1959-01-13 — Page 9

SHIPPING & AVIATION

THE CHINA MAIL. TUESDAY, JANUARY 13, 1959.

HONGKONG UK RECESSION AT BOTTOM

STOCK EXCHANGE

Our Own Correspondent Business dune on the Hong- Exchange this

Fuel Saving On

Marine Engine

keng

A

Stock

morning amounted to proxi- mately $214,000. Noon quota-

FUEL-SAVING attach-ons and the morning's trans

actions were:

mont for marino Shares Buyers Sellers engines is to be produced by BANKS

Autotomp Control Company

(Maring Section), formed by East Aria the head of a refrigeration INSURANCES firm.

Union

SHIPPING Watertont,

He is Mr E. L. Etherington Wheelock. and his invention, which has been provisionally patented, is

i autematic valve for tem- pe:alure

of marine control

when

eng nes, which

existing engines

effects subin

in fuel and

stantial economies

reducis wear

and tear.

The

Bairs

10:2.50 104 92.50

21 (62)

INDUSTRIALS

STRONG IN LONDON

London, Jan. 12.

The stock markot closed higher today with indus- trials featuring the day's strong showing.

securities CDG- inued firm although trading lo pre-

Industrials advanced on all

Steel

scored fronts.

stocks mits of up to one shilling on election

Electrical optimism

motors also กาง 30quipments

were features. Other leaders, 15.70 including Tube. Investments and 150 British Aluminium were firm,

1.50

HK Dunk

810 (20

30 & Bĺ2.56

300

.72

73

200 - 7214

Gill-edged

455 200

5.00

1400

5.30

DOCKS, ETC.

was less ective than vious sessions.

Whert

wha

100

rovident,

101

LAND, ETC.

fixed tu

UK Rutel

12 1250

22.20 22.30

500

12.20

300 g 22.09 SKU A 22.10

land. N1 2919 301, 1000

139 a 2005, 270

Rumphreys

PARKER

Hungata. LTHLIFIFA Tram....

star for Yaunat!

taght (...

14.20 16.30

200-1

Electric

(0)

Marcus

970 To wake 25.47 20,60 INDUSTRIALS

25.00

101

valve has been scevessfully tried East and tested off the North

the coast of

srimer.

England during

"It cuts fuck consumption by half, wys Mr Etherington. " have been

bont mnator enthusiast for over 30 years, and as an engineer I have always felt that the fuel costs for marine engines could be greatly cut by temperature control."

He points out that it is only cemes up when a motor boat aking strong lides or curr.nis that fuel consumption is reaily noticed.

11.523 0000 --

1.875 1.1 2004 A

2

MARKED UP

16

Dollar stocks were marked 21.30 27 10 271 000 w

with Wall Street's 200 27:30 up in ne

performance last Friday. 200

时

Gold stocks Were

Three Indicators

Of Prosperity Around Corner

By RONALD BOXALL

London, Jan. 12. The New Year has begun auspiciously. First the pound became, for most practical purposes, convertible. Now comes the first indication that the industrial recession at home may have touched the bottom.

is loo Though it

soon to speak of recovery, three of the Indicators of prosperity main

for the -have taken a turn

better.

Unemployment fell by 4,000 in the month of mid-December ngainst the

trend as scasonal well against expectations, The estimate of industrial pro- auction in October has now been revised upward. If the improvement is sustained, this means that the low point of pro- duction was reached In Septem

was then five per cent Oil Issues were mostly lower below the level of the previous 3062420 except for Anglo-Egyption "B" year. In October It was only which went ahead on optimism one to two per cent lower than surrounding the Calro financial in 1887.

10.30

firm, 120 unappers reached after a Brm 40 10.30 opening. 300 25.50 20.30 20.70

LOG

23.50

125.001

talks.

373

13.30

UPTONS

Textiles...

3.95

Breugh bond market.

