1960-06-13 — Page 2

THE CHINA MAIL, MONDAY, JUNE 13, 1960.

Weekly survey of American economy

CREDIT MONEY EASED

Increase in Government

U.S. steel exports

Steel

Washington, June 12.

exports from the United States in April rose to the highest level in 18 months while im ports declined sharply from March, the Depart ment of Commerce report. ed.

reduces discount rate

New York, June 12,

The long-debated easing of credit money got Government blessing this week as the Federal Reserve System reduced the discount rate from four to three-and-a-half per cent.

highest month gue since October, 1958 WhLTI export chipments totalled about 255,000 Pening

tons.

ekonomy 1960.

of

Experts of steel totalled 235,-

This action - complete market for Industrial concerns 000 ns in April, up 32,000 tons

Thinking and smaller males finance cons reversal of economie from March and up 39,000 fonts

This also Was the from April last year. It was the within less than six months-pantes.

underscored better than any-second reduction within a week. thing else what has been hop- Meanwhile high steel inven-

to the American tories and low rate in the first half of orders continued to depress steel output. Actually skel pro- In January the point was ducers proposed to step up aver-

debated whether stil

the age output this week for the Federal discount rate should not first time since mid-April, but actually be raised. Then, coun- the scheduled rise of 1.7 per cent ull optimistic forecasts would not recapture the ground ter to

a result of last week's and as a result of the tremendous lost as

Day holkay plant inventory build-up, the produc- Memorial ton curve began to case and suckings. Mills are scheduled to the operate this week at 62.3 per did most interest rates on short-term money markets,

ent of capacity as against last

Steel Imports dropped to tons in April. down 331,000

and 133,000 tons from March 28,000 tons from Apr 135 year.

this The Department said

in receipts harp drop in lealed that most of the strike inspired buying of foreign steel had ended,

Officials said if the trend to- ward higher exports and lower imports continues the United States will be shipping more steel than it buy's from abroad "before the end of the year."

The forecasters have been week's actual male of 10.5 per swallowing ther words ever cent. since.

DISAGREEMENT

Wall Street ends London

week with record industrial gains

New York, June 12.` Stocks during the past week registered their best gain in the Dow Jones industrial average in the history of that measure which was started in 1897.

HONGKONG

STOCK EXCHANGE

Our Own Correspondent

closes

strong

London, June 12.

The stock market shook off hesitations this, past week and moved ahead

driving forces of

excel-

Engineers 'move' a river for new marshalling yard

London, June 12.

-

strongly under the twin The diversion of a river-a civil engineering project lasting six months has recently been completed by British railway engineers. The river-the Calder, flows through York- shire in North East England.

lent company results and Wall Street's new-found strength.

By the close of the week bay. Industrial shares on Thursdaying interest broadened and the reached their best level since institutions were sald to be January 15 and closed the week operating Industrials Edvanced an a wide front but "shipping at 634.88, up 25.80 points from shares stayed a weak spot, last Friday's close. That gain

never

The preparation of the site will involve using à million and a half tons of filling material tó maite up the ground level.-LFS.

The diversion consists of a loop of wire, will link the yard new channel three quarters of a locomotives with the control A talk-back loud- mile long and was the first stage tower. in the building of one of Bri-speeker system will link the tain's new mechanised mar-control tower and the culside beat the previous record rise "of The Financial Times index shalling yards incorporating the staff in all parts of the yard

