1959-03-11 — Page 9

-

Italian Shipbuilding Industry To Challenge Europe

By MICHAEL WEIGALL

Rome.

THE Italian shipbuilding industry is ready for the challenge of the European Common Market in spite of setbacks in the world shipping recession, according to officials here,

Figures of output for last year,

ns well, as a plan to build in Iuly

the world's first atomic-powered

tanker, are cited as proof that Ilion shipbuilding yards can

American-German

hold their own in the ambitious Marine Engine

programme to knock down trade

barriers between

the states of

INTE

ro-

a INTERATOM and Western Europe.

search company in Ham- Fifty ships, amounting to

burg have signed a contract 447,000 tons, were completed in Italian yards last year. More for the joint development of than half this tonnage 24 ships a nuclear marino engine. totalling 242,000 long - waa

Interatom is owned by the built on foreign order,

North and Demag concern The tonnage of completed American Aviation Inc. It's vessels remained at the 1057 partner is a research company, level when 63 ships, totalling backed by the North Gerninn 450,000 town, were produced, States, which was set up spe- Sixty-one ships, making upelically to work on nuclear pro- 272,000 tons were completed in pulston at sea. 1950.

COMPETITORS

to

†

The nuclear engine to be de- veloped will be installed on dry conditions Land but under simulating those

alsoard met ship. will be of an

It

or- gorically coolrd and moderated (OMR) typo developed by North American Aviation,

Of Italy's lending competitors in the European economile coni- Inuity only West Germany last year improved on her 1957 figure, One million two hundred "Bity thousand tons of shipping

delivered was

customers In this type of reactor the compared with 1,230,000 tons fuel elements are surrounded the year before. Figures for by hydro carbon liquid. It is France and Holland were $20,000 | claimed that the fact that the fons (457,000 tons in 1057) and reactor is hydrogen-moderated 300,000 tons (535,000 tons in results in compact cone sizes 1957) respectively.

and, thus low weight, The shipping depression, took HYDRO-CARBON Its to in Italy last year and only 30 men orders, total 285,070 tons, were placed in the Brai six months compared with 53, totalling 415,595 tons, in the same period of 1957. But, in spite of this trend, begun in the second half of 1957, officials By that Italian shipyards have enough orders to keep them busy until 1963 or 1904,

The hydro-carbon liquid, which la frented by the reactor, is pumped through separate heat exchange equipment to generate steam for the ship's

engine. It is claimed that the hydro-carbon liquid, only ae- quires a low degree of radio activity, thus facilitating re- pairs.

The thermal output envisaged for the reactor to be developed at Hamburg is understood to be 40-megawaits.

The work of Italian shipyards, which employ a total of 42,000 workers, was highlighted last year by the launching of Italy's The Debussa Company, of biggest post-war liner, the 32,000 Frankfurt announces an agree- ton Leonardo Da Vincl. The ment for technical co-operation liner, expected to be completed

with Mallinckrodt Chemical in 1980, replaces the ill-fated Works of St Louis Debussa Andrea Dorla,

pride of the state-subsidised

will also become the sole sales Itallo Line,

ugent for Continental Europe of which sank after a collision

the United Stales company, with a Swedish vessel off the

which produces uranium in North American coast in 1930.

various degrees of enrichment. CHRISTENED

Debussa has also concluded an agreement will sell

under which it "know-howth production of pure uranium to In the the Japanese Sundtomo concern.

The new ship, which was christened in Genoa by Signoro Carla Gronchi, wife of the Italian President, is 232 metres (728 feet) long and will carry 1,300 passengers in 321 cabins at a speed of about 23 knots.

The Leonardo Da Vinci is Skipjack Fastest

belleved to have cost about £11,500,000.

The loss of the Andrea Doria, the worst post-war shipping disaster on the North Atlantic

American Sub

THE CHINA MAIL, WEDNESDAY, MARCH 11, 1959.

Page

BRITAIN'S 1959 BUDGET

Speculation Over Tax Concessions

By RONALD BOXALL

London, March' 10.

