THE CHINA MAIL,
MONDAY, FEBRUARY 29, 1960.
AMERICANS BUYING MORE SOLENCE.
NEW YORK COTTON MARKET
New York, Feb. 28.
Colton futures went through
a series of rallies and de-
deliveries
Outlook for capital
spending bright
New York, Feb. 28.
clines this past week, then The American consumer is in spending ended the holiday short-
mood, a survey indicated this past week, ened week of four sessions
and his output of dollars for goods and services may spur the U.S. economy to high levels predicted for 1960.
with
most
favouring the upside.
At Friday's close the st ruled 22 higher
to 6 points
lower, or up $1.10 to town 30 centa a
bale compared
Une proceding week.
Trading interest untered
with
in
the extreme ands of the st. The deliveries
when
If
HONGKONG Wall Street
STOCK EXCHANGE
hay
Our Own Correspundant
Business done at the Hong-
Stook kong
mening
quotations
Exchange Unis amounted to us
and the morning's
Buyer Searn
Khares DANKS
transactions. K Bank XD
INSURANCES
Unton SHIPPING
1300
100
·
saler
50 € 100
6.30 6.85 · 1000 er 0.00
recovers
ENGINEERING
System of stereo broadcasting
early losses being investigated
News of market importance included several adverse items such as further levelling off in car and steel production, another building dip, lower copper prices and come dividend reductions.
New York, Feb. 28.
ENG
NGINEERS and authorities in several countries have for some time been investigating the
practicability of providing radio transmissions of
*
proximately $2,340,000. Nos Stocks advanced in the second half of the week sufficiently to wipe out losses of the first half and closed irregularly higher.
stereophonic sound, and various methods are at Industrials and utilities starred While leadership in volume
The in the four-day week cut short left much to be desired, the shuc present under review by different bodies, by Washington's birthday. Ralla chips provided many substantial European Broadcasting Union, meeting in Cannes continued to lag behind the strong features.
recently, considered a number of proposals. general market.
Eastman Kodak ran up 0%
Among them was
and now French
Gorman, sinul- Corning Glass was up pelnis.
My sien, developed by G. D. aneously from the same trans- d; Allied Chemical gained 3:
of the and Procter and Gamble 3 Browne of Mullard Research mitter; one channel Du Pont stood out with a loss of Laboratories, based on a time stereophonic receiver would give multiplexing technique similar monophonic reproduction of the 24 points.
to that used in some point-to- | French version and the other of point communications systems. the German.
of this technique re- This facility may have an The use quires only one VHF carrier application in schools broadcast- Wave to transmit the stereopho- lag where, by placing the two nie signals, and, in fact, one im- speakers of the stereo receiver in portant feature of the system is different classrooms, tavo that existing VHF/FM broadcast language lessons, for example, transmitter could be used with could be given at one and the only minor mod1acations.
same time. It would also be use- The system's chief advantage, ful for entertainment broadcast- however, is that it would enable ing in countries where not all stereophonic receivers to be pro- the inhabitants have the same duced thái ara ittle more com- language.
Wheelock.. DOCKS. ETC. K. Whart
131
Dock
*247534
400*73
100 73
10.00
200 or 14 1000 10
2000 or 44
1000 (15
200 45
LAND, ETC. Hotel ..
50% 37% 2000 500 2000
HIC Land..
81 8115
500
.49.25
501%
1900
700 51
22.30
11.875 1.70 10000
23003 / LOT:
1000 1.70
However, Iron Age Magazine The National Industrial Con-L
rate will of predicted that this ference Board, in a study consumer
epumism conducted drop to belween 84 and 88 per for Newsweek Magazine, found cent by the end of the quarter, plans This could go as low as 32 per in-between that Americans' buying
cent by the end of the second are the highest in two years. cplected most of the time.
