1959-10-13 — Page 9

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Page

THE CHINA MAIL, TUESDAY, OCTOBER 13, 1959,

THE SHOUTING DIES DOWN

Markets And Britain

Holiday

All

New York, Oct. 13.

the U.S. commodity end foreign éxchange markris except New York Doston seed cli and Chlengo craina were closed observance of

Day holiday.

and lard today... in Columbus

All Canadian markets were closed todaý, Monday, Ool 12. The Canadiana Observe Thanksgiving Day holiday.

The Now York Stock Market however, opened

a unaal-UrI.

Chicago Grain

Market

Chicago, Oct. 12. Com logged, but a late rally pustied the prices of most other the grains higher "Today" on Board of Trade.

A largo volume of export trude over

and the weekend talk of more to come helped to The wheat market, Arm the deferred contracts were about steady. An export house broker bought December.

стор

Soybeans were heavy at the stari. A Javger government,

estimate,

foren Liberal

weather stocks and improved

Induced for harvesting

much selling by longs. The nearby contracts showed the most sell ing. Commission buying near the clone boosted prices.

of

The United Arab Republic purchased 2,000,000 bushels wheat half of it red. Germany was snid to lave bought 210,000 bushels of red wheat, and Nor- way took sorghums.

up to

Wheat closed

cents.

Soybeans closed up to 15% cents-UPI.

BRITAIN'S TRADE GAP

Landon, Oct. 12. Britain's adverse trade gap in September amyunted to £72,300,000, according to the Board of Trade figures issued today.

Because of sexeonal factors 11 was nearly double the trude gap In Auguzi. September is the month to which there are large purchases of such overseas com- inoditics ny tobacco.

Imports In September totalled exports onc £330,200,000. £240,700,000.--UPI.

|

Gets Down

To Economics

By OUR ECONOMIC correspondeNT

London, Oct. 12.

U.S. STEEL STRIKE

X

Wall Street

MAY END Fails To Hold

THIS WEEK

Pittsburgh, Otl. 12.

On To Gains

| America's lugest and cost- Mest strike is expected to last at least until the end of the week before the Taft-Hartley laws set in motion by President Eisenhower on Friday inst send the men back to

The financial district was work.

virtually deserted as the Colun The Preakdent appointed abus Day holiday and Yom Kalp three-man fact-nuing Panel sur, b Jowish bolkiay kept

New York, Oct. 12,

Stocks advanced one to more than five points today and then slipped back from their best levels.

int Tel & Tel

Kaneas C. Power & Light.. Schna-Manville Co.

Kennecolt Copper

ly Tulip

Lilion Ind,

Lockheed Aircraft

Loewe Incorp.

Lone Star Cement Co. McDonnell Aircraft Minnesota Mining

Mission Development Montgomery Ward National Cash Reg. "A" National Lord New York Central

The tumult and shouting have died down and the treasury bonches are once more stocked comfortably with Conserva- tives. But this wook some cynical people are sorting from the haystack of and ordered it to report to him many from the Street. Husting's declarations, one or two on or before this Friday.

The President must have their Thiokol a consistent gainer disturbing economic home truths.

report before ho can arc FE in the rocket fuels, rose more strike ending Injunction which than two points, as did Zenith would end the strike for an 80-22 TIM. Motorola moved up day "cooling off" period.

more than a point.

In the motors, Ford, Chrysler will take at least ve weeks to and American tacked on trac-Olin Mathieson *** for the past three months - get furnaces cold and dead tions. Studebaker-Packard was Pacife Gas, & Elec.

unchanged, GM, firm at the Pan American, Airways operating smoothly enough to

sponding Based in subsequent | Pammount Pictures approach 90 percent of capacity dealings.

Parke Dayzja - Ces Pitney Bowe dis-production,

With less than ten days' con- Traders awaited the outcome Pitsburgh Plate Cham

Radio Corporation of steel att in the of any mive toward ending the Repubße Meet sumption huge stockpile built up before seel strike, Steel shares zee-Reynolds Metal ¦ the strike began, the 'oventut] sawed' within a narrow range. back-to-work onder was expect- U. §. 3teel lost a small fraction, ed to soften but not solve the while Bethlehern femed, steci crisis.

