Commonwealth
THE CHINA MAIL, MONDAY, MAY 28, 1981.
Weekly survey of American economy
trade problems THE PRESIDENT'S MESSAGE
discussed
London, May 28.
Sentor economic officials of the Commonwealth completed their regular conference here lust Friday on trade and economic problems affecting their nations.
Singapore
rubber market
Almost no details of the dis- vurrions were disclosed,
but
the short communique which followed the end of the con- ference added weight general belief that
to the Britain's
impending decision on joining
main tople of discussion.
"The meeting of the senior rconvinke officials from Com- monwealth countries which began in London on May 24 ended this evening." the com- munique sald,
WALL STREET HONGKONG
MARKET
FALTERS
Now York, May 28.
STOCK EXCHANGE
Our Owl Correspundunt
Business done at the Hongkong Stock Exchange this morning amounted to about $2,930,000 Noon quotations and the morn-
Ing's transactions:
Bates Bares Buyers Sellers
412 414 2007 420 Bank..
140 50 414 100 412
the Common Market was the The stock market fastered all along the line lost wook as investors ond traders alike were affected by a blue chip group in various stages of changing its tone. Dupont, General Motors and big hand in the stock market American Telephone the king- rise earlier could exert con- Singapore, May 20, "The meeting discussed
aldernble pins of investment staturo-fell
weight downwards. rubber markor was number of trade and economic back abruptly and set the tone Volume last week dropped to alik Bank
rubjects affecting Common-
as investors Lah. Reg. generally very quiot last wealth countries including the
for a snorkel already fearful of three-month low
took to heart probes, warnings. Asla
Lombart! week and the tumover world economic zituation, Euro-muching further its luck
und scandals in the wake of XD has been on the small | pean trade, and economic deve-
record high territory.
previous week's feverish Whorf sido, 。 leading dealer topment."
p:culative pact, sald today.
The
Octal sources said t
was
quite "safe to assume the sub- Jeel of the sixes and sevens came up strongly and was dis- length," under the subject
"European
Holkkay, Cutler, Buth and Cu. Tad, and is its weekly rubber report that despite the fall in prices "dealers appear to be used at Waiting for further incentive be general fare increasing their commit- | tende."-UPI, ments but there was
little to
sway the market one way or the other."
The report said demand for the forward position has con- tinued with the main business written In July/September at Bround last week's premium. Scente interest was noted for the inare distant mouths, il said, but į sellers were disinclined to offer.
Lower sheet inquiry was on the small rice but persistent with intorest in most grades at narrower discounts.
The
report said elatistics Agures showed that stocks in Singapore excluding
foreign transhipment at the end of April were 80,752 tons, compared 00,872 in March.
10
The rubber market opened last weekend at 87% cents per pound for June first grade rub- ber, F.O.B., down half a cent comparing to the mtd-weck closing. UPI.
SIR
Nylon fibre
contract
an
Moscow, May 28. Armstrong Vickers Soviet Techinash-import (Toch- and the nical Machinery Import Organi sation) have concluded ngreement for the supply of a factory producing nylon fibre for Lyre cord manufacture, the Tiss has announced.
The
that
the
agency sald factory would be able to produce 6.000 tons of nylon annually and that the order was worth over
£4 mallion.
The announcement of the deal was made at a press conference in Moscow by Lord Knollys, the chairman of Vickers. Tas sald. China Mail Special.
BICC
WILLIAM MCFADZEAN'S
The 16th Annual General Meeting of Brilla Insulated Callender's Cables Limited was held on 26th May, Breitenbern House, Lon carfur Maco, Lundon, W.C
The following are extract, from the circulated" statement of the Chairman, Sir William McFadzean, CA, Companion 1.E.E
GROUP ACCOUNTS
Sales of the Group at £143,000,- 000 Increased by £11.000.000 or komo 12 as compared with 1830. mainly as a result of higher out- put. Including income from Trade Investments.
the profit for to year at £0243,000 shows a decrease of £137,000 but with lower taxation charge the Net Proßt Improved by 121.000 to C3,032,000. Exemptions) Itaus produced a further £900,000 to bring the Total Net Pront of the Group up to 24,640,480 of which 4514,000 attributable to BICC Stockholders. This compares with 20.940,740 for The previous year.
Net Croup Assels have increased 10 E64,400,000,
THE CADLEMAKING INDUSTRY AT HOME
Our two principal aime 1 1900
to obja mora
ecullinic
were
prices for certain of our products, and to achieve the highest nvniali efficiency in our cablemaking a villes a whole by unifying and concentrating our production and veling arrangements for a nimber of our main products.
