Page Z
De Masticndardit domat sh
THE CHINA MAIL,- WEDNESDAY, DECEMBER 28, 1960.
Wall Street closes BRITAIN'S EXPORT
slightly Boom in U.S.
easier
New York, Dec. 27.
Stocks closed slightly easier today as traders lacked the fortitude to bring about the expected year-end rally.
Aircrafts, defence issues and utilities provided some favour- able stimulation but the overall list drifted alung In the doldrums.
American Telephone rase well over a point to give life to the Dow Jones Industrial average Johns Manville zagged around 2 points and other building shares were soft,
الية
IBM was the best performer in dull electrontes section with a gain of better thaus 2 Instruments IOAI white Texa around the same amoûn. U.S. steel lost nearly a half point in the section on the news that rate the industry's operating this week would Top to its
lowest level in over a year.
HONGKONG
STOCK.. EXCHANGE
by
Our Own Correspondent
economy
predicted
New York, Dec. 27.
The economy of the United States already is mov
ing toward a broad advance that-will-produce a sizable boom within a year, the editors of Fortune said today.
...
In making their annual 18-
the month forecast,
Fortune editors predicted Jobs would start getting more plentiful lis spring and that the gross national product will rise 8 per cent to a rate of $314 billion.
Getting down to major detalls, Fortune said defence spending (would grow by $2,500 million a year and total federal spending $8,000 million, while industry's capital spending will hit a record rate of $31,000 million a year.
SPENDING
Business done at the Hong- Forjune ciso foresaw housing kong Stock Market this morn-starts climbing to an annual rate ing amounted to approximately of 14 million from the present $3 million. Noon quotations and 12 million, an advance of 2 per cent in the general price level the morning's transactions:
and 3 per cent in the wage Jevtik Consumer spending, the magazine' said, will rise 4 per teent and personal income per cent in terms of present dollars.
Shater
Ford and GM retaired frae- tlung in the Motors where Studebaker lost t large fiac- too. Most chemicals cased small amounts, Cosmeties were lower. HK Bank
Today's volume was 3,270,000 shares.
Of a total 1,235 shares traded 501 were higher and 498 tower. American exchange volume was 1,370,000 shares bands.
Do-Jones closing averages
were:
30 Industrials
20 rails
15 utilities
Buyer Sellers 1440 2445
nk. E. Arla® 200
Wharf Co. Waterbout
Wherlock
JK Dock
613.38 C. Provident
Lal..
ZIA
2922
AG 0.70 113 116
$3.00
41
34 10
4134
76 75
Bales
30 1450
10 1450 NA 12 1445 24 @ 1445 50 1443
100 272
1000 1,03 100115 200 110
100 6,115
430 110
600 24.10 1004134
23471 3400
120.84
K Jalal
..
00.00
65 stocks
204.05
40 bonds
B4.09
Comm.
future
prieg
index
141.1B
Ynumali Train
110
200 331 3100
Alden Ine. Acy,
Allied ChemEDİS
$40
607.
C. Light
Allis Chalmers
24
American Airline
201
Amer. Forga. Puwer
Ain, Car Electric
Electric
Closing prices
American Metal
American Smelting American Tel & Tel American Tob Anaconda Copper Armeo Sleet Armour
Atles Cons. Mining Baltimore & Ohio Bethlehem Steel
Conn Brewerī
26.80 4500 4 74,00
150 27
500 67 24.80
2500 120.80
200
29.00 20.15 2000 ce 20.30
1200 29,90
4000 47 20.50
1500 7 20.70
500
29.
By late 1001, Fortune expects savings to resume their normal tate of 7.4 per cent of spend
able income...
And Fortune's edilors expect a relaxation of credit--UPI.
Chicago grain
GOOD TRADE
·
YEAR FOR
CANADA
...Ottawa, Dec. 27.
PROSPECTS SAID
WARS
ENCOURAGING
London, Dec. 27.
The annual industrial inquiry of the National In- stitute of Economic and Social Research is surprisingly encouraging about Britain's pro- duction and export prospects. It makes these points..
last
Tho rizo in capitul goods de at twice ng large as the fall in consumer goods, and it
the
is continuing, The end of the car boom has removed capacity bottlenecks and nhortages of materials. Slack have out wortelny {Industries
hours instead of releasing la- bour.
!
Car manufteturers believe sime of the fall in export de-, mand may be temporary, due fer Instanco excessive stocks In the United States. World demand for capital goods is slowly rising and German frms may have lost some of their competitive ad- watego compred to British Arms.
