Page
THE CHINA MAIL, MONDAY, JULY 15, 1957.
TRADE and COMMERCE SECTION
New Found Optimism In US Business
Tightening Of Credit
Reported Unlikely
By JOHN MORKA
New York, July 14. American business sentiment turned bullish this past week on expectations of high level of economic activity over the next six months and indications that the government does not contemplate any tightening of the credit brakes at this time, Reflecting this new-found optimism, stocks had their best sessions in months. The Dow-Jones industrial average closed on Wednesday at 519.81, a new 1957 high. It narrowly missed passing the previous all-tiine high of 521.05 ut the close on April 6, 1955.
RED INVASION valimtion; sher June 2
OF MARKETS INVESTIGATED
BY JAPAN
The market has thus regained $70 bea budget on 'dolence some 8,000,000,000 dollars in any cutbacks could conceivably
nu play invos. Indications thi more than 12,000,000,000 dollars the Kremlin political policy and ance the Felnuary 12 low, when defences also helped impin the Dow Jones barometer of 50ther tone to the market. Iriding Industrials closed at 401.82.
Behimi this development were
4. Assurances that
HONGKONG
STOCK EXCHANGE
Our Own Correspondent
10
Business done on the Hong- kong Stock Exchange this morning Dimount proximately $933,000. Noon quotations and the morning's transactions;
Aliates Hüyers Sellers Bales
DANES
BK Beck
INSURANCES
Union
Lombard
BILPING Wheelsck
1700 1780
J
8 2
1770 1770
STOCKS REACH NEW HIGHS ON WALL STREET
By ELMER WALZER
New York, July 14. Stocks reached new highs since last Aug. 10 during the past week.
Trading picked up to the most active pace since the week ended April 26. Daily average volume of 2,649,130 shares compared with a daily
of 2,914,865 shares the week before,
average
Traders talked kutation but ; Gham Evided their market operations |
Gn no teugible things such as better business ahead, a revision 1.03 upward for auto output this year, 2.63 tulle of o. record year for steel, ¦ 7.85 high energy fuels how
བ།
7.03 1.00 500 1
1003 500
100 110
18.30 1812
H
BOCKS, ETC.
the
K. Whert.. Duck Provatent
4512 40
iz 12.20
free of any
by 1ending the will ⚫cunonly
continue r vigorous pice, with sleels and
techomy was in good shape, "excesses" that might terte a 1829-type ol depression.
|
LAND, ETC.
HK Hotel
21 Land
Fully
a number of factors:
1. Estimates Industrialists
Tokyo, July 14. Japan has ordered Itsuites leading the way. Although diplomatic representatives Buto sales are still about 33 por etni aft the year-ngo level, abroad to study Com.
there are Indivations that he munist China's invasion of markets in Southeast Asia, and the Near and Middle East, it was learned today.
industry might have under- es tinuteșt the retail potential.
Big Pickup
be
Matse, were given to a Senate Finance Committee ting government licet pulley by investiga-
Treasury Secretary George M. Humphrey. His remarks that tight money polletes con "averdone," that there was no reed for any boust in the 3 per cent rediscount Cate at this me, were interpreted by finan- cial circles to
that in- ation was sill not licked, that the government policy, for the time being at least, would be one of "watch-and-wait," rather than any hike in the rediscount rate, at least not, before month,
mean
RUBBER Amalk Trot
Electric
Macau E. Tel.
351 352 1000 * 35.73 1.47
1.471415216 10000 →
industry rising to a billion dollars In a decade - prospect of a atural ges bill this year; end elatements by Secretary George M. Humphrey that the ecożeny is tree ot the excextes
that wrecked us fi 1929.
