1959-12-31 — Page 2

Page 2.

U.S.

THE CHINA MAIL, THURSDAY, DECEMBER 81, 1959..

STEEL

INDUSTRY

Output Expected HONGKONG New York Market London

To Rise

Despite Strike

New York, Dec. 30.

STOCK EXCHANGE

1-

Our Own Correspondant

Business done at the Hong-

The U.S. steel industry, despite the 116- kong Stock Exchange this day strike is expected to produce morning amounted to approxi- 92,000,000 tons of ingots and stoolmately $1,812,000. Noon quota- for castings this year - an increase actions: of 7,000,000 tons over 1958, according to the

Institute.

For 1960-1

(4.2-output is

American

being

tons and the morning's tran-

Buyers Sellers Nales

נימ! if

Shares BANKS KK Bank

Iron and Steel Fast Avia

1225 179

2112

INSURANCES

.....

Bu

20.30

30 - 23 100 93 103 30

Whey lack

.

603 12000 +$

DOCKS. ETC. K. Wharl Dek Providen

145

100 143

Bay

170 17 40

17.30

Lo

Lumbre SHIPING Despite high level raw steel Waterbout things

exported to output and belfer than experteel rach a new historic high ex-finished steel shipments, up- mther les for consumers are condoz 120.400,000 tons, agzingl

117,000,000 much on a hand to mouth basis, The 1955 rak of

As according to trade reports. tous.

hitherto, flat rolled products are an tight supply and most of the current pressure emenics

Text

Ahme dine other in- dusty comes predict that total faired steel conamption you will tie to a new peak of 53,080.000 tonn from tons in 1959, and the former high

Trukou....

1 Hotel

Land

$1 17:1) car makers. appliance LAND, ETC. 50,000,000 nufacturers, can companies, fabricators. shipping container wxd makers of otflee Aurniture and equipment.

of 115,000,000 tons in 1959. This

bel on the

low atte

nt

of

the: for

centar inventories

fon ble business outlook

ms stel niers.

141

The

Supplics

found effo:

steel

Christmas work steel was redoblig

obtain supplies because of fears of another work steppage after January 20, the expiry of:

80-day back-to- the current work

injum:Lion In a drive to help listy demands furmars this week will effect only a small decline in apera-

the holiday tions

estimated

At The

93.1 2,633,000 tons-equal to

Actuali cen of capacity. per output lart week was 2,726,000 the all-time peak tons against ar 2,332,000 tons equal to 961 per cent of capacity-in preceding week.

because of mi

have

the

Fateral mediatory

FC- sumed talks with both ddes in o steel dispute irul Govern- Indiested they ment

sources

expected little progress to result from this week's sessions. The Steel Union has arranged com- pany by company assions but a spokesman for management doubted they would have any proxluclive use. The deel.com- panies will present to the Pre Fidtnial Fact-finding Board at its open ressions next week the

Reports noleate that tainer companies are concerned about their 1960 enn supply and packing requirements in view of the possibility of a renewed of Fagerness steel walkout. comuners to obtain tia plate s reflected in the fact that most mill backlogs, based on H orders tentatively accepted, run thoughout the siret quarters of instances, i somme 1960 and threagh the second quarter. Some mill faclities are fn 20-turn week leaving only one 1 for maintenance and re- patrs.

Tin Plate

Humphreys

2 9999

24301

100037.20 1000

100 or 3025 1050 / 39,75

20.75

URO 21.40 1500

Really. 1.43 1475

C. Light

400 30.7% 200 38.75

0000 4 1.45 1000043

4.20 5000 L 4.15 1000 4.70 1.70 56.76

Continues To Register Gains

New York, Dec. 30. Stocks extended yesterday's gains In moderately

active trading today.

Traders

interpreted yester day's advance, the Arst signi- neant rise in more than a week,

Beech Life, Savers

Bell Telepho

Benguet Cone.

Bethlehem Steel

as the beginning of the year-end | Brits Amer. Oll rally.

However, if the indus-British Colenbla Pw.

Cama. Ble, of Comm. trial stock overnge la to poke

Сапа. Влеч through the peak, it has only | Canadian Padine R. today and tomorrow to do so.

recent Steel Ruer, dull in

pote good sessions, showed gaina, Lakers added nearly two, arat Bethlehem, Youngstown and U.S. Steel. around a half or more.

