1961-04-11 — Page 2

Page 2 Page 2

THE CHINA MAIL. TUESDAY, APRIL 11, 1961.

EXPORTS: I FORECAST WALL STREET REACHES

A FINE FREE-FOR-ALL

By Alexander Thomson

Cleveland, Ohio.

Uncle Sam may soon confront Britain's exporters with a new challenge. They had better get ready to meet it.

This is apparent from what I preciation allowances have been hearing during my poured into a company tror of seme of the big indus-place Its plant and keep up with

it centres of the U.S.A,

The times.

According

to our

Familiar phrases like "export

estimate. drive" are not used here. Ameri-be difference for American in- 7,000 can business men are not being dustry amount to arourid told that "exports are fun." million dollars a year, or £2,300

million.

No There are no pep-talks. gimmicks. Instead President Kennedy, whom everybody seems to admire, refers to "eur export promotion efforts."

They are part of a plan to

reduce the huge "gap" the

HONGKONG

STOCK EXCHANGE

Businem done at the long-

Block kong morning amounted ximately quotations transactions:

Exctinage

must be

10 re-

$3,500,000. and the

the to appro- Noon morning'

K Hank..

(211 434 300 430

210 430

50 420 50 420

Bk E. An Wharf Co

X.D. Talkoo

***

4007035

CAL

21.30

1500

100

21

3100

21.30

Wheelock

15.30 15.40 330

1 Dack

112

Ch. Prow.

115 1000 29.00

3000

they Were

K&A.

35 long

Hotel

IDK Land.

7425

Another experi continuing the

HEIC machine- argument, says that tools installed in the next de- cade will become obsolete with- in ve years.

1040% In the nited States had last year in reckoned to laat twice

I balance of payments over-before becoming outdated.

acas.

Also to help solve an unem-

problem ployment

that bax roulled from the growth in the than the economy being 1081 expansion

the available labour force,

First move has been a change

in the credit and other policies of the Export-Import Bank, one

of the big Washington institu-

Until now, 1ody has confined is activities on the export side to Bnancing capital equipment,

this governant

This Includes such things as heavy machinery, Mlectric power generators, steel-making plant and railway rolling stock.

The new pulky, an offelag of the bank says, will "enable us to linanes, or guarantee, export sules of just anything."

EXPORT URGE

With all this in mind, the Lank complainet "Govera- abroad have established ments |much higher depreciation rates faster write-off of | pervaltiing [new investment."

These fact

new export

demonstrate the

developing Urge

while the meng American spotlight plays on the state of the economy.

For is doubted whether even a major aptum in business wilt lower unemployment by

more than from 0.8 per cent to four per cent.

And the best forecasts I have teen are for a cut in the over-

seas payments "gap" to 1,900 million dollars in. 1981 from last year's high level of 3,800 million dullars.

Well,

The revised range, he adds pointedly will extend from Europe

on my travels

HIGHEST LEVELS

New York, Apr. 10.

Stocka shot upwards on nearly six million shares of business today, roaching the highest level over

close of business.

near the

Tichent were somewhat h-Eastman Kodak [hind floor transactions for neur-

ly a third of the session, as in dustrials cracked the record

barrier of 65.47 in the Best

150 450 Italf hour and ended about five 100

point above any previous clor- 20ing level in history.

1930 8 40 43275

Glidden Co...

Goodyear Tyre

Heyden Newport Corp.

normaitonal Nickel

Int'l Tel & Tel

Lews Inesep.

Much of the momentum camel Harvester 19.40 from sunce oge stocks after the 1040 Inrgest single money authorisa- 114

tion bili in history was intro- duced in Congress at $11,000 million defence measure for 100 785 missiles, planes and ships.

benc- Among the expected Beiaries, BM rose about seven. Varian, Zenith and Eltton about five; and RCA, Avnet, Texas Haveg. Instruments, Magiavox, Amphenol-Borg, Moturola, Con- solidated Electronics and others more than a pair.

2000 1 75 1000 76

5215 5113 11206 8035

1300 197 000137 100 134

Ito.)

Yauniai!

