1959-02-04 — Page 9

TRANSPORTATION

THE CHINA MAIL, WEDNESDAY, FEBRUARY 4, 1959.

PROS AND CONS OF FULL CONVERTIBILITY OF THE £

INDONESIA SLOWLY Realisation Of HONGKONG Moderate Trading

RESTORING Dream

MERCHANT FLEET

Djakarta, Feb. 3.

INDONESIA is slowly restoring to full strength, her merchant shipping fleet, a vital link between the inhabitants of the archipelago's 3,000

islands.

The inter-island feet dropped from 175 to 96 when the Dutch-

owned KP.M. fleet was deked Reassessment Of

put after the anti-Dutch cam- paign of 1957.

Estand peoples Air Safety

To keep her

the Indonesian Gov- supplies, ernment has gone in for a heavy ship-buying programmanė,

Won't

Please All

By RONALD BOXALL

STOCK EXCHANGE

Su

Businers done on the long- Steck Exchange this

were:

Nota quota-

Shares Buyers Hellers BANKS

100 $10

Union Inbate SURTING Waterboat

Rates

* 105

On Wall Street

New York, Feb. 3.

Stocks held in a narrow, irregular range on moderate trad-

ing early today. Leading groups showed little change from the previous day but the under-tone was firm with most of the early features showing galus.

20

605

73

23

2.75 5.30

500

1306 5.00 around

Duck..

44.59 $9.58 12.30 12.30

2

100 5.75

a

points.

akens Steel, pelling cx-

with dividend, highlighted gain of nearly four McIntyre Forcupine rose more 2.30 than two., There were gains a point in Anaconda Copper and Kennecott, Good- Beclunan Instru- 50012.10 year Tyre, 1000 12.30 nents.

International Business Machines rah up 711⁄2 to $509 444 and Superlor Oll of California 4.45

#ained 10 to $2,015.

London, Feb. 3. The removal of dollar import restrictions was fore-mering amounted to approxi-

shadowed last week by the Chancellor of the mately $co1,000. Exchequer, Mr Derick Heathcoat-Amory,ons and the morning's transac- This part of the "freer trade and payments” programme would be well launched, he told Bank .. Parliament, before sterling took the ultimate INSURANCES step to de jure convertibility. Although it is getting on for be reluctant to retreat, it will Whecluck..

years stuve Britain agreed be, unable to retreat, 15

Gaitskelt.noCKS, ETC. According to Mr eventually to make her currency

for all par- every post-war exchange crisis realisation of thefron de-valuation In Septem-Provident .. freely convertible. poses, the

reserves in September 1957- Brellon Woods dream will not her 1949, to the colossal run on please everybody.

was a result of speculation. Having gorged themselves on

Reflation The confersnee's goal was tocanted salmon (freed from the inter import draft plans to hellitate

there tional dighis-partleuterly jet fight those regions, where current fight procedures date back to six nnd eight years up

bu The ICAO plans were to, zaurves, the United States Gov-valid for five years.

abo been ap has

More than 200 delegates repre- arlyname menting 29 countries

under

UNDER ORDER bacher from six countries for the

Fifty stive

ships

Are

Rome, Feb. 3. THE conference of the in- THE

tornational Civil Aviation Organisation on modernising

procedure ne Peint flight

in the The six countries are Poland, Middle East and South-East the Netherlands, Rupati, Italy Asia ended hero' today. Grimony and Finland,

pernenarch

Ron has already provided ten en gu-psenger ved and 1 tanks in 1958 to help the Intonvaram through this ship

ang vrids

According

Prouched s

Aurrican

under the development fund for buying ships.

TRAIN CREWS

Forty-five mieuant officers from Russia, Poland, Yugoslavia and Germany are helping run the hips and trafing Indo- nesan crews, according to Pelni officials.

reassessment requirements

LAND, ETC HR tel.

73.20 3.40 1 Land 31.73 3225 2000

4.43 (it)

control inst autumn)

Now, although reflation will he people in Britain

necessity, in ex- dall enough, according to Man eveneme

policy at home was Harold Wilson, to rom Cadillacs pansionist

quite likely to lead to similar | Ravizza) on purely prestige grounds.

speculative moves.

Competing

Nor will the move please some and five Commonwealth producers. Hav

of air trans-

and consistency portation in the and South-East Asiu. viewed the During the past year Indo-

necessary nesin has had to all in the Europe, Kap in her: shipping nectis by chartering

of

16.30

ཚོ

33

15

2.03 2000

1.59 7.525

3

Canadian Pacife R. Case J. Co Cal. Tractor Celanese Chip,

IT Finncial Corp. Chrysler Mulars Chick Peabody Colgate Palive Co. Colombia Carbon Cu. Commireisi Credit

Commonwealth Elec. Continental of Del. Dion Gart

Douglas Aircraft

Dupont de Nemour

Eastman Kodak

El Paso Notion! G

Wally nance Corp.

