THE CHINA MAIL, WEDNESDAY, NOVEMBER 18, 1959.
BRITISH MERCHANT NAVY
No Longer, Leader
Of World Shipping
London, Nov. 17.
NY Firm After London Poor Opening Closes
New York, Nov. 17.
One in every 275 Britons earns a living in marchant ships. Steels, electronics and some specials stood out in a
(The world average is onė in every three thousand). Britain's merchant ships carry 15 times as much as all her trains, lorries and aircraft put together.
of
From these two bare facts con he Bothered
Idea some the merchant navy's contribu- tion to Iritain's economy and its place in world trade.
You
Ikle astonishingly heard of this truly vital industry; what interest the general public has in the nation's ships is ing clined 10 be spasmodic and emotional rather than realistic.
Now the notion which sels so much sture by maritime history and which lakes so much for contribution of its granted the merchant marine, is having the hard facts thrust under its nose by શ research organisation | called the Political and Economic Planning.
Disturbing
And a disturbing pleture it is
too.
or mans the ships which My their Bags and the taxes they impose are negligible.
Principle discriminatory prac- tices are reservation of all or part of any irade to vessels of a particular mation and the slab. sidising by governments directly or indirectly of their merchant | ships.
The United States for instance reserves for its own ships all direct trade between American ports. It also interprets liberally its so-called 50-36 rute under { American which 40 per cent ald cargoes 9 reserved to American ships.
The British on the other hand who are vitally Involved with their merchant navy, confine their "generosity" to n lax con~ cession. 40 per cent investment allowance for new ships.
This has left British shipping industry ill-armed in an in-
world. compet!live
Political and Economic Plan- ning is a non-party, Independent research organisation which for nearly 30 years has been pro-creasingly ducing the sort of reports which And says P.E. "competition wia attention and inspire to which British shipping is sub- Ject is likely to become sill more policy-making at high level
only a thoughly Intense and efcient Industry stand up to .
The importance
of its latest British Shipping report whe Industry" lies as much in its possible effect as in its revela- tions.
And what is the picture pre- sented by the P.E.P.?
It is of a giant gradually being forced to yleid its pre-eminence as carrier of the world's trade goods. A glant, whose plight seems to occasion remarkably little concern to those who stand to be affected most by it.
can hope to
Conservatism
At the same time P.E.P. doct not averlook the presence of a pernicious conservatism in ship- It comments for ping circles. instance that "the industry's at- titude to research of all kind....
too is backward...." It asks ("whether shipping companies are sufficiently interested in the introduction of nuclear power to and whether merchant vessels
the opportunity is being missed in the development of passenger trafile in the north Atlantic."
Anc
this score It com- "foreigners that while
on
HONGKONG
STOCK
EXCHANGE
い
Day Own Correspondent
Buriners done at the Hong Stock Exchange this kong morning amounted to *ppro ximately $1,502,000. Noon quo- tallone and the morning's
Haine
transactions:
Shares Buyers Beers BANKS
Bank 1060 1070 K. INSURANCES
ion Lombard
11. 1000
STOPPING Wheelock.. DOCKS. ETC. K. Whart
5.65
1.78 3000 4.70 4350 #5.70
142 141
LAND, ETC.
For 40 years Britain's share of active world shipping has been dropping. At the time of World War I her slime was 40 per cent. Now it is nearer 10 per cent. And P.E.P. produces Agures menis which provide "good reason for see a future in construction of RUBBER
that the United vessels designed to suggesting
provide the States is now the world's major cheap
persage across maritime power not merely un Atlantic.... British shipowners paper (a reference to America's seem content to leave any new Trust
A. Tawan mothballed merchant tonnage) (tourist trade to jet planes."
Sungala but in sober fact."
UTILITIES
Three Factors Wirst factors have contributed to this decline?
Three appear to stand out:
The growth of "ags of con- venience" feets;
Discriminatory practices on the part of other nations and
The Narrowness and paucity
of tax concessions granted to Britain's merchant
the Government.
marine by
$4
100 141 100 142 134141 300 141
100 141
firm and moderately active stock market to day.
Sujet caRK into the 1st | Den. Tyre & Hubber aflet nagerd opering that Goodrich F.) Co.
| Quaderi Co. •-- irabled a number of the ipaders carlier to extend ether to com: up lown.
