1959-01-08 — Page 9

ટ્યુશન ક્લા

RANSPORTATION

CARONIA TO MAKE SUMMER CRUISE TO ARCTIC WATERS

New York.

SUMMER cruise by, the. Cunard liner Caronia, round the North Cape of Scandinavia and into Arctic waters, was announced here by the Cunard Line.

The North Cape cruise, www

in ils ninth year, will include visits to 22 parts

European

int Iron Curtain Ships

countries, Including

Ireland, Norway, Deaidark.

Sweden, Finland, Germans Compete With

Ireland, Scotland, Britain and France.

The cruise, which leaves New Yure रमा July 2, will give travellers an opportunity to visit Russia and Poland. At the stops at Helsinki and Copen- hazen respectively, transport will be available for briet vinit to Leningrad, Moscow and War- BGW

FLOATING HOTEL

The 34,000-ton luxury iner, the largest ever bullt especially for cruises, will serve DS A floating hotel for passengers during the cruise.

Bit

THE CHINA MAIL, THURSDAY, JANUARY 8, 1959.

Stocks Have Sharp

Declines On Wall St.

New York, Jan. 7.

Stocks today had their sharpest decline since the 14.68-point

break in the industrial average on Nov. 24.

HONGKONG

STOCK EXCHANGE

Our Own Correspondent Business done on. the Hong- kong Stock Exchange this

proximately $304,000. Noon quelations and this morning'a transactions were:

Selling that had been well absorbed most of the day developed greater morning amounted to

pressure at closing time with the tickers falling behind the market.

Widest declines came into

Die recent favourites which in- cluded many issues making up the average. Du Pont was driven down more than reven Eastman point dropped more than Chrysler lost two, US,

one nnd General more than Electrfe more than two.

Burroughs Add Machine .... Calif. I'mcking Corp. Campbell Soup Co. Canadian Pacine 1. Case (f. 1-) Co. Cal. Tractor .... Ceinhe

Klakinncial Corp.

three. Steel

Declines of three points

mere came into National Cash

West Georgia

Rotterdam, Jan. 7. NE Royal Netherlands Shipowners' Association said in a statement issued today that ships run under the flags of Iron Curtain countries wero competing with the ships of Western nations.

IL

Balt the Iron Curtain chips. which he dy totalled

million itore than five

tons.

The Uner will make stops at New Evernment property and all the Scandinavian capitals, were not being run on a com- but will

otherwise call prin-mercial basis.

ensured restrictive!

cipally at Norwegian ports, in- Their cargo cluding Hammerfest, Lyngseldot, beforehand by Lofoten, Trondheim, Aandalsnes, || <lauvis in trade agroeninis adel Yilordul, Merok, Bergen, and allotments by government Stavanger-China Mali Speelal bodies, and it was practically Impossible for other hips to Jake part transport to sind

West Germany Joins from the Communist countries.

UN Maritime Body

London, Jan. 7, 7ITHOUT opposition the Federal Republic of Germany today became a member of

The Astuciction said that be- cause of this, and other develop-

TES

i

Chrysler Motorw Chott Peabody

Colgate-Patrolive Co. Colombian Catbon Co Commercial Credi

30%

Commonwealth Elec.

or

Consolidated Edison Continental Of of Del. Crown Zeiterbach

0142

33 4011

Register, Bendix Aviation, Alton, Inlund Steel, and several others. A long list fell two points,

including Thiokol, Hercules Power, Illinois Cen- tral, Western Maryland, Cood- year, Vick Chemical, Americap Home Produets, Coen-Cola, Pacific, and U.S. Gyprum.

Several reasons for the de- were advanced bul the general bellef was that it re- pressed nothing more than a technical retback after a pro- Jonged rise.

The market had risen in the previous seven sessions, making

TEN ACTIVE STOCKS

New York, Jan. 7. Avec Mig... 87,500 101 on 1 Merrit-Chapman 64,700 2014 up JI CARD.....