The windor of this policy of in- creazing eficiency by concentrating manufacture and selling
Group effort of power cables and wiring and general coblem has been proved by the aubstantial incrpar
volume pohlaved.
_AK I said in my Statement to Stockholders A year ago. our policy as the largest cablemaking group, was to endeavour to give à lead to the industry by raising prices to some extent, so 39 tu prevent the Industry defflag to The disastrous position to which pursuit of any "thnet-tekss Advan- inge under conditions of unfalter- ed competition would lead it. We. are convinced this polley is in the national as well as our own buler- esly and we have continued to follow 11 during the year under Inview.
fxcluring and installing consider-1. able quantities of telephone cables un various routes.
Submarine
Fower Cabiri And Pipelines. The most Interesting avent during the year was the ward of a contract worth £2,500,- one for a flexible submarine pipe- Jine to transmit natural from the mainland of British Columbia to Vancouver Island. When com- pleted this pipe, which will b made by British Insulated Collen der's (Submarine Cables) Ltd, and Installed
by our Construction Cam- pany, will constitute the world's longest flexible submarine gas pipe. ine. We believe no other mu facturer in the world can offer A comparable product.
Metals. I 1060 our Wire Division at Prescut
Actilevel recard output of 107,000 tons of incials.
a
Total orders received by Thomas Bolton & Sera showed a substan ila! Increase over 1939 and output of British Copper Refers was 0% abave 1000. The Telcon Motals Grp of Companies has achieved substantial ncrease over the whole Held
its activillay. Although we w many metals, Including steadily increasing quantity of aluminium, copper is rill our chief raw material, and 1 Group låst your purchased sone 230.000 tong.
Capheltors. There Is growing worlwide interest in our energ❞ sfornge tupacitom, and I am pleased to report the receipt af substantial enders from the USA.
in
The prospect of Dupont's disposing of its huge holdings for more than 40 years, enme as a rude shock to thousands of lodholders and to some of the tes on Wall Street. sophisticates
the fact What Despite
The st
change Court gave Dupont 10 Supreme years to do the job, both Issues were hit hard.
Winding up its Job with the
situation, Dupont-GM
the rlis- Justice Department had olosed 1 would look into al-
350 414
31A 330 240
Y
367 200
Talkon Burk 121% 13£y SLIC Go.... 21.40 31.00
Activily on the American Stock Exchange, in particular, cooled off considerably as in- vestigations began into that market's method of operating, That the securiiles & Ex- Commission meant business was understood by HK toto!.. the arrest of two specialista for violating BEC regulations via alock manipulation
譬
1000 67 73 200 421 100 21,60
500-4234
230 21.CO
Wheelock
HK Duck Provident
18.70 10,00
110 113
337 7414 930034
4000 60 57 3600 16.80
400 112
100 54
40 48
JK Land
73 7324
BOD 40% 1800 731
200 74 100 7319
48 10
200 62 4015
133
131
100 68 133
400 of 134
HK Tram
392 10
Ch. Light
1800 30
200337 300 301
3716 0724 7700 un 3s
1000 * 3724
400 Gr 38
eged monopolistic practices by depressing one and the mixed Yaumati
The overall atmosphere was HK Land
Right variety of business news did the giant American Telephone
little in the way of brightening & Telgraph Co. That stock also the picture. Retail ear sales, was clipped sharply despite the steel productiun and freight fact that AT&T discounted carloadings
were up over 0 the move as "routine.”
week "Ko bui construction, Volumo
the American machine tool orders and bank dropped even loans to business were down. Stock Exchange more sharply 10 10,220,310 shares previous
on
::
HK Elec.
3735
34
from 10,892.055 in the As a result, the week's down-
Last week
By year turn was not surprising. 7,008,000 shares changed hands.the end of the week, however, the market showed signs of recovering its footing as Pre-HK Tele. sident Kennedy cast a few kind G.J. Cement The market breakdown, show-words towards the investment Dairy Farm 381 cd that 1,459 stocks were trad-community." cd, Of these 737 Anished
NEW HIGHS
lower,,595 rose and 127 did not Friday, therefore, the last
the change. New highs outnumber-session before
that the
599
1000 or 37
50930
Regarded as a
as a TEXTILES further boost
to
economy
New York, May 28.
President Kennedy's special State of the Union massage to Congress was seen as a means toward creating a climate whare continuad economic growth would be not only desirable but neces- sary if all the objectivos outlined in the message are to be mot.