Grodyear Tyre
gains
and
Grumman Afreraft
from
their
Dulf on
unend Organ
Reyden Newpart Corp.
iram Waiker...
Itemtake Mixing Co.
US, steel jumped more than two in the Tantly depressed Human Retrie
eci culio, while National lionho Power ... [adde ncotly on: and Youngsspertat OR
Impreial Tobacco (town, Lukins and Bethicho friand Blesi Car
all were up a point or more,
Electronics were still favour-In ed with General Time Zenith up more than two
Harvester...
Interchemical Corp.
Business Machines and Internationi Nærkel and International Paper
A
8314
4512
400
Lower
London, Nov. 17.
It was a very unsettled day
in the London stock mar- keta. The morning saw
a bout of profit-taking by small
investors
and
buyers were deterred by the poor overnight session on Wall Street and higher U.S.
bill rate.
Treasury
In the afternoon big investors 461% appeared and there was also some bargain hunting, but the move failed to expand and losses at the close were numerous and sometimes fairly substantial.
1900cd
4022
Johns-Manvilə Co. cach. Ker Industries
1.EL
Kansas C. Power & Ligh Kennecott Copper Liggelt & Myers Tob. Ce. ay Tulip
4312
DETA
Little Ind.
Raytheon and Motorola alcade Tel. & 791-
a point by more that
Instruments rold Texas
off around one. Du Pont and Thokol added more than point cach In the chemicals,
Coca-Cola which fell elgnt points yesterday after directors stock Proposed a three-for-ane
than four. spill, jumped more Motors Armed with gains đi cà
Lockheed Alterati Loews Incorp. .... Lene Blat Cement Co. McDermott J. Bay McDaniell Aircraft Miriampola Mining kimian Development
half or more in Chrysler, Amert-Molons Brewery
ean and Studebaker.
Closing Prices
Abllibi_Pwe, de Paper
Aldon Inc. A Corp.
Algoma Steel
Alled Chemical Allied Mike Inc.
All Cheimers
Cone Mining
Alina-Ham.
Baltimore & Ohto
Monsanto Chemical Co. Montgomery Ward
Motorola Inc.
National Biscuit Co.
+3712ational Cash Reg. "A"
Noranda Miner Ltd.
Pacific Gas & Elec.
Reynolds Metal
Gilt-edged enjoyed more in terest and were quietly frm, sentiment being helped by the sucess of the £12 million Hertfordshire loan. Foreign 3215 bonds
undecided, but 311) Greeks were a bit sirmer on some 143xd
Dollar speculative activity. 201
locks were marked down fpi- plowing the sharp setback 61% Wall Street yesterday.
134
014
274.
3019
were
STEELS FIRM
on
Among industrials steels and stores held firm and were the other Lec- exception to most tons of his market. South Durham Steel, whose dividend is expreted later today, was two shillings up. Storrs rallied and several leaders were higher on balance. Emmies went ahead
dt the close icliowing the one for two free scrip issue and 14 per cent dividend forecast,
Gold shores drifted lower al- certain though there was
In
amount of selective buying. diamonds De Beers wore a good market, Coppers were depress- od but off the bottom in places other base metals cased.
S| National Dalty Prod.
375 National Lead
1051;
113
National Steel Corp.
215
30%
New York Central
2752
2326
Am. Brake Shee
53
4
Norfolk Western Ry
American Airline
23
North Amer. Aviation
American Cable & Radio
Dock
200 58
Corp.
1021
Olin Mathieson
200 + SA
Americon Cyanamid Co.
5
Ous Elevators
Am. Glas & Electric
100 38
45
Oxford Paper Co.
Am. Home Prod
104
Provideni . 15.0 15.70
1000 r 13.50
T72 15.50
Am. Asch. & Fary.
87
| Pan American Airways
20
American Metal
£35xd | Paramount Pictures
41
1000
19.00
Am. Natural Gas
3219 Purke Davis Co.
41
1000
13.00
Ameile Smeting
BO**
Penny J. C. Co.
my
1900
160
Am. Bugar Het.
2714
Penn. Salt Co.
k
HLK.
Humphrey 18.00 10 Really Salty Rt 12?yo
American Tel & Tri'
772 Philip Morris
67
Hotel 3234
Land 38% 38%
American Tob
103:
Pitney Bowes
345
Andernds Copper
M
Procter & Gamble Co.
