Page
SCIENCE AND
THE CHINA MAIL, MONDAY, SEPTEMBER 7, 1959.
Weekly Survey Of American Economy
ENGINEERING INCREASE IN MONEY RATES Hongkong Textile Traders Hard Hit By HONGKONG Higher Money Men To Attend Tight Money Policy
Milan Exhibition
The purpose of the Exhibition
Is to Introduce and to promote | the latest
and best methods of Television In
|
New York, Sept, 6,
The money markets pushed the stool strike off the contro stago of attention in the U.S. economic picture last week as the cost of borrowing surged to highs unscon since the early. thirties.
10W
·
Warning
STOCK EXCHANGE
[Our Own
Business done on the Hong- kong Stock Exchango this morn-
$540,000. Noon quotation and the morning's transactions:
Sharri Bayern Bellef
Exter
Rates Weaken
N.Y.
Market
New York, Sept. 6.
ing amounted to approximately Higher money rates, actual' and expected, gave the stock market two shocks during the past week ➡ one on Tuesday when the industrials fell 8.51 points and again on Thursday with a 9,90 point loss.
THE Third International Textile Machinery and Accessories Exhibition to be held in Milan,
Busines borrowing costs resull, private residential bulid. The U. s. steal strike, now in surged upward at mid-week ing which played a major role to eighth week, was bound to Italy, will be attended by many of the prominent along a broad front. The First in the recovery of 1050 and become the nation's, longest DANKS leaders of the Hongkong textile industry.
National City Bank of New1030, is slowing down. Officlal postwar steel walk-out. And HK Bank York Touched of
new statistics so far indicate only athere was no sign of a seitle- Union ..... the
INSURANCES development by raising the lapering off but all signs pointment, prime rate from 4 to 8 per lo a sharper reduction by the Builders een the highest since 1081, end of the year,
that Other Jeding banks followed intimato
housing it. Commercial paper dealers | starts throughout the U. S. wlli
In fact, the strike was now then raised their rute
now indicate for the year 1959, entering its critical phase with secured promissory notes sold | Again. as Art other ds September 18 generally in the open market by another | Consumers ran up record dered the deading when 11 savings und will really begin to hurt. The 15 perlage point-the, scound mortgage debis,
Buch raise in two days. Leading an asscelation isported their government warned that rerlous
Anance companies
for tu home-builders this your shortages of steel may develop nounced they were Increasing totalled nearly $7.7 billion-43 in the next two weeks by 1⁄4 to 1⁄2 per cent the rates per cent more than in the first
commercial paper placed | balt of 1850.、 directly with investors.
production of textile machinery and equipment to textile mons- facturers all over the warld.
This Exhibition which is hold every four years in a differenti city, is of special interest this year to members of the textile community in Hongkong be- cause of the rapid expansion of the textile mille in this area,
Steel Mills
AN Installation of
A closed-circuit television
The exhibits will include the most modern machine develop ments and improvements and it will cover an area of 36,000 1q.m. Spinning Weaving, Dye-night, the ing, Filshing. Knitting Sewing machinery will be ex-
and
channels has been completed in the now rolling mill at Port Talbot, Wales, of the Stool Company of Wales,
Working continuously, day and equipment helps to speed output by providing the facility of remote observation hibited by Eurupean, English The installation in an unusual and American
one, not only machinery
on account of ils complexity, but in the dispari- makers.
These are The attendance forecast Indi-ion of the cameras.
mounted in line on one of the outside walls of the rolling mill, looking inwards and downwards at an angle ala yol track. Each camera is fitted with a special wide-angle lens and sur- veys Sume 45 feet (13.7 metres) of track.
previous records eates that al will be broken and representa
of the textile industries tives from 63 countries will attend.
