1958-12-30 — Page 9

RÄNSPORTATION

BOAC To Retain DC-7C Fleet

THE

British

France Curbs Orders

For Foreign Ships

AN Indication that

London. government

Thas agrees that the British nippingssion for French Overscos Airways Corpora- abroad is being restricted the Fronch tion should retain its float was given by of American DC-7C airliners Minister for Public Works at until the delivery of Ameri-a Press conference. can Boeing 707 jet airlinors.

#

M. Buron suld that "a brake In reply to a question in the had been put" on purchases of House of Canon Mr Harold upplag abrend, and that Watkinson, Brillat Minister of recent purchase of eight trawlers this was from Fallsh shipyards had only Transport, sold that

DC-7C air-been authorised conditional on the

as a counter-

when part of a Polish order for marine liners being re-exported the delivery of the Boeings tock engines.

The Minister spoke reassic- place.

government authorised ingly about the state of activity BOAC in 1955 to buy 10 DC-7CIn French shipyards atrerait provided they were soidlation of

The

e available.

Mr

ת!

Салеві

THE CHINA MAIL, TUESDAY, DECEMBER 30, 1958.

FULL

CONVERTIBILITY

Currency Reforms Mainly Of

Technical Nature

By RONALD BOXALL

London, Dec. 29.

Page

NEXT

HONGKONG HEAVY BUSINESS ON NEW YORK MARKET

STOCK EXCHANGE

Our Own Correspondent Business done on the long- kong Stock Exchunga this

mately $454,000. Noon quota-

actions wCTO:

New York, Dec, 29.

Stocks carried the year-end rally ahead on heavy volume

early today after the four-day Christmas holiday.

The first thing that should be said about the Christmastide currency reforms is that they are mainly of a technical character. tions and the morning's trous-before Christmas.

cun-

Sterling is So far as cerned the unofficial system by of holder foreign which

pounds could convert them into dollars at a currently earned

discount ол slight very

rate which ometri

Use

morning amounts to approxi-

Buyera Bolera

Defen

010

127 (0.

three years ago in anticipation of the events of the past week- BANKS end Under

this agreement, Bank B021

201 a central fund of $800,000,000 Flat Aalo will be set up from which debtor INSURANCES

Union 7011 countries will be able to draw Lombard the

credit.

Underwriters has bee

SHIPPING But this credit will not be la Nav. Wheelock as in extended automatically

DOCKS, ETC. system. I will be Doek..... given at the discretion of the Provident, the EP.U.

O.E.E.C.. for

(0) maximum period of two years. Settle-HK Hel 1 21.80

LAND, ETC. will be made monthly, i Land mento

replaced by a system whereby be same pounds may

int the full mic.

converted as a matter of right,

years

orders, which pres The second thing that should when long-range Briannas be- rented a serious problem in some be said is that this change marks forward along the countries, had been held withing step "reasonable units"

France road to freer

trade and pay EXPECTED

thanks to the co-operative - ments which began --13

Woods. It is Watkinsori Bul,

said titude of the shipping lines and

ago at Brettons the by FITNESUVA taken

that the move for this reason BOAC expected that as a result thr

North growth in the

bus been welcomed all over the i world. Trahe they would be able to employ the DC-7C air- craft as well to the Britannias unt the extra capacily provided by the 15 Boeings

Atlantic

Government.

IMPROVEMENT

Among the steps which the i

on order be-Government was now consider.

carne available in 1959 or 1960,

of

mg, according to

the Minister, The BOAC placed an order were an increase in State aid to make their shipyards to for the Boeings to fill a gap until

prices more competitive, and the ahiliber capable artisti making non-stop scheduled unprovement of long-term credit flights between London and New facilities for the industry. Y1ik In both heen develope:t--China Spectal.

Buren sald French slip

M directions had

British Laid-Up Shipping Drops

Exception

Until now the pound (like all European cur- the other main reueles) has been inconvertible. That is to say, pounds earned ordinary by foreigners in the rourse of trade could not be ex- For ob- changed for dollars

Mail yards buil maintained their sharevious repaons an exception was

in the case made

of sterling trade at around 4 of world

earned by North Americans.