The quarter.
magazine Bald Provident "They expect prosperity, Evening-up in
March the
boom." the that a rate of about 80 per cent Talkoo Dock 445 of not an nutright delivery
the net
pattern dealings in the nearby months. Board reported. "More impor- is expected for the third quar
do their ter. However, it added, output The for forward 1981 deliveries tant, they are ready
moderate considerable share in producing for the year will total between strengthened
120,000,000 and 125,000,000 in commission house buying dis-2."
tons, down from the The Board found that Amerl- go! closed a suureity of sellers.
ori. cans plan to buy 18 per cent 127,000,000 to 130,000,000 more cars and 11 per cent more ginally predicted but still well during the next six above the 117,000,000-tan record houses
were plan set in 1955. was ch-months then they for heat Buying couraged by reporty that the ning on buying at this time last is about as to year the demand Goverment might decide
strong in other areas. held back
credit commodity corporatious inventory August Orsi unt a higher price
reached, possibly W&S are 115 per cent of the "B" Icon level,
delivery
ENCOURAGING
Personal income
The Board pointed to record last personal Incomes, which month reached an annual rate
of $393,300,000,000 and an in-
In nearby March, a total of 20 nollers Issued after
creasing availability of money first fender day on Tuesday for consumer loans. The con- well absorbed by Texas sumers have the financing with
Were spot interests,
Murch holders
which to satisfy their wants, Friday (suld. 0
The magazine said that be- Humphreys
Neufty cause of "some business uncer- tainty," users are cautious in placing orders for steel.
RUBBER Amale
4.875
G
Sungala
In Pittsburgh, steel screp pricca dropped $7 a ton to the
the Trust XD lowest level since before steel strike, Key-grade scrap sold at $38, down $10 from the UTILITIES price paid when steel-making Star Ferry operations resumed last Novem- XD
ber.
The decline was blamed on
raised their Belling Umit to The drop of housing conwavering steel production vid above the 33-cent level follow-struction will cease in April or the expected declines for later ing a dip to 32.96 cents a pound May, because of a greater supply in the year.
of funds for mortgages, the carly in the week.
Board predicted.
Open March contracts at the weekend approximated 43,000 bales. The certifiented stock totalled 8.525 bales with an ad- ditional 870 balts uwaiting inspection
The Department of Agricul- ture announced the minimum suppert price for extra long stiple cotton for the 1980 crop at 53.04 cents a pound compared with 52.91 cents a pound last year.-UPI.
JAPAN'S BID
FOR TRADE PACT WITH PHILIPPINES
Tram
Yeumati
Makers of small aircraft scored On the favourable side there wide gains-Beach up 8; Cessna 54. was a long list of increased carn-up 04: and Piper up ings reports and a group of Martin Co roce three. Curtiss-
Wright fell 4% on poor favourable dividend actions.
ings and its cut dividend.
INFLUENCES
carn-
Car issues fell as a group with Wall Street held that the past Chrysler down 2%; American week's decline and subsequent 14; Ford 1%; and General tise were prompted mostly by Motors 1.-UPI. 1075 technical Inẞuences.
6000 1.013
The long decline from January
5 to February 10 wiped out 74.14 4.93 5000 4,573.
average 50004.075 points in the industrial 10000403 and 12.06 points in ratis and thus wounds. left many unhealed Hence this past week's three-day rally provided an opportunity for many to get out of the market.
100 144
3310
143 35
200 @ 184
200 144 100 6 244
147 150
400 à 144
100 6 147
505147
2000 21
C. Light... 21.30 21.40
On Electric XD 25.00 25,00
Republic Steel Jald of 1,000 of the 5,000 workers at pipe It also supported car manu- facturers who hope for a "gales plant, and U. S. Steel are iiquidating supplics at sub- explosion in the spring to spurstantially reduced prices, that lagging industry.
the other hand, U. S. Steel are making aggressive takers
for re-entering world plans markets in the hope of wiping out an unfavourable steel balance of trade.
of
A decline in the yield corporation bonds has caused investors to renew interest in home mortgages. Federal Hats- (ing Administration Insured mortgages paying 8% per cent can be bought at 90.4 cents on the dollar. On a typical 12-year per cent yielded by top quality corporation bonds.
Insurance companies have al- ready alloted more money for home mortgages in 1990, and bankers are studying the trend elosely. Scarelly of mortage money has been a primary cause for declining house construction.
