1960-10-05 — Page 2

THE CHINA MAIL, WEDNESDAY, OCTOBER 5, 1960.

New York stocks show London Japan's all-out bid

Firm to cut

copper

production

London, Oct. A.

The giont Anglo-American Corporation of South Africa today announced an immediate 10 per cent cut-equivalent to 3,000 long tons per month-on the copper marketed by

Various the within the group.

further decline

New York, Oct. 4.

Stocks went into a long and uninterrupted decline

stocks

Lower tax receipts

will reduce U.S. budget surplus

Washington, Oct. 4.

today that deposited a majority of issues in The Eisenhower Administration today reported

lower territory.

Prices hended lower from the luck opening, but the decline companica speed following news

A statement said the cut was der so the excess of current world copper

production aver

demond,

Celanese Corp.

2

toucial Corp. Cileu Manjini. Dank

1502

67444

that

Armé steel had, cut its dividend

i

Chryster Motors; Civett Peabody

54

1550

234

at

Est

to 10 vents 150m 30 Cats Corning Class Works share.

The consensus now is that the list will drift over the near term while waiting for some specific stimulus to set the stage for an in-important rally.

companies The various volved " from time to time determine whether the ten per he reduction should achieved by cutimp, production by holding or alternatively copper in stock."

PROTECT

Tor corporation controls the! Nebanga Consolidated Rhokazo. Bancroft and Kunsanshij mines # Rhodesia copper refineries.

Harry Oppenheimer, Chair- man of the Corporation, Jast Mare weed in i annual repert on Nehanga tist it was fer exper producers to protect themaclves against

Continental Can yan Continental Oil of Dei, Delaware & Hudson Co. Diamond Alkoli .... Distillers-Seagram

ENFTI =

lower

Generel Dynamics General Electric General Foods General Mutue Gen. Pub. U

Domition Storey Dow Chemical ver Dupont ak

Nemours There was nothing In Que Eaminan

El Paso Natural Ga Family nunce Corp. nuws to support anything but a reaction in the wake of Friday's Ferro Corp,

First Nal, City Banke Hopes have runup. sharp

October sieci Georgia Pacific dimmed for un pickup, copper prices have been cut and earnings reports tinued to show as many

rollts as higher ones.

HIT HARD

compile the Stocks used to

Hord. Du bit averages were Punt fell more than 2. Eastman Kodak more than a point and Allos around 3. Losses of 2 or more were frequent in the steel group.

A spokesman

Con. Tyre & Rubber Goodrich (B. F.) Co.

Goodyear Tyre

Great Northern Railway Grumman Aircraft Guir Of

Hammond, Organ Heyden Newport Corp Hiram Welker we

jameslake Mining Co. Husemen Retris..... Idaho Power Imperial оп

Imperial Tobacco for the auto-land Steel Co..... fallingmolive industry suggested that Interhemical Corp,

demand by "yegulating supplies 1960 model inventories would

and said the Deat to meet demand"

into 1001

m

car sales and

Nehama "would join with other issues in this division reacted

producer: It either sharply.

or with-i reducing production drawing

from

cuper

market."-UPI.

Chicago grain market

Chicago, Oct. 4.

American

home

Int'l Budness Machines Int'l fryester.. International Nickel International Paler Int'l Tel Tel John-Mavilla Co. products | Kince Industries the toppled around 4 in the drugs, Kennecott Copper

dropped Universal Match around 2 In the vending stocks, Collins radio

gave up

around 4. Texas instrumen is

Large scale purchases of

Kimberly Clark Liegelt & Myers Tob. Ly Tullo

14.

Lockheed Aircraft Loews Incement Co. Lone Star Cement & Sone

and Zenith more than 2 in Hay

electronics, and Polaroid slip- Ded

2 in the

Изат more

cümeras.

Dow-Jones closing averages!

30 industrials

573,10

124.64

Morsk

Membi ipan Corp. Molsons Brewery. Montgomery Ward Motorola Inc.

Nailonal Biscuit Co. National Cash Reg. "A National Dairy Prod.

91.70 National Lead ... 191.80

National Steel Corp. New York Contral Noranda Mies Ltd.

20 ralis

15 utilities

66 stocks

40 bonds

84,40

Comm. future price

Index

Closing prices

U.S. wheat by India Abb! Pwr. & Paper

steadied wheat futures: Alled Chemicals

prices on the Board Trude on Tuesday.

March wheat nåvanced two dollars a bushel during the session, highest since May 19, as both the March and Decem- ber contracts hit new highs for 4 season.

