Page
THE CHINA MAIL, THURSDAY, JULY 23, 1959.
DEFLATION IN
IN U.S. IS
Industrials
Up To
Shoot
New High
New York, July 22.
Industrial stocks shot to a new all-time high today
on increased volume.
Individual gains in the main
Jynolds Meizi
*** ran past four points Royal Bank of Canada
some pivotals as the market slaged its acond sharp rally in
row,
The advance in the past two BORBONS has added clone to $4 billon tu market valuations, with most of the major groups participating in the resumption of the summer rally.
A few
issues slipped frun their highs for the day near the close but this had no effect on
the market in general.
Today's volume was 3,310,000.
Ur a total 1,245 issus trude:1, 509 were higher ind 414 lower.
American Exchange volume
vos 1,570.000 shares.
Bonds volume
$4,000,000.
|
Bern, Norack & 25.
| Step Oil Co. ... Suteway Blues
Sium Reg. Panee Scall Paper Selentes Inc.
Sturlair Oi South, Cline & French Sony Moll Olt Soler Aircraft... Souls Puerto Rico Sugar | Southern Cu, (THE)
Southern National Gam
them Railway Com} Standard Brand Standard Dil of Cat Stamford Oil of Ind
| Stomidare! Ost of
Sterp Rok
Sterling Drug Củ.
Stukidy-Van Canits,
Sterne & Webster
Texis Co
Dow-Janey closing averages | Thakoj Chuso.....
werd;
20 Industrialn
167.89 Twentieth Century Fox Film
401
UNCALLED FOR
HONGKONG
STOCK EXCHANGE
Our Own Correspondentes
By SYDNEY GAMPELL
London, July 22, 'Mr' Bernstein, who was the brains of the International Monetary Fund until Per Jacobsson got there, claimed that "there is no convincing evidence that the United States is pricing itself out of world markets," and that deflation in the U.S. "would be unwise and is uncalled for,"
"The U.S. economy is about faclured gooda exports. of have risen 20 per erat in the as free of inflation' ns that of several other major Industria) East four years) presumably Any other great Industrial | nations have been foring_better must carry at least part of the TAM Business done on the Hong- | country,"
thon those of the United States. responsibilily." 10hong Stock Exchange this morn- fle displays int the U.S. "Tosonic extent, the mis- There is no fire or alarmism. sing amounted to approximately share of world exports of manu-givings concerning the com- Despite some abnormal oil in- 37.2004,000. Noon quotations and | factures, excluding Germany politiveness of our Onished parts to forestall the quotas, the morning's transactiona; and Japan, was about the same goods exports are confirmed by the ratio of total imports to Xltures Tinyers Sellers Halt in 1958 as in. 105!, Imports the developments in our unport gross national product in the BANKS nik Bank
have been
falling trade. Ketting a
Most significantly, im-first quarter of 1859 was about Fether than 12 rising shire of ports of finished goods did not the me af before the the U.5. gross national pro- decline during the recession ppd i cession." duct.
#12
3/1 XD • 0271:
$30
Fat: Ara
2012 INSURANCES
ידה
Uniun
132
...
33
Lombard
SHIPPING
WaterboAL.. 23.10
6.
30 23
20
and
500 # 65
00 / 63
200 44
Humphreys 10.70
1.375 3.00 14000
Ainsi
***
30
30
55
тья
St
Wheelock
491
DOCKS, ETC.
501
K. Wharf..
4.43
105
12
Dock
4314
300 14
J8
Provident
12.00 13,70
230 12.70
BEB
Sixlebaker-Packard Cory
11
LAND, ETC.
Hotel
20.10 28.30
1300
21.20
Sunshine Mtindo
7
DOD
211 2
amounted to
Swift & Co.
16
Hi Land
3011 3015
339
340
500
394
Textron Inc.
500
Tile Water Ash. 011
Tline Inc.
1000
601.38TH-Cont. Wards
Firalty
STE
20 Toile
RUBBER
J5
utter
as nicky
BPS Hosen Carble,
14.
2571 $.0211
221 32
Oll of Cal
527
Trust
A Towal
3.10
13 10
Coman future prica Index
Halen Parlße Hallway
$30 00
3P
113TIES
Unite! Aircraf
Trom
20 40 291
1000 29
United Fruit
Star Furry.