In fact this has been an extra- ordinary election camptism; a campain in which lie Joudest and most cheerworthy platform thout has been how each party would spend the three or four まず cent increase in Britain's annanl production, which by now, many regard as inevitable.

Mr Caltskell's Labour party in particular, had all sorts of plans

That a new policy is vitally necessary obvious enough obvious however, la Not so what this new policy should be.

It teed not involve anything 50 brutal or undemocratie as the unions, compulsion of trade for yet anything no gentle and

unrewarding cussions,

The

As

merc

is

In

change required for this three or four per cent subile. And to pursue it, the plus the extra revenue it ex-minister will have to be an ex- preted from cracking down hordpert tight-rope performer. on tax-dodgers and limiling to- | the last Macmillan government, free benefits. Creditable the minister moved in with his estimates have put the additional | conciliatury powers after the cost of fulfilling the Socialists' bell had gone and Industrial promises at about £1,000,000,000 production was well into the Arst Gometimes Vio second round. From the start of this Parliament, he should step be- tween the combatants before they climb into the ring.

a veur.

Sombre Truth

The sombre truth however, is that Britain can expect no such fucrease in annual production if in the conditions of full em- ployment which such a sustain ed rate of employment

would trade require the country's

His task

would be just that much harder, Previously his main concern was that he should avoid a continuation of strikes. With this new policy his two principal concerne would be to crush the dispute while it was unions are going to get their still n the bud and to avert five to six per cent annual in-; wage Inflation. creases in wages,

a

Of course this loud Huslings Loast was acbulous one, Everyone knows in his heart of hearts that wage inflation on the 1935-57 senle would compel any British government to pull

Keeping down costs would new responsibility on mean the minister's shoulders. But if the government takes this step then it could and should hoist

industrial production higher and

more steadily than ever before,

Social Reforms

hard on the reins of expansion,

But if it does nothing else, the emphasis placed on pansion of production and 19 Without aftendant

CX-

appearing too

as

Steel producers climate it.

HARDSHIP

Signs of hardship were growing throughout the United States,

Rails, oils and utilities were steady to rm. Drugs firmed on balance.

Olz Elevators

Sank of Canada. Sears, Roebuck & Co.

Shell Oil Ca.

Sinclair Oil Socony Mob On Solar Atreraft

Southernl Co. (The)

Standard Bravida

Standard OR of Cal Baland Oli of Ind Volume in the Brst hour ofjualand Dil of NJ. the realon, a one time holidaySterling Drug Co. Since July 15, when 500,000

on the stock exchange, totalled Stokely-Van Camp ster] workers

Stons & Webster downed trols, only 380,000 shares,

Studebaker-Packard Corp. 200.000 other workers in re- lated Industries have been At the end made idle. Thousands more seasion today, the volume was were laid off each day in the 1,750,000 shares. motor, farm equipment and building industries.

of the trading

Ot a total, 1,115 issues traded in-573 were higher and 313 lower. Ansericon Exchange volume was 640,000 shares.

Bonds volume $3,310,000,

The strike for a wate crease and welfare benefits has begun to hit hard at the car industry, now accelerating into producffor of Its new 1060 madets.

General Motors has laid off more than 7,000 workers and announced it will begin to close its Chevrolet assembly lines on October 20 and the lines of the new Corvair "compact" car probably on November 1.

IDLE WORKERS Chrysler hoped it could con- fiue passibly until the first work of November, despite a strike at one of its plants that

| Texas Co.

Tune Inc.

121

ዝኾነ

30%

33

London To Paris

By Helicopter Service Suggested

Tokyo, Oct. 12. LORD Douglas of Kirtleside, Chairman of British European Airways, said today that it might he a good idea to transport people by helicopter as from London to Paris.

