1960-04-21 — Page 2

Pago Z

-

THE CHINA MAIL THURSDAY, APRIL 21, 1960.

EUROPE'S ROLE IN WORLD TRADE

London Competition

closes

quiet

London, Apr. 20.

can be met successfully

By A SPECIAL CORRESPONDENT London, Apr. 20.

Buyers stayed on the side. Britain's immediato trade problem is to

lines in quiet markets to- day and the Internationa! industrial leaders which

The

did well yesterday went' into reverse. Industrials fell across boord with shipping an excepą, tion on the better long-term out- lonk for the industry.

Unilever, Philips Lamps, Fords, Jaguar Motors fell back. Steels and

lost engineeringN ground and textiles, chemicals And stores were dull

Dollar

try to prevent the split in Europe developing to the point of serious tariff discrimination, This would actually occur if no agreement were reached to offset the offect on the outside world of the introduction by the Six of the first stage in their unified external move towards a tariff.

because,

whatever

Channel Tunel wero # Brn the study group's

Under the fallstein "accelera- tempting market on

tion" proposals this first drage | Brilain does, certain countries on favourable report and roso some three shillings to 41 shillings and would come into effect on July the Continent will put the worst slapence.

1 It now seems unlikely that, | pessible construction on it com

falling that — say it 1s stocks generally re- for purely administrative rea ceded on Wall Street's overnight | nons, quite apart from any delay genuine. Fall. Government bonds stayed in the German Cabinet decision, But the attempt must be made. quiet but beid Arm.

this step could be taken so zoon. Britain cannot afford to be on Foreign bonds showed little Even so, a reconciliation be- i lis dignity in respect of a market novement

except a £%

trude adtween the two

groups which last year

took just over vance by Greek" seven per

to £30%.

cent would be easier before all the £1,000m. of Britain's total ex-

Governments of the six coun-ports of £3,500m. Gold shares started well but tries of the European Economic Equally, however, it is Truc the move lacked support and Community formally agree in that the other £2,500m, went to prices fell boek with Anglo- | principle to oprove the Hallmarkets other thin Europe-in

The time avail- American corporation, Coppers stein proposals.

Commonwealth to particular, followed

short

Oils were mainly lower but Liboral policy

Burma improved in advance the results due tomorrow.

of

a similar pattern,and | able to avoid the outbreak of countries. It would clearly bo ended dull. Diamonds went | serious discrimination 1s very disastrous if the price accepted slightly harder.

fer accommodation with Europe meant less favourable trading

with the prospects for Britain sterling area or with the dollar countries

This would be a price rol the worth paying and since sterling market is itself a large one this is a point that the European Economic Community should bear in mind in negotia- tions with the United Kingdom.

Rubbers and leas were better where changed.—{P.

Closing Prices

filledged Bands Belilah Transport 1970/60-

19CD-

Comeule #1-£ 70-11734, Convertin

Luan Leig

Fuming

3% Loan

Funding Binck 25. 1000/2004~-

1929/

Funding Lean 40%, 1974/76—£G. Savings 3%, 1903/05–290-3/100, Havinga 3, 1900/10-4705. Saving 1 1000/15-4731-

lanka

Chartered Bank-501 90. Hongkongd $215.

+971 04. Inciranes

Accordingly, it is no more than prudent to consider what might be done if the present attempis al reconciliation fail and it be comes a question of trying to repair damage already done. Bere the fundamental need for the United Kingdom is to regain the diplomalle initiative.

Britain ha great traditions of free trade: but now her tarifts are relatively high, and. rightly or wrongly, it is the Six rather

which than the Seven

hus succeeded in gaining the reputo- United States, tion with the and perhaps with the outside

Barclays Bank "A" Lid ord-62 world generally as being the European organisation which is truly liberal trade pursuing a policy.

The Hallstein proposals, which include a cut of 20 per cent In the final common market tariff, have for the moment reinforced

Lloyd's

Union

aru Alufors

British Motor Corn, Orl-209 169, Sudeley Group Oni-29,

For

7.

Moter Co-Kða 04.

Rolls Royer Ltd Ord-15 7144. Rootes Lui "A"—105 79O. Standant Triumph International- 1100.

Ureweries

De C30 f15d.

