THE CHINA MAIL MONDAY, MAY 2, 1960.
BOOM IN U.S. CAR
CAR SALES
OVERSEAS
Recent steady
A climb in
COMPAN
REPORTS
New York, Apr. 29.
Earnings of the General Motors Corporation for the first three months of 1960 climbed to a first quarter record of $323,625,516 from $293,482,- 419 in the comparable 1959 period, the company has said.
NOTICE
UNION INSURANCE SOCIETY OF CANTON, LIMITED
(Incorporated in Hong Kong)
Notice to Shareholders
Notice is hereby given that the Annual General Meeting of the Society will be held at the Head Office of the Society, Alexandra House, Hong Kong, at 11.30 s.m. on Thursday the 26th day of May, 1960 for the following purposes namely:
coru
production
New York; May 1.
Cars made economic news this week in .the United Statos. Their rate of production has been steadily climbing again the past three weeks and they are selling at a near-boom pace.
care
were U
This week's
schedule
Week of wide declines
New British
on Wall Street instrument to
New York, May 1. ·
Blue-chip industrials paced stocks this week to.
their widest decline in two months.
The Avpression declina þett prices close to their 1960 lows. the despite was mado healthiest news background in weske.
And
Trading picked un slightly on tbo decline but not enough to And indicate a selling climax,
it was for this season that some
A selling climax is nooded before my attempt can be made
London closes on cheerful
If this trend continues, it may well above $1,600 million, a 12 puli steel from its current ¡per cent gain over February and i The company declared $1.14 acousting in the seventies (70 per 21 per cent higher than March share compared with $1.03 lust cent of capacity and up) back 1950.
This, the share into the eighties again. усаг
equalled
· While earnings achieved in the first however, would be for a short quarur of 1955. The company spell only, until the summer slack steel was still down-compara brokers said the week's move- 1 hus 233,373,725 dures out-period and car remodelling satively speaking last week.ments could not be considered a Output fell almost 2.5 per cent genuine test of the lows act in standing, against 278,334,250 { in.
below schedule last weck, de- during the 1955 period;
It could almost be said thatclining to 74.5 per cent of opera- early March. Net sales inercated to a re- the American-made compset Ung capacity, or 2,238,000 ingot
cars were at present one of the tons. of 53,057,072,071 from $3,206,185,110 last year, against most important moving forces called for 2,201,000 tons or 79.4 at a sustained advance in priors.
according to one expert. behind the economy, Their per cent of capacity,
Thero the previous quarterly les re
weso share of overall production was kurd of $3,411,933,306 in that
Steel demand still only just under 30 per cent
was generally reasons for the decline, but some accond quarter of 1955,
down from earlier this year.
brokers said the market in look- but in some areas they sold at a
One aspect of this could be seen ing ahead to second quarter United nice nf
and rate of almost 70 per cent of the
cutbacks by three large results below those of the drst Thursday's atin froin
second General Motors total new car market. And trucks
at least, the manufacturers of their appliance quarter, and of the plants throughout
Ford assemblies the
such л washing quarter of 1950 when business talled 1,400,011 in the first Falcon and the newer Comet outpu
and boomed in preparation of the quarter aching 1,131,480 units compacte accounted for half the machines, ranges, toasters
mixers, total Ford Une output.
Maytag, Westinghouse | steel strike. und General Electric fast week lust year.
armounced layoffs totalling about 1,600 men.
cars
world
The previes first quarter high for world wide until sales win 1,244,058, while the pre- quarter second
vious record for any
in Uie
1. To receive and consider the wa: 1,385,497
Annual Statement of Ac-quarter of 1955, Cdna Mall counts and Balance Sheet Special.
and the Reports of the Directors
and
Auditors!
thereon and to declare a dividend.
2. To elect Directors.
3. To appoint auditors and fix their remuneration.
any other ordinary business of the Society.
4. To
transact
The Transfer Books and Register of Members of the Society will be closed from Monday, the 9th day of May, 1960 to Thursday, the 26th day of May, 1960 both days inclusive,
man,
*
Outselling
HONGKONG
no
OPTIMISTIC
concrate
Historically, as casita!
ca
docs
the
note
on
08
not in
measure stars
London, Apr. 30.
A new British instrument which will measure the size and temperature of about 140 of the brightest stars is to be built at Narrarbi, New South Wales, Australia.
