Poge
THE CHINA MAIL, MONDAY, SEPTEMBER 5, 1960. W
Weekly survey of American economy
MILD RECESSION IS SEEN
Manufacturers'
orders
continue to drop
Reports
New York, Sept. 4. sector every
of the from business world this wook tended to confirm the view that the United States
in at least
mild
recession.
is
Manufacturers' new orders in July dropped for the second month, the U.S. consecutive Department of Commerce said, and at the same time the De- greater- partment reported a
factory than-Beuronal drop in wages in July.
the
HONGKONG Wall Street finding Passenger comfort
STOCK
EXCHANGE
Day
Our Own Correspondent
Business done of the Hong-
T
a
corrective level
New York, Sept. 4.
The Stock Market ended a string of three consecutive advances this
week.
kong Stock Exchange this morn With a few exceptions, trading was rather routine. Brokers saw the de- in amounted to approximately
cline as nothing more than a correction of the substantial rise of the Noo! quotations $1,094,000. and the morning'e transactions three previous weeks.
blaren Buyers Beliers Fairy
the HK Bank 1170 1176
30 $170
Chemicals helped pull Wide price swings in Telau-' 1175tograph and Comptometer held industrial average down with 801173 the spotlight, These two stocks, losses of 4% in Du Pont, 2% in handwelling Union Carbide and 1% in East- Involved in the by-telephone excltément, were man Kodak. American Tele- Tobacco suspended from trading various phone and Americ times during the week because proved exceptions with gains of of accumulations of buy orders, 14 and 14 respectively. (carly in the week) and selt orders (late in the week).
as well as rubber, dass, fabric.bard and all the other numerous sup- Union pliers who need a strong production rate for their wellbeing.
10%
1302
021
19
1001
car own
Wharf Co.
222
Whiterbent Wheelock
25 20
500 2620
7.03
7.70
2000
7.70
HK Duck
103 104
200 102
300 100
00h 103
. 20.20 20.40
125 20
At the moment, all the major
roufident Provident car-makers remain
will be a big sales that 1981
Cole, a General The Census Bureau said that year. Edward
construction Motors Vice-President and the spending for new
third General Manager of the Chev- fell in August for month in a row, and steel pro-rolet Division, predicts that "ns duction this week was scheduled high as seven millon" new cars ut 53.8 per cent of capacity, the will be sold in 1901, including figure in more 450,000 imports. weekly lowest than a month.
Ami on Tuesday the prices on the New York change suffered their
stock Ex-
widest
Josses in month.
Rail Strike
strike D On Thursday, a 20,000 maintenance men closed the Pennsylvania Railroad, the nation's largest and busiest line, in a move sure to affect the na- tional economy if I lasts as long and likely, Union management have been negotiat ing for two years on work rules and stil are far apart, Wages are not an issue.
as seems
Whatever the future, the cur- rent @gures are not elicerful.
The Commerce Department figures showed that new orders manufacturers In received by
Seasonally-
July slipped to adjusted $29,400 mllen, down
157 10,00
1000 b 20.10 1000 20.3) 500 20.30
500 *
BR Hotel
HE Land Yaymat
4012 42
30 50
180 183
to 163
100
113
100
183
Ex. Div, .
3116
12
3112
Ch. Light 22.30 22%
1 Trans
$700 million or two per centuk Flec. fron June figures. It was the lowest volume since November 1958. Most of the decline wor In non-durable goods.
Factory sales totalled an e- Justed $30,000 million in July, a drop of $200 million from June. Factory inventories in July were put at $54,000 milllon, $200 mil- inventory Hon under the June igure.
one
2016 28.00
Tel.... 301
Consent Dairy
Ailled Inv.. Tuslik!
LATE SELLING
Chock Full o'Nuts jumped 0 on stock split and Increased dividend news, Paramount Pic- tures, reported to be buying more of its own stock, rose 4%. Electronics featured a gain of
Telautograph reached as high as 241⁄2 before selling back to close at 10% off two on the week. The late solling was gt-5% in Zenith und & loss of 7 tributed to the, Company's dis-in Texas Instruments, Universal closure on Wednesday that Match jumped 3% in the vend- while Au- will probably operate in the red ing machine Issues this year and figures released on temalic Canteen teli 24 ----UP. 140 Thursday that showed Company officials had sold their stock in 220 the firm recently.
10
2.20
221.40
Comptomelor
backed down nine points from its high for 20000 22.40 the week but managed to finish 20.40 with a gain of 15% at 21/ Sell- ing hit this stock when the Bon reported that its electroweller was unlikely to make any con- tribution to its profits in the near future,
301
26.00
The flurry of activity in the two socke lifted them into the second and third position in the
Slow trade
in U.S.
cotton goods
New York, Sept. 4.
most active list behind Stude-Textiles in the pre-holiday baker Packard.
200
1.40 1000 8.35 100035
Nanyak
Mill Ampl
15.30 13%
5.00
64520108.05
1.65
8.15
204 5
38
2003 ... 68
the press and
23.10 2015
1000 t 23
1.775
HK Gas
14.70 14.80
stuuber Rubber Turi Taikou Duck 571% The value of new construction st remained a Motor unles
was down
Humplireys per worry. There was a slight pick-in August
July and was five Really weeks of cent from up in the last two
Ex. Div. 'por cent under August 1950, ne- were August, but gores still well behind what had been ex-cording to Census Bureau statis- The August Ogures, after pected. As of August 20, latest tics.
which figures are adjustment for seasonal trends, period for
were at In annual rate of ävalkable, total car sales in the
$54,500 million. Most of the
Gilman were
.. 1.923 United States for 1900 3,900,000, up 8.1 per cent from drop came in private residential
Maunu since
Fec 11.00 cuminercial had building, ear-makers 1050. But
inv. 13.00 KFE most cent building held stendy in
11' Iny. predicted a 12 to 15 per
nress and increased in some..
Lane, Craw boost for the year, so a figure of
Vibro 8.1 per cent is a distinct disap- pollment.
There is a threat to the future
these stotistics,
100. Best
in
are
estimates
there ure that
680,000 unsold 1900 now ears in
Soft spot
Steel, hampered by a lack of new orders and by continuing strike against the U.S. Steel railroad which
the hands of deaters 56-day Company's supply ut
recent sales rates, closed all TJ.S. Steel Company
last year at this time the un-plants in Pittsburgh, remained a sold stocks were al 725,000,
- 39-day supply. If these stocks cannot be sold, the makers then will re-examine their production schedule for 1901 cars.
The output probably will be cut, which would have a widen- ing effect on steel in particular,
In
London
stock market
Most
average
soft spot in the economy. steel companies now believe the
wili third quarter about 55 per cent of capacity, with the fourth quarter just under 70 per cent.
There are some hopeful, signs in steel. Total new order vilume is picking up, and the last two best in weeks have been the
of the months. Most many orders are for October delivery, and October should be the best month of the second half. Unless there is a surge of orders from the cur mokers, steel produc- tlan in November will drop be- hind October,
13.30
Studebaker,
which unvolled its new care to also announced
the election of a
new chief
100 23.40 executive officer, had sales of sharey, Comptometer 1.00 5000 1.75 543,800
20000 1.775 followed with 468,800 shares. GOCO 1.775 Telmutagraph with 300,000, and 770 1400 Studebaker Packard when 1200 14.20 1500 or 34.10 1ssued, with 842,000.
30
American
by
200 14.80 Câble & Radio, connected with 2000 1.38
handwriting stocks the 5000 1.06
rumours, was next with 225,200 shares and closed up two points to 11.
500 490
World wool
consumption levelling
WAB
off
STEADINESS
The general stendiriess of the Jst in the last two sessions was labelled as typical pre-Labour, Day action,
Friday's trading was the dullest of the week as many traders embarked on their holiday a day early,
were
HK's bid to
capture fish by-products market.
From GORDON HUNG Singapore, Sept. 4. Hongkong is making a bid to capture a bigger mar- ket in Malaya and South East Asia for her fish by- products.
Mr Loong Shih-chuen, Malaya and Borneo agent for a Hong- keng Ashing company, suld that fish by-products such as sauce fermented from try and bottled for sale are being exported from Hongkong Malaya and South East Asian countries in Increasing quantities.
"The Chinese, population in the region form a large poten- tlal consumer market for our products," he said.
in road vehicles
accurately tested
PASSENGER comfort in road vehicles can now
be assessed conveniently and accurately, as a result of the development by a British firm of a new portable, high-sensitivity peak accelerometer,
has
the The
Instrument instrument
been complex, specifically designed to indicate provides an extremely simple acceleration due to shock and method of obtaining accurate vibration over a wide range of | information on whit otherwise
is a rather dificult problem. gravily measurement.
Assessment of riding comfort was one of the conclusions of a short but interesting series of tests which was recently carried instrument on a out with the four-wheel drive Austin Gipsy
a jeep-like vehicle of rugged construction,
TWO UNITS
The manufacturers say that with experience on various types of vehicles the design engineer Can obviously apply the in-
to
futuro formation gained designs ensuring a high degree of passenger comfort. The results can be even more use- the commercial vehicle ful to
the from HOL designer,
comfort anglo, but
of
the
this
Test facilities were provided passenger by the British Motor Corpora- from the aspect of the vehicle's curry heavy loads on on and the vehicle was driven ability
rotid surfaces without over a section of test road fre- bud
deformation of the Austin structural quently used by Motor Company at Longbridge, chassis, suspension, etc, Birmingham,
The introduction The instrument, which
commercial· instrument to the weighs about 15lb., comprises market follows the success of two main units, an acceleration/less sensitive instrument for us
element or sensitive
probe in the general field of shock and with an output lead of screened vibration testing. coaxial cable, nominally 18 tt. long, which can be fitted by to various of a clamp points of the suspension system, unit. Tho and un indicator jatler incorporates follower, an amplifer and penk measuring system.
means
a
cathode New nylon socks
gono
to
NITIAL exports of a new hose type of man's have
Norway,
markets, Sweden, the Rhodesias, and Mauritius. New especially in the Common- wealth, are being sought by
week were featured by
"Although Malaya manufac- increasing curtailmont of production on the part of tures soya sauce she does not mills, while backlogs of make fry sauce which is a more nutritious substitute and Hong-
A filter, which enables the are softer unfilled orders continued kong fishing companies bottling to shrink and new busi-t are confident that it will and operator to obtain useful in- of ps to the range a good market here," he added. formation ness proved slow.
During the last few months, frequent weleration cats, in Burlington Industries, the same 10,000 bottles of fry maximum exists, is largest U.S. producer, reported satice were imported into Singa-to provided.
The tests showed that with an Mr Leong said that the East operations 11 per cent below a pore.
ago. Other mills year
from six-day to Coast of Malaya which is rich efficient and well designed in vulting back
should make a good dependent suspension system five-day operation and
some Ash
place to manufacture fry sauce. designed specifically for heavy were down to a four-day, "A large quantity of small work the shock reduction-stub three-shift basis.
fishes and try are often thrown axle to chassis was approxi- away of wasted in the markets.mately 6.5:1. It was also shown Farmenting them to manufac- that even though the chassis is added flip to the fishing indus-ther reduction in shock occurred ure the sauce would give an very rigidly constructed a fur- between the chassis and the try in this country."
Singapore and the Federation passenger seat frame of 1.7:1
information on from Hongkong | giving also import each month about 400 pounds of success of the chassis design.. fish paste and soups, 80 tons of
TWO-MILE RUN salted and dried fish.
Cotton grey goods continuod quiet for the wook. There was light trading in the yarn goods.
Print cloths
with were slow continued offerings by re-sellers, Sheetings and drills were Both business and investors quiet. The tome of the grey are now waiting hopefully for cluth market WAS generally the autumn to bring a clearer caster. picture of economic and market trends.
and
week and
BIG PROBLEM
standard
UNCHANGED
further slowing down in ne business, There WLE some re- selling of polyester and cotton
mixtures New Antsiness wood goods was light.
in
Arabs object
crude oil price cut
the
the manufacturers at Kon- dal, Westmorland, in Nor- thern England,
The half-hose and slack socks are made with a new type of fabric weave. It is claimed that this gives a softer feel, a softer cushion, and better stretch. The hose is guaranteed against holes caused by fair wear for four
To conclude the tests, the months. Instrument was left in service
over a rum of two miles of good The clear sliten formation and road surface at 40 mph, with uniform length of the cellular the probe attached to the heavy construction using Bri-nylon box frame of the passenger seat, yarn allows the leg and foot During this time the peaks G' to breathe freely, giving warmth indicated was 0.3 average within winter and coolness in sum- one exception, a short hill, when mer because of the air pockets 0.5 was recorded. This test in- within the fabric.. The sole is dicated that although a vehicle main knitted for extra comfort. Is designed for very heavy and rough work it is still quite com-
under normal (fortable
conditions.
The multi-tting foot means road that any one of the different sizes of hose its different sized feet comfortably.
Cairo, Sept. 1. Mr Mohamed Salman, direc- tor of the Arab League Oil Department, said to day he would submit to this type are inevitably fairly the Arab League Council
Although Investigations
of
There was nothing in the In coloured goods, denims Washington, Sept. 4.
senti- week's news to bolster
were reaffirmed at unchanged wool con-ment. The steel situation con- Combined raw
Falces Jor Production December.
shipment through to cloudy. sumption in the countries thro reporting to the interna-slipped slightly this
Man-made fibre fabrics con- now there is no vigorous upturnumued to ease in price with a tional wool study group expected until October, cent up nine per
The motor companies began during the first half of 1960, the Agriculture Be- showing off their new models to the press and, as expected, con- partment said today.
Bumers will be hit with the "World wool consumption widest array ever of compact
be levelling cars now appears, tu
re-styled
The hard fibre markets were quiet, featured by a continuing There is one other optimistic off," the department's weekly moginis. nole in steel: many of the new foreign crup and market report
| decline in hemp prices. rush delivery, ¦ sald, orders are for
Values want dowry 1⁄4 cent to Indicating that yeers have In- MIN use rose sharply in
Howover, the motor industry two cents a pound in the pust venlories at low level. There seven countries but dropped by may be un inventory-building 14 per cent in the Netherlands, is still faced with a big inven-month with the chief declines in.
than the problem more
lower grades, However, London, Sept. 4.
one per cent in the United tory
rope manufacturers were report- general stockmarkets
Kingdom and one per cent in 800,000 1960 models still in the
Failure to ing reduced inventories and hands of dealers. price the United States. The Tuesday stock ended the week on a firm
bring these inventories down revival of buying was anticipat- break brought down the Dow Increases from the note with most sections Jones industrial index by 8.00 January-June period of 20 per
to manageable, proportions could ed. of the market showing points, putting it at 620.40. The cent was reported in France, well inhibit the buildup of 1901-
been strong last 25 per cent in Japan, 28 per
model stocks. widespread gains due to murfect had some small buying by the week, with a rise of 7.58 points cent in Italy, 13 per cent, in
Electricity and crude all pro- public here and continen- by the wale wen ustrial West Germany, 12 per cent induction improved, this week but and reported larger buying of with the resolution of the Arab livered as a complete unit
average, but this week's weak, Belgium, 13 per cent in Aus- cont output, freight carloadings | forward deliveries by Argentine. ! nesk was attributed by market tralia, and 15 per cent in analysts to the prospects of Sweden.--UPI. lower corporate earnings.
ial investors.
Despite the slowing down in the ribe in UK Industrial pre- duction and Wall Street's casiness on Tuesday markets still surged ahead with the Financial Times Index 3.9 point
up to 330.8 points on the week.
surge.
Profit-taking
profits causing
1059
Increased U.S.
steel output
and bank clearings declined.
The Dow-Jones averages at Friday's clone showed 30 Indus- trials at 025,22 of 1041 points on the week; 20 ralle 136.15 of 3.77; 15 utilities 90.10 up 0.08; 05 stocks 207.37 off 3.18.
n detailed report on
ro.
ductions in the price of
crude oil recently decide Ready-made lift
by foreign oil concerns,
2
the
news Middle-East
agency reported.
Mr Salman, who was speaking before leaving for the Arab
Burlap prices advanced sharp from Calcutta, rising jute prices ing in Lebanon said:
simple installation
A NEW
type of goods
ATC now. The manufacturere arranging for agents in several countries including Canada, Australa, the USA. and Europe
Device for the
ly here, reflecting higher cables League Councli currently meet- elevator which outboard user
-UPI.
U.S. CAR
OUTPUT DECLINES
U.S.
car
This step is not in conformity fitted to ite shaft and de- stipulating ready for immediato instal» Economic Counci that no change should be made
London.
in the price of crude all without lation being produced A SIMPLE devica for 10- moving outboard motors the consent of the Arab govern by a UK firm.
from boats has been In- monts concerned."
Because of the constructional
experimental Arab countries, he said, ad "protrated violently against the method employed, a specklist Tented by an
the engineer of a Birmingham step, which was due for debate le not required to install during the current meeting of elevator and structional altero firm. He claims that 12-
tions to the buiteng are cut to {year-old child can
use it the Arab League,
ཀ་
It was not believed to be a gerous break: Analyst Ken-
Sales this week declined to Seth Weed of Hayden, Stone & The gilt-adge market was Co,pointed out that many
14,952,240 shores, cr a daily generally quiet but the under shastholders take their
Cleveland, Sept. B.
