1959-03-10 — Page 9

JAPAN AND GERMANY IN CREDIT WAR OVER SHIPBUILDING

IE Japanese shipbuilding industry-now the THE

world's biggest-is becoming worried about the growth of the German shipbuilding industry, which it regards as a far more serious competitor than the British industry.

Wall Rise

THE CHINA MAIL, TUESDAY, MARCH 10, 1959.

Stocks HONGKONG New York RED BANK

Street To New Highs

New York, March 9. Stocks rose to new highs today in moderate träding.

The market responded, to a Bond volume amounted to 1 Gin Tyre & Rubber number of favourable corporütő | $7,970,000.

Glidden Co. developments ond generally Dow Jones closing averages Goodrich (D. P.) Co. Ignored the tense Berlin altun wer tion. The revolt in Iraq drove down the oils.

50 industrials

10 rail.....

The widest gattis appeared its stocks Issues outside the group ured in compiling the averages. Du Pont yaa an exception, elsing more

Closing Prices

than ning points in the chemi- | Aiden Inc. Ady, cals. At one time it was up 14 Allied Chemicals

points on rumours of a lock Allied Mills Inc.

split

Polaroid and Philadelphia and Reeding rose more than six

polits ench and gains of three points or more appeared in a

number of irues.

A special sub-committee of for reparations brough! the total the Japanese Shipbuilding Asso- received during the period to clition has been meeting to 1,070,020 (ons. During the same foreign period, the country's 24 prinel- effects of study the ecmpetition and qverall prós-į pal

111 big. shipyards produced peels for the 1050 fiscal year, vessels ictalling 1,332,000 tons. April-March.

Orders on hand at the begin The conclusions of the sub- committee were that Germanying of February amounted to

had the technical ability to compute against both Japan and Britain and was placed in better position because of its ability to offer long-term pay- inent deals.

COMPETITIVE

At present, Japanese silp- bullders feel that they are still competitive with Germany as far as price is concerned.

However, Japanese yarda have recently been worried by Ger-

man

207 vessels totalling 3,445,000

tona, a drop of B per cent from the back-log at the end of March, 1938.

During the April-December period, orders were received for 37 freighter totalling 202,000 tons, 24 tankers totaling 710,000 tons and reven

miscellaneous

vessels totalling 24,000 tons. In other words, 60 per cent of orders received by Japanese yards during the period were for tankers.

more

offers of eary payment The dominant position occup!- deals which, they claim, exed by tankers in Japanese ex- tend far beyond anything which ports is illustrated even the Japanese can offer. It

vividly by the fact that of ex- felt that such deals are directed port orders amounting specifically at opening up new 2,000,000 tons, 2,511,000 tons are markcls in under developed made up of large tankers, The countries an area which had expected Japanese

deminate,

to GRIM PROSPECTS

According to the latest statis-

10

last year

According to the Association, ties released by the Japanese the industry began Shipbuilding Association, the with a serious lack of orders. industry did unexpectedly well and grim. prospects for the during 1058.

Iuture. During the first half of

that the year, the Transportation

The Assoclation said Japanese yards received foreign orders for 37 vessels totailing 700,000 tons between April and December, 1990. This was 50 per cent more than the target figure of 500,000 tons in export orders set by the Association at the beginning of the fiscal 1958-

addition, orders from domestic shipping concerns and

1959.

8 p.c. Of World Fleet Laid Up

17ITH about eight cent

Ministry authorised the export

only 220,000 tons.

However, in November, the Ministry was flooded by appli- cations for experts. Driers contracted during July, August and September were all sub- mitted at the same time and, na result, the November experi Bure

alone was 300,000 tons. It is now estimated that export erders received during the full 1958-60 scal year 'will amount 19 about 800,000 tons.

Japanese yards were natural- ly gratified by the flood of foreign orders, bui remained rather puzzled.

