1959-01-22 — Page 9

TATION

BOAC Loses £500,000 With Britannias

On Trans-Atlantic

By STEVENSON PUCH

HE fleet

British of

THE

London.

Overseas Airways Britannias has lost more than £500,000 on Trans-Atlantic passenger flights in a year.

Ba El Al, the Israeli airitae, expects e daw Brites:

the - Adiuute

PROFIT

trs 41225

make

Awon for the differenc

i+

Atomic Tests For New!

BOẶC HAY CHUỘTB UK. Submarine

BOAC

13rita Thares Cath

just over three hours a day.

{ka༣,

EL AL Aiverati each flow more thun seren koura & chep

THE most exciting vertel this country has ever had is now being built, al- confir- though there is no

that her keul

The heavy losses have com ya shinek after a year of widely rublicist ecord-breaking mmation yet

lights by the "Whispering has been laid. Glants."

EMPTY SEATS

It

Another surprise was that the 13 BOAC Britannias carried tar fwer passengers than expreted, that 10 was calculated break even they should fly with $1 per cent of their seats filled, They averaged cent.

62.5 per

In balf of the 842 Atlantic crussings the Britannias were an hour or more behind schedule.

Pevenac earned from carrying nail and freight in the large enrgo holds is still being calcu lated.

is expected that even when this is added the total loss W be about £250,000.

It is expected thy this poor showing with the Britounins, laimed to be the most cen- namię modern airliners, wal: start another row uver the effeleney the nationalised siriine.

Britain Ousted As Second Shipbuilder

THE

London, Jan. 21. Financial Times warn- ed Britain's shipbuilders today West Germany poses a greater threat to the industry than Japan.

Germany

that Reporting ousted Britnin as second ship- buliding nation behind Japan last year, the paper said "during

inter

cl intense n period national compellin fo: the few new orders avaliable, Western Germany has emerged as prob ably a greater threat 15 Birt- tain's shipbuilding industry them Japan.

It said the Lloyd's Register of supping tung, da not show the full extem" by which Bri- talu is lagging behind Japan and Germany in rate of production. PRODUCTION

Quating Bytures showing: West Germany's rate of production exceeded Japan's, it sald on this calculation slone, Germany presents the greater challenge to the U. K. but other factors necentuate the threat.

"German yards, for example, are geared as Japan is not

THE CHINA MAIL, THURSDAY, JANUARY 22, 1959-

Pago 9

HK May Reap Rich Harvest In Singapore Fair HONGKONG COMPULSIVE BUYING

By DAVID T.K. WONG

Singapore, Jan. 21.

Goods worth M$50,000,000 have been put into 552 stalls and the final touches are being added in preparation for the grand opening of the mammoth Singapore Constitution Exposition on Saturday.

BANK OF CHINA

STOPS REMITTANCES

The exposition, the largest fair of its type to be held in Southeast Asia, will be opened by the Chief Minister, Mr Lim Yew Hock amid firecrackers and 10,000 floating bursting balloons.

It will run for a month, right through the festive Chinese New Your Hena, bnd will be clinox- ed by Royal visit by Prince Philip on February 22.

Kuala Lumpur, Jan, 21.

Ou the 25-acre exposition site The Bank of China--which

is to be closed by the to the heart of the city, 400 trading and Industrial firms Molayon Government →

Nom LE over the world has stopped accepting including a number from Hong- remittances from Chinese un-win vie with each other in Malaya to their families for a place in the commercial on the Chinese mainland, banking sources said here today.

clare

ter *

Sun.

Britain's st The Bank has heen ordered The till us atom-powered subinarine, the o

Malayan Dindhough, will be built verambat deckion that no Vicker-Arinātrengs at Barrow-j barde will be allowed to operate <njoy

in the country if it is controlled by a forelen government).

45 זנד/? - ננן

It is expected to follow the 1ne of the American nuclear- popelled submarines and have très un more decks. But ma burtant is the progress mada with many

exprimental parts Fur the submarine.

