1960-10-10 — Page 2

THE CHINA MAIL, MONDAY, OCTOBER 10, 1960.

Weekly survey of American

American econom

BID FOR RISE IN OUTPUT

STOCK

Gross national HONGKONG

product target is set

New York, Oct. 9.

The Administration hoped this past week for a year-end, fourth quarter increase in the nation's production of goods and scrvices which would bring the gross national product to an annual level of $510 billion.

otheribillon

EXCHANGE

by

thur Own Correspon 1×1

Business done at the Hong-

Stock kong

Exchange this morning amounted to approxi tlons and the morning's transpe-

mately $2 million. Noon quals tions:

Kharez

Buyers Bellera IDK Bank .. 1100 1306

Lombard Unter

Wharf Waterboal Wheelock

232 238 25.00 7.03

7.09

104

has dwiralled to $1.1 Government and

The Dock economists admitted this was a billion at mid-fiscal year.. daring hope in fne of the shrinkage dimmed chances of a Provident third quarter performance general fax cut mxt year. which held at about the same Jevel as the second quarter's seasonably adjusted annual rate

of $505 billion.

Revenues tron corporate

to reach the Youmat! profits taxes were off $2 billion UK Land ne profis failed $51 billion forecast. The Trea- were likely to These fintres were included sury said they

equal to the in an assessment of U. S. busi-Bit $47 billion, печ conditions published by record level set in 1959. the Budget Bureau.

Economiils pointed out dist to bring the gross national pro- cact up to an annual levet of only $507 billion would require fourth quarter boost oft some $9 billion und that would be

high.

2

DEVELOPMENTS

The hoport-for gain was fure ther dieuft to nehlove in view

The government's gross nak Dev. 28, 28.40

product hopes did not tonal

this seem to be borne oul by econd-

developments mic week.

Baion

1190

30 ve 1184

. IIK Hotel

01 0112

Exx. All HK Tram

light..

DS

32

23.16 23.20

1700

600

$300

1000

1500

10010

200

past Te

3524

700

500

1000

15. 101%

15

Cerners

24 561%

500

1000 G

500 F

30 30%

1500 GL

200 i 2014

WE 14

20.00

2000

Alled Inv

extlie

EX00

5.03

2003 & 3.00

8.40

11 45

3500 8.35

7300 48,40

14.30 14

3000 34,40

6.20

3005 0.13 4.10

1000r 14.40

1

*** Talkon buck

Humphreys Realty

K

das

***

Top stoel industry spokesmen further scaled down their esti- mate of this year's total steel output. They now say It should be somewhere between 101 and

104 million tons-the sixth best Dairy XD... year on record.

of these other developments Only reprod by the government this week:

two

weck-ingo the estimate was some 100 million tons. Early this year the, opti- Nansang ... mistle outlook was between 120

Ampl. and and 130 million tonn, The 1950 the projected steel total, a year that saw Rub.

activity crippled by of surplus

$4.2 steel

record 118-day strike, was 93.4 million tons.

With revenues spending budgetary

tap,

down

NEW YORK

COTTON

MARKET REVIEW

New York, Oct. 9.

dealings futures Cotton

moved along at a sapil's pace this past week with prices finishing mixed. At Friday's close the list rauged from 15 points lower 1 17 points higher. This was the equivalent of a 75-cent a bule loss to an 85-cent a bale gair. on the week.

STEEL INDUSTRY

The steel industry reported an almost universal general im- provement in orders this

2900 190

Plans

to build

new

godowns will

relieve shortage

by DAVID LAN

There has been a shortage of godowns and warehouses in

Hongkong this year.

The shortage has been caused by the belief of investors

that building

new godowns is not so profitable as building tenement houses and flatted factories.

Wall Street rally

sparked by gains in oil

New York, Oct. 9.

The stock market registered its first weekly advance

Lince August this past week.