Unitert Gar Corp.
Yauinati
Abitibi Pwr l'oper
A
15. Full "?
7411
59
700 112
113
Us. Gyu
500 112
Algam Steel Corp.
41
tine Cu.
C. Light
18:30 10.40
12.
PS, lubber
Electric
42, 118. Svelting
312
25
t'.s. Steel
102
Tri.
354 US. Steel 7 F.C. PF
1449
Wamer Bay,
Ap Cable & Radio Cur
10
Waukesha Moto
4215
514 Westinghouse Air Toke
331
Micele
0.00
141
Westinghouse Electric
INDUSTRIALS
1944
Western Uiston Tel. Co
West Va. Tulp & Paper
kuinh Disxte Stree
012
40 bonda
Closing Prices
Alten ine. Aey.
Allied Carnivals
Attled Mille Ine.
Allis Chalmers
Am. Brake Shoe
American Airline
American Cyanid Co.
Am. Forgn. Power
Am. Gas Karetle
A. Home Prod.
Am. Mach. & Fury
America Binta
Am. Natural Cinn
American Snelling
Am. Sugar Stef
American Tel & Tel
America Tubs,
Anacola Copper
Armen Bieej
Ar
Cona. Masing Batwin-Lina-Lom,
Ilank of Montreal
Hi
Woolworth K. W
Zouth Radio
3.70 1.80
The Largost
The rise in U.8. prices his not been out of line with that
In
Inori other countries. Despite the decline in U.S. cx- poris in 1958, the trade surplus and the current secount surplus were the largest since 1950, exemt for the two Suez years,
trade surplus
"The
have since."
Conclusion
one
re
may
שנותיי*
RANSPORTATION
Britain's Hovercraft
Challenge
To World Shipping
THE company developing the Hovercraft—which slims along on a cushion of air about a foot above any surface-are completely confident in the new craft's commercial future.
Mr R. Stanton-Jones, chief several United States companies, designer of the Saunders-itne including Curtiss-Wright, Ford Company, made this statement and General Motors, are work- after the first public demonstra- ing on a similar device for tion of the Hovercraft, The transport over lond. machine was built for about £ 180,000 for the British
I is not yet known what
available from the NKDC, but I hoped that other British alverati companies will support De
project, Saunders- Roc'a plans already envisage larger
dreraft for commercial use.
The
experimental SRN-I,
venture In 1953 by its twentor Mr C. S. Cockerell, weighs about four tons and operates at a height of 15 inches and at speeds around 25 knols.
expanded
appreciably
Similarly, while Imports of capital goods are noteworthy. In the aggregate cavi ut some of Mr Bernstein's they are small but they aid statisties there is no gaimaying National Research Development further financial backing will be
Corporation. not decline during the recession is eneral conchision:
in United States is a country with despite the sharp droD
VALUABLE ASSET domestle outlays on producerer ormous productive
capacity costs reinain they go to whose goods; Indeed,
sensitive Mr Dennis Hennessy, deputy business conditions. rec in 1958 while capital goods.10
The chairm
of 110 National purchases by American business monetary pulley of the United search Development Corpora-
wis Interested in the project as That happens to be true and,
a commercial venture. after all the hair-raising stories
Ile emphasised thal, about the profligacy of Congress developed rapidly, the Huver- and all the rest of it, it is con- ft could become a valuable slantly borne out by the event. British asset. It is known that On the
whole, the odds are that the Americans will begin to take their affairs seriously.
dollar will
If big gold capital goods, do appear to have would of course wreck any cur- world markets.
competitive inrency, but the rational expecta- tton is that, long before that "If this is so, the rapid riso point, the Americans would du in United States prices for these some sensible Instend of silly products (on the domestic things about their problem. market, capital goods prices China Mail Special.
The Decline "In Mummary, much of the decline in our exports is attrl- butable to special considerations
of the were sill falling, and they were States is cautious and 11; (scoli tion said that the Corporation which was started, ns a privatė 2003416 United States In the bod year some 40 per cent higher in the policy is conservative."
31058, amounting to $3.3 billion first quarter of 1950 then in 1680 nn commercial account, is the the same periods of 1957 and
1.05 bexi
the evlitence of
baste 1958. strength of the U.5. payments position. With economle re- covery in Europe, the U.S. trude surplus will increase. U not in 1959, certainly in 1000.