Electronics continued strong with Motorola up more than Litton up nearly three. two. Collins Radlo up around two and General Time broke $3,15.

Chan Mantrat. Bank Chrysler_Motors Colgate-Pahoolive Co. Commercial Credit Consolidated on Consolidated Paper Consunters Coe Como Imperial Crane C

Cuban Amer. Sugar Distlers-SeaRŞŞURITIA Deminton Storen

35 22 341332

Today's volume was 3,880,000 International Nickel

Of a total 1,220 issues traded,

300 32.25 710 wore higher and 348 lower.

500 32.25

American Exchange volume

Int'l Tel & Tel

Luy Tulip

Lone Star Cement Co

Watson

21.80

Oils Elevators

1000 21.60 Dew-Janes closing averages Face Guy & Elec.

4

4

1

643

30

20

1:01

404

571

241%

16%

Closes

Firm

London Dec. 30.

markets Prices in stock

bolled over in some direc- tions this afternoon after further broad advance this morning. Profit.

11

taking caused some prices

to close below the best although fresh

gains were in the majority on Steel shares were the chief targets of profit-taking.

the day.

By contrast gilt-edged securi- ties continued their recovery on small buying in a thin market 323) and closed with fresh zalna ranging to 11/16 in War Loan Foreign 3 percents of 643%. band and ceils were neglected. Dollar stocks were mixed.

50%

GAINS

Banking shares generally held hire- the'r recint gains while purchase finance and tugurance bere made further headway.

A long string of gains was still on record in the industrial early dealings to firmness in 41 Bnish with all losses In many reacted Sicel shares

100%

cates.

World Shipping Recession Cuts Building Orders

New York, Dec. 30.

THE worldwide shipping recession is cutting deeply into shipbuilding orders throughout the world, the Shipbuilders Council of America reports.

As a result, the Council sale. find their repair yards ship outlook for from bright prospects for improvement shipbuliding next ycar presently termed dim.

and

in

Big

are

the

The Counell noted that situation in the United States is particularly neute. Although orders for 10 merchant vessels of 190,000. gross tons were placed in US. shipyards in the Arsl

11 months of this year,

tons.

The

only

total

As of December 1 this year,

sharply and losses ranged to over wo shillings. Stores also fell and there were a number of loses elsewhere. Shipbuild-there were alx vessels of 97,800 ing and shipping shares tinued in strong demand white heavy electric, breweries and tobaccos made fresh headway.

Lon-

RUBER Ameli Trist A. Tawah Pingeln. UTILITIES

Dupont de Nemours

264

4.10

Eastman Kodak

101

Ford Motor Co. of Canя.

G

Georgia Pacine

400

3

General Fectric

3.

General Tucs

165

Train

27.13

34

500 33.73

American Motors tacked

02

Central Motors

$4

500 33.73

more than a point in the autos

Cilddan Co..

45

Star Ferry

139

where

Younali

120

130

1500 150

300 129

Chrylser Armed General Molors cased!.

and

Goodyear Tyre

Heyden Newport Corp.

Min-

Hiram Walker

34

BOG 130

nerota

Mining added

around

Husman Refrig.

202;

Imperiat OQU

3

18 19 20

4500 m 1930

three and International

Paper

Imperial Tobacco

1000 of 1983

1800

19.7more than two,

Ingersoll-Rand

In Business Machines

4755 4391.

2300 10.70

Int'l Harvester.

Fectric

2512500

170 25 69

3300 4 23.CO

Mac

}: w

E

24.20 24.40

10002430

shares

Kana C. Power & Light

1000 24.20

Kennecott Copper

$1.30

Tel.

Lockheed Aircraft

Loews Incorp.

31

291

INDUSTRIALS

100 39 Comment

301 391,

1500 + 3915 STORES, ETC. Dalry ... 21 21.70 4500 21.50 1000 CY 21.50 1750 + 21.00

Montgomery Ward

was 2,130,000 shares.

National Cash Reg. "A"

National Lead

107

Bonds volume amounted $7,590,000 chares.

10

New York Central

28%

Neranda Mines Ltd.

47

Ofis Mathieson

300 21

500 12

were:

Pan American Airways Teramount Pictures Parke Davia Co.