BJ
3011
Armour 600 385
Anned Steel
0912
Pittsburgh Plate Glos
B1
3415
Pure Ol
34
Aabision Corp.
Radio Corporation
10
1.375 1.400
16
Raytheon
Radio Corp. Pret.
701
130 13
Bank of Montres! Bank of Nova Seolia
581
Republic Steel
30
.125
Reel Life Savers
24
Royal Bank of Canada
70
3% 3.60 2000
3.80
Belt Telephone
40%
Start, Roebuck & Ca,
Beneficial Finance
24
shell on Co, ...
2000 3.80
Bendix Aviation Corp.
68
4.025 4.1
3300 47 3.80 3000 43.80 5116245
Beguet Con
1
Saint Reg. Paper
Desfileberu Sterl
sichenley Inc.
Boeing Airplane
32
Scott Paper
Borden (The) Co.
Sinclair Öst
20
1000 ₫ 3.20
Burrougt Add Machina
2
British Amer. Oll
33
Socony Mobil 01,
Bmith, Kile & Trench
31.50 314%
150 31
Brtile Columbia Pwr.
15%
South Puerto Rico Bugat
130
100 or 134 48 19 134
Calit. Packing Corp.
Bouthern Natural Gos
Cana Ek, of Comm
ST4 Southern Railway (Com.)
130 100 120
50
Standard Brands ....
200
130
2
A00 130
201%
Standard Oil of Cal
Atandard Oil of Ind.
401%
100 131
Cal. Tractor
30
10 to 130
Celanese Corn
23
Standard Olt of NJ.
4315
RITY
400
130
C. I, T. Financial Corp.
2435
1645
100
Chrysler Motore
8114
20.10 20.20 500 20.30
Chest Peabody
184
rundig Block 25%.
1000 6 29.29
Colgate Palmolive Co.
541
324
£74-11/16.
4024
Comp
2422
61,xd
Funding Loars
415%
23
401
Textron Ino.
ezi
Thlokol Chem.
An
Tide Water Oll
180
Traders Finance
-Cont. Warrants
MAY
maig,
134 Star Ferry.
120
P.E.P. concludes its report with these words "the future of Tran the British shipping industry depends on how far it is ableaumes and willing to make the effort existing pro- needed to solve blems and face up to the challenge of new conditions."
They might have added---and
extent the British C. Light Government prepared to secure this vital fe line.
Perhaps the publication the P.E.P. report will inspire
to what
is
of
The attractiveness of "dogs the raising of that question Secute
convenience" is
of
knowledge.
24.00
quarters Electric Ris. 135
11.30
common afresh in the proper Countries which and at the same time an in Mocan E, provide them principally sistence on a constructive and Panama, Liberia and Honduras timely answer. --are not fussy about who owns
Telephone
Campbell Soup Co. Canadian Paclie R.
Cape (1) 1) cb.
2500 20.30 Colombian Carbon Co. 2000 a 20:20 Commercial Credit
1500 20 20 Consolidated Edison 2000 29.20 Consolidated Paper 2000 20.20 548 24.00 5313.60
(Commutere Gut
Старе Се
Crown Zellerfach ¡cuban Amer, Sugar 333 $3.00 Diamond Alkal 1000 or 11.40Diamond Gard 3015 3000 at 3034
Distillers-Seagrams 50000% Douglas Aircraft
Dow Chemions
Dupent de Nemours
Eastman Kodak ....
El Paso Natural Gas
29.60 Family Finance Corp.
London Express Servier).
INDUSTRIALS
Cement...
33 38%
GOO 382 3000 G 38
STORES, ETC. Dairy
20.63
21
200
200
Bark
Watson
20.30
Ford Motor Co. of Cana
Lane, Crow. 23.70 23.00
1000
23,00 Ford Motor
3000
2.50
Gatineau Power
For the convenience of Importers.
and Exporters in the Kowloon area
THE BEN LINE STEAMERS LTD.
have pleasure in announcing the opening of their KOWLOON BRANCH OFFICE
on 18th November
at
3rd Floor
HONGKONG & SHANGHAI BANK BLDG.
664 Nathan Road
Mongkok Kowloon
Tel. 50557
P.O
R.M.S. "CARTHAGE”
EMBARKATION NOTICE
For United Kingdom via Singapore, Penang, Colombo, Bombay, Aden and Port Said.
