1959-07-16 — Page 7

Russians Want To Expand US Trade

New York, July 15.

A top Soviet foreign trade official said to-day that the Russian trade mission here currently is negotiating deals with a "big number" of U.S. firms, but declined to disclose the names of the companies or the types of goods involved.

Deputy Foreign Trade Mini- Bter Mikhall R, Kuzmin also disclosed that he recently held discussions lu Washington with Treasury Secretary Robert 13. Anderson on U.S.-Soviet trape problem:

11

Kuznia relused to be down out on the nature of t eusalens other than to say was a "useful meeting," and that there are till many problems to be solved."

He said the Soviet Union Enkicum for expanded trade re- Jations with this conantry "with- culty

restrictions

dis- edmination,"

EXHIBITION

OF

He damned Fast-West trade The at a news Conference at Coliseum where the big Soviet exhibition of setence, terinologs and culture is on display.

The Soviet Minister declinest either to emfirm up copy a tes port that a group of 0.5. Stel) Companies ha concluded four year

pur agreement to chuse 350,000 tons of Russian chrome

return ore in

for Dunialsed Auto body sherts,

į

"Kazonu 'saki, however, fui "Is in a position to seli cheme are und has no objec tien to buying mito body she is." Ro Logged off from revealing the names of the U. S. concerns. involved in trade negotiations Do the round that the talks all in plugress and that he Las 10 Previved permission To the Soviet missión's "trade pratizer."

INITIATED

THE CHINA MAIL, THURSDAY, JULY 16, 1959.

Erratic

Movements

In London

London, July 15. It was a day of erratic movements in London stock markets today and after giving pro- mise of a

return to firm conditions, the move petered out, and by the close much of the ground was lost. Ci-ciged, however, remained An on investment Zernaud and some good gains WATC

Bath 161khed.

Prospects For UK's.

Overseas Trade

By JOHN KINGSLEY

The latest U.K. overseas trade returns are highly encouraging,

The

After a

Page 1!

TRANSPORTATION

sudden big improvement in April (from a monthly average of £264 NEW YORK TO

million in the first quartor to 2206 million) exports showed a further Advance in May (to £299 million), thus, passing the previous record month of May, 1957.

rise in April and May Indicates a complete reversal of the provious. trend. In these two months taken together, ex- ports were 18 per cent higher than the average of the first quarter and 8.5 per cent higher thun

a year earlier. This in- create has helped to offset the decline in the precrtling eighteen months.

121

in

The expansion of U.K. exports has added significance in that it recovery in is part of a real

the Foreign bonds were quiet and world trade. Exports of

malo Industrial countries Greeks further limproved.

Europe Increased Western April at about the same rate as these of the UK. This re- expansion of international trade, earlier than most which caus qualified observers expected. Is a hopeful development for the whole work and not least for the primary producing umuries. Thre enn no longer be any

Thak doubt

the international 1957-38 is over-

срп

B indicated that American have initiated offers for Treasome cases."

The Trade Minister predicted | that Boylet foreign trade would dad y 1965. He raut the

Dollar #curities made adsé vaduse of trade In 1957 excerts ¦

following the worldogress al $0,300,000,000

nght rallies

Wall Street. prices.

Fir noted that Rika has

Steel har

opened her but Inter kunehod its Jew seven year the trend was reversæt

Sen telling that this plan wh and most prices were lower on

balance, Se necomplished by utilising the crantiy's

internal

resources, and those persons who think that we shall not be able to ful- this plan through our own efforts are deeply mistaken.”— UPI.

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THE PEAK

One two-bedroomed fat with with two open verandalis, Conveniently located

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REPULSE BAY

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Further details of these and other attractive offers from

THE

Hongkong Land Investment

& Agency Co., Ltd.

Gloucester Bldg., First Boor

HONG KONG.

131

(Agency Lettings)

Tal. 24228

Kemsley

but inconnu, Slors came back

were t Kemsley newspapers, agal a prominent festur in front of today's board ravering and most of the leading stocks mcted and closed zung Insurance on balance. shares

however, were while olls moved Irregubri.

lower

ןודנו!

Expansion

Gilt-edged feel the overdraft

2600

2400

OVERDRAFTS

UK IN A DAY

BY BOAT!

Washington.

THE Maritime Administration last February 1. awarded a contract for the design of a radically new type ship that will skim over the waves at thrice the speed of ocean liners. Blueprints for the vessel, a hydrofoil, were to be completed in nine months.

