1960-08-02 — Page 2

Page Z

THE CHINA MAIL, TUESDAY, AUGUST 1960.

WHERE IS THE U.S. BOOM?

Growing doubts about the soaring '60s

London, Aug. 1.

HONGKONG

STOCK

EXCHANGE

Dar 0.

Business done at the Hong- kong Stock Exchange this morning amounted to approxi- cod the morning's transactions:

mately $893,000, Noon quotations

Making all allowances for the human ten- dency to be mostly bullish at the top and most bearish at the bottom, Ameri- can expectations even for the long range future have become surprisingly muted. non

The disappointment of bening in the United States as a glowing New Year hopes begins reason for doubting whether to look something more than a capital temporary reaction from an ex- treme of optimism.

There are growing doubts about the whole decade of the suppos edly soaring sixties, as well as about of its first year-doubts consumption and worse doubts about investment.

Uncompetitiveness may have something to do with it. As it has been pointed out, it tends to produce, internal malaise rather than and more serious than the expected external difficulties.-

An American bank has re- marked on the impact of foreign competition on busines plan-

NEW YORK COTTON MARKET

New York, Aug. 1. - Today, marked the opening of the new 1960-61 cotton crop season.

without

The event passed particular incident In the futures market. In fact, trading was held to an extremely slow pace,

new

Weakening tendencies toward the close in the

стор deliveries dominated on other wise featureless session.

Final prices ruled off five to '27 points. The market opened unchanged to off 10 points. New to 22 Orleans closed off five points.

XD

PROFIT-TAKING SETS

IN ON WALL STREET Britain's newest

New York, Aug. 1. Profit-taking in the wake of Friday's spectacular rise hit the stock market today, but not hard enough to cause much change in the averages. Brices Bucated, narrowly on | Burroughs Add_Machine both sides of the previous close British Amer. Oller although there were instances British Columbia Elec.

when swings were wide as in the case of IBM which toppled 12% and Procter and Gamble, blue chip, which touched a

10 e 1180 new high with a gain of eight

points to 120.

Sharve Buyers Sellers Sale:

***** 2185 Ins. 90! 95 Co.

200 7.40 3.40 3000 245 20000 60 7.40 *3000 7.40

Wharf

Wheewock

investment will be strong in the sixties as in the Dock Afties.

Wall Street 1pcked for pause today following Friday's

1000 7.40 sharpest Edvance since Novem

Provident

10% 19.70

106 1000

107

500

19.80

HK Hotel

•

35435

57 1143

Trom

People are wondering whether HK Land the heavy spending on industrial research and development will! Yaumatr do much to stimulate capital. Light

by raising the Investment,

it has spectre, of obsolescence actually made some manufac- Electric

to pursue turers more besitant steady investment policies.

Dilemma

Telephone

This is the familiar dilemma of the high cost to the United cement States to standing out in front.

Social and demographic trends, which at the beginning of the year were supposed to be going boom are to give continuous now cited as likely to restrain some important forms of con- sumer spending.

Normally, this extreme swing of the pendulum of opinton would be a good reason for ex- pecting it to swing back again the United States is still much The same place that it was January

However, if the dollar's pre- sem exchange rate is unrealistic the swing-buck may have to await the technically awkward job of either making it realistic, or else finding a new one.

When people do not know they have an overvalued currency, they do not know what hit them. forbear- Though Germany's ance from takdag United States the "best possible gold has motives, it is unfortunately not beyond cynical imputation of If that ever ullerior motives.

· ·

2 * 888

1500

40

581%

200 @ 5015

179 180 200 178 3114

32

21.70 21.80

ber 15, 1957.

INDUSTRIALS UP

Industrials ran up 1.12 points

to 617.85 on average, but this apparently reflected Procter and and Grimble's unusually strong

458 .2114

21.00 showing.

004

1000

27.80 28

21.70

04 2.80 100 27.80

800 21.80

500 G 23.00 32 3811⁄2 2500 OF STAL

52

Dairy Farm 27.70

Weldon

200 374.

