Page
THE CHINA MAIL MONDAY, APRIL 25, 1960.
Weekly survey of American economy
STATISTICS SHOW DECLINE
OVERSEAS But overall
COMPANY
REPORTS picture!
Djakarta, Apr. 25.
·
Bank Dagang Nogaral
(State Trade Bank) hat beon granted full
au:
thority to establish foreign
exchange relations with
is impressive
New York, Apr. 24.
HONGKONG Wall Street prices drop
STOCK EXCHANGE
by
Our Own Correspundent
Busine done on the long- kong Stock
Exchango mately $3,876,000. Noon quota.
banks obroad, the Foreign The March statistics camo and wanting cancunted to approxi- this wook, confirming the expected tiers and the morning's trans-
Exchange Institute
unnounced.
has
Dutch
16 was formerly the "Escomp Bank"; the Govern- ment nationalised the Bunk and iny charter became effective on April 11.
With initial capital of 20 million rupiahs (about US$40,- 000), the Bank was set up to JILY- amooth foreign exchange ments with other nailons fur imports and exports.--UPI.
Houston, Apr. 24. Increasing imports of foreign steel have forced Armco Steel Corporation's Shof- field division to cut its work force by 450 mon since January, a company #pokesman raparted.
ako caused a Imports have cut in production capacity from 100 per cent in January to 75 per cent currently, the company
spokesmannelded."
"Reductions
actions; further decline in the various sectors of the U.S. economy.
But viewed as a whole, for the dustrin output was 185 per cent, Arst quarter of this year, the February 106 and January 188. overall picture showed impressive Some statistical houses in the Furthermore, the first US, still prefer this old scale as Ruins.
for April more "sensitive" than the new available indentar: left no doubt mixt it: a reul one. spring upturn is in the works.
Industrial production declined. as expected in March, with the drop centred
consumer goods.
The Federal Reserve Board's index of factory, mine and utility cutit fell one per cent to 100 per cent of the 1057 level. The index read 10 in February
and 111 in January,
Slowdowns
The drop was caused by slow downs in car assemblies (15 per cent below the January high but gil 10 per cent ahead of a year
Personal income in March rose $500 million to a record adjusted annual seasonally rate of 5303,600 million, the Commerce Department ported. The March increase, however, was far smaller than the $1,400 million rise scored In farch 1950.
ro-
For the drst quarter of 1960. the annual rate of personal in- come reached $303,100 million, which was $21,300 million above the first quarter of 1950.
་
1960 output ago), in steel mill ingot output The national output of goods March and EU per cent at mid-and services in the first quarter clothing, furniture, of 1880 failed to keep up with April), in
(92
per cent
in of capacity
10 127
Sharen BANKS
20h Bank
Nuyers Saller*
1970 1210
Bales
30 1270
331210
INSURANCES Union
0512 4519
7.35 2.40
7000
7.35 1000 7.33
Lombard
SUIPPING Wheeluck..
+
DOCKS, ETC. K. What .. 216 Duck
60223
-107
I
Previsioni
20 30
20%>
2000 46 22
The 10.10
2300
1000
1500
Taikoo Dock 54
LAND, ETC.
+
37
20,0
20.200
2300 a 13.30
56 1700 34
2700 vs 64%
53
during week
PAGINELREY
Something new in automatic supermarkets
week thumped to one of the wreat
New York, Apr. 24. Blue chip industrials paced stocks lower
moderate trading this week.
The list started off the week in higher ground in en exten- slon of the advance of the pre- the ceding two weeks, but
that advance- tavourites In
Hamour the blun chips and strcks come under pressure on Tuesday and pulled the rest of the list down with them,
The drulino widened on 20.30 Wednesday when the bluci of the blue chips, American Telephone, fell mere din four points as rumours of a dividend hike in the near future were quelched by the company. This depressed sentiment in the rest of the list and bought the shorpest one-duy since early March
Hotel.. 23 35 20 300
KOU IN K Land
700 37.00 600
400 011
07
Humphreye Realty
40
24.30 1.075
1.00 15000
the forecast levet of $500,000 RUBBER household appliances, construc million but only by a whisker. Among tion materials and mineral fuels. The January-March period scor
Measure by the index (with
in the demithe average base the productioned the sharpest pain since the
for our products begun show level of 1947-40), the March in
their effect
Inte in February,
and reductions by our work füree have consequently been taking place for the last month and n Enif,'
the spokesman sati.
production the At capacity plant employs about 3,200 hour-
ly workers.
