1959-11-19 — Page 2

THE CHINA MAIL, THURSDAY, NOVEMBER 19, 1959.

DOLLAR DISCRIMINATION

Problems Set

By Low-Wage Asian Countries

New York, Nov. 18.

M. Rene Sergent, Secretary-General of the Organisation for European Economic Co-operation (DEEC) said today that

HONGKONG New York Stocks London

STOCK EXCHANGE

by

Our Own Corvisan tent

this

Business done at the Hong-

to approxl.

kon

Bon

Stock Exchange

morning amounted mately $1.284,000. Noon quota the problem of dollar discrimination ¡tions and the morning's transac- was "virtually solved" but that com- petition from "low-wage countries like India, Hongkong and Japan creates very great difficulties."

the National A: dressing Foreign Trade entivention here, M. Serpent said;

"After the recent measures the United by 111 Kingxiom, France and Sweden, I belive that the problem of

OFFICIAL NOTICE

Proposal to change a Ship's

name

ANKS

כי37 ל3

280142

702 67

233 13.

Higher On Moderate Trading

New York, Nov. 18. Stocks ruled steady to slightly higher in moderately

active trading today.

Hopes of a steel settlement | Penn. Salt Co. before January 20 brought fur-Pitney Bowes

Pittsburgh Plate Glam ther buoyancy into the sleet

Radio Corporation issues. Continental Steel and Raytheon Lukens were up more than two unch. Youngstown added nearly iwo and U.S. Strel and Re public more than 2 point, Bethlehem firmed.

Allegheny, being a pussele a rrall roxy fight, tocked on fraction.

It opened on a block

of 35,000 shares.

1000372 Motorola dropped

700 37.50

Repubite Sterl Reynok's Metal Canada

Royal Bank of

Bears, Roebuck & Co. Schenley Ing.

Sinclair Ol

Solar Aircraft

13

60%

Appears Unsettled

London, Nov. 18. Stock markets were agalit unsettled today. Buyers were still reluctant to ex- and tend commitments with further small selling prices of industrial equi- lies again moved lower. There was, however, a fair sprinkling of firm spots.

Steel shares were upset by the Schanged dividend of South Durham Steel and elthough

20 there was some recovery South Durham itself finished 3s Od 38% lower at 54 shillings.

15

Southern Co. (The) Steep Hock

13

Sterling Drug Co Stokely Van Camp

51

Biano & Webster Time Inc. Traders Financ around United Gas Corp.

US. Foll "N" ..... where Wertern Union Tel. Co.

10037.25 four in the electronics 130 37.50

Texas Instrumenta, Zenith, Tina 32, 32.75 2000 32.76 Raytheons and General

1000 u 22.15 added more than a point each.

38.75

500 32.75 300 39.00 300 m 381

Goort gains were registered 2003 by Minnesota Mining, up more 3285 than three, Polaroid up more

431261 than two, and U.S. dypsum,

Sales Rhares Bayern Sellers UK Bak 1000 1075 11063 INSURANCES

13'

Lombard

42

SHOPPING

Wheelock

XD

543

...

550 4700 a 6.00

dollar discrimination is virtually

We

not da solved.

for the cccurate statisties yet

new measures effect of these

that Cultimate but our

now at delar liberaltation Is about 85 per cent of Europe's Taken Dock

rivate trade with that areż."

930 8.30

DOCKS, ETC. have. Whart

141

143

400142

600 +42

Dock

50

Pravident..

11.00

15.70

375 1500

500 15.00 110037

Some Cases

that sume M. Sergent nid cases of discrimination remained which while they.

LAND, ETC LIK Hot

include the Land dollar area not at all aimed at

TRBO

10

1.375

140

R

12c

RUCHER Antaly

3.73 1 to

Thra

5

$ 34%

Song: UTILITIE Tran Blur Fairy.

You tal

3.30

Allied Chemicals

219

a, 31

133 134

129 1.30

Alled M8 Ine.