London.

THE gross tonnage of Bri-

Th

shipping laid-up

for reasons other than repair

per cent, and that only 2 per cent of French-owned shipping wws now laid up, compared with a world average of 10 pr Chat.

But the share of supping under the French fog, passing lo or from French parts had fallen from 50 per cent to 45.0 per cent in recent years, and must be increased.

dropped last month bolow Boeing-707s Claim

the million mark for the first

tima in over

five months,

according to figures publish New Speed Record

ed hore by the United Kingdom Chamber of Ship-

ping.

Now York, Dec. 29.

PAN American Airways to-

it

but entirely in gold or dollars

Humphreye and at rates of exchange that

Realty -will-- fizctunte-between — pre--|-RUBBER- -

determincef Umits,

No Reprisal

Another

announced

end is the the

important

Armate.

WAL

A Tawah

Sungaia.. UTILITIES Tram

Volume for the first hour Am. Cable & stadio Corp... totalled 010,000 shares contrast~| American_Cynhamid Co. ed with only 380,000 shares in Amer. & Forgo, Power...

Am. Gas & Electrie itay perlod on the

Am. Home Prod.

International

same

High-priced Business Machines was a feature with its gain of 17 points to $535 Anaconda Copper

Armeo Bleol on a belated 1,400-share open-aldwin-Lima-Ham. ing

Individual spectallics gained a 1.30 point to three points while the generat list showed fractional improvement,

20.20

1.175

3.55 5.00

40 40

12.10 13.30

600 #

300 6 1.150 1000

sts 12.10

200 g 21.70

30 30

200 30.

1000 @ 30

1,40 1.50

1.70

15D

1,020

1.06

100 change

Yauma...

20.50

Star Fary

during the week- exchang value of French frane. This has been devalued by 17% per cent Light

101 tc. correct ovy-valuation

Electric

152

13

200 ₫

30

04

Yatınall

P3

French expOTIA

at which woul

***.10.20

20 10.20

10 24.06

(N) 23+

25

1000 24.90

2000 A 2.00

have put France at a serious dis- advantage when the Commonsação E. 0.12 Market bugins to operato on Telephone January 1.

It has been suggested that Bri- tain decided to make Sterling

But convertiblity the back door" nas always been possible and for the past yeurs. the las necepted by Free Those using this method has been practically negilgible

come

INDUSTRIALS

Cement ... 2340 STORES. ETC Dairy...

2000 & 24.10

3193 *

TR10 10,30 3200 7 10.20

12.00 13.20

"through convertible as a reprisal against watson

Lane, Craw. 14 France for causing the break-

Kwor four down of Britain's plan for "

3. H. Trade Alca Lo operate cÖTTONS lungstde the Common Market. Textiles This is simply not truu. The INVESTMENTS

fully discussed it. y. WDS proposal with Britain's European part H.K. & F.B.

Invest,

Sterling earned in trade by other than North foreigners Americans

Latin- (and some Americus) automatically be- transferable. In other words it could be used by a foreign bolder to finance trade with any other country in the world except those n the dollar area.

mar. But through unofficial kets in New York and Zurich, it could be exchanged into sterl- dollurs at "transterable

Atlantic speed record by one been

A tota of 198 ship of day claimed a new trans-ing rate. And as this rate has 957,836 tons were idle in porta In Great Braun) and Ireland incluating 38 tankers of 317,246

This

with compares

0 211 previous men h's ngure ships and ping 1,036 203

tons.

tons.

The

Seventy-two foren ships -

totalling cluding live tankers, 488,220 tons, were also die la British parts, the picture for July bus farekin vessels been mish the same, the Chain-

of Shipping reported ber Chinu Mall Special.

simer

China Building Up Airline Network

ונה

ners and the fact that the move was a concerted one, is proot that European Co-operation in economic affairs is still highly valued.

cu-

come

Nanyang

..

143

3.55 0140

0.20

0.00

1000

3.02

160 @

6.20

LONDON

CLOSES HIGHER

Some of the chemicals were alrong.

