1959-03-12 — Page 9

THE CHINA MAIL,

THURSDAY, MARCH 12, 1959.

Russia Wants HONGKONG

Large

RANSPORTATION Trade Credits

WORLD SHIPBUILDING BUSINESS

REMAINS UNCERTAIN

London, March 12.

WITH few orders being placed and contracts

gradually being completed, the future facing the world's shipbuilding yards must be uncertain, the 1958 annual report of Lloyd's Register of Ship ping stated today.

While many ships were bein

bat, the repeat added. STA

foreign yards had gear in the Build-Up Of N-Ships

(progirdimuN.

Other yanis still d beak and could see their way cleat inter 190.

"Thioughout the world,” the

rest said, "hulding, repte

Unlikely At Present

The Checklist: Fucre M Chairmen increased in size to cover larger vessels am work La modernis yards to increase their efficiency continues.

BUSIEST

ان

According to the latest Rgures published in the report Western Germany had the busiest ship- yards

the Continent Europe with 189 ships of 1,094.- 250 tons Ta-s under constrne. tion.

with

Italy was recond

103 ships or 185.368 tons grots being built,

London, March 12.

R. Pelly, MR Kenneth

of Lloyd's Register of Shipping, soid to-day that any rapid build- up in nuclear merchant ships, American or other- wise, was unlikely because of the difficult economic problems remaining to be solved.

to

By SYDNEY S. GAMPELL

London, March 11.

STOCK EXCHANGE

by

Our Own Corespondizad

Busintes done on the Hang- kong Slock Exchange this morn- Ing amounted to approximately $844,000. Noon quotations and the morning's transactions were: Share Bayera Mallers Bules BANKS HX Bank.. 770 773 3 77236 10772% INSURANCES

72

**

An event of the week ended March 7 was Mr Khrushchev's remark at Monday's reception

Russia's Union to Mr Harold Macmillan that

own seven-year plan was based on her

Lombard and that if other countries, siIPPING resources

Waterboat

XD 21.80

including Britain, wanted big additional Wheelocks orders "and will finance them" Russia was ready to place them.

Mr Khrushchev thus confirms) Wall Street did manage

that Russia's own resources are

Fully extended and that she de- sires large Western trade credits, It could be the key to inter- national affairs and a promising ane. The previous week's Bloom

Macmillan's Moscow over Mr viel was certainly overdone,

BIG SUCCESS

STORY

1

DOCKS, ETC. Dock

Provident

to LAND, ETC

follow the "blue chips" into new

high ground. Its action is the more impressive in being selec- tive and gradunt rather than spectacular,

Percentages

percentages, as distinct In from the highly magnifles Dew Jones points, Wall Street adds only Crudgingly to breath- taking advance of last year and London has not yet added at mit,

Eut both macets act well. Even the African disturbances and the Berlin fears have not brought much worse than a consolidation to the gold and copper and European shares concerned.

BK Hotel

5.01 6.03

120 1 15072 15072

500 4,03 DOD 5.65

120 421 44

10043

12.20 12.30

23.30 23.00-3003 23.35

RK Land.. 29.40

-{rts!

Humphreys

X.ALL Realty RUBBER Amaig.

Trust...... A Tawah UTILITIES

Tram XD Mar Ferry. Yaumati

Electri

x

Macau E.

100023.10 1303 294 10830

4.35

4.35

1000 4.33

14.30

1.475 1.525

2.10 2.15

1920441525

1050 * $1,

2.03 2,10 12000 2.10 2.00

25.00 28.20

230 - 23.00

103 100

16905 £445 851

2009 16.50 18.00 3000 16.70 20.10 2420 200 28.10 2110 20.20 500 20.10

D

the

that

They

Wall Street's operative factors remain growth, ination scarcity value of populer stocks. The President of the New York Stock Exchange