The control tower will have a 24.51 points set in the week | jumped 8.9 points to etid at 328.§,

latest processes of automation. ended December 7, 1929. The some 11 per cent above its low The North Eastern Region of modern power opemted signal average so far this year has for 1980. An optimistic survey British Railways a building the box controlling points ranged between

a record of for the short-term outlook from new yard to replace some 13 signals over an area at present 885.47 sel on January 5, and a the Federation of British Indus-smaller yards. When finally worked by six manual boxes. low of 399.10 on March 8. tries helped sentiment but the in operation in two years' time, Railroads in the Dow-Jones be rise came from outstanding 4,000 to 5,000 agus will be compilation closed the week at profit and dividend announce- sorted there every day. 148.01 up 8.35 points on the ments. Offerings, were week. That was their best rise abundant, contributing to some since the week ending Septem- of the gains. Business done at the Hong-ber 19, 1958 when the gain Exchange this amounted to 8.05 points. The le structure unchanged and. In the steel Industry itself on kong Stock

week at For all of 1980, however, i would case the credit conditions Just how much of an operating moming amounted to approxi-average finished thi ports are still expected to exceed by other means, such as lower-rate is justified by the present mately $1,648,000. Noon quota- its best since March 6, exports. Imports topped Cx-ing the margins on cash reserve levels of inventories and now tiens and the morning's transac ports by 2,898,000 tons in 1958. requirements for its member anders. Iron Age magazine claims an operating rate of more Officials said bigger shipments

than 50 per cent is not justified" of cold rolled sheets, inplate

Shares the small improvement in and rails accounted for most of

orders noted in recent weeks has INSURANCES April increase in exports. Most

The reduction of the discount not gained momentum,

On the Union

Lombard of the import decline ccurred

Government structural rate,

spokesmen other bard in sheets plates,

Roger Blough. shapes, concrete reinforcing bars said, came because the Govern chairman of U.S. Steel, says SHIPPING and pipes.--China Mall Special. ment was envinced the economy steel use currently is running at

needed stimulation and because rate that would support indus-DOCKS, ETC. there has been a complete lack

al 70 to 75 per try production OFFICIAL NOTICE

Proposal to change a Ship's name

Only last week most experts the Federal Reserve grood System would leave its interest

banks.

STIMULATION.

$2

There was disagreement with-

recently of any inflationary prescent of capacity.

sures. When even the collapse

of the summit conference failed

In any case, the slump of

to produce an inflationary sourt steel operations from the rate of

sumers.

the

Reserve

tions;

Buyer Sellers

Bales

£4 100 4 3

20

Wheelock ..

6.80 4.50

Dock

7:00 100 500

of buying by business and con- 90 per cent in January and Provident..

February has hit a wide range

Railroads and Talkoo Dock of industries. river barges, ingot mould found- ries and mines that yield metal- Jurgical grade coal are feeling LAND, ETC. the effects and translating them HK Hotel.. into sizable layoffs and some temporary plant closings. United Mineworkers at Uniontown, Perinsylvania, dal 20 per cent of its membership is laid off in the heart of the Southwestern Pennsylvania coal fields,

HK Land..

19.60 21.30

104 500 104 100 106 500 @ 104

400 10

200 101 500 20.10 1000 # 20

UTILITIES GAIN Utilities gained 1.80 points to close the week at 90.89, a new high since August 31,1959. The 65-stock average closed at 213.56 up 7.76 points.

In the period from June 2 through June 9, the industrial

average rose 31.53 points. The

best gain for any full month of June in history twas 36.38 points in 1929.

4

Strength in the market reflected hopes for the future 54 55 500 85% rather than accomplishments in

54

40 404 2500 @ 6014

SA

50

400 85% 100 @ 55

Humphreys

2431

1.80

1.83 10.000

1.825

7.20 8.55

Realty RUBBER

Ameis TYUEZ

Tram

Federal I, Sul-Loong Pao of 19 Java thought it was time to net. Road, 2nd Floor, H.K. hereby

It approved a request by its con San Francisco and Philadelphia give notice that in

of Change of districts for a cut from four to gequence ownership I have applied to three-and-a-half per cent in the interest Tate - the discount the Minister of Transport and Civil Aviation under charged to member banks that sets the pattern for interest rates Other member general. Section 47 of the Merchant in Shipping Act, 1894, in re-banks are following suit. spect of the British Steam'

Just how much of a boost the Coalproduction in the wook 01, economy will get from this move ended June 4 was 8.015,000 bens ship Cape St. David