South African Brewerien-246 Del. failding and Materials Associated Portland Cement 01, Goodlane Wall & Lead Ord—40%.

Com, Bleet and Engineedtæg“

& Wilcox 11, Strel-Flat 3d.

Vickers Ltd 9ly 1994.

Food and Tobiero

British American Tob. Co. Ltd

LUS-CAS

01 E.

Iniperist Tobacco Co., td.

Miscellanroze Hoordman Marden Lüheds 153. Brilish Oxygen Litt. Ord--EVA KI. Canadian factile Rly-451%.

The Le Stue Co. Ltd. Ord-3. Dunlop Rubber Co~25a ed. Gilman Holding Ltd

7340.

this reputation

Living standards

But the growth of Europe is not the only change which has teisen place. The great economic problem of the western world in the 1540 1940s and 1950s was the relation of the dollar coun- tries with the non-dollar con- tries.

Now, however, problem is what Sir Olivér des- cribed as "the North South problem" or "the relationship between the industrial North and the developing South." It would be fatal for Britain, or any of

with,

the

Both with current trade

the European countries to think It is, therefore, a basle necessity that if the dispute between the for Britain or for the Seven Seven ond the Six were solved. collectively to offer tariff the major economic policy ques chuctions to the outside worldtion of the 1960s had been dealt which are not conditiona! on reciprocity by the Six This is and with the use of capital the laking the problem of trade main probleen now for Britain, policy out of a purely European as for the other industrial coun- context.

tries of the world, is how to ad- the European Economic just their trade But

and Anancial Community and perhaps

polleles to enable income a head Free Trade Asscelain the under-developed coun European

was first established tries to start increasing at some- tion also. under the shadow of a European thing like

the rate at which dollur shortage and partly at living standards have been rising in Europe. North America and least, as a restrictive, defensive

Australasin body designed to enable the

over the past few constituent countries not merely

years. As this series has tried to liberalize their trade with to show, Europe is prosperous Hongkong & China Cas-10s éd n. each other but also the better to enough to see world economie Imperial Chemical-bis Cl.

combat external dangers.

problems in perspective again, Lynn & Co-77 70. Unilever with

Europe does nul bove to but hardly prosperous enough to adopt this attitude any more. 11s| Indulge in continuous Internal

la growing

stronger trade disputes for the early part

from of the 19603, every day. Competition outakie, us the trade figures of the United States bear witnes can now be mut successftilly,

Thus it would conform to the picture of the world economic 1960s, as well as being con- venient from the timetable point ef view, if Britain were to lend the Seven to consider offering an unconditional cut in tariffs at the next session of the G.A.T.T.. which opens later this year.

This cut would be available he countries of not merely to the Seven or of the Six but to all the signatories to the G.A.T.T. The offer would be made as a calculated risk in the hope but not on the condition that the groups. of

Bowater Paper Corp Ord-J3#.

Radio sud Firetrai Amcinted Electric 30. Electrical & Musical-&in 1974, English, Electric Co-40% 63, General Electria--380 3

Shipping Indo-China Steun Nav. Co. def ord-za pet.

P&O Steam Navigation det ord 41A D.

Rtores

Great

t

Debenhams, Ord. Ltd---430 Dd.

Universal Stores 47

Ludi od: * W. & CO21 Od.

Textiles

Kl.

Bark

Woolworth Door

Contr J & P Courtaulde

Mince Burma tal-10 71% Conn Goldfields of South Africa

Can 01.

Cans Zine Corp. Dr-15

De Beers det-itle 10yd.

Hongkong Tin-50 41udi.

Petalitor.

Tin Cd.

3d,

economy

Southern Kinta Cona LtG-284 33. [other countries or

Untura Corp-350 0.

Wost Cricfontein Goldmining-

103 d.

British BornNNO

cate-te ai.

Oil

Yesterday's Closing

CEYLON LOSING,

TEA

MARKET

Crylonese

Colombo, Apr, 20,

ten interesin

greatly perturbed

ale

That Fordan han stopped buy-

Ing Ceylon tea brokuse of a barter deal with India under which Jordan will buy fadian tea in exchange for 'phosphates.

told them no licences will be

Ceylon exported

Wall Street

suffers

sharp decline

New York, Apr. 20.

