Page Z
THE CHINA MAIL – MONDAY, MAY
30, 1960.
Weekly survey
survey of American
American economy
BUSINESS OUTLOOK GOOD
No ill effects
from collapse of
summit
talks
New York, May 29.
of
The U.S. economy performed this week
still
without any visible effects
HONGKONG Quieter trading
STOCK EXCHANGE
by
Our Own Correspondent
Business done at the Hong- thie Exchange kong Stock morning amounted to
$812,000. proximately
ap-
'Noon
the Paris summit breakup and the quotations and the morning's few upturns that were reported came from "natural" causes.
Analysts agreed that apart from the March rate which ran from the brief--and unsub-at $30,600 million, down stantiated-furry of defener and 籍 half per cent *stocks on the Exchange and the February. predicted freeze of East-West
Bhares
BANKS
HK Bork
transactions:
Buyers Sellers Bates
"
1215
one
INSURANCES
from
Union
804
SHIPPING
Watertont
26
Asla Nav.
#TC
1.30
7.20
DOCKS, ETC. K. Wharf
110
110
21.10
11.30
J9
In the end, what the consumer trade back to cold war low levels, the only other possible does on the retall level may be Wheelock
the most important factor sus
effect of the cooling in interna-taining the American economy tional relations on U.S. business in the second half of 1980. Dock at this point may be an ex-Judging by current trends, retailProvident panded involvement of U.S. goods and capital, in concert trade may be close to five per
with Western
Europe and
cent higher than last year, and 1959 was a record year for con- Japan, in the underdeveloped sumter instalment purchases. areas of the world.
Dock
Talkco
LAND, ETC. HK Hatel Meanwhile, on the consumer HK Land This, apparently, would be
prices advanced Land (Ris) keyed to an even further inten-level, food
Communist-block sharply last month, carrying Humphreya sification of efforts in this field as a result living costs to another record of the Parls events
Steel men, depressed to below 70 per cent of capacity in their production this week. reported a "moderate" upturn in new orders, notably izom the auto-industry which is pushing up production again and already preparing for 1991 However, model switch-overs. the uptum in new steel orders may not be reflected in mill operating rates for several weeks and then only briefly as high inventories and summer vacations keep the operating rate down.
More cars
Latest word
of
from Detroit is that the car makers have pre-
production grammed 1,840,000 new cars in the second quarter, compared with the original
of 1,735,000. goal This is one of the developments behind the upturn in steel orders. The other is that the pattern of scheduling 1981 car production in the autumn is already becoming apparent.
manufacturers Car
pushed Choir output to the highest level in three months last week on the strength of the sales of their compact cars.
TOSC
Consumer prices high. four-tenths of one per cent in April to 126,2 per cent of the This was the 1947-49 average. largest jump since June 1959.
After All the optimistic estimates earlier this year about how much the industry is going to spend in 1960 on new plant and equipment, one key cemo- mic indicator this week threw some doubt on this much hoped for development,TM--UPI.
Cotton
goods market
New York, May 29. New business in cotton goods- both grey and finished -
developed at
a routine pace this week. Brokers said the situation
Buyers
The total was just two cars "looked like standoff." short of 157,000 units, an in-kept probing the market, look- crease of 14 per cent from the ing for price concessions previous week and 17.4
on
Really
RUBBER Aurmakt Trust S. Kelantan Java-Consol
UTILITIES Tram
Star Ferry- Youmau Electrie Maca E.
C. Light
Telephone
HK Gas
Watson
230
رنا من
12
on Wall Street
after small losses
New York, May 29.
Stocks gave up part of last week's rise in quieter trading as Wall Street and business prepared for a long weekend holiday. Industrial shares on Monday dally average of 3,945,072 shares broke a string of gains that had in the preceding week. "CErred eight session They At the close on Friday, the in- declined the first three days of dustrials were at 624.78 off only the week and rallied the last 046 point on the week. Ras two. Ralls and irtilities had #1 141.12 were off 2.70, utilities smell gains on Tuesday and 88.43 off 0.75 and the 65 stocks in the three Dow Jones averages ises in the other sessions.
