1960-02-08 — Page 2

Page

THE CHINA MAIL, MONDAY, FEBRUARY 8, 1960.

U.S.PRODUCTION SLACKENS SCIENCE AND

HONGKONG

STOCK EXCHANGE

by

Our Own Currásponton).

Business done at the Hong- Exchange this kung Stock -morning amounted to approxi- mately $1,353,000. Noor quola- Uons and the morning's trans- nctions:

khazen BANKS

Buyers Sellers

Sales

HK Bank

1203 $310

10 m 1205

INSURANCES

DG 10

Whertucks 040

31203

30 1205

៦ ជូ

12310

7+ 210

2000 $.40 4,45

200051 0.40

1000 #1.45

3000143

2000 8.40

DUCKS, ETC.

152

SC. Whine?..

Duck

Provident 18.40 $85

Toikeo Beck 41⁄2 41% LAND, ETC.

#Koter 2014 201

NK Land.. 4912 451)

Realty

Amaly.

RUBBER

****

UTILITIES Tram

182 + 130

35

130

1 Sa

1300.0

4000 415

3030

Car sales fail

to measure

up to forecasts

current

in

New York, Feb. 7. The first

slackening signs of America's

big production push began to appear this past week as car sales, failed to measure up to forecasts.

Shortage of

copra and

coconut oil

Washington, Feb. 7.

I also appeared that the in ventory build-up over the next few months may not be as hectic As expected. There was also on casing of the tight money markeis und at least one more mithorita- tive disagreement with President

of Eisenhower's forecast

minterrupted two-year economie expansion.

ROUTINE London Stock

TRADING

IN COTTON

GOODS

New York, Feb. 7. New business in cotton yarns and grey goods de- veloped at a routine pace again this past week. The market has followed the trend of mid-December,

ENGINEERING

Market has New 'magic eye'

lens developed

quiet week

London, Feb. 7. Markets onded firmly on Friday after the quietest wook in the Stock Exchange since before the elections last October.

of stocka la sill thin.

Predictions after the January 21 bank rato rise that the volume of dealings would fall seem to have been realised. The amount of buying has been limited and the better rise confined to shares after good annual results or The long pause reflected the through mergers. Seiling has najinterval needed to digest large | been small-scale and the supply

purchases made late last year, along with uncertainites generated by the January stock market slump and the question of largescale imports of low- price colton goods and yarns,

Special fabrics like tarpaulin Ast result Detroit began to ducka, pocketing drills for work clothes, shoe drills, bag sheetings trim car making schedules."

and coating fabrics for the ear In fair volume. trade, moved

interest in most However,

As January ended, car makers looked back on a record first month output of 000.750 units. Sales were running ahead of a year ago but the goin was not Ps share a expected.

a

Wall Street's weakness, national rail strike threat, the Middle East situation and Mr Heathcool Amory's "grave warne ing" on wage demands were all factors tending to restrict buying

BONDS STRONG

The gilt-edged market showed strength through institutional

in January showed rises in pro- Als, eaming and dividends, but this is reckoned too ilny a pro- portion of total results to meril overall judgments,

DOLLAR STOCKS

Dollar stocks moved uncertain- ly. On balance they ended tower but International Nlekel moved against the trend rising 3 points to 195.

for TV cameras

#

The development of a new "magic eye" zoom lens for television cameras announced by British firm, combines all the attributes of range and vision required for both studio and outside television coverage, instantaneous change in need being met by a lever control

mechanism.

This

com-

means that one camera Television Engineers Symposium will now be able to cover alone in Chicago in early April. outside telecasts, such as spori- Olis drifted downwards, their ing events, which involve a wide Accompanying the equipament weakness helped by the edgy variety of fields of view, Up

lo America wit be the Arm's Middle East outlook. All the to now this has meant the use

chief optical designer, Gordon leaders were losers on the week, of two cameras and crews, with H. Cook, who last year read

Golds were disappointing and hand changing of lens

a paper on his company's now variable focus lenses and optical drifted in a blɛck-lustre market.ponents.

aystems for television and film The Bright spot was Anglo-American

belleve cameras and for industrial up- manufacturers which showed Corporation

that the features of this new Fplications at the annual conven-

TV camera

manufac-American Motion Picture and next stage of Television Engineers, development towards ZOOM