It appeared compared with 8.410,000 tons in HUNG KONG REGISTRY was not certain. Official Number 168933 Gross that a solid spurt would not the previous week and 8,518,000 UTILITIES

same week a year come until after high inven- tops in the

Yamati... tommage 6767.99 tons Register

are worked down. Atago. turies

count. manufacturers, Electric energy output in the

C. Light tonnage 4757.40 tons, hereto. latest

retailers had week ended June 7 dropped to fore owned by The Saint wholesalers and

kilowatt hours Electric Line, Limited, London for $93.500 million worth of raw 13,194,000,000

materials and finished products from 13,572,000,000 kuch a week permission to chunge

on hand. $5,000 million more than earlier and 13,023,000,000 kwh name to Happy Seafarer and a year ago. to have her registered in the new nume at the Port of HONG KONG as owned by The Norman Shipping Com. pany, Limited.

her

in the same week last year. Both Telephone But easier credit may make coal and power output--as well

manu il possible for most facturers to keep their ambitious capital investment plans for this year unchanged or actually expand them a little.

Any objection to the pro- posed change of name must Private housing which has be sent to the REGISTRAR been lagging behind last year, OF SHIPPING al HONG may pull up.

as other manufacturing - were RK G affected by the short holiday weck.

+

31 312 1000 or 311⁄2

300 3126 400 170 300 168

186 172

21.00 21.90

100 @ 22 1000 @ 21 80

industry at the present time.

Easy money prevailed during the week with nine more federal reserve banks cutting their dis- count rates to 3 per cent,

leaving only Boston at the old

'.

The new yard will greatly im». prove freight transit times tor manufacturers in Britain's indus trial Midlands.

Ultrasonic level

gauge for uranium

BONDS FIRM Government bonds storied out RADIO NETWORK poor but figures on the banks deposits with the Bank of

Operations will be directed by England allayed fears that banks short wave radio from a central 'hump' down which the wagons the bonds ended firm.

gravitate Ino sorting siding, thority has Foreign bonds stayed mainly Electronte apparatus governing quiet. Greek bonds eased after wheel letanders will slow down ultrasonic level gauge to initial improvement, Dollar stocks

would be gilt-edged sellers and control tower overlooking a THE

advanced in step with Wall the waxons as they roll off the Street but Friday suffered mark-hump' and the points move ments into the various sidings down despite New York will be operated by push but

ton controls.

prices.

Gold mining shares drifted A radio network, employing a downwards through lack of support and the arrival of the net system of tracemission dividend season made little im that uses as it's medium the pact on the dispirited market magnetic field of an encircling Diamonds lost strength oyer the week despite good diamond sales for the first five months of the year.

Ofis enjoyed a brief rally and generally closed higher in spotty

trading.

four per cent rate, Cuts were made in bankers' acceptances. Rubbers and teas held firm.*** commericial paper, and yields on UPI. Treasury bills.

Industrial picked up generally after the holiday week with the aulos leading. Steel edged higher to around 62 per cent of capacity.

Experts said the steel users were consuming themetal at a opera- 27.20 271 500 21.80 rate that would justify

1000 27.70tions at 70 to 75 per cent of 1200 @ 27.50 capacky.

1200 2 27,00

3714 3134 400 (38

6900 375 Inventory rebuilding is and- 900 301⁄2cipated in the not distant future. 134 13.70 2000 @ 13.50 500 2 13.00

FOREIGN TRADE

INDUSTRIALS

49 50

800 @ 504 1000

491 1503 (1 491%

Detroit produced only 117,051 Cement passenger cars and 21,024 trucks last week for a total output of 138,075 units. This compared

and 29,802 STORES, ETC.

Dairy with 142,359 cars trucks for a total of 172,161 Watson .... units in the previous week. This | L., Craw. .. week's share of compact cars pro-

KONG within SEVEN days Yields offered to buyers of theduced was a record 30 per cent. COTTONS from the appearance of this Federal National Mortgage Asso- advertisement.

ciation's short-term notes were

ENCOURAGING

276 1000 6 27.30

600 39 100 @ 99%

10 10.20 2000 a 10.30

Texult .... INVESTMENTS

Int.