2009 1000 or 30

2000

38

500 13

28

100 & 27.78 500 2790

G

39 ** 2

1000 8.40

Allied Invest. 580 Textile

Ex All

8:33 8.00 Nanyang Ex

Bonus le 13.70 Rubber Realty.

1715 5000 1,775

1.80 HK (FE

14.00 78 @ 14.50 HK Ga 14.30.14.70 500 € 14.40 1-925 12.04 Gilman Talkco Dock 52 54 Star Ferry

170 Macao Ejec. 12.40 Lane, Craw. 4133 Vibro

15.30

U.S. RAISES

ITS SUGAR

REQUIREMENTS

on

by

This stock was strong all day the endorsement of Procter's Crest topthpaste the American Dental Associa tion. The associations described the dentifrice as "effective in preventing tooth decay.

Д

socall

Rails inched lower in their average. Chespeake and Oblo fraction, dropped Baltimore and Ohio firmed and New York Central gave up a half. The C and O and Central disclosed they are conducting drives to win the support of Baltimore and Ohio's stock- holders. Each road has made an offer for a controlling stock interest in the B and 0.

SLIGHT UPTURN Sleeis ignored a slight upturn

in estimated steel production

|

Calf," Packing "Corp. Cana. Bk. of Comm, Campbell, Soup Co. Casading Pacific B. Cape 17. 13) Co. Cat, Tregtor Celanese "Chấp

C.I.T. Financial Corp. Chrysler Motors

Cluen Peabody.

Colgate-Pulmotive

Colombia Carbon Co. Commercial Credit Consolidated Edison Consolidated Papps Continental Cas

Continental Dal of Del. Creole P Crane Co.

Crown Zeilerbsch Cuban Amer. Sugar Delaware & Hudson Diamond Alkali'

Bahood Gard Distillers-Seagrams

| Dominion' Blores Douglas Aircraft Dow Chemfor

Dupont de Nemours Eastern Air Line Eastman Kodak

El Paso Natural Gas Family Finance Corp. Firestone Tyre & Rubber Best Nat. City Bank Ford Motor Co. of Capa Ford Motor Georgia Pacific General Dynamics

General Electric

General Foods General Motors Gen. Pub. T

Gen. Tel. & Blep,

Gen. Tyre & Rubber Getty Dil

Gädden Co.

Goodrich (B. F.) Co. Goodyear Tyto

Gadi Of Hammond Organ

54

Radio Corporation 25% Raytheon

12

351

31

Republk Stoel

Reynolda Metal

Reyzicide TADANO

Royal Bank of Canada

#73% Royal Dutch

Rheem 1.

10 Bears Co.

25

Shell D

Bateway Stores

6734 Saint Beg, Paper

$2

34%

Bchenicy Inc.

Scott Paper

Elegler Corp.

4634 Sinclair Oil

世

Smith. Kline & Trench

Socony Mobil on

Bá | Solor" Aircraft

247

3036

South Puerto Bico Sugar Southern Co. (The)" Southern Nabuzni Gar Southern Paelic

Southern Railway (Com.) Sperry Rand

Standard Brands Standard Oil of Cal Standard Oil of Ind

Standard Oil of NJ. Strel Co. of Consis Sterling Druz Co. Stokety-Van Comp. Stone & Webster Studebaker-Peakcard Corp. 120 Sunshine Minas

**

Swift Co.

Textron Inc.

Thiokol Chem.

Texas 'Co.

ung

The Water Oll

651

elf | Traveler Inc.

21-Dont. Warrants,

Hi Twentieth Century Fox Film

Union Carbide

Union Od of Cal.

444 Union Facile Railway

12444 United Aircraft

United Fruit

59

United Gas Corp. 134 U.S. Tuil "B" 38% U.S. Gypauni

US. Line Co.

5091 | US. Ribber

liner ready

for maiden voyage

London.

