1959-02-24 — Page 9

SPORTATION

THE CHINA MAIL"

TUESDAY, FEBRUARY 24, 1959.

Japan Borrows Cheaper HONGKONG

Money From Outside

By SYDNEY S. GAMPELL

London, Feb. 23.

"Caravelle Jetliner This has built up into a big week (end February 21) for re-

After Ready Six Years Of Tests

SIX years of severe flight, fatigue and static tests on the Caravelle Jetliner-one of the most exhaustive programmes in commercial aviation history-are nearing completion.

the

Rolls-Royce The

powered, ment test nure-let Caravelles wi stort for flying

Airlines Scandinavian System route to 24 cities in 17 countries on three continents an May 15.

The glant test programme has beon ccndurted by the govern-

Airliners. Given

Boost In Power

laboratories—EAT-

Caravelle's manufag- reer, Sud-Aviation. It has em- ployed thousands of standard and special testing techniques, FROGMEN

These range

from "under water light" and "ircgmen" inspecte, to efectele "brain" and talen, powder.

The

Involved The pregemme has tests on the ground and in pre-production

THE power of the Rolls-r using special prototype and

Caravelles--two j Conway by

for Bight testing. the others for statle and fatigue test on the ground.

Here are seme

storing the international financial system.

New

Japan has issued in York her first foreign bond

in more than 30 years, coupled

with another $10 million from

the World Bank and the pro-

speet of more.

The World Bank in turn is to JERIC

long-term

An loan

趄

D-marks, adultional to its pre-

vious short-term borrowings of dollars and D-marks Cerman authorities.

Germany calling-for UK goods

2m.

150

Trom the

100

Announced

Two Internation: unii trusts (Mutual Funds) comprising

shares of companies in several West European countries have been announced.

The

-50

borrowing about

money on more

O

1951 1932

1953 1954

1955

1936

1957

International Finance Corporation has openly Invited moro private firms in more countries to come and see more often niore of s attractive terms.

As is risk capital for private enterprise is naturally dearer parent World Bank's loans to basic industries under government' guaranted, the international Fhunce Corpora- tion has found far 100 few

than its

Royce pass" jet engine goes up and up. Conways are to be used In the U.S.-built

Lakers for its money. of the high-

Continuing Thr Hoodwork, for British lights of the programme-onder- Boeing 707's

one of the two restrictions Overseas Airways Corporn-way since 1953)

clamped on the London bill in tion, the American DC-8's

As a resull of static tests | the crisis af September, 1057

has been removed, -torture tests which 10-

for Trans-Canada Airlines,

and in both types for produce and then far experd

several European airlines.

For the they have. Been Riven a main power rating "Of 18,50VIS. Iärust,

Doll the British Air Ite- gistration Board and the U.S. Federal Aviation Agency have approved the Conway working at 17,0001b. thrust.

that the Now comes news Ar Registration Board has

approveti

10,00016,

The engine

al

the pressuici on the Wink dusting! Bight-the take-off

weight of the SAS Caravelle bas teen picased from 41 to 45 metric tons,

The stabiliser of a pre- producilon Caravelle wa subjected to stresses up to more than twice lis derlined loads- without breaking,

The wing tips were pull- ed up more than cight Conways are lo be used feet from their normal position. also in the Vickers VC-10 air-The eight-foot deflection liners for Boas.

Opening Portholes

Are Disappearing

IR-CONDITIONING will

A be applied to all pass

ger

linors on an

over

five feet more than the testers had planned on-and for more than the wings would ever be subjected to during fight.

..

Zero

The fuselage of the same test Caravella was pret- sumised up to 200 per cent of 10 mal without incident.

Two flying prototypes "Zero One" and increasing scale, with the ro- | Two-have been tested in de- Arctic temperatures, sult that opening portholes sort and and windows will fargely dis-and together have amassed more appear, says a paper on The than 2,280 Blying hours. "Zero Two" will fly to Scandinavia in Development of Air Condi- | February for SAS' training pro- tioning in Ships,

The paper was presented to a joint meeting in London of of Marine En- the Institute gineers and the Institution of Naval Architects.

The paper declares that the now been reached stage has where to build a tropical-going ship without lull air condition Ang "would mean that she would be out of date before she makes her maiden voyage."

It added: "From the point of view of passenger requirements the trend in first class accom- modation at any date is to give within each Individual control

room.

gramme.

Component parts of the Caravelle have been tested in special stress-and-strain de- vices the equivalent of hundreds of thousands of flying hours equal to 100 years and more of regular daily service.

Usance Credits

London banks may again. grant usance credits to finance trade between third countries, though the restriction on te- financing of trann-shipments from the United Kingdom itself still lagleally remains. all With

these promising Nerns

being chalked on the slate, its last old blot may also be cleansed.

