1959-08-04 — Page 9

Page

TRANSPORTATION

THE CHINA MAIL, TUESDAY, AUGUST 4, 1959.

Pago D

U.S. DOLLAR SITUATION

Certain Measures

Must Be Taken

PROFIT-TAKING

MORE SHIPPING To Avoid A Crisis REDUCES GAINS

IDLE & WORSE TO COME

THE total of idle world shipping has risen by 1.3 million tons since the beginning of this year and now stands at 8.6 million-over seven per cent of the world's merchant fleet.

The latest figures, published in London, show that no rever-

sat of the rising trend is in sight

New shipping, which tolallet inile fons in 1958 and is

1:

pected to reach the same figure

In 1930, is growing faster than the annber of his fair up.

be

The equivalent of one year of International trade Wesslich needed to all the late ships. World shipping is grow Ing faster than world trudie.

It is thought that many of the chlps now laid up will never come into service again.

-tion

faster and

The

GEO

modern ships coming to cennomix, and they will take eare of any increase that my devejoj in world trade.

Tourth

PAA's New Jet

Clipper Service

DAN American Airways Pwill inaugurate its Jas

Clipper service Over the Polar Route from the West Coust to London August 26, and across the Pacific to the Oriant on September 5, it was announced today by Robert B, Murray, Jr., Execu tive Vice-President, Pacific- Alaska Division.

The new service will intro- Also many of the shit lad

dure for the Brst time the giant up are of workow constructiott, | 5-chonkand-130

range Boong and will shortly be due for the Intercontinental Jet ClippeVR,

chssification survey, biggest, most powerful Jel Dir Since this costs from £80,000 tefliers in the world's tkles. This £100,000 many DWIC will the same type of Jet alreraft consider }: wiser to sell for which has just established a new nort-stop record Dying New Yerk bi Moscow in 8 hours 54 minutes,

FOTOD

vesels So far this year 255 have been sold for sways, total- ling some 1.25 milion go tons, This is an unusually high

and Illustrates the cuz Agure, rent difficulties of work ship-¦ plug.

But as demand for new ships stackens the demand for steel, and hence for serup, will drop Already serup prices have fallin considerably, und they uns ex- pected to drop til further.

SUPER TANKERS

Another factor which has dis- louted

for the The market smaller freighters is the entry of super tankers into the grain trade.

During April of us your, for instance, 18 tankers look eatynes of grain, and one tanker alone) took what would have been 44 cargoes for the normal grain carrier, at a much lower rate.

1

FIRST SERVICE

It will be the Arst TranS- Pacific Jet service to Hawait and the Orient, and the first jet service over the Polar Route to London.

slashing existing

travel times almost inhalf. The hugh Intercontinental Jet Cup- pers will be faunelted on the Polar Route between San Frou- eisen, Los Angeles and London on a twice weekly schedule, and from the California ellies to Totul and Tokyo ut a three-week schedule with

A

| marth schedule being added 10

days later.

Jet setethales to Australla and service on the Great Circle Raule between California and 12 Orient will follow at

early date.

un

Pin Am's Best West Const Jet Fight will take off from San Francise at 0930 hours on August 26 and fly to London via departing from Les Angeles,

If this trend continues, and so the Southern Californin city at long there is a slantage of 1130. hours, cargo it probably will, the world shipping outlook will become TO ORIENT even more amlused,

The most encouraging con- ment was mode by a recent Jap- anese survey Into the world uil tanker trace. It calculated that there would be enough tregti for world tankers in 41⁄2 years'

time.

This estimate was based various assumptions, chiefly on

Pan Am will bring Jet Ber- vice to Hawall and the Orient on September 5 at 1130 hours International Jet when the

Clipper takes off from San Francisco and streaks for Hono- tulu and Tukyo. Jet service trom Seattle and Portland Howail with Jet connections to Tokyo will start Inte in Sep- lember. "The noxi Trans-

10

a B per cent annual Increase Puctile Jet Fight wit leave work all consumption, und als

Typical Flying lmes for the new Jet Service ure:

Los Angeles en September 8 for that On a programine

would Honolulu and Tokyo, scrap ankers over 25 years old, and 30 per cent of those built in wartime, during the next 41⁄2 zems. This wouldl

some 7 give a reduellon of million tons, or 121 per cent af the total world tanker feel.