Pont Dru

rose twu three, points, Thickol nearly Relchfeld over a point. Good- yeur rose 1 points, Firestone Motors were

1 in the tyres,

firm and active.

214-to

́U.S." Steel ellmbed fenture a good steel svetion. Bethlehem zained nearly + point. Lakkens 1%, and Repiblie 1 and National Steel nearly two points. Antwng non-ferrous

"Thirty years ago today you took an optiin on me --remember ? **

Landon Exppers Service

metals, Anaconda and Reynolds rose around a point.

There can be no deuy lug, how- ever, that this spirit o! operation has

recently under a great strain. When the Common Market of France, Ger-

Polaroid picked up over three many, Holland, Italy and Bel-

points and there were gains of glum and Luxembourg begins to

two points or more, in Ameri- Standard Telephone, operate next Thursday, the other

can London, Dec. 29. 11 countries or O.EE.C., includ-

closed Packaging, Pactile Telephone. ing Britain, fuce new dangers. The stock market

higher

Daw-Jones on a broad front

closing averages traders wel- were: today дн comed

of the decision convertibility of the 20 rails

the 13 utalities

Gb stocka pound sterling by

4 bonds British Government.

Comm. future price index.. Brliish Governments Jumped as much as eight shillings and the Consols leapt as much as 10

Without a Free Trade Arca, one bine of countries will begin to discriminate against the exporta results of another blue-with that may be extremely serious.

Objection

supported by British 10 within otte per of their Boeing-707 jot authorities

rate since planes on a flight From cent of the ometal

February, 1955, the cost to the London to New York.

seller of sterling has been very sold the plare, small Indeed. The airline which left London earlier to-1

W unt

happened now 12 transferable day, was light 101, entrying 80

1hat offelad (TW

been and ten PRSSEJZCTS

rules of exchange have de the fight

in non-stop

merged into one, and the con- seven hours, 40 minutes, beating vertibility

inte pounds 27 minutes the

chillings. previous delines is now the right of any

this earlier claimed record,

holder outside the sterling area. month

the another 707, by atria etaimed.

End Of EPU According to the flight log the giant plane flew at on average height of 39,000 feet, and at an average speed of 490 nipli against an 18 mph head- wind.

BOAC have claimed no west- bound Sight record for their Comet Jets because they do not fly non-stop to New York.

Takyo. Dec. 29. CHINA is building a net-Reuter.

work of domestic civilian

airlines alongside with tho

nationwide oxtension of rail- Heat Protection ways and highways, it was re-

ported today.

ان

of

own goods the

was Britain's main objection en the grounds that Frunice was raising certain Import quotas to

her cent three per

After the initial furry gilt- of national production

edged securities quieted down and concerned

limiting

all-time but closed car the benent to her partners in the highs.

Industrials were high as they Common Market.

This was considered a serious were strengthened by the invest- uct of discrimination against ment demand.

steet Lavourites, Britain and was all the more

and engineering issues i resented because it

was only shares πούρ possible by the abnor- paced the higher section.

The foreign bond market was mally low level of France's

quiet but dollar stucks closed higher-U.P.L

External convertibility for the muin European currencies means the end of the European Under this Payments Union.

between all payments system the 17 countries of the Orgont- Nation for European Economic Co-operation Were settlederalised" trade.

on

multi-laterai

American

39 industriala

Koinoy Toontry

Itennemit Copper

Liggott Meyers To Co Lowenstein Sons McDermott J. Hay

McDonnell Alruit

National Biscuit Co

8

tornational Nikol 6112 Internallunal Paper

17

Jolin-Manville Co.

127

Am. Mach. de Finy. Am. Sugar Hef.

American Tob. "D"

American Tel & Tul

231% 224

(Am

902

61

Stock Exge.) ....

Mesabi Iron Corp

6534

13°

Monsanto Chemical Co.

Donefleist Finance

20%

inc...

Bendix Aviation Corp.

71%

Benguet Cons

Bethlehem Steel

0314

National Ficel

019

Borden (The) Co.