HONGKONG SPECIAL ISSUES BANK RATE

STOCK

EXCHANGE

hy

Our Own Cape. Atradicend

Business done on the Hong- Exchange this kong Stock morning amounted to approxi-

mately $695,000, Noon quota- Lions and the morning's 'trans- war. actions were:

shares Buyers Beliers BANKS thek Bank

хо

INSURANCES

It is just a month to go to what every

one is convinced will be the biggest giveaway budget sinco the Guesses at the size of possible tax concessions vary according to guessers' estimate of the seriousness of the current industrial recession, Lombard and the date of the general election.

And that, as any student of economies can tell you, is the way that reaf slumps begin.

On either basis, the case for, have no back-log of orders-to really big tax cuts has been work on weakened by recent develop- ments. The recession does not look as serious as many people predicted it would by this time;; indeed there are sms that the

An worst of it may be over. netively expansionist budget this stage may therefore do more harm than good.

Unlo

Mater

770

4770- 10772%

72 7215

.. 2011

KIUPPING

Wheelocka 0.55 5.03 $700 5.00 DOCKS, ETC. K. Wharf.. 00 Dock

Waterboat 28.70

Provident

IK Hotel

Is unflappability still a virtue in these circumstances? Editors of the London and Cambridge Humphrey

Bulletin al Econcent

"As yet, think not. wrote last week, "the ment seans to have been so im- As for a general election, the pressed with the danger of al- that Lempting too much, thất chances frankly cynient argument government would takefan axe) havo Tot been fully exploited.... to. Iaxes and then cock-a-posive measures .. to stimu- hoop to the country, does not late investment (both

directly square either with the fnels or and indirectly) seem to create personalities involved.

less Borious risks than the ones which they avoid."

Betting

In the space of a month, bet- Ling on the main budget news has gone from a shilling off the income tax ond a. swipe purchase lax, to sixpence income tax and "something for industry."

01:

PROMINENT ON RISE IN

WALL STREET

New York, March 10,

Changes of a point or so in a handful of special

issues highlighted an irregular stock market today. Trading increased on the advance.

•

Idaho Power

The main list was studded Getty Du .. with numerous gains of one, adden Co

Goodyear Tyre two, and three points. Glass Grumman Aircrait stocks stood out in the upside, quit Online as did most of the tyres and Hayden Newport Corp. electronics. Sharp declines in

Inland Steel Co. Du Pont and Goodyear helped Interchemical Corp. to keep the industrial average int'l Buzinem Machines

International Nieket near its previous close.

Thlokol Chemical, an upside star yesterday, rose another 21⁄4 polnis in continued responke to news of a contract award in connection with the Minuteman Missile Progranime.

Int'l Tel Tel

Kalor Industry

| Kansas C. Power & Light

Kennecott Copper

Liggolt Meyers Tob, Co. amickheed Aircraft

Laws Incorp...

Lane Star Cement Ca Lowenstein & Sons,

Some of the drug stocks were in demand. American Home Mesall Iron Corp. ducts gained nearly two points, Abbolt Laboratories,

U.S. nearly point and 100 14.10 Vitamin, which declined yester

day in its first session of "Big Board" trading, recovered over a point.

7

243%

120

2016 1103

172

401

971

30

נן

21016

Ad

MeDermait J. Ray

4742

Minnesols afining

132

gained

Minion Development

234

Montgomery Ward

447

Motorola Ine.

Nations Blacuit Co.

સા

National Coal Reg. "A"

National Dairy Prod.

30

National Lead

114

National Steel Corp.

Du Pont, up sharply yeater-Now York Central

12,20 12.20 500 g 12.20 23.20 23.40 2260 23.10 3300 23.20

|

K Land

D

20.30

400 * 59.40

R

$432

XALL 40

Really they

RUBBER Govern~| Amalx.

Trust....

2.023

34.15

1.35 £5000 21⁄2 1.470

2.10 2.15 5000 A 2.10

120

A. POWEŃ UTILITIES

Tram XD.

23.70

500 23,50

day, fell

1000 25.6%

300 15,72

1000 23.80

104.