Work has been going on at Han well and other centres. problems have Engineering ben tackled by a team of con tractors, including Rolls-Royce

UNIT

ILS. Pendnought will not

The

wait for the British prototype reactor, which is to be tested cn land at Dounreay, Scotland. Dreadnought is The When

Americans will "collated."

power apply the first atomie vult

the

Briate's atomic submaring euld be less than three years wwwy

Burmese Govt

Start Shipping Line

Rangoon, Jan. 21.

The Burmese Five Star Lue, recently founded by the De fence Services Institute ta government agency) will start and service between

Japan next March

now.

Burma

with two

5,500-10 Dutch-buil! vessels, it was learned today.

Regular parts or call on this service will include Singapore, Saigon, Hongkong, Bangkok, Shanghai and Osaka. The Five Star Line was launched on a lean of rame $250,000 from the Burmese government and hopes

The banking sources said that the bank would give its clients one month to pay up overdrafts which are believed in total mare than Malayan $15,000,000, Müre than 2000 clients are under slood to be affected.--Reuter.

|

Deliveries

Hongkong should reap a rich ve et pirs frum this ex- pusition for not only does she a highly favourable exchange rate but her clovėtiess is Singapore will mean quicker deliveries.

A total of 6,000 salernen und slegirls have been cnaged to attend to the millions who are cxpected to come from all over Milaya to visit the fair.

One of the unique features of The fair will be something copied

Hongkong from

Second Protest Boating

Over UK Bid

Rejection

Washington, Jan. 21. Britain today delivered a second strong protest to the United States over the rojection of a low bid by the English Electric Com pany for $1,450,000 order for the building of two turbines.

Harold told

Π

Sir Harold Caccia, the British Ambassador, called on Mr John Foster Dulles, the Secretary of State, and delivered the protest personally.

After morc than an hour's discussion with Air Dulles, Sla reporters that "or course" hu had taken up the rejected British matter of the

hot for the first time. tender and said that this was

The Ambassador made presentations to the State De- partment for the first time two days go when he was officially

TC-

to extend its services eventually formed of the decision of the to America

and Europa.

Is

of

United States Army Corps st two cargo vessels are ex- Engineers to accept the tender pected to arrive in Rangoon at of a Philadelphia company "te of March. - protect National Security in- the beginning France-Presse.

terest.Reuter.

restaurant

:crving

reafood.

The restaurant, called Little Singapore, will be anchored in is river near the fairground, and a fleet of 50 motorised sampans vil operate a ferry service be- tween the restaurant and the fair.

Attraction

It the restauran! proves

semeiatul it will remain after the fair as a permanest Singn- Pure tourist attraction,

The fair will have a special children's corner complete with miniature motor cars, merry-

CITY LIGHTS:

"Better reinforca mat

those heavy pockets francs tuill make a hole tit no time?"

Lotice Express Service.

COMMODITY PRICES

- FORLIGN

XCHANGE

-to build almost as wide range of shipping as the UK. German builders have as large a variety of skilled trades avail- able as UK yurds to deal with orders for speelalised vessels, cargo and cargo-passenger_ships | Canada, and largo passenger livers.

Japan, on the other hand,

is

NEW YORK

Closing rates were:

Enland ontesal... Argentina

Jan. 21.

RUBBER

NEW YORK

Rex

rubber closed seven

today futures higher to five

points lower with sales of 71

contracts.

COTTON

NEW YORK

Prices of cotton futures closed today as follows:

Spot

Mar

1.63-11/10

$114

2.80-11/16

MRY

Closing prices;

Jan: 3150; Mar: 3936: May: 30.00;

July

2.83

ly: 3655 Sept: 30

N: 0;

Get.

Bec.

Jaki: 00 30.

Alor.

LONDON

SINGAPORE.....

·May

the

July

calloped mainly to bulid cargo -” ölter, übehanged. carriers in quoitity."-U.P.I.-

Closing rates were:

BOAC Issue Ear Muffs New York

To Jetliner Staff

London, Jan, 21.

ALL British Overseas Air-

with

ways staff throughout Into the world who come regular

jot contact onging noise are being issued with ear muffe, it was an- nounced hord today.