Trem

..... 101% 30%

100033

1000 935 2006 30

1000 3615

1000

200 v* 30%

3400 6: 3072

2000 * 2016

400 26%

600 G 30%

C. Light...

10+

37 1000 ( 37

Eiretriz... पर 3%

20 37

510 37% 500 4 2 200 m 37:4 Telephone, 45% 401 4000 404 625 409 1300 40 500 40

-

Cement

round been emelent

Dairy Farmi 30 30%

Watson

XD

I have always hair curlers, shoes and clothing | fuld how tough and to sewing machines, refrigera-U.S. salesmen are,

to intensify tors, television sets, radios and If they are now

they efforts by foreign markets automobiles,"

to be a Commercial ris, like the there is clearly guing

of credli-worthiness

foreign and old free-for-all.

Landon Express Serales). customers, will be guaranted

in the new programme. So wil! the usual currency and political uncertainties.

In other words, for att U.S.! business men, fi is going to balmunt a the of "heads we win, tails they lose."

The Department

Сыпи of

merce, equivalent to our Board

New York

cotton

New York, Apr, 10.

of Trade, is also striding with There was only a small pick-

fresh vigour into export pro- motion.

to

manu-

It is going after all the various trade sociations Ket them to interest facturers int OVITSENS

more

to

ཋཚོ། ཨིཎྜ ཤྲྰི '' ཋཱཊྛི

100 t 37 4500 37

225 16

500 # 40

2004

1500 G GA

500 m GO

OTHER SECTIONS Leading coppers nii

LONDON

STOCKS

GAIN

London, Apr. 10. Buyers turned out in force

and, pushed up industrial stocks

but dgoin

the movement was checked here and there taking o

fow prices just off the top

before a very Firm close.

jumped ahead along

studia

森森 In rod

41)

front within minutes

after the opening as dealers

coped with weekend mail order for this "budget ne- buying

count."

d Projeville Engineering were the standouts here. Must

TRANSPORTAH

European Air Union

operate next year

may

The Air Union boing formed by a numbor of European international airlines is likely to go into operation in the course of 1962, Belgian Communications Minister P. W. Segers told the Belgian Senate recently.

Twin transmitters

Geitetal eetrie

General Foods

81

General Actors

|

Getty Off

3

301

Gulf Oll

Sol

27

In and Steel Co. Ta

Int'l Business Machines

TOO

STIL

c015

Kenan C Power & Light Kennecoll Copper Lockheed Alterat

Gains wers often sharp with 621 building shares still climbing at the final bell and engineering equities well to the fore. Metal

B01

Box, Head Wrightson,

Birfield

*

Lone Star Cement Co, Montgomery Ward

31

chips notched galas.

National Eath R. *A* National Lead... New York Centrat Olin Maibicson

British

Motor Clip.

blue

and

voti

19

401

10%

81%

Jaguar accelerated far better-than-expected car -York 2735 anles through the New

Show which buoyed the motors The Unilever "Twins" pector. both racked up good rises,

on news of

for civil

114%

GOLD TUMBLES

44

Stores failed

45

best levels

10 but

52

with Great

Universal

any

Properties, banks and Insur-

ត

DR

Studebaker-Paciunt Com

ances broke into higher ground.

Swift & Co.

Texas Co.

10115

Unton Carbide

13146

Union Facile Railway

312 4112 -100

5414

showed

gains of between one and 2

expectations of points

Un

price increase for the red metal. Good Brst quarter earnings also Rave two points and lesser galus to many oil stocks.

ous Elevators ..... Pacifle Gas & Eler. Pun Antrleen Airways Paramount Pictures Pen, Salt Co. Radio Corporation Republic Steel Reynolds Tabsces Sinclair Oil

Secery Moblй Stamford Brando standard of Cai Standard Ou of ind

Standard Q of NJ, Sleep Rock

United Alcerafi

US Snelling

The improved tenor of busi-s Gyprum ness news-rising steel produc- tuber

car output, the US Steel tion, increased expected Increase prices, and the government's re-Westinghaure Electric port that sales improved at all 31 three consumer

In copper Warner Brea

Woolwert (K. W.)

levels

most

February while inventories fell- spread the buying inlo 800395 other sectors of the market as

B0039

1000 en 11.701

well.

18.00 Motors mostly showed small Steel, U.S. fractional gains, 1500 11.00 2306.23 1.ukens, and Youngstown gain- B000

ed about a point, and in the

11.40

1000 of 11,40

10007

Ailled inv. 11% 11.50 1000

Textile ....