BRITAIN'S newest liper, the 40,000-ton Oriana,

which will clip a week off the England to Aus- tralia rum and provide a luxury service between North America and the Orient, will start its maiden voyage from Southampton on December 3.-

Japan plans luxury

liners for Olympics

JAPAN'S

Full details of the voyage were released by the owners, P. szid Q. Orient Lines, last week.

At present being fitted out at the Barrow-in-Furness,

Lan- cashire yard of the builders, Vickers-Armstrongs Ltd, follow- ing her launching at the and of Princess last year by H.R.H. Alexandra, Oriana' is costing about £15,000,000 and is the biggest passenger liner ever to

Tokyo, Aug. 1.

Transportation Ministry is reported working on plans to set up a be built in England. special semi-government firm to build two de luza 41 ppssanger liners in time for

the 1964 Tokyo Olympics.

30%

$2

10131

21

The ships to be built under three-year semi-government plan will be of the 31,000-grosa top class capable of 24 nota 283 Each will cost a reported 11.5 142 billion yen (US$ 31,844,444).

Great Northern Railway Grummen Alrerag

4774 U.S. Smeling

201.8. Steel

38

24 UB Sted. 7 PC. P

Warner Bros.

23

Westinghouse Air Brake

2714

11

Westinghouse Electric

50

183

Western Union Tel. Ca.

61

West Ya. Pulp & Paper

1784% WES-Dixie Stores

11

Woolworth (K. W.)

13

TO

Zenith Radio

--UPI.

this week and closed on Heyden Newport Corp. generally weak note. Lukens Humentale Minira ca

Human Refrig. fell 14. Jones and Laughliano Power

a point and Youngstown 14 Imperial OU V.S. Steel and Bethlehem Imperial Tobacco

Ingersoll-Rand tacked on small fractions.

and

the

Inland Steel Co.

In the motors, Ford fell %, Taberchemical Corp. Chrysler

American Ind Business Machines

Infi Harvester Motors,

which topped

International Nickel market in activity with 39,800 Iderations! Paper shares, sipped

General Int'l Tel & Tel. Molors Armed to 441⁄4%.

Johna-Manville Co. Kaiser Industries Trading

dropped

2,440,000

Kacs C. Power & Light shares from 2,730,000 shares on asecott Copper Friday. A total of 1,195 issues Kimberly Clark appeared on the tape, 478 ad-

IR vancing.

new highs, and

492 declined, 21 to new lows,

Washington, Aug. 1. happened it would be awkward. The Agriculture Department today raised U.S. sugar Paper loss

requirements for 1960's volume was 2,440,000 another 400,000 short tons to a total of 10,400,000 tons.

Of a total 1,185 shares traded 478 were higher and 492 lower American exchange volume was 740,000 shares.

Bonds volume amounted to $4,130,000.

Dow-Jones closing averages: 30 Industrial 20 Rails 15 Utilities

The huge paper loss on of Germany's re- revaluation serves is one of the reasons why

The 400,000 tons increase in German authorities are the

was taken to Where the imputa-requirements A holiday in the Liverpool against it. market may have been an tions could come in is that the rising U.S. prices of re

the fulled sugar. assured on additional deterrent today. loss is more

The department said The traders awalted the gold than on the foreign ex-

price in New York was Other government's first crop estimate i change.

On the gold it would be the highest lovel s 65 Stocks of the season-scheduled for:

Automatic. On the paper it 1923." rex! Monday.

traders marked would be automatically avoided Elsewhere, time awaiting the reconvening an

firm

news

of

new

was

This

PURCHASES

now

40 Bonds

Comm. future price index

817.53

Ligrett & Myers Tob. Ca. My Tulip Titan Ind.. Doblow "Groõpterias

Lockheed Athensh

Lo InpOTP. Lone Star Cement Co. Lortland P. Lowenstein & Sons. McDermott 3 Itary

McDonnell Airemai Merck

Mesabi Iron Corp. Minnesota Mining

Mimalors Development Molsons Brewery Monsanto Chemical Co. 13524 Montecatini

$ 35%, | Natiocal Steel Corp.