But the immediate outlook for world shipping is bleak. Re spongible sources state that the trend of the past six months is Continuing. This would mu that some 9.9 million logs out of the expected world total of 121.3 million lens will be laid up by the end of this year.

San Francisco to Honolulu, 4 hours 55 mins; San Francisco to Tokyo via Hwall, 14 hours 45 mins; Los Angeles to Hawad, 5 hours 15 mins, Honolulu to San i Francisco, 4 hours & nins; Honolulu to Tokye, 9 hours 50 mini; San Francisco to London, 10 hours 20 mins; Los Angeles to London, 10 hours 35 mins; Portland to Honolulu, 5 hours 20 mins,

¦

New Scheme To

Japanese Shipowners Cut Air Fares

Ask For Aid

JAPANESE

London, Aug. 3. If anything is to stop Wall Street's galloping and put a crimp in the American and world business boom it will be a dollar crisis—not a crisis of the dollar's collapse, but internal crisis retrenchment measures to avert ona. There has rarely bean a year in which an autumn sterling crisis was less likely, or one in which measures to limit a dollar crisis were more likely.

1

gold

of

The trouble is not that the U.S. is losing too much but that, with its balance payments in deep trouble, it is Josing too many dollars and suspiciously too little gold.

The self-denying ordinance of the non-dollar centrui taks in refraining from taking US.

gold has become rather trans- parent, and there may be many of them to keep it up,

100

FO

The big ones will, and will those smaller ones which are scared of offending · Wa- shington. Some of the other smaller ones are sorely tempt- ed.

HONGKONG

STOCK EXCHANGE

Our Own Correspondent,

NEW YORK COTTON

MARKET

New York, Aug. 3.

ON WALL STREET Cotton futures eased today, mainly under the in-

fluence of selling by New Orleans brokers.

At the close the liat ruled un- { coy some formers Are holding changed to 11 points lower cotton for the government pur- after opening a point higher to chases plan while others were two lower. New Orleans futures) selling just under the govürn- finished four to five points ment price.

New York, Aug. 3. Industrial shares registered a new record

high in a moderately active stock lower. market today.

Utilities made a good showing | Golera! Dynamics also, ralls were slow with only General Floorle a small change in their

are.

General Foods

Ever-

General Motora Gen. Pub. Dul.

was

Gm. Tyre & Rubber Getly Oil

Gudden Co.

For the industrials, it the sixth session in a row to re- cord a new all-time high.

Special strength in General Foods, unexplained in the news, and gains of more than a point in such issues as International Nickel, Goodyear. U.S. Steel. Du Pont and Texaco helpod put the average Up.

Today's late feature in the Industrial Acetion Generol Fools ran up more than four points to a new alth. Eartler Du Pont hnd act a new high at $278 up four points and inter slipped back on realising.

Gains Rocorded

A long list of other industrials. moved higher. Steels, oils and

gains Business done on the long-mators recorded A Boom Instead kong Stock Exchange this were strong. There is no suggestion of morning

nmounted 10 ap-recovered part of any horrors either for the dol-proximately $404,000. Noon late decline, lar ur for the markets. In the qulations and the encening's Nickel jumped more than two Inter stages of last year's U.S. gold outflow there Wern

that it predictions inevitably bring a world busi- ness crash this year.

some would

transactions:

Bhares HANICS

Buyers Seller ples

XU....

I has brought nothing of the Fort- boom instead and is not likely to., Similarly, if peo- ple attend the IMF oruul meeting this September with the same sort of nonsensical Ideas about the dollar as they used to bring about sterling. they are cely to come just as unstuck,

But it was only beenuse things were done about sterling | that they came unstuck. There for may be all the more need the same sort of things to be dollar on the done about the

reserves and in- one hand its trinsic strength Bre vastly greater than were sterling's; on the other hand, the Internation. al overvaluation of the currency and the balance of payments deficit

which were Meer in sterling's case, seem to be only too real In the dollar D.

hallucinations

Something Wrong

East Anda

INSURANCES Union Lombard

PJ ( 200

8216

in its sretion. new

sgroup

Texaco made a ugh in the petroleum

Profit-inking reduced many of the gains.

