1960-03-07 — Page 2

Page Z

THE CHINA MAIL, MONDAY, MARCH 7, 1960.

ENGINEERING]

WILL U.S. BOOM CONTINUE? SCIENCE, AND Slack in 'Buy American HONGKONG Wall Street Specialised units

cotton campaign by goods manufacturers prices

New York, Mar. 6. New business in the cotion

grey

arose

New York, Mar. 6.

STOCK EXCHANGE

Our Own Correspondent

Business done at the Hong- kong Stock Exchange this morne-

$4,700,000. Noon qualotions and

The American economy curve for 1960 willing amounted to approximately

bo saucer-shaped. The question is: Will the saucer be turned up or down?

That was the question asked i fear that their customers wil goods market de by economists this past week as turn to imported goods. veloped at a slackening business plodded along at a steady pace. It Indleated that pace ihis past week,

predictions on a beorn have been Several factors

tu dismissed. that what changes do handlen new interest. First, the occur will be gradual, and that appearance of "sizeable amounts the curve may either dip or rise uf re-sale print elaths nt below during the middle quarters of

due to the windy the year. ill prices

inli weather whlek disrupted

the Carolina, The lay operating Georgia and New England mlli

areas.

the morning's transactions;

Shares Baybta aflors EAR

BANKS JK Bank

XD

1301

231300

1307

10 r

100 104

43

This is shown

the steel INSURANCES industry, basic suppilers for the Untors manufacturers. Fringe benefits Lombard won by workers in the recent Underwriters 10.20 steel strike settlement have in- SHIPPING creased production costs, but the waterboat steel companies are absorbing Wheelock Just now business is normal. them and are expected to con- tinue to do so for the remainder Statistical International

Next December 1 of the year. the economy is Bureau saya operating more normally today the workers will get a pay raise DOCKS. ETC.

under the new

At Dock contract, thun it cit the pre-steel

that time steel executives will strike months of 1050.

week take a hard look at prices. But In ghurt this past

the National metal forecasts

were both Iram Age,

Productions was, cut down 25 tu 30 per cent in a number of southern plants. Moreover, mills business

Elsewhere, buyers

were

makers. like other

lost touch with New York sell-optimistic and pessimistic, cor-working weekly, said that even of crippled přente riports continued good, then chances are 50-50 that the Ing agents because

prices will remain unchanged. some price adjustments commantentions.

made, business barometers were

Steel uf grey mixed.

Money rates continued sicek market gods held of waiting to see 1 firm, and the Low Easter business develops continued erratic, If the seasonal trishness meets all expretations, they look for a quick resumption of buying at However, some the mil level. observers said they would feel better now if Bished goods business was moving at a little faster galt.

TARIFF HEARING Looking toward Washington, the trade followed developments at the Tari Comunission, hear ings under way looking toward imposition of an eight-cent pond fee on coftum texille im- ty. Some quarters felt the eight-vent Agure would not be enough to materially eurb rising tide of imports.

a

the

Cost of living

The best news of the week for consumers was a ver

that the cast of meni report living dropped one-tenth of n porcentage

January point in easing fears of an infintionary by rising price spiral boosted labour costs.

This dip resulted from lower eat of clothes, reme foods and Carpet and gasoline new cars. prices went up slightly, fuel oil was lower, while steel scrap continued to decline and copper eared.

American producers, are trying to meet the foreign threat by lowering production costs. The sleet companies are spending at a rate of more than $1,600,000.000 a year on plant rehabilitation.

'Buy American'

KC. Wharf

sees end for Todd-AO

to the bulls installed in HK

New York, Mar. 6. Stocks declined every day during the past week but a late recovery of brond proportions was noticed on Friday.

#London

stock

1.35 7.40 24300

22:000

440

100

3000

99987

31.50

172

83 2000

600

200

1200

66.50

Provident..