WEEKLY
REVIEW
New York, May 28, cotton groy
goods markot fast work con-
The
tinued to be a lackadais- cal affair, holding to the dull pattern existing sinco mid-February.
A main stumbling block to new business has been a tighten- Ing impasse between buyers and
rollers over prices.
Consumers continued to probe on third and fourth quarter de-
cussions. Conversely, woayers
The goals of the supplementary national pro-liveries, looking for price con- gramme, involving defence, foreign aid, said they could not cut prices civil defence, space exploration and a mass in face of the certainty of liigher programme for remaining those jobless who are victims of automation, would affect vir- tually all aspects' of America's economic life.
rice far raw cotton, under the which becomes operative on weke law to become effective in
government support programme
August 1. And the new minimum
September.
While
veloped
stanc
d
Most business analysts im- gree of slackening has set in
de- mediately agreed that the pro- after the initial post-recession
sporadle buying gramme would provide a further spurt of the economy.
on certain premium boost to an economy which has For example, new orders for quailly primi goods, along with 250 481 only recently bagun its recovery machine tools in April dropped fabrics, brokers said busines
a few industrial heavywolent from the latest recession; they sharply following the also took note of the fact that stantial March upturn. Machine the largo volume Mr Kennedy's extraordinary tools take a long time to build numbers has been largely tou- message came at a time when and represent a picture of far- tine and in limited amounts. the first eigns of a leveling-off | In-advance production. In hold- Because of the cold and rainy In the recovery paltem have ing April tool orders down to spring weather, and the general. begun to appear with the op- $40 million, the Industry ran y slow turnover in finished proach of the usually clock sum-counter to the general upswing goods, converters, garment cul- mer business period.
In the economy.
Tho
Marchers and plece goods buyers have They did not, however, ex-orders wero a record $70 million. been extra cautious. Buyers pect this now Kennedy pro- Stech output passed the two asked why they should contract gramme to have an immediate million tons weekly production for later deliveries when spot- effect on the economy to the level last week the first time Erst-hand goods, and resules, extent where the summer slack this was achieved in a year, have been available % to 2 period would be unnoticeable. Steel production currently was cent yard under third and
They restated their carlier estimated at 71 per cent of the fourth period deliveries, estimates that the summer slack total capacity, But orders have Looking ahead, some market would be less pronounced this begun to level off and steelmen unlysis year than in previous normally generally agreed the May rise plow trading pace would cou- thought the present developing year.
will only be held in June with- tinue for a while. The reason they give for this out further gain and the follow- is the late
SPORADIC BUYING start of the post-ing summer months should ne- recession recovery pattern earl- tually see a slight drop. The buying developed for knitting In cotton yarn sales, sporadic ler this year.
long-range outlook for, the whole and weaving counts, Another immediate reaction to of 1861 is only about a million overall volume
but the the new Kennedy programme
Was limited. was to label it "Inflationary."
tons or so above inst year's 00 Smaller consumers continued to Although the President urged
million.
buy for nearby needs while Congress to avoid spending
What worries U.S. siecimen large weavers onverted excesses and carry out string- is a sharp rise in steel imports way through
third quarter. erit scal policies, although he
which danbied in March an Some weavers Mère asking an called on the general public for against February in such cate= - Additional cent a pound on third- self-restraint and personal
gories as barbed wire.
quarter bookings. Other spin sacrifice in order to make the
First quarter imports of thisners however, said higher cot-
ion costs and were reported to be minimum wage, to become effco- programme possible, economic product
the increase of analysts saw no way of effec-10,000 tons, which la ded tons live in September, have not enforcing such self-more than domestic deliveries of helped to stimulate sales to any
by Belgium, unusual degree.
1000 63.
500 6 0734
60038
1000 37
700 53
1750 ir 501
500 гр 383
500 30
1500 38
1000 D 48
12.40 4000 12.30
Watson
four-day
Amal. Hub.
Allied Inv. 12 Textil Nanyang
0.80 3000
0.70
Rub. Treat City Hotel..
8.LD GOOD
D
10
33
7045 600
Realty
2.70
or new lows, however, by a weekend, produced a sharp re- large 187 to, 28.
bound in prices and sentiment. The "consolidation," it
Was It was apparent government, which had such a hope, had ended and next week amphreys
would be the start of the pro. verbial "Summer rally."
