1959-02-26 — Page 9

RANSPORTATION

GERMANY OUSTS BRITAIN FROM

SECOND PLACE

WESTERN Germany has moved into second

place, ousting Britain, in the

world's shipbuilding nations.

Japan overtook Britain as the

world's

blagest

shipbuilding

list of the

nation three years ago, A First Exhaust Gas

cording

to

the latest Brures

irsued by Lloyd's Register of Turbine Vessel Shipping. Jayte last year

launched 2,050,000 tons of ship-UCCESSFUL trials have pink.

Western Germany was next with 1,450,000 tons and Britain third with 1,393,000 tons.

COMPARED

Consered with 1955, Japanese fantachlign--although they tell back last year from the 1957 peak were at 12 mlllion tons higher, while the German talal! has risen steadily to a point: where it is now $30,000 tont greater.

By contrast, Deltain's output over the same period has been virtually statle at DETE 1.4 milles tons, although her ship yors have a capacity which would allow them to turn it 15, mon ions a yout

Shipplae vire

Lundan Germany Books Hike

441 k mace seriou, for Britain thun

Faid that being compelliar Japan.

been run on the Clyde

in

THE CHINA MAIL, THURSDAY, FEBRUARY 26, 1959.

Unemployment And NY HONGKONG Bond Market Affect $ EXCHANGE

London, Feb. 24.

The immediately serious aspects of the dollar are internal: unemployment and the New York bond market. Those two sectors have become more important than the gold stock; eventually they will decide the gold stuck. It is a vital world interest that Washington should find some basis for tackling them.

LONDON

The

HAS GAINS

were

London, Feb. 25.

fortnight account began today and stock markets

mostly cheerful with

n good of the ore carrior Morar-s sprinkling of gains. 9,200 d.w. tans the first The brightest spot was in gold shares where prices went aberd now ocean-going vessel the world to be fitted with the Infuence of United

Slate buying through Johannes a three-piston exhaust gasburg. Gains were widespread turbine.

and in .ent ces substantial. Port Western Hand hates were pre- Ore minent with West Driefontein a festure at 38 94 up in 126s 34. Carriers, the vessel has several other now features, including Free State Gedulds renered a electrically driven hatch covers which work on the principle of a roll-top desk,

Built by Lithgows. Glasgow,

for Scottish

One of the main

advantages

of the exhaust gas Turbine Is light its compactness weight--estimated at 410 tons, against 630 tons for a con- Ventional diesel installation.

Overall efficiency is claimed to be equal to that of the diesel engine, vibration is reduced, naintenance is easier, and bes Japan has concentrated its

cause of its compactness the shipbuilding production on the

engine-run is about 12 fecl mass production

#! the

than that of a

sister- shorter burinege,

Germany ship. whores Jike Britain, goes in for more;

The turbine is fed by gas) specialised types

*ships.

from three three-piston gasiflers Therefore the d much more

each producing 1.000 shaft horse Japo t take

The vessel's service power.

likely than

business away from Britain in speed is 11-12 knots,

the future.

REAL THREAT

The Deputy Chairuum of the

Air Record For

British company Hard Wolf French Aircraft

said in a speech by Gla:gow that the energetle recovery of

Paris, Feb. 25.

CITY LIGHTS:

"Have we time to take a tact or shall we walk 7"

London Express Berpiça.

|

Unemployment in the United; States is far worse than in Bri- tain and Europe, and Washing-

thst ton knows

expansive polletes are nowadays the only į hops of real disinflation.

Yet Weshington has to fight

Renti against the inflationary ment and the dollar's weakness by restrictive measures and freis unable to take the expansive ami unemployment measures which Britain and Europe can now offord.

Activity

recks The Federal Reserve that busness activity is not ring last enough to tb orù the unentcyment, and that indur | artl culpat and real personal ncome are nu higher than three years are, when population, in- dustrial enpathy and the measy! supply Were all appreciatly smaller. 11 is well aware el what rising and restricted aut put respectively do to produc-. Uvity und unit costs.