REPRESENTATIVES
Mr Leb Flolla, Mannging Director of Ceco International (HK) Lid.. Hongkong ጸረ-
announces
presentatives for the Exhibition, that representatives of the following Hongkong Mills wil aftend: South Sea Textile Mfg. Co. Ltd., Nanyang Colton Mill Ltd., Hongkong Spinners Lid., South Textiles Ltd., Scuth Chlon Textiles Ltd., Eastern Colton Mills Ltd., and Oversons
Textiles Lid.
on un-
an-
Gold - Reserves
0.45
0475
70
品
Lantai 4015 SHIPPING Waterboat Wheelocks
. 24.70 0.40
1000
30004 0.45 1000
con-
K. Whert Provident Triko
DOCKS, ETC.
Deck
10%
LAND, ETC. Hotel..
20.30 231
30 100 35,73
17 17.20
185 10000 en 1325
10000- 1,55 5000 1.85 5000 1.53
3.25 3.275 4,071% 4.50
3.40
and Land XD 35.75
Humphres
.... 1.5
layoffs will mushroom. The present number of workers laid Heally off as a result of the strike ta now put at 128,000 in mining, i frailroadhur and other ufitated RUDDER
Amak.... While repercussions from the delda in addition to the 600,000 TL moves, 3 per cent prime rule swept | Idle etzel workers.
A Tawah 1
Tram XD Star Ferry. to Yaumatt
Stiff Rise
As a result of these the Federal Reprve discount
1 34 mato-currently pegged per cent--was generally expect od is go up four per cent, the stiffest sined 1932. The discount auto custoņurily is hiked in stop with the prime rate beatise the Federal Reserve Syste does
This
500 23.40 1000 29.47
1000, 2043
A small gain on Monday, a- de-nothing market Wednesday, and a substantial recovery on Friday
rounded out a dull week.
At the close on Friday, the market showed a paper loas for
the week of $5,225,000,000.
AVERAGES DIP
U.S. BUTTER
SURPLUS DWINDLES
The Ekw-Jones Industrial average clased the week at. 652.18 oft 10.88
points; rails
Washington, Sept. 6. 359.01 off 4.88 points; utility The U. S. Agriculture De- B0.07 off. 1.13; and the
05
300 29.30 stocks in the three averages,
210.31 of 4,09 points.
U. S. money market, the Strol stockpiles are adequate | UTILITIES U. S. Tranbury revesied the loss to keep production at near- of another $75 million in U. S. | normal level for about gold reserves to foreign pur- | more wocks, the government C. Light chaser-przgumed to be British salt ki
a report, but growing Electric fer continentul European.
and percibly serious shortages The latest loss in U. S. Kold |are Anticipated inter this month. took place before the muney Already, it said, feel whole- Macap E rate went up, making investinders were reported unable to Telephone 28.00 23 1500 €6,20 New York raised its prime ment in
muritet more supply steel wire and other | INDUSTRIALS, inclive to foreigners. The specialties were the Kansha Cement
STORES, ETC. total U. S. withdrawals of old City, Cleveland, Los Angeles Dairy 1730 17.00 from its reserves so far this and 'Beeston areas
Watson
10% 10.09 al $1,075,000,000. your "tood
20.70 As Detroit embarked on 1080 L. Craw...
the
United States now #some experts warned the car | COTTONY $18,624,800.000. Observers agreed industry may not be able to Textile further losses are likely in view maintain peak operations in the of America's worsening balance international payments' position.
i want commercial banks to profiter by borrowing from at a price substantially below the price they charge their The prime rate is The separate camera outputs customers.
tee commercial banks are fed to an adjacent building the
charge for leans to their biggest The total poid stock balance in model producto last week. tul thence to a "pulpit" in the rolling mall, where the pictures commercial borrowers with the best crodit ratingo-such as in- are displayed on fleen moni- tors. By this means an operator dustrial companies. in the pulpit is provided with a Alongside all these moves, the close-up composite view of ap-ce of mortgages has been proximately 700 feet (213.30 sandily climbing up to the six metres) of track, the far end of Mr cent love). which is some 1,000 feet (3044 metres) away from him in terms
The general conclusion was that the cost of borrowing in of physical distance. This the current business boom. will ba higher than at ony Lime
Hard Hit
The Exhibition, which will be facility, la brief, enables him in opened by the President of the contral two electrically-driven since the 1920's. Kiepublic of inly. Gluvanni! Gronchi, will inke place from buggies which gravel in opposite the 12th to the 21st Sept, 1056, directions on the common tracke and which have to be brought Free visas to Italy are avall- able to those holding invitations to a halt in contact but without to the Exhibition
and special collision. railroad rates are available to vialtors, Visitors cards obtainable a Coco International (HK) Ltd.