200 18.40 Agriculture Department ex- perts said last week that the shortage of copra and

Top industry officials indicated coconut oil will continue the live U.S. car manufacturers through 1950, creating a will fall to build the 2,250,000 curs standard constructions was cur- buying in the short and medium strength in the latter half of the liens will also be of major nesis- ilon in Miami of the Society of alluation favourable Philippine exports to the United States. 5000+ 4.375

500 35 400+ 4314 1750 457

200454

1.023 1.03 000 1.05

+375

2008 1.073

4.40 2000 4.375

0.40 650

32.75

Yaumati

134

C. Light

10.00

Electric

24.60

Tel

New 23.20

336

33

130

-

executives

to that company

optimistically predicted for the Aral quarter of 1860,

They said the U.S. demand for

500 32.15 Philippine coconut products will 106037.73 continue strong, as there are no large alternative sources. Sup- 33400 £800 plies of vegetable oils which

1000 15.00 could be

substituted such as 1570 24.50 Babassu oil from Brazil and 1500 24.6 Adricza palen kernal oils, ale 200 24.70 are not available in expanding

quantities.

1523 24.00

3180 23.28

240 of 23.20

2004 21.30

400 64 23.30

200 (34

2000 - 31.75

560 34

Below expectationsducers said they were "not big

Present calculations are

thal

good yield considerations. Even

In Diamonds De Beers were

IMPROVEMENT

term government bonds. Private Week under the impetus of buy hed sory or limited to fill-in buying.

Investors were switching some of lug in advance of next month'stance Second-hand offerings curbed

their holdings from Industrials results, Consolidated Goldfieldsurers in the interest in print clothes but pro- into the Axed .terest stocies on

dropped 2s id on the week to close at 93 3d. Rand Selection cameras. enough to worry about." In fact The announcement of a £12

went up 45 to 72s Od. they expected a resumption of

log raised in London for Austra- the first-quarter output may be buying for the third and fourth million loan at 61⁄2 per cent bo- 10 to 15 per cent below expecta- quarters before early March, if a did nothing to stop the re- ions. Production of 1,900,000 to first-hand prices are maintained covery in gilts or change their 2,000,000 ears in the first three current levels for months would still be a sizeable week. guln-some 300,000 to 400,000 over the January-March period of 1959.

IMPORT FEE

the next

on

Even then, the question was Confidence expressed by sel- sked whether the industry willlers partially reflected reports many cars. that the government may impose be able to sell as One of the big three manufac- an eight-cent import fee turera' spokesman expressed cotton goods. doubts of this.

That possibly has been instru- curbing American

SALIENT FACTORS

the world Sallent factors in 7000 33.75 supply situation were said to in-

400 34 clude the following: INDUSTRIALS L'espat

+4% **

• Three typhoons in the STORES. ETC.

since November Dalry

245524.00 2100 244, Philippines

have dissipated the earlier be- He said the normal sized; mental in

not doing as buying at foreign goods for lief that there would be a re- "big" cars were

Philippine. coconut well as hoped for and the caly several months. in production in 1960 after two thing that kept sales about eight drought years. The recovery per cent ahead of a year ago 1000 tre had been forecast in the last were the now compact models.

half of 1960. Recent hurricanes Injuring buds will have their full effect later this year as it takes a coconut about one year

Wat on L'OTTONS

Textiles Nanyang

10024 Co 24.30 24. 1000 24

0.00

covery .10 1000 15.40 16.70 2300

0.93

785

500 10%

MISCELLANEOUS

Vibres

10 ca

INVESTMENTS

int.

Allied

7,0 0.05

NK & FE Inveel

.. 14.20

1.20 2000 a 7.10 0.00 11500 s 0.00 3000 0.55 15000

Exchange rates

6.00

Busines was done in the local

unofficial exchange morning at the following rates: U.S. dollars per si

thi

to mature,

to

In view of this, steel makers who have been operating as an average weekly capacity of more than 15 per cent, also began to trim down. This week's schedule called for an estimated output of Malaya reported 5 have shifted from its former 3,687,000 tons or 94.3 per cent of position as a net exporter of co-capacity. ennut products to that of a net Importer. Indonesian exports of sopra

have beca restricted: Ceylon is not expected to have much increase, Mexico, a large producer, consumes its output 12.08 domestically.