8.10 Nanyang... 14.00 Amal. Лub,

Bub. Treint City Hote: 27.0 Humphreys Star Ferry BK. & F.E.

Inv

2000 or 6.95 1000 up

1000 20.30

45.20

200

22 22.10

1000

Сигна

4.476 43, 2000

up in futures trading to Int) Inv. day.

closed at The list

about its best-with both New York and New Orleans up twe to 11 selling points.

New York opened 9 points to 5 points higher.

Routing fixing in May steadied the neur months and commission house buying in Now crap accounted for the strength In kaler months.

Offerings were limited and mostly from other commission houses-UPI.

HARSHER TAXES Spokesmen for the blu cac porations are already saying what they need to bring home bigger orders.

fas du- One leading bank. clared: "U.S.

has business harsher tax rules to live by than true abroad.

"Foremost in this connection

is the matter of allowances, in calculating Income tax Habity, for depreclufion of capital as sets."

in an age of dynamic change mixed up with laßation, Jarge amounts of capital beyond de-

Agreed merchant

rates

Canadian 9 Maxlinum Selling: 1714. Minimum Buying: 175, TIT. 17-7/18, Q.D.

P.O

ORIENT

LINES

EMBARKATION NOTICE

R.M.S. "CHUSAN"

EMBARKAMION: The ship will be berthed at No. 1 Pler, Kowloon Wharf. Passengers should embark between 2.00 p.m. and 3.00 pm on Friday, 14th April, 1901.

SAILS!

BAGGAGE:

The ship is expected to sail at 4.00 p.m. on Friday, 14th April, 1961.

Should be bent to the Hongkong & Kowloon Wharf Co.'s Godowit (No. 2 Gate), Cariton Read, between 8.00 a.m. and 5.00 p.m. on Thursday, 13th April, 1801.

SUBJECT TO CHANGE

Agents:

MACKINNON, MACKENZIE & CO.

OF HONG KONG LTD.

Tolophods: 86211/9

chemicals Union Carbide End

Ts Pont rose about two each.

Improvements

ปะ

of one more blas appeared in such blue chips an American Tele- phone, Procter and Gamble, Texaco.

Anaconda.

Lorillard

and

UPI.

World metal market

New York, Apr. 10. The copper futures market today was very steady. It 17 points 12 to closed higher with salos of 408 contracts.

Last week's price advance for serap copper and predletion

Today's volume was 5,550,000 for a prrrible boost in refined shares. Of a total of 1,311 shares | epper brought into copper. truded, 680 were higher and 450 futures a strong tone today. lower. American Exchange volume Was 3,740,000 shares. Bonds volume amounted to $7,-

hold their Woolworths climbed a small traction higher, Storen,

A

aircraft

radio

London, Apr. 10. mėdium - power transmitter incorporating two mutually-tunod trans- mitters for constant trans- mission, said to be ideal for ground-to-air munication, is being pro- duced in Britain.

com-

Air Union is being formed by Air France, Alltalla, Lufthansa, ond Sabela.

At a recent meeting in Paris, a committee of directors of the participating airlines reported new progress in the formulation of the basle statutes of the pro- posed association. The text of

be the statutes is expected to submitted to the four govern-

ments concerned in the course of April for their approval.

Miloter Segers fold the Bel- glan Senate as follows: A pact of association has been cortchided and all the probletris concerting its application tave been solved. The negotiations on thư company, level may thus be con- Tumbling price: marked Tho equipment, developed Ridered to have resched their gulds. Persistent selling of from medium-wave broadcastinal stage. Barring unforeseen

south African mining stocks units alrently being produced produced falls running Into by the manufacturer,

several shillings.

Western

dipped Holdings 7/3 to 112/8, a shade above the i worst, Coppers eased but ins In diantonds, De forged ahead. Beers dipped nearly 4 shillings to 125/7

Dollar stocks made a mixed showing and foreign bonds foil- ed to cel a trend. Gilt-edged lest ground towards the end of the

рег day. Wor loan 3% cents closed at 257-11/16ths.

British Petroleum and Burmah made the strong points of a finn vils market.

