1960-01-12 — Page 2

THE CHINA MAIL, TUESDAY, JANUARY 12, 1060.

THE SAHARA OIL THREAT

Rubber Plan to clamp

market tariffs review

Singapore. Junt, 11. The markel opened lower overseas advices and

On

some nervous liquidation. At lower level shortcovering dewand ter January hipment Leverand proved liers withdrew and the inaked closed the morning

ersion at highest level.

trend. As pries, im

In New York. rex rubber closed F points future today higher 34 points tower with Vale

Isi tante Papes 104

יד ; זו:יז

יויו יין!

in Britain

By FREDERICK ELLIS

FRANCE'S £200 million gamble on Sahara oil was running into difficulties recently as the first shipment arrived in Europe.

The Paris Governmir, which dominates the rich nitseld, fours

gut.

cent lo keep the ing 18 per British and Americans out of the Common Market countries, which consune 04,000,000 tons

a year.

Shara tit is expected in #25,000,000 ems by wx:

The Fresh are so keen to to cover corrent year--enterph Fench coumption--and reach win profretion for their all that they are said to be offering C19,800 fors by 1965.

Whi surplus substantial concessions la her T

it

14 Their live directiona

Common Com Market partners.

These it is reparted, Include prixducts, which Gemy, agricuitumal

012 bren I now have and up

sam cew" et French trading

!.

31 uding Mabintelling on bolaren,

activity W26 hardly to undersée a 31. MEN the enve

very, Kypic

Market WI 84 11:

The de port: offering lecamer 14r 44

Helgram # prices we band lernt layer; I price genes, Cylon afferra ngo Los mung keldi Sabra Shoots for petrpt shipment at ek vital fractant at the policles, 35 cent, Malaya offered one ange of Briti and Amuri-

at strolled eit. plan Jan./745, shipmen

terkei

274 cena pund. Indenauda. effend three live's ler January dom of 39 cents and threen for Febasan ipment at 277% ends a pound, rod and fought. Lacally, evrent month Na. swan quoted at 40 ml a ponnd

rubber I Amerdam, market war edy tortay-UP.

Atlanti

Ocean

MORO

M.

: : +יך{

J-Margr

pressing

A myth

London

closes higher

Wall Street

recovery bid

The future pattern lacks

support of an economic

New York, Jan. 11.

Stocks encountered some mild selling today after a

vüguc recovery attempt at the opening.

London, Jan. 11. Buoyant industrials enrried most of the stock market into higher ground today. Steels though. below then best, were Arm as were motors,

Brokers agreed the same fears aircrais, textiles, breweries and ¦ which pulled the inariet lower last week probably were still in electricals.

They noted the present. lower, play. Oils were irregulirly

stocks were quiet, four per cent Federal Reserve Rubber Coppers were dull, Gold issues discount rate, silt out of focus with the government bill rev, s were firm.

now better than ave per cent for the June maturity.

Acurities

were

Gill-edged neglected.

German Issue were fim in the foreign bonds market.

Collars stocks were easier... UPI.

Closing prices

Caltraged hood Dritteli Transport 3. 1077/08--

Colmin 214 £107,

60

Conversion Lorn £64.

Electronics had some Food features. Texas Instruments und interruit'ona) Business Machlaes ativanced around two or better. Zenith added!

thon more point,

Heyden Newport Corsi, Homemaks Mining

Hiram Halker ......

Human Retris Idaho Power Jinperist O umperini Tobacc Ingersoll-itand Interchement Corp. International Paper Johns Manville Co Kaiser Industries

& Myer Tob. Tulip Litton Ind McDermott J. Hay McDonnell Airerast Planet Mining Medon Development Moksons Brewery

Steels declined despite opti-Monsanto Chemical Co. mletic forecosle čí a heavy steel National Bicult Ch.

National Steel Corp produellon pace during the Best Naranda Mimos iad. half of this year. Youngstown Norfolk & Western Ry.