Capital spending
year.
over
and
Record imports
Last year. primarily because of the U. 9. Steel strike, Im- ports reached a record 4,400,000 tons, compared to only 1,765,000 In 1958. The imbalance for 1959 was 2,900,000 tons.
When this selling abated, relaxed and prices Pressure steadied sufficiently to attract new buyers.
At the close Friday, the in-
3450 @ 21.20dustrial averago al 632:00 was 1800 4 2150
500 21.40 Up 3.55 points and a new high!
Cotton goods market review
New York, Feb. 28.
grey goods developed at a routine pace this past week
1000 2100 since February 2; rails 150.86 off New business in cotton 420 21.30 1.54 a new low since February DOOD 21.40
18. Utilities 86.57 up 0.58, and 1300 gr 21.30
084 or 2414 a new high since January 18; 1000 25.80 and 85 stocks in these three 2000 25.70
the averages 208.00 up 0.68 on
now high since 1500 25.70 week and a 300 or 2320 | February 2.
01325.00
300 25,70
Telepo
35% 35%
1000 ↔ 24,73 19003775
INDUSTRIALS Cement XD
STORES, ETC. Dalry. 241
24.70
Watson XD
25.70
31%
Textiles
One major U. 5. steel maker Craw....
COTTONG that this year's ex- predicted ports will reach 3,250,000 tons, à 100 per cent gain over the 1,508,000 chipped out in 1958.
3500 4,35.80
SALES DOWN
After Washington's birthday holiday, traders remained more or less non-committal, and in- clined to await the marked Im- pact when mills boost wages "on an average of five per cent, effective from Februarỳ 29.
plex than conventional mono-
phonic sets. apart from the:
second loudspeaker and audio New cutter for
stage necessary for stereophony,
the only addition would
be a
chreuit using at most two valves, wood and plastic
and
NE of the main British suppliers of mols for and
the building, timbor allied trades, has introduced
or possibly one transistor two crystal dudes. Existing VHF/FM radiograms with facili- lies for stereophonic record re- production would, in many cases, be convertible receiving stereo broadcasts on the system by the addition of only one valve and a now specially constructed
cutting machine. its associated circuit,
The system meets all the The machine simplifies the generally accepted performance handling of large sheets, of requirements for stereophonie laminated board, woodchip board
It is compatible and plastic-faced materials. broadcasting.
One of the advantages of the is that it traverseS D with the existing VHF sound trasizmissions, so that conven- unit tional VHF sets will accept the horizontal plane, This last feature stereo transmissions and repro-is preferable to a verticni action duce them monophonically in where the boards are not 80 the normal way; it is also re- easily held steady and tend to versely compatible, which❘ chip.
The machine can be manufac- moons that the listener with a stereophonic receiver designed tured to give various longths of Trading for the four-day week
for the system will hear the saw traverse, but the standard amounted to 12,689,045 shares, a
a traverse of' 10 ft. monophonic signal from both type has 1.78. daily average of 3,172,411 shares.
channels of his receiver when which will handle most manu- That compared with 17,290,850 Only selective buying develop- shares for the previous week of ed. Liming converters bought tuned to a monophonic. trans- facturers sizes of materials.
The saw unit has mission.
a 134 hp. |Avo days, a daily.
af sizeable amounts averaze
of low-end
Full stereophonic effects, com motor and Js mounted on 500 @ 54.63 5,458,070, Sales for 1980 to date print cloths for third quarter parable with the best provided parallel horizontal tubular 50034.00 total 121,471,520 shares, against delivery. Substantial amounts of
of traverse ralls with three point by the direct reproductio 1000 4.00 140,446,861 in 1958.