เจ้

1

and

Sleet Tosc US. But tradisig ron well below

traction white the previous week's pace. In-Youngstown a

licating a technical adjustment Acme tell 2% and Bethlehem following five weeks of declin- lost 4. General Motors, Ford Ing prices rather than a definite and Chrysler stood out uptrend

70004 0.15 B 1000 @ 1.90 7.80

500 1.00 04 044 1000 G4

200 645 24% 24.60

1900673

But the bullish segment of UTA 1.00 3000

60900 or 1.875 the trading community was en- 14.78 14.80 300 1433 Couraged by the three consecu- 1000 14.80 Live sessions of advances from 14.00 Wednesday through Friday. I 2000 2 404 was the first time since the August rally made its high that 13.00

the list had been able to put more than two gains together.

70

13.80

14 1000

8.35

5.20

Hier

Lene. Craw". past HK & FE

Την. 1 week. But, on the negative side,

there were more cutbacks in Ini Inv. uutomotive orders and a seve Star Ferry drop in tinplate to weaken the Mess flot-rolled market. These two Eri. developments almost cancelled themselves out, leaving the in- custry virtually

ull September.

where it was

Farthermore the steel-indus- October with 11 try started sizeable downtum in operations due largely to a strike ut Beth- chem Steel's rall subsidiary glant company's serving the plant in Buffalo. Operations for this us, a whole the industry past week were scheduled at 52.8 per cent of capacity, with output indicated at some 1,500,-

That would be down! 000 tons. more than two points from last 51.7 per cent 1,568,000 tons.

|

Vibro

טד?

France improves

trade ties with Japan

An increased dividend for Amerada sparked the turnabout In Lites down word trend on Wednesday. And it was the ol stocks in general that featured the three-day rally.

OIL INDUSTRY

Oils have come into market prominence on recommendations from many quarters. The bet- ter industry price trend in the third quarter should result in Paris, Oct. 9.

reasonably good earnings state- France made a further step ments particularly in com-

in tariff concessions to parison with other groups.. Japan.

Some Improvement in

the

in

its group with a 3-point gain,

Minneapolis Honeywell Jump- ed 0%.. but other electronics not as forturinte. issues were Zenith dropped 7%, Motorola and Texas 5, Varlan 3 Instruments 4%.-UPI.

London

stocks

move up

Between the depreciation. of tid godowns and slow erection of new ones, total storage capoclly in Hongkong has been diminishing

Other reasons given for the shortage were increased importir, accumulation of irans-shipments and exporis. alow turnover of goods for local consumption.

But how the business of rodowns and warehouses is roking a turn for the belter. Because!

Increase in population spells A greater demand for con- sumable goods and in turn a greater demand for storage space,

Godown rents have gone up by 10 to 20 per bent o and bigger profit margin hence an attraction to in- vestors.

There is an increasing ten- dency to mortange cam- modities (particularly indus- stored in trial supplies)

This further en- Kodown. honces demand for godownLS. buil of Hongkong is now surplus capital. Some in- vestors prefer "slow but Long steady" profit over a period of time godawpis are an ideal answer.

BUILDING SURGE

As a result there is a surge in building new godowns all over the Colony.

Plans have been mapped out for establishments in Kipp Tong Toun Wan. "North Point, West Point, Hunghom, Castle Feak Road, Tai Kok Tsui, Shaun, Aberdeen and other places.

There will be more than ten how godowns, to bring the total of the Colony storage capacity:

tons in three up to 1,350,000 years as compared with the present 1,250,000 tons.

Nipert

Automatic pilot brings trawler 450 miles to port

Her course set electronically by a

new

direction findor, a Hull trawler Stella Leonis, has successfully "homed" to the mouth of the Humber, from distant Norwegian fishing grounds

450 miles away.

"Lodestar," the marine equivalent of. "George" the alr- craft automatic pilot, has been developed by' Marconi Limited. It is regarded by the company as a triumph in little ship navi gution.

Д

Ingenious piece

of equipment

An official of the Stella Leonis* owner, Charleson-Smith Traw- lers, said: "It is a great instru-Britain's Atomic Weapons ment. The skipper look bearing from the Humber when he was off the Norwegian coust, set the equipment and came all the way home on the automatic pilot."

FIRST

I

Marconi says the trawler is the first Ashing vessel in the world to be equipped with the "Lodestar."

Research Establishment's chemical engineers have' devised an Ingenious piece of laboratory equipment which makes ute of Moire fringe light 'diffraction pat- terns to determine the height of a liquid in

burette tuba or

to within 0.01 inch.

