THE CHINA MAIL, MONDAY, OCTOBER 31, 1960.
Weekly survey of American economy
PRE-CHRISTMAS TRADE
New measures
COTTON New MARKET
REVIEW
New York, Oct. 30.
Cotton futures backed and
filled through five
dull
to stimulate
business
New York, Oct. 30.
term
sections this past week, The Administration prefers the
with
nearby
positions
cavior and the now crop
barely steady.
At Friday's close the list rulisi 14 polls lower to two points
higher. This was the equivalent
of a 70 cent a Lale loss to a 10 eent a bale gain.
In ne session during the week ld volume go over 3,000 bales. attributed the Market sources
is
|HONGKONG Series of events
STOCK EXCHANGE
hy
Our Own Correspondent
Business done at the Hong-
Stock
This Exchange
to approxi- moting amountai
"pause" to "recession" in describing the current slow pace of the U.S.mately $1,500,000. Noco. quots economy, yet it decided this past week tons and the
actions: to pump some $3.1 billion into its 8bares bloodstream to stimulate pre-Christmas trade.
The term "pause" was used | anti-recession ingain on Wednesday by Prest-Federat
г-
Halex Buyer Sellers FK Bank.. 1320 1320
Wharf
Waterboat
40%
031310
affect London
stock market
London, Oct. 30. morning's Iran-Stock markets faced up this past week to a bank rate cut, the gold gamble, u mixture of mergers, high-level warning that credit brakes will stay on and switchback showing by Wall Street. Industrial ended irregularly lower, gold mining shares tended to sag but gilt-edged
ended steady after their good climb.
10 1215 10 1320
·20 of 1920 30 1335
17125
128
27.40
1.03 0.18 13800 # 6,15
tha Lombard ... boosta,
sald Reserve
Unt Undon dullness to caution on the part
both the trade and speculative dent Eisenhower when he dis-would-over a period space interesta until the outcome of
cussed the state of Ixsiness between November and De-Wheelock election presidentini the
with
reserve American retailers. He cember 1-drop known.
The
of the so-called also expressed conviction that quirements at Central Reserve end
current slow-down would Eystem banks
boy about "London gold rush," accampaat-the
not approach the proportions of el by decline in the price of the
the 1958 recession. precious metal this post week, the inflationary tuok Bune of pressure off the nearby positions, easing prices to case,
WIN
However, the decline limited by reports of better mill certain grades at firm spot market prices, con- index delays in the crop move ment due to bad weather, a
some
LOANS
NK Land
1000 8.15 2000 8.10 3000 0.10 2000 8.15 2000 8.10
400
100
one
per cent from the present 121⁄2
x nek Provident
100
100
. 21.40 21.00
HK Hotel..
Younati *102 100
C. Light..
MK Elec.
Tel.
HỌC TRANH .. 319%
N
37
23.70 23.00
28.40 80
200 a $3.00
300 21.80 1000 or 23.00
26.80
Pts. 18.4300370 6 10.00 200 19.90
1800 30
200 10.00
3500 à to 16-as well as allow them lu count all coins and currency on the Following up
1711 6 0211 day, the Federn Reserve Sys-on hand as part of the required tem announced three measures reserve. to expark the lending power of links to meet the cash and
This will release an addi credit needs of business for the
billion In ieval $1
cash und coming Thanksgiving
The $900 million in reserves, Christmas holidays. Finanelal $300 million in turn, will be
recently observers have noted
Tony Just above $2 billion in op: Interest rate in itself dilun, Facs deltar of additional Cement inot produce as much, new 'cash as was hoped for. The Federal bank reserves enable the banks Dairy
announcing the to lend between a billion and Reserve, in
and
better tone to textile markets. that the lowering' of the di- [tronigh to enable the banks to tively unfavourable harvesting
and the Census Bureau's rela-
report of 6,142,936 bales.
The certifeated steek and un- xix call sales showed no change during
former the week, the winding up at 6,935 bales and The latter at 11,200 bules against 180,000 last year.--UPI.
P.O
Few meanures, apparently real-more, according to present re-
serve board figuring. ised this, too.
