1960-10-31 — Page 2

THE CHINA MAIL, MONDAY, OCTOBER 31, 1960.

Weekly survey of American economy

PRE-CHRISTMAS TRADE

New measures

COTTON New MARKET

REVIEW

New York, Oct. 30.

Cotton futures backed and

filled through five

dull

to stimulate

business

New York, Oct. 30.

term

sections this past week, The Administration prefers the

with

nearby

positions

cavior and the now crop

barely steady.

At Friday's close the list rulisi 14 polls lower to two points

higher. This was the equivalent

of a 70 cent a Lale loss to a 10 eent a bale gain.

In ne session during the week ld volume go over 3,000 bales. attributed the Market sources

is

|HONGKONG Series of events

STOCK EXCHANGE

hy

Our Own Correspondent

Business done at the Hong-

Stock

This Exchange

to approxi- moting amountai

"pause" to "recession" in describing the current slow pace of the U.S.mately $1,500,000. Noco. quots economy, yet it decided this past week tons and the

actions: to pump some $3.1 billion into its 8bares bloodstream to stimulate pre-Christmas trade.

The term "pause" was used | anti-recession ingain on Wednesday by Prest-Federat

г-

Halex Buyer Sellers FK Bank.. 1320 1320

Wharf

Waterboat

40%

031310

affect London

stock market

London, Oct. 30. morning's Iran-Stock markets faced up this past week to a bank rate cut, the gold gamble, u mixture of mergers, high-level warning that credit brakes will stay on and switchback showing by Wall Street. Industrial ended irregularly lower, gold mining shares tended to sag but gilt-edged

ended steady after their good climb.

10 1215 10 1320

·20 of 1920 30 1335

17125

128

27.40

1.03 0.18 13800 # 6,15

tha Lombard ... boosta,

sald Reserve

Unt Undon dullness to caution on the part

both the trade and speculative dent Eisenhower when he dis-would-over a period space interesta until the outcome of

cussed the state of Ixsiness between November and De-Wheelock election presidentini the

with

reserve American retailers. He cember 1-drop known.

The

of the so-called also expressed conviction that quirements at Central Reserve end

current slow-down would Eystem banks

boy about "London gold rush," accampaat-the

not approach the proportions of el by decline in the price of the

the 1958 recession. precious metal this post week, the inflationary tuok Bune of pressure off the nearby positions, easing prices to case,

WIN

However, the decline limited by reports of better mill certain grades at firm spot market prices, con- index delays in the crop move ment due to bad weather, a

some

LOANS

NK Land

1000 8.15 2000 8.10 3000 0.10 2000 8.15 2000 8.10

400

100

one

per cent from the present 121⁄2

x nek Provident

100

100

. 21.40 21.00

HK Hotel..

Younati *102 100

C. Light..

MK Elec.

Tel.

HỌC TRANH .. 319%

N

37

23.70 23.00

28.40 80

200 a $3.00

300 21.80 1000 or 23.00

26.80

Pts. 18.4300370 6 10.00 200 19.90

1800 30

200 10.00

3500 à to 16-as well as allow them lu count all coins and currency on the Following up

1711 6 0211 day, the Federn Reserve Sys-on hand as part of the required tem announced three measures reserve. to expark the lending power of links to meet the cash and

This will release an addi credit needs of business for the

billion In ieval $1

cash und coming Thanksgiving

The $900 million in reserves, Christmas holidays. Finanelal $300 million in turn, will be

recently observers have noted

Tony Just above $2 billion in op: Interest rate in itself dilun, Facs deltar of additional Cement inot produce as much, new 'cash as was hoped for. The Federal bank reserves enable the banks Dairy

announcing the to lend between a billion and Reserve, in

and

better tone to textile markets. that the lowering' of the di- [tronigh to enable the banks to tively unfavourable harvesting

and the Census Bureau's rela-

report of 6,142,936 bales.

The certifeated steek and un- xix call sales showed no change during

former the week, the winding up at 6,935 bales and The latter at 11,200 bules against 180,000 last year.--UPI.

P.O

Few meanures, apparently real-more, according to present re-

serve board figuring. ised this, too.

