1959-05-19 — Page 9

ORTATION

Slash All Air Fares!

Boac Chief's Reply To

Half-Price Threat

Of Private Airlines

By PETER WOON

THE CHINA MAIL, TUESDAY, MAY 19, 1959.

IRREGULAR MARKET HONGKONG Little Change

ON WALL STREET

New York, May 18.

Strength in gold mining shares and weakness in tobaccos

featured an irregular stock market today.

Trading quieted from the re- cent pace.

Gold issues met speculative buying lured on by higher prices for the metal in London, and rumours, denounced as pensense In responsible quarters, that the US may raise His gold price. Gainz in the group ronged to

thurs Wort points.

four

in

What the bullish element Bked nust

about the market WBs the sloudy decline volume which indicated no rush to rel! un the money Volume was down from Friday

news

|

Colombian Catbon Co. Commerclit Cred! Corolldated Elton

Continental Oil of Del

Crown Zalleyback

Cuban Amer, Bugar

Dibland Alkali

Diamond Gard

Douglar Alterpfl Dow Chemical

hipont de Nemonter Eastern Airline Exaiman Kodak .... El Paso National Gas Tamly Finance Corp. Firestone Tyre & Rubber First Nat. City Bank turd Motor ...... General Dynamics General Electria General Foodi General Motors Gen. Tyre & lubber Gen. Pub. 131.

In each hour except the second | Georgia Pec.

when i resc. The day's total Getty Off

well below

was

volume.

Doterrent

Glidden Ca

Friday's nodrich B. 7 Co.

Grumman Alterati Quit Qui

Hammond Organ

Heyden Newport

Corp,

| Homesiske Mining Co.

Husman Refrig Idaho Power

~HEAPER air services throughout the world will be proposed by the British Overseas Air- ways Corporation at the annual fare-fixing meet-ruled higher. Chemicals Armed Imperial Oil ing of the International Air Transport Association in Honolulu in September.

Panam Leads Jet

Race Across Pacific

PAN

New York, May 18.

Chairman Sir Gerard d'Erlanger revented this when answering crallelsin of the corporation's airlines opposition to private

fares t who want to halve Colonial routes,

He admitted: "We now have the equipment

have and we The

Introduce capacity to

willing and able to do so.

"But

have Wo

been frus truled by our inability to secure the requisite International agreement."

DAN American World Air chomper fares and we are both

ways today soomed to be winning the race for the first pura jet service across the Pacific to Tokyo accord- ing to latest information.

A Pan American spokesman A TURN-DOWN here confind earlier

reporta

from Japan that the airline pian-

14

was known

that Bouc's

ned to start a jet service from { attempt to get the cheaper, the US west coast to Tokyo egonemy service extended from sometime in August using Boeing the Actantle to certain other 320 jetliners, a larger and longer, f routes was turned down by the range version of the Boeing 7074"} majority of IATA airlines at now an use over the Atlantic and meetings in Cannes and Paris across the US continent.

this winter. NORTHWEST

A Northwest Orient Airlines Epokesman said the airline plan ned to start a jet service not only across the Pacife but across the US continent as well-something the Pan American, as a strictly foreign carrier, cannot match- by late 1959 of early 1960, des pending on drivery dates of the Dougles DC-8 jets they will be using

Now it

plain that Bond wants reonamy travel through- out the world and will con- tinue to fight for it. The cor- poration has not always be- Heved so strongly in the virtues of cheap flying.

But Sir Gerard would still fight

warned

he

the plan for

aft-rice Colonial air fares ---which corne outside IATA's Juristletion for two

The spokesman said it was the airline's Impression that reasons. the DC-8 'might be even

FIRST Boat believes such

faster than the Boring 320, services will undermine which-Fanam said would whote

provide a 12-hour service ber structure-In other tween the 1.6. west coast IATA system.

and the Japanese capital.

(imo, it would start a fast TXC-B

J1

C

45 (0.8. Bing Cr

Rubber

GAS. Smelting

Kleel

SE

Steel 7P.C. F

14492

257

Warner Brtis,

A22%

Wa: kerlis Molot

31

Wasiligomir Air Brake

Westinghouse Rlectric

Westen Urich Tel

Winn-Dixie. Stores

431%

5413

amUPI.

