Page
THE CHINA MAIL, MONDAY, SEPTEMBER 19, 1960.
Weekly survey of American economy
SCIENC
UNEMPLOYMENT FIGURES Xala Statistics show more at NEW YORK Prices continue Specially built work but shorter weeks COTTON
New York, Sept. 18.
Further indications of softening business activity were con
tained in sévétal reports issued by the Government this week.
HONGKONG STOCK EXCHANGE
Dur Own Carræpondent
to
-
感器
MARKET REVIEW
New York, Sept. 18. New York cotton futures laboured through another this five dull sessions week with prices winding up mixed.
At Friday's close the ilst ranged from 10 points higher to 15 lower than a week earlier. This was the equivalent of a rise of 50 cms to a decline of 75 cents a bale,
to drift lower
on Wall Street
New York, Sept. 18. Indecision continued to be the by word in the stock market this week as prices drifted lower for the third consecutive week.
Unemployment. Labour Demore income from Interest and partment figures showed, de- dividends but farm Income wiS because of clined only about half as mh down $500 million
cosh as normally does in August smaller
receipts from when many teenagers leave the marketings, *Job market. As a result, the
Taken
ກ whole, the Bersonally adjusted rate of un-
.weakness in economy showed employment rose to 5.9 per cent
recent out of eight of the total labour force from sever the July level of 5.4 per cent. business indleutors. The only exception remained personal In- Retail sales stayed at the re-
there the gain come and even duced July level of $18,200 was weak. All the others show- trillion, the Commerce Departed declines or maintained recent incht reported. Improved car levels after declines in previous freight snics In August helped to offset months. These were:
linės declines in other
of enr loadings. incumployment, goods
the employment, wholesale prices, iurable
industrial produc- and steel and on in genera) cars in particular, and demand [ deposit furnover in bankclèg.
Coupled with these, of course, Another report issued by the
Buying sentiment was partly Government concerned personal was the continued weakness in i
and this contrary 10 Induced by statistics the tiny stocks income usually me of the most
usual practice, early this week size of the certificated, stock factors in the sustaining economy because most of it is failed even to in the bonds. which still holds at only four A
Institutional investors were re- luctant to take on commitments bales, the relatively small open interval of 205,700 bales, and for dent securities, for example, low unfixed call sales of 11,600 and were willing to stockpile bales as of September 9 against 142.600 bales at the same time cash in hopes of getting a bet- ter vield on bonds later.
last year,
that
Business done at the Hong-ourables us a whole showed no retail sales. kong Stock Exchange this change from the July level, murning proximately quotations und fransactions:
amounted
Nou $535,000.
the morning's
Khares Buyers Belleza Balez 11K Bank 1109 199 002 185 Lombard
Jus
Waterboal..
Wheelock
30
25 10
7.00
783 2000 22.04. 500 m 7.15 1000 17.80
IK ck
103
102
..
Cuna Prov. 30.70 20.00 HR & S.
Hole! P
4013 4145
BJK
1500 7.5
100
200 +1 400+ 102 1:00 20.80
E. Div... 57% 50 100 $71
1447 44 574 178 10
31 32
Vaumati
HK Tram
XD
Ch. Light 2200 22.00
lik Klettle
X.1
IK Telephone,
lix, ti
Day Part
Watson ...
Allled IV. 5.70
Tixille... B20 8.30'
Nanyang
150311
27 19 21
100 55
2063 29.50
son 6, 21 60
27.90
500
100 i 13.00
131
3000 1,10
1000 7.00
00
DOD BUS
460092
1.00 1009 at 1,80
13.40 13,00
A. fubbur 0.05
n. Trust
7.00
Taikou Dok 40%
Healty 1.775
6.30 3000 g 0,10
10000 1,720
10000 9.775
NK C 14.00 14.70 700 14.00
1...,Craw
Glimar
IK & FE
love....