It will be the first of its kind
in the world and will'incor-
porato
mirrors.
two 25dt dimenter Surface hardener
Grants for the instrument-a stellar interfermometer -- have been made by the government sponsored department of scientific and industrini research and Manchester University.
It will be assembled early next year.
The mirrors move around A
for formwork
A NEW
10-
Stuart B. Dic- Ltd.. tho concroto "waterproofing consultants
Known no "Bioldosta,” the
synthetic
the sinous agent for The giant tipparatus is de- London, May 1.
scribed in the scientifle Journal | hardening”: and protection statement
Nature.
of timber surfaces, which is The
their mirrors, with government's credit
about particularly effective in the policy dispelled under-mounts, will each weigh
12 tons. They will be built up ¦ treatment of timber used in tainties overhanging mar- 252 Identical hexagonal the shuttering and moulding kets since early April. mirrors which focus the Hight
of concroto, has been do- Prices forged ahead to from the star on to the cathode
valopod by close on the most cheer of a photomultiplier tube.
kona ful note in weeks.
CONSTRUCTION Restraints on the domestic
Construction of the Inter; and manufacturtrs,.of 36, БОСП were spending spree
fermometer will be completed Victoria and the
Stroet, "just" about right"
London, lowards the end of this year. market felt relieved that thoir
S.W.1. severity was pitched no harder.
The Financial Tunes Index 11fted 5.2 points
on the day, although buying was light and chcular track about 000 t in new quid hardener is the pro- of intensive laboratory, diameter during stellar observa- duct the institutions were
tions at night. During the day, research on the improvement of eyldenoo.
finish or concrete the mirrors are housed to keep the surface off dust and protect them from and lengthening of the economic the sun's TRYS.
Use of Fortwork. When SD- As well as measuring size and plfed to timber by spray or temperature of hot clars many brush, #traparte a snooth, im- of which are never acc
and from permorblo
highly-glazed England the interfermometer finish which is claimed to afford. will tell of the way star bright- | lasting protection saainst mols. ness varies.
ture or alkalis frem concrete. "The knowledge <f these The hard protective VENEST ance in stro-phycheal theory," quantities is of great import-allows a materially increased number of formwork uses with- Natura said.
out deterioration. and conduces "For the majority of the hotter to a fine 'oven: ecncrete surface stare at least, it cannot be texturó, "Moldcote" is an invex- obtained directly in any other pensive treatment which yields way"China Mail Special real cognomies in the construeru
tion of formwork by reason of | the increased number of usts ob- fatrod Greatly improved · sur- face quality dispenses with the need fon lengthy concrete Anishing operations,
NO EXCEPTION
Most sections of the market
Although cautious projcelions It has been known for some But this may sull be a re-em being made by many cor- time that the Ford compacts action
most statements to poor sales before porate bonds. have bren
the Easter. outselling
Retail sales generally have an optimistle ring. have
The braincas world got a litt since staged a comeback standard-xized Ford line.
with a gain of some six to seven from March industry survey that Last week's U.S. car output
per cent over a year ago. This revealed capital spending beat- was 147,755 units with compacts rate of sales, businessmen say, geta for 1950 have been hired numbering 43,760 or 29.0 per should continue in the first half 10 per cent to
record $38,000 cenL This compared wilh 134,141 units in the same week and then drop to a gain of some mililon,
che making for a spending goes a year ago. Trucks were down four per cent, to 25,208 units compared with total 1860 gain of about five per economy.
First quarter earnings reports; 27,000 a year ago. The four cent over 1950. UPI.
continued to flow in and most mililonth car of the 1960 model
of them were good, particularly those of the business glants. year was assembled last Mon- day, a full month ahead of the
shared the rise which had put 1959 model year. This menne
Auto zales Agures continued
most blue chips higher. Govern- that 71.8 per cent of the planned
good, but market economists
ment bonds were no exception. 1900 model year has already
were not especially happy over They had been weak before the been assembled.
them. Lower production figures Chancellor's statement on the helped put pressure on these assumption the banks might 1ssues, and reports of the marked need to sell stock, to finance their disadvantage" of compact car
renewly required mid-June de- profit against those of the Eular models also did not help posits with the Bank of England. But on Friday the gilt-edged These stocks any,
boomed up. Steel production picked up Dollar stocks fell back across slightly this week, but the heads the week in tune with Wall of US Steel and Bethlehem look Street. In the foreign bonds mar- for operating rates to decline in ket Japanese non-ascented suf- the second and third quarter fored sharp set-backs, but re- Friday. with only a possible pick-up in covered alightly the fourth.