Trading fell off after rising 205.11 of 1.25. 21.40
OVERALL DECLINE 14-month high in the 21.30 to 3 $1.20 previous week. The total was
The work in business regis- 15,975,965 shares, daily tered an overall decline. Many shares, companies shortened the work time in advance of the Memorial Day holiday.
average of 3,105,193
42 against 19,725,360 shares or a
41,
41
5811,
1011
29.10
2.025
2.05 2.02
2015 2.10
7.80
9.10
3.00
£50
31!4
32
32
22.80
29.30
ཚཧྨ མ བྷཱུ
123
13.80 13.90
London
Stock
Market
recovery
Electronics and special issues featured the week's operations. Their gains ranged to 221⁄2 points in the former with Inter
national Business Machines the star and to 2014 in the latter. that gain made by Universal Match.
Ohls which had a brief period of strength last week fell back. Tyre shares gave up a point or two. Dougies lost nearly four while Republic Aviation rose more than 3 in the aircrafts. Steels had losses ranging to more than five points in Young- stown Sheet and Tube.
Communications had large
Albany, May 28. New York Central Railroad announced that it intends to strive for a merger with Chesapeake and Ohio
Railway and Baltimore
⚫ and Ohio Railroad to create one of two major rail systems in the East. Mr A. E. Periman, General President, told the annual meet
'Foam rubber cuts fire risk
in crash
landings
A ROYAL Air Force Officer's bright idea and the ingenuity of his team of Servicemen, have produced a safety device which can make a signi- ficant contribution to ever greater security for air travellers.
ing such a combination would
At Waddington Royal Air Air Force, the cost was small, be of advantage to all three railroads and would contribute Force station in Lincolnshire, particularly when one considera substantially to establishment of England, a revolutionary "form- that it can be the means of a sound transportation system carpet system has been per saving lives, and also of saving
He said Pennsylvania Rail-risk of fire if an airliner has to of pounds." in the eastern part of the U.S. fected which will eliminate the aircraft worth many thousands road was assembling a large land without the use of its rail network that "militates undercarriage. It is rare for an against the establishment of aircraft to have to land with its more than two balanced com- wheels up, but when it does the greatest petitive systems in the East" happen, Bre. is Under the railroads thinking, danger. he added Central will be the base of one of these two sys tems and Pennsylvania would head the other system. China Mudl Special.
St. Louis, May 28. Brunswick Corporation, for merly Brunswick-Balke
ап
It
The theory of a carpet of foam on the runway to such is not new, emergency lubricates and cools the metal as the fuselage slides along, and sparks
immediately smothered.
pre
It is the only apparatus of its kind in the world, and it is un- rely to go into production. But the Air Ministry spokesman added: "If any civil authorities want to build one, the Royal Air Force will give all the help it esn. Most of the components should be readily available on a major airfield, and the cost. should not be high."
But the outstanding feature New vaccine of the new system is its speedi in operation. Normally it takes two
Collender Company, is ex-hours for a feet of fire-fighting protects sheep pecting net sales to go to make an adequate safeguard.
vehicles to spread enough foam
well over the $300 million The apparatus constructed at BRITISH scientists have mark in 1960 and profits waddington, however, does a produced ปี
to be appreciably higher more comprehensive job in
than 1959 earnings, Mr matter of minutes.
B. E. Bensinger, presi- dent, told the St Louis Financial Analysts.
a
In 1959 the company had a London, May 29. 13.90 The stock market shook off volume and rulet strong except net income of $25,850,000, or share on sales of for periods of realising, General $3.42 summit jitters this past Telephone led the market on $275,099,000.
Mr Besinger said that over week and staged a sharp over and closed the week recovery, largely through at 31%, ex-dividend, up 3 the long range his company had private buying a market points. It had a turnover of set its sights on being "substan- ially larger than it was now. sparsely supplied with 493,600 shares.
Motors ranked China Mall Special. American good stocks, demand tended with mice of 242,000 ed to flatten out towards shares and lost a point--UPI. the weekend..
'INDUSTRIALS'
Cement
STORES, ETC. Dairy
51 521%
5216
28,70 28.00 28.90
22715
28.80
Lane, Craw.
40
8.10
10.40
Nanyang...
16.70
INVESTMENTS
8.13
Allied
BIS
HK & FE Invest.
13.00
Emporium
COTTONS
Textiles
To build
gas plant
Industrials were favourites
on the upward exports trend of reports of improved Agures for employment, the stackening rate of advances by the clearing. banks, the unbroken stream of higher dividends and excellent company reports.