S41

D3 210 0414 10% 10.70 178) 1015 4800 16.6

3070 200

29.70

25.70

WETO:

000 e 15.09

2000 + 20

35 Inducirials

20 calls

Macco Eas Telephone

2.4A

XD... 2300

15

05 Bucke

23.80

One Voice

д

A little over a year ago, when Inflation was rife, Mr Peter Thorneycroft, then the Chơn- acellor of the Exchequer, and his two Junior Ministers at the Treasury resigned OVLT maiter of an extra £50,000,000 of the Government's expend ture. Today the Government is proposing to spend £230,000,000 more la the coming financial year then it reckoned on spend- ing at the time of the resigna tions. And hardly a veloe was raised in grotest.

What is certain, Is that there will be tax concessions totalling anything from £200,000,000 to £300,000,000. But how they will be apportioned between the various claimants remains one

of those perennial mysteries that make the budget such an ex- citing prospect.

in

star Ferry

XD

Youmatt

C. Light

Electric XD 20.00 23.10

INDUSTRIALS Cement XD 13.40 STORES, ETC. Waton XD 13.40 10.00 Fairy

10.10 18.20

1 Craw...

neares Kweng S, H. COTTONS Texille Nanyang

MISCEL Vibre

One that is, is that of Mr Enoch Powell, former Financial INVESTME Secretary 10 the Treasury

Int. Inv. until he walked

oul with Mr Allled Thorneycroft.

מi . .

Disagreement on what ought to be done is shorpest at expert level. (The layman is inclined to be indulgent wishful thinking and rationalise the result.) So this week we have as one who does not wish to Last week, in terms as strong Sir Orear Hobson, one eminent embarrass his leaders can cm- cconomist, expressing horror at plos, he wrote: "In the absence a plea by Sir Roy Harrod, an- of any compelling reason to be- other eminent economist, for love that an increase such a slashing of taxation as the total of Government CX- would unbalance the ordinary penditure is Indispensable for budget. "I indientes," writes taking up whatever "slack' there Sir Oscar, "that he has no may be in economy the oblic thought but to end unemploy- tiona to such an increase appear however temporarily belief ment,

and to be serious." whatever capt

in the doctrine to which I hold all different, though not neces- that slumps are caused by the aarily Incompatible and all ex- booms which went before them, | pressed by people who

know and that to set up a new boom what they is inevitably to sow the reeds of a new slump.

So there we have three views.

are talking about. The fourth view is that of the ordinary taxpayer who doesn't Except that booms are popu- understand much of what it is lor and slumps are not, and all about, but would very much people who have to approve like to have a little more of budget proposals. If not those his own money to spend.—Lan- who design them, are politicians; don Express Service. to whom the maximization of popularity is itself a pretty im- portant doctrine,

Will Expand

Sir Oscar (of whom it must be said that he is much more often right than many of his Industry will expond of own colleagues) takes the view that

record if left alone to do so, and that any action designed to likely lead to a new inflation- accelerate the process will very. stuboom preceding the next

n

"What is needed most of all,”

and

Yesterday's Closing

1041

400 24 1000 23.90 3300 # 23.05

25

: 140

CITY LIGHTS

Norfolk & Western Ity. North Amer. Aviation

North-west Airlines (Com. Olin Mathieson

a point to $333% as the company President cald he could supply no reason for the risc. Goodyear Tyre. Phila- driphia and Reading, Boeing | Owen-Plinois Glam

and Anaconda sch dropped

ecund a point

Otis Elevators

Oxford Paper Ca.

Inciße Gas & Elce.

Pas American Airways

Dow Jones closing averages Paramount Pictures

40 bond

Parke Davis Co.

011.14

Penny J. C. Co

10) to Penn, Ball Ca.

33.36 Philip Morris

210.3 Procter & Gamble Co.

* 88,535 | 24sburgh Plate Glass

Comm. future price index 14749 Publicker industries

Closing Prices

Armeo Steel

"Arinour

Allas Cons. Mining Baltimore & Ohio Benguet Cons.

30

Tadio Corporation

Ratio Corp. Prof.

Republic Steol

Reynolds. Melal

Asteway Storm

AMERICA

TECHNICAL

By SYDNEY S. GAMPELL

London, March 10. The American Bank Rate rise is largely technical but it shows that both Washington and the New York Federal Reserve are even more alarmed about Inflation and the dollar than about nearly five million unemployed.

