THE CHINA MAIL, MONDAY, JANUARY 4, 1960.
Weekly Survey Of American Economy PROSPEROUS YEAR AHEAD
CONFIDENCE Business Boom
IN COTTON Expected To
GOODS
MARKET
New York, Jan. 3,
Cotton goods manufacturers
Reach Its Peak
New York, Jan. 3.
as the
this past week booked The coming your looms
ahead to
1960 with the
greatest degree of
#idence manifested in
decade.
con-
A
prosperous in U. S. history.
the
May, would delay the upsurge only momentarily There would
pressure heavy
quick Government to force a settlement in either case.
be
Oz
TING
HONGKONG New York Market New Departure In
STOCK
EXCHANGE
by
Our Own Correspondent
most
kong Stock
Ula
Business done at the Hong-
Exchange morning amounted to approxi- mately $928,000. Noon quota-
Expects Big Gains This Year
New York, Jan. 3.
tions and the morning's The stock market wound up the 1950's by reaching
transactions:
INSURANCES Union
Wheelocks
Waterboat. DOCKS, ETC.
SMATCH
Duyen Geers
K Bank.. 21.50
Bales
10 11 3 30 11.80 2012.03
#3 93
4.10
30 D4
50004 0.15
As
K. Wharf Dock
Provident Taikoo Dock
100 M B
800 1
17.40 17.20 2.75
400 - 50.70 800.40
LAND, ETC.
otr HK Laud
Humphreys Realty
that Experts
Also, 1980 looms as a stormy are confident the current business boom will year in labour management
before relations 1080
cven if the steel well into Inediate business remained carry
a peak, probably strike la settied before the Jan BANKS <a the quiet side. The New reaching
2 expiration of the Taft-Hartley hollday, following the about mid-year,
which sent the Renewal of the steel strike in injunction Christmas vacation, combined to
от л market late January,
crippling workers back to the mills, brake on new keep a
"There seems to be plenty of strike threatened in and selirta railroad inter sts. Buyers were pre-occupied more with
grier ahead" predicted Federal fiscal and inventory
Chief mediator, Mr Joseph F 3 car-end
Finnegan, problems.
Manuiacturers possessing big exicriding backlogs, unough the fusi half of 1960, and in sotne cases beyond, wel- comed the slower holiday trad
Unfilled print cloths ing pace.
estimated abova Freez WETE
yards, 1,000,000,000 Aquare
eatest in industry history. Possibility of wage increase regarded for it workers was
urders
for
Expected
This is what the economists expect for the New Year:
the
A gross national produc! which will zoom through $200 billion barrier and may go before as high as $525 Billion foregone conclusion early 1980. Manufacturers wel velling off either late in 1960 coming the buying slow-down, early 1081, and starting 10 The GNP will average l-rected tunking toward the docline. Ingher prices likely to prevail as between $510 and $515 billion for the year an increase of six to seven per cent over 1959 and than 12 to 14 per cent beer 1958,
an oftser Lages,
to ang
Increase
in
*-
RISING COST Rising cost of raw cotton and expenses other manufacturing were other factors shaping, buy ing and selling plans for City New Year,
the
Mr J. Spencer Love, chairman of Burlington Industries, g textile organisation, said the im- the witnessed in provenient textile industry, in 1959, is likely to be maintained, and even in- creased,
He said the company's forward position on orders booked is the time, best it has been in some and Indicated "consumption of textile products will enjoy an increased demand for the decade ahead."
Consumer prices will rise only about one per cent, incan- ing that most of the GNP gal
be real rather then will fated value.
in-
incom C
will
to
J
• Personal Jump about $15 billion total or $400 billion.
• Labour costs will con- tinue to rise, but will be offset by increased production,
• Unemployment, currently wlit more than five per ceni, drop to around four per cent.
•
industrial Dow-Jones stock
will break average
780, through new highs above then dip later in the year.
