.
Fare
THE CHINA MAIE MONDAY, JULY 18, 1960,
Weekly survey of American economy
EMPLOYMENT FIGURES
FIGURES UP
Teenagers start crashing the job market
New York, July 17.
'America's huge crop of World War Il babies began making an impression on the Labour Department's job statistics this week and sent employ- ment in the United States to an all- time high.
considerable expansion of Gov- crnment's control over economic activity or a sharp inflation that
HONGKONG New York stock Malaya's
STOCK EXCHANGE
By
Our Own Correspondint
Business done at the Hong- kong Stock Exchange this morn-
ing amounted to approximately $1,070,000 Noon quotations and
the morning's transactions:
Shares
Buyer Mess 1215 1230
HK Bank..
Valon tha Wharf Co Waterbent Wheebek
HK Dock
Pi
10
7,40
110
*
Provident .. 205 20.70
But the huge flow of youngs tery aged 14 to 19 into the job market also sent unemployment soaring to 4.4 million, the high-could do major harm to the HK Hotel est figure since February 1959, stability and growth potential of HK Land..
Total employment stood at 68.6 million in June, the Labour Department Agures showed, one millon higher than the previous record of 67.6 million-set in July 1959.
The number of jobless rose 984,000 from the May level and, with seasonal adjustments, the 4.4 million unemployed workers represented 5.5 per cent of the U.S. inbour force,
Sluggish
For the American economy as A whole the word "sluggish" was applied most often.
Steel production was expected to rise to 53.1 per cent of capa-
the economy
Referring to the employment picture. spokesmen for the Eisenhower administration cited the flood of teenagers some 2.2 million of them as the reason for the big changes in the June pattern. They said they saw no reason for discouragement.
Not hopeful
Yaumat j.. HK Tram..
Ch. Light. Electric Telephone
G. 1. Cement 54 541
But experts, outside the gov ernment were not so hopeful. Dairy They pointed out that the 5.5 per cent rate of unemployment
the highest
last since was December's 5.5 per cent rate in the wake of the steel strike. They also noted that unemploy M
Kales 301690
prices drop
to a
new low
New York, July 17.. -
Latest computer
boycott of
S. African
goods
By GORDOR HUNG
Kuala Lumpur, July 17.
Stock market dwindled day by day during the past Malaya's official boycott of.
week while prices declined in all sections ex- cept for some of the aircrafts. Prices set a new low since June 3.
The drying up in sales of the exchange gave comfort to the 20.70 bullish element which other- 2010 wise had Uttle on its side.
Bears found all the news in their favour at times although STF there were several highly favourable developments which falled to have
32
32
on the market.
a good influence
Ás prices receded steadily,
š į volume dried up in at the end
384
500 383%
of the week the market was rull- ning
at a rate not seen for several months,
attention.
200 @ 64%
100 34 28.70 28.00 1500 250
1000
23.80 300 @ 28.90 500 28,80
500 544
MEW
Beers read into almost every item on eminous 'note which fed to find an offszt from the Jullish vanka.
Watson Larvest, Textile
25.00 20.20
6 6.15 13.20 11.30 2003
11.30
18.40 18,90
Rubber
1.20
Trust
8.00 8.70 2009
3000 i 9.65
2000 8.00.
1000 8.65
85 200 54
23:30 231
city this week, a big jump fromment among the over-25 age last week's 42.2 per cent rate. group increased in June, some- But this was still discourgingly thing it has not done in 12 years. low and industry experts warned The rise in the number of jobless Dock that the recovery in steel pro-was 70,000, while in recent years duction was likely to be delayed employment in this group has until September because of the generally jumped, 100,000 in June. Humphreys
In steel production spurted to lag in orders from the motor
1,513,000 tons from 1,203,000 industry.
tons during the July 4 holiday Ġ ... week. Last week's rate-42.2
of
In other areas the economy was holding steady. Retail sales rose one per cent in June, as did per cent of capacity--was the aulo sales. Prentice-Hall sald lowest for any non-strike period the fact that total sales, em-in 21 years. ployment and the stock market
at record were remaining near-record levels despite the slump in the pivotal steel in dustry was eloquent testimony to the new flexibility of the U.S: economy.
