1960-01-18 — Page 2

Page

THE CHINA - MAIL, MONDAY, JANUARY 18, 1960.

Weekly survey of American economy

TIGHTER MONEY POLICIES STRING

The only cloud

cloud hanging over the U.S. economy

New York, Jan. 17. Only one cloud hung over the U. S. economy this past week as it swung into a predicted best ever new year; Approren- sion of tighter money policies to come.

HONGKONG STOCK EXCHANGE

Interest rates--the trend

U.K. and USA. BILL RATES

Our Own Correspondent

With major Inbour disputes; from five to 514 per cent the Taft-Hartley injunction carly in

Business done at the Hung- cleared off the decks and a new rate they charge on broker in November. Industry sources at

Stock Exchange this Inflationary splnud held in chock dealer, loans. Interest rales. and teared the scrap firming cong temporarily stockmakers two key short-term obligations buying spurred by palette morning amounted to approxi

by pledges to keep the current price bakers acceptances and comment of the steel strike. Kmately $693,000. Noon quota-- level, economists saw in figher mercial paper sold by major grades of scrap now sell at a tiers tnd the morning's transac- creklit the only mujor restraining sales finance companies, were lon, still well below the $10 incter for the near futuro. marked up again from between milis paid for soap bamediately tons:

Shazel after the reopening of furnaces The apprehension showed il- | % percentage point art. self best in. the stock market Businers apprehension about in November, and a fur, cry from BANKS

the $50 scrap от

dealers hoped they HK Bank.. where issues for the past week light inaney. centrod

would realise in a sextumble for INSURANCES were depresed and rallies fail-

Liming of announcement of the

Union...+ c. The selling was ascribed to various, rates involved With scrap which never materialised

Steel business was generally, Lombard, worrien over Arming intereststeel mills booming away most

Buyers Beliers 1170 1190

10 g 1775 1100

2

30

rates. It was noted that the 1.5 metal ting manufacturers we expected to keep to record levels SIPPING Treasury's latest offerings af in the middle of a long-needed for at least the first half of 1960. Wheelocks 6.10.20 8009 $1,500,000,000 vue-year bills sold process of restocking badly JeTwo reasons were given for the

the US. Is permitted to, pay on Ing-term bonds,

Dock ......

180

to yield better than five perpleted inventories. Others were expectation; The noed to restock DOCKA,, ETC. cent, which is well above what making plans for large lewentory depleted steel inventories after K. Whait...

Hoose building re- the record 110-day strike, and Provident 17,50 17.00 build-ups. quires a lot of money in the form the need to build up stocks, Talkoo Dock 424 425 of loans. Firmer Lterest rates arista generally @pected

LAND, ETC. the HC Holet. tho it costs more to Reel price increase after

presidential election In Novem- HK Land

This continued demand should

insure, pro- Humphreya be high enough

Public interest

moan borrow.

Higher credit

Publie interest his recently been great in these. Treasury Issues, Preference for bonus,

Higher Instalment credit would whether overnment or corpor- ate, means competition for the mean a urb on the expected #tock market and doubtless has boom in appliance and car sales, contributed to the recent liquida-Higher mortgage, interest might Hon of junior securities on the further depress the tapering-off

process in home building.

steck excha

“,

duction of 70 million tons in the first months of 1000. This would Really 64.3 million tons set in the heetle Amale. break, the previous record of 'RUDDER Brd half of 1939. The predic-Trust The stage was set for an un- The higher credit cloud comes,

Fran Exports say not minrot hiking of the Federal at time whes surveys indicate tion for the entire year 1s 130 UTILITIES collapse in the market Star Ferry Reserve System's discount ratou desire on the part of consumers million tons. which the system charger ralat to make mator purchases. The oven.

C. Light latest survey to support this In-later in the year would stop the Yaumati deation came from the Univer-industry from breaking the re-

cord 117 million tons produced | Electrio › lty of Michigan.

OFFICIAL NOTICE

In the meantime the industry in 1885. kopt a record pace. Steel mills

Power output

3311 401

34

1.51 1000 or 1ns

21 21.40

1.323

1000

4.2

1.06

3344 204 1000 33

2000

145

New

13: 134 20.10 20.30 -2010

20.30 20.42

20-25.20 300

33 334 1300

16:00

41% 4134

STORES, ETC.