ATTENDANCE
COMPUTER
are
of
partment, which just, a few
years
ngo WOB swamped with hundreds of millions of pounds of surplus butter, today dis- continued all sales
110
18.00 10.30
500 18.20
XA... 23,50
400
B00 23.50 800 23.70
10.40 10.00
38 34%
21
0.45 1.Độ 3000 G đang
1000 64
:
The market opened serenely 23.50 on Tuesday and jogged along for about half an hour, Then Fit National Cily Bank
200 28.971 interest rate. from 4% per cent to ove per cent. This brought 500 7:34
similar increases all over tho B2 1780 nation and other rates went up 1000 o 20 m with H. The prime rule is the remaining stocks are
100 20.00 charge for loans by preferred mitted and government 2500 € 2! credit risks,
chases
of butter under the price support programme may The market dropped In- mediately
news and remain low for months because on that
usually low
of
The Department said all It's
of butter because Its Bur. plus stocks have dwind- ied away.
com- Dur
fourth quarter even should the Nanyang 10.70 10.90 1000 a 10.70 closed weak, but with only a production of milk and butter steel strike be settled by mid- September.UPI.
Hesitancy On
London Market Over Elections
Rotaliers and wholesalers. beginning their inventory build- The Installation, which was up
for the autumn and made by Marconl's Wireless Christmas season, were expect. Telegraph Company Lid of ed to be particularly hard hit Chelmsford, Essex, England,
by the
wave of interest mic posed several problems, notably Inerca90s. In viny of this, those of the small amount of some
companies may even natural light available in the postpong all but the most prea and the high ambient tern-
cesnin building programmer. peratures (over 100 dogrees
Demand for leans has been The possibility of the Prime Minister, Mr Harold Fahrenhell) which
times at oecur, but these were BUCCESS- fully overcome by the Marconi engineers and those of the Steel
N unusual facility was Company of Walca who worked
An
so great lately that the moyes came m no surprise. Some banke had to dispoos of govern- 'ment, excurities to get ready
ath Others had to borrow on of $1 billion a week BYTTER from the Federal Reserve rutisfy loan requirements1
10
`London, Sept. 6.
Macmillan, announcing a general election in the near future overhung the markets last week causing both dealers and investors to lighten their positions.
MISCELLANEOUS Vibro ............... 11.70 13.80 INVESTMENTS
1.00
.. 11.79
IIK & FE Invert.
4000 0 0.30
5000 tả 10 2000 10.80 modest turnover of 2,430,000 2000 10.30 shares for the whole session.
New York Cotton Market
L
DISCOUNT RATE
autumn.
during the Government sales of surplus butter may resume later, the Department gald, it support purchases rise again
in the future. Officials noted their On Thursday, Wall Street
1060 surplus purchases, though anticipated the Federal Reserve smaller than last year, have would rate its disecunt ralo been bit enough to supply the
the interest churgo it maker on
leans to member banks, the rate needs of the school lunch peo- the winter why 3% per cent and the mar-ramme through ket though! It would go to 4 months. per cent. But the day passed Federal support purchases of bulter from the beginning of the currently marketing year, last April 1, through August
without any change and so did the week.
and
under
British Trade Fair in Lisbon,the-clock use.
