1960-04-04 — Page 2

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THE CHINA MAIL, MONDAY, APRIL 4, 1960.

Weekly survey_of

of American economy

OUTPUT BEGINS TO SLIP

NEW YORK COTTON

MARKET REVIEW

Outlook appears London

to be somewhat recovers

disappointing

New York, Apr. 3.

Economists this past week found 'new words for what they think of U. S. industry and business "Broken rhythm" and "Lost momentum.” particularly

New York, Apr. 3. Apart from trade covering operations in the near- by months,

futures July, the cotton market passed another week of extremely qulet dealings.

At Friday's close the list rubed 34 points higher to 11 points) lower, or up $1.70 to down 56 cents a bale compared with the preceding week.

The July dieount under May at the weekend narrowed to 29 points compared with 55 points a week previous.

The phrases were coined by the authoritative Fortune said the in- Magazine which racdiate outlook 35 somewhat disappointing."

Joining in the assessment for the Government the first time, esutioned that 1980 will be na year for businessmen with glass unprepared to chins who are face stiff competition."

The omelal Government line. however, still remains that the recent apat of disappointing statistics reflects only a "em-

. Factors

While the buying in July wasiporary pause." not extensive, market technicians Said the greatre warning f prices especially sellers made sensitive to the demand.

#1

courte

2,000,000th car, some 25 per cent more than the first three months of lest year and the second largest first quarter out- aut since 2,129,503 units were turned cut in the January-March period of 1956.

But this year's first quarter sel a record of another index: The highest first-quarter out- pul of commercial vehicles i with an estimated total of 370,100 units.

Decline

from

Wall Street drifts lower

mid-week in past week

plunge

London, Apr. 3.

New York, Apr. 3,

Stocks drifted lower this past week in the slowest

trading of the year.

The 1st delived in all ve

sessions, but the only notable dip came on Thursday

The mid-week plunge in South African gold shares on heavy continental sell- ing after the state of emergency in the Union halted at the week's end pessimists sold in anticipation of Federal Reserve action on money when buying from the rates after the close. No action Cape and London brought was taken, however.

a sharp rebound.

in.

́ ́DULL NEWS

when

The small volume on the de- price movements

market golds, South African industcials cline backed up those Did diamonds, a down turn in exports who say the list under-

going further technical rea weakness in Brushnent in search of a solid coppers and tish shares with South African base from which a long awaited But with more than a multion Interesta made the feature of a rally could be launched.

They are banking on nati- cars in dealers hands second stock market held in check by

rext Mondry's budgal,

elpatet! good first quarter cor- quarter output was heading for a

end-week rally purate reports to fuel any such decline. Already the- Despite the deckled

remains sensitive. | rise. cut its steel the market car industry has orders by more than 17 per cent Dealers say confidence has been volume of in the second quarter and the shaken, although battle of the salesmen began to sodes from London, the Cape

New ard

York was never approach the proportions of a full-scale war.

envy.

been said about What has

best la-coming competition wvus

car the illustrated in the field of

Back were the "dealer notantes.

acles contests" and other sales promotion campaigns, quite un- January-March usual for the sales period.

This despite the fact that the daily sales average of 19,976 units recorded in the Anal period of March was the best since last October, dealers, flooded by new car de- diveries, this was not enough. The current level of car sales is some ten per cent above last year.

Two principal factors emerged in the emuse that keep industrial Market analysts pointed out output from rising and the course inventory of capital-goods that the government st owns of

of almost 6,000,000 bales of cotton, sending and the

The accumulation. none of which is available below inventory

The government possibility of a third factor was minimum.

the stock nelling price increases monthly hinted-the drop ATE

carrying market. by the value of the

Current feeling is that charges so that cotton, they fel,

will

Into vestment plans made by move probably

industry for 1960 have channels at stendy

been enough to produce sustained boom in capital goods. The rate of capital out- lays for the first quarter was up only some $1.5 billion in- stead of the $3 billion that seemed

consuming

Prites.

DELIVERIES

The deliveries from December through March, were neglee- ted

lime of The most Traders in that section hoped for Somne Congressional develop- ments on new farm legislation. Otherwise, they wailed for news on progress of now crop parations, which recently have been hampered in scene rections by wet soil and cold night tem- peratures,

pro

However private reports from the Ro Grande Valley said practically planting there was completed.