7416

Burroughs Add Machine Call. Packing Corp. Campbell Soup Co.

4911

437

Case (J. I.) Co. Catctor Celanese Corp.

209

3041

60

614

40

Boeing Airplano

Financial Cor Chrysler Motors Cluett Peabody... Colombian Carbon Co. Consolidated Edison Continental-Oll-of «De}, Diamond Alkali Douglas Alrevoft Dow Chemicals

Dupont de Nemour Eastman Kodak

FI Pang National Gas Family Finance Corp. Firestone Tyre & Rubber First Nat. City Bank Furd Motor

General Dynamies General Electric Generni Motera Gen, Pub. Uul ... Gen. Tyre & Rubber Goodrich (B. F.) Co, Goodyear Tyre ....

Grumman Aberaft Gulf of

Heyden Nowport Corp. Homestoke Mining Co. Ingersoll-Band

Interchemical Corp.

Int'l Harvester

03

Norfolk & Weater Ry, North Amer. Aylation North-west Airlines Olin Mathieson Owen-ikinola Glass Oxford Paper Co.

תם!

Penny J

Peun. Salt Co.

Morris

Airways

Procter & Gamble Co.

Pubicker Industries Pure Oll

Radio Corp. Pref.

134 Hears Hochuck Co.

Shell Oll Co......

Set Beg, Paper

7551 Sorony Mohll Ol

Solar AircraÍT

205

(Com.)

1423 | South Puerto Rico Bigar

3 Bouthern Co. (The)......

Southern Nation

20

134

G

Southern Railway (Co.

T| Steep Rock (Toronto Exge.

Sumahine Mining

ADAL

64% Textron tr

Tide Water Åsm. 09

1 Time Inc........

70-

Il-Cont. Warente

Twendeth Century Fox Fum

40 Oil of Cal.

sik United Fruit

120

2

United Gas Corp. US. Line Co.

129.9. Sterl

44

10% | US. Stel ↑ P.C. PF

Westinghouse Efsetzle Wertian Union Tel. Or West Va. Pulp & Paper

POBIE.A

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO,

Leaver B.E "COROMANDEL"Balled 19/11

Outwarda

Due Hangkong

377.21

100.30

14th Jan/

06.26

"SURAT""

200.69

68.22

"CANTON"

156.60

Closing Prices

394

30%

"CHUSAN"

"SOMALI" "CORFU" "SALSETTE"

Salled 8/12

Salled 12/12

Sailed 23/12

10th January

11th January

19th January

0th JanuaZY

13th February

Dth January

1 FebruRTY

2nd February

Homewarda *"SOUDAN"

Allied Chemicals Allied Mills Inc. Am. Brake Shoo

Singapore Market

Temoved by Agreed Merchanting stock prices:

with the

monthly bisin. The country whose The grounds for this objection monthly account was In debit have

now been quid three-quarters of ite du France's decision to link thu Bell in gubt or dollars and was

reform of the franc grunted credit for the reinaining quarter.

That system cannot be worked currencies. convertible fighters, with

For a country that ran a deficit I could obtain cheap dollar

The Now China News Agency THE Republic concern, builders

said

there

are

Jocally run airlines Mongolia,

Shensi,

already

in

Loner

Anhwel and Shingalust

ما

removal from quota restriction of 90 per cent of her trade with Western Europe.

1

But the basle difference of opinion remains and there

nuch hard bargaining ahead on the method of linking the Com- mon market with 11 countries that remain outside.

Rates

45

Singapore, Dec. 30. Brokers today quoted the foi-

Opening Batu Lintang Rubber Co.

$2.12 Ltd. Brilish Borneo Petrolem

406 Syndicate Maximum Canadian Dollars;

Smelters Consolidated Tin

2the Ort. Selling 16-9/16, Minimum Buy-

Fraser Neave Ltd Ord. $1.00 Ing 16-13/10 T/T; 16% 0/D.

Swiss

Maximum Fraser & Heave Ltd Ord. Francs:

7% cum. pret Selling 74.