1000 31.3

American Airline

241

-173434

200134

Amer. & Forgn, Power Am. Can & Electric

914

457

100131

American Metal

300 131

Am. Nothinal Gar

100 131

500 130

or

C

20.10 20 20

Ameltran Selfing American Tel & Tel Asbestos Corp

772

Attar Cone Mining

Flectric

24.70 24

e.

FOL

23.20 13:0

Enk of Nova Scotia

Beech Life Savers

said the Sergent, who

be Was expressing

Areas E.

Wephone

1120201

We, Hemisphere Shipping protection against doller imparts Company Limited of 25A-26 but rather against Imports from Rumphrey

6 Daddell low-wage countries like India, Realty Printing House, Street, Hong Kong, hereby Hongkong and Japan." gise

notice

of the

on urrship

quence

www

آن

the

"You know

In the United that in conse

change of States, as well as we know in frem vessel, Europe, that competition the

indus- these countries in some lave applied to

tries creates very great difficul- Minister of Transport under ties," he continued. Section 47 of the Merchant

"And while I hope that pru- Shipping art.

in 189-1.

gress will be made in accustom- domestic industries to the steam shiping our respret

and while I HONG this competition. of "ISCHULVA"

Official believe it 15 necessary and desir REGISTRY KONG

able that we move in the direc-

not politically Number 169612 Gross tonnage

11n, it is

realistic to think 1924.96 tons Register tonnage economically

we can do it overnight." 1133.12 tons heretofore own- ed by Williamson & Company Limited of P. & O. Building, for permission Hong Kongk.

to change her

7744330

Own Opinions

M. to opinions

"HANSFORD" and to have were hir own and should not

geraments

necessarily be attributed to the INDUSTRIALS

of the Cemerl member OCEC, said that by collective apptrach Companydstontikily

in the new her registered name at the Port of HONG awned by Hemis- Shipping

KONG AS phere Limited.

Any objection to the pro- puses change of name must be sent to the

OF SHIPPING KONG within

REGISTRAR HONG ut SEVEN days from the appearance of this advertisement.

Dated at HONG KONG the 18th day of November, 1959. HEMISPHERE SHIPPING COMPANY LIMITED.

the

OEEC

could

the STORES, ETC. accelerate

Datly i port of liberalisation of manu- goods imported from factured low-wage countries."

today

there is "Surely widespread aceptance that the time as now come to take the "The Furo- plong" he with,

bolder ct- countries u kun as a grown can adopt much

de because they feel that the impact of cheap Imports their own industries berne by st rether."

Referring

Wath m

2000 1375 National Lend and International | 150 72069 - 12 Paper all up Around two or

1100010

1160312x2

10:03.8} 11.03

400 390 1000 4.37

10035

04.95

2004 2003

MOTC.

Closing Prices

Abitibi Pwr. ✯ Paper Algorna Steel Corp.

1000 or 20 10

Bank of Montreal

200

3.3

1300

24 15

14.3.20

13.30 1353 13.40

103 13 0

300 301 100, 1000 50 1000+ 30

Bell Telephone

British Amer. Di

British Columbia Pwr.

Cana. Bk; of. Comm

Campbell Soup Cu

20.0o

100 0.70

30020 70

Crane Co.

Diamond Alkail

Distillers-Segraria

72

AUSTRALIA TO

LIFT IMPORT RESTRICTIONS

Sydney, Nov. 18. The Australian Government planned to further lift import restrictions after December 1, according to the Sydney "Daily Tele- graph's Canberra. cor- respondent.

The newspaper said the Gov. 3ernment intended raising the

40 import ceiling of £25

and to again reduce discrimination

million

existing against dollar

On August 1, last, the Gov- ernment Bfted the linport cell- ing by £50 million to £800 milllen. It also abolisher dis- crimination ogumist a warber of aki goods from the dollar arou

33

317

31

Canadian Pacifle R

416

imports.

Culomthin Carbon Co.

41

30 3.23

1000 38!