53.000 21% off Anter. Motors 45,500 389 (

L14 43,400 3134 on Aluminum Hover Ind

42,700 63% oft Standard Di

NI

27,400 SC) of 2 General Motors 20,300 4914 of 76 Chicago, w

1 Pai

30,200

p Libbey McNeill 33,600 13 unelianged

-1

a new high record each trading

such as the seven mil-day until the value of all listed Bytes had risen by eleven

lion tons of lald up ships and o degline or perhaps

a slowing bilion dollars down in the growth of occan trade, the short term outlook For shipping was univourable,

That, it said, on the other hand a revival of world trade could

expected,

Some weight was given as a fector in the selling to a state- men! by economist Marcus Nadler who wamed that alocks should be sold for profit at this

The United b

thestme because Nations Inter-Governmental world's population was growing Maritime Consultative and the world was needing ever Organisation at its firstore energy-Reuter,

assembly being held here.

The Federal Republic, though

not a member of the Uneltalian Liners

Nations, is a member of

number of United Nations

specialised ages of the Immobilised

IMCO is the twali.

Her unanimous eletion

membership of IMCO sumoune-

ed by the Canadian ehairmen

Louis C

of the assembly, Mr

Audelte, was no surprise and

won greeted with applause by the delegates.

PRIVATE SESSION

The JMCO Counci priváte session

Also the traders were given a shudder or two from a Wall Street Jou.not dispatch saying that the now "liber packed Congress which goes to work today, will put business on the defensive

as it hasn't been since New Deal days."

Business news favourable; and many bargain bunters seize the decline as nh

was seen. 85

opportunity to buy stocks.

Rome, Jan. 7. 24-HOUR strike, called

Of the 1,250 Issues traded, by the Italian shipping only 296 nisired higher on the companies employees trade day while 794 were lower, enion today has immobilised volume was 4,140,000 shares. three liners, the Africo,

Exchange New York

New York Stock Exchange

Ausonia and Vulcania in volume was $7,504,000, at

Stock Exchange American recommended Italian ports..

volume was 1,080,000 shares. The strike Wi! called In Daw-Jones closing averages ploted protus measures taken were:

the election of the Federal Republic to membership.

Then a few minutes later i open assembly her election was proposed by the Dominicon Re- public seronded by the United States and supported by Haiti,

Had a vote been necessary a two-thirds majority of the

the big shipping cotapanies an inducitial: gulast employees who took 20 ratla

15421 December strike.

This strike ended with

votes of the assembly of about arvestment between the COT- thirty member countries would | pontex get the unions on the basis of union proposals for an have been required.

after-improvement in the wages of seamen-

Suban Amer. Sugar Diamond Alkal Diamond Matel Douglas Aircraft Dow Chemicals

Dupont de Nemours: Eastern Airline Eastman Kogak

El Paso National Gas Family Finance Corp. Firerlene Tyre

Rubber First Nat. Cily Bank Ford Motor... General Dynamics General Electric -- General Foods General Motors Gen. Pub.

Util.

Gen. Tyre & Ruliber Gesty 01 Glidden Co.

201

10012

New York Cotton Market

HATEX Buyers Sellers BANKS HK Bank INSURANCES Union ..... SHIPPING Waterboomso

Axo Nav.. Wheelock

DOCKS, ETC.

1.175

3,CU 8.03

IC. Whart.. 20.50 Dock

$1.50

Provident

LAND, ETC. 1 Hutel.

S'hai Land

XR

12.10 12.30

#2.40 22.70

New York, Jan. 7. Cottun futures rallied sharp-| ly just prior to today's closing after a quiet start. The rally was attributed to late commission house buying in

30 30.3 situation which found. offer-11umphreys

14.50 30 Ings sparse, Nearby deliveries Healy 1. 1475 1.323.

RUBUER sparked the advance on short- malz covering producing late goins of Tawan

Sungatu up to several points.

At the close the list ruled un-UTILITIES

Train changed-to-21 points higher. Atrar Ferry the start the list had ruled two Youmali points higher to one lower. New C. Light 24% Orleans futures went four points

lower to 14 higher.

QUIETNESS

130

7415

13

阅

77

76

491%

30%

1,03 1070

2.00

2.10

27.10 27.40

100

DE ALKO

.. 16.30 14.35

Hales

FO :

300 68 22.40

500 22.4

2001.175

Reforms Justify

Optimism For Sterling & Gilts

By SYDNEY 5. GAMPELL

London, Jan. 7."

The currency reforms justify optimism for

sterling and gifts.

