THE CHINA MAIL, WEDNESDAY, OCTOBER 5, 1960.
New York stocks show London Japan's all-out bid
Firm to cut
copper
production
London, Oct. A.
The giont Anglo-American Corporation of South Africa today announced an immediate 10 per cent cut-equivalent to 3,000 long tons per month-on the copper marketed by
Various the within the group.
further decline
New York, Oct. 4.
Stocks went into a long and uninterrupted decline
stocks
Lower tax receipts
will reduce U.S. budget surplus
Washington, Oct. 4.
today that deposited a majority of issues in The Eisenhower Administration today reported
lower territory.
Prices hended lower from the luck opening, but the decline companica speed following news
A statement said the cut was der so the excess of current world copper
production aver
demond,
Celanese Corp.
2
toucial Corp. Cileu Manjini. Dank
1502
67444
that
Armé steel had, cut its dividend
i
Chryster Motors; Civett Peabody
54
1550
234
at
Est
to 10 vents 150m 30 Cats Corning Class Works share.
The consensus now is that the list will drift over the near term while waiting for some specific stimulus to set the stage for an in-important rally.
companies The various volved " from time to time determine whether the ten per he reduction should achieved by cutimp, production by holding or alternatively copper in stock."
PROTECT
Tor corporation controls the! Nebanga Consolidated Rhokazo. Bancroft and Kunsanshij mines # Rhodesia copper refineries.
Harry Oppenheimer, Chair- man of the Corporation, Jast Mare weed in i annual repert on Nehanga tist it was fer exper producers to protect themaclves against
Continental Can yan Continental Oil of Dei, Delaware & Hudson Co. Diamond Alkoli .... Distillers-Seagram
ENFTI =
lower
Generel Dynamics General Electric General Foods General Mutue Gen. Pub. U
Domition Storey Dow Chemical ver Dupont ak
Nemours There was nothing In Que Eaminan
El Paso Natural Ga Family nunce Corp. nuws to support anything but a reaction in the wake of Friday's Ferro Corp,
First Nal, City Banke Hopes have runup. sharp
October sieci Georgia Pacific dimmed for un pickup, copper prices have been cut and earnings reports tinued to show as many
rollts as higher ones.
HIT HARD
compile the Stocks used to
Hord. Du bit averages were Punt fell more than 2. Eastman Kodak more than a point and Allos around 3. Losses of 2 or more were frequent in the steel group.
A spokesman
Con. Tyre & Rubber Goodrich (B. F.) Co.
Goodyear Tyre
Great Northern Railway Grumman Aircraft Guir Of
Hammond, Organ Heyden Newport Corp Hiram Welker we
jameslake Mining Co. Husemen Retris..... Idaho Power Imperial оп
Imperial Tobacco for the auto-land Steel Co..... fallingmolive industry suggested that Interhemical Corp,
demand by "yegulating supplies 1960 model inventories would
and said the Deat to meet demand"
into 1001
m
car sales and
Nehama "would join with other issues in this division reacted
producer: It either sharply.
or with-i reducing production drawing
from
cuper
market."-UPI.
Chicago grain market
Chicago, Oct. 4.
American
home
Int'l Budness Machines Int'l fryester.. International Nickel International Paler Int'l Tel Tel John-Mavilla Co. products | Kince Industries the toppled around 4 in the drugs, Kennecott Copper
dropped Universal Match around 2 In the vending stocks, Collins radio
gave up
around 4. Texas instrumen is
Large scale purchases of
Kimberly Clark Liegelt & Myers Tob. Ly Tullo
14.
Lockheed Aircraft Loews Incement Co. Lone Star Cement & Sone
and Zenith more than 2 in Hay
electronics, and Polaroid slip- Ded
2 in the
Изат more
cümeras.
Dow-Jones closing averages!
30 industrials
573,10
124.64
Morsk
Membi ipan Corp. Molsons Brewery. Montgomery Ward Motorola Inc.
Nailonal Biscuit Co. National Cash Reg. "A National Dairy Prod.
91.70 National Lead ... 191.80
National Steel Corp. New York Contral Noranda Mies Ltd.
