THE CHINA MAIL, MONDAY, OCTOBER 17, 1960.
Weekly survey of American economy
U.S. BUSINESS BRIGHTENS ANOT
Spurt in car sales and
steel orders
New York, Oct. 16.
Enthusiastic reception by buyers of 1961 automobiles and a pickup in rush for steel delivery highlighted the business
BRITISH OXYGEN'S
CHAIRMAN TELLS ABOUT THE NEW ERA
(To millions of investors British Oxygen is one of the industrial "leaders" whose per- formance is read as a guide to market trends. Here Alexander Thomson talks about this giant with its Scottish chairman).
By Alexander. Thomson
London, Oct. 18.
picture in the U.S. this past week, giv- The palatial touch in big business. You see it when you visit the London ing further hopes that the economy has begun a recovery from a slight recession.
London stocks
ease
London, Oct. 16. Industrial stocks retreated during the weck on profit-taking and
"home" of £70 million British Oxygen Corporation.
most
fashionable It is in Bridgewater House, London's St James, once the town house parties in the old days. of the Earl of Ellesmere.
And young executives occupy Offcial figures of sales of
Mr James Hutchison, chair- what used to be the servants 1961 ears are not yet available, man, wories in a high-ceilinged, bod rooms.
overlook. But in
is NO SCHGE British a spot check of dealersgill-encrusted room
"old wordly." Oxygen showed that most of them hading Green Park.
The typing pool la in the for- growth has been almost strato- much better first-week sales of
of i spheric mer grand salon, the scene
$1
61 models than they had last cat during the first wook of 10 models, One Ford dealer reported sales of 125 cars this in thu compared to 75
similar week last year,
Overall, deakr opinion
was
cautiously optimisile; they bo อร the *61 modola Reve attractive and can be sold, but
gales will take strong
dealer
and
that
promotion, competition will be fierce.
Car sales are of far-reaching U.3. the entire importance to economy, and an uplum in this Im- means consequent arer
the allied in- in provement
gars fabrica the weight of depressing dustries-steel,
Auto-making but
govern- rubber.
went by 20 per cent of all the steel
under
Influencer
ment
securities
ahead
investment ON
buying.
The Financial Times
procRNING SIGNAL
fans
It still was too early to any whether the indust-authoritatively
hold up. One
riul index lost 7.7 points over buying spurt on '61 curs would the the dening days and ended of 320.4 against the January high of 342.9 and the low point of 205.8.
011 that thequencies
and other cities,
New York
advance
Its
prices
but
volume down
New York, Oct. 16,
The world baseball series loomed over the stock market this week serving ds a welcome excuse for those traders anxious to avoid committing themselves in an uncertain future.
in response ale improved business news.
held over
warning signal could be seen in a report this consumers are past week that increasingly slow in maiding re-
"Backing and fating" ότι payments on loans. One... San
describe the Cutbacks in the ear industry. Francisco bank reported delin-consolidating" were terms used
Inst-men! by brokers to mounting evidence
week's early sessions and it cred squeeze is biting into į loans are up 10 percent from a sectors of the consumer durable year ago, and are at the highest wasn't until Thursday that in- trzde, less optimistic outlook level in five years. Similar re-estors saw fit to take chances from the regular Federation. of ports came from New York and British, Industries survey
The bullishness trade Most how car purchases are disappointing Overseas
encour-made with the aid of loans, so until the weekend enabling the gurts for September aged the sellers. Wall Street's it was possible that many people list to score its second consecu-.
havo over-oxtended tire weakly advance on, over- rally had no noticeable imp:ct.already
themselves financially and can age. The baseball windup plus the Columbus Day holiday, how- Gill-edged were the standout not take on the cost of is new
ever, depressed volume suffi- and inched ahead each day of car.