10.00

20

1000

19.70

1000 of 1.0

500 61 10.NO 5000 19.00

30

1030

36.25 3350 500 32.75

2900 30%

---

62

000 & 115

31.50

600

Talkoo Dock 474 4

IIK Hote.. 3812 381

LAND, ETC.

nk Lord

im ન ર

anphreys

XD

..... 21.50

1.76

1.00 8000 17.26

13000 v 1.75 022000 $ 1.375

"Buy American" campaign is another step being taken by more and more U.S. manufacturers to stimulate sales. In Cleveland, for instance, dealers sought to Realty spur interest in the Convair car by offering a 50-star American Bag. which will become official national standard July 4, to potential buyers who would take a demonstration ride in the General Motors compact car.

thic

011

RUBBER Amalg

0000 1.00

5000 or 1.77S

1000 1,00 2000 1.776

0.30

1000 $25

20000 33

11500 6.36

7.30 6000 730

1000 67.30

3,00

3.80

35

300 / 345

5400 35

Trust XD.. 7 The Commerce Department Suryala reported that U.S. Imports UTILITIES

Tren dropped a sharp 24 per cent th January from the monthly high

Ferry

Yakuzali...

total

was January's $4,128,000,000, a decrease of two per cent over the same month Department officials of 1959. predicted that Imports for 1900) would level off at the record c. Light... 1959 total of $16,200,000,000, pr If export can be even lower.

they

the increased.

Addett United States' international pay- ments troubles will ease.

The decline in prices paid by purchases of new cars reflected the American motorist's growing Sources identified with Japan: acceptance of smaller сав.

and smalt ese cloth Imports emphasised Compact cars that controls upon other notions imports, priced below standard

the American models, continued to set in December: because ar Imperative Japanese have shown great re-

gain in popularity with a 3.1 straint in their exports. They per cent increase in sales in the are at a disvintage if others second 10 days in February, s

which sales of are allowed to ship goods here period during without some eelling, they in-

new cars as a whole dropped 4.1 sisterl.

per cent It is already obvious amount paid that the average for a new car will be lower in 1980 than it was in 1989.

The Bureau of Labor Statis- reported that standard American cars, squeezed by the competition of Detroit's com- Three representatives of the facts and the smaller importa, from dropped 1.4 per

cent Japanese industry, here a testi-

December to January and was fynt the hearings, Indicated i

the Jevel of abuve barely thal if the wight-cent fre materialises, Japan will shift Jewuary, 1950. some of its purchase of culton to other countries,

nay drop its voluntary

programme spankin textile and apparel..

Trade reports from Hongkong suggested the Impossibility of any sort of export quota system on Apparel and cloth expurts to the the United States before dendline set for July 1.

Tow and

un

export cotlov

Influence

Competition

foreism from

exerting u is manufacturers strong influence on American prices as a whole. US. producers the rising fide of imports, are reluctant to raise prices for

While the spotlight was on

Of ention

American exporters textile expressed annoyance

at

indleations that, Latin-American New Zealand

countries are moving to krpose Ameri- further restrictions on

can exports to those countries.

RE-SALE PRINTS

Back on the domestic scene, tail agents expressed the hope that producers would not be- eme uver-anxious in face

o!

the increased amount of re-sale prints appearing on the market.

restrictions

wool

on

cloth imports

They claimed the order backlog British wool mills tonight cri-

on a variety of constructions is

stil big enough to keep the

plants swing at a rapid rate for several months at least:

activity

Bradford, Mar, 6,

ticised New Zealand for ab.

Consumer buying

93

ចិន

223.20

5003415

2500 67 38%

#146

133

market

the

chart the

The specialised equipment installed in the Roxy Theatre for the showing of "South Pacifle” in TODD-AO, represents a major technical achievement. It brings the theatre into line with the great cine-theatres of world capitals and has the overall advantage of enabling the many and varied recording systems of the film industry to be used, with equal facility and effectiveness.

✔

24 or 30 second.

Roxy Theatre is equipped with | "National Seventy" all-purpose latest projectors of the very type; Simplex XL Pre-Select sound for six-channel magnetic i track, also single track optical system.

with In conjunction National 170 "Constellation" lamphouses and Kni-Tron 150 the amperes Silicon rectifiers.

P showed overall equipment represents the

On Thursday, readers said a break in ralls to a new low since Novem- ber 15, 1958, signalled the end of the 10-year-old bull market and the begining of a

ጽፏ ቪዲዮም bear market.

Widespread publication of this theorising brought in some sell- on Friday, piling that inst gathered momentum unut the list hour when a sweeping re- covery lifted prices from their enly lowe

left and

them moderntely under the Thursday' close.

At the lows on industrial average decline of 60.78 points or 126 London, Mar. 6.

per cent from the year's high Prices drifted down across set on January 6. Rails at their the week influenced both lows were down 21.30 points or by Wall Street's weakness 13.3 per cent. Ralls joined the Friday the industrials and sensitivity in gilt-edged market follow-recovery.