Maintaining that the now
designed
measures
ORIENT
were
LINES
EMBARKATION NOTICE
s.s. "ORONSAY"
for SINGAPORE and SYDNEY
EMBARKATION:
SAILS:
The ship will be berthed at No. 5
Wharf. Pier, Kowloon
Passengers should embark between 2.30 p.m. and 4.00 p.m. on Tuesday, 1st November, 1960,
The ship is expected to sail at 5.00 p.m. on 1st November, 1960,
BAGGAGE:
Should be sent to the Hongkong & Kowloon Wharf Co.'s Godown (No. G Gate) Navy Street, between 8.00 a,m. and 5.00 p.m. on 31st October, or between 8.00 a.m. and Noon on 1st November, 1960.
SUBJECT TO CHANGE Agents:
MACKINNON, MACKENZIE & CO.
OF H.K, LTD.,
F.O
ORIENT
LINES
S.S. "CHUSAN"
EMBARKATION NOTICE
for UNITED KINGDOM viạ Singapore, Penang, Colombo, Bombay, Aden, Suez-Port Said &
EMBARKATION:
BAILS:
Gibraltar,
Passengers should embark between 9 a.m. and 10 a.m. on Wednesday, 2nd November, 1960. The ship will bo borthed at Pier No. 1.
The ship is expected to sall at 11 am. on Wednesday, 2nd November, 1960.
BAGGAGE:
Should be sent to the Hongkong & Kowloon Whart Co.'s Godown (No. 2 Gate) by 5.60 p.m. on 1st November, 1960.
SUBJECT TO CHANGE Agents:
MACKINNON, MACKENZIE & CO. OF H.K. LTD., Telephone 05211-9.
36
While these measures
100 ur 56 1000 in 31%
200
wore
Watson
Allied
.. 20.10 291
•
200 Inv. 5,00 6.10
8.05 8 90 4458
146 14.00
Rub. Trust
being announced, another set of Texic government statistics showed a iwo-tenth of one per cent hike Nanyang in the cost of living in Septem Amsel Hub ber-from 120.0 per eent in August lo 128.8 per cent. This Taikoo Dock was The Brsi rise after wo gionths of stability in the index, Another increase in Oclobera foreseen,
29.10
8.585 1000 15.70
7.70 150 @ 74
1000 7.00
45 2500 ir 134 100004
1000 W 041%
64
Realty
44
2400 645 1.85 1.876 10000 1.875 18000 or 1.875
13 15.20
100 15.10
450r 15.10
000 (4 15.10
1500 $1
HK Ga...
18.00
While steel continued as slow as in the summer, machine tool
LERO
Craw. 41% 41% orders in September dropped HK & FE again after a brief spurt in
Jav. .... 10.00
2.10 2.16 August, and most earning re- Gilmest
Humphreys 2.10 ports for the first nine months ar
Ferry 174 177 showed declines, the automo- Macao. Elec.
Fot. biles provided again the only
Vibro In spat
the bright
overall picture.
Mid-Oclober automobile sales spurted 11 per cent ahead of the ure of deliveries of new cars but still trailed year-old figures The nation's by one per cent. car dealers sold $15,000 new American-made cars in the ten- day period of October 11-20, for an average of 21,700 units in each of the period's nine selling days. For the first two thirds of the month a total of 352,000 new cars were sold, 4.1 per cent ahead of the rate for the same period last year,
HIGHEST LEVEL
Co7-
In Delroll and other making centres, manufacturers bopsied new car output 12.4 per gent last week to the highest level this year since early Feb. ruary. The Industry turned out 181,841 passenger cars and with 16,002 trucks, compared
144,050 cars and 18,163 trucks the week before. included in lst week's outpul was the 1,- 500,000th compact car built since the Arst of the year. So far this year the Industry turn- ed qut 6,411,935 cars and trucks, compared with 8.085,183 In the seme period last year.
Sleel output continues to ing as October draws to a close. After reaching a 18-week high of 55.4 per cent of operating capa- city two weeks ago, the rate silpped to 54.0 per cent agion last week: Iron Age magazine come out with a predicton that stoc busines in November will be down from October, December is not likely to show any im- provemer in crders. This mears that recovery of steel operations is now sei back into 1901.
October unemployment mag excoed September's 5.7 per cent of this labour force, This
Bank of England statement
The Financial Times industria} index last 3.5 points across the scasions, ending at 320.3 against the year's high of 342.9and a low of 205.8.
Investors saw little in the 4 per cent tiny tonie" bank rate cut to 5 per cent to benefit stress Industrials The official was firmly on the international need to trim the rate,
MERGERS
followed Wall Dollar stoclas Street's fortune while in foreign bonds some Germans and Grecks shaded on the week.