Only this week a Federal Reserve oficial sald unemploy ment militated against further credit restrictions. Yo now the New York Federal Reserve leads the Bank Nate rie, Morc- over, the Federal Reserve sys- tem has forced the banks into. nearly $180 million of net bor- rowings for the past week (and more than $350 million on Wed- nesday) wiferens last summer It allowed them free reserves of more than $400 million.

Main Flight

As the main flight. from th dollar is the internal switching out of money stocks Into indin- tionary hedges the Federal No- serve was presumably, actuated by this week's new highs on Wall

with Street coupled 2513 aoftening of money stocks, the metal |panicky re-stocking of

10 goods

115

4015

89

00

2412

3316

renewed

forestall mid-year

B strikes or price rises and perhaps 13% also by the Bank of England's 70% failure to cut the London Bank Rate last weak when New York

80

4812 money temporarily ensed,

Barik

affect rates mainly international money movements, Dearer

53 banks

money in New York alongside cheaper money abroad encourages foreign central to hold their accruing Collar reserves Instead of tak Ing American gold. The Ameri- have stopped con gold losses 154aince Christmas and this weeks 14 for the first time in six weeks the Federal Reserve had gained Enth

04 Instead of losing international 23x dollar reserves. The Bank Rate is belag used to defend the dollar just os It defended 3d sterling in September, 1907 497 when Britain's Bank Rate was boosted while Germany's Was cut-China Mail Special.

5:00 # 29.30

Alden Inc. Acy.

Atiled Chemicals

1041

100 14.20

Allied Mitis Inc.

Smint eg Piper

Am. Brake Bhoo

о

Scott Paper

14.30 14.70.

139

American Airline

Sinclair Ol

130

1.30

A. Cable & Radio Corp.

03

American Cyanamid Co.

Smith, Cline & French

113

01

Socony Mobil Ol

4507

Amer. Forgo. Power

175

South Puerto Rico Buga

27

Am. Home Prod.

133

Southern National Gas

American Matal

Standard Brands

American Smelting American Tel & Tel

Standard Oi! of Cal

Standard Oil of Ind.

American Tob. "B"

901

Standard Oil et NJ.

Anaconda Copper

731

Sleep Rock Toronto Exge.)

7234

Aterling Drug Co.

7614

273%

Stokely-Van_Camp.

Studebaker Packed Corp.

Sunshine Mining...

Swift & Co.

116

Bethlehem Steel

Texas Co.

Textron Inc.

Borden (The) Co. Calif. Packing Corp. Canadian Pacifc R

771/

Think Chem.

65-16

Tide Waler Ama, CU

Tri-Cont. Warren's

CIT. Financial Corp. Chinne Manhat. Bank Chryfier Motors Ciuet Peabody Colgate-Polmolive Commercial Credit

8134

คน

B3

90

Uni Arora

30:

United Frit

Commonwealth Elec.

30%

UB. Poll "

Consolidated Elion

US. GypeATE'

Continental Oll of Del.

00

UB. Rübber

Crown Zellerbach

13

US. Smelting

Cuban Amer. Sugar

20

UB. Steel

311

U.S. Since 7 PC. PF

354

M

Dupont de Nemours

23192

15212

West Va. Pulp & Paper Winn-Dixie Blores

LUNGUN EZpresa berajon.

Ulamond Alkali

Diamond Gart

Dow Chemicals

Eastern Airline

Fartman Kodak

El Paro National Gas Ford Motor

General Dynamics General Electric General Fooda... General Motors Gen. Tyre, & Rubber

COMMODITY PRICES

FOREIGN EXCHANGE

NEW YORK Closing rates were:

Others unchanged,

METALS

NEW YORK

Prices of metal futures closed today in cents per lb. as followBI

Land

Mar

1.93-6/32 2.31-3/10

May

Line Mar.

May

Copper Mar.

May

283-3/10-2.JU-3/10

.Tin Mar.