44 כני

23014

41

Angersult-fand Interche

int Jet's Tarvester International Nickel International Paper JOLI Tel & Tel

Corp***

201

Machines

547

441

Kalmer Industry

Motors, steels, and metals

after darly Irregularity.

The innin deterrent to the industrial accter was sharp drop in American Tobacco which at its low was of 34 points. There was slight irregularity in the dolin-Manville Go. olle and electrical equipments,

Kansas C. Power Caterpillar Tractor was

Kenneenit Copper Kimberly Claik............ outstanding strong apot. It ross

Liggeit Meyers Tob. Cri up 30 points to a new high at y Tullp........... $10811⁄2 on plans for a 3-for-1 | Lockheed Aircraft stock split and a higher divi-Lews Incorp, dend,

the

All the tobaccos fell with American on further attention focussed on cancer and smoking by a magazine article,

Several special issues had wide declines, notably Zenith which was off 71⁄21⁄2 points. Merck Jell nearly Ave In the phar- aceuticals where Warner Lam- berl yielded three.

Dow-Jones closing averages

Closing Prices

Alden ine. ACT. Allied Chemical Allied Mills Inc. aui Chaimers

Am. Drake Shoe American Airline American Cable

Corp. American Cyanamid Co.

Amer, a Foran, Power

Amer. Nat Gns

A. Gas & Electric

Am. Home Prod.

w

*ight

14%

114

Ine Star Cement Co. Lowenstein & Suria. McDermott J. Ray McDonnell Aircraft

Stuck Exgen.

Minnesota Mining Mtion Development Monsanto Chemles) Co. Montgomery Ward Motorola Inc. National Bigull Co. National Cath Reg. National Dairy Prod. National end we National Steel Corp. New York Central .. Norfolk & Western Ry North Amer. Aviation North-west Airlines Olin Mathieson

Owen-finals Glass

Penny J. C. Co.

(Com.)

Woolworth K W.

Zenith Radio

New York Cotton Market

New York. May 18.

STOCK EXCHANGE

hy

Our Own Correspondent

In London Investment

London, May 18.

Busintes done on the Hong With equities and the London dollar price of gold

kong Stock

Exchange this

morning amounted to approxi mately $545,000. Noon quola- tions and the morning's iron- actions;

Shares

Buyer Sellars

Balea

BANKS

UK Bank East Ala.

0531 -D60

INSURANCES

Union Lombard,

Xp .....

SJUPPING

2016

Waterbout 27.70 Wheelock

DOCKS. ETC. K. Whard. Dock ..... Provident,

(0) ....

LAND, ETC.

3.21

**

D

09 0112

I

100

13

at new highs, and with American Treasury bonds at new lows (not to mention the black market dollar at a discount in Paris), there is no reversal of the mover out of dollars and money, stocks into moro real values,

the underlying

probably permanently.

Memories are

Investment i sormally be settled by further balance between creditorship takings of United Biales gold, Dec ownership has shifted, which might coincido awk- wardly with the further draw- that ownerings on the United States gold und borrowers have scored off slick for lenders and creditors who have Monetary

continuon September. deprvelation of money, which in the worst type of governinental c'efault.

1900 19

100

been balked

200

follo

11.00-11.80 1000 11.70

Cotton futures started the K Holei 215 now week on a atendier | UK Land, 334 33

1000 21.30 个 27.20

note, although trading Humphroys 15.40 15, 2014 15.40 moved along with a slow Really D 105 pace on the rallies,

Abatement of last week's persistent liquidation in the July delivery, and on unterly- aying, but small, trade denmand for new crop months combined

225

21

to reverse the trend.

Cinsing around the day's best j7, levels the list was up eight to 15 points. The market opened

one to four points. up

Orleans closed not unchanged.