An, Home Prod.

North Amer. Aviation

143.58 Northwest Airlines (Corn)

Okishaina Nat. Gen

Olin Mathieson

Oils Elevators

an

Owen-Iliuola Glass

Dxford Paper Co.

Paclille Gas & Elec.

Pitney Bowes

Pullman

Puro Oil

Radio Corporatum

Radio Corp. Pref.

gain

Londor, Oct. 4. Industrial leaders notched

modest gains with com- pany news and dividend hopes giving Impetus to selective buying. Other sections failed to set a trend.

that lower tax receipts from industries and business would sharply reduce the anticipated United States budget surplus in the current bort and dollar reserves fiscal year,

In a mid-year review it sald the surplus for 1900-01 Wa!! now estimated at 1,100 million dollars compared with President Elsenhower's forecast of 4,200 million dollars when he sub- 11** 100% mitted the budget to Congress

32 In January.

445%

*-

The Budget Bureau stated that expenditures were pected to rise from the original estimate

79,800 mAHun

of

U.S. vending machines for Japan

64% dollars to 80,400 million dollars, but receipts were likely to total

dollars A only

81,500 million against the previously cafimat- ed 84,000 million dollars.

10

Most of the fall-off was seen ts due to an anticipated reduc- tion of corporation income tax receipts by 2,000 million dollars from the January estimate of 23,500 million dollars.-Reuter.

New York

cotton

market

I

to break into European markets

Tokyo, Oct. 4. Japanese manufacturers of cameras, sewing machines, transistor radio gets and many other goods are making plans for an all-out attempt to break into Western European · markets, which, they bellove, have become in- creasingly prosperous in recent years.

To increase the export sales of their products, these manu- facturers suggest that Jupan should opas her own markets Textiles were Orm. Septem- to more Western European com-

modities on a reciprocal basis. figures brought a Burry of late

that JapaneRo They believe buying in gilt-edged.

exports to the United States, Foreign bends Idled and which showed a 50 per cent in- dollur stocks receded.

crease last year to account for 30.3 per cent of Japan's toto) exports, are now showing signs of a slowdown,

Golds met small selling, cop- pers fell on the cut in Rhodesian output announced last night. Diamonds were steady.

But they see many undevelop- erd possibilities

Western In Oils staged a late upturn. Europe, which as yet takes only Rubborn and teas were subdued.: 12.4 per cent of the country's -UPI.

total exporta,

Closing prices

UK Government Securities

216% Console—£434%.

• 45. Console=££}}$/ Tending

Kansas City, Mo., Oct. 4.

tentative agreement for manufacture and sale of automatic machines in Japan was announced jointly here today by Mitsubishi Heavy Industries and the Vendo Corporation.

K. Sugita, Tokyo General Counsel of Mitsubishi, and John Fierzon, President of Vendo, issued Д statement utilning plans for the Japanese company to manufacture · the machines country under for me in its Vendo

The Vendo patents. company would handle sales in Jupan

A delegation flew here from Japan to work out the agree- men with Vendo. Sugita, who headed the group, said approval

the

the agreement by

New York, Oct. 4. - New York cotton futures of

moved within narrow Jepmese government was ox-

shortly

that ond throughout

the pected ronge

Mitsubishi hoped to begin pro- 10ssion in continued dull auction of the machines carly dealings.

next year-UPI,

morning:

At, the close the list ruled four points higher to Ave lower after opening this within the same range. New Orleans tutures finished four points lower to one higher.

Further covering in the old

and some spot position

com-

the mission house buying of distant months was noted dur~ Ing the day. But offerings, al- though light, were heavier than 3biging interest and the market 31% was unable to move ahead,

LOWEST VOLUME Yesterday's barrier amount ared to 800 bales. This was the lowest dafky volume figuro ta exchange. of the 233 the history

Normally this week witnesses 344 the heaviest cotta movement is of the year, and above normal, 694 activity in Sutures,

BOJL

$7

Algoma Steel Corp.

311

Pun American Airways

18

40

Paramount Pictures

of A. Brake Shoe

Allis Chalmers

24

Penn. Salt Co.

37

Full Morris

Arner. Cable & Radio Corp..

Amer. Cyarumid Co.

45

Publieker Industres

to

Amer, Forgn, Power

A. Gag & Electric

53%

102

62

Hay theor

001%

Reply Tobacco

Steel

25

Royal Bank of Canada

DEL

Royal Dutett

Start bli Co.

