rage z
THE CHINA MAIL MONDAY, SEPTEMBER 26, 1960.
Weekly survey of American economy
SODNO
STEEL OUTPUT FAILURE XEINERING
Responsible for week's
stock market break
New York, Sept. 25.
The failure of the great U.S. steel industry to pick up after lag- ging almost all year seemed to be the underlying minus- element this week in assessing overall American économy.
Insurance firms against
non-voting shares
Major talking point in Bitish financial circles ai present is the merits or otherwise of non-voting shires. William Davis, city eduoi of the London Evening Standard talks ta our of the principal opponente of non-rating shaves,
London, Sept. 25.
Was
Thut, and other doubis stem- ming from lower housing, down- ward revisions in eatmates of business spending and falling off
tool orders. of machitic considered to be at least partly Fesponsible for the stock market break earlier this week.
Although analysts at the time were quick to ascribe the drop the worst in five years to national Influences, such as the Khrushchev-Castro propaganda show in New Yerk, secund Boughts, emerging later in the week, were that the international situation has had little, if any,
effect.
Profit margin
Stocks, it seemed, were being suid because of general disap- pointment over business which -although in itself holding well with last year-falled to reach the peaks so rusily forecast at of this year, Then
Insurance companies will continue to oppose "A" he start
shares-in public and behind the scenes. This forecast
comes from a
But each was free to do trap man in the movement — Mr exactly as I liked. One com- Jines Pegler,
pany obtained altogether. And those who took part did so for different reasons.
-}}
NEW YORK COTTON MARKET
New York, Sept. 25.
A sharply higher spot position featured firm
and somewhat more ac- tive
futures cotton trading this week. However, aside from a flurry of activity centred on the ad- spol month, dealings vancing
Trude and com- were limited.
were on both mission houses sides of the middle months and far positions were neglected by absence of speculators in the political developments.
At Friday's Anish, the list ruled two to 25 points higher than a week earlier, with neur- by Caber lending the way. This was equivalent to gains of from 10 conis to $1.25 obale.
MORE ACTIVE
Wall Street's big loss in one session
New York, Sept. 25.
The stock market lost $7,600 million in market
Two-way radio
for Britain's motor-cycle police
values this week and the damage was done in A NEW type of two-way V.H.F. frequency
modulated radio which enables motor-cycle police to transmit or receive while travelling at speeds up to 70 m.p.h. is being supplied by The General Electric Co. Ltd. to the Lancashire Police.
con-
one session-Monday. Traders, beset all this month The blue chips featured losses stock prices,ot 7% in Procter & Gamble, 4 with declining grew more nervous last week-in International Paper, 34 in end over the continued cloudy Du Point and 2% in American outlook for business and the Telephone,
With the steel industry out-
Unique so they can be used by immediately release the look continuing cloudy U.S. the patrolman while the motor-neellon. arrival of Mr Khrushchev
the radion moving.
The whole radio unit only Co.
caution Steel lost 44. Jones & Laughlin cycle is This brought much
Aule operate in the frequency range weighs about 31 bs, and as this and 4 and Youngstown 3%. Intu Monday's opening
fairly evenly divided be start. production picked up to n 12-80-100 Me/s and are being made is prices dipped from the
to the design of the Lancashire tween the tank and the rear When they fell through the week high but Chrysler fell 14
County Polleo Laboratories. The mounted carrier, the handling of which and General Motors a point. point, 1000 resistance
Exceptions to
general company also supplied the fixed the machine is in 110 WAV had held three previous times
trend were Quaker Oals up 4 station equipment used with the affected. The whole unit is this year, a selling wave Has
Foote Mineral up 9%. Richfeld sets.
also completely waterlight and touched off and prices at the close were down as much as 21 up 9, Amerada up 1% and
dustproof. Alcoa up 1UPI.
points.
