TRANSPORTATION
LONDON GETS READY ΤΟ HANDLE
AMERICAN ATOM SHIP
PLANS
London.
NS are being made for dealing with the first nuclear-powered ship when she comes to the Port of London. She will be American-built, it is expected, and is not likely to arrive until 1960.
Caber Grat ki, pronbly
1
she will
a specul
1940 Incher that but is US Navy To Scrap.
the normal way.
when
that
Arise 43 Aged Warships
Safely problemsn
nurtear-prere Chips being put are idered
come
closely
into
mitice set up by
of Transport,
Trade anima
Dy
Washington, Feb. 24.
COU
THE Navy announced to-
THE CHINA MAIL, WEDNESDAY, FEBRUARY 25, 1959.
Moscow Visit With An Eye On More Two-Way Trade
Macmillan Goes Hunting
Assessment Of East-West Trade Slow To Start
Possibility Discouraging
Prime
By Ronald Boxall
London, Feb. 24,
Minister Macmillan's
mission to darkest Russia is
primarily a political "re-
Imports FROM SOWET Exports to SOVIET UNION
1958 1957
1958 1957
Britain
W. Germany
connaissance"
inclusion of a
but
Board
the of
France
Trude representative in his party indicates that he is also setting his sights on economic targets.
Italy
(70m)
the Minister day that it would scrop: The passibility of large scale Tude between Britain and, TRENUOUS efforts are being
arrel
shipptes:
43 aged warships, including
orgar-isations are represented five battleships, which have
on the committee.
THE PROBLEMS
Duck 10 Lac A report Harixar Authoritie
-tion suys!
been lying in mothball flcots
BRITAIN
last fured badly with exports to Russia made by the West to step year, up trade with the Soviet Union. down by £14,000,000 to less nut the results so • far have than one per cent of our world trade. As a result we bought been disappointing.
Jess from the Soviet Union.
Russia is one that many people find intriguing
as the Trade Unionists frequently put it forward purwer to Britain's need for wider export outlets. Others think vaguely of trade. as a means of getting to know the Russians better--and perhaps die the President of The Navy
covering that we like them.
for 11 years or more.
The ships cost the govern- ment $897,040,000.
60711 of
hopes to realise about $30,278,- ! and ood whin
it Nells them for Associa-serap and salvages
their equipment.
said the Navy The would total about 520.000 tous and would be disponed of in eight sections, apparently
1-
The problems to sidered include the principles and rules which should govern the dedge and construction of nucleor hips, the protection of the carp, the baltability of ports and rafely consideratin
ine ening nuclear hip in Lon- don Express Service.
acceptance
Seawork May Set Úp Foreign Yard
1:09. !
zerup
14
old glutting the market with a single rale."
The ive battleships
on the
of Bat were the Tennessee, con
Maryland leted in 1820, the
and California, Completed in 1921, and the Culerado and West Virglia, completed in 1923.
rest of Tire
1:0311- the list 23 Frid
maisers And "Baby" airernti carriers fi World War 11.
NEAWORK one of the ships were "unit" Steve British builders of
commercial
15
Impediments
A practical assessment of the possibility is discouraging. During the last three years Russia has bought an average of about £29,000,000 worth of goods from Britain and sold her about £60,000,000 worth. Sheer size of the territory alone, means nothing. Hongkong is a better customer of) –
.::01
་
1
Up to
· Britain's than Russia customer of Britain's, for all its vastness, raw. Hussin has been interested One of the main impedimentsin malaly buying capitul goods. between Hain and specially complete plants. Al- Russia how that the tegie reedy. Britain has supplied all the equipment for a huge tyre lifted on embarge
man-made factory and several practically all goods excipl
fibre plants. There is a definite inse concerned with melcar
British apening here for more warfere inance. And thir is
goods including a plant f where the Macmillion inrich
petic-chemical Industry. my achieve a portive result. Tur-ia sells much more Britzin Utan she buys from it, uses the Sterling sho
af goods. plus what the earne by selling gold to dance purchases af new material; from The Commonwealth, Lest year. ught example, £23,000,000 worth of Inbber
than she spent en direct purchases of British goods.
It also said would cost
Palised and she could be
gobig acquire,
The Navy said it derided the
modernising them more than vessels from scrupping amall which has succeeded in ob- them.-U.P.. taining a flow of new orders Over the past 18 months -
is considering the establish- ment of a subsidiary yard in
one of the Common Market countrics.