2.10

10.10

market

Sterig nous (per £1) .....

Australian notes (per

D

Indonesian rupiah tper 100)

20.07 1.81

Elam tirali (per 100) Singapore (Simita)

The

The President is expected to act on the import fee question following tariff commission hear- ings scheduled to begin March 1.

fabrics

Prices for imported still look attractive alongside of some domestic goods. But sources here questioned whether the nd- vantage would look good if the import fee La Improved, foreign prices advanced.

or

cheerful tono

Uncertainty still rules about future trends. There is still a lot of money awaiting Invest- ment, either on a setback or flow of following the heavier company results due over coming months. The 127 results received

strong all week, although stipping slightly off best levels at the end. They came through the week 75 0d better.

Grecks were a feature in an otherwise Meless foreign bond market.

Rubbers showed some gains on. the week and tans remained mostly firm-UPI.

Gains registered

on Wall Street

but volume falls

In his 12 years with the firm, Mr Cook has been responsible for the dealga of many types of denses, among them a 70-inch The ability to position the lens focal length lens for Sydney ayetem within the body of the Observatory, and an 82 inch focal comera will reduce bulk and Imgth Inns for Cusic Town improve its operations!' charac. (Observatory, for mapping the Other advantages will right sky. He has also designed teristics. arlac from the application of anamorphetic, lenses for projec- the new lens to colour television |tion and film procesCES. techniques.

(Taylor, Taylor & has been developed Stoughton Street,

The lens

Hobnom Leicester-

by a Leicester firm who have branch of Rank Precision for many years occupied a com- { dustries Ltd.)

mending international position in

the field of optical design, Its Jenses are widely used in the

United States, Germany and Designer of

Russian cinema and television Industries.

The focal range of the new illuminated signs

lena is from two to 40 inches.

The development la particularly

interesting in that its design was DROFESSOR

PROFES

MISHA

only made possible by the Incor-

BLACK, President of paration of aspheric optical.com- the International Council of

ponents.

It has taken the firm 18 yeam Societies of Industrial Do- to develop machine tools and signors, has been appointed techniques capable of repetitive consultant designer to the quantity production of asphere largest maker of illuminated

Burlaces to accuracies of prodle

equal to those normally produced tigns and displays in the UK on high grade spherical lens (Claudgon

Ltd.. а sub. surfaces (within 1/100,000 inch).sidiary of the General Elec-

The cost of this machine tool tric Co., Ltd.). development has not been less | New York, Feb. 7.

than £250,000, Stocks scored a minute gain this week without the

The firm has also produced its benefit of volume.

Arst Servo-operated studio zoom lens, which can now be remotely controlled.

Steel output

Skeptical analysts wondered Steel production last week whether the President would kept to the predicted 2,717,000 approve an import lee because of Als' administration being Itten- tons or 95.4 per cent of capacity; ifted with "free trade." released government

countries, Agures for 1959 imports of foreign

Chief Importing The United States use of isteci-recorded 48 million tons appear to be Egypt, Spain and

Trading felt coconut oil in 1959 remained at and an unprecedented 2.6 million Portugal for knitting yarns, and

off steadily no about the same level os in 1958, tons above U.S. steel exports. Brazil for weaving types. Egyp-matter which way the market Market experts rald the abnormally high US exports of steel last year in single 10's knitting yarns travelled. prices of coconut oll. Consum totalled only 1.3 million tons, was reported selling five to six the list fell of its own weight tion of coconut oil in the United the lowest since 1936. Steel im-

cents under American markets, with demand lacking most of Siates during 1950 was officially ports in December alone amount samples were reported stronger the time.

than domestle yarns. estimated at 035,000,000 pounds ed to 500,000 tons, up 78,000 Locis compared to 028,000,000 in the from the previous previous year.

record.