Firestone Tyre & Rubber First Nat. City Bank

| Ford Motor

..

General Dynamies

General Electric

General Fuda

General Mutura Gen

Pub. Bu

the

Gen. Trie & Rubber

rich (31. 3.) Un Goodyear Tyne

Steels Rise 2.025 Steels met dem:nd fler

opening which Nited them fractionally. Mators were higher for the most part,

Chief decilnes were drops of atamme Organ

Homestake athing Co. point in Dupont, 15 in Bichano Power Geld and International Telefonemoll-Rand.....

Humphreys

Realty

WR

HOCHER

Angle

11

A. Tawan

GTILITIES Train

570 37.40

10:27.40 190 27.30

12

01

16. 10.70

300

15.00

1000

26.20

(N) 24.20

23

000 24.80

(0)

25.00

21 109 10

276' 23.00

2030 20

" is not only that specula- tive pressure in a difficult shuascume tion will be greater as a result. Eight

1500 m 25.00

Grimman Atterati Gull Oil

Int'l Business Machines pone, 1 in Colgate-Palmolive, interchemlest Corp. a point in General Cigar,

Harvester ...

Later in the day the market intemational Nicket closed with

a total of 1,221ternational Pager

John-Manville C traded out of which 629

ses

3023 2 were higher, 433 lower.

20 2100 / 26.00

New York Stock Exchange volume was 3,220,000 shares.

150 4 10.30 New York Stock Exchange 500 * 10.00 | tond volume was 55,930,000. 1500 16.70

Dow Jones closing averages

in

མ་

(N) 23 90

INDUSTRIALS Comment

23.50 STORES, ETC. Dalty ... 20.50 10.00

21 500 23 0

Ino

Nanyang

Witeen L. Craw. CƠTIONS Texile

13

14.30 14.00

3.90

6.10

MISCELLANEOUS

INVESTMENTS

15.20

3.95

4.03

of this decision (to make steriele (0) 26.20 24.39 on international organisations tooking developed Industries on the

British convertible to dollars for a protected part in the conference, which bests

the-sidents)," he said, "There Tel. fec they new market, Bergan or Tanusry 7.

else with which levels something Delegates made a large penis prospect of competing on

with America's highly we are much concerned. It is of minimum terins

that because of this and to Insure safety efeirnt producers.

what might fruit order to prevent Indian citrus West

that already up on the pound, we shall be Middle East | growers complain

Try re-demand for their products hustid what we must cut back; is overfull co-ordination dried up as the dealers wait that we are trying to do

much; Cat there with Wights frum

the same to import freedom

cost from employment. We shall be warn- lower Mediterranean goods the

at

ted that we

delay ex. must region,' Africa and the Indian Amerien.

pansion; not because of anything from

that is dene, but because of what Ocean. bouring countries.

technical

might be thought Four

committees

by specula- According to Shipping Ministry:

were formed to study, ench

1pr." Sources, the country now ag their own capacity, ways 30 ships, welching 79.000 tons.

to revise present light under charter.

as well as improve Trade sources say the Mirus-procedures try has been unable to do much airports and ground Installations, regulations and control more than supply the basic fight

services, search and reeue pro-

needs of the islands.

ramada-

incans

in

and

The Sumatran remit which | cedures, meteorology and com- followed soon after the anti-Imunications-France-Presse, Dutch empolno furthe QB- pleated the Ministry's position. COMMANDEERED

Face Lift For Harbour

WH

Whitstable. [/HITSTABLE Harbour, built 1832 and purchased by the Council from

£12,500 is being British Tran ort Commission a Year ago for

iven £40,000 "face #ft" as a first anniversary present,

The Army commandtered a large number of ships to move TL is 1 troops and supplies, using about 40 per cent Government ships, feceriting to the Urban the Ministry?

Plenty of complaints have come in from outlying Islands

Local authorities in the Celebs have said they are tol getting

comunalities sensial ike Reroene and agar.

