1960-01-11 — Page 2

| Page 2

Mobiloil

THE CHINA MAIL, MONDAY, JANUARY 11,1960. ·

Weekly Survey Of American

Economy

SCIENCE

Special Hopes for better year ENGINEERLAN

Steel strike

losses all

Mobiloil Special

but forgotten

Does

the

work

of

4

Fine

Oils

and

does

it

better

Adds years

to

Engine Life

*

Saves

money too!

Assures. full-time

protection.

For highest power, smoothest

performance,

New York, Jan. 10. The U.S. economy-one of the biggest obstacles moved out of its way-this to what past weck surged ahead was generally heralded as its biggest

year.

HONGKONG STOCK EXCHANGE

stock

Our Owns Correspondent

Business done at the Hongkong Exchange this morning amounted 10 approximately: .02,000. Nom quotations and the morning's transactions:

Buyers Selera Whatts DANKS

Krak. 1170 03

INSURANCES Union

Lon bard

SHOPPING

92

13

Sale A

511 $30 137) 243

383 n DJ

The obstacle was the steel The Treasury's short term [strike, of course, offfed finally borrowing costs rose, too, this Ils latest fue et Est Monday, This card mi (past week.

interimple How stor and P-week bills topped the Ave Kovernment's econom As, as well per cent mark for a new high- Waterboal

per cent last | Wherlock nthers, were quick to term up from 1960 "The si prosperous year week.

in our history

4.042

Tight money

The cost of the record strel strike-ane $8,000,000,000-wus Tight money may have a res all but forgotten rs new goals training effect on the economy- were being be. A grum Lalinmal in fact it is being used by the produc: wpproaching the half government han tool to keep from running trillion dollar level by mid-gear, jeconomic booms

U.S. nutomobile cutput at away but it helped America's 7.500.000 units, personal income major bunits to rake in new all- jumping to $400 tuillion, record time record carnlogs In 1950 plant inve.tments, Inventories, briween 13 and 24 per cent suis reductivity.

above 125A.

Hopeful talk

Uix

DOCKS, ETC. K. When

Dock

Provident Taikoo Docx

LAND, ETC. HK Hotel Land

There were two increases of ione per cent each last year in Humplirey's

the prime rate and this accounted Realty There was even hopeful talks fer the bulk of the increase in (again of a balanced budget as

bonit's

There Carings. nei increasing ncome swelk

was also a substantial gain fo Tercipts, or at worst--a deficit fetal loan volume for the year to Amalk

$500 million or lts,

Financial Lof caly

nod to their incone instead of the much higher one sources gavo yet another reason | Trist

A. Tawal I talked about only six weeks ago.

why interest rates would lend to about whether

! UTILITIES Not worrying

and probably ro higher

stay Tram current steel rites watt nok er

higher in the future; the hall of eventually go up under pres-ure the long-term trend toward

of the new steel labour contract.higher personal savings. Gains manufacturera wen! To work

that delay.

Cel

The Moter industry planned ils highest January productions in history: 1,000 cars. 25 per 454.757 ched ut the assembled in the same month last and even topping the 659,508 unils rssembled ist January 1955, the all-time record

Year

[year.

825

673 0.20

1000 2003

20

2003

116

$15

174, 17.70

400 0 218041

0904119

100414 1200 M 42

ARTS 34 1800 40 34

401 402 203 19

21 21.20

1.55 DC

1.525

38000 20 1.543

333013:3

100s 1.51

75000 1.02

4 25 150001423

RUBBER

... 4.173

6.25

600 4.RO

J13.11

deposits al in savings

Tournati com- mercial banks in 1950 were eply. Light hair as much as in 1958 ut in- more and more vesturs turned toward higher-yleid or bonds.

321 20.10 200

102

recurltim

New

33

20.20 20.40 Electric This shift. if continued, would | Macão 2. ****

11.30 have a profound effect on the Telephone. 321 capital market and the interest rate structure, the sources rald, INDUSTRIALS

A good example of how the lack of steel reduced demand for

4000 4.30

500 33.3 500 23.7 1300 LEK 1003373 100033,75

200 20.30 4000 un 20,25 100 2833

zapo - 27.20 3000 * 20.25 1000 20.35

1934 100 115

Terms of trade-the 1960 start

INDEX: IMPORT

EXPORT PRICES

ΠΙΟ

105

[100]

95

1958

1959

MOV DEC JAN FEB MAR APR MAY JUN JA AUG SEP OCT NOV

Ithough commodities have advanced this year, the prices Britain has been getting for goods sold overseas have been higher, too. So the “terms of trade "--the relationship between import and export prices-are ending the year pretty well as they began. This puts 128 00 2 coniparatively favourable position for the start of the 1960's.

London Exprru Servfer

Confidence returns

after mid-week decline in London

London, Jan. 10.

Britain's long-hooming stock exchange was halted in mid-stride when prices sustained sharp falls carly in the week. In two days declines clipped 11.3 points from the Financial Times index which touched the new peak of 312.9 before the profit-takers decided to cash in.

Plans for future ferryboat

to outer space

LOCKHEED and Hughes Aircraft. companies

have revealed plans for a "commuter express" designed to shuttle men and materials between earth and outer space for construction and main- tenance of orbiting space stations.

Combining features of space unfolding A 1,000-square-foot ship, a balistic misalle and a wing and exposing the payload conventional airplane, it could [cylinder. be ready for service by the mid- The plot then would wake cons trol of the craft using special 1930s, the companies reported.

homing I could carry up to lour as optical and/or radar ¡tronauta-a-pilot and there com- [devices to gain information on the muters ready to step into their direction and distance to the workshop in space" and Jarge station. He would control the quantities of romterials. Designed vehicle by reaction lets spaced for flexibility, its payload would along the wing edges and by vary from mission to mission. internally housed electrically

Taking off from earth, it would [driven inertia wheels. orbit at 300 to 500 miles allitude, rendevous with other spacecraft, transfer technicians and supplies, retum safely to earth and re- peat the entire operation on the ferry onto the station; and inutine schedule.

the passengers, attired in special space suits, would enter the space station through an airlock or

Called a "Space Ferry" by the Hughes-Lockheed engineering

Upon obtaining visual contact with the space station-at, about 500

rect the pilot would maneuver into position, fasten

team that designed it, the system simply step from the terry to on also could undertake a variety external platform. fof missions, including tracking

and inspection of unidentified DIFFICULT objects in space; serve

"space sweeper" 10 remove derelicts from spaccianes; act 33 a space systems laboratory testing and training faculty:

perform

short-term

on missions

and "excursion" basis.

scientific

an

21

A typical rendevous mission with space station could be ne- cmplished in two to ten orbita covering 3 to 12 hours. typical mission, the space ferry

14,000 pounds of rould carry payload.

3-STAGE ROCKET

In a

engmerrs

Return through apoDE and entry into the earth's atmosphera is regarded by the project en-

the gineers a9

mart difficult problem of the entire mission.

The proposed configuration is

"listing

re-entry" vehicia which provides manoœuverabiliy and control of the ferry during the re-entry. phase, Lockheed advanced proposed materials and structural concepts to overcoRTLÉ extreme temper ILTER=VINTEINE up to 2,300°F- expected on re-entry into the But by the weekend, con- bad lowered some prices. Steels

carth's atmosphere. A unique fidence in the underlying nice encountered profit match-

Hughes-dor@ried automatic con- of Britain's Cunnamy ing. but finished bright on good

At time of launch. the pro- trol system will control extreme strength and the generally favourable future prospects.

described by temperatures during descent and There outlook for industry brought

would relatively gentle glide approach, wing configuration,' the buyers in search of bargains activity in ts and rubbers, but Muncemith as a "olding arrow smooth wit the night path to a back to the markels. Their both showed nome good features.

encase a cylindrical container according to Wendahl. Outstanding ist golds นาง

Landing would be housing phot, passengers and

BECOMI demand was selective. At the close

It would be mounted plished in a conventionak inilah→ of the

business Western Holdings which shot up weck's

payload. sharply to close at 101s 10d.

a three-stoge super-er at a predesigned point on the Index was back at 334.6.

Some of the buying was reperi-alop

Tocket with a gross earth, at speeds below those of

xisting airliners. of approximately Factors behind the shake-out ed to come from South Afrien, Powered

West Driefontein dropped back weight

1,000,000 Wednesday

pounds. The rockel Despite current emphasis on Tuesday and

and ended at 202 8d after su

be

control in tor automatic

sptoo programmed bo fearg taining a full of ever 53 on Fri-automatic guidance through the systems design, were thought to

Lockliced and rise In the

whs bank rate

| day.

tughes three basic propulsion stages.

their reported that Dec- imminen following the

Record diamond sales for 1039

for the apaca Timed to arrive in opace near design approach in reserves of talled to influence these theres, 2000 H ember doctine

ita target station, the space terry ferry involves maximan tære of gold and convertible currencies probably because the peak ho would change from its sym-the human pilot "as an active

Bow

tunds ot and the

to been anticipated.—UPI,

metrical arrowhead arrangement element" in the control of the America and Europe where

configuration, vittele, to a Dying wing better interest rates

are i

10001

1000 33 500 13

Cement

40 .... 30.75

200 20% 350044 200 44

Dairy

...... 22.202.40

Car makers, impatient after the lowest December output in six credit and how new abundance STORES, ETC. years--192,000 units made a of the metal was bound to in- good start this past werk by lerease it again comes from Com- scheduling 162,520 passenger eat merce Department figures show- auscmblies and 2,304 trucks.

ing a drop in instalment pur- This weekly rate would be the chers in November 1958. In week of De-that month instalment credit highest since the tomber 8, 1956.

outstanding-not repaid-rose Last week-a short work another $75 million but the in-

Year creare was because of New

the mallest since werk.

assemblies March. The reason: Steel short- holidays Detroit

nges cut the flow of new cars into showrDOTTES. --UPI,

i turned out only 112,113 cars.

Thin margin

Yet, manufacturers using sted? were actuBy beginning the new your on very thin inventory margia or the Impressive December steel production figura-probably the largest monthly total on record-inst tonnage went into further proots immediately and very little towards inventories

The result was that steel sup- plies in the hands of conaimers currently are around the west levels since World War II. only about nine million tons. This level was practically unchanged from November 7 when the Taft-Hartley injunction sent steel workers back to the mills for 80 days. Actually this con- sideration was very much in the

109 22.40

500 22.30

200 12 22.30 500 22.30

Dn

1

DIL

024 14.00 18.30 4000 14.0

Watson ..... COTTONS Textile

Nanyang

MISCELLANEOUS Vibro... INVESTMENTS" Allled

15,00

6.45 3.50

K & FE'' Invest... 13.10

1000 13.30 vaflable.

Wall Street in

for spate of profit-taking

New York, Jan. 10.

NO RATE CHANGE

In the event the bunk Tale did nob change, authorities seemed outwardly. inworried over the real decline of £19.- 000,000 which was what the fall came out af when the servicing of the North Ameri- can loans was taken into ас- count.

is official Apparently there reluctance to like the rate when internally there is no im- mediato need for such restraint and also when it raight, In turn, help force up the US. rule and may be healthy it

solidation,

mind of all there who caved Industrial stocks set a new record high on January on opportunity for con

ja sigh of relief when the strike

The was settled.

inventories would have bech dangerously low if the strike were resumed at the expiration of the 80-day perlod.

5 and then ran into selling which left them lower on the week. Railroad issues made a substantial gain.

Friday's business closed with A better tone evidim und brokers reported two way trafile with the selling matching the buying.

The market's action reflected, the last session of 1959.

At the Copper users also entered the New Year with strike-created settlement of the steel wage dis- week's high, set on Tuesday the

Gilt-edged were a dull markcel average closed at 005.47, a new but towards the weekend some shortages of the metal, The out-pute which was regarded as In-

and the President's record. It set a record intra- business developed. Over the Jook for the first quarter re-flationary mained unfavourable despite State of the Unlea Message day high at 888.21 on Monday week War Loan 3% par cent

regarded as deffà- but the market turned about decked from 205 5710 strike settlements with several which

that day and closed lower, companies. For the rest of 1980, tionary,

£04% and Consels 24 per cent fell from £49% to D trade sources midi, copper should be in ample supply again,

Credit squeeze

If there is a restraining factor limiting the possibilities of U.S. economic growth this year. will be further tightening credit.

WDS

CONFUSION

The rail average closed the week pt 158.10, à rise of 4.05 points; utility 87.09, off 0.14; and

stocka 210.80 up 0.34.