STATEMENT
A
In Now Zealand half-milo erossing of the last tiver was made, and bridges were also sup. piled to Targonyálka, Kenya and Kurdistan,
OVERSEAS AFFAIRE
For many years we have devoted a large proportion of our effort 10 OVERPAS trade both in the fun of direct export from this country and by way of kwestinent in loc manufacture Oversea. Toini sules effected under these heads amokant. ed to 43,000,000 ir 1500 compared with £30,000,000 in 1959 but we are further futetying our efforts and are determined to improve stu further our achloverments.
Despite fierce and growing com- petition and the further develop- inent of local mamilocturo in many parts of the world, our exports from the United nedom fratories have Been well matatafted,
were
Our overseas factories have con- tinued to make progress in ne with the growing loca demands. Business conditions in some coun- Irios, particularly Canado. not, easy but, overall, thene invest- ments have made a further coni - tribution to our restalls for 1060 And am confident will be of in- creasing bemont to the Group in the year end.
RESEARCH
The past year has been of special Alanteance for our Tesearch Or Canisation. It has seen the com pletion of a five additional labora- fory at Wood Lane which Increases the effective working space by 50.000 square foot. I pm proud to fell Stockholders that we are to have the honour of a visit by .R.1. Prince Philio. Duke of Berbunya, in May to apen thas now laboratory.
Thy turlarer of the Telegraph Condenter Company exceeded that of 1859 which was self a record Уерт. This
Company actively pursuing the opportunities presented by the agreement con clated during 1000, for interchange of technique and k-sow-how with the Sprigue Electric Company of USA. an cgreement which I am conndent will prove of great n vantage to both parties.
Constructio 1060 Withered further increase in the activities of our Constriction CommATVY.
On the railway #legfri@cation side, the Company continuett be actively engaged. Two schemes were completed under the British Railways modernization plans.
The benefte should be progreningly the Manchester/Crewe and sively felt during 1001.
GROUP ACTIVITIES Power Cabion. Among important overnens orders for power cables were that from the Hydro Electric Conumtion of Ontario for 230,000 volt cables and from the Austra Han Authorities for 200,000 volt cables for the Gnowy Mountain Hydro Electric scene in New South Wales.
Telecommunications. Our Tele phoan Cables Division at Pract. in addition to da large husitiess |with_the_Post Office, has continued to play its full part in the Dritten Transport Communion's elegiri+ fication And modernization pro gramma by · engineering. Mb
THE OUTLOOK I believe the sters we have taken To expand and Improve the fetency of our Group manufac turing selling arrangementa will enable ur fully to retstry our sharm of the business avijajo, and I have gond hope that by the price leadership we have en- deavoured to give in the cable in- dustry at hume, we nħall tro abie to secure reasonable return on el que principal producir.
tive Liverpool Slimet/Enfield Chingford/Hanford (East) towards froor and inereusing trade hop's Stortford lines, both of which operation nne is sticeersful commereltl
The Company, was also suTOPNI fut I can
contract for 300 track miles of overhead equipment for railway elocfelfestions in India. The Company continues to mag- ply a large number of rudio and televiakin masta and towers, and business
Callender-Hamilton
bridges is expanding, particularly overwin where noteworthy in Atallation was a 60 feet bridge rosting the Thelum River in Pakistan for work on the Mangia Dem.
Although the future of world trade can never be free from poli- tical uncertainty, there are, I be leve, enquraging eigne of a trend between the nation. Allied to this trend to the growing detand fa +23 coumiriesTM for a higher starfard of life, and one of the fundamental requirementai meeting allt demand is the trunk. marion Bad distribužion of ejrt fricity for power, cɔd conmunien- fen zurposes, This is cur busines stress owhitch by 93,00g Stockholders and oparsted by a team of 41,000 men and
Recule to date for 1981 hem en- couraging and provided there is no major dislocation in trade ges- erly. I look forward to the pico Group having a nugreatful year.
BRITISH INSULATED CALLENDER'S CABLES LIMITED
Innis & Riddle (China) Ltd. PO Box 72,
07/09 Des Voeux Road Central,
Long Trong
Agents:
Arnhold & Co.; Id., P.O. Box bo, Holland House,
B. Queen's Troid Central, Trong Tron..
Last week's wrap-up, accord- Ing to Dow-Jones: Industrial stocks lost 9.68 points to close al
| K.M.E. 096.20. The previous week's move into "quality" issues was Star at least temporarily checked. Lane. Craw. Ralls
Int'l Invest. Gilman.........
lost 2.20 to 145.27 and utilles gave up a small 0.30 to 133.30.