They

concluded

time

effects of a

W the bold Borchert feet the eventually placing fald up, a reduction in the newet so many orders at o shipbuilding programme and, a when the shipping industry was abarp fall in the value of ships, still feeling the marino underwriters are likely severe recession was a combing-

faced to be

with reduced tion of optimism about the

sald premium incomes,

Mr future and current low prices. Harold Hopwood, chairman of the Institute of London Under- | RECOVERY Writers, in London.

The

extent of thi reduction, however, might not be seen in underwriters 1058 accounts, added Mr Hopwood, who was addressing the annual meeting of the Institute,

full

"But

Most shipping lines-particu- larly Greek operators-apparent- ly believe that by 1961 there will have been a full-scale re- covery in the shipping business.

To cope with this, the opera- are letting orders now It is

what VE hope for most fors fervently is a stabilisation and when prices are low. even reduction in the cost of pointed out that Japanese yards repairs," he said.

are quoting between $140° and $145 per tenfor denkers In Comparison with the $220 per ton quoted a few years ago.

Want Congress Bar

ated THE-Now-York Times reports that some American owners of ships flying flage of convent ence, were trying to get Cut- gress to bar certain. European vessels from carrying cargoes. paid for with American fund.

Isnic that these owners

At the same time, Japanese tractive terms to shipping con- cerns, and it is only recently that Germany has begun to compete effectively in this field.

!.

**Coppers

►

pil

Allis Chalmers

An. Draka Bipo

American Airline

Am. Cable & Radio Corp. American Cyznamid. Co. Amer, & Forgn. Power Am. Gas & Electrļa Am. Home Prod. Am. Mach. Ai F'dry. American Metal Amerkan Smelting Am. Buger ef, American Tel & Tel American Tob, "3" Anaconda Copper

Atmeo Steel... Annour

Atiss. Cons. Mining Baldwin-Lima-Harn. Baltimore & Ohio Beneficial Finance:

Coppers, chemicals, eles- tronics aleela and tyres combined to boost the Indus- trial average to a new all-time "Thiokol which has received a 377 million contract connected with the Minuteman mille zoared more than nine points at its high. Continental steel ran Rendix Aviation Corp. up more than three as that in- dustry continued to break pro duction records. Litton spurted more than five in a strong elec- trenlis group.

into

The oils ran

selling because of the new crisis in the Middle East. The Iraqi sikuu- tion brought losses of a point more In Amcradu, Gulf, Royal Dutch, Sinclair and Standard

Oll of California.

Increase

An increase in copper prices from 30 to 31 cents a pound brought strong demand for lending copper lesues. Gains run to around three points In Antconda and Magma, more than two In Kennecolt and Inspiration and more than one in Phelps Dodge,

stares.

Today's volume was 3,530,000

Of a total 1,217 shares traded, 520 were higher and 607 lower.

Goodyear Tyro

Grumman Aircraft Gult of

MeDonnell Aircraft

Minnesota Mining

STOCK EXCHANGE

Es

Our Owl Correspinnadəni

Business, date on the Höng-

the Hong Stock Exchange 11 morning amounted to appro- ximately $352,000, Noon quota- tions and the morning's trans actions were:

INSURANCES Union Lombard

SHIPPING Walerboat Wheelock

ره

מא

Buyer Seller

5.45

14.10 12.30

Rick

1.55

4.10 4.13

Cotton Market

New York, March 9. Colton futures staged

smart bui short-lived rally after the opening today then lapsed back into a quiet pattern.

A splurge of buying, led by New Orleans Interests, railed the old crop months almost $1 a bole after the market started a few points higher."

New crop months were re- latively neglected while traders

WANTS TO STAY OPEN

LONGER

“Kuala Lumpur, March 9. The Bank of China, ordered to alone by a Molayan Government order, útil! hds-dbout M$6,000,000 outstanding, in overdrafte, Banking sources said to- aby.

The bank must close under an order prohibiting any bank con- trolled by a foreign country from operating in Malaya.

The bank has announced that waited Washington develop-will ccaso, operations in mienta on farm legislation.

Malaya on March 16. Final prices ruled 14 higher Lumpur said today it was pos

Banking circles in Kuala to eight points lower.