Yet the Federal Reserve has to Cortemplate a third Bank Inte rise white Britain can conteni plate a sixth Bank Rate cul,

More important, while the British nuthorities ure taking their weight off the gill-edged market, the New York it criped market goes from bad to worse and its rot is spreading Both to other obligations of the

to the t US Government and dollar bonds of other govern- ments, notebly Canada's.

Severity

Having bitten the

ליכמת

STOCK

Our Own Correspondenti

Business done on the Hang

kong Slock

Exchange this appro-

morning amounted to

| ximately $430,000, Noon quota- tions and the morning's trans- netlons were;

Bhares Buyers Rollers BANKS

JK Bank XD TIE INSURANCES Union ..... Lombard

SHIPPING

Waterboat

The dire warnings about the dollar's loss of external prestige home con- are primarily for

cre in the Ala Nay.. sumption. They | American tradition of hellfire Wheelscke

preaching to the local congrega-

POCKS, ETC. K. Wharf .. ecst-raising Dock tion to mend its

Provident ways.

Salce

1941

225 62

Stocks Decline Irregularly

On Wall Street

New York, Feb. 25. Stocks declined irregularly in moderate

trading today.

Weakness developed in some Chrysler Mctors

Cluett Peabody

of the Dil shates Coppers Ligate-Palibuve Un Individual CSCIBIDA Orb Co.

turned irregulur.

chemicals udvanced. and steels Coelined,

Motors Commercial Credit

Zenith stood out as the wild mover all day. Late in the session it got up to a gain of 15 points, must of which was beld. Phizer ran up live potats. Thickol roze more than five and Philadelphin & points 621330 Reading. Cains of two points 100 12.30

or more appeared in a long list 10001233 of special issues.

32

*

97.43

5.36

07

12,00

500 v 1 173 4.53 2500 5.83

100 R$

12.29

Frank speaking is a strength of the dollar.

Ita

auguries! LAND. ETC.

.

would be poorer if its defenders. HK Hotel 23.40 23.10 were too scared or too mealy HK Land 31 31.75 mouthed to air its dangers in

Imphreys full publle view.

Rek ЛUBLE Amalg

However, for may currency the home economy is where its external prestige Ilves, and | A. Tawah .. some of the preaching is amrkable. One tending New

Shingala... York bank remarks that the UTILITIES type of thinking that has us | Tram__ ..... belanetd the Federal budget in all but five of the last 28 years "is crusing both Americans and forckner to wonder whether the dollar really deserves to be, ranked among the world's hard curtzneles."

Apprehension

After his recent visit to the Far East the chairman of the Federal Reserve himself re- ported that friends and enemies

XD

Star Ferry You:nati Electric

Light

CO.....

500 31.00

413 31.3

23.73

18.30

1.475 1.5WA

2,03

2.10 15000 2,10 4125 2.50

2013 2,35

2.00

5000 2.53 4000

2,70

201 24.70 000 x 26.50

B1 26 30

104

I

DJ DRO

16.00 10.70

20.20 20.40

700 4 20,40

24.70 25.10

BLANK

23.30 23.00

(N)

Telephone

(01

(N) ...... 23.559

INDUSTIUALS

the U.S. abroad are wonder-on-

114 26.40 700 2010 144 AF 20

37230 233 23.25 700 25.40 12023.33 150 23.40 10323.30 139 23.60

201 28.70, 1500 m 28

10 18.30

ing it Amerleans "have the rival fibre to put their finances | Dairy in crder." Mr Martin is also among the crowd witnesses on the U.S. pricing itself out of its Watkon .... 14.39 14 markets,

Mest remarkable, considering COTTONS. the normally guarded language Textile

Nanyang of central bankers, is the ex- INVESTMENTS position by Mr. Alfred

Hayes, int. Invest.. ile President of the Federal

10D 14,31

1001

500 10,00 37 to 16.10

1530 14,40

4 14 41 מה

L. Crow.

***

.. 14.40 14.70

1030 m 4 2.85 4.025 4.20 0.00 2000 or 5.85

5.20

3.8715

10

Reserve Hork of New York, of; Invest.

the new

Inflationary seeds

"which have led to

apprehen-

slens abroad as Lo what the future may hold for the value of the dollar.”