Activity
plunging to the lowest level in around threa months
came to 19,230,340 shares compared with 24,274,340 shares a week earlier and 15,- 075,995 last year at this time- UPI.
Forecast
20.10
300 or 20.20 24 13000 -9.72s
6000 2.70
5000 2.70
15000 2,725
1000 of 214
180 DO
2014
40
7208014
Ferry 230 232
300 6232
700 212
5 116
1000+144
1500 51 14.50 1000 15,00 5.16 5.25 000 5.20
2000
5.15
0000
10OOD 5.15
15000 5.20
2000 5.20
20.20
1.35
C3
3.05
29.40
2.15
1.10
H.K. & F.E. Acta Nav...
Jnvest. Hongkew... Cak Masu Ord)... Hungala Rape Kelantan Langkai
Exchange rates
New York, May 28, J. C. Penney Co. said it ex- pects first half Ascat 1881 profits to equal the 67 cents per share of a year ago, but profit for the full fiscal year may improve over the $1.82 in the year
ended January 31, "if the economic up- turn is as strong as has been predicted."-China Mall Special, Singapore (Straits)
Slam licals (per
tively
ture of American society.
the goals outlined in today's
half-
restraint" in the present struc- the proregistered
with прап, West Germany, 11
Hard Abres continued mixed, a larger sharo
Canada of the France,
and Britain
although mainly nation's economic resources is following ault..
favouring to be devoted towards achieving
The car industry cold is two- ceded to the owest levels since lower levels. Burlap price re- millionth US, made automobile mid-November and a cumula- without message
the same only last week. This was later tive setback of 3 cents a yard tine reattleting the high stand- than any other recent year ex- from the nine-year peak reach- ard of living of the general cept the recession year 1958.ed 17 February. public, this could only result in Last year
Worldwide two-millionth consumer the
resistance to higher some form of Inflation, these new car was sold on April 23, prices and rather more favour- experts said.
Only the Stock Market outable new jute crop prospect paced everybody else and shaped the reactionary trend. government consideration was World They drew a paralle! with being given
traders
sald the to increasing the demand for worsted yarn.con President Kennedy's recent ad- percentage of cash Investors tinued active, although monition to the newspapers and are required to put up. At what less than the hectic pace other information media to present this la 70 per cent recent weeks. exercise self-restraint in what UPL
Some wool they print and publicise.
cloth merchandisers noted that because so much attention has heen placed by Japanese mills
n their
home market, cloth eciters here have been hard pressed
for deliverles nerded for
PARALLEL
The admonition, while very useful because it spotlighted
#
vital problem, again is consider-
without radically the pencetime struc- American way of
Business was done in the located ineffective since it cannot be unoittelal exchange
market Inaming at the following ratco US dollar per si). Sterling notes (per £) Australan nutes per £11 Indonesian Rupiah
per 100)
P.O
ORIENT
LINES
s.s. "CATHAY"
this enforced
6.747 changing 15.97 ture of the 12.03 life.
3.35 27.00 1.61
for UNITED KINGDOM via SINGAPORE, PENANG, BOMBAY, ADEN,
SUEZ-PORT SAID
EMBARKATION NOTICE
EMBARKATION: The ship will be berthed at No. 14
SAILS:
BAGGAGE:
Pier, Kowloon Wharf. Passengers should embark between 2.30 p.m. and 4.00 p.m. on Wednesday, Bist May, 1961.
The ship is expected to sail at 5.00 p.m. on Wednesday, 31st May, 1901. Should be sent to the Hongkong & Kowloon Wharf Co.'s Godown (No. 2 Gate). Canton Road, between 8.00 n.m. and 5.00 p.m. on Tuesday, 30th May, 1961.
SUBJECT TO CHANGE
Agonis:
MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone: 0821179
The President was explicit in stating that the goals he out- lined today should be achieved without additional taxation. That means the only way they can be achieved-short of res- training spending is through Increased economic output.
This implication was welcome In the wake of reports that a de- i
Bank of England statement
American
huvers.
Frices for
Боте
mun's wear
synthetic grey
cloths continued firm, although
London, May 28, The Bank of England slate- ment for the week ended May actual sales have been rather 24, reads as follows:
limited end mostly for spot and Nates in circulation C.299.825.878 nearby
delivery However, o Public depasita...... 13,017.508 Private deposits
2334.048.5.04
good volume Government securities Other securities Receipla
Itatio
rather
of alament nylon
was re-
427005.140 parted done en novelty groups in the grey for the curtain and drapery trade.-UPI.
04.10.2012 20.677,125 0.1
-UPI
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