The epot month advance wna
The Dow Jones Industriai attributed to more active short
average waS down 15.42 points covering by leading spot houseS and trade interests prior to first on the day, the sharpest break notice day by next Monday. Asince it fell 31.89 points nearly Alve years ago following Pre- There was the lower profit mar-co-feature in the delivery was
sident Eisenhower's heart al- Hin element, shown by virtually switching by both tongs and shorts into March and May of
tack. A
re- slight technical every corporation delle
1001. creasing sales vohme,
The covering pointed up thecovery was made in the next two sessions. But with no As for stett, operations this i i
fact that the certifiented stock is
new market stimulants coming week were scheduled to move up
cent of capacity, or still only four bales, making it into the picture, prices backed 53.0 per
down again on Thursday and 1.507.000 tons, as against 59 per hard to ascertain whether cot- Por 1000 as a ton can actually be delivered at
Friday. "As a body we dislike non-cent 1st week. viting shares." Pegler said. whole the industry now fore-certain points.-UPI.
Bu intensity of that dislike! casts an output of 100 million
well ahead
of fast saries good
#
dest, Some tons, kul managers
very strongly year's 83.4 million but woefully rbout it. Others care very little. behind optimistic predictions of 130 million. In his large alry West End : "There is no question of any between 120 and office he talked for the Brat time zetion ugairist anyone who falls And even this latest forecast is malifted: to achieve 11, the about the last month's row in out of line." which 12 insurance companies
Industry would have to perform al about 65 per cent of capacity torpedoed Thom Electrical's plan to suit non-voting shares.
over the four lust months of the year. This, at present; seems doubtful.
Mr Pegler, 18, is Chairman of Life Offers Association. Its 80 members Becount for the bulk of institutional investment.
The portfolio his total of 25,000 million. And new money Is being invested at a rate of
£2 million a day.
ITP.
- UNFAIR
companies
Mr
Insurance Pegler pointed out are sensitive ie any suggestions that they delate the economle fe of the country.
For that reason they were al- "Some comments <ti that! move have been unfair," he told ways anxious to avoid steps which would lay them open to We had an opportunity lo ex-such criticism, pless our view in public and we took it: There is nothing wrong ar that,"
The dompanies concerned, hu explained got together and work- ed out a course of action.
HONGKONG
STOCK EXCHANGE
Our 2-4 Corvosje dent
it
But Mr Pegler said there were times when it was right to net.
In the case of Mr Thom was felt that uction would be in The beat interest of policyholders, The planned script issue was on the basis of one ordinary share for each ordinary held anxi one "A" share for every "A" held,
TWO CLASSES As the ordinary were worth more in the market, the plan Transgressed the principle that two classes hud exactly the same rights when issues were made. How about Mr Thorn's charge that if insurance companies dis- liked "A" shares they should not have bought them in the first place?
Said Mr Pegler: "They were bought a long time ago.
Our attitude since. then has hardened.
"In any case there is no ques.
As a result of this cleappoint- ing steel performance--disep-
pointing primarily because last million your's autput of 034 tons was achieved despite a crip- capital pling 116-day strike good orders, in other words capital investment, by metal- are headed working companies for a sharp decline at the year's Throughout the first end and quarter of 1981.
Lower spending
Textiles mixed
and quiet
New York, Sept. 25.
collon grey Activities in
and goods
mixed жан quiet this week. Print cloths were easier as holders of second hands accepted
dull bids under previous levels.
and Sheetings were
Demand for prices were off. wide industriai tabrics for spot and nearby delivery perked up.
Cotton
trading yarn slow and combed numbers were down on an average of one cent
& pound.
