1960-07-04 — Page 2

THE CHINA_MAIL, MONDAY, JULY

Weekly survey of American economy

STEEL RECESSION GROWS

NOTICE

THE HONGKONG AND SHANGHAI BANKING *

CORPORATION

EXTRAORDINARY GENERAL MEETING,

NOTICE 18 HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of the Corporation will be held at the Head Office of the Corporation, 1 Queen's Road Central, Hongkong, on 27th July, 1960, at noon, when the sub-joined resolution will be proposed as a spedini resolution:

SPECIAL RESOLUTION

That pursuant to Section (2) of The Hongkong And

Hong Shanghai Basking Corporation Ordince

kong and Shanghal Bank Regulations be amended follows -

1. Distinguishing Numbers.

(1) That paragraph (1)

by --

regulation 10 be amended

(A) The deletion of the full stop at the end

thereof and the substitution therefor of colon; and

the addition thereto of the following proviso-

Shutdown may London market Asian nations to

forcibly

be prolonged

New York, July 3. Steel producers prepared this week for a Longer-than-usual shutdown over the July 4, holiday while leading business economists differed sharply over

whether The

recovers from discuss pulp and

bank rate affect

London, July 3 Stocks staged a slow but sure recovery during the week and industrials settled down well to the six per cent. Bank Rate regime.

Volume stayed small but put tins, which had gone ahead

public buying and support by of news of the internationel fourth U,S... postwar the institutions made for agreement, turned hired and recession will begin late this year.

that the holiday normally would likely to change quickly because: Steel magazine pointed out consumers." which it sald is be only a long weekend mid Steel warehouses are leaded night Friday, July 1, ko midnight |

with Inventory and sales are Monday July 4 However, pe not good cause demand 29 poor and mill

The railroads inventories of finished steel are scheduling

are not "Provided that, if at any time all the issued high this year, the shutdowns

any big car shares, or all the issued shares of a parti-will be prolonged, some lasting The appliance industry has

Milding programmnes, cular class, are fully paid up and rank pari until July 10 or even 15.

bigh stocks passu for all purposes, none of these shares Most pessimistic

The oll country goods need thereafter have a distinguishing

mket is Iceble with no number so long as it remains fully paid up

recovery in sight.—UPI. and ranks pari passu for all purposes with all shores of the same class for the time being issued and fully paid up."

(2) That regulation 14 be amended by the insertion therein, after the words "denoting numbers", of the following-

"if any.".

(3) That sub-paragraph (a) of paragraph (2) of regulation $2 be amended by the insertion therein, after the words "each share by number of the words "so long as the share has a number".

11. Transfer Forme..

(1) That paragraph (1) of regulation 53 be deleted

and the following substituted therefor→

"(1) Shares in the bank shall be transferred by an instrument in writing in the form contained in Appendix 2 or in any usual or common form which the board may approve.. (2) That Appendix 2 be deleted and the following

substituted therefor ---.

"APPENDIX 2

Register.

THE HONGKONG AND SHANGHAI BANKING

CORPORATION

Transfer of shares.

in consideration of.

of

of

-paid to me by

(herein called the Baid transferer") do hereby transfer shares in The to the eald transferté. Hongkong and Shanghai Banking Corporation to hold

the. economists was Mr Frank E..

Morris, Research Director of the Investment Bankers Association He told the mid-year business outlook conference sponsored by the US. Chamber of Commerce:

Imminent

"The signs of an imminent recession are growing stronger all the time. I don't think they should be ignored,"

Mr Morris said that on the basis of leading economic indica-. tors à reclusion may be under way infer this year and cod time until mid-1981. If downlum develops, he said interest rates will drop and the Federal

Reserve Board is likely.

to loosen c credit fast

On the contrary, however. Dr. Emerson P. Schmidt ecocomlet for the Chambe predicted further

| economic improvement to record": high levels despite a dew, weak spots in the economy.

The consensus is that the ex- panding factors will exceed, the contractive factors." Dr Schmidt said "There are no major economic maladjustments emer

ng the economy.

And Fortune magazine, in Aa mid-year 3forecast.. predicted continued prosperity is in store through*. 1961, with `d rise in demand in most sections of the economy, led by un increase in defence spending at Jolla ja n

Gross national product, ein- rently $308,000 million is ex- pected to reach a rate of $527,000 milliót, mestured i

unite the and transferee subject to the several con- constant prices, by the end of ditions on which I hold the same: and the said trans-1901, the magazine said. It feree do hereby agree to take the said shares subject Fortune is correct, gross national

the conditions aforesaid.

to

AS WITNESS our Handa the.

...day

one thousand and nine hundred

III. Mechanically applied signatures

product for 1960 would rise 3.3 per cent above, 1959 with another three per cent rise in 1961.

Low level

In the meantime, steel produx-|

Russia to

introduce

new rouble

Moscow, July 3.

The Introduction of the new rouble, which will have value ten times greater than the present rouble, will begin in the Soviet Union on January L 1961, the Boyle: news arency. Thas reported.