Ikewise In continuaus round-interest charged by the Federal est rates following the further a poor market and the down-points lower-25 cents a bair 101,000 shares, smallest since
when complimentary tickets
in the form of 40-column
cards were issued beforehand Refuelling
to oxhibitors.
hod
imize thel Aircraft At Speed
A
put
show
CAUTIOUS
of
New Proposed International Tin Agreement
London, Sept. 6.
This gave buyers a bit of were about 78,000,000 pounds and they compared with about 110,000,000 courage on Friday bld up prices
the pounds in the same perioki a year metals. July/August purchases this stcela, leadership of New York, Sept. 6.
tyres,
bullding Insues. Your were 9,200,000 pounds com- market The cotton
con-Trading Friday was small-only Pared with about 27,000,000 pounds in the same period Inst tinued du}} this past 2,300,000 shares.
year,-UPI, week as trading sti.
Sales for the whole week 11,570,180 mulants again were lack amounted to only
thures, As the steel mill is operating
ing.
daily average of 2,315,233 shares. That was above computar firm's punched to capacity on a 24-hour basis,
There were also widespread, one of the main casaullies of At Friday's close the list last week's total of 10,503,034! card system at the recont the television equipments arc The Federal discount mair... } doubis about the trend of inter- the election fears, Moters were ruled five points higher to 24 shares or a daily average of 2.-
Reserve System on loans to its rises in the U.S. Treasury bill ward trend was led by Fords. higher to $1.20 lower than the April 11, 1930. member banks--was raised rate and this further depressed
previous week's close. from 3 per cent to 3% per cent | the markets despite the fact that The blue chips suffered from Operations were mostly pro- 48 hours after commercial banks informed opinion discounts the Cheral nervousness, particular-fessional and routine. Specula. prime mie from likelihood of a rise in the British|ly those with an American tive interest continued to be 4 per cent before the start bank rate.
following. Elsewhere falls on stifled by a variety of over- The duliness indicated л In all, the company prepared
of the last recession in 1957.
the week were in evidence in nanging uncertainties including cautious attitude on the part of 20,000 cards covering 131 x- MODEL of a new type Again, after the recession last
GOOD NEWS
all sections. But the general cotion legislation and the traders. They are wailing for hibitors, and each card Was
of 50-con
banks fuelling May when ecmmercial
of the the exhibitor's vehicle
equities.) ensuing Government trop punchor with
There was plenty of good undertone
the steel strikes settlement and The being
boosted their prime rate from into
sill remained import next Tuesday. Fair
the visit of Mr Khrushchev be- number. of the 20 000
4 to 4 per cent, the Federal, news: Industrial output is climb-market
One Memphis firm colimated fore making a reappraisal Jared, 9,200
returnet, service to quicken the turn- Reserve boosted its discounting rapidly and the July figures UPI. WETE
the crop as of September 1 at the market. that the most optimistic After
been round of Transatlantic jet rate from 3 to 3% per cent, but they
14,000,000 bales. This compared mechanically, counted, list of airliners will be on display at this time after waiting for two forecasts of the year-end level
are likely to be exceeded; Pro- the totals and of the exhibitors
the Shell-Mex stand at Farn-weeks.
sident Elzenhower's visit has, in- names wETO passed to Brlish
the likelihood of the borough Air Show in Soptem-
creased Overseas Fairs Limited. Each ber 17th-13th).
conservatives getting in the next election; the unemployment Commercial banks now
SHORT COVERING are Agures for August were good; the hoping to make a substantial government aid scheme to the
Steadiness Medieral profit if the
the
In addition to these, the mar- allows them to raise the prime ward since more than 6 million
Reserve cotton Industry can now go for
Geliveries throughout the week ket had against 1t the long of the Tin Couise, id that without raising rufe
weekend holiday after three its dis-spindles have been scrapped; July
reflected short covering induced! Labour Day
years. existendo it count rate. But mich a step saw a further £10 million added
substantial cute în cerilâ- | which kept many out of the was
now necessary to amend wold be unlikely.
cated cotton rocks. As of Fri- market. to the gold reserves.
current agreement. Ho The now light money polley, Yet öll this failed to overcome
day afternoon, certificated stockes
The high money mates brought said the work of the technical folalled 1,039 bales, down 034 neurosis which apparent for some time, came the anxioly
trend con- committee wouki be approved andther info full swing this week against
Cleveland, Sept. 6. to seems
plague market
ales front the posting a week fears that if this
tinued business might be forced by the tin council at its meeting algenincant develop operators. Selling has been The present dispute has cather.