1900-dropped more than one Beth-North Amer, Aviason

Funding Loan 10/05-2043% Funding Block

in

411.

Funding

93-1720.

Bat the oil investment is such Jeanniency, Miniar: 11 Dudastry and Com-fit the balance of pover

this from the fields of France to the more, v her department bres the national economy is shifting

tl +4

deserts of North Africa. Satura

The Jeanneney Plan is opposed *ic t

duty-free establish

Pinay. ques for Beth and American by Finance Minister Antoine Gil:

The Pinay view is that the Armand

protection for

for

Then ent them progressively production ineversez as Nabare

-with a duly eventually reach-Sutera oit would explode ni a

→UK.

DUNRIFX

FRANCE

-SPAIN

GIBRALTAR

ALGERIA

Sahara Desert

HASSI MESSAOUD

OIL FIELDS

ALGIERS

BOUGIE

TUNISIA

(415 MILE PIPELINE

The oil routes-to South, Wost or North France

P&O

R.M.S. "CORFU"

EMBARKATION NOTICE

the

cornerstone of the nry th Common Market the freeing of trade in Europe.

Lean

lehem and Repubile eased and "$179, 190/2004-U.S. Steel, was unchanged.

Savings. 1995/50-£$1-11/10x.

Savings S1000/70-1

Savings 3 trs/JB-C7% x

Barclay's Dank "A" Lid und -62%

Banka

xd.

Chartered Bank--6.

Insurance

Hongkong-C65.

or total 1,267 shares traded,

Union Insurance Canton-£5-11/16.335 were higher and 744 lower, British Mctor Corp.

Aircraft and Motors 228

American

Exchange volume

|| jikythean

kuyal Bank of

Schenley Ine

helicopter service

Opinions differ widely on the future trends of operating costs of fixed-wing aircraft, despite the great volume of commercial statistics available as a basis for inferential forecasting in this Geld. It is, therefore, scarcely surpris. ing that the future pattern of helicopter eronomies is a subject open to personal inter- pretation.

and

The common starting-point | growth will be induced for all forecasts ie thai there aircraft will be required. first-generation hellcepter is, lai Let us suppose that ten mora Concral,

not economically craft are so needed.

Now

of aircraft, prices perable at fares enabling it to

of hellcopters, of especially compete with other form

the male of short-haul

surface very resilive to

initial (x- Production, Large A

ne incurred in desigir, and perses cityging and tooling, and develop-

DNC

centre to city centre service itment, testing and certification, and what may be described as "learning" costs during the barly stages of production. These ex- penses, amounting

Increase in size is a proven

1013

Northwest Airlines (Lam.)

361 ฟาง

Olin Mathieson

50%

Oxford Paper Co.

13/0...

Ford, Chrysler and General Motors Surned lover.

Fake Dach Co,

Ꭲ

Penny J.-C. Co

1291%

fractionally

Penn. Salt Co.

transperi. even

altowing

Pitney tower

2074

premium

for the spečil

Olls. steady.

raily and tyres held

Procter & Gamble Co.

1724

Puburgh Plate Glam

70!

convenience of the direct

Today's volume was 3,470,000 shares.

Radio Corp. Pref.

67

50%

can provide.

Iteynolds Melai Canada'

7'

191

Sears. Rocbark & Co. Burbo

Co.

*H*

Saleway Stures

direct micans of reducing the

nxed-wing operating

costs of aircraft, but this dictum)

docs

anta

Beth, Kline &

French

30.

Southern Co. T

Southern Itailway (Com Step Rock

13

517%

51

59

American Cable &

Fauto Corp

27

American Cyanamid Co Amer. & Forgn. Power

Tri-Cont. Warrants

13

Union Dil of Cal

retrie

49

United Ge Corp.

Ani. Home Prod

172

U.S. Fo "

U.S. Line Co.