There are good hopes that

a Cyprus seltlement may lead to a debt settlement by Greece,

the last nen-Communist defnui-

1950

WEST GERMANY is Britain's biggest rival In overseas markets. But she is a good customer, too. British exports to her last year rose by 20 per cent, although West German imports from all countries were 2 per cent down. This chart shows the rapid growth in Britain's, exports there since 1951. The further current year is expected to produce a substantial increase in trade-London, Express Service.

GREATER STABILITY

ter in Europe and cno theThe

few in the world.

The very arduous settlements. of pre-war debis a few years were designed to restore international credit.

ngo

Japan's settlement In 1982 odhered closer to the origina1 contractuel terms than that of any other country, including Germany..

►

Defaults

But the defaults were endod and the international system is at last getting back into stride,

Reintegration of finance helps world. towards an integrated International good faith is the basis of world peace, as well as of world prosperity and of foreign bonds,

Japan's and other bond is

the sues in New York, and various United States measures to enlarge the world's Dollar supply, may soom curious at e time when Jrpan's dollar re- and serves are strongly rising when the OEEC can announce

A spectacular water tank fatigue test-using water to simulate air pressure Inside the jetliner at various altitudes has completed the equivalent of more than 5,000 "underwater nights."

equals Tik 15,000 actual flying hour that Europe's dollar problem about five. years of

reheduled dally operation. This test will ccriitnue Indefinitely,

Gomo

has disappeared.

In effect, Japan is not bor- rowing foreign exchango ог 2 Hind currency, the douard

not harder than some others.

The Hery of Caravelle fatigue – In the morning the tank lé theting sing, platures: “Frogmen!! | aniptlad (and "the" deore amunt Inspeŭtoja: stand by during the spin (upper right)? Every Vita). nightly pressure fakta in the tank, part de minutely shocked during whien: halde 1,500 tane of water: ihatidally inspection, period (upbar 14ft),

(Jowar (det) "with" special. AMPERSANDS Condtions at attention to the many, khqueants high altindan, the water inside. of, rivets. (lower (right);;he

Than the andic is rabited and tha pestëm küsind:gyar main

Good Idea

Japan. Is simply borrowing money as such, because it is chepper than her internal money and because it is always good idea to borrow money when you can.

At present Japan and other countries can float bonds in New York while the United Stater Treasury could not.

FOR AMERICAN

TRADE POLICY

New York, Feb. 23,

U.S. can look forward to greater Etability in

its trade policy thanks to the four-year exten-

STOCK EXCHANGE

by

Our Own Cernisgummodo ag

Business done oh the Hong- kong Stock Exchange this morn- hug amounted to approximately $672,000. Noon quotations and the morning's transactions were:

Bharos BANKS

Buyers Sellers

ILK Denk. 67234

INSURANCES Unica

Low Maril

PARK

72

20

75 Gr

300

13

22

500 qr

SHIPPING

Indo-Chine

Insterboat

Wheelcek

27.10 1.70

DOCKS, ETC.

K. Whart

Dock .....

Provident.

10

L

100

* 12.20 12.40 2000 @ 12.23

LAND, ETC.

HK Hotel 21.50 13

Ik Lend. 316 11.70

(r.)

Really

RUBBER**

ཨཱུ ་ * དྷཱུ དྡྷནྡྷབྷརྔ བྷིཀྑཱི

200 on 13

337

120 1.825 1500 or

Ama... 2133 2.33 0000 7

Trual ....2.223 2.270

A. Tawah.

sungalo

UTILITIES

1000 40

073 KE

2.30

2.00

20.80

Blar Ferry

110

..

Dr

200

Tim

Youmani

££â**** **

UO

26 20.00 3850 a

2015

200

20,00

(N)

15.10 23.40

H

Marzo E. . 9.30 Telephone

(0). 21.00 INDUSTRIAL

20.00 020

STORES, ETC. Dairy

Curent... 20.00 3000 1000 6 20.00 100 20.70 500 20,00 300F 16,50 1000 14.20

Walion

Lane, Crew.

Page

Instant Money In The United States

New York, Feb. 23. The land of instant coffee, instant tea and instant soup has a new product— "instant money.

"Instant money" doesn't come | restaurants, holdis. travel from mixing boiling water with agencies, retailers, automobile a powder, but its production, is | rontal agencies, florists, theatres almost that simple. The in- and even hire clerical help. gredients are a credit card and without the aid of cash,

a bank teller. Used according

The Diners Club bills its'

to directions, they produce a members at the; end of each bundle of cash up to $500 | month. The average tab is $20. The club collects fees "within seconds."