Safeway Stores

45%

Saint lung. Paper

50%

241

Scott Papor

1232

Siegler Co

Baltimore & Ohio

2011

вль

Smithof

Kine & French

Socony Moon

Bank of Nova Scotia

6015

ment and Sweden bought a few parcels of red whent,

Beer Life Savers

Southom Natural Can

433

Southern Railway (Com.)

3. C. Tel Co.

43

Standard Brands

Bell Telephone

48

:

Buying of wheat futures re- flected India's buying of around 12 million bushels hard and while

what for November

shipment. Colombia took

Am. Mach. & F'dry. American Metal Ain. Natural Gas American Smelting Am. Sugar Ref. Ameriena Tel & Tel American Tob. Ampex

Anaconda Copper Armour

Asbestos Corp.

Baldwin-Lima-Ham.

375,000 bushels of hard whent Bank of Montreal

fur October-November ship.

Beneficial Finance

At the close wheat was to Bendix Aviation Corp.

1 ceni a bushel higher, Decem-Benguet Cons...

10

Bethlehem Steel

Ca.

Burroughs Add_Machine

| British "Amer, Oli

ker 1,90 %-4; com unchanged | Boeing Airplane

tower, December 1,00 Borden The %-09; only lo 4 lover, December 06 Ya; tye 1h lower to bigher, December 1.21, and soybeans dashed to 1 .cent higher, November 2.13 Canadian Pacife R.

T-4-AP.

Caflf. Packing Corp. Conn. OK, of Comas,

Campbell Soup Co.

Case (3. 1 Co.

Cat. Tractor.

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1

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Steep Stone

49

ter

Studebaker-Packard Corp. J19 Sunwing Mixing

343

Swift & Ca.

Texas Co

Textron Ing.

Thicke Chem

23 Tide Water Chi

9t Time Inc.

251 Tr-cont, Warrants

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C.M. 5.10.30

Twentieth Century Fox Film

Union Carbide

Union Ou of Cal

Union Pacific Hallway

United Alreraft

United Fruit

United Gas Corp.

US Gypsum

US Rubber

US Smelting

US Steel

US Stral 7 PC PF

Warner Bros

Westinghouse Air Brake Werdinghouse Electric Western Union Tol. Co West Va. Pulp & Paper Winn-Dixie Stores Woolworth (ILW.) Zenith Radio

Saigon rice

for Ceylon

291

-33%

4

New York

sugar market

New York, Oct. 4, Warid No. 4 sugar futures.

today closed and to six points higher on sales of 91 contracts.

Domestic No. 8 sugar futures | finished unchanged on sales of 44 contracts

Futures markets were duli

to

Grey goods continued be-all-day with only scattered and 424 calmed, with conditions claimed 30% by tradors to mirror the current 2314 unorthodox method of market

ing cotton and the uncertainty, 431% of future prices. Somo grey goods prices are said to be near production cost now.

Liverpool futures closed un- changed

to 15 polnis higher. No exports were reported to day.-UPI.

Colombo, Oct. 4. Ceylon's Food Deportment has placed an order for 32,000 tons of rice from Saigon at £31 per tom, with deliveries early, next 'your

Yesterday's Closing

featureless buying enough cause a considerable advance in the current thin world market. it was mid During the day that European countries were actively looking for business, reflecting this fall's

expected bumper beet drop. Brazilian rows were said to be available below Cuba's in Europe minimum export price-UPI,

at

alth, Conversion," "1981–239%) 3%, Funding, 1969.00 £8034, 31% Funding, 90/20M-£0414. 4th. Funding, 190/90-87-3/10. 3%. Savings 1065/66–2803. 3 Saving 1900/70703. 3%. Savings BGVR-EN-İ/30.

Banks, Indurances

Barclays "A" Ord-61. dd, Chartemd-878 36. Hongkong-20

Lloyda "A"-UTR Westminster A-42%. Union Ingmace-£5-3/16,

Aircraft and Motors

British Motor-15% Dd. Ford Motor-pós 1jd. Hawker Siddeley for od. Rolls Royce146_64. Rootes "A"-~-02 7k0. Standard-Triumph-8# 411⁄2d.

Building & Materials Assoc. Portland Cement-70s 10164,

Eteel & Engineering Babcock & Wilcox-33 $50. United Steel-02% 30, Vickers-327.

Paper

Bowater Paper Ord-šās Gư,

Tebacco, Food & Breweries Brish American Tobacco-1. Imperial Tobacco6s.

1366.