Ear, nose and throat cheeks are being carried out on ail such staff bofore the musfa, de- rigned on the lines of head- phones, are distributed.

Abpili 1,000 such checks are being made at Londen Airport.

BOAC medient exports after considerablo research, had

Alter opening around previous levels the market ruled

2.80-11/16-2.0,quietly steady with main inter-

2.716-7.71-0/10

10th-10.3

140.32-140.37

....

17473-17474 13.10-13764

Montreal Analerdam Brisacti Muar Pats

Others unetianged-U.r.i.

METALS

NEW YORK

metal

Frieca of

est for lower sheets,

In the afternoon the market wus

until quiet buyers steadied. prices

what. Futures:

aro-rounds.

trains and motor- There will yelo stunt shows, also be stage and variety shows, concerts, plays and cinemas,

The fair will be so large nod there will be so many altr tion that it is expected to take the average person three nights to me all of it.

Two permanent Axtures will be a 65-foot high rate of steel made at the cost of M$40,000 end a 50-Joot mushroom-shaped fountain constructed at the cost of M$40,000. They will remast after the exposition as the gite wil be turned into a public | park.

Ambassadress

Twenty charming Singapore been selected and iris have specially trained to guide over- see notables around the fair. Out of the 20, the "Peart of the Orlent" will be chosen and shi will go no Singapore's goodwili embassadress to Hongkong and other accus in Southeast Asia after the exposition.

The exposition is being spon- sored by the Singapore Chines

Profits Chamber of Commerce. made from the admission pric o 30 cents Malayan will go to charity.

STOCK EXCHANGE

Our Own Correspondent

Business done on the Hong- Sna Stock Exchange This morning amounted to approx tons and the morning's transac mately $220,000. Noon quola- tons were:

Staror

BANKS

Bugare ellers Halea

1 tank.. INSURANCESs Unten

SHIPPING whereboot.. Wheelock..

DOCKS, EN.

Providem

B10 69 58371.

72

73

$35

550 3.63 -2003 ...

100

11.90 12

400 1.40

LAND, ETC. HK Hotel 1 Land

1tis) 3.0257 Humphrys 15.00 15.00 itsalty 160 1313 1000, 100| RUBBER Ame

TRUM

A. Townh .. Bungal

UTILITIES T:am

Star Ferry

Yaumati

C. Light

Elect: te

1.05 1.075

2.30

2.03

100

353 27

IN NEW YORK

OF SCARCE GILTS

By SYDNEY S, GAMPELL

London, Jan. 21.

to reflect the compulsive buying of equities and their scarcity values.

Wall Street continues

The London Stock Ex-rational thing to do about a change, particularly steel higher United States gold price or any other term of dollar shares, reflects the intrinsic devaluation is to get it. under-valuation of British On the other hand, the dollar equities and the Conserva-bag betpone sa over-valued that five Government's improved the Dalted States is Europe's prospects of re-election carical markel,

Britain's'exports to the United whenever the General Elec-

| States in 1938 woye up 15 per tion muy come.

cent to the world a whole They were down 31i per cont.

"The sudden 'run on the Belgian Trane at the end of the weelt to

Highlights

Analysis

..

the of

Unit trusts and other buyers January 10 are doing their best to Brinsiz vulnerability Loudon shares prices to a point ecuntries which have high roata where they are less casy prey and also have au convertibility, for the takeover merchants, who which enables reslicals as well ure so much more popular with as foreigners to speculate against shareholders who went to be the currency. dispossessed át a good prich they 4590s with directors who do not want 10.20 10.40 2003 - 1998) to be dispossvered.

That analysis is very simple. has been an easy way of making

and mayer may Mary remain so.

Now for something more dimeuil,

10.30

001320 :

101 25 23.00 IN) 25 10 2454 Marzo 20 Tel.