"Instant money" the latest in | ranging from 7 to 10 per centi? a series of schemes to make it from merchants patronised and railer for Americans to "buy || $3 a year in dues from members. now, pay later," is the brain- | This Year's net profit is expected child of the Citizens & Southern | to reach $4 million, National

Atlanta, Gcorgin,

of Bank

On The Wane Consunser credit hub come a long way in the US. since Henry Ford simulated sales of his mass-produced Model-T Cars with easy terms of "a little down, a little each month."

Except at the automat and the telephone booth, money per

Banks Now

Even banke and hotels aro entering the one-card Bold,

ก

Now York's leading lending Institution, the Chase Manhattan Bank, larf month launched retail customer credit plan in- volving more than 4,800 mer-

and. chants

200,000 card- carriers. The morchants bill the bank, which in turn allows the purchaser up to five months to setile his account in month-

1.8.

throughout

the operating similar plans,

аго

A New Yorker can even get.

GOO or 0015 C. Light

se appbars to be on the wane. .... 10.0 10.70 2300 @ 15.10 Electric,

With credit clubs mushroom-ly installations. About 70-banks Ing since World War II, it is now possible to enjoy life with 'out bothering with currency.

without the possible exceptions a checking account on credit. at a few coins for such The First National City Bank incidentals ав newspapers, has just announced its "eltibank cigarettes and telephone calls. „rendy-cred!!! plan, A customer, The Diners Club, which after assuring the bank that he pioneered the one-card credit is a good risk, can walk out of plan nine years ago with 200 the bank and immediately start members, now has 800,000 card writing cheques totalling up to

expected to $3,000. He has up carriers who are

12 months charge $140 million worth of to pay off-in monthly instal- goods and services this year. ments, of course.

Armed

card, with his

No one has yet come up with Dinezakan Club. member cana credit system which eliminates travel, in the US. and 70 other | the monthly instalments, — countries, patronising leading U.P.I.

COTTONA

10.10 10.30 14 14.20

14.20

Tuxlites 3000 4.025 Nanyang.. 0.70 INVESTMENTS

Int. Inv... 5.16 Allied

H.K. & F.E.

Inveel...

3.05 4.00

10

100

10

LONDON

CLOSES MIXED

London, Feb. 23.

mixed today dealings.

sion in 1958 of the trade agreements act, the The stock market closed United States Council said today.

In a 64-page booklet enlilled "United States: trade policy in

economy' changing world the Council Bald that despite HBIITOW escupes and setbacks the act has survived for nearly

and A quarter-century,

"remarkable" tributed to tho

trade since growth in world World War II,

EXTENSION

con-

The 1858 extension continues the central policy of gradually barriers and lowering tarift

with providing the president a edtional grant of authority for this purpose.

But it also increases the President's tariff raising authors. ty by providing that tariffs could be increased up to 80 per eent above the 1934 level and authorises him for the first time to Impose a tarif or up to 50 per cent on Items which now Bie, duty-free,

Yesterday's Closing

on qulet

The Council, which is the Gulledgal stcurities, cascj American branch of the Inter- at the opening on Friday's national Chamber of Commerce, unexpected rise in the Treasury said "the act today bears the bill rate, but recovered most scars of the violent storms lost ground by the close.

Industriais Wero irregular. which have raged about it."

selcetive However,

buying electrical, lifted some

steel, angincering and store stocks.

Gold stocks were dull. Dollar stocks were higher.

Asserting that no other plece of major federal legislation has been fought over so long and hard, the booklet said many of the strange and involved fro

In the foreign stelion Greek the product of bands lost cedures are

ground, but other delicato compromisus worked lens and rall were steady. out in the heat of legislative Oil were

caster. ninetly Banking and insurance stacks were mostly unchanged-UP.I.

battles.

The booklet said that with all the debate, there is "con-

alderable evidence that the Exchange Rates -

American public increasingly understands the significance of the trade agreements act.

Furthermore, it said, ecano- mic trends are inevitably link- ing the American ecopomy with more and more closely the world economy.--U.P.I.

Business was dono in the local

market thi metal exchange morning at the following rates:- US dollars (per (1) DY Rterling notes (per #1] ..... Australian notes (per 21).. Indonesian rupiah per 100).. Slam tleats (per 100) Bingapore (Stralis)

COMMODITY PRICES

FOREIGN EXCHANGE

LONDON

Closing rates were:

Tho. World Bank's line was that of Japan's credit is good enough for her to borIO directly in the market she had better do so, caving the World. Bank to borrow for re-lending to countries with weaker credit.

The OEEC has remarked that New York

Montreal export, earnings of the primary Copenhagen

may producing countcles

not Frankfurt have reached their trough;"

However, platinum has shown how primary products can be- come oversold, After two years of slump, platinum has been transformed from a bearish to a bullish market almost over», night-China Mail Special.