Railroads
outperformed the 150 other major groups. Will their Inzomb fixed by rules of the interstate commerce commission, 750 3.40 the ralle tra considered anything 500184) bet an inflation hedge. Neither 2003 18.0re the utilities and they enjoyed
100 13
good markets from time to time 500 62.60 gained slightly on the week. 2000 4 28.30
PINNED HOPES
1.305 1.425
UTILITIES Train Yaumat C. Light
20.30 23.40 13 103 18.00 1890)
R) 12.2012 24.60 20.80
10.30 101% 27.00 20
1000
27.30 22.00
INDUSTRIALS Cemet Rother STORES, ETC. Dairy next Watson
Craw COTTONS Some time in August he Nanyang
is planning to vibro
MISCELLANEOUS KOVCIMent schedule about 11 billion dollars INVESTMENTS
... 14.00 14,70
200
30% 31
Aled
$550
43 10.70
Embassies, legallons and en- sulates at 22 points in this ora | Auto tezders are now looking have been instructed to make a
for a big pickup in sales, helped detailed report on the advance: conskitribly by sales of 1957 made by goods from Red China į late ris year. Some months recently.
ago the industry talked about a Reports received here ledicate 5.8 million year. Now it talks Peking has increased its exports conndratly of at least 6.0 units to the nations of Asía especially With outcs consuming about making use of overseas Chinese per cent of sizel culpat,
rel businessmen to obtain a foothold | production, now at s low. in the market.
should rebound ecnsiderably.
2. Smaller than anticipated in new franclag Ordinarily the
HK & FE Federal Reserve Board the *
inved úveline In the
nation's money controllers-dors machines, nssmonths. usually the slacknot like to compliente Treasury paper, colton cloth, and fountain period. There are Indfentions mancing programme. pens are among the exports that the appliance and housing from 'Red China which are Industry-long in the doldrums; beginning to
with compete Japonese produeta in Hongkong,
COMPETE
Sewing
Singapore, Indonesia
Burma.
Juminer
-are coming back bit.
Consumer spending continues
and
industry
Goods from Red China havement and appeared as well as in Lebanon for new plant and equipment these are being counter ea 15 take up and Syria, according to
nich of the stack.. reports.
The volume of Carse ship- ments is not big enough as yet to hurt Japanese trade, but fed could China, It is admitted, develop as
rival to the light Japan very soon in consumers goods which have a
Tight Mortgage
The Street pasted hopes of a freight rate increase for the rozde and hoped faktly the Iriatural gas bill would pass by a ROD 11.00 wide margies than it met in the 1000 a 11.60 House committee.
34.70
-2007 10
The Bank Of England Statement
..
strong, Incomes are at all-time 5. Proposals to pump some
London, July 14, highs. in addition,
The Bank of England state- Govern-
$1.6 billion of new government for the week ended July spending ment funds into an expanded
10, reads on follows: Federal Housing mortgage pro- gramme on which down
xy- Total note circulation.. ments would be eased courtier- Fusto depoall ably. Builders have complained Private deposits that housing construction is Government securities
Other securitien lagging because of the light Receipts mortgage, altuation.
Disarmament
3
3, Russia's rejection of a serious
One fuetor which is adding to test ban on atem-bomb ex-} plosions at the London dis-the difficulty in curbing fie-
Raju
Olin Mathieson provided the rohatice in its high energy fuel which it is producing for the Air Force. It is constracting a $30 million plant to turn out the Schand PWuct of bøtax, found)
quenti(105“ i California
end Nevada, –
The performer of
US COTTON GOODS MARKET REVIEW
ca
SCIENCE ANI
ENGINEERING
BRITISH MAN-MADE TIMBER FOR WOODCHIP BOARD
Big increases in the overseas sales of their high quality “man-made timber”-woodchip board -Especially in the Middle East, dre reported by a leading British firm in this field.