Last Saturday Interior Scera-

tory Fred A. Beaten

INVESTMENTS

the

2000

1958

:59

D

M

One reason why Glit-edged have been looking friendless of Inte is because the big banks have been increasing their ending on overdrafts. They have been selling Gills to help And the mones. This chart shows how the banks invest- mant Tave been going down as overdrafts have gone up and ap

London Express Service

In the UK industrial expan- cich is strongly under way as the latest data amply demons- trale. Industrial pruchration exceeded the previous peuk of For April and May together, por September 1957 In April and un-bowever, they ware four employment fell back to, 1,0 per cent higher than the monthly cen June while simultaneous average of the Arst quarter and Gold Shares met selective

malatained a seven per cent higher than a demand At Arst retiveting they the country I quarterly reports but best prices

year earlier. In spite of the rise in commodity prices, Import were not fully held and Insees

prices have not yet gone up. einse. predominated t tho

is no

since surprising This Coppers were firm. Router.

changes in world prices usualty take several months before they affect import prices. In addition, prices for imported food did not fall so heavily as those for

HONGKONG STOCK EXCHANGE

satisfactory balance-of-payments surplus of £78 milk in the Best quarter (which does not of include the high exports April and May), Sunilarly, r0- newed expansion has begun in North America and in western Europe.

In spite of the full in conima-

Duluth,

told

New Aircraft Lift

Minnesota, audience Thrust Engine

Commerce

Department

plans 10 build the ship within a year and that it would

from New York to England

overnight.

hours.

HYDROFOIL

Ho apparently

fire details of a now

Bristol Siddeley, project,

VTOL'

and STOL

mennt the vessel, if it proved the DE $3 lift thrust engine up to some expectations, would were announced recently, it make the trip £1 about 24 makos possible the design of very high spoed aircraft both with When the Maritime Adminis-characteristics. tration announced the design contrael, It said the hydrofoil Providing bath direct lift and might travel three times the thrust for forward fight, the speed of current accap vessels, engine has an extremely high 1038 $150 million, Most firs: quarter

trans-ocpan ships now thrust/weight ratio, higher, says frat quarter 1959 $180 million),

the announcement, than that of travel about 25 to 80 knots. which should continue in view

If a vessel could speed along any existing turbojet. of the increase in the resources

01 75 to 90 knols, it would of the World Bank (as well as cover the 3,100 nautical milo thase of the International Muno-distance from New York to are both provided by the same Tary Fund).

England in about a day and a engine obviates the need to carry

The night.

deadweight of vertically

110ing Scaton

powerplants sald the plannect mounted hydrofoil would be on 80-ton which are used only for take-off

and landing. craft. It would ride on a wing-

A ducted ko structure called hydrofoils. the BE 53-which has a high fan engine such as The hydrofolls resemble air-

by-pass ratio-is capable of a

Steady Increase

All this points to a steady, though perhaps not dramatic, bi- The crease in U.K. exports.

.. is likely to hold its own

Bristol'a say the fact that direct Uft and forward thrust

aily prices and the consequent materials and are now recover-n the face of strong compell-plane wings but tre smaller, As better speelfie fuel consumpin

gridary

couries producing have been much less hurt by the recession than might have been expected. This was large ly due to the continued inflow of capital from the industrial countries, in particufur the U.S. and the U.K.

Of

There was no sign among private investors,

1150

BO

tion, and its delivery dotes are ship's it position of a number of primary tow much the came as those of forward, the hydrofolls lift than a pure jet engine, without producing countries, particularly other countries. Much depends At top spood, the craft rises so suffering from the high speed

on the pace of recovery in the

the high out of the water that only limitations of

propeller the hydrofoils and propeller re-turbine. in the Commonwealth, has al- ready improved as the removal rest of the sterling area,

The U.K. accounts for 10 per

main submerged.

the new eng, the gases ure direbarged through outlo's Import restrictions (e.g. In

cent of world trade, but for 33 ATTEMPTS

lift or forward New Zealand) indientes,

the trade of the per cent of

Several attempts are being to give either Quite upart from higher prices, rest of the sterling area, It is

The outlets are made to win congressional ap~ thrust. U.K. imports are bound in ex-

to the UK's advantage over

proval to

Italian-built arranged as to give any com- of the in- pnie pand in consequence

two com" between binatkm of these demand

bperiod that the earnings of the hydrofoils for survico enused

can also provide and creased

conicles, US. producing

ports.