RUDEN

A Tasah 3.19 Sungate

C. Light

by

The International Fund quotes In

Handicaps

However, even without for- Exprelations are that people bearance the deficit would not do expect long-term growth lo all be taken in gold. Last year, favour equities and do nut ex-70 per cent of it was taken in pret long-term price stability that form and that was abnor- to favour hands. If people arg mally high. Before the outflow playing with fire, it is the on- became seriously embarrassing, thorities, not the people, that the thited States would pre- lit the inflationary fire.

sumably take mensurės to re- dress is deftelt on current от capital arccunt.

One mny wonder how they can now put out the fire in equilles other than deliberately encouraging them to spark sky | Federal Reserve in doing Itr high and courting a crash.

Forbearance

Unemployment handicaps the

dity, but the tolerance of thin degree of unemployment gives America some disinflationary by Central advantage over Britain.

more In car-making

The U.S. Treasury is in sorte American gold for re-sale in comical dilemmos, which London helps the dollar by have been taken too partentous- restraining the American goldly, Current

2.09

TITIFS

115

Tram 23.00 23.10 1050 r 28.60 Stor Perry Yauma..

100

100

101

Forbearance

100

107

Banks

101 ***

is ism

18.10

2703

In

retrie Telephone

27.00 27.00

*0.80 120 M 20.30 €700 20.10

losses,

1415

New

INDUSTRIALS

27.

321

The

Whitsun holiday

: 10 Liverpool helped 41%; maket activity

at

fo curb

to a degree,

ES

Cernem 302 3112 1000 p STORES, ETC. Dalry... 16:20 10% 400 100 200 16.30 Waten

$14

as also

London

gold

arbitrage parily.

14.00

Lane. Law, 17.43 17.30

AGI ม

500

12.by 17.0

122

COTTONS

Texilles Nanyang.. 2.10

+60 4.50

weather

while other traders studied the

and crop

news and awaited congressional ron- sideration on farm legislation.

24 textile

*C

Optimistic

Optimiste cenunts. from the murkel, where con- sumers have been buying a well variety of constructions

into 1000, again pointed up reports of a broadening mill demand for spot cotton in the south.

INVESTMENTS int. Invest 3.00 Allect H.K.FE.

Invest...

4%%%

Exchange Rates

the local Jone in Business wo* Memphis

accounts said mil

unofficial

ekellonge market this buying continued good Just morning at the following raton: week

booked for U.S. dollars (per 11) p with sales June-September. An Increased Sterling notes per £1

Australian notes (per E interest also was shown in

Indonesian rupiah (per 100).. October/July shipments

Stam icals (per 100) MA

mills continued to sell forward cloth production. Popular quall-

ties in the "free"

slocks are

scarce, resulting in these grades

from Topossessed

Were:

an industrials

633.53

20 rall

(06 22

14 ullies

91.95

Ota Elevators

Ga stucks

218.51

40 band

04.20

Comm. future price index

251.04

Oxford Paper Co. Pacific Gas & Elec. ... Pan American Airways

31

Paramount Pictures

Parke Davis Co.

4122

# 32%

Pena. Balt Co.

89

Philip Morris

42

Pitney Bowes

(new1

SRI

30

Procter & Gamble Co.

314

Pittsburgh Plate Glass

Publicker Industries

11%

Radi

Pure O......

Radio Corporation

BOU

Goth

Radin Curg, Pret.

17

194

Raytheon

คา

83%

Republic Steel

11

Reynolds Metal

E

American Smelting

Am. Mach. Fury. American

Males

152

Bears, Roebuck & Co.

です

2714x

814 Shell Oil Co.

40%

Safeway Stores

International

the rate words, the

Am. Sugar Tet.

3514

Baint Heg. Paper

American Tol & Tel

2441

Beherley

23

American Toh.

""

Scott Paper

2015

being

Anaranda Copper

OF

Sinclair Oi

02.

government loan.

Arco Strel

Smith, Cline & French.

JEEP

Armour

1214

Sopony Mobil Oil

442

13

Solar Astall

Baltimore & Ohlo

4419

Southern Co. The

Bouth Puerto Rico Sugar

(generally

infrequent

once

Benefizial Finance

2312

Southern National Gua

*

Bendix Avtalion Corp.