Greek issuce ended arm and were gainers on the week. SAGGING SALES
Gold shares spurted toward the end of the week on small Abpliance stocks were hurt scale buying. Diomonds also got Buyers Seller dales by the layoffs In the industry back on the uptrack. Olls had a because of sagging of retail mixed weck, Rubbers and tea
were mainly dull-UPT:
STOCK EXCHANGE
-Our Own Correspondant
New York, Apr. 30. Net sales of the B. F. Good- rich Company for the first three months of 1960 amounted to $200,730,- 977, compared with $195,- 825,645 for the same period of 1959-an in- crease of 2.5 per cent, Mr John L. Collyer, Chair- This week's production. K. W, schedule was lowered again but and Mr
mostly due to scattered strikes Keener, president, report-mong suppliers. It was se: at ed.
units 137,180 passenger
and 25,00 trucks, Total output for Nel Income for The first April was estimated at 583,032 three months after provision units compared with 653,403 in for costs, including taxes and March. Such a decline was depreciation, stmounted to forecast curly last month when $0.078,543 compared with $10,- sales were still disappointing.
three
Business done at the Hong, for the first 324.124
As for sales, new cars set akong Stock Exchange this morn- months of 1959 a decrease of 12.1 per cent. Net Incoro per
brisk pace in mid-April. Retail deliveries ran almost 16 per centing amounted to approximately common are was $1.01 com-
ahead of a year ago and were $3,855,000. Noon quotations and pared with $1.15 per common
the best for the April 11 through the morning's transactions: share for the first three months 20 period since 1955. In all, the of 1959.
nation's dealers in this period sold 206,500 U.S.-made cars, an GOVT. LOANS Sales
Arst quarter average
Far 3 1108}".. of 22,944 units. were the highest ever attained each of the period's nine selling BANKS (1) A Member entitled to the company for a calendar days observers said this was not
a boom but as close to it as the East Asia attend and vote at the quarter. Net income was lower of in the first three months pace was expected to get this above menting may appoint a Proxy to at last year--an all-time tigh Brst year.
quarter-because of low tend and vote on his placement
prices behalf and such Proxy higher natural rubber and em- need not also be ployment costs. Member of the Society.
BY ORDER OF THE BOARD, Dated this 22nd day of April, 1960,
J. DICKSON LEACH,
General Manager. NOTE:
(2) Proxy forms should be returned to the regis- tered office of the So- ciety, Alexandra House, Hong Kong not later than 11.30 a.m. on the 24th May, 1900.
For the convenience of shareholders
resident
in the United Kingdom
the Society has arrang-
in
the
tyru
and'!
On February 15 this year, tyre prices were replacement raised from three to five per- cent China Mall Special.
Back into market
Ghates
Bank
M
1075
1236
123
sales.
Sales this week totalled 1314,972,000 shares, or an overage
of 2,994,502 shares per day, the ended most since the week March 11 when sales averaged 3,180,012 shares daily. Volume last week amounted 14,069,187 sharos,
to
or 2,093,187 7.40 per day: Sales for the month of
April dropped
37,201,287 to shares from £5,715,223 In Märch and 75,886,902 in April 1958.
INSURANCES
Lombard.
40 Underwriters. 1100
SHIPPING
Detroit's compsets were also Wheelock ciled by the government as having put the U.S. buck into the DOCKS, ETC. world car market. Sales of the K. Whart various compact brands abroad Duck are credited with a surge in exports of U.6. vehicles in the first two months of this year, a Provident sharp reversal of the long down-
Taikoo Doce, ward trend.
JD
7.25
7,40
270
110
121
117
130
120
21.BO
21.00
Or
For the first time in two
Montreal, Apr. 30, Net railway earnings of
three years US. exports of new LAND, ETC. Canadian Pacific in passenger cars in January and Hotel
HK Land March totalled $4,697,364 | February exceeded the previous shot Land compared with 85,138,836 year. For the two-month period Realty
24,400!
$50
in March 1959.
totalled this year they units, valued at just over
This brought first quarter net
ed that proxies may be earnings to $8,713,070, compared
delivered not later than with $8,100,013 in the first quar- the 24th May, 1960 to ler of 1950.
the London Manager,
The company said gross earn- 78-80 Cornhill, Londonings were down in the quarter EC.3, for transmission but a reduction in operating ex- by him to the Society'a pens had produced an increase
the net profit--China in Registered Office.