Agreed merchant despite

rates

West German Deutschemarks Maximum selling 7244

OFFICIAL NOTICE

Proposal to change

a Ship's name

I, SUI-LOONG PAO of 19 JAVA Road, 2nd floor, Hong- kong, hereby give notice that

The price of coconut oil at Pacific Coast tanks rose from an average of 14.6 cents per pound In 1958 to 10.3 cents in 1959,

U.S. DEMANDS

'month's

Much of the increase reflected i delivery of orders placed before.j

IMPORT THREAT

On Tuesday bargain hunters invaded the market and bid glocks up as much as 1.72 points in the industrial average, the best gain in four months. Bul the rise falled to hold because of unpopularity of the general market,

the steel strike ended, The Spinners inclined to shrug off government forecasts a decline the import threat and claimed in foreign precl imports, how the ortivals are of "doubtful ever, but did not release any quailty" and that their size has been exaggerated. Buyers avoid- approximate figures. This meant to experts that

Ing the import yarns pointed out Meanwhile there was

that If we get stuck with low- the United States demand for

expected grade yarns, they would be argely used for special pur-increase in barking Interest rate without recourse from supply week in all lines, but despite the coconut is not elastic, as it is further talk of the

sources "thousands which substitute and, the Federal Reserve

count rate as tight money situa- away." ara nol

tion cased. Dealers in bankers' ccceptances again cut

for poses

In consequence of change of vegetable ownership I have applied to satisfactory.

olls

Interest rate

dis-

At the same time the dealings indicated no special demand for stocks, and this was the bearish || REMOTE side of the picture.

CONTROL

Both sets of equipment will Motor issues led the market in shortly be flown to

Camden, turnover. They ruled steady to New Jersey. U.S.A.. the home American Motors, when of Radio Corporation of America Arm.. issued, on top of the list was un- which, after evaluation, hopes to changed. Studebaker - Packard exhibit it at the annual con- Armed 4 points while its when-ference of the National Associa issued stock, in third place eased Lion of American Hadio and

point. Then came American Motors with a gain of 3% points and General Motors, up th Brunswick Balke gained 0% points in sixth place and Stan- dard Oil (NJ) was seventh with a gain of another point

GAINS RECORDED

Brunswick Balke gained more than five as did Texas Instru- ments. Gains of six points each were registered in Crane and NAFI Corp. Ritter Corp. ran up more than 11 points.

SALES FALL

Business did well during the of miles fact that industry held high the market lacked snap, Sales fell their Hard fibres continued to trac-off sharply at times. Prices dipped the Minister of Transport On the other hand, experts interest on that form of short-ture strength in sisal and homp. after the market had registered

Hemp reflected reports of lower a sharp rise on Tuesday, and Civil Aviation under 'd, western European use of term popa. by Viper cent.

yields in the wake of Philippine

At the close of the week the Section 47 of the Merchant coconut oil is largely for pro-

typhoons and the spread of dis-

Dow-Jones industrial average Shipping Act, 1894, in respect duction of margarine, for which

among hemp plantings.

wes at 820.77 up 4.15 points from of. the British steam skip cottonseed oil and peanut oil

As a result of the latest cut. Burlap market was dull most of

the previous week. Railroads In the blue chips. US..Steel have this the lime. CAPE NELSON of HONG

de major bankers now

dipped 0.10 to 151,50. Utilities lost 24 points and Du Fent fell bills

Buyera operated on a hand-to- were up 0.19 at 85.75, and the 65 nearly two points. Union Car- maturing in 30 to 90 days, 4% Number 168031 Gross tonnage is less pressing than in the per cent bid: 49 per cent asked, month basis, restating current stocks in the three averages re- bide rose nearly four and coins

more spot and nearby corded as weekly gain of 0.88 at of

than two painta 7174.44 tons Register tonnage United States. European de D1 to 120 days 44 per cent bld, high prices,

came into American Tobacco, 4313,77 tons, heretofore mand would improve at lower 4 asked; and 121 to 180 days months while Indian reports in-207.28.

General Foods, and Eastman prices.

five per ceat bid and 4 per dicated diminishing concern over

The narrow change in the rail-Kodak. General Electric gained owned by The Marine Navigation Compnity Limited, The Philippines is virtually cen! esked. Bankers vcceptances chances or a tight supply situa-

Marina House, Hong- the only supplier of copra and primarily are bills to finance the tion because of smaller jute road division reflected the move more than three points.

export, import of domestic for a

Consesfactory

substitutes.