Business interest, focussed centres
Hopes for a major rebound in August have been dampened by requests from at least two auto makers to delay shipments of steel for use in the 1981 models. Steel men consider 70 or 75 cent of capacity to be a per generally normal rate and some of them consumplipn traditional emphasise that of New York, Pitis- actually is running af just about. burg, Detroit and Chienge, shift.that figure. What confuses the ed during the week to an un-picture they claim is the fact usual locale: Los Angeles.
on
the
that many orders are being filled from a big steel inventory that
Democrat platform still runs close to four million
tons.
were
Car: assembly
of
Really
54
*
London
closes
lower
said to be world's fastest
London, July 16.
South African goods is unlikely to do much harm : to the Federation economically, but South
The Ferranti Atlas computer, machine operating on present Africa can hit back at
at such day principles from exceeding Malaya
Gatt they say, will operate through
high speeds that the speed of the speed of light: (General Agreement on light can no longer be regarded Tariffs and Třadě).
They hope to have the first es infinite.
Atlas computer ready by the This about-face of the Federal They expect the cost of the end of next year or early in Government, which had told instrument to be between £11902-China Mail Special. Parliament last month. that and £3 million, depending - 04 Malaya would not make the boy the size of the installation. cott of South African goods official because of Malaya's and
AN electronic digital computer now under con-
struction is “prèssing on the light barrier," its makers, the Ferranti Atlas Company, claimed here.
South Africa's membership to
Gait, came as a surprise.
Commercial and trade unionist
new
Ferranti believe their machine will operate 100 times
tester than their own Mercury Grain cleaner computer, which they claim is
currently the fastest in Europe operated by one man
cirdles which have already boy-I a success, it will be othe cotted South African
goods of the world's two fustest and found that the Government's most powerful computers. The
change of mind was presumably only other comparable machine A
explained in the Prime Minister's remark that by the time he had received replies to the letters he was to have addressed, to the Prime Ministers of all friendly governments, the opportunity for action would have
The foreign situation came in for considerable notably the Russian act of shoot- ing down an American plane in
effective 300 or 18.70 neutral territory, the Cuban im- broglic, the Conge riots, and, of course, the Russians with their open propaganda machine.
500 54
London, July 17. Stocks grudgingly gave ground across the week after resisting a succes sion of blows on the in- ternational front and the poor showing of Britain's trade figures in June.
Dealers marking down prices to get above rather than selling caused the was mainly before the drift but buying
LABOUR TROUBLES
•
There was little in the domes- 200 54 tic news to offset the foreign 302145 Hems. Steel operations snapped.
1.80 1.85 2000 @back but falled
25000 à 1.8215
2000LES where they
Macan Elec. 12.89 HKFE Inv.
210
Int! Invest. Gilman... Star Ferry Ropes
21.00 Lane Craw, Est. Vibro Pling 15.20
2311⁄2
were
500 14 holiday decline. Car outpot confined to professional operators
10 14.70
vanished.
ANTI-APARTHEID Malaya's anti-apartheid action
SIMPLE grain cleaning system which can work
13 an American one, which Ferranti say will cost consider at the rate of three and a ably more.
half to four tons an hour,
-da
Running in a normal farvest
is represented by electrical im Farmer in England./pe
Information in the machine has been invented by a pulses which are transmitted through wires at speeds proaching that of light-188,000ystem, it allows one man to cut, precican and store several miles per second.
Ferranti say that the light tone of grain a day. The success of the cleaner has led a London prevent
firm to market it for world-wide sale.
is an infringement of the pro-barrier" wi visions of Gett, but this orgarri- sation cannot act until South Africa makes a report to the
body.
When and if such a report is
100 14.00 Suped because of Ford labour and the volume of business was made Gatt's most likely action!
Cotton goods market
The
ber, 18, 1058, was set on May 10.
Northern..
the belief defence
New British
any.
If no settlement is forth-
on the construction of coming, then South Africa will be permited by Gatt to retaliate a concrete bridge with the largest pre-stressed clear against Malaya.
According to Government
an
ધ
The grain clearer comprises ordinary length of metal tubing, about four inches Int diameter, with a single spiral. blade running through It A centre section of the tube is en- larged to about eight laches diameter and extends some tour! feet. The lower, or ground side of "e' enlarged section is formed metal screen containing by
several hundred drill holes.