Juhrey's
VUN
Bra
339
100 14.00
F
Personal income
3
spent en goods or services. Personal Income did edge up in August, but it was, by the scant million to an margin of $300 annual rate of $407,000 million,
These indicators, plus the enn- tinned bleak outfork in steel- which premnied several steel antlysts to "write off" · Oclober as a recovery month just as they bad already written of Stylem- ber-all these signa prompted an increasing number of experts This week to lean to the theory that another recession may be in the making.
Borrowing
Short-term borrowing costs of corporations, on the other hand, stiffened slightly in the wake of Monday's moderate upturn in Commer- Treasury Bill rates. einl paper dealers raised by percentage point the Interest they charge on unsecured pro- missory noles they sell in the The Treasury's open markel,
Better demand for old belo- of light short covering and now trade buying ber in the form kept the position, moving aheed a few points daily.
In
the continued addition. slow movement of the current crop has oyidently treated some shortage of free cotton, forcing to buy from the private trade and cover with bales from the old stock which bears a five per cent higher price tag.
UNCHANGED
Rubber
grading
system
adopted
new
The marleet again tested, the March-May-July triple bottom of around 599 in the Dow Jones
thanks Industrial average, and to a sharp rally late Thursday managed to hold the line.
It was not a successful tes{ by any means since prices on Fr day favoured the downside slightly. Next week's trading will tell the story.
Most économists now are in agreement that there will be no booming economy in the fourth quarter but they do look for a slight seasonal pickup in bust
ness.
DISCOURAGING
ground' craft for
pilot training
Each year millions of miles are "nown" by airline
British European Airways afið Belifia Overseas Aliwayi Corporation.
pilots without ever leaving the ground. In perfectly-equipped flight decks, complete in every detail, they undertake regular tests and efficiency checks in a flight simulator model of the aircraft they normally operate. Problems are created by an # duplicate Instructor using
Instruments-who may set of
fault an engine on decide to take-off, Alck switches over to give a fire warning or order a sudden fight plan change be- cause of bad weather. The ob jeet of the exèrelse is to test the reactions of the their efficiency as a team. the speed with which the diff- | vañcéd those days that they re- - cúilies are overcome.
produce tyre squeak when "Imamng" and normal fight
aircrew,
and
It allows amplstión óf in- déents not normally practiÓ- able if the alrj azid
It results in a considerable saving in instructional costs. Models In Britain are so ad-
A higher operational tempongvements nose-sip attitude
The discouraging news from than that normally met on when falding-off and climbing. the steel industry helped dam-scheduled services is created and and the slight she of normal optimism. a simulator has these "built-in"aff, burreting (the technicians | call, this "rock, roll and hényér
in.
af the year. Sales totalled 10 12,071,740 shares, or a
average of 2,414,348 shares.
It cuts down the number movementy. of atrorata that have to be FINE EXAMPLES taken out of mirvide for chibok Rotual Instruction--although airborne testing is stili
„Very much a part of the training programmes arried out by
Photograph at
daily 10 miles up
These simulators, fine exam- pies of précision engineering, are assembled in almost dust- proof workshops and play a large part in maintaining the efficiency of world airline air-
crown.
Singapore, Sept. 18.
International
pen the economists' grädlig
system of cer- Business, rentiment also was de-advantages:- tal types of natural pressed by the downward re- rubber has been adopted Vision in plantied outlays for by the third international new plant and equipment, the smallest Increase fâ personni in- rubber
during and come since February quality packing conference here, August, and hext week's
last vasion of the United Nations It was unnounced
here by the Communist levders. week,
Indecision and hurricane Conference officials, who re- Donna combined to drop trad- volume to its slowest pace presented some 14 producing ing
To meet the growing world and consuming nations, said the
for those demand
made th new systern is designed climinate widespread complaints
Britain one fèm has just open- ed a new centre to teach among Industrial consumers. 1
All sections registered sizable
technicians how to maintain The actual number of unem-
ut into effect déclines, with electronics and TOW does the earth look and use its delicate instrumen- The December position finish-WBS also expected the system.
which will be ployed in August was 3.8 million.
fatest issue of 13-week bills was ed unchanged on the week with sometime next year, would to drugs again hit the hardest. The from ten miles up at a tiffon, a decline of 200,000 from the
average yield trade and commission houses on
Firet formed more than ten: Tolat employment marketed on an July Agure.