El Paso Natural Ges

Exporters said Jordan has Stocks suffered their widest losses in seven wecks

with blue chip Industrials setting the pace. fruct for the import of Ceylon

Activity picked up on the de-a Kulak tea while the barter deal exists.

£525,000 line, indicating the posable Family Finance Corp. worth of tea to Jordan. start of another general rell-First Nat. City Bank

off. The list started backing Ford Melur

General Dyeraries year

This is the second Middle dower today as it approached General Electric

the mid-February recovery Gineral Foods Elea market It has lost highs, but brokers

saici there Generi Motorn

Gen. Pub, Utt for the

spring Getty

Inst

some hope

typleni

| Goodyear Tyre

recent times, Syria has also

Wos mill suspended Issue of licences to wast Import Ceylon Lee following long-awaited necrodilation uf Q Ceylon diplomatic representative to The new background will Innel.

have to improve substantially Out Oli The tea trade fears similar and rall issues would have to actiun will be taken by all join with any sharp advance In industrials before any such Arab Yeague emuntriesAP.

spring rally could be taken seriously, one expert noted.

Tin agreement has helped stabilise world prices

London, Apr. 20.

Tin has continued steady for a month now and there is iltile prospect of a change In the near future, says the Financial Times in its commodity section. Dealers will

this further proof that the interna- tional tin agreement, by colord- ing the powerE

SOC

of the buffer

steck manager, has helped to irun out the normal fluctuations of the market,

The prime blue chips-IBM, American Telephone and Du Punt all fell sharply and the rest of tho market followed sult. IBM

around dropped Du Pont around

eight, four,

ΠΙΣΤΙΚΕ

American

foll Telephone back. There was siim chance of any dividend boost in the near future.

Today's volume was 3,150,000 xhores.

Of a total 1,200 issues traded 250 were higher and 123 lower.

Dew-Jones clesing avera were: 30 Industrials 20 tailu.

A. Brake Shoe American Cable & Radio Corp American Cyansinld Co. Amer. Forgn. Power Am. Home Prod. Ar. Mach. &z F'dry. American Molai

Attention is now centred on the form of the new agreement to be discussed at the United American Smelting Nations next month.

BUFFER STOCK

The third annual report the Tin Council as usual gives little indication of the current

Am. Sugar Ref.

Anaconda Copper Armeo Steel Armour

Baltimore & Ohio Benguel Cens.

Gen. Tyre & Rubber Olden Co.

Grumman Aircraft

Heysten Newport Corp.

4826

Indal Steel Co.

Interchemical Corp

40%

4361

Hammond Organ

Idaho Power

Ing H-Rad

In Business Machiner Int Harvester International Nickel International Paper Int'l Tel & Tel Kansas C. Power & Light Kennecolt Copper Kimberly Clark Liggett & Myers Tob, Co. Litton Int

Hughes' expansion

programme

for TWA jet fleet

HOWARD HUGHES has ended speculation as to how he planned to raise the funds to pay for the expanding jet fleet of Trans World Airlines Inc, subsidiary of his Hughes Tool Co., by an- nouncing the development of a US$340,000,000 programme.

་

The flier-industrialist will con- tributo up to US$150,000,000 as

his part of the largest single Washing machines

plece of Anuncing in airline his-

tory.

Mr

Hughes described the on luxury liner

three-part programe as the combination of his own resources

plus loans from banks, insurance Swashing machines

companies and other institutional Ienders.

ho "First,"

said, "p 780 US$100,000,000 is to be sought

72

240

Lockheed Aircraft

214

Loews Incorp.....

24

Lone Star Cement Co.

2724

Lowerlein &

McDermott J. Ray

29

1616

Membi Iron Corp.

Minnestola Mining Mission Development Monsanto Chemical Co. Montgomery Ward Motorola Inc,

108

4112 451

Merck

National sent Co. National Cash Reg. "A" National Daity Prod.