Trade sources thought there is little reason to assume that there will be any sudden drop

when cotton prices

the new season starts on August 1, despite the lower suppor: level which goes into effect then. A special cotton policy committee of the American Colton Manufacturers Institute reasoned that the ove per cent reduction in the govern. ment support level is offset to some extent by an increase in parity from 38 to 38.0 cents a pound. UPI.

Rhodesia's bid

to capture Africa's trade

Salisbury, Apr. 3.

on the

stules

west coasts,

South Africa,

established industries,

But the

has

a

opened.

#

possible as the year

"As for inventories, business- men are keeping a sharp eye on consumer spending. The annual accumulation rate of inventory reached

$12 billion, or thirteen

What was needed, desiers said, per cent this year, during lost

This was a boost of 18 per cent if 1000 December and January. rate admittedly is one that could sales volume is to approach the

sustained even in an 6.5 million' domestic

car sales not be

It was gure predicted by most top investment estimated that the rate of stock-industry executives-UPI. piling was cut to only $6 billion as the first quarter ended. This may drop even further as the quarter summer spring-early

progresses.

תן « h tt

The curve of industrial pro- duction was gently on the down- grade-111 in Janaury (based on Heserve now. Federal the System index), 110 in February and an estimated 109 in March

still assured a This, however, gross national product Agure for the first quarter at an annual rate of Just under $500 billion. This

figure has not yet been ocially confirmed.

Influenced

Production was influenced

by two main factors-sirel und motora-where output wag

GOOD RESULTS

Home Industrials held Arm across the week helped by goud company results.

The industrials Index held at 324.6 virtually unchanged over the week, after the three-point gain on Friday.

Gilt-edged were qulet with little movement, They cased by fractions over the week. For- clan bonds showed weakness in Greek issues. Japanese non assented cased.

|

The news background con- tinued dull, md most price movemonta reflected individual] corporate developments. Business news was. mixed. Retall Fales improved over the weelt, but my below a year ago: aleel output declined; car production was at a ve-week hit; and car-loadings increased slightly but still run below

year ago.

a

HONGKONG

STOCK - EXCHANGE

by

Oui Own Correspondent

Business done at the Hong- kong Stock Exchange this morning amounted to opproxi- mately $1,218,000, Noon quota- tions

the . morning's and transactions:

AhareL Buyers Sellers BANK9

1240 1234 32 4 1230 | UK Banks

INSURANCES UNIDA Lombard SHIPPING Wheelock DOCKS. ETC. Dock, XD

firler

10 1250

91

行

7.10

103

7.20 2000 7.13

માં

100 700 100

30

200 of 10

■

500 100

1100 10G

400 ir 10%

2000 17,20

200 17.20

400 9 494

150035

Provident

Talkoo HK Hole!

17.20

40

K Land.

50

100

(Nig.) 24

21.00

Olls Improved after excellent

Thero also was further results from Shell and the high-evidence that the economy wds er dividend.

1.5 much not "booming" anticipated at the start of the Manufacturers orders your, Just in

sill! February but trailed sales, and Inventories continued to climb.

Construc tion activity in March rose 100s Dollar stocks were mixed but

than normal fran the period. Humphreys week had a crop of And employers expect only Resity over the

moderate pick up in jobs this losses.

Teas and Rubbers were irre-spring. gular-UPI.

Dullness apparent

apparel

in

and cotton goods

New York, Apr. 3.-

WEEK'S SALES

148 24

215 130021.70 $1.03 1.725 4000 # 1.78

10000 1.078

RUBBER Antaly

Truxt Sungala

3ram

C. Light

3.75

7.70

1000 @ 6.05 1000

5.80

4.20

221 22.00

а

20.00

2%

11.00 12.40

Telpon.

3514 3334

Sales for the week tolalled UTILITIES 12,207,550 shares or a dally | Yaumati average of 2,441,510 shares, against 13,593,924 shares or an average of 2,718,784. shares day the week before,

It was Eecirle the slowest week since the perlod ended Oct, 10, 1959 when Maces E. trading averagod 1,308,021 shares daily.

The Dow-Jones averages for 05 stocks registered their. Ort decline in three weelcs.

At INDUSTRIALS

Friday's close the average, was Coment 204.0, b 2.02. The Industrial average fell 6.43 points on the STORES, ETC. week to 015.98; ralls were, Dit 3.01 at 143.43.

The week's loss ellmaxed the worst first quarter in the stock

also on a gently sliding scale. Buyers of cotton grey goods still held the upper exchange history-UPI.