There is little

substance in the view that Britain is taking on new risks,

All that has happened is that, level as European liberalisation, residents of the non-dollar non- the operation does not make 1000 22.30 serling areas, who already had sense.

currency,

1000 22.30

200 or 22200 de facto convertibllity at a trift- For 1000 22.30 g discount, now have de jure

500 250 100nvertibility at a unilled rate.

22. This shou!! lu to Britain's

arivantage.

200 A 03

a convertible continued currency discrimina- tlong urea Iontensi-oven worse than the years in which transfer- able sterling, the world's major trading currency on both sides Ever since February 1055, of the Iron Curtain and often a when Britain granted informin larger

market than ofetul convertiblty of non-realdentering, could be traded every- sterling by supporting the trans- where in the world except in its ferable rate, Britain has carried bone market..

_600_< 27.30}-n!]-the-riska-und-eosts-of-con- Canadians and Americans me*****

vertibility while getting roue of not making a fuss about it, be- 300 4 10.40 ith advantagea, Now she is to ense, as non-resident convert-

300

10.40

500 16.40

620 14 10.30

442

Metric

Goodyear Tyre. Goodrich Co.

Mica E

25.50 25.00

D20

11072

Grunima Aircraft

Trade sources suid quietness 24% caster in the session reflected

Tel. ....... 23,50 20,70

500 + 25.80

1231

iteyden Newport Corp.

1304

slow export market.

Hemertake Mining Co.

4452

Grey goods continued Arm is

INDUSTRIALE Coment

185 up 20.50

... 14.40 105.183

500

1.50

Ingersoll-Ran

27

Inland Steel Co.

some mills announced plans to STORES, ITC. operate on a five instead of

1000

23.00

Interchemien) Corp.

59

Int Business Machines

514

six day week in the, first quar

Dalry ..... 10,10 10.00 Watson

L. Cruw

Int Harvester

416

13,40 1360 .. 13.29)

... 3.03 4.60

500 33.50

4.70

110

International Nickel International Paper Int'l Tel Tel

Jun-Manville Co.

Kaiser Industry

Kansas C. Power & Light Kennerett Copper

Liggett MeTED Tob. Cu

Lockheed Alperati

Luewi Incorp.

ter in the hope of strengthen-TTONS ing their position.

The cotton products export 74 office of USDA sald payments

ing on cotton goods exports for the week ended January 2 totalled 148,712, bringing the total alnce the organ started in August 1950 10 35,054,100.

240,300

081

3.1

дз

20%

Lone Star Cement Co.

3014

Month Vottune

Lowenstein & Sons.

15

Mar

1.057

McDrmott J. Ray

50

McDonnell Aircraft (Am

May

20.700

303.000

34% Oct.

July

7.900

152.500

ে

207.400

Ments! Iron Corp.

Dec.

5,000

133,400

201

Mar.

1,300

44,800

Monsanto Chemical Co.

2902

May

200

41

Total

$2.600

Stack Expe

| Misramota Mining

Mission Development

Montgomery Ward

Motorola The.

National Bisculi (9. National Cash Reg. A National Day Plod, National Leach

Nation iteel Corp. New York Central

Norfolk & Westers ity. North Ainer. Avlution North-west Airlines (Com) Dila Mathlesun_,

Owen-Times Glass Oxtor Paper Co.

Pacifle Gon & Elec. Pan American Airways Paramount Pictures

Penny . C. Cu. Penn. Sait Co.

Texto

Nanyang

MISCELLANEOUS

Vibro

INVESTMENTS

Mt. Invest . 3.25 Allied

5.30

£30 5.30 10004

Open Interest West Germans To Get 1,000 Mark Note

12,400

1.103.100 boles

.P.I.

Agreed Merchant

Rates

Canadian Dollars: Maximum MEX Selling 10-11/18, Malinistr

Buying, 16-15/18 T/T; 17 Q/D. Swiss Franes; Maximum Sel- ling 74-7/16.

312

46!

10397

Philip Morris

011.

Procter & Gamble Co.

Pittsburgh Plate Gin Publicker Industries Pure Oil

મર્ક

12%

Radio Corporation Radio Corp. rel. Republle Stect

Техра Со

Exchange Rates

Busines Wes done in the sanit unofficial excluange sarkici this moraleg at the following rites: U.S. dollars (per $1) ...............