May

LONDON Closing rates were: New York Montreal Copenhagen Frankfurt Paris

Groton, March 10, THE latest United States U as an especially-clevous. blow to the Italian merchant atomic submarine, The marino because this had to slurt Skipjack, returned to its almost from scratch in 1945 base here today after two after losing most of its ships in days of reo tosh, which BoWorld War Ilq

restore and surpass the pre-war of the American submarines, he wriica, la patience

After a decade of efforts to established it as the fastest level of of the Italian merchant the naval authorities here unflappablilty so that expan- marine, Italy today has more stated. than 3,000,000

sion of production may follow tos of ships

Outelals would not, however, its natural courses and not be under her Bag and maintains her position as the world's mori- submarine. As in the case of

indicate the speed ot the forced into artificial channels Canadia thne power.

and so inevitably lead to new England Twice as many private com-other atomic submarines, they trouble later on." panies as before World War II said only that its speed was

Unlappability is a virtue in a "more than 20 knots."

politician ar in operaiion, though the

as in an economist, Vice-Admiral H. G. Rickover, bulk of trame is carried by four who is often called the father

but there is always the danger slate subsidised

that less charitable people thon companies of U.S. atomic submarines, was

Sir Oscar will call it inertia, known as the Finmare group aboard the Skipjack during the

So for the Government have which accounts, with its 93 test with which he said he was taken very few petive steps to ships,

for more than 650,000 tans of the whole,

very satisfied.Franco-Presse, stimulate economy. What they has done is to remove the do- terrents to consumption and thus with the help of favour- able. torma of trade, encouraged the demand for industry's pro- ducts. The trouble is that this domand has not been avenly apread. It has grown for those

on a ship building pro- up demand was released oy gramma' which will enable the ending of hire-purchase re- her to cater to her Inter- on which the future production strictions, but fallon for those lond trade by 1961, a depends..

Industry already has enough

The largest carrier in the

group is the Italin Line, whose Indonesian Ship

nags ny on 20 of Italy's big-

Kest

occan-going China Mall Special.

vessels.****

No Sparking Switches

For Ship's Holds

Building Programme

Singapore, March 10.

INDONESIA has embarked products for which a big pent-

does

Other unchanged.-U.P.1.

RUBBER

· SINGAPORE, Closing rubber prices were; No. 1 rubber per ib. Mar. BB1;+88Ƒk Apr. 00-COC May unquoted No. 2 rubber per 16., Mat, 001-055% "No. 3 rubber per ib, Mar, · RE}}+DS No. & rubber per 15. Kür. 56110 Snet rublier unbaled 0030 Blanket crepe

No.... 1 palo grønemorata: 9015-6834 LONDON The rubber market was quiet per lb. Prices with spot quoted at 20% pence

Spot No. 1 Rør Battleman! house tern:

April

May July

ApriƒJune

A NEW range of spark-spokesman of the Indonesian

proof electric switches government-owned --Pelni capacity, installed during the specially designed for ship's | Shipping Llies which operate boom years, to produce is per holds where pollution from a service in Singapore, re- at present and it is showing no

cent more goods than it the atmosphere, fire and ex- vealed today here, gu

incination : 10-ad5;still. further plosion riska, zro›presentin

The spokesman kald, that a Being produced in Britain, total of 190.new.000-tal coustal

to its capdelity while machines and meri: stand idle. So capital The switchios

employ no ships were being built in Japan, goods industrian (10) those who springs. They are stable for Poland and West Germany and supply an industry's plant and 8amps, starting étærrent "and" 1'] that although only a few had equipment) have been living on smp running a current on 440-'already been delivered to lado- their order hookie bena valt supplies and can be up-nests the bulk of them would Some economista, consider this plied, in dustproot heavy-duty ba opornung în later-lilanų) | rather than junemployment, to boxes with phiell" and engraved | Grade by: 1903, 2005

"be" tha" nost, seriolia" nabret "of plater. Whers unich, our di0 volt He added that the Soviet the present situation. For uDA EMEKLA DIVER. Izg apples, they, are rated, aka Union had alto offered fo build less omething is dong to sthaus EDEN maximum of 15 amper ships for Indonesia, but that the lalo dansand or celal good

The switches are made by offer had been turned down bas ibi, other words, stogant” badustry. waldoni, 35, 20ulona, Auckland, eating the Kseniais Gaming noore | Investment-minded"again":"arina flow, Yorks Co. Durham, Englarid,

producing these woods. Will soon Epriors wars stay

Jar/Mar

Gheneral" markata, Paprit

11.000 11.00

30.200

10.55

ANG PA

33.400

100,00

102.000

LONDON Prices of metals closed today

July/Aug.