In competing with synthetic tinued to keep drug issues under Cullerne, photographer of years ago, the Redifon Flight basis of 2.653 per cent, up from both sides of the delivery in some extent assist natural rubber { Senate drug investigatione conoted of 600 mph? Paut at 08.3 million was 400,000 tower 2520 per cent. last week. Mon- small way.
pressure. Vick dropped eight than in July.
Warner-Lambert, A. V. Roe and Company Simulator Training School A smaller than
Basically, the new system will American Home Products and Ltd, Failsworth, Manchester, through more than 40, courses
Crowley, Sussex, has passed The three early 1981 months usual drop in unemployment terday's yield was the highest on
this type of bilis since June. by both the
were softer, mainly under hedg-
eliminate overlapping grading Bristol-Myers lost three or makers of the Vulcan delta- extending up to 22 weeks and August was felt Leenigers and adult workers. Reading the economy by Its ing pressure, while the distent
almost entirely by the Rubber Manufacturers
wing bomber, has brought outgrown its earlier premises. recognised indicators, more and posillons, were
absence of Association (RMA) of New York
Rails came close to a two-back on amazing set of Simited next to the " (detery, more business experts tended to neglected in the
interest from speculators who and Singapore Chamber of Cam-
Association year low on average before photographs taken Rubber
from the new building is a modern believe this week that a reces-
merce (SCRA).
spacious class- bouncing back slightly on Fri-
| design-airy, over rooms, inston was coming it not actually see, for the time being at least,
and a static legislative picture for
large windows here already.
day after the ICC approved the high altitude flights
De-Britain in one of their dir- clearly detailed and sectioned merger of the Egypt and cotton.
laware, Lackawanna and craft.
The pupils watch Western Railroads-UPI.
the equipment they will later which used on their airline training
Pessimistic
140 of 14.00 Another pessimistle note JOY 3016
the employmeni statistics was 500 301
This has all the earmarks of 2.10 0000 2.07s the fact that more men worked 2.045
shorter weeks. This figure, the early months of a recession." which,
adjusted fur.
normal said one analyst in Washington. seasonal factors. is one of the Some of them even so! the "leading indicators" which tend date -- Inst June — when the Ethel with their heavy accom
13.70 14.10
24.20
23.20 231%
10.10
U.S. rail strike postponed
Although they apparently had little effect on the price struc- ture.. hurricanes Donna
and
rubber.
At present both the RMA and the SCRA use different grading for stiller types of rubber.
CONFUSION
to move up or down some recession cycle started. They panying rains caused a lowering "There has been a great deal months in advance of the claim the 1958-1960 upturn hit of grades in many sectors of the of confusion on these overlap- economy generally, fell three-is penk in May.
tenths of a point in August to As evidence of a recession-cotton belt,
Personal income,
and some slight ping grades," said W. J. Sears,
The hurricane twins Vice President of the RMA.
| 39.8 hours." the largest such type decline, these experts point losses,
to another set of secondary in- also effectively checked glanings "AH this will eliminate all the drop this year.
previous RMA and SCRA grid- The number of men on part-dicators in support of the eight while they ran their course. time employment who usually major ones. They said eight of
It was reported on Fridayings and use in their place the
international new
gradings also rose in the secondary ones have all that cotton
in work full time
exports July
which have been agreed to us Chicago, Sept. 18.
down: new orders totalled 40.914,000 square yards, being universally acceptable in A threatened strike by railroad August by 08,000 to a total of been going
for durable goods, prices of raw painst 33,997,000 in June and the world markets.' switchmen against heventeen 1.2 million.
although industrial materials, the hiring | 32,882,000 in July 1969. Western railroads hax been
political front. In all, ten new grades were On the delayed one week by a Federal more or less steady, varied as to rate, the layoff rate, the average
Total salary and hours worked, housing starts, President Elsenhower signed | established. They are Internt- District Court order, a railroad the sources.