CITY LIGHTS

SPAGE "ARGLITROTS AND SI ANEYURS

2.40-18/18-381-1/10

273-11

12.7

11.74

Calo

ar Stockholm Zurich

22.131

Others unetianged.Ü.F,1,

RUBBER

The

LONDON

rubber market

Was

5.74

12.83 0.50 20.06

*

P&O B•I E&A

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N, CO.

QUIWARDS

LEAVES UM.

ΠΟΥ Ε.Ε.

- Vía Mor.......

10th Mar.

"CARTHAGE” „Salled - 24/1. "HALSETTE"

"SUNDA" "CANTON"

17th Mar.

Selled

4/2

Salled

2nd Mar.

1st Apr.

"SINGAPORE" 10th Mar,

17th Ast.

Cti Mar,

19th Apr.

3rd Apr.

4th May

11th May

"BALMARA”

"CORFU" "CHUSAN"

HOMEWARDS "CARTILAGE" "UANTON" -

."SUNDA”

"TIMALAYA” "CORFU

11th Apr.

LEAVES ILE.

Noon

Noom

13 Mar. ·· 10th Apt.

8 p.m. 19th Apr,

DUE LONDON

13th Apr.

17th May

2014 May

11 pm. 30th Apr. Хот

8th June

20th June

7th July

6th June

SINGAPOREZ 5 p.m. 14th: May ."CARTHAGE" Noon

"Via S'pore, Penang, Colombo, Bombay, Adén a PL Bad.

• "BUNDA" AND "BINDAPORE" omit Colombo Bombay, and extend, to Mamborg, Rotterdam 'and Antwerp.

BRITISH INDIA S.N. CO., LTD.

"GABBETA"

dus zath. J'eb. From Calcutia, Rangoo

Strait. 'gallo 27th Feb." for Japan

Qua

4th Mar, from Calcutts, Rangoon

& Strate mails 8th Mar,. For Japan

P. // 0./B, 1. JOINT SERVICE

"BANTHIA"

"

Na rutber par 1. Mar. BITL-851

No. 4

No. 1 rubber per lb. Mar. BOLL-0036

Apr.

NO. 1

"ORNA"

Spat rubber un bicc

Bankel crepa

· ས

D4-843% .... 45-85!

7311-805 89-00 No. 1 pate futon are

AMSTERDAM The rubber market was dull

steady with spot quoted at 25% today. Prices closed in guilders

pence per 1. Prices:

per kilo, elf March as follows:

No. 1 rubber

2.46 nom.

No. 1 rubber

No. 3 rubber

No. 1 eropa

2544-1

No. 1, pot ........ 254-2936 70-13/10 } settlement house term:

COTTON

LIVERPOOL

Cotton future closings, in peace portib, were as follows:

American Contract

Mar/April:"RI 70;" May/June: 213 July Aug 01; CEL/NOV10071 Dec/Jan:: 12.02.

July/Aug

Mixed: Calteset

PAPISAO PAULO:9

April/Fune

July/Bapt.

U.S. Markets Closed

Care

New York, Feb. 23.

All markets in the United States closed today, which is a holiday commemorat- ing George Washing. *ton's birthdáy ----U.P.I.

"General, markain, cit. bands,

thin

prices in SINGAPO

1923, Levolk, the

enchanged o

with only small inférés:

and rend

Säurentide 10: Zothera undanged

2.44 com. 2.01 пом. 2.50 ROM, U.P.I.

METALS

LONDON

The tia market was steady in the morning. Spot fell three poluta, and three-months 2 polata .10 771% and 774 sterling respectively.

In the... afternoon in prices wero Armer. Clositsjen at the end of the afternoon session, ini starling per long tea were:

Bpot

tin

1-montg

Buyer Sellers

773*. 77236 720572

The copper market was firm 34% = {5}} In the morning while tead was | very atsady, and zing firmier. Davi Dujero Bullère.

Red-half.

"ORMARA"

"ÖLINDA”

"ORIILA"

PODE

due 4th der. From Japan valla kth Kime.. far, singapore,

Cochas, Bombay, Kaza".

BATAN

Khorramshahr

Our th Mar. tiem Karachi, Kandia, Bombay, Coolita, Tuti“ carin "la Bingapore" skila til Mar. 10% "apar

Cochi,

dus 10th Mar from. Bombay

Tuticoris & Blogsporo anila 16 Mar, fær Japan

day 18th Mar. from Japan-de-d'pore salis 17th Mar. for Singapore, Bombay, Karachi, Dubai, Kuwait, Baaran & Khorramalang

EASTERN AUSTRALIAN 3.$. CO., LTD. "KAKMALA” Jonds, Brd Mar,

PEASTIAN"

9th Mar,ser: Labuan. Sand Brisbane,

"499" 8th SEAP, from Abitealin

fur full particular MALKINGIIN