20 ralis
15 utilities
66 stocks
40 bonds
84,40
Comm. future price
Index
Closing prices
U.S. wheat by India Abb! Pwr. & Paper
steadied wheat futures: Alled Chemicals
prices on the Board Trude on Tuesday.
March wheat nåvanced two dollars a bushel during the session, highest since May 19, as both the March and Decem- ber contracts hit new highs for 4 season.
An, Home Prod.
North Amer. Aviation
143.58 Northwest Airlines (Corn)
Okishaina Nat. Gen
Olin Mathieson
Oils Elevators
an
Owen-Iliuola Glass
Dxford Paper Co.
Paclille Gas & Elec.
Pitney Bowes
Pullman
Puro Oil
Radio Corporatum
Radio Corp. Pref.
gain
Londor, Oct. 4. Industrial leaders notched
modest gains with com- pany news and dividend hopes giving Impetus to selective buying. Other sections failed to set a trend.
that lower tax receipts from industries and business would sharply reduce the anticipated United States budget surplus in the current bort and dollar reserves fiscal year,
In a mid-year review it sald the surplus for 1900-01 Wa!! now estimated at 1,100 million dollars compared with President Elsenhower's forecast of 4,200 million dollars when he sub- 11** 100% mitted the budget to Congress
32 In January.
445%
*-
The Budget Bureau stated that expenditures were pected to rise from the original estimate
79,800 mAHun
of
U.S. vending machines for Japan
64% dollars to 80,400 million dollars, but receipts were likely to total
dollars A only
81,500 million against the previously cafimat- ed 84,000 million dollars.
10
Most of the fall-off was seen ts due to an anticipated reduc- tion of corporation income tax receipts by 2,000 million dollars from the January estimate of 23,500 million dollars.-Reuter.
New York
cotton
market
I
to break into European markets
Tokyo, Oct. 4. Japanese manufacturers of cameras, sewing machines, transistor radio gets and many other goods are making plans for an all-out attempt to break into Western European · markets, which, they bellove, have become in- creasingly prosperous in recent years.
To increase the export sales of their products, these manu- facturers suggest that Jupan should opas her own markets Textiles were Orm. Septem- to more Western European com-
modities on a reciprocal basis. figures brought a Burry of late
that JapaneRo They believe buying in gilt-edged.
exports to the United States, Foreign bends Idled and which showed a 50 per cent in- dollur stocks receded.
crease last year to account for 30.3 per cent of Japan's toto) exports, are now showing signs of a slowdown,
Golds met small selling, cop- pers fell on the cut in Rhodesian output announced last night. Diamonds were steady.
But they see many undevelop- erd possibilities
Western In Oils staged a late upturn. Europe, which as yet takes only Rubborn and teas were subdued.: 12.4 per cent of the country's -UPI.
total exporta,
Closing prices
UK Government Securities
216% Console—£434%.
• 45. Console=££}}$/ Tending
Kansas City, Mo., Oct. 4.
tentative agreement for manufacture and sale of automatic machines in Japan was announced jointly here today by Mitsubishi Heavy Industries and the Vendo Corporation.
K. Sugita, Tokyo General Counsel of Mitsubishi, and John Fierzon, President of Vendo, issued Д statement utilning plans for the Japanese company to manufacture · the machines country under for me in its Vendo
The Vendo patents. company would handle sales in Jupan
A delegation flew here from Japan to work out the agree- men with Vendo. Sugita, who headed the group, said approval
the
the agreement by
New York, Oct. 4. - New York cotton futures of
moved within narrow Jepmese government was ox-
shortly
that ond throughout
the pected ronge
Mitsubishi hoped to begin pro- 10ssion in continued dull auction of the machines carly dealings.
next year-UPI,
morning:
At, the close the list ruled four points higher to Ave lower after opening this within the same range. New Orleans tutures finished four points lower to one higher.