Telephone

23.00 23.00 8700 INDUSTRIALS Coment

23.30 23.00 2500 STORES, ETC. Dairy

10.10 1820 500 Watson XD 1340 13.00 30 2000

23,00

23.40

10.23

13.45

13.39

d

COTTONS Textile

1075

Nanyang

8.93 2500 6,73

MISCELLANEOUS

Vibro

15.20

$50

sumulus but evidently

(Continued from Page 1)

crensed by more than half, the First National City Bank of New York said. 'continuing vigorous started in 1957," were in excess of" million, nearly half con- sisting of cotton Kar-

"Means will have

be found." he said In the Register of Shipping annual report for 1958, for bringing the capit cost of nuclear ships down to a level which, combined with fuel eaxis, will enable an economic

ments. In operating costs advanti ge over conventional ships to be mvhieved.

Other European shipbuilding | Ogures given in the report were

The Netherlands, 140 ships of

"On the technical side these 780.820 tons gross; Sweden 722. 823 tons grees, and Spain 120 can be little doubt that nucleur new tankers and other ships of reactors will be developed for uve in merchant ships of 20,000 304,051 tons gross.

The largest passenger shaft horse power and above."

the being built in Europe is France, about 56.000 Lens gross, She is under construction at St Nazaire on the River Loire,

Japan,, according to the report. was constructing 4 ships of 993.075 Lon gross, and the United States 49 merchant ships

total with

gross tonnage UNO,730.

for Britain were No figures given in the report which main- yceneered siselt with uver sus shipbuilding.

of

(According to figures recently sued by Lloyd's, 316 new ships with a total gross 1onnage of 2,234,158 were under construc- tion in British shipyards at the mid of Decemizer,} MODERNISING

rald,

British shipyaerts, the report

expanding wenu

1ini modernising their yard; to meet the expected future demand for "very large ships."

Elsewhere the report sald that though reported to be unecono- mical

in operation, The U.S. Savannah which would be at sen in 1960, would provide the American; with valuable opera- tiant experience-an important

to a further advance prelude ment.

"Murcover," the report sald. "this pioneer ship will have an importance for beyond the bounds of nationci interest. She postulates questions of inter- national signiReance, uch us safely arrangements In design and operation, And acceptance of nuclear ships in the parts of the world, disposal of waste pro- duets, and insurance affecting owners and mental liability."

mailen Kover-

that most The report said maritime countries were actively Interested in, the nuclear pro- pulsion of merchant shipa. ICEBREAKER

The Soviet Jeebreaker Lenin Among other Interesting was reported to be advancing t features brought out in the reconstruction- reminder

Iussia was also in the vanguard pel were these:

that

la Demark 24 new ships (in- of this technological progress, cluding nine tankers) of 128,899 Britain, France, Sweden, Höl-

Norway, Germany, fous gros

under ୯୯୮୫

con-lard, struction:

lapan were all busy with their In Greece, prefabrication aludies for nuclear ships. They the first ship in a new shipyard, I were aware that if the challenge an oll tanker of about 20,000 was not accepted their shij fans detdweight, and begun;

Norway's merchant fleet had reached a total of focus 14:00 100 ton deadweight but slightly over 1,000,000 tuns were Inld up towards the end of 1950. Nor Authority and the

(owners and industry might be

placed at 'n disadvantage."

da fer a Britain was a toned, the report said. the United Kingdom Atomic Energy Admiralty

growth

The growth of Hongkong Im- ports to the US. has been con- Armed from anther source and ia entirely different line of

axerves INVESTMENT

that fear of indation is a dan-Allied

gerous

it is not yet spent:

Softness

The week's strength of equl-

Chicago

Grain

Chicago, March 11.

ties, coupled with renewed sofi- Wheat, No. 2. red ness in short money stocks speaks for itself.

new

2001, 2012-

In-

2091, nami.