6.25

6.50 16.30

cut another quarter percentage But sales were running high Allied Dated at HONG KONG the point, the second such reduction

In less than a week. The action and constituted almost the only HK & FE Invest. 6th day of June, 1960:

followed Monday's decline in encouraging sign in the overali picture. Car sales in May the 13-week Treasury bill rate

totalled 565,263 U.S.-built cars to 2.716 per cent the lowest since early 1959, Dexters in the highest monthly total since commercial paper trimmed by September 1955. 1.8 per cent above April 1960 and 6.7 per

The Norman Shipping Company Limited

S. L. PAO,

percentage point the rates on cent above May 1959. The

Director notes they sell in the open American-made compacts ac-

ORIENT & PACIFIC LINES

R.M.S. "CHUSAN"

EMBARKATION NOTICE

Passengers are advised that the Chusan will now be berthed at Kowloon Wharf 5 North.

Embarkation will take place between 1 p.m. and

3 p.m. on 14th June.

Entrance to the wharf should be made through No. 6 gate, Navy Street, off Canton Road,

Baggage will be received in No. 8 Godown between 8 a.m. and 5 pm, on 13th June and between 8 a.m. and 1 p.m. on 14th June.

Chusan will sell at 4 pm. on 14th June

counted for 25.5 per cent of the market, down from the 27.5 per cent in April.

Howeven Detroit szid interest in economy cars remains the molivating force in the increased car purchases in the January May period a total of 2,658,564 umits this

year as against 2,354,404 in the same period of 1959. Total business volume In April was the largest in history. Total sales in retail, wholesale and manufacturing lines rone to a record 382,500 million $1,200 million from March and $300 million above the pre:lous high in February,

✓

1000 @ 8:45

SALE OF GOLD IN U.S.

Washington, June 12.

The Treasury Department re- ported that net sales of gold by the United States in the first quarter this year totalled $41.7 million,

Sales in the fourth quarter last year were $57 million and the total was $92.6 million in the first quarter of 1959,

Foreign trade improved with the favourable airplus of exporta over imports in the first four months greater than the favour able balance of all of 1059. 'De- fenice spending was being stepped up in congressional bills.

Market men held that bear market earlier in the year up- peared over with the outlook bright for the traditional sian mer rally which some said was starting prematurely.

Japan trade

delegation for Russia

Tokyo, June 12. The Japanese Amocialion for international trade" promotion,

Resistance spear thermometer

AN

United Kingdom Atomic Energy Au

developed

cops with chemical reaction problems which arise in n- covering'uranium from 'fuel

elemente.

The process involves a large mumber of chemical reactions and one in which close control stage which a radioactive is essential, a purification solution made by dissolving the spent elements in nitric acid (aqueous phase) is contacted in counter-current flow with the solvent tributy! phosphate (solvent phase) in units known as mixer-ettier tanks.

N instrument originally The uranyl nitrate passes into for use in research on solution in the solvent chase and the radio-active Impurities (fis- processing, preservation and on products) pass into the transportation of fish by the aqueous phase. Separation is Fish Research Station at effected by settling and repeated Tory, Scotland, was one of operation of the process ensures the displays at the Deport that the solvent will carry prly al trazed nitrate and the aqueous ment of Industrial and phase only the radio-active Scientific Research at the dustion products.

recent Instruments Elec-

Aqueous and solvent phases tronics and Automation Ex-do not separate Immediately af hibition in London, -

Its operation is based on the variation of the resistance of a small copper coll contained

the inlet port, their interface' can become ill-defined because of scumm. formation, and a layer of sediment can be deposited...