The

market opened unchanged to upsible that the bank, controlled six points. New Orleans closed by Communist China, might asic net unchanged.

the Malayan Government to ollow it to remain

open to Analleolis business-Reuter.

ABSORPTION Prompt absorption of four March

delivery nollers, and

500 12.20 buying of May contracts, credit- ed to mill accounts, pointed up reports of an increased mill de- mand for spot cotton and a broadening interest in textiles.

Evening-up in March con- ilnued before the contract ex- pires on Thursday. Open March contracta totalled 44,000 bates. The certificated stock totalled 93.880 bales, plus 4,014 baled 150 231 hwaiting inspection.-J.P.I.

100

2.03 2.125 3000 1 23.78 56 0.75 2000 $ 20.74

2.223

23.40 2012

Chicago Grain

Chicago, March 9,

Wheat No. 2, red

Spot

Mar. 209% (H) 200()...

Mny

July

Sept.

Corn, No. 2, yellow

200,94

15 untities

03.02

Hammand Oreen

210.2

Heyden Newport Corp.

48 bonds

64.03

Homestake Mining Co.

Comin, fujure, price index ..

147.01

Idaho Power

419

Shares BANKS

Ingersoll-on

191

Inland Steel Co.

339%

EUX Bonk,

XD .....

77.0

2

10

Interchenlegi Corp.

Int'l Business Machines

323

អ៊ ៥រ 10 78.75

302%

Iné Harvester (ven

5014

Interrisuonal Mickal

Cath

Informational Paper

1224

1010

12 72%

10%

Int'l Tel: Tel (new)

04th

John-Manville Co.....

671

17

Kaiter, Industry

15

DOCKS, ETC.

30%

Kat C. Power & Light

51%

X Whart

178

Kennecoit Copper

119

Dock

Kimberly Clark

62

Provident,

50%

Liggest Morera Tob. Co,

Lockheed Aircraft

LAND, ETC.

Loewe Incorp: .....

Hotel 23.10 23.20

240**

Lotte Star Cement Co.

IV Lend.

Lowenstein

XD ... 25.20

74

McDermott J. Tay

17

(R) 4.20 4.20

71%

Realty

17P

Stock Exgo,) ... Mamabi Iron Corp,

AmaLE...

RUBBER 1475 * 1.50-

43

Mission Development

Moligomery Ward

Truel

Motorola Ine.

UTILITIES

perigunt Cona, Bethlehem Strei

National Discult Co.

Tram

National Cain Reg. "A"

National Dairy Prod.

Cachine

70%

National Lead

National Steel Corp.

New York Central

Tamail..

8014

Norfolk & Wastern Ry.

C. Light

(0) 19.40 10,30

219

North Amer. Aviation

North-west Airlines (Com)

3014

100 10.DE

3110

Cijn Matliteson

3040

- 10W

頭

Or Elevator

712

Electric,

Owen-Blinois Glass

XD-2.1 23.40 – 21:00

500 ?

1016 STIC

Macao E. 0.40 Telephone,

XD 23.70 23.50 $700 9 23.00

whisky will soon be available

500 23.90

¡INDUSTRIALS

for the British publle

Spot

because

Mar.

nt n

acneral Improvement in

MRS

stocka, the ballers Company

July

201

助

STORES, ETC,

017

Dairy. 10.10 10.20

300

10.10

hunounced tonight.

Sout

554

Publicker Industries

Watson

Pune Ol

S

4241

BOT

Rua Corporation

XD!

33.40 13.00 1000

13:40

Include James Buchanan, Joha

The company's subsidierier Barley.

Nov.

531/

Lma, Craw. 14.30 14.30

24616

Redio Corp. Pref.

74

COTTONS

Dewar,

401

Republic Stoci

0012

182

Reyna Mat

Textiles..

Walker, and White forsc.-

John Halg, Johnny New Yerk flour

Spot

120-135n.

BBC

1

331

Oll Co.

Roebuck & Co.