Rubbers made some headway but tens were a lacklustre affair. UPI.

Closing prices

British Government Securitisa 21 Comellduted-£41-11/0. 3 Converse-£55-13/10..

3 Savings_1955/66-E-15/10.

-+-Sevir.-195 773-15/AG..

7. Savings

Overseas Hands

50%, German (Dawes)—–£85),

Japanese, Assented-153.

Hanks & Insurances

Barclays Cd-759 30. Chartered Bank-125 td. Guardian Asurance-140% J

Bongkang Bank-E14.

Lombard Banking Ord-21 77.

6000 2000 + 4:4

Realty

P. Trams.. P. Trans Hope

2.325 123

Future pricey closed in cents | as follows:

20 2940

200,000.

Lane, Craw. 50

31

May

10.43

Lloyds Bank-674.

Dow Jones closing averages:

July

29.87

30 Industrials

€92.04

Sept.

39.35

20 Rails

144.33

Oct.

20.80

112.03

Dec.

20.90

230.60

40 Bonds

00.18

Comm. future prices

Index

144.57

In Indon, the copper market Cealings was firm in moderaty and values laed around 12/0 higher on the day.

was very with spot and further

Chicago

graim

market

Chicago, Apr. 10. An increasing demand sent old crop soybean futures steadily higher today and in the early afternoon they were dround oight conta a bushel ábove Fri- day's close.

Transactions were rapid with volume probably close to 100 million bushels for the day.

Trade in the grains, however, was draggy and prices general- ly were weak. May wheat, un- der the weight of fairly heavy selling, had declined more than three cents.

Soybeans derived their major support from mer prices for soyben oll and soybean meal and better among some traders that the govetinient report later today of stocks of soybeans on farms as of April 1 would be somewhat bulissh.

At the close coybeans Weta 1⁄4 to 1⁄2 cents a hunhel higher, May 3.20 -20; wheat % to 29 corn 1% lower, May 1986 ; to 14 lower, May 1.08 W; odis to 1% lower, May 60%; tye 4 to 1 cent lower, May 1.17 1. -AP,

Record steel production

Luxembourg, Apr. 10.

from the

The Europóan Coal and Steel Pool today reported a record inchith production coltiimunity's stcol Works of 0,748,000 tona in March, 1041.

This is the highest

produc- tion of

aldel

since Octuber, produciloh

with coftimunity's

was 0,428,000 long.

During the first iliren monilis

of the year, 10.0 million tons was, turned out. Total pro- duction in 1900, was 72.8 IS Mon tohs.- UP.

15 Utilities

00 Stocks

Closing prices

Ailled Chernicǝls

Altia Chaliners Ainer. & Forgh. Power American Metal American Sinciting American Tel & Tel

American Tob Arinco Steel

Anaconda Copper

Armour

allimore & Ohlu Bethlehem Steel

Canadien Pacifte

Chrysler Motore... Colgate-Palmolive Co.

Consoldated Edison Crown Zeilerbachi Cuban Amer. Sugar Diamond Alkali Dupont de Nemours Eastern Air Line

$62

303

120 a

The tin market atrong today three-months jumping

to £840 and £843% per long

ton.

The lead and zinc markets were quiet toány.--UPI.

UNIT TRUSTS

CX

First Hongkong Fund, dividend: $1.33 (buyers), $1.41

(seller).

Second Hongkong Fund: 97 cents (buyer), $1.02 seller.

COMMODITY PRICES

METALS

May

s.

British Petroleum-58 Burmah Off B 3d. Shell Transport Ord-160s 3.

oyal Dutch-£104. Uliramar Company-33 111⁄2d.

Steels & Engel Babcock & Wilcox Harland & Woll 018-23 34. Tube Investments 64 Untied Steel 34 Iku. Vickets Ore.

Electric

Auc. Elec. Industries-449 Del Elec. & Mus. Industrie-505 11⁄2d. English Electrie Drd-378. General Electric Ordis G Philips Lamp Works£ 12-13/34 xdexbonus.

Aze

101.

xd

Cement-1

Industrials Poriland

iscardman, Marden Ord-3. Borax oldings). Dunlop Hubber Ord. c. Forestal Land-14a du

Giman (Foldings Ont-si Hugo Bay-28-11/10. Rediturion Ortho478 Pyd.