Drop in U.S. steel production
Claveland, Ohio, Dec. 27. Mill operations were expect
ed to drop to the lowest level of the your this week despite a flurry of In a realistic review of the
orders by steelmakers, past year, Trade Minister A few makers of plant and
Steel Magazine sold.
the George Hess said today machine tools have a remarkable Most makers Tise in exports.
Operations. for that, while 1960 was of capital goods expect bigger were
expected to be 40 year of notable oconomic exports. Five-sixths of electrical cent of capacity or less: How
two-thirds of ever, bookings for next month achievement. it......loft no engineers and
batior grounds for complacency other engineers,expect to ex-are 5 to 10 per cent behind, but rather a major port more, challonge.
"Canada has moved ahead, countries," but to have other
week por
the December.
Signs of h slight uptreti
goods, near" Inventory ad-
EUROPEAN MARKET were seen in increased demand
orders
from January, and
Some export improvement is for all country also experied in Ught electrical completion of less said, adding: "Conditions engineering products, to Europe Justments by service centres,
plate of ample supply, and intensified including the prosperous Ger- and tin competition throughout trading world have had a re-
man market, and the European (canmakers Free Trade Areo rather than to February tarding effect upon' the absorp-
the traditional Commonwealth lica of new productive
markcelsi SOUTTER,"
the
re-
་ ་ ་ ་
There had been less concen, tration of trade with the United Slates and a growing relative importance in trade with the United Kingdom, West Ger- imony and Japan.
All manufacturers of do- mestic appliances, radio and television: components, and fractional horsepower motors plan to increase exports.
market S. has declined from 69 to 57 market for all producto.
Chiengo, Dec. 27. 100042030 A last-minute-selloff tum- bled most grain futures sharply today on Chicago Board of Trade.
1000 29.70
0
1000 201
the
Trading was moderately ac- Live through most of the see- sion. Commission house well-
04 044 2200 C ing dominated the final 15
મ
165064
1000415 minutes.
200013
33
500 13
500 3274
250 A* 3794
Telephone
30, 3012
1835 68 IN
2200 6 3814
BOO 38
Canadian Pacific R.
Chrysler Motorw
Colgate-Palmolive Cɔ,
(New)
Coloniblan Carbon Co.
Cement
GO
Commercial Credit
123
Consolidated Edison
Crane Co.
4034
Diamond Alkall
***
Dalry
Farm 23
Dupont de Nemours
1051
Eastern Air Line
DR
Eastinan Kodak
лать 743)
Watson Alked iny. 8.06
200 or 2015
• 2000 or 8,10
1000 8.0
70$ Texte
41
1.20 2000 8,20
10000 w 8.15
3000 or 8.10
Goodyear Tyre
Nanyang
1380
}
Gulf Oil
Heyden Newport Corp.
Rub. Trut
Talkoo Dock
32
73
Int'l Businera Machines
492
26
1415
Ford Motor
General Electric General Foods General Motura
Glidden Co
Ingersoll-Hand
Ingi Harvester.
International Nickel
Lij Te* Tel
Kennecott Copper
Luton ind Lockheed. Aircraft
Locus incos Co.
Lone Star
* Altcraft
Mining
Min Development Montecatini Montgomery Ward National Cath Reg. A
National
New Yar contras
Olin Mathieson
Otis Klevators Pacino C & Elec
Pen American Airways
Paramount Pictures
Parko Devis Co.
Penn. Bali Co.
Redlo Corporation
Republle Steel
Reynolds Metal Reynolds Tobacco Fluclair Oil
Soceny Mobil Oil"
Standard Brand
Atandard Oll of Cal.
Standard of N.
Alec Rock
Sterling Brig
Stokely Van Camp.
Studebaker-Packard Cary.
· Texas Co.
Union Carbide
United Alteräft
US Foll-"B"
US Gypsum.
US Rubber
US Smelling
ITS Bloe)
Warner Bios.
Westinghouse Eleotric
Woolworth [K. W.)
Amal. Rus). 5.55 0.65 3009 * 8.52
230 7 13:5
23012 200 72% 300 ir 72 DIPAK G19 10.10 10.30 1000 10.20
Ini Inv... 10.50 11 Climan
好味
5000 10.00
+
245 255 5000+
8000 2525
Soybean futur"s opened with mains ranging to almost a cent. Prices weakened under pront-
taking by longs,.