BLEAK OUTLOOK
and Taking the economic international.
into outlook market context, market analysts there is not much to
say
brighten prospects for an early development of a mater up- trend or a sustained buying interest. A worsening of the situation ts feasible, they add, should investors become more disappointed with the state of afters.
the
London stocks
remain steady
radlo
Resulting from the Lancashire order inquiries have been re-
With a well sited musin station celved from several UK police the range of this special two- forces and from the US, Canadu say radio vories from about 45 and Italy.
to 90 miles depending on the The revolutionary method of type of country end is equal to
V.H.F. enables the motor-the bost car operation cyclist to use the radio without equipment obtainable. moving his hands from the A total of 20 transistors is ems. handlebars, suring that he is ployed and using the normal in perfect control of his machine | yol motor-cycle battery, the ket at all speeds. This is done by has a very low current consump- means of simple, fool-proof con- tion, For instance, en receiver is approxl- trols. The set is switched on to only, consumption roceive in the normal manner mately 0.5 amps-on ordinary but to transmit all the police-car radio needs about 5 amps- man has to do is to presa a but- and even on transmit consump ton-something like a born but-tion is only about 10 amps,
The transmiter-resolver unit ton-by the left-hand grip.
is In any equipment used on with its glass-fibre skin motor-cycles safety is obviously mounted with the serial on a In prime factor and a special special enti-vibration unit in the has been pillion position, The combined This Incorporates a control panel and power unit, microphone-earpiece designed.
ed to avoid extraneous
sound
London, Sept. 25. Stocks proved resilient this week. They opened with slow drift, moved sharp coil microphone, shield- which is also filed with a re- mirant horn loudspeaker, its ly upside after resisting interference, and one carplece in into a rocess in the petrol tank. In addition to providing first Wall Street's plunge and light, padded frame. The unit
communications finally closed on a cau- slips under the crash-hot strap class two-way
with stud-xing. Connected to with "speed-cops" the sets, bo.. tious note.
the tank umit
their by a magnetic cause of
light-weight and Deaders reckoned United Na- snatch system, it is located by
low current consum- tion. Any sudden jerk
are ideal tions wranglings and economic smell studs.
the for uncertainties on the home front which might
light-weight occur in on 30-
motor-cycles the faint factors halting the cident or because the rider had used for patrolling urban and mid-week rise.
suburban areas by many police forces in this country in place of view the "man-on-the-beat."
The Financial Times Indus-forgotten to disconnect it would trial index ended at 328 and lost only 0.3 of a point across the week. Heavy marking down Tidal survey in
Ong expert also believed that the 000 level in the Dow Jones Industrial -average, which halted selling drives in March, May and July before giving in last Monday, may now be a formidable obstacle to any rally which
the gets underway in
after Wall Street's fall failed to future.
Very little happened in the spark a selling spree and the
world this business Wits
bolster Investor sentiment, and economists are becoming the more bearish every day, as to business prospects fourth quarter,
Potential stimuli to business
Widespread observance of the religious halldays slowed down activity in the convering and needle trades.
subsequent recovery was sharp. British Isles week to
the index After dipping to 323.1 on the Wall-street fall but by late Thursday the up-7110 acquire reliable British vaulted to 327.9 the next day, thrust had lost steam.
for the
OUTSTANDING
from
London.
tidal data for the
future, the first systematic and complete tidal survey
The first news of this has
of the chronic shortage of man- power in the police services thic
used and Rystem is extensively the now two-way radios would eliminate the necessity for the constable to check in from call boxes us well as providing sm- mediate communication
with scattered over a police forces wide area.
New system for lifesaving at sea
A
"
NEW system devised to overcome the problem of lowering a fully laden in- flatable life-raft into the
This warning signal of lower plant and equipment spending came from the latest survey of metal-working capital appro priations conducted by Iron Age magazine. It showed new capital
results Outstanding Demand spending by these industries
for Manila hemp, activity including inventory Increased capital rebuilding, dropped 31 per cent in the second
which flared up briefly inst
outlays. and Large defence Calico Printers helped senti- carried out in the Brithh quarter as against the first and
the second weelt, failed to broaden into a spending-have not developed meat in textiles and a leap in isles was started last year.