5,73 Sterling nutes (per £1) ........... 15.87 Australian nales (per 1) 12.07 Indonesian rupiah Iper 100). 5.00 Ainm Deals (per 100) S-ngapore (Straits)

28.70 1.82

Frankfurt, Jan. 7. For the first time in 30 years West Germans this year are to have 1.00U mark nolea (about HK$1,400).

The Deutsche Bundes- bank plans to withdraw notes How in BC. Tuost .of them manufactured

and Abroad,

io replace them by notes of fivè, ten, 20. 50. 100 and 1,000 marks.

German designers and artists have been en- Kaged to make sketches for the new Doles and a

choice will subsequently be made.

The notes will be printed in south Germany and in West Berlin during this yest-France-Presse,"

t some advantages.

Repatriated

After several years' sojourn

bility already existed, they have olready had nearly nit the benefit it could bring them.

Re-opened

road, the world market in

in the early post-war years sterling has been repatriated to

the North American interest was London. Far more important, a

convertible united

sterling 1 forekners should be allow- should be a decidedly attractive ed to spend sterling on dollar serve currency for foreigners goods. Since February 1955, hold, now that they are foreigners have been able to, and uaranteed the official rate and they could also exercise con- the officiat fluctuation limits. vertibility by buying dollar com- The alleged flexiblity arising modifies for sterling in the re- from the liberty to let pressure opened

commodity on the transferable sterling markets. rate instead of on the reserves was a myth.

On the rare days that the Bank of England tried it, it

lost more dollars in the cial market than it saved in uansferable, and long before transferable fol to the com- in that modity shunting point. respect, sterling has now fore Lone the shadow for the sub- If the risks of 1047 are stance. not being reincurred, neither are the risks of 1925,

Deflation

This is a return to a gold standard, but nobody is now on a deflation or unemployment standard. If the operation pans out as successfully as can reason ably be expected, there should be scope for further relaxation of monetary pressure and, other internal restrictions.

Britons and other residents of the sterling area are no freer 1 bay duller goods--but they

London

They do not particularly want to buy the dollar goods, which bave become rather dear.

The real discrimination is

at the British public. Now

that payments to Europe cost dollars, and cuntain no automatie credit, it is certainly strange that Britali: continues to discriminate in favour of dearer goods from and against cheaper Europe goods from Canadu and the Ul-d Sloten.

Common Market In the S wountries discriminate against ine other DEEC countries after January 16, it will be all the queerer,

The European Monetary Agreement makes specifle pro- vision for a country to unify its in port Ilcensing heltway, by revoking some of its European iberalization and granting more dollar liberalisation.

Obligation

If, after convertibility, any

any obligation to

are probably going to be, Unless | DEC country gets into difcut- the Government has reasonable ties through confidence of bringing dollar extend its European liberalisa- non-discriminatory liberalisation up to the

same tion on a

Lasix to countries outside Europe, it is allowed to "revoke its European beralisation measures to the minimum extent necessary to enable it to counteract the effects of the exicrsion."

COMMODITY PRICES

COTTON

NEW YORK

steady with brisk turnover with queltiations narrow,

Lower sheet Interest fair with faclories showing better interest than of late.

Afternoon

market SUW slightly lower prices with very lige turnover, particularly in

Prices of collon futures closed ones, twos and ihrens. Other

Sept.

Nov.

5.12 6.74

Blain tap such obliga- ticus, oral and written and in common sense. She would also have the difficulties, If she liberalised all her dollar Imports 5.76 right away. Yet she does not intend to avail herself of this provision.

Spat-cents per i ri NY

rx-duty).THE

Open interest: 2,203 ecofrieta.

U.P.I.

TORDICA

CHANCL

itrynold Metal... Sears, Roebuck & Co. Shell Oil Co.

721

3912

Saint Her Paper

Sinelal Oli

021

Sucony Mobli Oil

403%

bond

yolar Aircraft ....

FICA

South Puerto Rico Sugar

2014

Southern Co. (The)

301

Southern National Gas

422%

Southern Railway (Com.)

Standard Brands

11212

Standard 0:1 of Col.

G01

Standard Oll of ind,

47%

503.15

Standard Ol

of N.J.

100.10

Steep Rock (Toronto Exge

15 the November-

05 locki general shipping 40 honds

01.00

Sterling Drug Co.

203.00

Stokely-Van Camp.