•
L
A slackening of Internal steel Over four years the propor-demand will enable larger ex- tion of Canadian exports to the ports but there may not be a
per cent, while at the same time the US. share of the Canadian import market had declined from 73 per cent to less than 60 per cent UPI.
Soviet Union
over-fulfils production
for
COMMITMENTS The terap market dio is im- metalworlding proving,
the
Brokers are seck- weekly said. ing to cover commitments be fore an expected January rise in ricelmaking generates mar- ket strength.
Sicelmaking
scrap
pushed
Bid
to organise merchant fleet for Ceylon
Colombo, Dec. 27... A bill seeking power to set up a corpora
tion to organise a merchant marine flect for Caylon, will be presented to Parliament shortly by the Minister of Commerce, Trade, Food, and Shipping, Mr T. B. Illongaratne.
The government has decided, to invite an expert from abroad, Possibly from Britain, to udvise on the project.
Teland, Sweden, and Yugos» lavin are along the countries which offered merchant ships to Ceylon en favourable terms. Reiter,
Modernisation
scheme
New dredger sails for New Zealand.... Launched only ten months ngo from the yard of Simons-Lobnitz. Ltd, the suction hopper dredger Perakl has been cdraj pleted by her Scottish builders and has set saft for New Zealand.
The vessel was built for th Lyttelton Harbour Board at á modernisation scheme of £080,000 on an oider which will place the Balland.carly last year. A special typoof dredger with a contra fatt yard of Harland and rotating cutter for breaking up Wolff in a much better | harbour, silk and a ghostypo. position to moot com. trailing dredge, Peraki hasa petition... for shipbuilding hopper, capacity of 1923
Yards Sherts 280:fect long by has been an- 45 feet broad and has repla contracts
46 nounced...
of-20 feet 6 inche Petakizis
dvr powerinstem:recipres
water
tubo bollers Stic will-bo
prices up $1 a ton on a num- ber of leading grades in Chicago. Four mobile cranes, cach-cost- Foing out to New Zealand under
hers Domestic prices on the No. 2log 120,000, and eating machinery and Yostos heavy melting steel and No. 2 welding shop for the prefabrica bundles advanced $1
lution of ships vections are to be Philadelphia.
installed to speed up construc- In San Francisco, Japanese Lion work, cut labour costs and buyers were reported paying $ reduce outside to $0 ton above domesile minimum, prices for top grade steel scrap.
fred by oll Bul can be conver
d to coal-firing, if necessary dia, Thiring the year white sher
work to
#
has lain in the basin at Renfrow
or carded out steaming ind
lines, with the funnel very for
Steel manufacturers are not expecting to opentant full capacity for much longer.
Productivity in chemicals hrs risen remarcably. Lest of home demand pressure
Last week, steelmaking opera- The new welding shop now I dredging trials her attractive should continue to enlarge ex-
tlóns were at 46.9 per cent of being constructed will cost up porty but American competi-capacity, 1.8 points below the wards of £500,000, It will be forward, have ofcome a com
100 epicuous feature and have been Lion in world markets is be previous week, for an output of 700 feet by 200 feet and
seen by a large number of New veming fierce.
about 1.335,000 Ingot tons, fees high wat
Zealand visitors. ***The
Mayor The steel work will be great. Wellington, was gone, who; new low for the year-UPI.
fabricated in the shop, and ship, was able to examine the sections
60 to up
spectacular dredging equipment tens will be conveyed to the and the provisions for disposing appropriate slipway by mobile of soll either ashore or into. Use hopper... A complicated system crasts.
of instrumentation. Includes a radioactive device for measur
thespeeldo gravity of material coming through the suction ples:
The credit squeeze has led curtall hardly any Arma Lo their capital expansion plans. On the contrary, some have made upwara 'adjustments.
CARS
Even the car firms may do
worse, then, sørre nothing phasing as output of cars is expected to recover comelime next year and total output
in
There are copa weak spots, especially m aircraft that the picture is generi Institute's suprisingly buoyant.
Industry may be kept going
Moscow, Dec. 27. Nearby wheat contracts fell
The Soviet Union's ambitious distant months Seven-Year Plan tharply while cared.
over-filled Local and commission interests sold wheat. Commerits overall production in its first
two years by 23 per cent 1961 may not be substantially 300 7215cial houses bought? 400 or 72°
instead of the planned 17 per less than in 1960. · Expansion No export sales were reported, cent, and will push on with pitans for commercial vehicles
have been speeded up. Shippers sold about 1,154,000 alight modifications, it was re- bushels of red wheat have been ported yesterday.