Steelmen were fighting a dis- appointing rate of orders and car makers were faced with disappointing scales.

hand this past week when the market started into the second quarter of 1960.

Dullness was equally apparent in both the apparel and indus- win fabrics divisions.

After three months of CX-

tremely conservative buying, the long pause caused some holders

particularly in instances where they began to meet more com- petition through cheaper re-sal offerings.

However, other makers of heavy goode, including weavers of goods to became "edgy" and of twills, drills and ducks be- more inclined to work of somelieved extent of the re-sale slower-moving numbers in their offerings has been exaggerald, inventories, often at price can-

RESISTANCE

or two.

EXPECTATION

to

Rope

Dairy ....

Weten

·

43 44

15

20.10 20.20

1500

** 1000 33

1000 @ 3314

1. Craw,..

COTTONS

Textiles Nanyang 14.10 14.20 2000

INVESTMENTS

Alled iK & FE

Invest

Canadian dollar

Int.

9.50

14.20 14.20

300

6,70

6,73 600

15.40

500 13

Demand

premium for loans

Ottawa, Apr. 3.

in

London

INCINEM

HEXC

British advance in eye surgery, artificial lens

A

BRITISH eye surgeon, Mr D. P. Choyce of Southend General Hospital, has collaborated with Imperial Chemical Industries Ltd. to produce a new form of artificial lens.

מבי

be a

•

with

One 10-year-old youth had

ho

of For about ten years artificial, variety

purposes lenses have been introduced into encouraging results. One of the the eye with considerablo suc- most dramatic succeeses has ecss. Probably the most success. been with albino patients (for ful type has been composed whom Intense glare or photo- entirely of perspex and placed phobia

#te-long in the front part of the eve {burden. between the Irla behind and the carnen in front so that it in bathed almost entirely in the watery fluid which fills the anterior chamber of the eye.

These implants have been ured in hundreds of 392 to correct the dafoot when the lens has been removed from one eye, the other eye being normal, Recently, however, an implant has been devised either with a black opaque centre and a clear surround or the reverse of this, namely clear optical centre surrounded by a colous- ed, opaque portion

these sheets colours rang-

UNWANTED LIGHT

ICI produced of perspex in Ing from Ught blue to brown to binck and Rayners Ltd 2 firm of optical engineers, helped in the procesY.

long or short-sighted the cenizat

several normally pigmented brothers with whom he used to go train spotting. Since could not see the trains coming into the station because of his disability he used to sing under. cover and painstakingly write down in large lotters what his brothers told him. Since his operation the positions are reversed and he now goes out ' In the light and can recognise the engines as they come in and out of the station,

Mr Choyce wit visit the U.S.A. In June 1950

as .an

invited foreign guest to present his materini to the annual von- gress of the American Medical Association

If a patient is abnormally Automatic gadgets optical portion of these impacts for housewives

can have is curvature moulded

so as to correct this optical error

at the same

time as the

Bur-

International

Hardware Trades Fair

rounding opaque portion keeps th unwanted light out of the eye.

Mr Cheyo tus been using thise

implants for

now

British radar

goes on show

to be held in London in May 9-13 will be the biggest show of its kind over hold in the United Kingdom.

per

Covering more than 100,000 sq. ft-approximately 10 cent mort than in 1958--Well over 300 Arma have applied for stand space. At the last Fair, more than forty

attended.

N unusual British vehi- buyers from

A co carrying matino diffent countries cine

radar equipment for demon- stration to pross and naval authorities recently set out for the Continent bound on 5,000-milo five-month,

པོ

Fair's representatives in Ger many, France

and Switzerland have alreadys received a record member of enquiries.

Encouraged by the results of an overseas campaign, the Fair tour destined to tako in about thirty centres in Bel-rganisers are appointing agents in Holland and Belgium to gium, Holland, Germany, augment the representation for Danmark, Sweden, Norway, the exhibition already existing

in France and Italy.

U.9.A, Switzerland, radar gete. Spreden, France and Germany. Two marine

the vehicle'slations,

while all three British trade the National own power unit will be on show, Hardware Alliance, the Hard-

operated from

the

ware Manufacturer's AssociaTM

both the products of AEI. Ltd., who are sponsoring the expedi tion Also included are other tion murine products such as tele- Phones, signalling and bridge intruments and fluorescent lighting equipment.

ond the National Federation of Ironmongers are preparing for a greater invasion of their stands from buyers from the "Outer Seven" for it is believed that this "olliance” includes the very countries in Europe which pay most atten- ilon to simplifying, the work of the average housewive,

In demonstration technique, the tour marks something of a now

For the departure.

