to be replaced, under the contract at about $100 million. The

contract would re- 'new place an existing one between the, agency and the company. It would be effective January, 1 -1999-December 31, 1978.

AMERICAN MAIL

· American Mall Line operates nine vessels between Pacific northwest ports and ports in the Far East and South-east Asia. It owns eight C3 and C2 type freighters outright and operates one veszel chartered from the

Government. Federal

Replacement award for the vessels would company's eight be placed by January, 1966 under terms of the contract, Mr Morse said. Contracts for the replacement of the first three ships were due to be placed by June 1, 1959. These first three ships would be of the 20-khot mariner.type, modified to meet special requirements of

Mail's

the

American Reuter.

The book, published annually, is recognised as the foremost reference work on world air stafl

The new 532-page illus

107 trated volume covered countries-from. Aden to Yugo slavia,

annual

In a brief introduction, the 49th

"Jane's" noted major developments during the year, September 30, these 195To September 30, 1958:

Hussia's launching three earth satellites. Launching of the U.S. Explorer and Vanguard' satellites..

The "even more speela cular U.S. Air Force "moon probes."-

+

THE CHINA MAIL, THURSDAY, DECEMBER 18, 1958.

CHINA'S ECONOMIC WAR

Undercutting Products Of

World

Free

London, Dec. 17.

Japanese businessmen are to take ad-

:

HONGKONG

STOCK EXCHANGE

actions were;

STOCKS SOAR TO NEW RECORD HIGHS

New York, Dec. 17.

Stocks Soared into new record high territory today when two of the most conservative groups in the financial district left their old status to join the new and ad- vancing move in corporate development.

The Lift

Unfor Oil of Ca

Our Own Correspondent

Business done on the Hong- -Exchange this vantage of the Afro-Asian Conference kong Stock

The Sensational developments third biggest bank in New York Zine Inc:

Tri-Cool Warrants morning amounted to approxi- that stirred new market attacks and the fourth largest Union Carbide in Cairo to try and patch up the trade mately $123,000. Noon, quota-on the bull market highs were: nationally. breach with China. The Chinese ions and the morning's trans- delegation is headed by Mr Nhi Chao- ting, Vice-Chairman of the Chinese Committee for the Promotion of In- ternational Trade, according to Tokyo 25.80 wave reports.

BANKS ・・

Sharej Buyers Sellers

HK Bank. BİR.50 * 810 INSURANCES Uncin ...: 70.5071.50

SHIPPING Wheelocks

Sales

200 @ 71

נד

5.70 1000 @ 3.85

12

Mr Shoichi Suzuki, leader of Chinese Kwangtung gramı- DOCKS, BC. the Japanete delegation said he 'lated has dropped 20 Hongkong Deek would try to initiate discus- dollars to trade as low as $975 Provident

per ton. This not only forced LAND, ETC. stone, with Chinese delegates on the resumption of Sino-Japanese Hongkong sugar lower but HK Hold 21.30 21.50 trade. It was die first time Japanese as well, which is now HK Lord Japanese and Chinese traders selling around $663 per ton-Humphrey's met at this level since trade be said to be lower than cost, at Realty tween the two countries was origin. broken off in May this year. Since then, China has switched a major part of her buying to Europe.

Keenest example of the price Amalg war that Mr Rhodes noted was for

shirts. "I bought three shirts," he said. "One in Japan,

75 @ 11.80

Thi 250 @ 21.40 300 8.21.40

1.45 1483000 1.40

and two in Hongkong. The one Tram TUL, 12830. 2840 from Tokyo was 265, the made in Hongkong was 15s and Yauru the one made in China was · Electric 5s 3d. They were near enough;

be

compar Macap E (in quality) to

is also Japan Meanwhile,

of Chia's Iceling the effects trade offensive in her export markets in the Far East, par- ticularly

Hongkong and Indonesia. The situation was Scheduling of the first described in a House of Com-aple." test fight "early in 1959"mons debate and in reports from

1

in

of the world's first 'spucc Far Eastern territeries. plane, the U.S. experi- mental X-15,

of

And Inauguration trans-Atlantic det passen- ger service.