Wall Street wasn't convinced withdrawal of ing the

of what that recovery meant.

review

official buying.

on

in

Friday, the

the

RESISTANCE

The Financial Times index first hit its new 1000 low

It indleated that the market Wednesday at 318.7 and then had a strong resistance Lovel Dow- ended the week at 3152 against at the 000 marit in the 322.1

week. Fones industrial average. At Its for the previous High point for the year is low Friday it touched 600.36 342.9. Thus London shared them which it rallied to close falls in New York, Montreal, the wook at 509.79, still off

Amsterdam and Paris.

22.21 points on the week.

Ralls touched a low of 139.01

Volume of selling was never heavy but buyer stayed away and came back to close the week off 0.09 from last and caution was the logmoto. at 141.83,

Utilities finished remain con week's close. Many operators

the week at 88,53, off only 0.04 vinced the government is set on

and on the week, and the 65 #locks an anti-Indationary courseo

7 points at that this will restrain markets, were off exactly Some believe uncertainty wil 201.30. persiat until the April 4 budget

Sales for the week tolalled and will prefer to await its 10,239,005 shares. That was a contents before taking on com-daily average for the five days Last werk of 3,227,039 chores.

mitments,

The flow of more excellent with only four weeks of trading company news did ittle to im- dally volume averaged 3,112,413

shares. prove sentiment,

The big volume esme this late trading past week in the

when lekers were on Friday gilt-edged market im- seven minutes late on a rising 100 27.70 proved towards the end of the market. Sales for Friday total-

week with small Investors going led

100 (

1500 22

1000 22.10

0920 ◊ 22.29

GILTS IMPROVE

3500 1 22 30

B000 1 22.20

2500 22,20

The

Eectric ..**

22,70

200 - 23.00

2408 e 27.00

10002715

300 gr 2715

Consumer buying continued Telephone strong but not over exuberant,

Spending hit a record 522,000,000,000 in January, but

Cement

- 374 378

200 V 27%

500 3714 1800 4 37,70 17002724 400037.50

2300 or 37

343 7311 7 4455 50034435 1000 44

by Late February had dropped to INDUSTRIALS about the game level of a year Washington birth- ngo despite day sales promotions. The rate

Rope** 10.10 of savings continued at 7.3 per

Dairy ...... 2330 2300 cent, about squal to the postwar STORES, ETC.

average.

Heralding a hoped-for spring thaw in awarding of construc tion contracts, the Arst week of March chalked up awards

The

since

Autolling $305,000,000. highest weekly volum irst July. Engineering Newe- Record reported.

The publication, added that awards for the first nine weeks of the year, totalling $93,112,900,000, are up

seven

per cent from the year-ego period,

Demand continues

Watson

1. Craw....

coTTONS Textile

1500

1500

shares. 4,00,000

The

day,

in on lower prices, but the big&cond four-million-share Institutions were disinterested. The other was on February 17, Bank selling dried up, The big at 4,210,000 shares. issue in this field, Wor Loan

Much of the decline during 34 per cents, ended the week the week, and

for some

time

even at 53 sterling, but some pest, has been on light volume.

their never regained

early The actual disturbance of the week losses and mded up to listed shares so far this year has been o little more than two

sterling down.

Dollar stocks ran back under per cent.-UPI. Wall Street's décline and

/ 24.80

24.00 week. 25

showed sizeable losses on the International Nickel end- jed 11 punts lower. U.S. Steel 500 25.10 down seven and Bethlehem five 1700425.20 points off.

Chrysler was 5 and Majors

23

lust

500 or 26.30 425 25 30 lower 2200 25.40 points. Oils shared the general 1000 4 23.50 uncertainty and eased after a 3000 fe 25.40 1000 25.30 mixed week, although British 1525 a 25.10 Petroleum kept steady.

be 341% 300 341 1500 60 3435

0.05 10.10 3600 on 095 17000 6 0.35 11000 10

Nayang.. 18.40 18.00

Inl.

Allied HK & FE Invest.

... 13.90

强0

2000 10

18.TO

1000 £5.00

Exchange rates

Business was done in the local UnoTeal Exchange maurinet

Steel production this bast laining restrictions against work was scheduled for the MISCELLANEOUS wool cloth imports.