2.10 251% 1100

25.39

INDUSTRIALS Cement ... 24.00 STORES, ETC. Dairy ....10.30 10 Watson

L. CARNS

Textile

500 1

13.30

14.30

+

503 120

6.70

15.20

5.45

Nanyang MISCELLANEOUS

Vibra

INVESTMENTS Int Inv.

not

Adequate

The Belgian Itane is a sort of Junior version of the dollar. On the

<ther hand, Belgium's dolences proved adequat

The two dollar countries have higher costs than Belgin but People are acest as slow to have still stranger defences. The noties that the American gold | Am:rlean gold cutflow, the only outflow is stopping as they were thing that could have shaken the to netice that it was starting dellar, has stopped and cannot last February.

the restart unless and until

For the present, it has Lordon geld price rallied sharp- stopped. Unless and until it re-1. storts in a big way and goes on This may be an unnoticed for a very long time, the only good hugury for Asian and other

HIGHER PRICES ON

NEW YORK MARKET

New York, Jan. 21.

Demand for specialty issues featured a higher stock market

early today.

Trading was moderate.

The market was helped by Continental Of of Del. favourable

economic end the outlook for a sharp ex-

pansion in corporate

this year.

forecasts

carnings

A. M. Byers ran up 44 in the

sicela specialty

Youngstown

3

Sheet & Tube added a point in the basle steck group. Champion Paper, which added yesterday, rose another 34 today on reports of new buying investment funds. Warner Lambert rose 2: h the drugs and Haven added two La the oil equipments. rose 1% in the chemicals.

Aircrafts

Crown Zellerbach

Cuban Anier, Sugar Diamond Alkall

Diamera Gard

Dongles Atrerati Dow Chemicals

General Dynamics

General Electric General Foods

General Motors

346P

Suhite Mizing

Fett &

Texas Cu

Ratten Inc.

435

122;

10

100!

33%

20

X7

95%

ન

Thickel Chreat...

93

50

Tide Water Aon. Olt

732:

Tare lae.

70

Dupont de Nemours

A13

7 ri-Cent.

Warrauts

29

Twentieth Century Fox Film

30

while

Eastern Airline

Eratman Kodak

Union Carbide

32534

El Paso Natural Gas

301

nion Olle Cal.

432.

Family Finance Corp.

Union Packle tailway

Firestone Tyre & Riber

United Aireinfl

First

Not. City Bank Ford Motor

751%

Limited Fruit

United Gas Corp

0242

U.S. Fol "E"

U.S. Gypruni

AI

U. S. Line Co.

V Rother

U.9. Smelting

45

U.3 Steel

U.S. Steel 7 P.C. PF

4812

Warner Bro

123

245

1241

43

142

Homestake Mining Co.

49

Idaho Power

Zenith Radio

Ingersoll-Rand

Interchemical Corp.

20

513

41

119%

Dupont

Alverafts favoured the up de bul autos were a bit irregular. with price changes limited to small fraction,

Non-

Gen, Pub. Titli.

Gen. Tyre & Rubher Getty

Glidden Co.

Goodrich B, г. co.

Goodyear Tyre

Gruminan Aircrafi Guft Di

Hanunud Organ

Heyden Newport Corp.

Int'l Business Machines

at Harvester International Nickel

Rails

mixed. were ferrous metals did little.

Of a total 1,232 issues traded, 0:0 were higher, 384 lower.

New York Stock Exchange volume was 3,940,000 shares

New York Stock Exchange boud volunte was $7,110,000.

Stock Exchange American volume was 1,070,000 shares,

Day-Jones closing averages Loews Treers.

International Paper lot'l Zel & Tel John-Manville Co. Satser Industry Kotas C. Power & Light Kentwert Copper Kimberly Clurk

Liggett Meyers Tall. Co. Lockared Alretall

Lone Star Cerneut C.. Lower 1 & Son McDermott 3. Ray

Mcanell Aircraft (Am).

Stock Expe

Mesthi fron Corp. Minncta Mining

Mimion Development Monsanto Chenilcat C Montgomery Wait! Nattankt-Pitrcuit-- Co. -- National Cash Reg. "A" Netional Fairy Piod.

were:

33.53

34 22-33

30 Industrials

591.00

34.54-37

20 ralts

.18/21

54.07

34 titles

02.01

65 locks

208.00

32.25

44 Tra

80.17

Cum, totore price latex ..

