1960-02-29 — Page 2

THE CHINA MAIL,

MONDAY, FEBRUARY 29, 1960.

AMERICANS BUYING MORE SOLENCE.

NEW YORK COTTON MARKET

New York, Feb. 28.

Colton futures went through

a series of rallies and de-

deliveries

Outlook for capital

spending bright

New York, Feb. 28.

clines this past week, then The American consumer is in spending ended the holiday short-

mood, a survey indicated this past week, ened week of four sessions

and his output of dollars for goods and services may spur the U.S. economy to high levels predicted for 1960.

with

most

favouring the upside.

At Friday's close the st ruled 22 higher

to 6 points

lower, or up $1.10 to town 30 centa a

bale compared

Une proceding week.

Trading interest untered

with

in

the extreme ands of the st. The deliveries

when

If

HONGKONG Wall Street

STOCK EXCHANGE

hay

Our Own Correspundant

Business done at the Hong-

Stook kong

mening

quotations

Exchange Unis amounted to us

and the morning's

Buyer Searn

Khares DANKS

transactions. K Bank XD

INSURANCES

Unton SHIPPING

1300

100

·

saler

50 € 100

6.30 6.85 · 1000 er 0.00

recovers

ENGINEERING

System of stereo broadcasting

early losses being investigated

News of market importance included several adverse items such as further levelling off in car and steel production, another building dip, lower copper prices and come dividend reductions.

New York, Feb. 28.

ENG

NGINEERS and authorities in several countries have for some time been investigating the

practicability of providing radio transmissions of

*

proximately $2,340,000. Nos Stocks advanced in the second half of the week sufficiently to wipe out losses of the first half and closed irregularly higher.

stereophonic sound, and various methods are at Industrials and utilities starred While leadership in volume

The in the four-day week cut short left much to be desired, the shuc present under review by different bodies, by Washington's birthday. Ralla chips provided many substantial European Broadcasting Union, meeting in Cannes continued to lag behind the strong features.

recently, considered a number of proposals. general market.

Eastman Kodak ran up 0%

Among them was

and now French

Gorman, sinul- Corning Glass was up pelnis.

My sien, developed by G. D. aneously from the same trans- d; Allied Chemical gained 3:

of the and Procter and Gamble 3 Browne of Mullard Research mitter; one channel Du Pont stood out with a loss of Laboratories, based on a time stereophonic receiver would give multiplexing technique similar monophonic reproduction of the 24 points.

to that used in some point-to- | French version and the other of point communications systems. the German.

of this technique re- This facility may have an The use quires only one VHF carrier application in schools broadcast- Wave to transmit the stereopho- lag where, by placing the two nie signals, and, in fact, one im- speakers of the stereo receiver in portant feature of the system is different classrooms, tavo that existing VHF/FM broadcast language lessons, for example, transmitter could be used with could be given at one and the only minor mod1acations.

same time. It would also be use- The system's chief advantage, ful for entertainment broadcast- however, is that it would enable ing in countries where not all stereophonic receivers to be pro- the inhabitants have the same duced thái ara ittle more com- language.

Wheelock.. DOCKS. ETC. K. Whart

131

Dock

*247534

400*73

100 73

10.00

200 or 14 1000 10

2000 or 44

1000 (15

200 45

LAND, ETC. Hotel ..

50% 37% 2000 500 2000

HIC Land..

81 8115

500

.49.25

501%

1900

700 51

22.30

11.875 1.70 10000

23003 / LOT:

1000 1.70

However, Iron Age Magazine The National Industrial Con-L

rate will of predicted that this ference Board, in a study consumer

epumism conducted drop to belween 84 and 88 per for Newsweek Magazine, found cent by the end of the quarter, plans This could go as low as 32 per in-between that Americans' buying

cent by the end of the second are the highest in two years. cplected most of the time.