227

240 27

10 kutua

670.97 Penn. Salt Co.

L. Craw.

27 27.40

500 67 27.30 20

TA

104.02

Pitney Bowat

47%

CUTTONS Textil Nanyan

15

uutis

20 9.25 1000 49:26 1410 14.30 3000 14.10

1000 14.10 2000 g 14.20 --

210.81

40

bondi

aytheon

87.35adio Corporation

Poborgh Plate Glass

са

01%

747

Ca Fature price index

149 01

leynolda Metal

704

Royal Bank of Canade

70%

MISCELLANEOUS

Achenley Inc.

13.30

Sinclair Oil

Socony Moll O

were firm UPI.

Standard Branda

0.70

Standard C of Cal

50%

$39%

Standard Oll of Ind.

4434

Algoma Steel Corp.

301

Blandard Oil of N.J.

114

Steep Rock

34

Stone & Webster

American Airline

241

American Cable

Radio

Swift & Co

Studebaker-Packard Corp.

0074

4044

Amer. Forgn, Power

Texas Co

American Metal

2:54

Traders Finance

375.

Am. Natury) Gas

3812

Union Carbide

140

CA

Anerican Snelling

6316

Union Pacific Hallway

United Aircraft

401

American Tel Tel

American Tob

107

US. FOH

B

4522

Anaconda Copper Armed Steel Armour

ESTE

U.S. Gyprum

Funding Loan

US. Rubber

76

8742 2.93-0/18.

U.S. Synelting

2014

20

42

158.5

Gd

Demand for emled eletroly- tie in plate is strongly on the increase and is expected to go up further during the coming year. Exxort interest has been Eucre or less retipsed by domes the denvand but rome producers are still hoping to mantain semblance of past pattems in their export shipments.

Shipment of fron

Alted

ore down VITO the Great Lakes is just about INVESTMENTS

movement Int at an end but the lasted longer this year than umal. Morcover, some quar- are supply this trs say iron winter may not be the serious problem originally foreseen.

B.20 3.40

400 17.30

Agreed Merchant Rates

Scrap tries; surged in SOTNE US. Dollars, Maximum Sell- "last" offer made to the Union centred the past week Mil? de- in 17%; Minimum Buying 17% In November. This is the offer jinand lacked verve redeeling T/T, 17-11/10 O/D, 173⁄4 30

the en which workers will vote in continued uncertainty over days. 17-13/16 60 days, 17-15/16 January under Tuft-Hartley jateri labour agreement. Export | po days. Act procedure If there is no demand was alo unimpressive. Swiss Franes, Moximum Sell- agreement by then.

that F 1980, prospects arc Japan may take less tonnage but European markels may take

NOTICE TO CONSIGNEES mr-Ching Mull Special.

Consigneed per

CIE. DES MESSAGERIES

MARITIMEN

#. "CAMBODGE“

Arrived on 28 December, 1959

FROM MARSEILLES

are berby noted that their cargo has been discharged into the X100g Kong & Kowloon Whart & Godown Co, Ltd's Godown where, it will be

at Configneer Risk and

to

the Whari's terms and condle of

storage and where delivery may be ubiained.

Damaged packages are to be left

in the godown for examination by

Expected Rise

In U.S.

Labour Costs

New York, Dec. 30.

cons mees and the Company's Sur Business Week Bays labour

Vejore, Messrs. Wood & Browne at

10 m, on Saturday, 2nd January, 1962.

No Claims will be admitted after the goods have left the godown and all goods remaining undelivered after the 4th January, 1960, wilt be subject to rent.

All claims against the vessel must

be presented to the undersigned on or before the 27th January, 1969, or they may not be recognised.

No Fire Insurance will be effected.

MESSAGERIES MARITIMES

Hong Kong, 3rt December, 1039,

NOTICE OF CONSIGNEES

"EUMAEUS"

Draged cargo ex this vessel will be surveyed by Mears. Wood &

from 19 Brine Holt's Wharf * January 4 and 5, 1000 and are requested to have their representatives present during the survey,

consigndes

BUTTERFIELD & SWIRE.

Agextr

Hong Kong, December 30, 1950.

costs next year will con- tinue to rise as sharply as this year and strikes will probably be a problem.