It can be worked by direct, control nichole

The equipment works by lak- Ing bearings from six land based automatle" or stations, autonia*ically records and can be arranged to feed in- an electrastle the formation iso the compiss course, sets

main-counter or to a pet recorder. shly's course and then tains the heim.

One application in in micro-

Once the ship is under way analyses of radioactive liquids, the course is maintained with- out manual control of

wheel

Helicopters.in

the jet age

Nineteen

the

A

light

The heart of the device is а mobile "carriage" which is as- the burette. sembled around. One half contains source, a food and a movibly grating and a photocell and the other, on the opposite side of 'the burette, two photocells,

un.

Operations begin with the carriage at the top of the device, Light passes through

0.02 inch slot in the carriage, and been through the two gratings to the

Ás the photocou.

carriage cul-

moves Moire fringes mé pro- minor duced by the relative moye "circus" of a small tribe ment of the two gratings 80

sixty has helicopter year minating in the

can

of the machines at the that the light to the cell' is cut rocent Farnborough fly-off once for each grating line, e. in this case every 0,01 meh. ing display.

Although those light ashes The biggest expansion will be

Britain's helicopter industry to the oen are going on all the sweep that of the Hongkong and Kow-has moved into the jet age. time in the downward

pon Whor and Godown Co. ht of the craft on show this they are recorded only between Ltd.

a zero shield' and the meniscus your were direct products of Mr H M. G. Forsgate. et era for A Government decree pub-business new background also

Londen, Oct. 9.

turbines, adapted of the liquid. General Manager of the com-

from conventional jet aircraft stocku surged way, told the China Mail today

This La because the week's actual operating rides lished today in the Journal Offi- helped Improve sentiment, par- Industrial

which yielded e al sibuleed that France was ticularly reports of sharply in-

to drive the motor blades, are from applying

today

ahead through the five that his company has completed the creased car sales in September

also allow iigis 10 travel duty on minimum customs

aand favourable forecasts for a sessions under persistent a five-storey godown on these new power plants for hell- Previously mentioned ot

copters. Many existing [11 The shrinkage of steel orders number of goods Imported from minber of industrial firms.

piston

through the burette and fall on investment demand in a company's main

éngined machines are being Tsimshatsui.

the other two photocells. A Near months were affected by

Japan." Axing from the motor industry seem-

brought up to date with a new the start price

market thinly supplied

the sweep, the zero quidation and

It cost $2,000,000, view

The minimum customs duty, A number of sizeable defence

Under with stock.

planning are three high level performance.

shield rig off this light, but as and ended easier while the newed paradoxical in

steadily expanding new mode!

the aircraft production at Detroit. It seemed which France grants to member contracts helped

Columbin

The eight types were all pre- soon as the carriage moves down Hopes that Britain would foi-ore godowng for the company: Trade Gas also raised Its dividend, but

Westland Alreraft, post this datum level, the light ent of Tariffs and indentive of the motor indus-countries of the General Agree- and missile stocks,

car expanded compact try's

the report by Standard & Poor's low France in an early bank One at Tsun Wan to be sented by

built on 96,000 quare feet the rotary wing pombine which falls on the cells which then interest early in the week to

programme making the same (GATT) will be applied to a

of reclaimed land near has taken over all helicopter actuate the counter difcult. On 10 NICY

number of cars from less steel. number of Jepunese imports that dividends were whittled rate ent, better gold reserves

Britain. some position

The reaching the meniscut, the light Carry

listed on 20 pages of today's down In September didn't do through the inflow of "hot"

South Sea Textiles at a cost bisilding season's highs.