Rebuilding
the Whe
on
127
He made the comment labour Secretary James P. Mitchell reported that 1959 was the worst year sinco airite- ridden
strikes 1948 with causing 66 million man-days of steel Idleness, The ⚫ 116-day strike accounted for 60 per cent of this loss,
Mr Finnegan reported that RUBBER
Amalg 122 major contracts affecting Trust.... 1,571,000 workers will expire not including the next year.
or 800,000 rail- steel workers road workers who threaten a spring walkout.
than
Board The Federal Reserve
industrial reported that U.S.
running production has been higher
previously calculated. In a revision of its index, the Board said that out- put last May and June about 166 per cent of the 1947- 49 average. It added that a re- bound to this level is "In- dicated" for December follow- ing the July-November strike decline.
New. Index
145 150 38 58:5
3
20:00 21.10 14.75 15 10000 14.75
1000335
כ4.4
34 4 2000 # 34
1600 34.25
a new high of more than 328 per cent above 1949 as trading volume increased to a level exceeded only in 1928 and 1929.
And the experts are con- vinced that Wall Street is for further gains during coming year to usher
the
in what
PO are already calling "The Golden Statics."
duced some good advance. So dild electrical equipements selected autos and cacciat Tobaccos ruled higher. Issues,
despite n ecrics
Gains on the
enncer searĪLI, whole were started from
Cargo Crane Design Explained
Two years ago, Stothert and Pitt of Bath started work on a new project. This was a crane with clean lines and reduced weight, simple to operate and maintain, and well suited (with little modification) to the requirements of most users. The price had to be kept as low as possible but the crane had to follow British Standards Specifications.
The result of all this is their dockside crane which can lift 5 alternative,, 6 tons radlus).
Trading in 1950 ran to about amuse the market stort um alvo 11 dias (or naar New Plastic Finish
MOTORS LEAD
These
t
at
70
The clean lines and simplicity
of construction of this crane are
at once apparent.
For Furniture
NEW labour-saving
plastic sur
A melamine
The crane is of welded con- struction with a minimum num- face that looks like normal ber of members bolted together wood veneer has
have
been ina
760 million sures ap- a higher level. proximately 14 per cent of the 133.75 4000 331
5,508,000,000 1000 39
liated.
The list reached its low for 200 46 30 345
figures refeci the investment the year on February 9 and to character of the market. In, higher on August 3, when the
ran Dow-Jones industrial level 1029. when speculation rampant, the tumover was 119 078. Standard and Foer's index per cent of listed shares.
'of 500 slocks, which bad stood
at 15.23 in 1949, rose to 35.32 at site. Secondary and break troduced by a Stockton-on- ir. 1959, a gain of nearly $29
becu ing-up members
firm. Furniture per cent.
eliminated where possible by in-Tees Despite the long period of rise creasing the strength of the finished in this new plastic In the market the experts be- main members, arranging these has the advantage that it lieve there
still is mom for in the most effective way and does not require polishing.
modem construction Some predictions place using more.
surface is more hardi the celling on the industrial methods. Members are generally The
than to
ordinary poinis tubular,
give maximum wearing strength-to-weight
stiff- | wood, will not fade and la tness-to-weight ratios. This-re-
heat-resistant — a really duces the surface area subject to
Important point for of vary atmospheric corrosion and, course, the area that requires painting. (This area is, in fact, about half its usual value). ROLLERS
לב!
10031 800 19.80
Molor issues led the 1959 od- vance as they did the year be- fore. The two top places in 215 6 1980 volume again went to American 49th in (whicht Wor 0908 19.00 Motor 350 19.90 1958)
and
Studebaker- WAS 43rd). (which
4.35 4.20 5000 €15 6.45
A. Tuwait .. Sungat UTILITIES Trail
4.80
A
Star Ferry. Taumali
139
C. Light
10.00 20.30
·
25.00 25.90 Electric
Bew. 2.3 stacao E... Tel.