The book also mentioned

aircraft atomic-powered search was underway in the U.S.

JETLINERS

.*

TC-

Jane's said some 450 large jetliners are on order for de

1960" and very in 1959 and "six US and six international

will be operating trunk lines jet airliners by the end of 1959." It said all 12 US. trunk nes and some 20 international airlines plan to place jets in service on all their routes in 1960."

major

"As befits the size of its in- the book devotes a dustry."

of space,

190 Hon's share

Great Bri cages, to the US. tain, with 111 pages, "takes its customary second place, while France with a total of 47 pages comes third in order of impor- service tance," Jane's snick

POOR FOURTH Russia, with

iles,

a rather "comes fourth," the book noted.

Q

Loral of

22

Helicopters To Help pages including three on mis-

Lay Oil Pipe Line

poor

11, said the Russian section incorporated five pagès more than the 1957-58 edition but admit- RISTOW Helicoptersted that "not much that is com- been incor- Limited, Henstridge,pletely new pas Somerset, have placed on porated."

BR

order with Westland Aircraft Limited for two Widgeon

Russia had The book noted cancelled its 1957 military show

Competition

HK Fishermen

American Telephone & *

Company Telegraph directors voted to split the stock of this conservative company by three-for-one.. Orders to buy the stock swamped the tickers, Buyers were plentiful, sellers few. Trading was suspended and the issue finally reopened at $255 a share up $23 on 75,000 shares.

The Guaranty Trust Com- pany and J. P. Morgan & Co., among the said old benk- ing of 4 billion, making it the

New York Cotton Market

Union Facilet Rollway United Aircraft United Gas Corp. UB. Fou "B" US Gypsum US.-Line Co. S. Rubberg

That block of American Tele phone 75,000 shares at $225 à share amounted to $16,875,500 and

was one of the largest us. Steel trades made on the exchange.

·US. · Smelt

US Steel 7 P.C. PF

The lift given the industrial Warner Bros

Westinghouse Electric than Water Union Tel. Ca. | average was far inore

sufficient to carry it into record'] Woolworth higli territory.

American

has Telephone 70.467.838..shates outstanding and at $325 a share, the out- standing shares

worth $15,855,283,550. The company is the biggest industrial glant in the world and It has more. stockholders than Any other company--something like 1,700,- 000 of them.

are

The directors, in addition to splitting the stock ordered a higher dividend on the new shares. They will receive $3.30

which is a share annually equal to $9.90 a share on the old stock which paid $9 a share. New York, Dec. 17..

The telephone split-up look Cotton futures today, after conservative Wall Streeters off a quiet opening, kept guard. The company always has talked against a split-up despite edging forward for the

rumours that have come and rest of the morning. gorie repeatedly. The mere fact Speculative traders moving to that the split came as it did in- cover in competition with

spired new confidence in the scattered trade demand found a markets as a whole.

Of limited supply of contracts...

a total 1,296 shares ap- striking Closing within

pearing; 492 were higher, 484 distance of the day's highs the lower." 300' 940 market was up 29 to 35 points, the best gain for any session in five months-since August 7. The market opened unchanged

24.80

Telephon 24.902400/1800

INDUSTRIALS! Cement)

»STORES,

Daly

1,25:10

18.50

Mr R. H. Turton, leader of the British delegation ct, MP ș Mr Harvey Rhodes (Labour) to the Far East Bald Chino ws who recently returned from a underselling Hongkon Asher Mis

Inter three-week four of the Far men in their own markets, ing East referred in the House of farmers in Hongkong were.

their livelihood, affected HES

Commons to the "Chinese com- * *LIPUTIS di Chiness pigs sold |

pelition complex”.

et well below the geost of pro ofaution."

Hongkong workers fold: Elim they were losing their merkeir to China aði a result of underpricing.