Some major mills in the clently for brokers to term the steady buying for good yield from the big institullons in the Pittsburgh and Chicago districts using merely a technlent res- Held.
report that steel orders for rush
ponse lacking warmth from the are on the increase, heart. Foreign bonds were
a fea-delivery
have that users Indicating tureless
but affair
showed
Biquidated their stool inventorics weakness
Greeks. Dollar
and now are running out of stocks came out on the upside.
steel needed to maintain pro- duction.
GOLDS
Warm or cold, the Dow-Jones industrial average is now haver- ing just a few points below the vaunted 600 resistance level so soundly crushed a month earlier. tables are Only this time the turned. Most analysts now con- the "800" a formidabic
If so, stendily bigger orders may be expected. Statisties in- to 42 The divate that from 2
lums of steel were sider million
rally.
South African golds failed to extend last week's gains. slide started Monday on smail selling and the drift persisted liquidated in the third quarter. upside roadlock to any sustained
until late Friday. when Bome Koffers scored small gains, prob- ably on good quarter results.
In
STEEL MILLS
Steel
were
uť
TAX SELLING
mill operations
at 54.0 per cent this past
week, or
Fears of additional tax welling the 1,550,000 tons, compared to ac-ats appears to be holding down trading commitments although dia- tual operations at 53.4 per cent last last week, or 1,522,000 tons.
look upon sume analysis analysts agree that factor as overrated. Market and
a steel operations will remain
the 50's (per cent of operation)
Most coppers ended downside, scheduled
out-capucity with the African political look a factor. Tins ended week on a dull note. monds the De Beers glarit 5/- over the five sessions crossed the finishing end 147/-, Ons gave
line
up fractions but teas were mainly little changed.
UPI.
Plea for U.S.
investments
ct.
་
in
They
this
while
fax the
suld that for the next several weeks, un-selling could indeed drive less there
Textiles market
review
and
a new era,
NEW YORK Painless injections
COTTON REVIEW
New York, Oct. 16. Cotton, futures moved ir- regularly lower thin påst Webk
moderato
Z
as in- trading volume creased acreage allot- monte for 1951 provided the main selling stimu lus.
AL
the 1st
Friday's close, ruled two points higher, to 33 points lower. This was the equivalent of a gath of 10 cents a baie to a loss of $1.05 a bale in futures values.
a tall And Hutchison, wiry Scoot of 56, told me today: "We have entered
Volume over the Orst three In Ave years' lime our sales may
sessions of the week was less Teach a yearly £100 million.
Well ten years ago they were than half the amount traded on 17 million. Last year they Thursday and Friday.
ol £55
'The old October position turned the cash scale million. So here are hopes few featured the play until a ex can equal.
Of course, James Hutchison is careful to qualify his forecast, For not only is he a Scott He is an accountant by training as well,
**Our rate of growth," he cautioned "will depend on world trade conditione being able and on steel industry ex- panding according to plan."
to he refer The new en"
ment of what is now "tonange oxygezi,”
reason
and waterless
handwashing
Painless Injections, new and reliable weight reducer, a pimple remover and waterless handwashing were among modern medical marvels on show at the recent London Nursing Exhibition.
of four ja-
The
for new compound Ingenious device painless injections is intended gredients. Its action breaks up to allay the nervous fear of the the clokked cells, gets rid of tho Teduces excessive hypodermic needle. It consists bacteria, of a needle holder with sleeve secretion and stimulates the cir which can be attached to an or- culations.
The needle is dinary syringe. fully concealed and the device stretches the skin so that little or no pain is experienced. The Injection is automatic and its depth strictly controlled. More over, the needle cannot become
piration at noon on Thursday. Trading in other months up to that time was restricted by the Columbus Day holiday, world broken. serles base ball and pending ENGGUBCENIont acreage figures.