Watson

Proposal to change a Ship's were operating at 93.3 per cent

Some sources predict a steel Macao E...11.30 of capacity this past work, reheduling an output of 2,715,000 price increase as high as five Tal

This would be vir- per cent. They base this on in- tons.

'name'

Lons.

prosperous

Uz1-

TEX

22.70 24.00

2712 21,70

9.33 14.00

0.61

8.00 4.95

•

13.30 13.00

I. Yun-Shin Zee of 12A Kalot same last week formation from big construction INDUSTRIALS Yuen Terrace, 3rd f1, ILK, when the steel industry slightly companies avhich are reported to Cement

in topped its forecast of 2,707,000 be already writing a ako per hereby give notice that

cent increase into contracłą that Car nukerstood to make involve steel buying after Bo Dairy consequence of Change of

cember 1980." schedule of 2.2 ownership, I have applled to good..their

The electric power output and Craw million cars in the first quarter. the Minister of Transport To achieve that tolal, the Indus department store sales are good under Section 47 of the Mer-try's average would have to be inkilentors of what is meant by

year Another in- MISCELLANEOUS" chant Shipping Act, 1894, in 30 173,000 units a week Car 1950 having been America's most manufacturers approached, that

Vibro ..... 15.70 sales of U.S. INVESTMENTS respect of the British Steam pace last week with almost dicaíor are the first unofficial

162,000 uniin asembled, the aures for total

Int. ship RIVER CLARENCE of est

Lotal since December made automoblies in that year:

Allled 28 Almost 5.6 million units, a

EK & FE Invert Sydney, NSW. REGISTRY 1956.

The nation's electric power per cent gain over 1950.

There is another, a bit Official Number 174699 Gross output, a sensitive barometer of

usual, tankard of judging the tonnage 5031 tons Register Sodustrial activity, climbed to

American economy. of nation's Atl TLKYW

・time high

inTelephone operating companies 'tonnage 2662 tons, heretofore 14,308,000,000 kilowatt hours owned by Australian Coastal the week endeel January 9. This cdded 3.3 million new telephones Shipping Commission for permpared with 13,500,000,000 the to their lines in 1850. Long dis

week before and represented a tance telephone conversions rose mission to change her name Jump of 5.8 per cent above the about ten per cent over 1958 and telephone construction expendi- year topped $2.2 to GOLDEN ALPHA and to or age level.

The Index of electric power tures last

fourtit successive have her registered in the new production now stands at 281.7 billion the name at the Port of HONG Per cent of the 1047-40 average, yet they suve execeded the $2 KONG owned by The.. World-Wide Steamship Co., Ltd., 420 Marina House, Hongkong.

Да

Any objection to the pro- posed change of name must be Rent to the REGISTRAR OF SHIPPING at HONG KONG within SEVEN days from the appearance of this advertise. ment,

Dated at 11ONG KONG the 15th day of January, 1960.

The World-Wide Steamship Company Liralted.

Announcing the

opening of our..

billion level,.-UPI. Rail freight

In the first week of January railroads loaded 483,012 ears, of freight-32 per ceni above the year ago level mi 2.3 per cent more than two years ago.

Department store sales in the second week after Christmas were nine per cent ahead of a year ago, 1959, department store sales were seven per cent above 1958.

Steel prices

With steel mills running at 05 per cent of capacity and 1- pected to stay at or tibove the 20 per cent lavet throughout the net half of the year, steel scrap prices firized

They Again, moved up $1 a ton at Pittsburgh

cntcred es mejor mlils

the

| market. The increase reversed a scries of decines after the

Hong Kong Office

Janwary 18, 1960

R. W. Pressprich & Co.

INVESTMENT BAnkels

48 Wall Street, New York

MEMPERS

New York Stork Exchange

American Stock Exchange (Assoc.) Midwest Stock Exchange

AMERICAN STOCKS & BONDS

MUTUAL FUNDS

Investment Advice

Portfolio Analysis

NORMAN L. YU

Representative

603 TAK SHING HOUSE, HONG KONG

Telephone $1434

4142 500, 4132 300 / 41% 1000 € 22.70

Exchange rates

1950

(MONTHLY AVERAGE DATES)

1959

EDUMEFANAMORAM SIMON N'HER DEC"

The trend towards higher interest rates abroad--and particularly in America is being closely watched In the Elly because of its possible impact here. This Leslie Green chart shows how short-term rates have been rising in the P.B.A. They are now well above those ruling in Britain. Londos Reprae Serates.