He said Japanese makers consunters goods told him the

their orders for had lost all cation goods in Indonesia. They said the Chinese had seccred contract for 60 million metres payable in ten years at 25%

cent interest

Competition in Europe: tres described by Mr Rhodes He said China, was sending bath roda, tiles to Gefrany at 101 cents and to Canada at prices

This is backed up by reports from Indonesia, that imports of low 87-cents against the Chinese cotton fabrics have Hongkong price or 1

•:16 "centsal 90 creased 24 ma sards 10-120

1954 4.4 million

Ceylon was said to be losing from million yards last year. China, Her Canadian market for black hopes to increase this to 150 tea because of underpricing s million yards for 1958, On the China. Repercussions are also other hand, Japanese shipments.

the Whited reported tram have dropped from 283.5 million States; Mr Miller, president of to only 96 million yards in the Comet Rice Mills said that same period.

China had nuptured the West

marke According to trade observers German rice

prices He "chopping

wel

in Indonesia, the Chinese Co Comed the new Government ernment have made a detailed study of the prices of Japanese scheme, osad US rice

American products and are now quoting porter This could well below them Compared with the first positive Japanese Hems, China textiles action to meet the

challenge are, reported to be 10 to 40

cent chopper, ceraiks 20 (0.25 per cent, iron wire and alls

15 10.10

cent-and dyes 10 per 30 per cent Jawer, in ad dition the Djakuria branch of. the Bank of China is alleged to h extend special, pans, 10 m porters of Chinese Products who

in financial need

helicopters which they are tot Tushino "which in the past E

has been used to show off the And

operate under charter to the latest, military aircraft" Iranian Oil Exploration and the 1958 show was but

shadow of its former grandeur Producing Company in Iran.

The Widgeons are being air-with practically no air force freighted direct to Abadan from participation."

the "Since closing

Russiari London Airport and will be

pages for press, however, con- assembled and test-flown on

firmation has been received arrival.

six-jet delta-wing Almost immediately they will that a new

with intercontinental start

operations as personnel and bomber

and B mach 2 per- for the range equipment carriers 10EPC and the task force of formance is now going into

contractors, Constructors operational service as John Brown Limited, which is placement för due to begin construction this Bison," Jane's said.".

the

month of a pipe line from the THE BOUNDER oll fields at Gach Saran to Kharg

Isiand, some twenty

the Iranian coast.

FIRST TIME

miles off

DOW

the subsonic

The

plane has been name Nató code assigned the "Bounder" but "no other in- formation is available,"

This will be the first time that

"Despite the booming jet air- an oil company has employed liner business, Jane's said "some helicopters in connection with 250 or more turboprop-powered pipe-laying operations in the airliners are also on order for Buddie East. Their inclusion in delivery in 1959 and 1980. It the task force is calculated to noted that of the "more than reduce considerably the time 370 turboprop airliners" now in that would be needed for com- world service "all of them were pletion of the undertaking if

design and of British surface transport only were facture."

used.

manu-

It said the Ave-year-old Eri- turboprop Bristow Helicopters Limited, itish monopoly on

is one of the leading indepen-plane construction ended "late dent British operating com- this year with entry into the in the field by the. Lockheed Electra specialising panies Industrial application of hell- and Fairchild-Fokker F27.

the past year U.P.I. operat-

copiers For

they have

been

ing two Widgeons in the

Persian Gulf under charter to

the British Petroleum Company NEW SHIPPING CO

Ltd., and

the

Compagnie

Aero Francáis des Petroles who ure

Har jointly engaged in off-shore SET UP IN SINGAPORE

My

eb

-drilling for oil. In addition, "The Company operates in the area two Westland. Whirlwinds owned

by the Shell Petroleum Company

Lid.