Commercial Credit

1000 381

Consolidated Paper

1000

3044

Consumer Gas

40%

500

38

57.

20 20.70

300

Douglas Aircraft

Dupont de Nemours"

201

400 in (23.40 500 20.70

Eastman Kodak

Firestone Tyre & Rubber

320 + 2053

Ford Motor ...

600 20.30

Gatineau I'ower

131

37

Lane Craw

COTTONS Textiles...

$3,00

1000

ZV)

Georgia Pacific

4823

500

23.02

General Electric

General Foods

JD2

8.80

0.10

1000

9.00

General Motors

512

2000 D

Heyden Newport Corp.

10 10.00 1000

1500

Bram Walker

Hason Refrig.

MISCELLANEOUS

0.00 6.25

Nangang

Vibro

ነ INVESTMENTS

can be Ind. them tel

vaticus

the 10 - cuminion amovements in Europe, the United them NOTICE TO CONSIGNEES M. Sergent sall

State tuitude towards was at first "very benevolent,”

"DALDEM′′*

thr

"More

Sceptical

areo One

Damaged cargo ex this veel with i

recently, however, we surveyed by Meera Wood &

some signs of more 10 have seen Wharf frorn ot l'e Browne

attitude from the 3.m. an November 21, 1999 and conserpent

Slates particularly signee me requested to have their United

free trade toward the representatives present during

Desodintion of the 'Seven' perhaps to a wider union be- tween the Sixt and the 'Seven-

United the

States because balance of payments has been running

Overall 4 substantial

survey.

BUTTERFIELD & SWINE, Agenis.

Hungkong, 10th November, 135.

L

NOTICE TO CONSIGNEES denzit," he added.

"PATROCI.UK"

Damaged cargo ex this vessel wit be surveyed by Meter Pausen & Bayes-Davy, id. at Holl's Whart fruin to am. on November 21 and 29, 1959 and consignees are required to have their representatives present during the survey,

BUTTERFIELD & WINE, Agenia.

Ingkong, 19th November. 1959.

"I believe there is a danger that the United States ailltude will swing too in this motter and I want to say I believe. 11 would be a great mistake this happened....

Allied

*

TU 4.80

1000 15.10

Exchange Rates

was done In the local exchange market

Imperial Oil

Imperial Tobacen

Int'l Tel & Tri

Kennecott Copper

Lily Tulip

Lition Ind. Lockheed Abrerate Loews Incorp.

Star Cement Co. McDonnell Aircraft

Minnesota Mining

Miston Development

Motions Brewery

Busine

morning at the following rates:-

*.00

Montgomery Ward

*

National Cash Reg. "A"

National Lead

100

U.S. dollars (per $1) --*** Sterling notes (per 1) ........ 13.az

New York Central

Noranda Mines Lid.

Australian wroter" (pw Ca

12.47

Olin Mathieson

Indonesian rupiah (per 100)

2.15

slam icals (per 100)

25.90

Singapore (Siza{{n}

1.80

Yesterday's Closing

Otis Elevators

Pacific Gas & Elec.

Paramount Pictures

ちちら

The "Daily Telegraph cor- respondent, said a review of Australia's import position was now going on in Canberra. This would soon be presented to the Cabinet for action.-China Mall Special.

Agreed Merchant

Rates

Canadian Dollars, Maximum Selling 18 19/32 Minimun Buying 16-27/32 T.T., 16-29/32 O/D.

Swiss Francs, Maximum Sell- 46%ing 75-7/10.

W. German Deutschemarks, Maximum Selling 72.

COMMODITY PRICES

Seteinent house team;

No. 1 spot

SUGAR

Thec

Jan./March

Apri/June

Juby/Sept

Det./Dec.

NEW YORK

Det

Jen.

centa

b.:

Closing prices

"What vie need from the United States is critical but constructive support and I would say an active particination in Per the whole process of polley

all in

Contract No. 4 (world)

Jan. 2.986; March 3.00; MAY

formation aimed at co-operative | 307; Suly 3.006: Sept. 31 O

Action." Heuter.