FAVOURABLE NEWS Standard & Poor's hopes for a rise of 18 per cent to a new high 1900, corporate profits in provided a proper background for further boosts in aggregate dividend payments,

10

Industrials Imperial Chemi- cal Industries finished the week is 14d lower while Unilever dipped 4s 2 at 130 Pil. Tobaccos were down,

DOLLAR STOCKS

After the end of the U.S. Except for the Tuesday ses-steel strike, Bethlehem Steel two points over the slon when the Industrial, put or Anyhow, there was confusion, average rose more than six week and US. Steel was up Chrysler scored and the market operators appoints, the market paid little at 4 points. peared

Interpret thingstention to many favourable four points over the week and

General Motors 21⁄2 points. bearishly pending clarification items in the business news,

Car output sot a men of the situation. They did a

In addition to this set of cón- tradictions, the Anancial district looked for a series of higher money rates after leading banks ruised their charge on loan to brokers backed by markey col lateral. That, too, was of con- tradiction against the idea that

President's messagę WIN Ironically, this was brought the about by the steel strike selle deflationary. In deflation money

Uninterrupted steel pro-rates would ease. ment. duction at a tine when inven- bound 10 tories are low was

fot demand create increased

rebuilding credit for inventory purposes and for renewed capitul expenditure. requirements.

of further There was talk boosts in the various interest

before The strike sullied This week came the first reaf indleations: Major Now York banks rained to 5% per cunt from five per cent the rate they charge on broker and deter loans backed by securities as

collateral The action widely interpreted, as foresho→

to

three-

longest engine life.rates the cost of borrowing large volume of business year high, Steel operations were

Mobiloil Special

STANDARD VACUUM OF COMPANY.

HENKORČÍNA Á Manaka ding Mint 1. dets.

even

was

מיגי

The dollar premium closed at

three per cent compared with and late in the week a stoddler arounkā their best in history. 2 1/7 per cent on January 1. tone was apparent in the general Electricity output was in nearly Hist.

nine per cent higher than a year Oils were crmatie and not, In Trading increased over re-ugo, Crudo oll output, held grent demand after pred-taking cent sessions with the total for landy. Coal mitt rose sharp- the week at 18,027,086 shares, ar. Car loadings gained. Food daily average of 3,605,417 shares. prices declined,

hurt

This was the best since the White-deflation talk week ending December 4 when | stocks, it helped bonds and most atmares of the leading groups of cor-

dowing an advance in the prime von was 18,033,376

and daily sales averaged | pornte istuta" advanced email

Exchange rates

rote which banks charge

Business was done in the ingel ered11 3,008,875 shares A year ago, amounts of average. customers

Lop with

Exchange Turket Electronics is bore the unaffe

21 ratings. This rato la mirrently at volume was 20,837,001 shares or

decline with losses torte at the following ratch five per cant. All other rates daily average of 4,107,320 brunt of

ranging to 12 points in Taxas Um, dožara (p80,81) PRO are sealed up or down scoord shares.

the case of the week, the Chateuksenia. American led the Bierling notow (per_21) The last hike in the braker"Dow Jones Industrial average malpra with a gain of 6% points, Australian notes (per €1. Indonesian rupiah (por. 300)... Slimm tioals (ppe 100) loan rate and the peura-rata | stood at 0175.73 off 3.68 from the Bled showed little change

paRvious West-- which marketi | acrobat iku kendere,--UFI,

Like

no WIS

outstanding

posed

would

vehicle,

Arrows, reading clockwise, show the man-carrying ventele being fired (1), sidruni- ed atop a powerful three-stage rocket; after first-stage rockej separklas chatze blaats, arrowhead-shapod space ships"still" higher T2), and third-stars- allints to orbit sillade, 00-800 miles above the earth: slamire, (3) sham wyznawir vehiels unfolda to form a 1,000-foot-pumare, firing wine. The criladrios); cure earring a pilos and sa mália, se three pasépzigere, sleng with large quantilles of mater typical payload would fetal 16,000 3

Kék The piles raide the ferry to tla destination in space-perhaps repair. A Cluby, usb: of renotión juta autood sleng-shua Wing's edger ana dy llPageant? felóâtly+dzfven", terita winnia, Fer return in varsh, the forty (also in skimmi