The Sozialis convertibility even cent limited for two arguments. that in future

Naturally the prospect pleases the Americans. Approving

towards currency latest move

redom, the First National City

opposition to in its pre- Bank of New York said in its this werk monthly newsletter

is based on that, "True relationships ainung

The Arst 15 currencies cannot however, be

any internal scen so long as the exchange and import restrictions continue measure will have to be judged on its likely effect on foreign to deny access of citizens tu dollars for tide, travel and in-opinion. If a is likely to pre- judice confidence the measure will have to be abandoned or Later in the same article the

uk least delayed. Moreover, bank produces Gn argument

the sensitivity

to of sterling that might

laken have been

rumours will cause measures to from the zone of the Socialiste taken to protect reserves that speceles in last week's debate

slowing will have the effect down Britain's own economic expansion on which its com- petitiveness--the very means of work-~ making convertibility depends.

vestment."

on the convertibility move.

Ultimate

It points out that American firms stand to gain from

the

business that converti The battered timber quay extra

ufbility will bring from countries that stood un to the wear shaps ma tides for well over R that have had until now, only

Last December traders of the century have been refaced with | fimited Flores, pastra Indonesia, said | steel ripot-piling and the Urban | goods.

in access The ultimate

no ship t come to pick 11]> Come hoping to attract a will depend, it ray, on com-!

Reuter.

TU-104 Jets Withdrawn proved

Paris. Feb. 3.

OMMUNIST Czechoslovakta' Tanker Launched

slate airline atanances it j

withdrawing Soviet-built

TU-104 jets

Pari line.

from its Prague-

The Timing

Vibro

Ailled

CITY LIGHTS!

Noel Watson

"Get up, tatil youƒ“

London Express Service.

were:

20 Industriala

20 alia

13 Nurs

65 Fincker

10 bonds

Comm. future price_index

Closing Prices

Calar Industry

Kamas C. Power & Light Kimberly Clark 1ggett Meyers Tub, Co. Lowenstein & Sons. McDermott J. Bay Biconnett Alrerat!

Stock Expe.)

(Ant.

2015 | Southern National Gan 25% Southern Railway (Com. 035 Standard Brands ... Standard Oll of Cal.

4915 Standani Dil of NJ.

Sterilig Drug_Cu. Stokely-Van Cap.

53

40

80 Studebaker-Ppgkan Corp

Sonshine Mluding

5+

07

Swift & Co.

37% Textron Inc.

ל 30

Thinkol Chem.

Tide Water Asan. Oll

Time Tre

Tri-Cont. Warran's

Twentieth Century Fex Film

tntos Cold

Union of Cal

Union Pacile Railway

United Aircraft

United Frult...

United Gas Corn,

"E"

03

15

210

3114

123

75

5431

01!

77

US, FO

201%

U.S. Gypstun

US, Ruliber

41

U.S. Smelting

47

09. Steel

114

U.S. Steel

20

124

431

4G

531

67%

311

Zenith Radto

PERM

Warner Bros. ..... Wakison Meters Westinghote Air Brake Westinghouse Elerute

Western Union Tel, Ca

West Va. Pulp & Paper Wlan-Dixie Soren

Woolworth (K. Wa

Mercantile Bank Dividend

London, Feb. 3.

The Mercantile Bank han declared a second dividend of 64 per cent making 12 per cent for the year 1958.

Mesabi Iran Corp.

Alinnesota Mining

592.34

Mirsion Development

162 33

Monsanto Ciemical Co.

91.20

Motorola Inc.

C5 01

Nationni Bult Co.

54

€26

National Cash Rest. "A

762

244-55

National Dairy Prod.

47%

National Lend

1101%

National Steel Corp.

Bik

ал

$ 24%

New York Cential

274

12

090

Norfolk & Western y.

412

3DE

North Auct. Aviation North-west Airlines

42%

Am. Brake Shoe

4812

012

American Airline

..

2014

Am. Cable Radio Corp.

American Cyanam. Cu.

30%

234

8313

Alden Inc.: Ary.

Allied Chemienis

Albed Mills Luc.

All Chalmers

Am. Gas & Electric Au Home Proct. Am. Mach. F'dry. Amorlean SineRing American Tol & Tel American Tob Anaconda Copper Ariaco Siest Armour

Yesterday's Closing

Atlas Cons. Mining Faldwin-Lirna-Ham. Baltimore & Ohio

llenedicial Finance

Rendix Avallon Corp.

Benguet Cots

Bethlehem Steel

23112

100%

GM3%

Otis Envators .~* Owen Illinois Claim Oxford Paper Co. Pavle Gas & Elec. Pan American Alway■ Paramount Pictures

Parke Davis Co. Philip Morris

Pittsburgh Plate Glass

Publicker Industries Pure Ol.......

Radio Corporation Radio Corp. Pref.

Republle Steel

Reynolds Metal

Seats, Robuck & Co.