500 @ 12.88 troubles and model changeovers, slow.. Apart from international will be to ask both Rialay and river bridge
Other Items werė similarly certainties evidence mounts South African to settle the uninspiring.
that the government's credit differences through negotiations. TORK is to start shortly Employment was the real struceze biting into domestic
sales. bright spot when it ran up to a record high for 2 June. at 68.8 Lagging auto sales both on million on the nation's payrolls. the home market and through
The end of the whole tube But the traders seemed to feel competition with the compacts that a rise in unemployment in the United States made for circles if South Africa took re-span in the world. It will
the depression but laliatory measures and imposed Carry a motor road over the placed in the storage bin con caused by adding teenagers and further
on Malayan exporta, River Medway in South-eastaining the uncleaned grain and the spiral blade an Arthimedes graduates to the unemployed undertone was considered rena ban
England.
screw-conveys it through the ranks was more important. sonably good despite the series "nbiting serious would happen.
Malaya's exports to South
The Minister of Transport tubing. At the enlarged section, Comparisons from now on for of adverse factors.
Africa last year aimounted to
has awarded the contract, naturist force, throws the grain. several months should make a
The Financial Times Index MS15:9 million: This consisted
amounting to £2,325,931, to aainst the screened part of the much better showing because of ended at 3113, which was 0.5 chiefly of rubber, tin, coconut Messrs J. L. Keir & Co., in a tubing and the process separates the steel strike a year ago.
points lower than last week, foll and timber, all of which could Railroad tharas met support after their average had touched The year's high was 343.9 and find ready markets elsewhere.ociation with Messrs. Chris the grain from husits, weed Last year the Federation finian and Nielson Limited for seeds and similar impediments.
The man who invented the the low-point 295.8.
the construction of the bridge 198.44, a new low since May 11
Gilt-edged ended with trae ported $17.3 million worth of
and approach viaducts,
grain cleafter, Mr H. C. Rothery On Thursday The year's low tional fails after the Treasury's goods from South Africa, mainly
the Ruyai Fine Art Commls- England. He successfully proved of 137.85, new low since Septem-2300 mlition Issue of 5% per canned fish (80 per cent of the Built to a design hecepted by Zarms in Lincolkshire, Easter: total figure from overseas); The average rose on Friday with cent loan stock brought selling wheat flour (Ave per cent dision, the bridge will be of that grain cleaning and storing
and switching the short-dated
light and graceful. appearance. could be done without the ser- the total imports) beverages particular strength in Great stocks. War Loan 31⁄2 per coms and tobacco (three per cent of Construction will take about vices of two or, more men..
The firm which have taken New York, July 17.
For 'a time the aircrafts were lower on the week.
Mining shares milled back and total imports): fruit and pre two and a half years
The bridge, with its approach up the invention for commer colton grey goods received favourable attention on fort in the uncertainties of the served vegetables.
viaducts and their neutmnels, tial production have Btted it into system whereby the best market passed another would be boosted Spending African situation. South African MAIN SUPPLIER will be nearly two-thirds of a
clean”... grain comes extremely quiet week-Bacing ruled strong on receipt week Car buying improved suppiler of sodium arsenite and of 500
golds steadied and some end-
central span quality South Africa is Malaya's main mile long with a cen
through two hopper chutes and the eleventh in a row. of a $247 million Air Force
contract for research on the platinums, Coppers were With weaving, dyeing and minute man missile.
koned to have braved the Congo calcium carbide. Last year's im- The will be 100 feet another chute deposits the lesser finishing plats winding up sum- Sales for the week totalled upsets in good style despite the ports totalled $4.4 million and above water. Two additional quality small gran separately river spans one on each side of Another channel takes away the proximity of the mats Rhodesian $1.6 million respectively,
In all the total Malayar the central spat-ill give the weed and grass. mer vacations, a sort of stale- 12,998,336 shares, a daily average mines to the trouble spot. Tins South African trade figure bridge itself a total length of mate exists.
steadied after recent profit- taking. In diamonds, De Beers amounts to $33.2 million or1,125 feet.
The western approach viaduct pre-clean and store several tors per cent of the total
grain a day involves the use shaded over the week.
will have eleven spans and the of a Foreign bonds took things Malayan-world trade figure.
and twb trailers. Tem quielly with Japariese dis- Australla, Britain and Japan eastern viaduct sogen, king combine harvester, the grailf playing druntess at the close of are now likely to replace South 21 spes in all. In addition to porary illor are prepared before
the dual carriageway coed, the hand about the field for receiv the week but Greeks tended Africa for these imports, exister. Dollar stocks, stayed At least orders for 61:2 mil-bridge will also carry separateing the contents of the combine's tank The grain cleaner then ed that easier money, lower in- no change from May's figure of in up" as some converters com-
consider back-to-ment for the week ending July Street's lower trend.