Maintaining that the now

designed

measures

ORIENT

were

LINES

EMBARKATION NOTICE

s.s. "ORONSAY"

for SINGAPORE and SYDNEY

EMBARKATION:

SAILS:

The ship will be berthed at No. 5

Wharf. Pier, Kowloon

Passengers should embark between 2.30 p.m. and 4.00 p.m. on Tuesday, 1st November, 1960,

The ship is expected to sail at 5.00 p.m. on 1st November, 1960,

BAGGAGE:

Should be sent to the Hongkong & Kowloon Wharf Co.'s Godown (No. G Gate) Navy Street, between 8.00 a,m. and 5.00 p.m. on 31st October, or between 8.00 a.m. and Noon on 1st November, 1960.

SUBJECT TO CHANGE Agents:

MACKINNON, MACKENZIE & CO.

OF H.K, LTD.,

F.O

ORIENT

LINES

S.S. "CHUSAN"

EMBARKATION NOTICE

for UNITED KINGDOM viạ Singapore, Penang, Colombo, Bombay, Aden, Suez-Port Said &

EMBARKATION:

BAILS:

Gibraltar,

Passengers should embark between 9 a.m. and 10 a.m. on Wednesday, 2nd November, 1960. The ship will bo borthed at Pier No. 1.

The ship is expected to sall at 11 am. on Wednesday, 2nd November, 1960.

BAGGAGE:

Should be sent to the Hongkong & Kowloon Whart Co.'s Godown (No. 2 Gate) by 5.60 p.m. on 1st November, 1960.

SUBJECT TO CHANGE Agents:

MACKINNON, MACKENZIE & CO. OF H.K. LTD., Telephone 05211-9.

36

While these measures

100 ur 56 1000 in 31%

200

wore

Watson

Allied

.. 20.10 291

•

200 Inv. 5,00 6.10

8.05 8 90 4458

146 14.00

Rub. Trust

being announced, another set of Texic government statistics showed a iwo-tenth of one per cent hike Nanyang in the cost of living in Septem Amsel Hub ber-from 120.0 per eent in August lo 128.8 per cent. This Taikoo Dock was The Brsi rise after wo gionths of stability in the index, Another increase in Oclobera foreseen,

29.10

8.585 1000 15.70

7.70 150 @ 74

1000 7.00

45 2500 ir 134 100004

1000 W 041%

64

Realty

44

2400 645 1.85 1.876 10000 1.875 18000 or 1.875

13 15.20

100 15.10

450r 15.10

000 (4 15.10

1500 $1

HK Ga...

18.00

While steel continued as slow as in the summer, machine tool

LERO

Craw. 41% 41% orders in September dropped HK & FE again after a brief spurt in

Jav. .... 10.00

2.10 2.16 August, and most earning re- Gilmest

Humphreys 2.10 ports for the first nine months ar

Ferry 174 177 showed declines, the automo- Macao. Elec.

Fot. biles provided again the only

Vibro In spat

the bright

overall picture.

Mid-Oclober automobile sales spurted 11 per cent ahead of the ure of deliveries of new cars but still trailed year-old figures The nation's by one per cent. car dealers sold $15,000 new American-made cars in the ten- day period of October 11-20, for an average of 21,700 units in each of the period's nine selling days. For the first two thirds of the month a total of 352,000 new cars were sold, 4.1 per cent ahead of the rate for the same period last year,

HIGHEST LEVEL

Co7-

In Delroll and other making centres, manufacturers bopsied new car output 12.4 per gent last week to the highest level this year since early Feb. ruary. The Industry turned out 181,841 passenger cars and with 16,002 trucks, compared

144,050 cars and 18,163 trucks the week before. included in lst week's outpul was the 1,- 500,000th compact car built since the Arst of the year. So far this year the Industry turn- ed qut 6,411,935 cars and trucks, compared with 8.085,183 In the seme period last year.

Sleel output continues to ing as October draws to a close. After reaching a 18-week high of 55.4 per cent of operating capa- city two weeks ago, the rate silpped to 54.0 per cent agion last week: Iron Age magazine come out with a predicton that stoc busines in November will be down from October, December is not likely to show any im- provemer in crders. This mears that recovery of steel operations is now sei back into 1901.

October unemployment mag excoed September's 5.7 per cent of this labour force, This

Bank of England statement

The Financial Times industria} index last 3.5 points across the scasions, ending at 320.3 against the year's high of 342.9and a low of 205.8.

Investors saw little in the 4 per cent tiny tonie" bank rate cut to 5 per cent to benefit stress Industrials The official was firmly on the international need to trim the rate,

MERGERS

followed Wall Dollar stoclas Street's fortune while in foreign bonds some Germans and Grecks shaded on the week.

