1959-01-14 — Page 9

TRANSPORTATION

BRITAIN REGRETS FLARE-UP OVER

KLM

FLIGHTS ISSUE

London. Jan. 13.

REGRET was expressed in official quarters here tonight at the Bare-up between Britain and Holland over Britain's intention to reduce from twice to once weekly flights by the Royal Dutch Airlines (KLM) terminating at Singapore.

Latest move In this quarrel

wag

call £1

by ihe Dutch

Ambassador, Baron Adolf Million Miles Flown Bentinck, at the Foreign Office today to make representations against the British decision.

By BOAC Comets

THE CHINA MAIL, WEDNESDAY, JANUARY 14, 1959.

Britain's Wall Street

By ALEXANDER THOMSON

London, Jan. 13. There is a welcome touch of the old John Bull about Mr Harold Macmillan and his Government.

They are not missing any chances to display to one and all their confidence in the future.

In great style they wound, U.S.A, stocks have risen in cash up the Old Year by putting the worth by at least 212 million back on the pedestal of con- | dollars, ör, £10 million, in the vertibility for foreigners,

past year,

They have begun this New Year with another flourish by announcing Britain's

TORSTVO:

of gold and convertible curren- ies in terms of sterling, instead of dollars.

Mr Macmillan and his Government, of

course, have

mason to be "bullsh," to

use the Stock Exchange word for looking hopefully ahead. of their own just now. They are They are in "bull marke doing ine, as everybody knows,

But there is another direction

The value

Their present value-and this is another gues from a scatter ing of facts — is perhaps now

about 860 million dollars, say

£300 million.

How did we come to have this "hidden reserve," besides our convertible currencies! store of gold, dollars and other

The American securities in question once formed part of

investments,

in which they are doing well-Britain's privately-held dollar and few people are aware of it.

The quarrel was regarded as having broader sentiments be-THE sixth of the 19 Comet round hint than the mere restric-14 airliners fitted with

Feeling tion of Byling, rights.

Astonishing

A

They were taken over by the Churchill Government In. 1941 tu back a dollar Joan we urgently needed for carrying on the Hiller

war

For those were the days when Britain stood alone. The Ameri- cans had not yet joined us in u war-winning partnership.

It is seven years since the fuil

The British Government has had substantial gains on tuc Wall Street stock market as jresult of the astonishing swing

from gloom to a new | bcom there.

Very little is ever said about Rolls-Royce Avon

jeta large holdings of shares in list of the Government's hold- In existed between the wo

For

tos of these dollar stocks was British whole string of American unter- countries since Britain decided engines

last published. to sell arms to Indonesia, Overscas Airways Corpora-prises. Holland's former coleny, which tion has been delivered to Pas elabins against Dutch New London Airport.

Guines (West Jrion).

GRADUAL REDUCTION

the

Since October 4 when BOAC infoderd jet buvel across the North Allenfie--the Art optra- tor

kgged 2.000 dying hours—ner?- The dispute over KLM | Aya million miles. At present flights in bus connections with they are working the London- the Indonesin situation. After New York and the London- the Indonesian government #1 | Montreal services. Passenger the end of 1957 banned KLM |load factors have been as high and acted against Butch bus-,45 100 per rent and have F1185,

Britain gave KLM fom-averaged 80 per cent. porary permission to fly fights Comets are to be introduced terminating at Singapore live by BOAC on the London-Tokyo times weekly, to By Dutelservice in April, on the Hong- evacuees hark to Holland. kong service in May, to Singa- pore in August and Sydney and The KLM Rights have | Johannesburg towards the end gradually been reduced to two a fat the year, with the possibility week. Britain's dreiszon to re- of services to South America In duve them to one a week from 16.