The Widgeon

Bligapore, Dec. 17.

been

NEW shipping frm trading

with Indonesia he established in Singapore

The Wah Sing Company has

severni eossLATE:**

place helicopter which is in civil riarted out with a capital of and military use in Japan, Brad, $(M)200,000, and is chartered Hongkong, Jordan and where. It is the smallest of the A spokesman for the company four Westland types currently mulk ship would ball from Singa in production and is powered by pore for, Bihatran -porte twice the Alvis Imótildes giftom engine, I a month.-Bada,

HK Sugar

Mr Rhodes also referred to Chinese undereyling of sugar in Hongkong. Ho aid the Chinese were putting it up in packets and selling to freely at low prices in the Far East This is borne out by latest news from the Hongkong sugar market where prices have touched new

lowe

LONDON CLOSES

FIRMER

London, Dec. 17. The stock market closed firmer today. The indus- trial list displayed a generally firm tone with selective issues much stronger.

.

*

Building and tobacco shares were higher. Steels were farm. British Aluminium, Decca and Philips Lamps were strong.

Gold Etocks turned easier.

Gold mining were firm und clused mixed Coppers were firm, Oils were mostly unchanged and dollar stocks were higher UP.I.

Agreed Merchant

-Rates

selling 62% Minimum Buying Malayan Dollars. Maximum 58% T/T; 63-5/16 0/D;/ $89 20 days; 5214 60′ days,

Selling: 14%25AA

CITY LIGHTS

courie, f'didn't well! Last time I tried to get you on the phone your Aecretary said would I „ming" holding --on?'";

Spretà Service

New York Stock Exchange volume was 3,900,000 shares.

New York Stock Exchange bond volume was $7;080,000.

to up four points. New Orleans American Exchange volume

closed up 12 to off two points.

Closing Prices

Some traders thought the was 1,480,000 shares. market was bottoming out and had reached a turning point," because of the continued heavy loan entries. One commentator thought "old crop futures are forming a trend of eventually higher prices,"

Alden, ine: Any. Alled Chernic is Allied Mils Loc.

Allis Chalmers

American Airline ..

Amer. & FoTER. Fowe The Liverpool market today Am. Gas & Electric

American Metal closed unchanged to off 35 Eng-Aman Setting lish

points and 778 to 892 American Tel & Zel American points under New American Tob. "R" York futures.-U.P.I.

Exchange - Rates

Abeconds Copper Artico stét

Arthour

Alles Comm. Attrattug Balwio-Liana -Eart Baltimore & Ohio Beninca Firmoor

edir. Aviation Corp. this Benguet Coms.

Bellehem Stee

Busince w3705 done in the local

market unonical exchange morning at the following rates:-- U.S. dollar (per (1) Sterling notes (per £1) Australian notes" (per £1) Indonesian rupiah (per 100). Siam ticals (per 100). Singapore (Straits)

COMMODITY PRICES

FOREIGN EXCHANGE

LONDON Closing rates were: New York Montreal Amsterdam Frankfurt

Paris

Stockholin

Zurich

2.301-2305

10.5874-10-57),

(1.49

NEW YORK

Feb. Mar

MARY FIL

July/Aug

Oct/Dec.

2435-2632

5.75 Boeing Airplane 15.96 Bordest (The) "Co. 12.72 Burroughs Add Machine

6.57 Calit. Packing Corp. 28.75 Campbell Soup Co. 1.82 Camachan Pacific R

Came (LL) Co.

In the United States, the average price of one-inch cot- -4-on at 14 designated spot inar- 344-24kets was 34.37 cents.

General markets, cit basis, ports: Deck Jan. and Feb. Eetate crepe. thin Jan

The

thick

AMSTERDAM

rubber market

29034-2416

unquoted

was

steady today. Prices closed in guilders per kilogram, cit Jan.

as follows:

No. 1 rubber

No. 2 rubber

No. 3. rubber

20.00%

1177-117TH

· 12.30%~12.181⁄4

Others changed.

No. 1 crepe

Closing rates were;

1.03-11/16

2:80%

2.80%

90-daya

2.80-19/32

2.79%

Argentina

0150

Others unchanged. U.P.I.

Canada

England officiat

30-days

New Zealand

RUBBER

NEW YORK

Total sales were 83,190 bales. --U.P.I.

METALS

NEW YORK

Prices of metal futures closed today in cents per b. follows:

255 000 253 IDEA. 1:29 DDM. Lead

Déc.