Automoblie assemblies in Jannal Offcial These include inuch for stockholder enthusi-money and Wall Street's rise

machines are the Skeeter, the is cut off and counting stops. of $2,500,000,- helped the thrust which ajj- Selling in the old months was September climbed to 107,685 motor cars, motorcycles much sm.

parently Ignored

It will have a pler for toading 2581, the Cpome-engined Wasp, the overall

Gnome Whirlwind, Wessex and discharging cargoes. musical encouraged by an increase in cars, up from 258,150 in Sep- mopeds, typewriters,

Some of the technicians say economic outlook. drugs,

Belvedere, Westminster ond the certificated stock to 1,250tember last year. Last week's instruments, anti-biotic

Rotodyne. slcam and electric that the fact that demand twice was 132,880 units, cosmetics, bales und the possibility hunt production

The Financial Times indus- be some ten per cent above the raway engines and shoes.

trial index Jumped 10.8 pointe more bales will soon 200

Compacts ac- Trade tals between France level in the Dow-Jones Indus. added to the total, indicating previous week.

trial average may indicate that over the week to end only some some lenders may be Expected counted for 31.1 per cent of the amul Japan are now in progress the list may be in the prelimin-9 paints below the year's best storage of raw materials for the before expiration of the position total. un October 19.

crop posted sufficient gains on new commission house buying

bad minar New Oricuus broker

CROP REPORT

Although it

tbo

will form basks to Oguring the acreage allotmem for "1001, the govern- due on crop report, Monday, appeared to have less influence over distant move menta than political factors.

mont

act

up

in Paris and are expected to It was still too early to say end this week with an agree how well the 1961 automobilement to extend for six months the the trade treaty between On models will be received.

two countries which expired on that may depend part of the

the June 30 and was then extended to whether Lovexument's gross national for three months,

answer

product hopes will be realised.

The treaty is expected to bel

with extended

minor only

Car sales increase

has materialised around the 570

ary stages of forming a base from which to launch. tained advance.

of 342.9. The low was 205.8.

Unit trusts, the public and the institutions

shared the buying spree with continental interests.

into

sellers were rarely seen Máll

of

RAW: MATERIALS

It will serve as the centre for

mils there and for rent

tion of cargoes for export.

Tumbine power hna menui multi-engined machines with good engine performance, an Important nep towards frue Capability? Other Li-wan then A now five-storey structure

greatly improved “performance at West Point after demo-advantages of turbine power are An tion of the company's old in faighe attitude, les poise and godown on the spot.

in

ALL GROUPS.

This plan, calling for a two-viralber, with corespondingly and trans- construction, will coctmproved engine

"lives and Casler Indiasion Virtually all groups broke phired

and will start

maintenance."""'Qverill"" operating Kince $4,500,000 higher ground

November.

economy is also much improved A $3 million five-storey compared with piston engined

machines. godown pitinted the main property behind the office in Tsimshatsui.

Git-odred Hayed qudert but moved up toward the weekend largely on bank rate hopes.

Sales this part week drop

to ped' sharply

12,208.820 shares, or 2,441,704 shares per day, from 16,852,810 shares, or 3.370,802 shares dally the week before. Some of the blame for the drop in volume wis put on the world series. Standard Dil (New Jersey) was the most active stock on Balop of 240,400 shares. It closed ¡at $40%. up .-Oliver Corp. The foreign bond

was runner-up with volume of stayed in the doldrums but 201,300 shares, and Anished at reports that the Greek finance $20%, off* 1%. Term of the Master would soon be bold- sale of 'Oliver's farní equipment | ing London talle 'revived "In- business to White Motors were ferent In The Greek liens........

Dollar stocks Improved, announced.

market

on

Invents new strain guage

́este

electricol

engineer

working with the United Kingdom Atomic Energy Authority has invent

designed and de- "“veloped an extenso- metor for pressura vanol. testing. The claims: the Authority gouge διαι good tem- and Bergturo stability wide range, in a robust, sensitive" and mixos re:

mota indication.

烏雞

of pressure

For military operations dur blae cogines pin less time to This new godoorn

up—a will warm

let engined feature a series of compart- | maching can be in the air of pressing ments on the ground floor for within 40 seconds

the taster. storage pf dangerous Foods,

Recently the RAF. ordered Grom Whirlwinds and duringi vemols in the "A.E.6.'s reactors the Flamborough" display the sie mubjected to "hich stressés Ministry of Aviation announce at high temperatures. All these an order for 2531 Wasps for the important points of the vessbi Antly. The power plant for re normally ináceossible, these máchines is a Dó" "Hayli- | Ipentod Inside û-7 to â fret thick Iand product. The name erging | concrete" klological, aħjeldi, bez cath by Saidi don parkirati niti hai | cause of high working tempera-

So for the consumer has been changes, usually well informed

cald. China was sources somewhat hesitant. This borns out by the fact that con- Special. sumer credli expansion slacken- Commission house purchased rúbstantially in August for ing of the-new crop reflected the second straight month, The hopes for beneficiat legislation Federal Reserve Board reported mich as higher price, supports, the net addition to the instal

that month planting restrictions, more payment debt during

itind to 'curtall pro-| amounted to Д sensorinbly murit in

This duction, and belief that men adjusted $100 million.