remained un-new Incorporations and business bill which redefines water- tional Four Five and SIX spokesman shouneed here to wake payments
changed, but factory payrolls failure liabilities.
proof cotton cloth so that the (Ribbed Smoked Sheet), Inter- day.
down almost $2,000 Only two indicators have been tariff goes up from 11 to a range national Twa. Three and Four A temporary restraining order, were
out of stop with the trend: of 20 to 32 per cent. Also, (Clean Thick Black Crepe) and ested in the District Court of million, the result mainly of car
steel non-residential construction Vice-President Nixon rocom International One, Two, Three Buffalo, New York, today post-model changeovers and
cuts. Unemployment benefits awards and the money supply-mended heavier use of surplus and Four (Clean Thin Brown pones the strike set for Monday.were largely responsible for which has reversed a persistent form products for foreign ald [Crepe). September 19 to September 26.
Government
In transfer decline and has been rising for and payments higher
kind from payments. Individuals derived the last two month.-UPI existing surpluses for land re-
tirement,UPI.
China Mail Special.
SAILING OCTOBER 8 TO SAN FRANCISCO
SS. President Hoover
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See your Travel Agent for reservations.
AMERICAN PRESIDENT LINES
points
more.
and
Week of losses on
London
market
factor
equipment.
at
The major governs this type of photography schedule, being assembled and is the general meteorological so "grow up" with the particu- situation. Even "box-camera” lor simulator chosen. picture - laking requires good Rediton live Willi simulatörs weather, so it can be visualised what is. wanted to get really successful pictures from a height of ten miles,
for many of the better-known world foute airliners Comet,
Viscount-and Britannia number of military aircraft, in- cluding those of the Royal" Air Force V-bomber force.
At that height the air is clear and bright. The problem is the layer of cloud which so fre-
Instruction at the school is quently covers Britain and ob- scures, the ground. The photo normally in English, although Krupho which have emerged a number of courses have been Ger- from the fights are the result completed in French and
and mon. Pupils have come from el perfect co-ordination timing belwbon the
photo Europe, the United States 61 grapher and the alreraft pito. Ameried, India and Pakistan
Before each take-off a plan is L2S. agreed between the two men.
When the aircraft is approxi
London, Sept. 18. mately miles (100
The new agreement completes Stock markets opened the tres, from the target the pilot Aircraft fire tender
the establishment of interna tional grades for all the most widely traded types of natural rubber. At similar conferences and 1055, some 24 International grades of rubber were agreed upon.
WORLD OIL 1994
RESERVES
A PROBLEM
'At a press conference last Friday, conference officials said that there would be a great dent of "edicating before the new gradings could be put into effect, Aurhús City, Sept. 18.
Several committed meetings are Present oll reserves were ox-scheduled to implement the new
pectal to be, samclent for the system, they sala. world's hééďk in the next 15 but the problem was VERIS, how to meet needs beyond 1975.
NEW LIST
In addition to working but agreement, the con-
the new
week on á nervous and rinces it in a suitable position for Culleme who is crouching unsettled notė and
in the bomb-aimer's window can go anywhere despite the somewhat the front of the blister on the betler August trade nose. directly under the coćK-| (TOMMONWEALTH figures, most sections of it.
forcet havé pidëda öt- date with a Coventry, firm
the market closed with DIFFERENT substantial losses,
The one
Gilledged six per cents rose
Co
alr
the closed doors for four doyd, also 12 per cents 3/16th to £43. meteorological dimculties, the | crashed: alteraft no matter what
SHARP FALL
I
This particular type of aerial fire fändet, söld to be The Financial Times Index photography is very much dif- the answer to jef ago air- declined 9.2 to 328.3, but the ferent from that normally prac- craft crashes.· index is still nearer to its 1000tised when the aircraft is direct-
The fliser is mounted on a high of 342.9 on January 4 than ly over the area to be "shol,"
Cullerne's method is such that chassis of an armoured fighting to the May "low" of 315.5.
the farthest point of the area yehicle dbalged by Alvis Lu exception on the covered by the camera's eye can and has been ordered by the week was giltedged securities be as far away as 200 miles Royal Canadian Ale Force, the which ended up higher.