Miscellaneo Boardman Marden Bowmaken =209 91%d. British Oxygen--20# 14. Canadian Pacific$3815 De La Hue Ord-118 90. Dunlop Rubber-280 101%d. Gülman (Holding)—2s disd. Hongkong & China Gas-15.

Chemical-x d.

Imperial c

Radio & Electrical Associated Electrical-45. Electrical & Musical—–405. English Electric—35a, General Electrio-38r.

Baipples Indo-Ching Navigation-218 01. P. & D. Steam Navigation=-5ās,

States

Debenliams 471–19354. Great Uplyersal-"--50# 431⁄2¢, Marks & Spencer-tie_Bad." Woolworth, FW-190 sl.

Textiles

Coats, J. & 4. Courtaulds-556.

oa

British Borneon #164. Brita Burman-la 18.

British Petroleum-481 411⁄2d., . Bod.

Royal Dutch-E1438.

Shell Transport-12 d.

Mines

De Beers 187@ Bd.. Petaling Tin 7 140, Union Corporation is 1440,

COMMODITY PRICES

SUGAR

NEW YORK

Closing prices all in cents per

lb.:

Contract No. 4 (world)

Oot: 2.12;

Zen: 3.05; Star: 3.07; May: 206: July: 2.00; Spot (76. Tun

Cubal; 32N

Total Sales: Si contracts.

Contract No. 4 (domesho

Mar: B23:

Nov: 8.03; Jan: 4.00: Spot(... NY, ex-duty): 023,

Total Sales: 44 contraGÉRIA Open interest: 807 contravis.—UPI.

This in the initial step in talning up Baspon's offer to sell Coylon rice af prices below the b Current world level,

COTTON

NEW YORK

Closing prices all in cents per

Spot! 22.25 Oct: 1

Dec: 31.30;

METALS

LONDON

Closing prices, all in sterling

per long ton:

Spot

3-month

Copper

Spot

3-month

Zine and half Oct.

Land 2nd half Det.

Buyers Sellers

201

804

200

228

RUBBER

NEW YORK

Teuter,

Settlemood house termi

Oct./Dec.

Jan./Mor

Apo/Tune

July/Beph M

Conferui nimekala, 231, DATA, Det

Now, tore

thick Opt.

AMSTERDAM

Closing prices all in gulider

per kilogram, eff. Oct.

All unchanged-UPL

FOREIGN ENCHANGE.

NEW YORK Closing rates:", Canada England omicidi

90-days

Fox rubber futures closing | Australia. An official spokesman also Mar 31.04: May: 3341: July 2013 Bid that the United Arab Out: $2.16 Dee: 22811 Mar: 1790; prices, all in cenfe per 1b.: New Zealand

May: 32.09: July 3

Republic too had offered a

large quantity of rice.

NEW OREZANS

Closing prices all in cents per

from Ib.!

Bpot: 20.15; Dag: 31.33; Mar: 91-01 MAY 1 Jules Babij Out: 12,70 Dass 21201. MATS" 32.40;' MAY:: 33.00) July: 8275

A ̋ trade, doteration Cairo would stivo shortly to

discuss the question of trade peak with Deyion, Meanwhile, the rice talks, with Burma ween being cont Aired. Agreement on the Ib. quantity.prico of rice to be bought next your was expected to bo slined befor Burmoso delegation leave 10% night miching Mall Somis)."

24.00 South Africs

鮮

21.00

Others unchanged.

LONDON

Closing intag:

#165 |Maw, York

Sorel

Amsterdam

Copenhagen

BINGAPORE QUARE LIVERPOOL,

Closing prices all in "Straits SPURM

240p Malaya | Tenkter? Closing Prices all fit pence per i cents per lb.

Amerionn Cantract -

„Ost: 3430] Dei 1984; Mari, 2530) Ribced Contrsot

· Stay) #3,70) July: 1310/+PFL

LONDON

• Otoning girióm all in pozice per

› TRADE PACTS

The

Japanese

Government

been' co-operating with

these manufacturers by trying:

Sales of

natural

rubber

Washington, Oct. 4. General Services Adminis

tration today announced that September sales of crude natural rubber from the national stockpile of strategic materials total- led '4,691 long tona..

GSA said that approximately

began through

Batey September 30,

to negotiate what it considere91,438 long tons had been sold mutually profitable trade pacis October 10, 1959, when

」: with a number of countries the area. Its ultimate object is 1980.

ot governments persuade these nations to remove trade and tariff discrimination against Japanese goods.