Nanyang 0,05

1000

0.75

Reuter.

-UPI.

430

MISCELLANEOUS

BO

140*

Sateway Blores

30

Saime Paper

Scott Paper

Sinclair Oil

Bain, Cline & French

B014

oceny Mobil Oil

01

Sotor Alreraft...

4914

Southem Co. (The)

Cas

Harden (

Calif. Packing Comp. Campbell Boup Co. Canadian Pacific H. Caso (J. 1.) Co. cat. Tractor

Celanese Corp. CI. T. Vinancial Corp. Chrysler Motors Cluett Peabody Colgate-Palmolive Co.

Colonbian' Carbon Co. Commercial Credit Comunionwealth Elec. Consolidated Extin Continental Oil of Dei. Crew Zellerbach

Cuban Amer. Sugat Diamond Alkali Diamond Gard Ivelas Aircraft

Dow Chemienia Duobni de Nemours Eastern Airline Eastman Kodak

El Paso National Oas

Tumbly Finance Corp. Firestone Tyre & tubiser First Nat, City Bank Ford Motor

Gental Dynamica

General Electric

General Foods

American Exchange volume and folers was 2,000,000 shares,

Gort. Pub, ULIT.

Commodity Prices

COTTON

-',

NEW YORK

Prices of cotton futures closed today as follows:

Spot: 3565: Mar: 3534; May: 30.N; July: 3221: Oct: 3190;' Dec: 31.0); Mar: 31.92: May: 31.02: Ja 30.02.

NEW ORLEANS

Prices of cotton futures closed today as follows:

Spol: 34.05: Mar: 3935: May: 33.34; July: 24.08: Oct: 22.19: Dec: 31.07 Mar: 31.90; May: 2190; July: 3000.

LIVERPOOL ··

Cutton future closings, In pence per lb, werd as follows:

METALS

LONDON

Oxford Piper Co.

Facific Gas & Elec.

Pan American Airways Paramount Pictures 384 - Parke Davis Do. 6343 Penny J. C. Co.

Salt Co.

Prices of metals closed today

in sterling per long ton as fol- lows:

Buyers Seller

Philp Morle

Procter & Gamble Co.

Pittburgh Plate Glass

South Puerto No Sugar

Southern Nations

Southern Raliway (Com.)

Standard Brands

Standart ol of Cal

Standard Oil of Ind

Standard Oil of NJ,

Steep Rock (Toronto Exas.

Drug Co.

Rokely-Van, Camp, Studebaker-Packard Corp. Bunshina, Mihing

Swift & Co.

Toss Go

Textron inc.

Th/publ CHI

Star Ferry,

XD

100

0314 041%

Cement,

XD ............. 23.10 23.30

Entert...- 10,00 Vibro

10:00

40 INVESTMENTS

Can IV...

1112

Tile Waler Aşın, Ol!-

Tine lite.........................

Tri-Cont: Warenla

Twenlleth Cootury Fox Film

Union Carbide

12810

Union Oil of Cal.””

40

Union Park Railway

30%

4412

471%

1001

United Alteraft

United FruB_

United Das Corp.

U.S. "3"

U.S. Gypsum

Us. Ling Co,

Tin

Spot

3-month

7703% 7774% 379 380

Copper

Byot

218

019

17.8. Rubber

Lead let ball

U.S. Snestin

Mat.

2481 248*%

U.9. Sienk

713

12

Zine 1st half

· Mar.

June

70% 70

عطية

NEW YORK Prices of metal futures closed today

per 15, follows:

cents

Warner Bros. Waukesha Motors Westinghouse Air Brake Westinghour Electric Western Union Tal, Co. West Va. Pulp & Paper Winn-Dixie Blörda Woolworth (K. W.J

as | Zenih Radio

+

30

Allied.....

B.15

100 18.50 $30 BA 20.00

·

London Becomes Easier

London, March 9. Sidek markets "drified enster, today on the un- settled situation in the Middle East, but oils dis- played an utiéxpected strong undertone despite developments in oil-rich Iraq.