Nany

ATO 6.00

MISCELLANEOUS INVESTMENTS

The strength of German bonds ot the provided the feature

The rise section even

The automatic valve wroORES, ETC.

cuts out fuel } park 2018. 16:30 he has invented wastage and says: on repeated Mr Etherington has ove:hauls. also devised an electric solenoid valve which gives switch-control change - over of paroitin-petral engines from ung fuel to another without having to use an under- Allied the-floor-boards two-way tap.

No Test Needed

recent

CANADIAN Preific Air Lines

Bristol

Britannia Jet-prop wirliners did not pedify for a let noise series of

The tests nt. Schiphol Airport. www-on: Municipal Airport au- thetic re felt that the Bri- tannia's neire level was too low to worry about.

The despre altliners have bren whispering their way from Vare-uver to the Dutch capital, via the Polar Route since June 1. 1958

Vibr

Oil Company Dividend

London, Jan. 12. The directors of the Mexican announced! Eagle Oll Company Bat the proposed capital re

of U.S.5%. cents per payment

and or- preference share to dinary shareholders will be payable on and after January 14 this year-China Mall Special.

Came before the

knew of the complete freeing of

ber,

The Demand

Wall Street Closes Slightly Irregular

New York, Jan. 12.

Stocks closed narrowly irregular in the leading groups and

some specials recorded wide gains.

The 1st bad risen carly in the prices which the day, after moved irregularly with prot- taking in progress. Trading foll off from Friday's pace but con tinued reintively high.

The steels were bolstered by Agures, favourable production The steels specinities made the with Inland up best showing. five and ACME up more than three points.

The

not be danger this year will

4 catastrophic rise in thot of unemployment, but of an un- comfortably high rate that may show no tendency to go down." There are two ways in which The Government can speed up

American Stock operate One Is to recovery.

on demand by lower- change had a feature in Aircraft which directly ing taxation. Experts agree that Donnel tax enncessions are not only picked by the government space possible, but desirable. Some agency to design, develop, and with the pre-build a manned space capsule. Are on record diction that the Chancellor the Exchequer in his

slash will next April,

of income standard rate

pound. by one, shilling, to 7/8 to the

of

International Nickel

Co.

011

Safeway Stores

International Imper

121

Saint Iteg. Paper

Int'l Tel & To Jolin-Manville

Scott Paper

83%

Sinclair Ou

155

5th, Cline & Frenck

Kansas C. Power & Light

Kennerot Cooper Kimberly Clark

4932

10234

Kalter Industry

Liggelt Meyers Tob. Co. Lockheed Aircraft Loews Inc ro.... Lone Star Cement Co.

& Sons, J. Hay

Altera!! Stock Expe.)

MeDonnell

National Dairy Prod. National Lead

National Stret Corn.

Now York Central

Norfolk & Western 1ty.

Socony Mobil Ou

Sulat Aircraft ***

(684 | South Perto Rico Suger

00% Southern Co. (1)

Southern National Gas

Southern Railway (Coin.) Standard Branče,

Standard On of Cal

Standart Oil of Ind

Standard Oll of NJ.

Steep Rock (Toronto Ex Sterling Drug Ca, Aitokely-Yan_Camp.

Studebaker-Packard Corp.

Sunshine Mining

Tide Water Assn. Oil

Time Inc.

Tri-Cont. Warrants

Twentieth Century Fox Film

Union Carbide

207-

30

(Ai

Mesabi Iron Corgi,

32

Minneola Mil

120

Ex-

Mission Development

Mc-

Slam-ante Chemical Co.

301%

Montgomery Ward

+212

Swift & Co.

was

Motorola Inc.

00:

Техда Со

National Cash Reg. "A" National Biscuit Co

Textron Inc.

50

742%

Thiokol Chem.

4034;

292

DIE

Union Oli of Cal.

33

Union Pace Hallway

KAZ

United Aircraft

87

United Fruit

201

Valted Goa Corp.

Joy

US Foil "D"

0414

U.S. Gyn

23

S. Line Co.

40%

U.S. Rubber

7129

S. Amelting

70

1.B. Steel..

031%

7012

13

43%

71

budget New York Stock Exchange the bond volume was $8,010,000, tax

Stock: American

Exchange volume was 2,200,000 shares.