NY Market slips

on fears of higher money rates

New York, Jan. 17.

Stocks during the past week ignored record indus- trial production, a sharp rise in employment, and moves to bring down our deficit in the balance of payments abroad.

They declined on tight money and fears of further increases

in money raies, including a use in the discourt rate, & Justice Department appcal

the

to

| Supreme Court of the Du Pont case to fozen it to divest itself of its 88 million shares of General Motors; decision to sell nickel from the stockpile, and deflationary effects of a budget in, balance...

•

Two trade

blocs set

problem

for U.S.

-

Du Pont. suffering from the oppeal, feli more than five

New York, Jan. 17. points on Friday and closed with a loss of 23⁄4. International One of the pressing problems Nickel fel three on the stock- left unsolved by the recent pile news. Weakness in these

Western, summit con- two plus a loss of more than a

ference, in Paris was the General Bectric point brought industriais doam од economic division develop Friday and left them lower on

ing between Europe's the week.

"Inner Six" and "Outer Seven."

Business was done in the local

exchange market unit morning at the following rates US. dollars (per $3) Sterling notes (per &i)...... Australian notes (per £1 Indonesian rupials (per 100) Blam tiesis (per 100) Singapore (Sīralia)

this

6.09

18.20

12.00

2.10

2015

So

London Market stages a late

recovery

London, Jan. 17.-

Stock markets staged an, end-week recovery after hesitant start under Wall Street's influence. Friday's modest buying bout, with few sellers about, lifted the Financial Times index to .334.2.

the

of

the

INDUSTRIALS FALLS

bar in 1900. Industrial

*

Electric power

through fusion of light atoms

APART from the big developments made in

Britain in the last few years in obtaining electric power by the fission (or splitting) of heavy atoms at Calder Hall, Dounreay and other pioneer nuclear power stations investigations have been made into another possible Way of obtaining energy. This is by the fusion (or joining) of light atoms, such as those of hydrogen.

These fusion experiments are (1987-38) of the United King- being carried on at the Atomic dom Atomic Energy Authority, Energy Research Establishment which is just published,

at Harwell (where Zeta-the - At Aldermoston, where the op Zero Enerly Thermonuclear paratus has consisted of straight Assembly-has been developed tubes turi contrast to the Zetn and where three new types of tenis) an approach known-os ring-shaped tube generatoru are "shock heating" has been used. now being designed) and also at Electrical circuits have been This is designed to give very high rates nearby Aldermaston. revealed in the annual report of rise in the discharge, current and values' exceeding ' a. millión million amperes, a second have been measured,

Cold light

for cinemas

TWER sinco the first

cinema thera fint

which has

nover

Two pieces of equipment have been used and both have, pro- duced neutrons from discharges in deuterium. The larger op- paralus is already able to yield

pro- 10,000,000 noutrons per pulse

to

possible

achieve 0 beiter, have understanding of the heating"

of processes. been

The signifcance of controlled nuclear fusion research to the

been two problems, one satisfactorily solved. They "mon in the street is that heavy jare the task of providing Lydrogen can be extracted from sufficient light to illuminate ordinary water. This meand screens steadily growing in that if it is eventually possible

a fusion

power sise, and the reduction of to construct

operating on heavy the increasing host which station

hozirogen, mankind will possess large accompanies

light, the oceans of the world been a virtually inexhaustible souren It sources,

has estimated that only one par of fuel. cent of the total energy

produced

by

tho most

efficient projector lamp is Distilled water of use for lighting the

scroen, the remainder is from the tap

waste hest.

Now, using xction gas instead

of the normal carbon ares, Erilish a hose from the kit- Houston Ltd., of L' chen tap to one end of Thomson

w.C.2. has a de-lonising cartridge and Aldwych, London, developed a three-electrode lap another from the other end

guaranteed

which

has

Q

the (do-

minimum life of 1,000 hours. In of the cartridge loading to its initial form it is a 2,000 wait a car battery, turn on

and purified lamp, but a lamp of twice the tap, power to being develope, big ironised or distilled) Water enough to Right the projectors of will be produced as quickly the largest cinemas in the worlik

This now device will be 'a 10 motorists and to

Xenon gas has been used in as it leaves the tap.