143,89

11.16

Closing Prices

Alden Ine. Acy.

$ 237

Ailled Chemicala

Alued Mills Inc.

43

heal wp.

23.1

34.43

All Chines Am. Drake Shoe American Airline

2015

New York Chitral

49.5

2011

North Amer. Avisuon

34.03

D

21.25

Am

1015

Din Matheson

3.00.

Otis Elevilors............

32.43

31.20

31.25

NEW ORLEANS Prices of cotton futures closed Today as follows;

Spot

upcountry

Afur.

some.

May

July

Oct.

DCG

Mar.

May

July

No. 1 rubber por 1b. Feb. 8?3-05

Mar 08-095

No. 2 rubber per b. Feb. 86-85 No. 3 rubber per . Feb. 8519-85 No. 4 rubber per tb, Feb. 142-062) Spot rubber unusled ...

073-077 78-0015 Bianket crepe

29.91

No. 1 pale crepe s

The

LONDON rubber

market

Wha

futures slightly ensler with spot quoted

at 25% pence per lb. Prices:

2315-2524

closed today in conls per ib. ns follows:

Load Jan.

Mpr. Zind JAD, Mar. Copper Jen.

Tin

Mer.

JED Mar

Mar.

LIVERPOOL

closings, Cotton

tuturo pence per lb. Were as follows American Contract

Mar/April

May/June July/Aug Dat/Nov Dar/Jan.

CHINOV.

No. 1 pot

Dec/Jan.

11.5301

Settlement koura term:

Mixed Contract

Lesb

Yeu

10,786

2525-2512

Mar/April

231-2523

Jonah

20.03

Aprii/June

#534-251%

29 000

July/opt

231-20

07.87440

Get/Dec.

26-2016

07.800

Jan/Mar. General markate, cie traste, portá

TH MAT.

2011-2012

12314-234

thicde all.

AMSTERDAM

LONDON Prices of metals closed today Eatste grepe found the muffs to be the only in sicrilag per long ton ns answar for people who work follows:

airliners for long Jot

Passengers are not affected as they are protected from the

with perioda

sound by the jet airliners' Obre

eput

3-months Copper pot Samanth 22.3 helt

Els sound-proofing system,* || Kine #9 pET

China Mall Special:

Buyer Sellers

104

705

230

The rubber market was steady today. Prices closed in guilders

& Radio Com Amoren. Fewer

Am. Gas & Electric Am. Home Prod Am. Mach. & F'dry. American Motel American Emelsing

ini Am. Sugar_Ref,

American Tel & Tel Americas Tob. " Anaconda Copper 22.33 Amico Stoel 21 P Atmour

20.76 Attar Cons, Mining 20.00 Haldwin-Lima-tam.. 2501 Baltimore & Onto Beneficial Finance

23.03 Bendix Aviation Carp.

2140 Benquet Com 21jg Bethlehem Stee!

20.ld Boeing Airplane 10.00

'BAD PAULO Colton futures closing. in Cruzeiros per Hilo were as fol lows:

May July

Dec.

52.10

04.10

In the United States, the

20 per kilogram, clf Feb. as follows: average price of one-inch botten TEM. F rubber

Borden (Ti) Co. Burroughs Add Machine Calif. Packing Corp. Canadian Pacific' . Campbell Soup Co. Camo (3. 20.). Co. Cat. Tractor Colares Corp. C. TT

inanelet Corp.

Chace Manhat, bank

Chrysler. 29otorz Cuty: Prabody

247 buyers at 14 designated apot markets colts Padencia co.

was not svallebie, 199

Total sales wero 18:119.Belzu | gedrogoweallli, Bad, -U.P.I.

Lead

Norfolk & Weaters Ry.

North-west Arince (Com)

Owen-Minola Ciara

Oxford Paper Co.

Pacific Cri & Elec. ...