New York Stock Exchange volume was 4,320,000 shares.

The demand for their goods conditions fuldus one of the

industrialists necessary before will take steps to increase pro- But higher consumer duction. demand by itself does not con- tuto a healthy economic ex-

demard The

for durable goods rose after the consumer removal of all bire purchase

In November, the pansion. restrictions.

of consumer credit freedom, sales on Bire £40,000,000, purchase rose by

seven

the West German merk.-U.P.I., first full month

U.S. Has More

are

TV Sets

Agreed Merchant US population is estimated at

Belgion Selling 801.

Rates

Francs

an erease of between and eight per cent.

Additional cales were shored between household goods and motor cars. This is flmsy

which evidenco 011

10 base hopes that the worst of the recession is behind us, let alone that expansion

has already begun. But there is ground for cautious optimism.

has

stocks.

Slow Process

This will come once Industry is

Of a total 1,262 issues traded, 609 were higher. 440 lower.

Bow-Junes

closing

were:

30 Industrials ....

20 raita

15 uities

when 503-

to stocks 40 bonds

Comm. future price index

North Amer. Aviation North-west Airlines (Com.) oun Mathieson

01 Elevatora

Owen-ingla Glass Oxford Paper Co. Pacifle Gaek Eke. Pan American Airways Paramount Pletures Penny 3. C. Co. Penn, Salt Co.

lp Morr❘S Procter & Gamble Co. averages Pittsburgh Plate Glo

Publicker Industries Pure Oll

Closing Prices

American Meling

American

only again adent of its market and resumes a steady rate of investment in new plant and machinery. But recovery of confidence is a slow

meantime Alden Inc. Acy, process, and in the

Chemicals Washington, Jan. 12.

there is unnecessary hardship Alled bake Inc. The U.S. now has more

among workers in the affected Allis Chalmers broadenst receivers in radio and

industries as well as unnecesAm. Brake Shoe TV sets than it has people,

sary delay in resuming the American Airline ....

American Cable & Radio Corp. the In a your-end report,

modernisation programme, with- American Cyaramid C. Amer. & Fonin. Power Federal Communications Com-

said mission (FCC)

there The recession has not been out which British Industry will

remain Un competitive AM. Gas & Electric At itome Pro... 160 millon now

radio due to the lack of demand so not

terms with its foreign rivals.

An. Mach. & Fury and million TV receivers. The much as to the fact that industry

Always assuming that it is been running down its

Am. Sugar Ite mill on.

Once the industrialsts carefully managed so as to pre-

American Tele The FCC also

American Job. economic reported that take the view that it is safe to vent a recurrence of faflation-

Bry shortages,

Anaconda Copper the number of telephones in the

Blart re-building stocks, expon- ponston can be encouraged by

Anneo Steel U.S. is approaching 70 million sion will get under way.

moking

Armour tax concessions to in- stimulate Maximum and that 250 million calls are made dally over them.-U. P. I.

employmentdustry designed to will not rise in line with each investment. This is the course

The recession tollowed now being urged upon the Gov-Beneficial Finance

crament by responsible obser- an investment boom and as a

ezult, industry has a good deal vers. ol spare capacity. Steel produc- uen for instance, is running at ubout 75 per cent of the indus- y's total capacity. It was 19.5 million long last year, 10 per cent less than in the The domestic No.

sugar before, inrgely because stocks than futures closed four to nine were run down by more

The industry is ponts

sajes higher with

of 750,000 tons.

now producing at a rate of only 438 contracts.

18,000,000 tons a year, which is only about three-quarters of what it is capable of producing.

COMMODITY PRICES

FOREIGN EXCHANGE

NEW YORK

Closing rates were;

Cannul England ofic

■

30-days

Australa

10-403 s

New Zealand

South Africa

Jelgium

Argentin

India

Pakistan

LONDON

Closingt rates were:

New York Montreal Copenhagen Fränkturi Lisbon

itun

CHO

l'aris

Stockholm

Vienna

Zurich

1.03-13/32 2.70-9/16

2.801

2.00

22.2316

2.710-/15

2.00-05/10

02007

Dico

2107

.1107

July: 50.c0: Oct: 30.70: Dee: 57.

the United States, the avenge price of one-inch cotton at 11 desiguated spot markets was 34.31 cents.

at these markets Total sales were 38,016 bales.