Few figures are available to anyone outside the Treasury

But from the limited clues that are around, I calculate that the Government's holdings of

HONGKONG

STOCK EXCHANGE

Our Own Correspondent

Then they were shown to include large blocks of shares some of the most famCHIS enterprises

American in- dustry,

In

Stake Is Booming

The biggest holding was 2,000,000 shares in the Shell Oli Corporation, the US.A. omhoot. of our own Shell giant,

Big gain

Whether all these shares are still in the Treasury's old oak chest we do not know.

stock

But if they are, this invest- men alone has risen by more

£10 million urket value since the Wall Street recovery set in.

than

in

At the prices now ruling, it is worth all of £60 million.

at

Another large holding at the lost count was 2,000,000 shares in the General Motors colossus, which spreads from Cadillace, Buicks and Chevrolets in Detroit to Vauxhall cors Luton, Bedfordshire.

Here there has been a gain for the Government of mor than £16 million to £47 million from the law points reached in the New York stock market last year.

A British Government stake in

Woolworth, American

which controls the Woolworth chain in

by the UK, has advanced

£2,000,000

labelled at some It is now £10,000,000 by the latest quota- Lions on the U.S.A. market.

And there are or were another 55 American stocks in

which the Government has an interest, too.

Gigantic China Rice Production

Predicted

}

United Nations, Jan. 13.

China will produce more rice this year than all the rest of the world put together, according to an estimate published here by the Food and Agri- cultural Organisation.

They include such top umnes as Standard Oll of New Jersey, The Organisation's monthly Scar Rocbuck, the world's big-bulletin said exports from main- gest mail-order business, and the | land Ching might "be one of famous American Tel & Tel. the dominating influences in Ute

Together they make up palaxy of stars that in the days when the E was so sickly would have gladdened the heart of any investor here,

Over the past seven years, there have certainly been elunges in this list of American heldings

So far as we know, blocks of shares have been sold by the Government on four occasions.

But if this represents the sum total of the sales, it wI have made only a minor dent on this store of U.S.A. Investments.

Defence

It amounts to only about 43 milion dollars, or £22,000,000 in our money

Government

What will happen to the rest of these holdings os Wall Street advances as it it had not a care in the world?

I imagine the will hang on, collecting its dividends and looking upon lis big blocks of American shares as a line of defence should one ever- be needed again.

PROFIT-TAKING

ON

NEW YORK MARKET

New York, Jan. 13.

Stocks backed and filled within a narrow range today in

moderate trading.

as

the end of January was con- The next three Comet is ta

The main list was a scramble | 18 otlities veyed in note

Business done on the Hong- Irom Mr come off the atteld assembly

65 stocks Stock

this of fractional price changes

40 bonds Exchange Harold Macmillan, the Prince line wa be delivered to Aero-kong Minister, last Saturday.

tincas

Argentinas, for their morning amounted to approxi-profi-taling oner again stalled the market's efforts to reach the Bueno Alre:-New York, and mutely $202,000. Noon quota-

The Dutch Foreign Minister. Buenos Aires-Europe services. Hons and the morning's transic magle 600 level in the indus- The Joseph Lans, expressed great | The Chester de Havilland factory |tions were: disappointment at the British | mernwhile continues with the

Shores move, saying it had not in Froved Anglo-Dulch relations.

According to Dulcis sources, Baron Bentinck asked for clari- fication whether the British de- cision was foul,

Officials here said they 10-

completion of Comets for BOAÇ. Having delivered twe of the six that have so far gone Into suc vice.

ari average.

Leading chemicals

Bayers Sellers

· Sales

52000 WORL

GOVT. LOANS

BANKS

Sk..

INSURANCES

New Close Support G

gretted that what in the Brits Aircraft For RAF

view was a purely commercial

decision bad become a political misunderstanding.

particularly

ex Holland was an old friend and ally-Reuter,

JET ENGINE GETS

CERTIFICATE

THE Rolls-Royce Conway "by-

pass" type jet engine has just been given the Air Registra- ilon Board's fichi certifiente af airworthiness.

This is the engine that is to power the American-built Bog-

London.

moyed within a narrow range for the most part. Autos were a shinde Chrysler opened Arm ster, but turned cusier after the com- it will begin pany announced

assembly shutting down its plants on Friday because glass shortages.