The Bank of England state- downside in step with Wall lion worth of goods from South cycle tracks stid footpathi
The bridge will be an out-processes from silo to trailer. The terest rates and greater Govern-110, the latest released by the menced to
Africa have been cancelled. and winter 13 reads as follows ment spending would bring "Board (1957 equals 100 of the school and autumn Index). In July, however, the apparel promotions.
Notes in circulation
Clouds stil hovered oils and Most of these orders had been standing example of pre- second trailer is used while the
•£2,260,727 Va index is expected to dip sharp- The last big buying move Public deposita
10.706. the leaders shaded over the placed by European firms be stressed concrete engineering first is taking the grain to Private déposita ly, partly because of seasonal ment in cotton grey goods was
32201006 week after moving uncertainly longing to the Federated Malay Compared with Its main span storage-LPS. Government securities. factors. So far this year the in- completed over 21⁄2 months ag0 Other securites
A fury of buying brought a States Chamber of Commerce of 300 feet, the next largest in $1,250,168 spurt in rubbers dex has moved in a narrow right after Easter. At that Receipts
after their which was the only chamber of the world is the Coblete bridge recent weakness. Teas were commerce in Malaya that did over the River Moselle, Com range, from 109 to 111; July may me, consumers bought around Rado
UPL mixed-UP. see a drop to 104 or 105. The 80,000,000 to 100,000,000 yards of Since then anticipated pick up of the steel print cloth fabrics. Industry in September, however, they have been buying hand-to- || should put the index back mouth and living off inventories. around 100; experts belleve. Those inventories may need re-
Import-export
There the Democratic Party adopted a platform calling for
Motor assemblies this week, Increased spending at home and abroad, easier money, lower in-
running at the year's terest rates and a hefty five per lowest level. Ward's automotive said that car makers, cent annual growth, rate for the reports American economy (whose gross plagued by a combination, national producis is now running, holiday shutdowns, a strike at at $503,000 million a year). The Ford's Cleveland plant and the Democrats said tax Boosts would normal summer slowdown, saw national product is dow run production drop 20 per cent lost at $503,000 million a year). The week.
An estimated total of 93,189 creased revenue collections as a result of the higher growth rate cars were turned out during that plus the plugging of loopholes in week, compared with 125,888 the existing tax laws would make up previous week. This was the the difference.
lowest Agure of the year. Leading economic journals at-
Car sales climbed to 593,800 tacked the platform is inflation-cars in June, highest for that ary and "stalist."
month since 1955, but they were The Wall Street Journal call-a bare one per cent atove May ed the Democratic proposals "the sales.
The Federal Reserve Board's
old, inflationary, pump-priming, index of total industrial produc- make-work ideas of the thirties. The Journal of Commerce warn- tion for June is expected to show
Sharp rise in
U.S. company earnings
The U.S. import-export ple-
ture was bright for the first
Optimists counted on a quick pickup in buying when mills re open. Others, doubling an early change, supposed the pause could last through Labour Day.
Sources said finished goods business appeared to be "shop-
plenishment soon, the optimisto reasoned.
CAUTION....
sharply.
of 2,599,307 shares.--UPI,
Bank of England statement
Londón, July 18,
TA
U.S. tariff on wool fabrics
Washington, July 17.
JBC-
Authoritative sources said today that the new wook fabric tariff being proposed by the United States is 38 per cent ad valorem on the standard types of cloth.
five months of the year, giving Conversely, the cautious Washington, July 17. the nation a $2,200 million sur caterie thought buyers would Proâts of corporations before plus. Exports rose 19 per cent continue to play it by ear" for taxes showed a sharp apurt to $8,500 million. Imports in- the time being, watching the in the first quarter of 1980, creased to $6,300 rhillion, stock market action for a pos the Government Commerce despite a drop in the number of sible clue to overall business Department reported but foreign cars imported into the prospects for autumn and wins doubt was cast on profit U.S., but the increase was only ter. trends for the rest of the six per cent. The Federal Re
Some consumer reportedly serve Bank of New York, in its have enough goods bought to The Department said first monthly review, called the rate carry them through the third, quarter profits before taxes rar of exports "an element of and part of the fourth quarter. at a sédgtially adjusted annual strength in the domestic busi- Sonie market analysts thought pound on fabrics having a for their fabrics Into the Uniteit
nes picture"
The proposal also provides and Italian exporters concen! for a minimum of 76 certe utroted on getting as much of
...