781

2014

De Havilland Aircraft -27s 7d. Ford Motor Co-110 d. Hawker Siddeley Group Ord--244

Routes Lid “A”—[7 30%¶., Standard Triumph Interitational--

It would tend in eenfirm fears that the Common Market Is it fuck

proicationist gang-up. оf Елигове. agained the rest

And the other members of the 1 100. Common Market are by 175

meng

Fold on the French plan. Their drelslon may nally rest to the extent of the concessions the French fre prepared 10 make in order to win them over. The French face older prob- In with their new-found all. entirely The crude is not suitable

the Еигорелл market: it has a high petrol content, but the big Europe deinand ta for fuel oil, and use jef Schera crude would tend to

put in costs.

for

make Then the French

"L oll ts strong play that their strategically fer than Middle but rival olimen szy Last oil: that ont: Algerian hustilities end that claim is open to doubt. The two big Government-com- trolled oli ecmpanies are C.F.P. and Repal. About £60,000,000 was spent on the Schurn Jatt year and another £60.000.000 sieted to be rent on pipelines this year.

Exchange rates

Ilus one was done in the onl unofficial exchange market this ning at the following rates:- US dollars (per #1) Sterling notes (per 21)

For UNITED KINGDOM via SINGAPORE, PENANG, Australian notes (per Cli

COLOMBO, BOMRAY, ADEN and PORT SAID,

EMBARKATION: Passengers should embark between!

SAILS:

BAGGAGE:

Indonesian rupiah (per 100} Slam teals (per 1003 Singapore (imita)

8.09

10.08

12.51

20.03

1.83

2.30 and 4.) p.m. on 15th January, Agreed merchant

1960.

rates

Swiss Francs Maximum Sell-

at 5.00 p.m. on 15th January, 1950. ing 75.

&

Should be sent to Hongkong Kowloon Wharf Company's Godown (No. 2 Gate) by 5.00 p.m. on 14th January, 1960.

SUBJECT TO ALTERATION

Announcing the

opening of our Hong Kong Office

January 18, 1950

R. W. Pressprich & Co.

INVESTMENT BANKERS

48 Wall Street, New York

MEMBERS

·

New York Stock Exchange

American Stock Exchange (Assor.)

Midwest Stock Exchange

AMERICAN STOCKS & BONDS

MUTUAL FUNDS

Investment Advice

Portfolio Analysis

Yesterday's Closing

Distigers Co

Drewardes

Buliding and staterials Argociated Portland Comment-ils 104.

Finchin Johnson Aociates Drd- 34.

Coul, Ateel and Engineering Babcock & Wilcox Lid-45 10 Untied Steed—Big B. Vickers Lig–374 1

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

3d.

Imperial Tobacco Co., Ltd--70 Bd.

Miscellaneous

Roetman Marden LUCI-40, BU Britian Oxygen Lid. Ord-#31 90. Canadian Pacife_Bly---448. Dunlop Rubber C6-11

110 chemical 50s 1960.

China Ga-13.

Lyone & Co-ed. Unilever Ltch--135 m.

Paper

Bowater Paper Corp Ord-748 fald.

Radio and Electrion

Associated Electrical-034 pd.

Electrical & Mutter-51 English Eiretrie C-49% 3d. General Electric 45,

od

Ahipping Indo-China Steam Nav, Co. def ordi 32 4140

1 Steam Navigation def ezd-

90

MAST

640724 Great Universal S4-724 Marks & Spencer

Textiles

Coat JP

Courtaulds

4144. Mines Cons Goldfields of South Africa-

Com Zine Corp. Ord-7&# %d. De Beers def-100% Ed. Hongkong Tin-se sorsa.

**Tunnels 1011⁄2d.

ziala Cons Lidl 6. Boutliern Union Corp-808 7140. WER Driefontein 2010.

"Goldmining-

British Borneo Petroleum Byndi-

OL

calo 60% 101.

Brun

454d.

Burmah--33# 150.