10.2

14%

13!4

26

Shell Oil Co.

ว

Pilway Stores

Salut Reg. Paper

Scut Paper

1312

Smeltr 1

Soceny Mohs Ou

Machine

201.

Solar Aircraft

5312

A1

Boeing Argians Borden (The) Ch. Burroughs At Calif. Packing Corp. Campbell Soup Co.

South Puerto Rico Sugor

Sachem Co.

hel

COMMODITY PRICES

The second argument is that American the timing of the convertibilly

benelits move was Bi-considered.

None of the three famous con- forms of ditions-adequate reserves, non- their coprn for a whole year. Tunger share of the coasterpetitiveness $12

trade, has begun a scheme to prices, quality and delivery discrimination by Britain's trad

D balance provide new fendering and mor Amerienn products in welding partners, and

between the dollar area and the Innoring facilities. markets.

This return to economic free-sterling arca-has been fulfilled, Ching Mall Special.

dom, to the restoration of price they say.

Mr Gaitskell reentled that he mechanism, will affect policles in countries whose currencies are told the Americans in 1950 that newly convertible. Each of he would think about converti-

the

"will bility when reserves resched 170 bank, them. Boys

the billion dollars and that probably retreat from hesitate to position Rt has now attained and the figure would be six or seven the billion dollars. Teday they were of be deprived

less than half that stipulated thus benefits.

£1,100,000,000, emount about Mr Hugh Gaitskell, leader of

and of which about £300,000,000 is Socialist opposition the

NEW YORK former Chancellor of the Ex-lagged for deat repayment.

the second condition, Mr Harold

World No. 4 sugar futures chequer, believes that the Bri-Wiron said, we must now cx-

points to three tish Government will not only

pect more instead of lesa dis- closed

of 483 con- crimination against British goods lower with sales in Europe. And as for the dollar wacts,

Domestic No. 0 sugar futures balance, the recent ghi from

three 10 unchanged the doilar was "possibly a very closed

points higher with sales of 105 temporary phenomenon.”

contracts.

LONE

Antwerp, Feb. 3. of the largest tankers ever constructed in Bekglum, The TU-104, which are ex- pected to go into service be the Caltex Bristol of 32,000 tons iween Prague and Cairn, wit was launched here today.

be replaced by Ilyushin-14s, the atrine announced here.

The

The tanker is owned by the Corporation Overseas Tinkship

Czech airline will continue

to

use TU-101s between Moscow

and l'aris-U.P.I.

of London, and is expected to be commissioned in six months' Unic. Reuter.

NEW ZEALAND FRIGATE LAUNCHED

Princess Margaret launched HMNZS Olago the first ship of a' planned squadroh for the Royal New Zealand Navy of Type 12 Whitby Class frigates, The ceremony took place at the Woolston yards of John J. Thorneycroft, and Is the first time in the history of British naval construction that a ship has been built entirely for service in the Royal New Zealand Navy --Central Press Photo,

On

The

Mr Amory aigued that change was not a very sign- ficant one. In practice, he said, I had not been possible to re duce speculative pressure by allowing a margin for transfer- able sterling to widen. To have lone so would have adverilsed try weakness in sterling.

Illusion

was, "sheer illusion" he|

It

that Britain's Said, to suppose domestle policles need to be only 03 a result of more rigorous merging transterable and official for sterling. That would have been the case If the rates hud remained separate.

The recent step towards con- vertiblity would not place a Not greater strain on reserves.

hould Britain' be under any greater need to economy ice of inflation she should have been in ovent, If confidence in sterling was to be maintained-London Express Service,

keep

her tion any

Exchange Rates

thin

Bus was done th the local unaitetai exclunge markel morning at the following rates:- US dollars (per $13

Starling holes (per £1) Australian notes iper All .. Belonesian rupiah (per 100)..

Kara Keala tjuer 100)

0

SUGAR

One

Centract No. 4 (world) March 14-13: May: 3.15: July: 17 Sept: 3.1n: Ort: 3.22: March: 323; May: 323; Spot-lcents per ib.

Cuba: 3.14.

Open terrst: 6,013 contracts.**

Blanket erope No. 1 pale tepe

LONDON I

17-70 BL-2

The rubber market was very steady and active wil

quoted

at 24%

Prices:

spot

peace par 15.

No. 1 Rea pot........... 241-25

Settlement house term:

March July/Sept

April/Jutte

OcüDec

Jan/Mar

METALS.

NEW YORK

Prices of metal futures closed today in çînta per lb. as follows:

24-25

25-34

Lead

253-25

Mar May

251⁄2-25

Zine Mar.