40%

Matheson

53

LONDON

MONEY

MARKET

ENE

The present plan is reported to be a substitute for a slaviler where scrapped by the Tran- sportation Ministry recently Hatter the Finance Ministry

objected.

London, Aug. 1.

The money market was not very active in the past week and discount houses usually managed to find

She will be engaged on the Suez route to Australia, calling at Gibraltar, Marseilles, Naples, Port Said, Aden, Colombo, Fre-

mantle, Melbourne and Sydney. With other Orient liners-O sova, Oronsay, Orcades-Oriana will join the Orient and Pacifle fleet on the Pacific route, calling at Auckland, Honolulu, Manila, Los

·Angeles, San Francisco, Vancouver, Kobe, Yokohama, Hongkong and Trinidad, Balboa, Cristobal, Lisbon and Le Havre.

A new idea in luxury travel by sea will begin with Orlana's malden voyage.

Carrying 680 first class and 1,500 tourist class passengers at 27 knots the ship has been specially desione service said

Led to provide views of the BOA government investments were from almost all cabins, which to total five billion yen (U5 13,888,886) and trust fund Juneau kang totalling 18 billion yen (US$ 50 million).—AP;

Kyodo news

Classification of nuclear ships

London, Aug. 2.

their requirement with LLOYDS Register of Ship

some official assistance.

ping in London on

There was no borrowing at nounce today publication of bank rate tems. Release of first classification rules for health money and later local nuclear ships. Authority money helped to case the situation.

Houses had to pay up to 5-5/16 percent for short term loons but on most days finds obtainable at the basic Hi were 414-% percent: the rate was 28 low is 3 per cent on one day and some small balances were 50% said to have been left unlent. 102 There was moderate bill 323 business with

late September, ja carly October and hots 50% changing hands at 5-13/32 per- business took place

14.65 Montgomery Ward

204.04

| Motorola Inc.

8405

National Biscuit Co.,

63

144.47

2200 Cash Reg. "A"

50

Closing Prices

National Dairy Prod

National Lead

Alden Loc. A

Abitbi ́Pur, & Paper

45

New York Centerl

Algoma Steel Corp.

36th

Noranda Miner Ltd:

Allied Chemicals

Norfolk & Western Ry.

A Chalmers

Aled Miza Zoc.

35

North Amer. Aviation

21

Northwest Airlines (Com.)

18

*

Am. Brake Shoe

Oldham Ga

Amerian Ang

American Cable & Radio Corps,

10%

8%

Otla Elevators

Owen-Illinois Glass

54

1761% Pan American Airways

6314

Paramount Pictures

18

Tanie Davis Co.

Am. Natural Gas American Smelting Am. Sugar Bet American Tel & Tel

6

Penny J. C. Co.

51

Penn, Salt Co.

2912

Philip Morris

Pitney Bowes

36

Procter & Gamble Co.

126

Ampex Mic

33

Pittsburgh Plate Class

az

40%

Portland Gen Elec,

43

Publicker Industries

38 | Pullman

Pure O11

American' Cyanumid Co, Amer. & Forgn. Power Am. Gas & Electric Am. Home Prod Am. Mach. & dry. American Metal

the holdings of any "A substantial quantity of raw of Congress, and the expected currencies that followed Ger- sugar estimated at about 200,000 It is not tons was purchased by refiners introduction

farm many in revaluing.

nine between July 23 and July 27 at legislation. Sceplies wailed to absolutely certain that see how any legislation would would. The D-mark is not the prices ranging from between only European currency that is 0.65 and 65 cents per poxand." be spelled out,

undervalued against the dollar the department's announcement

stated. Crop

mostly they all are. favourable, A leading spot Nor can it be said that the

represents the highest survey indleated very Germans are oblivious to this price for raw stigar since June. favourable weather over most consideration because they are 1991, and with the exception of of the growing area with the not thinking about revaluation, a few days, it, too, is the highest chance of a bumper crop In On the contrary, an eminent price since 1923