70

21.10

Cet/Nov,

10.30

Dec/Jan.

100%

MATCApel!

10.03

Mixed Contrue

Mar/April

27.55

May/June

July/Aug.

20.13

OCL/NOV.

19,10

Dec/Jan.

10.00

Mar/April

10.00

SAO PAULO

Twentieth Century Fox Film Union Cartride

Union O of Cal.

Pacific Railway

Waukesha Motors

Westinghouse Air Besice

Westinghouse nectric

Woolworth (ICW)

Zamil Radio

· 1421

xx

471%

New York Cotton Market

New York, March-10.—— Cotton futures today drifted narrow aimlessly over

limits in dull dealings.

+

Buoyant

Mood

In London

London, March 10. The stock exchange cele- brated the 'final account day of its financial year today in a buoyant mood. shook Gilt-edged securities off their recent sluggishness and folshed

as much as tha

Olls opened lower but rallied to close with small net gains,

Industrials were uncertain at buying

At the close the list ruled up the start but selectiva dis to on four points. The sprang up to give the flat a market opened up dive to off very firm undertone. The out- two points.

standing feature was a jump of

New

crop déliveries were 15 shillings in Hudsons Bay Co relatively neglected in face of following the sharply thereased farm legislation uncertainties divident. Numerous other

on leaders improved and pending n'clearer idea

including what acreage farmers intend to I.C.I., British Oxygen, Borax. in plant this year.

and Unilevers.

Cotton Suturo closings, cruzeirca per kilo were as fol- lows:

MIT.

MAY

July

Oct.

Die.

65.00

65.02

50 00

50.00

67.55 in sterling per long ton ng fol

In the Unlied

the States, lows:

Sellersverage price of one-Inch cotton at 14 designated spot markets was 34.33 ceula.

עיני

Spot

613

Buyers

701

тва

mooth

753

70316

Copper

Spot

-240/

3-mort th

48

Lend 1st half

BAT.

June

Eine ist half

MRT.

751% 75%

June

74%

~ NEW YORK Prices of cotton futures closed |-today,, us follows:

Total sales were 45,698, bales. -UP.L

SUGAR

NEW YORK World No. 4 sugar figurer closed today one higher to inur points lower with spies of 100 contracla,

FAVOURED

Dollar stocks were generally Mississippi delta sections in lower. Rubber stocks were firm, dicated

some producers favour--U.FI. ed the "B" option in planting,. which allows up, to n 40 per cent in the allotted norcage but with lower price supports A final report on acreage inten- tions will be made by March 25. Twelve March delivery notices today were taken up by spot Interests, Open

position in

Chicago Grain Prices

Chicago, March 10,

March today totalled 32,100 Prices closed in cents bales. The certificated stock bushel as follows: remained at 83,686 bales,

The Liverpool market closed Wheat No. 2, red of 20 to 20 English points and 8P1 to 1,019 American points under New York futures.

Raw cotton exports for, the season totalled 1,803,024 balcs, according to the New York Col ́ton 'Exchange UPI.

Epot

MAR. 2079% (11) 200)

May

July

Sept.

Dec.

Coen, No. 2, Yellow

Mar., old

Mar, stow

May

Sept

Rates

Dec.

Hiyo

Mer.

516

· Canadian) · Dollars --Maximum Selling 16%. Minthiam Buying | Da

May

11⁄2

17 T/T; 17-1/18 0/D.

·Atar.

Domestic No. e sugar close Agreed Merchant

lower to one point higher with sales of 180 contracts.

Contract No. 4 {world},

apot: 39.70 nam; Mar; 38.45-43: May2-36.49; Jul 26631, Ost: La Dec: 32 #:16; BUT, 2009; MOL NEW DELEANS,

Prizes of cotton futures closed. today, as follows

May

July Sept

Jas. Mer Spot-teenus, „der.

Open biết

B Contract No: G (dom

pation spent 15 were ea sellows; ·

Exchange Rates

"Business" Was doně“, laˇtio) · Toca)· sanoficial: WEcbangsa markuð - this morning, st the following ratariwis -U.S. dolist, (per $1), kami Sterling holes (per 1 Australian notes (per 61) 77

Indonésian Jublaží: 500/2003:

July

per