(350 kilometres) at the time the South African A Force ind
the Royal Ceylon Air Force. shutter clicies,
Quite apart Ironi svtural It can be driven straight 18 a Sir Stephen Gibson of Lorence, which was held behind/4th to £60 1/2 and Treasury's
main technical problem asociat kind of country exists buistão London, Chairman of
3/10. Permanent Council
ed with this-work is the penethe limits of an aerodrome. of the agreed to officially Est other
iration of the atmosphere by Wight Thus it cuts the old problem of World Problem. Congress sald types of rubber which are avail-
rays. The reason why we can time wasted by vehicles trying. this yesterday when addressing able in the market in lower
Most of the "blue chips" were not see things at a distance very the 68th annual meeting of the qualities than these types which National Petroleum Association have been accepted on an inter-marked down churply. Imperial clearly is because the rays from to find a suitable roed,
national basis,
Chemicals foll 3/4 to 07/7 the distant ground at which wo here.
The tender, kubwn the are refracted, or Salamander le driven by a Holls Royce 2/9 down to ore lodjeing 40/8, the lowest for 1960. diverted, by the air teclf and powerful Rolls-Royce engine. by the impuritius contained in six, deeply, treaded Tyres There was a heavy selling on t
enable It to climb steep hilly and Thursday in the oils marked by The camera used by Paul cross diteres without trouble. It Betis Petroleum's approach to Cullerne accepts only infra-red is also said to be able to push Apex (Trinidad) with a view rays, which are least refracted, down freer with a' metal bar, to secure the fasted capital of and to allow it to do this head plate mountes at the front 4.5 milliart puzdres. On the week instrument incorporates a cer- Tlis conference, also agreed to nijian Petroleum lost 1/3 to Lain type of filter over the lens Rocks and potholes are no do sat up an internationat a simple 4779
and a special Airb "df - plate | torrent to this vehicle.„pa, the committed which would de
kre Independently. Earlier in the week stool which is sensitive to thode rays, wile tribule samples of various inter-
The filter sllows only the dini sorung, while a flat bottom, national grades. Membership in shares were marked down on fer-red rays to form it clear unobstructed by the committee would be booklet fears that Richard, Thomas and koge on the plate. As warm gear, gives ample grounā which will be, died interna- Baldwins Jawabg, was at bani; - air do refracta light, it is bot clearance. tional standards of criaklity and but later rallied. packing for natural rubber
United States:
Ho said European nations The now list will include suit- were patterning their pilable descriptions of the material dustries after that of the end will cover air-dried sheek
sicimy rubber, technically close He added that since only fed rubber, superior proceming wealthy corporations could rubber and certati
other oftempt, overseas operations it materiali was probable that less oil would be located by European petróleumarine than by American "wildcatiors" under the private enterprise system China Mall Special
Exchange rates
|| tor to carry out this type, of. The flat; bottom, also enables Foreign bonds and dollar photography is cool Woather the lender to måde over, suit stocks were subdued due to Wall and paketáculaąty after raiurail | mann or sand, pasta, dz. (vros
· The conference further agreed Street's influenced the land when impurities have been to as petie wheels anti to hold angifer, meeting. had bwo Gold shares were quietly fired degree clodged, a hundrede de petion of water sid
Paul 1, Cullerne, 1 pre – wária pieniicial supply of lozim. The or three yeasy) time. The RMA. | on Cape, mupport, 1 omada : Vien - in the basUnited 5) Blator 1, Ad Banking. Mire-purchase and camperoman 50 the falo,hg Man | orené "bktli operate Withylzi the lesignated the permanent ineurspce, where closed narrows and a Royal Air Force, reservist, safety, at their, metal ofait cabin,
¿tor on lan, tout où, sghich the Endinsan (FRILAN Kper 107) Lecretariat of International rubs" ly permeals, puppe became a photographsó
musinter was done in the local whofficial FReflitige,
this
morning at, the following ratei Væ.dolar (ROTE
adapore. (MERKIES)