THE CHINA MAIL, MONDAY, JULY 25,
Weekly survey of American economy
INTEREST IN US. BONDS
BIG CAR Attracted by
BOOM IN
MALAYA easy money,
From CORDON HUNG
Singapore, July 23.
It's boom time for new ears in Malaya. More
than M$6 million worth
budget surplus
New York, July 24.
of cars were sold last An uncertain stock market, a $1,100
month. The total number
was 1,207-479 in Singa- pore and 728 in Federation,
the
These figures do not include Jeep-type vehicles, bantan-size buses or vans. Total ales of these vehicles last month were 132 units.
Several models which have never been marketed here be- fore are expected soor..
These include the Swedish Volvo and the new Americats compact car, the Vellant.
million government budget surplus
money attracted intores easy
and
HONGKONG
STOCK EXCHANGE
bax
Our Own Correspond st
Business done at the Hongkong Stock Exchange, this, morning amounted' approximately $1,535,-
Wall Street Latest apparatus
prices fall
to new lows
New York, July 24./
000. Noon quotations and the Stocks rounded out ten days of steady decline in the week ended Friday and all but set new lows for the year.
morning's transactions:
Shares Buyers Sellers... ¦ Sales
1910 1225 6 #1325
new HK Bank
to the bond märket in the
US this week.
There was no great_rush_to buy the issues, but a long string of declines in the Stock Market, accompanied by light trading, served to focus more attention on bonds.
Meanwhile, the American Iron and Steel Institute pre- dicted that steel production this week would extend its rebound from the non-strike low reached during the week starting on July 4. Mills are slated to operate
Union Ins
Whort Co
Wheelock
I
TAO, TAS IST00740
1000 @ 7.40 -2000 6.7.19 1000 66 TAS
1000 1.40
HK Dock'
100 200 108 DOO 109 100 110 80p @ 109
U.S. Government bonds were strong most of the week, with at 54.0 per cent of capacity, al- Provident 43 of them making new highs most three points above last HK Hotel
for the year. The improve- | week's rate An officiat of a leading motor brought reports of a new above the
firm here attributed the
boom
to the easy hire-purchase terms available, and to the fact, that more and more people want to own cans.
are thou
car
"Each year there sands of potential new owners," he said. "For in- stance, as soon as a boy leaves school or university and starts to work, he makes up his mind to own a car.
"He saves a portion of his
FINANCE COMPANIES
-
and 12.4 points HK Land Independence Day
This is still far below the 70
or 75 per cent of capacity the Yaunat
long-term government issue week. when the $9,500 million August refunding operation begins.
Municipal conds met good de mand and, there was a moderate corporate call for high grade issues, although the listed max- ket remained dull.
Strengthened
The new* Issue market strengthened and took without a qualm the announcement that
steel industry considers normal. HK Trạm.. 314
The causes of the steel slump are deeper than seasonal fac- Ch. Light.. 21.00 tors and inventory correction, Iron Age magazine said this week in predicting that produc- tion will remain at low ebb through the summer and into the autumn..
HK Elec.
HK Tel. The magazine did not detail all of the reasons for the how Cement salary each month, and within American Telephone and Tele- rate of business among major
Dairy a year has suficient to make a
consumers, but it did down-payment for a new car "graph Company plans to market steel
on October 25 an issue of non- stress the increasing popularity convertible debentures totalling of compact cars, each of which,
Invest $250 million. This is the first it is estimated, uses 800 pounds
a conventional Textile offering of straight; debt borids less steel than by the company since Novem-car.--UPI, ber 17, 1959. Debentures offer- ed in between have been con- vertible to capital stock.
Desple bond strength, however, market analysis feel that the stock list has been sold sufficiently to warrant at least a
Finance companies are aware of this In Singapore alone, there are at least 10 companies financing, the specialising in purchase of cars,
A new finance company starts business almost every month
now.
The standard rate of interest
is 10 per cent a year. Repay-technical recovery, which, in ments are often stretched over un, might bring some irregu 38 months, bringing interest to larity into bonds. Traders still
30 per cent.
motorists
Pay-as-you-drive do not seem to mind paying the high rate of interest.
"Even if I have to pay up to $200 a month, it is still cheaper than hiring a car, which would
a day for cost at least $15 small car that is by no means new," one of them asid.
those with
1.
The most popular models are of under engines 1,000 c.c. capacity. The two top sellers last month were the Morris Minor (948 ) totalling 101 and the Ford Anglia (997 cc) 78.
believe the Federal Reserve will your reduce stock margins, at present set at 90 per cent of the cost of the stock.
on the
The surplus shown Government books was for the 1980 fiscal year ended June 30. It was five times bigger than the amount foreseen last January and represented a fiscal turn-around of nearly $13,500 million from the record peace- ime 1959 deficit of $12,400 mil- ion. The exact size of the sur- plus was $1,068,101,353.