In December and the approved Also there to slow up a bit; The Government's mont: erit in July rose more than the end of the week
Consumer Instalment small but tended to increase at
intensified the long-rango
weekly with the
crap report, as antlelpated, anid la sald to be a fair amount of draft would be sent to United problem of foreign com- harvesting was hampered by margin trading despite the 80 Nations beadquarters in Now in any other month in almost result that the Financial Times
York, four years.
petition in steel and may rains in the eastern portion of per cent mardin, The July gain industrial share Index los 8.1
This will form the basis for Mobile Radio Masts of some $500 million was at 262.9.
result in permanent loss Texas and Oklahoma Other point out any loopholes which provide a means of obtaining of some domestic mar-wise, the crop picture was far better, margins, than those set GAINS LOST RADIO masts made from September
ourable, with harvesting pro-
by the Federal Reserve Board. A triangular aluminium total consumer indebtedness to In the git-edged market the
kets to foreign producers, gressing smoothly-UPL a record $38.4 külilon. sections and
gains of Monday's rally were
Mr Charles M. White, suitable for
This was almost $3.4 billion quickly lost on the nows of the
Chairman of is sold carrying equipment at more
Losses of the wook were up lo Steel Corp. guld today:
extilbilor was thus informed of the number of visitors who atiented the Fair with Comi- plimentary
tickets issued him,
This articulated vehicle with a capacity of 10,000 gallons is capable of delivering fuel to on aireruft at the rate of 700 gallons a minute. is 50 feet long, 8 This facility has now
beenfeet wide and 11 feet high. The makers say it was introduced to provided by the London firm at satisfy the higher capadly and three Bellish Overseas Fairs......
quicker pumping performance Copenhagen,
Helsinki and
required by inter-continental jet Lisbon, and it is hoped to airlinem. Two of these fuellers, repeat it at the British Trade
one at each wing of an airliner, Fair to be held by New York can deliver fuel simillanously. DXE year. (1.C.T. Ltd., Gloucester Houso, 140, Lane, Lonxion, W..)
Explosion Alarm
Park
plosion has been developed for speed of transport and easy The mists have been designed
In Sweden.
Experimental - tests whlen
have been
the
Unlikely
tagast
1955
monthly since
pusher
-$227 million.
credit
Instalments
U.S. Steel Meets With
Competition
non--
with the previous Governmen! Just now the struct fearg the estimate of 14,015,000 bales, deflationary influences that
come from end last year's crop of 10,512,- could 000 bales.
inflationary steel settlement, high money rates, and possible defence cutbacks later.
by
in
old crop
Repubile Bank Of England
Statement
London, Sept. 0.
the
€2,122,101.200
130
9.0
20,063.co
-UTI.
Markat men
LOWEST
new technical com- mitteo of the Inter- national Tin Council met in London last Saturday to work on the draft of a new international agreement to replace the current one explring Juno 30, 1961.
the
Mr Georges Poter, Chairman
a new tin agreement which will be drawn up. by all interested members of the United Nations at a conference to be held in New York in May, 1000.