1421-

DO

100%

2176

"I don't believe, however, in transporting people from the

middle of London to the airport Ships Timbers-

44% by helicopter," he emphasised,

40%

37%

07

40

104)

2160

71

10

73%

Lord Douglas who is attend A Prize Export

ing the 15th general meeting of

the International Air Transport

Association in Tokyo, made his

remarks in a press conference

TEAKWOOD docking from

some of

Britain's

at the end of today's opening famous liners and warships,

scision.

"much too

which in their time stood He said the hellcopter was the battering of moun- expensive" to betainous seas, is now boing 金 used In carrying passengers used to beautify British and from the centre of a large city Amorican parks and gardeni. To the rillers and seamen who

414%

0135

170

172

Swift & Co.

Union Carbide

Union Pacifle Rilway

United Aircraft

381

United Gas Corp

U.S. Foll "2"

C

3072

1.S. Gypum

U.8. Line Co.

US, Rubber

US Smelung

US. Steel

amourled to Warner Brot

Closing Prices

Alden Inc. Any Ailled · Chemicals Allle Chalmers American Airline Amer. & Fong. Pywer Am. Gas & Electric American Melal Am. Natural Gas American Smelting American Tel & Tel American Tob Anaconda Copper Armeo Sleei

Armour idle 18,000

labour problems, optimistic I suggest that the has already left points to a Labour ministry as overment could use this sys-workers and threatened the jobs the balance on which success or

tem to rival West Germany's of 27,000. failure of the Tory government meteoric rise and expansion will depend.

and would find the way, Anan- clally clear for great social ̈re- forms such

increases in National Assistance,

Thore

a complementary means too of clamping down on (costa and prices und thus of swelling production and de- ad- mand. Why bol n told чагига towards frees inter- national trade?

Gains On London

Market Pared By Profit Taking

London, Oct. 12.

Late profit-taking pared gains in many issues that reached new highs in early heavy trading on the London Exchange today.

Steels continued the mast

active stocks in the wake of the election. They finished mostly higher. Most other Industrials held again despite late selling.

Gold stock drifted lower but most base metals gained ground, Olls were quietly Arm. Prices of rubber Issues scored.

Glit-edged rovernment bonds Were fractionally. higher, Foreign bonds were dull--ÜPI.

Closing Prices

Rrlifeti

£66-15/16.

Giltedged Bonds

Transport 3%; 1975/65-

Carol ~~£30-1/10. Consols To£73-1/10. Conversion LOAD 345,

£147.

Food and Tobreco British American Tob Cul ~BC

Imperial Tobacco Co., Ltd--05 load.

Miscellanous Пoardman Marden Ltd-39 21. British oxyerh Lid. Ord

ad.

Canadian Pacific_Ny-$48. Dunlop Rubber Co-283 1. Hongkong & China Gas--134. Imperial Cherries)-831 2010. Lyons & Co-s

Unilever Lid-1235 sd,

Paper

Bowaler Paper Coro Ord-1s 04.

Radio and Electrical

Electrical & Musical-0. Engllah Electric Co-478 d.

General

Shipping Indo-China Steam Nav. Co. def ord-30 39.

P&O Steam Navigation de ord 1900——is Gd.

& Co-803 34.

Stores Funding Loan

1050/00- Great Universal Storea "A"'—10#.

Starks & Spencer Lid-60s &c. Woolworth Pranding Stock 3%. 1999/2004– 1271%

1000/00-- 45%

Savings 1035/65-201-1/16 Savings 32, 1909/70-814. Bavuga 3. 1905/75-2752:

Ican

£30-5/10

Bankr

Barelky's Bank "A", Líó ord—37s

3dchartered Bank-cox da.

Hongkong-258,

Insurance

Uhion Insurance Canton-6.

Aircraft and Motori

British Motor Corp. Ord-208.

Ford Motor Cóm 714,

Brewerian

Der Co-30 ct.