-U.P.I.

RUBBER

NEW YORK

Itex rubber futures today closer! 15 to 20 points lower with sales of 20 contracts,

Closing prices!

Ja:

Ma?.

200-280-0/18 2.71-1/15-2.71-3/15

May

July

10.336-39.35?;

11.72-11,72%

Nov.

Jau

$0.15-80,25

374024-17494%

20.01%-20.0216

1379531-13.784%

14.312-14.312A

72.70-73.70

12.00-12.0915

Outer unchanged.-U.1.

COTTON

NEW YORK

Prices of cotton futures closed today as follows;

30.40

30,23

30.10

30,00

31.12

29,00

29.10

AMSTERDAM The rubber market was quiet today Prices closed in guilders per kilogram, cil January as follows:

Wa. 1 rubber

No. 2 rubber

No.

No. 3 rubber

cepe

SINGAPORE

Contract No. 4 (world) Mar: 327-28. Mny: 327: Jur: 330 Sept: 3.27: Det

Mar: 3.29 Sput-centi per 1. inb May: Cuba): $20.

Open Interest: 1,782 contracts.

Contract No. 8 (domestic) star: 5.35: May: 4.00 July: 5.24: Sept: 6.70-71: NOV

Scents ! NY ex-duty): 563. interest: 2.990 Contracts

U.P.1.

METALS

LONDON

market was

steady The tin while other metals were firm: per Prices closed in sterling

le ton as follows:

Production and

other

has

Economics

year

1

other

Externally, the outlook bright.

Atlas Cons. Mining Baldwin-Lima-Ham. Baltimore & Ohio

Bennix Aviation Corp.

Benguet Coria

is Bethither Steel Bosing Airplane Borden (The) Co. Burroughs Add Machine Callt. Packing Corp. Campbell Soup Co. Canadian Pacific R. Case (f. 1.) Co.

With exports doing better than was once expected, another substantial, balance of payments is in prospect for 1950, though it is expected to fall short of last year's recor surplus of about £500,000,000.

Sterling remains strong and should benefit by its new free- dom.

Economie forecasting, always a hazardous occupation, is made all the more difficult this year because 1959 will almost cer- tainly be an election year,

will Political considerations 11 is the same story in

therefore have an even greater industries. Modern machinery weight than usual in economic been installed, processes polleles. But unless there is a have been automated, but de- sudden swing of opinion, the mand has not risen propor Conservatives feel conident Lonately with the capacity

enough of a

term in produce, The first stage

vole-winning budget that would recovery therefore, will see this Power to resist the kind of

into spare copacity brought

upset the delicate balance be- production-with the inevitable tween controlled expansion and economies in manpower,

runaway inflation-London Ex- most press Service.

ΟΙ

This is as far ahead as experts care to look at present. Mr Iain MacLeod, Minister Labour sald last week, "I not expert any dramatic Buyers Sellers Covery in our production,

dramatic drop in the level employment, but the outlook fairly cheerful.”

TU1

"pot 3-month Copper pu

3-month

737

748

750

2291%

2.43 roin.

Lead 1st hoit Jan

1241

723

Ltou 1st half Apri Ziby Jet half Jan Zine at half Aptil

*28*

7012

73

73%

#42 nom. 27 I.

2.17 Bom,

The market opened about the

previous level and ruled quiet

with narrow

from

fluctuations aparı

for

Coverings same

Russian shipment,

No. 1 rubber par lb. Jan. 80%-40»L

Feb. 1-877

No. 2 rubber per tb. Jan. 84%-85

Spot rubber unbaled

8314-BE 0212-B2%

04-301

75-00

OP-DI

was dull

at 25 pence

Spot

35,10 nom.

No, 3

34.3

Mor,

No.