11.30
321% 32.75
800 600 32.30
32.80
steel
INDUSTRIALS Cement STORES ETC. Dairy
211 Watson 1. Cmw COTTONS Textile Sanyang
38 39.73
21
21.00
27.70
1.40
MISCELLANEOUS
Vibro
Mt. Allied
Was
The new index shows 011 average rate of growth of 4.1 per cent a year since 1947, the Board said, with a growth rate in consumer goods. production of 3.7 per cent
a year. Since The
this population gain period was only 1.7 per cent a year,
the
index revised represents a per capita rate of growth of about two per cent a year," the FRB concluded,
are
Packard
to
General Motors drew up to 5 166 32.15 piter and Ford to 100. Chrysler did not show in the top 25 Issues. notably Some of the oils, 500 394 Standard Oil (NJ) and Royal 200 21.00 Dutch were well up in the actives. Oli shares retreated in 1959 Electronics made up large portion of the active Het 500+ D.30 9.61 14 14.00 500 14.40 and late in the year beored some 1000 14.00 wide gains. Leading steels were 1440 included in the top 25-volume 15.30 group but did lite in pries movement, due to the 110-day steel strike.
3000
Bo
8.75
5.35
15.30 INVESTMENTS
....... 1.53
1000 340
Bank Of England Statement
London, Jan. 3. The Bank of England state- ended ment for the work December 30, reads as follows: Nale In circulation 237,190.084 10,910,3033 Public deposita ve
322.532.618 Private depcaits.....
249,754,350 Government securities
37,780.365 Other securities .....
04,102,603 12.1
UPI.
Natio
the "The OBO Husat on horizon" Love declared, Involves low-priced imports, He CX- pressed doubt whether the ution can maintain trehuical
rebuilding of in Furious a competitive superiority, and position.
of products ventories depleted during in fact
With international fensions strike is spurring
Jess Americans made abroad from cheaper raw steel
is ex- casing, material and by labour earning current boom, and this
ΟΙ another worried and more confident anywhere from 10 to 50 per cent pected to continue for
the future. They are willing to five or six months.
debt to satisfy Receipts Icus than American workers.
stee! production go deeper into January Cotton sales, yarn spiners i
desires for new
cars, new knit-promises to be the largest said, all cunts and for
furniture, Next year's output is
new appliances and ted outwear are in tight supply. record,
new clothes. Sano spinners have finish expected to hit a record ed with January and are now million tons.
Industriasis, to
create booking late February as their
satisfy Mr Bradford B. Smith of the production facilities to earliest delivery, Coarse earded U.S.
Sicel Corporation This growing consumer demand, counts for industrial fabrics are estimated that
a backlog of are expected to spend a hear in a little better supply ur orders totaling 20 million ingot record $38.7 billion for Apparel yaITIS.
lons will carried over into plants and equipment in 1980, Holiday conditions and in the New Year. He estimated that an increase of iz per cent over ventory reasons slowed activity with operations running at 85 1059's capital spenting. Ju band Abres and synthette per cent capacity. It will take
This surge
will be offset, yarns. Wool traders waited re-
about eight months for the in- however, by a decline in hous opening of The Australian dustry to catch up. Thereafter, building.
The 1950 total of puctions on January 11-UPI
rate of production
may 1,200,000
new homes is ex- back to 70 per cent of
pected to drop to 1,100,000 next cappelty, he said.
year. UPI.
NOTICE
TO U.S. CITIZENS
the
A
drup
Car Output
Car makers, striving to All
channels dried
in
by
U.S. INVESTMENT
QUOTATIONS
new
Consumer steel shortages, scheduled Mont U.S. Citizens will output of 700,000 vehicles next month, a 63 per cent jump over be
to required
file
December's estimated produc- U.S. Federal Income Tax tion and the highest total in
The following are U. S. In- history for January. Return for the year 1959.