Whether
or not
bas
con-
such schume materialists, Seawork whose nelive rales polley Jed to a forge number of orders for tugs and other craft from the home and Commonwealth
vigorously markets-is pcting now with Germany and Holland for Europein business The company has inaugurat- ed a novel "take. the ship the customer" policy.
DC-8 Jetliner Flown Athe
Over 600 miles-an-hour through London or
THE Douglas DC-8 pure- Tjet airlines has been tost-flown at a speed of 623 miles-on-bour,
The DC-8 reached that speed as liitude of 42,000 feet -using the JT3 engines that will power the shorter ratige dinmestic version of the jetlin.r. These are the maximum design speeds and alitudes for this version of the jetliner. LONG-RANGE
to
Over
y
the past few days at Antwerp
Holluti
ul
The long-range DC-8 that will Scandinavian Airlines
about 150 people from shipping System's intereuntinental and and port cirka in Belgium, polar routes starting next year also Germany will have the still more power-
Pratt-Whitney JT4 jet. have had an opportunity of ful seeing the new 1,200 h.p. ng
Four DC-Bs are now in flight. Hart, built by Seawork for the
127 Brush Transport Commission. They already have innde
nights, for a total of 293.5 hours in the air.
"SIX MONTHS
months.
engines.
"Fivo" of the huge jetliners. each one 150 feet long, or the
inore
Mer
So there is a posibility that Rusla
from might buy more Britain if she had the means to for it if Britain prepared to extend her
וא]
|{CITY LIGHTS:
Way credit.
A cousin of mine is doing
he's Dery well, something in oul
observets
Indicate
professes to be
Figures conßrm the view of the Board of Trade, Str David Eccles. He has told the Russians that Britain in willing to sell if they are ready to buy.
This
the graph estimates
of trade between annual rate
over the Russia and the West lust two years.
It shows that:-
WEST GERMANY fared belter, stepping up her Bales behind the Iron Curtale.
Wall Street Prices
New York, Feb. 24. Dow-Jones' closing averages
were:
30 xustrinis
B02DL
Int'l Tarverter International Nickel
international Paper
intl Tel & To Juhn-Manville Ca.
Kaire distry ...
133
121
4336
5012
139.
Kansan C. Power & Light
Blixa
18 villifles b
B stocki
208.70 Kimberly Clark
01.03 Kennecutt Copper
117
40 bond
G350
Liggett Meyer Tch. Cn.
10%
Comm. future price index ...
145.75
Loews Inggep
20 Tak
Closing Prices
Aldea Ine, Acy.
Allied Chemicals
Allied Mills inc.
Alle Chalinert
Am. Brake Shoe American Ah Ene
Am. Cable & Radio Corp. American Cyanamid Co.
Amer. & Forga, Power Am. Gra & Electric Am. Hope Piud,
An, Mach. de F’dry.
Ainerican Mctal
American Smelting Am. Sugar liet American Tol & Tel American Tol. "" Anaconda Copter Airco Steel Amour
Alias Cons. Mijning Bekdiin-Lima-Itam. Baltimore & Oht
ITALY was disappointed with Bethlehen Klcel her Soviet trade retorns.
This leaves FRANCE with a clear lead on lioth exports and imports in the East-West trade stake.-London Express Ser-
vice.
London Becomes Firm
London, Feb. 24.
Em suên CH
Lockheed Aircraft
Lone Star Cement i Lowenstein & Sons.
McDermall J. Ray McDonnell
Altcroft
Stock Exg.) Matati tren Corp.
243%
Lone
Minecta Molag
4421
Men Development
Mcteria Ins
Mzatgomery Ward
National Cork Res. "A"
National Dairy Prod
North-west Airlines (Com..
Owen-nois Gi
Oxicsd Paper Co.
Parte Gas & Elec.....
aramount Pictures
Penny J. C. co.
Philip Morri
Procter & Gamble Co.
Pitaburen Plate Class
Publicker Industries Pure Oil*** Radio Corporation
Repubile Steel
Reynolda Metal
Sinclair
Smith, Cline & French
Socony Mobil Oli .................
South Pierto Tilen Sagar Southern National Gos
16
40 Netional Steri Cap
National Leaḍ...
174
New York Central
402.
Norfolk & Westrin
ty.
1264
North Amer. Aviation_..........
*2%
31%
Olin Mathieson
Os Litvalors...
38a
AT.
72
Pen American Always
72%
291
Parke Davis Co.