P&O

R.M.S. "CARTHAGE” EMBARKATION_NOTICE

For United Kingdom vin Singaporé, Penang, Colombo, Bombay, Aden and Port Bald.

3.38; 3.300; Mar. 3.25b:,

Total Sales: 433 contracts, Open interest: 8.41 contracts,

Contract No. 6 (domestic) Nov. 2.81: Jan. 8.asb; 5.50b: May 6.63b; July 5.77b; Spot-

March

te.f. N.Y. ex-duty) 5.83. Total Sales: 14 contracts. Open interest: 1,350 contracts, UPI.

RUBBER

Rex

NEW YORK

3814-30

July

37-3716 Dec.

Ocí, Mar

234-53% 321-325

314-3118

General markets, dit, bacias ports:

Estate crepe thin Dee

thlet Dec. AMSTERDAM

41-42

30.72b

30,97%

LIVERPOOL

Closing prices all in pence per lb.:

Closing prices all in gulders Del Nov

per Idlogrom, e... Nov.

No. 1 rubber

No. 2 rubber

No. 3 rubber

No.

crepe

American Obalract

Dec/Jan.

March/April

22.00 21,30

May/June

22.45

July/Aug

Mixed Contract

3.

3.87 b

Dec./Jatt.

25.30

3.63 b

March/April

May/June

3.90 nom. July/Aur.

-UPL.

METALS

NEW YORK

Closing prices, all in centa

per lb.:

Not available.

LONDON Closing prices, all in sterling per long ton!

Klosing rubber futures prices, all in cents per lb.:

47.23 bid

Two pat 44.30 traded | Simmerstti 41.40 trated Copper spot

EMBARKATION: Passengers should embark between Nov.

נבל

DotNow,

-UFL.

FOREIGN ENCHANGE

NEW YORK Closing rates:

Canada

England officia

Buyers Sellers

tr

30 days

140

766

30 days

197

700

Austrade

2.80 and 4.00 p.ni. on 20th Novem-M May ber, 1969,

Marli

New Zealand

South Africa

July

Sept.

SAILS:

At 5.00 p.m. on 20th November, 1959.

30.00 bid 39.50 bid 36.10 bid (00) Nov, SINGAPORE

Closing prices all in Straits cents per lb. F.d.b. Malayan porta;

Lead 2nd half Nov. Zime and had Nov,

733

Switzerland

BAGGAGE:

Dec.

Should be sent to Hongkong & KUWI NY. foon Wharf Co's Godown (No. 2 GAL). by 5.00 pm on 19th November, No. 1969.

(SUBJECT TO ALTERATION)

1.

те

No. 4

Opat rubber bied

- klinker gespe,

Đồi 1 bản c

“LONDON

Closing pribés all if baneb berib.:

Others changedUPL.

LONDON

2012

-UPI.

Closing rates:

New York

COTTON

NEW YORK

Montreal

Amsterdam.

Brussels Cupendagen Fränkbart Lisboa

ONY

Medioim

Yunna Zuriots

188-12/18 (

2.30:30 2,5052

2.1936 ZOOTO

30%

1.00 £80.

10384, 105015.

140306 JAQURy

unchanged

11.007% 11205

Most of the blue chips were n few pence off bu! Gussies were a good market in stores in front of the interim dividend which is expected some time next week, In motors Fords went strongly ahead to 112 30.

Preparing The Vanguard For The 1960's

AS orders for the Viscount turbo-prop airliner

are passing the 400 mark, Vickers are pre- The new paring the Vanguard for the 1960's. aircraft is nearly twice the all-up weight of its celebrated predecessor, and to some extent it is destined to become the replacement for the Viscount. But two Viscounts were ordered only a fortnight ago and no doubt other orders will follow. Vickers-Armstrongs (Aircraft) Limited received an order over two years ago from Trans- Canada Air Lines for 20 Vanguards at a time when

Gilt-edged had another satis- the design was on the drawing board.

factory day and closing prices were up to 4 better. Foreign bonds were dull but gaine pre- dominated in dollar steeka.

to

The Kafr market falled

ntbed establish a decided trenc showed small irregular move- ments. Debeers were a weak spot in diamonds after yester day's gains. Coppers moves lower at first but the trend was

reversed inter and most prices

were high on balance.

bul Oils were quietly firm rubbers were inclined to case,

UPI.