The quarter.

magazine Bald Provident "They expect prosperity, Evening-up in

March the

boom." the that a rate of about 80 per cent Talkoo Dock 445 of not an nutright delivery

the net

pattern dealings in the nearby months. Board reported. "More impor- is expected for the third quar

do their ter. However, it added, output The for forward 1981 deliveries tant, they are ready

moderate considerable share in producing for the year will total between strengthened

120,000,000 and 125,000,000 in commission house buying dis-2."

tons, down from the The Board found that Amerl- go! closed a suureity of sellers.

ori. cans plan to buy 18 per cent 127,000,000 to 130,000,000 more cars and 11 per cent more ginally predicted but still well during the next six above the 117,000,000-tan record houses

were plan set in 1955. was ch-months then they for heat Buying couraged by reporty that the ning on buying at this time last is about as to year the demand Goverment might decide

strong in other areas. held back

credit commodity corporatious inventory August Orsi unt a higher price

reached, possibly W&S are 115 per cent of the "B" Icon level,

delivery

ENCOURAGING

Personal income

The Board pointed to record last personal Incomes, which month reached an annual rate

of $393,300,000,000 and an in-

In nearby March, a total of 20 nollers Issued after

creasing availability of money first fender day on Tuesday for consumer loans. The con- well absorbed by Texas sumers have the financing with

Were spot interests,

Murch holders

which to satisfy their wants, Friday (suld. 0

The magazine said that be- Humphreys

Neufty cause of "some business uncer- tainty," users are cautious in placing orders for steel.

RUBBER Amale

4.875

G

Sungala

In Pittsburgh, steel screp pricca dropped $7 a ton to the

the Trust XD lowest level since before steel strike, Key-grade scrap sold at $38, down $10 from the UTILITIES price paid when steel-making Star Ferry operations resumed last Novem- XD

ber.

The decline was blamed on

raised their Belling Umit to The drop of housing conwavering steel production vid above the 33-cent level follow-struction will cease in April or the expected declines for later ing a dip to 32.96 cents a pound May, because of a greater supply in the year.

of funds for mortgages, the carly in the week.

Board predicted.

Open March contracts at the weekend approximated 43,000 bales. The certifiented stock totalled 8.525 bales with an ad- ditional 870 balts uwaiting inspection

The Department of Agricul- ture announced the minimum suppert price for extra long stiple cotton for the 1980 crop at 53.04 cents a pound compared with 52.91 cents a pound last year.-UPI.

JAPAN'S BID

FOR TRADE PACT WITH PHILIPPINES

Tram

Yeumati

Makers of small aircraft scored On the favourable side there wide gains-Beach up 8; Cessna 54. was a long list of increased carn-up 04: and Piper up ings reports and a group of Martin Co roce three. Curtiss-

Wright fell 4% on poor favourable dividend actions.

ings and its cut dividend.

INFLUENCES

carn-

Car issues fell as a group with Wall Street held that the past Chrysler down 2%; American week's decline and subsequent 14; Ford 1%; and General tise were prompted mostly by Motors 1.-UPI. 1075 technical Inẞuences.

6000 1.013

The long decline from January

5 to February 10 wiped out 74.14 4.93 5000 4,573.

average 50004.075 points in the industrial 10000403 and 12.06 points in ratis and thus wounds. left many unhealed Hence this past week's three-day rally provided an opportunity for many to get out of the market.

100 144

3310

143 35

200 @ 184

200 144 100 6 244

147 150

400 à 144

100 6 147

505147

2000 21

C. Light... 21.30 21.40

On Electric XD 25.00 25,00

Republic Steel Jald of 1,000 of the 5,000 workers at pipe It also supported car manu- facturers who hope for a "gales plant, and U. S. Steel are iiquidating supplics at sub- explosion in the spring to spurstantially reduced prices, that lagging industry.

the other hand, U. S. Steel are making aggressive takers

for re-entering world plans markets in the hope of wiping out an unfavourable steel balance of trade.

of

A decline in the yield corporation bonds has caused investors to renew interest in home mortgages. Federal Hats- (ing Administration Insured mortgages paying 8% per cent can be bought at 90.4 cents on the dollar. On a typical 12-year per cent yielded by top quality corporation bonds.

Insurance companies have al- ready alloted more money for home mortgages in 1990, and bankers are studying the trend elosely. Scarelly of mortage money has been a primary cause for declining house construction.