34,70

July

31.00

Blanket crepe

31.90

No. I pale crepe...

91.78

Dec

LONDON

3151

Mar

1,20

MAY

with spot quoted

NEW ORLEANS

per 1b. Prices:

No. 1 Ras apat

The rubber market

WESTBOUND

"HIMALAYA"

727955 tona} "HIMALAYA"

of do

XC-

or a

of

third

Exchange Rates

Cat. Tractor Celanese Corp. CIT. Financial Com. Chare Manhat. Bank Chrysler Motors Clucit Peabody

Colombian Carbon Co. Commercial Credit Commonwealth Elee. Coasalidated Edison Continental D of Del. Crown Zellerbach Cuban Amer. Sugar Diamond Alkoll Diamond Gard Douglas Aircraf

Daw Chemicals

Dupont de Nemours Eastern Airline Eastman Kodak

El Paro National Gos Family Finance Corp. Firestone Tyre & Rubber Fital Nat. City Bank Ford Motor Coneral Dynamics General Electric General Foods General Motors Gen. Pub, Ut den. Tyre & Hubber Getty Oll ................... Glidden Co.

Goodrich 13. F.) Co. Goodyear Tyre ...

Grumman Arerat

Hammond Organ

Gulf Ol

Heyden Newport Corp.

6.74 25.90 12.70

Idaho Power

Bran was done in the local this Isunomelal exchange market

morning at the following rates: US dollars (per $1) ...... Sterting notes (per 1 Autralian notes (per £1) ... Indonesian rupiah (per 100) 3.7 Slam teals (per 100) gingapore 18trolls)

The Financial Times, with an eye on the latest employment situation, commented, "Figures confirm the impression that the

20.05 1,81

ORIENT & PACIFIC LINES

6-9th Apr.

20-27th Aug.

Japan/Pacific Service In 1959

Honolulu

Homestak tining Co.

ingersoll-Rand

Interctiemical Corp.

Int'l Business Machiner Ini Karvester

502.64

Radio Corporation

133 67 Radio Corp. Pret.

1.2 Republic Steel 200.33 keynolds' Metal

PC-10 Sears, toebuck & 143.73 Shell Of Co

14725

33

120

42%

5. Steel 7 P.C. PF

Warner Bros.

Waukesha Motors Westinghouse Air Brake Westinghoumo Electric Western Union Tel, Co. West Va. Pulp & Paper | Winn-Dixie Stores

Woolworth K. W.)

49 Zenith Radio 3432

P&O BIE&

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO.

Outwards

"CANTON"

Due Hongkong

Leave UK. Sailed 17/12

In Part

"COROMANDEL'Salled 20/1

16th January

Salted 9/12 Salled 20/12

Sailed 0/1

Sulled 10/1

10th January

19th JanuRFY

13th February

2nd February

"SUBAT" "CHUSAN” "SOMALT* "CORFU" "SALSETTE"

Homewards "CANTON"

"CHUSAN" "COBFU" "CARTHAGE" "CANTON"

9th February

17th March

Luayas Hongkong Due Londen

14th January

2nd February

15th February

4th March

13th February 10th March 13th March 13th April

171h May

10th April

Vix 5'pore, Penang, Colombo, Bombay, Ados & Pt. Baid. **BOUDAN" extends to Hamburg, Rotterdam & Antwerp and amlie Colembo & Bombay

'↑ "CHUSAN" aho calls at Naples, Marsellies & Albeiter.

BRITISH INDIA S.N, CO., LTD.

"SANTHIA"

"FULTALA"

"SANGOLA”

"OBRA"

due 20th Jon. from Japen

kalle 21st Jan,

due 24th Jon. il 2013 Jan

due st Jan,

Alli

for Calcuta, Rangoon, Penang Singapore Ягода Управ

for Singapore, Penang, Rangoon & Calcutta From Calcufta, Rangoon & Stralis

Int Feb. for Japan

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

In Port saila 15th Jan.

from Japan & Shanghai for Singapore, Bomůny, Karachi, Durai, Kuwait, Beersh & Khosrson- shahr

from Karachi, Bombay & Cochin sails 19th Jan, for Japan

due 5th Feb, from Kandis, Bombay,

Cocián Akigspora sala 7th Feb, tar Jupha

Due 13th Feb, trom Japan

Nalla 17th Feb, for Singapore, Penang, Bombay Karaoni. Dubai, Kowel, Barral & Khorramakale

EASTERN & AUSTRALIAN S.Ś. CO., LTD.