The
NEW YORK
COTTON MARKET
Mr
the
SPEED ESSENTIAL
ย
The originator of the scheme
a
the
purified and improved vaccine called
saffelin to protect sheep and lambs against pulpy kidney disease. The disease strikes
Losees on British farms · are
occur in
la Wing Commander M. Hermis suddenly, preventing effec
General Engineering all sheep rearing areas in ton, Senior Technical Officer of tive treatment, and it affect Squadron there. After many ex- the world. periments with foam-spreading attachments on ordinary fire- tenders, he realised that the said to run at betwen five and only way to achieve real speed ten per cent in susceptible was to have a single container flocks.
last few In the
years, big enough to lay the carpet" in one unbroken flow.
veterinary surgeons have noted That called for gigantic an increase by the heidence of 12,000 Cleveland, May 28..........
gallon tank, with a pulp kidney disease in aduit Shareholders of Industrial separate compartment to carry sheep and fattening lambs. The
the foam compound. He also organism responsible is present! Rayon Corporation were needed 90-feet bar, the in the intestinal tract of many told the second quarter #spreader bar" to spray the normal sheep and rapid 1960 -loss would approxi- foam on to the runway, and multiplication can mate and possibly exceed finally a vehicle to carry all this healthy sheep thriving on good the $504,134 loss of the apparatus. Skilful improvisation posture.
was needed to adapt
The new vaccine, produced first quarter.
materials available, but few by Glaxo Laboratories, is said But the president,
under people are better at improvisa to be highly effevlive Frederick L Bissinger, told the tion than the British Service- normal farm conditione, has annual meeting that the com- man
little danger reactions and The apparatus they built con- is safe to use even on newly- pany foresaw the possibility of
born lambs. approaching a break-even point sists of the tank mounted on t In the third quarter and "in Royal Air Force crash-recovery
Research began three years the fourth quarter we hope and trailer. The tank is permanently ago. In trials over 8,000 lambs expect to be operating in the charged with some 11,000 gal on farms in East Anglia and black."
lon of water, and about 1,000
Wiltshire were injected with He said the loss in the first gallons of foam compound,
satelit. Blood samples were At Friday's close the list ruled Half riges
of
refected the year
As the nozzles are turned on, taken from a representative while
electricals, 12 points lower to 13 points
at the company's breweries, chemicals and stores higher, or off 50 cents to up 65 drastic curtailment of operations the compound and water com- number of lambs before and Cleveland bine to produce fire-quenching after the two injections and on cents were all strong.
bale componed with the plant and start-up costs in foam of the standard type used the anal blood count
production of The party, consisting of two Gilt-edged securities started preceding week,
bulked nylon by airport fire services and civil lamb showed a satisfactory level The New York and New Alament yarn and polypropylene fire brigades, lost support and
of immunity against the disease.
The term "pulpy iddney" has. week's Orleans Cotton Exchanges, ob- engineers, two pharmacists and well then
nurse, passed through Hong-shaded towards the
LANDING ON FOAM
arisen from to 1/18 serving the national Memorias staple and fament yarns at the Gains
Covington, Virginia plant,
mortem port close.
holiday, will remain closed until kong by Air India yesterday.
Prospects for nylon filament sterling for government bonds.
From the time an emergency examination which has shown, yarns looked very good aid the Foreign bonds stayed mainly Tuesday morning.
Most of the small trade this company planned to more than alarm is flashed to the airfeld among other sig delators
tion of the iddneys. However, idle and lacked features while dollar stocks were lower with week appeared to be of profes- double its capacity to produce it takes only 15 minutes to this is not the prime cause of dus to Canadian sional origin, and marinly of at them by the first half of next manoeuvre the trailer into post death--which is really the exception of
evening-um nature in the old er year, Mr Bissinger added-tion on the end of a raw cardiac and respiratory failure issues.
Traders found nothing caina Mail Special,
Then, towed by a tractor at Some continental buying an months,
in the news to exelte fresh
walking pace it takes another 17 brought about by the toxin better advices from the "Cape
New comp
minutes to put down a thick LPS. brought London buyers from market interest. the sidelines for gold mining months were needed most of shares which shot up in early the time. dealings. The movement fal-
per third and fourth quarter foods, in Pakistan
sent above a year ago. It was but found weavers
indifferent
to
also the highest weekly figure and mostly ignoring the bids.
Print cloths made the re- +when February 20, since. 159,000 cars were built. The latively best showing this week.
27.1 Buyers paid advances of compacts accounted for per cent of the total, a record 4 cent a yard for the key "80- of 42,510 assemblies.
These developments brought the auto
production to date (calendar) to more this year than three million units and to more than four million
tits at the model year, The respective levels last year
not reached unti were third week of June.