Capital spending

year.

over

and

Record imports

Last year. primarily because of the U. 9. Steel strike, Im- ports reached a record 4,400,000 tons, compared to only 1,765,000 In 1958. The imbalance for 1959 was 2,900,000 tons.

When this selling abated, relaxed and prices Pressure steadied sufficiently to attract new buyers.

At the close Friday, the in-

3450 @ 21.20dustrial averago al 632:00 was 1800 4 2150

500 21.40 Up 3.55 points and a new high!

Cotton goods market review

New York, Feb. 28.

grey goods developed at a routine pace this past week

1000 2100 since February 2; rails 150.86 off New business in cotton 420 21.30 1.54 a new low since February DOOD 21.40

18. Utilities 86.57 up 0.58, and 1300 gr 21.30

084 or 2414 a new high since January 18; 1000 25.80 and 85 stocks in these three 2000 25.70

the averages 208.00 up 0.68 on

now high since 1500 25.70 week and a 300 or 2320 | February 2.

01325.00

300 25,70

Telepo

35% 35%

1000 ↔ 24,73 19003775

INDUSTRIALS Cement XD

STORES, ETC. Dalry. 241

24.70

Watson XD

25.70

31%

Textiles

One major U. 5. steel maker Craw....

COTTONG that this year's ex- predicted ports will reach 3,250,000 tons, à 100 per cent gain over the 1,508,000 chipped out in 1958.

3500 4,35.80

SALES DOWN

After Washington's birthday holiday, traders remained more or less non-committal, and in- clined to await the marked Im- pact when mills boost wages "on an average of five per cent, effective from Februarỳ 29.

plex than conventional mono-

phonic sets. apart from the:

second loudspeaker and audio New cutter for

stage necessary for stereophony,

the only addition would

be a

chreuit using at most two valves, wood and plastic

and

NE of the main British suppliers of mols for and

the building, timbor allied trades, has introduced

or possibly one transistor two crystal dudes. Existing VHF/FM radiograms with facili- lies for stereophonic record re- production would, in many cases, be convertible receiving stereo broadcasts on the system by the addition of only one valve and a now specially constructed

cutting machine. its associated circuit,

The system meets all the The machine simplifies the generally accepted performance handling of large sheets, of requirements for stereophonie laminated board, woodchip board

It is compatible and plastic-faced materials. broadcasting.

One of the advantages of the is that it traverseS D with the existing VHF sound trasizmissions, so that conven- unit tional VHF sets will accept the horizontal plane, This last feature stereo transmissions and repro-is preferable to a verticni action duce them monophonically in where the boards are not 80 the normal way; it is also re- easily held steady and tend to versely compatible, which❘ chip.

The machine can be manufac- moons that the listener with a stereophonic receiver designed tured to give various longths of Trading for the four-day week

for the system will hear the saw traverse, but the standard amounted to 12,689,045 shares, a

a traverse of' 10 ft. monophonic signal from both type has 1.78. daily average of 3,172,411 shares.

channels of his receiver when which will handle most manu- That compared with 17,290,850 Only selective buying develop- shares for the previous week of ed. Liming converters bought tuned to a monophonic. trans- facturers sizes of materials.

The saw unit has mission.

a 134 hp. |Avo days, a daily.

af sizeable amounts averaze

of low-end

Full stereophonic effects, com motor and Js mounted on 500 @ 54.63 5,458,070, Sales for 1980 to date print cloths for third quarter parable with the best provided parallel horizontal tubular 50034.00 total 121,471,520 shares, against delivery. Substantial amounts of

of traverse ralls with three point by the direct reproductio 1000 4.00 140,446,861 in 1958.