Safeway Stores Eaint Reg. Paper

Smith, Cline

Biandard Qui of Cai,

Standard Oll of Ind

Standard Ou of NJ, ****** Sleep Rock (Toronto Exge.) Sterling Drug Co.

i

world rice slivation in 1950.”

the war

Noting that before China was a major Importer of rice and that since the war, ex-

cept In 1958, its exporis ed averaged only about five per cent of the

the world trade, bulletin said it now was clear that shipments to the Soviet Union in recent years had been "big-up to 450,000 tons."

because This year, partly Astun

demand พนง import strong and the traditional ex- porters had short crops, China's exports (excluding those to the USSR), seem likely rise to 800,000 or 300,000 tons, nearly one ofth of the world total," the bulletin said.

Export Drive

"At the same time," it added, "according to official, estimates, more rice will be produced. Ini China this season thun in all the rest of the world, and there are algng of an export drive be ing launched.

This is all the more impor- tant since outside China, the 1950-59 rice marketing year is kely to be one of larger sup- plies and lower prices."

Referring to data for last year, the FAQ. document sald these implied that on a paddy urea not much larger than that in India, China was producing now a crop over three times the size.

ATMOSPHERE

FOR FREE TRADE AREA BETTER

Rome, Jan. 13.

Sir David Eccies, President of the British Board of Trado, spid' in an interview pub- lished today that the recent measures for mak- ing European currencies convertible had greatly improved the atmosphere for creating a Free Trade Area.

In the interview appearing in two Italian newspapers, .11 Globo of Rome ond il Sole of Milan, Sir David went on to warn of "the sort of permaneat discrimination which unfor- tunately would be inevitable It there were a Common Market and no Free Trade Area."

He also cold that " the OEEC nations are divided. Into two trading areas the power of the west to meet the Communist challenge will be weakened."

He said the prospects of the Free Trade Aren depended on solving the problem of an ap- parent "renumeiation of non- discrimination as the principle The average yield from the the association between the your's three crops in China six and the eleven."-Reuter. might average

1

four tons would be well 414 hectare which 43% above the Korean and Formosa levels and compared with the Japanese average yields of 4.4 to 4.8 tons a hectare.

481

"In the absence of specially

favourable weather conditions, there is no record of any other 59 country achieving such a re- Banarkable increase in the na- 137% tional average yield of paddy 1 ch a short time," the bulletin added-Reuter.

91.54

208.73

Du.43

Comm. future price Index ..

14338

Scott PAP

French

101

Secony Mobil OIL

48

Solar Aircraft...

21

Closing Prices

South Puerto Rico Sugar

30%

Southern Co. (The)

35%

Alden Inc. Acy.

Southern National Ge Southern Rallway (Con) $241 Standard Brande...

0211

Allied Chemicals

Allied Mills Inc.

Allis Chalmers.

20-14

Am. Brake Shoe

SNA

American Airline

22637

4745

An. Cable & Radio Corp.

BY

Stokely-Van Camp.

170%

T

73

of

American Cyanamid Co.

4931

Studebaker-Packard Corp.

14

Amer. & Foren. 1'wer

1714

Sunshine Mining...

22,70

Am. Gas Electric

31

Textron Inc.

A 5.00

Am. Home Prod.

2013

Thlokal Chem.

**

Tide Water Assn. Oit

Time Inc.

12

12.20 2000 of 12.10

American Metal

21.

#3

700 1 22.90 19023

29.80 30%

20

300 1325

1.50 10000 1.071

1060 of 1.279

f.3 A. Tawah.. 2.50 Sungain.... 2.173 UTILITIES Tram

1.9%

Further firmiacs: In copper prices helped that

group Magma rose more than a point and Anaconda was firm. Inter- national Salt features

the upside with a gain of three. Motorola rose more than a point in the appliences

good for the fourth earnings report quarter.

American Smelting

40

Tri-Cont. Warrant

Twentieth Century Fox Film

30

Unkun Carbide

125

233-

Unton Oil of Cal.