Car sales are expected to top Vestments in American dollars. 1960, Buyer's prices include commis- million U.S. citizens residing in seven
Detroit's best year since the sion,
Bellers Buyers Hong Kong, wishing to file record set in 1035. The
Bales Amated und will be about the Am Bus Shre their Fodoral Income Tax next year
Atom Dev Mut same as those of 1955, but wil
Axe Bought B Returns for the year 1959 Include greater percentage of Bullock Fund
imported vehicles, are informed that an
With heavy demand officer of the Internal credit from both business and
Chemical Fund expected Comwith Stock Revenue Service will be consumer, monty is
to
tight in remain
1980. ividend Sh
Dreyfus Fund.... rates will likely Eaton & H. Stock visiting Hong Kong from Interest
advance somewhat, but are ex- Electronics Iny January 11 to 15, 1960, pected to be more stable than Found Mut Fund in order to give advice they were in 1959.
Jesus to show decline along with the oils included coppers,
Fir sugars, containers, come
average
at some
n
100 above the 1939 high.
After that is attained-
these experts anticipate
they moderate decline. Ther
rising market look for a
of the "Golden as the Sixtlor" gathers mcmentum.
The New York Stock Ex- change and other exchanges nre preparing for big gains volume. UPI.
IM
German Toy Industry
crafts, ralin and utilities. Bigg Has Record
gainers in addition to the elec
tronies included the makers of
rocket fuels, drugs and tyre. Turnover
The chemicals did well,
GOOD GAINS
Gains in the electronic divi- sion ran to more than $100 a share. Drugs had-gains running to more than $55 and chemicals were up as much as $40 in some istics Speciality steels pro-
1959 A Record
Year London Market
For
London, Jan. 3. It has been a record year on the stock exchange with industrial share prices rising 50 per cent. And three-quarters of this rise has occurred in the past two and a half months.
in
The boom in stock markets! gineering shares made a good seems set to continue and the headway and the upturn
brought Now Year opened the day before ship-building orders
the Financial buyers in numbers for all the inimes index Ica Industrial leaders. Steel seems set for a yesterday with ordinary shares reaching a now good year and shares this past all-time high of 339.0. On
weekt were well supported. January 1, 1959, it stood of
.DEMAND
ΤΟΣ
And
table tops.
It is being produced with the furniture market in mind. It is roughly half the cost of cons ventional
ani farinates,
A melamine surface can bo pro- A long pintle tube attached to duced at the same price the underside of the super-popular wood veneera. structure is alted, at the upper The actual material is very end, with three adjustable roll- much thinner-only 1/50th of era which rotate inside a scan inch thick as opposed to mental roller path bolted to the 1/18th of an inch thick for other truck top. The outside of the types of melamine surface. ring has spur teeth for engage EASY TO APPLY ment with the slewing pinion: The lower end of the pinflo tube is supported by an oil immersed roller thrust and journal bear- ing.
For
อรม
The surface is made in a fuli
An outstanding point about this new laminate that it i really pliable and is therefore admirably suited to all types of furniture, and it is not just the The jib is straight and con- flat table-top surfaces that are sists of three sections bolted to covered, but also the vertical Nuernberg, Dec. 31.
On wardrobes gether, each of tubular welded surfaces German toy industry construction, with a minimum sideboards.