Franes: Belgian Selling 855.

West German Deutschcmarks: Maximum Selling 71%.

of many famous 18 has been assigned by the United to make a States Air Force Shanststudy of protective coatings for finance between one settlement Hopel, Sinklang, Kensu, Chlug- | advanced aircraft, missiles day and the next at the expense hal, Hellung. Yuman, Kwangsi, and “spacecraft”

guard of other countries dollar re-

it Szechwan,

heat of the enorHOUS

serves. Moreover,

could

Returning to the subject of high speed flight.

obtain convertible currencies on convertibility, 25 per cent credit terms again sterling is now a freer currency It said these 18 airlines cover

To start with. they xre miles. Most of experimenting with over, 3,000

tempera- at the other countries cxpense--and therefore more desirable

been re-will these airlines were opened dur- tores of up to 2,400 degree! So E.P.U., has now

bring only Indirect at placed by a European Monetary benefits to Britons and other unofficial ing the latter half of this year. the sort of heat found -U.FI.

speeds around 3,300 m.ph.......... Agreement which was drawn up

rezidents in the Sterling area.

tung

COMMODITY PRICES

RUBBER

NEW YORK

Nex

rubber futures today closed 8 to 22 points lower with sales of one contract.

Closing prices:

¡No. 4 rubber per ib, Jan. 2035-0015

Spat rubber unbaled

Blanket crepe ke

No. 1 pale crepe

LONDON

27 spot

76-78 03-54

'The rubber market was mix- ed with spot quoted at 24-7/10 ponce per I. Price:

3-month Copper spot

Lead rid half Dec Lead 2nd half Mar

the fact that

Difference

But they should not have long to walt before they too feel the difference. Now that converted of will by non-residents all imports

Sterling can be

Buyer Sellers into the Sterling Aren whi bo

7767

203

paid for in the equivalent

ON

223

13

dollars. There is no longer eny reason to restrict imports from North America on the grounds

70%

Zine 2nd half Mar.

79%

v.P.I.

Zine and asit Dac

COTTON

Exchange Rates

Hongkong Tin Lid.

"ÇANTON"

"CHUSAN"

"CORFU"

"CARTHAGE"

17th Match.

Lauren Gongkong, Jan Londen

Cla January

14th JanziNTE

2nd February

13th

February

19th March

19th February

14th February

4th March

16th March 13th April

Via B'Dore, Penang, Coletabo, Bombay, Adan & Pt. BAIQ.

• "SOUDAN" extends to Bamburg, Rotterdaos & ArtwRTY,

and omit Colombo & Bombay

+ "CHUBAN" alen enils at Naples, Marsellies & Gibraltor.

BRITISH INDIA S.N. CO., LTD.

dne int Jan, from Calcutta, Rangoon,

Penang & Bingapore Balts 3rd Jan, Jor Japan

Trox Japan

Rangoon. Chittagong

6th Jan, 8th Jan

for Singaporelcutta

Peak.

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

"OLINDA"

due 2nd Jan. sails 4th Jan.

"SANTHIA"

14.15

Maximum

Gammons (Malaya) Ald.

$1.71

Hongkong

Shanghai &

"PADANA"

ne

Banking Corp. ...

$420

Kumpas Lid.

$1.00

Kuala Kampar Tin

Lunas Rubber Estates Ltd.

Malayan Breweries..... Now Serandah Rubber Co.

$3.00

Ltd.

Fetaling Tin Lid.

Names Hotel

Sunits Steamchlo....

Singapore Cold Storage Sirali TraCON TRAYA 5.73 15.00

#3.10 $1.83

10.85%

*

$1.00

$0.70

12.70 5.50

Wolled Engineers Ord. ****

$0.05

*

"UMARIA"

***

Wearme Bros. Any

$1.43

candiv; ↑ ex-all. — China Mail

112 Special.

"OZARDA"

+

"OBRA"

Bun: was done in the local #tris excling marked morning at the following oto- 11.3. dollinen (per $12, aroma Sterling nolre iper £1) ....... Australian motes (per £1)... Indonesian rupials (per 100)..

on Heals (per 100) Singapore (traita)

*

from Japan

for Singapore. Penang,

Madras, Cochin, Bom

bay. Bhavnagar Pore- binder Kandia & Karr- chi

ård Jan,- from Japan

517. Jan. for Singapore, Dubai,

Bara, Khorramshahr

Karacht

dae tot Jan: from Karachi, Bombay

A Chahin walls 20th Jen, for Japan

dne 14th Jen. safts 10 Jan.