types of cinema two previous projection lamps, but only with boon two electrodes. One advantage garages, as it will do away with

the

for necessity

storing of the three-electrode lamp la

distilled water. in a bulky that the some light output can be obtained with about half the carboy. I hate been developed internal gas pressure. The third ma inboratory portable de electrode also reduces the voltage Jonising unit,

The de-lonising cartridge necessary for initial ignition and, thee it lonises the gap between contains exchange resins which the main electrodes, permits the purity the tap water is it Down

The through them. lamp to be used at any angle, thanselvos not as an indikator It has been estimated that of the life of the cartridge. will yiek a 20 When new, the relids a dirk cinema blue in colour, gradully; 'ks

testos

The conflict is significant to the nations directly involved,

It niso But

representa shares have fallen in eight of basically different approach to ten sessions. The losses "United States of Europe" as mounted fo 30.18 points and advocated by the United States on the one hand the two gains to 10.50 points, of America leaving the average down 19.69 and Great Britain on the other. polats from the 1850 close,

Both the "Inner Six" and the "Outer Sevat"

trade aro On Monday the market rar groups, set up to knock down barriers within cach into heavy selling that knocked tarift Industrials down 8.57 points, group. while retaining trade their widest. loss since the barriers against each other. market for these stocks declined 0.14 points

POLITICAL LINK on September a Tuesday's loss amounted 10 6.73 While each is a trade group, per and Wodnesday's to 3.00. The the "Inner Six" actually goes market rallied 4.09 points on much further than trade. Its Thursday and slipped 0.80 for members see it as the beginning of a programme which will link the group on Friday.

Europe politically,

It has had the firm support of that a Unibed greatly strengthen the defensive capabilities of the North Atlan-TOR the visual inspection by releasing two hood nuts and tie Treaty Alliance.

the new lamp

cent saving in óperating costs.

New method of

For the week, the industriais

the red europe, wmachinery inspection closed at 659.68, off 10.05; rail- 0.12; utiilies 87.13 of 0.50:

and 05 stocks

road 157.98 off

216.34 of 3.52.

*

fact that the common market of

they tre cochantsied, that solbur changes to yellow starting from the base. The cartridge is marked with, ah" "bxhausted" |lino-nées the top aid when the yellow resing' tëđch, thia märk

the clan that the cartridge

noods dating a job that

can be 'cline in a few Records,

while a larger

That it also might divide of machinery and on the cutiet union,

A single cartridge of tho All sections on the marke! Europe had not been foreseen. gīno interior, # now optical junior model will give up to The drift in the early part į Trading profis in 1959

were hit. Electronics took a halted Thursday, nearly 3,000 companies showed severe drubbing in several in-

The division arises from the winning many orders, 150 gallons (507. Htires) of do- of the week then

dividend Friday's

aircraft on- ionised wate brighteness

paymenta through stances. Rails outperformed the the Inner Six also requires the especially from brought a rise of 2.0.

year jumped by 13.7 Industrials and utilities moved surrender, of a certain amount gine siembly and main cartridge designed for thrages -eent. Since earnings In the narrowly. After the first minor shake-

petrol or oictiric vehicles, gives of sovereignty. Britain was es tenaned work, for its mandat operators of large fleets of year rose only by 3.5 per cent

pecially imwilling to do this.facturer, “Vition Engineering up to 300, gallons (1,134 litres) out following a near non-stop) the impleation was that com- boom since list October, the panles generally are following

GLOWING REPORTS The British, believe economic Ltd., of Woking, Surrey, at a single chnege, he system

and political matters should index is now only 6.7 points

moro ilberni distribution

England. Described an ex- has been developed by remain separate.

Producta Til and expoc, below is record peak 342.90.

of Raliway policies. This, in turn, was Government, reports were

Wimbledon, Beeing itself thereby shut out tremely accurate seen meaning company glowing for December. During from the common market and ceptionally

Verstile, the 8.W: 40. boards are looking for better that month Industrial production fearing the effects of its aw instrument is composed of results in 1900.

therefore haality came within one percentage trade, Bellain

and R

Wall Street's' fall, and per- sistent fears that at some stage Britain must adjust her interest rales in line with Higher rates outsining piso where, were behind the lack Lustro performance in the early part of the week. Things Thunday brought no charge in the bank, rate,

RG

record,

operations set a new employment rove and unct

Plastic piping.