1 loaded out of Chicago by, barge
The Soviet Council of Minis. since the movement begun, a
ters anncumeed that the plan, Soybean meals also fell from which expires in 1965. d early highs, but oll maintained.abech discussed by top Com-sonably well next year with slight advance. Drummed lard munist
Party and economic only the gradual and moderate futures were steady and quiet. chiefs at a
moting guided by relaxations that are the Govern- UPI.
muni's obvious policy. Mr Khrushchev, the Prime
The car stump has done 'leas Minister.
geral damage than was fear- the physical ed. By easing
has done serie bottlenecks it good. If it also cases the Inbour shortage it will have done more good than harm. - China Muil Speclel.
Sugar
market Record sales
Now York, Dec. 27. World: No. 4 sugar futures today closed five points lower to a point higher on sales of 72 contracts.
TAC announcement singled mut ne bright spots of the inst two years ferrous metals, vil, the machine industry. and building materiala
New York
** New York, Dec. 27. The General Tyre and Rubber Company in its fiscal year end- It said the success of the ed November 30. had soles of plan provided a chance for a $725 million, the largest in its bigger drive to step up agricul history, Mr. G. O'Neil, the ture and the cutput of con- president, told the New York rumer goods." Society of Security Analysts.
an- modifications' "Net income," Mr O'Neli said,nounced were à demand for in- un"will be the second greatest in creared efficiency in agriculture the company's history, amcunt and transport and the need to
$21 mil further perfect" sizable ing to approximately
the planning amounts of Brazilian raws overlon cr $3.75 a share."-China
system--Reuter the weekent in the world mar-Mail Special
Domestie, No, G sugar futures 17% finished unchanged and 823 traded.
122
Thu
purchase.
of
25% keel at somewhat higher prices brought modest gains into the world futures,
15
4916
Most active
stocks
New York, Dec. 27.
Ten most netive stocks on the New York Stock Ex- today, sales, change closings and net changes respectively.
oft
03.100 Studebkr Packard 74
In
domestics,
operald.com
| bought 20,000 ions of Peruvia
rawn for first. quarter, 1961
delivery at 6.45 cents a pound,
| delivered.—UPI.
Unit trust
First Hongkong Fund: Buyer orice: 31.07. Seller price: $1.34. ......
7111
COMMODITY PRICES
RUBBER
'NEW YORK
Rex rubber futures closing
03,100 Certoll-Teed 20% off prices, all in cents per lb
Jan: 28.00; Mar: 38.65: May: 39.00;
14.
1:
60,800 United Fruit 18% off July 06 Sept: 25.00) Nov: 39.35,
6,500 Ampex 20 up
52,200 Sland Oil, ÑJ 411⁄4 aff
50,000 Studebkr Pack...... 73% off 160
40,000 Amber Motor 13 of %. *38,000 Soul Cal Edison 00 70%
29,300 Gen Tel and El#17 (n= |*10.2
18,000 Gen. Motors 404 un changed...UPI
SUGAR
Sept.
Nov.
AB. contracte Sales: Open Interest) Ats contracti
Contract No. 6 (domesilo) Boot-CNY, ex-duifi. 35 Open interest: 140, contracts-UPL.
Mar.
Tolak Balest nona
METALS
Russians to help
build dam
cotton
Now York, Dec. 27. § Cotton Futures closed 35 cents a bale lower to 20 conts higher today. Current crop months Bigged and quilon, on hedging Selling in nearby March' devel loped, partly on the parting by the New York cotton exchange of a 3,012-balo increase in cer- fifleated cotton stocks. This rought the stocks up to 23,420 bales with an additional 10,419 bales awalling certificatloh."
Serne of the new crop-irading months advanced on light com The Soviet Union is going to mission house support. help build a dam andationen we reported memlly clear
200,000-
The weather in the cotton belt
Ghana
Moscow, Dee. 27.
kiluwait power Ghana's Volta River, Pravdo reported today.
AP.
Assets sold
PI STILL
PROBING CRASH
of
An official of the firm, Bays the cranes will provide a greater degree of mobility:than- over before. They are being built by a Glasgow Arm and will be capable of handling 60 togs each, It will be the first time this kind of crane has been used
E
ing
The voyagoto. Lyttelton will take two months,and Poraki-is likely to arrive in New Zealand
by Harland and Woli la waters: almost exactly a year-
after Mrs Lalting, wife of the Belfast..