1
11.3
The Arm, with their main Sectiish plant turns, the timber offers in southern England, Built into two types of chips-ong for faclory at Annon, in the heart the case of the board and the of the Scottish Umber counter, other for the surtice layers. specially to produce a woodchip bed with a fer surface, and
Varlaus Ingredients infräticed more constarit characteristics into the resin used to bond the than those types made clsewhere chips confer such qualities
Testatatice, Thecubrating Industrial as well water
eliminate as forest wood waste.
tumes and help speed the curing DTCCERA. Automatic measuring and mixing equipment is de- signed to eut uut possible human erior in the application of the Fed only by thinnings from ingredients and to ensure con- the nearby forests of selected| sistent quality. coniferous umber, the factory
Two Types
started producing board at a The manufacturing firm re- rate of 3,000 tons a year when port that their boards are en- it was opened in 1955, Demand bling furniture manufacturers automatie grew 30 rapidly, however, that to Introduce more this output was doubled within processes and reduce the cost of the Brat 12 mánths. Now the their products. In the building the world, they say, the boarda ute factory is working round clock and output will be even helping to cut costs by reducing pre-treatment to the simple ap- higher this year, the arm say. markets
pifcation of a cost of palat, The Providing the nearest possible Airscrew Company and Jewood approach to Tully automaise Ltd, Weybridge, Surrey, Fin mehed of woodchip board pro-land. The Sectfish Wegroc Com- duction, equipment in the pony, Amian, Scotland. -
New York, July 11. Cotton goods here this past week seemed to be emerging from a long period of inactivity.
Inquity for gres goods show. considerable improvemcat, and sales were Thost
in excess of of the pitylous week. Stimulating the interests of buyers was the monthly govern- ment showed that an acreage planted cotton report
which to the white fore this year was the smallest in a generation,
Prices for the modl part were steady and a little stronger on staple items such as broad- cloths and on a wide variety of specialties. Finished goods were also In somewhat better de mand
to
the whek are in better demand as a result
semi-Industrial uses, draperies, and upholsterios,
rxist,
TV Station For Poland
Is
Invention Measures Distance
in
A distinguished South African Inventor, Mr Trevor La Wadley, An order to the ap months in Europe, mainly
hand-half spending proximate value of Britain, discussing with selenthic £200,000 has been re-bodies the new systent of smilerb- wowe nichstrement of distatices, ceived by Marconi's for known as the "Telidrometer the supply of a complete on which he has been working
for, number of years. television station to
During his stay in Britain je Poland, which will be is carrying out further series of trials of his invention on the most powerful in Saltbury Plain, the results of which he to describe in a paper to the Royal Geographical Soclety,
The transmitting equipment included
STANDSTILL Man-made abre ploce goods Olin Mathieson ran up to a were strong although trading new high and then met profit-wow post down of plants for taking. The big borax producers the shutting down
the --US Borax, American Potash
annual vacation perlud. and Staufer Chemieni-knd some Blended fabrics such as dacron wide moves on the exotic fuel and ection mixture are well sold prospects.
ahead and lament yarn goods pricewine was Superior Oll of of the opening of new outils in that country. Blerting Califomia which sold at a new 3,013,63530 18,390,207
record high on Friday at 61,850 a shure. That was a gåin of 153 Although to shortages 277,720.100 -18,033,647 points on the week. It closed at the fact that the stat offerings
37.323/701 30.120103 -1,830 un 135. That slock sold es were not excersive is believed to 132 low as $1,210 carlier this year, be the principal factor bebind
High camings, helped the issue the fractional firming that de- this week. General Motors got veloped during the week. into action on Friday when it ledtian qualities were up roughly the market in activity and set a 1/5 cunt & pound; Betish East new high. It gained 2% on the Africa week and Ford, seldom chraged stronger.
grades were slightly In the Manila hemp nore than a fraction, rose more market demand was steady. For th a pobat. Chrysler, strong lack of davao grades, importers ci dimes, lost a fraction-Uuiled switched to non-davno offetings Press.
There is no price difference be tween the two, but buyers found ft easier
to locate non-davao the prades most suitable for domestle rope pro duction.