He actually urges the Amori- cans to heed the examples of Britain and France, in respte- tively the Redelife's Pats- Interested" study

of monetary problems and in asking the people to face them frankly. I is barely months since. Now York's only use for Britain and France was to hold them up Special.

bullet in 1055-57 the credit squeeze of Britain

take the popular course which may well he the disinflationary cne-:( only because unpopular severity inflationary new peal: at 153s 144. Other which led to a mining shares were also up. change of Government would The gil-edged market was end up by being more in- quicl ml undecided and foreignflationary.

shilling off bond showed no noteworthy the income tax proves to be a movement.

sharp stimulus to productiun Industrials came in for un- and productivity and is also the

buying selective

and price of ovolding a change aircraft, designed by engineering shares were well Chancellorskip or at Govern

Hire-purchase shores ment in the spendthrift disre- awful warnings.—China French Nord-Aviation | favoured,

were also well supported. Stores, tion, is that shilling inflationary from Company, today broke the

however, were overshadowed or the reverse?) Giovan world 100 kilometres closed

The new 7.300 dead circuit speed record with weight fons cargo vessel, the spead of 1,640 kilometres S.com Navigation Company,(1,016,8 miles) per hour, it

to several was learned here,

The former record establish-

AN experimental Griffon

Weat Germany's shipbuilding Industry consillate: a "very real threat to British yards. the

Dr Rebbeck, who was speak- ing after the lonelin Harland and Wolff's Jards

Baukura,

for British India

pale a ircent visit Clermon

"I traced my steps to this ¡ed by a Douglas Skyroy Country with a rather bravy 726.02 miles an hour. heart, remembering the words

was

Today's record braiding

of Emerson: 20 run wiskes night began at an altitude

a better mousetrap than

sor 22,900 feet and ended at an

nelghbours the world wil; makealdtude of 49,213 feel. 1 was

beaten path to his door."

Jet Supplement

Paris, Feb. 25.

ALINE companies ar

CS-

pected to announce a slight supplement for Jet tiline, pug- sengers over the North Atlantic

ens youteen the close of the intve

of

made over a triangular course,

two stages being the first 40 kilometres and the last

20 kilometres. The

plane,

piloted by Andre Tuteal, was powered by an Alor Jet unit.— France-Presse.

Replacement Fleet

The Ilnited States-bu

national Association ef Air Company is negotiating with Transports. conference here-to-the

morrow.

Maritime Administration;

for a $440 million replacement

other

by the disappointing Harrods

United States, having results. In noters there was t been able to afford other things sharp rise in Jaguars.

1055-57, now strives for A dis- Oila were che and there was monetary and budgetary little rabvement in rubbers.inflation which may well be In

U.P.I.

vain.

BRITAIN SHOULD GIVE

FINANCIAL AID TO AFRO-ASIAN COUNTRIES

London, Feb. 26.

Britain should give capital support to development |

programmes for under-developed countries because "it is in our interest to support the efforts that are being made in Asia and

dunes of trionalis chip-curdles After the British Treasury stated today,

craft urged at the Inst 1:A.A.T. to a company fell, conference In Cannes that The company had been work-

differential fare rates should be applied for presengers traveling

con by jet airliners, but the ference reached no decision on

the issue-France-Presse.

1

In the current "Bulletin for | abnormal short-term calls on ing out details with the Federal agency for several weeks, he Industry," the Treasury, pointed savings had diminished.

there were Advocating full support for disclosed, and hoped to com- out that although

and plete pinus for the programme et large, growing demands the new nations of Asia

for capital at home some of the Africa, it mild: within two months.

"To the humanitarien molive added the economic ad- vantage expanding wealth

of and the political advantage of a stronger free world...