Goodrich B. F.) Co. Goodyear Tyre Gramen Aircraft Gulf ............

| Hammond Oryan

leyden Newport Corp. Homestake Mining Co. Husman Retris. Idaho Power I-Nand

Inland Steel Ca. Intercheraton1 Qurg, int! Business Machines In] Harvester, International Nickel International Paper Int'l Tel & Tel ... John-Manvire co. Kaker Industry

Kansas C. Power & Light Kimberly Clark

Lanosil Mayers Tub. Co. Lily Tulip

Lion Ind.

Lockheed Aircraft'

Loews InoOTO.

Tyres Luna Star Cement Co. Aluminiums Lowenstein & Sona,

Mebornici 3. Ray last week's MeDonnell Aircraft International Mesabi Iron Corp.

Minnesota Mining Mission Development Monsanto Chemical Co Motorola Inc. National Biscuit Co. National Can Reg. "A" National Dairy Prod. National Steel Carp. New York Central Norfolk & Western Ry North Amer. Aviotiert Northwest Airlines olin Mathieson Otis Elevators Owen-Minola Glam oxford Paper Co. Pocille Gas & Eleg. Part American Airways Paramount Pictures Parke Davia Co.

Ca

Today's voltune was 2,410,000 shares.

Of a total 1,188 shares traded,

525 were higher and 125 lower.

American Exchange

SHUPTING Water141 24 Wheelock 0.30 0.25

volume

503

50x f

0.33 0.33

DOCKS, ETC. K. Whert 100 Provident 4314 Thikon ...

was 030,000 shares.

Bonds volume amounted $5,030,000.

10

104

100 A

300 3219

Alden Inc. Acy.

LAND, ETC.

RK, Hotel 27.10 M.50 1tk and 30%

37 300 20.25 100 30.75 200 m 30.75 Humphrey's 18 30.70 1000 10.00 Really.... 1.00 1.03) 2000. KA

10,000 1.000

RUDER

Analg... 2.029 2.07 10.000 a 1.04 Trust.... 3.825

A, Tawah 3.10

5. Kcianton

XO 1.30

rILITIES

Thain.... 20,00

Star Ferry

Yaumati

C. Light . 1050 1,40

Electric

Closing Pricos

Allled Cheiricals Allied Mills' Loc.

Alla Chalmers

Am Brake Shoe American Airline

American Cable & Radio

Corp.

Amrican Cyanamid

Ainer, & Forgn. Power

000

3.24

Am. Car & Licetrie

Am. Mach, & F'dry.

0000 ++

150

"

Am., loma Prod.

American Metal

Am. Natural Gas American Smelung Am. Suear Tuck..... American Tol & Tel American Tob.

Anseende Copper

Armed Steel | Armour

Atlas Cons. Mining Baldwin-Lima-Hom

Baltimore & Unlo

Beneficial Finance

Defiguel Cons

Bethlehem

#34!

1332

4102

3

Fenny J.

Penn, Bal Co.

Willip Morris

Fuiney Bower

Procter & Gamble Co. Pittsburgh Plate Glass

Publiekės industries

Pure Oil

Radio Corporation

Radio Corp. Prei.

2011 Raytheon

2016

Republic Steel

Reynolds Metal

(Com)

deje Sears, ochuck & Co.

14

Shell all Co.

1044 Satoway Stojos

Co

101

Saint leg. Paper

Behenley Inc.

Broft Paper

Bincia! Ou

Smith, Clino

French

Bocony Mobil Ou

Sular Aircraft ............... South Puerto Rico Sugar 19x4 Southern Co. (The) 31 Southern National Gas

Southern Railway (Com. 37 Standard Brands

210

10.30

500 18:30

20.00

200 10.40 1000 † 50.85

Telephone 2020 20.10

233 23.29 500 79.70 600 23.40

Bendly Aviation Corp.