From the of members. officials tonight
an-number
manufacturer's there is no diagonal point of view, it is easier to nounced that in 1959 example, they were able to malu- N-bracing. The welded ends of apply it to furniture suites, and tho members provide stiff will save a tremendous amount tain last year's record | (fixed) joints to make this of waste that is often unavold-
able with wood veneers. turnover of $88,334,000 possible. despite a drop in exports The four main b members range of colours and patterns— and heavy foreign mar- are designed to carry the same including one or two new ex- ket competition by maximum load, and there is X-clusive designs-and an attrac Japanese and Hongkong bracing between them. The dead live selection of exotic venvera.
weight of the jib is balanced in 1.P.8. toy producers.
all positions by the balance "Duraiam" is made by F. While
domestic business_ki-weights, which are triangular in Hills and Sons Ltd, Stockton- creased the export figure com plan form in order to get the on-Tees, England). pated with last year dropped by maximum moment
the with $714,280 to $32,019,000 the drop minimum weight and tail radius.
caused by heavy was largely
There is one pulley spindle at and competition at Japanese the head and the rope angles are Hongkong toy manufacturers who such that there is no need for a
tion costs caused, by consider the jib, The end moment in the ably higher living standards due to the loads from this pulley are therefore dispensed with.
Angular movement of the jib (luffing) is by a single, centrally being made by the Tyre In- were the Main suppilers
placed hydraulic ram of original spection Department recent- United States, with emphasis on
Fort Ly opened at the mechanised toys, followed by design which gives smooth ac- celeration and deceleration of Japan, Hongkong
and the jib in all positions, what-Dunlop factory in Birming- Italy, Great Britain.
ever the operator may do. Over-ham, writes the industriai The European economie com-
load er Jerky motion Is im-correspondent of the Lon
don Press Service. munity, toy industry epokesmen possible.. zad, did not affect the West German toy market, especially ADVANTAGES because France still maintained duty barriers.
Testing Tyres
easily undercut German produc-back pulley near the apex of For Quality
German toys imports scared to
here. spokesmen said.
$8,500,000, up 11,423,876 from last year's figure.
The effects of British and Danish liberalisation of toy in ports are still to be asocused. The "comiinued demand A noteworthy feature this past weck has been a revival of in housing and the government's The German toy industry will terest in gh-edged securities big programme for road-building make every effort next year to and a flow of smell buying de- has encouraged investors into meet pressure from low-price (veloped bringing a substantial shares
eonstruction QUITTM ear! Asiatic oxports, an industry recovery, particularly in the panies. Motors have also been spokesman said UPI. undated stocks,
7,43
0.04
4,15
4.43
225.4.
8.38
5.58
2.39
13.33
Cariado Gen Pd
14,27
15.
for Canadian 7d
17.40
13.89
Canadian Int Growth
10 04
11.30
12.41
15.75
17.12
13.74
10.44
24.55
20.35
1.19
BTS
11.08
12.01
"B.77
10.61 11,52
12.50
12.75
3.54
7.15
11.77
1268
21.00
23.40
13.71
14.03
16.08
11.20
But there are dark spots in and assistance with any the outlook, Farm income will
problems arising when fill
Hamid HC-C
Instit. Found" Instit Growth Inati Income
Invest Te Bosion continue to decline, although Keystone Cunt
Keystone Canadia Sam Tay Ty
dicated for 1959. The U.S. Nat Son Bor Growth the anticipates
a better import-Brudder BI & Ci Telev d... export picture in 1980, but only Value Line Fund tho MOT optimistic believe V. 12.
Wellington Fland current $4 billion, a that the year imbalance of payments will be levolled
probably not as sharply as the ing in forms. Interested three per cent decrease in- Ma Growit
call persone, should American Consulate General Telephone No. 85071, Ext. 220, for an appointment.
19.04 16.12 17.08 2.17 7.84 11.00 13,73
24.50
Bank Of France Statement
INDEX FIGURES
The Finamalai Times Index for gills rose 1.03 points to 85.35. On January 1, 1959 stood at 84.88.
of
the in demand. All greatly blue chips have done well under
a flood of buying from Small Exchange Rates investors looking for afe stocks.
wero
this
.5.99
15 A3
Budine, was done in the lea
Ring market Textile shares continued their offic
merrning at the following re- recent advance but at a slower, doam (per la
selectively Rarling note, (pme® R13 pace, Blores
Australian noles (par 1}. wanted.