U.S. steel
products
trade may decline
Mut
Rubber
Trust
:
E# N
19 54
2006 158
1@100 108 @108
30.20
+3736
3194
"
Railroad issuES made the although most of the statistics poorest showing with their showed gains and were sharply average at the lowest level higher than a year ago when a since mid-September of 1938. giant steel strice brought down
The drop, which in two weeks | many Tinès. wiped out more than $10,000 The Dow Jones Industrial million in value of all listed average closed the week at stocks, was accompanied by low 609.87, a new low since May 12, volume-not a single three- of 20.37 points from the pre- million share session in the ten vious week and or $7.04 points days.
in the past two weeks.
a
Lack of demand rather then The rails closed at 135.84, liquidation brought prices down new low since September 15, steadily to levels where some 1958, off 3:05 and 6.45 points Wall Street experts felt the list respectively; utilities 93.12 off was entitled at least to a tech-0.87 and off 1.75; and 65 stocks nical recovery.
202.09 off. 5.27 and 9,93.
PREDICTIONS WRONG
for treatment
of cancer shown
The latest apparatus in clinical practice and in research was featured by a British firm at the International Medical Elettrontes Exhibition which opened in London on July 21.
The exhibits include two the eye magnet, the the pèrhoval models, one of the Orbitron of ferromagnetic bodies from cobalt 60 equipment and the the eye. It is capable of exert other of the Orthotron
Ihearing an attractive forde of ~100 accelerator, both of which are times the weight of the attracted used in the treatment of cancer, particle; this is to three These models have been made | times better than la possible by apprentices and their in with most magnets, injusey struowrs in the apprentice LPS.
training, school of Associated
Electrical Industries, Ltd., in northern England.
two
The Ocbitrony unit employs New type sea
SOUTCO
the
ratioactive-cobalt 60 na
producing radiation 12,571,490 shares, mallest, full ray tube working at twee mi-
Sales for the week tolalled equivalent to that from a water evaporators sea wafer ava None tooked for a runway week since the one ending Aprillion volts. The equipment is Wo advance although the predic 1. This compared with 12,996,- sulted to both stationary port
for each with an out- 210tions of a recovery after some 536 shares in the grevious week, and rotational therapy, Its
put of 750,000 1188 1000 € 22 recent declines have been quite The daily average worked out vanced design bringing a
400. 25.30
2,515,496 shares against flexibility to radiotherapy. 230 230 Wrong The general feeling is
be-. 2,599,307 shares the week 5002830 that from here, the marited mey 50012-10 have a considerable period of fore and the average for the PROTECTION
narrow movement with trading two weeks, dull.
1000 @ 28 34 364 1000
1500 3
500531% 1000535% 300 2000 500 28.46 200 @ 240 600 d
28.30 28,30
5.20
•
4000 € 10005.85
Mary reasons are advanced for the epsion of prices, an erosian, which has brought out the usual belief that the decline has been overdone.
The foreign situation is rated 1120 11.30 3000 1120 as a big factor, bug of more to the
2000 11.29 Importance, according
2300 & 11.29
5000 1150 experts, has been an erosion of 18:20 185 1000 ₫ 1850 | proffs profits squeeze re- 600 @ 18.40flected in many reduced cor- 6.70 6.95 2000 0.00
5000 $85 porate earnings reports for the 30000 6.80 second quarter. 8.45 8.00 1000 @ 85%.
3000 BIS
1000 $15
1000 1
Dock
Realty
5216. 1311⁄2-
HK Gas
Invest. Graman Humphreys Ropes Lane, Craw
Washington, July 24. The U.S. Commerce Depart- vib
ment reported this week that the outlook for foreign trade in steel mill products during the re- mainder of 1960. is for de- elining US imports and rising exports.
400 g 83
100 y 5341 1.773 1.00 10000 150. 16000 @ 1,80 5000 à 1.80
500, 14% 2000 @ 14%
• 300 @ 1471 100 @ 149 2000 $ 14.40,
14.30 14%
ต
Bank of England statement
Added to these are an excess capacity for industry resulting In heavy supplies of goods which
in tim prUMES down prices:
13
•UPI.
2,557,402 shares.--
U.S. commercial office to
be opened
in Malaya
Washington, July 24.
excas inventories which pre The Commerce Department dude new buying as supplies
has announced the open-
are worked off; and competition from the bond market which, sided by easter money, is. at tracting investors, “
Big stock traders such 25 Mutual Funds and Pension Funds were said to be out of the market, except for somé switching operations. This helped bring duftriess.