An Iraq Petroleum Co offelal here sald the revolt has not interrupted the deliveries of oil

to shipping terminals.

Both Shell and British Petro- 327 leum were off only fractions.

The weakest section was gilt- 77" edged securities which closed as 365 much a lower,

49

SZT

45

in

233

American Contract

UP.I.

Mar/April

22.30

Lead Mar

10.9%

May/June

21.78

MAY

July/Aug.

20.50

Zinc

Mar

11.155 10.150

Oct/Nov.

10.70

Dec./Jan,

28.50

Copper Mar

10.100 12.30-121

FRB Boost

Mar/April

19.45

May

00-828

Bank Rate

Mixed Contract

Tin Mar

Mar/Aprit

May

101.co

20.15

May/June

20.45

July/Aut. Oct/Nov.

10,45

19.34

-19.55

1933

Das Lan TART":7AXTE

BAO PAULO

Prices unquoted.

SUGAR

arts have been of unites States the World No. 1 sugar, luures 18- average price of one-inch cot-day closed unchanged to four ton at 14 designated spot points higher with sales of 280 markets was 34.89.

Total sales, at these markets

Generally speaking, Japanese

were 26,128 boles-UP.I. aid financial circles are more hope- ful about the future of the ship- building industry than the yards were seeking o kw forbidding nie themselves. Economic .ex- such cargoes to ships of nations pests regard the shipbuilding China Industry is being subject to the that permit trade with

other Iron Curtain sune expeeding trend which

is now affecting Japan's and ear industries.

And countries.

Down the slipway to third place

2.5

SHIPPING LAUNCHED.

2.0

$1.5

1.0

0:5

sleri

ter many years in h1st place, Britain's ship.

The How the an Nó Bin the "Alour"

his charl of tonpare launched by the wor

know how fasan overtlok Britain Ini 195/2 Germany Aisled her down diftkér þér

contracts.

Domestic No. d sugar closed unchanged to four points higher with sales. of 8h contracts.

Contract No. 4 (world)

RUBBER

Mry

July

Fept.

Oct

Ney

Epát (cents her lb. 10h Cuba). Dora Interest: 6,400 contracts.

Contract No. 6 (domestic)

NEW YORK Itex rubber futures today closed 40 to 54 points higher May with sales of 79. contracts.

Closing prices:

Mr.

May

July

Sept

Nov.

JML

Star. (1960)

SINGAPORE

Jub Sept. Nov. Spot-cents per lb. tif NY

31,40 bíð

Jig tid 31.85 traded

*x-duty)

Open Interest:

3

81.05 traded

31,00 bid

ulas traded i

After opening higher on Im

and

přoved, overseas advices good buying interest the tharkot

ruled steady but quiet.

...The market AWILD

steady

throughout the afternoon with

---U.FL

FOREIGN ENCHANGI

Washington, March 9.

The Federal Reserve Board

INDUSTRIALS

Industrials declined over a brand front. However, selected issues improved. The Beechom group was up over is on news of a new type of penicillin. Steel, engineering, motors electrical equipment

were lower

and

stacles

Gold stocks were lower and epppers, ensed.

German and Japanese bonds

today authorised the Federal improved in the foreign market, Roverve Bank of Boston tal-tollar, stocks-vers—mizede boost its charge on loans to U.P.I.

commercial banks from 2% to

3 per cent.-U.P.I.

Exchange Rates

reed Merchante por don

Rates

West German Deutschemarks Maximum Selling 72 5/10.

MORE SCOTCH FOR PUBLIC

+

Spot Mar. old

Mar, new

May

July

Sept.

Dec

Ryo

1

Mar.

May

Oats

Mar.

MAY

London, March, D. Larger supplies of Scotch Boybeans, No. 2 yellow

200 lb, sack

1190

110 1150.

1101-

'117

713%

142-14176

158-197232

P&O B•I

B•I E.A

COMPANIES

PASSENGER/FREIGHT SERVICE

FENINSULAR & ORIENTAL S.N, CO.