It is important for the control an organisation special within the tip of a hypodermic trade with Communist com- needle-known as the spear of this continous process to into know the relative levels of which may be thrust sp

Interfaces and the depths of the tries, said today it had plied to the Tansnese Govery materials or liquids.

mixed phase and of solid sub-) ment for Buthernlion to 2nd

ob

Temperature is indicated on a

a party of 300 Japanese bust-calibrated dial attached to a stances within the settler com nessmen and local assembly variable resistance that forms partments and-because of the men to the Soviet Union this part of a simple Wheatstone radio-activity to take

one-mantli bridge, one arm of which in these measurements remotely.

cludes the coll

This problem has been solved It is capable of measuring by using one or more of the temperatures with an accuracy ultra-sonic transducers which comparable with that of a good trannnit sights into the con mercury-in-glass thermometer tents of a milker-setter unit. and it is simpler to use than The reflected signals from the thermocouple and potentiometer.contents are picked up and dis-

The response of the element is szyld as modulations"on "a" roughly ten times as fast as that cathode ray tube imit

In another suggested applica of a mercury thermometer and since indication is remote from the spear containing the element, ton, the transducer could be the instrument can be used in transferred from one compart places where it would be im- ment to another by 1 system of

Lise to

· hornal | ralf arid“ pillleys, The sighinis a. fair is possible The Japan trade scheduled to be held for 20 days thermometer. It can be sed in from the traversing transducer with a variety of applications and is would be presented on vertical irebases to beginning August 15, machinery and other displays particularly suitable for field and horisontel worth UB$1,500,000. China work on moving transport give 'crber-sectional represen

LPS. Mail Special.

tation of the vessel-LES.

Bimmer Inspection tour. Under the present plan, the would leave Japan mission early in August for Siberia, from where it would travel to Moscow by train and aircraft.

Trading picked up on the rise

Besides attending the Japan although it was far from selling trade fair in Moscow, the mis any records. Sales for the week sion would inspect Industrial of 17,505,710 shares were and agricultural facilities in bust since the week ended many places, including Lenin -January 15, except for the week grad and Klev.

of May 20 when the total ap

roached 20 million shares.

The week's total averaged 3,501,142 shares dally. It com pared with 14,691,370 shares or a daily average of 3,847,843 shares in the previous week- UPI

Bank of England.

· statement-

the

A Treasury report on monet-

London, June 12.) ary gold transactions with To addition,

The Bank of England state- whatever foreign Governments and inter opportunities. were denied national institutions showed thement for the week ending Jime them on the domestic market, following sales breakdown! 8 reads as followe

U.S. businemmen were trying

to make up for by inereksizg Austria $1.1 million; Belgiumt Notes in siradation

Publie depukaj "A

.. €2.214,992,150

exports. April exports rose to $28.3 million; Iceland $2.4 mill- Private deposita nearly $1,700 million, a gain lion; International. Monetary Government securities of 3.5 per cent from March und Fund $1.1 million, The Nether-Other securities 28 per cent above Aptil last lands $10 million; other colinab

tries $800,000-China' Mail Special

Jesti

On the other hand April importa tell in line with the at- ministration's efforts to whittle 'down last year's huge paymenis deficit. Another reason for the imports drop of nine per cent from March was the fact that American Armé cut their oQUÈ- chases of foreign steel copper and aluminum products the Ancil import figure was $1,200 million.-UP!

Agreed merchant rates

Recéigita

204.285.315

36.119,230

Exchange rates

undmca BiHMA

marinig at the 201bwing Tales: 08. dollar (per. 41)) Sterling noter (per (3)

Canadian Dollar Maximum Australian notae (DAT Selle". 17-1/16, Minimum. Buy-mene ine 17-5/18 1/1, 1114 O/E.

Singapore. LaTMLOKZANY

R. H. MACY & CO., INC.

BUYING OFFICE.

FOR

R. H. Macy & Co., Inc. New York...

The May Department Stores Co., St. Louis

J. L. Brandeis & Sons, Inc., Omaha

Meier & Frank Co. Inc., Portland

wish to announce that with effect from fo-day, Monday, June 13th they have moved into the offices previously planned in the new

23702

UNION HOUSE

9th FLOOR

Rooms: 928

930-931

VASCOBÍNI