Further covering in the old
and some spot position
com-
the mission house buying of distant months was noted dur~ Ing the day. But offerings, al- though light, were heavier than 3biging interest and the market 31% was unable to move ahead,
LOWEST VOLUME Yesterday's barrier amount ared to 800 bales. This was the lowest dafky volume figuro ta exchange. of the 233 the history
Normally this week witnesses 344 the heaviest cotta movement is of the year, and above normal, 694 activity in Sutures,
BOJL
$7
Algoma Steel Corp.
311
Pun American Airways
18
40
Paramount Pictures
of A. Brake Shoe
Allis Chalmers
24
Penn. Salt Co.
37
Full Morris
Arner. Cable & Radio Corp..
Amer. Cyarumid Co.
45
Publieker Industres
to
Amer, Forgn, Power
A. Gag & Electric
53%
102
62
Hay theor
001%
Reply Tobacco
Steel
25
Royal Bank of Canada
DEL
Royal Dutett
Start bli Co.
Safeway Stores
45%
Saint lung. Paper
50%
241
Scott Papor
1232
Siegler Co
Baltimore & Ohio
2011
вль
Smithof
Kine & French
Socony Moon
Bank of Nova Scotia
6015
ment and Sweden bought a few parcels of red whent,
Beer Life Savers
Southom Natural Can
433
Southern Railway (Com.)
3. C. Tel Co.
43
Standard Brands
Bell Telephone
48
:
Buying of wheat futures re- flected India's buying of around 12 million bushels hard and while
what for November
shipment. Colombia took
Am. Mach. & F'dry. American Metal Ain. Natural Gas American Smelting Am. Sugar Ref. Ameriena Tel & Tel American Tob. Ampex
Anaconda Copper Armour
Asbestos Corp.
Baldwin-Lima-Ham.
375,000 bushels of hard whent Bank of Montreal
fur October-November ship.
Beneficial Finance
At the close wheat was to Bendix Aviation Corp.
1 ceni a bushel higher, Decem-Benguet Cons...
10
Bethlehem Steel
Ca.
Burroughs Add_Machine
| British "Amer, Oli
ker 1,90 %-4; com unchanged | Boeing Airplane
tower, December 1,00 Borden The %-09; only lo 4 lover, December 06 Ya; tye 1h lower to bigher, December 1.21, and soybeans dashed to 1 .cent higher, November 2.13 Canadian Pacife R.
T-4-AP.
Caflf. Packing Corp. Conn. OK, of Comas,
Campbell Soup Co.
Case (3. 1 Co.
Cat. Tractor.
CANADA'S LARGEST
„LIFE ASSURANCE COMPANY
OFFERS YOU .... £4,315 AT AGE 55
Schenley Inc.
Shutard Oil of Cai.
241⁄2 | Standard Oil of Ing. Standard Oli of NJ. Beel Co. of Canade
1
30
30t
Steep Stone
49
ter
Studebaker-Packard Corp. J19 Sunwing Mixing
343
Swift & Ca.
Texas Co
Textron Ing.
Thicke Chem
23 Tide Water Chi
9t Time Inc.
251 Tr-cont, Warrants
Men or women, under 15 by selling silde regular monthly, half-yearly or yearly amounts under the BUN LIFE ASSURANCE COMPANY DY CANADA plan can, for example, receive at age 60 a lump sum £9.315 for man or £4,332 for women or a private Income for life of £204 year. Any accumulated dividends would be pold in addition. If you Are somewhat older than 45 now, the frulle of your saving would come jai, may, 10 at 60.
£3,390 FOR YOUR FAMILY, H you do not. Bye to continue paymenta regularly until you are 59, your family would receive £1,300.
INCOME TAX LAVED, While you are saving for your tatos panes in This way, you would be entified to the Broder amount of relier from juny Income Tix you are now paying.
BAFEGUARDS FOR YOU, Guaranteed safeguards promised by the Company would help you to vercome any, tranetál dimiculties you might most on the way.
The size of the cash sum or private Income depends upon your wishes and the sound you reguinely sat aside. Adjustments can be made to But your persons, requirements →→ farge or small, By Billing in and pending the enquiry form (portage 3 cents it uneesiod) you can obtail kull delalte sulten to you — personally.