"Apparently, the demand for Alabama and Arizona,

banker has laboured

accelerated to the homa and California sent in this point of the loss on the sugar has

American Tob reports of good to excellent reserves and to the Germans point where supplies can be

obtained only at increasing Anaconda Copper progress The Rio Grande credit they discuss revaluation valley reported heavier guln- freely, though sofar only to dis- prices," the department de Amco Stee!

clared today, "accordingly, to Armour ings.-UPI.

miss it--China Mall Special.

Asbestos Corp. ¡protect the welfare of con- Allas Cong. Mining sumers, the determination of Balwin Lima-Ham. consumers' sugar requirements

Chlo

Okla-German

NOTICE

FAR EASTERN FREIGHT CONFERENCE FAR EAST/GULF OF ADEN AND RED SEA PORTS CONFERENCE

The Member Lines of the Far Eastern Freight Con- ference and associated Conferences are glad to advise that Holland-Oost-Azie Lijn are not withdrawing from the Conferences and, therefore, remain as Members from 1st August onwards.

The Lines greatly regret the diffculties caused to traders and others by the uncertainty prevailing during recent weeks and they are happy to have succeeded in averting a major disturbance in the stability of the shipping arrangements which they have built up and maintained over so many years with the support and co-operation of Shippers and Merchants.

American President Lines, Ltd. Ben Line Steamers Ltd.

Chargeurs Reunis.

China Mutual Steam Navigation Co., Ltd.

Ellerman & Bucknall Steamship Co., Ltd.

Glen Line Ltd. (Glen & Shire Joint Service).

Hamburg-Amerika Linie.

Holland-Oost-Azie Lijn.

Lloyd Triestino, S.P.AN.

Cle. des Messageries Maritimes.

Nippon Yusen Kaisha.

Norddeutscher Lloyd.

Ocean Steam Ship Co., Ltd,

Osaka Shosen Kaisha,

A/S Del Oetaslatiske Kompagni (East Asiatic

Co, Ltd.)

Peninsular & Oriental Steam Navigation Co,

A/B Svenska Ostasiatiske Kompaniet (Swedish East

Aale Co., Ltd.) Wilh. Wilhelmsen.

is hereby increased to 10,400,000 tons."-Reuter.

NY SUGAR

MARKET

New-York, Aur, 1.

World No. 4 sugar futures fa- day closed unchanged to seven points lower with sales of 75 contracta.

Domestic No. 6 sugar closed unchanged to four points lower with sales of 191 contracts.

World contract dealings were restricted, partly by the holiday

Overseas, plus a disposition to awat raw market dévelopments and more news concerning the nature of the diness of Cuban Prime Minister Castma.

Bank of Montzent

to

Bak of Nova Scotia

Beren Lle Savers

B. C. TH. K

Pell Telebone

Benefic Tipence

Bendix Aristico Corp. Benguet

Bethlehem Slowl

Boeing Alphabe Euron TTF) Co.

Rubber market

14 Gord Paper Co.

Pacific Goo & sec.

651

So cent, Bi

at 6-7/16 percent after the weekly Treasury bill tender. The money market got quota of 38 percent at the ten- 31% der with the average rate £5. 10. 10.984 percent Ching Mail Special

Yesterday's Closing

The rules are provisional only and have been framed primarily for guidance in a changing and destoping aid of technology,

said.

Bre

have been bulit round court yards. All Brst class cabins have private showers or battis. One Innovation is the "Plough Tavem". Whis is an exact replica of an old English public house. The fittings used come from the inn of the same name which is being demolish- ed in Hampstead, London.

Special provision

is al being made for children, with play docks and an automatic baby sitter. Unattended

children in cabing should ho

heard crying by a telephone operator who will call parent's over the public addrese arstern.