Chemlent Industries 28 per cent below
Imperial general sales movement, Prices to any strong degree. quarter of last year. This trend
were steady,
half-year prolits moved many Salos this week picked up blue chips into higher ground been given in a report by Rear- is continuing. the survey
The sisal market was in the
sharply from the previous Gilt-edged took things quietly | Admiral K. St B. Collins, who ported.
doldrums but priets were un-
three-month week's
was Hydrographer of the Navy low, but hardened toward the week- Car output this week was in
Burlap changed.
prices rosemounting to 14,930,330 shares end to end firm. Foreign bonds up to July this year. seasonal expansion US 1001 Business done at the Hong-
The work involved, because or a daily average of 2,000,066 ambled through an idle week in jule quotations and the re- Kong Stock Exchange this morn- tion of arbitrarily cold-shoulder-models startedt coming-of-the-sharply as a result of advances
Indian mills would shares. The week before they and were mainly unchanged. of manpower imitations and ing amounted to approximatelying all existing shores simply be-assembly lines in strong num-
Dollar locks took a buffeting the restricted periods during co, even from vessels with bers and provisional estimates port that $1336,000. Noon quotations and cause they are non-voters.
continue their production cur- totalled 12,071,740 shares, "In some cases the market input the 1000 model run at just talement programane for the rest 2,414,348 shares per day. from New York's slide and which it can be done, likely high free-board, has ro this morning's transacions:
of cently received Ministry aver six million units -- some
ended losers.
to take at least 25 years, voting shares is so thin that one
of the year. Spots and afloats
MOST ACTIVE must either bur "A" or ignore right per cent over 1989 and also were up on an average of 15
Goids ran into a bout of buy-
A section of the coast is Transport approval.
The system utilises a specially" It is not well behind start-of-the-year the shares altogether.
American Molors was the ing Friday
survey and a start was made designed 20 man liferaft, which UPI. the best interest of our optimistic forecasts. Last week's points and sales were heavy.--
most active issue with sales of leaders good gains after reports being selected each year for the policyholders invariably to take | actual car
112,000 shares. It closed at 21 of renewed American interest last your between Portsmouth in strengthened for lowering by bakit-in suspension at the Cape, in advance of next and Eastbourne, on the south means of off 3⁄41⁄41⁄44. Standard Ol (New week's International Monetary
converge on coast of England: Nine stations, slings, these Jersey), Studebaker -Packard, Fund talks. The panse houses each about dive milce apart, were shackle at the apex of the
Benguet when-issued,
and shared the uplift.
mechanical canopy to form established Telautograph rounded out the
time and attachment for top five.
At the close Friday the Dow- Jones Industrial average was
1K Bank.. 1175 1150
.Lonard
Union
Wates boat
Whicelvekk
output was 80,350
ja serund course. As investors passenger units, well above the
Shares
Buyers Sellers Kalen
10 1180
$ 100
30
in
NTA
2015
05
125.70
7.70
7% 2000 724
400 ur 1.70
103 100 2000 106
648 JUN
250 20,00
500 1000
20.50 20.00
ik Duck.
Provident 20.00 20.90
HK Hotel.. 40% 41 MK Land
XD
5746 6014 300 g 68%
Yaunati
Ra
170
C. Light .. 21.90
100 50 and Sa
2006 30
100 ca 179
200 or 100
2:00 a 179
we connot Ignore
growth stocks.
top-class previous week's $2,763.
"What we can try to do and are doing is to stop any new shares being Issued.
"One way in which we are doing this now is by refusing to underwrite any new issue of non-voters. My own society has recently taken this course. So have others.
"And wherever our holding is big enough we shall actively try to oppoir such issues,
Legislation to ban "A" shares Pegler saki was desirable but difficult to carry out.
Industrial index
U.S. steel business improves
The
Dr
The Federal reserve Board's industring index for August was announced this week at 109 per cent of the 1957 average, a drop
of 16.98 points on the week at of one point from the revised
lowest 585.20,
since July figure and two points below
Chicago, Sept. 25.