Congressional apponents, and

to give braking proval 1s neoded because forward thrus!

the alrcraft is will strengthen the purchase wealth, should especially the World Bunk,

expand so that foreigny-built ships are barred effect when stepped up their activities whilst power of the primary producing

pur- step up their

from the eastwise trade under lending.

The engine's take-off thrust 1s Business dene the Hang-the International Monetary countries for U.K. exports. The they can

U.S. shipping lows. (Nons are

of the same order as that of the kong Stock Exchange

the this Fund assisted number of underdeveloped countries have chases. In turn, the greater the

yards at

Olympus and the specife Riel overcome short-so had the advantage of the export earnings of the U.K. arg, bullt In U.S. morning amounted to apparoxis countries to

more it can invest abroad, moment.)

consumption at cruising thrusta Now

mostigher rate of tending by the the

fzi the Common- mately $1,170,000. Norm qunta terin difficulties.

Hawali hope to

is low. begun World Bank (disbursements 1857 especially tions and the morning' trans- commodity prices have

between ing- actions:

OUT.ON

„Görrespondon)

2K Bars Funt Ai

ABITES. Buyer Sellers HANKS

Sales

145 1237 916

R

INSURANCES Union... Lombard

SHIPPING Wheeleks

3.40 0.4 29006 40

the international institutions,rling activity, and this increase primary In

particularly the Common

41

to recover and the positium of $410 million, 1058 $511 million, wealth countries, LPS.

the primary-prodateing countries is Cmproving.

The problems of these coun- tries are well understood in the U.K. The British Government avolded the re-introduction of quantitative Import restrictions thuring the years 1985 to 1957 when it had to adopt a policy check ut restraint in order to inflation and create

il sound foundation for renewed growth. Since the second half of 1957 the UK. has been benefiting This 100 43.50 from lower Import prices,

the stable 2004 as contributed to

3000

1,40

2004

6.4

350

0.43

1000

8.45

A British Crossword

Puzzle

DOCKS, ETC. K. Whart Iber

103

105

43 434

5

Provident..

**Tatkans

321

16

20

22

福龄

127

128

30

વ

LAND. ETC.

TON 134

125 43,25

13.60 12.70 DEO » 12.50 price level over the past year,

HK Hotel 38.20 29.00

JK L.. 3524

114

Humphreys

Beatty

RUDUER

ANIUM

A. Tawah

Tret

UTILITIES

Prass...

Star Ferry Yaumati

C. Ligh

Electrle Mincup E.

XD ... Telephone.

15.20

125 / 12.0)

40

32

100

32.25

1000 ... 23.10

2000 26.20

500359

Por a

1223 1.05 TEAK 1.09

2.57 24 12033 10 2.00 2000 21

3.2 5.275

3.423 000

29.94 29.50 1933 23 20

124

114 TE 300115

18 20 130 21 11.30

OTKA #

(2) 23.4

which in turn has assisted the new upturn of UK. exports.

Underdeveloped

It developed countries have nol

Trouble Ahead

For The

American Dollar

By SYDNEY GAMPELL

London, July 15.

IF anything is to stop Wall Street's

galloping and put a

crimp in the

is true ibat the under- American and world business boom, it will yet tuily made up the losses in be a dollar crisis—not a crisis of the dollar's earnings which suffered collapse but internal crisis rotrenchment

they

through the recession. This is

reflected in the fact that the re- cunt growth of U.K. exports was mo: conspicuous

measures to avert one,

western Europe. But exports with its balance of pay to the primary producing coun- ments in deep trouble it is tries are more important to the losing too many dollars and UK than they are to any other suspiciously too little gold.

The self-denying Last your Is shipments to

of the other Central Banks thun were more than half as refraining from taking United much as those of the other 18 States gold has become rather OEEC countries together.

country.

ordinance

Unlled

Interests in

use the Italian craft for hulug Vertical Take-of Or Land- passengers and cargo islands in the new stale. Recent- | Langing,

ly a hydrofoil ferry service was

opened between

Puerto

Rico

and the Virgin Islands on au

"Short Take-of

experimental basis, melting the Revolutionary

45-mile trip between Fajardo,

Puerto Rico, and St Thoman Overhead Railway

nhout an huur. This almost

WES an Italian-bulit Service

boat.

some

opened because smurt lawyer noticed the Virgin under Isinn:dy is not included

1pws the coastwise shipping even though Puerto Rico is.-in UPI.