May

Copper Mar.

May

Til

Mar

May

LONDON

General markets, elt basis, ports: Feb ............ Mar and April

21-24%

2114-23

Estate crepe thin the

FAD

20-201

The

AMSTERDAM

10:00

10.Gob

18.31b

10,000

29.00b

20

05,50b

03.20

Prices of metals closed today market rubber

was in sterling per long tort as steady teddy. Prices in puilders follows:

per kilogram, clt February as follows:

July:

No. 1 rubber

Ne, 2 rubber No. I jubles

Contract No. 0 (domestle) March 5.34. May: 555-56: 30: Sept: 6.70; Nov: 5.11; Spat

fcruta per lb. okt NY ex-duty); 5.50.

Upen intereat: 2,374 contracts, tr.P.3.

RUBBER

NEW YORK · · ··· ·- §***

No. 1 crepe

2.40 huyors

2.37

-

2.55

COTTON

LIVERPOOL

Cotton

futuro - closing,

Rex closed 20 to 45 points higher

rubber futures today pence per lb. were as follows:

with sales of 34 contraela.

Mar: 3030, Moy: 30.23; Juty: 30.25; Sept: 3073: Nov: 30.20: Jan: 30.20; Kar: 30.10.

SINGAPORE

Alterican Contract

Mor/Apeti

03.10

May/June

22.00

July/Aug.

$21.00

20.03

Dec. Jan.

25.05

Mixed Contract

Mar/April

22.90

of

May/June

28.40

July/Aug.

20G

Delroy, Dec/Jan

20.00

10.65

The pattern

of the market

to that was very similar past several days. After open- ing alightly lower the market stoudied back to previous clor- ing levels on reserve of seller”. Tutorer was hail though there was fairly widespread buying interess fat most grüßen. No. 1 rubber por 11. feb. Mig-bu

Mer. #-#F)[

SAO PAULO

10.

All prices quoted. in the United States, the average price of one-incli cot- ton at 14 designaled spoj mar- kels was 34.32 cents.

Total sales were 12,892 bales.

10m 1232

No. 2 rubber ber 17. Yen. 021-99 0.30 No. 5 rubber for 15. Fox babay 26.70 No. rubber per in. Feb. 13-15

1,02 Spot rubber chibaled MERE -UP.I

May

For the previous year, interim dividend of per cent was follow-

el by a one-for-one freo scrip issue and a fual dividend of 0 per cent on increased capital.

No further dividend will be recommended for 1958, -China. Mall Special.

Markets Firm

In London

London, Feb, 3. Hopes of a cut in bank rate and of cheap money in general kept markets firm today despite the dull spell on Wall Street,

It was settlement day for the last account, however, and that restrained the size of business. With sterling continued firm in world exchange markets the gill-edged section was in good form and closed with gains of up to 7/8.

In the foreign bands market Greek bonds made further good progress and Germans improved

Dollar atocics afresh irregular.

were

Industrials provided. many good features but there was i sprinkling of small falls.-U.P.I.

Chicago Grain

Market

Chiengo, Feb. 3.

Grains moved higher today

and closed generally m the Board of Trade.

Wheat No. 2. red

Mar 107(1) BALL

on

Buyers Sellers

Tin

Spot

1C3 70614

3-mon

Spot

2001

Copper

1916-2

Sput

231

234 May

3-mulh

2011 21

July

Ledd 1st batt

Позад

Feb.

604 601% Dec

104 123% 100

May

70

Zine 1st half

Spat

Feb.

70% 71 70

Mar

Com, No. 2, yellow

d

113-110 1101

71

Mar now

-U.P.I.

May

July

H

Sep:

Ilye

126

Say

Qata

Mar

_!gx-3%

MAY

Apot

Soybeans, No. 2, yellbr

Mar

May July

231 n

27012-

Dept

Son-fi

1

Nov

2.01-110

2.09%2

Barity

Byut

120-130 a -U.P.I.

FOREIGN EXCHANGE

NEW YORK

Closing rates were:

Canada England

* days

vo days

Other unchanged U.P.I."

LONDON

Closing rates were: New York

Montrest

Amsterdam Brumels Frankfurt Otlu

270

un-

Agreed Merchant Rates

Canadian Dollate Maxknum Solling 16-13/10, Minimum Buy- ing 17-1/10 T/T; 171⁄2 0/0,

West German Deutschemarks Maximum Belling 72-3/18.

01-201-1/3

27315-2.7332

19.00-11.09%

140.40-14945

11.73-1.74

20.0231-20.04

Copenhagen changed.-U.PL.

and

others