Turner & Newall Ord-75% 10!2d. Unilever Ord-19ûs 3xd. Westland Aircraft-17% Gd.

De La Rue Ori-.

Chemicals Imperial Chemical

Ord-731 7454 )

Monsanto Chemicals Ord-251.

roper

Bowater Paper Ord-501.

Wiggs Tenpe Ord-52s 30

Tobaccos

British-Amer Tot. Ord~(6+- &cb= Carreran "1" Ord-48 4:54. Imperial Tobacco Ord-07

C1.

Motors

Brish Motor Ord-10

411⁄2d.

ນ ໄມ້

14.

1,03

3,00

Spot-(World Average) 300 Total Sales: 125 contracts. Open Interest: 1,181 contracts. Contract No. 7 (domestic) May

Spot-Hulk

6.30

6.45

Total Sales: 21 Daldy 6.25

estiarts. Open interest: 2.000 extract

NEW YORK

Closing prices all in cents per

July Sept.

Leach

zine May July Copper May July

May July

10.44

10.33

1110

11.23

70.57

LONDON

Closing prices, all in alerting per la ton.:

FOREIGN

Closing rates:

23014 Cauda

Buyers Sellers

TIR

Spot 3-molith Copper

Spot

BJ01 BICIS

443)

0125

22015

-month

Load

Epot 3-month Zinc

Upst

£712

之

CO

DAIL

0191

3-month

Bath

041

LUTI

NEW YORK

1.01-1/10 2.7037

2.7003

England metal

20-11дул

00-10T1

Omers unctiunged.

LONDON

Closing rates!

New York

Montrent

Amsterdam Brunel Cupervisden

SUGAR

NEW YORK Closing prices, all in cents per tockholmi

„Contract No. 8 (world).. Kay

ib.:

Juu

3.10

1,00

Fratturi

Cit TAMA.

Miten

2.1914-200 3.77-1/10-2.77-3/10 16.00-14. 10-139 0214

30.9411-19.349) 11.411-12.1 10.10-850 100014200014

174012-114014

jawker Siddeley Dr Jaguar Care Ord-034. Haus-Royce Ord-40 74. Biandard-Triumph-123 d.

Textiles Calico Printers' Ord-15, 94. Conte (J. & P.) Ord-evi 36. Courte-ide Ond—45% 1140. Pine Spinners Ord-354, Lancashire Cotton Ord-64 10!

Stores Great Universal Ord-Ghs 04. hinks & Spencer "A" 0.1021 United Drapery Ord--65 101%d. Woolworth (F.W. Ord- 14.

Miscellaneou

Bowmeker Ord-20s Od. Canadian Pacific Ord-4. Cunard Bleorship Ordmis 2014. Hongkong & China Gas-139. Judo-China Pof. Dro-23 &ed. Land Recurlies O-274 9. P. O, diram Nav. Def.-451. Stoll Theatres 10x_71kd.

Mines

De Beer Def--123 7154.. Petaling Thi-IN |

Rio Tinto, (750

Hoan Antelope Capper-idy 44. Union Corporation-430 xd, Welkom Gold Mining-12

3xd, 01 d. Rabbers & Teas

Western Hofóber-1)3

Anglo Indonesian Plant.—4% 04. Cylon Tea Orch-300. Imperial Tea Ord-10%, Kuala Laguner-Kenang-Ji Dd. Lambak Rubber-050 151,

Exchange rates

Barnem wie dane in tin unomicla *** starke maming, at the foliating sales: U.. Hollar (fret #2) Steniig ni DUN 25) Austalla notes, iper £35

Jadonesian Rupiah (net (00)..

Mam treala (per 100)

Ringspora (Bralte)

carrier

Into

should developments, the Air Union

can be expected to to interest overstas civil airines operation in the course of 1962. because of reliability and cost, With an output of 0.5 KW onti iclephony, fur 0.7 KW for C.W. the unit com- prists two transmitter Sections feeding the aerial system combining through a patented unit. The big advantage, it is

shouldi claimed, is that transmitter fail. uninterrupied service still ensured.

Improved airliner passenger stairs

one Fan American World Air-

Previously, in order to main- in uninterrupted communica- stand-by transmitter on.