Building, and. Materials

Textiles Coats JP Lid-In Tighte Courtaulds Lich-40 d.

Almer:

Anglo-Aiherluan

| Africa-2008ts of Bmith Africa-

Солт

DGP 135d.

Com. Zine

De Beers deli

"Corp of South

Ors-wd.

Free Bite Development & Invest.

ment- od

Hongkong Tin--da, 2014.

Petaling Tinda 30.

Hand.-1035, od

Boythern Kinta Cons tid-20 d. Udon Corp 763 1a.

100.

Driefontein Goldmtning-

West Rand Cons-21% 30.

Associated Portland Cenient-11a j, Melkinės

cat Bomen Patroleum Byndi

edpinchin John Associates Ord-Britian Petroleum Co., Ltd-Sis.

24 110.

Cost, Slaki & Kajdering Babcock Bron. Isid 83# ca.

Vickara Lichidos hd,

Burmah-(a $4.

Two

cosЯuner

According to a survey by the Institute of Appliance Manuface turers 11. major American manufacturers will have to shut down operations by this coming Thursday and another 15 would have to close by the end of the month unless steel supplies are obtained.

strike.

In Washington.

Alles Coup. Mining

Baltimore & Ohio Beech to Savers Bendicial Finance

Baldwin-Laine-Hen.

Avtation Corp Benguel Conr. Bethlehem Strel Boeing Airplane Campbell Soup Co Canadian Pacife R. Case (3.1.) C. Colgate-Palmolive Co.

Chrysler Motors

Colombian Corben Co. Cominercial Credit Consolidated Edison Crane Co......... Crown Zellerbach Cuban Amer. Sugar Diamond Alkali Douglus Aircraft Dupont de Nethours

In steel manufacturing towns retail stores and inusinesses re- ported that buying had fallent between 30 and 50 percent obvious steps

would steel-workers and their families facliliate this; a wholehearted | felt the pinch of the drawn-cut lifting of the remaining import controls

dollar on

Mr goods and a new and more posi-Taylor, head of President Eisen- Ford Motor tive move towards expanding hower's fact-finding board, sald Georgie Pacific

General Electric trade with Europe.

today the Board will тане General Foods overy effort to obtain a volun- General Motors ary settlement of the walkout. Metty Oll

Glidden Co. Mr Taylor said; "I think it Goodrich (F) Cb, is our responsibility to do every- Goodyear Tyre thing within the limits of our Heyden Newport Corp. authority to settle this dispute. If Walker

Tomartaka Mining Co. Mr Taylor spolcs to reportons as

Hussman Refṛig. the Board met for the first time Ingermoil-Rand to draw up an agenda for hear-

Westlochoum: Electric Western Union Tel. Co. Woolworth (K. W.)

HONGKONG

STOCK EXCHANGE

by

Our Own Correspondent

101

45

9441

39

Business done at the Hong- kong Stock Exchange this morn- 184 ing amounted to approximately $1,151,000. Noon quotations and

morning's transactions

3016

47%

Share

085

to its outlying airport.

He mentioned that in Lorien colled these vessels, the ship- The roads to the airport were breaker's yard is perhaps the being improved, But he con- ugliest place on earth. Yet out tended that the best way to of the mass of twisted metal, fratsport passengers to the air-balks of weather-worn timber port and vice versa was by rail, and miles of wire come objects which have not lost the grace or LOWER FARES

the study characteristics of the old vessel,

In reply to other questions he said:

A North of England ship- breaking company

has been proving this for a long time-

• The executive committer | particularly to

should be lower than at

sent,"

the American

of IATA "believes that fares traveller, It is from the teak- pre-wood decking that a wide range ot gorden furnishings are made

to enough

last д sturdy The additional surcharge hundred years.

•

on jet fares "will eventually dis- appear."

FIRST VESSELS

There should be an in-

The company was formed th ternational alr traffic control 1911 and among the first vessels over both military and civil air it broke up were the old wooden movements to help settle the battleship. Wooden ships havé, problems of restricted air, of course, long since vanished

routes in the north Allanide and over Europe by military air- craft.