New computer system developed

A new medium-to-large general-purpose digital computer system-the KDF9 -is being introduced by the English Electric Company, London.

The Arm say that the now

system lies broadly within the tion, the most distinctive fea- best current trend of computer

number coda which follows as closely of individual features

development but has a

D

Apart from lis apged of opera-

ture of KDFV is its Instruction

most natural which is possible the make 1 highly practical and effi- twaic form of speciācation for cleat over a wide range of data processing procedures. This conveniunt and operations. Outstanding among prayldes

economical machine code which these is its high speed of opera-

Rives ease of programming end tion with a main core store of six microsoconds cycle time and allowing the most efficient trans multiplication in 14 microseconds lation from any new or existing South African gold minings or loss. The Best production problem lenguage or pseudo- This is important for tended to follow the daily pal-model is scheduled for optration ende.

potential users with large cupila) downs in in 1902. tern of the ups and

mainly The computer was, developed isoots in the, form of program- the metal pries and

computer mes for carller andi flowen over the week in

the company's edged lower

and lacor-machines. But the kafirs still hung on to design laboratories

-a great deal of ex- the best of their big rises after parates

FLEXIBLE last

frenzied week's

gold-perience on computer design The company. This forand reflection and application,

irial user of computing equip ment in the U.K., has ten full scale digital systems and eight analogue systems, including the in current largest In Europe. operation.

Leaders edged lower by one buying. ar two shillings affecting coun in the Financial Times gold self probably the largest indus- ters like Dunlops. Imperial shares Index which closed at 75 after touching 76.9 Monday. Chemical Industries, Unilever, Lancashire Cotton. Courtaulds Before the buying spurted on and Imperial Tobacco. Motors October 19 this Index was 68.5. stayed duli on slumping exports

Earnings of Union Producers with Fords some three shillings lower over the week at 89/10. stand to benefit from the sharp- for gold since ly higher price payment is made on the basis of the average of the daily Lon- don rice-xings, still concls- More mergers blessomed iss-

proposed link-up tently up on the U.S. controlled cluding the Letween the two exile firma world price of dollars 35 an J. and P. Coats and Palons and ounce. Tins were mainly steady, Baldwins, an amalgamation be-Coppers wavered. tween two property giants, a wedding between Pye and E.K. television, Cole in Radio and and the Guinness Brewery firm moving into drug held by join- Labora- ing up with Crookes tories with its world spread of Philips Electrical bronches and industries..

On the uptrack were insurance ahares, property counters and the stores; the last named on the thesis the credit squeeze hite them least and that consumer spending will stay high- with neur-full employment being maintained, Stools stayed firm en more big expansion moves and postponement of the dena- tionalisation

Richard of the Thomas and Baldwins giant,

Gilt-edged, with buyers, cor- rectly guessing on the cut in the discount rate, moved up strongly across the week, American 22.207.716,980 buyers were in the field on the of a leading Trans- 13,556,7dvice: 327,004,289 Atlantic broker and on good 422,004,250 yield, The belief was another

40,722,A04

small cut may come after West 43.401,978

in this direc ад

Germany moves -UPL

London, Oct. 30.

The Bank of England state- ment for the week ended Oct. 26, reads as follows: Notes de circulation Public depood private deposits.

Government pecuritien

Other securities

| Receipts

Ratio

tion.

Agreed merchant rates, new list

The following is a new list of agreed merchant

rates which comes into effect this morning:

Sterilas

With conid. L/cr. Without L/Ce.

MAXIMUM BELLING

MINIMUM BUYING

1/2 16/10

1/3 1/32 TT.

1/2 1/16

1/3 6/12

1/3 174

1/3 3/10

1/3 15/33

Stering

1/2 10/10 East & South Africa & Aden) Sterling

1/2 15/10 West Africa, West Indies

Suuli Ameries & Full Rupees (India)

of Rupees (Ceylon)

1/3 3/32

G.D.

1/3 3/16 30 day's

1/3 0/22

1/2 11/32 vo days

1/3 7/10

GO days

Teas tended to drift but rub- bers were steady,PI.