Petroleum Co., Ltd-d

Shell Transport & Trading-150x

was 1,410,000 shares.

Bonds $6,510,000.

volume amounted

Closing prices

Ablubi Pwr. & Paper Alden Ing. Acy Allied Mill, _Ine Am Brake Shoe American Afrime

Ain. GA &

Ain, Natural Gas Armes BiceI Asbestos Corp. Atlas Com. Mining Baldwin-Loma-Hun ank at Montreal Beach Life Savers Bell Telephone s

Beneficin Pinence Bendix Aviation Carp.

15: net Cons

Doing Airplane

Borden (The) Co........................ Burroughs Add Machme Tritish Amer. Oli British Columbia Elec. Arish Columbia Pwr. Calit. Parking Corp.

na. Bk, at Conan. Cana, Brewera Campbell Soup Co.

CIT. Fleanelal Corp Chare Manhat. Bank Clucit Peabody Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Consumers Gay Continental Oll of Del. Cormos imperial Mills Crown Zellerhach Diamond Alkali Diamond Gard Distillers-Sengrais Dominion Stores Tuglas Aircraft Kartem Air Line

Fl Paso Natural Gas Firestone Tyre & tubber

Ford Motor ya

Georgia Pacte

General Dynamics

Gen, Tyre & Rubber Gefty Oli

Glidden Co.

Grumman Aircraft

Goodrich (B. F. Co.

Gulf Ol...

Hammond Organ

COMMODITY PRICES

METALS

LONDON

Closing prices, all in sterling per long tor:

Τίπ

Spot 3-month Cupper

Spot

7841 78715

Oct/Nov.

Dec/Jan.

SAO PAULO

(Closing prices all in cruzeiro

-monti

20314 24015 2182%

256%

Leud lat half Jan. April

Apell

7519

2655

Zinc 1st half Jan.

01

90

UPI.

RUBBER

SUGAR

NEW YORK

to Solar Aitera

30

• String Drug Co. Stokely-Van Camp Stone & Webates Setsize Mining Thioket Chen.

112 Traders Finance

STAG

in Thויל

US. Steel ↑ PC. PF Waukeshin Mutors

Westinghouse Air Brake Western Union Tri. Co West Va. Pulp & Paper Waan-Dixie Storer Zenith Radio

HONGKONG

STOCK EXCHANGE

by

Our Own Correspondent

واحد

2011

45

same

fo

about £350 per poundi (0.453 kilogram) of all-up weight must not seem to apply with quite the

hamortired over the total pro- helicopter.action. force to the

In the above example, Although an increase in scale the fort that the production of bound to have a considerable

the smaller aircraf effect on helleople operating times greater than of the larger corts, it would be a disservice wil be reflected in a relatively in the type to suggest that mere

lower purchase price, because biness will be the panacea for the burden of the initial CX- *all Bs present "commercial penes will be proportionately lees. The sant reasoning applies

shortcomings.

Short-haul working

is there

to power plants. Aircraft prices affect the operater's directly

In any assessment of direct amortisation Srovisions and the fundamental Insurance of the alreraft, as well operating costs, a

30% consideration is 4 utilisation as some of the engineering cost, and they have a strong influence Irvel which the operator is able

5276

5312

4311

110

lo maintain with the particular on the direct operating cnsis. type of streraft under review.

Within

д competitive farys

structure economic Viability JAL facing

depends on the level of fleet 1 A

mean

and utilisation.

applies particularly to scheduleu jet competition

short-haul operallons, whien

are normally subject

fluctuations in trafe

to broad

demane.

'ST

Washington, Jan. 11.

If the short-haul operator of CITATE Department offi-

ts helicopters to provide adequate service over the 24

hours cycle, his fleet

ancials acknowledged to-

capartly

day that Japan Airlines was

difficult problem

will be governed by peak hour: facing a demands. During oak periods, in meeting the jet flight ex- maxinum use mum be made of pansion by Pan American the equipment in order to World Airways.

uchieve

In this But, pending any request of net from the Japanese Government, to total the officials declined to may nyiak wotht the United States not would be prepared to discuss the question at the diplomatic level.