1981 the of
B
A new, safe and effective drug for the reduellon of weight is on show after trials over | Ave-year period. It is said to have "marked appetite suppres
properties," does not sant stimulate the heart and is not cardiac with anfety, even to habit forming. It can be given patients. The pimple, spol or on show for the demand acne remover
Despite the issuance and re- issuance of a total of 75 notices Against old October, last minute short covering ran the position has come in with the develop-up to 31.87 before it went off
tre board. called
A sporadic rade by which Oxygen is lined from the role against sales of May and July first time at the Exhibition is a allowed the December position of cutting and welding steel to close Arm. Other nearby and put into the job of making deliveries Bnished little changed with a good deal of the activity and "In this technique, the stuff is representing 1ransfers with squirted mio sted furnaces
light straddles along harder--and hedging. make them work
iL
This is a process
fastor.
to
:
Recorder stores
radar images
..
COMMON COLD
A new waterless skin cleanser
emulsifies the quifies on being rubbed on
dirt, and the hands chr B& dirty hands. It Wipod clean within seconds. It is non-abrasive und härraless to the skin and is intended for use where normal washing facili- ties are not available. Sufferers the common cold, hay from
ever and other catarrhal con
delayed-action dillons will be happy to leath
that A new
tablet can give, relief for from six to eight hours. It consists ensure extended relief by being released at Intervals over the of tablets within tablets which
period.
A
Among other introductions at the Nursing Exhibition, was devica to simplify artincial in cases of electric respiration shock and near-drowning, Known as the Brook Airway, It is based on the ample, method of mouth to mouth breathing and overcomes the arathetic of a objections this method some
Radar Ltd.. have
détails
It may sound odd to measure The new crop month activity
ton took place
On Friday mostly a gas like oxygen by the which in its case means some after the Agriculture Depart
ment antounded a five per cent Decca thing like 20,000 cubic feel.
But Hutchison
raleated explained: permissible increase in cotton "T quantities needed for planting for 1961. steeking are so arge that everyone would get lost in a sea 1o use ot noughts it we were any other method:"
+
Commission houses and New Orleans were main participants in selling the new crub, but other interests were wary.
During the
tape recorder employing times, encounters, Danews a new system for record- 'Service.
ing.
It can play back radar data high degree of
SIMILAR PROCESS
week the certi-with a vers
I noticed
a twinkle in his fated stock increased to 7,14 delity. It employs a video asked bales, its highest level in some tape recorder developed by the Ampex Corporation and adapted eyes as we talked.
Unixed call sales
Electronics Limited at time "Have you any other ideas
Limited for and Decca Radar the back of your mind for fol-dropped 200 tales in the week by Ampex
ended October 7 to 11,200 com-
use in the radar field. lowing up this development?"
pared with 139,800 bales at the The twinkle turned into a
same time last year. smile, "We are trying out
tur- similar process for blast noces," he said "In which as you know iron is made."
д
"This may open up still birger use for oxygen. But it will take time to develop." I reminded Mr Hutchison that
GINNINGS
The recorded picture is com- pletely realistle say the com- pany, and has a wide dynamic
that obtained
Weather reports during the range unlike week were mostly favourable with earlier techniques such as
Preliminary Iti but nature played little part in lmcording. determining
New York, Oct. 15,
trading Cotton print cloth
prices. vestigations into the applications sluggish this
futures was again
but
said they ex- for this system show that it has week
prices
Trade souces past
17 ginnings reat advantages for civil and the October pect as a result were steady
in February he had said British report to show about 6,100,000 milltary use as an aid te trein- of
offerings Oxygen's planned spending on decreased
hales. This would be considering analysis and research, and 'by second hands.
expansion was £28 million.
ably under the ginnings figures for certain operational functions.
ECONOMY Carded twills were marked Last month he announced it for the same date last year.
to £40 down, Yern markets were also had been stepped-up
Demand for finished cot-mian. slow. too goods showed no signs of
"Why the large increase in 'a improvement,
few months?" I noted.
Wool markets continued to re- flect firmness in Australia and
South Africa,
Burlap prices turned lower as a result of technical reaction to the recent sharp advance, with lightweight spot and afloat prices falling on
the average of 10 October and November polnis, heavyweight shipments were off 15 points.
Hard Abre prices developed a Is a major general market to new lows, the sharp
decline already In effect has mixed trend as British East! į business improvement.