February 12, 1859; 20 rails off high. the January
Some ad- ministration economis's predlet Steel service centres in all 3.17 to 129.95, the lowest since production will score a greater parts of the United States August 18, 1958; 15 utilities oft Than
this season? Increase
confirm that business hit 1.35 to 93.02; and 05 stacks off 4.06 to 198.42, the lowest since autumn as businessmen, step up the low point for the year | December 16, 1959. inventory buying. Other
in July and has since im- It was the fourth consecutive analysis argue, however, that an
proved.
weekly decline but brokers sald autumn upswing, if it is to - 23,90
With almost no exceptions, there was little in the pattern shipmanta for August, were of trading suggestive of a typi- nelling climax. Some starts inspeiler than July and September cal
expect a period of August were eight per cent up shipments are at least as good analysts
prices over over July at 1,276,000 unlis but and in most
cases better than irregularly lower
1999, There were signs of an
100 * 179
IK Tram..
315 3124
500 et 3114
1000 319%
23
5000 or 2250
2000 22
200
1000
190 20
UK Elec... 21.90 20,10
Cement
Dalry WALTUN
Textile
Nanyang
The chief problem was com- pensation.
"The Government would have o lay down fm miles about 300 34. And that's a tricky business."
*FAIR SOLUTION
HK Tel.
Ex. Hts..
29.40
8.20
10.00
14.20
1000 34
#14
t.15 7.80
300 m 5010
400 B
Amal Rub.
But Trust.
Talked Dock 00 01
13.00
2360 # 01
23.00 2000 or 2346
Humphrey's 23.8 1.80 30000 a 1.86
Realty
Cra. 39
3,53
SUK Cas...
In's Inv.
HK & FE
Inv. Cilenan
13.00 14.10
17.00
** 10.20
Yerty
bru
J 107
develop, should have begun to show up by this time. Private housing
that
gave
the
raft and
#
a single point
Coppera firmed in end-week
the lowering Is Inflated at dealings while in diamonds De Gauges, mensuring
boarding is Brers gained better than four water heights sultaneously, gear. The were installed for a month and deck level over the week at 182/6.
which bowsee the raft firmly to Oils moved irregularly. Toas checked periodically by survey- facilitated by a flexible apron the ship's side, and also serves and rubbers were mainly quieting recorders.-LPS.
Á power OT as a gangway. but firm-UPI.
manually operated single-orm- davit is employed to lower the
Transport The Ministry of
CRUDE OIL
PRICE PROBLEM
London, Sept. 25.
Measuring radioactive d contamination in milk
The Times of London ex- a full 12 per cent below August August, warehousemen report,
After СУСП concecutive months of decline, the Industry
Mr Pegier would be delighted improvement in this field the
should run it.
And he maintains institutions
10000 & 1.778 Ahould be
1000 fr $.00
expected
the near term until a base can be formed somewhere In tho range of 550 to 580 in the Daw Jones average.
No section was spared in the decline and electronics con- tinued to take the heaviest beat-
A
required a release system
the
which would operate insan- taneously when the full weight MONITOR for measur- of the raft was waterborne, and yet did not Jeopardise the Ing the amount of passengers' safety during board.
Ing, if a ruddon wave hit radioactivity in milk has ro-
boarding station taking the full cently been developed.
weight of the raft. The necessity for an accurate The R.F.D. Company have pressed doubts today that determination is oculo, capecial produced automatic release rear, safety limits for consisting basically of two side it would be possible to ly since the to see the Jenkins committee ro- Federal Housing Administration gain in August was about three
Infants are well below those for plaies, a hook and a locking commend legislation a fair reported mortgage applications percent to five poremit with a
apply the principle of
adults.
lever, which is actuated by two solution could be found."
uniform world price for
The equipment consiste of a springs and can be set to "safe" on proposed dwellings totailed Fimilar guita Every shareholder he feels 22,900 in August, a fump of 17 month. Industry shipments song. IBM tell 11% points on top
crude oil.