03.47

Coman. future price index

Studebaker-Packard Corp.

140.00

Sunshine Mining

Closing Prices

Swift & Co.

Textron Inc.

Alden Inc. Ary.

241

Tide Water A. Oll

Allied Chemilerita

03

Time fuc.

Atled Milte Sne.

4072

Tri-Con, Warrant

All Chainers

2512

Twentieth Century Fox Film

30%

An. Brake Shoe

Ingon Carbide

Americus Airline

24

1231

Lion O of Cal

442

toxlay as follows:

Americas Cable & Radio Corp.

American Cyanami

Co.

4952

Un Pacific Hallway

Amer, & Fugn. Power

17%

United Alreraft

527

United Fri

425

130

United Gas Corp.

U.S. FOR "13"

47

1.S. Gypstan

223712

1. S. Line Ca.

"B"

вод

Anaconda Copper Armed Steel

asa

U.S. Bicet

03:18

..Do-day

23.3. Steel 7 P.C. PF

143

14

Warner Bros.

Z

142

Westinghouse Air Brake

325

45%

zat

Westinghouse Electric

71%

Cotton future closings, in pence per b. were on follows: American Contract

Australia

2.2414

-201

New Zealand

2,2091

Settlement house tern:

South Africa

2,01

Wertern Union Tel Ca

3214

Mar/April

Feb.

Belgiu

franc .02001

20.03

Mar.

Denmark

krone

1453

West Va. Pulp & Paper Woolworths

4472

May/Jutic

21.00

April/Jutio

251-251

Franco.

Crane

54:2

July/Aug.

20.55

Zenth Radly

1023

Oct/Nuv

0.05

July/Aug

25-251

Holland

guilder

2653

General markets, elf barin, ports:

Italy

fire

U.P.I.

Dec Jan

23.03

Jan.

21-241%

Norway

krone

1403

Mixed Contract

Feb.

Portugal

excuda .0150

Mar/April

22.05

Mar.

25-351

Spati

pracla .01023

May/June

21.85

Estate erepe thin Jan.

Sweden

krona .1934

20.30

Estate grope thick Jan... ung

OM/Nov.

19.50

AMSTERDAM

Dec/Jan.

20.58

SAO PAULO

Almost immediately wards the Federal Repubile of employees Germany was also unanimously France-Presse. elected to serve on IMCO's, six- teen-nation Council-Reuter.

Ships Laying-Up

Company Laying-Up

THE MUSH Line Loading

AYING-UP of refrigerated-h

cargo

scason

Ja nest shipping company ld up the 8,500 d.w.1. ships after the peak Melton Mar as part of its plan of the present export

In krypa total of 50,000 ton. will be un. secle unknown

mpany so far has laid since 1030. This was stated by 22,500 Mr F. W. Spite, a director of the New Zealand Shipplug Com-, pany",

8%

tuna. According to he Japan Shipowner! Associa- Hen, the total tonnage laid up in Jayan is about 150,000 tons.

Am. Got & Sectre

A. Home Prod.

American Metal American Smelting American Tel

Armour

Aulas Cena Mining Baldwin-Lima-150mm, Baltimore & Oliło Benefetal Finance Bendix Aviation Corp. Beret Cani,

Bethlehem Steef Roeing Alsplane Borden (The) Co.

U.6. Itubber

01 U.S. Snektog

Britain Builds Africa's Largest Artificial Harbour

Spot: 35.70. Mar: 35.51: May: 34.00: July: 3130; OM: 31.70: Dec: 1.89; Bar: 310; Mag: 31.no

ΟΙ

NEW ORLEANS Prices

cotton 65% closed today as follows:

44

3242

futurea

Spot: 33.90; Mor: 3479; May: 35,00; July: 34.19; Ort: 31,85; Dec. 31.50; 35% Mar: 31.02; May: 11,72.

July/Aug

LIVERPOOL

sheets briskly traded. Färdig No. 1 rubber per lu. Jan, 03%-8677

Feb. 63-83 No. 2 rubber per iis, Jon. Hal-MAPI No. 3 rubber per J

No. 4 rubber ber, I, Jan, Spot rubber unbated ..... Ang2851% Blanket crepe

No. pale crepe

LONDON

77-19

19.DI

The rubber market was quiet- ly steady with spot quoted at 25-1/10 pence per lb. Prices:

No. 1 Nus"spol

The rubber market WAS

Cotton future closings, intendy today. Prices in guliders

per kilogram, cif Jan. as fol-

cruzeiros per kilo were as follows:

lowe:

Jan.