COTTONS
A
Textiles Nanyang INVESTMENTS
Ailled
200 68 20.70 Pirestone Tyre & Rubber
23.10 Fi Net
Georgia Pacifie
General Dynamics
15.10 16,0 1000 GT 16,40 General Electric
6.30 405
8,00
Yesterday's Closing
Safeway Stores
Hteep Rock...... Sterling Drug Co.
Stokeby Van Camp. Stone Webster Studebaker-Packard
Bunahing Mining awift & Co.
Texar Co
Union Carbide
Union Oil of Cal.
3an Pacific Railway
1 United Aircraft
255
UB Full "B"
U.b. Gypsum
28.8. Rubber
18. Line Co.
明
1291
U.S. Speiting
US Steel
KUS Steel P.C. PF
ילין
48
44
General Foods General Motors Gen. Pub. Vul
BOAR
Warner Bro
Wrukesha Motors
Westinghouse Air Brake
Westinghouse. Electric
West Va. Pulp & Paper
Winn-Dixie Store
Woolworth K. W.)
Zenith Radio
1147 ---UPI.
COMMODITY PRICES
COTTON
NEW YORK
Closing prices all in cents per
ib,
Spot
Boo.
March
May
July
Dec.
Mar.
30.640
30.836
20.00
NEW ORLEANS Closing prices all in cents per
1b.
Spot
Merch
July
Mer.
50.816
LIVERPOOL Closing prices ali fa pence per
Jb.:
EMBARKATION: Passengers should embark between Ameriena. Comiruet
2.80 and 4.00 pm on 20th Novem-Dean ber, 1959,
SAILS:
BAGGAGE:
March/April
July/Aug.
At 6.00 p.m. on 20th Noventar, Mixed Cabirant 1959.
Should be sent to Hongkong & Kaw- toon Whmer Cử'à Gìdown (No. 2 (Gjatë)
1989.
(ŠUBJECT TO ALTERATION)
(Closing prionA ALE SEL
May
METALS
LONDON
Closing prices al; in pence per Ib.:
30-38
No, I Яu apat....** „Settlement" house terra:
'
Dea.
Jah/March
NEW YORK
Apri/June July/Sept
Closing prices, all in centa || Oct/Dec. per 1b.:
Lead Dec.
Juri
Jan.
11
Dec
319-312
· General markets, ell. basis, ports
369-3046 3796-8762
Dec. Jan.
Prtale crepe thin Dec.
Copper Doc. Tin
11.78 51.97 1.45
Dec
unqucted
per kilogram, el.f. Nov:
No. 1 rubber
$71' bom
No. 2 rubber
No. 3 subber
3012
LONDON Closing prices, all in sterling per long ton,
Buyers Bellais
*Tin, vot
marths
Copper t
Zine and half Nov.
RUBRER
SINGAPORE
bèices all in, Straits
thick Des... 415m AMSTERDAM
Closing prices all to guilders
No. 1 crepe.
--UP!
FOREK EXCHANGE
NEW YORK Closing rates:
ONDON
Oils were quietly irregular. Rubbers lost their recent firm | Lone-UPI.
Closing Prices
Gutedge1 Bonds Briti Transport 2. 1974/08- C-10/18.
Console 21% % 2517%
Consola JETË.
_Conversioni Loan $$$ 1960-
Funding Loan
D9 1950/09
1999/2004--
1560/90-
Bavings 3% 1965/15—–—£92-1/16. Savings 2, 1960/70-8431
Daving % 1965/75-78.
Baske
Baretay's Bank “A” Lid ord-614
Chartered Bank-85% 30, Hongkong---€ 591%2.
Insurance
Union Insurance Canton-&5-7/10.
Aircraft and Motors
British Motor Corp. Ord-218. Ford Motor Co1008 d. Rooies Ltd “A”—10% 3. Standard Triumph Ilamaillons)— 10% $1.
Breweries
Distillers Co-3 104.
Buliding and Materiala „Ammoclated" "Portland · Cement-73%
Finchin Johnson Aarelates Ora 27 01.
Coal, Ateel & Engineering Babcock & Wilcox Ltd 42 Ulja. Vicker Lid—29 33.
Food and Tobacco - "British American Tob. Co., JM- 63 1054.