"OZAEDA"

due 17th Jan.

"ORNA"

"OZARDA"

Lve: Vane.

4th Apr.

24th Aug.

San Fran.

Los Angeles

10th Apr.

28-29 Aug

15th Apr,

2nd Sept

Yokohama

23-24th Apr.

10-11th Sept.

Kobe

25-28th Apr.

12-13th Sept

arr: Hongkong

20th Apr. #

10th Sept. +

FASTBOUND

Leve: Hongkong

Kobe

Yokohama

18th May

=*=231

(24.215 tona)

06-234

Fionolulu

23rd May

19th Nov.

20-11-25 unquoted

(28,000) tony

SOUTHBOUND

-U.PL.

"HIMALAYA"

Live: Hongkong

10th Sept.

Manila

Arr: Sydney

10-10th Sept:

Prices of cotton futures closed Seillement house term:

2416-2812

2654-291 251-25

today as follows;

Spot

·

Mar

May

July

Opl

Dec.

Mer.

May

LIVERPOOL

$3,05

Feb STAT.

34.03

April/Juno

34.79

July/dept.

33.00

Oct/Dec.

Jnd/Mar.

31.76

31.07

Jan. Feb. and March 2414-23

Estate prepe thin

Feb.

Estate crepe tuck

reb.

Colton--future closing, pence per lb. were as follows:

America Contract

Mar/Apri; 23.35; May/June: 21.85; July/Aug: 2013; Oct/Nov: 20.10. Dec/Jan: 2010,

Mixed Contract Mar/April: 232; May/June: 21.18; July/Aug: 30,45; Dei/Nov: 19.75; Dec/Jan: 19.79.

General markets, vil beila, poris:

2014

SUGAR

New York, Ján. 12. World No 4 mugar, futuros

to prices, in closed unchanged Cruzalón par kilo were as points tower with males of DER

1 Bollractà.

SAO PAULO Closing futures.

fol26/#!

there

"CHUSAND 12th May

"ORCADES" 7th Nov. 10th Nov. 11-13th Nov,

NORTHBOUND

"ORCADES"

Live: Sydney

27th Oct.

www.

31st May

27th Nov.

Vancouver arr: San Franc

28-20th May

24-25th Nov.

Japan/Australia Service in 1959.

(Cruises-then leaves S.F., 201 June for UK. via Panama.) (Continues to Sydney vin New Zealand.)

'27th Sept. ---(Leaves Bydney 2nd Col. for U.FC. via Surz.)

Manila ar Fongkong

4th Nov.

-6th Nov. (Continues Trans-Pacific-see above.)

Rocles and Sallings are subject to change or cancellation with or without police. Leaves Hong Kong 20th Apr. for UK. via Biez.

+ Continues to Bydney-see above.

For full particulari apply to:-

MACKINNON, - MACERIZIN & CO. OF HONG KONG LTD,

TELEPHONE ̈ÑOD: 27721/4; 34609,

"NELLORE"

*NANKIN"

due 27th Jan. from Japan/Shanghai. Bails 2nd Feb. for Labjan, Sandakan,

Brisbane, Sydney, Mal Doume & Admin

đại. anh nhật. alle Bus yeb

from Japa

for Bandakan, Deisbon, Sydney, Newcastl Melbourne

Alt võrssi, Mavs Uberty to mali as any półip- en ay off the sonte & the route & ablakgu aku rakjort to change or amendment with or without notice.

dan full pn-trendy grody 1-

MACKINNON MABE971 & CO OF HONG KONG TIN Telephone No.. HANNA.

1125

10015