You are under no obligation U you ask for information.
TERKETEPIN932939. J. M. King **...........................
“(Ag. Madagat, Hong Kong)
SUN LIFE OF CANADA
217, Gloucester Building, Hong Kong,
Y should like to know more about your 'Diam as advertised
MANE
wikiant incurring any obligation,
(MEL MIN. 4* Mini) ()
ADDRESS
*Deck(ə Brack, Ásto.pl BITIN
C.M. 5.10.30
Twentieth Century Fox Film
Union Carbide
Union Ou of Cal
Union Pacific Hallway
United Alreraft
United Fruit
United Gas Corp.
US Gypsum
US Rubber
US Smelting
US Steel
US Stral 7 PC PF
Warner Bros
Westinghouse Air Brake Werdinghouse Electric Western Union Tol. Co West Va. Pulp & Paper Winn-Dixie Stores Woolworth (ILW.) Zenith Radio
Saigon rice
for Ceylon
291
-33%
4
New York
sugar market
New York, Oct. 4, Warid No. 4 sugar futures.
today closed and to six points higher on sales of 91 contracts.
Domestic No. 8 sugar futures | finished unchanged on sales of 44 contracts
Futures markets were duli
to
Grey goods continued be-all-day with only scattered and 424 calmed, with conditions claimed 30% by tradors to mirror the current 2314 unorthodox method of market
ing cotton and the uncertainty, 431% of future prices. Somo grey goods prices are said to be near production cost now.
Liverpool futures closed un- changed
to 15 polnis higher. No exports were reported to day.-UPI.
Colombo, Oct. 4. Ceylon's Food Deportment has placed an order for 32,000 tons of rice from Saigon at £31 per tom, with deliveries early, next 'your
Yesterday's Closing
featureless buying enough cause a considerable advance in the current thin world market. it was mid During the day that European countries were actively looking for business, reflecting this fall's
expected bumper beet drop. Brazilian rows were said to be available below Cuba's in Europe minimum export price-UPI,
at
alth, Conversion," "1981–239%) 3%, Funding, 1969.00 £8034, 31% Funding, 90/20M-£0414. 4th. Funding, 190/90-87-3/10. 3%. Savings 1065/66–2803. 3 Saving 1900/70703. 3%. Savings BGVR-EN-İ/30.
Banks, Indurances
Barclays "A" Ord-61. dd, Chartemd-878 36. Hongkong-20
Lloyda "A"-UTR Westminster A-42%. Union Ingmace-£5-3/16,
Aircraft and Motors
British Motor-15% Dd. Ford Motor-pós 1jd. Hawker Siddeley for od. Rolls Royce146_64. Rootes "A"-~-02 7k0. Standard-Triumph-8# 411⁄2d.
Building & Materials Assoc. Portland Cement-70s 10164,
Eteel & Engineering Babcock & Wilcox-33 $50. United Steel-02% 30, Vickers-327.
Paper
Bowater Paper Ord-šās Gư,
Tebacco, Food & Breweries Brish American Tobacco-1. Imperial Tobacco6s.
1366.
Miscellaneo Boardman Marden Bowmaken =209 91%d. British Oxygen--20# 14. Canadian Pacific$3815 De La Hue Ord-118 90. Dunlop Rubber-280 101%d. Gülman (Holding)—2s disd. Hongkong & China Gas-15.
Chemical-x d.
Imperial c
Radio & Electrical Associated Electrical-45. Electrical & Musical—–405. English Electric—35a, General Electrio-38r.
Baipples Indo-Ching Navigation-218 01. P. & D. Steam Navigation=-5ās,
States
Debenliams 471–19354. Great Uplyersal-"--50# 431⁄2¢, Marks & Spencer-tie_Bad." Woolworth, FW-190 sl.
Textiles
Coats, J. & 4. Courtaulds-556.
oa
British Borneon #164. Brita Burman-la 18.
British Petroleum-481 411⁄2d., . Bod.
Royal Dutch-E1438.
Shell Transport-12 d.