New members should not be accepted by IATA unless they give to conform to IATA- Get air fares.

WILS

The committee, according do Its report,

Lackling the problem of ground handling of aircraft at airports so that tho Jets and turboprops can spend

as much as of their tung

and with them have gone the ample supplies of well sectioned teak, Nevertheless, lying in the yard at Blyth, in North East England, are small supplies of decking from a number of war- ships as well as from the British iners Otranto, Asturias and | Reina del Parifico, vessels which In their tims, carried hundreds of thousands of passengers many miles about the world.

Today theories of many happy

voyages are being preserved by อง Americans -the form of teak possible "carning revenue in the furniture made from there vessels. Garden seats have been Ji no said that st the re- sent to almost every state, and quest of the Universal Postol have been bought for service in of the members were public places by some Union, IATA asked to Improve co-ordination leading authorities in America, Universities of of their lime lables; give postal including the administration more notice of Yale, and Michigan. Each article schedule changes; and, I pos-of furniture, produced at Blyth icanssible, coordinate these changes bears d nameplate giving the name of the ship from which it was

with surface carriers.-UPI.

04%

想

Buyers Sellers

STEL

BANKS

HK Bank

INSURANCES Unter

SHIPPING Waterboat 2580

075

20 034

80 875 520

อง

5006 23.20

alr."

4000

20.20

Escort A Line Eastman Kodak

3015

BG

Wheelock 0.45

5.50 Aix hor

G.19

Gconge

1000

8.44

Firestone Tyre & Rubber

129

1000

0.44

2000

0.50

K. Whart

12+

Dock....

5316

Provident

14 14.70

1000 14.03

191

*209 | 1420

1000 14.00

525

1746

Taikoo

34% 30% LAND, ETC IK Hotel, 31% 31%

1000

1530

1000

1000

412

B

Land. 374 3724

Humphrey

800 +

102

200

1201

Healty... 1.8745

5000

1500

1.70

TUBXONER

Amale.

12514

5000

351

2000

35

Anyway, with the country so surprisingly firm behind them, the Torles cun step out with confidence. It is surely within their ability to spread over the country as a whole, the same feeling of elation which the stock exchange is enjoying at this new and politically historic ings scheduled to start on Man- dawn.--London Express Service. day---China Mail Special.

Yesterday's Closing

|

Lal Business Machines Ytl Jervester International Nickel International Paper

COMMODITY PRICES

METALS

LONDON

J./March Closing prices, all in sterling APT/June per long ton

July/Sepl Oct/Dec.

Generel markets, calf, baste, porte Oct.

2016-304 Nov. Estate crepe Thin Det.

Ervers Sellers

706 1043% 20416 705

Tin

pot

3-menth

Copper spat 3-month Lead at half Dot.

Zinc ist halt Oct,

239% 2301%

230

7011 70%

75%

Jan.

-UPL.

RUBBER

NEW YORK

Rex rubber futures

prices, all in cents per be

Halkisy

SINGAPORE

Truet

UITLITIES

Tran. 3014

Star Jerry Ykumali

.

30%

133

120 122

C. Light 18.30 18.30

:1032 V

B00

Soviet Airline Withdraws Jets

London, Oct. 12. EROFLOT, the Russian

A oftline, sald today it

withdrawing itu TU-104 jet 3015 airliners from the London- 800 1628 winter.

200 000 19.20

301

2015

Mostow route during the

The

hundred-seater Dyushin 18 Moskva turbo-prop airliners will replace them.

The change is due to "stock Ing problema in fog and low- cloud conditions, the airline cald.

The TU-104 uses so much fuel that it is unable to circle over- head for long periods if an ale- port is blacked out.Reuter.

Electric

13.70 23.30–1300 à 25.80 23.80

400

40

800 24

LONDON

Closing prices all in pence per

lb.:

No. 1 R spot

Bettlement house term:

Nov./Dee.