34,3414 100

Boring Altplane

500 348

Burden (Tite) Co.

2000 M EX

5000 fl 17.20 17.00 500 14

Burrouglia Add Machine

Calif. Packing Corp.

Campbell Soup Co.

Canadian Paciite K.

2014

Case 13. 1.) Co.

INDUSTRIALS Comment...

There is something wrong with the dollar, regardless of Macho E. whether it is only superficial and technical or more funda- mental. The poople in charge are determined to put it right, becoming 0941- As they are vinced that the dollar has the same sort of lines as sterling had the odds are that they will apply the same sort of medelno as sterling 'took in 1955-57 (I£ only because no other is known for that diagnosis),

STONES, ETC Dalry .... 17.10 11.20 Watson ... 17.10 17 Kwong

S. .... 145 EXITTONS

Textilen 0.10 0.1G Nanyang 10.00 MISCELLANEOUS But

INVESTMENTSs

Britain took no harm, and there were no horrors. there was some retardation, and same consternation for specula- lors baik in 1956 and 1057,

Without for one mament predicting any slump in either business or the markets, there does seem

suggest enough to that Wall Street might come in for at least the technical cor- which has been over- rection

due for months, and that the U.S. business boom might have a breather China Mail Special,

Pakistan Jute Trade Criticised

Karachi, Aug. 3. Pakistan has no mono-

polistic OT semi-mono-; polistic intention in the juto trade. Commerce Secretary Osman Ali told a specially-convened press conference today,

London. DASSENGERS will pay NESE shipowners are oxtra for meals and

All called the conference to again trying to bring drinks under a “flying_with-anawer criticism printed in pratsuro

beor to

on the out frills" plan to cut British the Jung 24 lesue of the U.S. Government to toko tome Commonwealth air faros by publication Textile Reporter". Pakistan has measures to case the heavy on average 50 per cent, it which aid that

reduced acreage of jute and burden of paying interest on was announced here.

permitted a decline in produc- shipbuilding loan,

The Eagic

Airline Company on of high-grado jute,

COMPETITION The Japanese Shipowners' | said, that thest had already ob- Association has passed a seven-tained the approval of the gov "That-fo not only incorrect point resolution emphasis the † ernments of Asen, Hongkong but is a deliberate falsification necessity "or Lightening the In- and Malta to introduce the of truth," All sold. terest payments male on ship scheme but were still awaiting Pakistan afford to sit over jute building funds,"

a decision from the British produelton in the face of the Ministry of Transport and Civli lough competition by synthe- The resolution has attracted Aviation.

tice?!! considérable attention in the

The company proposes 10 He emphasised that Peisistanı Japanese inhistry because charge separately for all meals

does not consider Jule 歡 apparently indicates a new cam-

monopoly or somi-staznopoly, biz paign to have the Development and drinks on route cut

rather as an item which entera Bande slash interest rates on its baggage allowance to 33 pourkis

the international' market weight and give passengera-less lóone to shipowners.

seal and leg room.

competition with syntheller. Executives

The airline will ure of the leading

four- shipping, companies have also jurgined DC-S IX-C planer been making reports to stock carrying more than 100 passen- holders along sirailar lines. gors cach-Ching Mall Special

trzo

"How can

Vibro

Lt.

Allied

والات

131316 1000 13.20

4.40

Exchange Rates

Bustiers was done in the Gooficial exchange.

market morning at the following tater: 1.8. dollar (per 1)... Blerling notes (per 1) Auralian norco per £11 Indoncatan rupiah (per

Si tenis per 100)

Singapore (Sirakti)

Cat. Tractor

Celque Com.

C. i. T. Financial Corp.

Standard Qll of Cal Atandem On of ind. Standard Oil of NJ, Sterling Drug Co. Stokely-Van Camp. Stone & Webster

Etudebaker-Packard Corp. Bunshine Mining ........ Bwitt Co

Texas Co.

Textron Inc.

Thinkel Chen.

Ike Water Assn. Oli

Time Inc.