The highest posible fleet mean uilisation. connection, the ratio reverie

flying the Business done at the Hсng-

this operating time (that is, kort

Stock Exchange morning arounted to approxi-lime plus ground time) rately $1,282,000. Noon cardinal Importance.

working, this On short-haul morning's- qualuxions hd the

relationship is especially sensi- fransactions:

A Washington epokitsman for Sales tive to changes In ground time.

On a dense network of short- Pen American World Airways! 20 1180

haul routes, which is the vest declined to make any immediate 301187

foreseeable operational environ-comment on reports frem Tokyo 30 180 lement for the future civil today saying that Ja! probably would at the Japanese Gov- 118) helicopter, any substantial in-

SNAPPY BANKS IK

Bank

Tuyer Sellers

1100

INSURANCES Union

想

2

Lombard

SHIPPING

Waterbont

27

200

27.80

Wheelock

610

43 CUK B.I

1000

0.201

2000 < 0.0

3000

8.12

3000 (0.13

DOCKS, ETC.

140

180

5933

SU

400 05

100

K. What Donk

Pr. vident

Talkoo

Duck

Analy

100 140

- 1740 17.30 200

ercare in vehlete size will, in ernment to take sich a step.

fleet

delicate malter," the practice, tend to reduce

*paketinan vaid. utilisation and mean annual hence to increase direct operat- ing costs,

An economic

factor

which

I cannot be ignored in this dis- cussion is the scale of produc tion of the alreraft concerned, and in the final resort this will

Pan American at present has 12 lights to Japan each week, eight by piston-engined alteratt and four by jets. It is planning increase the lot service Oven flights a week, with a corresponding reduction in The

to

number of fights by conven on the passenger ilonal, planks. 17.00 depend

aircraft is State Department omelata demand which the 500 17.30

able to top. Short-haul demand said they recognised that, al- in a given Area over given though the number of nights period is influenced both by the, would not bo Increased, jeta and were able to carry more pasient- number of routes covered

43 $32

790 0 43.

1200 43

100

400 1 43%

3:00

63%

33.75

500

33.75

the frequency of service ou each gers" and had a great deal of route. Stepping-up frequency is public Appen.

met "The Japanese have

Land 20.75 4014

in itself a potent means of draw- 500 49

200 40

800 40

21.20

1.53 2000 6‹ 1,524

Ing upon Intent demand, as has great deni of difficulty," one been proved on many of British source said, “But it is « siluke Railways' new diesel ralication that is not unique for

where "bus-service" Japan

Pervices

the same, problem,"

Some European and 2000 1.525 frequencies are known to have Latin-American carriers are also

factor in facing an important been

It is o oltracting new traffic.

Reuter. simple arithmetical that on typical short-haul operation the close,

matter of 12000 2.0751⁄2 demonstration

per kilo)

LAND, ETC. H.K. Hotel

FI.K.

Average write in U.S

at

14

Buyers Sellers

designated spot markels: unavailable.

Closing prices all in cents per ib.:

Contract No. 4 world)

Total sales: 06,805 bales.

TRE

7801

March

3.00

Humphreys Heully

-UPL

May

July

3.18

Bunket

4.123

Sept.

Out.

Trust

425 2000 & 4.20

BLI

Jon.

a. Tawah.

$.00

March

S. Kelantan

Spot-1.0.b. Oubat

ITILITIES

Total Sales: 100 contract.

Contract No. 8 (domestía)

March

15.40

Star Ferry Youmati...

Mary

July

Sept

Total Snk: 360 contracta

C. Light

20.10 20.20

5000

20 20.10

100

1500 20.20

200

600

COTTON

NEW YORK

Closing prices ali in

per it.