LONGEST DECLINE A ten-day decline for the in- dustrials is the longest one this year. Utilities fell in eight out of the ten past sessions, and rails London, July 24. In aine of them The worst The Bank of England state-previous industrial loss was in
20 reads as follows:
TWO
ad-
new
fresh water per day, have
been ordered by the Govern- ment of Qatar from a firm
The unique construction of in north-east England. The the treatment table, coupled order follows a previous one. with the use of light beams, for two allows accurate positioning of
gallon
150,000 the patient, and a tungsten per day evaporator copper beam diaphragm allows were installed last year at accurate selection of field sizes. Doha.
Silding surfaces have been
fresh
Lavoided so that the cobalt. To give some idea of the out- soumps can be moved from "pro" | put of four evaporators they Accted
to treatment position could together provide and vice-verse without the use drinking water for a town, of of Jubricants which might be | about 40,000′ people: affected by radiation. The pro- tective container provides mone than adequate protection against all charges up to and including 2,000 curtes of Cobalt 60.
The two new evaporators will be installed at the new Ras Abu: Aboud power station, They will be operated on low pres sure steam from pase-out turbo-.. alternator acts and will be able to provide high purity water, at a low cost for both domestic and boiler feat purposes.
The Orthotron unit is design ing of the first Uniteded for use as the major equip. States commercial office ment in a busy therapy, depart and library In the ment. This type of accelerator
The evaporators are of has a high X-ray output, is Federation of Malaya and easy to control and is designed vacuum flash type pioneered urged Americans to give for the speedy setting-up of Britain by the Richardson's greater attention to the patients, so that with a single Westgarth group, with head= Malayan trade potential. unit the advantages of mega- quarters near Newcastle upon
volt therapy can! The US Embassy reported to a large number of patients.
be brought Tyne who have secured that offices in the heart of
1
the:
orders,
Kuala Lumpur were formally Visitors will also see
The vacuum flash evaporators opened on July 18 with en special display arrangemant produce fresh water of high thusiastic local response.... Kustrating the respiratory mass purity needed for boller feed
The
group Commerce Department spectrometer, produced specifi- purposes. The linked this event with the US. cally for clinical practice, and made similar evaporators export expansion. programme, research associated with lung Kuwait and Equador TWO and recommended that Ameri- diseases. can marastacixers
increase
have
A treasury breakdown of the Government's fiscal yesr-end Other best-sellers were the condition showed that Federal HWman Minx (84), Renault expenditures in 21 major cate-
below fell
Заплату (59). gories Holden Dauphine (57),
In a mid-year report on, thement for the week ending July seven sessions from Fet their sales representatingi : and | were higher Austin A55 (73), Volkswagen estimates, They
in six.
iron and steel industry, the De- (01) and Opel Rekard (70).
Budget receipts for the fireal partinent forecast US. imports year 1960 showed a record $78,- or steel mill products for the 368 million, down $232 million entire year 1980 at fewer than from the January estimate. 4,000,000 fans compared with Individual income taxes total- 4,400,000 tons in the strike year led $44,948 million, which, was 1959, while US, exports in 1980 $248 million above the January will exceed 3,000,000 tons, estimate. Corporate taxes, how- ever, fell $521 million below the estimate, totalling only $22,179
others are being - lastalled it Khang island and one is under An exhibit that will interest construction, for Abu Rabbi in 20 to March 8 when this group
will be the Parsian Gulf £2299.622,535
fell 32.90 points to a new low study Introduction of new pro-ophthalmic surgeons 11.394.711 208,330,385
February 19, 1959, at durts in Malayan marices, since 230.908.254 699.10, a low that has not been Federation of Malaya now per
The report said that the
mis imports of goods from the dollar area withcat Lensing
restrictions.
Court ruling on U.S.
tariff quotas
millice.
Corporate tax
In 1985 £mports exceeded. export by 2,700,000 tons.
The Department. aişb éstimat- cd that U.S. steel ingot pro- | duction in 1960 will rench The corporate tax. estimate, 110,000,000 to 112,000,000 tons Treasury officials said, Jailed to compared with a record pro Lake sufficient account of the duction in 1935 or 117,000,000 Secondary effects on business. of tons. the 1959 steel strike.
Washington, July 24. The present tariff rates or import quotas on several
More than half of the spend- products, including lead, zine, bicycles and stainlessing total was accounted for by
estimate.