Class "C" shentings also went to
are given ball bearings. The top seven issues in volume the lining trade for the fourth stereo discs or tapes,
The saw can be canted and made up 1,715,100 or about 14 quarter. Standard print cloth by the system, and since the
desired. audio bandwidth transmitted is compound angles cut per cent of all the business done fabrics continued to compete 15,000 c/s, very high quality re- A telescopic arm enables the in the market during the week. with lower price re-sale.
production is possible from a operator to control the feed NAFI took top place with
well designed receiver. The radio easily when cutting wide sheets 389,900 shares, closing at $33%,
frequency channel bandwidth is of material,
Fitied beneath the left-hand up 49% on the week, Then come
such that the system occupies no Fairbanks Whitney 335,700
more channel space than is nor traverse tube and adjacent to mally taken up by conventional the saw cut, the clamping at- VHF transmissions in Band II. tachment extends the whole
Apart from its primary pur-length of the raw movement.
The camp is of hardwood to Doses of transmitting entertain- ment stereophonic radio pro- {minimise damage to the highly grammes the system can also be finished surface of materials. It used for bi-lingual speech trans also springs back and releases missions and other twin signal the material as soon as the lock- applications. Than a programme||ing hand wheel is relaxed. could be broadcast in, say,
9% 8.30 8250 gr 255 2000 ** 950 1000.00 Nanyang ... 1314 19.90 MISCELLANEOUS Caldek
Macgregor DIVESTMENTS
050 5
7.50
0.50
are Int.
Allied
Invest, XD 15.29 18.00
The import picture remains cloudy. depending masily on how far foreign producers willing to cut prices. If foreign steel is not priced substantially below American mill prices, k- dustry sources said, imports for 1000 will not exceed 3,000,000 tons. Some importers believe that the total máy drop as low as 2,000,000 tons.
10
sro
до
Weavers of heavyweight in- dustrial fabrica, operating against a two-months unalted order backlog, nevertheless indicated $11%, up 14 and Electric & disappointment over fallure of Musical Industries 238,700
for more buying to develop $7%, up
April-June delivery. Makers of coating cloths, discouraged by the slow demand from
auto makers, went after business in the drapery fabrics trade and the shoe industry..
London market
by
weakened
bank move
London, Feb. 28.
Weavers of soft-alled sheet- ings, who have been switching machinery to other "fabrics be- cause of inability to meet com petition from low-priced im- borts, reported fair-sized sales on napped cloth trade.
Lightweight
to the shoe safety helmets
POOR QUALITY
TEW
(The Monoszw fa made by C.. D. Monninger, St Anna Works, Overbury Road, London, N. 15.)
Upholstered furniture
rangos of plastic for all climates N and Horo glass Indus
sheeting picture were reports being marketed by a North 2 climatic conditions favourable than that
year,
of
total of 30,500.
talks, the Japanese Ambassador, and it is not the intention Mr Morio Yukawa, sald the Armour & Company to become most favoured nation treatment a bank.**
Olds-
of
rose
s the
in
be
Another bright ray in the spotted economic sky la the out- look for capital spending. Some economists predict that this will absorb
slack the
which has occurred in inventory buildups. Manila, Feb. 28.
Corporations are in their most The Japan-Philippine talks
on trenty of amity, liquid position in years, trade and navigation there is a growing tendency to put surplus cash into new enter the crucial stage plants and equipment. The tomorrow with a discus Journal of Commerce said that
U. S. producers are now seek. sion of Japan's bid for in-cupital investments may reach
Ing foreign orders for delivery clusion of the
"most an annual rate of $37,400,000 in
in the second quarter, and this compared effort to increase shipments favoured treatment" the fourth quarter,
to an estimated $34,400,000,000 the world market will increase clause in the proposed for the first quarter of this predictions of slackening de- pact.
mand on the home market Tomorrow's session is expect- ed to be based on the treat- Union Carbide, for one, said born out.
that its 1960 capital expendi-
Car production, despite dis- meni clause,
"increase appreci-
cales, TOSC about appointing treatment here tutes will Japan seeks
the $130,000,000 four per cent this
Elsewhere in the soft-Alled trial safety holmets LIVING under varying for its nationals and companies bly
past week. Prices never really recovered this past week from spent last year. Goodyear Tyre Sizable production increases
different lands is "no less
loading and Rubber has authorised ex-
Wednesday's shock when the authorities with that foreign weavers have been of England company. by Rambler, Chevrolet. accorded to nationals and com-
penditures of $90,000,000 for moblie and Pontiac offset fr
purposedly shipping poor quality panles of any third country,"
The plastic helmet is made to a demand for furniture drew from buying of government securities. this
compared to
goods here in the hope that con
from a special grade, light in that can bo oally dis- to his free
ductions by other makes. Auto- okial comment on the negotiations on Frklar $78,000,000 authorised last year mobile News said U. S. output
weight, yet capable of with- mantled for moving, clean-- and $55,000,000 actually spent. for the week will total about level warning
This scarcely veiled the high, losses of up to one pound steri-groes will cancel the orders on
a wholesale basis.