United Prost
wids market in Asia and the armament conference helped lift tien in the United States in the The Bank Of France
Near and Middle East.
airerafi
defence and allied in The survey was described andustriais his past week.
u "check" to keep an eye on a With the US. economy spend possible rival.-United Press, ing more than two-thirds of its
Very Bad Week Experienced In London
London, July 14.
Weekly markets: The City of London-and its entourage in the upper middle class-have had a very bad week. This has been pärtly due to the fact that the Chancellor of the Exchequer hasi made two speeches on the subject of inflation without inspiring much confidence that he can master it.
Statement
Franc 201504,207,495 31,303,200,975
11.771.000,030
ZETO
Total goul boldings 26th other currencies Sight balance brond in EPU.....***** Advance to Stabli
1 Fund Banknotes in circula-
tion. ************* 3,209,570,009,150 Current account and
20.159,717,735 deposito
tremendous turnover in money. with interest rates at their 35- highs, arkt Annteing year dificulty, many corporations are
Parle, July 14, resorting 10 new business
The Bank of France stalement techniques in an effort to keep for the week ended July 4, das their operations humining. Se
Gs followe fat the money supply hus stop -ped rising hi previous rates. Over the past year, il rove bet anly one per cent compared with
a rise of about three per cent in vinter years.
Checking accounts, ather hand, were being turned over at the rate of 23 per cent; nearly half again as it wis 10 years ago. What's happening is that many firms are ordering goods in smaller lots more fre- quently, switching checking balances into cash recounts, and keeping accounts receivable on This, however, is not a treblem
States.
un
the
rompt basis, where possible. common only to the United
Inflationary
suffered heavy selling with 4 Rolls-Royce and Bowater Paper in checking decounts
for severed
per
of 48%.
inttex
lowest it has ever been,
ALOOF
$0.
Total bilte discount 71020
-United Pres.
Exchange Rates supplies in
Hal-
Business was done in the local noflea exelinuse markel this moving at the following rates:- Wool markets were quiet but 0.3. dollar (per $1)
BAB stoudly-Unlial Press, Stering notes (per £1) Australian tates iper 21). 12.54 Indonesian rupiali (por 100) Sa real per 100) Singapore (Širalis)
SHARP SELL-OFF
DROPS NY
10.44
18.15
24.0
1.80
COTTON FUTURES
By HENRY J, BECHTOLD
New York, July 14.
A sharp sell-off on Friday dropped cotton futures as much as $3.60 a bale this past week.
At Friday's close, the list ruled 34 to 72 points —$1.70 to $3.60 a bale-under last week's close.
stuce to new highs had large
RUSSO-TUNISIA TRADE AGREEMENT
Tunis, Jaily 14,
Tunisu signed a trade uigree- meet with Soviet Rustin today excitinglag 650,000,000 francs worth of cork, citrus, fruits wool and local manufactureit goods for lumber, packing cares, petroleum products und steel.
Payments are to be made by
bilateral clearing system: The accort was signed by AU Bubnour, cliff of the Economic
by
According. 1d the US News & World Report,
other countries Thus the week's tendency was, Murks and Spencer nearly 4-are having similor difficulties in inflationary spirals. to sell and get out of the and Woolworths 37-, Industriais braking market. British Governments in general were down withollawing are percentage gains and In Aurnover cent Conzols losing 20 down 2/04, Governing motive deposit
countries (hest figtite listed, the atullings, mussive War Loan was "eafety first."