RAILWAY MOTOR CAR

Riding the rails in style, Canadian Pacifle Railway truck inspectors check the 1,700 miles of main line and spur trucks throughout British Columbia in this dual purpose automobile. The late-model station wagon, equipped with, automatic transmission, power steering, und power brakes, rides the rails on Its four rubber tyrès plus four flanged, hydraulically-operated cast steel guldo wheels. One minute is all thal's necessary to transform the normal highway motor vár: Into a CPR "léroMDIÏYÓ”.

The funds can only be generated by zavings, however, and on a sufficient scale to pro- vide for forelga Investment after domcalle investment needs have been met."

The Treasury said that after the Second World War the law of private funds was slow to recover. At first the masslyc reconstruction ot the wor- damaged economics of Western Europe absorbed a large part of the funds avaliable.

Private Funds During the postwar period Teceived Britain herself had considerable funds from abroad but had also exported private funds abroad. The net outflow of capital had been large,

Mall

Exchange Rates

RECORD FOR AUSTRALIA

Losses

Losser in the oils included Gulf of two and Texos Corp off more than two. Chemien fell nearly.

|

Coinmower Flec. Cearcated MEGA Continental Oil of Izel. Crawn Zellerbneh Cuban Amar. Bugor Disnand Alkali (2) Diamond Gard

Douglas Alrerafi

Dow Chemical

Dupont de Nemours

Fastern Airline .....

El Tam Hational Gas

Femily Finance Cory. ezrestone Tyre & Rubber First NM, City Dank Ford Molar Jeneral Dynaintea General Electric General Foods

General Motors Gen. Pub. UTIL.

Allleden, Tyro & Rubber

three Getty

points in the chemicals where Glidden Co.

Union, Carbide rose two points. Goodrich (B. F.) Cn.

Goodyear Tyre Kennecoll and Miami last inore Grumman Aircati'

than #1 point coppers.

ench In The Gulf Oil

fell more

American Motors than three points before meet- ing support. General ruled strong in the tyrca with a gain of more than two points, U.S. Steel lost nearly a point in the steel department.

Today's volume was

a total 1,261

800 shares.

traded, 464

504 lower.

3,700,-

Hamon Orgen Heydo Newall Cois. femertake Mining Co.

Idaho Power Ingerzon-.! Inland St, Co. interenemical Corp.

Bustness Machetes tat' Hervestus.

International Nieke International Paper

Tel & Tel

Jolin-Menvlite Co. Katere Industry & Light

shares Xenais C. Power

Kinnecall Coppor

were higher and Kimberly Clark

Aerican Exchange vileme

was 1,720,000 shares.

2.legett Meyers Tob, Co.

Lockheed Alteraft

Lews incip.

Lene Star Comes Co

Bonds volume amounted to Lowenstein & So

$7.630.000.

Bow-Jenes closing averages

were:

30 industrials

29 balls

15 utilities

63 rock

10 bonds

McDermott J. Ray Melansel Airerät (Am)

Stock Exge.

Mesabi Tron Corn

| Miantisti Mining

001.18 Malos Deve.cpment. 163.09 Monsanto Chemical Co.

01.87 Montgomery Ward

201 61 Motorcia ins

Comin. future price index a

BO.41 140.3)

Closing Prices

Alden Inc. Acy,

$20%

Allied Chemileals

Allies Mills Inc. As Chalmers Ain. Brake Shoe American

Cable

Corp.

American Cyanamid Do. Ainer & Form. Power Amn, Gaa & Electric Am. Home Prod

Sydney, Feb. 25. Australia's largest com-Am. Mach. & Fury. Amertran Metal... pany, the Broken Hill Pty. American melting

Am. Sugar itel. Co Ltd, announced pro-American To posals for the biggest American Tch. "" capital raising made in Ansonia Capper Australia,

It will offer in. shareholders

Df issue

10,816,000

capital of B.H,P.

Arco Steri

Armour rig

1045

National Bircuit ca.

Natural Canh Tien, tr

Nations Dairy Pros. National Lead

National Steel Corp. New York Cential

North Amer. Aviation

North-west Airits (Com) Don Mathieson

Dus Elevators

Dwen-r Ġions

Oxford Paper Co.