Detroit, Oct. 9. million or compared with a $319

It will be atted with putoma- kind of quotas voluntary

Sales during September bo

increase in July. However, in mandatory will

the fire extinguishers.

"When completed, the now Bgainst low cost foreign importa. August last year the instal-care built in the United Stato ment debt rize was $535 million. were 2 per cent up on the

TOP FIVE 870,

nodowns will add 10.000 more équivalent period a' year

Gold shapes bounded under hins 20" the coffipany's storage Some market sources said the

the total salos being 422,700 Analysts thought the com-

Lockheed, despite a setback America and Capd buying den-churcy, new lows reached by many

on the units, according to trade re- segments of the grey goods parative unlngness

at mid-week following vie ernah pite South Africa's Enice of] market

Electras, Republican status and the and tho continued part of the consumer to buy posts.

Ught of the This upsurge ended a two- of shother of t slowness of dealings, had an on credit strange" overall depressing effoot on the fact the person income in the month mump when auto dealers Antaliep 1% at $2814d of buying uncovatud third quarter averaged about 33 sales trailes 1959 Jovels, How We Uird in sales with 117,100 lock sports in the AFLE shares. Brunewick and Gleder mifloet. On Friday, West Atri wegias to come UFI,

billion more than in the signs of levelling off.

ever, production now

shows Motors rounded out the shok my rationale. Forelin five ban gobe, atdod de repbets One "explanation Wan that

The Dow Jones' averages at companies, Coppéra háð a mixed people were spending more on assemblies for the current vacations, school Tuition i and week are indicated as rising by the close Fraley showed 30 in work but ended interchanged other pertices as well as meeting | 141010 cars over last week dustrial at 83643,210 6.28: "30 by belated. The slight, debloed ho Đảng ĐẾ a higher tax bill Retail sales total and are 110,587 care over" rallo 126.81, up' 67018 udiitles by dimiterly sales made Hidement for the the real In August and September failed the same period last year.

03.34, up 2.06; and 65 stocks impact of damonda

Tembo 2). Edoes was done in

thin) to rise as much as expected. [ { This week's production las 198.82, up 1.44) 79% AT ONE imodiolateribsnar inerent

·eregno på About 17,899 cere, from

Ons shy high with reports of sublig. Reper morning at the following rates

put the her to a change may last week, however, compares Amerada Jumped 44 points a newTnvestment true in the PUNUA U,B, doller (per ŝis,

well be the reception which with the more than 30,000 in the gila where Continentia, frakking, and consumers alys to the 1901 andis Week to weak increase : rose (37%) Allarile Heaning 4%; ma hiqdel" Passenger cars in flip of the lot three with Ching Cities Bervice 114, Klondeta 196

Bejead Bowal Putedi 11GUNTO VEN

Exchange rates

*

erring notes (per £1} !!! Indonesian Inupiak (paz 163)"?", Mom to Tper 2001 1970

10.94

Rubbern

and

tear abowid

Bank of England beaten on Frenchy Your res ordinary train asker er

statement

extedecyloletý pre not Appl babld

engined trimport.

A De Havilland oðjótal seid! "Turbine power has dérived, Kät The Invention also includes helicopters Britah and the employment of the・ devisp kie- | Kinngs and tobody if thinking with a simple

ep» | now of gang ángthing but 'tur eroult applicable in any cit

bine enginbaTM Held Haly elmstances were temperalite was starting a big - Helicopter, tu viót exconfine and stfair has programma with exienatvo true to be miomired in an Iepeersible of the Gngry aging and hła kompótions, the exhinpla a cant combenzen hapwl for a big porsant burned in the ground, | many and the maznoding Getmen bedded in thick omertete i dr