Paramount Pictures

NS

Bith

Waukesha Motors

Westinghouse Ale Brakte

Westinghouse Electric

Western Union Tel. Cv. West Va-Pulp & Paper Winn-Dixie Stores

Woolworth K. W)

prinary producing countries. It was of an exporter of primary products that the United States ran inte trouble with its balance payments last year-its cammings from such things as oil,. cotton and coal fell sharply.

cf

This year's Ecoute 50- exgancien in Britain and other European industrial countries is kely to worsen their balance of payments with the primary pro- Luzing countries.

This may not matter much to either the United States or to

sterling

Run-Down

Even Wallis the large im- December reported in ports

[which were probably statistical

Britain's

triak)

balance of payments In 1058 had a surplus of about £500 million, thanks to low commodly prices and to run-down et stocks.

This year, the surplus will be smaller. Eu stiil large and any- virtually no

was sterling has

Lerms cf trade-Britain's loss is

the cversens sterling areas' gaka. But it could all be very useful

to tho primary producing countries.

101 European

28

30

34-

34

19

ecome mic

TC-

exparalon and re-building of sleeks has started end is likely

746 to be boosted by Government to raise ecnsumer and azilon public investiment-with benefits

42% wherein Frimary products share. China Mall

1911 should

U.P.I.

Special.

LANCS BECOMES A

TEXTILE IMPORTER!

FO

Lwo

Manchester, Jan. 21. OR frst time in

centuries, Lancashire's exporty of cotton cloth over a full year have fallen below the level of cloth imports.

Figures released today by the Board of Trade gave the news that Lancashire had become a net impurter.

The lovel

were

Textile The United

Factory Workers Association, represent- cotion ing Lancashire's 200,000 operativez said. "It would seem from the faults that considerable room for a sales drive in export

there is

markets both

by fncavidant firms and by the industry as a whole. Reuter.

of ckih arrivals French Reserve

26% exceeded shipments in several į months last year but mili chiofe final still hoping that Agures for the year would still slow a balance in Lancashire's Invour

show

The Board of Trode returna that Lancashire's cloth exports last year totalled 384,- 070,000 yards white imports of Bolt grcy and folshed clotr 62trenched 380,763.000 yards.

While

from India Drrivals and Japan fell, shipments to the from Hong. Unlled. Kingdom 743 kong and Chinn showed an in-

crease, Timports from Honge :

Al

Pan American Airways

244

Fenny J. C. C).

Penn, Salt Co

1031

Phil Morris

0712

Procter & Gambie Co,

125 Pittsburgh Plate Glata

Publicker Industries

146

Pure Of

15k Bedio Corporation

4514 4332

*

Radio Corp. Pret.

233

Republic Sinel

Heynold Metal

3334

Sears, Rochuck & Co.

Shelf Oll Co...

43

Fatawav Stores.

7 Sain Her. Paper

4014

DL

Sinetalk Di

pen

Brith, Clie & Fronch

19

31 Boty Mout Gi

Boler Altersft

72

Scuth Puerto Rico Sugar

Bouthem Co. (The

..

29 Bonsthat Notions Gae A

Boutheri Railway (Com)

439tandard bù of

Meep Rock Toronto

France's

Paris, Jon. 21. foreign exchange peterves rase by $318 million since. the new year financial measures taken by the French Government, the information Minister M. Boger Frey said pere today-Reuter

Exchange Rates

Business was done in the UNOITETA exchtige market (lálm morning at the following states: 13.9. ddilarg (per (31) 20 kong advanced to 110,081,000 lejling notes per 211

Australian hotra (per K11) yards of grey cloth as against ned on gola(per 100) 2571,006,000 yards in 1957 and Bla ticule daer,

oof from China to 38,300,000 yards | Hingepera "extrolt;)"

from 27,609,000 yards.

Commenting on the cituation

Mr George Fielding, Director of the Cotton Spiners and Mopu- geturer Association, repreektif.

ng diners c3 bca:ly 1,000 worving mills said "It is

London Silver

London, Jan. 21.

Sliver price "was" qüäted" at

portable that 15 EYS hazagi- 7% pence per fine bunch for spot, and opened for 10T-

ed."

Mr Jerry Millence, Berotary gen 180 and Til

tricitet pence probitailly JAMESPERATING

: