THE CHINA MAIL, MONDAY, SEPTEMBER 12, 1960,
Weekly survey of American economy my
1960-A GLOOMY YEAR
Retrenchment
moves
seen
by businessmen
New York, Sept. 11.
HONGKONG Disappointing week of
STOCK
EXCHANGE declines on Wall Street
Our Own Correspondent
Buttress done at the Hong- kong Stock Exchange
weltons:
טנן 1175
this
New York, Sept. 11.
Past Labour Day gloom settled over the Stock Market this week as
prices declined on all fronts for the second consecutive week.
doldrums.
of
the
rain-
SLUNIN 27*
LES
It was a big disappointment up; and the funds are now con- Retrenchment moves featured the business morning amounted to approxl- to most Wall Streetars who had fining their interest to the bond
mately $1,940,000. Noon quota-hopod the holiday break would market.
The technical evidence such week in the United States, as business-tlons and the inorning's trans- bring about a chenge
vastor sentiment and t the
increased breadth, higher odd-lot, edling and no pressing men sought to cope with the continued
liquidation-has been the only But there was no improve-roaming aspect of the market. sluggish economy.
in ment in the, business and International news, and traders
BARGAIN LEVELS reported to be now
This generally ticarish.
to sold to reflect boaristuess deterioration in market leader- 20.00 ship; third quarter warnings will 2070 be disappointing and are likely
os far
ex--|
* Shares 1 Bank ..
Axia Lombard
Union Ins. WIDE! Waterbout Wheel.ck
Provident
The generol lone was pressed by the presidents of, 37 of the country's biggest firms who told a survey that 1900 has been a severe disappoinment
activity i us business concerned and that they do not expect any improvement in the remaining four months of the your.
These presidents said their problemy are companies' muln lower proẞt margins, rising costs of major, steel consumers show- ed that, with the exception ul and much ungusiness about cons-
the consumers tantly stronger foreign competf-the car makers,
la med planned no increase buying and may even make cuts. place Normally all consumers bigger orders in the autumn.
Manufacturing was the largest single group reporting, and 1s annual capital spending will now reach $14,000 mililon Instead o the $15,200 million it had pre-HR Duck
Dvun viously planned to spend. sn, its 1960 outlay will still be 21 per cent higher than in 1959.
Retrenchment is the order of the day among steel buyers, too. Journal, survey A Wall Struct
Bon.
All of the companies expressed Jong-range notiralem, feeling that in the next few years there will be an Inertose of from four to eight per cent in gross national product (GNP), but that this improvement will not start until some time in 1901.
Spending cut
In line with this cautious businessmen Dssay. American
their planned ro cutting back spending for factory expansion and modernisation. A joint re- port by the U.S. Commerce De- partment and the Securilles and Exchange Commission sold that ite survey showed spending in 1960
20.00
list Gut
Buyers Sellers Sater
$100
2014
30093
238
Date
79% 7.00 1000 74
7000
744
103 100
2500
100
100 100
. 20.00 21.30 1000
312
2500
1X Hotel ITR Land Yamalt
41 41%
2000 by 41%
400 (474
175
TEC
10 181
300
180
HK Train
XD
319 33% 1300
1000
Light
.. 23.10 23.20
100
ILK Elec.
жи
:
HK Te...
White Truck One consumer Co., said it normally increases its autumn orders by 10 per cent over summer levels, but this year it will simply work off its steel inventory rather than order The Pullman Com- new steel. pany, maker of railway cars, Cement said that its orders in the lasi quarter of the yeur, will be only 50 per cent of normal.
Cutback moves
These cutback noves by busi that capitalness are reflected in the Bgures will total for steel production this week, $30,870 million, down $700 mil- The mills were lion from the level planned last Murch, Despite this
scheduled ta
për
30.30 28.70
551% 2874
1000 21
فين 700
4330
2000
FUDO 23.20
2006 28.10
320 28 200 to 28 100 Gr 28
500
100 384
400 i 30
300
500204
4000 gr. 38
384
500
50 -60%
8800
700B3
1:00 0
Dairy
20,00
30
500
500
1000
500
Watson
2000 of 30
27
6.30
operate at 50.6
13.70 13.00
5.80
1000 13.00
4,00 5000 MG
two per
000 & 00
200 50
a
cent drop, the 1900 total still will be 12 per cent higher thum 1959, the report said,
Layoff in
U.S. tyre factories
Cleveland, Sept. 10,
High Inventories built up
as
ان ceni
Allied Inv Textile Nanyang Assiut.
Rubber capacity, the second-lowest level Talkos Deck 00 0135
Only the July 4 of the year. week, with Its rate of 42.2 per eent, is low ET The Labour Day holiday on Monday and the Im- pact of railway strikes on U.S. Stect Company planis at Pittsburgh contributed to. The steet production, but the Jow
Lane Craw
Gilman simply was sing- major Actor
Int'l Invest." gish business nationally.
XD
Gae
Used cars remained a soft pot, IK & FE and a dangerous one.
Ferry
Invest. Sales Humphreys Agures have remained just about Stor uvernua. but, to maintain thle Vibro volume, dealers have had to cut prices and the profit marela is almost nil.
Thus there is some question
of how much allowance a new:
ear dealer can give on a trade- in.
of the new
a strike hedge that If it is small allowance. was not needed, have con- thereby raising the cash price car to the buyer, tributed to layoffs and a
many would-be buyers wil de- slowdown in the U.S. tyre cide against the outlay, and the and tube industry, accord- softness in used cars will have ing to trade sources. I extended to new
cars, in turn B. F. Goodrich laid off about affecting the steel, rubber, fabrie 450 production workers three and glass industries. weeks ago. Goodyear Tyre and
use
Rubber is in the process of lay- The week piso saw important ing off "several hundred" be changes in the money markets. of "inventory adjust- The gold stock of the United to a new low ments" undi Firestone kept States shrank plants Ja Des Moines and since 1840 us another $21 mil-
•Memphis clored this week after lan left the country, but at the the Labour Day holiday.
same time foreign bank owner A
U.S. Rubber ship of U.S. Treasury securities year agu Firestone and Goodrich were went up by $38 million to a new strikebound by US. Rubber, all-time high. Workers Union walkouts that
J
tasted from three weeks 10 two Reserve funds
months.
This year, before negotia-
tions began under
a wage re- $301 million
opened clause, rubber
panies stepped
of
300 g 80%
3000 in 00$5
3100 63 1000
Some analysts believe the two-weekt shake-out has loft prices at bargain fevels from which a tale rise can be ex- pected. Bargain hunters to:ik
to bring In new liquidation; inda cuo. on Friday and gave there is no sign of the tradi-stocks their best silu la three tional autiana business pick-weeks.
Industrials do
well
on
London market
London, Sept. 11,
The new stock exchange account which began on Monday, took the industrial ordinary share index to 340.2, just 2.7 below the all-time peak reached in January. On the week the index was 0.7 higher at 337.5.
Towards mid-week a more enutious attitude developed and generally markets showed
a
1.30 4500017 quieter tone with little trading. Although the undertone re- 1476 14.80 000 180
3000 140 mains firm the site shortage 2000 1400 of stock still prevails,
and steel shares two of the best markets this werk, insurances
have been
OIL NATIONS
SEEKING
on speculations about possible CLEAR POLICY
1000 14.80
Insurance or 382. 2.10 2.20 0000 @ 2.18
0.45 1.00
13.80 14.10 23.27 2310
18.10
NY COTTON
GOODS MARKET SLUGGISH
:
New York, Sept. 11.
goods cotton grey The
market this week con- tinued sluggish with the tone in most secturs casier
second hand offerings, At the same time, mills were announcing further productien cuts to keep control of inven- torics.
on
With the mills turning down low bids on Thursday and the market still inactive in Friday, imany dealers theorized further price reductions develop.
that may
to the pressure of
ON PRICES
Bagdad, Sept. 11.
further megger, and steels on good investment buying re- por be that the shares will be quoted on the Parls Bourse.
The main feature in stores Wire Gussles on reports that chairman Issac Wolfson may The six nation oll conference here will continue discus- have this shares quoted on four the big continental
ex-
sions for several days changes.
before announcing decision which will have "a great impact," the official Bagdad Radio said today.
of
QUIETLY FIRM
The gilledged suction mained quietly firm in spite of a reduction in business.
Oil shares continued dull bu
Prices were hit hardest on Dow- Wednesday when the Jones Industrial, stock average fell 8.50 points, the sharpest decline since March 3.
CIENCE
CINDERING
New device assures
pilot his
plane is on course
UBC
London.
a problem
of
AN ingenious way of assuring a pilot his air- craft is on course has been developed in Britain by Smith's Aircraft Instruments Limited.
Is the The service The comparatively light turn-
para-react instinctively and correctly over during the holiday week visual director which British to the action he must take.
will airways
It will solve brought some encouragement to European the bulls. Sales for the four in their new jet-the DH 121, present-day flying-the malfunc-
week totalled
The machine werks by 10,852,200
con-loning of the automatic pilot. day
pliol of veying informatiya a daily average
When the aircraft is function- shares or 2,713,080 shares against 14,952, when he is looking around the Ing perfectly the device, does
cockpit or through the window nothing but when somethin 240 shares or 2,090.440 shares
in such a manner that he will goes wrong Illuminated moving per day in the preceding Ave-
strips-one in front for right and day week.
left and identical ones un euch side for
up und down-dash warnings which lead the pilot to make the necessary correc- tion
Studebaker - Packard, which announced the first of two ex- preted acquisitions,
the W3H most ontve issue this week on sales of 239,400 shares. It finish- ed at 12% or .
which has Telautograph,
two weeks settled down after.
swings, of wkle price
was runner-up with 102,500 shares. closed unchanged at 104. Ampex, Studebaker - Packard, when issued, and Standard Oll (New Jersey) rounded out the top five.
I
STEELS DECLINE The business statistics were mixed this week with car and electricity production und bank clearings rising, the steel
con output, carloadings and struction on the decline.
Looking ahead, the majority
follure
struction awards
of the
to come up
to a
Recording your telephone calls
PICK
London,
DICK UP your telephone, dial a number, and you
Once a setting for a particular course has been made ơa the instruments it is possible for someone without experience lo
y the aircraft.
The company bas already proved this, a non-pilot bringing aircraft in on a full instrument
сва usually keep his
can be connected to a dictu- ting machino which is com- pletely under your control; ending. For his second try, be you can start," 'stop, or while fixing his eyes on the run- way, the turning of the black 'play back at will.
This was the aim which tedand white "barber-pole" cork-
Arm to develop the screw strips making an imme British
correction
simple dictating machine pool system, diate
In many instinctive.-LPS. already in operation big commercial houses through- that it can out the world, so
controlled by Tape recorder The control equipment is for the blind
The manufacturers claim
system
and
are
of business analyste see a brief be completely fourth-quarter revival followed the dictator. by a recession approaching the 1957-58 magnitude. They are installed with standard dictating counting on briske sales of 1961 machines, and with any exist-
London. equipment which
countries model cars starting next month ing internal
on the United King-EVERAL fo put some zing into the is based
"deeply interested”, in and dom private automatic switch- lagging steel industry this lift the economy from its board systems.
new kind of tape recorder current stagnation.
most of these analysts their equipment gives complete for the blind, Lord Fraser see any
improvement in the control by the dictator over a of Lonsdale (formerly Sir lun temporary, normal telephone set, and that Fraser) has called it "the economy as only
is foolproof most important invention for mainly because
per their
either the blind since Braille." sistent
of manu- against mis-operation, facturers' orders дла Con- by the dictator or the operator. Launching of the recorder,
the biggest advantage, designed But
to play books to the flexibility blind, represents the culmina they say, is in the and speed
operation. tlon of 25 years' development Standard dictaling machines by the Royal National Institute pre grouped in pairs, each pair for the Blind and St. Dunstan's control ap In the last few mothe 100 having a remote paratus common to the two. A machines have been thoroughly feature of the unit is that it is tested in homes of the blind, controlled by a typist who can
Although only the size ́of a transcribe from either machine cigar box, the recorder contains whilst the other
up 20 hours recorded speech. dictation and, Half-inch tape is used and each being used for can switch the
dictator from tape has 18 tracks on it. Each to the other without
tape takes about 70 minutes to Che break in the recorded letter. play. When it has finished the The units эго connected listener merely turns over the
cassette and presses
Controls have been
of
machine is
Π
a
to expectations, the sluggish- orders, news in now defence and an intensifod· squeeze on profits and margins by factory, overhead sales, promotion and costs,
These adverse factors have brought on
a mounting wave of cost cutting, economising and ili turn, cuts-ithich, order
caution and have componied pessimism.
The Dow-Jones Vrage on any Friday showed 30 industrials at 614.12 of 11.10 on the week: 20 rells. 134.70 off 1.39; 15 utilities directly to the private Internal tape
telephone exchange button. automatle and OS stocks
and use the automatic 'hunting" | reduced to a minimum-m on- 90.45 up 0.35; 204.09 of 2.28.
services available on the ex-off switch and
start-stopp WIDE LOSSES
change. This enables dictation lever. The conference, which held its The glamour stocks suffered Electronice second meeting today, is seeking the widest losses. a unified policy towards oil com featured losses of 93% in Texas panies, and speakers at yester-Instruments, 7% in Minneapo- 51⁄2 itu IBM, British Petroleum rose 9d today's opening meeting expressed in Honeywell, 49/- but Shell fell 1/3 to 128/-grave concern at cuts in crude more than 4 In Varion and The hall yearly C. F. S. divi- oli prices made recently by Transitron and more than 3 in dends were received with sails major all companies,"
Motorola anki Liiton hind faction but generally
The conference is being at
under pressure LPS. Drugs came effect on prices ra they had been
tended by representatives of again as Senate Investigations largely anticipated,
Iraq, Persia, Venezuely, Saudireumed in Washington. Bris- Arabia and tite sheikdams of tol Myers fell 5%, Carter Pro- Kuwait and Qator..
Mohammed Salman, chief of 4% and Warner Lambert 34, the Arab League's oil bureau, is attending as an observer.
a loss of 2%. General Molors Today's meeting lusted three and American droppet large hours.Reuter,
fractions
hold while Chrysler
U.S. Steel and unchanged, Jones.& Laughlin fell around 1 each.
Gimbels dropped. 5:4 lower earnings report.
met some support towards the end of the week to close slightly firmer.
no
After Thursday's rise of 1/6 Ori scrip Issue hopes, Unigate rose another 1/3 yes.
firm
terday to close the week at 23/».
Coppers were subdued by the Congo situation,
In Banks Chartereds were a Reseting The nation's banks averaged
spol rising 3/0 to 60/3. free funds, more. then umple supplica
National of New Zealand were com highest since August 1958, as sheetings and combed goods de-
al frm at 40/3. up output as country banks (banks outsideclined. in price by as much as a
The foreign bond market Insurance against curtailed pro- the major Federal Reserve cent for some grades during the
Was very quiet with
the ex- duction in the event of a citles) got Into their tills the course of the wook. strike, bccording to a Goodrich ¦ excess of vault cash that be- Cotton yarns
exption of Greeks. spinners were
Teas were belter where spokesman.
came countablo os reserve funds said to feel that Inventories in
changed but rubber tonded to With a peaceful settlement, under
Federal Reserve the hands of customers new
drift lower. the high inventories were not Board regulations.
lessened considerably as a result
were Tobacco
dull with cf a lack of new buying for needed and this hod led to the
Imperial Tobacco down 1/14 Beenuse of this It is hoped to 02/3,UPT. that buyers will soon be seeking i additional supplies, which are usually needed as manufacturers start tuming out kalited outer-
its
Thus the Bonko now have several months. to the layoffs, he said,
Firestone
slow-more funds available for lending called down seasonal. It said lead-or Investing than at any time makers had stowed since the light-money polley -ing auto
down for model change-overs went into effect, and during the change-over
period there had been a cor responding cut in tyre pro- duction-China Mall Special.
New uses for nuclear
energy
The gold loss reflected the drop in laterest rates in the U.S. since foreign holders have been withdrawing from the U.S., and re-investing in other coun- tries
interest where to
k
higher. Since the end of June, U.S. monetary gold holdings have declined by $200 militun and DOW stand Bt $19,020 million.
have
wear for next spring.-UPI.
Japan's rice
Experis noted that If the gold losars by the United States centlave at a faster rate, the with Washington, Sept. 11,
tendency to turn, doilar balances Intercat rica Postible use of nuclear enery into gold (when
to propel huge spaceships, decline, less loss of income is dig canals and harbours and involved by converting balances bist or cool thing quarters into gold) could become more were foreseen on Sunday in a pronounced, and possibly lead to U.. Congrantázial sinẩy,
yield may be record
.
NEPAL-INDIA TRADE PACT
- Katmandu, Sepi, 11. A five-year trade, and transit between Nepal and treaty Britawan, signed here today to repison 10-year trada and commerce treaty signed fin 1950.
Australian exhibition
at Swiss trade fair
The
on
The
to be made from any telephone The prosent "talking book?" the system simply by used by the blind in Britain are dialling u predetermined num-long-playing records, ber, and, where several units machine fiselt is fairly large so the now light are used, the hunting facilty and heavy
instrument Searches anal finds a free unit, weight miniature thus
the distributing
work will be a considerable asset to evenly over the typing pool-users, many of whom are old
propic.
ducts 434, Abbott Laboratorics Simple device
Ford prood auto lower with aids fire-fighting
London,
For about five years the two systems will be muni paraliai, New machines will be issued to members in order of seniority, at a rental charge of £2 a year. Ar with the old system, • te library service will be drev,
An RNIB official spark that Britain was two or three, years ahead of the United States in
A NEW simple device this type of research, L.
can
incor-
on a porated in standard fire Piper
Aircraft fell 845 and Beech Alt fighting equipment and could Aid for
greatly quier firemen in
craft 7, despite favourable 'news announcements,
blind
A good can dealing with outbreaks in telephone operators also falled to confined spaces where heat ings prediellon halp Universal Match, which is Intensa has being tested Calf 4%.
The blue chip Industrial
by the Essex County Fire
London.
OLLOWING a suggestion from the Royal National
Institute for the Blind, Mul-
average was pulled down by Brigade in Eastern England. The devies is a Ranged disc losses of 4% In Du Pont and 2 of light metal that ate inside Jard Research, Laboratories
or more in Union Carbide, Enst
man Kodak, International Paper and Owens-Illinois. American Telephone added a traction. **** upi,
Bank of England
statement
inch,
normal email-bore nozzle and have produced a design for
for of atomised
at the on acoustic lamp reader that Produces a water, pumped through rate of 100 lb. to the square enables blind operators to man the newer types of tole- High pressure fog jets have phone switchboord on which long been successfully used, but the signalling is visusi. the new device was designed by The device, intended for usa Divisional Officer Francis Kehoe fon private branch, exchanges, .
Colchester,
following USCE A photo-electric coll, serious school fire, to meet what transistor oscillator and a loud. he felt was a need for a means speaker to convert the light out- of producing efficient "tog" input from the signalling lamps to places where large amounts of an audiblo tono. It can bo † water are not immediately filed without modifications to
of
the board.
Geneva, Sept. 11. Australian Finance Minister, Mr Harold Holl, 'arrived today by air to in. augurate the Australian
the pavilion at
Swiss Trade. Fair at Lausanne and to promote Austra-
London, Bept, 11.. Ban trade in Europe.
The Bank of England state- Mr Holt new here after ment for the week ending
September '7 reads as follows: available, four-day visit to Japan.
Tomorrow he hands over the Notes In circulation. 2220037 420 The device, produced in the The photo-cell is mounted on.
pavilion to Bwiss Puble deposits
constama Brigade's own workshops, has a small carriage which is nt- Australian
Frivate depchable authoritica
11704 now been adopted on trial by tached magnetically to at the Lausanne Closure® ......angjariālņe
metal ATS the Chief Fire Officer of Essex Falls alrendy pxlaikig on the, fair. He said his country would – Other probekLION lake advantage of the Car 10 Receipts
was in various parts of the county.board When the carriage is Ratio promote trade with Europe.
Tests already made have moved by hand along the rails Mr: Holt Dies' to London on
shown it to be effclenk. It can the photo-coll parece over each Tuesday for a meeting of the
be manufactured in the United signal lamp in turn, and any Commonwealth Finance Mini-
Kingdom for as little as a shiincive lamp. ususes the cell to ters, Ho roturns here on Bep.
respond, producing a tone from tember 22 to open an economie
Its advantages are that it con- the loudspeaker. seminar on Australian business
#orves water and greatly.. pasi
The blind operator can thus duces water damage and has the locate any line needing arm → in Lausanno, da
Fifty-five Australian businos
extingulahing power of squat tjon, and determine the Mate of farger jute in confined" spaced, the board at any moment with men plan to attend together with Swiet France: Makingum Soll-100 · European" þýskinerne
METRES provides a. 1999 protective, pui, jaterupting : the 703
UPI.
Nepal's Commerce Minister, Washington, Sept. 11, favourable weather con- Mr R. N. Sinha, called the Iinuing. Japan's zield per nere treaty, which goes into effect on and total production of rion November 1, a landmark in may reach record levels, the his country's trade relations.
Indian Ambassador H. Dayal, U.S. foreign serioultural ser-
who signed for his country, vice said today,
saich the poet was "further proof of India desire to see Nepal advance, all round."--UPI.
Barring unusually
bad weather, an estimated: 18,000,000 metric tons of brown rice will be harvested, Production 1999 was 12,000,000 tome.
a gold problem again, But it held that long-range
Indicative of the American planning must supplant year-pubile's inclination to "walt and toyeur budgeting if the poten- sce" and to save its money for
Tha ..record 8,160.000 acros lafs are to be realised.
the moment is the report that The glimpse into the futuronvings bond soles -bry
the planted were only alightly larger came from the Joint Alomie Government in Aufnast rose to than 3,100,000 serov. last year, Energy Committee in a mum 1336 million, 15 per cent better Growing conditions so far lige maryen "Frontiers in Atonie, than August 1950 and, the best / béén generally sported : no ez-
'sinos fást March-
cellent.UPI.
Agreed merchant rates
Exchange rates
was done in the ent matning at the following rates! Linometal *xchang market
1.8. `ctollar: (par, $X} [FGINNIN sterung, notka: (per #iluke Auttaisi Hotels (pwd) 3D sign (less" (mi" solten
trafic.jo
J
"