Rise in world

wheat trade estimated

Switch gear for Turkey

Two orders switchgear for oil Turkey

The system is flexible in size of internal store. number red of peripheral divieos, variety and in having several varieties units. An initial of control installation can be tailored to macot applicational requirements and subsequently expanded without interruption of work as the load increases. storage

Acr

built up by

The main instance may bo degrees from ono unit to eight units of 4,090 worda cach according to increasing needs' of fast Be- wide ress. There is also a range of peripheral devices using for essential all the standard media including equipment those already developed for the refineries in English Electric KDP10 system, Other devices fasily bo recently have

fitted as they become available, the with

The system can operate up to

been placed

OBIL

rate of

U.K. firm, South Wales tour completely independent programmes at the same time, Switchgear Ltd,

with special provision for com and One contract is for the supply ordinating their activities of equipment for use at an all

avolding mutual interference. refinery in Istanbul designed Apart from this tune-sharing and buik by the Kellogg Inter-

number of perip focility any national Corporation for the Col-heral units can operate simul- tex Oll Company. The accosultaneously subject to a maximum is for equipment for the Atas effective total transfer Ou Refinery, designed and being 750,000 characters per second. built by the Foster Wheeler Transistor logic is used Organisation near Mersin for throughout and recent develop- Washington, Oct. 30,

Standard Oil Company of New

ments in miniature components, The U.S. Agriculture De-York in collaboration with Shell printed circuits and modular construction techniques hava partment today estimated (and B.P.

The switchgear being supplied been fully exploited. Long ex- that world trade in who for the Istanbul refinery consists perience of operating a success- in 1960-61 would exceed of one 15-panel and one E-panel ful programming service for the the previous season's switchboard, uated for 160 MVA English Electric Deuce is being volume

75 at 3,300 volts, both of the single uut to work in preparing pro- by about million bushels.

busbar, air-insulated indoor pat-

routines. gramme translation tern.

bray routines and supervisary was total

"The equipment for the new routines for KDF9, The expected 1,821,000,000 bushels according Atos reinery near Mersin is of

The Arm may It to preliminary estimates, the a more complicated nature. Department said in its weekly consists of switchgear control foreign erops and murketa re-boards, neutral earthing equip

ment, and D.C. units. port.

which The switchgear. According to the report the rated at 250 MVA for 6,660 equipment, they have a digital

of the single-busbar, system available for the widest. primary basis for the expected volts, le rise is the

sels of fie and industrial applications. higher Import re-fr-insulated indoor pattern. range of commercial, celent-

is intended that two quirements of wester, Europe switchboards which

comprise-UPS. the main gear for the generaler station to be mounted face to The department attribulari face, and to be Interconnected the expected rise in European with 1,000-amp trunking. There what imports to less favour-will also be a 13-panel switch- crop conditions in many board for the control of various European countries with much pump motorS,

The control boards are to be lover production in Spain and

Moly anti a somewhat reduced fitted with coloured minies, and with annunciador systeme for the harves in France.

indication of remote operations.

LPS.

and Asia,

able

Production Was generally

120 days higher in northern Europe but

(Indtreet Sterling On Demand Bills untimely rainfall during the

on Europe 1/32nd higher than London Rate).

1/3 6/22 O.D. if under L/Credit 1/3 1/32 O.D. without L/Credit 3/33 up every 20 days

1/3 6/32 0D. If under L/Credit 1/a.1942 p.D. without L/Credit 3/33 op every 30 days

82 15/10

* 7/3

84 8/10

& 3/4

83 3/10

prospect has dimmed hopes Rupees (Persian Gulf Partsy within the administration for a big drop in the number jobless before the November 8 election. The normal seasonal decline in unemployment be- tween Seplomber and October 15 some 200,000, But govern ment experts indicate they, anticipate a much smaller de

to ercase, pointing

further softening of the economy.

Rupees (Pakistan)

Kysts (Burma: Rangoon) 82 10/15

ᅡ

Retall sales, although con- Matayan Dollar paring foroumbly with a year

ago, have failed to keep up to expectations. Retailers blame | U.S. DoDark, increasing local unemployment

2&30 days*

day**

DG daya

• DILLS ON ADEN:

If under L/C: 1/4 Bigler.

Without L/C: 3/0 Winer.

3/18 higher than the rate for

Billa on AdEN.

90 days

go days

12 5/0

23 5/5

60 12/10

& 30 days

E4 11/14

17.

00 days

82 7/8

13/16 7.

P.D.

.

7/10

daya

7/0

33 11/10

2T

6.D.

& 30 days

B4 3/4

po loy

-03 1/8

96 3/10 63 5/0

11/10 O.D 04 1/10

17 1/2

17 374

17 11/10

17 13/10 30 days

17 29/32 10 days

E

17 1/10

17 3/10

9.D.