"We do not currently see any signs of a lel-up in foreign steel imports, so we can see no imm mediate prospects of Increasing our production or work force," the Sheffield spokesman said.- China Mail Special.
*
* *
London, Apr. 24.
LONDON
MONEY MARKET
London, Apr. 24.
market
September quarter of 1950. Re-
trons bounding
disruptions croated by the steel strike, the strous national product clanbed to record seasonally adjusted nual rate of $498,000 million.
This was $14,500 million ahead of the pace in the final three months of last year and compared with actual output of $479.500 million for all of 1959.
Finally, to wind up the March statistics, the Labour depart » ment's wholesale price index jumped six-tenths of one peri
رداش
1.69
10003 1.7G?
10000 or 1.753 26001.235 10000 1.715 20000... 1.00
»
10000 A 92
5000+ B
about
Textile market
active
in
interesting of the applications of an American system of automatic warehousing, for which two British companies hqye world exploitation rights, excluding the American continent.
This conception of swift, easy, automatic warehouse of the floor restful shopping is possible above the chopping area — the through the application of nulomalic warehouse can be on
10 electronic techniquer the the same Door level. The goods
are ashembled system (the Cumpertz System).
and nly ten The automatic warehouse seconds after the pressing of the system enables, through electro-button, almost as soon as the mechanical equipment, orders shopper has arrived at her for articles to be assembled booth, her goods arrive for her
containing shopping basket. from a warehoude thousands of different 'lines' in
the namo
The system. which a matter of seconds.
economically applicable 10 The shopper enters the sales larger supermarkets, eliminates area and picks up one or more | checking errors, greatly reduces blank cards similar to factory the "cashing-y" time, since no time cards. She looks at samples goods have to be manhandled
the goods available for purchase and may handic them On deciding to pur- chase. sho places her card printin д
slot whore and size. or weight of the is printed. If she purchase wants two or more of the article, she puts the card in two or more times. Over-printing is im- possible. Stig continues from dis- play to display getting her card printed. or not, as required. SIMPLE METHOD
be.
New York, Apr. 24, After 12 weeks of sluggish
trading, cotton cloth markets here celine
came suddenly active this week and more than million yards were sold for third and fourth quarter delivery,
stee) and aut rail carloading,
Other divisions of the market were not quite as active but sellers reportat a food of in- indicating widespread quiries buyer interest.
dr. Finished cotton goods mand improved noticeably and prices remained firm.
BUYER INTEREST
30
There was increased buyer
Interest te
in the week
in
7.00
12000 7.55
issues outside
thuse
used
ta
22:2000 A
70007653
13000
7.65
Truss
Sung ala
UTILITIES Trum ......
9.10
$30 20000
35
1000
630
compile the averages. attributed this to an improve- ment in the news backgmund, the record first particularly
good and reports Quarter earnings projections.
Rrokurs
With mills already sold ahead, prices reacled
quickly moved up on nearly all structices,
and con-
12:
32
100
1000
312
3194
Star Ferry You าค1
155
increases in output, and
178
500
170
100 138
20170
22 B 22.00
300 12:3
2600 23.33
and the largest heavy construc- also tion contracta since 1952
de helped keep prices from ellaing further.
300 + 24
Electric
271⁄2 27.70
.. 12.40
13.70 1390 1000
30% 30%
500 + 22.90 204 27.50 400 27.0 1340 27.50 4000 i 27.00 2000 27.00
13.70
1570 r 13.70 400 or 13.10 2100 - 3015
3000 63074
Cement.... 423%
200 42.23
500 $2.50 years. 500 41,75
STORES, ETC. Dalry XD.
C. Light..
Conditions in the London cent in that month the largest Macao E.
were monthly rise in two years to as money rather mixed. The holi- 120 per cent of the 1947-48 day-shortened week and average. The figure equalled the
set last April and Telephone. record rate the mid-monthly make up mode Government economists INDUSTRIALS of balances on Wednesday uneasy. They feel it may point had their usual disruptive to a new round of retail price | Sir Patrick Hennessy, chair-
effective on the supply increases and wage hikes of the Ford Motor
position. sald Company Limited, today his bourd had no knowledge of any at- ovor the .tempt to take company.
mon
2
He was replying to a question from shareholder, Mr T. E. Lambert,
the company's annual meeting,
Mr Lambert said he had read that the Ford Foundation of America might buy out the company.
On
an
before mid-summer.