ជាងព

London,

a magnifying hoad points of its record, high, steel set up the "Outer Seven." INTEREST FEARS

probing, dxtension. .Gill-edged, in the shadow of

ECONOMIC STRUGGLE By using a coaxial sight system interest rate, fears, put up ployment fell-coch a contra- Hence the economie struggle froin bulb Altect to the side of resists corrosion

atless performance and showed seasonal move because of the developing among the very ha- the lube and reflected by two loses over the week, Consols return to their jobs of the sleet-tions upon which Use United nitror, this instrument replaces

mány 2% per cents dropped to workers.

States must depend for its the pocket torch and inspection PLASTIC, piping £40 War Lean 3 per cents

allie, Aside from the effects (tror method of viewing by times tougher than pre dropped a similar amount to Improvement continued after end up 203%.

Small investors turned to the on Europe, the two economie combining the two in one com- dinary plastic piplug has Trabury bil market and were groups also have an advetil pact unit, the news that the Board of Trade há approved" industrial Golds had a mixed week but able to buy 300-day bills, that effect on other economies, noti buliding plans in the final quar- showed good spots and towards will give them à retura at 6.30 ably those of the United States ter of last year which were the end of the week St. Helena per cent. The yield would have and Canola.

Different extensions are avalin announced in the United Kingdom) · Manufac- able to provide a wide range of Inspection for ambil tintured in a wide range of treat detall, lorge areas for diameters, this new piping dirtit vidun of blind holes, The

| some 35 per cent bigger than in was higher while Centerspots, been higher had it not been for The US presently exports sį the dome" perind of 1958. Thm | Western Roots And Libanon the demand of the small buyers more to the Inter Six dan does general observation and

of the Outer series, of wood com- were steady,

In this market which ordinary any melnber

followed

bids and company bringing rises In these sections,

NEW INVESTORS

..

:

pany reports, more take-over In diamoda De Beers lont 34 is patronleed only by the Seven. But it must do do nowtubing is made of steel while corrodible' vanddrable; to mergers 1d over the week to close at wealthy and the big industrial at a disadvantage ne compared the reflectors in the smaller sies withatand heavy blows, D tubes are chrome, Magnifications only one-fifth the Walgkr and framelal búnitiessen, 100%,

to any member of the trading group,

In provided in a self-contained of steel, and being self- Dollar rocks behaved In

In an effort to bridge the gaD

head well away from the work- | colouré needs no painting. tune with Wall Street, U.S. - Mally took profits in stock between the Inner Six and the place archiweis 'ors no delicate The_RTA:facturers claim that Market men have been watch Steel los 93% points, on the beause of the money situation Outer Seven, European economie lenæes or prikda, mounted in the the piping is ideal for ure unter Ing the

rescilon among Riond week Bothlotrem Steel alopecijalid wint experts called

indrilstery and experts, and trờẹ tubes, Theme foglakes, the mami- corfentvö.conditioni where there viposed

**w** Investors three points, 4B

Chrysler Tall | Weakened trehvileni posillanı presentatives of the U.S., and facturer claims, trace the instru= | in #146 Rime of riochanleat, deitige whose entry into the field an sovani points over the work to the general it..

Canada will meet in Paris thement both robust arid, economi“ na li chemical worké mělil oli the boom surged helped caums 3313% and General Motors

Middle of Jamiary:

Buyer rednerite and giving för, water, à Upiliness of mock. Am duc as dropped Ava, points to.87.

Bales for the week dipped to

As of now, it appears the. The friætrument works on lów | PM and METROMR, Sirma hän be judged – thú nówżothers Ole were emaile, but ended 17,000,000 shares, a daly ever beiden will be a dimkult one to Vollage, which can be provided corned was Exiřudax Ltd, of

·England, have not panicked into poleg femer with

riting sigh of 3,880,180 daros, irten commuct bessure, of the politly from the battaleg og maine, Yor Discknet, Berkeijure, on the Bert signs of adjustment 101d mad tees were quietly, last wreed' 10,021,000 shares on nature of bye • Tomar, sick limaprelloniugi., ólektiyali veik mid, Brifen, Cleon 1. Liga, of The tone by fit mariat remains ) frit Ship doterally, better, where | kit a daily average as 5,005,417, organisations and, Brilainya y por : non-conductive proves dun ie: Divonuatum oues, healthy.

Chai-LIPI

Macerasie opposilnen 19 11-12,"rippiled Eve Inenty,

Burmah

in

ton-

Plocadily