The changeover will be completed in three montlik.

The decision to revalue the rouble was taken by the supreme Soviet In May "this"""year." —— China Mall Special.

briskness. The quarterly encountered profile taking “Dia- balance of payments taures mands were better,

gave a far better reading than Qils ended dull after the and, together with good in- finertes. She were hit wurst, the earlier trading statistics Cutan seizures of three re- dustrial output #gures, brought ending" 4s 6d lower. improved sentiment,

Teds were, mtted and The Chancellor's statement a shade easter-UPL that the country must expect Bank Rate fairty: trequent in good fettle was taken as a changes to keep the economy hopeful pointer that the next shift would be downwards.

Industrials finished the week with the Finaricini Times, in- dex at 315.2, a rise of 62 for the week. This put slightly higher then the bidex, on: the day before, the Bank Rate. was hised: 1 per cent last week. GILTS DOWN Glit-edged securities Jast ground early in the week but recovered on Friday to tack on gains. The biggest issue, Wer Loan 32 per cents, added to end at 60%. Government securities ended the week firm, Better atmosphere made Japanese bonds the feature. of the foreign sector and they rackle good gains, Greek bonds beld firm. Dollar stocks were mixed..

|

HONGKONG

STOCK EXCHANGE

b

Our Own Cerni sq mi ni

Business done at the Hong kong Stock Exchange this morn ing amounted to approximately $2,298,000. Noon quotations, and the morning's transactions:

abares Buyers Sellers Sales, Govt. 335%% Loss

(1948)

HK Bank

Union In Whart Waterboat Wheelock

Soula African gold mines moved up on London buying in which the Case shared to a Jesser extent Moves towards ending the state of emergency FK Dock were a big factor,

Better prices brought a spell

Provident

of profit-taking, but increased and-week buying showed a HK Hotel broader interest and plus marks | HK Land were scattered through the Kafira Coppers joined the uptrack and stayed buoyant,

New York stocks

decline in

pre-holiday week

New York, July 3.

tion this week, was checked Storks and industry slipped off in the pre-holiday

only at 54.8 per cent of capacity,

er, an output. of 1,560,000, topá the lowest level for a non-strike

week just ended.

n

Waltsury Allied Textile

HK Tram

Ch. Light

Electric

"Telephone

Comment

100 240

2009

| 116)

paper

problems

The problem of developing the pulp and paper in-

dustry of Asia and the Far East is to be dis cussed later this year at a Conference jointly organised by ECAFE (United NK- tions Economic Commission for Asia and the Far East), BTAO (Bureaur of United Nations Technical Assistance Operations) and FAO (Food and Agriculture Organisatio the United Nations).

It has just been announced

that the meeting will take place Build-it-yourself

In Tokyo, at the invitation of

the Japanese Government, from

October 1 to 31. Invitations to aluminium house the conference have been ex-

WILL

tended to the governments of FULL scale

ECAFE member countries and Palgaminium houses, com- FAO member countries in the plate with verandaks and regòn, to specialised arcodes, car ports, which con be don-governmental organisations

with consultative status and elected by pix men is twelve pulp and paper trade organisa-doys, has started at a Wol- tions,

verhampton works. They are wtended primarily, for over: iouse is the resulë

Basic papers are being pre-s pared by FAO in Rome and by seas. The ECAFE in Bangkok, and both of intensiva organisations are co-operating in the conduct of case studies with- in the region. It is expected that 80 to 80 papers will be sub- mitted by Independent experts in all techniques involved. For Under the United Nations Technical Assistance Programme; the services of a leading re- search insitute, and two consult ants have been engaged for case studies

CONSUMPTION

made unft,

so that no export

with

éd for fissembly.“ (mbing selleriylik

fe

Išmused" arě, muppille "with" sinies and gandhary

.. Eight basic design are

able, offering altempe

of two, three and

Despite recentImprovement, houses as well puly and paper consumption in perially desig the Far East (excluding Japan, block. In an Mainland: Chiba and Oceania) and the inte His still lower than in any major the can per fut region to the world. The cular requirem

average yearly consumption of basic designs Tess "Mad" the and a half kg. by the add per inhabitant, compares poorly rooms, wil 391 with the world average of 22 some cou

10.00

11

ka and is startlingly

comparison with (ran

ranging from 40 10

the prosperus

Europe and North

But even with its low cog- 2.90 1000 2236 sumption, the region has always, @228been asnet importer of pulp and

Its products

Dairy Farm 9:30 20:40)

Nary

B. Trust

e

(1) That regulations 11 and 1o be deleted and the

following substituted therefor "Form of 11. Certificates of title to shares

Steel operations fell more than Chrysler's June gutput was up certificates shall be in such form as the board period since July 21, 1900. The 19 post and predictions were 28 per cent compared with

per of title

may from time to time approve and would be 120,000 tonal below list

made that the operating rate 1959 and for the first half, St. Week shares. shall unless otherwise prescribed by