Steel output
square" construction where they needed Imunediate fl-in sup- plies. But activity in sheetings, broadcloths, jeans and the other standard apparel constructions was below normal.
Industrial fabrics also showed 3 slowdown from the recent the spurt of activity.
Pakistan yesterday to help in Five Japanese left Hongkong for the construction of a natural
zas plani
They are led by engineer T. Yammato, who will be one of the leading technicians to build the plant.
Mr Yamanato said they are going the Invitation of the Pakistani Government,
He added that they hope to eley until all plans for the can struction are completed.
Exchange rates
od
kept big institutions operations on a modest scale with the market awaiting news of E forthcoming 40-million- pound issue of stock in the de- natalised steel concern Richard Thomas and Balwins over which the government is to relinquish control.
MOTORS GOOD
good Motors made textiles,
TAD
New York, May 29, Cotton futures lapsed back into a dull and narrowly mixed trading pattern this week.
Leading trade houses mdicat-
UNFILLED ORDERS
Unfilled orders among carded cotton sales yarn spinners at On the other hand, steel out the beginning of May totalled put dropped below the 70 per 13.08 weeks' producilon, This cent level of operating capacity compared with backlogs of 11.64 for the first time this year. The weeks a year ago. The sold-
tered out later but many gooded a belief that there will be no current week's operating ahead position was 8.00 times
galhs were held. Diamonds ad- major cotton legislation at this schedule is 67 per cent, a drop stocks on hand compared with
vanced with De Beers un 11s.session of Congress. There are of 4.3 per cent from last week's 7.28 times stocks on hand a year
The gained strongly but cop-no bearings scheduled before
House Com elther Senate or -rate and the ninth decline in the earlier,
Busbees was done in the focal pers slayed dull. However, past ten weeks, However, steel
exchange - market some Georgia and unofficial
Oils attracted little business mittees,
MIXED NEWS to moming at the following rates: continued men, claiming that the reduc- Carolina milks
U.S. dollar (per #1)
0.76 the leaders ended frac- about competition Sterling notes (per £1) tion in operations was the only complain
10.00 tra kiwer. Demand for drug Crop news was mixed, but Teas davourable on sensible thing to do, were not from imporis. Donald Comer, Australian notes (per £1
18.64mated strong and price in- considered confident chairman of Avondale Mills, Indonesian rupiah (ser 100) alarmed. They are
roved. Teas stayed quiet but balance. Excessive rats and
m.--UPI.
Cool temperatures, delayed seed germinations and delayed growth
| Siam tlease (per 100).
con- called upon Congressional cot- Singapore (Stratar that the continued strong sumer demand for automobiles ton State leaders to "take the and other products will force lead in combatting the invasion manufacturers to make heavier of garment, fabric and yarn im- steel purchases within the next ports."
60 to 90 days.
Hard fibres ruled quiet and As of now, layoffs are the mixed Burlap prices softened j order of the day at several with a less critical view of the steel-producing centres. The jute crop picture and steps at Calcutta to check. latest are reported from US. taken Steel's iron and steel making rampant speculation. Sisal and tound buyers facilities at Clairton and Eotora, hemp sellers Pennsylvania, and will involve favouring a floor position for more than 1,000 men. Other the time being.
the Decoration Woollen and worsted fabric layoffs over Day hoilday on Monday-are sales remained quiet, Synthetic reported by the Frigidaire goods sources reported small division of General Motors. The quantities of acetate taffetas and production facilities. will be satins were sold for second closed completely for several quarter delivery. UPI. days to adjust work schedules
to keep inventories in balance with salen."
Spending increase
These steps were in ac cordance with estimates by Government economists (Com- merce Department) that con- sumer spending thereises, " EX- cept possibly in the geld of automobiles, have
Bank of England
statement
4
this
1.80
180
WORLD NUCLEAR EXPERTS AT SCIENCE SYMPOSIUM
London, May 29.
Keen demand
on London
money market
London, May 28,
in some areas. Texas apcounts Money was in keen demand during the past week in
tion.
layer of foam 30 yards wide and
a thousand yards long, and
when the emergency is over the
foam can quickly be cleared Rotary component
Away".
A spokesman at the Air dispenser
Ministry in London sald A3
the device was made from materkis available to the Royal
Constructional angle
without holes
latest constructional
the London money mar-Tangle is a plain un-
ket.