EXPORT QUOTAS Discussing the action of the The market made its lows for Council at its mooling thin work the week at Thursday close in raising the export quotas of when the trials were at the producing member nations their Inwest since June 30, ralis, by 5,000 ton to 30,000 tons for
There
景
Was
Un
A SYSTEM which in said heights up to 200 feet are stories on July 31, 1815.
than the amount out-rise in US. Prime interest rates. alarm just before the occur boing produced by
Almost half the July Increusa | 3⁄4_point. p British
He pointed out that fordign In consumer credit was for cars The foreign bond market wIA
been- have rence of certain types of ex-company.
quiet. German bonds were dull steel producis This brought the totel of but Greeks picked up a gun of pouring Into U. S port at an
The Bank of England state-rince Feb. D; utilities since July the last quarter of this year, Mr outstanding for
the potrita
wocks "unprecedent "rate", since cartwa erection and dismantling. Each
Birike began July 16,
ment for the week ended Sep 30, and, the 05 stocits, since Peter said the decision tember 2, roach as followe; June 20, resched section is secured to the next by purchasm to $15.6 billion at the Trans-Atlanile leaves were mix-
tho
...moeting: ed with lowes predominating in
"And apparently much of this Notes in circulation”....
was little change in unminaly by the 18 producing means of interlocking clips, end of July. carried out with which locate with holes in the
Public deposita the American stocks,
13,312.040- 2011.000 the business situation. The and consuming member nations imported steel is being bought Pirate deposite the unit have shown that it spigots of the vertical members
The general uncertainties
|_Borig=berm=.`mgreements Government securitier Fi 530 550 zicel strike kopt car loadings | prezent. capable of rensing the rapid and no small loose parts such us
proyed too much for the Inca under
Outer securities
down although they roso slight Receipt
Discussing the rise in pressure which occurs at nuts or bolts are required.
world While the willingness of con- trial equities market and there dicisted by the strike situation,
ly above the VA Wek, market in gongral, Puter sald the start of an explosion.* J
team is capable surfers to take on an Increasing wis a generat bale to the up- White, suck comen for the 12-
Most lines held high. Cor out-Russiars exports In the first The instrument is equipped of erecting a 190-foot mast in amount of instalment debt was ward progress. Banks worn inrike-bound firms, jold, t
put fell as the companies start eight months of this star had with a platinum wire also carry- about four hours after the base som as one of the prime factores improved on the Istest on the west coast representa Exchange Rates Teenpunies are looking for nage
demand, Hire purchase Anance "I'm told, for instance, that
ed their 1060 model output. been less then the export lon- ing an electric current, whose has been prepared."
In the current U. 5. business
tives of Juganten steelmakers
on which Rusalu had resistance is altered when ex For storage purposes the must boom, it was also seen is one figure for
big rates of the new oica, agreed to limit hornet. Business was done in the local) plosive gases reach it. The op- |can be completely stripped-down of the main-contributing factors purchase debt,
igreed to supply American cu unofficial each market
Chemicals were hard (hit on thin
lie plac said Chinwa exports of currence of such a change, as into the basic components, the to the recently launched light SUB SELECTIVE
tomers with steel during the moment at the following rate the week with Du Pont off 744 tim had increased thus far this the case of promure changes, largest being 7 feet by 2-Inch mongy polletes,,
striho on condition that they Us dallasper (1)
As prints and Allied Chemical off yes but they were still very automnically aulurites The | diameter lengths of fube. Pro- To tighter mone intatil
Buliding issues and chemicala
Austrailer noies (per 41) !! Indonesian rupiata" foer. 1001 20
10:4% - and Alcoo.2%
in the voluntary out "which" Soviet Wicanders Gistmeasgaten....... 4. Marlanda Avenue, Hemel Henge
Bar Clonte (pur dog),
20.30 matais, American Hano, Pró- Russia had served to make in Stockholm, Sweden,
stead, forta, England,
"Bingapore" (Biruit)
"Toa dunia-fall-4-pointe,UPE her exports—UPI
A nyo-man
the nation's hiro
Itatio
alarm. Developed by Solen and (duend by Access : Equipment of among many other thing that wore often wanted. There was / Anilno stá" "buy" ribal" from | Merjing nutos, (paf CIA, PT International Nickel lost well and dii 'not; equal the
the Jamna mills after the it was becoming, mare, qufficult selective – buying of stores on sirike is over". Mr. Whilip exe to build or bury homes. As a company results. "Steald were i gnised UFI