Mines
De Beers 187@ Bd.. Petaling Tin 7 140, Union Corporation is 1440,
COMMODITY PRICES
SUGAR
NEW YORK
Closing prices all in cents per
lb.:
Contract No. 4 (world)
Oot: 2.12;
Zen: 3.05; Star: 3.07; May: 206: July: 2.00; Spot (76. Tun
Cubal; 32N
Total Sales: Si contracts.
Contract No. 4 (domesho
Mar: B23:
Nov: 8.03; Jan: 4.00: Spot(... NY, ex-duty): 023,
Total Sales: 44 contraGÉRIA Open interest: 807 contravis.—UPI.
This in the initial step in talning up Baspon's offer to sell Coylon rice af prices below the b Current world level,
COTTON
NEW YORK
Closing prices all in cents per
Spot! 22.25 Oct: 1
Dec: 31.30;
METALS
LONDON
Closing prices, all in sterling
per long ton:
Spot
3-month
Copper
Spot
3-month
Zine and half Oct.
Land 2nd half Det.
Buyers Sellers
201
804
200
228
RUBBER
NEW YORK
Teuter,
Settlemood house termi
Oct./Dec.
Jan./Mor
Apo/Tune
July/Beph M
Conferui nimekala, 231, DATA, Det
Now, tore
thick Opt.
AMSTERDAM
Closing prices all in gulider
per kilogram, eff. Oct.
All unchanged-UPL
FOREIGN ENCHANGE.
NEW YORK Closing rates:", Canada England omicidi
90-days
Fox rubber futures closing | Australia. An official spokesman also Mar 31.04: May: 3341: July 2013 Bid that the United Arab Out: $2.16 Dee: 22811 Mar: 1790; prices, all in cenfe per 1b.: New Zealand
May: 32.09: July 3
Republic too had offered a
large quantity of rice.
NEW OREZANS
Closing prices all in cents per
from Ib.!
Bpot: 20.15; Dag: 31.33; Mar: 91-01 MAY 1 Jules Babij Out: 12,70 Dass 21201. MATS" 32.40;' MAY:: 33.00) July: 8275
A ̋ trade, doteration Cairo would stivo shortly to
discuss the question of trade peak with Deyion, Meanwhile, the rice talks, with Burma ween being cont Aired. Agreement on the Ib. quantity.prico of rice to be bought next your was expected to bo slined befor Burmoso delegation leave 10% night miching Mall Somis)."
24.00 South Africs
鮮
21.00
Others unchanged.
LONDON
Closing intag:
#165 |Maw, York
Sorel
Amsterdam
Copenhagen
BINGAPORE QUARE LIVERPOOL,
Closing prices all in "Straits SPURM
240p Malaya | Tenkter? Closing Prices all fit pence per i cents per lb.
Amerionn Cantract -
„Ost: 3430] Dei 1984; Mari, 2530) Ribced Contrsot
· Stay) #3,70) July: 1310/+PFL
LONDON
• Otoning girióm all in pozice per
› TRADE PACTS
The
Japanese
Government
been' co-operating with
these manufacturers by trying:
Sales of
natural
rubber
Washington, Oct. 4. General Services Adminis
tration today announced that September sales of crude natural rubber from the national stockpile of strategic materials total- led '4,691 long tona..
GSA said that approximately
began through
Batey September 30,
to negotiate what it considere91,438 long tons had been sold mutually profitable trade pacis October 10, 1959, when
」: with a number of countries the area. Its ultimate object is 1980.
ot governments persuade these nations to remove trade and tariff discrimination against Japanese goods.
10
The Japanese Sewing Machine Industry Association has sali that its members are counting heavily on increased exports of their
to products
Western European countries, in view of relaxation of restrictions on their imports into Britain, West Germany, and other countries.
announcda The agency also that at the end of the Supten- ber quarter there remained for sale 388,835 long tons of crude rubber.
The disclosure of how much rubber the agency has to cell is now made only on a quarterly Previously it had been basis. announced monthly basis but that practice halted in July.