Labour disputes threaten number of major Industries next year, the magazine says, Besides the steel and railroad industries, the real danger lies in the missile-aircraft Industry and in electrical

manufacturing-both defence industries. Bargaining. is also coming up in the cloth- ing and telephone industries,

several million

now

20

ing 75.

West German Deutschematics, Maximum Selling 724.

1b.:

Yesterday's Closing

Closing Prices

Abitib! Pwr. &_Paper

Allied Chemicals

Allis Chalmers

Asbestos Corp. Atlas Cons Mining Haltimore & Ohio

Bank of Montreal

BO.82

נמף

epublic Steel

34 S. Steel

Warner Bros.

Westinghouse Electric

M

50

10

29 Woolworth K. W.... 5041

-UPI

COMMODITY PRICES

SUGAR

NEW YORK

Closing prices ail in cents per

Contract No. 4 (world). Jan: 304; Mar: 3.12; May: 10: July: 3.18: Sept: 320; Oct: Jen: 327: Mar: 3.28; Sput-.o.b. Cuba); 3.08: Total Sales: 197 contract; Opea interest: 9,039 contract.

Contract No. 4 (domestic) Mar: 553; May: 5.57; July: 5.68: Sept: 5.75; 3pet-icit. N.. ex- duty): 8.30 Total Sales: 21 contracts; Open Interest: 1,414 contracts—UPI

COTTON

NEW YORK

July/Aug Oct/UUV. Dec/Jan.

March/Aprit

соп

The Kaffir market was very firm Indeed on renowed buy- ing of finance house shares and a short selected free staters in market.

Olls continued their revent U.S. dvance couraged by forecasts of higher earnings in

1900. Shell rose 85.

Rubbers

Closing Prices

fledged Bonds

Oil Tanker Launched

TIHE

THE

oil tanker Ellenga, 37.000 tons d.w.. built for the British India Steam Navigation Company

3

these orders have not been suf- was launched recently on Acient to offset the ships de- the River Tyna,

She is the second of livered during that period, the

class of

with three tankers buliding Counel said.

the Wallsend Yard, and win As of December 1, 1958, Car

83 vessels commence order book showed

service next year British with a total gross

l tonnage under charger to the 1,710.660 or order in the U.S.Petroleum Company.

The vessel is 080 ft. between on December 1 this year,

showed

and has 64 perpendiculars order book verols wÍDL

gTOES breadth, moulded, of 90 ft. The meulded depth to upper deck is tonnage of 1.042,300 a reduction

18 f She has a loaded draughi of 10 vessels et 608,000 grow

of 30 ft. 4 in. and a loaded service speed of 10 knots. Her is about 24,400 gross tonnage ions.

The construction of the ship is on the longitudinal system of longitudinals at framing with the deck, sldes and bottom in conjunction with two longitu- and a single dinal bulkheads deck over the range of the cargo tanks The framing at the ends is all transverse, Welding has been adopted for practically the whole of the steel construction with the exception of the seam of shell plating in way of the turn

sheer of the bilge, the stroke, the gunwale bar and one seam of dock plating, which are riveted.

And for delivery

rosa tons on order schertuled year.

stil

this

With no further contracts ex- the pected before the end of year, the Counell said 1000 may 58 vezscis boxin with only

tons on totaling 944,500 TORS OTGCT-AP.

Experimental

Nylon Propellers

London, Dec. 30.

The propelling machinery will

British Transport 31078/XPERIMENTAL produc-be located aft and oil fuel is EXPERIMENTips propellers to be carried in wing bunkers

Consols 24%-49%.

Consol£72-17/58.

Conversion Loan

3. 100

Funding Loan 3%. 1956/00–£141;. Funding Stock 3, 1999/2004- £7132

made from nylon has started space, in the double bottom be at Lips N.V. in Drunch, one low and in the deep tank at the fore end of the ship. Fresh and of the world's big six pro- feed water is to be stored in manufacturers, the the double bottom tankar, after Financial Times said in on peak and tanks adjacent to the

boiler room, editorial today.

The propellers consist of hand

1960/90-peller

Savings 3. 1955/C5 0114. Savings J 1960/10-282-11/10. Savings. 1965/75-€75.

Danka

Barclay's Bank "A" Ltd ord-68s nylon blades fastened to bronze

Chartered Bank-e dd,

Hongkung-282 cor.