Suot

March

May

July

Oct

Dec.

March

May

LIVERPOOL

NEW YORK

Rex rubber

futures closing prices, all in ethts per lb.;

Jan: 41.35 March; 39,70: May: 37.70; July: 27.00; Sept: 38.00; Nov 36.40; Jan: 56.

SINGAPORE

ċents

231.10 33.00

Closing prices oil in Stralis cents per Ib. fo.b. Malayan

33,16-17

#ports;

33.90

No. 1 Sdn.

21392-11334

Feb.

11544-199

31.20

謝媽

No. 3 Jan.

No. 4 Jan.

11814-11976 112-113 312-11216

21324-1144 112314 13012-13235

No. 2 Jan.

Tram .... 33.20 33.75

500331 1300 334

19

100

131

FOREIGN ENCHANGE

Electric 20.30 25.20

Electric New 24.50 24.10 Macho E... 11.40 Telephone. 324% 23.75

INDUSTRIALS Coment.

NEW YORK Closing rules: Canada

Dikers unchanged.

200 + 331

2009 231

*200 44 20.10

regular coverage essential to the New Alaska route

fostering of traffic demand can

be obtained with a larger fleet of

smaller sircraft rather than with for Air France ·

a smaller feet of larger units.

Smaller type values

Translating the principle into

an imaginary, but not unrealistic,

A

Washington, Jan. 11. -

N examiner of the Civil

Aeronautics Board · re-

25.10 example in terms of fleet mating commended today that Air

capacity, one can visualise a

375start-haul helicopter operator France be granted a licence,

planning, on the basis of canto operate a route between 32.75 servative estimates of passenger Franco

40 4011⁄2 1000)

49

STORES, ETC. Dairy

1.0474

NORMAN L. YU Representative

603 TAK SHING HOUSE, HONG KONG

Telephone: 31434.

Closing pricen

per 1b,;

sil in

American Conirnot

March/April May/June July/Aug. Det, Nov. Dee Jan

Mixed Contract

Spot rubber unbed

pence Blanket crepe....

No. 1. pale crepe .......

AMSTERDAM

Closing prices all in guilders

LONDON

Closing rates:

New York. 2.TD-13/10-2.30-15/15

Montreal....

.....20 28.40 Watson k 31.00 21.90

Le Crew. 27.40. 270

COTTONS

2.00-18/15-306-15/19 Textiles

MISCELLANEOUS

March, Abril·

May/June

ZUETANG

......

Amsterdam

Brus

Copenhagen

10.30-10.353% 139.78-130.7734 1914-19,34

Frankfurt *****2327-31.011,

3.0136-20.019%

123817-17389,

per kilogram, cit, Jan.

No. 1 rubber

alat buyers Delo

No. % rupËreer

No. 7 wer

2.32 buyers Paris ani bureru DELMO sti boyers ↑ Zurich

Vibro INVESTI

21.00

150 40 27

14.30

悦酒

15.10

(5.90

0.25 0.70 - 80G 2* 16,00

1:40. 8.70

19.10 2011

800.00

und

Anchorage,

demand, to acquire floel Alasku, by way of Hamburg, providing 600 seals. The choice

lies between a dect of ten 80- Germany.

staters and one of twenty

30- The examiner, Mr Lesid G. that of Donahue, found that the grant seaters. It is apparent. theas two combinations the 20-of such a licence "would be ax strong fleet will be much the the pubile Interest,"

The recommendation still has more operationally flexible. With

by the Civil I better position to experiment Aeronautics Board Stalk.

Air France now makrès a 20- welih new roules and to increase frequencies on existing router. fuelling: stop at Anchorage And, because the smaller type of its Paris-Tokyo route, but at aircraft in thus abile incite fully present) has no muthaaktky. to exploit the latent short-haul plek up or deliver preden pers siemand in

“tražilo," in Alaika.-Reuter;

this feel, the operator will be in to be atided

the

snes,

on

to