'Closed "dircuit television. in several public rooms of both classes and in the crew, réprEB- tion roam will provide both. "canned” paosulmanes and shore-based transmissions broadcast where possible when visiting ports,

Oriona is also the first liner Specific and detailed require able to move sideways under ments

lald day for her own power. À systems, of materials, ongitudinal strength transverse propulsion will give of hulls, ortuaire vessels and the ship new manokwyrability components, rector engineering at sea, greater safety and speed and control, and the provision in harbour operations and the

energency power.

minimum of monoeuvring dif- Adequate provision is made culties in narrow wales.

Progmimme for the malden in the rules for the submission voyage is as follows Depart of proposals from designers and Southampton December requirements will be continu- Arrive Gibraltar December ( cusly reviewed, modifications Naples December 7: Port Sald. and amendments being made at December 10, Aden" Decembe any time, Lloyds said-Reiter. 13; Colombo December

Fremantle December Melbourne

December Sydney December 30.

COMMODITY PRICES

SUGAR

NEW YORK Closing prices all in cents per

New York, Aug. 1. Rex robber futures today1b.:

closed 12 higher to -25 points lower with sales of 29 contracts.

July .Oct.

NEW ORLEANS

સિં

Closing prices all in cents Per lb.:

Spot

Sept.

Jan

Contract No.- (World).

May

$35

3,334

Oct.

Mar

azîn

Practically all of the business was represented in dealer-ton dealer switching of September-

Alay

3.23b

July

3.285

Spot (TAS. Cuba)

3.40

Total Bules: 70% porištácta

Morocco was scheduled to March contracts at 100 points buy a large quantity of raw difference. sugar in the world market, but postponed action until a later date.

Dealings in the domestic cog- tract mostly involved trade interests on both sides of the September contract--UPL

Agreed merchant rates

*TE, USING – Midmine. Sell"/

Only seven lots of the total | were in outright trades.

Open interest: 258 coudraela off

44 from previous day.

Contract No. € (domestic)

and

Sept. JOY, Ja Mar Buy

Open interest

The hollars at London Singapore, and the lack of factory Interest in the delivered market here, held business to a minimum, brokers said.

In Amsterdam, rubber market was dull today with quotations

Exchange rates

well exchange

market

ing: 17% Minimann Buying maming at the following rates

11/10 T/T 17 3/4 0/D, 17-18/18-30 days, 17-29/82-00 days, 18 90 days.

Swine France, Maximum Selle 150# 74-15/18.

Udollar (pHT_63) Sterling notes. (per "Ausrailin potes: (per #1) Indonesian rupiah (per 100) Bundle (10) skingabere NBA

UPL

ex-duty)

·6,270

0.011

COTTON

Closing priory

per.

SAO PAULO

Closing prices all in cruzeiro per kilö:

Avernes - pelos in U.8. at 14 destralind spot markets: not avali able.

Total mies: -11,59 pašen.-UPI,

RUBBER

Crulae from Australia; Depart

15: Sydney January

Arrive. Hobart January 7; Wallington. January 10; Auckland JamBEY 12; Sydory January 15.

Bemainder of VETME; Depart Sydney January 18: Arrive Auckland January 21; Suvi January 24; Honolulu January 28; Vancouver February 27 San Francisco ·February *6; Lor Angeles February 8; Honolulu February 18: Buwa February 19; Wellington February 22; ydney February 25: Melbourne March 1 Fremantle March 1; Colombo March 10 Aden March 14: "Port Sald March 17: Naples March Closing prices, all in cents per 20; Cabraltar March 22: South-

ampton March 24.

METALS

NEW YORK

Ib.:

Lead!

Sept.

Nov.

Zine,

Sept.

Nov,

Copper,

39

Sept Noy

Tin

Sept. supende

LORETOS

NEW YORK

UK selling more

aircraft engines

BRITAIN

aircraft

markets

engines. The in its leading. SE British Armaf half VERTES showed overall