Special.
NOTICE TO AIRLINE PASSENGERS
All Airlines operating out of Hong Kong wish
to give notice that with effect from 1st May, 1960,
& "Passenger Service Charge" of HK$5.00 must
be paid by each passenger leaving the Colony by air prior to boarding the aircraft.
This charge
car
RUBBER
Trust
million, compared with a year- ago agure of 21,187 units valued Amalg aljusi under $48 million,
However, the compacts as yet, Ketanleg Fava-Chenol. have been unable to stem the sung influx of foreign
imports. two-month UTILITIES During the same period U.S. Imports of foreiga Trem Cars increased 09,105 units Star Ferry valued at $113 million last year Yousu to 111,901 units valued at $123.5) C. Light million this year.
Unkind words
There have been some
00
The Dow Jones averages at
121 the close on Friday showed 10 21.00 industriais at 801.70 off 14.02. 31.00 the sharpest decline since the week ended March 4; 20 rail-
60 roads 189.03 of 2.55; 15 utilities 88.71 of 0.94; and 15 stocks
'as $200.33 off 4.07, the widest de- the first week of ecline since
过
30
25.00
1.975
1.825
23.70 March-UPI.
7.40
8.00
0.00
870
5.40 3,70
231%
ape
180
23.00
20.10
Piecirk
Telephone.... 30%
un-K Ga
14.30
kind words sald about the US. compacts by foreign exhiblics
at last week's International auto INDUSTRIALS
show in New York. They and Cement
that the compacts are selling in
the US. only because they are
a fad. that they are not real
mail cars, that "Deiralt merely STORE, ETC. shortened the dinosaur to pro-many vent its extinction."
Is levied as a result of the Hong Kong Govern- while interest in a genulas amalla), Emp.....
will
Watchy teet They implied, in fact, that the Lane, Craw... compacts were a passing fancy Kweng . H.. car from Europe or Japon willTTONS enduro. Whether ment Air Navigation (Airport Fees) Regulations prove to be true or not, the fact Textile 1960, published in the Hong Kong Gazette, already put their strong stamp Nanyang dated 26th February, 1950. be paid at any airline office, check-in counter or and maro paria in January and Goan
remained that the compacts have
on the US economy for the
US exports of trucks, buses
increased February also
duration of this year, at least The charge may
from 42 million a year 629,
སྦྱ ིི . བླློརཱྀསྦོ* ༔ ༩
1.95
745 Now US $250
travellers cheque issued
101
23,00
23.20
ET.60
The world's largest denomina- 210 tion travellers cheque is to be 29 isased by Thon Cook & Bon, 201 Ltd us from today. It will be for U.S.$250, the first travellers 1420 chequse of this amorint qvailable. 14.40
The new travellers choque is gold in colour and is in add- #tion to their present leses of
US$10, $20, $50 and $100.
}
€716
4734
4713
330
on
Dairy Farm meeting
profit for the year
Thermo-electric refrigeration
Important projects upon which
BUS Rudi working tested and used successfully RITAIN, Russia and the "Moldcote" has already been to develop practical thermo- the new Uskmouth Generating Station in Scotland; Nollingham electric refrigeration. Now, University Science Block, Man- as a result of work carried chester University Engineering. out at The Research ́Laboru- | Building and the £1,000,000 torica of The General Elec-Avonmouth Docks Ime ovement
Scheme in England. tric Co, Ltd. of England, G.E.C. dre able to release
| certain information regard-
ing the Company's thermo- Electronic electric cold box the
world's first prototype model teaching aids
of a commercial design.
The system offers the advant- ages of lightness, no moving.or
wearing parts, silent operation PRACTICAL alds to the
and the avoidance of the use of
teaching of basic elec-
Special
now
At the annual meeting of the Cold Dairy Farm Ica and Storage Co. Ltd. held thin morning, a £nal dividend of $130 a share
was declared,
chemical refrigeranta; further-tronics theory are making a total of $1.65 a share
cân-operato more, it
directly available"" from the for the year ended December
from a battery die, supply, use» ĮProducts Dapartment of As- 31, 1959.
ful for caru; frakce clic.
sociated Electrical Industrios The Det
Likely developmenis was $5,380,048.