Since the defector probe and an indicator or "auto release." should be entitled to a say in
Representatives of the lead unit worked either by a 12-volt release geor must not operate har for the year, however, are of an 18-point loss the preced tog oil producing countries, car battery or A.C. mains. It unilt boarding is completed and how a company is run and who Per cent from July. UPI
(rénning - about 25 per cent ing week, Texas Instruments
commenced, the behind shipment last year, the | and
Honeywell Anchaling Venezuela and Mid- la designed for use with stand-lowering_has Minneapolis
con- and 10-gallon churne
locking device is designed to highest in history due to the dropped 8 each, Motorola 7 East nations, have been
in A thin-walled Geiger Muller engage automatically when the sidering the price problem
tube in the probe delects both hook is closed on the foraft Bagdad
radiations. | phuckle. When the raft, is sita- The Times said "while it is bola and gomune MERGER PLANS
over the ship't okie, possible to son qilay prices as we cales are used, each coli-ponded General Dynamics halved Its an idos, in practice the concept brated directly in infant toler-fully inflated and aden, the ance levels, one from 0-3 and bowsing lines are slipped and dividend and the stock de 4%. stems difficult to apply. Taken the other from 0-200. The indi-the locking device la sot mma- Coca-Colu and Minute Malditoralky, this would moon that
cator dial has a central zero and ually to "auto relansa.! nounced merger plans and the particular producing coun- the two
Bre read the raft is fully waterborne it both stocks! Endabső, frictionally | trion from which the consumers
A sopšurately -on either side. Is automatically freed from the bought would be determined at switch is provided to put alther hoisting shackle. the week
Chesapeake & Ohio, which
Demonstrations by Inexperi- of freight rates,
operation, In this way there le incod paneerogen and crows have Business was done in the loosi September 20 reads as follows received a sight not back when y time primarily by the level one scale or the other. Late
Baltimore & .... Chia
***15) george unlikely that pro- na chance of confusion, and the shown that ring one davit only, wus Nales in circulation. RAILAISSEE SIM
133nounced it, would start a meter ducers would be zybientner, at "The following raise:moj poble. Deposite an
willing to ESPADANG Btudy with the New York Ced" aliaw their sales to be at thequipment may be used by un- wafia can be lowerad by this
skilled perikaansel.
method ni tharma muinaite intervals, Company Limited, (TM FRWM Company Limiti (RT.D.
Lane,
Division, Godalming. Bury).
ngainst
anything
122001775 which makes it impossible for a
2000 on 1,778 | take-over to take place.
1000 1.00
G009 1,00
This is t for a country
and bad for polley holders."
strike,China
Mall and Zenith 4%.
Agreed merchant rates
sloc
8pocial
Canadian # Maximum Selling
Bank of England statement
120 14.70 The fact that a company may 17 1782, · Minimum Buying
2420
14.70
200 a 14.70 be controlled by charitable 17 9/32 T/T 17 11/32 O/D
090 or 394 Trusts should in fils view make Belgian Francs Maxinum
no difference. Nor should any Selling 660,
desire to prevent control falling
Into foreign handle.
Insurance companies. Fegice
paid could and would do UF | -
bit to see that "A" «larne die-
London, Sept. 20.
endled
The Bank of England state-bieber on the moci. Exchange rates
unomical
Mshaha
if we con slop any more | Gajdodlar, (per $1) 2mun
| appeared from thịp scene.
from being forued in the long
$0.00
Irun, they will, die uwo.
$1.01
"IVa slow--but it works,”
Londen Kapriss Företek),
HK UNIT FUND
Buyer Price
Baller Price
sure note our el
· völds (per
Endonesia ruplars (per 105)
Engipure, 183hnit0) Keksayur,
for
wat Pelmets Deposita muuta 15.86 | Government securtide, 體式
37|| Ruosipte
B. Statio
Other securilki zveza
(430,134,898 | Bal next week, fell 24
20,001,100
America Shipbuilding "odi Ty1⁄2 motcy of this factor, which is Manja pokazie delegakterier, arood, formings quite aikside their control.
UPI...
Опса