New computer system developed
A new medium-to-large general-purpose digital computer system-the KDF9 -is being introduced by the English Electric Company, London.
The Arm say that the now
system lies broadly within the tion, the most distinctive fea- best current trend of computer
number coda which follows as closely of individual features
development but has a
D
Apart from lis apged of opera-
ture of KDFV is its Instruction
most natural which is possible the make 1 highly practical and effi- twaic form of speciācation for cleat over a wide range of data processing procedures. This conveniunt and operations. Outstanding among prayldes
economical machine code which these is its high speed of opera-
Rives ease of programming end tion with a main core store of six microsoconds cycle time and allowing the most efficient trans multiplication in 14 microseconds lation from any new or existing South African gold minings or loss. The Best production problem lenguage or pseudo- This is important for tended to follow the daily pal-model is scheduled for optration ende.
potential users with large cupila) downs in in 1902. tern of the ups and
mainly The computer was, developed isoots in the, form of program- the metal pries and
computer mes for carller andi flowen over the week in
the company's edged lower
and lacor-machines. But the kafirs still hung on to design laboratories
-a great deal of ex- the best of their big rises after parates
FLEXIBLE last
frenzied week's
gold-perience on computer design The company. This forand reflection and application,
irial user of computing equip ment in the U.K., has ten full scale digital systems and eight analogue systems, including the in current largest In Europe. operation.
Leaders edged lower by one buying. ar two shillings affecting coun in the Financial Times gold self probably the largest indus- ters like Dunlops. Imperial shares Index which closed at 75 after touching 76.9 Monday. Chemical Industries, Unilever, Lancashire Cotton. Courtaulds Before the buying spurted on and Imperial Tobacco. Motors October 19 this Index was 68.5. stayed duli on slumping exports
Earnings of Union Producers with Fords some three shillings lower over the week at 89/10. stand to benefit from the sharp- for gold since ly higher price payment is made on the basis of the average of the daily Lon- don rice-xings, still concls- More mergers blessomed iss-
proposed link-up tently up on the U.S. controlled cluding the Letween the two exile firma world price of dollars 35 an J. and P. Coats and Palons and ounce. Tins were mainly steady, Baldwins, an amalgamation be-Coppers wavered. tween two property giants, a wedding between Pye and E.K. television, Cole in Radio and and the Guinness Brewery firm moving into drug held by join- Labora- ing up with Crookes tories with its world spread of Philips Electrical bronches and industries..
On the uptrack were insurance ahares, property counters and the stores; the last named on the thesis the credit squeeze hite them least and that consumer spending will stay high- with neur-full employment being maintained, Stools stayed firm en more big expansion moves and postponement of the dena- tionalisation
Richard of the Thomas and Baldwins giant,
Gilt-edged, with buyers, cor- rectly guessing on the cut in the discount rate, moved up strongly across the week, American 22.207.716,980 buyers were in the field on the of a leading Trans- 13,556,7dvice: 327,004,289 Atlantic broker and on good 422,004,250 yield, The belief was another
40,722,A04
small cut may come after West 43.401,978
in this direc ад
Germany moves -UPL
London, Oct. 30.
The Bank of England state- ment for the week ended Oct. 26, reads as follows: Notes de circulation Public depood private deposits.
Government pecuritien
Other securities
| Receipts
Ratio
tion.
Agreed merchant rates, new list
The following is a new list of agreed merchant
rates which comes into effect this morning:
Sterilas
With conid. L/cr. Without L/Ce.
MAXIMUM BELLING
MINIMUM BUYING
1/2 16/10
1/3 1/32 TT.
1/2 1/16
1/3 6/12
1/3 174
1/3 3/10
1/3 15/33
Stering
1/2 10/10 East & South Africa & Aden) Sterling
1/2 15/10 West Africa, West Indies
Suuli Ameries & Full Rupees (India)
of Rupees (Ceylon)
1/3 3/32
G.D.
1/3 3/16 30 day's
1/3 0/22
1/2 11/32 vo days
1/3 7/10
GO days
Teas tended to drift but rub- bers were steady,PI.