2.50 ppm. UPL

Zine.

Det.

Jaz,

Copper

Dec

Jan.

Dec.

Jan.

LONDON

COTTON

NEW YORK

Prices of cotton futures closed today as follows:

Spot: $5.704; Mar: 24.51; May: 34.44: July: 33.50; Oct: 3146; Dee: 3131: Mar: 31.54 May: 31.48.

NEW ORLEANS Prices of cotton futures closed

Rex rubber futures. today. today as follows: closed 20 to 35 points higher with sales of 35 contradīs.

Closing prices:....... January

Spot: 33,25; Mar: 34.48; May: 3A1; July: 33.56% oet: 3146, Dec: 313; Mar: 31.54; May; 31.51.'

Manch May

Judy

September Novacker JETARY

30.10 20.00

22,02

29.00

20.50

29.10.

SINGAPORE The market opened slightly higher on better overseas ad- vices and after it sagged quietly until noon.

LIVERPOOL

Cotton future closings, Sn pence per lb, were as follows:

American Contract

*2.75 22.10

21.05.

תי

C. LI. Financial Corp. Chase Market. Bank Chrysler Motors Chett Peabody Colgate-Palmolive Co. Colombien Carbon Co.

Commercial Credit Commonwealth Elec. Consolidated Edison Continental Oil of Del Crown Zellerbach Cuban Amer. Sugar Diamond Alkali Diamond Match Co. Douglas Algeraft Dupont de Nemours Farten Airline Fastman Kodak

El Paso National Ga

Firestone Tyre & Rubber Ford Motor v

General Dynamics General Electric

General Foods

General 14ptors

Gen. Tyre & Rubber

Glidden D.

Goodrich (B. F.) Co. Goodyear Tyre ... Grumman Aircraft Galf of

Heyden Newport Corp.

Homestake Mining Co.

as

1185b

Int'l Business Machines Lot1 Harvester

11.656

10.65

International Nickel

International Paper

Intl. Tel

10.53 John Manvise Con

28.066

Light

Kansas C Power & 28.100 Kennecott Coper 87.55 Kgwell Merci Toh, Co. 91.256 Lockheed Aircraft

Prices of metals closed today in sterling per long ton as follows:

Tin

spot 3-month Copper spos

3-month Lead 2nd half Dec. Load 2nd half Mar. Zine 2nd half Dec. Zar Zad halt-Mar.

Buyers Sellers

SUGAR

NEW YORK

Loews Incorp. Lone Star Cement Co. McDermott Bay McDonnell Aircraft

Stock Exge.) Minnesota Mwing Mission Development Monents Chemical Co. Montgomery Ward. National Biscuit 'Co. National Cash Reg. "A" National Lead

National Stent Corp:

Neuf York Central

Norfolk & Western Hy.

(Am.

North-west Airlinos" (Com.)

Din - Mathieson (4

Otis Elevators

Pacific Gas & Elec. Pan American Airways Paramount Pictures

· Pezin, · Salt - Ca. Procter & Gamble.Co Pittsburgh. Piste- Glass Radio Corporation Hadin Cory. World No. 4 sugar closed Repubile. Staat: today one lower to four points Reynolds Metal higher with sales of 663 Sears, Roebuck .contracts.

Balot: Regű Paper Domestic No. 8 closed one is Ot kower to live higher with sales Bacony, Mobil Off 20.00 of 178 contracts veh

Dec/Jan.

Mar/Apr/

May/June

July/Aug.

Oct/Nov.

20.55

Dec/Jan.

20.15

Mixed Contract

Dec/Jan.

23.70

The market closed steady in the afternoon, Futures No. 1 rubber per b. Jin, ta

Tab,y: 2217-234 b. 2 rubber per tb Jan. 1-2

Mar/Apr.

22.80

May/June

22,10

July/Aug

Dec/Jan

Calton'

AD PAULA

No. 1 pale

rubber maled - crueltos

She'rik

24-1/18/666

follows;

28828

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