Chances
inade for such improve-
many stocks attractive Afrlean staal remained unchang- conclusioned but offerings of Brazilian Bisal ment comed slim. The US for purchase. The Commerce Department reported in that whatever tax-loss trad- were reported in the market at
In fractionally lower levels. remains will result that retail sales on September Lis
In Manila hemp prices of fine fell to $18 billion after seasonal witches, with the buying can-
credes, which are scarce, dis- adjustment, and were down ceiling out the selling.
played a firm tone, but lower one per cent from August, This
which is how Roger Blough, hood of U.s. quality hemp.
frocly available, was offered at
Modern shipping terminal
The biggest modern ship- the ping terminal in Southern Hemisphora is
being constructed bh. the western side of Circular Quay in Sydney, and by December.. £11⁄2 mil tión terminal will be ready to receive the now P&O Oriental. Lihar, Oriana, which I due then on hér maiden voyage.
..
The wharf is 713 fent lotig,
A cotton futures released by
Availability of radar record- a market source showed on 18,000 bale decline in openings of the quality provided by
will equipment
enable contructa during Geptember. It this He said "For tonnage oxygen the decreases were in the future technical and operational special plants, have to be bulling on stiert commitments for advances to be achieved with and there are three main levels at the steel works.
small traders and in the long far greater economy in time, and to the building, one for passe- With this system o gers embarking or distinbark- money. of large complele record can be made, Ing, one for cargo and baggage, speculative positions traders, offset in part by on the for example, of air defence and the third will be dor. Visitors, crease in long hedging positions. exercise, which can ilien bore- and for the convenience of ali
times, as re-
there will be a post office, tele- phones, bureau, bars.
to
"The steelmakers may want to own and operate them them seives or they may wish us do that.
"So it is not clear whit the
As of September 30 it said peated as many and total open, contracts on contracts are finally won
Dotton mckets setfied how much capital you throe will have to find."
280,300 beles.
UPI.
company
tourist and railway flower stall and misce
The Customs inspection hill
is 423 ft long, by 74 ft wide. At
the quired. were The equipment itself com- prises, all that is necessary, for To finance these and other Exports for the season the fcording of data, from, a in- hend totalled surveillance. radar developments, British Oxýken | through October 11
monitor display on 467,040 cluding is asking its shareholders to 476.226 bales gait put up another £12 million bales last year, according to the which recordings can be played the northern and will be parkt- Recordings are suitable space for 60 cars and close Hutchison expects this will be New York Cotton Exchange back.
for play back into a complete by space for another 120.
The Mariume Service Board to pee the
operations room, system when ample
tracking, altering, and all other commenced this, work, in 1958, through the programme it has
relevant functions can bó cartled
and dredgers have scooped out mapped out for the next three
out exactly as if live radar data the bottom of the Quay to pro- years,
were being employed. Other, ideas? He believes he!
vide a minimum depth of 30 ft The company also claim the for ocean liners etc. using the system would be valuable for terminal, operational investigations, for example unwanted phenomena, The Lape recorder would allow subsequent analysis of unex- plained eigna, LPS,
was the lowest figure since the.i stecì, snid that steal inventory fractionally lower levels-UPI, is on a winner in a now method
government reporter,price by year end was enough
res
of
to
Unison with industrials as the Rails picked up smartly in carriers indicated a good haul-
Poland-India trade accord
Warsaw, Oct. 16.
|
for cutting steel plates electroni- cally.
In this venture British Oxy- gon and the Ferranti Electric:1 firm are working together.
COMPUTER
д
"Instructions are ted into computer by tape,” he explains ed. "And the must compileated out cutting operations carried
with the imate in accuracy." As we stood at his big win- dow admixing the autumn tinth
the green park, Jurses Hut chison came back to
hia poi
1.2
U.S. exports
in
The
August
Washington, Oct. 16.