500 18741-22 1894-9 10196-1

Corn, No. 2, yellow

3173 117-

products the U.S. toy market,

Even without any A spokesman for the Interna- tional Toy Fair currently heir nationary stimulus, the esteem been per- In New York, said "Hongkong of creditlip has

there devalued and is getting stronger every your" manently

a experts of toys and offitated is deep-seated preference for which is sanforised products, such 35 tificial Cwnership

the real market. tguinst shrinkage in flowers, to the

US

value of money.

He said this was significant in view of the fact that Hongkong- made toys cover about the same category as strongly competi- tive Japanese toys.

U.S. exports to Hongkong, ön the other band, were $30 millon In 1958, down some 10 per cent from the previous year, the Na- tional City Bank review said.

U.S. Capital

"This reflected reduced pur

for chases of American goods 1-export chiefly among them to scrap metal for shipment Japan and textiles for restle in Southeast Asia," It suid.

of

Kyo

Mar.

May

Dais

As the volume of debis and real estate is 90 vastly bigger than the volume of equities, a trifling shift can

Mar move equity

May

214

141

1348

0172-65

prices disproportionately and that is what has been happening. Soybeans, No. 2. yellow

It may go on being important for gold shares long" offer the current noises have quietened.

The Uniest trickle out of

slocks money

is more thon Mall enough for them.-China

Special.

Yesterday's Closing

ورقة

Bool

#2314 nota.

Mar.

22112-2

May

就

July

多

Sept.

212 213

Nov.

20011

Barley

Spet

120-135

New York

ork flour

2016. sack

$13.00

-U.P.I.

Irregular Advance On Wall Street

New York, March 11.

The stock market staged an irregular · advance today with the high-speed reporting tickers running late at

the close.

The b gains running to! Molars were generally Arm. Penn. Salt Co. more than three points in some Cares appeared in stocks outride the group used in com-

the piling

averages. Once ngan the average talled to measure the market's underly- ing strength.

Ford To

Bring Out Economy Car In 1960

Detroit, March 11. The Ford Motor Company told ita stockholders to- day it plans to introduce a domestically-made eco- nomy car during the 1960 model year "barring changes in the market or other circumstances,”

The company impurts English- bullt Forde and Re German- 1958 It built Taunus. During sold its 15 per cent interest in the French Simen lem to the Chrysler Corporation.

11

The letter su ckhol'ets. signed by Mr Henry Ford, Pre- sident, and Mr Ernest Breech. Chairmati, said in port:

THE DEMAND

Philip Morris... The electronic-missile group Procter & Gamble Co. produced another crop of good pittsburgh Plate Cilams

olls were Publicker Industries gainers. Domestle

Pure Oil... strong

mol of the Radio Corp, Prel. chemicals. Some of the metals Heynolds Metal

rose

A were

rose rix to

Saint fog, Paper Scott Paper ...

were strung, especially Eastern Rafeway Storez... Stainless S.ci which a:ound Ave.

Napo Chemical feature la group and Zenith added more than eight at its top to feature the electronles. Relebhold was up four in its group.

Dow Jones average, based on Brst hour of trading.

31 Industrials really

Villes

03 Blocko

d11.84 0.70

154,173,

211.16 up 0.13

Closing Prices

Alden Ing. Aby, Allied Mill The Am. Brake Stine American Airloc American Corp.

Cable

......

American Canand Cn. ART Forgn, Power Am. Honie Prod. Am. Mach. de Fúry. Am. Sugar Ref.

Atlas Cons. Mining Baldwin-Limn-Itam. Tendix Aviation Corp. Boeing Airplane Borden The Co.

troups Add Machine

Cndian Pavide R. Cat. Tractor Celanese Corp. C. IT. Financiui Clunt! Peabody Comunereal Credi

| Commonwealth Elec.

Continental Oil of Del. Diamond Alkali Diamond Gard Dow Chemiegis

Pa Nauonal Gas Fruity Finance Corp. First Nat. Cly Donk Ford Motor General Dyna

ka

Gen. Pub. Ul..... Gen. Tyre & Rubber Goodrich (, F.; Co. Grumman Alterati

43%

01

2016

17%

Gult O........