Union

£0-1/10.

Insurance

Insurance

Aircraft and Motors

12415 Motor Corp.

10.

De Havilland

Ford Motor C-1068.

Canton-

KX3-1:0

Aircraft-27%

750,

Group UM-

Hawker Siddeley

201 744.

Hootes Ltd "A"-13# 4490.

Standard Triumph International-

11 101.

Browerin

Distillers Co-32.

Building and Material

There are eleven cargo tanks

subdivided by the two longitu huts and are the result of a dinal bulkheads and one pump Joint research and development room at the after end. The main operation by Lip N.V. and the tanks are bounded at each end plastic division of Germany's) by cofferdams.

The main propelling unit com- Bayer A. G. at Leverkusen.

The report said that unlike prises one sel of geared tur- bronze, nylon was impervious to bines designed to give a service cavitation and highly resistant to power of 16,000 shaft horsepower revolutions per damage by stirred-up grevel in at about 105 shallow waters. which often minute of the propeller, Steam causes havoc with bronze pro- is suppiled at a pressure of 000 |pellers-AFP.

1b, per square inch, and at, a total temperature $1 850 de- grees Fahrenheit—both at super- heater outlet.

Associated Portland Cement-7 PAA Inaugurating

inchin Johnson Associates

LONDON

Closing prices

ell

in pence

Mixed Contract

per 1b.:

154.

23.18

34-3414

--30

23.10

23.45

Jan.

Feb.

22.20

-UPI.

Xary/Jub July/Aug. Oct Nov.

Lire/Jan.

METALS

NEW YORK Closing prices,

all in cents

per ib.:

Lead

Jan

Mar.

Zinc

Экл

Copper

Jan.

Mar.

No. 1 in spot .... Settlement house term:

Jan./Mar.

April/June

30

General markets, c.lf. basis, ports:

July/Sept.

Oct/Ree.

Jan.

Feb.

Estats crepe

thin Jan...

thick Feb.

AMSTERDAM

33-33%

Closing prices all in guilders per kilogram, c.l.f. Jan.

No. 1 rubber

No. 2 rubber

31.00

No. 3 rubber

No. 1 crepb

11.53

1143

3J31

31.07

LONDON Closing prices, all in sterling Closing prices all in cents per per long ton.

Rising labour costs are inevitable in the

year, Business Week stys, since deferred wage increase already negotiated will boost the pay of

workers

1b.:

Spot average of eight cents an hour

March not counting fringe benefits. May Unions not already covered will demand at least this much in bargaining next

The year. eight rents an hour will be a foor under settlements, the magazine predicts,China Mall Special.

WILL YOU SELL IN NORWAY?

Firm of agents, situated in Oslo's best, quarter, wishes. to contact factories, and exporters in Hong Kong for représentation in Norway. Our firm has connections with the country's largest importers in the majority of branches. References can be obtained both in Hong Kong and Norway. Own delivery service. All replies to Ed. Hansen A/S, Prinsensgate 20, Oslo, Norway.

Spot 3-month Copper

spor

HEAL

3.21 buyer

3.24 buyers

3.21 buyern 3.80 buyers -UP!

FOREIGN ENCH ANGE

NEW YORK Closing rates:

Omictsi

30-day

Buyers Sellers

33.15 nom 33.13

-Tin

70031 787

33.30

器

July

53.10

Oct. D&c.

31.12

2014

2373

31,11

3-month

240

Нат May July

BLI

Land/2nd haliTM

Dec.

31.41

7454

243%

Canada

Mar.

7344

Zire 2nd half

Doc.

NEW ORLEANS

1915

Mar.

90%

90-day

Closing prices all in cents per

-UPL

Australia

New Zalaxmi

1.

Spot March

31.15

35.11

May

JulF

33.20

Oct.

31,37

Dec.

·31.12

31.48

MAY

31.75

+

BAO PADLO

All unquoted.

NEW YORK

Bex rubber

turs

Avery price: la UB... si

designated spot mackate: 3180,

To palei 30,GD. BETER.

.. LIVERPOOL ::

Closing prices all in 'pence per

Iba

of American Coulanot

March/April

Miny:/Irathe

RUBBER

closing

South Africa,

Belum

Bwitzerland

Others unchanged.