'que

4th Jan. qih Jan,

from Japan de Shanghai for Bingapers, Bombay, Karachi, Buroi, Kuwait

Khortam BAITRAL

zahr

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

"ARAFURA"

from Japan Ae Bhanghai for Labuan, Bandakan, Brisbane Byfney How

Melbourne

Adelaide

due 9 Jan, fram' Australia KAITS. TUS JAn. for Japan

All veusly have Uberly to cali et ́any ports on ar off the route & the route & saflings are rukjest to change or amendment with or without notice,

Jan.

May

Gaut

Nov,

Je,

AMSTERDAM

The rubber market was TASY today. Quotations were all un changed

SINGAPORE

The market openéй

Alghitiy

higher but with buyors dise

interested. It eased to around.

METALS

LONDON

quiet The Un market was

the previous level on extrerne while

Jy quiet market ater

day. Futures:

In

thormer brid

other metalo

steady. closed at the end of the

No. 1 rubber per 10. Jan. 8375-3414 omelat afternoon session, all in Te sterling per long ton, were as fol-

No. 9 rubber

Jan.

Cotton

13.30

22.30

that they have to be paid for in hard currency.

The next move will be the gradual, temovat

there of restrictions so that eventually— And perhaps in the not too

P&O

ROUND TRIP TO JAPAN

BY

R.M.S. "CHUSAN”

distant future-the pound will Dop: Hongkong bo just £15 convertible for

residents in the Sterling area as Arr: Yokohama

it is now for foreigners. Sterling Dep: Yokohama will then be just one step tway

from full convertibility when Arr: Shimizu holders are given the right to Dop: Shimizu

move capital freely between the Arr: Kobe. Sterilny area. and the rest of the world.London Express Service, Dep: Koba

Arr: Hongkong

Trade Pact

Bagdad, Deo, 29.

Ing and Indin tonight signed

n trade agreement aimed at

1st February

·ROUND TRIP FARES First Class: From £68.0.0.

Tourist Clona: £42.0.0 For further particulars apply to:

New York, New Orions and enlarging present trade between Mackinnon, Mackenzie & Co. of H.K, Ltd.

Sao Paulo cofton prices were unavailable today-UPI.

the two countries of Indien tea and Iraqi dates-Router.

P.&O. Building. Tel. 34469,

For full particulars upply to:

MACKINNON. MACKENZIE & CO.

OF HONG KONG LID. Telephone Nos: 27721 4.

Fau.

Mnr.

July/Sept.

30.04

Oct/Dea

20.00

20172

Jon, and Fel. ...

No. 1 He spot ........... 2416-2435

Aettlement house term:

24-241 2456-244 247-2437 2014-2093

341-21%

General markote, if basis, ports!

20.03

Fate crepe thin Jan,

24

20.40

Eutate ereje thick Jan...

20,30

201,20

LIVERPOOL

closings, futura pence per lb. were as follows:

American Contrast

Dos/Jath

22.3

MREŽA DELÍ

SRBO

May/June

21.07

July/Aug.

粉粉

Out/Nov.

30.20

Dec/Jan

10.30

Mixed Contract

Dec/Jen

Mar/Aprli

Were Pricer

May/June July/Aug O/or Dad/Jan

January 1959, 21st January 26th January 26th January 26th January 27th January

6.00 p.m.

‚ “'NELLORE”

28th January

29th January

10.00 a.m. 4.00 p.m. 12.00 mid-night

·4.00 p.m. 7.00 8.1. 9.00 a.m. 8.00 a.m.

•

*