Hammond Organ

the

Heyden Newport Corp. -110 take Mining Cu

Idaho Pawor .....

de-

Ingersoll-Rand

10

the

"Several years ago, the cum-

started pany

10 study growth and nature of the mand for economy cars in United States. In addition, the company has had under develop. ment for come time a car that would be competitive in this segment of the American market. Barring changes in the market or other circumstances, the company plans to introduce such

during the 1980 model year. If introduced, the

a cor

Interchemical Corp.

International Paper

Kaser Industry mbctly Clark

Mission Development Monsanto Cheinteal Ca. Motorola Inc.

744

Publicker Industries Smith, Cino French Sault Puerto Tico SugAF Southern National Gas.. Southern Railway (Com.) Steep Rock into Exge. Sterling Drug Co. Sunshine Mining Textron Inc.

Tilokal Chem. Tide Water Aum, OIL

Tri-Coni. Warrants Twentieth Century Fox, Fini Union Oil of Cal, limited Fruit

S. Line Co

8. Steel 7 TC. PF Vatican Motora..... Westinghongg Air Brake West Va. Pulp & Paper Winn-Dixle Storey

Zenith Bodlo

Very Small Unemployment Increase

In America

Washington, March 11. Unemployment increased by 25,000 10 * total of 4,749,000 Fast month. The Government said the change was so small that it was insignificant,

Employment also lose 18,000 to 02,700,000 in February. A joint report by the Labour and Commerce Departments Bald the stability marked the usual pause between heavy winter cutbacks in jobs and the normal spring pickup in the economy.

Compared

with February 1958, in the depth of the re- cession, last month's jobless total

122

lanett Meyers Tol, 'n Lowenstein & Sons. McDermott J. Hay Mesabi Iron Curi

BG

101

36

Minnesota Mining

13214

24

REP

WOR

104

54

5016

13%

BTW

1770900

404%

ST!

WAS

Nations Biecull Ce National Dairy Prod. National Steel Corp.

car will be in competillon with Nerfolk & Western Ry.

North Amer. Aviation other economy cars, including North-west Airlines (Comi ears expected to be produced in Olin Mathieson this country by other American wen-Illinois Clos

manufacturers,”

The company gave no further Information. If the usual proc. tice is followed, the 1900 Ford models will go on sale lato this year-Reuter.

COMMODITY PRICES

However "export" U.S. capital to Hongkong went on undiminished. "American investors have recently been supplying capital for new Hongkong export industries. Enter- prises initiated last year include a garment factory į and a boat yard for small pleasure craft to be ex-NEW-YOR ported to the United Rex rubber futures today States. A paint and lac-closed seven to 20 points lower

RUBBER

COTTON

wey form some time held third were making a detailed opaquer factory, supplying with solus of 58 conisacis, Merel All place among the world's ship-praisal of the application of in

but

ping nations

of gar-cooled that position advanced type had now been taken by Liberia; graphite moderated reactor and for the Orsi ume, other types of reactor for ship Perlugal, was building ships for export, propulsion. emong them a large tanker tor Brain;

It should be possible by spring

of this year to make recom→ mendations on the most suitable

to

both local and export de- mand, will be completed this year," said.

Closing prices:

March

the report

May July

Sept.

Nov.

Jan.

Nearly half Hongkong's ex- ports go to Southeast Asia now,

March

AMSTERDAM

In Sweden, the first of six 03,000 tons deadweight turbine type or types of reactor for at said, with Malayn dilaplacing tankers for American owners British nuclear surizee ship. It

be necessary her keel was laid in March of would then last year would,

com-consider how and when the ship plated, be the largest shly built could be financed, built and in the ecuntry;

when

A new basin being blasted out of solid rock at Gothenburg would, when completed, make possible the building of tankers up to 100,000 tons deadweight Reuter,

Nations In Big Shipping Dispute

SHIPPING dispute in which Britain and Western European nations are

operated.