Major differences between
IRON IMPORT &
Notes in circulation. .. Public deporte..... Private deposits N Government, accurities Other mourifies Receip Hallo
57.958.384 broken. 51.820.343
129 -UPL.
Business news failed to pro- vide incentive to new birying.
London stocks
remain steady
on good demand
London, July 24,
the actual spending total and than in the same period of 1959. Stocks put up a display of resistance this past week
with Canada and Venezuela the
the January estimates included: chier suppliers, Imports; of iron
• A drop of $277 million in ore in the year 1959 were a
farm programmes. A big
spart in exports of cotton
record high of 39,000,000 tons.
The Department said that ii- the military total of $42,805 creasing, S. steel
production steel flatware, were put in minion, including milliary aid may cause a recond importalion Jeopardy by a Court ruling to foreign countries. This was of iron ore. In the first Eve which was circulated in $80 million above the January months of 1850, imports of frog: legal quarters here, ·
ore were 2,900,000 tons greater The ruling came from the United States Court of Customs and Patent Appeals. It conne ed directly only bicycles, which come largely from Great, Bri- tain, European countries and Japan, but the principle could affect imports of other commo- dities, including steel datware from Japan, lead and zinc, largely from Mexico and Peru. The Court ruled in effect that President Eisenhower is power- less to alter decisions of the United States Tariff Commis sion, which recommends to him whether to raise or lower tm- port duties or set- quotas.
ONLY PART
In the cases of bicycles and Some commodities he has differed with the recommenda tions of the Commission land #ccepted only part of what the Commission proposed,
effect,
The Court ruled, in that he could accept or reject
Tariff Commission rebcam
and a lower than expect ed total of feed grain Joana were the birre
Items.
Lower than expected dis- bursements by the Ex- port-Import Bank
...more
The Commerce Department said that the high level of US imports of steel mill products in
with the amount of money awaiting invest ment more than offsetting threats from Russia, the Congo turmoil, Wall Street's stide and the credit squeeze at home Mont
At 314.5 the Financial Times the first quarter of 1980 reflect-industrial index was only some ed orders placed during the seven par bent below its all 1999, steel, strike, time high of 342 set earlier in The level of Western The year. Over the week the
NEW PRODUCTS "While traditionally, a British market, the Malayan continer is turning more and more to new products from offer areas, particularly West Germany, Japan and Australia," stated the report.
The United States trade team reports that businessmen from these and other countries. are arriving in increasing num bers to promote the sale. of their products. Aggressive, ad- vertising plays an essential role in developing the Malays market and an alert sales pro- motion manager can find ways to aparut sales, and war "wale the United States
Bis
already a principal supplier of Malays's earth-moving equip ment, heavy machinery imports and other
products, such as comme and household aircondition units, refrigerators, and a limil Prime Minister Harold Maced number of consumer goods, millan's pep talk to industry competition from other areas in Monday, exhorting small firms increasing ----UPT. to discover the "exports are fun?
caused passing uneasiness when
and European and ...lepantes en notched up a 35 popull export mye at Cotton goods
trade slow
early repayzenia) | by | port? prices. will be
beffer as implying: than foreign boszowers gave portant factori in determining The big operate dominated the credit screws would be kept the Bank $267 million the quantity of steel imported the scene, moving in on tight to dry up home consump
revenue than in the remainder of this yest opportunities mainly, among the tion aniisipated,
It world domiɑrid - Lor - steel blue chips but often reaching remélins relatively high and out for second ranks exceptional profits brought a Takeover bids, stock splits and *Lower than expected
foneter export pric Interest – rates whittled
usiness volume was light crop of rises and in texilles Cotten' goods $188 million from Interem firm imports may drop. CHƠ
and dealers short of store sales Courtaulds were firm both on payments on the publis ver, if world demand soft
beenmall despite future outlook and prospects of debdi which, neverthelem, and Western 108
wranglings on the international quotation on trié Parks marketi
Steele and stores went ahead | attract Helping – sentiment were the but motors were uncertain, Tords peared Ny employment figures show a shade lower over the week. Ing2 only: 13 per cent of thì | Among - miscatanéoda Uhliev LAbout" forge) out of work and were g/wank-apot.";")); hest muinber be unfilled | Glitedged took
hit a new high,: Payment
Japanese steff
that pre totalled $9,182 million the ce Veterans spending fell rem -$177 ~ 20111300% below the forecnić level 1959 Laws reduced the minhér of persóna a ellaible" for Benefis", sád” beckine-of-a
students collecting GI bin
overall spen
the
Exchange
the
380,000.
• In fours but trekieratky.
Week 1/16
Greeks lot
Secó
Kork: July
New concrete mixer
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