Commerce Depart ment announced last web thắt US apdr in August werd valued ot US$1;594,700,000; decline of five per from $1,682,500,000 in July.
cent
$17.5 billion of December, 1968, shelves. were nearly bare, a The figures revealed a decline statement confirmed on Friday by in most lines of business, and the top, executive of Republic Roanoke, Va., Oct. 16.
this decline more than offset Steel. A trade bublication re- The 12th Virginia world the sharply-Improved car sales port that some steel buyers linti
conference has closed here (up 21 per cont) in September. cipated an increase in the melal with a plea from B. K.
In the field of
to send the ntéel shares off on Nehru, India's Commis- the
that 400,000 their best gains in months. iloner General for Econo- unemployment fell b
figures, but end mic Affairs, for American from August
ployment also dropped, $15,500. investment in his country. In both cases the figures
tire large numbers But the econothier commis flected
ing week, and additional merger Poland and India have con- stoner, a cult or titian Prino young poople returning
cluded a trade protocol Minister Jawaharlal Nehru,chool. thus ferving, either the tations in the works.
calling for a nearly 20 per cont exchange increase in
toplo-oxygen
The August, exports were 18 "Although we have about ob 1961, the Polish Nows Agency PAP reported ta per cent of ordinary, business in Pr cent above the shipments of day,
this country," he said we have $1,383,000,000 in August, 1958... The protocol, in the frame to fight tooth and roll for every Declines in August compared werk of the Polfali-Indian three-big order for "tonnage" plant,
with July included: Aircraft and Americans, Genmans and the ts, from: 3135,400,000 to year trade and payments agree- ment, was signed here yetler- French are after tvers job at 97.300.000 power generating
comes on the market here."
méchinery, from $22,900,000 to "Under terms of
So I thought it time to * $10,000,000, unmanufactured cot- the agree
$80.800,000 ment, Poland's exports to India and last question How about ton from will include "complete industrial Oxygen phares now $15,500,000; and, wheat, from
a plond, bals of around only 103,500,000 to: $58,000,000. scheines," inechine tools, mining machines. rails, wheel is, chu2, 10% per cent?
Another, smile... The stock 'Principer indrettes in August 29.22030KATÍ | Mienis and' paper,
bichango acena; to me to be a exports, óver July 1,were: Un- $10,281,423
frous India's exports to Poland will bit cook-eye-hoop, about them, manufactured tobacco,
· Inclyđờ all egkon fron, and he wasdiks
JANJA OD4,700,000 to $28,000,000, oil- nananganese ores, mled, verelle sue them the pen bago preds, cromadoop. 0.79bres, raw hides and agillikator Express 9814 EC 500,000, and 24orts from $20,000,000 to $20,600,909,-UPE, ivral products,UPI.
unemployment Oil stocks hoavily recom- said on Friday his country was employment or
employment still mended, continued to add points, "not prepared to trade Invest rolls. Total
slobd at 07,707,000, a recordUPI. metal for political polley."
for the mohiḥ, Nihru told the DOKLERİ ENER Census Bureau guro how- chied to discuss ways of ex-od that U.S. imports of foreign panding Virgina's porta and port goods горе to #1.2 billion in Business, Indin, is rich in re. August, up six pot, cent from
др manpower, but July, and three per cent over peds capital to expand its la year ago). The uxores óf UB. *ing home inchiries, which exports over Inipárta in August are not efficient.,
$882.4 million
woo
We have but framed in last March-UPI.
trained
power to develop us now be
far as we can go... but this te
ait we can do without major. investment, explini,"
tment bhi.blondes mail
would not be changed by Soviet kordértinventa. "UPI.
Thalest
Unit trust
Buyer Price, Seller Price:
$1.00
$100
Bank of England statement
bortion, Oct. 10. The Bank of England atrie- ment for the week ended Oct, 12, reads as follows: Notes-ins otrolation.
day,
to
This will be a tremendous
leap forward on the sheltered cove whore, the the ships of the First Ficet first dropped their anchors."
to
TERMINAL