Load

Philip Morris

Heynolds Metal

Lo

through private placement with banks, insurance companies and other institutional incheɛ, TWA's

have recently been, itt- stallod on the Cunard liner Queen Elizabeth, for use by, touélit class passengers,

The machines are

installed room on

Investment bankers Dillon Read, special laundry and Co. Inc., Lazard Freres and deck. They are looked after Co. and Lehman Brothers ure by an official with the title of presently discussing this pro- 'laundress' who instructs pos- ramme with institutional lenders. sengers in the handling of the machines which can be used STOCK OFFER

every day, between the hours of a.m. to 7 p.m. They are in 703

"To support the senior borrow- | almost continuous use and Bing, TWÀ present plans to offer nearly as many mon as wonten to its stockholders US$100,000,000 take advantage of the facilitiss of subordinated income deben-offered by them. Mothers with tures with detachable common young children ATC frequent #tock purchaap warrants and customers while people refurn- Hughes Tool Co. will purchaneling from long tours on which only its pro gala portion they have accumulated large (US$78,000,000) but also enough amounts of dirty linen téke the 40% debentures not taken up by opportunity to use these fide

others to provide TWA with at washing fellities. least US$100,000,000.

€

B%

specially Bradle which infosition and

on April 28, stockholders mounted in will consider a proposal to in-secures them eroase the authorised number of they are additionally held fast common shares from 10,000,000 by a rubber-faced matal Frap 00 to 15,000,000. There are currently stretching cround them.-LPS. 67% | 6,674,156 shares outstanding", he

4012

continued.

Finally. Mr Hughes further

agreed to provide whatever sum

of money may be required up to

US$50,000,000 to make good any

Chrysler to put

amount by which TWA may fall out new small car

short of this mark from its own!

cash flow. This mopey will be

in a position subordinate to al senior lenders.

Detroit, Apr. 20.

HRYSLER Corporation is CHRYSLER out another

018.11

New York Central

National Steel Corp.

142.05

Norfolk & Western Ry.

15

89.00

North Amer. Aviation

45 socks

214.51

Northwest Airlines (Com.)

317 175

not

40 bonds

82.87

Oklahoma Nat. Cas

201

Corfen. future price Index

345.00

Olla Mathieson

as

Closing Pricas

Olla Elevatora

40

Owen-jilimai Glass

1033

Oxford Paper Co.

Allied Chemicals Allis ChalmeȚE

49%

Pacifle Das & Elec, Pan American Airways

0214

37% Paramount Pictures

439*

At the TWA annual meeting in Kenses 175 City

The machines ate

50

Parke Davis Co.

9

Petry I. C

BAY

Henn Salt Co

23

1

103

Procter & Gamble Co.

014 Pittsburgh Plate Ginss

22

-Pubileker Industriom

10

431

Pure O

304

2021

Radio Corporation

73% 1

American Tel Tel

90

Radio Cory, Pret.

American Tab.

10914

Republic Steel

00

Ampex

134

32

Royal Dutch

of

Safeway Stores

Saint Reg. Paper

Alisa Cons. Mining

Siegler Corp.

73

Scott Paper

131

Sinclair Ou

Bethlehem Steel

Smith. Kline & Frenchs

634

Borden (Tha) Co.

40%

Socony Mobil Ot

Burroughs Add Machine

3214

South Puerto Rico Sigar

16%

NO ENCUMBRANCE

Calif. Packing Corp.

Southem Natural Gas

347

small car.

Cana. Breuera

3412

Southern Railway (Com.)

47%

Mr M

La

Canadian Pacife R.

Standori Brands

The programme mapped out,

20

Standard on of Cat.

39

2018

Standard Oll of Ind.

Standard Oil of NJ.

401

cob Sterling Drug Co.

401%

Stokely Van Camp.

54

Studṛhaker-Packard Corp.

1

381

Bunching Mining

016

GD

Swift

Co.

0416

Texas Co.

41.0

Textron Inc.

2124

473

Thicke) Chem.

14

Tide Water Di

30%

Traveler της.

7014

|

Cuban Amer, Sugar

EL

Delaware & Hudson Coi

Union Carbide

138

in 1933.

Union Oil of Ca).

Diamond Alkali

5344

Union Pacle Raliway

205

Dow Chemical

เวล

United Alfcraft

377%

Dupont de Nemours

200

Uniton Trun

Eastern Air Line

2436

United Gas Corp.

201

US. Foll "B"

371

U.8. Gypsum

10122

K3

C. PF

145

Warner Bros.