87

Standard Brands

Benguet Cons.

Bethlehem Steel

02

Boeing Airplane

2012

Borden The Co

Ateel Co. of Can

Belt. Amer.

Ou

Burroughs Adit Machine

170

Sterling Brug Co.

Stokely-Van Camp.

17

Calif. Packing Corp.

13

Campbell Soup Co.

Flone & Webster

AR

30

Canada Pacille R.

29

Studebaker-Packard Curv

Sunshine Mining

ΠΙ

Cam (J. 3.) La,

221.

Swift & Co.

300

Cat. Tractor

113

Texas Co.

!"

Textes ine.

2332

CIT. Financial Corp.

AR

Thickpl Chem.

357

Chase Manhattan Bank

1810

Tide Waler Aun, Oll

261

Chrysler Motora

› Met

Time Ing.

59 Y

Tri-Coat, Warrants

20

11512

Twentieth Century Fox Film

Lion Childe

1442)

Unki O of Cai,

401%

Union Pacifle alway

33+

ans

1129

Northwest suld, in the mean- | A DOUBT

service between New York, SECOND the Anchorage, Alaska, and Tokyo Services

that would take SOME nine week or once a fortnight) pro- hours less than any other com- [posed by independent operators petitive servles at that time," Engle. Hunting-Clan, art Air- He said the west-bound flight work, enabled them to propose wild be some 25 hours, the much lower fares thun Boac

could now afford. east-bound about 23. BOAC

Says Sir Gerard: "WC whether they could in British Overseas Airways has doubt been hampered in its efforts to any Kaš be sustained for

length round-the-world com-any

time. hitution pore jet and prop-jet certainly could not survive the that would Include į coming af independence to the service Tokyo. Its application for a various Colonies, which would Britania prop-jet service frora bring them within the scope of New York via San Francisco, international

services subject Honolulu und Wake Island 16o entes agreed by the Tokyo has been hanging at the Palionai nirlines in member- Civi Aeronauties Bourt Inship of IATA.

start a

Washington.

At present. Boar

of

They

inter-

£ 150

nying Into Tokyo Vin the THE EXPENSE mid-east and Hongkong using "We are spending Cumat Jets.

million on British ulrcraft. We must justify this by

A spokesman for Boat hert

Its west-bound lights to Tokyo

—the medium range Comel on What Bose's chairman ignores because of the great distances is the private uirlines' argument Involved. In December, Baue that they will create a new closs will take delivery of its first of air traveller and not poach" Boeing 7078 powered by Rolls from Boac.

Royer jets. But these will be

used first on the Atlantic run,

sometime in March 1900.

JAL

As more Hoeing 7075 are

Build Cunard Ships

available, Banc wil! use them On Clyde Plea

on

Lie wist-bound

12:11

10

Atina Cook Mining

Baldwin-una-Flam.

Cetinere Corn.

Elitelt Peabody

Colgate-Palmolive

CHATTER ON WALL STREET

גיד

Southern Bellway (Com.t

Standard Ois et Cal

Etandard Oil of Ind.

Standard Ol) of N.J

United Altcraft

finite. Fraft

United Gas Corp.

UR. 71 "B" V.B. Cypnim

Yesterday's Closing

Singapore (Siraits)

the

CITY LIGHTS):

The certificated' stock today totalled 53,521 bales.-UPI.

GE In Japan

General

New York, May 18.

Electric Co's Inter- Unticnal Division today an- cuneed it has licensed Tokyo Shibaura Electrle Co Ltd to manufacture its transistor certain electronic radios and

under the GE

eemponents trademark.

W. R. Herod, Interna Uonal General Electric Co. President,

kald the arrangement will augment IGE's current produc- fun and give at 0 broader coverage of products. for mor kels oulade the U 3. and Canudu.--UPI.

6.32

15.0G

12.18

8.40

26.45

1.01

"What's this - another take-over bid

Zonden Express Stroke

COMMODITY PRICES

SUGAR

METALS

Quality stocks, particularly

in stuels continue to of tract substantial buying, Bache & Co. notes, adding that such leadership is likely to result in exten- alan of the forward drive. General Cable are estimated ut $3 to 93.15 share for 1959 and could Increase to 85 in 1900, according to IRA Zinup! & Co. The compuny earned 32.17 in 1950.