Closing Prices

Gledged Bonds British Transport 37. 1078/08 £49-15/16.

Consola 21 CD's Console -77 Convertion

34 Leer!

Jp

2017

inding Loan 31% 1350/00 £15-4/15.

Funding Stock 3. 1999/2004- Funding Loan 45%. 1050,170-

43.

Banks

Savings 3 1955/65--VZ-9/10. Savings T. 1900/75-IN. Savings 3, 1035/75-78-13/e. Barclay' Bank "A" Ltd ord- 01. Sd.

Chartered Bank- bd. Hongkong--C591-

Valon 3-3/16.

Knabrance

Insurance

Aircraft Rad Motors

Coro British Motor

ord Motor Co-122 3d Boolen Ltd "A" 16d

Canton-

bad

At Weybridge, where the its maiden flight on January 20 Vanguards are being built, theils year, it had completed 119 accepted target is March, 1900, houry up to Sunday, May 24,

Airways und The, recond aircraft British European for to accept their first machine for completed 37 hours. The planned operational service. Among air- average rate of lesting at one operators the cheap-fare hour a day is now being com- Kine

well under way, fortably minisined. In all, the movement is tastened by the economical and certification programme will in ubiquitou Viscount, and the 'volve nearly 1,500 hour dying The 3rd, 4th Vanguard looks as though it is by five alrerzit. strategically well timed as the and 5th Vanguards are now on

final arrombly line right equipment for the job.

Weybridge. Its 139 economy-class stats will give the traveller cheap trans- A sub- port and the operator stantial prof. New mass travel markets are envisaged in the observation systems, enabling of performance, 1060's, as air travel comes down a wide range

and attracts a broader handling and engineering da in cont

to be obtained simultaneously. similar

place Each hour of fight sting is

based

market.

development

may

inke

the

at

The first three Vanguards :11 contain comprehensive test Instrumentation and automintic

with freight transport: if it does, therefore made as prodretive us the Vanguard is already well porcible.

Performance tests to date

| adapted to the work. In spite

re

of its size it can operate to reported to have shown ratis- The Best air- very high proportion of, for factory results. example, European and Medi-craft has already demonstrated terranean nerodromes. Vickers cruise speed of 425 in.p.h., TAS. cheap fares, made nt 25,000 IL. This will be the believe that

cruise recommended pussible by improved aircraft normal design, are

Important la speed of the Vanguard as w the passenger and opintor than built, powered by Rolls-Royce Test resulta a couple of minutes of a journey Tyne 11 engines.

30 far' suggest Chat the Ume.

guaranteed performance will be exceeded.

MOTC

The first three Vanguards are

of

Most of the flying to date has Ord-20being instrumented for extensive

The first machine been at the lower end of tho flight tests. will continue to

Tongc. Experience be used by speed: Standard Triumph International-Vickers, but the second is already higher indicated airspeeds will finished in BEA colours and will be built up during the next in fact, be their Grst Vanguard phase of the test programant, Nor. I and following the installation of to go into service.

10% $31.

Breweries

Distillers Co-348 41ud

Building Aid Materials

Arreciated Forland

Cement--75%

1.

27 11.

Coal, Steel & Engineering Babcock & Wilcox Lid-43 7850, Vicker Ltd-29 1d.