42

Waukesha Motors

401-

Westinghouse Air Brake Westinghound Electric

size of the buffer stock since It tells only of the position at he end of Inst. June, Sinco September tho buffer stock manager has undoubtedly sold But in considerable quantities, addition to its own rocks it has had to dispose of the 2,600 tons of in held by the Board of Trade. Further, it was made known in December that there was at least ten thousand tons

ill in the buffer stock.

CIL

In the meantime, definitive sistement of its strengur December 31 Inst year 15 expected from the buffer stock before the end of the month, the Financial Times concludes, Reruler,

Cat. Tractor

Colonese Corp.

C. I. T. Financial Corp. Chase Menim. Brak Chrysler Motors Clactt Peabody Colgate-Palmolive Co Commercial Credi Comolidated Edlenn Continental Con Continental 03 of

Crown Beile-bach

COMMODITY PRICES

COTTON

NEW YORK Closing prions

countries with which the Seven conduct trade would feel encour-

god to reduce the barriera pro- per lb.

Spot

Petroleum Syndilecting their markets.

British Burmah Petroleum 2a. British Petroleum Qu.. Lok-85%

3d.

Royal Dutch Petroleum---£147.

S]! Transport & Trading-14

nculer.

July

It is not much exaggeration to May Y that the present policy of det the European Economic Com Dee. munity has bean followed Mor. May beentise of the greater support July Kiven for political reasons by Oct. the United States to the Six Dec. 1 Mar rather than to the Seven. follows from this that Britain and the Seven have to con- vince the United States that the political advantages of six per b united countries in Europe is a different matter from problem of discrimtiation with In Europe. But Britain herself Dec. has a further task. Deservedly M or not, Bellsin has gained on July the Continent since the war the put polat higher on sales of Zü1 | reputation of having withdrawn contracts.

from Europe, contrary to its im

NY sugar market

New York, Apr. 20. World No. 4 sugar fultires today closed three points lower to

Spol

American Contract

May/June

July/Aug. Oct/Nov, De:/Jan. Mar/April

in cents Det/Nov.

Mixed Contract

May/June July/Aug.

Der/Jan. Mar/Aprit

10 nom,

30.51

2886887880

RUBBER

NEW YORK

Rex rubber futures

#82

*NAE

28238 GRESA

22.70

METALS

NEW YORK

Closing prices, all in cents per

Ib.:

الحمل

May

July

Zine May

July

Copper May

11,300

11.450

11.50

30.04

LONDON Closing prices, all in sterling per long tom.

U. Rubber UB. Smelling

U.S. Steel

U.S. Steel 1 PC.

Werk Va. Pulp & Paper Winn-Dixie Blores Woolworth (R. W.) Zenith Radio

4312

100

Economic aid

to India

and

IA

Colbert,

Mr Hughes said, did not invelve Chrysler's President, in a prou the sale of any of his holdings pared speech for the company's and does not impose, any en-annual meeting said that "on- other attractivo compact enr cumbrance on the Hughes Tool will be brought to the market Company.

The sum of US$340,000,000 by our Dodge dealers with tho

introduction

1901 equal to approximataly' seven)

imes the total assets of all the models" next nutuma,

He did not disclose Chrysler's trunk airlines in the nation whenfronts for the Arst quarter of Mr Hughes entered the industry this year. He said sales were up

currently

01

Ouz

65 per cent over the same period lenstag last year but added two factors

TWA Hughes Tool Co. Afteen Boeing were working to curtali profits.

708-131 and five Boeing 707-331

One, he safil was that Chrysler jet aircraft TWA expects to put "had to spend many millions of into service this summer ad-dollars in the first quarter for ditional Boeing 707-331 super premtur stcol to maintain our Jets and feet or Convair 850 production schedule" As an Jets. The new financing prò-aftermath of the steel strike. Eramme when, completed will make it possible for all of these abreraft to be owned by TWA.

741 ships laid

up in ports

A

London, Apr. 20. TOTAL of 741 ocean-

The other was that custangra wore showing a strong tendency to prefer six-cylinder engines and to order fower luxury op- louis. Mr. Colbert said the next meeling of Chrysler, directors on time first April 20, at which quarier earnings will be an- nounced,

is also a dividend meeling. However, in response to á question from a stockholder who asked whether on increase In the present quarterly rate of 25 cents would be considered at

say “I don't know."-China Mail tons were laid up in world Special. ports through lack of em-

Pakistan ployment at the beginning

of this month, the UK

Chamber of Shipping said Threat of NY

Washington, Apr. 20. 22024 - - 68

Indian and Pakistani needs today.

for development capital is

Of the total 418 expected to be discussed cargo ships at an international

Buyer

Seller

#bot

Closing pricecu

NEW ORLEANS

all in

cents prices, all in cents per

glosing lb.