The GSA nouncement list- ed the approximate quantities
available for of crude rubber sale as follows: 08,796 long long tons of 1 R.S.S.; 98,953
long tons of 2 R&B.; 183,92€ tons of 3 R.S.6.; und 29,210 long tons of pale crope. the
August
of crude by GSA amorstod to 5,167 tons, while July sples totalled 8,271
of
Export shipments Japanese sowing machines to the area have already shown considerable increases, partį.
to Belgium, cularly Netherlands,
Sweden, Den- mark, and Elre.
silos
The Japanese Machinery Ex-tona.
The agency said that of the porters' Association said that exporters of Japanese transistor 4,691 long tons sold between radio sets have devised a plan to September 1 and September 30, US, government increase sales to Western Europe deliver from while preventing transhipment warehoupes was scheduled of their exports to the United follows:
States
1960-90 long
1900 1,216
1060
September official The market, minimum price for these exports tons; October 1980-1,088 long has been reduced so that it may pas; November be more strictly observed than long ton; December
1,095 long tons---Router. hitherto.
The Association expressed the bellet that West Germany is | becoming a formidable com- petitor for the Japanese_trapals- tor radio Industry. West Gor- man manufacturers are appar- ently using new assembly syrien superior to the
one
In
tase in Japan which is based mainly on hand work;
TO BRITAIN
that
مود
Rubber
market review
A spokesman for the Japanese Camera Manufacturers'
Industry sociation sold
the Increase in the Rex quota for Japanese imports from
welcomes British
zamerk
only
£15,000 in 1858 to 2375,000 in 1959 under the Anglo-Japanese
trade agreement. the
Nevertheless,
New York, Oct; 4, rubber futures today closed 25 points lower to 15 higher with sales of 21 contracts.
Futre dealings continued cull
Industry will urge the and trendless today, reflecting Japanese Government to cook similar
conditions in
actual
complete
of rubber where neither
manufacturers
deaters showed
liberalisation
remained
Терапеве camora imports into bor Britain even though the stop much interost and For East scarce. may megn that the Japanese offerings, have to import moro British However, small amount of No. woollen goods,
11 rib from Thailand for Octo- ber shipment WAS ruparted The spokesmani complained dong at 33% pence. The cur that Japanese camera exports įrent month for No. 1 was gre the object of discrimination quoted at 35% pence.
in France and Italy, though In London, the rubber mar- the Industry is hoping to in- kẹt was Gull and easier with crease salça substantially in
Sweden, Denmark, Belgium, thepot quoted at 28-13/18 pence, In Amsterdam, the rubber Netherlands, Switzerland and
other countries where Imports market was dull today-UPI..
are not so restricted.
Japanese camera makers, ac- Indonesia may
conding to the spokesman are
to exhibit a number of low-
priced new models at Photokina resume exports
the
blennial
photographic and cinemato graphie exhibition, nt Cologne, West Germany. thle autumIJA. Intense competition is expected to develop with West German camera producers but, sald. the spokesman not only is price of The factor in favour of Japanem COMETER, but they are also technically superior..
of sugar
Djøkana, Oct. 4. Indonesian Govern. ment Is Investigating the possibilities of resuming export of sugor, "which Other Japaricue trade sources swan: stopped last July. say that exports of Japanese Trade... ministry officials binoculars, watches, televisiori | dicated, that there was enough. Linned frial and fish sugar on hand to meet bomo chemicals, toys, apparel and panied was to the Indonesion afik are also being meressed.—| sport quote. Axed by the In- Router.
barimtional Bugar Council
J
This year's quota fixed by the International Sugar Countit :-
Ship for sale to 100,000 tons Ac-
"
cording to the Burs Of Gratistics, up until July, mone $4,000" tons had ben exported. › Game) oxportery aro' propelixtly.
day, walling the findings of the that the 20,400-tonliner Empress mermers investigations. They
London, Oct. 4, The Canadian Prešße Bisan» Khip company announced today
of Franow will be withdrawn sold that this was a good guar from the Atlanta service at for Indonaalne)
the end of her jarl voyage from Burma the blazest burst. Other Montreal - Ipl Liverpool oRKE
Imonber, Who will be soldami
}