Rise in world
wheat trade estimated
Switch gear for Turkey
Two orders switchgear for oil Turkey
The system is flexible in size of internal store. number red of peripheral divieos, variety and in having several varieties units. An initial of control installation can be tailored to macot applicational requirements and subsequently expanded without interruption of work as the load increases. storage
Acr
built up by
The main instance may bo degrees from ono unit to eight units of 4,090 worda cach according to increasing needs' of fast Be- wide ress. There is also a range of peripheral devices using for essential all the standard media including equipment those already developed for the refineries in English Electric KDP10 system, Other devices fasily bo recently have
fitted as they become available, the with
The system can operate up to
been placed
OBIL
rate of
U.K. firm, South Wales tour completely independent programmes at the same time, Switchgear Ltd,
with special provision for com and One contract is for the supply ordinating their activities of equipment for use at an all
avolding mutual interference. refinery in Istanbul designed Apart from this tune-sharing and buik by the Kellogg Inter-
number of perip focility any national Corporation for the Col-heral units can operate simul- tex Oll Company. The accosultaneously subject to a maximum is for equipment for the Atas effective total transfer Ou Refinery, designed and being 750,000 characters per second. built by the Foster Wheeler Transistor logic is used Organisation near Mersin for throughout and recent develop- Washington, Oct. 30,
Standard Oil Company of New
ments in miniature components, The U.S. Agriculture De-York in collaboration with Shell printed circuits and modular construction techniques hava partment today estimated (and B.P.
The switchgear being supplied been fully exploited. Long ex- that world trade in who for the Istanbul refinery consists perience of operating a success- in 1960-61 would exceed of one 15-panel and one E-panel ful programming service for the the previous season's switchboard, uated for 160 MVA English Electric Deuce is being volume
75 at 3,300 volts, both of the single uut to work in preparing pro- by about million bushels.
busbar, air-insulated indoor pat-
routines. gramme translation tern.
bray routines and supervisary was total
"The equipment for the new routines for KDF9, The expected 1,821,000,000 bushels according Atos reinery near Mersin is of
The Arm may It to preliminary estimates, the a more complicated nature. Department said in its weekly consists of switchgear control foreign erops and murketa re-boards, neutral earthing equip
ment, and D.C. units. port.
which The switchgear. According to the report the rated at 250 MVA for 6,660 equipment, they have a digital
of the single-busbar, system available for the widest. primary basis for the expected volts, le rise is the
sels of fie and industrial applications. higher Import re-fr-insulated indoor pattern. range of commercial, celent-
is intended that two quirements of wester, Europe switchboards which
comprise-UPS. the main gear for the generaler station to be mounted face to The department attribulari face, and to be Interconnected the expected rise in European with 1,000-amp trunking. There what imports to less favour-will also be a 13-panel switch- crop conditions in many board for the control of various European countries with much pump motorS,
The control boards are to be lover production in Spain and
Moly anti a somewhat reduced fitted with coloured minies, and with annunciador systeme for the harves in France.
indication of remote operations.
LPS.
and Asia,
able
Production Was generally
120 days higher in northern Europe but
(Indtreet Sterling On Demand Bills untimely rainfall during the
on Europe 1/32nd higher than London Rate).
1/3 6/22 O.D. if under L/Credit 1/3 1/32 O.D. without L/Credit 3/33 up every 20 days
1/3 6/32 0D. If under L/Credit 1/a.1942 p.D. without L/Credit 3/33 op every 30 days
82 15/10
* 7/3
84 8/10
& 3/4
83 3/10
prospect has dimmed hopes Rupees (Persian Gulf Partsy within the administration for a big drop in the number jobless before the November 8 election. The normal seasonal decline in unemployment be- tween Seplomber and October 15 some 200,000, But govern ment experts indicate they, anticipate a much smaller de
to ercase, pointing
further softening of the economy.
Rupees (Pakistan)
Kysts (Burma: Rangoon) 82 10/15
ᅡ
Retall sales, although con- Matayan Dollar paring foroumbly with a year
ago, have failed to keep up to expectations. Retailers blame | U.S. DoDark, increasing local unemployment
2&30 days*
day**
DG daya
• DILLS ON ADEN:
If under L/C: 1/4 Bigler.
Without L/C: 3/0 Winer.
3/18 higher than the rate for
Billa on AdEN.
90 days
go days
12 5/0
23 5/5
60 12/10
& 30 days
E4 11/14
17.
00 days
82 7/8
13/16 7.
P.D.
.
7/10
daya
7/0
33 11/10
2T
6.D.
& 30 days
B4 3/4
po loy
-03 1/8
96 3/10 63 5/0
11/10 O.D 04 1/10
17 1/2
17 374
17 11/10
17 13/10 30 days
17 29/32 10 days
E
17 1/10
17 3/10
9.D.