Now Zealand neting High Commissioner, named her. LPS. le mall rightin d.
+
Manila, Dec. 27.
The new welding shop will it is expected; The Philippines Civil Aero-ho completed,
noutics Administration to next October, and the cranca day corrected reports that will be brought to operation
during 1981-LPS. its probe toom Investigat- ing the December 22 crash of a passenger aircraft: which resulted in death of 28 persons aboard had already declar- ed the cause as "pilot orror".
the
City of Lichfield built at Dumbarton
'
William Denny and Brothers Ltd. of: Dumbarton have launched the 6750 gross tons cargo motor vessel City of Lichield for
Refrigerated cargo ship for Argentine The 1100 gross-ion refris oko vessel gerated ¿hcaTRO150 Santa Elena has been completed by the Grange. mouth Dockyatil Co. Ltd, for the Argentine: Hatates Colonel Urbano Caldoza told reporters that the team was still
of Bovril Ltd., and ama set condueilng an investigation into
out for South America! ** the cause of the crash and would
Banis Diensis" a twlii-screw rolease its official findings short-
motor vessel powered by "two ly.
Chasity, tubo-donged "alergi Lines The Phillippine Air which was operating the
Designed for general cargo achieve a loaded spoed of 111⁄2 fated alrcraft - a DC-J- had work with a deadweight capacity | Knatz. reported that the crash was of 8350 torr and easily adaptable. She can (cary 650 tobiz deda caused by "pilot error,” dini for carrying grain, City of Lich- weight refrigerated, cargo: abd
"Tho aircraft crashed and fleld is the second of two fast burned in a cornfeld
shortly ergo ships bulit recenti di this equipped to low whether 400 after taking off from the Cebu yard. She is designed by an tons by barge,--LPS, airport (sante 330 miles south-cylinder. Sulzer dichel engine, cast of Manila) on a night fight, an engine which the Dumbarton Only nine persons survived in have been manufacturing the crashteuter.
ANTI-TRUST CASE
-
24
Washington, Dec. 27. The U.S. Federal Trade Coin-
mission has ordered the Segit to divest itself of a number of Paper company of Chester Pa., companies acquired during the early 1950'87
As a result of “anti-frict"! cases which ́· hath been penting for-revent years, the Commis sion told the Scuit, fem to give ub the Soundview: Puip. Com-. pany, the Detroit Sulphite Pulp and Paper Company" and the Hollingsworth, end Whitney Company." The Scolt Company will appat the order a ɛpokes- man Hald-Chara Malt Special.
Ellerman' Lines Ltd. dnes), and on trinke,
tinder licence for thang york The present Installation wit have a continuous output of 6040 bhpLPS.
Liner transferred
New York service
Uner
The 22,000-ton
Sylvania,d list of dour
passenger cargoller
འ
Jawakene
8,500 tonners Pacompletedk
Burnt
and shipbuit
stbury du
Bulls by Jolin Brown & Co. une dock mitinge an (Glydebank) Lids for the We
Cunard Steamship, Gofa! Lids lato barafuferred Ltd., of from the Ganddlan ger. atveloping 4,000 ba viden onro'which shecha plied since. hor: «oomuíñ»
aloning in Jung
A despatch from the Russian · newspaper*** correspondeny in Acera aid that the Soviet eldi would be extended, bider the co-operation and technical as
Los Angeles, Deo? 27/0 alatahoc erreriment signed last : sutiener, At that time the Stockholders of the Monterey Rustians ploed to lend Prest-Oll Company voted to dissolve |dent.....Nkrumah's Davernment the corporation and 18 sell thot US$40 million but the Privds of Ale, properties" and "ansele ti despatch did not indieate, what the fumble Oil and Refintlig amorest of Soviet funds would Coricery (a wholly owned b per, per tied on the Volta construes | sidiary of Bländard Oil" Com="
Home construalary of Commenter on the local
mamming at the slowing: rates? The Bowls Tolóh will nino Byte, Poldent of the Monterey, Cakkaks! 512% build a 150-mile power itfante Ann andất hà celanleition, would straw hate
inlesion line in Chana eid-fak itimately receiva a total or site: Augullan votesi (par)41 44 1324 tourists
Indonesian Rupiah (per 100)29IA? onered to make a geological million for the sale of data arm deals (per 100) survey, Pravda - alldóAP,
"NEW-YORK. Closing prices all' in cents
«NEW YORK ZAME Closing prices, ‘ali in cents, per
Coppe
Exchange rates
Tyno: with