Imperial Tobacco Co.. Lidmaat. Miscellaneous
Boardman Marden Ltd 3 101d. British Oxygen Lid, Ord-18 . Canadian Facific Rly-451k. Dunlop Rubber, Co-zak" Huuka, Hongkong & China Gas-139 Imperial Chemical-65% 7150. Lyons & Co-80 35. Unilever ide
134
Bowater Paper" Corp. Ordő=-858. Radio and Pisttrici
hamzelled Electrical-axSA DA, Electrical & Musical-809, 3 cor. Bill Electric Commiös dd." General Electric,dās 97.
1-
Shipping Indo-China Sitam Ner. Co. def ord-la ad.
Pstesin Navigation def ora
Kiel**
* Great Universal Storca
Spencer Woolworth xtties
MAY-KE
Litamini40 41ça,
Chala 3 a P. Ladiāde; 7960. Courlaube Lid-870 bd.
Mines
Anti-American Comp of Adric 201
Bouth
Core Akolábalds of South Attic- Con Line porn, Ord-72x 0, -10% Biera del 1pis.
Free Bute Development & Invest-
puljem Kits Cons--is 256. West Driefontein Goldmining West Band Conais 1544.. British Bomed Petroleum Byndi Media – Bipiéum Co., 1A6-85#
Kaykl batch Bretrólexitys-
Exchange Rates
BUILDING OF HOVERCRAFT
TO GO AHEAD
London.
Britain's National Research Development Corpora- tion has announced that it proposes to go ahead with building a number of the revolu- tionary hovercraft capable of meeting real operational requirements.
water on
4
The hovercraft is able to ride He spoke of them no being
land or above
ured OVET Anow, Ire-caps, cushion of air created by jels. | deserts, remote coastlines and A prolotype has already caused rivers.
the English channel between Britain aruf France.
They could be used to supply communities or to move equip- ex-ment and supplies, which were costly to move by other forms of transport.
The corporation mid it pected the fleet of hovercraft would be in service by 1983.
Inquiries about the prototype "Flying Sauver"—officiality the S.R.N. 1-turve been received from all parla at the world,
ނ
With speeds of up to 00 miles. an hour, they would be far faster than conventional ship- ping and could carry for greater
particularly the Commonwealth. paytonds than aircraft-China
Mail Special.
The four-ton prototype made It is its Arst Night in June. made by Saunders Too at the
Isle of Wight, southers England UK's Shipbuilding
Development Industry Suffers
Mr D. Hennemay, chairman of Hovercraft Limited, set up by the govern ment-sponsored corporation, said: "We no longer talk about the hovercraft but of hovercraft.
"We envisage a very wide range of vehicles with all man- ner of applications up and down the world clearly recognisable as being members of the same family yet individually differ ent."
They were
not yet prepared to go ahead with the building
Dumbarton, Nov. 17.
'FTHE outlook for Britain's Industry
shipbuilding
as "distinctly bleak," the chairman of a leading British shipbuilding firm soid hara today.
Mr Edward Denny, Chairman of William Denny and Brothers, was speaking after the launch- of a hovercraft in the 400 tons
ing of the 5,450-ion motor ship class but the new ones would Phyllis Bewater
the be much larger than the first Bowater Steamship CargKEYL hovercraft probably in region, of 40 tons.
The next vehicles would designed to meet specific quirements.
the
be
for
"My personal experience e fax is that we use too many man hours and that, for this re-renco, more than the relative.
"It would not surprise me it the first application turns out to be for a Commonwealth coun- try," he said,
Mr Hennessy
naid, the new
ly high wages we pay in cer», ... Jadr sections' shipbuilding, our cost for labour is too high,” He declared.
He appealed to Trade Union leaders to co-operate in ensur- family of hovereraft will differing the continued existence "of in shape and functional ability, | the Industry.----Reuter,
'Man-Powered'. Aircraft
A 19-yahr÷öld. Londoll, schiptor, Mr: Emlet", "Hartman, han prodnend the world's, diSI SEMI-powered" "álpoenta ju
the "Estihapter"! "mëshe wouÉR MAN 1970 years or planning. The revsilalásmary, bár
2- Malmed; to be, the wa£}A*%
3. Menéd fails by me
tieren birdike Wings - which nab"to bolak tiri við forwinn
*
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