Transistorised Harbour Buoy

London. CONSERVATIVE peor, Lord Hawke, has asked the House of Lords whathor the Government know of the claim by the Southern Rhodesian Depart- mont of Engineering and Construction that its en- gineers hava inventod 0 revolutionary overhead rail-

Bashing lights on naviga-way.

tion buoys In harbours can

be controlled by means of

1

He urged the British Govern- vibrator system with no moving ment to test the system in Bri- parts and very small power retain. States external quirements by means of a new For the Government, Lord trade with The trouble is not that the

system which has been deve Bathurst, Lord-In-Waiting, North America (UK, exports to the United States is losing tal balance but the people in

Commerce, [loped in Britain.

cald It was interested in any the U.S. continued to rise even too much gold, but

the Department of that

The oporation of the system transport developments, and the Why compile the balance of during the recession) and with

yayments, themselves seen to depends on the use of special Minister of Transport was con- whether its purely ex- Iree-running multi-vibrators sidering information about the eit

multi-vibrators system which had been made linked to a series of switches available to him, teal working will do the trick and bi-stable chicss is allowed to wreak

and amplifiers

Lord

the Hawke, wanted rome internat retrenchment too.

It uses considerably less power Minister to undertake carly Retrenchment

to operate than the conventional publication of details about the. Any dosage of Internal ro- motor-driven flashers at present system which, he said, was liter

other American business controlling

navigational opening up the great spaces of Stret and whereas its exports to the whole transparent and there may be recent would catch Wall in use and could be adapted for ly to be extremely valuable in too many of them keeping it up already vulnerable to a drop in Gids which ure intermittently Afrlen "wlih all-weather tears- world were just below one-

London does not yet get offer stockbuilding demand

In operated, such as anal lights in port and third of theirs.

of Aerican gold from

lighthouses and light vessels, Lord Bathurst said that ayall- Central Banks that do not mind

those reder avdrimentidenand

In the conlug your those two and for for signals. This has able detaile were-at-presont- for the UK.'s' overseas trade is offending Washington for resale

be fully $33,000 been developed by the National very sketchy but the Minister sectets may that exports of engineering proto others that do, but as

the

Research Development Corp., 1 would be fold Lord Hawke's in the than million less

post ducts were 14 pur cent higher in 2500

latter are willing to pay a fe

Tilney Street, London, W.1. views. April-May than a year carlier 5:00.4 16.00

year,

17

more than the American price

A capital goods boom is eventitally mny

ecming, but I can hardly come tast endugh or big enough offset drops of that magnitude.

In Geimany which has been the United States In

15) 1333

20.2 20.40

$.CO

2 10

200 28,20

1003 20

200

29.10

1730 - 28

100

23,10

INDUSTRIALS Derien!

www.

243

50 4 31,15

800 34.35

500 35

Metal

STORES, ETC. Dury

$.499 1.53. 2333

1.30

.

18.00

17

10.70

DOWN

I A le bit off

(5)

the cours of

Wuindel

34.70

1. Craw.

10.00

10 00

Fracked?

Sumise (5).

COTTONS

of the regiment

6 Jungle klog (4).

Textile XU

0.33 Nanyang... 10.00 11.20

4000 0 0% 4773032

6000 11

100 út 10.10

INVESTMENTS

look at her,

Ailled ND .

0.40

4

500 ** 0.40 10004 0.48

4.20

10,70 11

ACROSS

3 Enger and excited. (4);

7 Game of numbers (5).

& Sour to taste (4).

Inclination

(4).

10 The pride

(7).

12 Bird found in Lucerne (4).

18 Convulsivo action (5).

10 Not an upright entálégue (4).

10 Intrigue (5).

21 All the best (5).

22 He raised Cain (4).

23 Run-aver (5).

28 Beramble (4).

20 War-fects (7).

30 Nolice visually (4).

31 Ananias (1).

82 Such rivera

2 Money down? '(7),

Spectators (1).

0 Nusly child (4).,

11 Spili (0).

13 There's some at the top. they

say (4).

14 Silps up (4).

16 However you

she's a lady (5).

17 He has something coming to

1 (4).

18 Resis on falschoods? (4). 20 Allment (7).

22 Bright and breezy? (4)

risc at their 24 Quick (8).

meutha b. well as their Fources (3).