Class "C" shentings also went to

are given ball bearings. The top seven issues in volume the lining trade for the fourth stereo discs or tapes,

The saw can be canted and made up 1,715,100 or about 14 quarter. Standard print cloth by the system, and since the

desired. audio bandwidth transmitted is compound angles cut per cent of all the business done fabrics continued to compete 15,000 c/s, very high quality re- A telescopic arm enables the in the market during the week. with lower price re-sale.

production is possible from a operator to control the feed NAFI took top place with

well designed receiver. The radio easily when cutting wide sheets 389,900 shares, closing at $33%,

frequency channel bandwidth is of material,

Fitied beneath the left-hand up 49% on the week, Then come

such that the system occupies no Fairbanks Whitney 335,700

more channel space than is nor traverse tube and adjacent to mally taken up by conventional the saw cut, the clamping at- VHF transmissions in Band II. tachment extends the whole

Apart from its primary pur-length of the raw movement.

The camp is of hardwood to Doses of transmitting entertain- ment stereophonic radio pro- {minimise damage to the highly grammes the system can also be finished surface of materials. It used for bi-lingual speech trans also springs back and releases missions and other twin signal the material as soon as the lock- applications. Than a programme||ing hand wheel is relaxed. could be broadcast in, say,

9% 8.30 8250 gr 255 2000 ** 950 1000.00 Nanyang ... 1314 19.90 MISCELLANEOUS Caldek

Macgregor DIVESTMENTS

050 5

7.50

0.50

are Int.

Allied

Invest, XD 15.29 18.00

The import picture remains cloudy. depending masily on how far foreign producers willing to cut prices. If foreign steel is not priced substantially below American mill prices, k- dustry sources said, imports for 1000 will not exceed 3,000,000 tons. Some importers believe that the total máy drop as low as 2,000,000 tons.

10

sro

до

Weavers of heavyweight in- dustrial fabrica, operating against a two-months unalted order backlog, nevertheless indicated $11%, up 14 and Electric & disappointment over fallure of Musical Industries 238,700

for more buying to develop $7%, up

April-June delivery. Makers of coating cloths, discouraged by the slow demand from

auto makers, went after business in the drapery fabrics trade and the shoe industry..

London market

by

weakened

bank move

London, Feb. 28.

Weavers of soft-alled sheet- ings, who have been switching machinery to other "fabrics be- cause of inability to meet com petition from low-priced im- borts, reported fair-sized sales on napped cloth trade.

Lightweight

to the shoe safety helmets

POOR QUALITY

TEW

(The Monoszw fa made by C.. D. Monninger, St Anna Works, Overbury Road, London, N. 15.)

Upholstered furniture

rangos of plastic for all climates N and Horo glass Indus

sheeting picture were reports being marketed by a North 2 climatic conditions favourable than that

year,

of

total of 30,500.

talks, the Japanese Ambassador, and it is not the intention Mr Morio Yukawa, sald the Armour & Company to become most favoured nation treatment a bank.**

Olds-

of

rose

s the

in

be

Another bright ray in the spotted economic sky la the out- look for capital spending. Some economists predict that this will absorb

slack the

which has occurred in inventory buildups. Manila, Feb. 28.

Corporations are in their most The Japan-Philippine talks

on trenty of amity, liquid position in years, trade and navigation there is a growing tendency to put surplus cash into new enter the crucial stage plants and equipment. The tomorrow with a discus Journal of Commerce said that

U. S. producers are now seek. sion of Japan's bid for in-cupital investments may reach

Ing foreign orders for delivery clusion of the

"most an annual rate of $37,400,000 in

in the second quarter, and this compared effort to increase shipments favoured treatment" the fourth quarter,

to an estimated $34,400,000,000 the world market will increase clause in the proposed for the first quarter of this predictions of slackening de- pact.

mand on the home market Tomorrow's session is expect- ed to be based on the treat- Union Carbide, for one, said born out.

that its 1960 capital expendi-

Car production, despite dis- meni clause,

"increase appreci-

cales, TOSC about appointing treatment here tutes will Japan seeks

the $130,000,000 four per cent this

Elsewhere in the soft-Alled trial safety holmets LIVING under varying for its nationals and companies bly

past week. Prices never really recovered this past week from spent last year. Goodyear Tyre Sizable production increases

different lands is "no less

loading and Rubber has authorised ex-

Wednesday's shock when the authorities with that foreign weavers have been of England company. by Rambler, Chevrolet. accorded to nationals and com-

penditures of $90,000,000 for moblie and Pontiac offset fr

purposedly shipping poor quality panles of any third country,"