1424
Penn Salt Co.
43
Benefield France
22
Bentils Aviation Corp. Benguet Can
74
144
031
Ducis Allplane,
4915
Barden (The).Co.
70
Burroughs Add Machine
377%
Sears, Roebuck & Co
Chi.t. Packing Corp.
30
Shell OR Cũ.
Safeway Stores
Canzian Poede 1.
31
Case J.1 C
Scoil Pa
Saint Reg. Puper
Cat. Tractor
Celanese Corp.
20
CUT. Financial Corp.
D2
Chipsler. Moters
50
Clucil Pealxdy ...... Cilgate-Palmolive
69
Cu.
102
Southern Railway (Com.)
Colombia Carbon Cu
40
Standard Brands.
Cointercal Cent Commonwealth Eler. Courolidated Comunental Oil of Del.
Standard Oil of Cal
41%
Standard Oil of st
on
0412
Standard OH of N.J.
47
Steep Rock (Toronto Exge.)
Crown Zellerbach
भार
S
3011
45-1
Техая Со
80%
217
133
Time Inc.
37
3214
1424
Union Carbide....
7834
500
Union Pacific Hallway
04
79%
United Frust
404
United Gan Corp.
47%
US. Fall "E"
18
U.9. Gypsum
511
US, Le Co.
24 US. Rubber ...
U.S. Smelting
584
US. Steel
128
Warner Bros.
186
Hammond Organ
4834
Heyden Newport Corp.
14
6.74
Homestake Mining Co.
45
13.03
Idano Power
West Va. Pulp & Paper
12.00
Ingersoll-Kend
100
Winn-Dixie Stores
0.20
Inland Steel Co.
13911
Woolworth (K. W
23.50
Interchemical Corp
71
Zenith Radio
jaz
Jatt Business Machines
510
Markets took on a firm look after a slow start. As usual at the end of a fortnightly account there was some profit-taking but this was all absorbed by the jobbers and had little effect on prices.
Culn Amer. Sugar
Diamond Alkail
Diamond Gam
Douglas Aircraft
Dow Chemicals
Dupont de Nemours
Eastern Airline
clined on the strike at Dagen- Eastman Kodak ham.
El Paro National Gas Fay Finance Corp, Firestone Tyre & Rubber Gold shares Jost further First Nat, Chy Donk ground today on renewed proill-Ford Motor...
other mine shares General Dynamier taking and
General Electric drifted lower.
General Foods .... General Motors ...«et.
The Kill-edged market con- Uued improved and there were fractional rises in both the long In foreign and short issues. bends. Greeks went ahead after yesterday's option buying but Germans were duil.
Most banks and insurances prominent. willeased.
Britain, however, would like to extend her trade with Russla to include a much wider range Russia for her part, Interested in British consumer goods. But the strict
system of priorities dictated
presumably by the need to husband her meagre re- serves of Sterling-glves pre- ference to goods which chable Russli to produce these consumer goods herself.
Idealists
Anglo-Russian trade can be expanded clong these lines, but 1 cun never reach the volume believe tial
idealists possible. It is three years now in since Mr Khrushchev came
some
Britain with his famous, "shop- ping 1st," and spoke of Russia's desire to buy marc British goodz.
thc {talf
goods on Mr Khrushchev's 11st were nol embargoed EVEN then arid most of the rest have since been freed rem the export ban. But there has been sign of
any big Russian orders.
Moreover, scme British ex- porters who bave managed to gel orders from Russia are not anxious to repeat the experience. More than one firm have found.
tew "TRAL RUSSIA will order o
machines, take them apart to
then assiduosly and expertly, copy' them.
The tug was built men cost
relied off Douglas $20,000,000 of about £100,000 in six Long Beach assembly line.
Eenwork elims that
On the assembly fine, itself, Reports from Mescow treat and bothing Alumnumber
in that in the bot up therefore is Konpetitive with assembly, with ship number 38 linking of arking Britain for a that one of the topics likely a craft
But 10131 European yard Fitted with
ure come under discusston when in sub-assembly, two diesel engines of 600 horeU
get down to At the same time, Douglus is pessimistic about the chances of Mr Macmillan the twin-screw
deal. Loan dis talking trade with the Russions test a successful power each,
intensive continuing its
bound to include will be their non-adherence to craft is extremely manoeuvro-
'programine, including under-cussions are
the copyright convention. ble and is capable of dealing water "fatigue" and static tests, the question of repaying Turist from Britain End with
large ships; for
Component parts have been this is hardly likely to go down deadweight example, & 43,000
tested the equivalent of well with the present rulers of tons tanker.