Tibet szable decline thus far INVESTMENTS The National Wool Textile this year, with operations ex- In the industrini heavyweight Export Corporation said New Dected at 93.1 per cent of cloth section, buyers inlted Zealand restrictions on imports capacity, compared to last week's purchases to 1 in transactions. of wool cloth had progresively 034. The indicated output of Cetton sales yarn spinners increased in severity since they 2,654,000 tons will be the lowest sought to boost prices n cent or were started in 1955,

since the 2,041,000 turned out two a pound, but met an in- The point had now becainst Christmas week. different reaction from buyers, renched, the corporation state- Now Analysts throughout the market ment continued, when could not stand price hikes now Zealand inills could not make beculife of the slowdown in and sell enough wool cloth to An industry spokesman ealdmorning at the following valest

since the first of the All the top couped by reduced demand for steel continues high 9,5. dollars (per $11 year.

bnports.

but polly, with supplies catch- Sterling bols (per £V). As a result, consumption of ing up wih demand rapidly that Australian notes (per 21 151

Indonesian rupiah fuse 1001.. Roods, 23 grey rayon

wool in New Zealand, a wool snail cteel urers have caused a Siam tione (ber 100) weavers were reported con-

"minor tide" of how business Singapore (Btraita) sidering further imoderate in-growing country, had declined.

The orporation also aid the th help brighten the zlou creates in quotations on fabrics New Zealand import programme caused by cutbacks hi orders available for third quarter de-for 1960 provided for a cut of from the larger users. However, livery. Overall market activity, however, has been curbed fol-25 per cent in avont cloth imports it added, automobile Industry even though New Zealand's remains the critical factor in lowing reports that converters have not been invving Bulshed balance of payments position had steel operations and it may be to allow April betare the needs of this goods at the pace recently unli-improved sumciently

increased importa of deveral industry САЙ tro asatsord clatedUPI

other commodities.

thoroughly. Limited import of some goods previously under import em- bargo was also allowed by New Zealand, the corporation adder -Reuter.

Bank of England statement

London, Mar. 8, The Bank of England state- ment for the week ended March

2, tends as follows:

Notes in circulation

Public Depnetly

Private Deposi Overminent, securitian

Glier meinstlikes AS

flecting

13,300,001

The magazine said that the current cor production rate et 150,000 to 100,000 units a weelt may drop to 110,000-120,000 in Late March.

Agreed merchant Loot month auto cloties

rates

thd

turned out 099,303 care, Jurgest February tutal since 1988 on 30 per cent alsové tlib pro- duction for Februmet 1960; - But ile total was four per, bent

Stertig (West Africa, Wen! 2211022000 Tedder, South America & FD), below January, The valuefcés dre B.30 ximum erlling, 1/2 13/10) Rowing into atrition atatiele 2013030 minimun bayital 1/3 5/82 OD. faster than the public is abWOTISÍ

40,723,010. If amdler L/Credit;

Dealer locks were 1/8_13/a2) trig theili. BWA OD. Without L/Credit; 8/32 up] reported at near the oné fiillicha

avery 20. by*..

mark.-UPI.

CITY LIGHTS

Ambition oź, min. Life -là, gal the first graph aboga

the

ebond

this

5.71

the

Golds weakened inder impetus of continental selling. Johannesburg buying at the close of the week failed to halt the main drift although it gave à handful of lesues & Armir ap- pearance.

Angio-American Curpuration lost 15 shillings on the week to close at 107 shillings and pence. Coppers were dull. In Diamonds Debeers went down Ca 301⁄2d and ended at 183s 1d. --UPI.

Malaya's

labour

too high

Big boom for South

Africa's

economy

Johannesburg, Mar. G. South Africa moved into What daily here regard is the "sensational six- the ecotumle Lies" with barometer set fair for a boom.

an The year 1959 ended on upward swing

for the Bouth African economy and the gen- eral impression Among the balion's business community la that if political stability can be maintained, the union will de- velop further its role as the out- strongpoint standing econnait of the African continent.

In recent weeks, leaders at Government, industry and com Kuala Lumpur, Mur. 6, more have been ut ono voice in High wares and lack of skilich forecasting an economic leop labour to preventing Japanese } forwart, Booming industry in from opening textile mills in Europe and the United States is their de- Malaya, a textilh manatee expected to inerERSO turer mid,

African W for South Takaoka, Mr. S.