35-3614

sa sel

LİVERPOOI Closing prices all in pence pår) Ib..

American Contráci

"Ft.

12.70

500

100

12.53 12.42 410 12.70

Telephono

00 de

400

3012

21.35

Oct/Dee

3012-30

March/April

BUY/JURA

OctyNov.

90.00

INDUSTRIES

Mixed Controt

Oct Nov

29.16

Cement STORES, ETC. Dairy

38

210

Dec/Jan

24.04

700

20.05

Watu

£0.00

21

200

-UPL

200

20,00

In Freights

400 0 10.00

Lent, Craw.

28

THE

North

COTTONS Textil

2.000

thick Oct.... AMSTERDAM

2914-201

PLSS

Closing prices all in guilders

per kilogram, cil. Oct.

No. 1 rubber

No. 2 rubber

No. 3 rubber

No. 1 crept

(2.54 buyerE

102 buyers A buyers 3.35 buyers

UPI

COTTON

closing

NEW YORK-

Holiday

Cloaking prices all in Straits cerks per 1b. Lob. Malayan ports:

ver

Nov.

No. Oct.

No.3" Epot rubber unshaded Shell Transport & Trading-tits 3d, ilmum stepe Neuter,

No, I pole criză

Hoval Dutcti Petrolesim-22:00 £14-21/32....

11.

March/Apri May/Jupa July/Aug. Oct/Nov.

FOREIGN

8.40 6.50 1800 en 8.30

-1000

INCHANGE ||Nanyang 1435 140 000

LONDON

Closing inter... ·

New York Montre A

Copenhag

bon

Quo

BAD PAULO Cbcsinag, priori all m cruzeiro 2

Paris

All unquoted

NEW ORLEANS Closing prices all in cents per furt Houday

INVESTMENTS

8.56

4000 1450 2000 $14.50

M 1000

More Activity

American

Taction developed

fashioned. The range of fumiture Theludes garden chairs, nests of Läbles; round tables, one decker and two - decker tables as well as many special pieces which are made to design.

Tanker Rates

Unchanged

DESPITE considerable

„increder...in......chartering, particularly in the Persian Gulf area, rates have stayed unchanged.

number of

The avaliable active tonnage allant has shown a tendency to increase, both because of surplus oil company vessels and because the owners of a others completing period charters are reluctant to lay them up.

As a result the rate from Persian Gulf to Britain/Europe remained at Scale minus 57/ per cent. The Caribbeana to Britain Europe freight rale stood at around Scale minus 55 per cent.

Most Interest has centred on the Persian Gulf loading oroa where a nuinber of tankers was Bxod for yoyages to the Far East and to Europe. There is still a

■ fair volume of Inquiry for BBG rather mora sétive tendency Persian Gulf to Far East voyages, 6.40 lth ratos generally inclined particularly by Japanese Im-

porters, 14.00 upwards.

In the Caribbeans the excom tonnazo position: has been Dry cargo vatsels and tankers relleved by incised chartering 20converted for grain were in

particular demand and rates of tankers for the transport of grain, and it is interesting to moved slightly above previous note that the latest tanker grain

Extures from thế U.S., Gulf, to... VBayy), stain was Aked from Europe have besp at about 5.10 the North Face to Britain at 00 dollars per ton compared with a

level #2111095frùm the Gut to Japan previous

of Ground 4 4t Ed dollars and bruin The Gulf dollars. Space has been bookeri {21}$A+jAntwerp/Rotterdent at 0:00 in tankers for the transport of

dollars,

250,000 tons of heavy grain. loading in October, November Those two latter dixtures were und December: This to the 50 Centa HOOVE the tavola, ofsa, paulapient of fuli KAFFOOL for 15 -week previously.....

normal-size dry-cargo vessel.

Exchange Rates

Busbess was dos unoffical exctior! morning, at 12m. Kõik

U.S. dollars (per

Roger

"Sterling nates (per (1)

Australian notes (per eli Indonesia, musish, Loer 100)

18