Karrier "Gamecock" tractor selected to delicato tow this

electronic equipment across varied often

The range of equipment to be difcuit Continental termin, the trip will be just another chance displayed will cover a wider to demonstrate

previous ovimus, prowess fold pa at

to from adhesives fitted with the standard Rootes varying

machines, and cab extension, which accomo- weighing dates tollot, additional senting builders requisites to glassware and a switch panel, the “Game"

and pottery. cock" draws #emi-trailer,

Among the new exhibits is specially made by Carrimore what

to is believed

bo Six-Wheelers Ltd, of London.

the smallest dish-washing intechine This aller provides a 20-Loot

the ever put on long demonstration room and 15 market. Another Arm who equipped, with heater, ventile have already sold. 85,000,000 nerators designed for tors, duorescent lighting, foam-water rubber seals and cocktoff and simplifying

housewite's documents cabinets-LPS.

washing-up operations, will be introduckig a combined acrator made sink swirlor,

tự. with heat-resisting parts operate off the hot water tap.

Another new device inn mulli-purpose

ladder which

the

Said Iron Age magazine: "Un- icss a wave of new orders sup- ports the market, present rate of cannot be sustained operations A race is on between South and the ingot rate will drop

sharply in April and May." Africa and the Rhodesian There were three reasons be- Federation for the most | bind this glittering

which Severe cutbacks in autome prize Africa has to offer: the live production ahend, reflected

cessions. in steel order cancellations and fabulous markets for deferments:

Cotton yarn spinners, despite Converters and cloth manu manufactured goods now. Cutbacks in railroad freight

facturers needing goods, particu-the current luil, looked ahead Government economic cir- wide

open in the newly car programmes:

the print cloth yarn with expretation, Some plants cles

are optimistic that

Løndon, Apr. 3. group, reportedly had no trouble vaze icported operating against Independent or about to Inventory control, przelices larly in

one of the long-term

the become

independent, in which even major users are

in locating any goods they need ender backlogs sufficient

effects of the budget will The credit situation in month east and operating with as little steel in ed for spot or fill-in require- hecy going for another

London market over the In January menis. stock as possible..

be to lower the premium

past week was affected by alone, new orders for steči

the Canadian dollar.

and end- one-month. While weaving mills have itsdropped over $400 million. with

This would make it easier for been buying very littlo True, the steel production de-

quarter factors, so that yar Canadian exporters to sell in Stiffening buyer resistance has knitting plante, indus-cline last weekt was less than ex-

particularly foreign markels, and harder for the demand for loans was head's start.

main hosiery

mills, continued tu and peeled but the drop is slated to been coupled with three

interest foreign

to sell trinticle of Salisbury

absorb substantial quantities of Canada,

again strong with the rate plans accelerate this week. Tast week's inctors: Bulawayo

melding

for day-to-day loans very attack on East actual rate of operations was 91 for an all-out

Both dovelopments-en- per cent and not under 90 per

fibres continued

exports and to couragement to

cént. importa to discouragement feature Armness in burlap would have a constructive effect

However, the market got

now diose! electric which in tum reflected the

Lhe Lillion-dollar-plus through with the aid of officini

cranes are to be show ironing board which is adjust Calcutta situati Weaving upon

anuni defcit which the nation help without having to revert to

U.K. firm ot plants in India were said to be

ablo to any height up to 35 day, conditions took a starp Mechanical Handling'

Ex- och wilk also bo shown experiencing problems in getting running in the balance of pay-penal borrowing, while on Fri- by a sufficient supplies of raw jule, merda.

Mounted

"wheel-away"" partly because

a good part of

it into a TWO OCCASIONS - Moncy, which had been with-hibition in London in May.

One is a self-propelled type castors it folds up the transportation facilities have been used for national defenco Finance Department officiala balance sheet and other pur with a 50 fl. centreo strut-type cupboard.

Another inovation will he an. purposes. Hemp prices were vividly remember two

poses, was returned to the mar and wide chasly. The jib

electrit self-propelled roller- mostly unchanged. In sisal,tons when

the United States kot and the market enjoyed one can be lengthened to 80 ft., and can be used for of its infrequent easy days with the machine

mower which can be worked off Fast African and Haitian soata dollar was at a premium of six

1124. electro-magnu dropping mones were mixed while Brazilian rimost 20 per

the the rate for

tower any maina plug and features a sorts were inclined to harden.