4315

101

Unkan Paelle Bailway

-

UGT

United Aircraft

0154

70%

United Frull

41

on

25

U.S. Folt “

13%

U.S. Gypsum

011

Waterboat Wheelucks DUCKS, ETC. Provident

LAND, ETC.

JK Land

Xx As... FREE Humphrey

NEW close support air- craft for the Royal Air Force, the T.S.R. 2, will be doveloped jointly by two loading British aircraft com- RUBHER ponies.

The Minister of Supply, My Aubrey Jones, said that the arrangemen! was subject to satisfactory negotiations.

The main contract would be pleurd with Vickers Armstrongs who would share the work eutrally with the English Electric Company.

Chg 7. S. R. 2 is a toetical support, and regnnaissance air

ti, rapable of performing the Inr 707% for British Overvetes | pats of the Canberra bomber. Airways, no well its many other ba; been designed for limited U.S. airliners for Comntoniwenith | eparations and for close support and foreign airlines.

Let the army.China Mail

Special,

Tanker Launched

Nagasaki, Jan. 13.

Tanker Fleet Idle

Heats

Anul

Trust...

Stor Terry Yaumati C. Light

Eivctric

1.00 1525 1000 m 1,525

1.35

27.10 27.30

10/1 100 02 0315 10.20 10.30

101 ... 254 239 INI Mação E Telephone 20.10 23 STORES, ETC. Dairy 100 101

Waling...

COTTONS

MISCELLANEOUS

25 27.20 30 1 27,20 350 27:30 1000 @ 27.20

Firmness

to

Among the stocks used compile the averages, American Telephone fell 1% and Inter- national Paper lost one. U.S. Sicel was of a mujor fraction,

Of a total 1,288 issues tradest were 559 lower, 486 higher.

New York Stock Exchange volume was 3,700,000 shares.

New York Stock Exchange 300 24.20 bond volume was $0,000,000,

American Stock Exchange volume was 2,150,000 shares.

Dow-Jones closing averages

2004 19.30 240 10.30 2000 m 10.20

500 на 231

500 2325

Textile... Nangang

Entert ... 10.30

3.95

6.73 6,00

10201.40

10

0,40

Vibro

Int Anvest.

INVESTMENTS WR L. Sthepers, a manager of M

Royal

Dutch-Shell

The Virginia Getty, a 45,000- ! Group, egrating in Rotterdam

ton

oil tanker for the Trans-

69 akor, or 9 per cent

a prisent.

Ocean Company of the United fof the world's tanker fleet, wele

was Funched

this

Stiles, morning at the Nagasaki dock- My Shispers said it looked as yard of the Mitsubishi Ship- the la tanker owners would to continue nuking buliding and Engineering Com-hove pany.

extremely low freight rates for

a long time to come. Otherwise

Allied

1000 33

Exchange Rates

Burlivese was done in the Incal thofficial exctrange market #114 knorning at the following rates:- V.S. dollars (per $1)

5.74 The vessel, which is 213 thuy would have to cancel con- Sterling notes (per £3) metres long and 30.5 metres ration

12.70 orders which wouki Australian notes (per £) ..

Indonesian rupish (per 100)

wide, has designed speed of mount to very considerable 16.5 knots.-China Mill Special, ...

The new AW-400 Argosy freightercoach aircraft which was recently completed by Armstrong Whitworth Air- craft. Coventry, for the

Hawker Siddelny group, is expected to make its maldon fight early this year.

Powered by four Rolia Royce Dart turbo.prop -en- slice, it GRI Garry, at a Arilaing speed of 880 mph, 70 or 50 passengers pr, pílátniki

tively, about 18 tong of freight,

A military transport var. afon, the AW-850, similarly powered, has also been des signed, and an order for them by the RAP Transport.Com: mand who are Bald to be urgantly short of such elroralt, is expected to be placed shortly.

Both verslona have doors at the froisk and rear ends of the fungings.

||

Slum Veals per 1001 Singapore (Strat

0.10

1

were:

30 industrials

20 Falla

London

Closes Firm

390.20 183.45

London, Jan. 13. 20.00The stock market overcame some profit-taking to close

In the civil ono, the door houses a tollet/powder room, and

baggage Dompartment. Normally the door is power- operated for quick turnround, but it can also be operated þy hand with "tarting handle" winder. Both dopra arò prooi Burs Malog. This ploture

on a generally firm note, today.