The plastic helmet is made to a demand for furniture drew from buying of government securities. this

compared to

goods here in the hope that con

from a special grade, light in that can bo oally dis- to his free

ductions by other makes. Auto- okial comment on the negotiations on Frklar $78,000,000 authorised last year mobile News said U. S. output

weight, yet capable of with- mantled for moving, clean-- and $55,000,000 actually spent. for the week will total about level warning

This scarcely veiled the high, losses of up to one pound steri-groes will cancel the orders on

a wholesale basis.

standing heavy blows and almost ing and treating President Carlos P. Garcia toid

nine ing although bank selling had

against Uncertainties about conference

clearing banks to cut their dried up. Mr William W. Prince, Pre- 168,500 cara; 23.4 per cent

the any amount of fl-treatment. The hia regular press

Sources suggested

Infestation. them in the that the Japanese demand was │sident, of Armour & Company,

compact class.

mounting advances, or finance the future price level of short foreigners want to resell the glass fibre helmet is bonded withi

This demand is now beinig mot being considered in the talles. said we have some $30,000,000 Truck production also

them by solling their gilt-edged and medium dated benda kept production at higher prices to polyester resin.

Both types incorporate aby a firm in North-East England During the opening of the invested in commercial paper about 25 per cent to a week's investments at the lower prices buyers wary believing the banks British, buyers. English buyers

the maxicet would pay under might resume solling Both have been placing large orders unique method of suspending which is manufacturing uphols-

per cent and for gooda continued hoovy selling pres- War Loans 3% But the output continued to

in world mariots, the head harness and despite tered furniture that cou outpace sales. If the spring sure, upeat ordinary equities. Consols 2 per cent lose one They bought substantial amount their great ruggedness, are ex- quickly taken to ploces. It is coli "sales explosion" hoped for by Fears were rife that the govem point to put Consols at their from China in types like poplins, tremely light in weight. The either as completo multes or as

shells are moulded in Australia separate sctices and armchairs. the principle of non-discrimina- In addition to surplus money

ärder now lowest this year.

sheetings, drills, etc.

And Duscled to Newcastle- Apart from the eosejand tion.

en hand, American corporations auto makers does not material ment might

to mako monby Dollar stocles had a mixed

Historically an exporter, the upon-Tyne.

cheapness with which tho furni But the Ambassador made it anticipate a banner profit year.se, predictions of a 7,000,000 ostrictions

car year will fall disappointing- | Mghter,

week and ended with icIER OVER

The helmets hava a smooth ture.can be cleaned or rc- cloar that Japan does not ex-The Journal of Commerce said

the week, although Bethlehem British industry has been forced

can bo pect to get the special treatment that cash dividends premise toy short.of the goal,-UPL.

Until mki-week ordinary put on point. Chrysler were to seek supplies overmas. British surface which offers much gnco- covered, the interiors shares went on the uptrock 42 points down on balance and Weavers, they said, scrapped a ter protection against penetration disinfected thoroughly without encouraged by the flow of excel- General Motors a1⁄2 of on the lot of old equipment just at a and aro extra high at the front, the whole chair or seiten having

time when the world demand which enables them to be worn to

diamantlod by 43 Iant company results and con- week,

Bdence that the pattern would

for textiles took a turn for the "lightly tilted towards the back" expert, saving bath tune better. As a result, they appor- -◊ common practice, with expense. continue. This hack lifted, the

Both saltecn and armchairs ertly have been caught short for workmen. Financial Timer industrină - or- ||

sitares shared maricet the time being.

The plastic helmet affords ex-look like the normal "one-piece' dinary inox by four points,

ceptional protection against eloe- types, but hidden by the piping But Wednesday's move wiped nervousness and fell back taking

diamonds with Colton males yarn spinners re-trical hazards, and has been along the edges of the coverings out this gain, and only excep- coppers and

A quickening Inquiry

azo zip- tionally high jumps by a hand them. Fears on the future price ported

and Americans standards.