111-Cont. Warra

Twentieth Century Fox Film

Union Carbide ..

Union Dil of Cal,

Union Pecie Bollway

Chrysler Motors

Chuett Ponhody

Colgate-Palmolive

Cs.

4014

Colombian Carbon Co.

Commercial Crethit

Conrojidated Edison

Continental Oll of Dat. Crane Co.

BAT

53%

Crown Zellerfinch

US. Foil

Cuban Amer, Surar

20

US. Cyprum

Diamond Alkall

Trond Gard

Douglas AlEcTuft

Dow Chemicala

Dupont de Nemours

Eastern Airline

Eastrian Kodak

El Paso National Gan

locki

Lin

D.74

Family Finance Corp.

10.00

Firemane Tyre & Rubber

12.03

$.90

First Nat. City Bank Ford Motor Co. of Cana.

20.30

Ford Motor

1.03

Georgia Pacific

Yesterday's Closing

$36|nited Aircraft

United Fruit

United Gas Corp

3′′

US. LE Co.

34 U.S. Rubber

48

US Smelting

BUS. Steel

27522US, Steel 7 PC. PE

10% Warner Bros.

1 Westinghouse Air Broke

| 3374 | Westinghouse Electric

|| 3016 | Western Union: Tel._Co.

1431) | West Vs. Pulp & Paper _BT% | Winn-Dixie Stores 11? Woolworth (KW)

Zenith Radio

רפז

48161

COMMODITY PRICES

COTTON

NEW YORK

Closing prices all in conta

per lb.

Spol

Oct.

Dec

March

May

July

13.50

3223

32.21

27

2,10

NEW ORLEANS Closing prices all in cent's per lb. Spot

Dec.

32.19

BYHXKKES

23.16

RUBBER

NEW YORK

Rex rubber futures

closing

prices, all in cente per lb.:

1 Sept: 27, 13; Nov; 30.3 March: 25.3; May: 35.10; 3.y Sep1: 35.

AMSTERDAM

press remained unchanged,

METALS

NEW YORK

Closing prices, all in cents (per 1b.:

March

May

Jury

Dec.

BAO PAULO

Closing prices all las cruzeiro | Lega. per kilo

Gupt.

Oct Ded: Macch May

$3.30

Oct.

0.00

zine

40.00

53.00

Sept. Oct.

11:

11.30

Fept:

Oct.

in cents.

low quality producing areas.- UPI.

· Total salón: 10,075 balen

Sept.

-UPI.

Average price in US. at 14. Copper Ho mold that Pakistan seeks to | designated spot marketa: 3247 ensure a large production

SUCAR

NEW YORK

B4

A short supply of Avaliabla Selling in more distant de-cotton gave underlying stencil- liveries, raflected talk of new has to near mor15. The Offorts to

push through some corticated stock on July 31 was 01% form legialation during tho

11,200 bales against 11,382 the 50% present acasion at DonTM

day before. stress, Westher in the belt

stil W813

generally favour

Exports of 41,371 bales to- 23able although too much rain in day brought the season's total and central secto 2,701,131 bales Wainst increasing weevil | 6,710,704 bales a year ago, the

244 7716

1002%

10115

Closing prices all in cents per 1b.:

Contract No. 4 (world

Sept: 207;. Det; 231; Jan: 2.01: Merch: 2.82; May: 283; July: 2.00: Sept: 206; Oct: 2; 8pol-1.8. Cuba): 2.05.

Total Bates: 210 contracts. Open interest: 7,931 contracta,

Contract No. 6. {fomtatio)

Sept: : Nov: 346; March: 3.49: | Spot--(C.14, NY. ex-duty) 457.

Total Balea: 10 contracts,

·Open Interest; 2,410 contracts--- UPL

FOREIGN ENCHANGF

NEW YORK Closing rates;

Canada

England ometal:

90-days Other Entitianged. LONDON:, Holiday

·UPL

some eastern

tlons

damage.

cotton exchange reperlet-

Reports from southern Texas UPI.

Breakfast in

HONG KONG

. supper in

LONDON!

NOW

0.8

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...

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Most experienced jet airline in the world

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