weten of the Foreign Affairs Oils were weale with the ex- rate of increase dropping 10 shillings to a new
In checking
Ministry, and Constantinto. Royal Dutch which turnover): all-in low of £00%, railway coption of
Balthtov, chief of the Soviet nationalisation 15 shillings and gained 17/8, to £24% (1957 Canada; 40 per cent, 43 per Old Consols 12/6 to its 1987 low peak is £24.) British Petro-cent: Brinin, zero per cent, 70 The decline in the market from realisation that the recent trade delegation United Press
The Financial Times leun lost 5/6d. Anglo-Egyptian per cent, West Germany, 100rior to Friday was orderly and of government stocks "B" 47- and Burmah 61 37- per cent, 15 per cent; Norway, modest with Iquidation light but y ecounted the prospects of a NEW YORK RAW
of tilgher final loan price for 1957 cipsed the week at 81.00, the One of the lesser-known oll 30 per cent, 20 per cent; Den-subiclent in the sliares, Patiile Petroleum, gained mark, 13 per cent,
per cent; bullish scnilment.
cultivation; House Schale con- COTTON EXPORTS Sweden, 10 per cent, 70 per bent; The heavy selling in the lost ferees approval of a tightened,
New York, July 14. Canadian and US dollar stocks Switzerland, 25 per cent, & per session was attributed to a belief up soli bank programme; erid
among the present session of consistent Improvement in the Ниш cotton expor la Cid some baring with their pre-cent; Belgfum, 40 per cent, a
Congress. Books, Insurance companies mium rising 5 per cent to 15 per cent; Netherlands, 20 per
Some of the selling crop outlook during the last few destination as reported it bates and other institutional investors per cent.
was, induced cent, 83 per cent.
by ideas that the weeks.
by lan Na Yori Calion Ex frank Inst held afdef from the gift-edged}
level on this year' with hones ikht, it is ex- VIRTUALLY
Department of Agriculture re-to July 9 were as followe
change for the 1956-37 market all week, there was
ceedingly hard to find Savings crop will not be as high as was
Britai something highly concrete and Foreign bonds were out of the banks ectordingly are using a &cnerally expected some time phrted en Mcday that 14,224,000
Content cheerful, în Ihe near future, picture virtually all week, Ger- new wrinkle to attract new go. Contracts were absorbed eras were plented to cotton na with
Orlent 1, compared But was in the leading man Young Loan non-asented depositors, They've already by profit taking shorts and trade of July
10,833,000 деген at this time. a industrial that the most strik-juimproved & perting and the boosted their interest rates buying on a scale dostr ing feature
vody ago, and with thờ 1940-03 RECORDED or the slumps ap- nacented 21%. The assentods ez | połać to, 354 per cent.
divorage of 22,743,000 geres, The pared. The fall there was in the 6% per cent Potash bondis Now they are offering suidry
trado had expected difcet contradiction to the con- frst £1. East Europeaia mostly inducements, ranging from ben Nearby July recorded all but 13,750,000 acres, ventional theory that industrials showed, fractional gaths;, the sixi pencil sela to picule con- che poirit of its 60-point loss on. **** ride during on innationary Hungarish rose £1 to £8% toner Also reflecting ||le | Priddy; In addition, to the The report... Immediately
NAMESAKES period.
Ruslan 6 per conls of 19001 Lighề money Miuation, malos of general selling on the legulation brought selling into future#, i Department storey and chain | repudiated
bantis mince 1917 but still Treasury evings
for dro deas, the delivery met äiquida- piarskuilarly
the distant Anwermost Fight, 2 Singlarid, stares chionvily, bought a tort- | maintained on the London list touring. Sales of this popular | ikių orders price ita ampliations | anckalba. -Ebases retched $2.80 a 13. Normans, & Heslatchee, 3 Wars night bgo on the argumens that gaineti 57- 16 £3.
continuing to cutron sales. Onty | rn" "Monday: „Achief, Thyszerday'a | Unda befort attracting stort Stre: 0. Bezbos, 7. Conqueror, 8 they would fretete if the poverin Cin the hält, most con- c npolku "this. #byperantau plose, open interest in dhiyewas covering and commission, hauge Defcat, 0 Bafile, 10 fadrabinin; 11
clamped down on them fualing week with nobody rising | boosted the interest Tabé do 31⁄4 | only 9,000 bales.
buying which recovered more Novel, 12 William, 13 Mall, restricteɗell. Great and speaking in clear, confident yo eent -from- 3 per cent.-- The lack of bullish support in than half the decline, United Kingsley, 15 Defence.