Mer.

Mey

Oct.

Doc.

ton at

No, 1 rubber

No. 2 rubber

€3.70

No. 3 rubber

No. 1 crepe

57-20

57.30

57.00

In the United States, the

sverage price of one-inch cof-

14 designated spet mariketa was 34.35 conta.

Total sales were 18,000 bales. ...U.P.I.

RUBBER

Rex closed

NEW YORK

rubber

tociny futures

13 to 28 points lower with ries of 41 contracta.

Closing prices:

Jan.

Mar.

STAY

Jui

rout.

30.4

2,43 nom.

2.41 fem.

1.30 nois. 2.65 nom. -UP.I

SUCAR

New York, Jan. 7. World No. A sugar closed today onc 10 three poinla higher on sales of 102 contracts. The demantle No. 0 contracts Anished two to four points Ipwer on a total of 146 con- tracts,

NEW YORK

Closing rates were:

Canada

England

30-day futures pound

Switzerlan

West Germany

哈

This is not because she is leaning over backwards to avoid any accusation of "convertibility in a huff as a reprisal against France or the Common Market; other than in timing, the con- vertibility move has nothing to do with the Common Market or the French devaluation.

Those who have been behind free dollar 1.03 9/16 the scenes during this alleged ponrid 2.8016 holiday know that the British- interchanges 2.80 9/10 | French - German 2.60 7/10 have been cordial and convivia). The real key is that Britain does not want to go back on any theralisation. She does hope to solve the problem by levelling up her dollar liberalisation. China Mall Special.

.0020 7/15

.00101

frune .2320

bark .2303

LONDON

Closing rates were

New York

Montreal

Aipsterdam Brussels

Copenhagen Frank Cart

Lisbon

Mitan

Calo

Paris Sizekholm Vienna

Zuricht

2.8043-3.509%

2.72-3.7114

10.9792-10.50

140.0735-140.195

19.941-19,3A,

TOBACCO COMPANY'S DIVIDEND

London, Jan. 7.

11.721-11.7. Cditorus Ltd has declared a

50.10.09.20

1740-376034

20. DX1%-20.0131⁄2 13.78-13.26% 14.00-14.615) 72.20-72.73 $2.0.5-12.109; J.P.I.

METALS

LONDON

Jan. 7. Prices of metals closed today. In sterling per long ton as 3.30 follows:

Duyers Ballp

spot

3-month Copper ipot

Contrael No.

(world)

Mar

May

July

30.27

Sept

Tin

7167

30.10

1.30

75239

30.12

Mar

30.00

May

*224 213

22432

20.30

Spot-lcents per là, fah Caba)

Least half Jen

70%

20.35

Open interest: 0,107 contructa.

Contraul No, 0 (domestio)

Lead lrk half ADEL

Zing all Jan...

Zion 1st left April.

72

Xlor.

ruted | Fuly

Temn Harbour, Ghana, Is, the largest artificial harbour in Africa dild has been under construction since 1954. It will be completed in 1900. It has direct rail communication with the capital, Acera, and pro- , vides 500 acres of harbour protected by three miles of breakwaters. There are 20 miles of rall sidinge, and two cocon sheds have been built with a 180-foot span. Thỏ £12,500,000 contract in heling currled out by a British firm of engineeră.

Nov.

The ratkot otrned around ev

the previous levels in

BINGAPORE

3-monta

ילד

оп

dividend of six por cont

and ordinary

"0" ordinary for the Your ended October 31, 1958, which was the tamo as proviously.

Directors havo decided to maintain the dividend on the ordinary thares at six per cent In order to conserve the com- pohy's resoUTEGA to meet the considerable.expenditure which

will be necessary in the near future on re-organisation, re- equipment arki Fromotional netivities,

The group net prod 13 £700,140 (£726,654 previously) after taxallon, etc. The net

73% Correras Limited · 19

2 próst attributable to mombers £023,153 13005.099 previously). Curry forward in £3,232,740 (£2,057,-

New York metals were un 884 previously.)-China MAL

available-UP.I.

Special