10

The Japanese Sewing Machine Industry Association has sali that its members are counting heavily on increased exports of their

to products

Western European countries, in view of relaxation of restrictions on their imports into Britain, West Germany, and other countries.

announcda The agency also that at the end of the Supten- ber quarter there remained for sale 388,835 long tons of crude rubber.

The disclosure of how much rubber the agency has to cell is now made only on a quarterly Previously it had been basis. announced monthly basis but that practice halted in July.

The GSA nouncement list- ed the approximate quantities

available for of crude rubber sale as follows: 08,796 long long tons of 1 R.S.S.; 98,953

long tons of 2 R&B.; 183,92€ tons of 3 R.S.6.; und 29,210 long tons of pale crope. the

August

of crude by GSA amorstod to 5,167 tons, while July sples totalled 8,271

of

Export shipments Japanese sowing machines to the area have already shown considerable increases, partį.

to Belgium, cularly Netherlands,

Sweden, Den- mark, and Elre.

silos

The Japanese Machinery Ex-tona.

The agency said that of the porters' Association said that exporters of Japanese transistor 4,691 long tons sold between radio sets have devised a plan to September 1 and September 30, US, government increase sales to Western Europe deliver from while preventing transhipment warehoupes was scheduled of their exports to the United follows:

States

1960-90 long

1900 1,216

1060

September official The market, minimum price for these exports tons; October 1980-1,088 long has been reduced so that it may pas; November be more strictly observed than long ton; December

1,095 long tons---Router. hitherto.

The Association expressed the bellet that West Germany is | becoming a formidable com- petitor for the Japanese_trapals- tor radio Industry. West Gor- man manufacturers are appar- ently using new assembly syrien superior to the

one

In

tase in Japan which is based mainly on hand work;

TO BRITAIN

that

مود

Rubber

market review

A spokesman for the Japanese Camera Manufacturers'

Industry sociation sold

the Increase in the Rex quota for Japanese imports from

welcomes British

zamerk

only

£15,000 in 1858 to 2375,000 in 1959 under the Anglo-Japanese

trade agreement. the

Nevertheless,

New York, Oct; 4, rubber futures today closed 25 points lower to 15 higher with sales of 21 contracts.

Futre dealings continued cull

Industry will urge the and trendless today, reflecting Japanese Government to cook similar

conditions in

actual

complete

of rubber where neither

manufacturers

deaters showed

liberalisation

remained

Терапеве camora imports into bor Britain even though the stop much interost and For East scarce. may megn that the Japanese offerings, have to import moro British However, small amount of No. woollen goods,

11 rib from Thailand for Octo- ber shipment WAS ruparted The spokesmani complained dong at 33% pence. The cur that Japanese camera exports įrent month for No. 1 was gre the object of discrimination quoted at 35% pence.

in France and Italy, though In London, the rubber mar- the Industry is hoping to in- kẹt was Gull and easier with crease salça substantially in

Sweden, Denmark, Belgium, thepot quoted at 28-13/18 pence, In Amsterdam, the rubber Netherlands, Switzerland and

other countries where Imports market was dull today-UPI..

are not so restricted.

Japanese camera makers, ac- Indonesia may

conding to the spokesman are

to exhibit a number of low-

priced new models at Photokina resume exports

the

blennial

photographic and cinemato graphie exhibition, nt Cologne, West Germany. thle autumIJA. Intense competition is expected to develop with West German camera producers but, sald. the spokesman not only is price of The factor in favour of Japanem COMETER, but they are also technically superior..

of sugar

Djøkana, Oct. 4. Indonesian Govern. ment Is Investigating the possibilities of resuming export of sugor, "which Other Japaricue trade sources swan: stopped last July. say that exports of Japanese Trade... ministry officials binoculars, watches, televisiori | dicated, that there was enough. Linned frial and fish sugar on hand to meet bomo chemicals, toys, apparel and panied was to the Indonesion afik are also being meressed.—| sport quote. Axed by the In- Router.

barimtional Bugar Council

J

This year's quota fixed by the International Sugar Countit :-

Ship for sale to 100,000 tons Ac-

"

cording to the Burs Of Gratistics, up until July, mone $4,000" tons had ben exported. › Game) oxportery aro' propelixtly.

day, walling the findings of the that the 20,400-tonliner Empress mermers investigations. They

London, Oct. 4, The Canadian Prešße Bisan» Khip company announced today

of Franow will be withdrawn sold that this was a good guar from the Atlanta service at for Indonaalne)

the end of her jarl voyage from Burma the blazest burst. Other Montreal - Ipl Liverpool oRKE

Imonber, Who will be soldami

}