I
Car sales
April so far has been per- On Thursday, there was
forming rather well. Business neute shortage of funds and the gains were shown by three key Watson .... nuthorities had to provide
economic indicators: car sales, Craw... very large amount of help.
housing starts and department However, there was no penal store sales. Only steel production COTTONS borrow.
Fiday there
still continued to point down-Textiles complete was t1
reversal ward. of the situation. A combing- tion of small factors made for
Cusy conditions with very money in abundant supply and taken at rates ranging from kiph of 4 per cent It the opening down to two per cent, the latter being paid by the market to outside banks to help
ol them out
over-surplus situation.
n
Sir Patrick told him: "These have Come on for a Tumours couple of years now, but your directors have had no informa- in the early part of the week
tion on the subject. I have no the rule for money rujed firm information la give you.”
at 4% and 4% per cent. There
Nunyong
Good news came from the which Cuinierce Department
elviden 1eported
curporate
the first quarter payments In were up 7 per cent from a year
Dividends were up
The shopper wanders at will. There is no necessity for her to choose her goods in sequence. If he decides to change her mind about anything at any time, she
crosses out the article printed on
her card.
When she has finished her shop
ring, she returns to the cash desk LARGER VOLUME
where she simply posts her card in a slot. It is read electronicolly Man-made fibre fabrics
and the price added up: a second the grey sold-in Janor volume
or so later-Indeed, for all our- pases almost instantaneously- than at any time in the last six weeks Converters bought sub-she sees her total in two-inch
of both quantities acetate and nylon filament goods high letters displayed to her and for delivery through the rest of money. the year,
instantial
1.70 1300 nearly every industry group, i
27 27.40 1000 « 20.00
roles.
Also on the optimistic side was the best quarterly rise in
product in gross national
WEEK'S SALES
10
Wool goods markets
were
the
cashier.
Shu
Duys
iter
from basoets. akes for vory much faster service, especiaļiy st peak periods. Rives essier movement to the shopper, be- cause ther are no trolleya or baskets, and docy away with re-stocking in the shopping area, which, in itself may be consider- ably reduced, up to as much as 50 per cent. or even more in very large supermarkets.
One of its more Important factors is that sales presentation may be as attractive as possibic, since no stock has to be removed, and impulse buying is encour aged. UPL
New microscope gives 3-D image
MICROSCOPE which
A gives three-dimen
sional imago or luminous model of the object will be
at the Instrumente. Elpe- on show for the first time
tronics and Automation Ex- The cashier then presses a re-hibition, staring at Olympia,
London, on May 23.
slow. One large mill out prices lease button and tells the shop "Booth B". 10 cents a yard on worsteds but per to go, say to
Meanwhile, the button release others refused to follow suit,
Liquidation in the Calcutta has caused the magnetic drum futures markat caused an easing memory of the reader to signal burlap prices here. Future the requirements to the electro-
system of shipments were down 6 points mechanical but spots were steady. Sisal prices were the moderately in the
toat
Sales this week amounted 14,909,137 shares, or an average per day, of 1,093,827 shares compared with 10.451,000 shares or 2,012,750 shares daily in proceding
500 41 27
500 27.10
24.00
35
500 / $4.75
2250 34.79
300 35
10.40 10.00 3000 10.30
COB 10.40 period,
+
14.10 19.20
13.70
0.40
INVESTMENTS
Car dealers retailed 160,000 MISCELLANEOUS American-built cars in the first Vilaro ten days of April an average of 20,000 daily which was already int set the late period of Marchi. This was 15.4 per cent ahead of March on a whole and il per cent ahead of a year ago,
Sir Patrick said the company was not a very big turnover in which cramped most other busi- had made excellent progress in bilis
Wis
the Work
with "not" sold: at the last few years, and the £754-19/32 per cent. There
change in at virtually no millon Ave-year expansion the Dagenham works had been a Treasury bill rate which came
investment. China cut at E4. 13s. 0.8 per cent. splendid Mall Special,
China Mall Special.
ORIENT & PACIFIC LINES
R.M.S. "CHUSAN"
For JAPAN, HONOLULU, VANCOUVER, SAN FRANCISCO and LOS ANGELES EMBARKATION NOTICE
EMBARKATION: The ship will be berthed at No.
BAGGAGE:
Dwelling construction showed ita usuut early spring pickup in March, defying the bad weather ness activity across the country. was begun ON 93.303 private homes during the month. up from the February total of 74.400 sinrts. The annual rate now holds at the level of 1,115,- The March 000 dwelling units. pick-up was expanding in April ns spring weather set in.