"Furthermore, as the natios of exports to world trade to the 24.60 20.00 3200 28.70 gross notional product have been 4520220 fairly stable, the trade surplus
66 20.30 6002510 may be expected to grow when 3200232 the expansion of world trade
133 21.10
20 211.20
Senunt * 34% 34% 100 u 2410 Metal 1.
1
Dal..... 17.10 11.3
.... 10.10 13.30
STORES, ETC.
1724
Walsen
-U
1. Crew COTTONS
Heavier Taxes
Madrid, July 22. Cigarettes and tobacco, petrol, and ephone calls will ! bear heavier taxes as the result. Inst weekend's drastic Spanish
174%
Скан
635
Bercial Finanes
25% of
Bendix Avialka Corp.
0
Benguet Coma.
1
overlinul of
Bethlehem Steel
sol economy.
Boring Astplatse
DO
Hurwughs Asid Mueting
4172
Does The
British Amer, Di
Calit. Parking Quep
Dang. Dân sẽ
Caru. Brew4:170
Canbell Soup Co.
Canadian Pacific 10
Camo (3. 1 GI
Cat. TracF
Calancy Cosși,
C. 1. 7. Pmahetal Corgi
the
341 Economic experts believe
ណ
of the 40
the cost of living, will rise by about six per cent as a result per cent. peseta devaluution; although austerity measures my cause prince in tirop hay eting #137% | demand.---Reuter.
come
Exchange Rates
U.S. and of U.S. Imports
19 regumed."
Growing Deficit
This presentation contains an 32 element
The 11775.30
apologia.
Lang sa 17 75
10 20
6.19 5000
0 10
Textile XD $3 Neowing INVESTMENTS 10.00 Allied
4.05
اره
733 16.1gures for the calendar year 209.10.20 1050 do not tell the story: The U.S. position deteriorated dur- ing that year, and into this Including services and
Einwfords:
Bird 120: Bonus 0.50, year Friary 20, 1959.
Lane, Crawford
Dividend
-
Lane, Crawford declared
$1.80 dividend
today. The company also nounced a bonus dividend of 50 cents per share. There was no
bonus last year,
Chane Masihat. Bank
Chrysler Motor
Chcit Prakty
Colgate-Pakamlive Co
12
Won
Collion Carbon Cu
Bre:ficial
Commercial Credit
Consolidated Edison
US dollar (per $1)
Bu
done in the hal
titi exenange market morning, at the following rates:
5.70
Continental Uli al bel
***
53
Sterling notes (per
....
Crane Co. .......
Australian noten iper .. 1200
Clown Belierbach
5524
Indonesian rupiah İper 100)
Cuban Amer. Sugar
Slant Deals (per 100)
2.07 20.40
The company's shares have been rising steadily over the past two months.
Two kundred were sold this morning at $19.20.
Mar
Stigapore (Siroita)
1.82
Diamond Alkull
Dland Card
Dominion Stor
Douglas Airera!!
Dow Chemalents
Dupont de Nemet Eastern Airline
Eastern Kocak
Et Pano National Gas
Family Fanies Corp...
Firestone Tyre & labor
First Nat City Bank
Frd Molur....
Georgia Pacifie
Geita vanes General Electric
Gentural Foods
General Mours
451
ray
27
4
2012
Yesterday's Closing
year.
inary payments, the U.S. is in growing defcit, and no longer In surplus, even before charging the non-military handouts.
The Federal Reserve Bank ot New York is fur less relaxed about it. Indeed, whereas up
to last autumn
the New York
The cushion of air, bu which the craft reals and the thrust
generated by on
Alvis
ul
not directly related to the com- When that happens, deva Britain's Aero-Engine Lones
be a
petitive position of individual fion of the produels. A number of Ameri- lot of nonsense. can products, however, notably losse lasted long enough they Exports Booming
become
1c5$
London Market
Closes
Mixed
London, July 22.
DUR
435-h.p. engine. Ileavier versions of the Hoyer- traft will probably be powered by u turbo-prop engine, such as the Rolls-Royce Dort or
URING April and May, Tyne.