standing heavy blows and almost ing and treating President Carlos P. Garcia toid
nine ing although bank selling had
against Uncertainties about conference
clearing banks to cut their dried up. Mr William W. Prince, Pre- 168,500 cara; 23.4 per cent
the any amount of fl-treatment. The hia regular press
Sources suggested
Infestation. them in the that the Japanese demand was │sident, of Armour & Company,
compact class.
mounting advances, or finance the future price level of short foreigners want to resell the glass fibre helmet is bonded withi
This demand is now beinig mot being considered in the talles. said we have some $30,000,000 Truck production also
them by solling their gilt-edged and medium dated benda kept production at higher prices to polyester resin.
Both types incorporate aby a firm in North-East England During the opening of the invested in commercial paper about 25 per cent to a week's investments at the lower prices buyers wary believing the banks British, buyers. English buyers
the maxicet would pay under might resume solling Both have been placing large orders unique method of suspending which is manufacturing uphols-
per cent and for gooda continued hoovy selling pres- War Loans 3% But the output continued to
in world mariots, the head harness and despite tered furniture that cou outpace sales. If the spring sure, upeat ordinary equities. Consols 2 per cent lose one They bought substantial amount their great ruggedness, are ex- quickly taken to ploces. It is coli "sales explosion" hoped for by Fears were rife that the govem point to put Consols at their from China in types like poplins, tremely light in weight. The either as completo multes or as
shells are moulded in Australia separate sctices and armchairs. the principle of non-discrimina- In addition to surplus money
ärder now lowest this year.
sheetings, drills, etc.
And Duscled to Newcastle- Apart from the eosejand tion.
en hand, American corporations auto makers does not material ment might
to mako monby Dollar stocles had a mixed
Historically an exporter, the upon-Tyne.
cheapness with which tho furni But the Ambassador made it anticipate a banner profit year.se, predictions of a 7,000,000 ostrictions
car year will fall disappointing- | Mghter,
week and ended with icIER OVER
The helmets hava a smooth ture.can be cleaned or rc- cloar that Japan does not ex-The Journal of Commerce said
the week, although Bethlehem British industry has been forced
can bo pect to get the special treatment that cash dividends premise toy short.of the goal,-UPL.
Until mki-week ordinary put on point. Chrysler were to seek supplies overmas. British surface which offers much gnco- covered, the interiors shares went on the uptrock 42 points down on balance and Weavers, they said, scrapped a ter protection against penetration disinfected thoroughly without encouraged by the flow of excel- General Motors a1⁄2 of on the lot of old equipment just at a and aro extra high at the front, the whole chair or seiten having
time when the world demand which enables them to be worn to
diamantlod by 43 Iant company results and con- week,
Bdence that the pattern would
for textiles took a turn for the "lightly tilted towards the back" expert, saving bath tune better. As a result, they appor- -◊ common practice, with expense. continue. This hack lifted, the
Both saltecn and armchairs ertly have been caught short for workmen. Financial Timer industrină - or- ||
sitares shared maricet the time being.
The plastic helmet affords ex-look like the normal "one-piece' dinary inox by four points,
ceptional protection against eloe- types, but hidden by the piping But Wednesday's move wiped nervousness and fell back taking
diamonds with Colton males yarn spinners re-trical hazards, and has been along the edges of the coverings out this gain, and only excep- coppers and
A quickening Inquiry
azo zip- tionally high jumps by a hand them. Fears on the future price ported
and Americans standards.