The was necessary. tran milter system Installation costs.

સં Suvra

Costs i

Exclusively for the export market the equipment

United below £1,000 Lob. at Kingdom porta.

ways are now operating an improved form of pus- senger bodrding stält for uso with their dircraft at London and other dir- ports.

As soon as an alreritt comes to n standstil the vehicle is

This is the Edghiü-Autosipir", tubular structure enclosed in aluminium sheet and mounted na Karrier commercial vehicle chasals, The unit JANI" factured by Edghill Equipmenk of Hook, Hampshire, la "Shbunt"""""" "Either trafismitter Ltd,

10 lt-propelled and speeds up fall, the station continues

and unloading of the loading a break operate without reduced power, A patented passengers from an airgraft. elreult arrangement in the com- bining unit climinates feedback transmitter from the operative into the one which in tem-driven up to It mad the stair unit raised by controls to the porarily out of service so that

driver's cab until the top Jandy all available power reaches the

int is approximately aligned Berlal.

with the passenger

ix the driver being aeslated by signald from a member of the aircraft crew. Alignment of the stair completed by operating a push button control provided for fine adjustment on the top not-landing.

The same facility allown for maintenance. without shutting the station down--a great assel for communications Ja aviation.

are

Can

civil

The transmitters

for crystal mally supplied

The driver then lowers four- operation, but a highly-stable

jackd stabilising plug-in master oscillator can be hydraulle

Speech which hold the structure rigid, supplied if required.

be and the unit in ready for the equipintat

descend. Tha Sipplied if secrecy is essential. passengers -LPS,

complete operation is extremely rapid and maves a considerabio emount of time arkt labour com- pared with manual manočuvring

invet sion

to

Garuda inaugurates and adjustment.

international service

Industries Northern

The stair treads are of Noral aluminium alloy ireadpinte, supplied by Alcat Limited (formerly Aluminium Company Tirested) who also

the unit.

suppiled the Noral

Djakarta, Apr. 10. Garuda Indonesian Airways

initiated Jor Ago Service, aluminium shoot which encloses Photo ar wook, with Pun American have eighteen departure of its Lockhood of These units in servicoat Electra prop-Jet transports various/airports throughout the from Kemajoran Airport World and consider

valunblo contribution to In- to Singapore, Hongkong creased passenger

conventerico and other international and operating efficiency. route cities.

Garuda's intemational Elec-

Ira service follows less than one month after domestic turbine- in- powered schedules WCTO Bugurated.

Fising more than 30 per centi faster than previous Caruddi

thent

Luxury yacht launched

at Welsh yard

Hogships, the Electras can carty The largest and poisibly tho

78

passengers 20

luxurious first class

the in

compart- ment, and 62 in thrift accom-

modations.

Garutia routry cover 18,500 lies-from the Indian plaina over the Sumatrah rain forests, acrom to the Philippines and up the China Sen to Hongkong and Tokyo.

Caruda's fleet of three

moat luxurious motor

yacht over to be built in a Walatt

faunched

shipyard

49

was Newport,

Monmouthshiro, recostly, This 350-tbit vétshi is

boing built for the Greek shipowner B. P. Pandelis By a Nowport firm.

Elec-

It costs £250,000. It has ac- Iran, already proving their com- patability with the tinc's short cominothilda for 11 påtsengtis rement from 150 to 800 miles and carries a crew of about the It length are designed also to name mumber. Features inclüklo *pan over-water distances of gold niting, in the Bathrooms,

han more

If special ugrescent Biting, 8,000 miles desired.

FIEL Minbillaers and a systemi The Indonesia cartier's fight for the "ileiti rumity of the rrows and greind support per-engines. This is to ensure the

will not sommel completed comprehensive, parserigers blecți

under disturbed. trainin programmes

Has Been jorgi tutelage of Lockheed Alteraft¦ The holo Imit

this Corporation teclmilctntin in Call-built to this owner's specifica- infultus, home of the Electra. Hons, Mr Panitclls personally

10.00

A speefal Locklord altline] süpervising us buiktor

12.77 operation team was difignud lo, ille drawing bisita. The Füchit

驱

Djakarta to assfet fri Bre is now being filled out and will'

1| fritroductory activities,

be ready April.-LIS