Canndiary dollar. The nest Umie down to 8 percent. Bill buel-self-propelled type is a

nces was done on the basis of crane with 50 ft, centres strut hand-wheel on the side of the which has synchronised chain caso offering selection of In rayon grey goods, sellers was chardly after World War 1.49/18 percant for Junes and b

tandem hoteling, barrels for use the type of driva most suited for the work to be trekded. : Aller- of acetate filament fabricn re- The second time was in the "hots"-China Mall Special.

with a double rope grab. ported a moderate pick-up in the early 1930's. demand, with the aution Involv

are

and West Afrien, the Congo and Ethiopia.

• Rough

winter

weather yarmi

Hard cent as originally estimated. In over most of the nation with a

'buying;

tons. last week ingot output was resultant slow-down in

wil be formidable rivals, 2,097,000. They and South African Industrialists

This week, the American Iron md Steel

are showing signs of anxiety,

are

retail

in

Institute sold, steel, Modification of the New

for the first Year idens about business Already Federation ralcamen mills win operate

moving north, and

the time under 90 per cent of the soaring sixties," us buyers the stock market go government in backing them by capacity-80.7 per cent in fact watched

another five-day Establishing trade missions In with output slated at 2,527,000 huough This would constitute by declino; many territoriesChina Mail tons.

for the sharpest week-to-week.Į Special.

drop.

Bank of England

Statement

Competition

A tendency among some order-hungry mills to stretch the work-week back 10 days, with the implication of ac- the cumulating supplies in future.

As an afterthought to last year's meel striice, there was a theory that the U.S. wouki

More optimistic observers in- have a boom this year couki. scarcely control, if it were notated the whole market com-

plexion only needa

cent over

occas

ja

But

New diesel cranes

firm at 4% to 4% per at exhibition

about-turn.

rown caller in the week for

Exchange rates

THREE

the

Another

can be divided to be used as two separate parts or alterna- lively doubled in the centre for climbing round commista.

on

Ад

It takes under an hour to re-natives include free-wheeling doing the Oficials do not see any serious a few

muve the 20 ft. high. fabricated power, the cutters for foreign, steel competition straight days of warm tempera the wide acetate Laffola and London, Apr. 3.

passtallity

the

United

steel tube tower and convert the work and the mower itself being Tho idea wos expressed by an turen to brighten the picture satiris

autow editor of steel magazine. Briefly and get business rolling again Converters reportedly came into

for the third quarter. Statos dollar climbing again to

crane to a conventional sirut Jib manually propelled, or

power-assistect

drive 20 per cont promlur. stated

model. The third type is a truck matle the its based оп

at a normal gail before Easter. the market because of the In the suggest that a premium of

makes it enalty Thirlboss was done in the celeratie with 100 ft centres strut which fnct that stoo! importa

exchange market the crease in prices for acetate fla-five or six per cent is a very

moving And 10 In industrial fabrics,, weavers ment yarns.

electrically powered manoeuvrable but on 8.183.11.043

10.677500 1st year were 3.2 million lower,

of of wide-conting

to which morning at The following raŠUNS! total

koly possEDINÝ. logo

cloths,

0.73 stabilizing jacks operated from forward the clutch takes up the ***US dollars (per #1), pak

| drive kúd" pavvides the propuli

• 283,619,604 | That, many o

18:30 |the driver's cab, 207,472,020 covon millon tons that could couraged by the hold-back in: In raw wool, the Boston pot Canadian borrowvene should give alerting notes (per 23)

[Steels Engineering Produbia stor, or full "power, driya", on temalted have been produced in the U.6. buying from the autosmoking market

with more seriosas consideraison chẩn Austrian notes (pes £11 31. dull

Zid, Crown Woche, Berland) which the mentrino maves off at The US cur industry that contres, also have boeti more prices holding norminily, alwody, they have belo over the post an rupiah par 1003 ..

Hem ticale (per 1005.

The fauch of a twilchentP to "listen to lalcha" |--UPL

The Bank of Englund state ment for the week ending on March 30, reads us fullows Notes in eleœptation .. Publie deposita Private deposita ...... Goverment securities Other surities Beguile

41,829,148 44,432,074

pist

turned out. The Finolisjæ widt

neveral rusotha----UPPE.

Dingapore (2}}}{0}

10.