OUTWARD

"CARTHAGE" “SÅLBETTE" *SUNDA" "CANTON" "SALMARA" "SINGAPORE"

"CONFU"

"CHUSAN"

HOMEWARDE

"CARTILAGE"

"CANTON" **BUNDA"

"HIMALAYA" "CORFU" ***SINGAPORE"

"CARTHAGE"

DUE II.K. In Port 15th Mar. 101

LEAVES UN.

Salled" 21/1. Salled 6/2 Salled 9/4 Sulfed R/3 6th Mar. 18th Mar. 3rd Apt. 11th Apr.

Mar. 1st Apr. 21xt. Apr.

Hnd Apr.

11th May

DUE LÖNDON

Neon tth Bo Nobs 18th Apr.

5 p.m. 10th Apr.

4th Apr.

13th Apr.

17 May

25th May

11 pm. 20th Apr. Noon 8th May p. 18th May Nuch 5th June

math May

8th June

2 June

1th July

via s'pore, Fabisk, colombo, Bombay, Ad & PL. 5810,

★ “SUNDA” and “SINGAPORE” emit Colombo i Bombay, kid extend to Hamknig.. Hotterdam.

und Antwerp:

the car SHINSON CONT

exchange market thie inoming at the following raten- US dollar per $11. Bierling notes, (por £1) Australian notes (per (21) Indonesian rupiah, (per 100) Siam Licain (per, 100) | Singapore (8{ralla)

P.O

R.M.S. "CARTHAGE"

SAILS:

NOTICE TO PASSENGERS

BAGGAGE:

NEW YORK Closing rates were: England official

buyers in almost öll grades, Canada. unsatisfied. Futures:

No.

rubber per 16 Mar day-bens a 30-days

No Zakland).

No. 3 rubber per H. Mar 05-084 South Africa Na, 3. rubber.

No, e rubber per lb, äter 1

Spot rubber, unbated (1.

Danket grepe

No.

The

pale crepo

AMSTERDAM

rubber, märket,

steady. Prices clom

ilders, por kibg

87) -HA} | Balgtum

Offers unchange

LONDUR Closing rates werei New Yorkuyo Marktrekking

Friday, 13th March, at Noon for the UNITED KINGDOM, via Singapore, Penang, Colombo, Bombay, Aden and Port Said.

Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Cold Godown No. GATE, CANTON ROAD ENTRANCE, by Noon on Thursday, 1211 March. SPECIAL NOTE: With the exception of hard packages

carried by passengers themsel ALL BAGGAGU must pass throu the Wharf Company's Godown loading on board by ship's slings only, EMBARKATION: Photos should embark betwem 0.30 and 11.00 m. on, 1816, March, 1950

Subject to alteration with or without notics;;

BRITISH INDIA 5.N. CO., LTD.

[4] "HAVILDAH” deo 18th Mar. from Japan

"SANTHIA"

Kalle. 13th Mar.

for Singapore, Penang. Mangoon & Calcutta

due 22nd Mar. from Japan Falls Bird Mar, for Cricutia, Hangoon

Strate

P. & Ö./B. 1. JOINT SERVICE

"OLINDA"

"OKULA"

"URLANA”

"ORMARÁ”

due 28th Mar.

Knits 10th hear. due seus far. sume 19121. Mar,

dus 23rd Mar, salts 24th Mur:

a. 3rd Apr 1994 th Apt.

trom Bombay, Cochin, Tuticoria & Singapore for Japan

from Japan & Spor tdr Singapore. Hombay, Karachi, Dubai Jõuwait. Basrah de Khorramaliehr

from Bombay, Comin

4. Sugapore for appen

from Japan for Bingapore, Penang. MHOFKA, Mangalore, Jonday, Karachi Ku watt Barrah de ho zamenahe

EASTERN & AUSTRALIAN 3.3. CO., LTD, “EASTERN"

dus 11th Mar. from Australis

SALLE ZISE MAY, the Japan

MACKINNON MACHINAD