LONDON

* Closing rates:-

New York Montreal

Amsterdam.

Brammela Copenhaga

Trankfur

Parke

126.50

1.06-7/32

Ord

Coat, Etsel and Engineering Babcock & Whlcox Ltd-48% 40. Vickers Ld-39 04,

Food and Tobaceo British American Tob. Co., 1 Imperial 2015.

Tobacco Co., Ltd---73#

Eiscellanous Boardman Marden Lid-ds. British Oxygen Ltd, Ord-80s. Canadian Picine Rly. Dunlop Rubber Cois Dd. Hongkong China Gas-135, Imperial Chemical-Bla 1150. Lyons & Co. Od. Unilever List-142 136d.

Paper Bowster Paper Corp Ord-16).

Radio and Electrieri Electrical & Musical-54 64, Ceneral Electric458.

Shipping Indo-China Steam Nav. Co. def |ord-äly od.

P&O Eterm Navigation det ord -00 7350.

Blorer

Great Universal Stores "A"-52" Woolworth F. W. & Co-x 41⁄2d.

Textile Conte J&P Ltd-380 4. Courtauld Lid-80s 1016.

Cone Goldfields of Bouth Africa- |965 Tid.

Coon, Zine Corp. Ord-784, De Beers de-10# 10d. Hongkong T3-G#-}}{d? Petaling T-7 434d. Rand 018 30.

Bouthern Kinta

Cond

Lid-30

U.S.-Tokyo Service

New York, Dec. 30.

The gearing which, is of the double helleal type consists of ene main wheel driven by two main pinions which are driven respectively by high power and low power turbines working in series through double reduction

PAN American scaring to this pro-

ways will inaugurate a peller shaft,

At full speed the high power daily jet service between turbine is about 4,450 r.p.m. San Francisco and Tokyo on and that of the low power tur- January 15, Mr Willis G. bine about 3,885 r.p.m...... Lipscomb, the Vice-President in charge of traffic and the double casing type and is wholly impulse, na is also the sales, announced today.

high power astern turbine which The airline currently operates is located inside a

separate four return jet flights a week casing at the forward end of

the West Coast

the high power thead casing.

ar

between Tokyo.

The now schedule, with inter- airliners, will continental jet

The high power turbine is of

provide nonstop fights on, Mon- Turkey To

days and Thursdays from Tokyo

to San Francisco, bringing the

Orient and the West Coast with Build Two Ships

où

in 11 hours and 36 minutes

These flights will cach other. continue on to Los Angeles.

On other days, jet clippers from Tokyo will stop at Hono- lulu arid continue on to San

Francisco-Reuter.

Minion Coppo Colamining Arab Airline

2.79M1

2.8015

FLONGU

2:05

2.7000 78033

00030 2310

2.60-8/10-2,6€ B/1T

随

Wert

оп

British Borneo Petroleum Bynat-,

cate-635 d.

British

Petroleura Co., Ltd- To Buy Comets

"Bumpati=-634.

Stati Trarwport

Dd coreuler.

* 7-15

London, Dec. 30. THE United Arab Republic THE

- Minrate. Airline is to buy

Exchange Rates three British Comse IV Jer oldliners, it was announced

Buses was done in the local today..

|

iu།:

.... Ístombul, Dec. 30... TENDERS for the construc-

tion of two 10,000 fo

passenger ships is understood to be shortly called för By the Turkish_Maritima Bank (Denizcilik Bankas] A.Q.) Jt was reported here. Each

passan-

| ship will be „designed to

accommodate 600, gers for its “Máditerranean services, dayanan.

On the other hand according

to recent statement by Mix

Muzaffer Kurbanoglu,, Turkish Minister of Communicatichis Eplace for othe Bottfrit tip of A The company, sald further bare buiting your qind new morning at the folowing raiMH JAN FE

.......1/5.80 Contracts an advanced shiprepair dockar raw wall

unofficial charge inket

13.5. dollan (per 91)

Starting Todas (per,, di 2

From Monde (per)300)

| Singapore (litrakte)

1049 slate of negotiation ?

12.00

Advanced,, Ha mhic that: tuuleta De Havilland mild the contract for the, prejinsitegy yztroric on climabad two years of negotik-] [hear: ZDERİMULATION) Invited

T