0.79
South African goods before the Government made it official. :
main span of 408 feet
The firm sảy that the system whereby one man can harvest;
of
not tell its members to boycott pleted in 1954, the bridge has British designs for Many difficult engineering Canadian Exhibition The most serious thing that problems are involved in the construction work. To minimise could happen to Maleyd now obstruction of river traffic, was that she was expelled from girders will be erected across Gatt losing its most favoured the river on the cantilever prig- nation treatment. But the ciple
country's solld exports-rubber amount of temporary staging goods are to be tent by the and would sell as usual,
200 and 300 samples of Entoin's | designed = consumer
Council of industrial Design, London, for display cap the | Bribik. Governmans stand- of the 82nd Canadian National: Exhibition.
using the minimiin best
The two main plers of the bridge will consist of hollów reipforced concrete shafts built un miss concrete.-LPS
U.S. scrap steel prices Oxygen system
move up
to boost furnaces
. The Council stand covers, an
ared of about 2,000, square feet.. It is open of three sides unid inacktdeni bir special setting. living-dining room and an out door barbecue. Both are stone Noxygen plant conting paved and will be dressed with
Uist, scrap real Brices moved is to be installed for the barbecuenca has a tiled unward last week for the final Steel Company of Wales, a ground, ay bulli-36> sink, tire slher Jandiary, see wil contar
full grown tree to create. Steel Magazine, reported that
Cleveland, July 17.
A
rate of $48,800,000 up nearly
the long period of market dul-eign value of $2 a pound or States carly, in the year and Another element of strength, ness-stretching back almost less, it was said. tine percent from the fourth
were able to do 180 because of quarter of 1956 and five per according to several observers, three months-might make some Authorities said that this pro- mass production methods, which cent above the first quarter of Is the rate of plant and equip weavers anxious to fatten up posat is intended to replace the contrasted with more Bains 1951.
inbat expenditures, The their order books. Thinking in present system of import con- taking British means of pre- The agency said the profit gain Government's latest quarterly that circle was that prices might trof whereby imported both duction. stemmed from a "general re- Burvey, shows that such spend be, in for a "testing period" up to five per cent of U.S. bound of economic activity" ing will increase during the pretty soon, unless the market, consumption for ans given year The proposed new rates do not its price composite on No. 1 the outout of from Colowing the seal strace m late Second half of 1980, although at develops sustained buying ac pay only 25 per cent but cipther with a d'elinerve nesonal cents a gross ton to $31677%
slower rate than in the first flylly orders for broad pays 45 per cent.
apply to narrow width fabrics or heavy melting steel went up 34
half.
Imported above that amount peculiarity, according to experts heat output rebounded 10,8 Unfilled Outlays, for the entire year woven cotton goods soonte Many foreign shippers have fabric would not be affected,
kinis some: British and Trick points from the July 3 holiday. are expected to total 136,850 large but they show some recent scmplained that this quota Authorities said that the chief cens of capacity that weeke million, compared with $82,540 contraction. At end-May they mililon for 1959. First half amounted to 14.8 weeks system results in a race to send wool fabric producing nations of the 11-meet-making, datriete spending-rag... öt an estimated –duction, djgirst 148 weeks.
ihlatha Tintted. Stilen än mukh, fare now forestering the United annuel level of $38,1000 million end-Apts. Mills reported shouts cloth as possible early In the States proposals.
1959-China Mail Special
Exchange rates
Business was done in the
market?
(unofficial: dxchange', PROTRING SL the following...astest V.5, dollar - (per, #1); Stefling noted (per 21) D Australian hotse (per 21)
Bum Ticala s (TRE, 100)
local
this $3,500 million ahead of the 1859 26 yards of grey pakida
Tey Broodhall spending Metory for each 4100)
reach an annual filled orders
mation an im April the ratan madis
illion stock for each 100
standing orders
year in order to bitne by the h jowertrait on me, its love xoct Poetič voz die BUSIN
UMECOS RÍ
The
week low are stood at: 58.1 ver and oper
accende
$1,000,000 future (brics and access