bundreds of thousands of flying Russia. hours.
very
the company is also willing to offer buyers very attractive payment terms extending up to five years, and is Invesilgat- ing the possibility of even years deferred payment.
screw
900 h.p. vessel
10
Douglas plans to put a fleet of clight DC-6s into the air at the samo time for the certification programme. The eight it- craft wiR include all variations in power plants, fuel copnelty and gross, weights,
non-stop The DC-8-with a range of 5,300 statute miles
borrowings
Prospects
A better prespect. Is for
few
Olls were firm with Ultramar
Rubbers hardened.-U.P.I.
Exchange Rates
Industrial equities were firm on selective buying, the leaders often scoring. Rains of a
'Durines was done Several issues respond- pence.
In the local exchange market this ed to good dividend statements paoffical
Horlicks, s. dellars (per 8)
mrrning at the following riten including Teletusion,
Steel shares were
Sterileg ruter (per £1) Henckeys.
Kastrella mites (per £1 Arm and several building, en- gineering and electronics im- Indonesian tuplah per 100)
Simm tepls (per 100) In molars, Fords de cingapore "(Siraila proved.
HONGKONG STOCK EXCHANGE
};
Our Own Correspondent
Business done on the Hong- kong Stock
this Exchange morning counted to waraxt mately $500,000. Noon quota tions and the morning's irons. actions were
Bhsres Buyers Kellers Bales SANKS
$14
While hoping for a greater in- crease in trade between the two SHIPPING countries
Waterbost meet cbservers cre
IIK INSU Unton
..
27:10
prepared for disappointment.Wheelocks
Dock
Yesterday's Closing
Gen. Pub. Well, Gen. Tyle & Rubber Getty O..... Tidden Co. ......... Gundries 15. F. Co. Goodyear Tyr Grumman Airerah
Gulf O.......
Sterling Drug Co.
Studebaker-Packard Carp.
Sunshine Mining
Swift & Co.
Textron Inc.
Tjukol Chem.
3211 Tide Water Ann. Oil
Tri-Cont. Warrants
Twentieth Century Fox Film
Oil of Cal.
United Aircrafl
1.3. Steel T.C. PF
Waukesha Motors
Westinghouse Air Brake
Wertinghouse Electric Western Union Tel. Co.
COMMODITY PRICES
SUGAR
NEW YORK
worry Nostrar tuturor closed today four palats higlier to one point lower with sales of 202 contracts.
Spot rubber unhaled Ulanket repe
No. 1 pale crepe
LONDON...
35-00. 781-BQ!
$8.00
The rubber parket was very i steady with spot quoted at 25 penco per b. Prices: called
Spot No 1.
Apri
Nay
June
241-25
34
731
3419
44%
442%
at 14 designated spot ninтkets was not available.
Total sales were 68,142 bales. -U.P.I.
METALS
NEW YORK
Prices of metal futures closed today in cents of 04 con-
4815
Domestic No. 8 sugar futures closed one lower to two points higher with sales tracts.
April/June
234%-20%
July/Sept.
Oct/Dec..
General murkess, cif isis, ports
per
1b.
as
Mar.
251-253
follows:
April
Lead Mar
10,201
Contract No 4 (world)
May
Aloy
10.001
Letzte crepe thin
zine
Mar.
10.03
Mar,
201
UPI
May
10.321
Copper Mar.
20.041
.Atay
20.98
Tin.
May
LONDON
4.60 1000 0.63 SEBO V 0.03 1050 3.00
Mar: 3.15-14; May: 3.14: July: $20, Sept: 1.10; det: 3.22; Mar: 3.22 Boot-renta ser lb. tủ Cuba): 3.10. Open interest; 2,225 contracts.
Contract No. 8 (domestic)
May: B1: July: 6,66; Nov: 3.73: er ib, cit NY ex-duty): 6.40. Open interest: 3,002 contracts.— H...