Great Britain' Boro-THREE POINTS' engine manufacturers ostab- lithod now monthly export lesides the elimination of water resistance, there are three records. Only in one pro-
main attractions in the Hover- vious month November, cruft vehicle. 1958 had £5 million
weight of thrust re- worth of
The quired to it the craft is much less than the weight of the Hovercraft self. The thrust-weight rallo of hellcopter is greater than one, while that of a Hover. craft is less than one-half.
exports boon achlovod in a single, month, yet this figura was exceeded in April (£5,417,506) and May 1£5,570,430).
Since the end of the
war, acro-crgine exports Move amounted to £243 million, the annual record achieved Jast year standing at £40,557,723.
Fed was more reflationary than The stock market closed mixed today with only a of last year's total, Rolls-Royce
more
few good features predominating,
Glit-edged securities turned in another quiet performance showing little or no change from the previous session,
A sharp
advance i03
Greck bonds following several days of profit-taking and falling prices, leatured The fureign bond market.
the 'Federal Reserve Board in Washington It is
the почу Tense-perhaps becausa Washington is a more relaxing place than New York.
Citing that the annual rate of U.9. exports stumped from the Brst-quarter 1957 peak of Over $20 billion to $10 billion in the first quarter of 1958 and only about $15 billion in the first four months of this Well Street's overnight close year the New York Fed holds brought higher prices to dollar that, even if much of the drop stocks. can be explained by special Most lending industrials made factors, there are no grounds headway with outstanding going for complacency...The "manu-registered by Ford Motors,
COMMODITY PRICES
9559
Gen. Pub. Uul.
**
Gen. The & Rur
Getty Oil
SUGAR
Glidden Co.
Goodrich 19. F. G.
D
Goodyear Tire
143FG
Graaman Alterat
234
FD
21h.:
41 322
Gulf Ol.......
Hommal, Oran
Heyden Newport Coep). Zinnestake Hing Ca
Refrig.
alto l'wor Imperial Oil Ingersoll-Romi
Inland Steel Co.
Interchefent Corp.
Int'l Husives. Machiner
Int'l Harvester
International Nickel
International Puper
inti Tel & Tel John-Marville Co. Kankas C. Power & Light
Kennecots Qipper
Kimberly Clark
Ligkeit Meyer Tab. Ch.
Lily, Tulip
ListonInL
Lockheed Alterati" Loews comp Lowentlein & Ste. McDermott J. Ray McDanns Aircraft Merali Iron Cem.
Minneola Bining
NEW YORK
Closing priegs t i cents per
2012
Contract No. 4 (world), 47x81 Sept: 2.54 Oet: 2.30; Jan: 2.80; March: 2.74; May 236; Juis: 2.30; Sept: 2.79: Det: 2.43; Spot-f.n.b. $211 Cuba): 2.06; Tutal Sales; 50: Open 203 Interest: 7,441 contracts.
Contract No. G (domesilo)
Sept: 500; NOW: 5D; March: 551:
103 Spot-to... N.V. ex-duty:
DI
M
Total Sales: 33 contracts; Open In-
tercal: 31c contracts--UP'I.
COTTON
NEW YORK
Cloding prices all in
Dec. Jan. March/April Miny/June July/Aug.
SÃO PAULO
All unquoted.
Average price in U.S. at 14 designated spot
markets: 33.39 cents. Total sales: 6,403 balez. ~~~UPI.
Steel Corp.
New York Central Noranda Mines Ltd. Norfolk & Western My North Amer. Aviation Northwest Airlines Din MathEGION
Owei-linola Cima
+36
102
RUBBER
Nu,
rubber
No. 2 rubbor No. 3 rubber No. I crepe
2.81 buyers
Gold shares were back
In
favour, while oils were mixed with Ultramar weak on news of a proposed rights issue.
UPI.
Closing Prices
filtedged Honda
Briting Tronst £68-7810.
35%, 1875/65
Consol£53. Consola 4-744 Convergini Ian 316
2.70 buyers | RG7-11/10. 2.77 buyers
Funding Loon
3.04 buyers 3 404-18,70.
UPI.
METALS
NEW YORK
Closing prices, all in cents per
1900--
Inse/co-
Finding Stock 3, 1005/2004 - £73-0/10,
Funding.