Am. Sugar Net. Aruerican Tel & Tel American Tou. "B" Anaconda Copper Ansco Steci Annour Atlas Con

Mining

Baldwin-Luna-Hain.

Baltimore & Ohio Beneicial Finance Bendix Aviation Czap. Benguet Cons

Bethlehem Steel

Boeing Airplane Borse (The) Co. Burroughs Add Machine Calif. Packing Corp. Carupbell Soup Co Canadian Pacie R. Gane 10. 1.) Cà.

Cat Tractor

Celinere Corp.

LT. Financial Corp. Chrysler Mators... Clueft Peabody.. Cuigate-Palmolive Cu. Colombian Carbon Li Commercial Credit Comnionwealth Elec.

• Consolidated Edison

ont.nental Oli of Del. Crown Zellarbach Cuban Amer. Sugar Diamond Alkali

Diamond Gard

Dow Chemicals

ACEPT VS. Line Co.

2541

U.S. Rubber

GUS. Smelting

1745. Steel 7 P.C. PF 8211 | Waukesha Motors 495;|| Westinghouse Air Brake

Westinghouse Electric

74

38:4 Westeto Union Tel, Co.

West Vo. Pulp & Paper Winn-Dixie Stores Woolworth (K. W.) Zenith Radio

2161

Dougins Aircraft

Dupont de Nemours

Eastern Airlines

40-y

Family Finance Corp,

332

Firestone Tyre & Rubber

First, Nat. Cly Bank

7+%

Ford Motor ......

50%

743

General Dynantice General Electric

General Foods

General Motors

Gen. Pub. Utl.

Gen. Tyre & Rubber

Guedyear Tyre... Gruntman Aircraft Gulf Olt

Hammond Organ floyden Newport Corp. Homestake Mining Co. Ingermil-land

daha Power ....

Interchemical Corp,

Comprehensive Guide

The 12th posiwar Hongkong

Singapore Stocks

Singapore, Jan, 14,

Brokers tocny quoted the fol-

Jowing stock prices:

Batu Lintang Rubber Co.

i.td.

Syndicate

Consolidated

Ord:

Opening

$2.20

475

20 d Traser & Neave Ltd Ord. 11.63

Brius Borneo Petroleum

Zia Smelters

Fraser & Neave Ltd Ord.

7 cum pret

Gavimons (Malaya) Ltd 14.15

Hongkong

Banking Corp.

445 Exporter and Far Eastern Im- | Hongkong Tin Lid.

Kumpas LS.....

Shanghal

Bל .L

$435 Jal $1,70 201 Lunas Rubber Estates Lid. $1.10

Kuula Karnpar Tia

312

porter is a comprehensive guide for

local both

and

foreign

Fi 152

businessmen

Malayan Breweries

$1,80

New Berandait Rubber Co.

Ltd. Petaling Tin Ltd. Hafen Hotel

$2,00

21.95

$1.25

74

the Apart from

classified section, which should be of great help for all businessmen, there are articles and reports 43% about various industries and 571% Commonwealth trade with the

-U.P.I.

colorry.

Singapore Cold Storage

Straits Ferding Straits Steamship

United Engineers Ord, Wearme Bro.

--China Mall Special.

COMMODITY PRICES

COTTON

LIVERPOOL Colton future closings, In pence per lb, were as follows;

No. 1 rubber per 16. Jan. 20%-85%% Feb. 86-85%

+

Jan. April

No. 2 rubber per 16. Jan. 84-04ja No. 3

Zinc let aik

H

83-8314

Jan.

No. 1

021-83

April

0574-80%

1715-70

881-891%

Spot rubber unbaled Blanket crepe

No. 1 pale repa

LONDON

The rubber market

was quietly steady with spot quoted at 25-1/10 pence per lb. Prices: No. 1 spot 25-2036 Sellement house tern

FOREIGN EXCHANGE

NEW YORK

Closing rates were:

Argentina

Others unchanged.