Stores lost 5/9d, tones. —Valled Prons,
Urted Press.
the market apparently startined 'Prem.
Hereward The Wake.
ment
with
Universal
. Chback
Total for peo
--1
2495.00
476,306 1.338.131.
Same periods your*. 3,765,375
• excluding Iinteid
tinted Pr
civil
It is claimed for this new in the contract com-device that its introduction will prises two 71⁄2 kW vision trans-
revolutionise surveyings inliters, two 2 kW zound trans-
iwo combining
units natneering alters, and опе 10-stacic high-gain quadrant aerial. The effective radiated (vision) power will be of the order of 200 kW.
The studio equipment includes one complete 2-camera studio, a
master control room, two vidicon telecine channels, and # con- siderable quantity of test-gear
ned spares.
anj construction work of a STRIOT nature. Scientifically it is described as operating in the ten centimentre wavelength region and measur- ing the tramit of radio waves over the length to be deter- mined, with an accuracy of a Fraction of a milimicro second.
Measuretients can be made by day or night, and visibility for the first line in history of trádi,.. tional surveying, is immaterial, The outputs of one viston and The Instrument has a range of one sound transmitter will be from about 500 feet to 100 miles, combined to feed into # stacks but for practical purpose the of the aerial erray; the remain-maximum working rango is ing pair will be treated in like about 33 miles. manner, feeding into the other,
The fovention te belig intro-
Britch half of the array. By the means daced in
b. Coole the two vision transmitters are Troughtoft and Simms Ind, of effectively in parallel on the 17, Broadway, London, 8.W.1, in air", ce close their sound conjunction with Telkurdneter counterparte.
(Ply) of Cape Town who work In association with Vickers láď, The station will operate, en of London. The last-darned Arm Band II to a standard of 625 claims that, the nog instrument Lines 50 folds, with o video is the most important develop- bandwidth at B Mc/s. It will ment in survering, since the be bulit at Katowice in Southern Invention of the theodolite. Poland and will SETYC that densely populated, mining auta,
In addition, Marconi's Javo | supplied the equipment for F 3-camera televisioni studia Wardew.
SLIP-PROOF PLATE
SHOES
LIGHT-WEIGHT THOSE who find it
don.
FOUNDRY
SUIT
funny to see another person slip on a banánu peel or other - slippery, surface will have less to laugh about in the future.
A new, fikidály suit walghing about one-third the weight of stend plote.
A non-skid obrasive albpiliduris. † the orthodox asbestos salt was
that provides “sitre" exhiblied at the At Factory footing even when covered with Equipment Exhibition in Lon- ou dese or water is 'now- on!
the market.
-Made B the Alufidatum Com- Mucli mers flexible and vital Pibe, of Afierlon, the pily-proof
that Bil-asbenor | pirio: jb, Craigned, “ter erflieni : cambersang clothing, tho sulj does not prin | Ictallein shah, pa bug sleps ind vide such complete protection, dates, misine anë prifting press but foubory managements have gatwická krullery mounts, and found that men like weering it passcoæër trøid, truffe and trail-. and that a stimantiq), ripasure | ve foots. of protection is afforded the The new product la rolled, manufacturera 819,"
from Ingos by a lethed which --| provides - wefrored aluminium are | abessive exide of one surface of
The jacket sind -ledusere
of a flumits prooted 1bugh but the plate the abrasive being Dexible solton due with I'métáljorgičky, Bonded leather and belay Thethaf bay | antinfeldin. Durtble du?” Tilky 14arcas most vulnerable to molten the plate can be machined sasiky
metal splash., (RF.D. Co, Ld. and welded without affecting i
Godalming, Surrey.)
the altarive opat,