Luan 400
534 3
Imperist Talace Co., Ltd.-30 710.
British
accounted
for £30 million, or
more
nf
the
about
72 per cent, wald Lord Food and Tobacco British Anierican Tol. Co., Lu-Kindersley, chairman
company, recently.
Fointing out that Rolls-Royce than £10 had spent million on the direct develop Iment of engines in the lust two
years, he Bald, "Our
Industry Das achieved considerable
cess in the past under cond!- tions less Invourable than in America: we can do so again if our resources ore applied with proper regard to the changing circumstances."
Miscellane Oxygen 1.4. Ord - $75 Tanadian Pacific Ily--$59, Juntop Hilber Cu-224 liengkang & China Ga -13. Imperial Chemieol-348 34. Iris & Lime Htd. Unilever 1d-79 724.
**per Bowater Paper Corp Ord -50% Dd.
Radio and Electrical Asociated Electrical-s od. Hiccirien Musteal 404 3124. Engel Electric Co General Electric-355.
shipping
Indo-China Steam Nav.
def und 20 34.
Co.
PO Stein Navigation Urf ord
SUC-
Already during the first ste months of 1050, the sero-engine export folal, £25,010,048, "has exceeded the annual Lolala of every year since the war with the exception et 1936 (4.20 Grent Universal
million) Stores "Allion) 1957 (40 10.
and 1958 (£40.6 million), and Marks & Spencer Lid-031 31,
represents an annual total of Wooden: F. W 2126
£60 million.
Store
Textiles S
140-208, Courtaulds -31 40.
Conls &
Minos
Anglo-American Africa-192 04.
1900/6073
Далка Barclay's Dank "A" Lid ord-35 Chartered Bank-49 Gu. Hongkong-£0.
American Buying
11.33
1.43
11.03
11.Ja
20.00
20.25
Of England's Ford
102.009
102
London, July 22.
35.00 Closing prices, all in sterling Strong American, buying today
ib.:
Lead July
Bept.
Zine
July
Sout
Copper July
NEW YORK
Bept.
July Jun
Rex rubber futureo closing prices, all in cents per lb.:
Bept.
LONDON
July
Ceph
Nov.
30.10
90:10 per long ton.
Jan,
34.63
Match
34.37
Tia spol
3-month
Buyers Bellers TROL 102
May
34.25
cents July
34.23
Copper apet
123
213
3-month
1234/1
124
Lead 1st half Jus
7012
Oct.
34.33 m. 39.30
July
70%
ports;
-UPI,
No. 1 July
No. 9 July
No. 3
No. 4
cents
NEW ORLEANS Closing prices all in
SARACRED
SINGAPORE
Closing prices pll In Straits cente per lb. f.o.b. Molayani Zine 1st
Aug.
per ib.i
LONDON
D$16-20
081-00 2211-001)
[65-177
103-103
FOREIGN ENCHANGE
Closing prices all in
Spot rubber unhaled
Rapket crepe
No. pale crepe ...
Closing prices all in porce
No. 1 Bao #pot
Eettiamant house term:
Oct./Dao.
Jan./March
-AprilsJune
July/Aug.
pence Det/Dee.
General markets, c.f. beslu ports:
All other unchanged. LONDON
per 1b.
Miazion Development Monzalo Chemical Co.
Bhak
Montgomery Ward
Det
Motorola Inc.
tay
Cash Reg. "AN National Dairy Prod.
Led
12+
1304
July
Dec.
FE
WER
per Tb.
4734 Spot
(Cum.)
40%
1.
B01
Died,
Gila Povators
THE
Marcis
MRY
Oxford Paper Co.
401
July
Paciile Qan & Egg.....
妈 Get.
l'on American Airways
Dec
TUTANOURI WANT
“LIVERPOOL
Park Bavia Lo.
1914
Penny J. C. Co.
112
Penn. Balt Co.
per 1b.:
Philip Morris
Pitney Bowes
33
4212 July/Au 14 Oct/Nav
American Contrack
22.00 July
21,23
Aug.
Pittsburgh Plate Ging
พา 30/4 40%)
Der/Jon.
21.10
Oct.
Moreli/April
21.00
Eslala crepe in Aug:. .
May/June July/Aug.