Department store sales in the first half of April shot up to a new high, ever for the Easter season. The nationwide volume rose to 153 per cent of the 1947- 40 average, from 143 per cent in the lust week of March. Soles were 18 per cent above the early half of April in 1952.
Steel orders
Atled IK & FE Invest. Gil: in
+
15.20 15.40
15.30 140
6000 10.50
1301010.00
4000. 13
reduced Philippines
holiday shortened | as a result of slow dom Experiment in car
industrial Dow-Jones The 3000 10.30 average at the end of the week was off 13.80 points to 816,32, the sharpest loss since the 22,21 point decline in the first week of March,
500 a 13:00
1000 B 3900 44 199 100) 7.113
Exchange rates
local Bunners wat tione In the unofficial exchwilę market this morning at the following rates: US dollars (per $11 ............. Sterling notes (per 1 Australian notes (per 1).... Inneinn ruplah (per 1001 Blain tienis (per 100) Singapore (Straits)
6.75 15 INT 12.00 1.09
The railroad average dropped 1.53 points to 142.38; utilities were up 0.28 to 89.65; and 05 stocks of 3.04 to 204.40,
Amertean Motors set the truding
pace with sales of 358,500 shares, it closed at 27% of 1%, American Telephone with volume of was runner-up 294.200 shares at 89% off 3%.
Of the 1,425 issues traded this week, 432 advance, 810 de- clined and 174 held unchaliged. New 1960 highs were reached by 20.02 141 issues, and new lows by 242.
1.80-UPI.
LONDON DEPRESSED
BY FEARS OF
CREDIT SQUEEZE
London, Apr. 24.
Stock markets had a depressing week with prices drifting lower and even good results and higher dividends from some companies failed to bring any response.
coupled with heavy
supplica
Manila prices were reduced
cent to 4 cent a pound on a exhaust muffler
and hemp but this falled to stir any buyer interest,
The General Service Adminis tration is offering 10 million pounds of iwi from its stock- pile-UTI
Oil refinery
to be built
in Turkey
A
¤
car
the
Designed by a team led by Mr Richard Gregory at the Cam- bridge University Psychological Laboratory and supported by a grant from
the Department of Scientific and Industrial Research, It is intended particü- Jarly for
Use in biological research. It should provo ušeful for examining lying cells — perhaps bombarded with audia- tion for cancer research-grid also thick sections of suitably | strained brain tissue in order to see how the brain cells are re- Iated to each other.
Columbus, Apr. 23, POSSIBLE breakthrough in offorts to develop
Apart from biological applica- exhaust muffler
tions, the soild Image, might be a capable of reducing smog useful way of displaying nuclear was reported by scientists tracks in blocks of emulsion for of the Battello Memorial (cosmic ray research. Instituto.
SOLID IMAGE
Unlike the conventional stereo-
The possibility is based upon. their development of a narci group of chemical catalysts acople miseroscope, which gives that is, substances which help an appearance of depth by pro- promote and speed reactionsviding a slightly different picture between two other chemicals to each aye, this new instrument without becoming involved alver a truly polid image pro-
jucted into a cube of space. themselves.
2
The Battelle researchers told
Istanbul, Apr. 24 Premier Adnan Menderes laid
When a thick specimen is un- the cornerstone of an oil
they have had der observation by a reporter
norangi refinery to be built faintly by the U.S. Caltex Qll Corpora promining results in laboratory microscope, phly a thin station studios with a still-experimen- of it can be in sharp focus for Hon and Turkish capital near
tal muffler based on use of the any one setting of the focusing Izmit, 50 miles east of Taisu- bul.
new materials. Composition of screw and it is only possible la The project, Turkey's third the materials is a trade secret. examine the complete specimen largest under construction, will
The chemicals are designed by focusing successively through cost an estimated 231 million to be plared inside a conven- the specimen. This limitation is Turkish lim (roughly US$20 tina mulier with the objec-actually put to use in the opera- million) and is expected to Live of helping eliminate from tion of the solla unage miseros- process 3,200,000 tons of crude exhaust gases the hydrocarbon cope. The solid image is built up oll yearly, saving Turkey US$21 believed to be a major cause of by vibrating the focusing million worth of hard foreign the smog that bedevils certain mechanism up and down so that the thin plane of focus scans the
currency.