Mr Salmon will have talks a minimion All that le re safely. lobe was arm. The six per cent after sharp run-ups,
Production of 107 millon inget average of 2,000,546 shares,
with Lebanese leaders on pres; quirod i for a bricklayer to from 15,298,260 shares, or BR
The inventor, Mr A. E, Surrey Loan, 1978-1980, Cpch- some decline, but immediately Lonn of stool this year was average of 3,069,062 shares per
parations for a second Arab oil kocie a hole in the celling, conference scheduled to take through which the steel short Jeromes, wanted to keep his ed: well and attracted a good re-invest in relatively unex- predicted today by
Detroit, Sept. 1. Steel day the previous week. Maglio deal of interest in other corpora-plotted issues. He sees no Im-
production last place in Beirut on October 17, entoncised elevator may be The bleak tion, stocks,
minent serious general setback. Ti motal industry weekly
steel picture month dropped sharply below and will go on to Iraq to discuss proud. The shaft is secured to motor in his garage when not
July Jovel but said the your's output would be dropped Jones & Laughlin 5%, tho And Stock Trend Service tells
was measures to be taken by Arab Base, the action of the ceiling boating. He found that there Yesterday's gold reserves
18 per cent from 1988 U..
Steel 3%, Republic 24 slightly higher. than that of countries in face of the drop, in pairers and the elevator is were devicos to hop in Ita dy to convey its first load to transport, but with these It was sil a two men job to detach which rose by £37 million had us cilents the Industrial average up
production but and-Bethlehem 14. Easing in August 1950, according to com- the prize of oil-AFP.
the floor above. Hille #fect of the market on will carry up to the 850 strike-curtailed
the motor from its ixed post- far off early 1000 forecasts of the copper price structure mush-pany figures, as This Wer ip million lesange.
ed Mama Copper down 3.
The elevators have o capacity ten on the boot or put it back then in July.
A Woll Street Journal survey up to 135 million for
Kennecott and Phelps Dodge Car output in August amount
of up to 18 ewi and azeagaltv. that, despite easier Industry operations WETO
ed to 303,407 unita, comparni South African shares closed showed
with 239,102 units in the 1909
trio motor driving through Hle device is a "foot-oncetrted on a leady pole with the old more money, there has been forecast to average 70 par cent 3% each and Anaconda 24.
the capacity in no corresponding increase in of
month, in July this year, the
aprockets.
treadie, called, the Janso litung kipox
five major automobile producers
elevator and motor am bothay ·Orders aro Already over of $40 to 20.0.
Molors, with the exception of turned out 405,377 velleirs.
hbunod-ince the shoot metal Sudebaker Los asid
London, Sept 4.
phatt which her Interlocked being received, Amerless Motora, up 5, word (* The drop in our producion
The Bank of England, slate- | fallics-typo gates at each level. Mr. Jerromes has taken out eneler. The decline in the rail (Last month from the July, level
ending The unit constructed accord provisions patent rights with ment for the wook averago mainly reflected losses rosulted from the changes to August. 1 reads as follows we done the local of around 2 each in Baltimore new modes in most auto plants. No i krustion 222 2450 binding in Who is to be full gates pending, with an unamolatxchange market this & Ohio and Chesapeake & Ohio, morning at the fotiowing, PAŠALI
In the first eight months of Who US Coupe field, or The Pennarivarila dinilroad, shut olla and the leading lagus closed comes overall, Tola Sterling Jotes per 11 down completely by strike, this year, our production rose to dovemment pecurities on # dup), nola,
The Journal: "Our big dróblem | Australael-Total: (par (LYN
Indonesian rupiahi (per 100) 313,19
10% omistied unchanged after zeltbig 4,540,308 units from 4.070,088 25wypoczatatine, creada Rubbers were brighter but not tight money but a soft nemende fast 29
new low for the year varlige tarakte kit. tipe samne 1959, perlos, inter Footiomy. UPI.
Kingsnorm: RANALLY
10) AMETLER VELaji specialevant
fourth
un from ke lowest housing activity. Housing starts quarter and only 873 per cent
in' the firal seven months of his month.UT ins closed the week with 1980 were 19 per gent under mixed gains and losses while 1950, and coppers showed one or Kood features.
two equivalent to an annual rate of Exchange rates
Little business developed in
the July. Agures
1,173,000 houses, were 20 per cent under July 1960.
One
bullder, moax
AVERAGE DOWN
Bank of England
statement
depositiona
powered by a throo-phase elec-
chaine
krug to tho spécifications of the
text and the company have altre not only on the Comartie Tambody payrataptured, an elevator 200 Eumpeen continental res Söderate, which fukeded to ecovey skut on, the United States, Ur41:24 2000" to Theom Bevielinground, where over three million posts