It was reported in the Direc- clude adr-ortioned protective
thermo-electric refrigeration in Woolwich) Ltd. tore statement that the turn clothing in which thetme-
They have been destaned in
the Nor over in the retail stores was electric elements would chill or collaboration with antisfactory but proft, margins heat the air in circulation with thampton Polytechnic to form
this kenly competitive
in the sult as the ambient con- the tals of an extensive range business were not large,
for of laboratory' experiments to be require-(useful The Chairman, Dr S N.space travel?).
earried out in conjunction with Chau, formally proposed the
In medicine, thermo-electrie courses in radio and electronto adopilon, of the report,
cooling may be applicable for 6. Huthart who cold storing specimens in porta-Eleven chassis are available. conded the Chairman's pro-ble carrying equipment in which to teach the pasic connections of posal adopt the report, con- they are conveyed, for example, International Ocial, 174 and 30 gratulated
directors from the operating theatre to valves and the operation of
the pathology laborabory, The C-coupled management and staff on the
Amplifier, RC- achloved for excellent results
power-handling capacity of coupled and tuned-anode omil- the past year,
transistors can be multipled istom, low-pa and high-pass Dr S. N. Chau and Col. J. D.
several times if local cooling by networks, and a power stage. re-clocked direc-
thermo-electric means can Claque were
be
in
Mr
Lors,
Be
the
Mr. Hudson Chen Wood pro- pozed the additional remunera tion of $2.000 por anum for cach director other than a Chairman and $,000 per annum, for the The travellets cheque will be | Chairman.- The proposal WRE domiciled at Cooks New York seconded by Mr Chan Fung- 21.30 Agency and emshable anywhere (chau.
28.00
28.70
20.03
3
in the world. It has the first dollar dinamita ifan
to
cktry
Ad
2011
100
4.10
the signature of Sir John Elliot, ¡re-appointed auditors. the company'a chafızhan.
This now jamie follows closely 20.00 101 Upon Coole Instan of # KS
10.30 | travellern cheque for the first 1970 time in February.
1.40
19.00
11.20 16.40
14.30
1:30
MISCELLANEOUS Vibo....
2016
$.30
01
0:30
1820
INVESTMENTE
at the airport; however passengers are requested year to more than $65 millions Int. .................. to pay when purchasing tickets or reconfirming | 118. export gonerally were on All XD reservationis prior to arrival at the Altport.
the upgrade again. Last mobili they were the highead. Ex. iwa diaman 1 and a half years wiki shigenobita
ditions
theory".
applied and strendy the principle] The unlis have been designext is used to cool the lead sulphide to operate in the audio fnd.. detector cells in the Infra-red { queroy sange, so, that asetat- sensing devices of air-to-aired equipment (power supplies, audio oscillator, oscilloscope). is not, hardt to And The mini- facturers are able to supply cult- oble power packe and an audio oscillator:
misses,
HOW IT WORKS
The GEC cold box works on the principle of the Polter effack; the production of cold at The circuit diagram of euch Peat, Marwick, Mitchell were one side of a thermocouple and major unit is printed on the top
host at the other when direct of the chemis, and whone or ter |current passes.
minal or switch ocora in the The idea has been developed theoretical circuit, the actual to practical stage by GEC by component La mounted. To. | evolving offelent semiconductor, clarify the lowon, the slastinst thermocouplem and forms of esin. View the wiring and com- construction that provide momenty bepbath the shamin jadequate, thermal isolation borough a Perspec Bare, lic tween the hot and the cold compie the layout, will On sides of the junction.
circull digiTML.. Bach unit dan London, May: 1. Each thermocouple · operator supplied with, Instruction, shimeta The Bank of England stete- [al-low voltage and 5-10 mmp; covering a number at: expeed- ment for the week, ended April | couting power being
about ment. and the sanderlying
· Elastike · wie dora in thew Reit“ 27 reads as folfwww.
Mlew. The deup of wie meer | thôone. These experiments, are Unofficial
*** | 19ɑyén An circulation ... KESHTURE peratamo abluinnida “in na 20- defined to culée for the neuda FEDEZETKI, the followİK KOSMET
Exchange rates
Bank of England
statement
Prwale deposito para
dovgrenem pecurities.
zidmarje, le 10 to 20 deposits. C) | at: studente at: both, slementary TIM DERMAN CHIC prototype, li | mid zone, advanced levels. The
be carried in the foớc cơ u owe," "baththur finished,