1/0 5/8

1/2 20/32

1/3

1/3 0/10

1/8, 20/32 75.2/0

(Piret calendar montis free of

penalty thereafter 1/10 down as well as lees thany oranın). for each calendar mantlı). weather. Yet, they predict a

your-end rote about three to Canadian Dollars

four per cent above last year, Australian Pounde

One Indicator of the weakes

Bolgian Franca

nice in the economy was last New Zealand Found, week's announcement that dur" | Bouth Afɣtern Rounds ing the thing quarter: the groBD Swiss zanos national prochiët had dropped sa kiillon drom an annual "rate of 8005 billore dio, 1003 bilion. This is refooted in almost all

ther ournings emporis availpiņie

for the thing stortor, os ho

Brat nine-month--UPI.

W. German Deutschemarko J5 574

175/6

Nhe Sterling Belling rate shown above applies only to delivery up to two meths forward. A cut of 1/2 must be indipel får ancil period of "tures monštria, beyond that.

harvest lowered the quality, the. report said.

'BRISK DEMAND'

The department estimated that there would be an "especinity demand" for imported brlsk hard wheat needed to blend with domestic soft wheat for bread flour.

Although larger crops were harvested in some parts of Asia, the usual large import require- ments are expected to continue in India and Pakistan.

The report said that export- able supplies of wheat would be | higher "In the United States. Canada and Australia with the supply position of Argentina and the Soviet Union remaining about the same,

Anglo-American

agreement

of

that with the

KDPIO data precessing system, its derivatives and the 'Dalopac the well-established Douce and isrange of Industrial dain handling

Giant turbine will be built

one of two gigst generat< Ing units ordored recant- ly by the Central Elec- tricity Generating Board will be built at Rugby, Stafford Netherton Works of The English Electric Company Limited,

the

and

It will be one of Britain's Brst shinft an 375 moggawatt single Under the torpis

alternator sets to steam turbo agreement recently drawn use "upercritical" steam. Tho up with The Bingham zecond set will be built by Pump Company of Port-AE,I. Manchester, and tho

will together

produce land,

U.S.A., wo Oregon,

720,000 kilowatts. sufficient to pumps to the American meet the daily needs of a cliy company's design are to the size of greater London. be mónufactured

and

The pyo units are for the slation, markoted by the Foun-Drakelow "C" DORT

and with their ballers - being dries Division, Ponistone, South Yorkshire, of David de br Babcock & Wilcox and International Combustion Limit-

£18 mil Brown Industries Ltd.

pd-are worth some The units are of the centri- {fion.”

It is hoped that the use of tugal type and the British com-

will embrace "upercritical" steam will give a patry's market

ope and much of the Eastern thermal efficiency of some 40% reduce capital and Hemisphere, with the exception and of Australia, New Zealand and operating costs, Research and in 1000-81 and some exporting Japan.

development. has produced countries, such as Spain and A special section has been set metalo for the turbine

for the Italy, are expected to become up at the David Brown Found and blading, net wheat importers this year. rier Division to handle the very hiidh ceasures and tem- ***UPI.

supply manufacture of David Brown- perturbe needed to Bingham puriyaS, Introduction|2,000,000 165. of steam per hour of this new oroject is regarded to the alternator, st′′o tempora ea initiating a long-termy project. | Hiro of 1,100°F, This advance An exact reption of the Port-in design fe another step to- lond lost equipment necessary wands chpaper sleptricity for the

stand- consumer. to ensure the requisite

The Drakelow "0" slation lạ orde in every phase of manu- feature has been set up by the one of the largest in Europe, and Be English; dem, and the equipment la in: the Tront Valldy, near the Whe 10-17 DR. Deon calibrated by the East Midlands, coalfields.

Ketonal Pixzical Laboratory to two. 37 merawatt generating stri define poin British and Artgri-White No such into

Du can standard-194

·loperáken, P

France is expected to have less wheat avaliable for export

Exchange rates

Businem was, done in the local unemaciai xehano market the morning at the following rales: UB. dollar (per $1) Lan

Sterling molds (per £11........ Australian notes (per 21)*** Indonesian rupiah (par, Too)

anch

|

stars Alosis (per 100)

singasaru (Siraita)...

50+ Paying rates for sturing is on VR snd Hugve quoted above Fre six-mail males, and a not sopilownia win Thetruetlod ate that plagnient dr“ mozeptenbé thay "Skull artick) of Carrying

stemmer.

A0

millable

cpaing