1/0 5/8
1/2 20/32
1/3
1/3 0/10
1/8, 20/32 75.2/0
(Piret calendar montis free of
penalty thereafter 1/10 down as well as lees thany oranın). for each calendar mantlı). weather. Yet, they predict a
your-end rote about three to Canadian Dollars
four per cent above last year, Australian Pounde
One Indicator of the weakes
Bolgian Franca
nice in the economy was last New Zealand Found, week's announcement that dur" | Bouth Afɣtern Rounds ing the thing quarter: the groBD Swiss zanos national prochiët had dropped sa kiillon drom an annual "rate of 8005 billore dio, 1003 bilion. This is refooted in almost all
ther ournings emporis availpiņie
for the thing stortor, os ho
Brat nine-month--UPI.
W. German Deutschemarko J5 574
175/6
Nhe Sterling Belling rate shown above applies only to delivery up to two meths forward. A cut of 1/2 must be indipel får ancil period of "tures monštria, beyond that.
harvest lowered the quality, the. report said.
'BRISK DEMAND'
The department estimated that there would be an "especinity demand" for imported brlsk hard wheat needed to blend with domestic soft wheat for bread flour.
Although larger crops were harvested in some parts of Asia, the usual large import require- ments are expected to continue in India and Pakistan.
The report said that export- able supplies of wheat would be | higher "In the United States. Canada and Australia with the supply position of Argentina and the Soviet Union remaining about the same,
Anglo-American
agreement
of
that with the
KDPIO data precessing system, its derivatives and the 'Dalopac the well-established Douce and isrange of Industrial dain handling
Giant turbine will be built
one of two gigst generat< Ing units ordored recant- ly by the Central Elec- tricity Generating Board will be built at Rugby, Stafford Netherton Works of The English Electric Company Limited,
the
and
It will be one of Britain's Brst shinft an 375 moggawatt single Under the torpis
alternator sets to steam turbo agreement recently drawn use "upercritical" steam. Tho up with The Bingham zecond set will be built by Pump Company of Port-AE,I. Manchester, and tho
will together
produce land,
U.S.A., wo Oregon,
720,000 kilowatts. sufficient to pumps to the American meet the daily needs of a cliy company's design are to the size of greater London. be mónufactured
and
The pyo units are for the slation, markoted by the Foun-Drakelow "C" DORT
and with their ballers - being dries Division, Ponistone, South Yorkshire, of David de br Babcock & Wilcox and International Combustion Limit-
£18 mil Brown Industries Ltd.
pd-are worth some The units are of the centri- {fion.”
It is hoped that the use of tugal type and the British com-
will embrace "upercritical" steam will give a patry's market
ope and much of the Eastern thermal efficiency of some 40% reduce capital and Hemisphere, with the exception and of Australia, New Zealand and operating costs, Research and in 1000-81 and some exporting Japan.
development. has produced countries, such as Spain and A special section has been set metalo for the turbine
for the Italy, are expected to become up at the David Brown Found and blading, net wheat importers this year. rier Division to handle the very hiidh ceasures and tem- ***UPI.
supply manufacture of David Brown- perturbe needed to Bingham puriyaS, Introduction|2,000,000 165. of steam per hour of this new oroject is regarded to the alternator, st′′o tempora ea initiating a long-termy project. | Hiro of 1,100°F, This advance An exact reption of the Port-in design fe another step to- lond lost equipment necessary wands chpaper sleptricity for the
stand- consumer. to ensure the requisite
The Drakelow "0" slation lạ orde in every phase of manu- feature has been set up by the one of the largest in Europe, and Be English; dem, and the equipment la in: the Tront Valldy, near the Whe 10-17 DR. Deon calibrated by the East Midlands, coalfields.
Ketonal Pixzical Laboratory to two. 37 merawatt generating stri define poin British and Artgri-White No such into
Du can standard-194
·loperáken, P
France is expected to have less wheat avaliable for export
Exchange rates
Businem was, done in the local unemaciai xehano market the morning at the following rales: UB. dollar (per $1) Lan
Sterling molds (per £11........ Australian notes (per 21)*** Indonesian rupiah (par, Too)
anch
|
stars Alosis (per 100)
singasaru (Siraita)...
50+ Paying rates for sturing is on VR snd Hugve quoted above Fre six-mail males, and a not sopilownia win Thetruetlod ate that plagnient dr“ mozeptenbé thay "Skull artick) of Carrying
stemmer.
A0
millable
cpaing