U.S. Ambassador Fletcher Warren was among the foreign and Turkish dignitaries at the ceremony watched by a crowd of some 20,000.—AR.
Bank of England
statement
I
urban area,
various
In Los Angeles, for example, object in depth. The constantly authorities have estimated that changing image given by the car exhaust accounts for almost scau ie the projected enta a two-thirds of the amog which screen which vibrates in precise synchrony with the object açan plagues that city,
The battelle researchers sald but with greater applitude, The other Laboratorios magnified image is formed in throughout the country and also the cube of space swept by the working on the same ides, but vibrating screen. t is quite aleady scan is too they said the type of catalyst because the rate they've developed is unlike any high for the Dicker to be ARTY. reported by others worlding on
The instrument thus has the this problem.
important advantage over con- Dr Louis J. Hillenbrand Jr.ventional stereoscople micror- heads the muffler research belascopes that thick sections can be done at Baltolle under contruct observed in depth. One dis with Arvin Industries one of the advantage is that the solid knago 13,047,304 309.007,701 U.S. major producers of exhaust suffers from lack of contrast due 204,850.030 aystems and other
to the ambient light in the cube 40,047,848 ponents. (0.612,407
Steel orders were showing signs of levelling off after the sharp declines of March and early April but the decline in was expected to ingot cutput Pler, Kowloon Wharf. Passengera continue for some weeks. Inst should embark between 1 p.m. and week steel operations cilpped to 8 p.m. on Monday 26th April. The 78.1 per cent and this week mills ship is expected to sail at 4 p.m. on were slated to operate at 80.0
per cent or 2,303,000 torus. 25th April, 1900.
Tho self-sufficiency of the American steel market spelled Passengers are requested to send all woe to foreign steel haporters.
The Financial Times Indua- | unaffected by the gloom else-
London, Apr. 24. baggage for Hold and Baggage Room The tide of low-priced foreign
The Bank of England state- imports, which crested trial index slipped most days where, and as much Cabin baggage as pos- steel
Fordyn bonds had quiet ment for the week ended April sible to the Hongkong & Kowloon during lost autumn's steel strike, and ended the week at 307.0
German 20 reads go follows. which was only 0.0 above the week.
iwo although was ebbing visibly.
Lasury cused
on Notes in circulation,192,003,631 New orders placed with agents 308.1 low point of the year.
alightly mul Wharf Co.'s Godown-Entrance at
Public deposite No. 2 Gate, Canton Road, between of European and Japanese mallia Acruas the week the Index lost balanen Greeks hardened by V4 i reivate deports ...... Kterlingt. Dollar stocks put up aj dovernment, securities 60 per 8.2 points,
Other securities aroun 8.a.m. and 6 p.m. on 23rd and 24th have fallen as much as
cent from the levels of a year Crowing fears that the Chan- dismal showing.
Receipts April, 1960.
of the Exchequer will ngo, Speculators who purchased cellor
Gold shares improved #light-futu hige tonnages of foreign steel make good hur budget threat
ly in mid-week but could not are now laying trouble getting and soon impose now credit
Mustafa any advance, Coppers rid of i even at losses of $25 | MRICwe was the males faolew up-
were dull and rgoly followed Bett setting Investors.
Well to $35 a ton.
the pattern of golds. riot Many US steci users who Street's performance did temporarily turned to foreign help sentiment. steel during the strike reported
SUBJECT TO ALTERATION.
Agenta:
MACKINNON, MACKENZIE & CO. OF H.K. LTD. HONG KONG.
BONDS STEADY
they are switching back to ex- Government boh were clusive reliance
- producaTS-UPI.
Ull shared the general thou
Ituber thi presion,
bright section of nado
Lewe
the
on 1.5. stel section of the market which market and were often better
rumained standy and apparently | where changed.---UPI,
CL
UPI
car com-
He and his colleagues stressed PRC in which the image lie, that thus far their own muffler and this can be serious. has been used only in laboratory It is possible to dispense with oxperiments with a one-cyllosfor vibrating perle in favour of just
two rotaling optica), viements
Agreed merchant" they rald there are many mounted on a single sundis Phle
rates
questions concerning the practi- | may prove a simple and effective cability of the device that can't way of providing solid linsays be answered unu a-ple once the technical dimculties of West Germán peutickemarks | model is installed in a sulp, making the special optical sur- » Maximum solling 2016.
müble for wälzation--hj } fuðkú ̈ Eré'úrátöömé.