$1
ALIS 12.20 13.40
250 DS
1300 1500
12.30 17.30
Typical of their cominent the outset of yet another atton:pt at DOCKS. ETC. making contect is The End Wiart.. credit
Provident arrangement under themriel's z:cptical summing-up:
"Mr Macmillen and his party," Export Credit Guarantee machinery and observers have it says, "may bag on odd bear, LAND, ETC.
recon Hotel 23.40 23.50 302023.40 mentioned £50,000,000 as the or two during their
| HC Land .... al% 33
lumphery
"
Within the past three months
ED.50 amount the British Government nalasance of trading prospects, Seawork has obtained new orders for three lugs: twin-will join the Caravelle and Con-might be prepared to under- but they could hunt derp in Res
Siberia without ever getting, o wrile. for vair 800 Jetiners SAS has on But even if finance is available commercial mammoth in their Nigeria und two-400 h.p. lugn order to give the airline one pere ore strong doubts whether sighs."London. Express Ser- Trust for the Free Port of the of the world's Grot all-jet Resis is likely to be a good vice. Baham
Intercontinental feets.
A. Tawan
UTILITIES
2.03
Budgam ... 2.00
**Cam ......2011 26.10
Star Ferry
XD
Ycumall
1.875 1.525
RUBBER
ANDIG, ..
2:10 2.105 2003.) 2.10
150C) or 2.10
་
6000 7.24
3048
2.2215
403)
2,85
当
500 20,01
.500 ∞ 20.53
104 04
07
100 9016
C. Light ...
18.03 16.70
500 15.60
U 13.70
500 10,00
Electrie (0)
26.30 20.47
(N)
Tia
Spot
102.60
102.000
3-month
178
7703
Copper
Spot
20045 2392
3-month
2301% 2302
NEW ORLEANS
Prices of colton
Lead 2nd half
Feb.
63% Got
May
futures
July: May
Zine and half
Feb,
Telephone
25 25.30
23.30 251
23.30 13.00
(N) INDUSTRIALS Cement
2016 $0.70 STONES, ETC... Daly
10 10.30 14.10 Watson
14.20
236 4025
COTTONS Textile
Nagyisk
MISCELLANEOUS
RUBBER
NEW YORK
Rex subder futures today
COTTON
NEW YORK
Prices of cotton futures closed luday as follows:
Spot: 3.3 nom: Mar: 35.00; May: 23.71: July: 34.50; Oct: 32.08: Dec: 31.94: Mar: 300; May: 31.87: July: 31.10.
closed 10 to 20 points higher closed today as follows:
with sales of 39 contracts,
Spot: Mar: 33,05; May: Mor: ; May: cc.60; July: 30.53; |
3450 Oct: 32.40; Dee: 31.07; Mari Apt 30 46; NOV: 3340; 2011: 3031.00; May: 21,92; 09: 31.16.
Mar: 30.59..
AMSTERDAM1
Tie rubber market was quiet.
LIVERPOOL
Cotton future closings, In
Prlees closed in guilders per pence per lb. were as follows: 1000 fr 20.40
20.63 kilogram, clf March as follows: 634 23,20
No. 1 rubber
rubber
No. 1 crepo
25.03
250
ROŽ OF 10.39
8.99 1000 0 0.63
SINGAPORE
American Contract Mar/Apr: 21.09; May/June: 21.50 July/Aug 21.03 G/NOV:
2,40 11011.
2.44
**
2.41
Dec/Jan: 20.09.
2.00
H
After a slightly lower opening the market stendied somewhat on fut trade buying and short coverlug.
Bixed Contract
10.05;
Mar/Apr: 2233: May/June: 21.00; July/Aug 20.00 Del/toy: 18.00: Dec/Jin: 18.10.
Prices of metals closed to- day in sterling per long lon as follows:
Buyers Sellers
776 777
70% 70%
74% 7213 221.
-U.FL.
FOREIGN EXCHANGE
LONDON
Closing males wetc; it
New York 201-2.61-3-31 Montreal
$.733 7.732
Myszkowe 20 kochank. 140.4251⁄2-14084 Irt Copenhagen
Frankfurt
SAO PAULO Colton future closings. cruzeiros
per kilo
were
033 Oslo
Na 1 rubber per lb. Mar. 101-calows:
Apr.
No. 7 rubber par 13. Mar.
No. 3 rubber. per lb. Mar. 0412412 Np. 4 rubber par 1b. Mat. 03-03
Mar: #00; Bikers unquoted.
In the United Slates, The
Stockholm
Others ungjianged
10.37-30.3
11.7415-33.763%
20.24 20.0494 14DDATA.SIN
"New York exchange talen
average price of one-inch cotton were unavailable.-U.P.I.
The first Convair 880 was rolled out recently. It will be in service in spring next year.-U.P.I. Photo:
Aille
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