3-month Copper,

20212

708"

4

200

2004

anoth

24015

May

39.03 Lead End half

31.00

Jun

39.20 Apr.

TI

Bapt.

30.00 Thy

70%

22.50

Nov.

38.30. Zino-2nd half

30.070 Jan.

Apt

0475

0214

30.581 Mar.

July

→ 0:0

DORO May

19,00

-UPI

31.286

30.61b

30.640

centa

SAO PAULO

tho July

May

Dec.

-

מץ11.1

Unguoted,

(Chasing prices all in cruzeiro per tLIO)

Average price in US. at 14 designated spot ntaťkets: 32.11

Total malen: 7,148

Tho doincatie No. 6 sugar? piled immediato post-war pro-

paint miso. futures contract closed a higher to unchanged

It Britain, with the Seven, is on 230

to succeed in being accepted as salen,

A softer London trade and an an equal trading partner with daster toge in world rows It-the countries of the European world futures. Economie Community. this re- duced selling

Kalen against actuals and mutation will have to be wiped were respek=| out, This will not be an easy some awliching

for a moderate turnover thing to do, and cynics in tha sible In Jonostics at hiderly un- Foreign Office will no doubt #y

that it is not even worth as per iba changed prices-UPL

LIVERPOOL

SINGAPORE

Closing prices all in Stralta

per b. x. Malayan

porta; No. May Juno No. 2 May No. 3 May No 4 Mer ***** Boot meer unbala

No. 1 pale crepe

110%-15933 19-199 L-ita

FOREIGN EXCHANGE

liai-tip 12914-12091

Closing 1796-1105% New York

Montres Пераня

AMSTERDAM Closing prices uit in gulidere openliegen Closing prices all iar pence per kilogram, off, APRIL,

All Undang-UL,

LONDON

too:

were dry pier tie-up

and 928 tankers.

ex con- | Laid-up tanker tonange

New York, Apr. 20. Threatened

ference in Europe next seeded that of dry cargo verola FHE Port of New York, is month. officials said. here, more than one militan tone,

with tho "Liberian nag vessels Headed today.

the list of workless freighters possibility of a pier tie-up. Officials said the nine-nation with 62 idie ships, Grecce came backers said they would development nasisiance group, second. with 33 idle

shigetognize picket liner if which Hold Its_feat `corilèrence | Panamanian flag, Vessels werd

in Washington last month, prois third with 43 Idle and Britain these dra 'set up by the ably will review the so-called was fourth highest with ad laid Office Employaes" Intenta- bankets report on India and | up cargo shipë, me

tional Union, who are In Pakistan at its next meeting. The United Water, Norway

expected to be held in Extrope and Italy came next each dispute with the Now Yark in May.

37 Idle freighters in port. Shipping. Association. The bankers" report was pre-Japan had only eight dry dirgo pared by Mr Allan Sproul of the ships 16lo. United States, Sit Oliver Franky

In the tanker socilon Britain

Locki 151 of the Office Em- ployers Union has announend through Mr B. J. Cohen, Eta

of Britain and Mr Herman fed with 77 vessia Jacking em- Secretary-Truemurcu", Abs of Germany after A

six-ployment.

week vlat to India and Pakle

will place pickets at New York Liberia with, 71 Idfe-fankone | City" "docks"" en Wodnonday or taa. The threa banker SAG ṭanró aetond and the Uniton Thursday as part of fle effort

let their deghirt that India erid Pakistart' will nood $8,500,000,»

Statos was in third place With: bơ wận si inbour cominder wall- 37 worklosse tankora?. Norway | the Shipping Adoration, which had 18 tale and Panama 30 premerie 170 menship, and montava" the Alina, or, their next-, and 2taly S9/- Jabalj had only | glavadorźnie OUTLE@TMI, A Chírtá { five-yest "plane.“

Mzii Speciki,

· odj in foraźni, aid and captial 19

two idle tankers.--UPI,