Van

匙 Co. Styne, Noal Scottish Trades analyzing

the

Ce. Marlin to start a jet service on its Union Congress hus asked estimates 1950 earnings at $4.50 Pacific route to the United for a firm decision that the share against $4,01 in 1958. Domestic No. sugar. rutures

catct plans have two new Cunard liners to re- States but

Chemical Week, in a survey closed one to two points higher Coppar not been formulated

on the fulphur industry, fore with sales of a contracts. yet.-UPI.

ploco tho ships, Queen casts over-supply at the year Elizabeth and Queen Mary, end, but holds prospects arc supply. will be built in the Clyde good for long-term shipyards.

demand balanco,

Tokyo - dependinit, of course,

on whether CAB ilyes its per-

mission to operate the roule vi

the United States,

Japan Air Lines also

Russians To Use British Air Aids?

plans

London, May 18. SPOKESMAN for the British Decca Navigator Company stated today that the Decca navigational Rid rystem was being fried out aboard two Soviet TU-104 jet airliners.

Dunoon.

THE Goneral Council of

the

IMPROVEMENT

No. 4. sugar futures

**NEW YORE

NEW YORK

World

Closing prices were:

closed today unchanged to three points lower with sales of 107 contracts.

Lead

May

11.636

July

11:00

Zine

MAY

10.301

July

10.620

May

July

·Contract No. 4 (world)

July: 2.01; Sept: 808; Oct: 2.08; Jan: 37: Mar: 3.07: May July: 3,00; Sept: 211; Spot-teents Dar ib. fob Cuba): 22.

July

308;

Open interest; 8,026 confracle.

Contract No. ́0 (domestic)

Standard & Poor's finds con- tinued strong improvement in demand for industrial chemicals

July: 5.83; Bept: 5.55; Nova 637; Mar: 8.00; Spot-ternts' per lb. elt J3 likely Over the coming NY ex-duty: 3,05, months, with 1050 rising some

volurna Open trilaren 4,237 contract.*- 10 to 12 per cen! (UPI. over 1958; further gains ex- pected in paper production in the coming months; capacity not output indented for rayon and

to aceiate yarn.

Value Line holds that after a Wago settlement is rouched, the

two

A statement issued hero after the council's annual General mcing said the

shipbuilding industry had been in tha Coldrum recently with the re- contion in order for new ships and "powerful competition from Germany and Japan."

"A firm decision to proceed with the bulding of the There were pood chances, he new Queens would give

the Russians would only a said, that

psychological boast adopt the system. "We hope Clydeside, but it impact оп to know definitely this week", the other shipyards of the in- ho sold,

dustry in Scotland should be steel companies may enjoy their British newspapers had re-immense," ported that the Soviet Union The statement pointed out describes the aluminium In had decided to equip its civil that almost one in 10 of the dustry in a paradoxical situa air feet with the Decea naviga working population of Beotland on-demand and output up tor and to inalal Deecu naviga- were employed in shipbuilding but companies unable to frana Sarzada fional aids at ita airports,...) and its ape!laries.-China Mail | laße įreir volume expostelgan its

Special

to higher earning)--UPT.

| best 10 months "in" "History";,

TOREIGN EXCHANGE

NEW YORK

חיד

440***

31.47

101.80b 101.000 -UPL

RUBBER

SINGAPORE

Blanket crepe **** 03-21

No. 1 pale "crepe

NEW YORK

103-105

Rex rubber futures today closed 50 points to 16 points lower with sales of 10 contracts)

May: 34.50: July: 35.90; Sept: 35.40 Del: 34,30; Jan: 24.50; Mar; 14.30; May: 3430.

-UPI.

COTTON

NEW YORK

Prices closed today as follows:

Spot: 38230; July: 2463; Oct: 32.00; Dee: 22.10; Mar: 3301; May: 33.18: July: 32.78: Oct: 3130.