Indonesian rupiah (ger 10g) Flames (per 100) Bingapore (rai
Foreign bonds were a neglect- fed market and the only move- Company news this past week 2,78 6.00
10.04/ment. was a slight hardening in has featured a number of big [selected Japanese and Grook companies with important deals issues. Dollar stocks opened the in the offing. These include dis week with a mixed appearence tilles, Courtaulds, Ford MotorS;
Shares but, except for steels, prions àn- ¦ ICI, and P. and
been proyed under the influence of these companies have Wall Street
much sought after and shortage Equity prices ended 1859 on of stock in most cases has an excellent note. In the post pushed prices up, two weeks loce in mort enc- Oil shares have been a special WILL YOU SELL IN NORWAY?
Paris, Jan. 3.
Kions have gone head under The Bank of France statement widespread investment intereat, isang of the markets thila past Firm of agents, situated in Oslo's best quarter, wishes for the week ended December alinily on public account. The west and the demand on a There pace wowed signs of slackening maticnt acutely short of stock 24, ready: follows: contact factories and exporters in Hong Kong ter
Ola Franc towards the end of the week but he boas very heavy,
# trenando bileitiems Total gold holdings 5,260,361,217 | peant balsing was well absorbed wa representation in Norway. Our firm has connections To other
and the undergone remained done in Cornyrails options in cill, BP. Junged 106, Burma with the country's largest importers in the majority at ngjason alread
in, KPUgDogA632 413,130.000.000 the excellent í Kanseral (mconom de Ddy Shell over 19%, and Royal
mic and Inchasuciti prospect. Toe | Duttoki 114 points." of branches. References can be obtained both in Hong An to Biasan
"Gold" bars have been very: Bruin 1900 are sirendy Divkog Kong and Norway Own, delivery service. All replies
virong innieston, cel-forventown | frank with a good selective Com Hubbori, have been
to Ed. Hansen A/S, Prinsensgata 20 Oslo, Norway curent "mocounte
wat for a particularly
CITY LIGHTS
N important contribu
Ation to road safety is
to
The new system is additionni the very careful visual
A specially developed, simpll-inspection that each tyre under fled, Word-Leonard set drives goes when it is taken out of the the hoist winch through double mould. Up to the present there of random, helical and spur gearing. It has has been a system am exciter, energised by the spot checks but now every tyro loop is subjected to a series of ex- in the armature current
which
simultaneouslyhaustive tests designed to ensure clrcult. controls the winch motor field that it is in first class condition and the generator field. This has when it leaves the factory.
Machines have been designed many advantages.
The driver's cabin is of resin.to detect undue stiffness, con- and varian tour irregularities. bonded glass fibro and galvan- Ised steri. "Rubber giated" sate-tions in mechanical properties. control room central ty glass is used throughout and
The
there is a window in- the floor receives and analyses the con- and another in the roof. An adtinuous flow of reports coming from Inspectors and thus can Justable seat is provided for the driver to operate the crane with inform executives about any la quality calling for Arend 25.09 joystick controls.
The four two-wheeled bogies corrective action on their part. The current rate of examinam- are fitted with swivelling (and son is 90,000 car tyres a week reelding) FORT. to
-ana in the event of
Hont reading A
cross-racking and wuable the from the Fort Dunlop factory, crane to negotiate curves. TwoL.P.S.
of the bogiem ste, fitted with
travel gear in which the motor British Generators
drives through a fluid coupling
and worn and spur gear to,
whebla. Automatic knold-In U.S. Power Scheme
confrolled brinkdam sure fired to
the powered bogies-finid there la B
electri
device, on the other bagian
The machineicy house” in con- structed of fruitlomat, reus="|| MU? bondad gipsa ibre which, prith- out Windows, SIVOS LAURENDIE uniform ghiing within. A wall the crane, 1s, provided inside: true
-SWUER.out.
MADE ens
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