British thinking" the report added, "is aimed at an economic offering at least installation some prospect of competition

conventional with

propulsion plant of proved reliability." Reuter.

U.S. Shipping Conceṛn Over Ike's Restriction

CHIPPING interests in the United States are con- alde and Liberla and Panama cerned about the effects of other, was referred to the inter-President Eisenhower's drive national Court of Justice for an to restrict budget spending opinion at the final meeting in on thoir operations in the London of the assembly for the next fiscal year. Inter Governmental Maritime The major restriclive proposal Consultative Organisation (1.M.-is the apparent decision nct fo C.0).

grant any new operating sub-

on onc

and the United States on the

July/Aug.

METALS

_NEW_YORK

Prices of mate futures closed, today in cents per lb. as follows: Lead

SPELAR - LIVERPOOL..

Colton Tutures closed follows

as

American Contract

22.15

Mar

-2100

Zind

20.10

Mar.

31.00b

31.33

31.39

Oct/Nov Dec/Jan. March/April

19.25

May

Copper

16.03

Mar.

31.38

Mixed Contract

May

21.43

March/April

22.55

Tin

31.4u

May/June

21.1

MAT

31.53

July/Aug

Oct/Nov. Dec/Jan.

20.10 19,00 80

MIY

March/April.

Indonesia az the Crown The rubber market was quiet Colony's principal Asian markel. today. Prices closed in guilders "Sales to Indonesia last year per kilogram-c- March were less than half what they follows:

wero in

1950....exports to Thailand are also off sharply, due in part to increasing Japanese competition. Pakistan's development of its own textile ended virtually Industry has Hongicong exports there.

Cutback "Hongkong was also affecled during 1957-88 by Japan's cut hack

No. 1. rubber

No. 7 rubber No a rubber No. 1 crepe

SINGAPORE

33

2.34 nom.

2.92 num. 2,40 10. 2,66 nom.

The market opened around the provious closing levels and ruled quiet throughout wili good underlying buying interest towards the end of the morning. .however imports.

The afternoon market Japan taktes very little of what steady on consistent buying of Hongkong makes, buying chiefy March ones and selected lower scrap metal from the break-up grades. It closed quiet. Futures:, of ships in local yards and res No. 1 rubber per th. Mar may-a exported China produce."

In

Hongkong's most profitable market remains Great Britain

Was

April, 2016-20%

SAO PAULO Cotton future closings, in

per cruzelros

were kito follows;

11.05h

11.250

10,341

10.60b

33.156

23.03

101.500

191.3 b

LONDON The tin market was. ɛlendy this afternoon, Spot rose and three months remained un- changed at £78315 and £787%. The copper märket was very firm while lead and zine were stendy. Prices closed at the end the unofficial afternoon of 'session, all in sterling per long ton as follows:

Paper Co.

Penny J. C. Co.

493

3436

LONDON OFF

TO A GOOD START

London, March 11. The first trading account of the stock exchange's new financial year got a sini)- ing send-off today.

It is a three-week necouat, which will extend over Easter and his work before the most sections budget. Prices went higher, helped by the rally on Wall Street yesterday.

Gáltwedged securilles howevore wore out of the picture prices clcred

to up Rixteenths lower.

Industrials

and three-

number of leading Although Industrials came back from the best levels the market showed widespread · gains. Fords were 64 pence higher at 55 d.

Gold shares met a good de- mand and there was a general in volres under the lend of free state issues.

Oil shares moved narrowly but the lenders were mostly n Hulle better.

advance *

May, July Oct and Dec. unquoted March 57.50

the

In the United States, average price of one-inch cotton nt 14 designated spot markets T was 34.34 cents,

Total sales at these markets were 18,284 bales.-U.P.1.

SUGAR

New York, March 11, No. 1 rubber por b. Mar

World No. 4 sugar fulurc No. 1 rubber par ib. Mar 8 closed today unchanged to une Boot rubber unbaled....