NEW ORLEANS

Prices closed today as follows:

Spot: 24.60; Juty: 54 83; Ost: The market was down on 22.73; Dac: 11.09; Mar: 3100; Mayı

35.10) July: 12,78; Oct: 31.29) disappointing overseas advices and eased further on very quiet market.

Futures:

Closing rates were:

No. 1 rubber per: 1b.

June July No. 1 rubber per b.

June No. 3 rubber. per 15.

June No. 4 rubber per lb.

1009-101 3001-100

€9.99$$ 300-15-10035

England wette Pl

Boat rubber unbalad .......

100-101

BAO PAULO Closing futures prices: July

Mar May

04.70 1024 unquoted

In the United Biatas, the averato price of me-inch cotton at 14" designatad, spot markets was not availablo.

Total sales were 14,191 bries: --UPT:-**

may

ols- bond yields jeount as inuch monetary crosion The need for this forbenrance as may be coming-remember- Is a poor advertisement for the ing that rising productivity deliar,

Is the rise in should rationally menn falling

the prices. above

The current fashionable objective of stable prices and If the Americon external incomes rising with productivity. -deficit continues at any such is itself inflationary, but good rate as five bon dollars a enough for bonds-China Mal year,

U

parl

uf

would Special

PO B•I

B•I│E&A

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N, CO.

OUTWARDA

"CARTHAGE" "COROMANDEL"

LEAVES UK.

Salled 29/4

DEE JK,

1st June

2nd Junp

10th Jung

10th May

Ard Jyne

Sailed 14 Salled 12/3

"BUBAT" "PINJARKA" "CANTON" "SOUDAN"

"SOMALI"

TOMEWARDS

"CARTILAGE" "CANTON" "FINJARRA" ± "CORFU"

29th MAY

9th Jenn

LEAVES HH,

& pat, 6th Jane

5 p., 6th July

Spam test July

2016 June 3rd July 71 July 18th July

DUR LONDON

7th July ເປົ່າ Aug.

17th Aug

5 p.m. Mat. July · Jst Rest. Plat.dept.

1 p.m. 18 Aug.

"SOMALI" *

"CARTHAGE"

"SUNDA"

#

& p. 28th Aug.

28th Sept

3 p. 17th Sept.

21st Oct.

桕

Via S'pore, Finans. Colombo, Bombay, Aden #Pt. Bald. * "80MALI" emite Colombo and Bombay and extende to Hamburg, Rotterdain & Antwerp.

+ "PINJARRA" proceeds 'pora, Aten, Bald

London, thence to Hamburg, Helterdam # Antwarn.

BRITISH INDIA S.N. CO., LTD,

1944 que_unt Alty from Calcutta Chilla

"KON ."ITAN QUA de "Straita Walls 2411: May: for Japan

dre Ke June from Calcutta. Rangoon,

Pennak & dingspore salis tih June for Jup

P. GO./B. L. JOINT SERVICE "OZARDA" Que 20th May from Karachi, Bombay,

Corbin, Tulicerin Ring@pare

salis 27th May for Japa

due 7th June from_Japan katle pili June for Singapore, Bombay,

Karachi, Dubel,

"BANGOLA"

"OBRA"

"OZARDA”

"OLINDA"

*

*

*

*

+

&

*ર્ચ-

welt, Bozrah & Khor- ramshahr

dos 24th June from Japan

Kalle 25th June for Singapore, Penang,

Madrei. Cochin, Bom boy & Karachi

due with June from Karachi, Bombay.

Cochin & Singapore Bile 13th June for Japan

EASTERN & AUSTRALIAN 5.5, CO., LTD, "KAKMALA" fonds et May

"NELLORE"

sails Stud May for 5ymnay & Melbourne DIRECT

joada 21st May sxile 23rd May

for Labuan. Sandakan, Brlibane, Sydney, Mal- bourne and "Adalate

All vinela HAVE NBICIty to call at any parts ** or all the roule à the route à sailingw are subject to change or amyndgang with or without messes,

Fa full particular, npply du MACKINNON MACKENZIE & CO.

DE HUNG KUNI LEO,

Telopânăr lius. 766714.