Bethlehem Sted, second: next week would fall below 50 had a gain of 30 per cent, the board be in the form in Appendix largest American producer, an- per cent of capacity. Auto out- Studebaker - Packard output I or to the like effect.

hounced that "inadition/Du war down sharply because had its instrmonthly grin of the

Humphreys Certificates 12. (1) Certificates of title to shares halting operations for tree days of Saturday shutdowns in ad-year in June but production was

vance of the holiday. Oller down for the first half, Ford BE Gas of title to

on the principal register shall he wver the July holiday at its fines were curtalled, too. |166) 29: points on the week and Bethlehem. It was the beginning of the dedines of more than a point shares to be under the common seal and shall be rolling mils in

Johnstown and Steelton under seal, signed by one director and counter pomsylvania, has laiden 1,800 vacation reason for Industry and each appeared in Chrysler and and siguing Algned by the chief manager or by workers in the pat month and including heton of steel WALL INDUSTRIALS AVA

this meant ghrinkages, in many General Motors. thereaf such other officer of the bank as plans to take some tanaces mit

ure: 57 it meant analler þusiness may be altherised to do so by the of operation.

For the week ending Friday, Mr. L. 8. Hamaker, assistant the ranruads, which en the Do-Jones industrial aver board.

renorted a deline in car loadings age closed at 04130 off 571 vice-president of third-ranking

Trading on the stock market (2) Certificates of title to Republic Steel, speaking for the dy added to the sightedt total in pointe from the previous sveek.

at the Chamber shares on any Joop! register shall be steel industry

a month at 14,820,404 shares, #03 up 0.19 and a new bigh star T under the seal of the establishment et comment o dally average of 20 for more than a year, and 85 Hones which keeps such local register and [dited, however, that the indis-shares. In the previous week in dhe 18,279,580 shares were traded or shair be signed by the manager of try would such establishment or by such other closing oxarters."

Khares officer of the bank as may be "We can't buy the idea thatally average of 3,633.00605 the month of June all the

Lany serious dowrylum in reperoj authorised to do so by the board

business will develop, in the lact EVENING UP (3) In the case of certificates of half of 1080," said Mr Hamaker..

Herald "inventory adjust title to shures which have first been lacet, had caused from layouts approved for sealing by the board or in the steel industry. In recent by such person as may be authorised months but predicted a rest to do so by the bourd, whether such rected year (1980) with pro- shares are on the principal register duction of 115 million fagots or a local register, the

the persons who are requ

provisions of paragraph

28 the case may be to sig

rfificates may be affred

mechanical hernia

for other time be dopted by the bos

the Positive signs

Wall Street ascribed the selloff in the share market, where all goods, ement utility › declined, for evening up in advance of the halday and the general shrinkeke

Vibro

railreeds · 142.18 off 1.03 utility Ung

Stocks 211.21 OF 1.32.

averaged showed gains with Industrials im 15.15 points, rails up 3.333 points,lities up 5.39 points and 5 stocks up 6.60 points. Sules for June Were the best for that month since 1993.

*For the first half of 1860- industrials were down

in business, Wone, however, feit point them he Dat the moneket was on the brink

of a wide decline, and net e fow stades experts looked for Erlearly pidic- un along with industrial upturnés

Tuch

ereto by

** been

reported Poetive sens of a major steel pickup in August are "may hard to find

But Iron Age magazine efter vacations are over

stock

B31 points Day

skiing in the feit þäll

vas

›During the week

Was on

100 72.80

5000 22.25

600290

60029.80

1000 $ 28.90

50030P 1200, #39.

500 G 28.2 60 1500 2200

2015 100 @ 2940 1000- 2949 20007

100029.40

1000 & 120

proy

heat and cold Cose In 1928. Asés, countries.

the problem with ported Dulpt paper, waste paper aluminium, frame WORK and paperboard to the tune of walls of a composite pane

about $200 million. Moreover, which Insulate more than consumption paper and board as effectively at 30 is expected a 10-soproximately thick cavity brick wall. The double daring, the next tents of “stressed skin" "cons

because of expected

tion, a principle used in population increases and hoped-manufacture. This technic for literkey, pequemed side entirely eliminates t

the use by side with an expanded root trusses economic growth rate. This

years

५.

means that if focal production

of pulp and its products is not raised considerably, there will 736be a heavy increased birden on currency available for sun- 'ports."

30009.10

-24 04:48:2008 & 24.20

However the region's re- 1.30 10000 1,575 - sources in paper making

140 materials

extensive and cover about varied. Foreste 2800/ ở 1510-† 530 million acctares, or about a

200

afth of the total land gred, even though there is a smaller arỄN of forest per inhabitant than In most other major régibes. Moreover the uneven distribu

@ 16:34. tion of forest resourour ins the region and the relative shortage

Bank of England statement

London July 8.

of forest donne arias had led

to the widespread pes of n1011- taditional Absor

EXTENSIVE USE

SNO exten

The Bank of England statee

the week ending June rée

to

FE