Pacifle Cos

Elce.

Pan American Airways

Paramount Pictures

44

23%

49

Redio

1012

Parks Davin Co.

491%

Penny 1. C. CV.

GIA

Penn Ball Co.

The Marria

301%

55

3321

Tel

24212

Da

72

21%

290

17

***

3

Safeway Stores

Saint eg. Paper

Scott Puper

Sinclair Onl

421

Amith, Cline

French

Socony Mobil oll"

Solar Altcraft...........

3

Atlas Cons, Mining

BaRimore & Ohio

| Bendix Aviation Carp.

£64 millonnethlehem Steel

Deeing Airplane

Borden (The) Co

Baldwin-Liza-Han),

Br shores.

5.1

Beneficial Flance

This will raise the

paid Benguet Con

by the end of this year,

largest

Callf. Preking Corp.

Canadien Pacific R.

South

Case (J. 1.) Co.

4.12

20 75

The new shores are offered at par, at one for five,

Its capital will then be nearly Burroughs Add Machine three times the next tista

capital of an Australian com- Campbell Soup Co. 5.74

pany the Bank of New 1504 3284! Wales.

Business was done In the local unn Rela exchange market morning at the following rates:- US dollars, (per 81) Sterling notes (per £1)... Australian notes (per £}}..... Indonesian rupiah (per 100) Milan Ucals (per 103) Slagspore (Straits)

Yesterday's Closing

COMMODITY

FOREIGN- EXCHANGE.

NEW YORK

Closing rates were:

Canada. England offelal Others unchanged.

LONDON Closing rates were: New York

Montreal Amatordam Belg Copantingen Fakfur

Oslo Paris

Viana Zucchi

1.02 31/33 2.8) 1/10

2.51-301-3/18 ··

2.72-10/10-2.73-1/18 10.80-10011 340.45-140.473/

2001-2004

13.77-13.7 72.01-7234

......... 17:126-13.12 Other unchanged.—U.P.I.

RUBBER

NEW YORK

Rex rubber futures today cloerd eight points lower. to 10 points higher with sales of 74 contracts.

Mar.

May

July

Hept

NDT

Jan.

Mar

20.55

"Continental Western Europe

* LONDON and Japan are net importers of

Tho rubber market Was capital; ro, on a vast senic, is stendy will spot quoted Canada, now by far the world's 28 9/10 pence per ib. Priest largest," the bulletin sald

No. 1 The apot

It added that colonial Baffement house term: balaneca had ricon, and the pri

May savings they had made wore "an Jone Important fund they will be April June

July/Bop.

2016-2014

being

Cai. Tractor

Celanese Corp.

1. T. Financial Corp.

Chase Manhan Bank

advices and ruled quietly, steady with-narrow-ftoutuations

There was good interest in lower grades and fair quantities truded. In the afternoon the Hanakotzmannquiet.ilih-diffle,

trading. Factories were buyers at somewhat lower levels but sellers were reluctant. Prices Nu. I rubber per ll, Star, 603-004

Apr. 0712-971 No. 2 rubber per lb. Mar. 83-8535 No. 3

0446-2794 832-04 6814-052

זי

No. 4

Blanket erope

Spot rubber unbzied

No. 1.pale crope

03.00

U.P.I.

COTTON

NEW YORK

Prices of cotton futures closed today as follows:

Spol: 5.15 not; Mar: 15.01: May: 32.09 Oct: 3100, Dee: er: 31.83: May: $1.15:

31.03; July: 31.IS,

NEW ORLEANS Prices of colton futures closed today as follows:

Spot: H.35; Mar: 3511; May: 30.68; July: 32,06; Del: 3193: Dec: 31.85: Mar: 33 60; May: 3100; July: 21,14, LIVERPOOL Cotton future closings, In pence per lb, were as follows:

American Contract.

May Apr: 1125; May/June: 11.25; July/Aug 20.08: Ort/Nov: 19.30; Dec/Jan: 19:00.

PRICES

SUCAR

NEW YORK

Procter & Gamble Co.