33 County in Slumberland? (4),

35 Santa's other form? (5),

27 The military, perhaps,

munitions (4).

28 Plant (4).

YESTERDAY'S CROSSWORD-Across: I Create, 2 Amid,

a Robes 10 Bacon, 11 Aids, 13 Volunteers, 15 Otto (mm),

18 Toot, 19 Seven Dials, 22 Hair, 24 Being, 25 Brid, 20 Fern,

27 Sitter. Down: 2 Rebel, 3 Arson, 4 Emblem, & Macaron!,

o Wind; B M«rt; 12 Shows, 13 Velch, 14 Uttering, 17 Oslor, 10 Dalgns, 20 Popii, 21 Agilo, 29 Abat.

2

in

..& Invest.

XR&D. 11.00

Dont's

1 ......

GOU

One very encouraging augury

(well over the average increase

6:00 18.00 of 8.5 per cent). This Indientes ch 700 10.00 that a real recovery is under ceme. 2000 10,3 way. since decisions to buty capital goods cannot be made suddenly but must be made well

3000 11

Exchange Rates

offers

Gentlemen?

If any Central Bank that is getting more dollars than itud

Total Tonnage Of Holland's Fleet

in advance. On the other hand, knows what to do with does, the cyclical recovery and in the textile exports have remalud decide 10 arbitrage American famine price market for THE total tonnage of Holland's flat. It is likely that the growth gold, it might even contend for quilles, the stock exchanges merchant fect rose by just of exports will continue to be the principle that the interna. have turned leat rapturous, over five per cent during 1930

ค If Wall Street does take to the present toul of 4.6 million be run on an old boy basis of this, it might be rationalisable | tons,

the Although

increase us on overdue. technical Eenurmenly forbearance

with the world tonnage was relatively more than, as has been learned relion connected

based on capital goods rather

than consumer goods in view of the primary producing coun- tries' desira to build up their own Industries.

Adaptation

tenal monetary system

Ganpat

any

cor

Lord Merrivale zemurked that B Scottish consulting engineer had designed an efficient over- head millways, and that a French company in confection with the French Government was build- Ing a fost line for an overhopd railway in France.

Lord Bathurst Bald that a neno-rail company had done this and he understood the scheme was about to be tested,

China Mall Special.

Krupp Supertanker

this year, the City of London turning point in profit margins | greater,.namoly seven per cent, the Dutch merebant fleet re- as well as in inventories, can be run that way.

The chalinan of the Comell mained the seventh largest in With the progress

Intrinsically, the dollar is im- el indus-

of Eronumic Advisers had the world, The average age of trialisation, the underdeveloped mensely strong but the reassis countries will be able to import for thinting that the Aireran warned that the recent rise in Dutch ships is 11.0 years, com- SSO BREMEN, a Krupp- resembles past nared with the world average built 47,000-ion supertanker, higher quality goods and, though external deficit may require the labour costs

ut. Brencis has been launched perlode in which America hal of 13.7 yours.. this may require adaplation by medicine of internal retrench-

Those particulars, published for the German Esso afliktas. UK, industry, it wil riot impedemont are that, of the two ex-olther price increases or

pf She was built at the yards of alternativo LASTERS, squeeze în profits,

by the Control Burcou is the growth of trade.

Ay both Washington and NewStatistics, plso show that 10 per A. O, Weser- member of the U.K. fimporia bogan, to rise money policy seems inadequate

Holland's convinced that the cent of again in the closing months of while external retrenchment York scen

prosent Krupp concerna port of a Past year and czelinued their and liberalfan would

was built programme under which German make dollar could not stand another merchant tonnige Sterling notes (per £1

1263' growth in the current year oven matters worde.

pride spiral, the alternative of before 1040, 21 per cent during Esso has ordered three tankers Australian notes (per £1)...

tons, four at 47,000 Jadonosi rupiah Iper JOD) 1.

and though the figures for May The transformation of money a prostoqueeze in that much the war and 61 per cent since of 80,000

teng and two of 73,000 tons,i, Hans ticals (per 100)

the 'aver. i plona were aburmally low rates had undoubtedly helped keller-Ching. Meil Epecial; ****

الجرعة nor

Business was done in the local

exchange market morning at the following "fatest 17.3. dollar per $1)

***

Dingapore (štrulla) patak

0.76

15.07

20.00

tornat

n