European

KONG REGISTRY Official mand for copra and coconut of interest rato scale: for

420

Case

make up

burlap prospeels. The jute carry- are note which it accepts, this played over from Inst year was ex- kong for permission to change coconut oil because they her name to HAPPY SUN-exempt from the two-cent per its credit behind that of the pected to more then

pound processing tax.

barrower and making the note for any deficiency. SHINE and to have her

jeslable in the open market.

In man-made abres, lament registered in the now name The Agriculture Department

The rate decrease followed the fabrics were reported cold well ut the Port of HONG KONG sald sales of coconut oll from

$1,000,000,000 Into the second quarter, with as owned by The Sunshine the United States stockpile are U.S. Treasury's

the issue of 13-week bills, et a sfald some mills quoting beyond that little effect on having Shipping Co. Ltd. 4 North domestic market, on worldof 4.110 per cent last week, the period-UPI. Point Terrace, 2nd floor, prices, or on available suppiles, lowest in nearly three months. Hongkong.

Any objection to the pro-

posed change of name must ba

-UPI.

aont to the REGISTRAR OF Insurance for

SHIPPING at HONG KONG within SEVEN days from the

appearance of this advertise- ruent.

small cars

This week's new lasuo of 13- week hills yielded only 4.039 per jcent,' the lowest sinec Inst

October.UPI.

Bank of England statement

Band of France Statement

Paris, Feb. 7. The Bande of France aldte ment for the week anded January 28, reads as followsin

to locomotive engineers to ar

their wage problem. bitrate Manegemont also agreed to the arbitration. Exports asked for a rice to $750,000,000 in ralicoad earnings in 1980, a rise of 30 per cent over the 1959 Bgure.

DIVIDENDS

com-

During the week many panies increased their dividends, hdding to the total of favourite dividend actions since the turn of the year.

The bond market continued to display a firmer one, The market for 40 bonds rose 0.20 points, First grado rails had

A Ball gain and second grade ralls were up 0.30UPI.

Gold market

quiet

Sales for the week amounted to 14,075,200 shares, slightly above

Zurich, Feb. 7. Business was quiet on the the previous week's total of 14,005,490. The daily average ex February 4.

gold bar market in the week volume totalled 2,013,042 shares. In the previous week trading New York, Feb. 7.

The limited demand was London. Feb. 7.

amount to a daily average of easily met by Irena

the ́Dated at HONG KONG the More than 490 US. companies

Bank of The Bank of England siste-rated cold holding 4.332212,772,001,090 shares.

England. No specint develop- Bt day of February 1980. have agreed to give owherd of

weekendesk | Tataj other currencier 17,000,202,310

ments were reported from In- "compact" American and small ment for the

The low volunts was the only dividual markets. Bight balance broad cent dia Feburary B, reads as follows

134,000,000,000 THE SUNSHINE SHIPPING foreign cars 10 per

nawiing grace, for the market; the Count on their premiums based Notes In chreulative £2,000.001.001 in XPT ......... Publie depoBŠTU *****

37.088010 Total bili diy

Prices of coins, generally, Company Limited.

BERPESATA” deponeta ugn Wong-counted 15302101.000 low trading. ngures indicated to "on" rolety - factors,

[the genièral" "market group "that) cased" in sympathy': with · Parla 261.910,034 Dond zobes in circula- Gover¦ sectuities

no largo volume of after the return to normal con» *****-*-**- 3,027,327.10 there was Current docounts and

overhanging. theditions in Algiers-China Moll deporte OFTE HOTPO,Dianas offerings

BUI-LOONG PÃO The direct does not apply Giner peceslettben, akaen Director, ta sports cara-China Melt Fwoelpia

Speula).

1100

It is beloved that this is the first time in any country that anTM industrial designer of interna tional repute has become as sociated directly with the Muminated sign industry. Pro- fessor Block is design consultant to the British Transport Com- mission for the Diesel and Eler.

tric Locomotive programine, architect to the Furniture Ex- hibition (London), and joint in- terior architect to the Orient Line, From 1847-1953 he WON exhibition consultant Lo UNESCO.

Suitcase fashions

|_ A hammer blow proves the dent-proof durability of the “Viceroy II" sultcuje. - The new sulicase is a

· lightweight fully moulded 21-inch case weighing only Gibs.