Dwiter of materials such as wool, hid, and metals like platinum, iman- Kurcha Spinning Company Lich, one of Japan's biggest gonese, uranium, and copper, textile in baid: "We think

13s year's expected to no have favourable, conditions to a new you production record start mills here, Maldya may bo ni Inord art more new minica favourable in oiler respècis butcome, liito płoduction along the she has not the skilled labour Itaiki, to replace the fast dying For muchi wraith. Haldes, wagte | workingķi. which originally here are very high compared changed Johnnetfang from a

rough trinh thais là toner #

bkarly-ak into 赡 I have invested in inilla, in great financial capital. And, in Salvator in Centrál Artierten mile or the Union's swiftly-

with partiership

local bit trickielämäntion, grid capital. Tword in thed and is still fish main factor in Bouth milli labor there" fie adieu. Atrivită demummy China Mali SAP.

Special

ideal combination for screening great shows, cutch ns "South Pacific" in TOBD-AO.

frames

pcr

• The Automatic Circulatory Lubrication elimina Les need for specini attention, The Cone typo phulter provides the screen with a maximum degree of light.

The machine has a moter- driven alm take-up.

Q

The completely enclosed pedestal tilts upwards to 12 degrees for drive-la use and downward to 30 degrees for indoor use. It is interesting to know also There will be a lotal of Aficen that the equipment at the Roxy 70mm theatres in Canada when Theatre is suitable for present-present projcols are added to ing films in Super Techniruma, those recently completed and MGM's 03 in various, wide film the ones operating earlier. First presentations, also CinemaScope, to use the 70mm system was Wide Screen and ariou s 35mm | Famous Players and Confedern- systems.

tion Theatres, Montreal, followed by 20th Century-Fox Theatres Specini features of the "Na-and (soon) Odean Theatres. tional Seventy" projectors are: When completed, the projecta.

• There are separate will bring the total invested for installation to sprockets for each aim equipment ontl

A

like single

US$450,000. width,

screw something tastening of the sprockets And to this must be added the enses practically instan- costs of structural changes. In- taneous removal. National stallation and equipment amount Seventy does not use to bolween US$25,000-25,000.

With

installation, Buch an combination sprocket for 35/70mm, obviating un-combined with the giant screen replacementa and six-channel sound system, when one sprocket (35mm the film patron feels that he requires re- (she) actually takes part in the or 70min) placement.

unfolding of the story, 85mm

on the and sented Individual 70mm sprockets can be panorama, because the sound and made moro necurately, the vision are all-enveloping,

The Roxy Theatre sound sys- thereby excercising lesser load on the inter-tem is the very finest of its kind; spart from being able la hundle mittent movement.

→

necessary

6

The

A

Screen

pre- in

National Sevenly the many and varied recording machine can be opened systems, the sheer brilliance of and threaded at any time, the "highs" and the richness of regardless of shutter post- the "lows" in the sound repro- a big ad- duelion are such that the cinema ilon. This is

brought marer than ever vantage over many other is

before to "live" theatre,

machines. National

Seventy'A

magnetic soundificad' has

two pickup

heads onc

for six tracks, the other Remote television

for four-track, with re-

sultant economy,

Arc lamp adjustment can system at Airport

be made in both "height" and "lateral" positions.

• Optical

AN experimental closed

and magnetic

toloviston sys- sound components are an circuit Integral part of the pro- tom has been installed at jector housing, rather than London Airport to dotor- separate, "added-on" units. |

The curved Alm, gate mine whether the control of stabilises focus and re- altcraft parking can be im- duces film buckling. Ad proved,

Justable lension of teftan

IL gives the marshalling (plastic / metal) runners supervisor visual information as assures steady projection to the mumbers and disposition with all film, new or old.

of the alrereit. Two television The lens mount is rugged enreras have been installed at and exceptionally accurate the top of lighting stands, one and can accommodate any at either end of a train paikkig focal length lens for pre-area-a site chosen because it is sentation of 70mm prout of his direct line of vision. 35mm.

Because of the restricted vi The projector drive motor ion radar-telephone has been Is connected directly to used in the past to determine the mechanism and pro- the parking position.-LPS. vides for film speeds of!:

Some idea of die magnitude of the National Bevents Conlelläilis 170, prófestor, la xeen in this photograph, taken In the projeción rooms of the Roxy Theatrą, and slowlñg the brojectionist threading a kinút 7910th spöbl.