A
every
NEW rotary-storage and dispensing machine- known as the "Rotatens-
bler," developed and manu
factured by Work Study Equipments, Montalt Road, Woodford Croan, Essai, England, has made its op- and Télévision, Ltd., pearance at Regentone Radio Rom- ford, Ertex,
This rotary indexing maching stores large quantiles of small concionerits atd alspenses them
stid boll weevil activity has m- creased with some Indestations cousing as high as 25 per cent
Ric punctures, in the lover
Weevil druže Grande Valley.
The banks, generally, #p-slotted angle that can be were observed in the acts as far peared to have few loan futais purchased in 10 ft. standard north as Bee County in South to offer, which was possibly Central Texas, The Waco area due to the working out of pre- lengths, or shorter lengths
in correct assembly sequence to Scotland was host last week to nearly 100 experts in reported an increase in emer-parations for making the one cut to customer's require
gence of weeys from hiberns per cent speciet deposit to the mente. C
point only a few inches from nuclems reacters from all over the world.
Bank of England by Jute 13.** The UK makers claim that it the assembly area It eliminates The mid-May parity, price for
Reluctance by the banks to is suitable for all types of complicated Idenálosion of parts The Royal College of Science | Glasgow, which constructed the
meant that the shelving, portable work benches by the operator and secatly re- and Technology in Glasgow held 240-foot diameter steel sphere cotton, announced Friday after do business
to 39,18. cerita market had to resort to penal, trolleys and switchboard, work duces the renount an agence (re- symposium dealing with that houses the fast breeder noon, declined
in indiary. The domestic uses quired to store ghantities of of reactor at Dounreay, Scotland, from 30.02 in the preciding borrowing, det kan v many aspects of the use
Following the fund shortage, for the handyman are innumer- large containment buildings and
Experts also viated the attent, and compared with pressure vessels in the field of of the 360-megawatt nuclear 380 cents a pound in mid-May the rate for non regular money able and articles such as TV
ja. year, BRO.
ruled firm at 1414 per cent tables; boolghelves, coffee tables power station at Hunterstan in The Department 41 Agricule with 495 and, even 43% per cent tüpbbards, garden seats and The Royal College is the Ayrshire, which the Genera ture, predated raw foolton ex paid during the most, dulcin stellige, can early be construct centre of advanced wark Electric Company Limited and ports and of the present phase sign the tredia with fute pe piele nuclear technology. In addition associates are bidding for the marketing yearNuly 31-BAll business was held back There are no holes, the user to visitors from abroad 200 South of Scotland Electlolly would reacta 6,800,000 fokles up by the can albation but a cale amply marks the holes with a United Kingdom representative Board. Work began there in 300,000 bales from their March amount was conducted at centre punch and either drills.
1957.
Westimate, and compared with Three of four days wea Bixteen countries besides the at ang discount of 41⁄2 per cent for the holes or uses a special band devoted to discussing panta on United Kingdom sent represantas 2,000,000 boler shipped August matursties and hoi pulich that is incided in the
range of accessories safety requirements in designdures to the symposium Sweden Une Aur Aryover would he Treaty blo
The socensories 00.000 bespite the dear money rates shelves, panels, corner plate and use of particular building had 15, from state enterprises 17,600 000 billes T
doount house kept their castors re nuts and material with stress analysis and private industry and the Jews them as carried on ortuanged the waste fee at testing and inspection, and ex-United States had nine, six d
nuclear power.
attended,
London: May, 29.. The Bank of England stete ment for the week ending May Nole in circulation 25 reads as follows...
44 £2,180,402, TO to produce any noticeable im- Pubio, deponiya provement in new orders reptate depot to
310 Sperimental studies, whom gave papers, ceived by manufaturing," "They Government securities FINOM The fourth day took parti The latter included several anticipate, that Bgures on: April
pipants to the works of the Cornell University stail and an Motherwell: Bridge and Enginer official of the Chicago Bridge and Gring Company Limited Iron Gempunyaimated man
orders, to be published
The
weekly tender at 208 17 d pleating, appep Kovach and in spille of strong outside
competition won 35 per cent of oi) the £280 million bills offered,
Indexing mechanism faéorie aves of components. The tressed adr operated by Maximi enquinatis manufactured by Maxem Power Lid a member of the Holman Group, Curchorne, Compress
dand,
At present 20 Hotasacoblem?”
are in use at Regentone where they are remired to store and dispense, sosell ¦ eléctrical com ponente ich as resistors send CADRENOEK, Lared in the
Television reservers
und
Copern
K