51.15
thick Aug
23.10
Dized Contract
· AMSTERDAM
-unquoled
New York 2011-2016
Montreal 2012-201 Amm
Copenhagen Frankfurt Park
Closing rates;
July/Aug.
17.00
Oct/Nov,
Procter & Gamble on.
Publicker Industries Pure Ol
Radio Corporation Hadia Corp, Prst. Th Iepubilo Steel..
722
pushed up prices of England's Ford Motor Company shares on the London stock exchange. One sterling stock unite ad- vanced by 17 shiftinga to 800 3d,
221 There
801
NEW YORK
.. 2011-0
Closing roles: 2411-2016 Canada 281 291 Lagena ontelbi 2018pay 2011-20
Argentins
1.04 7/33 2.0111
0120
Closing prices all in Kuliders Rockm
21.76 per ilogram, c.l.f. July.
have been suggestions. hore that the American parent company, which has a 56 por. cent holding of the ordinary capital in Ford of England, may mal #bid for the re- mainder
This rumour
was again ourront.
in market alroles today.
The half-your
statement by
Ford of America Issued today referenon to
contained no
such a mover-Reutor.
intance
Union. Jika anos Canton-25.
nga Altcraft And Motors
ritish Motor Corp. Ord~141. Font: Malor Co+004 del sor,
Προπαρίου
Dix!~ Co-1272,
Braiding sad' Material Autociated
2.514-2.51
ca"
1.75
1740%+3744}
-UPI.
Portland Cement-931
Pinchin Johnson Associates Ord-
Cont. Sigel and Registering, Babcock & Wilcox Eldate 93. Vickers Eid-20 34.
C40a
Corp al South Enna Chidfields of South Africa-
83.
Cons. Zine Corp. Ord--DJ
d.
De Beers def-1638 150. Free State Development & Invest- meni ki
t
Hongkong Tin-da 7d. Petaling Tin-5 7154. Rand-04 Tijd. Southern Kings Cons Ltd-22 64. Union Corp-76 36. West Driefontein Goldmining-1334 Wert Tart Cung 21 04- Brities Borneo Petroleum Ayndt
Co.. INI-301
|cale-blk 38.
British Petmicum
Durmat-ez od.
Royal Dalek Petroleum-£15. Shall Transport 4 Trading-1373 J-Rauter.
Suez Oil Port
A
EE10 MILLION contract has been signed with two Italian concerts Montubl and Dalmine, for the construction at ari oli port at Sacz, at which two 05,000-Con tankers could unload simultaneously
A pipeline would ink the port with the Suez refinery, Simul- taneously the Ilalinns will construct a coral carrying sea- water to refrigerate the
Suez refinery.
Egy will pay £E040,000 1 celton and the balance in cash instalments spread over aix
years.
The efficienor of the Hover. craft compares favourably with that of the aircraft and Mtrator-car. The aircraft re- quires 200 h.p. per ton, the car, 95 h.p. per lon. The SEN-1 requires 130 h.D. per
ton, but it is expected that later versions will require only 70 h.p. per tu. This
400-ton Hover- craft, envisaged as a long- range freighter, Would require only onn-quarter of the engine power per to of an alrerafi, and carry nearly twice the payload.
aircraft can
Whereas an
earry only 15 per cent of ite weight as payload, the Hovercraft Can tako 40 per cent of its weight. The running costs of the Hove:- craft can. I Is thought, be reduced to about 134d to Zd prr ZAKKENGET mile, which is about the optimum for an airerati er motor-car, The Best commerclat applied-. tion is kely to be a 100-ton furry across the English channel carrying 300 passengers at n spiced of 00 knots, with produc- Lion costs estimated at about £800,000. Such a vehicle would operate at a height of foot to 4 feet above the water, and laboratory tests indicate that it coult coslly travel over Waves an high as 12 feet.
madel,
A smaller 20-ton sultable for use over lakes or desert, could be in commercial service within three years, Saunders-Roc
Also Hovercraft of 1,000 and 10,000 tons as commercially feasible. A suitable military application would be for use as an assault
regards
cruft, and it is also consticred appropriate for a nuclear power plant.
Far powered by 450hp. expne, which provides air cusluon to bit Hovercrall vortically atlove water surtuon
Backward controls
forward controls
No comments yet.
Private notes are available after approval.