Piltburgh Plate Class Publicker Industries

Pure Oll

Radio Corporation

Radio Corp. Pret.

1 ptse Steol

Reynolds Metal

Bears, Roebuck & Co.

Hasil C. Cn.

South Puerto Rico Sugar Southern Co. (The

Bouthern National Cos

Southern Railway

Standard Brands Standard Oil of Cal

Standard Olj of Ind.

Com.)

Standard Dij of NJ. Steto Rook Toronto Exge.) Sterling Drug Co,

Stokely-Van Camp, Studebaker-Packard Corp Suashing Mining Swift

Co

Texas Co,... Textron Inc.

Thlokal Chein

Tide Water Am. Oil

Yue.

Ist-Cont. Warrants

Tweats Century Fex Film

Union Carbide

Union Oll of Cal.

Union Parifle Ballway

Lilted Aircraft

„United Fružl

1.5. Fell

V.S. Gypsum

U.S. Line Co. US RÜMBET

World No. 4 sugar futures UB Bicol 7 C. p

10 818 closed today unchanged points, lower with sules of 412 contracts.

Domestic No. 3 sugar futures closed one to three points lower with sales of 282 contrac £7.

Contract No. (world, Mar: 1.07; May: Bile July:- BID: Sept: 3.17 Det: 5.18; Mar: 320: May: 35: Spot-icents per 1b. fob Cuba): 3.10. Open interest: 0112

contracts.

Contract No. 6 (domestic)

Boy: 8.40: July: 8.83: Sept: 5.62- 001 Nov; 4,70; Spol (cents per ib. NY ex-huly1: 8.45 Open interest: 3,009 central.P.3.

ck

METALS

NEW YORK

Prices of metal futures closed today in follows:

Warner Bro Waukesha Motori Westinghouse Air Brake Westinghouse Electrie. Western Union Tel C. Wert Va. Puls & Paper Winn-Dixie Atores. Wonlworth K, W.) Zenith Radio

451'

4415

Chicago Grain Market

Chicago, Feb, 25. Brains closed the day, steady and firm on the Board of Trade

Business

Irregular buł throughout the Bession, rallying tendencies edged most

grains higher.

was

Wheat No. 2, red

#pot

203 Bom

Mar. 200 (41) 139132) 200

May

12016

cents

per Ib.

hy

July

Sept.

Dec.

10.326

10.45b

Corn, No. 2, yellow

Spot

し

9.03

43D

Mar, old

Me naw

30 ASD

30.500

July

102.00h

Bep1.

102.00

Deo.

Iye

Mar. May

Leca Mar.

May

Zihe

Mär.

May

Copper Mai.

May

T

nfar.

MAY

LONDON

Allred Contract Mar/Apr: 22.10; May/June: 21,20: July/Aug: 10.00; Oct/Nov 30.101 2311-8545

Dec/Jan: 18.90.

BAD FAULO-

Prices of metais closed todgy | data" Cotton future closings, in in sterling per long ton ht 23-20 cruzeiroz

kilo were

as follows: per follows:

Mar: 13.20; May: 66.20;"July," Det | Tin spol

2351-237

able to draw upon in the General markets, cit biaxis, porta:

Mar. May

Boybeans, No. 2, yellow

Buyers

Selikre

TOJAM

781

Spot

44-2373 | and* Dee: unguoled:

erede" mon Match thick Marét SINGAPORE The tharket opened

In the United States, the Copper, spol average price of one-inch cotton 3-month

J-month

7631

783

Mar.

710

May

2016

Fut

slightly

Total sales at these markets in dna hate vūnisia: ] were 18,913 balen.U.P.I.

14. designated' spol marketa tend and halt Feb. wás 89.30 contr

Sept.

7016

Nov.

Barley

Mar future."

The hot outflow of private util

May capital from Britain was "grob, [malatu ably on a rising trend over re-

With an Dun cent bani, uverons of about 2200 million.

11392

130%

23332-34

0316-15 0012

223 nom. 21974-220

2012 2041 204