American Contract

Mar/April

Gutly li

Giloden Co.

May/June

20.40

Goodrich (B. F.) Co.

78

July/Aug

Oct/Nov.

16.00..

Dec/Jan.

19.90

Feb.

25-251

Mar.

2014-201

Mixed Contract

April/June

2011-20

Feigi in

Mar/April

22.25

General markets, ett baris, ports:

May/Juho

21,00

Jan.

2434-28

July/Aug.

20,30

Feb.

23-2556

Oct/Nov.

20.70

Mer.

25-2814

Dec/Jan,

U.P.I.

Estate crepe

Jan,

251

Patate crepe thick

Juti

New York

unquoted

Montreal

Amsterdam

AMSTERDAM

Brundela

zteady today, Quatalions were all unchanged.

Copenhagen Lon

Blockhoir

U.P.I.

Vieta Zurich

today

In Dualnem Machines

Gill-edged securities opened Tall intester

Intemational Nickel strong but drifted back on news intomational Paper

El larger-than-cxprcted | 1111 Tel & Tei December trade gap.

John-

n-Manville Co.

Kelser Industry ...

Guins predominated in the Rates C. Power & Light industrial section with steels o feature. Tobaccos were firm. Electrical equipments however, were mixed with Westinghouse dull on lower profils. Blue chips stocks such as Bowaters, Coutaulds and several leading stores improved fractionally,

Coppen were mixed.

Kunberty Clark Liggett Meyers Tʊb, Co. Lockheed Aircraft one Biar Cement Lowenstein & Sons, McDermott J. Ray McDonnell Airerati (Am.

Block Exge.) ebi trom Corp. Minnesota Mining Monsanto Chemical Co. Olls continued to drift lower.

Nontgomery Ward Motorola Ine. Among the foreign bonds Ger- National Cash Reg. "A" man, Japanese and Peruvian | Välkon Dena lines continued in demand, Rational Steel Corp.

New York Central U.P.I.

Norfolk & Western By. North Ages. Aviation Olin Mathion

Agreed Merchant

Rates

Frogter & tiambie Co. Pittsburgh Plate · Glam Radio Corporation' .......

Swiss Francs: Maximum 0- Qurp. Prit, ...

shows the AWillo Argony Belling 74.0/16, freighterwaané jeden

Photo.

Belling

Dubizatori Reynoldo MINI

RUBBER

NEW YORK

futures

Rex rubber clood 10 to 17 points higher with sales of 32 contracts..

Closing prices:

Jan: 30.50; Mar: 30.40; May: 30.40; July: 203: Bept; 30.15; Nov: #00 Jan: 29.05.

SINGAPORE

LONDON

Closing rates were:

The rubber market was; Frankfurt

METALS

LONDON

Jan. 13.

The in' market” was steady 'aiso while other metals were

.12004

0159

2.6014-3.008 2.714/16-271-3J/14 10.0744-10.5734 140.00-140.05

unquoted 11.73%-11.7 60.10-0.25

1402-14.5236 7872-73.7%

-U.P.I.

SUCAR

Contract No. 4 (world)

March 231-28; May: 3.28; July:

After a slightly lower open-steady. Prices closed in steri-5: Sept: 230; Ost: 3.20; Mar: 135:

summa ing per long ton as follows:, 10ing the market dased on

prost-takingť,

A steady tone prevalled Tin

2017

throughout that afternoon 791% susta[mod buying

Bpot

2230

Buyers Sellers

燃

*WES

70032

3-month

・Land 2gt half

of lower month sheets. Buyers unantlafled at Copper the end of the day.

Byling 'glosings' were:

May! 3301 Total maled: ass centrala. Bpot.fcents per lb. fob Cuba): 2.25.

Open Interests: 7,817 coptructa. Contraoj. Na. § (domestic), -March: 641; "May! $33:'Nov:_WTB: Total - salex: 375 contrani. Apot- cents per . ell NY #z»duty): 3.90.