Kasteners, Thess allow the autor bur market was ful of outstanding stocks mored of the red metal helped copper among buyers smileipating higher tested and conforms to British at the back arut sides
They are not suitable for use coverings to be opened up ro- the week onded the index up by late Friday to downward. Anglo-American prices in the wake of highor
prices end at 324.1 and give it a 2 Corp. lost 6s on the week and wages to mill workers. Prices in in hot loestions, near furnace or vealing, the rear, four amNBEL 25,
coarse-corded yarna have been hot pipes, but unlike other plaa- wing nula. By undoing these tho unchanpocă The Philippine panel han 4.165 per cent from 4.045 the virtually
Consolidated Goldfields cased. There point rise over the week.
additionally, bolstered by the
tic helmets which tend to be- whole back of a chair or sites eu far retorted
P point week before and a six-month was no change la domand
Gile sawed through the tight suppiles of off-grade raw
como bailtie at low temperauires, | can be pulled apart and if wings examination point
of low at 8.083 per cent in mid- from the Middle and Far East
week and ended uncertainly cotton UPI.
the new helmets are not affected are filled they can be as easily the Japanese draft to And out February,
and transactions with
by tempeTENTLEYEN well below detached. The front”, sent also America WBEX
Selling was never heavy and with fractional falls.
freezing point,
pulls out. Bitted.
price falis came from doklery
When a solteo or armchair is Hote: Although the stulla sto marking shores down to provent | pźectionjovalelane moved up b
made in Australia, no, mun takara to pieces within a few On the gold coin market, poide sales but buying was i points over the week to "282 of the Filipino
Nows continued oh the business whe slow but prices mall and highly selective, Bit nominal, Greeks ended on the unciileisi
Business was done in the docking restrictions are in force minuten it is tisis in small set-
exchange makes this parel agree that if the favoured gloomy side in the motor and were generally steady although profile from Monsanto Chemi upakke.
for the Newcastle-upon-Tynotions cany for, handling in con Forming at the following rates; treatment
fined space or packing for clause Japan Rocke
steel industries..
1.3. dollars (per 41).
6.71 firm. NIN toward the mat of the week cals. Unilever, Booyers among Jolla under the so-called "uni-
Itubbers and teas held mainly darting notes (per zi)
(George' AngulTM & Co, Katrant 1835 Angus House, Westgate Road, (Art Parnushing Contractare, operating offerings of sovereign, Mexican others helped keep, renumeni conditional gitárantee typer the
Arm and poleated rubbers Want Australien potes (per 21)... Indonesian rupiah" (per 100) Mulippines will stand on the this past wek at 38.67 per cent gold coins and Double Eagles fairly cheerful.
Nowcastle upon - Tyne, Engenen Newezatie-upon-Tyne, Git-edged ended the denak higher whers affected by merger bien tesis (per 100)
| 5, England). end of the bargain...... [of capseliz, almost equal to fast; increased somewhat, *** China
Tiland), wada,250 per orns.
Singapore (8ʻrmits) Mail Apodial.
confused and showing mØYES-UPL
his country seeks is based on
the Philippinen hins accorded the exceed $14,000,000,000 for the
United States.
GUARANTEE
Brst time in history, and may
1. go as high as $14,500,000,000
compared to $13,200,000,000 paid Gold bars
The treatment, guarantee la proposed to cover all matterg in 1950,
pertaining to levying of taxes,
. Recess to courts, the
and performance
Interest rates continued
10
making rebound but still held below the
of contracts, rates prevailing in early Janu
rights to property, participation ary. Short-term nules cold by
in furidical entitles and general corporations were about 4.5 per
quiet
ly the conduct of all kinds of cent, compared to five per cent
The god businces and professional kell as the turn of the year. U. S. quiet in rose to February Treasury 18-wock bille
vities.
by
to
what Japan wants. It has pre-
sented no drams treaty of ite
OWT
Members
storier UFL.
Gloomy
Steel mills were
Zurich. Feb. 27.
South
narrowly
Moon.
SELECTIVE
+
NERVOUSNESS
Gold
Foreign,bonds were quiet but Exchange rates
bo
ATA