Kasteners, Thess allow the autor bur market was ful of outstanding stocks mored of the red metal helped copper among buyers smileipating higher tested and conforms to British at the back arut sides

They are not suitable for use coverings to be opened up ro- the week onded the index up by late Friday to downward. Anglo-American prices in the wake of highor

prices end at 324.1 and give it a 2 Corp. lost 6s on the week and wages to mill workers. Prices in in hot loestions, near furnace or vealing, the rear, four amNBEL 25,

coarse-corded yarna have been hot pipes, but unlike other plaa- wing nula. By undoing these tho unchanpocă The Philippine panel han 4.165 per cent from 4.045 the virtually

Consolidated Goldfields cased. There point rise over the week.

additionally, bolstered by the

tic helmets which tend to be- whole back of a chair or sites eu far retorted

P point week before and a six-month was no change la domand

Gile sawed through the tight suppiles of off-grade raw

como bailtie at low temperauires, | can be pulled apart and if wings examination point

of low at 8.083 per cent in mid- from the Middle and Far East

week and ended uncertainly cotton UPI.

the new helmets are not affected are filled they can be as easily the Japanese draft to And out February,

and transactions with

by tempeTENTLEYEN well below detached. The front”, sent also America WBEX

Selling was never heavy and with fractional falls.

freezing point,

pulls out. Bitted.

price falis came from doklery

When a solteo or armchair is Hote: Although the stulla sto marking shores down to provent | pźectionjovalelane moved up b

made in Australia, no, mun takara to pieces within a few On the gold coin market, poide sales but buying was i points over the week to "282 of the Filipino

Nows continued oh the business whe slow but prices mall and highly selective, Bit nominal, Greeks ended on the unciileisi

Business was done in the docking restrictions are in force minuten it is tisis in small set-

exchange makes this parel agree that if the favoured gloomy side in the motor and were generally steady although profile from Monsanto Chemi upakke.

for the Newcastle-upon-Tynotions cany for, handling in con Forming at the following rates; treatment

fined space or packing for clause Japan Rocke

steel industries..

1.3. dollars (per 41).

6.71 firm. NIN toward the mat of the week cals. Unilever, Booyers among Jolla under the so-called "uni-

Itubbers and teas held mainly darting notes (per zi)

(George' AngulTM & Co, Katrant 1835 Angus House, Westgate Road, (Art Parnushing Contractare, operating offerings of sovereign, Mexican others helped keep, renumeni conditional gitárantee typer the

Arm and poleated rubbers Want Australien potes (per 21)... Indonesian rupiah" (per 100) Mulippines will stand on the this past wek at 38.67 per cent gold coins and Double Eagles fairly cheerful.

Nowcastle upon - Tyne, Engenen Newezatie-upon-Tyne, Git-edged ended the denak higher whers affected by merger bien tesis (per 100)

| 5, England). end of the bargain...... [of capseliz, almost equal to fast; increased somewhat, *** China

Tiland), wada,250 per orns.

Singapore (8ʻrmits) Mail Apodial.

confused and showing mØYES-UPL

his country seeks is based on

the Philippinen hins accorded the exceed $14,000,000,000 for the

United States.

GUARANTEE

Brst time in history, and may

1. go as high as $14,500,000,000

compared to $13,200,000,000 paid Gold bars

The treatment, guarantee la proposed to cover all matterg in 1950,

pertaining to levying of taxes,

. Recess to courts, the

and performance

Interest rates continued

10

making rebound but still held below the

of contracts, rates prevailing in early Janu

rights to property, participation ary. Short-term nules cold by

in furidical entitles and general corporations were about 4.5 per

quiet

ly the conduct of all kinds of cent, compared to five per cent

The god businces and professional kell as the turn of the year. U. S. quiet in rose to February Treasury 18-wock bille

vities.

by

to

what Japan wants. It has pre-

sented no drams treaty of ite

OWT

Members

storier UFL.

Gloomy

Steel mills were

Zurich. Feb. 27.

South

narrowly

Moon.

SELECTIVE

+

NERVOUSNESS

Gold

Foreign,bonds were quiet but Exchange rates

bo

ATA