87 point lower with sales of 253

contracte.

nearly $70 million annually-Blanket crepe ***** more than triple the amount of No. 1 pala trepo five years ago, the report said.

LONDON -U.P.I.

Discount Rate

02-02%

The rubber market was barely steady with spot quoted at 20% pence per lb. Prices;

No. 1 Rasapot

Bettlement house term April

San Francisco, March. 11.

Francisco Federal The Sah Reservo Bank today increased | June Its lacount rate from 2% to 3 per cent

The dispute conteras the test sides in the year beginning July to be applied in deciding the 1. Bike of a nation's shipping fleet. Congress has been recom- Tho United States hasmended to place budgelery rupported the claim of Liberia calling of 2,025 on the number nrd Panama that according ŝui voyages eligible for subady to the gross registered tonnage | contracts.". This figure

results they are ranked among the from adding to the 1,063 voyages: eight largest ship-owning currently under contract -75 The San Francisco bank was nations they should have been voyages for the Great Lakes the sixth of the 1%. bankr vestiá automatically elected to trudm bootsade of the Sowwayprising',the Féderal Reserva · 16 37** IMCO' new Marine Safety | cynting -- the only wicep lions to incretse its discount zatam Zatalo crepe thin, sm

Commities of 14; nulland.

I the subally frooskle

Franco Presse."

Tho

bonds

*Improved

for demand

rubbers persisted and further rains were scored, -V.P.I,

Buyers Sellers

Foreign

lightly.

Spot

703

$84

3-month

701

707%

Copper

Spot

231

-month

25012

Leed 1st half

Mar

701%

70%

June

7212

Zine lot hali

Mar.

39

7612

June

TOREIGN EXCHANGE

NEW YORK Closing rates, were: Canada England oficial Argentina

Uruguay

Other unchanged.

Domestic No. 6 sugar futures closed today one to our points lower with sales of 382 cohtracts. Erainos zolfécted a softer tone in the raw market, plus resell- ing by recent buyers at the Lime of the Iraq eruplion and favour- 2014-2016

able reports

on_progress with 2419-44) | grinding of the Cuban crop.

Indications are that Cuban production will come up to the quơta of 6,600,000 tons set by the government. Out of 301.1 millia,-100 planta sięw, ere grinde, wankfurt 2-11293 ing, the Cuban crop. Two mills Do

Paris

ay

April/June

50

General markets, tif basis.

Esta erum vlek ADYA

LONDON

Closing rates were; New York

Montreal

not. running Bro repaichig Vienna

| machinery and are expected to | Zurich

{ resume shortly--UFL)

1.03-3/32 2.8111 .0100

3,81-1/23-3,61-3/{#

#73-1 140.00

77-13/14

71.50-1807

„Olhem unchang

Exchange Rates

Business was done in the local Lhoniclai exchango market UH more at the towing Fate:

dollar (per $1) Marit notes (per 1)

8.75

19.08

Australia notes (por 1)

12.70

Indean uptat (per 100) Sam Licais, jper 100) Singapore (Straitoj

0.70

26.15

down 724,000′ while the number of persons holding jobs increased by 734,000.

Seasonal

But unemployment last month still 1,800,000 over the gure for February 1957 before the business downturn began.

The Government salu tha seasonally adjusted percentage of the labour force without jobs was unchanged for the third month a six per cent.

The number of workers still seeking jobs after four weeks or more increased slightly 10 1.454,000 or about one-third of all those unemployed.-U.P.I.

Colda

Even the slightest cold:

is to be feared

Do not let it spread ] De feat it from the start- by taking 1 w2 CAFASPINS

GFASPIN

اعسم

FAST FREQUENT SERVICE

TO

EUROPE

and the USA on Pan Am

World's Mast * Experienced Airline

For meervations, cuff your trevat ajunt ar

Phono 1783), Moog Lang

PAN

AMERICAN

beturporated in ske home if Bene Türk, Kled. An