2 have been completely instru- flight resonance gear in No. I men.cc:

To enable this gear No. 3 will be instru- machine. Pinchla Johnson Associates Ord-mented for tropical trials only; to be fitted the aircraft cesses about three weeks. and No. 4 will be used for route flying for proving. No. 2 has already been and while it is in the hang u ised for general survey work, new dorsal fin of increased area and propeller strain gauge tests has been fitted. This is required have been carried out on the to give optimum handling under on one side of the mast severe stright sideslip two propellers the aircraft. The company plan conditions, A full Inspection of to do flight resonance tests and the aircraft is also being carried also 50 hours of handling tests out during this period.

An intensive test programme

Food and Tobacco British American Tob. Co., Ltd- G3-71

Imperial Tobacco 71.

Co., Ltd-07

Miscellaneorga Boardman Marden Ltd 104 British Oxygen Ltd. Ord~159 90. Canadian Pactile Rly-4519. Dunlop Rubber Co-2 3. Hongkong & China Gas-134. Imperial Chemical-846, Lyons Co-80 30. Unilever Ltd-129 .

Paper

Ikwater Paper Corp Ord-05m 34. Redio and Electrioni Aacialed Electrica)—621 6ď. Electrical & Micai-170. English Electric Co-ed General Electric 438 3d.

Shipping Indo-China Steain Nav. Co. ord-318 od.

P&O Step Navigation det ord

41 1010.

BLOTOR

Creat Universal Stores "A"

51 od

on No. 1 and on No. 2. Tropical lests with No. will be under- has exposed the Vanguard to

conditions taken at Khartoum for low level "airline"

rother

conditions and later this year at earlier in ita life than is usual Johannesburg for high level. with a new aircraft. One land- About 150 hours will be devoted {ing within a few weeks of the to tropical trials, which will in- first flight was made on a wet !clude the Rolls-Royce Tyne runway with a crosswind of 20 turbo-propeller engines. At the knots steady, and during the other end of the climatic scale, samo pericl several low def"winterisation trials will be visibility instrument appretches Pilots reporter that carried out with the 4th machine were made. ini Canada. The experience the Vanguard is "a pleasant air- TCA in the winter craft to land" in such condlines. Rained by operation of the Viscount wiThe Vanguard's first nig count for much in avoiding away from home base was mode mags with the Vanguard and in on Apeli 9. at Bournemouth generally creating confidence in Hum) Airport for the purpose The ability of the machine to of assessing the aircraft's night those conditions. lighting systems. Only miner Napler de-icing mals are being improvements were requested Jos | used on the tall plane and dn, and in result of these trials. Pilots tests have already been carried commented that at 20ft above out up to 27,000 it (the nominal | the runway the wing and more Invest-operational ceiling is 30,000 ft). landing lights produced a day-

Since the first aircraft made time effect.

Marks & Spencer Lid-748. Woolworth F. W. Co-GAR.

Textiles

Cople J & P Ltd--34 Bd. Courtaulde Lindos 2012d.

Mints Anglo-American Corp al South Operate in Africa-191 5d.

Africa-

Dd.

Cone Coldfields of South

B 1.

Cone. Zine Corp. Ord-es De Beera del 1879 64.

Development &

Prea

Hongkong T-- 10:30.

T-7210!sa.

Peta od

Southern Kinta Cons Ltd Dd. Union Conterniniamining-

Jud.

Wert

IBO 94.

West Rand Con la 1954.

British Borneo Petroleum Syndi. cato 714.

British Petroleum

Burmah Pd.

Co., Ltd-

Royal Dutch Petroleum-E{$Th

Slit Transport

34.-euter.

Trading-53

Rubber Markets

Singapore, Nov, 18.

The market opened lower, reflecting a decline over- Bootdated

seas,

and

sharply at times on a thin market.

There was fair listerest lower sheets for December

ahipment but

busines

resticted by the reserVE

sellers,

20

Factories were all buyers and the morning websion classi gulát

The afternoon was death very quiet with little trading, but lowers were still in mats

th

The London market was tirin after easier with spot queriod at 2016:

In Amsterdam, the market www steady today-UPI.

The front fuselage unit of a Vanguard is seen

12rikka kuriam flow tooling turik.

T